Full text of Economic Indicators : March 2015
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114th Congress, 1st Session Economic Indicators MARCH 2015 (Includes data available as of April 3, 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 Eric 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 fourth quarter of 2014, according to revised estimates, current dollar gross domestic product (GDP) rose 2.4 percent (annual rate), real GDP in chained (2009) dollars rose 2.2 percent, and the chained price index rose 0.1 percent. BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE) 18,000 18,000 SEASONALLY ADJUSTED ANNUAL RATES 17,600 17,600 17,200 17,200 16,800 16,800 16,400 16,400 16,000 16,000 GDP IN CURRENT DOLLARS 15,600 15,600 15,200 15,200 14,800 14,800 GDP IN CHAINED (2009) DOLLARS 14,400 14,400 14,000 14,000 13,600 13,600 13,200 13,200 12,800 12,800 12,400 12,400 2005 2006 2007 2008 2009 2010 2011 2012 SOURCE: DEPARTMENT OF COMMERCE 2013 2014 COUNCIL OF ECONOMIC ADVISERS [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 r ������������������ 2011: I ���������������� II ��������������� III �������������� IV �������������� 2012: I ���������������� II ��������������� III �������������� IV �������������� 2013: I ���������������� II ��������������� III �������������� IV �������������� 2014: I ���������������� II ��������������� III �������������� IV 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 15,238.4 15,460.9 15,587.1 15,785.3 15,956.5 16,094.7 16,268.9 16,332.5 16,502.4 16,619.2 16,872.3 17,078.3 17,044.0 17,328.2 17,599.8 17,703.7 Personal consumption expenditures Gross private domestic investment 8,794.1 9,304.0 9,750.5 10,013.6 9,847.0 10,202.2 10,689.3 11,083.1 11,484.3 11,930.3 10,523.5 10,651.4 10,754.5 10,827.9 10,959.7 11,030.6 11,119.8 11,222.6 11,351.1 11,414.3 11,518.7 11,653.3 11,728.5 11,870.7 12,002.0 12,120.2 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 2,123.5 2,212.7 2,228.2 2,395.2 2,445.4 2,489.3 2,500.4 2,481.5 2,543.3 2,594.6 2,708.9 2,745.2 2,714.4 2,843.6 2,905.1 2,943.3 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 –562.5 –586.9 –572.4 –598.1 –614.8 –588.5 –541.7 –528.2 –528.0 –532.0 –509.9 –462.9 –538.0 –549.2 –516.5 –549.2 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 2,033.3 2,108.3 2,142.9 2,141.0 2,162.4 2,192.5 2,203.2 2,218.5 2,219.4 2,236.4 2,268.4 2,324.6 2,284.7 2,344.3 2,366.5 2,352.3 1 GDP less exports of goods and services plus imports of goods and services. Imports 2,030.1 2,247.3 2,383.2 2,565.0 1,983.2 2,365.0 2,686.4 2,762.5 2,770.4 2,875.2 2,595.8 2,695.3 2,715.3 2,739.1 2,777.1 2,781.1 2,745.0 2,746.7 2,747.4 2,768.4 2,778.3 2,787.5 2,822.7 2,893.5 2,883.0 2,901.5 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 3,153.8 3,183.8 3,176.8 3,160.4 3,166.2 3,163.3 3,190.5 3,156.6 3,135.9 3,142.4 3,154.7 3,142.7 3,139.1 3,163.1 3,209.3 3,189.3 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 1,298.1 1,314.9 1,305.9 1,294.9 1,291.4 1,290.0 1,314.3 1,269.9 1,241.9 1,234.1 1,233.9 1,216.2 1,208.1 1,210.5 1,241.3 1,216.7 National defense Nondefense 608.3 642.4 678.7 754.1 788.3 832.8 836.9 818.0 769.9 761.5 823.4 844.9 851.5 828.0 818.6 817.1 840.9 795.4 775.1 772.2 774.9 757.5 749.9 754.6 784.0 757.5 338.1 359.6 371.0 401.5 429.4 471.1 466.5 473.4 461.6 457.6 474.7 470.0 454.5 466.9 472.8 472.9 473.4 474.4 466.8 461.9 459.0 458.7 458.2 455.9 457.3 459.2 Chart 1 - Mar 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 1,855.8 1,869.0 1,870.9 1,865.5 1,874.8 1,873.3 1,876.2 1,886.8 1,894.0 1,908.3 1,920.7 1,926.5 1,931.0 1,952.6 1,968.0 1,972.6 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 15,212.1 15,397.9 15,602.0 15,692.7 15,875.4 16,002.5 16,193.2 16,322.1 16,458.2 16,568.4 16,761.6 16,987.8 17,003.9 17,228.0 17,505.3 17,610.3 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 15,800.8 16,047.9 16,159.5 16,383.5 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 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 15,466.5 15,692.0 15,842.6 16,057.1 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 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 r ������������������ 2011: I ���������������� II ��������������� III �������������� IV �������������� 2012: I ���������������� II ��������������� III �������������� IV �������������� 2013: I ���������������� II ��������������� III �������������� IV �������������� 2014: I ���������������� II ��������������� III �������������� IV 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 14,881.3 14,989.6 15,021.1 15,190.3 15,275.0 15,336.7 15,431.3 15,433.7 15,538.4 15,606.6 15,779.9 15,916.2 15,831.7 16,010.4 16,205.6 16,294.7 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 10,217.1 10,237.7 10,282.2 10,316.8 10,387.6 10,420.2 10,470.4 10,520.6 10,613.7 10,660.4 10,713.3 10,811.4 10,844.3 10,912.6 10,999.5 11,119.6 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 1,724.1 1,761.0 1,840.8 1,883.1 1,910.1 1,930.6 1,934.5 1,951.9 1,959.0 1,966.8 1,993.3 2,043.3 2,051.5 2,099.6 2,144.8 2,169.8 872.6 806.6 654.8 497.7 392.2 382.4 384.5 436.5 488.4 496.2 374.4 379.3 386.8 397.6 420.8 425.3 439.5 460.3 469.0 489.8 503.0 491.9 485.3 495.6 499.6 504.3 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports Exports Imports Total –782.3 –794.3 –712.6 –557.8 –395.4 –458.8 –459.4 –452.5 –420.4 –452.6 –466.2 –455.2 –454.3 –461.7 –465.7 –466.7 –453.0 –424.5 –427.2 –446.0 –424.6 –384.0 –447.2 –460.4 –431.4 –471.4 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 1,862.3 1,890.7 1,910.6 1,929.7 1,936.0 1,958.9 1,969.1 1,976.5 1,972.3 2,002.8 2,027.7 2,076.5 2,026.9 2,080.7 2,104.0 2,127.1 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 2,328.5 2,345.9 2,364.9 2,391.3 2,401.7 2,425.5 2,422.1 2,401.0 2,399.5 2,448.8 2,452.3 2,460.5 2,474.1 2,541.1 2,535.3 2,598.5 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 3,012.2 3,009.0 2,990.0 2,978.3 2,957.8 2,954.9 2,974.4 2,928.7 2,899.8 2,901.2 2,902.4 2,874.5 2,868.5 2,880.6 2,911.9 2,897.9 64.3 71.6 35.5 –33.7 –147.6 58.2 37.6 57.0 63.5 70.6 25.1 57.5 –13.0 80.8 70.9 78.9 71.2 7.2 33.4 43.4 95.6 81.8 35.2 84.8 82.2 80.0 1 GDP less exports of goods and services plus imports of goods and services. National Nondefense defense Total 1,034.8 1,060.9 1,078.7 1,152.3 1,217.7 1,270.7 1,236.4 1,214.4 1,145.3 1,123.5 1,241.2 1,246.0 1,233.3 1,225.2 1,216.0 1,213.1 1,235.4 1,193.0 1,162.5 1,152.2 1,148.7 1,117.8 1,117.4 1,114.9 1,141.6 1,120.1 665.5 678.8 695.6 748.1 788.3 813.5 795.0 768.7 717.7 702.4 788.4 801.3 805.1 785.3 770.4 767.9 789.8 746.7 725.5 721.8 722.6 701.0 693.9 695.4 721.7 698.7 369.4 382.1 383.1 404.2 429.4 457.1 441.4 445.7 427.5 421.0 452.7 444.7 428.2 439.9 445.6 445.2 445.6 446.3 436.9 430.4 426.1 416.7 423.4 419.4 419.8 421.3 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 1,771.1 1,763.0 1,756.8 1,753.1 1,741.7 1,741.7 1,739.2 1,735.5 1,736.8 1,748.3 1,753.0 1,755.7 1,750.2 1,764.7 1,769.5 1,776.6 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 14,855.3 14,924.5 15,035.1 15,101.0 15,195.6 15,248.2 15,350.9 15,422.6 15,499.6 15,555.5 15,671.0 15,820.7 15,782.6 15,905.9 16,102.8 16,196.2 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 15,351.6 15,448.3 15,479.5 15,656.1 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 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 15,086.5 15,195.1 15,249.1 15,433.2 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 Source: Department of Commerce (Bureau of Economic Analysis). Note: Because of the formula used for calculating real GDP, the chained (2009) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Chained Price Indexes For Gross Domestic Product [Index numbers, 2009=100; quarterly data are seasonally adjusted] Period 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 r ������������������ 2011: I ���������������� II ��������������� III �������������� IV �������������� 2012: I ���������������� II ��������������� III �������������� IV �������������� 2013: I ���������������� II ��������������� III �������������� IV �������������� 2014: I ���������������� II ��������������� III �������������� IV r ������������ Gross domestic product 91.985 94.812 97.340 99.218 100.000 101.226 103.315 105.174 106.739 108.320 102.409 103.170 103.770 103.913 104.461 104.937 105.475 105.821 106.172 106.495 106.943 107.347 107.694 108.261 108.643 108.681 Personal consumption expenditures Total 92.261 94.729 97.102 100.065 100.000 101.653 104.149 106.062 107.333 108.764 103.002 104.043 104.595 104.956 105.510 105.860 106.204 106.675 106.951 107.074 107.520 107.789 108.156 108.782 109.116 109.001 Goods 96.951 98.277 99.403 102.362 100.000 101.637 105.413 106.712 106.211 105.808 103.795 105.584 106.095 106.178 106.661 106.543 106.683 106.960 106.638 105.986 106.301 105.917 105.769 106.240 106.278 104.946 Gross private domestic investment Services 89.933 92.976 95.981 98.947 100.000 101.661 103.524 105.745 107.919 110.294 102.610 103.280 103.853 104.353 104.941 105.526 105.973 106.541 107.122 107.641 108.154 108.759 109.390 110.097 110.584 111.105 Nonresidential fixed 93.830 96.561 98.574 100.337 100.000 99.070 100.545 102.082 103.186 104.448 99.909 100.445 100.761 101.065 101.680 101.984 102.263 102.402 102.620 103.058 103.364 103.701 104.059 104.370 104.643 104.719 Residential fixed 98.103 103.821 105.176 103.647 100.000 99.645 100.395 101.342 106.448 112.688 100.112 100.472 100.482 100.512 100.360 100.745 101.618 102.644 104.271 105.571 106.982 108.968 111.244 111.450 113.400 114.657 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Exports 94.717 97.979 101.107 105.809 100.000 104.263 110.960 111.940 112.001 112.109 109.204 111.523 112.162 110.953 111.696 111.931 111.889 112.244 112.528 111.663 111.868 111.945 112.716 112.665 112.473 110.583 Imports 93.802 97.663 101.024 111.588 100.000 105.800 113.942 114.501 113.529 113.327 111.485 114.902 114.826 114.553 115.633 114.656 113.323 114.393 114.496 113.048 113.287 113.286 114.082 113.862 113.709 111.655 Total 91.449 94.448 97.319 100.286 100.000 102.614 105.422 106.341 107.530 108.499 104.585 105.524 105.890 105.688 106.197 106.338 106.388 106.440 106.828 107.093 107.406 108.791 108.105 108.563 108.721 108.606 National defense 91.395 94.633 97.572 100.809 100.000 102.365 105.274 106.415 107.275 108.407 104.443 105.444 105.763 105.446 106.262 106.406 106.474 106.518 106.829 106.983 107.238 108.052 108.067 108.514 108.633 108.412 Source: Department of Commerce (Bureau of Economic Analysis). 2 Nondefense 91.529 94.101 96.849 99.321 100.000 103.064 105.691 106.218 107.966 108.684 104.847 105.673 106.120 106.125 106.092 106.226 106.244 106.312 106.833 107.286 107.699 110.047 108.199 108.675 108.899 108.962 State and local 86.333 90.677 95.426 100.279 100.000 102.714 105.923 107.947 109.377 110.809 104.778 106.006 106.496 106.413 107.641 107.556 107.876 108.715 109.052 109.154 109.572 109.729 110.332 110.653 111.216 111.037 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 r �������������������� 2011: I ������������������ II ����������������� III ���������������� IV ���������������� 2012: I ������������������ II ����������������� III ���������������� IV ���������������� 2013: I ������������������ II ����������������� III ���������������� IV ���������������� 2014: I ������������������ II ����������������� III ���������������� IV r �������������� Real GDP GDP (chain-type chain-type quantity price index) index 98.720 101.353 103.156 102.855 100.000 102.532 104.174 106.592 108.957 111.560 103.208 103.959 104.178 105.351 105.939 106.367 107.023 107.039 107.766 108.238 109.440 110.386 109.799 111.039 112.393 113.011 GDP implicit price deflator 91.985 94.812 97.340 99.218 100.000 101.226 103.315 105.174 106.739 108.320 102.409 103.170 103.770 103.913 104.461 104.937 105.475 105.821 106.172 106.495 106.943 107.347 107.694 108.261 108.643 108.681 PCE PCE less food (chain-type and price index) priceenergy index 91.988 94.814 97.337 99.246 100.000 101.221 103.311 105.166 106.733 108.289 102.399 103.145 103.768 103.917 104.461 104.942 105.428 105.824 106.204 106.488 106.923 107.301 107.658 108.231 108.603 108.647 92.261 94.729 97.102 100.065 100.000 101.653 104.149 106.062 107.333 108.764 103.002 104.043 104.595 104.956 105.510 105.860 106.204 106.675 106.951 107.074 107.520 107.789 108.156 108.782 109.116 109.001 92.711 94.786 96.832 98.827 100.000 101.286 102.800 104.678 106.084 107.575 101.974 102.593 103.110 103.522 104.063 104.546 104.871 105.230 105.606 105.875 106.252 106.603 106.922 107.447 107.821 108.111 Personal consumption expenditures (PCE) Gross domestic product (GDP) Gross domestic purchases price index 91.851 94.783 97.372 100.244 100.000 101.527 103.970 105.738 107.105 108.599 102.936 103.906 104.395 104.641 105.249 105.533 105.858 106.313 106.634 106.837 107.284 107.667 108.030 108.553 108.925 108.886 1 Quarterly percent changes are at annual rates. GDP (current dollars) 6.7 5.8 4.5 1.7 –2.0 3.8 3.7 4.2 3.7 3.9 .2 6.0 3.3 5.2 4.4 3.5 4.4 1.6 4.2 2.9 6.2 5.0 –.8 6.8 6.4 2.4 Real GDP GDP (chain-type chain-type quantity price index) index 3.3 2.7 1.8 –.3 –2.8 2.5 1.6 2.3 2.2 2.4 –1.5 2.9 .8 4.6 2.3 1.6 2.5 .1 2.7 1.8 4.5 3.5 –2.1 4.6 5.0 2.2 GDP implicit price deflator 3.2 3.1 2.7 1.9 .8 1.2 2.1 1.8 1.5 1.5 1.8 3.0 2.3 .6 2.1 1.8 2.1 1.3 1.3 1.2 1.7 1.5 1.3 2.1 1.4 .1 Gross domestic PCE purchases PCE food price index (chain-type lessenergy price index) and price index 3.2 3.1 2.7 2.0 .8 1.2 2.1 1.8 1.5 1.5 1.8 2.9 2.4 .6 2.1 1.9 1.9 1.5 1.4 1.1 1.6 1.4 1.3 2.1 1.4 .2 2.9 2.7 2.5 3.1 –.1 1.7 2.5 1.8 1.2 1.3 3.0 4.1 2.1 1.4 2.1 1.3 1.3 1.8 1.0 .5 1.7 1.0 1.4 2.3 1.2 –.4 2.2 2.2 2.2 2.1 1.2 1.3 1.5 1.8 1.3 1.4 1.4 2.5 2.0 1.6 2.1 1.9 1.2 1.4 1.4 1.0 1.4 1.3 1.2 2.0 1.4 1.1 3.5 3.2 2.7 2.9 –.2 1.5 2.4 1.7 1.3 1.4 3.0 3.8 1.9 .9 2.3 1.1 1.2 1.7 1.2 .8 1.7 1.4 1.4 2.0 1.4 –.1 Source: Department of Commerce (Bureau of Economic Analysis). Nonfinancial Corporate Business— Gross Value Added and Price, Costs, and Profits [Quarterly data at seasonally adjusted annual rates] Period Current dollars 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 �������������� 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 8,603.2 7,412.4 7,578.3 7,671.3 7,707.2 7,942.9 8,016.8 8,007.9 8,153.6 8,190.5 8,283.2 8,314.2 8,360.1 8,385.6 8,554.9 8,683.3 8,789.0 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 8,176.1 7,313.8 7,421.1 7,422.7 7,528.4 7,703.4 7,749.5 7,706.4 7,811.3 7,842.3 7,929.7 7,936.8 7,979.7 7,993.3 8,120.9 8,229.1 8,361.3 Total 0.916 .944 .963 .983 1.000 1.000 1.023 1.037 1.046 1.052 1.013 1.021 1.033 1.024 1.031 1.034 1.039 1.044 1.044 1.045 1.048 1.048 1.049 1.053 1.055 1.051 Compensation of employees (unit labor cost) 0.551 .558 .576 .590 .596 .574 .588 .593 .600 .608 .593 .586 .592 .581 .591 .589 .594 .599 .599 .598 .600 .601 .612 .607 .607 .605 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 .295 .294 .297 .295 .294 .293 .294 .291 .294 .291 .294 .295 .296 .291 .292 .288 Consumption of fixed capital 0.128 .132 .139 .148 .159 .151 .154 .153 .155 .157 .153 .153 .155 .154 .152 .152 .154 .153 .154 .154 .156 .157 .158 .157 .157 .155 Net interest Taxes on and production miscellaneous and imports 3 payments 0.091 .092 .093 .093 .099 .099 .103 .101 .101 .100 .103 .102 .103 .102 .103 .102 .101 .100 .102 .100 .101 .101 .101 .101 .101 .099 0.024 .025 .033 .042 .041 .040 .039 .039 .037 .035 .039 .039 .039 .039 .039 .039 .039 .038 .038 .037 .037 .037 .037 .033 .034 .034 Total 0.122 .137 .122 .110 .105 .136 .140 .151 .153 .153 .126 .141 .145 .148 .148 .153 .151 .153 .152 .155 .154 .152 .141 .155 .157 .157 1 Estimates for nonfinancial corporate business are based on the North American Industry Clas4 Unit profits from current production. 5 With inventory valuation and capital consumption adjustments. sification System (NAICS). 2 The implicit price deflator for gross value added of nonfinancial corporate business divided by 100. Source: Department of Commerce (Bureau of Economic Analysis). 3 Less subsidies plus business current transfer payments. Taxes on corporate income 0.038 .042 .039 .031 .026 .030 .031 .035 .042 .048 .030 .030 .032 .031 .035 .034 .035 .036 .042 .041 .040 .043 .046 .049 .049 .047 Profits after tax 5 0.084 .096 .083 .079 .079 .105 .109 .116 .112 .105 .096 .110 .113 .117 .113 .119 .116 .116 .110 .114 .114 .109 .095 .107 .108 .109 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 r ������������������ 2011: I ���������������� II ��������������� III �������������� IV �������������� 2012: I ���������������� II ��������������� III �������������� IV �������������� 2013: I ���������������� II ��������������� III �������������� IV �������������� 2014: I ���������������� II ��������������� III �������������� IV 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 15,070.4 13,091.2 13,255.9 13,454.8 13,607.2 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 15,330.0 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 9,221.6 8,209.7 8,248.9 8,332.0 8,285.4 8,523.0 8,543.8 8,576.6 8,782.5 8,734.4 8,826.3 8,871.6 8,946.8 9,096.2 9,159.5 9,260.7 9,369.9 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 75.6 72.3 77.9 76.4 71.7 72.5 71.9 73.2 92.2 83.6 86.8 70.1 58.1 73.4 62.2 60.7 932.6 1,017.7 941.1 979.5 937.5 986.7 1,068.1 1,187.9 1,253.5 1,316.6 1,027.6 1,052.9 1,083.8 1,108.1 1,154.7 1,183.6 1,194.2 1,219.1 1,235.6 1,246.5 1,259.2 1,272.6 1,292.9 1,307.6 1,324.2 1,341.7 238.4 207.5 189.4 262.1 333.7 402.8 485.3 533.0 595.8 640.2 460.1 478.0 491.6 511.6 516.6 526.5 537.1 551.7 575.0 590.8 604.2 613.3 622.9 635.4 646.7 656.0 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 1,677.4 1,790.0 1,826.6 1,972.5 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 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 1,603.8 1,717.1 1,748.8 1,884.3 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 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 1,747.7 1,806.5 1,781.4 1,891.6 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 1 With inventory valuation and capital consumption adjustments. –32.1 –35.7 –39.5 –37.0 6.7 –41.0 –68.3 –9.5 3.3 –.5 –143.9 –89.5 –32.6 –7.2 –32.3 11.3 –13.9 –3.1 –1.7 15.2 2.8 –3.0 –24.6 –12.7 4.0 31.5 –143.5 –169.2 –179.9 –60.4 –82.2 –53.3 78.1 –103.8 –131.8 –329.6 73.5 72.9 77.8 88.1 –110.7 –106.0 –100.8 –97.8 –127.9 –131.4 –133.1 –134.8 –330.5 –331.3 –330.4 –326.5 496.8 580.9 663.4 693.4 563.4 489.4 488.1 491.7 499.8 486.3 493.5 465.6 493.4 499.6 503.6 473.4 509.5 480.3 517.4 477.1 493.3 511.2 506.5 461.0 479.3 498.4 Business Less: current Subsidies transfer payments 934.5 991.9 1034.6 1041.9 1026.1 1057.1 1102.6 1132.0 1162.4 1203.2 1,087.6 1,104.2 1,104.0 1,114.6 1,129.5 1,132.0 1,127.7 1,138.9 1,154.8 1,152.2 1,167.1 1,175.7 1,184.5 1,197.9 1,212.4 1,217.9 60.9 51.5 54.6 52.6 58.3 55.9 60.1 58.0 60.2 57.4 58.6 59.9 61.0 60.8 57.9 58.0 56.8 59.4 60.0 61.1 60.6 58.9 57.7 57.5 57.4 57.0 93.9 82.6 98.6 114.4 124.9 128.5 131.5 106.7 120.6 140.6 142.6 127.9 131.0 124.6 119.2 110.8 102.0 94.6 115.1 122.3 118.4 126.6 119.2 123.0 182.4 137.8 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 –24.5 –24.1 –24.6 –24.9 –23.9 –24.5 –25.4 –27.3 –27.8 –29.6 –30.1 –31.0 –31.1 –33.6 –36.3 –35.7 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 r ������������������ 2011: I ���������������� II ��������������� III �������������� IV �������������� 2012: I ���������������� II ��������������� III �������������� IV �������������� 2013: I ���������������� II ��������������� III �������������� IV �������������� 2014: I ���������������� II ��������������� III �������������� IV 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 10,217.1 10,237.7 10,282.2 10,316.8 10,387.6 10,420.2 10,470.4 10,520.6 10,613.7 10,660.4 10,713.3 10,811.4 10,844.3 10,912.6 10,999.5 11,119.6 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 3,404.9 3,398.2 3,405.5 3,438.5 3,478.0 3,489.0 3,516.9 3,542.3 3,593.7 3,605.2 3,636.1 3,669.0 3,678.3 3,731.6 3,774.5 3,819.0 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 1,141.8 1,134.2 1,148.6 1,181.5 1,212.0 1,218.8 1,242.4 1,269.7 1,295.7 1,310.0 1,325.9 1,344.5 1,355.0 1,400.4 1,431.5 1,453.3 Nondurable Motor vehicles and parts 400.0 385.1 392.8 340.8 317.1 323.4 333.8 357.9 376.0 405.0 342.7 324.2 325.2 343.0 351.4 351.7 359.5 369.1 374.1 374.0 375.5 380.5 385.7 402.9 413.7 417.6 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 2,265.1 2,265.6 2,259.7 2,262.4 2,273.4 2,278.0 2,284.1 2,285.0 2,311.7 2,310.5 2,326.4 2,341.8 2,341.9 2,354.6 2,369.4 2,393.4 Food and beverages purchased for offpremises consumption Gasoline and other energy goods Total services 1 Household consumption expenditures 757.6 780.8 791.3 781.9 770.0 786.5 795.1 801.6 809.4 809.6 797.5 797.1 793.9 792.0 797.6 800.9 803.3 804.7 810.2 804.6 808.9 814.0 811.9 809.2 809.0 808.3 298.0 297.4 296.8 283.4 284.5 282.2 274.3 269.2 271.7 274.5 280.2 273.1 272.7 271.5 267.4 271.7 270.9 266.7 270.5 270.4 272.9 272.9 274.4 272.1 272.7 278.7 6,353.4 6,526.6 6,656.4 6,708.6 6,648.5 6,727.6 6,851.4 6,942.4 7,073.1 7,218.6 6,812.0 6,839.2 6,876.6 6,877.7 6,908.8 6,930.5 6,952.8 6,977.5 7,019.3 7,054.5 7,076.6 7,141.9 7,165.4 7,181.4 7,225.9 7,301.7 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 6,539.3 6,565.8 6,596.5 6,602.1 6,630.2 6,642.5 6,663.1 6,677.7 6,723.4 6,757.7 6,775.4 6,833.4 6,857.1 6,870.3 6,908.9 6,987.2 1 Includes other items, not shown separately. 2 Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. 4 Housing and utilities 1,788.4 1,823.2 1,840.8 1,860.1 1,881.0 1,904.3 1,928.0 1,940.4 1,965.7 1,981.7 1,918.3 1,924.4 1,937.4 1,931.9 1,924.3 1,942.1 1,951.7 1,943.3 1,967.2 1,966.9 1,959.6 1,969.1 1,996.0 1,979.5 1,970.9 1,980.5 Health care Financial services and insurance 1,490.4 1,525.2 1,563.2 1,598.8 1,627.4 1,649.2 1,690.3 1,745.0 1,781.1 1,830.7 1,680.0 1,688.2 1,687.2 1,706.0 1,732.4 1,737.5 1,752.7 1,757.5 1,759.1 1,774.6 1,786.0 1,804.7 1,798.4 1,815.9 1,836.6 1,871.9 704.1 720.1 742.5 737.4 719.0 733.9 747.2 713.7 728.5 758.0 748.0 746.6 752.6 741.4 729.0 717.1 702.8 706.0 715.1 727.1 730.8 741.1 746.2 751.2 764.1 770.6 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 8,922.2 8,955.8 8,997.8 9,045.7 9,128.9 9,138.7 9,183.2 9,252.1 9,317.1 9,375.5 9,432.7 9,521.0 9,530.7 9,626.3 9,726.0 9,834.6 16.9 16.5 16.1 13.2 10.4 11.6 12.7 14.4 15.5 16.4 12.8 12.2 12.6 13.4 14.2 14.2 14.4 14.9 15.3 15.5 15.6 15.6 15.7 16.5 16.7 16.7 Note: Because of the formula used for calculating real GDP, the chained (2009) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce (Bureau of Economic Analysis). Sources of Personal Income Personal income rose $58.6 billion (annual rate) in February, following an increase of $61.8 billion in January. Wages and salaries rose $23.9 billion in February, following an increase of $47.3 billion in January. 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 r ������������������ 2014: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct r ���������� Nov r ��������� Dec r ��������� 2015: Jan r ��������� Feb 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 14,728.6 14,482.9 14,572.6 14,607.6 14,657.0 14,716.8 14,762.7 14,821.0 14,850.0 14,902.1 14,961.6 15,010.5 15,072.3 15,130.9 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 9,221.6 9,095.2 9,161.2 9,147.9 9,156.0 9,174.6 9,214.5 9,271.2 9,296.3 9,322.9 9,386.7 9,400.0 9,455.7 9,484.8 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 7,446.0 7,338.8 7,398.1 7,383.0 7,388.7 7,403.5 7,438.4 7,488.7 7,509.5 7,532.0 7,589.3 7,599.0 7,646.3 7,670.2 1 With inventory valuation and capital consumption adjustments. 2 With capital consumption adjustment. 3 Consists mainly of social insurance benefits to persons. Supplements to wages and salaries 1,394.8 1,444.9 1,503.1 1,546.4 1,535.6 1,583.9 1,635.9 1,674.4 1,720.1 1,775.6 1,756.4 1,763.1 1,764.9 1,767.3 1,771.1 1,776.1 1,782.4 1,786.8 1,790.8 1,797.5 1,801.0 1,809.4 1,814.6 Proprietors’ income 1 Farm 46.4 36.0 38.1 47.0 35.5 46.0 75.5 72.3 83.2 63.6 58.1 56.3 64.8 73.4 81.9 72.0 62.2 52.3 56.5 60.7 65.0 58.6 52.3 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 1,293.5 1,297.0 1,305.0 1,305.5 1,312.2 1,321.6 1,321.1 1,330.0 1,344.2 1,335.5 1,345.5 1,340.2 1,339.5 Personal income receipts on assets Rental income of persons 2 238.4 207.5 189.4 262.1 333.7 402.8 485.3 533.0 595.8 640.2 622.3 628.5 632.1 635.4 638.7 642.0 647.2 650.8 653.2 655.1 659.6 661.4 665.3 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 2,089.0 2,098.1 2,115.6 2,126.0 2,139.5 2,139.2 2,137.8 2,137.8 2,141.2 2,146.3 2,149.1 2,145.0 2,164.7 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 1,262.4 1,260.2 1,265.1 1,270.0 1,274.9 1,270.7 1,266.5 1,262.3 1,261.1 1,259.9 1,258.8 1,253.1 1,247.4 Personal dividend income 578.3 723.7 816.5 805.4 553.7 544.6 682.2 832.7 824.5 860.6 826.6 838.0 850.5 855.9 864.6 868.5 871.3 875.5 880.0 886.3 890.4 892.0 917.3 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 2,471.3 2,486.3 2,495.1 2,514.4 2,525.9 2,533.9 2,549.0 2,553.1 2,557.2 2,557.9 2,572.9 2,601.6 2,617.5 Less: Chart 5 - Mar 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 1,161.3 1,146.5 1,154.8 1,152.9 1,153.7 1,155.9 1,160.6 1,167.5 1,170.3 1,173.0 1,180.5 1,181.7 1,190.2 1,193.2 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 2.8 percent (annual rate) in the fourth quarter of 2014. BILLIONS OF DOLLARS* (RATIO SCALE) 13,500 13,000 BILLIONS OF DOLLARS* (RATIO SCALE) 13,500 13,000 12,500 12,500 12,000 12,000 DISPOSABLE PERSONAL INCOME 11,500 11,500 11,000 11,000 10,500 10,500 SAVING 10,000 10,000 PERSONAL OUTLAYS 9,500 9,500 9,000 9,000 8,500 8,500 DOLLARS* (RATIO SCALE) 44,000 42,000 DOLLARS* (RATIO SCALE) 44,000 PER CAPITA DISPOSABLE PERSONAL INCOME 42,000 40,000 40,000 38,000 38,000 CURRENT DOLLARS 36,000 36,000 34,000 34,000 CHAINED (2009) DOLLARS 32,000 32,000 30,000 30,000 2005 2006 2007 2008 2009 2010 2011 2012 *SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE Period Personal income Less: Personal current taxes Equals: Disposable personal income 10,609.3 11,389.0 11,994.9 12,429.6 12,087.5 12,429.3 13,202.0 13,887.7 14,166.9 14,728.6 1,208.5 1,352.1 1,487.9 1,435.2 1,144.9 1,191.5 1,400.6 1,503.7 1,661.8 1,742.9 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 12,985.8 2014 COUNCIL OF ECONOMIC ADVISERS Less: Personal outlays 1 Equals: Personal saving Disposable personal income in billions of chained (2009) dollars Per capita personal consumption expenditures Per capita disposable personal income Current dollars Billions of dollars 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 r ������������������ 2013 Chained (2009) dollars Current dollars Chained (2009) dollars Dollars 9,162.9 9,707.4 10,196.7 10,452.2 10,270.5 10,609.8 11,090.2 11,487.9 11,897.1 12,357.5 237.9 329.5 310.3 542.2 672.0 628.0 711.1 896.2 608.1 628.3 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 11,939.4 31,760 33,589 34,826 36,101 35,616 36,274 37,804 39,377 39,468 40,686 Chart 6 - Mar 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 37,407 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 1.7 2.5 3.3 3.0 4.9 6.1 5.6 6.0 7.2 4.9 4.8 295,993 298,818 301,696 304,543 307,240 309,808 312,172 314,499 316,839 319,173 36,342 36,222 36,340 36,289 36,827 36,976 36,863 37,832 36,519 36,800 36,911 36,856 37,105 37,325 37,469 37,729 33,806 34,157 34,417 34,583 34,945 35,112 35,324 35,579 35,926 36,064 36,321 36,673 36,849 37,232 37,568 37,864 32,822 32,831 32,906 32,951 33,121 33,169 33,261 33,353 33,592 33,682 33,781 34,023 34,071 34,227 34,431 34,738 4.3 –1.3 1.3 –.6 6.1 1.6 –1.2 10.9 –13.2 3.1 1.2 –.6 2.7 2.4 1.6 2.8 6.2 6.0 6.1 5.8 6.7 7.0 6.5 8.6 4.7 5.2 5.2 4.4 4.9 5.1 4.8 4.6 311,289 311,832 312,472 313,095 313,623 314,155 314,790 315,430 315,957 316,499 317,136 317,765 318,288 318,833 319,470 320,100 Seasonally adjusted annual rates 2011: I ���������������� II ��������������� III �������������� IV �������������� 2012: I ���������������� II ��������������� III �������������� IV �������������� 2013: I ���������������� II ��������������� III �������������� IV �������������� 2014: I ���������������� II ��������������� III �������������� IV r ������������ 13,025.1 13,142.2 13,294.8 13,345.8 13,650.7 13,776.1 13,828.9 14,295.1 13,977.2 14,131.3 14,247.4 14,311.7 14,484.7 14,660.5 14,811.2 14,958.1 1,372.9 1,390.6 1,418.1 1,420.9 1,464.7 1,479.5 1,505.1 1,565.4 1,636.8 1,660.6 1,661.5 1,688.1 1,711.8 1,715.3 1,750.1 1,794.4 11,652.2 11,751.7 11,876.6 11,924.9 12,186.0 12,296.6 12,323.8 12,729.7 12,340.4 12,470.7 12,585.8 12,623.7 12,772.9 12,945.2 13,061.2 13,163.7 10,925.2 11,050.6 11,156.3 11,228.7 11,365.0 11,433.7 11,523.5 11,629.2 11,760.6 11,823.9 11,933.1 12,070.8 12,146.9 12,289.6 12,433.0 12,560.3 727.0 701.0 720.3 696.2 821.0 863.0 800.3 1,100.5 579.8 646.9 652.8 552.9 626.1 655.6 628.1 603.4 11,312.9 11,295.2 11,355.1 11,362.0 11,549.8 11,616.2 11,604.1 11,933.4 11,538.6 11,647.0 11,705.9 11,711.7 11,810.1 11,900.4 11,970.3 12,077.0 1 Includes personal consumption expenditures, personal interest payments (nonmortgage), and personal current transfer payments. 2 Annual data are averages of quarterly data, which are averages for the period. 6 37,432 37,686 38,009 38,087 38,856 39,142 39,149 40,357 39,057 39,402 39,686 39,726 40,130 40,602 40,884 41,124 Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). 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 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 Net farm income 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 4 Includes income from forest products sold, the gross imputed rental value of farm dwellings, equivalents. machine hire and custom work, and other sources of farm income such as commodity insurance 2 Crop receipts include proceeds received from commodities placed under Commodity Credit indemnities. Corporation loans. Note: Data for 2014 and 2015 are forecasts. 3 The value of production equates to the sum of cash receipts, home consumption, and the value Source: Department of Agriculture (Economic Research Service). of the change in inventories. 7 Corporate Profits In the fourth quarter of 2014, according to current estimates, corporate profits before tax fell $61.8 billion (annual rate) and profits after tax fell $57.1 billion. BILLIONS OF DOLLARS 2,600 2,500 BILLIONS OF DOLLARS 2,600 2,500 SEASONALLY ADJUSTED ANNUAL RATES 2,400 2,400 2,300 2,300 2,200 2,200 2,100 2,100 2,000 2,000 PROFITS BEFORE TAX 1,900 1,900 1,800 1,800 1,700 1,700 1,600 1,600 1,500 1,500 1,400 1,400 1,300 1,300 PROFITS AFTER TAX 1,200 1,200 1,100 1,100 UNDISTRIBUTED PROFITS 1,000 1,000 900 900 800 800 700 700 600 600 500 500 400 400 300 300 200 200 TAXES ON CORPORATE INCOME 100 0 100 0 –100 –200 –100 –200 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Profits (before tax) with inventory valuation adjustment 1 Profits after tax Domestic industries Period 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 �������������� 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 1,603.8 1,717.1 1,748.8 1,884.3 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 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 1,197.0 1,308.3 1,314.5 1,446.5 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 Financial 409.7 415.1 301.5 95.4 362.9 406.3 375.9 488.9 533.5 511.0 373.3 357.7 336.1 436.6 468.8 470.7 524.4 491.6 504.9 525.5 554.1 549.4 480.8 514.5 530.7 517.7 Total 3 972.4 1,144.4 1,054.0 843.4 759.2 998.2 940.7 1,235.9 1,302.1 1,514.5 823.7 950.6 978.4 1,009.9 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 Manufacturing 277.7 349.7 321.9 240.6 171.4 287.6 298.1 404.2 402.4 497.1 261.1 283.1 314.3 333.8 402.7 419.8 392.6 401.5 388.4 383.7 392.3 445.4 432.5 504.4 523.7 527.9 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. 8 Profits before tax Utilities 30.8 55.1 49.5 30.1 23.8 30.3 9.8 12.9 20.9 47.5 –2.9 29.5 4.8 7.9 21.0 11.6 12.1 6.9 6.8 31.1 30.0 15.8 42.3 50.4 54.5 42.9 Wholesale 96.2 105.9 103.2 90.6 89.3 102.4 94.4 136.6 154.5 165.5 71.7 89.8 109.5 106.7 123.6 142.1 134.4 146.4 158.1 157.1 154.8 147.9 152.0 157.6 174.4 178.1 Taxes on corporate income Total Net dividends Retail 121.7 132.5 119.0 80.3 108.7 118.6 114.3 157.2 171.2 178.3 108.1 103.5 112.8 132.6 153.2 155.8 149.2 170.8 166.2 179.1 175.4 164.2 168.1 176.7 175.8 192.6 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 1,747.7 1,806.5 1,781.4 1,891.6 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 2,435.3 412.4 473.4 445.5 309.1 269.4 370.6 379.1 454.8 474.3 592.6 397.5 383.4 351.0 384.5 451.3 473.5 440.6 453.8 474.9 459.2 467.5 495.4 562.3 608.0 602.5 597.7 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 1,350.2 1,423.1 1,430.4 1,507.1 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 1,837.5 580.5 726.0 818.9 808.6 574.6 564.0 703.7 857.1 959.6 r 905.1 658.0 681.8 719.1 755.9 774.9 803.7 817.3 1,032.7 835.5 1,098.7 911.7 992.3 902.8 902.3 898.4 r 917.0 Chart 8 - Mar 2015 Inventory Undistrib- valuation adjustment uted profits 660.4 652.1 484.0 264.7 628.5 906.2 724.0 824.2 801.5 922.2 692.3 741.3 711.3 751.2 894.8 842.2 897.8 662.0 858.6 661.9 891.7 793.8 832.1 939.9 996.2 920.5 –32.1 –35.7 –39.5 –37.0 6.7 –41.0 –68.3 –9.5 3.3 –.5 –143.9 –89.5 –32.6 –7.2 –32.3 11.3 –13.9 –3.1 –1.7 15.2 2.8 –3.0 –24.6 –12.7 4.0 31.5 Note: Data by industry are based on the North American Industry Classification System (NAICS). Source: Department of Commerce (Bureau of Economic Analysis). Real Gross Private Domestic Investment In the fourth quarter of 2014, according to revised estimates, nonresidential fixed investment in chained (2009) dollars rose $25.0 billion (annual rate) and residential investment rose $4.7 billion. Inventories rose $80.0 billion, following an increase of $82.2 billion in the third quarter. BILLIONS OF CHAINED (2009) DOLLARS 3,000 BILLIONS OF CHAINED (2009) DOLLARS 3,000 SEASONALLY ADJUSTED ANNUAL RATES 2,800 2,800 GROSS PRIVATE DOMESTIC INVESTMENT 2,600 2,600 2,400 2,400 2,200 2,200 2,000 2,000 1,800 1,800 1,600 1,600 NONRESIDENTIAL FIXED INVESTMENT 1,400 1,400 1,200 1,200 1,000 1,000 800 800 RESIDENTIAL FIXED INVESTMENT 600 400 600 400 CHANGE IN PRIVATE INVENTORIES 200 200 0 0 –200 –200 –400 –400 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of chained (2009) dollars; quarterly data at seasonally adjusted annual rates] Chart 9 - Mar 2015 Fixed investment Period 2005 ��������������������������������������������������� 2006 ��������������������������������������������������� 2007 ��������������������������������������������������� 2008 ��������������������������������������������������� 2009 ��������������������������������������������������� 2010 ��������������������������������������������������� 2011 ��������������������������������������������������� 2012 ��������������������������������������������������� 2013 ��������������������������������������������������� 2014 r ������������������������������������������������� 2011: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2012: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2013: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2014: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV 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 2,125.9 2,208.0 2,214.0 2,373.7 2,413.7 2,448.0 2,457.7 2,424.3 2,469.0 2,510.7 2,610.3 2,634.7 2,588.2 2,703.7 2,750.8 2,776.1 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 2,098.4 2,140.2 2,227.5 2,280.6 2,330.7 2,355.6 2,373.7 2,412.0 2,428.0 2,457.0 2,496.8 2,535.0 2,536.1 2,594.5 2,643.3 2,672.8 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 1,724.1 1,761.0 1,840.8 1,883.1 1,910.1 1,930.6 1,934.5 1,951.9 1,959.0 1,966.8 1,993.3 2,043.3 2,051.5 2,099.6 2,144.8 2,169.8 Note: See p. 10 for further detail on fixed investment by type. Because of the formula used for calculating real GDP, the chained (2009) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Structures 421.2 451.5 509.0 540.2 438.2 366.3 374.7 423.8 421.7 456.2 343.0 366.7 388.2 400.9 418.5 429.0 427.5 420.1 407.5 414.7 425.8 438.8 441.9 455.2 460.6 467.2 Equipment 801.6 870.8 898.3 836.1 644.3 746.7 847.9 905.6 947.2 1,008.2 810.6 819.3 871.0 890.8 898.7 900.9 902.5 920.4 931.3 934.8 945.6 977.2 974.8 1,001.1 1,027.6 1,029.2 Intellectual property products 495.0 517.5 542.4 558.8 550.9 561.3 581.3 603.7 624.1 654.2 571.9 576.3 583.5 593.3 594.4 601.8 605.6 613.2 622.8 619.8 624.1 629.6 636.8 645.4 659.2 675.5 Residential 872.6 806.6 654.8 497.7 392.2 382.4 384.5 436.5 488.4 496.2 374.4 379.3 386.8 397.6 420.8 425.3 439.5 460.3 469.0 489.8 503.0 491.9 485.3 495.6 499.6 504.3 Total 64.3 71.6 35.5 –33.7 –147.6 58.2 37.6 57.0 63.5 70.6 25.1 57.5 –13.0 80.8 70.9 78.9 71.2 7.2 33.4 43.4 95.6 81.8 35.2 84.8 82.2 80.0 Nonfarm 63.9 75.4 36.5 –35.0 –146.0 65.9 36.6 65.9 55.2 65.2 25.2 58.9 –15.9 78.3 71.8 85.3 88.8 17.8 30.1 36.4 84.0 70.4 33.3 80.7 73.7 73.3 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 r ���������� 2011: I �������� II ������� III ������ IV ������ 2012: I �������� II ������� III ������ IV ������ 2013: I �������� II ������� III ������ IV ������ 2014: I �������� II ������� III ������ IV 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 2,098.4 2,140.2 2,227.5 2,280.6 2,330.7 2,355.6 2,373.7 2,412.0 2,428.0 2,457.0 2,496.8 2,535.0 2,536.1 2,594.5 2,643.3 2,672.8 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 1,724.1 1,761.0 1,840.8 1,883.1 1,910.1 1,930.6 1,934.5 1,951.9 1,959.0 1,966.8 1,993.3 2,043.3 2,051.5 2,099.6 2,144.8 2,169.8 Intellectual property products Information processing equipment Structures 421.2 451.5 509.0 540.2 438.2 366.3 374.7 423.8 421.7 456.2 343.0 366.7 388.2 400.9 418.5 429.0 427.5 420.1 407.5 414.7 425.8 438.8 441.9 455.2 460.6 467.2 Total 2 801.6 870.8 898.3 836.1 644.3 746.7 847.9 905.6 947.2 1,008.2 810.6 819.3 871.0 890.8 898.7 900.9 902.5 920.4 931.3 934.8 945.6 977.2 974.8 1,001.1 1,027.6 1,029.2 Computers and peripheral equipment 1 Total 222.2 250.9 279.9 281.0 256.1 281.4 285.9 295.0 304.0 312.5 279.8 286.6 288.9 288.2 297.1 294.3 289.1 299.6 300.3 304.1 307.4 304.1 298.1 316.2 310.6 325.0 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ Other 172.6 187.5 207.9 204.2 179.3 196.8 202.8 208.1 217.0 227.3 202.5 203.0 202.2 203.4 208.4 206.9 207.1 210.1 213.4 219.6 221.5 213.7 217.6 230.8 223.3 237.6 Industrial Transportation equipequipment ment 183.6 199.1 205.3 195.5 152.1 151.3 183.3 190.3 197.7 223.3 171.8 174.1 188.2 198.9 188.9 190.0 189.7 192.5 193.5 193.6 201.5 202.3 209.0 222.0 235.9 226.2 197.9 212.6 203.6 156.9 70.6 136.9 183.0 217.6 231.1 258.1 168.1 167.1 188.5 208.5 217.4 220.6 214.4 217.9 221.4 226.4 228.7 247.9 247.8 249.6 269.1 265.8 Total 2 Software Research and development 3 221.2 230.3 244.2 256.2 256.8 254.2 271.8 287.0 295.9 306.6 262.2 268.4 275.2 281.2 282.2 286.8 288.3 290.8 297.3 291.1 296.2 298.9 300.0 303.2 309.7 313.5 202.3 215.0 227.9 235.5 229.0 234.4 236.7 241.3 250.7 268.0 236.5 235.7 235.9 238.6 237.8 239.8 241.6 245.8 248.6 251.0 250.6 252.8 258.2 263.2 269.9 280.8 495.0 517.5 542.4 558.8 550.9 561.3 581.3 603.7 624.1 654.2 571.9 576.3 583.5 593.3 594.4 601.8 605.6 613.2 622.8 619.8 624.1 629.6 636.8 645.4 659.2 675.5 Structures Total residential 2 872.6 806.6 654.8 497.7 392.2 382.4 384.5 436.5 488.4 496.2 374.4 379.3 386.8 397.6 420.8 425.3 439.5 460.3 469.0 489.8 503.0 491.9 485.3 495.6 499.6 504.3 Total 2 862.5 796.3 644.9 488.4 383.9 373.6 375.3 427.1 478.3 485.7 365.4 370.2 377.5 388.2 411.5 416.0 430.1 450.8 459.2 479.7 492.8 481.7 475.1 485.1 488.9 493.5 Single family 433.0 390.7 283.7 178.2 105.3 114.4 109.2 132.1 161.9 169.5 108.2 107.2 109.5 111.8 120.6 126.3 134.5 147.0 156.3 162.0 164.8 164.5 167.7 169.2 167.9 173.4 1 Because computers exhibit rapid changes in prices relative to other prices in the economy, the 2 Includes other items, not shown separately. 3 Research and development investment excludes expenditures for software development. chained-dollar estimates should not be used to measure the component’s relative importance or its contribution to the growth rate of more aggregate series. The quantity index for computers can be Note: Because of the formula used for calculating real GDP, the chained (2009) dollar estimates used to accurately measure the real growth rate of this series. For information on this component, for the detailed components do not add to the chained-dollar value of GDP or to any intermediate see Survey of Current Business Table 5.3.1 (for growth rates), Table 5.3.2 (for contributions), and aggregates. Table 5.3.3 (for quantity indexes). Source: Department of Commerce (Bureau of Economic Analysis). Business Investment [Billions of dollars] Capital expenditures By industry Period Total capital expenditures Forestry, Total fishing, by and agri- Mining industry cultural services ConManu- WholeUtilities struction sale facturing trade Retail trade TransportaFinance tion Informaand and tion insurwareance housing ProfesReal sional, estate scienand tific, rental and and technical leasing services Health care and social assistance Other 1 For companies without employees For companies with employees 1997 �������� 1998 �������� 1999 �������� 2000 �������� 2001 �������� 2002 �������� 2003 �������� 2004 �������� 2005 �������� 2006 �������� 2007 �������� 2008 �������� 2009 �������� 2010 �������� 2011 �������� 2012 �������� 2013 p ������� 871.8 ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ �������������� 970.9 896.5 0.9 40.4 36.0 26.9 203.6 29.2 57.3 51.3 96.5 118.2 85.2 22.3 47.1 81.7 74.4 1,047.0 974.6 1.7 30.6 42.8 23.1 196.4 32.4 64.1 57.3 122.8 130.1 100.6 29.5 51.3 91.8 72.3 1,161.0 1,089.9 1.5 42.5 61.3 25.0 214.8 33.6 69.8 59.9 160.2 133.7 92.5 34.1 52.2 108.9 71.2 1,109.0 1,052.3 1.5 51.3 82.8 24.8 192.8 30.0 66.9 57.8 144.8 131.1 82.7 30.5 52.9 102.5 56.7 997.9 917.5 1.9 42.5 65.5 24.8 157.2 26.8 59.3 47.1 88.2 128.4 94.5 25.9 59.3 96.1 80.4 975.0 886.8 1.9 50.5 54.6 23.2 149.1 26.0 65.9 44.5 80.5 120.8 88.0 24.7 61.2 96.2 88.2 1,042.1 953.2 2.1 51.3 50.4 28.6 156.7 32.3 72.2 46.1 83.5 153.6 91.6 26.7 64.6 93.6 88.9 1,144.8 1,062.5 2.7 66.7 58.0 30.1 165.6 40.6 73.5 56.9 91.4 161.4 103.0 33.1 73.8 105.6 82.2 1,309.9 1,217.1 2.7 99.3 69.8 30.3 192.4 36.6 86.7 68.0 104.4 163.1 132.1 30.3 75.3 126.3 92.8 1,354.7 1,270.5 2.1 120.7 85.4 36.7 197.3 30.8 82.5 67.4 106.1 173.4 117.5 31.8 84.2 134.8 84.2 1,374.2 1,294.5 2.3 149.3 98.7 40.8 213.1 32.4 73.2 79.6 103.3 132.9 106.9 33.0 90.2 138.7 79.7 1,090.7 1,015.3 2.2 100.6 103.0 19.8 155.2 25.3 58.4 55.7 88.4 99.5 72.9 28.2 79.4 127.0 75.4 1,105.7 1,036.2 3.3 115.7 94.5 17.9 160.8 31.1 65.3 59.0 97.2 103.1 81.3 28.2 78.4 100.6 69.5 1,243.0 1,169.6 3.1 165.7 98.0 21.8 192.4 35.7 68.1 72.7 100.1 109.2 91.1 28.1 83.1 100.4 73.4 1,423.6 1,334.4 3.1 196.7 125.0 23.6 203.1 40.9 77.6 81.8 106.5 130.2 115.7 31.6 88.9 110.0 89.2 1,488.2 1,397.8 3.0 198.1 111.7 27.6 219.8 38.3 77.5 93.4 123.1 139.9 113.9 35.6 93.3 122.7 90.4 1 Includes the following industries: Management of companies and enterprises; administrative Note: Data from Annual Capital Expenditures. Industry data are based on the North American and support and waste management; educational services; arts, entertainment, and recreation; Industry Classification System (NAICS). accommodation and food services; and other services (except public administration). Also includes Data shown in this table are capital expenditures for both new and used structures and an item for structure and equipment expenditures serving multiple industry categories. equipment. Source: Department of Commerce (Bureau of the Census). 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force In March, employment as measured by the household survey rose 34,000 and unemployment fell 130,000. MILLIONS OF PERSONS* MILLIONS OF PERSONS* 158 158 SEASONALLY ADJUSTED 154 154 CIVILIAN LABOR FORCE 150 150 146 146 142 142 138 138 CIVILIAN EMPLOYMENT 134 134 130 130 20 20 UNEMPLOYMENT 16 16 12 12 8 8 4 4 0 0 2007 2008 2009 2010 2011 2012 2013 2014 *16 YEARS OF AGE AND OVER SOURCE: DEPARTMENT OF LABOR 2015 COUNCIL OF ECONOMIC ADVISERS [Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA] Period 2005 2 ������������������ 2006 2 ������������������ 2007 2 ������������������ 2008 2 ������������������ 2009 2 ������������������ 2010 2 ������������������ 2011 2 ������������������ 2012 2 ������������������ 2013 2 ������������������ 2014 2 ������������������ 2014: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2015: Jan 2 ��������� Feb ����������� Mar ���������� Civilian noninstitutional population (NSA) 226,082 228,815 231,867 233,788 235,801 237,830 239,618 243,284 245,679 247,947 247,258 247,439 247,622 247,814 248,023 248,229 248,446 248,657 248,844 249,027 249,723 249,899 250,080 Civilian employment Civilian labor force Total 149,320 151,428 153,124 154,287 154,142 153,889 153,617 154,975 155,389 155,922 156,180 155,420 155,629 155,700 156,048 156,018 155,845 156,243 156,402 156,129 157,180 157,002 156,906 141,730 144,427 146,047 145,362 139,877 139,064 139,869 142,469 143,929 146,305 145,796 145,724 145,868 146,247 146,401 146,451 146,607 147,260 147,331 147,442 148,201 148,297 148,331 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 75,284 75,163 75,159 75,504 75,631 75,668 75,889 75,928 75,675 76,026 76,496 76,588 76,653 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 66,009 66,076 66,164 66,267 66,250 66,289 66,192 66,560 66,894 66,632 66,983 66,901 66,874 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 4,504 4,485 4,545 4,476 4,520 4,495 4,527 4,772 4,762 4,784 4,722 4,808 4,804 1 Civilian labor force (or employment) as percent of civilian noninstitutional population; and unemployment as percent of civilian labor force. 2 Not strictly comparable with earlier data. Total 7,591 7,001 7,078 8,924 14,265 14,825 13,747 12,506 11,460 9,617 10,384 9,696 9,761 9,453 9,648 9,568 9,237 8,983 9,071 8,688 8,979 8,705 8,575 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 4,841 4,674 4,677 4,552 4,543 4,543 4,273 4,094 4,354 4,245 4,308 4,243 4,099 Women 20 years and over 3,013 2,751 2,718 3,342 5,157 5,534 5,450 5,125 4,565 3,926 4,354 3,964 4,006 3,736 3,972 3,942 3,845 3,794 3,705 3,479 3,575 3,469 3,455 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 1,189 1,057 1,078 1,165 1,132 1,083 1,119 1,094 1,013 963 1,096 993 1,021 Not in labor force 76,762 77,387 78,743 79,501 81,659 83,941 86,001 88,310 90,290 92,025 91,077 92,019 91,993 92,114 91,975 92,210 92,601 92,414 92,442 92,898 92,544 92,898 93,175 Chart 11 - Mar 2015 Labor Employ- Unemployforce ment/ participa- population ment tion rate ratio rate 66.0 66.2 66.0 66.0 65.4 64.7 64.1 63.7 63.2 62.9 63.2 62.8 62.8 62.8 62.9 62.9 62.7 62.8 62.9 62.7 62.9 62.8 62.7 62.7 63.1 63.0 62.2 59.3 58.5 58.4 58.6 58.6 59.0 59.0 58.9 58.9 59.0 59.0 59.0 59.0 59.2 59.2 59.2 59.3 59.3 59.3 5.1 4.6 4.6 5.8 9.3 9.6 8.9 8.1 7.4 6.2 6.6 6.2 6.3 6.1 6.2 6.1 5.9 5.7 5.8 5.6 5.7 5.5 5.5 Note: Beginning January 2015, data reflect revised population controls and are not strictly comparable with earlier data. See Employment and Earnings for details on breaks in series. Source: Department of Labor (Bureau of Labor Statistics). 11 Selected Unemployment Rates In March, the unemployment rate remained at 5.5 percent. PERCENT (SEASONALLY ADJUSTED) PERCENT (SEASONALLY ADJUSTED) 30 30 TEENAGERS (16-19) 25 25 20 20 BLACK OR AFRICAN AMERICAN1 15 10 15 5 WHITE1 MEN 20 YEARS AND OVER 10 HISPANIC1,2 5 ALL CIVILIAN WORKERS WOMEN 20 YEARS AND OVER ASIAN1 0 0 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 1 SEE FOOTNOTE 1 TABLE BELOW. HISPANIC OR LATINO ETHNICITY. SOURCE: DEPARTMENT OF LABOR 2 COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted, except as noted by NSA] Unemployment rate (percent of civilian labor force in group) Chart 12 - Mar 2015 By race or ethnicity 1 By sex and age Period 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2014: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2015: Jan ����������� Feb ����������� Mar ���������� All civilian workers 5.1 4.6 4.6 5.8 9.3 9.6 8.9 8.1 7.4 6.2 6.6 6.2 6.3 6.1 6.2 6.1 5.9 5.7 5.8 5.6 5.7 5.5 5.5 Men 20 years and over 4.4 4.0 4.1 5.4 9.6 9.8 8.7 7.5 7.0 5.7 6.0 5.9 5.9 5.7 5.7 5.7 5.3 5.1 5.4 5.3 5.3 5.2 5.1 Women 20 years and over 4.6 4.1 4.0 4.9 7.5 8.0 7.9 7.3 6.5 5.6 6.2 5.7 5.7 5.3 5.7 5.6 5.5 5.4 5.2 5.0 5.1 4.9 4.9 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 20.9 19.1 19.2 20.7 20.0 19.4 19.8 18.7 17.5 16.8 18.8 17.1 17.5 White 4.4 4.0 4.1 5.2 8.5 8.7 7.9 7.2 6.5 5.3 5.7 5.3 5.4 5.3 5.3 5.3 5.1 4.9 4.9 4.8 4.9 4.7 4.7 1 Persons who selected this race group only. Persons whose ethnicity is identified as Hispanic or Latino may be of any race. 12 Black or African American 10.0 8.9 8.3 10.1 14.8 16.0 15.8 13.8 13.1 11.3 12.2 11.4 11.4 10.7 11.4 11.6 11.0 10.9 11.0 10.4 10.3 10.4 10.1 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 5.4 5.9 5.6 4.8 4.2 4.6 4.5 5.0 4.7 4.2 4.0 4.0 3.2 6.0 5.2 5.6 7.6 12.1 12.5 11.5 10.3 9.1 7.4 7.9 7.5 7.7 7.6 7.6 7.4 7.0 6.8 6.6 6.5 6.7 6.6 6.8 Married men, spouse present Women who maintain families (NSA) 2.8 2.4 2.5 3.4 6.6 6.8 5.8 4.9 4.3 3.4 3.7 3.5 3.3 3.4 3.3 3.2 2.9 3.0 3.2 3.0 2.9 3.0 2.8 Note: Data relate to persons age 16 years and over. Source: Department of Labor (Bureau of Labor Statistics). 7.8 7.1 6.5 8.0 11.5 12.3 12.4 11.4 10.2 8.6 9.0 8.5 8.4 8.1 9.1 9.3 8.3 8.7 8.2 7.8 8.1 7.7 8.1 Full-time workers 5.0 4.5 4.6 5.8 10.0 10.4 9.6 8.5 7.7 6.4 6.9 6.4 6.4 6.2 6.4 6.2 6.0 6.0 6.0 5.7 5.9 5.7 5.6 Part-time workers 5.4 5.1 4.9 5.5 6.0 6.3 6.3 6.1 5.9 5.4 5.4 5.2 5.5 5.5 5.5 5.5 5.7 5.0 5.1 5.0 4.9 4.9 4.9 Selected Measures of Unemployment and Unemployment Insurance Programs In March, the percentages of the unemployed who had been out of work for 15 to 26 weeks and 27 weeks and over fell, while the percentages for less than 5 weeks and 5 to 14 weeks rose. The mean duration of unemployment fell to 30.7 weeks and the median duration fell to 12.2 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 - Mar 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: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2015: Jan ����������� Feb ����������� Mar ���������� 7,591 7,001 7,078 8,924 14,265 14,825 13,747 12,506 11,460 9,617 10,384 9,696 9,761 9,453 9,648 9,568 9,237 8,983 9,071 8,688 8,979 8,705 8,575 35.1 37.3 35.9 32.8 22.2 18.7 19.5 21.1 22.5 25.7 23.8 25.2 26.2 25.7 26.9 27.4 25.7 27.0 27.5 27.2 26.8 27.9 28.9 30.4 30.3 31.5 31.4 26.8 22.0 21.8 22.9 24.1 25.3 24.8 24.1 24.6 25.6 25.3 25.7 27.0 25.5 26.1 26.3 26.1 25.6 26.8 14.9 14.7 15.0 16.0 19.5 16.0 15.0 14.9 15.8 15.6 16.0 15.5 14.9 16.1 14.8 15.8 15.4 15.6 15.4 14.6 15.5 15.4 14.5 19.6 17.6 17.6 19.7 31.5 43.3 43.8 41.1 37.6 33.5 35.4 35.1 34.3 32.6 33.0 31.2 31.9 31.9 31.0 31.9 31.5 31.1 29.8 18.4 16.8 16.8 17.9 24.4 33.0 39.3 39.4 36.5 33.7 35.2 34.8 34.3 33.3 32.5 31.9 31.8 32.9 33.0 32.8 32.3 31.7 30.7 1 Beginning January 2011, includes unemployment durations of up to 5 years; prior data are for up to 2 years. 2 Includes State (50 States, District of Columbia, Puerto Rico, and the Virgin Islands), Federal (UCFE), ex-service members (UCX), and Federal and State extended benefit programs. Also includes Emergency Unemployment Compensation (2008-2013) and Federal Additional Compensation (2009-2010). 8.9 8.3 8.5 9.4 15.1 21.4 21.4 19.3 17.0 14.0 15.9 15.6 14.5 13.2 13.5 13.3 13.3 13.5 12.8 12.6 13.4 13.1 12.2 48.3 47.4 49.7 53.7 64.2 62.4 59.0 55.0 53.0 50.7 52.0 53.6 50.8 51.0 50.2 50.3 49.0 48.1 49.1 49.2 47.4 48.1 48.9 11.5 11.8 11.2 10.0 6.2 6.0 7.0 7.7 8.1 8.6 7.8 8.2 8.9 9.0 8.9 8.9 8.8 8.6 9.2 9.1 9.5 10.2 10.2 31.4 32.0 30.3 27.7 22.3 23.4 24.7 26.7 28.0 29.4 29.1 27.3 29.4 28.7 29.7 29.7 30.4 31.6 30.3 30.7 31.6 30.5 31.4 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 11.1 3,567 306 3,651 r 3,001 10.9 2,934 334 10.9 2,517 295 2,573 11.3 2,738 329 2,793 11.2 2,673 329 2,729 11.1 2,545 266 2,603 11.8 2,328 259 2,376 11.7 2,129 297 2,176 11.5 2,277 317 2,323 r 434 r 2,866 11.0 2,814 11.5 2,912 398 2,957 11.2 2,756 296 2,798 9.5 ��������������� ��������������� ����������������� Note: Data relate to persons age 16 years and over (except for insured unemployment and initial claims). Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 Nonagricultural Employment Total nonagricultural employment as measured by the payroll survey rose by 126,000 in March. 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 - Mar 2015 Private industries Period 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2014: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2015: Jan r ��������� Feb r ��������� Mar p �������� Total nonagricultural employment 134,005 136,398 137,936 137,170 131,233 130,275 131,842 134,104 136,393 139,042 138,055 138,385 138,621 138,907 139,156 139,369 139,619 139,840 140,263 140,592 140,793 141,057 141,183 Goods-producing industries Total private 112,201 114,424 115,718 114,661 108,678 107,785 109,756 112,184 114,541 117,180 116,229 116,542 116,780 117,052 117,295 117,504 117,739 117,957 118,371 118,690 118,892 119,156 119,285 Total 2 22,190 22,530 22,233 21,335 18,558 17,751 18,047 18,420 18,738 19,223 19,073 19,131 19,156 19,190 19,243 19,277 19,315 19,349 19,425 19,489 19,540 19,560 19,547 Construc- Manufaction turing 7,336 7,691 7,630 7,162 6,016 5,518 5,533 5,646 5,856 6,138 6,062 6,103 6,114 6,121 6,152 6,169 6,191 6,201 6,231 6,275 6,316 6,345 6,344 14,227 14,155 13,879 13,406 11,847 11,528 11,726 11,927 12,020 12,188 12,131 12,142 12,154 12,177 12,191 12,205 12,214 12,237 12,282 12,301 12,318 12,320 12,319 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 97,156 97,411 97,624 97,862 98,052 98,227 98,424 98,608 98,946 99,201 99,352 99,596 99,738 25,959 26,276 26,630 26,293 24,906 24,636 25,065 25,476 25,862 26,384 26,190 26,260 26,297 26,362 26,413 26,427 26,467 26,517 26,615 26,669 26,704 26,756 26,797 1 Data from the establishment survey. Includes all full- and part-time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period that includes the 12th of the month. Excludes proprietors, self-employed persons, unpaid family workers, and private household workers. Data from the household survey shown on p. 11 include those workers and also count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off. In the series shown here, persons who work at more than one job are counted each time they appear on a payroll, in contrast to the series shown on p. 11 where persons are counted only once—as employed, unemployed, or not in the labor force. See Employment and Earnings for details. 14 Retail trade 15,280 15,353 15,520 15,283 14,522 14,440 14,668 14,841 15,079 15,364 15,265 15,308 15,318 15,357 15,382 15,379 15,410 15,436 15,498 15,497 15,533 15,565 15,591 Information Financial activities 3,061 3,038 3,032 2,984 2,804 2,707 2,674 2,676 2,706 2,740 2,723 2,728 2,723 2,735 2,740 2,753 2,757 2,754 2,761 2,767 2,773 2,780 2,782 8,197 8,367 8,348 8,206 7,838 7,695 7,697 7,784 7,886 7,979 7,933 7,942 7,951 7,968 7,984 7,997 8,007 8,014 8,042 8,049 8,068 8,075 8,083 Profes- Education Leisure sional and and and health hospitalbusiness services ity services 16,954 17,566 17,942 17,735 16,579 16,728 17,332 17,932 18,515 19,096 18,879 18,951 19,005 19,079 19,124 19,180 19,231 19,271 19,367 19,439 19,459 19,501 19,541 17,630 18,099 18,613 19,156 19,550 19,889 20,228 20,698 21,097 21,475 21,314 21,353 21,409 21,452 21,497 21,539 21,585 21,613 21,664 21,718 21,760 21,817 21,855 12,816 13,110 13,427 13,436 13,077 13,049 13,353 13,768 14,254 14,710 14,565 14,610 14,667 14,698 14,721 14,746 14,795 14,850 14,892 14,948 14,972 15,042 15,055 Other services 5,395 5,438 5,494 5,515 5,367 5,331 5,360 5,430 5,483 5,573 5,552 5,567 5,572 5,568 5,573 5,585 5,582 5,589 5,605 5,611 5,616 5,625 5,625 Government 21,804 21,974 22,218 22,509 22,555 22,490 22,086 21,920 21,853 21,863 21,826 21,843 21,841 21,855 21,861 21,865 21,880 21,883 21,892 21,902 21,901 21,901 21,898 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). 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: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2015: Jan r ��������� Feb r ��������� Mar p �������� 33.8 33.9 33.8 33.6 33.1 33.4 33.6 33.7 33.7 33.7 33.5 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 Average gross hourly earnings Total private nonagricultural 1 Manufacturing Total Overtime 40.7 41.1 41.2 40.8 39.8 41.1 41.4 41.7 41.8 42.0 41.6 42.0 41.9 42.2 42.1 42.0 42.0 42.1 42.1 42.2 42.1 42.1 41.9 41.8 4.6 4.4 4.2 3.7 2.9 3.8 4.1 4.2 4.3 4.5 4.3 4.5 4.4 4.6 4.5 4.4 4.4 4.5 4.4 4.6 4.6 4.4 4.3 4.3 Current dollars Average gross weekly earnings Total private nonagricultural 1 Manufacturing 1982-84 dollars 2 $16.12 $8.44 16.75 8.50 17.42 8.59 18.07 8.56 18.61 8.88 19.05 8.90 19.44 8.77 19.74 8.73 20.13 8.78 20.61 8.85 20.48 8.84 20.50 8.84 20.52 8.83 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 20.86 ����������������� Current dollars $16.56 16.81 17.26 17.75 18.24 18.61 18.93 19.08 19.30 19.56 19.48 19.52 19.49 19.53 19.55 19.59 19.63 19.62 19.65 19.64 19.62 19.64 19.68 19.71 1 Also includes other private industry groups shown on p. 14. 2 Current dollar earnings divided by the consumer price index for urban wage earners and cleri- Percent change from a year earlier, total private nonagricultural Current dollars 1982-84 dollars 2 $544.05 $284.84 567.39 287.87 589.27 290.61 607.53 287.86 616.01 293.86 636.25 297.36 653.19 294.79 665.82 294.31 677.67 295.51 694.89 298.53 686.08 296.28 690.85 297.79 691.52 297.47 692.54 297.06 693.88 297.10 695.23 297.45 696.92 298.50 696.92 298.22 698.26 298.84 702.03 301.78 700.34 302.48 701.30 305.74 703.72 306.00 702.98 ����������������� Manufacturing Construction $673.30 690.88 711.53 724.46 726.12 765.15 784.29 794.63 807.37 822.24 810.37 819.84 816.63 824.17 823.06 822.78 824.46 826.00 827.27 828.81 826.00 826.84 824.59 823.88 $750.37 781.59 816.23 842.61 851.76 891.83 921.84 942.14 958.72 977.05 947.63 970.60 979.48 978.61 979.00 984.33 982.26 982.97 982.48 985.75 988.72 982.64 989.12 988.00 Retail trade Current dollars $377.58 383.12 385.00 386.21 388.57 400.07 412.09 422.10 423.07 431.64 423.23 426.97 431.63 429.96 432.00 431.76 434.40 434.10 435.30 437.96 437.23 440.97 441.52 440.06 1982-84 dollars 2 2.9 –0.6 4.3 1.1 3.9 1.0 3.1 –.9 1.4 2.1 3.3 1.2 2.7 –.9 1.9 –.2 1.8 .4 2.5 1.0 1.5 .6 2.1 .6 2.4 .4 2.4 .3 2.3 .3 3.0 1.1 2.8 1.2 2.3 .7 2.6 1.1 2.6 1.5 2.5 2.2 2.6 3.5 2.6 3.3 1.8 ������������������� Source: Department of Labor (Bureau of Labor Statistics). cal workers (CPI–W) (on a 1982-84=100 base). Employment Cost Index—Private Industry Index (December 2005 = 100) Period Total compensation Wages and salaries Percent change from 3 months earlier Benefits 1 Total compensation 12 months earlier Wages and salaries Benefits 1 Total compensation Wages and salaries Benefits 1 Not seasonally adjusted 2005: 2006: 2007: 2008: 2009: 2010: 2011: 2012: 2013: 2014: Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ 100.0 103.2 106.3 108.9 110.2 112.5 115.0 117.1 119.4 122.2 100.0 103.2 106.6 109.4 110.8 112.8 114.6 116.6 119.0 121.6 100.0 103.1 105.6 107.7 108.7 111.9 115.9 118.2 120.5 123.5 ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� 2.9 3.2 3.0 2.4 1.2 2.1 2.2 1.8 2.0 2.3 Seasonally adjusted 2011: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� Dec ������������������������������������������ 2012: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� Dec ������������������������������������������ 2013: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� Dec ������������������������������������������ 2014: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� Dec ������������������������������������������ 113.3 114.1 114.6 115.1 115.7 116.3 116.8 117.3 117.8 118.4 119.0 119.6 119.9 120.9 121.7 122.4 113.2 113.7 114.2 114.7 115.3 115.8 116.3 116.8 117.3 118.0 118.5 119.1 119.3 120.2 121.1 121.8 113.6 115.2 115.4 116.2 116.8 117.4 117.9 118.6 119.1 119.6 120.3 120.8 121.2 122.5 123.2 123.9 1 Employer costs for employee benefits. 2.5 3.2 3.3 2.6 1.3 1.8 1.6 1.7 2.1 2.2 4.0 3.1 2.4 2.0 0.9 2.9 3.6 2.0 1.9 2.5 Not seasonally adjusted 0.5 .7 .4 .4 .5 .5 .4 .4 .4 .5 .5 .5 .3 .8 .7 .6 0.3 .4 .4 .4 .5 .4 .4 .4 .4 .6 .4 .5 .2 .8 .7 .6 1.2 1.4 .2 .7 .5 .5 .4 .6 .4 .4 .6 .4 .3 1.1 .6 .6 2.0 2.3 2.1 2.2 2.1 1.8 1.9 1.8 1.9 1.9 1.9 2.0 1.7 2.0 2.3 2.3 1.6 1.7 1.7 1.6 1.9 1.8 1.8 1.7 1.7 1.9 1.8 2.1 1.7 1.9 2.3 2.2 3.0 4.0 3.3 3.6 2.8 1.9 2.2 2.0 2.0 1.9 2.0 1.9 1.8 2.4 2.3 2.5 Source: Department of Labor (Bureau of Labor Statistics). Note: The employment cost index is a measure of the change in the cost of labor, free from the influence of employment shifts among occupations and industries. Data exclude farm and household workers. 15 Productivity and Related Data, Business and Nonfarm Business Sectors Output per hour of all persons Period Business sector Nonfarm business sector Hours of all persons 2 Output 1 Business sector Nonfarm business sector Business sector Compensation per hour 3 Nonfarm business sector Business sector Nonfarm business sector Real compensation per hour 4 Business sector Nonfarm business sector Unit labor costs Implicit price deflator 5 Business sector Nonfarm business sector Business sector Nonfarm business sector 94.8 97.6 100.4 102.2 100.0 98.6 100.7 102.6 102.8 104.7 98.1 98.8 98.7 98.8 101.4 100.6 101.4 99.4 102.2 101.9 101.6 104.7 102.7 103.5 102.7 102.3 105.3 104.3 104.0 105.0 94.7 97.5 100.1 102.1 100.0 98.7 100.7 102.4 102.7 104.5 98.1 98.9 98.8 98.9 101.5 100.6 101.4 99.4 102.1 101.8 101.4 104.4 102.5 103.4 102.6 102.3 105.1 104.1 103.9 104.9 93.5 96.0 98.2 99.8 100.0 101.1 103.3 105.2 106.7 108.1 100.5 100.9 101.3 101.9 102.3 103.1 103.8 104.0 104.5 105.0 105.6 105.9 106.3 106.5 106.9 107.2 107.5 108.2 108.5 108.3 93.4 96.0 97.9 99.4 100.0 101.0 102.8 104.7 106.1 107.6 100.4 100.8 101.2 101.6 101.9 102.6 103.2 103.5 103.9 104.5 105.0 105.2 105.5 105.9 106.4 106.7 106.9 107.5 107.9 107.8 1.5 2.9 2.9 1.8 –2.2 –1.4 2.1 1.9 .2 1.8 –4.5 2.9 –.2 .3 10.6 –2.9 3.2 –7.7 11.7 –1.0 –1.3 13.0 –7.6 3.1 –3.1 –1.4 12.4 –3.9 –1.2 4.0 1.6 3.0 2.7 2.0 –2.0 –1.3 2.1 1.7 .2 1.8 –4.8 3.2 –.2 .2 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 4.1 3.1 2.7 2.3 1.5 .2 1.1 2.2 1.8 1.4 1.3 1.7 1.5 1.7 2.5 1.7 3.1 2.7 .8 1.7 2.2 2.0 1.3 1.4 1.0 1.6 1.0 1.3 2.4 1.1 –.5 3.4 2.8 2.0 1.5 .6 1.0 1.8 1.8 1.4 1.4 1.6 1.6 1.5 1.9 .9 2.8 2.5 1.3 1.6 2.3 1.8 1.0 .9 1.5 1.9 1.4 .8 2.0 1.7 –.3 Indexes, 2009=100; quarterly data seasonally adjusted 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2010: I ���������������� II ��������������� III �������������� IV �������������� 2011: I ���������������� II ��������������� III �������������� IV �������������� 2012: I ���������������� II ��������������� III �������������� IV �������������� 2013: I ���������������� II ��������������� III �������������� IV �������������� 2014: I ���������������� II ��������������� III �������������� IV * ����������� 93.7 94.6 96.0 96.8 100.0 103.3 103.4 104.3 105.5 106.0 102.6 103.0 103.6 103.9 103.1 103.4 103.1 103.9 103.8 104.4 104.7 104.2 104.7 105.0 105.8 106.6 105.1 105.9 106.8 106.1 93.8 94.7 96.2 96.9 100.0 103.3 103.5 104.5 105.4 106.2 102.7 103.0 103.6 104.0 103.1 103.5 103.3 104.0 104.0 104.6 105.0 104.4 104.6 104.8 105.7 106.5 105.2 106.0 107.0 106.4 100.1 103.3 105.5 104.2 100.0 103.2 105.3 108.6 111.6 114.8 101.5 102.8 103.8 104.7 104.1 105.1 105.3 106.9 107.7 108.3 109.2 109.1 110.0 110.6 112.2 113.5 112.5 114.1 115.9 116.7 100.2 103.4 105.8 104.4 100.0 103.2 105.5 108.9 111.7 115.1 101.5 102.7 103.8 104.7 104.1 105.2 105.5 107.0 107.9 108.5 109.5 109.5 110.2 110.7 112.2 113.5 112.9 114.4 116.1 116.9 106.8 109.1 109.8 107.7 100.0 99.9 101.9 104.1 105.8 108.3 98.9 99.7 100.2 100.7 101.0 101.6 102.2 102.9 103.7 103.8 104.2 104.8 105.1 105.4 106.0 106.5 107.0 107.7 108.5 109.9 106.9 109.3 110.0 107.8 100.0 99.9 101.9 104.2 105.9 108.4 98.9 99.7 100.2 100.7 100.9 101.7 102.2 102.9 103.7 103.8 104.3 104.9 105.3 105.6 106.2 106.6 107.2 107.9 108.5 109.9 88.8 92.3 96.4 99.0 100.0 101.9 104.1 107.0 108.4 110.9 100.7 101.8 102.3 102.7 104.5 104.0 104.6 103.3 106.1 106.4 106.4 109.1 107.5 108.6 108.6 109.0 110.8 110.5 111.0 111.5 88.8 92.3 96.3 98.9 100.0 102.0 104.2 107.1 108.2 110.9 100.7 101.9 102.4 102.8 104.7 104.1 104.7 103.4 106.3 106.5 106.5 109.1 107.2 108.3 108.5 108.9 110.6 110.3 111.1 111.6 97.6 98.2 99.8 98.6 100.0 100.2 99.2 99.9 99.8 100.5 99.4 100.5 100.7 100.3 100.9 99.3 99.2 97.6 99.7 99.6 99.3 101.2 99.4 100.3 99.8 99.9 101.0 100.0 100.2 100.9 97.6 98.2 99.6 98.6 100.0 100.3 99.4 100.0 99.7 100.5 99.4 100.6 100.7 100.4 101.1 99.4 99.3 97.7 99.9 99.8 99.3 101.1 99.2 100.1 99.7 99.8 100.8 99.9 100.3 101.1 Percent change; quarterly data at seasonally adjusted annual rates 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2010: I ���������������� II ��������������� III �������������� IV �������������� 2011: I ���������������� II ��������������� III �������������� IV �������������� 2012: I ���������������� II ��������������� III �������������� IV �������������� 2013: I ���������������� II ��������������� III �������������� IV �������������� 2014: I ���������������� II ��������������� III �������������� IV * ����������� 2.1 1.0 1.5 .8 3.3 3.3 .1 .9 1.2 .5 1.6 1.6 2.3 1.2 –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 2.1 .9 1.6 .8 3.2 3.3 .2 1.0 .9 .7 2.1 1.5 2.1 1.6 –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 –2.2 3.8 3.2 2.1 –1.2 –4.1 3.2 2.1 3.1 2.7 2.9 2.0 5.0 4.1 3.4 –2.2 3.8 1.1 6.1 3.1 2.3 3.1 –.1 3.2 2.1 5.9 4.6 –3.3 5.7 6.4 2.7 3.8 3.2 2.3 –1.3 –4.3 3.2 2.2 3.2 2.6 3.0 2.2 4.7 4.1 3.8 –2.5 4.5 1.1 5.8 3.3 2.3 3.7 .1 2.4 2.0 5.6 4.7 –2.4 5.5 6.3 2.6 1.7 2.2 .6 –2.0 –7.1 –.1 2.0 2.2 1.5 2.4 .4 3.4 1.8 2.1 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 1.7 2.2 .7 –2.0 –7.2 –.1 2.0 2.2 1.7 2.3 .1 3.2 2.0 2.1 .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 Output refers to real gross domestic product originating in the sector. 2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family workers. Estimates based primarily on establishment data. 3 Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the self-employed. 4 Hourly compensation divided by the consumer price index for all urban consumers (CPI–U) for recent quarters. The trend from 1978–2013 is based on the consumer price index research series (CPI–U–RS). 5 Current dollar gross domestic output divided by the output index. 16 3.6 3.9 4.4 2.6 1.0 1.9 2.2 2.8 1.3 2.3 –3.0 4.5 2.1 1.6 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 1.6 3.6 3.9 4.3 2.7 1.1 2.0 2.2 2.7 1.1 2.5 –2.7 4.8 1.9 1.8 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 1.9 0.2 .6 1.6 –1.2 1.4 .2 –1.0 .7 –.1 .7 –3.5 4.5 .8 –1.5 2.7 –6.4 –.5 –6.2 9.1 –.4 –1.5 7.8 –6.9 3.8 –2.0 .2 4.6 –4.0 1.0 2.8 0.3 .6 1.4 –1.1 1.5 .3 –.9 .6 –.3 .8 –3.2 4.8 .6 –1.3 3.0 –6.7 –.3 –6.4 9.1 –.5 –1.7 7.5 –7.5 3.7 –1.6 .4 4.3 –3.8 1.7 3.1 Note: Data relate to all persons engaged in the sector. Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. * Data based on GDP data released on February 27, 2015. Source: Department of Labor (Bureau of Labor Statistics). PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial production rose while capacity utilization fell in February. 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 r ������������������ 2014: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 2015: Jan r ��������� Feb p ��������� Percent change 2 Index, 2007=100 95.5 97.6 100.0 96.6 85.7 90.6 93.6 97.1 99.9 104.0 102.3 103.1 103.2 103.7 104.1 104.5 104.5 105.2 105.1 106.3 106.1 105.7 105.8 From preceding month ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� 0.9 .8 .1 .5 .4 .3 .0 .7 –.1 1.2 –.2 –.3 .1 Chart 17 - Mar 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 3.2 3.6 3.9 4.3 4.5 5.1 4.5 4.4 4.2 4.9 4.4 4.4 3.5 Total 1 Durable 95.0 97.4 100.0 95.3 82.4 87.3 90.3 94.0 96.5 99.8 98.0 98.8 99.1 99.5 99.9 100.8 100.4 100.6 100.7 101.9 101.8 101.5 101.3 1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industries—logging and newspaper, periodical, book and directory-publishing—that have traditionally been included in manufacturing. 2 Percent changes based on unrounded indexes. 91.2 95.4 100.0 96.6 78.6 87.2 93.2 100.0 104.4 109.8 107.3 108.1 108.4 109.7 110.3 111.9 110.9 111.1 111.5 112.9 112.4 112.2 111.5 Nondurable 98.3 98.8 100.0 94.1 86.9 88.7 88.9 90.0 91.2 93.1 91.7 92.7 93.0 92.5 92.7 93.0 93.4 93.8 93.5 94.8 95.0 94.6 94.8 Other (non-NAICS) 1 107.4 106.1 100.0 93.5 80.7 76.4 74.3 72.8 68.9 65.9 67.5 66.7 66.9 67.1 67.4 66.5 65.5 64.2 63.9 63.5 62.8 62.9 63.2 Mining 97.0 99.2 100.0 101.2 95.7 100.7 106.8 113.5 118.9 129.5 123.0 125.1 127.7 129.0 131.1 131.3 132.5 133.8 132.2 131.9 134.6 132.9 129.5 Utilities 97.3 96.7 100.0 99.9 97.5 101.0 100.8 98.7 100.7 102.0 107.0 106.5 101.0 101.3 99.3 96.3 97.0 101.2 101.6 105.3 100.0 100.9 108.3 Total industry 79.9 80.2 80.5 77.6 68.7 73.8 76.3 77.3 77.9 79.1 78.6 79.1 79.0 79.1 79.2 79.3 79.1 79.4 79.1 79.8 79.4 79.1 78.9 Total manufacturing 78.2 78.4 78.7 74.6 65.6 71.1 73.9 75.5 76.1 77.2 76.4 76.8 77.0 77.1 77.3 77.8 77.4 77.4 77.3 78.1 77.9 77.6 77.3 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: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 2015: Jan r ��������� Feb p ��������� Nonindustrial supplies Total 95.4 97.9 100.0 96.4 86.6 89.6 91.7 94.7 97.1 100.4 99.7 100.4 100.2 100.2 100.0 100.8 100.1 100.7 100.7 102.6 101.8 101.5 101.9 99.0 99.5 100.0 95.1 88.6 89.6 90.9 92.5 94.7 97.4 97.3 97.9 97.4 97.1 96.8 97.5 96.5 97.4 97.1 99.2 98.5 98.4 99.4 Durable goods 97.9 98.3 100.0 88.8 74.0 79.4 83.3 90.0 96.9 102.7 99.9 100.7 100.7 102.2 102.9 107.5 103.6 103.3 103.0 106.7 106.1 105.3 103.7 Equipment Nondurable goods 99.3 99.9 100.0 97.2 93.4 92.9 93.4 93.5 94.5 96.3 96.9 97.6 96.8 96.0 95.5 95.1 94.9 96.2 95.9 97.5 96.9 96.9 98.6 Total 1 87.4 94.3 100.0 99.3 82.2 89.6 93.7 100.1 102.8 107.5 105.3 106.2 106.8 107.5 107.3 108.5 108.5 108.4 109.2 110.5 109.3 108.8 107.7 Business 87.7 95.8 100.0 97.7 80.1 86.7 91.5 98.3 101.9 107.1 104.9 105.8 106.3 107.2 106.9 108.2 108.0 107.6 108.8 110.4 109.0 109.4 109.1 Defense and space Total 84.9 84.1 100.0 106.9 102.4 110.5 106.7 111.8 114.4 116.5 114.8 115.7 116.1 116.1 116.6 117.1 117.1 117.8 117.4 117.6 117.8 117.0 117.9 98.4 99.8 100.0 94.2 80.7 82.9 84.2 86.5 88.8 91.5 90.6 90.7 90.4 90.9 91.0 91.4 91.7 92.4 92.6 93.3 93.0 92.8 93.1 Construction Business 98.7 101.1 100.0 90.7 69.9 72.5 74.7 78.1 81.4 84.8 83.0 83.6 82.9 84.0 84.4 85.6 85.9 86.1 86.7 86.7 87.6 86.7 86.4 98.2 99.2 100.0 96.0 86.0 88.0 88.9 90.5 92.4 94.7 94.3 94.2 94.0 94.3 94.2 94.1 94.5 95.4 95.5 96.5 95.6 95.7 96.4 Total 1 94.6 96.5 100.0 97.6 86.6 94.2 98.6 103.1 106.4 111.8 108.7 109.9 110.4 111.3 112.4 112.4 112.9 113.7 113.4 114.3 114.6 114.1 113.8 Energy 96.8 98.0 100.0 100.8 98.4 102.5 106.3 110.9 115.3 123.6 118.9 121.0 121.8 123.1 124.6 123.7 124.9 126.8 125.9 126.3 127.2 126.5 126.6 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: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 2015: Jan r ��������� Feb p ��������� 95.2 98.0 100.0 100.0 74.0 91.1 97.4 99.6 100.8 105.4 103.1 102.5 104.4 105.6 108.7 109.2 108.3 107.0 105.7 105.4 106.8 102.3 100.9 Iron and steel products 94.3 98.4 100.0 106.4 68.5 89.4 97.5 101.2 100.2 102.6 99.4 97.6 100.4 101.6 103.9 106.8 103.5 105.6 107.4 104.2 104.1 95.6 93.8 Fabricated metal products 90.9 95.9 100.0 96.4 74.2 79.0 85.3 91.4 94.7 98.5 97.1 97.4 97.7 98.3 99.6 99.9 98.5 99.6 99.7 99.8 100.1 100.6 99.8 Machinery Total 91.6 95.9 100.0 97.3 75.7 84.6 95.6 101.1 102.9 110.0 108.5 108.8 108.1 109.6 108.7 109.5 111.0 110.4 113.8 116.3 112.7 113.8 113.4 77.0 87.4 100.0 108.1 97.0 111.3 122.0 135.0 144.4 150.8 147.4 149.0 149.7 151.3 151.1 150.5 151.3 152.3 153.7 153.7 154.3 154.8 155.1 1 Computers and peripheral equipment, communications equipment, and semiconductors and related electronic components. 18 Nondurable manufactures Selected high-technology 1 71.1 84.9 100.0 115.5 103.0 127.6 146.4 164.7 180.5 191.4 185.6 186.9 189.7 194.1 194.4 193.5 192.8 193.9 195.7 196.2 195.1 194.2 193.9 Transportation equipment Total 93.0 94.2 100.0 89.6 73.4 85.0 89.0 99.3 104.7 110.9 107.6 108.6 108.9 110.9 111.4 116.8 112.5 112.0 111.5 114.8 114.0 113.5 112.5 Motor vehicles and parts 102.3 100.8 100.0 80.0 58.6 77.8 84.8 97.4 105.0 113.2 110.1 110.5 110.7 113.3 113.3 123.9 115.0 112.9 112.3 119.1 117.6 116.8 113.3 Apparel Printing and support 128.8 125.2 100.0 77.7 55.7 54.3 51.1 49.2 50.5 51.1 50.3 51.8 50.9 50.2 49.9 50.3 49.7 51.4 51.3 52.4 53.7 54.1 52.9 Source: Board of Governors of the Federal Reserve System. 98.6 97.8 100.0 93.8 78.8 78.8 78.0 76.1 75.7 77.4 76.9 77.7 76.6 76.8 77.5 77.7 77.4 77.3 77.6 78.1 78.8 78.1 77.8 Chemical 92.9 95.2 100.0 92.5 83.5 86.3 86.3 86.4 87.5 89.3 87.6 88.4 88.3 88.1 88.9 89.5 90.2 90.5 90.4 91.1 91.4 91.2 91.6 Food 98.6 99.5 100.0 98.8 98.2 98.6 98.5 102.8 104.5 106.5 106.8 106.3 106.9 106.4 106.2 105.7 105.4 105.7 106.3 108.3 108.4 108.1 107.9 New Construction [Billions of dollars; monthly data at seasonally adjusted annual rates] Private Period 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 r ������������������ 2014: Feb ����������� Mar ���������� Apr ���������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec r ��������� 2015: Jan r ��������� Feb p ��������� Total new construction expenditures Residential Total 1,104.1 1,167.2 1,152.4 1,068.4 904.9 806.0 788.3 861.2 910.8 960.6 947.1 947.3 960.3 972.8 957.1 960.0 961.1 966.4 980.4 974.3 984.5 967.9 967.2 New housing Total 1 870.0 911.8 863.3 759.7 590.0 502.1 501.9 581.9 641.1 686.6 686.2 682.3 689.0 696.4 684.3 682.8 684.4 692.1 694.9 697.9 704.5 696.9 698.2 Federal and State and local Nonresidential 611.9 613.7 493.2 350.3 245.9 238.8 244.1 280.6 336.2 349.0 357.3 358.1 360.8 357.0 350.6 348.9 346.2 346.4 347.9 346.9 349.6 350.5 349.9 Total 480.8 468.8 354.1 230.1 133.9 127.3 123.2 154.5 203.1 235.2 224.5 226.1 230.2 229.5 229.7 231.8 235.4 240.7 245.3 248.3 253.1 255.7 254.7 Lodging 258.1 298.1 370.0 409.4 344.1 263.3 257.8 301.4 304.9 337.6 328.9 324.2 328.2 339.4 333.7 334.0 338.2 345.7 346.9 351.0 354.8 346.5 348.4 1 Includes residential improvements, not shown separately. 2 Includes health care, educational, communication, and power, among other categories not Commercial (including farm) Office 12.7 17.6 27.5 35.4 25.4 11.2 8.4 10.2 13.1 15.6 14.8 14.1 15.3 15.4 14.6 14.7 15.5 16.7 17.0 17.5 17.4 15.4 16.2 37.3 45.7 53.8 55.5 37.3 24.4 23.7 27.4 29.8 36.9 33.3 33.5 35.8 36.5 36.1 36.1 37.3 39.5 39.9 39.3 40.1 39.8 40.9 Manufacturing 66.6 73.4 85.9 82.7 51.1 37.2 39.2 44.3 48.7 55.4 50.9 51.3 51.9 52.6 53.9 54.9 56.0 58.6 59.1 60.1 61.0 59.0 57.6 Other 2 28.4 32.3 40.2 53.6 57.4 40.6 39.8 46.8 47.2 55.0 49.8 46.3 49.6 54.5 53.7 53.5 56.0 57.9 59.7 60.6 63.7 64.7 69.1 113.1 129.1 162.6 182.3 173.0 149.9 146.7 172.6 166.1 174.7 180.1 179.1 175.5 180.3 175.4 174.7 173.3 173.1 171.1 173.5 172.7 167.6 164.6 New houses sold New houses for sale at end of period 3 234.2 255.4 289.1 308.7 314.9 304.0 286.4 279.3 269.6 273.9 260.9 265.0 271.3 276.5 272.9 277.2 276.7 274.3 285.6 276.4 280.0 271.0 268.9 Source: Department of Commerce (Bureau of the Census). shown separately. New Private Housing and Vacancy Rates [Thousands of units or houses, except as noted] New housing units authorized 2 New housing units started Type of structure Period Total 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 r ������������������ 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 1,046.0 622.0 445.1 471.2 430.6 535.3 617.6 647.4 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 1,039.6 1 unit 1,682.0 1,378.2 979.9 575.6 441.1 447.3 418.5 518.7 620.8 631.1 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 29.4 389.3 384.1 359.0 295.4 121.1 135.3 184.0 285.1 341.1 379.2 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 1,051 776 485 375 323 306 368 429 436 511 536 497 353 234 190 151 150 187 213 9.9 9.7 9.8 10.0 10.6 10.2 9.5 8.7 8.3 7.6 24 27 27 30 38 28 36 27 34 29 25 28 29 387 372 449 355 315 377 352 371 425 377 360 371 450 866 874 832 898 809 860 908 950 915 867 941 986 850 432 403 413 458 409 399 448 456 469 448 479 500 539 186 190 191 192 197 205 206 209 210 211 213 213 210 �������������������� 8.3 �������������������� �������������������� 7.5 �������������������� �������������������� 7.4 �������������������� �������������������� 7.0 �������������������� �������������������� Seasonally adjusted annual rates 2014: Feb ����������� Mar ���������� Apr ���������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov r ��������� Dec r ��������� 2015: Jan r ��������� Feb p ��������� 928 950 1,063 984 909 1,098 963 1,028 1,092 1,015 1,081 1,081 897 589 635 649 634 593 652 641 663 716 674 725 697 593 ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 328 301 405 341 294 430 305 353 359 332 336 379 297 1,014 1,010 1,088 1,002 992 1,037 1,022 1,039 1,102 1,060 1,060 1,060 1,102 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 1038.5. 3 Seasonally adjusted. 603 611 612 617 639 632 634 641 643 654 675 661 623 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 January, according to preliminary estimates, manufacturing and trade sales fell 2.2 percent, while inventories fell $1.7 billion. According to advance estimates, retail sales fell 0.6 percent in February. Retail and food services sales also fell 0.6 percent. BILLIONS OF DOLLARS* (RATIO SCALE) 1,800 MANUFACTURING AND TRADE INVENTORIES 1,700 BILLIONS OF DOLLARS* (RATIO SCALE) 600 1,600 500 550 1,500 RETAIL INVENTORIES RETAIL AND FOOD SERVICES SALES 450 1,400 MANUFACTURING AND TRADE SALES 400 1,300 RETAIL SALES 350 1,200 300 1,100 RATIO* 1.70 INVENTORY/SALES RATIO 1,000 1.60 1.50 RETAIL 900 1.40 MANUFACTURING AND TRADE 1.30 1.20 800 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 r ������������������ 1,005,895 1,313,485 1.27 303,208 368,070 1.17 2006 r ������������������ 1,069,241 1,408,097 1.28 328,438 398,969 1.17 2007 r ������������������ 1,128,516 1,486,588 1.28 351,956 424,318 1.17 2008 r ������������������ 1,161,145 1,464,194 1.31 376,603 443,905 1.19 r 2009 ������������������ 988,893 1,328,489 1.38 318,068 394,417 1.28 r 2010 ������������������ 1,088,777 1,447,247 1.27 359,869 437,273 1.14 2011 r ������������������ 1,207,847 1,564,413 1.26 405,214 480,931 1.14 2012 r ������������������ 1,270,216 1,646,233 1.27 430,430 512,794 1.16 r 2013 ������������������ 1,307,169 1,718,787 1.29 443,551 534,519 1.18 r 2014 ������������������ 1,352,051 1,785,743 1.31 462,592 570,198 1.20 2014: Jan r ��������� 1,316,376 1,726,174 1.31 448,019 538,410 1.20 r Feb ��������� 1,328,333 1,732,443 1.30 450,507 541,124 1.20 r Mar �������� 1,341,466 1,739,228 1.30 458,191 546,528 1.19 Apr r ��������� 1,349,776 1,750,590 1.30 461,684 552,153 1.20 May r �������� 1,354,688 1,759,277 1.30 465,860 554,387 1.19 r June ������� 1,360,716 1,765,949 1.30 466,321 556,193 1.19 r July �������� 1,370,812 1,771,528 1.29 468,699 556,636 1.19 Aug r ��������� 1,365,521 1,774,524 1.30 466,534 560,382 1.20 Sept r �������� 1,364,930 1,778,685 1.30 466,414 561,836 1.20 r Oct ���������� 1,360,876 1,782,471 1.31 466,173 565,118 1.21 r Nov ��������� 1,357,266 1,785,316 1.32 465,997 569,479 1.22 Dec r ��������� 1,343,807 1,785,743 1.33 461,666 570,198 1.24 p 2015: Jan ��������� 1,314,058 1,784,084 1.36 446,584 571,483 1.28 Feb p ��������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� 1 See page 21 for manufacturing. 2 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Sales 2 Inventories 3 307,514 471,879 1.51 322,840 486,916 1.50 333,271 501,302 1.49 328,867 479,180 1.52 302,534 432,215 1.47 320,121 458,715 1.39 344,416 475,758 1.36 362,012 510,912 1.38 377,351 547,463 1.40 391,780 562,601 1.42 378,974 549,757 1.45 383,661 548,943 1.43 387,310 549,331 1.42 390,146 551,981 1.41 391,519 552,951 1.41 393,076 556,804 1.42 394,005 561,824 1.43 396,297 560,501 1.41 395,471 561,757 1.42 396,214 561,786 1.42 397,747 559,961 1.41 393,178 562,601 1.43 r 389,684 562,520 1.44 387,398 ����������������������� ����������������������� 340,552 358,073 370,317 366,876 340,174 358,996 385,651 405,753 422,323 439,374 424,272 429,733 434,018 436,730 438,605 440,328 441,506 444,150 443,822 445,276 447,137 443,157 r 439,572 437,006 3 Seasonally adjusted, end of period. 4 Annual data are averages of seasonally adjusted monthly ratios. Note: Data revised to reflect annual revisions to wholesale series released on March 31, 2015. Source: Department of Commerce (Bureau of the Census). 20 Inventory/sales ratio 4 Chart 20 - Mar 2015 Retail and food services sales 2 Manufacturers’ Shipments, Inventories, and Orders In February, manufacturers’ shipments, inventories, and new orders rose, while 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 420 300 380 NONDURABLE GOODS 340 260 300 220 260 DURABLE GOODS 180 220 140 NONDURABLE GOODS 180 BILLIONS OF DOLLARS* (RATIO SCALE) 580 540 NEW ORDERS 500 460 420 TOTAL 380 140 RATIO* 1.60 340 INVENTORY/SHIPMENTS RATIO 1.50 300 DURABLE GOODS 260 1.40 220 1.30 180 1.20 1.10 140 2011 2013 2012 2014 2015 2012 2011 2013 2014 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Manufacturers’ shipments 1 Manufacturers’ inventories 2 Manufacturers’ new orders 1 Chart 21- Mar 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: Feb ����������� Mar ���������� Apr ���������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2015: Jan r ��������� Feb p ��������� 395,173 417,963 443,288 455,675 368,292 408,787 458,217 477,774 486,267 497,678 494,165 495,965 497,946 497,309 501,319 508,108 502,690 503,045 498,489 493,522 488,963 477,790 481,345 202,070 213,516 223,919 218,328 171,886 190,900 208,551 222,630 230,270 242,001 234,785 237,969 238,106 238,102 240,950 249,815 245,532 246,379 246,032 244,212 247,910 244,516 243,974 193,103 204,447 219,369 237,347 196,406 217,887 249,666 255,144 255,997 255,678 259,380 257,996 259,840 259,207 260,369 258,293 257,158 256,666 252,457 249,310 241,053 233,274 237,371 473,536 522,212 560,968 541,109 501,857 551,259 607,724 622,527 636,805 652,944 642,376 643,369 646,456 651,939 652,952 653,068 653,641 655,092 655,567 655,876 652,944 650,081 650,961 1 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales. 2 Seasonally adjusted, end of period. 3 Annual data are averages of seasonally adjusted monthly ratios. 283,613 317,411 334,578 330,045 295,096 322,933 358,061 374,129 388,208 410,641 392,174 392,990 393,961 397,981 399,598 401,361 402,908 404,750 406,602 408,714 410,641 411,790 412,998 189,923 204,801 226,390 211,064 206,761 228,326 249,663 248,398 248,597 242,303 250,202 250,379 252,495 253,958 253,354 251,707 250,733 250,342 248,965 247,162 242,303 238,291 237,963 397,014 424,146 449,788 453,937 349,252 406,310 458,717 473,455 485,097 499,045 489,244 496,416 500,321 497,544 505,210 558,155 502,159 499,866 496,278 487,885 470,880 467,546 468,314 203,911 219,699 230,419 216,590 152,846 188,423 209,050 218,311 229,100 243,367 229,864 238,420 240,481 238,337 244,841 299,862 245,001 243,200 243,821 238,575 229,827 234,272 230,943 67,863 74,123 79,822 73,146 48,418 61,867 71,353 74,253 80,536 85,860 75,704 83,037 82,569 80,658 84,734 136,323 86,659 82,464 82,432 81,184 72,990 79,214 77,388 654,438 798,033 947,027 996,144 824,943 869,044 956,255 990,968 1,060,172 1,165,551 1,062,544 1,070,727 1,080,702 1,088,072 1,099,238 1,157,460 1,164,929 1,169,273 1,174,608 1,176,381 1,165,551 1,162,249 1,156,315 1.17 1.20 1.22 1.26 1.39 1.28 1.29 1.29 1.29 1.31 1.30 1.30 1.30 1.31 1.30 1.29 1.30 1.30 1.32 1.33 1.34 1.36 1.35 Note: Manufacturers’ nondurable new orders (not shown) are the same as nondurable shipments. Also, there are no unfilled nondurable orders; data shown for total unfilled orders are durable unfilled orders. Total and durable shipments and inventories include data on semiconductors; new and unfilled orders do not. Source: Department of Commerce (Bureau of the Census). 21 PRICES Producer Prices The producer price index for final demand fell 0.5 percent in February. Prices for final demand goods fell 0.4 percent and prices for final demand services fell 0.5 percent. 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 p ������������������ 2014: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct r ���������� Nov ���������� Dec ����������� 2015: Jan ����������� Feb ����������� Total final demand 1 100.0 ��������������� ��������������� ��������������� ��������������� ��������������� 101.8 105.7 107.7 109.1 110.9 110.3 110.6 110.7 111.0 111.1 111.4 111.3 111.1 111.4 111.1 110.9 110.0 109.5 Final demand services Total Foods 2 Energy Less food and energy Total Trade 3 Transportation and warehousing Other 34.693 ������������� ������������� ������������� ������������� ������������� 102.8 109.9 111.7 112.6 114.1 113.9 114.2 114.5 114.6 114.9 114.8 114.5 114.4 113.9 113.1 111.8 109.4 109.0 5.794 ������������� ������������� ������������� ������������� ������������� 103.7 112.5 115.9 117.8 121.6 118.9 120.3 122.5 122.4 122.5 122.2 121.9 121.8 122.5 122.7 122.6 121.3 119.4 6.320 ������������� ������������� ������������� ������������� ������������� 107.2 126.2 126.3 125.3 124.2 126.8 127.3 126.7 127.2 128.1 127.1 125.8 124.7 121.5 117.0 109.7 98.4 98.4 22.579 ������������� ������������� ������������� ������������� ������������� 101.4 104.9 106.8 107.9 109.5 109.1 109.1 109.3 109.4 109.5 109.7 109.7 109.9 109.8 109.8 109.9 109.7 109.6 63.288 ������������� ������������� ������������� ������������� ������������� 101.3 103.4 105.4 107.1 109.0 108.1 108.6 108.5 108.9 108.8 109.5 109.4 109.1 109.8 109.9 110.2 110.0 109.5 20.028 ������������� ������������� ������������� ������������� ������������� 101.7 104.0 106.7 108.2 110.2 108.8 109.5 109.0 110.2 109.6 111.3 110.6 109.7 111.9 111.7 112.3 112.9 111.2 5.108 ��������������� ��������������� ��������������� ��������������� ��������������� 103.2 110.0 114.2 115.3 117.8 116.1 116.7 117.3 117.7 118.2 118.4 118.6 118.4 117.9 118.2 118.0 117.1 115.4 38.152 ������������� ������������� ������������� ������������� ������������� 100.9 102.5 103.9 105.8 107.5 107.0 107.2 107.3 107.2 107.5 107.6 107.9 107.9 107.9 108.1 108.2 107.8 108.1 1 Includes final demand construction, not shown separately. 2 Does not include food and beverages for immediate consumption, which are defined as the service of preparing meals, snacks, and beverages to customer order for immediate on-premises and off-premises consumption. 3 Trade indexes measure changes in margins received by wholesalers and retailers. 4 Relative importance, December 2014. 22 Processed goods Unprocessed goods for Final Chart 22 - Mar 2015 for intermediate intermediate demand demand demand (1982=100) (1982=100) less Services foods, for energy, intermediLess Nonfood and ate food materials demand trade Total and Total less (Aug. 2013 energy energy =100) 2 67.858 ���������������� ���������������� ���������������� ���������������� ���������������� ���������������� ���������������� ���������������� ���������������� 101.5 101.0 101.1 101.2 101.3 101.5 101.6 101.8 101.8 101.8 101.9 102.0 101.7 101.7 100.0 154.0 164.0 170.7 188.3 172.5 183.4 199.9 200.7 200.8 202.1 202.8 202.9 202.9 203.1 203.4 203.6 203.4 203.0 201.0 199.4 196.2 190.8 189.7 73.231 154.6 163.8 168.4 180.9 173.4 180.8 192.0 192.6 193.8 195.4 195.2 194.9 195.3 195.2 195.3 196.0 196.4 196.3 195.7 195.4 194.3 191.8 191.0 100.0 182.2 184.8 207.1 251.8 175.2 212.2 249.4 241.4 246.7 249.4 259.8 260.8 263.6 260.7 257.9 253.4 245.7 245.9 237.7 234.6 223.8 202.7 194.8 22.711 202.4 244.5 282.6 324.4 248.4 329.1 390.4 369.6 351.2 345.9 351.1 349.3 354.1 353.2 347.4 348.4 345.5 345.8 337.1 331.7 330.5 328.1 310.9 100.0 ����������������� ����������������� ����������������� ����������������� ����������������� 101.1 103.2 105.3 107.2 108.8 108.2 108.6 108.4 108.4 108.5 109.2 109.2 109.1 109.5 109.5 109.6 109.4 109.5 Note: With the release of data for January 2014, Bureau of Labor Statistics transitioned from the Stage of Processing (SOP) to the Final Demand-Intermediate Demand (FD-ID) aggregation system. The FD-ID system expands coverage in its aggregate measures beyond that of the SOP system through the addition of services, construction, exports, and government purchases. For details, see Producer Price Index release dated February 19, 2014. Source: Department of Labor (Bureau of Labor Statistics). Consumer Prices—All Urban Consumers In February, the consumer price index for all urban consumers rose 0.2 percent; it rose 0.4 percent before seasonal adjustment. The index was unchanged from its year earlier level. INDEX, 1982-84 = 100 (RATIO SCALE) 250 INDEX, 1982-84 = 100 (RATIO SCALE) 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. 5 ����������� 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2014: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2015: Jan ����������� Feb ����������� Not seasonally Seasonally adjusted adjusted (NSA) 100.0 195.3 201.6 207.342 215.303 214.537 218.056 224.939 229.594 232.957 236.736 234.781 236.293 237.072 237.900 238.343 238.250 237.852 238.031 237.433 236.151 234.812 233.707 234.722 ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 235.356 235.790 236.240 236.950 237.348 237.596 237.409 237.626 237.753 237.067 236.284 234.677 235.186 All items less food and energy Total 1 78.235 200.9 205.9 210.729 215.572 219.235 221.337 225.008 229.755 233.806 237.897 236.245 236.642 237.110 237.658 237.984 238.217 238.340 238.686 239.120 239.304 239.445 239.871 240.247 Shelter 32.985 224.4 232.1 240.611 246.666 249.354 248.396 251.646 257.083 263.056 270.513 267.451 268.242 268.848 269.667 270.160 270.869 271.489 272.186 272.833 273.501 274.016 274.759 275.431 Medical care 2 7.774 323.2 336.2 351.054 364.065 375.613 388.436 400.258 414.924 425.134 435.292 431.401 432.116 433.217 434.453 435.138 435.803 436.047 436.872 437.686 439.419 441.370 441.362 441.385 Apparel 3.321 119.5 119.5 118.998 118.907 120.078 119.503 122.111 126.265 127.411 127.514 127.392 127.604 127.567 127.830 128.153 128.259 127.751 127.907 127.567 126.706 125.643 125.965 126.336 1 Includes other items not shown separately. 2 Commodities and services. 3 Household energy—electricity, utility (piped) gas service, fuel oil, etc.—and motor fuel. 4 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make Energy 3 Food New vehicles 3.568 137.9 137.6 136.254 134.194 135.623 138.005 141.883 144.232 145.783 146.275 145.814 145.825 146.121 146.327 145.891 146.311 146.511 146.554 146.752 146.720 146.655 146.453 146.735 Total 1 At home Away from home Total 1 14.357 190.7 195.2 202.916 214.106 217.955 219.625 227.842 233.777 237.037 242.725 239.440 240.364 241.220 242.155 242.367 243.165 243.843 244.654 245.125 245.632 246.237 246.132 246.512 8.490 189.8 193.1 201.245 214.125 215.124 215.836 226.201 231.774 233.869 239.456 235.834 236.915 237.907 239.190 239.216 240.039 240.777 241.619 242.053 242.309 242.893 242.446 242.626 5.867 193.4 199.4 206.659 215.769 223.272 226.114 231.401 237.986 243.068 248.981 246.187 246.878 247.534 247.952 248.445 249.210 249.801 250.570 251.100 251.987 252.628 253.037 253.719 7.408 177.1 196.9 207.723 236.666 193.126 211.449 243.909 246.080 244.409 243.583 247.242 247.301 247.035 248.862 250.194 249.755 245.612 243.843 240.863 230.897 220.070 198.727 200.622 Gasoline Chart 23 - Mar 2015 C-CPI-U (NSA) 4 3.251 ������������������� 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 ������������������� 298.251 134.604 294.405 135.419 299.610 135.863 301.128 136.331 304.358 136.574 303.044 136.498 294.814 136.244 292.119 136.342 286.208 135.956 265.500 135.126 240.998 134.205 195.938 133.277 200.557 133.930 5 Relative importance, January 2015. Source: Department of Labor (Bureau of Labor Statistics). across item categories in response to changes in relative prices. Data for 2014 and 2015 are subject to revision. 23 Changes in Producer Prices [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Processed goods Unprocessed Change from year earlier Final for intermediate goods for interme(NSA) demand diate demand demand Services less for foods, TransporLess Nonfood intermeenergy, diate tation food materiTotal Final Final and demand Trade and Other Total and Total als final demand demand trade wareenergy less demand goods services housing energy Final demand goods Period Total final demand 1 Total Foods Energy Final demand services Less food and energy Total Change, December to December, NSA 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 p ������������������ ����������� ����������� ����������� ����������� ����������� 2.8 3.2 1.9 1.2 1.1 ���������� ���������� ���������� ���������� ���������� 4.7 4.7 1.4 .8 –1.0 ���������� ���������� ���������� ���������� ���������� 5.3 5.7 4.1 –.8 4.4 ���������� ���������� ���������� ���������� ���������� 12.7 9.2 –1.3 .9 –12.9 ����������� ����������� ����������� ����������� ����������� 2.4 3.1 1.4 1.3 1.3 ���������� ���������� ���������� ���������� ���������� 1.7 2.3 2.2 1.3 2.2 ���������� ���������� ���������� ���������� ���������� 2.1 2.3 3.8 –.4 4.2 ������������� ������������� ������������� ������������� ������������� 4.3 6.7 2.7 2.0 .5 ���������� ���������� ���������� ���������� ���������� 1.3 1.8 1.4 2.0 1.4 ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� ����������� 1.3 8.6 2.8 7.1 –2.3 2.9 6.4 5.7 .4 .1 –2.2 4.8 4.5 3.3 2.9 –.1 4.7 3.8 .6 .7 .3 21.1 –4.7 19.8 –24.6 13.3 16.1 6.6 1.4 –1.9 –8.1 5.2 17.0 15.6 –24.1 28.9 27.6 2.4 –1.6 –5.6 –5.1 �������������� �������������� �������������� �������������� �������������� 1.4 2.0 2.9 1.0 1.7 ����������� ����������� ����������� ����������� ����������� ����������� 3.8 1.9 1.3 1.6 ����������� ����������� ����������� ����������� ����������� ����������� 6.9 1.6 .8 1.3 ������������ ������������ ������������ ������������ ������������ ������������ 2.1 1.9 1.6 1.8 0.2 .1 .1 .1 .2 .1 .2 .0 .0 .1 .1 –.3 .0 0.2 .0 .0 .1 .1 .1 –.1 –.2 –1.0 –.8 –1.6 –2.8 –.6 0.4 –.2 .2 –.1 .1 .4 .2 –.1 –.3 –.2 –.6 –1.3 –.4 4.6 .4 1.1 –1.1 –1.1 –1.7 –3.0 .1 –3.3 –1.3 –4.6 –9.4 –3.9 –1.1 –.5 1.4 –.3 –1.6 .3 –.8 .1 –2.5 –1.6 –.4 –.7 –5.2 0.1 .4 –.2 .0 .1 .6 .0 –.1 .4 .0 .1 –.2 .1 1.2 1.6 1.8 2.1 1.8 1.9 1.9 1.6 1.5 1.4 1.1 .0 –.6 0.6 1.2 2.5 2.0 2.2 2.0 1.7 1.5 1.0 .4 –1.0 –3.7 –4.2 1.6 1.8 1.6 2.2 1.7 2.0 2.0 1.6 1.9 1.9 2.2 2.0 1.2 Change, month to month 2014: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2015: Jan ����������� Feb ����������� 0.2 .3 .1 .3 .1 .3 –.1 –.2 .3 –.3 –.2 –.8 –.5 0.1 .3 .3 .1 .3 –.1 –.3 –.1 –.4 –.7 –1.1 –2.1 –.4 0.5 1.2 1.8 –.1 .1 –.2 –.2 –.1 .6 .2 –.1 –1.1 –1.6 –0.5 .4 –.5 .4 .7 –.8 –1.0 –.9 –2.6 –3.7 –6.2 –10.3 .0 0.1 .0 .2 .1 .1 .2 .0 .2 –.1 .0 .1 –.2 –.1 0.2 .5 –.1 .4 –.1 .6 –.1 –.3 .6 .1 .3 –.2 –.5 0.6 .6 –.5 1.1 –.5 1.6 –.6 –.8 2.0 –.2 .5 .5 –1.5 –0.3 .5 .5 .3 .4 .2 .2 –.2 –.4 .3 –.2 –.8 –1.5 1 Includes final demand construction, not shown separately. 0.2 .2 .1 –.1 .3 .1 .3 .0 .0 .2 .1 –.4 .3 Source: Department of Labor (Bureau of Labor Statistics). Note: See Note, p. 22. Changes in Consumer Prices—All Urban Consumers [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] All items less food and energy Period All items 1 Total 1 Shelter Medical care 2 Apparel New vehicles Total 1 At home Addendum: All items, percent change (annual rate) Energy 3 Food Away from home Total 1 Gasoline C-CPI-U (NSA) 4 From previous quarter 5 From 3 months earlier From 6 months earlier From year earlier (NSA) Change, December to December, NSA 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 3.4 2.5 4.1 .1 2.7 1.5 3.0 1.7 1.5 .8 2.2 2.6 2.4 1.8 1.8 .8 2.2 1.9 1.7 1.6 2.6 4.2 3.1 1.9 .3 .4 1.9 2.2 2.5 2.9 4.3 3.6 5.2 2.6 3.4 3.3 3.5 3.2 2.0 3.0 –1.1 .9 –.3 –1.0 1.9 –1.1 4.6 1.8 .6 –2.0 –0.4 –.9 –.3 –3.2 4.9 –.2 3.2 1.6 .4 .5 2.3 2.1 4.9 5.9 –.5 1.5 4.7 1.8 1.1 3.4 1.7 1.4 5.6 6.6 –2.4 1.7 6.0 1.3 .4 3.7 3.2 3.2 4.0 5.0 1.9 1.3 2.9 2.5 2.1 3.0 17.1 2.9 17.4 –21.3 18.2 7.7 6.6 .5 .5 –10.6 16.1 6.4 29.6 –43.1 53.5 13.8 9.9 1.7 –1.0 –21.0 2.9 2.3 3.7 .2 2.5 1.3 2.9 1.5 1.3 .5 ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� �������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� 3.4 3.2 2.8 3.8 –.4 1.6 3.2 2.1 1.5 1.6 0.5 .5 .4 .5 .0 .3 .3 .3 .2 .1 .2 –.2 .1 0.3 .3 .3 .2 .2 .3 .2 .3 .2 .4 .3 .2 .3 –0.4 .0 –.1 .7 .5 –.2 –1.7 –.7 –1.2 –4.1 –4.7 –9.7 1.0 –1.7 –1.3 1.8 .5 1.1 –.4 –2.7 –.9 –2.0 –7.2 –9.2 –18.7 2.4 0.4 .6 .3 .3 .2 –.1 –.2 .1 –.3 –.6 –.7 –.7 .5 ������������� 2.1 ������������� ������������� 2.4 ������������� ������������� 1.2 ������������� ������������� –.9 ������������� ������������� 2.3 1.9 1.9 2.7 2.7 2.3 .8 .5 .3 –.6 –2.2 –5.1 –3.1 1.7 1.7 2.0 2.5 2.3 2.1 1.8 1.6 1.3 .1 –.9 –2.4 –1.9 1.1 1.5 2.0 2.1 2.1 2.0 1.7 1.7 1.7 1.3 .8 –.1 .0 Change, month to month 2014: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2015: Jan ����������� Feb ����������� 0.1 .2 .2 .3 .2 .1 –.1 .1 .1 –.3 –.3 –.7 .2 0.1 .2 .2 .2 .1 .1 .1 .1 .2 .1 .1 .2 .2 0.2 .3 .2 .3 .2 .3 .2 .3 .2 .2 .2 .3 .2 0.3 .2 .3 .3 .2 .2 .1 .2 .2 .4 .4 .0 .0 –0.3 .2 .0 .2 .3 .1 –.4 .1 –.3 –.7 –.8 .3 .3 0.0 .0 .2 .1 –.3 .3 .1 .0 .1 .0 .0 –.1 .2 0.4 .4 .4 .4 .1 .3 .3 .3 .2 .2 .2 .0 .2 1 Includes other items not shown separately. 2 Commodities and services. 3 Household energy—electricity, utility (piped) gas service, fuel oil, etc.—and motor fuel. 4 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices. Data for 2014 and 2015 are subject to revision. 24 5 Quarterly changes are shown in the last month of the quarter. Source: Department of Labor (Bureau of Labor Statistics). Prices Received and Paid by Farmers In February, prices received by farmers rose 3.1 percent and prices paid by farmers remained unchanged. (Data are not seasonally adjusted.) INDEX, 2011=100 (RATIO SCALE) 130 INDEX, 2011=100 (RATIO SCALE) 130 120 120 110 110 100 100 PRICES PAID 90 90 80 80 PRICES RECEIVED 70 70 60 60 1 RATIO1 140 RATIO 140 RATIO 120 120 100 100 80 80 60 60 2007 2008 2009 2010 2011 2013 2012 2014 2015 1 RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID. SOURCE: DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS [2011=100; not seasonally adjusted] Prices received by farmers 1 Period 2005 ��������������������������������������������������� 2006 ��������������������������������������������������� 2007 ��������������������������������������������������� 2008 ��������������������������������������������������� 2009 ��������������������������������������������������� 2010 ��������������������������������������������������� 2011 ��������������������������������������������������� 2012 r ������������������������������������������������� 2013 ��������������������������������������������������� 2014 r ������������������������������������������������� 2014: Feb ������������������������������������������ Mar ����������������������������������������� Apr r ���������������������������������������� May ����������������������������������������� June ���������������������������������������� July ����������������������������������������� Aug ����������������������������������������� Sept ���������������������������������������� Oct r ����������������������������������������� Nov ����������������������������������������� Dec ������������������������������������������ 2015: Jan r ���������������������������������������� Feb ������������������������������������������ Agricultural production Crop production 71 71 84 92 81 82 100 105 107 108 107 112 115 115 113 110 110 108 100 102 101 97 100 Chart 25 - Mar 2015 Prices paid by farmers All commodities, services, interest, taxes, and wage rates (PPITW) 2 Livestock production 63 68 81 96 86 79 100 107 105 92 95 96 99 100 99 93 92 88 81 82 83 83 85 1 Annual indexes for 2011 forward reflect revised methodology. See Agricultural Price Program Update, January 2015 for details. 2 Includes items not shown separately. 3 Annual data are averages of monthly ratios. 78 73 86 86 74 86 100 102 109 129 121 129 132 130 128 133 131 132 136 134 127 120 115 70 74 79 90 87 90 100 104 106 111 109 110 112 112 113 112 111 112 111 111 111 109 109 Production items, interest, taxes, and wage rates (PITW) 67 72 77 89 86 89 100 105 107 112 110 111 113 113 114 113 112 113 112 112 112 110 110 Ratio of prices received by farmers to PPITW 3 Production items 65 69 75 88 85 88 100 105 107 113 110 112 114 115 116 115 114 115 113 114 113 111 110 101 96 106 102 93 92 100 100 100 97 98 102 103 103 100 98 99 96 90 92 91 89 92 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 February, M2 rose. BILLIONS OF DOLLARS* (RATIO SCALE) 12,400 11,600 10,800 10,000 9,200 BILLIONS OF DOLLARS* (RATIO SCALE) 12,400 11,600 10,800 10,000 9,200 8,400 8,400 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 - Mar 2015 Period 2005: Dec ������������������������������������������ 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: Feb ������������������������������������������ Mar r ��������������������������������������� Apr ����������������������������������������� May ����������������������������������������� June r �������������������������������������� July ����������������������������������������� Aug ����������������������������������������� Sept r ��������������������������������������� Oct r ����������������������������������������� Nov ����������������������������������������� Dec r ���������������������������������������� 2015: Jan r ���������������������������������������� Feb ������������������������������������������ M1 M2 Debt Sum of currency, demand deposits, travelers checks, and other checkable deposits (OCDs) M1 plus retail MMMF balances, savings deposits (including MMDAs), and small time deposits Debt of domestic nonfinancial sectors 1 1,374.8 1,368.3 1,376.6 1,607.1 1,698.4 1,841.8 2,168.2 2,457.7 2,654.0 2,907.3 2,718.5 2,745.9 2,772.4 2,785.3 2,814.3 2,840.7 2,814.4 2,857.5 2,861.2 2,874.8 2,907.3 2,924.2 2,988.2 6,654.1 7,046.0 7,452.4 8,177.0 8,482.4 8,782.9 9,635.8 10,423.6 10,984.9 11,625.3 11,118.9 11,162.6 11,218.8 11,283.8 11,331.8 11,405.0 11,440.5 11,481.0 11,520.8 11,562.3 11,625.3 11,701.2 11,820.3 1 Quarterly data; shown in last month of quarter. End-of-year data are for fourth quarter. Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts. 2 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate. 26 27,179.7 29,514.0 31,903.6 33,756.2 34,470.5 35,619.0 36,758.2 38,423.0 39,766.9 41,416.9 ��������������������������������������������� 40,175.6 ��������������������������������������������� ��������������������������������������������� 40,509.0 ��������������������������������������������� ��������������������������������������������� 40,944.4 ��������������������������������������������� ��������������������������������������������� 41,416.9 ��������������������������������������������� ��������������������������������������������� Percent change From year or 6 months earlier 2 M1 From previous period 3 M2 –0.1 –.5 .6 16.7 5.7 8.4 17.7 13.4 8.0 9.5 12.6 12.9 11.6 12.5 12.1 11.8 7.1 8.1 6.4 6.4 6.6 5.9 12.4 Debt 4.2 5.9 5.8 9.7 3.7 3.5 9.7 8.2 5.4 5.8 6.8 6.5 5.5 6.5 6.3 6.7 5.8 5.7 5.4 4.9 5.2 5.2 6.6 9.0 8.4 8.2 6.2 3.3 4.1 3.6 5.0 3.8 4.3 ������������������������������� 4.3 ������������������������������� ������������������������������� 3.4 ������������������������������� ������������������������������� 4.4 ������������������������������� ������������������������������� 4.7 ������������������������������� ������������������������������� 3 Annual changes are from fourth quarter to fourth quarter. Quarterly changes are from previous quarter at an annual rate. Note: See p. 27 for components. Source: Board of Governors of the Federal Reserve System. Components of Money Stock [Averages of daily figures; billions of dollars, seasonally adjusted] Period 2005: Dec ����������� 2006: Dec ����������� 2007: Dec ����������� 2008: Dec ����������� 2009: Dec ����������� 2010: Dec ����������� 2011: Dec ����������� 2012: Dec ����������� 2013: Dec ����������� 2014: Dec r ��������� 2014: Feb ����������� Mar ���������� Apr ���������� May ���������� June ��������� July r �������� Aug r ��������� Sept r �������� Oct ����������� Nov r ��������� Dec r ��������� 2015: Jan r ��������� Feb ����������� Currency 724.6 750.2 760.6 816.2 863.7 918.8 1,001.5 1,090.5 1,160.3 1,252.3 1,171.7 1,190.1 1,198.4 1,204.7 1,211.4 1,217.6 1,223.3 1,228.0 1,232.7 1,242.1 1,252.3 1,266.3 1,271.9 Nonbank travelers checks Other checkable deposits (OCDs) Demand deposits At commercial banks Total 7.2 6.7 6.3 5.5 5.1 4.7 4.3 3.8 3.5 2.9 3.4 3.4 3.3 3.3 3.3 3.2 3.2 3.1 3.0 3.0 2.9 2.9 2.9 324.3 305.6 303.4 473.3 448.2 519.3 751.8 920.5 1,021.2 1,163.1 1,067.5 1,075.0 1,093.8 1,099.0 1,115.9 1,135.1 1,104.0 1,145.5 1,143.8 1,146.3 1,163.1 1,166.5 1,210.3 318.7 305.7 306.4 312.0 381.4 399.0 410.6 442.8 469.0 488.9 476.0 477.4 476.9 478.2 483.7 484.8 484.0 480.9 481.7 483.5 488.9 488.5 503.2 Savings deposits 1 At thrift institutions 180.8 176.8 173.0 178.8 231.2 235.8 233.2 244.6 256.8 267.5 259.6 260.1 260.8 260.5 264.9 264.8 264.4 262.2 261.8 261.7 267.5 264.4 271.9 138.0 128.9 133.3 133.3 150.2 163.2 177.5 198.3 212.1 221.5 216.4 217.3 216.1 217.7 218.8 220.0 219.6 218.7 219.9 221.7 221.5 224.1 231.2 1 Savings deposits including money market deposit accounts (MMDAs). 2 Small-denomination deposits are those issued in amounts of less than $100,000. Total 3,603.4 3,695.5 3,869.6 4,091.4 4,815.5 5,333.7 6,033.3 6,686.0 7,132.3 7,586.3 7,213.7 7,237.0 7,269.3 7,323.8 7,350.9 7,403.3 7,467.1 7,472.2 7,509.7 7,546.8 7,586.3 7,647.7 7,712.1 At commercial banks 2,774.6 2,911.8 3,042.1 3,322.1 3,979.2 4,410.0 5,034.2 5,727.0 6,108.5 6,503.7 6,175.3 6,192.1 6,219.0 6,258.4 6,282.9 6,336.2 6,393.9 6,397.0 6,431.1 6,470.0 6,503.7 6,557.1 6,614.3 Small-denomination time deposits 2 At thrift institutions 828.9 783.7 827.5 769.3 836.4 923.6 999.0 959.0 1,023.8 1,082.6 1,038.5 1,045.0 1,050.3 1,065.4 1,068.0 1,067.1 1,073.2 1,075.1 1,078.5 1,076.8 1,082.6 1,090.7 1,097.8 At commercial banks Total 993.7 1,206.0 1,276.0 1,457.6 1,187.8 932.5 771.4 637.2 559.2 514.5 548.8 544.9 541.1 538.7 535.9 534.2 530.2 525.8 521.8 517.8 514.5 512.6 509.1 646.7 780.7 858.8 1,078.8 868.3 661.7 542.7 460.4 415.2 382.3 407.0 405.5 402.1 401.1 398.8 397.7 395.1 391.7 388.3 384.8 382.3 380.8 380.2 Retail money funds At thrift institutions 347.0 425.4 417.2 378.8 319.6 270.8 228.7 176.7 144.0 132.2 141.8 139.4 138.9 137.6 137.1 136.5 135.1 134.1 133.5 133.0 132.2 131.8 128.9 682.0 776.2 930.2 1,020.9 780.6 675.0 663.0 642.7 639.4 617.2 637.9 634.8 636.0 636.0 630.7 626.7 628.8 625.5 628.0 622.8 617.2 616.7 610.8 Institutional money funds 3 1,177.0 1,391.5 1,961.4 2,459.2 2,254.8 1,894.4 1,762.7 1,741.1 1,776.2 1,803.5 1,766.4 1,767.6 1,739.5 1,746.9 1,743.8 1,751.7 1,748.5 1,753.6 1,775.5 1,787.0 1,803.5 1,789.3 1,783.7 3 Institutional money funds are not part of non-M1 M2. Source: Board of Governors of the Federal Reserve System. Aggregate Reserves and Monetary Base [Averages of daily figures 1; millions of dollars, not seasonally adjusted] Reserves of depository institutions Reserve balances maintained Period Total 2005: Dec ������������ 2006: Dec ������������ 2007: Dec ������������ 2008: Dec ������������ 2009: Dec ������������ 2010: Dec ������������ 2011: Dec ������������ 2012: Dec ������������ 2013: Dec r ���������� 2014: Dec ������������ 2014: Mar ����������� Apr ����������� May ����������� June ���������� July ����������� Aug r ���������� Sept ���������� Oct ������������ Nov ����������� Dec ������������ 2015: Jan ������������ Feb r ���������� Mar ����������� 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 2,623,027 2,660,368 2,635,180 2,668,354 2,704,004 2,786,867 2,759,284 2,705,668 2,519,578 2,606,700 2,683,709 2,496,868 2,675,202 To satisfy reserve balance requirements 2 That exceed the top of the penalty-free band ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 75,713 90,852 86,124 88,014 90,873 89,357 92,840 95,348 89,839 93,260 94,838 90,852 99,273 97,853 100,477 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 2,409,535 2,515,848 2,536,902 2,572,354 2,544,306 2,578,997 2,611,164 2,691,520 2,669,445 2,612,408 2,424,740 2,515,848 2,584,437 2,399,015 2,574,726 Reserve balance requirements 3 8,146 6,616 6,314 16,312 24,632 28,438 47,838 58,673 69,030 82,770 78,471 80,203 82,906 81,443 84,590 86,899 81,892 85,026 86,424 82,770 90,522 89,118 91,495 Borrowings from the Federal Reserve Vault cash used to satisfy required reserves 4 35,337 34,803 35,365 37,245 40,619 42,927 48,672 52,959 55,771 59,236 53,674 54,532 53,204 53,914 55,019 55,173 55,203 54,648 55,521 59,236 61,875 59,203 57,660 1 Data are prorated averages of biweekly (maintenance period) averages of daily figures. 2 Equals the sum of balances maintained up to the top of each institution’s penalty-free band. 3 Excludes vault cash used to satisfy required reserves. 4 The amount of vault cash held by institutions whose required reserves exceed their vault Nonborrowed 5 45,214 43,091 28,033 167,311 970,523 1,032,512 1,589,189 1,569,589 2,540,849 2,665,835 2,676,596 2,714,784 2,688,244 2,722,088 2,758,793 2,841,761 2,814,187 2,760,096 2,574,969 2,665,835 2,745,518 2,556,053 2,732,842 Monetary base 6 803,124 826,731 837,192 1,666,365 2,026,220 2,017,000 2,619,586 2,675,945 3,717,450 3,934,491 3,885,877 3,930,681 3,911,525 3,948,691 3,989,076 4,075,024 4,049,181 4,001,440 3,830,428 3,934,491 4,017,059 3,840,359 4,030,561 Total 7 169 191 15,430 653,565 169,927 45,488 9,526 795 170 102 105 117 139 179 231 278 300 221 130 102 66 18 20 Primary Secondary 97 111 3,787 88,245 19,025 41 103 12 13 22 8 18 12 17 11 15 18 8 12 22 48 13 11 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 7 17 47 102 174 229 253 200 119 80 18 5 9 Term assetbacked securities loan facility 8 �������������������� �������������������� �������������������� �������������������� 46,310 25,025 9,400 760 98 0 90 82 80 60 45 34 29 13 0 0 0 0 0 7 Includes term auction credit (December 2007 to April 2010), primary dealer and other brokerdealer credit (March 2008 to February 2010), credit extended to American International Group, Inc. (September 2008 to January 2011), asset-backed commercial paper money market mutual fund liquidity facility (September 2008 to February 2010), and other credit extensions, not shown separately. 8 Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility. cash plus the amount of vault cash applied during the maintenance period to satisfy current reserve requirements by institutions whose vault cash exceeds their required reserves. 5 Total reserve balances maintained plus vault cash used to satisfy required reserves less total Note: Data on reserve balances maintained reflect the creation of a penalty-free band acround borrowings from the Federal Reserve. reserve balance requirements, which took effect on June 27, 2013. For more information on table 6 Equals total balances maintained plus currency in circulation (not shown). changes, see H.3 release of July 11, 2013. Source: Board of Governors of the Federal Reserve System. 27 Bank Credit at All Commercial Banks Total commercial bank loans and leases rose 0.5 percent in February. 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: Feb r ��������� Mar r �������� Apr r ��������� May r �������� June r ������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 2015: Jan r ��������� Feb ����������� Total bank credit 7,309.9 8,102.6 8,898.5 9,347.6 8,990.0 9,185.9 9,395.7 9,952.1 10,087.8 10,842.0 10,193.1 10,281.9 10,341.7 10,413.1 10,486.6 10,564.7 10,611.1 10,655.6 10,692.1 10,759.5 10,842.0 10,942.3 11,001.1 Total securities 1,854.3 1,990.1 2,103.1 2,096.1 2,327.6 2,427.5 2,493.9 2,734.7 2,714.0 2,924.2 2,739.3 2,758.5 2,768.8 2,793.4 2,812.1 2,837.5 2,839.4 2,858.7 2,865.8 2,878.4 2,924.2 2,952.1 2,973.3 U.S. Treasury and agency securities 1,158.1 1,217.7 1,135.9 1,252.5 1,449.2 1,640.4 1,700.8 1,875.4 1,804.0 2,039.1 1,825.7 1,841.4 1,854.7 1,883.7 1,900.4 1,926.5 1,938.7 1,972.2 1,988.3 1,999.0 2,039.1 2,065.1 2,083.6 Loans and leases in bank credit Real estate loans Other securities 696.2 772.4 967.2 843.6 878.4 787.0 793.1 859.3 909.9 885.1 913.7 917.1 914.0 909.7 911.7 911.0 900.6 886.5 877.5 879.4 885.1 887.0 889.7 Total loans and leases 3 5,455.6 6,112.5 6,795.4 7,251.5 6,662.5 6,758.4 6,901.8 7,217.3 7,373.9 7,917.8 7,453.8 7,523.4 7,573.0 7,619.7 7,674.5 7,727.2 7,771.7 7,796.9 7,826.3 7,881.1 7,917.8 7,990.2 8,027.8 1 Data are prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, and Edge Act and agreement corporations. 2 Includes securities held in trading accounts, held-to-maturity, and available-for-sale. Excludes all non-security trading assets, such as derivatives with a positive fair value or loans held in trading accounts. 3 Excludes unearned income. Includes the allowance for loan and lease losses. Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the United States. Includes all loans held in trading accounts under a fair value option. 28 Chart 28 - Mar 2015 Commercial and industrial loans 1,035.5 1,181.9 1,417.1 1,558.1 1,264.7 1,191.8 1,302.7 1,474.2 1,574.9 1,773.5 1,618.8 1,637.3 1,655.7 1,668.4 1,681.2 1,701.1 1,718.0 1,729.1 1,736.1 1,755.1 1,773.5 1,787.9 1,806.0 Total 4 2,926.3 3,370.8 3,597.5 3,817.0 3,774.4 3,611.1 3,491.7 3,546.8 3,527.5 3,632.5 3,539.5 3,557.6 3,569.2 3,577.9 3,595.4 3,604.8 3,613.9 3,616.8 3,619.1 3,622.8 3,632.5 3,643.6 3,661.7 Revolving home equity loans 443.2 468.1 484.6 588.0 602.8 581.7 549.2 514.9 473.4 457.6 468.8 468.4 467.4 466.3 465.0 463.7 461.8 460.4 459.9 458.9 457.6 456.0 455.0 Commercial loans 1,269.0 1,458.0 1,586.0 1,727.3 1,639.8 1,499.3 1,416.7 1,426.4 1,496.4 1,601.4 1,512.7 1,522.8 1,532.6 1,540.8 1,550.7 1,560.9 1,570.3 1,577.4 1,584.9 1,592.2 1,601.4 1,611.5 1,623.5 4 Includes closed-end residential loans, not shown separately. 5 Includes credit cards and other consumer loans. 6 Includes other items, not shown separately. Source: Board of Governors of the Federal Reserve System. Consumer loans 5 703.4 737.6 798.3 875.4 835.4 1,113.3 1,090.6 1,114.8 1,140.5 1,197.7 1,146.2 1,149.8 1,158.5 1,165.5 1,171.7 1,179.7 1,183.2 1,188.0 1,191.9 1,196.6 1,197.7 1,198.5 1,199.5 Other loans and leases 6 790.4 822.2 982.5 1,001.0 788.0 842.2 1,016.8 1,081.5 1,131.0 1,314.1 1,149.2 1,178.6 1,189.6 1,207.9 1,226.2 1,241.6 1,256.6 1,263.0 1,279.1 1,306.6 1,314.1 1,360.2 1,360.6 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 r ������������������ 2007 �������������������� 2008 r ������������������ 2009 r ������������������ 2010 r ������������������ 2011 r ������������������ 2012 r ������������������ 2013 r ������������������ 2014 p ������������������ 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 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 2,923.7 2,658.6 2,635.8 2,793.6 2,874.2 2,680.5 2,934.0 2,815.5 3,044.7 2,900.4 2,253.3 2,912.7 2,813.9 2,654.4 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 1,756.8 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 1,832.0 1,782.6 Total net funds raised Total 965.4 839.1 1,280.9 338.9 –248.7 487.6 894.3 985.1 1,119.1 901.8 864.1 983.5 1,106.5 986.2 1,167.5 1,012.6 1,240.5 1,055.8 602.9 1,150.5 981.9 871.8 –33.3 –108.6 –60.5 –57.5 –411.1 –326.0 –197.6 44.2 54.0 26.2 118.3 –162.6 2.0 219.2 162.7 2.5 211.9 –161.0 39.8 18.8 –84.2 130.2 Net new equity issues –300.2 –496.9 –713.0 –319.6 –52.5 –255.1 –456.7 –359.5 –372.7 –422.9 –242.7 –480.9 –348.9 –365.5 –219.3 –375.1 –414.1 –482.2 –527.5 –275.3 –460.8 –427.9 Credit market instruments Total Securities and mortgages Loans and short-term paper 191.7 215.9 257.5 122.4 109.3 82.1 96.7 343.0 312.3 297.5 353.6 228.5 376.4 413.1 306.4 192.0 484.5 266.1 293.8 235.2 244.9 415.9 75.3 172.3 395.1 139.9 –467.9 –153.0 162.5 60.7 114.5 151.5 7.4 89.8 –25.6 171.6 75.7 185.5 141.4 55.0 273.6 59.0 131.6 142.0 266.9 388.3 652.5 262.1 –358.6 –70.9 259.2 403.7 426.7 449.0 361.0 318.3 350.9 584.7 382.1 377.5 626.0 321.2 567.4 294.2 376.6 558.0 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). Other 2 899.9 755.8 1,129.3 206.8 57.7 656.5 899.2 770.8 858.0 781.6 597.2 967.8 956.4 561.9 869.1 785.6 825.5 951.5 1,012.1 873.4 809.1 431.8 Total Capital expenditures 3 2,136.2 2,037.4 2,467.2 751.2 1,320.6 1,868.1 1,825.3 1,984.2 2,423.7 2,360.3 1,882.2 2,174.4 2,015.5 1,864.5 2,519.4 2,368.4 2,340.9 2,466.0 1,975.4 2,687.9 2,274.7 2,503.1 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 1,684.3 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 1,765.6 Increase in financial assets 944.5 700.1 1,072.8 –608.8 299.8 632.7 493.4 506.2 897.9 676.0 415.0 680.1 518.5 411.0 1,083.5 868.1 758.2 881.8 377.8 1,024.7 564.0 737.5 Discrepancy (sources less uses) 164.6 164.8 166.3 980.8 –135.6 296.1 797.5 761.9 499.9 298.3 753.6 619.2 858.7 816.0 414.5 447.1 703.8 434.4 278.0 224.8 539.2 151.4 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: Jan ������������������������������������������ Feb ������������������������������������������ Mar ����������������������������������������� Apr ������������������������������������������ May ����������������������������������������� June ���������������������������������������� July ����������������������������������������� Aug ����������������������������������������� Sept ���������������������������������������� Oct ������������������������������������������ Nov ����������������������������������������� Dec ������������������������������������������ 2015: Jan p ���������������������������������������� Nonrevolving 2 Revolving 2,290.9 2,461.9 2,615.7 2,650.6 2,552.8 2,647.4 2,755.9 2,923.6 3,097.9 3,316.3 3,113.9 3,129.4 3,148.6 3,175.3 3,194.9 3,213.4 3,237.0 3,250.8 3,267.6 3,284.0 3,298.5 3,316.3 3,327.9 829.5 924.4 1,002.4 1,004.7 916.8 840.0 841.7 846.7 857.6 889.0 860.2 859.3 861.5 870.9 873.3 875.1 880.4 880.0 881.6 883.4 882.8 889.0 887.9 1,461.4 1,537.5 1,613.3 1,645.9 1,636.1 1,807.4 1,914.2 2,076.9 2,240.3 2,427.3 2,253.7 2,270.1 2,287.0 2,304.3 2,321.6 2,338.3 2,356.6 2,370.8 2,386.0 2,400.6 2,415.6 2,427.3 2,440.0 Total Nonrevolving 2 Revolving 98.7 171.0 153.8 34.9 –97.8 94.6 108.5 167.7 174.3 218.4 16.0 15.5 19.2 26.7 19.6 18.5 23.6 13.8 16.8 16.4 14.5 17.8 11.6 29.9 94.9 78.0 2.3 –87.9 –76.8 1.7 5.0 10.9 31.4 2.6 –.9 2.2 9.4 2.4 1.8 5.3 –.4 1.6 1.8 –.6 6.2 –1.1 68.7 76.1 75.8 32.6 –9.8 171.3 106.8 162.7 163.4 187.0 13.4 16.4 16.9 17.3 17.3 16.7 18.3 14.2 15.2 14.6 15.0 11.7 12.7 1 Change based on data in billions of dollars as shown here. For year-end data, change from Note: Data include student loans extended by the Federal Government and by SLM Holding preceding year-end; for monthly data, change from preceding month. Corporation. 2 Includes automobile loans and all other loans not included in revolving credit, such as loans for Source: Board of Governors of the Federal Reserve System. mobile homes, education, boats, trailers, or vacations. These loans may be secured or unsecured. 29 Interest Rates and Bond Yields Interest rates were mixed in March. PERCENT PER ANNUM 10 PERCENT PER ANNUM 10 8 8 CORPORATE Aaa BONDS (MOODY'S) 6 6 4 4 FEDERAL FUNDS RATE 2 2 TREASURY BILLS 0 0 2007 2008 2009 2010 2011 2012 2013 2014 SOURCE: SEE TABLE BELOW 2015 COUNCIL OF ECONOMIC ADVISERS [Percent per annum] U.S. Treasury security yields Period 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2014: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2015: Jan ����������� Feb ����������� Mar ���������� Week ended: 2015: Mar 7 ������� 14 ������� 21 ������� 28 ������� Apr 4 ������� 3-month bills (at auction) 1 Constant maturities 2 3-year 10-year 30-year High-grade municipal bonds (Standard & Poor’s) 3 Primary credit Prime rate charged by banks 5 Discount rate 3.16 4.73 4.41 1.48 .16 .14 .06 .09 .06 .03 .05 .04 .03 .03 .03 .03 .02 .02 .02 .04 .03 .02 .02 3.93 4.77 4.35 2.24 1.43 1.11 .75 .38 .54 .90 .82 .88 .83 .90 .97 .93 1.05 .88 .96 1.06 .90 .99 1.02 4.29 4.80 4.63 3.66 3.26 3.22 2.78 1.80 2.35 2.54 2.72 2.71 2.56 2.60 2.54 2.42 2.53 2.30 2.33 2.21 1.88 1.98 2.04 * 4.91 4.84 4.28 4.08 4.25 3.91 2.92 3.45 3.34 3.62 3.52 3.39 3.42 3.33 3.20 3.26 3.04 3.04 2.83 2.46 2.57 2.63 4.29 4.42 4.42 4.80 4.64 4.16 4.29 3.14 3.96 3.78 4.16 4.02 3.80 3.72 3.75 3.53 3.55 3.35 3.49 3.39 3.16 3.26 3.29 5.24 5.59 5.56 5.63 5.31 4.94 4.64 3.67 4.24 4.16 4.38 4.24 4.16 4.25 4.16 4.08 4.11 3.92 3.92 3.79 3.46 3.61 3.64 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 .02 .02 .04 .02 .04 1.09 1.09 1.00 .94 .87 2.13 2.14 2.00 1.94 1.91 2.73 2.72 2.57 2.52 2.52 3.33 3.38 3.25 3.19 3.34 3.74 3.70 3.62 3.54 3.49 .75 .75 .75 .75 .75 * * * * * 3.25 3.25 3.25 3.25 3.25 1 High bill rate at auction, issue date within period, bank-discount basis. Data are stop yields from uniform-price auctions. 2 Yields on actively traded issues adjusted to constant maturities. 3 Weekly data are Wednesday figures. 4 Discount window borrowing for primary credit and discount rate (adjustment credit). The rate for primary credit replaced the rate for adjustment credit. 5 Average effective rate for year; rate in effect at end of month or week. 30 Corporate Aaa bonds (Moody’s) Chart 30 - Mar 2015 Discount window (N.Y. F.R. Bank) 4, 5 New-home mortgage yields (FHFA) 7 Federal funds rate 6 3.22 5.94 4.97 6.63 5.02 6.41 1.92 6.05 .16 5.14 .18 4.80 .10 4.56 .14 3.69 .11 4.00 .09 4.22 .08 4.35 .09 4.33 .09 4.01 .10 4.27 .09 4.25 .09 4.25 .09 4.23 .09 4.23 .09 4.16 .12 4.14 .11 4.05 .11 3.91 .11 ����������������������� .09 .12 .11 .12 .11 ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� 6 Daily effective rate; weighted average of rates on brokered trades. 7 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. * Discount rate (adjustment credit) series was discontinued after January 8, 2003. Series for 30-year constant maturity was discontinued on February 18, 2002, and reintroduced on February 9, 2006. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Agency, Moody’s Investors Service, and Standard & Poor’s. Common Stock Prices and Yields Stock prices were mixed in March. INDEX, DEC. 31, 2002=5,000 (RATIO SCALE) 12,000 INDEX, DEC. 31, 2002=5,000 (RATIO SCALE) 12,000 11,000 11,000 10,000 10,000 COMPOSITE STOCK PRICE INDEX (NYSE) 9,000 9,000 8,000 8,000 7,000 7,000 6,000 6,000 5,000 5,000 4,000 2007 2008 2010 2009 2011 4,000 2012 2013 2014 PERCENT 20 2015 PERCENT 20 15 15 EARNINGS/PRICE RATIO ON COMMON STOCKS (S&P) 10 10 5 5 0 0 2007 2008 2009 2010 2011 2012 2013 2014 SOURCES: NEW YORK STOCK EXCHANGE, STANDARD AND POOR'S, AND BLOOMBERG 2015 COUNCIL OF ECONOMIC ADVISERS Common stock yields (percent) 6 Common stock prices 1 Chart 31 - Mar 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: Mar ����������� Apr ����������� May ����������� June ���������� July ����������� Aug ����������� Sept ���������� Oct ������������ Nov ����������� Dec ������������ 2015: Jan ������������ Feb ������������ Mar ����������� Week ended: 2015: Mar 7 �������� 14 �������� 21 �������� 28 �������� Apr 4 �������� Financial Energy Dow Jones industrial average 3 Health Care 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 10,414.24 10,511.31 10,646.46 10,905.05 10,978.98 10,840.40 10,926.74 10,471.37 10,911.73 10,818.24 10,679.25 10,969.94 10,917.86 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 6,325.41 6,302.14 6,345.75 6,517.17 6,541.32 6,498.76 6,593.99 6,388.44 6,681.69 6,712.14 6,480.39 6,607.33 6,624.48 9,377.84 11,206.94 13,339.92 13,258.42 10,020.30 10,943.85 12,880.35 12,512.31 13,490.83 14,598.07 14,399.33 15,105.85 15,577.31 15,991.27 15,483.41 15,169.68 15,361.76 13,806.00 13,710.24 12,420.24 12,004.74 12,624.48 11,965.22 6,283.96 6,685.06 7,191.91 6,171.19 5,456.63 6,230.62 6,847.80 7,503.05 9,250.02 11,195.85 10,845.66 10,815.84 11,016.20 11,238.50 11,363.35 11,195.04 11,606.33 11,331.80 11,939.26 12,108.74 12,230.02 12,470.21 12,807.87 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 16,308.63 16,399.50 16,567.25 16,843.75 16,988.26 16,775.15 17,098.13 16,701.87 17,648.98 17,754.24 17,542.26 17,945.41 17,931.75 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 1,863.52 1,864.26 1,889.77 1,947.09 1,973.10 1,961.53 1,993.23 1,937.27 2,044.57 2,054.27 2,028.18 2,082.20 2,079.99 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 4,276.36 4,119.31 4,135.37 4,332.74 4,434.13 4,464.83 4,551.58 4,403.23 4,687.70 4,732.70 4,673.70 4,854.26 4,938.01 1.83 1.87 1.86 2.37 2.40 1.98 2.05 2.24 2.14 2.04 2.04 2.06 2.08 2.04 2.00 2.04 2.01 2.08 2.00 2.01 2.04 2.00 2.02 5.36 5.78 5.29 3.54 1.86 6.04 6.77 6.20 5.57 5.25 5.39 ���������������������������� ���������������������������� 5.26 ���������������������������� ���������������������������� 5.37 ���������������������������� ���������������������������� 4.97 ���������������������������� ���������������������������� ���������������������������� 11,003.03 10,759.14 10,953.04 10,945.69 10,933.28 6,647.92 6,550.06 6,668.28 6,636.89 6,618.69 12,251.64 11,709.37 11,832.27 12,019.30 12,098.75 12,688.49 12,540.80 12,962.26 12,971.64 12,909.57 18,116.28 17,787.72 17,997.87 17,847.32 17,803.46 2,099.20 2,056.64 2,090.47 2,074.83 2,070.20 4,973.06 4,883.44 4,973.71 4,927.36 4,903.87 1.99 2.05 2.03 2.01 2.03 ���������������������������� ���������������������������� ���������������������������� ���������������������������� ���������������������������� 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 five months of fiscal year 2015, the deficit was $386.5 billion, compared with a deficit of $376.4 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 5 months: 1 Fiscal year 2014 ���������������������������������� Fiscal year 2015 ���������������������������������� Outlays Chart 32 - Jan 2015 On-budget Surplus or deficit (–) Receipts Outlays Federal debt (end of period) Off-budget Surplus or deficit (–) Receipts Outlays Surplus or deficit (–) Gross Federal 1,579.2 1,721.7 1,827.5 2,025.2 1,991.1 1,853.1 1,782.3 1,880.1 2,153.6 2,406.9 2,568.0 2,524.0 2,105.0 2,162.7 2,303.5 2,450.0 2,775.1 3,021.5 3,176.1 3,525.2 1,601.1 1,652.5 1,701.8 1,789.0 1,862.8 2,010.9 2,159.9 2,292.8 2,472.0 2,655.1 2,728.7 2,982.5 3,517.7 3,457.1 3,603.1 3,537.0 3,454.6 3,506.1 3,758.6 3,999.5 –21.9 69.3 125.6 236.2 128.2 –157.8 –377.6 –412.7 –318.3 –248.2 –160.7 –458.6 –1,412.7 –1,294.4 –1,299.6 –1,087.0 –679.5 –484.6 –582.5 –474.3 1,187.2 1,305.9 1,383.0 1,544.6 1,483.6 1,337.8 1,258.5 1,345.4 1,576.1 1,798.5 1,932.9 1,865.9 1,451.0 1,531.0 1,737.7 1,880.5 2,101.8 2,285.9 2,410.5 2,724.2 1,290.5 1,335.9 1,381.1 1,458.2 1,516.0 1,655.2 1,796.9 1,913.3 2,069.7 2,233.0 2,275.0 2,507.8 3,000.7 2,902.4 3,104.5 3,029.4 2,820.8 2,800.0 3,006.0 3,201.1 –103.2 –29.9 1.9 86.4 –32.4 –317.4 –538.4 –568.0 –493.6 –434.5 –342.2 –641.8 –1,549.7 –1,371.4 –1,366.8 –1,148.9 –719.0 –514.1 –595.5 –476.9 392.0 415.8 444.5 480.6 507.5 515.3 523.8 534.7 577.5 608.4 635.1 658.0 654.0 631.7 565.8 569.5 673.3 735.6 765.6 801.0 310.6 316.6 320.8 330.8 346.8 355.7 363.0 379.5 402.2 422.1 453.6 474.8 517.0 554.7 498.6 507.6 633.8 706.1 752.6 798.4 81.4 99.2 123.7 149.8 160.7 159.7 160.8 155.2 175.3 186.3 181.5 183.3 137.0 77.0 67.2 61.9 39.5 29.5 13.0 2.6 5,369.2 5,478.2 5,605.5 5,628.7 5,769.9 6,198.4 6,760.0 7,354.7 7,905.3 8,451.4 8,950.7 9,986.1 11,875.9 13,528.8 14,764.2 16,050.9 16,719.4 17,794.5 18,627.6 19,333.8 3,772.3 3,721.1 3,632.4 3,409.8 3,319.6 3,540.4 3,913.4 4,295.5 4,592.2 4,829.0 5,035.1 5,803.1 7,544.7 9,018.9 10,128.2 11,281.1 11,982.7 12,779.9 13,506.3 14,108.5 1,106.8 1,185.6 1,483.1 1,572.1 –376.4 –386.5 820.8 889.1 1,204.4 1,278.9 –383.6 –389.7 286.0 296.5 278.8 293.3 7.2 3.2 17,431.6 18,127.1 12,487.9 13,071.4 1 Data from current issue Monthly Treasury Statement. Note: Data (except as noted) are from Budget of the United States Government, Fiscal Year 2016, issued February 2, 2015. Sources: Department of the Treasury and Office of Management and Budget. 32 Held by the public Federal Receipts by Source and Outlays by Function In the first five months of fiscal year 2015, receipts were $78.8 billion higher than a year earlier and outlays were $89.0 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 5 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 1,106.8 1,185.6 513.8 555.5 85.4 101.6 400.0 411.1 107.6 117.4 1,483.1 1,572.1 260.0 249.4 249.3 238.1 19.5 23.7 156.1 190.0 222.0 243.0 253.8 239.9 347.1 362.6 94.9 91.1 129.7 172.5 Total Other 1 Data from current issue Monthly Treasury Statement. Data for Department of Defense, military, include a small amount that is classified and listed under international affairs, and not included in national defense. Total Total Depart- Internament tional of affairs Defense, military Health Medicare Income Social Net security security interest Other Note: Data (except as noted) are from Budget of the United States Government, Fiscal Year 2016, issued Febuary 2, 2015. Sources: Department of the Treasury and Office of Management and Budget. 33 Federal Sector, National Income Accounts Basis In the fourth quarter of 2014, according to revised estimates, Federal current receipts fell 0.7 billion (annual rate) and Federal current expenditures fell $52.3 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 2,000 2,000 CURRENT RECEIPTS 1,600 1,600 1,200 1,200 800 800 400 400 0 0 –400 –400 NET FEDERAL GOVERNMENT SAVING –800 –800 –1,200 –1,200 –1,600 –1,600 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 CALENDAR YEARS SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Chart 34 - Mar 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 r ����������� 2011: I ��������������� II �������������� III ������������� IV ������������� 2012: I ��������������� II �������������� III ������������� IV ������������� 2013: I ��������������� II �������������� III ������������� IV ������������� 2014: I ��������������� II �������������� III ������������� IV 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 3,300.8 2,514.6 2,520.2 2,512.2 2,531.0 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 3,341.5 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 2,024.5 1,495.9 1,502.8 1,487.5 1,518.8 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 2,070.1 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 1,374.2 1,056.7 1,072.1 1,090.2 1,087.2 1,125.4 1,133.3 1,145.7 1,191.8 1,253.5 1,278.9 1,295.5 1,319.3 1,340.3 1,356.2 1,383.6 1,416.6 99.4 99.2 94.6 94.0 91.4 96.8 108.6 115.0 120.9 134.1 104.8 109.1 109.2 111.3 115.0 115.0 114.3 116.0 119.2 120.0 120.9 123.5 132.0 133.4 135.0 136.0 341.0 395.0 362.8 233.7 200.4 298.7 299.4 369.5 384.9 497.3 318.9 306.4 270.2 302.0 369.2 388.0 356.2 364.7 386.5 371.8 378.2 403.2 470.0 513.5 506.4 499.4 853.4 905.7 947.2 974.4 950.8 970.9 904.0 938.1 1,092.3 1,149.4 899.8 902.4 910.3 903.5 930.7 931.6 933.9 956.0 1,078.4 1,089.8 1,095.6 1,105.2 1,134.5 1,142.1 1,154.2 1,166.6 1 Includes taxes from the rest of the world, not shown separately. 2 Includes an item for the difference between wage accruals and disbursements, not shown separately. 34 27.3 29.0 33.4 33.9 48.5 54.6 56.4 53.6 164.7 78.1 57.9 56.7 56.4 54.7 54.4 53.2 53.3 53.6 73.7 299.5 93.6 192.2 106.8 78.6 61.1 65.8 Current transfer receipts 32.0 36.8 41.0 46.5 64.0 64.4 65.0 49.9 59.5 68.5 67.5 65.0 65.6 62.0 59.9 53.7 46.1 40.0 58.1 62.7 56.3 61.0 55.5 54.6 104.2 59.8 Current surplus of government enterprises 0.9 1.8 2.0 .8 .8 –3.1 –7.1 –9.1 –15.3 –19.7 –6.5 –6.6 –7.5 –8.0 –7.2 –8.1 –9.4 –11.9 –13.0 –15.2 –16.0 –16.9 –16.9 –19.3 –21.7 –20.8 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 3,751.0 3,833.4 3,743.5 3,726.8 3,737.2 3,782.1 3,759.6 3,773.9 3,721.0 3,787.2 3,793.7 3,746.4 3,802.7 3,875.5 3,953.2 3,900.9 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 1,000.6 1,015.2 1,009.0 999.5 1,003.2 998.7 1,024.9 987.6 970.2 965.2 965.7 951.1 957.1 955.5 987.7 960.6 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 2,283.4 2,302.2 2,252.9 2,251.1 2,266.6 2,272.6 2,284.2 2,289.7 2,302.2 2,320.0 2,342.2 2,323.5 2,367.3 2,387.1 2,460.7 2,463.4 344.4 372.3 408.2 388.0 353.6 380.6 425.7 423.8 417.4 441.3 409.3 456.6 421.0 415.9 410.0 453.3 394.1 437.6 389.0 441.3 425.8 413.5 421.1 475.9 447.9 420.5 60.5 51.1 47.5 49.6 56.9 54.3 59.5 57.6 59.7 56.9 57.7 59.5 60.6 60.3 57.4 57.5 56.3 59.0 59.6 60.7 60.1 58.4 57.2 57.0 56.9 56.5 3 Includes Federal grants-in-aid to State and local governments, not shown separately. Source: Department of Commerce (Bureau of Economic Analysis). Net Federal Government saving –304.7 –227.0 –265.6 –634.0 –1,248.8 –1,328.7 –1,244.1 –1,079.1 –649.1 –582.3 –1,236.4 –1,313.2 –1,231.2 –1,195.8 –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 –559.5 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 96.2 97.3 215.303 197.3 120.3 184.0 2009 ��������������� 85.7 86.5 75.6 83.5 83.6 78.3 88.8 214.537 197.9 118.7 184.1 2010 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 99.4 84.9 90.8 224.939 207.2 117.5 190.9 2012 ��������������� 97.1 95.7 85.2 87.3 99.1 79.5 88.3 229.594 210.4 117.5 194.6 2013 ��������������� 99.9 97.1 84.7 86.9 99.3 77.1 87.8 232.957 212.4 117.9 196.3 2014 r ������������� 104.0 100.9 86.5 86.0 100.6 76.5 89.2 236.736 216.4 121.1 197.3 r 2014: Jan ���� 101.3 98.5 90.7 86.3 100.9 77.6 88.2 233.916 212.8 118.7 195.9 Feb r ���� 102.3 100.2 88.6 86.4 101.0 77.1 89.3 234.781 214.6 118.7 197.0 Mar r ��� 103.1 100.4 89.2 86.0 100.9 76.8 89.3 236.293 215.8 119.0 197.8 Apr r ���� 103.2 100.1 86.7 86.4 100.9 77.2 89.4 237.072 216.5 121.5 197.8 r May ��� 103.7 100.7 87.3 84.7 99.9 76.2 89.1 237.900 217.5 122.0 197.8 r June �� 104.1 101.7 84.3 86.0 100.1 76.9 89.1 238.343 217.7 121.9 197.8 July r ��� 104.5 101.4 84.7 86.4 101.5 76.1 89.3 238.250 217.3 121.9 197.1 Aug r ���� 104.5 100.4 83.1 86.2 98.7 76.4 89.1 237.852 217.3 122.1 198.0 r Sept ��� 105.2 101.8 85.6 86.2 100.1 75.7 89.6 238.031 217.5 122.5 197.2 r Oct ����� 105.1 102.2 85.9 85.5 100.5 75.7 89.5 237.433 217.7 122.1 197.3 Nov r ���� 106.3 101.5 85.5 85.3 100.6 76.0 89.5 236.151 216.8 121.6 197.0 Dec r ���� 106.1 101.9 86.2 86.5 101.8 76.3 89.4 234.812 215.3 121.8 197.1 2015: Jan r ���� 105.7 102.2 89.4 86.8 101.8 75.8 89.3 233.707 214.9 121.5 195.1 Feb p ���� 105.8 ��������������� 86.3 ��������������� ��������������� ��������������� ��������������� 234.722 216.8 121.3 196.4 Mar p ��� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 1 Data relate to all urban consumers. 153.7 156.2 159.7 163.9 164.5 166.3 169.7 173.1 175.7 177.3 176.1 176.9 177.4 177.1 176.9 177.4 177.9 177.9 177.9 177.4 177.4 177.4 175.4 177.1 177.9 Italy United Kingdom 260.6 225.6 266.1 232.8 270.9 242.7 280.0 252.4 282.2 251.1 286.5 262.7 294.5 276.3 303.4 285.2 307.1 293.9 307.9 300.8 307.8 296.8 307.5 298.7 307.8 299.4 308.4 300.4 308.1 300.7 308.4 301.1 308.1 300.8 308.7 301.9 307.5 302.7 307.8 302.8 307.2 302.1 307.2 302.5 306.1 300.1 307.2 301.6 307.5 ����������������� Sources: As reported by each country, Board of Governors of the Federal Reserve System, and Department of Labor (Bureau of Labor Statistics). Note: See Note, p. 17, for information on U.S. industrial production series. U.S. International Trade in Goods and Services [Billions of dollars; monthly data seasonally adjusted] Goods: Exports (f.a.s. value) Census basis (by end-use category) Period 2005 ��������������� 2006 ��������������� 2007 ��������������� 2008 ��������������� 2009 ��������������� 2010 ��������������� 2011 ��������������� 2012 ��������������� 2013 ��������������� 2014 ��������������� 2014: Feb ������ Mar ����� Apr ������ May ����� June ���� July ����� Aug ����� Sept ���� Oct ������ Nov ����� Dec ������ 2015: Jan r ���� Feb p ���� BOP basis 913.0 1,040.9 1,165.2 1,308.8 1,070.3 1,290.3 1,499.2 1,561.7 1,592.8 1,635.1 130.7 135.9 135.4 137.2 137.0 139.3 139.3 136.4 139.0 136.9 134.2 128.5 125.6 IndusFoods, trial Total, feeds, supCensus and plies basis 1 bever- and ages materials 901.1 1,026.0 1,148.2 1,287.4 1,056.0 1,278.5 1,482.5 1,545.7 1,579.6 1,623.2 130.5 134.7 134.2 136.0 135.8 138.1 138.5 135.6 138.0 135.9 133.7 127.6 124.8 59.0 66.0 84.3 108.3 93.9 107.7 126.2 132.9 136.2 144.2 12.2 12.5 12.2 12.3 12.0 11.4 10.9 12.1 12.1 12.3 12.0 10.9 10.7 233.0 276.0 316.4 388.0 296.5 391.7 501.1 501.2 509.3 506.8 40.8 41.8 42.0 42.2 42.2 43.5 44.2 42.2 42.1 42.8 39.7 37.5 36.1 98.4 107.3 121.3 121.5 81.7 112.0 133.0 146.2 152.6 159.5 12.1 12.9 12.7 13.5 13.6 15.3 13.6 13.5 13.6 13.1 13.5 12.5 11.5 Balance of trade (exports minus imports) Census basis (by end-use category) Auto- Consumer Capital motive vegoods goods hicles, except parts (nonfood) autoexcept motive and enautogines motive 358.4 404.0 433.0 457.7 391.2 447.5 494.0 527.2 534.2 550.0 43.8 46.1 45.8 45.6 45.7 46.1 47.1 45.9 47.7 45.4 46.2 45.7 44.0 Services (BOP basis) Goods: Imports (customs value) 115.3 129.1 146.0 161.3 149.5 165.2 175.3 181.7 189.1 199.2 16.7 16.4 16.3 16.7 17.2 16.5 17.3 16.6 17.0 16.6 16.5 16.5 17.8 BOP basis 1,695.8 1,878.2 1,986.3 2,141.3 1,580.0 1,939.0 2,239.9 2,303.8 2,294.5 2,370.9 190.6 198.1 200.6 200.0 197.2 198.6 198.8 198.7 200.1 195.9 199.2 191.1 180.8 IndusFoods, trial Total, feeds, supCensus and plies basis 1 bever- and ages materials 1,673.5 1,853.9 1,957.0 2,103.6 1,559.6 1,913.9 2,208.0 2,276.3 2,268.3 2,344.8 188.2 195.6 198.5 197.9 195.1 196.4 196.7 196.5 198.1 193.8 197.2 189.1 178.8 1 Total includes ‘‘other’’ exports or imports, not shown separately. 68.1 74.9 81.7 89.0 81.6 91.7 107.5 110.3 115.1 125.7 9.5 10.6 10.7 10.6 10.8 10.8 10.5 10.7 10.9 10.4 10.4 10.6 10.3 523.8 602.0 634.7 779.5 462.4 603.1 755.8 730.7 681.6 665.2 57.2 58.0 57.7 55.8 55.4 55.7 55.6 54.6 54.7 50.4 52.8 47.0 42.6 BOP basis Auto- Consumer Capital motive vegoods Exports goods hicles, except parts (nonfood) autoexcept motive and enautogines motive 379.3 418.3 444.5 453.7 370.5 449.4 510.8 548.7 554.5 591.0 46.5 47.8 48.6 49.6 49.4 49.1 50.9 49.9 50.9 50.5 50.3 50.5 47.9 239.4 256.6 256.7 231.2 157.7 225.1 254.6 297.8 308.8 327.6 25.5 26.2 27.1 28.5 27.5 28.9 27.5 26.9 28.2 27.5 28.3 27.8 26.1 407.2 442.6 474.6 481.6 427.3 483.2 514.1 516.9 532.7 557.7 43.6 46.4 47.4 47.1 45.7 45.1 45.8 47.7 47.0 48.7 48.5 46.7 45.2 373.0 416.7 488.4 532.8 512.7 563.3 627.8 654.9 687.4 709.4 57.4 58.3 59.2 59.6 59.0 58.5 59.3 58.8 59.8 59.9 60.8 60.7 60.6 Imports Goods, Census basis Goods Services Goods and services 304.4 341.2 372.6 409.1 386.8 409.3 435.8 450.4 462.1 478.3 39.3 38.9 39.5 40.1 40.1 39.9 39.7 39.9 40.5 40.4 41.4 40.8 40.9 –772.4 –828.0 –808.8 –816.2 –503.6 –635.4 –725.4 –730.6 –688.7 –721.6 –57.7 –60.9 –64.3 –61.9 –59.3 –58.4 –58.2 –61.0 –60.0 –57.9 –63.5 –61.5 –54.1 68.6 75.6 115.8 123.8 125.9 154.0 192.0 204.5 225.3 231.1 18.1 19.4 19.7 19.5 18.8 18.6 19.6 19.0 19.3 19.5 19.4 19.9 19.7 –714.2 –761.7 –705.4 –708.7 –383.8 –494.7 –548.6 –537.6 –476.4 –504.7 –41.9 –42.8 –45.6 –43.2 –41.4 –40.7 –39.9 –43.4 –41.9 –39.5 –45.6 –42.7 –35.4 –782.8 –837.3 –821.2 –832.5 –509.7 –648.7 –740.6 –742.1 –701.7 –735.8 –60.0 –62.2 –65.2 –62.8 –60.2 –59.3 –59.5 –62.3 –61.2 –59.0 –65.0 –62.5 –55.2 Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis). Note: BOP refers to balance of payments on international transactions basis. BOP data shown here are consistent with figures shown on pp. 36 and 37. 35 U.S. International Transactions In the fourth quarter of 2014, the current account deficit rose to $113.5 billion from $98.9 billion in the third quarter. The goods and services deficit rose to $127.0 billion in the fourth quarter from $123.9 billion in the third quarter. BILLIONS OF DOLLARS 80 BILLIONS OF DOLLARS 80 SEASONALLY ADJUSTED 60 60 BALANCE ON PRIMARY INCOME 40 40 20 20 0 0 –20 –20 –40 –40 BALANCE ON SECONDARY INCOME –60 –60 –80 –80 BALANCE ON CURRENT ACCOUNT –100 –100 –120 –120 –140 –140 –160 –160 BALANCE ON GOODS AND SERVICES –180 –180 –200 –200 –220 –220 –240 –240 2005 2006 2007 2008 2009 2010 2012 2011 SOURCE: DEPARTMENT OF COMMERCE 2014 2013 COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted] Chart 36 - Mar 2015 Current Account 1 Goods 2 Period 2005 �������������������� 2006 �������������������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 p ������������������ 2012: I ���������������� II ��������������� III �������������� IV �������������� 2013: I ���������������� II ��������������� III �������������� IV �������������� 2014: I r �������������� II r ������������� III r ������������ IV 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 1,561,689 1,592,784 1,635,133 387,616 391,764 391,998 390,311 392,605 394,988 398,088 407,103 400,442 409,620 414,991 410,080 1,695,820 1,878,194 1,986,347 2,141,287 1,580,025 1,938,950 2,239,886 2,303,785 2,294,453 2,370,920 581,054 580,003 570,941 571,786 570,164 572,071 576,024 576,193 581,712 597,862 596,083 595,263 –782,804 –837,289 –821,196 –832,492 –509,694 –648,678 –740,646 –742,095 –701,669 –735,787 –193,439 –188,239 –178,943 –181,475 –177,560 –177,083 –177,936 –169,090 –181,269 –188,242 –181,092 –185,183 Exports 373,006 416,738 488,396 532,817 512,722 563,333 627,781 654,850 687,410 709,395 159,968 162,415 163,216 169,251 169,806 170,347 172,668 174,589 174,561 177,769 176,638 180,427 Imports 304,448 341,165 372,575 409,052 386,801 409,313 435,761 450,360 462,134 478,319 110,983 112,212 112,793 114,372 113,195 115,063 115,929 117,947 116,809 119,755 119,485 122,271 Balance on services 68,558 75,573 115,821 123,765 125,920 154,020 192,020 204,490 225,276 231,076 48,984 50,203 50,424 54,879 56,611 55,284 56,739 56,642 57,752 58,015 57,153 58,156 Balance on goods and services –714,245 –761,716 –705,375 –708,726 –383,774 –494,658 –548,625 –537,605 –476,392 –504,711 –144,454 –138,036 –128,519 –126,596 –120,948 –121,799 –121,197 –112,448 –123,517 –130,228 –123,939 –127,028 Primary income receipts and payments Receipts 543,982 693,089 844,033 823,707 614,379 684,915 759,727 762,885 780,120 819,705 193,149 188,807 188,749 192,180 190,175 193,497 196,002 200,446 200,290 204,701 211,683 203,032 Payments 476,349 649,752 743,429 677,561 490,794 507,254 538,766 559,892 580,466 601,801 139,618 137,316 141,069 141,889 144,192 145,990 144,478 145,806 147,770 149,785 151,837 152,410 Balance on primary income 67,632 43,337 100,604 146,146 123,584 177,661 220,961 202,993 199,654 217,904 53,532 51,490 47,680 50,291 45,983 47,507 51,524 54,639 52,519 54,916 59,846 50,623 Balance on secondary Income 3 –98,822 –88,347 –113,872 –124,061 –120,602 –126,934 –131,680 –126,138 –123,515 –123,821 –33,040 –32,329 –31,293 –29,477 –30,522 –31,854 –31,632 –29,508 –29,972 –21,977 –34,826 –37,046 Balance on current account –745,434 –806,726 –718,643 –686,641 –380,792 –443,930 –459,344 –460,749 –400,254 –410,628 –123,962 –118,875 –112,132 –105,781 –105,487 –106,146 –101,305 –87,317 –100,969 –97,288 –98,919 –113,451 Current account balance as a percentage of GDP –5.7 –5.8 –5.0 –4.7 –2.6 –3.0 –3.0 –2.9 –2.4 –2.4 –3.1 –3.0 –2.8 –2.6 –2.6 –2.6 –2.4 –2.0 –2.4 –2.2 –2.2 –2.6 1 Current and capital account statistics in the international transactions accounts differ slightly 2 Adjusted from Census data to align with concepts and definitions used to prepare the interfrom statistics in the National Income and Product Accounts (NIPAs) because of adjustments made national and national economic accounts. The adjustments are necessary to supplement coverage to convert the international statistics to national accounting concepts. A reconciliation can be of Census data, to eliminate duplication of transactions recorded elsewhere in the international found in NIPA table 4.3B. accounts, to value transactions according to a standard definition, and for earlier years, to record transactions in the appropriate period. 3 Includes U.S. government and private transfers, such as U.S. government grants and pensions, fines and penalties, withholding taxes, personal transfers, insurance-related transfers, and other current transfers. See p. 37 for continuation of table. 36 U.S. International Transactions—Continued In the financial account, U.S. net borrowing was $10.8 billion in the fourth quarter of 2014, resulting from a net increase in U.S. financial assets of $77.2 billion plus a net decrease in transactions in financial derivatives of $31.7 billion, less a net increase in U.S. liabilities of $56.2 billion. U.S. net borrowing was down from $22.0 billion in the third quarter. BILLIONS OF DOLLARS 900 BILLIONS OF DOLLARS 900 SEASONALLY ADJUSTED 800 800 700 700 600 600 500 500 CHANGE IN U.S. LIABILITIES 400 400 300 300 200 200 100 100 0 0 –100 –100 CHANGE IN U.S. ASSETS ABROAD1 –200 –200 –300 –300 –400 –400 –500 –500 2006 2005 2007 2008 2009 2010 2011 2012 2013 2014 1 INCLUDES FINANCIAL DERIVATIVES, NET, BEGINNING 2006. SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted] Chart 37 - Mar 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 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 p ������������������ 2012: I ���������������� II ��������������� III �������������� IV �������������� 2013: I ���������������� II ��������������� III �������������� IV �������������� 2014: I r �������������� II r ������������� III r ������������ IV 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 6,904 171,418 –412 644,763 –44 820,488 –53 –74,077 –241 –184,459 –470 293,633 7,668 136,320 –40 221,653 –227 143,657 –146 83,999 0 195,454 –43 146,352 –2 243,944 0 352,996 0 77,195 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 –45,327 375,537 239,773 –448,352 408,243 489,877 –250,260 353,161 547,405 –76,496 110,579 1,416 –187,305 81,728 53,051 –322,526 87,078 128,276 77,446 96,152 57,030 –15,967 77,992 157,860 –15,074 120,947 115,004 –92,105 105,008 61,121 –81,129 104,296 155,892 –61,952 34,606 100,674 12,028 93,508 195,471 –45,809 96,775 161,457 95,653 128,272 89,803 –138,368 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 –3,097 –3,583 1,233 3,289 833 –895 875 –189 –1,001 –2,782 –956 773 –889 –2,511 1,273,038 2,116,304 2,183,538 454,051 318,350 1,386,345 977,073 601,973 1,017,669 908,601 183,933 –151,218 298,348 270,910 285,407 224,716 165,707 341,838 240,406 261,284 350,703 56,208 4 Consists of monetary gold, special drawing rights (SDRs), the U.S. reserve position in the International Monetary Fund (IMF), and other reserve assets, including foreign currencies. 5 Net lending means that U.S. residents are net suppliers of funds to foreign residents, and net borrowing means the opposite. Direct investment liabilities Portfolio investment liabilities 138,328 832,037 294,289 1,126,735 340,066 1,156,612 332,734 523,683 153,787 357,352 259,345 820,434 257,411 311,626 217,777 746,996 294,972 490,943 93,054 692,541 40,210 249,732 67,418 7,962 44,111 222,638 66,038 266,664 44,526 155,583 82,156 –25,746 71,130 207,881 97,161 153,226 –121,051 237,867 78,021 67,750 86,358 241,138 49,726 145,786 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 –362,799 7,064 231,753 2,248 123,006 –53,531 –106,008 7,339 –226,598 –2,419 31,600 5,129 –61,793 –2,985 85,298 –3,948 168,307 –3,302 –113,303 6,569 91,451 2,929 123,590 5,277 115,513 –2,804 23,207 –24,267 –139,304 –31,737 Net lending (+) or net borrowing (–) from financial acount transactions 5 –700,721 –809,148 –617,251 –730,572 –230,962 –436,972 –515,759 –423,492 –370,658 –141,644 –250,671 –35,660 414 –137,574 –67,702 –84,362 –75,140 –143,455 –88,777 –20,144 –21,973 –10,750 U.S. official reserve assets, Statistical net discrep(unadancy justed, end of period) 4 31,597 –634 101,008 –49,941 149,970 7,116 –55,229 30,353 30,008 269,027 –126,656 83,455 113,016 –39,461 37,825 22,011 26,311 –56,138 12,235 77,145 76,946 102,701 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 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 93-892