Economic Indicators October 2009 - FRASER › ... › docs › publications › ei › 2009 › EI_1020… · 111th Congress, 1st Session Economic Indicators OCTOBER 2009 (Includes

111th Congress, 1st Session

Economic Indicators

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

Prepared for the Joint Economic Committee by the

Council of Economic Advisers

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON : 2009

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

CAROLYN B. MALONEY, New York, ChairCHARLES E. SCHUMER, New York, Vice Chairman

HOUSE OF REPRESENTATIVES

MAURICE D. HINCHEY, New YorkBARON P. HILL, IndianaLORETTA SANCHEZ, CaliforniaELIJAH E. CUMMINGS, MarylandVIC SNYDER, ArkansasKEVIN BRADY, TexasRON PAUL, TexasMICHAEL C. BURGESS, M.D., TexasJOHN CAMPBELL, California

SENATE

JEFF BINGAMAN, New MexicoAMY KLOBUCHAR, MinnesotaROBERT P. CASEY, JR . , PennsylvaniaJIM WEBB, VirginiaMARK R. WARNER, VirginiaSAM BROWNBACK, KansasJIM D E M I N T , South CarolinaJAMES E. RISCH, IdahoROBERT F. BENNETT, Utah

GAIL COHEN, Acting Executive Director

COUNCIL OF ECONOMIC ADVISERS

CHRISTINA D. ROMER, ChairAUSTAN D. GOOLSBEE, Member

CECILIA E. ROUSE, Member

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

JOINT RESOLUTION [S.J. Res. 55]

To print the monthly publication entitled ‘‘Economic Indicators’’

Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That theJoint Economic Committee be authorized to issue a monthly publication entitled ‘‘Economic Indicators,’’ and thata sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeantat Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copiesto the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint EconomicCommittee; and the required numbers of copies to the Superintendent of Documents for distribution to depositorylibraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.

Approved June 23, 1949.

Charts prepared under the direction of the Printing and Procurement Branch,Office of the Secretary, Department of Commerce.

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

SUPERINTENDENT OF DOCUMENTSGOVERNMENT PRINTING OFFICE

WASHINGTON, D.C. 20402

For sale by the U.S. Government Printing OfficeSuperintendent of Documents, Mail Stop: SSOP, Washington, DC 20402-9328

Also available on the internet at the following address: http://www.gpoaccess.gov/indicators

11

TOTAL OUTPUT, INCOME, AND SPENDINGGROSS DOMESTIC PRODUCTIn the third quarter of 2009, according to advance estimates, current-dollar gross domestic product (GDP) rose4.3 percent (annual rate), real GDP (GDP in chained 2005 dollars) rose 3.5 percent, and the chained price indexrose 0.8 percent.

BILLIONS OF DOLLARS (RATIO SCALE)

14,800

14,400

14,000

13,600

13,200

12,800

12,000

11,600

11,200

10,800

10,400

0,000

9,600

9,200

8,800

SEASONALLY ADJUSTED ANNUAL RATES

/

y

1999 2000 2001 2002

-"1

yy

2003 2004

GIN CURREh

DP-IT DOLLARS

\ ^

^yix—^*~y GDP7 ^ IN CHAINED (2005) DOLLARS

2005 2006 2007

1 1 1

2008

• _ i

2009

BILLIONS OF DOLLARS (RATIO SCALE)

15,200

14,800

14,400

14,000

13,600

13,200

12,800

12,400

12,000

11,600

11,200

10,800

10,400

10,000

9,600

9,200

8,800

SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISER3

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

PeriodGross

domesticproduct

Personalcon-

sumptionexpendi-

tures

Grossprivate

domesticinvest-ment

Exports and importsof goods and services

Netexports Exports Imports

Government consumption expendituresand gross investment

Total

Federal

Total NationaldefenseNon-

defense

Stateandlocal

Finalsales of

domesticproduct

Grossdomestic

pur-chases 1

Adden-dum:Gross

nationalproduct

1999200020012002200320042005200620072008

2006:

2007:

2008:

2009:

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

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

I.II ...III .rv ...I.II ...IIIp

9,353.59,951.5

10,286.210,642.311,142.111,867.812,638.413,398.914,077.614,441.4

13,183.513,347.813,452.913,611.5

13,795.613,997.214,179.914,337.9

14,373.914,497.814,546.714,347.3

14,178.014,151.214,301.5

6,342.86,830.47,148.87,439.27,804.08,285.18,819.09,322.79,826.4

10,129.9

9,148.29,266.69,391.89,484.1

9,658.59,762.59,865.6

10,019.2

10,095.110,194.710,220.110,009.8

9,987.79,999.3

10,151.6

1,641.51,772.21,661.91,647.01,729.71,968.62,172.22,322,288.52,136.1

2,336.52,352.12,333.52,286.5

2,267.22,302.02,311.92,272.9

2,214.82,164.62,142.72,022.1

1,689.91,561.51,579.4

¥262.1¥382.1¥371.0¥427.2¥504.1¥618.7¥722.7¥769.3¥713.8¥707.8

¥775.8¥781.4¥805.7¥714.3

¥729.4¥724.8¥698.4¥702.5

¥744.4¥738.7¥757.5¥590.5

¥378.5¥339.1¥387.5

989.31,093.21,027.71,003.01,041.01,180.21,305.11,471.01,655.91,831.1

1,414.01,456.01,476.01,538.2

1,564.91,602.11,685.21,771.6

1,803.61,901.51,913.11,706.2

1,509.31,493.71,563.2

1,251.41,475.31,398.71,430.21,545.11,798.92,027.82,240.32,369.72,538.9

2,189.82,237.42,281.72,252.5

2,294.32,326.92,383.62,474.0

2,548.12,640.22,670.52,296.7

1,887.91,832.81,950.7

1,631.31,731.01,846.41,983.32,112.62,232.82,369.92,518.42,676.52,883.2

2,474.52,510.52,533.32,555.2

2,294.32,657.42,700.92,748.3

2,808.42,877.12,941.42,905.9

2,879.02,929.42,958.0

554.9576.1611.7680.6756.5824.6876.39.31,47976.7

1,082.6

928.5930.3932.2935.9

942.8968.1991.4

1,004.3

12,808.41,031,069.51,108.31,114.3

1,106.71,138.31,164.3

361.1371.0393.0437.7497.9550.8589.0624.9662.1737.9

615.5624.1623.3636.6

636.76311.6674.4680.8

703.6725.6763.6758.9

750.7776.2, 9 5 8

193.8205.0398.7242.9258.5273.9287.3306.8314.5344.7

313.0306.2308.9299.3

306.1311.6317.0323.6

334.8343.9344.7355.3

356.0362.1368.4

1,076.31,154.91,234.71,302.71,646.3111,408.21,493.61,586.71,699.81,800.6

13,117.5114,129.22,281.721,619.4

1,651,689.31,709.51,743.9

15,118.311 , 0 6 9 . 5 7 2 5 . 61,833.11,114.37

1,772.31,791.23795.8

9,896.910,324.510,6311,125.871,180.21,79812,588.413,339.014,058.314,476.2

13,117.513,275.413,3813,579.2

13,782.513,9714,148.814,328.0

14,382.11,807.6114,583.714,391.8

14,305.314,327.414,448.6

9,615.610,333.510,657.211,069.511,646.312,486.41,493.6114,168.214,791.415,149.2

13,959.314,129.214,258.614,325.8

14,525.014,722.014,878.315,040.3

1,038.315,236.415,304.214,391.8

14,556.514,490.314,689.0

9,381.39,989.2

.0218.7110,691.411,210.811,959.01 2 , 513,471.314,19314,583.3

13,264.010.5930.313,514.813,683.2

13,859.514,073.314,878.314,522.2

14,544.91,807.614,707.514,454.3

14,277.914,243.8

1 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]

PeriodGross

domesticproduct

Personalcon-

sumptionexpendi-

tures

Gross privatedomestic investment

Nonresi-dentialfixed

invest-ment

Resi-dentialfixed

invest-ment

Changein pri-vate

inven-tories

Exports and imports ofgoods and services

Netexports

Ex-ports

Im-ports


Total

Federal

Total

Na-tional

de-fense

Non-de-

fense

Stateandlocal

Finalsales ofdomesticproduct

Grossdomestic

pur-chases 1

Adden-dum:Gross

nationalproduct

1999.2000.2001.2002.2003.2004.2005.2006.2007.2008.2006: I ....

II ...III .IV ..

2007: I ....II ...III .rv ..

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

2009: I ....II ...

10,779.811,226.011,347.211,553.011,840.712,263.812,638.412,976.213,254.113,312.212,915.912,962.512,965.913,060.713,099.913,204.013,321.113,391.213,366.913,415.313,324.613,141.912,925.412,901.513,014.0

7,240.97,608.17,813.98,021.98,247.68,532.78,819.09,073.59,313.99,290.98,986.69,035.09,090.79,181.69,265.19,291.59,335.69,363.69,349.69,351.09,267.79,195.39,209.29,189.09,265.1

1,200.91,318.51,281,180.21,191.01,263.01,347.31,453.91,544.31,569.71,424.91,450.31,466.01,474.51,489.61,530.31,565.81,591.31,598.91,604.41,579.21,496.11,321.21,288.41,280.2

574.2580.0583.3613.8664.3729.5775.0718.2585.0451.1775.2740.1697.4660.2631.7610.4572.9525.0483.2462.9443.3415.0367.9344.4362.9

68.560.2

¥41.812.817.366.350.059.419.5

¥25.965.872.567.531.814.523.329.810.3

.6¥37.1¥29.7¥37.4

¥113.9¥160.2¥130.8

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

1,094.31,188.31,121.61,099.21,116.81,222.81,305.11,422.01,546.11,629.31,388.81,412.11,414.11,473.21,485.91,504.81,569.91,624.01,623.41,670.41,655.21,568.01,434.51,419.51,469.1

1,450.91,639.91,593.81,648.01,720.71,910.82,027.82,151.22,193.82,123.52,121.32,144.92,170.52,168.12,190.82,188.12,208.32,188.02,174.32,146.52,134.42,038.91,821.01,749.81,817.3

2,056.12,097.82,178.32,279.62,330.52,362.02,369.92.02,12,443.12,518.12,397.12,399.12,402.72,409.42,409.52,435.42,458.92,468.72,484.72,506.92,536.62,544.02,527.22,568.62,583.4

694.6698.1726.5779.5831.1865.0876.3894.9906.4975.9900.5892.8892.0894.4882.8898.7919.0925.1943.4961.3991.6

1,007.3996.3

1,023.51,043.1

455.8453.5470.7505.3549.2580.4589.0598.4611.5659.4595.6597.2594.3606.5594.7607.1621.7622.4634.8645.6675.4681.7672.8695.2709.3

238.7244.4255.5273.9281.7284.6287.3296.6294.9316.4305.0295.7297.7287.8,805.01291.6297.2302.7308.6315.8315.9325.4323.4328.2333.6

1,361.81,681.411,452.31,500.61,499.712,198.211,493.61,507.21,536.71,543.71,496.61,506.31,510.81,515.01,526.51,536.51,5402.4302.71,541.91,5461,547.01,007.31,532,568.61,01,043.17

10,715.711,167.511,391.711,543.511,824.81,910.82,36212,588.41,507.2113,234.313,341.212,851.312,891.012,898.306.5287.813,086.413,179.61,540.01313,381.113,363.513,453.51,547.01313,193.513,055.813,077.813,160.4

11,141.111,681.411,825.712,107.71,499.711,8212,951,493.6113,705.713,901.613,801.213,648.713,695.513,722.813,02713,805.013,887.613,959.713,954.213,916.413,885.513,798.813,604.013,303.113,225.913,355.9

10,812.11 1 , 1 6 7 . 5 1 1 , 6 811,404.611,606.91 1 , 8 212,198.212,951 2 , 513,046.113,362.813,442.61,496.61213,035.413,025.113,129.513,160.513,275.913,451.513,563.313,525.413,533.713 ,713,240.513,303.112,986.8

1 GDP less exports of goods and services plus imports of goods and services.NOTE.—Because of the formula used for calculating real GDP, the chained (2005) dollar

estimates for the detailed components do not add to the chained-dollar value of GDP or to anyintermediate aggregates.

Source: Department of Commerce, Bureau of Economic Analysis.

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

Period

1999 ..................86.2000 ..................88.2001 ..................90.2002 ..................92.2003 ..................94.2004 ..................96.2005 ..................100.2006 ..................103.2007 ..................106.2008 ..................108.2006: I ............102.

IIIll

rv2007: I ............105.

IIIll

rv2008: I ............107.

IIIll

rv2009: I ............109.

IIm>

Grossdomesticproduct

86.76688.64890.65492.11394.09996.769

100.000103.263106.221108.481102.071102.980103.763104.237105.327106.026106.460107.072107.577108.061109.130109.155109.661109.656109.870

Personal consumptionexpenditures

Total

87.59689.77791.48892.73694.62297.098

100.000102.746105.502109.031101.803102.567103.316103.298104.250105.074105.681107.005107.974109.021110.273108.855108.449108.814109.564

Goods

95.60397.52097.42996.43096.38097.867

100.000101.508102.789106.150101.116101.765102.329100.822101.612102.548102.627104.370105.689106.678108.451103.784102.186102.864104.227

Services

83.51585.8248897.429890.80793.69297.09897

100.000102.746101106.964110.582102.171102.998103.844104.630105.668106.433107.327108.427109.213110.296111.275111.542111.749111.954112.387

Gross privatedomestic investment

Nonresi-dentialfixed

96.17391.9999 8 895.36395.35596.834

100.0001 0 3 . 4102.789107.897102.279103.112103.878104.8105.668105.61 0 5 . 0 7 4106.354106.693106.617107.161108.314109.498109.154107.993106.639

Residen-tial fixed

74.15177.41580.99483.00286.95393.296

100.000101.5081107.513105.779104.890105.940106.295107.199107.604104107107.455107.686106.6171106.838105.807109.498109.15100.554

99.537

Exports and imports ofgoods and services

Exports

90.40891.9991.62791.25393.21696.517

100.000103.447107.513112.389104.8103.1121051 0 4 . 51 0 4 . 8105.355102.548106107.396109.144111.156113.890115.638103.78411 1 5 . 5102.864106.464

Imports

86.25089.96385.61286.78489.79694.14

100.000103.534106.209107119.559103.243104.322104.8831107.19105.3551106.332107.937113.08117.234123.069125.203112.730103.746105.2841104.227


Federal

Total

79.03682.52485.0198 6 . 891.02495.335

100.000103.447107.754112.38102.1104.187104.502104.868107105.68107.307107.896108.577110.077111.2651 1 0 . 2 7 3 1 0 8 . 4110.6281 1 1 . 7 4105.284104111.622

Nationaldefense

79.22581.82183.48486.62491.774994.895

100.000103.46811 0 . 61 1 2 . 3103.336104.4991 0 4 . 3104.965107.089106.332107.93109.389110.857112.402113.059111.334111.084111.664111.62211

Non-defense

81.18883.90785.61288.68991.77496.234

100.000101.5081 0 8 . 2106.15102.171102104.49911 0 3 . 8103.972106.243106.8581 0 7 . 8106.908108.4691 0 . 2109.149109.4989109.15110.320112.38710

Stateand local

79.03682.48285.01986.81090.42594.062

100.000105.2769 1 0 7 . 5116.642103.307104.916105.990103.972108.527109.949111.009112.975114.803116.877118.493116.396115.587115.713106.6399


GROSS DOMESTIC PRODUCT AND RELATED PRICE MEASURES:INDEXES AND PERCENT CHANGES

[Quarterly data are seasonally adjusted]

Index numbers, 2005 = 100

Gross domestic product (GDP)

Real GDP(chain-type

quantityindex)

GDPchain-type

priceindex

GDPimplicit

pricedeflator

Personal consumptionexpenditures (PCE)

PCE(chain-typeprice index)

PCEless food

and energyprice index

Percent change from preceding period1

Gross domestic product (GDP)

GDP(currentdollars)

Real GDP(chain-type

quantityindex)

GDPchain-type

priceindex

GDPimplicit

pricedeflator

Personal consumptionexpenditures (PCE)

PCE(chain-typeprice index)

PCEless food

and energyprice index

19992000200120022003200420052006200720082005: I ..

IIIIIIV

2006: I ..IIIIIIV

2007: I ..IIIII

rv2008: I ..

IIIIIIV

2009: I ..II

85.29588.82589.78391.41293.68897.036

100.000102.673104.872105.33199.17599.598

100.354100.873102.196102.564102.592103.341103.652104.475105.402105.957

105.764106.147105.430103.984

102.271102.082102.972

86.76688.64890.65492.11394.09996.769

100.000103.263106.221108.48198.77499.445

100.470101.312102.071102.980103.763104.237105.327106.026106.460107.072

107.577108.061109.130109.155

109.661109.656109.870

86.766888.64790.65092.11894.10096.770

100.000103.257106.214108.48398.76699.438

100.461101.309102.071102.973103.756104.218105.32710106.008106.447107.069

107.534108.069109.172109.172

109.691109.686109.893

87.59689.77791.48892.73694.62297.098

100.000102.746105.502109.03198.75499.374

100.495101.377101.803102.97103.756103.298

104.250105.0741 . 6 1107.005

107.974109.021110.273108.855

108.449108.814109.0844

89.55591.11192.73994.34595.78497.788

100.000102.292104.699107.207

99.22999.768

100.172100.8731

101.325102.567103.76310103.154103.862104.318104.904105.714

106.33106.976107.652107.866

108.173108.712109.564

6.46.43.43.54.76.56.56.05.12.68.04.57.45.68.65.13.24.85.56.05.34.5

1.03.51.4

¥5.4

¥4.6¥ .84.3

4.84.11.11.82.53.63.12 72.1

.44.11.73.12.15.41.4

.13.01.23.23.62.1

1.71.5

¥2.7¥5.4

¥6.4¥ .73.5

1.52.22.31.62.22.83.33.32.92.13.82.74.23.43.03.63.11.84.22.71.62.3

1.91.84.0

.1

1.9.0.8

1.52.22.31.62.22.83.33.32.92.13.72.74.23.43.03.63.11.84.32.71.72.4

1.72.04.1

.0

1.9.0.8

1.62.51.91.42.02.63.02.72.73.32.42.54.63.61.73.03.0

2 .13.73.22.35.1

3.73.94.7

¥5.0

¥1.51.42.8

1.51.71.81.71.52.12.32.32.42.42.92.21.62.72.02.92.32.12.81.82.33.1

2.42.42.6

.8

1.12.01.4

1 Quarterly percent changes are at annual rates. Source: Department of Commerce, Bureau of Economic Analysis.

NONFINANCIAL CORPORATE BUSINESS—GROSS VALUE ADDED AND PRICE,COSTS, AND PROFITS[Quarterly data at seasonally adjusted annual rates]

Period

199920002001 ........................................................5,20022003 ........................................................5,20042005 ........................................................6,2006 ........................................................6,20072008 ........................................................6,

2006: I ...................................................6,IIIII ................................................6,IV

2007- III .................................................6,IIIIV ................................................7,

2008: I ...................................................6,IIIII ................................................7,IV

2009- III .................................................6,

Gross value addedof nonfinancial

corporate business(billions of dollars)1

Currentdollars

4,955.55,279.45,252.55,307.75,503.75,877.56,302.86,740.36,970.16,971.5

6,629.56,668.16,811.86,851.86,909.36,988.86,949.77,032.66,934.96,974.47,042.46,934.1

6,703.86,644.4

Chained(2005)dollars

5,422.55,707.95,604.65,629.35,767.46,040.46,302.86,536.56,649.46,675.5

6,505.16,480.06,567.26,593.86,597.46,649.86,624.96,725.56,664.36,735.86,722.66,579.3

6,278.86,244.0

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

Total

0.914.925.937.943.954.973

1.0001.0311.0481.044

1.0191.0291.0371.0391.0471.0511.0491.0461.0411.0351.0481.054

1.0681.064

Compensa-tion of em-

ployees(unit labor

cost)

0.601.621.635. 0.633.627. 1. 0.656.663

.635

. 0 1

.637

.647

.654

.653

.659

.659

.665

.658

. 6 1

. 1 0

.675

.667

Unit nonlabor cost

Total

0.214.222. 6.237.237.234.243.250.264.275

.245

. 0

.050

.253

.258

.263

.268

.268

.271

.272

.274

.282

.293

.292

Consump-tion offixed

capital

0.099.103.113.116.116.115.118.123.128.135

.102.0

.123

.123

.124

.126

.127

.129

.129

.132

.132

.135

.139

.146

.145

Taxeson pro-ductionand im-ports3

0.085.085.088.092.095.097.101.102.102.104

.102

.103

.102

.102

.102

.102

.103

.102

.103

.103

.104

.105

.109

. 1 0

Net inter-est and

miscella-neous

payments

0.0320.034.035.029.026.022.024.025.034.036

.023

.024

.025

.027

.030

.034

.036

.037

.036

.037

.035

.038

.038

.037

Corporate profits with inventoryvaluation and capital consumption

adjustments 4

Total

0.098.082.066.076.084.112.127.141.127.107

.139

.138

.050

.138

.135

.135

.122

.118

.105

.106

.114

.102

.100

.106

Taxes oncorporateincome

0.032.030.020.017.023.031.043.047.045.036

.045

.048

.050

.045

.047

.046

.043

.044

.038

.039

.038

.027

.032

.035

Profitsaftertax5

0.067.052.046.059.061.081.083.094.082.071

.093

.090

.100

.093

.087

.089

.079

.074

.066

.067

.076

.075

.069

.071

1 Estimates for nonfinancial corporate business for 2000 and earlier periods are based on theStandard Industrial Classification (SIC); later estimates are based on the North American In-dustry Classification System (NAICS).

2 The implicit price deflator for gross value added of nonfinancial corporate business dividedby 100.

s Less subsidies plus business current transfer payments.4 Unit profits from current production.5With inventory valuation and capital consumption adjustments.Source: Department of Commerce, Bureau of Economic Analysis.

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

Period

1999 ...........8,2000 ...........8,20012002 ...........9,2003 ...........9,20042005200620072008

2006: III ....Ill ...

rv ...2007: I

II ....Ill ...IV ...

2008: III ....Ill ...IV ...

2009: III ....IIIP

Nationalincome

8,358.08,938.99,185.29,408.59,840.2

10,534.011,273.812,031.212,448.212,635.2

11,838.211,965.912,093.012,227.9

12,253.912,421.112,482.212,635.4

12,661.512,664.412,781.012,433.9

12,208.912,129.9

Compen-sation

ofemploy-

ees

5,353.95,788.85,979.36,110.86,382.66,693.47,065.07,477.07,856.58,037.4

7,353.77,419.97,484.17,650.3

7,757.27,819.77,869.67,979.3

8,017.58,032.88,069.18,030.3

7,825.87,727.87,726.9

Proprietors'income 1

Farm

28.529.630.518.536.549.743.929.339.448.7

28.428.428.432.2

36.735.737.547.9

57.249.449.33.98,0

27.328.928.5

Nonfarm

718.3787.8840.2871.8894.1984.1

1,025.91,103.61,056.91,057.5

1,098.51,104.81,102.81,108.4

1,057.51,060.31,055.71,054.2

1,057.91,062.51,065.11,044.5

1,010.5999.1

1,009.8

Rentalincome

ofpersons

withcapital

consump-tion

adjust-ment

208.2215.3232.4218.7204.2198.4178.2146.5144.9210.4

161.3153.2140.3131.2

121.1140.3150.2168.0

179.9202.8222.2236.7

245.9262.0279.2

Corporate profits with inventory valuation andcapital consumption adjustments

Total

856.3819.25840.2872.2977.8

1,246.91,456.11,608.31,541.71,360.4

1,590.91,5971,655.11,589.6

1,535.41,594.91,537.17,979.34

1,459.71,403.71,454.61,123.6

1,182.71,226.5

Profits with inventory valuationadjustment and without capital

consumption adjustment

Total

776.6755.7720.8762.8892.2

1,195.11 ,0251,784.71,056.9141,424.5

1,781.91,771.41,102.81,762.7

1,535.41,594.911,732.91,054.21

1,057.91,463.81222.21,199.31,327.61,355.1

Profitsbefore

tax

780.5772.5712.7765.3903.5

1,229.41,640.21,822.71,7741,462.7

1 6 1 . 31,819.81,655.11,589.61,7

1,747.61,808.61,758.21,783.1

1,620.81,593.51,576.61,060.1

1,246.51,337.1

Inventoryvaluation

adjust-ment

¥4.0¥16.8

8.0¥2.6

¥11.3¥34.3¥30.7¥38.0¥44.0¥38.2

¥33.4¥48.4¥42.3¥28.0

¥42.2¥29.5¥25.3¥79.0

¥107.9¥129.6

¥54.5139.2

81.118.1

Capitalcon-

sump-tion

adjust-ment

79.763.663.4

109.485.651.8

¥153.4¥176.4¥188.7

¥64.1

¥191.0¥173.7¥167.7¥173.2

¥170.0- 184.2¥195.8¥204.7

¥53.2¥60.1¥67.6¥75.6

- 144.9¥128.6¥120.3

Netinterest

andmis-

cellane-ouspay-

ments

481.4539.3544.4506.4504.1461.6543.0652.2739.2815.1

608.9654.4661.6684.0

690.6711.3756.0798.9

790.7809.0806.1854.7

826.2784.4764.6

Taxeson

pro-duc-tionandim-

ports

673.6708.6727.7762.8806.8863.4930.2986.8

1,028.71,047.3

971.5983.3991.6

1,000.7

1,015.31,025.21,032.21,042.3

1,042.51,050.81,058.51,037.3

1,018.81,019.61,028.2

Less:Subsi-dies

45.245.858.741.449.146.460.951.454.853.5

55.651.449.848.7

49.258.356.055.4

53.152.952.955.2

55.554.967.9

Busi-ness

currenttrans-

ferpay-

ments

69.087.0

101.382.476.181.795.983.0

102.2118.8

82.879.383.686.1

97.899.0

105.0107.0

114.8112.6116.0131.8

137.9145.4124.5

Currentsurplusof gov-

ern-mententer-prises

14.19.14.06.37.01.2

¥3.5¥4.2¥6.6¥6.9

¥2.4¥3.8¥4.7¥6.0

¥8.4¥6.9¥4.9¥6.0

¥5.6¥6.3¥6.9¥8.9

¥10.7¥8.8¥6.3

1With inventory valuation and capital consumption adjustments. Source: Department of Commerce, Bureau of Economic Analysis.

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

Period

1999200020012002200320042005200620072008

2006: IIIIll

rv2007: I

IIIllrv

2008: IIIIllIV

2009: IIIIIIp ...

Totalpersonal

con-sumptionexpendi-

tures

7,240.97,608.17,813.98,021.98,247.68,532.78,819.09,073.59 313.99,290.9

8,986.69,035.09,090.79,181.69,265.19,291.59,335.69,363.6

9,349.69,351.09,267.79,195.39,209.29,189.09,265.1

Totalgoods

2,395.32 521 72,600.92,706.62,829.92,955.33,073.93,173.93,273.73,206.0

3,145.73,150.83,176.43,222.53,253.93,255.43,280.63,304.8

3,262.13,257.83,193.63,110.43,129.83,105.43,166.3

Goods

Durable

Totaldurablegoods1

753.8819.9864.4930 0986.1

1,051.01,105.51,150.41,199.91,146.3

1,142.31,139.41,152.11,167.91,183.71,189.91,205.01,221.2

1,193.21,175.71,139.61,076.81,087.21,071.71,127.2

Motorvehicles

andparts

345.1356.1374.3394.0405.3411.3409.6396.6402.4347.5

393.3393.2400.3399.7402.4404.1400.5402.6

384.4361.4337.8306.2311.2306.2342.4

Nondurable

Totalnondurable

goods1

1,660.91,714.71,745.61,780.21,845.61,904.61,968.42,023.62,074.82,057.3

2,003.72,011.62,024.52,054.72,070.32,066.12,076.82,086.0

2,070.12,081.42,051.52,026.12,035.52,025.72,035.9

Food andbeveragespurchased

for off-premisesconsump-

tion

587.4600 6607.6.0394.0622.4639.2665.0686.2700 7700.7

3726.07684.2686.659.45

700.8696.2699.2706.6

708.09289.9139.6686.4

687.4693.5702.0

Gasolineand

otherenergygoods

292.5287.1289.22 . 0302.2306.5304.8298.4,074.87287.4

296.4297.2300.0299.9

301.530.11,3,055.55298.5

292.6289.9

20.1287.2293.2294.0295.4

Totalservices 1

4,852.85,093.35,218.75,318.15,418.45,577.65 745.15,899.76,040.86,083.1

5,841.06684.25,914.35,959.46,011.76,036.26,055.56,059.7

6,087.16,092.56,072.46,080.46,076.06,078.86,096

House-hold

consump-tion

expendi-tures

4,690.44 917.85 , 2 1 85 109.35,199.05,359.35,531.05,6645,796.15,817.6

5,618.25,652.15,671.45,716.03700.85,799.256,055.55,85,804.8

5,827.35.7361.425,805.25,806.6

5,817.25,826.75,846.3

Services

Housingand

utilities

1,660.9581,413.75,218.751,462.01,480.21,512.81,582.81,616.71,631.83347.52

1,598.91,617.81,627.63,222.51,629.31,630.11,634.61 1 6 . 1

1,643.81,647.31,641.61,656.31,656.91,651.81,652.9

Healthcare

8345.11,61,081.51,135.41,202.35,199.01,412.81,261,316.01,340.01,631.81,3751 , 6 4

1,598.91,39.4393.21,335.81,347.71,365.11,630.11,371,377.61,387.6

1,409.01.4708.928,120.111,422.4

1,434.31,448.21,456.6

Finan-

cialservices

andinsur-ance

605.6665.4660.7658.3657.8691.8712.6735.4772.3759.8

726.0731.3735.6748.8762.8776.7779.1770.5

766.1763.8758.5750.6751.4756.1762.9

Addendum:Personalconsump-

tionexpendi-tures

excludingfood andenergy2

6,202.51,081.561,745.66076,941.97,142.07,402.65 , 5 3 1 . 0 1 , 5 85,899.78,126.38,123.67,837.87,868.05,914.38,002.88,074.96 , 0 3 6 . 2 5 , 781 ,6 3 48,177.1

81,409.0781.470880.18,038.76,076.05,8176,078.85,828 095.7

Retailsales of

passengercars and

lighttrucks

(millionsof units)

16.917.317.116.816.616.916.916.516.113.2

16.816.416.516.316.316.115.916.1

15.314.112.910.5

9.59.6

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

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

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 anyintermediate aggregates.

Source: Department of Commerce, Bureau of Economic Analysis

SOURCES OF PERSONAL INCOMEPersonal income fell $0.1 billion (annual rate) in September following an increase of $17.4 billion in August. Wagesand salaries fell $11.1 billion in September following an increase of $12.5 billion in August.

BILLIONS OF DOLLARS* (RATIO SCALE)

13,00012,00011,00010,000

9,000

8,000

7,000

6,000

4,000

3,000

2,000

1,400

800

BILLIONS OF DOLLARS* (RATIO SCALE)13,00012,00011,00010,000

9,000

8,000

7,000

_ . . - ' • • "

2001

1 1 M 1 ! 1 1 M 1

2002

i i i i i 1 i i i i i

2003

-^ 5—1 • » • "

F1

t 1 1 1 1 1 1 1 1 M

2004

\TOTAL PERSON

O SALARY DISBl

OTHER INC

ERSONALCURRERANSFER RECEI

1 X -

2005

OME

NTT S

J.1J-- ^

M l l l l l l l l l

2006

• — ~

1 1 1 1 1 I 1 1 i 1 1

2007

—5=--^—=====

1 1 ! ! 1 ! 1 I 1 I 1

2008

-

2009

6,000

5,000

4,000

3,000

2,000

1,400

800

"SEASONALLY ADJUSTED ANNUAL RATESSOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS

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

Period

19992000 .................8,20012002 .................9,20032004 .................9,20052006200720082008: Sept

OetNovDee

2009: JanFebMarAprMayJuneJuly r

Aug r

Septp

Totalpersonalincome

7,910.88,559.48,883.39,060.19,378.19,937.2

10,485.911,268.111,894.112,238.812,306.612,268.212,235.612,196.6

12,038.311,937.111,882.711,911.612,069.611,934.311,944.711,962.111,962.0

Compensation of employee

Total

5 348.85,788.85,979.36,110.86,367.66,708.47,060.07,475.77,862.78,042.48,067.88,071.68,058.28,021.2

7,863.07,798.47,756.07,737.57,731.67,714.37,720.97,735.47,724.5

Wage andsalary

disburse-ments

4,460.04,827.74,952.24,997.35,139.65,425.75,701.06 068 96,408.96,545.96,565.16,566.36,550.26,514.0

6,362.26,301.06,260.36,241.36,234.46,216.86,221.76,234.26,223.1

s, received

Supple-ments to

wagesandsala-ries

888.8961.2

1,027.11,113.51,228.01,282.71,359.16,068.91,453.81,496.61,502.71,505.31,507.91,507.2

1,500.91,497.41,495.71,496.21,497.21,497.51,499.21,501.21,501.3

Proprietors' income 1

Farm

28 529.630 518.5. 6 549.743.929.339.448.747.342.068,0536.7

66.026.125.027.129.130.629.828.627.0

Nonfarm

718.3787.8840 28218894 1984.1

1,025.91 103 61,056.91,051,062.11,056.61,043.81,033.2

1,019.21,010.11,002.1

998.9997.7

1,000.61,006.01,010.61,012.9

Rentalincome

ofpersons 2

208.2215.3232 4218.7204 2198.4178.2146.5,408.9210.4228.1234.2237.013.89

242.2245.9249.7255.4261.9268.7273.9279.1284.5

Personal income receipts

Total

1,246.81,360.71 346 01,309.61,312.91,408.51,542.01,829.72,031.51,994.42,006.51,975.01,956.51,033.2238

1,894.01,8451,797.11,785.27,731.66,2341 , 4 9 7 . 51,753.71,7396,223.1

Personalinterest

income

910.9984.2976 5911.9889.8860.2987.0

1,127.51,056.9141,308.0

1,337.01,308.31 , 9 5 62238 .9

1,261.01,243.41,225.81,233.51,241.16268 .71,006.02731,010.62796,223.11,5

on assets

Personaldividend

income

335.9376.5369.5397.7423.1548.3555.0702.2765.1686.4669.6666.7664.8913.89

633.0602.1571.2551.8532.3512.8512.3506.0499.6

Personalcurrenttransferreceipts 3

1 ,2461,083.01,188.11,282.11,341.71,415.51,508.61,605.01,718.01,875.91,890.21,056.62341,043.81,033.2238

1.0633.01,979.72,016.22,068.37261.912,116.6229.812,128.72,146.0

Less: Con-tributions

for govern-ment socialinsurance,domestic

661 3705.8733.2751.5778.9827.3872.7921.8959.3990.6995.4995.6994.3990.0

977.1968.6963.3960.9960.2958.0958.6960.3958.9

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


DISPOSITION OF PERSONAL INCOMEAccording to advance estimates, per capita disposable personal income in chained (2005) dollars fell at an annualrate of 4.4 percent in the third quarter of 2009.


11,50011,000

10,500

10,000

9,500

9,000

8,500

8,000

7,500

7,000

6,500

6,000

DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO

DISPOSABLE PERSONSkL INCOME

1 1 I I I I S j 1

SAVING

1 1 1 1 1 1

PERSONAL OUTLAYS

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

38,000

36,000

34,000

30,000

28,000

26,000

24,000

22,000

PER CAPITA DISPOSABLE PERSONAL INCOME

'

1 1 1

1999

-

1 1 1

2000

I i 1

2001

^—"

1 1 1

2002

CHAINED (2005) DOLLARS

_ — ' CURRENT DOLLARS

1 1 !

2003

1 1 !

2004

1 1 1

2005

1 1 1

2006

— — •

1 1 1

20O7

1 1 !

2008

i 1 1

2009

SCALE)11,50011,00010,50010,000

9,500

9,000

8,500

8,000

7,500

7,000

6,500

6,000

DOLLARS* (RATIO SCALE)

38,000

36,000

34,000

32,000

30,000

28,000

26,000

24,000

22,000

COUNCILOR ECONOMIC ADVISERS

Period

1999200020012002200320042005200620072008

2006: IIIIll ....IV ....

2007: IIIIll ....IV ....

2008: IIIIll ....IV ....

2009: IIIIIIP ..

Personalincome

Less:Personalcurrenttaxes

Equals:Disposablepersonalincome

Less:Personaloutlays 1

Equals:Personal

saving

Billions of dollars

7,910.88,559.48,883.39,060.19,378.19,937.2

10,485.911,268.111,894.112,238.8

11,026.711,204.011,336.911,504.811,706.911,823.411,945.612,100.312,142.212,292.912,286.612,233.511,952.711,971.811,956.3

1,107.51,232.31,234.81,050.41,000.31,047.81,208.61,352.41,490.91,432.4

1,321.51,340.21,354.31,393.51,459.51,481.81,500.71,521.91,531.81,326.21,437.31,434.31,187.31,068.21,073.0

6,803.37,327.27,648.58,009.78,377.88,889.49,277.39,915.7

10,403.110,806.4

9,705.29,863.89,982.5

10,111.210,247.410,341.710,445.010,578.410,610.410,966.710,849.310,799.110,765.410,903.610,883.2

6,595.57,114.17,443.57,727.58,088.08,585.79,149.69,680.7

10,224.310,520.0

9,493.59,618.29,754.99,856.4

10,038.310,158.210,275.610,425.010,484.110,592.210,613.610,389.910,362.310,370.510,518.7

207.8213.1204.9282.2289.8303.7127.7235.0178.9,806.4

Seasonally

26 .7245.6227.7254.8209.1183.5169.4153.5126.3374.4235.7409.2403.1533.1364.6

Dispos-able

personalincome inbillions ofchained(2005)dollars

7,766.78,161.58,360.18,637.18,853.99,155.19,277.39,650.79,860.69,911.3

Per capitadisposable personal

income

Currentdollars


Per capita personalconsumptionexpenditures

Currentdollars


Dollars

24,35625,94526,80927,80628,36.730331,33830,364334,47835,486

adjusted annual rate

9,533.89,617.39,662.59,788.89,830.29,842.79,883.99,886.28,826.9

10,059.09,838.39,920.40,765.4

10,020.09,933.0

32,59633,05633,36733,70834,08534,32034,57434,92834,96010,5935,5863.830532,613335,53135,379

27,80528,89929^30329,98430,45431,20931,33830,3632,67932,546

3

30,7253031,054303299,17531,6173

32,69732,66432,71632,64232,37933,07532,270305,620

32,613332,65232,290

22,70724,18625,05825,82626,843293,3296,031,19832,56633,264

30,72531,05439,98231,617300,632,39832,65633,08133,26233,52133,52232,75232,61332,58533,001

25,92326,94027,38927,84928,36929,087296,030,36430,86830,509

30,18230,27830,38630,60930,81830,83530,90130,91730,80630,74730,39930,08730,07129,94430,119

Percentchangein real

per capitadisposablepersonalincome

Saving aspercent ofdisposablepersonalincome

Percent

1.93.91.42.31.62.5

,43,11.2

¥.4

6.82.6

.84.2

,8¥.4

,6¥.9

¥3.28.9

¥9.42,4

¥.63.0

¥4.4

3.12.92.73.53.53.41.42.41.72.7

2 22.52.32.52.01.81.61.51.23.42 23̂ 83.74.93.3

Population,includingArmedForces

overseas(thou-

sands) 2

279,328282,413285,294288,055290,72929,08296,036298,820301,737304,529

297,743298,399299,175299,965300,644301,332302,108302,865303,49830,7478304,872305,620306,245306,872307,616

1 Includes personal consumption expenditures, personal interest payments (nonmortgage), andpersonal current transfer payments.

2 Annual data are averages of quarterly data, which are averages for the period.

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

FARM INCOMEAccording to the current forecast for 2009, gross farm income is forecast at $334.8 billion, and net farm incomeat $54.0 billion.


440

400

360

320

280

240

200

120

80

60

40

2000 2001 2002

"SEASONALLY ADJUSTED ANNUAL RATESSOURCE: DEPARTMENT OF AGRICULTURE

A

2003

GROSS FARM INCOME

- NET FARM INCOME

2004 2005 2006


440

400

360

320

280

240

200

160

v .,—\

2008

»—/

2009

60

20


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

Period

20002001 ................................249.2002 r

2003 r

2004r2005 r

2006 r

2007r2008 r

2009

2007: I r

IIrIIIrIVr

2008: Ir

II r

IIIrIVr

2009: Ir

II r

IIIrIVr

Income of farm operators from farming

Gross farm income

Total 1

241.7249.9230.6258.6294.7298.4291.2338.4377.1334.8

331.3325.3347.1350.0

407.7367.0380.6353.2

370.0322.3311.1335.7

Cash marketing receipts

Total

192.1200.0194.6216.1238.0241.0240.9288.5324.2284.0

272.0283.5302.2296.2

340.8322.1333.5300.4

304.2280.0269.5282.2

Livestock andproducts

99.6106.793.9

105.7123.5124.9118.6138.6141.1119.0

139.4139.8138.7136.2

142.2141.7140.8139.7

120.7115.5113.2126.6

Crops 2

92.593.4

100.7110.5114.5116.1122.3149.9183.1165.0

132.6143.7163.5160.0

198.6180.4192.6160.7

183.5164.5156.2155.6

Value ofinventorychanges 3

1.61.1

¥3.5¥2.711.24.4

¥3.1.6

¥2.4¥1.8

.6

.6

.7

.6

¥2.5¥2.4¥2.4¥2.2

¥1.9¥1.8¥1.7¥1.8

DirectGovernmentpayments 4

23.222.412.416.513.024.415.811.912.212.6

23.54.45.1

14.7

24.14.55.2

15.1

24.94.75.4

15.6

Productionexpenses

191.0195.0191.4197.7207.3219.7232.7267.5290.0280.8

252.2262.9280.3274.7

304.9288.2298.4268.8

300.8276.9266.5279.1

Net farmincome

50.754.939.160.987.378.758.570.987.154.0

79.162.466.975.3

102.878.982.284.5

69.245.444.656.7

1Cash marketing receipts, Government payments, value of changes in inventories, other farmrelated cash income, and nonmoney income produced by farms including imputed rent of oper-ator residences.

2 Crop receipts include proceeds received from commodities placed under Commodity CreditCorporation loans.

s Physical changes in beginning and ending year inventories of crop and livestock commoditiesvalued at weighted average market prices during the period.

4 Includes only Government payments made directly to farmers.

NOTE.—Data for 2009 are forecasts.

Source: Department of Agriculture.

CORPORATE PROFITSIn the second quarter of 2009, according to current estimates, corporate profits before tax rose $90.6 billion (annualrate) and profits after tax rose $55.0 billion.

BILLIONS OF DOLLARS2,000

1,900

1,800

1,700

1,600

1,500

1,400

1,300

1,200

1,100

1,000

900

800

700

600

500

400

300

200

100

0

SEASONALLY ADJUSTED ANNUAL RATES —

/

yr

PROFITS BEFORE TAX /

/

A

-—'-- .--.--

" 1 1 1

1999

!

.

* - _ ,

i i i2000

r—\ /

1 1 1

2001

- . ^ ^

1 1 1

2002

/

/

1 1 1

2003

j

•

f n

1 1 12004

/ PROFITS AFTER TAX

^DISTRIBUTEE) PROFITS

I11

X•v

\

" - — ^' TAXES ON

CORPORATE INCOME

1 1 1

2005

I i I2006

1 1 12007

V

\* \ ' --1 / -

\v1

V

i

i

•

* — , . i

i i i2008

1

sS

-

-

-

-

i1

1

-

I l l "2009

BILLIONS OF DOLLARS2,000

1,900

1,800

1,700

1,600

1,500

1,400

1,300

1,200

1,100

1,000

900

800

700

600

500

400

300

200

100

0

SOURCE: DEPARTMENT OP COMMtRCE COUNCILOF ECONOMIC ADVISERS

Period

1999 ............................776.2000 ............................755.2001 ............................720.2002 ............................762.2003 ............................892.2004 ............................1,2005 ............................1,2006 ............................1,2007 ............................1,2008 ............................1,

2006: I .......................1,II .....................1,III. ...................1,IV ....................1,

2007: I ......................1,II .....................1,III. ...................1,IV ....................1,

2008: I ......................1,IIIl l

rv2009: I ......................1,

IIin>

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

Profits (before tax) with inventory valuation adjustment1

Total2

776.6755.7720.8762.8892.2

1,195.11,609.51,784.71,730.41,424.5

1,781.91,771.41,822.81,762.7

1,705.41,779.11,732.91,704.1

1,512.91,463.81,522.21,199.3

1,327.61,355.1

Domestic industries

Total

655.0610.0551.1604.9726.4990.1

1,370.01,527.81,382.61,047.3

1,535.01,516.11,571.81,488.6

1,423.21,467.91,362.41,277.0

1,100.61,096.81,125.0

866.9

1,011.91,053.9

cial

189.3189.6.58.0265.2311.8362.3443.6448.0367.8278.9

466.5467.8434.8422.8

384.2406.2378.2302.5

357.0330.8.9676.65130.3

253.9280.7

Nonfinancial

Total3

465.7420.4323.1339.7414.6627.8926.4

1,079.91,014.9

768.4

1,068.51,048.31,137.01,065.8

1,039.01,061.7

984.2974.5

743.6766.0827.5736.6

758.0773.3

Manufac-turing

258.8143.949.747.7659.74

154.12412304.521.6175.5354.664302.3336.4285.0

288.9316.02440.0265.7

187.6160.1205.7148.6

121.6132.3

Utili-ties

33.725.625.212.312.419.429.804.8644 4 5 178.21

45.253.160.858.4

51.340647.351.2

323.21463.8143.540.8

76.1653.4

Whole-sale

525850728.0349.154.875.6.2412

1 , 3 4 9 . 5 7102.2

40.1

354.664100.7107.4102.2

107.9117.0107.9

76.0

75.656.685.8

111.5

94.032.35

Retail

65.760.772.681.688.993.4

122.6133.2121.67 2

15.3123.31 6 4330.07

127.9137.2318.277102.4

75.680.277.179.7

8 175.1

Profitsbefore

tax

780.59129.5712.7265.23903.5

1 1 9 . 41,640.21,822.71,774.41,462.7

1,815.31,819.81,865.11,790.7

1,747.61,808.61,758.21,783.1

1,620.81,593.51,576.6148.640.81

1,246.51,337.1

Taxeson

corpo-ratein-

come

258.8265.1509.43192.3243.8306.1412.4473.3451.5292.2

460.74.7691496.6330.07

469.5466.5440.0430.1

323.2317.5304.8223.3

270.3305.9

Profits after tax

Total

521.7507.4509.4573.0659.7923.3

7.229.81,349.51,322.81,170.6

1,354.61,344.71,8651,330.0

1,278.11,342.14378.21,353.0

1,297.61,276.01,271.9

836.8

976.11,031.1

Netdivi-

dends

337.4377.9370.9399.3424.9550.3557.3704.8767.8689.9

646.4691.1727.1754.5

772.6778.1770.6749.9

719.4693.7676.66 6 . 9

618.1556.0527.4

Undis-tributedprofits

184.3129.5138.5173.8234.8373.0670.5644.7555.1480.7

708.2653.6641.4575.5

505.5564.0547.6603.2

578.2582.3595.3166.9

358.0475.1

Inven-toryvalu-

ation ad-justment

¥4.0¥16.8

8.0¥2.6

¥11.3¥34.3¥30.7¥38.0¥44.0¥38.2

¥33.4¥48.4¥42.3¥28.0

¥42.2¥29.5¥25.3¥79.0

¥107.9¥129.6

¥54.5139.2

81.118.1

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

Note:—Data by industry beginning 1998 are based on the 1997 North American IndustryClassification System (NAICS).


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

BILLIONS OF CHAINED (2005) DOLLARS2,400

2,200

2,000

1,800

1,600

1,400

1,200

1,000

800

600

400

200

0

-200

-

-

-

-

-

-

-

-

-

-

1 1 1

1999

v ' ~""\

! 1 1

2000

SEASONALLY ADJUSTED ANNUAL RATES

GROSS PRIVATE DOMESTIC /. INVESTMENT y

1 1 1

20011 I 12002

NONRESIDEr-=IXED INVEST

4TIAIv\ENT

RESIDENTIALFIXED INVESTMENT

CHANGEINVEN

1 1 1

2003

I..—

IN PRIVATETORIES

1 1 I

2004

1 1 1

2005

r—-v

— • — • — "

' " ' ^ • ^

i i i

2006

— \

! 1 1

2007

\

\

1 ! 1

2008

VV-

----

2009

BILLIONS OF CHAINED (2005) DOLLARS2,400

2,200

2,000

1,800

1,600

1,400

1,200

1,000

800

600

400

200

0

-200

SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS

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

Period

19992000 ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,200120022003 ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,20042005 .................................................................................2,20062007 ..................................................................................2,2008 ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,

2006- IIIIII .........................................................................2,IV

2007- III ...........................................................................2,IIIIV ..........................................................................2,

2008: I ............................................................................2,IIIII ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,IV

2009- III ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,IIIp

Grossprivate

domesticinvestment

1,844.31,970.31,831.91,807.01,871.62,058.22,172.22,230.42,146.21,989.4

2,264.72,261.22,229.62,166.0

2,132.62,162.22,166.52,123.4

2,082.92,026.51,990.71,857.7

1,558.51,456.71,496.8

Fixed investment

Total

1,782.11,913.81,877.61,798.11,856.21,992.52,122.32,171.32,126.32,018.4

2,200.22,189.92,162.22,132.9

2,118.82,137.72,135.62,113.0

2,079.22,064.82,020.41,909.3

1,687.51,631.91,641.1

Nonresidential

Total

1,200.91,318.51,281.81,180.21,191.01,263.01,347.31,453.91,544.31,569.7

1,424.91,450.31,466.01,474.5

1,489.61,530.31,565.81,591.3

1,598.91,604.41,579.21,496.1

1,321.21,288.41,280.2

Structures

408.2440.0433.3356.6343.0346.7351.8384.0441.4486.8

364.8383.7393.2394.6

409.2430.7456.8469.1

476.8493.2493.1484.0

419.4400.0390.7

Equipmentand soft-

ware

810.9895.8866.9830.3851.4917.3995.6

1,069.61,097.01,068.6

1,060.71,066.31,072.01,079.3

1,078.11,095.21,101.31,591.3

1,111.91,097.71,071.0

993.7

887.5876.5879.0

Residential

574.2580.0583.3613.8664.3729.5775.0718.2585.0451.1

775.2740.1697.4660.2

631.7610.4572.9525.0

483.2462.9443.3415.0

367.9344.4362.9

Change in privateinventories

Total

68.560.2

¥41.812.817.366.350.059.419.5

¥25.9

65.872.567.531.8

14.523.329.810.3

.5¥37.1¥29.7¥37.4

¥113.9¥160.2¥130.8

Nonfarm

70.861.2

¥41.515.617.258.349.863.220.4

¥20.4

62.380.473.936.2

8.327.932.712.5

14.5¥35.8¥24.5¥35.7

¥114.9¥163.1¥134.4

NOTE.—See p. 10 for further detail on fixed investment by type.Because of the formula used for calculating real GDP, the chained (2005) dollar estimates

for the detailed components do not add to the chained-dollar value of GDP or to any inter-


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

Period

1999200020012002200320042005200620072008

2006: IIIIIIIV

2007: IIIIIIIV

2008- IIIIIIIV

2009: IIIm>

Totalfixed

invest-ment

1,782.11,913.81,877.61,798.11,856.21,992.52,122.32,171.32,126.32,018.4

2,200.22,189.92,162.22,132.9

2,118.82,137.72,135.62,113.0

2,079.22,064.82,020.41,909.3

1,687.51,631.91,641.1

Nonresidential

Totalnonresi-dential

1,200.91,318.51,281.81,180.21,191.01,263.01,347.31,453.91,544.31,569.7

1,424.91,450.31,466.01,474.5

1,489.61,530.31,565.81,591.3

1,598.91,604.41,579.21,496.1

1,321.21,288.41,280.2

Struc-tures

408.2440.0433.3356.6343.0346.7351.8384.0441.4486.8

364.8383.7393.2394.6

409.2430.7456.8469.1

476.8493.2493.1484.0

419.4400.0390.7

Equipment and software

Total

200.9895.8866.98605.93191.034917.3995.6

1,069.61,097.01,068.6

1,060.71,066.31,072.01,079.3

1,078.11,095.21,101.31,113.3

1,111.91,097.71,071.0

993.7

367.935876.5879.0

Information processing equipmentand software

Total

332.0391.9390.2379.34155.0443.1475.3514.8555.7588.8

505.7508.9520.4524.1

540.2546.9558.2577.5

591.7601.3594.5567.6

537.5544.8556.5

Compu-ters andperiph-

eralequip-m e n t 1

Soft-ware

151.5172.415.47173.4655.936204.6218.0227.1241.5257.0

222.4224.8228.5232.8

235.0238.9242.6249.6

2473260.3258.3252.2

235.5236.2241.6

Other

139.9168.4163.2148.4156.4162.31178.4191.2202.3211.1

192.2189.8191.9191.0

172.4200.3277.91207.4

209.2214.22 1 . 7204.3

59 .8199.1204.4

Indus-trial

equip-ment

161.8175.8162.8151.9655.936147.4159.6172.9180.9174.7

165.1176.287.337175.6

172.4186.9185.9178.6

179.3178.6173.7167.2

140.8135.2131.0

Trans-porta-tion

equip-ment

190.3186.2169.6154.2140.4162.3178.977196.5177.4128.9

202.61 0 . 1193.7195.5

188.2178.1171.8171.5

161.9141.011,07

90.9

59.862.739.03

Otherequip-ment

142.4150.4149.3148.2155.0164.4178.9185.5184.1180.3

187.3187.0183.4184.3

178.3183.7186.4188.0

182.3180.9185.4172.6

157.3144.0139.0

Residential

Totalresi-den-tial

574.2580.0583.3613.8664.3729.5775.0718.2585.0451.1

775.2740.1697.4660.2

631.7610.4572.9515.0

483.2462.9443.3415.0

367.9344.4362.9

Structures

Total2

567.5572.6575.6605.9655.9720.1765.2708.1575.0441.5

764.9730.0687.3650.2

621.6600.4562.9515.0

473.3453.0433.7405.8

358.9335.5353.8

Singlefamily

311.5315.0315.4327.7362.6406.1433.5391.1283.9179.7

442.4409.4374.6338.0

314.0301.6277.9242.1

208.6189.1171.8149.4

112.996.3

111.1

Equip-ment

6.97.47.67.98.49.49.8

10.210.19.8

10.310.110.110.1

10.210.010.110.2

10.110.19.89.4

9.28.99.2

1For details on this component, see Survey of Current Business, Tables 5.3.6, 5.3.1 forgrowth rates, 5.3.2 for contributions, and 5.3.3 for quantity indexes.

2 Includes other items, not shown separately.

NOTE.—Because of the formula used for calculating real GDP, the chained (2005) dollarestimates for the detailed components do not add to the chained-dollar value of GDP or to anyintermediate aggregates.


BUSINESS INVESTMENT[Billions of dollars]

Period

19961997........................871.819981999 . . . . . . . . . . . . . . . . . . . . . . . . 1 ,200020012002 ........................997.20032004 .... . . . . . . . . . . . . . . . . . . . .1,20052006 .... . . . . . . . . . . . . . . . . . . . .1,2007 .... . . . . . . . . . . . . . . . . . . . .1,

Capital expenditures

Totalcapi-

talex-

pendi-tures

807.1871.8970.9

1,047.01,161.01,109.0

997.9975.0

1,042.11,144.81,309.91,361.6

By industry

Totalby

indus-try

Fores-try,fish-ingandagri-cul-

turalserv-ices

Min-ing

Utili-ties

Con-struc-tion

Manu-fac-tur-ing

Whole-sale

trade

Retailtrade

Trans-porta-tionand

ware-hous-

ing

Infor-ma-tion

Fi-nanceand

insur-ance

Reales-tateand

rentalandleas-ing

Pro-fess-

ional,scien-tific,and

tech-nicalserv-ices

Healthcareand

socialassis-tance

Other1

For companies with employees

896.5974.6

1,089.91,052.3

917.5886.8953.2

1,062.51,217.11,277.4

0.91.71.3252.58.491.928.612.72 72.51

40.430.642.551.342.5580.551.366.799.3

121.7

36.042.892.5382.865.554.650.4.81,069.883.6

26.923.125.024.824.861.226.7630.130.336.7

203.6196.4214.8144.8157.2149.1156.72.52.76192.4197.0

203.6232.433.630.096.1826.051.340.686.7631.8

57.323.169.866.959.365.972.273.586.784.2

51.357.359.957.847.144.546.156.968.068.5

96.5122.8160.2144.8

88.280.583.591.4

104.4135.3

118.2130.1133.7131.1128.4120.8153.6161.41132.1172.5

85.2100.6

92.582.794.588.026.76

103.0132.1123.0

22.329.534.130.525.924.726.733.130.331.8

47.151.352.252.959.361.264.673.875.383.8

81.791.8

108.9102.5

96.196.293.6

105.6126.3135.3

Forcom-

panieswith-outem-

ploy-ees

74.472.371.256.780.488.288.982.292.884.2

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

NOTE.—Data from Annual Capital Expenditures. Industry data are based on the NorthAmerican Industry Classification System (NAICS).

Data shown in this table are capital expenditures for both new and used structures andequipment.

Source: Department of Commerce, Bureau of the Census.

10

EMPLOYMENT, UNEMPLOYMENT, AND WAGESSTATUS OF THE LABOR FORCEIn October, employment fell by 589,000 and unemployment rose by 558,000.

MILLIONS OF PERSONS*

158

154


1158SEASONALLY ADJUSTED

154

150

146

142

138

134

130

20

16

12

8

4

0

150

146

142

138

134

130

20'

16

12

8

4

0

CIVILIAN LABOR FORCE

CIVILIANEMPLOYMENT

UNEMPLOYMENT

Mil l I I II I I I I 1 I I [ I I I II I I I I I I II I I I I 1 I I I I I LLLL I l l l l l l l l l I I I I I I II I I I I2001 2002 2003 2004 2005 2006 2007 2008 2009

*16 YEARS OF AGE AND OVERSOURCE: DEPARTMENT OF LA8OR COUNCIL OF ECONOMIC ADVISERS

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

Period

1999 220002

20012002 ......................217,2003 2

20042

20052

2006 220072

2008 2

2008: OctNovDec

2009: J a n 2

FebMarAprMayJuneJulyAugSeptOet

Civiliannoninstitu-

tionalpopulation

(NSA)

207,753212,577215,092217,570221,168223,357226,082228,815231,867233,788

234,612234,828235,035

234,739234,913235,086235,271235,452235,655235,870236,087236,322236,550

Civilianlaborforce

139,368142,583143,734144,863146,510147,401149,320151,428153,124154,287

154,878154,620154,447

153,716154,214154,048154,731155,081154,926154,504154,577154,006153,975

Civilian employment

Total

133,488136,891136,933136,485137,736139,252141,730144,427146,047145,362

144,657144,144143,338

142,099141,748140,887141,007140,570140,196140,041139,649138,864138,275

Men20

yearsandover

67,76169,63469,77669,73470,41571,57273,05074,43175,33774,750

74,29274,04573,285

72,61372,29371,65571,67871,59371,38771,31971 20470,88770,671

Women20

yearsandover

58,5560,06760,41760,42061,40261,77362,70263,83464,79965,039

64,97564,90264,860

61,359864,271048140,864,22663,89563,81063,78963,66263,31863,152

Both

SSXSS16-19years

7 1726 ,896,7406,3325,9195 9075,9786,1625,9114,2973

5 3905,1965,194

5,1885,1845,0837,4035,0824,9994,9334,7834,6594,452

Unemployment

Total

5,8805,6926 8018,3788,7748,1497,5917,0017,0788,924

10,221,045611,108

72,61361,42713,16113,724180,37114,72914,46211,640815,14215,70

Men20

yearsandover

2,4332,3763 0403,8964,2093,7913,3921,113,2594,297

5,0885,2905,714

5,9726,3946,9237,4037,8027,9047,7268,0278,1318,437

Women20

yearsandover

2,2852,2352,5993,2283,3143,1503,0132,7512,7183,342

3,7253,8514,031

4,2864,6464,8284 9225^2175,2495,1965,2612,316655,562

Both

SSXSS16-19years

1 1621,0811,1621,2531,2511,2081,1861,1191,1011,285

1,4081,3351,363

1,3591,4271,4101,3981,4911,5761,5411,6401,6261,700

Not inlaborforce

68,38569,99471,35972,70774,65875,95676,76277,38778,74379,501

79 73480,20880,588

81,02380,69981,03880,54180 37180,72981,36681,50982,31682,575

Percent1

Laborforcepar-tici-pa-tionrate

67 167.16, 866.666.266 066.066 266.066.0

66.065.865.7

65.565.6.5 565.895 965.765.5.5 565.265.1

Employ-ment/pop-

ulationratio

64.364.463.762.762.362.362.763.163.062.2

61.761.461.0

60.560.359.959.959.759.559.459.258.858.5

Unem-ploy-mentrate

4.24.04.75.86.05.55.14 64.65.8

6 66.87.2

7.68.18.58.99 49.59.49 79.8

10.2

1 Civilian labor force (or employment) as percent of civilian noninstitutional population; andunemployment as percent of civilian labor force.

2 Not strictly comparable with earlier data.NOTE.—Beginning January 2009 data reflect revised population controls and are not strictly

comparable with earlier data.

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

11

SELECTED UNEMPLOYMENT RATESIn October, the unemployment rate rose to 10.2 percent from 9.8 percent in September.

PERCENT (SEASONALLY ADJUSTED)

30

PERCENT (SEASONALLY ADJUSTED)

30

10

2005

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

2009

10

2005 2009


[Monthly data seasonally adjusted]

Period

199920002001 ........................4.200220032004 .........................5.200520062007 .........................4.2008

2008: Oct. ..............6.Nov ..............6.Dec. ..............7.

2009: Jan ...............7.Feb. ..............8.Mar ..............8.Apr ...............8.May ..............9.June .............9.July ..............9.Aug ..............9.Sept ..............9.Oct. ..............10.

Unemployment rate (percent of civilian labor force in group)

Allcivilianworkers

4.24.04.75.86.05.55.14.64.65.8

6.66.87.2

7.68.18.58.99.49.59.49.79.8

10.2

By sex and age

Men20 yearsand over

3.53.34.25.35.65.04.44.04.15.4

6.46.77.2

7.68.18.89.49.8

10.09.8

10.110.310.7

Women20 yearsand over

3.83.64.15.15.14.94.64.14.04.9

5.45.65.9

6.26.77.07.17.57.67.57.67.88.1

Bothsexes16-19years

13.913.114.716.517.517.016.615.415.718.7

20.720.420.8

20.821.621.721.522.724.023.825.525.927.6

By race or ethnicity1

White

3.73.54.25.15.24.84.44.04.15.2

6.06.26.6

6.97.37.98.08.68.78.68.99.09.5

Black orAfricanAmer-ican

8.07.68.6

10.210.810.410.08.98.3

10.1

11.311.311.9

12.613.413.315.014.914.714.507.115.415.7

Asian(NSA)

3.64.55.96.04.44.03.03.24.0

3.84.85.1

6.26.96.46.66.78.28.37.57.47.5

His-panic orLatino

ethnicity

6.45.76.67.57.77.06.05.25.67.6

8.88.69.2

9.710.911.411.312.712.212.313.012.713.1

By selected groups

Marriedmen,

spousepresent

2.22.02.73.63.83.12.82.42.53.4

4.14.24.4

5.05.55.86.36.86.96.97.17.47.6

Womenwho

maintainfamilies(NSA)

6.45.96.68.08.58.07.87.16.58.0

8.89.39.5

10.310.310.810.011.011.712.612.211.612.9

Full-timeworkers

4.13.84.75.96.15.65.04.54.65.8

6.87.07.5

8.08.69.29.6

10.210.310.110.510.711.1

Part-timeworkers

5.04.85.15.25.55.35.45.14.95.5

5.75.85.9

5.95.85.96.16.05.96.06.36.46.1

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

NOTE.—Data relate to persons age 16 years and over.

Source: Department of Labor, Bureau of Labor Statistics.

12

SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCEPROGRAMSIn October, the percentages of the unemployed who had been out of work for less than 5 weeks and for 15-26 weeks rose, the percentages for 5-14 weeks fell, while the percentage for 27 weeks was unchanged. Themean duration of unemployment rose to 26.9 weeks and the median duration rose to 18.7 weeks.

PERCENT DISTRIBUTION*

70

PERCENT DISTRIBUTION*

40

30 =.'

10 -

DURATION OF UNEMPLOYMENT

LESS THAN5 WEEKS

/

V — V .

^x /

I l i l l l2005

x '

27 WEEKSAND OVER

r — \ - i .

'*\ / V;

12006

r/v5-14

WEEKS

/ " / • *•

s A Xy15-26

WEEKS

12007

» . • -

2008

-

i-.x/

A * \

2009

/o

60

50

40

30

20

10

n

REASON FOR UNEMPLC

~~'x/ '— * • " "

II111111111

2005

/ \ , —

NEW

MM 1 l l 1 1 II2006

>YMENT

/

REENTRANT

A7

X /""xV \

X

JOB LEAVERS

ENTRANTS

I l l l l l l 1 I I I

2007

1 linlllll 12008

-

\

-

J_LI 1 1 1 1 11 1 1

2009

*SEASONALLY ADJUSTED1 BEGINNING JANUARY 1994, JOB LOSERS AND PERSONS WHO COMPLETED TEMPORARY JOBS.SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted]

Period

Un-employ-

ment(thou-sands)

Duration of unemployment

Percent distribution

Lessthan

5weeks

5-14weeks

15-26weeks

27weeksandover

Number of weeks

Aver-age

(mean)Median

Reason for unemployment:percent distribution

Joblos-ers1

Jobleav- Reen-trants

Newen-

trants

Stateprograms

Insuredunem-ploy-ment

Initialclaims

Insuredunem-

ployment,all

regularprograms(unadjust-

ed)2

1999200020012002200320042005200620072008

2008:

2009:

Oet .Nov .Dee .

Jan .Feb .MarApr .MayJuneJulyAug .SeptOet .

Weekly average, thousands

5,8805,6926,8018,3788,7748,1497,5917,0017,0788,924

10,22110,47611,108

11,61612,46713,16113,72414,51114,72914,46214,92815,14215,700

43.744.942.034.531.733.135.137.335.932.8

30.331.429.2

31.026.925.724.722.421.222.020.219.420.0

31.231.932.330.829.858.4230.430.331.531.4

29.730.330.419.831.430.829.429.626.924.227.525.623.7

12.811.8142.016.316.415.914.914.715.016.0

17.91.43017.2

16.818.619.318.720.922.919.918.919.320.6

1 3,14111.818.3210.121.819.617.617.619.7

98.121.323.2

22.4931.4124.2. 7 227.029.033.833.335.635.6

13.33412.616.85116.619.219.618.432.0816.817.9

13,818.91 7

19.81 820.121.422.524.525.124.926.226.9

6.45.96,89.1

10.19.88.98.38.59.4

10.610.010.6

10.311.056.8212.514.917.915.715.417.318.7

44.644.251.155.055.169.8548.347.449.753.7

56.858.658.4

61.162.363.564.465.465.464.965.366.666.0

13.313.712.310.3

9.310.511.532.0811.210.0

9.28.99.1

8.06.66.86.56.27.966.05.55.55,7

34.134.529.928.328.2, 9 531.432.030.327.7

25.925.325.1

24.122.922.922.521.8226274522.020.821.5

8.07.66,86.47.38.48.88.88.98.6

8.17.27.5

6.88.16.76.66.66.46.67.27.16.8

2,1882,1102,9743,5853,5312,9502,6612,4762,5723,306

3,8214,1254,430

4,6705,0855,6866,2976,7476,7326,2746,1906,130

298301404407404345328313324424

480520537

573637658630631612558572

r 545

2,2192,1413,0073,6193,5692,9952,7062,5182,6103,343

2,9803,8194,778

5,3756,0986,9256,0766,2336,2535,6476,203

1 Beginning January 1994, job losers and persons who completed temporary jobs.2 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-serv-

icemen (UCX), and Federal (UCFE). Also includes Federal and State extended benefit pro-grams. Does not include Railroad (RR) program, Federal supplemental compensation or Emer-gency Unemployment Compensation programs.

NOTE.—Data relate to persons age 16 years and over (except for insured unemployment andinitial claims).

Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Ad-ministration).

13

NONAGRICULTURAL EMPLOYMENTTotal nonagricultural employment as measured by the payroll survey fell by 190,000 in October.


140

130

120

10

00

70

)

30

20

in

-

_ .

-

n ii I 1 i I i i i

2005

r CLNONAGRIC

ESTABLISHM

. '

GOODS-PRINDU

i

AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY EARNINGSPRIVATE NONAGRICULTURAL INDUSTRIES

[For production or nonsupervisory workers; monthly data seasonally adjusted]

Period

1999 .................34.20002001 .................34.200220032004 .................33.20052006 .................33.20072008 .................33.2008: Sept

OetNovDee

2009: JanFebMarAprMayJuneJulyAug r

Septr

Octp

Average weekly hours

Total pri-vate non-agricul-tural1

34.334.334.033.935.99733.733.833.933.933.633.633.533.433.333.333.333.133.133.133.033.133.133.033.0

Manufacturing

Total

41.441.340.340.54 440.840.741.14 . 240.840.540.440.239.939.839.539.439.639.439.539.939.939.940.0

Overtime

4.94 74.04.24.24.64.64.44.27.73.53.53122.92.92 72.62.72.82.82.93.03.03.2

Average gross hourly

Total private non-agricultural1

Currentdollars

$13.4914.0214.5414.9715 36715.6916.1316.7617 4318.0818.2118.2818.3418.4018.4318.4618.5018.5018.5318.5418.5918.6618.6718.72

1982 dol-lars2

$8.018.048.128.258.288.248.188.248 38.3097218.338.548.658.648.618.648.658.658.578.598.588.57

earnings

Manufac-turing

$13.8514.3214.7615.2915.7416.1416 56768.24117.2617.7417.8117.8917.9417.9617.9918.0718.10386.21118.1118.1318.2718.2718.3518.35

Average gross weekly earnings

Total private non-agricultural1

Currentdollars

$463.15481.01493.79506.75518.06529.0950.223567.87590.04607.99.31846612.38612.56612.72613.72614.72612.35612.35613.34611.82615.33617.65616.11617.76

1982 dol-lars2

$275.03275.97275.71279.20279.13277.88276.17279.19281.97279.14275.99279.113 8 5 . 3288.120850.101 8 . 0286.1018.116286.25282.9428.978283.98282.76

Current dollars

Manufac-turing

$573.14590.77695.89618.75635 99658.49673 30691.02816.66724.23

721.31722.76721.19716.60

716.00713.77713.14717.16713.53716.14728.975283.987732.17734.00

Construc-tion

$655.1685.78695.89711.82726.83735.55750.22. 3 1 . 1816.66842.36846.05849.11839.96851.58850.10851.96851.64845.63849.38849.01854.288 . 8840.75842.06

Retailtrade

$321.63333.38346.16360.81367.15371.13377.58383.02385.11386.39388.59385.41385.31384.32385.21386.21385.21386.21387.80386.21386.80390.38390.08389.49

Percent change from ayear earlier, total private

nonagric

Currentdollars

3.33.92.72.62.22.12.94.33 93.03.02.92.62.42.52.01.21.01.2.9

1.2.8.7.9

ultural

1982dollars

1.0.3

¥ . 11.3

¥.0¥ .4¥.61.11 0

¥1.0¥2.3

¥.92.03.13.22.52.22.22.82.73.72.72.5

1Also includes other private industry groups shown on p. 14.2 Current dollar earnings divided by the consumer price index for urban wage earners and

clerical workers (CPI-W) (on a 1982 = 100 base).


EMPLOYMENT COST INDEX—PRIVATE INDUSTRY

Period

1999: D e c2000: Dec. ................................................................83.2001: Dec2002: Dec. ................................................................90.2003: Dec. ................................................................93.2004: Dec2005: Dec. ................................................................100.2006: Dec2007: Dec. ................................................................106.2008: Dec

2006: Mar .................................................................100.

SeptDec. ................................................................103.

2007: Mar

Sept ................................................................105.Dec

2008: MarJune ...............................................................107.SeptDec. ................................................................109.

2009: Mar .................................................................109.

Sept ................................................................110.

Index (December 2005 = 100)

Totalcompensa-

tion

Wages andsalaries Benefits

1

Percent change from

3 months earlier

Totalcompensa-

tion


1

12 months earlier

Totalcompensa-

tion


1

Not seasonally adjusted

80.283.687.390.093.697.2

100.0103.2106.3108.9

83.586.789.992.295.197.6

100.0103.2106.6109.4

72.676.781.384.790.296.2

100.0103.1105.6107.7

Seasonally adjusted

100.8101.6102.5103.3

104.0104.8105.6106.5

107.2107.9108.6109.1

109.3109.5110.0

100.8101.6102.5103.3

104.3105.0105.9106.7

107.6108.4109.1109.6

109.8110.0110.5

100.8101.6102.5103.4

103.1104.2104.9105.9

106.5106.9107.5107.9

108.1108.3108.6

0.6.8.9.8

.7

.8

.8

.9

.7

.7

.6

.52.2.5

0.7.8.9.8

1.0.7.9.8

.8

.7

.6

.52.2.5

0.5.8.9.9

¥ . 31.1.7

1.0

.6

.4

.6

.42.2.3

3.54.24.13.14.03.82.93.23.02.4

3.63.83.82.63.12.62.53.23.32.6

3.45.65.24.26.56.74.03.12.42.0

Not seasonally adjusted

2.62.83.03.2

3.23.13.13.0

3.23.02.82.4

1.91.51.2

2.42.83.03.2

3.63.33.43.3

3.23.12.92.6

2.01.61.4

3.02.72.83.1

2.22.62.42.4

3.22.62.42.0

1.61.31.1

1 Employer costs for employee benefits.

NOTE.—The employment cost index is a measure of the change in the cost of labor, freefrom the influence of employment shifts among occupations and industries.

Data exclude farm and household workers.

Data beginning 2001 are based on the 2002 North American Industry Classification(NAICS); data prior to 2001 are based on the Standard Industrial Classification (SIC). Fordetails on industry classification and other details see Employment Cost Index, release datedApril 28, 2006.


15

PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOROutput per hour of

all persons

Businesssector

Nonfarmbusiness

sector

Output1

Businesssector

Nonfarmbusiness

sector

Hours of allpersons 2

Businesssector

Nonfarmbusiness

sector

Compensation perhour3

Businesssector

Nonfarmbusiness

sector

Real compensationper hour 4

Businesssector

Nonfarmbusiness

sector

Unit laborcosts

Businesssector

Nonfarmbusiness

sector

Implicit pricedeflator5

Businesssector

Nonfarmbusiness

sector

1999200020012002200320042005200620072008

2006: I ...II .IIIIV


2008: I ..II .IIIIV

2009: I ..I I r

IIIp

199920002001.2002.2003.20042005200620072008.

2005: I ...II. .IIIIV



2008: I. ...II .IIIIV

2009: I. ...I I r

IIIP

3.53.53.04.53.82.91.71.01.81.9

3.2¥1.3

3.3.0

2.8.6

¥2.22.1

.93.55.51.6

23.1

.3

.82

6.89.8

Indexes, 1992 = 100; quarterly data seasonally adjusted

113.3117.2120.7126.2131.0134.9137.1138.5141.0143.6

138.5138.7138.0138.7139.0140.2142.1142.6142.7143.8143.9144.2144.3146.7150.1

1 1 0116.8120.2125.7130.3134.0136.2137.5140.1142.6

137.5137.7137.0137.8138.2139.2141.1141.8141.7142.8142.8143.1143.2145.6148.9

135.7141.9143.0145.8150.3156.5161.8166.8170.5170.5

166.0166.6166.4168.1168.4169.8171.4172.3171.7172.2170.6167.4163.6163.2164.9

136.1142.2143.4146.2150.6156.8162.0167.1171.0170.517

166.4166.8166.7168.4

168.8170.3172.0172.8

172.0172.6170.8167.5

163.7163.2164.9

119.8121.0118.4115.6114.7116.81118.0120.4120.9118.7

119.8127.41120.6125.012

1 1 2121.412120.6120.8

120.3119.8118.61167.41

113.4111.3182.8

120.5121.7119.3116.3115.5117.01 1 9121.5131.01119.7

121.0122.01121.7125.012

126.01121.4121.9125.9121.4120.8119.6117.0134.3134.21110.7

125.4134.6140.9145.3152.3157.6163.8120.41177.3126.91

168.4122.01169.7172.3175.2176.5177.8179.6180.3181.0183.0184.2182.0134.21183.9

124.8112.6114.611144.5151.4156.6162.8169.0176.0181.0

127.1168.0168.6172.3174.2130.91176.3178.5179.2179.8181.8133.61180.9134.21182.8

107.8111.9114.0115.6118.6119.5120.2120.8122.4126.91

120.8120.3119.7122.5122.7121.4122.6122.1121.2120.4119.9133.613

122.6124.112122.4

107.3111.5113.3115.0117.9118.7119.4120.0121.6120.4

119.9119.6118.9121.8126.01121.4121.5125.913

120.5119.6127.31122.6

121.9121.6121.6

110.7114.8116.7115.511116.2116.9119.5122.8125.7126.8

121.6121.9123.0124.9

130.0125.9131.41125.9

126.3125.9127.2127.7

126.31124.1122.5

110.5114.8116.5115.0116.2116.8119.5122.9125.7126.9

121.5122.0123.0125.0

130.0125.8125.0125.9

126.4125.9127.3128.0

134.3124.3122.7

110.6112.6114.6115.5117.1120.2124.1127.7131.0133.0

126.4127.4128.3128.7

130.0130.9131.4131.9

132.1132.5134.0133.6

134.3134.2134.4

Percent change; quarterly da ta a t seasonally adjusted annual ra tes

3.33.942.94.63.72.81.7

.91.81.8

3.91.62.9

2 . 4

2.8.6

¥ 1 . 92.4

1.22.85.52.0

¥ . 13.1

¥ . 1.8

.36.99.5

5.64.5

.82.03.14.23.43.12.42

.0

4.51.73.72.3

6.51.4

¥ . 44.0

.83.53.72.1

¥ 1 . 31.1

¥ 3 . 7¥ 7 . 2

¥ 8 . 7¥ 1 . 0

4.1

5.64.4

.91.93.04.13.43.12.3

¥ . 1

4.81.63.72.4

6.81.0

¥ . 14.2

.93.73.91.8

¥ 1 . 71.3

¥ 4 . 0¥ 7 . 6

¥ 8 . 8¥ 1 . 1

4.0

2.01.0

¥ 2 . 1¥ 2 . 4

— .71.21.62.1

.4¥ 1 . 9

1.33.1

.42.2

3.6.8

1.91.9

¥ . 1.0

¥ 1 . 7.5

¥ 1 . 5¥ 1 . 9¥ 4 . 0¥ 8 . 0

¥ 8 . 9¥ 7 . 4¥ 5 . 1

2.21.0

¥ 2 . 0¥ 2 . 5

¥ . 61.31.72.2

.5¥ 1 . 9

.92.2

.82.8

3.9.4

1.91.8

¥ . 3.9

¥ 1 . 5¥ . 2

¥ 1 . 6¥ 1 . 7¥ 3 . 9¥ 8 . 3

¥ 9 . 0¥ 7 . 5¥ 5 . 0

4.57.44.73.14.83.54.03.84.22.7

2.72.06.02.8

5.81.61.48.8

4.43.13.04.3

1.51.64.52.6

¥ 4 . 7.2

4.2

4.37.44.53.24.83.44.03.84.22.8

3.13.05.72.2

5.52.11.49.1

4.72.02.75.0

1.71.34.52.9

¥ 4 . 7.3

3.8

2.43.91.81.52.5

.8

.6

.51.3

¥ 1 . 1

.7¥ . 5

.0¥ 1 . 7

3.7¥ 1 . 6¥ 2 . 3

9.9

.6¥ 1 . 1

.6¥ 1 . 4

¥ 3 . 0¥ 2 . 8¥ 1 . 612.0

¥ 2 . 4¥ 1 . 1

.5

2.24.01.61.52.5

.7

.6

.51.3

¥ 1 . 0

1.1.4

¥ . 3— 2.2

3.5¥ 1 . 1¥ 2 . 310.2

.8¥ 2 . 1

.3— .7

¥ 2 . 8¥ 3 . 0¥ 1 . 612.3

¥ 2 . 4¥ 1 . 0

2

0.93.71.7

¥ 1 . 3.9.6

2.22.82.4

.8

¥ . 53.42.62.7

2.91.03.86.5

3.5¥ . 4

¥ 2 . 42.6

1.3¥ 1 . 5

4.21.8

¥ 4 . 9¥ 6 . 2¥ 5 . 1

0.93.91.5

¥ 1 . 31.1

.52.32.82.31.0

¥ . 83.62.72.6

2.61.53.46.5

3.5— .7

¥ 2 . 73.0

1.7¥ 1 . 8

4.62.0

¥ 5 . 0¥ 6 . 1¥ 5 . 2

0.81.81.8

.81.42.63.22.92.61.5

3.32.74.53.5

2.03.22.91.3

4.02.81.41.6

.61.44.3

¥ 1 . 0

2.1¥ . 3

.7

111.0113.2115.1116.1117.6120.4124.7128.5131.5133.5

127.1128.3129.1129.3

130.5131.4131.7132.2

132.3132.9134.4134.3

135.2135.1135.4

1.01.91.7

.91.32.43.53.02.31.5

3.72.94.63.6

2.23.62.6

.9

3.62.71.11.4

.51.64.6

_ 2

2.7¥ . 3

.9

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

workers. Estimates based primarily on establishment data.s Wages and salaries of employees plus employers' contributions for social insurance and pri-

vate benefit plans. Also includes an estimate of wages, salaries, and supplemental payments forthe self-employed.

4 Hourly compensation divided by the consumer price index for all urban consumers (CPI-U) for recent quarters. The trend from 1978-2008 is based on the consumer price index re-search series (CPI-U-RS).

5 Current dollar gross domestic output divided by the output index.

NOTE.—Data relate to all persons engaged in the sector.Percent changes are from preceding period and are based on original data; they therefore

may differ slightly from percent changes based on indexes shown here.

* Data based on GDP data released on October 29, 2009.


16

PRODUCTION AND BUSINESS ACTIVITYINDUSTRIAL PRODUCTION AND CAPACITY UTILIZATIONIndustrial production and capacity utilization rose in September.

INDEX, 2002 = 100* (RATIO SCALE)140

130

120

110

100

90

140

130

120

110

100

90

130

120

110

100

90

TOTAL INDUSTRIAL PRODUCTION

MANUFACTURING DURABLE

UTILITIES A N D MIN ING

TMINING

INDEX, 2002 = 100* (RATIO SCALE)180

170

160

150

140

130

120

100

90

FINAL PRODUCTS

DEFENSESPACE EQUI

,1ml , , . , , 1

BUSINESSEQUIPMENT

- CONSUMERGOODS

V

I , I > , i

CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)

*— v

12005

*

M i : ! , , : ,

2006

V v-1

1 . . l l l . i l

2007

\

\\

i i i i i h n i i

2008

\yl l l l H

2009

'SEE FOOTNOTE 1 TABLE BELOW•SEASONALLY ADJUSTEDSOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]

Period

199920002001 .......................100.2002 .......................100.200320042005200620072008 .......................108.

2008: SeptOct. .............106.NovDec. ............102.4

2009: JanFeb. ............99.3MarApr r

MayrJune r

JulyrAugr

Septp

Total industrial production r

Index,2002 = 100

99.5103.7100.1100.0101.3103.8107.2109.7111.3108.8

104.8106.2104.8102.4

100.199.397.797.296.295.896.697.898.5

Percent change 2

Frompreced-

ingmonth

¥4.01.3

¥1.3¥2.3

¥2.2¥.8

¥1.6¥.5

¥1.1¥.4

.91.2

.7

Fromyear

earlier

4.34.2

¥3.4¥ .11.32.53.32.31.5

¥2.2

96.4¥4.7¥6.5¥8.9

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

¥6.1

Industry production indexes, 2002 = 100

Manufacturing

Total 1

81.9104.4100.1100.0101.3104.3108.5111.2112.7109.1

105.7106.0103.6100.6

97.897.796.195.794.894.595.696.797.5

Durable

97.8105.2100.4100.0102.7107.0112.8117.8120.2116.3

113.7110.8108.2105.3

99.998.796.495.793.793.095.797.098.1

Non-durable

101.7102.2

98.9100.0100.21102.0104.8105.7106.7103.6

99.3102.7100.3

97.0

96.797.796.997.097.197.195.7998.098.7

Other(non-

NAICS) 1

110.9112.6105.7100.097.197.997.696.695.389.9

88.186.986.484.6

81.480.476.175.174.474.473.874.073.1

Mining

101.6104.2104.8100.0100.2

99.698.3

101.5102.1104.2

96.4103.5105.4103.4

102.8101.3

98.796.195.093.794.995.996.6

Utilities

94.797.497.0

100.0101.9103.3105.4104.8108.3108.6

105.7107.1109.1111.3

111.5106.4106.1106.4104.3103.8102.3104.2103.5

Capacity utilizationrate

(output as percentof capacity)1

Totalindustry

81.981.776.174.675.877.980.180.980.677.6

74.575.474.472.7

71.170.669.569.268.568.369.069.970.5

Totalmanufac-

turing

80.780.173.872.773.776.278.679.479.075.1

72.572.771.169.0

67.167.166.065.865.265.166.066.867.5

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

2 Percent changes based on unrounded indexes.

NOTE.—Data based on the North American Industry Classification System (NAICS) excepteries as defined in footnote 1.

Source: Board of Governors of the Federal Reserve System.

17

INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS ANDSELECTED MANUFACTURES

[2002 = 100; monthly data seasonally adjusted]

Period

Products and nonindustrial supplies

Final products

Total

Consumer goods

TotalDur-able

goods

Nondur-able

goods

Equipment

Total1Busi-ness

equip-ment

De-fenseand

spaceequip-ment

Nonindustrial supplies

Total

Con-struc-tionsup-plies

Busi-nesssup-plies

Materials

Total 1 Energy

1999.2000.2001.2002.2003.2004.2005.2006.2007.2008.

2008: Sept.Oct.Nov.Dec.

2009: Jan.Feb.Mar.Apr r

May r

June r

July r

Aug r

Septp1 Includes other items, not shown separately.

99.6102.8100.8100.0101.3103.4107.6110.3111.9109.7

106.3107.0106.7106.1

103.4102.7101.6100.7

99.599.099.8

101.2102.2

97.199.198.1

100.0101.4102.7105.4105.8106.8104.0

101.4103.0102.810100.6

98.698.798.397.996.996.497.098.599.6

96.099.094.7

100.0103.4104.9105.4104.3104.7

94.4

91.589.586.482.6

74.676.176.176.274.073.078.280.082 8

97.19699.299.4

100.0100.6101