GDP and the economy: third estimates for the third quarter of 2011.

Swann, Christopher

REAL GROSS domestic product (GDP) increased at an annual rate of 1.8 percent in the third quarter of 2011, according to the third estimates of the national income and product accounts (chart 1 and table l). (1) The third estimate of real GDP growth was revised down 0.2 percentage point from the second estimate, primarily reflecting a downward revision to consumer spending that was partly offset by an upward revision to inventory investment (see page 3). (2) In the second quarter of 2011, real GDP had increased 1.3 percent.

* Prices of goods and services purchased by U.S. residents, as measured by the gross domestic purchases price index, increased 2.0 percent in the third quarter, 0.1 percentage point more than in the second estimate; energy prices and food prices decelerated. Excluding food and energy, prices increased 1.8 percent. In the second quarter, gross domestic purchases prices increased 3.3 percent.

* Real disposable personal income (DPI) decreased 1.9 percent in the third quarter, 0.2 percentage point less of a decrease than in the second estimate; in the second quarter, real DPI decreased 0.5 percent. The larger third-quarter decrease primarily reflected a sharp deceleration in current-dollar DPI. The upward revision to current-dollar DPI primarily reflected an upward revision to personal income, which in turn reflected an upward revision to government social benefits to persons, specifically Medicaid payments.

* The personal saving rate, personal saving as a percentage of current-dollar DPI, was 3.9 percent in the third quarter, 0.1 percentage point more than in the second estimate. In the second quarter, it was 4.8 percent.

* Real gross domestic income rose 0.2 percent in the third quarter, the same rate as in the second quarter.

* Corporate profits increased $32.5 billion in the third quarter after increasing $61.2 billion in the second quarter (see page 4).

[GRAPHIC 1 OMITTED]

Real GDP Overview

Consumer spending picked up in the third quarter, mainly reflecting an upturn in durable goods, which (in turn reflected a rebound in spending for motor vehicles and parts. Nondurable goods turned down, and services grew at the same rate as in the second quarter.

Nonresidential fixed investment accelerated, reflecting an acceleration in equipment and software that was partly offset by a deceleration in structures. The largest contributors to the acceleration in equipment and software were upturns in "other" equipment and in industrial equipment and an acceleration in transportation equipment.

Inventory investment decreased more than in the second quarter and subtracted 1.35 percentage points from real GDP growth after subtracting 0.28 percentage point.

Exports of goods and services picked up, reflecting a pickup in exports of goods; exports of services slowed.

Imports of goods and services slowed, reflecting a slowdown in imports of goods that was partly offset by a pickup in imports of services.

Federal government spending picked up slightly. A smaller decrease in nondefense spending was partly offset by a slowdown in defense spending.

State and local government spending decreased less than in the second quarter, reflecting an upturn in gross investment that was partly offset by a larger decrease in consumption expenditures.

The GDP price index increased 2.6 percent, 0.6 percentage point more than the gross domestic purchases--price index, reflecting a decrease in import prices (1.3 percent) and an increase in export prices (1.9 percent).

GDP and Gross Domestic Purchases

In addition to gross domestic product (GDP), another related measure of economic growth--gross domestic purchases--is included in the national income and product accounts (NIPAs).

GDP measures the market value of final goods and services produced by labor and property in the United States, including the goods that are added to, or subtracted from, inventories. GDP is defined as the sum of consumer spending, business and residential investment, inventory investment, government spending, and exports less imports.

Gross domestic purchases is defined as GDP less exports plus imports. It measures domestic demand for goods and services regardless of their origin. Exports represent foreign demand for U.S. goods and services. Subtracting exports from our yields a measure or expenditures that focuses on domestic buyers. Imports can be viewed as the value of goods and services that exceed the domestic supply and that expand the consumption and investment alternatives for domestic purchasers.

Differences between GDP and gross domestic purchases reflect patterns in imports less exports: as imports exceed exports, gross domestic purchases exceeds GDP.

For annual and quarterly estimates of these measures, see NIPA tables 1.4.1 and 1.4.3-1.4.6.

See also "A Guide to the National Income and Product Accounts of the United States" at www.bea.gov under "Methodologies." For a related discussion about GDP prices and gross domestic purchases prices, see FAQ 499.

Revisions to GDP

The third estimate of the third-quarter increase in real GDP was 0.2 percentage point less than the second estimate, primarily reflecting a downward revision to consumer spending that was partly offset by an upward revision to inventory investment. The average revision (without regard to sign) between the second estimates and the third estimates is 0.3 percentage point.

The downward revision to consumer spending was more than accounted for by a downward revision to spending for services. Within services, the largest contributor to the revision was spending for health care, mainly for nonprofit hospital services, that was based on the incorporation of newly available quarterly services survey data.

The upward revision to inventory investment was primarily accounted for by an upward revision to farm 1 inventories, specifically crop inventories, that was based on the incorporation of newly available 2011 Farm Income Forecast.

Source Data for the Third Estimates

The third estimate of GDP for the third quarter of 2011 incorporated the following source data.

Personal consumption expenditures: Census Bureau quarterly services survey data for the third quarter (new), and Energy Information Administration (EIA) natural gas data for September (new).

Nonresidential fixed investment: Census Bureau construction spending (value put in place) data for August and September (revised) and quarterly services survey data for the third quarter (new).

Residential fixed investment: Census Bureau construction spending (value put in place) data for August and September (revised).

Change in private inventories: manufacturers' and trade inventories for September (revised), Census

Bureau Quarterly Financial Report data for mining (revised), and EIA coal and petroleum utility stock data for August (new) and natural gas data for September (new). U.S. Department of Agriculture 2011 Farm Income Forecast (new).

Exports and imports of goods and services: international transactions accounts data for July, August, and September (revised) and data for goods for September (revised).

Government consumption expenditures and gross investment: Census Bureau construction spending (value put in place) data for state and local government for August and September (revised).

GDP prices: Federal Reserve Board Call Report for the third quarter (new).

Corporate Profits

Profits from current production increased $32.5 billion, or 1.7 percent at a quarterly rate, in the third quarter after increasing $61.2 billion, or 3.3 percent, in the second quarter.

Domestic profits of financial corporations increased $9.2 billion, or 2.2 percent, after decreasing $54.2 billion, or 11.5 percent.

Domestic profits of nonfinancial corporations increased $17.9 billion, or 1.7 percent, after increasing $80.8 billion, or 8.1 percent.

Profits from the rest of the world increased $5.4 billion, or 1.2 percent, after increasing $34.6 billion, or 8.4 percent. In the third quarter, receipts decreased $10.5 billion, and payments decreased $16.0 billion.

Taxes on corporate income decreased $9.1 billion, or 2.2 percent, after decreasing $1.8 billion, or 0.4 percent.

Undistributed corporate profits, a measure of net saving that equals after-tax profits less dividends, increased $27.7 billion, or 3.9 percent, after increasing $49.3 billion, or 7.5 percent.

Net cash flow increased $35.8 billion, or 2.0 percent, after increasing $86.2 billion, or 5.0 percent. It is a pro fits-related measure of the internal funds available for investment that equals undistributed profits (after dividends) plus capital consumption allowances less capital transfers paid.

Measuring Corporate Profits

Corporate profits is a widely followed economic indicator used to gauge corporate health, assess investment conditions, and analyze the effect on corporations of economic policies and conditions. In addition, corporate profits is an important component in key measures of income.

BEAs measure of corporate profits aims to capture the income earned by corporations from current production in a manner that is fully consistent with the national income and product accounts (NIPAs). The measure is defined as receipts arising from current production less associated expenses. Receipts exclude income in the form of dividends and capital gains, and expenses exclude bad debts, natural resource depletion, and capital losses.

Because direct estimates of NIPA-consistent corporate profits are unavailable, BEA derives these estimates in three steps.

First, BEA measures profits before taxes to reflect corporate income regardless of any redistributions of income through taxes. Estimates for the current quarter are based on corporate earnings reports from sources including Census Bureau Quarterly Financial Report, Federal Deposit Insurance Corporation Call Reports, other regulatory reports, and tabulations from corporate financial reports. The estimates are benchmarked to Internal Revenue Service data when the data are available for two reasons: the data are based on well-specified accounting definitions, and they are comprehensive, covering all incorporated businesses--publicly traded and privately held--in all industries.

Second, to remove the effects of price changes on inventories valued at historical cost and of tax accounting for inventory withdrawals, BEA adds an inventory valuation adjustment that values inventories at current cost.

Third, to remove the effects of tax accounting on depreciation, BEA adds a capital consumption adjustment (CCAdj). CCAdj is defined as the difference between capital consumption allowances (tax return depreciation) and consumption of fixed capital (the decline in the value of the stock of assets due to wear and tear, obsolescence, accidental damage, and aging).

Corporate Profits by Industry

Profits with inventory valuation adjustment increased $37.2 billion, or 2.0 percent at a quarterly rate, in the third quarter. The difference between this increase in profits and the increase in profits from current production reflects the capital consumption adjustment, which decreased $4.6 billion.

Profits of domestic industries increased $31.7 billion, or 2.3 percent, after increasing $34.6 billion, or 2.6 percent.

Profits of domestic financial industries increased $9.8 billion, or 2.2 percent, after decreasing $52.6 billion, or 10.7 percent.

Profits of domestic nonfinancial industries increased $22.0 billion, or 2.3 percent, after increasing $87.1 billion, or 10.1 percent. The deceleration reflected a downturn in wholesale trade, decelerations in "other" nonfinancial industries and in manufacturing, and downturns in information and in utilities. In contrast, retail trade decreased less than in the second quarter, and transportation and warehousing picked up.

[GRAPHIC 2 OMITTED]

Corporate Profits by Industry

Industry profits are corporate profits by industry with inventory valuation adjustment (IVA). The IVA removes the effect of price changes on inventories. The IVA is the difference between the cost of inventory withdrawals at acquisition cost and replacement cost. Ideally, BEA would also add the capital consumption adjustment (CCAdj) for each industry. However, estimates of the CCAdj are only available for two broad categories: total financial industries and total nonfinancial industries. For more information about BEA's methodology, see "Corporate Profits: Profits Before Tax, Profits Tax Liability, and Dividends" at www.bea.gov/methodologies/index.htm.

Real Inventories, Sales, and Inventory-Sales Ratios for Manufacturing and Trade for the Third Quarter of 2011

This report presents quarterly estimates for the second and third quarters of 2011 and monthly estimates for May 2011 to October 2011.

Tables 1B, 2B, 3B, and 4B present chain-weighted estimates. Table 1B presents inventories. Table 2B presents sales. Table 3B presents the inventory-sales ratios that can be used to assess the likelihood that businesses will add to, or reduce, inventories in response to changes in demand; these ratios supplement the quarterly current-dollar and real estimates of ratios of inventories to final sales of domestic business, of nonfarm business, and of goods and structures that are presented in NIPA tables 5.7.5B and 5.7.6B. Table 4B presents estimates of manufacturing inventories by stage of fabrication.

The estimates for 1967 forward are available in interactive tables on BEA's Web site at www.bea.gov. Click on "Gross Domestic Product," and under "Supplemental Estimates" click on "Underlying Detail Tables" on "Begin using the data" and then on "Section 0. Real Inventories and Sales."

(1.) "Real" estimates are in chained (2005) dollars, and price indexes are chain-type measures. Each GDP estimate for a quarter (advance, second, and third) incorporates increasingly comprehensive and improved source data; for more information, see "Revisions to GDP, GDI, and Their Major Components" in the July 2011 Survey of Current Business. Quarterly estimates are expressed at seasonally adjusted annual rates, which assumes that a rate of activity for a quarter is maintained for a year.

(2.) In this article, "consumer spending" refers to "personal consumption expenditures," "inventory investment" refers to "change in private inventories," and "government spending" refers to "government consumption expenditures and gross investment."

Table 1. Real Gross Domestic Product and Components
[Seasonally adjusted at annual rates]

 Share of
 current-
 dollar
 GDP
 (percent)

 2011

 III

 Gross domestic product (1) 100.0

Personal consumption
 expenditures 71.1
 Goods 24.1
 Durable goods 7.6
 Nondurable goods 16.5
 Services 46.9

Gross private domestic
 investment 12.6
 Fixed investment 12.6
 Nonresidential 10.3
 Structures 2.8
 Equipment and software 7.5
 Residential 2.2
 Change in private inventories 0.0

Net exports of goods and
 services -3.7
 Exports 14.0
 Goods 9.9
 Services 4.1
 Imports 17.7
 Goods 14.8
 Services 2.8
Government consumption
 expenditures and gross
 investment 20.1
 Federal 8.2
 National defense 5.6
 Nondefense 2.7
 State and local 11.9

Addenda:
 Final sales of domestic product 100.0
 Gross domestic purchases 103.7
 Gross domestic purchases price
 index ...
 GDP price index ...

 Change from
 preceding period
 (percent)

 2010 2011

 IV I II III

 Gross domestic product (1) 2.3 0.4 1.3 1.8

Personal consumption
 expenditures 3.6 2.1 0.7 1.7
 Goods 8.3 4.7 -1.6 1.4
 Durable goods 17.2 11.7 -5.3 5.7
 Nondurable goods 4.3 1.6 0.2 -0.5
 Services 1.3 0.8 1.9 1.9

Gross private domestic
 investment -7.1 3.8 6.4 1.3
 Fixed investment 7.5 1.2 9.2 13.0
 Nonresidential 8.7 2.1 10.3 15.7
 Structures 10.5 -14.3 22.6 14.4
 Equipment and software 8.1 8.7 6.2 16.2
 Residential 2.5 -2.4 4.2 1.3
 Change in private inventories ... ... ... ...

Net exports of goods and
 services ... ... ... ...
 Exports 7.8 7.9 3.6 4.7
 Goods 9.2 10.6 2.5 5.0
 Services 4.7 1.7 6.2 4.0
 Imports -2.3 8.3 1.4 1.2
 Goods -0.5 9.5 1.6 0.5
 Services -10.4 2.2 0.4 4.8
Government consumption
 expenditures and gross
 investment -2.8 -5.9 -0.9 -0.1
 Federal -3.0 -9.4 1.9 2.1
 National defense -5.9 -12.6 7.0 5.0
 Nondefense 3.1 -2.7 -7.6 -3.8
 State and local -2.7 -3.4 -2.8 -1.6

Addenda:
 Final sales of domestic product 4.2 0.0 1.6 3.2
 Gross domestic purchases 0.1 0.1 1.0 1.3
 Gross domestic purchases price
 index 2.1 4.0 3.3 2.0
 GDP price index 1.9 2.5 2.5 2.6

 Contribution to percent
 change in real GDP
 (percentage points)

 2010 2011

 IV I II III

 Gross domestic product (1) 2.3 0.4 1.3 1.8

Personal consumption
 expenditures 2.48 1.47 0.49 1.24
 Goods 1.87 1.10 -0.38 0.33
 Durable goods 1.20 0.85 -0.42 0.42
 Nondurable goods 0.67 0.25 0.04 -0.09
 Services 0.61 0.36 0.87 0.90

Gross private domestic
 investment -0.91 0.47 0.79 0.17
 Fixed investment 0.88 0.15 1.07 1.52
 Nonresidential 0.82 0.20 0.98 1.49
 Structures 0.26 -0.40 0.54 0.37
 Equipment and software 0.56 0.60 0.44 1.12
 Residential 0.06 -0.06 0.09 0.03
 Change in private inventories -1.79 0.32 -0.28 -1.35

Net exports of goods and
 services 1.37 -0.34 0.24 0.43
 Exports 0.98 1.01 0.48 0.64
 Goods 0.79 0.94 0.24 0.48
 Services 0.18 0.07 0.24 0.16
 Imports 0.39 -1.35 -0.24 -0.21
 Goods 0.08 -1.29 -0.23 -0.08
 Services 0.31 -0.06 -0.01 -0.13
Government consumption
 expenditures and gross
 investment -0.58 -1.23 -0.18 -0.02
 Federal -0.26 -0.82 0.16 0.17
 National defense -0.34 -0.74 0.37 0.27
 Nondefense 0.09 -0 08 -0.22 -0.10
 State and local -0.33 -0.41 -0.34 -0.19

Addenda:
 Final sales of domestic product 4.14 0.04 1.62 3.16
 Gross domestic purchases
 Gross domestic purchases price
 index ... ... ... ...
 GDP price index ... ... ... ...

(1.) The estimates of GDP under the contribution columns are also
percent changes.

NOTE. Percent changes are from NIPA table 1.1.1, contributions are
from NIPA table 1.1.2, and shares are from NIPA table 1.1.10.

Table 2. Second and Third Estimates for the Third Quarter of 2011
[Seasonally adjusted at annual rates]

 Change from
 preceding quarter
 (percent)

 Third
 minus
 Second Third second

Gross domestic product (GDP) (1) 2.0 1.8 -0.2

Personal consumption expenditures 2.3 1.7 -0.6
 Goods 1.3 1.4 0.1
 Durable goods 5.5 5.7 0.2
 Nondurable goods -0.6 -0.5 0.1
 Services 2.9 1.9 -1.0

Gross private domestic investment -0.9 1.3 2.2
 Fixed investment 12.3 13.0 0.7
 Nonresidential 14.8 15.7 0.9
 Structures 12.6 14.4 1.8
 Equipment and software 15.6 16.2 0.6
 Residential 1.6 1.3 -0.3
 Change in private inventories ... ... ...

Net exports of goods and services ... ... ...
 Exports 4.3 4.7 0.4
 Goods 4.9 5.0 0.1
 Services 2.7 4.0 1.3
 Imports 0.5 1.2 0.7
 Goods 0.3 0.5 0.2
 Services 2.0 4.8 2.8

Government consumption expenditures and
 gross investment -0.1 -0.1 0.0
 Federal 1.9 2.1 0.2
 National defense 4.7 5.0 0.3
 Nondefense -3.8 -3.8 0.0
 State and local -1.4 -1.6 -0.2

Addenda:
 Final sales of domestic product 3.6 3.2 -0.4
 Gross domestic purchases price index 1.9 2.0 0.1
 GDP price index 2.5 2.6 0.1

 Contribution to percent
 change in real GDP
 (percentage points)

 Third
 minus
 Second Third second

Gross domestic product (GDP) (1) 2.0 1.8 -0.2

Personal consumption expenditures 1.63 1.24 -0.39
 Goods 0.30 0.33 0.00
 Durable goods 0.41 0.42 0.03
 Nondurable goods -0.11 -0.09 0.01
 Services 1.33 0.90 0.02
 -0.43
Gross private domestic investment -0.10 0.17 0.27
 Fixed investment 1.45 1.52 0.07
 Nonresidential 1.41 1.49 0.08
 Structures 0.33 0.37 0.04
 Equipment and software 1.08 1.12 0.04
 Residential 0.04 0.03 -0.01
 Change in private inventories -1.55 -1.35 0.20

Net exports of goods and services 0.49 0.43 -0.06
 Exports 0.59 0.64 0.05
 Goods 0.48 0.48 0.00
 Services 0.11 0.16 0.05
 Imports -0.09 -0.21 -0.12
 Goods -0.04 -0.08 -0.04
 Services -0.06 -0.13 -0.07

Government consumption expenditures and
 gross investment -0.02 -0.02 0.00
 Federal 0.15 0.17 0.02
 National defense 0.26 0.27 0.01
 Nondefense -0.10 -0.10 0.00
 State and local -0.17 -0.19 -0.02

Addenda:
 Final sales of domestic product 3.55 3.16 -0.39
 Gross domestic purchases price index ... ... ...
 GDP price index ... ... ...

(1.) The estimates for GDP under the contribution columns are also
percent changes.

Table 3. Corporate Profits
[Seasonally adjusted]

 Billions of dollars (annual rate)

 Level Change from preceding quarter

 2011 2010 2011

 III IV I II III

Current production
measures:

Corporate profits 1,970.1 24.3 19.0 61.2 32.5
 Domestic industries 1,519.3 46.7 -18.8 26.5 27.1
 Financial 428.3 52.0 -38.7 -54.2 9.2
 Nonfinancial 1,091.0 -5.2 19.7 80.8 17.9
 Rest of the world 450.8 -22.4 37.9 34.6 5.4
 Receipts from the rest
 of the world 650.4 16.1 20.3 49.0 -10.5
 Less: Payments to the
 rest of the world 199.5 38.5 -17.7 14.4 -16.0
Less: Taxes on corporate
 income 411.4 -25.6 17.6 -1.8 -9.1
Equals: Profits after tax 1,558.7 49.9 1.4 63.0 41.6
 Net dividends 821.4 14.3 19.0 13.6 14.0
 Undistributed profits
 from current
 production 737.3 35.6 -17.6 49.3 27.7
Net cash flow 1,848.0 16.0 21.1 86.2 35.8

 Percent change from
 preceding quarter
 (quarterly rate)

 2010 2011

 IV I II III

Current production
measures:

Corporate profits 1.3 1.0 3.3 1.7
 Domestic industries 3.3 -1.3 1.8 1.8
 Financial 11.3 -7.5 -11.5 2.2
 Nonfinancial -0.5 2.0 8.1 1.7
 Rest of the world -5.7 10.2 8.4 1.2
 Receipts from the rest
 of the world 2.8 3.4 8.0 -1.6
 Less: Payments to the
 rest of the world 21.3 -8.1 7.2 -7.4
Less: Taxes on corporate
 income -5.9 4.3 -0.4 -2.2
Equals: Profits after tax 3.6 0.1 4.3 2.7
 Net dividends 1.9 2.5 1.7 1.7
 Undistributed profits
 from current
 production 5.5 -2.6 7.5 3.9
Net cash flow 1.0 1.2 5.0 2.0

Note. Levels of these and other profits series are shown in NIPA
tables 1.12, 1.14, 1.15, and 6.16D.

Table 4. Corporate Profits by Industry
[Seasonally adjusted]

 Billions of dollars (annual rate)

 Level Change from preceding quarter

 2011 2010 2011

 III IV I II III
Industry profits:

Profits with IVA 1,867.4 -160.4 108.9 69.1 37.2

 Domestic industries 1,416.6 -138.0 71.0 34.6 31.7

 Financial 448.7 33.0 -29.3 -52.6 9.8

 Nonfinancial 967.9 -171.0 100.3 87.1 22.0

 Utilities 10.7 -20.9 7.8 0.3 -4.5
 Manufacturing 268.2 -39.5 29.9 32.3 18.3
 Wholesale trade 85.6 -39.9 22.1 19.2 -5.2
 Retail trade 110.6 -1.7 2.9 -7.5 -2.1
 Transportation and
 warehousing 33.5 -11.1 -4.7 3.3 6.7
 Information 97.1 -7.5 19.8 4.7 -6.5
 Other nonfinancial 362.2 -50.4 22.4 34.9 15.3
 Rest of the world 450.8 -22.4 37.9 34.6 5.4

Addenda:
Profits before tax
 (without IVA and CCAdj) 1,912.9 -102.0 134.6 13.5 22.3
Profits after tax
 (without IVA and CCAdj) 1,501.5 -76.4 117.0 15.3 31.4
IVA -45.5 -58.3 -25.7 55.6 14.9
CCAdj 102.7 184.7 -89.8 -8.1 -4.6

 Percent change from
 preceding quarter
 (quarterly rate)

 2010 2011

 IV I II III
Industry profits:

Profits with IVA -8.8 6.6 3.9 2.0

 Domestic industries -9.7 5.6 2.6 2.3

 Financial 6.8 -5.6 -10.7 2.2

 Nonfinancial -18.4 13.2 10.1 2.3

 Utilities -74.6 109.0 1.9 -29.4
 Manufacturing -17.4 15.9 14.8 7.3
 Wholesale trade -44.6 44.6 26.9 -5.8
 Retail trade -1.5 2.5 -6.2 -1.9
 Transportation and
 warehousing -28.3 -16.6 13.9 25.1
 Information -8.7 25.0 4.8 -6.2
 Other nonfinancial -14.8 7.8 11.2 4.4
 Rest of the world -5.7 10.2 8.4 1.2

Addenda:
Profits before tax
 (without IVA and CCAdj) -5.5 7.7 0.7 1.2
Profits after tax
 (without IVA and CCAdj) -5.4 8.7 1.1 2.1
IVA ... ... ... ...
CCAdj ... ... ... ...

NOTE. Levels of these and other profits series are shown in NIPA
tables 1.12, 1.14, 1.15, and 6.16D,

IVA Inventory valuation adjustment

CCAdj Capital consumption adjustment

Table 1B. Real Manufacturing and Trade Inventories, Seasonally Adjusted,
End of Period
[Billions of chained (2005) dollars]

 2011 2011

 II III May

 Manufacturing and trade
 industries 1,338.5 1,338.2 1,338.3

Manufacturing 540.5 543.3 540.2

 Durable goods 332.1 336.9 331.2
 Wood products 8.2 8.3 8.3
 Nonmetallic mineral products 10.3 10.4 10.2
 Primary metals 24.7 25.0 24.7
 Fabricated metal products 38.4 38.7 38.4
 Machinery 43.3 44.6 43.2
 Computer and electronic
 products 62.4 62.4 62.3
 Electrical equipment,
 appliances, and components 14.2 14.1 14.3
 Transportation equipment 102.0 104.7 101.2
 Furniture and related products 8.0 8.0 8.0
 Miscellaneous manufacturing 22.3 22.5 22.4

 Nondurable goods 209.9 208.4 210.4
 Food products 39.3 38.6 39.3
 Beverage and tobacco products 13.2 13.3 13.2
 Textile mills 4.5 4.5 4.5
 Textile product mills 3.1 3.1 3.1
 Apparel 6.2 6.4 6.3
 Leather and allied products 1.5 1.5 1.5
 Paper products 16.1 16.1 16.2
 Printing and related support
 activities 5.9 5.8 5.9
 Petroleum and coal products 33.3 32.7 33.8
 Chemical products 64.0 64.1 64.1
 Plastics and rubber products 20.8 20.6 20.6

Merchant wholesale trade 371.2 371.0 369.7
 Durable goods 216.5 220.7 214.4
 Nondurable goods 154.2 150.7 154.6

Retail trade 423.5 420.3 425.3
 Motor vehicle and parts dealers 115.5 112.7 117.8
 Furniture and home furnishings
 and electronics and appliance
 stores 26.7 26.0 26.7
 Building material and garden
 equipment and supplies stores 44.9 44.9 45.2
 Food and beverage stores 36.2 36.5 36.1
 Clothing and clothing accessories
 stores 35.4 35.2 35.5
 General merchandise stores 75.2 75.1 75.3
 Other retail stores 87.8 87.7 87.1

 2011

 June July (r) August (r)

 Manufacturing and trade
 industries 1,338.5 1,342.0 1,343.1

Manufacturing 540.5 542.2 543.2

 Durable goods 332.1 334.4 336.9
 Wood products 8.2 8.2 8.3
 Nonmetallic mineral products 10.3 10.2 10.3
 Primary metals 24.7 24.8 25.0
 Fabricated metal products 38.4 38.5 38.7
 Machinery 43.3 43.8 44.5
 Computer and electronic
 products 62.4 62.7 62.6
 Electrical equipment,
 appliances, and components 14.2 14.2 14.2
 Transportation equipment 102.0 103.3 104.5
 Furniture and related products 8.0 8.0 8.0
 Miscellaneous manufacturing 22.3 22.3 22.4

 Nondurable goods 209.9 209.5 208.3
 Food products 39.3 39.2 39.1
 Beverage and tobacco products 13.2 13.3 13.3
 Textile mills 4.5 4.6 4.6
 Textile product mills 3.1 3.1 3.1
 Apparel 6.2 6.3 6.3
 Leather and allied products 1.5 1.5 1.5
 Paper products 16.1 16.1 16.1
 Printing and related support
 activities 5.9 5.9 5.8
 Petroleum and coal products 33.3 33.2 32.3
 Chemical products 64.0 63.9 63.9
 Plastics and rubber products 20.8 20.7 20.7

Merchant wholesale trade 371.2 373.5 373.9
 Durable goods 216.5 218.4 220.3
 Nondurable goods 154.2 154.7 153.6

Retail trade 423.5 422.8 422.3
 Motor vehicle and parts dealers 115.5 115.9 114.5
 Furniture and home furnishings
 and electronics and appliance
 stores 26.7 26.5 26.5
 Building material and garden
 equipment and supplies stores 44.9 44.7 44.7
 Food and beverage stores 36.2 36.3 36.4
 Clothing and clothing accessories
 stores 35.4 35.2 35.3
 General merchandise stores 75.2 74.9 75.0
 Other retail stores 87.8 87.4 88.0

 2011

 September (r) October (p)

 Manufacturing and trade
 industries 1,338.2 1,347.1

Manufacturing 543.3 547.8

 Durable goods 336.9 338.5
 Wood products 8.3 8.3
 Nonmetallic mineral products 10.4 10.4
 Primary metals 25.0 25.0
 Fabricated metal products 38.7 38.9
 Machinery 44.6 44.7
 Computer and electronic
 products 62.4 62.5
 Electrical equipment,
 appliances, and components 14.1 14.2
 Transportation equipment 104.7 105.4
 Furniture and related products 8.0 7.9
 Miscellaneous manufacturing 22.5 22.7

 Nondurable goods 208.4 211.1
 Food products 38.6 38.9
 Beverage and tobacco products 13.3 13.3
 Textile mills 4.5 4.5
 Textile product mills 3.1 3.1
 Apparel 6.4 6.4
 Leather and allied products 1.5 1.5
 Paper products 16.1 16.1
 Printing and related support
 activities 5.8 5.8
 Petroleum and coal products 32.7 34.5
 Chemical products 64.1 64.2
 Plastics and rubber products 20.6 20.6

Merchant wholesale trade 371.0 375.9
 Durable goods 220.7 222.3
 Nondurable goods 150.7 153.8

Retail trade 420.3 419.4
 Motor vehicle and parts dealers 112.7 112.9
 Furniture and home furnishings
 and electronics and appliance
 stores 26.0 26.0
 Building material and garden
 equipment and supplies stores 44.9 44,8
 Food and beverage stores 36.5 36.4
 Clothing and clothing accessories
 stores 35.2 35.1
 General merchandise stores 75.1 75.1
 Other retail stores 87.7 87.1

(p) Preliminary

(r) Revised

NOTES. Estimates in this table are based on the North American
Industry Classification System (NAICS), Chained (2005) dollar
inventory series are calculated to ensure that the chained (2005)
dollar change in inventories for 2005 equals the current-dollar change
in inventories for 2005 and that the average of the 2004 and 2005
end-of-year chain-weighted and fixed-weighted inventories are equal.
Because the formula for the chain-type quantity indexes uses weights
of more than one period, the corresponding chained-dollar estimates
are usually not additive.

Table 2B. Real Manufacturing and Trade Sales, Seasonally Adjusted at
Monthly Rate
[Billions of chained (2005) dollars]

 2011 2011

 II III May

 Manufacturing and trade
 industries 982.2 993.0 979.4

Manufacturing 339.5 344.9 337.7

 Durable goods 169.6 174.4 169.3
 Wood products 5.4 5.4 5.3
 Nonmetallic mineral products 6.5 6.5 6.5
 Primary metals 15.6 16.5 15.4
 Fabricated metal products 19.6 19.7 19.6
 Machinery 24.1 25.8 23.9
 Computer and electronic products 33.6 34.1 33.6
 Electrical equipment, appliances,
 and components 8.2 8.2 8.2
 Transportation equipment 41.1 42.3 41.0
 Furniture and related products 4.8 4.7 4.8
 Miscellaneous manufacturing 11.3 11.5 11.3

 Nondurable goods 169.6 170.7 168.2
 Food products 45.7 45.6 45.8
 Beverage and tobacco products 10.2 10.0 10.2
 Textile mills 2.1 2.1 2.1
 Textile product mills 1.6 1.6 1.6
 Apparel 1.3 1.4 1.3
 Leather and allied products 0.3 0.3 0.3
 Paper products 11.3 11.2 11.3
 Printing and related support
 activities 6.4 6.3 6.4
 Petroleum and coal products 33.6 35.1 32.6
 Chemical products 44.6 44.0 44.8
 Plastics and rubber products 12.9 13.0 12.8

Merchant wholesale trade 310.1 314.2 310.0
 Durable goods 155.2 161.9 154.1
 Nondurable goods 154.6 153.2 155.4

Retail trade 332.3 333.9 331.3
 Motor vehicle and parts dealers 63.4 63.7 62.9
 Furniture and home furnishings and
 electronics and appliance stores 23.1 23.6 23.0
 Building material and garden
 equipment and supplies stores 25.9 26.2 25.8
 Food and beverage stores 44.2 44.1 44.1
 Clothing and clothing accessories
 stores 19.4 19.1 19.4
 General merchandise stores 57.6 58.0 57.4
 Other retail stores 98.6 99.3 98.6

 2011

 June July (r) August (r)

 Manufacturing and trade
 industries 987.6 989.8 995.4

Manufacturing 340.6 343.4 345.6

 Durable goods 171.1 174.4 174.6
 Wood products 5.4 5.4 5.4
 Nonmetallic mineral products 6.5 6.5 6.5
 Primary metals 16.1 16.4 16.4
 Fabricated metal products 19.7 19.5 19.7
 Machinery 24.9 25.0 26.4
 Computer and electronic products 33.3 33.9 34.2
 Electrical equipment, appliances,
 and components 8.2 8.0 8.3
 Transportation equipment 41.1 43.9 41.8
 Furniture and related products 4.8 4.7 4.8
 Miscellaneous manufacturing 11.4 11.5 11.5

 Nondurable goods 169.4 169.3 171.2
 Food products 45.6 45.5 45.7
 Beverage and tobacco products 10.5 9.9 10.1
 Textile mills 2.1 2.1 2.1
 Textile product mills 1.6 1.6 1.6
 Apparel 1.3 1.3 1.4
 Leather and allied products 0.3 0.3 0.3
 Paper products 11.3 11.3 11.2
 Printing and related support
 activities 6.4 6.3 6.4
 Petroleum and coal products 33.5 34.4 35.2
 Chemical products 44.6 43.9 44.2
 Plastics and rubber products 12.9 12.9 13.0

Merchant wholesale trade 313.1 313.0 316.8
 Durable goods 156.8 159.9 163.7
 Nondurable goods 156.1 153.7 154.2

Retail trade 333.6 333.1 332.6
 Motor vehicle and parts dealers 62.8 63.2 62.5
 Furniture and home furnishings and
 electronics and appliance stores 23.0 23.3 23.6
 Building material and garden
 equipment and supplies stores 26.2 26.0 26.2
 Food and beverage stores 44.3 44.2 44.1
 Clothing and clothing accessories
 stores 19.4 19.1 18.9
 General merchandise stores 57.7 57.9 57.8
 Other retail stores 99.9 99.3 99.5

 2011

 September (r) October (p)

 Manufacturing and trade
 industries 993.9 1,006.3

Manufacturing 345.8 349.9

 Durable goods 174.2 176.7
 Wood products 5.4 5.4
 Nonmetallic mineral products 6.6 6.6
 Primary metals 16.8 17.7
 Fabricated metal products 19.8 19.7
 Machinery 26.1 25.7
 Computer and electronic products 34.1 34.6
 Electrical equipment, appliances,
 and components 8.3 8.3
 Transportation equipment 41.1 42.6
 Furniture and related products 4.7 4.6
 Miscellaneous manufacturing 11.5 11.6

 Nondurable goods 171.6 173.3
 Food products 45.6 46.1
 Beverage and tobacco products 10.2 9.9
 Textile mills 2.1 2.0
 Textile product mills 1.6 1.6
 Apparel 1.4 1.5
 Leather and allied products 0.3 0.3
 Paper products 11.2 11.2
 Printing and related support
 activities 6.3 6.2
 Petroleum and coal products 35.8 37.1
 Chemical products 43.7 43.6
 Plastics and rubber products 13.0 13.1

Merchant wholesale trade 312.7 317.7
 Durable goods 162.1 162.2
 Nondurable goods 151.8 156.0

Retail trade 336.0 339.2
 Motor vehicle and parts dealers 65.3 66.0
 Furniture and home furnishings and
 electronics and appliance stores 23.9 24.4
 Building material and garden
 equipment and supplies stores 26.3 26.7
 Food and beverage stores 43.8 44.0
 Clothing and clothing accessories
 stores 19.3 19.1
 General merchandise stores 58.5 58.6
 Other retail stores 99.2 100.8

(p) Preliminary

(r) Revised

NOTES. Estimates in this table are based on the North American
Industry Classification System (NAICS). Chained (2005) dollar sales
are calculated as the product of the chain-type quantity index and the
2005 current-dollar value of the corresponding series, divided by 100.
Because the formula for the chain-type quantity indexes uses weights
of more than one period, the corresponding chained-dollar estimates
are usually not additive.

Table 3B. Real Inventory-Sales Ratios for Manufacturing and Trade,
Seasonally Adjusted
[Ratio, based on chained (2005) dollars]

 2011 2011

 II III May

 Manufacturing and trade industries 1.36 1.35 1.37

Manufacturing 1.59 1.58 1.60
 Durable goods 1.96 1.93 1.96
 Wood products 1.54 1.53 1.56
 Nonmetallic mineral products 1.59 1.59 1.57
 Primary metals 1.59 1.51 1.60
 Fabricated metal products 1.96 1.97 1.96
 Machinery 1.80 1.73 1.80
 Computer and electronic products 1.86 1.83 1.85
 Electrical equipment, appliances,
 and components 1.74 1.72 1.74
 Transportation equipment 2.49 2.48 2.47
 Furniture and related products 1.65 1.68 1.65
 Miscellaneous manufacturing 1.97 1.96 1.98
 Nondurable goods 1.24 1.22 1.25
 Food products 0.86 0.85 0.86
 Beverage and tobacco products 1.29 1.33 1.30
 Textile mills 2.18 2.19 2.17
 Textile product mills 1.89 1.93 1.89
 Apparel 4.70 4.53 4.75
 Leather and allied products 4.83 5.08 4.74
 Paper products 1.42 1.44 1.43
 Printing and related support
 activities 0.92 0.91 0.91
 Petroleum and coal products 0.99 0.93 1.04
 Chemical products 1.43 1.46 1.43
 Plastics and rubber products 1.61 1.59 1.60

Merchant wholesale trade 1.20 1.18 1.19
 Durable goods 1.40 1.36 1.39
 Nondurable goods 1.00 0.98 0.99

Retail trade 1.27 1.26 1.28
 Motor vehicle and parts dealers 1.82 1.77 1.87
 Furniture and home furnishings and
 electronics and appliance stores 1.16 1.10 1.16
 Building material and garden
 equipment and supplies stores 1.74 1.72 1.75
 Food and beverage stores 0.82 0.83 0.82
 Clothing and clothing accessories
 stores 1.83 1.84 1.84
 General merchandise stores 1.31 1.29 1.31
 Other retail stores 0.89 0.88 0.88

 2011

 June July (r) August (r)

 Manufacturing and trade industries 1.36 1.36 1.35

Manufacturing 1.59 1.58 1.57
 Durable goods 1.94 1.92 1.93
 Wood products 1.54 1.52 1.55
 Nonmetallic mineral products 1.58 1.58 1.58
 Primary metals 1.53 1.51 1.53
 Fabricated metal products 1.95 1.98 1.97
 Machinery 1.74 1.76 1.69
 Computer and electronic products 1.88 1.85 1.83
 Electrical equipment, appliances,
 and components 1.74 1.77 1.71
 Transportation equipment 2.48 2.35 2.50
 Furniture and related products 1.67 1.71 1.66
 Miscellaneous manufacturing 1.96 1.94 1.95
 Nondurable goods 1.24 1.24 1.22
 Food products 0.86 0.86 0.86
 Beverage and tobacco products 1.27 1.35 1.32
 Textile mills 2.18 2.19 2.21
 Textile product mills 1.88 1.94 1.94
 Apparel 4.69 4.70 4.44
 Leather and allied products 4.95 5.01 5.11
 Paper products 1.43 1.43 1.44
 Printing and related support
 activities 0.92 0.93 0.91
 Petroleum and coal products 1.00 0.97 0.92
 Chemical products 1.43 1.46 1.45
 Plastics and rubber products 1.61 1.60 1.60

Merchant wholesale trade 1.19 1.19 1.18
 Durable goods 1.38 1.37 1.35
 Nondurable goods 0.99 1.01 1.00

Retail trade 1.27 1.27 1.27
 Motor vehicle and parts dealers 1.84 1.84 1.83
 Furniture and home furnishings and
 electronics and appliance stores 1.16 1.14 1.12
 Building material and garden
 equipment and supplies stores 1.71 1.72 1.70
 Food and beverage stores 0.82 0.82 0.83
 Clothing and clothing accessories
 stores 1.83 1.84 1.87
 General merchandise stores 1.30 1.29 1.30
 Other retail stores 0.88 0.88 0.89

 2011

 September (r) October (p)

 Manufacturing and trade industries 1.35 1.34

Manufacturing 1.57 1.57
 Durable goods 1.93 1.92
 Wood products 1.53 1.53
 Nonmetallic mineral products 1.58 1.57
 Primary metals 1.49 1.42
 Fabricated metal products 1.95 1.97
 Machinery 1.71 1.74
 Computer and electronic products 1.83 1.81
 Electrical equipment, appliances,
 and components 1.69 1.71
 Transportation equipment 2.55 2.48
 Furniture and related products 1.68 1.71
 Miscellaneous manufacturing 1.95 1.96
 Nondurable goods 1.21 1.22
 Food products 0.85 0.84
 Beverage and tobacco products 1.31 1.35
 Textile mills 2.19 2.23
 Textile product mills 1.92 1.93
 Apparel 4.40 4.34
 Leather and allied products 5.15 5.18
 Paper products 1.45 1.44
 Printing and related support
 activities 0.92 0.93
 Petroleum and coal products 0.91 0.93
 Chemical products 1.46 1.48
 Plastics and rubber products 1.58 1.57

Merchant wholesale trade 1.19 1.18
 Durable goods 1.36 1.37
 Nondurable goods 0.99 0.99

Retail trade 1.25 1.24
 Motor vehicle and parts dealers 1.73 1.71
 Furniture and home furnishings and
 electronics and appliance stores 1.09 1.07
 Building material and garden
 equipment and supplies stores 1.71 1.68
 Food and beverage stores 0.83 0.83
 Clothing and clothing accessories
 stores 1.82 1.84
 General merchandise stores 1.28 1.28
 Other retail stores 0.88 0.86

(p) Preliminary

(r) Revised

NOTE. Estimates in this table are based on the North American Industry
Classification System (NAICS).

Table 4B. Real Manufacturing Inventories, by Stage of Fabrication,
Seasonally Adjusted, End of Period
[Billions of chained (2005) dollars]

 2011 2011

 II III May

 Materials and supplies

Manufacturing 180.1 180.4 181.0
 Durable goods 107.5 108.6 107.7
 Wood products 3.5 3.5 3.6
 Nonmetallic mineral products 4.1 4.2 4.1
 Primary metals 9.5 9.6 9.6
 Fabricated metal products 14.0 13.9 14.0
 Machinery 16.5 17.1 16.4
 Computer and electronic products 23.8 23.8 24.1
 Electrical equipment, appliances,
 and components 5.9 5.8 5.9
 Transportation equipment 19.7 20.0 19.7
 Furniture and related products 3.9 4.0 3.9
 Miscellaneous manufacturing 7.3 7.3 7.3
 Nondurable goods 72.9 72.3 73.5
 Food products 11.2 11.0 11.3
 Beverage and tobacco products 6.0 6.0 5,9
 Textile mills 1.7 1.7 1.7
 Textile product mills 1.2 1.2 1.1
 Apparel 1.9 1.9 1.9
 Leather and allied products 0.5 0.5 0.5
 Paper products 7.8 7.9 7.9
 Printing and related support
 activities 2.3 2.2 2.3
 Petroleum and coal products 10.6 10.1 11.0
 Chemical products 20.5 20.6 20.4
 Plastics and rubber products 9.2 9.3 9.2

 Work-in-process

Manufacturing 172.5 172.7 171.4
 Durable goods 134.6 136.0 133.7
 Wood products 1.5 1.4 1.5
 Nonmetallic mineral products 1.0 1.0 1.0
 Primary metals 7.2 7.3 7.2
 Fabricated metal products 11.1 11.3 11.1
 Machinery 12.1 11.9 12.1
 Computer and electronic products 22.0 22.0 21.9
 Electrical equipment, appliances,
 and components 5.0 5.0 5.0
 Transportation equipment 69.4 70.8 68.6
 Furniture and related products 1.4 1.4 1.4
 Miscellaneous manufacturing 4.5 4.5 4.4
 Nondurable goods 38.7 37.7 38.5
 Food products 5.6 5.5 5.6
 Beverage and tobacco products 2.5 2.5 2.5
 Textile mills 0.9 0.9 0.9
 Textile product mills 0.6 0.6 0.6
 Apparel 1.0 1.0 1.0
 Leather and allied products 0.2 0.2 0.2
 Paper products 1.6 1.6 1.6
 Printing and related support
 activities 0.8 0.8 0.8
 Petroleum and coal products 9.9 9.6 9.7
 Chemical products 12.7 12.2 12.7
 Plastics and rubber products 2.1 2.0 2.0

 Finished goods

Manufacturing 188.5 190.7 188.4
 Durable goods 90.3 92.6 90.1
 Wood products 3.3 3.3 3.3
 Nonmetallic mineral products 5.1 5.2 5.1
 Primary metals 8.0 8.1 7.9
 Fabricated metal products 13.3 13.4 13.3
 Machinery 14.8 15.7 14.7
 Computer and electronic products 16.6 16.7 16.4
 Electrical equipment, appliances,
 and components 3.4 3.2 3.4
 Transportation equipment 13.0 14.1 13.0
 Furniture and related products 2.6 2.6 2.7
 Miscellaneous manufacturing 10.6 10.7 10.6
 Nondurable goods 98.3 98.4 98.4
 Food products 22.7 22.4 22.6
 Beverage and tobacco products 4.8 4.8 4.8
 Textile mills 1.9 2.0 1.9
 Textile product mills 1.4 1.4 1.4
 Apparel 3.4 3.5 3.4
 Leather and allied products 0.8 0.8 0.8
 Paper products 6.6 6.6 6.7
 Printing and related support
 activities 2.7 2.7 2.7
 Petroleum and coal products 12.9 13.0 13.1
 Chemical products 30.9 31.2 31.0
 Plastics and rubber products 9.5 9.3 9.3

 2011

 June July (r) August (r)

 Materials and supplies

Manufacturing 180.1 180.0 180.9
 Durable goods 107.5 107.8 108.3
 Wood products 3.5 3.5 3.5
 Nonmetallic mineral products 4.1 4.1 4.1
 Primary metals 9.5 9.6 9.6
 Fabricated metal products 14.0 14.0 14.0
 Machinery 16.5 16.7 16.8
 Computer and electronic products 23.8 24.1 24.1
 Electrical equipment, appliances,
 and components 5.9 5.9 5.8
 Transportation equipment 19.7 19.5 19.8
 Furniture and related products 3.9 4.0 4.0
 Miscellaneous manufacturing 7.3 7.2 7.3
 Nondurable goods 72.9 72.6 72.9
 Food products 11.2 11.3 11.3
 Beverage and tobacco products 6.0 6.0 6.0
 Textile mills 1.7 1.7 1.6
 Textile product mills 1.2 1.2 1.2
 Apparel 1.9 1.9 1.9
 Leather and allied products 0.5 0.5 0.5
 Paper products 7.8 7.8 7.9
 Printing and related support
 activities 2.3 2.3 2.3
 Petroleum and coal products 10.6 10.3 10.3
 Chemical products 20.5 20.5 20.6
 Plastics and rubber products 9.2 9.3 9.3

 Work-in-process

Manufacturing 172.5 173.2 172.9
 Durable goods 134.6 135.8 136.7
 Wood products 1.5 1.5 1.5
 Nonmetallic mineral products 1.0 1.0 1.0
 Primary metals 7.2 7.2 7.3
 Fabricated metal products 11.1 11.3 11.4
 Machinery 12.1 12.1 12.0
 Computer and electronic products 22.0 22.1 22.0
 Electrical equipment, appliances,
 and components 5.0 5.0 5.1
 Transportation equipment 69.4 70.4 71.2
 Furniture and related products 1.4 1.4 1.4
 Miscellaneous manufacturing 4.5 4.4 4.5
 Nondurable goods 38.7 38.3 37.3
 Food products 5.6 5.6 5.5
 Beverage and tobacco products 2.5 2.5 2.5
 Textile mills 0.9 0.9 0.9
 Textile product mills 0.6 0.6 0.6
 Apparel 1.0 1.0 1.0
 Leather and allied products 0.2 0.2 0.2
 Paper products 1.6 1.7 1.6
 Printing and related support
 activities 0.8 0.9 0.9
 Petroleum and coal products 9.9 9.7 9.1
 Chemical products 12.7 12.4 12.2
 Plastics and rubber products 2.1 2.0 2.0

 Finished goods

Manufacturing 188.5 189.6 190.0
 Durable goods 90.3 91.1 92.2
 Wood products 3.3 3.3 3.3
 Nonmetallic mineral products 5.1 5.1 5.2
 Primary metals 8.0 8.0 8.1
 Fabricated metal products 13.3 13.3 13.3
 Machinery 14.8 15.1 15.8
 Computer and electronic products 16.6 16.6 16.6
 Electrical equipment, appliances,
 and components 3.4 3.3 3.3
 Transportation equipment 13.0 13.5 13.7
 Furniture and related products 2.6 2.6 2.6
 Miscellaneous manufacturing 10.6 10.6 10.6
 Nondurable goods 98.3 98.7 98.1
 Food products 22.7 22.5 22.4
 Beverage and tobacco products 4.8 4.8 4.8
 Textile mills 1.9 2.0 2.0
 Textile product mills 1.4 1.4 1.4
 Apparel 3.4 3.4 3.5
 Leather and allied products 0.8 0.8 0.8
 Paper products 6.6 6.6 6.6
 Printing and related support
 activities 2.7 2.7 2.7
 Petroleum and coal products 12.9 13.2 12.8
 Chemical products 30.9 31.1 31.1
 Plastics and rubber products 9.5 9.4 9.4

 2011

 September (r) October (p)

 Materials and supplies

Manufacturing 180.4 182.8
 Durable goods 108.6 108.8
 Wood products 3.5 3.6
 Nonmetallic mineral products 4.2 4.2
 Primary metals 9.6 9.6
 Fabricated metal products 13.9 14.0
 Machinery 17.1 16.9
 Computer and electronic products 23.8 23.8
 Electrical equipment, appliances,
 and components 5.8 5.9
 Transportation equipment 20.0 20.1
 Furniture and related products 4.0 3.9
 Miscellaneous manufacturing 7.3 7.3
 Nondurable goods 72.3 74.2
 Food products 11.0 11.0
 Beverage and tobacco products 6.0 5.9
 Textile mills 1.7 1.7
 Textile product mills 1.2 1.2
 Apparel 1.9 1.9
 Leather and allied products 0.5 0.5
 Paper products 7.9 7.9
 Printing and related support
 activities 2.2 2.2
 Petroleum and coal products 10.1 11.5
 Chemical products 20.6 20.8
 Plastics and rubber products 9.3 9.4

 Work-in-process

Manufacturing 172.7 174.2
 Durable goods 136.0 137.0
 Wood products 1.4 1.5
 Nonmetallic mineral products 1.0 1.0
 Primary metals 7.3 7.3
 Fabricated metal products 11.3 11.4
 Machinery 11.9 12.1
 Computer and electronic products 22.0 22.1
 Electrical equipment, appliances,
 and components 5.0 5.1
 Transportation equipment 70.8 71.2
 Furniture and related products 1.4 1.4
 Miscellaneous manufacturing 4.5 4.5
 Nondurable goods 37.7 38.2
 Food products 5.5 5.5
 Beverage and tobacco products 2.5 2.5
 Textile mills 0.9 0.9
 Textile product mills 0.6 0.6
 Apparel 1.0 1.0
 Leather and allied products 0.2 0.2
 Paper products 1.6 1.7
 Printing and related support
 activities 0.8 0.8
 Petroleum and coal products 9.6 9.7
 Chemical products 12.2 12.6
 Plastics and rubber products 2.0 2.0

 Finished goods

Manufacturing 190.7 191.3
 Durable goods 92.6 93.0
 Wood products 3.3 3.3
 Nonmetallic mineral products 5.2 5.2
 Primary metals 8.1 8.1
 Fabricated metal products 13.4 13.5
 Machinery 15.7 15.7
 Computer and electronic products 16.7 16.6
 Electrical equipment, appliances,
 and components 3.2 3.2
 Transportation equipment 14.1 14.2
 Furniture and related products 2.6 2.6
 Miscellaneous manufacturing 10.7 10.9
 Nondurable goods 98.4 98.7
 Food products 22.4 22.6
 Beverage and tobacco products 4.8 4.9
 Textile mills 2.0 2.0
 Textile product mills 1.4 1.4
 Apparel 3.5 3.6
 Leather and allied products 0.8 0.8
 Paper products 6.6 6.6
 Printing and related support
 activities 2.7 2.7
 Petroleum and coal products 13.0 13.2
 Chemical products 31.2 30.9
 Plastics and rubber products 9.3 9.2

(p) Preliminary

(r) Revised

NOTES. Estimates in this table are based on the North American
Industry Classification System (NAICS). Chained (2005) dollar
inventory series are calculated to ensure that the chained (2005)
dollar change In inventories for 2005 equals the current-dollar change
in inventories for 2005 and that the average of the 2004 and 2005
end-of-year chain-weighted and fixed-weighted inventories are equal.
Because the formula for the chain-type quantity indexes uses weights
of more than one period, the corresponding chained-dollar estimates
are usually not additive.