Full text of Economic Indicators : June 2015
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
114th Congress, 1st Session Economic Indicators JUNE 2015 (Includes data available as of July 2, 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.) Dan Coats, Indiana, Chairman Kevin Brady, Texas, Vice Chairman Senate House of Representatives Mike Lee, Utah Tom Cotton, Arkansas Ben Sasse, Nebraska Ted Cruz, Texas Bill Cassidy, M.D., Louisiana Amy Klobuchar, Minnesota Robert P. Casey, Jr., Pennsylvania Martin Heinrich, New Mexico Gary C. Peters, Michigan Justin Amash, Michigan Erik Paulsen, Minnesota Richard L. Hanna, New York David Schweikert, Arizona Glenn Grothman, Wisconsin Carolyn B. Maloney, New York John Delaney, Maryland Alma S. Adams, Ph.D, North Carolina Donald S. Beyer, Jr., Virginia Viraj M. Mirani, Executive Director 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 first quarter of 2015, according to revised estimates, current dollar gross domestic product (GDP) fell 0.2 percent (annual rate), real GDP in chained (2009) dollars fell 0.2 percent, and the chained price index was unchanged. BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE) 18,400 18,400 SEASONALLY ADJUSTED ANNUAL RATES 18,000 18,000 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 2006 2007 2008 2009 2010 2011 2012 2013 SOURCE: DEPARTMENT OF COMMERCE 2014 2015 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 �������������������� 2012: I ���������������� II ��������������� III �������������� IV �������������� 2013: I ���������������� II ��������������� III �������������� IV �������������� 2014: I ���������������� II ��������������� III �������������� IV �������������� 2015: I r �������������� 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 17,418.9 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 17,703.7 17,693.3 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 11,930.3 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 12,120.2 12,122.6 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 2,851.6 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 2,943.3 2,957.3 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 –538.2 –614.8 –588.5 –541.7 –528.2 –528.0 –532.0 –509.9 –462.9 –538.0 –549.2 –516.5 –549.2 –557.9 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 2,337.0 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 2,352.3 2,257.5 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 2,875.2 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 2,901.5 2,815.4 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 3,175.2 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 3,189.3 3,171.3 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 1,219.2 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 1,216.7 1,216.2 National defense Nondefense 608.3 642.4 678.7 754.1 788.3 832.8 836.9 818.0 769.9 761.5 818.6 817.1 840.9 795.4 775.1 772.2 774.9 757.5 749.9 754.6 784.0 757.5 754.0 338.1 359.6 371.0 401.5 429.4 471.1 466.5 473.4 461.6 457.6 472.8 472.9 473.4 474.4 466.8 461.9 459.0 458.7 458.2 455.9 457.3 459.2 462.2 Chart 1 - Jun 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 1,956.1 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 1,972.6 1,955.1 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 17,336.9 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 17,610.3 17,582.6 13,814.9 14,626.8 15,196.2 15,441.6 14,814.2 15,477.0 16,097.9 16,731.5 17,276.2 17,957.2 16,571.3 16,683.2 16,810.7 16,860.7 17,030.4 17,151.2 17,382.2 17,541.2 17,582.0 17,877.5 18,116.3 18,252.9 18,251.1 13,186.3 13,923.5 14,603.2 14,890.6 14,569.8 15,170.3 15,764.6 16,390.5 16,992.4 17,630.6 16,195.0 16,325.0 16,484.0 16,558.0 16,711.2 16,834.0 17,103.1 17,321.2 17,255.0 17,541.7 17,829.6 17,896.2 17,848.6 1 GDP less exports of goods and services plus imports of goods and services. 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 �������������������� 2012: I ���������������� II ��������������� III �������������� IV �������������� 2013: I ���������������� II ��������������� III �������������� IV �������������� 2014: I ���������������� II ��������������� III �������������� IV �������������� 2015: I r �������������� 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 16,085.6 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 16,294.7 16,287.7 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 10,969.0 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 11,119.6 11,177.9 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 2,116.4 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 2,169.8 2,158.9 872.6 806.6 654.8 497.7 392.2 382.4 384.5 436.5 488.4 496.2 420.8 425.3 439.5 460.3 469.0 489.8 503.0 491.9 485.3 495.6 499.6 504.3 512.2 64.3 71.6 35.5 –33.7 –147.6 58.2 37.6 57.0 63.5 70.6 70.9 78.9 71.2 7.2 33.4 43.4 95.6 81.8 35.2 84.8 82.2 80.0 99.5 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 –465.7 –466.7 –453.0 –424.5 –427.2 –446.0 –424.6 –384.0 –447.2 –460.4 –431.4 –471.4 –548.0 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 2,084.7 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 2,127.1 2,095.3 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 2,537.3 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 2,598.5 2,643.3 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 2,889.7 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 2,897.9 2,893.2 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 1,123.5 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 1,120.1 1,120.2 665.5 678.8 695.6 748.1 788.3 813.5 795.0 768.7 717.7 702.4 770.4 767.9 789.8 746.7 725.5 721.8 722.6 701.0 693.9 695.4 721.7 698.7 696.6 369.4 382.1 383.1 404.2 429.4 457.1 441.4 445.7 427.5 421.0 445.6 445.2 445.6 446.3 436.9 430.4 426.1 416.7 423.4 419.4 419.8 421.3 423.4 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 1,765.2 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 1,776.6 1,771.9 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 15,996.9 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 16,196.2 16,170.8 15,040.3 15,431.6 15,606.8 15,399.9 14,814.2 15,244.9 15,483.9 15,824.6 16,131.0 16,539.9 15,744.7 15,807.6 15,887.2 15,859.0 15,966.0 16,054.5 16,205.0 16,298.6 16,280.4 16,473.2 16,637.7 16,768.3 16,838.2 14,338.4 14,688.6 15,005.7 15,004.8 14,569.8 14,970.8 15,241.0 15,567.3 15,902.4 16,263.4 15,484.6 15,538.1 15,617.5 15,629.1 15,717.2 15,790.6 15,977.6 16,124.3 16,009.8 16,189.8 16,399.3 16,454.7 16,414.3 1 GDP less exports of goods and services plus imports of goods and services. 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). 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 �������������������� 2012: I ���������������� II ��������������� III �������������� IV �������������� 2013: I ���������������� II ��������������� III �������������� IV �������������� 2014: I ���������������� II ��������������� III �������������� IV �������������� 2015: I r �������������� Gross domestic product 91.985 94.812 97.340 99.218 100.000 101.226 103.315 105.174 106.739 108.320 104.461 104.937 105.475 105.821 106.172 106.495 106.943 107.347 107.694 108.261 108.643 108.681 108.677 Personal consumption expenditures Total 92.261 94.729 97.102 100.065 100.000 101.653 104.149 106.062 107.333 108.764 105.510 105.860 106.204 106.675 106.951 107.074 107.520 107.789 108.156 108.782 109.116 109.001 108.454 Goods Services 96.951 98.277 99.403 102.362 100.000 101.637 105.413 106.712 106.211 105.808 106.661 106.543 106.683 106.960 106.638 105.986 106.301 105.917 105.769 106.240 106.278 104.946 102.607 Source: Department of Commerce (Bureau of Economic Analysis). 2 Gross private domestic investment 89.933 92.976 95.981 98.947 100.000 101.661 103.524 105.745 107.919 110.294 104.941 105.526 105.973 106.541 107.122 107.641 108.154 108.759 109.390 110.097 110.584 111.105 111.495 Nonresidential fixed 93.830 96.561 98.574 100.337 100.000 99.070 100.545 102.082 103.186 104.448 101.680 101.984 102.263 102.402 102.620 103.058 103.364 103.701 104.059 104.370 104.643 104.719 104.683 Residential fixed 98.103 103.821 105.176 103.647 100.000 99.645 100.395 101.342 106.448 112.688 100.360 100.745 101.618 102.644 104.271 105.571 106.982 108.968 111.244 111.450 113.400 114.657 114.575 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Exports 94.717 97.979 101.107 105.809 100.000 104.263 110.960 111.940 112.001 112.109 111.696 111.931 111.889 112.244 112.528 111.663 111.868 111.945 112.716 112.665 112.473 110.583 107.741 Imports 93.802 97.663 101.024 111.588 100.000 105.800 113.942 114.501 113.529 113.327 115.633 114.656 113.323 114.393 114.496 113.048 113.287 113.286 114.082 113.862 113.709 111.655 106.507 Total 91.449 94.448 97.319 100.286 100.000 102.614 105.422 106.341 107.530 108.499 106.197 106.338 106.388 106.440 106.828 107.093 107.406 108.791 108.105 108.563 108.721 108.606 108.559 National defense 91.395 94.633 97.572 100.809 100.000 102.365 105.274 106.415 107.275 108.407 106.262 106.406 106.474 106.518 106.829 106.983 107.238 108.052 108.067 108.514 108.633 108.412 108.228 Nondefense 91.529 94.101 96.849 99.321 100.000 103.064 105.691 106.218 107.966 108.684 106.092 106.226 106.244 106.312 106.833 107.286 107.699 110.047 108.199 108.675 108.899 108.962 109.143 State and local 86.333 90.677 95.426 100.279 100.000 102.714 105.923 107.947 109.377 110.809 107.641 107.556 107.876 108.715 109.052 109.154 109.572 109.729 110.332 110.653 111.216 111.037 110.336 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 ���������������������� 2012: I ������������������ II ����������������� III ���������������� IV ���������������� 2013: I ������������������ II ����������������� III ���������������� IV ���������������� 2014: I ������������������ II ����������������� III ���������������� IV ���������������� 2015: I r ���������������� Real GDP GDP (chain-type chain-type quantity price index) index 98.720 101.353 103.156 102.855 100.000 102.532 104.174 106.592 108.957 111.560 105.939 106.367 107.023 107.039 107.766 108.238 109.440 110.386 109.799 111.039 112.393 113.011 112.962 GDP implicit price deflator 91.985 94.812 97.340 99.218 100.000 101.226 103.315 105.174 106.739 108.320 104.461 104.937 105.475 105.821 106.172 106.495 106.943 107.347 107.694 108.261 108.643 108.681 108.677 PCE PCE less food (chain-type and price index) priceenergy index 91.988 94.814 97.337 99.246 100.000 101.221 103.311 105.166 106.733 108.289 104.461 104.942 105.428 105.824 106.204 106.488 106.923 107.301 107.658 108.231 108.603 108.647 108.630 92.261 94.729 97.102 100.065 100.000 101.653 104.149 106.062 107.333 108.764 105.510 105.860 106.204 106.675 106.951 107.074 107.520 107.789 108.156 108.782 109.116 109.001 108.454 92.711 94.786 96.832 98.827 100.000 101.286 102.800 104.678 106.084 107.575 104.063 104.546 104.871 105.230 105.606 105.875 106.252 106.603 106.922 107.447 107.821 108.111 108.337 Personal consumption expenditures (PCE) Gross domestic product (GDP) Gross domestic purchases price index 91.851 94.783 97.372 100.244 100.000 101.527 103.970 105.738 107.105 108.599 105.249 105.533 105.858 106.313 106.634 106.837 107.284 107.667 108.030 108.553 108.925 108.886 108.436 GDP (current dollars) Real GDP GDP (chain-type chain-type quantity price index) index 6.7 5.8 4.5 1.7 –2.0 3.8 3.7 4.2 3.7 3.9 4.4 3.5 4.4 1.6 4.2 2.9 6.2 5.0 –.8 6.8 6.4 2.4 –.2 3.3 2.7 1.8 –.3 –2.8 2.5 1.6 2.3 2.2 2.4 2.3 1.6 2.5 .1 2.7 1.8 4.5 3.5 –2.1 4.6 5.0 2.2 –.2 Gross domestic PCE purchases PCE food price index (chain-type lessenergy price index) and price index GDP implicit price deflator 3.2 3.1 2.7 1.9 .8 1.2 2.1 1.8 1.5 1.5 2.1 1.8 2.1 1.3 1.3 1.2 1.7 1.5 1.3 2.1 1.4 .1 .0 3.2 3.1 2.7 2.0 .8 1.2 2.1 1.8 1.5 1.5 2.1 1.9 1.9 1.5 1.4 1.1 1.6 1.4 1.3 2.1 1.4 .2 –.1 2.9 2.7 2.5 3.1 –.1 1.7 2.5 1.8 1.2 1.3 2.1 1.3 1.3 1.8 1.0 .5 1.7 1.0 1.4 2.3 1.2 –.4 –2.0 2.2 2.2 2.2 2.1 1.2 1.3 1.5 1.8 1.3 1.4 2.1 1.9 1.2 1.4 1.4 1.0 1.4 1.3 1.2 2.0 1.4 1.1 .8 3.5 3.2 2.7 2.9 –.2 1.5 2.4 1.7 1.3 1.4 2.3 1.1 1.2 1.7 1.2 .8 1.7 1.4 1.4 2.0 1.4 –.1 –1.6 1 Quarterly percent changes are at annual rates. 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 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2012: I ���������������� II ��������������� III �������������� IV �������������� 2013: I ���������������� II ��������������� III �������������� IV �������������� 2014: I ���������������� II ��������������� III �������������� IV �������������� 2015: I r �������������� 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 6,532.1 6,988.0 7,203.9 7,256.8 6,859.8 7,238.7 7,592.3 8,030.3 8,287.0 8,607.8 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 8,683.3 8,807.4 8,817.3 Chained (2009) dollars 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 8,180.5 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 8,229.1 8,378.8 8,409.9 Total 0.916 .944 .963 .983 1.000 1.000 1.023 1.037 1.046 1.052 1.031 1.034 1.039 1.044 1.044 1.045 1.048 1.048 1.049 1.053 1.055 1.051 1.048 Compensation of employees (unit labor cost) 0.551 .558 .576 .590 .596 .574 .588 .593 .600 .608 .591 .589 .594 .599 .599 .598 .600 .601 .612 .607 .607 .606 .612 Corporate profits with inventory valuation and capital consumption adjustments 4 Unit nonlabor cost Total 0.243 .249 .265 .283 .299 .290 .296 .293 .293 .292 .294 .293 .294 .291 .294 .291 .294 .295 .296 .291 .292 .288 .290 Consumption of fixed capital Net interest Taxes on and production miscellaneous and imports 3 payments 0.128 .132 .139 .148 .159 .151 .154 .153 .155 .157 .152 .152 .154 .153 .154 .154 .156 .157 .158 .157 .157 .155 .156 0.091 .092 .093 .093 .099 .099 .103 .101 .101 .100 .103 .102 .101 .100 .102 .100 .101 .101 .101 .101 .101 .099 .098 0.024 .025 .033 .042 .041 .040 .039 .039 .037 .035 .039 .039 .039 .038 .038 .037 .037 .037 .037 .033 .034 .034 .036 Total 0.122 .137 .122 .110 .105 .136 .140 .151 .153 .152 .148 .153 .151 .153 .152 .155 .154 .152 .141 .155 .157 .156 .146 Taxes on corporate income 0.038 .042 .039 .031 .026 .030 .031 .035 .042 .048 .035 .034 .035 .036 .042 .041 .040 .043 .046 .049 .049 .047 .050 Profits after tax 5 0.084 .096 .083 .079 .079 .105 .109 .116 .112 .105 .113 .119 .116 .116 .110 .114 .114 .109 .095 .107 .108 .109 .096 1 Estimates for nonfinancial corporate business are based on the North American Industry Classification System (NAICS). 2 The implicit price deflator for gross value added of nonfinancial corporate business divided by 100. 3 Less subsidies plus business current transfer payments. 4 Unit profits from current production. 5 With inventory valuation and capital consumption adjustments. Source: Department of Commerce (Bureau of Economic Analysis). 3 National Income [Billions of dollars; quarterly data at seasonally adjusted annual rates] Proprietors’ income 1 Period 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2012: I ���������������� II ��������������� III �������������� IV �������������� 2013: I ���������������� II ��������������� III �������������� IV �������������� 2014: I ���������������� II ��������������� III �������������� IV �������������� 2015: I r �������������� ComNational pensation of income employees 11,239.8 12,004.8 12,321.4 12,427.8 12,126.1 12,739.5 13,352.3 14,069.5 14,577.1 15,076.5 13,914.4 13,984.9 14,077.7 14,301.0 14,376.1 14,511.5 14,650.5 14,770.2 14,733.7 14,972.9 15,244.9 15,354.3 15,384.3 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 9,227.6 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 9,260.7 9,394.2 9,504.6 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 63.6 71.7 72.5 71.9 73.2 92.2 83.6 86.8 70.1 58.1 73.4 62.2 60.7 49.1 932.6 1,017.7 941.1 979.5 937.5 986.7 1,068.1 1,187.9 1,253.5 1,316.6 1,154.7 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 1,343.5 238.4 207.5 189.4 262.1 333.7 402.8 485.3 533.0 595.8 640.2 516.6 526.5 537.1 551.7 575.0 590.8 604.2 613.3 622.9 635.4 646.7 656.0 664.3 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 1,477.7 1,646.5 1,529.0 1,285.1 1,397.0 1,746.4 1,816.6 2,022.8 2,106.9 2,089.8 1,977.9 2,024.8 2,041.0 2,047.6 2,039.4 2,103.6 2,140.7 2,143.8 1,942.1 2,106.2 2,170.7 2,140.3 2,029.5 Total Profits before tax 1,621.2 1,815.7 1,708.9 1,345.5 1,479.2 1,799.7 1,738.5 2,126.6 2,238.7 2,419.5 2,088.6 2,130.7 2,141.8 2,145.3 2,167.3 2,235.0 2,273.7 2,278.6 2,272.6 2,437.4 2,501.1 2,466.8 2,574.8 1,653.3 1,851.4 1,748.4 1,382.4 1,472.6 1,840.7 1,806.8 2,136.1 2,235.3 2,419.9 2,120.9 2,119.4 2,155.7 2,148.4 2,169.0 2,219.8 2,270.9 2,281.6 2,297.2 2,450.1 2,497.1 2,435.3 2,514.2 –32.1 –35.7 –39.5 –37.0 6.7 –41.0 –68.3 –9.5 3.3 –.5 –32.3 11.3 –13.9 –3.1 –1.7 15.2 2.8 –3.0 –24.6 –12.7 4.0 31.5 60.5 –143.5 –169.2 –179.9 –60.4 –82.2 –53.3 78.1 –103.8 –131.8 –329.6 –110.7 –106.0 –100.8 –97.8 –127.9 –131.4 –133.1 –134.8 –330.5 –331.3 –330.4 –326.5 –545.3 496.8 580.9 663.4 693.4 563.4 489.4 488.1 491.7 499.8 486.3 503.6 473.4 509.5 480.3 517.4 477.1 493.3 511.2 506.5 461.0 479.3 498.4 531.5 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 1,129.5 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 1,217.9 1,217.1 60.9 51.5 54.6 52.6 58.3 55.9 60.1 58.0 60.2 57.4 57.9 58.0 56.8 59.4 60.0 61.1 60.6 58.9 57.7 57.5 57.4 57.0 57.2 93.9 82.6 98.6 114.4 124.9 128.5 131.5 106.7 120.6 140.6 119.2 110.8 102.0 94.6 115.1 122.3 118.4 126.6 119.2 123.0 182.4 137.8 136.5 Current surplus of government enterprises –6.4 –9.3 –16.4 –21.2 –20.6 –22.9 –24.5 –25.3 –29.6 –34.2 –23.9 –24.5 –25.4 –27.3 –27.8 –29.6 –30.1 –31.0 –31.1 –33.6 –36.3 –35.7 –34.5 1 With inventory valuation and capital consumption adjustments. 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 �������������������� 2012: I ���������������� II ��������������� III �������������� IV �������������� 2013: I ���������������� II ��������������� III �������������� IV �������������� 2014: I ���������������� II ��������������� III �������������� IV �������������� 2015: I r �������������� 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 10,969.0 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 11,119.6 11,177.9 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 3,750.9 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 3,819.0 3,828.4 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 1,410.0 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 1,453.3 1,458.1 Nondurable Motor vehicles and parts 400.0 385.1 392.8 340.8 317.1 323.4 333.8 357.9 376.0 405.0 351.4 351.7 359.5 369.1 374.1 374.0 375.5 380.5 385.7 402.9 413.7 417.6 413.3 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 2,364.8 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 2,393.4 2,398.2 Food and beverages purchased for offpremises consumption Gasoline and other energy goods Total services 1 Household consumption expenditures 757.6 780.8 791.3 781.9 770.0 786.5 795.1 801.6 809.4 809.6 797.6 800.9 803.3 804.7 810.2 804.6 808.9 814.0 811.9 809.2 809.0 808.3 808.2 298.0 297.4 296.8 283.4 284.5 282.2 274.3 269.2 271.7 274.5 267.4 271.7 270.9 266.7 270.5 270.4 272.9 272.9 274.4 272.1 272.7 278.7 282.6 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 7,218.6 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 7,301.7 7,349.8 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 6,905.9 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 6,987.2 7,041.7 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 1,981.7 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 1,980.5 2,003.9 Health care 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 1,830.7 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 1,871.9 1,897.1 Financial services and insurance 704.1 720.1 742.5 737.4 719.0 733.9 747.2 713.7 728.5 758.0 729.0 717.1 702.8 706.0 715.1 727.1 730.8 741.1 746.2 751.2 764.1 770.6 772.9 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 9,679.4 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 9,834.6 9,868.5 16.9 16.5 16.1 13.2 10.4 11.6 12.7 14.4 15.5 16.4 14.2 14.2 14.4 14.9 15.3 15.5 15.6 15.6 15.7 16.5 16.7 16.7 16.6 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. 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). 4 Sources of Personal Income Personal income rose $79.0 billion (annual rate) in May, following an increase of $69.6 billion in April. Wages and salaries rose $37.1 billion in May, following an increase of $21.6 billion in April. 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 4,000 3,000 3,000 PERSONAL CURRENT TRANSFER RECEIPTS 2,000 2,000 1,000 1,000 2007 2008 2009 2010 2011 2012 2013 2014 *SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE 2015 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 �������������������� 2014: May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2015: Jan r ��������� Feb r ��������� Mar r �������� Apr r ��������� May 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 14,733.9 14,657.0 14,716.8 14,762.7 14,821.0 14,850.0 14,915.9 14,984.3 15,037.7 15,089.1 15,152.4 15,158.4 15,228.0 15,307.0 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 9,227.6 9,156.0 9,174.6 9,214.5 9,271.2 9,296.3 9,338.6 9,412.7 9,431.2 9,482.5 9,508.4 9,522.7 9,548.9 9,591.7 Wages and salaries Supplements to 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 7,451.6 7,388.7 7,403.5 7,438.4 7,488.7 7,509.5 7,546.8 7,613.5 7,628.1 7,671.3 7,692.3 7,702.7 7,724.3 7,761.4 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 1,776.0 1,767.3 1,771.1 1,776.1 1,782.4 1,786.8 1,791.9 1,799.2 1,803.1 1,811.2 1,816.1 1,820.1 1,824.6 1,830.3 Proprietors’ income 1 Farm 46.4 36.0 38.1 47.0 35.5 46.0 75.5 72.3 83.2 63.6 73.4 81.9 72.0 62.2 52.3 56.5 60.7 65.0 57.0 49.1 41.2 45.1 49.0 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 1,305.5 1,312.2 1,321.6 1,321.1 1,330.0 1,344.2 1,335.5 1,345.5 1,341.0 1,340.6 1,348.9 1,349.4 1,355.9 Personal income receipts on assets Rental income of persons 2 238.4 207.5 189.4 262.1 333.7 402.8 485.3 533.0 595.8 640.2 635.4 638.7 642.0 647.2 650.8 653.2 655.1 659.6 661.1 664.2 667.7 672.7 678.1 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 2,125.3 2,126.0 2,139.5 2,139.2 2,137.8 2,137.8 2,141.2 2,146.3 2,149.1 2,142.4 2,172.4 2,141.5 2,171.9 2,194.7 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 1,264.7 1,270.0 1,274.9 1,270.7 1,266.5 1,262.3 1,261.1 1,259.9 1,258.8 1,251.8 1,244.9 1,237.9 1,256.4 1,275.0 Personal dividend income 578.3 723.7 816.5 805.4 553.7 544.6 682.2 832.7 824.5 860.6 855.9 864.6 868.5 871.3 875.5 880.0 886.3 890.4 890.6 927.5 903.6 915.5 919.7 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 2,522.7 2,514.4 2,525.9 2,533.9 2,549.0 2,553.1 2,557.2 2,557.9 2,572.9 2,598.7 2,613.9 2,633.4 2,639.6 2,642.0 Less: Chart 5 - Jun 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 1,162.1 1,153.7 1,155.9 1,160.6 1,167.5 1,170.3 1,175.0 1,183.9 1,185.7 1,193.6 1,196.2 1,197.1 1,199.7 1,204.5 1 With inventory valuation and capital consumption adjustments. 2 With capital consumption adjustment. 3 Consists mainly of social insurance benefits to persons. Source: Department of Commerce (Bureau of Economic Analysis). 5 Disposition of Personal Income According to revised estimates, per capita disposable personal income in chained (2009) dollars rose 4.7 percent (annual rate) in the first quarter of 2015. BILLIONS OF DOLLARS* (RATIO SCALE) 14,000 13,500 BILLIONS OF DOLLARS* (RATIO SCALE) 14,000 13,500 13,000 13,000 12,500 12,500 12,000 12,000 DISPOSABLE PERSONAL INCOME 11,500 11,500 11,000 11,000 SAVING 10,500 10,000 10,500 10,000 PERSONAL OUTLAYS 9,500 9,500 9,000 9,000 DOLLARS* (RATIO SCALE) 44,000 42,000 DOLLARS* (RATIO SCALE) 44,000 PER CAPITA DISPOSABLE PERSONAL INCOME 42,000 40,000 40,000 CURRENT DOLLARS 38,000 38,000 36,000 36,000 CHAINED (2009) DOLLARS 34,000 34,000 32,000 32,000 30,000 30,000 2006 2007 2008 2009 2010 2011 2012 2013 *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 14,733.9 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 1,743.9 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 12,990.0 2015 COUNCIL OF ECONOMIC ADVISERS Less: Personal outlays 1 Equals: Personal saving Disposable personal income in billions of chained (2009) dollars Per capita disposable personal income Current dollars Billions of dollars 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2014 Chained (2009) dollars Per capita personal consumption expenditures 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 12,357.5 237.9 329.5 310.3 542.2 672.0 628.0 711.1 896.2 608.1 632.6 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 11,943.3 31,760 33,589 34,826 36,101 35,616 36,274 37,804 39,377 39,468 40,699 Chart 6 - Jun 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 35,684 36,298 37,126 36,772 37,420 29,711 31,136 32,319 32,881 32,050 32,931 34,242 35,241 36,247 37,379 32,203 32,868 33,284 32,860 32,050 32,395 32,878 33,226 33,770 34,367 0.6 3.0 1.2 .6 –1.3 .2 1.7 2.3 –1.0 1.8 2.5 3.3 3.0 4.9 6.1 5.6 6.0 7.2 4.9 4.9 295,993 298,818 301,696 304,543 307,240 309,808 312,172 314,499 316,839 319,173 36,827 36,976 36,863 37,832 36,519 36,800 36,911 36,856 37,105 37,325 37,469 37,778 38,210 34,945 35,112 35,324 35,579 35,926 36,064 36,321 36,673 36,849 37,232 37,568 37,864 37,809 33,121 33,169 33,261 33,353 33,592 33,682 33,781 34,023 34,071 34,227 34,431 34,738 34,863 6.1 1.6 –1.2 10.9 –13.2 3.1 1.2 –.6 2.7 2.4 1.6 3.3 4.7 6.7 7.0 6.5 8.6 4.7 5.2 5.2 4.4 4.9 5.1 4.8 4.7 5.4 313,623 314,155 314,790 315,430 315,957 316,499 317,136 317,765 318,288 318,833 319,470 320,100 320,623 Seasonally adjusted annual rates 2012: I ���������������� II ��������������� III �������������� IV �������������� 2013: I ���������������� II ��������������� III �������������� IV �������������� 2014: I ���������������� II ��������������� III �������������� IV �������������� 2015: I r �������������� 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 14,811.2 14,979.3 15,133.3 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 1,750.1 1,798.6 1,846.8 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 13,061.2 13,180.7 13,286.5 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 12,560.3 12,566.3 821.0 863.0 800.3 1,100.5 579.8 646.9 652.8 552.9 626.1 655.6 628.1 620.4 720.2 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 11,970.3 12,092.6 12,251.0 38,856 39,142 39,149 40,357 39,057 39,402 39,686 39,726 40,130 40,602 40,884 41,177 41,440 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. Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). 6 Real Farm Income According to the preliminary forecast for 2015, gross farm income in chained (2009) dollars is forecast to be $404.5 billion and net farm income to be $67.0 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 NET FARM INCOME 120 120 80 80 60 60 40 40 2006 2007 2009 2008 2010 2011 2012 2013 SOURCE: DEPARTMENT OF AGRICULTURE 2014 2015 COUNCIL OF ECONOMIC ADVISERS [Billions of chained (2009) dollars] Chart 7 - Feb 2015 Income of farm operators from farming 1 Gross farm income Year Value of agricultural sector production Total 1992 ��������������������������������������������������� 1993 ��������������������������������������������������� 1994 ��������������������������������������������������� 1995 ��������������������������������������������������� 1996 ��������������������������������������������������� 1997 ��������������������������������������������������� 1998 ��������������������������������������������������� 1999 ��������������������������������������������������� 2000 ��������������������������������������������������� 2001 ��������������������������������������������������� 2002 ��������������������������������������������������� 2003 ��������������������������������������������������� 2004 ��������������������������������������������������� 2005 ��������������������������������������������������� 2006 ��������������������������������������������������� 2007 ��������������������������������������������������� 2008 ��������������������������������������������������� 2009 ��������������������������������������������������� 2010 �������������������������������������������������� 2011 ��������������������������������������������������� 2012 ��������������������������������������������������� 2013 ��������������������������������������������������� 2014 ��������������������������������������������������� 2015 ��������������������������������������������������� Crops 2, 3 Total 283.9 283.5 292.6 279.6 307.2 304.8 294.7 293.4 295.1 298.4 271.1 298.3 330.9 324.5 306.0 348.8 376.3 339.5 358.3 412.6 423.1 450.6 439.5 404.5 271.0 265.0 282.0 270.0 297.6 295.2 279.0 266.6 266.8 271.6 256.5 279.2 316.3 298.0 289.4 336.6 363.9 327.4 346.1 402.5 413.0 440.3 429.6 393.2 126.1 114.3 136.1 127.2 150.7 144.1 129.4 115.9 116.0 113.5 115.1 125.2 140.4 124.3 125.2 155.2 180.8 166.9 168.9 197.4 207.9 218.9 189.0 164.8 Livestock 3 123.4 127.2 121.5 116.4 119.9 123.3 119.3 118.9 121.0 127.0 109.9 121.1 139.4 137.5 125.9 142.2 140.9 117.8 138.2 158.2 159.2 170.6 193.8 182.5 Farm-related income 4 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 46.7 45.9 Direct Government payments 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 9.9 11.3 Production expenses Net farm income 212.9 218.9 221.4 226.9 230.4 239.1 235.0 233.9 233.2 232.8 225.1 228.0 232.8 238.9 245.5 276.9 296.3 283.0 284.0 302.5 325.6 329.8 339.8 337.4 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 99.7 67.0 1 The GDP chain-type price index is used to convert the current-dollar statistics to 2009=100 equivalents. 2 Crop receipts include proceeds received from commodities placed under Commodity Credit Corporation loans. 3 The value of production equates to the sum of cash receipts, home consumption, and the value of the change in inventories. 4 Includes income from forest products sold, the gross imputed rental value of farm dwellings, machine hire and custom work, and other sources of farm income such as commodity insurance indemnities. Note: Data for 2014 and 2015 are forecasts. Source: Department of Agriculture (Economic Research Service). 7 Corporate Profits In the first quarter of 2015, according to revised estimates, corporate profits before tax rose $78.9 billion (annual rate) and profits after tax rose $53.7 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 PROFITS BEFORE TAX 2,000 2,000 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 1,000 1,000 900 900 800 800 700 700 600 600 UNDISTRIBUTED PROFITS 500 500 400 400 300 300 TAXES ON CORPORATE INCOME 200 100 200 100 0 0 –100 –200 –100 –200 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 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 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2012: I ���������������� II ��������������� III �������������� IV �������������� 2013: I ���������������� II ��������������� III �������������� IV �������������� 2014: I ���������������� II ��������������� III �������������� IV �������������� 2015: I r �������������� Total 2 1,621.2 1,815.7 1,708.9 1,345.5 1,479.2 1,799.7 1,738.5 2,126.6 2,238.7 2,419.5 2,088.6 2,130.7 2,141.8 2,145.3 2,167.3 2,235.0 2,273.7 2,278.6 2,272.6 2,437.4 2,501.1 2,466.8 2,574.8 Profits before tax Nonfinancial Total 1,382.1 1,559.6 1,355.5 938.8 1,122.0 1,404.5 1,316.6 1,724.8 1,835.6 2,025.4 1,680.1 1,725.8 1,750.4 1,742.9 1,781.2 1,841.9 1,864.2 1,855.1 1,875.1 2,043.5 2,090.7 2,092.5 2,229.5 Financial 409.7 415.1 301.5 95.4 362.9 406.3 375.9 488.9 533.5 511.0 468.8 470.7 524.4 491.6 504.9 525.5 554.1 549.4 480.8 514.5 530.7 517.7 536.6 Total 3 972.4 1,144.4 1,054.0 843.4 759.2 998.2 940.7 1,235.9 1,302.1 1,514.5 1,211.3 1,255.1 1,226.0 1,251.2 1,276.3 1,316.4 1,310.1 1,305.7 1,394.2 1,528.9 1,560.0 1,574.7 1,692.9 Manufacturing 277.7 349.7 321.9 240.6 171.4 287.6 298.1 404.2 402.4 497.1 402.7 419.8 392.6 401.5 388.4 383.7 392.3 445.4 432.5 504.4 523.7 527.9 594.5 Utilities Wholesale 30.8 55.1 49.5 30.1 23.8 30.3 9.8 12.9 20.9 47.5 21.0 11.6 12.1 6.9 6.8 31.1 30.0 15.8 42.3 50.4 54.5 42.9 54.1 1 See p. 4 for profits with inventory valuation and capital consumption adjustments. 2 Includes rest of the world, not shown separately. 3 Includes industries not shown separately. Note: Data by industry are based on the North American Industry Classification System (NAICS). Source: Department of Commerce (Bureau of Economic Analysis). 8 96.2 105.9 103.2 90.6 89.3 102.4 94.4 136.6 154.5 165.5 123.6 142.1 134.4 146.4 158.1 157.1 154.8 147.9 152.0 157.6 174.4 178.1 175.2 Taxes on corporate income Total Net dividends Retail 121.7 132.5 119.0 80.3 108.7 118.6 114.3 157.2 171.2 178.3 153.2 155.8 149.2 170.8 166.2 179.1 175.4 164.2 168.1 176.7 175.8 192.6 204.9 1,653.3 1,851.4 1,748.4 1,382.4 1,472.6 1,840.7 1,806.8 2,136.1 2,235.3 2,419.9 2,120.9 2,119.4 2,155.7 2,148.4 2,169.0 2,219.8 2,270.9 2,281.6 2,297.2 2,450.1 2,497.1 2,435.3 2,514.2 412.4 473.4 445.5 309.1 269.4 370.6 379.1 454.8 474.3 592.6 451.3 473.5 440.6 453.8 474.9 459.2 467.5 495.4 562.3 608.0 602.5 597.7 623.0 1,240.9 1,378.1 1,302.9 1,073.3 1,203.1 1,470.1 1,427.7 1,681.3 1,761.1 1,827.3 1,669.7 1,645.9 1,715.1 1,694.6 1,694.1 1,760.7 1,803.4 1,786.1 1,734.9 1,842.2 1,894.6 1,837.5 1,891.2 580.5 726.0 818.9 808.6 574.6 564.0 703.7 857.1 959.6 905.1 774.9 803.7 817.3 1,032.7 835.5 1,098.7 911.7 992.3 902.8 902.3 898.4 917.0 922.8 Chart 8 - Jun 2015 Inventory Undistrib- valuation adjustment uted profits 660.4 652.1 484.0 264.7 628.5 906.2 724.0 824.2 801.5 922.2 894.8 842.2 897.8 662.0 858.6 661.9 891.7 793.8 832.1 939.9 996.2 920.5 968.4 –32.1 –35.7 –39.5 –37.0 6.7 –41.0 –68.3 –9.5 3.3 –.5 –32.3 11.3 –13.9 –3.1 –1.7 15.2 2.8 –3.0 –24.6 –12.7 4.0 31.5 60.5 Real Gross Private Domestic Investment In the first quarter of 2015, according to revised estimates, nonresidential fixed investment in chained (2009) dollars fell $10.9 billion (annual rate) and residential investment rose $7.9 billion. Inventories rose $99.5 billion, following an increase of $80.0 billion in the fourth quarter. BILLIONS OF CHAINED (2009) DOLLARS 3,000 BILLIONS OF CHAINED (2009) DOLLARS 3,000 SEASONALLY ADJUSTED ANNUAL RATES 2,800 2,800 2,600 2,600 2,400 2,400 GROSS PRIVATE DOMESTIC INVESTMENT 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 600 600 400 400 CHANGE IN PRIVATE INVENTORIES 200 200 0 0 –200 –200 –400 –400 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of chained (2009) dollars; quarterly data at seasonally adjusted annual rates] Chart 9 - Jun 2015 Fixed investment Period 2005 ��������������������������������������������������� 2006 ��������������������������������������������������� 2007 ��������������������������������������������������� 2008 ��������������������������������������������������� 2009 ��������������������������������������������������� 2010 ��������������������������������������������������� 2011 ��������������������������������������������������� 2012 ��������������������������������������������������� 2013 ��������������������������������������������������� 2014 ��������������������������������������������������� 2012: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2013: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2014: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2015: I r ��������������������������������������������� 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 2,704.7 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 2,776.1 2,792.8 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 2,611.7 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 2,672.8 2,670.7 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 2,116.4 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 2,169.8 2,158.9 Structures 421.2 451.5 509.0 540.2 438.2 366.3 374.7 423.8 421.7 456.2 418.5 429.0 427.5 420.1 407.5 414.7 425.8 438.8 441.9 455.2 460.6 467.2 443.5 Equipment 801.6 870.8 898.3 836.1 644.3 746.7 847.9 905.6 947.2 1,008.2 898.7 900.9 902.5 920.4 931.3 934.8 945.6 977.2 974.8 1,001.1 1,027.6 1,029.2 1,035.8 Intellectual property products 495.0 517.5 542.4 558.8 550.9 561.3 581.3 603.7 624.1 654.2 594.4 601.8 605.6 613.2 622.8 619.8 624.1 629.6 636.8 645.4 659.2 675.5 683.6 Residential 872.6 806.6 654.8 497.7 392.2 382.4 384.5 436.5 488.4 496.2 420.8 425.3 439.5 460.3 469.0 489.8 503.0 491.9 485.3 495.6 499.6 504.3 512.2 Total Nonfarm 64.3 71.6 35.5 –33.7 –147.6 58.2 37.6 57.0 63.5 70.6 70.9 78.9 71.2 7.2 33.4 43.4 95.6 81.8 35.2 84.8 82.2 80.0 99.5 63.9 75.4 36.5 –35.0 –146.0 65.9 36.6 65.9 55.2 65.2 71.8 85.3 88.8 17.8 30.1 36.4 84.0 70.4 33.3 80.7 73.7 73.3 94.9 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. 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 ������������ 2012: I �������� II ������� III ������ IV ������ 2013: I �������� II ������� III ������ IV ������ 2014: I �������� II ������� III ������ IV ������ 2015: I r ������ 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 2,611.7 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 2,672.8 2,670.7 Intellectual property products Information processing equipment Structures 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 2,116.4 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 2,169.8 2,158.9 Total 2 421.2 451.5 509.0 540.2 438.2 366.3 374.7 423.8 421.7 456.2 418.5 429.0 427.5 420.1 407.5 414.7 425.8 438.8 441.9 455.2 460.6 467.2 443.5 Computers and peripheral equipment 1 Total 801.6 870.8 898.3 836.1 644.3 746.7 847.9 905.6 947.2 1,008.2 898.7 900.9 902.5 920.4 931.3 934.8 945.6 977.2 974.8 1,001.1 1,027.6 1,029.2 1,035.8 222.2 250.9 279.9 281.0 256.1 281.4 285.9 295.0 304.0 312.5 297.1 294.3 289.1 299.6 300.3 304.1 307.4 304.1 298.1 316.2 310.6 325.0 316.2 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ Other 172.6 187.5 207.9 204.2 179.3 196.8 202.8 208.1 217.0 227.3 208.4 206.9 207.1 210.1 213.4 219.6 221.5 213.7 217.6 230.8 223.3 237.6 236.5 Industrial Transportation equipequipment ment 183.6 199.1 205.3 195.5 152.1 151.3 183.3 190.3 197.7 223.3 188.9 190.0 189.7 192.5 193.5 193.6 201.5 202.3 209.0 222.0 235.9 226.2 226.7 Total 2 197.9 212.6 203.6 156.9 70.6 136.9 183.0 217.6 231.1 258.1 217.4 220.6 214.4 217.9 221.4 226.4 228.7 247.9 247.8 249.6 269.1 265.8 275.7 Structures Software Research and development 3 221.2 230.3 244.2 256.2 256.8 254.2 271.8 287.0 295.9 306.6 282.2 286.8 288.3 290.8 297.3 291.1 296.2 298.9 300.0 303.2 309.7 313.5 319.5 202.3 215.0 227.9 235.5 229.0 234.4 236.7 241.3 250.7 268.0 237.8 239.8 241.6 245.8 248.6 251.0 250.6 252.8 258.2 263.2 269.9 280.8 282.7 495.0 517.5 542.4 558.8 550.9 561.3 581.3 603.7 624.1 654.2 594.4 601.8 605.6 613.2 622.8 619.8 624.1 629.6 636.8 645.4 659.2 675.5 683.6 Total residential 2 872.6 806.6 654.8 497.7 392.2 382.4 384.5 436.5 488.4 496.2 420.8 425.3 439.5 460.3 469.0 489.8 503.0 491.9 485.3 495.6 499.6 504.3 512.2 Total 2 862.5 796.3 644.9 488.4 383.9 373.6 375.3 427.1 478.3 485.7 411.5 416.0 430.1 450.8 459.2 479.7 492.8 481.7 475.1 485.1 488.9 493.5 501.3 Single family 433.0 390.7 283.7 178.2 105.3 114.4 109.2 132.1 161.9 169.5 120.6 126.3 134.5 147.0 156.3 162.0 164.8 164.5 167.7 169.2 167.9 173.4 176.3 1 Because computers exhibit rapid changes in prices relative to other prices in the economy, the 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 used to accurately measure the real growth rate of this series. For information on this component, see Survey of Current Business Table 5.3.1 (for growth rates), Table 5.3.2 (for contributions), and Table 5.3.3 (for quantity indexes). 2 Includes other items, not shown separately. 3 Research and development investment excludes expenditures for software development. 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). 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 1999 �������� 2000 �������� 2001 �������� 2002 �������� 2003 �������� 2004 �������� 2005 �������� 2006 �������� 2007 �������� 2008 �������� 2009 �������� 2010 �������� 2011 �������� 2012 �������� 2013 p ������� 1,047.0 1,161.0 1,109.0 997.9 975.0 1,042.1 1,144.8 1,309.9 1,354.7 1,374.2 1,090.7 1,105.7 1,243.0 1,423.6 1,488.2 974.6 1,089.9 1,052.3 917.5 886.8 953.2 1,062.5 1,217.1 1,270.5 1,294.5 1,015.3 1,036.2 1,169.6 1,334.4 1,397.8 1.7 1.5 1.5 1.9 1.9 2.1 2.7 2.7 2.1 2.3 2.2 3.3 3.1 3.1 3.0 30.6 42.5 51.3 42.5 50.5 51.3 66.7 99.3 120.7 149.3 100.6 115.7 165.7 196.7 198.1 42.8 61.3 82.8 65.5 54.6 50.4 58.0 69.8 85.4 98.7 103.0 94.5 98.0 125.0 111.7 23.1 25.0 24.8 24.8 23.2 28.6 30.1 30.3 36.7 40.8 19.8 17.9 21.8 23.6 27.6 196.4 214.8 192.8 157.2 149.1 156.7 165.6 192.4 197.3 213.1 155.2 160.8 192.4 203.1 219.8 32.4 33.6 30.0 26.8 26.0 32.3 40.6 36.6 30.8 32.4 25.3 31.1 35.7 40.9 38.3 64.1 69.8 66.9 59.3 65.9 72.2 73.5 86.7 82.5 73.2 58.4 65.3 68.1 77.6 77.5 57.3 59.9 57.8 47.1 44.5 46.1 56.9 68.0 67.4 79.6 55.7 59.0 72.7 81.8 93.4 122.8 160.2 144.8 88.2 80.5 83.5 91.4 104.4 106.1 103.3 88.4 97.2 100.1 106.5 123.1 130.1 133.7 131.1 128.4 120.8 153.6 161.4 163.1 173.4 132.9 99.5 103.1 109.2 130.2 139.9 100.6 92.5 82.7 94.5 88.0 91.6 103.0 132.1 117.5 106.9 72.9 81.3 91.1 115.7 113.9 29.5 34.1 30.5 25.9 24.7 26.7 33.1 30.3 31.8 33.0 28.2 28.2 28.1 31.6 35.6 51.3 52.2 52.9 59.3 61.2 64.6 73.8 75.3 84.2 90.2 79.4 78.4 83.1 88.9 93.3 91.8 108.9 102.5 96.1 96.2 93.6 105.6 126.3 134.8 138.7 127.0 100.6 100.4 110.0 122.7 72.3 71.2 56.7 80.4 88.2 88.9 82.2 92.8 84.2 79.7 75.4 69.5 73.4 89.2 90.4 1 Includes the following industries: Management of companies and enterprises; administrative and support and waste management; educational services; arts, entertainment, and recreation; accommodation and food services; and other services (except public administration). Also includes an item for structure and equipment expenditures serving multiple industry categories. Note: Data from Annual Capital Expenditures. Industry data are based on the North American Industry Classification System (NAICS). Data shown in this table are capital expenditures for both new and used structures and equipment. Source: Department of Commerce (Bureau of the Census). 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force In June, employment as measured by the household survey fell 56,000 and unemployment fell 375,000. MILLIONS OF PERSONS* MILLIONS OF PERSONS* 162 162 SEASONALLY ADJUSTED 158 158 154 154 CIVILIAN LABOR FORCE 150 150 146 146 142 142 138 138 CIVILIAN EMPLOYMENT 134 134 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 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2014: June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2015: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� Civilian noninstitutional population (NSA) 226,082 228,815 231,867 233,788 235,801 237,830 239,618 243,284 245,679 247,947 247,814 248,023 248,229 248,446 248,657 248,844 249,027 249,723 249,899 250,080 250,266 250,455 250,663 Civilian employment Civilian labor force Total 149,320 151,428 153,124 154,287 154,142 153,889 153,617 154,975 155,389 155,922 155,700 156,048 156,018 155,845 156,243 156,402 156,129 157,180 157,002 156,906 157,072 157,469 157,037 141,730 144,427 146,047 145,362 139,877 139,064 139,869 142,469 143,929 146,305 146,247 146,401 146,451 146,607 147,260 147,331 147,442 148,201 148,297 148,331 148,523 148,795 148,739 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 75,504 75,631 75,668 75,889 75,928 75,675 76,026 76,496 76,588 76,653 76,805 76,833 76,783 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 66,267 66,250 66,289 66,192 66,560 66,894 66,632 66,983 66,901 66,874 66,935 67,178 67,294 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 4,476 4,520 4,495 4,527 4,772 4,762 4,784 4,722 4,808 4,804 4,784 4,784 4,662 Total 7,591 7,001 7,078 8,924 14,265 14,825 13,747 12,506 11,460 9,617 9,453 9,648 9,568 9,237 8,983 9,071 8,688 8,979 8,705 8,575 8,549 8,674 8,299 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 4,552 4,543 4,543 4,273 4,094 4,354 4,245 4,308 4,243 4,099 4,079 4,082 3,897 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 3,736 3,972 3,942 3,845 3,794 3,705 3,479 3,575 3,469 3,455 3,483 3,553 3,372 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 1,165 1,132 1,083 1,119 1,094 1,013 963 1,096 993 1,021 986 1,039 1,029 Not in labor force 76,762 77,387 78,743 79,501 81,659 83,941 86,001 88,310 90,290 92,025 92,114 91,975 92,210 92,601 92,414 92,442 92,898 92,544 92,898 93,175 93,194 92,986 93,626 Chart 11 - Jun 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 62.8 62.9 62.9 62.7 62.8 62.9 62.7 62.9 62.8 62.7 62.8 62.9 62.6 62.7 63.1 63.0 62.2 59.3 58.5 58.4 58.6 58.6 59.0 59.0 59.0 59.0 59.0 59.2 59.2 59.2 59.3 59.3 59.3 59.3 59.4 59.3 5.1 4.6 4.6 5.8 9.3 9.6 8.9 8.1 7.4 6.2 6.1 6.2 6.1 5.9 5.7 5.8 5.6 5.7 5.5 5.5 5.4 5.5 5.3 1 Civilian labor force (or employment) as percent of civilian noninstitutional population; and unemployment as percent of civilian labor force. Note: Beginning each January, 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 June, the unemployment rate fell to 5.3 percent. PERCENT (SEASONALLY ADJUSTED) PERCENT (SEASONALLY ADJUSTED) 30 30 TEENAGERS (16-19) 25 25 20 20 BLACK OR AFRICAN AMERICAN1 15 15 10 5 WHITE1 MEN 20 YEARS AND OVER 10 HISPANIC1,2 5 ALL CIVILIAN WORKERS WOMEN 20 YEARS AND OVER 1 ASIAN 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, except as noted by NSA] Unemployment rate (percent of civilian labor force in group) Chart 12 - Jun 2015 By race or ethnicity 1 By sex and age Period 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2014: June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2015: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� All civilian workers 5.1 4.6 4.6 5.8 9.3 9.6 8.9 8.1 7.4 6.2 6.1 6.2 6.1 5.9 5.7 5.8 5.6 5.7 5.5 5.5 5.4 5.5 5.3 Men 20 years and over Women 20 years and over 4.4 4.0 4.1 5.4 9.6 9.8 8.7 7.5 7.0 5.7 5.7 5.7 5.7 5.3 5.1 5.4 5.3 5.3 5.2 5.1 5.0 5.0 4.8 4.6 4.1 4.0 4.9 7.5 8.0 7.9 7.3 6.5 5.6 5.3 5.7 5.6 5.5 5.4 5.2 5.0 5.1 4.9 4.9 4.9 5.0 4.8 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 20.7 20.0 19.4 19.8 18.7 17.5 16.8 18.8 17.1 17.5 17.1 17.9 18.1 White 4.4 4.0 4.1 5.2 8.5 8.7 7.9 7.2 6.5 5.3 5.3 5.3 5.3 5.1 4.9 4.9 4.8 4.9 4.7 4.7 4.7 4.7 4.6 Black or African American 10.0 8.9 8.3 10.1 14.8 16.0 15.8 13.8 13.1 11.3 10.7 11.4 11.6 11.0 10.9 11.0 10.4 10.3 10.4 10.1 9.6 10.2 9.5 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 4.2 4.6 4.5 5.0 4.7 4.2 4.0 4.0 3.2 4.4 4.1 3.8 1 Persons who selected this race group only. Persons whose ethnicity is identified as Hispanic or Latino may be of any race. Note: Data relate to persons age 16 years and over. Source: Department of Labor (Bureau of Labor Statistics). 12 6.0 5.2 5.6 7.6 12.1 12.5 11.5 10.3 9.1 7.4 7.6 7.6 7.4 7.0 6.8 6.6 6.5 6.7 6.6 6.8 6.9 6.7 6.6 Married men, spouse present 2.8 2.4 2.5 3.4 6.6 6.8 5.8 4.9 4.3 3.4 3.4 3.3 3.2 2.9 3.0 3.2 3.0 2.9 3.0 2.8 3.0 2.9 2.8 Women who maintain families (NSA) 7.8 7.1 6.5 8.0 11.5 12.3 12.4 11.4 10.2 8.6 8.1 9.1 9.3 8.3 8.7 8.2 7.8 8.1 7.7 8.1 7.0 6.8 7.8 Full-time workers 5.0 4.5 4.6 5.8 10.0 10.4 9.6 8.5 7.7 6.4 6.2 6.4 6.2 6.0 6.0 6.0 5.7 5.9 5.7 5.6 5.5 5.6 5.3 Part-time workers 5.4 5.1 4.9 5.5 6.0 6.3 6.3 6.1 5.9 5.4 5.5 5.5 5.5 5.7 5.0 5.1 5.0 4.9 4.9 4.9 4.9 4.9 5.2 Selected Measures of Unemployment and Unemployment Insurance Programs In June, the percentages of the unemployed who had been out of work for 5 to 14 weeks and 27 weeks and over fell, while the percentages for less than 5 weeks and 15 to 26 weeks rose. The mean duration of unemployment fell to 28.1 weeks and the median duration fell to 11.3 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 - Jun 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: June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2015: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� 7,591 7,001 7,078 8,924 14,265 14,825 13,747 12,506 11,460 9,617 9,453 9,648 9,568 9,237 8,983 9,071 8,688 8,979 8,705 8,575 8,549 8,674 8,299 35.1 37.3 35.9 32.8 22.2 18.7 19.5 21.1 22.5 25.7 25.7 26.9 27.4 25.7 27.0 27.5 27.2 26.8 27.9 28.9 31.4 27.6 28.6 30.4 30.3 31.5 31.4 26.8 22.0 21.8 22.9 24.1 25.3 25.6 25.3 25.7 27.0 25.5 26.1 26.3 26.1 25.6 26.8 26.5 29.0 28.7 14.9 14.7 15.0 16.0 19.5 16.0 15.0 14.9 15.8 15.6 16.1 14.8 15.8 15.4 15.6 15.4 14.6 15.5 15.4 14.5 13.1 14.8 16.9 19.6 17.6 17.6 19.7 31.5 43.3 43.8 41.1 37.6 33.5 32.6 33.0 31.2 31.9 31.9 31.0 31.9 31.5 31.1 29.8 29.0 28.6 25.8 18.4 16.8 16.8 17.9 24.4 33.0 39.3 39.4 36.5 33.7 33.3 32.5 31.9 31.8 32.9 33.0 32.8 32.3 31.7 30.7 30.8 30.7 28.1 8.9 8.3 8.5 9.4 15.1 21.4 21.4 19.3 17.0 14.0 13.2 13.5 13.3 13.3 13.5 12.8 12.6 13.4 13.1 12.2 11.7 11.6 11.3 48.3 47.4 49.7 53.7 64.2 62.4 59.0 55.0 53.0 50.7 51.0 50.2 50.3 49.0 48.1 49.1 49.2 47.4 48.1 48.9 48.6 49.1 49.2 11.5 11.8 11.2 10.0 6.2 6.0 7.0 7.7 8.1 8.6 9.0 8.9 8.9 8.8 8.6 9.2 9.1 9.5 10.2 10.2 9.7 9.5 9.3 31.4 32.0 30.3 27.7 22.3 23.4 24.7 26.7 28.0 29.4 28.7 29.7 29.7 30.4 31.6 30.3 30.7 31.6 30.5 31.4 31.5 30.1 30.3 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 11.3 2,574 305 2,658 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 11.0 2,814 434 2,866 11.5 2,912 398 2,958 11.2 2,757 296 2,799 9.5 3,120 282 3,166 10.2 2,400 288 2,438 11.2 ��������������� ��������������� ����������������� 11.2 ��������������� ��������������� ����������������� 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. Emergency Unemployment Compensation (2008-2013) and Federal Additional Compensation (2009-2010). Also includes 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 223,000 in June. 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 - Jun 2015 Private industries Period 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2014: June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2015: Jan ����������� Feb ����������� Mar ���������� Apr r ��������� May r �������� June p ������� Total nonagricultural employment 134,005 136,398 137,936 137,170 131,233 130,275 131,842 134,104 136,393 139,042 138,907 139,156 139,369 139,619 139,840 140,263 140,592 140,793 141,059 141,178 141,365 141,619 141,842 Goods-producing industries Total private 112,201 114,424 115,718 114,661 108,678 107,785 109,756 112,184 114,541 117,180 117,052 117,295 117,504 117,739 117,957 118,371 118,690 118,892 119,153 119,270 119,459 119,709 119,932 Total 2 Construc- Manufaction turing 22,190 22,530 22,233 21,335 18,558 17,751 18,047 18,420 18,738 19,223 19,190 19,243 19,277 19,315 19,349 19,425 19,489 19,540 19,560 19,540 19,556 19,560 19,561 7,336 7,691 7,630 7,162 6,016 5,518 5,533 5,646 5,856 6,138 6,121 6,152 6,169 6,191 6,201 6,231 6,275 6,316 6,347 6,335 6,365 6,380 6,380 14,227 14,155 13,879 13,406 11,847 11,528 11,726 11,927 12,020 12,188 12,177 12,191 12,205 12,214 12,237 12,282 12,301 12,318 12,321 12,327 12,327 12,334 12,338 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 97,957 97,862 98,052 98,227 98,424 98,608 98,946 99,201 99,352 99,593 99,730 99,903 100,149 100,371 25,959 26,276 26,630 26,293 24,906 24,636 25,065 25,476 25,862 26,384 26,362 26,413 26,427 26,467 26,517 26,615 26,669 26,704 26,748 26,787 26,807 26,852 26,901 Retail trade 15,280 15,353 15,520 15,283 14,522 14,440 14,668 14,841 15,079 15,364 15,357 15,382 15,379 15,410 15,436 15,498 15,497 15,533 15,556 15,587 15,598 15,625 15,658 Information Financial activities 3,061 3,038 3,032 2,984 2,804 2,707 2,674 2,676 2,706 2,740 2,735 2,740 2,753 2,757 2,754 2,761 2,767 2,773 2,780 2,778 2,788 2,787 2,794 8,197 8,367 8,348 8,206 7,838 7,695 7,697 7,784 7,886 7,979 7,968 7,984 7,997 8,007 8,014 8,042 8,049 8,068 8,077 8,090 8,097 8,107 8,127 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 19,079 19,124 19,180 19,231 19,271 19,367 19,439 19,459 19,508 19,547 19,613 19,687 19,751 17,630 18,099 18,613 19,156 19,550 19,889 20,228 20,698 21,097 21,475 21,452 21,497 21,539 21,585 21,613 21,664 21,718 21,760 21,821 21,863 21,917 21,973 22,023 12,816 13,110 13,427 13,436 13,077 13,049 13,353 13,768 14,254 14,710 14,698 14,721 14,746 14,795 14,850 14,892 14,948 14,972 15,033 15,039 15,047 15,101 15,123 Other services 5,395 5,438 5,494 5,515 5,367 5,331 5,360 5,430 5,483 5,573 5,568 5,573 5,585 5,582 5,589 5,605 5,611 5,616 5,626 5,626 5,634 5,642 5,652 Government 21,804 21,974 22,218 22,509 22,555 22,490 22,086 21,920 21,853 21,863 21,855 21,861 21,865 21,880 21,883 21,892 21,902 21,901 21,906 21,908 21,906 21,910 21,910 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. 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. Source: Department of Labor (Bureau of Labor Statistics). 14 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 �������������������� 2014 �������������������� 2014: May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2015: Jan ����������� Feb ����������� Mar ���������� Apr r ��������� May r �������� June p ������� Average gross hourly earnings Total private nonagricultural 1 Manufacturing Total 33.8 33.9 33.8 33.6 33.1 33.4 33.6 33.7 33.7 33.7 33.7 33.7 33.7 33.7 33.7 33.7 33.8 33.8 33.7 33.8 33.7 33.6 33.6 33.6 Overtime 40.7 41.1 41.2 40.8 39.8 41.1 41.4 41.7 41.8 42.0 42.2 42.1 42.0 42.0 42.1 42.1 42.2 42.1 42.1 41.9 41.8 41.8 41.8 41.8 4.6 4.4 4.2 3.7 2.9 3.8 4.1 4.2 4.3 4.5 4.6 4.5 4.4 4.4 4.5 4.4 4.6 4.6 4.4 4.3 4.3 4.3 4.3 4.4 Current dollars 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 20.55 8.81 20.59 8.82 20.63 8.83 20.68 8.86 20.68 8.85 20.72 8.87 20.77 8.93 20.72 8.95 20.81 9.07 20.82 9.05 20.88 9.05 20.91 9.06 20.97 9.04 20.99 ����������������� Average gross weekly earnings Total private nonagricultural 1 Current dollars $16.56 16.81 17.26 17.75 18.24 18.61 18.93 19.08 19.30 19.56 19.53 19.55 19.59 19.63 19.62 19.65 19.64 19.62 19.64 19.70 19.77 19.80 19.84 19.88 Percent change from a year earlier, total private nonagricultural Current dollars 1982-84 dollars 2 $544.05 $284.84 567.39 287.87 589.27 290.61 607.53 287.86 616.01 293.86 636.25 297.36 653.19 294.79 665.82 294.31 677.67 295.51 694.89 298.53 692.54 297.06 693.88 297.10 695.23 297.45 696.92 298.50 696.92 298.22 698.26 298.84 702.03 301.78 700.34 302.48 701.30 305.74 703.72 306.00 703.66 305.08 702.58 304.39 704.59 303.64 705.26 ����������������� Manufacturing Construction $673.30 690.88 711.53 724.46 726.12 765.15 784.29 794.63 807.37 822.24 824.17 823.06 822.78 824.46 826.00 827.27 828.81 826.00 826.84 825.43 826.39 827.64 829.31 830.98 $750.37 781.59 816.23 842.61 851.76 891.83 921.84 942.14 958.72 977.05 978.61 979.00 984.33 982.26 982.97 982.48 985.75 988.72 982.64 988.72 988.94 993.03 992.09 1,007.87 Retail trade Current dollars $377.58 383.12 385.00 386.21 388.57 400.07 412.09 422.10 423.07 431.64 429.96 432.00 431.76 434.40 434.10 435.30 437.96 437.23 440.97 441.83 438.60 440.10 441.30 442.80 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 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 2.5 2.2 2.6 3.5 2.6 3.3 1.9 2.4 1.6 2.3 1.7 2.2 1.6 ������������������� 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 clerical workers (CPI–W) (on a 1982-84=100 base). 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 ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� Seasonally adjusted 2012: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� Dec ������������������������������������������ 2013: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� Dec ������������������������������������������ 2014: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� Dec ������������������������������������������ 2015: Mar ����������������������������������������� 115.7 116.3 116.8 117.2 117.9 118.5 119.0 119.6 119.9 120.9 121.7 122.3 123.2 115.3 115.8 116.3 116.7 117.4 118.0 118.4 119.1 119.4 120.3 121.1 121.7 122.6 116.8 117.5 118.0 118.5 119.1 119.7 120.3 120.7 121.3 122.6 123.2 123.8 124.5 2.9 3.2 3.0 2.4 1.2 2.1 2.2 1.8 2.0 2.3 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 .5 .4 .3 .6 .5 .4 .5 .3 .8 .7 .5 .7 0.5 .4 .4 .3 .6 .5 .3 .6 .3 .8 .7 .5 .7 0.6 .6 .4 .4 .5 .5 .5 .3 .5 1.1 .5 .5 .6 2.1 1.8 1.9 1.8 1.9 1.9 1.9 2.0 1.7 2.0 2.3 2.3 2.8 1.9 1.8 1.8 1.7 1.7 1.9 1.8 2.1 1.7 1.9 2.3 2.2 2.8 2.8 1.9 2.2 2.0 2.0 1.9 2.0 1.9 1.8 2.4 2.3 2.5 2.6 1 Employer costs for employee benefits. 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. Source: Department of Labor (Bureau of Labor Statistics). 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 98.6 100.7 102.6 102.8 104.8 101.4 100.6 101.4 99.4 102.2 101.9 101.6 104.7 102.7 103.5 102.7 102.3 105.3 104.3 104.0 105.4 107.0 94.7 97.5 100.1 102.1 100.0 98.7 100.7 102.4 102.7 104.6 101.5 100.6 101.4 99.4 102.1 101.8 101.4 104.4 102.5 103.4 102.6 102.3 105.1 104.1 103.9 105.3 107.0 93.5 96.0 98.2 99.8 100.0 101.1 103.3 105.2 106.7 108.1 102.3 103.1 103.8 104.0 104.5 105.0 105.6 105.9 106.3 106.5 106.9 107.2 107.5 108.2 108.5 108.3 108.1 93.4 96.0 97.9 99.4 100.0 101.0 102.8 104.7 106.1 107.6 101.9 102.6 103.2 103.5 103.9 104.5 105.0 105.2 105.5 105.9 106.4 106.7 106.9 107.5 107.9 107.9 107.8 1.5 2.9 2.9 1.8 –2.2 –1.4 2.1 1.9 .2 1.9 10.6 –2.9 3.2 –7.7 11.7 –1.0 –1.3 13.0 –7.6 3.1 –3.1 –1.4 12.4 –3.9 –1.2 5.5 6.4 1.6 3.0 2.7 2.0 –2.0 –1.3 2.1 1.7 .2 1.8 11.0 –3.5 3.3 –7.7 11.4 –1.1 –1.8 12.7 –7.1 3.2 –2.9 –1.3 11.5 –3.7 –1.0 5.6 6.7 3.1 2.7 2.3 1.5 .2 1.1 2.2 1.8 1.4 1.3 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 –.5 –.9 3.4 2.8 2.0 1.5 .6 1.0 1.8 1.8 1.4 1.4 .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 –.3 –.1 Indexes, 2009=100; quarterly data seasonally adjusted 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2011: I ���������������� II ��������������� III �������������� IV �������������� 2012: I ���������������� II ��������������� III �������������� IV �������������� 2013: I ���������������� II ��������������� III �������������� IV �������������� 2014: I ���������������� II ��������������� III �������������� IV �������������� 2015: I * ������������� 93.7 94.6 96.0 96.8 100.0 103.3 103.4 104.3 105.5 106.0 103.1 103.4 103.1 103.9 103.8 104.4 104.7 104.2 104.7 105.0 105.8 106.6 105.1 105.9 106.8 106.2 105.3 93.8 94.7 96.2 96.9 100.0 103.3 103.5 104.5 105.4 106.2 103.1 103.5 103.3 104.0 104.0 104.6 105.0 104.4 104.6 104.8 105.7 106.5 105.2 106.0 107.0 106.4 105.6 100.1 103.3 105.5 104.2 100.0 103.2 105.3 108.6 111.6 114.8 104.1 105.1 105.3 106.9 107.7 108.3 109.2 109.1 110.0 110.6 112.2 113.5 112.5 114.1 115.9 116.7 116.3 100.2 103.4 105.8 104.4 100.0 103.2 105.5 108.9 111.7 115.1 104.1 105.2 105.5 107.0 107.9 108.5 109.5 109.5 110.2 110.7 112.2 113.5 112.9 114.4 116.1 116.9 116.4 106.8 109.1 109.8 107.7 100.0 99.9 101.9 104.1 105.8 108.3 101.0 101.6 102.2 102.9 103.7 103.8 104.2 104.8 105.1 105.4 106.0 106.5 107.0 107.7 108.5 109.9 110.4 106.9 109.3 110.0 107.8 100.0 99.9 101.9 104.2 105.9 108.4 100.9 101.7 102.2 102.9 103.7 103.8 104.3 104.9 105.3 105.6 106.2 106.6 107.2 107.9 108.5 109.8 110.3 88.8 92.3 96.4 99.0 100.0 101.9 104.1 107.0 108.4 111.0 104.5 104.0 104.6 103.3 106.1 106.4 106.4 109.1 107.5 108.6 108.6 109.0 110.8 110.5 111.0 111.9 112.7 88.8 92.3 96.3 98.9 100.0 102.0 104.2 107.1 108.2 111.0 104.7 104.1 104.7 103.4 106.3 106.5 106.5 109.1 107.2 108.3 108.5 108.9 110.6 110.3 111.1 112.0 113.0 97.6 98.3 99.8 98.6 100.0 100.2 99.3 100.0 99.9 100.6 100.9 99.4 99.2 97.6 99.7 99.7 99.3 101.2 99.3 100.4 99.9 99.9 101.0 100.1 100.3 101.3 102.8 97.6 98.3 99.7 98.6 100.0 100.3 99.4 100.0 99.7 100.6 101.1 99.5 99.4 97.7 99.9 99.8 99.4 101.1 99.1 100.2 99.7 99.8 100.8 100.0 100.4 101.4 103.0 Percent change; quarterly data at seasonally adjusted annual rates 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2011: I ���������������� II ��������������� III �������������� IV �������������� 2012: I ���������������� II ��������������� III �������������� IV �������������� 2013: I ���������������� II ��������������� III �������������� IV �������������� 2014: I ���������������� II ��������������� III �������������� IV �������������� 2015: I * ������������� 2.1 1.0 1.5 .8 3.3 3.3 .1 .9 1.2 .5 –3.3 1.3 –1.0 3.2 –.3 2.0 1.4 –2.2 2.0 1.1 3.3 2.9 –5.2 2.9 3.3 –2.3 –3.1 2.1 .9 1.6 .8 3.2 3.3 .2 1.0 .9 .7 –3.3 1.5 –.9 3.0 .0 2.0 1.8 –2.3 .6 .9 3.4 3.0 –4.7 2.9 3.9 –2.1 –3.1 3.8 3.2 2.1 –1.2 –4.1 3.2 2.1 3.1 2.7 2.9 –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 2.8 –1.3 3.8 3.2 2.3 –1.3 –4.3 3.2 2.2 3.2 2.6 3.0 –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 2.6 –1.6 1.7 2.2 .6 –2.0 –7.1 –.1 2.0 2.2 1.5 2.4 1.2 2.5 2.2 2.8 3.4 .2 1.7 2.1 1.3 1.0 2.6 1.7 2.0 2.7 2.9 5.2 1.9 1.7 2.2 .7 –2.0 –7.2 –.1 2.0 2.2 1.7 2.3 .9 2.9 2.0 2.8 3.3 .3 1.9 2.4 1.8 1.1 2.1 1.7 2.4 2.5 2.4 4.9 1.6 3.6 3.9 4.4 2.6 1.0 1.9 2.2 2.8 1.3 2.4 7.0 –1.7 2.1 –4.8 11.4 1.0 .1 10.5 –5.8 4.3 .1 1.4 6.6 –1.0 2.1 3.1 3.1 3.6 3.9 4.3 2.7 1.1 2.0 2.2 2.7 1.1 2.6 7.3 –2.0 2.4 –5.0 11.5 .9 –.1 10.1 –6.5 4.2 .4 1.7 6.3 –.9 2.8 3.4 3.3 0.2 .7 1.6 –1.2 1.4 .2 –1.0 .7 –.1 .8 2.5 –6.1 –.5 –6.4 9.0 .0 –1.6 7.7 –7.1 4.5 –2.2 .0 4.4 –3.4 .9 3.9 6.3 0.2 .7 1.4 –1.1 1.4 .3 –.9 .6 –.3 .9 2.9 –6.4 –.2 –6.6 9.0 –.1 –1.9 7.3 –7.8 4.4 –1.8 .2 4.2 –3.3 1.7 4.2 6.5 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 1978–2014 is based on the consumer price index research series (CPI–U–RS). 5 Current dollar gross domestic output divided by the output index. 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 May 29, 2015. Source: Department of Labor (Bureau of Labor Statistics). 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial production and capacity utilization fell in May. INDEX, 2007 = 100* (RATIO SCALE) 120 INDEX, 2007 = 100* (RATIO SCALE) 140 110 130 100 120 90 110 80 100 TOTAL INDUSTRIAL PRODUCTION 120 MANUFACTURING FINAL PRODUCTS BUSINESS EQUIPMENT 90 DURABLE 110 DEFENSE AND SPACE EQUIPMENT CONSUMER GOODS 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 UTILITIES 70 100 68 66 90 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 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 �������������������� 2014: May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec r ��������� 2015: Jan r ��������� Feb r ��������� Mar r �������� Apr r ��������� May p ������� Percent change 2 Index, 2007=100 95.5 97.6 100.0 96.6 85.7 90.6 93.6 97.1 99.9 104.1 103.7 104.1 104.5 104.5 105.2 105.1 106.3 106.3 105.9 105.8 105.8 105.3 105.1 From preceding month ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� 0.5 .4 .3 .0 .7 .0 1.1 .0 –.4 .0 .0 –.5 –.2 Chart 17 - Jun 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 4.1 4.3 4.5 5.1 4.5 4.4 4.3 4.8 4.7 4.5 3.5 2.6 2.0 1.4 Total 1 95.0 97.4 100.0 95.3 82.4 87.3 90.3 94.0 96.5 99.8 99.5 99.9 100.8 100.4 100.6 100.8 102.0 101.9 101.2 101.0 101.4 101.5 101.3 Durable 91.2 95.4 100.0 96.6 78.6 87.2 93.2 100.0 104.4 109.8 109.7 110.3 111.9 110.9 111.1 111.5 112.8 112.4 111.5 111.1 111.2 111.5 111.8 Nondurable 98.3 98.8 100.0 94.1 86.9 88.7 88.9 90.0 91.2 93.1 92.5 92.7 93.0 93.4 93.8 93.7 94.9 95.2 94.7 94.7 95.3 95.2 94.6 Other (non-NAICS) 1 107.4 106.1 100.0 93.5 80.7 76.4 74.3 72.8 68.9 65.8 67.1 67.4 66.5 65.5 64.2 63.8 63.4 62.3 62.2 62.2 63.0 62.9 63.3 Mining 97.0 99.2 100.0 101.2 95.7 100.7 106.8 113.5 118.9 129.6 129.0 131.1 131.3 132.5 133.8 132.3 131.5 135.7 133.9 131.1 130.7 129.0 128.6 Utilities 97.3 96.7 100.0 99.9 97.5 101.0 100.8 98.7 100.7 102.0 101.3 99.3 96.3 97.0 101.2 101.6 105.3 100.0 103.3 108.3 106.3 102.4 102.6 Total industry Total manufacturing 79.9 80.2 80.5 77.6 68.7 73.8 76.3 77.3 77.9 79.1 79.1 79.2 79.3 79.1 79.4 79.2 79.8 79.6 79.1 79.0 78.8 78.3 78.1 78.2 78.4 78.7 74.6 65.6 71.1 73.9 75.5 76.1 77.2 77.1 77.3 77.8 77.4 77.4 77.4 78.1 77.9 77.3 77.1 77.2 77.2 77.0 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. 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 r ������������������ 2014: May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec r ��������� 2015: Jan r ��������� Feb r ��������� Mar r �������� Apr r ��������� May p ������� Nonindustrial supplies Total 95.4 97.9 100.0 96.4 86.6 89.6 91.7 94.7 97.1 100.4 100.2 100.0 100.8 100.1 100.7 100.7 102.6 101.8 101.4 101.6 102.0 101.2 100.9 99.0 99.5 100.0 95.1 88.6 89.6 90.9 92.5 94.7 97.4 97.1 96.8 97.5 96.5 97.4 97.1 99.2 98.6 98.8 99.2 100.2 99.2 99.0 Durable goods 97.9 98.3 100.0 88.8 74.0 79.4 83.3 90.0 96.9 102.7 102.2 102.9 107.5 103.6 103.3 103.1 106.9 106.3 105.2 103.0 105.2 106.8 108.0 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 95.5 95.1 94.9 96.2 95.8 97.5 96.9 97.5 98.5 99.1 97.5 96.9 Total 1 87.4 94.3 100.0 99.3 82.2 89.6 93.7 100.1 102.8 107.5 107.5 107.3 108.5 108.5 108.4 109.2 110.4 109.2 107.5 107.2 106.4 105.7 105.3 Business 87.7 95.8 100.0 97.7 80.1 86.7 91.5 98.3 101.9 107.0 107.2 106.9 108.2 108.0 107.6 108.8 110.4 109.0 108.0 108.7 109.1 109.0 109.3 Defense and space Total 84.9 84.1 100.0 106.9 102.4 110.5 106.7 111.8 114.4 116.4 116.1 116.6 117.1 117.1 117.8 117.4 117.6 117.4 115.7 117.0 116.0 115.3 113.9 98.4 99.8 100.0 94.2 80.7 82.9 84.2 86.5 88.8 91.5 90.9 91.0 91.4 91.7 92.4 92.8 93.5 93.3 93.4 93.4 92.6 92.9 92.9 Construction 98.7 101.1 100.0 90.7 69.9 72.5 74.7 78.1 81.4 84.9 84.0 84.4 85.6 85.9 86.1 86.7 86.7 87.8 87.3 86.8 85.4 85.9 85.6 Business 98.2 99.2 100.0 96.0 86.0 88.0 88.9 90.5 92.4 94.7 94.3 94.2 94.1 94.5 95.4 95.8 96.7 95.9 96.3 96.6 96.1 96.3 96.4 Total 1 94.6 96.5 100.0 97.6 86.6 94.2 98.6 103.1 106.4 111.8 111.3 112.4 112.4 112.9 113.7 113.5 114.1 114.9 114.2 114.0 113.9 113.4 113.2 Energy 96.8 98.0 100.0 100.8 98.4 102.5 106.3 110.9 115.3 123.7 123.1 124.6 123.7 124.9 126.8 126.0 126.2 127.9 127.7 127.3 127.2 125.9 125.7 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 r ������������������ 2014: May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec r ��������� 2015: Jan r ��������� Feb r ��������� Mar r �������� Apr r ��������� May p ������� 95.2 98.0 100.0 100.0 74.0 91.1 97.4 99.6 100.8 105.3 105.6 108.7 109.2 108.3 107.0 105.7 104.3 106.6 102.3 100.1 97.0 98.4 99.2 Iron and steel products 94.3 98.4 100.0 106.4 68.5 89.4 97.5 101.2 100.2 102.6 101.6 103.9 106.8 103.5 105.6 107.4 104.2 104.1 95.6 90.3 84.6 88.2 88.4 Fabricated metal products 90.9 95.9 100.0 96.4 74.2 79.0 85.3 91.4 94.7 98.5 98.3 99.6 99.9 98.5 99.6 99.7 99.9 100.1 100.5 99.6 99.8 99.8 99.6 Nondurable manufactures Machinery Total 91.6 95.9 100.0 97.3 75.7 84.6 95.6 101.1 102.9 110.0 109.6 108.7 109.5 111.0 110.4 113.8 116.1 112.2 110.4 113.1 111.9 111.9 112.3 77.0 87.4 100.0 108.1 97.0 111.3 122.0 135.0 144.4 150.8 151.3 151.1 150.5 151.3 152.3 153.6 153.5 154.2 154.4 154.0 153.4 153.2 153.8 Selected high-technology 1 71.1 84.9 100.0 115.5 103.0 127.6 146.4 164.7 180.5 191.4 194.1 194.4 193.5 192.8 193.9 195.7 195.8 195.1 193.8 192.6 192.2 193.1 193.9 Transportation equipment Total 93.0 94.2 100.0 89.6 73.4 85.0 89.0 99.3 104.7 110.9 110.9 111.4 116.8 112.5 112.0 111.6 114.9 114.2 113.0 112.3 114.6 115.4 116.0 1 Computers and peripheral equipment, communications equipment, and semiconductors and related electronic components. Source: Board of Governors of the Federal Reserve System. 18 Motor vehicles and parts 102.3 100.8 100.0 80.0 58.6 77.8 84.8 97.4 105.0 113.2 113.3 113.3 123.9 115.0 112.9 112.3 119.1 117.7 116.5 113.0 117.6 119.9 121.9 Apparel 128.8 125.2 100.0 77.7 55.7 54.3 51.1 49.2 50.5 51.1 50.2 49.9 50.3 49.7 51.4 51.3 52.4 53.6 54.6 52.7 52.5 52.3 51.9 Printing and support 98.6 97.8 100.0 93.8 78.8 78.8 78.0 76.1 75.7 77.4 76.8 77.5 77.7 77.4 77.3 77.6 78.1 78.7 78.2 77.8 79.0 79.0 78.7 Chemical 92.9 95.2 100.0 92.5 83.5 86.3 86.3 86.4 87.5 89.4 88.1 88.9 89.5 90.2 90.5 90.8 91.3 91.8 92.0 92.0 92.0 92.0 91.5 Food 98.6 99.5 100.0 98.8 98.2 98.6 98.5 102.8 104.5 106.5 106.4 106.2 105.7 105.4 105.7 106.3 108.3 108.4 108.6 108.5 109.3 108.8 107.8 New Construction [Billions of dollars; monthly data at seasonally adjusted annual rates] Private Period 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 r ������������������ 2014 r ������������������ 2014: May r �������� June r ������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 2015: Jan r ��������� Feb r ��������� Mar r �������� Apr r ��������� May p ������� Total new construction expenditures Residential Total 1,104.1 1,167.2 1,152.4 1,068.4 904.9 806.0 788.3 861.2 918.3 962.1 957.6 950.3 952.5 955.0 959.2 979.6 976.9 989.1 990.1 993.5 1,006.4 1,027.0 1,035.8 New housing Total 1 870.0 911.8 863.3 759.7 590.0 502.1 501.9 581.9 647.7 686.4 682.0 674.0 673.8 676.3 684.9 692.1 699.3 707.6 716.2 720.8 729.7 745.6 752.4 Federal and State and local Nonresidential 611.9 613.7 493.2 350.3 245.9 238.8 244.1 280.6 335.4 338.7 333.5 329.5 329.5 330.0 337.1 342.1 347.2 354.8 358.9 360.6 357.5 358.5 359.5 Total 480.8 468.8 354.1 230.1 133.9 127.3 123.2 154.5 202.3 235.4 228.6 228.6 231.2 234.8 241.9 248.7 253.1 259.9 261.6 260.7 256.2 258.0 258.2 Lodging 258.1 298.1 370.0 409.4 344.1 263.3 257.8 301.4 312.3 347.7 348.5 344.5 344.3 346.3 347.8 350.0 352.2 352.7 357.2 360.2 372.2 387.1 392.8 Commercial (including farm) Office 12.7 17.6 27.5 35.4 25.4 11.2 8.4 10.2 13.0 15.7 14.9 15.1 15.4 15.7 16.3 17.0 16.9 16.9 17.0 17.6 18.0 18.8 19.5 37.3 45.7 53.8 55.5 37.3 24.4 23.7 27.4 30.1 38.4 36.7 37.0 37.9 38.5 40.8 42.5 41.4 42.7 42.0 41.8 44.6 46.2 46.6 Manufacturing 66.6 73.4 85.9 82.7 51.1 37.2 39.2 44.3 50.9 60.8 57.7 58.4 60.0 61.9 65.0 66.1 66.8 69.0 64.0 62.0 62.2 65.6 64.3 Other 2 28.4 32.3 40.2 53.6 57.4 40.6 39.8 46.8 49.9 57.2 52.7 54.5 53.9 58.1 61.6 64.1 64.9 65.7 73.6 76.8 81.0 84.4 89.7 113.1 129.1 162.6 182.3 173.0 149.9 146.7 172.6 166.1 175.6 186.4 179.5 177.0 172.1 164.0 160.3 162.2 158.4 160.7 162.1 166.4 172.0 172.8 New houses sold New houses for sale at end of period 3 234.2 255.4 289.1 308.7 314.9 304.0 286.4 279.3 270.7 275.7 275.7 276.2 278.7 278.7 274.3 287.4 277.5 281.6 273.9 272.6 276.6 281.5 283.4 1 Includes residential improvements, not shown separately. 2 Includes health care, educational, communication, and power, among other categories not shown separately. Note: Data reflect annual revisions released on July 1, 2015. Source: Department of Commerce (Bureau of the Census). 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 �������������������� 2,068.3 1,800.9 1,355.0 905.5 554.0 586.9 608.8 780.6 924.9 1,003.0 1 unit 1,715.8 1,465.4 1,046.0 622.0 445.1 471.2 430.6 535.3 617.6 647.9 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 13.7 5 units or more Total 311.4 292.8 277.3 266.0 97.3 104.3 167.3 233.9 293.7 341.7 2,155.3 1,838.9 1,398.4 905.4 583.0 604.6 624.1 829.7 990.8 1,052.1 1 unit 1,682.0 1,378.2 979.9 575.6 441.1 447.3 418.5 518.7 620.8 640.3 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 29.9 389.3 384.1 359.0 295.4 121.1 135.3 184.0 285.1 341.1 382.0 1,931.4 1,979.4 1,502.8 1,119.7 794.4 651.7 584.9 649.2 764.4 883.8 1,283 1,051 776 485 375 323 306 368 429 437 511 536 497 353 234 190 151 150 187 212 9.9 9.7 9.8 10.0 10.6 10.2 9.5 8.7 8.3 7.6 29 38 30 35 26 32 28 24 27 28 26 32 34 362 347 371 362 374 436 388 368 375 444 370 442 535 903 797 861 905 948 917 867 939 975 865 806 988 1,034 457 408 403 454 459 472 449 495 521 545 494 534 546 194 198 204 205 209 208 210 212 208 204 205 206 206 ������������������� 7.5 ������������������� ������������������� 7.4 ������������������� ������������������� 7.0 ������������������� ������������������� 7.1 ������������������� ������������������� Seasonally adjusted annual rates 2014: May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2015: Jan ����������� Feb r ��������� Mar r �������� Apr r ��������� May p ������� 986 927 1,095 966 1,026 1,079 1,007 1,080 1,080 900 954 1,165 1,036 637 597 657 643 661 705 670 724 706 600 623 719 680 ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 340 307 422 306 353 357 328 336 368 292 311 428 349 1,017 1,033 1,041 1,040 1,053 1,120 1,079 1,077 1,059 1,098 1,038 1,140 1,250 626 648 640 643 653 652 663 685 657 626 642 666 681 1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards. 2 Based on approximately 20,100 permit-issuing places beginning with 2014 and 19,300 beginning with 2004. Using the 2004 universe, the total for 2014 is 1,046.4. 3 Seasonally adjusted. 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 April, according to current estimates, manufacturing and trade sales rose 0.6 percent, while inventories rose $7.9 billion. According to advance estimates, retail sales rose 1.4 percent in May. Retail and food services sales rose 1.2 percent. BILLIONS OF DOLLARS* (RATIO SCALE) 1,900 BILLIONS OF DOLLARS* (RATIO SCALE) 600 1,800 550 RETAIL INVENTORIES MANUFACTURING AND TRADE INVENTORIES 1,700 500 1,600 RETAIL AND FOOD SERVICES SALES 450 1,500 400 1,400 MANUFACTURING AND TRADE SALES 350 RETAIL SALES 1,300 300 1,200 RATIO* 1.70 INVENTORY/SALES RATIO 1,100 1.60 1.50 RETAIL 1,000 1.40 MANUFACTURING AND TRADE 1.30 1.20 900 2011 2012 2013 2014 2015 2011 2012 2013 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE 2014 2015 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 �������������������� 1,005,821 1,313,394 1.27 303,208 368,070 1.17 2006 �������������������� 1,069,032 1,407,845 1.28 328,438 398,969 1.17 2007 �������������������� 1,128,176 1,486,057 1.28 351,956 424,318 1.17 2008 �������������������� 1,160,303 1,462,775 1.31 376,603 443,905 1.19 2009 �������������������� 987,564 1,325,989 1.38 318,068 394,417 1.28 2010 �������������������� 1,087,061 1,442,657 1.27 359,869 437,273 1.14 2011 �������������������� 1,204,161 1,555,262 1.26 405,214 480,931 1.14 2012 �������������������� 1,267,342 1,643,981 1.27 430,430 512,794 1.16 2013 �������������������� 1,303,200 1,715,907 1.29 443,551 534,519 1.18 2014 �������������������� 1,348,311 1,781,446 1.31 462,592 570,198 1.20 r 2014: Apr ��������� 1,350,170 1,747,304 1.29 463,651 552,130 1.19 r May �������� 1,352,362 1,755,835 1.30 465,860 554,387 1.19 June ��������� 1,357,191 1,760,889 1.30 466,321 556,193 1.19 July ���������� 1,365,564 1,766,790 1.29 468,699 556,636 1.19 Aug ���������� 1,361,942 1,769,533 1.30 466,534 560,382 1.20 Sept ��������� 1,358,331 1,774,039 1.31 466,414 561,836 1.20 Oct ����������� 1,354,287 1,778,433 1.31 466,173 565,118 1.21 Nov ���������� 1,352,373 1,780,173 1.32 465,997 569,479 1.22 Dec ����������� 1,339,038 1,781,446 1.33 461,666 570,198 1.24 2015: Jan ����������� 1,308,276 1,778,991 1.36 445,024 572,469 1.29 Feb ����������� 1,303,701 1,783,741 1.37 442,459 573,668 1.30 Mar r �������� 1,311,121 1,785,855 1.36 441,024 574,661 1.30 p Apr ��������� 1,318,730 1,793,785 1.36 448,251 576,886 1.29 p May ������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� 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. 3 Seasonally adjusted, end of period. 4 Annual data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce (Bureau of the Census). 20 Sales 2 Inventories 3 Chart 20 - Jun 2015 Retail and food Inventory/sales services sales 2 4 ratio 307,440 471,658 1.51 322,631 486,439 1.49 332,932 500,625 1.49 328,026 477,449 1.52 301,204 429,453 1.47 318,405 455,051 1.39 342,166 470,989 1.35 358,853 505,169 1.38 372,419 543,511 1.41 386,024 558,321 1.43 385,855 546,750 1.42 385,824 547,944 1.42 387,651 550,434 1.42 388,196 556,180 1.43 390,353 554,795 1.42 388,462 556,747 1.43 389,672 557,744 1.43 391,741 554,624 1.42 387,188 558,321 1.44 383,889 558,296 1.45 381,432 561,001 1.47 387,665 562,821 1.45 r 388,156 567,330 1.46 393,440 ����������������������� ����������������������� 340,479 357,863 369,978 366,063 338,902 357,362 383,482 402,594 417,645 434,037 433,049 433,421 435,371 436,183 438,710 437,311 439,189 441,444 437,590 434,225 431,921 438,572 r 439,607 444,926 Manufacturers’ Shipments, Inventories, and Orders In May, manufacturers’ inventories rose, while shipments, 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 TOTAL 540 500 460 DURABLE GOODS 420 NONDURABLE GOODS 300 380 340 260 300 220 260 DURABLE GOODS 180 NONDURABLE GOODS 220 140 180 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 DURABLE GOODS 260 1.40 220 1.30 180 1.20 1.10 140 2011 2012 2013 2014 2015 2011 2012 2013 2014 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Manufacturers’ shipments 1 Manufacturers’ inventories 2 Manufacturers’ new orders 1 Chart 21- Jun 2015 Durable goods Period Total Durable goods 2015 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 �������������������� 2014: May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2015: Jan ����������� Feb ����������� Mar ���������� Apr r ��������� May p ������� 395,173 417,963 443,288 455,675 368,292 408,787 456,781 478,059 487,231 499,695 500,678 503,219 508,669 505,055 503,455 498,442 494,635 490,184 479,363 479,810 482,432 482,323 482,071 202,070 213,516 223,919 218,328 171,886 190,900 207,780 221,518 225,593 236,532 233,566 235,294 243,305 241,202 240,834 239,888 237,558 242,029 239,765 237,047 240,599 239,866 239,157 193,103 204,447 219,369 237,347 196,406 217,887 249,001 256,542 261,638 263,162 267,112 267,925 265,364 263,853 262,621 258,554 257,077 248,155 239,598 242,763 241,833 242,457 242,914 473,666 522,437 561,114 541,421 502,119 550,333 603,342 626,018 637,877 652,927 653,504 654,262 653,974 654,356 655,456 655,571 656,070 652,927 648,226 649,072 648,373 649,569 649,664 283,663 317,440 334,597 330,120 295,112 321,953 353,150 366,644 375,526 398,295 385,849 387,540 389,252 390,907 392,885 394,605 396,418 398,295 399,540 400,588 400,745 401,392 400,464 190,003 204,997 226,517 211,301 207,007 228,380 250,192 259,374 262,351 254,632 267,655 266,722 264,722 263,449 262,571 260,966 259,652 254,632 248,686 248,484 247,628 248,177 249,200 397,015 424,150 449,779 453,919 349,269 406,314 456,739 478,182 487,654 504,584 501,954 510,052 565,232 505,642 500,812 496,308 493,017 474,894 472,969 468,026 478,504 475,026 470,478 203,913 219,703 230,410 216,572 152,863 188,426 207,738 221,640 226,016 241,422 234,842 242,127 299,868 241,789 238,191 237,754 235,940 226,739 233,371 225,263 236,671 232,569 227,564 67,867 74,127 79,817 73,134 48,358 61,656 70,941 78,887 80,976 86,432 80,546 84,621 139,590 87,448 83,139 80,128 81,725 73,440 80,376 75,521 81,074 79,256 73,473 654,688 798,211 947,045 996,124 825,118 869,235 950,208 1,021,440 1,087,229 1,210,631 1,130,082 1,142,235 1,204,617 1,210,827 1,213,630 1,216,967 1,220,658 1,210,631 1,209,242 1,202,563 1,203,506 1,200,999 1,194,624 1.17 1.20 1.22 1.26 1.39 1.28 1.28 1.29 1.30 1.31 1.31 1.30 1.29 1.30 1.30 1.32 1.33 1.33 1.35 1.35 1.34 1.35 1.35 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. 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 rose 0.5 percent in May. Prices for final demand goods rose 1.3 percent and prices for final demand services were unchanged. INDEX, NOV. 2009=100 (RATIO SCALE) INDEX, NOV. 2009=100 (RATIO SCALE) 125 125 SEASONALLY ADJUSTED FINAL DEMAND 120 120 FINAL DEMAND GOODS 115 115 FINAL DEMAND 110 110 FINAL DEMAND SERVICES 105 105 100 100 95 95 2009 2010 2011 2013 2012 2014 2015 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 �������������������� 2014: May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2015: Jan r ��������� Feb ����������� Mar ���������� Apr ����������� May ���������� Total final demand 1 100.0 ��������������� ��������������� ��������������� ��������������� ��������������� 101.8 105.7 107.7 109.1 110.9 111.0 111.1 111.4 111.3 111.1 111.4 111.1 110.8 110.0 109.5 109.7 109.3 109.9 Final demand services Total Foods 2 Energy Less food and energy Total Trade 3 Transportation and warehousing Other 34.673 ������������� ������������� ������������� ������������� ������������� 102.8 109.9 111.7 112.6 114.0 114.6 114.9 114.8 114.5 114.4 113.9 113.0 111.6 109.5 109.0 109.3 108.5 109.9 5.797 ������������� ������������� ������������� ������������� ������������� 103.7 112.5 115.9 117.8 121.6 122.4 122.5 122.2 121.9 121.8 122.5 122.6 122.5 121.4 119.4 118.5 117.4 118.3 6.309 ������������� ������������� ������������� ������������� ������������� 107.2 126.2 126.3 125.3 124.2 127.2 128.1 127.1 125.8 124.7 121.5 117.0 109.3 98.3 98.4 99.9 97.0 102.7 22.567 ������������� ������������� ������������� ������������� ������������� 101.4 104.9 106.8 107.9 109.5 109.4 109.5 109.7 109.7 109.9 109.8 109.7 109.7 109.8 109.6 109.8 109.7 109.9 63.306 ������������� ������������� ������������� ������������� ������������� 101.3 103.4 105.4 107.1 109.0 108.9 108.8 109.5 109.4 109.1 109.8 109.8 110.1 110.0 109.5 109.6 109.5 109.5 20.034 ������������� ������������� ������������� ������������� ������������� 101.7 104.0 106.7 108.2 110.2 110.2 109.6 111.3 110.6 109.7 111.9 111.5 112.1 112.7 111.2 111.0 110.1 110.8 5.108 ��������������� ��������������� ��������������� ��������������� ��������������� 103.2 110.0 114.2 115.3 117.7 117.7 118.2 118.4 118.6 118.4 117.9 118.3 118.3 117.1 115.4 115.2 115.1 115.0 38.164 ������������� ������������� ������������� ������������� ������������� 100.9 102.5 103.9 105.8 107.5 107.2 107.5 107.6 107.9 107.9 107.9 108.0 108.2 108.0 108.1 108.4 108.6 108.4 Processed goods Final for intermediate demand demand (1982=100) less foods, energy, Less and food trade Total and (Aug. 2013 energy =100) 2 67.860 ���������������� ���������������� ���������������� ���������������� ���������������� ���������������� ���������������� ���������������� ���������������� 101.5 101.3 101.5 101.6 101.8 101.8 101.8 101.9 102.0 101.8 101.7 101.9 102.0 101.9 100.0 154.0 164.0 170.7 188.3 172.5 183.4 199.9 200.7 200.8 201.9 203.1 203.4 203.6 203.4 203.0 201.0 198.9 195.4 190.7 189.7 189.5 187.4 189.2 73.245 154.6 163.8 168.4 180.9 173.4 180.8 192.0 192.6 193.8 195.2 195.2 195.3 196.0 196.4 196.3 195.7 194.8 193.6 191.6 191.0 190.6 189.7 189.4 Unprocessed goods Chart 22 - May 2015 for intermediate demand (1982=100) Services for intermediNonfood ate materials demand Total less energy 100.0 182.2 184.8 207.1 251.8 175.2 212.2 249.4 241.4 246.7 249.3 260.7 257.9 253.4 245.7 245.9 237.7 234.7 222.4 201.7 194.8 191.5 193.3 199.7 22.814 202.4 244.5 282.6 324.4 248.4 329.1 390.4 369.6 351.2 345.7 353.2 347.4 348.4 345.5 345.8 337.1 331.8 329.8 326.6 310.9 303.7 303.7 303.5 100.0 ����������������� ����������������� ����������������� ����������������� ����������������� 101.1 103.2 105.3 107.2 108.9 108.4 108.5 109.2 109.2 109.1 109.5 109.5 109.7 109.8 109.5 109.7 110.3 109.8 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 consumption. 3 Trade indexes measure changes in margins received by wholesalers and retailers. 4 Relative importance, December 2014. Source: Department of Labor (Bureau of Labor Statistics). 22 Consumer Prices—All Urban Consumers In May, the consumer price index for all urban consumers rose 0.4 percent; it rose 0.5 percent before seasonal adjustment. The index was unchanged from its year earlier level. INDEX, 1982-84 = 100 (RATIO SCALE) INDEX, 1982-84 = 100 (RATIO SCALE) 250 250 SEASONALLY ADJUSTED 240 240 CONSUMER PRICES—ALL ITEMS 230 230 220 220 210 210 200 200 190 190 180 180 2007 2008 2009 2010 2011 2012 2013 2014 SOURCE: DEPARTMENT OF LABOR 2015 COUNCIL OF ECONOMIC ADVISERS [1982–84=100, except as noted; monthly data seasonally adjusted, except as noted by NSA] All items Period Rel. imp. 4 ����������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2014: May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2015: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� Not seasonally Seasonally adjusted adjusted (NSA) 100.0 195.3 201.6 207.342 215.303 214.537 218.056 224.939 229.594 232.957 236.736 237.900 238.343 238.250 237.852 238.031 237.433 236.151 234.812 233.707 234.722 236.119 236.599 237.805 ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 236.950 237.348 237.596 237.409 237.626 237.753 237.067 236.284 234.677 235.186 235.740 235.982 237.031 All items less food and energy Total 1 78.104 200.9 205.9 210.729 215.572 219.235 221.337 225.008 229.755 233.806 237.897 237.658 237.984 238.217 238.340 238.686 239.120 239.304 239.445 239.871 240.247 240.793 241.409 241.760 Shelter 32.865 224.4 232.1 240.611 246.666 249.354 248.396 251.646 257.083 263.056 270.513 269.667 270.160 270.869 271.489 272.186 272.833 273.501 274.016 274.759 275.431 276.163 276.925 277.468 Medical care 2 7.779 323.2 336.2 351.054 364.065 375.613 388.436 400.258 414.924 425.134 435.292 434.453 435.138 435.803 436.047 436.872 437.686 439.419 441.370 441.362 441.385 442.735 445.800 446.781 Apparel 3.443 119.5 119.5 118.998 118.907 120.078 119.503 122.111 126.265 127.411 127.514 127.830 128.153 128.259 127.751 127.907 127.567 126.706 125.643 125.965 126.336 126.996 126.563 125.964 Food New vehicles 3.556 137.9 137.6 136.254 134.194 135.623 138.005 141.883 144.232 145.783 146.275 146.327 145.891 146.311 146.511 146.554 146.752 146.720 146.655 146.453 146.735 147.046 147.236 147.505 Energy Total 1 At home Away from home 14.157 190.7 195.2 202.916 214.106 217.955 219.625 227.842 233.777 237.037 242.725 242.155 242.367 243.165 243.843 244.654 245.125 245.632 246.237 246.132 246.512 246.003 245.998 246.014 8.323 189.8 193.1 201.245 214.125 215.124 215.836 226.201 231.774 233.869 239.456 239.190 239.216 240.039 240.777 241.619 242.053 242.309 242.893 242.446 242.626 241.519 241.100 240.730 5.834 193.4 199.4 206.659 215.769 223.272 226.114 231.401 237.986 243.068 248.981 247.952 248.445 249.210 249.801 250.570 251.100 251.987 252.628 253.037 253.719 254.108 254.727 255.322 Total 1, 2 7.739 177.1 196.9 207.723 236.666 193.126 211.449 243.909 246.080 244.409 243.583 248.862 250.194 249.755 245.612 243.843 240.863 230.897 220.070 198.727 200.622 202.910 200.372 209.039 Chart 23 - Jun 2015 Gasoline C-CPI-U (NSA) 3 3.737 ������������������� 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 ������������������� 301.128 136.248 304.358 136.462 303.044 136.385 294.814 136.132 292.119 136.229 286.208 135.843 265.500 135.014 240.998 134.094 195.938 133.167 200.557 133.819 208.324 134.755 204.717 135.019 225.935 135.807 1 Includes other items not shown separately. 2 Commodities and services. 3 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. 4 Relative importance, April 2015. Source: Department of Labor (Bureau of Labor Statistics). 23 Changes in Producer Prices [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Processed goods Unprocessed goods Change from year earlier Final for intermediate for intermediate (NSA) demand demand demand Services less for foods, intermeTransporLess Nonfood energy, diate tation food Total Final Final materials and demand Trade and Other Total and Total final demand demand less trade wareenergy demand goods services energy housing 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 �������������������� ����������� ����������� ����������� ����������� ����������� 2.8 3.2 1.9 1.2 .9 ���������� ���������� ���������� ���������� ���������� 4.7 4.7 1.4 .8 –1.2 ���������� ���������� ���������� ���������� ���������� 5.3 5.7 4.1 –.8 4.4 ���������� ���������� ���������� ���������� ���������� 12.7 9.2 –1.3 .9 –13.2 ����������� ����������� ����������� ����������� ����������� 2.4 3.1 1.4 1.3 1.1 ���������� ���������� ���������� ���������� ���������� 1.7 2.3 2.2 1.3 2.1 ���������� ���������� ���������� ���������� ���������� 2.1 2.3 3.8 –.4 4.0 ������������� ������������� ������������� ������������� ������������� 4.3 6.7 2.7 2.0 .8 ���������� ���������� ���������� ���������� ���������� 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 –2.6 4.8 4.5 3.3 2.9 –.1 4.7 3.8 .6 .7 –.1 21.1 –4.7 19.8 –24.6 13.3 16.1 6.6 1.4 –1.9 –8.7 5.2 17.0 15.6 –24.1 28.9 27.6 2.4 –1.6 –5.6 –5.3 �������������� �������������� �������������� �������������� �������������� 1.4 2.0 2.9 1.0 1.8 ����������� ����������� ����������� ����������� ����������� ����������� 3.8 1.9 1.3 1.6 ����������� ����������� ����������� ����������� ����������� ����������� 6.9 1.6 .8 1.2 ������������ ������������ ������������ ������������ ������������ ������������ 2.1 1.9 1.6 1.8 0.1 .2 .1 .2 .0 .0 .1 .1 –.2 –.1 .2 .1 –.1 0.1 .1 .1 –.1 –.2 –1.0 –1.0 –1.8 –2.4 –.5 –.1 –1.1 1.0 –0.1 .1 .4 .2 –.1 –.3 –.5 –.6 –1.0 –.3 –.2 –.5 –.2 –1.1 –1.1 –1.7 –3.0 .1 –3.3 –1.3 –5.2 –9.3 –3.4 –1.7 .9 3.3 –0.3 –1.6 .3 –.8 .1 –2.5 –1.6 –.6 –1.0 –4.8 –2.3 .0 –.1 0.0 .1 .6 .0 –.1 .4 .0 .2 .1 –.3 .2 .5 –.5 2.1 1.8 1.9 1.9 1.6 1.5 1.3 .9 .0 –.6 –.8 –1.3 –1.1 2.0 2.2 2.0 1.7 1.5 1.0 .4 –1.2 –3.6 –4.2 –4.4 –5.5 –4.3 2.2 1.7 2.0 2.0 1.6 1.9 1.8 2.1 2.0 1.2 1.0 .9 .6 Change, month to month 2014: May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2015: Jan r ��������� Feb r ��������� Mar ���������� Apr ����������� May ���������� 0.3 .1 .3 –.1 –.2 .3 –.3 –.3 –.7 –.5 .2 –.4 .5 0.1 .3 –.1 –.3 –.1 –.4 –.8 –1.2 –1.9 –.5 .3 –.7 1.3 –0.1 .1 –.2 –.2 –.1 .6 .1 –.1 –.9 –1.6 –.8 –.9 .8 0.4 .7 –.8 –1.0 –.9 –2.6 –3.7 –6.6 –10.1 .1 1.5 –2.9 5.9 0.1 .1 .2 .0 .2 –.1 –.1 .0 .1 –.2 .2 –.1 .2 0.4 –.1 .6 –.1 –.3 .6 .0 .3 –.1 –.5 .1 –.1 .0 1.1 –.5 1.6 –.6 –.8 2.0 –.4 .5 .5 –1.3 –.2 –.8 .6 0.3 .4 .2 .2 –.2 –.4 .3 .0 –1.0 –1.5 –.2 –.1 –.1 –0.1 .3 .1 .3 .0 .0 .1 .2 –.2 .1 .3 .2 –.2 1 Includes final demand construction, not shown separately. Source: Department of Labor (Bureau of Labor Statistics). Changes in Consumer Prices—All Urban Consumers [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] All items less food and energy Period All items 1 Total 1 Shelter Medical care 2 Apparel Food New vehicles Total 1 At home Addendum: All items, percent change (annual rate) Energy Away from home Total 1, 2 Gasoline C-CPI-U (NSA) 3 From previous quarter 4 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 .5 ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� �������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� 3.4 3.2 2.8 3.8 –.4 1.6 3.2 2.1 1.5 1.6 0.5 .0 .3 .3 .3 .2 .1 .2 –.2 .1 –.5 –.2 –.2 0.2 .2 .3 .2 .3 .2 .4 .3 .2 .3 .2 .2 .2 0.7 .5 –.2 –1.7 –.7 –1.2 –4.1 –4.7 –9.7 1.0 1.1 –1.3 4.3 0.5 1.1 –.4 –2.7 –.9 –2.0 –7.2 –9.2 –18.7 2.4 3.9 –1.7 10.4 0.3 .2 –.1 –.2 .1 –.3 –.6 –.7 –.7 .5 .7 .2 .6 ������������� 2.4 ������������� ������������� 1.2 ������������� ������������� –.9 ������������� ������������� –3.1 ������������� ������������� 2.7 2.7 2.3 .8 .5 .3 –.6 –2.2 –5.1 –3.1 –.9 2.2 3.2 2.5 2.3 2.1 1.8 1.6 1.3 .1 –.9 –2.4 –1.9 –1.6 –1.5 .0 2.1 2.1 2.0 1.7 1.7 1.7 1.3 .8 –.1 .0 –.1 –.2 .0 Change, month to month 2014: May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2015: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� 0.3 .2 .1 –.1 .1 .1 –.3 –.3 –.7 .2 .2 .1 .4 0.2 .1 .1 .1 .1 .2 .1 .1 .2 .2 .2 .3 .1 0.3 .2 .3 .2 .3 .2 .2 .2 .3 .2 .3 .3 .2 0.3 .2 .2 .1 .2 .2 .4 .4 .0 .0 .3 .7 .2 0.2 .3 .1 –.4 .1 –.3 –.7 –.8 .3 .3 .5 –.3 –.5 0.1 –.3 .3 .1 .0 .1 .0 .0 –.1 .2 .2 .1 .2 0.4 .1 .3 .3 .3 .2 .2 .2 .0 .2 –.2 .0 .0 1 Includes other items not shown separately. 2 Commodities and services. 3 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. 4 Quarterly changes are shown in the last month of the quarter. Source: Department of Labor (Bureau of Labor Statistics). 24 Prices Received and Paid by Farmers In May, prices received by farmers rose 3.9 percent and prices paid by farmers fell 0.9 percent. (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 RATIO 120 120 100 100 80 80 60 60 2007 2008 2009 2010 2011 2013 2012 2015 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 ��������������������������������������������������� 2013 ��������������������������������������������������� 2014 ��������������������������������������������������� 2014: May ����������������������������������������� June ���������������������������������������� July ����������������������������������������� Aug ����������������������������������������� Sept ���������������������������������������� Oct ������������������������������������������ Nov ����������������������������������������� Dec ������������������������������������������ 2015: Jan ������������������������������������������ Feb ������������������������������������������ Mar ����������������������������������������� Apr r ���������������������������������������� May ����������������������������������������� Agricultural production Crop production 71 71 84 92 81 82 100 105 107 108 115 113 110 110 108 100 102 101 97 99 102 103 107 All commodities, services, interest, taxes, and wage rates (PPITW) 2 Livestock production 63 68 81 96 86 79 100 107 105 92 100 99 93 92 88 81 82 83 83 85 86 89 90 Chart 25 - Jun 2015 Prices paid by farmers 78 73 86 86 74 86 100 102 109 129 130 128 133 130 132 135 134 127 120 114 117 116 122 70 74 79 90 87 90 100 104 106 111 113 113 113 112 112 112 112 111 110 110 110 110 109 Production items, interest, taxes, and wage rates (PITW) 67 72 77 89 86 89 100 105 107 113 114 114 114 113 114 113 113 112 111 110 111 110 110 Ratio of prices received by farmers to PPITW 3 Production items 65 69 75 88 85 88 100 105 107 114 115 116 115 114 115 114 114 114 111 111 111 111 111 101 96 106 102 93 92 100 100 100 97 102 100 97 98 96 89 91 91 88 90 93 94 98 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. 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 May, M2 rose. BILLIONS OF DOLLARS* (RATIO SCALE) 13,200 12,400 11,600 10,800 10,000 BILLIONS OF DOLLARS* (RATIO SCALE) 13,200 12,400 11,600 10,800 10,000 9,200 9,200 8,400 8,400 M2 7,600 7,600 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 M1 2,000 2,000 1,600 1,600 1,200 1,200 2007 2008 2009 2010 2011 2012 2013 2014 *AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 2015 COUNCIL OF ECONOMIC ADVISERS [Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted] Chart 26 - Jun 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 r ���������������������������������������� 2014: May ����������������������������������������� June r �������������������������������������� July ����������������������������������������� Aug ����������������������������������������� Sept r ��������������������������������������� Oct r ����������������������������������������� Nov r ���������������������������������������� Dec r ���������������������������������������� 2015: Jan r ���������������������������������������� Feb r ���������������������������������������� Mar r ��������������������������������������� Apr r ���������������������������������������� May ����������������������������������������� M1 M2 Debt Sum of currency, demand deposits, travelers checks, and other checkable deposits M1 plus savings deposits, retail MMMF balances, and small time deposits 1 Debt of domestic nonfinancial sectors 2 1,374.8 1,368.3 1,376.6 1,607.1 1,698.4 1,841.8 2,168.2 2,457.7 2,654.5 2,910.4 2,784.6 2,813.0 2,839.5 2,816.0 2,856.9 2,862.5 2,876.5 2,910.4 2,927.9 2,992.3 2,987.7 2,995.2 2,986.6 6,654.1 7,046.0 7,452.4 8,177.0 8,482.4 8,782.9 9,635.9 10,423.6 10,984.9 11,630.5 11,282.6 11,330.7 11,405.8 11,443.6 11,481.5 11,521.8 11,564.8 11,630.5 11,706.6 11,826.4 11,845.8 11,895.9 11,937.8 27,179.5 29,513.2 31,902.8 33,755.4 34,469.7 35,618.2 36,751.2 38,411.2 39,762.4 41,438.7 ��������������������������������������������� 40,504.9 ��������������������������������������������� ��������������������������������������������� 40,937.5 ��������������������������������������������� ��������������������������������������������� 41,438.7 ��������������������������������������������� ��������������������������������������������� 41,714.2 ��������������������������������������������� ��������������������������������������������� Percent change From previous period 4 From year or 6 months earlier 3 M1 M2 –0.1 –.5 .6 16.7 5.7 8.4 17.7 13.4 8.0 9.6 12.4 11.9 11.7 7.2 8.2 6.6 6.6 6.9 6.2 12.5 9.2 9.3 7.7 Debt 4.2 5.9 5.8 9.7 3.7 3.5 9.7 8.2 5.4 5.9 6.5 6.3 6.7 5.8 5.7 5.4 5.0 5.3 5.3 6.7 6.3 6.5 6.5 9.0 8.4 8.2 6.2 3.3 4.1 3.6 5.0 3.8 4.3 ������������������������������� 3.5 ������������������������������� ������������������������������� 4.4 ������������������������������� ������������������������������� 4.9 ������������������������������� ������������������������������� 2.8 ������������������������������� ������������������������������� 1 Money market mutual fund (MMMF). Savings deposits include money market deposit accounts (MMDA). 2 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. Quarterly data shown in last month of quarter. End-of-year data are for fourth quarter. 3 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate. 4 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. 26 Components of Money Stock [Averages of daily figures; billions of dollars, seasonally adjusted] Period 2005: Dec ����������� 2006: Dec ����������� 2007: Dec ����������� 2008: Dec ����������� 2009: Dec ����������� 2010: Dec ����������� 2011: Dec ����������� 2012: Dec ����������� 2013: Dec ����������� 2014: Dec r ��������� 2014: May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov r ��������� Dec r ��������� 2015: Jan r ��������� Feb r ��������� Mar r �������� Apr r ��������� May ���������� Currency 724.6 750.2 760.6 816.2 863.7 918.8 1,001.5 1,090.5 1,160.3 1,252.2 1,204.7 1,211.4 1,217.5 1,223.3 1,228.0 1,232.7 1,242.0 1,252.2 1,266.3 1,271.9 1,279.2 1,284.1 1,288.1 Other checkable deposits (OCDs) Nonbank travelers checks 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 3.3 3.3 3.2 3.2 3.1 3.0 3.0 2.9 2.9 2.9 2.8 2.8 2.7 324.3 305.6 303.4 473.3 448.2 519.3 751.8 920.5 1,021.7 1,165.9 1,098.4 1,114.1 1,133.2 1,105.4 1,145.0 1,144.7 1,148.3 1,165.9 1,170.2 1,214.7 1,201.3 1,204.9 1,194.5 318.7 305.7 306.4 312.0 381.4 399.0 410.6 442.8 469.0 489.2 478.2 484.2 485.5 484.1 480.8 482.0 483.2 489.2 488.6 502.9 504.5 503.4 501.3 180.8 176.8 173.0 178.8 231.2 235.8 233.2 244.6 256.8 267.2 260.4 265.5 265.7 265.1 262.7 261.6 261.5 267.2 264.1 271.5 273.0 272.0 271.4 At thrift institutions 138.0 128.9 133.3 133.3 150.2 163.2 177.5 198.3 212.1 222.0 217.7 218.8 219.8 219.0 218.1 220.4 221.7 222.0 224.4 231.4 231.5 231.4 229.9 Savings deposits (including MMDAs) Small-denomination time deposits 1 At commercial banks At commercial banks 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 7,131.8 7,584.4 7,323.3 7,350.9 7,404.8 7,468.2 7,472.8 7,508.9 7,545.3 7,584.4 7,644.8 7,708.5 7,748.0 7,802.2 7,863.9 2,774.6 2,911.8 3,042.1 3,322.1 3,979.2 4,410.0 5,034.2 5,727.0 6,108.0 6,502.6 6,257.9 6,282.8 6,337.5 6,394.7 6,397.7 6,431.4 6,469.1 6,502.6 6,555.2 6,612.0 6,649.2 6,695.0 6,744.2 At thrift institutions 828.9 783.7 827.5 769.3 836.4 923.6 999.0 959.0 1,023.8 1,081.8 1,065.4 1,068.0 1,067.3 1,073.5 1,075.1 1,077.5 1,076.2 1,081.8 1,089.6 1,096.5 1,098.8 1,107.2 1,119.7 Total 993.7 1,206.0 1,276.0 1,457.6 1,187.8 932.5 771.4 637.2 559.2 509.9 538.8 536.1 534.8 530.6 526.1 520.7 514.9 509.9 506.1 502.3 490.4 480.8 473.7 646.7 780.7 858.8 1,078.8 868.3 661.7 542.7 460.4 415.2 378.4 401.1 399.1 398.3 395.4 391.7 387.2 382.2 378.4 375.6 374.7 365.9 357.1 350.6 Institutional money funds 2 Retail money funds At thrift institutions 347.0 425.4 417.2 378.8 319.6 270.8 228.7 176.7 144.0 131.5 137.6 137.0 136.6 135.3 134.4 133.5 132.7 131.5 130.5 127.5 124.5 123.6 123.1 682.0 776.2 930.2 1,020.9 780.6 675.0 663.0 642.7 639.4 625.9 636.0 630.7 626.8 628.9 625.6 629.7 628.1 625.9 627.8 623.3 619.6 617.7 613.5 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 1,746.9 1,743.8 1,751.7 1,748.5 1,753.6 1,775.5 1,787.0 1,803.5 1,789.3 1,783.7 1,807.8 1,785.1 1,799.3 1 Small-denomination deposits are those issued in amounts of less than $100,000. 2 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 ������������ 2014: May ����������� June ���������� July ����������� Aug ����������� Sept ���������� Oct ������������ Nov ����������� Dec ������������ 2015: Jan ������������ Feb ������������ Mar ����������� Apr ������������ May ����������� 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 2,635,180 2,668,354 2,704,004 2,786,867 2,759,284 2,705,668 2,519,578 2,606,700 2,683,709 2,496,868 2,675,202 2,698,960 2,584,359 To satisfy reserve balance requirements 2 That exceed the top of the penalty-free band ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 75,713 90,852 90,873 89,357 92,840 95,348 89,839 93,260 94,838 90,852 99,273 97,853 100,477 101,495 101,248 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 2,409,535 2,515,848 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 2,399,015 2,574,726 2,597,465 2,483,111 Reserve balance requirements 3 8,146 6,616 6,314 16,312 24,632 28,438 47,838 58,673 69,030 82,770 82,906 81,443 84,590 86,899 81,892 85,026 86,424 82,770 90,522 89,118 91,495 92,469 92,358 Borrowings from the Federal Reserve Vault cash used to satisfy required reserves 35,337 34,803 35,365 37,245 40,619 42,927 48,672 52,959 55,771 59,236 53,204 53,914 55,019 55,173 55,203 54,648 55,521 59,236 61,875 59,203 57,660 57,779 57,374 Nonborrowed 4 45,214 43,091 28,033 167,311 970,523 1,032,512 1,589,189 1,569,589 2,540,849 2,665,835 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 2,556,053 2,732,842 2,756,687 2,641,646 Monetary base 5 803,124 826,731 837,192 1,666,365 2,026,220 2,017,000 2,619,586 2,675,945 3,717,450 3,934,491 3,911,525 3,948,691 3,989,076 4,075,024 4,049,181 4,001,440 3,830,428 3,934,491 4,017,059 3,840,359 4,030,569 4,059,338 3,949,307 Total 6 169 191 15,430 653,565 169,927 45,488 9,526 795 170 102 139 179 231 278 300 221 130 102 66 18 20 52 87 Primary Secondary 97 111 3,787 88,245 19,025 41 103 12 13 22 12 17 11 15 18 8 12 22 48 13 11 24 6 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 47 102 174 229 253 200 119 80 18 5 9 28 81 Term assetbacked securities loan facility 7 �������������������� �������������������� �������������������� �������������������� 46,310 25,025 9,400 760 98 0 80 60 45 34 29 13 0 0 0 0 0 0 0 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 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve. 5 Equals total balances maintained plus currency in circulation (not shown). 6 Includes term auction credit (December 2007 to April 2010), primary dealer and other broker-dealer 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. 7 Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility. Note: Data reflect the creation of a penalty-free band around reserve balance requirements which took effect June 27, 2013. 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 0.3 percent in May. 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 2007 2008 2009 2010 2011 2012 2013 2014 *SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 2015 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 r ��������� 2010: Dec r ��������� 2011: Dec r ��������� 2012: Dec r ��������� 2013: Dec r ��������� 2014: Dec r ��������� 2014: May r �������� June r ������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 2015: Jan r ��������� Feb r ��������� Mar r �������� Apr r ��������� May ���������� Total bank credit 7,315.7 8,108.6 8,904.5 9,353.5 8,995.8 9,192.0 9,402.4 9,959.9 10,097.3 10,855.0 10,414.4 10,486.5 10,567.0 10,615.2 10,660.6 10,699.4 10,769.8 10,855.0 10,958.1 11,027.2 11,112.0 11,187.1 11,240.8 Total securities 1,855.5 1,991.5 2,104.8 2,097.8 2,329.7 2,429.9 2,495.4 2,735.6 2,714.5 2,924.9 2,794.5 2,812.2 2,838.0 2,840.2 2,858.7 2,866.2 2,879.1 2,924.9 2,953.6 2,976.0 2,980.6 3,000.1 3,028.3 U.S. Treasury and agency securities 1,159.3 1,219.0 1,137.5 1,254.1 1,450.9 1,642.5 1,701.9 1,876.1 1,804.6 2,040.0 1,884.2 1,898.9 1,925.8 1,938.4 1,971.8 1,988.5 1,999.5 2,040.0 2,067.2 2,087.0 2,088.9 2,103.0 2,135.0 Loans and leases in bank credit Other securities 696.3 772.5 967.3 843.7 878.7 787.4 793.4 859.5 909.9 884.9 910.2 913.3 912.3 901.8 886.9 877.7 879.6 884.9 886.4 889.0 891.7 897.2 893.3 Total loans and leases 3 5,460.1 6,117.1 6,799.7 7,255.7 6,666.2 6,762.0 6,907.0 7,224.3 7,382.8 7,930.2 7,620.0 7,674.3 7,729.0 7,775.0 7,801.9 7,833.2 7,890.8 7,930.2 8,004.5 8,051.2 8,131.4 8,187.0 8,212.4 Commercial and industrial loans 1,036.1 1,182.6 1,417.7 1,558.8 1,265.2 1,192.4 1,303.8 1,475.8 1,577.0 1,776.5 1,667.5 1,680.1 1,700.2 1,718.0 1,729.5 1,737.0 1,757.0 1,776.5 1,793.1 1,812.1 1,840.6 1,853.3 1,868.1 Chart 28 - Jun 2015 Real estate loans Total 4 2,928.9 3,373.6 3,600.2 3,819.6 3,776.8 3,613.5 3,495.0 3,550.8 3,532.3 3,638.9 3,580.6 3,598.0 3,607.9 3,617.5 3,621.1 3,624.0 3,628.5 3,638.9 3,651.6 3,672.0 3,704.9 3,713.0 3,722.6 Revolving home equity loans 443.5 468.3 484.8 588.2 603.1 581.9 549.5 515.2 473.7 458.0 466.5 465.4 464.2 462.3 460.8 460.3 459.4 458.0 456.4 455.4 454.6 452.9 451.1 Commercial loans 1,270.1 1,459.3 1,587.3 1,728.5 1,641.0 1,500.6 1,418.6 1,428.7 1,499.3 1,606.0 1,542.0 1,551.6 1,562.2 1,572.0 1,579.7 1,588.1 1,596.2 1,606.0 1,616.8 1,630.4 1,651.3 1,660.1 1,668.9 Consumer loans 5 704.5 738.6 799.2 876.2 836.0 1,113.9 1,091.2 1,115.6 1,141.6 1,199.1 1,164.8 1,171.1 1,179.4 1,183.1 1,188.1 1,192.6 1,197.8 1,199.1 1,200.9 1,204.1 1,206.6 1,212.8 1,217.2 Other loans and leases 6 790.6 822.4 982.7 1,001.1 788.1 842.3 1,017.1 1,082.0 1,131.8 1,315.7 1,207.0 1,225.2 1,241.4 1,256.4 1,263.1 1,279.6 1,307.6 1,315.7 1,358.9 1,363.0 1,379.2 1,407.9 1,404.5 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. 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. 28 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 2005 �������������������� 2006 �������������������� 2007 r ������������������ 2008 r ������������������ 2009 r ������������������ 2010 r ������������������ 2011 r ������������������ 2012 r ������������������ 2013 r ������������������ 2014 r ������������������ 2012: I r �������������� II r ������������� III r ������������ IV r ������������ 2013: I r �������������� II r ������������� III r ������������ IV r ������������ 2014: I r �������������� II r ������������� III r ������������ IV r ������������ 2015: I p �������������� Internal 1 2,300.8 2,202.2 2,633.4 1,732.0 1,185.0 2,164.3 2,622.8 2,746.1 2,805.7 2,676.6 2,635.8 2,793.6 2,874.2 2,680.5 2,770.6 2,661.8 2,898.3 2,891.8 2,254.1 2,905.6 2,849.5 2,697.2 2,809.1 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 1,763.6 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 1,832.2 1,809.5 1,700.8 Total net funds raised Total 965.4 839.1 1,280.9 338.9 –248.7 487.6 894.3 985.1 1,001.1 913.0 864.1 983.5 1,106.5 986.2 1,004.1 858.9 1,094.1 1,047.2 603.7 1,143.4 1,017.3 887.7 1,108.3 –33.3 –108.6 –53.8 –53.4 –409.8 –321.6 –159.7 17.6 75.2 75.9 58.7 –186.1 –44.9 242.9 166.8 6.3 292.2 –164.6 103.9 52.3 –34.6 181.9 .3 Net new equity issues –300.2 –496.9 –706.3 –315.6 –51.2 –250.7 –454.6 –344.9 –352.9 –387.5 –236.7 –428.3 –349.3 –365.4 –213.7 –371.2 –344.1 –482.7 –501.8 –273.1 –434.3 –341.0 –541.7 Credit market instruments Total Securities and mortgages Loans and short-term paper 191.7 215.9 257.5 122.4 109.3 82.0 109.2 274.4 310.3 276.5 229.5 133.2 324.4 410.5 303.7 187.7 492.6 257.2 287.8 234.6 236.4 347.2 477.4 75.3 172.3 395.1 139.9 –467.9 –153.0 185.7 88.1 117.8 186.9 65.8 108.9 –20.0 197.8 76.8 189.8 143.6 60.9 317.9 90.9 163.3 175.6 64.6 266.9 388.3 652.5 262.1 –358.7 –70.9 294.9 362.5 428.1 463.4 295.3 242.2 304.4 608.2 380.5 377.4 636.2 318.1 605.7 325.3 399.7 522.9 542.0 Other 2 899.9 755.8 1,122.7 202.7 56.5 652.2 861.3 797.4 718.8 757.4 656.8 991.3 1,003.3 538.2 701.7 628.2 598.9 946.5 946.2 831.5 723.1 528.7 795.3 Total 2,136.2 2,037.4 2,467.2 751.2 1,320.6 1,868.1 1,825.3 1,984.2 2,596.3 2,351.4 1,882.2 2,174.4 2,015.5 1,864.5 2,655.8 2,518.0 2,499.6 2,711.8 1,986.4 2,684.0 2,278.3 2,457.0 2,376.1 Capital expenditures 3 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 1,674.8 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 1,710.7 1,727.9 1,727.3 Increase in financial assets 944.5 700.1 1,072.8 –608.8 299.8 632.7 493.4 506.2 1,070.5 676.6 415.0 680.1 518.5 411.0 1,219.9 1,017.7 916.9 1,127.6 388.8 1,020.8 567.6 729.1 648.8 Discrepancy (sources less uses) 164.6 164.8 166.3 980.8 –135.6 296.1 797.5 761.9 209.3 325.2 753.6 619.2 858.7 816.0 114.8 143.8 398.6 179.9 267.7 221.6 571.2 240.2 433.0 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). 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 ������������������������������������������ 2014: Apr ������������������������������������������ May ����������������������������������������� June ���������������������������������������� July ����������������������������������������� Aug ����������������������������������������� Sept ���������������������������������������� Oct ������������������������������������������ Nov ����������������������������������������� Dec ������������������������������������������ 2015: Jan ������������������������������������������ Feb ������������������������������������������ Mar ����������������������������������������� Apr p ���������������������������������������� Nonrevolving 2 Revolving 2,290.9 2,461.3 2,615.1 2,650.0 2,552.3 2,646.9 2,755.4 2,922.9 3,098.8 3,317.2 3,174.0 3,193.3 3,211.8 3,233.3 3,249.4 3,267.5 3,283.8 3,300.3 3,317.2 3,327.4 3,342.6 3,363.9 3,384.5 829.5 924.0 1,002.0 1,004.4 916.4 839.5 841.2 845.9 858.2 890.0 870.9 873.2 875.8 880.4 881.4 883.4 884.6 885.9 890.0 888.0 886.0 890.9 899.5 1,461.4 1,537.3 1,613.1 1,645.7 1,635.9 1,807.4 1,914.2 2,077.0 2,240.6 2,427.2 2,303.1 2,320.1 2,336.0 2,352.8 2,367.9 2,384.0 2,399.2 2,414.4 2,427.2 2,439.4 2,456.6 2,473.0 2,485.0 Total Nonrevolving 2 Revolving 98.7 170.4 153.8 34.9 –97.7 94.6 108.5 167.5 175.9 218.4 26.7 19.3 18.5 21.5 16.1 18.1 16.3 16.5 16.9 10.2 15.2 21.3 20.6 29.9 94.5 78.0 2.4 –88.0 –76.9 1.7 4.7 12.3 31.8 10.0 2.3 2.6 4.6 1.0 2.0 1.2 1.3 4.1 –2.0 –2.0 4.9 8.6 68.7 75.9 75.8 32.6 –9.8 171.5 106.8 162.8 163.6 186.6 16.7 17.0 15.9 16.8 15.1 16.1 15.2 15.2 12.8 12.2 17.2 16.4 12.0 1 Change based on data in billions of dollars as shown here. For year-end data, change from preceding year-end; for monthly data, change from preceding month. 2 Includes automobile loans and all other loans not included in revolving credit, such as loans for mobile homes, education, boats, trailers, or vacations. These loans may be secured or unsecured. Note: Data include student loans extended by the Federal Government and by SLM Holding Corporation. Source: Board of Governors of the Federal Reserve System. 29 Interest Rates and Bond Yields Interest rates were mixed in June. 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] Chart 30 - Jun 2015 U.S. Treasury security yields Period 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2014: June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2015: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� Week ended: 2015: June 6 ������ 13 ������ 20 ������ 27 ������ July 4 ������ 3-month bills (at auction) 1 Constant maturities 2 3-year 10-year 30-year High-grade municipal bonds (Standard & Poor’s) 3 Corporate Aaa bonds (Moody’s) Discount window primary credit (N.Y. F.R. Bank) 4 Prime rate charged by banks 4 3.16 4.73 4.41 1.48 .16 .14 .06 .09 .06 .03 .03 .03 .03 .02 .02 .02 .04 .03 .02 .02 .03 .02 .01 3.93 4.77 4.35 2.24 1.43 1.11 .75 .38 .54 .90 .90 .97 .93 1.05 .88 .96 1.06 .90 .99 1.02 .87 .98 1.07 4.29 ����������������������� 4.80 4.91 4.63 4.84 3.66 4.28 3.26 4.08 3.22 4.25 2.78 3.91 1.80 2.92 2.35 3.45 2.54 3.34 2.60 3.42 2.54 3.33 2.42 3.20 2.53 3.26 2.30 3.04 2.33 3.04 2.21 2.83 1.88 2.46 1.98 2.57 2.04 2.63 1.94 2.59 2.20 2.96 2.36 3.11 4.29 4.42 4.42 4.80 4.64 4.16 4.29 3.14 3.96 3.78 3.72 3.75 3.53 3.55 3.35 3.49 3.39 3.16 3.26 3.29 3.40 3.77 3.76 5.24 5.59 5.56 5.63 5.31 4.94 4.64 3.67 4.24 4.16 4.25 4.16 4.08 4.11 3.92 3.92 3.79 3.46 3.61 3.64 3.52 3.98 4.19 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 .01 .02 .01 .01 .02 1.05 1.12 1.05 1.07 1.03 2.31 2.42 2.32 2.41 2.38 3.79 3.83 3.74 3.76 3.73 4.13 4.20 4.17 4.26 4.23 .75 .75 .75 .75 .75 3.25 3.25 3.25 3.25 3.25 3.04 3.14 3.09 3.19 3.15 New-home mortgage yields (FHFA) 6 Federal funds rate 5 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 .10 4.27 .09 4.25 .09 4.25 .09 4.23 .09 4.23 .09 4.16 .12 4.14 .11 4.05 .11 3.91 .11 3.93 .12 3.92 .12 3.89 .13 ������������������������� .10 .13 .13 .13 .12 ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� 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. Series for 30-year constant maturity was discontinued on February 18, 2002 and reintroduced on February 6, 2006. 3 Weekly data are Wednesday figures. 4 Average effective rate for year; rate in effect at end of month or week. 5 Daily effective rate; weighted average of rates on brokered trades. 6 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. 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. 30 Common Stock Prices and Yields Stock prices were mixed in June. 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 2013 2012 SOURCES: NEW YORK STOCK EXCHANGE, STANDARD AND POOR'S, AND BLOOMBERG 2014 2015 COUNCIL OF ECONOMIC ADVISERS Common stock yields (percent) 6 Common stock prices 1 Chart 31 - Jun 2015 New York Stock Exchange indexes (December 31, 2002=5,000) 2 Period Composite 2005 ��������������������� 2006 ��������������������� 2007 ��������������������� 2008 ��������������������� 2009 ��������������������� 2010 ��������������������� 2011 ��������������������� 2012 ��������������������� 2013 ��������������������� 2014 ��������������������� 2014: June ���������� July ����������� Aug ����������� Sept ���������� Oct ������������ Nov ����������� Dec ������������ 2015: Jan ������������ Feb ������������ Mar ����������� Apr ������������ May ����������� June ���������� Week ended: 2015: June 6 ������� 13 ������� 20 ������� 27 ������� July 4 ������� Financial Energy Health Care Dow Jones industrial average 3 Standard & Poor’s composite index (1941–43=10) 4 Nasdaq composite index (Feb. 5, 1971=100) 5 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 10,905.05 10,978.98 10,840.40 10,926.74 10,471.37 10,911.73 10,818.24 10,679.25 10,969.94 10,917.86 11,094.59 11,145.24 11,014.96 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 6,517.17 6,541.32 6,498.76 6,593.99 6,388.44 6,681.69 6,712.14 6,480.39 6,607.33 6,624.48 6,690.03 6,784.59 6,784.54 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 15,991.27 15,483.41 15,169.68 15,361.76 13,806.00 13,710.24 12,420.24 12,004.74 12,624.48 11,965.22 12,697.46 12,652.05 12,069.40 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 11,238.50 11,363.35 11,195.04 11,606.33 11,331.80 11,939.26 12,108.74 12,230.02 12,470.21 12,807.87 13,053.10 13,109.92 13,185.09 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 16,843.75 16,988.26 16,775.15 17,098.13 16,701.87 17,648.98 17,754.24 17,542.26 17,945.41 17,931.75 17,970.51 18,124.71 17,927.22 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 1,947.09 1,973.10 1,961.53 1,993.23 1,937.27 2,044.57 2,054.27 2,028.18 2,082.20 2,079.99 2,094.86 2,111.94 2,099.28 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 4,332.74 4,434.13 4,464.83 4,551.58 4,403.23 4,687.70 4,732.70 4,673.70 4,854.26 4,938.01 4,985.95 5,029.43 5,073.04 1.83 1.87 1.86 2.37 2.40 1.98 2.05 2.24 2.14 2.04 2.04 2.00 2.04 2.01 2.08 2.00 2.01 2.04 2.00 2.02 2.02 2.06 2.07 5.36 5.78 5.29 3.54 1.86 6.04 6.77 6.20 5.57 5.25 5.26 ���������������������������� ���������������������������� 5.37 ���������������������������� ���������������������������� 4.97 ���������������������������� ���������������������������� 4.80 ���������������������������� ���������������������������� ���������������������������� 11,046.04 10,996.37 11,020.06 11,084.23 10,829.84 6,762.74 6,779.67 6,801.67 6,846.81 6,689.31 12,178.09 12,105.39 12,026.78 12,089.93 11,703.23 13,206.67 13,122.09 13,150.08 13,319.33 13,095.67 17,976.72 17,893.84 17,952.64 18,013.39 17,675.97 2,104.81 2,093.52 2,102.48 2,111.89 2,068.74 5,077.25 5,049.16 5,080.07 5,125.84 4,991.92 2.06 2.09 2.08 2.05 2.11 ���������������������������� ���������������������������� ���������������������������� ���������������������������� ���������������������������� 1 Annual data are averages of monthly figures. Monthly and weekly data are averages of daily closing prices. 2 Includes all the stocks (in 2015, over 3,200) listed on the NYSE. 3 Includes 30 stocks. 4 Includes 500 stocks. 5 Includes over 2,900 stocks in 2015. 6 Standard & Poor’s series. Dividend/price ratios based on Wednesday closing prices. Earnings/price ratios based on prices at end of quarter. Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor’s, Nasdaq Stock Market, and Bloomberg. 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt In the first eight months of fiscal year 2015, the deficit was $365.2 billion, compared with a deficit of $436.4 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 ���������������������������������������������������� 2013 ���������������������������������������������������� 2014 ���������������������������������������������������� 2015 (estimates) ��������������������������������� 2016 (estimates) ��������������������������������� Cumulative total, first 8 months: 1 Fiscal year 2014 ���������������������������������� Fiscal year 2015 ���������������������������������� Outlays Chart 32 - Jan 2015 On-budget Surplus or deficit (–) Receipts Outlays Off-budget Surplus or deficit (–) Receipts Outlays Surplus or deficit (–) Gross Federal Held by the public 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 1,936.7 2,104.0 2,373.1 2,469.1 –436.4 –365.2 1,443.0 1,589.0 1,894.2 1,968.6 –451.2 –379.7 493.7 515.0 478.9 500.5 14.8 14.5 17,486.2 18,123.8 12,534.1 13,049.5 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 Federal debt (end of period) Federal Receipts by Source and Outlays by Function In the first eight months of fiscal year 2015, receipts were $167.2 billion higher than a year earlier and outlays were $96.0 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 ���������������������������������������������������� 2013 ���������������������������������������������������� 2014 ���������������������������������������������������� 2015 (estimates) ��������������������������������� 2016 (estimates) ��������������������������������� Cumulative total, first 8 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 1,936.7 2,104.0 903.0 1,014.7 164.8 182.7 694.3 719.7 174.6 187.0 2,373.1 2,469.1 408.6 395.1 390.3 375.7 30.4 33.0 260.1 309.3 349.5 359.2 384.1 369.2 560.1 585.1 169.1 159.5 211.1 258.9 Total Other Total Total Depart- Internament tional of affairs Defense, military Health Medicare Income Social Net security security interest 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. 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 first quarter of 2015, according to revised estimates, Federal current receipts rose $69.1 billion (annual rate); Federal current expenditures rose $5.5 billion. 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 CURRENT RECEIPTS 2,000 2,000 1,600 1,600 1,200 1,200 800 800 400 400 0 0 –400 –400 –800 –800 NET FEDERAL GOVERNMENT SAVING –1,200 –1,200 –1,600 –1,600 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 CALENDAR YEARS SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Chart 34 - Jun 2015 Federal Government current receipts Federal Government current expenditures Current tax receipts Period Calendar year: 2005 ������������� 2006 ������������� 2007 ������������� 2008 ������������� 2009 ������������� 2010 ������������� 2011 ������������� 2012 ������������� 2013 ������������� 2014 ������������� 2012: I ��������������� II �������������� III ������������� IV ������������� 2013: I ��������������� II �������������� III ������������� IV ������������� 2014: I ��������������� II �������������� III ������������� IV ������������� 2015: I r ������������� Total 2,298.1 2,531.7 2,660.8 2,503.7 2,227.8 2,391.7 2,519.5 2,684.1 3,113.0 3,302.6 2,664.0 2,684.0 2,657.4 2,730.9 2,974.9 3,226.0 3,043.9 3,207.1 3,242.6 3,276.9 3,342.2 3,348.8 3,417.9 Total 1 1,384.5 1,558.5 1,637.1 1,448.1 1,163.7 1,305.0 1,501.3 1,651.6 1,811.8 2,025.6 1,626.2 1,653.6 1,633.5 1,693.1 1,777.8 1,789.2 1,814.5 1,865.6 1,962.7 2,020.8 2,044.3 2,074.3 2,148.4 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 1,375.2 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 1,383.6 1,420.8 1,467.2 99.4 99.2 94.6 94.0 91.4 96.8 108.6 115.0 120.9 134.1 115.0 115.0 114.3 116.0 119.2 120.0 120.9 123.5 132.0 133.4 135.0 136.0 135.5 341.0 395.0 362.8 233.7 200.4 298.7 299.4 369.5 384.9 497.3 369.2 388.0 356.2 364.7 386.5 371.8 378.2 403.2 470.0 513.5 506.4 499.4 524.6 853.4 905.7 947.2 974.4 950.8 970.9 904.0 938.1 1,092.3 1,150.1 930.7 931.6 933.9 956.0 1,078.4 1,089.8 1,095.6 1,105.2 1,134.5 1,142.1 1,154.2 1,169.7 1,184.0 Current transfer receipts 27.3 29.0 33.4 33.9 48.5 54.6 56.4 53.6 164.7 78.1 54.4 53.2 53.3 53.6 73.7 299.5 93.6 192.2 106.8 78.6 61.1 65.8 49.2 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. 3 Includes Federal grants-in-aid to State and local governments, not shown separately. Source: Department of Commerce (Bureau of Economic Analysis). 34 32.0 36.8 41.0 46.5 64.0 64.4 65.0 49.9 59.5 68.5 59.9 53.7 46.1 40.0 58.1 62.7 56.3 61.0 55.5 54.6 104.2 59.8 56.1 Current surplus of government enterprises 0.9 1.8 2.0 .8 .8 –3.1 –7.1 –9.1 –15.3 –19.7 –7.2 –8.1 –9.4 –11.9 –13.0 –15.2 –16.0 –16.9 –16.9 –19.3 –21.7 –20.8 –19.7 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 3,883.1 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 3,900.9 3,906.4 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 1,003.6 963.0 965.2 1,003.2 998.7 1,024.9 987.6 970.2 965.2 965.7 951.1 957.1 955.5 987.7 960.6 962.3 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 2,419.7 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 2,463.4 2,518.6 344.4 372.3 408.2 388.0 353.6 380.6 425.7 423.8 417.4 441.3 410.0 453.3 394.1 437.6 389.0 441.3 425.8 413.5 421.1 475.9 447.9 420.5 368.8 60.5 51.1 47.5 49.6 56.9 54.3 59.5 57.6 59.7 56.9 57.4 57.5 56.3 59.0 59.6 60.7 60.1 58.4 57.2 57.0 56.9 56.5 56.7 Net Federal Government saving –304.7 –227.0 –265.6 –634.0 –1,248.8 –1,328.7 –1,244.1 –1,079.1 –649.1 –580.5 –1,073.2 –1,098.0 –1,102.2 –1,043.1 –746.1 –561.2 –749.8 –539.4 –560.1 –598.6 –611.0 –552.2 –488.5 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 96.3 97.3 215.303 197.3 120.3 184.0 2009 ��������������� 85.7 86.5 75.6 83.5 83.6 78.4 88.8 214.537 197.9 118.7 184.1 2010 r ������������� 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 99.5 84.9 90.8 224.939 207.2 117.5 190.9 2012 ��������������� 97.1 95.7 85.2 87.3 99.1 79.6 88.3 229.594 210.4 117.5 194.6 2013 ��������������� 99.9 97.1 84.7 86.9 99.3 77.2 87.8 232.957 212.4 117.9 196.3 2014 r ������������� 104.1 101.0 86.5 86.0 100.6 76.8 89.3 236.736 216.4 121.2 197.3 r 2014: Apr ���� 103.2 100.4 86.6 86.6 100.7 77.3 89.6 237.072 216.5 121.5 197.8 May r ��� 103.7 101.0 86.9 84.7 99.8 76.3 89.1 237.900 217.5 122.0 197.8 June r �� 104.1 101.7 85.2 86.1 100.1 77.0 89.1 238.343 217.7 121.9 197.8 July r ��� 104.5 101.4 85.1 86.4 101.6 76.5 89.3 238.250 217.3 121.9 197.1 r Aug ���� 104.5 100.4 84.4 86.2 98.6 76.7 89.1 237.852 217.3 122.2 198.0 r Sept ��� 105.2 101.8 85.6 86.2 100.4 76.2 89.8 238.031 217.5 122.5 197.2 Oct r ����� 105.1 102.3 86.0 85.4 100.7 76.3 89.7 237.433 217.7 122.1 197.3 Nov r ���� 106.3 101.5 85.5 85.4 100.8 76.5 89.8 236.151 216.8 121.6 197.0 r Dec ���� 106.3 102.0 85.6 86.5 101.8 76.9 89.7 234.812 215.3 121.8 197.1 2015: Jan r ���� 105.9 101.6 89.1 86.8 101.5 76.4 89.7 233.707 214.9 121.5 195.1 Feb r ���� 105.8 100.8 86.3 87.3 101.6 76.8 89.8 234.722 216.8 121.3 196.4 r Mar ��� 105.8 99.8 85.6 87.3 101.2 77.3 90.3 236.119 218.4 121.8 197.7 r Apr ���� 105.3 98.6 86.7 86.5 102.0 77.0 90.7 236.599 218.2 122.2 198.0 May p �� 105.1 ��������������� 84.8 ��������������� ��������������� ��������������� ��������������� 237.805 219.4 122.6 198.4 June p �� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 153.7 156.2 159.7 163.9 164.5 166.3 169.7 173.1 175.7 177.3 177.1 176.9 177.4 177.9 177.9 177.9 177.4 177.4 177.4 175.6 177.1 177.9 177.9 178.1 177.9 Italy United Kingdom 260.6 225.6 266.1 232.8 270.9 242.7 280.0 252.4 282.2 251.1 286.5 262.7 294.5 276.3 303.4 285.2 307.1 293.9 307.9 300.8 308.4 300.4 308.1 300.7 308.4 301.1 308.1 300.8 308.7 301.9 307.5 302.7 307.8 302.8 307.2 302.1 307.2 302.5 306.1 300.1 307.2 301.6 307.5 302.1 308.1 303.1 308.4 303.7 308.7 ����������������� 1 Data relate to all urban consumers. Note: See Note, p. 17, for information on U.S. industrial production series. Sources: As reported by each country, Board of Governors of the Federal Reserve System, and Department of Labor (Bureau of Labor Statistics). 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 ��������������� 2014: Apr ������ May ����� June ���� July ����� Aug ����� Sept ���� Oct ������ Nov ����� Dec ������ 2015: Jan ������ Feb ������ Mar ����� Apr p ���� BOP basis 913.0 1,040.9 1,165.2 1,308.8 1,070.3 1,290.3 1,499.2 1,562.6 1,592.0 1,632.6 135.6 137.3 136.3 138.4 138.2 136.4 138.1 136.5 134.5 129.3 126.3 127.1 129.0 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 1,545.8 1,578.4 1,620.5 134.4 136.0 135.1 137.2 137.4 135.7 137.2 135.5 134.1 128.5 125.6 126.1 128.2 59.0 66.0 84.3 108.3 93.9 107.7 126.2 133.0 136.2 143.8 12.2 12.3 11.9 11.6 10.9 12.1 12.0 12.1 11.9 11.0 10.8 11.0 10.8 233.0 276.0 316.4 388.0 296.5 391.7 501.1 501.2 508.1 505.1 41.9 42.3 42.2 43.1 44.0 42.3 41.9 42.3 39.5 37.6 36.3 36.3 36.9 98.4 107.3 121.3 121.5 81.7 112.0 133.0 146.2 152.7 159.7 12.9 13.5 13.5 14.8 13.4 13.5 13.6 13.2 13.6 12.8 11.8 12.4 12.5 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 358.4 404.0 433.0 457.7 391.2 447.5 494.0 527.2 534.2 551.1 45.9 45.7 45.6 46.1 46.9 46.0 47.7 45.7 46.4 45.9 44.4 45.3 47.3 Services (BOP basis) Goods: Imports (customs value) 115.3 129.1 146.0 161.3 149.5 165.2 175.3 181.7 189.1 198.9 16.4 16.7 16.9 16.5 16.9 16.6 17.0 16.6 16.7 16.7 17.8 16.1 16.0 BOP basis 1,695.8 1,878.2 1,986.3 2,141.3 1,580.0 1,939.0 2,239.9 2,303.7 2,294.6 2,374.1 199.9 199.4 198.0 198.6 199.0 198.4 200.0 195.8 199.3 191.3 183.3 197.1 189.7 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 2,268.4 2,347.7 197.7 197.3 195.8 196.4 196.9 196.3 197.9 193.7 197.1 189.6 181.6 195.4 187.9 68.1 74.9 81.7 89.0 81.6 91.7 107.5 110.3 115.1 125.8 10.7 10.6 10.8 10.7 10.5 10.6 10.8 10.5 10.6 10.7 10.5 11.0 10.9 523.8 602.0 634.7 779.5 462.4 603.1 755.8 730.6 681.6 666.8 57.3 55.5 55.5 55.7 55.7 54.6 54.8 51.0 53.5 46.7 42.6 42.2 41.6 BOP basis Auto- Consumer Capital motive vegoods Exports goods hicles, except parts (nonfood) autoexcept motive and enautogines motive 379.3 418.3 444.5 453.7 370.5 449.4 510.8 548.7 554.6 591.1 48.6 49.6 49.5 49.3 50.7 50.1 50.6 50.4 50.2 50.4 48.7 52.1 51.5 239.4 256.6 256.7 231.2 157.7 225.1 254.6 297.8 308.8 327.7 27.0 28.3 27.5 28.5 27.5 27.2 28.0 27.5 28.2 28.1 26.6 29.0 28.6 407.2 442.6 474.6 481.6 427.3 483.2 514.1 516.9 532.8 557.8 47.1 46.8 46.0 45.5 46.0 47.2 47.3 47.9 47.8 47.2 46.3 53.8 49.0 373.0 416.7 488.4 532.8 512.7 563.3 627.8 656.4 687.9 710.6 59.5 60.0 59.3 58.5 59.1 58.7 59.7 59.7 60.4 60.2 60.4 60.9 60.9 Imports Goods, Census basis Goods Services Goods and services 304.4 341.2 372.6 409.1 386.8 409.3 435.8 452.0 463.7 477.4 39.4 39.9 40.0 39.7 39.6 39.8 40.5 40.4 41.3 40.7 40.7 41.5 41.1 –772.4 –828.0 –808.8 –816.2 –503.6 –635.4 –725.4 –730.4 –689.9 –727.2 –63.2 –61.2 –60.6 –59.3 –59.4 –60.6 –60.7 –58.2 –63.1 –61.1 –55.9 –69.3 –59.6 68.6 75.6 115.8 123.8 125.9 154.0 192.0 204.4 224.2 233.1 20.1 20.0 19.3 18.8 19.5 18.9 19.2 19.3 19.2 19.5 19.8 19.4 19.8 –714.2 –761.7 –705.4 –708.7 –383.8 –494.7 –548.6 –536.8 –478.4 –508.3 –44.3 –42.1 –42.4 –41.4 –41.3 –43.2 –42.8 –40.0 –45.5 –42.4 –37.2 –50.6 –40.9 –782.8 –837.3 –821.2 –832.5 –509.7 –648.7 –740.6 –741.2 –702.6 –741.5 –64.3 –62.1 –61.7 –60.2 –60.8 –62.1 –61.9 –59.3 –64.7 –62.0 –57.0 –70.0 –60.7 1 Total includes ‘‘other’’ exports or imports, not shown separately. 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. Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis). 35 U.S. International Transactions In the first quarter of 2015, the current account deficit rose to $113.3 billion from $103.1 billion in the fourth quarter of 2014. The goods and services deficit rose to $130.3 billion in the first quarter from $128.3 billion in the fourth quarter. BILLIONS OF DOLLARS 80 BILLIONS OF DOLLARS 80 SEASONALLY ADJUSTED 60 60 40 40 BALANCE ON PRIMARY INCOME 20 20 0 0 –20 –20 –40 –40 BALANCE ON SECONDARY INCOME –60 –60 BALANCE ON CURRENT ACCOUNT –80 –80 –100 –100 –120 –120 –140 –140 BALANCE ON GOODS AND SERVICES –160 –160 –180 –180 –200 –200 –220 –220 –240 –240 2007 2006 2009 2008 2010 2011 2012 2013 SOURCE: DEPARTMENT OF COMMERCE 2014 2015 COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted] Chart 36 - Jun 2015 Current Account 1 Goods 2 Period 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 r ������������������ 2009 r ������������������ 2010 r ������������������ 2011 r ������������������ 2012 r ������������������ 2013 r ������������������ 2014 r ������������������ 2012: I r �������������� II r ������������� III r ������������ IV r ������������ 2013: I r �������������� II r ������������� III r ������������ IV r ������������ 2014: I r �������������� II r ������������� III r ������������ IV r ������������ 2015: I p �������������� Services Exports Imports Balance on goods 913,016 1,040,905 1,165,151 1,308,795 1,070,331 1,290,273 1,499,240 1,562,578 1,592,043 1,632,639 388,086 391,877 392,367 390,248 393,405 394,698 397,058 406,883 401,429 409,152 412,933 409,126 382,715 1,695,820 1,878,194 1,986,347 2,141,287 1,580,025 1,938,950 2,239,886 2,303,749 2,294,630 2,374,101 582,062 579,060 570,324 572,303 571,802 570,862 575,470 576,496 585,739 597,265 596,009 595,089 571,705 –782,804 –837,289 –821,196 –832,492 –509,694 –648,678 –740,646 –741,171 –702,587 –741,462 –193,976 –187,183 –177,957 –182,055 –178,396 –176,165 –178,413 –169,614 –184,310 –188,113 –183,076 –185,963 –188,990 Exports 373,006 416,738 488,396 532,817 512,722 563,333 627,781 656,411 687,894 710,565 160,942 163,509 163,881 168,078 170,358 170,449 172,358 174,729 175,704 178,721 176,331 179,810 181,546 Imports 304,448 341,165 372,575 409,052 386,801 409,313 435,761 452,013 463,700 477,428 111,737 113,011 113,465 113,800 113,828 115,540 116,100 118,232 116,812 119,320 119,126 122,170 122,816 Balance on services 68,558 75,573 115,821 123,765 125,920 154,020 192,020 204,398 224,193 233,138 49,205 50,498 50,416 54,278 56,530 54,908 56,259 56,496 58,892 59,401 57,205 57,640 58,730 Balance on goods and services –714,245 –761,716 –705,375 –708,726 –383,774 –494,658 –548,625 –536,773 –478,394 –508,324 –144,771 –136,685 –127,540 –127,777 –121,867 –121,256 –122,154 –113,117 –125,418 –128,712 –125,871 –128,323 –130,261 Primary income receipts and payments Receipts 543,982 693,089 844,033 823,707 614,379 684,915 759,727 769,479 794,763 823,353 194,414 188,595 193,202 193,269 193,362 198,575 200,477 202,349 202,235 204,850 209,715 206,554 196,561 Payments 476,349 649,752 743,429 677,561 490,794 507,254 538,766 557,301 570,220 585,369 137,851 137,076 140,340 142,034 144,609 143,273 140,954 141,383 143,941 146,915 147,985 146,529 145,807 Balance on primary income 67,632 43,337 100,604 146,146 123,584 177,661 220,961 212,178 224,543 237,984 56,562 51,519 52,862 51,235 48,753 55,302 59,523 60,965 58,294 57,935 61,730 60,025 50,754 Balance on secondary Income 3 –98,822 –88,347 –113,872 –128,209 –123,833 –124,964 –132,690 –125,075 –122,910 –119,185 –33,328 –32,798 –30,749 –28,200 –29,605 –31,660 –32,163 –29,482 –29,319 –21,263 –33,764 –34,840 –33,830 Balance on current account –745,434 –806,726 –718,643 –690,789 –384,023 –441,961 –460,354 –449,670 –376,760 –389,526 –121,536 –117,964 –105,427 –104,742 –102,719 –97,615 –94,794 –81,633 –96,443 –92,039 –97,905 –103,138 –113,337 Current account balance as a percentage of GDP –5.7 –5.8 –5.0 –4.7 –2.7 –3.0 –3.0 –2.8 –2.2 –2.2 –3.0 –2.9 –2.6 –2.6 –2.5 –2.3 –2.2 –1.9 –2.3 –2.1 –2.2 –2.3 –2.6 1 Current and capital account statistics in the international transactions accounts differ slightly from statistics in the National Income and Product Accounts (NIPAs) because of adjustments made to convert the international statistics to national accounting concepts. A reconciliation can be found in NIPA table 4.3B. 2 Adjusted from Census data to align with concepts and definitions used to prepare the international and national economic accounts. The adjustments are necessary to supplement coverage of Census data, to eliminate duplication of transactions recorded elsewhere in the international accounts, to value transactions according to a standard definition, and for earlier years, to record 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 $47.9 billion in the first quarter of 2015, resulting from a net increase in U.S. financial assets of $325.1 billion plus a net decrease in transactions in financial derivatives of $40.1 billion, less a net increase in U.S. liabilities of $332.8 billion. U.S. net borrowing was up slightly from $47.8 billion in the fourth quarter. BILLIONS OF DOLLARS 900 BILLIONS OF DOLLARS 900 SEASONALLY ADJUSTED 800 800 700 700 CHANGE IN U.S. LIABILITIES 600 600 500 500 400 400 300 300 200 200 100 100 0 0 –100 –100 CHANGE IN U.S. ASSETS ABROAD1 –200 –200 –300 –300 –400 –400 –500 –500 2007 2006 2008 2009 2010 2011 2012 2013 2014 2015 1 INCLUDES FINANCIAL DERIVATIVES, NET, BEGINNING 2006. SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted] Chart 37 - Jun 2015 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 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 r ������������������ 2009 r ������������������ 2010 r ������������������ 2011 r ������������������ 2012 r ������������������ 2013 r ������������������ 2014 r ������������������ 2012: I r �������������� II r ������������� III r ������������ IV r ������������ 2013: I r �������������� II r ������������� III r ������������ IV r ������������ 2014: I r �������������� II r ������������� III r ������������ IV r ������������ 2015: I p �������������� 13,116 572,317 –1,788 1,336,866 384 1,572,509 6,010 –309,468 –140 132,204 –157 963,449 –1,186 496,320 6,904 167,398 –412 643,915 –45 792,145 –53 –77,986 –241 –179,418 –470 289,527 7,668 135,275 –40 212,645 –227 202,007 –146 22,561 0 206,703 –43 151,706 –2 239,149 –1 359,601 0 41,690 0 325,128 Direct investment assets Portfolio investment assets Other investment assets 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 –45,327 377,899 238,763 –453,724 399,203 476,237 –228,426 357,190 538,058 –99,520 109,231 1,128 –189,578 86,803 52,803 –322,313 84,727 128,058 75,909 97,137 56,774 –17,742 73,344 152,958 –14,532 132,629 166,159 –96,590 95,717 13,088 –85,243 97,514 144,031 –32,060 55,050 98,981 –1,369 90,293 195,068 –46,986 99,300 162,884 98,306 112,547 81,125 –149,471 75,635 230,179 23,473 Net U.S. incurrence of liabilities excluding financial derivatives [net increase in liabilities / financial inflow (+)] Reserve assets 4 Total –14,094 –2,373 122 4,848 52,256 1,835 15,877 4,460 –3,099 –3,583 1,233 3,289 833 –895 875 –191 –1,001 –2,782 –956 773 –889 –2,511 –4,159 1,273,038 2,116,304 2,183,538 454,051 318,350 1,386,345 977,073 615,711 1,041,959 977,421 188,915 –142,014 296,156 272,654 254,145 226,354 165,377 396,083 271,921 283,271 364,518 57,712 332,837 Direct investment liabilities Portfolio investment liabilities 138,328 832,037 294,289 1,126,735 340,066 1,156,612 332,734 523,683 153,787 357,352 259,345 820,434 257,411 311,626 232,001 746,988 287,163 501,975 131,831 705,030 45,861 249,729 75,366 7,969 42,766 222,639 68,008 266,650 35,783 147,451 93,715 –15,951 68,674 201,780 88,992 168,695 –105,425 242,627 78,405 88,549 106,473 240,879 52,378 132,976 186,182 100,816 Other investment liabilities Financial derivatives other than reserves, net transactions 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 –363,278 7,064 252,821 2,213 140,559 –54,372 –106,675 7,339 –225,349 –2,419 30,750 5,129 –62,004 –2,985 70,911 –3,948 148,591 –3,302 –105,077 6,569 138,396 2,894 134,719 6,147 116,317 –4,513 17,166 –24,269 –127,642 –31,737 45,839 –40,149 Net lending (+) or net borrowing (–) from financial account transactions 5 –700,721 –809,148 –617,251 –730,572 –230,962 –436,972 –515,759 –441,249 –395,831 –239,648 –259,562 –39,823 –1,500 –140,364 –45,448 –27,649 –136,247 –186,486 –114,068 –48,635 –29,186 –47,759 –47,858 U.S. official reserve assets, Statistical net discrep(unadancy justed, end of period) 4 31,597 –634 101,008 –45,793 153,201 5,146 –54,219 1,516 –18,658 149,923 –137,973 78,382 104,398 –43,290 57,311 70,192 –41,308 –104,853 –17,582 43,406 68,720 55,379 65,480 65,127 65,895 70,565 77,648 130,760 132,433 147,953 150,175 144,575 130,090 149,078 149,830 153,075 150,175 146,329 145,703 147,747 144,575 144,284 145,176 137,054 130,090 119,270 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. Note: Data reflect annual revisions released on June 18, 2015. 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 95-154