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
Government consumption expendituresand gross investment
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
Government consumption expendituresand gross investment
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
Source: Department of Commerce, Bureau of Economic Analysis.
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.
Source: Department of Commerce, Bureau of Economic Analysis.
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.
BILLIONS OF DOLLARS* (RATIO SCALE)
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
Chained(2005)dollars
Per capita personalconsumptionexpenditures
Currentdollars
Chained(2005)dollars
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.
BILLIONS OF DOLLARS* (RATIO SCALE)
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
BILLIONS OF DOLLARS* (RATIO SCALE)
440
400
360
320
280
240
200
160
v .,—\
2008
»—/
2009
60
20
COUNCIL OF ECONOMIC ADVISERS
[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).
Source: Department of Commerce, Bureau of Economic Analysis.
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-
Source: Department of Commerce, Bureau of Economic Analysis.
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.
Source: Department of Commerce, Bureau of Economic Analysis.
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
MILLIONS OF PERSONS*
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
COUNCIL OF ECONOMIC ADVISERS
[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.
MILLIONS OF PERSONS*
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).
Source: Department of Labor, Bureau of Labor Statistics.
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
Wages andsalaries Benefits
1
12 months earlier
Totalcompensa-
tion
Wages andsalaries Benefits
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.
Source: Department of Labor, Bureau of Labor Statistics.
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
2007: I ...II .IIIIV
2008: I ..II .IIIIV
2009: I ..I I r
IIIp
199920002001.2002.2003.20042005200620072008.
2005: I ...II. .IIIIV
2006: I ...II .IIIIV
2007: 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.
Source: Department of Labor, Bureau of Labor Statistics.
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