109th Congress, 2nd Session Economic Indicators FEBRUARY 2006 (Includes data available as of March 7, 2006) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 2006 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec 5(a) of Public Law 304, 79th Cong.) JIM SAXTON, New Jersey, Chairman ROBERT F BENNETT, Utah, Vice Chairman HOUSE OF REPRESENTATIVES PAUL RYAN (Wisconsin) PHIL ENGLISH (Pennsylvania) RON PAUL (Texas) KEVIN BRADY (Texas) THADDEUS G McCOTTER (Michigan) CAROLYN B MALONEY (New York) MAURICE D HINCHEY (New York) LORETTA SANCHEZ (California) ELIJAH E CUMMINGS (Maryland) SENATE SAM BROWNBACK (Kansas) JOHN E SUNUNU (New Hampshire) JIM DeMINT (South Carolina) JEFF SESSIONS (Alabama) JOHN CORNYN (Texas) JACK REED (Rhode Island) EDWARD M KENNEDY (Massachusetts) PAUL S SARBANES (Maryland) JEFF BINGAMAN (New Mexico) CHRISTOPHER FRENZE, Executive Director COUNCIL OF ECONOMIC ADVISERS EDWARD P LAZEAR, Chairman KATHERINE BAICKER, Member MATTHEW J SLAUGHTER, Member [PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—1ST SESSION] JOINT RESOLUTION [S.J Res 55] To print the monthly publication entitled ‘‘Economic Indicators’’ Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled ‘‘Economic Indicators,’’ and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public Approved June 23, 1949 Charts prepared under the direction of the Printing and Procurement Branch, Office of the Secretary, Department of Commerce Economic Indicators, published monthly, is available at $3.00 a single copy ($3.75 foreign), or by subscription at $33.00 per year ($41.25 for foreign mailing) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D.C 20402 For sale by the U.S Government Printing Office Superintendent of Documents, Mail Stop: SSOP, Washington, DC 20402–9328 Also available on the internet at the following address:http://www.gpoaccess.gov/indicators ii TOTAL OUTPUT, INCOME, AND SPENDING GROSS DOMESTIC PRODUCT In the fourth quarter of 2005, according to revised estimates, current-dollar gross domestic product (GDP) rose 5.0 percent (annual rate), real GDP (GDP in chained 2000 dollars) rose 1.6 percent, and the implicit price deflator rose 3.3 percent [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 r 2002: I II III IV 2003: I II III IV 2004: I II III IV 2005: I II III IV r GDP Exports and imports of goods and services Personal Gross Gross conprivate domestic sumption domestic product expendi- investtures ment Net exports Exports 7,816.9 8,304.3 8,747.0 9,268.4 9,817.0 10,128.0 10,469.6 10,971.2 11,734.3 12,485.7 10,333.3 10,426.6 10,527.4 10,591.1 10,717.0 10,844.6 11,087.4 11,236.0 11,457.1 11,666.1 11,818.8 11,995.2 12,198.8 12,378.0 12,605.7 12,760.4 ¥96.2 ¥101.6 ¥159.9 ¥260.5 ¥379.5 ¥367.0 ¥424.4 ¥500.9 ¥624.0 ¥726.9 ¥373.1 ¥416.1 ¥433.8 ¥474.6 ¥502.6 ¥500.6 ¥495.3 ¥505.0 ¥559.6 ¥613.1 ¥638.0 ¥685.4 ¥697.5 ¥691.0 ¥730.4 ¥788.8 868.6 955.3 955.9 991.2 1,096.3 1,032.8 1,005.9 1,045.6 1,173.8 1,301.6 976.4 1,008.2 1,022.9 1,016.2 1,018.8 1,016.1 1,046.6 1,101.1 1,130.8 1,163.3 1,183.8 1,217.1 1,253.2 1,297.1 1,314.6 1,341.5 5,256.8 5,547.4 5,879.5 6,282.5 6,739.4 7,055.0 7,350.7 7,709.9 8,214.3 8,746.2 7,230.3 7,323.0 7,396.6 7,453.1 7,555.2 7,635.3 7,782.4 7,866.6 8,032.3 8,145.6 8,263.2 8,416.1 8,535.8 8,677.0 8,844.0 8,927.9 1,240.3 1,389.8 1,509.1 1,625.7 1,735.5 1,614.3 1,582.1 1,670.4 1,928.1 2,103.1 1,564.1 1,571.4 1,592.9 1,600.1 1,610.0 1,619.3 1,694.2 1,757.9 1,818.2 1,928.5 1,961.2 2,004.5 2,058.5 2,054.4 2,099.5 2,200.0 Government consumption expenditures and gross investment Federal Imports Total Total less exports of goods and services plus imports of goods and services 964.8 1,056.9 1,115.9 1,251.7 1,475.8 1,399.8 1,430.3 1,546.5 1,797.8 2,028.6 1,349.5 1,424.3 1,456.7 1,490.8 1,521.4 1,516.6 1,541.9 1,606.1 1,690.3 1,776.4 1,821.8 1,902.5 1,950.6 1,988.1 2,045.1 2,130.4 1,416.0 1,468.7 1,518.3 1,620.8 1,721.6 1,825.6 1,961.1 2,091.9 2,215.9 2,363.4 1,912.0 1,948.3 1,971.8 2,012.5 2,054.4 2,090.5 2,106.2 2,116.5 2,166.2 2,205.0 2,232.5 2,260.0 2,302.0 2,337.6 2,392.7 2,421.4 527.4 530.9 530.4 555.8 578.8 612.9 679.7 754.8 827.6 877.8 654.9 675.2 682.0 706.6 724.0 763.4 761.8 770.0 808.3 824.6 836.5 840.8 860.2 869.8 892.2 888.8 National defense 354.6 349.6 345.7 360.6 370.3 392.6 437.1 496.7 552.7 587.2 418.2 431.1 438.0 461.1 467.2 507.2 500.3 512.0 538.7 547.2 562.9 562.0 575.3 582.5 601.7 589.2 Nondefense 172.8 181.3 184.7 195.2 208.5 220.3 242.5 258.2 274.9 290.6 236.6 244.1 243.9 245.5 256.8 256.3 261.5 258.0 269.6 277.4 273.6 278.8 285.0 287.3 290.5 299.6 State and local 888.6 937.8 987.9 1,065.0 1,142.8 1,212.8 1,281.5 1,337.1 1,388.3 1,485.6 1,257.2 1,273.1 1,289.8 1,305.9 1,330.4 1,327.1 1,344.4 1,346.5 1,357.9 1,380.4 1,395.9 1,419.1 1,441.7 1,467.7 1,500.4 1,532.6 Final sales of domestic product Gross domestic purchases Addendum: Gross national product 7,786.1 8,232.3 8,676.2 9,201.5 9,760.5 10,159.7 10,457.7 10,955.8 11,678.9 12,469.1 10,341.6 10,424.0 10,501.4 10,563.9 10,695.2 10,845.0 11,076.9 11,206.2 11,411.6 11,594.2 11,766.3 11,943.3 12,138.9 12,382.1 12,625.4 12,730.0 7,913.1 8,405.9 8,906.9 9,528.9 10,196.4 10,495.0 10,894.0 11,472.1 12,358.3 13,212.7 10,706.4 10,842.7 10,961.2 11,065.7 11,219.6 11,345.2 11,582.8 11,741.1 12,016.7 12,279.1 12,456.8 12,680.6 12,896.3 13,069.0 13,336.1 13,549.2 7,851.9 8,337.3 8,768.3 9,302.2 9,855.9 10,171.6 10,500.2 11,039.3 11,788.0 10,359.5 10,443.3 10,557.0 10,641.1 10,761.9 10,911.4 11,154.8 11,329.2 11,540.1 11,712.8 11,867.3 12,032.0 12,238.2 12,413.5 12,650.0 Source: Department of Commerce, Bureau of Economic Analysis REAL GROSS DOMESTIC PRODUCT [Billions of chained (2000) dollars; quarterly data at seasonally adjusted annual rates] Gross private domestic investment Period 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 r 2002: I II III IV 2003: I II III IV 2004: I II III IV 2005: I II III IV r Gross domestic product 8,328.9 8,703.5 9,066.9 9,470.3 9,817.0 9,890.7 10,048.8 10,320.6 10,755.7 11,134.6 9,977.3 10,031.6 10,090.7 10,095.8 10,138.6 10,230.4 10,410.9 10,502.6 10,612.5 10,704.1 10,808.9 10,897.1 10,999.3 11,089.2 11,202.3 11,247.6 Personal conNonresi- Resi- Change sumption dential dential in priexpendifixed fixed vate tures invest- invest- invenment ment tories 5,619.4 5,831.8 6,125.8 6,438.6 6,739.4 6,910.4 7,099.3 7,306.6 7,588.6 7,858.2 7,042.2 7,083.5 7,123.2 7,148.2 7,192.2 7,256.8 7,360.7 7,416.4 7,501.4 7,536.6 7,617.5 7,698.8 7,764.9 7,829.5 7,907.9 7,930.6 833.6 934.2 1,037.8 1,133.3 1,232.1 1,180.5 1,071.5 1,085.0 1,186.7 1,289.7 1,090.3 1,073.3 1,068.0 1,054.5 1,051.6 1,072.9 1,101.8 1,113.7 1,135.1 1,171.6 1,204.8 1,235.1 1,252.2 1,279.0 1,305.2 1,322.5 381.3 28.7 388.6 71.2 418.3 72.6 443.6 68.9 446.9 56.5 448.5 ¥31.7 469.9 12.5 509.4 15.5 561.8 52.0 601.8 18.4 459.0 ¥10.2 469.5 2.6 471.8 28.0 479.3 29.5 484.8 24.0 496.0 ¥.4 521.2 9.3 535.7 29.0 542.4 41.9 565.1 65.6 568.8 50.4 571.0 50.1 584.1 58.2 599.3 ¥1.7 610.0 ¥13.3 613.9 30.4 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports Exports Imports Total ¥79.6 ¥104.6 ¥203.7 ¥296.2 ¥379.5 ¥399.1 ¥471.3 ¥521.4 ¥601.3 ¥633.3 ¥441.3 ¥458.9 ¥472.2 ¥513.0 ¥510.7 ¥528.4 ¥516.2 ¥530.2 ¥563.0 ¥601.7 ¥606.5 ¥634.1 ¥645.4 ¥614.2 ¥617.5 ¥656.2 843.4 943.7 966.5 1,008.2 1,096.3 1,036.7 1,013.3 1,031.2 1,117.9 1,195.7 992.8 1,018.0 1,025.2 1,017.2 1,009.7 1,004.5 1,032.2 1,078.4 1,091.8 1,110.2 1,125.0 1,144.5 1,165.3 1,195.4 1,202.7 1,219.4 923.0 1,048.3 1,170.3 1,304.4 1,475.8 1,435.8 1,484.6 1,552.6 1,719.2 1,829.0 1,434.0 1,476.9 1,497.4 1,530.2 1,520.4 1,532.9 1,548.4 1,608.6 1,654.8 1,711.9 1,731.5 1,778.6 1,810.7 1,809.6 1,820.2 1,875.7 1,564.9 1,594.0 1,624.4 1,686.9 1,721.6 1,780.3 1,858.8 1,911.1 1,952.3 1,987.2 1,832.0 1,853.4 1,863.9 1,885.8 1,884.4 1,917.5 1,920.1 1,922.6 1,938.4 1,949.5 1,958.4 1,962.8 1,971.9 1,984.1 1,998.1 1,994.7 GDP less exports of goods and services plus imports of goods and services NOTE.—Because of the formula used for calculating real GDP, the chained (2000) dollar estimates for the detailed components not add to the chained-dollar value of GDP or to any intermediate aggregates Total National defense Nondefense 573.5 567.6 561.2 573.7 578.8 601.4 643.4 687.8 723.7 740.5 623.2 641.7 646.5 662.3 662.8 696.8 693.2 698.5 716.5 722.2 728.6 727.6 731.8 736.1 749.5 744.6 383.8 373.0 365.3 372.2 370.3 384.9 413.2 449.7 481.3 493.6 399.2 410.2 414.4 428.9 425.0 460.1 452.5 461.2 476.4 477.4 487.7 483.7 487.3 491.7 503.6 491.8 189.6 194.5 195.9 201.5 208.5 216.5 230.2 238.0 242.2 246.7 224.0 231.5 232.2 233.4 237.9 236.4 240.6 237.0 239.9 244.6 240.6 243.6 244.3 244.2 245.6 252.6 State and local 990.5 1,025.9 1,063.0 1,113.2 1,142.8 1,179.0 1,215.4 1,223.3 1,228.4 1,246.5 1,208.9 1,211.8 1,217.5 1,223.6 1,221.6 1,220.7 1,226.8 1,224.1 1,221.8 1,227.1 1,229.6 1,235.0 1,239.8 1,247.8 1,248.5 1,249.8 Final sales of domestic product Gross domestic purchases Addendum: Gross national product 8,306.5 8,636.6 8,997.6 9,404.0 9,760.5 9,920.9 10,036.5 10,303.6 10,702.4 11,114.6 9,986.8 10,028.4 10,063.5 10,067.3 10,114.7 10,228.2 10,399.5 10,471.8 10,568.9 10,637.4 10,757.1 10,846.0 10,940.3 11,089.2 11,214.4 11,214.5 8,405.7 8,807.6 9,272.5 9,767.7 10,196.4 10,290.1 10,517.7 10,837.3 11,348.7 11,759.2 10,418.0 10,488.5 10,560.4 10,604.1 10,644.7 10,753.8 10,923.1 11,027.6 11,168.8 11,297.4 11,407.0 11,522.0 11,635.4 11,694.8 11,811.2 11,895.3 8,365.3 8,737.5 9,088.7 9,504.7 9,855.9 9,933.6 10,079.0 10,385.2 10,805.7 10,004.1 10,048.6 10,119.7 10,143.8 10,182.0 10,294.1 10,474.7 10,590.0 10,689.5 10,747.7 10,854.1 10,931.8 11,036.3 11,122.5 11,243.2 Source: Department of Commerce, Bureau of Economic Analysis IMPLICIT PRICE DEFLATORS FOR GROSS DOMESTIC PRODUCT [Index numbers, 2000=100; quarterly data are seasonally adjusted] Personal consumption expenditures Period 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 r 2002: I II III IV 2003: I II III IV 2004: I II III IV 2005: I II III IV r Gross domestic product 93.852 95.414 96.472 97.868 100.000 102.399 104.187 106.305 109.099 112.134 103.568 103.938 104.328 104.907 105.705 106.004 106.498 106.983 107.958 108.987 109.343 110.077 110.905 111.622 112.527 113.450 Total 93.547 95.124 95.979 97.575 100.000 102.094 103.542 105.520 108.245 111.299 102.670 103.381 103.838 104.265 105.047 105.216 105.729 106.071 107.077 108.081 108.476 109.318 109.927 110.824 111.838 112.575 Durable goods Nondurable goods 109.507 107.068 104.152 101.625 100.000 98.113 95.767 92.372 90.630 90.165 96.499 96.030 95.599 94.959 93.940 92.918 91.871 90.900 90.911 90.872 90.310 90.446 90.646 90.524 89.837 89.657 Source: Department of Commerce, Bureau of Economic Analysis 92.566 93.835 93.821 96.174 100.000 101.531 102.090 104.151 107.635 111.600 100.894 102.236 102.461 102.757 104.177 103.558 104.352 104.504 106.022 107.734 107.769 108.970 109.315 110.842 112.972 113.203 Gross private domestic investment Services 90.844 93.304 95.318 97.393 100.000 103.256 106.019 109.246 112.695 116.171 104.932 105.604 106.386 107.133 108.031 108.881 109.641 110.407 111.395 112.296 113.112 113.947 114.795 115.625 116.500 117.731 Nonresidential fixed 105.011 103.696 101.421 100.057 100.000 99.683 99.513 99.764 101.025 103.171 99.541 99.485 99.381 99.646 99.674 99.432 99.727 100.204 100.493 100.947 101.173 101.443 102.231 102.702 103.345 104.342 Exports and imports of Government consumption expenditures goods and services and gross investment Federal Residential fixed 87.609 89.843 92.239 95.780 100.000 104.633 107.240 112.379 119.935 125.597 106.142 106.708 107.114 108.937 111.386 111.467 112.216 114.283 116.517 119.252 121.269 122.530 123.019 124.315 126.290 128.613 Exports Imports Total 102.987 101.233 98.905 98.313 100.000 99.625 99.272 101.398 104.999 108.858 98.348 99.041 99.768 99.907 100.899 101.154 101.387 102.100 103.568 104.787 105.224 106.348 107.540 108.515 109.304 110.014 104.529 100.816 95.354 95.960 100.000 97.497 96.342 99.611 104.571 110.908 94.105 96.440 97.278 97.425 100.068 98.940 99.580 99.846 102.146 103.769 105.218 106.969 107.727 109.868 112.355 113.579 91.957 93.533 94.512 96.883 100.000 101.908 105.632 109.740 114.354 118.535 105.086 105.219 105.489 106.683 109.229 109.572 109.897 110.238 112.819 114.186 114.818 115.568 117.542 118.161 119.048 119.366 National defense Nondefense State and local 92.379 93.716 94.643 96.886 100.000 102.002 105.792 110.434 114.840 118.954 104.762 105.086 105.716 107.500 109.920 110.217 110.567 110.994 113.084 114.633 115.419 116.188 118.050 118.459 119.482 119.804 91.146 93.192 94.269 96.880 100.000 101.738 105.345 108.473 113.498 117.811 105.665 105.452 105.077 105.197 107.968 108.396 108.675 108.851 112.400 113.406 113.729 114.442 116.643 117.676 118.293 118.603 89.717 91.414 92.935 95.667 100.000 102.868 105.434 109.303 113.022 119.185 103.992 105.059 105.938 106.730 108.908 108.714 109.582 110.004 111.137 112.492 113.530 114.907 116.285 117.628 120.180 122.623 GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES: INDEXES AND PERCENT CHANGES [Quarterly data are seasonally adjusted] Percent change from preceding period Index numbers, 2000=100 Real GDP (chain-type quantity index) Period 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 r 2001: I II III IV 2002: I II III IV 2003: I II III IV 2004: I II III IV 2005: I II III IV r Quarterly 84.842 88.658 92.359 96.469 100.000 100.751 102.362 105.130 109.562 113.422 100.597 100.906 100.551 100.948 101.633 102.186 102.788 102.840 103.276 104.211 106.050 106.984 108.104 109.037 110.104 111.003 112.044 112.959 114.112 114.573 GDP chain-type price index 93.859 95.415 96.475 97.868 100.000 102.402 104.193 106.310 109.102 112.165 101.507 102.290 102.690 103.122 103.553 103.944 104.347 104.926 105.724 106.019 106.500 106.996 107.951 108.976 109.371 110.111 110.950 111.655 112.567 113.488 percent changes are at annual rates GDP implicit price deflator GDP (current dollars) 93.852 95.414 96.472 97.868 100.000 102.399 104.187 106.305 109.099 112.134 101.478 102.252 102.675 103.191 103.568 103.938 104.328 104.907 105.705 106.004 106.498 106.983 107.958 108.987 109.343 110.077 110.905 111.622 112.527 113.450 5.7 6.2 5.3 6.0 5.9 3.2 3.4 4.8 7.0 6.4 2.8 4.4 3.6 4.3 3.7 3.9 2.4 4.8 4.8 9.3 5.5 8.1 7.5 5.3 6.1 7.0 6.0 7.6 5.0 Real GDP (chain-type quantity index) GDP chain-type price index 3.7 4.5 4.2 4.5 3.7 1.6 2.7 4.2 3.5 ¥.5 1.2 ¥1.4 1.6 2.7 2.2 2.4 1.7 3.7 7.2 3.6 4.3 3.5 4.0 3.3 3.8 3.3 4.1 1.6 GDP implicit price deflator 1.9 1.7 1.1 1.4 2.2 2.4 1.7 2.0 2.6 2.8 3.3 3.1 1.6 1.7 1.7 1.5 1.6 2.2 3.1 1.1 1.8 1.9 3.6 3.9 1.5 2.7 3.1 2.6 3.3 3.3 1.9 1.7 1.1 1.4 2.2 2.4 1.7 2.0 2.6 2.8 3.3 3.1 1.7 2.0 1.5 1.4 1.5 2.2 3.1 1.1 1.9 1.8 3.7 3.9 1.3 2.7 3.0 2.6 3.3 3.3 Source: Department of Commerce, Bureau of Economic Analysis NONFINANCIAL CORPORATE BUSINESS–GROSS VALUE ADDED AND PRICE, COSTS, AND PROFITS [Quarterly data at seasonally adjusted annual rates] Price per unit of real gross value added of nonfinancial corporate business (dollars) Gross value added of nonfinancial corporate business (billions of dollars)1 Unit nonlabor cost Period Current dollars 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2002: I II III IV 2003: I II III IV 2004: I II III IV 2005: I II III r Chained (2000) dollars 3,879.5 4,109.5 4,401.8 4,655.0 4,950.8 5,272.2 5,293.5 5,371.7 5,595.7 5,995.4 5,284.6 5,358.3 5,395.6 5,448.4 5,456.5 5,541.8 5,650.0 5,734.4 5,822.0 5,922.8 6,038.0 6,198.9 6,282.8 6,414.0 6,528.0 3,977.4 4,196.4 4,469.3 4,725.4 5,011.0 5,272.2 5,224.5 5,269.7 5,418.2 5,714.1 5,194.6 5,265.4 5,296.0 5,322.8 5,301.9 5,374.5 5,466.9 5,529.7 5,578.3 5,625.9 5,756.2 5,895.9 5,943.3 6,046.0 6,121.9 Total Compensation of employees (unit labor cost) 0.975 979 985 985 988 1.000 1.013 1.019 1.033 1.049 1.017 1.018 1.019 1.024 1.029 1.031 1.033 1.037 1.044 1.053 1.049 1.051 1.057 1.061 1.066 Estimates for nonfinancial corporate business for 2000 and earlier periods are based on the Standard Industrial Classification (SIC); later estimates are based on the North American Industry Classification System (NAICS) The implicit price deflator for gross value added of nonfinancial corporate business divided by 100 Less subsidies plus business current transfer payments 0.631 627 629 645 652 672 688 685 683 684 689 687 685 681 686 685 682 681 682 684 682 686 691 685 688 Total 0.230 228 228 226 229 237 257 253 252 251 258 252 250 250 253 252 253 252 253 254 250 247 245 244 249 Consumption of fixed capital Taxes on production and imports Net interest and miscellaneous payments 0.104 104 105 104 105 108 124 122 120 121 124 122 121 121 122 121 120 119 120 120 125 118 117 116 130 0.097 097 095 092 092 093 094 099 101 101 098 098 099 100 101 100 102 102 103 104 097 102 100 100 091 0.029 027 028 030 032 036 039 032 031 029 036 032 030 029 030 031 031 031 030 030 028 027 028 028 028 Corporate profits with inventory valuation and capital consumption adjustments Total 0.114 125 128 114 107 090 068 081 097 114 071 079 083 092 090 094 100 104 108 115 116 119 121 132 129 Taxes on corporate income 0.035 036 036 034 034 032 021 018 023 029 015 017 019 022 023 022 023 026 026 029 030 031 039 041 042 Profits after tax 0.078 088 092 080 073 058 047 063 074 085 056 061 064 071 067 073 076 078 082 086 086 088 082 091 087 Unit profits from current production inventory valuation and capital consumption adjustments Note.—See Note, p Source: Department of Commerce, Bureau of Economic Analysis With NATIONAL INCOME [Billions of dollars; quarterly data at seasonally adjusted annual rates] Proprietors’ income National income Period 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 r 2002: I II III IV 2003: I II III IV 2004: I II III IV 2005: I II III IV r With 6,840.1 7,292.2 7,752.8 8,236.7 8,795.2 8,979.8 9,229.3 9,660.9 10,275.9 9,131.1 9,211.7 9,247.5 9,326.7 9,433.6 9,573.2 9,732.3 9,904.8 10,091.2 10,210.9 10,242.4 10,559.3 10,750.4 10,878.0 r10,741.9 Compensation of employees 4,390.5 4,661.7 5,019.4 5,357.1 5,782.7 5,942.1 6,091.2 6,321.1 6,687.6 7,126.2 6,025.3 6,091.5 6,114.5 6,133.4 6,210.4 6,286.6 6,360.1 6,427.4 6,528.2 6,602.1 6,724.2 6,895.8 7,001.7 7,060.2 r7,177.6 7,265.5 Farm Nonfarm 37.3 34.2 29.4 28.6 22.7 19.7 10.6 27.7 35.8 20.8 8.9 4.0 11.0 18.4 20.5 27.2 28.2 35.1 44.8 44.1 29.7 24.6 24.7 19.6 18.0 21.0 505.9 541.8 598.4 649.7 705.7 752.2 757.8 782.4 853.8 917.8 754.1 759.4 758.1 759.7 757.8 774.1 793.0 804.8 825.4 854.2 859.4 876.3 893.2 917.1 914.3 946.6 Rental income of persons with capital consumption adjustment 131.5 128.8 137.5 147.3 150.3 167.4 152.9 131.7 134.2 73.3 172.1 167.7 142.9 129.2 137.7 125.4 120.4 143.2 144.2 141.8 122.1 128.7 118.0 104.4 ¥11.1 82.1 Corporate profits with inventory valuation and capital consumption adjustments Profits with inventory valuation adjustment and without capital consumption adjustment Total Total Inventory valuation adjustment 736.1 812.3 738.5 776.8 759.3 719.2 766.2 923.9 1,019.7 707.0 740.5 774.5 842.7 858.0 891.0 944.0 1,002.6 1,001.2 1,016.5 981.3 1,079.7 1,339.2 1,393.3 1,365.1 786.2 868.5 801.6 851.3 817.9 767.3 886.3 1,031.8 1,161.5 829.4 864.3 895.4 956.1 951.5 1,005.0 1,057.5 1,113.1 1,147.3 1,162.0 1,117.2 1,219.5 1,288.2 1,347.5 1,293.1 Profits before tax 733.0 798.2 718.3 775.9 773.4 707.9 768.4 937.2 1,059.3 693.8 742.1 786.4 851.5 883.0 893.1 949.0 1,023.4 1,030.2 1,064.9 1,018.2 1,124.1 1,378.3 1,412.2 1,392.6 3.1 14.1 20.2 1.0 ¥14.1 11.3 ¥2.2 ¥13.3 ¥39.6 13.3 ¥1.6 ¥11.8 ¥8.8 ¥25.0 ¥2.1 ¥5.1 ¥20.8 ¥28.9 ¥48.3 ¥36.9 ¥44.4 ¥39.1 ¥18.9 ¥27.5 inventory valuation and capital consumption adjustments Capital consumption adjustment Net interest and miscellaneous payments Taxes on production and imports 50.1 56.2 63.1 74.5 58.6 48.1 120.1 107.9 141.8 ¥54.7 122.4 123.8 120.8 113.4 93.4 114.0 113.5 110.5 146.1 145.4 135.8 139.8 ¥51.0 ¥45.8 ¥72.1 ¥50.1 376.2 415.6 487.1 495.4 559.0 566.3 520.9 528.5 505.5 497.1 545.8 519.3 507.0 511.5 530.9 532.4 528.1 522.7 519.9 512.2 497.5 492.7 498.3 488.7 497.6 503.9 581.1 612.0 639.8 674.0 708.9 728.6 762.8 801.4 852.8 903.1 746.0 757.9 771.6 775.5 783.8 794.7 806.6 820.6 837.1 847.8 855.5 870.9 883.8 900.1 909.5 919.2 Less: Subsidies Business current transfer payments Current surplus of government enterprises 34.3 32.9 35.4 44.2 44.3 55.3 38.4 46.7 43.5 55.3 39.9 37.0 38.3 38.3 42.1 54.6 44.5 45.4 42.3 41.8 43.2 46.5 50.6 52.1 56.1 62.4 53.1 49.9 64.7 67.4 87.1 92.8 84.3 81.6 91.1 79.4 91.1 85.8 81.4 78.8 79.0 80.5 82.5 84.3 88.2 90.7 83.0 102.6 99.0 99.6 21.8 97.3 12.7 12.6 10.3 10.1 5.3 ¥1.4 1.3 ¥3.0 ¥11.2 ¥1.6 ¥1.2 4.0 2.3 4.1 1.8 ¥1.1 ¥1.6 ¥2.2 ¥3.0 ¥5.2 ¥6.1 ¥7.0 ¥22.8 ¥9.0 Note.—Revisions include changes to series affected by revised wage and salary estimates for 2005:III Source: Department of Commerce, Bureau of Economic Analysis REAL PERSONAL CONSUMPTION EXPENDITURES [Billions of chained (2000) dollars, except as noted; quarterly data at seasonally adjusted annual rates] Durable goods Period 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 r 2002: I II III IV 2003: I II III IV 2004: I II III IV 2005: I II III IV r Total personal consumption expenditures 5,619.4 5,831.8 6,125.8 6,438.6 6,739.4 6,910.4 7,099.3 7,306.6 7,588.6 7,858.2 7,042.2 7,083.5 7,123.2 7,148.2 7,192.2 7,256.8 7,360.7 7,416.4 7,501.4 7,536.6 7,617.5 7,698.8 7,764.9 7,829.5 7,907.9 7,930.6 Total durable goods 595.9 646.9 720.3 804.6 863.3 900.7 964.8 1,028.5 1,089.9 1,138.4 948.4 956.9 983.4 970.4 979.1 1,014.0 1,061.0 1,060.0 1,071.6 1,072.5 1,100.4 1,115.1 1,122.3 1,143.9 1,169.7 1,117.8 Motor vehicles and parts 285.4 304.7 339.0 372.4 386.5 405.8 429.0 449.7 457.0 452.8 422.1 422.5 445.6 425.9 431.6 445.9 466.8 454.4 453.9 448.1 461.4 464.6 455.0 463.3 477.3 415.4 Furniture and household equipment 193.4 216.3 244.7 280.7 312.9 331.8 364.3 396.3 442.9 485.0 356.9 363.5 365.2 371.6 372.5 387.4 407.5 417.7 428.4 437.1 449.2 456.8 469.2 475.9 490.5 504.3 Nondurable goods Other 119.6 127.3 137.6 151.7 163.9 163.2 172.4 184.5 195.8 211.4 170.3 172.1 172.7 174.4 176.1 182.2 188.5 191.3 193.7 193.1 196.0 200.2 206.5 212.9 211.0 215.1 Total nondurable goods 1,680.4 1,725.3 1,794.4 1,876.6 1,947.2 1,986.7 2,037.1 2,101.8 2,200.4 2,298.0 2,026.8 2,033.4 2,035.0 2,053.1 2,069.5 2,079.1 2,121.2 2,137.3 2,171.9 2,186.1 2,206.9 2,236.5 2,265.6 2,285.9 2,305.8 2,334.8 Food 834.7 845.2 865.6 893.6 925.2 940.2 954.6 980.1 1,029.1 1,081.2 950.2 954.5 954.4 959.5 969.2 970.5 987.7 992.8 1,015.5 1,022.5 1,030.9 1,047.4 1,060.9 1,072.2 1,088.7 1,103.0 Includes other items, not shown separately NOTE.—Because of the formula used for calculating real GDP, the chained (2000) dollar estimates for the detailed components not add to the chained-dollar value of GDP or to any intermediate aggregates Clothing and shoes 238.7 246.0 263.1 282.7 297.7 303.7 318.3 334.1 355.0 376.6 315.9 317.0 315.7 324.4 323.4 331.1 340.4 341.5 352.6 349.7 354.9 363.0 367.9 374.4 377.2 387.0 Gasoline and oil 157.9 162.8 170.3 176.3 175.7 178.3 181.9 183.2 185.9 190.5 181.3 182.0 183.2 181.2 181.7 181.7 184.0 185.3 184.7 185.5 185.4 188.1 192.1 190.5 188.7 190.7 Services Fuel oil and coal 18.4 16.9 16.0 16.4 15.8 15.2 15.5 15.5 15.5 14.5 14.7 15.6 15.5 16.3 15.7 14.7 15.6 16.1 15.6 15.4 16.0 15.0 15.6 14.8 14.4 13.3 Other 432.9 456.6 481.1 508.6 532.9 549.2 567.1 589.6 616.7 639.6 565.0 564.6 566.5 572.2 579.5 581.8 594.5 602.5 605.3 614.1 621.7 625.5 631.2 637.7 641.9 647.8 Total services 3,356.0 3,468.0 3,615.0 3,758.0 3,928.8 4,023.2 4,100.4 4,183.9 4,310.9 4,437.5 4,069.4 4,095.7 4,109.0 4,127.4 4,146.5 4,169.7 4,190.2 4,229.4 4,269.0 4,288.6 4,324.0 4,362.1 4,392.0 4,417.6 4,453.5 4,487.0 Housing 901.1 922.5 948.8 978.6 1,006.5 1,033.7 1,042.1 1,048.4 1,078.4 1,103.8 1,044.4 1,043.7 1,041.0 1,039.3 1,041.3 1,044.5 1,050.1 1,057.7 1,067.6 1,074.6 1,081.9 1,089.5 1,095.6 1,101.4 1,106.6 1,111.7 Source: Department of Commerce, Bureau of Economic Analysis Medical care 922.5 942.8 970.7 989.0 1,026.8 1,075.2 1,136.6 1,184.9 1,233.5 1,291.8 1,113.5 1,129.9 1,144.4 1,158.8 1,169.8 1,180.1 1,187.6 1,202.2 1,211.4 1,225.5 1,241.6 1,255.4 1,269.1 1,282.3 1,299.6 1,316.1 Retail sales of new passenger cars and light trucks (millions of units) 15.1 15.1 15.5 16.9 17.3 17.1 16.8 16.6 16.9 16.9 16.7 16.6 17.4 16.6 16.2 16.4 17.2 16.7 16.6 16.6 17.1 17.1 16.5 17.2 17.9 15.8 SOURCES OF PERSONAL INCOME Personal income rose $75.2 billion (annual rate) in January following an increase of $54.8 billion in December Wages and salaries rose $40.8 billion in January following an increase of $25.6 billion in December [Billions of dollars; monthly data at seasonally adjusted annual rates] Compensation of employees, received Period 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 r 2005: Jan Feb Mar Apr May June July r Aug r Sept r Oct r Nov r Dec r 2006: Janp With With Total personal income Total 6,520.6 6,915.1 7,423.0 7,802.4 8,429.7 8,724.1 8,881.9 9,169.1 9,713.3 10,249.3 10,025.2 10,072.9 10,122.0 10,145.1 10,180.6 10,231.5 10,283.9 10,078.3 10,389.1 10,448.1 10,480.1 10,534.9 10,610.1 4,386.9 4,664.6 5,020.1 5,352.0 5,782.7 5,942.1 6,091.2 6,321.1 6,687.6 7,126.2 6,963.3 7,001.6 7,040.3 7,035.6 7,058.8 7,086.1 7,150.4 7,170.1 7,212.4 7,250.1 7,258.0 7,288.4 7,345.7 Wage and salary disbursements 3,619.6 3,877.6 4,183.4 4,466.3 4,829.2 4,942.8 4,980.9 5,111.1 5,389.4 5,723.4 5,604.6 5,629.8 5,655.3 5,650.1 5,671.1 5,695.7 5,744.2 5,755.1 5,787.7 5,817.5 5,822.2 5,847.8 5,888.6 inventory valuation and capital consumption adjustments capital consumption adjustment mainly of social insurance benefits to persons Consists Supplements to wages and salaries 767.3 787.0 836.7 885.7 953.4 999.3 1,110.3 1,210.0 1,298.1 1,402.8 1,358.7 1,371.7 1,385.0 1,385.5 1,387.7 1,390.4 1,406.2 1,415.0 1,424.7 1,432.6 1,435.8 1,440.6 1,457.1 Proprietors’ income Farm 37.3 34.2 29.4 28.6 22.7 19.7 10.6 27.7 35.8 20.8 23.7 24.6 25.9 23.2 19.7 15.8 19.0 17.4 17.7 19.1 21.0 23.0 19.8 Nonfarm 505.9 541.8 598.4 649.7 705.7 752.2 757.8 782.4 853.8 917.8 889.2 892.2 898.2 907.5 913.8 929.9 928.2 874.1 940.7 942.3 947.3 950.4 956.3 Personal income receipts on assets Rental income of persons 131.5 128.8 137.5 147.3 150.3 167.4 152.9 131.7 134.2 73.3 121.1 118.5 114.4 109.4 104.1 99.7 96.5 ¥213.4 83.6 80.2 84.5 81.5 78.8 Total 1,089.2 1,181.7 1,283.2 1,264.2 1,387.0 1,380.0 1,333.2 1,338.7 1,396.5 1,456.7 1,403.3 1,407.4 1,413.1 1,426.8 1,439.7 1,452.8 1,460.9 1,468.8 1,476.9 1,493.6 1,510.3 1,527.0 1,534.6 Personal interest income 793.0 848.7 933.2 928.6 1,011.0 1,011.0 936.1 917.6 905.9 945.0 912.7 915.4 918.1 927.0 936.0 944.9 948.1 951.2 954.4 965.9 977.5 989.0 992.3 Personal dividend income 296.2 333.0 349.9 335.6 376.1 369.0 397.2 421.1 490.6 511.7 490.6 492.0 495.0 499.8 503.8 507.9 512.8 517.6 522.5 527.7 532.9 538.0 542.3 Personal current transfer receipts 925.0 951.2 978.6 1,022.1 1,084.0 1,193.9 1,286.2 1,344.0 1,427.5 1,525.5 1,482.8 1,489.6 1,494.0 1,504.9 1,509.1 1,514.8 1,502.4 1,635.9 1,536.0 1,545.0 1,541.5 1,550.2 1,578.1 Less: Contributions for government social insurance 555.2 587.2 624.2 661.4 702.7 731.1 750.0 776.6 822.2 871.2 858.2 860.9 863.8 862.4 864.7 867.6 873.5 874.5 878.1 882.2 882.6 885.6 903.2 Note.—Revisions include changes to series affected by revised wage and salary estimates for 2005: III Source: Department of Commerce, Bureau of Economic Analysis DISPOSITION OF PERSONAL INCOME According to revised estimates, per capita disposable personal income in chained (2000) dollars rose at an annual rate of 6.1 percent in the fourth quarter of 2005 Period Personal income Less: Personal current taxes Equals: Disposable personal income Less: Personal outlays Equals: Personal saving Disposable personal income in billions of chained (2000) dollars Per capita disposable personal income Current dollars Billions of dollars 1996 6,520.6 1997 6,915.1 1998 7,423.0 1999 7,802.4 2000 8,429.7 2001 r 8,724.1 2002 r 8,881.9 2003 r 9,169.1 2004 r 9,713.3 2005 r 10,249.3 832.1 926.3 1,027.0 1,107.5 1,235.7 1,237.3 1,051.8 999.9 1,049.1 1,209.8 5,688.5 5,988.8 6,395.9 6,695.0 7,194.0 7,486.8 7,830.1 8,169.2 8,664.2 9,039.5 5,460.0 5,770.5 6,119.1 6,536.4 7,025.6 7,354.5 7,645.3 7,996.3 8,512.5 9,073.4 Chained (2000) dollars Per capita personal consumption expenditures Current dollars Chained (2000) dollars Dollars 228.4 218.3 276.8 158.6 168.5 132.3 184.7 172.8 151.8 ¥33.9 6,080.9 6,295.8 6,663.9 6,861.3 7,194.0 7,333.3 7,562.2 7,741.8 8,004.3 8,121.8 21,091 21,940 23,161 23,968 25,472 26,235 27,164 28,062 29,477 30,469 Percent change in real per capita disposable personal income Saving as percent of disposable personal income Population, including Armed Forces overseas (thousands) Percent 22,546 23,065 24,131 24,564 25,472 25,697 26,235 26,594 27,232 27,376 19,490 20,323 21,291 22,491 23,862 24,722 25,501 26,484 27,946 29,480 20,835 21,365 22,183 23,050 23,862 24,215 24,629 25,099 25,817 26,488 1.8 2.3 4.6 1.8 3.7 2.1 1.4 2.4 4.0 3.6 4.3 2.4 2.3 1.8 2.4 2.1 1.8 ¥.4 269,714 272,958 276,154 279,328 282,429 285,371 288,253 291,114 293,933 296,677 26,291 26,352 26,178 26,123 26,224 26,454 26,849 26,845 27,028 27,045 27,160 27,689 27,391 27,347 27,183 27,586 25,178 25,441 25,627 25,756 26,050 26,264 26,699 26,920 27,428 27,750 28,077 28,526 28,872 29,286 29,775 29,985 24,523 24,609 24,680 24,702 24,799 24,962 25,252 25,379 25,615 25,675 25,883 26,094 26,264 26,425 26,623 26,635 10.5 ¥2.6 ¥.8 1.6 3.6 6.1 ¥.1 2.8 1.7 8.0 ¥4.2 ¥.6 ¥2.4 6.1 2.9 2.8 2.0 1.8 1.9 2.1 2.5 2.0 1.8 1.6 1.2 2.3 ¥.2 ¥1.6 ¥.2 287,171 287,846 288,619 289,375 290,025 290,717 291,485 292,226 292,853 293,539 294,301 295,037 295,643 296,289 297,027 297,748 Seasonally adjusted annual rates 2002: I r II r III r IV r 2003: I r II r III r IV r 2004: I r II r III r IV r 2005: I r II r III r IV r 8,814.7 8,892.0 8,895.4 8,925.5 9,013.7 9,118.6 9,215.4 9,328.7 9,484.8 9,614.3 9,729.2 10,024.8 10,073.4 10,185.7 10,250.4 10,487.7 1,063.2 1,050.3 1,050.0 1,043.8 1,024.3 1,026.9 940.8 1,007.6 1,009.6 1,034.0 1,058.4 1,094.3 1,171.4 1,206.0 1,220.4 1,241.3 7,751.5 7,841.7 7,845.4 7,881.7 7,989.4 8,091.7 8,274.6 8,321.0 8,475.3 8,580.3 8,670.9 8,930.4 8,902.0 8,979.7 9,030.0 9,246.4 7,526.1 225.4 7,620.5 221.2 7,692.4 153.0 7,742.4 139.3 7,835.4 154.0 7,922.1 169.6 8,069.5 205.1 8,158.4 162.6 8,319.4 155.8 8,439.1 141.2 8,566.3 104.6 8,725.0 205.4 8,854.6 47.4 9,001.2 ¥21.5 9,173.9 ¥143.9 9,263.8 ¥17.4 7,549.9 7,585.2 7,555.5 7,559.3 7,605.5 7,690.5 7,826.2 7,844.8 7,915.1 7,938.8 7,993.3 8,169.2 8,098.1 8,102.6 8,074.2 8,213.6 Includes personal consumption expenditures, personal interest payments (nonmortgage), and personal current transfer payments Annual data are averages of quarterly data, which are averages for the period 26,993 27,243 27,183 27,237 27,547 27,834 28,388 28,475 28,940 29,231 29,463 30,269 30,111 30,307 30,401 31,054 Note.—Per capita series reflect revised population data beginning 2001 See Note, p Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census) FARM INCOME According to the preliminary forecast for 2006, gross farm income is forecast at $285.4 billion, and net farm income at $56.2 billion [Billions of dollars; quarterly data at seasonally adjusted annual rates] Income of farm operators from farming Gross farm income Period Cash marketing receipts Total Total 1997 1998 1999 2000 2001 2002 2003 2004 2005 r 2006 p 2004: I II III IV 2005: I r II r III r IV r 2006: I p II p III p IV p 238.0 232.6 235.0 242.0 248.7 229.9 259.8 292.3 293.6 285.4 322.2 273.2 273.1 300.8 333.7 284.2 270.4 286.3 318.1 271.6 270.4 281.5 207.8 196.5 187.8 192.1 200.1 195.0 216.6 241.2 239.0 231.7 255.9 231.9 231.2 245.9 254.6 243.5 230.1 227.7 244.5 229.9 227.9 224.6 Livestock and products 96.5 94.2 95.7 99.6 106.7 94.0 105.6 123.5 124.9 122.3 125.3 123.5 121.5 123.6 134.2 117.3 120.7 127.3 127.1 117.2 120.8 124.2 Cash marketing receipts, Government payments, value of changes in inventories, other farm related cash income, and nonmoney income produced by farms including imputed rent of operator residences Crop receipts include proceeds received from commodities placed under Commodity Credit Corporation loans Physical changes in beginning and ending year inventories of crop and livestock commodities valued at weighted average market prices during the period Crops 111.3 102.2 92.1 92.5 93.3 101.0 111.0 117.8 114.1 109.4 130.6 108.4 109.7 122.4 120.4 126.2 109.4 100.4 117.4 112.7 107.1 100.4 Value of inventory changes 0.6 ¥.6 ¥.2 1.6 1.1 ¥3.4 ¥2.5 7.0 ¥.3 1.7 7.4 6.7 6.7 7.2 ¥.3 ¥.3 ¥.3 ¥.3 1.8 1.7 1.7 1.7 Direct Government payments Production expenses 7.5 12.4 21.5 22.9 20.7 11.2 17.2 13.3 23.0 18.5 26.2 4.9 5.7 16.4 45.4 8.5 9.8 28.4 36.4 6.8 7.9 22.8 186.7 185.5 187.2 193.1 197.1 193.4 200.3 209.8 221.1 229.2 222.5 201.7 201.1 213.8 235.5 225.3 212.9 210.7 241.9 227.4 225.4 222.2 Net farm income 51.3 47.1 47.7 48.9 51.5 36.6 59.5 82.5 72.6 56.2 99.7 71.5 72.0 87.0 98.1 59.0 57.5 75.6 76.2 44.2 45.0 59.4 Includes only Government payments made directly to farmers NOTE.—Data for 2005 and 2006 are forecasts Source: Department of Agriculture CORPORATE PROFITS In the third quarter of 2005, according to current estimates, corporate profits before tax fell $19.6 billion (annual rate) and profits after tax fell $7.4 billion [Billions of dollars; quarterly data at seasonally adjusted annual rates] Profits (before tax) with inventory valuation adjustment Profits after tax Domestic industries Period Profits before tax Nonfinancial Total Total Financial Total Manufacturing Utilities Wholesale Retail Taxes on corporate income Total Net dividends Undistributed profits Inventory valuation adjustment 1996 1997 1998 736.1 812.3 738.5 634.2 701.4 635.5 172.6 193.0 165.9 461.6 508.4 469.6 188.8 209.0 173.5 39.8 47.6 52.3 51.9 64.2 73.4 733.0 798.2 718.3 231.7 246.1 248.3 501.4 552.1 470.0 297.6 334.5 351.6 203.8 217.6 118.3 3.1 14.1 20.2 1998 1999 2000 2001 2002 2003 2004 2005 p 738.5 776.8 759.3 719.2 766.2 923.9 1,019.7 635.5 655.3 613.6 549.5 610.4 747.9 834.8 165.4 194.3 200.2 227.6 276.4 313.0 300.6 470.1 461.1 413.4 322.0 334.0 434.9 534.2 157.0 150.6 144.3 52.6 48.2 80.7 118.9 32.7 33.1 24.4 24.7 10.6 11.4 12.1 53.2 55.5 59.7 52.1 49.3 56.3 63.5 66.4 65.2 59.6 71.0 79.4 87.7 90.0 718.3 775.9 773.4 707.9 768.4 937.2 1,059.3 248.3 258.6 265.2 204.1 192.6 232.1 271.1 470.0 517.2 508.2 503.8 575.8 705.1 788.2 351.6 337.4 377.9 370.9 399.2 423.2 493.0 514.2 118.3 179.9 130.3 132.9 176.6 281.9 295.2 20.2 1.0 ¥14.1 11.3 ¥2.2 ¥13.3 ¥39.6 2002: I II III IV 2003: I II III IV 2004: I II III IV 2005: I II III IV p 707.0 740.5 774.5 842.7 858.0 891.0 944.0 1,002.6 1,001.2 1,016.5 981.3 1,079.7 1,339.2 1,393.3 1,365.1 552.0 593.3 620.0 676.2 703.5 721.2 769.2 797.6 803.0 839.7 795.5 901.1 1,145.7 1,196.1 1,142.0 277.9 277.7 274.6 275.3 304.8 309.0 320.4 317.9 324.1 316.1 242.8 319.4 377.2 349.5 278.7 274.2 315.6 345.4 400.9 398.7 412.2 448.9 479.7 479.0 523.6 552.7 581.7 768.5 846.6 863.3 27.8 40.0 55.0 70.0 70.9 68.0 79.2 104.8 97.3 107.3 116.2 154.7 170.2 204.7 218.6 7.1 10.1 12.6 12.8 12.3 10.4 10.7 12.3 11.0 11.7 11.4 14.1 23.7 26.4 19.7 48.5 52.6 45.3 50.7 48.6 50.3 62.1 64.1 56.8 61.3 69.1 66.9 81.4 98.1 95.4 75.7 79.7 80.2 82.1 81.4 90.4 90.3 88.8 97.5 92.9 81.9 87.7 104.6 109.1 116.9 693.8 742.1 786.4 851.5 883.0 893.1 949.0 1,023.4 1,030.2 1,064.9 1,018.2 1,124.1 1,378.3 1,412.2 1,392.6 174.9 188.5 196.9 210.2 223.9 221.7 235.3 247.5 257.9 274.7 259.0 293.0 362.6 372.5 360.3 518.9 553.6 589.5 641.3 659.1 671.4 713.8 775.9 772.3 790.2 759.2 831.1 1,015.7 1,039.7 1,032.3 382.5 396.1 406.1 412.0 416.3 419.9 424.6 432.0 445.9 460.9 475.9 589.3 494.9 506.3 520.1 535.4 136.4 157.5 183.4 229.3 242.8 251.5 289.2 343.9 326.4 329.2 283.4 241.8 520.8 533.4 512.2 13.3 ¥1.6 ¥11.8 ¥8.8 ¥25.0 ¥2.1 ¥5.1 ¥20.8 ¥28.9 ¥48.3 ¥36.9 ¥44.4 ¥39.1 ¥18.9 ¥27.5 See p for profits with inventory valuation and capital consumption adjustments rest of the world, not shown separately industries not shown separately Includes Includes Data by industry beginning 1998 are based on the 1997 North American Industry Classification System (NAICS) and are not directly comparable with data for prior years shown, which are based on the 1987 Standard Industrial Classification (SIC) Source: Department of Commerce, Bureau of Economic Analysis CHANGES IN PRODUCER PRICES FOR FINISHED GOODS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Change from preceding period Period Change from months earlier, annual rate Consumer goods Consumer goods Total finished goods Capital equipment Change from year earlier, total finished goods NSA Consumer goods Total finished goods Foods Excluding foods Capital equipment Total finished goods Foods Excluding foods Capital equipment 0.4 ¥.6 1.2 ¥.6 2.4 1.3 Excluding foods Foods Change from months earlier, annual rate 2.9 ¥.5 8.0 10.7 6.3 4.1 6.7 13.2 20.2 19.9 10.4 5.6 3.4 2.3 2.3 2.0 3.1 1.4 1.7 2.0 ¥.3 4.5 5.3 6.8 4.8 2.5 3.6 4.9 5.0 6.3 6.8 6.5 7.7 3.9 5.2 5.7 2.3 1.4 ¥.3 ¥1.0 ¥2.6 ¥1.4 ¥1.4 3.1 5.4 6.7 9.2 6.7 2.8 6.0 8.7 9.7 11.9 13.1 11.8 12.7 3.4 2.7 2.8 2.7 2.7 1.8 1.8 1.8 1.7 1.0 4.1 4.7 5.0 4.8 3.6 3.7 4.7 5.3 6.9 5.9 4.4 5.4 1.7 6.5 5.0 9.8 1.0 5.7 Change, Dec to Dec., NSA 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 p 2.8 ¥1.2 2.9 3.6 ¥1.6 1.2 4.0 4.2 5.4 3.4 ¥.8 1.7 1.8 ¥.6 7.7 3.1 1.4 3.7 ¥1.5 ¥.1 5.1 5.5 ¥3.9 2.9 4.1 5.5 9.0 2.7 ¥.8 1.8 3.8 2.0 ¥1.3 3.2 3.6 4.8 Change, month to month 2005: Jan r Feb r Mar r Apr r May r June r July r Aug r Sept r Oct r Nov r Dec r 0.1 ¥.2 1.4 ¥.4 ¥0.3 6 ¥.1 ¥.2 ¥.7 ¥.7 ¥.2 1.2 ¥.1 0.3 1.0 ¥.4 1.5 1.1 2.0 1.4 ¥.9 0.3 3 ¥.1 ¥.1 ¥.1 2.4 5.7 7.3 4.5 1.6 2.6 5.6 11.3 11.3 7.4 4.1 0.3 1.6 3.7 4.5 1.3 ¥4.0 ¥6.2 ¥6.2 1.3 3.7 6.9 5.0 2006: Jan .3 2 2.0 6.3 Note.—See Note, p 22 Source: Department of Labor, Bureau of Labor Statistics CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Housing Transportation Shelter Period All items Food Total Total Rent of Ownpriers’ mary equivaresilent dence rent Fuels and utilities Apparel Total New cars Motor fuel Medical care Energy All items less food and energy Addendum: All items, percent change (annual rate) From previous quarter From From months months earlier earlier From year earlier NSA Change, December to December, NSA 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 3.3 1.7 1.6 2.7 3.4 1.6 2.4 1.9 3.3 3.4 4.3 1.5 2.3 1.9 2.8 2.8 1.5 3.6 2.7 2.3 2.9 2.4 2.3 2.2 4.3 2.9 2.4 2.2 3.0 4.0 2.9 3.4 3.3 2.5 3.4 4.2 3.1 2.2 2.7 2.6 2.8 3.1 3.4 3.1 4.0 4.7 3.1 2.7 2.9 3.1 2.8 3.1 3.2 2.4 3.4 4.5 3.3 2.0 2.3 2.5 4.6 ¥2.6 2.4 12.1 ¥2.1 1.4 6.5 7.9 15.6 ¥0.2 1.0 ¥.7 ¥.5 ¥1.8 ¥3.2 ¥1.8 ¥2.1 ¥.2 ¥1.1 4.4 ¥1.4 ¥1.7 5.4 4.1 ¥3.8 3.8 6.5 4.8 1.6 ¥1.0 ¥.1 ¥.8 ¥2.0 ¥2.1 12.7 ¥6.2 ¥15.4 30.2 13.9 ¥24.8 24.6 6.8 26.1 16.2 3.0 2.8 3.4 3.7 4.2 4.7 5.0 3.7 4.2 4.3 8.6 ¥3.4 ¥8.8 13.4 14.2 ¥13.0 10.7 6.9 16.6 17.1 2.6 2.2 2.4 1.9 2.6 2.7 1.9 1.1 2.2 2.2 3.0 2.3 1.6 2.2 3.4 2.8 1.6 2.3 2.7 3.4 ¥0.5 1.1 1.7 1.4 ¥1.0 ¥.2 2.1 2.3 5.0 ¥1.2 ¥4.9 ¥.7 0.7 ¥.3 1 ¥.6 ¥.5 6 0 ¥3.2 4.6 6.8 4.8 ¥4.4 ¥1.5 8.7 8.6 17.3 ¥4.0 ¥16.0 ¥2.7 0.4 4 4 ¥1.5 2.6 3.7 3.4 ¥2.1 ¥.9 5.3 5.1 11.8 ¥8.1 ¥2.1 0.3 1 1 2 2.3 3.8 5.5 3.3 1.3 1.9 4.3 5.8 4.0 1.5 2.1 4.6 10.1 8.5 3.3 ¥1.8 2.3 2.9 3.7 3.5 3.0 2.8 3.9 4.3 5.7 5.2 4.0 4.0 3.0 3.0 3.1 3.5 2.8 2.5 3.2 3.6 4.7 4.3 3.5 3.4 1.8 6.2 5.0 ¥.2 4.0 4.0 Change, month to month 2005: Jan r Feb r Mar r Apr r May r June r July r Aug r Sept r Oct r Nov r Dec r 0.1 ¥.1 ¥.1 6 1.2 ¥.7 ¥.1 0.2 2 3 0.2 1 0.2 0 ¥.1 3 0.3 3 2 2 2 0.2 2 2 2 2 0.2 1.5 ¥.1 1.4 1.0 4.4 4.5 1.2 ¥1.3 0.3 ¥.2 ¥.4 ¥.1 ¥.6 ¥.6 ¥.1 ¥.3 ¥.3 2006: Jan .7 5 1 3.4 Includes items not shown separately Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel Motor oil, coolant, etc., excluded beginning 1983 24 Quarterly changes are shown in the last month of the quarter Note.—See Note, p 23 Source: Department of Labor, Bureau of Labor Statistics PRICES RECEIVED AND PAID BY FARMERS In February, prices received by farmers were unchanged from January; prices paid by farmers were also unchanged (Data are not seasonally adjusted.) [1990–92=100; not seasonally adjusted] Prices received by farmers Period 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 All farm products Prices paid by farmers Livestock and products Crops All commodities, services, interest, taxes, and wage rates Production items, interest, taxes, and wage rates Production items Ratio 112 107 102 96 96 102 98 107 119 116 127 115 107 97 96 99 105 111 117 112 99 98 97 95 97 106 90 103 122 120 115 118 115 115 120 123 124 128 134 141 115 118 114 113 118 122 121 126 132 140 115 119 113 111 116 120 119 124 131 139 98 90 89 83 80 83 79 84 89 82 2005: Feb Mar Apr May June July Aug Sept Oct Nov Dec 114 119 121 119 119 117 116 116 111 113 115 107 116 120 116 120 116 115 111 103 105 110 119 121 122 122 118 118 117 122 r121 121 120 137 139 140 140 140 141 141 142 144 143 143 136 138 139 138 140 140 140 141 144 142 142 134 136 138 138 140 140 140 141 144 142 143 83 86 86 85 85 83 82 82 77 79 80 2006: Janr Feb 113 113 108 113 118 114 146 146 145 146 144 145 77 77 Includes items not shown separately ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates Percentage NOTE.—The official indexes are published on a 1910–14 base as required by law The indexes have been converted to a 1990–92=100 base to facilitate comparison with other indexes Source: Department of Agriculture 25 MONEY, CREDIT, AND SECURITY MARKETS MONEY STOCK AND DEBT MEASURES In January, M2 and M3 rose [Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted] M1 M2 M3 Debt Sum of currency, demand deposits, travelers’ checks, and other checkable deposits (OCDs) M1 plus retail MMMF balances, savings deposits (including MMDAs), and small time deposits M2 plus large time deposits, RPs, Eurodollars, and institutional MMMF balances Debt of domestic nonfinancial sectors1 1,080.0 1,072.2 1,094.9 1,123.1 1,087.6 1,182.1 1,219.2 1,304.2 1,372.1 1,368.8 3,815.3 4,031.7 4,383.7 4,648.7 4,931.3 5,450.3 5,800.3 6,079.4 6,422.1 r 6,680.4 4,985.5 5,460.9 6,051.9 6,551.5 7,117.6 8,035.0 8,569.2 8,874.0 9,435.8 r 10,169.2 14,368.4 15,129.1 16,149.9 17,215.3 18,051.6 19,146.8 20,465.9 22,149.6 24,090.5 ¥4.2 ¥.7 2.1 2.6 ¥3.2 8.7 3.1 7.0 5.2 ¥.2 4.8 5.7 8.7 6.0 6.1 10.5 6.4 4.8 5.6 4.0 7.5 9.5 10.8 8.3 8.6 12.9 6.6 3.6 6.3 7.8 5.2 5.3 6.7 6.4 4.8 6.1 6.9 8.1 8.7 2005: Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec r 1,367.0 1,369.5 1,373.0 1,365.7 1,370.7 1,369.5 1,362.5 1,370.4 1,367.4 1,369.2 1,370.0 1,368.8 6,436.4 6,455.7 6,475.8 6,482.7 6,492.1 6,518.3 6,538.5 6,568.9 r 6,600.1 6,629.6 r 6,652.0 6,680.4 9,492.1 9,536.5 9,570.2 9,625.6 9,669.6 9,729.2 9,766.0 9,868.8 9,955.7 10,037.7 10,088.3 10,169.2 24,668.4 25,168.0 25,742.1 3.5 2.3 1.8 ¥.5 ¥.4 ¥.7 ¥.8 ¥.1 ¥.1 4.5 4.4 4.1 3.6 2.8 3.0 3.2 3.5 3.8 4.5 4.9 5.0 4.5 4.7 4.6 5.6 5.8 6.2 5.8 7.0 8.1 8.6 8.7 9.0 9.6 8.1 9.1 2006: Jan 1,382.5 6,743.1 10,261.6 2.9 6.3 10.1 Period 1996: 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: 2005: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Quarterly data; shown in last month of quarter End-of-year data are for fourth quarter Consists of outstanding credit market debt of the U.S Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts Annual changes are from December to December and monthly changes are from months earlier at a simple annual rate 26 Annual Percent change From year or months earlier2 M1 M2 M3 From previous period3 Debt changes are from fourth quarter to fourth quarter Quarterly changes are from previous quarter at an annual rate See p 27 for components Source: Board of Governors of the Federal Reserve System COMPONENTS OF MONEY STOCK [Averages of daily figures; billions of dollars, seasonally adjusted] Period 1996: 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: 2005: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Currency Nonbank travelers checks Demand deposits Savings deposits, including money market deposit accounts (MMDAs) Other checkable deposits (OCDs) Small denomination time deposits Money market mutual fund balances Large denomination time deposits Institutional Retail Overnight and term Overnight repurand term chase Euroagreedollars ments (net) (RPs) (net) 394.1 424.5 459.8 517.8 531.2 581.1 626.2 662.3 697.3 r 723.7 8.8 8.4 8.5 8.6 8.3 8.0 7.8 7.7 7.6 7.3 401.6 393.8 377.0 353.4 309.9 335.7 306.1 324.7 340.3 320.9 275.5 245.4 249.6 243.3 238.2 257.4 279.1 309.5 327.0 316.9 1,272.9 1,399.9 1,605.1 1,740.3 1,877.9 2,312.8 2,778.8 3,169.4 3,519.9 3,620.5 946.9 968.3 952.0 954.5 1,044.8 973.7 892.0 809.6 816.8 973.8 515.5 591.4 731.7 830.9 921.1 981.7 910.2 796.1 713.2 717.4 324.2 396.9 541.2 638.2 791.9 1,196.7 1,247.7 1,117.4 1,068.4 1,136.2 521.1 631.1 683.7 758.9 836.9 802.9 817.2 887.1 1,073.3 1,359.4 210.3 253.9 293.2 334.9 362.3 373.7 473.4 494.8 492.6 563.0 114.6 147.5 150.2 170.8 195.2 211.4 230.7 295.3 379.4 430.2 2005: Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 699.0 700.8 702.9 703.9 705.8 708.4 710.0 712.8 716.1 r 717.5 720.3 r 723.7 7.5 7.5 7.5 7.5 7.5 7.4 7.3 7.4 7.3 7.3 7.3 7.3 336.4 338.6 339.3 331.0 332.8 334.2 327.4 330.0 324.2 325.9 323.4 320.9 324.1 322.6 323.4 323.3 324.7 319.6 317.8 320.2 319.8 318.5 r 319.1 316.9 3,528.6 3,538.4 3,543.6 3,541.7 3,533.9 3,548.0 3,560.2 3,569.4 r 3,585.0 3,597.3 3,603.7 3,620.5 829.0 841.1 854.7 869.4 885.9 900.7 914.9 929.3 942.5 952.6 963.9 973.8 711.8 706.7 704.5 705.9 701.6 700.2 700.9 699.8 705.1 710.6 714.2 717.4 1,062.5 1,054.1 1,049.3 1,057.5 1,057.9 1,069.1 1,078.6 1,091.3 1,107.4 1,119.3 1,120.6 1,136.2 1,127.4 1,141.9 1,153.1 1,196.7 1,208.6 1,235.5 1,223.0 1,265.7 1,292.5 1,322.9 1,335.6 1,359.4 473.1 489.3 487.8 483.8 504.7 504.3 517.6 525.1 534.2 545.0 554.3 563.0 392.7 395.5 404.2 405.0 406.3 402.1 408.4 417.7 421.6 421.0 425.9 430.2 2006: Jan 729.8 7.2 326.6 318.9 3,645.7 986.5 728.4 1,150.3 1,394.8 546.4 426.9 Small denomination and large denomination deposits are those issued in amounts of less than $100,000 and more than $100,000, respectively Source: Board of Governors of the Federal Reserve System AGGREGATE RESERVES AND MONETARY BASE [Averages of daily figures 1;millions of dollars; seasonally adjusted, except as noted by NSA] Adjusted for changes in reserve requirements Reserves of depository institutions Period Total 1996: 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: 2005: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Borrowings of depository institutions from the Federal Reserve (NSA) Nonborrowed Required Excess (NSA) Monetary base Total Primary Secondary Seasonal Adjustment 50,183 46,873 45,515 42,099 38,792 41,496 40,441 42,772 46,795 44,803 50,028 46,549 45,398 41,778 38,582 41,429 40,361 42,726 46,733 44,634 48,766 45,189 44,001 40,802 37,364 39,846 38,432 41,729 44,886 42,853 1,416 1,685 1,514 1,297 1,428 1,650 2,009 1,043 1,909 r 1,950 452,081 479,946 514,077 593,635 584,831 635,401 681,386 720,101 758,973 r 786,350 155 324 117 320 210 67 80 46 63 169 17 11 97 0 68 79 15 67 111 33 45 29 52 72 87 245 101 179 99 34 35 2005: Feb Mar Apr May June July Aug Sept Oct Nov Dec 45,969 46,804 46,559 45,873 46,670 46,085 44,540 45,720 44,784 44,705 44,803 45,927 46,755 46,428 45,734 46,421 45,660 44,178 45,388 44,500 44,579 44,634 44,472 45,021 44,884 44,336 44,887 44,343 42,918 43,673 42,883 42,909 42,853 1,497 1,783 1,675 1,537 1,782 1,741 1,622 2,047 1,900 1,797 r 1,950 763,479 765,712 766,942 768,134 771,123 772,865 774,705 777,801 780,069 r 783,666 r 786,350 42 49 132 139 249 425 362 332 284 126 169 26 13 52 85 176 63 12 35 20 97 0 0 12 29 0 16 37 80 133 164 237 297 315 220 106 72 2006: Jan r Feb p 44,232 43,778 44,122 43,726 42,793 42,215 1,439 1,564 791,942 795,798 110 53 78 21 32 30 Data are prorated averages of biweekly (maintenance period) averages of daily figures Reserves and monetary base incorporate adjustments for discontinuities, or ‘‘breaks,’’ associated with changes in reserve requirements Seasonally adjusted break-adjusted required reserves plus unadjusted excess reserves Seasonally adjusted break-adjusted total reserves less unadjusted total borrowings of depository institutions from the Federal Reserve Discontinued after January 8, 2003 Source: Board of Governors of the Federal Reserve System 27 BANK CREDIT AT ALL COMMERCIAL BANKS Total commercial bank loans and leases rose 0.9 percent in January; commercial and industrial loans rose 2.1 percent [Billions of dollars, seasonally adjusted 1] Securities in bank credit Period 1996: 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2005: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec r Jan r Feb r Mar r Apr r May r June r July r Aug r Sept r Oct r Nov r Dec r 2006: Jan Total bank credit 3,756.9 4,099.3 4,532.8 4,763.3 5,216.4 5,417.7 5,884.6 6,251.3 6,793.5 7,480.1 6,892.7 6,999.4 7,084.8 7,112.4 7,166.5 7,220.9 7,281.3 7,360.6 7,409.0 7,420.6 7,437.6 7,480.1 7,538.5 Total securities U.S Treasury and agency securities 984.4 1,098.7 1,237.0 1,282.8 1,348.2 1,487.4 1,721.6 1,850.3 1,937.2 2,041.6 1,991.3 2,039.6 2,058.3 2,044.9 2,072.2 2,055.2 2,063.3 2,066.7 2,078.1 2,069.2 2,057.4 2,041.6 2,053.7 702.6 755.6 797.6 815.6 792.4 849.0 1,029.1 1,104.8 1,150.4 1,132.9 1,182.4 1,217.8 1,218.2 1,193.9 1,199.9 1,172.1 1,177.6 1,174.5 1,166.6 1,159.3 1,141.9 1,132.9 1,143.7 Loans and leases in bank credit Real estate Other Total loans Commersecurities and leases cial and industrial 281.8 343.1 439.5 467.2 555.8 638.4 692.5 745.5 786.8 908.7 808.9 821.8 840.1 851.0 872.3 883.1 885.7 892.2 911.5 909.8 915.5 908.7 910.0 2,772.5 3,000.6 3,295.8 3,480.5 3,868.2 3,930.3 4,163.0 4,401.0 4,856.3 5,438.5 4,901.5 4,959.9 5,026.5 5,067.5 5,094.3 5,165.7 5,217.9 5,293.9 5,331.0 5,351.4 5,380.2 5,438.5 5,484.8 Data are prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment companies (through September 1996), and Edge Act and agreement corporations Data are adjusted for breaks caused by reclassifications of assets and liabilities 28 784.0 853.4 946.7 998.0 1,085.9 1,024.3 960.8 900.4 r 926.1 1,045.2 944.4 954.5 962.1 975.6 986.5 991.5 1,005.2 1,014.9 1,018.8 1,025.3 1,033.6 1,045.2 1,067.0 Total 1,141.2 1,243.3 1,333.6 1,471.8 1,651.2 1,778.6 2,022.0 2,216.5 2,547.6 2,902.6 2,572.5 2,600.8 2,655.1 2,682.5 2,691.4 2,734.9 2,787.9 2,825.3 2,841.1 2,865.0 2,877.5 2,902.6 2,927.5 Revolving home equity 90.9 105.0 103.9 101.5 130.0 155.7 213.5 280.8 399.9 436.1 407.3 409.8 418.3 423.0 426.9 431.5 437.8 439.4 438.6 436.8 436.7 436.1 434.7 Consumer Security Other Other 1,050.3 1,138.3 1,229.6 1,370.3 1,521.2 1,623.0 1,808.5 1,935.7 2,147.8 2,466.5 2,165.2 2,191.0 2,236.8 2,259.5 2,264.5 2,303.4 2,350.1 2,385.9 2,402.5 2,428.2 2,440.7 2,466.5 2,492.8 512.4 502.6 496.9 490.6 539.3 556.0 586.2 643.4 695.2 704.3 702.7 700.6 708.5 711.1 704.3 707.1 710.5 717.2 719.9 708.7 709.1 704.3 708.0 75.3 94.4 145.3 149.8 177.3 146.0 190.2 215.2 215.9 261.5 200.5 220.5 226.2 223.9 237.1 248.4 232.5 245.3 246.7 241.8 246.6 261.5 252.5 259.6 306.9 373.3 370.2 414.4 425.4 403.7 425.6 r 471.5 524.8 481.4 483.4 474.7 474.3 475.1 483.9 481.8 491.1 504.5 510.6 513.4 524.8 529.7 Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the United States Source: Board of Governors of the Federal Reserve System SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Sources Uses External (Net increase in liabilities) Funds raised in markets Period Total 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2003: I II III IV 2004: I II III IV 2005: I II III p 989.7 1,058.3 995.7 1,298.4 1,718.6 1,955.4 850.2 896.2 904.2 1,288.6 864.1 946.5 831.1 974.9 1,358.5 1,177.5 1,221.0 1,397.4 1,238.9 1,163.5 1,151.5 Internal 598.9 659.8 712.2 682.4 731.0 718.0 755.0 811.3 875.7 939.3 810.2 865.9 892.7 933.9 939.9 941.9 996.1 879.4 937.5 999.6 1,066.4 Credit market instruments Total 390.8 398.5 283.5 616.0 987.6 1,237.4 95.2 84.9 28.5 349.3 53.9 80.6 ¥61.6 41.0 418.6 235.6 224.9 518.0 301.4 163.9 85.1 Capital expenditures Total Total net funds raised Net new equity issues 168.8 135.4 214.4 180.9 262.9 228.0 172.6 ¥16.4 90.6 101.1 114.1 220.7 23.8 4.0 125.2 ¥27.7 58.3 248.8 99.8 78.7 ¥83.9 ¥58.3 ¥47.3 ¥77.4 ¥215.5 ¥110.4 ¥118.2 ¥48.1 ¥41.6 ¥57.8 ¥157.0 ¥67.0 ¥50.2 ¥44.9 ¥69.0 ¥82.2 ¥159.5 ¥203.2 ¥183.2 ¥251.6 ¥351.1 ¥446.2 Total Securities and mortgages 227.1 182.8 291.8 396.5 373.3 346.2 220.7 25.2 148.4 258.2 181.1 270.9 68.7 73.0 207.4 131.8 261.5 432.0 351.4 429.8 362.3 Profits before tax (book) less taxes on corporate income, less net dividends, plus capital consumption allowance (consumption of fixed capital plus capital consumption adjustment), foreign earnings retained abroad, inventory valuation adjustment, and net capital transfers Includes trade payables, taxes payable, and miscellaneous liabilities (foreign direct investment in the U.S., pension fund contributions payable, and other) 102.2 129.2 187.2 241.7 272.5 188.4 410.7 181.6 247.3 211.0 250.1 396.7 184.7 157.8 218.4 103.4 219.2 303.1 160.2 230.9 311.3 Loans and shortterm paper Other 124.9 53.7 104.6 154.9 100.8 157.8 ¥190.1 ¥156.4 ¥98.9 47.1 ¥69.0 ¥125.8 ¥116.0 ¥84.9 ¥11.1 28.3 42.4 128.9 191.2 198.9 50.9 222.1 263.1 69.0 435.0 724.8 1,009.5 ¥77.3 101.3 ¥62.2 248.1 ¥60.2 ¥140.0 ¥85.4 36.9 293.4 263.3 166.6 269.3 201.6 85.2 169.1 1,044.0 1,093.0 1,016.2 1,348.5 1,833.8 2,137.8 980.1 867.2 842.5 1,334.8 821.7 874.3 748.8 925.0 1,384.3 1,242.5 1,253.5 1,459.3 1,291.3 1,223.6 1,222.1 617.6 639.0 743.8 778.6 863.9 928.6 802.5 737.1 751.5 861.0 730.7 728.3 758.1 788.8 815.9 858.5 867.1 902.7 930.3 894.1 950.3 Increase in financial assets 426.4 454.0 272.4 569.9 969.9 1,209.2 177.6 130.1 91.0 473.8 91.0 146.0 ¥9.3 136.2 568.4 384.0 386.4 556.6 361.0 329.5 316.8 Discrepancy (sources less uses) ¥54.2 ¥34.6 ¥20.5 ¥50.2 ¥115.2 ¥182.4 ¥129.9 29.0 61.7 ¥46.3 42.5 72.2 82.4 49.8 ¥25.8 ¥64.9 ¥32.5 ¥62.0 ¥52.5 ¥60.0 ¥70.5 Nonresidential fixed investment plus residential fixed investment, inventory change with inventory valuation adjustment, and nonproduced nonfinancial assets Source: Board of Governors of the Federal Reserve System CONSUMER CREDIT [Billions of dollars; seasonally adjusted] Consumer credit outstanding (end of period) Period Total 1996: 1997: 1998: 1999: 2000: 2001: 2002: 2003: 2004: 2005: 2005: Dec Dec Dec Dec Dec Dec Dec Dec Dec r Dec r Jan r Feb r Mar r Apr r May r June r July r Aug r Sept r Oct r Nov r Dec r 2006: Jan p Revolving 1,242.9 1,320.1 1,415.8 1,528.0 1,704.5 1,835.6 1,921.9 2,009.9 2,096.8 2,158.5 2,102.2 2,110.7 2,114.8 2,126.1 2,123.4 2,134.3 2,145.9 2,157.0 2,162.6 2,155.2 2,155.1 2,158.5 2,162.4 Change based on data in billions of dollars as shown here For year-end data, change from preceding year-end; for monthly data, change from preceding month Includes automobile loans and all other loans not included in revolving credit, such as loans for mobile homes, education, boats, trailers, or vacations These loans may be secured or unsecured 499.6 536.7 576.5 604.5 675.7 713.3 732.7 752.8 781.1 802.2 786.4 783.4 780.4 785.9 784.7 789.3 790.7 795.8 802.4 801.7 802.8 802.2 804.0 Nonrevolving 743.2 783.4 839.3 923.6 1,028.9 1,122.2 1,189.2 1,257.1 1,315.8 1,356.3 1,315.8 1,327.2 1,334.4 1,340.2 1,338.7 1,344.9 1,355.2 1,361.2 1,360.3 1,353.5 1,352.3 1,356.3 1,358.5 Net change in consumer credit outstanding Total 101.9 77.2 95.7 112.2 176.5 131.1 86.3 88.0 86.9 61.7 5.4 8.5 4.1 11.3 ¥2.7 10.9 11.6 11.1 5.6 ¥7.4 ¥.1 3.4 3.9 Revolving 56.1 37.1 39.8 28.0 71.2 37.6 19.4 20.1 28.3 21.1 5.3 ¥3.0 ¥3.0 5.5 ¥1.2 4.6 1.4 5.1 6.6 ¥.7 1.1 ¥.6 1.8 Nonrevolving 45.7 40.2 55.9 84.3 105.3 93.3 67.0 67.9 58.7 40.5 11.4 7.2 5.8 ¥1.5 6.2 10.3 6.0 ¥.9 ¥6.8 ¥1.2 4.0 2.2 NOTE.—Effective October 7, 2003 data beginning 1977 include student loans extended by the Federal Government and by SLM Holding Corporation Source: Board of Governors of the Federal Reserve System 29 INTEREST RATES AND BOND YIELDS Interest rates rose in February [Percent per annum] U.S Treasury security yields Constant Period 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2005: Feb Mar Apr May June July Aug Sept Oct Nov Dec 2006: Jan Feb Week ended: 2006: Feb 11 18 25 Mar Bank-discount 3-month bills (new issues) 3-year maturities 10-year 30-year Highgrade municipal bonds (Standard & Poor’s) Corporate Aaa bonds (Moody’s) 30 Primary credit 5.02 5.07 4.81 4.66 5.85 3.45 1.62 1.02 1.38 3.16 2.53 2.75 2.79 2.86 2.99 3.22 3.45 3.47 3.70 3.90 3.89 4.20 4.41 5.99 6.10 5.14 5.49 6.22 4.09 3.10 2.10 2.78 3.93 3.54 3.91 3.79 3.72 3.69 3.91 4.08 3.96 4.29 4.43 4.39 4.35 4.64 6.44 6.35 5.26 5.65 6.03 5.02 4.61 4.01 4.27 4.29 4.17 4.50 4.34 4.14 4.00 4.18 4.26 4.20 4.46 4.54 4.47 4.42 4.57 6.71 6.61 5.58 5.87 5.94 5.49 * * * * * * * * * * * * * * * * 4.54 5.75 5.55 5.12 5.43 5.77 5.19 5.05 4.73 4.63 4.29 4.14 4.42 4.31 4.16 4.08 4.15 4.21 4.28 4.49 4.53 4.43 4.31 4.41 7.37 7.26 6.53 7.04 7.62 7.08 6.49 5.67 5.63 5.24 5.20 5.40 5.33 5.15 4.96 5.06 5.09 5.13 5.35 5.42 5.37 5.29 5.35 2.12 2.34 4.19 3.50 3.75 3.75 4.00 4.25 4.25 4.50 4.75 4.75 5.00 5.25 5.50 5.50 4.38 4.38 4.44 4.45 4.51 4.52 4.61 4.67 4.69 4.71 4.55 4.56 4.59 4.56 4.61 * 4.53 4.56 4.51 4.58 4.39 4.44 4.44 4.35 4.35 5.39 5.34 5.37 5.32 5.38 5.50 5.50 5.50 5.50 5.50 basis on actively traded issues adjusted to constant maturities Weekly data are Wednesday figures Discount window borrowing for primary credit and discount rate (adjustment credit) The rate for primary credit replaced the rate for adjustment credit Average effective rate for year; rate in effect at end of month or week Daily effective rate; weighted average of rates on brokered trades Yields Discount window (N.Y F.R Bank) Discount rate 5.02 5.00 4.92 4.62 5.73 3.40 1.17 Prime rate charged by banks Federal funds rate Newhome mortgage yields (FHFB) * * * * * * * * * * * * * * * * 8.27 8.44 8.35 8.00 9.23 6.91 4.67 4.12 4.34 6.19 5.50 5.75 5.75 6.00 6.25 6.25 6.50 6.75 6.75 7.00 7.25 7.50 7.50 5.30 5.46 5.35 4.97 6.24 3.88 1.67 1.13 1.35 3.22 2.50 2.63 2.79 3.00 3.04 3.26 3.50 3.62 3.78 4.00 4.16 4.29 4.49 7.80 7.71 7.07 7.04 7.52 7.00 6.43 5.80 5.77 5.94 5.75 5.82 5.84 5.82 5.76 5.76 5.83 5.99 6.03 6.20 6.39 6.12 * * * * * 7.50 7.50 7.50 7.50 7.50 4.44 4.50 4.49 4.49 4.50 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years *Discount rate (adjustment credit) series was discontinued after January 8, 2003 Series for 30-year constant maturity was discontinued on February 18, 2002, and reintroduced on February 9, 2006 Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody’s Investors Service, and Standard & Poor’s COMMON STOCK PRICES AND YIELDS Stock prices were mixed in February Common stock prices Period New York Stock Exchange indexes (December 31, 2002=5,000) Dow Jones industrial average Common stock yields (percent) Standard & Poor’s composite index (1941– 43=10) Nasdaq composite index (Feb 5, 1971=100) Dividendprice ratio Earningsprice ratio Composite 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2005: Feb Mar Apr May June July Aug Sept Oct Nov Dec 2006: Jan Feb Week ended: 2006: Feb 11 18 25 Mar Average Financial Energy Health Care 3,787.20 4,827.35 5,818.26 6,546.81 6,805.89 6,397.85 5,578.89 5,447.46 6,612.62 7,349.00 7,241.89 7,275.51 7,077.97 7,094.02 7,238.96 7,389.23 7,482.93 7,584.49 7,373.23 7,585.75 7,787.22 8,007.35 8,044.86 5,583.00 6,822.18 7,383.70 7,377.10 7,274.12 7,014.98 7,092.20 7,199.86 7,373.25 7,374.01 7,435.85 7,368.60 7,800.01 8,011.76 8,187.86 8,280.82 5,273.90 6,952.36 9,377.84 8,646.71 9,077.38 8,793.74 8,513.39 9,122.87 9,607.53 10,034.26 10,672.51 9,915.63 9,998.62 10,310.18 10,965.30 10,741.43 5,288.67 5,924.80 6,283.96 6,052.78 6,148.03 6,253.05 6,432.30 6,408.88 6,342.76 6,383.81 6,412.24 6,270.83 6,297.57 6,434.97 6,604.09 6,566.87 5,742.89 7,441.15 8,625.52 10,464.88 10,734.90 10,189.13 9,226.43 8,993.59 10,317.39 10,547.67 10,723.82 10,682.09 10,283.19 10,377.18 10,486.68 10,545.38 10,554.27 10,532.54 10,324.31 10,695.25 10,827.79 10,872.48 10,971.19 670.50 873.43 1,085.50 1,327.33 1,427.22 1,194.18 993.94 965.23 1,130.65 1,207.23 1,199.63 1,194.90 1,164.42 1,178.28 1,202.26 1,222.24 1,224.27 1,225.91 1,191.96 1,237.37 1,262.07 1,278.72 1,276.65 1,164.96 1,469.49 1,794.91 2,728.15 3,783.67 2,035.00 1,539.73 1,647.17 1,986.53 2,099.32 2,065.74 2,030.43 1,957.49 2,005.22 2,074.02 2,145.14 2,157.85 2,144.61 2,087.09 2,202.84 2,246.09 2,289.99 2,273.67 2.19 1.77 1.49 1.25 1.15 1.32 1.61 1.77 1.72 1.83 1.76 1.79 1.86 1.86 1.83 1.82 1.82 1.84 1.90 1.85 1.84 1.83 1.86 5.24 4.57 3.46 3.17 3.63 2.95 2.92 3.84 4.89 5.40 5.11 5.32 5.42 5.73 8,072.68 7,977.49 8,033.66 8,111.16 8,115.47 8,218.99 8,170.01 8,281.76 8,396.92 8,424.91 11,288.97 10,808.21 10,538.41 10,698.24 10,660.37 6,574.99 6,517.25 6,583.18 6,593.48 6,576.84 10,872.87 10,841.81 11,043.14 11,084.33 11,038.32 1,276.52 1,263.24 1,279.00 1,288.23 1,288.48 2,293.46 2,257.70 2,271.08 2,278.12 2,303.38 1.85 1.87 1.86 1.85 1.85 of daily closing prices all the stocks (nearly 3,000) listed on the NYSE January 9, 2003, the NYSE relaunched the composite index with changes in methodology, definitions, and based on Dec 31, 2002=5,000 Effective January 8, 2004 new indexes for Financial, Energy, and Health Care were introduced by the NYSE Previous indexes shown for Industrial, Transportation, Utility, and Finance were discontinued Includes 30 stocks Includes Effective Includes 500 stocks over 5,000 stocks & Poor’s series Dividend-price ratios based on Wednesday closing prices Earnings-price ratios based on prices at end of quarter Includes Standard Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor’s, and Nasdaq Stock Market 31 FEDERAL FINANCE FEDERAL RECEIPTS, OUTLAYS, AND DEBT In the first months of fiscal 2006, there was a deficit of $98.3 billion, compared with a deficit of $109.5 billion a year earlier [Billions of dollars] Total On-budget Off-budget Receipts Outlays Surplus or deficit (¥) Receipts 991.2 1,032.1 1,055.1 1,091.3 1,154.5 1,258.7 1,351.9 1,453.2 1,579.4 1,722.0 1,827.6 2,025.5 1,991.4 1,853.4 1,782.5 1,880.3 2,153.9 2,285.5 1,143.8 1,253.1 1,324.3 1,381.6 1,409.5 1,461.9 1,515.9 1,560.6 1,601.3 1,652.7 1,702.0 1,789.2 1,863.2 2,011.2 2,160.1 2,293.0 2,472.2 2,708.7 ¥152.6 ¥221.0 ¥269.2 ¥290.3 ¥255.1 ¥203.2 ¥164.0 ¥107.4 ¥21.9 69.3 125.6 236.2 128.2 ¥157.8 ¥377.6 ¥412.7 ¥318.3 ¥423.2 727.5 750.4 761.2 788.9 842.5 923.7 1,000.9 1,085.7 1,187.4 1,306.2 1,383.2 1,544.9 1,483.9 1,338.1 1,258.7 1,345.5 1,576.4 1,675.5 932.9 1,028.1 1,082.6 1,129.3 1,142.9 1,182.5 1,227.2 1,259.7 1,290.7 1,336.1 1,381.3 1,458.5 1,516.4 1,655.5 1,797.1 1,913.5 2,070.0 2,277.7 ¥205.4 ¥277.6 ¥321.4 ¥340.4 ¥300.4 ¥258.8 ¥226.4 ¥174.0 ¥103.2 ¥29.9 1.9 86.4 ¥32.4 ¥317.4 ¥538.4 ¥568.0 ¥493.6 ¥602.1 263.7 281.7 293.9 302.4 311.9 335.0 351.1 367.5 392.0 415.8 444.5 480.6 507.5 515.3 523.8 534.7 577.5 610.0 210.9 225.1 241.7 252.3 266.6 279.4 288.7 300.9 310.6 316.6 320.8 330.8 346.8 355.7 363.0 379.5 402.2 431.0 52.8 56.6 52.2 50.1 45.3 55.7 62.4 66.6 81.4 99.2 123.7 149.8 160.7 159.7 160.8 155.2 175.3 179.0 2,867.8 3,206.3 3,598.2 4,001.8 4,351.0 4,643.3 4,920.6 5,181.5 5,369.2 5,478.2 5,605.5 5,628.7 5,769.9 6,198.4 6,760.0 7,354.7 7,905.3 8,611.5 2,190.7 2,411.6 2,689.0 2,999.7 3,248.4 3,433.1 3,604.4 3,734.1 3,772.3 3,721.1 3,632.4 3,409.8 3,319.6 3,540.4 3,913.4 4,295.5 4,592.2 5,018.9 689.4 760.2 798.9 858.5 ¥109.5 ¥98.3 510.2 573.3 689.1 738.9 ¥178.9 ¥165.6 179.2 187.0 109.8 119.7 69.4 67.3 7,600.9 8,163.6 4,415.1 4,711.7 Fiscal year or period 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 (estimates) Cumulative total, first months: Fiscal year 2005 Fiscal year 2006 Data 32 from current issue Monthly Treasury Statement Outlays Surplus or deficit (¥) Federal debt (end of period) Receipts Outlays Surplus or deficit (¥) Gross Federal Held by the public NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year 2007, issued February 6, 2006 Sources: Department of the Treasury and Office of Management and Budget FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first months of fiscal 2006, receipts were $70.8 billion higher than a year earlier and outlays were $59.6 billion higher [Billions of dollars] On-budget and off-budget receipts Fiscal year or period Total 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 (estimates) Cumulative total, first months: Fiscal year 2005 Fiscal year 2006 Individual income taxes Corporation income taxes Social insurance and retirement receipts On-budget and off-budget outlays National defense Other Total Total International affairs Health Medicare Income Social security security Net interest Other 991.2 445.7 103.3 359.4 303.6 294.8 9.6 48.4 85.0 137.4 232.5 169.0 158.4 1,032.1 1,055.1 1,091.3 1,154.5 1,258.7 1,351.9 1,453.2 1,579.4 1,722.0 1,827.6 466.9 467.8 476.0 509.7 543.1 590.2 656.4 737.5 828.6 879.5 93.5 98.1 100.3 117.5 140.4 157.0 171.8 182.3 188.7 184.7 380.0 396.0 413.7 428.3 461.5 484.5 509.4 539.4 571.8 611.8 91.7 93.2 101.4 99.0 113.8 120.2 115.5 120.3 132.9 151.7 1,253.1 1,324.3 1,381.6 1,409.5 1,461.9 1,515.9 1,560.6 1,601.3 1,652.7 1,702.0 299.3 273.3 298.4 291.1 281.6 272.1 265.8 270.5 268.5 274.9 289.7 262.3 286.8 278.5 268.6 259.4 253.1 258.3 256.1 261.3 13.8 15.9 16.1 17.2 17.1 16.4 13.5 15.2 13.1 15.2 57.7 71.2 89.5 99.4 107.1 115.4 119.4 123.8 131.4 141.1 98.1 104.5 119.0 130.6 144.7 159.9 174.2 190.0 192.8 190.4 148.7 172.5 199.6 210.0 217.2 223.8 229.7 235.0 237.8 242.5 248.6 269.0 287.6 304.6 319.6 335.8 349.7 365.3 379.2 390.0 184.3 194.4 199.3 198.7 202.9 232.1 241.1 244.0 241.1 229.8 202.6 223.6 172.2 158.0 171.7 160.3 167.3 157.4 188.8 218.1 2,025.5 1,004.5 1,991.4 994.3 1,853.4 858.3 1,782.5 793.7 1,880.3 809.0 2,153.9 927.2 2,285.5 997.6 207.3 151.1 148.0 131.8 189.4 278.3 277.1 652.9 694.0 700.8 713.0 733.4 794.1 841.1 160.9 152.0 146.2 144.1 148.5 154.2 169.7 1,789.2 1,863.2 2,011.2 2,160.1 2,293.0 2,472.2 2,708.7 294.5 304.9 348.6 404.9 455.9 495.3 535.9 281.2 290.3 332.0 387.3 436.5 474.2 512.1 17.2 16.5 22.4 21.2 26.9 34.6 34.8 154.5 172.3 196.5 219.6 240.1 250.6 268.8 197.1 217.4 230.9 249.4 269.4 298.6 343.0 253.7 269.8 312.7 334.6 333.1 345.8 360.6 409.4 433.0 456.0 474.7 495.5 523.3 554.7 222.9 206.2 170.9 153.1 160.2 184.0 220.1 239.8 243.3 273.2 302.6 311.9 339.9 390.8 71.0 90.1 245.0 257.3 48.7 52.9 798.9 858.5 157.8 170.7 151.0 163.6 13.3 12.3 82.2 84.7 93.3 98.8 105.4 105.4 169.1 178.7 58.4 71.4 119.5 136.4 689.4 760.2 324.7 359.9 82.8 1,143.8 Department of Defense, military Data from current issue Monthly Treasury Statement Data for Department of Defense, military, include a small amount classified as international affairs, and not included in national defense NOTE.—Data (except as noted) are from Budget of the United States Government, Fiscal Year 2007, issued February 6, 2006 Sources: Department of the Treasury and Office of Management and Budget 33 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the fourth quarter of 2005, according to revised estimates, Federal current expenditures rose $48.3 billion (annual rate); receipts data are incomplete [Billions of dollars; quarterly data at seasonally adjusted annual rates] Federal Government current receipts Current tax receipts Period Total Total Calendar year: 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 r 2002: I II III IV 2003: I II III IV 2004: I II III IV 2005: I II III r IV r Includes Includes 34 1,524.0 1,653.1 1,773.8 1,891.2 2,053.8 2,016.2 1,853.2 1,868.6 1,974.8 1,845.9 1,854.1 1,856.1 1,856.6 1,881.4 1,896.3 1,808.9 1,887.9 1,917.8 1,951.4 1,975.4 2,054.6 2,196.6 2,227.9 2,155.8 932.4 1,030.6 1,116.8 1,195.7 1,313.6 1,252.2 1,075.5 1,059.2 1,122.4 1,071.3 1,077.5 1,075.4 1,078.0 1,084.4 1,089.6 994.5 1,068.2 1,080.7 1,108.1 1,119.4 1,181.3 1,305.1 1,331.8 1,343.2 Personal current taxes 663.4 744.3 825.8 893.0 999.1 994.5 830.5 774.3 801.8 934.9 843.1 835.2 825.8 818.0 806.7 811.2 708.8 770.6 771.3 786.3 810.0 839.7 908.3 924.3 945.0 962.0 Taxes on production and imports 73.2 78.2 81.1 83.9 87.8 85.8 87.3 89.7 94.0 97.2 84.9 87.7 88.5 88.0 90.1 89.7 88.8 90.2 93.4 93.4 94.0 95.1 95.4 98.3 97.5 97.6 Taxes on corporate income 190.6 203.0 204.2 213.0 219.4 164.7 150.5 186.7 217.4 136.3 147.4 153.9 164.2 180.7 178.8 189.1 198.1 206.9 219.9 207.5 235.3 291.7 300.8 290.7 Contributions for government social insurance 542.8 576.4 613.8 651.6 691.7 717.5 734.3 759.1 802.5 851.2 732.1 735.5 735.0 734.4 749.0 756.4 762.9 768.0 787.2 793.5 806.0 823.4 841.1 845.1 855.4 863.3 taxes from the rest of the world, not shown separately a subtraction for wage accruals less disbursements, not shown separately Federal Government current expenditures Income receipts on assets Current transfer receipts Current surplus of government enterprises 26.9 25.9 21.5 21.5 25.2 24.9 20.2 22.7 21.9 23.2 21.1 20.1 19.8 19.9 19.5 22.8 24.0 24.6 22.0 21.5 21.8 22.2 23.0 24.3 22.8 22.9 23.1 19.9 21.5 22.7 25.7 27.1 24.8 25.7 28.6 7.6 25.7 24.9 24.5 24.0 24.8 25.5 26.2 26.5 27.6 28.1 28.7 30.0 30.4 30.2 ¥61.4 31.3 ¥1.2 ¥.3 ¥2.3 ¥5.5 ¥1.6 1.9 ¥.5 ¥3.7 ¥4.3 ¥3.9 1.4 3.7 2.1 1.4 3 ¥.4 ¥2.3 ¥2.9 ¥3.6 ¥4.3 ¥4.1 Total 1,665.8 1,708.9 1,734.9 1,787.6 1,864.4 1,969.5 2,101.1 2,251.4 2,381.3 2,548.9 2,054.4 2,095.5 2,103.4 2,151.1 2,177.4 2,270.1 2,265.1 2,292.9 2,347.2 2,364.9 2,387.0 2,426.2 2,494.9 2,525.2 2,563.7 2,612.0 Consumption expenditures 446.3 457.7 454.6 475.1 499.3 531.9 591.5 661.9 725.7 769.6 571.3 585.0 591.4 618.5 634.7 667.6 668.4 676.8 710.7 721.1 735.7 735.1 759.6 762.8 782.9 773.1 Current transfer payments 888.3 918.8 946.5 986.1 1,038.1 1,131.4 1,243.0 1,327.7 1,391.2 1,475.4 1,215.1 1,240.7 1,247.6 1,268.5 1,285.0 1,332.1 1,339.0 1,354.8 1,379.3 1,382.6 1,384.0 1,419.0 1,458.7 1,459.9 1,474.4 1,508.6 Interest payments 297.3 300.0 298.8 282.7 283.3 258.6 229.1 215.2 221.5 249.1 229.9 233.3 227.7 225.4 217.0 214.9 212.2 216.8 216.9 218.4 224.5 226.1 226.6 250.8 250.8 268.3 Subsidies 34.0 32.4 35.0 43.8 43.8 47.6 37.5 46.5 43.0 54.8 38.1 36.5 36.7 38.7 42.0 54.2 45.5 44.4 41.8 41.3 42.8 46.1 50.1 51.6 55.6 61.9 Net Federal Government saving ¥141.8 ¥55.8 38.8 103.6 189.5 46.7 ¥247.9 ¥382.7 ¥406.5 ¥208.5 ¥241.4 ¥247.3 ¥294.6 ¥296.0 ¥373.8 ¥456.2 ¥405.0 ¥429.3 ¥413.4 ¥411.6 ¥371.6 ¥298.3 ¥297.3 ¥407.9 Note.—Revisions include changes to series affected by revised wage and salary estimates for 2005:III Source: Department of Commerce, Bureau of Economic Analysis INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR INDUSTRIAL COUNTRIES Industrial production (2002=100; seasonally adjusted) Period United States Canada Japan France Germany Italy Consumer prices (1982–84=100; NSA) United Kingdom United States Canada Japan Germany 1996 83.6 81.4 105.5 87.4 88.3 93.8 98.7 156.9 153.8 119.3 151.4 1997 89.7 86.0 109.3 90.9 91.0 97.5 100.0 160.5 156.3 121.5 153.2 1998 94.9 89.0 102.1 94.2 94.4 98.6 101.1 163.0 157.8 122.2 154.2 1999 99.3 94.3 102.4 96.5 95.5 98.5 102.3 166.6 160.5 121.8 155.0 2000 103.5 102.4 108.0 100.2 100.8 102.7 104.2 172.2 164.9 121.0 157.6 2001 99.9 98.3 101.2 101.5 101.1 101.6 102.6 177.1 169.1 120.1 160.2 2002 100.0 100.0 100.0 100.0 100.0 100.0 100.0 179.9 172.9 119.0 163.3 r 99.5 2003 100.6 101.0 103.0 99.5 100.4 99.5 184.0 177.7 118.7 166.7 2004 104.7 105.0 108.5 101.8 103.5 98.8 100.3 188.9 181.0 118.7 170.3 r 2005 108.2 107.7 110.0 101.8 106.9 97.9 98.6 195.3 184.9 118.3 173.2 r 97.3 2004: Dec 106.7 106.9 107.9 102.5 104.2 100.7 190.3 182.2 118.7 171.6 r 107.5 r 97.0 2005: Jan 106.9 111.7 102.4 105.8 99.9 190.7 182.0 118.1 170.7 r 97.4 Feb 107.4 106.8 109.5 101.7 104.4 99.6 191.8 182.8 117.8 171.6 r 97.2 Mar 107.3 106.1 109.1 r 101.0 104.8 98.4 193.3 183.8 118.2 172.7 r 106.3 r 101.1 Apr 107.2 110.9 105.8 99.1 99.0 194.6 184.4 118.4 173.0 r 107.3 May 107.4 108.1 r 101.0 105.7 98.0 99.1 194.4 184.5 118.8 173.2 r 106.9 June 108.3 109.7 r 101.5 106.7 98.2 99.0 194.5 184.8 118.2 173.5 r 100.7 r 99.0 July 108.3 107.5 108.2 108.1 98.9 195.4 185.2 118.1 173.2 r 108.8 r 99.9 Aug 108.6 109.6 102.0 106.9 97.9 196.4 186.0 118.2 173.8 Sept 107.2 108.3 109.9 r 102.2 108.2 98.5 98.4 198.8 187.6 118.5 174.6 Oct r 108.4 108.8 110.6 99.3 109.4 97.6 97.1 199.2 186.7 118.7 174.4 Nov r 109.5 108.5 112.1 102.4 109.0 98.2 97.8 197.6 186.2 118.3 174.1 Dec r 110.5 109.4 113.9 102.1 108.3 99.3 98.0 196.8 186.1 118.5 174.2 p 2006: Jan 110.3 114.0 198.3 187.1 118.7 174.1 p Feb Data relate to all urban consumers NOTE.—See Note, p 17, for information on U.S industrial production series Italy 135.3 137.8 139.1 140.0 142.0 144.8 146.7 148.3 150.8 153.7 152.3 151.7 152.3 152.7 152.9 153.3 153.5 154.2 154.3 154.9 154.9 154.2 155.6 154.9 155.4 France United Kingdom 213.8 179.4 218.2 185.1 222.5 191.4 226.2 194.3 231.9 200.1 238.3 203.6 244.3 207.0 250.8 213.0 256.3 219.4 261.3 225.6 258.3 223.1 258.3 221.9 259.1 222.8 259.9 223.8 260.3 225.1 261.1 225.6 261.1 225.8 262.2 225.8 262.6 226.3 262.6 226.9 263.2 227.1 263.4 227.5 263.4 228.1 264.0 227.2 264.6 Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis and International Trade Administration, Office of Trade and Industry Information) and Council of Economic Advisers U.S INTERNATIONAL TRADE IN GOODS AND SERVICES [Billions of dollars; monthly data seasonally adjusted] Goods: Exports (f.a.s value) Goods: Imports (customs value) Census basis (by end-use category) Services (BOP basis) Balance of trade (exports minus imports) Census basis (by end-use category) BOP basis Period 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 p BOP basis 612.1 678.4 670.4 684.0 772.0 718.7 682.4 713.4 807.5 892.5 Total, Census basis 625.1 689.2 682.1 695.8 781.9 729.1 693.1 724.8 818.8 904.3 Auto- ConIndusmo- sumer Foods, trial Capital tive goods feeds, supgoods vehi- (nonand plies except cles, food) bevand auto- parts except erages mate- motive and autorials enmogines tive 55.5 51.5 46.4 46.0 47.9 49.4 49.6 55.0 56.6 58.8 147.7 158.2 148.3 147.5 172.6 160.1 156.8 173.0 204.0 231.8 253.0 294.5 299.4 310.8 356.9 321.7 290.4 293.6 331.5 361.9 BOP basis 65.0 70.1 803.1 74.0 77.4 876.5 72.4 80.3 917.1 75.3 80.9 1,030.0 80.4 89.4 1,224.4 75.4 88.3 1,145.9 78.9 84.4 1,164.7 80.7 89.9 1,260.7 89.3 103.1 1,472.9 97.8 115.5 1,674.6 IndusAutoFoods, trial Capital motive Total, feeds, supgoods vehiCensus and plies except cles, basis bevand auto- parts erages mate- motive and enrials gines 795.3 869.7 911.9 1,024.6 1,218.0 1,141.0 1,161.4 1,257.1 1,469.7 1,671.1 35.7 39.7 41.2 43.6 46.0 46.6 49.7 55.8 62.1 68.1 204.5 213.8 200.1 221.4 299.0 273.9 267.7 313.8 412.8 520.8 Consumer goods (nonfood) except automotive 228.1 253.3 269.5 295.7 347.0 298.0 283.3 295.8 343.5 379.6 128.9 139.8 148.7 179.0 195.9 189.8 203.7 210.2 228.2 240.0 172.0 193.8 217.0 241.9 281.8 284.3 307.8 333.9 372.9 407.0 Exports 239.5 256.3 263.1 282.5 299.5 288.4 294.9 309.1 343.9 378.6 Imports 152.6 166.5 181.4 199.9 225.3 224.0 233.7 256.7 296.1 322.2 Goods, Census basis Goods ¥170.2 ¥180.5 ¥229.8 ¥328.8 ¥436.1 ¥411.9 ¥468.3 ¥532.4 ¥650.9 ¥766.8 ¥191.0 ¥198.1 ¥246.7 ¥346.0 ¥452.4 ¥427.2 ¥482.3 ¥547.3 ¥665.4 ¥782.1 Services 86.9 89.8 81.7 82.6 74.1 64.5 61.1 52.5 47.8 56.3 Goods and services ¥104.1 ¥108.3 ¥165.0 ¥263.4 ¥378.3 ¥362.7 ¥421.2 ¥494.8 ¥617.6 ¥725.8 2004: Dec 71.0 71.9 4.8 18.4 28.6 8.0 9.3 130.5 130.3 5.4 38.6 29.8 19.4 32.7 30.7 25.9 ¥58.4 ¥59.5 4.8 ¥54.7 2005: Jan r Feb r Mar r Apr r May r June r July r Aug r Sept r Oct r Nov r Dec p 71.4 70.6 71.4 74.4 74.3 74.4 74.9 76.6 73.3 75.1 77.1 79.0 72.2 71.4 72.3 75.4 75.4 75.4 75.7 77.8 74.4 76.0 78.1 80.2 4.7 4.6 4.8 5.0 5.4 5.0 4.9 5.0 4.8 5.0 4.8 4.8 18.5 18.6 18.6 19.5 19.8 19.6 19.9 20.1 18.9 19.0 19.4 20.0 28.6 28.0 28.9 30.5 29.6 30.1 30.3 31.4 29.1 30.9 32.1 32.3 8.2 7.8 7.7 7.9 7.7 7.8 8.0 8.3 8.3 8.5 8.6 9.0 9.4 9.5 9.4 9.3 9.7 9.5 9.5 9.5 9.9 9.4 9.9 10.6 133.9 135.1 130.1 136.5 134.9 138.0 137.2 140.4 144.4 148.0 146.5 149.6 133.6 134.8 129.7 136.2 134.6 137.7 137.0 140.1 144.1 147.7 146.2 149.3 5.6 5.5 5.5 5.5 5.6 5.6 5.6 5.7 5.9 5.7 5.9 6.0 38.3 39.8 39.8 41.6 39.3 41.4 41.9 44.0 46.9 49.9 48.9 49.0 31.1 29.9 29.6 31.9 31.3 32.6 31.8 31.9 32.3 32.1 32.2 33.0 19.9 19.8 18.4 18.8 19.7 19.6 19.7 20.8 20.1 20.8 21.0 21.5 34.2 35.4 32.0 33.6 34.0 34.1 33.4 33.2 34.1 34.4 33.5 35.2 30.6 30.7 31.3 31.2 31.2 31.3 31.6 31.6 32.3 32.2 32.0 32.5 26.5 26.4 26.5 26.8 26.7 26.9 26.9 26.5 27.0 27.1 27.4 27.6 ¥61.4 ¥63.4 ¥57.4 ¥60.8 ¥59.2 ¥62.3 ¥61.3 ¥62.3 ¥69.7 ¥71.7 ¥68.0 ¥69.1 ¥62.5 ¥64.5 ¥58.7 ¥62.1 ¥60.6 ¥63.6 ¥62.3 ¥63.8 ¥71.1 ¥72.9 ¥69.4 ¥70.6 4.1 4.3 4.8 4.4 4.5 4.4 4.7 5.1 5.3 5.0 4.7 4.9 ¥58.4 ¥60.2 ¥53.8 ¥57.7 ¥56.0 ¥59.2 ¥57.6 ¥58.8 ¥65.8 ¥67.9 ¥64.7 ¥65.7 Total includes ‘‘other’’ exports or imports, not shown separately NOTE.—BOP refers to balance of payments on international transactions basis BOP data shown here are consistent with figures shown on pp 36 and 37 Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis) 35 U.S INTERNATIONAL TRANSACTIONS In the third quarter of 2005, the goods deficit rose to $197.9 billion, from $186.9 billion in the second quarter The current account deficit fell to $195.8 billion in the third quarter from $197.8 billion in the second quarter [Millions of dollars; quarterly data seasonally adjusted Credits (+), debits (¥)] Goods Period Exports Imports Services Balance on goods Net military transactions 575,204 612,113 678,366 670,416 683,965 771,994 718,712 682,422 713,421 807,536 ¥749,374 ¥803,113 ¥876,470 ¥917,103 ¥1,029,980 ¥1,224,408 ¥1,145,900 ¥1,164,720 ¥1,260,717 ¥1,472,926 ¥174,170 ¥191,000 ¥198,104 ¥246,687 ¥346,015 ¥452,414 ¥427,188 ¥482,298 ¥547,296 ¥665,390 2003: I II III IV 173,167 174,696 178,186 187,372 ¥311,028 ¥309,763 ¥313,476 ¥326,450 ¥137,861 ¥135,067 ¥135,290 ¥139,078 ¥2,976 ¥3,247 ¥2,860 ¥3,444 2004: I II III IV 193,789 200,072 204,801 208,874 ¥345,241 ¥364,059 ¥372,576 ¥391,050 ¥151,452 ¥163,987 ¥167,775 ¥182,176 2005: I II III p 213,840 223,540 225,226 ¥400,169 ¥410,469 ¥423,151 ¥186,329 ¥186,929 ¥197,925 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Net travel and transportation Other services, net Receipts Payments Balance on income Unilateral current transfers, net Balance on current account 51,414 56,535 62,674 66,248 72,943 71,339 70,009 72,520 76,745 75,596 ¥96,384 ¥104,065 ¥108,310 ¥165,009 ¥263,394 ¥378,272 ¥362,729 ¥421,181 ¥494,814 ¥617,583 210,244 226,129 256,804 261,819 293,925 350,918 288,303 270,792 309,830 379,527 ¥189,353 ¥203,811 ¥244,195 ¥257,554 ¥280,037 ¥329,864 ¥263,120 ¥260,776 ¥263,526 ¥349,088 20,891 22,318 12,609 4,265 13,888 21,054 25,183 10,016 46,304 30,439 ¥38,177 ¥43,147 ¥45,205 ¥53,320 ¥50,554 ¥58,781 ¥51,910 ¥64,046 ¥71,169 ¥80,930 ¥113,670 ¥124,894 ¥140,906 ¥214,064 ¥300,060 ¥415,999 ¥389,456 ¥475,211 ¥519,679 ¥668,074 ¥3,098 ¥3,441 ¥3,411 ¥1,786 19,102 18,905 18,862 19,881 ¥124,833 ¥122,850 ¥122,699 ¥124,427 70,706 73,872 77,594 87,653 ¥64,790 ¥62,565 ¥66,242 ¥69,926 5,916 11,307 11,352 17,727 ¥17,743 ¥17,251 ¥17,634 ¥18,543 ¥136,660 ¥128,794 ¥128,981 ¥125,243 ¥3,200 ¥3,643 ¥3,829 ¥3,813 ¥3,212 ¥3,014 ¥3,394 ¥3,684 19,012 18,602 17,533 20,452 ¥138,852 ¥152,042 ¥157,465 ¥169,221 86,401 ¥71,379 91,465 ¥85,543 95,504 ¥89,250 106,154 ¥102,918 15,022 5,922 6,254 3,236 ¥22,271 ¥20,515 ¥15,771 ¥22,374 ¥146,101 ¥166,635 ¥166,982 ¥188,359 ¥3,020 ¥3,066 ¥2,652 ¥4,499 ¥2,770 ¥1,676 20,796 ¥173,052 19,166 ¥173,599 19,458 ¥182,795 106,951 ¥106,308 111,147 ¥112,688 118,732 ¥118,220 643 ¥1,541 512 ¥26,259 ¥22,641 ¥13,538 ¥198,668 ¥197,781 ¥195,821 4,600 21,772 5,385 25,015 4,968 22,152 5,220 10,210 2,593 7,085 317 2,486 ¥2,296 ¥3,254 ¥7,158 ¥4,245 ¥12,527 ¥11,736 ¥14,485 ¥13,304 Adjusted from Census data for differences in timing and coverage; excludes military Transfers under U.S military agency sales contracts (exports) minus direct defense expenditures (imports) 36 Income receipts and payments Balance on goods and services Includes transfers of goods and services under U.S military grant programs See p 37 for continuation of table U.S INTERNATIONAL TRANSACTIONS—Continued In the financial account, U.S claims on foreigners reported by U.S banks increased $107.9 billion in the third quarter of 2005, following an increase of $171.0 billion in the second quarter U.S liabilities to private foreigners reported by U.S banks, excluding Treasury securities, increased $88.7 billion in the third quarter, following an increase of $149.1 billion in the second quarter [Millions of dollars; quarterly data seasonally adjusted Credits (+), debits (¥)] Financial account Period Capital account transactions, net U.S.-owned assets abroad, net [increase/financial outflow (¥)] Total U.S official reserve assets Other U.S Government assets Statistical discrepancy Foreign-owned assets in the U.S., net [increase/financial inflow (+)] U.S private assets Total Foreign official assets Other foreign assets Total (sum of the items with sign reversed) Of which: Seasonal adjustment discrepancy U.S official reserve assets, net (unadjusted, end of period) ¥927 ¥631 ¥1,014 ¥702 ¥4,888 ¥929 ¥1,223 ¥1,363 ¥3,214 ¥1,648 ¥352,264 ¥413,409 ¥485,475 ¥353,829 ¥504,062 ¥560,523 ¥382,616 ¥294,027 ¥328,397 ¥855,509 ¥9,742 6,668 ¥1,010 ¥6,783 8,747 ¥290 ¥4,911 ¥3,681 1,523 2,805 ¥984 ¥989 68 ¥422 2,750 ¥941 ¥486 345 537 1,215 ¥341,538 ¥419,088 ¥484,533 ¥346,624 ¥515,559 ¥559,292 ¥377,219 ¥290,691 ¥330,457 ¥859,529 438,562 551,096 706,809 423,569 740,210 1,046,896 782,859 794,343 889,043 1,440,105 109,880 126,724 19,036 ¥19,903 43,543 42,758 28,059 115,945 278,275 394,710 328,682 424,372 687,773 443,472 696,667 1,004,138 754,800 678,398 610,768 1,045,395 28,299 ¥12,162 ¥79,414 145,026 68,800 ¥69,445 ¥9,564 ¥23,742 ¥37,753 85,126 85,832 75,089 69,954 81,761 71,516 67,647 68,654 79,006 85,938 86,824 2003: I II III IV 2004: I II III IV 2005: I II III p ¥423 ¥1,596 ¥837 ¥358 ¥428 ¥372 ¥393 ¥455 ¥4,466 ¥315 ¥311 ¥91,631 ¥142,267 ¥25,442 ¥69,057 ¥295,140 ¥133,886 ¥137,525 ¥288,957 ¥81,510 ¥225,202 ¥124,020 83 ¥170 ¥611 2,221 557 1,122 429 697 5,331 ¥797 4,766 53 310 483 ¥309 727 ¥2 ¥11 501 4,487 971 562 ¥91,767 ¥142,407 ¥25,314 ¥70,969 ¥296,424 ¥135,006 ¥137,943 ¥290,155 ¥91,328 ¥225,376 ¥129,348 240,593 240,143 140,909 267,397 423,023 304,937 254,228 457,915 243,451 375,816 396,919 50,622 66,889 64,595 96,169 147,401 77,039 75,792 94,478 25,277 82,646 38,394 189,971 173,254 76,314 171,228 275,622 227,898 178,436 363,437 218,174 293,170 358,525 ¥11,879 32,514 14,351 ¥72,739 18,646 ¥4,044 50,672 19,856 41,193 47,482 ¥76,767 9,623 ¥4,407 ¥13,009 7,793 11,010 ¥3,747 ¥12,977 5,718 15,238 ¥7,710 ¥16,265 80,049 81,660 84,431 85,938 85,192 82,652 82,578 86,824 78,942 76,594 71,273 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S reserve position in the International Monetary Fund (IMF) Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury 37 Contents Page TOTAL OUTPUT, INCOME, AND SPENDING Gross Domestic Product Real Gross Domestic Product Implicit Price Deflators for Gross Domestic Product Gross Domestic Product and Related Price Measures: Indexes and Percent Changes Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits National Income Real Personal Consumption Expenditures Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Real Gross Private Domestic Investment Real Private Fixed Investment by Type Business Investment 2 3 4 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 For sale by the Superintendent of Documents, U.S Government Printing Office, Washington, D.C 20402 Price $3.00 (single copy) ($3.75 foreign) Subscription price: $33.00 per year; $41.25 for foreign mailing U.S GOVERNMENT PRINTING OFFICE : 2006 26354 ... print the monthly publication entitled ‘? ?Economic Indicators? ??’ Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee. .. 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... NOTE.—See p 10 for further detail on fixed investment by type Because of the formula used for calculating real GDP, the chained (2000) dollar estimates for the detailed components not add to the chained-dollar