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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.

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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
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

Return to text

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.

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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.

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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
31 May 2006 4.86 5.04 5.12
1 June 2006 4.83 5.04 5.11