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114th Congress, 1st Session

Economic Indicators
JANUARY 2015
(Includes data available as of February 6, 2015)

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

UNITED STATES
GOVERNMENT PUBLISHING OFFICE
WASHINGTON : 2015

JOINT ECONOMIC COMMITTEE

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

Senate

House of Representatives

COUNCIL OF ECONOMIC ADVISERS
Jason Furman, Chairman
Maurice Obstfeld, Member
Betsey Stevenson, Member
[Public Law 120—81st Congress; Chapter 237—1st Session]
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 Publishing Office
at 202-512-1800, www.gpo.gov/economicindicators, or:
SUPERINTENDENT OF DOCUMENTS
U.S. GOVERNMENT PUBLISHING OFFICE
MAIL STOP: IDCC
WASHINGTON, DC 20402-9328

ii

TOTAL OUTPUT, INCOME, AND SPENDING
Gross Domestic Product
In the fourth quarter of 2014, according to advance estimates, current dollar gross domestic product (GDP) rose 2.5
percent (annual rate), real GDP in chained (2009) dollars rose 2.6 percent, and the chained price index remained
unchanged.
BILLIONS OF DOLLARS (RATIO SCALE)

BILLIONS OF DOLLARS (RATIO SCALE)
18,000

18,000

SEASONALLY ADJUSTED ANNUAL RATES

17,600

17,600

17,200

17,200

16,800

16,800

16,400

16,400

16,000

16,000
GDP
IN CURRENT DOLLARS

15,600

15,600

15,200

15,200

14,800

14,800
GDP
IN CHAINED (2009) DOLLARS

14,400

14,400

14,000

14,000

13,600

13,600

13,200

13,200

12,800

12,800

12,400

12,400
2005

2006

2007

2008

2009

2010

2011

2012

SOURCE: DEPARTMENT OF COMMERCE

2013

2014

COUNCIL OF ECONOMIC ADVISERS

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

Period

2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 p ������������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I ����������������
      II ���������������
      III ��������������
      IV p �����������

Gross
domestic
product

13,093.7
13,855.9
14,477.6
14,718.6
14,418.7
14,964.4
15,517.9
16,163.2
16,768.1
17,420.7
15,238.4
15,460.9
15,587.1
15,785.3
15,956.5
16,094.7
16,268.9
16,332.5
16,502.4
16,619.2
16,872.3
17,078.3
17,044.0
17,328.2
17,599.8
17,710.7

Personal
consumption
expenditures

Gross
private
domestic
investment

8,794.1
9,304.0
9,750.5
10,013.6
9,847.0
10,202.2
10,689.3
11,083.1
11,484.3
11,928.4
10,523.5
10,651.4
10,754.5
10,827.9
10,959.7
11,030.6
11,119.8
11,222.6
11,351.1
11,414.3
11,518.7
11,653.3
11,728.5
11,870.7
12,002.0
12,112.3

2,527.1
2,680.6
2,643.7
2,424.8
1,878.1
2,100.8
2,239.9
2,479.2
2,648.0
2,855.8
2,123.5
2,212.7
2,228.2
2,395.2
2,445.4
2,489.3
2,500.4
2,481.5
2,543.3
2,594.6
2,708.9
2,745.2
2,714.4
2,843.6
2,905.1
2,960.2

Exports and imports of
goods and services
Net
exports
–721.2
–770.9
–718.5
–723.1
–395.4
–512.7
–580.0
–568.3
–508.2
–538.0
–562.5
–586.9
–572.4
–598.1
–614.8
–588.5
–541.7
–528.2
–528.0
–532.0
–509.9
–462.9
–538.0
–549.2
–516.5
–548.5

Government consumption expenditures
and gross investment
Federal

Exports

1,308.9
1,476.3
1,664.6
1,841.9
1,587.7
1,852.3
2,106.4
2,194.2
2,262.2
2,334.2
2,033.3
2,108.3
2,142.9
2,141.0
2,162.4
2,192.5
2,203.2
2,218.5
2,219.4
2,236.4
2,268.4
2,324.6
2,284.7
2,344.3
2,366.5
2,341.3

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

Imports

2,030.1
2,247.3
2,383.2
2,565.0
1,983.2
2,365.0
2,686.4
2,762.5
2,770.4
2,872.3
2,595.8
2,695.3
2,715.3
2,739.1
2,777.1
2,781.1
2,745.0
2,746.7
2,747.4
2,768.4
2,778.3
2,787.5
2,822.7
2,893.5
2,883.0
2,889.8

Total

2,493.7
2,642.2
2,801.9
3,003.2
3,089.1
3,174.0
3,168.7
3,169.2
3,143.9
3,174.5
3,153.8
3,183.8
3,176.8
3,160.4
3,166.2
3,163.3
3,190.5
3,156.6
3,135.9
3,142.4
3,154.7
3,142.7
3,139.1
3,163.1
3,209.3
3,186.7

Total
946.3
1,002.0
1,049.8
1,155.6
1,217.7
1,303.9
1,303.5
1,291.4
1,231.5
1,219.0
1,298.1
1,314.9
1,305.9
1,294.9
1,291.4
1,290.0
1,314.3
1,269.9
1,241.9
1,234.1
1,233.9
1,216.2
1,208.1
1,210.5
1,241.3
1,216.2

National
defense

Nondefense

608.3
642.4
678.7
754.1
788.3
832.8
836.9
818.0
769.9
761.4
823.4
844.9
851.5
828.0
818.6
817.1
840.9
795.4
775.1
772.2
774.9
757.5
749.9
754.6
784.0
757.0

338.1
359.6
371.0
401.5
429.4
471.1
466.5
473.4
461.6
457.6
474.7
470.0
454.5
466.9
472.8
472.9
473.4
474.4
466.8
461.9
459.0
458.7
458.2
455.9
457.3
459.2

Chart 1 - Jan 2015

State
and
local
1,547.4
1,640.2
1,752.2
1,847.6
1,871.4
1,870.2
1,865.3
1,877.8
1,912.4
1,955.5
1,855.8
1,869.0
1,870.9
1,865.5
1,874.8
1,873.3
1,876.2
1,886.8
1,894.0
1,908.3
1,920.7
1,926.5
1,931.0
1,952.6
1,968.0
1,970.5

Final
Addendum:
Gross
sales of
Gross
domestic
domestic purchases 1 national
product
product

13,034.1
13,788.9
14,443.2
14,750.6
14,566.3
14,902.8
15,476.2
16,098.3
16,694.0
17,330.3
15,212.1
15,397.9
15,602.0
15,692.7
15,875.4
16,002.5
16,193.2
16,322.1
16,458.2
16,568.4
16,761.6
16,987.8
17,003.9
17,228.0
17,505.3
17,583.8

13,814.9
13,186.3
14,626.8
13,923.5
15,196.2
14,603.2
15,441.6
14,890.6
14,814.2
14,569.8
15,477.0
15,170.3
16,097.9
15,764.6
16,731.5
16,390.5
17,276.2
16,992.4
17,958.7 �����������������
15,800.8
15,466.5
16,047.9
15,692.0
16,159.5
15,842.6
16,383.5
16,057.1
16,571.3
16,195.0
16,683.2
16,325.0
16,810.7
16,484.0
16,860.7
16,558.0
17,030.4
16,711.2
17,151.2
16,834.0
17,382.2
17,103.1
17,541.2
17,321.2
17,582.0
17,255.0
17,877.5
17,541.7
18,116.3
17,829.6
18,259.2 �����������������

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

2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 p ������������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: 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
14,234.2
14,613.8
14,873.7
14,830.4
14,418.7
14,783.8
15,020.6
15,369.2
15,710.3
16,089.8
14,881.3
14,989.6
15,021.1
15,190.3
15,275.0
15,336.7
15,431.3
15,433.7
15,538.4
15,606.6
15,779.9
15,916.2
15,831.7
16,010.4
16,205.6
16,311.6

9,531.8
9,821.7
10,041.6
10,007.2
9,847.0
10,036.3
10,263.5
10,449.7
10,699.7
10,967.8
10,217.1
10,237.7
10,282.2
10,316.8
10,387.6
10,420.2
10,470.4
10,520.6
10,613.7
10,660.4
10,713.3
10,811.4
10,844.3
10,912.6
10,999.5
11,114.9

1,717.4
1,839.6
1,948.4
1,934.4
1,633.4
1,673.8
1,802.3
1,931.8
1,990.6
2,112.7
1,724.1
1,761.0
1,840.8
1,883.1
1,910.1
1,930.6
1,934.5
1,951.9
1,959.0
1,966.8
1,993.3
2,043.3
2,051.5
2,099.6
2,144.8
2,154.8

872.6
806.6
654.8
497.7
392.2
382.4
384.5
436.5
488.4
496.3
374.4
379.3
386.8
397.6
420.8
425.3
439.5
460.3
469.0
489.8
503.0
491.9
485.3
495.6
499.6
504.6

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

Imports

Total

–782.3
–794.3
–712.6
–557.8
–395.4
–458.8
–459.4
–452.5
–420.4
–452.6
–466.2
–455.2
–454.3
–461.7
–465.7
–466.7
–453.0
–424.5
–427.2
–446.0
–424.6
–384.0
–447.2
–460.4
–431.4
–471.5

1,381.9
1,506.8
1,646.4
1,740.8
1,587.7
1,776.6
1,898.3
1,960.1
2,019.8
2,082.5
1,862.3
1,890.7
1,910.6
1,929.7
1,936.0
1,958.9
1,969.1
1,976.5
1,972.3
2,002.8
2,027.7
2,076.5
2,026.9
2,080.7
2,104.0
2,118.4

2,164.2
2,301.0
2,359.0
2,298.6
1,983.2
2,235.4
2,357.7
2,412.6
2,440.3
2,535.1
2,328.5
2,345.9
2,364.9
2,391.3
2,401.7
2,425.5
2,422.1
2,401.0
2,399.5
2,448.8
2,452.3
2,460.5
2,474.1
2,541.1
2,535.3
2,589.9

2,826.2
2,869.3
2,914.4
2,994.8
3,089.1
3,091.4
2,997.4
2,953.9
2,894.5
2,889.3
3,012.2
3,009.0
2,990.0
2,978.3
2,957.8
2,954.9
2,974.4
2,928.7
2,899.8
2,901.2
2,902.4
2,874.5
2,868.5
2,880.6
2,911.9
2,896.0

64.3
71.6
35.5
–33.7
–147.6
58.2
37.6
57.0
63.5
78.8
25.1
57.5
–13.0
80.8
70.9
78.9
71.2
7.2
33.4
43.4
95.6
81.8
35.2
84.8
82.2
113.1

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

National Nondefense defense

Total
1,034.8
1,060.9
1,078.7
1,152.3
1,217.7
1,270.7
1,236.4
1,214.4
1,145.3
1,123.4
1,241.2
1,246.0
1,233.3
1,225.2
1,216.0
1,213.1
1,235.4
1,193.0
1,162.5
1,152.2
1,148.7
1,117.8
1,117.4
1,114.9
1,141.6
1,119.7

665.5
678.8
695.6
748.1
788.3
813.5
795.0
768.7
717.7
702.2
788.4
801.3
805.1
785.3
770.4
767.9
789.8
746.7
725.5
721.8
722.6
701.0
693.9
695.4
721.7
697.9

369.4
382.1
383.1
404.2
429.4
457.1
441.4
445.7
427.5
421.0
452.7
444.7
428.2
439.9
445.6
445.2
445.6
446.3
436.9
430.4
426.1
416.7
423.4
419.4
419.8
421.6

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

State
and
local
1,792.3
1,808.8
1,836.1
1,842.4
1,871.4
1,820.8
1,761.0
1,739.5
1,748.4
1,764.9
1,771.1
1,763.0
1,756.8
1,753.1
1,741.7
1,741.7
1,739.2
1,735.5
1,736.8
1,748.3
1,753.0
1,755.7
1,750.2
1,764.7
1,769.5
1,775.2

14,168.8
14,542.3
14,836.2
14,865.7
14,566.3
14,722.2
14,979.0
15,304.3
15,636.7
15,991.7
14,855.3
14,924.5
15,035.1
15,101.0
15,195.6
15,248.2
15,350.9
15,422.6
15,499.6
15,555.5
15,671.0
15,820.7
15,782.6
15,905.9
16,102.8
16,175.6

15,040.3 14,338.4
15,431.6 14,688.6
15,606.8 15,005.7
15,399.9 15,004.8
14,814.2 14,569.8
15,244.9 14,970.8
15,483.9 15,241.0
15,824.6 15,567.3
16,131.0 15,902.4
16,544.1 ��������������
15,351.6 15,086.5
15,448.3 15,195.1
15,479.5 15,249.1
15,656.1 15,433.2
15,744.7 15,484.6
15,807.6 15,538.1
15,887.2 15,617.5
15,859.0 15,629.1
15,966.0 15,717.2
16,054.5 15,790.6
16,205.0 15,977.6
16,298.6 16,124.3
16,280.4 16,009.8
16,473.2 16,189.8
16,637.7 16,399.3
16,785.1 ��������������

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

2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 p ������������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I ����������������
      II ���������������
      III ��������������
      IV p �����������

Gross
domestic
product

91.985
94.812
97.340
99.218
100.000
101.226
103.315
105.174
106.739
108.309
102.409
103.170
103.770
103.913
104.461
104.937
105.475
105.821
106.172
106.495
106.943
107.347
107.694
108.261
108.643
108.638

Personal consumption
expenditures

Total

92.261
94.729
97.102
100.065
100.000
101.653
104.149
106.062
107.333
108.757
103.002
104.043
104.595
104.956
105.510
105.860
106.204
106.675
106.951
107.074
107.520
107.789
108.156
108.782
109.116
108.975

Goods

96.951
98.277
99.403
102.362
100.000
101.637
105.413
106.712
106.211
105.781
103.795
105.584
106.095
106.178
106.661
106.543
106.683
106.960
106.638
105.986
106.301
105.917
105.769
106.240
106.278
104.836

Gross private
domestic investment

Services

89.933
92.976
95.981
98.947
100.000
101.661
103.524
105.745
107.919
110.299
102.610
103.280
103.853
104.353
104.941
105.526
105.973
106.541
107.122
107.641
108.154
108.759
109.390
110.097
110.584
111.125

Nonresidential
fixed
93.830
96.561
98.574
100.337
100.000
99.070
100.545
102.082
103.186
104.441
99.909
100.445
100.761
101.065
101.680
101.984
102.263
102.402
102.620
103.058
103.364
103.701
104.059
104.370
104.643
104.691

Residential
fixed
98.103
103.821
105.176
103.647
100.000
99.645
100.395
101.342
106.448
112.646
100.112
100.472
100.482
100.512
100.360
100.745
101.618
102.644
104.271
105.571
106.982
108.968
111.244
111.450
113.400
114.490

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Exports

94.717
97.979
101.107
105.809
100.000
104.263
110.960
111.940
112.001
112.093
109.204
111.523
112.162
110.953
111.696
111.931
111.889
112.244
112.528
111.663
111.868
111.945
112.716
112.665
112.473
110.517

Imports

93.802
97.663
101.024
111.588
100.000
105.800
113.942
114.501
113.529
113.306
111.485
114.902
114.826
114.553
115.633
114.656
113.323
114.393
114.496
113.048
113.287
113.286
114.082
113.862
113.709
111.572

Total
91.449
94.448
97.319
100.286
100.000
102.614
105.422
106.341
107.530
108.499
104.585
105.524
105.890
105.688
106.197
106.338
106.388
106.440
106.828
107.093
107.406
108.791
108.105
108.563
108.721
108.607

National
defense
91.395
94.633
97.572
100.809
100.000
102.365
105.274
106.415
107.275
108.418
104.443
105.444
105.763
105.446
106.262
106.406
106.474
106.518
106.829
106.983
107.238
108.052
108.067
108.514
108.633
108.459

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

2

Nondefense
91.529
94.101
96.849
99.321
100.000
103.064
105.691
106.218
107.966
108.665
104.847
105.673
106.120
106.125
106.092
106.226
106.244
106.312
106.833
107.286
107.699
110.047
108.199
108.675
108.899
108.887

State
and
local
86.333
90.677
95.426
100.279
100.000
102.714
105.923
107.947
109.377
110.800
104.778
106.006
106.496
106.413
107.641
107.556
107.876
108.715
109.052
109.154
109.572
109.729
110.332
110.653
111.216
111.001

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

2005 ����������������������
2006 ����������������������
2007 ����������������������
2008 ����������������������
2009 ����������������������
2010 ����������������������
2011 ����������������������
2012 ����������������������
2013 ����������������������
2014 p ��������������������
2011: I ������������������
      II �����������������
      III ����������������
      IV ����������������
2012: I ������������������
      II �����������������
      III ����������������
      IV ����������������
2013: I ������������������
      II �����������������
      III ����������������
      IV ����������������
2014: I ������������������
      II �����������������
      III ����������������
      IV p �������������

Real GDP
GDP
(chain-type chain-type
quantity
price
index)
index
98.720
101.353
103.156
102.855
100.000
102.532
104.174
106.592
108.957
111.590
103.208
103.959
104.178
105.351
105.939
106.367
107.023
107.039
107.766
108.238
109.440
110.386
109.799
111.039
112.393
113.128

GDP
implicit
price
deflator

91.985
94.812
97.340
99.218
100.000
101.226
103.315
105.174
106.739
108.309
102.409
103.170
103.770
103.913
104.461
104.937
105.475
105.821
106.172
106.495
106.943
107.347
107.694
108.261
108.643
108.638

PCE
PCE
less food
(chain-type and
price index) priceenergy
index

91.988
94.814
97.337
99.246
100.000
101.221
103.311
105.166
106.733
108.272
102.399
103.145
103.768
103.917
104.461
104.942
105.428
105.824
106.204
106.488
106.923
107.301
107.658
108.231
108.603
108.578

92.261
94.729
97.102
100.065
100.000
101.653
104.149
106.062
107.333
108.757
103.002
104.043
104.595
104.956
105.510
105.860
106.204
106.675
106.951
107.074
107.520
107.789
108.156
108.782
109.116
108.975

92.711
94.786
96.832
98.827
100.000
101.286
102.800
104.678
106.084
107.575
101.974
102.593
103.110
103.522
104.063
104.546
104.871
105.230
105.606
105.875
106.252
106.603
106.922
107.447
107.821
108.111

Personal consumption
expenditures (PCE)

Gross domestic product (GDP)
Gross
domestic
purchases
price index

91.851
94.783
97.372
100.244
100.000
101.527
103.970
105.738
107.105
108.587
102.936
103.906
104.395
104.641
105.249
105.533
105.858
106.313
106.634
106.837
107.284
107.667
108.030
108.553
108.925
108.840

1 Quarterly percent changes are at annual rates.

GDP
(current
dollars)
6.7
5.8
4.5
1.7
–2.0
3.8
3.7
4.2
3.7
3.9
.2
6.0
3.3
5.2
4.4
3.5
4.4
1.6
4.2
2.9
6.2
5.0
–.8
6.8
6.4
2.5

Real GDP
GDP
(chain-type chain-type
quantity
price
index)
index
3.3
2.7
1.8
–.3
–2.8
2.5
1.6
2.3
2.2
2.4
–1.5
2.9
.8
4.6
2.3
1.6
2.5
.1
2.7
1.8
4.5
3.5
–2.1
4.6
5.0
2.6

GDP
implicit
price
deflator

3.2
3.1
2.7
1.9
.8
1.2
2.1
1.8
1.5
1.5
1.8
3.0
2.3
.6
2.1
1.8
2.1
1.3
1.3
1.2
1.7
1.5
1.3
2.1
1.4
.0

Gross
domestic
PCE
purchases
PCE
food price index
(chain-type lessenergy
price index) and
price index

3.2
3.1
2.7
2.0
.8
1.2
2.1
1.8
1.5
.0
1.8
2.9
2.4
.6
2.1
1.9
1.9
1.5
1.4
1.1
1.6
1.4
1.3
2.1
1.4
–.1

2.9
2.7
2.5
3.1
–.1
1.7
2.5
1.8
1.2
1.3
3.0
4.1
2.1
1.4
2.1
1.3
1.3
1.8
1.0
.5
1.7
1.0
1.4
2.3
1.2
–.5

2.2
2.2
2.2
2.1
1.2
1.3
1.5
1.8
1.3
1.4
1.4
2.5
2.0
1.6
2.1
1.9
1.2
1.4
1.4
1.0
1.4
1.3
1.2
2.0
1.4
1.1

3.5
3.2
2.7
2.9
–.2
1.5
2.4
1.7
1.3
1.4
3.0
3.8
1.9
.9
2.3
1.1
1.2
1.7
1.2
.8
1.7
1.4
1.4
2.0
1.4
–.3

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
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: 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

6,107.9
6,532.1
6,988.0
7,203.9
7,256.8
6,859.8
7,238.7
7,592.3
8,030.3
8,287.0
7,412.4
7,578.3
7,671.3
7,707.2
7,942.9
8,016.8
8,007.9
8,153.6
8,190.5
8,283.2
8,314.2
8,360.1
8,385.6
8,554.9
8,666.8

Chained
(2009)
dollars
6,904.1
7,131.7
7,406.3
7,480.5
7,383.9
6,859.8
7,240.0
7,421.5
7,742.6
7,922.1
7,313.8
7,421.1
7,422.7
7,528.4
7,703.4
7,749.5
7,706.4
7,811.3
7,842.3
7,929.7
7,936.8
7,979.7
7,993.3
8,120.9
8,213.5

Total

0.885
.916
.944
.963
.983
1.000
1.000
1.023
1.037
1.046
1.013
1.021
1.033
1.024
1.031
1.034
1.039
1.044
1.044
1.045
1.048
1.048
1.049
1.053
1.055

Compensation
of employees
(unit labor
cost)
0.545
.551
.558
.576
.590
.596
.574
.588
.593
.600
.593
.586
.592
.581
.591
.589
.594
.599
.599
.598
.600
.601
.612
.607
.606

Corporate profits with inventory valuation
and capital consumption adjustments 4

Unit nonlabor cost

Total
0.232
.243
.249
.265
.283
.299
.290
.296
.293
.293
.295
.294
.297
.295
.294
.293
.294
.291
.294
.291
.294
.295
.296
.291
.292

Consumption
of fixed
capital
0.123
.128
.132
.139
.148
.159
.151
.154
.153
.155
.153
.153
.155
.154
.152
.152
.154
.153
.154
.154
.156
.157
.158
.157
.157

Net interest
Taxes on
and
production miscellaneous
and imports 3
payments
0.086
.091
.092
.093
.093
.099
.099
.103
.101
.101
.103
.102
.103
.102
.103
.102
.101
.100
.102
.100
.101
.101
.101
.101
.101

0.023
.024
.025
.033
.042
.041
.040
.039
.039
.037
.039
.039
.039
.039
.039
.039
.039
.038
.038
.037
.037
.037
.037
.033
.034

Total
0.107
.122
.137
.122
.110
.105
.136
.140
.151
.153
.126
.141
.145
.148
.148
.153
.151
.153
.152
.155
.154
.152
.141
.155
.157

Taxes on
corporate
income
0.027
.038
.042
.039
.031
.026
.030
.031
.035
.042
.030
.030
.032
.031
.035
.034
.035
.036
.042
.041
.040
.043
.046
.049
.049

Profits
after
tax 5
0.080
.084
.096
.083
.079
.079
.105
.109
.116
.112
.096
.110
.113
.117
.113
.119
.116
.116
.110
.114
.114
.109
.095
.107
.109

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

2005 �������������������� 11,239.8
2006 �������������������� 12,004.8
2007 �������������������� 12,321.4
2008 �������������������� 12,427.8
2009 �������������������� 12,126.1
2010 �������������������� 12,739.5
2011 �������������������� 13,352.3
2012 �������������������� 14,069.5
2013 �������������������� 14,577.1
2014 p ������������������ ��������������
2011: I ���������������� 13,091.2
      II ��������������� 13,255.9
      III �������������� 13,454.8
      IV �������������� 13,607.2
2012: I ���������������� 13,914.4
      II ��������������� 13,984.9
      III �������������� 14,077.7
      IV �������������� 14,301.0
2013: I ���������������� 14,376.1
      II ��������������� 14,511.5
      III �������������� 14,650.5
      IV �������������� 14,770.2
2014: I ���������������� 14,733.7
      II ��������������� 14,972.9
      III �������������� 15,222.9
      IV p ����������� ��������������

7,086.8
7,502.3
7,898.3
8,078.3
7,787.0
7,961.4
8,269.0
8,606.5
8,844.8
9,207.0
8,209.7
8,248.9
8,332.0
8,285.4
8,523.0
8,543.8
8,576.6
8,782.5
8,734.4
8,826.3
8,871.6
8,946.8
9,096.2
9,159.5
9,238.7
9,333.7

Rental
income
of
persons
with
capital
conNonfarm
sumption
adjustment

Farm

46.4
36.0
38.1
47.0
35.5
46.0
75.5
72.3
83.2
63.7
75.6
72.3
77.9
76.4
71.7
72.5
71.9
73.2
92.2
83.6
86.8
70.1
58.1
73.4
62.2
61.2

932.6
1,017.7
941.1
979.5
937.5
986.7
1,068.1
1,187.9
1,253.5
1,316.6
1,027.6
1,052.9
1,083.8
1,108.1
1,154.7
1,183.6
1,194.2
1,219.1
1,235.6
1,246.5
1,259.2
1,272.6
1,292.9
1,307.6
1,324.2
1,341.7

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

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
1,397.0
1,479.2
1,472.6
6.7
402.8
1,746.4
1,799.7
1,840.7
–41.0
485.3
1,816.6
1,738.5
1,806.8
–68.3
533.0
2,022.8
2,126.6
2,136.1
–9.5
595.8
2,106.9
2,238.7
2,235.3
3.3
640.6 �������������� �������������� �������������� ��������������
460.1
1,677.4
1,603.8
1,747.7
–143.9
478.0
1,790.0
1,717.1
1,806.5
–89.5
491.6
1,826.6
1,748.8
1,781.4
–32.6
511.6
1,972.5
1,884.3
1,891.6
–7.2
516.6
1,977.9
2,088.6
2,120.9
–32.3
526.5
2,024.8
2,130.7
2,119.4
11.3
537.1
2,041.0
2,141.8
2,155.7
–13.9
551.7
2,047.6
2,145.3
2,148.4
–3.1
575.0
2,039.4
2,167.3
2,169.0
–1.7
590.8
2,103.6
2,235.0
2,219.8
15.2
604.2
2,140.7
2,273.7
2,270.9
2.8
613.3
2,143.8
2,278.6
2,281.6
–3.0
622.9
1,942.1
2,272.6
2,297.2
–24.6
635.4
2,106.2
2,437.4
2,450.1
–12.7
646.7
2,170.7
2,501.1
2,497.1
4.0
657.2 �������������� �������������� �������������� ��������������

1 With inventory valuation and capital consumption adjustments.

–143.5
–169.2
–179.9
–60.4
–82.2
–53.3
78.1
–103.8
–131.8
–329.5
73.5
72.9
77.8
88.1
–110.7
–106.0
–100.8
–97.8
–127.9
–131.4
–133.1
–134.8
–330.5
–331.3
–330.4
–325.7

496.8
580.9
663.4
693.4
563.4
489.4
488.1
491.7
499.8
485.2
493.5
465.6
493.4
499.6
503.6
473.4
509.5
480.3
517.4
477.1
493.3
511.2
506.5
461.0
479.3
494.0

Business
Less:
current
Subsidies transfer
payments

934.5
991.9
1034.6
1041.9
1026.1
1057.1
1102.6
1132.0
1162.4
1203.2
1,087.6
1,104.2
1,104.0
1,114.6
1,129.5
1,132.0
1,127.7
1,138.9
1,154.8
1,152.2
1,167.1
1,175.7
1,184.5
1,197.9
1,212.4
1,218.2

60.9
51.5
54.6
52.6
58.3
55.9
60.1
58.0
60.2
57.3
58.6
59.9
61.0
60.8
57.9
58.0
56.8
59.4
60.0
61.1
60.6
58.9
57.7
57.5
57.4
56.7

93.9
82.6
98.6
114.4
124.9
128.5
131.5
106.7
120.6
141.0
142.6
127.9
131.0
124.6
119.2
110.8
102.0
94.6
115.1
122.3
118.4
126.6
119.2
123.0
182.4
139.1

Current
surplus
of
government
enterprises

–6.4
–9.3
–16.4
–21.2
–20.6
–22.9
–24.5
–25.3
–29.6
–35.0
–24.5
–24.1
–24.6
–24.9
–23.9
–24.5
–25.4
–27.3
–27.8
–29.6
–30.1
–31.0
–31.1
–33.6
–36.3
–39.0

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

2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 p ������������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I ����������������
      II ���������������
      III ��������������
      IV p �����������

9,531.8
9,821.7
10,041.6
10,007.2
9,847.0
10,036.3
10,263.5
10,449.7
10,699.7
10,967.8
10,217.1
10,237.7
10,282.2
10,316.8
10,387.6
10,420.2
10,470.4
10,520.6
10,613.7
10,660.4
10,713.3
10,811.4
10,844.3
10,912.6
10,999.5
11,114.9

Services

Durable
Total
goods

3,177.2
3,292.5
3,381.8
3,297.8
3,198.4
3,308.7
3,411.8
3,506.5
3,626.0
3,752.2
3,404.9
3,398.2
3,405.5
3,438.5
3,478.0
3,489.0
3,516.9
3,542.3
3,593.7
3,605.2
3,636.1
3,669.0
3,678.3
3,731.6
3,774.5
3,824.3

Total
durable
goods 1

1,046.9
1,091.5
1,141.7
1,083.2
1,023.3
1,085.7
1,151.5
1,235.7
1,319.0
1,411.1
1,141.8
1,134.2
1,148.6
1,181.5
1,212.0
1,218.8
1,242.4
1,269.7
1,295.7
1,310.0
1,325.9
1,344.5
1,355.0
1,400.4
1,431.5
1,457.5

Nondurable

Motor
vehicles
and
parts
400.0
385.1
392.8
340.8
317.1
323.4
333.8
357.9
376.0
405.6
342.7
324.2
325.2
343.0
351.4
351.7
359.5
369.1
374.1
374.0
375.5
380.5
385.7
402.9
413.7
420.2

Total
nondurable
goods 1
2,132.3
2,202.2
2,239.3
2,214.7
2,175.1
2,223.5
2,263.2
2,280.1
2,322.6
2,365.2
2,265.1
2,265.6
2,259.7
2,262.4
2,273.4
2,278.0
2,284.1
2,285.0
2,311.7
2,310.5
2,326.4
2,341.8
2,341.9
2,354.6
2,369.4
2,395.0

Food and
beverages
purchased
for offpremises
consumption

Gasoline
and
other
energy
goods

Total
services 1

Household
consumption
expenditures

757.6
780.8
791.3
781.9
770.0
786.5
795.1
801.6
809.4
809.0
797.5
797.1
793.9
792.0
797.6
800.9
803.3
804.7
810.2
804.6
808.9
814.0
811.9
809.2
809.0
806.0

298.0
297.4
296.8
283.4
284.5
282.2
274.3
269.2
271.7
275.0
280.2
273.1
272.7
271.5
267.4
271.7
270.9
266.7
270.5
270.4
272.9
272.9
274.4
272.1
272.7
280.7

6,353.4
6,526.6
6,656.4
6,708.6
6,648.5
6,727.6
6,851.4
6,942.4
7,073.1
7,216.1
6,812.0
6,839.2
6,876.6
6,877.7
6,908.8
6,930.5
6,952.8
6,977.5
7,019.3
7,054.5
7,076.6
7,141.9
7,165.4
7,181.4
7,225.9
7,292.0

6,147.3
6,291.8
6,415.2
6,435.1
6,372.5
6,449.3
6,575.9
6,653.4
6,772.5
6,903.6
6,539.3
6,565.8
6,596.5
6,602.1
6,630.2
6,642.5
6,663.1
6,677.7
6,723.4
6,757.7
6,775.4
6,833.4
6,857.1
6,870.3
6,908.9
6,977.9

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

1,788.4
1,823.2
1,840.8
1,860.1
1,881.0
1,904.3
1,928.0
1,940.4
1,965.7
1,982.5
1,918.3
1,924.4
1,937.4
1,931.9
1,924.3
1,942.1
1,951.7
1,943.3
1,967.2
1,966.9
1,959.6
1,969.1
1,996.0
1,979.5
1,970.9
1,983.7

Health
care

Financial
services
and
insurance

1,490.4
1,525.2
1,563.2
1,598.8
1,627.4
1,649.2
1,690.3
1,745.0
1,781.1
1,827.0
1,680.0
1,688.2
1,687.2
1,706.0
1,732.4
1,737.5
1,752.7
1,757.5
1,759.1
1,774.6
1,786.0
1,804.7
1,798.4
1,815.9
1,836.6
1,857.0

704.1
720.1
742.5
737.4
719.0
733.9
747.2
713.7
728.5
759.4
748.0
746.6
752.6
741.4
729.0
717.1
702.8
706.0
715.1
727.1
730.8
741.1
746.2
751.2
764.1
776.0

Addendum:
Personal
consumption
expenditures
excluding
food and
energy 2

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

8,253.9
8,528.1
8,734.2
8,730.5
8,577.4
8,746.1
8,980.4
9,175.7
9,411.6
9,677.3
8,922.2
8,955.8
8,997.8
9,045.7
9,128.9
9,138.7
9,183.2
9,252.1
9,317.1
9,375.5
9,432.7
9,521.0
9,530.7
9,626.3
9,726.0
9,826.2

16.9
16.5
16.1
13.2
10.4
11.6
12.7
14.4
15.5
16.4
12.8
12.2
12.6
13.4
14.2
14.2
14.4
14.9
15.3
15.5
15.6
15.6
r 15.7
16.5
16.7
16.7

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 $41.3 billion (annual rate) in December, following an increase of $47.2 billion in November.
Wages and salaries rose $6.9 billion in December, following an increase of $42.2 billion in November.
BILLIONS OF DOLLARS * (RATIO SCALE)
16,000

BILLIONS OF DOLLARS* (RATIO SCALE)
16,000

14,000

14,000

12,000

12,000
TOTAL PERSONAL INCOME

10,000

10,000

9,000

9,000

8,000

8,000

7,000

7,000

6,000

6,000
WAGES AND SALARIES

5,000

5,000
OTHER INCOME

4,000

3,000

4,000

3,000

PERSONAL CURRENT
TRANSFER RECEIPTS

2,000

2,000

1,000

1,000
2006

2007

2008

2009

2010

2011

2012

2013

*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

2014

COUNCIL OF ECONOMIC ADVISERS

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

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

Total
personal
income

10,609.3
11,389.0
11,994.9
12,429.6
12,087.5
12,429.3
13,202.0
13,887.7
14,166.9
14,716.6
14,320.0
14,398.7
14,482.9
14,572.6
14,607.6
14,657.0
14,716.8
14,750.6
14,799.9
14,825.8
14,883.7
14,930.9
14,972.2

Total

7,086.8
7,502.3
7,898.3
8,078.3
7,787.0
7,961.4
8,269.0
8,606.5
8,844.8
9,207.0
8,955.5
9,032.2
9,095.2
9,161.2
9,147.9
9,156.0
9,174.6
9,200.6
9,246.9
9,268.6
9,298.3
9,346.3
9,356.3

Wages
and
salaries
5,692.0
6,057.4
6,395.2
6,531.9
6,251.4
6,377.5
6,633.2
6,932.1
7,124.7
7,432.4
7,214.1
7,282.4
7,338.8
7,398.1
7,383.0
7,388.7
7,403.5
7,425.4
7,466.1
7,483.7
7,509.1
7,551.3
7,558.2

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
1,394.8
1,444.9
1,503.1
1,546.4
1,535.6
1,583.9
1,635.9
1,674.4
1,720.1
1,774.6
1,741.4
1,749.7
1,756.4
1,763.1
1,764.9
1,767.3
1,771.1
1,775.2
1,780.8
1,784.9
1,789.3
1,794.9
1,798.2

Proprietors’ income 1

Farm

46.4
36.0
38.1
47.0
35.5
46.0
75.5
72.3
83.2
63.7
61.7
59.9
58.1
56.3
64.8
73.4
81.9
72.0
62.2
52.3
56.8
61.2
65.6

Nonfarm

932.6
1,017.7
941.1
979.5
937.5
986.7
1,068.1
1,187.9
1,253.5
1,316.6
1,277.9
1,288.1
1,293.5
1,297.0
1,305.0
1,305.5
1,312.2
1,321.6
1,321.1
1,330.0
1,344.0
1,336.3
1,344.7

Personal income receipts on assets
Rental
income
of
persons 2

238.4
207.5
189.4
262.1
333.7
402.8
485.3
533.0
595.8
640.6
614.6
618.0
622.3
628.5
632.1
635.4
638.7
642.0
647.2
650.8
653.9
656.4
661.4

Total

1,666.5
1,938.4
2,166.6
2,167.1
1,818.0
1,739.6
1,913.9
2,088.6
2,079.7
2,124.6
2,091.0
2,084.0
2,089.0
2,098.1
2,115.6
2,126.0
2,139.5
2,139.2
2,137.8
2,137.8
2,140.4
2,143.5
2,144.8

Personal
interest
income
1,088.1
1,214.7
1,350.1
1,361.6
1,264.3
1,195.0
1,231.6
1,255.9
1,255.2
1,264.0
1,266.9
1,264.7
1,262.4
1,260.2
1,265.1
1,270.0
1,274.9
1,270.7
1,266.5
1,262.3
1,259.6
1,257.0
1,254.3

Personal
dividend
income
578.3
723.7
816.5
805.4
553.7
544.6
682.2
832.7
824.5
860.7
824.1
819.4
826.6
838.0
850.5
855.9
864.6
868.5
871.3
875.5
880.7
886.6
890.4

Personal
current
transfer
receipts 3

1,512.0
1,609.6
1,722.8
1,884.0
2,140.2
2,276.9
2,307.9
2,350.7
2,414.5
2,523.5
2,438.3
2,455.1
2,471.3
2,486.3
2,495.1
2,514.4
2,525.9
2,533.9
2,549.0
2,553.1
2,560.3
2,562.7
2,575.4

Less:
Chart
5 - Jan 2015
Contributions
for
government
social
insurance,
domestic
873.3
922.6
961.4
988.2
964.4
984.1
917.8
951.2
1,104.5
1,159.5
1,118.9
1,138.6
1,146.5
1,154.8
1,152.9
1,153.7
1,155.9
1,158.8
1,164.4
1,166.8
1,170.0
1,175.5
1,176.1

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 rose 3.0 percent
(annual rate) in the fourth quarter of 2014.
BILLIONS OF DOLLARS* (RATIO SCALE)
13,500
13,000

BILLIONS OF DOLLARS* (RATIO SCALE)
13,500
13,000
12,500

12,500

12,000

12,000
DISPOSABLE PERSONAL INCOME

11,500

11,500
11,000

11,000

10,500

10,500
SAVING

10,000

10,000

PERSONAL OUTLAYS

9,500

9,500

9,000

9,000

8,500

8,500

DOLLARS* (RATIO SCALE)
44,000
42,000

DOLLARS* (RATIO SCALE)
44,000

PER CAPITA DISPOSABLE PERSONAL INCOME

42,000

40,000

40,000

38,000

38,000

CURRENT DOLLARS

36,000

36,000

34,000

34,000

CHAINED (2009) DOLLARS

32,000

32,000

30,000

30,000
2005

2006

2007

2008

2009

2010

2011

2012

*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

Period

Personal
income

Less:
Personal
current
taxes

Equals:
Disposable
personal
income

10,609.3
11,389.0
11,994.9
12,429.6
12,087.5
12,429.3
13,202.0
13,887.7
14,166.9
14,716.6

1,208.5
1,352.1
1,487.9
1,435.2
1,144.9
1,191.5
1,400.6
1,503.7
1,661.8
1,735.7

9,400.8
10,036.9
10,507.0
10,994.4
10,942.5
11,237.9
11,801.4
12,384.0
12,505.1
12,980.9

2014

COUNCIL OF ECONOMIC ADVISERS

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
billions of
chained
(2009)
dollars

Per capita personal
consumption
expenditures

Per capita disposable
personal income

Current
dollars

Billions of dollars
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 p ������������������

2013

Chained
(2009)
dollars

Current
dollars

Chained
(2009)
dollars

Dollars
9,162.9
9,707.4
10,196.7
10,452.2
10,270.5
10,609.8
11,090.2
11,487.9
11,897.1
12,355.7

237.9
329.5
310.3
542.2
672.0
628.0
711.1
896.2
608.1
625.1

10,189.4
10,595.4
10,820.6
10,987.3
10,942.5
11,055.1
11,331.2
11,676.2
11,650.8
11,935.6

31,760
33,589
34,826
36,101
35,616
36,277
37,821
39,409
39,515
40,732

Chart 6 - Jan 2015

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

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

34,424
35,458
35,866
36,078
35,616
35,688
36,314
37,156
36,815
37,452

29,711
31,136
32,319
32,881
32,050
32,934
34,257
35,269
36,289
37,430

32,203
32,868
33,284
32,860
32,050
32,399
32,892
33,253
33,810
34,416

0.6
3.0
1.2
.6
–1.3
.2
1.8
2.3
–.9
1.7

2.5
3.3
3.0
4.9
6.1
5.6
6.0
7.2
4.9
4.8

295,993
298,818
301,696
304,543
307,240
309,776
312,034
314,246
316,465
318,688

36,354
36,237
36,357
36,310
36,853
37,004
36,893
37,869
36,558
36,841
36,956
36,905
37,157
37,380
37,496
37,775

33,817
34,171
34,434
34,603
34,969
35,138
35,353
35,613
35,965
36,105
36,365
36,721
36,900
37,287
37,626
37,902

32,832
32,844
32,922
32,970
33,144
33,194
33,289
33,385
33,628
33,720
33,822
34,068
34,119
34,277
34,484
34,781

4.3
–1.3
1.3
–.5
6.1
1.6
–1.2
11.0
–13.1
3.1
1.3
–.6
2.8
2.4
1.2
3.0

6.2
6.0
6.1
5.8
6.7
7.0
6.5
8.6
4.7
5.2
5.2
4.4
4.9
5.1
4.7
4.6

311,191
311,708
312,321
312,915
313,407
313,920
314,532
315,125
315,620
316,140
316,754
317,347
317,842
318,362
318,977
319,571

Seasonally adjusted annual rates
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I ����������������
      II ���������������
      III ��������������
      IV p �����������

13,025.1
13,142.2
13,294.8
13,345.8
13,650.7
13,776.1
13,828.9
14,295.1
13,977.2
14,131.3
14,247.4
14,311.7
14,484.7
14,660.5
14,792.1
14,928.9

1,372.9
1,390.6
1,418.1
1,420.9
1,464.7
1,479.5
1,505.1
1,565.4
1,636.8
1,660.6
1,661.5
1,688.1
1,711.8
1,715.3
1,741.8
1,773.8

11,652.2
11,751.7
11,876.6
11,924.9
12,186.0
12,296.6
12,323.8
12,729.7
12,340.4
12,470.7
12,585.8
12,623.7
12,772.9
12,945.2
13,050.3
13,155.1

10,925.2
11,050.6
11,156.3
11,228.7
11,365.0
11,433.7
11,523.5
11,629.2
11,760.6
11,823.9
11,933.1
12,070.8
12,146.9
12,289.6
12,433.0
12,553.4

727.0
701.0
720.3
696.2
821.0
863.0
800.3
1,100.5
579.8
646.9
652.8
552.9
626.1
655.6
617.2
601.7

11,312.9
11,295.2
11,355.1
11,362.0
11,549.8
11,616.2
11,604.1
11,933.4
11,538.6
11,647.0
11,705.9
11,711.7
11,810.1
11,900.4
11,960.3
12,071.9

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

37,444
37,701
38,027
38,109
38,882
39,171
39,181
40,396
39,099
39,447
39,734
39,779
40,186
40,662
40,913
41,165

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

Real Farm Income
According to the current forecast for 2014, gross farm income in chained (2009) dollars is forecast to be $428.7
billion and net farm income to be $89.3 billion.
BILLIONS OF CHAINED (2009) DOLLARS (RATIO SCALE)

BILLIONS OF CHAINED (2009) DOLLARS (RATIO SCALE)

520
480
440

520
480
440

400

400

360

360

320

320

GROSS FARM INCOME

280

280

240

240

200

200

160

160

120

120

NET FARM INCOME
80

80

60

60

40

40
2005

2006

2008

2007

2009

2010

2011

2012

SOURCE: DEPARTMENT OF AGRICULTURE

2013

2014

COUNCIL OF ECONOMIC ADVISERS

[Billions of chained (2009) dollars]
Chart 7 - Dec 2014

Income of farm operators from farming 1
Gross farm income
Year

Value of farm sector production
Total 2

1991 ���������������������������������������������������
1992 ���������������������������������������������������
1993 ���������������������������������������������������
1994 ���������������������������������������������������
1995 ���������������������������������������������������
1996 ���������������������������������������������������
1997 ���������������������������������������������������
1998 ���������������������������������������������������
1999 ���������������������������������������������������
2000 ���������������������������������������������������
2001 ���������������������������������������������������
2002 ���������������������������������������������������
2003 ���������������������������������������������������
2004 ���������������������������������������������������
2005 ���������������������������������������������������
2006 ���������������������������������������������������
2007 ���������������������������������������������������
2008 ���������������������������������������������������
2009 ���������������������������������������������������
2010 ��������������������������������������������������
2011 ���������������������������������������������������
2012 ���������������������������������������������������
2013 ���������������������������������������������������
2014 ���������������������������������������������������

278.1
283.9
283.5
292.6
279.6
307.2
304.8
294.7
293.4
295.1
298.4
271.1
298.3
330.9
324.5
306.0
348.8
376.3
339.5
358.3
412.6
423.1
450.6
428.7

Crops 3, 4

Total
266.2
271.0
265.0
282.0
270.0
297.6
295.2
279.0
266.6
266.8
271.6
256.5
279.2
316.3
298.0
289.4
336.6
363.9
327.4
346.1
402.5
413.0
440.3
419.0

117.6
126.1
114.3
136.1
127.2
150.7
144.1
129.4
115.9
116.0
113.5
115.1
125.2
140.4
124.3
125.2
155.2
180.8
166.9
168.9
197.4
207.9
218.9
184.0

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
126.3
123.4
127.2
121.5
116.4
119.9
123.3
119.3
118.9
121.0
127.0
109.9
121.1
139.4
137.5
125.9
142.2
140.9
117.8
138.2
158.2
159.2
170.6
189.5

Forestry and
services
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
47.0
45.9
50.8
45.5

Direct
Government
payments

Production
expenses

11.9
13.0
18.5
10.7
9.7
9.6
9.6
15.7
26.9
28.4
26.8
14.6
19.1
14.6
26.5
16.7
12.2
12.3
12.2
12.2
10.1
10.1
10.3
9.7

219.8
212.9
218.9
221.4
226.9
230.4
239.1
235.0
233.9
233.2
232.8
225.1
228.0
232.8
238.9
245.5
276.9
296.3
283.0
284.0
302.5
325.6
329.8
339.4

Net
farm
income

58.3
71.0
64.6
71.2
52.8
76.8
65.7
59.7
59.6
61.9
65.5
46.0
70.3
98.1
85.6
60.6
71.9
80.0
56.6
74.3
110.1
97.5
120.8
89.3

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 2014 are forecasts.
Source: Department of Agriculture (Economic Research Service).

7

Corporate Profits
In the third quarter of 2014, according to current estimates, corporate profits before tax rose $47.0 billion (annual
rate) and profits after tax rose $52.4 billion.
BILLIONS OF DOLLARS
2,600
2,500

BILLIONS OF DOLLARS
2,600
2,500

SEASONALLY ADJUSTED ANNUAL RATES

2,400

2,400

2,300

2,300

2,200

2,200
2,100

2,100
2,000

2,000

PROFITS BEFORE TAX

1,900

1,900

1,800

1,800

1,700

1,700

1,600

1,600

1,500

1,500
1,400

1,400
1,300

1,300

PROFITS AFTER TAX

1,200

1,200
1,100

1,100

UNDISTRIBUTED PROFITS

1,000

1,000
900

900

800

800

700

700

600

600

500

500

400

400

300

300

200

200

TAXES ON
CORPORATE INCOME

100
0

100
0
–100
–200

–100
–200
2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[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

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 ��������������������
1,479.2
1,122.0
362.9
759.2
171.4
23.8
89.3
108.7
1,472.6
269.4
1,203.1
2010 ��������������������
1,799.7
1,404.5
406.3
998.2
287.6
30.3
102.4
118.6
1,840.7
370.6
1,470.1
2011 ��������������������
1,738.5
1,316.6
375.9
940.7
298.1
9.8
94.4
114.3
1,806.8
379.1
1,427.7
2012 ��������������������
2,126.6
1,724.8
488.9
1,235.9
404.2
12.9
136.6
157.2
2,136.1
454.8
1,681.3
2013 ��������������������
2,238.7
1,835.6
533.5
1,302.1
402.4
20.9
154.5
171.2
2,235.3
474.3
1,761.1
p
2014 ������������������ ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������
2011: I ����������������
1,603.8
1,197.0
373.3
823.7
261.1
–2.9
71.7
108.1
1,747.7
397.5
1,350.2
      II ���������������
1,717.1
1,308.3
357.7
950.6
283.1
29.5
89.8
103.5
1,806.5
383.4
1,423.1
      III ��������������
1,748.8
1,314.5
336.1
978.4
314.3
4.8
109.5
112.8
1,781.4
351.0
1,430.4
      IV ��������������
1,884.3
1,446.5
436.6
1,009.9
333.8
7.9
106.7
132.6
1,891.6
384.5
1,507.1
2012: I ����������������
2,088.6
1,680.1
468.8
1,211.3
402.7
21.0
123.6
153.2
2,120.9
451.3
1,669.7
      II ���������������
2,130.7
1,725.8
470.7
1,255.1
419.8
11.6
142.1
155.8
2,119.4
473.5
1,645.9
      III ��������������
2,141.8
1,750.4
524.4
1,226.0
392.6
12.1
134.4
149.2
2,155.7
440.6
1,715.1
      IV ��������������
2,145.3
1,742.9
491.6
1,251.2
401.5
6.9
146.4
170.8
2,148.4
453.8
1,694.6
2013: I ����������������
2,167.3
1,781.2
504.9
1,276.3
388.4
6.8
158.1
166.2
2,169.0
474.9
1,694.1
      II ���������������
2,235.0
1,841.9
525.5
1,316.4
383.7
31.1
157.1
179.1
2,219.8
459.2
1,760.7
      III ��������������
2,273.7
1,864.2
554.1
1,310.1
392.3
30.0
154.8
175.4
2,270.9
467.5
1,803.4
      IV ��������������
2,278.6
1,855.1
549.4
1,305.7
445.4
15.8
147.9
164.2
2,281.6
495.4
1,786.1
2014: I ����������������
2,272.6
1,875.1
480.8
1,394.2
432.5
42.3
152.0
168.1
2,297.2
562.3
1,734.9
      II ���������������
2,437.4
2,043.5
514.5
1,528.9
504.4
50.4
157.6
176.7
2,450.1
608.0
1,842.2
      III ��������������
2,501.1
2,090.7
530.7
1,560.0
523.7
54.5
174.4
175.8
2,497.1
602.5
1,894.6
p
      IV ����������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������
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

Chart 8 - Jan 2015

Inventory
Undistrib- valuation
adjustment
uted
profits

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
574.6
628.5
6.7
564.0
906.2
–41.0
703.7
724.0
–68.3
857.1
824.2
–9.5
959.6
801.5
3.3
905.2 ��������������� �����������������
658.0
692.3
–143.9
681.8
741.3
–89.5
719.1
711.3
–32.6
755.9
751.2
–7.2
774.9
894.8
–32.3
803.7
842.2
11.3
817.3
897.8
–13.9
1,032.7
662.0
–3.1
835.5
858.6
–1.7
1,098.7
661.9
15.2
911.7
891.7
2.8
992.3
793.8
–3.0
902.8
832.1
–24.6
902.3
939.9
–12.7
898.4
996.2
4.0
917.2 ��������������� �����������������

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 2014, according to advance estimates, nonresidential fixed investment in chained (2009)
dollars rose $10.0 billion (annual rate) and residential investment rose $5.0 billion. Inventories rose $113.1 billion,
following an increase of $82.2 billion in the third quarter.
BILLIONS OF CHAINED (2009) DOLLARS
3,000

BILLIONS OF CHAINED (2009) DOLLARS
3,000

SEASONALLY ADJUSTED ANNUAL RATES

2,800

2,800
GROSS PRIVATE DOMESTIC
INVESTMENT

2,600

2,600

2,400

2,400

2,200

2,200

2,000

2,000

1,800

1,800

1,600

1,600
NONRESIDENTIAL
FIXED INVESTMENT

1,400

1,400

1,200

1,200

1,000

1,000

800

800
RESIDENTIAL
FIXED INVESTMENT

600
400

600
400

CHANGE IN PRIVATE
INVENTORIES

200

200

0

0

–200

–200

–400

–400
2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Billions of chained (2009) dollars; quarterly data at seasonally adjusted annual rates]
Chart 9 - Jan 2015

Fixed investment
Period

2005 ���������������������������������������������������
2006 ���������������������������������������������������
2007 ���������������������������������������������������
2008 ���������������������������������������������������
2009 ���������������������������������������������������
2010 ���������������������������������������������������
2011 ���������������������������������������������������
2012 ���������������������������������������������������
2013 ���������������������������������������������������
2014 p �������������������������������������������������
2011: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2012: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2013: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2014: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV p ������������������������������������������

Gross
private
domestic
investment

2,672.6
2,730.0
2,644.1
2,396.0
1,878.1
2,120.4
2,230.4
2,435.9
2,556.2
2,710.7
2,125.9
2,208.0
2,214.0
2,373.7
2,413.7
2,448.0
2,457.7
2,424.3
2,469.0
2,510.7
2,610.3
2,634.7
2,588.2
2,703.7
2,750.8
2,800.2

Change in private inventories

Nonresidential
Total

2,611.0
2,662.5
2,609.6
2,432.6
2,025.7
2,056.2
2,186.7
2,368.0
2,479.2
2,608.1
2,098.4
2,140.2
2,227.5
2,280.6
2,330.7
2,355.6
2,373.7
2,412.0
2,428.0
2,457.0
2,496.8
2,535.0
2,536.1
2,594.5
2,643.3
2,658.5

Total
1,717.4
1,839.6
1,948.4
1,934.4
1,633.4
1,673.8
1,802.3
1,931.8
1,990.6
2,112.7
1,724.1
1,761.0
1,840.8
1,883.1
1,910.1
1,930.6
1,934.5
1,951.9
1,959.0
1,966.8
1,993.3
2,043.3
2,051.5
2,099.6
2,144.8
2,154.8

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
421.2
451.5
509.0
540.2
438.2
366.3
374.7
423.8
421.7
455.3
343.0
366.7
388.2
400.9
418.5
429.0
427.5
420.1
407.5
414.7
425.8
438.8
441.9
455.2
460.6
463.6

Equipment
801.6
870.8
898.3
836.1
644.3
746.7
847.9
905.6
947.2
1,006.6
810.6
819.3
871.0
890.8
898.7
900.9
902.5
920.4
931.3
934.8
945.6
977.2
974.8
1,001.1
1,027.6
1,022.8

Intellectual
property
products
495.0
517.5
542.4
558.8
550.9
561.3
581.3
603.7
624.1
653.0
571.9
576.3
583.5
593.3
594.4
601.8
605.6
613.2
622.8
619.8
624.1
629.6
636.8
645.4
659.2
670.7

Residential

872.6
806.6
654.8
497.7
392.2
382.4
384.5
436.5
488.4
496.3
374.4
379.3
386.8
397.6
420.8
425.3
439.5
460.3
469.0
489.8
503.0
491.9
485.3
495.6
499.6
504.6

Total

64.3
71.6
35.5
–33.7
–147.6
58.2
37.6
57.0
63.5
78.8
25.1
57.5
–13.0
80.8
70.9
78.9
71.2
7.2
33.4
43.4
95.6
81.8
35.2
84.8
82.2
113.1

Nonfarm

63.9
75.4
36.5
–35.0
–146.0
65.9
36.6
65.9
55.2
73.5
25.2
58.9
–15.9
78.3
71.8
85.3
88.8
17.8
30.1
36.4
84.0
70.4
33.3
80.7
73.7
106.5

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

2005 ������������
2006 ������������
2007 ������������
2008 ������������
2009 ������������
2010 ������������
2011 ������������
2012 ������������
2013 ������������
2014 p ����������
2011: I ��������
      II �������
      III ������
      IV ������
2012: I ��������
      II �������
      III ������
      IV ������
2013: I ��������
      II �������
      III ������
      IV ������
2014: I ��������
      II �������
      III ������
      IV p ���

Residential

Total
nonresidential

2,611.0
2,662.5
2,609.6
2,432.6
2,025.7
2,056.2
2,186.7
2,368.0
2,479.2
2,608.1
2,098.4
2,140.2
2,227.5
2,280.6
2,330.7
2,355.6
2,373.7
2,412.0
2,428.0
2,457.0
2,496.8
2,535.0
2,536.1
2,594.5
2,643.3
2,658.5

1,717.4
1,839.6
1,948.4
1,934.4
1,633.4
1,673.8
1,802.3
1,931.8
1,990.6
2,112.7
1,724.1
1,761.0
1,840.8
1,883.1
1,910.1
1,930.6
1,934.5
1,951.9
1,959.0
1,966.8
1,993.3
2,043.3
2,051.5
2,099.6
2,144.8
2,154.8

Intellectual property products

Information processing equipment
Structures

421.2
451.5
509.0
540.2
438.2
366.3
374.7
423.8
421.7
455.3
343.0
366.7
388.2
400.9
418.5
429.0
427.5
420.1
407.5
414.7
425.8
438.8
441.9
455.2
460.6
463.6

Total 2

801.6
870.8
898.3
836.1
644.3
746.7
847.9
905.6
947.2
1,006.6
810.6
819.3
871.0
890.8
898.7
900.9
902.5
920.4
931.3
934.8
945.6
977.2
974.8
1,001.1
1,027.6
1,022.8

Computers
and
peripheral
equipment 1

Total
222.2
250.9
279.9
281.0
256.1
281.4
285.9
295.0
304.0
311.8
279.8
286.6
288.9
288.2
297.1
294.3
289.1
299.6
300.3
304.1
307.4
304.1
298.1
316.2
310.6
322.2

������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������

Other
172.6
187.5
207.9
204.2
179.3
196.8
202.8
208.1
217.0
226.8
202.5
203.0
202.2
203.4
208.4
206.9
207.1
210.1
213.4
219.6
221.5
213.7
217.6
230.8
223.3
235.4

Industrial Transportation
equipequipment
ment
183.6
199.1
205.3
195.5
152.1
151.3
183.3
190.3
197.7
223.8
171.8
174.1
188.2
198.9
188.9
190.0
189.7
192.5
193.5
193.6
201.5
202.3
209.0
222.0
235.9
228.1

197.9
212.6
203.6
156.9
70.6
136.9
183.0
217.6
231.1
257.1
168.1
167.1
188.5
208.5
217.4
220.6
214.4
217.9
221.4
226.4
228.7
247.9
247.8
249.6
269.1
261.8

Total 2

Software

Research
and
development 3

221.2
230.3
244.2
256.2
256.8
254.2
271.8
287.0
295.9
307.4
262.2
268.4
275.2
281.2
282.2
286.8
288.3
290.8
297.3
291.1
296.2
298.9
300.0
303.2
309.7
316.7

202.3
215.0
227.9
235.5
229.0
234.4
236.7
241.3
250.7
266.3
236.5
235.7
235.9
238.6
237.8
239.8
241.6
245.8
248.6
251.0
250.6
252.8
258.2
263.2
269.9
273.9

495.0
517.5
542.4
558.8
550.9
561.3
581.3
603.7
624.1
653.0
571.9
576.3
583.5
593.3
594.4
601.8
605.6
613.2
622.8
619.8
624.1
629.6
636.8
645.4
659.2
670.7

Structures
Total
residential 2

872.6
806.6
654.8
497.7
392.2
382.4
384.5
436.5
488.4
496.3
374.4
379.3
386.8
397.6
420.8
425.3
439.5
460.3
469.0
489.8
503.0
491.9
485.3
495.6
499.6
504.6

Total 2

862.5
796.3
644.9
488.4
383.9
373.6
375.3
427.1
478.3
485.8
365.4
370.2
377.5
388.2
411.5
416.0
430.1
450.8
459.2
479.7
492.8
481.7
475.1
485.1
488.9
493.9

Single
family

433.0
390.7
283.7
178.2
105.3
114.4
109.2
132.1
161.9
169.6
108.2
107.2
109.5
111.8
120.6
126.3
134.5
147.0
156.3
162.0
164.8
164.5
167.7
169.2
167.9
173.6

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

ConManu- WholeUtilities struction
sale
facturing trade

Retail
trade

TransportaFinance
tion
Informaand
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
1997 ��������
1998 ��������
1999 ��������
2000 ��������
2001 ��������
2002 ��������
2003 ��������
2004 ��������
2005 ��������
2006 ��������
2007 ��������
2008 ��������
2009 ��������
2010 ��������
2011 ��������
2012 r ������
2013 p �������

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
1,243.0 1,169.6
3.1
165.7
98.0
21.8
192.4
35.7
68.1
72.7
100.1
109.2
91.1
28.1
83.1
100.4
73.4
1,423.6 1,334.4
3.1
196.7
125.0
23.6
203.1
40.9
77.6
81.8
106.5
130.2
115.7
31.6
88.9
110.0
89.2
1,488.2 1,397.8
3.0
198.1
111.7
27.6
219.8
38.3
77.5
93.4
123.1
139.9
113.9
35.6
93.3
122.7
90.4

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 148.2 million and unemployment was 9.0 million.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

158

158

SEASONALLY ADJUSTED

154

154
CIVILIAN LABOR FORCE

150

150

146

146

142

142

138

138

CIVILIAN
EMPLOYMENT

134

134

130

130

20

20
UNEMPLOYMENT

16

16

12

12

8

8

4

4

0

0
2007

2008

2009

2010

2011

2012

2013

2014

*16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR

2015

COUNCIL OF ECONOMIC ADVISERS

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

Period

2005 2 ������������������
2006 2 ������������������
2007 2 ������������������
2008 2 ������������������
2009 2 ������������������
2010 2 ������������������
2011 2 ������������������
2012 2 ������������������
2013 2 ������������������
2014 2 ������������������
2014: Jan 2 ���������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2015: Jan 2 ���������

Civilian
noninstitutional
population
(NSA)
226,082
228,815
231,867
233,788
235,801
237,830
239,618
243,284
245,679
247,947
246,915
247,085
247,258
247,439
247,622
247,814
248,023
248,229
248,446
248,657
248,844
249,027
249,723

Civilian employment
Civilian
labor
force

Total

149,320
151,428
153,124
154,287
154,142
153,889
153,617
154,975
155,389
155,922
155,486
155,688
156,180
155,420
155,629
155,700
156,048
156,018
155,845
156,243
156,402
156,129
157,180

141,730
144,427
146,047
145,362
139,877
139,064
139,869
142,469
143,929
146,305
145,206
145,301
145,796
145,724
145,868
146,247
146,401
146,451
146,607
147,260
147,331
147,442
148,201

Men
20 years
and
over
73,050
74,431
75,337
74,750
71,341
71,230
72,182
73,403
74,176
75,471
74,905
74,820
75,284
75,163
75,159
75,504
75,631
75,668
75,889
75,928
75,675
76,026
76,496

Women
20 years
and
over
62,702
63,834
64,799
65,039
63,699
63,456
63,360
64,640
65,295
66,287
65,913
66,168
66,009
66,076
66,164
66,267
66,250
66,289
66,192
66,560
66,894
66,632
66,983

Percent 1

Unemployment
Both
sexes
16–19
years
5,978
6,162
5,911
5,573
4,837
4,378
4,327
4,426
4,458
4,548
4,388
4,312
4,504
4,485
4,545
4,476
4,520
4,495
4,527
4,772
4,762
4,784
4,722

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

7,591
7,001
7,078
8,924
14,265
14,825
13,747
12,506
11,460
9,617
10,280
10,387
10,384
9,696
9,761
9,453
9,648
9,568
9,237
8,983
9,071
8,688
8,979

Men
20 years
and
over
3,392
3,131
3,259
4,297
7,555
7,763
6,898
5,984
5,568
4,585
4,994
5,064
4,841
4,674
4,677
4,552
4,543
4,543
4,273
4,094
4,354
4,245
4,308

Women
20 years
and
over
3,013
2,751
2,718
3,342
5,157
5,534
5,450
5,125
4,565
3,926
4,131
4,155
4,354
3,964
4,006
3,736
3,972
3,942
3,845
3,794
3,705
3,479
3,575

Both
sexes
16–19
years
1,186
1,119
1,101
1,285
1,552
1,528
1,400
1,397
1,327
1,106
1,155
1,168
1,189
1,057
1,078
1,165
1,132
1,083
1,119
1,094
1,013
963
1,096

Not
in
labor
force

76,762
77,387
78,743
79,501
81,659
83,941
86,001
88,310
90,290
92,025
91,429
91,398
91,077
92,019
91,993
92,114
91,975
92,210
92,601
92,414
92,442
92,898
92,544

Chart 11 - Jan 2015

Labor
Employ- Unemployforce
ment/
participa- population
ment
tion
rate
ratio
rate
66.0
66.2
66.0
66.0
65.4
64.7
64.1
63.7
63.2
62.9
63.0
63.0
63.2
62.8
62.8
62.8
62.9
62.9
62.7
62.8
62.9
62.7
62.9

62.7
63.1
63.0
62.2
59.3
58.5
58.4
58.6
58.6
59.0
58.8
58.8
59.0
58.9
58.9
59.0
59.0
59.0
59.0
59.2
59.2
59.2
59.3

5.1
4.6
4.6
5.8
9.3
9.6
8.9
8.1
7.4
6.2
6.6
6.7
6.6
6.2
6.3
6.1
6.2
6.1
5.9
5.7
5.8
5.6
5.7

Note: Beginning January 2015, 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 rose to 5.7 percent.
PERCENT (SEASONALLY ADJUSTED)

PERCENT (SEASONALLY ADJUSTED)

30

30

TEENAGERS
(16-19)
25

25

20

20
BLACK OR
AFRICAN
AMERICAN1

15

10

15

5

WHITE1

MEN 20 YEARS
AND OVER

10

HISPANIC1,2

5
ALL CIVILIAN
WORKERS

WOMEN 20 YEARS
AND OVER

ASIAN1

0

0
2011

2012

2013

2014

2015

2011

2012

2013

2014

2015

1

SEE FOOTNOTE 1 TABLE BELOW.
HISPANIC OR LATINO ETHNICITY.
SOURCE: DEPARTMENT OF LABOR

2

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Chart 12 - Jan 2015

By race or ethnicity 1

By sex and age
Period

2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2014: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2015: Jan �����������

All
civilian
workers

5.1
4.6
4.6
5.8
9.3
9.6
8.9
8.1
7.4
6.2
6.6
6.7
6.6
6.2
6.3
6.1
6.2
6.1
5.9
5.7
5.8
5.6
5.7

Men
20 years
and
over
4.4
4.0
4.1
5.4
9.6
9.8
8.7
7.5
7.0
5.7
6.3
6.3
6.0
5.9
5.9
5.7
5.7
5.7
5.3
5.1
5.4
5.3
5.3

Women
20 years
and
over
4.6
4.1
4.0
4.9
7.5
8.0
7.9
7.3
6.5
5.6
5.9
5.9
6.2
5.7
5.7
5.3
5.7
5.6
5.5
5.4
5.2
5.0
5.1

Both
sexes
16–19
years
16.6
15.4
15.7
18.7
24.3
25.9
24.4
24.0
22.9
19.6
20.8
21.3
20.9
19.1
19.2
20.7
20.0
19.4
19.8
18.7
17.5
16.8
18.8

White

4.4
4.0
4.1
5.2
8.5
8.7
7.9
7.2
6.5
5.3
5.7
5.8
5.7
5.3
5.4
5.3
5.3
5.3
5.1
4.9
4.9
4.8
4.9

1 Persons who selected this race group only. Persons whose ethnicity is identified as Hispanic
or Latino may be of any race.

12

Black
or
African
American
10.0
8.9
8.3
10.1
14.8
16.0
15.8
13.8
13.1
11.3
12.1
12.0
12.2
11.4
11.4
10.7
11.4
11.6
11.0
10.9
11.0
10.4
10.3

By selected groups
Hispanic
or
Latino
ethnicity

Asian

4.0
3.0
3.2
4.0
7.3
7.5
7.0
5.9
5.2
5.0
4.8
5.9
5.4
5.9
5.6
4.8
4.2
4.6
4.5
5.0
4.7
4.2
4.0

6.0
5.2
5.6
7.6
12.1
12.5
11.5
10.3
9.1
7.4
8.3
8.1
7.9
7.5
7.7
7.6
7.6
7.4
7.0
6.8
6.6
6.5
6.7

Married
men,
spouse
present

Women
who
maintain
families
(NSA)

2.8
2.4
2.5
3.4
6.6
6.8
5.8
4.9
4.3
3.4
3.8
3.8
3.7
3.5
3.3
3.4
3.3
3.2
2.9
3.0
3.2
3.0
2.9

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

7.8
7.1
6.5
8.0
11.5
12.3
12.4
11.4
10.2
8.6
9.1
9.1
9.0
8.5
8.4
8.1
9.1
9.3
8.3
8.7
8.2
7.8
8.1

Full-time
workers

5.0
4.5
4.6
5.8
10.0
10.4
9.6
8.5
7.7
6.4
6.9
6.9
6.9
6.4
6.4
6.2
6.4
6.2
6.0
6.0
6.0
5.7
5.9

Part-time
workers

5.4
5.1
4.9
5.5
6.0
6.3
6.3
6.1
5.9
5.4
5.1
5.6
5.4
5.2
5.5
5.5
5.5
5.5
5.7
5.0
5.1
5.0
4.9

Selected Measures of Unemployment and Unemployment Insurance Programs
In January, the percentages of the unemployed who had been out of work for less than 5 weeks, 5 to 14 weeks, and 27
weeks and over fell, while the percentage for 15 to 26 weeks rose. The mean duration of unemployment fell to 32.3
weeks and the median duration rose to 13.4 weeks.
PERCENT DISTRIBUTION*

PERCENT DISTRIBUTION*

70

70

DURATION OF UNEMPLOYMENT

60

REASON FOR UNEMPLOYMENT

60

50

50

JOB LOSERS

27 WEEKS
AND OVER
40

40

30

5-14
WEEKS

REENTRANTS

LESS THAN
5 WEEKS

30

20

20
NEW ENTRANTS
15-26
WEEKS

10

10
JOB LEAVERS

0

0
2011

2012

2013

2014

2015

2011

2012

2013

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR

2014

2015

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted by NSA]
Chart 13 - Jan 2015

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
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2014: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2015: Jan �����������

7,591
7,001
7,078
8,924
14,265
14,825
13,747
12,506
11,460
9,617
10,280
10,387
10,384
9,696
9,761
9,453
9,648
9,568
9,237
8,983
9,071
8,688
8,979

35.1
37.3
35.9
32.8
22.2
18.7
19.5
21.1
22.5
25.7
24.0
23.1
23.8
25.2
26.2
25.7
26.9
27.4
25.7
27.0
27.5
27.2
26.8

30.4
30.3
31.5
31.4
26.8
22.0
21.8
22.9
24.1
25.3
23.8
24.7
24.8
24.1
24.6
25.6
25.3
25.7
27.0
25.5
26.1
26.3
26.1

14.9
14.7
15.0
16.0
19.5
16.0
15.0
14.9
15.8
15.6
16.6
15.4
16.0
15.5
14.9
16.1
14.8
15.8
15.4
15.6
15.4
14.6
15.5

19.6
17.6
17.6
19.7
31.5
43.3
43.8
41.1
37.6
33.5
35.6
36.8
35.4
35.1
34.3
32.6
33.0
31.2
31.9
31.9
31.0
31.9
31.5

18.4
16.8
16.8
17.9
24.4
33.0
39.3
39.4
36.5
33.7
35.3
36.9
35.2
34.8
34.3
33.3
32.5
31.9
31.8
32.9
33.0
32.8
32.3

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).

8.9
8.3
8.5
9.4
15.1
21.4
21.4
19.3
17.0
14.0
15.9
16.2
15.9
15.6
14.5
13.2
13.5
13.3
13.3
13.5
12.8
12.6
13.4

48.3
47.4
49.7
53.7
64.2
62.4
59.0
55.0
53.0
50.7
52.2
51.8
52.0
53.6
50.8
51.0
50.2
50.3
49.0
48.1
49.1
49.2
47.4

11.5
11.8
11.2
10.0
6.2
6.0
7.0
7.7
8.1
8.6
7.9
7.8
7.8
8.2
8.9
9.0
8.9
8.9
8.8
8.6
9.2
9.1
9.5

31.4
32.0
30.3
27.7
22.3
23.4
24.7
26.7
28.0
29.4
28.4
28.5
29.1
27.3
29.4
28.7
29.7
29.7
30.4
31.6
30.3
30.7
31.6

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
10.9
2,947
342
4,605
p 2,574
p 305
p 2,658
11.3
r 466
r 3,979
11.5
3,588
11.8
3,347
326
3,480
11.1
3,567
306
3,651
r
10.9
2,934
334
3,008
10.9
2,517
295
2,573
11.3
2,738
329
2,793
11.2
2,673
329
2,729
11.1
2,545
266
2,603
11.8
2,328
259
2,376
11.7
2,129
297
2,176
11.5
2,277
317
2,323
p
p
p
11.0
2,814
435
2,865
11.5 ��������������� ��������������� �����������������

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 257,000 in January.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

145

102
100
ALL NONAGRICULTURAL
ESTABLISHMENTS

140

PRIVATE
SERVICE-PROVIDING
INDUSTRIES

98
96

135

94
92

130

90

125

22

EDUCATION AND
HEALTH SERVICES

24

PROFESSIONAL AND
BUSINESS SERVICES

20
120

18
PRIVATE
INDUSTRIES

115

RETAIL TRADE

16
14
22

110

GOODS-PRODUCING

20
105

18
16

100

14

24

GOVERNMENT

MANUFACTURING

12

22
20

10
2011

2012

2013

2014

2015

2011

2012

2013

*SEASONALLY ADJUSTED

2014

2015

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[Thousands of wage and salary workers; 1 monthly data seasonally adjusted]
Chart 14 - Jan 2015

Private industries

Period

2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 r ������������������
2014 r ������������������
2014: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2015: Jan p ���������

Total
nonagricultural
employment

134,005
136,398
137,936
137,170
131,233
130,275
131,842
134,104
136,393
139,042
137,642
137,830
138,055
138,385
138,621
138,907
139,156
139,369
139,619
139,840
140,263
140,592
140,849

Goods-producing industries
Total
private

112,201
114,424
115,718
114,661
108,678
107,785
109,756
112,184
114,541
117,179
115,831
116,006
116,229
116,542
116,780
117,052
117,295
117,504
117,739
117,957
118,371
118,691
118,958

Total 2

22,190
22,530
22,233
21,335
18,558
17,751
18,047
18,420
18,738
19,223
18,984
19,031
19,073
19,131
19,156
19,190
19,243
19,277
19,315
19,349
19,425
19,498
19,556

Construc- Manufaction
turing

7,336
7,691
7,630
7,162
6,016
5,518
5,533
5,646
5,856
6,138
6,006
6,032
6,062
6,103
6,114
6,121
6,152
6,169
6,191
6,201
6,231
6,275
6,314

14,227
14,155
13,879
13,406
11,847
11,528
11,726
11,927
12,020
12,188
12,102
12,122
12,131
12,142
12,154
12,177
12,191
12,205
12,214
12,237
12,282
12,308
12,330

Private service-providing industries
Trade, transportation,
and utilities
Total
Total 3
90,010
91,894
93,485
93,326
90,121
90,034
91,708
93,763
95,803
97,956
96,847
96,975
97,156
97,411
97,624
97,862
98,052
98,227
98,424
98,608
98,946
99,193
99,402

25,959
26,276
26,630
26,293
24,906
24,636
25,065
25,476
25,862
26,383
26,155
26,141
26,190
26,260
26,297
26,362
26,413
26,427
26,467
26,517
26,615
26,669
26,720

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
15,280
15,353
15,520
15,283
14,522
14,440
14,668
14,841
15,079
15,364
15,257
15,238
15,265
15,308
15,318
15,357
15,382
15,379
15,410
15,436
15,498
15,505
15,551

Information

Financial
activities

3,061
3,038
3,032
2,984
2,804
2,707
2,674
2,676
2,706
2,740
2,724
2,720
2,723
2,728
2,723
2,735
2,740
2,753
2,757
2,754
2,761
2,765
2,771

8,197
8,367
8,348
8,206
7,838
7,695
7,697
7,784
7,886
7,980
7,918
7,931
7,933
7,942
7,951
7,968
7,984
7,997
8,007
8,014
8,042
8,051
8,077

Profes- Education Leisure
sional
and
and
and
health
hospitalbusiness services
ity
services
16,954
17,566
17,942
17,735
16,579
16,728
17,332
17,932
18,515
19,096
18,771
18,840
18,879
18,951
19,005
19,079
19,124
19,180
19,231
19,271
19,367
19,447
19,486

17,630
18,099
18,613
19,156
19,550
19,889
20,228
20,698
21,097
21,474
21,249
21,279
21,314
21,353
21,409
21,452
21,497
21,539
21,585
21,613
21,664
21,712
21,758

12,816
13,110
13,427
13,436
13,077
13,049
13,353
13,768
14,254
14,710
14,494
14,526
14,565
14,610
14,667
14,698
14,721
14,746
14,795
14,850
14,892
14,939
14,976

Other
services

5,395
5,438
5,494
5,515
5,367
5,331
5,360
5,430
5,483
5,573
5,536
5,538
5,552
5,567
5,572
5,568
5,573
5,585
5,582
5,589
5,605
5,610
5,614

Government

21,804
21,974
22,218
22,509
22,555
22,490
22,086
21,920
21,853
21,863
21,811
21,824
21,826
21,843
21,841
21,855
21,861
21,865
21,880
21,883
21,892
21,901
21,891

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 6, 2015.
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

2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 r ������������������
2014 r ������������������
2013: Dec r ���������
2014: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2015: Jan p ���������

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

Average gross hourly earnings
Total private
nonagricultural 1

Manufacturing

Total

Overtime

40.7
41.1
41.2
40.8
39.8
41.1
41.4
41.7
41.8
42.0
41.9
41.6
41.6
42.0
41.9
42.2
42.1
42.0
42.0
42.1
42.1
42.2
42.1
42.1

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

Current
dollars

Average gross weekly earnings
Total private
nonagricultural 1

Manufacturing

1982-84
dollars 2

$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
20.61
8.85
20.34
8.81
20.40
8.82
20.48
8.85
20.50
8.84
20.52
8.83
20.55
8.81
20.59
8.80
20.63
8.81
20.68
8.86
20.68
8.85
20.72
8.87
20.77
8.93
20.73
8.96
20.80 �����������������

Current
dollars
$16.56
16.81
17.26
17.75
18.24
18.61
18.93
19.08
19.30
19.56
19.44
19.44
19.48
19.52
19.49
19.53
19.55
19.59
19.63
19.62
19.65
19.64
19.61
19.62

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

$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
694.89
298.53
683.42
295.96
683.40
295.55
686.08
296.56
690.85
298.06
691.52
297.50
692.54
296.93
693.88
296.60
695.23
296.96
696.92
298.45
696.92
298.16
698.26
298.98
702.03
301.83
702.75
303.68
703.04 �����������������

Manufacturing

Construction

$673.30
690.88
711.53
724.46
726.12
765.15
784.29
794.63
807.37
822.24
814.54
808.70
810.37
819.84
816.63
824.17
823.06
822.78
824.46
826.00
827.27
828.81
825.58
826.00

$750.37
781.59
816.23
842.61
851.76
891.83
921.84
942.14
958.72
977.08
951.69
939.40
947.63
970.60
979.48
978.61
979.00
984.33
982.26
982.97
982.48
985.75
986.64
978.96

Retail
trade

Current
dollars

$377.58
383.12
385.00
386.21
388.57
400.07
412.09
422.10
423.07
431.64
424.50
423.16
423.23
426.97
431.63
429.96
432.00
431.76
434.40
434.10
435.30
437.96
437.23
439.50

1982-84
dollars 2

2.9
–0.6
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
2.5
1.0
1.9
.4
2.0
.4
1.5
.6
2.1
.6
2.4
.4
2.4
.3
2.3
.3
3.0
1.1
2.8
1.2
2.3
.7
2.6
1.1
2.6
1.5
2.8
2.6
2.9 �������������������

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
2005:
2006:
2007:
2008:
2009:
2010:
2011:
2012:
2013:
2014:

Dec ������������������������������������������
Dec ������������������������������������������
Dec ������������������������������������������
Dec ������������������������������������������
Dec ������������������������������������������
Dec ������������������������������������������
Dec ������������������������������������������
Dec ������������������������������������������
Dec ������������������������������������������
Dec ������������������������������������������

100.0
103.2
106.3
108.9
110.2
112.5
115.0
117.1
119.4
122.2

100.0
103.2
106.6
109.4
110.8
112.8
114.6
116.6
119.0
121.6

100.0
103.1
105.6
107.7
108.7
111.9
115.9
118.2
120.5
123.5

�����������������������
�����������������������
�����������������������
�����������������������
�����������������������
�����������������������
�����������������������
�����������������������
�����������������������
�����������������������

�����������������������
�����������������������
�����������������������
�����������������������
�����������������������
�����������������������
�����������������������
�����������������������
�����������������������
�����������������������

�����������������������
�����������������������
�����������������������
�����������������������
�����������������������
�����������������������
�����������������������
�����������������������
�����������������������
�����������������������

2.9
3.2
3.0
2.4
1.2
2.1
2.2
1.8
2.0
2.3

Seasonally adjusted
2011: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2012: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2013: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2014: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������

113.3
114.1
114.6
115.1
115.7
116.3
116.8
117.3
117.8
118.4
119.0
119.6
119.9
120.9
121.7
122.4

113.2
113.7
114.2
114.7
115.3
115.8
116.3
116.8
117.3
118.0
118.5
119.1
119.3
120.2
121.1
121.8

113.6
115.2
115.4
116.2
116.8
117.4
117.9
118.6
119.1
119.6
120.3
120.8
121.2
122.5
123.2
123.9

1 Employer costs for employee benefits.

2.5
3.2
3.3
2.6
1.3
1.8
1.6
1.7
2.1
2.2

4.0
3.1
2.4
2.0
0.9
2.9
3.6
2.0
1.9
2.5

Not seasonally adjusted
0.5
.7
.4
.4
.5
.5
.4
.4
.4
.5
.5
.5
.3
.8
.7
.6

0.3
.4
.4
.4
.5
.4
.4
.4
.4
.6
.4
.5
.2
.8
.7
.6

1.2
1.4
.2
.7
.5
.5
.4
.6
.4
.4
.6
.4
.3
1.1
.6
.6

2.0
2.3
2.1
2.2
2.1
1.8
1.9
1.8
1.9
1.9
1.9
2.0
1.7
2.0
2.3
2.3

1.6
1.7
1.7
1.6
1.9
1.8
1.8
1.7
1.7
1.9
1.8
2.1
1.7
1.9
2.3
2.2

3.0
4.0
3.3
3.6
2.8
1.9
2.2
2.0
2.0
1.9
2.0
1.9
1.8
2.4
2.3
2.5

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

Compensation
per hour 3

Nonfarm
business
sector

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

94.8
97.6
100.4
102.2
100.0
98.6
100.7
102.6
102.8
104.4
98.1
98.8
98.7
98.8
101.4
100.6
101.4
99.4
102.2
101.9
101.6
104.7
102.7
103.5
102.7
102.3
105.4
104.3
103.7
104.3

94.7
97.5
100.1
102.1
100.0
98.7
100.7
102.4
102.7
104.2
98.1
98.9
98.8
98.9
101.5
100.6
101.4
99.4
102.1
101.8
101.4
104.4
102.5
103.4
102.6
102.3
105.1
104.1
103.5
104.2

93.5
96.0
98.2
99.8
100.0
101.1
103.3
105.2
106.7
108.1
100.5
100.9
101.3
101.9
102.3
103.1
103.8
104.0
104.5
105.0
105.6
105.9
106.3
106.5
106.9
107.2
107.5
108.2
108.5
108.3

93.4
96.0
97.9
99.4
100.0
101.0
102.8
104.7
106.1
107.5
100.4
100.8
101.2
101.6
101.9
102.6
103.2
103.5
103.9
104.5
105.0
105.2
105.5
105.9
106.4
106.7
106.9
107.5
107.9
107.8

1.5
2.9
2.9
1.8
–2.2
–1.4
2.1
1.9
.2
1.6
–4.5
2.9
–.2
.3
10.6
–2.9
3.2
–7.7
11.7
–1.0
–1.3
13.0
–7.6
3.1
–3.1
–1.4
12.5
–3.9
–2.5
2.6

1.6
3.0
2.7
2.0
–2.0
–1.3
2.1
1.7
.2
1.5
–4.8
3.2
–.2
.1
11.0
–3.5
3.3
–7.7
11.4
–1.2
–1.8
12.7
–7.0
3.2
–2.9
–1.3
11.6
–3.7
–2.3
2.7

3.1
2.7
2.3
1.5
.2
1.1
2.2
1.8
1.4
1.3
1.7
1.5
1.7
2.5
1.7
3.1
2.7
.8
1.7
2.2
2.0
1.3
1.4
1.0
1.6
1.0
1.3
2.4
1.1
–.8

3.4
2.8
2.0
1.5
.6
1.0
1.8
1.8
1.4
1.3
1.6
1.6
1.5
1.9
.9
2.8
2.5
1.3
1.6
2.3
1.8
1.0
.9
1.5
1.9
1.4
.8
2.0
1.7
–.7

Indexes, 2009=100; quarterly data seasonally adjusted
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 p ������������������
2010: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I ����������������
      II ���������������
      III r ������������
      IV p * ��������

93.7
94.6
96.0
96.8
100.0
103.3
103.3
104.3
105.5
106.1
102.7
103.0
103.6
103.9
103.1
103.3
103.1
103.9
103.9
104.3
104.7
104.2
104.7
104.9
105.8
106.6
105.3
106.0
106.9
106.3

93.8
94.7
96.2
96.9
100.0
103.3
103.5
104.5
105.4
106.3
102.7
103.0
103.6
104.0
103.1
103.5
103.2
104.0
104.1
104.5
105.0
104.4
104.7
104.8
105.7
106.6
105.4
106.1
107.1
106.6

100.1
103.3
105.5
104.2
100.0
103.2
105.3
108.6
111.6
114.8
101.5
102.8
103.8
104.7
104.1
105.1
105.3
106.9
107.7
108.3
109.2
109.1
110.0
110.6
112.2
113.5
112.5
114.1
115.9
116.8

100.2
103.4
105.8
104.4
100.0
103.2
105.5
108.9
111.7
115.1
101.5
102.7
103.8
104.7
104.1
105.2
105.5
107.0
107.9
108.5
109.5
109.5
110.2
110.7
112.2
113.5
112.9
114.4
116.1
117.0

106.8
109.1
109.8
107.7
100.0
99.9
101.9
104.2
105.7
108.2
98.9
99.8
100.2
100.7
101.0
101.7
102.2
102.9
103.7
103.8
104.3
104.8
105.1
105.4
106.0
106.4
106.9
107.6
108.4
109.9

106.9
109.3
110.0
107.8
100.0
99.9
101.9
104.2
105.9
108.3
98.9
99.7
100.2
100.7
100.9
101.7
102.2
102.9
103.7
103.8
104.3
104.9
105.3
105.7
106.2
106.5
107.1
107.8
108.5
109.8

88.8
92.3
96.4
99.0
100.0
101.9
104.0
107.0
108.5
110.8
100.7
101.7
102.3
102.7
104.5
104.0
104.5
103.3
106.1
106.3
106.4
109.1
107.5
108.6
108.6
109.1
110.9
110.6
110.8
111.0

88.8
92.3
96.3
98.9
100.0
102.0
104.2
107.1
108.3
110.8
100.8
101.9
102.4
102.8
104.7
104.1
104.7
103.4
106.3
106.5
106.4
109.1
107.3
108.3
108.5
109.0
110.7
110.5
110.8
111.1

97.6
98.2
99.8
98.6
100.0
100.2
99.2
99.9
99.9
100.4
99.4
100.4
100.7
100.3
101.0
99.3
99.1
97.6
99.8
99.6
99.2
101.2
99.4
100.3
99.8
99.9
101.1
100.1
100.0
100.5

97.6
98.2
99.6
98.6
100.0
100.3
99.4
100.0
99.7
100.4
99.4
100.5
100.7
100.4
101.2
99.4
99.3
97.7
99.9
99.7
99.3
101.1
99.2
100.0
99.7
99.9
101.0
100.0
100.1
100.6

Percent change; quarterly data at seasonally adjusted annual rates
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 p ������������������
2010: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I ����������������
      II ���������������
      III r ������������
      IV p * ��������

2.1
1.0
1.5
.8
3.3
3.3
.0
.9
1.2
.6
1.7
1.3
2.5
1.1
–3.2
1.0
–1.1
3.4
–.1
1.8
1.3
–2.0
2.1
.7
3.5
3.1
–5.0
2.9
3.2
–2.0

2.1
.9
1.6
.8
3.2
3.3
.1
1.0
.9
.8
2.2
1.3
2.3
1.5
–3.2
1.3
–.9
3.1
.2
1.8
1.7
–2.0
.8
.5
3.6
3.3
–4.5
2.9
3.7
–1.8

3.8
3.2
2.1
–1.2
–4.1
3.2
2.1
3.1
2.7
2.9
2.0
5.0
4.1
3.4
–2.2
3.8
1.1
6.1
3.1
2.3
3.1
–.1
3.2
2.1
5.9
4.6
–3.3
5.7
6.4
3.3

3.8
3.2
2.3
–1.3
–4.3
3.2
2.2
3.2
2.6
3.1
2.2
4.7
4.1
3.8
–2.5
4.5
1.1
5.8
3.3
2.3
3.7
.1
2.4
2.0
5.6
4.7
–2.4
5.5
6.3
3.2

1.7
2.2
.6
–2.0
–7.1
–.1
2.1
2.2
1.5
2.3
.3
3.6
1.5
2.2
1.1
2.8
2.2
2.6
3.3
.4
1.8
1.9
1.1
1.4
2.4
1.5
1.8
2.7
3.1
5.3

1.7
2.2
.7
–2.0
–7.2
–.1
2.1
2.2
1.7
2.2
.0
3.4
1.8
2.3
.8
3.1
2.0
2.6
3.2
.5
2.0
2.2
1.6
1.5
1.9
1.4
2.1
2.5
2.5
5.1

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 1978–2013 is based on the consumer price index research series
(CPI–U–RS).
5 Current dollar gross domestic output divided by the output index.

16

3.6
3.9
4.4
2.6
1.0
1.9
2.1
2.8
1.4
2.2
–2.9
4.2
2.3
1.4
7.1
–1.9
2.1
–4.6
11.6
.8
.0
10.8
–5.6
3.8
.3
1.7
6.9
–1.1
.6
.6

3.6
3.9
4.3
2.7
1.1
2.0
2.2
2.7
1.1
2.3
–2.6
4.5
2.1
1.6
7.5
–2.3
2.4
–4.8
11.6
.7
–.2
10.4
–6.3
3.7
.7
1.9
6.6
–.9
1.3
.9

0.2
.6
1.6
–1.2
1.4
.2
–1.0
.7
–.1
.5
–3.4
4.2
1.0
–1.6
2.8
–6.6
–.5
–6.0
9.2
–.5
–1.6
8.1
–6.7
3.4
–1.7
.5
4.9
–4.0
–.5
1.8

0.3
.6
1.4
–1.1
1.5
.3
–.9
.6
–.3
.7
–3.1
4.5
.8
–1.4
3.1
–6.9
–.3
–6.2
9.3
–.7
–1.8
7.8
–7.4
3.2
–1.4
.7
4.6
–3.8
.2
2.1

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, 2015.
Source: Department of Labor (Bureau of Labor Statistics).

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial production and capacity utilization fell in December.
INDEX, 2007 = 100* (RATIO SCALE)
120

INDEX, 2007 = 100* (RATIO SCALE)
140

110

130

100

120

90

110

80

100

TOTAL INDUSTRIAL PRODUCTION

120

FINAL PRODUCTS

MANUFACTURING

DEFENSE AND
SPACE EQUIPMENT

BUSINESS
EQUIPMENT

90

110

CONSUMER
GOODS

DURABLE
TOTAL1

100

80

90
70

NONDURABLE
80

PERCENT*
86
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
84

70

82

140

UTILITIES AND MINING

130

80
78
MINING

120

76
74

110

72
70

100

68
66

UTILITIES

90
2010

2011

2012

2013

2014

2010

2011

2012

2013

2014

1

SEE FOOTNOTE 1 TABLE BELOW
*SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]
Total industrial production 1
Period

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

Percent change 2
Index,
2007=100

95.5
97.6
100.0
96.6
85.7
90.6
93.6
97.1
99.9
104.1
101.6
101.3
102.3
103.1
103.2
103.7
104.1
104.5
104.4
105.3
105.3
106.6
106.5

From
preceding
month
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
0.2
–.2
.9
.8
.1
.5
.4
.3
–.1
.9
.0
1.3
–.1

Chart 17 - Jan 2015

Industry production indexes, 2007=100

Capacity utilization
rate
(output as percent
of capacity) 1

Manufacturing

From
year
earlier
3.2
2.2
2.5
–3.4
–11.3
5.7
3.3
3.8
2.9
4.2
3.3
2.9
3.2
3.6
3.9
4.3
4.5
5.1
4.4
4.5
4.4
5.2
4.9

Total 1

Durable

95.0
97.4
100.0
95.3
82.4
87.3
90.3
94.0
96.5
99.9
97.7
96.8
98.0
98.8
99.1
99.5
99.9
100.8
100.3
100.7
100.9
102.2
102.5

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.

91.2
95.4
100.0
96.6
78.6
87.2
93.2
100.0
104.4
109.9
106.2
105.2
107.3
108.1
108.4
109.7
110.3
111.9
110.8
111.1
111.6
112.8
113.1

Nondurable
98.3
98.8
100.0
94.1
86.9
88.7
88.9
90.0
91.2
93.2
92.2
91.1
91.7
92.7
93.0
92.5
92.7
93.0
93.3
93.8
93.8
95.3
95.7

Other
(non-NAICS) 1
107.4
106.1
100.0
93.5
80.7
76.4
74.3
72.8
68.9
66.1
67.7
67.4
67.5
66.7
66.9
67.1
67.4
66.5
65.5
64.6
64.1
64.3
64.1

Mining

97.0
99.2
100.0
101.2
95.7
100.7
106.8
113.5
118.9
129.6
121.6
122.9
123.0
125.1
127.7
129.0
131.1
131.3
132.2
134.2
132.5
132.1
135.1

Utilities

97.3
96.7
100.0
99.9
97.5
101.0
100.8
98.7
100.7
101.9
103.8
107.3
107.0
106.5
101.0
101.3
99.3
96.3
97.1
101.2
101.7
106.0
98.2

Total
industry
79.9
80.2
80.5
77.6
68.7
73.8
76.3
77.3
77.9
79.2
78.5
78.1
78.6
79.1
79.0
79.1
79.2
79.3
79.0
79.5
79.2
80.0
79.7

Total
manufacturing
78.2
78.4
78.7
74.6
65.6
71.1
73.9
75.5
76.1
77.2
76.4
75.5
76.4
76.8
77.0
77.1
77.3
77.8
77.3
77.4
77.5
78.4
78.4

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

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

Nonindustrial supplies

Total

95.4
97.9
100.0
96.4
86.6
89.6
91.7
94.7
97.1
100.4
98.8
98.0
99.7
100.4
100.2
100.2
100.0
100.8
100.1
100.7
100.8
102.9
102.1

99.0
99.5
100.0
95.1
88.6
89.6
90.9
92.5
94.7
97.4
96.6
95.8
97.3
97.9
97.4
97.1
96.8
97.5
96.5
97.3
97.2
99.7
98.5

Durable
goods
97.9
98.3
100.0
88.8
74.0
79.4
83.3
90.0
96.9
102.6
100.4
97.2
99.9
100.7
100.7
102.2
102.9
107.5
103.5
103.1
102.9
106.3
105.8

Equipment
Nondurable
goods
99.3
99.9
100.0
97.2
93.4
92.9
93.4
93.5
94.5
96.3
96.0
95.7
96.9
97.6
96.8
96.0
95.5
95.1
95.0
96.1
96.0
98.2
96.9

Total 1
87.4
94.3
100.0
99.3
82.2
89.6
93.7
100.1
102.8
107.6
103.7
103.3
105.3
106.2
106.8
107.5
107.3
108.5
108.4
108.6
109.2
110.3
110.4

Business
87.7
95.8
100.0
97.7
80.1
86.7
91.5
98.3
101.9
107.1
102.6
102.4
104.9
105.8
106.3
107.2
106.9
108.2
108.0
107.7
108.8
110.2
110.3

Defense
and
space

Total

84.9
84.1
100.0
106.9
102.4
110.5
106.7
111.8
114.4
116.5
115.6
114.4
114.8
115.7
116.1
116.1
116.6
117.1
117.1
118.3
117.7
117.9
118.3

98.4
99.8
100.0
94.2
80.7
82.9
84.2
86.5
88.8
91.6
90.2
90.1
90.6
90.7
90.4
90.9
91.0
91.4
91.6
92.7
92.8
93.8
93.6

Construction

Business

98.7
101.1
100.0
90.7
69.9
72.5
74.7
78.1
81.4
84.9
82.6
82.3
83.0
83.6
82.9
84.0
84.4
85.6
85.7
86.3
86.7
86.8
88.1

98.2
99.2
100.0
96.0
86.0
88.0
88.9
90.5
92.4
94.8
93.8
93.9
94.3
94.2
94.0
94.3
94.2
94.1
94.5
95.8
95.8
97.1
96.2

Total 1

94.6
96.5
100.0
97.6
86.6
94.2
98.6
103.1
106.4
111.9
108.1
108.3
108.7
109.9
110.4
111.3
112.4
112.4
112.7
113.9
113.7
114.6
115.1

Energy

96.8
98.0
100.0
100.8
98.4
102.5
106.3
110.9
115.3
123.6
117.8
119.8
118.9
121.0
121.8
123.1
124.6
123.7
124.7
127.0
125.8
126.5
127.1

1 Includes other items, not shown separately.

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

Primary metals
Period
Total
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 p ������������������
2013: Dec �����������
2014: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec p ��������

95.2
98.0
100.0
100.0
74.0
91.1
97.4
99.6
100.8
106.1
102.5
100.1
103.1
102.5
104.4
105.6
108.7
109.2
108.0
107.9
108.3
106.9
109.3

Iron
and
steel
products
94.3
98.4
100.0
106.4
68.5
89.4
97.5
101.2
100.2
103.0
100.4
96.4
99.4
97.6
100.4
101.6
103.9
106.8
103.5
105.6
107.4
104.2
108.6

Fabricated
metal
products

90.9
95.9
100.0
96.4
74.2
79.0
85.3
91.4
94.7
98.5
96.6
96.1
97.1
97.4
97.7
98.3
99.6
99.9
98.3
99.4
99.6
99.9
100.4

Machinery
Total
91.6
95.9
100.0
97.3
75.7
84.6
95.6
101.1
102.9
110.2
102.9
105.3
108.5
108.8
108.1
109.6
108.7
109.5
110.8
110.3
113.7
115.6
115.4

77.0
87.4
100.0
108.1
97.0
111.3
122.0
135.0
144.4
151.0
146.0
146.7
147.4
149.0
149.7
151.3
151.1
150.5
151.7
152.3
153.3
153.2
155.0

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

18

Nondurable manufactures

Selected
high-technology 1
71.1
84.9
100.0
115.5
103.0
127.6
146.4
164.7
180.5
191.5
183.2
182.9
185.6
186.9
189.7
194.1
194.4
193.5
193.6
194.0
194.6
194.6
194.8

Transportation
equipment
Total
93.0
94.2
100.0
89.6
73.4
85.0
89.0
99.3
104.7
110.8
107.4
103.7
107.6
108.6
108.9
110.9
111.4
116.8
112.5
112.1
111.5
114.5
113.8

Motor
vehicles
and
parts
102.3
100.8
100.0
80.0
58.6
77.8
84.8
97.4
105.0
113.1
109.7
103.2
110.1
110.5
110.7
113.3
113.3
123.9
115.1
112.8
112.3
118.5
117.4

Apparel

Printing
and
support

128.8
125.2
100.0
77.7
55.7
54.3
51.1
49.2
50.5
51.2
52.7
51.8
50.3
51.8
50.9
50.2
49.9
50.3
49.2
51.2
51.2
52.9
54.5

Source: Board of Governors of the Federal Reserve System.

98.6
97.8
100.0
93.8
78.8
78.8
78.0
76.1
75.7
77.3
78.3
76.8
76.9
77.7
76.6
76.8
77.5
77.7
77.3
77.2
77.5
77.6
78.2

Chemical

92.9
95.2
100.0
92.5
83.5
86.3
86.3
86.4
87.5
89.6
88.5
87.1
87.6
88.4
88.3
88.1
88.9
89.5
90.1
90.8
91.4
92.6
92.9

Food

98.6
99.5
100.0
98.8
98.2
98.6
98.5
102.8
104.5
106.4
106.4
105.1
106.8
106.3
106.9
106.4
106.2
105.7
105.6
105.6
105.8
107.7
107.9

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

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

Total
new
construction
expenditures

Residential
Total

1,104.1
1,167.2
1,152.4
1,068.4
904.9
806.0
788.3
861.2
910.8
961.4
961.2
954.6
947.1
947.3
960.3
972.8
957.1
960.0
961.1
966.4
980.4
978.6
982.1

New
housing

Total 1

870.0
911.8
863.3
759.7
590.0
502.1
501.9
581.9
641.1
687.0
695.4
694.1
686.2
682.3
689.0
696.4
684.3
682.8
684.4
692.1
694.9
698.2
698.6

Federal
and
State
and
local

Nonresidential

611.9
613.7
493.2
350.3
245.9
238.8
244.1
280.6
336.2
350.0
364.0
364.1
357.3
358.1
360.8
357.0
350.6
348.9
346.2
346.4
347.9
348.4
349.6

Total

480.8
468.8
354.1
230.1
133.9
127.3
123.2
154.5
203.1
234.7
219.2
224.4
224.5
226.1
230.2
229.5
229.7
231.8
235.4
240.7
245.3
246.5
249.0

Lodging

258.1
298.1
370.0
409.4
344.1
263.3
257.8
301.4
304.9
337.0
331.4
330.0
328.9
324.2
328.2
339.4
333.7
334.0
338.2
345.7
346.9
349.8
349.0

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

Commercial
(including
farm)

Office

12.7
17.6
27.5
35.4
25.4
11.2
8.4
10.2
13.1
15.5
14.3
14.1
14.8
14.1
15.3
15.4
14.6
14.7
15.5
16.7
17.0
17.2
17.0

37.3
45.7
53.8
55.5
37.3
24.4
23.7
27.4
29.8
37.0
33.7
33.6
33.3
33.5
35.8
36.5
36.1
36.1
37.3
39.5
39.9
39.9
40.0

Manufacturing

66.6
73.4
85.9
82.7
51.1
37.2
39.2
44.3
48.7
55.2
53.1
50.3
50.9
51.3
51.9
52.6
53.9
54.9
56.0
58.6
59.1
59.9
59.0

Other 2

28.4
32.3
40.2
53.6
57.4
40.6
39.8
46.8
47.2
54.6
51.0
52.3
49.8
46.3
49.6
54.5
53.7
53.5
56.0
57.9
59.7
59.3
60.4

113.1
129.1
162.6
182.3
173.0
149.9
146.7
172.6
166.1
174.7
179.3
179.7
180.1
179.1
175.5
180.3
175.4
174.7
173.3
173.1
171.1
173.5
172.6

New
houses
sold

New
houses
for sale
at end
of period 3

234.2
255.4
289.1
308.7
314.9
304.0
286.4
279.3
269.6
274.4
265.7
260.6
260.9
265.0
271.3
276.5
272.9
277.2
276.7
274.3
285.6
280.4
283.5

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 housing units authorized 2

New housing units started
Type of structure

Period
Total
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 p ������������������

2,068.3
1,800.9
1,355.0
905.5
554.0
586.9
608.8
780.6
924.9
1,005.8

1 unit
1,715.8
1,465.4
1,046.0
622.0
445.1
471.2
430.6
535.3
617.6
648.0

Type of structure

2–4 units 1
41.1
42.7
31.7
17.5
11.6
11.4
10.9
11.4
13.6
13.9

5 units or
more

Total

311.4
292.8
277.3
266.0
97.3
104.3
167.3
233.9
293.7
343.9

2,155.3
1,838.9
1,398.4
905.4
583.0
604.6
624.1
829.7
990.8
1,038.5

1 unit
1,682.0
1,378.2
979.9
575.6
441.1
447.3
418.5
518.7
620.8
630.3

2–4 units

5 units or
more

New
housing
units
completed

Vacancy
rate for
rental
housing
units
(percent) 4

84.0
76.6
59.6
34.4
20.7
22.0
21.6
25.9
29.0
27.5

389.3
384.1
359.0
295.4
121.1
135.3
184.0
285.1
341.1
380.7

1,931.4
1,979.4
1,502.8
1,119.7
794.4
651.7
584.9
649.2
764.4
883.0

1,283
1,051
776
485
375
323
306
368
429
435

511
536
497
353
234
190
151
150
187
219

9.9
9.7
9.8
10.0
10.6
10.2
9.5
8.7
8.3
7.6

30
26
23
28
26
27
30
30
31
24
32
28
27

375
315
395
372
436
363
309
396
345
376
413
386
363

775
850
866
874
832
898
809
860
908
950
915
872
927

442
457
432
403
413
458
409
399
448
456
462
431
481

187
189
186
190
191
192
197
205
206
209
211
214
219

8.2
��������������������
��������������������
8.3
��������������������
��������������������
7.5
��������������������
��������������������
7.4
��������������������
��������������������
7.0

Seasonally adjusted annual rates
2013: Dec �����������
2014: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec p ��������

1,034
897
928
950
1,063
984
909
1,098
963
1,028
1,092
1,043
1,089

675
583
589
635
649
634
593
652
641
663
716
679
728

�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������

338
306
328
301
405
341
294
430
305
353
359
354
339

1,022
939
1,011
1,000
1,059
1,005
973
1,057
1,003
1,031
1,092
1,052
1,058

1 Monthly data do not meet publication standards because tests for identifiable and stable
seasonality do not meet reliability standards.
2 Based on 20,000 permit-issuing places.
3 Seasonally adjusted.

617
598
593
600
597
615
634
631
627
631
647
638
668

4 Quarterly data are three-month averages.

Annual data are averages of quarterly data.

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 fell 0.3 percent, while inventories
rose $2.9 billion. According to advance estimates, retail sales fell 1.1 percent in December. Retail and food services
sales fell 0.9 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
1,800

BILLIONS OF DOLLARS* (RATIO SCALE)
600

1,700

550

MANUFACTURING AND
TRADE INVENTORIES

1,600

RETAIL INVENTORIES

500

1,500

450

RETAIL AND FOOD
SERVICES SALES

1,400
400

MANUFACTURING
AND TRADE SALES
1,300

350
RETAIL SALES

1,200
300

1,100

RATIO*
1.70

INVENTORY/SALES RATIO

1,000

1.60
1.50

MANUFACTURING
AND TRADE

RETAIL

900

1.40
1.30
1.20

800
2010

2011

2012

2013

2014

2010

2011

2012

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

2013

2014

COUNCIL OF ECONOMIC ADVISERS

[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

2005 ��������������������
1,005,130
1,313,456
1.27
302,444
368,041
1.17
2006 ��������������������
1,068,012
1,408,147
1.28
327,209
399,019
1.18
2007 ��������������������
1,126,709
1,486,714
1.29
350,149
424,444
1.17
2008 ��������������������
1,156,187
1,461,437
1.32
371,646
441,148
1.21
2009 ��������������������
981,328
1,321,409
1.38
310,502
387,337
1.30
2010 ��������������������
1,077,363
1,436,516
1.28
348,455
426,542
1.15
2011 ��������������������
1,193,423
1,549,957
1.26
390,790
466,475
1.15
2012 ��������������������
1,250,334
1,625,484
1.28
410,549
492,045
1.18
2013 ��������������������
1,291,562
1,695,688
1.29
427,944
511,757
1.17
p
2014 ������������������ ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� �����������������������
2013: Nov r ���������
1,316,991
1,688,856
1.28
441,489
510,786
1.16
      Dec r ���������
1,317,301
1,695,688
1.29
441,151
511,757
1.16
2014: Jan �����������
1,300,840
1,703,047
1.31
433,060
515,764
1.19
      Feb �����������
1,312,915
1,710,798
1.30
437,118
519,479
1.19
      Mar ����������
1,327,582
1,717,708
1.29
444,307
525,008
1.18
      Apr �����������
1,338,259
1,728,499
1.29
450,167
530,062
1.18
      May ����������
1,342,157
1,736,658
1.29
453,329
531,768
1.17
      June ���������
1,349,568
1,742,777
1.29
455,173
533,021
1.17
      July ����������
1,359,121
1,749,329
1.29
457,008
534,437
1.17
      Aug ����������
1,352,493
1,751,592
1.30
453,506
537,450
1.19
      Sept ���������
1,352,178
1,756,568
1.30
453,662
539,719
1.19
      Oct r ����������
1,348,261
1,760,280
1.31
453,558
542,927
1.20
p
      Nov ��������
1,343,623
1,763,148
1.31
452,211
547,153
1.21
p
      Dec �������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� �����������������������
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

307,514
471,879
1.51
322,840
486,916
1.50
333,271
501,302
1.49
328,867
479,180
1.52
302,534
432,215
1.47
320,121
458,715
1.39
344,416
475,758
1.36
362,012
510,912
1.38
377,351
547,126
1.40
391,707 ����������������������� �����������������������
380,688
544,482
1.43
383,483
547,126
1.43
378,397
549,276
1.45
381,632
548,943
1.44
387,310
549,331
1.42
390,146
551,981
1.41
391,519
552,951
1.41
393,076
556,804
1.42
394,005
561,824
1.43
396,297
560,501
1.41
395,471
561,757
1.42
396,214
561,786
1.42
r 397,890
560,119
1.41
393,319 ����������������������� �����������������������

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

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

Chart 20 - Jan 2015
Retail
and
food
services
sales 2

340,552
358,073
370,317
366,876
340,174
358,996
385,651
405,753
422,323
439,269
427,081
429,329
423,937
427,554
434,018
436,730
438,605
440,328
441,506
444,150
443,822
445,276
r 447,121
442,931

Manufacturers’ Shipments, Inventories, and Orders
In December, manufacturers’ shipments, inventories, new orders, and unfilled orders fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
580
540 SHIPMENTS
500
460
420
TOTAL
380
340

BILLIONS OF DOLLARS* (RATIO SCALE)
700
660
INVENTORIES
620
580
540
TOTAL
500
460
DURABLE GOODS
420

NONDURABLE GOODS

300

380
340

260

300

220

260

DURABLE GOODS

180

220

140

NONDURABLE GOODS

180

BILLIONS OF DOLLARS* (RATIO SCALE)
580
540 NEW ORDERS
500
460
420
TOTAL
380

140
RATIO*
1.60

340

INVENTORY/SHIPMENTS RATIO

1.50

300
260

1.40

DURABLE GOODS

220

1.30

180

1.20
1.10

140
2010

2011

2012

2013

2014

2010

2011

2012

2013

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1

Chart 21- Jan 2015

Durable goods
Period

Total

Durable
goods

2014

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

395,173
417,963
443,288
455,675
368,292
408,787
458,217
477,774
486,267
497,491
492,667
489,383
494,165
495,965
497,946
497,309
501,319
508,108
502,690
503,045
498,489
493,522
488,245

202,070
213,516
223,919
218,328
171,886
190,900
208,551
222,630
230,270
241,900
233,310
232,234
234,785
237,969
238,106
238,102
240,950
249,815
245,532
246,379
246,032
244,212
247,409

193,103
204,447
219,369
237,347
196,406
217,887
249,666
255,144
255,997
255,591
259,357
257,149
259,380
257,996
259,840
259,207
260,369
258,293
257,158
256,666
252,457
249,310
240,836

473,536
522,212
560,968
541,109
501,857
551,259
607,724
622,527
636,805
653,863
636,805
638,007
642,376
643,369
646,456
651,939
652,952
653,068
653,641
655,092
655,567
655,876
653,863

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.

283,613
317,411
334,578
330,045
295,096
322,933
358,061
374,129
388,208
410,504
388,208
389,161
392,174
392,990
393,961
397,981
399,598
401,361
402,908
404,750
406,602
408,714
410,504

189,923
204,801
226,390
211,064
206,761
228,326
249,663
248,398
248,597
243,359
248,597
248,846
250,202
250,379
252,495
253,958
253,354
251,707
250,733
250,342
248,965
247,162
243,359

397,014
424,146
449,788
453,937
349,252
406,310
458,717
473,455
485,097
498,880
489,170
481,159
489,244
496,416
500,321
497,544
505,210
558,155
502,159
499,866
496,278
487,885
471,454

203,911
219,699
230,419
216,590
152,846
188,423
209,050
218,311
229,100
243,289
229,813
224,010
229,864
238,420
240,481
238,337
244,841
299,862
245,001
243,200
243,821
238,575
230,618

67,863
74,123
79,822
73,146
48,418
61,867
71,353
74,253
80,536
85,842
83,392
77,075
75,704
83,037
82,569
80,658
84,734
136,323
86,659
82,464
82,432
81,184
73,646

654,438
798,033
947,027
996,144
824,943
869,044
956,255
990,968
1,060,172
1,166,943
1,060,172
1,059,749
1,062,544
1,070,727
1,080,702
1,088,072
1,099,238
1,157,460
1,164,929
1,169,273
1,174,608
1,176,381
1,166,943

1.17
1.20
1.22
1.26
1.39
1.28
1.29
1.29
1.29
1.31
1.29
1.30
1.30
1.30
1.30
1.31
1.30
1.29
1.30
1.30
1.32
1.33
1.34

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 final demand fell 0.3 percent in December. Prices for final demand goods fell 1.2
percent while prices for final demand services rose 0.2 percent.
INDEX, NOV. 2009=100 (RATIO SCALE)

INDEX, NOV. 2009=100 (RATIO SCALE)
125

125
SEASONALLY ADJUSTED

FINAL DEMAND

120

120

115

115
FINAL DEMAND
GOODS

110

110

FINAL DEMAND

105

105
FINAL DEMAND
SERVICES

100

100

95

95
2009

2010

2012

2011

2013

2014

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[November 2009=100, except as noted; monthly data seasonally adjusted]
Final demand goods
Period

Rel. imp. 4 �����������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 p ������������������
2013: Dec �����������
2014: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug r ���������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������

Total
final
demand 1

100.0
���������������
���������������
���������������
���������������
���������������
101.8
105.7
107.7
109.1
110.9
109.7
110.0
110.2
110.5
110.7
110.9
111.1
111.6
111.4
111.2
111.4
111.2
110.9

Final demand services

Total

Foods 2

Energy

Less
food
and
energy

Total

Trade 3

Transportation
and
warehousing

Other

34.397
�������������
�������������
�������������
�������������
�������������
102.8
109.9
111.7
112.6
114.1
113.1
113.7
113.9
114.0
114.5
114.5
115.1
115.0
114.7
114.4
113.9
113.1
111.7

5.490
�������������
�������������
�������������
�������������
�������������
103.7
112.5
115.9
117.8
121.6
117.0
117.8
118.6
120.2
123.3
122.9
122.8
122.8
122.2
121.4
122.6
122.4
121.9

6.782
�������������
�������������
�������������
�������������
�������������
107.2
126.2
126.3
125.3
124.2
126.6
127.3
126.9
126.6
126.3
126.3
128.8
127.7
126.3
125.0
121.2
117.5
109.7

22.125
�������������
�������������
�������������
�������������
�������������
101.4
104.9
106.8
107.9
109.5
108.5
109.0
109.2
109.1
109.3
109.4
109.5
109.7
109.7
109.9
109.8
109.7
109.9

63.520
�������������
�������������
�������������
�������������
�������������
101.3
103.4
105.4
107.1
109.0
107.7
107.8
108.1
108.5
108.5
108.8
108.8
109.5
109.5
109.3
109.8
109.9
110.1

19.896
�������������
�������������
�������������
�������������
�������������
101.7
104.0
106.7
108.2
110.2
108.0
108.0
108.7
109.4
109.1
110.0
109.4
111.5
110.5
110.1
111.7
111.8
112.5

4.894
���������������
���������������
���������������
���������������
���������������
103.2
110.0
114.2
115.3
117.8
117.3
116.2
115.7
116.2
117.1
117.7
118.3
118.8
119.1
119.1
119.0
118.0
117.9

38.730
�������������
�������������
�������������
�������������
�������������
100.9
102.5
103.9
105.8
107.5
106.6
106.8
106.9
107.2
107.3
107.3
107.5
107.5
107.9
107.8
107.9
108.0
108.2

1 Includes final demand construction, not shown separately.
2 Does not include food and beverages for immediate consumption, which are defined as the

service of preparing meals, snacks, and beverages to customer order for immediate on-premises
and off-premises consumption.
3 Trade indexes measure changes in margins received by wholesalers and retailers.
4 Relative importance, December 2013.

22

Processed goods UnprocessedChart
goods
for
Final
22 - Jan 2015
for intermediate
intermediate demand
demand
demand (1982=100)
(1982=100)
less
Services
foods,
for
energy,
intermediLess
Nonfood
and
ate
food
materials demand
trade
Total
and
Total
less
(Aug. 2013
energy
energy
=100) 2
67.832
����������������
����������������
����������������
����������������
����������������
����������������
����������������
����������������
����������������
101.5
100.6
100.8
100.9
101.1
101.2
101.3
101.5
101.6
101.9
101.8
101.9
101.9
102.0

100.0
154.0
164.0
170.7
188.3
172.5
183.4
199.9
200.7
200.8
202.1
200.8
202.2
202.9
202.8
202.9
202.8
203.5
203.8
203.5
203.4
201.5
199.4
196.1

70.638
154.6
163.8
168.4
180.9
173.4
180.8
192.0
192.6
193.8
195.4
193.7
194.5
195.2
194.9
195.3
195.1
195.3
196.0
196.4
196.6
196.3
195.4
194.3

100.0
182.2
184.8
207.1
251.8
175.2
212.2
249.4
241.4
246.7
249.4
245.5
247.8
260.4
259.8
261.9
261.1
258.8
252.5
244.6
245.4
239.4
236.2
224.5

23.269
202.4
244.5
282.6
324.4
248.4
329.1
390.4
369.6
351.2
345.9
348.0
354.3
350.1
348.5
354.1
353.1
348.0
349.0
346.6
347.6
337.4
331.9
330.3

100.0
�����������������
�����������������
�����������������
�����������������
�����������������
101.1
103.2
105.3
107.2
108.8
107.7
108.0
108.2
108.6
108.4
108.3
108.5
109.2
109.3
109.2
109.3
109.6
109.6

Note: With the release of data for January 2014, Bureau of Labor Statistics transitioned from the
Stage of Processing (SOP) to the Final Demand-Intermediate Demand (FD-ID) aggregation system.
The FD-ID system expands coverage in its aggregate measures beyond that of the SOP system
through the addition of services, construction, exports, and government purchases. For details, see
Producer Price Index release dated February 19, 2014.
Source: Department of Labor (Bureau of Labor Statistics).

Consumer Prices—All Urban Consumers
In December, the consumer price index for all urban consumers fell 0.4 percent; it fell 0.6 percent before seasonal
adjustment. The index was 0.8 percent above its year earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE)

INDEX, 1982-84 = 100 (RATIO SCALE)

250

250
SEASONALLY ADJUSTED

240

240

230

230

CONSUMER PRICES—ALL ITEMS
220

220

210

210

200

200

190

190

180

180
2006

2007

2008

2009

2010

2011

2012

2013

SOURCE: DEPARTMENT OF LABOR

2014

COUNCIL OF ECONOMIC ADVISERS

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

Rel. imp. 5 �����������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2013: Dec �����������
2014: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������

Not
seasonally Seasonally
adjusted
adjusted
(NSA)
100.0
195.3
201.6
207.342
215.303
214.537
218.056
224.939
229.594
232.957
236.736
233.049
233.916
234.781
236.293
237.072
237.900
238.343
238.250
237.852
238.031
237.433
236.151
234.812

�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
234.594
234.933
235.169
235.640
236.254
237.083
237.693
237.909
237.428
237.633
237.642
237.032
236.149

All items less food and energy

Total 1

77.426
200.9
205.9
210.729
215.572
219.235
221.337
225.008
229.755
233.806
237.897
235.542
235.843
236.122
236.604
237.163
237.776
238.083
238.311
238.345
238.677
239.162
239.332
239.339

Shelter

32.482
224.4
232.1
240.611
246.666
249.354
248.396
251.646
257.083
263.056
270.513
266.220
266.902
267.411
268.261
268.871
269.690
270.109
270.847
271.463
272.194
272.854
273.550
274.017

Medical
care 2

7.650
323.2
336.2
351.054
364.065
375.613
388.436
400.258
414.924
425.134
435.292
428.782
429.972
431.263
432.019
433.238
434.636
435.277
436.012
436.021
436.709
437.434
439.390
441.457

Apparel

3.461
119.5
119.5
118.998
118.907
120.078
119.503
122.111
126.265
127.411
127.514
127.685
127.349
126.964
127.346
127.322
127.728
128.372
128.604
128.398
128.369
128.093
126.623
125.128

1 Includes other items not shown separately.
2 Commodities and services.
3 Household energy—electricity, utility (piped) gas service, fuel oil, etc.—and motor fuel.
4 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make

Energy 3

Food

New
vehicles

3.529
137.9
137.6
136.254
134.194
135.623
138.005
141.883
144.232
145.783
146.275
145.935
145.563
145.679
145.670
146.109
146.362
145.902
146.326
146.595
146.652
146.923
146.820
146.694

Total 1

At
home

Away
from
home

Total 1

14.131
190.7
195.2
202.916
214.106
217.955
219.625
227.842
233.777
237.037
242.725
238.160
238.368
239.322
240.299
241.187
242.331
242.458
243.331
243.904
244.672
245.034
245.580
246.221

8.348
189.8
193.1
201.245
214.125
215.124
215.836
226.201
231.774
233.869
239.456
234.283
234.515
235.636
236.808
237.853
239.483
239.368
240.314
240.879
241.649
241.900
242.223
242.865

5.783
193.4
199.4
206.659
215.769
223.272
226.114
231.401
237.986
243.068
248.981
245.300
245.481
246.187
246.878
247.534
247.952
248.445
249.210
249.801
250.570
251.100
251.987
252.628

8.443
177.1
196.9
207.723
236.666
193.126
211.449
243.909
246.080
244.409
243.583
246.189
247.575
246.389
246.045
246.782
249.062
253.057
252.189
245.684
243.974
239.409
230.350
219.489

Gasoline

Chart 23 - Jan 2015

C-CPI-U
(NSA) 4

4.364 �������������������
194.7
113.7
219.9
117.0
237.959
119.957
277.457
124.433
201.555
123.850
238.594
125.615
301.694
129.453
311.470
131.976
302.577 �������������������
290.889 �������������������
304.400
133.546
301.410
134.041
296.173
134.536
291.013
135.407
297.745
135.848
299.944
136.311
309.868
136.543
308.798
136.453
296.072
136.182
293.073
136.276
284.139
135.861
265.429
134.962
240.491
133.926

5 Relative importance, November 2014.

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

across item categories in response to changes in relative prices. Data for 2013 and 2014 are subject
to revision.

23

Changes in Producer Prices
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Processed goods
Unprocessed
Change from year earlier
Final for intermediate goods for interme(NSA)
demand
diate demand
demand
Services
less
for
foods,
TransporLess
Nonfood intermeenergy,
diate
tation
food
materiTotal
Final
Final
and
demand
Trade
and
Other
Total
and
Total
als
final demand demand
trade
wareenergy
less
demand goods services
housing
energy

Final demand goods
Period

Total
final
demand 1

Total

Foods

Energy

Final demand services
Less
food
and
energy

Total

Change, December to December, NSA
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 p ������������������

�����������
�����������
�����������
�����������
�����������
2.8
3.2
1.9
1.2
1.1

����������
����������
����������
����������
����������
4.7
4.7
1.4
.8
–1.0

����������
����������
����������
����������
����������
5.3
5.7
4.1
–.8
4.4

����������
����������
����������
����������
����������
12.7
9.2
–1.3
.9
–12.9

�����������
�����������
�����������
�����������
�����������
2.4
3.1
1.4
1.3
1.3

����������
����������
����������
����������
����������
1.7
2.3
2.2
1.3
2.2

����������
����������
����������
����������
����������
2.1
2.3
3.8
–.4
4.2

�������������
�������������
�������������
�������������
�������������
4.3
6.7
2.7
2.0
.5

����������
����������
����������
����������
����������
1.3
1.8
1.4
2.0
1.4

�����������
�����������
�����������
�����������
�����������
�����������
�����������
�����������
�����������
1.3

8.6
2.8
7.1
–2.3
2.9
6.4
5.7
.4
.1
–2.2

4.8
4.5
3.3
2.9
–.1
4.7
3.8
.6
.7
.3

21.1
–4.7
19.8
–24.6
13.3
16.1
6.6
1.4
–1.9
–8.1

5.2
17.0
15.6
–24.1
28.9
27.6
2.4
–1.6
–5.6
–5.1

��������������
��������������
��������������
��������������
��������������
1.4
2.0
2.9
1.0
1.7

�����������
�����������
�����������
�����������
�����������
�����������
3.8
1.9
1.3
1.6

�����������
�����������
�����������
�����������
�����������
�����������
6.9
1.6
.8
1.3

������������
������������
������������
������������
������������
������������
2.1
1.9
1.6
1.8

0.3
.2
.1
.2
.1
.1
.2
.1
.3
–.1
.1
.0
.1

0.4
.7
.3
.0
.0
.0
.3
.1
–.1
.0
–.9
–1.0
–1.7

0.1
.4
.4
–.2
.2
–.1
.1
.4
.2
.1
–.2
–.5
–.6

2.2
.9
5.1
–.2
.8
–.3
–.9
–2.4
–3.1
.3
–2.4
–1.3
–5.0

1.1
1.8
–1.2
–.5
1.6
–.3
–1.4
.3
–.7
.3
–2.9
–1.6
–.5

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

1.2
1.3
1.2
1.6
1.8
2.1
1.8
1.9
1.9
1.6
1.5
1.4
1.1

0.8
1.1
.6
1.2
2.5
2.0
2.2
2.0
1.7
1.5
1.1
.4
–1.0

1.3
1.3
1.6
1.8
1.6
2.2
1.7
2.0
2.0
1.6
1.8
1.9
2.2

Change, month to month
2013: Dec �����������
2014: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug r ���������
      Sept r ��������
      Oct �����������
      Nov ����������
      Dec �����������

0.0
.3
.2
.3
.2
.2
.2
.5
–.2
–.2
.2
–.2
–.3

0.4
.5
.2
.1
.4
.0
.5
–.1
–.3
–.3
–.4
–.7
–1.2

–0.2
.7
.7
1.3
2.6
–.3
–.1
.0
–.5
–.7
1.0
–.2
–.4

1.2
.6
–.3
–.2
–.2
.0
2.0
–.9
–1.1
–1.0
–3.0
–3.1
–6.6

0.4
.5
.2
–.1
.2
.1
.1
.2
.0
.2
–.1
–.1
.2

–0.2
.1
.3
.4
.0
.3
.0
.6
.0
–.2
.5
.1
.2

–1.0
.0
.6
.6
–.3
.8
–.5
1.9
–.9
–.4
1.5
.1
.6

1.6
–.9
–.4
.4
.8
.5
.5
.4
.3
.0
–.1
–.8
–.1

1 Includes final demand construction, not shown separately.

0.1
.2
.1
.3
.1
.0
.2
.0
.4
–.1
.1
.1
.2

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

Note: See Note, p. 22.

Changes in Consumer Prices—All Urban Consumers
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
All items less food and energy
Period

All
items 1

Total 1

Shelter

Medical
care 2

Apparel

New
vehicles

Total 1

At
home

Addendum: All items,
percent change (annual rate)

Energy 3

Food
Away
from
home

Total 1

Gasoline

C-CPI-U
(NSA) 4

From
previous
quarter 5

From
3
months
earlier

From
6
months
earlier

From
year
earlier
(NSA)

Change, December to December, NSA
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������

3.4
2.5
4.1
.1
2.7
1.5
3.0
1.7
1.5
.8

2.2
2.6
2.4
1.8
1.8
.8
2.2
1.9
1.7
1.6

2.6
4.2
3.1
1.9
.3
.4
1.9
2.2
2.5
2.9

4.3
3.6
5.2
2.6
3.4
3.3
3.5
3.2
2.0
3.0

–1.1
.9
–.3
–1.0
1.9
–1.1
4.6
1.8
.6
–2.0

–0.4
–.9
–.3
–3.2
4.9
–.2
3.2
1.6
.4
.5

2.3
2.1
4.9
5.9
–.5
1.5
4.7
1.8
1.1
3.4

1.7
1.4
5.6
6.6
–2.4
1.7
6.0
1.3
.4
3.7

3.2
3.2
4.0
5.0
1.9
1.3
2.9
2.5
2.1
3.0

17.1
2.9
17.4
–21.3
18.2
7.7
6.6
.5
.5
–10.6

16.1
6.4
29.6
–43.1
53.5
13.8
9.9
1.7
–1.0
–21.0

2.9
2.3
3.7
.2
2.5
1.3
2.9
1.5
1.3
.3

�������������
�������������
�������������
�������������
�������������
�������������
�������������
�������������
�������������
��������������

�������������
�������������
�������������
�������������
�������������
�������������
�������������
�������������
�������������
�������������

�������������
�������������
�������������
�������������
�������������
�������������
�������������
�������������
�������������
�������������

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

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

0.1
.1
.3
.3
.3
.2
.2
.3
.2
.3
.2
.4
.3

1.6
.6
–.5
–.1
.3
.9
1.6
–.3
–2.6
–.7
–1.9
–3.8
–4.7

2.6
–1.0
–1.7
–1.7
2.3
.7
3.3
–.3
–4.1
–1.0
–3.0
–6.6
–9.4

0.0
.4
.4
.6
.3
.3
.2
–.1
–.2
.1
–.3
–.7
–.8

1.1
�������������
�������������
1.9
�������������
�������������
3.0
�������������
�������������
1.1
�������������
�������������
–1.2

1.5
2.0
2.0
1.8
2.3
3.3
3.5
2.8
.6
–.1
–.4
–.7
–2.5

1.5
1.4
1.5
1.6
2.1
2.6
2.7
2.5
1.9
1.7
1.2
.0
–1.3

1.5
1.6
1.1
1.5
2.0
2.1
2.1
2.0
1.7
1.7
1.7
1.3
.8

Change, month to month
2013: Dec �����������
2014: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������

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

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

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

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

0.4
–.3
–.3
.3
.0
.3
.5
.2
–.2
.0
–.2
–1.1
–1.2

0.0
–.3
.1
.0
.3
.2
–.3
.3
.2
.0
.2
–.1
–.1

0.0
.1
.4
.4
.4
.5
.1
.4
.2
.3
.1
.2
.3

1 Includes other items not shown separately.
2 Commodities and services.
3 Household energy—electricity, utility (piped) gas service, fuel oil, etc.—and motor fuel.
4 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make

across item categories in response to changes in relative prices. Data for 2013 and 2014 are subject
to revision.

24

5 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 received by farmers fell 1.0 percent and prices paid by farmers remained unchanged. (Data are
not seasonally adjusted.)
INDEX, 2011=100 (RATIO SCALE)
130

INDEX, 2011=100 (RATIO SCALE)
130
120

120

110

110

100

100
PRICES PAID

90

90

80

80
PRICES RECEIVED

70

70

60

60
1

RATIO1
140

RATIO
140
120

120

RATIO

100

100

80

80

60

60
2006

2007

2008

2009

2010

2012

2011

2013

2014

1

RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE

COUNCIL OF ECONOMIC ADVISERS

[2011=100; not seasonally adjusted]
Prices received by farmers 1

Period

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

Agricultural
production

Crop
production

71
71
84
92
81
82
100
105
107
107
100
99
106
111
115
115
112
109
109
107
99
101
100

Chart 25 - Jan 2015

Prices paid by farmers
All commodities,
services, interest,
taxes, and wage
rates (PPITW) 2

Livestock
production

63
68
81
96
86
79
100
107
105
91
91
90
94
95
98
99
98
93
91
87
81
81
82

1 Annual indexes for 2011 forward reflect revised methodology. See Agricultural Price Program
Update, January 2015 for details.
2 Includes items not shown separately.
3 Annual data are averages of monthly ratios.

78
73
86
86
74
86
100
103
109
129
112
116
121
129
132
130
129
133
131
133
136
134
127

70
74
79
90
87
90
100
104
106
111
106
108
109
110
112
112
113
112
111
112
111
111
111

Production items,
interest, taxes, and
wage rates (PITW)

67
72
77
89
86
89
100
105
107
112
107
109
110
111
113
113
114
113
112
113
112
112
112

Ratio of prices
received by farmers
to PPITW 3

Production
items

65
69
75
88
85
88
100
105
107
113
107
109
110
112
114
115
116
115
114
115
113
113
113

101
96
106
102
93
92
100
101
100
96
94
92
97
101
103
103
99
97
98
96
89
91
90

Note: These indexes are also available on a 1910-14=100 basis, as required by statute.
Source: Department of Agriculture (National Agricultural Statistics Service).

25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures
In December, M2 rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
12,400
11,600
10,800
10,000
9,200

BILLIONS OF DOLLARS* (RATIO SCALE)
12,400
11,600
10,800
10,000
9,200

8,400

8,400

7,600

7,600

M2

6,800

6,800

6,000

6,000

5,200

5,200

4,400

4,400

3,600

3,600

3,200

3,200

2,800

2,800

2,400

2,400

2,000

2,000

M1

1,600

1,600

1,200

1,200

2006

2007

2008

2009

2010

2011

2012

2013

*AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

2014

COUNCIL OF ECONOMIC ADVISERS

[Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted]
Chart 26 - Jan 2015

Period

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

M1

M2

Debt

Sum of currency,
demand deposits,
travelers checks,
and other
checkable
deposits (OCDs)

M1 plus retail
MMMF balances,
savings deposits
(including MMDAs),
and small time deposits

Debt of
domestic
nonfinancial
sectors 1

1,374.8
1,368.3
1,376.6
1,607.1
1,698.4
1,841.8
2,168.2
2,457.7
2,654.0
2,906.6
2,654.0
2,682.7
2,718.5
2,745.9
2,772.4
2,785.3
2,814.3
2,840.7
2,814.4
2,857.5
2,861.3
2,874.9
2,906.6

6,654.1
7,046.0
7,452.4
8,177.0
8,482.4
8,782.9
9,635.8
10,423.6
10,984.9
11,625.6
10,984.9
11,037.5
11,118.9
11,162.6
11,218.8
11,283.8
11,331.8
11,404.9
11,440.4
11,480.9
11,520.6
11,562.2
11,625.6

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.

26

27,179.7
29,513.7
31,903.3
33,756.0
34,470.1
35,617.9
36,759.6
38,427.6
39,771.9
���������������������������������������������
39,771.9
���������������������������������������������
���������������������������������������������
40,178.9
���������������������������������������������
���������������������������������������������
40,508.8
���������������������������������������������
���������������������������������������������
40,946.9
���������������������������������������������
���������������������������������������������
���������������������������������������������

Percent change
From year or
6 months
earlier 2
M1

From
previous
period 3
M2

–0.1
–.5
.6
16.7
5.7
8.4
17.7
13.4
8.0
9.5
10.8
10.8
12.6
12.9
11.6
12.5
12.1
11.8
7.1
8.1
6.4
6.4
6.6

Debt
4.2
5.9
5.8
9.7
3.7
3.5
9.7
8.2
5.4
5.8
6.5
6.3
6.8
6.5
5.5
6.5
6.3
6.7
5.8
5.7
5.4
4.9
5.2

9.0
8.4
8.2
6.2
3.3
4.1
3.6
5.0
3.8
�������������������������������
4.4
�������������������������������
�������������������������������
4.2
�������������������������������
�������������������������������
3.4
�������������������������������
�������������������������������
4.4
�������������������������������
�������������������������������
�������������������������������

3 Annual changes are from fourth quarter to fourth quarter. Quarterly changes are from previous
quarter at an annual rate.

Note: 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

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

Currency

724.6
750.2
760.6
816.2
863.7
918.8
1,001.5
1,090.5
1,160.3
1,252.4
1,160.3
1,165.7
1,171.7
1,190.1
1,198.4
1,204.7
1,211.4
1,217.6
1,223.3
1,228.0
1,232.7
1,242.1
1,252.4

Nonbank
travelers
checks

Other checkable
deposits (OCDs)
Demand
deposits

At
commercial
banks

Total

7.2
6.7
6.3
5.5
5.1
4.7
4.3
3.8
3.5
2.9
3.5
3.5
3.4
3.4
3.3
3.3
3.3
3.2
3.2
3.1
3.0
3.0
2.9

324.3
305.6
303.4
473.3
448.2
519.3
751.8
920.5
1,021.2
1,162.2
1,021.2
1,041.4
1,067.5
1,075.0
1,093.8
1,099.0
1,115.9
1,135.0
1,103.9
1,145.4
1,143.7
1,146.3
1,162.2

318.7
305.7
306.4
312.0
381.4
399.0
410.6
442.8
469.0
489.1
469.0
472.2
476.0
477.4
476.9
478.2
483.7
484.8
484.0
481.0
481.7
483.5
489.1

Savings
deposits 1
At
thrift
institutions

180.8
176.8
173.0
178.8
231.2
235.8
233.2
244.6
256.8
267.6
256.8
258.3
259.6
260.1
260.8
260.5
264.9
264.8
264.5
262.3
261.8
261.8
267.6

138.0
128.9
133.3
133.3
150.2
163.2
177.5
198.3
212.1
221.5
212.1
213.9
216.4
217.3
216.1
217.7
218.8
220.0
219.6
218.7
219.9
221.7
221.5

1 Savings deposits including money market deposit accounts (MMDAs).
2 Small-denomination deposits are those issued in amounts of less than $100,000.

Total
3,603.4
3,695.5
3,869.6
4,091.4
4,815.5
5,333.7
6,033.3
6,686.0
7,132.3
7,587.4
7,132.3
7,165.5
7,213.7
7,237.0
7,269.3
7,323.8
7,350.9
7,403.3
7,467.1
7,472.1
7,509.6
7,546.7
7,587.4

At
commercial
banks
2,774.6
2,911.8
3,042.1
3,322.1
3,979.2
4,410.0
5,034.2
5,727.0
6,108.5
6,504.8
6,108.5
6,135.2
6,175.3
6,192.1
6,219.0
6,258.4
6,282.9
6,336.2
6,393.9
6,397.0
6,431.1
6,470.0
6,504.8

Small-denomination
time deposits 2
At
thrift
institutions
828.9
783.7
827.5
769.3
836.4
923.6
999.0
959.0
1,023.8
1,082.5
1,023.8
1,030.3
1,038.5
1,045.0
1,050.3
1,065.4
1,068.0
1,067.1
1,073.2
1,075.1
1,078.5
1,076.7
1,082.5

At
commercial
banks

Total
993.7
1,206.0
1,276.0
1,457.6
1,187.8
932.5
771.4
637.2
559.2
514.4
559.2
551.8
548.8
544.9
541.1
538.7
535.8
534.2
530.1
525.7
521.7
517.7
514.4

646.7
780.7
858.8
1,078.8
868.3
661.7
542.7
460.4
415.2
382.2
415.2
408.7
407.0
405.5
402.1
401.1
398.8
397.7
395.0
391.6
388.2
384.7
382.2

Retail
money
funds

At
thrift
institutions
347.0
425.4
417.2
378.8
319.6
270.8
228.7
176.7
144.0
132.2
144.0
143.1
141.8
139.4
138.9
137.6
137.1
136.5
135.1
134.1
133.5
133.0
132.2

682.0
776.2
930.2
1,020.9
780.6
675.0
663.0
642.7
639.4
617.2
639.4
637.5
637.9
634.8
636.0
636.0
630.7
626.7
628.8
625.5
628.0
622.8
617.2

Institutional
money
funds 3

1,177.0
1,391.5
1,961.4
2,459.2
2,254.8
1,894.4
1,762.7
1,741.1
1,776.2
1,803.5
1,776.2
1,769.1
1,766.4
1,767.6
1,739.5
1,746.9
1,743.8
1,751.7
1,748.5
1,753.6
1,775.5
1,787.0
1,803.5

3 Institutional money funds are not part of non-M1 M2.

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]
Reserves of depository institutions
Reserve balances maintained
Period
Total

2005: Dec ������������
2006: Dec ������������
2007: Dec ������������
2008: Dec ������������
2009: Dec ������������
2010: Dec ������������
2011: Dec ������������
2012: Dec ������������
2013: Dec ������������
2014: Dec r ����������
2014: Jan ������������
      Feb ������������
      Mar �����������
      Apr �����������
      May �����������
      June ����������
      July �����������
      Aug �����������
      Sept ����������
      Oct ������������
      Nov �����������
      Dec r ����������
2015: Jan ������������

10,046
8,479
8,098
783,631
1,099,831
1,035,074
1,550,043
1,517,425
2,485,248
2,606,700
2,498,153
2,593,879
2,623,027
2,660,368
2,635,180
2,668,354
2,704,004
2,786,867
2,759,284
2,705,668
2,519,578
2,606,700
2,683,709

To satisfy
reserve
balance
requirements 2

That
exceed the
top of the
penalty-free
band

������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
75,714
90,852
83,188
84,858
86,124
88,014
90,873
89,357
92,840
95,348
89,839
93,260
94,838
90,852
99,273

������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
2,409,534
2,515,848
2,414,965
2,509,021
2,536,902
2,572,354
2,544,306
2,578,997
2,611,164
2,691,520
2,669,445
2,612,408
2,424,740
2,515,848
2,584,437

Reserve
balance
requirements 3

8,146
6,616
6,314
16,312
24,632
28,438
47,838
58,673
69,029
82,770
75,901
77,320
78,471
80,203
82,906
81,443
84,590
86,899
81,892
85,026
86,424
82,770
90,522

Borrowings from the Federal Reserve

Vault cash
used to
satisfy
required
reserves 4
35,337
34,803
35,365
37,245
40,619
42,927
48,672
52,959
55,771
59,236
58,248
56,248
53,674
54,532
53,204
53,914
55,019
55,172
55,203
54,648
55,521
59,236
61,875

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

45,214
43,091
28,033
167,311
970,523
1,032,512
1,589,189
1,569,589
2,540,848
2,665,835
2,556,273
2,650,023
2,676,596
2,714,784
2,688,244
2,722,088
2,758,793
2,841,761
2,814,187
2,760,096
2,574,969
2,665,835
2,745,518

Monetary
base 6

803,124
826,731
837,192
1,666,365
2,026,220
2,017,000
2,619,586
2,675,945
3,717,450
3,934,491
3,728,483
3,833,354
3,885,877
3,930,681
3,911,525
3,948,691
3,989,076
4,075,024
4,049,181
4,001,440
3,830,428
3,934,491
4,017,093

Total 7

169
191
15,430
653,565
169,927
45,488
9,526
795
170
102
127
104
105
117
139
179
231
278
300
221
130
102
66

Primary

Secondary

97
111
3,787
88,245
19,025
41
103
12
13
22
9
4
8
18
12
17
11
15
18
8
12
22
48

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

Seasonal

72
80
30
3
37
26
23
23
59
80
22
5
7
17
47
102
174
229
253
200
119
80
18

Term
assetbacked
securities
loan
facility 8
��������������������
��������������������
��������������������
��������������������
46,310
25,025
9,400
760
98
0
97
96
90
82
80
60
45
34
29
13
0
0
0

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 0.6 percent in December.
BILLIONS OF DOLLARS* (RATIO SCALE)
12,000

ALL COMMERCIAL BANKS

10,000
9,000
8,000

BILLIONS OF DOLLARS* (RATIO SCALE)
12,000

TOTAL

10,000
9,000
8,000
7,000

7,000
6,000

6,000

LOANS AND LEASES

5,000

5,000

4,000

4,000

3,000

3,000

U.S. TREASURY AND
AGENCY SECURITIES

2,000

2,000

1,600

1,600

1,200

1,200

800

800
OTHER SECURITIES

400

400
2006

2007

2008

2009

2010

2011

2012

2013

*SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

2014

COUNCIL OF ECONOMIC ADVISERS

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

Period

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

Total
bank
credit

7,309.2
8,102.3
8,898.6
9,347.7
8,991.4
9,188.5
9,398.6
9,956.1
10,086.8
10,844.5
10,086.8
10,120.6
10,198.6
10,287.5
10,345.3
10,413.7
10,484.2
10,558.9
10,603.0
10,642.9
10,677.7
10,740.3
10,844.5

Total
securities

1,853.8
1,990.0
2,103.5
2,096.6
2,329.3
2,430.6
2,497.6
2,740.1
2,714.9
2,929.6
2,714.9
2,722.0
2,738.4
2,757.5
2,767.8
2,791.0
2,808.8
2,833.3
2,834.3
2,852.3
2,858.8
2,871.5
2,929.6

U.S.
Treasury
and
agency
securities
1,157.6
1,217.6
1,136.3
1,253.0
1,450.8
1,643.3
1,703.9
1,879.8
1,807.9
2,045.4
1,807.9
1,815.4
1,828.6
1,843.7
1,857.3
1,885.2
1,900.9
1,925.9
1,936.5
1,968.0
1,983.2
1,994.0
2,045.4

Loans and leases in bank credit
Real estate loans

Other
securities

696.2
772.4
967.2
843.6
878.5
787.3
793.7
860.3
907.1
884.2
907.1
906.6
909.8
913.8
910.5
905.8
907.8
907.4
897.8
884.3
875.6
877.5
884.2

Total
loans
and
leases 3
5,455.4
6,112.3
6,795.1
7,251.1
6,662.1
6,757.9
6,901.0
7,216.0
7,371.8
7,914.9
7,371.8
7,398.5
7,460.2
7,530.0
7,577.5
7,622.7
7,675.5
7,725.5
7,768.7
7,790.6
7,818.8
7,868.7
7,914.9

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

Chart 28 - Jan 2015

Commercial
and
industrial
loans
1,035.5
1,181.9
1,417.0
1,558.0
1,264.6
1,191.7
1,302.6
1,474.1
1,575.1
1,784.2
1,575.1
1,587.4
1,624.4
1,645.2
1,663.6
1,676.4
1,689.0
1,707.7
1,724.3
1,734.3
1,741.9
1,760.4
1,784.2

Total 4

2,926.2
3,370.6
3,597.4
3,816.8
3,774.3
3,611.1
3,491.7
3,546.8
3,526.5
3,628.6
3,526.5
3,530.5
3,540.7
3,558.8
3,569.8
3,577.9
3,594.4
3,602.8
3,611.1
3,613.3
3,614.5
3,616.4
3,628.6

Revolving
home
equity
loans
443.2
468.1
484.6
587.9
602.8
581.6
549.1
514.9
473.3
457.3
473.3
471.0
469.0
468.8
467.6
466.5
465.1
463.7
461.7
460.2
459.4
458.3
457.3

Commercial
loans
1,268.9
1,458.0
1,585.9
1,727.3
1,639.8
1,499.3
1,416.8
1,426.7
1,495.7
1,597.8
1,495.7
1,504.0
1,513.5
1,523.0
1,532.6
1,540.3
1,549.6
1,558.9
1,567.7
1,574.3
1,581.1
1,586.6
1,597.8

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

703.4
737.6
798.3
875.4
835.4
1,113.3
1,090.6
1,114.9
1,141.0
1,198.1
1,141.0
1,142.7
1,145.9
1,149.4
1,158.1
1,165.3
1,171.6
1,179.6
1,183.3
1,188.3
1,192.4
1,196.7
1,198.1

Other
loans
and
leases 6
790.4
822.2
982.4
1,000.9
787.8
841.8
1,016.0
1,080.2
1,129.2
1,304.0
1,129.2
1,138.0
1,149.2
1,176.5
1,185.9
1,203.2
1,220.5
1,235.5
1,249.9
1,254.7
1,270.0
1,295.2
1,304.0

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

2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I ����������������
      II ���������������
      III p ������������

Internal 1

1,780.6
2,300.8
2,202.2
2,633.4
1,732.0
1,185.0
2,164.3
2,622.8
2,746.1
2,923.7
2,635.8
2,793.6
2,874.2
2,680.5
2,934.0
2,815.5
3,044.7
2,900.4
2,253.3
2,912.7
2,794.4

1,166.5
1,335.4
1,363.1
1,352.5
1,393.1
1,433.7
1,676.7
1,728.5
1,761.0
1,804.6
1,771.7
1,810.1
1,767.7
1,694.3
1,766.5
1,802.9
1,804.2
1,844.6
1,650.4
1,762.2
1,812.5

Total
net
funds
raised

Total

614.1
965.4
839.1
1,280.9
338.9
–248.7
487.6
894.3
985.1
1,119.1
864.1
983.5
1,106.5
986.2
1,167.5
1,012.6
1,240.5
1,055.8
602.9
1,150.5
981.9

50.0
–33.3
–108.8
–60.5
–57.4
–411.2
–326.3
–196.3
44.9
54.5
119.3
–163.6
4.0
219.9
162.8
2.5
210.6
–157.8
54.1
40.5
–107.9

Net
new
equity
issues
–93.4
–300.2
–496.9
–713.0
–319.6
–52.5
–255.1
–456.7
–359.5
–372.6
–242.7
–480.9
–348.9
–365.5
–219.3
–375.1
–414.1
–482.0
–507.0
–261.8
–512.0

Credit market instruments
Total

Securities
and
mortgages

Loans
and
short-term
paper

73.1
191.7
215.7
257.5
122.4
109.1
81.7
97.9
343.6
312.6
354.6
227.5
378.5
413.8
306.5
192.0
483.1
269.1
293.8
245.3
258.0

70.4
75.3
172.3
395.1
139.9
–467.9
–153.0
162.5
60.7
114.5
7.4
89.8
–25.6
171.6
75.7
185.5
141.4
55.0
267.4
57.0
146.1

143.4
266.9
388.1
652.5
262.2
–358.8
–71.2
260.5
404.4
427.1
362.0
317.3
352.9
585.4
382.2
377.6
624.7
324.2
561.1
302.2
404.1

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

468.2
899.9
755.9
1,129.3
206.7
57.9
656.9
897.9
770.1
857.5
596.1
968.8
954.4
561.2
869.1
785.6
826.9
948.3
997.8
876.8
879.2

Total

Capital
expenditures 3

1,838.7
2,136.2
2,037.4
2,467.2
751.2
1,320.6
1,868.1
1,825.3
1,984.2
2,423.7
1,882.2
2,174.4
2,015.5
1,864.5
2,519.4
2,368.4
2,340.9
2,466.0
1,972.4
2,684.8
2,263.4

1,059.6
1,191.7
1,337.3
1,394.4
1,360.0
1,020.8
1,235.4
1,331.9
1,478.0
1,525.8
1,467.2
1,494.3
1,497.0
1,453.5
1,435.9
1,500.3
1,582.7
1,584.2
1,597.6
1,663.2
1,700.7

Increase
in
financial
assets

779.1
944.5
700.1
1,072.8
–608.8
299.8
632.7
493.4
506.2
897.9
415.0
680.1
518.5
411.0
1,083.5
868.1
758.2
881.8
374.8
1,021.6
562.7

Discrepancy
(sources
less
uses)

–58.0
164.6
164.8
166.3
980.8
–135.6
296.1
797.5
761.9
499.9
753.6
619.2
858.7
816.0
414.5
447.1
703.8
434.4
281.0
227.9
531.0

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

Nonrevolving 2

Revolving
2,290.9
2,461.9
2,615.7
2,650.6
2,552.8
2,647.4
2,755.9
2,923.6
3,097.9
3,311.8
3,097.9
3,113.9
3,129.4
3,149.3
3,175.3
3,194.9
3,214.2
3,237.1
3,251.1
3,267.9
3,283.6
3,297.1
3,311.8

829.5
924.4
1,002.4
1,004.7
916.8
840.0
841.7
846.7
857.6
887.9
857.6
860.2
859.3
861.5
870.9
873.3
875.1
880.4
880.0
881.6
883.1
882.1
887.9

1,461.4
1,537.5
1,613.3
1,645.9
1,636.1
1,807.4
1,914.2
2,076.9
2,240.3
2,423.9
2,240.3
2,253.7
2,270.1
2,287.8
2,304.3
2,321.6
2,339.1
2,356.8
2,371.1
2,386.3
2,400.5
2,415.0
2,423.9

Total

Nonrevolving 2

Revolving
98.7
171.0
153.8
34.9
–97.8
94.6
108.5
167.7
174.3
213.9
15.8
16.0
15.5
19.9
26.0
19.6
19.3
22.9
14.0
16.8
15.7
13.5
14.7

29.9
94.9
78.0
2.3
–87.9
–76.8
1.7
5.0
10.9
30.3
4.3
2.6
–.9
2.2
9.4
2.4
1.8
5.3
–.4
1.6
1.5
–1.0
5.8

68.7
76.1
75.8
32.6
–9.8
171.3
106.8
162.7
163.4
183.6
11.5
13.4
16.4
17.7
16.5
17.3
17.5
17.7
14.3
15.2
14.2
14.5
8.9

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 fell in January.
PERCENT PER ANNUM
10

PERCENT PER ANNUM
10

8

8

CORPORATE Aaa BONDS
(MOODY'S)

6

6

4

4

FEDERAL FUNDS
RATE
2

2
TREASURY
BILLS

0

0
2007

2008

2009

2010

2011

2012

2013

2014

SOURCE: SEE TABLE BELOW

2015

COUNCIL OF ECONOMIC ADVISERS

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

2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2014: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2015: Jan �����������
Week ended:
2015: Jan 10 ������
          17 ������
          24 ������
          31 ������
      Feb    7 ������

3-month
bills
(at auction) 1

Constant maturities 2
3-year

10-year

30-year

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

Primary
credit

Prime
rate
charged
by
banks 5

Discount
rate

3.16
4.73
4.41
1.48
.16
.14
.06
.09
.06
.03
.05
.06
.05
.04
.03
.03
.03
.03
.02
.02
.02
.04
.03

3.93
4.77
4.35
2.24
1.43
1.11
.75
.38
.54
.90
.78
.69
.82
.88
.83
.90
.97
.93
1.05
.88
.96
1.06
.90

4.29
4.80
4.63
3.66
3.26
3.22
2.78
1.80
2.35
2.54
2.86
2.71
2.72
2.71
2.56
2.60
2.54
2.42
2.53
2.30
2.33
2.21
1.88

*
4.91
4.84
4.28
4.08
4.25
3.91
2.92
3.45
3.34
3.77
3.66
3.62
3.52
3.39
3.42
3.33
3.20
3.26
3.04
3.04
2.83
2.46

4.29
4.42
4.42
4.80
4.64
4.16
4.29
3.14
3.96
3.78
4.38
4.25
4.16
4.02
3.80
3.72
3.75
3.53
3.55
3.35
3.49
3.39
3.16

5.24
5.59
5.56
5.63
5.31
4.94
4.64
3.67
4.24
4.16
4.49
4.45
4.38
4.24
4.16
4.25
4.16
4.08
4.11
3.92
3.92
3.79
3.46

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
.75

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

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
3.25

.03
.03
.03
.02
.02

1.01
.83
.87
.84
.88

2.00
1.86
1.85
1.77
1.81

2.56
2.46
2.42
2.33
2.39

3.17
3.10
3.16
3.13
3.10

3.54
3.46
3.45
3.36
3.42

.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)

Chart 30 - Jan 2015

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

New-home
mortgage
yields
(FHFA) 7

Federal
funds
rate 6

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
.09
4.22
.07
4.45
.07
4.04
.08
4.35
.09
4.33
.09
4.01
.10
4.27
.09
4.25
.09
4.25
.09
4.23
.09
4.23
.09
4.16
.12
4.14
.11 �����������������������
.11
.12
.13
.12
.09

�����������������������
�����������������������
�����������������������
�����������������������
�����������������������

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.
INDEX, DEC. 31, 2002=5,000 (RATIO SCALE)
12,000

INDEX, DEC. 31, 2002=5,000 (RATIO SCALE)
12,000
11,000

11,000

10,000

10,000

COMPOSITE STOCK PRICE INDEX
(NYSE)

9,000

9,000

8,000

8,000

7,000

7,000

6,000

6,000

5,000

5,000

4,000
2007

2008

2010

2009

2011

4,000
2012

2013

2014

PERCENT
20

2015
PERCENT
20

15

15

EARNINGS/PRICE RATIO ON COMMON STOCKS
(S&P)

10

10

5

5

0

0
2007

2008

2009

2010

2011

2012

2013

SOURCES: NEW YORK STOCK EXCHANGE, STANDARD AND POOR'S, AND BLOOMBERG

2014

2015

COUNCIL OF ECONOMIC ADVISERS

Common stock yields
(percent) 7

Common stock prices 1

Chart 31 - Jan 2015

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

Period
Composite
2005 ���������������������
2006 ���������������������
2007 ���������������������
2008 ���������������������
2009 ���������������������
2010 ���������������������
2011 ���������������������
2012 ���������������������
2013 ���������������������
2014 ���������������������
2014: Jan ������������
      Feb ������������
      Mar �����������
      Apr ������������
      May �����������
      June ����������
      July �����������
      Aug �����������
      Sept ����������
      Oct ������������
      Nov �����������
      Dec ������������
2015: Jan ������������
Week ended:
2015: Jan 10 �������
          17 �������
          24 �������
          31 �������
      Feb    7 �������

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

7,349.01
8,357.99
9,648.82
8,036.88
6,091.02
7,230.42
7,871.41
8,011.65
9,426.77
10,653.17
10,236.47
10,177.00
10,414.24
10,511.31
10,646.46
10,905.05
10,978.98
10,840.40
10,926.74
10,471.37
10,911.73
10,818.24
10,679.25

7,383.70
8,654.40
9,321.33
6,278.38
3,987.04
4,744.05
4,641.01
4,616.63
5,805.54
6,448.33
6,287.83
6,185.35
6,325.41
6,302.14
6,345.75
6,517.17
6,541.32
6,498.76
6,593.99
6,388.44
6,681.69
6,712.14
6,480.39

9,377.84
11,206.94
13,339.92
13,258.42
10,020.30
10,943.85
12,880.35
12,512.31
13,490.83
14,598.07
14,135.73
14,016.02
14,399.33
15,105.85
15,577.31
15,991.27
15,483.41
15,169.68
15,361.76
13,806.00
13,710.24
12,420.24
12,004.74

6,283.96
6,685.06
7,191.91
6,171.19
5,456.63
6,230.62
6,847.80
7,503.05
9,250.02
11,195.85
10,334.12
10,555.32
10,845.66
10,815.84
11,016.20
11,238.50
11,363.35
11,195.04
11,606.33
11,331.80
11,939.26
12,108.74
12,230.02

10,547.67
11,408.67
13,169.98
11,252.61
8,876.15
10,662.80
11,966.36
12,967.08
14,999.67
16,773.99
16,243.72
15,958.44
16,308.63
16,399.50
16,567.25
16,843.75
16,988.26
16,775.15
17,098.13
16,701.87
17,648.98
17,754.24
17,542.26

1,207.06
1,310.67
1,476.66
1,220.89
946.73
1,139.31
1,268.89
1,379.56
1,642.51
1,930.67
1,822.36
1,817.03
1,863.52
1,864.26
1,889.77
1,947.09
1,973.10
1,961.53
1,993.23
1,937.27
2,044.57
2,054.27
2,028.18

2,099.03
2,265.17
2,577.12
2,162.46
1,841.03
2,347.70
2,680.42
2,965.77
3,537.69
4,374.31
4,154.36
4,199.45
4,276.36
4,119.31
4,135.37
4,332.74
4,434.13
4,464.83
4,551.58
4,403.23
4,687.70
4,732.70
4,673.70

1.83
1.87
1.86
2.37
2.40
1.98
2.05
2.24
2.14
2.04
2.02
2.07
2.04
2.06
2.08
2.04
2.00
2.04
2.01
2.08
2.00
2.01
2.04

5.36
5.78
5.29
3.54
1.86
6.04
6.77
6.20
5.57
����������������������������
����������������������������
����������������������������
5.39
����������������������������
����������������������������
5.26
����������������������������
����������������������������
5.38
����������������������������
����������������������������
����������������������������
����������������������������

10,652.33
10,600.81
10,756.67
10,692.34
10,807.01

6,545.47
6,433.11
6,475.49
6,420.46
6,488.36

11,985.78
11,728.82
12,140.05
12,079.79
12,574.48

12,082.09
12,249.18
12,360.87
12,304.55
12,244.18

17,620.61
17,502.78
17,639.02
17,367.82
17,681.93

2,031.21
2,014.93
2,042.41
2,021.01
2,046.08

4,667.21
4,634.15
4,707.64
4,681.98
4,726.13

2.06
2.04
2.05
2.04
2.03

����������������������������
����������������������������
����������������������������
����������������������������
����������������������������

1 Annual data are averages of monthly figures. Monthly and weekly data are averages of daily
5 Includes 500 stocks.
6 Includes over 2,700 stocks in 2014.
closing prices.
2 Includes all the stocks (in 2014, about 2,800) listed on the NYSE.
7 Standard & Poor’s series. Dividend/price ratios based on Wednesday closing prices. Earnings/
3 Effective January 8, 2004 new indexes for Financial, Energy, and Health Care were introduced price ratios based on prices at end of quarter.
by the NYSE.
Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor’s, Nasdaq
4 Includes 30 stocks.
Stock Market, and Bloomberg.

31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
In the third month of fiscal year 2015, the deficit was $176.7 billion, compared with a deficit of $172.6 billion a year
earlier.
BILLIONS OF DOLLARS
4,200
4,000

RECEIPTS AND OUTLAYS

BILLIONS OF DOLLARS
4,200

1

4,000
OUTLAYS1

3,800

3,800

3,600

3,600

3,400

3,400

3,200

3,200

3,000

3,000

2,800

2,800

2,600

2,600

2,400

2,400

2,200

2,200

RECEIPTS1

2,000

2,000

1,800

1,800

1,600

1,600

400

SURPLUS OR DEFICIT (–)1

400

0

0

–400

–400

–800

–800

–1,200

–1,200

–1,600

–1,600

–2,000

–2,000
2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

FISCAL YEARS
1
INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Total
Fiscal year or period
Receipts
1997 ����������������������������������������������������
1998 ����������������������������������������������������
1999 ����������������������������������������������������
2000 ����������������������������������������������������
2001 ����������������������������������������������������
2002 ����������������������������������������������������
2003 ����������������������������������������������������
2004 ����������������������������������������������������
2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 ����������������������������������������������������
2012 r ��������������������������������������������������
2013 r ��������������������������������������������������
2014 r ��������������������������������������������������
2015 (estimates) r �������������������������������
2016 (estimates) ���������������������������������
Cumulative total, first 3 months: 1
Fiscal year 2014 ����������������������������������
Fiscal year 2015 ����������������������������������

Outlays

Chart 32 - Jan 2015

On-budget
Surplus
or
deficit
(–)

Receipts

Outlays

Federal debt
(end of period)

Off-budget
Surplus
or
deficit
(–)

Receipts

Outlays

Surplus
or
deficit
(–)

Gross
Federal

1,579.2
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
2,450.0
2,775.1
3,021.5
3,176.1
3,525.2

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
3,537.0
3,454.6
3,506.1
3,758.6
3,999.5

–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
–679.5
–484.6
–582.5
–474.3

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
1,880.5
2,101.8
2,285.9
2,410.5
2,724.2

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
3,029.4
2,820.8
2,800.0
3,006.0
3,201.1

–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
–719.0
–514.1
–595.5
–476.9

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
735.6
765.6
801.0

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
706.1
752.6
798.4

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
29.5
13.0
2.6

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
16,719.4
17,794.5
18,627.6
19,333.8

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
11,982.7
12,779.9
13,506.3
14,108.5

666.4
739.5

839.0
916.1

–172.6
–176.7

507.6
575.9

690.5
761.6

–183.0
–185.7

158.8
163.6

148.5
154.5

10.4
9.0

17,322.0
18,111.0

12,352.8
13,019.9

1 Data from current issue Monthly Treasury Statement.

Note: Data (except as noted) are from Budget of the United States Government, Fiscal Year 2016,
issued February 2, 2015.
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 2015, receipts were $73.1 billion higher than a year earlier and outlays were $77.1
billion higher.
BILLIONS OF DOLLARS
1,800
RECEIPTS1
1,600
1,400
1,200
1,000
800
600
400
200
OTHER RECEIPTS
0
3,600
3,400

BILLIONS OF DOLLARS
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0

INDIVIDUAL INCOME TAXES

CORPORATION
INCOME TAXES

SOCIAL INSURANCE
AND RETIREMENT RECEIPTS

3,600
3,400

OUTLAYS1

3,200

3,200

NONDEFENSE

3,000

3,000

2,800

2,800

2,600

2,600

2,400

2,400

2,200

2,200

2,000

2,000

1,800

1,800

1,600

1,600

NATIONAL DEFENSE

800

800

600

600

400

400
200

200
2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

FISCAL YEARS
1

INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]

Chart 33 - Jan 2015

On-budget and off-budget receipts

Fiscal year or period

1997 ����������������������������������������������������
1998 ����������������������������������������������������
1999 ����������������������������������������������������
2000 ����������������������������������������������������
2001 ����������������������������������������������������
2002 ����������������������������������������������������
2003 ����������������������������������������������������
2004 ����������������������������������������������������
2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 ����������������������������������������������������
2012 r ��������������������������������������������������
2013 r ��������������������������������������������������
2014 r ��������������������������������������������������
2015 (estimates) r �������������������������������
2016 (estimates) ���������������������������������
Cumulative total, first 3 months: 1
Fiscal year 2014 ����������������������������������
Fiscal year 2015 ����������������������������������

On-budget and off-budget outlays
National defense

Indi- Corporavidual
tion
income income
taxes
taxes

Social
insurance
and
retirement
receipts

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
2,450.0
2,775.1
3,021.5
3,176.1
3,525.2

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
1,394.6
1,478.1
1,645.6

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
320.7
341.7
473.3

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
1,023.5
1,065.0
1,111.9

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
230.2
237.4
282.7
291.3
294.3

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
3,537.0
3,454.6
3,506.1
3,758.6
3,999.5

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
633.4
603.5
597.5
615.5

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
577.9
567.7
586.5

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
46.2
46.7
55.0
56.0

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
358.3
409.4
481.2
517.7

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
511.7
536.4
589.7

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
536.5
513.6
522.5
546.4

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
850.5
896.3
944.3

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
220.9
229.0
229.2
283.0

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
372.6
435.5
458.3
347.9
341.7
440.5
446.8

666.4
739.5

306.4
337.6

69.3
97.0

225.5
228.9

65.3
75.9

839.0
916.1

161.1
160.8

154.5
154.0

11.7
13.7

92.5
114.8

124.3
136.4

120.5
114.3

206.8
215.8

57.2
60.7

65.0
99.6

Total

Other

1 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.

Total

Total

Depart- Internament
tional
of
affairs
Defense,
military

Health

Medicare

Income Social
Net
security security interest

Other

Note: Data (except as noted) are from Budget of the United States Government, Fiscal Year 2016,
issued Febuary 2, 2015.
Sources: Department of the Treasury and Office of Management and Budget.

33

Federal Sector, National Income Accounts Basis
In the fourth quarter of 2014, according to advance estimates, Federal current expenditures fell $46.7 billion (annual
rate); receipts data are incomplete.
BILLIONS OF DOLLARS
4,400

BILLIONS OF DOLLARS
4,400

SEASONALLY ADJUSTED ANNUAL RATES

4,000

4,000
3,600

3,600
CURRENT EXPENDITURES

3,200

3,200

2,800

2,800

2,400

2,400

2,000

2,000

CURRENT RECEIPTS

1,600

1,600

1,200

1,200

800

800

400

400

0

0

–400

–400
NET FEDERAL
GOVERNMENT SAVING

–800

–800

–1,200

–1,200

–1,600

–1,600
2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Chart 34 - Jan 2015

Federal Government current receipts

Federal Government current expenditures

Current tax receipts

Period

Total

Total 1

Calendar year:
2005 ������������� 2,298.1
1,384.5
2006 ������������� 2,531.7
1,558.5
2007 ������������� 2,660.8
1,637.1
2008 ������������� 2,503.7
1,448.1
2009 ������������� 2,227.8
1,163.7
2010 ������������� 2,391.7
1,305.0
2011 ������������� 2,519.5
1,501.3
2012 ������������� 2,684.1
1,651.6
2013 ������������� 3,113.0
1,811.8
2014 p ����������� ������������ ��������������
2011: I ��������������� 2,514.6
1,495.9
      II �������������� 2,520.2
1,502.8
      III ������������� 2,512.2
1,487.5
      IV ������������� 2,531.0
1,518.8
2012: I ��������������� 2,664.0
1,626.2
      II �������������� 2,684.0
1,653.6
      III ������������� 2,657.4
1,633.5
      IV ������������� 2,730.9
1,693.1
2013: I ��������������� 2,974.9
1,777.8
      II �������������� 3,226.0
1,789.2
      III ������������� 3,043.9
1,814.5
      IV ������������� 3,207.1
1,865.6
2014: I ��������������� 3,242.6
1,962.7
      II �������������� 3,276.9
2,020.8
      III ������������� 3,331.1
2,036.1
      IV p ���������� ������������ ��������������

Contributions
for
Income
Taxes
govern- receipts
Taxes
Personal
on
ment
on
on
current production corporate
social
assets
taxes
and
insurincome
imports
ance
932.1
1,049.6
1,164.4
1,101.7
857.2
893.8
1,076.6
1,149.0
1,286.8
1,367.5
1,056.7
1,072.1
1,090.2
1,087.2
1,125.4
1,133.3
1,145.7
1,191.8
1,253.5
1,278.9
1,295.5
1,319.3
1,340.3
1,356.2
1,375.3
1,398.1

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
299.4
115.0
369.5
120.9
384.9
134.1 ��������������
104.8
318.9
109.1
306.4
109.2
270.2
111.3
302.0
115.0
369.2
115.0
388.0
114.3
356.2
116.0
364.7
119.2
386.5
120.0
371.8
120.9
378.2
123.5
403.2
132.0
470.0
133.4
513.5
135.0
506.4
136.1 ��������������

853.4
905.7
947.2
974.4
950.8
970.9
904.0
938.1
1,092.3
1,147.5
899.8
902.4
910.3
903.5
930.7
931.6
933.9
956.0
1,078.4
1,089.8
1,095.6
1,105.2
1,134.5
1,142.1
1,151.4
1,162.0

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

27.3
29.0
33.4
33.9
48.5
54.6
56.4
53.6
164.7
78.1
57.9
56.7
56.4
54.7
54.4
53.2
53.3
53.6
73.7
299.5
93.6
192.2
106.8
78.6
61.1
65.8

Current
transfer
receipts

32.0
36.8
41.0
46.5
64.0
64.4
65.0
49.9
59.5
69.1
67.5
65.0
65.6
62.0
59.9
53.7
46.1
40.0
58.1
62.7
56.3
61.0
55.5
54.6
104.2
62.0

Current
surplus of
government
enterprises

0.9
1.8
2.0
.8
.8
–3.1
–7.1
–9.1
–15.3
–20.5
–6.5
–6.6
–7.5
–8.0
–7.2
–8.1
–9.4
–11.9
–13.0
–15.2
–16.0
–16.9
–16.9
–19.3
–21.7
–24.0

Total 2

2,602.8
2,758.8
2,926.4
3,137.7
3,476.6
3,720.5
3,763.7
3,763.2
3,762.1
3,884.5
3,751.0
3,833.4
3,743.5
3,726.8
3,737.2
3,782.1
3,759.6
3,773.9
3,721.0
3,787.2
3,793.7
3,746.4
3,802.7
3,875.5
3,953.2
3,906.5

ConCurrent
sumption transfer Interest Subsidies
expendipaypayments
tures
ments 3

723.4
763.9
798.4
879.8
933.7
1,003.9
1,006.1
1,003.6
963.0
965.0
1,000.6
1,015.2
1,009.0
999.5
1,003.2
998.7
1,024.9
987.6
970.2
965.2
965.7
951.1
957.1
955.5
987.7
959.7

1,474.4
1,571.4
1,672.4
1,820.3
2,132.4
2,281.7
2,272.4
2,278.3
2,322.0
2,421.3
2,283.4
2,302.2
2,252.9
2,251.1
2,266.6
2,272.6
2,284.2
2,289.7
2,302.2
2,320.0
2,342.2
2,323.5
2,367.3
2,387.1
2,460.7
2,470.1

344.4
372.3
408.2
388.0
353.6
380.6
425.7
423.8
417.4
441.3
409.3
456.6
421.0
415.9
410.0
453.3
394.1
437.6
389.0
441.3
425.8
413.5
421.1
475.9
447.9
420.5

60.5
–304.7
51.1
–227.0
47.5
–265.6
49.6
–634.0
56.9
–1,248.8
54.3
–1,328.7
59.5
–1,244.1
57.6
–1,079.1
59.7
–649.1
56.8 ����������������
57.7
–1,236.4
59.5
–1,313.2
60.6
–1,231.2
60.3
–1,195.8
57.4
–1,073.2
57.5
–1,098.0
56.3
–1,102.2
59.0
–1,043.1
59.6
–746.1
60.7
–561.2
60.1
–749.8
58.4
–539.4
57.2
–560.1
57.0
–598.6
56.9
–622.1
56.2 ����������������

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

2005 ���������������
95.5
101.8
93.3
97.7
89.2
94.7
99.0
195.3
185.0
118.4
173.4
2006 ���������������
97.6
101.1
97.2
98.8
94.3
98.2
99.7
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
96.9
100.0
96.2
97.3
215.303
197.3
120.3
184.0
2009 ���������������
85.7
86.5
75.6
83.5
83.6
78.3
88.8
214.537
197.9
118.7
184.1
2010 ���������������
90.6
90.7
87.4
87.6
92.7
83.8
91.5
218.056
201.4
117.9
186.9
2011 ���������������
93.6
94.2
85.1
89.6
99.4
84.9
90.8
224.939
207.2
117.5
190.9
2012 ���������������
97.1
95.7
85.2
87.3
99.1
79.5
88.3
229.594
210.4
117.5
194.6
2013 ���������������
99.9
97.1
84.7
86.9
99.3
77.1
87.8
232.957
212.4
117.9
196.3
2014 p �������������
104.1 ���������������
86.5 ���������������
100.5 ��������������� ���������������
236.736
216.4
121.1
197.3
r
2013: Nov ����
101.4
98.6
86.9
87.7
101.1
77.4
88.3
233.069
212.7
118.8
196.3
      Dec r ����
101.6
98.1
87.3
86.8
100.9
76.8
88.7
233.049
212.2
118.9
197.0
2014: Jan r ����
101.3
98.6
90.7
86.5
100.9
77.6
88.2
233.916
212.8
118.7
195.9
r
      Feb ����
102.3
100.2
88.6
86.5
101.1
77.2
89.3
234.781
214.6
118.7
197.0
r
      Mar ���
103.1
100.3
89.2
86.1
100.9
76.8
89.2
236.293
215.8
119.0
197.8
      Apr r ����
103.2
99.9
86.7
86.4
101.0
77.2
89.4
237.072
216.5
121.5
197.8
      May r ���
103.7
100.5
87.3
84.8
99.9
76.2
89.0
237.900
217.5
122.0
197.8
r
      June ��
104.1
101.4
84.3
86.1
100.2
76.8
89.1
238.343
217.7
121.9
197.8
r
      July ���
104.5
101.1
84.7
86.4
101.5
76.1
89.2
238.250
217.3
121.9
197.1
      Aug r ����
104.4
100.2
83.1
86.3
98.7
76.3
89.1
237.852
217.3
122.1
198.0
      Sept r ���
105.3
101.4
85.6
86.3
100.1
75.6
89.7
238.031
217.5
122.5
197.2
r
      Oct �����
105.3
101.8
85.9
85.7
100.5
75.6
89.4
237.433
217.7
122.1
197.3
r
      Nov ����
106.6
100.9
85.5
85.4
100.6
75.8
89.3
236.151
216.8
121.6
197.0
      Dec p ���
106.5 ���������������
86.3 ���������������
101.1 ��������������� ���������������
234.812
215.3
121.8
197.1
p
2015: Jan ���� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������
1 Data relate to all urban consumers.

153.7
156.2
159.7
163.9
164.5
166.3
169.7
173.1
175.7
177.3
176.4
177.1
176.1
176.9
177.4
177.1
176.9
177.4
177.9
177.9
177.9
177.4
177.4
177.4
175.6

Italy

United
Kingdom

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
307.9
300.8
306.7
296.2
307.2
297.7
307.8
296.8
307.5
298.7
307.8
299.4
308.4
300.4
308.1
300.7
308.4
301.1
308.1
300.8
308.7
301.9
307.5
302.7
307.8
302.8
307.2
302.1
307.2
302.5
306.1 �����������������

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

2005 ���������������
2006 ���������������
2007 ���������������
2008 ���������������
2009 ���������������
2010 ���������������
2011 ���������������
2012 ���������������
2013 ���������������
2014 p �������������
2013: Dec ������
2014: 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

913.0
1,040.9
1,165.2
1,308.8
1,070.3
1,290.3
1,499.2
1,561.7
1,592.8
1,635.1
134.2
133.9
130.7
135.9
135.4
137.2
137.0
139.4
139.3
136.3
138.9
136.8
134.3

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 bever- and
ages materials
901.1
1,026.0
1,148.2
1,287.4
1,056.0
1,278.5
1,482.5
1,545.7
1,579.6
1,623.3
133.1
132.3
130.5
134.7
134.2
136.0
135.8
138.1
138.5
135.6
138.0
135.9
133.8

59.0
66.0
84.3
108.3
93.9
107.7
126.2
132.9
136.2
144.2
12.7
12.1
12.2
12.5
12.2
12.3
12.0
11.4
10.9
12.1
12.1
12.3
12.0

233.0
276.0
316.4
388.0
296.5
391.7
501.1
501.2
509.3
506.8
43.3
43.6
40.8
41.8
42.0
42.2
42.2
43.5
44.2
42.2
42.1
42.8
39.7

98.4
107.3
121.3
121.5
81.7
112.0
133.0
146.2
152.6
159.5
12.5
12.2
12.1
12.9
12.7
13.5
13.6
15.3
13.6
13.5
13.6
13.1
13.5

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
358.4
404.0
433.0
457.7
391.2
447.5
494.0
527.2
534.2
550.0
44.5
44.5
43.8
46.1
45.8
45.6
45.7
46.1
47.1
45.9
47.7
45.4
46.2

Services
(BOP basis)

Goods: Imports (customs value)

115.3
129.1
146.0
161.3
149.5
165.2
175.3
181.7
189.1
199.2
15.4
15.4
16.7
16.4
16.3
16.7
17.2
16.5
17.3
16.6
17.0
16.6
16.5

BOP
basis

1,695.8
1,878.2
1,986.3
2,141.3
1,580.0
1,939.0
2,239.9
2,303.8
2,294.5
2,371.9
190.8
193.0
190.6
198.1
200.6
200.0
197.2
198.6
198.8
198.7
200.1
195.9
200.3

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 bever- and
ages materials
1,673.5
1,853.9
1,957.0
2,103.6
1,559.6
1,913.9
2,208.0
2,276.3
2,268.3
2,345.8
188.4
190.7
188.2
195.6
198.5
197.8
195.1
196.4
196.7
196.5
198.0
193.8
198.2

1 Total includes ‘‘other’’ exports or imports, not shown separately.

68.1
74.9
81.7
89.0
81.6
91.7
107.5
110.3
115.1
125.8
9.5
9.7
9.5
10.6
10.7
10.6
10.8
10.8
10.5
10.7
10.9
10.4
10.5

523.8
602.0
634.7
779.5
462.4
603.1
755.8
730.7
681.6
665.5
54.5
57.4
57.2
58.0
57.7
55.8
55.4
55.7
55.6
54.6
54.7
50.4
53.1

BOP basis

Auto- Consumer
Capital motive
vegoods Exports
goods hicles,
except parts (nonfood)
autoexcept
motive and
enautogines motive
379.3
418.3
444.5
453.7
370.5
449.4
510.8
548.7
554.5
591.4
47.0
47.7
46.5
47.8
48.6
49.6
49.4
49.1
50.9
49.9
50.9
50.5
50.6

239.4
256.6
256.7
231.2
157.7
225.1
254.6
297.8
308.8
327.8
26.3
25.4
25.5
26.2
27.1
28.5
27.5
28.9
27.5
26.9
28.2
27.5
28.5

407.2
442.6
474.6
481.6
427.3
483.2
514.1
516.9
532.7
558.0
45.0
44.7
43.6
46.4
47.4
47.1
45.7
45.1
45.8
47.7
47.0
48.7
48.8

373.0
416.7
488.4
532.8
512.7
563.3
627.8
654.9
687.4
710.3
58.6
58.9
57.4
58.3
59.2
59.6
59.0
59.0
59.7
59.2
59.7
59.6
60.6

Imports

Goods,
Census
basis Goods

Services

Goods
and
services

304.4
341.2
372.6
409.1
386.8
409.3
435.8
450.4
462.1
478.5
39.4
38.6
39.3
38.9
39.5
40.1
40.2
40.1
39.9
40.1
40.4
40.3
41.2

–772.4
–828.0
–808.8
–816.2
–503.6
–635.4
–725.4
–730.6
–688.7
–722.5
–55.3
–58.4
–57.7
–60.9
–64.3
–61.9
–59.3
–58.4
–58.2
–60.9
–60.0
–57.9
–64.4

68.6
75.6
115.8
123.8
125.9
154.0
192.0
204.5
225.3
231.8
19.2
20.3
18.1
19.4
19.7
19.5
18.9
18.9
19.8
19.1
19.4
19.3
19.5

–714.2
–761.7
–705.4
–708.7
–383.8
–494.7
–548.6
–537.6
–476.4
–505.0
–37.4
–38.8
–41.9
–42.8
–45.6
–43.2
–41.4
–40.3
–39.7
–43.2
–41.9
–39.8
–46.6

–782.8
–837.3
–821.2
–832.5
–509.7
–648.7
–740.6
–742.1
–701.7
–736.8
–56.6
–59.1
–60.0
–62.2
–65.2
–62.7
–60.2
–59.2
–59.4
–62.3
–61.3
–59.1
–66.0

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 2014, the current account deficit rose to $100.3 billion from $98.4 billion in the second
quarter. The goods and services deficit fell to $124.3 billion in the third quarter from $131.2 billion in the second
quarter.
BILLIONS OF DOLLARS
80

BILLIONS OF DOLLARS
80

SEASONALLY ADJUSTED

60

60

BALANCE ON
PRIMARY INCOME

40

40

20

20

0

0

–20

–20

–40

–40
BALANCE ON
SECONDARY INCOME

–60

–60

–80

–80
BALANCE ON
CURRENT ACCOUNT

–100

–100

–120

–120

–140

–140

–160

–160

BALANCE ON
GOODS AND SERVICES

–180

–180

–200

–200

–220

–220

–240

–240
2005

2006

2008

2007

2009

2010

2011

2013

2012

SOURCE: DEPARTMENT OF COMMERCE

2014

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted]
Chart 36 - Dec 2014

Current Account 1
Goods 2
Period

2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I ����������������
      II ���������������
      III ��������������

Services

Exports

Imports

Balance
on
goods

823,584
913,016
1,040,905
1,165,151
1,308,795
1,070,331
1,290,273
1,499,240
1,561,689
1,592,784
387,616
391,764
391,998
390,311
392,605
394,988
398,088
407,103
399,536
408,714
414,134

1,488,349
1,695,820
1,878,194
1,986,347
2,141,287
1,580,025
1,938,950
2,239,886
2,303,785
2,294,453
581,054
580,003
570,941
571,786
570,164
572,071
576,024
576,193
581,875
598,025
596,205

–664,766
–782,804
–837,289
–821,196
–832,492
–509,694
–648,678
–740,646
–742,095
–701,669
–193,439
–188,239
–178,943
–181,475
–177,560
–177,083
–177,936
–169,090
–182,338
–189,311
–182,071

Exports
337,966
373,006
416,738
488,396
532,817
512,722
563,333
627,781
654,850
687,410
159,968
162,415
163,216
169,251
169,806
170,347
172,668
174,589
174,651
177,862
177,865

Imports
283,083
304,448
341,165
372,575
409,052
386,801
409,313
435,761
450,360
462,134
110,983
112,212
112,793
114,372
113,195
115,063
115,929
117,947
116,848
119,772
120,123

Balance
on
services
54,882
68,558
75,573
115,821
123,765
125,920
154,020
192,020
204,490
225,276
48,984
50,203
50,424
54,879
56,611
55,284
56,739
56,642
57,803
58,090
57,742

Balance
on
goods
and
services
–609,883
–714,245
–761,716
–705,375
–708,726
–383,774
–494,658
–548,625
–537,605
–476,392
–144,454
–138,036
–128,519
–126,596
–120,948
–121,799
–121,197
–112,448
–124,535
–131,222
–124,329

Primary income receipts and payments
Receipts
420,590
543,982
693,089
844,033
823,707
614,379
684,915
759,727
762,885
780,120
193,149
188,807
188,749
192,180
190,175
193,497
196,002
200,446
200,213
204,612
209,324

Payments
356,463
476,349
649,752
743,429
677,561
490,794
507,254
538,766
559,892
580,466
139,618
137,316
141,069
141,889
144,192
145,990
144,478
145,806
147,783
149,796
150,306

Balance
on
primary
income
64,127
67,632
43,337
100,604
146,146
123,584
177,661
220,961
202,993
199,654
53,532
51,490
47,680
50,291
45,983
47,507
51,524
54,639
52,430
54,816
59,018

Balance
on
secondary
Income 3
–88,012
–98,822
–88,347
–113,872
–124,061
–120,602
–126,934
–131,680
–126,138
–123,515
–33,040
–32,329
–31,293
–29,477
–30,522
–31,854
–31,632
–29,508
–30,006
–22,011
–34,944

Balance
on
current
account
–633,768
–745,434
–806,726
–718,643
–686,641
–380,792
–443,930
–459,344
–460,749
–400,254
–123,962
–118,875
–112,132
–105,781
–105,487
–106,146
–101,305
–87,317
–102,111
–98,417
–100,255

Current
account
balance
as a
percentage
of GDP
–5.2
–5.7
–5.8
–5.0
–4.7
–2.6
–3.0
–3.0
–2.9
–2.4
–3.1
–3.0
–2.8
–2.6
–2.6
–2.6
–2.4
–2.0
–2.4
–2.3
–2.3

1 Current and capital account statistics in the international transactions accounts differ slightly
2 Adjusted from Census data to align with concepts and definitions used to prepare the interfrom statistics in the National Income and Product Accounts (NIPAs) because of adjustments made national and national economic accounts. The adjustments are necessary to supplement coverage
to convert the international statistics to national accounting concepts. A reconciliation can be
of Census data, to eliminate duplication of transactions recorded elsewhere in the international
found in NIPA table 4.3B.
accounts, to value transactions according to a standard definition, and for earlier years, to record
transactions in the appropriate period.
3 Includes U.S. government and private transfers, such as U.S. government grants and pensions,
fines and penalties, withholding taxes, personal transfers, insurance-related transfers, and other
current transfers.

See p. 37 for continuation of table.

36

U.S. International Transactions—Continued
In the financial account, U.S. net borrowing was $22.5 billion in the third quarter of 2014, resulting from a net
increase in U.S. financial assets of $358.2 billion plus a net decrease in transactions in financial derivatives of $24.3
billion, less a net increase in U.S. liabilities of $356.4 billion. U.S. net borrowing was up from $22.2 billion in the
second quarter.
BILLIONS OF DOLLARS
900

BILLIONS OF DOLLARS
900

SEASONALLY ADJUSTED

800

800

700

700

600

600
500

500
CHANGE IN
U.S. LIABILITIES

400

400

300

300

200

200

100

100
0

0
–100

–100

CHANGE IN
U.S. ASSETS ABROAD1

–200

–200

–300

–300

–400

–400
–500

–500

2006

2005

2007

2008

2009

2010

2011

2012

2013

2014

1

INCLUDES FINANCIAL DERIVATIVES, NET, BEGINNING 2006.
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted]
Chart 37 - Dec 2014

Financial account

Period

Balance
on
capital
account 1

Net U.S. acquisition of financial assets excluding
financial derivatives
[net increase in assets / financial outflow (+)]

Total

2004 ��������������������
3,049 1,062,783
2005 ��������������������
13,116
572,317
2006 �������������������� –1,788 1,336,866
2007 ��������������������
384 1,572,509
2008 ��������������������
6,010 –309,468
2009 ��������������������
–140
132,204
2010 ��������������������
–157
963,449
2011 �������������������� –1,186
496,320
2012 ��������������������
6,904
171,418
2013 ��������������������
–412
644,763
2012: I ����������������
–53 –74,077
      II ���������������
–241 –184,459
      III ��������������
–470
293,633
      IV ��������������
7,668
136,320
2013: I ����������������
–40
221,653
      II ���������������
–227
143,657
      III ��������������
–146
83,999
      IV ��������������
0
195,454
2014: I ����������������
–43
143,310
      II ���������������
–2
241,573
      III �������������� �������������
358,180

Direct
investment
assets

Portfolio
investment
assets

Other
investment
assets

378,134 191,956 495,498
61,925 267,290 257,196
296,059 493,366 549,814
532,939 380,807 658,641
351,724 –284,269 –381,770
313,726 375,883 –609,662
354,575 199,620 407,420
440,405
85,365 –45,327
375,537 239,773 –448,352
408,243 489,877 –250,260
110,579
1,416 –187,305
81,728
53,051 –322,526
87,078 128,276
77,446
96,152
57,030 –15,967
77,992 157,860 –15,074
120,947 115,004 –92,105
105,008
61,121 –81,129
104,296 155,892 –61,952
31,564 100,674
12,028
91,137 195,471 –45,809
93,727 153,370 111,972

Net U.S. incurrence of liabilities excluding
financial derivatives
[net increase in liabilities / financial inflow (+)]

Reserve
assets 4

Total

–2,806
–14,094
–2,373
122
4,848
52,256
1,835
15,877
4,460
–3,097
1,233
3,289
833
–895
875
–189
–1,001
–2,782
–956
773
–889

1,595,116
1,273,038
2,116,304
2,183,538
454,051
318,350
1,386,345
977,073
601,973
1,017,669
183,933
–151,218
298,348
270,910
285,407
224,716
165,707
341,838
239,750
260,974
356,420

4 Consists of monetary gold, special drawing rights (SDRs), the U.S. reserve position in the
International Monetary Fund (IMF), and other reserve assets, including foreign currencies.
5 Net lending means that U.S. residents are net suppliers of funds to foreign residents, and
net borrowing means the opposite.

Direct
investment
liabilities

Portfolio
investment
liabilities

207,878
867,340
138,328
832,037
294,289 1,126,735
340,066 1,156,612
332,734
523,683
153,787
357,352
259,345
820,434
257,411
311,626
217,777
746,996
294,972
490,943
40,210
249,732
67,418
7,962
44,111
222,638
66,038
266,664
44,526
155,583
82,156 –25,746
71,130
207,881
97,161
153,226
–121,707
237,867
77,711
67,750
65,379
250,943

Other
investment
liabilities

Financial
derivatives
other
than
reserves,
net transactions

519,899 ������������������
302,673 ������������������
695,280
–29,710
686,860
–6,222
–402,367
32,947
–192,789
–44,816
306,566
–14,076
408,036
–35,006
–362,799
7,064
231,753
2,248
–106,008
7,339
–226,598
–2,419
31,600
5,129
–61,793
–2,985
85,298
–3,948
168,307
–3,302
–113,303
6,569
91,451
2,929
123,590
5,277
115,513
–2,804
40,098
–24,267

Net lending
(+)
or net
borrowing
(–)
from
financial
acount
transactions 5
–532,334
–700,721
–809,148
–617,251
–730,572
–230,962
–436,972
–515,759
–423,492
–370,658
–250,671
–35,660
414
–137,574
–67,702
–84,362
–75,140
–143,455
–91,162
–22,205
–22,507

U.S. official
reserve
assets,
Statistical
net
discrep(unadancy
justed,
end of
period) 4

98,385
31,597
–634
101,008
–49,941
149,970
7,116
–55,229
30,353
30,008
–126,656
83,455
113,016
–39,461
37,825
22,011
26,311
–56,138
10,991
76,213
77,748

86,824
65,127
65,895
70,565
77,648
130,760
132,433
147,953
150,175
144,575
149,078
149,830
153,075
150,175
146,329
145,703
147,747
144,575
144,284
145,176
137,054

Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury,
and the Board of Governors of the Federal Reserve System.

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 ...................................................................................................................................................
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 PUBLISHING OFFICE : 2015 92-971