Home > Monetary Policy > Monetary Policy Report to the Congress > Monetary Policy Report, March 1, 2011 - Part 1: Overview: Monetary Policy and the Economic Outlook > Monetary Policy Report, March 1, 2011 - Part 2: Recent Financial and Economic Developments

Board of Governors of the Federal Reserve System

Accessible versions of figures in Part 2

Table data presented with the Monetary Policy Report submitted to the Congress on March 1, 2011, pursuant to section 2B of the Federal Reserve Act

Figure 1. Change in Real Gross Domestic Product, 2004-10

Percent, annual rate

Period	Change in real GDP
2004	3.05
2005	2.73
2006	2.45
2007	2.32
2008	-2.77
2009:H1	-2.81
2009:H2	3.29
2010:H1	2.72
2010:Q3	2.56
2010:Q4	2.79

Note: Here and in subsequent figures, except as noted, change for a given period is measured to its final quarter from the final quarter of the preceding period.

Source: Department of Commerce, Bureau of Economic Analysis.

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Figure 2. Change in the Chain-Type Price Index for Personal Consumption Expenditures, 2004-11

Percent

Period	Total	Excluding food and energy
January 2004	2.17	1.76
February 2004	2.00	1.85
March 2004	1.94	1.91
April 2004	2.29	2.03
May 2004	2.81	2.08
June 2004	3.04	2.24
July 2004	2.91	2.20
August 2004	2.64	2.16
September 2004	2.49	2.18
October 2004	2.92	2.19
November 2004	3.18	2.25
December 2004	3.00	2.25
January 2005	2.72	2.30
February 2005	2.77	2.34
March 2005	2.89	2.39
April 2005	3.05	2.27
May 2005	2.64	2.29
June 2005	2.35	2.13
July 2005	2.63	2.07
August 2005	3.02	2.10
September 2005	3.95	2.24
October 2005	3.73	2.35
November 2005	3.09	2.35
December 2005	3.00	2.32
January 2006	3.32	2.17
February 2006	3.06	2.09
March 2006	2.89	2.08
April 2006	2.97	2.22
May 2006	3.26	2.26
June 2006	3.41	2.40
July 2006	3.29	2.39
August 2006	3.22	2.54
September 2006	1.92	2.43
October 2006	1.49	2.37
November 2006	1.89	2.25
December 2006	2.30	2.30
January 2007	2.16	2.54
February 2007	2.49	2.62
March 2007	2.74	2.48
April 2007	2.57	2.34
May 2007	2.60	2.22
June 2007	2.57	2.16
July 2007	2.42	2.23
August 2007	2.11	2.16
September 2007	2.72	2.25
October 2007	3.24	2.29
November 2007	3.67	2.42
December 2007	3.60	2.50
January 2008	3.60	2.32
February 2008	3.45	2.22
March 2008	3.44	2.38
April 2008	3.52	2.45
May 2008	3.65	2.55
June 2008	4.16	2.63
July 2008	4.52	2.64
August 2008	4.34	2.57
September 2008	4.04	2.43
October 2008	3.15	2.17
November 2008	1.38	2.02
December 2008	0.58	1.78
January 2009	0.43	1.63
February 2009	0.48	1.62
March 2009	0.02	1.47
April 2009	-0.12	1.54
May 2009	-0.40	1.48
June 2009	-0.50	1.42
July 2009	-0.96	1.32
August 2009	-0.58	1.32
September 2009	-0.55	1.33
October 2009	0.31	1.60
November 2009	1.73	1.67
December 2009	2.39	1.78
January 2010	2.49	1.79
February 2010	2.26	1.75
March 2010	2.48	1.78
April 2010	2.29	1.54
May 2010	2.07	1.48
June 2010	1.38	1.37
July 2010	1.49	1.32
August 2010	1.35	1.24
September 2010	1.28	1.09
October 2010	1.21	0.88
November 2010	1.07	0.86
December 2010	1.18	0.77
January 2011	1.22	0.81

Note: The data are monthly and extend through January 2011; changes are from one year earlier.

Source: Department of Commerce, Bureau of Economic Analysis.

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Figure 3. Real Personal Consumption Expenditures, 2004-11

Billions of chained (2005) dollars

Period	Personal consumption expenditures
January 2004	8,421.82
February 2004	8,428.78
March 2004	8,462.32
April 2004	8,460.06
May 2004	8,515.12
June 2004	8,474.47
July 2004	8,523.77
August 2004	8,538.75
September 2004	8,605.00
October 2004	8,624.95
November 2004	8,640.18
December 2004	8,697.55
January 2005	8,692.33
February 2005	8,724.14
March 2005	8,740.49
April 2005	8,802.20
May 2005	8,763.84
June 2005	8,842.81
July 2005	8,896.20
August 2005	8,867.81
September 2005	8,832.73
October 2005	8,852.83
November 2005	8,887.23
December 2005	8,925.38
January 2006	8,961.45
February 2006	8,987.49
March 2006	9,010.94
April 2006	9,027.21
May 2006	9,033.92
June 2006	9,044.01
July 2006	9,089.60
August 2006	9,070.43
September 2006	9,112.10
October 2006	9,159.11
November 2006	9,166.67
December 2006	9,219.08
January 2007	9,227.11
February 2007	9,234.92
March 2007	9,243.50
April 2007	9,261.78
May 2007	9,276.41
June 2007	9,273.19
July 2007	9,289.02
August 2007	9,315.01
September 2007	9,325.98
October 2007	9,326.32
November 2007	9,344.95
December 2007	9,355.48
January 2008	9,340.00
February 2008	9,309.94
March 2008	9,322.27
April 2008	9,331.87
May 2008	9,326.93
June 2008	9,319.88
July 2008	9,267.08
August 2008	9,256.39
September 2008	9,206.97
October 2008	9,186.87
November 2008	9,182.19
December 2008	9,129.79
January 2009	9,175.89
February 2009	9,161.06
March 2009	9,125.45
April 2009	9,114.56
May 2009	9,117.96
June 2009	9,118.41
July 2009	9,131.27
August 2009	9,212.69
September 2009	9,140.85
October 2009	9,171.05
November 2009	9,178.18
December 2009	9,199.34
January 2010	9,189.31
February 2010	9,228.20
March 2010	9,258.61
April 2010	9,257.18
May 2010	9,280.51
June 2010	9,289.27
July 2010	9,302.57
August 2010	9,333.93
September 2010	9,355.39
October 2010	9,402.14
November 2010	9,425.25
December 2010	9,450.17
January 2011	9,443.91

Note: The data are monthly and extend through January 2011.

Source: Department of Commerce, Bureau of Economic Analysis.

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Figure 4. Personal Saving Rate, 1987-2010

Percent

Period	Personal saving rate
1987:Q1	7.5
1987:Q2	5.3
1987:Q3	6.0
1987:Q4	7.1
1988:Q1	6.8
1988:Q2	7.0
1988:Q3	7.0
1988:Q4	6.8
1989:Q1	7.4
1989:Q2	6.6
1989:Q3	6.2
1989:Q4	6.4
1990:Q1	6.4
1990:Q2	6.7
1990:Q3	6.4
1990:Q4	6.5
1991:Q1	7.0
1991:Q2	7.0
1991:Q3	6.8
1991:Q4	7.4
1992:Q1	7.4
1992:Q2	7.6
1992:Q3	7.0
1992:Q4	7.4
1993:Q1	5.6
1993:Q2	6.2
1993:Q3	5.4
1993:Q4	6.0
1994:Q1	4.6
1994:Q2	5.4
1994:Q3	5.3
1994:Q4	5.6
1995:Q1	6.1
1995:Q2	5.2
1995:Q3	5.0
1995:Q4	4.8
1996:Q1	4.9
1996:Q2	4.8
1996:Q3	5.0
1996:Q4	4.7
1997:Q1	4.6
1997:Q2	4.9
1997:Q3	4.4
1997:Q4	4.6
1998:Q1	5.8
1998:Q2	5.5
1998:Q3	5.2
1998:Q4	4.5
1999:Q1	4.3
1999:Q2	3.0
1999:Q3	2.4
1999:Q4	2.6
2000:Q1	3.1
2000:Q2	3.1
2000:Q3	3.1
2000:Q4	2.4
2001:Q1	2.8
2001:Q2	2.1
2001:Q3	4.2
2001:Q4	1.6
2002:Q1	4.0
2002:Q2	4.0
2002:Q3	3.1
2002:Q4	3.1
2003:Q1	3.1
2003:Q2	3.5
2003:Q3	3.6
2003:Q4	3.6
2004:Q1	3.2
2004:Q2	3.6
2004:Q3	3.3
2004:Q4	3.6
2005:Q1	1.6
2005:Q2	1.3
2005:Q3	1.2
2005:Q4	1.5
2006:Q1	2.2
2006:Q2	2.5
2006:Q3	2.3
2006:Q4	2.5
2007:Q1	2.3
2007:Q2	2.0
2007:Q3	1.8
2007:Q4	2.1
2008:Q1	2.7
2008:Q2	4.8
2008:Q3	3.6
2008:Q4	5.2
2009:Q1	5.4
2009:Q2	7.2
2009:Q3	5.6
2009:Q4	5.5
2010:Q1	5.5
2010:Q2	6.2
2010:Q3	6.0
2010:Q4	5.4

Note: The data are quarterly and extend through 2010:Q4.

Source: Department of Commerce, Bureau of Economic Analysis.

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Figure 5. Change in Real Disposable Personal Income and in Real Wage and Salary Disbursements, 2004-10

Percent, annual rate

Period	Real disposable personal income	Real wage and salary disbursements
2004	3.53	2.71
2005	0.59	1.47
2006	4.59	4.78
2007	1.51	1.61
2008	1.01	-2.07
2009	0.44	-4.67
2010:H1	3.43	2.30
2010:H2	1.18	2.09

Source: Department of Commerce, Bureau of Economic Analysis.

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Figure 6. Wealth-To-Income Ratio, 1987-2010

Period	Ratio
1987:Q1	4.93
1987:Q2	5.04
1987:Q3	5.02
1987:Q4	4.77
1988:Q1	4.81
1988:Q2	4.83
1988:Q3	4.80
1988:Q4	4.81
1989:Q1	4.81
1989:Q2	4.89
1989:Q3	4.97
1989:Q4	4.96
1990:Q1	4.85
1990:Q2	4.84
1990:Q3	4.69
1990:Q4	4.76
1991:Q1	4.86
1991:Q2	4.81
1991:Q3	4.82
1991:Q4	4.88
1992:Q1	4.78
1992:Q2	4.72
1992:Q3	4.73
1992:Q4	4.75
1993:Q1	4.87
1993:Q2	4.81
1993:Q3	4.87
1993:Q4	4.85
1994:Q1	4.85
1994:Q2	4.78
1994:Q3	4.79
1994:Q4	4.74
1995:Q1	4.79
1995:Q2	4.89
1995:Q3	4.98
1995:Q4	5.04
1996:Q1	5.08
1996:Q2	5.09
1996:Q3	5.10
1996:Q4	5.11
1997:Q1	5.08
1997:Q2	5.32
1997:Q3	5.44
1997:Q4	5.41
1998:Q1	5.57
1998:Q2	5.59
1998:Q3	5.32
1998:Q4	5.67
1999:Q1	5.71
1999:Q2	5.89
1999:Q3	5.76
1999:Q4	6.12
2000:Q1	6.14
2000:Q2	6.00
2000:Q3	5.96
2000:Q4	5.74
2001:Q1	5.49
2001:Q2	5.65
2001:Q3	5.26
2001:Q4	5.53
2002:Q1	5.45
2002:Q2	5.22
2002:Q3	5.00
2002:Q4	5.11
2003:Q1	5.06
2003:Q2	5.24
2003:Q3	5.27
2003:Q4	5.51
2004:Q1	5.60
2004:Q2	5.62
2004:Q3	5.60
2004:Q4	5.78
2005:Q1	5.95
2005:Q2	6.07
2005:Q3	6.19
2005:Q4	6.27
2006:Q1	6.39
2006:Q2	6.23
2006:Q3	6.22
2006:Q4	6.34
2007:Q1	6.33
2007:Q2	6.35
2007:Q3	6.28
2007:Q4	6.05
2008:Q1	5.72
2008:Q2	5.40
2008:Q3	5.17
2008:Q4	4.72
2009:Q1	4.49
2009:Q2	4.58
2009:Q3	4.81
2010:Q1	4.84
2010:Q2	4.91
2010:Q3	4.73

Note: The data are quarterly and extend through 2010:Q3. The wealth-to-income ratio is the ratio of household net worth to disposable personal income.

Source: For net worth, Federal Reserve Board, flow of funds data; for income, Department of Commerce, Bureau of Economic Analysis.

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Figure 7. Consumer Sentiment Indexes, 1997-2011

Data are plotted as two curves and are expressed as indexes (for the Conference Board data, 1985 = 100; for the Thomson Reuters/Michigan data, 1966 = 100). The Conference Board curve starts at about 120 in 1997, and the Thomson Reuters/Michigan curve starts slightly below 100. Both curves generally increase, with moderate fluctuations, until early 2000, when the Conference Board curve reaches about 145 and the Thomson Reuters/Michigan curve reaches about 110. In late 2000, both curves begin a sharp decline, which generally continues, with moderate fluctuations, until early 2003, when the Conference Board curve temporarily drops to about 60 and the Thomson Reuters/Michigan curve reaches about 80. From mid-2003 through mid-2007, the Conference Board curve generally trends up and reaches about 110 in mid-2007, while the Thomson Reuters/Michigan curve generally fluctuates within a range of about 85 to 95. From mid-2007 through early 2009, the curves decline sharply, on net, with Conference Board reaching near 20 and Thomson Reuters/Michigan a bit below 60. The curves then increase through mid-2009 and level out, with some moderate fluctuation, around 50 for Conference Board and 70 for Thomson Reuters/Michigan. Toward the end of 2010, both curves dip before shooting upward in the first two months of 2011. The end of the charted data for Conference Board is on the incline at about 70, and Thomson Reuters/Michigan jumps to almost 80.

Note: The Conference Board data are monthly and extend through February 2011; the series is indexed to equal 100 in 1985. The Thomson Reuters/University of Michigan data are monthly and extend through February 2011; the series is indexed to equal 100 in 1966.

Source: The Conference Board and Thomson Reuters/University of Michigan Surveys of Consumers.

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Figure 8. Household Debt Service, 1980-2010

Percent of disposable income

Period	Household debt service
1980:Q1	11.21
1980:Q2	11.19
1980:Q3	10.91
1980:Q4	10.61
1981:Q1	10.65
1981:Q2	10.78
1981:Q3	10.65
1981:Q4	10.70
1982:Q1	10.76
1982:Q2	10.80
1982:Q3	10.70
1982:Q4	10.64
1983:Q1	10.60
1983:Q2	10.61
1983:Q3	10.61
1983:Q4	10.67
1984:Q1	10.70
1984:Q2	10.84
1984:Q3	10.94
1984:Q4	11.07
1985:Q1	11.41
1985:Q2	11.50
1985:Q3	11.86
1985:Q4	11.97
1986:Q1	11.99
1986:Q2	12.08
1986:Q3	12.22
1986:Q4	12.38
1987:Q1	12.22
1987:Q2	12.38
1987:Q3	12.25
1987:Q4	12.08
1988:Q1	12.03
1988:Q2	12.01
1988:Q3	11.98
1988:Q4	11.85
1989:Q1	11.83
1989:Q2	12.02
1989:Q3	12.11
1989:Q4	12.12
1990:Q1	12.05
1990:Q2	12.02
1990:Q3	12.02
1990:Q4	12.03
1991:Q1	11.99
1991:Q2	11.83
1991:Q3	11.73
1991:Q4	11.53
1992:Q1	11.30
1992:Q2	11.14
1992:Q3	10.99
1992:Q4	10.81
1993:Q1	10.99
1993:Q2	10.80
1993:Q3	10.85
1993:Q4	10.73
1994:Q1	10.86
1994:Q2	10.86
1994:Q3	10.96
1994:Q4	11.06
1995:Q1	11.25
1995:Q2	11.47
1995:Q3	11.59
1995:Q4	11.67
1996:Q1	11.69
1996:Q2	11.73
1996:Q3	11.80
1996:Q4	11.87
1997:Q1	11.83
1997:Q2	11.86
1997:Q3	11.89
1997:Q4	11.85
1998:Q1	11.73
1998:Q2	11.76
1998:Q3	11.76
1998:Q4	11.81
1999:Q1	11.88
1999:Q2	12.03
1999:Q3	12.16
1999:Q4	12.13
2000:Q1	12.04
2000:Q2	12.20
2000:Q3	12.36
2000:Q4	12.59
2001:Q1	12.66
2001:Q2	12.86
2001:Q3	12.73
2001:Q4	13.10
2002:Q1	12.95
2002:Q2	13.01
2002:Q3	13.17
2002:Q4	13.24
2003:Q1	13.26
2003:Q2	13.21
2003:Q3	13.15
2003:Q4	13.20
2004:Q1	13.23
2004:Q2	13.20
2004:Q3	13.35
2004:Q4	13.31
2005:Q1	13.67
2005:Q2	13.79
2005:Q3	13.68
2005:Q4	13.77
2006:Q1	13.72
2006:Q2	13.79
2006:Q3	13.88
2006:Q4	13.88
2007:Q1	13.85
2007:Q2	13.89
2007:Q3	13.96
2007:Q4	13.93
2008:Q1	13.96
2008:Q2	13.51
2008:Q3	13.66
2008:Q4	13.62
2009:Q1	13.52
2009:Q2	13.09
2009:Q3	12.97
2009:Q4	12.70
2010:Q1	12.46
2010:Q2	12.09
2010:Q3	11.89

Note: The data are quarterly and extend through 2010:Q3. Debt service payments consist of estimated required payments on outstanding mortgage and consumer debt.

Source: Federal Reserve Board, "Household Debt Service and Financial Obligations Ratios," statistical release.

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Figure 9. Spreads of Asset-Backed Securities Yields Over Rates on Comparable-Maturity Interest Rate Swaps, 2007-11

Data are plotted as two curves and are expressed in basis points. One curve is the spread of automobile asset-backed securities (ABS), while the other shows the spread for credit card asset-backed securities. Both curves are near 0 basis points for the first six months of 2007 when the spreads begin their upward trend. By the end of 2007, credit card ABS spreads are hovering around 50, with auto ABS slightly higher. Both spreads continue higher until March 2008, when, after exceeding 100, both series decline approximately 30 basis points to a local trough in July 2008. From July 2008 through January 2009, both series have a dramatic run-up in spreads, peaking at over 500. In early 2009, the ABS spreads recede quickly and finish the year below 25. For 2010 and early 2011, spreads remain subdued, hovering below 25.

Note: The data are weekly and extend through February 16, 2011. The spreads shown are the yields on two-year fixed-rate asset-backed securities less rates on two-year interest rate swaps.

Source: JPMorgan Chase & Co.

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Figure 10. Private Housing Starts, 1997-2011

Millions of units, annual rate

Period	Multifamily	Single-family
January 1997	0.25	1.11
February 1997	0.31	1.18
March 1997	0.33	1.13
April 1997	0.37	1.12
May 1997	0.34	1.11
June 1997	0.37	1.12
July 1997	0.30	1.13
August 1997	0.29	1.10
September 1997	0.34	1.21
October 1997	0.39	1.13
November 1997	0.36	1.15
December 1997	0.42	1.15
January 1998	0.30	1.23
February 1998	0.35	1.24
March 1998	0.35	1.22
April 1998	0.31	1.23
May 1998	0.32	1.21
June 1998	0.37	1.28
July 1998	0.40	1.30
August 1998	0.34	1.27
September 1998	0.32	1.26
October 1998	0.42	1.30
November 1998	0.28	1.38
December 1998	0.38	1.41
January 1999	0.40	1.35
February 1999	0.35	1.32
March 1999	0.37	1.35
April 1999	0.33	1.22
May 1999	0.30	1.31
June 1999	0.29	1.27
July 1999	0.36	1.31
August 1999	0.38	1.27
September 1999	0.35	1.29
October 1999	0.30	1.31
November 1999	0.33	1.32
December 1999	0.33	1.38
January 2000	0.37	1.27
February 2000	0.48	1.26
March 2000	0.29	1.31
April 2000	0.35	1.28
May 2000	0.35	1.23
June 2000	0.36	1.20
July 2000	0.32	1.14
August 2000	0.31	1.23
September 2000	0.31	1.20
October 2000	0.31	1.24
November 2000	0.34	1.21
December 2000	0.31	1.23
January 2001	0.33	1.28
February 2001	0.35	1.28
March 2001	0.37	1.22
April 2001	0.34	1.31
May 2001	0.32	1.29
June 2001	0.34	1.30
July 2001	0.37	1.30
August 2001	0.28	1.29
September 2001	0.32	1.24
October 2001	0.30	1.24
November 2001	0.36	1.24
December 2001	0.28	1.29
January 2002	0.37	1.31
February 2002	0.33	1.49
March 2002	0.37	1.28
April 2002	0.31	1.28
May 2002	0.36	1.39
June 2002	0.35	1.36
July 2002	0.34	1.33
August 2002	0.38	1.25
September 2002	0.36	1.45
October 2002	0.29	1.37
November 2002	0.36	1.40
December 2002	0.35	1.46
January 2003	0.32	1.54
February 2003	0.33	1.30
March 2003	0.33	1.40
April 2003	0.27	1.37
May 2003	0.36	1.39
June 2003	0.35	1.51
July 2003	0.36	1.54
August 2003	0.35	1.48
September 2003	0.38	1.56
October 2003	0.34	1.63
November 2003	0.39	1.69
December 2003	0.41	1.65
January 2004	0.35	1.56
February 2004	0.37	1.48
March 2004	0.37	1.63
April 2004	0.36	1.65
May 2004	0.33	1.65
June 2004	0.30	1.53
July 2004	0.33	1.68
August 2004	0.33	1.69
September 2004	0.35	1.56
October 2004	0.41	1.66
November 2004	0.32	1.46
December 2004	0.33	1.71
January 2005	0.41	1.74
February 2005	0.42	1.79
March 2005	0.28	1.58
April 2005	0.40	1.66
May 2005	0.31	1.71
June 2005	0.35	1.72
July 2005	0.33	1.72
August 2005	0.37	1.73
September 2005	0.36	1.79
October 2005	0.33	1.74
November 2005	0.34	1.81
December 2005	0.37	1.63
January 2006	0.45	1.82
February 2006	0.32	1.80
March 2006	0.37	1.60
April 2006	0.31	1.51
May 2006	0.37	1.57
June 2006	0.35	1.45
July 2006	0.31	1.42
August 2006	0.29	1.36
September 2006	0.34	1.38
October 2006	0.28	1.21
November 2006	0.28	1.29
December 2006	0.40	1.25
January 2007	0.28	1.13
February 2007	0.29	1.19
March 2007	0.29	1.20
April 2007	0.29	1.20
May 2007	0.29	1.13
June 2007	0.32	1.13
July 2007	0.31	1.04
August 2007	0.37	0.96
September 2007	0.25	0.94
October 2007	0.39	0.88
November 2007	0.36	0.83
December 2007	0.23	0.81
January 2008	0.31	0.77
February 2008	0.38	0.72
March 2008	0.28	0.73
April 2008	0.33	0.68
May 2008	0.29	0.68
June 2008	0.40	0.65
July 2008	0.31	0.62
August 2008	0.24	0.61
September 2008	0.28	0.54
October 2008	0.24	0.54
November 2008	0.19	0.46
December 2008	0.16	0.40
January 2009	0.13	0.36
February 2009	0.22	0.36
March 2009	0.16	0.36
April 2009	0.09	0.39
May 2009	0.14	0.41
June 2009	0.11	0.48
July 2009	0.09	0.50
August 2009	0.14	0.48
September 2009	0.08	0.51
October 2009	0.05	0.48
November 2009	0.09	0.50
December 2009	0.09	0.49
January 2010	0.10	0.51
February 2010	0.08	0.53
March 2010	0.10	0.54
April 2010	0.12	0.56
May 2010	0.13	0.46
June 2010	0.09	0.45
July 2010	0.12	0.43
August 2010	0.18	0.43
September 2010	0.15	0.45
October 2010	0.10	0.43
November 2010	0.09	0.46
December 2010	0.10	0.42
January 2011	0.18	0.41

Note: The data are monthly and extend through January 2011.

Source: Department of Commerce, Bureau of the Census.

Return to text

Figure 11. Prices of Existing Single-Family Houses, 2001-10

Index value

Period	S&P/Case-Shiller 20-city index	FHFA index	CoreLogic price index
January 2001	54.74	65.40	55.33
February 2001	55.25	65.79	55.87
March 2001	55.72	66.21	56.34
April 2001	56.09	66.62	56.63
May 2001	56.31	66.92	56.87
June 2001	56.60	67.26	57.20
July 2001	56.89	67.61	57.62
August 2001	57.25	67.96	57.98
September 2001	57.63	68.38	58.38
October 2001	57.95	68.71	58.82
November 2001	58.24	68.96	59.28
December 2001	58.42	69.40	59.44
January 2002	58.76	69.79	59.97
February 2002	59.16	70.17	60.39
March 2002	59.70	70.58	60.83
April 2002	60.28	70.99	61.28
May 2002	60.97	71.48	61.87
June 2002	61.68	71.94	62.46
July 2002	62.40	72.38	63.09
August 2002	63.09	72.87	63.66
September 2002	63.68	73.37	64.12
October 2002	64.32	73.85	64.53
November 2002	64.93	74.28	64.92
December 2002	65.56	74.74	65.13
January 2003	66.07	75.16	65.93
February 2003	66.55	75.61	66.36
March 2003	66.99	75.93	66.84
April 2003	67.41	76.37	67.28
May 2003	67.86	76.76	67.76
June 2003	68.24	77.18	68.29
July 2003	68.81	77.74	68.88
August 2003	69.50	78.29	69.62
September 2003	70.33	78.83	70.37
October 2003	71.17	79.29	71.10
November 2003	72.06	79.91	71.85
December 2003	72.99	80.51	72.43
January 2004	73.90	81.07	73.73
February 2004	74.82	81.65	74.70
March 2004	75.96	82.12	75.81
April 2004	77.14	82.59	76.81
May 2004	78.31	83.30	77.85
June 2004	79.56	84.05	78.96
July 2004	80.56	84.70	79.92
August 2004	81.38	85.31	80.68
September 2004	82.14	85.86	81.55
October 2004	82.94	86.59	82.51
November 2004	83.80	87.43	83.49
December 2004	84.77	88.09	84.27
January 2005	85.96	88.58	85.99
February 2005	87.27	89.02	87.44
March 2005	88.67	89.90	89.35
April 2005	89.79	90.61	90.38
May 2005	90.80	91.31	91.36
June 2005	91.78	91.89	92.49
July 2005	92.68	92.69	93.52
August 2005	93.65	93.29	94.39
September 2005	94.73	94.25	95.45
October 2005	95.82	94.81	96.23
November 2005	96.90	95.58	96.98
December 2005	97.88	96.17	97.56
January 2006	98.64	96.83	98.55
February 2006	99.41	96.83	99.16
March 2006	99.76	97.30	100.00
April 2006	100.00	97.53	99.75
May 2006	99.98	97.69	99.43
June 2006	99.69	97.65	98.91
July 2006	99.28	97.79	98.50
August 2006	98.91	98.04	98.11
September 2006	98.61	98.29	98.23
October 2006	98.56	98.64	98.36
November 2006	98.58	98.87	98.41
December 2006	98.47	99.13	98.49
January 2007	98.60	99.54	98.09
February 2007	98.74	99.48	97.68
March 2007	98.67	99.91	97.29
April 2007	98.13	100.00	96.72
May 2007	97.33	99.62	95.84
June 2007	96.36	99.45	94.93
July 2007	95.44	99.00	94.11
August 2007	94.53	98.91	93.09
September 2007	93.59	98.63	92.10
October 2007	92.48	98.04	91.09
November 2007	90.92	97.48	90.04
December 2007	89.51	97.26	89.23
January 2008	88.07	96.25	88.28
February 2008	86.31	96.21	86.80
March 2008	84.69	95.63	85.81
April 2008	83.36	94.81	84.47
May 2008	82.11	94.00	83.28
June 2008	81.09	93.47	82.13
July 2008	79.82	92.81	81.08
August 2008	78.74	91.93	79.89
September 2008	77.17	91.27	78.39
October 2008	75.68	90.28	76.84
November 2008	74.29	88.73	75.27
December 2008	72.80	88.89	73.80
January 2009	71.35	89.62	71.76
February 2009	70.29	89.52	70.11
March 2009	68.99	88.76	69.82
April 2009	68.41	88.25	69.76
May 2009	68.24	88.55	69.94
June 2009	68.63	88.56	70.59
July 2009	69.19	88.70	71.44
August 2009	69.80	88.18	71.75
September 2009	69.93	88.13	71.49
October 2009	70.10	88.46	71.47
November 2009	70.26	88.76	71.66
December 2009	70.52	87.32	71.76
January 2010	70.85	86.75	72.00
February 2010	70.80	86.12	71.24
March 2010	70.66	86.34	72.23
April 2010	71.07	87.02	72.77
May 2010	71.44	87.42	72.84
June 2010	71.54	86.29	72.37
July 2010	71.35	85.78	71.89
August 2010	70.89	85.75	71.01
September 2010	70.19	84.81	69.83
October 2010	69.50	84.92	69.14
November 2010	69.11	84.65	68.50
December 2010	68.83	84.39	67.91

Note: The data are monthly and extend into 2010:Q4. Each index has been normalized so that its peak is 100. Both the CoreLogic price index and the FHFA index (formerly calculated by the Office of Federal Housing Enterprise Oversight) include purchase transactions only. The S&P/Case-Shiller index reflects all arm's-length sales transactions in selected metropolitan areas.

Source: For CoreLogic, CoreLogic; for FHFA, Federal Housing Finance Agency; for S&P/Case-Shiller, Standard & Poor's.

Return to text

Figure 12. Mortgage Delinquency Rates, 2000-10

Percent

Period	Subprime		Prime and near prime
Period	Fixed rate	Adjustable rate	Fixed rate	Adjustable rate
January 2000	6.02	7.03	1.18	2.54
February 2000	5.98	6.72	1.13	2.40
March 2000	5.95	6.82	1.02	2.26
April 2000	6.06	7.15	1.02	2.15
May 2000	5.88	6.50	1.00	2.11
June 2000	5.83	6.44	1.01	2.08
July 2000	6.16	6.76	1.03	2.13
August 2000	6.12	6.58	1.04	2.14
September 2000	6.71	7.21	1.08	2.22
October 2000	6.71	7.23	1.10	2.27
November 2000	6.75	7.39	1.13	2.32
December 2000	7.21	8.40	1.19	2.43
January 2001	7.36	8.57	1.22	2.48
February 2001	7.06	8.40	1.23	2.54
March 2001	7.16	8.43	1.14	2.40
April 2001	7.19	8.40	1.15	2.41
May 2001	7.10	8.51	1.15	2.44
June 2001	6.94	8.91	1.17	2.53
July 2001	7.07	8.95	1.19	2.57
August 2001	7.11	8.97	1.21	2.69
September 2001	7.31	9.53	1.26	2.66
October 2001	7.43	9.66	1.27	2.65
November 2001	7.71	9.48	1.32	2.70
December 2001	7.87	9.82	1.37	2.78
January 2002	6.87	9.35	1.39	2.76
February 2002	6.86	9.29	1.36	2.64
March 2002	6.77	8.90	1.27	2.46
April 2002	6.73	8.84	1.16	2.28
May 2002	6.90	8.39	1.12	2.17
June 2002	7.35	8.64	1.14	2.16
July 2002	7.75	8.56	1.14	2.09
August 2002	8.00	8.70	1.15	2.05
September 2002	8.56	8.89	1.20	2.06
October 2002	8.80	8.78	1.18	2.00
November 2002	9.03	8.84	1.21	2.02
December 2002	9.39	9.00	1.26	2.03
January 2003	9.32	9.08	1.30	2.02
February 2003	8.88	8.75	1.27	1.93
March 2003	8.33	8.34	1.22	1.84
April 2003	8.14	8.18	1.17	1.61
May 2003	7.97	8.00	1.18	1.56
June 2003	8.08	8.10	1.24	1.65
July 2003	7.92	8.07	1.27	1.72
August 2003	7.84	8.11	1.30	1.71
September 2003	7.72	8.10	1.37	1.70
October 2003	7.62	8.08	1.36	1.66
November 2003	7.59	8.11	1.33	1.56
December 2003	7.48	8.21	1.33	1.52
January 2004	7.37	7.96	1.36	1.50
February 2004	7.27	7.73	1.34	1.45
March 2004	6.58	7.18	1.25	1.32
April 2004	6.38	6.79	1.20	1.23
May 2004	6.31	6.54	1.21	1.20
June 2004	6.20	6.48	1.20	1.17
July 2004	6.30	6.44	1.30	1.25
August 2004	6.16	6.24	1.29	1.22
September 2004	6.04	6.13	1.32	1.21
October 2004	6.02	6.15	1.34	1.20
November 2004	6.09	6.19	1.36	1.21
December 2004	6.12	6.24	1.34	1.18
January 2005	6.13	6.27	1.27	1.05
February 2005	5.89	6.08	1.22	1.01
March 2005	5.61	5.77	1.12	.93
April 2005	5.49	5.65	1.08	.90
May 2005	5.35	5.51	1.07	.88
June 2005	5.31	5.59	1.06	.88
July 2005	5.38	5.79	1.06	.85
August 2005	5.34	5.81	1.07	.86
September 2005	5.45	6.10	1.09	.88
October 2005	5.56	6.26	1.12	.90
November 2005	5.83	6.70	1.26	.99
December 2005	5.90	6.99	1.27	1.01
January 2006	5.91	7.21	1.28	1.07
February 2006	5.69	7.13	1.21	1.05
March 2006	5.38	6.84	1.12	.99
April 2006	5.34	7.01	1.09	.99
May 2006	5.18	6.95	1.06	1.00
June 2006	5.10	7.15	1.05	1.13
July 2006	5.21	7.65	1.06	1.20
August 2006	5.16	7.90	1.05	1.25
September 2006	5.23	8.43	1.06	1.34
October 2006	5.27	8.95	1.06	1.43
November 2006	5.41	9.48	1.08	1.55
December 2006	5.53	10.20	1.06	1.67
January 2007	5.53	10.65	1.11	1.78
February 2007	5.39	10.77	1.10	1.87
March 2007	5.21	10.89	1.03	1.88
April 2007	5.21	11.32	1.01	1.98
May 2007	5.30	11.95	1.02	2.19
June 2007	5.53	13.03	1.05	2.39
July 2007	5.84	14.30	1.09	2.59
August 2007	6.08	15.56	1.12	2.79
September 2007	6.53	17.18	1.19	3.03
October 2007	6.83	18.57	1.23	3.31
November 2007	7.23	20.34	1.32	3.79
December 2007	7.80	22.40	1.42	4.29
January 2008	8.19	23.93	1.53	4.68
February 2008	8.35	25.09	1.54	5.03
March 2008	8.51	26.03	1.51	4.88
April 2008	8.69	26.88	1.56	5.16
May 2008	8.89	27.70	1.62	5.46
June 2008	9.20	28.68	1.69	5.82
July 2008	9.41	29.33	1.79	6.08
August 2008	9.98	30.49	1.93	6.44
September 2008	10.40	31.33	2.09	6.80
October 2008	10.88	32.41	2.25	7.30
November 2008	11.78	33.95	2.47	7.85
December 2008	12.62	35.25	2.77	8.70
January 2009	13.35	36.48	3.06	10.53
February 2009	13.82	37.49	3.23	11.38
March 2009	14.08	38.21	3.38	12.13
April 2009	14.57	39.07	3.57	12.87
May 2009	15.17	39.96	3.79	13.50
June 2009	15.79	40.77	4.00	13.96
July 2009	16.41	41.54	4.25	14.41
August 2009	17.33	42.80	4.50	14.94
September 2009	18.26	44.06	4.80	15.54
October 2009	18.95	44.88	5.07	16.00
November 2009	19.85	45.87	5.37	16.63
December 2009	20.46	46.36	5.53	16.88
January 2010	20.96	46.58	5.70	17.08
February 2010	20.76	45.73	5.73	17.16
March 2010	20.17	44.34	5.56	16.73
April 2010	19.89	43.52	5.43	16.39
May 2010	19.66	42.61	5.34	16.10
June 2010	19.52	41.90	5.21	15.83
July 2010	19.55	41.53	5.15	15.59
August 2010	19.64	41.29	5.07	15.40
September 2010	19.84	41.19	5.04	15.25
October 2010	20.21	41.40	4.99	15.14
November 2010	21.60	42.41	5.02	15.18
December 2010	20.82	41.65	5.03	15.13

Note: The data are monthly and extend through December 2010. Delinquency rate is the percent of loans 90 days or more past due or in foreclosure.

Source: For prime and near prime, LPS Applied Analytics; for subprime, CoreLogic.

Return to text

Figure 13. Mortgage Interest Rates, 1995-2011

Percent

Period	Fixed rate	Adjustable rate
4 January 1995	9.22	6.83
11 January 1995	9.19	6.87
18 January 1995	9.05	6.82
25 January 1995	9.13	6.75
1 February 1995	8.94	6.75
8 February 1995	8.80	6.69
15 February 1995	8.84	6.66
22 February 1995	8.73	6.60
1 March 1995	8.53	6.51
8 March 1995	8.62	6.50
15 March 1995	8.38	6.44
22 March 1995	8.40	6.41
29 March 1995	8.38	6.37
5 April 1995	8.41	6.41
12 April 1995	8.37	6.38
19 April 1995	8.24	6.32
26 April 1995	8.26	6.30
3 May 1995	8.27	6.26
10 May 1995	7.87	6.12
17 May 1995	7.83	6.10
24 May 1995	7.85	6.06
31 May 1995	7.71	5.95
7 June 1995	7.51	5.86
14 June 1995	7.55	5.88
21 June 1995	7.53	5.84
28 June 1995	7.53	5.84
5 July 1995	7.63	5.86
12 July 1995	7.41	5.80
19 July 1995	7.60	5.81
26 July 1995	7.79	5.86
2 August 1995	7.82	5.89
9 August 1995	7.80	5.91
16 August 1995	7.94	5.95
23 August 1995	7.88	5.96
30 August 1995	7.76	5.86
6 September 1995	7.63	5.86
13 September 1995	7.60	5.80
20 September 1995	7.57	5.77
27 September 1995	7.62	5.77
4 October 1995	7.57	5.76
11 October 1995	7.50	5.75
18 October 1995	7.38	5.72
25 October 1995	7.45	5.73
1 November 1995	7.44	5.67
8 November 1995	7.37	5.64
15 November 1995	7.35	5.65
22 November 1995	7.35	5.61
29 November 1995	7.33	5.60
6 December 1995	7.18	5.53
13 December 1995	7.15	5.55
20 December 1995	7.23	5.64
27 December 1995	7.11	5.55
3 January 1996	7.02	5.46
10 January 1996	7.08	5.45
17 January 1996	7.02	5.48
24 January 1996	7.00	5.37
31 January 1996	7.02	5.37
7 February 1996	7.02	5.33
14 February 1996	6.94	5.19
21 February 1996	7.32	5.34
28 February 1996	7.41	5.38
6 March 1996	7.38	5.40
13 March 1996	7.83	5.55
20 March 1996	7.81	5.60
27 March 1996	7.69	5.62
3 April 1996	7.78	5.62
10 April 1996	8.05	5.80
17 April 1996	7.95	5.75
24 April 1996	7.92	5.74
1 May 1996	7.99	5.76
8 May 1996	8.24	5.80
15 May 1996	8.08	5.78
22 May 1996	8.01	5.75
29 May 1996	8.03	5.76
5 June 1996	8.30	5.86
12 June 1996	8.39	5.91
19 June 1996	8.30	5.93
26 June 1996	8.29	5.98
3 July 1996	8.14	5.94
10 July 1996	8.42	6.01
17 July 1996	8.23	5.97
24 July 1996	8.19	6.01
31 July 1996	8.23	5.98
7 August 1996	7.88	5.89
14 August 1996	7.88	5.81
21 August 1996	7.93	5.79
28 August 1996	8.09	5.75
4 September 1996	8.34	5.85
11 September 1996	8.28	5.90
18 September 1996	8.14	5.83
25 September 1996	8.16	5.82
2 October 1996	8.06	5.70
9 October 1996	7.86	5.68
16 October 1996	7.88	5.62
23 October 1996	7.86	5.57
30 October 1996	7.78	5.60
6 November 1996	7.67	5.56
13 November 1996	7.59	5.52
20 November 1996	7.53	5.48
27 November 1996	7.52	5.50
4 December 1996	7.44	5.47
11 December 1996	7.57	5.52
18 December 1996	7.74	5.53
25 December 1996	7.64	5.57
1 January 1997	7.67	5.56
8 January 1997	7.85	5.54
15 January 1997	7.87	5.57
22 January 1997	7.85	5.57
29 January 1997	7.88	5.55
5 February 1997	7.74	5.51
12 February 1997	7.65	5.52
19 February 1997	7.56	5.45
26 February 1997	7.65	5.49
5 March 1997	7.84	5.54
12 March 1997	7.84	5.61
19 March 1997	7.94	5.71
26 March 1997	7.97	5.71
2 April 1997	8.18	5.80
9 April 1997	8.15	5.91
16 April 1997	8.16	5.89
23 April 1997	8.08	5.86
30 April 1997	8.01	5.84
7 May 1997	7.94	5.82
14 May 1997	7.91	5.78
21 May 1997	7.92	5.80
28 May 1997	7.94	5.83
4 June 1997	7.85	5.78
11 June 1997	7.72	5.67
18 June 1997	7.61	5.66
25 June 1997	7.58	5.66
2 July 1997	7.62	5.67
9 July 1997	7.47	5.53
16 July 1997	7.47	5.55
23 July 1997	7.43	5.54
30 July 1997	7.36	5.49
6 August 1997	7.46	5.53
13 August 1997	7.54	5.56
20 August 1997	7.46	5.56
27 August 1997	7.58	5.62
3 September 1997	7.53	5.58
10 September 1997	7.53	5.59
17 September 1997	7.38	5.53
24 September 1997	7.28	5.51
1 October 1997	7.31	5.52
8 October 1997	7.26	5.49
15 October 1997	7.34	5.55
22 October 1997	7.35	5.55
29 October 1997	7.21	5.46
5 November 1997	7.24	5.48
12 November 1997	7.23	5.53
19 November 1997	7.18	5.48
26 November 1997	7.17	5.47
3 December 1997	7.15	5.50
10 December 1997	7.17	5.52
17 December 1997	7.07	5.51
24 December 1997	6.99	5.53
31 December 1997	7.03	5.50
7 January 1998	6.94	5.50
14 January 1998	6.89	5.56
21 January 1998	6.99	5.53
28 January 1998	7.12	5.59
4 February 1998	7.03	5.57
11 February 1998	7.06	5.58
18 February 1998	6.99	5.59
25 February 1998	7.09	5.65
4 March 1998	7.19	5.70
11 March 1998	7.16	5.70
18 March 1998	7.08	5.67
25 March 1998	7.08	5.70
1 April 1998	7.15	5.68
8 April 1998	7.09	5.68
15 April 1998	7.17	5.67
22 April 1998	7.15	5.64
29 April 1998	7.22	5.69
6 May 1998	7.14	5.65
13 May 1998	7.19	5.71
20 May 1998	7.10	5.70
27 May 1998	7.07	5.70
3 June 1998	7.05	5.68
10 June 1998	7.04	5.71
17 June 1998	6.94	5.68
24 June 1998	6.96	5.68
1 July 1998	6.98	5.66
8 July 1998	6.91	5.60
15 July 1998	6.94	5.64
22 July 1998	6.96	5.65
29 July 1998	6.97	5.62
5 August 1998	6.94	5.61
12 August 1998	6.91	5.60
19 August 1998	6.92	5.58
26 August 1998	6.92	5.58
2 September 1998	6.82	5.51
9 September 1998	6.77	5.50
16 September 1998	6.66	5.43
23 September 1998	6.64	5.42
30 September 1998	6.60	5.39
7 October 1998	6.49	5.36
14 October 1998	6.90	5.35
21 October 1998	6.73	5.37
28 October 1998	6.83	5.42
4 November 1998	6.89	5.48
11 November 1998	6.93	5.56
18 November 1998	6.86	5.52
25 November 1998	6.78	5.54
2 December 1998	6.71	5.52
9 December 1998	6.69	5.53
16 December 1998	6.69	5.55
23 December 1998	6.77	5.58
30 December 1998	6.83	5.63
6 January 1999	6.79	5.61
13 January 1999	6.83	5.61
20 January 1999	6.78	5.57
27 January 1999	6.74	5.57
3 February 1999	6.75	5.63
10 February 1999	6.77	5.58
17 February 1999	6.82	5.67
24 February 1999	6.89	5.71
3 March 1999	7.06	5.74
10 March 1999	7.11	5.88
17 March 1999	7.01	5.75
24 March 1999	6.98	5.69
31 March 1999	6.98	5.65
7 April 1999	6.92	5.59
14 April 1999	6.87	5.56
21 April 1999	6.88	5.56
28 April 1999	6.93	5.63
5 May 1999	7.02	5.68
12 May 1999	7.10	5.71
19 May 1999	7.23	5.76
26 May 1999	7.23	5.73
2 June 1999	7.41	5.85
9 June 1999	7.51	5.92
16 June 1999	7.65	5.94
23 June 1999	7.63	5.93
30 June 1999	7.71	6.05
7 July 1999	7.65	5.96
14 July 1999	7.58	5.97
21 July 1999	7.52	5.97
28 July 1999	7.70	5.99
4 August 1999	7.89	6.09
11 August 1999	8.15	6.24
18 August 1999	7.93	6.18
25 August 1999	7.80	6.22
1 September 1999	7.83	6.18
8 September 1999	7.88	6.21
15 September 1999	7.82	6.22
22 September 1999	7.76	6.19
29 September 1999	7.70	6.12
6 October 1999	7.82	6.27
13 October 1999	7.85	6.31
20 October 1999	7.93	6.30
27 October 1999	7.96	6.35
3 November 1999	7.84	6.34
10 November 1999	7.67	6.30
17 November 1999	7.69	6.35
24 November 1999	7.75	6.45
1 December 1999	7.84	6.49
8 December 1999	7.84	6.45
15 December 1999	7.86	6.49
22 December 1999	7.96	6.64
29 December 1999	8.06	6.56
5 January 2000	8.15	6.60
12 January 2000	8.18	6.61
19 January 2000	8.26	6.56
26 January 2000	8.25	6.65
2 February 2000	8.25	6.65
9 February 2000	8.36	6.73
16 February 2000	8.38	6.77
23 February 2000	8.31	6.73
1 March 2000	8.27	6.68
8 March 2000	8.23	6.68
15 March 2000	8.24	6.68
22 March 2000	8.23	6.78
29 March 2000	8.23	6.76
5 April 2000	8.20	6.79
12 April 2000	8.12	6.86
19 April 2000	8.16	6.76
26 April 2000	8.13	6.77
3 May 2000	8.28	6.90
10 May 2000	8.52	6.96
17 May 2000	8.64	7.15
24 May 2000	8.62	7.25
31 May 2000	8.54	7.25
7 June 2000	8.32	7.24
14 June 2000	8.22	7.21
21 June 2000	8.14	7.22
28 June 2000	8.22	7.26
5 July 2000	8.16	7.27
12 July 2000	8.09	7.22
19 July 2000	8.21	7.32
26 July 2000	8.13	7.29
2 August 2000	8.12	7.28
9 August 2000	8.04	7.28
16 August 2000	7.96	7.21
23 August 2000	7.99	7.37
30 August 2000	7.96	7.27
6 September 2000	7.94	7.33
13 September 2000	7.88	7.26
20 September 2000	7.90	7.27
27 September 2000	7.88	7.21
4 October 2000	7.83	7.21
11 October 2000	7.84	7.23
18 October 2000	7.83	7.25
25 October 2000	7.68	7.22
1 November 2000	7.73	7.12
8 November 2000	7.79	7.23
15 November 2000	7.73	7.25
22 November 2000	7.73	7.28
29 November 2000	7.65	7.24
6 December 2000	7.54	7.21
13 December 2000	7.42	7.05
20 December 2000	7.17	7.02
27 December 2000	7.13	6.93
3 January 2001	7.07	6.86
10 January 2001	6.89	6.65
17 January 2001	7.02	6.64
24 January 2001	7.15	6.64
31 January 2001	7.09	6.54
7 February 2001	6.98	6.45
14 February 2001	7.01	6.40
21 February 2001	7.12	6.43
28 February 2001	7.03	6.39
7 March 2001	6.97	6.29
14 March 2001	6.96	6.32
21 March 2001	6.89	6.22
28 March 2001	6.91	6.19
4 April 2001	7.01	6.23
11 April 2001	7.04	6.15
18 April 2001	7.14	6.08
25 April 2001	7.12	5.97
2 May 2001	7.14	6.00
9 May 2001	7.10	5.90
16 May 2001	7.14	5.81
23 May 2001	7.20	5.82
30 May 2001	7.24	5.89
6 June 2001	7.20	5.85
13 June 2001	7.14	5.82
20 June 2001	7.11	5.74
27 June 2001	7.11	5.77
4 July 2001	7.19	5.71
11 July 2001	7.21	5.79
18 July 2001	7.08	5.62
25 July 2001	7.03	5.72
1 August 2001	7.00	5.77
8 August 2001	7.00	5.70
15 August 2001	6.92	5.71
22 August 2001	6.91	5.68
29 August 2001	6.92	5.67
5 September 2001	6.89	5.64
12 September 2001	6.86	5.62
19 September 2001	6.80	5.58
26 September 2001	6.72	5.45
3 October 2001	6.64	5.34
10 October 2001	6.58	5.26
17 October 2001	6.61	5.26
24 October 2001	6.64	5.25
31 October 2001	6.56	5.26
7 November 2001	6.45	5.30
14 November 2001	6.51	5.06
21 November 2001	6.75	5.18
28 November 2001	7.02	5.22
5 December 2001	6.84	5.21
12 December 2001	7.09	5.19
19 December 2001	7.17	5.27
26 December 2001	7.16	5.25
2 January 2002	7.14	5.26
9 January 2002	7.06	5.26
16 January 2002	6.83	5.08
23 January 2002	6.96	5.10
30 January 2002	7.02	5.12
6 February 2002	6.88	5.04
13 February 2002	6.86	4.98
20 February 2002	6.81	4.96
27 February 2002	6.80	4.94
6 March 2002	6.87	5.07
13 March 2002	7.08	5.08
20 March 2002	7.14	5.11
27 March 2002	7.18	5.11
3 April 2002	7.13	4.99
10 April 2002	6.99	5.00
17 April 2002	6.94	4.95
24 April 2002	6.88	4.91
1 May 2002	6.78	4.75
8 May 2002	6.79	4.80
15 May 2002	6.89	4.81
22 May 2002	6.81	4.85
29 May 2002	6.76	4.76
5 June 2002	6.71	4.71
12 June 2002	6.71	4.67
19 June 2002	6.63	4.60
26 June 2002	6.55	4.61
3 July 2002	6.57	4.58
10 July 2002	6.54	4.66
17 July 2002	6.49	4.50
24 July 2002	6.34	4.31
31 July 2002	6.43	4.45
7 August 2002	6.31	4.37
14 August 2002	6.22	4.39
21 August 2002	6.27	4.34
28 August 2002	6.22	4.34
4 September 2002	6.15	4.35
11 September 2002	6.18	4.32
18 September 2002	6.05	4.28
25 September 2002	5.99	4.22
2 October 2002	6.01	4.29
9 October 2002	5.98	4.23
16 October 2002	6.15	4.27
23 October 2002	6.31	4.30
30 October 2002	6.13	4.25
6 November 2002	6.11	4.15
13 November 2002	5.94	4.09
20 November 2002	6.03	4.14
27 November 2002	6.13	4.19
4 December 2002	6.19	4.21
11 December 2002	6.04	4.18
18 December 2002	6.03	4.07
25 December 2002	5.93	4.01
1 January 2003	5.85	4.06
8 January 2003	5.95	4.03
15 January 2003	5.97	4.03
22 January 2003	5.91	3.93
29 January 2003	5.90	3.89
5 February 2003	5.88	3.89
12 February 2003	5.86	3.89
19 February 2003	5.84	3.81
26 February 2003	5.79	3.83
5 March 2003	5.67	3.76
12 March 2003	5.61	3.68
19 March 2003	5.79	3.75
26 March 2003	5.91	3.84
2 April 2003	5.79	3.82
9 April 2003	5.85	3.80
16 April 2003	5.82	3.79
23 April 2003	5.79	3.79
30 April 2003	5.70	3.74
7 May 2003	5.62	3.66
14 May 2003	5.45	3.67
21 May 2003	5.34	3.61
28 May 2003	5.31	3.63
4 June 2003	5.26	3.59
11 June 2003	5.21	3.54
18 June 2003	5.21	3.51
25 June 2003	5.24	3.45
2 July 2003	5.40	3.49
9 July 2003	5.52	3.55
16 July 2003	5.67	3.58
23 July 2003	5.94	3.67
30 July 2003	6.14	3.68
6 August 2003	6.34	3.80
13 August 2003	6.24	3.75
20 August 2003	6.28	3.84
27 August 2003	6.32	3.88
3 September 2003	6.44	3.98
10 September 2003	6.16	3.87
17 September 2003	6.01	3.81
24 September 2003	5.98	3.77
1 October 2003	5.77	3.72
8 October 2003	5.95	3.69
15 October 2003	6.05	3.79
22 October 2003	6.05	3.76
29 October 2003	5.94	3.74
5 November 2003	5.98	3.73
12 November 2003	6.03	3.76
19 November 2003	5.83	3.72
26 November 2003	5.89	3.77
3 December 2003	6.02	3.77
10 December 2003	5.88	3.77
17 December 2003	5.82	3.77
24 December 2003	5.81	3.73
31 December 2003	5.85	3.72
7 January 2004	5.87	3.76
14 January 2004	5.66	3.62
21 January 2004	5.64	3.56
28 January 2004	5.68	3.59
4 February 2004	5.72	3.61
11 February 2004	5.66	3.57
18 February 2004	5.58	3.53
25 February 2004	5.58	3.50
3 March 2004	5.59	3.47
10 March 2004	5.41	3.41
17 March 2004	5.38	3.39
24 March 2004	5.40	3.36
31 March 2004	5.52	3.46
7 April 2004	5.79	3.65
14 April 2004	5.89	3.69
21 April 2004	5.94	3.69
28 April 2004	6.01	3.75
5 May 2004	6.12	3.76
12 May 2004	6.34	3.90
19 May 2004	6.30	3.99
26 May 2004	6.32	3.87
2 June 2004	6.28	3.98
9 June 2004	6.30	4.14
16 June 2004	6.32	4.13
23 June 2004	6.25	4.13
30 June 2004	6.21	4.19
7 July 2004	6.01	4.05
14 July 2004	6.00	4.02
21 July 2004	5.98	4.12
28 July 2004	6.08	4.17
4 August 2004	5.99	4.08
11 August 2004	5.85	4.08
18 August 2004	5.81	4.01
25 August 2004	5.82	4.05
1 September 2004	5.77	3.97
8 September 2004	5.83	4.00
15 September 2004	5.75	4.03
22 September 2004	5.70	4.00
29 September 2004	5.72	3.97
6 October 2004	5.82	4.08
13 October 2004	5.74	4.01
20 October 2004	5.69	4.02
27 October 2004	5.64	3.96
3 November 2004	5.70	4.00
10 November 2004	5.76	4.16
17 November 2004	5.74	4.17
24 November 2004	5.72	4.27
1 December 2004	5.81	4.19
8 December 2004	5.71	4.15
15 December 2004	5.68	4.18
22 December 2004	5.75	4.17
29 December 2004	5.81	4.19
5 January 2005	5.77	4.10
12 January 2005	5.74	4.10
19 January 2005	5.67	4.11
26 January 2005	5.66	4.18
2 February 2005	5.63	4.23
9 February 2005	5.57	4.11
16 February 2005	5.62	4.15
23 February 2005	5.69	4.16
2 March 2005	5.79	4.14
9 March 2005	5.85	4.24
16 March 2005	5.95	4.20
23 March 2005	6.01	4.24
30 March 2005	6.04	4.33
6 April 2005	5.93	4.23
13 April 2005	5.91	4.30
20 April 2005	5.80	4.26
27 April 2005	5.78	4.21
4 May 2005	5.75	4.22
11 May 2005	5.77	4.23
18 May 2005	5.71	4.26
25 May 2005	5.65	4.21
1 June 2005	5.62	4.26
8 June 2005	5.56	4.21
15 June 2005	5.63	4.25
22 June 2005	5.57	4.23
29 June 2005	5.53	4.24
6 July 2005	5.62	4.33
13 July 2005	5.66	4.39
20 July 2005	5.73	4.42
27 July 2005	5.77	4.46
3 August 2005	5.82	4.47
10 August 2005	5.89	4.57
17 August 2005	5.80	4.58
24 August 2005	5.77	4.56
31 August 2005	5.71	4.48
7 September 2005	5.71	4.45
14 September 2005	5.74	4.46
21 September 2005	5.80	4.48
28 September 2005	5.91	4.68
5 October 2005	5.98	4.77
12 October 2005	6.03	4.85
19 October 2005	6.10	4.89
26 October 2005	6.15	4.91
2 November 2005	6.31	5.09
9 November 2005	6.36	5.12
16 November 2005	6.37	5.20
23 November 2005	6.28	5.14
30 November 2005	6.26	5.16
7 December 2005	6.32	5.16
14 December 2005	6.30	5.15
21 December 2005	6.26	5.22
28 December 2005	6.22	5.15
4 January 2006	6.21	5.16
11 January 2006	6.15	5.15
18 January 2006	6.10	5.18
25 January 2006	6.12	5.20
1 February 2006	6.23	5.33
8 February 2006	6.24	5.34
15 February 2006	6.28	5.36
22 February 2006	6.26	5.32
1 March 2006	6.24	5.34
8 March 2006	6.37	5.45
15 March 2006	6.34	5.37
22 March 2006	6.32	5.41
29 March 2006	6.35	5.51
5 April 2006	6.43	5.57
12 April 2006	6.49	5.61
19 April 2006	6.53	5.63
26 April 2006	6.58	5.68
3 May 2006	6.59	5.67
10 May 2006	6.58	5.62
17 May 2006	6.60	5.62
24 May 2006	6.62	5.61
31 May 2006	6.67	5.68
7 June 2006	6.62	5.63
14 June 2006	6.63	5.66
21 June 2006	6.71	5.75
28 June 2006	6.78	5.82
5 July 2006	6.79	5.83
12 July 2006	6.74	5.75
19 July 2006	6.80	5.80
26 July 2006	6.72	5.78
2 August 2006	6.63	5.69
9 August 2006	6.55	5.69
16 August 2006	6.52	5.65
23 August 2006	6.48	5.60
30 August 2006	6.44	5.59
6 September 2006	6.47	5.63
13 September 2006	6.43	5.60
20 September 2006	6.40	5.54
27 September 2006	6.31	5.47
4 October 2006	6.30	5.46
11 October 2006	6.37	5.56
18 October 2006	6.36	5.57
25 October 2006	6.40	5.60
1 November 2006	6.31	5.53
8 November 2006	6.33	5.55
15 November 2006	6.24	5.53
22 November 2006	6.18	5.49
29 November 2006	6.14	5.46
6 December 2006	6.11	5.43
13 December 2006	6.12	5.45
20 December 2006	6.13	5.44
27 December 2006	6.18	5.47
3 January 2007	6.18	5.42
10 January 2007	6.21	5.44
17 January 2007	6.23	5.51
24 January 2007	6.25	5.49
31 January 2007	6.34	5.54
7 February 2007	6.28	5.49
14 February 2007	6.30	5.52
21 February 2007	6.22	5.49
28 February 2007	6.18	5.49
7 March 2007	6.14	5.47
14 March 2007	6.14	5.42
21 March 2007	6.16	5.40
28 March 2007	6.16	5.43
4 April 2007	6.17	5.44
11 April 2007	6.22	5.47
18 April 2007	6.17	5.45
25 April 2007	6.16	5.43
2 May 2007	6.16	5.42
9 May 2007	6.15	5.48
16 May 2007	6.21	5.48
23 May 2007	6.37	5.64
30 May 2007	6.42	5.57
6 June 2007	6.53	5.65
13 June 2007	6.74	5.75
20 June 2007	6.69	5.66
27 June 2007	6.67	5.65
4 July 2007	6.63	5.71
11 July 2007	6.73	5.71
18 July 2007	6.73	5.72
25 July 2007	6.69	5.69
1 August 2007	6.68	5.59
8 August 2007	6.59	5.65
15 August 2007	6.62	5.67
22 August 2007	6.52	5.60
29 August 2007	6.45	5.84
5 September 2007	6.46	5.74
12 September 2007	6.31	5.66
19 September 2007	6.34	5.65
26 September 2007	6.42	5.60
3 October 2007	6.37	5.58
10 October 2007	6.40	5.73
17 October 2007	6.40	5.76
24 October 2007	6.33	5.66
31 October 2007	6.26	5.57
7 November 2007	6.24	5.50
14 November 2007	6.24	5.50
21 November 2007	6.20	5.42
28 November 2007	6.10	5.43
5 December 2007	5.96	5.46
12 December 2007	6.11	5.50
19 December 2007	6.14	5.51
26 December 2007	6.17	5.53
2 January 2008	6.07	5.47
9 January 2008	5.87	5.37
16 January 2008	5.69	5.26
23 January 2008	5.48	4.99
30 January 2008	5.68	5.05
6 February 2008	5.67	5.03
13 February 2008	5.72	5.00
20 February 2008	6.04	4.98
27 February 2008	6.24	5.11
5 March 2008	6.03	4.94
12 March 2008	6.13	5.14
19 March 2008	5.87	5.15
26 March 2008	5.85	5.24
2 April 2008	5.88	5.19
9 April 2008	5.88	5.18
16 April 2008	5.88	5.10
23 April 2008	6.03	5.29
30 April 2008	6.06	5.29
7 May 2008	6.05	5.29
14 May 2008	6.01	5.18
21 May 2008	5.98	5.24
28 May 2008	6.08	5.22
4 June 2008	6.09	5.06
11 June 2008	6.32	5.09
18 June 2008	6.42	5.19
25 June 2008	6.45	5.27
2 July 2008	6.35	5.17
9 July 2008	6.37	5.17
16 July 2008	6.26	5.10
23 July 2008	6.63	5.49
30 July 2008	6.52	5.27
6 August 2008	6.52	5.22
13 August 2008	6.52	5.18
20 August 2008	6.47	5.29
27 August 2008	6.40	5.33
3 September 2008	6.35	5.15
10 September 2008	5.93	5.21
17 September 2008	5.78	5.03
24 September 2008	6.09	5.16
1 October 2008	6.10	5.12
8 October 2008	5.94	5.15
15 October 2008	6.46	5.16
22 October 2008	6.04	5.23
29 October 2008	6.46	5.38
5 November 2008	6.20	5.25
12 November 2008	6.14	5.33
19 November 2008	6.04	5.29
26 November 2008	5.97	5.18
3 December 2008	5.53	5.02
10 December 2008	5.47	5.09
17 December 2008	5.19	4.94
24 December 2008	5.14	4.95
31 December 2008	5.10	4.85
7 January 2009	5.01	4.95
14 January 2009	4.96	4.89
21 January 2009	5.12	4.92
28 January 2009	5.10	4.90
4 February 2009	5.25	4.92
11 February 2009	5.16	4.94
18 February 2009	5.04	4.80
25 February 2009	5.07	4.81
4 March 2009	5.15	4.86
11 March 2009	5.03	4.80
18 March 2009	4.98	4.91
25 March 2009	4.85	4.85
1 April 2009	4.78	4.75
8 April 2009	4.87	4.83
15 April 2009	4.82	4.91
22 April 2009	4.80	4.82
29 April 2009	4.78	4.77
6 May 2009	4.84	4.78
13 May 2009	4.86	4.71
20 May 2009	4.82	4.82
27 May 2009	4.91	4.69
3 June 2009	5.29	4.81
10 June 2009	5.59	5.04
17 June 2009	5.38	4.95
24 June 2009	5.42	4.93
1 July 2009	5.32	4.94
8 July 2009	5.20	4.82
15 July 2009	5.14	4.76
22 July 2009	5.20	4.77
29 July 2009	5.25	4.80
5 August 2009	5.22	4.78
12 August 2009	5.29	4.72
19 August 2009	5.12	4.69
26 August 2009	5.14	4.69
2 September 2009	5.08	4.62
9 September 2009	5.07	4.64
16 September 2009	5.04	4.58
23 September 2009	5.04	4.52
30 September 2009	4.94	4.49
7 October 2009	4.87	4.53
14 October 2009	4.92	4.60
21 October 2009	5.00	4.54
28 October 2009	5.03	4.57
4 November 2009	4.98	4.47
11 November 2009	4.91	4.46
18 November 2009	4.83	4.35
25 November 2009	4.78	4.35
2 December 2009	4.71	4.25
9 December 2009	4.81	4.24
16 December 2009	4.94	4.34
23 December 2009	5.05	4.38
30 December 2009	5.14	4.33
6 January 2010	5.09	4.31
13 January 2010	5.06	4.39
20 January 2010	4.99	4.32
27 January 2010	4.98	4.29
3 February 2010	5.01	4.22
10 February 2010	4.97	4.33
17 February 2010	4.93	4.23
24 February 2010	5.05	4.15
3 March 2010	4.97	4.27
10 March 2010	4.95	4.22
17 March 2010	4.96	4.12
24 March 2010	4.99	4.20
31 March 2010	5.08	4.05
7 April 2010	5.21	4.14
14 April 2010	5.07	4.13
21 April 2010	5.07	4.22
28 April 2010	5.06	4.25
5 May 2010	5.00	4.07
12 May 2010	4.93	4.02
19 May 2010	4.84	4.00
26 May 2010	4.78	3.95
2 June 2010	4.79	3.95
9 June 2010	4.72	3.91
16 June 2010	4.75	3.82
23 June 2010	4.69	3.77
30 June 2010	4.58	3.80
7 July 2010	4.57	3.75
14 July 2010	4.57	3.74
21 July 2010	4.56	3.70
28 July 2010	4.54	3.64
4 August 2010	4.49	3.55
11 August 2010	4.44	3.53
18 August 2010	4.42	3.53
25 August 2010	4.36	3.52
1 September 2010	4.32	3.50
8 September 2010	4.35	3.46
15 September 2010	4.37	3.40
22 September 2010	4.37	3.46
29 September 2010	4.32	3.48
6 October 2010	4.27	3.40
13 October 2010	4.19	3.43
20 October 2010	4.21	3.30
27 October 2010	4.23	3.30
3 November 2010	4.24	3.26
10 November 2010	4.17	3.26
17 November 2010	4.39	3.26
24 November 2010	4.40	3.23
1 December 2010	4.46	3.25
8 December 2010	4.61	3.27
15 December 2010	4.83	3.35
22 December 2010	4.81	3.40
29 December 2010	4.86	3.26
5 January 2011	4.77	3.24
12 January 2011	4.71	3.23
19 January 2011	4.74	3.25
26 January 2011	4.80	3.26
2 February 2011	4.81	3.26
9 February 2011	5.05	3.35
16 February 2011	5.00	3.39
23 February 2011	4.95	3.40

Note: The data, which are weekly and extend through February 23, 2011, are contract rates on 30-year mortgages.

Source: Federal Home Loan Mortgage Corporation.

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Figure 14. Change in Real Business Fixed Investment, 2004-10

Percent, annual rate

Period	Structures	Equipment and software	High-tech equipment and software	Other equipment excluding transportation
2004	1.67	8.82	6.06	5.19
2005	-0.12	6.08	5.86	8.35
2006	12.98	6.01	8.58	4.06
2007	17.29	4.29	12.60	1.79
2008	-1.45	-11.76	-0.15	-8.11
2009	-26.50	-4.89	10.25	-15.02
2010:H1	-9.54	22.59	11.11	19.35
2010:H2	0.42	10.37	10.46	10.59

Note: High-tech equipment consists of computers and peripheral equipment and communications equipment.

Source: Department of Commerce, Bureau of Economic Analysis.

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Figure 15. Change in Real Business Inventories, 2004-10

Billions of chained (2005) dollars, annual rate

Period	Change in real business inventories
2004	66.33
2005	49.95
2006	59.42
2007	19.47
2008	-25.89
2009	-113.12
2010:H1	56.49
2010:Q3	121.41
2010:Q4	7.07

Source: Department of Commerce, Bureau of Economic Analysis.

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Figure 16. Delinquency Rates on Commercial Real Estate Loans, 1991-2011

Data are plotted as two series in an upper graph and two series in a lower graph. All data are expressed as percentages. The data for the top panel are for construction and land development loans and nonfarm nonresidential loans, while the bottom panel contains a series on commercial mortgage-backed securities (CMBS) and life insurance companies' delinquency rates.

In the top panel, delinquency rates for construction and land development loans begin in 1991 above 17 percent. They stay in the 15 to 17 percent range for the next two years before falling swiftly to between 0 and 5 in 1996. The nonfarm nonresidential rates take a similar path, but feature a much less severe drop in delinquency rates as they begin 1991 near 10. Both series remain between 0 and 3 until 2007. From 2007 through 2010, construction and land development delinquency rates skyrocket to their peak of 18. Nonfarm nonresidential delinquency rates also increase, but at a much slower pace and only peak at 5. Both series begin to decline slightly in the second half of 2010.

For the second graph, life insurance companies' delinquency rate moves upward from 5 in 1991 to nearly 8 in 1992 before sharply falling to approximately 0 in 1999, where it remains through 2010. The CMBS series, which begins in 1999 at less than 1, gradually increases until 2004, when it hits a local maximum of approximately 2. At that point, the CMBS series recedes to near 0 in 2008 before precipitously increasing to approximately 10 in January 2011.

Note: The data for commercial banks and life insurance companies are quarterly and extend through 2010:Q4 and 2010:Q3, respectively. The data for CMBS are monthly and extend through January 2011. The delinquency rates for commercial banks and CMBS are the percent of loans 30 days or more past due or not accruing interest. The delinquency rate for life insurance companies is the percent of loans 60 days or more past due or not accruing interest.

Source: For commercial banks, Federal Financial Institutions Examination Council, Consolidated Reports of Condition and Income (Call Report); for life insurance companies, American Council of Life Insurers; for CMBS, Citigroup.

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Figure 17. Selected Components of Net Financing for Nonfinancial Businesses, 2005-10

Billions of dollars, monthly rate

Period	Commercial paper	Bonds	Bank loans	Sum
2005	-0.23	4.72	10.99	15.48
2006	2.42	17.96	11.89	32.27
2007	-0.44	25.93	21.04	46.53
2008	1.61	17.05	9.53	28.19
2009:H1	-12.40	40.65	-20.17	8.08
2009:H2	-1.90	22.92	-28.83	-7.81
2010:Q1	4.56	36.04	-22.99	17.61
2010:Q2	5.59	19.3	-6.26	18.63
2010:Q3	4.02	42.56	-0.92	45.66
2010:Q4	-4.52	42.05	4.21	41.74

Note: The data for the components except bonds are seasonally adjusted.

Source: Federal Reserve Board, flow of funds data.

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Figure 18. Net Percentage of Domestic Banks Tightening Standards and Widening Spreads Over the Banks' Cost of Funds for Large and Medium-Sized Business Borrowers, 1998-2011

Percent

Period	Standards	Spreads
1998:Q1	1.80	-25.40
1998:Q2	-7.10	-34.00
1998:Q3	0.00	-14.30
1998:Q4	36.40	47.30
1999:Q1	7.40	31.40
1999:Q2	10.00	7.10
1999:Q3	5.40	21.50
1999:Q4	9.10	23.60
2000:Q1	10.90	25.00
2000:Q2	24.60	35.20
2000:Q3	33.90	35.80
2000:Q4	43.80	54.40
2001:Q1	59.70	57.10
2001:Q2	50.90	44.40
2001:Q3	40.40	50.80
2001:Q4	50.90	58.90
2002:Q1	45.40	40.00
2002:Q2	25.00	23.70
2002:Q3	21.40	41.10
2002:Q4	20.00	29.10
2003:Q1	22.00	27.10
2003:Q2	8.90	14.60
2003:Q3	3.50	-12.30
2003:Q4	0.00	-13.80
2004:Q1	-17.90	-26.80
2004:Q2	-23.20	-39.30
2004:Q3	-20.00	-30.80
2004:Q4	-21.10	-50.00
2005:Q1	-23.60	-45.50
2005:Q2	-24.10	-70.40
2005:Q3	-16.70	-46.30
2005:Q4	-8.80	-45.60
2006:Q1	-10.70	-42.50
2006:Q2	-12.30	-59.70
2006:Q3	-8.90	-41.80
2006:Q4	0.00	-29.60
2007:Q1	0.00	-44.60
2007:Q2	-3.70	-52.80
2007:Q3	7.50	-32.10
2007:Q4	19.20	34.60
2008:Q1	32.20	43.60
2008:Q2	55.40	71.00
2008:Q3	57.60	80.80
2008:Q4	83.60	98.20
2009:Q1	64.20	92.50
2009:Q2	39.60	79.20
2009:Q3	31.50	59.30
2009:Q4	14.00	40.40
2010:Q1	-5.50	9.10
2010:Q2	-7.10	-7.10
2010:Q3	-8.80	-49.10
2010:Q4	-10.50	-33.30
2011:Q1	-10.50	-47.40

Note: The data are drawn from a survey generally conducted four times per year; the last observation is from the January 2011 survey, which covers 2010:Q4. Net percentage is the percentage of banks reporting a tightening of standards or a widening of spreads less the percentage reporting an easing or a narrowing. The definition for firm size suggested for, and generally used by, survey respondents is that large and medium-sized firms have annual sales of $50 million or more.

Source: Federal Reserve Board, Senior Loan Officer Opinion Survey on Bank Lending Practices.

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Figure 19. Net Percentage of Small Businesses That Reported More Difficulty in Obtaining Credit, 1990-2011

Period	Percent
January 1990	6.50
February 1990	7.27
March 1990	6.86
April 1990	7.08
May 1990	8.64
June 1990	9.67
July 1990	9.57
August 1990	10.98
September 1990	11.04
October 1990	10.20
November 1990	10.15
December 1990	10.95
January 1991	10.70
February 1991	9.09
March 1991	12.87
April 1991	11.17
May 1991	7.77
June 1991	9.41
July 1991	10.74
August 1991	11.80
September 1991	10.11
October 1991	10.09
November 1991	12.34
December 1991	9.97
January 1992	8.81
February 1992	9.95
March 1992	11.74
April 1992	8.16
May 1992	8.00
June 1992	6.11
July 1992	7.88
August 1992	7.76
September 1992	10.31
October 1992	6.84
November 1992	8.50
December 1992	8.14
January 1993	7.79
February 1993	7.82
March 1993	7.57
April 1993	7.07
May 1993	7.28
June 1993	7.85
July 1993	3.94
August 1993	5.94
September 1993	5.41
October 1993	6.57
November 1993	4.66
December 1993	5.35
January 1994	4.67
February 1994	5.83
March 1994	4.40
April 1994	2.87
May 1994	5.53
June 1994	5.56
July 1994	4.97
August 1994	5.23
September 1994	6.51
October 1994	6.31
November 1994	5.78
December 1994	5.58
January 1995	6.50
February 1995	5.88
March 1995	6.28
April 1995	5.72
May 1995	4.65
June 1995	4.33
July 1995	4.05
August 1995	4.47
September 1995	2.44
October 1995	3.31
November 1995	2.79
December 1995	2.79
January 1996	3.32
February 1996	2.00
March 1996	3.13
April 1996	3.57
May 1996	2.73
June 1996	3.32
July 1996	4.08
August 1996	2.48
September 1996	3.43
October 1996	4.49
November 1996	3.69
December 1996	3.84
January 1997	3.18
February 1997	4.16
March 1997	3.01
April 1997	3.50
May 1997	2.70
June 1997	3.44
July 1997	3.07
August 1997	2.48
September 1997	3.38
October 1997	0.86
November 1997	4.44
December 1997	1.81
January 1998	2.09
February 1998	1.14
March 1998	1.99
April 1998	1.55
May 1998	2.63
June 1998	2.68
July 1998	0.99
August 1998	2.44
September 1998	2.37
October 1998	1.16
November 1998	2.24
December 1998	-0.28
January 1999	2.00
February 1999	3.14
March 1999	2.95
April 1999	-0.36
May 1999	2.47
June 1999	1.96
July 1999	2.95
August 1999	3.43
September 1999	1.39
October 1999	3.41
November 1999	3.08
December 1999	4.62
January 2000	3.95
February 2000	2.96
March 2000	3.83
April 2000	4.85
May 2000	4.43
June 2000	7.28
July 2000	4.87
August 2000	4.36
September 2000	5.51
October 2000	4.50
November 2000	6.96
December 2000	4.44
January 2001	4.95
February 2001	4.90
March 2001	2.65
April 2001	3.03
May 2001	3.49
June 2001	2.46
July 2001	3.81
August 2001	3.36
September 2001	7.63
October 2001	3.52
November 2001	0.89
December 2001	2.19
January 2002	2.98
February 2002	2.79
March 2002	4.56
April 2002	6.24
May 2002	4.60
June 2002	3.67
July 2002	3.78
August 2002	3.25
September 2002	2.70
October 2002	3.46
November 2002	-0.21
December 2002	4.99
January 2003	3.99
February 2003	4.88
March 2003	4.45
April 2003	2.40
May 2003	2.71
June 2003	4.83
July 2003	2.83
August 2003	3.03
September 2003	3.73
October 2003	3.43
November 2003	4.73
December 2003	2.78
January 2004	2.00
February 2004	2.97
March 2004	2.32
April 2004	2.58
May 2004	2.81
June 2004	4.06
July 2004	3.95
August 2004	3.73
September 2004	3.69
October 2004	3.37
November 2004	2.62
December 2004	4.63
January 2005	3.98
February 2005	3.24
March 2005	2.28
April 2005	5.63
May 2005	4.88
June 2005	3.28
July 2005	4.02
August 2005	4.47
September 2005	3.47
October 2005	4.42
November 2005	5.63
December 2005	2.55
January 2006	5.92
February 2006	5.48
March 2006	5.32
April 2006	4.59
May 2006	4.79
June 2006	5.55
July 2006	6.05
August 2006	7.34
September 2006	3.24
October 2006	6.46
November 2006	5.59
December 2006	5.58
January 2007	4.85
February 2007	5.78
March 2007	6.31
April 2007	5.45
May 2007	5.73
June 2007	5.74
July 2007	4.99
August 2007	6.34
September 2007	9.02
October 2007	6.53
November 2007	6.65
December 2007	6.59
January 2008	6.86
February 2008	5.96
March 2008	6.22
April 2008	9.32
May 2008	7.67
June 2008	7.81
July 2008	8.99
August 2008	9.45
September 2008	10.89
October 2008	9.56
November 2008	10.62
December 2008	11.60
January 2009	12.90
February 2009	14.12
March 2009	11.18
April 2009	14.18
May 2009	15.68
June 2009	14.80
July 2009	14.99
August 2009	13.50
September 2009	13.78
October 2009	14.61
November 2009	14.67
December 2009	14.58
January 2010	13.91
February 2010	13.21
March 2010	14.20
April 2010	14.06
May 2010	12.63
June 2010	13.74
July 2010	12.88
August 2010	11.97
September 2010	13.04
October 2010	11.86
November 2010	10.93
December 2010	11.42
January 2011	10.05

Note: The data are drawn from a survey conducted monthly and are seasonally adjusted; the last observation is from the January 2011 survey, which covers December 2010. The data reflect the proportion of borrowers who sought credit in the past three months that reported more difficulty in obtaining credit less the proportion that reported more ease in obtaining credit.

Source: National Federation of Independent Business.

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Figure 20. Components of Net Equity Issuance, 2005-10

Billions of dollars, monthly rate

Period	Public issuance	Private issuance	Repurchases	Mergers and acquisitions	Total
2005	4.56	8.68	-27.53	-15.02	-29.31
2006	4.67	13.25	-35.87	-24.60	-42.55
2007	5.45	19.27	-44.51	-38.38	-58.17
2008	3.73	21.94	-29.76	-15.52	-19.61
2009:H1	5.34	15.17	-9.44	-6.09	4.98
2009:H2	5.18	11.80	-12.98	-15.98	-11.98
2010:H1	4.40	9.49	-21.80	-10.76	-18.67
2010:Q3	4.33	8.69	-26.27	-10.50	-23.75

Note: The data for 2010:Q3 are estimates. Net equity issuance is the difference between equity issued by domestic companies in public or private markets and equity retired through share repurchases, domestic cash-financed mergers, or foreign takeovers of U.S. firms. Equity issuance includes funds invested by private equity partnerships and stock option proceeds.

Source: Thomson Financial, Investment Benchmark Report; Money Tree Report by PricewaterhouseCoopers, National Venture Capital Association, and Venture Economics.

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Figure 21. Federal Receipts and Expenditures, 1990-2010

Percent of nominal GDP

Period	Expenditures	Receipts
1990	21.85	18.00
1991	22.33	17.79
1992	22.13	17.48
1993	21.40	17.53
1994	20.95	18.04
1995	20.65	18.42
1996	20.22	18.83
1997	19.50	19.23
1998	19.08	19.88
1999	18.48	19.85
2000	18.22	20.62
2001	18.22	19.48
2002	19.07	17.58
2003	19.67	16.23
2004	19.62	16.09
2005	19.86	17.31
2006	20.08	18.20
2007	19.64	18.49
2008	20.72	17.53
2009	24.95	14.93
2010	23.82	14.90

Note: The receipts and expenditures data are on a unified-budget basis and are for fiscal years (October through September); gross domestic product (GDP) is for the four quarters ending in Q3.

Source: Office of Management and Budget.

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Figure 22. Change in Real Government Expenditures on Consumption and Investment, 2004-10

Percent, annual rate

Period	Federal	State and local
2004	2.35	-0.41
2005	1.15	0.38
2006	2.15	1.16
2007	3.11	1.21
2008	9.19	-0.42
2009	3.64	-1.02
2010:H1	5.42	-1.60
2010:H2	4.18	-0.86

Source: Department of Commerce, Bureau of Economic Analysis.

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Figure 23. Federal Government Debt Held By the Public, 1960-2010

Period	Percent of nominal GDP
1960	45.06
1961	43.22
1962	42.14
1963	40.07
1964	38.47
1965	34.99
1966	32.86
1967	32.61
1968	31.04
1969	28.62
1970	28.45
1971	28.17
1972	26.38
1973	24.19
1974	23.07
1975	25.90
1976	27.23
1977	26.97
1978	25.74
1979	24.73
1980	25.21
1981	25.68
1982	29.64
1983	31.64
1984	33.82
1985	36.81
1986	39.75
1987	39.93
1988	40.09
1989	40.33
1990	42.73
1991	45.57
1992	47.44
1993	48.97
1994	48.18
1995	48.22
1996	47.14
1997	44.73
1998	41.56
1999	38.31
2000	33.42
2001	32.58
2002	33.78
2003	35.33
2004	36.19
2005	36.40
2006	35.89
2007	35.84
2008	44.83
2009	54.67
2010	63.16

Note: The data for debt are as of year-end; the observation for 2010 is an estimate. The corresponding values for gross domestic product (GDP) are for Q4 at an annual rate. Excludes securities held as investments of federal government accounts.

Source: Federal Reserve Board, flow of funds data.

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Figure 24. Change in Real Imports and Exports of Goods and Services, 2004-10

Percent, annual rate

Period	Imports	Exports
2004	10.94	7.12
2005	5.17	6.68
2006	4.13	10.21
2007	0.66	10.10
2008	-5.97	-2.93
2009	-7.24	-0.07
2010:H1	21.83	8.17
2010:Q3	16.81	6.76
2010:Q4	-12.39	9.60

Source: Department of Commerce, Bureau of Economic Analysis.

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Figure 25. U.S. Trade and Current Account Balances, 2002-10

Percent of nominal GDP

Period	Trade	Current account
2002:Q1	-3.54	-3.96
2002:Q2	-3.89	-4.35
2002:Q3	-4.01	-4.33
2002:Q4	-4.36	-4.57
2003:Q1	-4.55	-4.96
2003:Q2	-4.47	-4.73
2003:Q3	-4.36	-4.62
2003:Q4	-4.37	-4.41
2004:Q1	-4.66	-4.71
2004:Q2	-5.09	-5.29
2004:Q3	-5.21	-5.31
2004:Q4	-5.55	-5.91
2005:Q1	-5.37	-5.64
2005:Q2	-5.48	-5.72
2005:Q3	-5.68	-5.81
2005:Q4	-6.05	-6.48
2006:Q1	-5.81	-6.01
2006:Q2	-5.72	-6.04
2006:Q3	-5.91	-6.38
2006:Q4	-5.23	-5.54
2007:Q1	-5.14	-5.74
2007:Q2	-5.12	-5.47
2007:Q3	-4.89	-4.83
2007:Q4	-4.83	-4.41
2008:Q1	-5.07	-4.80
2008:Q2	-5.13	-4.89
2008:Q3	-5.18	-4.76
2008:Q4	-4.07	-4.16
2009:Q1	-2.57	-2.72
2009:Q2	-2.29	-2.41
2009:Q3	-2.81	-2.76
2009:Q4	-2.93	-2.83
2010:Q1	-3.17	-3.02
2010:Q2	-3.65	-3.38
2010:Q3	-3.65	-3.45
2010:Q4	-3.15	ND

Note: The data are quarterly. For the trade account, the data extend through 2010:Q4; for the current account, they extend through 2010:Q3. GDP is gross domestic product.

Source: Department of Commerce, Bureau of Economic Analysis.

ND No data. Return to table

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Figure 26. Prices of Oil and Nonfuel Commodities, 2006-11

Period	Nonfuel commodities (December 2005 = 100)	Oil (Dollars per barrel)
January 2006	103.52	65.51
February 2006	106.71	61.63
March 2006	107.53	62.94
April 2006	113.66	69.69
May 2006	123.22	70.98
June 2006	119.83	70.96
July 2006	121.87	74.41
August 2006	121.79	73.05
September 2006	119.71	63.87
October 2006	122.83	58.88
November 2006	124.71	59.33
December 2006	126.71	62.02
January 2007	125.60	54.16
February 2007	128.68	59.26
March 2007	130.88	60.56
April 2007	136.15	63.96
May 2007	137.70	63.46
June 2007	137.20	67.48
July 2007	136.90	74.12
August 2007	132.13	72.39
September 2007	135.07	79.93
October 2007	136.90	85.93
November 2007	136.57	94.62
December 2007	136.77	91.70
January 2008	144.93	92.95
February 2008	154.92	95.35
March 2008	160.76	105.56
April 2008	159.82	112.57
May 2008	158.46	125.39
June 2008	160.80	133.93
July 2008	161.17	133.44
August 2008	150.95	116.70
September 2008	142.57	103.90
October 2008	120.71	76.66
November 2008	111.54	57.28
December 2008	104.91	41.02
January 2009	110.03	41.74
February 2009	107.68	39.16
March 2009	106.15	47.98
April 2009	110.95	49.79
May 2009	117.86	59.16
June 2009	122.55	69.68
July 2009	123.50	64.09
August 2009	130.20	71.06
September 2009	126.13	69.46
October 2009	128.49	75.82
November 2009	134.46	77.93
December 2009	139.33	74.43
January 2010	143.12	78.39
February 2010	140.75	76.42
March 2010	146.02	81.24
April 2010	154.87	84.48
May 2010	147.38	73.84
June 2010	141.81	75.35
July 2010	143.98	76.37
August 2010	152.73	76.72
September 2010	156.48	75.31
October 2010	164.93	81.90
November 2010	169.53	84.09
December 2010	178.85	89.22
January 2011	187.45	89.42
February 2011	ND	88.66

Note: The data are monthly. The oil price is the spot price of West Texas Intermediate crude oil, and the last observation is the average for February 1-22, 2011. The price of nonfuel commodities is an index of 45 primary-commodity prices and extends through January 2011.

Source: For oil, the Commodity Research Bureau; for nonfuel commodities, International Monetary Fund.

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Figure 27. Net Saving, 1990-2010

Percent of nominal GDP

Period	Nonfederal saving	Federal saving	Total
1990:Q1	7.00	-3.00	4.00
1990:Q2	7.44	-3.05	4.39
1990:Q3	6.61	-2.94	3.67
1990:Q4	6.73	-3.18	3.56
1991:Q1	7.51	-2.68	4.84
1991:Q2	7.35	-3.64	3.71
1991:Q3	7.20	-3.99	3.21
1991:Q4	7.67	-4.25	3.42
1992:Q1	8.10	-4.78	3.32
1992:Q2	8.25	-4.80	3.45
1992Q:3	7.44	-4.90	2.54
1992:Q4	7.17	-4.60	2.57
1993:Q1	7.45	-4.77	2.69
1993:Q2	7.05	-4.16	2.89
1993:Q3	6.62	-4.22	2.40
1993:Q4	6.53	-3.69	2.84
1994:Q1	6.97	-3.42	3.55
1994:Q2	6.81	-2.88	3.93
1994:Q3	6.98	-3.09	3.89
1994:Q4	7.23	-3.06	4.17
1995:Q1	7.76	-3.03	4.73
1995:Q2	7.25	-2.80	4.45
1995:Q3	7.49	-2.82	4.67
1995:Q4	7.48	-2.48	5.00
1996:Q1	7.62	-2.54	5.08
1996:Q2	7.29	-1.92	5.37
1996:Q3	7.41	-1.75	5.65
1996:Q4	7.30	-1.38	5.92
1997:Q1	7.39	-1.14	6.25
1997:Q2	7.66	-0.86	6.80
1997:Q3	7.44	-0.42	7.02
1997:Q4	7.37	-0.49	6.89
1998:Q1	7.36	0.09	7.45
1998:Q2	6.99	0.24	7.23
1998:Q3	6.80	0.59	7.39
1998:Q4	6.18	0.59	6.77
1999:Q1	6.60	0.86	7.47
1999:Q2	5.59	1.04	6.62
1999:Q3	4.96	1.10	6.06
1999:Q4	4.91	1.21	6.13
2000:Q1	4.85	2.11	6.96
2000:Q2	4.61	1.76	6.37
2000:Q3	4.43	1.81	6.24
2000:Q4	3.46	1.77	5.22
2001:Q1	4.03	1.57	5.60
2001:Q2	3.74	1.16	4.89
2001:Q3	4.87	-1.01	3.85
2001:Q4	2.89	-0.12	2.77
2002:Q1	4.95	-1.96	2.99
2002:Q2	5.00	-2.36	2.65
2002:Q3	4.41	-2.46	1.95
2002:Q4	4.76	-2.72	2.04
2003:Q1	4.24	-2.76	1.48
2003:Q2	5.18	-3.41	1.78
2003:Q3	5.53	-4.01	1.52
2003:Q4	5.65	-3.32	2.34
2004:Q1	5.70	-3.53	2.17
2004:Q2	5.76	-3.26	2.50
2004:Q3	5.88	-3.03	2.85
2004:Q4	5.28	-2.98	2.29
2005:Q1	5.14	-2.33	2.80
2005:Q2	5.04	-2.30	2.73
2005:Q3	4.92	-2.26	2.67
2005:Q4	5.31	-2.07	3.24
2006:Q1	5.60	-1.57	4.03
2006:Q2	5.55	-1.72	3.83
2006:Q3	5.21	-1.60	3.61
2006:Q4	5.07	-1.20	3.87
2007:Q1	3.85	-1.46	2.38
2007:Q2	3.77	-1.69	2.07
2007:Q3	3.25	-1.87	1.38
2007:Q4	3.13	-1.94	1.20
2008:Q1	3.26	-2.63	0.63
2008:Q2	4.75	-5.26	-0.51
2008:Q3	3.94	-4.46	-0.52
2008:Q4	3.41	-4.79	-1.39
2009:Q1	5.23	-7.14	-1.91
2009:Q2	7.09	-9.52	-2.43
2009:Q3	6.71	-9.61	-2.91
2009:Q4	7.15	-9.18	-2.03
2010:Q1	7.50	-9.10	-1.60
2010:Q2	8.23	-9.17	-0.94
2010:Q3	8.16	-9.11	-0.95

Note: The data are quarterly and extend through 2010:Q3. Nonfederal saving is the sum of personal and net business saving and the net saving of state and local governments. GDP is gross domestic product.

Source: Department of Commerce, Bureau of Economic Analysis.

Return to text

Figure 28. Net Change in Private Payroll Employment, 2004-11

Thousands of jobs, 3-month moving average

Period	Jobs
January 2004	104.00
February 2004	100.67
March 2004	163.00
April 2004	185.00
May 2004	278.00
June 2004	209.33
July 2004	148.67
August 2004	79.00
September 2004	98.00
October 2004	194.00
November 2004	169.67
December 2004	163.00
January 2005	84.33
February 2005	152.00
March 2005	157.00
April 2005	241.00
May 2005	211.33
June 2005	250.67
July 2005	227.00
August 2005	242.67
September 2005	181.67
October 2005	123.33
November 2005	161.67
December 2005	180.67
January 2006	251.67
February 2006	245.67
March 2006	287.00
April 2006	238.00
May 2006	144.00
June 2006	84.67
July 2006	79.67
August 2006	127.33
September 2006	127.67
October 2006	79.33
November 2006	93.67
December 2006	123.67
January 2007	185.00
February 2007	141.00
March 2007	149.33
April 2007	105.00
May 2007	122.67
June 2007	72.67
July 2007	59.33
August 2007	-9.33
September 2007	-24.33
October 2007	-5.33
November 2007	59.00
December 2007	70.00
January 2008	46.67
February 2008	-28.67
March 2008	-70.33
April 2008	-133.67
May 2008	-171.00
June 2008	-214.33
July 2008	-240.67
August 2008	-266.33
September 2008	-338.67
October 2008	-414.00
November 2008	-570.67
December 2008	-638.00
January 2009	-754.67
February 2009	-732.67
March 2009	-783.00
April 2009	-760.33
May 2009	-628.67
June 2009	-512.33
July 2009	-350.33
August 2009	-313.33
September 2009	-238.33
October 2009	-226.00
November 2009	-165.67
December 2009	-128.67
January 2010	-59.33
February 2010	-55.00
March 2010	27.00
April 2010	117.33
May 2010	140.33
June 2010	114.00
July 2010	68.67
August 2010	89.33
September 2010	104.00
October 2010	120.67
November 2010	126.67
December 2010	136.67
January 2011	105.67

Note: The data are monthly and extend through January 2011.

Source: Department of Labor, Bureau of Labor Statistics.

Return to text

Figure 29. Civilian Unemployment Rate, 1977-2011

Period	Percent
January 1977	7.5
February 1977	7.6
March 1977	7.4
April 1977	7.2
May 1977	7.0
June 1977	7.2
July 1977	6.9
August 1977	7.0
September 1977	6.8
October 1977	6.8
November 1977	6.8
December 1977	6.4
January 1978	6.4
February 1978	6.3
March 1978	6.3
April 1978	6.1
May 1978	6.0
June 1978	5.9
July 1978	6.2
August 1978	5.9
September 1978	6.0
October 1978	5.8
November 1978	5.9
December 1978	6.0
January 1979	5.9
February 1979	5.9
March 1979	5.8
April 1979	5.8
May 1979	5.6
June 1979	5.7
July 1979	5.7
August 1979	6.0
September 1979	5.9
October 1979	6.0
November 1979	5.9
December 1979	6.0
January 1980	6.3
February 1980	6.3
March 1980	6.3
April 1980	6.9
May 1980	7.5
June 1980	7.6
July 1980	7.8
August 1980	7.7
September 1980	7.5
October 1980	7.5
November 1980	7.5
December 1980	7.2
January 1981	7.5
February 1981	7.4
March 1981	7.4
April 1981	7.2
May 1981	7.5
June 1981	7.5
July 1981	7.2
August 1981	7.4
September 1981	7.6
October 1981	7.9
November 1981	8.3
December 1981	8.5
January 1982	8.6
February 1982	8.9
March 1982	9.0
April 1982	9.3
May 1982	9.4
June 1982	9.6
July 1982	9.8
August 1982	9.8
September 1982	10.1
October 1982	10.4
November 1982	10.8
December 1982	10.8
January 1983	10.4
February 1983	10.4
March 1983	10.3
April 1983	10.2
May 1983	10.1
June 1983	10.1
July 1983	9.4
August 1983	9.5
September 1983	9.2
October 1983	8.8
November 1983	8.5
December 1983	8.3
January 1984	8.0
February 1984	7.8
March 1984	7.8
April 1984	7.7
May 1984	7.4
June 1984	7.2
July 1984	7.5
August 1984	7.5
September 1984	7.3
October 1984	7.4
November 1984	7.2
December 1984	7.3
January 1985	7.3
February 1985	7.2
March 1985	7.2
April 1985	7.3
May 1985	7.2
June 1985	7.4
July 1985	7.4
August 1985	7.1
September 1985	7.1
October 1985	7.1
November 1985	7.0
December 1985	7.0
January 1986	6.7
February 1986	7.2
March 1986	7.2
April 1986	7.1
May 1986	7.2
June 1986	7.2
July 1986	7.0
August 1986	6.9
September 1986	7.0
October 1986	7.0
November 1986	6.9
December 1986	6.6
January 1987	6.6
February 1987	6.6
March 1987	6.6
April 1987	6.3
May 1987	6.3
June 1987	6.2
July 1987	6.1
August 1987	6.0
September 1987	5.9
October 1987	6.0
November 1987	5.8
December 1987	5.7
January 1988	5.7
February 1988	5.7
March 1988	5.7
April 1988	5.4
May 1988	5.6
June 1988	5.4
July 1988	5.4
August 1988	5.6
September 1988	5.4
October 1988	5.4
November 1988	5.3
December 1988	5.3
January 1989	5.4
February 1989	5.2
March 1989	5.0
April 1989	5.2
May 1989	5.2
June 1989	5.3
July 1989	5.2
August 1989	5.2
September 1989	5.3
October 1989	5.3
November 1989	5.4
December 1989	5.4
January 1990	5.4
February 1990	5.3
March 1990	5.2
April 1990	5.4
May 1990	5.4
June 1990	5.2
July 1990	5.5
August 1990	5.7
September 1990	5.9
October 1990	5.9
November 1990	6.2
December 1990	6.3
January 1991	6.4
February 1991	6.6
March 1991	6.8
April 1991	6.7
May 1991	6.9
June 1991	6.9
July 1991	6.8
August 1991	6.9
September 1991	6.9
October 1991	7.0
November 1991	7.0
December 1991	7.3
January 1992	7.3
February 1992	7.4
March 1992	7.4
April 1992	7.4
May 1992	7.6
June 1992	7.8
July 1992	7.7
August 1992	7.6
September 1992	7.6
October 1992	7.3
November 1992	7.4
December 1992	7.4
January 1993	7.3
February 1993	7.1
March 1993	7.0
April 1993	7.1
May 1993	7.1
June 1993	7.0
July 1993	6.9
August 1993	6.8
September 1993	6.7
October 1993	6.8
November 1993	6.6
December 1993	6.5
January 1994	6.6
February 1994	6.6
March 1994	6.5
April 1994	6.4
May 1994	6.1
June 1994	6.1
July 1994	6.1
August 1994	6.0
September 1994	5.9
October 1994	5.8
November 1994	5.6
December 1994	5.5
January 1995	5.6
February 1995	5.4
March 1995	5.4
April 1995	5.8
May 1995	5.6
June 1995	5.6
July 1995	5.7
August 1995	5.7
September 1995	5.6
October 1995	5.5
November 1995	5.6
December 1995	5.6
January 1996	5.6
February 1996	5.5
March 1996	5.5
April 1996	5.6
May 1996	5.6
June 1996	5.3
July 1996	5.5
August 1996	5.1
September 1996	5.2
October 1996	5.2
November 1996	5.4
December 1996	5.4
January 1997	5.3
February 1997	5.2
March 1997	5.2
April 1997	5.1
May 1997	4.9
June 1997	5.0
July 1997	4.9
August 1997	4.8
September 1997	4.9
October 1997	4.7
November 1997	4.6
December 1997	4.7
January 1998	4.6
February 1998	4.6
March 1998	4.7
April 1998	4.3
May 1998	4.4
June 1998	4.5
July 1998	4.5
August 1998	4.5
September 1998	4.6
October 1998	4.5
November 1998	4.4
December 1998	4.4
January 1999	4.3
February 1999	4.4
March 1999	4.2
April 1999	4.3
May 1999	4.2
June 1999	4.3
July 1999	4.3
August 1999	4.2
September 1999	4.2
October 1999	4.1
November 1999	4.1
December 1999	4.0
January 2000	4.0
February 2000	4.1
March 2000	4.0
April 2000	3.8
May 2000	4.0
June 2000	4.0
July 2000	4.0
August 2000	4.1
September 2000	3.9
October 2000	3.9
November 2000	3.9
December 2000	3.9
January 2001	4.2
February 2001	4.2
March 2001	4.3
April 2001	4.4
May 2001	4.3
June 2001	4.5
July 2001	4.6
August 2001	4.9
September 2001	5.0
October 2001	5.3
November 2001	5.5
December 2001	5.7
January 2002	5.7
February 2002	5.7
March 2002	5.7
April 2002	5.9
May 2002	5.8
June 2002	5.8
July 2002	5.8
August 2002	5.7
September 2002	5.7
October 2002	5.7
November 2002	5.9
December 2002	6.0
January 2003	5.8
February 2003	5.9
March 2003	5.9
April 2003	6.0
May 2003	6.1
June 2003	6.3
July 2003	6.2
August 2003	6.1
September 2003	6.1
October 2003	6.0
November 2003	5.8
December 2003	5.7
January 2004	5.7
February 2004	5.6
March 2004	5.8
April 2004	5.6
May 2004	5.6
June 2004	5.6
July 2004	5.5
August 2004	5.4
September 2004	5.4
October 2004	5.5
November 2004	5.4
December 2004	5.4
January 2005	5.3
February 2005	5.4
March 2005	5.2
April 2005	5.2
May 2005	5.1
June 2005	5.0
July 2005	5.0
August 2005	4.9
September 2005	5.0
October 2005	5.0
November 2005	5.0
December 2005	4.9
January 2006	4.7
February 2006	4.8
March 2006	4.7
April 2006	4.7
May 2006	4.6
June 2006	4.6
July 2006	4.7
August 2006	4.7
September 2006	4.5
October 2006	4.4
November 2006	4.5
December 2006	4.4
January 2007	4.6
February 2007	4.5
March 2007	4.4
April 2007	4.5
May 2007	4.4
June 2007	4.6
July 2007	4.7
August 2007	4.6
September 2007	4.7
October 2007	4.7
November 2007	4.7
December 2007	5.0
January 2008	5.0
February 2008	4.8
March 2008	5.1
April 2008	4.9
May 2008	5.4
June 2008	5.6
July 2008	5.8
August 2008	6.1
September 2008	6.2
October 2008	6.6
November 2008	6.8
December 2008	7.3
January 2009	7.8
February 2009	8.2
March 2009	8.6
April 2009	8.9
May 2009	9.4
June 2009	9.5
July 2009	9.5
August 2009	9.7
September 2009	9.8
October 2009	10.1
November 2009	9.9
December 2009	9.9
January 2010	9.7
February 2010	9.7
March 2010	9.7
April 2010	9.8
May 2010	9.6
June 2010	9.5
July 2010	9.5
August 2010	9.6
September 2010	9.6
October 2010	9.7
November 2010	9.8
December 2010	9.4
January 2011	9.0

Note: The data are monthly and extend through January 2011.

Source: Department of Labor, Bureau of Labor Statistics.

Return to text

Figure 30. Long-Term Unemployed, 1977-2011

Period	Percent
January 1977	16.6
February 1977	16.2
March 1977	16.0
April 1977	16.1
May 1977	15.6
June 1977	14.4
July 1977	14.3
August 1977	12.9
September 1977	13.7
October 1977	13.4
November 1977	13.2
December 1977	13.4
January 1978	12.6
February 1978	10.6
March 1978	11.2
April 1978	11.1
May 1978	11.3
June 1978	10.5
July 1978	10.4
August 1978	10.1
September 1978	10.2
October 1978	10.0
November 1978	8.8
December 1978	8.2
January 1979	8.8
February 1979	9.0
March 1979	9.6
April 1979	9.0
May 1979	8.8
June 1979	8.8
July 1979	7.8
August 1979	8.5
September 1979	8.6
October 1979	8.5
November 1979	9.0
December 1979	8.6
January 1980	8.3
February 1980	7.6
March 1980	9.1
April 1980	9.3
May 1980	8.9
June 1980	9.6
July 1980	10.7
August 1980	11.3
September 1980	12.0
October 1980	13.1
November 1980	14.2
December 1980	14.8
January 1981	15.7
February 1981	15.5
March 1981	15.2
April 1981	14.4
May 1981	14.0
June 1981	14.0
July 1981	13.8
August 1981	14.5
September 1981	13.5
October 1981	13.2
November 1981	12.7
December 1981	12.6
January 1982	12.6
February 1982	13.2
March 1982	13.6
April 1982	14.6
May 1982	15.5
June 1982	17.0
July 1982	16.8
August 1982	17.0
September 1982	17.8
October 1982	19.5
November 1982	19.5
December 1982	21.3
January 1983	22.9
February 1983	23.5
March 1983	24.4
April 1983	24.6
May 1983	24.9
June 1983	26.0
July 1983	24.5
August 1983	23.6
September 1983	23.5
October 1983	23.1
November 1983	22.7
December 1983	22.0
January 1984	22.4
February 1984	20.8
March 1984	20.4
April 1984	20.3
May 1984	20.0
June 1984	19.3
July 1984	18.7
August 1984	17.6
September 1984	17.2
October 1984	17.1
November 1984	17.4
December 1984	16.7
January 1985	15.5
February 1985	16.2
March 1985	16.1
April 1985	16.4
May 1985	14.8
June 1985	15.3
July 1985	15.0
August 1985	14.9
September 1985	14.8
October 1985	14.5
November 1985	16.0
December 1985	14.8
January 1986	13.9
February 1986	14.1
March 1986	14.0
April 1986	13.9
May 1986	13.8
June 1986	15.0
July 1986	14.7
August 1986	14.7
September 1986	14.8
October 1986	14.8
November 1986	14.3
December 1986	14.6
January 1987	14.3
February 1987	14.2
March 1987	14.3
April 1987	14.4
May 1987	14.8
June 1987	14.5
July 1987	13.5
August 1987	14.5
September 1987	13.9
October 1987	13.3
November 1987	13.1
December 1987	13.0
January 1988	12.5
February 1988	12.9
March 1988	12.3
April 1988	12.3
May 1988	12.5
June 1988	12.3
July 1988	11.9
August 1988	11.7
September 1988	12.3
October 1988	11.8
November 1988	10.8
December 1988	11.4
January 1989	11.0
February 1989	10.0
March 1989	10.7
April 1989	11.0
May 1989	9.9
June 1989	9.3
July 1989	9.5
August 1989	8.7
September 1989	9.1
October 1989	9.8
November 1989	9.8
December 1989	9.6
January 1990	9.7
February 1990	9.4
March 1990	9.6
April 1990	9.5
May 1990	9.5
June 1990	9.5
July 1990	9.8
August 1990	10.2
September 1990	10.6
October 1990	10.4
November 1990	10.8
December 1990	10.6
January 1991	10.9
February 1991	10.9
March 1991	11.1
April 1991	11.6
May 1991	11.9
June 1991	12.6
July 1991	12.9
August 1991	13.5
September 1991	13.7
October 1991	13.9
November 1991	15.4
December 1991	16.4
January 1992	17.5
February 1992	18.1
March 1992	18.8
April 1992	18.9
May 1992	20.6
June 1992	21.3
July 1992	21.5
August 1992	21.0
September 1992	21.5
October 1992	23.1
November 1992	20.7
December 1992	21.4
January 1993	21.2
February 1993	20.7
March 1993	20.0
April 1993	18.2
May 1993	19.6
June 1993	19.5
July 1993	19.8
August 1993	20.1
September 1993	20.2
October 1993	20.4
November 1993	21.0
December 1993	20.8
January 1994	20.1
February 1994	20.7
March 1994	21.2
April 1994	21.3
May 1994	21.3
June 1994	19.9
July 1994	19.6
August 1994	19.6
September 1994	20.0
October 1994	20.8
November 1994	19.7
December 1994	18.9
January 1995	18.3
February 1995	17.2
March 1995	18.8
April 1995	18.7
May 1995	17.5
June 1995	16.8
July 1995	16.7
August 1995	16.3
September 1995	16.9
October 1995	16.5
November 1995	16.7
December 1995	16.4
January 1996	16.2
February 1996	16.5
March 1996	18.2
April 1996	18.3
May 1996	18.1
June 1996	19.4
July 1996	18.3
August 1996	18.2
September 1996	17.4
October 1996	16.7
November 1996	15.7
December 1996	16.1
January 1997	16.1
February 1997	15.7
March 1997	15.6
April 1997	16.2
May 1997	15.7
June 1997	15.8
July 1997	16.3
August 1997	16.2
September 1997	16.2
October 1997	16.0
November 1997	14.8
December 1997	15.4
January 1998	15.7
February 1998	15.2
March 1998	14.1
April 1998	14.7
May 1998	13.8
June 1998	12.6
July 1998	13.3
August 1998	13.2
September 1998	14.5
October 1998	13.6
November 1998	14.4
December 1998	13.5
January 1999	12.0
February 1999	13.2
March 1999	12.2
April 1999	11.4
May 1999	12.4
June 1999	13.7
July 1999	12.3
August 1999	12.1
September 1999	12.0
October 1999	12.4
November 1999	11.9
December 1999	12.1
January 2000	12.7
February 2000	10.8
March 2000	11.0
April 2000	10.7
May 2000	11.1
June 2000	11.2
July 2000	12.3
August 2000	12.2
September 2000	11.5
October 2000	11.3
November 2000	10.6
December 2000	11.4
January 2001	11.3
February 2001	11.7
March 2001	11.1
April 2001	11.0
May 2001	10.0
June 2001	11.2
July 2001	10.8
August 2001	12.2
September 2001	11.5
October 2001	11.8
November 2001	13.9
December 2001	13.6
January 2002	14.6
February 2002	14.9
March 2002	15.9
April 2002	16.8
May 2002	18.8
June 2002	19.6
July 2002	19.0
August 2002	18.9
September 2002	19.1
October 2002	19.9
November 2002	20.5
December 2002	22.1
January 2003	20.5
February 2003	21.8
March 2003	21.0
April 2003	21.9
May 2003	21.6
June 2003	22.8
July 2003	22.0
August 2003	22.2
September 2003	22.5
October 2003	22.4
November 2003	23.4
December 2003	23.1
January 2004	22.7
February 2004	22.9
March 2004	23.6
April 2004	22.1
May 2004	21.9
June 2004	22.5
July 2004	20.7
August 2004	20.3
September 2004	21.4
October 2004	21.5
November 2004	21.4
December 2004	20.8
January 2005	21.2
February 2005	20.4
March 2005	21.8
April 2005	21.0
May 2005	20.1
June 2005	18.5
July 2005	18.7
August 2005	18.9
September 2005	18.9
October 2005	18.9
November 2005	18.0
December 2005	18.7
January 2006	16.7
February 2006	18.7
March 2006	18.6
April 2006	18.6
May 2006	18.9
June 2006	16.6
July 2006	18.3
August 2006	18.3
September 2006	18.1
October 2006	15.9
November 2006	16.4
December 2006	16.2
January 2007	16.3
February 2007	17.9
March 2007	18.6
April 2007	17.4
May 2007	16.5
June 2007	16.5
July 2007	18.3
August 2007	17.5
September 2007	17.6
October 2007	17.7
November 2007	18.9
December 2007	17.4
January 2008	18.4
February 2008	17.7
March 2008	16.9
April 2008	17.7
May 2008	18.5
June 2008	18.3
July 2008	18.9
August 2008	19.7
September 2008	21.2
October 2008	22.2
November 2008	21.1
December 2008	23.0
January 2009	22.5
February 2009	23.4
March 2009	24.4
April 2009	27.0
May 2009	27.4
June 2009	29.3
July 2009	33.9
August 2009	34.0
September 2009	36.3
October 2009	36.3
November 2009	39.2
December 2009	40.1
January 2010	41.5
February 2010	41.0
March 2010	43.9
April 2010	45.5
May 2010	45.6
June 2010	45.2
July 2010	44.7
August 2010	42.2
September 2010	41.8
October 2010	42.1
November 2010	42.2
December 2010	44.3
January 2011	43.8

Note: The data are monthly and extend through January 2011. The series shown is the percentage of total unemployed persons who have been unemployed for more than 26 weeks.

Source: Department of Labor, Bureau of Labor Statistics.

Return to text

Figure 31. Labor Force Participation Rate, 1977-2011

Period	Percent
January 1977	61.6
February 1977	61.9
March 1977	62.0
April 1977	62.1
May 1977	62.2
June 1977	62.4
July 1977	62.1
August 1977	62.3
September 1977	62.3
October 1977	62.4
November 1977	62.8
December 1977	62.7
January 1978	62.8
February 1978	62.7
March 1978	62.8
April 1978	63.0
May 1978	63.1
June 1978	63.3
July 1978	63.2
August 1978	63.2
September 1978	63.3
October 1978	63.3
November 1978	63.5
December 1978	63.6
January 1979	63.6
February 1979	63.8
March 1979	63.8
April 1979	63.5
May 1979	63.3
June 1979	63.5
July 1979	63.6
August 1979	63.6
September 1979	63.8
October 1979	63.7
November 1979	63.7
December 1979	63.9
January 1980	64.0
February 1980	64.0
March 1980	63.7
April 1980	63.8
May 1980	63.9
June 1980	63.7
July 1980	63.8
August 1980	63.7
September 1980	63.6
October 1980	63.7
November 1980	63.8
December 1980	63.6
January 1981	63.9
February 1981	63.9
March 1981	64.1
April 1981	64.2
May 1981	64.3
June 1981	63.7
July 1981	63.8
August 1981	63.8
September 1981	63.5
October 1981	63.8
November 1981	63.9
December 1981	63.6
January 1982	63.7
February 1982	63.8
March 1982	63.8
April 1982	63.9
May 1982	64.2
June 1982	63.9
July 1982	64.0
August 1982	64.1
September 1982	64.1
October 1982	64.1
November 1982	64.2
December 1982	64.1
January 1983	63.9
February 1983	63.8
March 1983	63.7
April 1983	63.8
May 1983	63.7
June 1983	64.3
July 1983	64.1
August 1983	64.3
September 1983	64.3
October 1983	64.0
November 1983	64.1
December 1983	64.1
January 1984	63.9
February 1984	64.1
March 1984	64.1
April 1984	64.3
May 1984	64.5
June 1984	64.6
July 1984	64.6
August 1984	64.4
September 1984	64.4
October 1984	64.4
November 1984	64.5
December 1984	64.6
January 1985	64.7
February 1985	64.7
March 1985	64.9
April 1985	64.9
May 1985	64.8
June 1985	64.6
July 1985	64.7
August 1985	64.6
September 1985	64.9
October 1985	65.0
November 1985	64.9
December 1985	65.0
January 1986	64.9
February 1986	65.0
March 1986	65.1
April 1986	65.1
May 1986	65.2
June 1986	65.4
July 1986	65.4
August 1986	65.3
September 1986	65.4
October 1986	65.4
November 1986	65.4
December 1986	65.3
January 1987	65.4
February 1987	65.5
March 1987	65.5
April 1987	65.4
May 1987	65.7
June 1987	65.5
July 1987	65.6
August 1987	65.7
September 1987	65.5
October 1987	65.7
November 1987	65.7
December 1987	65.7
January 1988	65.8
February 1988	65.9
March 1988	65.7
April 1988	65.8
May 1988	65.7
June 1988	65.8
July 1988	65.9
August 1988	66.1
September 1988	65.9
October 1988	66.0
November 1988	66.2
December 1988	66.1
January 1989	66.5
February 1989	66.3
March 1989	66.3
April 1989	66.4
May 1989	66.3
June 1989	66.5
July 1989	66.5
August 1989	66.5
September 1989	66.4
October 1989	66.5
November 1989	66.6
December 1989	66.5
January 1990	66.8
February 1990	66.7
March 1990	66.7
April 1990	66.6
May 1990	66.6
June 1990	66.4
July 1990	66.5
August 1990	66.5
September 1990	66.4
October 1990	66.4
November 1990	66.4
December 1990	66.4
January 1991	66.2
February 1991	66.2
March 1991	66.3
April 1991	66.4
May 1991	66.2
June 1991	66.2
July 1991	66.1
August 1991	66.0
September 1991	66.2
October 1991	66.1
November 1991	66.1
December 1991	66.0
January 1992	66.3
February 1992	66.2
March 1992	66.4
April 1992	66.5
May 1992	66.6
June 1992	66.7
July 1992	66.7
August 1992	66.6
September 1992	66.5
October 1992	66.2
November 1992	66.3
December 1992	66.3
January 1993	66.2
February 1993	66.2
March 1993	66.2
April 1993	66.1
May 1993	66.4
June 1993	66.5
July 1993	66.4
August 1993	66.4
September 1993	66.2
October 1993	66.3
November 1993	66.3
December 1993	66.4
January 1994	66.6
February 1994	66.6
March 1994	66.5
April 1994	66.5
May 1994	66.6
June 1994	66.4
July 1994	66.4
August 1994	66.6
September 1994	66.6
October 1994	66.7
November 1994	66.7
December 1994	66.7
January 1995	66.8
February 1995	66.8
March 1995	66.7
April 1995	66.9
May 1995	66.5
June 1995	66.5
July 1995	66.6
August 1995	66.6
September 1995	66.6
October 1995	66.6
November 1995	66.5
December 1995	66.4
January 1996	66.4
February 1996	66.6
March 1996	66.6
April 1996	66.7
May 1996	66.7
June 1996	66.7
July 1996	66.9
August 1996	66.7
September 1996	66.9
October 1996	67.0
November 1996	67.0
December 1996	67.0
January 1997	67.0
February 1997	66.9
March 1997	67.1
April 1997	67.1
May 1997	67.1
June 1997	67.1
July 1997	67.2
August 1997	67.2
September 1997	67.1
October 1997	67.1
November 1997	67.2
December 1997	67.2
January 1998	67.1
February 1998	67.1
March 1998	67.1
April 1998	67.0
May 1998	67.0
June 1998	67.0
July 1998	67.0
August 1998	67.0
September 1998	67.2
October 1998	67.2
November 1998	67.1
December 1998	67.2
January 1999	67.2
February 1999	67.2
March 1999	67.0
April 1999	67.1
May 1999	67.1
June 1999	67.1
July 1999	67.1
August 1999	67.0
September 1999	67.0
October 1999	67.0
November 1999	67.1
December 1999	67.1
January 2000	67.3
February 2000	67.3
March 2000	67.3
April 2000	67.3
May 2000	67.1
June 2000	67.1
July 2000	66.9
August 2000	66.9
September 2000	66.9
October 2000	66.8
November 2000	66.9
December 2000	67.0
January 2001	67.2
February 2001	67.1
March 2001	67.2
April 2001	66.9
May 2001	66.7
June 2001	66.7
July 2001	66.8
August 2001	66.5
September 2001	66.8
October 2001	66.7
November 2001	66.7
December 2001	66.7
January 2002	66.5
February 2002	66.8
March 2002	66.6
April 2002	66.7
May 2002	66.7
June 2002	66.6
July 2002	66.5
August 2002	66.6
September 2002	66.7
October 2002	66.6
November 2002	66.4
December 2002	66.3
January 2003	66.4
February 2003	66.4
March 2003	66.3
April 2003	66.4
May 2003	66.4
June 2003	66.5
July 2003	66.2
August 2003	66.1
September 2003	66.1
October 2003	66.1
November 2003	66.1
December 2003	65.9
January 2004	66.1
February 2004	66.0
March 2004	66.0
April 2004	65.9
May 2004	66.0
June 2004	66.1
July 2004	66.1
August 2004	66.0
September 2004	65.8
October 2004	65.9
November 2004	66.0
December 2004	65.9
January 2005	65.8
February 2005	65.9
March 2005	65.9
April 2005	66.1
May 2005	66.1
June 2005	66.1
July 2005	66.1
August 2005	66.2
September 2005	66.1
October 2005	66.1
November 2005	66.0
December 2005	66.0
January 2006	66.0
February 2006	66.1
March 2006	66.2
April 2006	66.1
May 2006	66.1
June 2006	66.2
July 2006	66.1
August 2006	66.2
September 2006	66.1
October 2006	66.2
November 2006	66.3
December 2006	66.4
January 2007	66.4
February 2007	66.3
March 2007	66.2
April 2007	65.9
May 2007	66.0
June 2007	66.0
July 2007	66.0
August 2007	65.8
September 2007	66.0
October 2007	65.8
November 2007	66.0
December 2007	66.0
January 2008	66.2
February 2008	66.0
March 2008	66.1
April 2008	65.9
May 2008	66.1
June 2008	66.1
July 2008	66.0
August 2008	66.1
September 2008	66.0
October 2008	66.0
November 2008	65.8
December 2008	65.8
January 2009	65.7
February 2009	65.7
March 2009	65.6
April 2009	65.6
May 2009	65.7
June 2009	65.7
July 2009	65.5
August 2009	65.4
September 2009	65.1
October 2009	65.1
November 2009	65.0
December 2009	64.7
January 2010	64.8
February 2010	64.8
March 2010	64.9
April 2010	65.1
May 2010	64.9
June 2010	64.7
July 2010	64.6
August 2010	64.7
September 2010	64.7
October 2010	64.5
November 2010	64.5
December 2010	64.3
January 2011	64.2

Note: The data are monthly and extend through January 2011.

Source: Department of Labor, Bureau of Labor Statistics.

Return to text

Figure 32. Change in Output per Hour, 1948-2010

Percent, annual rate

Period	Percent change
1948-1973	2.67
1974-1995	1.44
1996-2000	2.86
2001-2004	3.30
2005	1.40
2006	0.90
2007	2.60
2008	-0.40
2009	6.20
2010:H1	0.98
2010:H2	2.48

Note: Nonfarm business sector. Change for each multiyear period is measured to the fourth quarter of the final year of the period from the fourth quarter of the year immediately preceding the period.

Source: Department of Labor, Bureau of Labor Statistics.

Return to text

Figure 33. Measures of Change in Hourly Compensation, 2000-10

Percent

Period	Employment cost index	Nonfarm business compensation per hour
2000:Q1	4.6	7.0
2000:Q2	4.6	7.1
2000:Q3	4.7	8.5
2000:Q4	4.2	6.8
2001:Q1	4.2	5.4
2001:Q2	4.0	5.4
2001:Q3	4.0	3.6
2001:Q4	4.1	4.0
2002:Q1	3.8	2.7
2002:Q2	4.0	3.4
2002:Q3	3.5	3.6
2002:Q4	3.1	3.1
2003:Q1	3.6	3.6
2003:Q2	3.5	4.4
2003:Q3	3.9	5.3
2003:Q4	4.0	5.7
2004:Q1	3.8	3.5
2004:Q2	3.9	3.2
2004:Q3	3.8	3.4
2004:Q4	3.8	3.4
2005:Q1	3.5	4.7
2005:Q2	3.1	3.9
2005:Q3	2.9	3.7
2005:Q4	2.9	3.5
2006:Q1	2.6	4.1
2006:Q2	2.8	3.8
2006:Q3	3.0	2.7
2006:Q4	3.2	4.5
2007:Q1	3.2	4.1
2007:Q2	3.1	4.0
2007:Q3	3.1	4.4
2007:Q4	3.0	3.6
2008:Q1	3.2	3.8
2008:Q2	3.0	3.5
2008:Q3	2.8	3.6
2008:Q4	2.4	2.3
2009:Q1	1.9	0.2
2009:Q2	1.5	2.4
2009:Q3	1.2	2.4
2009:Q4	1.2	2.5
2010:Q1	1.6	3.2
2010:Q2	1.9	1.7
2010:Q3	2.0	1.4
2010:Q4	2.1	1.5

Note: The data are quarterly and extend through 2010:Q4. For nonfarm business compensation, change is over four quarters; for the employment cost index (ECI), change is over the 12 months ending in the last month of each quarter. The nonfarm business sector excludes farms, government, nonprofit institutions, and households. The sector covered by the ECI used here is the nonfarm business sector plus nonprofit institutions.

Source: Department of Labor, Bureau of Labor Statistics.

Return to text

Figure 34. Alternative Measures of Underlying Price Changes in Personal Consumption Expenditures, 2005-11

Percent

Period	Trimmed mean	Excluding food and energy	Market based excluding food and energy
January 2005	2.42	2.30	1.96
February 2005	2.46	2.34	1.99
March 2005	2.49	2.39	1.99
April 2005	2.40	2.27	1.88
May 2005	2.33	2.29	1.95
June 2005	2.24	2.13	1.88
July 2005	2.22	2.07	1.85
August 2005	2.25	2.10	1.87
September 2005	2.45	2.24	1.97
October 2005	2.54	2.35	2.03
November 2005	2.57	2.35	2.07
December 2005	2.54	2.32	2.09
January 2006	2.48	2.17	1.99
February 2006	2.38	2.09	1.93
March 2006	2.40	2.08	2.01
April 2006	2.50	2.22	2.17
May 2006	2.64	2.26	2.23
June 2006	2.79	2.40	2.35
July 2006	2.84	2.39	2.38
August 2006	2.91	2.54	2.56
September 2006	2.78	2.43	2.46
October 2006	2.72	2.37	2.37
November 2006	2.64	2.25	2.17
December 2006	2.76	2.30	2.17
January 2007	2.89	2.54	2.37
February 2007	3.04	2.62	2.40
March 2007	2.98	2.48	2.21
April 2007	2.87	2.34	2.10
May 2007	2.72	2.22	1.98
June 2007	2.61	2.16	1.90
July 2007	2.55	2.23	1.92
August 2007	2.47	2.16	1.78
September 2007	2.56	2.25	1.87
October 2007	2.63	2.29	2.00
November 2007	2.77	2.42	2.17
December 2007	2.74	2.50	2.30
January 2008	2.60	2.32	2.18
February 2008	2.49	2.22	2.11
March 2008	2.55	2.38	2.23
April 2008	2.58	2.45	2.23
May 2008	2.65	2.55	2.29
June 2008	2.70	2.63	2.39
July 2008	2.82	2.64	2.53
August 2008	2.76	2.57	2.59
September 2008	2.67	2.43	2.56
October 2008	2.52	2.17	2.37
November 2008	2.46	2.02	2.24
December 2008	2.34	1.78	2.02
January 2009	2.38	1.63	2.00
February 2009	2.37	1.62	2.08
March 2009	2.23	1.47	2.09
April 2009	2.20	1.54	2.20
May 2009	2.10	1.48	2.12
June 2009	2.02	1.42	2.03
July 2009	1.76	1.32	1.81
August 2009	1.74	1.32	1.77
September 2009	1.63	1.33	1.70
October 2009	1.73	1.60	1.75
November 2009	1.61	1.67	1.73
December 2009	1.58	1.78	1.75
January 2010	1.40	1.79	1.58
February 2010	1.28	1.75	1.41
March 2010	1.22	1.78	1.28
April 2010	1.10	1.54	1.11
May 2010	1.03	1.48	1.10
June 2010	0.95	1.37	1.09
July 2010	0.97	1.32	1.12
August 2010	0.98	1.24	1.08
September 2010	0.98	1.09	0.95
October 2010	0.84	0.88	0.81
November 2010	0.86	0.86	0.84
December 2010	0.88	0.77	0.78
January 2011	0.89	0.81	0.82

Note: The data are monthly and extend through January 2011. The trimmed-mean personal consumption expenditures price index excludes the bottom 24 percent and the top 31 percent of the distribution of monthly price changes and is based on 178 components.

Source: For trimmed mean, Federal Reserve Bank of Dallas; for all else, Department of Commerce, Bureau of Economic Analysis.

Return to text

Figure 35. Interest Rates on Selected Treasury Securities, 2004-11

Percent

Date	3-month Treasury securities	2-year Treasury securities	10-year Treasury securities
2 January 2004	0.93	1.94	4.38
5 January 2004	0.92	1.95	4.41
6 January 2004	0.92	1.84	4.29
7 January 2004	0.91	1.84	4.27
8 January 2004	0.88	1.85	4.27
9 January 2004	0.87	1.68	4.11
12 January 2004	0.90	1.68	4.11
13 January 2004	0.89	1.63	4.05
14 January 2004	0.88	1.65	4.01
15 January 2004	0.88	1.67	3.99
16 January 2004	0.89	1.70	4.04
19 January 2004	ND	ND	ND
20 January 2004	0.90	1.69	4.08
21 January 2004	0.89	1.69	4.05
22 January 2004	0.88	1.66	3.99
23 January 2004	0.90	1.71	4.09
26 January 2004	0.91	1.75	4.16
27 January 2004	0.91	1.70	4.11
28 January 2004	0.94	1.87	4.22
29 January 2004	0.94	1.88	4.22
30 January 2004	0.92	1.84	4.16
2 February 2004	0.95	1.83	4.18
3 February 2004	0.94	1.78	4.13
4 February 2004	0.94	1.80	4.15
5 February 2004	0.94	1.85	4.20
6 February 2004	0.93	1.77	4.12
9 February 2004	0.95	1.76	4.09
10 February 2004	0.95	1.82	4.13
11 February 2004	0.93	1.73	4.05
12 February 2004	0.93	1.75	4.10
13 February 2004	0.92	1.70	4.05
16 February 2004	ND	ND	ND
17 February 2004	0.95	1.70	4.05
18 February 2004	0.94	1.72	4.05
19 February 2004	0.94	1.70	4.05
20 February 2004	0.94	1.75	4.10
23 February 2004	0.97	1.69	4.05
24 February 2004	0.97	1.69	4.04
25 February 2004	0.96	1.67	4.02
26 February 2004	0.96	1.69	4.05
27 February 2004	0.96	1.66	3.99
1 March 2004	0.97	1.67	4.00
2 March 2004	0.97	1.74	4.05
3 March 2004	0.97	1.74	4.07
4 March 2004	0.96	1.73	4.04
5 March 2004	0.95	1.57	3.85
8 March 2004	0.95	1.52	3.78
9 March 2004	0.96	1.51	3.73
10 March 2004	0.96	1.54	3.74
11 March 2004	0.97	1.52	3.74
12 March 2004	0.96	1.54	3.78
15 March 2004	0.97	1.56	3.78
16 March 2004	0.96	1.51	3.70
17 March 2004	0.93	1.53	3.71
18 March 2004	0.93	1.55	3.76
19 March 2004	0.93	1.56	3.80
22 March 2004	0.96	1.52	3.74
23 March 2004	0.95	1.52	3.73
24 March 2004	0.93	1.50	3.73
25 March 2004	0.93	1.51	3.75
26 March 2004	0.95	1.59	3.85
29 March 2004	0.97	1.63	3.91
30 March 2004	0.96	1.63	3.91
31 March 2004	0.95	1.60	3.86
1 April 2004	0.93	1.65	3.91
2 April 2004	0.95	1.86	4.15
5 April 2004	0.95	1.91	4.24
6 April 2004	0.93	1.86	4.19
7 April 2004	0.95	1.87	4.19
8 April 2004	0.93	1.88	4.21
9 April 2004	ND	ND	ND
12 April 2004	0.95	1.91	4.25
13 April 2004	0.95	2.01	4.35
14 April 2004	0.96	2.13	4.40
15 April 2004	0.95	2.10	4.42
16 April 2004	0.93	2.03	4.37
19 April 2004	0.97	2.07	4.39
20 April 2004	0.98	2.11	4.43
21 April 2004	1.00	2.22	4.45
22 April 2004	0.97	2.15	4.40
23 April 2004	0.98	2.29	4.48
26 April 2004	1.00	2.28	4.46
27 April 2004	0.99	2.21	4.43
28 April 2004	0.98	2.30	4.50
29 April 2004	0.97	2.34	4.55
30 April 2004	0.98	2.31	4.53
3 May 2004	1.01	2.34	4.53
4 May 2004	1.01	2.32	4.56
5 May 2004	0.99	2.34	4.61
6 May 2004	1.00	2.39	4.63
7 May 2004	1.07	2.64	4.79
10 May 2004	1.09	2.61	4.81
11 May 2004	1.06	2.61	4.79
12 May 2004	1.04	2.62	4.83
13 May 2004	1.00	2.67	4.85
14 May 2004	0.99	2.59	4.79
17 May 2004	1.07	2.51	4.70
18 May 2004	1.06	2.58	4.74
19 May 2004	1.04	2.61	4.79
20 May 2004	1.03	2.55	4.72
21 May 2004	1.03	2.60	4.76
24 May 2004	1.08	2.59	4.75
25 May 2004	1.08	2.58	4.73
26 May 2004	1.08	2.52	4.67
27 May 2004	1.06	2.46	4.60
28 May 2004	1.08	2.54	4.66
31 May 2004	ND	ND	ND
1 June 2004	1.17	2.60	4.71
2 June 2004	1.17	2.65	4.74
3 June 2004	1.17	2.63	4.71
4 June 2004	1.20	2.70	4.78
7 June 2004	1.25	2.67	4.78
8 June 2004	1.27	2.73	4.78
9 June 2004	1.27	2.79	4.82
10 June 2004	1.29	2.81	4.81
11 June 2004	ND	ND	ND
14 June 2004	1.42	2.97	4.89
15 June 2004	1.34	2.77	4.69
16 June 2004	1.30	2.84	4.74
17 June 2004	1.27	2.81	4.71
18 June 2004	1.28	2.81	4.72
21 June 2004	1.34	2.80	4.70
22 June 2004	1.32	2.80	4.72
23 June 2004	1.29	2.78	4.71
24 June 2004	1.28	2.74	4.66
25 June 2004	1.30	2.74	4.66
28 June 2004	1.38	2.86	4.76
29 June 2004	1.38	2.83	4.70
30 June 2004	1.33	2.70	4.62
1 July 2004	1.22	2.64	4.57
2 July 2004	1.29	2.54	4.48
5 July 2004	ND	ND	ND
6 July 2004	1.34	2.56	4.49
7 July 2004	1.30	2.56	4.50
8 July 2004	1.27	2.55	4.49
9 July 2004	1.27	2.55	4.49
12 July 2004	1.34	2.53	4.46
13 July 2004	1.34	2.58	4.50
14 July 2004	1.34	2.62	4.50
15 July 2004	1.34	2.64	4.50
16 July 2004	1.34	2.54	4.38
19 July 2004	1.35	2.56	4.38
20 July 2004	1.36	2.67	4.47
21 July 2004	1.35	2.71	4.50
22 July 2004	1.36	2.69	4.48
23 July 2004	1.37	2.69	4.45
26 July 2004	1.46	2.75	4.49
27 July 2004	1.47	2.82	4.62
28 July 2004	1.46	2.78	4.61
29 July 2004	1.44	2.75	4.60
30 July 2004	1.44	2.68	4.50
2 August 2004	1.51	2.66	4.48
3 August 2004	1.49	2.66	4.45
4 August 2004	1.49	2.66	4.45
5 August 2004	1.48	2.64	4.43
6 August 2004	1.43	2.40	4.24
9 August 2004	1.52	2.45	4.28
10 August 2004	1.52	2.55	4.32
11 August 2004	1.44	2.54	4.30
12 August 2004	1.43	2.52	4.27
13 August 2004	1.43	2.47	4.22
16 August 2004	1.50	2.51	4.26
17 August 2004	1.48	2.44	4.21
18 August 2004	1.49	2.44	4.23
19 August 2004	1.48	2.43	4.22
20 August 2004	1.49	2.46	4.24
23 August 2004	1.55	2.50	4.28
24 August 2004	1.55	2.50	4.28
25 August 2004	1.55	2.51	4.26
26 August 2004	1.55	2.48	4.22
27 August 2004	1.56	2.48	4.23
30 August 2004	1.62	2.47	4.19
31 August 2004	1.60	2.41	4.13
1 September 2004	1.58	2.41	4.13
2 September 2004	1.60	2.46	4.20
3 September 2004	1.65	2.61	4.30
6 September 2004	ND	ND	ND
7 September 2004	1.67	2.58	4.26
8 September 2004	1.65	2.50	4.18
9 September 2004	1.64	2.50	4.22
10 September 2004	1.66	2.50	4.19
13 September 2004	1.67	2.50	4.16
14 September 2004	1.67	2.47	4.15
15 September 2004	1.67	2.51	4.18
16 September 2004	1.67	2.44	4.08
17 September 2004	1.71	2.53	4.14
20 September 2004	1.73	2.46	4.07
21 September 2004	1.72	2.49	4.05
22 September 2004	1.71	2.50	4.00
23 September 2004	1.72	2.57	4.02
24 September 2004	1.73	2.62	4.04
27 September 2004	1.75	2.59	4.01
28 September 2004	1.72	2.55	4.02
29 September 2004	1.72	2.61	4.10
30 September 2004	1.71	2.63	4.14
1 October 2004	1.70	2.63	4.21
4 October 2004	1.72	2.65	4.19
5 October 2004	1.71	2.65	4.18
6 October 2004	1.71	2.70	4.23
7 October 2004	1.70	2.72	4.26
8 October 2004	1.70	2.61	4.15
11 October 2004	ND	ND	ND
12 October 2004	1.72	2.56	4.12
13 October 2004	1.72	2.53	4.09
14 October 2004	1.74	2.48	4.03
15 October 2004	1.75	2.53	4.07
18 October 2004	1.81	2.55	4.07
19 October 2004	1.82	2.57	4.07
20 October 2004	1.82	2.53	4.01
21 October 2004	1.84	2.57	4.01
22 October 2004	1.84	2.55	4.00
25 October 2004	1.90	2.54	3.99
26 October 2004	1.89	2.54	4.01
27 October 2004	1.92	2.63	4.11
28 October 2004	1.90	2.59	4.09
29 October 2004	1.90	2.56	4.05
1 November 2004	2.00	2.61	4.11
2 November 2004	1.98	2.60	4.10
3 November 2004	1.96	2.60	4.09
4 November 2004	1.98	2.63	4.10
5 November 2004	2.03	2.80	4.21
8 November 2004	2.08	2.80	4.22
9 November 2004	2.08	2.80	4.22
10 November 2004	2.08	2.82	4.25
11 November 2004	ND	ND	ND
12 November 2004	2.08	2.86	4.20
15 November 2004	2.13	2.89	4.20
16 November 2004	2.14	2.91	4.21
17 November 2004	2.13	2.85	4.14
18 November 2004	2.13	2.86	4.12
19 November 2004	2.14	2.95	4.20
22 November 2004	2.20	2.95	4.18
23 November 2004	2.17	2.98	4.19
24 November 2004	2.18	3.01	4.20
25 November 2004	ND	ND	ND
26 November 2004	2.20	3.03	4.24
29 November 2004	2.24	3.07	4.34
30 November 2004	2.24	3.02	4.36
1 December 2004	2.22	3.01	4.38
2 December 2004	2.22	3.04	4.40
3 December 2004	2.21	2.94	4.27
6 December 2004	2.26	2.93	4.24
7 December 2004	2.25	2.95	4.23
8 December 2004	2.24	2.91	4.14
9 December 2004	2.24	2.93	4.19
10 December 2004	2.25	2.95	4.16
13 December 2004	2.25	2.98	4.16
14 December 2004	2.22	2.99	4.14
15 December 2004	2.21	2.97	4.09
16 December 2004	2.20	3.01	4.19
17 December 2004	2.20	3.03	4.21
20 December 2004	2.23	3.06	4.21
21 December 2004	2.21	3.05	4.18
22 December 2004	2.19	3.04	4.21
23 December 2004	2.19	3.02	4.23
24 December 2004	ND	ND	ND
27 December 2004	2.28	3.07	4.30
28 December 2004	2.26	3.08	4.31
29 December 2004	2.23	3.12	4.33
30 December 2004	2.22	3.10	4.27
31 December 2004	2.22	3.08	4.24
3 January 2005	2.34	3.10	4.23
4 January 2005	2.35	3.20	4.29
5 January 2005	2.34	3.22	4.29
6 January 2005	2.31	3.18	4.29
7 January 2005	2.32	3.20	4.29
10 January 2005	2.38	3.23	4.29
11 January 2005	2.36	3.24	4.26
12 January 2005	2.35	3.22	4.25
13 January 2005	2.36	3.21	4.20
14 January 2005	2.37	3.24	4.23
17 January 2005	ND	ND	ND
18 January 2005	2.41	3.26	4.21
19 January 2005	2.38	3.26	4.20
20 January 2005	2.36	3.21	4.17
21 January 2005	2.36	3.16	4.16
24 January 2005	2.39	3.20	4.14
25 January 2005	2.41	3.23	4.20
26 January 2005	2.42	3.27	4.21
27 January 2005	2.45	3.28	4.22
28 January 2005	2.46	3.25	4.16
31 January 2005	2.53	3.29	4.14
1 February 2005	2.52	3.29	4.15
2 February 2005	2.52	3.32	4.15
3 February 2005	2.49	3.34	4.18
4 February 2005	2.48	3.29	4.09
7 February 2005	2.53	3.31	4.07
8 February 2005	2.53	3.33	4.05
9 February 2005	2.52	3.24	4.00
10 February 2005	2.52	3.29	4.07
11 February 2005	2.55	3.34	4.10
14 February 2005	2.60	3.38	4.08
15 February 2005	2.60	3.37	4.10
16 February 2005	2.58	3.41	4.16
17 February 2005	2.58	3.38	4.19
18 February 2005	2.61	3.45	4.27
21 February 2005	ND	ND	ND
22 February 2005	2.68	3.46	4.29
23 February 2005	2.68	3.46	4.27
24 February 2005	2.69	3.52	4.29
25 February 2005	2.75	3.54	4.27
28 February 2005	2.78	3.59	4.36
1 March 2005	2.76	3.59	4.38
2 March 2005	2.74	3.57	4.38
3 March 2005	2.76	3.59	4.39
4 March 2005	2.76	3.57	4.32
7 March 2005	2.77	3.61	4.31
8 March 2005	2.76	3.62	4.38
9 March 2005	2.76	3.66	4.52
10 March 2005	2.75	3.68	4.48
11 March 2005	2.76	3.73	4.56
14 March 2005	2.81	3.75	4.52
15 March 2005	2.81	3.75	4.54
16 March 2005	2.80	3.72	4.52
17 March 2005	2.79	3.70	4.47
18 March 2005	2.81	3.72	4.51
21 March 2005	2.86	3.72	4.53
22 March 2005	2.89	3.86	4.63
23 March 2005	2.83	3.84	4.61
24 March 2005	2.84	3.88	4.60
25 March 2005	ND	ND	ND
28 March 2005	2.85	3.90	4.64
29 March 2005	2.84	3.87	4.60
30 March 2005	2.83	3.86	4.56
31 March 2005	2.79	3.80	4.50
1 April 2005	2.80	3.75	4.46
4 April 2005	2.81	3.74	4.47
5 April 2005	2.80	3.75	4.48
6 April 2005	2.77	3.70	4.44
7 April 2005	2.77	3.72	4.49
8 April 2005	2.79	3.77	4.50
11 April 2005	2.77	3.75	4.45
12 April 2005	2.77	3.71	4.38
13 April 2005	2.78	3.66	4.38
14 April 2005	2.78	3.60	4.37
15 April 2005	2.79	3.54	4.27
18 April 2005	2.91	3.55	4.27
19 April 2005	2.91	3.50	4.21
20 April 2005	2.87	3.52	4.22
21 April 2005	2.88	3.65	4.32
22 April 2005	2.93	3.62	4.26
25 April 2005	2.94	3.64	4.26
26 April 2005	2.92	3.67	4.28
27 April 2005	2.89	3.64	4.25
28 April 2005	2.88	3.59	4.19
29 April 2005	2.90	3.66	4.21
2 May 2005	2.94	3.64	4.21
3 May 2005	2.91	3.68	4.21
4 May 2005	2.87	3.63	4.20
5 May 2005	2.81	3.58	4.19
6 May 2005	2.86	3.73	4.28
9 May 2005	2.92	3.76	4.29
10 May 2005	2.90	3.69	4.23
11 May 2005	2.87	3.68	4.21
12 May 2005	2.88	3.66	4.18
13 May 2005	2.82	3.61	4.12
16 May 2005	2.90	3.61	4.13
17 May 2005	2.88	3.61	4.12
18 May 2005	2.86	3.56	4.07
19 May 2005	2.87	3.64	4.11
20 May 2005	2.82	3.69	4.13
23 May 2005	2.97	3.65	4.07
24 May 2005	2.94	3.61	4.04
25 May 2005	2.95	3.61	4.08
26 May 2005	2.94	3.64	4.08
27 May 2005	2.96	3.64	4.08
30 May 2005	ND	ND	ND
31 May 2005	2.99	3.60	4.00
1 June 2005	2.97	3.50	3.91
2 June 2005	2.97	3.52	3.89
3 June 2005	3.00	3.57	3.98
6 June 2005	3.02	3.59	3.96
7 June 2005	3.02	3.57	3.92
8 June 2005	3.02	3.60	3.95
9 June 2005	2.99	3.64	3.98
10 June 2005	3.00	3.71	4.05
13 June 2005	3.03	3.71	4.09
14 June 2005	3.01	3.71	4.13
15 June 2005	3.00	3.72	4.12
16 June 2005	2.97	3.70	4.09
17 June 2005	2.98	3.72	4.09
20 June 2005	3.02	3.72	4.11
21 June 2005	3.02	3.71	4.06
22 June 2005	3.03	3.62	3.95
23 June 2005	3.06	3.63	3.96
24 June 2005	3.08	3.59	3.92
27 June 2005	3.16	3.60	3.90
28 June 2005	3.15	3.65	3.97
29 June 2005	3.13	3.65	3.99
30 June 2005	3.13	3.66	3.94
1 July 2005	3.17	3.76	4.06
4 July 2005	ND	ND	ND
5 July 2005	3.22	3.79	4.11
6 July 2005	3.19	3.77	4.08
7 July 2005	3.15	3.71	4.05
8 July 2005	3.17	3.78	4.11
11 July 2005	3.20	3.81	4.11
12 July 2005	3.21	3.82	4.15
13 July 2005	3.22	3.84	4.17
14 July 2005	3.23	3.86	4.19
15 July 2005	3.25	3.86	4.18
18 July 2005	3.30	3.89	4.22
19 July 2005	3.31	3.88	4.20
20 July 2005	3.30	3.90	4.17
21 July 2005	3.34	3.96	4.28
22 July 2005	3.37	3.92	4.23
25 July 2005	3.45	3.95	4.25
26 July 2005	3.44	3.95	4.24
27 July 2005	3.40	3.99	4.27
28 July 2005	3.40	3.96	4.20
29 July 2005	3.41	4.02	4.28
1 August 2005	3.49	4.04	4.32
2 August 2005	3.49	4.06	4.34
3 August 2005	3.46	4.02	4.30
4 August 2005	3.47	4.04	4.32
5 August 2005	3.52	4.11	4.40
8 August 2005	3.55	4.16	4.42
9 August 2005	3.52	4.13	4.41
10 August 2005	3.51	4.13	4.40
11 August 2005	3.51	4.10	4.32
12 August 2005	3.52	4.05	4.24
15 August 2005	3.55	4.08	4.27
16 August 2005	3.54	4.03	4.23
17 August 2005	3.52	4.07	4.28
18 August 2005	3.50	4.01	4.21
19 August 2005	3.52	4.03	4.21
22 August 2005	3.54	4.03	4.22
23 August 2005	3.54	4.01	4.20
24 August 2005	3.53	3.99	4.19
25 August 2005	3.54	4.00	4.18
26 August 2005	3.55	4.06	4.20
29 August 2005	3.55	4.06	4.20
30 August 2005	3.54	3.97	4.16
31 August 2005	3.52	3.84	4.02
1 September 2005	3.48	3.72	4.02
2 September 2005	3.45	3.75	4.03
5 September 2005	ND	ND	ND
6 September 2005	3.53	3.80	4.09
7 September 2005	3.49	3.87	4.15
8 September 2005	3.48	3.87	4.15
9 September 2005	3.49	3.88	4.14
12 September 2005	3.52	3.92	4.18
13 September 2005	3.48	3.88	4.14
14 September 2005	3.43	3.90	4.17
15 September 2005	3.45	3.90	4.22
16 September 2005	3.50	3.97	4.26
19 September 2005	3.59	3.93	4.25
20 September 2005	3.62	4.00	4.26
21 September 2005	3.42	3.96	4.19
22 September 2005	3.47	3.95	4.19
23 September 2005	3.48	4.02	4.25
26 September 2005	3.54	4.07	4.30
27 September 2005	3.50	4.08	4.30
28 September 2005	3.47	4.09	4.26
29 September 2005	3.54	4.13	4.29
30 September 2005	3.55	4.18	4.34
3 October 2005	3.62	4.21	4.39
4 October 2005	3.63	4.22	4.38
5 October 2005	3.58	4.21	4.36
6 October 2005	3.60	4.20	4.37
7 October 2005	3.62	4.18	4.35
10 October 2005	ND	ND	ND
11 October 2005	3.74	4.22	4.39
12 October 2005	3.70	4.24	4.45
13 October 2005	3.75	4.24	4.48
14 October 2005	3.77	4.27	4.48
17 October 2005	3.87	4.29	4.50
18 October 2005	3.86	4.27	4.49
19 October 2005	3.86	4.25	4.47
20 October 2005	3.85	4.27	4.46
21 October 2005	3.86	4.22	4.39
24 October 2005	3.93	4.25	4.45
25 October 2005	3.93	4.34	4.54
26 October 2005	3.90	4.38	4.60
27 October 2005	3.88	4.36	4.57
28 October 2005	3.92	4.4	4.58
31 October 2005	3.98	4.4	4.57
1 November 2005	3.96	4.42	4.58
2 November 2005	3.94	4.43	4.61
3 November 2005	3.94	4.47	4.65
4 November 2005	3.97	4.47	4.66
7 November 2005	3.96	4.47	4.65
8 November 2005	3.96	4.43	4.57
9 November 2005	3.99	4.49	4.64
10 November 2005	3.97	4.44	4.55
11 November 2005	ND	ND	ND
14 November 2005	4.02	4.50	4.61
15 November 2005	4.01	4.47	4.56
16 November 2005	4.00	4.42	4.49
17 November 2005	4.01	4.37	4.46
18 November 2005	4.00	4.40	4.50
21 November 2005	4.00	4.39	4.46
22 November 2005	3.93	4.32	4.43
23 November 2005	3.95	4.36	4.47
24 November 2005	ND	ND	ND
25 November 2005	3.95	4.33	4.43
28 November 2005	3.98	4.33	4.41
29 November 2005	3.98	4.40	4.48
30 November 2005	3.95	4.42	4.49
1 December 2005	3.97	4.45	4.52
2 December 2005	3.99	4.43	4.52
5 December 2005	4.05	4.47	4.57
6 December 2005	4.05	4.42	4.49
7 December 2005	4.03	4.42	4.52
8 December 2005	3.94	4.37	4.47
9 December 2005	3.94	4.43	4.54
12 December 2005	3.92	4.45	4.56
13 December 2005	3.92	4.43	4.54
14 December 2005	3.90	4.37	4.45
15 December 2005	3.93	4.37	4.47
16 December 2005	3.93	4.37	4.45
19 December 2005	3.98	4.38	4.45
20 December 2005	3.97	4.42	4.47
21 December 2005	3.99	4.43	4.49
22 December 2005	3.98	4.40	4.44
23 December 2005	3.99	4.37	4.38
26 December 2005	ND	ND	ND
27 December 2005	3.99	4.35	4.34
28 December 2005	3.96	4.37	4.38
29 December 2005	4.01	4.38	4.37
30 December 2005	4.08	4.41	4.39
2 January 2006	ND	ND	ND
3 January 2006	4.17	4.34	4.37
4 January 2006	4.19	4.31	4.36
5 January 2006	4.20	4.32	4.36
6 January 2006	4.22	4.36	4.38
9 January 2006	4.24	4.36	4.38
10 January 2006	4.29	4.41	4.43
11 January 2006	4.30	4.44	4.46
12 January 2006	4.32	4.39	4.42
13 January 2006	4.33	4.34	4.36
16 January 2006	ND	ND	ND
17 January 2006	4.39	4.33	4.34
18 January 2006	4.36	4.33	4.34
19 January 2006	4.36	4.37	4.38
20 January 2006	4.35	4.37	4.37
23 January 2006	4.39	4.35	4.36
24 January 2006	4.41	4.37	4.40
25 January 2006	4.43	4.46	4.49
26 January 2006	4.45	4.49	4.53
27 January 2006	4.45	4.51	4.52
30 January 2006	4.40	4.52	4.54
31 January 2006	4.48	4.54	4.53
1 February 2006	4.48	4.59	4.57
2 February 2006	4.48	4.59	4.57
3 February 2006	4.48	4.59	4.54
6 February 2006	4.49	4.62	4.55
7 February 2006	4.50	4.61	4.57
8 February 2006	4.51	4.64	4.56
9 February 2006	4.52	4.66	4.54
10 February 2006	4.53	4.69	4.59
13 February 2006	4.56	4.68	4.58
14 February 2006	4.56	4.69	4.62
15 February 2006	4.55	4.71	4.61
16 February 2006	4.55	4.69	4.59
17 February 2006	4.54	4.66	4.54
20 February 2006	ND	ND	ND
21 February 2006	4.57	4.71	4.57
22 February 2006	4.57	4.68	4.53
23 February 2006	4.59	4.72	4.56
24 February 2006	4.60	4.74	4.58
27 February 2006	4.63	4.74	4.59
28 February 2006	4.63	4.69	4.55
1 March 2006	4.60	4.71	4.59
2 March 2006	4.61	4.72	4.64
3 March 2006	4.61	4.76	4.68
6 March 2006	4.60	4.77	4.74
7 March 2006	4.60	4.77	4.74
8 March 2006	4.58	4.72	4.73
9 March 2006	4.59	4.72	4.74
10 March 2006	4.61	4.74	4.76
13 March 2006	4.61	4.74	4.77
14 March 2006	4.59	4.66	4.71
15 March 2006	4.63	4.69	4.73
16 March 2006	4.61	4.62	4.65
17 March 2006	4.63	4.65	4.68
20 March 2006	4.67	4.65	4.66
21 March 2006	4.69	4.72	4.71
22 March 2006	4.69	4.74	4.70
23 March 2006	4.67	4.77	4.73
24 March 2006	4.65	4.72	4.67
27 March 2006	4.63	4.72	4.70
28 March 2006	4.65	4.81	4.79
29 March 2006	4.63	4.82	4.81
30 March 2006	4.61	4.84	4.86
31 March 2006	4.63	4.82	4.86
3 April 2006	4.67	4.86	4.88
4 April 2006	4.68	4.84	4.87
5 April 2006	4.67	4.81	4.84
6 April 2006	4.68	4.84	4.90
7 April 2006	4.69	4.89	4.97
10 April 2006	4.70	4.89	4.97
11 April 2006	4.70	4.88	4.93
12 April 2006	4.70	4.91	4.98
13 April 2006	4.70	4.96	5.05
14 April 2006	ND	ND	ND
17 April 2006	4.73	4.91	5.01
18 April 2006	4.73	4.84	4.99
19 April 2006	4.73	4.86	5.04
20 April 2006	4.73	4.89	5.04
21 April 2006	4.75	4.90	5.01
24 April 2006	4.76	4.89	4.99
25 April 2006	4.79	4.95	5.07
26 April 2006	4.79	4.99	5.12
27 April 2006	4.78	4.91	5.09
28 April 2006	4.77	4.87	5.07
1 May 2006	4.82	4.94	5.14
2 May 2006	4.81	4.92	5.12
3 May 2006	4.82	4.94	5.15
4 May 2006	4.80	4.97	5.16
5 May 2006	4.82	4.94	5.12
8 May 2006	4.87	4.97	5.12
9 May 2006	4.88	4.97	5.13
10 May 2006	4.88	5.01	5.13
11 May 2006	4.82	4.99	5.14
12 May 2006	4.84	5.01	5.19
15 May 2006	4.86	4.99	5.15
16 May 2006	4.83	4.96	5.10
17 May 2006	4.83	4.97	5.16
18 May 2006	4.83	4.94	5.08
19 May 2006	4.82	4.96	5.05
22 May 2006	4.83	4.94	5.04
23 May 2006	4.84	4.97	5.07
24 May 2006	4.82	4.94	5.03
25 May 2006	4.82	4.98	5.07
26 May 2006	4.84	4.96	5.06
29 May 2006	ND	ND	ND
30 May 2006	4.84	4.99	5.09