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113th Congress, 2nd Session

Economic Indicators
JANUARY 2014
(Includes data available as of February 7, 2014)

Prepared for the Joint Economic Committee by the
Council of Economic Advisers

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 2014

JOINT ECONOMIC COMMITTEE

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

K B, Texas, Chairman
A K, Minnesota, Vice Chairman
H  R

J C, California
S P. D, Wisconsin
J A, Michigan
E P, Minnesota
R L. H, New York
C B. M, New York
L S, California
E E. C, Maryland
J D, Maryland

S

R P. C, J., Pennsylvania
M R. W, Virginia
B S, Vermont
C M, Connecticut
M H, New Mexico
D C, Indiana
M L, Utah
R F. W, Mississippi
P T, Pennsylvania

R P. O’Q, Executive Director

COUNCIL OF ECONOMIC ADVISERS
J F, Chairman
B S, Member
J S, Member
[P L 120—81 C; C 237—1 S]
JOINT RESOLUTION [S.J. R eS. 55]
To print the monthly publication entitled “Economic Indicators”
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled “Economic Indicators,” and that a suﬃcient
quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the
Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House,
and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies
to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be
authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts prepared under the direction of the Mail and Multimedia Division,
Oﬃce of the Secretary, Department of Commerce.
Monthly issues of Economic Indicators in PDF form,
and tables in Excel, are available online at:

www.gpo.gov/economicindicators
To subscribe to the print edition, $58.00 per year ($81.20 outside the United States),
contact the U.S. Government Printing Oﬃce
at 202-512-1800, www.gpo.gov/economicindicators, or:
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MAIL STOP: IDCC
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ii

TOTAL OUTPUT, INCOME, AND SPENDING
Gross Domestic Product
In the fourth quarter of 2013, according to advance estimates, current dollar gross domestic product (GDP) rose
4.6 percent (annual rate), real GDP in chained (2009) dollars rose 3.2 percent, and the chained price index rose 1.3
percent.

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

Period

2004 ....................
2005 ....................
2006 ....................
2007 ....................
2008 ....................
2009 ....................
2010 ....................
2011 ....................
2012 ....................
2013 p ..................
2010: I ................
II ...............
III ..............
IV ..............
2011: I ................
II ...............
III ..............
IV ..............
2012: I ................
II ...............
III ..............
IV ..............
2013: I ................
II ...............
III ..............
IV p ...........

Gross
domestic
product

12,277.0
13,095.4
13,857.9
14,480.3
14,720.3
14,417.9
14,958.3
15,533.8
16,244.6
16,803.0
14,672.5
14,879.2
15,049.8
15,231.7
15,242.9
15,461.9
15,611.8
15,818.7
16,041.6
16,160.4
16,356.0
16,420.3
16,535.3
16,661.0
16,912.9
17,102.5

Personal
consumption
expenditures

Gross
private
domestic
investment

8,257.8
8,790.3
9,297.5
9,744.4
10,005.5
9,842.9
10,201.9
10,711.8
11,149.6
11,499.3
10,042.3
10,134.7
10,234.3
10,396.3
10,527.1
10,662.6
10,778.6
10,878.9
11,019.1
11,100.2
11,193.6
11,285.5
11,379.2
11,427.1
11,537.7
11,653.1

2,276.7
2,527.1
2,680.6
2,643.7
2,424.8
1,878.1
2,100.8
2,232.1
2,475.2
2,672.0
1,989.5
2,092.7
2,164.6
2,156.5
2,120.4
2,199.9
2,222.2
2,385.7
2,453.6
2,454.0
2,493.3
2,499.9
2,555.1
2,621.0
2,738.0
2,773.7

Exports and imports of
goods and services
Net
exports
–614.8
–715.7
–762.4
–709.8
–713.2
–392.2
–518.5
–568.7
–547.2
–493.8
–495.1
–529.7
–543.8
–505.3
–554.7
–572.2
–553.7
–594.4
–590.8
–557.9
–524.4
–515.8
–523.1
–509.0
–500.2
–442.8

Government consumption expenditures
and gross investment
Federal

Exports
1,183.1
1,310.4
1,478.5
1,665.7
1,843.1
1,583.8
1,843.5
2,101.2
2,195.9
2,262.2
1,746.4
1,807.0
1,860.3
1,960.4
2,029.5
2,095.5
2,143.4
2,136.2
2,173.4
2,197.4
2,199.2
2,213.7
2,214.2
2,238.9
2,265.8
2,329.7

1 GDP less exports of goods and services plus imports of goods and services.

Imports
1,797.9
2,026.1
2,240.9
2,375.5
2,556.4
1,976.0
2,362.0
2,669.9
2,743.1
2,755.9
2,241.4
2,336.7
2,404.0
2,465.7
2,584.1
2,667.7
2,697.1
2,730.7
2,764.2
2,755.3
2,723.5
2,729.5
2,737.3
2,747.9
2,766.0
2,772.5

Total
2,357.4
2,493.7
2,642.2
2,801.9
3,003.2
3,089.1
3,174.0
3,158.7
3,167.0
3,125.5
3,135.7
3,181.5
3,194.7
3,184.2
3,150.0
3,171.7
3,164.6
3,148.5
3,159.7
3,164.1
3,193.5
3,150.7
3,124.1
3,121.9
3,137.5
3,118.6

Total
892.4
946.3
1,002.0
1,049.8
1,155.6
1,217.7
1,303.9
1,304.1
1,295.7
1,246.2
1,269.2
1,304.6
1,321.6
1,320.1
1,297.4
1,315.4
1,308.5
1,294.9
1,291.8
1,293.8
1,322.1
1,275.2
1,255.0
1,252.6
1,251.2
1,225.8

National
defense

Nondefense

570.2
608.3
642.4
678.7
754.1
788.3
832.8
835.8
817.1
771.0
811.9
829.3
846.3
843.5
822.0
844.2
851.6
825.6
816.3
816.7
841.9
793.7
775.8
776.3
777.3
754.7

322.1
338.1
359.6
371.0
401.5
429.4
471.1
468.2
478.6
475.1
457.3
475.2
475.3
476.6
475.4
471.2
456.9
469.3
475.5
477.1
480.2
481.5
479.2
476.3
473.9
471.1

State
and
local
1,465.0
1,547.4
1,640.2
1,752.2
1,847.6
1,871.4
1,870.2
1,854.7
1,871.3
1,879.4
1,866.5
1,876.9
1,873.1
1,864.2
1,852.6
1,856.3
1,856.1
1,853.6
1,867.9
1,870.3
1,871.4
1,875.4
1,869.1
1,869.3
1,886.3
1,892.7

Final
Addendum:
Gross
sales of
Gross
domestic
domestic purchases 1 national
product
product
12,213.2
13,035.8
13,790.9
14,445.9
14,752.3
14,565.5
14,896.7
15,497.4
16,178.5
16,692.4
14,660.4
14,829.0
14,928.2
15,169.3
15,221.4
15,416.2
15,625.3
15,726.8
15,938.7
16,093.6
16,274.4
16,407.3
16,471.9
16,583.8
16,768.1
16,945.7

12,891.8
12,367.1
13,811.1
13,189.0
14,620.3
13,926.3
15,190.1
14,606.8
15,433.5
14,893.2
14,810.1
14,565.1
15,476.7
15,164.2
16,102.6
15,794.6
16,791.8
16,497.4
17,296.7 ..................
15,167.5
14,875.9
15,408.9
15,084.3
15,593.5
15,249.5
15,737.0
15,447.2
15,797.6
15,491.2
16,034.1
15,712.1
16,165.5
15,884.0
16,413.1
16,091.0
16,632.4
16,289.6
16,718.3
16,419.2
16,880.4
16,603.7
16,936.1
16,677.3
17,058.4
16,772.7
17,170.0
16,907.9
17,413.2
17,175.9
17,545.3 ..................

Source: Department of Commerce (Bureau of Economic Analysis).

1

Real Gross Domestic Product
[Billions of chained (2009) dollars; quarterly data at seasonally adjusted annual rates]

Period

2004 ....................
2005 ....................
2006 ....................
2007 ....................
2008 ....................
2009 ....................
2010 ....................
2011 ....................
2012 ....................
2013 p ..................
2010: I ................
II ...............
III ..............
IV ..............
2011: I ................
II ...............
III ..............
IV ..............
2012: I ................
II ...............
III ..............
IV ..............
2013: I ................
II ...............
III ..............
IV p ...........

Gross private
domestic investment
Personal
Gross
conChange
domestic sumption Nonresi- Resiin
product expendi- dential dential
ﬁxed
ﬁxed
private
tures
investinvestinvenment
ment
tories
13,774.0
14,235.6
14,615.2
14,876.8
14,833.6
14,417.9
14,779.4
15,052.4
15,470.7
15,767.1
14,597.7
14,738.0
14,839.3
14,942.4
14,894.0
15,011.3
15,062.1
15,242.1
15,381.6
15,427.7
15,534.0
15,539.6
15,583.9
15,679.7
15,839.3
15,965.6

9,205.6
9,527.8
9,814.9
10,035.5
9,999.2
9,842.9
10,035.9
10,291.3
10,517.6
10,728.2
9,915.4
9,995.3
10,063.7
10,169.0
10,221.3
10,258.9
10,311.9
10,373.1
10,447.8
10,496.8
10,541.0
10,584.8
10,644.0
10,691.9
10,744.2
10,832.8

1,605.4
1,717.4
1,839.6
1,948.4
1,934.4
1,633.4
1,673.8
1,800.5
1,931.8
1,982.1
1,615.0
1,659.3
1,692.8
1,728.1
1,724.1
1,765.3
1,835.0
1,877.3
1,903.8
1,925.0
1,926.4
1,971.9
1,949.0
1,971.3
1,994.7
2,013.5

818.9
872.6
806.6
654.8
497.7
392.2
382.4
384.3
433.7
486.0
383.0
403.5
368.1
375.1
376.7
379.2
384.9
396.2
417.2
423.0
437.3
457.5
471.2
487.1
499.2
486.5

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

Imports

Total

–731.9
–777.1
–786.2
–703.6
–546.9
–392.2
–462.6
–445.9
–430.8
–409.1
–413.6
–474.3
–504.9
–457.5
–456.5
–438.3
–433.9
–454.7
–439.2
–435.3
–436.5
–412.1
–422.3
–424.4
–419.8
–370.1

1,309.3
1,388.4
1,512.4
1,647.3
1,741.8
1,583.8
1,765.6
1,890.5
1,957.4
2,012.4
1,700.4
1,739.3
1,784.9
1,837.7
1,854.7
1,876.9
1,908.9
1,921.7
1,941.4
1,959.8
1,961.6
1,967.0
1,960.5
1,998.4
2,017.6
2,073.0

2,041.2
2,165.5
2,298.6
2,350.9
2,288.7
1,976.0
2,228.1
2,336.4
2,388.2
2,421.5
2,113.9
2,213.6
2,289.8
2,295.2
2,311.3
2,315.2
2,342.8
2,376.4
2,380.6
2,395.1
2,398.0
2,379.1
2,382.7
2,422.9
2,437.3
2,443.1

2,808.2
2,826.2
2,869.3
2,914.4
2,994.8
3,089.1
3,091.4
2,992.3
2,963.1
2,897.6
3,084.3
3,106.2
3,103.5
3,071.5
3,012.0
3,002.4
2,983.2
2,971.7
2,961.3
2,963.5
2,988.8
2,938.8
2,907.4
2,904.5
2,907.4
2,871.0

71.4
64.3
71.6
35.5
–33.7
–147.6
58.2
33.6
57.6
85.4
9.8
48.8
116.2
58.1
22.0
42.9
–11.0
80.6
89.2
56.8
77.2
7.3
42.2
56.6
115.7
127.2

1 GDP less exports of goods and services plus imports of goods and services.

National Nondefense defense

Total
1,017.1
1,034.8
1,060.9
1,078.7
1,152.3
1,217.7
1,270.7
1,237.9
1,220.3
1,157.5
1,247.8
1,273.4
1,285.0
1,276.4
1,241.6
1,247.0
1,236.4
1,226.7
1,219.1
1,218.5
1,244.6
1,198.9
1,172.8
1,168.2
1,163.9
1,125.2

652.7
665.5
678.8
695.6
748.1
788.3
813.5
794.6
769.1
715.2
798.6
811.0
825.9
818.6
787.8
800.8
805.6
784.2
770.7
768.8
791.8
745.0
723.1
722.0
721.2
694.5

364.5
369.4
382.1
383.1
404.2
429.4
457.1
443.3
451.2
442.4
449.2
462.4
459.1
457.7
453.7
446.2
430.8
442.5
448.3
449.7
452.8
453.9
449.8
446.2
442.7
430.8

AddenFinal
Gross
dum:
sales of
domestic
Gross
domestic purchases
1 national
product
product

State
and
local
1,792.8
1,792.3
1,808.8
1,836.1
1,842.4
1,871.4
1,820.8
1,754.5
1,742.8
1,739.7
1,836.5
1,832.8
1,818.5
1,795.2
1,770.5
1,755.5
1,746.9
1,745.0
1,742.2
1,745.0
1,744.3
1,739.8
1,734.3
1,736.0
1,743.2
1,745.4

13,702.7
14,170.1
14,543.6
14,839.2
14,868.9
14,565.5
14,717.7
15,014.4
15,403.2
15,671.2
14,584.3
14,686.3
14,718.3
14,881.8
14,871.9
14,961.8
15,072.7
15,151.3
15,278.9
15,360.8
15,444.9
15,528.3
15,536.4
15,616.2
15,711.1
15,821.1

14,529.1 13,879.0
15,036.2 14,340.8
15,424.8 14,690.9
15,600.8 15,009.7
15,392.0 15,009.0
14,810.1 14,565.1
15,244.5 14,966.5
15,501.1 15,286.7
15,902.3 15,693.1
16,175.2 ...............
15,011.5 14,782.7
15,215.4 14,925.1
15,348.5 15,020.5
15,402.5 15,137.8
15,354.0 15,119.2
15,451.6 15,235.6
15,498.4 15,306.4
15,700.5 15,485.7
15,822.4 15,600.2
15,864.4 15,656.2
15,971.4 15,751.1
15,950.8 15,764.8
16,005.8 15,789.7
16,104.1 15,893.9
16,258.5 16,067.4
16,332.3 ...............

Source: Department of Commerce (Bureau of Economic Analysis).

Note: Because of the formula used for calculating real GDP, the chained (2009) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.

Chained Price Indexes For Gross Domestic Product
[Index numbers, 2009=100; quarterly data are seasonally adjusted]

Period

2004 ....................
2005 ....................
2006 ....................
2007 ....................
2008 ....................
2009 ....................
2010 ....................
2011 ....................
2012 ....................
2013 p ..................
2010: I ................
II ...............
III ..............
IV ..............
2011: I ................
II ...............
III ..............
IV ..............
2012: I ................
II ...............
III ..............
IV ..............
2013: I ................
II ...............
III ..............
IV p ...........

Gross
domestic
product

89.130
91.989
94.816
97.338
99.208
100.000
101.215
103.203
105.008
106.467
100.509
100.972
101.432
101.948
102.354
103.024
103.651
103.782
104.296
104.751
105.345
105.640
105.994
106.165
106.685
107.024

Personal consumption
expenditures
Total
89.703
92.260
94.728
97.099
100.063
100.000
101.654
104.086
106.009
107.187
101.282
101.398
101.698
102.239
102.996
103.938
104.529
104.880
105.471
105.750
106.193
106.622
106.909
106.878
107.387
107.573

Goods
95.030
96.951
98.277
99.403
102.362
100.000
101.637
105.345
106.666
106.140
101.786
101.147
101.307
102.308
103.804
105.395
106.068
106.112
106.681
106.366
106.718
106.900
106.641
105.740
106.326
105.853

Gross private
domestic investment

Services
87.056
89.930
92.974
95.977
98.943
100.000
101.663
103.463
105.689
107.740
101.038
101.521
101.890
102.204
102.596
103.217
103.768
104.271
104.872
105.450
105.939
106.493
107.060
107.477
107.946
108.477

Nonresidential
ﬁxed
91.141
93.830
96.561
98.574
100.337
100.000
99.070
100.524
101.977
103.168
98.735
98.953
99.095
99.496
99.875
100.456
100.774
100.990
101.506
101.897
102.157
102.350
102.692
103.008
103.303
103.669

Residential
ﬁxed
91.546
98.103
103.821
105.176
103.647
100.000
99.645
100.392
101.246
106.277
100.027
99.328
99.325
99.898
100.108
100.461
100.489
100.509
100.315
100.664
101.505
102.500
104.088
105.396
106.739
108.886

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Exports
90.364
94.379
97.759
101.119
105.815
100.000
104.415
111.140
112.185
112.415
102.749
103.940
104.261
106.710
109.444
111.659
112.293
111.165
111.955
112.127
112.114
112.543
112.944
112.034
112.303
112.381

Imports
88.084
93.560
97.491
101.050
111.695
100.000
106.008
114.273
114.862
113.810
106.052
105.567
104.985
107.426
111.811
115.233
115.132
114.915
116.117
115.038
113.570
114.725
114.873
113.411
113.480
113.476

Total
87.736
91.449
94.448
97.319
100.286
100.000
102.614
105.344
106.184
107.669
101.719
102.452
102.855
103.429
104.499
105.483
105.835
105.560
105.959
106.182
106.224
106.370
107.007
107.229
107.504
108.938

National
defense
87.371
91.395
94.633
97.572
100.809
100.000
102.365
105.191
106.252
107.812
101.671
102.266
102.480
103.043
104.346
105.416
105.718
105.283
105.914
106.229
106.322
106.542
107.283
107.512
107.784
108.668

Source: Department of Commerce (Bureau of Economic Analysis).

2

Nondefense
88.377
91.529
94.101
96.849
99.321
100.000
103.064
105.624
106.077
107.428
101.811
102.792
103.530
104.123
104.779
105.608
106.049
106.061
106.051
106.112
106.065
106.081
106.549
106.760
107.040
109.365

State
and
local
81.719
86.333
90.677
95.426
100.279
100.000
102.714
105.710
107.371
108.026
101.629
102.399
102.991
103.836
104.633
105.740
106.248
106.220
107.214
107.183
107.288
107.798
107.775
107.676
108.213
108.441

Gross Domestic Product and Related Price Measures:
Indexes and Percent Changes
[Quarterly data are seasonally adjusted]
Percent change from preceding period 1

Index numbers, 2009=100
Personal consumption
expenditures (PCE)

Gross domestic product (GDP)
Period

2004 ......................
2005 ......................
2006 ......................
2007 ......................
2008 ......................
2009 ......................
2010 ......................
2011 ......................
2012 ......................
2013 p ....................
2010: I ..................
II .................
III ................
IV ................
2011: I ..................
II .................
III ................
IV ................
2012: I ..................
II .................
III ................
IV ................
2013: I ..................
II .................
III ................
IV p .............

Real GDP
(chain-type
quantity
index)
95.534
98.735
101.368
103.182
102.883
100.000
102.507
104.400
107.302
109.358
101.247
102.220
102.923
103.638
103.302
104.115
104.468
105.716
106.683
107.003
107.741
107.780
108.087
108.751
109.859
110.734

GDP
chain-type
price
index
89.130
91.989
94.816
97.338
99.208
100.000
101.215
103.203
105.008
106.467
100.509
100.972
101.432
101.948
102.354
103.024
103.651
103.782
104.296
104.751
105.345
105.640
105.994
106.165
106.685
107.024

GDP
implicit
price
deﬂator
89.132
91.991
94.818
97.335
99.236
100.000
101.211
103.199
105.002
106.570
100.513
100.958
101.418
101.936
102.343
103.002
103.650
103.783
104.291
104.750
105.292
105.667
106.105
106.259
106.778
107.121

PCE
(chain-type
price index)
89.703
92.260
94.728
97.099
100.063
100.000
101.654
104.086
106.009
107.187
101.282
101.398
101.698
102.239
102.996
103.938
104.529
104.880
105.471
105.750
106.193
106.622
106.909
106.878
107.387
107.573

PCE
less food
and energy
price index
90.751
92.710
94.785
96.829
98.824
100.000
101.287
102.743
104.632
105.926
100.911
101.179
101.427
101.632
101.959
102.522
103.039
103.452
104.010
104.482
104.849
105.187
105.542
105.711
106.077
106.372

1 Quarterly percent changes are at annual rates.

Personal consumption
expenditures (PCE)

Gross domestic product (GDP)
GDP
(current
dollars)

Real GDP
(chain-type
quantity
index)

6.6
6.7
5.8
4.5
1.7
–2.1
3.7
3.8
4.6
3.4
3.0
5.8
4.7
4.9
.3
5.9
3.9
5.4
5.8
3.0
4.9
1.6
2.8
3.1
6.2
4.6

3.8
3.4
2.7
1.8
–.3
–2.8
2.5
1.8
2.8
1.9
1.6
3.9
2.8
2.8
–1.3
3.2
1.4
4.9
3.7
1.2
2.8
.1
1.1
2.5
4.1
3.2

GDP
chain-type
price
index

GDP
implicit
price
deﬂator

2.7
3.2
3.1
2.7
1.9
.8
1.2
2.0
1.7
1.4
1.3
1.9
1.8
2.1
1.6
2.6
2.5
.5
2.0
1.8
2.3
1.1
1.3
.6
2.0
1.3

PCE
(chain-type
price index)

2.7
3.2
3.1
2.7
2.0
.8
1.2
2.0
1.7
1.5
1.4
1.8
1.8
2.1
1.6
2.6
2.5
.5
2.0
1.8
2.1
1.4
1.7
.6
2.0
1.3

PCE
less food
and energy
price index

2.4
2.9
2.7
2.5
3.1
–.1
1.7
2.4
1.8
1.1
1.4
.5
1.2
2.1
3.0
3.7
2.3
1.3
2.3
1.1
1.7
1.6
1.1
–.1
1.9
.7

1.9
2.2
2.2
2.2
2.1
1.2
1.3
1.4
1.8
1.2
1.0
1.1
1.0
.8
1.3
2.2
2.0
1.6
2.2
1.8
1.4
1.3
1.4
.6
1.4
1.1

Source: Department of Commerce (Bureau of Economic Analysis).

Nonﬁnancial Corporate Business—
Gross Value Added and Price, Costs, and Proﬁts
[Quarterly data at seasonally adjusted annual rates]

Period

Current
dollars
2003 ....................
2004 ....................
2005 ....................
2006 ....................
2007 ....................
2008 ....................
2009 ....................
2010 ....................
2011 ....................
2012 ....................
2010: I ................
II ...............
III ..............
IV ..............
2011: I ................
II ...............
III ..............
IV ..............
2012: I ................
II ...............
III ..............
IV ..............
2013: I ................
II ...............
III .............

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

Gross value added
of nonﬁnancial
corporate business
(billions of dollars) 1

5,724.4
6,107.9
6,532.1
6,988.0
7,203.9
7,258.1
6,861.4
7,243.1
7,636.4
8,030.8
7,076.1
7,193.8
7,346.8
7,355.8
7,464.4
7,638.0
7,715.6
7,727.5
7,949.7
8,007.0
8,002.9
8,163.8
8,163.4
8,256.5
8,336.1

Chained
(2009)
dollars
6,606.8
6,904.1
7,131.7
7,406.3
7,480.5
7,385.3
6,861.4
7,244.4
7,464.6
7,743.2
7,178.5
7,227.4
7,314.7
7,257.2
7,365.1
7,479.5
7,465.6
7,548.1
7,710.0
7,740.1
7,701.5
7,821.0
7,795.6
7,889.9
7,924.2

Total

0.866
.885
.916
.944
.963
.983
1.000
1.000
1.023
1.037
.986
.995
1.004
1.014
1.013
1.021
1.033
1.024
1.031
1.034
1.039
1.044
1.047
1.046
1.052

Compensation
of employees
(unit labor
cost)
0.544
.545
.551
.558
.576
.590
.596
.575
.586
.594
.569
.575
.574
.583
.589
.583
.590
.581
.590
.590
.596
.600
.597
.598
.600

Corporate proﬁts with inventory valuation
and capital consumption adjustments 4

Unit nonlabor cost

Total
0.234
.232
.243
.249
.265
.283
.299
.290
.291
.291
.289
.290
.288
.292
.291
.290
.293
.292
.292
.292
.294
.291
.297
.293
.296

Consumption
of ﬁxed
capital
0.124
.123
.128
.132
.139
.148
.159
.151
.152
.153
.152
.151
.150
.152
.151
.151
.153
.153
.152
.153
.155
.154
.156
.156
.157

Net interest
Taxes on
and
production miscellaneous
and imports 3
payments
0.084
.086
.091
.092
.093
.093
.099
.099
.101
.100
.098
.099
.099
.100
.101
.101
.101
.101
.102
.101
.100
.099
.100
.099
.099

0.026
.023
.024
.025
.033
.042
.041
.040
.038
.038
.039
.040
.039
.040
.039
.038
.039
.038
.038
.038
.039
.038
.041
.038
.040

Total
0.088
.107
.122
.137
.122
.110
.105
.135
.145
.151
.127
.131
.143
.139
.133
.148
.150
.151
.150
.152
.149
.153
.153
.156
.157

Taxes on
corporate
income
0.020
.027
.038
.042
.039
.031
.026
.030
.030
.033
.029
.030
.031
.031
.029
.030
.031
.029
.033
.033
.032
.034
.034
.033
.033

Proﬁts
after
tax 5
0.068
.080
.084
.096
.083
.079
.079
.105
.116
.118
.098
.100
.111
.108
.103
.118
.120
.122
.117
.119
.117
.118
.118
.122
.123

1 Estimates for nonﬁnancial corporate business are based on the North American Industry Clas4 Unit proﬁts from current production.
5 With inventory valuation and capital consumption adjustments.
siﬁcation System (NAICS).
2 The implicit price deﬂator for gross value added of nonﬁnancial corporate business divided by 100.
Source: Department of Commerce (Bureau of Economic Analysis).
3 Less subsidies plus business current transfer payments.

3

National Income
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Proprietors’
income 1

Period

ComNational pensation
of
income employees

2004 .................... 10,541.9
2005 .................... 11,240.8
2006 .................... 12,005.6
2007 .................... 12,322.3
2008 .................... 12,430.8
2009 .................... 12,124.5
2010 .................... 12,739.5
2011 .................... 13,395.7
2012 .................... 13,971.6
2013 p .................. ...............
2010: I ................ 12,461.0
II ............... 12,624.0
III .............. 12,867.8
IV .............. 13,005.4
2011: I ................ 13,156.7
II ............... 13,320.4
III .............. 13,502.0
IV .............. 13,603.6
2012: I ................ 13,845.0
II ............... 13,875.3
III .............. 13,962.1
IV .............. 14,204.0
2013: I ................ 14,324.5
II ............... 14,462.7
III .............. 14,608.9
IV p ........... ...............

6,740.5
7,087.8
7,503.2
7,899.1
8,079.2
7,787.8
7,967.3
8,278.5
8,611.6
8,859.4
7,804.3
7,952.7
8,026.5
8,085.7
8,207.4
8,256.3
8,343.3
8,306.9
8,514.3
8,553.8
8,591.0
8,787.4
8,748.3
8,835.5
8,889.3
8,964.7

Rental
income
of
persons
with
capital
conNonfarm
sumption
adjustment

Farm

50.4
46.4
36.0
38.1
47.0
35.5
46.0
72.6
75.4
126.8
39.2
43.2
48.4
53.2
71.7
67.5
74.1
76.9
74.6
77.0
75.3
74.5
137.0
129.0
131.7
109.4

911.6
932.6
1,017.7
941.1
979.5
937.5
986.7
1,082.6
1,149.6
1,220.4
978.5
981.5
980.8
1,006.0
1,044.9
1,073.2
1,101.2
1,111.1
1,139.7
1,140.8
1,144.7
1,173.0
1,197.6
1,212.5
1,229.0
1,242.6

Corporate proﬁts with inventory valuation
and capital consumption adjustments
Net
interest
and
Capital
miscelconsumption laneous
Inventory adjust- payments
valuation
ment
adjustment

Taxes
on
production
and
imports

Proﬁts with inventory valuation
adjustment and without
capital consumption adjustment
Total
Total

Proﬁts
before
tax

255.4
1,283.3
1,215.2
1,254.6
–39.5
238.4
1,477.7
1,621.2
1,653.3
–32.1
207.5
1,646.5
1,815.7
1,851.4
–35.7
189.4
1,529.0
1,708.9
1,748.4
–39.5
262.1
1,285.1
1,345.5
1,382.4
–37.0
333.7
1,392.6
1,474.8
1,468.2
6.7
402.8
1,740.6
1,793.8
1,834.8
–41.0
484.4
1,877.7
1,791.3
1,847.4
–56.0
541.2
2,009.5
2,180.0
2,190.0
–10.0
590.3 ............... ............... ............... ...............
380.5
1,655.2
1,751.6
1,791.7
–40.1
397.3
1,660.8
1,762.2
1,782.8
–20.6
408.3
1,807.0
1,861.5
1,879.5
–18.1
425.0
1,839.2
1,800.0
1,885.2
–85.3
458.5
1,755.0
1,672.2
1,792.3
–120.1
475.5
1,868.7
1,782.3
1,850.4
–68.2
489.9
1,893.8
1,805.4
1,833.1
–27.7
513.5
1,993.4
1,905.4
1,913.6
–8.2
524.8
1,979.9
2,142.5
2,162.1
–19.5
537.8
1,998.4
2,169.8
2,160.0
9.8
546.7
2,012.3
2,186.6
2,208.5
–22.0
555.4
2,047.2
2,221.1
2,229.5
–8.4
574.9
2,020.6
2,180.0
2,193.1
–13.0
587.7
2,087.4
2,248.6
2,239.7
8.9
596.6
2,126.6
2,288.2
2,286.6
1.7
602.2 ............... ............... ............... ...............

1 With inventory valuation and capital consumption adjustments.

68.2
–143.5
–169.2
–179.9
–60.4
–82.2
–53.3
86.4
–170.5
–161.3
–96.4
–101.4
–54.4
39.2
82.9
86.4
88.4
88.0
–162.7
–171.4
–174.2
–173.9
–159.5
–161.1
–161.6
–163.0

403.5
496.8
580.9
663.4
693.4
563.1
489.4
456.9
439.6
468.3
508.0
485.8
482.2
481.6
473.8
436.7
459.7
457.5
453.9
419.0
455.3
430.3
477.0
444.0
467.2
485.0

Business
Less:
current
Subsidies transfer
payments

863.9
934.5
991.9
1,034.6
1,041.9
1,026.1
1,057.1
1,097.1
1,122.9
1,147.5
1,042.2
1,054.2
1,063.1
1,069.0
1,085.2
1,099.9
1,095.9
1,107.5
1,124.4
1,122.2
1,118.8
1,126.3
1,140.7
1,138.8
1,149.0
1,161.6

46.4
60.9
51.5
54.6
52.6
58.3
55.9
60.0
57.3
58.8
54.9
55.5
56.2
56.9
58.7
59.9
60.5
60.6
57.8
57.6
56.0
57.7
58.0
58.9
59.1
59.3

81.4
93.9
82.6
98.6
116.4
127.2
128.5
129.6
106.9
124.1
129.3
126.5
131.1
127.0
142.6
125.6
128.3
121.8
115.7
110.0
102.6
99.5
121.9
125.8
120.1
128.8

Current
surplus
of
government
enterprises

–1.8
–6.4
–9.3
–16.4
–21.2
–20.6
–22.9
–23.8
–27.7
–39.8
–21.2
–22.6
–23.5
–24.3
–23.8
–23.1
–23.7
–24.4
–24.5
–26.1
–28.5
–31.8
–35.5
–39.0
–41.4
–43.2

Source: Department of Commerce (Bureau of Economic Analysis).

Real Personal Consumption Expenditures
[Billions of chained (2009) dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Goods

Period

Total
personal
consumption
expenditures

2004 ....................
2005 ....................
2006 ....................
2007 ....................
2008 ....................
2009 ....................
2010 ....................
2011 ....................
2012 ....................
2013 p ..................
2010: I ................
II ...............
III ..............
IV ..............
2011: I ................
II ...............
III ..............
IV ..............
2012: I ................
II ...............
III ..............
IV ..............
2013: I ................
II ...............
III ..............
IV p ...........

9,205.6
9,527.8
9,814.9
10,035.5
9,999.2
9,842.9
10,035.9
10,291.3
10,517.6
10,728.2
9,915.4
9,995.3
10,063.7
10,169.0
10,221.3
10,258.9
10,311.9
10,373.1
10,447.8
10,496.8
10,541.0
10,584.8
10,644.0
10,691.9
10,744.2
10,832.8

Services

Durable
Total
goods

3,051.9
3,177.2
3,292.5
3,381.8
3,297.8
3,198.4
3,308.7
3,419.9
3,534.1
3,664.0
3,247.0
3,288.0
3,319.1
3,380.5
3,402.8
3,404.6
3,415.2
3,457.0
3,495.8
3,514.7
3,546.7
3,579.2
3,611.9
3,639.6
3,680.0
3,724.5

Total
durable
goods 1

992.9
1,046.9
1,091.5
1,141.7
1,083.2
1,023.3
1,085.7
1,157.1
1,246.7
1,335.8
1,045.2
1,076.3
1,093.8
1,127.4
1,142.3
1,140.0
1,154.4
1,191.7
1,219.7
1,228.6
1,253.4
1,285.2
1,303.5
1,323.2
1,348.6
1,368.1

Nondurable

Motor
vehicles
and
parts
405.5
400.0
385.1
392.8
340.8
317.1
323.4
339.4
364.0
382.4
306.2
319.7
325.7
342.0
345.2
330.0
331.3
351.1
360.3
356.3
363.5
375.8
380.6
379.7
384.3
385.1

Total
nondurable
goods 1
2,063.7
2,132.3
2,202.2
2,239.3
2,214.7
2,175.1
2,223.5
2,266.0
2,296.8
2,344.2
2,201.6
2,212.1
2,226.0
2,254.5
2,262.6
2,266.5
2,263.8
2,271.0
2,283.6
2,293.9
2,303.0
2,306.7
2,322.2
2,331.7
2,348.6
2,374.2

Food and
beverages
purchased
for offpremises
consumption

Gasoline
and
other
energy
goods

Total
services 1

Household
consumption
expenditures

729.8
757.6
780.8
791.3
781.9
770.0
786.5
798.8
809.4
820.5
786.1
780.6
783.8
795.4
797.8
800.7
798.8
798.1
803.8
808.4
811.7
813.5
817.6
815.3
820.8
828.1

299.3
298.0
297.4
296.8
283.4
284.5
282.2
275.2
271.5
272.6
279.3
282.5
284.2
282.8
280.4
273.8
273.6
273.0
269.9
274.7
272.5
268.8
271.7
271.1
273.2
274.3

6,154.1
6,349.4
6,519.8
6,650.4
6,700.6
6,644.5
6,727.2
6,871.1
6,982.7
7,063.6
6,668.3
6,707.2
6,744.6
6,788.5
6,818.2
6,854.1
6,896.6
6,915.5
6,951.2
6,981.4
6,993.4
7,004.7
7,031.1
7,051.5
7,063.6
7,108.2

5,946.7
6,143.4
6,285.0
6,409.2
6,427.1
6,368.5
6,448.9
6,592.0
6,689.4
6,775.6
6,389.2
6,425.6
6,467.1
6,513.5
6,544.5
6,578.8
6,610.1
6,634.7
6,668.0
6,688.3
6,698.0
6,703.2
6,743.2
6,766.1
6,775.2
6,817.8

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

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

4

Housing
and
utilities

1,717.9
1,788.4
1,823.2
1,840.8
1,860.1
1,881.0
1,904.3
1,928.4
1,943.6
1,960.0
1,897.2
1,896.5
1,906.5
1,916.8
1,918.9
1,925.1
1,937.3
1,932.4
1,927.8
1,949.2
1,955.5
1,941.9
1,964.5
1,964.8
1,952.6
1,958.0

Health
care

Financial
services
and
insurance

1,442.3
1,490.4
1,525.2
1,563.2
1,598.8
1,627.4
1,649.2
1,693.3
1,738.4
1,775.8
1,626.0
1,640.9
1,657.1
1,672.8
1,681.7
1,692.7
1,689.2
1,709.6
1,730.1
1,731.4
1,741.1
1,750.9
1,756.5
1,771.9
1,783.9
1,790.8

668.7
704.1
720.1
742.5
737.4
719.0
733.9
756.0
746.0
757.1
721.5
736.1
735.4
742.7
750.7
751.4
762.8
759.0
757.2
751.1
738.1
737.7
747.6
754.9
758.3
767.4

Addendum:
Personal
consumption
expenditures
excluding
food and
energy 2

Retail
sales of
new
passenger
cars and
light
trucks
(millions
of units)

7,960.6
8,249.9
8,521.2
8,728.1
8,722.5
8,573.3
8,745.6
9,004.1
9,233.5
9,424.0
8,629.4
8,714.7
8,773.0
8,865.4
8,925.1
8,971.7
9,022.7
9,096.8
9,181.3
9,203.2
9,243.7
9,305.9
9,336.0
9,388.8
9,446.9
9,524.3

16.9
16.9
16.5
16.1
13.2
10.4
11.6
12.7
14.4
15.5
10.8
11.5
11.7
12.2
12.7
12.3
12.6
13.4
14.2
14.2
14.4
14.9
15.3
15.5
15.7
15.6

Note: Because of the formula used for calculating real GDP, the chained (2009) dollar estimates
for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates.
Source: Department of Commerce (Bureau of Economic Analysis).

Sources of Personal Income
Personal income rose $2.3 billion (annual rate) in December, following an increase of $29.8 billion in November.
Wages and salaries rose $1.6 billion in December, following an increase of $36.4 billion in November.

[Billions of dollars; monthly data at seasonally adjusted annual rates]
Compensation of employees
Period

2004 ....................
2005 ....................
2006 ....................
2007 ....................
2008 ....................
2009 ....................
2010 ....................
2011 ....................
2012 ....................
2013 p ..................
2012: Dec ...........
2013: Jan ...........
Feb ...........
Mar ..........
Apr ...........
May ..........
June .........
July ..........
Aug ..........
Sept .........
Oct r ..........
Nov r .........
Dec p ........

Total
personal
income

10,049.2
10,610.3
11,389.8
11,995.7
12,430.6
12,082.1
12,435.2
13,191.3
13,743.8
14,133.5
14,420.2
13,791.7
13,969.3
14,016.8
14,031.9
14,088.3
14,138.4
14,157.8
14,228.8
14,291.9
14,275.0
14,304.8
14,307.1

Total

6,740.5
7,087.8
7,503.2
7,899.1
8,079.2
7,787.8
7,967.3
8,278.5
8,611.6
8,859.4
8,910.3
8,705.8
8,762.6
8,776.4
8,803.2
8,830.4
8,872.9
8,848.9
8,894.5
8,924.5
8,936.5
8,977.1
8,980.5

Wages
and
salaries
5,422.9
5,692.9
6,058.2
6,396.0
6,532.8
6,252.2
6,377.5
6,638.7
6,926.8
7,137.8
7,200.8
7,001.5
7,053.7
7,065.9
7,088.6
7,112.9
7,151.4
7,127.6
7,168.7
7,194.9
7,204.6
7,241.0
7,242.6

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

Supplements to
wages
and
salaries
1,317.6
1,394.8
1,444.9
1,503.1
1,546.4
1,535.6
1,589.8
1,639.8
1,684.9
1,721.7
1,709.5
1,704.3
1,708.9
1,710.6
1,714.5
1,717.5
1,721.4
1,721.3
1,725.8
1,729.6
1,731.9
1,736.2
1,737.9

Proprietors’ income 1

Farm

50.4
46.4
36.0
38.1
47.0
35.5
46.0
72.6
75.4
126.8
73.4
105.2
137.0
168.9
148.9
129.0
109.0
118.7
128.3
148.1
123.7
109.4
95.1

Nonfarm

911.6
932.6
1,017.7
941.1
979.5
937.5
986.7
1,082.6
1,149.6
1,220.4
1,183.5
1,188.7
1,202.3
1,201.7
1,206.8
1,213.9
1,216.8
1,222.7
1,230.3
1,234.1
1,236.6
1,242.6
1,248.6

Personal income receipts on assets
Rental
income
of
persons 2
255.4
238.4
207.5
189.4
262.1
333.7
402.8
484.4
541.2
590.3
556.9
565.6
574.9
584.2
585.1
587.7
590.2
592.5
596.0
601.2
601.0
601.8
603.9

Total

1,503.7
1,666.5
1,938.4
2,166.6
2,167.1
1,811.8
1,739.6
1,884.6
1,958.5
1,997.6
2,269.0
1,895.9
1,960.0
1,951.5
1,971.5
1,995.2
2,015.2
2,031.3
2,028.7
2,032.2
2,028.1
2,029.4
2,032.5

Personal
interest
income
941.7
1,088.1
1,214.7
1,350.1
1,361.6
1,263.9
1,195.0
1,204.1
1,211.6
1,228.3
1,239.1
1,227.4
1,215.8
1,204.1
1,214.9
1,225.6
1,236.3
1,235.2
1,234.2
1,233.1
1,235.4
1,237.7
1,240.0

Personal
dividend
income
562.1
578.3
723.7
816.5
805.4
547.9
544.6
680.5
746.9
769.3
1,029.9
668.5
744.2
747.4
756.6
769.6
779.0
796.0
794.6
799.0
792.7
791.7
792.5

Personal
current
transfer
receipts 3
1,416.7
1,512.0
1,609.6
1,722.8
1,884.0
2,140.2
2,276.9
2,306.9
2,358.3
2,444.9
2,408.8
2,419.4
2,427.8
2,430.9
2,416.1
2,434.9
2,441.8
2,448.3
2,460.6
2,465.1
2,463.8
2,463.9
2,466.8

Less:
Contributions
for
government
social
insurance,
domestic
829.2
873.3
922.6
961.4
988.2
964.4
984.1
918.2
950.7
1,106.0
981.6
1,088.9
1,095.4
1,096.8
1,099.7
1,102.6
1,107.5
1,104.5
1,109.6
1,113.2
1,114.7
1,119.4
1,120.1

Source: Department of Commerce (Bureau of Economic Analysis).

5

Disposition of Personal Income
According to advance estimates, per capita disposable personal income in chained (2009) dollars remained unchanged
in the fourth quarter of 2013.

Period

Personal
income

Less:
Personal
current
taxes

Equals:
Disposable
personal
income

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
billions of
chained
(2009)
dollars

Current
dollars

Billions of dollars
2004 ....................
2005 ....................
2006 ....................
2007 ....................
2008 ....................
2009 ....................
2010 ....................
2011 ....................
2012 ....................
2013 p ..................

10,049.2
10,610.3
11,389.8
11,995.7
12,430.6
12,082.1
12,435.2
13,191.3
13,743.8
14,133.5

1,046.0
1,208.5
1,352.1
1,487.9
1,435.2
1,144.9
1,191.5
1,404.0
1,498.0
1,659.3

9,003.2
9,401.8
10,037.7
10,507.9
10,995.4
10,937.2
11,243.7
11,787.4
12,245.8
12,474.2

Per capita personal
consumption
expenditures

Per capita disposable
personal income
Chained
(2009)
dollars

Current
dollars

Chained
(2009)
dollars

Dollars
8,590.0
9,159.1
9,700.8
10,190.6
10,444.0
10,266.5
10,609.5
11,119.1
11,558.4
11,912.8

413.2
242.7
336.9
317.2
551.3
670.7
634.2
668.2
687.4
561.4

10,036.7
10,190.5
10,596.4
10,821.8
10,988.4
10,937.2
11,060.8
11,324.6
11,551.6
11,637.8

30,700
31,763
33,591
34,829
36,104
35,598
36,296
37,776
38,965
39,410

Percent
Saving
change
as
in real
percent
per capita
of
disposable disposable
personal
personal
income
income

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

34,224
34,428
35,461
35,870
36,082
35,598
35,706
36,293
36,756
36,767

28,158
29,698
31,114
32,299
32,854
32,037
32,933
34,329
35,477
36,330

31,391
32,189
32,846
33,264
32,834
32,037
32,397
32,981
33,466
33,894

2.6
.6
3.0
1.2
.6
–1.3
.3
1.6
1.3
.0

4.6
2.6
3.4
3.0
5.0
6.1
5.6
5.7
5.6
4.5

293,262
295,993
298,818
301,696
304,543
307,240
309,776
312,036
314,278
316,524

35,316
35,715
35,813
35,977
36,361
36,263
36,336
36,215
36,561
36,661
36,538
37,260
36,438
36,743
36,943
36,943

32,510
32,750
33,007
33,463
33,828
34,206
34,512
34,766
35,157
35,355
35,585
35,809
36,048
36,138
36,418
36,713

32,099
32,299
32,457
32,731
32,846
32,911
33,017
33,150
33,334
33,434
33,510
33,585
33,719
33,813
33,914
34,129

–0.5
4.6
1.1
1.8
4.3
–1.1
.8
–1.3
3.9
1.1
–1.3
8.1
–8.5
3.4
2.2
.0

5.3
5.9
5.8
5.5
6.2
5.8
5.7
5.0
5.4
5.5
4.9
6.6
4.1
4.7
4.9
4.3

308,900
309,457
310,067
310,679
311,192
311,718
312,319
312,917
313,425
313,960
314,564
315,162
315,671
316,206
316,810
317,409

Seasonally adjusted annual rates
2010: I ................
II ...............
III ..............
IV ..............
2011: I ................
II ...............
III ..............
IV ..............
2012: I ................
II ...............
III ..............
IV ..............
2013: I ................
II ...............
III ..............
IV p ...........

12,194.3
12,374.3
12,502.1
12,670.0
13,029.9
13,148.5
13,283.6
13,303.2
13,548.6
13,651.8
13,701.6
14,073.1
13,925.9
14,086.2
14,226.2
14,295.6

1,145.6
1,167.9
1,209.4
1,242.9
1,376.0
1,399.9
1,421.6
1,418.4
1,462.8
1,480.0
1,496.4
1,552.8
1,629.0
1,668.8
1,657.8
1,681.5

11,048.7
11,206.4
11,292.6
11,427.1
11,653.9
11,748.6
11,862.1
11,884.8
12,085.7
12,171.9
12,205.1
12,520.4
12,296.9
12,417.4
12,568.4
12,614.1

10,459.9
10,542.4
10,637.5
10,798.4
10,936.0
11,069.5
11,185.8
11,285.2
11,428.4
11,507.9
11,601.0
11,696.2
11,794.9
11,837.0
11,950.4
12,069.0

588.9
664.0
655.2
628.7
717.9
679.1
676.2
599.6
657.3
663.9
604.1
824.1
502.0
580.4
618.0
545.1

10,909.1
11,052.2
11,104.4
11,177.3
11,315.4
11,303.9
11,348.4
11,332.3
11,459.2
11,510.2
11,493.6
11,743.0
11,502.4
11,618.5
11,704.1
11,726.2

1 Includes personal consumption expenditures, personal interest payments (nonmortgage),
and personal current transfer payments.
2 Annual data are averages of quarterly data, which are averages for the period.

6

35,768
36,213
36,420
36,781
37,449
37,690
37,981
37,981
38,560
38,769
38,800
39,727
38,955
39,270
39,672
39,741

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

Real Farm Income
According to the current forecast for 2013, gross farm income in chained (2009) dollars is forecast to be $453.1
billion and net farm income to be $122.9 billion.

[Billions of chained (2009) dollars]
Income of farm operators from farming 1
Gross farm income
Year

Value of farm sector production
Total 2

1990 ...................................................
1991 ...................................................
1992 ...................................................
1993 ...................................................
1994 ...................................................
1995 ...................................................
1996 ...................................................
1997 ...................................................
1998 ...................................................
1999 ...................................................
2000 ...................................................
2001 ...................................................
2002 ...................................................
2003 ...................................................
2004 ...................................................
2005 ...................................................
2006 ...................................................
2007 ...................................................
2008 ...................................................
2009 ...................................................
2010 ...................................................
2011 ...................................................
2012 ...................................................
2013 ...................................................

295.9
278.1
283.9
283.5
292.6
279.6
307.1
304.8
294.6
293.4
295.1
298.3
271.1
298.2
330.8
324.5
306.0
348.8
380.7
343.3
361.1
417.1
433.2
453.1

Crops 3, 4

Total
282.0
266.2
270.9
265.0
281.9
270.0
297.6
295.2
278.9
266.5
266.7
271.5
256.5
279.2
316.3
298.0
289.4
336.6
368.3
331.2
348.9
407.0
423.1
442.4

124.5
117.6
126.1
114.3
136.0
127.2
150.7
144.1
129.3
115.9
116.0
113.4
115.1
125.2
140.4
124.3
125.2
155.2
184.5
168.6
170.7
200.5
206.6
216.1

1 The GDP chain-type price index is used to convert the current-dollar statistics to 2009=100
equivalents.
2 Value of production, Government payments, other farm-related cash income, and nonmoney
income produced by farms including imputed rent of farm dwellings.
3 Crop receipts include proceeds received from commodities placed under Commodity Credit
Corporation loans.

Livestock 4
134.7
126.3
123.4
127.2
121.5
116.4
119.9
123.3
119.3
118.9
121.0
127.0
109.9
121.0
139.4
137.5
125.8
142.2
141.5
119.8
139.1
159.5
162.3
169.4

Forestry and
services
22.8
22.3
21.5
23.5
24.4
26.4
27.0
27.8
30.3
31.8
29.8
31.1
31.5
33.0
36.5
36.1
38.3
39.2
42.3
42.7
39.0
47.1
54.2
56.8

Direct
Government
payments

Production
expenses

13.9
11.9
13.0
18.5
10.7
9.7
9.6
9.6
15.7
26.9
28.4
26.8
14.6
19.0
14.6
26.5
16.7
12.2
12.3
12.2
12.2
10.1
10.1
10.7

226.7
219.8
212.9
218.9
221.4
226.9
230.4
239.1
234.9
233.8
233.2
232.8
225.1
227.9
232.8
238.9
245.5
276.9
296.3
283.0
284.0
302.8
324.8
330.2

Net
farm
income

69.2
58.3
71.0
64.6
71.2
52.7
76.8
65.7
59.7
59.6
61.9
65.5
46.0
70.3
98.1
85.6
60.6
71.9
84.3
60.4
77.1
114.3
108.4
122.9

4 The value of production equates to the sum of cash receipts, home consumption, and the value
of the change in inventories.

Note: Data for 2013 are forecasts.
Source: Department of Agriculture (Economic Research Service).

7

Corporate Proﬁts
In the third quarter of 2013, according to current estimates, corporate proﬁts before tax rose $46.9 billion (annual
rate) and proﬁts after tax rose $47.3 billion.

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Proﬁts (before tax) with inventory valuation adjustment 1

Proﬁts after tax

Domestic industries
Period

Total 2

Proﬁts
before
tax

Nonﬁnancial
Total

Financial

Total 3

Manufacturing

Utilities

Wholesale

Taxes
on
corporate
income

Total

Retail

2003 ....................
959.9
793.3
306.5
486.7
125.3
13.5
59.3
90.5
969.4
243.8
725.7
2004 ....................
1,215.2
1,010.1
349.4
660.7
182.7
20.5
74.7
93.2
1,254.6
306.1
948.5
2005 ....................
1,621.2
1,382.1
409.7
972.4
277.7
30.8
96.2
121.7
1,653.3
412.4
1,240.9
2006 ....................
1,815.7
1,559.6
415.1
1,144.4
349.7
55.1
105.9
132.5
1,851.4
473.4
1,378.1
2007 ....................
1,708.9
1,355.5
301.5
1,054.0
321.9
49.5
103.2
119.0
1,748.4
445.5
1,302.9
2008 ....................
1,345.5
938.8
95.4
843.4
240.6
30.1
90.6
80.3
1,382.4
309.1
1,073.3
2009 ....................
1,474.8
1,122.0
362.9
759.2
171.4
23.8
89.3
108.7
1,468.2
269.4
1,198.7
2010 ....................
1,793.8
1,398.6
405.3
993.3
284.9
29.8
102.2
118.3
1,834.8
370.6
1,464.3
2011 ....................
1,791.3
1,354.8
384.1
970.7
303.9
11.1
96.3
116.1
1,847.4
374.2
1,473.1
2012 ....................
2,180.0
1,761.1
477.4
1,283.7
404.3
37.1
137.8
149.2
2,190.0
434.8
1,755.2
2013 p .................. ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................
2010: I ................
1,751.6
1,354.1
387.1
967.0
228.4
44.6
99.2
120.9
1,791.7
344.8
1,446.9
II ...............
1,762.2
1,367.8
362.6
1,005.2
283.9
14.5
118.0
119.0
1,782.8
351.7
1,431.2
III ..............
1,861.5
1,476.8
415.6
1,061.2
324.3
35.3
114.5
118.0
1,879.5
387.5
1,492.1
IV ..............
1,800.0
1,395.9
456.0
939.9
303.0
24.8
77.2
115.4
1,885.2
398.3
1,486.9
2011: I ................
1,672.2
1,244.3
377.8
866.5
278.1
3.9
74.4
112.2
1,792.3
393.0
1,399.2
II ...............
1,782.3
1,354.9
364.6
990.3
291.5
29.7
94.7
109.1
1,850.4
384.3
1,466.1
III ..............
1,805.4
1,354.6
348.8
1,005.8
314.5
3.2
110.3
114.9
1,833.1
351.0
1,482.1
IV ..............
1,905.4
1,465.2
445.1
1,020.1
331.7
7.9
105.9
128.2
1,913.6
368.6
1,545.1
2012: I ................
2,142.5
1,726.7
462.5
1,264.2
408.7
34.5
128.8
149.9
2,162.1
437.2
1,724.9
II ...............
2,169.8
1,740.5
447.7
1,292.8
410.5
39.4
146.5
145.3
2,160.0
429.7
1,730.3
III ..............
2,186.6
1,774.0
507.2
1,266.8
387.8
40.8
131.6
142.5
2,208.5
439.1
1,769.4
IV ..............
2,221.1
1,803.0
492.1
1,310.9
410.1
33.6
144.4
159.0
2,229.5
433.2
1,796.4
2013: I ................
2,180.0
1,781.5
486.9
1,294.6
389.7
38.3
150.2
148.9
2,193.1
408.2
1,784.8
II ...............
2,248.6
1,845.5
511.9
1,333.6
381.8
47.2
151.1
169.9
2,239.7
418.2
1,821.4
III ..............
2,288.2
1,868.4
521.6
1,346.8
392.4
50.2
154.7
166.0
2,286.6
417.8
1,868.7
IV p ........... ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................
1 See p. 4 for proﬁts with inventory valuation and capital consumption adjustments.
2 Includes rest of the world, not shown separately.

8

Net
dividends

Inventory
Undistrib- valuation
adjustment
uted
proﬁts

434.0
291.7
–9.6
564.1
384.4
–39.5
580.5
660.4
–32.1
726.0
652.1
–35.7
818.9
484.0
–39.5
808.6
264.7
–37.0
568.7
630.0
6.7
563.9
900.3
–41.0
701.6
771.6
–56.0
770.3
984.9
–10.0
902.8 ................ ..................
521.8
925.1
–40.1
542.8
888.4
–20.6
576.0
916.0
–18.1
615.2
871.7
–85.3
668.3
731.0
–120.1
692.9
773.2
–68.2
717.5
764.6
–27.7
727.6
817.5
–8.2
727.4
997.5
–19.5
739.6
990.7
9.8
746.7
1,022.7
–22.0
867.6
928.7
–8.4
763.8
1,021.0
–13.0
1,037.3
784.2
8.9
858.3
1,010.4
1.7
951.9 ................ ..................

Note: Data by industry are based on the North American Industry Classiﬁcation System (NAICS).
Source: Department of Commerce (Bureau of Economic Analysis).

Real Gross Private Domestic Investment
In the fourth quarter of 2013, according to advance estimates, nonresidential ﬁxed investment in chained (2009)
dollars rose $18.8 billion (annual rate) and residential investment fell $12.7 billion. Inventories rose $127.2 billion,
following an increase of $115.7 billion in the third quarter.

[Billions of chained (2009) dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period

2004 ...................................................
2005 ...................................................
2006 ...................................................
2007 ...................................................
2008 ...................................................
2009 ...................................................
2010 ...................................................
2011 ...................................................
2012 ...................................................
2013 p .................................................
2010: I ...............................................
II ..............................................
III .............................................
IV .............................................
2011: I ...............................................
II ..............................................
III .............................................
IV .............................................
2012: I ...............................................
II ..............................................
III .............................................
IV .............................................
2013: I ...............................................
II ..............................................
III .............................................
IV p ..........................................

Gross
private
domestic
investment
2,511.3
2,672.6
2,730.0
2,644.1
2,396.0
1,878.1
2,120.4
2,224.6
2,436.0
2,567.9
2,012.9
2,116.9
2,185.7
2,166.1
2,124.3
2,196.1
2,209.9
2,368.2
2,427.8
2,418.0
2,456.5
2,441.8
2,470.1
2,524.9
2,627.2
2,649.4

Change in private inventories

Nonresidential
Total

2,443.9
2,611.0
2,662.5
2,609.6
2,432.6
2,025.7
2,056.2
2,184.6
2,365.3
2,468.0
1,997.9
2,062.8
2,060.8
2,103.1
2,100.7
2,144.4
2,219.8
2,273.4
2,320.8
2,347.9
2,363.5
2,429.1
2,420.0
2,458.4
2,494.0
2,499.6

Total
1,605.4
1,717.4
1,839.6
1,948.4
1,934.4
1,633.4
1,673.8
1,800.5
1,931.8
1,982.1
1,615.0
1,659.3
1,692.8
1,728.1
1,724.1
1,765.3
1,835.0
1,877.3
1,903.8
1,925.0
1,926.4
1,971.9
1,949.0
1,971.3
1,994.7
2,013.5

Note: See p. 10 for further detail on ﬁxed investment by type.
Because of the formula used for calculating real GDP, the chained (2009) dollar estimates for
the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates.

Structures
414.1
421.2
451.5
509.0
540.2
438.2
366.3
374.1
421.6
427.0
359.7
369.8
364.4
371.2
339.8
365.3
388.9
402.2
409.0
416.0
422.0
439.4
407.9
424.8
438.4
437.0

Equipment
731.2
801.6
870.8
898.3
836.1
644.3
746.7
841.7
905.9
932.2
697.7
735.2
766.2
787.8
810.6
819.2
858.0
879.1
896.9
908.5
899.5
918.8
922.5
929.9
930.4
946.1

Intellectual
property
products
464.9
495.0
517.5
542.4
558.8
550.9
561.3
586.1
605.8
624.5
557.6
554.7
563.0
570.0
575.2
582.0
589.6
597.6
599.6
602.3
606.4
614.9
620.6
618.3
627.0
632.0

Residential

818.9
872.6
806.6
654.8
497.7
392.2
382.4
384.3
433.7
486.0
383.0
403.5
368.1
375.1
376.7
379.2
384.9
396.2
417.2
423.0
437.3
457.5
471.2
487.1
499.2
486.5

Total

71.4
64.3
71.6
35.5
–33.7
–147.6
58.2
33.6
57.6
85.4
9.8
48.8
116.2
58.1
22.0
42.9
–11.0
80.6
89.2
56.8
77.2
7.3
42.2
56.6
115.7
127.2

Nonfarm

62.4
63.9
75.4
36.5
–35.0
–146.0
65.9
39.7
68.7
62.0
12.9
54.6
126.8
69.1
28.7
51.1
–6.6
85.5
92.5
64.7
97.3
20.3
22.2
32.7
89.2
103.8

Source: Department of Commerce (Bureau of Economic Analysis).

9

Real Private Fixed Investment by Type
[Billions of chained (2009) dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential
Equipment

Total
ﬁxed
investment

Period

2004 ............
2005 ............
2006 ............
2007 ............
2008 ............
2009 ............
2010 ............
2011 ............
2012 ............
2013 p ..........
2010: I ........
II .......
III ......
IV ......
2011: I ........
II .......
III ......
IV ......
2012: I ........
II .......
III ......
IV ......
2013: I ........
II .......
III ......
IV p ...

Residential

Total
nonresidential

2,443.9
2,611.0
2,662.5
2,609.6
2,432.6
2,025.7
2,056.2
2,184.6
2,365.3
2,468.0
1,997.9
2,062.8
2,060.8
2,103.1
2,100.7
2,144.4
2,219.8
2,273.4
2,320.8
2,347.9
2,363.5
2,429.1
2,420.0
2,458.4
2,494.0
2,499.6

1,605.4
1,717.4
1,839.6
1,948.4
1,934.4
1,633.4
1,673.8
1,800.5
1,931.8
1,982.1
1,615.0
1,659.3
1,692.8
1,728.1
1,724.1
1,765.3
1,835.0
1,877.3
1,903.8
1,925.0
1,926.4
1,971.9
1,949.0
1,971.3
1,994.7
2,013.5

Information processing equipment
Structures

414.1
421.2
451.5
509.0
540.2
438.2
366.3
374.1
421.6
427.0
359.7
369.8
364.4
371.2
339.8
365.3
388.9
402.2
409.0
416.0
422.0
439.4
407.9
424.8
438.4
437.0

Total 2

731.2
801.6
870.8
898.3
836.1
644.3
746.7
841.7
905.9
932.2
697.7
735.2
766.2
787.8
810.6
819.2
858.0
879.1
896.9
908.5
899.5
918.8
922.5
929.9
930.4
946.1

Computers
and
peripheral
equipment 1

Total
204.5
222.2
250.9
279.9
281.0
256.1
281.4
287.9
295.7
304.6
276.0
277.8
282.5
289.5
283.6
289.0
288.6
290.4
300.0
292.0
288.6
302.1
300.0
306.8
308.3
303.4

...................
...................
...................
...................
...................
...................
...................
...................
...................
...................
...................
...................
...................
...................
...................
...................
...................
...................
...................
...................
...................
...................
...................
...................
...................
...................

Structures

Intellectual property products

Other
160.7
172.6
187.5
207.9
204.2
179.3
196.8
204.3
207.8
217.5
188.5
191.5
199.5
207.7
205.2
205.1
203.8
203.2
208.0
204.1
208.7
210.3
211.8
221.6
222.7
213.9

Industrial Transportation
equipequipment
ment
169.1
183.6
199.1
205.3
195.5
152.1
151.3
175.0
184.6
190.6
143.0
151.1
152.8
158.3
166.7
166.8
179.0
187.7
180.5
184.9
185.0
187.8
188.0
187.5
194.4
192.5

176.5
197.9
212.6
203.6
156.9
70.6
136.9
181.0
221.0
221.0
109.7
130.9
152.0
155.1
166.0
167.7
185.5
204.6
217.0
229.1
218.8
219.4
215.1
218.5
220.1
230.2

Total 2

Software

Research
and
development 3

207.9
221.2
230.3
244.2
256.2
256.8
254.2
269.8
285.9
299.0
256.0
250.9
253.3
256.7
261.8
266.7
272.2
278.6
279.7
284.0
286.6
293.1
298.6
294.1
300.2
302.9

191.0
202.3
215.0
227.9
235.5
229.0
234.4
241.8
245.7
250.5
232.7
231.5
235.6
237.8
239.0
241.2
242.9
244.1
245.3
244.1
245.7
247.6
247.4
248.8
251.9
254.0

464.9
495.0
517.5
542.4
558.8
550.9
561.3
586.1
605.8
624.5
557.6
554.7
563.0
570.0
575.2
582.0
589.6
597.6
599.6
602.3
606.4
614.9
620.6
618.3
627.0
632.0

Total
residential 2

818.9
872.6
806.6
654.8
497.7
392.2
382.4
384.3
433.7
486.0
383.0
403.5
368.1
375.1
376.7
379.2
384.9
396.2
417.2
423.0
437.3
457.5
471.2
487.1
499.2
486.5

Total 2

809.2
862.5
796.3
644.9
488.4
383.9
373.6
375.1
424.2
475.7
374.4
394.6
359.3
366.2
367.7
370.1
375.7
386.8
407.8
413.7
427.7
447.8
461.2
476.9
488.7
476.1

Single
family

405.7
433.0
390.7
283.7
178.2
105.3
114.4
109.2
132.1
159.6
115.7
121.7
112.6
107.7
108.2
107.2
109.5
111.7
120.8
126.6
134.6
146.4
155.8
160.5
162.0
160.0

1 Because computers exhibit rapid changes in prices relative to other prices in the economy, the
2 Includes other items, not shown separately.
3 Research and development investment excludes expenditures for software development.
chained-dollar estimates should not be used to measure the component’s relative importance or its
contribution to the growth rate of more aggregate series. The quantity index for computers can be
Note: Because of the formula used for calculating real GDP, the chained (2009) dollar estimates
used to accurately measure the real growth rate of this series. For information on this component, for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
see Survey of Current Business Table 5.3.1 (for growth rates), Table 5.3.2 (for contributions), and
aggregates.
Table 5.3.3 (for quantity indexes).
Source: Department of Commerce (Bureau of Economic Analysis).

Business Investment
[Billions of dollars]
Capital expenditures
By industry
Period

Total
capital
expenditures

Forestry,
Total
ﬁshing,
by
and agri- Mining
industry cultural
services

ConUtilities struction

Manufacturing

Wholesale
trade

Retail
trade

Transportation Informa- Finance
and
and
tion
insurwareance
housing

ProfesReal
sional,
estate
scienand
tiﬁc,
rental
and
and
technical
leasing services

Health
care
and
social
assistance

Other 1

For
companies
without
employees

For companies with employees
1996 ........
1997 ........
1998 ........
1999 ........
2000 ........
2001 ........
2002 ........
2003 ........
2004 ........
2005 ........
2006 ........
2007 ........
2008 ........
2009 ........
2010 ........
2011 .........

807.1 ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ...............
871.8 ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ............. ...............
970.9
896.5
0.9
40.4
36.0
26.9
203.6
29.2
57.3
51.3
96.5
118.2
85.2
22.3
47.1
81.7
74.4
1,047.0
974.6
1.7
30.6
42.8
23.1
196.4
32.4
64.1
57.3
122.8
130.1
100.6
29.5
51.3
91.8
72.3
1,161.0 1,089.9
1.5
42.5
61.3
25.0
214.8
33.6
69.8
59.9
160.2
133.7
92.5
34.1
52.2
108.9
71.2
1,109.0 1,052.3
1.5
51.3
82.8
24.8
192.8
30.0
66.9
57.8
144.8
131.1
82.7
30.5
52.9
102.5
56.7
997.9
917.5
1.9
42.5
65.5
24.8
157.2
26.8
59.3
47.1
88.2
128.4
94.5
25.9
59.3
96.1
80.4
975.0
886.8
1.9
50.5
54.6
23.2
149.1
26.0
65.9
44.5
80.5
120.8
88.0
24.7
61.2
96.2
88.2
1,042.1
953.2
2.1
51.3
50.4
28.6
156.7
32.3
72.2
46.1
83.5
153.6
91.6
26.7
64.6
93.6
88.9
1,144.8 1,062.5
2.7
66.7
58.0
30.1
165.6
40.6
73.5
56.9
91.4
161.4
103.0
33.1
73.8
105.6
82.2
1,309.9 1,217.1
2.7
99.3
69.8
30.3
192.4
36.6
86.7
68.0
104.4
163.1
132.1
30.3
75.3
126.3
92.8
1,354.7 1,270.5
2.1
120.7
85.4
36.7
197.3
30.8
82.5
67.4
106.1
173.4
117.5
31.8
84.2
134.8
84.2
1,374.2 1,294.5
2.3
149.3
98.7
40.8
213.1
32.4
73.2
79.6
103.3
132.9
106.9
33.0
90.2
138.7
79.7
1,090.7 1,015.3
2.2
100.6
103.0
19.8
155.2
25.3
58.4
55.7
88.4
99.5
72.9
28.2
79.4
127.0
75.4
1,105.7 1,036.2
3.3
115.7
94.5
17.9
160.8
31.1
65.3
59.0
97.2
103.1
81.3
28.2
78.4
100.6
69.5
1,225.6 1,152.2
3.1
149.5
98.0
21.8
193.4
35.5
67.4
72.3
99.7
109.6
91.1
28.2
83.2
99.6
73.4

1 Includes the following industries: Management of companies and enterprises; administrative
Note: Data from Annual Capital Expenditures. Industry data are based on the North American
and support and waste management; educational services; arts, entertainment, and recreation;
Industry Classiﬁcation System (NAICS).
accommodation and food services; and other services (except public administration). Also includes
Data shown in this table are capital expenditures for both new and used structures and
an item for structure and equipment expenditures serving multiple industry categories.
equipment.

Source: Department of Commerce (Bureau of the Census).

10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
In January, employment as measured by the household survey was 145.2 million and unemployment was 10.2
million.

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

Period

2004 2 ..................
2005 2 ..................
2006 2 ..................
2007 2 ..................
2008 2 ..................
2009 2 ..................
2010 2 ..................
2011 2 ..................
2012 2 ..................
2013 2 ..................
2013: Jan 2 .........
Feb ...........
Mar ..........
Apr ...........
May ..........
June .........
July ..........
Aug ..........
Sept .........
Oct ...........
Nov ..........
Dec ...........
2014: Jan 2 .........

Civilian
noninstitutional
population
(NSA)
223,357
226,082
228,815
231,867
233,788
235,801
237,830
239,618
243,284
245,679
244,663
244,828
244,995
245,175
245,363
245,552
245,756
245,959
246,168
246,381
246,567
246,745
246,915

Civilian employment
Civilian
labor
force

Total

147,401
149,320
151,428
153,124
154,287
154,142
153,889
153,617
154,975
155,389
155,699
155,511
155,099
155,359
155,609
155,822
155,693
155,435
155,473
154,625
155,284
154,937
155,460

139,252
141,730
144,427
146,047
145,362
139,877
139,064
139,869
142,469
143,929
143,384
143,464
143,393
143,676
143,919
144,075
144,285
144,179
144,270
143,485
144,443
144,586
145,224

Men
20 years
and
over
71,572
73,050
74,431
75,337
74,750
71,341
71,230
72,182
73,403
74,176
74,084
74,183
74,190
74,161
74,137
74,265
74,301
74,015
74,151
73,808
74,373
74,467
74,916

Women
20 years
and
over
61,773
62,702
63,834
64,799
65,039
63,699
63,456
63,360
64,640
65,295
64,790
64,911
64,838
65,148
65,323
65,340
65,514
65,743
65,539
65,229
65,547
65,617
65,909

Percent 1

Unemployment
Both
sexes
16–19
years
5,907
5,978
6,162
5,911
5,573
4,837
4,378
4,327
4,426
4,458
4,510
4,370
4,365
4,368
4,459
4,470
4,470
4,421
4,580
4,448
4,523
4,502
4,399

1 Civilian labor force (or employment) as percent of civilian noninstitutional population; and
unemployment as percent of civilian labor force.
2 Not strictly comparable with earlier data.

Total

8,149
7,591
7,001
7,078
8,924
14,265
14,825
13,747
12,506
11,460
12,315
12,047
11,706
11,683
11,690
11,747
11,408
11,256
11,203
11,140
10,841
10,351
10,236

Men
20 years
and
over
3,791
3,392
3,131
3,259
4,297
7,555
7,763
6,898
5,984
5,568
5,900
5,714
5,541
5,707
5,729
5,590
5,570
5,595
5,605
5,459
5,328
4,997
4,975

Women
20 years
and
over
3,150
3,013
2,751
2,718
3,342
5,157
5,534
5,450
5,125
4,565
5,027
4,859
4,791
4,616
4,548
4,760
4,473
4,372
4,359
4,423
4,323
4,214
4,114

Both
sexes
16–19
years
1,208
1,186
1,119
1,101
1,285
1,552
1,528
1,400
1,397
1,327
1,388
1,474
1,374
1,360
1,413
1,398
1,365
1,289
1,239
1,258
1,190
1,140
1,147

Not
in
labor
force
75,956
76,762
77,387
78,743
79,501
81,659
83,941
86,001
88,310
90,290
88,963
89,317
89,896
89,815
89,754
89,730
90,062
90,524
90,695
91,756
91,283
91,808
91,455

Labor
force
participation
rate
66.0
66.0
66.2
66.0
66.0
65.4
64.7
64.1
63.7
63.2
63.6
63.5
63.3
63.4
63.4
63.5
63.4
63.2
63.2
62.8
63.0
62.8
63.0

Employment/
population
ratio

Unemployment
rate

62.3
62.7
63.1
63.0
62.2
59.3
58.5
58.4
58.6
58.6
58.6
58.6
58.5
58.6
58.7
58.7
58.7
58.6
58.6
58.2
58.6
58.6
58.8

5.5
5.1
4.6
4.6
5.8
9.3
9.6
8.9
8.1
7.4
7.9
7.7
7.5
7.5
7.5
7.5
7.3
7.2
7.2
7.2
7.0
6.7
6.6

Note: Beginning January 2014, data reﬂect revised population controls and are not strictly
comparable with earlier data.
See Employment and Earnings for details on breaks in series.
Source: Department of Labor (Bureau of Labor Statistics).

11

Selected Unemployment Rates
In January, the unemployment rate fell to 6.6 percent.

[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
By race or ethnicity 1

By sex and age
Period

2004 ....................
2005 ....................
2006 ....................
2007 ....................
2008 ....................
2009 ....................
2010 ....................
2011 ....................
2012 ....................
2013 ....................
2013: Jan ...........
Feb ...........
Mar ..........
Apr ...........
May ..........
June .........
July ..........
Aug ..........
Sept .........
Oct ...........
Nov ..........
Dec ...........
2014: Jan ...........

All
civilian
workers

5.5
5.1
4.6
4.6
5.8
9.3
9.6
8.9
8.1
7.4
7.9
7.7
7.5
7.5
7.5
7.5
7.3
7.2
7.2
7.2
7.0
6.7
6.6

Men
20 years
and
over
5.0
4.4
4.0
4.1
5.4
9.6
9.8
8.7
7.5
7.0
7.4
7.2
6.9
7.1
7.2
7.0
7.0
7.0
7.0
6.9
6.7
6.3
6.2

Women
20 years
and
over
4.9
4.6
4.1
4.0
4.9
7.5
8.0
7.9
7.3
6.5
7.2
7.0
6.9
6.6
6.5
6.8
6.4
6.2
6.2
6.4
6.2
6.0
5.9

Both
sexes
16–19
years
17.0
16.6
15.4
15.7
18.7
24.3
25.9
24.4
24.0
22.9
23.5
25.2
23.9
23.7
24.1
23.8
23.4
22.6
21.3
22.0
20.8
20.2
20.7

White

4.8
4.4
4.0
4.1
5.2
8.5
8.7
7.9
7.2
6.5
7.1
6.8
6.7
6.6
6.6
6.6
6.6
6.4
6.3
6.3
6.1
5.9
5.7

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

12

Black
or
African
American
10.4
10.0
8.9
8.3
10.1
14.8
16.0
15.8
13.8
13.1
13.8
13.8
13.2
13.1
13.5
13.5
12.6
12.9
13.0
13.0
12.4
11.9
12.1

By selected groups
Hispanic
or
Latino
ethnicity

Asian
(NSA)

4.4
4.0
3.0
3.2
4.0
7.3
7.5
7.0
5.9
5.2
6.5
6.1
5.0
5.1
4.3
5.0
5.7
5.1
5.3
5.2
5.3
4.1
4.8

7.0
6.0
5.2
5.6
7.6
12.1
12.5
11.5
10.3
9.1
9.7
9.5
9.2
9.0
9.1
9.1
9.5
9.3
8.9
9.0
8.7
8.3
8.4

Married
men,
spouse
present

Women
who
maintain
families
(NSA)

3.1
2.8
2.4
2.5
3.4
6.6
6.8
5.8
4.9
4.3
4.6
4.5
4.3
4.4
4.4
4.4
4.3
4.3
4.3
4.5
4.2
3.8
3.8

Note: Data relate to persons age 16 years and over.
Source: Department of Labor (Bureau of Labor Statistics).

8.0
7.8
7.1
6.5
8.0
11.5
12.3
12.4
11.4
10.2
11.3
11.0
10.7
10.3
9.9
10.7
10.5
11.0
8.8
9.5
9.7
8.7
9.1

Full-time
workers

5.6
5.0
4.5
4.6
5.8
10.0
10.4
9.6
8.5
7.7
8.4
8.1
7.9
7.9
7.9
7.9
7.6
7.6
7.5
7.6
7.3
6.8
6.9

Part-time
workers

5.3
5.4
5.1
4.9
5.5
6.0
6.3
6.3
6.1
5.9
6.1
6.2
5.8
6.0
5.9
6.1
6.2
5.7
5.8
5.5
5.6
5.9
5.1

Selected Measures of Unemployment and Unemployment Insurance Programs
In January, the percentages of the unemployed who had been out of work for 5-14 weeks and 27 weeks and over
weeks fell, while the percentages for less than 5 weeks and 15-26 weeks rose. The mean duration of unemployment
fell to 35.4 weeks and the median duration fell to 16.0 weeks.

[Monthly data seasonally adjusted, except as noted by NSA]
Duration of unemployment
Period

Unemployment
(thousands)

Percent distribution
Less
than
5 weeks

5–14
weeks

15–26
weeks

Reason for unemployment: percent distribution
Number of weeks

27 weeks
and over

Average
(mean) 1

Median

Job
losers

Job
leavers

Reentrants

New
entrants

State programs
Insured
unemployment
(NSA)

Initial
claims
(NSA)

Insured
unemployment,
all
programs
(NSA) 2

Weekly average, thousands
2004 ....................
2005 ....................
2006 ....................
2007 ....................
2008 ....................
2009 ....................
2010 ....................
2011 ....................
2012 ....................
2013 ....................
2013: Jan ...........
Feb ...........
Mar ..........
Apr ...........
May ..........
June .........
July ..........
Aug ..........
Sept .........
Oct ...........
Nov ..........
Dec ...........
2014: Jan ...........

8,149
7,591
7,001
7,078
8,924
14,265
14,825
13,747
12,506
11,460
12,315
12,047
11,706
11,683
11,690
11,747
11,408
11,256
11,203
11,140
10,841
10,351
10,236

33.1
35.1
37.3
35.9
32.8
22.2
18.7
19.5
21.1
22.5
22.2
22.4
21.4
21.4
23.2
22.7
22.3
22.5
23.0
24.8
22.6
21.9
23.9

29.2
30.4
30.3
31.5
31.4
26.8
22.0
21.8
22.9
24.1
24.8
23.3
24.3
24.4
22.7
24.3
24.8
24.4
24.0
23.4
23.9
24.4
23.8

15.9
14.9
14.7
15.0
16.0
19.5
16.0
15.0
14.9
15.8
15.0
14.5
15.2
16.9
16.6
16.1
15.7
15.2
16.1
15.8
16.1
16.0
16.6

21.8
19.6
17.6
17.6
19.7
31.5
43.3
43.8
41.1
37.6
37.9
39.7
39.1
37.4
37.4
36.9
37.2
38.0
36.9
36.0
37.4
37.7
35.8

19.6
18.4
16.8
16.8
17.9
24.4
33.0
39.3
39.4
36.5
35.4
36.9
37.0
36.6
36.9
35.7
36.7
37.0
36.8
36.0
37.1
37.1
35.4

1 Beginning January 2011, includes unemployment durations of up to 5 years; prior data are
for up to 2 years.
2 Includes State (50 States, District of Columbia, Puerto Rico, and the Virgin Islands), Federal
(UCFE), ex-service members (UCX), and Federal and State extended beneﬁt programs. Also
includes Temporary Extended Unemployment Compensation (2002-2004), Emergency Unemployment Compensation (2008-2013), and Federal Additional Compensation (2009-2010).

9.8
8.9
8.3
8.5
9.4
15.1
21.4
21.4
19.3
17.0
16.0
17.7
18.1
17.3
16.9
16.2
15.8
16.5
16.4
16.5
17.0
17.1
16.0

51.5
48.3
47.4
49.7
53.7
64.2
62.4
59.0
55.0
53.0
53.6
53.9
53.6
54.8
52.4
52.4
52.0
52.6
52.0
54.4
52.8
51.3
52.3

10.5
11.5
11.8
11.2
10.0
6.2
6.0
7.0
7.7
8.1
7.9
7.9
8.3
7.4
8.1
8.9
8.5
8.0
8.8
7.4
8.2
8.2
7.9

29.5
31.4
32.0
30.3
27.7
22.3
23.4
24.7
26.7
28.0
28.3
27.6
27.0
26.9
28.6
27.9
28.5
27.9
28.4
27.4
28.2
29.0
28.4

8.4
2,950
345
3,103
8.8
2,661
328
2,709
8.8
2,476
313
2,521
8.9
2,572
324
2,612
8.6
3,306
424
3,899
7.3
5,724
568
9,123
8.2
4,487
454
9,732
9.3
3,679
406
7,630
10.5
3,297
374
6,048
p 2,948
p 343
p 4,606
10.9
r 4,007
r 6,201
10.2
520
r 3,572
r 5,512
10.6
341
r 3,655
r 5,682
11.1
333
r
10.9
3,413
361
5,452
r
10.8
2,933
346
4,829
r 2,955
r 4,816
10.8
341
r 3,358
r 5,183
11.0
391
11.6
2,878
305
4,446
r 2,811
r 269
r 4,423
10.9
10.7
2,609
378
4,141
10.8
2,550
358
3,953
p
p
p
11.5
3,461
496
5,115
11.4 ................ ................ ..................

Note: Data relate to persons age 16 years and over (except for insured unemployment and initial
claims).
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training
Administration).

13

Nonagricultural Employment
Total nonagricultural employment as measured by the payroll survey rose by 113,000 in January.

[Thousands of wage and salary workers; 1 monthly data seasonally adjusted]
Private industries

Period

2004 r ..................
2005 r ..................
2006 r ..................
2007 r ..................
2008 r ..................
2009 r ..................
2010 r ..................
2011 r ..................
2012 r ..................
2013 r ..................
2013: Jan r .........
Feb r .........
Mar r ........
Apr r .........
May r ........
June r .......
July r ........
Aug r .........
Sept r ........
Oct r ..........
Nov r .........
Dec r .........
2014: Jan p .........

Total
nonagricultural
employment

131,749
134,005
136,398
137,936
137,170
131,233
130,275
131,842
134,104
136,368
135,261
135,541
135,682
135,885
136,084
136,285
136,434
136,636
136,800
137,037
137,311
137,386
137,499

Goods-producing industries
Total
private

110,128
112,201
114,424
115,718
114,661
108,678
107,785
109,756
112,184
114,503
113,395
113,658
113,822
114,010
114,232
114,433
114,603
114,783
114,936
115,183
115,455
115,544
115,686

Total 2

21,882
22,190
22,530
22,233
21,335
18,558
17,751
18,047
18,420
18,700
18,579
18,651
18,680
18,669
18,671
18,684
18,679
18,696
18,718
18,756
18,824
18,811
18,887

Construc- Manufaction
turing

6,976
7,336
7,691
7,630
7,162
6,016
5,518
5,533
5,646
5,827
5,743
5,789
5,813
5,811
5,816
5,829
5,830
5,836
5,849
5,864
5,896
5,874
5,922

14,315
14,227
14,155
13,879
13,406
11,847
11,528
11,726
11,927
12,005
11,982
12,004
12,007
12,001
11,994
11,991
11,982
11,990
11,993
12,011
12,046
12,054
12,075

Private service-providing industries

Total

Trade, transportation,
and utilities
Total 3

88,246
90,010
91,894
93,485
93,326
90,121
90,034
91,708
93,763
95,804
94,816
95,007
95,142
95,341
95,561
95,749
95,924
96,087
96,218
96,427
96,631
96,733
96,799

25,533
25,959
26,276
26,630
26,293
24,906
24,636
25,065
25,476
25,871
25,691
25,691
25,683
25,718
25,760
25,811
25,862
25,911
25,973
26,017
26,090
26,172
26,182

1 Data from the establishment survey. Includes all full- and part-time wage and salary
workers in nonagricultural establishments who received pay for any part of the pay period that
includes the 12th of the month. Excludes proprietors, self-employed persons, unpaid family
workers, and private household workers. Data from the household survey shown on p. 11 include
those workers and also count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off. In the series shown
here, persons who work at more than one job are counted each time they appear on a payroll,
in contrast to the series shown on p. 11 where persons are counted only once—as employed,
unemployed, or not in the labor force. See Employment and Earnings for details.

14

Retail
trade
15,058
15,280
15,353
15,520
15,283
14,522
14,440
14,668
14,841
15,077
14,944
14,953
14,944
14,967
15,002
15,040
15,089
15,118
15,146
15,187
15,210
15,272
15,260

Information

Financial
activities

3,118
3,061
3,038
3,032
2,984
2,804
2,707
2,674
2,676
2,685
2,673
2,692
2,694
2,688
2,686
2,685
2,697
2,669
2,682
2,688
2,689
2,679
2,679

8,105
8,197
8,367
8,348
8,206
7,838
7,695
7,697
7,784
7,880
7,835
7,847
7,853
7,863
7,872
7,885
7,901
7,897
7,896
7,903
7,899
7,902
7,900

Profes- Education Leisure
sional
and
and
and
health
hospitalbusiness services
ity
services
16,394
16,954
17,566
17,942
17,735
16,579
16,728
17,332
17,932
18,560
18,210
18,295
18,362
18,434
18,511
18,570
18,621
18,663
18,700
18,753
18,826
18,830
18,866

17,192
17,630
18,099
18,613
19,156
19,550
19,889
20,228
20,698
21,102
20,921
20,948
20,989
21,040
21,069
21,084
21,108
21,172
21,181
21,212
21,237
21,233
21,227

12,493
12,816
13,110
13,427
13,436
13,077
13,049
13,353
13,768
14,242
14,028
14,078
14,112
14,145
14,198
14,249
14,272
14,306
14,315
14,380
14,417
14,437
14,461

Other
services

5,409
5,395
5,438
5,494
5,515
5,367
5,331
5,360
5,430
5,464
5,458
5,456
5,449
5,453
5,465
5,465
5,463
5,469
5,471
5,474
5,473
5,480
5,484

Government

21,621
21,804
21,974
22,218
22,509
22,555
22,490
22,086
21,920
21,864
21,866
21,883
21,860
21,875
21,852
21,852
21,831
21,853
21,864
21,854
21,856
21,842
21,813

2 Includes mining and logging, not shown separately.
3 Includes wholesale trade, transportation and warehousing, and utilities, not shown separately.

Note: Data classiﬁed by industry based on the 2012 North American Industry Classiﬁcation
System (NAICS). For details see Employment and Earnings.
Data reﬂect annual revisions released February 7, 2014.
Source: Department of Labor (Bureau of Labor Statistics).

Average Weekly Hours, Hourly Earnings, and Weekly Earnings—
Private Nonagricultural Industries
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Average weekly hours
Total
private
nonagricultural 1

Period

2004 r ..................
2005 r ..................
2006 r ..................
2007 r ..................
2008 r ..................
2009 r ..................
2010 r ..................
2011 r ..................
2012 r ..................
2013 r ..................
2012: Dec r .........
2013: Jan r .........
Feb r .........
Mar r ........
Apr r .........
May r ........
June r .......
July r ........
Aug r .........
Sept r ........
Oct r ..........
Nov r .........
Dec r .........
2014: Jan p .........

33.7
33.8
33.9
33.8
33.6
33.1
33.4
33.6
33.7
33.7
33.7
33.6
33.8
33.8
33.7
33.7
33.7
33.5
33.7
33.6
33.6
33.7
33.5
33.5

Average gross hourly earnings
Total private
nonagricultural 1

Manufacturing

Total

Overtime

40.8
40.7
41.1
41.2
40.8
39.8
41.1
41.4
41.7
41.9
41.7
41.6
41.9
41.9
41.8
41.8
41.9
41.7
41.9
41.9
41.9
42.0
41.9
41.7

4.6
4.6
4.4
4.2
3.7
2.9
3.8
4.1
4.2
4.3
4.3
4.3
4.3
4.4
4.3
4.3
4.3
4.3
4.3
4.3
4.4
4.5
4.5
4.3

Current
dollars

Average gross weekly earnings
Total private
nonagricultural 1

Manufacturing

1982-84
dollars 2

$15.69
$8.50
16.12
8.44
16.75
8.50
17.42
8.59
18.07
8.56
18.61
8.88
19.05
8.90
19.44
8.77
19.74
8.73
20.13
8.78
19.89
8.74
19.95
8.77
20.00
8.72
20.02
8.75
20.04
8.80
20.06
8.80
20.12
8.77
20.15
8.77
20.17
8.77
20.21
8.77
20.25
8.80
20.30
8.82
20.33
8.80
20.39 ..................

Current
dollars
$16.14
16.56
16.81
17.26
17.75
18.24
18.61
18.93
19.08
19.30
19.14
19.15
19.22
19.22
19.21
19.25
19.28
19.27
19.33
19.35
19.37
19.42
19.46
19.47

1 Also includes other private industry groups shown on p. 14.
2 Current dollar earnings divided by the consumer price index for urban wage earners and cleri-

cal workers (CPI–W) (on a 1982-84=100 base).

Percent change from
a year earlier,
total private
nonagricultural

Current dollars

1982-84
dollars 2

$528.89
$286.66
544.05
284.84
567.39
287.87
589.27
290.61
607.53
287.86
616.01
293.86
636.25
297.36
653.19
294.79
665.82
294.31
677.67
295.51
670.29
294.48
670.32
294.60
676.00
294.70
676.68
295.74
675.35
296.61
676.02
296.44
678.04
295.64
675.03
293.78
679.73
295.57
679.06
294.75
680.40
295.66
684.11
297.30
681.06
294.96
683.07 ..................

Manufacturing

Construction

$658.52
673.30
690.88
711.53
724.46
726.12
765.15
784.29
794.63
807.67
798.14
796.64
805.32
805.32
802.98
804.65
807.83
803.56
809.93
810.77
811.60
815.64
815.37
811.90

$735.55
750.37
781.59
816.23
842.61
851.76
891.83
921.84
942.14
958.47
955.15
949.88
957.13
960.74
959.90
966.78
959.51
957.48
959.55
958.36
956.69
962.33
948.48
946.83

Retail
trade

Current
dollars

$371.13
377.58
383.12
385.00
386.21
388.57
400.07
412.09
422.10
422.97
421.65
417.30
422.08
424.99
419.59
422.86
423.10
420.60
426.82
424.41
424.41
424.80
423.90
421.44

1982-84
dollars 2

2.1
–0.5
2.9
–.6
4.3
1.1
3.9
1.0
3.1
–.9
1.4
2.1
3.3
1.2
2.7
–.9
1.9
–.2
1.8
.4
1.6
–.1
1.3
–.2
2.3
.4
2.2
.8
1.7
.8
2.2
.9
2.0
.3
1.4
–.6
2.4
1.0
2.2
1.1
2.3
1.5
2.3
1.2
1.6
.2
1.9 ....................

Note: See Note, p. 14.
Source: Department of Labor (Bureau of Labor Statistics).

Employment Cost Index—Private Industry
Index (December 2005 = 100)
Period

Total
compensation

Wages
and
salaries

Percent change from
3 months earlier

Beneﬁts 1

Total
compensation

12 months earlier

Wages
and
salaries

Beneﬁts 1

Total
compensation

Wages
and
salaries

Beneﬁts 1

Not seasonally adjusted
2004:
2005:
2006:
2007:
2008:
2009:
2010:
2011:
2012:
2013:

Dec ..........................................
Dec ..........................................
Dec ..........................................
Dec ..........................................
Dec ..........................................
Dec ..........................................
Dec ..........................................
Dec ..........................................
Dec ..........................................
Dec ..........................................

97.2
100.0
103.2
106.3
108.9
110.2
112.5
115.0
117.1
119.4

97.6
100.0
103.2
106.6
109.4
110.8
112.8
114.6
116.6
119.0

96.2
100.0
103.1
105.6
107.7
108.7
111.9
115.9
118.2
120.5

........................
........................
........................
........................
........................
........................
........................
........................
........................
........................

........................
........................
........................
........................
........................
........................
........................
........................
........................
........................

........................
........................
........................
........................
........................
........................
........................
........................
........................
........................

3.8
2.9
3.2
3.0
2.4
1.2
2.1
2.2
1.8
2.0

Seasonally adjusted
2010: Mar .........................................
June ........................................
Sept ........................................
Dec ..........................................
2011: Mar .........................................
June ........................................
Sept ........................................
Dec ..........................................
2012: Mar .........................................
June ........................................
Sept ........................................
Dec ..........................................
2013: Mar .........................................
June ........................................
Sept ........................................
Dec ..........................................

111.1
111.6
112.1
112.7
113.3
114.2
114.6
115.1
115.7
116.3
116.8
117.3
117.8
118.5
119.0
119.6

111.4
111.9
112.3
112.8
113.2
113.8
114.2
114.7
115.3
115.8
116.3
116.7
117.3
118.0
118.4
119.1

110.3
110.9
111.7
112.2
113.6
115.2
115.4
116.2
116.7
117.4
117.9
118.6
119.1
119.6
120.3
120.9

1 Employer costs for employee beneﬁts.

2.6
2.5
3.2
3.3
2.6
1.3
1.8
1.6
1.7
2.1

6.7
4.0
3.1
2.4
2.0
0.9
2.9
3.6
2.0
1.9

Not seasonally adjusted
0.6
.5
.4
.5
.5
.8
.4
.4
.5
.5
.4
.4
.4
.6
.4
.5

0.5
.4
.4
.4
.4
.5
.4
.4
.5
.4
.4
.3
.5
.6
.3
.6

1.2
.5
.7
.4
1.2
1.4
.2
.7
.4
.6
.4
.6
.4
.4
.6
.5

1.6
1.9
2.0
2.1
2.0
2.3
2.1
2.2
2.1
1.8
1.9
1.8
1.9
1.9
1.9
2.0

1.5
1.6
1.6
1.8
1.6
1.7
1.7
1.6
1.9
1.8
1.8
1.7
1.7
1.9
1.8
2.1

2.0
2.4
2.8
2.9
3.0
4.0
3.3
3.6
2.8
1.9
2.2
2.0
2.0
1.9
2.0
1.9

Source: Department of Labor (Bureau of Labor Statistics).

Note: The employment cost index is a measure of the change in the cost of labor, free from the
inﬂuence of employment shifts among occupations and industries.
Data exclude farm and household workers.

15

Productivity and Related Data, Business and Nonfarm Business Sectors
Output per hour
of all persons
Period
Business
sector

Nonfarm
business
sector

Hours of
all persons 2

Output 1

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Compensation
per hour 3
Business
sector

Nonfarm
business
sector

Real
compensation
per hour 4
Business
sector

Nonfarm
business
sector

Unit labor
costs

Implicit price
deﬂator 5

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

93.4
94.8
97.5
100.4
102.2
100.0
98.8
100.8
102.0
102.7
100.2
100.7
99.8
99.2
98.2
99.0
98.9
99.0
101.4
100.8
101.5
99.5
101.3
101.4
101.1
104.0
102.7
103.2
102.7
102.3

93.3
94.7
97.5
100.1
102.0
100.0
98.8
100.8
102.0
103.0
100.2
100.6
99.9
99.3
98.2
99.1
99.0
99.0
101.5
100.7
101.5
99.6
101.3
101.5
101.1
103.9
103.0
103.5
103.0
102.6

90.7
93.5
96.1
98.2
99.7
100.0
101.1
103.3
105.1
106.7
100.3
99.9
99.8
100.1
100.5
100.9
101.3
101.9
102.4
103.0
103.8
103.9
104.4
104.9
105.5
105.8
106.3
106.4
106.9
107.1

90.3
93.4
96.0
97.9
99.4
100.0
101.0
102.7
104.6
105.9
100.3
99.9
99.9
100.0
100.4
100.8
101.2
101.6
101.9
102.5
103.2
103.4
103.8
104.4
105.0
105.2
105.4
105.6
106.2
106.5

1.4
1.5
2.9
2.9
1.8
–2.2
–1.2
2.0
1.2
.8
–12.2
1.7
–3.3
–2.4
–4.2
3.2
–.1
.1
10.0
–2.3
2.8
–7.6
7.4
.6
–1.3
12.2
–4.9
1.9
–2.1
–1.3

1.4
1.5
3.0
2.6
2.0
–2.0
–1.2
2.0
1.2
1.0
–12.3
1.9
–2.9
–2.2
–4.4
3.5
–.1
–.1
10.2
–2.9
3.0
–7.3
7.4
.7
–1.8
11.8
–3.5
2.0
–2.0
–1.6

2.3
3.1
2.7
2.3
1.5
.3
1.1
2.1
1.8
1.5
.8
–1.6
–.4
1.2
1.7
1.5
1.8
2.6
1.6
2.7
2.9
.7
1.6
2.0
2.5
1.2
1.8
.3
2.1
.6

2.1
3.4
2.8
2.0
1.5
.6
1.0
1.7
1.8
1.3
1.4
–1.6
–.1
.5
1.6
1.6
1.5
2.0
.9
2.4
2.7
1.1
1.5
2.1
2.2
.8
.7
.8
2.4
1.1

Indexes, 2009=100; quarterly data seasonally adjusted
2004 ....................
2005 ....................
2006 ....................
2007 ....................
2008 ....................
2009 ....................
2010 ....................
2011 ....................
2012 ....................
2013 p ..................
2009: I ................
II ...............
III ..............
IV ..............
2010: I ................
II ...............
III ..............
IV ..............
2011: I ................
II ...............
III ..............
IV ..............
2012: I ................
II ...............
III ..............
IV ..............
2013: I ................
II ...............
III r ............
IV p * ........

91.8
93.7
94.6
96.0
96.8
100.0
103.3
103.6
105.1
106.2
97.5
99.4
101.0
102.2
102.5
102.9
103.6
104.0
103.1
103.6
103.5
104.4
104.7
105.0
105.6
105.1
105.2
105.7
106.6
107.3

91.9
93.8
94.6
96.2
96.9
100.0
103.3
103.8
105.3
105.9
97.6
99.5
100.9
102.1
102.6
102.9
103.5
104.1
103.2
103.7
103.7
104.5
104.8
105.2
105.8
105.4
104.9
105.4
106.3
107.1

96.5
100.2
103.3
105.5
104.3
100.0
103.1
105.6
109.5
112.2
99.7
99.5
99.8
101.0
101.5
102.7
103.7
104.7
104.2
105.2
105.7
107.3
108.6
109.1
110.0
110.1
110.5
111.4
112.9
114.1

96.6
100.3
103.5
105.8
104.5
100.0
103.2
105.7
109.7
112.1
99.8
99.5
99.7
101.0
101.5
102.7
103.7
104.8
104.2
105.4
105.9
107.4
108.7
109.2
110.3
110.5
110.4
111.3
112.8
114.1

105.2
106.9
109.2
109.9
107.7
100.0
99.9
101.9
104.1
105.7
102.3
100.1
98.8
98.8
98.9
99.8
100.2
100.7
101.0
101.6
102.1
102.9
103.7
103.8
104.2
104.7
105.0
105.4
105.9
106.4

105.2
106.9
109.3
110.0
107.8
100.0
99.9
101.9
104.1
105.9
102.3
100.0
98.8
98.9
98.9
99.7
100.2
100.7
101.0
101.7
102.1
102.8
103.7
103.8
104.2
104.8
105.2
105.6
106.1
106.5

85.7
88.8
92.3
96.4
99.0
100.0
102.0
104.4
107.2
109.1
97.7
100.1
100.8
101.4
100.7
101.9
102.5
102.9
104.5
104.4
105.0
103.8
106.0
106.5
106.7
109.4
108.1
109.1
109.4
109.8

85.7
88.8
92.3
96.3
98.9
100.0
102.1
104.6
107.4
109.1
97.7
100.1
100.8
101.4
100.7
102.0
102.5
103.1
104.7
104.4
105.2
104.0
106.3
106.8
106.9
109.5
108.0
109.1
109.5
109.9

97.3
97.6
98.2
99.7
98.6
100.0
100.3
99.6
100.1
100.4
98.7
100.6
100.5
100.3
99.3
100.6
100.8
100.5
101.0
99.7
99.6
98.1
99.6
99.9
99.5
101.4
99.9
100.8
100.5
100.6

97.3
97.6
98.2
99.6
98.5
100.0
100.4
99.7
100.3
100.5
98.7
100.6
100.4
100.2
99.4
100.7
100.9
100.6
101.2
99.8
99.8
98.3
99.8
100.1
99.7
101.5
99.8
100.8
100.5
100.7

Percent change; quarterly data at seasonally adjusted annual rates
2004 ....................
2005 ....................
2006 ....................
2007 ....................
2008 ....................
2009 ....................
2010 ....................
2011 ....................
2012 ....................
2013 p ..................
2009: I ................
II ...............
III ..............
IV ..............
2010: I ................
II ...............
III ..............
IV ..............
2011: I ................
II ...............
III ..............
IV ..............
2012: I ................
II ...............
III ..............
IV ..............
2013: I ................
II ...............
III r ............
IV p * ........

3.2
2.1
1.0
1.5
.8
3.3
3.3
.4
1.4
1.0
3.1
8.2
6.5
4.8
1.3
1.5
2.6
1.7
–3.3
1.6
–.1
3.3
1.3
1.3
2.1
–1.9
.4
2.0
3.4
2.6

3.1
2.1
.9
1.6
.8
3.2
3.3
.5
1.5
.6
3.2
8.2
5.9
4.7
1.9
1.5
2.4
2.1
–3.2
1.9
.0
2.9
1.5
1.2
2.5
–1.7
–1.7
1.8
3.6
3.2

4.5
3.8
3.2
2.1
–1.2
–4.1
3.1
2.4
3.6
2.5
–7.2
–1.0
1.4
4.8
1.8
5.0
4.2
3.7
–1.9
4.1
1.8
6.4
4.9
1.6
3.6
.2
1.4
3.4
5.6
4.4

4.5
3.8
3.2
2.3
–1.3
–4.3
3.2
2.5
3.7
2.3
–7.3
–1.0
.9
5.0
2.0
4.7
4.2
4.2
–2.1
4.7
1.7
5.9
5.0
1.6
4.2
.7
–.3
3.3
5.4
4.9

1.2
1.6
2.1
.6
–2.0
–7.1
–.1
2.0
2.2
1.5
–10.0
–8.5
–4.8
.0
.5
3.4
1.6
2.0
1.4
2.4
1.9
2.9
3.5
.3
1.4
2.1
1.0
1.3
2.2
1.7

1.3
1.7
2.2
.7
–2.0
–7.2
–.1
2.0
2.2
1.6
–10.2
–8.5
–4.7
.3
.2
3.2
1.8
2.0
1.2
2.8
1.7
2.9
3.4
.4
1.6
2.4
1.5
1.4
1.7
1.7

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

workers. Estimates based primarily on establishment data.
3 Wages and salaries of employees plus employers’ contributions for social insurance and
private beneﬁt plans. Also includes an estimate of wages, salaries, and supplemental payments
for the self-employed.
4 Hourly compensation divided by the consumer price index for all urban consumers (CPI–U) for
recent quarters. The trend from 1978–2012 is based on the consumer price index research series
(CPI–U–RS).
5 Current dollar gross domestic output divided by the output index.

16

4.7
3.6
3.9
4.4
2.7
1.1
2.0
2.4
2.6
1.8
–9.4
10.1
3.1
2.3
–2.9
4.7
2.5
1.8
6.3
–.7
2.6
–4.5
8.8
1.9
.8
10.2
–4.6
3.9
1.2
1.3

4.5
3.6
3.9
4.3
2.7
1.1
2.1
2.5
2.6
1.6
–9.5
10.2
2.8
2.4
–2.6
5.0
2.3
2.0
6.6
–1.1
3.0
–4.6
9.0
1.9
.7
9.9
–5.2
3.8
1.6
1.5

1.9
.3
.6
1.6
–1.1
1.4
.3
–.7
.5
.3
–7.0
8.0
–.5
–.8
–3.6
5.0
1.1
–1.2
1.8
–5.1
–.3
–5.9
6.3
.9
–1.2
7.8
–6.0
4.0
–1.4
.4

1.8
.3
.6
1.4
–1.1
1.5
.4
–.7
.5
.2
–7.1
8.2
–.8
–.8
–3.3
5.3
.9
–1.0
2.1
–5.4
.0
–5.9
6.5
.9
–1.3
7.5
–6.6
3.9
–1.0
.6

Note: Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore
may differ slightly from percent changes based on indexes shown here.
* Data based on GDP data released on January 30, 2014.
Source: Department of Labor (Bureau of Labor Statistics).

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial production and capacity utilization rose in December.

[Monthly data seasonally adjusted]
Total industrial production 1
Period

2004 ....................
2005 ....................
2006 ....................
2007 ....................
2008 ....................
2009 ....................
2010 ....................
2011 ....................
2012 ....................
2013 p ..................
2012: Dec ...........
2013: Jan ...........
Feb ...........
Mar ..........
Apr ...........
May ..........
June .........
July r ........
Aug r .........
Sept r ........
Oct r ..........
Nov r .........
Dec p ........

Industry production indexes, 2007=100

Percent change 2
Index,
2007=100

92.5
95.5
97.6
100.0
96.6
85.7
90.6
93.6
97.0
99.6
98.2
98.2
98.8
99.1
98.8
99.0
99.2
99.0
99.5
100.1
100.4
101.5
101.8

From
preceding
month
......................
......................
......................
......................
......................
......................
......................
......................
......................
......................
0.0
.0
.7
.3
–.3
.2
.2
–.2
.5
.6
.3
1.0
.3

Capacity utilization
rate
(output as percent
of capacity) 1

Manufacturing

From
year
earlier
2.3
3.2
2.2
2.5
–3.4
–11.3
5.7
3.4
3.6
2.6
2.7
2.1
2.2
3.1
2.0
1.9
2.1
1.5
2.8
3.3
3.7
3.4
3.7

Total 1

Durable

91.4
95.0
97.4
100.0
95.3
82.4
87.4
90.3
93.9
96.1
95.3
95.2
95.7
95.5
95.2
95.5
95.8
95.3
96.0
96.2
96.8
97.3
97.8

1 Total industry and total manufacturing series include manufacturing as deﬁned in the
North American Industry Classiﬁcation System (NAICS) plus those industries—logging and
newspaper, periodical, book and directory-publishing—that have traditionally been included in
manufacturing.
2 Percent changes based on unrounded indexes.

86.2
91.2
95.4
100.0
96.6
78.6
87.3
93.2
99.9
103.7
102.0
101.7
102.9
102.7
102.5
102.7
103.2
102.6
103.9
104.4
105.3
106.1
106.2

Nondurable
95.9
98.3
98.8
100.0
94.1
86.9
88.7
88.9
90.0
91.0
91.1
91.2
91.2
91.0
90.5
90.9
91.1
90.7
90.7
90.6
91.0
91.5
92.3

Other
(non-NAICS) 1
107.7
107.3
106.1
100.0
93.5
80.7
76.4
74.8
72.1
68.2
69.3
68.9
68.2
67.4
67.5
67.7
67.0
67.9
68.6
69.7
68.3
67.5
67.9

Mining

98.2
97.0
99.3
100.0
101.2
95.7
100.7
106.8
113.6
119.2
115.9
115.0
116.1
115.8
116.8
117.6
118.9
120.7
121.2
122.3
120.5
122.7
123.6

Utilities

95.3
97.3
96.7
100.0
99.9
97.5
101.0
100.8
98.7
100.4
95.6
97.9
98.9
103.8
102.1
100.3
98.3
98.2
97.2
100.4
101.4
104.4
102.9

Total
industry
77.9
79.8
80.2
80.5
77.5
68.7
74.0
76.5
77.6
78.2
77.8
77.7
78.1
78.2
77.9
77.9
77.9
77.7
78.0
78.3
78.4
79.1
79.2

Total
manufacturing
76.2
78.1
78.4
78.6
74.5
65.7
71.3
74.0
75.8
76.3
76.4
76.2
76.5
76.3
75.9
76.1
76.2
75.7
76.2
76.2
76.6
76.9
77.2

Note: Data based on NAICS except series as deﬁned in footnote 1.
Source: Board of Governors of the Federal Reserve System.

17

Industrial Production—
Major Market Groups and Selected Manufactures
[2007=100; monthly data seasonally adjusted]
Products and nonindustrial supplies

Materials

Final products
Consumer goods

Period
Total

2004 ....................
2005 ....................
2006 ....................
2007 ....................
2008 ....................
2009 ....................
2010 ....................
2011 ....................
2012 ....................
2013 p ..................
2012: Dec ...........
2013: Jan ...........
Feb ...........
Mar ..........
Apr ...........
May ..........
June .........
July r ........
Aug r .........
Sept r ........
Oct r ..........
Nov r .........
Dec p ........

Nonindustrial supplies

Total

91.7
95.4
97.9
100.0
96.4
86.6
89.6
91.8
94.9
97.2
96.0
95.7
96.7
97.2
96.8
96.6
97.0
96.1
96.7
97.7
98.0
98.7
98.9

96.4
99.0
99.5
100.0
95.1
88.6
89.6
90.9
92.4
94.5
93.1
93.3
94.1
94.8
94.2
93.9
94.3
93.2
93.7
94.6
94.9
96.0
96.5

Durable
goods
97.0
98.0
98.3
100.0
88.8
74.0
79.4
83.3
90.3
96.9
93.9
93.3
94.9
95.6
95.4
95.6
96.9
94.7
97.2
97.7
98.2
100.2
101.3

Equipment
Nondurable
goods
96.1
99.3
99.9
100.0
97.2
93.4
92.9
93.5
93.3
94.2
93.3
93.7
94.2
95.0
94.3
93.8
93.9
93.2
93.1
94.1
94.4
95.2
95.6

Total 1
81.3
87.3
94.3
100.0
99.3
82.2
89.6
93.7
100.7
103.6
102.6
101.4
102.9
102.9
102.9
102.7
103.5
102.8
103.9
105.0
105.2
105.0
104.6

Business
82.1
87.7
95.8
100.0
97.7
80.1
86.7
91.6
99.2
102.9
101.7
100.5
102.3
102.4
102.3
102.2
102.9
102.1
102.9
104.1
104.4
104.1
103.5

Defense
and
space

Total

77.2
84.9
84.0
100.0
107.0
102.4
110.1
106.1
111.9
114.3
114.1
112.7
112.7
112.6
112.6
112.6
113.7
112.7
115.1
116.4
117.1
116.7
116.7

94.8
98.3
99.8
100.0
94.3
80.7
82.9
84.3
86.4
88.7
87.1
87.5
88.3
88.3
87.9
88.0
88.1
88.3
88.5
89.2
89.5
90.0
90.3

Construction

Business

94.2
98.7
101.1
100.0
90.7
69.9
72.5
74.6
78.5
82.0
80.1
80.9
82.8
81.9
81.0
80.6
81.1
81.5
81.6
82.5
82.9
83.3
83.7

95.1
98.2
99.2
100.0
96.0
86.0
88.1
89.0
90.3
91.9
90.4
90.7
90.9
91.4
91.2
91.6
91.5
91.6
91.8
92.4
92.7
93.3
93.5

Total 1

92.4
94.6
96.5
100.0
97.6
86.6
94.2
98.7
102.8
105.7
104.1
104.2
104.5
104.6
104.5
105.0
105.0
105.5
106.0
106.2
106.5
108.0
108.4

Energy

97.9
96.9
98.0
100.0
100.9
98.4
102.5
106.4
110.9
115.4
111.6
111.7
112.7
113.9
114.1
114.5
114.7
116.1
116.2
117.3
116.3
119.1
119.2

1 Includes other items, not shown separately.

[2007=100; monthly data seasonally adjusted]
Durable manufactures
Computer and
electronic products

Primary metals
Period
Total
2004 ....................
2005 ....................
2006 ....................
2007 ....................
2008 ....................
2009 ....................
2010 ....................
2011 ....................
2012 ....................
2013 p ..................
2012: Dec ...........
2013: Jan ...........
Feb ...........
Mar ..........
Apr ...........
May ..........
June .........
July r ........
Aug r .........
Sept r ........
Oct r ..........
Nov r .........
Dec p ........

97.7
95.2
98.0
100.0
100.0
74.0
91.1
97.4
99.4
98.7
99.1
100.2
99.4
97.3
97.6
98.1
95.6
99.1
98.0
97.8
101.3
99.8
101.2

Iron
and
steel
products
101.7
94.3
98.4
100.0
106.4
68.5
89.4
97.5
101.1
100.5
99.4
101.8
99.5
96.5
98.2
98.5
96.7
103.9
100.0
99.5
105.7
103.3
104.1

Fabricated
metal
products

86.9
90.9
95.9
100.0
96.4
74.2
79.0
85.3
91.4
95.3
92.9
93.6
95.5
94.8
94.4
94.0
94.5
94.5
95.2
95.6
96.3
97.6
97.1

Machinery
Total
86.3
91.6
95.9
100.0
97.3
75.7
84.6
95.6
102.2
103.7
101.5
101.4
104.3
104.0
103.4
102.4
104.1
102.7
104.1
104.8
105.3
105.6
103.6

68.3
76.9
87.4
100.0
108.1
97.0
111.6
122.5
130.2
136.1
133.5
133.2
133.0
133.1
134.5
135.9
135.4
135.9
137.2
137.2
138.7
138.7
139.3

1 Computers and peripheral equipment, communications equipment, and semiconductors and
related electronic components.

18

Nondurable manufactures

Selected
high-technology 1
60.6
71.1
84.9
100.0
115.6
103.1
128.2
147.4
153.0
160.2
153.5
154.5
153.3
154.1
157.4
159.3
159.8
161.8
162.4
160.5
163.1
165.8
168.7

Transportation
equipment
Total
89.3
93.0
94.2
100.0
89.6
73.4
85.0
89.0
100.3
105.6
103.9
102.4
103.5
104.3
104.5
104.8
105.6
102.3
105.7
106.9
106.8
108.7
109.6

Motor
vehicles
and
parts
101.7
102.3
100.8
100.0
80.0
58.6
77.8
84.8
99.6
106.9
105.3
102.6
104.0
105.4
105.0
105.7
107.0
101.4
106.9
108.7
107.2
111.1
112.9

Apparel

Printing
and
support

134.5
128.8
125.2
100.0
77.7
55.7
54.3
51.0
49.2
51.0
48.7
50.6
51.0
49.6
47.7
49.5
50.5
49.9
50.5
52.2
51.9
53.3
54.3

Source: Board of Governors of the Federal Reserve System.

98.5
98.6
97.8
100.0
93.8
78.8
78.8
78.0
76.9
76.5
76.4
76.4
75.8
76.6
76.2
76.7
76.6
76.0
76.2
75.2
77.0
76.5
78.0

Chemical

90.0
92.9
95.2
100.0
92.5
83.5
86.3
86.3
86.4
87.5
88.3
87.5
86.6
86.7
87.3
87.8
87.7
87.4
87.3
86.8
87.3
88.2
89.0

Food

95.6
98.6
99.5
100.0
98.7
98.2
98.6
98.5
102.1
103.2
102.9
103.2
103.2
102.8
103.4
102.8
103.2
103.7
103.4
102.0
103.0
103.5
105.4

New Construction
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Private
Period

2004 ....................
2005 ....................
2006 ....................
2007 ....................
2008 ....................
2009 ....................
2010 ....................
2011 ....................
2012 ....................
2013 p ..................
2012: Dec ...........
2013: Jan ...........
Feb ...........
Mar ..........
Apr ..........
May ..........
June .........
July ..........
Aug ..........
Sept .........
Oct r ..........
Nov r .........
Dec p ........

Total
new
construction
expenditures

991.4
1,104.1
1,167.2
1,152.4
1,067.6
903.2
804.6
788.0
857.0
898.4
883.6
863.1
869.9
869.2
878.4
896.1
897.1
902.9
903.8
916.5
922.9
929.9
930.5

Residential
Total

New
housing

Total 1

771.2
870.0
911.8
863.3
758.8
588.3
500.6
501.6
577.9
627.2
615.0
597.4
601.6
604.0
614.6
627.0
624.2
627.0
626.4
644.7
646.3
657.1
663.9

Federal
and
State
and
local

Nonresidential

532.9
611.9
613.7
493.2
350.3
245.9
238.8
244.1
280.3
330.7
298.2
314.0
317.4
318.7
323.0
331.3
335.0
324.1
323.2
340.6
340.2
343.8
352.6

Total

417.5
480.8
468.8
354.1
230.1
133.9
127.3
123.2
154.2
200.8
177.4
182.0
190.2
193.5
196.3
198.9
199.8
199.8
203.9
206.2
207.2
211.2
217.4

Lodging

238.3
258.1
298.1
370.0
408.6
342.4
261.8
257.5
297.7
296.5
316.8
283.4
284.2
285.3
291.6
295.7
289.2
302.9
303.2
304.1
306.1
313.4
311.3

1 Includes residential improvements, not shown separately.
2 Includes health care, educational, communication, and power, among other categories not

Commercial
(including
farm)

Ofﬁce

12.0
12.7
17.6
27.5
35.4
25.4
11.2
8.4
10.8
13.9
12.3
10.9
12.0
12.5
13.3
13.8
13.2
14.0
14.0
14.3
15.8
16.3
16.3

32.9
37.3
45.7
53.8
55.5
37.3
24.4
23.7
28.0
30.6
29.6
29.1
29.0
30.0
28.7
29.0
28.6
30.4
30.7
30.9
32.6
33.7
34.1

Manufacturing

63.2
66.6
73.4
85.9
82.7
50.5
36.5
38.9
43.2
46.9
42.9
43.4
45.3
44.4
44.5
45.9
44.1
46.2
46.1
47.3
50.3
53.2
52.6

Other 2

23.2
28.4
32.3
40.2
52.8
56.3
39.8
38.9
45.8
48.6
49.5
47.3
47.2
48.2
46.7
44.8
43.3
49.7
50.5
52.4
50.6
51.5
48.9

107.0
113.1
129.2
162.7
182.3
173.0
149.9
147.6
169.9
156.4
182.5
152.5
150.8
150.2
158.3
162.2
159.9
162.6
161.8
159.3
156.8
158.7
159.4

220.2
234.2
255.4
289.1
308.7
314.9
304.0
286.4
279.0
271.2
268.5
265.7
268.3
265.1
263.8
269.2
273.0
275.8
277.4
271.8
276.6
272.8
266.6

Source: Department of Commerce (Bureau of the Census).

shown separately.

New Private Housing and Vacancy Rates
[Thousands of units or houses, except as noted]
New private housing units
Units started, by type of structure

Period
Total
2004 ....................
2005 r ..................
2006 ....................
2007 r ..................
2008 ....................
2009 ....................
2010 ....................
2011 ....................
2012 ....................
2013 p ..................

New private houses

2–4 units 1

1 unit

1,955.8
2,068.3
1,800.9
1,355.0
905.5
554.0
586.9
608.8
780.6
923.4

1,610.5
1,715.8
1,465.4
1,046.0
622.0
445.1
471.2
430.6
535.3
617.8

Units
authorized

5 units or
more

42.3
41.1
42.7
31.7
17.5
11.6
11.4
10.9
11.4
13.7

303.0
311.4
292.8
277.3
266.0
97.3
104.3
167.3
233.9
291.9

Units
completed

Houses for
sale at end
of period 2

Houses
sold

Vacancy
rate for
rental
housing
units
(percent) 3

4 2,070.1

2,155.3
1,838.9
1,398.4
905.4
583.0
604.6
624.1
829.7
976.4

1,841.9
1,931.4
1,979.4
1,502.8
1,119.7
794.4
651.7
584.9
649.2
762.2

1,203
1,283
1,051
776
485
375
323
306
368
428

422
511
536
497
353
234
190
151
150
171

10.2
9.9
9.7
9.8
10.0
10.6
10.2
9.5
8.7
8.3

943
915
952
890
1,005
985
918
954
926
974
1,039
1,017
991

672
720
727
810
698
711
759
783
765
762
814
834
744

396
458
445
443
446
429
450
373
388
403
463
445
414

150
149
152
154
161
162
163
171
175
181
179
176
171

8.7
............................
............................
8.6
............................
............................
8.2
............................
............................
8.3
............................
............................
8.2

Seasonally adjusted annual rates
2012: Dec ...........
2013: Jan ...........
Feb ...........
Mar ..........
Apr ..........
May ..........
June .........
July ..........
Aug ..........
Sept .........
Oct r ..........
Nov r .........
Dec p ........

983
898
969
1,005
852
919
835
891
883
873
899
1,107
999

620
614
652
623
593
597
605
587
620
580
600
717
667

..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................
..........................

1 Monthly data do not meet publication standards because tests for identiﬁable and
stable seasonality do not meet reliability standards.
2 Seasonally adjusted.
3 Revised series. Quarterly data entered in last month of quarter.
4 Based on 20,000 permit-issuing places. Based on 19,000 places, the total for 2004 is
2,052.1 thousand units.

345
273
307
356
244
311
219
285
251
283
289
380
312

Note: Beginning 2004, units authorized are for 20,000 permit-issuing places. For other data
shown, units authorized are for 19,000 places.
Source: Department of Commerce (Bureau of the Census).

19

Business Sales and Inventories—Manufacturing and Trade
In November, according to preliminary estimates, manufacturing and trade sales rose 0.7 percent, while inventories
rose $7.7 billion. According to advance estimates, retail sales rose 0.2 percent in December. Retail and food services
sales also rose 0.2 percent.

[Millions of dollars, except ratios; seasonally adjusted, except as noted]
Manufacturing and trade 1
Period

Sales 2

Inventories 3

Inventory/sales
ratio 4

Wholesale
Sales 2

Inventories 3

Retail
Inventory/sales
ratio 4

2004 ....................
925,638
1,241,315
1.30
277,093
340,069
1.18
2005 ....................
1,005,130
1,314,162
1.27
302,444
368,603
1.17
2006 ....................
1,068,012
1,409,855
1.28
327,209
400,349
1.18
2007 ....................
1,126,709
1,489,689
1.29
350,149
426,745
1.18
2008 ....................
1,156,187
1,465,652
1.32
371,646
444,487
1.21
2009 ....................
981,328
1,327,190
1.39
310,502
391,899
1.31
2010 ....................
1,077,363
1,444,424
1.28
348,455
433,014
1.17
2011 ....................
1,194,744
1,558,285
1.27
391,831
472,792
1.17
2012 ....................
1,250,097
1,637,362
1.29
409,800
498,766
1.19
p
2013 .................. ........................ ........................ ........................ ........................ ........................ ........................
2012: Nov r .........
1,267,892
1,634,563
1.29
417,169
499,785
1.20
Dec r .........
1,270,737
1,637,362
1.29
418,869
498,766
1.19
2013: Jan ...........
1,267,994
1,653,121
1.30
415,266
504,091
1.21
Feb ...........
1,284,444
1,653,728
1.29
420,711
502,103
1.19
Mar ..........
1,269,469
1,652,745
1.30
414,668
503,825
1.22
Apr ...........
1,269,586
1,655,626
1.30
417,765
503,450
1.21
May ..........
1,283,251
1,654,766
1.29
424,181
500,485
1.18
June .........
1,286,417
1,655,702
1.29
425,746
499,450
1.17
July ..........
1,293,495
1,662,329
1.29
425,902
500,252
1.17
Aug ..........
1,296,929
1,669,681
1.29
427,782
504,271
1.18
Sept .........
1,300,799
1,679,359
1.29
431,033
506,984
1.18
Oct r ..........
1,307,809
1,692,441
1.29
435,846
513,785
1.18
Nov p ........
1,317,481
1,700,189
1.29
440,078
516,403
1.17
Dec p ........ ........................ ........................ ........................ ........................ ........................ ........................
1 See page 21 for manufacturing.
2 Annual data are averages of monthly not seasonally adjusted ﬁgures; monthly data are

seasonally adjusted totals for month.

20

Sales 2

Inventories 3

Inventory/sales
ratio 4

289,464
460,510
1.56
307,514
472,075
1.51
322,840
487,380
1.50
333,271
501,959
1.49
328,867
480,050
1.52
302,534
433,271
1.47
320,121
460,062
1.40
344,696
477,993
1.36
362,523
516,297
1.38
377,906 ........................ ........................
368,482
512,838
1.39
369,390
516,297
1.40
369,684
523,912
1.42
374,263
525,087
1.40
372,591
522,082
1.40
372,874
524,653
1.41
375,249
527,345
1.41
378,363
528,074
1.40
379,764
532,166
1.40
380,565
534,087
1.40
380,748
539,338
1.42
382,229
545,519
1.43
r 383,529
550,119
1.43
384,308 ........................ ........................

3 Seasonally adjusted, end of period.
4 Annual data are averages of seasonally adjusted monthly ratios.

Source: Department of Commerce (Bureau of the Census).

Retail
and
food
services
sales 2
320,594
340,552
358,073
370,317
366,876
340,174
358,996
385,927
406,782
423,963
413,444
414,880
415,125
419,507
418,226
418,973
421,020
423,842
425,472
426,355
426,799
429,004
r 430,881
431,879

Manufacturers’ Shipments, Inventories, and Orders
In December, manufacturers’ inventories and unﬁlled orders rose, while shipments and new orders fell.

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1
Durable goods

Period

Total

Durable
goods

Nondurable
goods

Total

Durable
goods

Nondurable
goods

Total

Total

Capital
goods
industries,
nondefense

Manufacturers’
unﬁlled
orders 2

Manufacturers’
inventory/
shipments
ratio 3

Millions of dollars, seasonally adjusted, except as noted
2004 ....................
2005 ....................
2006 ....................
2007 ....................
2008 ....................
2009 ....................
2010 ....................
2011 ....................
2012 ....................
2013 ....................
2012: Dec ...........
2013: Jan ...........
Feb ...........
Mar ..........
Apr ..........
May ..........
June .........
July ..........
Aug ..........
Sept .........
Oct ...........
Nov r .........
Dec p ........

359,081
395,173
417,963
443,288
455,675
368,292
408,787
458,217
477,774
486,259
482,478
483,044
489,470
482,210
478,947
483,821
482,308
487,829
488,582
489,018
489,734
493,874
492,702

188,722
202,070
213,516
223,919
218,328
171,886
190,900
208,551
222,630
230,261
226,396
224,682
226,278
228,342
226,915
229,878
229,600
229,401
231,596
232,854
234,238
237,475
233,518

170,359
193,103
204,447
219,369
237,347
196,406
217,887
249,666
255,144
255,998
256,082
258,362
263,192
253,868
252,032
253,943
252,708
258,428
256,986
256,164
255,496
256,399
259,184

440,736
473,484
522,126
560,985
541,115
502,020
551,348
607,500
622,299
636,575
622,299
625,118
626,538
626,838
627,523
626,936
628,178
629,911
631,323
633,037
633,137
633,667
636,575

1 Annual data are averages of monthly not seasonally adjusted ﬁgures; monthly data are
seasonally adjusted totals for month. Shipments are the same as sales.
2 Seasonally adjusted, end of period.
3 Annual data are averages of seasonally adjusted monthly ratios.

264,952
283,619
317,416
334,648
330,233
295,259
323,100
358,139
374,147
387,904
374,147
375,292
376,787
376,534
377,362
377,093
377,602
378,829
379,164
382,308
383,463
384,656
387,904

175,784
189,865
204,710
226,337
210,882
206,761
228,248
249,361
248,152
248,671
248,152
249,826
249,751
250,304
250,161
249,843
250,576
251,082
252,159
250,729
249,674
249,011
248,671

357,414
397,014
424,146
449,788
453,937
349,252
406,310
458,717
473,455
485,075
485,183
473,430
492,026
469,135
475,035
489,105
497,059
483,048
482,672
491,343
489,061
496,380
489,171

187,055
203,911
219,699
230,419
216,590
152,846
188,423
209,050
218,311
229,078
229,101
215,068
228,834
215,267
223,003
235,162
244,351
224,620
225,686
235,179
233,565
239,981
229,987

57,403
67,863
74,123
79,822
73,146
48,418
61,867
71,353
74,253
80,513
74,146
74,132
80,973
73,795
76,374
86,132
92,049
75,946
75,867
81,178
80,524
87,158
83,310

558,692
654,513
798,177
947,437
996,261
825,269
869,481
956,812
992,007
1,061,701
992,007
989,589
998,960
993,372
996,628
1,008,418
1,029,877
1,031,955
1,032,915
1,042,079
1,048,037
1,057,827
1,061,701

1.19
1.17
1.20
1.22
1.26
1.39
1.28
1.29
1.29
1.29
1.29
1.29
1.28
1.30
1.31
1.30
1.30
1.29
1.29
1.29
1.29
1.28
1.29

Note: Manufacturers’ nondurable new orders (not shown) are the same as nondurable shipments.
Also, there are no unﬁlled nondurable orders; data shown for total unﬁlled orders are durable
unﬁlled orders.
Total and durable shipments and inventories include data on semiconductors; new and unﬁlled
orders do not.
Source: Department of Commerce (Bureau of the Census).

21

PRICES
Producer Prices
The producer price index for all ﬁnished goods rose 0.4 percent in December. Prices of ﬁnished consumer foods
fell 0.6 percent, while prices of other ﬁnished consumer goods rose 0.9 percent. Capital equipment prices rose 0.1
percent.

[1982=100; monthly data seasonally adjusted]
Finished goods

Intermediate materials

Finished goods excluding consumer foods
Period

2004 ....................
2005 ....................
2006 ....................
2007 ....................
2008 ....................
2009 ....................
2010 ....................
2011 ....................
2012 ....................
2013 p ..................
2012: Dec ...........
2013: Jan ...........
Feb ...........
Mar ..........
Apr ...........
May ..........
June .........
July ..........
Aug r .........
Sept .........
Oct ...........
Nov ..........
Dec ...........

Total
ﬁnished
goods
148.5
155.7
160.4
166.6
177.1
172.5
179.8
190.5
194.2
196.6
195.8
196.1
197.4
196.2
194.8
195.7
196.9
197.2
197.7
197.8
197.5
197.4
198.2

Consumer
foods

152.7
155.7
156.7
167.0
178.3
175.5
182.4
193.9
199.0
203.3
202.6
204.1
202.6
204.4
202.3
203.7
203.5
204.1
205.1
203.5
205.1
205.1
203.9

Consumer goods
Total
147.2
155.5
161.0
166.2
176.6
171.1
178.3
188.9
192.2
194.2
193.4
193.4
195.3
193.5
192.2
193.0
194.5
194.8
195.1
195.6
194.9
194.8
196.1

1 Intermediate materials for food manufacturing and feeds.

22

Total
150.9
161.9
169.2
175.6
189.1
179.4
190.4
205.5
209.1
211.4
210.2
210.2
213.1
210.1
208.0
209.1
211.5
211.9
212.5
213.0
211.8
211.6
213.5

Durable
135.0
136.6
136.9
138.3
141.2
144.3
144.9
147.4
151.0
152.3
152.2
151.8
151.9
152.2
152.2
152.2
152.3
152.3
152.2
152.7
152.9
153.0
153.2

Nondurable
156.6
172.0
182.6
191.7
210.5
194.1
210.1
231.5
235.0
237.8
235.6
235.7
240.0
235.4
232.3
233.9
237.4
238.1
239.0
239.4
237.6
237.1
239.9

Capital
equipment
141.4
144.6
146.9
149.5
153.8
156.7
157.3
159.7
162.8
164.2
163.6
163.6
163.8
164.0
164.1
164.3
164.4
164.5
164.4
164.8
165.0
165.1
165.3

Total
ﬁnished
consumer
goods
151.7
160.4
166.0
173.5
186.3
179.1
189.1
203.3
207.3
210.2
209.1
209.4
211.2
209.5
207.4
208.6
210.3
210.8
211.4
211.4
210.9
210.7
211.8

Total

142.6
154.0
164.0
170.7
188.3
172.5
183.4
199.8
200.7
200.8
200.6
201.1
203.5
201.1
199.8
199.8
200.5
200.7
200.9
201.3
200.5
199.5
200.6

Foods
and
feeds 1
137.1
133.8
135.2
154.4
181.6
166.0
171.7
192.3
201.5
204.2
208.5
206.0
205.8
206.3
204.0
206.3
206.8
210.2
205.0
205.9
202.9
201.0
201.9

Crude materials

Other

143.0
155.1
165.4
171.5
188.7
173.0
184.4
200.4
200.6
200.4
200.0
200.7
203.3
200.7
199.5
199.3
200.0
200.0
200.6
200.9
200.3
199.4
200.6

Source: Department of Labor (Bureau of Labor Statistics).

Total

159.0
182.2
184.8
207.1
251.8
175.2
212.2
249.4
241.3
246.5
250.4
250.5
250.7
246.4
244.3
249.7
249.3
251.6
247.0
247.6
245.4
239.1
244.9

Foodstuffs
and
feedstuffs
127.0
122.7
119.3
146.7
163.4
134.5
152.4
188.4
196.3
200.1
207.4
206.7
202.4
206.1
200.9
204.7
204.1
201.8
193.9
192.9
195.2
194.7
194.1

Other

179.2
223.4
230.6
246.3
313.9
197.5
249.3
284.0
263.1
269.0
269.5
270.1
274.0
263.6
264.0
270.4
270.2
276.1
274.5
276.4
270.6
260.0
270.7

Consumer Prices—All Urban Consumers
In December, the consumer price index for all urban consumers rose 0.3 percent; it remained roughly unchanged
before seasonal adjustment. The index was 1.5 percent above its year earlier level.

[1982–84=100, except as noted; monthly data seasonally adjusted, except as noted by NSA]
All items 1

Housing

Transportation

Shelter
Period

Rel. imp. 4 ...........
2004 ....................
2005 ....................
2006 ....................
2007 ....................
2008 ....................
2009 ....................
2010 ....................
2011 ....................
2012 ....................
2013 ....................
2012: Dec ...........
2013: Jan ...........
Feb ...........
Mar ..........
Apr ...........
May ..........
June .........
July ..........
Aug ..........
Sept .........
Oct ...........
Nov ..........
Dec ...........

Not
seasonally Seasonally
adjusted adjusted
(NSA)

100.0
188.9
195.3
201.6
207.342
215.303
214.537
218.056
224.939
229.594
232.957
229.601
230.280
232.166
232.773
232.531
232.945
233.504
233.596
233.877
234.149
233.546
233.069
233.049

................
................
................
................
................
................
................
................
................
................
................
231.137
231.198
232.770
232.340
231.485
231.831
232.944
233.318
233.526
233.947
233.808
233.887
234.582

Food

14.2
186.2
190.7
195.2
202.916
214.106
217.955
219.625
227.842
233.777
237.037
235.740
235.854
236.084
236.196
236.663
236.412
236.840
237.193
237.497
237.585
237.844
238.096
238.220

Total 1

41.2
189.5
195.7
203.2
209.586
216.264
217.057
216.256
219.102
222.715
227.351
224.674
225.136
225.673
225.859
226.389
227.065
227.419
227.471
227.740
228.322
228.531
229.026
229.544

Total 1

31.9
218.8
224.4
232.1
240.611
246.666
249.354
248.396
251.646
257.083
263.056
259.618
260.167
260.730
261.189
261.635
262.303
262.740
263.199
263.835
264.367
264.714
265.553
266.198

Owners’
Rent
equivalent
of
rent
primary
residence (Dec. 1982
=100) 2
6.6
211.0
217.3
225.1
234.679
243.271
248.812
249.385
253.638
260.367
267.725
263.629
264.206
264.872
265.529
265.929
266.762
267.322
267.956
268.959
269.493
269.973
270.471
271.206

1 Includes items not shown separately.
2 Beginning January 2010, includes expenditure weight for second homes. Prior data are for

primary residence only.
3 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel.

24.2
224.9
230.2
238.2
246.235
252.426
256.610
256.584
259.570
264.838
270.685
267.347
267.824
268.338
268.737
269.243
269.796
270.302
270.702
271.374
271.980
272.587
273.317
273.998

Fuels
and
utilities

5.3
161.9
179.0
194.7
200.632
220.018
210.696
214.187
220.367
218.986
225.207
221.135
222.098
223.331
223.005
224.902
226.578
226.783
225.459
224.519
226.168
226.248
226.165
227.151

Apparel

3.6
120.4
119.5
119.5
118.998
118.907
120.078
119.503
122.111
126.265
127.411
126.986
127.990
127.889
126.571
126.144
126.446
127.576
128.339
128.464
127.823
127.243
126.741
127.829

Total 1

Motor
fuel

16.7
163.1
173.9
180.9
184.682
195.549
179.252
193.396
212.366
217.337
217.412
217.545
215.571
222.082
219.240
213.256
213.498
217.636
218.618
218.193
219.088
217.542
216.503
218.546

5.3
160.4
195.7
221.0
239.070
279.652
201.978
239.178
302.619
312.660
303.850
309.767
299.725
326.597
312.785
287.329
287.363
304.967
308.063
307.775
310.274
301.553
296.529
306.573

Medical
care

7.2
310.1
323.2
336.2
351.054
364.065
375.613
388.436
400.258
414.924
425.134
420.308
420.937
421.582
422.796
422.702
422.152
424.034
424.892
427.513
428.660
428.804
428.709
428.774

Energy 3

9.4
151.4
177.1
196.9
207.723
236.666
193.126
211.449
243.909
246.080
244.409
245.315
241.119
254.242
247.527
236.767
237.691
245.866
246.426
245.781
247.828
243.640
241.179
246.336

All
items
less
food
and
energy

76.4
196.6
200.9
205.9
210.729
215.572
219.235
221.337
225.008
229.755
233.806
231.526
232.108
232.512
232.758
232.879
233.267
233.643
234.004
234.302
234.589
234.877
235.240
235.496

4 Relative importance, November 2013.

Source: Department of Labor (Bureau of Labor Statistics).

23

Changes in Producer Prices for Finished Goods
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]

Period

Change from preceding period

Change from 3 months earlier, annual rate

Change from 6 months earlier, annual rate

Consumer goods

Consumer goods

Consumer goods

Total
ﬁnished
goods

Foods

Total
ﬁnished
goods

Foods

Excluding
foods

2.4
1.2
2.3
1.4
4.3
–.1
.4
2.3
1.3
1.1

..................
..................
..................
..................
..................
..................
..................
..................
..................
..................

..................
..................
..................
..................
..................
..................
..................
..................
..................
..................

0.1
.0
.1
.1
.1
.1
.1
.1
–.1
r .2
.1
.1
.1

–2.8
–1.6
2.9
.8
–2.6
–3.4
1.4
5.0
4.2
1.8
.6
r –.6
.8

4.3
5.1
–2.3
3.6
–3.5
2.2
–1.7
3.6
2.8
.0
2.0
r0
.8

Capital
equipment

Excluding
foods

Change
from year
earlier,
total
ﬁnished
goods
(NSA)

Capital
equipment

Total
ﬁnished
goods

Foods

Excluding
foods

..................
..................
..................
..................
..................
..................
..................
..................
..................
..................

..................
..................
..................
..................
..................
..................
..................
..................
..................
..................

..................
..................
..................
..................
..................
..................
..................
..................
..................
..................

..................
..................
..................
..................
..................
..................
..................
..................
..................
..................

..................
..................
..................
..................
..................
..................
..................
..................
..................
..................

..................
..................
..................
..................
..................
..................
..................
..................
..................
..................

3.6
4.8
3.0
3.9
6.3
–2.6
4.2
6.0
1.9
1.2

–6.4
–5.0
5.4
–.2
–4.1
–7.3
2.7
7.7
6.7
2.9
–.2
r –1.7
.9

0.5
.5
.7
1.0
1.2
1.2
1.0
1.0
.2
1.0
1.2
r 1.7
1.2

3.5
3.0
2.3
–1.0
–2.1
–.3
1.1
1.1
.3
1.6
2.8
1.7
1.3

4.2
5.3
2.3
3.9
.7
–.1
.9
.0
2.5
–.9
2.8
1.4
.4

4.5
3.7
3.0
–3.3
–4.6
–1.1
1.2
1.6
–.6
2.8
3.7
2.4
1.9

0.7
.1
.5
.7
.9
1.0
1.0
1.1
.7
1.0
1.1
1.0
1.1

1.4
1.5
1.8
1.1
.5
1.6
2.3
2.1
1.3
.3
.3
.7
1.2

Capital
equipment

Change, Dec. to Dec., NSA
2004 ....................
2005 ....................
2006 ....................
2007 ....................
2008 ....................
2009 ....................
2010 ....................
2011 ....................
2012 ....................
2013 p ..................

4.2
5.4
1.1
6.2
–.9
4.3
3.8
4.7
1.4
1.2

3.1
1.7
1.7
7.6
3.2
1.2
3.4
6.0
2.5
.6

5.5
8.8
.4
7.7
–4.8
7.4
5.4
5.3
1.1
1.5

Change, month to month
2012: Dec ...........
2013: Jan ...........
Feb ...........
Mar ..........
Apr ...........
May ..........
June .........
July ..........
Aug r .........
Sept .........
Oct ...........
Nov ..........
Dec ...........

–0.1
.2
.7
–.6
–.7
.5
.6
.2
.3
r .1
–.2
–.1
.4

–0.6
.7
–.7
.9
–1.0
.7
–.1
.3
.5
r –.8
.8
.0
–.6

0.0
.0
1.4
–1.4
–1.0
.5
1.1
.2
.3
r .2
–.6
–.1
.9

Source: Department of Labor (Bureau of Labor Statistics).

Changes in Consumer Prices—All Urban Consumers
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing

Period

All
items 1

Shelter

Food
Total 1

Total 1

Addendum: All items,
percent change
(annual rate)

Transportation

Fuels
Rent
Ownand
of
ers’
primary equiva- utilities
resilent
dence
rent

Apparel
Total 1

New
cars

Motor
fuel

Medical
care

Energy 2

All
items
less
food
and
energy

From
previous
quarter 3

From
From
3
6
months months
earlier earlier

From
year
earlier
(NSA)

Change, December to December, NSA
2004 ....................
2005 ....................
2006 ....................
2007 ....................
2008 ....................
2009 ....................
2010 ....................
2011 ....................
2012 ....................
2013 ....................

3.3
3.4
2.5
4.1
.1
2.7
1.5
3.0
1.7
1.5

2.7
2.3
2.1
4.9
5.9
–.5
1.5
4.7
1.8
1.1

3.0
4.0
3.3
3.0
2.4
–.3
.3
1.9
1.7
2.2

2.7
2.6
4.2
3.1
1.9
.3
.4
1.9
2.2
2.5

2.9
3.1
4.3
4.0
3.4
.7
.8
2.5
2.7
2.9

2.3
2.5
4.3
2.8
2.1
.7
.3
1.8
2.1
2.5

7.9
15.6
.5
5.4
6.0
–3.0
1.8
2.4
.4
2.7

–0.2
–1.1
.9
–.3
–1.0
1.9
–1.1
4.6
1.8
.6

6.5
4.8
1.6
8.3
–13.3
14.4
5.3
5.2
1.6
.5

0.5
.8
.2
–.4
–1.1
3.6
–1.1
4.0
1.1
–.6

26.1
16.2
6.4
29.5
–42.2
50.7
13.9
10.3
1.7
–1.0

4.2
4.3
3.6
5.2
2.6
3.4
3.3
3.5
3.2
2.0

16.6
17.1
2.9
17.4
–21.3
18.2
7.7
6.6
.5
.5

2.2
2.2
2.6
2.4
1.8
1.8
.8
2.2
1.9
1.7

............
............
............
............
............
............
............
............
............
............

............
............
............
............
............
............
............
............
............
............

............
............
............
............
............
............
............
............
............
............

2.7
3.4
3.2
2.8
3.8
–.4
1.6
3.2
2.1
1.5

–0.4
–.9
3.0
–1.3
–2.7
.1
1.9
.5
–.2
.4
–.7
–.5
.9

0.2
.4
–.3
.1
.2
–.2
–.1
.0
.0
–.1
–.3
–.2
–.1

–1.6
–3.2
9.0
–4.2
–8.1
.0
6.1
1.0
–.1
.8
–2.8
–1.7
3.4

0.2
.1
.2
.3
.0
–.1
.4
.2
.6
.3
.0
.0
.0

–0.8
–1.7
5.4
–2.6
–4.3
.4
3.4
.2
–.3
.8
–1.7
–1.0
2.1

0.1
.3
.2
.1
.1
.2
.2
.2
.1
.1
.1
.2
.1

2.2
............
............
1.4
............
............
.0
............
............
2.6
............
............
.9

–0.2
–.7
3.0
2.1
.5
–1.6
1.0
3.2
3.0
1.7
.8
.6
1.1

1.9
2.1
2.4
1.0
–.1
.7
1.6
1.8
.7
1.4
2.0
1.8
1.4

1.7
1.6
2.0
1.5
1.1
1.4
1.8
2.0
1.5
1.2
1.0
1.2
1.5

Change, month to month
2012: Dec ...........
2013: Jan ...........
Feb ...........
Mar ..........
Apr ...........
May ..........
June .........
July ..........
Aug ..........
Sept .........
Oct ...........
Nov ..........
Dec ...........

0.0
.0
.7
–.2
–.4
.1
.5
.2
.1
.2
–.1
.0
.3

0.2
.0
.1
.0
.2
–.1
.2
.1
.1
.0
.1
.1
.1

0.1
.2
.2
.1
.2
.3
.2
.0
.1
.3
.1
.2
.2

0.1
.2
.2
.2
.2
.3
.2
.2
.2
.2
.1
.3
.2

0.2
.2
.3
.2
.2
.3
.2
.2
.4
.2
.2
.2
.3

0.1
.2
.2
.1
.2
.2
.2
.1
.2
.2
.2
.3
.2

1 Includes items not shown separately.
2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel.

24

0.3
.4
.6
–.1
.9
.7
.1
–.6
–.4
.7
.0
.0
.4

0.1
.8
–.1
–1.0
–.3
.2
.9
.6
.1
–.5
–.5
–.4
.9

3 Quarterly changes are shown in the last month of the quarter.

Source: Department of Labor (Bureau of Labor Statistics).

Prices Received and Paid by Farmers
In December, prices paid by farmers fell 0.5 percent and prices received by farmers fell 2.2 percent. (Data are not
seasonally adjusted.)

[1990–92=100; not seasonally adjusted]
Prices received by farmers

Period

2004 ...................................................
2005 ...................................................
2006 ...................................................
2007 ...................................................
2008 ...................................................
2009 ...................................................
2010 ...................................................
2011 ...................................................
2012 ...................................................
2013 ...................................................
2012: Dec ..........................................
2013: Jan ..........................................
Feb ..........................................
Mar .........................................
Apr ..........................................
May .........................................
June ........................................
July .........................................
Aug .........................................
Sept ........................................
Oct ..........................................
Nov .........................................
Dec ..........................................

All
farm
products

115
110
120
142
169
151
153
203
222
219
226
250
234
238
222
224
233
230
214
206
203
192
186

1 Includes items not shown separately.
2 Percentage ratio of index of prices received by farmers to index of prices paid, interest,

taxes, and wage rates.

All
commodities,
services, interest,
taxes, and wage
rates 1

Livestock
and
products

Crops

118
114
115
136
149
131
141
178
191
194
199
217
199
201
192
196
200
200
189
186
189
184
180

Prices paid by farmers

122
119
111
130
130
112
130
152
157
166
165
166
162
164
164
170
167
164
163
163
167
173
172

Production
items, interest,
taxes, and wage
rates

134
142
150
161
183
178
183
203
215
218
217
219
220
220
219
219
219
219
216
217
215
214
213

133
141
150
162
188
181
187
210
222
225
225
227
228
228
227
228
227
227
224
224
222
221
220

Ratio 2

Production
items

132
140
148
160
190
182
188
215
228
231
231
233
234
234
233
233
232
233
229
230
227
225
224

88
80
77
84
81
74
77
88
89
89
92
99
90
91
88
89
91
91
88
86
88
86
85

Note: The ofﬁcial indexes are published on a 1910–14 base as required by law. The indexes
have been converted to a 1990–92=100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.

25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures
In December, M2 rose.

[Averages of daily ﬁgures, except debt end-of-period basis; billions of dollars, seasonally adjusted]
M1
Period

2004:
2005:
2006:
2007:
2008:
2009:
2010:
2011:
2012:
2013:
2012:
2013:

Dec r ........................................
Dec r ........................................
Dec r ........................................
Dec r ........................................
Dec r ........................................
Dec r ........................................
Dec r ........................................
Dec r ........................................
Dec r ........................................
Dec r ........................................
Dec r ........................................
Jan r ........................................
Feb r ........................................
Mar r .......................................
Apr r ........................................
May r .......................................
June r ......................................
July r .......................................
Aug r ........................................
Sept r .......................................
Oct r .........................................
Nov r ........................................
Dec ..........................................

M2

Sum of currency,
demand deposits,
travelers checks,
and other
checkable
deposits (OCDs)
1,376.0
1,374.8
1,367.5
1,375.0
1,603.8
1,694.2
1,836.2
2,159.9
2,447.2
2,648.3
2,447.2
2,464.5
2,473.5
2,476.4
2,517.8
2,525.8
2,529.1
2,558.3
2,560.3
2,587.0
2,625.8
2,612.3
2,648.3

Debt

M1 plus retail
MMMF balances,
savings deposits
(including MMDAs),
and small time deposits
6,388.6
6,651.5
7,040.6
7,444.0
8,166.2
8,463.8
8,766.0
9,620.2
10,406.8
10,958.8
10,406.8
10,442.6
10,454.7
10,519.8
10,553.7
10,590.8
10,639.0
10,702.2
10,756.2
10,802.2
10,900.1
10,908.9
10,958.8

1 Quarterly data; shown in last month of quarter. End-of-year data are for fourth quarter.
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonﬁnancial sectors; data from ﬂow of funds accounts.
2 Annual changes are from December to December and monthly changes are from 6 months
earlier at a simple annual rate.
3 Annual changes are from fourth quarter to fourth quarter. Quarterly changes are from
previous quarter at an annual rate.

26

Debt of
domestic
nonﬁnancial
sectors 1
25,349.1
27,696.1
30,174.2
32,765.2
34,724.9
35,667.3
37,039.9
38,421.4
40,286.2
..............................................
40,286.2
..............................................
..............................................
40,731.2
..............................................
..............................................
41,074.1
..............................................
..............................................
41,431.9
..............................................
..............................................
..............................................

Percent change
From year or
6 months
earlier 2
M1

From
previous
period 3
M2

5.4
–0.1
–0.5
0.5
16.6
5.6
8.4
17.6
13.3
8.2
15.7
12.3
10.8
7.8
8.5
9.8
6.7
7.6
7.0
8.9
8.6
6.8
9.4

Debt
5.8
4.1
5.8
5.7
9.7
3.6
3.6
9.7
8.2
5.3
9.2
8.4
7.3
7.1
6.6
6.0
4.5
5.0
5.8
5.4
6.6
6.0
6.0

9.3
9.3
8.7
8.6
6.0
3.1
4.0
3.7
4.9
................................
6.2
................................
................................
4.4
................................
................................
3.4
................................
................................
3.5
................................
................................
................................

Note: The Federal Reserve no longer publishes the M3 monetary aggregate and most of its
components. Institutional money market mutual funds continue to be published as a memorandum
item in the H.6 release, and the component on large-denomination time deposits is published in
other Federal Reserve Board releases. For details, see H.6 release of March 23, 2006.
See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.

Components of Money Stock
[Averages of daily ﬁgures; billions of dollars, seasonally adjusted]

Period

2004:
2005:
2006:
2007:
2008:
2009:
2010:
2011:
2012:
2013:
2012:
2013:

Dec r .........
Dec r .........
Dec r .........
Dec r .........
Dec r .........
Dec r .........
Dec r .........
Dec r .........
Dec r .........
Dec r .........
Dec r .........
Jan r .........
Feb r .........
Mar r ........
Apr r .........
May r ........
June r .......
July r ........
Aug r .........
Sept r ........
Oct r ..........
Nov r .........
Dec ...........

Currency

697.8
724.6
750.2
760.6
816.2
863.7
918.7
1,001.2
1,090.0
1,159.8
1,090.0
1,096.7
1,099.8
1,104.6
1,110.5
1,117.4
1,123.8
1,131.3
1,137.7
1,144.6
1,150.5
1,153.4
1,159.8

Nonbank
travelers
checks

Other checkable
deposits (OCDs)
Demand
deposits

7.6
7.2
6.7
6.3
5.5
5.1
4.7
4.3
3.8
3.5
3.8
3.8
3.8
3.8
3.7
3.7
3.7
3.6
3.6
3.6
3.6
3.5
3.5

At
commercial
banks

Total

342.8
324.4
305.2
302.4
471.0
442.4
512.3
741.8
908.9
1,016.0
908.9
913.0
918.5
916.2
947.3
947.9
946.0
961.5
959.1
973.0
1,006.5
990.4
1,016.0

327.8
318.6
305.4
305.7
311.0
383.0
400.5
412.7
444.4
468.9
444.4
451.0
451.4
451.8
456.3
456.7
455.6
462.0
459.9
465.9
465.3
465.0
468.9

Savings
deposits 1
At
thrift
institutions

187.0
180.7
176.5
172.4
177.8
232.8
237.4
235.6
246.5
256.3
246.5
253.1
250.5
248.5
252.2
252.5
249.8
253.3
251.0
255.8
254.8
253.0
256.3

140.8
137.9
128.8
133.3
133.2
150.2
163.1
177.1
197.9
212.6
197.9
197.9
200.9
203.3
204.0
204.3
205.8
208.7
208.8
210.0
210.5
212.0
212.6

1 Savings deposits including money market deposit accounts (MMDAs).
2 Small-denomination deposits are those issued in amounts of less than $100,000.
3 Institutional money funds are not part of non-M1 M2.

Total
3,506.5
3,601.6
3,691.8
3,864.1
4,085.6
4,809.3
5,329.6
6,032.8
6,687.9
7,133.2
6,687.9
6,703.3
6,727.2
6,792.8
6,793.3
6,837.1
6,883.8
6,920.9
6,982.5
7,006.8
7,071.9
7,111.9
7,133.2

At
commercial
banks
2,630.9
2,773.2
2,908.9
3,037.8
3,317.5
3,974.2
4,406.8
5,034.0
5,728.8
6,108.3
5,728.8
5,727.5
5,740.3
5,796.6
5,794.3
5,825.8
5,869.8
5,905.2
5,962.4
5,986.8
6,048.1
6,088.3
6,108.3

Small-denomination
time deposits 2
At
thrift
institutions
875.6
828.5
782.9
826.3
768.1
835.1
922.8
998.9
959.1
1,024.9
959.1
975.8
986.9
996.2
999.0
1,011.3
1,014.1
1,015.7
1,020.1
1,020.0
1,023.8
1,023.6
1,024.9

At
commercial
banks

Total
828.4
993.7
1,206.0
1,276.0
1,457.1
1,182.7
927.7
766.8
632.6
544.9
632.6
624.0
615.5
612.5
605.5
596.1
583.1
573.6
567.7
560.9
554.7
547.6
544.9

551.9
646.7
780.7
858.8
1,078.3
863.1
656.9
537.9
455.8
403.2
455.8
448.3
442.3
443.3
439.7
433.8
424.3
419.3
417.3
412.2
408.4
403.9
403.2

Retail
money
funds

At
thrift
institutions
276.5
347.0
425.4
417.2
378.8
319.6
270.9
228.9
176.8
141.7
176.8
175.7
173.3
169.2
165.7
162.3
158.9
154.3
150.4
148.6
146.3
143.7
141.7

677.7
681.3
775.2
929.0
1,019.7
777.6
672.5
660.7
639.1
632.4
639.1
650.8
638.4
638.2
637.1
631.8
642.8
649.4
645.8
647.5
647.7
637.1
632.4

Institutional
money
funds 3

1,106.0
1,176.6
1,391.0
1,960.8
2,458.4
2,254.2
1,894.3
1,763.4
1,743.0
1,779.8
1,743.0
1,765.6
1,765.1
1,756.4
1,758.4
1,753.5
1,757.3
1,765.0
1,764.3
1,787.5
1,785.4
1,789.5
1,779.8

Note: See Note, p. 26.
Source: Board of Governors of the Federal Reserve System.

Aggregate Reserves and Monetary Base
[Averages of daily ﬁgures 1; millions of dollars, not seasonally adjusted]
Borrowings from the Federal Reserve

Reserves of depository institutions
Reserve balances maintained
Period
Total

2004:
2005:
2006:
2007:
2008:
2009:
2010:
2011:
2012:
2013:
2013:

Dec ............
Dec ............
Dec ............
Dec ............
Dec ............
Dec ............
Dec ............
Dec ............
Dec ............
Dec ............
Jan ............
Feb ............
Mar ...........
Apr ...........
May ...........
June ..........
July ...........
Aug ...........
Sept ..........
Oct ............
Nov ...........
Dec r ..........
2014: Jan ............

12,045
10,046
8,479
8,098
783,631
1,099,831
1,035,074
1,550,043
1,517,425
2,485,248
1,582,524
1,680,086
1,760,359
1,832,952
1,930,723
2,010,604
2,094,225
2,199,056
2,281,080
2,374,958
2,463,012
2,485,248
2,498,153

To satisfy
reserve
balance
requirements 2

That
exceed the
top of the
penalty-free
band

...................
...................
...................
...................
...................
...................
...................
...................
...................
75,714
...................
...................
...................
...................
...................
...................
69,338
71,408
73,695
73,111
77,246
75,714
83,188

...................
...................
...................
...................
...................
...................
...................
...................
...................
2,409,534
...................
...................
...................
...................
...................
...................
2,024,886
2,127,647
2,207,385
2,301,847
2,385,767
2,409,534
2,414,965

Reserve
balance
requirements 3
10,137
8,146
6,616
6,314
16,312
24,632
28,438
47,838
58,673
69,029
63,065
63,298
62,205
64,118
67,375
63,667
63,296
65,189
67,208
66,713
70,483
69,029
75,901

Vault cash
used to
satisfy
required
reserves 4
34,802
35,337
34,803
35,365
37,245
40,619
42,927
48,672
52,959
55,771
54,410
53,308
50,941
51,737
51,262
52,302
53,481
53,575
52,771
52,839
54,040
55,771
58,248

1 Data are prorated averages of biweekly (maintenance period) averages of daily ﬁgures.
2 Equals the sum of balances maintained up to the top of each institution’s penalty-free band.
3 Excludes vault cash used to satisfy required reserves.
4 The amount of vault cash held by institutions whose required reserves exceed their vault

Nonborrowed 5

46,784
45,214
43,091
28,033
167,311
970,523
1,032,512
1,589,189
1,569,589
2,540,848
1,636,369
1,732,928
1,810,906
1,884,288
1,981,574
2,062,555
2,147,346
2,252,314
2,333,577
2,427,559
2,516,872
2,540,848
2,556,273

Monetary
base 6

776,279
803,124
826,731
837,192
1,666,365
2,026,220
2,017,000
2,619,586
2,675,945
3,717,466
2,741,743
2,845,251
2,935,036
3,011,737
3,116,932
3,201,472
3,290,898
3,398,930
3,486,917
3,589,503
3,684,554
3,717,466
3,728,498

Total 7

63
169
191
15,430
653,565
169,927
45,488
9,526
795
170
565
465
394
401
410
351
359
317
274
238
180
170
127

Primary

Secondary

11
97
111
3,787
88,245
19,025
41
103
12
13
11
10
8
9
12
19
15
17
21
13
8
13
9

0
0
0
1
52
518
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Seasonal

52
72
80
30
3
37
26
23
23
59
7
1
0
11
42
65
109
142
151
124
72
59
22

Term
assetbacked
securities
loan
facility 8
.....................
.....................
.....................
.....................
.....................
46,310
25,025
9,400
760
98
548
454
386
380
356
267
235
158
102
101
99
98
97

7 Includes term auction credit (December 2007 to April 2010), primary dealer and other brokerdealer credit (March 2008 to February 2010), credit extended to American International Group, Inc.
(September 2008 to January 2011), asset-backed commercial paper money market mutual fund liquidity facility (September 2008 to February 2010), and other credit extensions, not shown separately.
8 Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through
the Term Asset-Backed Securities Loan Facility.

cash plus the amount of vault cash applied during the maintenance period to satisfy current
reserve requirements by institutions whose vault cash exceeds their required reserves.
5 Total reserve balances maintained plus vault cash used to satisfy required reserves less total
Note: Data on reserve balances maintained reﬂect the creation of a penalty-free band acround
borrowings from the Federal Reserve.
reserve balance requirements, which took effect on June 27, 2013. For more information on table
6 Equals total balances maintained plus currency in circulation (not shown).
changes, see H.3 release of July 11, 2013.
Source: Board of Governors of the Federal Reserve System.

27

Bank Credit at All Commercial Banks
Total commercial bank loans and leases rose 0.2 percent in December.

[Billions of dollars, seasonally adjusted 1]
Securities in bank credit 2

Period

2004:
2005:
2006:
2007:
2008:
2009:
2010:
2011:
2012:
2013:
2012:
2013:

Dec ...........
Dec ...........
Dec ...........
Dec ...........
Dec ...........
Dec ...........
Dec ...........
Dec ...........
Dec ...........
Dec ...........
Dec ...........
Jan ...........
Feb ...........
Mar ..........
Apr ..........
May ..........
June .........
July ..........
Aug ..........
Sept r ........
Oct r ..........
Nov r .........
Dec r .........

Total
bank
credit

6,583.8
7,305.2
8,092.6
8,895.1
9,344.7
8,989.2
9,186.9
9,405.8
9,957.9
10,079.6
9,957.9
9,983.4
9,990.1
9,995.6
10,057.4
10,051.1
10,052.0
10,042.0
10,014.1
10,004.9
10,030.2
10,037.7
10,079.6

Total
securities

1,741.3
1,854.2
1,987.4
2,102.7
2,096.4
2,329.1
2,431.4
2,498.9
2,741.3
2,716.6
2,741.3
2,733.7
2,723.5
2,718.9
2,750.5
2,745.9
2,731.4
2,706.8
2,689.1
2,673.9
2,680.4
2,690.5
2,716.6

U.S.
Treasury
and
agency
securities
1,170.3
1,158.5
1,216.5
1,136.4
1,253.5
1,451.8
1,642.3
1,701.1
1,879.7
1,805.9
1,879.7
1,864.3
1,854.6
1,845.2
1,864.3
1,852.4
1,841.5
1,814.1
1,791.4
1,783.0
1,784.9
1,792.5
1,805.9

Loans and leases in bank credit
Real estate loans

Other
securities

571.0
695.7
770.9
966.4
842.9
877.3
789.1
797.8
861.6
910.7
861.6
869.5
868.9
873.7
886.2
893.5
889.9
892.7
897.6
890.9
895.5
898.0
910.7

Total
loans
and
leases 3
4,842.5
5,451.0
6,105.2
6,792.3
7,248.3
6,660.2
6,755.5
6,906.9
7,216.6
7,363.0
7,216.6
7,249.7
7,266.6
7,276.7
7,306.9
7,305.2
7,320.5
7,335.3
7,325.0
7,331.0
7,349.8
7,347.3
7,363.0

1 Data are prorated averages of Wednesday values for domestically chartered commercial banks,
branches and agencies of foreign banks, and Edge Act and agreement corporations.
2 Includes securities held in trading accounts, held-to-maturity, and available-for-sale. Excludes
all non-security trading assets, such as derivatives with a positive fair value or loans held in trading
accounts.
3 Excludes unearned income. Includes the allowance for loan and lease losses. Excludes Federal
funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the
United States. Includes all loans held in trading accounts under a fair value option.

28

Commercial
and
industrial
loans
913.6
1,044.0
1,191.8
1,431.1
1,572.3
1,278.7
1,208.9
1,321.8
1,493.2
1,603.3
1,493.2
1,505.7
1,512.5
1,523.9
1,533.5
1,536.1
1,550.5
1,564.5
1,564.9
1,570.1
1,583.0
1,584.5
1,603.3

Total 4

2,552.3
2,923.6
3,366.3
3,593.7
3,816.9
3,773.6
3,608.9
3,490.2
3,543.6
3,514.8
3,543.6
3,552.4
3,549.3
3,545.7
3,550.9
3,542.6
3,544.2
3,539.8
3,528.5
3,525.0
3,517.0
3,513.4
3,514.8

Revolving
home
equity
loans
395.3
443.2
467.8
484.6
588.0
602.8
581.4
549.1
514.9
473.8
514.9
511.1
507.8
504.2
499.5
494.9
491.5
488.2
485.6
482.6
479.6
475.7
473.8

Commercial
loans
1,081.8
1,272.4
1,460.0
1,584.1
1,727.2
1,638.4
1,496.6
1,414.8
1,423.5
1,487.4
1,423.5
1,428.8
1,429.7
1,431.9
1,437.0
1,443.1
1,448.3
1,455.2
1,462.9
1,468.5
1,475.4
1,481.5
1,487.4

4 Includes closed-end residential loans, not shown separately.
5 Includes credit cards and other consumer loans.
6 Includes other items, not shown separately.

Source: Board of Governors of the Federal Reserve System.

Consumer
loans 5

691.5
703.1
736.9
798.4
875.2
835.2
1,113.4
1,089.8
1,115.8
1,142.6
1,115.8
1,116.2
1,119.0
1,122.8
1,128.1
1,133.1
1,138.5
1,138.9
1,142.1
1,144.6
1,148.8
1,143.5
1,142.6

Other
loans
and
leases 6
685.0
780.4
810.4
969.2
984.0
772.7
824.3
1,005.2
1,064.0
1,102.4
1,064.0
1,075.4
1,085.8
1,084.3
1,094.5
1,093.4
1,087.3
1,092.1
1,089.6
1,091.3
1,100.9
1,105.8
1,102.4

Sources and Uses of Funds, Nonfarm Nonﬁnancial Corporate Business
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources

Uses

External (Net increase in liabilities)
Funds raised in markets
Period

Total

2003 ....................
2004 ....................
2005 ....................
2006 ....................
2007 ....................
2008 ....................
2009 ....................
2010 ....................
2011 ....................
2012 ....................
2011: I ................
II ...............
III ..............
IV ..............
2012: I ................
II ...............
III ..............
IV ..............
2013: I ................
II ...............
III p ............

Internal 1

1,103.2
1,780.7
2,301.0
2,202.4
2,633.6
1,732.2
1,186.4
2,159.6
2,684.3
2,517.1
2,476.9
2,644.0
2,704.4
2,912.0
2,576.3
2,471.1
2,549.8
2,471.3
2,505.3
2,593.0
2,763.0

1,089.7
1,166.5
1,335.4
1,363.1
1,352.5
1,393.1
1,434.9
1,671.8
1,790.0
1,850.3
1,685.0
1,799.3
1,824.1
1,851.5
1,830.6
1,865.1
1,840.3
1,865.2
1,872.8
1,934.8
1,915.7

Total
net
funds
raised

Total

13.5
614.2
965.6
839.3
1,281.1
339.1
–248.5
487.8
894.3
666.8
791.9
844.7
880.3
1,060.5
745.7
606.0
709.5
606.1
632.5
658.2
847.3

48.8
126.6
30.0
–33.3
68.8
36.9
–209.1
–74.5
54.7
246.4
141.8
129.5
–142.4
89.9
222.0
20.4
161.4
581.7
370.5
349.7
460.6

Net
new
equity
issues
–39.6
–122.7
–341.8
–565.7
–786.8
–334.3
–62.1
–277.5
–472.3
–399.7
–324.9
–510.1
–616.6
–437.6
–291.4
–507.9
–395.6
–404.0
–256.3
–424.1
–369.2

Credit market instruments
Total

Securities
and
mortgages

Loans
and
short-term
paper

209.7
178.9
296.5
360.0
460.5
231.4
320.9
352.4
361.2
582.4
379.1
411.0
287.7
367.2
510.6
429.7
563.6
825.9
554.4
613.7
795.1

–121.4
70.4
75.4
172.4
395.2
139.8
–467.9
–149.4
165.8
63.6
87.6
228.6
186.6
160.3
2.9
98.6
–6.6
159.7
72.5
160.1
34.7

88.4
249.3
371.9
532.4
855.6
371.2
–147.0
203.0
527.0
646.1
466.7
639.7
474.2
527.5
513.4
528.3
557.0
985.6
626.8
773.8
829.8

1 Proﬁts before tax (book) less taxes on corporate income, less net dividends, plus capital consumption allowance (consumption of ﬁxed capital plus capital consumption adjustment), foreign
earnings retained abroad, inventory valuation adjustment, and net capital transfers.
2 Includes trade payables, taxes payable, and miscellaneous liabilities (foreign direct investment in the U.S., pension fund contributions payable, and other).

Other 2

–35.3
487.6
935.5
872.5
1,212.3
302.1
–39.5
562.2
839.6
420.4
650.1
715.2
1,022.7
970.5
523.7
585.6
548.1
24.5
262.0
308.5
386.6

Total

Capital
expenditures 3

1,064.0
1,836.8
2,134.0
2,037.0
2,465.7
754.4
1,311.7
1,872.1
1,831.3
2,394.3
1,608.6
1,746.8
1,915.2
2,054.6
2,455.2
2,418.8
2,412.0
2,291.5
2,423.6
2,420.6
2,565.4

976.4
1,056.6
1,188.3
1,336.3
1,391.1
1,358.6
1,009.3
1,238.9
1,337.2
1,504.1
1,261.5
1,323.6
1,315.4
1,448.5
1,500.5
1,493.0
1,527.9
1,495.1
1,496.3
1,545.9
1,607.3

Increase
in
ﬁnancial
assets

87.6
780.2
945.7
700.7
1,074.6
–604.2
302.4
633.2
494.1
890.2
347.1
423.2
599.8
606.1
954.7
925.8
884.1
796.4
927.3
874.7
958.1

Discrepancy
(sources
less
uses)

39.2
–56.2
166.9
165.5
167.9
977.8
–125.4
287.4
853.0
122.7
868.3
897.2
789.1
857.4
121.2
52.3
137.7
179.7
81.7
172.4
197.5

3 Nonresidential ﬁxed investment plus residential ﬁxed investment, inventory change with inventory valuation adjustment, and nonproduced nonﬁnancial assets.

Source: Board of Governors of the Federal Reserve System.

Consumer Credit
[Billions of dollars; seasonally adjusted]
Net change in consumer credit outstanding 1

Consumer credit outstanding (end of period)
Period
Total
2004:
2005:
2006:
2007:
2008:
2009:
2010:
2011:
2012:
2013:
2012:
2013:

Dec ..........................................
Dec ..........................................
Dec ..........................................
Dec ..........................................
Dec ..........................................
Dec ..........................................
Dec ..........................................
Dec ..........................................
Dec ..........................................
Dec p .......................................
Dec ..........................................
Jan ..........................................
Feb ..........................................
Mar .........................................
Apr ..........................................
May .........................................
June ........................................
July .........................................
Aug .........................................
Sept ........................................
Oct r .........................................
Nov .........................................
Dec p .......................................

Nonrevolving 2

Revolving
2,192.2
2,290.9
2,462.8
2,616.6
2,651.4
2,553.5
2,648.1
2,757.0
2,924.3
3,106.0
2,924.3
2,940.5
2,963.5
2,969.5
2,980.1
2,998.4
3,012.3
3,025.4
3,041.2
3,057.1
3,074.9
3,087.3
3,106.0

799.6
829.5
924.9
1,002.9
1,005.2
917.2
840.7
842.5
845.8
861.9
845.8
848.6
850.0
849.1
849.2
855.3
851.6
851.9
853.3
852.4
856.4
856.9
861.9

1,392.7
1,461.4
1,537.9
1,613.6
1,646.2
1,636.3
1,807.4
1,914.5
2,078.5
2,244.1
2,078.5
2,091.9
2,113.4
2,120.4
2,130.8
2,143.1
2,160.6
2,173.5
2,187.9
2,204.6
2,218.4
2,230.4
2,244.1

Total

Nonrevolving 2

Revolving
114.8
98.7
171.9
153.8
34.8
–97.9
94.6
108.9
167.3
181.7
14.7
16.2
23.0
6.0
10.6
18.3
13.9
13.1
15.8
15.9
17.8
12.4
18.7

31.3
29.9
95.4
78.0
2.3
–88.0
–76.5
1.8
3.3
16.1
–2.1
2.8
1.4
–.9
.1
6.1
–3.7
.3
1.4
–.9
4.0
.5
5.0

83.6
68.7
76.5
75.7
32.6
–9.9
171.1
107.1
164.0
165.6
16.8
13.4
21.5
7.0
10.4
12.3
17.5
12.9
14.4
16.7
13.8
12.0
13.7

1 Change based on data in billions of dollars as shown here. For year-end data, change from
Note: Data include student loans extended by the Federal Government and by SLM Holding
preceding year-end; for monthly data, change from preceding month.
Corporation.
2 Includes automobile loans and all other loans not included in revolving credit, such as loans for
Source: Board of Governors of the Federal Reserve System.
mobile homes, education, boats, trailers, or vacations. These loans may be secured or unsecured.

29

Interest Rates and Bond Yields
Interest rates were mixed in January.

[Percent per annum]
U.S. Treasury security yields
Period

2004 ....................
2005 ....................
2006 ....................
2007 ....................
2008 ....................
2009 ....................
2010 ....................
2011 ....................
2012 ....................
2013 ....................
2013: Jan ...........
Feb ...........
Mar ..........
Apr ...........
May ..........
June .........
July ..........
Aug ..........
Sept .........
Oct ...........
Nov ..........
Dec ...........
2014: Jan ...........
Week ended:
2014: Jan 11 ......
18 ......
25 ......
Feb 1 ......
8 ......

3-month
bills
(at auction) 1

Constant maturities 2
3-year

10-year

30-year

High-grade
municipal
bonds
(Standard
&
Poor’s) 3

Discount window
(N.Y. F.R. Bank) 4, 5
Primary
credit

Prime
rate
charged
by
banks 5

Discount
rate

1.38
3.16
4.73
4.41
1.48
.16
.14
.06
.09
.06
.07
.10
.09
.06
.05
.05
.04
.04
.02
.05
.07
.07
.05

2.78
3.93
4.77
4.35
2.24
1.43
1.11
.75
.38
.54
.39
.40
.39
.34
.40
.58
.64
.70
.78
.63
.58
.69
.78

4.27
4.29
4.80
4.63
3.66
3.26
3.22
2.78
1.80
2.35
1.91
1.98
1.96
1.76
1.93
2.30
2.58
2.74
2.81
2.62
2.72
2.90
2.86

*
*
4.91
4.84
4.28
4.08
4.25
3.91
2.92
3.45
3.08
3.17
3.16
2.93
3.11
3.40
3.61
3.76
3.79
3.68
3.80
3.89
3.77

4.63
4.29
4.42
4.42
4.80
4.64
4.16
4.29
3.14
3.96
2.93
3.09
3.27
3.22
3.39
4.02
4.51
4.77
4.74
4.50
4.51
4.55
4.38

5.63
5.24
5.59
5.56
5.63
5.31
4.94
4.64
3.67
4.24
3.80
3.90
3.93
3.73
3.89
4.27
4.34
4.54
4.64
4.53
4.63
4.62
4.49

2.34
4.19
5.96
5.86
2.39
.50
.72
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75

*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*

4.34
6.19
7.96
8.05
5.09
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25

.06
.04
.04
.06
.04

.82
.78
.80
.73
.66

2.96
2.86
2.82
2.73
2.68

3.87
3.78
3.70
3.65
3.63

4.50
4.39
4.32
4.27
4.27

4.53
4.48
4.46
4.45
4.45

.75
.75
.75
.75
.75

*
*
*
*
*

3.25
3.25
3.25
3.25
3.25

1 High bill rate at auction, issue date within period, bank-discount basis. Data are stop yields
from uniform-price auctions.
2 Yields on actively traded issues adjusted to constant maturities.
3 Weekly data are Wednesday ﬁgures.
4 Discount window borrowing for primary credit and discount rate (adjustment credit). The
rate for primary credit replaced the rate for adjustment credit.
5 Average effective rate for year; rate in effect at end of month or week.

30

Corporate
Aaa
bonds
(Moody’s)

New-home
mortgage
yields
(FHFA) 7

Federal
funds
rate 6

1.35
5.77
3.22
5.94
4.97
6.63
5.02
6.41
1.92
6.05
.16
5.14
.18
4.80
.10
4.56
.14
3.69
.11
4.00
.14
3.41
.15
3.49
.14
3.61
.15
3.66
.11
3.55
.09
3.64
.09
4.07
.08
4.33
.08
4.44
.09
4.47
.08
4.39
.09
4.37
.07 ........................
.08
.07
.07
.07
.07

........................
........................
........................
........................
........................

6 Daily effective rate; weighted average of rates on brokered trades.
7 Effective rate (in the primary market) on conventional mortgages, reﬂecting fees and charges

as well as contract rate and assumed, on the average, repayment at end of 10 years.

* Discount rate (adjustment credit) series was discontinued after January 8, 2003. Series for
30-year constant maturity was discontinued on February 18, 2002, and reintroduced on February
9, 2006.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System,
Federal Housing Finance Agency, Moody’s Investors Service, and Standard & Poor’s.

Common Stock Prices and Yields
Stock prices were mixed in January.

Common stock yields
(percent) 7

Common stock prices 1
New York Stock Exchange indexes
(December 31, 2002=5,000) 2, 3

Period
Composite
2004 .....................
2005 .....................
2006 .....................
2007 .....................
2008 .....................
2009 .....................
2010 .....................
2011 .....................
2012 .....................
2013 .....................
2013: Jan ............
Feb ............
Mar ...........
Apr ............
May ...........
June ..........
July ...........
Aug ...........
Sept ..........
Oct ............
Nov ...........
Dec ............
2014: Jan ............
Week ended:
2014: Jan 11 .......
18 .......
25 .......
Feb 1 .......
8 .......

Financial

Energy

Health
Care

Dow
Jones
industrial
average 4

Standard
& Poor’s
composite
index
(1941–43=10) 5

Nasdaq
composite
index
(Feb. 5,
1971=100) 6

Dividend/price
ratio

Earnings/price
ratio

6,612.62
7,349.00
8,357.99
9,648.82
8,036.88
6,091.02
7,230.43
7,871.41
8,011.65
c 9,426.77
8,759.89
8,896.97
9,038.29
9,092.21
9,440.35
9,204.10
9,463.58
9,496.64
9,639.34
9,840.99
10,102.04
c 10,146.82
10,236.46

6,822.18
7,383.70
8,654.40
9,321.39
6,278.38
3,987.04
4,744.05
4,641.01
4,616.63
c 5,805.53
5,334.30
5,428.85
5,500.12
5,526.59
5,842.60
5,697.29
5,908.95
5,897.94
5,988.45
6,124.54
6,204.36
c 6,212.41
6,287.83

6,952.36
9,377.84
11,206.94
13,339.99
13,258.42
10,020.30
10,943.85
12,880.35
12,512.31
c 13,490.88
13,126.08
13,172.85
13,166.60
12,917.17
13,456.16
13,064.60
13,394.54
13,404.11
13,715.91
13,990.65
14,292.65
c 14,189.23
14,135.73

5,924.80
6,283.96
6,685.06
7,191.79
6,171.19
5,456.63
6,230.62
6,847.80
7,503.05
c 9,250.02
8,271.48
8,466.93
8,665.01
9,090.44
9,271.60
9,199.64
9,394.52
9,466.69
9,473.99
9,647.71
9,987.18
c 10,065.11
10,334.13

10,317.39
10,547.67
11,408.67
13,169.98
11,252.62
8,876.15
10,662.80
11,966.36
12,967.08
c 14,999.67
13,615.32
13,967.33
14,418.26
14,675.91
15,172.18
15,035.75
15,390.21
c 15,195.35
15,269.84
15,289.29
15,870.83
c 16,095.77
16,243.72

1,130.65
1,207.23
1,310.46
1,477.19
1,220.04
948.05
1,139.97
1,267.64
1,379.35
c 1,642.51
1,480.40
1,512.31
1,550.83
1,570.70
1,639.84
1,618.77
1,668.68
1,670.09
1,687.17
1,720.03
1,783.54
c 1,807.78
1,822.36

1,986.53
2,099.32
2,263.41
2,578.47
2,161.65
1,845.38
2,349.89
2,677.44
2,965.56
c 3,537.69
3,125.91
3,169.21
3,236.17
3,251.35
3,440.38
3,416.74
3,559.71
3,639.93
3,731.26
3,848.20
c 3,957.53
c 4,075.88
4,154.36

1.72
1.83
1.87
1.86
2.37
2.40
1.98
2.05
2.24
2.14
2.24
2.21
2.19
2.16
2.12
2.18
2.14
2.15
2.13
2.10
2.03
2.04
2.02

4.89
5.36
5.78
5.29
3.54
1.86
6.04
6.77
6.20
.............................
.............................
.............................
5.59
.............................
.............................
5.66
.............................
.............................
5.65
.............................
.............................
.............................
.............................

10,323.03
10,340.86
10,259.67
10,005.49
9,872.64

6,360.63
6,372.96
6,298.87
6,114.61
6,031.48

14,317.29
14,177.55
14,168.07
13,809.07
13,549.04

10,327.86
10,478.35
10,412.52
10,202.02
10,153.27

16,460.12
16,397.86
16,216.06
15,810.54
15,536.18

1,836.53
1,838.21
1,826.85
1,785.01
1,763.84

4,152.66
4,185.49
4,203.95
4,092.00
4,044.60

2.00
2.01
2.01
2.07
2.12

.............................
.............................
.............................
.............................
.............................

1 Average of daily closing prices.
2 Includes all the stocks (in 2012, over 2,900) listed on the NYSE.
3 Effective January 9, 2003, the NYSE relaunched the composite index with changes in meth-

odology, deﬁnitions, and based on Dec. 31, 2002=5,000. Effective January 8, 2004 new indexes
for Financial, Energy, and Health Care were introduced by the NYSE. Previous indexes shown for
Industrial, Transportation, Utility, and Finance were discontinued.
4 Includes 30 stocks.

5 Includes 500 stocks.
6 Includes over 2,400 stocks in 2012.
7 Standard & Poor’s series. Dividend/price ratios based on Wednesday closing prices. Earnings/

price ratios based on prices at end of quarter.

Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor’s, and Nasdaq
Stock Market.

31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
In the third month of ﬁscal year 2014, the deﬁcit was $173.6 billion, compared with a deﬁcit of $293.3 billion a year
earlier.

[Billions of dollars]
Total
Fiscal year or period
Receipts
1995 ....................................................
1996 ....................................................
1997 ....................................................
1998 ....................................................
1999 ....................................................
2000 ....................................................
2001 ....................................................
2002 ....................................................
2003 ....................................................
2004 ....................................................
2005 ....................................................
2006 ....................................................
2007 ....................................................
2008 ....................................................
2009 ....................................................
2010 ....................................................
2011 ....................................................
2012 ....................................................
2013 1 ..................................................
Cumulative total, ﬁrst 3 months: 2
Fiscal year 2013 ..................................
Fiscal year 2014 ..................................

Outlays

On-budget
Surplus
or
deﬁcit
(–)

Receipts

Outlays

Federal debt
(end of period)

Off-budget
Surplus
or
deﬁcit
(–)

Receipts

Outlays

Surplus
or
deﬁcit
(–)

Gross
Federal

1,351.8
1,453.1
1,579.2
1,721.7
1,827.5
2,025.2
1,991.1
1,853.1
1,782.3
1,880.1
2,153.6
2,406.9
2,568.0
2,524.0
2,105.0
2,162.7
2,303.5
2,450.2
2,774.0

1,515.7
1,560.5
1,601.1
1,652.5
1,701.8
1,789.0
1,862.8
2,010.9
2,159.9
2,292.8
2,472.0
2,655.1
2,728.7
2,982.5
3,517.7
3,457.1
3,603.1
3,537.1
3,454.3

–164.0
–107.4
–21.9
69.3
125.6
236.2
128.2
–157.8
–377.6
–412.7
–318.3
–248.2
–160.7
–458.6
–1,412.7
–1,294.4
–1,299.6
–1,087.0
–680.3

1,000.7
1,085.6
1,187.2
1,305.9
1,383.0
1,544.6
1,483.6
1,337.8
1,258.5
1,345.4
1,576.1
1,798.5
1,932.9
1,865.9
1,451.0
1,531.0
1,737.7
1,880.7
2,100.7

1,227.1
1,259.6
1,290.5
1,335.9
1,381.1
1,458.2
1,516.0
1,655.2
1,796.9
1,913.3
2,069.7
2,233.0
2,275.0
2,507.8
3,000.7
2,902.4
3,104.5
3,029.5
2,820.4

–226.4
–174.0
–103.2
–29.9
1.9
86.4
–32.4
–317.4
–538.4
–568.0
–493.6
–434.5
–342.2
–641.8
–1,549.7
–1,371.4
–1,366.8
–1,148.9
–719.7

351.1
367.5
392.0
415.8
444.5
480.6
507.5
515.3
523.8
534.7
577.5
608.4
635.1
658.0
654.0
631.7
565.8
569.5
673.3

288.7
300.9
310.6
316.6
320.8
330.8
346.8
355.7
363.0
379.5
402.2
422.1
453.6
474.8
517.0
554.7
498.6
507.6
633.8

62.4
66.6
81.4
99.2
123.7
149.8
160.7
159.7
160.8
155.2
175.3
186.3
181.5
183.3
137.0
77.0
67.2
61.9
39.5

4,920.6
5,181.5
5,369.2
5,478.2
5,605.5
5,628.7
5,769.9
6,198.4
6,760.0
7,354.7
7,905.3
8,451.4
8,950.7
9,986.1
11,875.9
13,528.8
14,764.2
16,050.9
16,716.8

3,604.4
3,734.1
3,772.3
3,721.1
3,632.4
3,409.8
3,319.6
3,540.4
3,913.4
4,295.5
4,592.2
4,829.0
5,035.1
5,803.1
7,544.7
9,018.9
10,128.2
11,281.1
11,981.9

615.6
664.6

908.9
838.2

–293.3
–173.6

492.8
505.8

802.7
689.7

–309.9
–184.0

122.8
158.8

106.2
148.5

16.6
10.4

16,416.9
17,322.0

11,593.7
12,352.8

1 Data for ﬁscal year 2013 are from Final Monthly Treasury Statement issued October 30, 2013.
2 Data from current issue Monthly Treasury Statement.

Note: Data (except as noted) are from Budget of the United States Government, Fiscal Year 2014,
issued April 10, 2013.
Sources: Department of the Treasury and Ofﬁce of Management and Budget.

32

Held by
the public

Federal Receipts by Source and Outlays by Function
In the third month of ﬁscal year 2014, receipts were $49.0 billion higher than a year earlier and outlays were $70.7
billion lower.

[Billions of dollars]
On-budget and off-budget receipts

Fiscal year or period

1995 ....................................................
1996 ....................................................
1997 ....................................................
1998 ....................................................
1999 ....................................................
2000 ....................................................
2001 ....................................................
2002 ....................................................
2003 ....................................................
2004 ....................................................
2005 ....................................................
2006 ....................................................
2007 ....................................................
2008 ....................................................
2009 ....................................................
2010 ....................................................
2011 ....................................................
2012 ....................................................
2013 1 ..................................................
Cumulative total, ﬁrst 3 months: 2
Fiscal year 2013 ..................................
Fiscal year 2014 ..................................

Total

Indi- Corporavidual
tion
income income
taxes
taxes

Social
insurance
and
retirement
receipts

On-budget and off-budget outlays
National defense
Other

Total

Total

Depart- Internament
tional
of
affairs
Defense,
military

Health

Medicare

Income Social
Net
security security interest

Other

1,351.8
1,453.1
1,579.2
1,721.7
1,827.5
2,025.2
1,991.1
1,853.1
1,782.3
1,880.1
2,153.6
2,406.9
2,568.0
2,524.0
2,105.0
2,162.7
2,303.5
2,450.2
2,774.0

590.2
656.4
737.5
828.6
879.5
1,004.5
994.3
858.3
793.7
809.0
927.2
1,043.9
1,163.5
1,145.7
915.3
898.5
1,091.5
1,132.2
1,316.4

157.0
171.8
182.3
188.7
184.7
207.3
151.1
148.0
131.8
189.4
278.3
353.9
370.2
304.3
138.2
191.4
181.1
242.3
273.5

484.5
509.4
539.4
571.8
611.8
652.9
694.0
700.8
713.0
733.4
794.1
837.8
869.6
900.2
890.9
864.8
818.8
845.3
947.8

120.1
115.4
120.1
132.6
151.5
160.6
151.7
146.0
143.9
148.4
154.0
171.2
164.7
173.7
160.5
207.9
212.1
230.4
236.2

1,515.7
1,560.5
1,601.1
1,652.5
1,701.8
1,789.0
1,862.8
2,010.9
2,159.9
2,292.8
2,472.0
2,655.1
2,728.7
2,982.5
3,517.7
3,457.1
3,603.1
3,537.1
3,454.3

272.1
265.7
270.5
268.2
274.8
294.4
304.7
348.5
404.7
455.8
495.3
521.8
551.3
616.1
661.0
693.5
705.6
677.9
635.2

259.4
253.1
258.3
255.8
261.2
281.0
290.2
331.8
387.1
436.4
474.1
499.3
528.5
594.6
636.7
666.7
678.1
650.9
607.8

16.4
13.5
15.2
13.1
15.2
17.2
16.5
22.3
21.2
26.9
34.6
29.5
28.5
28.9
37.5
45.2
45.7
47.2
46.4

115.4
119.4
123.8
131.4
141.0
154.5
172.2
196.5
219.5
240.1
250.5
252.7
266.4
280.6
334.3
369.1
372.5
346.7
357.3

159.9
174.2
190.0
192.8
190.4
197.1
217.4
230.9
249.4
269.4
298.6
329.9
375.4
390.8
430.1
451.6
485.7
471.8
497.8

223.8
229.7
235.0
237.8
242.5
253.7
269.8
312.7
334.6
333.1
345.8
352.5
366.0
431.3
533.2
622.2
597.4
541.3
537.3

335.8
349.7
365.3
379.2
390.0
409.4
433.0
456.0
474.7
495.5
523.3
548.5
586.2
617.0
683.0
706.7
730.8
773.3
813.6

232.1
241.1
244.0
241.1
229.8
222.9
206.2
170.9
153.1
160.2
184.0
226.6
237.1
252.8
186.9
196.2
230.0
220.4
221.3

160.2
167.2
157.3
188.9
218.1
239.7
243.1
273.1
302.6
311.8
339.8
393.5
317.9
365.2
651.6
372.5
435.5
458.5
345.4

615.6
664.6

312.4
306.4

62.5
69.3

181.3
225.5

59.4
63.5

908.9
838.2

173.3
161.1

166.5
154.5

11.8
11.7

89.5
93.5

124.9
124.3

125.6
120.5

197.3
206.8

66.9
57.2

119.5
63.1

1 Data for ﬁscal year 2013 are from Final Monthly Treasury Statement issued October 30, 2013.
2 Data from current issue Monthly Treasury Statement. Data for Department of Defense,

military, include a small amount that is classiﬁed and listed under international affairs, and not
included in national defense.

Note: Data (except as noted) are from Budget of the United States Government, Fiscal Year 2014,
issued April 10, 2013.
Sources: Department of the Treasury and Ofﬁce of Management and Budget.

33

Federal Sector, National Income Accounts Basis
In the fourth quarter of 2013, according to advance estimates, Federal current expenditures fell $50.9 billion (annual
rate); receipts data are incomplete.

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government current receipts
Current tax receipts
Period

Total

Total 1

Calendar year:
2004 ............. 2,022.2
1,154.0
2005 ............. 2,298.1
1,384.5
2006 ............. 2,531.7
1,558.5
2007 ............. 2,660.8
1,637.1
2008 ............. 2,505.7
1,448.1
2009 ............. 2,230.1
1,163.7
2010 ............. 2,391.7
1,305.0
2011 ............. 2,516.7
1,496.1
2012 ............. 2,663.0
1,636.0
2013 p ........... ............. ...............
2010: I ............... 2,309.0
1,238.1
II .............. 2,363.1
1,279.8
III ............. 2,429.9
1,334.9
IV ............. 2,465.0
1,367.1
2011: I ............... 2,506.3
1,486.7
II .............. 2,523.1
1,503.1
III ............. 2,515.7
1,488.2
IV ............. 2,521.6
1,506.6
2012: I ............... 2,645.4
1,611.7
II .............. 2,641.1
1,614.0
III ............. 2,656.6
1,638.6
IV ............. 2,709.0
1,679.8
2013: I ............... 2,900.1
1,711.0
II .............. 3,166.9
1,742.5
III ............. 2,976.1
1,760.7
p
IV .......... ............. ...............

Personal
current
taxes

798.5
932.1
1,049.6
1,164.4
1,101.7
857.2
893.8
1,077.0
1,149.2
1,282.7
854.2
885.8
908.7
926.7
1,055.5
1,072.2
1,091.5
1,088.7
1,122.4
1,133.1
1,147.2
1,194.0
1,252.0
1,275.7
1,292.2
1,310.8

Taxes
on
production
and
imports

Contributions
Income
for
Taxes
govern- receipts
on
on
ment
assets
corporate social
income insurance

95.2
250.3
99.4
341.0
99.2
395.0
94.6
362.8
94.0
233.7
91.4
200.4
96.8
298.7
108.6
294.2
118.0
351.0
120.4 ...............
93.1
276.8
96.3
282.4
98.9
312.8
98.7
322.7
102.9
313.8
108.5
307.3
109.2
270.2
113.9
285.7
117.2
355.3
118.6
344.9
118.2
356.1
118.0
347.9
118.8
321.0
118.6
328.7
119.3
329.3
124.8 ...............

808.9
853.4
905.7
947.2
974.4
950.8
970.9
904.3
937.8
1,093.8
958.7
970.9
975.2
978.8
898.7
902.5
910.8
905.4
929.2
932.1
934.6
955.3
1,081.7
1,091.2
1,096.9
1,105.6

1 Includes taxes from the rest of the world, not shown separately.
2 Includes an item for the difference between wage accruals and disbursements, not shown

separately.

34

Federal Government current expenditures

25.3
27.3
29.0
33.4
33.9
48.5
54.6
57.4
52.9
164.6
48.9
53.0
57.8
58.7
59.3
58.2
57.5
54.8
53.9
52.2
52.2
53.3
74.1
299.6
93.4
191.3

Current
transfer
receipts

29.0
32.0
36.8
41.0
48.6
66.2
64.4
66.1
49.7
55.4
63.8
61.7
66.0
66.1
68.0
65.6
66.8
63.8
60.3
54.6
45.6
38.4
53.9
57.4
51.0
59.3

Current
surplus of
government
enterprises

4.9
.9
1.8
2.0
.8
.8
–3.1
–7.3
–13.4
–24.4
–.4
–2.4
–3.9
–5.6
–6.2
–6.4
–7.6
–8.9
–9.7
–11.8
–14.4
–17.8
–20.6
–23.8
–25.9
–27.3

Total 2

2,422.0
2,603.5
2,759.8
2,927.5
3,140.8
3,479.9
3,721.3
3,764.9
3,772.7
3,793.4
3,661.3
3,703.1
3,750.0
3,770.6
3,751.3
3,836.4
3,747.4
3,724.6
3,739.4
3,787.9
3,775.8
3,787.5
3,753.2
3,820.1
3,825.7
3,774.8

ConCurrent
sumption transfer Interest Subsidies
expendipaypayments
tures
ments 3

681.4
723.4
763.9
798.4
879.8
933.7
1,003.9
1,008.7
1,011.7
971.3
979.1
1,005.1
1,018.8
1,012.7
1,001.1
1,017.4
1,013.4
1,002.7
1,009.3
1,007.4
1,036.1
993.9
982.3
976.0
972.4
954.6

1,388.5
1,475.1
1,572.4
1,673.5
1,823.5
2,135.6
2,282.5
2,274.3
2,283.6
2,349.4
2,268.2
2,259.4
2,295.4
2,307.0
2,284.6
2,306.0
2,256.8
2,249.8
2,266.3
2,273.3
2,293.1
2,301.7
2,327.2
2,347.1
2,372.0
2,351.2

306.1
344.4
372.3
408.2
388.0
353.6
380.6
422.6
420.6
414.3
360.8
385.2
381.2
395.1
407.6
453.5
417.2
411.9
406.4
450.1
391.1
434.7
386.1
438.4
422.7
410.1

46.0
–399.8
60.5
–305.4
51.1
–228.1
47.5
–266.7
49.6
–635.1
56.9
–1,249.8
54.3
–1,329.5
59.4
–1,248.3
56.8
–1,109.7
58.4 .................
53.2
–1,352.3
53.4
–1,340.0
54.6
–1,320.1
55.9
–1,305.7
57.9
–1,244.9
59.5
–1,313.4
60.1
–1,231.7
60.2
–1,203.0
57.3
–1,094.0
57.2
–1,146.9
55.6
–1,119.3
57.3
–1,078.5
57.5
–853.1
58.5
–653.1
58.6
–849.7
58.8 .................

3 Includes Federal grants-in-aid to State and local governments, not shown separately.

Source: Department of Commerce (Bureau of Economic Analysis).

Net
Federal
Government
saving

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
Industrial production (2007=100; seasonally adjusted)
Period

United
States

Canada

Japan

France

Germany

Consumer prices (1982–84=100; NSA)
United
Kingdom

Italy

United
States 1

Canada

Japan

France

Germany

2004 ...............
92.5
99.9
91.8
97.8
86.2
95.2
100.1
188.9
181.0
118.7
170.4
2005 ...............
95.5
101.8
93.3
98.0
89.2
94.6
99.3
195.3
185.0
118.4
173.4
2006 ...............
97.6
101.1
97.2
99.0
94.3
98.2
99.6
201.6
188.7
118.6
176.3
2007 ...............
100.0
100.0
100.0
100.0
100.0
100.0
100.0
207.342
192.7
118.7
178.9
2008 ...............
96.6
97.2
96.5
96.8
100.0
96.2
97.1
215.303
197.3
120.3
184.0
2009 ...............
85.7
86.5
75.6
83.3
83.6
78.3
87.8
214.537
197.9
118.7
184.1
2010 ...............
90.6
90.7
87.4
87.4
92.7
83.8
90.3
218.056
201.4
117.9
186.9
2011 r .............
93.6
94.2
85.1
89.3
99.5
84.8
89.2
224.939
207.2
117.5
190.9
r
2012 .............
97.0
95.1
85.2
87.1
99.1
79.4
87.0
229.594
210.4
117.5
194.6
2013 p .............
99.6 ................
84.7 ................
99.1 ................
86.7
232.957
212.4
117.9
196.3
r
2012: Nov ....
98.1
95.3
81.5
85.6
97.1
76.8
85.4
230.221
210.8
116.9
195.0
Dec r ....
98.2
94.5
82.7
86.2
97.7
77.2
86.2
229.601
209.6
117.0
195.6
2013: Jan r ....
98.2
95.2
82.1
85.8
97.0
78.0
85.3
230.280
209.7
117.0
194.6
Feb r ....
98.8
96.2
82.8
86.7
97.7
77.4
86.2
232.166
212.2
116.9
195.2
r
Mar ...
99.1
96.4
82.9
86.0
98.7
76.9
86.2
232.773
212.5
117.2
196.7
Apr r ....
98.8
95.8
83.7
88.0
99.2
76.8
86.2
232.531
212.2
117.5
196.4
May r ...
99.0
95.1
85.3
87.7
97.8
76.9
86.2
232.945
212.7
117.6
196.5
June r ..
99.2
95.0
82.7
86.6
100.0
77.3
87.3
233.504
212.7
117.6
196.8
July r ...
99.0
95.5
85.5
86.0
98.7
76.6
87.3
233.596
212.8
117.9
196.2
Aug r ....
99.5
95.8
84.7
86.6
100.4
76.6
86.5
233.877
212.8
118.2
197.1
Sept r ...
100.1
96.3
85.8
86.2
99.7
76.8
87.1
234.149
213.2
118.6
196.7
Oct r .....
100.4
97.0
86.7
85.8
98.6
77.3
87.4
233.546
212.7
118.7
196.4
r
Nov ....
101.5
97.5
86.6
86.9
101.1
77.5
87.2
233.069
212.7
118.8
196.3
Dec p ...
101.8 ................
87.6 ................
100.3 ................
87.7
233.049
212.2
118.9
197.0
p
2014: Jan .... ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................
1 Data relate to all urban consumers.

151.4
153.7
156.2
159.7
163.9
164.5
166.3
169.7
173.1
175.7
174.1
174.6
173.8
174.8
175.6
174.8
175.4
175.6
176.4
176.4
176.4
176.1
176.4
177.1
176.1

United
Kingdom

Italy

255.6
219.3
260.6
225.6
266.1
232.8
270.9
242.7
280.0
252.4
282.2
251.1
286.5
262.7
294.5
276.3
303.4
285.2
307.1
293.9
304.7
288.6
305.2
290.0
305.8
288.8
306.1
290.9
306.7
292.2
306.7
293.1
306.7
293.7
307.5
293.4
307.8
293.4
309.0
294.9
308.1
296.0
307.5
296.0
306.7
296.2
307.2
297.7
307.8 ..................

Sources: As reported by each country, Board of Governors of the Federal Reserve System, and
Department of Labor (Bureau of Labor Statistics).

Note: See Note, p. 17, for information on U.S. industrial production series.

U.S. International Trade in Goods and Services
[Billions of dollars; monthly data seasonally adjusted]
Goods: Exports (f.a.s. value)
Census basis (by end-use category)
Period

2004 ...............
2005 ...............
2006 ...............
2007 ...............
2008 ...............
2009 ...............
2010 ...............
2011 ...............
2012 ...............
2013 p .............
2012: Dec ......
2013: Jan r ....
Feb r ....
Mar r ...
Apr r ....
May r ...
June r ..
July r ...
Aug r ....
Sept r ...
Oct r .....
Nov r ....
Dec p ...

BOP
basis

822.0
911.7
1,039.4
1,163.6
1,307.3
1,069.5
1,288.8
1,495.9
1,561.2
1,590.4
132.7
130.8
131.2
129.3
131.0
130.2
134.0
133.0
132.7
132.5
135.8
137.0
132.8

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 bever- and
ages materials
814.9
901.1
1,026.0
1,148.2
1,287.4
1,056.0
1,278.5
1,480.3
1,545.7
1,578.9
131.5
129.6
130.7
128.5
130.2
129.3
133.4
132.0
131.5
131.2
135.0
135.8
131.6

56.6
59.0
66.0
84.3
108.3
93.9
107.7
126.2
132.8
136.0
11.0
11.7
11.8
10.6
10.3
10.1
10.5
10.9
10.5
11.9
12.5
12.4
12.8

203.9
233.0
276.0
316.4
388.0
296.5
391.7
500.5
501.1
508.2
43.9
41.3
42.8
42.5
41.7
40.7
42.3
43.9
42.6
41.3
43.0
43.5
42.4

89.2
98.4
107.3
121.3
121.5
81.7
112.0
132.8
146.1
152.1
12.1
12.1
12.4
12.2
12.7
13.1
12.6
12.5
13.1
13.1
13.0
13.1
12.3

Balance of trade
(exports minus imports)

Census basis (by end-use category)

Auto- Consumer
Capital motive
vegoods
goods hicles,
except parts (nonfood)
autoexcept
motive and
enautogines motive
327.5
358.4
404.0
433.0
457.7
391.2
447.5
493.0
527.4
534.1
43.8
44.3
43.4
43.1
43.9
44.7
46.2
44.6
44.8
44.7
45.0
45.3
44.2

Services
(BOP basis)

Goods: Imports (customs value)

103.2
115.3
129.1
146.0
161.3
149.5
165.2
175.0
181.7
188.5
15.2
15.6
15.1
14.9
16.8
15.6
16.6
15.3
15.6
15.4
16.4
15.9
15.2

BOP
basis

1,488.3
1,695.8
1,878.2
1,986.3
2,141.3
1,580.0
1,939.0
2,240.0
2,302.7
2,293.5
189.9
192.0
193.3
184.6
189.4
193.0
187.8
190.8
190.6
194.7
194.4
191.3
191.6

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 bever- and
ages materials
1,469.7
1,673.5
1,853.9
1,957.0
2,103.6
1,559.6
1,913.9
2,208.1
2,275.3
2,267.6
187.7
189.9
190.9
182.4
187.3
191.0
185.6
188.7
188.5
192.6
192.3
189.1
189.3

1 Total includes ‘‘other’’ exports or imports, not shown separately.

62.1
68.1
74.9
81.7
89.0
81.6
91.7
107.5
110.3
115.2
9.3
9.2
9.6
9.6
9.5
9.9
9.6
9.6
9.6
9.6
9.8
9.6
9.5

412.8
523.8
602.0
634.7
779.5
462.4
603.1
755.8
730.4
681.4
57.3
61.0
58.8
56.5
56.2
57.1
54.8
56.6
56.5
57.5
58.1
53.9
54.4

BOP basis

Auto- Consumer
Capital motive
vegoods
goods hicles,
except parts (nonfood)
autoexcept
motive and
enautogines motive
343.6
379.3
418.3
444.5
453.7
370.5
449.4
510.9
548.6
553.8
45.8
46.0
46.2
44.2
45.3
45.5
45.7
45.3
46.2
47.2
46.9
47.8
47.4

228.2
239.4
256.6
256.7
231.2
157.7
225.1
254.6
297.8
308.8
24.9
23.6
24.9
24.2
25.2
25.9
25.7
26.5
26.2
27.1
26.1
27.2
26.3

372.9
407.2
442.6
474.6
481.6
427.3
483.2
514.1
516.3
533.2
44.7
44.0
45.6
41.4
44.5
45.4
43.8
44.4
43.6
45.0
44.9
45.0
45.7

Exports

Imports

Goods,
Census
basis

Goods

Ser- Goods
and
vices services

341.7
376.6
421.4
489.3
533.0
508.7
555.7
617.0
649.3
682.0
56.0
56.0
55.7
55.5
56.3
56.7
57.1
56.8
57.1
57.0
57.5
57.7
58.5

280.3
300.4
335.0
365.6
401.3
381.8
404.9
429.7
442.5
450.3
37.1
36.9
36.8
36.7
37.3
37.5
37.7
37.6
37.8
37.6
38.0
38.1
38.4

–654.8
–772.4
–828.0
–808.8
–816.2
–503.6
–635.4
–727.8
–729.6
–688.7
–56.2
–60.3
–60.2
–53.9
–57.0
–61.8
–52.2
–56.7
–56.9
–61.4
–57.3
–53.3
–57.6

–666.4
–784.1
–838.8
–822.7
–834.0
–510.6
–650.2
–744.1
–741.5
–703.2
–57.2
–61.2
–62.1
–55.4
–58.3
–62.9
–53.8
–57.8
–57.9
–62.2
–58.6
–54.2
–58.8

61.5
76.2
86.4
123.7
131.7
126.9
150.8
187.3
206.8
231.6
18.9
19.1
18.9
18.8
19.0
19.2
19.4
19.2
19.2
19.4
19.5
19.7
20.1

–604.9
–707.9
–752.4
–699.1
–702.3
–383.7
–499.4
–556.8
–534.7
–471.5
–38.3
–42.1
–43.2
–36.5
–39.3
–43.6
–34.4
–38.6
–38.7
–42.7
–39.1
–34.6
–38.7

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

Note: BOP refers to balance of payments on international transactions basis. BOP data shown
here are consistent with ﬁgures shown on pp. 36 and 37.

35

U.S. International Transactions
In the third quarter of 2013, the goods deﬁcit increased to $178.6 billion from $175.7 billion in the second quarter.
The current account deﬁcit fell to $94.8 billion in the third quarter from $96.6 billion in the second quarter.

[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (–)]
Goods 1
Period

2003 ....................
2004 ....................
2005 ....................
2006 ....................
2007 ....................
2008 ....................
2009 ....................
2010 ....................
2011 ....................
2012 ....................
2011: I ................
II ...............
III ..............
IV ..............
2012: I ................
II ...............
III ..............
IV ..............
2013: I ................
II ...............
III p ............

Exports

729,816
821,986
911,686
1,039,406
1,163,605
1,307,329
1,069,475
1,288,795
1,495,853
1,561,239
360,094
371,315
381,584
382,860
387,559
391,867
391,474
390,339
390,705
394,653
397,602

Imports

–1,272,089
–1,488,349
–1,695,820
–1,878,194
–1,986,347
–2,141,287
–1,580,025
–1,938,950
–2,239,991
–2,302,714
–541,789
–558,987
–565,472
–573,745
–581,163
–578,355
–570,454
–572,742
–570,162
–570,390
–576,232

Services
Balance
on
goods
–542,273
–666,364
–784,133
–838,788
–822,743
–833,957
–510,550
–650,156
–744,139
–741,475
–181,694
–187,672
–183,888
–190,885
–193,604
–186,487
–178,980
–182,403
–179,457
–175,736
–178,630

Net
military
transactions 2
–15,964
–15,374
–13,118
–9,535
–8,406
–11,294
–12,054
–13,520
–8,931
–6,214
–2,628
–2,125
–1,994
–2,184
–1,901
–1,824
–1,591
–898
–826
–902
–617

Net
travel
and
transportation
–12,451
–16,225
–14,549
–11,276
2,599
16,365
14,527
21,156
31,444
35,879
6,472
7,628
9,001
8,343
7,883
8,759
9,359
9,878
10,957
10,908
10,760

Other
services,
net
80,142
93,065
103,885
107,199
129,486
126,585
124,419
143,140
164,789
177,154
41,467
41,617
42,192
39,513
44,675
44,252
42,183
46,046
46,694
47,608
47,748

Balance
on
goods
and
services
–490,545
–604,897
–707,914
–752,399
–699,065
–702,302
–383,657
–499,379
–556,838
–534,656
–136,385
–140,551
–134,689
–145,214
–142,947
–135,302
–129,029
–127,378
–122,633
–118,122
–120,738

Income receipts and payments

Receipts

322,411
415,793
537,339
684,677
833,951
814,086
606,599
678,051
760,829
776,364
182,980
190,583
195,041
192,225
194,071
193,097
192,327
196,869
191,610
195,443
196,588

Payments

–279,651
–351,664
–469,709
–641,338
–733,345
–667,941
–483,019
–500,392
–528,181
–552,437
–127,895
–135,148
–133,973
–131,165
–139,195
–135,639
–137,697
–139,905
–140,730
–139,445
–136,590

Balance
on
income
42,760
64,129
67,630
43,338
100,606
146,144
123,580
177,659
232,648
223,928
55,085
55,435
61,068
61,061
54,876
57,457
54,630
56,965
50,881
55,997
59,998

Unilateral
current
transfers,
net 3
–70,873
–88,559
–99,512
–89,417
–114,929
–125,185
–121,559
–127,751
–133,535
–129,688
–35,343
–33,788
–32,005
–32,401
–32,771
–32,668
–32,343
–31,906
–33,143
–34,488
–34,100

Balance
on
current
account
–518,657
–629,327
–739,796
–798,478
–713,389
–681,343
–381,636
–449,471
–457,725
–440,416
–116,643
–118,903
–105,626
–116,554
–120,842
–110,513
–106,742
–102,320
–104,895
–96,613
–94,840

2 Transfers under U.S. military agency sales contracts (exports) minus direct defense expendi1 Adjusted from Census data to align with concepts and deﬁnitions used to prepare the international and national economic accounts. The adjustments are necessary to supplement coverage tures (imports).
3 Includes transfers of goods and services under U.S. military grant programs.
of Census data, to eliminate duplication of transactions recorded elsewhere in the international
accounts, to value transactions according to a standard deﬁnition, and for earlier years, to record
See p. 37 for continuation of table.
transactions in the appropriate period.

36

U.S. International Transactions—Continued
In the ﬁnancial account, U.S.-owned assets abroad increased $74.3 billion in the third quarter of 2013, following an
increase of $106.2 billion in the second quarter. Foreign-owned assets in the United States increased $148.2 billion
in the third quarter, following an increase of $168.2 billion in the second quarter.

[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (–)]
Financial account

Period

U.S.-owned assets abroad,
excluding ﬁnancial derivatives
[increase/ﬁnancial outﬂow (–)]

Capital
account
transactions,
net
Total

2003 ....................
–1,821
2004 ....................
3,049
2005 ....................
13,116
2006 ....................
–1,788
2007 ....................
384
2008 ....................
6,010
2009 ....................
–140
2010 ....................
–157
2011 ....................
–1,212
2012 ....................
6,956
2011: I ................
–29
II ...............
–829
III ..............
–300
IV ..............
–55
2012: I ................
–1
II ...............
–241
III ..............
–470
IV ..............
7,668
2013: I ................
–40
II ...............
–227
III p ............ ...................

–325,424
–1,000,870
–546,631
–1,285,729
–1,453,604
332,109
–128,860
–909,953
–452,304
–97,469
–355,433
20,385
–84,425
–32,831
93,519
192,062
–267,054
–115,996
–229,070
–106,201
–74,295

U.S.
ofﬁcial
reserve
assets 4
1,523
2,805
14,096
2,374
–122
–4,848
–52,256
–1,834
–15,877
–4,460
–3,619
–6,267
–4,079
–1,912
–1,233
–3,289
–833
895
–876
191
1,001

Other
U.S.
Government
assets
537
1,710
5,539
5,346
–22,273
–529,615
541,342
7,540
–103,666
85,331
–547
–1,358
–1,137
–100,624
51,087
16,650
15,206
2,388
–446
3,115
850

Statistical discrepancy

Foreign-owned assets in the U.S.,
excluding ﬁnancial derivatives
[increase/ﬁnancial inﬂow (+)]
U.S.
Private
assets
–327,484
–1,005,385
–566,266
–1,293,449
–1,431,209
866,571
–617,946
–915,659
–332,761
–178,341
–351,267
28,009
–79,209
69,705
43,665
178,701
–281,428
–119,279
–227,748
–109,507
–76,146

4 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve position in the International Monetary Fund (IMF).

Total
858,303
1,533,201
1,247,347
2,065,169
2,064,642
431,406
315,063
1,333,921
969,006
543,884
560,627
112,919
256,164
39,296
177,381
–176,468
300,570
242,401
265,544
168,191
148,154

Foreign
ofﬁcial
assets
278,069
397,755
259,268
487,939
481,043
554,634
480,286
398,309
253,816
393,922
72,443
121,361
53,851
6,161
144,468
57,374
107,684
84,396
126,871
–6,577
68,514

Other
foreign
assets

Financial
derivatives,
net

580,234 ...................
1,135,446 ...................
988,079 ...................
1,577,230
29,710
1,583,599
6,222
–123,228
–32,947
–165,223
44,816
935,612
14,076
715,190
35,006
149,962
–7,064
488,184
2,952
–8,442
9,806
202,313
–1,617
33,135
23,865
32,913
–7,339
–233,842
2,419
192,886
–5,129
158,005
2,985
138,673
3,948
174,768
3,511
79,640
–6,569

Total
(sum of
the
items
with
sign
reversed)
–12,401
93,947
25,964
–8,884
95,745
–55,235
150,757
11,585
–92,771
–5,891
–91,475
–23,377
–64,196
86,279
–142,718
92,741
78,825
–34,738
64,513
31,339
27,550

Of which:
Seasonal
adjustment
discrepancy

...................
...................
...................
...................
...................
...................
...................
...................
...................
...................
13,068
–15,466
–24,180
26,580
13,576
–16,117
–21,229
23,771
15,089
–12,827
–14,302

U.S. ofﬁcial
reserve
assets,
net
(unadjusted,
end of
period) 4

85,938
86,824
65,127
65,895
70,565
77,648
130,760
132,433
147,953
150,175
139,315
147,660
148,487
147,953
149,078
149,830
153,075
150,175
146,329
145,703
147,747

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.

37

CONTENTS
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross Domestic Product .......................................................................................................................................................
1
Real Gross Domestic Product ...............................................................................................................................................
2
Chained Price Indexes For Gross Domestic Product ...........................................................................................................
2
Gross Domestic Product and Related Price Measures: Indexes and Percent Changes ..........................................................
3
Nonﬁnancial Corporate Business—Gross Value Added and Price, Costs, and Proﬁts ......................................................... 3
National Income ...................................................................................................................................................................
4
Real Personal Consumption Expenditures ........................................................................................................................... 4
Sources of Personal Income ..................................................................................................................................................
5
Disposition of Personal Income ............................................................................................................................................
6
Real Farm Income ................................................................................................................................................................ 7
Corporate Proﬁts ..................................................................................................................................................................
8
Real Gross Private Domestic Investment .............................................................................................................................. 9
Real Private Fixed Investment by Type ................................................................................................................................. 10
Business Investment .............................................................................................................................................................. 10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force ......................................................................................................................................................
Selected Unemployment Rates ..............................................................................................................................................
Selected Measures of Unemployment and Unemployment Insurance Programs ..................................................................
Nonagricultural Employment ...............................................................................................................................................
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries ...............................
Employment Cost Index—Private Industry .........................................................................................................................
Productivity and Related Data, Business and Nonfarm Business Sectors .............................................................................

11
12
13
14
15
15
16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization ................................................................................................................... 17
Industrial Production—Major Market Groups and Selected Manufactures ......................................................................... 18
New Construction ................................................................................................................................................................ 19
New Private Housing and Vacancy Rates ............................................................................................................................. 19
Business Sales and Inventories—Manufacturing and Trade ................................................................................................. 20
Manufacturers’ Shipments, Inventories, and Orders ............................................................................................................. 21
PRICES

Producer Prices .....................................................................................................................................................................
Consumer Prices—All Urban Consumers ............................................................................................................................
Changes in Producer Prices for Finished Goods ...................................................................................................................
Changes in Consumer Prices—All Urban Consumers .........................................................................................................
Prices Received and Paid by Farmers ....................................................................................................................................

22
23
24
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures .........................................................................................................................................
Components of Money Stock ...............................................................................................................................................
Aggregate Reserves and Monetary Base ................................................................................................................................
Bank Credit at All Commercial Banks .................................................................................................................................
Sources and Uses of Funds, Nonfarm Nonﬁnancial Corporate Business .............................................................................
Consumer Credit ..................................................................................................................................................................
Interest Rates and Bond Yields .............................................................................................................................................
Common Stock Prices and Yields .........................................................................................................................................

26
27
27
28
29
29
30
31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt .................................................................................................................................... 32
Federal Receipts by Source and Outlays by Function ........................................................................................................... 33
Federal Sector, National Income Accounts Basis .................................................................................................................. 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries .......................................................................... 35
U.S. International Trade in Goods and Services ................................................................................................................... 35
U.S. International Transactions ............................................................................................................................................ 36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar ﬁgures are in current dollars.
Symbols used:
p Preliminary.
r Revised.
c Corrected.
... Not available (also, not applicable).
NSA Not seasonally adjusted.

38

U.S. GOVERNMENT PRINTING OFFICE : 2014 86-538
Full text of Economic Indicators : January 2014

FRASER
