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110th Congress, 1st Session

Economic Indicators
SEPTEMBER 2007
(Includes data available as of October 5, 2007)

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

UNITED STATES
GOVERNMENT PRINTING OFFICE

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

HOUSE OF REPRESENTATIVES
MAURICE D. HINCHEY, New York
BARON P. HILL, Indiana
LORETTA SANCHEZ, California
ELIJAH E. CUMMINGS, Maryland
LLOYD DOGGETT, Texas
JIM SAXTON, New Jersey
KEVIN BRADY, Texas
PHIL ENGLISH, Pennsylvania
RON PAUL, Texas

SENATE
EDWARD M. KENNEDY, Massachusetts
JEFF BINGAMAN, New Mexico
AMY KLOBUCHAR, Minnesota
ROBERT P. CASEY, Jr., Pennsylvania
JIM WEBB, Virginia
SAM BROWNBACK, Kansas
JOHN E. SUNUNU, New Hampshire
JIM DeMINT, South Carolina
ROBERT F. BENNETT, Utah

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

hsrobinson on PROD1PC76 with HEARING

Economic Indicators, published monthly, is available at $5.00 a single copy
($7.00 foreign), or by subscription at $58.00 per year ($81.20 for foreign mailing)
from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
For sale by the U.S. Government Printing Office
Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402–9328
Also available on the internet at the following address: http://www.gpoaccess.gov/indicators

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ECOIND

TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the second quarter of 2007, according to revised estimates, current-dollar gross domestic product (GDP) rose
6.6 percent (annual rate), real GDP (GDP in chained 2000 dollars) rose 3.8 percent, and the implicit price deflator
rose 2.6 percent.

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

1997 ......................
1998 ......................
1999 ......................
2000 ......................
2001 ......................
2002 ......................
2003 ......................
2004 ......................
2005 ......................
2006 ......................
2004: I ................
II ...............
III .............
IV ..............
2005: I ................
II ...............
III .............
IV ..............
2006: I ................
II ...............
III .............
IV ..............
2007: I ................
II r ..............
1 GDP

Net
exports

Exports

8,304.3
8,747.0
9,268.4
9,817.0
10,128.0
10,469.6
10,960.8
11,685.9
12,433.9
13,194.7
11,405.5
11,610.3
11,779.4
11,948.5
12,154.0
12,317.4
12,558.8
12,705.5
12,964.6
13,155.0
13,266.9
13,392.3
13,551.9
13,768.8

¥101.6
¥159.9
¥260.5
¥379.5
¥367.0
¥424.4
¥499.4
¥615.4
¥714.6
¥762.0
¥543.2
¥603.1
¥632.6
¥682.6
¥671.1
¥679.8
¥725.0
¥782.4
¥763.3
¥780.4
¥799.1
¥705.3
¥714.2
¥714.2

955.3
955.9
991.2
1,096.3
1,032.8
1,005.9
1,040.8
1,182.4
1,309.4
1,467.6
1,140.9
1,172.8
1,187.3
1,228.6
1,260.8
1,301.2
1,316.0
1,359.6
1,406.6
1,447.4
1,484.5
1,531.9
1,549.9
1,598.7

5,547.4
5,879.5
6,282.5
6,739.4
7,055.0
7,350.7
7,703.6
8,195.9
8,707.8
9,224.5
8,010.1
8,135.0
8,245.1
8,393.3
8,488.8
8,632.6
8,810.5
8,899.3
9,034.7
9,183.9
9,305.7
9,373.7
9,540.5
9,674.0

1,389.8
1,509.1
1,625.7
1,735.5
1,614.3
1,582.1
1,664.1
1,888.6
2,077.2
2,209.2
1,769.6
1,875.6
1,929.7
1,979.5
2,029.6
2,024.7
2,078.5
2,176.0
2,221.1
2,239.0
2,224.1
2,152.4
2,117.3
2,139.1

Government consumption expenditures
and gross investment
Federal

Imports

Total
Total

1,056.9
1,115.9
1,251.7
1,475.8
1,399.8
1,430.3
1,540.2
1,797.8
2,023.9
2,229.6
1,684.1
1,775.8
1,820.0
1,911.2
1,931.9
1,981.0
2,041.0
2,141.9
2,169.9
2,227.8
2,283.6
2,237.2
2,264.0
2,312.9

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

1,468.7
1,518.3
1,620.8
1,721.6
1,825.6
1,961.1
2,092.5
2,216.8
2,363.4
2,523.0
2,169.1
2,202.8
2,237.3
2,258.2
2,306.7
2,339.8
2,394.8
2,412.5
2,472.1
2,512.5
2,536.1
2,571.4
2,608.3
2,670.0

530.9
530.4
555.8
578.8
612.9
679.7
756.4
825.6
878.4
932.5
806.2
821.9
839.4
835.0
864.0
870.4
896.0
883.4
921.5
926.9
932.0
949.7
946.6
969.5

National
defense
349.6
345.7
360.6
370.3
392.6
437.1
497.2
550.7
588.7
624.3
536.5
546.5
564.9
555.0
577.7
585.0
604.3
587.7
610.8
620.6
620.7
645.2
634.8
654.5

Nondefense
181.3
184.7
195.2
208.5
220.3
242.5
259.2
274.9
289.8
308.2
269.7
275.3
274.5
280.0
286.2
285.4
291.7
295.7
310.7
306.3
311.3
304.5
311.7
315.0

State
and
local
937.8
987.9
1,065.0
1,142.8
1,212.8
1,281.5
1,336.0
1,391.2
1,485.0
1,590.5
1,362.9
1,381.0
1,397.9
1,423.2
1,442.7
1,469.5
1,498.7
1,529.0
1,550.6
1,585.7
1,604.1
1,621.7
1,661.7
1,700.5

Final
sales of
domestic
product

Gross
domestic
purchases 1

Addendum:
Gross
national
product

8,232.3
8,676.2
9,201.5
9,760.5
10,159.7
10,457.7
10,946.5
11,627.3
12,397.0
13,148.0
11,368.6
11,541.3
11,714.4
11,885.0
12,084.7
12,305.2
12,553.1
12,645.0
12,920.3
13,095.5
13,204.1
13,372.3
13,553.5
13,763.6

8,405.9
8,906.9
9,528.9
10,196.4
10,495.0
10,894.0
11,460.2
12,301.3
13,148.5
13,956.7
11,948.7
12,213.3
12,412.0
12,631.1
12,825.1
12,997.2
13,283.8
13,487.8
13,727.9
13,935.4
14,065.9
14,097.6
14,266.1
14,483.0

8,337.3
8,768.3
9,302.2
9,855.9
10,171.6
10,500.2
11,017.6
11,762.1
12,502.4
13,252.7
11,501.7
11,683.1
11,862.3
12,001.1
12,224.0
12,385.1
12,645.7
12,755.0
13,027.5
13,218.9
13,311.9
13,452.4
13,615.1
13,839.4

Source: Department of Commerce, Bureau of Economic Analysis.

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Period

Exports and imports
of goods and services

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

REAL GROSS DOMESTIC PRODUCT
[Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates]

Gross private
domestic investment
Gross
domestic
product

Period

1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2004:

.........
.........
.........
.........
.........
.........
.........
.........
.........
.........
I ....
II ...
III
IV ..
2005: I ....
II ...
III
IV ..
2006: I ....
II ...
III
IV ..
2007: I ....
II r ..

8,703.5
9,066.9
9,470.3
9,817.0
9,890.7
10,048.8
10,301.0
10,675.8
11,003.4
11,319.4
10,543.6
10,634.2
10,728.7
10,796.4
10,878.4
10,954.1
11,074.3
11,107.2
11,238.7
11,306.7
11,336.7
11,395.5
11,412.6
11,520.1

Personal
conNonresi- Resi- Change
sumption dential dential in priexpendifixed
fixed
vate
tures
invest- invest- invenment
ment tories
5,831.8
6,125.8
6,438.6
6,739.4
6,910.4
7,099.3
7,295.3
7,561.4
7,803.6
8,044.1
7,475.1
7,520.5
7,585.5
7,664.3
7,709.4
7,775.2
7,852.8
7,876.9
7,961.9
8,009.3
8,063.8
8,141.2
8,215.7
8,244.3

934.2
1,037.8
1,133.3
1,232.1
1,180.5
1,071.5
1,081.8
1,144.3
1,225.8
1,306.8
1,099.1
1,127.5
1,160.7
1,189.7
1,199.5
1,214.1
1,239.5
1,250.0
1,289.7
1,303.2
1,319.4
1,314.8
1,321.7
1,356.6

388.6
71.2
418.3
72.6
443.6
68.9
446.9
56.5
448.5 ¥31.7
469.9
12.5
509.4
14.3
560.2
54.3
597.1
33.2
569.5
40.3
540.5
35.0
561.7
64.9
567.5
60.1
570.9
57.2
578.3
63.4
596.4
10.1
606.4
5.9
607.2
53.6
606.1
38.4
587.5
51.4
555.0
53.9
529.4
17.4
506.3
.1
490.7
5.8

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

Imports

Total

¥104.6
¥203.7
¥296.2
¥379.5
¥399.1
¥471.3
¥518.9
¥593.8
¥618.0
¥624.5
¥549.1
¥591.1
¥602.7
¥632.3
¥624.4
¥601.0
¥604.1
¥642.6
¥640.1
¥626.6
¥633.8
¥597.3
¥612.1
¥573.9

943.7
966.5
1,008.2
1,096.3
1,036.7
1,013.3
1,026.1
1,126.1
1,203.4
1,304.1
1,101.8
1,119.4
1,128.0
1,155.3
1,172.4
1,199.3
1,205.6
1,236.4
1,270.6
1,288.4
1,306.6
1,350.9
1,354.7
1,379.5

1,048.3
1,170.3
1,304.4
1,475.8
1,435.8
1,484.6
1,545.0
1,719.9
1,821.5
1,928.6
1,650.9
1,710.5
1,730.8
1,787.7
1,796.8
1,800.3
1,809.7
1,879.0
1,910.7
1,915.0
1,940.4
1,948.2
1,966.8
1,953.4

1,594.0
1,624.4
1,686.9
1,721.6
1,780.3
1,858.8
1,904.8
1,931.8
1,946.3
1,981.4
1,925.4
1,931.8
1,939.4
1,930.6
1,936.8
1,942.5
1,957.6
1,948.2
1,971.8
1,976.5
1,980.2
1,997.2
1,994.7
2,014.8

1 GDP less exports of goods and services plus imports of goods and services.
NOTE.—Because of the formula used for calculating real GDP, the chained (2000) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.

Total

National
defense

Nondefense

567.6
561.2
573.7
578.8
601.4
643.4
687.1
715.9
726.5
742.3
709.5
713.7
724.5
716.0
721.0
722.2
737.3
725.5
740.4
737.4
739.2
752.3
740.2
751.0

373.0
365.3
372.2
370.3
384.9
413.2
449.0
475.0
482.4
491.5
470.2
472.5
484.8
472.7
478.1
481.1
492.7
477.7
485.5
488.2
486.4
505.8
491.6
501.7

194.5
195.9
201.5
208.5
216.5
230.2
238.0
240.7
243.9
250.7
239.1
241.0
239.4
243.2
242.7
240.9
244.3
247.8
254.8
249.0
252.7
246.1
248.4
248.9

State
and
local

1,025.9
1,063.0
1,113.2
1,142.8
1,179.0
1,215.4
1,217.8
1,215.8
1,219.6
1,239.0
1,215.9
1,218.1
1,214.7
1,214.4
1,215.7
1,220.1
1,220.3
1,222.5
1,231.3
1,238.9
1,240.9
1,244.9
1,254.2
1,263.5

Final
sales of
domestic
product

Gross
domestic
purchases 1

Addendum:
Gross
national
product

8,636.6
8,997.6
9,404.0
9,760.5
9,920.9
10,036.5
10,285.1
10,619.8
10,966.9
11,275.9
10,507.1
10,568.5
10,666.6
10,737.0
10,813.0
10,940.4
11,064.8
11,049.5
11,196.1
11,252.1
11,279.7
11,375.8
11,411.6
11,512.8

8,807.6
9,272.5
9,767.7
10,196.4
10,290.1
10,517.7
10,815.5
11,261.4
11,613.1
11,937.1
11,086.3
11,216.9
11,322.8
11,419.2
11,493.8
11,546.9
11,670.0
11,742.0
11,871.3
11,926.1
11,963.6
11,987.1
12,018.7
12,088.9

8,737.5
9,088.7
9,504.7
9,855.9
9,933.6
10,079.0
10,355.3
10,746.0
11,064.7
11,370.1
10,633.0
10,701.4
10,804.9
10,844.4
10,941.9
11,014.7
11,151.2
11,151.1
11,294.0
11,362.5
11,375.9
11,447.8
11,466.7
11,580.0

Source: Department of Commerce, Bureau of Economic Analysis.

IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT
[Index numbers, 2000=100; quarterly data are seasonally adjusted]

Personal consumption
expenditures
Gross
domestic
product

Period

1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2004:

.................
.................
.................
.................
.................
.................
.................
.................
.................
.................
I ............
II ...........
III .........
IV ..........
2005: I ............
II ...........
III .........
IV ..........
2006: I ............
II ...........
III .........
IV ..........
2007: I ............
II r ..........

95.414
96.472
97.868
100.000
102.399
104.187
106.404
109.462
113.000
116.567
108.175
109.178
109.793
110.671
111.726
112.446
113.405
114.389
115.357
116.347
117.026
117.522
118.745
119.519

Total

95.124
95.979
97.575
100.000
102.094
103.542
105.597
108.391
111.587
114.675
107.157
108.171
108.695
109.512
110.110
111.027
112.196
112.981
113.474
114.665
115.401
115.139
116.125
117.341

Durable
goods

Nondurable goods

107.068
104.152
101.625
100.000
98.113
95.767
92.366
90.695
90.018
88.856
90.938
90.991
90.416
90.452
90.472
90.376
89.737
89.493
89.279
89.114
88.832
88.218
87.803
87.493

Gross private
domestic investment

Services

93.835
93.821
96.174
100.000
101.531
102.090
104.145
107.626
111.561
114.989
105.912
107.521
107.892
109.141
109.218
110.553
113.098
113.315
113.399
115.761
116.577
114.211
115.621
118.414

Nonresidential
fixed

93.304
95.318
97.393
100.000
103.256
106.019
109.379
112.929
116.725
120.725
111.574
112.524
113.397
114.189
115.194
116.155
117.089
118.424
119.307
120.244
121.202
122.115
123.244
124.047

103.696
101.421
100.057
100.000
99.683
99.513
99.591
100.896
103.778
106.962
100.112
100.713
101.029
101.666
102.799
103.425
103.836
105.002
106.018
106.759
107.262
107.785
108.297
108.289

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

Residential fixed
89.843
92.239
95.780
100.000
104.633
107.240
112.372
120.587
128.653
134.287
116.979
119.460
121.932
123.773
125.755
126.884
129.560
132.247
133.555
134.163
134.427
135.118
135.779
135.502

Exports

Imports
Total

101.233
98.905
98.313
100.000
99.625
99.272
101.429
104.997
108.803
112.537
103.549
104.768
105.257
106.346
107.537
108.491
109.154
109.963
110.705
112.337
113.620
113.403
114.412
115.891

100.816
95.354
95.960
100.000
97.497
96.342
99.686
104.526
111.117
115.610
102.010
103.822
105.154
106.913
107.518
110.033
112.778
113.996
113.564
116.334
117.688
114.834
115.114
118.408

93.533
94.512
96.883
100.000
101.908
105.632
110.095
115.322
120.914
125.622
113.636
115.158
115.857
116.616
119.834
120.507
121.530
121.767
124.460
125.684
126.095
126.242
127.884
129.096

hsrobinson on PROD1PC76 with HEARING

Source: Department of Commerce, Bureau of Economic Analysis.

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ECOIND

National
defense

Nondefense

State
and
local

93.716
94.643
96.886
100.000
102.002
105.792
110.751
115.932
122.034
127.026
114.104
115.672
116.515
117.412
120.843
121.586
122.651
123.042
125.797
127.100
127.611
127.575
129.146
130.446

93.192
94.269
96.880
100.000
101.738
105.345
108.898
114.218
118.807
122.959
112.812
114.247
114.656
115.141
117.950
118.481
119.423
119.355
121.931
122.997
123.213
123.724
125.512
126.549

91.414
92.935
95.667
100.000
102.868
105.434
109.712
114.431
121.758
128.370
112.089
113.371
115.079
117.192
118.675
120.439
122.820
125.080
125.932
127.991
129.265
130.266
132.492
134.580

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

Index numbers, 2000=100
Real GDP
(chain-type
quantity
index)

Period

1997 ......................................................................................
1998 ......................................................................................
1999 ......................................................................................
2000 ......................................................................................
2001 ......................................................................................
2002 ......................................................................................
2003 ......................................................................................
2004 ......................................................................................
2005 ......................................................................................
2006 ......................................................................................
2003: I ................................................................................
II ...............................................................................
III .............................................................................
IV ..............................................................................
2004: I ................................................................................
II ...............................................................................
III .............................................................................
IV ..............................................................................
2005: I ................................................................................
II ...............................................................................
III .............................................................................
IV ..............................................................................
2006: I ................................................................................
II ...............................................................................
III .............................................................................
IV ..............................................................................
2007: I ................................................................................
II r ..............................................................................
1 Quarterly

88.658
92.359
96.469
100.000
100.751
102.362
104.931
108.748
112.086
115.304
103.148
104.031
105.926
106.621
107.402
108.325
109.287
109.977
110.812
111.583
112.808
113.143
114.482
115.175
115.481
116.080
116.254
117.349

GDP
implicit
price
deflator

GDP
chain-type
price index

95.415
96.475
97.868
100.000
102.402
104.193
106.409
109.462
113.005
116.568
105.742
106.076
106.616
107.204
108.180
109.185
109.807
110.677
111.745
112.455
113.422
114.398
115.363
116.350
117.030
117.527
118.750
119.527

percent changes are at annual rates.

GDP
(current
dollars)

95.414
96.472
97.868
100.000
102.399
104.187
106.404
109.462
113.000
116.567
105.724
106.062
106.611
107.190
108.175
109.178
109.793
110.671
111.726
112.446
113.405
114.389
115.357
116.347
117.026
117.522
118.745
119.519

Real GDP
(chain-type
quantity
index)

6.2
5.3
6.0
5.9
3.2
3.4
4.7
6.6
6.4
6.1
4.4
4.8
9.7
4.9
6.8
7.4
6.0
5.9
7.1
5.5
8.1
4.8
8.4
6.0
3.4
3.8
4.9
6.6

GDP
chain-type
price
index

4.5
4.2
4.5
3.7
.8
1.6
2.5
3.6
3.1
2.9
1.2
3.5
7.5
2.7
3.0
3.5
3.6
2.5
3.1
2.8
4.5
1.2
4.8
2.4
1.1
2.1
.6
3.8

GDP
implicit
price
deflator

1.7
1.1
1.4
2.2
2.4
1.7
2.1
2.9
3.2
3.2
3.1
1.3
2.1
2.2
3.7
3.8
2.3
3.2
3.9
2.6
3.5
3.5
3.4
3.5
2.4
1.7
4.2
2.6

1.7
1.1
1.4
2.2
2.4
1.7
2.1
2.9
3.2
3.2
3.2
1.3
2.1
2.2
3.7
3.8
2.3
3.2
3.9
2.6
3.5
3.5
3.4
3.5
2.4
1.7
4.2
2.6

Source: Department of Commerce, Bureau of Economic Analysis.

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

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

Unit nonlabor cost

Period
Current
dollars

........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
........................................................
I ...................................................
II .................................................
III ................................................
IV ................................................
2005: I ...................................................
II .................................................
III ................................................
IV ................................................
2006: I ...................................................
II .................................................
III ................................................
IV ................................................
2007: I ...................................................
II r ................................................
hsrobinson on PROD1PC76 with HEARING

1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2004:

Chained
(2000)
dollars

4,401.8
4,655.0
4,950.8
5,272.2
5,293.5
5,371.7
5,558.4
5,956.4
6,319.4
6,689.4
5,778.1
5,907.6
6,038.5
6,101.4
6,170.9
6,291.1
6,349.9
6,465.6
6,594.1
6,639.8
6,739.1
6,784.5
6,865.0
6,967.2

Total

4,469.3
4,725.4
5,011.0
5,272.2
5,224.5
5,269.7
5,387.5
5,652.3
5,806.6
6,012.1
5,546.9
5,618.5
5,721.3
5,722.6
5,727.5
5,802.8
5,808.3
5,887.8
5,966.9
5,965.7
6,039.7
6,076.2
6,089.6
6,159.1

Compensation of employees
(unit labor
cost)

0.985
.985
.988
1.000
1.013
1.019
1.032
1.054
1.088
1.113
1.042
1.051
1.055
1.066
1.077
1.084
1.093
1.098
1.105
1.113
1.116
1.117
1.127
1.131

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.

Total

0.629
.645
.652
.672
.688
.685
.687
.684
.702
.718
.680
.681
.681
.693
.697
.695
.709
.709
.712
.716
.713
.731
.738
.740

0.228
.226
.229
.237
.257
.253
.253
.250
.257
.260
.249
.249
.248
.251
.254
.255
.262
.257
.256
.261
.259
.261
.261
.260

Consumption of
fixed
capital

Taxes
on production
and imports 3

Net interest and
miscellaneous
payments

0.105
.104
.105
.108
.124
.122
.122
.122
.128
.129
.120
.120
.125
.121
.122
.123
.139
.127
.126
.129
.129
.130
.131
.130

0.095
.092
.092
.093
.094
.099
.103
.103
.106
.109
.104
.104
.099
.106
.108
.109
.100
.108
.108
.109
.108
.109
.108
.108

0.028
.030
.032
.036
.039
.032
.028
.025
.023
.022
.025
.025
.024
.024
.024
.023
.023
.022
.022
.023
.022
.022
.022
.022

Corporate profits with inventory
valuation and capital consumption
adjustments 4
Total

0.128
.114
.107
.090
.068
.081
.091
.121
.129
.135
.112
.121
.125
.123
.126
.134
.123
.133
.137
.137
.143
.125
.128
.131

Taxes on
corporate
income

0.036
.034
.034
.032
.021
.018
.025
.034
.045
.048
.031
.034
.035
.035
.044
.045
.045
.048
.047
.048
.050
.047
.049
.052

Profits
after
tax 5

0.092
.080
.073
.058
.047
.063
.066
.087
.084
.087
.081
.087
.090
.088
.083
.090
.078
.085
.090
.089
.094
.078
.079
.079

3 Less

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

5 With

3
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ECOIND

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

National
income

Period

1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2004:

...........
...........
...........
...........
...........
...........
...........
...........
...........
...........
I ......
II ....
III ...
IV ...
2005: I ......
II ....
III ...
IV ...
2006: I ......
II ....
III ...
IV ...
2007: I ......
II r ...
1 With

7,292.2
7,752.8
8,236.7
8,795.2
8,979.8
9,229.3
9,632.3
10,306.8
10,887.6
11,655.6
10,090.0
10,248.0
10,317.8
10,571.3
10,768.5
10,903.0
10,714.6
11,164.5
11,473.6
11,618.7
11,685.6
11,844.6
12,010.5
12,244.9

Compensation
of
employees

4,661.7
5,019.4
5,357.1
5,782.7
5,942.1
6,091.2
6,325.4
6,656.4
7,029.6
7,448.3
6,505.6
6,596.7
6,709.7
6,813.6
6,890.5
6,961.3
7,088.5
7,178.3
7,328.7
7,371.9
7,442.5
7,649.9
7,764.9
7,874.9

Farm

34.2
29.4
28.6
22.7
19.7
10.6
29.2
37.3
30.8
19.4
40.3
39.6
33.0
36.5
30.1
34.0
30.9
28.2
20.8
14.6
18.1
23.9
29.1
33.1

Nonfarm

541.8
598.4
649.7
705.7
752.2
757.8
782.1
874.3
939.1
987.4
839.1
869.1
881.1
908.0
918.6
937.1
936.2
964.4
979.3
998.9
985.5
985.8
998.3
1,005.3

Corporate profits with inventory valuation and
capital consumption adjustments

Rental
income
of
persons
with
capital
consumption
adjustment

Capital
consumption
adjustment

Net
interest
and
miscellaneous
payments

Taxes
on
production
and
imports

56.2
63.1
74.5
58.6
48.1
120.1
98.7
69.7
¥170.6
¥215.8
89.4
79.7
59.0
50.5
¥136.3
¥155.2
¥197.5
¥193.5
¥193.3
¥209.1
¥223.7
¥237.0
¥227.9
¥234.4

415.6
487.1
495.4
559.0
566.3
520.9
524.7
491.2
558.0
598.5
497.3
491.8
483.9
491.8
534.0
546.7
568.5
583.0
592.9
611.0
594.2
596.0
599.6
592.4

612.0
639.8
674.0
708.9
728.6
762.8
807.2
863.8
921.6
967.3
844.8
857.1
867.8
885.5
899.5
917.7
930.0
939.2
953.3
965.9
971.2
978.9
990.8
1,004.1

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

128.8
137.5
147.3
150.3
167.4
152.9
133.0
118.4
42.9
54.5
140.4
126.0
105.5
101.7
87.6
74.5
¥49.8
59.3
59.0
55.4
52.9
50.9
53.2
62.1

868.5
801.6
851.3
817.9
767.3
886.3
993.1
1,231.2
1,372.8
1,553.7
1,184.0
1,227.4
1,218.7
1,294.8
1,376.7
1,404.0
1,297.9
1,412.5
1,515.5
1,575.5
1,592.5
1,531.2
1,547.7
1,642.4

Profits
before
tax

812.3
738.5
776.8
759.3
719.2
766.2
894.5
1,161.6
1,543.4
1,769.5
1,094.6
1,147.7
1,159.7
1,244.3
1,513.0
1,559.3
1,495.4
1,605.9
1,708.8
1,784.6
1,816.2
1,768.2
1,775.6
1,876.8

Inventory
valuation
adjustment

798.2
718.3
775.9
773.4
707.9
768.4
908.1
1,204.7
1,579.6
1,805.8
1,128.3
1,199.6
1,199.3
1,291.5
1,558.3
1,578.7
1,528.3
1,653.0
1,740.2
1,842.3
1,851.4
1,789.2
1,815.8
1,931.5

inventory valuation and capital consumption adjustments.

14.1
20.2
1.0
¥14.1
11.3
¥2.2
¥13.6
¥43.1
¥36.2
¥36.3
¥33.7
¥51.9
¥39.6
¥47.2
¥45.3
¥19.4
¥32.9
¥47.0
¥31.4
¥57.7
¥35.2
¥21.0
¥40.2
¥54.7

Less:
Subsidies

Business
current
transfer
payments

Current
surplus
of government
enterprises

32.9
35.4
44.2
44.3
55.3
38.4
47.9
44.6
58.5
49.7
43.7
42.9
44.2
47.6
54.3
58.1
59.6
62.2
53.2
49.7
48.3
47.8
47.0
47.3

49.9
64.7
67.4
87.1
92.8
84.3
83.8
83.0
66.5
90.2
84.8
86.6
67.0
93.6
94.3
96.1
¥.3
75.8
89.1
88.6
91.4
91.8
91.8
92.8

12.6
10.3
10.1
5.3
¥1.4
.9
1.7
¥4.2
¥15.1
¥13.9
¥2.5
¥3.3
¥4.7
¥6.5
¥8.5
¥10.4
¥27.7
¥13.9
¥11.7
¥13.4
¥14.5
¥16.0
¥17.8
¥15.0

Source: Department of Commerce, Bureau of Economic Analysis.

REAL PERSONAL CONSUMPTION EXPENDITURES
[Billions of chained (2000) dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Durable goods
Total
personal
consumption
expenditures

Period

...............
...............
...............
...............
...............
...............
...............
...............
...............
...............
I ..........
II .........
III .......
IV ........
2005: I ..........
II .........
III .......
IV ........
2006: I ..........
II .........
III .......
IV ........
2007: I ..........
II r ........

hsrobinson on PROD1PC76 with HEARING

1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2004:

5,831.8
6,125.8
6,438.6
6,739.4
6,910.4
7,099.3
7,295.3
7,561.4
7,803.6
8,044.1
7,475.1
7,520.5
7,585.5
7,664.3
7,709.4
7,775.2
7,852.8
7,876.9
7,961.9
8,009.3
8,063.3
8,141.2
8,215.7
8,244.3

Total
durable
goods

646.9
720.3
804.6
863.3
900.7
964.8
1,020.6
1,084.8
1,137.4
1,180.5
1,066.2
1,071.3
1,091.5
1,110.1
1,116.0
1,146.3
1,163.5
1,123.8
1,167.8
1,170.2
1,186.3
1,197.6
1,223.2
1,228.4

Motor
vehicles
and
parts

304.7
339.0
372.4
386.5
405.8
429.0
442.1
450.8
451.3
437.3
448.9
445.7
450.9
457.8
449.6
464.4
470.7
420.4
435.7
434.3
439.5
439.6
451.5
448.2

Furniture
and
household
equipment

216.3
244.7
280.7
312.9
331.8
364.3
397.8
445.1
492.2
550.9
429.1
438.8
451.7
460.8
472.6
483.4
499.0
513.8
536.8
544.4
555.4
566.9
579.9
585.9

Nondurable goods

Other

127.3
137.6
151.7
163.9
163.2
172.4
183.2
195.1
205.5
213.9
193.0
192.9
195.9
198.7
202.9
207.3
204.6
207.4
214.5
212.4
213.6
215.2
216.6
220.2

Total
nondurable
goods

1,725.3
1,794.4
1,876.6
1,947.2
1,986.7
2,037.1
2,103.0
2,177.6
2,255.4
2,337.7
2,156.7
2,164.9
2,181.4
2,207.5
2,226.8
2,247.2
2,260.9
2,286.8
2,312.3
2,325.6
2,343.9
2,368.8
2,386.6
2,383.8

Food

845.2
865.6
893.6
925.2
940.2
954.6
977.7
1,009.4
1,050.0
1,091.8
1,000.8
1,003.4
1,008.9
1,024.7
1,032.9
1,043.1
1,056.3
1,067.6
1,080.7
1,084.4
1,091.4
1,110.7
1,115.3
1,111.4

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

Gasoline
and
oil

Clothing
and
shoes

246.0
263.1
282.7
297.7
303.7
318.3
334.2
350.7
372.6
391.1
349.5
345.6
350.2
357.5
363.4
372.3
372.3
382.3
386.2
388.0
393.3
397.0
405.1
407.5

162.8
170.3
176.3
175.7
178.3
181.9
183.2
186.7
186.1
186.8
186.0
187.2
186.5
187.0
187.8
186.1
184.3
186.1
187.2
187.1
188.3
184.8
184.1
182.8

Services

Fuel
oil
and
coal

16.9
16.0
16.4
15.8
15.2
15.5
15.4
14.6
13.2
12.0
14.9
14.7
14.6
14.0
14.2
13.5
13.0
12.3
11.6
12.1
11.8
12.4
14.1
13.1

Total
services 1

Other

456.6
481.1
508.6
532.9
549.2
567.1
593.2
618.0
639.1
662.2
607.1
615.0
623.0
626.9
631.7
637.4
641.1
646.2
655.3
663.4
669.5
676.5
681.7
684.7

3,468.0
3,615.0
3,758.0
3,928.8
4,023.2
4,100.4
4,178.8
4,311.0
4,427.3
4,545.5
4,262.9
4,294.6
4,325.2
4,361.1
4,381.3
4,401.3
4,449.1
4,477.5
4,501.0
4,531.6
4,554.0
4,595.5
4,630.7
4,656.7

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922.5
948.8
978.6
1,006.5
1,033.7
1,042.1
1,051.9
1,083.8
1,118.3
1,148.3
1,073.3
1,079.7
1,087.1
1,095.1
1,104.4
1,113.9
1,123.3
1,131.6
1,139.7
1,146.0
1,151.0
1,156.6
1,163.7
1,171.6

Source: Department of Commerce, Bureau of Economic Analysis.

4
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Medical
care

942.8
970.7
989.0
1,026.8
1,075.2
1,136.6
1,180.8
1,216.5
1,258.2
1,300.3
1,199.0
1,210.3
1,223.2
1,233.5
1,240.4
1,250.3
1,264.0
1,278.1
1,291.2
1,298.2
1,301.4
1,310.5
1,323.2
1,330.8

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

15.1
15.5
16.9
17.3
17.1
16.8
16.6
16.9
16.9
16.5
16.6
16.7
17.0
17.2
16.5
17.3
17.9
16.0
16.8
16.4
16.5
16.3
16.4
16.0

SOURCES OF PERSONAL INCOME
Personal income rose $40.2 billion (annual rate) in August following an increase of $61.5 billion in July. Wages
and salaries rose $14.5 billion in August following an increase of $23.6 billion in July.

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

Period

1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2006:

.................
.................
.................
.................
.................
.................
.................
.................
.................
.................
Aug .......
Sept .......
Oct ........
Nov .......
Dec ........
2007: Jan ........
Feb ........
Mar ........
Apr r .......
May r ......
June r .....
July r ......
Aug p ......
1 With

6,915.1
7,423.0
7,802.4
8,429.7
8,724.1
8,881.9
9,163.6
9,727.2
10,301.1
10,983.4
11,028.0
11,077.0
11,140.4
11,187.3
11,272.9
11,375.5
11,467.5
11,564.7
11,565.0
11,620.0
11,672.8
11,734.3
11,774.5

4,664.6
5,020.1
5,352.0
5,782.7
5,942.1
6,091.2
6,310.4
6,671.4
7,024.6
7,440.8
7,432.0
7,481.2
7,556.4
7,596.9
7,646.4
7,712.1
7,761.5
7,821.1
7,816.9
7,847.6
7,885.3
7,915.1
7,933.7

3,877.6
4,183.4
4,466.3
4,829.2
4,942.8
4,980.9
5,112.7
5,394.5
5,667.9
6,018.2
6,006.0
6,048.6
6,115.7
6,150.2
6,193.0
6,248.4
6,291.2
6,343.6
6,335.9
6,361.5
6,393.7
6,417.3
6,431.8

787.0
836.7
885.7
953.4
999.3
1,110.3
1,197.7
1,276.9
1,356.8
1,422.6
1,426.0
1,432.6
1,440.7
1,446.7
1,453.5
1,463.7
1,470.3
1,477.5
1,481.0
1,486.1
1,491.7
1,497.8
1,501.9

Farm

Nonfarm

34.2
29.4
28.6
22.7
19.7
10.6
29.2
37.3
30.8
19.4
18.0
19.7
22.7
24.1
25.0
27.2
29.5
30.5
31.9
33.1
34.4
35.4
36.9

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

Personal income receipts on assets
Rental
income
of
persons 2

541.8
598.4
649.7
705.7
752.2
757.8
782.1
874.3
939.1
987.4
989.0
981.3
980.0
982.9
994.5
992.6
1,000.1
1,002.3
1,003.1
1,006.1
1,006.7
1,012.4
1,013.9

128.8
137.5
147.3
150.3
167.4
152.9
133.0
118.4
42.9
54.5
52.7
53.1
51.6
51.1
50.0
51.2
53.0
55.4
58.3
61.6
66.5
64.1
62.8

Total

1,181.7
1,283.2
1,264.2
1,387.0
1,380.0
1,333.2
1,336.6
1,432.1
1,617.8
1,796.5
1,827.8
1,834.6
1,835.8
1,836.6
1,837.2
1,859.5
1,882.5
1,906.6
1,918.4
1,930.1
1,941.5
1,957.5
1,973.2

Personal
interest
income

Personal
dividend
income

848.7
933.2
928.6
1,011.0
1,011.0
936.1
914.1
895.1
1,018.9
1,100.2
1,119.3
1,117.6
1,110.4
1,102.7
1,095.3
1,110.7
1,126.1
1,141.5
1,145.0
1,148.4
1,151.8
1,160.0
1,168.1

333.0
349.9
335.6
376.1
369.0
397.2
422.6
537.0
598.9
696.3
708.4
717.1
725.5
733.9
741.9
748.8
756.4
765.0
773.4
781.7
789.7
797.5
805.1

Personal
current
transfer
receipts 3

951.2
978.6
1,022.1
1,084.0
1,193.9
1,286.2
1,351.0
1,422.5
1,520.7
1,612.5
1,634.3
1,637.4
1,634.0
1,639.7
1,669.5
1,696.4
1,710.4
1,725.3
1,711.4
1,719.7
1,720.4
1,735.1
1,740.7

Less: Contributions
for government social
insurance

587.2
624.2
661.4
702.7
731.1
750.0
778.6
828.8
874.8
927.6
925.7
930.3
940.2
944.0
949.7
963.5
969.5
976.6
975.0
978.1
982.0
985.3
986.8

Source: Department of Commerce, Bureau of Economic Analysis.

3 Consists

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2 With

Total

Wage and
salary
disbursements

Supplements to
wages
and
salaries

Proprietors’ income 1

DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in chained (2000) dollars fell at an annual
rate of 0.3 percent in the second quarter of 2007.

Personal
income

Period

Less:
Personal
current
taxes

Equals:
Disposable
personal
income

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
billions of
chained
(2000)
dollars

Per capita
disposable personal
income
Current
dollars

Billions of dollars
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006

............ 6,915.1
............ 7,423.0
............ 7,802.4
............ 8,429.7
............ 8,724.1
............ 8,881.9
............ 9,163.6
............ 9,727.2
............ 10,301.1
............ 10,983.4

926.3
1,027.0
1,107.5
1,235.7
1,237.3
1,051.8
1,001.1
1,046.3
1,209.1
1,354.3

5,988.8
6,395.9
6,695.0
7,194.0
7,486.8
7,830.1
8,162.5
8,680.9
9,092.0
9,629.1

Chained
(2000)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(2000)
dollars

Dollars

5,770.5
6,119.1
6,536.4
7,025.6
7,354.5
7,645.3
7,987.7
8,499.2
9,047.4
9,590.3

218.3
276.8
158.6
168.5
132.3
184.7
174.9
181.7
44.6
38.8

6,295.8
6,663.9
6,861.3
7,194.0
7,333.3
7,562.2
7,729.9
8,008.9
8,147.9
8,396.9

21,940
23,161
23,968
25,469
26,224
27,145
28,020
29,517
30,616
32,115

Percent
change
in real
per capita
disposable
personal
income

Saving as
percent of
disposable
personal
income

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

23,065
24,131
24,564
25,469
25,687
26,217
26,535
27,232
27,436
28,005

20,323
21,291
22,491
23,860
24,712
25,483
26,445
27,868
29,322
30,765

21,365
22,183
23,050
23,860
24,205
24,612
25,043
25,711
26,277
26,828

2.3
4.6
1.8
3.7
.9
2.1
1.2
2.6
.7
2.1

3.6
4.3
2.4
2.3
1.8
2.4
2.1
2.1
.5
.4

272,958
276,154
279,328
282,459
285,490
288,451
291,311
294,096
296,972
299,833

26,990
27,087
27,210
27,636
27,342
27,450
27,293
27,661
27,930
27,881
27,930
28,280
28,595
28,571

27,336
27,699
28,001
28,431
28,690
29,109
29,631
29,853
30,241
30,671
30,999
31,147
31,634
32,005

25,511
25,607
25,761
25,961
26,056
26,217
26,410
26,423
26,650
26,748
26,862
27,052
27,241
27,275

2.8
1.4
1.8
6.4
¥4.2
1.6
¥2.3
5.5
3.9
¥.7
.7
5.1
4.5
¥.3

2.1
2.0
1.8
2.5
1.0
.8
¥.5
.8
.9
.3
.0
.4
1.0
.6

293,018
293,691
294,455
295,222
295,878
296,567
297,339
298,105
298,754
299,432
300,196
300,950
301,590
302,266

2004: I .......
II ......
III ....
IV .....
2005: I .......
II ......
III ....
IV .....
2006: I .......
II ......
III ....
IV .....
2007: I .......
II r ....

9,482.8
9,629.6
9,770.9
10,025.5
10,074.1
10,234.1
10,328.6
10,567.4
10,787.1
10,915.5
11,030.9
11,200.2
11,469.2
11,619.2

1,008.1 8,474.7 8,299.5
1,024.5 8,605.1 8,432.9
1,062.1 8,708.9 8,553.7
1,090.7 8,934.8 8,710.6
1,166.4 8,907.7 8,819.0
1,195.5 9,038.6 8,970.8
1,223.5 9,105.1 9,153.9
1,251.0 9,316.4 9,245.7
1,318.6 9,468.5 9,384.0
1,342.6 9,572.9 9,542.9
1,355.2 9,675.8 9,677.1
1,401.0 9,799.2 9,757.2
1,454.7 10,014.5 9,917.5
1,485.6 10,133.6 10,069.2

175.1
172.2
155.2
224.2
88.7
67.8
¥48.8
70.8
84.5
30.0
¥1.4
42.0
97.0
64.4

7,908.7
7,955.1
8,012.2
8,158.8
8,089.8
8,140.9
8,115.4
8,246.0
8,344.2
8,348.6
8,384.5
8,510.7
8,623.9
8,636.0

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.

28,922
29,300
29,576
30,265
30,106
30,477
30,622
31,252
31,693
31,970
32,231
32,561
33,206
33,525

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

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Seasonally adjusted annual rates

FARM INCOME
According to the current forecast for 2007, gross farm income is forecast at $337.0 billion, and net farm income
at $87.1 billion.

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Cash marketing receipts
Total 1
Total

hsrobinson on PROD1PC76 with HEARING

1998 ................................
1999 ................................
2000 ................................
2001 ................................
2002 ................................
2003 ................................
2004 ................................
2005 ................................
2006 ................................
2007 ................................
2005: I ..........................
II .........................
III ........................
IV ........................
2006: I ..........................
II .........................
III ........................
IV ........................
2007: I p .........................
II p ........................
III p ......................
IV p .......................

232.6
234.9
243.7
251.9
232.8
260.0
296.0
299.6
291.5
337.0
335.3
287.3
280.0
295.7
298.3
284.4
288.3
294.9
348.9
333.6
334.4
331.0

Livestock and
products

196.5
187.8
192.1
200.1
195.0
215.6
237.3
240.7
239.3
276.4
251.3
243.5
235.8
232.4
231.9
241.8
244.4
239.0
275.4
280.8
280.9
268.6

94.2
95.7
99.6
106.7
94.0
105.6
123.6
124.9
119.3
140.2
125.2
125.9
124.5
123.9
118.6
119.7
119.2
119.6
129.3
145.7
146.0
139.8

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

Value of
inventory
changes 3

Crops 2

102.2
92.1
92.4
93.4
101.1
109.9
113.7
115.9
120.0
136.2
126.1
117.5
111.3
108.5
113.2
122.0
125.2
119.4
146.1
135.1
134.8
128.8

¥0.6
¥.2
1.6
1.1
¥3.4
¥2.4
11.2
¥1.1
¥1.6
5.1
¥1.1
¥1.1
¥1.0
¥1.0
¥1.5
¥1.6
¥1.6
¥1.6
5.1
5.2
5.2
5.0

Direct
Government
payments 4

Production
expenses

12.4
21.5
23.2
22.4
12.4
16.5
13.0
24.4
15.8
13.6
48.1
9.0
10.4
30.1
31.1
5.8
6.7
19.5
26.8
5.0
5.8
16.8

185.5
187.2
193.0
196.8
192.7
200.3
210.0
222.5
232.5
249.9
232.2
225.0
218.0
214.7
225.3
234.9
237.5
232.3
248.9
253.9
253.9
242.8

Net farm
income

47.1
47.7
50.7
55.0
40.1
59.7
85.9
77.1
59.0
87.1
103.1
62.3
62.1
81.0
73.0
49.5
50.9
62.7
100.0
79.7
80.5
88.2

4 Includes only Government payments made directly to farmers.
NOTE.—Data for 2007 are forecasts.
Source: Department of Agriculture.

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Period

CORPORATE PROFITS
In the second quarter of 2007, according to revised estimates, corporate profits before tax rose $115.7 billion
(annual rate) and profits after tax rose $78.1 billion.

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

Profits after tax

Domestic industries
Period

Profits
before
tax

Nonfinancial

Total 2

Financial

Total

Total 3

Manufacturing

Utilities

Wholesale

Retail

Taxes
on
corporate
income

Total

Net
dividends

Undistributed
profits

Inventory
valuation
adjustment

812.3
738.5

701.4
635.5

193.0
165.9

508.4
469.6

209.0
173.5

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

47.6
52.3

64.2
73.4

798.2
718.3

246.1
248.3

552.1
470.0

334.5
351.6

217.6
118.3

14.1
20.2

1998 4 .......
1999 ..........
2000 ..........
2001 ..........
2002 ..........
2003 ..........
2004 ..........
2005 ..........
2006 ..........
2004: I .....
II ...
III ..
IV ..
2005: I .....
II ...
III ..
IV ..
2006: I .....
II ...
III ..
IV ..
2007: I .....
II r ..

738.5
776.8
759.3
719.2
766.2
894.5
1,161.6
1,543.4
1,769.5
1,094.6
1,147.7
1,159.7
1,244.3
1,513.0
1,559.3
1,495.4
1,605.9
1,708.8
1,784.6
1,816.2
1,768.2
1,775.6
1,876.8

635.5
655.3
613.6
549.5
610.4
729.0
968.2
1,325.2
1,512.2
892.7
959.9
954.7
1,065.4
1,309.0
1,347.6
1,255.0
1,389.3
1,466.7
1,525.2
1,566.4
1,490.4
1,477.7
1,562.1

165.4
194.3
200.2
227.6
276.4
317.3
348.9
423.6
505.3
347.3
350.2
292.4
405.7
464.8
429.3
364.8
435.6
478.7
521.0
500.3
521.0
493.0
546.4

470.1
461.1
413.4
322.0
334.0
411.8
619.3
901.6
1,006.9
545.4
609.7
662.4
659.6
844.2
918.4
890.2
953.8
987.9
1,004.2
1,066.1
969.5
984.7
1,015.7

157.0
150.6
144.3
52.6
48.2
76.0
152.7
251.2
293.4
134.2
148.3
158.4
170.0
244.2
244.9
252.5
263.1
276.1
298.0
319.5
280.2
298.9
347.0

32.7
33.1
24.4
24.7
10.6
11.6
18.6
28.4
35.7
15.2
17.8
18.6
22.8
30.2
30.4
19.9
32.9
31.7
35.3
37.8
37.8
36.4
41.2

53.2
55.5
59.7
52.1
49.3
55.2
79.2
95.2
97.0
69.0
79.6
91.4
76.8
89.0
107.4
87.2
97.4
93.3
85.4
118.1
91.1
97.8
104.9

66.4
65.2
59.6
71.0
79.4
86.8
91.1
114.4
124.5
96.2
91.1
87.7
89.2
99.6
122.6
108.5
126.9
119.4
119.6
126.9
132.1
134.3
134.4

718.3
775.9
773.4
707.9
768.4
908.1
1,204.7
1,579.6
1,805.8
1,128.3
1,199.6
1,199.3
1,291.5
1,558.3
1,578.7
1,528.3
1,653.0
1,740.2
1,842.3
1,851.4
1,789.2
1,815.8
1,931.5

248.3
258.6
265.2
204.1
192.6
243.3
307.4
392.9
453.9
282.5
307.1
302.5
337.3
389.0
393.8
373.1
415.6
432.8
460.0
470.4
452.4
452.5
490.1

470.0
517.2
508.2
503.8
575.8
664.8
897.3
1,186.7
1,351.9
845.8
892.5
896.7
954.2
1,169.4
1,184.9
1,155.2
1,237.3
1,307.3
1,382.4
1,381.0
1,336.8
1,363.3
1,441.4

351.6
337.4
377.9
370.9
399.2
424.7
539.5
601.4
698.9
473.9
500.7
528.5
654.8
566.0
588.1
612.6
638.7
662.5
685.6
711.1
736.4
759.4
784.2

118.3
179.9
130.3
132.9
176.6
240.1
357.8
585.3
653.0
371.9
391.8
368.3
299.3
603.4
596.8
542.6
598.6
644.9
696.8
670.0
600.3
603.9
657.2

20.2
1.0
¥14.1
11.3
¥2.2
¥13.6
¥43.1
¥36.2
¥36.3
¥33.7
¥51.9
¥39.6
¥47.2
¥45.3
¥19.4
¥32.9
¥47.0
¥31.4
¥57.7
¥35.2
¥21.0
¥40.2
¥54.7

1 See

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

4 Data by industry beginning 1998 are based on the 1997 North American Industry Classification System (NAICS) and are not directly comparable with data for prior years shown,
which are based on the 1987 Standard Industrial Classification (SIC).
Source: Department of Commerce, Bureau of Economic Analysis.

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1997 ..........
1998 ..........

REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the second quarter of 2007, according to revised estimates, nonresidential fixed investment in chained (2000)
dollars rose $34.9 billion (annual rate) and residential investment fell $15.6 billion. There was an increase of $5.8
billion in inventories following an increase of $0.1 billion in the first quarter.

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

Period

Nonresidential
Total

Equipment
and software

Residential

Structures

Total

Total

Nonfarm

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

1,387.7
1,524.1
1,642.6
1,735.5
1,598.4
1,557.1
1,613.1
1,770.2
1,869.3
1,919.5

1,320.6
1,455.0
1,576.3
1,679.0
1,629.4
1,544.6
1,596.9
1,712.8
1,831.4
1,874.7

934.2
1,037.8
1,133.3
1,232.1
1,180.5
1,071.5
1,081.8
1,144.3
1,225.8
1,306.8

280.1
294.5
293.2
313.2
306.1
253.8
243.5
246.7
247.8
268.6

658.3
745.6
840.2
918.9
874.2
820.2
843.1
905.1
991.8
1,050.6

388.6
418.3
443.6
446.9
448.5
469.9
509.4
560.2
597.1
569.5

71.2
72.6
68.9
56.5
¥31.7
12.5
14.3
54.3
33.2
40.3

68.5
71.2
71.5
57.8
¥31.8
15.2
14.0
48.2
34.0
41.7

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

1,685.3
1,766.3
1,800.5
1,828.8

1,647.9
1,698.7
1,736.7
1,767.7

1,099.1
1,127.5
1,160.7
1,189.7

242.9
246.5
248.7
248.6

861.9
887.4
920.0
951.2

540.5
561.7
567.5
570.9

35.0
64.9
60.1
57.2

30.4
50.5
55.4
56.4

2005: I ............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................

1,852.6
1,834.3
1,865.3
1,924.9

1,785.3
1,819.8
1,854.9
1,865.6

1,199.5
1,214.1
1,239.5
1,250.0

249.8
248.9
244.8
247.7

960.0
977.4
1,011.1
1,018.7

578.3
596.4
606.4
607.2

63.4
10.1
5.9
53.6

69.0
11.5
3.9
51.6

2006: I ............................................................................
II ...........................................................................
III .........................................................................
IV ..........................................................................

1,945.4
1,948.5
1,928.2
1,856.2

1,901.4
1,892.3
1,869.6
1,835.5

1,289.7
1,303.2
1,319.4
1,314.8

256.5
266.4
273.3
278.3

1,050.2
1,050.1
1,057.6
1,044.4

606.1
587.5
555.0
529.4

38.4
51.4
53.9
17.4

38.0
57.6
57.6
13.6

2007: I ............................................................................
II r .........................................................................

1,816.9
1,837.4

1,815.2
1,829.3

1,321.7
1,356.6

282.6
299.5

1,045.3
1,057.4

506.3
490.7

.1
5.8

¥5.8
1.3

NOTE.—See p. 10 for further detail on fixed investment by type.
Because of the formula used for calculating real GDP, the chained (2000) dollar estimates
for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates.

Source: Department of Commerce, Bureau of Economic Analysis.

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hsrobinson on PROD1PC76 with HEARING

1997
1998
1999
2000
2001
2002
2003
2004
2005
2006

Change in private
inventories

REAL PRIVATE FIXED INVESTMENT BY TYPE
[Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential

Residential

Equipment and software

Period

Total
fixed
investment

Information processing equipment
and software
Total
nonresidential

Structures

Total

1997
1998
1999
2000
2001
2002
2003
2004
2005
2006

Structures

Computers and
peripheral
equipment 1

Software

Total

Transportation
equipment

Other
equipment

Total
residential

Total 2

Single
family

Other

Industrial
equipment

Equipment

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

1,320.6
1,455.0
1,576.3
1,679.0
1,629.4
1,544.6
1,596.9
1,712.8
1,831.4
1,874.7

934.2
1,037.8
1,133.3
1,232.1
1,180.5
1,071.5
1,081.8
1,144.3
1,225.8
1,306.8

280.1
294.5
293.2
313.2
306.1
253.8
243.5
246.7
247.8
268.6

658.3
745.6
840.2
918.9
874.2
820.2
843.1
905.1
991.8
1,050.6

269.9
328.9
398.5
467.6
459.0
437.4
462.7
505.7
554.3
595.9

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

108.8
129.4
157.2
176.2
173.8
169.7
177.3
193.6
205.7
213.0

127.3
143.2
158.0
190.0
181.7
161.1
167.1
181.1
191.5
204.8

143.0
148.1
147.9
159.2
145.7
134.5
138.4
134.0
144.3
149.6

135.9
145.4
167.7
160.8
142.8
126.0
113.8
130.6
145.1
155.2

115.8
125.7
126.7
131.2
126.9
122.9
130.4
138.3
151.9
156.2

388.6
418.3
443.6
446.9
448.5
469.9
509.4
560.2
597.1
569.5

382.4
411.9
436.6
439.5
441.1
462.2
501.2
551.2
587.7
560.0

196.6
218.1
234.2
236.8
237.1
246.3
272.6
305.3
328.3
302.7

6.1
6.4
7.0
7.4
7.4
7.7
8.1
9.0
9.3
9.7

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

1,647.9
1,698.7
1,736.7
1,767.7

1,099.1
1,127.5
1,160.7
1,189.7

242.9
246.5
248.7
248.6

861.9
887.4
920.0
951.2

494.2
499.3
507.5
521.7

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

190.5
190.5
193.9
199.3

179.2
183.0
181.2
181.0

129.1
131.5
136.9
138.7

112.0
125.5
137.0
147.9

132.7
135.3
140.8
144.5

540.5
561.7
567.5
570.9

531.8
552.8
558.5
561.7

295.4
305.6
310.1
310.1

8.7
8.8
9.1
9.2

2005: I ......................
II .....................
III ...................
IV ....................

1,785.3
1,819.8
1,854.9
1,865.6

1,199.5
1,214.1
1,239.5
1,250.0

249.8
248.9
244.8
247.7

960.0
977.4
1,011.1
1,018.7

537.4
548.8
560.5
570.6

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

201.6
206.0
206.7
208.3

188.9
188.3
194.6
194.2

142.8
139.4
145.9
149.2

138.2
142.0
153.2
147.0

145.7
151.6
154.2
156.1

578.3
596.4
606.4
607.2

569.1
587.1
597.0
597.6

317.5
325.7
332.3
337.9

9.2
9.3
9.3
9.5

2006: I ......................
II .....................
III ...................
IV ....................

1,901.4
1,892.3
1,869.6
1,835.5

1,289.7
1,303.2
1,319.4
1,314.8

256.5
266.4
273.3
278.3

1,050.2
1,050.1
1,057.6
1,044.4

589.8
592.1
602.0
599.6

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

211.0
212.1
213.8
215.1

206.3
203.3
207.1
202.6

147.0
152.0
150.9
148.4

160.3
153.3
156.3
150.9

157.8
157.9
155.2
153.7

606.1
587.5
555.0
529.4

596.3
577.9
545.5
520.1

338.5
318.8
291.1
262.4

9.7
9.7
9.7
9.6

2007: I ......................
II r ....................

1,815.2
1,829.3

1,321.7
1,356.6

282.6
299.5

1,045.3
1,057.4

623.3
638.5

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

219.9
225.6

209.2
213.4

147.3
152.9

144.8
135.3

144.8
148.0

506.3
490.7

497.1
481.6

240.2
231.2

9.6
9.5

1 For details on this component, see Survey of Current Business, Tables 5.3.6, 5.3.1 for
growth rates, 5.3.2 for contributions, and 5.3.3 for quantity indexes.
2 Includes other items, not shown separately.

NOTE.—Because of the formula used for calculating real GDP, the chained (2000) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.
Source: Department of Commerce, Bureau of Economic Analysis.

BUSINESS INVESTMENT
[Billions of dollars]
Capital expenditures
By industry

Period

Total
capital
expenditures

Total
by
industry

Forestry,
fishing
Con- Manuand
Min- Utili- strucfacagriing
ties
turtion
culing
tural
services

ProFor
Real fesscomTransesional, Health
panies
portaFiwithWhole- Retail
tion
Infor- nance tate scien- care
and
tific,
and Other 1 out
sale
and
maand rental and
trade waresocial
emtrade
tion insur- and
ployhousance leas- tech- assisnical tance
ees
ing
ing
services

For companies with employees

hsrobinson on PROD1PC76 with HEARING

1996
1997
1998
1999
2000
2001
2002
2003
2004
2005

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

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
1,145.9 1,063.7
2.7 66.8 58.4 30.1 165.2
40.5 73.8
56.6 91.3 161.6 103.2
33.3
73.8 106.4 82.2

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

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.

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ECOIND

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In September, employment rose by 463,000 and unemployment rose by 110,000.

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

1997 2 ....................
1998 2 ....................
1999 2 ....................
2000 2 ....................
2001 .....................
2002 ......................
2003 2 ....................
2004 2 ....................
2005 2 ....................
2006 2 ....................
2006: Sept ...........
Oct ............
Nov ............
Dec ............
2007: Jan 2 ..........
Feb ............
Mar ...........
Apr ............
May ...........
June ..........
July ...........
Aug ...........
Sept ...........

Civilian
noninstitutional
population
(NSA)

Civilian
labor
force

203,133
205,220
207,753
212,577
215,092
217,570
221,168
223,357
226,082
228,815
229,420
229,675
229,905
230,108
230,650
230,834
231,034
231,253
231,480
231,713
231,958
232,211
232,461

136,297
137,673
139,368
142,583
143,734
144,863
146,510
147,401
149,320
151,428
151,818
152,052
152,449
152,775
152,974
152,784
152,979
152,587
152,762
153,072
153,231
152,891
153,464

Total

Men
20
years
and
over

Women
20
years
and
over

Both
sexes
16–19
years

129,558
131,463
133,488
136,891
136,933
136,485
137,736
139,252
141,730
144,427
144,906
145,337
145,623
145,926
145,957
145,919
146,254
145,786
145,943
146,140
146,110
145,794
146,257

66,284
67,135
67,761
69,634
69,776
69,734
70,415
71,572
73,050
74,431
74,868
74,924
75,088
75,235
75,158
75,138
75,323
75,313
75,380
75,312
75,362
75,284
75,296

56,613
57,278
58,555
60,067
60,417
60,420
61,402
61,773
62,702
63,834
63,978
64,252
64,333
64,491
64,654
64,703
64,912
64,502
64,701
64,855
64,808
64,845
65,068

6,661
7,051
7,172
7,189
6,740
6,332
5,919
5,907
5,978
6,162
6,060
6,161
6,202
6,200
6,145
6,078
6,019
5,970
5,862
5,972
5,940
5,665
5,894

1 Civilian labor force (or employment) as percent of civilian noninstitutional population; and
unemployment as percent of civilian labor force.
2 Not strictly comparable with earlier data.
NOTE.—Beginning January 2007 data reflect revised population controls and are not strictly
comparable with earlier data.

Total

6,739
6,210
5,880
5,692
6,801
8,378
8,774
8,149
7,591
7,001
6,912
6,715
6,826
6,849
7,017
6,865
6,724
6,801
6,819
6,933
7,121
7,097
7,207

Men
20
years
and
over
2,882
2,580
2,433
2,376
3,040
3,896
4,209
3,791
3,392
3,131
2,954
3,012
3,036
3,100
3,226
3,237
3,129
3,146
3,144
3,190
3,289
3,228
3,340

Women
20
years
and
over

Both
sexes
16–19
years

2,585
2,424
2,285
2,235
2,599
3,228
3,314
3,150
3,013
2,751
2,776
2,599
2,691
2,641
2,707
2,564
2,576
2,581
2,580
2,619
2,771
2,783
2,746

1,271
1,205
1,162
1,081
1,162
1,253
1,251
1,208
1,186
1,119
1,182
1,104
1,099
1,108
1,083
1,064
1,020
1,075
1,095
1,124
1,062
1,086
1,120

Not in
labor
force

Labor
force
participation
rate

Employment/
population
ratio

Unemployment
rate

67.1
67.1
67.1
67.1
66.8
66.6
66.2
66.0
66.0
66.2
66.2
66.2
66.3
66.4
66.3
66.2
66.2
66.0
66.0
66.1
66.1
65.8
66.0

63.8
64.1
64.3
64.4
63.7
62.7
62.3
62.3
62.7
63.1
63.2
63.3
63.3
63.4
63.3
63.2
63.3
63.0
63.0
63.1
63.0
62.8
62.9

4.9
4.5
4.2
4.0
4.7
5.8
6.0
5.5
5.1
4.6
4.6
4.4
4.5
4.5
4.6
4.5
4.4
4.5
4.5
4.5
4.6
4.6
4.7

66,837
67,547
68,385
69,994
71,359
72,707
74,658
75,956
76,762
77,387
77,602
77,623
77,456
77,333
77,676
78,050
78,055
78,666
78,718
78,641
78,727
79,319
78,997

See Employment and Earnings for details on breaks in series.
Source: Department of Labor, Bureau of Labor Statistics.

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Period

Percent 1

Unemployment

SELECTED UNEMPLOYMENT RATES
In September, the unemployment rate rose to 4.7 percent from 4.6 percent in August.

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

hsrobinson on PROD1PC76 with HEARING

Period

All
civilian
workers

1997 .........................
1998 .........................
1999 .........................
2000 ........................
2001 ........................
2002 ........................
2003 ........................
2004 .........................
2005 .........................
2006 .........................
2006: Sept ..............
Oct ................
Nov ...............
Dec ...............
2007: Jan ...............
Feb ...............
Mar ...............
Apr ...............
May ...............
June ..............
July ...............
Aug ...............
Sept ..............

Men
20 years
and over

Women
20 years
and over

4.2
3.7
3.5
3.3
4.2
5.3
5.6
5.0
4.4
4.0
3.8
3.9
3.9
4.0
4.1
4.1
4.0
4.0
4.0
4.1
4.2
4.1
4.2

4.4
4.1
3.8
3.6
4.1
5.1
5.1
4.9
4.6
4.1
4.2
3.9
4.0
3.9
4.0
3.8
3.8
3.8
3.8
3.9
4.1
4.1
4.0

4.9
4.5
4.2
4.0
4.7
5.8
6.0
5.5
5.1
4.6
4.6
4.4
4.5
4.5
4.6
4.5
4.4
4.5
4.5
4.5
4.6
4.6
4.7

Both
sexes
16–19
years

White

16.0
14.6
13.9
13.1
14.7
16.5
17.5
17.0
16.6
15.4
16.3
15.2
15.1
15.2
15.0
14.9
14.5
15.3
15.7
15.8
15.2
16.1
16.0

4.2
3.9
3.7
3.5
4.2
5.1
5.2
4.8
4.4
4.0
3.9
3.9
3.9
4.0
4.1
4.0
3.8
3.9
3.9
4.0
4.2
4.2
4.2

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.

By selected groups

Black or
African
American

Asian
(NSA)

Hispanic or
Latino
ethnicity

10.0
8.9
8.0
7.6
8.6
10.2
10.8
10.4
10.0
8.9
9.1
8.5
8.6
8.4
8.0
7.9
8.3
8.2
8.5
8.5
8.0
7.7
8.1

..........
..........
..........
3.6
4.5
5.9
6.0
4.4
4.0
3.0
2.8
2.7
3.2
2.4
3.2
2.7
3.0
3.3
2.9
3.1
3.0
3.4
3.2

Married
men,
spouse
present

7.7
7.2
6.4
5.7
6.6
7.5
7.7
7.0
6.0
5.2
5.4
4.6
5.0
4.9
5.7
5.2
5.1
5.4
5.8
5.7
5.9
5.5
5.7

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Full-time
workers

Part-time
workers

8.1
7.2
6.4
5.9
6.6
8.0
8.5
8.0
7.8
7.1
6.8
6.5
6.9
6.2
6.6
6.5
6.7
6.2
6.3
6.8
6.8
6.2
6.4

4.8
4.3
4.1
3.8
4.7
5.9
6.1
5.6
5.0
4.5
4.5
4.3
4.4
4.4
4.5
4.4
4.4
4.4
4.4
4.5
4.6
4.6
4.7

5.5
5.3
5.0
4.8
5.1
5.2
5.5
5.3
5.4
5.1
5.1
5.1
5.0
4.8
5.0
4.9
4.5
5.0
4.9
4.6
5.0
4.9
4.7

2.7
2.4
2.2
2.0
2.7
3.6
3.8
3.1
2.8
2.4
2.3
2.3
2.3
2.5
2.5
2.7
2.5
2.5
2.6
2.4
2.7
2.4
2.4

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

12
VerDate Aug 31 2005

Women
who
maintain
families
(NSA)

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By sex and age

SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE
PROGRAMS
In September, the percentages of the unemployed who had been out of work for less than 5 weeks and 15–
26 weeks fell; the percentages for 5–14 weeks and for 27 weeks and over rose. The mean duration of unemployment
fell to 16.5 weeks and the median duration rose to 9.0 weeks.

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

Period

Unemployment
(thousands)

Percent distribution
Less
than
5
weeks

5–14
weeks

15–26
weeks

Reason for unemployment:
percent distribution

State
programs

Number of weeks
27
weeks
and
over

Average
(mean)

Median

Job
losers 1

Job
leavers

Reentrants

New
entrants

Insured
unemployment

Initial
claims

Insured
unemployment,
all
regular
programs
(unadjusted) 2

1997 ........................................
1998 ........................................
1999 ........................................
2000 ........................................
2001 ........................................
2002 ........................................
2003 ........................................
2004 ........................................
2005 ........................................
2006 ........................................
2006: Sept .............................
Oct ...............................
Nov ..............................
Dec ...............................
2007: Jan ..............................
Feb ..............................
Mar ..............................
Apr ...............................
May ..............................
June .............................
July ..............................
Aug ..............................
Sept .............................

6,739
6,210
5,880
5,692
6,801
8,378
8,774
8,149
7,591
7,001
6,912
6,715
6,826
6,849
7,017
6,865
6,724
6,801
6,819
6,933
7,121
7,097
7,207

37.7
42.2
43.7
44.9
42.0
34.5
31.7
33.1
35.1
37.3
37.3
38.5
37.0
39.7
37.5
37.5
34.9
35.6
35.6
36.1
34.8
36.3
34.8

31.7
31.4
31.2
31.9
32.3
30.8
29.8
29.2
30.4
30.3
30.0
30.7
31.4
29.8
32.4
31.6
32.4
31.3
32.0
30.8
31.2
30.3
32.2

14.8
12.3
12.8
11.8
14.0
16.3
16.4
15.9
14.9
14.7
14.6
14.5
14.8
14.5
14.0
13.1
14.3
15.7
16.0
16.9
15.6
15.9
15.4

15.8
14.1
12.3
11.4
11.8
18.3
22.1
21.8
19.6
17.6
18.1
16.2
16.8
16.0
16.1
17.8
18.4
17.5
16.4
16.2
18.4
17.4
17.6

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

15.8
14.5
13.4
12.6
13.1
16.6
19.2
19.6
18.4
16.8
17.2
16.4
16.3
15.9
16.2
16.4
17.3
17.1
16.7
16.8
17.2
16.9
16.5

8.0
6.7
6.4
5.9
6.8
9.1
10.1
9.8
8.9
8.3
8.1
8.0
8.2
7.3
8.1
8.1
8.5
8.7
8.3
8.2
8.9
8.6
9.0

45.1
45.5
44.6
44.2
51.1
55.0
55.1
51.5
48.3
47.4
46.1
46.0
46.5
47.3
48.6
50.1
48.0
48.2
49.0
48.7
50.9
51.2
49.3

11.8
11.8
13.3
13.7
12.3
10.3
9.3
10.5
11.5
11.8
11.6
11.7
11.6
11.8
11.2
11.8
11.2
11.0
11.2
11.7
11.6
11.2
11.6

34.7
34.3
34.1
34.5
29.9
28.3
28.2
29.5
31.4
32.0
33.1
33.5
33.3
32.1
31.5
29.6
31.9
31.9
31.7
30.7
29.2
29.2
29.5

8.4
8.4
8.0
7.6
6.8
6.4
7.3
8.4
8.8
8.8
9.2
8.8
8.6
8.8
8.7
8.4
8.9
8.9
8.1
9.0
8.3
8.4
9.6

2,323
2,222
2,188
2,110
2,974
3,585
3,531
2,950
2,661
2,476
2,441
2,433
2,458
2,457
2,488
2,553
2,513
2,536
2,496
2,527
2,547
2,578
..............

323
321
298
301
404
407
404
345
328
313
315
314
325
320
311
337
317
327
306
319
307
r 324
p 313

2,366
2,257
2,219
2,141
3,007
3,619
3,569
2,995
2,706
2,518
2,090
2,281
2,218
2,630
3,159
3,101
2,738
2,830
2,238
2,279
r 2,703
2,269
.................

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).

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Weekly average, thousands

NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose by 110,000 in September.

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

Goods-producing industries

Total 2

Construction

Manufacturing

Service-providing industries

Total

Trade, transportation, and
utilities
Total 3

......................
......................
......................
......................
......................
......................
......................
......................
......................
......................
Sept ...........
Oct .............
Nov ............
Dec .............
2007: Jan .............
Feb ............
Mar ............
Apr .............
May ............
June ...........
July r ...........
Aug r ...........
Sept p ..........

hsrobinson on PROD1PC76 with HEARING

1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2006:

122,776
125,930
128,993
131,785
131,826
130,341
129,999
131,435
133,703
136,174
136,636
136,745
136,941
137,167
137,329
137,419
137,594
137,716
137,904
137,973
138,066
138,155
138,265

23,886
24,354
24,465
24,649
23,873
22,557
21,816
21,882
22,190
22,570
22,625
22,573
22,525
22,520
22,554
22,465
22,497
22,460
22,446
22,436
22,421
22,357
22,324

5,813
6,149
6,545
6,787
6,826
6,716
6,735
6,976
7,336
7,689
7,725
7,707
7,683
7,684
7,718
7,641
7,692
7,671
7,659
7,665
7,649
7,627
7,613

17,419
17,560
17,322
17,263
16,441
15,259
14,510
14,315
14,226
14,197
14,206
14,166
14,143
14,131
14,130
14,113
14,090
14,072
14,069
14,050
14,046
14,001
13,983

98,890
101,576
104,528
107,136
107,952
107,784
108,182
109,553
111,513
113,605
114,011
114,172
114,416
114,647
114,775
114,954
115,097
115,256
115,458
115,537
115,645
115,798
115,941

Retail
trade

24,700
25,186
25,771
26,225
25,983
25,497
25,287
25,533
25,959
26,231
26,241
26,258
26,320
26,345
26,378
26,393
26,436
26,427
26,459
26,465
26,489
26,507
26,520

14,389
14,609
14,970
15,280
15,239
15,025
14,917
15,058
15,280
15,319
15,290
15,298
15,328
15,324
15,358
15,365
15,404
15,377
15,395
15,383
15,390
15,399
15,393

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.

2 Includes
3 Includes

Information
3,084
3,218
3,419
3,631
3,629
3,395
3,188
3,118
3,061
3,055
3,052
3,054
3,057
3,073
3,071
3,084
3,086
3,096
3,097
3,093
3,091
3,088
3,099

Financial
activities
7,178
7,462
7,648
7,687
7,807
7,847
7,977
8,031
8,153
8,363
8,408
8,415
8,422
8,438
8,440
8,446
8,445
8,448
8,464
8,460
8,476
8,462
8,448

Profes- Educasional
tion Leisure
and
and
and
busihealth hospiness services tality
services
14,335
15,147
15,957
16,666
16,476
15,976
15,987
16,395
16,954
17,552
17,636
17,662
17,726
17,792
17,804
17,840
17,834
17,859
17,893
17,886
17,911
17,929
17,950

14,087
14,446
14,798
15,109
15,645
16,199
16,588
16,953
17,372
17,838
17,946
17,976
18,018
18,063
18,102
18,138
18,188
18,246
18,293
18,364
18,422
18,487
18,531

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Government

Total
4,825
4,976
5,087
5,168
5,258
5,372
5,401
5,409
5,395
5,432
5,443
5,450
5,443
5,449
5,444
5,454
5,462
5,470
5,479
5,481
5,480
5,481
5,477

19,664
19,909
20,307
20,790
21,118
21,513
21,583
21,621
21,804
21,990
22,076
22,100
22,106
22,114
22,140
22,174
22,197
22,229
22,236
22,234
22,210
22,267
22,304

Federal
2,806
2,772
2,769
2,865
2,764
2,766
2,761
2,730
2,732
2,728
2,729
2,725
2,719
2,713
2,718
2,718
2,716
2,716
2,713
2,708
2,713
2,714
2,708

natural resources and mining, not shown separately.
wholesale trade, transportation and warehousing, and utilities, not shown sepa-

rately.
NOTE.—Data classified by industry based on the 2002 North American Industry Classification System (NAICS). For details see Employment and Earnings, June 2003.
Source: Department of Labor, Bureau of Labor Statistics.

14
VerDate Aug 31 2005

11,018
11,232
11,543
11,862
12,036
11,986
12,173
12,493
12,816
13,143
13,209
13,257
13,324
13,373
13,396
13,425
13,449
13,481
13,537
13,554
13,566
13,577
13,612

Other
services

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Period

Total
nonagricultural
employment

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

Average gross hourly earnings

Manufacturing
Total
private
nonagricultural 1

Period

1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2006:

....................
.....................
.....................
....................
.....................
.....................
.....................
.....................
.....................
.....................
Aug ...........
Sept ..........
Oct ............
Nov ...........
Dec ...........
2007: Jan ...........
Feb ...........
Mar ...........
Apr ...........
May ...........
June ..........
July r .........
Aug r ..........
Sept p .........

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

Total

41.7
41.4
41.4
41.3
40.3
40.5
40.4
40.8
40.7
41.1
41.3
41.1
41.2
41.0
41.0
40.9
40.9
41.2
41.1
41.1
41.4
41.3
41.4
41.4

Average gross weekly earnings

Total private
nonagricultural 1
Current
dollars

Overtime

5.1
4.8
4.8
4.7
4.0
4.2
4.2
4.6
4.6
4.4
4.4
4.3
4.3
4.1
4.2
4.1
4.1
4.3
4.2
4.1
4.3
4.2
4.1
4.1

$12.51
13.01
13.49
14.02
14.54
14.97
15.37
15.69
16.13
16.76
16.84
16.88
16.94
16.99
17.07
17.10
17.16
17.21
17.25
17.32
17.40
17.45
17.50
17.57

1982
dollars 2

$7.69
7.89
8.01
8.04
8.12
8.25
8.28
8.24
8.18
8.24
8.17
8.25
8.34
8.36
8.36
8.36
8.36
8.32
8.30
8.26
8.29
8.31
8.35
..............

Total private
nonagricultural 1
Manufacturing

Current
dollars

$13.14
13.45
13.85
14.32
14.76
15.29
15.74
16.15
16.56
16.80
16.83
16.83
16.88
16.89
16.95
16.98
17.03
17.09
17.18
17.20
17.26
17.28
17.32
17.36

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

Percent change from
a year earlier, total
private nonagricultural

Current dollars

1982
dollars 2

Manufacturing

Construction

Retail
trade

$431.86
448.56
463.15
481.01
493.79
506.72
518.06
529.09
544.33
567.87
569.19
570.54
574.27
574.26
578.67
577.98
578.29
583.42
583.05
585.42
589.86
589.81
591.50
593.87

$265.60
272.18
275.03
275.97
275.71
279.18
279.13
277.88
276.17
279.19
276.31
278.99
282.61
282.47
283.25
282.54
281.61
281.92
280.46
279.35
281.16
280.78
282.13
..............

$548.22
557.12
573.17
590.65
595.19
618.75
635.99
659.59
673.37
690.83
695.08
691.71
695.46
692.49
694.95
694.48
696.53
704.11
706.10
706.92
714.56
713.66
717.05
718.70

$609.48
629.75
655.11
685.78
695.89
711.82
726.83
735.55
750.22
781.04
784.29
774.53
793.41
794.43
813.51
795.29
789.89
806.52
804.32
813.40
815.88
814.57
812.70
817.90

$295.97
310.34
321.63
333.38
346.16
360.81
367.15
371.13
377.58
383.16
382.99
384.56
385.78
385.52
385.17
385.78
383.84
384.14
385.05
385.05
385.65
385.88
386.79
388.98

Current
dollars

4.5
3.9
3.3
3.9
2.7
2.6
2.2
2.1
2.9
4.3
4.4
4.1
4.2
4.2
4.6
4.1
3.8
4.3
3.4
4.0
4.0
3.6
3.9
4.1

1982
dollars

2.2
2.5
1.0
.3
¥.1
1.3
¥.0
¥.4
¥.6
1.1
.4
2.3
3.3
2.4
2.1
2.2
1.5
1.6
.9
1.2
1.4
1.3
2.1
..............

Source: Department of Labor, Bureau of Labor Statistics.

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

Percent change from
3 months earlier

Period

Total
compensation

Wages and
salaries

Benefits 1

Total
compensation

12 months earlier

Wages and
salaries

Benefits 1

Total
compensation

Wages and
salaries

Benefits 1

Not seasonally adjusted
1997:
1998:
1999:
2000:
2001:
2002:
2003:
2004:
2005:
2006:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

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

74.9
77.5
80.2
83.6
87.3
90.0
93.6
97.2
100.0
103.2

77.6
80.6
83.5
86.7
89.9
92.2
95.1
97.6
100.0
103.2

68.5
70.2
72.6
76.7
81.3
84.7
90.2
96.2
100.0
103.1

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

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

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

Seasonally adjusted

hsrobinson on PROD1PC76 with HEARING

2004: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
2005: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
2006: Mar .................................................................
June ...............................................................
Sept ................................................................
Dec .................................................................
2007: Mar .................................................................
June ...............................................................

94.9
95.8
96.7
97.3
98.2
98.8
99.5
100.1
100.8
101.6
102.5
103.3
103.9
104.8

95.7
96.4
97.2
97.6
98.3
98.8
99.4
100.1
100.8
101.6
102.4
103.2
104.3
105.1

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.

92.9
94.4
95.4
96.5
98.0
98.8
99.6
100.3
100.8
101.5
102.5
103.4
103.1
104.2

1.2
.9
.9
.6
.9
.6
.7
.6
.7
.8
.9
.8
.6
.9

3.5
3.5
3.5
4.2
4.1
3.1
4.0
3.8
2.9
3.2

3.9
3.9
3.6
3.8
3.8
2.6
3.1
2.6
2.5
3.2

2.2
2.5
3.4
5.6
5.2
4.2
6.5
6.7
4.0
3.1

Not seasonally adjusted
0.6
.7
.8
.4
.7
.5
.6
.7
.7
.8
.8
.8
1.1
.8

2.7
1.6
1.1
1.2
1.6
.8
.8
.7
.5
.7
1.0
.9
¥.3
1.1

3.8
3.9
3.8
3.8
3.5
3.1
2.9
2.9
2.6
2.8
3.0
3.2
3.2
3.1

2.6
2.7
2.6
2.6
2.7
2.5
2.3
2.5
2.4
2.8
3.0
3.2
3.6
3.3

6.8
7.3
6.7
6.7
5.5
4.7
4.5
4.0
3.0
2.7
2.8
3.1
2.2
2.6

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.

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E:\HR\OC\ECOIND.015

ECOIND

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

Nonfarm
business
sector

Output 1
Business
sector

Hours of all
persons 2

Nonfarm
business
sector

Business
sector

Compensation per
hour 3

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Real compensation
per hour 4
Business
sector

Nonfarm
business
sector

Unit labor
costs
Business
sector

Nonfarm
business
sector

Implicit price
deflator 5
Business
sector

Nonfarm
business
sector

Indexes, 1992=100; quarterly data seasonally adjusted
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2003:

2004:

2005:

2006:

2007:

........................
........................
........................
........................
........................
........................
........................
........................
........................
........................
I ...................
II .................
III ...............
IV ................
I ...................
II .................
III ................
IV ................
I ...................
II .................
III ................
IV ................
I ...................
II .................
III ................
IV ................
I ...................
II * ...............

106.5
109.5
112.8
116.1
119.1
123.9
128.7
132.4
135.0
136.4
125.8
127.9
130.8
130.3
131.1
132.3
132.7
133.4
134.4
134.3
135.9
135.5
136.4
136.6
136.1
136.5
136.6
137.8

106.4
109.4
112.5
115.7
118.6
123.5
128.0
131.5
134.1
135.4
125.2
126.9
130.1
129.9
130.2
131.7
132.0
132.2
133.4
133.5
135.0
134.5
135.3
135.6
135.0
135.6
135.9
136.7

122.7
128.6
135.2
140.5
141.0
143.1
147.5
153.7
159.3
164.3
144.4
146.0
149.7
150.1
151.4
153.1
154.6
155.7
157.2
158.5
160.6
161.0
163.2
164.2
164.4
165.5
165.6
167.4

122.8
128.9
135.6
140.8
141.3
143.4
147.8
153.9
159.5
164.5
144.6
146.1
150.0
150.6
151.5
153.4
154.9
155.9
157.4
158.6
160.8
161.2
163.4
164.4
164.7
165.7
165.9
167.9

115.2
117.5
119.8
121.0
118.4
115.4
114.6
116.1
118.0
120.5
114.8
114.1
114.5
115.2
115.5
115.7
116.5
116.8
117.0
118.0
118.2
118.8
119.6
120.2
120.8
121.2
121.2
121.5

115.4
117.9
120.5
121.7
119.2
116.1
115.4
117.0
118.9
121.5
115.5
115.1
115.3
115.9
116.4
116.5
117.3
117.9
118.0
118.8
119.1
119.8
120.8
121.2
122.0
122.2
122.1
122.8

113.0
119.9
125.8
134.7
140.4
145.3
151.2
156.9
163.2
169.6
148.1
150.8
152.5
153.6
153.8
155.8
157.8
160.2
161.4
161.7
164.2
165.4
168.2
168.1
168.7
173.4
175.7
178.0

112.8
119.6
125.2
134.2
139.5
144.6
150.4
155.9
162.1
168.5
147.3
149.7
151.7
152.9
152.9
154.9
156.8
158.9
160.3
160.9
163.2
164.2
167.1
167.0
167.5
172.4
174.9
176.7

100.5
105.2
108.0
112.0
113.5
115.7
117.7
118.9
119.7
120.4
115.7
117.8
118.4
118.9
118.1
118.4
119.2
120.0
120.3
119.4
119.6
119.4
120.9
119.3
118.9
122.8
123.3
123.1

100.4
104.9
107.5
111.6
112.8
115.1
117.1
118.2
118.9
119.7
115.2
116.9
117.8
118.4
117.4
117.7
118.5
119.0
119.5
118.8
118.8
118.6
120.1
118.6
118.0
122.1
122.7
122.1

106.1
109.5
111.5
116.0
117.9
117.3
117.5
118.5
120.9
124.3
117.7
117.9
116.6
117.9
117.3
117.7
118.9
120.1
120.1
120.4
120.8
122.0
123.4
123.0
124.0
127.0
128.6
129.2

106.0
109.3
111.3
116.0
117.7
117.1
117.5
118.5
120.9
124.5
117.7
118.0
116.6
117.7
117.4
117.6
118.8
120.2
120.2
120.5
120.9
122.1
123.5
123.2
124.0
127.1
128.7
129.2

109.0
109.7
110.7
112.7
114.9
116.1
117.8
120.8
124.5
128.2
117.3
117.4
118.0
118.5
119.5
120.5
121.1
122.1
123.1
123.9
125.0
126.1
127.0
128.0
128.7
128.9
130.2
131.0

109.1
109.9
111.1
113.3
115.4
116.7
118.3
121.1
125.1
128.9
117.9
118.0
118.4
118.7
119.7
120.6
121.4
122.5
123.6
124.5
125.6
126.8
127.7
128.9
129.4
129.5
130.6
131.4

1.4
3.1
1.8
4.2
1.5
¥.5
.3
.9
2.0
2.9
2.0
1.0
¥4.5
3.8
¥1.0
.6
4.3
4.7
¥.1
1.2
1.3
4.1
4.6
¥1.0
2.9
10.3
5.2
1.4

1.5
.6
.9
1.8
2.0
1.0
1.5
2.6
3.1
2.9
1.9
.6
1.8
1.8
3.4
3.6
1.8
3.5
3.4
2.6
3.5
3.7
2.8
3.3
2.1
.8
4.1
2.5

1.7
.7
1.1
1.9
1.9
1.1
1.3
2.4
3.4
3.0
2.0
.4
1.3
1.1
3.4
3.0
2.4
3.8
3.8
2.7
3.8
3.7
3.0
3.7
1.6
.3
3.6
2.4

Percent change; quarterly data at seasonally adjusted annual rates
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2003:

2004:

2005:

2006:

hsrobinson on PROD1PC76 with HEARING

2007:

........................
........................
........................
........................
........................
........................
........................
........................
........................
........................
I ...................
II .................
III ...............
IV ................
I ...................
II .................
III ................
IV ................
I ...................
II .................
III ................
IV ................
I ...................
II .................
III ................
IV ................
I ...................
II * ...............

1.9
2.8
3.1
2.9
2.6
4.1
3.8
2.9
2.0
1.0
3.3
6.9
9.1
¥1.4
2.4
3.9
1.2
2.0
3.0
¥.3
4.9
¥1.1
2.5
.8
¥1.5
1.2
.2
3.5

1.6
2.8
2.9
2.8
2.5
4.1
3.7
2.7
1.9
1.0
3.4
5.7
10.4
¥.5
.9
4.7
.9
.7
3.7
.3
4.4
¥1.4
2.5
.8
¥1.6
1.8
.7
2.6

5.3
4.8
5.1
3.9
.3
1.5
3.1
4.2
3.6
3.1
1.1
4.6
10.4
1.1
3.7
4.4
4.0
3.0
3.7
3.3
5.5
1.0
5.5
2.5
.6
2.6
.2
4.6

5.2
5.0
5.2
3.8
.4
1.5
3.1
4.1
3.6
3.2
1.2
4.3
11.0
1.6
2.6
5.0
3.8
2.6
3.9
3.2
5.6
.9
5.7
2.4
.8
2.6
.3
5.0

3.4
2.0
2.0
1.0
¥2.2
¥2.5
¥.7
1.3
1.6
2.1
¥2.2
¥2.2
1.2
2.5
1.2
.5
2.8
1.0
.7
3.6
.6
2.1
2.9
1.7
2.2
1.4
.0
1.0

3.5
2.1
2.2
1.0
¥2.0
¥2.6
¥.6
1.4
1.6
2.2
¥2.1
¥1.3
.5
2.2
1.7
.3
3.0
2.0
.2
2.9
1.1
2.4
3.1
1.6
2.4
.8
¥.3
2.3

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 1978–2006 is based on the consumer price index research series (CPI–U–RS).
5 Current dollar gross domestic output divided by the output index.

3.2
6.1
4.9
7.1
4.2
3.5
4.1
3.7
4.0
3.9
5.5
7.5
4.6
2.9
.6
5.2
5.3
6.3
3.0
.7
6.2
2.9
7.2
¥.4
1.6
11.4
5.5
5.5

3.1
6.0
4.7
7.2
4.0
3.6
4.0
3.6
4.0
3.9
5.5
6.7
5.4
3.3
¥.2
5.3
5.2
5.4
3.6
1.5
5.7
2.6
7.2
¥.2
1.3
12.2
5.9
4.1

1.0
4.6
2.7
3.7
1.4
1.9
1.7
1.1
.6
.6
1.7
7.2
2.1
1.8
¥2.9
1.0
3.0
2.6
1.1
¥3.1
.7
¥.5
5.1
¥5.1
¥1.6
13.8
1.6
¥.5

0.9
4.5
2.5
3.7
1.2
2.0
1.7
.9
.7
.6
1.7
6.4
2.9
2.2
¥3.6
1.1
2.9
1.7
1.6
¥2.4
.2
¥.8
5.1
¥5.0
¥1.8
14.6
2.0
¥1.8

1.3
3.2
1.8
4.1
1.6
¥.5
.2
.9
2.0
2.9
2.1
.6
¥4.1
4.3
¥1.8
1.3
4.1
4.2
.0
1.0
1.3
4.0
4.6
¥1.2
3.1
10.1
5.3
1.9

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 August 30, 2007.
Source: Department of Labor, Bureau of Labor Statistics.

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ECOIND

PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose and capacity utilization was unchanged in August.

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

From
preceding
month

From
year
earlier

Capacity utilization
rate
(output as percent
of capacity) 1

Manufacturing

Total 1

Durable

Nondurable

Other
(nonNAICS) 1

Mining

Utilities
Total
industry

Total
manufacturing

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

89.2
94.6
99.1
103.6
100.0
100.0
101.1
103.6
106.9
111.1

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

7.2
6.1
4.7
4.5
¥3.5
.0
1.1
2.5
3.2
3.9

88.3
94.4
99.5
104.3
100.0
100.0
101.1
104.0
108.0
113.0

80.4
89.2
97.3
105.4
100.4
100.0
102.3
106.3
112.1
120.4

99.6
101.0
101.7
102.3
99.0
100.0
100.1
102.0
104.5
106.7

97.7
104.2
107.6
109.6
103.2
100.0
97.0
97.8
99.6
98.0

108.0
106.5
101.2
103.5
104.5
100.0
99.9
99.2
97.6
100.2

89.7
92.0
94.7
97.4
97.0
100.0
101.9
103.3
105.5
105.2

83.9
82.8
81.9
81.7
76.1
74.8
76.1
78.1
80.2
81.7

83.0
81.7
80.8
80.1
73.9
73.0
74.2
76.6
78.8
80.4

2006: Aug .............
Sept ............
Oct ..............
Nov .............
Dec .............

112.5
112.2
112.0
111.5
112.2

0.2
¥.3
¥.2
¥.4
.6

4.6
6.0
4.6
3.0
2.8

114.3
114.3
113.4
113.2
114.4

122.6
122.2
121.2
121.3
122.7

107.5
107.8
106.7
106.2
107.4

97.0
97.2
99.6
99.4
98.7

99.9
101.0
100.9
100.7
102.5

108.8
104.5
109.8
106.8
102.5

82.4
82.0
81.7
81.3
81.6

81.1
80.9
80.1
79.8
80.5

2007: Jan .............
Feb .............
Mar .............
Apr ..............
May r ............
June r ...........
July r ...........
Aug p ............

111.7
112.5
112.4
113.1
113.0
113.6
114.2
114.4

¥.5
.8
¥.1
.6
¥.1
.6
.5
.2

2.4
2.9
2.2
1.9
1.9
1.5
1.7
1.7

113.7
113.6
114.4
114.8
114.9
115.7
116.6
116.3

121.2
121.3
122.3
123.2
123.4
124.8
126.2
125.7

107.5
107.2
107.8
107.7
107.8
108.0
108.4
108.2

98.4
98.6
99.1
99.5
99.0
99.6
99.7
99.3

100.2
100.0
100.2
100.2
99.9
100.3
101.1
100.4

105.1
114.1
106.6
109.7
108.0
107.4
105.7
111.3

81.1
81.6
81.4
81.7
81.5
81.8
82.2
82.2

79.8
79.6
80.0
80.2
80.1
80.5
81.0
80.7

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

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

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hsrobinson on PROD1PC76 with HEARING

1997
1998
1999
2000
2001
2002
2003
2004
2005
2006

Index,
2002=100

Industry production indexes, 2002=100

change 2

INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[2002=100; monthly data seasonally adjusted]
Products and nonindustrial supplies

Materials

Final products

Nonindustrial supplies

Consumer goods

Equipment

Durable
goods

Business
equipment

Period
Total
Total

1997
1998
1999
2000
2001
2002
2003
2004
2005
2006

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

Nondurable
goods

Total 1

Defense
and
space
equipment

Total

Construction
supplies

Business
supplies

Total 1

Energy

91.6
97.0
99.7
102.9
100.8
100.0
101.2
103.3
107.6
111.5

92.1
95.5
97.3
99.3
98.1
100.0
101.3
102.8
105.7
106.9

84.0
89.9
96.1
99.2
94.9
100.0
103.4
104.8
105.9
105.6

95.7
97.8
97.8
99.3
99.4
100.0
100.5
102.0
105.5
107.2

91.9
101.4
106.0
111.6
107.3
100.0
100.9
104.7
112.7
124.1

89.7
100.3
106.5
114.6
107.6
100.0
100.2
104.5
112.8
125.9

100.9
105.1
102.7
92.1
100.6
100.0
103.8
104.0
109.7
112.0

91.1
96.4
100.3
104.5
100.1
100.0
101.0
103.2
107.0
110.3

95.1
100.2
102.8
105.1
100.5
100.0
99.8
101.8
106.7
110.4

89.6
95.0
99.4
104.2
100.0
100.0
101.5
103.7
107.1
110.3

86.2
91.7
98.0
104.0
99.1
100.0
100.9
104.0
106.2
111.0

99.4
99.8
99.6
101.0
100.0
100.0
99.9
99.7
98.4
99.8

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

112.9
112.7
112.4
112.8
113.6

107.8
107.6
107.3
107.6
107.8

106.2
105.4
102.8
104.4
106.2

108.2
108.2
108.7
108.5
108.2

126.6
126.6
126.3
126.9
129.2

128.6
128.5
128.4
129.5
132.1

113.0
113.6
113.3
112.0
112.5

111.4
110.7
110.9
109.6
110.1

111.3
110.3
108.4
107.4
109.7

111.5
110.8
111.9
110.5
110.3

112.6
112.2
112.0
111.0
111.7

100.9
100.0
101.3
100.6
100.2

2007: Jan ..................................................
Feb ..................................................
Mar ..................................................
Apr ..................................................
May r ................................................
June r ...............................................
July r ................................................
Aug p ................................................

112.7
114.2
113.7
114.3
114.0
114.8
115.5
115.5

107.4
109.4
108.6
109.2
108.8
109.4
109.9
110.0

103.1
104.6
105.2
107.1
106.7
108.7
109.4
108.3

108.7
110.9
109.6
109.8
109.4
109.5
109.9
110.5

126.9
127.1
127.7
128.0
128.1
129.4
130.7
130.2

128.8
129.2
130.6
130.9
131.1
132.1
133.7
133.4

113.9
113.0
109.8
111.1
111.0
112.9
113.5
112.9

110.0
110.2
110.3
110.9
110.8
111.3
111.1
112.0

108.4
106.8
107.9
108.3
109.1
110.3
110.3
110.3

110.6
111.5
111.2
111.9
111.5
111.7
111.5
112.6

111.3
111.8
112.0
112.7
112.7
113.2
114.0
114.3

100.5
101.9
100.5
101.1
100.9
101.2
101.1
102.6

2006: Aug
Sept
Oct
Nov
Dec

1 Includes

other items, not shown separately.

[2002=100; monthly data seasonally adjusted]
Durable manufactures
Primary metal
Period
Total

1997
1998
1999
2000
2001
2002
2003
2004
2005
2006

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

Iron
and
steel
products

Nondurable manufactures

Computer and electronic products

Fabricated
metal
products

Machinery
Total

Selected
hightechnology 1

Transportation
equipment

Total

Motor
vehicles
and
parts

Apparel

Printing
and
support

Chemical

Food

112.4
114.3
114.0
110.3
99.8
100.0
98.9
109.3
107.1
112.1

111.4
111.2
112.0
110.9
100.3
100.0
100.8
116.4
109.9
117.0

102.9
106.3
107.0
111.2
103.1
100.0
98.9
99.1
103.3
108.9

111.7
114.5
112.0
117.7
104.1
100.0
99.6
103.7
110.0
117.1

43.0
56.2
75.5
101.8
103.5
100.0
111.5
126.2
141.0
169.1

32.0
45.6
67.7
98.8
101.5
100.0
116.7
132.6
156.6
198.1

91.0
99.0
104.4
99.5
95.7
100.0
101.1
100.8
104.1
109.4

85.8
90.2
100.1
99.5
90.6
100.0
103.5
103.8
103.7
101.9

172.2
162.9
156.1
148.5
127.2
100.0
92.3
79.5
76.8
77.8

110.2
111.5
112.4
113.1
106.3
100.0
96.3
97.0
98.9
103.3

90.2
91.7
93.6
95.0
93.3
100.0
101.4
105.7
108.0
110.3

91.0
95.0
96.0
97.7
97.7
100.0
101.0
101.1
104.5
107.7

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

114.5
112.8
109.2
103.8
102.7

121.8
119.8
112.3
103.9
99.5

110.7
110.5
110.5
109.7
109.8

121.0
120.6
118.1
117.6
122.6

174.0
177.2
179.3
180.0
181.7

204.3
210.7
214.4
216.2
218.6

110.4
109.8
107.8
110.5
111.9

102.2
100.9
97.3
100.7
102.4

77.9
77.5
78.4
77.5
77.4

102.7
103.1
104.1
104.3
106.3

112.4
111.7
110.1
108.8
110.5

107.0
108.5
109.4
110.0
109.8

2007: Jan ..................................................
Feb ..................................................
Mar .................................................
Apr ..................................................
May r ................................................
June r ...............................................
July p ................................................
Aug p ................................................

107.1
107.6
108.8
111.3
112.1
111.2
113.4
114.0

107.6
109.2
111.1
113.8
116.9
115.6
117.6
120.4

109.3
109.8
110.6
111.1
110.8
112.2
112.5
113.0

116.4
115.3
118.0
117.2
117.6
117.7
120.2
119.0

181.3
181.5
182.3
184.2
184.4
187.6
191.8
192.1

219.9
220.4
223.2
226.4
228.5
234.3
242.1
244.0

108.9
110.5
110.6
111.8
111.5
113.9
114.7
113.1

96.4
98.7
99.4
100.8
100.3
102.9
103.6
100.9

78.8
77.8
76.7
77.9
77.7
76.9
77.3
75.8

105.6
106.0
105.6
104.7
103.1
102.1
101.9
102.8

109.9
110.1
110.4
110.5
110.6
110.7
111.7
112.1

110.0
110.8
111.7
112.5
111.8
112.7
112.8
112.5

2006: Aug
Sept
Oct
Nov
Dec

hsrobinson on PROD1PC76 with HEARING

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

Source: Board of Governors of the Federal Reserve System.

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ECOIND

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

1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2006:

....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
....................................
Aug .........................
Sept .........................
Oct ...........................
Nov ..........................
Dec ..........................
2007: Jan ..........................
Feb ..........................
Mar ..........................
Apr ..........................
May .........................
June r .......................
July r ........................
Aug p ........................

Total new
construction expenditures

Residential
Total

New
housing

Total 1

656.2
706.8
768.8
831.1
864.2
873.1
921.4
1,023.5
1,132.1
1,192.2
1,186.3
1,172.1
1,164.9
1,166.3
1,167.3
1,160.2
1,162.2
1,163.6
1,166.2
1,172.1
1,170.5
1,164.4
1,166.7

502.7
552.0
599.7
649.8
662.2
659.7
705.3
803.3
898.0
937.0
932.4
919.0
907.3
904.5
896.6
884.4
889.7
886.8
888.0
888.1
885.0
875.4
875.5

289.0
314.6
350.6
374.5
388.3
421.9
475.9
564.8
641.3
641.3
625.4
614.4
601.3
590.0
580.7
567.5
562.9
555.6
551.7
544.8
538.7
529.8
522.1

Federal
and
State
and
local

Nonresidential
Total

198.1
224.0
251.3
265.0
279.4
298.8
345.7
417.5
480.8
469.0
452.8
444.3
430.0
418.7
411.1
398.1
386.1
383.5
378.0
370.6
364.7
357.7
347.2

213.7
237.4
249.2
275.3
273.9
237.7
229.3
238.5
256.6
295.7
306.9
304.6
306.0
314.5
315.9
316.9
326.7
331.2
336.3
343.3
346.3
345.5
353.4

1 Includes

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

Lodging

12.9
14.8
16.0
16.3
14.5
10.5
9.9
12.0
12.7
17.7
18.7
18.8
20.2
21.0
20.5
20.6
22.0
25.0
26.2
28.1
28.5
29.6
30.8

Commercial
(including
farm)

Office

32.8
40.4
45.1
52.4
49.7
35.3
30.6
32.9
37.3
46.2
49.4
48.8
48.7
50.4
51.5
54.5
53.5
52.8
52.8
52.7
54.3
54.6
56.6

Manufacturing

53.1
55.7
59.4
64.1
63.6
59.0
57.5
63.2
66.6
72.1
73.1
74.3
73.0
75.9
76.8
78.6
79.9
80.2
82.3
82.3
82.4
81.3
83.4

Other 2

37.6
40.5
35.1
37.6
37.8
22.7
21.4
23.7
29.9
34.3
38.6
35.9
34.2
35.1
35.2
34.3
35.7
35.0
36.5
37.4
36.4
35.6
35.9

77.3
86.0
93.7
104.9
108.2
110.2
109.9
106.8
110.2
125.4
127.2
126.8
129.8
132.1
132.0
128.8
135.6
138.1
138.5
142.8
144.7
144.5
146.6

153.4
154.8
169.1
181.3
201.9
213.4
216.1
220.2
234.2
255.2
253.9
253.1
257.6
261.9
270.6
275.9
272.5
276.8
278.1
284.1
285.5
289.1
291.2

Source: Department of Commerce, Bureau of the Census.

NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or houses, except as noted]
New private housing units
Units started, by type of structure

Period
Total
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006

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

New private houses

1,474.0
1,616.9
1,640.9
1,568.7
1,602.7
1,704.9
1,847.7
1,955.8
2,068.3
1,800.9

2–4 units 1

1 unit
1,133.7
1,271.4
1,302.4
1,230.9
1,273.3
1,358.6
1,499.0
1,610.5
1,715.8
1,465.4

5 units or
more

44.5
42.6
31.9
38.7
36.6
38.5
33.5
42.3
41.1
42.7

295.8
302.9
306.6
299.1
292.8
307.9
315.2
303.0
311.4
292.8

Units
authorized
1,441.1
1,612.3
1,663.5
1,592.3
1,636.7
1,747.7
1,889.2
4 2,070.1
2,155.3
1,838.9

Units
completed

Houses
sold

Houses for
sale at end
of period 2

Vacancy rate
for rental
housing units
(percent) 3

1,400.5
1,474.2
1,604.9
1,573.7
1,570.8
1,648.4
1,678.7
1,841.9
1,931.4
1,979.4

804
886
880
877
908
973
1,086
1,203
1,283
1,051

281
294
308
298
308
339
370
422
511
535

7.7
7.9
8.1
8.0
8.4
8.9
9.8
10.2
9.8
9.7

Seasonally adjusted annual rates
2006: Aug ............................
Sept ...........................
Oct .............................
Nov ............................
Dec ............................

1,646
1,721
1,470
1,565
1,629

1,355
1,391
1,181
1,273
1,241

40
29
38
20
49

251
301
251
272
339

1,731
1,654
1,560
1,527
1,628

1,881
2,019
1,919
1,885
1,887

1,009
1,004
952
987
1,019

568
560
553
542
535

......................
9.9
......................
......................
9.8

2007: Jan ............................
Feb ............................
Mar ............................
Apr ............................
May ...........................
June r .........................
July r ..........................
Aug p ..........................

1,403
1,487
1,491
1,485
1,440
1,468
1,367
1,331

1,123
1,188
1,205
1,195
1,155
1,147
1,063
988

23
30
36
36
33
38
37
32

257
269
250
254
252
283
267
311

1,566
1,541
1,569
1,457
1,520
1,413
1,389
1,322

1,830
1,628
1,610
1,523
1,554
1,496
1,526
1,523

890
840
830
907
r 861
835
867
795

536
544
548
547
r 543
542
537
529

......................
......................
10.1
......................
......................
9.5
......................
......................

1 Derived;

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

hsrobinson on PROD1PC76 with HEARING

3 Revised

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

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ECOIND

BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In July, according to revised estimates, manufacturing and trade sales rose 1.0 percent. Inventories rose $6.8
billion in July. According to advance estimates, retail sales rose 0.3 percent in August. Retail and food services
sales rose 0.3 percent.

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

Manufacturing and trade 1

Sales 2

Inventories 3

Inventorysales
ratio 4

Sales 2

Inventories 3

Retail
Inventory
sales
ratio 4

hsrobinson on PROD1PC76 with HEARING

1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2006:

..............................................................
723,879 1,046,786
1.42 198,154 258,570
1.26
..............................................................
742,837 1,078,644
1.43 202,260 272,315
1.31
..............................................................
786,634 1,138,209
1.40 216,597 289,564
1.29
..............................................................
834,325 1,196,628
1.41 234,546 307,962
1.28
..............................................................
818,615 1,118,784
1.42 232,096 295,658
1.31
..............................................................
823,714 1,138,707
1.36 236,294 298,808
1.25
..............................................................
853,596 1,144,702
1.34 246,857 303,343
1.22
..............................................................
923,319 1,235,243
1.30 274,710 332,815
1.16
.............................................................. 1,001,154 1,312,163
1.27 298,753 357,537
1.16
.............................................................. 1,066,358 1,388,979
1.28 329,336 388,168
1.14
July r .................................................. 1,080,215 1,371,516
1.27 334,901 378,041
1.13
Aug r ................................................... 1,086,167 1,379,228
1.27 338,039 381,715
1.13
Sept ................................................... 1,063,680 1,384,505
1.30 333,762 384,500
1.15
Oct ..................................................... 1,060,357 1,386,151
1.31 331,297 385,808
1.16
Nov .................................................... 1,064,393 1,388,457
1.30 334,268 389,165
1.16
Dec .................................................... 1,080,663 1,388,979
1.29 339,937 388,168
1.14
2007: Jan .................................................... 1,070,438 1,391,893
1.30 336,713 390,424
1.16
Feb .................................................... 1,073,927 1,394,706
1.30 340,134 392,073
1.15
Mar .................................................... 1,092,727 1,394,265
1.28 347,383 393,461
1.13
Apr .................................................... 1,100,915 1,399,463
1.27 352,678 394,796
1.12
May .................................................... 1,114,765 1,406,612
1.26 357,352 396,604
1.11
June r ................................................. 1,111,071 1,412,022
1.27 358,788 397,866
1.11
July p .................................................. r1,122,627 1,418,791
1.26 359,072 398,834
1.11
Aug p .................................................. .................. .................. ................ ................ ................ ................
1 See

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

Sales 2

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Inventory
sales
ratio 4

206,167 344,594
1.64
215,592 357,246
1.62
234,046 385,082
1.59
249,063 407,033
1.59
255,644 395,018
1.58
261,194 416,817
1.56
272,123 433,133
1.56
289,528 462,607
1.56
307,786 475,520
1.51
325,359 490,909
1.49
328,408 491,006
1.50
328,303 492,965
1.50
325,975 491,936
1.51
325,822 491,357
1.51
327,090 489,619
1.50
330,220 490,909
1.49
330,598 491,590
1.49
332,929 492,452
1.48
336,007 489,706
1.46
334,693 491,365
1.47
340,409 494,646
1.45
337,273 497,649
1.48
r 338,863
502,854
1.48
339,883 ................ ................

Retail and
food services
sales 2

227,670
238,278
257,797
274,518
282,131
288,845
301,264
320,526
340,669
360,871
363,633
364,006
361,978
361,980
363,234
367,341
367,230
369,287
372,851
371,651
377,689
374,740
r376,578
377,615

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

20
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Period

Wholesale

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

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1
Durable goods

Period
Total

Durable
goods

Nondurable
goods

Durable
goods

Total

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

319,558
324,984
335,991
350,715
330,875
326,227
334,616
359,081
394,615
411,663

178,949
185,966
193,895
197,807
181,201
176,968
178,549
188,722
201,695
211,492

140,610
139,019
142,096
152,908
149,674
149,259
156,067
170,359
192,920
200,170

443,622
449,083
463,563
481,633
428,108
423,082
408,226
439,821
479,106
509,902

281,108
290,715
296,508
306,743
267,902
260,661
247,061
266,264
286,775
309,481

162,514
158,368
167,055
174,890
160,206
162,421
161,165
173,557
192,331
200,421

314,986
317,345
329,770
346,789
322,708
316,811
330,369
354,599
394,580
414,562

174,377
178,327
187,674
193,881
173,033
167,553
174,302
184,240
201,660
214,391

60,697
62,133
64,392
69,278
58,204
51,817
52,891
56,079
65,625
72,429

512,849
496,092
505,589
549,513
513,802
461,585
477,029
495,630
570,020
684,047

1.37
1.38
1.35
1.35
1.38
1.29
1.24
1.18
1.17
1.21

2006: Aug ..........................................
Sept ..........................................
Oct ...........................................
Nov ..........................................
Dec ...........................................

419,825
403,943
403,238
403,035
410,506

215,164
209,152
210,388
209,525
212,817

204,661
194,791
192,850
193,510
197,689

504,548
508,069
508,986
509,673
509,902

301,542
305,166
307,882
308,436
309,481

203,006
202,903
201,104
201,237
200,421

415,676
424,396
403,244
408,606
416,103

211,015
229,605
210,394
215,096
218,414

67,782
83,984
73,092
72,503
77,700

626,819
653,370
661,059
673,215
684,047

1.20
1.26
1.26
1.26
1.24

2007: Jan ...........................................
Feb ...........................................
Mar ..........................................
Apr ...........................................
May ..........................................
June .........................................
July r .........................................
Aug p .........................................

403,127
400,864
409,337
413,544
417,004
415,010
424,692
417,946

209,687
206,521
209,287
213,525
213,967
211,616
220,095
216,558

193,440
194,343
200,050
200,019
203,037
203,394
204,597
201,388

509,879
510,181
511,098
513,302
515,362
516,507
517,103
516,576

310,784
311,110
311,315
312,426
312,653
312,622
312,895
312,654

199,095
199,071
199,783
200,876
202,709
203,885
204,208
203,922

398,496
400,493
416,759
418,997
416,866
420,992
435,099
420,685

205,056
206,150
216,709
218,978
213,829
217,598
230,502
219,297

64,912
68,845
78,375
78,128
72,788
77,389
81,119
71,296

687,768
693,326
706,081
719,366
725,644
737,085
754,340
763,475

1.26
1.27
1.25
1.24
1.24
1.24
1.22
1.24

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

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

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1997
1998
1999
2000
2001
2002
2003
2004
2005
2006

PRICES
PRODUCER PRICES
The producer price index for all finished goods fell 1.4 percent in August. Prices of finished consumer foods fell
0.2 percent, while prices of other finished consumer goods fell 2.4 percent. Capital equipment prices rose 0.1
percent.

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

Period

Total
finished
goods

Intermediate materials

Finished goods excluding consumer foods
Consumer
foods

Consumer goods
Total
Total

Durable

Nondurable

Capital
equipment

Total
finished
consumer
goods

Crude materials

Total

Foods
and
feeds 1

Other

Total

Foodstuffs
and
feedstuffs

Other

131.8
130.7
133.0
138.0
140.7
138.9
143.3
148.5
155.7
160.4
161.9
160.2
157.8
160.3
161.5

134.5
134.3
135.1
137.2
141.3
140.1
145.9
152.7
155.7
156.7
157.9
158.6
157.9
158.0
159.8

130.9
129.5
132.3
138.1
140.4
138.3
142.4
147.2
155.5
161.0
162.6
160.4
157.5
160.7
161.7

128.2
126.4
130.5
138.4
141.4
138.8
144.7
150.9
161.9
169.2
171.5
167.9
163.9
167.9
169.5

133.7
132.9
133.0
133.9
134.0
133.0
133.1
135.0
136.6
136.9
136.5
137.2
135.5
138.0
137.8

124.3
122.2
127.9
138.7
142.8
139.8
148.4
156.6
172.0
182.6
186.2
180.6
175.5
180.2
182.6

138.2
137.6
137.6
138.8
139.7
139.1
139.5
141.4
144.6
146.9
147.0
147.4
146.9
148.3
148.3

130.2
128.9
132.0
138.2
141.5
139.4
145.3
151.7
160.4
166.0
168.0
165.6
162.5
165.4
167.1

125.6
123.0
123.2
129.2
129.7
127.8
133.7
142.6
154.0
164.0
166.8
164.6
162.6
163.6
165.0

125.4
116.2
111.1
111.7
115.9
115.5
125.9
137.1
133.8
135.2
134.2
135.0
135.6
138.9
140.6

125.7
123.4
123.9
130.1
130.5
128.5
134.2
143.0
155.1
165.4
168.4
166.1
164.0
164.8
166.2

111.1
96.8
98.2
120.6
121.0
108.1
135.3
159.0
182.2
184.8
191.2
183.9
166.9
186.5
191.3

112.2
103.9
98.7
100.2
106.1
99.5
113.5
127.0
122.7
119.3
118.7
120.8
124.1
127.2
127.1

106.4
88.4
94.3
130.4
126.8
111.4
148.2
179.2
223.4
230.6
242.3
227.8
195.1
227.1
235.7

2007: Jan ................
Feb ................
Mar ................
Apr r ...............
May ...............
June ..............
July ...............
Aug ................

160.6
162.6
164.2
165.6
167.0
166.6
167.6
165.3

161.4
164.2
166.8
167.7
167.3
165.9
165.8
165.4

160.1
161.8
163.3
164.7
166.7
166.5
167.8
164.9

167.0
169.3
171.5
173.6
176.4
176.1
177.8
173.6

137.6
137.9
137.8
137.6
137.8
138.5
138.9
138.9

179.0
182.3
185.8
189.0
193.2
192.3
194.7
188.7

148.5
149.0
148.9
149.1
149.3
149.7
149.8
149.9

165.7
168.2
170.5
172.3
174.2
173.5
174.7
171.6

163.9
165.2
167.2
168.8
170.7
171.5
172.6
170.5

143.1
147.4
150.0
151.4
151.7
154.2
155.4
155.9

165.0
166.1
168.1
169.7
171.7
172.4
173.4
171.3

180.8
197.1
202.3
204.5
207.6
208.3
210.9
204.5

130.2
139.8
143.1
145.2
146.4
147.1
150.2
147.9

212.9
234.3
240.9
243.0
247.5
248.2
250.1
240.7

1 Intermediate

materials for food manufacturing and feeds.

Source: Department of Labor, Bureau of Labor Statistics.

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1997 ...........................
1998 ...........................
1999 ..........................
2000 ...........................
2001 ...........................
2002 ..........................
2003 ..........................
2004 ..........................
2005 ..........................
2006 ..........................
2006: Aug ................
Sept ...............
Oct .................
Nov ................
Dec ................

CONSUMER PRICES—ALL URBAN CONSUMERS
In August, the consumer price index for all urban consumers fell 0.1 percent seasonally adjusted; it fell 0.2 percent
not seasonally adjusted. The index was 2.0 percent above its year-earlier level.

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

Housing

Transportation

Shelter
Period

Not
seasonally
adjusted
(NSA)

Seasonally
adjusted

Food

Rent
of primary
residence

Total 1
Total 1

Owners’
equivalent
rent
(12/82=
100)

Fuels
and
utilities

Apparel

Total 1

Motor
fuel

Medical
care

Energy 2

All
items
less
food
and
energy

100.0
160.5
163.0
166.6
172.2
177.1
179.9
184.0
188.9
195.3
201.6

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

13.9
157.3
160.7
164.1
167.8
173.1
176.2
180.0
186.2
190.7
195.2

42.7
156.8
160.4
163.9
169.6
176.4
180.3
184.8
189.5
195.7
203.2

32.8
176.3
182.1
187.3
193.4
200.6
208.1
213.1
218.8
224.4
232.1

5.9
166.7
172.1
177.5
183.9
192.1
199.7
205.5
211.0
217.3
225.1

23.8
181.9
187.8
192.9
198.7
206.3
214.7
219.9
224.9
230.2
238.2

5.3
130.8
128.5
128.8
137.9
150.2
143.6
154.5
161.9
179.0
194.7

3.7
132.9
133.0
131.3
129.6
127.3
124.0
120.9
120.4
119.5
119.5

17.2
144.3
141.6
144.4
153.3
154.3
152.9
157.6
163.1
173.9
180.9

4.3
106.2
92.2
100.7
129.3
124.7
116.6
135.8
160.4
195.7
221.0

6.3
234.6
242.1
250.6
260.8
272.8
285.6
297.1
310.1
323.2
336.2

8.7
111.5
102.9
106.6
124.6
129.3
121.7
136.5
151.4
177.1
196.9

77.4
169.5
173.4
177.0
181.3
186.1
190.5
193.2
196.6
200.9
205.9

2006: Aug ............
Sept ...........
Oct .............
Nov ............
Dec ............

203.9
202.9
201.8
201.5
201.8

203.8
202.7
201.8
201.9
202.8

195.8
196.5
197.0
196.8
196.8

204.0
204.6
204.6
205.5
206.3

233.4
234.2
234.9
235.9
236.6

226.2
227.1
228.0
228.8
229.8

239.6
240.4
241.2
242.1
242.8

193.9
194.8
190.9
192.9
195.3

119.7
120.3
119.7
119.6
119.8

188.7
181.0
175.5
174.1
177.0

253.7
219.5
196.2
193.0
206.5

338.0
338.9
339.9
340.7
341.3

211.4
196.0
182.9
182.5
190.1

206.9
207.3
207.6
207.8
208.1

2007: Jan ............
Feb ............
Mar ............
Apr ............
May ............
June ...........
July ............
Aug .............

202.416
203.499
205.352
206.686
207.949
208.352
208.299
207.917

203.153
203.906
205.146
205.999
207.387
207.784
208.028
207.738

198.173
199.728
200.281
201.111
201.794
202.773
203.311
204.143

206.799
207.616
208.072
208.547
208.912
209.617
209.959
209.933

237.350
238.043
238.176
238.981
239.550
240.547
241.112
241.475

230.670
231.642
232.437
233.001
233.654
234.254
234.903
235.349

243.279
243.988
244.646
245.079
245.277
245.778
246.191
246.761

195.818
198.215
200.689
200.647
200.602
200.780
200.791
199.053

120.180
120.805
119.541
119.165
118.772
118.065
118.585
117.936

175.661
175.749
180.584
182.835
187.879
187.592
187.002
184.702

200.234
200.921
222.136
232.663
256.776
254.122
249.813
237.534

344.046
345.686
345.994
347.316
348.467
349.272
351.450
353.209

187.340
188.952
200.164
204.969
216.073
214.911
212.732
205.920

208.632
209.135
209.263
209.634
209.948
210.436
210.933
211.250

1 Includes

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

3 Relative importance, December 2006.
Source: Department of Labor, Bureau of Labor Statistics.

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Rel. imp.3 ...............
1997 .......................
1998 .......................
1999 .......................
2000 .......................
2001 .......................
2002 .......................
2003 .......................
2004 .......................
2005 .......................
2006 .......................

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

Change from 3 months earlier, annual rate

Consumer goods

Consumer goods

Total
finished
goods

Foods

Capital
equipment

Change from 6 months earlier, annual rate

Change
from year
earlier,
total
finished
goods
NSA

Consumer goods

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

Total
finished
goods

Foods

Excluding
foods

Capital
equipment

¥0.6
0
.3
1.2
0
¥.6
.8
2.4
1.2
2.3

Excluding
foods

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

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

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

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

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

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

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

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

Change, Dec. to Dec., NSA
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006

¥1.2
0
2.9
3.6
¥1.6
1.2
4.0
4.2
5.4
1.1

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

¥0.8
.1
.8
1.7
1.8
¥.6
7.7
3.1
1.7
1.7

¥1.5
¥.1
5.1
5.5
¥3.9
2.9
4.1
5.5
8.8
.4

0.4
¥.8
1.8
3.8
2.0
¥1.3
3.2
3.6
4.8
3.0

Change, month to month
2006: Aug .....
Sept ....
Oct ......
Nov .....
Dec .....

0.4
¥1.1
¥1.5
1.6
.7

1.2
.4
¥.4
.1
1.1

¥0.1
¥2.1
¥2.4
2.4
1.0

0.4
.3
¥.3
1.0
0

3.0
¥3.2
¥8.4
¥3.9
3.3

9.9
6.8
4.7
.3
3.1

1.6
¥8.3
¥16.8
¥8.1
3.9

0.5
1.1
1.4
3.6
2.5

4.2
1.1
¥3.2
¥.5
0

4.9
5.0
3.1
5.0
4.9

5.1
¥.5
¥6.9
¥3.4
¥2.4

1.4
1.6
.5
2.1
1.8

3.8
.9
¥1.2
.9
1.1

2007: Jan ......
Feb .....
Mar .....
Apr r ....
May ....
June ....
July .....
Aug .....

¥.6
1.2
1.0
.9
r.8
¥.2
.6
¥1.4

1.0
1.7
1.6
.5
¥.2
¥.8
¥.1
¥.2

¥1.5
1.4
1.3
1.2
r 1.6
¥.2
1.0
¥2.4

.1
.3
¥.1
.1
.1
.3
.1
.1

7.3
5.9
6.9
13.0
11.3
6.0
r 4.9
¥4.0

9.2
16.6
18.7
16.6
7.8
¥2.1
r ¥4.5
¥4.5

7.8
3.4
4.8
16.8
17.9
11.2
r 10.0
¥6.2

4.4
1.9
1.6
1.6
.8
2.2
r 1.9
1.6

¥.9
.9
5.1
10.1
8.5
6.4
8.9
3.3

6.9
8.1
10.6
12.8
12.1
7.8
5.5
1.5

¥5.3
¥2.5
4.3
12.2
10.4
7.9
13.4
5.1

2.9
2.7
2.0
3.0
1.4
1.9
1.8
1.2

.1
2.4
3.1
3.2
4.1
3.3
4.0
2.2

Source: Department of Labor, Bureau of Labor Statistics.

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

Transportation

Shelter
Period

All
items 1

Food
Total 1
Total 1

Rent of Ownpriers’
mary equivaresilent
dence
rent

Fuels
and
utilities

Apparel

Total 1

New
cars

Motor
fuel

Medical
care

Energy 2

All
items
less
food
and
energy

Addendum: All items,
percent change
(annual rate)
From
previous
quarter 3

From
From
3
6
months months
earlier earlier

From
year
earlier
NSA

Change, December to December, NSA
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006

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

1.7
1.6
2.7
3.4
1.6
2.4
1.9
3.3
3.4
2.5

1.5
2.3
1.9
2.8
2.8
1.5
3.6
2.7
2.3
2.1

2.4
2.3
2.2
4.3
2.9
2.4
2.2
3.0
4.0
3.3

3.4
3.3
2.5
3.4
4.2
3.1
2.2
2.7
2.6
4.2

3.1
3.4
3.1
4.0
4.7
3.1
2.7
2.9
3.1
4.3

3.1
3.2
2.4
3.4
4.5
3.3
2.0
2.3
2.5
4.3

0.5
¥2.6
2.4
12.1
¥2.1
1.4
6.5
7.9
15.6
.5

1.0
¥.7
¥.5
¥1.8
¥3.2
¥1.8
¥2.1
¥.2
¥1.1
.9

¥1.4
¥1.7
5.4
4.1
¥3.8
3.8
.3
6.5
4.8
1.6

¥1.0
¥.1
¥.8
.3
0
¥2.0
¥2.1
.5
.8
.2

¥6.2
¥15.4
30.2
13.9
¥24.8
24.6
6.8
26.1
16.2
6.4

2.8
3.4
3.7
4.2
4.7
5.0
3.7
4.2
4.3
3.6

¥3.4
¥8.8
13.4
14.2
¥13.0
10.7
6.9
16.6
17.1
2.9

2.2
2.4
1.9
2.6
2.7
1.9
1.1
2.2
2.2
2.6

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

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

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

2.3
1.6
2.2
3.4
2.8
1.6
2.3
2.7
3.4
3.2

0.2 ..........
.2
3.0
.1 ..........
.1 ..........
.1 ¥2.0

3.8
.6
¥2.7
¥3.7
.2

4.8
3.1
1.0
.0
.4

3.8
2.1
1.3
2.0
2.5

2.7
4.0
4.7
5.7
7.0
5.2
4.0
.7

.0
.1
2.4
4.2
5.5
5.0
4.9
3.8

2.1
2.4
2.8
2.6
2.7
2.7
2.4
2.0

Change, month to month
0.3
¥.5
¥.4
.0
.4

0.3
.4
.3
¥.1
0

0.3
.3
0
.4
.4

0.3
.3
.3
.4
.3

0.4
.4
.4
.4
.4

0.3
.3
.3
.4
.3

0.3
.5
¥2.0
1.0
1.2

0.6
.5
¥.5
¥.1
.2

0.2
¥4.1
¥3.0
¥.8
1.7

0.1
.1
¥.1
¥.4
¥.1

0.5
¥13.5
¥10.6
¥1.6
7.0

0.4
.3
.3
.2
.2

0.4
¥7.3
¥6.7
¥.2
4.2

2007: Jan ...............
Feb ...............
Mar ...............
Apr ...............
May ...............
June ..............
July ..............
Aug ...............
hsrobinson on PROD1PC76 with HEARING

2006: Aug ...............
Sept ..............
Oct ................
Nov ...............
Dec ...............

.2
.4
.6
.4
.7
.2
.1
¥.1

.7
.8
.3
.4
.3
.5
.3
.4

.2
.4
.2
.2
.2
.3
.2
.0

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

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

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

.3
1.2
1.2
.0
.0
.1
.0
¥.9

.3
.5
¥1.0
¥.3
¥.3
¥.6
.4
¥.5

¥.8
.1
2.8
1.2
2.8
¥.2
¥.3
¥1.2

¥.1
¥.2
.2
.1
¥.3
.1
.0
.2

¥3.0
.3
10.6
4.7
10.4
¥1.0
¥1.7
¥4.9

.8
.5
.1
.4
.3
.2
.6
.5

¥1.5
.9
5.9
2.4
5.4
¥.5
¥1.0
¥3.2

1 Includes

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

20:31 Oct 09, 2007

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..........
..........
3.8
..........
..........
6.0
..........
..........

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

24
VerDate Aug 31 2005

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

Sfmt 3401

E:\HR\OC\ECOIND.024

ECOIND

PRICES RECEIVED AND PAID BY FARMERS
In September, prices received by farmers rose 1.4 percent; prices paid by farmers rose 0.6 percent. (Data are
not seasonally adjusted.)

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

Livestock and
products

Crops

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

Production
items, interest,
taxes, and wage
rates

Production
items

Ratio 2

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

107
102
96
96
102
98
107
119
115
116

115
107
97
96
99
105
111
115
111
119

98
97
95
97
106
90
103
122
120
112

118
115
115
119
123
124
128
133
142
148

118
114
113
118
121
121
125
132
141
148

119
113
111
115
120
119
124
131
139
146

91
89
83
81
83
79
84
89
81
78

2006: Sept r ..................
Oct .....................
Nov r ...................
Dec ....................

119
115
119
120

121
114
122
126

116
116
116
113

149
148
148
149

148
148
148
149

146
145
146
147

80
78
80
81

2007: Jan r ...................
Feb r ...................
Mar r ...................
Apr ....................
May ....................
June r .................
July r ..................
Aug r ...................
Sept ...................

123
127
133
134
137
138
140
140
142

130
137
141
140
141
140
141
141
144

116
120
126
129
134
137
140
139
141

152
153
155
157
157
158
158
158
159

152
154
156
158
158
158
159
159
160

148
150
153
156
156
156
157
158
158

81
83
86
85
87
87
89
89
89

1 Includes

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

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

25
VerDate Aug 31 2005

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ECOIND

G:\GRAPHICS\eecoind.025

hsrobinson on PROD1PC76 with HEARING

1997
1998
1999
2000
2001
2002
2003
2004
2005
2006

All farm
products

Prices paid by farmers

MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK AND DEBT MEASURES
In August, M2 rose.

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

M2

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

M1 plus retail
MMMF balances,
savings deposits
(including
MMDAs), and
small time deposits

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

1,072.8
1,095.9
1,123.0
1,087.7
1,182.0
1,219.5
1,305.5
1,375.1
1,373.0
1,366.2

4,037.9
4,384.0
4,644.4
4,923.5
5,435.5
5,780.1
6,070.4
6,417.9
6,678.5
7,021.1

r 15,126.5

2006: Aug ........................................................................................
Sept .......................................................................................
Oct .........................................................................................
Nov ........................................................................................
Dec ........................................................................................
2007: Jan ........................................................................................
Feb ........................................................................................
Mar r .......................................................................................
Apr r .......................................................................................
May r .......................................................................................
June r .....................................................................................
July r ......................................................................................
Aug ........................................................................................

1,372.7
1,364.5
1,369.5
1,371.0
1,366.2
1,372.2
1,360.8
1,369.8
1,379.3
1,379.3
1,366.8
1,368.7
1,367.7

6,874.4
6,896.0
6,945.7
6,981.2
7,021.1
7,073.2
7,095.9
7,151.6
7,206.1
7,229.2
7,244.0
7,269.4
7,333.7

hsrobinson on PROD1PC76 with HEARING

1997:
1998:
1999:
2000:
2001:
2002:
2003:
2004:
2005:
2006:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

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

Debt of
domestic
nonfinancial
sectors 1

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M1

M2

From
previous
period 3
Debt

r 28,795.7

¥0.8
2.2
2.5
¥3.1
8.7
3.2
7.1
5.3
¥.2
¥.5

5.6
8.6
5.9
6.0
10.4
6.3
5.0
5.7
4.1
5.1

5.3
6.8
6.4
4.9
r 6.4
r 7.3
r 8.1
r 8.9
r 9.0
r 8.7

............................
r 28,201.4
............................
............................
r 28,795.7
............................
............................
29,368.4
............................
............................
29,888.3
............................
............................

¥.3
¥2.8
¥1.6
¥2.4
¥1.5
¥.1
¥1.7
.8
1.4
1.2
.1
¥.5
1.0

3.8
3.8
4.6
5.3
5.8
6.6
6.4
7.4
7.5
7.1
6.3
5.5
6.7

......................
r 7.2
......................
......................
r 8.4
......................
......................
7.9
......................
......................
7.1
......................
......................

r 16,153.0
r 17,219.9
r 18,074.8
r 19,213.4
r 20,615.8
r 22,325.5
r 24,320.7
r 26,505.9

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

26
VerDate Aug 31 2005

Percent change
From year or 6
months
earlier 2

Sfmt 3401

E:\HR\OC\ECOIND.026

ECOIND

g:\graphics\eecoind.026

Period

Debt

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

Period

1997:
1998:
1999:
2000:
2001:
2002:
2003:
2004:
2005:
2006:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

Currency

Other checkable
deposits (OCDs)

Nonbank
travelers
checks

Demand
deposits

At
commercial
banks

Total

At
commercial
banks

Small-denomination
time deposits 2

Savings
deposits 1

Total

At
thrift
institutions

At
thrift
institutions

Total

At
commercial
banks

At
thrift
institutions

Retail
money
funds

Institutional
money
funds 3

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

425.3
460.5
517.8
531.2
581.2
626.3
662.7
698.0
724.5
749.6

8.4
8.5
8.6
8.3
8.0
7.8
7.7
7.6
7.2
6.7

393.8
376.9
353.3
309.9
335.4
306.1
325.4
342.3
324.0
305.9

245.2
249.9
243.3
238.3
257.4
279.3
309.7
327.3
317.4
304.0

148.4
143.9
139.7
133.1
141.9
154.2
175.0
186.6
180.1
176.5

96.8
106.0
103.7
105.2
115.4
125.1
134.7
140.8
137.3
127.5

1,401.5
1,604.3
1,740.0
1,878.3
2,312.6
2,777.9
3,168.9
3,517.7
3,618.8
3,694.4

1,022.8
1,187.9
1,288.8
1,424.2
1,739.3
2,060.2
2,337.5
2,630.6
2,769.6
2,902.1

378.8
416.3
451.2
454.1
573.3
717.7
831.3
887.1
849.2
792.2

968.6
952.4
956.6
1,045.1
974.1
893.1
814.4
822.5
982.7
1,155.6

625.5
626.3
636.8
700.0
635.2
590.6
540.9
550.5
643.0
756.9

343.2
326.0
319.8
345.1
338.9
302.4
273.5
272.0
339.7
398.6

594.9
731.6
824.9
912.5
966.7
889.7
781.7
702.6
704.0
805.0

397.7
546.1
647.4
801.8
1,207.8
1,259.6
1,126.3
1,076.7
1,143.9
1,341.2

2006: Aug .....
Sept .....
Oct ......
Nov .....
Dec ......

741.8
742.3
744.5
747.4
749.6

6.8
6.8
6.8
6.8
6.7

316.4
309.1
312.0
312.7
305.9

307.6
306.3
306.3
304.3
304.0

175.6
175.6
177.8
177.1
176.5

132.0
130.7
128.4
127.2
127.5

3,629.5
3,633.4
3,652.6
3,667.4
3,694.4

2,781.1
2,790.2
2,849.2
2,868.1
2,902.1

848.4
843.3
803.4
799.3
792.2

1,111.8
1,128.1
1,142.4
1,150.9
1,155.6

723.3
731.0
748.4
753.5
756.9

388.5
397.1
393.9
397.4
398.6

760.3
770.0
781.3
791.9
805.0

1,249.4
1,271.6
1,294.6
1,312.3
1,341.2

2007: Jan r .....
Feb r ....
Mar r ....
Apr r .....
May r ....
June r ...
July r ....
Aug ......

750.3
749.8
751.2
753.4
754.7
755.0
758.1
758.4

6.7
6.6
6.6
6.6
6.5
6.5
6.5
6.4

306.7
300.0
302.9
306.8
306.8
304.4
303.0
301.5

308.5
304.4
309.2
312.6
311.3
300.9
301.1
301.3

179.1
176.5
177.5
180.1
178.8
168.9
169.1
168.5

129.3
127.9
131.7
132.5
132.6
132.0
132.0
132.8

3,723.4
3,745.1
3,771.7
3,806.3
3,820.2
3,831.5
3,838.2
3,871.9

2,919.9
2,931.8
2,924.4
2,938.7
2,940.9
2,950.2
2,966.2
2,999.9

803.5
813.3
847.3
867.6
879.3
881.3
872.0
871.9

1,157.9
1,163.2
1,166.1
1,171.8
1,175.5
1,176.9
1,177.2
1,179.1

757.5
762.1
751.4
753.3
754.8
756.1
760.6
762.0

400.4
401.2
414.8
418.5
420.6
420.8
416.6
417.1

819.7
826.7
843.8
848.7
854.2
868.9
885.3
915.0

1,336.4
1,346.2
1,376.0
1,414.5
1,453.7
1,476.4
1,509.5
1,585.9

1 Savings

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

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

2 Small-denomination
3 Institutional

AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted by NSA]
Adjusted for changes in reserve requirements
Period

Nonborrowed 3

Total 2
1997:
1998:
1999:
2000:
2001:
2002:
2003:
2004:
2005:
2006:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

Borrowings of depository institutions from the Federal
Reserve (NSA)

Reserves of depository institutions
Required

Excess
(NSA)

Monetary
base

Primary

Total

Secondary

Seasonal

Adjustment 4

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

46,875
45,168
42,115
38,680
41,420
40,357
42,672
46,600
45,152
43,314

46,551
45,052
41,795
38,471
41,354
40,278
42,626
46,538
44,983
43,123

45,189
43,656
40,821
37,356
39,777
38,349
41,625
44,691
43,251
41,510

1,687
1,512
1,294
1,325
1,643
2,008
1,047
1,909
1,901
1,804

479,944
513,934
593,842
584,930
635,575
681,668
720,519
759,625
787,906
812,574

324
117
320
210
67
80
46
63
169
191

................
................
................
................
................
................
17
11
97
111

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

79
15
67
111
33
45
29
52
72
80

245
101
179
99
34
35
................
................
................
................

2006: Aug .................................
Sept .................................
Oct ..................................
Nov .................................
Dec ..................................

42,832
43,088
42,891
43,185
43,314

42,463
42,685
42,662
43,025
43,123

41,447
41,460
41,268
41,493
41,510

1,385
1,628
1,623
1,691
1,804

804,592
805,323
806,897
810,082
812,574

369
403
229
160
191

26
66
24
48
111

0
0
0
0
0

343
338
205
112
80

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

2007: Jan ..................................
Feb ..................................
Mar .................................
Apr ..................................
May .................................
June ................................
July .................................
Aug .................................

42,180
42,437
42,337
42,715
43,155
43,606
41,920
44,919

41,969
42,407
42,283
42,636
43,052
43,418
41,658
43,944

40,670
40,934
40,697
41,187
41,715
41,896
40,235
40,098

1,510
1,502
1,640
1,528
1,440
1,710
1,685
4,821

813,387
812,166
813,792
816,071
817,886
819,298
r 821,321
824,858

211
30
54
79
103
187
262
975

187
8
21
32
14
43
45
701

0
0
5
0
0
0
0
19

24
22
28
48
90
145
217
255

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

hsrobinson on PROD1PC76 with HEARING

1 Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Reserves and monetary base incorporate adjustments for discontinuities, or ‘‘breaks,’’ associated with changes in reserve requirements.
2 Seasonally adjusted break-adjusted required reserves plus unadjusted excess reserves.

3 Seasonally adjusted break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve.
4 Discontinued after January 8, 2003.
Source: Board of Governors of the Federal Reserve System.

27
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ECOIND

BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases rose 1.6 percent in August; commercial and industrial loans rose 2.6
percent.

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

hsrobinson on PROD1PC76 with HEARING

1997:
1998:
1999:
2000:
2001:
2002:
2003:
2004:
2005:
2006:
2006:

Dec ...........
Dec r ..........
Dec ...........
Dec r ..........
Dec r ..........
Dec r ..........
Dec ...........
Dec ...........
Dec r ..........
Dec r ..........
Aug r .........
Sept r .........
Oct r ..........
Nov r .........
Dec r ..........
2007: Jan r ..........
Feb r ..........
Mar r .........
Apr r ..........
May r .........
June r ........
July r .........
Aug ...........

Total
bank
credit

4,099.7
4,534.6
4,764.1
5,222.7
5,425.5
5,887.5
6,259.1
6,796.8
7,507.6
8,337.1
8,042.2
8,062.7
8,222.5
8,273.4
8,337.1
8,378.0
8,457.2
8,445.3
8,506.1
8,554.6
8,596.6
8,665.4
8,794.3

Total
securities

1,099.6
1,238.3
1,282.0
1,348.4
1,488.4
1,716.4
1,849.7
1,935.7
2,050.6
2,221.8
2,205.2
2,190.2
2,207.1
2,219.0
2,221.8
2,219.9
2,239.8
2,266.6
2,276.2
2,281.4
2,301.2
2,312.1
2,338.6

755.6
797.0
812.6
790.1
848.4
1,022.6
1,105.0
1,153.6
1,142.3
1,194.5
1,222.4
1,210.4
1,212.5
1,207.9
1,194.5
1,201.5
1,205.3
1,211.5
1,185.6
1,173.3
1,177.5
1,180.5
1,182.9

Loans and leases in bank credit
Real estate

CommerOther
Total loans cial and
securities and leases 2 industrial

344.0
441.2
469.4
558.2
640.1
693.8
744.7
782.1
908.3
1,027.2
982.8
979.8
994.7
1,011.1
1,027.2
1,018.4
1,034.5
1,055.1
1,090.6
1,108.1
1,123.7
1,131.6
1,155.7

3,000.1
3,296.4
3,482.1
3,874.4
3,937.1
4,171.1
4,409.4
4,861.1
5,457.0
6,115.4
5,837.0
5,872.5
6,015.3
6,054.5
6,115.4
6,158.2
6,217.5
6,178.7
6,229.9
6,273.2
6,295.4
6,353.3
6,455.6

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

848.0
940.9
992.3
1,080.3
1,019.6
956.8
897.7
921.2
1,041.3
1,194.7
1,161.6
1,166.0
1,179.3
1,184.5
1,194.7
1,201.4
1,210.5
1,218.8
1,226.4
1,242.2
1,258.8
1,278.9
1,312.0

Total

1,246.3
1,336.9
1,475.8
1,658.8
1,786.9
2,030.6
2,225.5
2,557.1
2,918.8
3,365.3
3,131.6
3,154.2
3,311.6
3,332.1
3,365.3
3,389.4
3,422.5
3,371.3
3,394.2
3,403.8
3,422.2
3,441.1
3,452.8

Revolving
home
equity

105.0
103.9
101.5
130.2
155.8
213.7
281.1
400.1
446.8
471.4
448.2
450.6
466.5
468.1
471.4
473.3
471.0
462.6
458.0
458.1
459.4
462.0
465.5

Consumer

1,141.3
1,232.9
1,374.3
1,528.6
1,631.0
1,816.9
1,944.4
2,157.0
2,472.1
2,893.9
2,683.4
2,703.5
2,845.2
2,864.0
2,893.9
2,916.0
2,951.5
2,908.7
2,936.2
2,945.7
2,962.8
2,979.0
2,987.3

20:31 Oct 09, 2007

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Other

502.5
496.9
490.8
540.2
557.4
588.0
645.3
697.3
708.1
741.9
729.8
728.2
729.7
734.6
741.9
750.0
749.9
747.3
753.2
756.6
766.8
774.4
776.9

88.2
135.2
139.9
160.6
134.0
171.8
196.4
194.7
242.1
265.6
238.9
251.0
253.5
262.1
265.6
268.3
278.9
284.6
281.8
294.9
268.4
270.1
285.4

315.1
386.5
383.4
434.5
439.2
423.9
444.6
490.8
546.6
547.8
575.2
573.1
541.2
541.1
547.8
549.1
555.7
556.8
574.2
575.6
579.3
588.8
628.5

2 Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to
commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.

28
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Security

Other

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ECOIND

g:\graphics\eecoind.028

Period

U.S.
Treasury
and
agency
securities

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

1997 ..................
1998 ..................
1999 ...................
2000 r .................
2001 r .................
2002 r .................
2003 r .................
2004 r .................
2005 r .................
2006 r .................
2005: I r ............
II r ..........
III r .........
IV r .........
2006: I r ............
II r ..........
III r .........
IV r .........
2007: I r ............
II p ..........

995.4
1,298.1
1,718.6
1,955.4
850.2
896.2
844.7
1,537.4
1,990.3
1,233.4
1,963.3
2,041.9
1,986.7
1,969.5
1,461.0
1,089.0
1,187.8
1,195.6
1,218.9
1,520.1

Internal 1

711.9
682.1
731.0
718.0
755.0
811.3
831.3
928.4
995.0
993.8
927.3
986.1
1,046.5
1,020.1
1,006.2
1,009.3
1,023.9
935.8
944.3
945.5

Credit market instruments
Total

283.5
616.0
987.6
1,237.4
95.2
84.9
13.4
609.0
995.3
239.6
1,036.0
1,055.8
940.2
949.4
454.8
79.7
163.9
259.8
274.6
574.6

Capital
expenditures 3

Total

Total
net
funds
raised

Net new
equity
issues

214.1
181.4
259.8
223.5
167.0
¥28.8
48.4
43.6
¥110.6
¥175.4
65.3
¥107.9
¥202.4
¥197.5
¥89.9
¥207.4
¥279.5
¥124.9
¥52.9
¥144.1

¥77.4
¥215.5
¥110.4
¥118.2
¥48.1
¥41.6
¥42.0
¥126.6
¥363.4
¥614.1
¥264.3
¥300.1
¥469.9
¥419.2
¥569.6
¥601.6
¥534.0
¥751.2
¥572.8
¥770.0

Securities
and mortgages

Total

291.5
396.9
370.2
341.7
215.2
12.8
90.4
170.1
252.8
438.7
329.6
192.2
267.5
221.7
479.7
394.2
254.5
626.3
519.9
625.9

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).

186.9
242.2
269.4
185.9
403.9
167.1
223.2
134.3
155.2
327.1
106.6
99.8
228.6
185.5
316.2
297.1
279.1
416.3
417.9
509.1

Loans
and
shortterm
paper

Other 2

104.6
154.9
100.8
155.8
¥188.8
¥154.1
¥132.8
35.8
97.5
111.6
223.0
92.4
38.9
36.1
163.4
97.3
¥24.5
210.0
101.9
116.8

69.3
434.5
727.9
1,014.0
¥71.7
113.6
¥35.0
565.6
1,106.0
415.0
970.7
1,163.7
1,142.5
1,146.9
544.8
287.1
443.4
384.7
327.5
718.6

1,016.2
1,348.4
1,833.8
2,137.7
980.2
867.2
832.5
1,608.8
1,894.0
1,399.7
1,817.0
1,887.4
1,951.8
1,919.9
1,648.0
1,274.1
1,356.1
1,320.5
1,379.1
1,629.6

743.8
778.5
863.9
928.5
802.6
737.1
749.9
825.7
915.0
1,032.9
913.4
880.0
898.8
967.9
992.1
1,034.0
1,049.2
1,056.3
993.0
1,027.0

Increase
in financial assets

272.4
569.9
969.9
1,209.2
177.6
130.1
82.6
783.1
979.0
366.8
903.6
1,007.4
1,053.0
952.0
655.9
240.1
306.9
264.2
386.1
602.6

Discrepancy
(sources
less
uses)

¥20.8
¥50.4
¥115.2
¥182.4
¥130.0
28.9
12.1
¥71.3
96.3
¥166.3
146.3
154.6
34.8
49.5
¥187.0
¥185.0
¥168.4
¥125.0
¥160.3
¥109.5

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

Source: Board of Governors of the Federal Reserve System.

CONSUMER CREDIT
[Billions of dollars; seasonally adjusted]

Consumer credit outstanding (end of period)
Period
Total

hsrobinson on PROD1PC76 with HEARING

1997:
1998:
1999:
2000:
2001:
2002:
2003:
2004:
2005:
2006:
2006:

Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec ...............................................................................
Dec r ..............................................................................
Dec r ..............................................................................
Aug r .............................................................................
Sept r .............................................................................
Oct r ..............................................................................
Nov r .............................................................................
Dec r ..............................................................................
2007: Jan r ..............................................................................
Feb r ..............................................................................
Mar r .............................................................................
Apr r ..............................................................................
May r .............................................................................
June r ............................................................................
July r .............................................................................
Aug p ............................................................................

Revolving

1,324.8
1,420.5
1,532.1
1,717.5
1,867.2
1,974.1
2,078.0
2,191.3
2,284.8
2,388.8
2,356.6
2,362.1
2,364.4
2,382.6
2,388.8
2,397.0
2,403.7
2,418.2
2,421.4
2,437.4
2,447.8
2,457.4
2,469.6

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.

540.0
581.1
610.5
683.7
716.7
748.9
770.5
800.0
824.9
876.8
857.7
860.0
864.8
873.7
876.8
878.7
882.1
889.7
889.7
898.4
903.7
909.3
915.5

Nonrevolving 2

784.8
839.4
921.5
1,033.8
1,150.5
1,225.2
1,307.5
1,391.3
1,459.9
1,512.1
1,498.9
1,502.1
1,499.6
1,508.9
1,512.1
1,518.4
1,521.5
1,528.5
1,531.7
1,539.0
1,544.1
1,548.1
1,554.1

Net change in consumer credit outstanding 1
Total

71.4
95.7
111.6
185.4
149.7
106.9
103.9
113.3
93.5
104.0
12.8
5.5
2.3
18.2
6.2
8.2
6.7
14.5
3.2
16.0
10.4
9.6
12.2

Revolving

32.5
41.1
29.4
73.2
33.0
32.2
21.6
29.5
24.9
51.9
6.2
2.3
4.8
8.9
3.1
1.9
3.4
7.6
.0
8.7
5.3
5.6
6.2

Nonrevolving 2

38.9
54.6
82.1
112.3
116.7
74.7
82.3
83.8
68.6
52.2
6.6
3.2
¥2.5
9.3
3.2
6.3
3.1
7.0
3.2
7.3
5.1
4.0
6.0

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

29
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E:\HR\OC\ECOIND.029

ECOIND

INTEREST RATES AND BOND YIELDS
Interest rates fell in September.

[Percent per annum]

Constant

hsrobinson on PROD1PC76 with HEARING

Period

3-month
bills (new
issues) 1

1997 .......................
1998 .......................
1999 .......................
2000 .......................
2001 .......................
2002 .......................
2003 .......................
2004 .......................
2005 .......................
2006 .......................
2006: Sept .............
Oct ..............
Nov .............
Dec ..............
2007: Jan ..............
Feb ..............
Mar .............
Apr ..............
May .............
June ............
July .............
Aug .............
Sept .............
Week ended:
2007: Sept 8 ........
15 .......
22 .......
29 .......
Oct 6 ........

3-year

maturities 2

10-year

30-year

Highgrade
municipal
bonds
(Standard
&
Poor’s) 3

Corporate
Aaa
bonds
(Moody’s)

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

5.07
4.81
4.66
5.85
3.45
1.62
1.02
1.38
3.16
4.73
4.82
4.89
4.95
4.85
4.96
5.02
4.97
4.88
4.77
4.63
4.84
4.34
4.01

6.10
5.14
5.49
6.22
4.09
3.10
2.10
2.78
3.93
4.77
4.69
4.72
4.64
4.58
4.79
4.75
4.51
4.60
4.69
5.00
4.82
4.34
4.06

6.35
5.26
5.65
6.03
5.02
4.61
4.01
4.27
4.29
4.80
4.72
4.73
4.60
4.56
4.76
4.72
4.56
4.69
4.75
5.10
5.00
4.67
4.52

6.61
5.58
5.87
5.94
5.49
*
*
*
*
4.91
4.85
4.85
4.69
4.68
4.85
4.82
4.72
4.87
4.90
5.20
5.11
4.93
4.79

5.55
5.12
5.43
5.77
5.19
5.05
4.73
4.63
4.29
4.42
4.30
4.32
4.17
4.17
4.29
4.21
4.18
4.32
4.37
4.64
4.64
4.73
4.57

7.26
6.53
7.04
7.62
7.08
6.49
5.67
5.63
5.24
5.59
5.51
5.51
5.33
5.32
5.40
5.39
5.30
5.47
5.47
5.79
5.73
5.79
5.74

..............
..............
..............
..............
..............
..............
2.12
2.34
4.19
5.96
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
6.25
5.75
5.25

4.35
3.80
4.05
3.82
3.84

4.06
4.01
4.11
4.07
4.07

4.48
4.42
4.57
4.61
4.57

4.78
4.69
4.83
4.87
4.80

4.67
4.48
4.55
4.59
4.51

5.73
5.66
5.77
5.79
5.71

5.75
5.75
5.25
5.25
5.25

1 Bank-discount

basis.
on actively traded issues adjusted to constant maturities.
data are Wednesday figures.
4 Discount window borrowing for primary credit and discount rate (adjustment credit). The
rate for primary credit replaced the rate for adjustment credit.
5 Average effective rate for year; rate in effect at end of month or week.
6 Daily effective rate; weighted average of rates on brokered trades.
2 Yields

3 Weekly

Discount
rate

Prime rate
charged by
banks 5

5.00
4.92
4.62
5.73
3.40
1.17

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Newhome
mortgage
yields
(FHFB) 7

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

8.44
8.35
8.00
9.23
6.91
4.67
4.12
4.34
6.19
7.96
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
7.75

5.46
5.35
4.97
6.24
3.88
1.67
1.13
1.35
3.22
4.97
5.25
5.25
5.25
5.24
5.25
5.26
5.26
5.25
5.25
5.25
5.26
5.02
4.94

7.71
7.07
7.04
7.52
7.00
6.43
5.80
5.77
5.94
6.63
6.72
6.69
6.55
6.37
6.35
6.31
6.22
6.21
6.22
6.54
6.70
6.73
..............

*
*
*
*
*

8.25
8.25
7.75
7.75
7.75

5.03
4.98
5.21
4.78
4.72

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

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

30
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rate 6

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U.S. Treasury security yields

COMMON STOCK PRICES AND YIELDS
Stock prices rose in September.

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

Period

Dow Jones
industrial
average 4

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

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

Dividendprice ratio

Earningsprice ratio

Composite

Energy

Health
Care

4,827.35
5,818.26
6,546.81
6,805.89
6,397.85
5,578.89
5,447.46
6,612.62
7,349.00
8,357.99
8,383.29
8,651.02
8,856.30
9,089.55
9,132.04
9,345.98
9,120.57
9,555.98
9,822.99
9,896.98
9,985.42
9,440.44
9,777.59

................
................
................
................
................
................
5,583.00
6,822.18
7,383.70
8,654.40
8,789.30
9,101.77
9,251.53
9,461.77
9,575.21
9,732.63
9,342.66
9,658.88
9,864.01
9,754.29
9,543.66
8,963.67
9,060.63

..................
..................
..................
..................
..................
..................
5,273.90
6,952.36
9,377.84
11,206.94
10,807.75
11,020.11
11,657.36
12,078.39
11,381.56
11,658.11
11,503.16
12,441.16
13,031.00
13,639.81
14,318.49
13,249.47
14,300.99

................
................
................
................
................
................
5,288.67
5,924.80
6,283.96
6,685.06
6,910.95
6,975.17
6,845.16
6,931.01
7,083.45
7,174.03
6,997.30
7,332.01
7,474.48
7,268.42
7,210.07
6,959.38
7,138.20

7,441.15
8,625.52
10,464.88
10,734.90
10,189.13
9,226.43
8,993.59
10,317.39
10,547.67
11,408.67
11,533.60
11,963.12
12,185.15
12,377.62
12,512.89
12,631.48
12,268.53
12,754.80
13,407.76
13,480.21
13,677.89
13,239.71
13,557.69

873.43
1,085.50
1,327.33
1,427.22
1,194.18
993.94
965.23
1,130.65
1,207.23
1,310.46
1,317.81
1,363.38
1,388.63
1,416.42
1,424.16
1,444.79
1,406.95
1,463.65
1,511.14
1,514.49
1,520.70
1,454.62
1,497.12

1,469.49
1,794.91
2,728.15
3,783.67
2,035.00
1,539.73
1,647.17
1,986.53
2,099.32
2,263.41
2,221.94
2,330.17
2,408.70
2,431.91
2,453.19
2,479.86
2,401.49
2,499.57
2,562.14
2,595.40
2,655.08
2,539.50
2,634.47

1.77
1.49
1.25
1.15
1.32
1.61
1.77
1.72
1.83
1.87
1.87
1.83
1.80
1.79
1.81
1.82
1.89
1.84
1.81
1.81
1.80
1.92
1.88

4.57
3.46
3.17
3.63
2.95
2.92
3.84
4.89
5.36
5.78
5.88
..................
..................
5.75
..................
..................
5.85
..................
..................
p 5.65
..................
..................
..................

9,601.46
9,601.15
9,881.20
9,991.32
10,170.45

8,949.78
8,889.37
9,162.33
9,218.87
9,563.61

13,853.94
14,020.83
14,568.33
14,671.45
14,638.84

7,054.44
7,080.73
7,180.20
7,220.68
7,304.92

13,307.77
13,319.06
13,709.05
13,844.89
14,028.65

1,473.45
1,472.59
1,513.99
1,523.70
1,546.74

2,604.05
2,590.38
2,645.06
2,692.30
2,746.28

1.91
1.91
1.84
1.85
1.84

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

1 Average

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

3 Effective

5 Includes

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

7 Standard

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

31
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1997 .........................................................
1998 .........................................................
1999 .........................................................
2000 .........................................................
2001 .........................................................
2002 .........................................................
2003 .........................................................
2004 .........................................................
2005 .........................................................
2006 .........................................................
2006: Sept ..............................................
Oct ...............................................
Nov ...............................................
Dec ...............................................
2007: Jan ..............................................
Feb ...............................................
Mar ..............................................
Apr ...............................................
May ..............................................
June .............................................
July ..............................................
Aug ...............................................
Sept ..............................................
Week ended:
2007: Sept 8 ..........................................
15 .........................................
22 .........................................
29 .........................................
Oct 6 .........................................

Financial

FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 11 months of fiscal 2007, there was a deficit of $274.4 billion, compared with a deficit of $304.4 billion
a year earlier.

[Billions of dollars]
Total

On-budget

Off-budget

Receipts

Outlays

Surplus
or
deficit
(¥)

Receipts

1,055.1
1,091.3
1,154.5
1,258.7
1,351.9
1,453.2
1,579.4
1,722.0
1,827.6
2,025.5
1,991.4
1,853.4
1,782.5
1,880.3
2,153.9
2,407.3
2,573.9
2,659.4

1,324.3
1,381.6
1,409.5
1,461.9
1,515.9
1,560.6
1,601.3
1,652.7
1,702.0
1,789.2
1,863.2
2,011.2
2,160.1
2,293.0
2,472.2
2,655.4
2,778.6
2,917.7

¥269.2
¥290.3
¥255.1
¥203.2
¥164.0
¥107.4
¥21.9
69.3
125.6
236.2
128.2
¥157.8
¥377.6
¥412.7
¥318.3
¥248.2
¥204.7
¥258.3

761.2
788.9
842.5
923.7
1,000.9
1,085.7
1,187.4
1,306.2
1,383.2
1,544.9
1,483.9
1,338.1
1,258.7
1,345.5
1,576.4
1,798.9
1,941.1
1,990.7

1,082.6
1,129.3
1,142.9
1,182.5
1,227.2
1,259.7
1,290.7
1,336.1
1,381.3
1,458.5
1,516.4
1,655.5
1,797.1
1,913.5
2,070.0
2,233.4
2,325.6
2,450.7

¥321.4
¥340.4
¥300.4
¥258.8
¥226.4
¥174.0
¥103.2
¥29.9
1.9
86.4
¥32.4
¥317.4
¥538.4
¥568.0
¥493.6
¥434.5
¥384.6
¥459.9

293.9
302.4
311.9
335.0
351.1
367.5
392.0
415.8
444.5
480.6
507.5
515.3
523.8
534.7
577.5
608.4
632.8
668.6

241.7
252.3
266.6
279.4
288.7
300.9
310.6
316.6
320.8
330.8
346.8
355.7
363.0
379.5
402.2
422.1
453.0
467.1

52.2
50.1
45.3
55.7
62.4
66.6
81.4
99.2
123.7
149.8
160.7
159.7
160.8
155.2
175.3
186.3
179.9
201.6

3,598.2
4,001.8
4,351.0
4,643.3
4,920.6
5,181.5
5,369.2
5,478.2
5,605.5
5,628.7
5,769.9
6,198.4
6,760.0
7,354.7
7,905.3
8,451.4
8,963.8
9,528.6

2,689.0
2,999.7
3,248.4
3,433.1
3,604.4
3,734.1
3,772.3
3,721.1
3,632.4
3,409.8
3,319.6
3,540.4
3,913.4
4,295.5
4,592.2
4,829.0
5,057.2
5,321.5

2,123.4
2,282.3

2,427.7
2,556.7

¥304.4
¥274.4

1,567.7
1,701.3

2,052.1
2,129.1

¥484.4
¥427.8

555.7
581.1

375.7
427.6

180.0
153.4

8,455.8
8,945.4

4,868.1
5,079.5

1991 ......................................
1992 ......................................
1993 ......................................
1994 ......................................
1995 ......................................
1996 ......................................
1997 ......................................
1998 ......................................
1999 ......................................
2000 ......................................
2001 ......................................
2002 ......................................
2003 ......................................
2004 ......................................
2005 .......................................
2006 ......................................
2007 (estimates) ...................
2008 (estimates) ...................
Cumulative total, first 11
months: 1
Fiscal year 2006 ............
Fiscal year 2007 ............
1 Data

from current issue Monthly Treasury Statement.

Outlays

Receipts

Outlays

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Gross
Federal

Held by
the public

NOTE.—Data for fiscal 2007 and fiscal 2008 are from Mid-Session Review, Budget of the
U.S. Government, Fiscal Year 2008, issued July 11, 2007. Other data (except as noted) are
from Budget of the United States Government, Fiscal Year 2008, issued February 5, 2007.
Sources: Department of the Treasury and Office of Management and Budget.

32
VerDate Aug 31 2005

Surplus
or
deficit
(¥)

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Fiscal year or period

Surplus
or
deficit
(¥)

Federal debt (end of
period)

FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 11 months of fiscal 2007, receipts were $158.9 billion higher than a year earlier and outlays were
$129.0 billion higher.

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

Fiscal year or period
Total

Individual
income
taxes

Corporation
income
taxes

Social
insurance
and
retirement
receipts

On-budget and off-budget outlays
National defense
Other

Department of
Defense,
military

Total
Total

International
affairs

Health

Medicare

Income Social
security security

Net
interest

Other

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

1,055.1
1,091.3
1,154.5
1,258.7
1,351.9
1,453.2
1,579.4
1,722.0
1,827.6

467.8
476.0
509.7
543.1
590.2
656.4
737.5
828.6
879.5

98.1
100.3
117.5
140.4
157.0
171.8
182.3
188.7
184.7

396.0
413.7
428.3
461.5
484.5
509.4
539.4
571.8
611.8

93.2
101.4
99.0
113.8
120.2
115.5
120.3
132.9
151.7

1,324.3
1,381.6
1,409.5
1,461.9
1,515.9
1,560.6
1,601.3
1,652.7
1,702.0

273.3
298.4
291.1
281.6
272.1
265.8
270.5
268.2
274.8

262.3
286.8
278.5
268.6
259.4
253.1
258.3
255.8
261.2

15.9
16.1
17.2
17.1
16.4
13.5
15.2
13.1
15.2

71.2
89.5
99.4
107.1
115.4
119.4
123.8
131.4
141.1

104.5
119.0
130.6
144.7
159.9
174.2
190.0
192.8
190.4

172.5
199.6
210.0
217.2
223.8
229.7
235.0
237.8
242.5

269.0
287.6
304.6
319.6
335.8
349.7
365.3
379.2
390.0

194.4
199.3
198.7
202.9
232.1
241.1
244.0
241.1
229.8

223.6
172.2
158.0
171.7
160.3
167.3
157.4
189.0
218.2

2000
2001
2002
2003
2004
2005
2006
2007
2008

..............................................
..............................................
..............................................
..............................................
..............................................
..............................................
..............................................
(estimates) ...........................
(estimates) ...........................

2,025.5
1,991.4
1,853.4
1,782.5
1,880.3
2,153.9
2,407.3
2,573.9
2,659.4

1,004.5
994.3
858.3
793.7
809.0
927.2
1,043.9
1,168.3
1,226.6

207.3
151.1
148.0
131.8
189.4
278.3
353.9
371.7
343.0

652.9
694.0
700.8
713.0
733.4
794.1
837.8
869.7
918.5

160.9
152.0
146.2
144.1
148.5
154.2
171.6
164.3
171.3

1,789.2
1,863.2
2,011.2
2,160.1
2,293.0
2,472.2
2,655.4
2,778.6
2,917.7

294.4
304.8
348.5
404.8
455.8
495.3
521.8
561.6
600.7

281.1
290.2
331.9
387.2
436.5
474.1
499.3
538.8
577.1

17.2
16.5
22.4
21.2
26.9
34.6
29.5
34.4
36.4

154.5
172.3
196.5
219.6
240.1
250.6
252.8
275.2
287.6

197.1
217.4
230.9
249.4
269.4
298.6
329.9
374.4
397.9

253.7
269.8
312.7
334.6
333.1
345.8
352.5
367.4
382.5

409.4
433.0
456.0
474.7
495.5
523.3
548.5
585.6
614.2

222.9
206.2
170.9
153.1
160.2
184.0
226.6
235.3
256.1

239.9
243.4
273.3
302.7
311.9
339.9
393.8
344.7
342.3

2,123.4 932.9
2,282.3 1,042.3

268.1
293.5

768.3
798.3

154.1 2,427.7
148.2 2,556.7

481.7
513.5

454.3
485.9

27.0
26.5

233.3
245.6

305.8
353.4

327.2
345.9

502.0
564.8

212.9
224.2

337.9
282.8

Cumulative total, first 11
months: 1
Fiscal year 2006 ....................
Fiscal year 2007 ....................

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

NOTE.—Data for fiscal 2007 and fiscal 2008 are from Mid-Session Review, Budget of the
U.S. Government, Fiscal Year 2008, issued July 11, 2007. Other data (except as noted) are
from Budget of the United States Government, Fiscal Year 2008, issued February 5, 2007.
Sources: Department of the Treasury and Office of Management and Budget.

33
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1991
1992
1993
1994
1995
1996
1997
1998
1999

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 2007, according to revised estimates, Federal current receipts rose $64.6 billion (annual
rate), while Federal current expenditures rose $38.7 billion.

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

Total
Total 1

Calendar year:
1997 .................
1998 .................
1999 .................
2000 .................
2001 .................
2002 .................
2003 ................
2004 ................
2005 ................
2006 ................
2004: I ...............
II .............
III ............
IV ............
2005: I ...............
II .............
III ............
IV ............
2006: I ...............
II .............
III ............
IV ............
2007: I ...............
II r ............
1 Includes

hsrobinson on PROD1PC76 with HEARING

2 Includes

1,653.1
1,773.8
1,891.2
2,053.8
2,016.2
1,853.2
1,879.9
2,008.9
2,243.4
2,495.8
1,939.5
1,989.7
2,023.5
2,082.8
2,209.2
2,247.5
2,188.5
2,328.3
2,436.5
2,471.5
2,513.1
2,561.9
2,619.7
2,684.3

1,030.6
1,116.8
1,195.7
1,313.6
1,252.2
1,075.5
1,070.8
1,152.3
1,362.7
1,537.5
1,100.7
1,139.0
1,159.4
1,209.9
1,321.4
1,351.7
1,362.3
1,415.2
1,488.0
1,521.1
1,555.3
1,585.4
1,619.0
1,671.2

Personal
current
taxes
744.3
825.8
893.0
999.1
994.5
830.5
774.5
797.4
932.4
1,053.2
767.5
785.8
809.6
826.6
897.1
920.4
946.1
966.1
1,022.7
1,032.9
1,057.4
1,099.8
1,138.8
1,159.7

Taxes
on
production and
imports
78.2
81.1
83.9
87.8
85.8
87.3
89.7
94.6
99.0
98.6
93.8
94.3
95.1
95.3
96.5
100.7
99.8
98.8
98.7
99.0
99.3
97.2
97.9
98.3

Taxes
on
corporate
income
203.0
204.2
213.0
219.4
164.7
150.5
197.8
250.3
319.8
373.1
229.7
249.8
246.4
275.3
316.4
320.9
303.5
338.3
356.4
378.6
387.1
370.1
370.3
401.3

576.4
613.8
651.6
691.7
717.5
734.3
758.9
805.2
849.3
901.6
788.3
799.6
812.1
820.9
836.0
842.6
856.1
862.6
892.8
894.1
900.9
918.8
944.0
952.4

Federal Government current expenditures

Income
receipts
on
assets

Current
transfer
receipts

Current
surplus
of government
enterprises

25.9
21.5
21.5
25.2
24.9
20.2
22.9
23.8
24.5
24.7
23.6
23.4
23.9
24.2
24.6
25.5
24.3
23.8
24.2
24.6
24.8
25.4
24.6
25.1

19.9
21.5
22.7
25.7
27.1
24.8
25.0
28.8
11.6
35.2
27.6
28.5
29.4
29.9
30.5
32.0
¥48.2
32.2
33.8
34.6
35.5
36.7
38.1
38.5

.3
.1
¥.3
¥2.3
¥5.5
¥1.6
2.3
¥1.2
¥4.8
¥3.2
¥.6
¥.8
¥1.4
¥2.1
¥3.3
¥4.2
¥6.0
¥5.6
¥2.3
¥2.9
¥3.3
¥4.3
¥6.1
¥3.0

taxes from the rest of the world, not shown separately.
a subtraction for wage accruals less disbursements, not shown separately.

Total 2

1,708.9
1,734.9
1,787.6
1,864.4
1,969.5
2,101.1
2,252.1
2,379.5
2,561.6
2,715.8
2,350.6
2,363.8
2,385.4
2,418.2
2,507.2
2,535.0
2,582.9
2,621.4
2,656.2
2,711.4
2,752.3
2,743.4
2,838.2
2,876.9

Consumption
expenditures

457.7
454.6
475.1
499.3
531.9
591.5
662.7
723.7
768.5
812.8
709.6
721.2
734.6
729.6
759.1
761.7
784.1
769.0
804.8
806.6
813.3
826.4
829.8
849.8

Current
transfer
payments

918.8
946.5
986.1
1,038.1
1,131.4
1,243.0
1,328.7
1,390.6
1,479.1
1,576.1
1,382.9
1,383.2
1,382.5
1,413.7
1,460.6
1,462.0
1,483.7
1,510.1
1,539.5
1,571.1
1,594.3
1,599.6
1,665.6
1,670.9

20:31 Oct 09, 2007

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300.0
298.8
282.7
283.3
258.6
229.1
212.9
221.0
255.9
277.5
216.3
215.3
224.4
227.8
233.5
253.6
255.8
280.5
259.0
284.4
296.7
270.0
296.3
309.4

Subsidies

32.4
35.0
43.8
43.8
47.6
37.5
47.8
44.2
58.2
49.4
43.3
42.6
43.9
47.2
54.0
57.7
59.2
61.8
52.8
49.3
47.9
47.4
46.6
46.9

Net
Federal
Government
saving

¥55.8
38.8
103.6
189.5
46.7
¥247.9
¥372.1
¥370.6
¥318.3
¥220.0
¥411.1
¥374.1
¥361.9
¥335.4
¥298.0
¥287.5
¥394.3
¥293.2
¥219.6
¥239.9
¥239.2
¥181.5
¥218.5
¥192.7

Source: Department of Commerce, Bureau of Economic Analysis.

34
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Interest
payments

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ECOIND

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Current tax receipts
Period

Contributions
for
government
social
insurance

INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (2002=100; seasonally adjusted)
Period

Italy

153.2
154.2
155.0
157.6
160.2
163.3
166.7
170.3
173.2
176.2
176.5
177.1
176.7
176.3
176.5
176.9

137.8
139.1
140.0
142.0
144.8
146.7
148.3
150.8
153.7
156.3
157.1
157.0
156.4
156.6
156.4
157.7

218.2
222.5
226.2
231.9
238.3
244.3
250.8
256.3
261.3
266.9
267.9
268.3
268.1
267.9
268.1
268.3

2007: Jan r ...................
111.7
102.2 115.6
102.8
116.8
101.9
98.6
202.416
189.1 118.3 176.3
Feb r ...................
112.5
103.2 116.3
104.0
118.1
101.3
98.2
203.499
190.4 117.7 176.6
r ...................
Mar
112.4
103.3 116.2
104.2
118.6
101.7
98.5
205.352
192.0 118.1 177.4
Apr r ...................
113.1
103.4 116.5
103.3
117.2
101.1
98.8
206.686
192.9 118.4 178.3
May r ..................
113.0
103.3 115.8
104.1
119.5
101.8
99.3
207.949
193.7 118.8 178.7
June r .................
113.6
103.2 117.2
103.5
119.4
101.2
99.3
208.352
193.4 118.5 178.9
July p ..................
114.2
103.3 116.3
104.8
119.5
100.8
99.2
208.299
193.5 118.4 178.5
Aug p ...................
114.4 .............. 120.6 .............. .............. .............. ..............
207.917
193.0 119.0 179.2
Sept p .................. .............. .............. ............ .............. .............. .............. .............. .................. .............. ............ ............

157.4
158.0
158.4
159.0
159.3
159.4
160.1
160.0
160.3

268.5
236.9
269.4
238.6
269.8
240.2
270.2
241.3
271.0
242.3
271.6
243.6
272.2
242.2
272.7
243.6
272.7 ..............

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

89.2
94.6
99.1
103.6
100.0
100.0
101.1
103.6
106.9
111.1
112.3
112.5
112.2
112.0
111.5
112.2

Canada

Japan

86.2
89.2
94.4
102.6
98.4
100.0
100.7
102.7
104.0
103.3
103.8
103.4
101.8
101.8
102.1
102.2

Germany

Consumer prices (1982–84=100; NSA)
Germany

1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2006:

United
States

France

109.3
102.1
102.4
108.0
101.2
100.0
103.0
108.5
109.8
114.8
114.4
115.9
115.1
117.0
117.4
118.8

90.4
93.9
96.1
100.0
101.3
100.0
99.6
102.1
102.3
102.9
102.1
103.3
102.5
102.4
102.2
103.4

United
Kingdom

Italy

91.0
94.4
95.5
100.9
101.1
100.0
100.4
103.5
106.9
113.2
113.7
115.1
114.6
114.4
116.2
116.6

97.4
98.5
98.4
102.6
101.4
100.0
99.5
99.1
98.4
100.9
101.1
101.9
100.8
102.1
102.3
103.5

1 Data relate to all urban consumers.
NOTE.—See Note, p. 17, for information on U.S. industrial production series.

United
States 1

99.2
100.2
101.6
103.5
102.0
100.0
99.7
100.5
98.5
98.5
98.3
98.6
99.1
98.3
98.8
98.5

Canada

160.5
163.0
166.6
172.2
177.1
179.9
184.0
188.9
195.3
201.6
203.5
203.9
202.9
201.8
201.5
201.8

Japan

156.2
157.8
160.5
164.9
169.0
172.8
177.6
180.9
184.9
188.5
189.4
189.7
188.7
188.4
188.7
189.1

121.5
122.2
121.8
121.0
120.1
119.0
118.7
118.7
118.3
118.7
118.4
119.2
119.2
119.0
118.4
118.5

France

United
Kingdom

185.1
191.4
194.3
200.1
203.6
207.0
213.0
219.4
225.6
232.8
233.2
234.1
235.1
235.5
236.3
238.2

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

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

Goods: Imports (customs value)

Census basis (by end-use category)

Services
(BOP basis)

Balance of trade
(exports minus imports)

Census basis (by end-use category)
BOP basis

Period

1997
1998
1999
2000
2001
2002
2003
2004
2005
2006

BOP
basis

.............
678.4
.............
670.4
.............
684.0
.............
772.0
.............
718.7
.............
682.4
.............
713.4
.............
807.5
.............
894.6
............. 1,023.1

hsrobinson on PROD1PC76 with HEARING

2006: July ...
Aug ...
Sept ...
Oct ....
Nov ....
Dec ....
2007: Jan ....
Feb ....
Mar ...
Apr ...
May ..
June r
July p

85.1
87.4
87.8
88.2
88.8
89.5
90.5
88.6
91.1
90.9
93.4
95.0
98.4

Total,
Census
basis 1

Auto- ConIndusmo- sumer
Foods, trial Capital tive goods
feeds,
supgoods vehi- (nonand
plies except cles, food)
bevand
auto- parts except
erages mate- motive and autorials
enmogines tive

689.2
682.1
695.8
781.9
729.1
693.1
724.8
818.8
906.0
1,036.6

51.5
46.4
46.0
47.9
49.4
49.6
55.0
56.6
59.0
66.0

158.2
148.3
147.5
172.6
160.1
156.8
173.0
203.9
233.0
276.0

86.2
88.6
89.1
89.5
90.4
91.0
91.7
89.6
92.4
92.2
94.7
96.1
99.6

5.6
5.8
5.7
5.7
5.6
5.9
6.0
6.3
6.0
6.6
6.6
6.6
6.9

22.9
23.5
24.5
24.3
24.0
23.8
23.8
23.7
24.8
25.1
25.8
27.0
26.4

BOP
basis

294.5 74.0 77.4 876.8
299.4 72.4 80.3 918.6
310.8 75.3 80.9 1,031.8
356.9 80.4 89.4 1,226.7
321.7 75.4 88.3 1,148.2
290.4 78.9 84.4 1,167.4
293.7 80.6 89.9 1,264.3
331.4 89.2 103.2 1,477.1
362.3 98.6 116.1 1,681.8
413.9 107.2 130.0 1,861.4
33.9
34.9
35.2
35.5
36.1
36.4
36.9
34.8
35.3
34.6
36.5
36.6
38.6

9.4
9.3
8.8
8.8
9.1
9.5
8.9
9.1
9.9
9.8
9.8
9.9
11.3

10.9
11.2
10.9
11.2
11.3
11.4
11.9
11.5
11.8
12.0
12.0
11.9
12.4

158.8
161.6
158.7
153.7
155.0
158.1
155.1
154.1
161.8
158.3
161.9
163.3
166.6

IndusAutoFoods, trial Capital motive
Total, feeds, supgoods vehiCensus and
plies except cles,
basis 1
bevand
auto- parts
erages mate- motive and enrials
gines

Consumer
goods
(nonfood)
except
automotive

Exports

Imports

Goods,
Census
basis

Goods

Services

Goods
and
services

869.7
911.9
1,024.6
1,218.0
1,141.0
1,161.4
1,257.1
1,469.7
1,673.5
1,853.9

39.7
41.2
43.6
46.0
46.6
49.7
55.8
62.1
68.1
74.9

213.8
200.1
221.4
299.0
273.9
267.7
313.8
412.8
523.8
602.0

253.3
269.5
295.7
347.0
298.0
283.3
295.9
343.6
379.3
418.3

139.8
148.7
179.0
195.9
189.8
203.7
210.1
228.2
239.5
256.7

193.8
217.0
241.9
281.8
284.3
307.8
333.9
372.9
407.2
442.6

256.1
262.8
281.9
298.6
286.2
292.3
304.3
349.7
388.4
422.6

165.9
180.7
199.2
223.7
221.8
231.1
250.4
292.2
315.7
342.8

¥180.5
¥229.8
¥328.8
¥436.1
¥411.9
¥468.3
¥532.4
¥650.9
¥767.5
¥817.3

¥198.4
¥248.2
¥347.8
¥454.7
¥429.5
¥485.0
¥550.9
¥669.6
¥787.1
¥838.3

90.2
82.1
82.7
74.9
64.4
61.2
54.0
57.5
72.8
79.7

¥108.3
¥166.1
¥265.1
¥379.8
¥365.1
¥423.7
¥496.9
¥612.1
¥714.4
¥758.5

158.2
160.9
158.1
153.0
154.4
157.5
154.5
153.5
160.3
157.1
160.7
162.7
165.4

6.2
6.4
6.4
6.4
6.4
6.5
6.6
6.6
6.8
6.6
6.8
6.7
6.9

53.9
55.0
51.9
46.8
46.9
48.3
48.0
44.5
49.7
50.2
52.5
52.8
53.9

35.2
35.8
35.8
35.5
35.7
35.7
36.5
36.7
36.2
35.7
36.6
37.2
37.1

21.1
21.3
21.2
21.1
21.4
22.6
20.4
20.8
22.1
21.1
20.5
21.5
22.6

36.9
37.4
37.9
38.1
38.8
39.3
38.2
39.7
40.4
38.7
39.2
39.2
39.7

34.8
35.2
35.5
36.4
37.1
37.6
r 37.1
r 37.1
r 37.9
38.2
r 39.0
39.1
39.2

28.7
28.6
28.8
29.1
29.3
29.3
29.5
r 29.5
29.8
r 29.5
r 30.1
30.2
30.4

¥72.0
¥72.4
¥69.0
¥63.6
¥64.0
¥66.6
¥62.8
¥64.0
¥67.9
¥64.8
¥66.0
¥66.6
¥65.8

¥73.7
¥74.3
¥70.9
¥65.5
¥66.3
¥68.6
¥64.6
¥65.5
¥70.7
¥67.3
¥68.5
¥68.4
¥68.1

6.2
6.7
6.7
7.3
7.8
8.3
r 7.6
r 7.6
r 8.1
8.7
r 8.9
9.0
8.9

¥67.6
¥67.6
¥64.1
¥58.2
¥58.5
¥60.3
r¥57.0
r¥57.9
r¥62.7
r¥58.6
r¥59.6
¥59.4
¥59.2

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

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

35
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U.S. INTERNATIONAL TRANSACTIONS
In the second quarter of 2007, the goods deficit rose to $204.2 billion, from $200.9 billion in the first quarter.
The current account deficit fell to $190.8 billion in the second quarter, from $197.1 billion in the first quarter.

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

Period
Exports

Imports

Services

Balance
on
goods

Net
military
transactions 2

Net
travel
and
transportation

Income receipts and payments

Other
services,
net

Balance
on
goods
and
services

Receipts

Payments

Balance
on
income

Unilateral
current
transfers,
net 3

Balance
on
current
account

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

678,366
670,416
683,965
771,994
718,712
682,422
713,415
807,516
894,631
1,023,109

¥876,794
¥918,637
¥1,031,784
¥1,226,684
¥1,148,231
¥1,167,377
¥1,264,307
¥1,477,094
¥1,681,780
¥1,861,380

¥198,428
¥248,221
¥347,819
¥454,690
¥429,519
¥484,955
¥550,892
¥669,578
¥787,149
¥838,271

4,968
5,220
2,593
317
¥2,296
¥7,158
¥11,981
¥13,518
¥10,536
¥13,942

22,152
10,210
7,085
2,486
¥3,254
¥4,245
¥11,475
¥14,275
¥12,945
¥10,636

63,035
66,651
73,051
72,052
69,943
72,633
77,433
85,279
96,259
104,327

¥108,273
¥166,140
¥265,090
¥379,835
¥365,126
¥423,725
¥496,915
¥612,092
¥714,371
¥758,522

256,804
261,819
293,925
350,918
290,797
281,215
320,568
401,942
505,488
650,462

¥244,195
¥257,554
¥280,037
¥329,864
¥259,075
¥253,544
¥275,147
¥345,585
¥457,430
¥613,823

12,609
4,265
13,888
21,054
31,722
27,671
45,421
56,357
48,058
36,640

¥45,062
¥53,187
¥50,428
¥58,645
¥51,295
¥63,587
¥70,607
¥84,414
¥88,535
¥89,595

¥140,726
¥215,062
¥301,630
¥417,426
¥384,699
¥459,641
¥522,101
¥640,148
¥754,848
¥811,477

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

194,110
200,045
203,835
209,526

¥345,176
¥365,168
¥373,498
¥393,252

¥151,066
¥165,123
¥169,663
¥183,726

¥3,018
¥3,317
¥3,464
¥3,719

¥3,199
¥3,443
¥3,831
¥3,803

21,246
21,281
20,356
22,396

¥136,036
¥150,603
¥156,603
¥168,852

93,308 ¥74,241
97,581 ¥84,294
102,741 ¥86,938
108,311 ¥100,112

19,067
13,287
15,803
8,199

¥22,972
¥21,371
¥17,273
¥22,799

¥139,941
¥158,687
¥158,073
¥183,452

2005: I .........
II .......
III ......
IV ......

214,391
223,068
224,320
232,852

¥398,781
¥411,592
¥423,638
¥447,769

¥184,390
¥188,524
¥199,318
¥214,917

¥2,724
¥2,699
¥2,211
¥2,902

¥4,140
¥2,769
¥2,858
¥3,179

24,612
23,321
23,436
24,889

¥166,641
¥170,670
¥180,952
¥196,109

115,351
121,333
129,873
138,931

¥102,877
¥109,529
¥113,308
¥131,716

12,474
11,804
16,565
7,215

¥28,225
¥24,372
¥9,019
¥26,915

¥182,392
¥183,238
¥173,406
¥215,809

2006: I .........
II .......
III ......
IV ......

243,880
252,458
260,285
266,486

¥451,637
¥463,734
¥479,184
¥466,825

¥207,757
¥211,276
¥218,899
¥200,339

¥3,195
¥3,549
¥3,888
¥3,310

¥3,075
¥3,111
¥2,456
¥1,995

24,315
25,359
25,936
28,718

¥189,712
¥192,577
¥199,307
¥176,926

148,391
162,020
167,026
173,025

¥137,929
¥151,352
¥161,177
¥163,365

10,462
10,668
5,850
9,661

¥21,360
¥23,686
¥23,877
¥20,673

¥200,611
¥205,595
¥217,334
¥187,938

2007: I r .......
II p .....

270,116
279,339

¥470,983
¥483,552

¥200,867
¥204,213

¥3,665
¥3,931

¥1,711
544

28,662 ¥177,581
29,913 ¥177,688

176,213 ¥168,735
191,009 ¥181,654

7,478
9,355

¥26,994
¥22,457

¥197,097
¥190,790

1 Adjusted

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

3 Includes transfers of goods and services under U.S. military grant programs.
See p. 37 for continuation of table.

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1997
1998
1999
2000
2001
2002
2003
2004
2005
2006

U.S. INTERNATIONAL TRANSACTIONS—Continued
In the financial account, U.S. claims on foreigners reported by U.S. banks increased $203.9 billion in the second
quarter of 2007, following an increase of $233.4 billion in the first quarter. U.S. liabilities to private foreigners reported
by U.S. banks, excluding Treasury securities, increased $137.8 billion in the second quarter, following an increase
of $203.6 billion in the first quarter.

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

1997 ...............................
1998 ...............................
1999 ...............................
2000 ...............................
2001 ...............................
2002 ...............................
2003 ...............................
2004 ...............................
2005 ...............................
2006 ...............................
2004: I ..........................
II ........................
III .......................
IV .......................
2005: I ..........................
II ........................
III .......................
IV .......................
2006: I ..........................
II ........................
III .......................
IV .......................
2007: I r ........................
II p ......................

U.S.-owned assets abroad, net
[increase/financial outflow (¥)]

Total

¥1,027
¥485,475
¥766
¥353,829
¥4,939
¥504,062
¥1,010
¥560,523
¥1,270
¥382,616
¥1,470
¥294,646
¥3,480
¥325,424
¥2,369
¥905,024
¥4,054
¥426,875
¥3,913 ¥1,055,176
¥487
¥319,682
¥427
¥147,854
¥952
¥152,663
¥503
¥284,826
¥2,598
¥86,619
¥512
¥213,305
¥473
¥141,628
¥472
14,678
¥1,724
¥344,032
¥1,008
¥212,218
¥545
¥209,898
¥637
¥289,028
¥559
¥449,454
¥589
¥469,470

U.S.
official
reserve
assets 4

¥1,010
¥6,783
8,747
¥290
¥4,911
¥3,681
1,523
2,805
14,096
2,374
557
1,122
429
697
5,331
¥797
4,766
4,796
513
¥560
1,006
1,415
¥72
26

Other U.S.
Government
assets

Statistical discrepancy
Foreign-owned assets in the U.S., net
[increase/financial inflow (+)]

U.S.
private
assets

68
¥484,533
¥422
¥346,624
2,750
¥515,559
¥941
¥559,292
¥486
¥377,219
345
¥291,310
537
¥327,484
1,710
¥909,539
5,539
¥446,510
5,346 ¥1,062,896
727
¥320,966
¥2
¥148,974
484
¥153,576
501
¥286,024
2,591
¥94,541
989
¥213,497
1,501
¥147,894
459
9,423
1,049
¥345,594
1,765
¥213,423
1,570
¥212,474
962
¥291,405
445
¥449,827
¥493
¥469,003

4 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve
position in the International Monetary Fund (IMF).

Total

706,809
423,569
740,210
1,046,896
782,859
797,813
864,352
1,461,766
1,204,231
1,859,597
441,606
313,790
255,885
450,485
232,614
310,822
383,808
276,987
538,140
355,442
449,987
516,029
616,602
620,405

Foreign
official
assets

19,036
¥19,903
43,543
42,758
28,059
115,945
278,069
397,755
259,268
440,264
147,636
79,949
76,120
94,050
25,052
81,292
54,736
98,188
125,257
120,861
108,799
85,347
152,193
70,098

Other
foreign
assets

687,773
443,472
696,667
1,004,138
754,800
681,868
586,283
1,064,011
944,963
1,419,333
293,970
233,841
179,765
356,435
207,562
229,530
329,072
178,799
412,883
234,581
341,188
430,682
464,409
550,307

Total (sum
of the items
with sign
reversed)

Of which:
Seasonal
adjustment
discrepancy

¥79,581
146,088
70,421
¥67,937
¥14,274
¥42,056
¥13,348
85,775
c ¥18,454
¥17,794
18,505
¥6,823
55,802
18,295
38,995
86,234
¥68,302
¥75,384
6,593
49,378
¥37,121
c ¥36,643
15,708
40,444

..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
8,467
¥1,889
¥13,383
6,809
12,335
¥3,620
¥18,362
9,644
9,958
¥252
¥15,973
6,267
11,335
¥1,080

U.S. official
reserve
assets, net 4
(unadjusted,
end of
period)

69,954
81,761
71,516
67,647
68,654
79,006
85,938
86,824
65,127
65,895
85,192
82,652
82,578
86,824
78,942
76,594
71,273
65,127
65,354
67,935
66,217
65,895
66,551
66,127

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.

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Period

Capital
account
transactions,
net

Contents
Page

TOTAL OUTPUT, INCOME, AND SPENDING
Gross Domestic Product ..........................................................................................................................................................................................
Real Gross Domestic Product ..................................................................................................................................................................................
Implicit Price Deflators for Gross Domestic Product ..............................................................................................................................................
Gross Domestic Product and Related Price Measures: Indexes and Percent Changes ..............................................................................................
Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits .............................................................................................
National Income ......................................................................................................................................................................................................
Real Personal Consumption Expenditures ...............................................................................................................................................................
Sources of Personal Income ......................................................................................................................................................................................
Disposition of Personal Income ...............................................................................................................................................................................
Farm Income ............................................................................................................................................................................................................
Corporate Profits ......................................................................................................................................................................................................
Real Gross Private Domestic Investment ................................................................................................................................................................
Real Private Fixed Investment by Type ..................................................................................................................................................................
Business Investment ................................................................................................................................................................................................

1
2
2
3
3
4
4
5
6
7
8
9
10
10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force .........................................................................................................................................................................................
Selected Unemployment Rates ................................................................................................................................................................................
Selected Measures of Unemployment and Unemployment Insurance Programs ......................................................................................................
Nonagricultural Employment ..................................................................................................................................................................................
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries .................................................................
Employment Cost Index—Private Industry .............................................................................................................................................................
Productivity and Related Data, Business Sector ......................................................................................................................................................

11
12
13
14
15
15
16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization .......................................................................................................................................................
Industrial Production—Major Market Groups and Selected Manufactures ..............................................................................................................
New Construction ....................................................................................................................................................................................................
New Private Housing and Vacancy Rates ...............................................................................................................................................................
Business Sales and Inventories—Manufacturing and Trade .....................................................................................................................................
Manufacturers’ Shipments, Inventories, and Orders .................................................................................................................................................

17
18
19
19
20
21

PRICES
Producer Prices ........................................................................................................................................................................................................
Consumer Prices—All Urban Consumers ................................................................................................................................................................
Changes in Producer Prices for Finished Goods ......................................................................................................................................................
Changes in Consumer Prices—All Urban Consumers .............................................................................................................................................
Prices Received and Paid by Farmers ......................................................................................................................................................................

22
23
24
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures .............................................................................................................................................................................
Components of Money Stock ...................................................................................................................................................................................
Aggregate Reserves and Monetary Base ...................................................................................................................................................................
Bank Credit at All Commercial Banks ....................................................................................................................................................................
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business ..................................................................................................................
Consumer Credit ......................................................................................................................................................................................................
Interest Rates and Bond Yields ...............................................................................................................................................................................
Common Stock Prices and Yields ............................................................................................................................................................................

26
27
27
28
29
29
30
31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt .......................................................................................................................................................................
Federal Receipts by Source and Outlays by Function ..............................................................................................................................................
Federal Sector, National Income Accounts Basis .....................................................................................................................................................

32
33
34

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries ...............................................................................................................
U.S. International Trade in Goods and Services ......................................................................................................................................................
U.S. International Transactions ................................................................................................................................................................................

35
35
36

hsrobinson on PROD1PC76 with HEARING

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.
For sale by the Superintendent of Documents, U.S. Government Printing Office,
Washington, D.C. 20402. Price $5.00 (single copy) ($7.00 foreign).
Subscription price: $58.00 per year; $81.20 for foreign mailing.

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Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102