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111th Congress, 1st Session
Economic Indicators
SEPTEMBER 2009
(Includes data available as of October 2, 2009)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 2009
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
CAROLYN B. MALONEY, New York, Chair
CHARLES E. SCHUMER, New York, Vice Chairman
HOUSE OF REPRESENTATIVES
MAURICE D. HINCHEY, New York
BARON P. HILL, Indiana
LORETTA SANCHEZ, California
ELIJAH E. CUMMINGS, Maryland
VIC SNYDER, Arkansas
KEVIN BRADY, Texas
RON PAUL, Texas
MICHAEL C. BURGESS, M.D., Texas
JOHN CAMPBELL, California
SENATE
EDWARD M. KENNEDY, Massachusetts
JEFF BINGAMAN, New Mexico
AMY KLOBUCHAR, Minnesota
ROBERT P. CASEY, JR., Pennsylvania
JIM WEBB, Virginia
SAM BROWNBACK, Kansas
JIM DEMINT, South Carolina
JAMES E. RISCH, Idaho
ROBERT F. BENNETT, Utah
NAN GIBSON, Executive Director
COUNCIL OF ECONOMIC ADVISERS
CHRISTINA D. ROMER, Chair
AUSTAN D. GOOLSBEE, Member
CECILIA E. ROUSE, Member
[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—1ST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled ‘‘Economic Indicators’’
Resolved by the Senate and House of Representatives of the United
States of America
in Congress assembled, T h a t
the
Joint Economic Committee be authorized to issue a monthly publication entitled ‘‘Economic Indicators,’’ and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies
to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts prepared under the direction of the Printing and Procurement Branch,
Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $5.00 a single copy
($7.00 foreign), or by subscription at $58.00 per year ($81.20 for foreign mailing)
from:
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Also available on the internet at the following address: http://www.gpoaccess.gov/indicators
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS DOMESTIC PRODUCT
In the second quarter of 2009, according to revised estimates, current-dollar gross domestic product (GDP) fell
0.8 percent (annual rate), real GDP (GDP in chained 2005 dollars) fell 0.7 percent, and the chained price index
was unchanged.
BILLIONS OF DOLLARS (RATIO SCALE)
15,200
BILLIONS OF DOLLARS (RATIO SCALE)
15,200
SEASONALLY ADJUSTED ANNUAL RATES
14,800
14,800
^
v
14,400
14,400
^-_
G DP
IN CURREI--IT DOLLARS
14,000
14,000
13,600
13,600
13,200
13,200
^
12,800
\
12,800
f
12,400
12,000
*******
11,600
r
11,200
,
12,400
IN CHA NED (2005) DOLLARS
12,000
y
11,600
/
'
11,200
y
-''
10,800
10,800
10,400
10,400
10,000
10,000
9,600
9,200
y
9,600
9,200
8,800
8,800
1999
2001
2000
2002
2003
2004
2005
2006
SOURCE: DEPARTMENT OF COMMERCE
2008
2007
2009
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Exports and import
Government consumption expendit
of goods and servi ces
and gross investment
Personal 1 Gross
Gross
Final
privat
conGross
domestic
sales
Federal
domesti <sumptic domestic
State domestic c p u r produc : expendi -invest - Net
produc chases
and
Export 3 Import ; Total
tures ment
export
local
Addendum:
' Gross
national
product
d e f e n s edefens
. 9, 353. 56,342.8
. 9, 951.556,83 0.
1 0 , 286.2 27,148.8
1 0 , 642.3 37,439.2
11,
142.1 .17,804.0
1 1 , 867.8 .88,285.1
1 2 , 638.4 .48,819.0
13, 398.9 .99,322.7
1 4 , 0 7 7.6 .69,82 6.
1 4 , 441.410,129.9 .410,129
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2006:
I. .
II. .
III
IV. .
2007: I
II. .
III
IV. .
2008: I
II. .
III
IV. .
2009: I
1
641
772
661
647
729
968
172
327
288
136
336.
352.
333.
286.
267.
302.
311.
272.
5-262 . 1
2-382.1
3-371.0
0-427.2
7-504.1
6-618.7
2-722.7
2-763.3
5-713.
1-707.8
5-775.
1-781.4
5-805.7
5-714.3
2-723.4
0-724.
3-638.4
3-702.5
8-744.4
6-738.7
7-757.5
1-530.5
13,183 59,148
13,347.8 8 9,266.
13,452. 9 9,391
13, 611.5 5 9,484
13,795 6 9,658
13,997.2 2 9,762
14,179. 9 9,865
14,337.910, 10,019
1 4 , 3 7 3 10,0 95 12,214
1 4 , 497.810, 10,194 72,164
14,546 10,220 12,142
14,347.3 10,009 82,022
14,178 09,987 7 1 , 6 8 3 . 3 - 3 7 8 . 5
31,561.
14,151
383.
1,093
1,027
1,003
1,041
1,180
1,305
1,471
1,655
1,831
1,414
1,456
1,476
1,538
1,564
1,602
1,685
1,771
1,803
1,901
1,913
1,706
1,509.3
1,493
251. 4 1 , 631. 3 554.
475. 3 1 , 7 3 1 . 0 576 .
398.7 7 1 , 846. 4 6 1 1 .
430. 2 1 , 3 8 3 . 3 6 8 0 .
545. 1 2 , 112. 6 756 .
798.9 9 2 , 2 3 2 . 8 8 2 4 .
027. 8 2 , 3 6 3 . 3 589 .
240. 3 2 , 5 1 8 . 4 3 3 1 .
369.7 7 6 6 2 . 5 376 .
538. 9 2 , 883. 2 1 , 0 8 2
0 2 , 189 8 2 , 4 7 4 . 5 9 2 8 .
02,237 42,510. 5 306.
0 2 , 2 8 1 7 2 , 5 3 3 3 332 .
22,252 52,55 2 935.
9 2 , 2 9 4 3 2 , 5 3 3 3 342 .
1 2 , 3 2 6 9 2 , 657 4 ,689.3
2 2 , 3 8 3 6 2 , 700 3 3 3 1 .
6 2 , 4 7 4 0 2 , 748 3 1 , 0 0 4
6 2 , 5 4 8 1 2 , 808 4 1 , 0 3 8
5 2 , 6 4 0 2 2 , 877 1 1 , 063
1 2 , 670 5 2 , 941 4 1 , 1 0 8
2 2 , 2 9 6 7 2 , 905 9 1 , 114
3 1 , 8 8 7 . 9 2 , 879 0 1 , 106.
7 1 , 832. 8 2 , 929 4 1 , 1 3 8 .
361.
371.
234.7
437.
497.
550.
583.
624.
662.
737.
615.
624.
623.
636.
636.
68.
674.
680.
703.
725.
763.
758.
750.
776.
133.
205.
218.
242.
258.
273.
287.
306.
314.
344.
313.
306.
308.
636.
306.
311.
317.
323.
334.
343.
344.
355.
356.
362.
•
1
.
)
1
)
1, 076
1, 154
1,234
1,302
1,356
1,408
1,493
1,586
1, 699
1, 800
1,546
1,580
1,601
1, 619
1,656
1, 689.3
1,703
1, 743
1, 770
1,807
1, 833
1, 731
1,772
1, 731
7 9,615
3 9,2
9 9, 896 10,333
1 0 , 3 2 4 10, 657
10, 630 11, 069
1 1 , 125 11, 646
11, 802 12,486
12,588
13,339
14, 058
14,476
13,361
14, 168
14, 791
15, 149
13, 117
13,275
13,383
13,579
13, 959.3
1 4 , 129
14,258
14,325
13, 782
13, 973
14, 148
14,328
14,525
14, 722
14, 878
15, 040
15, 118
15,236
15,304
14, 937
14,556
14,490
14,382
14,547
14,583
14,391
14,305
14,327
3,381.3
5 9,989.2
10,338.1
10, 691.4
11,210.8
11, 959.0
12, 735.5
13,471.3
14, 193.3
14,583.3
13,264.0
13,423.3
13,514.8
13, 683.2
13, 859.5
14, 073.3
14,318.3
14,522.2
14,544.9
14, 626.6
14, 707.5
14,454.3
14,277.9
14,243.8
GDP less exports of goods and services plus imports of goods and services.Source: Department of Commerce, Bureau of Economic Analysis.
REAL GROSS DOMESTIC PRODUCT
Billions of chained
(2005) dollars; quarterly data at seasonally adjusted annual rates
Gross private Exports and impo fGovernment consumption expenditures ditures
and gross investment
domestic investm entgoods and servic es
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2006
Adden-
Personal
conGross
Nonre -Resi Change
domesti sumptio dentia fflenti
i n pri- Net
ExImproduc :expend -fixed fixe I vate
d
export sports ports
tures
inves
inven
invest
ment ment torie
Period
• 10,779
• 11,226
• 11,347
• 11,553
• 11,840
• 12,263
• 12,638
• 12,976
• 13,254
• 13,312
• 12,915
• 12.,962
• 12,965
• 13.,D£D
• 13,099
• 13.,2J3.4
• 13,321
• 13.,391
366
• 13,
• 13.,415
• 13,324
• 13.,141
925
• 12,901
• 12,
I
II. .
III
IV. .
: I. .
II. .
III
IV. .
: I
II. .
III
IV. .
87,240
07,608
27,813
08,021
78,247
88,532
48,819
29,073
19,313
29,290
98,986
59,035
99,090
79,181
99,265
09,291
19,335
29,363
99,349
39,351
69,267
99,195
49,209
59,189
91,2 00
11,318
91,2 81
91,180
61,191
71,2 63
01,347
51,453
91,544
91,569
61,424
01,450
71,466
61,474
11,489
51,530
61,565
61,591
61,598
01,6 04
71,579
31,496
21,321
01,2 88
574.
5580.
583.
2613.
664.
72 9.
3775.
718.
3585.
451.
775.
374 0.
697.
5660.
631.
3610.
572.
3525.
483.
4462.
2443.
415.
2367.
4344.
68.
60.
•41.£
12.
17.
66.
50.
59.
19.
•25.9
65.
72.
67.
31.
14.
23.
29.
10.
A
•37.1
•29.7
•37.4
113. S
•356 . ,094
,188
•451.
•472 . ,121
,099
•548.
•603 . ,116
,222
•688.
•722 . ,305
,422
•729.
•647.
1,
•494.
•732. 6|l,
•732 .
•756 .
,473
•694.
,485
•705.
•683 .
,504
•638.
,569
•564.
,624
•550.
•476 .
•479.
•470.
•386 .
•330.
,450
, 639
,593
, 648
, 720
, 910
, 027
, 151
, 144
, 170
Federal
Total
, 056
, 097
, 178
,279
,330
,362
,369
,402
,443
,518
,397
,399
,402
,409
,409
,435
,458
,468
,484
,506
,536
,544
,527
,568
1694.
8698.
3726.
6779 .
5831.
0865.
9876.
1894.
1906.
1975.
1900.
1892.
7892.
4894.
5882.
4898.
9919.
7925.
7 943.
9961.
6991.
1,007
2996.
1,023
Nationa
dedefense
fens
455.
1453.
470.
505.
1549.
580.
3589.
598.
4611.
659.
595.
597.
594.
4606.
594.
7607.
621.
1622.
4634.
3645.
675.
3
J
7
3
2
1
)
1
1
2
3
7
L
7
1
3
1
681. 7
3672. 3
2
Final
Gross
dum:
sales domest
Gross
purState domest
national
produc c h a s e s
and
product
local
238 1,361
244 1,400
255 1,452
273 1 , 5 0 0
281 1,499
284 1,497
287 1,493
296 1,507
294 1,536
316 1,543
305 1,496
295 1,506
297 1,510
287 1,515
288 1,526
291 51,536
297 1,540
302 1,543
308 1,541
315 1,546
315 1 , 5 4 7
325 1,539
1,533
323
1,548
328
, 715
11, 167
11,391
11,543
11, 824
12,198
12,588
2.2, 917
13,234
13,341
12, 851
12, 891
12, 898
0.3, 027
1 3 , 086
13,179
0.313,959.7
13,381
3.3,363
3.3,453
13,354
3L3, 193
3.3,055
0.3, 077
11,141
11,681
11,825
12,107
12,449
12,952
13,361
13,705
13,901
13,801
13,648
13,695
3.3,722
13,755
13,805
13,887
3.3,959
13,954
13,916
13,885
3.3,798
13,604
13,303
13,225
10,812.1
11,268.8
11,404.6
11,606.9
1 1 , 914.2
12,358.5
12,735.5
13.046.1
13,362.8
13,442.6
12.994.2
13.035.4
13,025.1
13.129.5
13, 160.5
13,275.9
13,451.5
13,563.3
13,525.4
13,533.7
13,470.7
13,240.5
13,018.1
12, 986.8
1
GDP less exports of goods and services plus imports of goods and services.Source: Department of Commerce, Bureau of Economic Analysis.
NOTE .—Because of the formula used for calculating real GDP, the chained (2005) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.
CHAINED PRICE INDEXES FOR GROSS DOMESTIC PRODUCT
[Index numbers, 2005=100; quarterly data are seasonally adjusted]
Personal consumption
expenditures
Period
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2006: I
II.
III
IV.
: I
II.
III
IV.
:
Gross
domesti
product
.
.
.
.
.
.
.
.
.
.
.
.
.
.
I
II. .
III
IV. .
: I
. .86. ..7.6. ;.
. . 8 8 ..6.4 !>
. .9.0. ..6.5 L
. .9.2 . . 1 1 i.
. .9.4 ..0.9. ).
. .9.6. ..7.6. ).
.1QQ..QQ3
.103 ..263
.106 . 2 2 I.
.1Q8..48L
. 1 102.07 L
. 5 102. 9 98 103
..103.76 3
. . 10.4.23 7
. . 105.32 7
. . 10.6.. 02S
. . 1015.46 3
. . 10.7.07 2
. . 107.57 7
. . 10.8.. 06 L
..IDS.133
. . 10.9 . 15 5
. . 109.66 L
..109.655
Service
87.59!
89.777
91.48 3
92.73 !
94.62 >
97.09 3
100.000
102.746101.5
105.502
109.03L
101.803
102.567
106 . 2 9 5
104 . 6 3
1 0 5 . 3
105.0741
105.681
107.005
107.9741
1 0 . 29
110.273
108.855
108.443
108.8141
95.60
97.52
97.42
96.43
96.38
97.86
100.00 )
101.50 3
102.78)
106.15)
101
101.76
102.32 )
100.82
101.61
102.54 3
102.62 7
104.37 )
105.68 )
106.8 3
108.45L
103.7841
102.18
102.864 1
83 .51
85.824
8897.429
90.
93 .
96 .517
100.000
102.746101
106.9641
110.582
102.171
102.998103
103.8441
104.43
105.3
106.433
107.455107
108.427
109.213
110.296
110.273
111.54;
111.743
111.9541
Gross private Exports and impor s Government consumption expenditures
and gross investment
domestic investm mentgoods and servic
Federal
Nonresi Residen
dential tial fix
fixed
81.1887
96.21
95.78P
95.36
95.35
96.83
100.000
103.41
107.513
107.897
102.273
103.112
104 . 3
104.4 3
105.668105
105.0741
106.3541
106.693
106.617
107.16 L
115.6381
109.498103
109.1541
107.993
Source: Department of Commerce, Bureau of Economic Analysis.
74.151
77.41 ;
80.99 I
83.00 !
86.95 i
93.29 ;
100.000
101.508 1
107.513
105.779112.3
104.89 )
105.940103
102 .329 1
107.193
105.6681
10410 7
107.45 J
107.686
107.27L
106.838113
105.807
103.193
101.91J
100.5541
Imports
Total
90.
9.9
91.62
91.25
93.21
96.51
100.00b
103.447
107.513
112.383
101.828103
103.125
104.395
104.43
105.355
106.5
106.35
109.1441
111.155
113.890123
125.203
108.871
105.265
102.8641
79.
82. 52
89.
84. 20
97.
87. 31
86 .
91. 02
8093.
95. 33
94.
100 00 0 100 oob
104 141 104 107
108 09 7 107 7541
119 55 9 110 91 3
103 24 3103 103
104 32 2 104 187
105 12 L 104 502
103 88 0 104 637
104 61 2 105.6 808
106 33 2 1 0 7 73 7
107 93 7 1 0 7 896
113 08 3 1 0 8 5 7 7
117 2 3 4 1 1 0 077
123 06 ) 111 265
125 807 11
784
112 73p 110 62
103
111
584
74
104
L 111 2141
State
and local
i 79 036
81
79. 22
82 482
83
81. 82
85 019
83 , 484 85
88
) 86 810
86 . 624
91
I 90 425
90. 65
96 23
94 062
94. 89
100 0 0 0 1 0 0 000 100 000
42
1
103
46
8
105
104
276
2 110 615
108
111 913 108.93 116 642
103 .33 5 102
307
104 .499103 55 1 104 916
104 .88 3103 72 8 105 990
104 .96 5103 .97 2 106 892
107 .089106 2 4 3 1 0 8 527
108 .172106 85 8 109 949
108 .493106 67 8 111 009
109 .389106 90 8 112 975
1 1 0 . 8 5 7 1 0 8 . 4 6 9 1 1 4 803
1 1 2 . 4 0 2 1 0 8 922116 877
1 1 3 . 0 5 9109 14 9 118 493
1 1 1 . 3 3 4 1 0 9 19 8 116 396
1 1 1 . 5 8 4 1 1 0 08 5 115 587
1 1 1 . 6 6 4 1 1 0 .32 0 115 713
GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES:
INDEXES AND PERCENT CHANGES
[Quarterly data are seasonally adjusted]
Percent change from preceding p e r i o d 1
Index numbers, 2005=100
Gross domestic product
^
(GD P)
P e r s o n a l
consu
mption
expenditures (PCE
Real GDP
GDP
GDP
PCE
PCE
(chain-ty pechain- type e implicit
(chain-ty Eless food
quantity
price
price
^
and
energy
price ind
index)
index
deflatorpri
' p r i c e ind
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2005:
.85.29
5 86.766
.88.82
.88.645
. 89.783
390.65
. 91.412 . 3 9 2 . 1 1
. 94.62295 .994.1009
.97.036
. 897.7886
. 100.0001 0 1 0 0 . 0 0
.102.67
3103.26
. 104.8721 2 1 0 6 . 2 2
. 105.331 1 1 0 8 . 4 8
1
83.55:
31.n:
92.739
94.345
95.78
97.7886.5
100.0001
103 .2631
1
107.20
98.754
99.374
100.495
101.37 7
33.22!
33.765
100.470
101.803
102.56 4
103.76310
103.15
101.325
102.5
103 .7631
103.15
IV. .
104.2501
105.07 4
105.681
107.072107
103
.862
104.315
106.460
105.9571
3 .2
4.8
5.5
6 .0
5.3
4.5
I. .
II. .
III
IV. .
. 1 0 5 . 7 6 :. .107.57
.106.14
7 108.06
. 105.431 0 1 0 9 . 1 3
.103.98
4 109.15
107.53
108.061
109.172
109.172
107.974
109.021
110.273
108.855
106 .33
106
.976
14.72.6
108.85
1.0
3 .5
1.4
•5.4
. 102.271 1 1 0 9 . 6 6
10.2..0.8: '. . 109..£5
109.661109.
109.68
108.449
109.68610
108.17:
108.71:
•4.6
.
.
.
.
Quarterly percent changes are at annual rates.
4
4.1
1.1
1
2 .5
3 .76
3.1
2.7
2.1
.4
4.1
1.7
3.1
2.1
5.4
6 10
5.1
2 .6
8.0
4.5
7.4
5.6
8
5.1
104.872106.2
100.873101.
(GDP)
Personal consumption
expenditures (PCE)
Real GDP
GDP
GDP
PCE
PCE
(chain-ty pechain- type e i m p l i c i t
(chain-ty less food
quantity
price
price
and
energy
price ind
index)
index
deflatorpri
price index
3 .5
4.7
98.766
99.7684.5
100.461
101.312101
102 .071
102 .973
103.75
103.15
105.3271
106 .008105
106 . 4 4 7
107.069
.
.
I. .
II. .
III
:
76887.5
87.596
89.777
88.648
91.488
90.654
92.736
94.345
94.622
94.100
96 .77097. 97.095
100.0001
0100.00
7
102.746
3 103 .25
105.502
1106.21
109.031
108.481
GDP
(current
dollars)
. .99.17
. .98.77^
. .99.595 . .99. ..44)
. 100.3541 4 1 0 0 . 4 7
.100.873 3 1 0 1 . 3 1
. 102.196 6 1 0 2 . 0 7
.102.564102.9 4 102.98
. 102.592 1 2 103.76
.103.341 1 1 0 4 . 2 3
2 105.32
.103.65
.104.475 5 106.02
106.46
2
.106.46010
7 107.07
.105.95
I.
II.
III
IV.
: I.
II.
III
IV.
:
.
.
.
.
.
.
Gross domestic product
1.5
2.2
2.3
1.
2.2
2
3.3
3
2.9
2.1
3.
2.7
4.2
3 .4
1.5
2 .2
2 .3
1.6
2 .2
2 .8
3 .3
3 .3
2 .9
2 .1
2 .3
3 .7
2 .7
4.2
3 .4
3 .0
3 .6
3 .1
1.8
4.3
2 .7
1.7
2 .4
•2.7
•5.4
1.9
1
4.0
.1
1.7
2 .0
4.1
.0
•6.4
• . 7
1.9
.0
1.9
.0
2.1
• .7
1.5
1.
2.5
1.9
1.4
2.0
2.6
3.0
2.7
2.7
3.3
2.4
2.5
4.
3.6
1.7
3.0
3.0
2 .4
2 .9
2 .2
1.6
2 .37
2 .0
3.7
3.2
2.3
5.1
2 1
2 .8
1.8
2 .3
3 .1
3.7
3.9
4.7
2 .4
2 .4
2 .6
• . 1
•5.0
1.1
2 10
•1.5
1.4
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]
Gross value add
of nonfinancia
corporate busin
(billions of dol
ars)
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
Current
dollars
Chained
(2005)
dollars
A., 355.
5., .422.
5., 2.73.
5., 252..
5., 3J3.7..
5., 5J33..
5., S.7.7..
5., 7D.7.
.6., 3J32..
.6., .7.4.0..
.6., 3.7.0.
.6., 3.71
2006:
I. .
II. .
III
IV. .
2007:
I. .
II. .
III
IV. .
2008:
I. .
II. .
III
IV. .
2009:
I. .
5.,
5.,
i
Corporate profits with inventory
valuation and capital consumption
adjustments4
Unit nonlabor cost
1
Total
SQA.
£23.
5 4 .633.237.
Price per unit of real gross value added of nonfinancial corporate business (dollars) 12
Compensation of
ployees
.50.914 . 4 0.601
. ..32: ....621
. ..S3: ....635
. ..s.4: ....630
....633
35.4
3.7.
£., DAD. i
86,302. 8. . . .1...0.0.C
.
.1...03J
£.,S2£.
£., £A9.
. .127.0.4.5!
56, 675.
. .1...0.4.4
....631
....640
....656
....663
6., 1523.
. 6, 6 6 8 .
.6., S l l
. 6, 8 5 1 .
6., SOS.
. 6, 3 8 8 .
Consumption of
fixed
and imcapital ports3
0.214
.222
. 6
.237
.237
.234
.243
.250
.264
.275
corporat
0.067
.103
.113
.116
.116
.115
.118
.123
.1
.135
0.067
.085
.088
.092
.095
.097
.101
.10
.10
.104
0.067
.034
.035
.029
.026
.02
.024
.025
.034
.036
0.067
.082
.066
.076
.084
.112
.127
.141
.127
.107
0.067
.030
.020
.01
.023
.031
.043
.04
.045
.036
0.067
.052
.046
.059
.061
.081
.083
.094
.082
.071
5. 6,505. 1 2 0 . 102.023.13.019.635
.01
1. 6,480. 0. . . l..D2i
.63
8. £., 515.7. 2. . . .1...03.'
.64
8 6,593. 8. . . 1..03S
9.3 6,597.41.047. 4. . . 1..J3.4. .047.654
.653
8 6, 649. 8. . . 1.. 051
.659
.6., S.4S. 7. £., £2.4. 9. . . .1...0.4.!
.659
. 7, 032.
6, 725.
. . 1.. 0 4 £
,33.4. 9 6,664. 3. . . 1..J3.4J
.658
. 6, 974. 4. 6, 735. 8. . . 1.. 03
. .1...0.4.5!
.61
.7., .0.42. 1. £., .722.
. 0
. 6, 934. 1 6,579. 3. . . 1.. 054
.245
. 0
.050
.253
.258
.263
.268
.268
.271
.272.
.274
.28
.102.0
.123
.123
.124
.126
.127
.129
.129
.132
.132
.135
.139
.102
.103
.102
.10
.102
.102
.103
.102
.103
.103
.104
.105
.023
.024
.025
.02
.030
.034
.036
03
.036
.03
.035
.038
.139
.138
.050
.138
.135
.135
.122
.118
.105
.106
.114
.102
.045
.048
.050
.045
.04
.046
.043
.044
.038
.039
.038
.02
.093
.090
.100
.093
.087
.089
.079
.074
.066
.067
.076
.075
, 7D3. 8. 6,2.78.
.6,.644 4 .667.292.14
.293
.292
.146
.145
.109
.10
.038
.03
.100
.106
.03
.035
.069
.071
.01.064
. 675
.66
1
Estimates for nonfinancial corporate business for 2000 and earlier periodsarebasedonthe3Lesssubsidiesplus business current transfer payments.
Standard Industrial Classification (SIC) ; later estimates are based on* Uriiat In-4Unitprofitsfromcurrent production,
dustry Classification System (NAICS).
5With inventory valuation and capital consumption adjustments.
2The implicit price deflator for gross value added of nonfinancial cgsJjSKftteDdp-tasowsBt dsfviSeAerce, Bureau of Economic Analysis,
by 10 0.
NATIONAL INCOME
Billions of dollars; quarterly data at seasonally adjusted annual rates]
Proprietors '
income1
National
income
Compensation
of
employ-
. .8,358.3
1999
. .8,938.
2000
. .9,185.2
2001
. .9,408.
2002
. .9,840.
2003
.10,534.
2004
.11,273.
2005
.12,031. 2
2006
.12,448. 2
2007
.12,635. 2
2008
2006: I. . 11,838.
II . . .11,965.9
III
.12,093. 0
IV . . 12,227.9
2007 I. . .5121.11,535. 9
II . . .12,421.1
.12,482. 2
III
IV . . 12,635.4
: I. . 12,661.
II . . .12,664.4
III
.12,781. 0
IV . . 12,433.9
5,353.928.
5,788.
5,979.
6,110.
6,382.636.
6,693.449.
7,065.
7,477.
7,856.539.
8,037.
28.5
29.6
30.5
18.5
36.5
49.7
43.9
29.3
39.4
48.7
718.3
787.£
840
871.£
894.1
984.]
1,025.
1.103.
7,353.728.
7,419.
7,484.
7,650.
28.4
28.4
28.4
32.2
7,757.
7,819.
7,869.
7,979.
36.7
35.7
37.5
47.9
8,017.
8,032.849.
8,069.
8,030.
57.2
49.4
49.3
39.0
.12,208. 9 7 , 8 2 5 .
. 01, 226.59 7,727.828.
27.3
28.9
Corporate profits with inventory valu
capital consumption adjustment
Rental
income
of
persons
with
capita
consump
tion
adjust
ment
Net
Taxes
st on
Profits with inventory v valuation intere
and
proadjustment and without capi
: ap3dp3ilt a 1
misducconsumption adjustmen
concel lane- tion
umpous
and
tion
Profits Inventor
payimn
adjustvaluation
before
ments
port
ment
adjusttax
ment
Busi- Current
ness
surplus
Less: curren of govSubsi transerndies
fer
ment
payenterments
prises
•30.7
•38.0
•44.0
•38.2
79.
63 .6
63 .4
109.4
85.6
51.8
•153.4
•176.4
•188.7
•64.1
481.4
539
544.4
506
504
461
543
652
739
815.1
708.6
727. '
762 .£
806 .£
863.4
930.2
986. £
1,028.
1,047.
45.2
45.8
58.7
41.4
49.1
863 .4
60.9
51.4
54.8
53.5
69
87
101
82
76
81
95
83
102
118. £
1,590. 91,781. 91,815.
965.97, 71,771. 41,819.
1,655. LI,822 . 81,865.
1,589. 1,762 . 71,790.
•33 .4
•48.4
649 .883
•28.0
•191.0
•173.7
•167.7
•173.2
608.9
654.4
661.6
684.C
971.E
983.:
991.6
1,000.
55.6
51.4
49.8
48.7
82 .8
79.3
83 .
86.1
7,757. 41,705. 41,747.
1,594. 91,779. LI,808.
1,537. LI,732 . 91,758.
7,979. 41,704. LI,783.
349 . 2
•29.5
•25.3
•79.0
•170.0
•184.2
•195.8
•204.7
690.6
711.3
756.C
798.9
1,015.
1,025.
1,032.
1,042.
49.2
58.3
56 .0
55.4
97.8
99.0
105.C
107.C
•8.4
•6.9
•4.9
1,065.
1,044.
179.! 1,459. 71,512. 91,620.
202. i 1,403. 71,463. 31,593.
22:
1,522.2 51,522. 21,576.
236.' 1,123. 61,199. 31,060.
•107.9
•129.6
•54.5
139.2
•53 .2
•60.1
•67.6
•75.6
790.7
809.C
806 . ]
854.7
1,042.
1,050.
1,058.
1,037.
53 .1
52 .9
52 .9
55.2
114. £
112
116
•5
.6
•6
1,010.
999.]
245.91,18 1,182. 71,327. 1,246.581.
1,226. 51,355. 11,337.
81.1
18.1
•144.9
•128.6
826 . : 1 . 0 1 8 .
1.019.
55.5
54.9
137
145.4
1,057.
208.2
215.3
232.
218.
204.2
198.4
178.:
146.E
,448.2
210.4
856.:
776. 6
819.2
645.
5840.2
720. i
872.:
762. i
977. i
892.:
1,246. 91,195.
1,456. LI,609.
1,608. 31,784.
1,541. 71,730.
1,360. 41,424.
1,098.
1.104.
1,102.
1,108.
161.31,59
153.:
140.:
131.:
1,057.
1,060.
1,055.
1,054.
121.]
140.:
1,537.1
168. C
17. 5 5 7 .
1,056.9144.
1,062.5202 .
1With inventory valuation and capital consumption adjustments.
08.
772.
•4.0
• 1 6 .8
727 .
765.
903.
,229
,640
,822
,774
,462
8.0
82.46
•11.3
Source: Department of Commerce, Bureau of
14.1
9.1
4.0
65 .3
7.0
1,2
•3.5
•4.2
•6.6
•6.9
•2 . 4
•3 . 8
•4.7
•6.0
Economic Analysis.
REAL PERSONAL CONSUMPTION EXPENDITURES
[Billions of chained (2005) dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Services
Total
personal
consumption
expenditure
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
Nondurable
Total
goods
Food and
bevera
Gasolin
Motor
Total
Total
purchase
and
vehicl
durable
nondurab
a
for
off
other
and
1
goods 1
goods
premises
energy
parts
consumpgoods
tion
Household
Total consump Housing
and
1
tion
service
expendi- utiliti
ture
Health
care
Addendum
Retail
Personal sales of
consumpnew
Finantion
passenger
cial
expendicars
and
servic
tures
light
and
excluding
trucks
insurfood and (millions
ance
energy2 of units)
753 .
345.
9 2,395
819.
356.
1 2,521
8 6 4 . •: 3 7 4 .
9 2,600
930.
394.
9 2,706
2, 829
986 . 6.1 4 0 5 .
2, 955 3 1 , 0 5 1 0 4 1 1 .
0 3,073 9 1,105 5 4 0 9 .
5 3 , 1 7 3 9 1,150 4 3 9 6 .
9 3,273
1,199 9 3 0 0 .
. 9 3 , 206.01,146.3 9 3 , 2 0 6
1,146 3 3 4 7 .
1,660
1,714
1,745
1,780
1,845
1,904.
1,968.
2 298.
2, 0 7 4 .
2,057.
587.
600.
6289.
.0294.
829.
639.
665.
686 .
7300.
700.
292 .!
287.:.
289.:'
294.
302 .:•
306 .!
,745.1
298.45,8
300.
287.46,0
852
093
218
318
418
577
745
899
,040
,083
84,690
34,917
75,028
15,109
45,199
65,359
15,531
75,664
85,796
15,817
4 1 , 371
8 1 , 413
8 1 , 451
3 1, 462
0 1 , 480
3 1, 512
0 1 , 582
4 1 , 616
1 1 , 631
6 1, 647.
1, 045 6
1, 081 5
1, 135 4
1,202 3
1,229 . 4
1,268 . 6
1,316
1,340
1,375
1,416 4
605.
665.46,
660.'
658.3
657.87,1
691.1
712 .
735.
772 .:
759.88,1
6,202.516.
6,548.
6,745.
6,941.
7,142.016.
7,402.
7,658.
7,905.
8,126.316.
8,123.613.
16.9
17.3
17.1
16.8
16.6
16.9
16.9
16.5
16.1
13.2
. .7, 2.4J3
. .7, £O&
. .7, B13
. 05, 3 1
. S , 2.4.7
. S,532
. S,SIS
. S , J3.73
.S,313
2006:
I. .
II. .
III
IV .
. 8,986.6
. 9 , 0 3 5 .0
. 9,090.7
. 9 , 1 8 1 .6
3 , 1 4 5 . 7 1,142. 3
3 , 1 5 0 . 8 1,139. 4
3 , 1 7 6 . 4 1,152. 1
3,22
5 1,167. 9
393.
393.
400.
399.
2,003.
2,011
2,024.
2,054.
676.
684.
686.
299.
296 .45
297.25,884
300.
,959.4
,841
,884
,914
,959
05,618
25,652
35,671
4 5 , 716
2 1, 5 9 8 .
11,
41,
01,
1,337
1,339
1,335
1,347
3
2
8
7
726 .
731.3
735.
748.1
7,837.
7,86
7,914.
8,002.816.
16.8
16.4
16.5
16.3
2007
I. .
II. .
III
IV .
. 9,265.1
.9,291. 5
. 9,335.6
.9,363. 6
3,253.9
3,255. 4
3,280. 6
3,304. 8
1,183. 7
1,189. 9
1,205. 0
1,221.2
402.
301.
400.
402.
2,070.
2301.36
2,076.
2,086.
301.
696 .
699.
706 .
301.!
301.:
301.!
298.56,05
,011
,036
,055
,059
75,770
25,799
55,809
75,804
81,
2 1,
8,146.
8,177.
1,365
1,371
1,377
1,387
1
7
6
6
762 .1
776 . '
779.1
770.5
8,074.
8,106.716.
8,146.415.
8,177.
16.3
16.1
15.9
16.1
: I. .
II. .
III
IV .
. 9,349.6
.9,351. 0
. 9,267.7
.9,195. 3
3 , 2 6 2 . 1 1,193.2
3,257.
1,175. 7
3,193.
1,139. 6
3,110. 4 1,076. 8
384.
361.
337.
306.
2,070.
2,081
2,051.
2,026.
708.
9289.
6280.
686 .
292 .
289.!
280.:.
287.:'
,087 1 5 , 8 2 7
,092 5 5 , 8 3 1
,072 4 5 , 8 0 5
,080 4 5 , 8 0 6
3
2
2
6
0 766 .:
2 7 6 3 8.81,
1 758.!
4 750.
8,164.
8,170.
8,120.
8,038.
15.3
14.1
12.9
10.5
. 9,209.
.9, 189.
3,129. 8
2 , 025. 4
2,035.
2,025.
687.
693 .
2 9 3 .:•
294.
,076
,078
1,409
1,418
1,416
1,422
1,434
1,448
3 751.48,
2 756 .:
8,047.
8,028.
9.5
9.6
1
1,087.2 311.
1,071. 7 306. •
05,817
85,826
1,
1,
1,
1,
2 1, 656.
7 1 , 651.
Includes other items, not shown separately.
he chained-dollar value of
estimates for the detailed components do not add
Food consists of food and beverages purchased for off-premises
which include purchased meals and beverages, are not classified as food.Source: Department of Commerce, Bureau of Economic Analysis
NOTE .—Because of the formula used for calculating real GDP, the chained (2005) dollar
2
SOURCES OF PERSONAL INCOME
Personal income rose $19.3 billion (annual rate) in August following an increase of $19.4 billion in July. Wages
and salaries rose $11.0 billion in August following an increase of $9.4 billion in July.
BILLIONS OF DOLLARS* (RATIO SCALE)
13,000
12,000
11,000
10,000
1=
1
9,000
8,000
—
_
— •
-1
—————v \
" ^
\
TOTAL PERSON
BILLIONS OF DOLLARS* (RATIO SCALE)
13,000
•
•
12,000
11,000
10,000
9,000
8,000
7,000
7,000
—
6,000
6,000
1
5,000
5,000
D SALARY DISBL
4,000
4,000
3,000
3,000
2,000
A-
V ERSONALCURRE Nl
1 RANSFER RECEI TS
1
\
2,000
•
-
1,400
1,400
_
' '
800
800
1
1 1 1 1 1 1 1 1 II 1
2001
2002
iiiiil
i i i i i
1 1 1 M j | | | | |
2004
2003
2005
,,,,
1
2006
2007
*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
mill
2008
2009
COUNCIL OF ECONOMIC ADVISERS
[Billions
of
dollars;
monthly d a t a
at
seasonally
adjusted
annual
rates]
Compensation of employees,
Total
personal
income
. .7., 310.. 8
1
. S.,SSS..
. S.,SS3..
. 9., .0.6.0..
. S.,3.7.8..
1999.
2000.
2001.
2002.
2003.
2004.
2005.
2006.
2007.
2008.
. .10.,.4.85..9
. .11.,.2.6.8..1
. .7 6 , 4 0 8.91,453.839.1
. .12.,.2.3.8..8
2008: A u g
Sept
Oct. .
Nov. .
Dec. .
. 12., 2 9 8 .
.12,306.
.12,268.
. .12,235.
.12,196.
2009: J a n
Feb. .
Mar. .
Aprr .
Mayr .
Juner
Julyr.
.12 ,.038. 3
.11,937. 1
.11,882 .
. 11,911.
. 12,069.
. 11,934.
. 11,953.
11,973.0
Supplements to
wages
and
salaries
Wage and
salary
disburse
ments
5,348.
,083.
5,979.
6,110.
6,367.
6,708.
7,060.
7,475.
7,862.
8,042.
8,082.
8,067.
8,071.
8,058.
8,021.
7,863.
7,798.
7,756.
7,737.
7,731.
7,714.
7,725.
7,738.
Rental
income
of
persons
Personal
interest
income
Personal
dividend
income
Personal
current
transfer
receipts3
Less: Contributions
for government social
insurance,
domestic
7
0
9
9
9
888.S
961.;
1,027.
1,113.
1,228.
1,282.749.
1,359.
1,406.
1,453.
1,496.
28
29.6
369.
282.
36.
49.
43.
21.8
39.
48.
718.3
7.7 9
840.
871.£
894.]
984.]
1,025.
1,103.
1,056.9144.
1,057.
208.2
215.:
232.4
218.7
204.;
198.4
178.;
146.E
144.!
210.4
1,246.
1,360.
1,346.0976.
1,282.
1,312.
1,408.
1,542.
1,829.
2,031.
9990.6
910.8
984.;
976 .E
,110.8
889. £
860.;
6872. 7
1,829.71,
1,266.
1,308.
335.!
376.E
369.E
397.'
423.]
548.:
555. C
.0921.8
765.]
686.4!
1,021.
1,083.
1,188.
1,282.
1,341.
1,415.
1,508.
1,605.
1,718.
1,057.
661.3
705.8
733.2
751.5
778.9
827.3
872 . 7
921.8
959.3
990.6
6,580
6,565
6,566
6,550
6,514
0
1
3
2
0
1,502.350.
1,502.
1,505.
1,507.
1,507.
580.01
47.3
42.0
68,05
36.
1,065.
1,062.
6, 566.
1,043.
1,033.2238.
222.;
228.]
.342.0
237.C
238.!
580.01,
2,006.
1,975. 3
1,956.
1,942.
1,328.
1,890.
1,308.
1,291.
1,278.
673.:
669. £
666.'
664.£
663.!
1,328.1673.
1,890.
1,884.
1,895.
1,913.
996.6
995.4
995.6
994.3
990.0
6,362
6,301
6,260
6,241
6,234
6,216
6,226
6,237
2
0
3
3
4
8
2
2
1,500.
1,497.
1,495.
1,496.227.
1,497.
1,497.
1,499.
1,501.4
01
1,019.
1.01,
1,002. 1
242.;
245.9
,495. 7
255.4
261.!
216.81,4
274. £
280.4
1,894. 3
1,845.
1,797.
1,785.
1,773.
1 6 .
1,745.
11,973.07, 3
1,261.
1,243.
1,225.
1,233.
1,241.
1,248.
1,242.
1,236.
633.C
602.]
571.;
551.£
532.3
512. £
503. £
494.:
1,966.
1,979.
2,016.
2,068.
2,236.
2,116.
2,128.
2,140.
977.1
968.6
963.3
960.9
960.2
958.0
959.2
960.7
4,460
4, 827
4, 952
4, 9397
5 8 9
5,425
5, 701
6, 068
6,408
6,545
2
25
27
29
30
24
27.8
1With inventory valuation and capital consumption adjustments.
2
With capital consumption adjustment.
3
Consists mainly of social insurance benefits to persons.
497.2
1,000.
1,009.
1,016. 1
Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
According to revised estimates, per capita disposable personal income in chained (2005) dollars rose at an annual
rate of 3.0 percent in the second quarter of 2009.
BILLIONS O f DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
11,500
10,500
10,000
' • - " •
10,500
"
10,000
DISPOSABLE PERSON/ L INCOME
9,500
9,000
9,000
8,500
8,500
PERSONAI OUTIAYS
8,000
8,000
7,500
7,500
SAVING
7,000
6,500
6,500
i i i
i i i
i
i
i
1
1 i
1
1 1
I
1 I
1
1 1
1
t 1
i
i
i
i
i
DOLLARS* (RATIO SCALE)
38,000
36,000
I
!
!
1
DOLLARS* (RATIO SCALE)
38,000
PER CAPITA DISPOSABLE PERSONAL INCOME
^__—•
34,000
_
/
1
"
—i
36,000
CHAINEC) (2005) DOL ARS
\
32,000
__
30,000
_
28,000
.
26,000
,
"
34,000
^ . ' ^ S s s s ^ ^ '
"
32,000
30,000
CURRENT DOLLARS
28,000
'
26,000
^
24,000
22,000
24,000
l
|
i
1999
1
1 1
2000
1
1 1
2001
1
1 1
2002
1
1 1
2003
1
1 1
2004
1
1 1
2005
1
1 1
1
1 1
1
2007
2006
1 !
2008
1
1 1
22,000
2009
COUNCIL OF ECONOMIC ADVISERS
Personal
income
Equals:
Less
Equals:
Less
Personal Disposab 'PersonalPerso Personal
current personal outlays
saving
income
taxes
Disposable
personal
income in
billions
chained
(2005)
dollars
Per capita
Per capita perso
disposable pers onal consumption
income
expenditures
Current
dollar
Chained
(2005)
dollars
Billions of dollars
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
.7,910. 81,
.8,559. 41,
.8,883. 31,
.9,060. 11,
.9,378. 11,
.9,937. 21,
10,485 91,
11,268 11,
11,894 11,
12,238 81,
107
232
234
050
000
047
208
352
490
432
56,803
37,327
87,648
48,009
38,377
88,889
69,277
49,915
10,403
10,806
36,595
27,114
57,443
77,727
88,088
48,585
39,149
79,680
10,224
10,520
Current
dollars
Chained
(2005)
dollars
Dollars
207.
213.
204 .
282.
289.
303 .
127.
235.
178.
286.
7,766
8,161
8,360
8,637
8,853
9,155
9,277
9,650
9,860
9,911
724,
27,
525,
528,
126, 80 329
727.
29
928,
30
7303. 3 0 3 3 1
331, 33 3831
733, 18332
34, 67 932
335, 4633,2
80
899
303
98 1
451
209
33
29
679
54
22,70|7
24,18
25,05
25,82
26,84
28,24
29,790
31,198
32,56
33,26
Population,
Percent
asincluding
change
in real percent ofArmed
per capit disposable leForces
disposabl epersona 1 overseas
(thoupersonal income
sands)2
income
Percent
25,92
26,94
27,38
27,84
28,36
29, 08
29,79
30,36
30,86
30,50
1.
3.
1.
2.
1.
2.
3.]
1.2
• .4
3.
2.
2.
3.
3.
3.
31,
32,
1.
32,
279,328
282,413
285,294
288,055
290,729
293,348
296,036
298,820
301,7
304,529
Seasonally adjusted annual rates
2006:
I. .
II. .
III
IV. .
2 0 0 7 : I. .
II. .
III
IV. .
2 0 0 8 : I. .
II. .
III
IV. .
2 0 0 9 : I. .
11,026
11,204
11,336
11,504
11,706
11,823
11,945
12,100
12,142
12,292
12,286
12,233
11,952
11, 971
71,321. 59,705
01,340. 2 9 , 8 6 3
91,354. 39,982
81,393. 1 0 , 1 1 1
459 1 0 , 2 4 7
481 1 0 , 3 4 1
500 1 0 , 4 4 5
521 1 0 , 5 7 8
531 1 0 , 6 1 0
326 2,0,966
437 1 0 , 8 4 9
434 3.0,799
187 3.0,765
068 2.0, 903
29,493
89,618
59,754
29,856
10,038
10,158
10,275
10,425
10,484
10,592
10,613
10,389
10,362
S.0,370
5 211.
2 245.
9 227.
4 254 .
209.
183.
169.
153 .
126.
374.
235.
409.
403.
533 .
9,533. 832,59 332,02 3
9,617. 333,05 32,23 3
9,662. 533,36 732, 297
9,788. 833, 70 332 ,63 3
32,697
9,830. 2 3 4 ,
032, 6643
9,842. 734,
9,883. 9 3 4 , ,71632 71
9,886. 2 3 4 ,
832 64
8,826. 9 3 4 ,
33,2 379
10,059 036, 075 3
07
9,838. 335,
32 270
9,920. 435,
532 46
9,926. 435, 1 5 3 3 2 41
10,020 035, 53 232 65
30,72
031,0543
31,39
31,
,617
32,12
32,398
32,65
33,08 L
33,26
33,52
33,52
32,75
32,61
32,58
30,18
30,27
30,38
30,60
30,81
30,83
30, 90
30, 91
30,80
30,74
30,39
30,08
30,07
29, 94
6 A
2 A
A
4 .;
A
• .4
A
• .9
33,2
8.i
•9.4
2.<
• .6
3 .(
2.;
2.!
2.:
2 .!
2 .(
1.8
i.e
297,743
298,399
299,175
299,965
300,644
301,332
302,108
1.! 302,865
303,498
1
304,128
3
2
304,872
3
305,620
306,245
3
4 .< 306,872
1
I n c l u d e s p e r s o n a l c o n s u m p t i o n e x p e n d i t u r e s , p e r s o n a l i n t e r e s t payments(nonmortgage),andSource:DepartmentofCommerce(BureauofEconomicAnalysisandBureauof Commerce (Bureau of Economic Analysis and Bureau of the Ce
personal current transfer payments.
2
Annual data are averages of quarterly data, which are averages for the period.
FARM INCOME
According to the revised forecast for 2009, gross farm income is forecast at $334.8 billion, and net farm income
at $54.0 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE]
440
400
360
320
280
440
400
360
320
280
GROSS FARM INCOME
240
240
200
200
160
• NET FARM INCOME
120
\
A
\ *~~
/1
i \
60
/
\
/
40
20
2000
2001
2002
2003
2004
2005
2006
2007
2008
"SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
2009
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally
adjusted annual rates]
Income of farm operators from farming
Gross farm income
Period
Cash marketing receipts
Total 1
Total
2000
2001.
2002.
2003.
2004.
2005.
2006
2007.
2008.
2009.
Livestock a
products
nd
Crops 2
241 "i
2 4 9 .9
230.6194 . 6
258.6
2 9 4 ."i
2 9 4 .3237.0
291 c
3 3 8 .7288.71
3772.3243.141 .2
334. 6
192 ]
200 C
194 £
216 . ]
.3 8 C
23 7 C
241 :
138.6 1
324 ^
234.C
99.6
106.1
94.0
105.71
123.E
125.1
118.71
138. (
141.2
119. t
92 .5
93.4
100.7
110.5
114.6
111.9
122 .5
150.1
183.1
165.C
Production
expenses
Net farm
income
Value of
inventory
changes 3
Direct
Government
payments 4
1.6
1.1
•3.5
•2.7
11.2
• .4
•3.1
.6
•2.4
. -1.8
23 .2
22.4
12.4
10 . 5
13.0
24.4
15.8
11.9
12.2
12 .6
191. t
195.t
191. <
197.761
207.3
219.1
2 3 2 .1
267.E
290.t
280.£
50.7
54.9
39.2
61.0
87.4
74.6
58.8
71.1
87.2
54 . 0
.6
.6
.7
.6
23 . 5
4.4
5.1
.4 7
251. (
262. £
279.3
2 7 6 .<
79.1
62.6
66 . 9
75.9
2007:
I.
II.
III
IV
33J0..£
325.4
346 2
352 3
271.E
283 £
301.4
298 q
139.E
139.9
138.£
1 3 6 .<
132 .0.6
143.7
162.7 .7
161.9
2008:
I.
II.
III
IV.
.4J0.7..J:
366.1
379 '
356.1
340.:
321 ~*
332.7 1
70 .9
142 . ;
141.71
140.9
139.£
197.9
179.E
191.9
163 . ]
•2.5
•2.3
•2.4
•2.2
04 .31
4.5
5.2
15.1
3102 .7
287.3
297. t
2 7 0 .9
102 . 7
78.8
82 . 1
85.1
2009:
I.
II.
III.
IV.
3.7 £>..;
322.1
311.1
335 _£
304 4
279 £
269.E
2 8 2 ~*
120.71
115.E
113 . :
126. (
183.1
164.;
156 . :
155.1
•1.9
•1.8
•1.7
•1.8
24.9
4.7
5.4
15.6
301.C
276.1
2 6 6 .E
279.2
69.2
45.4
44 .6
56.7
1
Cash marketing receipts, Government payments, value of changes in irfviaTitlajdie^,oirItynslDv nment payments made directly to farmers.
related cash income, and nonmoney income produced by farms including imputedrentofoper-NOTE.—Dataf
o
forecasts.
re
ator residences.
2 Crop receipts include proceeds received from commodities placed underCommodityCreditSource:Departmentof Agriculture.
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.
CORPORATE PROFITS
In the second quarter of 2009, according to revised estimates, corporate profits before tax rose $90.6 billion (annual
rate) and profits after tax rose $55.0 billion.
BILLIONS OF DOLLARS
2,000
BILLIONS O F DOLLARS
2,000
SEASONALLY ADJUSTED ANNUAL RATES
—
1,900
1,900
1,800
1,800
/
1,700
r
1,500
PROFITS BEFORE TAX
/
1,200
/
1,100
700
600
n
f
-—'
- .--.
-
!r—-\
400
300
1,000
900
V
^DISTRIBUTEE) PROFITS
800
700
X
-
•v
I
1
1
.
500
600
\
-
i
i
"-—^
'
200
*-
_
TAXES O N
CORPORATE INCOME
* — , .
500
i
1
•
400
i
1
300
200
- . ^ ^
,
1,200
S
/
/
1,300
s
1
/
800
1,400
1,100
\v
j
•
900
1,500
1
/ PROFITS AFTER TAX
A
1,000
1,600
\
*-1\ / ' -
1,400
1,300
1,700
V
y
1,600
-
100
100
0 " 1 1 1
1999
i
i i
2000
1
1
1
2001
1
1
1
2002
1
1
1
2003
1 1
1 1
1
1
2005
2004
I
i I
2006
1 i
1 1
2007
SOURCE: DEPARTMENT OP COMMtRCE
Profits
of d o l l a r s ;
Period
at seasonally
Total
Manufac turing
466. ; i , 0 6 8 .
467. 11,048.
434. 11,137.
422.11,065.
148.1
143 '
49. 7
47. 7
69. 4
154.
247
304.5
278 (
175.5 ;
Profit
before
tax
5 294.
3
302.3 i
0 336.
8 58.41)
1,781 9 1 , 5 3 5 .
. .1,771. 41,516
.1,822 81,571
. .1,.762. 7 1 , 4 8 8
0
1
8
6
2007:
I
II.
III.
IV.
1 705 4 1 423
. .1,779 1 1 , 4 6 7
. 1 , 7 3 2 91,362
. .1,.7Q4. 1 1 , 2 7 7
2008:
I.
II
III.
IV.
. ..1,512.92.91,100
1 463 81 096
.1,522 21,125
. .1,.199 3 . 8 6 6 .
288 >'
384 !1 039 0
4 0 6 . • 1 , 0 6 1 . 7 46.61)
3 7 8 . ! 9 8 4 !. 244.1)
265. 7 '
3 0 2 . ; 974.5 ;
6 3 5 7 . ) 743.61; 187.1;
8 330 i 766 )I 160
205. 7 '
0 2 9 7 . ; 827.5 ;
i 130.3 i 736.61; 148.1;
I
IIr.
121 ;(
1 32 7 6 1 O i l 9 253 > 758 )I
. 1., 355.. 5.11,053 9 2 8 0 . 1 773.3 i 132.3 1
2
9
4
0
Utili- Wholesale
ties
33.'
25 f
551.1
12.3
12.4
195.1
2 1
54.4
4.9 2
40.:
l
l
"
0
2009
annual
Profits
Taxes
on
rate
Total
come
Retail
655.0
54.i
60 . '
58. '
72 A
551.1
49.:
81. (
88.<
54. i
93 . '
75.(
92 . :
122 .
304. 7 1 3 3 .
102.
102 .
38.2
75.5
294.
45.2
302.
53.:
60.i : 107.
102.
58..
51 '
46.f
47.:
adjusted
v a l u a t i o n ad ustment
industries
2006:I.
II.
III.
IV.
2009:
data
Nonfinancial
Finan
cial
. . 7.76.. i . . .6.5.5...I50
. 189.3 4 6 5 . 7
420 •
755 '
610.0 1) 189
. . 720.. 1. . ££.1... .9 13 8. 3 7203.
. . 762.. 1. . .6.0.4...!49
. 2 6 5 . 339.7
. . 892..: . . .7.2.6...64. 3 1 1 3. 4 1 4 . 1
. 1 , 1 9 5 . 1 . .9.9.0... .1 362.3 627.81
926 •
1 609 5 1 370 0 443
.1,784. 71,527. 8 448. 31,079. 9
1 730 4 1 382 6 367 81 014 9
. 1 , 4 2 4 5 1 , 0 4 7 . 0.6689. 1 7 6 8 .
1999.
2000
2001.
2002.
2003.
2004.
2005
2006.
2007
2008.
quarterly
(before tax) with i n v e n t o r y
Domestic
Total
I
COUNCILOF ECONOMIC ADVISERS
[Billions
Total2
i i
2008
rates]
a f t e r tax X
Inventory
valuUndisNet
d i v i - tributedat a t i o n ad
dends p r o f i t j ustment
•4.0
184.:
780.! ; 258.8521 i 521. J 3 3 7 .
•16.8
772 . ! ; 2 6 5 .
377. I 377 . ' > 129.!
8.0
712 . ' ' 2 0 3 . : 1 509. I 3 7 0 .1! 138.!
•2.6
265.2 i 1 9 2 .1
3 573. ) 3 9 9 .1: 173.1
903 . ! ; 2 4 3 . 1i 659. 1 4 2 4 .1! 234.1 • 1 1 . 3
1 1 9 . 4 306.1923 .
923.: i 5 5 0 . : 1 93.41 • 3 4 . 3
1, 640 2 4 1 2 . • 1,227 8 557 . 1 670 . ! • 3 0 . 7
•38.0
1,822. 7 473 .:1 1 , 3 4 95 704.1i 6 4 4 . '
•44. 0
555 .
1 774 4 4 5 1 . !; 1 , 3 2 2 8 555 .1i
1,462 7 292 . ! 1 , 1 7 0 6 6 8 9 . 1 4 8 0 . '' - 3 8 . 2
I
1 3 2 . 31,
1
1 2 3 . 31,
I 136.
1,
1,
! 140.
815
819
865
790
3
8
1
7
460.
475.
641.
460.
'
.
;
'
1,354
11,34
1 , 8
1,330
6
7
5
0
646 .
708. ! - 3 3 . 4
691.
653.1 ; - 4 8 . 4
641. : - 4 2 . 3
727.
7 5 4 . ; 5 7 5 . !; - 2 8 . 0
1,
1,
1,
1,
747
808
758
783
6
6
2
1
469 .
466 .
44.047.
430.
;
;
)
.
1,278 1
1,342 1
1,318 2
1,353 0
772 . ; 5 0 5 . !; - 4 2 . 2
778.
564.1 ) - 2 9 . 5
047.31; - 2 5 . 3
770.;
7 4 9 .1 603. ! - 7 9 . 0
8
5
6
1
323 .
317 .
304.
223.
! 1,297
; 1,276
i 1,271
1 736.
6
0
9
i
719.
578. ! - 1 0 7 . 9
693 . ' 5 8 2 . 1 -129 .6
676 . ; 5 9 5 . : 1 - 5 4 . 5
6 6 9 .1 1 6 6 . !1 1 3 9 . 2
107. >
127.
316. ) 1 3 7 .
547. 1 1 1 8 .
76 .(i 1 0 2 .
51.2
46.( :
33.:
56 .(
43 "
8 5 . ii
43.5;
:
139.2
;
40.i
77.:
79.'
1, 620
1, 593
1.9676
1, 060
94. I i
773.3 ;
83 ."
95.:
618 .
1, 246 5 270 . 1
976 .
358 .( )
1,337 1 1 8 . 1 1 1 8 . 11 556.0475 .) 4 7 5 .
53 f
1 8 .
1
75. (
so.:
81.1
18.1
1
See p. 4 for profits with inventory valuation and capital con sump tionadjustments.Note:—Datab y industry beginning 1998 are based on the 1997 North American Ind
2 Includes rest of the world, not shown separately.
Classification System (NAICS) .
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
REAL GROSS PRIVATE DOMESTIC INVESTMENT
In the second quarter of 2009, according to revised estimates, nonresidential fixed investment in chained (2005)
dollars fell $32.8 billion (annual rate) and residential investment fell $23.5 billion. There was a decrease of $160.2
billion in inventories following a decrease of $113.9 billion in the first quarter.
BILLIONS OF CHAINED (2005) DOLLARS
2,400
-
BILLIONS OF CHAINED (2005) DOLLARS
2,400
SEASONALLY ADJUSTED ANNUAL RATES
>>.
2,200
2,200
«-
2,000
GROSS PRIVATE DOMESTIC
INVESTMENT
y-
V
/
1,800
/
2,000
V.
-
1,800
\
\
1,600
-
_.,
N
NONRESIDES TIAI
1,400
FIXED INVEST V^ENT
>
-
_——
1,600
\
1,400
"'
. " " ' * '
1,200
1,200
"*~
1,000
1,000
RESIDENTIAL
FIXED INVESTMENT
-
800
800
-
.
.
-
•
*
•
-
—
600
600
-
**
400
-
400
C H A N G E IN PRIVATE
TORIES
200
200
0
0
1
-200
!
1
1
1999
1
1 1
2000
1 1
2001
1
1 1
2002
1
1 1
2003
1
1 1
2004
1
I
1
2005
1 1
1
2006
1
1
1 1
1 1
2008
2007
T* i i
2009
-200
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates]
Fixed inves t m e n t
Period
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
...
. .
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2006 :
Gross
private
domestic
investment s t
.1,844. 3
.1,970. 3
.1,831.9
.1,807. n
.1,871.
.2,058. 9
.2,172. 9
.2,230.4
2., 1.4£.. 9
.1,989.4
Change in p r i v a t
inventories
Nonresidential
Total
Total
Equipment R e s i d e n t i a l
Total
Structures es a n d s o f t
ware
. .1,.7.82.. 1 . 1,200. 9
. 9 408.2810.94 0 8 . 2 810.9
895 .£
. .1,.9.13... a . 81,318.5440.
. 5 440.. f
. .1,.87.7...
. 61,281.8433. 8. . . 8 4333
.8669
.58 3
866 . !
9
. .1,.7.9.8.. 1 . 1 , 1 8 0 .
. 2 356.. £ 3 5 6 . 6 8 3 0 . 3
851 .^
. .1,.856... 9
. 21,191.0343. 0. . . 0 3 4 3 . . f
. .1,.9.9.2..
. 51,263.0346. n . 0 346.7917.3729.53 4 6 . 7 9 1 7 . 3
995 .(
. 2 2, 122.31,3 . 1,34.7.. i. . . 3 3 5 1 . . £
. .2,.17.1.. 3 . 31,453.9384.9. . . . 384.. f . . 0 1 , 0 6 9 .
. 2 2 , 1 2 6 . 3 . 3 1,544. 1 . . .441 ..* 1 . 4 1 , 0 9 7 . n
. .2,.0.18.. 4 . 41,569.7486. 7. . . . 486.. £ . . . .1,.Q68.
574.2
580. C
583.3
613.£
664.3
729.E
775. C
718.;
585. C
451 1
. .81,060. 9 . 2 1,424. 9
. .36.4 ..S . . 8 1 , 0 6 0 .
. 2 2 , 1 8 9 . 9 . . !,.45.0.. 3. . . 333...' . . 7 1 , 0 6 6 .
. .2,.162.. 9 . 1, .465. 0. . . 0 393.21,0 . . 2 1 , 0 7 2 .
. .2,132 . 9 . ! , .4.7.4..
. 5394.6 1 . 6 1 , 0 7 9 .
I.
II
III. . . .
IV.
. . . 2,264.. 7
2 261 2 ,
. . .2,229.
. . . 2,166. n
3
775. ;
740.]
697.4
66.02,1
2007 :
I
II.
III. . . .
IV.
.62,118. 8.
2 122
. . . 2 , 1 6 2 . 9 . .2,137 . 7
. . .2,166.
. .2,.135..
. . . 2, 123. 4 . .2,113 . n
. 8 1 , 4 8 9 . 6 . . . 6 409.2 9 . 2 1 , 0 7 8 . 1
. .L,.53.0.. i. . . .43.0..." . . 7 1 , 0 9 5 . 9
. 61,565.8456. a . . 456.. £ . . 8 1 , 1 0 1 . 3
. .L,.5.9.L. i. . . .4.6.9.. .1 . 1 1,113.3525. 3
631.:
610.^
572.!
525. C
2008 :
I. . . . .
II.
III. . . .
IV.
. . .2,082 . 9 . 2.,.0.7.9..9
. 52,064. a
. . . 2,026.
. . . 1 , 9 9 0 . 7 . .2,.0.20... 4
. . . 1,857. 7 . . 1 , 9 0 9 . 3
. 1, 5 9 8 . 3.2 . . 9476.£ . . . . 1 , 1 1 1 . 9
. 1,.6.0.4.. 4
. .4.93..J . . 2 1 , 0 9 7 . 7
. 1 , 5.7S.. 2
. 2 493.11,0 . . 1 1 , 0 7 1 . n
. 1484.9.6.. L . . .4.8.4...C
9 9 3 . •;
483 .2.6
462.!
443 .3
415.C
. 1,.6.8.7..
...1,558.
. . . 1, .455. 7 . . 1 , 6 3 1 . 9
. 1,321. 2
. 2 419.4
. 9 1 , 2 8 8 . 4 . . .4QQ..C
367.!
344.4
2009 .
I
419.4887.E
876 .E
7
3
n
Nonfarm
68.5
61 .2
•41.8
12 .8
1 .03
66 . 3
50 .0
59.4
19 .5
•25 .9
70.8
61.2
•41.5
15.6
17.2
58.3
49. 8
63 .2
20.4
65.8
72 .5
67.5
31.8
62.3
80.4
73.9
36 .2
14.5
23 .3
29.8
1 .3
8.3
27 .9
32.7
12 .5
•20.4
.6
•37.1
•29.7
•37.4
14.5
•35.8
•24.5
•35.7
•113.9
•160.2
•114.9
•163 . 1
NOTE .—See p. 10 for further detail on fixed investment by type.
Source: Department of Commerce, Bureau of Economic Analy
Because of the formula used for calculating real GDP, the chained (2005) dollar estimates
for the detailed components do not add to the chained-do llar value of GDP or to any intermediate aggregates.
REAL PRIVATE FIXED INVESTMENT BY TYPE
[Billions of chained (2005) dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential
Equipment
Period
1999.
2000.
2001.
2002.
2003.
2004.
2005.
2006.
2007.
2008.
2006:
I.
II.
III.
IV.
2007:
2008:
2009:
I.
Total
fixed
invest
ment
Total
Computers and d
periph - SoftTotal
Other
eral
ware
equipment 1
TransIndusport a - Other
trial
tion equip
equipequip - ment
ment
ment
Total
residenTotal
tial
Equip-
Singl i ment
f amil
. . 1 , 7 8 2 .11,200.9 9
. . 1 , 9 1 3 . 81,318.5 5
. . 1 , 8 7 7 . 61,281.8 8
. . 1 , 7 9 8 . 11,180.2 2
. . 1 , 8 5 6 .21,191.0 0
. . 1 , 9 9 2 .5 1 , 2 6 3 . 0
. . 2 , 1 2 2 . 31,347.3 3
..2,171. 3 1 , 4 5 3 .9
..2,126. 3 1 , 5 4 4 . 3
. . 2 , 0 1 8 . 41,569.7 1
408.2
440.C
433 .:
356 A
343 .C
810.£
895.£
866 .£
830.3
851.4
3
3 4 6 .7917.917.3
351.£
995. 6
3 8 4 . C 1,069. 5
4 4 1 .' 1,097. 3
4 8 6 .£ 1,068. 5
332 .0..
391.£
390.2
379.:
405.C
443 .]
475.3
514.£
555 .'
588.£
.151.E
.4168 .4
.7163 .21
.4148 .4
.185.6
.204.6
.0178 .4
.227.1
.241.5
.257.0
139.£
168.4
162 .8
148.4
156 .4
168.1
178.4
191.2
202 .:
211.1
161.£
175.£
162 .8
151.£
151.6
147.4
159.6
172 .£
180.£
174. 7
190.3
186 .;
169.6
154.2
140.4
164 .4
178. 4
196 .E
177.4
128.£
142 .4
150.4
149.:
148.4
155. C
1147.4
178.£
185. E
184.1
180.3
574.;
580.C
583 .:
613 .£
664.:
729 .E
775.C
718.;
585. C
451.]
56. 9
572 .6
575.6
605.£
655.£
720.]
765.;
708.]
575.C
441.E
311.E
315. C
315.4
327. 7
362 A
. . 2 , 2 0 0 . 21,424.9 9
. 2,189.91,9. 1 , 4 5 0 . 3
. . 2 , 1 6 2 .2.21,466. 0
. 2,132.91,9 1 , 4 7 4 . 5
364.£
3 8 3 .'
1,060. 7
1,066. 3
393 .; 1,072. 3
394.6 1,079. 3
505. 7
508.£
520.4
524.1
.222 .4
.224.8
.228.5
.232 .£
192 .;
189.£
191.£
191.C
165.1
176 .;
174. 7
175.6
5.2 76
194.1
183 . 4
195.E
187.3
187.C
183 .4
184.3
775.2
.410.1
697.4
660.2
764.£
730.C
687.3
650.;
442 .4
409.4
374.6
338.C
10.3
10.1
10.1
10.1
.235.0
.238.9
.242 A
.249 A
198.4
200.3
203 .]
207.4
172 .4
178 .1
185.£
178.6
188.2
178.1
171.£
171.E
188.2
183 .'
186 .4
188.C
631. 7
610.4
572 .£
525.C
621.6
600.4
562.£
515.C
314.C
301.6
277.£
242 .]
10.2
10.0
10.1
10.2
.257.3
.260.3
.258.3
.252 .;
209.2
214.2
216 .'
204.3
179.3
178.6
173 .'
167.2
161.£
141.C
121. 7
90.9
182 .: 473 .3
180.£ 462 .£
185.4 433 .7
167.2 9
415.C
473 .:
453 .C
433. 7
405.£
208.6
189.]
171.£
149.4
10.1
10.1
9.8
9.4
.235.5
.236 .;
195.£
199.1
140.£
135.2
59.8
62.7
157.3
144. C
358.£
335.E
112. £
96.3
9.2
8.9
. . 2 , 1 1 8 .8 .81,489.6 6 409.2
. 2,137.71,530.3 7. 1 , 5 3 0 . 3 430.'
. . 2 , 1 3 5 . 61,565.8 8 456 .£
. 2,113.01,0 1,591. 3 469.11,113
I.
II.
III.
IV.
. . 2 , 0 7 9 .2 1,598.9 9
. 2,064.81,8 1 , 6 0 4 . 4
. . 2 , 0 2 0 . 41,579.2 2
. 1,909.31,3 1,496 .1
I.
Structures
Information processing eq uipment
and software
Total
Struc
nonresi
tures
dentia
II.
III.
IV.
II r
Residential
and software
1,078. L 540.2
1,095. 2 5 4 6 .9..
1,101. 3 558.2
1,113. 3 577.E
7
4 7 6 . £ 1,111. 3 5 9 1 .
493 .; 1,097. 7 601.3
493.] 1,071. 3 594.E
484.C
993 .' 567. 6
. . 1 , 6 8 7 .5 1 , 3 2 1 . 2 419.4
. . 1 , 6 3 1 .9 1,288.4 4 400.C
887.E
876 .E
537.E
544. £
367.£
344.4
6 .9
7.4
7.6
7.9
8.4
4 0 6 .19.4 9.4
4 3 3 .59.8 9.8
391.1
10.2
283 .£
10.1
8
.79.
9.8
1
For details on this component, see Survey of Current Business, Tables5.3.6,5.3.1forNOTE.-Because of 3 the f formula used for calculating real GDP, the chained
(2005)
growth rates, 5.3.2 for contributions, and 5.3.3 for quantity indexes.estimates for the detailed components do not add to the chained-dollar value of
2 Includes other items, not shown separately.
intermediate aggregates.
Source: Department
of Commerce, Bureau of Economic Analysis.
BUSINESS INVESTMENT
[Billions of dollars]
Capital
expenditures
By industry
Fores
Period
Total
capital
expenditures
try,
fishTotal
by
ing
and
industry
agricul-
Mining
tural
services
Real
esport a
Fi
Manutate
ConWholet i
n Infor nance
Util
Retail
1
°
facand
s a l e trade
and
maand
ties struc- turrental
tion
trade
w a r e - tion insui and
ing
leas
ProFor
fess
comional, Healt l
panies
scien- - care
withtifi c, and
L out
land
socia O t h e r
emtech assis
ploy• n i c a . tance
ees
ing
serv
ices
For c o m p a n i e s w i t h e m p l o y e e s
1996.
1997
1998.
1999
2000.
2001.
2002.
2003.
2004
2005.
2006.
2007.
. . .807.1..
871
. . .9.7.0...3 . .896. ;
. 1,047. 0. 6 4 2 . ;
. 1, 161. 0214 .83 9
. 1,109. 0 1 , 0 5 2 3
. . .9.9.7...3. . .917.;
. . .9.75...1 . .886. i
.1,042. 2. 1 9 5 3 . !
. 1,144. 8 1 , .0.62 5
. 1,309. 91,217.12.7 1
. 1,361. 61,2.7.7 4
o .<
i.'
i.:
1.5
i.<
i.<
2.1
2 .'
2 .'
2 .:
40 .30. f
36 .( i 26 .<
203 .(
42 .i ; 2 3 . : 1 9 6 .• 1
42 .!
61.3
25 .( 214 . 3
31.5
8 2 . i1 24.i
192 .1 3
42 .!
65.5 ; 24.i 157.2
50.!
54.( ; 2 3 . : 149. L
51.3
50..
28.f
156 .'7
66 .'
58. i 3 0 ." 165 .
99.3
69.i i 30.31 9 2 .• 1
1 2 1 . 7 83.(; 36 .7 1 9 7 . )
203.6 57 .:
81.774 96 .!
22.8
64.:
57.3 122. 3
33 .( 59 .91
5 9 . < 160. >
30.( 66 .< ' 57.i 144. 3
2 6 . i 59.:
57.2
859.3
80.5165.< ' 4 4 . ! 50.5
32.3
72 .2
46.:
83 .!
4 0 . ( 73 .!
5 6 . < 91 .36.( 86 .'
68.( 104. I
3 1 . i 8.510
68.5105 105.31723
118 . ! 85.:
1 3 0 . 100. ;
133 .'' 92 .!
1 9 2 . 82 .'
128.
942.5 ;
1 . i 88.(i
153 .( ; 91.f
161 . 103.033 .
163 . 132. .
172 .!; 1 2 3 .
22
29.5;
34. "
30.5 ;
25.<'
2149.1
26.'
73 . "
130.3
31.i ;
47."
81.'
91.i
52.:
108. 3
52. < 102. 5
59.: 96 .:
81.9
96 .:
64.f
93 A
7 3 . i 105. 5
75.3 126.3 3
83.i135.3 3
si.:
74.4
72.3
71.2
56.7
80.4
8 8.2
88.9
82 .2
92 .8
84.2
1
Includes the following industries: Management of companies and enterprises;administrativeNOTE.—DatafromAnnual Capital Expenditures. Industry data are based on the N
and support and waste management; educational services; arts, entertferdeiniknian !&n3iis±aTyr^SLiaKal;f ication System (NAICS) .
accommodation and food services; and other services (except public administration).Alsoin-Datashowni n this table are capital expenditures for both new and used stru
cludes an item for structure and equipment expenditures serving m u l t i p l e i n d u s t r y categories..
Source: Department
10
of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In September, employment fell by 785,000 and unemployment rose by 214,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
158
158
SEASONALLY ADJUSTED
154
154
150
150
146
146
142
142
CIVILIAN
EMPLOYMENT
138
138
134
134
130
130
"l6
16'
12
12
UNEMPLOYMENT
8
8
4
4
I t l l l l l l
III
III1111II11
2002
mill
I I II I I II I II I I I I I I I I I I II I I I I I I I I I
2003
2004
I II I I I
2008
2006
2005
" 1 6 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
I
0
2009
COUNCIL OF ECONOMICADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted
C i v i l i a n employment
Period
19992
2000 2
2001
2002.
2003 22
2004
2005 2
2006 22
2007
2008 2
2008: Sept
Oct.
Nov.
Dec.
2009: J a n 2 . . .
Feb.
Mar.
Apr.
May.
June. . . . .
July. . . . .
Aug.
Sept.
Civilian L
noninstit u-Civilian n
tional
labor
population on force
Total
(NSA)
Men
Women
20
20
years years
and
and
over
over
. . . 20.7,75. 139,368 1 133,4881 67,761
. . . 212,5.7. '. 142,583 ; 136,891 69,63 4
215 Q9< : .143 , 73^ 136, 93: ; 69, 77f
. . . 2 1 7 , 5 7 I. 144,863 ; 136,485 ; 69,73 4
221,168 168 146,51011 0137,73670,41: 70,415
. . . 2 2 3 , 3 5 . ' 147,40 139, 25: : 71,57;
. . . 226,082149,I. 149,321 1 141,7311 73,050
228,815151, ;. 151,428 1 144,42 7 74,431
. . . 231,86. '. 153,124 146,04' 75,33 7
233,788 1. 1 , 2 8 5 145,36: I 74,750
234,36 1 154,62: 145,02! 1 74,503
. . . 2 3 4 , 6 1 ,I 154,878 1 144,65 7 74,292
234,82 1 154,6211 144,14 4 74, 04!
...235,035154, ; 154,44 7 143,338 1 73,285
. . . 2 3 4 , 7 3 ) 153,7161: 142,099 ) 72,613
234, 9 1 . ; 154,21 4 141,74! 1 72,293
. . .235,0861: 154,048 1485, 083 71,655
235,27 1 154,731 141, 00' 71, 675
. . . 2 3 5 , 4 5 :I 955,082 140,57071 71,593
. . . 2 3 5 , 6 5 ! ; 154,9261 104, 99 71,38 7
235, 871 1 154,50. 140,041 71,319
. . . 2 3 6 , 0 8 ' 154,57 7 139,649 71,20 4
236,322 I 154,0061 138, 86. 70,88 7
58,55
60, 06'
60,41 7
60,420
61,402
6 1 , 77;
62,70;
63, 83'
64,799
65,039
65, 00!
64,975
64, 902
64,86(
64,298
64,271
048140
64,226
63,895
63,810
63, 78!
63,66;
63,3184,65
Both
sexes
16-19
years
7, 172
7, 18S
6, 740
6,332
5, 919
5, 90"
5, 978
6, 162
1, 101
5, 0 3
5, 518
5,390
5, 196
5, 194
59 8
5, 184
Unemployment
Total
3,4 886
5,692
6,801
8,378
8, 774
8, 147
7,591
7, 001
7,078
8, 924
9,592
10,22]
14474
11,1085,
72,6136
12,46"
54, 0481 1 3 , 1 6 :
5 , 1 0 : 13, 72'
5,081 14,51:
40,196 14,729
4, 93: 14,46;
4,783 1 , 2 0
4, 659 138,8647
Women
Men
20
20
years years
and
and
over
over
2,433
2,376
3 , 04C
3,896
4,20S
3, 7 1
3,392
3, 1
3,25S
4,29"
4, 88S
5,088
5,29C
5,714
5,972
6,394
6,92:
7,40:
7,80;
7,904
7, 72f
8,02"
8,13]
2, 28E
2,5831
2,59c
3,22E
3, 314
39, 252
3, 013
2, 751
2, 71E
3, 342
3, 37"
3, 72E
3, 851
4, 031
4,286
4, 646
4, 82!
4, 92;
521 5
5,24!
1,3 196
1,20463
5,38!
Percent1
Both
sexes
16-19
years
1, 16;
1, 08]
1,16;
1,25:
1, 4025,
1, 205
1, 18f
1, 1 1 !
1, 10]
1, 28!
1, 32f
1,405
1, 33!
1,36:
1,35!
1, 42'
1,41C
1, 39!
1,593
1,57*
1, 54]
9, 649
1, 62f
Not i n
labor
force
68,38!
69,99'
71,35!
72,70'
74,655
75,95f
76,76;
77,38'
78,74:
79,50:
79,73!
79,73'
80,20865
80,58865
81,02:
80, 69!
81,035
80,54]
80,37]
80,72<
81,36f
81,50<
82,31f
Labor
f orceE EmployUnemment/
parpopploytici
.
paulation 1
rate
ratio
tion
rate
67 . ]
64.44
66.8
66 .6
66.2
66.0
66 .0
66.2
63 .0
66.0
66.0
66 .0
6 .8
65.7
65.5
67 . 6
65.5
65 . 8
65.9
65.7
65 .5
65.5
65.2
64 .3
64.4
63 . 7
62 .7
62 .3
62 .3
62 .7
63 .1
63 .0
62 .2
61.9
61.7
61.4
61.0
60.5
60.3
59.9
59 . 9
59.7
59.5
89 .4
59.2
58.8
4 .2
4.0
4.7
5.8
6.0
5 .5
5.1
4.6
4.6
5
6
6
6
.8
.2
.6
.8
7.2
7.6
8 .1
8.5
8.9
9.4
9.5
9 .4
9.7
9.8
1
Civilian labor force (or employment) as percent of civilian noninstitutionalpopulation;andSeeEmploymentandEarnings for details on breaks in series.
unemployment as percent of civilian labor force.
Source: Department of Labor, Bureau of Labor Statistics.
2
Not strictly comparable with earlier data.
NOTE .—Beginning January 2009 data reflect revised population controls and are not strictly
comparable with earlier data.
11
SELECTED UNEMPLOYMENT RATES
In September, the unemployment rate rose to 9.8 percent from 9.7 percent in August.
PERCENT (SEASONALLY ADJUSTED)
PERCENT (SEASONALLY ADJUSTED)
30
30
15
10
10
2005
2005
2009
2009
'SEE FOOTNOTE 1 TABLE BELOW.
^HISPANIC OR LATINO ETHNICITY.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
By race or ethnicity1
By sex and age
Period
1999.
2000.
2001.
2002.
2003.
2004.
2005.
2006.
2007.
2008.
2008:
2009:
All
civilia 1 Men Women
workers 20 year s20 years
and ove rand ove
.4.2
4.03.3
Sept
Oct. . .
Nov. . .
Dec. . .
Jan. .
Feb. . .
Mar. . .
Apr. . .
May. . .
June. .
July. .
Aug. . .
Sept. .
.4 ..7
5.85.
.6...Q
.5.5
.5.1
.4.6
.4.6
.5
6.26.2
.6. ..6
.6..J
7.27.2
7.67.6
.8.1
.8 ..5
.8.9
.9.4
.9.5
.9.4
.9. ..7
.9.
.53.8
. .13
. 7 4.2
Both
sexes
16-19
years
White
Black c
African Asian
Amer(NSA)
ican
3 .7
3 .5
4.2
5
5.2
4
4 .04
4 .0
4.1
5.2
10
10
10.4
10.0
8.9
8
10.1
Married
Hismen,
panic c
spouse
Latino
ethnici typresent
Women
who
Full-tim
maintain workers ePart-time
workers
familie
(NSA)
3.2
4 .0
.6.4
5.7
6.6
7.5
7.7
7.0
6 10
5.2
5.6
7.6
2 .2
2 .0
2.7
3 16
3 .8
3.1
2 .8
2 .4
2.5
3 .4
6 .4
5.9
6.6
8.0
8.5
8.0
7
7.1
6.5
8.0
4.
3.
4.7
5.9
6 .1
5.6
5.0
4 .5
4.6
5.0
4 .8
5.1
5.2
5.5
5.3
5.4
5.1
4.9
5.5
5.9
5.7
5.8
5.9
. 44.0
.74.1
. .5.4
4.9
13
3 .61
14
16
17
17.0
16 .6
15.4
15
18.7
6.2
6.4
6 .7
7.2
4.9
5.4
5.6
5.9
19.4
20.7
20.4
20.8
5.5
6 20
6.2
6 .86
11.4
11.3
11.3
11.9
3.
3.
4.
5.1
7.9
8.8
8.6
9.2
3 .9
4 .01
4.2
4 .4
8.2
8.8
9.3
9.5
6 .43
6.
7.0
7.5
6.2
6.7
7.0
7.1
7.5
7.6
7.5
7.6
7.8
20
21.6
21
21
22
24.0
23 .8
25
25.9
6 .29
7
7
8.0
8.6
8.7
8.6
8.9
12
13 .4
13.3
15
14
14
14
15
15.4
6 .2
6 .9
6.4
6 .36
6 .7
8.2
8.3
7.5
7.4
9.7
10
11.4
11
12
12
12
13
12.7
5.0
5.5
5.8
6 .3
6 .8
6.9
6 .9
7.1
7.4
10
10
10
10.0
11.0
11.7
12
1 12
11.6
8.0
8
9
9.6
10
10
10
10
10.7
. .53
. .5.6
. 6 5.3
. .4.4
7.6
8.1
8.8
9.4
9.8
10.0
9
10
10.3
4.1
5.1
5.1
9.0
7
3 .6
4.5
5.9
6 10
4.4
1 B e g i n n i n g in 2 0 0 3 , p e r s o n s w h o selected this race g r o u p o n l y . Priorto2003,personswhoNOTE. —X(a(t^, rjeeba
r e p o r t e d m o r e than o n e race w e r e included in t h e g r o u p t h e y i d e n t i f i e d as themai
sons w h o s e e t h n i c i t y is i d e n t i f i e d a s H i s p a n i c o r L a t i n o m a y b e of a n y r a c e .
12
By selected groups
Bureau of Labor Statistics.
5.9
5.8
5.9
6 .1
6 .0
5.9
6 0
6 13
6.4
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 for
5-14 weeks fell; the percentages for 15-26 weeks and for 27 weeks and over rose. The mean duration of unemployment rose to 26.2 weeks and the median duration rose to 17.3 weeks.
PERCENT DISTRIBUTION*
PERCENTDISTR1BUTION*
m
/O
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
60
r
60
50 -
-
\
JOB LOSERS1
LESS THAN
5 WEEKS
/
40
#
~*y\.
V
27 WEEKS
A N D OVER
-
REENTRANT
-
30
5-14
WEEKS
'
r-\X
' \ -->
\
20
JOB LEAVE RS
15-26
WEEKS
10 -
r
40
/s >\/C
30
50
/
-
10
""'
* ' ^
—^-~>;
*
-
NEW ENTRANTS
n
MlllllIM,
2005
2006
2007
n iiiiiiiiiii Illllllllll Illllllllll
2008
2009
2005
2006
2007
*SEASONAU.Y ADJUSTED
'BEGINNING JANUARY 1994, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS
SOURCE: DEPARTMENT OF LABOR
iiniliiiii
Illllllllll
2008
2009
COUNCtLOF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
D u r a t i o n of unemployment
Period
Unemploy
ment
(thousands)
Reason for unemploymen nt:
State
percent d i s t r i b u t i o i
programs
Percent d i s t r i b u t i o n Number of wee k s
Less
27
than 5-14 15-26 weeks
5
weeks weeks and
weeks
over
Average
Median
(mean)
Job
losers1
Insured
unemployment,
all
Insured
regular
Job
New
unemleav- Reen- en- , ploy- Initi programs
trant trant
claim ' (unadjusters
ment
ed) 2
Weekly average,
1999.
2000.
2001
2002.
2003
2004.
2005.
2006.
2007
2008.
2008: Sept.
Oct.
Nov.
Dec.
2009: Jan.
Feb.
May.
July.
Aug.
Sept.
. . .5.,.8.8.C . .43. ..7 . 7 31.2 . 212 .8
. . .5,.6.9.; . .44 ..9 . 9 31.9 . 9 11.8
6 80] 4 .0 . .32 .3 . .14 .0
. . .8,.3.7.S . .34 ..5 . 5 30.8 . 3 18 .3
31 ..7 . .29 .8 . .16 .4
8 77^
. .33...] . 1 29.2 . 2 15.9
. . .7.,.5.9.] . 531.48.8 . 1 30.4 . 4 14.9
. . .7.,.0.0.] . .37. ..3 . 3 30.3 . 3 14.7
.54 9 51 5 15 0
7 07£
. . .&,.92/ . .32 ..8 . 8 31.4 . . 1 6 . 0
. . 9., 53;. . 29.. S, . .32 . ] 16 .9
. . 10., 22: . 9 8 . 1 3 . . .29.7 17.9
1.430
. .10.,.47! . .3.1 ..4 . 4 30.3
17.2
. 219.710.6 . . 2.9..2 . 2 30.4
. . 31.. 0 . .29 . 8 16 .8
. .12,.4.6/ . . 2.6...9 . 9 31.4 18.6
19.3
. . 13., IB: . . 25.. 7 . 7 30.8
18.7
13 12- 2.4...7 . 7 29.4
. 14., 5a: . 0 22.5 14. 4 2 9 . 6 20.9
226 .9
. 46,73261 . 4 5 . 6 2 . 922 .9
19.9
. .1.4., .4.6; . . 22.. D . 0 24.2
18.9
. .324.91 . .20 ..2 . 2 27.5
19.3
. 1 5 , 142 . . 19...4 . 4 25.6
12 .3
,141
11.8
18.3
.2 1
21.8
19.6
17.6
1 6
19.7
21.2
22 .]
21.3
23 .2
22 .4
23 .]
24.2
.72
27.0
29.0
33 .8
33 .3
35.6
13 .4
12 .6
1 .1
16 .6
19.2
19.6
18.4
16 .8
16.8 8
17.9
18.7
13,8
18.9
1 7
19.8
1 8
30.8
21.4
22 .5
24.5
25.]
24.9
.6 2
6 34
5.9
6 .8
9.1
10.1
9.8
8.9
8.3
8 35
9.4
10.3
10.6
10.0
10.6
10.3
11.0
56.82
12 .5
14.9
17.9
15.7
15.4
17.3
44.6
44.2
51.1
55.0
55.1
69.85
48.3
47.4
49 7
53 .7
54.9
5 .98
58.6
58.4
61.1
62 .3
6 65
64.4
65.4
65.4
64.9
65.3
66 .6
13 .3
13 .7
32 .3
10.3
9.3
10.5
11.5
32.08
11 2
10.0
10.1
9.2
8.9
9.1
8.0
6 .6
6 .8
6 .5
6 ,2
7.96
6 .0
5.5
5.5
34.1
34.5
29.9
28.3
28.2
29.215
31.4
32 .0
30 3
27 .7
26 .6
25.9
25.3
25.1
24.1
22 .9
22 .9
22 5
21.8
226
22 .5
22 .0
20.8
8.0
7.6
6 .8
6 .4
7.3
8.4
8.8
8.8
8 9
8.6
8.4
8.1
7.2
7.5
6 .8
8.1
6 .7
6 .6
6 .6
6 .4
6 .6
7.2
7.1
2 , 18E
2,11
2,974
3,58E
3,569
2,995
2,661
2,47t
2 ,572
3,343
3 , 62C
3 , 82]
4, 12E
4,43C
4, 67C
6, 098
5,68f
6,29'
6, 7 4 '
6,73;
6,27^
6,190
298
301
404
407
404
345
328
313
324
424
471
480
520
537
573
637
658
630
631
612
558
thousands
2,219
2, 141
3, 007
3, 619
3,569
2, 995
2, 706
2,518
2 610
3,343
3, 164
2, 9.810
3 , 819
4, 778
5,375
6, 098
6, 925
6, 076
6,233
6,253
5, 647
6,203
. ..p548
1
Beginning January 1994, job losers and persons who completed temporaryjobs.NOTE.—Data relate to persons age 16 years and over (except for insured unemployme
2
Includes State (50 States, District of Columbia, Puerto Rico, andVirgin Islands) , ex- servicemen (UCX) , and Federal (UCFE) . Also includes Federal and State extended benefitpro-Source:Departmentof Labor (Bureau of Labor Statistics and Employment and Train
grams. Does not include Railroad (RR) program, Federal supplemental compensationor Emergency Unemployment Compensation programs.
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey fell by 263,000 in September.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
140
_ _
130
__— r
120
-
78
\
LNONAGRIC
ESTABLISHM ENTS
LESS RETAIL TRADE
AND GOVERNMENT
76
i
.
110
100
- SERVICE-PROVIDING
1
c—1
72
—
" 1
—
ERVICE-PROVI
INDUSTRIE
74
•
—
70
s
-
68
-
24 /
GOVERNMENT-
22
90
80
20
-
18
16
70
11111 M 11 11 n 111111
14
)
\
16
1111111111
- MANUFACTURING
14
30
12
10
CONSTRUCTION
20
in
GOODS-PRODUCING
INDUSTRIES
I
l
l l l i l l l l l M 1 1 1 1 t 1 1M1 M1 1 1 1 1 1 i1iit 111 ii ii i
111111111 i i
2006
2007
2008
2005
2009
2005
2007
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
2008
|
[Thousands of wage and salary workers;1 monthly data seasonally adjusted]
Goods-producing indus
21,24
37, 06
,0 821
20,53
70 6 12
19, 83
19,52
19,25
19, 04
18, 82
18, 71
131,411
. .131,21 ) 18,58
. 130,94 7 18,46
14
Service-providing
Trade, trans
t a t i o n , an
utilities
Construction
128,993
..131,78
131,82
130,341
..129,9992
131,43
..133,703
136,08
. . 137, 59|3
..137,06
. .136,73
..136,35
..135,75
.135,071
..134,333
133,65
133,00D
.132,48L
. 1 3 , 137
.131,71
2009
COUNCIL OF ECONOMICADVISERS
17,3
17,263107,136
16,44
15,259107,7
14,5ip
14,31
14,22
14,15
13,87
13,43
13,3
637,06613
13,08
12,90
12,640
12,468113,8
12,29
12,14
12,OOP
11,87
11,83
11,770112,6
11,71
78125
18325
55325
51325
Finan
cial
activ
ties
15,95
16,66
16,47
15,97
15,
16,394 16
16,954 17
17,56
industries
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL
INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Average weekly hours
Manufacturing
Total private nonagricul
tural1
1999.
2000.
2001.
2002.
2003.
2004.
2005.
2006.
2007.
2008.
. . . .34.
. . . 34..
. . . .34.
. . . .33.
. . . .33.
. . . .33.
. . . .33.
.
21
383.
. . 8 .3317.
. . . .33.
2 0 0 8 : A u g . . .. . . .33 .
Sept . . .. . . 3 3 .
. . 8 .33 .
Oct
N o v .... . . . 33 .
. . . 33.
Dec
2 0 0 9 : Jan. ..
Feb
Mar
Apr . . .
M a y ....
J u n e ...
July . .
Septp
33
33
33
33
33
33
33
33
33
.3
.3
.1
.1
.1
.0
.1
.1
.0
Total private 1n
agricultural
Manufacturing
41.4
41.3
40.5
40.4
40.8
40.
41.1
41.
40.8
4.9
4.7
4.0
4.2
4.2
4
4
4.4
4.2
3 .7
40.8
40.5
40.4
40.
39.9
3
3
3
3
2
39.8
39.5
39.4
39.6
39.4
39.5
39.9
39.9
39.8
2 .9
40.3
2
2
2
2
.7
.5
.5
.62
.
.'
.8
.:
3.7
2 .!
2 .:
Average gross weekly earnings
Average gross hourly ear
Total private n
agricultural1
$13.85$46
1 4 . 02
14.54
14.97
7
15.3
16.145
16.13
16.76
17.43
18.0E
18.IE
18.21
18.2E
18.34
18.4C
18.43
18.46
18. 5C
18. 5C
18.53
18.54
98.5
18.66
18.6 7
$8.01
8.04
8.1
8.25
8.28
8.24
8.18
8.24
8.33
8.30
8.20
8.21
8.33
8.54
8.65
8.64
8.61
8.64
8.65
8.65
8.5
8.59
8.58
dol- - Manufac- ConstrucCurren 1982
lars
turing
tion
dollars
$13.85 $573 .14 $ 2 7 5 . 0 :
14.32
481.01 2 7 5 .
493.79
275.71
14.76
5 0 6 . 75279 2 7 9 . 2 (
15.29
518.Of
279.13
15.74
529.09
277.8865
16 .14
544.33
276.1
16 .56
7
279.19
16 .81 5 6 7 . 8
590.04
281.9
17.26
607.99
279.1
17.74
7
6
1
2
.
6
276.4
17.7E
2117. 816
275.99
17.81
.11385
279.1:
17.89
6
1
2
.
5
6
285.2:
17.94
6
1
2
.
7
2
408.6517
17.96
17.99
613.72
4 1 7 . 9961
18.0 7
614.72
286.8(
18.1C
6 1 2 . 3E
286 .
18.1]
6 1 2 . 3E
286.If
18.1]
613.34
286.2E
18.i:
611.82
282.9
7
18.2
615.33 2 8 . 9 7 8 5
18.2E
617.6E
28.1885
..18.31
616.11
.
Percent change from a
year earlier, total private
nonagricultural
Current d o l l a r s
Retail
trade
$573.14$655. $573.14 $ 3 2 1 . 6 :
590.77
685.75
333.35
595.1!
6 .
346.If
618.75
711.8;
360.8]
635
726.8:
367.IE
698.241 7 3 5 . 5 E
371.1:
673.3(
750.2;
377.5
691.0;
781.2:
383.024.31
711.56
816.66
385.1]
724.2:
842.36
386.3!
725.4;
849.9
387.6C
721.31
8 4 6 . 0E
388.5!
722.76
849.1:
385.412.9
721.19
8 3 9 . 96
385.3]
716.6(
851.5
384.3;
716.00
713.7'
713 . 1
717.If
713.5:
386 .21
728.9 7
72 8.1885
. 72 38.7
850.
851.96
8.1061
845.6:
849.35
849.0:
854.25
856.9;
841.88
Index
Period
Total
tion
(December
2005
Dec
Dec.
Dec
Dec.
Dec.
Dec
Dec.
Dec
Dec.
Dec
Mar.
Sept
Dec.
1
and
compensa- Wages
salaries Benefits
tion
2007
Mar
Sept.
Dec
2008
Mar.
Sept
Dec.
2009 Mar.
. . . 10.0...5 . . 8 100.. £
. . 6 1.01..t . . 6 1 0 1 . I . 1 . 6 1 0 1 . 6
102 c . 2 . 5 102.. E
1Q2 c
. . 3 103.4.8 . . 3 103.. ~>. . . 103.. i
1Q4 C
L04. ^
104.3 1
. . 0 10.4.. i . . 0 105.. £....104.;
. . . . 1 0 5 ..6 . . . 105.. i . . 9 104.9.8
J.06 ' . 6 . 7 105.9.9
1Q6 c
. . . .107..; . . . 10.7...f . . 6 106.5.7.8
. . . 1.0.1..£ . . . IDS., f . . . . 1 0 6 . !
108 f . . 1 103.. J . . . . 10.7.. E
. . 6 107.9.5.5.4 . . 6 103...f . . 6 107.9.5.5
. . . . 1 0 9 . . : . . . 10.9...5 . . . 108.. 1
a os c
110 £
1 0 8 ~>
• .0
• .4
• .6
1.1
1.0
•1.0
•2 .2
•2 .3
• .9
2 .0
3 .1
3 9.82
2 .5
2 .2
2
2
3
2
.8
.7
.7
.7
Statistics.
. months e a r l i e r
Total
and
compensa- Wages
salaries Benefits
tion
seasonally adjusted
3 5
.4. 2
4 1
3.12.6
.4.0
3 3
2.92.5
3 2
3.03.3
2 4
72 6
83 5
SO 2
76.7
. . . . 83.686.7
8 3 . 6 86.7
81 3
89 9
31 3
84. 7
. . . . .... . 9 0 . 0 92.2
90.2
. . . . .... . 9 3 . 6 9 5 . ]
9 6
96 2
91 2
. . 0 10.0...C . . 0 100.. £ . 0 . 0 1 0 0 . C
103 ; . . . . 1 0 3 . ]
1.03 ;
. . . . . . . . . . . . . . 10£.. I . 6 . 6 1 0 5 . f
IDS '
107 '
1.0 8 c
. . . .1QQ..S
. 1
1.3
12
months e a r l i e r
Seasonally adjusted
2006
1.0
.3
•
Percent change from=1
Not
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
1982
dollars
INDUSTRY
= 100 )
Wages and
salaries
3.3
3.
2.7
2.6
2.2
2.1
2.
4.3
3.
3.0
3.5
3.0
2.9
2.6
2.4
2.5
2.0
1.2
1.0
1.2
.9
1.2
.8
.7
3 . 2
386.2]
385.2]
386.2]
3 8 7 . 8C
386.2]
386.8C
390.38.8
390.38
1Also includes other private industry groups shown on p. 14.
Source: Department of Labor, Bureau of Labor
2
Current dollar earnings divided by the consumer price index for urban wage earners and
clerical workers (CPI-W) (on a 1982=100 base).
EMPLOYMENT COST INDEX—PRIVATE
Current
dollars
0.6
a
9
8
7
a
8
9
7
7
6
5
2
2
Not
0.7
.8
.9
.8
1.0
.7
.9
.8
.8
.7
.6
.5
.2
.2
0.5
.8
.9
.9
• . 3
1.1
.7
1.0
.6
.4
.6
.4
.2
.2
2 .6
2 .8
3 .0
3 .2
3 .2
3 .1
3 .4
3 .0
3 .2
3 .1
2 .8
2 .6
1.9
1.5
3.6
3.8
3.8
2.6
3.1
2.6
2.5
3.2
3.3
2.6
3 .4
5.6
5.2
4.2
6 .5
6 .7
4.0
3 .1
2 .4
2 .0
seasonally adjust
2.4
2.8
3.0
3.2
3 .0
2 .7
2 .8
3 .1
3.6
3.3
3.4
3.3
2
2
2
2
3.62
.6
.4
.4
3.2
3.1
2.9
2.6
3
2
2
2
.2
.6
.4
.0
2.0
1.6
1.6
1.3
1
Employer costs for employee benefits.
Data beginning 2001 are based on the 2 0 02 North American Industry Classifi
NOTE.-The employment cost index is a measure of the change in t h e c o s t o f l abor,free(NAICS);datapriorto 2 0 0 1a r e b a s e d o n t h e Standard Industrial Classification
fro m the influence of employment shifts among occupations and industries.details o n industry classification and other details see Employment Cost Index,
Da
ata exclude farm and household workers.
April 28, 2006.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hourof of
all person
Busines
sector
Output1
Hours of all Compensation p rReal compensati on
persons2
hour 3
per hour 4
Nonf arm
j s m e s busines Busines 5^ Nonf arm Busines =^ Nonf arm Busines =^ Nonf arm Busines 5^ Nonf arm Busines 3^ Nonf arm
busines
busines
sector
sector
sector busines sector busines sector
sector business
sector
sector
sector
ector
sector
sector
^ Nonf arm
busines
sector
5
Indexes,
113.3113. i. .7136. ]
117.2116. I . 1 1 6 . i
.120.. 1. . 1 2 0 .
.126.. I .2115.
I .3150.
.L3.4. .9134. ]
!3.7.. . 8 1 6 2 .
!3.a.
.5137.
.141. I .140.
.143. . .6142.
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2005:
I.
I.
I I
I I I
I V
2 0 0 8 :
I
I I
I I I
I V
2 0 0 9 :
I
I I *
166 . )
i. .137..
. 13.8...
'. .13 7 .
166 .
. 138.7137.7
I .0137. ) 1 6 6 .
. 7137.8. 3 172. i 1 6 8 .
1
1
1
1
2
2
2
2
1
7
3
5
. i
.
.
. .2
.
. 13.9... 8. 2 1 6 8 .
.2
.13 9 .
.142.. . .141.
. 1.42...:. .141. i
. 1.4J0... :.
3
•
. . . 3.A
. . .
24.1 . . .
... i _ : . . .
1 L
. . . 1.A . . .
1 <
2006 :
I.
II.
III.
IV
2007 •
2008 •
I
II.
III.
IV.
I
II.
III
IV
2...I
.i..:
c
•
. . . 3.1
•
i
120. .0
120. 4
134.4 3
123 .
120.
119.
119.
122 .
126 .
125.
127.
128.
126 . 4
125. 3
127.
128. )
3134 .4
1 2 4 .
114. i
2124.
1 2 6 . 3 122 .
124.
124.
.
.
.
1 3 4 .
1 6 3 .
M
M
1
53.
4.
53.3
2.
1.9
3 . (
4.1
3 .4
3 .1
2.3
• .81
^ c
64
4
3
. . . .&..!
. .
4 A
1.71
3 2.9
2 .4
1 8 0 .
1 2 4 .
change; quarterly
2.0
•2.1
•2.4
• .7
i.2
1.71
2.1
1.0
•2.0
•2.5
• .6
4.5
7.4
4 .5
3.1
4.8
3 .5
•1.9
•1.9
3.1
4 .5
2. 7
1.3
3.:
^ c
23.9
2.1
C
2.3
3 A
2.2
3.3
2.3
seasonally
4.5
2.0
4 .5
3.1
4.8
3 .5
4 . (
3.1
4 .5
2.7
1.8
1.9
2.5
2.9
3.2
3 . (
5.7
2.3
2.0
4.5
1.61
1.9
2.5
c
123 .0
123 .
1 2 3 . i 123.9
125.3
125.3
1 2 5 . ! 126.4
2 A
2.3
1.9
1.
2 .
3.
2.
2 .
1.9
• .5
3.<
2 A
2.3
• .8
3 A
2 .'
2 A
3.2
2.2
4 .8
3.5
3 . 7
2 . 9
4 .86
3.6
2 A
1.4
3 .<
6.5
2.8
3
2
1
2.2
3 .6
2 .6
.9
3.6
2 .7
1 . 1
1.4
A
2.2
•2.2
3.6
•1.6
•2.3
3 .9
•1.1
•2.3
2.8
1.4
3 .f
6.5
3.6
• .7
•2.7
35.0
4
2
1
1.61
A
1.4
•
.3
8 8
4. 4
2 .(
2 .6
5.(
A
•1.1
A
•1.4
.9
•2.1
• .7
3.6
• .4
2 .4
2 A
1.7.
3.1
4.0
2 .6
1.7.
i.;
4.0
2.S
•3.0
•2.8
•1.6
12.01
•2.8
•3.0
•1.6
12.0
i.:
1.5
4.0
1.0
1.7.
•1.8
4 A
2.(
•2.4
•1.2
•2.4
•1.0
4.9
6 .0
•5.0
•5.9
£
1.7
i.;
4.0
7.6
•1.5
•1.9
•4.0
•8.0
•1.6
•1.7
•3.9
•8.3
6 A
•8.7
•1.4
8.8
1.5
•8.9
•7.5
•9.0
•7.6
•4.7
4.7
135 . i 1 3 5 . 2
134.2 135.1
1 . 0
1 . 9
1 . 7
.9
1.3
2 .4
3 . 5
3 . 0
2 .3
1 . 5
0.8
3.5
1.8
• 1 . 3
1.4
c
4.4
3 .:
3 .9
4.3
•1.3
1.4
•3.7
•7.2
132 .3
132.
132.9
132.
1 3 4 . ) 134.0134
123 .
134 .3
• .5
3.3
•1.7
.4
130.5
131.4
131.7
125.912
0.8
1.
1.
0.8
3.5
1.8
1.3
c
• .3
^ c
•1.5
• .2
l.i.
130. )
131.4
131.
132.2 3
127.1
128.3
129.1
129.3
rates
2 A
2 .3
•1.0
111.0
11
2
115.1
115 .61
117.6
120.4
124 .7
128.5
131.5
133.5
annual
A
2.2
A
i.;
81.01
adjusted
56.8
23.6
1.9
9 1
3 .'
3 .i
1.6
c
at
56.8
1.1
^ c
A
1.9
1.3
• .1
3.5
•1.7
6 .(
2.3
data
126. 3 1 6 3 . 126 .
124. :» 1 2 4 . 4
124.
3.6
.4
1.9
1.3
.9
3 .1
3.:
2.0
2009 • T
)
i
)
3
1 2 6 . .0
119. i
170. i
134 .
0
2
0
7
4.0
1
118.
1 1 9 . .2
120. )
120.
126.
1 4 1 .
1 2 0 . ! 172.
1 2 7 .
127.
1 1 6 7 . ) 184.£
2
7
7
6
4.0
. . . 3 .'
.
1
118. 7
.
2
119. 0
120.
120.
1 2 0 .
1 2 5 . i
1 7 0 .
1 1 6 .
1
1
1
1
• .4
1
160.
119.
120.
120. 3
127 .
121.
121. i 119. 3 1 2 1 .
1 2 7 . 1 ) 168.4 127.1
122.
169.:. 128.3 ) 128.3
1 2 2 .
127 . ) 1 2 7 .
122.
128. 3 129.1 ) 129.1 ) 129.1
129.1
169.7 123.
1 2 3 .
125. ! 125 .
128 .
173 ..! 122 .
1 2 2 .
125. ) 129.3
6 A
1. (
• .91
5 . •>
120.
160.
135.
119.
120. ) 125.3
163 . 3 119.
. )
6.5
1.
2.11
110.
112 .
116.
115.
116.
116.
119.
127 .
125.
126 .
126 .
125.
125.
125.
...2.£ . . . 2.A
i ...
A
. .-.2 ..2..-.1.9
2 '
2 1
0
111.0
112 .
116.
116.1 :.
114 . :>.
116.
119.
122 .
125.
126 .
4
4
6
4
0
6
1
2
5
6
126 .
125.
125.
132.2
4.5
i.:
3.:
2.3
. . .l.i .
i 136. i
3 111.
) 143.
115. )
117. 3
120.
119. 4
i 120. )
125.
170.
2
3
1
4
5
5
6
2
2
2
122 .
139.
141.
141. i
... 3.2 . . . 3.. <i
. . .• .6
. .71.63.
... 3.32.9. . . 2 . (i
t
• 4
1 '.
. . . 3 . 5 . . .2 A
110.
i 121 .
114.
) 116.1
117.
i 120.
124 .
3 170.
131.
3 133 . )
. i 136.
.
114.
.
114.
.
115.
. 4 118.
.
116.
. i 118.
. ) 120.
. ) 131.5
. ) 170.
1
1
1
1
1
1
1
1
1
1
121.
125.
125.
122 .
.1..!
1i
c
adjusted
174 . .8
125.
125.
120.
3 .
2
1.9
. . . 5.55.5 . . .
161.7
1 1 8 .
1 1 8 . ! 118.
1 2 0 . ) 164.
1 2 6 . 4 ! 163.
seasonally
175.2
1 2 1 .
125.
1 2 5 .
1 4 1 . 3 172.
1 7 2 . 3 179.
'
4 1
. . . 3...'
i
125.4
1 2 0 .
113.2
134
140
1 9 .
1 5 . i 145
152
150.
1 6 . ) 157
1 6 2 . 3 163
170
2 2 .
1 2 2 .
177.3176
3 3 .
182 .:.
data
1 2 6 . .8
1 3 9 .
131.7
1 2 0 . i
.1.4.4... i. .143.3.2 1 6 3 .
163.
.146. ; .145.
i
)
quarterly
168.
168.
1 7 0 .
169. !
171.
1 7 2 . )
172 . i 1 7 2 .
141.
'. .141.
. 142.7141.7
. 1.43...i. . 1 4 2 . i 1 7 2 .
.143... i. .1127. i 1 7 0 .
167.
. 1.4.4... :. .143 .
4
IV
1
.
3
I.
II.
III.
1
3
.
.
.
.
... 3.53.4. . . 3..A
. 8 . 3.. 1 . . . 2...(>
2005 :
)
7
8
8
0
Percent
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
1
1
3
1
1
1
1
2
166 .
166 .
166.
168.
1992=100;
i
)
1 1 9 .
13.2
1 8 .
1 5 .
1 5 .
1 6 .
1 6 2 .
1 2 0 .
131.5
1 2 6 .
1
1
1
1
1
1
1
1
1
I I
I I I
I V
2 0 0 7 :
136 . 6.1
142 .
143.
146 .
150.
156.
161 . )
167.7.1
125. )
170.
3 1 6 0 . i 160.
135. ) 161.
. 5135.71 . .13 5 .
162.
2. 5 1 6 2 .
162.
±2.1...
163 .
163 .
. 9 1 2 0 . 7 1 2 0 . :. .136 .
I I
I I I
I V
2 0 0 6 :
135.
141. 3
143. )
145. !
150. i
156.
161. !
167 . !
170.
170.
.135.
. 3160.6113. 7.
I. .
Implicit price
deflator 5
Unit labor
4.0
• 1 . 0
2.1
• .2
• .2
2 . 7
• .3
Output refers to real gross domestic product originating in the sector.NOTE.—Data relate to all persons engaged in the sector.
,
F t' t
h
d
1
hi ' 'h
d t
Terceift changes are from preceding period and are based on original data; they
° WagreSs and salariesof employees plus employers’ contributions f or " s ^ c i i V ^ f s u ^ a M f 1 ^ ^ p e r c e n t changes based on indexes shown here,
vate benefit plans. Also includes an estimate of wages, salaries, and supplementalpaymentsfor*DatabasedonGDPdatare leased on July 31, 2009 .
W r
th e
eslf-employed.4Hourlycompensation divided by the consumer price index for all uri%rcceonsRfJ?earrstm?efa^f L a b o r ,
U) for recent quarters. The trend from 1978-2008 is based on the consumer price index research series (CPI-U-RS).
5
Current dollar gross domestic output divided by the output index.
16
Bureau
of Labor
Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization rose in August.
INDEX, 2002 = 100* (RATIO SCALE)
140
INDEX, 2002 = 100* (RATIO SCALE)
180
TOTAL INDUSTRIAL PRODUCTION
FINAL PRODUCTS
170
160
120
150
110
.
BUSINESS
EQUIPMENT
-—•
v^"
140
130
DEFENSE AND
SPACE EQUIPMENT •
120
| | M M
MANUFACTURING
DURABLE
CONSUMER
GOODS
\_
\
no
80 1 i H ' ' I i | i i | Ji s i I i I 1 I i
100
PERCENT*
90 111 ii 111il 1111111II 11
1 1 1 1 1 1 \ M 1 i 1 1 1 1 M 1 1 1 1 1 1
CAPACITY UTILIZATION RATE {TOTAL INDUSTRY)
130
120
' I I I 1 I I I I 1 1
NC)NDURABLE
r—^-^
UTILITIES AND MINING
A
110
100
-
—r-
MINING
N
1
\
^
M U l h l l 11
,111,1
2O05
^-|
\
V
90
/
•
V
UTILITIES
2006
2007
-
1 I l l l l l 1 1 II
2008
2009
2006
2005
2007
2008
2009
'SEE FOOTNOTE 1 TABLE BELOW
"SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
C O U N C I L O F E C O N O M I C ADVISERS
[Monthly data seasonally
Total i n d u s t r i a l produc tion
Percent
Period
Index,
2002=100
1999.
2000.
2001.
2002.
2003.
2004.
2005.
2006.
2007.
2008.
100.1
.100.C
101.3
103.8
107.2
109.
111.3
108.8
2008: Aug
Sept
Oct. .
Nov. .
Dec. .
.109.2
.104.6
.106.2
.104.6
.102.4
2 009:
.L0.0...1
From
preceding
month
99.
.99
. 97.7
. 97
. 96
.95.8
.495 .7
.97.4
Industry production indexes, 2002=100
Manufacturing
change
year
earlier
adjusted]
Total 1
Durable
Nondurable
Other
(nonNAICS) 1
110
112
105
100
97
97
97.6
96
95
. .4.3
. .4.2
.173.8
. : .1
. .1.3
. .2.5
. .3.3
. .2.3
. .1.5
.•2.2
99
104.4
100
100
101
104
108
111
112
109.1
97.8
105
100
100
102
107
112 .6
117.6
110
116 .3
101
102
98
100
100
102
104
105
106
103 .6
04.1
•4.0
1.3
•1.3
•2.3
•2.2
•6.4
377.
113. 7
[ .1
', . 5
8.9
109.
105.
106 .C
103 .i
100.6
188 .91
99.3
102 .
100.3
97.0
•2.2
• .8
•1.6
• .6
•1.1
• .4
1.0
•10.9
•11.3
•12 . 5
•12.5
•13 .2
•13 . 3
•12.4
•10.7
97.
97.7
976
95.6
93 . 7
94
95.7
96 . 3
96
97
976
96.9
97.0
97.0
96.9
.796
103.7 .
Jan
Feb. .
Mar r .
Apr r
May
June r .
July
1
8102.786
1 .
105.3
99
98
976
95
93
97 . 0
96.0
96 .4
Mining
Capacity utilization
rate
(output as percent
of capacity) 1
Utiliti
Total
industr
Total
manufacturing
89.9
101. t
104
104
100
100
99.6
98.3
101.
106 .
108 .
94
97.4
97.0
100
101
103
105.4
104
108
108. t
81.
81.
73 .
74.6
75.8
77
80
80
80.6
77.6
80.7
80.1
73.8
72.7
73 . 7
76.2
78.6
79.4
79.0
75.1
86 .
86 .
84.6
106 .4
96.4
103 .E
109.174
103.4
104 .3
105.'
107.1
109.1
111.3
77.6
72 .5
75.4
74 .4
72.7
75.3
72 . 5
72.7
71.1
69.0
81.4
80
76
74
73 .4
74
74
75.0
102
101
98.
96.
95.
94 .
94.
95.2
111
106 A
106
106.4
104
103
102
104 . ]
71.1
70.6
69
69.2
68
68
69
69.6
67.1
67.1
66.0
65.7
65.2
65.1
66 . 1
66.6
1Total industry and total manufacturing series include manufacturingasdefinedintheNOTE.—Databasedonthe North American Industry Classification System
North American Industry Classification System (NAICS) plus those industries—loggingandseriesasdefined i n footnote 1.
newspaper, periodical, book and directory-publishing-that have t r a d i t i g r j j ^
teardW^'SernBrs
of the Federal Reserve System,
manufacturing.
2
Percent changes based on unrounded indexes.
17
(NAICS) ex
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[2002=100; monthly data seasonally
adjusted]
Products and nonindustrial supplies
Final products
Consumer goods
Equipment
Period
Total
Total
Durable
goods
Materials
Nonindustrial supp lies
Nondurable
goods
Total 1
Business
equipment
Defense
and
space
equipment
Total
Construction
supplies
BusiTotal1 Energy
ness
supplies
1999
2000.
2001
2002
2003.
2004
2005.
2006
2007.
2008.
97 ]
96 0
9 6 . . 0106 . C
. . .9.9...] . . .9.9. ..0. . . .9.9...2. . .111 .c
98 ]
94 7
99 4 . . 4 1 0 7 . 7
10 0 (
1QQ ( . .1QQ..C . . .1QQ..C . . . 1 0 0 . C
. .10.1..; .6101.0 . .103..^ . 4 1 0 0 . 6 . . .101 . C
103 '
1Q2 ' . .104 ..£ . . .101 _£ . . . 1 0 5 . E
. 6107.3 1 . 4 105. 3 .4 1 0 5 . 3 . . .105 ..3 . . .113 . E
11.0 '
1Q5 5 . .104..;. . .106..; . . .122 .E
. . .11.1..< . .106..5 . .104..'. . .107. ..4 . . . 1 2 5 . £
. 410 6 . 9 . .104..( . . .9.4 ..4. . .106 ..c . . 4 125 . ^
106 .4
101. 5
108.C
100. C
100. C
105.;
110 6
113 .4
107 .4
125.C
102.;
91.3
100.C
100.C
101. 0
104.'
115.£
113.4
117.6
109.6
106.0
101.5
100.8
100.C
101.3
103.4
107.6
100.0
108.£
106
102.'
101. 5
100.8
100.C
99.7
102. C
106.6
100. 0
104 .7
104.0
100.6
101.5
100. 3
100.C
101. 3
103. S
107.6
100. 0
101. 8
103. 6
98.7
101. 5
99.1
100.C
101.3
104. E
107.C
100. 0
111. 9
109.6
99.9
101.5
100.3
100.0
100.0
99.6
98.4
100.0
101.8
103.6
2008: Aug.
Sept
Oct.
. 2 105.9 1 . 10.2...' . . .92..2 . . .10.5..c
106 '
91 5
1 0 4 ~>
L0L '
. 5 1 0 7 . ( . . 103.. (...89.5 . . . 10.7.. C
1.0 6 ' 102 (
86 4 . . 4 106. 7
. 6 106.0 1 .6 10.0...f . . .82...6. . 10.6.. C
126 .6
119.£
117.6
119.E
121.6
126 .;
117. 7
114.£
117.6
120.£
104. 0
118.£
120.4
104. 3
119.£
104.0
102.6
102.3
99.8
96 .5
104.0
99.1
97.8
93 .6
00.11
106.6
104.;
102.3
102. S
104.2
9104. 0
104.;
102. 3
104. 3
104. 2
104.0
96 .2
102.3
104.3
104.2
103 '
98 6
74 6 . . 1.05.. £
. 5 102.2 . . . 98.. .7. . .7.6...] . . .LOS. E
1Q1 f
98 3
76.1 1 . . .105.(
. 3 1 0 8 . 3 . . .97 .7. . .75 .9..3 108.3
99 4
96.7 7
73 8
103 '
99 Q
9 4
72 9
103 c
. . .99.9. . .97.]. . .78.6. . .102 .'
1Q1 (
96. 4
80 2 . . .103 .£
115 . 7
113 .6
105. 9
113 .6
110.6
108. 3
106 .4
105.£
107.C
107.6
120.E
118.4
1.698.3
119.C
119.£
120.C
122 .;
122 .;
94.7
93 .2
91.4
91.1
90.4
90.5
90.7
91.1
85.8
84.6
82 .7
.2 1 0
82 .0
82 .0
82 .5
82 .5
98.9
97.3
95.6
95.5
94.4
94.6
94.6
95.1
99.0
98.5
96 .5
96.2
95.2
94.7
95.9
96 .4
103.6
102.2
101.3
100.1
99.0
98.1
97.9
99.0
99 £
. .10.2..5
10 0 5
Dec.
2009: Jan
Feb.
Mar r
Apr r
Julyr
1
no.;
108.3
106 .4
105.£
107.1
107. 7
Includes other items, not shown separately.
[2002=100; monthly data seasonally
adjusted]
Nondurable manufactures
Durable manufactures
Primary meta ls
Fabricated
Iron
metal
and
steel prodTotal
ucts
products
Period
Computer and elec-Transportati an
tronic produc ts equipment
Machiner y
Total
Selected d
highTotal
technology
ApMotor
parel
vehicl or
and
parts
Printing
and
support
Chemical
Food
1999
2000.
2001
2002.
2003.
2004.
2005.
2006
2007.
2008
11.5 ] 111 < . .106..4 . .112.C ... .7.7.2
. . .111..'. .110..5 . .110..' . 7 1 1 7 . 7 . . 7 101.4
96 8 . 3 1 0 1 .396 . 6 104.2 . . .103 .;
99 5
. 0100.0 1 . .1QQ..( . .1QQ..C . .100.C . . .100 .(
. . 99.. 1. .101..: . . .9.8 ..7. . .99. ..7. . .114 .3
. . .110...( . .118..; . . .9.8 ..9. 9 1 0 3 . 7 . . 7 129.9
. 8104.5 1 . 4 1 1 0 . 2 . 1103.4110.2 . .no.; . . .144 .E
119 ' . .1Q9..C . .115.E . . .163 .£
112 f
. . 1LO...( . .110 9.5 . .112..] . 1 116.4 . . .176 .'
102 ' 1Q5 ; . .110 9 .4 . 1 109.4 . . .192 .£
70.0
98.3
104.2
100. C
101. 0
137.£
158.£
189.1
213 .'
238.C
104.6
99.7
91 .412
100. C
101.C
100.'
104.E
104.;
109 .5
96 .1
100. E
99.9
91.4
100.C
101. 0
103. 7
103. £
100.;
97.4
83 .3
155.6
148.C
126.£
100.C
92 .8
79.8
76 .9
75.3
76 .5
72 .6
112.4
113.]
104.2
100.C
96 .2
96 .9
99.2
99.8
100.6
93 .9
93 .6
95.0
93 .4
100.C
101.0
105.6
104.2
112.6
1109.5
108.S
96.0
97.7
97.7
100.0
101.0
101.1
104.2
105.4
109.5
111.1
2008: Aug.
Sept
Oct.
. 2 93.01 . .116...< . 2 1 1 0 . 2 . 2 1 10. 2
L 0 4 . < . .10.9...; . .107...;
102 (
. . 1.0.6.. 1
. . .93 .2. 42 28.485 . . 10.7.. ^
63 3
1Q6 C
81.4 6
SI 4
. . . .71.. .9. . 53.. 3. 10.2..^ . 3 69.267.787
196 .6
194.2
188.4
106. 0
176 .;
94 .6
240.C
228.4
214.3
204.£
94.6
88 2
07.31
86 .5
88.3
79.2
79.9
71 .49
74.2
69.2
74.2
72 .8
71.4
69.6
67.7
93 .0
92 .3
91.9
90.6
87.4
10.7
10. 4
106.'
103.;
98.7
110.7
110.4
111.8
111.7
108.6
..2 75.3 . . . 4 8 ..4. . 98.. 2. . 3.6..2
. . . 64.. .5. . .43.. D. . 35...6 . . .3.4..0
01. 3
.47 8
88 7
60 7
. . .60 .5. . .43 .9...89.4 ...86.7
8 6
.68 3
83 9
59 5
. . .61.2. . .53 .4. . .87 .3. . .82 .1
87 1 . . 1 8 2 . 6
63 4
67 5
8 3
61. 9
83 3
68 ]
174.£
171.6
171.4
172 .£
170. 7
170. E
173 .£
1.4 6
204.2
199. E
200.4
204.2
199. 7
201.;
206 .;
205.2
75.3
77 .7
78.0
72.820
70 .7
72 .3
79.4
81.4
51.2
55.8
56 .7
56 .1
51.8
49.9
59.9
63 .2
65.5
64.5
64.7
63 .1
63 .6
59.8
61.4
61.9
85.3
82 .7
81.6
80.1
79.6
80.2
79.5
79.4
99.8
101.6
109.0
102.6
102.111
102.6
109. 4
103.6
108.3
109.5
109.0
109.8
110.9
110.4
109.4
111.0
Dec.
2009: Jan.
Feb.
Mar r
Apr r
Julyr.
Augp
1
Computers and peripheral equipment,
related electronic components.
18
communications
equipment,
and sSromcoeduBoarel andGovernors of the Federal Reserve
NEW CONSTRUCTION
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Total new
construction expenditure
Residential
Federal
and
State
and
local
Nonresidential
New
housing
Commercia
(including
farm)
Lodging
turing
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
. . .538
. . .534 .4
. . .575.4
. . .771
. 7 868
. .112
.7. . . .861.6
.1,.Q7.2..L . . .765
326.3
346.1
364
396. 7
446. C
532
611. i
613
493.2
350.1
251.3
265.C
279.4
298.£
345.
417.E
480.£
468.£
354.1
229
249
275
273
237
229
238
256
298
368.4
416 .]
16
16
14
10
9
82
12 .7
17
27
35.4
45
52.4
49
35
30
32
37
45
53.8
57.1
59.4
04.91
63 .6
59.0
57.5
23 .
66 .6
73 .4
85.9
81.5
35.1
37.6
37.8
22.7
21.4
23.7
29.9
35.1
45.3
60.8
93
104
108
110
109
106
110
126
155
181.4
169.1
181.3
201.9
213.4
216.1
220.2
234.2
255.4
289.1
306.0
2008: Aug
Sept
Oct. .
Nov. .
Dec. .
1 , .0.6.6.. L . . .7.56 .4
2. . . .7.73 . 6
.1,.Q64 1 . . .754.]
.1,.0.3.7. 3. . . .7.26 . £
.1., .0.0.2. 1. . . .6.96 .6
340.
350.
327.
310.
292.
220.7
212.£
204.7
192.1
1 .
416 .
.23 6.8
426 .:
416 .4
404.3
37.4
36 .8
56 .576
58.0
58.4
56.5
55.8
51.6
79.9
77 .9
76 .5
73 .5
71.0
61.1
65.8
71.0
70.6
70.2
179.£
184.:
185.£
10.5
179.
309.7
307.6
310.0
310.5
305.6
278.£
260. i
248.9
252. 7
241
237.C
238.3
249.E
162.6
147.£
139.2
130.7
123 .4
125.4
131. E
134.£
395.1
400
401
401
398.4
382
372
372 .6
29.2
29.1
31
30
.8
27.4
24
49.0
66 .
66 .5
65.0
62 .1
181.8
53 .5
52
51
77.3
81.3
82.0
84.1
85.4
78.6
75.7
79.8
172 .
174.
175.
181.
181.
180.
178.
1
4
300.
309.
316.
317.
318.
325.
323.5
319.8
.744.6
.802.£
.840
.847.9
.891.5
.991.6
2009: Jan
Feb. .
Mar. .
Apr. .
May. .
June r
Julyr.
Augp
. . .575
.35 2 . 4
.6.73 . £
.6.6 0 . !
.7650.4
.6.54 .]
.639. £
.619.E
.6611.123
.622 .]
.9.7.4.
.970.
.966.7
.97.1.4
.958..:
.945.1
.93 4.£
. 941
1
Includes residential improvements, not shown separately.
2
Includes health care, educational, communication, and power,
shown separately.
35.
31.8
48
43
44
42
41
249.51
Source: Department of Commerc
j other categories not
Bureau of the Census.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or houses, except as noted]
New private housing units
Period
Total
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
New p r i v a t e housingunit
Units started, by type of structure re
1
unit
. 1, 640. 9. . . .1,.3Q2.
. 1,568. 7. . . .1,.23Q.
. 1, 570. 7. . . .1,.273.
. 1, 704. 9. . . .1,.358.
. 1, 847. 7. . . .1,.499.
. 1, 955.
. 2, 068.
. . .1,.465.
. 1, 800.
1,355. 0. . . .1,.Q4S.
. 0905.41, 5 . 5 622.C
2-4 units
31
38.7
36 .6
38
33
42
41.1
42
31
17.5
Units
Units
5 units c r authorize d completed
306
299
292
307
315
303
3511
292
277
266 .C
1,663.
1,592.
1,636.
1,747.
1,889.
4
2,070.
2,155.
1,979.
1,398.
905.4
1,604
1,573
1,570
1,648
1,678
1,841
1,931
1,979
1,502
1,119
Houses
sold
Vacancy rate
for rental
Houses for rhousing units
sale at
1
(percent) 3
of period
880
877
908
973
1,086
1,20:
1,28:
1,05]
776
485
308
298
308
339
370
422
511
536
497
350
444
436
409
390
374
412
395
380
370
350
329
354
332
345
r
371
400
426
429
340
328
313
300
293
280
270
262
8
8
8
8
9
10
9
9
9
10
.1
.0
.4
.9
1,8
,2
.8
.7
.8
.0
Seasonally adjusted annual rates
2008: Aug
Sept
Oct. .
Nov. .
Dec. .
,01844
822
763
6 5545
2009: Jan
Feb. .
Mar. .
Apr. .
May. .
June r
July r
Augp
......
.555
.57.4
.521
......
.5.51.
. 570
. 589
.598
612
549
534
457
393
15
19
10
18
9
222
254
219
180
154
857
806
729
630
564
357
357
361
388
409
478
494
479
13
13
31
11
9
11
10
4
118
204
129
80
133
101
85
115
531
550
511
498
518
570
564
580
1,
1,
1,
1,
1,
018
148
055
084
028
778
828
833
846
812
794
804
760
9 .9
10 . 1
10 . 1
10 .6
1
Derived; seasonally adjusted monthly data
2
Seasonally adjusted.
3
Revised
s e r i e s . Quarterly data entered in
4
Based on 20,000 permit-issuing
2,052.1 thousand u n i t s .
places.
for 2-4 u n i t s are no longerpublished.NOTE.—Beginning 2 0 04, u n i t s authorized are for 20,000 permit-issuing p l a c e s . Fo
data shown, u n i t s authorized are for 19,000 p l a c e s .
l a s t month of q u a r t e r .
Beginning 1999, housing s t a r t s , completions, and sales are not d i r e c t l y comparab
Based on 19,000 p l a c e s , theto tkaital difierto2 0^M^ estimation methods.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In July, according to current estimates, manufacturing and trade sales rose 0.2 percent and inventories fell $14.3
billion. According to advance estimates, retail sales rose 3.0 percent in August. Retail and food services sales
rose 2.7 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
1,700
BILLIONS OF DOLLARS* (RATIO SCALE)
550
RETAIL INVENTORIES
1,600
500
1,500
\
'
VtANUFACTURING AND
N
450
\
1,400
V.
\
RETAIL AND FOOD
CES SALES
400
\
. •
1,300
• • . .
350
^
1,200
V
/
\
RETAIL S/\LES
1,100
•
MANUFACTURING
AND TRADE SALES
4
\
300
\
\
1,000
1 I l l i l l 1111
250
900
RATIO*
1.80
INVENTORY-SALES RATIO
1.70
800
1.60
700
1.40
MANi IFA'—n IPIN<"5
AND TRADE
1.30
600
2005
2006
11 I I i h i l l l
2007
1.20
2008
V
....
1.50
j-y*J
MMill III
-*
2005
2009
1
2006
/
1
—^vr^~'
/
I l l l l l l l l l l 1 Illill INI
2007
1
2008
*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
\
/
Illllllllll
2009
COUNCILOF ECONOMIC ADVISERS
[Millions of dollars, except ratios; seasonally adjusted, except as noted]
Manufacturing and trad
Period
Inventories 3
Retail
Wholesale
Inventorysales
ratio 4
Inventories
Inventory
sales
ratio4
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
.2 . . .1..4U.216,597 290, 3l|8
.786, 63 4
.834,3 > .i,.i9.a,.o:.2 . . .1..4:.234,54
309,46
.232,09
.818,61
.5 . . .1..4:.
297,92p
.823, 714
.3. . . .1..3.(.236,294 3 0 1 , 8 9 L
.853,59
.8 . . .1..3...246,857 301,264
. .923 31 ) l,.240.,.0J .2 . . .1..3.U.274,713 3 3 7 , 9 8 3
.1 ,.0.0.0. ,.a>181,.3.Q7.,.0J .0. . . .1..2 .297,91
362,45 L
392,29 L
17.1,.3.9.1,.2! .2 . . .1..2 .323,39
.61 ,.447.,.a: .0. . . .1..2 .345,871 . 1 6 3
141,. 455, .9.1 .2 . . .1..3. .375,059 4 2 9 , 5 7
1,
131
1.2!
1,
1.1
1.51
1.1
1.
1.1
2008: J u l y
331,510,91 9 . . . 1 . 2 ."3 9 2 , 2 7
1,165,035 51,507,13 6. . . 1.2 9 386, 40
,61,5.0.0., 8.1 .2. . . 1.3. . 3 7 8 , 6 2
:3 . . .1..3 . 362, 53
1 , 0 9 5 ,637
.1,.0.3.6.,.2: 151,. 4.7.7.,. 5.i ;i. . I.A: . 3 3 7 , 6 1
1 , .0.0.0., .6.' 111, .455., 3.1 '2. . . 1
6 325,67
429,57
l.l:
1,134
1.1
1.2:
1,
1.3:
4303, 921
418,539
411,09
405,599
400,79
392,493
387,19 L
1.3
18,39
1.3:
1,38
12,
1,
1,
Sept
Oct. .
Nov. .
Dec. .
2009: J a n
Feb. .
Mar. .
Apr. .
May. .
Juner
Julyp
1
2
443,913
1,190,733
9.9.8,.Q11 1 , .438,
.987,.
.969 85 3 .1 ,.40.0. ,.2
. 1.4631
1.4431
.1 ..4.
.967 28 i 1,3S2., 1.
. 1.43
. 9 6 7 , 07 ) 0 1,365,3 1 . . . 1 . 4 :
. 9 7 7 , 59 771,345,8881 8 . . . 1 . 3 !
. 9.79,63 2 1,331,5 4 . . . 1 . 3 !
L 443,93 7
5 442,5281.173
9 438,249
5 434,98
. 3 1 7 , 73 L
. 3 1 8 , 49 L
. 3 1 0 , 72 3
.31300,1174
. 312, 0 3
3 1 2 , 94 L
314,52
Inventories
Retail and
Inven- food services
tory
sales 2
sales
ratio4
1.5!
1.5!
151
1.5!
1.5!
1.5!
1.5:
1.5(
1,44
1,455
257,797
274,518
282,131
288,845
301,264
8289,52846
340,057
357,284
369,385
367,741
336,07 ) 5443,913 1
333,17 ) 5 0 0 , 4 1 )
328,469 5 0 0 , 0 3 )
317,19) 498,884
309,742 490,322
298,94) 484,414
1,50
1.5
1.5S
1.6
371,134
366,555
355,037
347,707
336,438
476,49!
470,93)
466,50L
460,03 J
452,03 L
446,62 J
442,22 )
1.5
1.5
1.5!
1.5:
1,5
1.4
1.45
234,046385
249,063
255,644
261,194
272,123
289,528461,3
307,283
322,46 L
332,902
329,995
303,92 L
304,88)
301,057
300,117
301,59 J
304,72)
r
304,15)
313., I S 2
385,03)
406,887
394,77 J
416,28)
432,372
461,372
471,74)
487,514
499,724
484,414
374,103
342,017
31304,8
339,228
338,344
339,873
312,941392
r
342,280
. .351,418
4
See page 21 for manufacturing.
Annual data are averages of seasonally adjusted monthly r a t i o s .
Annual data are averages of monthly not seasonally adjusted figures Scm(rKrtehlyJe(pa1ramaire ©eaCommerce, Bureau of the Census,
sonally
adjusted t o t a l s for month.
3
Seasonally adjusted, end of period.
20
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In August, manufacturers' shipments, inventories, new and unfilled orders fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
500
460 - SHIPMENT
420
BILLIONS OF DOLLARS* (RATIO SCALE)
580
540
——1
500
—460
— TOTAL 420
\
380
TOTAL
340
380
300
DURABLE GOODS
340
260
DURABLE GOODS .
300
/ 4 ,••-• \
220
l~
--"•'
260
NONDURABLE GOODS
IDURABLE O<~"~»~":
180
220
| | | n
\
| ] m |
140
180 h-
BILLIONS OF DOLLARS* (RATIO SCALE)
500
460
NEW ORE ERS
^ ^
420
•
/
380
TOTAL "
340
t
^
| | M |
140
\
\
^
|
lllMM.
I!1II i 1 1 1 M
1 i1
)
|
|
n
RATIO*
1.60
INVENTORY-SHIPMENTS RATIO
1.50
300
H\
ABLE GOODS
260
A
220
/
1.30
\
140
2005
Mill I l l l l 1 1 III l l l l l l l
2007
2006
M
1 1 M i l MM 1
2008
1.10
2008
2005
2009
2006
2007
*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
shipments 1
Manufacturers'
Manufacturers'
inventories 2 Manufacturers'
new orders
Durable goods
goods
Nondurable
goods
goods
Nondurable
goods
Millions of dollars,
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2008:
Aug
Sept
Oct. .
Nov. .
Dec. .
: Jan
Feb. .
Mar. .
Apr. .
May. .
June
July
Augp
2009
296,553
306,72 7
267,82 3
260,582
246,96 3
265,07D
283,593
309,914201
3 2 0 , 75 7
343,46 3
3223, 7484 3 3 9 , 0 3 3
.445 ,.45 5 208, 3 3 3 9 2 3 7 , 1 1
5 5 8 , 2 9 5 339.72 3
..431,49
208, 2 2 3 , 223,25
4 1 5 , 9 0 0 0 201, 113 214,7815 554,9903 341,168213
5 5 2 , 2 5 3 342,253
.388,.92 3. 8 192, 772 196,15
3 7 5 , 9 8 p 189, 4153, 186,0.7b 6 8 1 9 8 , 5 343,463
366,36
179, 43 3 186,933 535,8503 3 3 9 . 7 3 5
. . 3 6 4 , 4 7 b 177, 83L. 186,64P 528,9203 335,1641
. . 3 5 8 , 0 7 3 3 174, 417 183,65
522,662 329,46D
. . 3 5 6 , 4 3 p 173, 183 183,250 5 1 6 , 5 4 5 325,4041
. .353,42
168, 483 184,94
512,515 6 2 , 6 7 4 5
. . 3 5 9 , 9 2 3 . 169, 83 5 190,09
506,7703 3 1 6 , 6 6 7
. 3.6.0.,.9.5|L ,174312, ,7441 4187,207502,17 502,17431 312,8841
. 3J5O., 0.4 3 1.71., 8051. !8.8.,.74 7 498,2383 3 0 8 , 3 5 3
. .335,.99[L 1 193,
. .350,.7.1 5 197,
. .33Q,.87 5 1 8 1 ,
. .3.26,.22(7. 7 176,
. .334,.61 6 178,
. .359,.Q8[L 1 188,
. .395 ,.17 1 3 202,
. .418,.33 3 0 213,
.423,42p . 2 1 3 ,
.431,9
. 20.7,
89
807
201
9423
549
T.
070
403
5.7
801
142,09 6 4 6 3 , 6 2 5
152,9084 8 4 8 1 , 6 7 3
149,674428,1 4 4 2 8 , 1 1 3
149,259423 9 4 2 3 , 1 3 3
156,067 .408,301
175,6273 9 4 4 0 , 6 9 7
1 9 3 , 1 0 p 3472,860283
204,92 3511,487
2j3S.,S5jL. £3.0., 6 6 1
22.4., 1 2 £.4.1., 98 5
Capital
goods
industri
nondefense
seasonally adjusted,
167,072
174,945
160,281
162,55L
161,34L
175,62 7
189,262
201,573
2 0 9 , 90 7
1,9863
223,748443
218,56 3
213,822
209,991
1,9863
196,115
193,755
193,202
1 9 1 , 14L
190,93 3
190,103
1 8 9 , 29D
1 8 9 , 88 5
3 2 9 , 77D
346,789193
322,745
316,803
330,36 3
7 5 , 6273
395,40L
419,793
427,59 7
41,9 8 6343
443,20D
728218,5
403,315
377,203
3 5 8 , 81L
346,12 D
348,46 D
341,93 5
343,76 D
347,615
1 9 0 , 103
725 7 3
352,883
Manufac
turers
unfille
orders 2
Manufacturers '
inventoryshipments
ratio3
except as noted
187,671
193,88L
173,072
167,55D
67408,3042
184,26 L
202,293
511,4 8 7 3
27,
5
224,1285
206.081
206,031
188,531
181, 04 7
172,74L
159, 18 7
161,812
158,273
160,513
162,671
160.82 L
168,512
164,142
64,39
69.27 i
58,24
51,81
52,89 I
54,619 1
65,77p
71,72
74.28 i
69,13
6,529 1
67,92
63,48
60,14p
53,96
48,63
50,93
50,42
4 0 4 1
53,09
53,01
56,72
52,42
505,49
549,44
514,34
462,12
477,60
496,34
572,83
660,40
773,29
800,36
826,52
828,22
820.67
812,87
800,36
783,95
770,93
757,69
749,08
746,74
740.68
739, 92
736,80
1.35
1.35
1.38
1.28
1.24
1.19
1.17
1.19
1.23
1.28
1.26
1.29
1.33
1.42
1.44
1.46
1.45
1.46
1.45
1.45
1.41
1.39
1.38
1Annual data are averages of monthly not seasonally adjusted figures ,TcrtKafLthityd ctkbaahabse shipments and inventories include data on semiconductors
sonally adjusted totals for month. Shipments are the same as sales. filled orders do not.
2
Seasonally adjusted, end of period.
^
^
^
^
^
.Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
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.
21
PRICES
PRODUCER PRICES
The producer price index for all finished goods rose 1.7 percent in August. Prices of finished consumer foods
rose 0.4 percent, while prices of other finished consumer goods rose 2.9 percent. Capital equipment prices rose
0.3 percent.
INDEX, 1982 = 100 (RATIO SCALE]
210
INDEX, 1982 = 100 (RATIO SCALE)
210
SEASONALLY ADJUSTED
FINISHED GOODS PRICES
200
200
A
190
/
190
\
;
3NSUMERGOOC
EXCLUDING FOOD S
180
170
IV *•-•'
i
160
i
\
/
\
*
A/
180
f'1
170
/
TOTAL V
160
:ONSUMERFOO 3S
_.
/
140
130
*-— \^;
~^~—"—'
A
CAPITAL EQUIPMENT
140
1 ! 1 1 1 1 | | | | 11 1 1 1 i 1 ! 1 1 111
2001
2002
1 II 1 1 II 1
11
1 III 1 1 11 111 111 111 1 1 1 1 1
2005
2003
2004
1 I 111 t | 1 ] | | l l l l l 1 I l l l l
2007
2006
i i i i i h i i i i 1 1 1 1 1 1 1130
II 1 1
2008
2009
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1982=100; monthly data seasonally adjusted]
Finished goods
Period
Total
Confinished sumer
foods
goods
Intermediate mater ialsCrude materials
Finished goods excluding consumer
Capita
equipDurable Nondurable i ment
ished
consumer
goods
Consumer goods
Total
Foodstuff
and
feedstuff
Foods
and
feeds
135.1
138.
141.
138.9
145. 9
150.<
161. <
169.:
175. i
189.1
135 .1
133.<
134.(
138 .8
133.:
135.(
136 .(
136.<
138.3
141.:
127
138
142.8
139.!
148
156
172 .(
182
191
210.5
137. t
138.0
139
139
139
141
144 A
156
149
1 3 .9
132 .(
138.0
141.3
139
145.9
152. 7
160.<
166.(
138.3
186 .:
123 .
120.
121.
127.
145.
152.
154 .
156.
07.
1 .
111.
1120.
1126. 8
115
125. <
179.2
133 .!
135.:
1146.
163.
123 .<
130.4
140.4
128
148.2
143.(
155.7
165. <
171.!
188.'
98.794
120.
126. 8
108
135.:
179. 2
182 .:
184.!
207.:
251.!
98.
130.4
106.112
99
113.!
179. 2
722 3.4
119.:
146.724
13 .
94 .3
130.4
126.8
111.4
148.2
179.2
223 .4
230.6
246.3
313 .9
2008: Aug
Sept
Oct. .
Nov. .
Dec. .
.133.( .1.3.5...:. 132 .:
138.01 .0137.2 .2138.1
140.7 .7141.3 .3140.
.138.' .1.4.0...:. 138.9
.143.:; .1.4.5...< 1 4 2 .
.148.!i ±52..: 147.2
155.7
.7155
.7155.5161.
.ISO. .1.5.6...' 1£1.(
.6167.0 O.6.7...( 166.6
.177.:. .1.7.8...: 6.6 1
181 .2
.182.. 73.
182.3
.182.. 181.
.177. i o.ai. 176.:
.17.2.. 0.8 0. 180.
.16.9..' : 1 8 4 . 178.2
197.:
196.!
176.2
180.
173.(
141.f
142.3
143.:
143 .(
138.
222 .:
221.:
205. <
192 .!
184.:
154 .!
155. <
156.3
156 .:
156. <
193 .:
192.'
185.<
179.<
174. <
198.
197.
12.
184.
174.
193 .
189.
12.
184.
178.
198. (
197 A
189. <
180.4
192. 5
273 .(
253.:
2143.3
184 .!
174.:
167.!
165.
148.:
146 .:
138.(
350.4
314.8
254.7
203 .9
192.5
2009: Jan
Feb. .
Mar. .
Apr r.
May. .
June
July
Aug. .
0.70..:1.2 1 7 8 .
. 1 7 1 . . 3 157.
.169.! . 0 143 .
176.
o.7.a.: !. 1 7 4 .
O.73..:6.1 1 7 1 .
O.7O...1 '. 1.73 .
.7174.1 .1174 .
168
169
17
168.(
168
171
170
174 .1
175.'
169 .
167 .7
174.
185.9
179.8
178.2
183 .
143.5
143 .<
143 .<
164.
144 .
145. 7
144. <
177.
168.
189.3
160.
185.<
185.9
193 .
194.4
198. <
157.:
176.4
157.(
173.9
185 .9
157.!
178.2
157. i
177.(
169 .
167 .
164.
185.9
179.
173.
145.
178.
171.
160.
164.
170.
176.
170.
173 .
171.
164 .
132 .
164.
166 .
178.
165.
166 .
178. 4
171.1
168.!
168.0
168.5
171. <
171.7
174 .1
171
171. 2
160
164.(
170.2
178
170
174.1
139.218
134 .(
172 .0
137.
138.3
137.'
194.4
128.320
186.3
171.2
174 .0
173.9
185.9
201.3
194.4
207.6
1999.
2000.
2001.
2002.
2003.
2004.
2005.
2006.
2007.
2008.
1
Intermediate materials for food manufacturing and feeds.
22
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In August, the consumer price index for all urban consumers rose 0.4 percent; it rose 0.2 percent not seasonally
adjusted. The index was 1.5 percent below its year-earlier level.
INDEX, 1982-84 = 1 0 0 (RATIO SCALE)
INDEX, 1982-84 = 100 (RATIO SCALE)
230
230
SEASONALLY ADJUSTED
CONSUMER PRICES-^LL ITEMS
\.
^
^
\
- ^
,, , , , l
2001
1, , ,, ,
2002
1
2003
1
2004
I
2005
2006
, , , ,, 1
1,, , , ,
2008
2007
2009
COUNCIL OF ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All items 1
Transportati
Housing
Shelter
Period
Rel. imp. 3
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2008: Aug.
Sept. ....
Oct.
Nov.
Dec.
2009
Jan
Feb. .
Mar. .
Apr. .
May. .
June
July
Aug. .
Not
season - Season
ally
ally
adjust - adjust
ed
ed
(NSA)
..172.$
. . 177
. 179.
. 184.
. 195.
. .201.
2D.7..3.4I2
215.. 3D ..
Food
Total
Owners'
Rent
equiva
of prilent
mary
rent
resi(12/82=
dence
100)
. . . 14.643.433.
43.
33 .:
6.
. . 1:6.4..:. 163 .!
187.3
177
. . 1:6.7...! 169.
193..
1.3
. 3 124.7272.
176 .•
200.61
12
. . 1.7:6.. :• 180.3
208.1
199
. 0 184.8213.1 184.821
213.1
205
. . !&£..:>. 189.5
2189.5
21
195.
224..
. 2 179.0
217
232.1
. . 195..:>. 203 .:
225
.20.2 ..9.1 209.58 240.61 234.679
2 1 4 .106216. 216. 2 6 4 2 4 6 .66 243.271
Fuels
and
utili
ties
Apparel
Total
Motor
fuel
Medica
care
All
items
less
food
and
energy
.47. I
5.4
3
15.
3.4
6.
192 .!
7250.61
144.
177
106 .
1.31
100.
250.
124.
137.9
153.:
181
124.
129
129.:
260.
206 .:
150.2
154.:
186.1
129.:
127
154.
272 .
214.
143 .(
152.
124
190.5
116.
285.
121.
219.9
154.5
157.
120
193.2
135.
297.
193 .2
224.9
161.!
163.
120
196.6
10.
310.
151.
200.9
179.1
323.
7195.7
195.
323 .:
200.9
177.
7
238.2
194.
180.
119
221.
336 .:
196 .!
205.9
246.23 5200.63 118.9
84.68 2239.070
351.05 207.72 210.729
252.42 220. 018 118.907195.549279 .65 2364.06 236.66 215.572
0 0 4 2 4 7 . 3 2 7244.414 2 5 3 . 0 7
219.08 218.57 216 .
218.67 217.748217.8182 4 7 . 8 9 9 2 4 5 . 0 8 253.53
.196317.702364.84
9.80 2119.98
.916318.76 5365.83
4.29 !119.63
253.91
217.78) 48.063245.83
i .185118.80 2 1 9 5 . 0 2 7 2 7 8 . 2 4 5366.40
2 1 6 . 5 7 3 2 1 6 .889218 2 1 8 . 5 8 66217.
254.52 2 2 1 9 . 9 3 4 1 1 8 . 9 0 5 1 7 6 . 1 1 1 1 9 7 . 8 6 1367.29
212.42 213 .2 6 3 2 1 8 . 9 8 8 2 1 7 . 6 2 2248.45 5246.48
210.22 8 2 1 1 . 577219.C 2217.59 2 2 4 8 . 5 1 9 2 4 6 . 9 2 3 2 5 4 . 6 8 3 2 1 9 . 0 9 2 1 1 8 . 2 L 1 6 7 . 3 5 3 1 6 0 . 6 7 5368.30
.783218.675
211 .143212
212 .193213
212 .709212
213 .240212
213 .85
215 .693214
215 5.35 1214
215 .834215
Energy 2
247 744 255.349217.515118.523169
174219 .193217
48.<
007218 .970217
248 087 255.687217.260120.039172
1248.E
490 256.257214.254119.744170
714218 .651217
248.S
671218 .254217
249.3
248 91625 256.62 7210.702 119. 53 7 170
17 .738217
249. (
249 233 257.003207.903119.34
459217 .838216 984249.861249 57.1 257.138206.342120.183178
46 9217 .291216
2249.
249 293 257.073206.046120.86 5179
257.278206.783120.75 56183
42 8217 .478216
49. 658 249
489169
6369.91
759182
71.17
903173
71.90
259169
73 .25
635173
2374.40
843203
75.20
180202
75.85
312220 . 8 3 6376.91
1
3
Includes items not shown separately.
Relative importance, December 2008.
2Household fuels-gas (piped), electricity, fuel oil, etc.-and motor | a S ] l c e oil,coolant,Source:DepartmentofLabor , B u r e a u o f
etc. excluded beginning 1983.
Labor
260.10
16.534
257.42 6216.784
237.30 216.758
197.08 216.868
178.83 5216.882
181
187
182
177
178
191
190
199
.93 8217 .265
.901217 .670
.254218 .042
.924218 .594
.340218 .910
.584219 .344
.905219 .543
.66 7219 .692
Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Change from preceding period
Change from 3 months earlier, ann lrat eChange from 6 months earlier, ann
Consumer goods
Consumer goods
Total
f inished
goods
Capital
equipment
Change,
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
. 2.9
. 3.6
-.1 .6
. 1.2
. 4.0
. 4.2
. 5.4
. 1.1
. 6.2
0.8
1.7
1.8
•
5.1
5.5
2009: Jan
Feb .
Mar .
Aprr .
May. .
June
July
Aug. .
.
1
.
•
.
2.9
4.1
5.5
8.8
.4
7. 7
.6
3
•1
•
•4
•4
•3
.1
0.4
.4
.6
.0
.4
.2
.3
.9
.7
.0
.1
.0
1.6
.4
•1.6
• .8
•
•1
•
.4
• .3
•
.5
.9
2.9
.4
1.7
.5
2.5
1.1
•1
. 1
.1
1.5
• 1 . 6
.9
from year
earlier,
total
finished
goods
NSA
.
.
.
.
.
.
2.4
1.2
2.3
1.4
4.3
•4 .8
• .5
•1 .2
.4
r
.0
1.8
Capital
equipment
. .
. .
. .
.-.1
. .
. .
1. 8
3.8
2.0
.3
3.2
3.6
. . . .4.8
. . . 3.0
. . . 3.9
. . . ....
m o n t h to m o n t h
0.2
.0
.1
. . .-.0 .5
Total
f inished
goods
0.3
1.2
0
•3 .9
7. 7
3.1
1.7
1.7
7.6
3.2
. . .-.2 .6
. . .-2 .7
. . .-1 .8
Capital
equipment
D e c . to D e c . , N S A
Change,
2008: Aug
Sept
Oct. .
Nov. .
Dec. .
Consumer goods
Total
f inished
goods
•13
•3
•
•2
•2
•22 .8
•33 .2
•40 .3
•1 .8
•6 .5
.2
.2
.7
.3
.4
•22 .4
•4 .4
4.4
14.0
r
9.0
19.5
•6
•10
•8
•3
•3
.7
.9
.5
.3
.1
9.0
r
3.6
11.0
2.3
•2 .9
•2 .2
• 7 . 7
.0
•6 .4
•12 .1
2.1
2.1
.3
.0
•12
•12
•13
•8
•3
• 1 . 0
4.1
4.8
4.9
4.4
4.6
•1.0
•14 .0
•22 .0
•1.8
5.2
.4
•22 .6
•2 .6
•6.1
•7.6
•4 .8
•6.9
•2 .3
•5 .5
•1.7
.9
.1
.5
.2
.0
4.2
.6
4.3
1.3
r
.3
2.3
12.5
9.7
8.6
6.0
5.8
3.2
9.9
7.8
1.8
4.8
5.3
5.6
3.9
3.9
10.6
1.9
8.4
3.2
1.1
9.0
2.9
•12 .1
•19 .6
•24 .9
•1 .4
•3 .4
•3 .5
•5.0
•4 .6
•6.8
•4 .3
•3 .3
8.0
2.9
8.1
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Transportation
Housing
All
items
Shelter
Period
All
items
Fuels ApRent < • f O w n and
parel
priers'
Total
utiliTotal mary equiva- ties
resi- lent
dence rent
Food
Total
New
cars
Medical
care
Motor
fuel
Energy 2
food
and
energy
Addendum: All items,
percent change
(annual rate)
From
previous
quarter3
From
From
From
year
months months earli
earlie erearliererNSA
Change, December to December, NSA
2000.
2001.
2002.
2003.
2004.
2005.
2006.
2007.
2008.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
2 2
4 .3
2 . c
2 .
3. 4
1 . 6 .62 .
1 .
2. 4
1 . £. . . 6 2. 6
... .
3 . . 7 3. 7
3. 4
2 .3
2.5 2
2 . .1
.
.... 4 4
5 . .9
.
2 .4
2.2
3.0
4 .
3.3
3 .
2.4
4.0
4.7
3.1
2.7
2.9
3.1
4.3
4.0
3.4
3.4
4.2
3.1
2.2
2.7
2.
4.2
3.1
1. c
3.4
4.5
3.3
2.0
2.3
2.5
4.3
2.8
2.1
c
2.4
12.1
•1 .8
5.4
4.1
•2 .1
•3 .2
•3 .8
1.4
6.5
7.9
15.6
•1 .8
3.8
C
c
5.4
6.0
•2
.1
•1
.1
• 1
.0
6.5
4.8
1.6
8.3
•13 .3
•
.
8
30.2
13.9
0
•24 .8
•2 .0
•2 .1
24.6
6.8
26.1
16.2
6.4
29.E
•42 .2
c
A
.
_ i
•1.1
3.7
4.2
4.7
5.0
3.7
4.2
4.3
3. 6
5.2
2.6
13.4
14.2
10.7
6.9
16.6
17.1
2 .
17.4
•21 .3
1.9
2.6
2 .7
1.9
1. ]
2.2
2.2
2. 6
2.4
1.8
.2 A
0.2
• 1 . C
.7 .2
.0
.8
•9 .3
.3
•13 . C
. . .2.2
3 .4
. . .2.8
1 .6
. . .2.3
2 .7
3 .4
. . .3.2
2 .8
. . .3.8
Change, month to month
2008: Aug.
Sept.
Oct.
Dec.
2009: Jan.
Feb.
Mar.
Apr.
. . .0.0 . . . 6
i
.
..
.......
.
. . A
A
. 7 . 31 A
.4 . 0.0 .1
A
......
....... . .- .]
.
.0
.
.4 . 1
Aug.
.0
.1
•
.
24
0.3
0. ] • 0 .9
.]
.1
•2 .4
c
A
.1
• .4
.C
1
.1
A
.2
.4
.]
.1
.]
.]
electricity,
•
•1
.]
• . 1
Includes items not shown separately.
h 1 d 1
)
l y.
i
0. ]
2
A
L
June.
1
0.0
•
.7
.0
.4
.1
A
.4
.
0.4
• 0
.
7
3
.4
•12 .7
A
•5 .C
•
_ 4
• 1 8 .8
1.3
1.3
1.9
• 1
.]
•
.4
4.2
A
•
2.3
. ]
3
fuel
oil,
etc
.-and
c
. i
.4
.
• 2
0.2
3
•
• 1 . 7
•
.
.4 .0
•
1
•
0. 1
.9
c
•
mot r
°
5.3
7.6
c
_ 2
z.
A
•i .2
•4 .4
•2.6
_ L
•3 .0
•2.4
.4
8.3
. . ......
3.1
. :3..J
•8 .3 • 1 2 .4
5.4
4.7
2.7
•1 .6
•5 .0
•:
•2 .4
•5 .0
•5 .4
2.2
c •3 .9
•
7.4
•
.4
4.6
5.4
3.7
3.7
1.1
.1
. :S..A •5 .8
1.7
3.3
2 .
17.2
•
6.2
1.3
.0
.6
.4
.0
2
•
.4
•
. 7
•1.3
3.3
2.7 • 1 . 4
. . .3..' 2.2 • 2 . 1
. . ..
2.3 • 1 . 5
Quarterly changes are shown in the last month of the quarter.
l W
U
H
r
, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
In September, prices received by farmers and prices paid by farmers were unchanged. (Data are not seasonally
adjusted.)
INDEX, 1990-92 = 100 (RATIO SCALE)
INDEX, 1990-92= 100 (RATIOSCALE)
200
200
190
r
/
180
190
- \
180
170
170
160
160
PRICES PAID
150
^
150
*—'
140
130
„_,
'"
r
-.-—i
J
\
140
i
130
120
120
A
110
110
A
100
100
90
90
1 1 1 1 1 1 J1 1M11 11 1
1 | j 1 \1 w
1 M t ! i 111 1 1 1 1 1 1 1 1 1 1 1
11 i i 111 [ 11 ]11111111111
1 I I 1 1 1 M 1i 1n 1i i i i i i i i 1 1 1 1 1 1 1 1 II1
140
140
-
120
120
100
80
" ^
60
-
RATIO
/
100
r—-^
\ = -
1 1 1 1 I 1 1 1 Il 1l 1 11 1 1 l l l l 1 1 1 1 1 1 1 I 1 IIII j1 1 1 1 ! 111
II11
1111 u 111 1 1 1 1 1 l l l1l 1 1 II
2001
2003
2002
2004
2005
2006
M111111111
1 1
11 1
i I I 11111111
2008
2007
80
60
2009
!
RATIO OF INDEX OF PRICES RECEP/ED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENTOFAGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[1990-92=100; not seasonally adjusted]
Prices
Period
1999.
2000.
2001
2002.
2003.
2004
2005.
2006.
2007
2008.
2008:
2 009:
All farm
products
. . . .
Janr
Febr
Mar r
Aprr
Mayr
June r
July
Aug r
r
. . . .
. . . .
. . . .
. . . .
farmers
Prices
paid
by
farmers
A l l commoditi es, Production
L i v e s t o c k andser dservices, int erest,items, i n t e r est, Production
items
t a x e s , and w agetaxes, and w age
products
rates
rates 1
Crops
Ratio 2
136
149
97
96
99
105
110
115
110
120
142
r
169
95
97
106
90
103
122
119
111
130
130
115
119
123
124
128
134
142
150
160
182
113
117
121
121
125
133
142
150
161
187
111
115
120
119
124
132
140
148
160
188
83
81
83
79
84
88
81
77
85
82
154
150
141
13 5
174
167
158
149
133
127
123
119
190
187
182
178
196
192
187
182
200
195
189
183
81
80
77
76
139
126
12 6
12 9
130
135
132
12 7
127
111
146
147
111
150
161
152
147
144
114
109
109
112
113
112
112
109
108
178
177
178
178
179
178
177
176
176
182
181
182
182
183
182
180
179
179
181
179
180
181
182
180
179
178
177
78
71
71
72
73
76
75
72
72
96
96
102
98
106
118
114
115
Septr
Oct.
Nov r
Dec r
received by
1
Includes items not shown separately.
NOTE.—The official indexes are published on a 1910-14 base as required by law
2
Percentage ratio of index of prices received by farmers to indexofprices paid,interest,dexeshavebeenconvertedto a 1990-92 = 100 base to facilitate comparison with oth
taxes, and wage rates.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK AND DEBT MEASURES
In August, M2 fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
9,200
8,400
9,200
———
-
8,400
7,600
7,600
6,800
6,800
6,000
-—-"*
6,000
M2
5,200
5,200
4,400
4,400
3,600
3,600
3,200
3,200
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
Ml
/
\
^
—
iiI Ii h 11 i i M 1 1 1 1 1 1 1 1 1 1 I 1 1 I 1 1 1 M 1 M l I I h I I I 1
2002
2003
2001
2004
1 1 1 ! ! 1 1 I 1 [ 1 1 1 1 1 1 1 1 ! 1 1 1
2006
2005
1 ] 11 1 1 i 1 1 1 1
lllllllllll
w 1111M111
2007
2008
2009
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted]
Period
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2008
Decr
Decr
Decr
Decr
Decr
Decr
Decr
Decr
Decr
Decr
.
.
.
.
.
.
.
.
.
.
Sept r .
Oct. . . .
Decr . .
2009
Feb
Apr. . .
May. . .
June r .
Julyr .
Aug. . .
1,122 .
1,087. 7 . . .
1,182. 3 . . .
1,220. 4 . . .
1,306. 8 . . .
1,376. 4 . . .
1,374. 2
1,365.
1,373. 01 . 6 .
1,595. 3 . . .
.1,391.
1 451
7. . .
1 ,523 2
1,595. 3. . .
4,.635.. 1 . .
4,.9.17...
5,.431..
5,.7.84..
6,.07.1..
6,.412..
6,.67.4..
7.,.Q33..
7.,.438.. t . .
8,.153..
391
Percent change
Debt
M2
M1
Sum of curren cy,M1 plus r e t a 1
Debt of
demand deposi ts,MMMF balances,
t r a v e l e r s che cks,savings depos t s domestic
nonfinancia
(including
and o t h e r
sectors 1
checkable dep os-MMDAs) , and
i t s (OCDs) small time dep osits
. 6 7 , 698.
7,.8Q8.
.7., 32.7..
7 980
8,.153.
F r o m y e a r o r 6 From
previous
m o n t h s
period3
earlier 2
M2
M1
.. . 0 17,291. ;. . . .2.4
. . 2 1 8 , 1 6 7 . !.
. . 2 1 9 , 3 0 2 . !.
. . 7 2 0 , 7 1 5 . ;.
. . 7 2 2 , 4 1 8 . >.
. . 2 2 4 , 4 3 0 . r.
. . 1 26, 759. >
. . 6 29,156. ).
. . . 4 31,701. ;
. . 7 33,589. i.
.-.3.1
. . .8. 7
.. .a. 2
. . .7.. 1
. . .5.3
•
2
. .-. . 6
5
. 816.2
5.9
6 .1
10.5
6 .5
5 .0
Debt
6 .4
5 .0
6 .3
7.3
8 .1
5.6
8.9
4 .1
5.4
5.8
9 .6
9 .5
9.0
8.7
6 .0
1 £ . . . ...
4.7
. . . 33., 0J50.. ;. . . . 9 . 9
1 3 1 . . . .... .
20. 2
8 1
12.3
. . 7 3 3 , 5 8 9 . 8 2 8 . i. . 8 2 8 . 9
1,576. 3 . . . 5 7 6 . 3 8 , 2 3 6 . 0
. . .23...7 . . .13 ..2
24 ] . . .14 ..7
1 SS9
5 5 9 . 6 8,263.
8,335.
1,563. 3. . .
13 .5
. . 0 3 3 . , . 9 . 4 2 . . !. . 2 15.4
16.. J . . . .... ..
1, 533.. 3. . . 5 9 3 . 3 8 , 2 8 1 .
3 7
9 1
8 344. 5
1 597 Q
5.3
a,.37.Q.. 1 . . .. . 0 3 4 , 3 5 3 . i. . 8 6.9
1,650. 0 . . .
9 9
2 7
8 348
1 654 7
11 6
8
8., 23.7..
1,.6.49.. a . .
8.2
6 .4
4 .1
4.9
1
Quarterly data; shown in last month of quarter. End-of-year data arefor f-©Thef oHffiittferajLuaEe serve previously announced that the M3 monetary aggregate
Consists of outstanding credit market debt of the U.S. Government, m£stsckt®)faiidts laoapoigsrvte^nwould no longer be published. Institutional money market mu
ments, and private nonf inanc ial sectors; data from flow of funds accowhti. continue to be published as a memorandum item in the H.6 release, and th
2
Annual changes are from December to December and monthly changes arefrom6monthsonlarge-denomination time deposits will be published in other Federal Reserve Bo
earlier at a simple annual rate.
For details, see H.6 release of March 23 , 2006.
3
Annual changes are from fourth quarter to fourth quarter. Quarterly changesarefrom pre-Seep.27f orcomponents.
vious quarter at an annual rate.
Source: Board of Governors of the Federal Reserve System.
26
COMPONENTS OF MONEY STOCK
[Averages of daily figures;
NonDe
bank
mand
Currency ' trave
deposlers
its
checks
Period
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
Dec
Dec
2008
Aug
Sept
Oct
Nov
Dec'
2009
Janr . . . . 826.:
Feb' . .
837.7
Mar' . .
845.1
A p r ' . . . . 849.85
May' . .
849.9
Juner .
853.1
July r . . 3 853 .E
858.4
Aug
1
2
3
....517.5
....531.;
Dec . .. . . . 5 8 1 . ]
Dec
. . . . 6 2 6 .3
Dec . .. . . .662.E
Dec
....697.E
Dec . .....723.6
Dec . .. . . . 7 4 8 . :
....757.6
Dec
D e c r . ... 8 1 2 . ]
8 .6
8 .3
8.0
7 .8
7.7
7 .5
7.2
6 .7
6 .3
5.5
. . . . 777.C
5.8
781.6
5.8
. . .. . . 796.E
5.7
. . ... 8 0 4 . :
5.6
..
812 .15.5
5.5
5.5
5.5
5.4
5.3
5.2
52
5.1
5.631
Other checkable
deposits (OCDs)
At
commercial
banks
Total
billions of dollars,
Savings
deposits 1
At
thrif
insti - Total
tutions
seasonally
adjusted]
Small-denomination
time depo sits 2
At
commercial
banks
At
thrif
insti - Total
451.C
454.C
570.'
713 . '
824.7
875.3
828.49
783.C
827.:
771.7
At
commercial
banks
tutions
At
thrif
insti
tutions
Institutional
money
Retail
money
funds
funds
353 . C
309. !
335. 7
306 . 5
326.4
3 4 3 .;
324.6
304.8305
301.3
464.7
243 .:
238.41
257. E
279. 6
310.3
328.2
318.9
305.5
33. 5
313.C
139 .'
133 .;
142 .C
154.3
175.3
187 .C
180.7
177.2
174 .:
179.C
103 .'
1 5 .6
115.4
125 .:
135.C
141 .]
138.1
128.6
133 .E
134.1
1,739. 5
1,878. 3
1,219.2 0
2, 7 7 4 . 0
3,162. 7
3,506. 4
3,602. 3
3,692. 7
3,868. 7
4,102. L
1,288. 4
1,424. 3
1,738. 3
2 , 0 6 0 .2
2,337.9
2,631.1
2,773.9
2,909.7
3 , 0 4 1 .3
3,330.4
300.4
350.C
360.E
406.E
464.7
308.3
314.2
312.C
406.5
313.C
136 .04
137 .3
176 .:
133 .2
179.C
136 .C
137.:
135. 7
133 .;
134.]
4, 0 0 5 . 7
4,032. 5
4,034. 7
4,016. 6
4,102. L
3 , 1 1 6 . 5 889.2
3 , 1 7 0 .8 8 6 1 . '
4 , 0 3 4 . 3 784.4
3 , 2 4 7 . 5 769.1
3 , 3 3 0 .4 7 7 1 . 7
1,056.6
863.9
2 8 0 . 9 1,056.
1,269. 1 8 9 2 . ] 377.C 1,055.
2,227.6 4 9 8 2 . ] 3 4 5 . : 1,090.
2,322.5 0 1,009. 2 3 5
1,080.
2,385.5 0 1,026.9351. 9 3 5 1 . ]1,378.
!
!
;
!
2,280.9
2,245.5
2,227.6
2,322.5
2,385
434.3
395.9
390.1
406.C
407.4
439.4
438.2
425.2
310.2
320.4
322.7
332.2
334.E
352.:
,507.3
361.2
175.3
181. C
182 .]
191.C
194.6
210.3
215.9
2361.2
134.9
139.4
140.6
141.2
139.5
142 .]
142 .C
139.E
5.3134. 9
4,291. L
4,374. 7
4,341. 8
4334. 7
4,471. 7
4,502. 2
4,530. 5
3,434.1 780.7
3 , 5 0 0 . 2 790.9
3 , 5 6 7 . 2 807.4
3,533.1 808.7
3 , 6 2 5 .4 8 1 9 . ;
3 , 6 4 3 . 5 828.2
3 , 6 6 6 . 3 8.2357.9
3 , 6 9 9 . 9 830.6
1,075.22,7 1,369.71, 9
!
;
!
i
1
2,471.8
4,291.13
2,492.4
1,320.8
2,538.4
2,522 .1
2,507.3
1,218.09
Savings deposits including money market deposit accounts (MMDAs) .
Small-denomination deposits are those issued in amounts of less
Institutional money funds are not part of non-M1 M2.
955.;
636 .!
318 .:
817 .'
1,046.0700 .0
7 0 0 .8345 345 .;
905 .;
974.E
636 .]
338.E
965.4
894. '
591 .;
303 .4
895 .6
817.85
.4310.3
276 .]
784.4
827. 5
551 .4
276 .4
701 .E
992.E
645.:
347.;
705.1
1,167. 3
7 5 9 . :408.C
808.C
1,214. 6
823 .] 391 .E
982 .]
2,385.5 0 1,026.9351. 9 3 5 1 . 11,378.
1,355. 4 1,355. 8
1,342. 8 991.E
1,320. 8
975.8345
1,300. 0 9 6 8 . :
1,280. 8
952.C
1,253. 0
928.E
2,458.9 0
905.6
351.81,075
351.6
351.:
345.C
331.6
328.5
324. E
312 .4
1,017.9351.
1,057.
1,054.
1,320.8975.
1,003.
967.E
938. E
899.6
660.5
815. 6
1,219.2
1,268.4
1,129.2
1,080.0
1,149.3
9.3408.08
1,899.8
2,385
NOTE .—See Note, p. 26 .
e:Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of d a i l y
Adjusted
figures1;
millions
of d o l l a r s ;
borrowed
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
.
.
.
.
.
.
.
.
.
.
. .4.2., 18:
. 3.8., 7 1 '
. .4.1., 44;
. .4.0., 40(
. .4.2., 75'
. .4.6., 5 5 ;
. 45, 139
. .43., 33!
. .43., 5 1 !
.821, 03
2 0 0 8 : Aug. . . . . 4 5 , 4 5 !
Sept. .
. .102, 76'
Oct. .
. . 315,49!
Nov. . .
..609,93!
Dec. . .
. .821, 03
2009: J a n
Feb. . .
Mar. . .
Apr. . .
May. .
June
Julyr
Aug. . .
. .85.8, 40
.700, 97:
.779,95:
.881,55:
. .9.01,29:
. .809, 01!
.795,568
829,36 7
_. Require
Other
Monetary
base
d
Total4
(NSA)
41,862
38,50
41,376
40,320
42,711
46,489
44,970
43,14
28,085
167,468
4 5
37,391
39,799
38,392
41,710
44,643
43,238
41,475
41,749
53,635
1,294
593,
1,325
584,
1, 643
635,
2, 008
681,
1, 04 7
7101,
1, 90!
759,
1, 901
786,
1, 475 741,
1, 769
822,
1,651
767,398
•122,620
•187,338
•332,821
•88,846
167,468
43,486
42,71:
47,59
50,901
53,635
1, 972
60, 05.
267,90
559,039
767,398
842,98
168,078
905,16
290,
1,130,29 5 648,319
1,433,49 6 698,781
1,651,2 0 653,56!
60, 172
57, 485
55, 319
57, 17!
57, 19:
57, 641
428, 568
63, 516
798,23
643,48
724,63
,749,7
844,10
751,37
733,00
765,85
1,703,1
4 7 557,48 1
1,643,
1,749,79 1
1,770,1
1,680,63
1,666,
1,705, 497
3633,061
582,49
612,11:
558,19
525,448
438,722
666,24936
331,451
294,909
118,475
167,84055,31
323,359
375,84
370,29
428,60
497,91
adjusted,
except
as noted by NSA]
Borrowings from t h e Federal Reserve (NSA)
for changes in reserve requir
Reserves of depository institut tions
Period
seasonally
Term
auction
credit
320
210
67
80
46
63
169
191
15,43:
11,61:
0 653,56! 438,327
Primary
borrowings
from
t h e Federal
AssetCredit
backed
Primary
extended
commerica
dealer
to
paper
and
Amermoney
other
ican
market
broker
Intermutual
dealer
nationa
fund
Group,
credit
liquidi
' Inc.
facilit
Adjustment 6
.
.
.
.
. 4 1,7
. . 11
. . . . 97
. .. Ill
1 , 76982
88,24)
47,63:
32,102
47,20f
150,00
149,81432,
244,778
393,088
4 7 , 2
17,98(
32,63;
94,01
95,83!
88,24!
0
53,47:
130,2956
60, 65:
47,63:
, 1 87
117,45
7 1 , 00!
32,102
2 2 , 18
67,904 1
78,07(
47,20f
403,52:
438,82:
477,049
444,933
403,97
316,
255,11!
224,49
70,43f
65,46:
62,513
47,32'
40,1
37,30;
34,36f
32,14
33,06:
26,25(
20,29;
10, 915
701
0
0
0
17,74:
13,53:
7,84055
4,26745,0
23,34
18, 89:
6,23C
184
38, 69(
38,41
4,6321
45,057
44, 91!
43,05'
43,10!
40,02:
Reserve
..179
. 99
. 34
. 35
1 D a t a a r e p r o r a t e d a v e r a g e s o f b i w e e k l y ( m a i n t e n a n c e p e r i o d ) averagesofdailyfigures.4 oncflrada.s' £ a g < n i K ^ r y a n d easonal, and other credit extensions, not shown separate
R e s e r v e s a n d m o n e t a r y b a s e i n c o r p o r a t e a d j u s t m e n t s f o r discontinuities,or‘‘breaks,’’associ-5IncludescreditextendedthroughthePrimaryDealerCreditFacility ' e s t e s m
through the Primary Dealer Credit Facility and credi
ated with changes in reserve requirements.
to other broker-dealers.
2
6
Seasonally adjusted break-adjusted required reserves plus unadjustedexcessreserves. D i s c o n t i n u e d a f t e r January 8, 2003.
3
Seasonally adjusted break-adjusted total reserves less unadjusted t o t a l b o r r o w i n g s o f deposi-Source:BoardofGovernors of the Federal Reserve System.
tory institutions from the Federal Reserve.
27
BANK CREDIT AT ALL COMMERCIAL BANKS
Total commercial bank loans and leases fell 2.3 percent in August; commercial and industrial loans fell 0.7 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
12,000
BILLIONS OF DOLLARS* (RATIO SCALE]
12,000
ALL COMMERCIAL BANKS
10,000
9,000
10,000
9,000
8,000
TOTAL
8,000
-
^
7,000
~—
7,000
—1
6,000
|
^
—
"*
6,000
—1- —
'
5,000
5,000
"
.
LOANS AND L EASES
4,000
4,000
3,000
3,000
2,000
2,000
1,600
1,600
U.S. TREASURY AND
AGENCY SECURITIES
_
_
\
s'*
^
1,200
1,200
~~~"
\
800
800
OTHER SECURITIES
1 11 1 I 1 1 1I!111 11 1 1 1 1 11 11 11 1 1 1 1 1 111 11 1 1 1 1 1400
1 1 1
400 T~ 11111111 1 1 1 1 1 1 1 1 11 11 11 1 1 1 1 i 1 1 1 1 1 1 1 1 11 11 11 1 1 1 1 1 11 1
2002
2004
2003
2005
2006
2007
2008
2009
2001
•SEASONALLY ADJU5TED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted1]
Loans and l e a s e s in bank c r e d i t
Securities in bank ci
Period
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2008
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Aug
Sept
Oct. .
Nov. .
Dec. .
2009
Jan
Feb. .
Aprr .
Mayr .
Juner
July r
Aug. . .
Total
bank
credit
U.S.
Total Treasur
and
secur i t i e s agency
securi
ties
.4,610 21,148
.5,046 11,191
.5,212 41,318
.5,648 51,513
. 6,016 51,637
.6,568 51,729
.7,261 51,827
.8,039 4 1 , 962
.8,830 82,069
.9,318 62,063
. 9,014.4 2., J3.4J3
. 9,158.1 2 , 0 8 1
92, 196.5
. 9,491.92,
. 9,360.62, 126
. 9,318.6 2 , 0 6 3
. 9 , 2 9 7 72,112
. 9,316. 52, 134
. 9 , 2 9 5 32,165
9, 257.0 02,176
9 ,340.20.2 2,2 03
9,333 2 2 , 2 5 1
9, 257.57 .52,281
02, 314
. 9, 200.02,
1 798. S
6 778.4
8 853.7
11,025.
81,107.
11,166.9562.
31,158.
01,203.2758.
11,114.6954.
71,240.
61,136.7903.
31,154.6926.
51,221.
21,253.0873.
71,240.
91,269.
11,259.
01,273.7891.
01,263.
21,264.
51,300.
71,326.
91,363.
Total
loans
and
leases 3
Commercial
and
industrial
loans
462
854
893
135
378
530.
839
562.2
5,434
668.
6, 077
758.
6,761
954.
823.77 7 , 2 5 4
6, 973
903 .
7, 076
926 .
7,295
975.
873 .£ 7 , 2 3 4
823 .7 7 , 2 5 4
843. 3 7,184
7,182
875.
7,130
891.
912.77 7 , 0 8 1
7,137
938.
951.17, 7, 081
6,975
955.
6,885
951.
1 996.
61,082
61,020
4 959.
7 898.
4 919.
11,041
31,183
71,426
91,618
81,572
81,588
41,644
41,638
91,618
81,601
51,586
21,562
01,543
01,525
61,501
91,485
11,451
Other
securities
349.83,4
413.:.
465.2
488.
Real e s t a t e loans
Total
4
i 1,458
01,636
71,755
. 2,005
I 2,210
! 2,548
02,916
83,355
13,587
63,820
93,623
63,660
83,817
03,819
63,820
53,803
63,818
73,827
23,834
83,882
73,869
93,846
73,820
Revolv
ing
home
equity
loans
100.
129.
152.
212.
278.
396.
442.
466 .
483. 4
588.
525.
539. )
577.
582 . 2.1
588.
593.
596. >
601.
605.
613.
610. >
607.
605. >
Commercia
loans
1,078.
1,267.
1,455.
1,588.
1,723.
1,666.4830.
1,673.
1,716.
1,720.
1,723.5861.
1,718.
1,717.
1,717.
1,714.
1,713.
1,708.
1,702.
1,692.
Consumer
loans 5
.484.7
.533.2
. 550.
. 7590.7
. 635.26
686.
695.
730.7807
791.
861.
830.4
834 .
851.
857.
861.
871.
882.
873 .
860.
860.7867
859.
853.
847.
Other
loans
and
leases 5
522.3
602 .7
566.9
590.7
634 .0
685.1
781.3
807.7
956.0
954.3
947.6
993 .0
982.1
919.5
954 .3
908.8
895.3
866 .8
842.5
867.9
851.4
790.9
766.2
1
Data are prorated averages of Wednesday values for domestically charteredcommerc ial3Excludesunearnedincome. Includes the allowance for loan and lease losses. E
banks, branches and agencies of foreign banks, New York State investnsaratL cLoiipteiisasld; t o , r e v e r s e repurchase agreements (RPs) with, and loans to comme
September 1996) , and Edge Act and agreement corporations. Data are adjustedforbreaksin Shxn&sfcs Includes all loans held in trading accounts under a fair v
caused by reclassifications of assets and liabilities.
4 Includes closed-end residential loans, not shown separately.
2
Includes securities held in trading accounts, held-to-maturity, anfell nKvLaodfesb tft-ifear otheritems, not shown separately.
cludes all non- security trading assets, such as derivatives with a pgtsiitde'e Efc^bKl "©SliiEfeve^ncbo^inrsf the Federal Reserve System.
held in trading accounts.
28
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
External
(Net increase in liabilities)
Discrepancy
Capital Increas B (sources
expendi - in fina n- less
tures 3 c i a l a
etsuses)
Funds raised in markets
Period
Internal
.
.
.
.
.
.
.
.
.
.1,.7.3.3.. 0
9
. 0843.4
. .909.:
. .854.4
.1,.554.
.2,.0.52. 8
!,.9.29.
.2,3.20.
.1,.6.0.4. 4
2007: I r .
IIr.
IIIr
IV
2000r
2001 r
2002 r
2003r
2004 r
2005r
2006 r
2007r
2008 r
2008:
..
..
..
..
..
..
..
..
..
Ir
r
2009: I .
IIp.
Credit market instrum ents
Total
Total
net
funds
raised
Net new
equity
Total
issues
Loans
Securiti es and
and mort - shortgages
term
paper
745.4
987.f
736.E 1 , 2 3 7 .
769.3
95.2
824.4
824.4
841.C
13. 4
945.E
609.(
1,091.
961.2
1,093.
836 .E
1,108. 8 1,211.
1,149.
455.4
271.E
244.E
1 6 3 .5
6 .
47.
80.2
•12 . 9
•102.0
52.7
33.£
•110.4
•118.2
•48.1
•16 . 2
•39.6
•122.7
•343.1
•567.7
•790.1
•334.9
381.<
362 .
211.<
23 .C
86 .£
202.i
330.2
465.5
842 .5
368.
271.5
187.:
398.f
166.3
216.5
132.
263.f
310.;
439.<
250.<
119. 9
175.f
•186.7
•143 . 1
•129.7
7202.8
61.2
155
. .2., 3.6.4 . 4
. 21,096.92, 8
.2,336 . 0
. 2., 212 . 1
1,058.
1,107.7
1,110.
1,158.5
1,306.2174.
1,262.1165.
1,225.
1,053.
174.C
135.8
79.4
•207.7
•537.8
•752.6
•831.8
•l,038.(
711.5
917.8525
911.2
830.3
. 21,7.7.5 .
. l.,.7OO. 9
!,.611. 3
. 61, 350. 0
1,103.8671.
07.5
1,107.
593 . :
1,234.
377.1
1,150.3 179.
31.6
2 . 9 5
55.7
•198.0
. .1., 3.7.6 . 4 1,143.5232.
4 1,138.
232.<
277.f
7
30.
160.:
•431
•218
03.41
.5232.9
88.C
Other2
1,852.
2,173.0963.
1,021.
915. i
885
1,665.
1,947.
1,856. 6
2,226.
1,531. 4
883 .C
963 .5
843
785
803
882
989.895
1,143.
1 1.852. 5
1,187.
969.<
199.1
177.f
130.:
82 A
783.:
403 .C
117.<
716.:
99 .1
•68.5
78.1
•33.7
529.(
974.:
938.4
1,159. 1
421.f
957.8105
713.:
1,044.
344.(
•119.9
•199.1
•156 .6
•6.7
•31.4
•111.1
105.2
72 .9
93 .8
73.1
416.:
525.f
368.5
448.<
295.'
392.;
542. E
381.E
1,132.
1,096.
1,146.
1,203.41,
2,221.
2,234.
2,245.
2,205. 7
1,115.
1,169.
1,241. 5
1,203.4
1142.6
1,064.
1,004.
1,002.
142.6
135.8
90.5
6 .4
4261 .
464.f
397. (
149.1
261.
412. <
1 . 5
193.;
202.C
5 . 8
21.5
•44.1
640.;
347.:
321.E
377 A
1,707.
1,577.
1,489.
1,150.
1.4202.
1,190.
1,185.
1,350.
494.<
387.(
303.
190.
68.2
122.9
122.2
•20.8
153 A
72 . :
583.5
34.
•430.2
•286.1
202 . :
117.;
0291.
1,234.
926 .C
820.C
291.E
414.f
158.9
181.9
1
Profits before tax (book) less taxes on corporate income, less
sumption allowance (consumption of fixed capital plus capital con
p ^ j
earnings retained abroad, inventory valuation adjustment, and netcapital transfers.
2 Includes trade payables, taxes payable, and miscellaneous lia
merit m the U.S. , pension fund contributions payable, and other) .
2
9
0
2
5
9
1
9
tialfixedinvestment plus residential fixed investment
nadjustment, and nonproduced nonfinancial assets.
fGovernorsof
t h e
F e d e r a l
inventory
Reserve System.
CONSUMER CREDIT
[Billions of dollars;
seasonally adjusted]
Consumer credit
outstanding (end of
Period
Total
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
Decr.
Decr
Dec
Decr.
Decr
Dec
Dec
Decr
Dec
Dec
2008
Julyr
2009:
Revolving
£,!£>.
£J33...E
.1,.8.6.6...2. . . .2715.21,
.1750.91,219.7.0... L
.75J0..
2...0J.6...L . . .
2., 13.1..p.
.5799.
2., 23.1..
823.. k
2.,.3.8.4..J8
3. 5 . . 841.552
2.,5.13...5. . 333..
.
£
2.,. 5.5.9... L
9.617.
.1,5.3.1.. L
nge in consumer c r e d i t outstanding 1
peri
Nonrevolving
.7920.4
.51, 0 33.
.71,308
.21,392
.61,579.9134.
7.9
Septr .
Oct r .
Novr .
Decr . .
97.3
2., 531..
. 2.,5.7£.. 1. . . . . 1975.1
.3975.
.2,.57.8..
970.£
2., 5.75..
. 2., 564..
.964.C
.95.7.
.2 ,.559..
. 1., .6.0.0..
.31,601.
Jan r .
Febr . .
Marr .
Apr r .
Mayr .
Juner
Julyp .
2., 5.6.4.
. 955
.2 ,.551.. 1 . . . .9.42.... 2 , 535.3934.
3. . . . 3934.3
. .2,5.1a.
. 0925.
. 2 , 5.0.9.. J2. . . . 91£..£
. 2..A93...
911....2,472
.1905.6
.41,609
.71,608
!,.6.0.1
.91,592
.61,592
.71,581
1. 5££.
.21,603.22 .
Revolving
Nonrevolving 2
29
72
31.7
35.7
16
31.5
30.
41.
68.
17.7
80 .8
112 .6
118 .0
68 ,2
89 .2
83 .9
68 .9
52 2,3
66 .4
21 .9
6.4
1.5
.1
•4.4
•6.8
•6.7
•6. 8
2 .1
.9
•3. 5
1 .2
.110..]
.185 .A
.149...2103
.106 ..C
.115 .A
. 530.
. .9.3...8
.134... .3.9...6
. 97. 3
•5..5.
. 2 2
. -.3. ..3.
-.10 ..5
. -.5.4
5. 3
-.16.1
-.17.3
-.15.6
•21..5.
.
•1.9
•12.7
•8.4
•8.4
•9.3
•4.9
•6.1
.8
7 .2
3
•7. 7
•9. 0
.6
•10.7
•15.4
1
Change based on data in billions of dollars as shown here. For yeafSFes'Hd— EllMj^tiaimrtapstdtaem 7, 2003 data beginning 1977 include student loans exten
preceding year-end; for monthly data, change from preceding month.
the Federal Government and by SLM Holding Corporation.
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 l o a n s m a y ••b§°gg&iP£& %"? e 5H§6^ o f t h e Federal Reserve System,
cured.
29
INTEREST RATES AND BOND YIELDS
Interest rates fell in September.
PERCENT PER ANNUM
10
PERCENT PER ANNUM
10
SOURCE: SEETABLE8ELOW
COUNCILOF ECONOMIC ADVISERS
[Percent per annum]
U.S.
Period
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2008:
2009:
Sept
Oct. . .
Nov. . .
Dec. . .
Jan
Feb
Mar.
Apr. . . . .
May. . . . .
June. . . .
July. . . .
Aug.
Sept
Week ended:
2009
Sept
5
12 . .
19 . .
26 . .
Oct
3 . .
3-month
bills (
auction) 1
Treasury security yie ldsHighgrade
Corporat
Constant maturities ! municipa
Aaa
bonds
bonds
(Standar
' (Moody's
&
3-year 10-year 30-yea
Poor' s)
. 495. 6
5. 4 9
. 5.. 8
56.2
. 3.44
4.. 0 9
. 1.62
3.. 10
. 1.01. . . 2.. 10
. 1.38
2.. 78
. 3.16
6.1 93
. 4.. .73
4.9 7
. 4.41
4.4 2 5
. 1.48
64. 284
2.3
.1.46
1.86
.30
1.51
.04
1.07
.12
1.13
.31
1.37
.25
1.31
.17
1.3
.15
1.39
.17
1.76
.19
1.55
.18
1.65
.13
1.48
.15
.14
.14
.10
.12
1.44
1.45
15.5
1.51
1.43
5.65
4.01
4 .27
4 .29
4.80
4 .63
3 .66
3.69
3.81
3 .513
2.42
2.52
2 .87
4.91
4 .84
4 .28
4.27
4.17
4 .00
2.
3.13
3 .59
2 .82
2.93
3 .29
3 .72
3.56
3 .59
3 .40
3 .64
3.76
4 .23
4 .5
4.41
4 .37
4 .19
5.43
5.77
5.19
5.05
4.73
4 .63
4 .29
4.42
4 .42
4 .80
5.03
5.68
5.28
5.53
5.13
5.00
5.185
4.88
4 .60
4 .84
4.69
4 .58
4 .13
3.37
3 .41
3.46
3.43
3 .28
4.18
4 .25
4.24
4.18
4 .0
4.32
4 .28
4.15
4.01
3 .90
5.
5.94
5.49
7.04
7.62
7.08
6 .49
5.67
5.63
5.24
5.59
5.56
5.64
5.65
6.28
6 .15
5.08
5.05
5.27
5.50
5.39
5.54
5.61
5.41
5.26
5.13
5.12
5.18
5.15
5.14
5.00
Discount window
(N.Y. F.R. Bank)
Primary
credit
Discount
rate
Prime rat B Federal
charged b
funds
rate6
.50
.50
.50
.50
.50
.50
.50
.50
.50
8.00
9.23
6 .91
4 .67
4.12
4 .34
6 .19
7.96
8.05
5.09
5.00
4.00
4 .00
3.25
3.25
3 .225
3 .645
3.25
3 .25
3 .215
3.25
3 . 5
3 .25
4 .97
6.24
3 .88
1.67
1.13
1.35
3 .22
4.97
5.02
1.92
1.81
.97
.39
.16
.15
.22
.18
.15
.18
.21
.16
.16
.15
.50
.50
.50
.50
.50
3.25
3 .25
3.25
25
3 .905
.15
.15
.16
.16
.12
4.62
5.73
2.1
2 .34
4 .19
5.96
5.86
2 .39
2.25
1.25
1.25
.50
Newhome
mortgage
yields
(FHFB)7
7.04
7.52
7.00
43
80
77
94
6.63
6 .41
6 .805
6.09
6.10
6 .16
5.67
5.11
5.09
5.10
4.96
92
17
40
5.32
1High bill rate at auction, issue date within period, bank-discount ba^riisl.y le^tfecijiefestaajiieyia/fcdsjhted average of rates on brokered trades.
from uniform-price auctions.
7Effective rate (in the primary market) on conventional mortgages, reflecting
2
Yields on actively traded issues adjusted to constant maturities. charges as well as contract rate and assumed, on the average, repayment at end
3
Weekly data are Wednesday figures.
*Discount rate (adjustment credit) series was discontinued after January 8, 2003
4
Discount window borrowing for primary credit and discount rate (adjustmentcredit).The) maffiteity was discontinued on February 18, 2002, and reintroduced
rate for primary credit replaced the rate for adjustment credit.
ruary 9, 2006.
5
Average effective rate for year; rate in effect at end of month or week.Sources: Department of the Treasury, Board of Governors of the Federal Reserve
Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's.
30
COMMON STOCK PRICES AND YIELDS
Stock prices rose in September.
INDEX, DEC. 31,2002 =5,000 (RATIO SCALE)
11,000 I
INDEX, DEC. 31,2002=5,000 (RATIO SCALE)
1 11,000
10,000
10,000
9,000
9,000
COMPOSITE STOCK PRICE INDEX
DEX •
(NYSE)
8,000
8,000
7,000
7,000
6,000
6,000
5,000
5,000
4,om 111111111111 11111111111 11111111111 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I
2003
2004
2005
2001
2002
2007
2006
I IIIIIIII I
2008
LLLUJ 4,000
2009
PERCENT
PERCENT
2001
I
2002
I
2003
|
2004
2008
SOURCES: MEW YORK STOCK EXCHANGE AND STANDARD AND POOR'S
1999.
2000.
2001.
2002.
2003.
2004.
2005.
2006.
2007.
2008.
2008:
1 Energy
546.81.
805.89.
397.85.
578.
447.
.5,.583..
612.
26,822.186,
349
.7.,.383..7 Q
357
.8,.654..
648 .82 .
03 6.818 .6,.27.8..3|a
Sept. .
Oct
Nov. ...
Dec. . . .
2 0 0 9 : Jan. . . .
Feb. . . .
Mar
Apr. . . .
May. . . .
June. . .
July. . .
Aug. ...
Sept. . .
Week ended:
2 0 0 9 : Sept 5
12. .
19. .
26. .
Oct 3. ..
Health
Care
prices1
Common stock yields
(percent)7
Standard
Nasdaq comDow Jones Poor' s coim - p o s i t e ind dex
industria l p o s i t e ind e x ( F e b . 5 , Dividend- Earnings(1941average4
1971=100) 6 price rat ioprice ratio
43=10) 5
stock
New York Stock Exchange indexe
(December 3 1 , 2 0 0 2 = 5 , 0 0 0 )
Composite
2009
COUNCIL OF ECONOMIC ADVISERS
Common
Period
I
1,327.33
1,427.22
1,194.18
. 9, 226.43993 . 4J3 9 9 3 . 9 '
965.2:
8,993.
1,130.65
10,317.
1,207.23
10,547.671,207
1,310.46
11,408.6 7
1,477.19
13,169.!5
1,220.04
1 1 , 2 5 2 .62
2,728.15
3,783.67
2,035.00
1,539.73
1,647.17
1,986.53
2,099.32
2,263.41
2,578.47
2,161.65
1.25
1.15
1.3
1.61
1.7
1.7
1.83
1.8
1.86
2.3
10.,.4.6.4. f 8
10.,.73.4.!
. 5,2.73..SO.
'.
5,288.67
. £., 952.365,
36 5 , 9 2 4 . S
. 9 , 3.7.7.349. 6,283.9610,547.6
1.1., 2.0.6...i
.94 6 , 6 8 5 . C
13, 169. 91 3 , 169.981,477.19
13., .25.8../A 2.
:. 6, 171.19
. 7 , 8 8 6 . 96,159. 18 1 2 , 5 6 2 .
.6., .13.0..
4,733.749,
49,515.
5., 52.7.. .3,779
.9,262.
. 5,525.703, 0 3,673.9
.9,.136. 33
6,316.0|5
.03
5,434.0
5, (
.83
5,090.S
11,114.C 8
9,176.
8,614.5
8,595.5
1,217.01
968.8C
883.04
877.56
2,205.
1,730.32
1,542.7
1,525.89
2.36
2.83
3 .11
£.,.47.7.. .143,3 , 33.7.. 143, 4 9 , 2 9 5 .
. 5,051.42 2,823.
48,785.
.4., .73.9...7 22, 2,633
.8,266 .
. 5,338.39 3,313
.8,.839.9 5
5, 256.13
5, 106.787,
4, 5 9 6 . 8 1
8, 771.7
5, 051.7E
5, 224.16
4,
5,
5,
8,396.2
7, 690
7,235.4j7
7,992.1
8,398 7
8,593.0|0
8, 679
9,375
9,634.9 7
865.5S
805.2:
757.1:
848.1J
902.4]
92.35
935.82
1,009.72
1,044.55
1,537.20
1,485.9E
1,432.23
1.641.15
1,726.08
1,826.99
1,873.84
1.997.16
2,084.7E
3.01
3.0
2 .9
2.60
2.41
2 .35
2 .31
2 .1
2 .06
.4,.6.47. ..52 ID., 2DS . 5, 733.11
.4,.7.85..: 1. 1.0., 7 5 2 . 2 7 85. 824.08
.4,.9.42..:82 1 1 , 06 9.
5, 880.18
.4,.9.24 924. 122.8 6 2 . 9 5, 868.27
.6,.933
.6,.834..Q|2 A.,2,Sl..n 6. 1 0 , .743 . 7 5, 850.06
9,374.69
9,569.3
9,741.2
9,745.9
9,648.16
1,006.61
1,036.41
1,060.90
1,058.47
1,047.15
1,989.40
2,065.7
2,117.44
2,122.86
1, 047.15
2.16
2.08
2.01
2.0
2.03
. 5,823. 0 3 , 8 1 9 . 9
.9. ,.848.
. 5,985. 4 3 , 9 2 4 .
10,.189.
. 6,026. 5 5 4 , 0 0 0 .
.9. ,.7.65.
. .6., 5.7.7.. .18 4, 646.60 10,295.£
. 6,839. .88 4, 844.93 1 0 , 7 9 1 .
.6,.557_
.6,.798.
.6,.97O.
3.17
3.63
2.95
2.92
3.84
4.89
5.36
5.78
5.29
3 5,090
1
5
Average of daily closing prices.
Includes 500 stocks.
6
Includes all the stocks (nearly 1,850) listed on the NYSE.
Includes about 3,000 stocks.
Effective January 9, 2003, the NYSE relaunched the composite indeBBtMnSlard:hsngjejar ig series. Dividend-price ratios based on Wednesday closing pri
methodology, definitions, and based on Dec. 31, 2002 = 5,000. Effectiyft1oT^B}iaia6 fcttiSs^bSsWd on prices at end of quarter.
indexes for Financial, Energy, and Health Care were introduced by the NYSE. Previous indexes
shown for Industrial, Transportation, Utility, and Finance were discontinued.S: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor's
4
Includes 30 stocks.
Nasdaq Stock Market.
2
3
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the eleventh month of fiscal 2009, there was a deficit of $1,378.4 billion, compared with a deficit of $500.5
billion a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
4,200
- RECEIPTS AND OUTLAYS
4,000
4,200
4,000
3,800
3,800
3,600
3,600
3,400
3,400
3,200
3,000
3,000
OUTLAYS'
2,800
2,800
2,600
2,600
2,400
2,400
2,200
2,200
2,000
2,000
1,800
1,800
1,600
1,600
400 -
SURPLUS OR DEFICIT (-)
1
400
0
0
-800
-800
-1,200
-1,200
-1,600
-1,600
-2,000
-2,000
2002
2004
2003
2007
2006
2009
2008
2010
FISCAL YEARS
'INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
5OURCE5; DEPARTMENT OF THE TREASURY AND OFFFCE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Fiscal year or period
Receipt s Outlays
Surplus
or
deficit
(
•
Receipt s Outlays
2.,.025..5!, .7.a9.
.41 .a6.3.
1,853.4 11.2 .0.1!
1,782.5 5.2 760.0
1 , 880.3 32,2 .29.3.
.2,153 92 472
2, 407.3 3.2 .6.5.5.
2, 568.2 22, .7.2a
2 , 524.3 3.2, .9.a2
2, 073.7 .73, 653
2, 264. 43., .76 6
.2 . .236. » 1 , 5 4 4
.2 . .128.£ 1,483
.2 .-157.8 1 , 3 3 8
! .-377.6 1 , 2 5 8
.a .-412 .7 1 , 3 4 5
1,576
2 .-3!8
1,798
.4 .-248
.-16 0.7 1 , 933
.-458.6 1 , 8 6 6
1,421.
31,579.
1,603
01,501.
1,458
8.7
1,516
•32 .4
1,655
317.4
1,797
538.4
1 , 913
568.0
2,070
493.6
2,233
434
2,275
342 .2
2,508
641.9
3,133 4 1 , 7 1 2 .
3,214 6 1 , 6 1 1 .
340.4
300
258
62 .4
174
103 .2
•29.9
Surplus
or
defici
(
)
1,453.2 •2!,.5.6.0.
1 , 579.4 .4!,.6.0!
1,722.0 .0!,.6.5.2
1,827.6 .6!,.7.0.2
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
•
(end of
G r o s s Fed-He -Held by
the
public
)
302 .
311.
455.
351.
367.
392 .
415.
444.
252 .
266.
279.4
288.
300.
81.
316 .
320.
50.
45.
55.
62 .
66.
81.
99.
123.
4,001.
4,351.
4,643.
4,920.
5,181.
5,369.
5,478.
82, 999.7
03, 248.4
480.
507.
7159.
523.
534 .
070.
608.4
6181.
,508.
652.
661.
330
346
355
363
379
402
422
453
474
519
551.4
149.
160.
159.
160.
155.
175.
186.
181.
183.
132.
109.
5,628.
5,769.
6,198.
6,760.
7,354.
7,905.
8,451.
8,950.
9,985.
12,212
14,087
73, 4 0 9 . 8
93, 3 1 9 . 6
43, 5 4 0 . 4
03, 9 1 3 . 4
74, 2 9 5 . 5
34, 5 9 2 . 2
44, 8 2 9 . 0
75, 0 3 5 . 1
85. 8 0 2 . 7
07, 8 5 5 . 6
39, 574 . 7
604.
601.
8186.
459.
186.
142 .
9,607. 35,465.7
11,774 77,474.2
33.1
63,
53,
23,
23,
53,632.4 53,
433 .1
604 .4
734.1
772 .3
721.1
632.4
first 11
2,251. 4 2., .751. 9 - 5 0 0 . 5 1 , 6 4 7 . 5
1,885. 73., 264 . 1 1 , 3 7 8 . 4 1,283 9
1Data from current issue Monthly Treasury Statement.
32
(
)
1,129
1,142
1,182
1,227
1,259
1,290
1,306
1,383.21
1, 091.3 3.L,.3.aL
5!,.40.9.
1,258.7.7!,.4.6!
Cumulative t o t a l ,
months: 1
Fiscal year 2008
Fiscal year 2009
Surplus
or
deficit
788.
290.3
842.
255.1
203 .2
923 .
164 .0
1 , 00
107.4
1,085
: 21. 9
1,187
. .69.: 1 , 3 0 6
.a . . 1 2 5 . 1 , 3 8 3
1992
1993
1994
1995
1996
1997
1998
1999
(estimates)
(estimates)
•
Receipt s Outlays
Federal debt
period)
Off-budget
On-budget
Total
2,334.
2,804.
1 -686.7
51,520.
NOTE.-Data for fiscal 2009 and fiscal 2010 are from Mid-Session Review, Budget
U.S. Government, Fiscal Year 2010, issued August 25, 2009. Other data (except as
from Budget of the United States Government, Fiscal Year 2010, issued May 11, 2009
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the eleventh month of fiscal 2009, receipts were $365.7 billion lower than a year earlier and outlays were
$512.2 billion higher.
BILLIONS OF DOLLARS
1,400
1,200
BILLIONS OF DOLLARS
1,400
- RECEIPTS1
1,000
1,000
"
800
800
600
400
200
-
n
1
3,400 p
3,200
INCOME TAXES
SOCIAL INSURANCE
AND RtTIRL-MtNl RbCblPlb
—
• . ——rzr T
m
|
1
OTHER RECEIPTS'*'
- - ^ _
|
1
200
0
1
-
OUTLAYS1
-
3,000
-
2,800
-
-
/
3,200
3,000
2,800
2,600
2,600
2,400 _
2,200
2,000
1,800
600
400
NONDEFENSE
-
_
-
—
1,600
1,400
—
800 600
400
200
- • "
NATIONAL DEFENSE
_
1
2000
T~
2001
1
2002
I
2004
l
2005
l
2007
2006
2008
I
2009
2,200
2,000
1,800
1,600
1,400
- 800
600
400
200
—
*
I
2003
„
2,400
2010
FISCAL YEARS
1
1NCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of
COUNCIL OF ECONOMIC ADVISERS
dollars]
On-budget and off-budget outlays
On-budget and off-budget recei
Fiscal year or period
.3476. 3 .1QQ.
.5509. Z .7117.
1992
1993
1994
1995
1996
1997
1998
1999
1,258 .7543.
.9590. .2157.
1,453 . 2 6 5 6 . 1 .4171.
.4 73 7 . .5182.
1,722 .0 82 8 . i .6188.
1,827.6 . 6 8 7 9 . i .5184.
2,025 1 ,004.5 4.5207.
.9.9.1 . 4 9 9 4 . 3 .0152.0
1,853 . 4 8 5 8 .
1,782 . 5 7 9 3 .
1,880 . 3 8 0 9 .
2,153 . 2 2 78. 2 2 7 8 .
2,407. 1 ,043.9 .9 8 37 .
2,568 1,163.5 3.5370.
2,524 1,145.7 .7.304.
2,073.7 .7903.5121.
2,264.41, 1 , 027.8
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009 (estimates)
2010 (estimates)
Cumulative t o t a l ,
months: 1
Fiscal year 2008.
Fiscal year 2009.
Social
insurIndivi _ Corance
poraual
and
tion
income
retire
income
taxes
taxes ment
receip
National defen se
Inter
Depart- national
ment of
Defense, affairs
militar
.413.. 7 101 1 1 , 3 8 1 6 2 9 8 .
.42.8.. 3 9 9 . ) 1 , 4 0 9 5 2 9 1 .
113 3 1 , 4 6 1 9 2 8 1 .
.4 4 61.
1,515 9 2 7 2 .
120
.4.8.4..
£.0.9.. 1 115 5 1 , 5 6 0 6 2 6 5 .
£3.9.. 1 120 3 1,601 3 2 7 0 .
7 5 7 1 . ) 132 3 1 , 6 5 2 7 2 6 8 .
.8151.7 ) 151 7 1 , 7 0 2 0 2 7 4 .
) 160 3 1 , 7 8 9 2 2 9 4 .
) 152 3 1 , 8 6 3 2 3 0 4 .
) 146 2 2 , 0 1 1 2 3 4 8 .
) 144 L 2 , 1 6 0 1 4 0 4 .
1 148 2,293 0 4 5 5 .
L 154 2 2,472 2 4 9 5 .
) 171 5 2 , 6 5 5 4 5 2 1 .
164 3 2 , 7 2 8 9 5 5 1 .
174 L 2,982 9616.
2 157 3 3,653 3 6 6 6 .
910. 3 162 5 3,766 0 7 2 0 .
278.
268.
259.
253 .
258.
255.
261.
281.
290.
331.
387.
436 .
474.
499.
528.
594.
641.
692 .
158 3 2 , 7 5 1
3,264 1599.
141
576 .
.6S2..
.6.9.4..
.7.0.0..
.7.13..
.733..
.7.9.4..
.8171.6
.6164.9
.9.0.0..
891.
Net
Medi- Income Social inter
care securi securi
16 .
1278.
17.
15 .
19 .
15.
131 .
15.
189.
89.
130.
99.
144.
107.
1259.
115.
174.
119.
123. 3 190.
192.
131.
141. L 190.
17.
172 .
22 .
21.
240 .
345.
99.
28.
28.
3 .
51.
154.
172.
196.
219.
240.
250.
226.
266.
280.
350.
386.
287. 199.
199.
0304. 3 3 0 4 . 198.
202.
9171.7 319.
232.
223 . 3 3 5 .
241.
349.
349.
244.
0365. 3 6 5 .
237. 3 379. 241.
2 6 1 . 5 3 9 0 . 229.
5 1 9 7 .L 253 . 7
3 5172.1 2 6 9 . 3
230. ) 312 .
7 4 . 1 334.
L 2 4 0 .1 333 .
298. 3 .
3 3 2 9 . .5226 .
1 3 7 5 . 1 366 .
5 3 9 0 .3 4 3 1 .3
L 8350. 3 5 4 3 . 3
457. 3 613 . 3
172
7 158.
171.
L 160.
L 167.
3 157.4
L 189.0
! 218.2
4 0 9 .1 2 2 2 . )
433 . 3 243.4 2
456 . 3 1 7 0 .)
474. 7 1 5 3 .L
495.
160. 2
523 . 3 184.3
226.
548.
586 . 1 4375.
6 1 7 .3 2 5 2 .3
682 . 5 1 7 3 .L
7 0 7 . 196.
239.
243.
273.
30
311.
339.
393
318
365
771
first
2., 251. 1,014
1, 885.7 7.8.L2.. ). 1.0S..
828.
821.
28.
1 393.
3 1 . 1 305.
487. 3 6 2 5 .1 1 8 9 .1 630.9
1Data from current issue Monthly Treasury Statement. Data for DepaHtnmnOaoa ftef eiff fiscal 2009 and fiscal 2010 are from Mid-Session Review, Budget
military, include a small amount classified as international af fairs ,U.^hd Qffofernmehm4ed^iBKranaffBaira]2010, issued August 25, 2009. Other data (except as
defense.
from Budget of the United States Government, Fiscal Year 2010, issued May 11, 2009
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 2009, according to revised estimates, Federal current receipts fell $39.9 billion (annual
rate), while Federal current expenditures rose $285.6 billion.
BILLIONS OF DOLLARS
4,000
3,600
BILLIONS OF DOLLARS
4,000
SEASONALLY ADJUSTED ANNUAL RATES
3,600
-
/
3,200
3,200
-
-
CURRENT EXPENDITUR ES
2,800
2,800
x
2,400
2,400
\
•—1
2,000
2,000
- CURRENT
Ml**'
————
1,600
1,600
-
-
-
-
-
-
1,200
1,200
800
400
400
-.
^
\
0
0
-
TT*""
/
^
•
-400
•
NET FEDERAL
GOVERNMENT SAVING
-
-
s
\/"^
-800
-
1,200
1,600
-1,200
\
i
i
1999
i
1
1 1
1
2000
1
1
1
2001
1 1
2002
1
1 1
2003
1
1 1
1
1
1 1
1
1 1
1
1 1
2008
2007
2006
2005
2004
1 1
1
1
1
-1,600
2009
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of d o l l a r s ; quarterly data at seasonally adjusted
Federal Government current
Personal
curproduc
corporent tion and d rate
taxes import
income
Calendar
1999. . .
2000. . . .
2001. . .
2002. . .
2003. . .
2004. . .
2005
2006. . .
2007
2008. . .
2006:
2007:
2008:
2009:
1
2
I. .
II. .
III
IV. .
I. .
II. .
III
IV. .
I. .
II. .
III
IV. .
I.
.
Includes
Includes
34
,195
.699
,249
991.
,073
828 .
,070
774.
,153
,383
,558 1,049.
,647 21,168.
2,475. 3 1 . 421 7 1,102.
2,473. 3 1,517. 1,023.
2,501
1,541. 1,034.
2,547 4 1,581. 3 1,053.
2,575.11,5
1,592. 3 1,088.
1,895.0
.2,.0.5.7.
2,020.3
1,859.:
1,885.1
2,013.9
2,640.
2,660 1
2,659
2,682
2,590. 7
.2,37.2 1
2,489
2,447
1,638. 1,136.
1,654. 01,157.
1,644. 81,177.
1,651. 71,200.
1,546. 3 1,195.
1,322. 984.2
1,435. 2 1,110.
1,382. 1,120.
.2,251.3 1,191.
900.3
815.E
83 .
87.
85 .
86.
89.
213 .
309.
92.0
99.
94.
95.4
654.
687.
Current
Income
surplu
receipt =. Current of govtransf i
receip ;= ernment
enterprises
0 . 8
•1.2
140.0
20.6
345.
Consumption
expenditures
1,796.
1,871.
252.8
3.7
05.0
33.6
395.(
370.2
212.
383 .
396.
415 .
384.6
899.
904.
917.
37.
38.6
39.9
41.0
41.5
42.
45.8
47.9
4 .
49.
393.6
38 .
358.
341.3
91.8
90.
243.1
231 .
218.
156 .
85.7
91.6
192.C
223.E
60.5
•2.9
42.7
•3.8
023.1
937.
8387.
.4358.
957 .
49.
31 .
30.6
953 . C
943.1
40.7
50.8
rates]
Federal Government current
receipts
807.
852.
904 .
944.
974.
94.
99.4
Contri
butions
for
govern
ment
social
insurance
annual
•3.0
•3.6
•2.1
•2.5
2,261.
1,153.
283.0
2,728.
1,688.
3,117.
2,681.
2,731.
1,603.
2,738.
473.
4 .
58.
590 .
660 .:
221.
765.E
811.
848 . E
934.4
810 .
808.
813.1
812
2,841.
2,881.
2,918.
3957.
3,024.
3,169.
3,155.
3,121.
860.E
873
903 .;
93.1
3,220.
3,505.
954.;
979.1
t a x e s from t h e rest of t h e w o r l d , n o t shown s e p a r a t e l y .
Source: Department
a s u b t r a c t i o n f o r w a g e a c c r u a l s less d i s b u r s e m e n t s , n o t shown s e p a r a t e l y .
821.1
Current
transfer
payments
Interest
payments
expendit
Subsidies
44 .
45.
51.
40.
49.
46.0
60.5
51.0
1.140.5
1,252.
1,339.
1,405.
1,491.
1,587.
1,688.
1,840.
258 .
229.
212 .
221.
255.
279.
312 .
292 .
1,552.
1,588.
1,603.
1,603.
263.1
296 .
274.
51.1
49
48
1,666.
1,672.
1,694.
1,721.
306.4
221 .3
316.
304 .
47.
48 .
1,759.
1,904.
312.
956.C
652.4
229. 4
319.
244 .
1,981.
1,294.5
of C o m m e r c e , B u r e a u
Net
Federal
Government
saving
98.8
185.2
40.5
•379.5
•283.0
•203.8
•236.5
•642.6
•207.3
•229.4
•215.5
•163.0
•200.9
•221.3
•258.8
49.2
49.9
•665.7
•674.1
231.
277.
of E c o n o m i c
Analysis.
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (2002=100; seasonally adj
United
States
Japan
1999.
2000.
2001.
2002.
2003.
2004.
2005.
2006.
2007.
2008.
.
.
.
.
.
.
.
.
.
.
2008: Julyr
. 1 1 J D . . I. . . 99 .: 9165.
.109.
96 .
101 .
96 .
113 .
.10.4..
.106. ! . . . 9 5 . ! .295.
Sept r
Oct r .
097.
103.
100.
100.
101.
103.
107.
109.
111.
108.
.104..
Dec r .
.10.2..
: Jan r
Feb r .
Mar r .
Apr r .
May r .
June r
Julyp
. J.J3.0..
. 39...
.9.7...'
. S.7..:
. 96.183.5
. 95.. i
96
97.
102.
198.
100.
98.!
. 4 98.31 .4103.
. 1J32
.6108.
. . 9 8 . i .4101.
.0100.
. 0100.
.1103.
. 1JD0..
. 1J01..: .7108.0
7
.7109.6
. 109
.'1J02..! .9114.
.6117.
.6117.6102
. 1 97.2 .2113.
. 94.( 101.
.491.9
93.
84.
76.
786.
81.
86.
. .88. f
. 88.(
.786. 7
. 85
83 .!
83 .(
. 83 .:
97.4
' 1 0 0 . :>
'100.$
114.
102.
100.21
100.
113.
100.
96 .3
93 .
92 .:
100.
123 .
120. 4
117.
112 .
107.
loi.;;
ioi.:!
98.3
95.91
92.<
88.1
100.
96 .!
87.1
83.:
79.;;
80.<
883.
90.
. ....
1 0 2 .•:
ioi.:;
100.0
99.<
99.01
98.3
101.1!
104.0
100.21
97.7
94.:
98.i
99.
783.2
United
States1
.01
103
100.1
100
99
100
99
99
99.5
98.3
94.
200.1
198.
100.
100.1
103 .
107.
101 .8
102.
9280.
87.i
86
85. (
87
87
87.i
Consumer prices (1982-84=100; NSA)
United
Kingdom
Germany
166 .<;
172 .:>
177.:
179.!)
184.0
188.91
195.:;
2 0 1 . i;
207.342
215.303
155.
142.
169.
172.
177.
151.
173.
156.
1 .
183.
121.
5231.
120.
147.
148.
151.
198.
156.
159.
9280.
140.
157.
120.
163.
166.
170.
153.
176.
159.
183.
) 194.3
142 .
:• 1 4 5 .
147.
148.
151.
:• 1 5 3 .
:• 1 5 6 .
159.
163.
226 .:•
231.!)
238.32
244.:;
250.8213
2 5 6 .:;
261.4225.6
2 6 6 .!>
271.1!
280.92
194.3
200.1
203.6
207.0
213.0
219.4
225.6
20.61
219.08 !
218.783
216.573
212.42 J
210.22 3
100.
296.
113.
164.
163.
183.
116.
113.
164.
109.
120.
1.993.
184.
184.
164.
184.
163.
183.
165.
165.
164.
164.
163 .
164.
283 .:;
283 .1!
282 .!>
282 .!>
281.!)
254.4
255.2
256.6
255.8
253.8
250.1
211.143
212.193
212.70 )
213.24 )
213.85 !
215.693
215.35 L
.215.831
195.
896.
197.
164.
164.
198.
198.
198.
163.
118.
179.
164.
164.
198.
1198.
198.
163.
164.
183.
164.
164. :•
184. 4
183.
165.
65.
96.
93.
01.
89.
87.
076.1
86.1
so.;;
50.7
87.7
87.
80.i;
Septp
1Data
relate
NOTE.—See
to all urban
consumers.
Note, p. 17, for information
on U.S.
:•
163.
164.
164.
164.
184.
164.
164.
165.
)
164.
252.4
281.;;
246.9
281.:.
248.4
248.3
282.;;
283 . : .
283 .:;
283 .:;
184.51
283 .<;
248
248
248
250
250
250
Source: National sources as reported by Department of Commerce
(Bureau of Eco
^,-^^,^ ^ <- n ,-^Analy §,t.s a n c ^ I n t e rna 11 ona 1 Trade Administration, Office of Trade and Industry
n^^n^^-noi
_L XlCl Lib L l
United
Kingdom
Germany
Japan
lul
Oil OCl HO L I OX1
bcl
Ico
.
, .
^-
,
-
,
and Council of Economic Advisers.
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
[Bill ions of dollars; monthly data ss e a s o n ally adjustted]
Goods:
Exports
(f . va s.
value)
(custc ms V5 lue)
Goods: Imports
(BOP b a s i s
C ensus basis
(by
end-use
categ ory)
Census
basis
(by
Balance of trade
(exports minus imports)
e n d - u s e categ
1s
Auto
Period
BOP
Total,
Census
basi'•
basis
gine 3
1999
2000.
2001.
2003.
2004.
2005.
2007.
2008.
2008: July
Aug
Sept
Oct .
Nov
Dec .
r
2009 : Jan
Feb r
Mar r
Apr r
May
June r
July p
. £8.4.. 3 695. !
. .7.72.. 3 781. 1
. . 7 1 8 . 7 729. L
..685.
. . 7 1 5 . 3 724. !
..806.
. . 8 9 2 . 3 906. )
1, 015.8 81,026
.1.,.1.3.8 41,148 2
1,277.0 01,287 4
117.
114.
106.
103.
97.
89.
2
7
3
3
3
2
82.483 .4
84. 4
82.683 .5
80. 3
82.183 .L
84. L
86. 7
10 .!
115. 1
176. ;
104.88 .!
98. i
90.
83.
85.
83.
10.
83.
85.
87.
Auto
ConIndus
mo- sumer
Foods, t r i a Capita altive goods
Total, feeds, , s u p - goods vehi - (nonplies e x c e p tcles , food)
and
Census
Con-
Indus
mo- sumer
Foods, tria Capita altive goods
BOP
feeds, , sup- goods vehi - (nonbasi'
and
plies excep t c l e s , food)
bevand
1
erage s mate- motiv e and automorials
en46 .
47.
49.
147.
172.
160.
55 .
173.
59.
233.
84 .
108. 3
10 .
9.1
9.0
8 . :
1 .':
7.1
5 310. 3 7 5 .
5 356. 9 89 .
1 321. 7 7 5 .
4 78 .
3 293. 7 89 .
3
3
316. i
388.
3
37.
37 .
32.
31 .
27 .
23 .
'.
:
;
!
7.:
7.:
7.3
7 . (
.27 .
22 .
22 .
7.9
23 .
)
85.0
]
6.81
24.
24.
21.
tive
35.
L
10 .
40.
106.
64 .
10 .
103.
98.5
8.:
13.
33 . 2
5 . t
33.
6.0
3
210. 5
30. D
3.17. 3
31. 1
.26 . 2
6 . (
5.8
5 . •
8.1
6.8
13.
13.
11 .
11 .
122.
121 .
130.
1 .
12.
12.
Goods
ices
Goods
and
service
Serv-
•328.E
•436.1
•411.5
•347.6
•454."
•429.9
82 .
74.
64.
•265.1
•379.8
•365.5
1 55.
3 1 3 . 3 2 9 5 . 1210. 1 333.
304. 3 250 .
•532.4
•549.C
54.
•495.0
21,673 5 6 8 .
11,853
41,957 0 81 .
22,103 6 8 9 .
5 2 3 . 3 3 7 9 . .2389. 4 407.
389. 1 3 1 3 .
• 767.E
•790.9
75.
•715.3
6 3 4 . 7 444 . S259. 2 474.
7 7 9 . 5 4 5 3 . 7233. 3 481.
5 0 4 . 3 375 .
549. 5 4 0 5 .
• 808.£
•816.;
•831.C
3144.3
129.
144.
•75.1
•70.2
•69.5
•69.6
•52.5
•51.9
•77.2
•72.2
•71.7
•71.4
•54.3
•53.2
5 -701.4
3 -695.9
12 .
•64.9
11.
•60.9
11.
•60.1
12 .
•59.4
11.
•43.2
11 .
141.9
•46.5
•36.0
•37.7
•38.7
•35.9
•37.1
•41.3
•47.6
•37.2
•39.2
•39.9
•37.2
•38.3
•42.7
10 .
10.
10 .
10.
10 .
10.
10.
7.!
7 . S
7 . (
37.51
129.66 .
5
121.2
121 . 4
119.5
119 . 0
1 2 .1
129. 1
6.!
6.1
6 . S
6.1
6 . S
6.9
6.1
12.
basis
281 . 3 199 .
2 9 8 . 5 223 .
286. 2 2 2 1 .
6 43.
0 46.
0 46.
194 .5 193. 3
186. 3 186. 1
1 1 . 7 176. 2
1 0 . 2 174.47 .4
151. 3 1 5 1 . 0
141.97 .3
141 .4
130.
Imports
221 . 4 295.7179 .7179. 0 281 .
2 9 9 . 3 3 4 7 .1195. 3 281.
2 7 3 . 9 2 9 8 . 1189. 3 284.
81,024
71,218
61,141
01,161
91,257
80 . 1,031
89. 1,226
88. 1,148
84 . 1,168
89. 1,264
115. 1, 6 8 3
363. 3 9 8 .
1, 863
404 . 3 129 .
4.3316. 3 146 .3 146 . 1, 9 6 9
7121. 5 1 6 1 . 2 , 117
457.
40 . L
70. 1
37. S
37 . 3
36 . i
Exports
part
e r a g e s m a t e - m o t i v ; and autorials
enmogine 3 tive
3
6
121 .3
0.95. 9
119. 3
12. 4
129. 4
7 . •
7.2
79.
3
73 . 4
65. 3
66 .
48. 3
43 . 5
38.
186. )
38. 1
37 . !
151 . 1
34.
30.
36.
31.
39.
1 1 .
3
3
>
7
33 . L
37. 3
38. 4
20 .
19.
1 .
37.
16.
15.
) 11 .
10.
10.
29. ; 10.
28. ; 1 0 .
28 . ) 10 .
28. i n .
1 0 . '. 13.
34 .
40 .
47.
47.
46.
45.
37.
43.2
36 .
53.
33.
35.
36 .
41 .
30 .
36.
37.
40.
10.
40 .
30 .
35 .
40.
29.
35.
40 .
.08.
29 .
310.
10.
30.
11 .
42.
10.
310.
35 .
35.
37.
33 .
•37.0
•26.6
•28.9
•29.1
•26.4
•27.5
•32.0
1
Total includes ( ''other' ' exports or imports, not shown separately. Source: Department of Commerce (Bureau of the Census and Bureau of Economic Anal
NOTE .—BOP refers to balance of payments on international transactions basis. BOP data
shown here are consistent with figures shown on pp. 36 and 37.
35
U.S. INTERNATIONAL TRANSACTIONS
In the second quarter of 2009, the goods deficit fell to $115.5 billion, from $124.0 billion in the first quarter. The
current account deficit fell to $98.8 billion in the second quarter, from $104.5 billion in the first quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS'
-200
-220
-240
2009
1999
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of d o l l a r s ; quarterly data
Period
Imports
. ..683,9 9 6 5 1 , 031,784
. ..771,9 994-1, 226,684
. . .71.8.,7 1 1 1 , 148,609
. . .685,17017 0 1 168,002
. . .715,84884 8 1 264,860
. . SD.6.,1 6 1 1 477,996
. . 892,3 3 3 7 1 683,188
.1,015 , 8 L21 863,072
99 2 37E
. 1, 138, 3 842,3451
. 1 , 2 7 6 , 9 342 117,245
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2006: I. .
II .
III
IV .
. 2.43, 445
.252, 0
255, 9
264,35
2007: I. .
II .
III
IV .
. 2J59, 538
2008: I. .
II .
III
IV .
. 3 1 5 , 637
.332, 8 7 6
337, 91
290,569
249,374
246,134
2009:
Ir
IIp
36
•347,81<
•454,690
•429,895
•482,83:
•549,012
•671,83!
•790,85:
•847,260
•830,99;
•840,25;
•454,618
•463,79'
•476,36:
•468,29f
•211,17:
•475,57:
.277, 65 •483,29
289, 1 6 0 •494,075
302, 031 •516,43!
•206,03:
1Adjusted from Census
T r a n s f e r s under U.S.
(imports).
2
itures
Balance
on
goods
•211,71(
•220,43!
•203,94:
Net
military
transactions
Balance
Net
on
travel Other
goods
and
Receipt sPayments
service s, and
transservice
net
portation
•933
•205,63<
•2,912
•204,91!
•2,593
( + ) , debits
(•)]
Balance
on
income
Unilater alBalance
on
current
transfer s,current
account
net 3
92591879
94
45 6739
263
221
931
637
280,03
329,86
259,07!
253,54
275,14
346,519
462, 905
634,13!
728,08!
646,406
13,888
2 1 , 05^4
398, 2
27,398
45,309
67,219
72,358
48,085
90, 84 =
118,231
•50,42!
•58,64E
•64,48'
•64,94!
•71,794
•88,36;
105,772
•91,27:
115,996
128,36:
•301,630
•417,426
•398,270
•459,151
•521,519
•631, 130
•748,683
•803,547
•726,573
•706,068
212 141,24!
156,65'
166, 19!
97 170,03<
13,96 7
12,802
9,377
21,6 938
•20, 99E
•23,70!
•24,876
• 2 1 , 69:
•198,651
•202,078
•214,789
•188,031
30, 570 178,03!
31, 89 L 177,560
34, 802-171,46!
37,34 174,360
155,
169,
175,
181,
186,
202,
213,
216,
981
312
505
132
177,23
189,53:
185,098
176,22(
9,74
12, 781
28,407
39, 91
•30,80'
•25,75;
•28,55'
•30, 88:
•199,098
•190,531
•171,614
•165,330
7, 08
2,48
•1,64
•899
1,24 L
3 5 641
Credits
293,
350,
290,
280,
320,
413,
535,
682,
818,
764,
7 3 , 05 L 265,09(
72, 052 379,83!
•3,254
69, 94 3 365,50!
•2,296
•4,24E
72, 633 421,60:
•7,15E
77, 43 3 495,03
• 1 1 , 9 8 ] •11,47!
89, 640 609,98
• 1 3 , 5 1 £ •14,27!
715,26!
• 1 0 , 5 3 6 •13,00!
99,
• 7 , U S 3104,893 104, 89 760,359
701,42:
2,34
•7,384
134,6
695,936
16, 175 1 4 2 , 0
•13,88]
924,697
54, 6
191,62:
•2,14E
191,17:
•2,90
•1,660
25, 1
•2,563
•2,021
2 5 , 7 8-199,290
•2,41C
41 0 29,3
2 9 , 36 7 178,27!
2,593
317
adjusted.
Income receipts and pay
ments
Services
Goodsi
Exports
seasonally
•214,40'
•946
•534,48
•554,37
•559,00
•469,38
•218,84!
•2,543
•3,055
•4,664
•3,61E
3, 07
4, 92
5,59
2,58 L
35, 659
36,
34,
35, 363
•182,65
•182,84
•185,94
•144,49
202, 927'•166,24:
:-172,52:
198,
1-161, 19
195,
:-146,45(
167,
36, 68
26,274
34, 1
2 1 , 14
•33,33C
•31,52'
•179,298
•187,719
•184,178
•154,875
-373,41
-361,62
•124,03!
•3, 01
•2,783
1, 98
2, 99b
3 2 , 6 6 1 -92,405
32,27 2 -83,00'
135, 35|2-117, 05:
133, 019-116,58:
18,301
16,438
•30,34:
•32,226
•104,450
•98,792
data for
military
•221,49!
•221,09(
•178,82(
•115,48'
d i f f e r e n c e s i n t i m i n g and c o v e r a g e ; ex^lmideiadaia.lttairsfers of goods and s e r v i c e s
agency s a l e s c o n t r a c t s ( e x p o r t s ) minusdirectdefenseexpend-Seep.37forcontinuation of t a b l e .
•31,14'
•32,36]
under
U.S.
military
grant
programs.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the financial account, U.S. claims on foreigners reported by U.S. banks increased $34.4 billion in the second
quarter of 2009, following an increase of $89.4 billion in the first quarter. U.S. liabilities to private foreigners reported
by U.S. banks, excluding Treasury securities, decreased $144.4 billion in the second quarter, following a decrease
of $163.8 billion in the first quarter.
BILLIONS OF DOLLARS*
1800
BILLIONS OF DOLLARS*
8001
700
CHANGE IN
FOREIGN-OWNED
ASSETS IN
THE U.S., NET
600
500
A
400
600
A-
500
\
300
300
200
200
100
100
0
0
-100
-100
-200
-200
-300
-300
-400
-400
-500
-500
_L_l_l_J-600
-600
1999
2009
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of d o l l a r s ; quarterly data
seasonally
adjusted.
Credits
( + ) , debits
(•)]
Financial account
Capital
account
transactions,
net
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2006: I
II
III
IV
I
II
III
IV
I
II
III
IV
Ir
IIp
.
.
.
.
.
.
U.S.-owned a s s e t s abroad,
excluding financial derivatives
[ i n c r e a s e / f i n a n c i a l outflow (•)
.•4, 93 9 •504,062
.-1, 010
•560,523
•382,61«
.11,92
•294,64«
.-1,470
.-3,480
•325,424
. .1,323 • 1 , 0 0 0 , 8 7 3
•546,63]
.11,34
.-3, 906 • l , 2 8 5 , 7 2 p
.-1, 895 • 1 , 4 7 2 , 1 2
•106
. . . 953
.-1, 721 • 3 8 7 , 6 8 !
•1,017
•223,95:
•539
•295,38!
•629
•378,69E
•485,£
. -549
•545,15E
•124
•192,53C
•625
•248,57]
•597
•251,50]
. -637
107,343
•682
29,32
2, 96
•695
114,73b
94,73 I
•710
•693
41,86
Other U.S.
U.S.
o f f i c i a 1 Governreserve
ment
U.S.
private
Foreign-owned a s s e t s in the
excluding financial derivatives ives
[increase/financial inflow t Financial Total (su m Of which
the i t emsSeasonal
derivativ ofwith
sig adjustmen
net
Other
Foreign
reversed
discrepan
foreign
officia
assets
assets
8, 742
742,21043
43,54 i 6 9 8 , 6 6
2, 75
•515,55!
•290
•941
• 5 5 9 , 2 9 : 1, 038,22
4 2 , 7 5 ! 995,46
54, 811
•486
•377,21!
782,87
2 8 , 0 5 ) 754, 8 1 L
•3,681
345
•291,31C
79,216
1 1 5 , 9 4 5 679,21
537
•327,484
1,523
858,30
278,069 5 580, 24 1
2, 805
1, 71 • 1 , 0 0 5 , 3 8 1,533,201
397, 755 1, 135,446.
5,53
•566,266 1 , 2 4 7 , 3 '
14,09
259,268988 988,
4
2,374 • 1 , 2 9 3 , 4 4 9 2, 065, 1(
29,71
2,37 5,
577, 23029 1,577,23
• 2 2 , 2 7 3 • 1 , 4 4 9 , 7 3 L 2, 129,46
6,22
6,22
4 8 0 , 9 4 9 1, 648,51
00,055
534,35 7 5 3 4 , 0 7
•28,905
• 4 , 8 4 8 •529,615
487,02 L
513
1, 04
•389,25]
1, 63
545,64
3340, 7 415,22
•560
•225,158
14,09b
1, 76
4367, 935
1 2 7 , 3 0 3 0905, 443
•297,96E
19, 30
1,57
15,13 I
5 2 5 , 4 4 1 1 2 1 , 843 403, 19,3
•381,075
1,41.
962
•1,147
5 8 6 , 4 2 3 12,43465 108,36
•72
7 0 0 , 9 6 L 1 6 5 , 8 3 7 535, 124 1
14,79
•486,24C
485
26
737,457
8 8 , 3 3 L 649,12
•1,007
•544,58E
•596
•54
2
7
8
,
4
2
4
4
7
,
6
7
I
5, 94
•193,09!
280, 75 3
423
•22
4 1 2 , 6 1 3 179, 107 233, 51L • 1 3 , 5 0 8
•22,744
•225,80E
•276
4 2 6 , 0 5 3 2 0 8 , 6 4 5 613,3441
975,764
•254,49:
3,26
•1,267
1 7 8 , 8 2 5 •176,823
•2,355
•41,59:
150,20
2, 00
•179
2,32
•4,075
2 5 5 , 4 9 3 1 1 7 , 897115,57 1 1 5 , 5 7 3
•225,99'
•3,12( • 2 6 5 , 2 9 :
•16,024
•14,509
3 8 3 , 1 5 3 •11,888
4, 13
•982
8,40
•148,38'
•67,757
7 0 , 8 9 ! •138,64!
244,10
•3,632
•148,36E
193,86
124,9
1 2 4 , 9 8 3 •108,596
4
Consists of gold, special drawing r i g h t s (SDRs) , foreign currencies,andthe U.S.reserveSources:DepartmentofCommerce
p o s i t i o n in the I n t e r n a t i o n a l Monetary Fund (IMF).
Treasury.
U.S. official
reserve
assets, net 4
(unadjusted,
end of
y period)
..68,42
.-53., 2155
. 71,516
. £.7., £.4.7
. 68, 654
.-39,89.4
. .-7,880
.97,47
..36,62
•1,698
64,91
200,05
40,78
5,30
•29,858
•17,924
•30,242
•637
869,0
15,386
13,34 I
81,4ip
38,06
67,23
69,77
..41,22
. .79,£>£>£
. 85,938
. S£.,S2.4
. 65, 127
. £5.,SS5
. 70,565
. .7.7., £.43
9,31
•2,443
•19,305
12,43
10,39
•528
•23,938
14,06
14,65
•3,037
•25,884
14,26
10,57
•1,677
65,354
67,935
66,217
65,895
66,551
66,127
69,070
70,565
75,764
75,740
71,834
77,648
74,958
81,686
(Bureau of Economic Analysis)
and Department of
37
Contents
Pa e
TOTAL OUTPUT, INCOME, AND SPENDING
g
Gross Domestic Product
Real Gross Domestic Product
Chained Price Indexes for Gross Domestic Product
Gross Domestic Product and Related Price Measures: Indexes and Percent Changes
Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits
National Income
Real Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Real Gross Private Domestic Investment
Real Private Fixed Investment by Type
Business Investment
1
2
2
3
3
4
4
5
6
7
8
9
10
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures
Components of Money Stock
Aggregate Reserves and Monetary Base
Bank Credit at All Commercial Banks
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. International Trade in Goods and Services
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
P Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
38
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