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114th Congress, 1st Session

Economic Indicators
OCTOBER 2015
(Includes data available as of November 6, 2015)

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

UNITED STATES
GOVERNMENT PUBLISHING OFFICE
WASHINGTON : 2015

JOINT ECONOMIC COMMITTEE

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

Dan Coats, Indiana, Chairman
Kevin Brady, Texas, Vice Chairman
Senate

House of Representatives

Mike Lee, Utah
Tom Cotton, Arkansas
Ben Sasse, Nebraska
Ted Cruz, Texas
Bill Cassidy, M.D., Louisiana
Amy Klobuchar, Minnesota
Robert P. Casey, Jr., Pennsylvania
Martin Heinrich, New Mexico
Gary C. Peters, Michigan

Justin Amash, Michigan
Erik Paulsen, Minnesota
Richard L. Hanna, New York
David Schweikert, Arizona
Glenn Grothman, Wisconsin
Carolyn B. Maloney, New York
John Delaney, Maryland
Alma S. Adams, Ph.D, North Carolina
Donald S. Beyer, Jr., Virginia

Viraj M. Mirani, Executive Director

COUNCIL OF ECONOMIC ADVISERS
Jason Furman, Chairman
Sandra Black, Member
Jay Shambaugh, 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 third quarter of 2015, according to advance estimates, current dollar gross domestic product (GDP) rose 2.7
percent (annual rate), real GDP in chained (2009) dollars rose 1.5 percent, and the chained price index rose 1.2
percent.
BILLIONS OF DOLLARS (RATIO SCALE)

BILLIONS OF DOLLARS (RATIO SCALE)
18,400

18,400

SEASONALLY ADJUSTED ANNUAL RATES

18,000

18,000

17,600

17,600

17,200

17,200

16,800

16,800

16,400

16,400

16,000

16,000

GDP
IN CURRENT DOLLARS

15,600

15,600

15,200

15,200

14,800

14,800

GDP
IN CHAINED (2009) DOLLARS

14,400

14,400

14,000

14,000

13,600

13,600

13,200

13,200

12,800

12,800
2006

2007

2008

2009

2010

2011

2012

2013

SOURCE: DEPARTMENT OF COMMERCE

2014

2015

COUNCIL OF ECONOMIC ADVISERS

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

Period

2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I ����������������
      II ���������������
      III �������������
      IV ��������������
2015: I ����������������
      II ���������������
      III p ������������

Gross
domestic
product

13,093.7
13,855.9
14,477.6
14,718.6
14,418.7
14,964.4
15,517.9
16,155.3
16,663.2
17,348.1
16,440.7
16,526.8
16,727.5
16,957.6
16,984.3
17,270.0
17,522.1
17,615.9
17,649.3
17,913.7
18,034.8

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
11,050.6
11,392.3
11,865.9
11,271.8
11,322.8
11,417.7
11,556.9
11,640.3
11,813.0
11,949.1
12,061.4
12,055.5
12,228.4
12,364.1

2,527.1
2,680.6
2,643.7
2,424.8
1,878.1
2,100.8
2,239.9
2,511.7
2,665.0
2,860.0
2,578.3
2,620.4
2,711.5
2,749.9
2,751.1
2,841.6
2,910.2
2,937.2
2,995.9
3,025.5
2,992.0

Exports and imports of
goods and services
Net
exports
–721.2
–770.9
–718.5
–723.1
–395.4
–512.7
–580.0
–565.7
–508.4
–530.0
–529.2
–527.8
–512.4
–464.3
–529.4
–530.9
–514.6
–545.2
–551.6
–519.3
–523.2

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
2,198.2
2,263.3
2,341.9
2,226.6
2,237.6
2,264.3
2,324.5
2,301.5
2,356.2
2,360.6
2,349.5
2,257.3
2,280.0
2,265.4

Imports

2,030.1
2,247.3
2,383.2
2,565.0
1,983.2
2,365.0
2,686.4
2,763.8
2,771.7
2,871.9
2,755.8
2,765.4
2,776.7
2,788.8
2,830.8
2,887.0
2,875.2
2,894.6
2,808.9
2,799.3
2,788.6

Total

2,493.7
2,642.2
2,801.9
3,003.2
3,089.1
3,174.0
3,168.7
3,158.6
3,114.2
3,152.1
3,119.8
3,111.4
3,110.7
3,115.1
3,122.3
3,146.3
3,177.4
3,162.5
3,149.5
3,179.2
3,201.8

Total
946.3
1,002.0
1,049.8
1,155.6
1,217.7
1,303.9
1,303.5
1,292.5
1,230.6
1,219.9
1,250.4
1,234.2
1,220.4
1,217.6
1,214.8
1,216.9
1,233.1
1,214.7
1,218.2
1,220.7
1,224.4

National
defense

Nondefense

608.3
642.4
678.7
754.1
788.3
832.8
836.9
817.8
767.7
748.2
783.8
772.3
759.2
755.4
746.8
748.4
759.5
738.2
739.0
740.1
738.3

338.1
359.6
371.0
401.5
429.4
471.1
466.5
474.7
463.0
471.6
466.6
461.9
461.1
462.2
468.0
468.4
473.6
476.5
479.2
480.6
486.1

Chart 1 - Oct 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
1,866.1
1,883.6
1,932.3
1,869.4
1,877.2
1,890.3
1,897.5
1,907.5
1,929.4
1,944.3
1,947.8
1,931.3
1,958.4
1,977.5

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

13,034.1
13,788.9
14,443.2
14,750.6
14,566.3
14,902.8
15,476.2
16,093.5
16,591.4
17,270.9
16,404.2
16,478.1
16,621.9
16,861.2
16,941.6
17,181.0
17,433.8
17,527.4
17,522.0
17,786.2
17,972.5

13,814.9
13,186.3
14,626.8
13,923.5
15,196.2
14,603.2
15,441.6
14,890.6
14,814.2
14,569.8
15,477.0
15,170.3
16,097.9
15,764.6
16,720.9
16,392.8
17,171.6
16,913.5
17,878.1
17,611.2
16,969.9
16,661.7
17,054.6
16,774.0
17,239.9
16,991.4
17,421.9
17,226.9
17,513.7
17,243.1
17,800.9
17,527.0
18,036.6
17,794.0
18,161.1
17,880.6
18,200.9
17,876.8
18,433.0
18,144.3
18,557.9 �����������������

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

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

1

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

Period

2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2015: I ����������������
      II ���������������
      III p ������������

Gross private
domestic investment
Personal
Gross
conChange
domestic sumption Nonresi- Resiin
product expendi- dential dential
fixed
fixed
private
tures
investinvestinvenment
ment
tories
14,234.2
14,613.8
14,873.7
14,830.4
14,418.7
14,783.8
15,020.6
15,354.6
15,583.3
15,961.7
15,457.2
15,500.2
15,614.4
15,761.5
15,724.9
15,901.5
16,068.8
16,151.4
16,177.3
16,333.6
16,394.2

9,531.8
9,821.7
10,041.6
10,007.2
9,847.0
10,036.3
10,263.5
10,413.2
10,590.4
10,875.7
10,518.2
10,554.3
10,598.9
10,690.4
10,724.7
10,826.3
10,918.6
11,033.3
11,081.2
11,178.9
11,268.6

1,717.4
1,839.6
1,948.4
1,934.4
1,633.4
1,673.8
1,802.3
1,964.1
2,023.7
2,148.3
2,000.7
2,005.7
2,023.1
2,065.5
2,106.9
2,129.8
2,176.3
2,180.0
2,188.6
2,210.6
2,222.1

872.6
806.6
654.8
497.7
392.2
382.4
384.5
436.5
478.0
486.4
469.9
480.3
486.0
475.9
472.6
484.4
488.5
500.2
512.4
524.0
531.8

64.3
71.6
35.5
–33.7
–147.6
58.2
37.6
54.7
61.4
68.0
25.2
39.6
93.6
87.2
36.9
77.1
79.9
78.2
112.8
113.5
56.8

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
–447.1
–417.5
–442.5
–425.9
–434.2
–428.3
–381.5
–434.0
–443.3
–429.1
–463.6
–541.2
–534.6
–536.2

1,381.9
1,506.8
1,646.4
1,740.8
1,587.7
1,776.6
1,898.3
1,963.2
2,018.1
2,086.4
1,976.6
2,000.5
2,021.1
2,074.2
2,038.7
2,086.8
2,096.0
2,123.9
2,091.4
2,117.5
2,127.5

2,164.2
2,301.0
2,359.0
2,298.6
1,983.2
2,235.4
2,357.7
2,410.2
2,435.6
2,528.9
2,402.6
2,434.7
2,449.4
2,455.7
2,472.7
2,530.1
2,525.1
2,587.5
2,632.5
2,652.1
2,663.7

2,826.2
2,869.3
2,914.4
2,994.8
3,089.1
3,091.4
2,997.4
2,941.6
2,854.9
2,838.3
2,878.8
2,864.1
2,848.1
2,828.5
2,828.4
2,836.5
2,849.2
2,839.0
2,838.5
2,856.9
2,869.0

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
1,213.5
1,144.1
1,116.3
1,170.1
1,153.2
1,136.3
1,116.9
1,117.8
1,114.5
1,124.7
1,108.3
1,111.3
1,111.3
1,112.0

665.5
678.8
695.6
748.1
788.3
813.5
795.0
768.2
716.6
689.1
734.4
723.6
709.4
698.8
690.6
689.8
697.3
678.6
680.3
680.8
678.4

369.4
382.1
383.1
404.2
429.4
457.1
441.4
445.3
427.5
427.0
435.6
429.5
426.7
418.0
427.0
424.6
427.1
429.4
430.7
430.2
433.2

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
1,728.1
1,710.2
1,720.8
1,708.5
1,710.4
1,711.1
1,710.6
1,709.6
1,720.8
1,723.5
1,729.3
1,725.9
1,744.1
1,755.5

14,168.8
14,542.3
14,836.2
14,865.7
14,566.3
14,722.2
14,979.0
15,292.3
15,511.4
15,881.7
15,424.7
15,451.9
15,508.9
15,660.0
15,675.7
15,809.7
15,978.6
16,062.9
16,053.8
16,209.7
16,329.0

15,040.3 14,338.4
15,431.6 14,688.6
15,606.8 15,005.7
15,399.9 15,004.8
14,814.2 14,569.8
15,244.9 14,970.8
15,483.9 15,241.0
15,804.3 15,562.1
16,001.4 15,799.3
16,405.8 16,186.7
15,883.9 15,647.1
15,935.9 15,713.9
16,043.9 15,842.6
16,141.9 15,993.8
16,160.3 15,947.1
16,346.6 16,120.9
16,498.9 16,301.1
16,617.2 16,377.7
16,720.8 16,371.4
16,870.7 16,529.7
16,932.9 ��������������

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

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

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

Period

2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2015: I ����������������
      II ���������������
      III p ������������

Gross
domestic
product

91.985
94.812
97.340
99.218
100.000
101.226
103.315
105.220
106.935
108.694
106.333
106.625
107.154
107.630
108.025
108.621
109.049
109.081
109.112
109.685
110.024

Personal consumption
expenditures

Total

92.261
94.729
97.102
100.065
100.000
101.653
104.149
106.121
107.572
109.105
107.166
107.284
107.728
108.108
108.540
109.117
109.441
109.322
108.795
109.391
109.725

Goods

Services

96.951
98.277
99.403
102.362
100.000
101.637
105.413
106.701
106.200
105.823
106.740
105.941
106.179
105.939
105.912
106.276
106.179
104.924
102.567
103.191
103.140

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

2

Gross private
domestic investment

89.933
92.976
95.981
98.947
100.000
101.661
103.524
105.840
108.292
110.818
107.398
107.988
108.539
109.241
109.911
110.598
111.143
111.620
112.051
112.632
113.169

Nonresidential
fixed
93.830
96.561
98.574
100.337
100.000
99.070
100.545
102.216
102.993
103.977
102.574
102.943
103.110
103.345
103.567
103.849
104.170
104.322
104.211
103.953
104.221

Residential
fixed
98.103
103.821
105.176
103.647
100.000
99.645
100.395
101.324
106.458
112.903
104.210
105.580
106.992
109.051
111.411
111.692
113.612
114.896
114.773
114.538
115.495

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
111.970
112.147
112.250
112.644
111.850
112.034
112.062
112.884
112.895
112.615
110.607
107.925
107.661
106.472

Imports

93.802
97.663
101.024
111.588
100.000
105.800
113.942
114.671
113.798
113.566
114.699
113.580
113.361
113.554
114.474
114.092
113.847
111.852
106.685
105.535
104.675

Total
91.449
94.448
97.319
100.286
100.000
102.614
105.422
106.512
107.562
109.274
106.855
107.005
107.388
109.002
108.668
109.179
109.649
109.600
109.623
109.850
110.110

National
defense
91.395
94.633
97.572
100.809
100.000
102.365
105.274
106.466
107.130
108.585
106.718
106.716
107.008
108.079
108.129
108.503
108.919
108.789
108.636
108.718
108.832

Nondefense
91.529
94.101
96.849
99.321
100.000
103.064
105.691
106.600
108.308
110.444
107.104
107.514
108.049
110.566
109.599
110.329
110.884
110.964
111.266
111.720
112.211

State
and
local
86.333
90.677
95.426
100.279
100.000
102.714
105.923
107.985
110.143
112.287
109.415
109.751
110.475
110.930
111.576
112.125
112.809
112.637
111.901
112.290
112.646

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 ����������������������
2013: I ������������������
      II �����������������
      III ����������������
      IV ����������������
2014: I ������������������
      II �����������������
      III ����������������
      IV ����������������
2015: I ������������������
      II �����������������
      III p ��������������

Real GDP
GDP
(chain-type chain-type
quantity
price
index)
index
98.720
101.353
103.156
102.855
100.000
102.532
104.174
106.491
108.077
110.701
107.202
107.501
108.293
109.313
109.059
110.283
111.444
112.017
112.196
113.280
113.701

GDP
implicit
price
deflator

91.985
94.812
97.340
99.218
100.000
101.226
103.315
105.220
106.935
108.694
106.333
106.625
107.154
107.630
108.025
108.621
109.049
109.081
109.112
109.685
110.024

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
105.214
106.929
108.686
106.363
106.623
107.128
107.589
108.009
108.606
109.044
109.067
109.099
109.674
110.007

92.261
94.729
97.102
100.065
100.000
101.653
104.149
106.121
107.572
109.105
107.166
107.284
107.728
108.108
108.540
109.117
109.441
109.322
108.795
109.391
109.725

92.711
94.786
96.832
98.827
100.000
101.286
102.800
104.741
106.355
107.981
105.819
106.140
106.508
106.954
107.334
107.860
108.232
108.498
108.758
109.264
109.618

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
105.805
107.319
108.982
106.807
107.020
107.479
107.969
108.390
108.910
109.325
109.304
108.864
109.271
109.613

GDP
(current
dollars)

Real GDP
GDP
(chain-type chain-type
quantity
price
index)
index

6.7
5.8
4.5
1.7
–2.0
3.8
3.7
4.1
3.1
4.1
3.6
2.1
4.9
5.6
.6
6.9
6.0
2.2
.8
6.1
2.7

3.3
2.7
1.8
–.3
–2.8
2.5
1.6
2.2
1.5
2.4
1.9
1.1
3.0
3.8
–.9
4.6
4.3
2.1
.6
3.9
1.5

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

GDP
implicit
price
deflator

3.2
3.1
2.7
1.9
.8
1.2
2.1
1.8
1.6
1.6
1.5
1.1
2.0
1.8
1.5
2.2
1.6
.1
.1
2.1
1.2

3.2
3.1
2.7
2.0
.8
1.2
2.1
1.8
1.6
1.6
1.6
1.0
1.9
1.7
1.6
2.2
1.6
.1
.1
2.1
1.2

2.9
2.7
2.5
3.1
–.1
1.7
2.5
1.9
1.4
1.4
1.4
.4
1.7
1.4
1.6
2.1
1.2
–.4
–1.9
2.2
1.2

2.2
2.2
2.2
2.1
1.2
1.3
1.5
1.9
1.5
1.5
1.7
1.2
1.4
1.7
1.4
2.0
1.4
1.0
1.0
1.9
1.3

3.5
3.2
2.7
2.9
–.2
1.5
2.4
1.8
1.4
1.5
1.4
.8
1.7
1.8
1.6
1.9
1.5
–.1
–1.6
1.5
1.3

1 Quarterly percent changes are at annual rates.

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

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

Period

Current
dollars
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2015: I ����������������
      II ���������������

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
8,011.9
8,316.8
8,641.0
7,927.8
7,990.4
7,982.8
8,146.5
8,209.1
8,320.3
8,335.1
8,402.8
8,446.6
8,585.1
8,729.9
8,802.3
8,777.7
8,828.7

Chained
(2009)
dollars
7,131.7
7,406.3
7,480.5
7,383.9
6,859.8
7,240.0
7,421.5
7,720.9
7,954.8
8,207.3
7,707.8
7,724.7
7,652.4
7,798.9
7,852.2
7,966.7
7,977.7
8,022.6
8,027.0
8,148.2
8,252.3
8,401.6
8,394.6
8,394.1

Total

0.916
.944
.963
.983
1.000
1.000
1.023
1.038
1.046
1.053
1.029
1.034
1.043
1.045
1.045
1.044
1.045
1.047
1.052
1.054
1.058
1.048
1.046
1.052

Compensation
of employees
(unit labor
cost)
0.551
.558
.576
.590
.596
.574
.588
.595
.597
.609
.589
.591
.599
.601
.596
.595
.597
.599
.614
.609
.608
.605
.609
.613

Corporate profits with inventory valuation
and capital consumption adjustments 4

Unit nonlabor cost

Total
0.243
.249
.265
.283
.299
.290
.296
.294
.293
.289
.292
.293
.296
.294
.295
.292
.293
.293
.293
.290
.289
.285
.287
.286

Consumption
of fixed
capital

Net interest
Taxes on
and
production miscellaneous
and imports 3
payments

0.128
.132
.139
.148
.159
.151
.154
.154
.155
.157
.152
.153
.156
.154
.154
.154
.155
.156
.158
.157
.157
.155
.156
.157

0.091
.092
.093
.093
.099
.099
.103
.102
.103
.101
.102
.101
.101
.102
.104
.102
.103
.104
.102
.101
.102
.099
.099
.099

0.024
.025
.033
.042
.041
.040
.039
.039
.035
.031
.039
.039
.039
.038
.037
.036
.035
.034
.033
.032
.031
.030
.032
.030

Total
0.122
.137
.122
.110
.105
.136
.140
.149
.155
.155
.147
.150
.148
.150
.155
.158
.155
.155
.146
.155
.161
.158
.150
.153

Taxes on
corporate
income
0.038
.042
.039
.031
.026
.030
.031
.035
.036
.039
.034
.034
.034
.036
.037
.036
.035
.035
.038
.039
.039
.039
.041
.043

Profits
after
tax 5
0.084
.096
.083
.079
.079
.105
.109
.114
.120
.116
.113
.117
.114
.114
.118
.122
.119
.120
.108
.116
.122
.120
.109
.110

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

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

3

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

Period

ComNational pensation
of
income employees

2005 �������������������� 11,239.8
2006 �������������������� 12,004.8
2007 �������������������� 12,321.4
2008 �������������������� 12,427.8
2009 �������������������� 12,126.1
2010 �������������������� 12,739.5
2011 �������������������� 13,352.3
2012 �������������������� 14,061.9
2013 �������������������� 14,458.3
2014 �������������������� 15,076.5
2013: I ���������������� 14,257.6
      II ��������������� 14,416.0
      III �������������� 14,500.8
      IV �������������� 14,658.9
2014: I ���������������� 14,710.1
      II ��������������� 14,981.3
      III �������������� 15,256.5
      IV �������������� 15,358.2
2015: I ���������������� 15,336.4
      II ��������������� 15,454.3
      III p ������������ ��������������

7,086.8
7,502.3
7,898.3
8,078.3
7,787.0
7,961.4
8,269.0
8,609.9
8,839.7
9,248.9
8,696.7
8,820.4
8,875.7
8,965.9
9,103.7
9,177.3
9,289.9
9,424.9
9,487.9
9,549.2
9,650.2

Rental
income
of
persons
with
capital
conNonfarm
sumption
adjustment

Farm

46.4
36.0
38.1
47.0
35.5
46.0
75.5
61.6
88.8
78.1
93.9
90.2
93.9
77.1
71.7
88.8
77.2
74.8
60.5
56.9
64.8

932.6
1,017.7
941.1
979.5
937.5
986.7
1,068.1
1,179.8
1,196.3
1,268.6
1,195.0
1,189.5
1,193.6
1,207.2
1,233.0
1,257.5
1,280.6
1,303.0
1,308.9
1,320.1
1,336.1

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

Taxes
on
production
and
imports

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

Profits
before
tax

238.4
1,477.7
1,621.2
1,653.3
–32.1
207.5
1,646.5
1,815.7
1,851.4
–35.7
189.4
1,529.0
1,708.9
1,748.4
–39.5
262.1
1,285.1
1,345.5
1,382.4
–37.0
333.7
1,397.0
1,479.2
1,472.6
6.7
402.8
1,746.4
1,799.7
1,840.7
–41.0
485.3
1,816.6
1,738.5
1,806.8
–68.3
525.3
1,998.2
2,116.6
2,130.8
–14.2
563.4
2,037.4
2,164.9
2,161.6
3.2
610.8
2,072.9
2,204.9
2,207.8
–2.9
547.9
1,997.3
2,127.5
2,136.6
–9.1
556.5
2,045.4
2,172.5
2,149.4
23.0
569.7
2,042.1
2,167.5
2,163.6
3.9
579.4
2,064.7
2,192.0
2,197.0
–4.9
591.0
1,924.7
2,054.4
2,111.2
–56.9
605.5
2,070.5
2,203.7
2,227.6
–24.0
618.4
2,161.0
2,295.0
2,279.5
15.5
628.4
2,135.5
2,266.3
2,212.8
53.5
637.0
2,012.5
2,351.5
2,252.3
99.2
654.1
2,083.0
2,414.2
2,393.7
20.5
663.5 �������������� �������������� �������������� ��������������

–143.5
–169.2
–179.9
–60.4
–82.2
–53.3
78.1
–118.5
–127.5
–131.9
–130.1
–127.1
–125.3
–127.3
–129.6
–133.2
–134.0
–130.8
–338.9
–331.3
–331.5

496.8
580.9
663.4
693.4
563.4
489.4
488.1
527.7
513.5
532.3
526.1
505.2
504.6
518.3
555.6
535.9
515.8
521.9
561.3
506.6
505.2

Business
Less:
current
Subsidies transfer
payments

934.5
991.9
1034.6
1041.9
1026.1
1057.1
1102.6
1132.1
1178.0
1213.7
1,168.6
1,171.3
1,183.2
1,188.9
1,196.1
1,210.2
1,221.7
1,227.0
1,226.8
1,234.1
1,240.1

60.9
51.5
54.6
52.6
58.3
55.9
60.1
58.0
59.4
57.9
59.2
59.7
59.5
59.0
58.1
57.9
58.2
57.5
57.6
58.5
59.3

93.9
82.6
98.6
114.4
124.9
128.5
131.5
104.7
119.4
127.3
108.9
115.9
116.2
136.5
110.0
112.0
168.5
118.7
115.6
124.9
122.7

Current
surplus
of
government
enterprises

–6.4
–9.3
–16.4
–21.2
–20.6
–22.9
–24.5
–19.3
–18.8
–18.3
–17.7
–18.7
–18.8
–19.9
–17.6
–18.4
–18.4
–18.6
–16.6
–16.1
–16.0

1 With inventory valuation and capital consumption adjustments.

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

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

Period

Total
personal
consumption
expenditures

2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2015: I ����������������
      II ���������������
      III p ������������

9,531.8
9,821.7
10,041.6
10,007.2
9,847.0
10,036.3
10,263.5
10,413.2
10,590.4
10,875.7
10,518.2
10,554.3
10,598.9
10,690.4
10,724.7
10,826.3
10,918.6
11,033.3
11,081.2
11,178.9
11,268.6

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
3,504.3
3,612.8
3,731.2
3,586.0
3,596.8
3,620.2
3,648.1
3,658.3
3,718.0
3,755.2
3,793.2
3,803.7
3,855.0
3,898.0

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
1,236.2
1,307.6
1,384.1
1,293.6
1,300.8
1,311.2
1,324.6
1,333.2
1,377.2
1,402.5
1,423.5
1,430.4
1,458.3
1,482.2

Nondurable

Motor
vehicles
and
parts
400.0
385.1
392.8
340.8
317.1
323.4
333.8
359.1
375.8
396.7
376.8
375.8
374.2
376.3
380.1
395.9
403.2
407.7
404.1
413.6
418.8

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
2,277.5
2,319.8
2,367.8
2,306.3
2,310.4
2,323.8
2,338.9
2,341.3
2,361.0
2,375.2
2,393.7
2,397.8
2,423.0
2,443.7

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
795.7
803.4
807.5
802.8
799.4
803.8
807.8
808.8
808.5
807.1
805.7
804.1
809.5
809.3

298.0
297.4
296.8
283.4
284.5
282.2
274.3
270.0
274.7
276.8
272.2
274.3
275.7
276.6
276.3
274.9
275.1
280.8
284.8
284.5
286.5

6,353.4
6,526.6
6,656.4
6,708.6
6,648.5
6,727.6
6,851.4
6,908.1
6,977.0
7,144.6
6,931.4
6,956.8
6,978.1
7,041.7
7,065.7
7,108.5
7,163.8
7,240.4
7,277.4
7,325.3
7,373.0

6,147.3
6,291.8
6,415.2
6,435.1
6,372.5
6,449.3
6,575.9
6,614.3
6,677.9
6,839.5
6,633.8
6,661.3
6,679.3
6,737.3
6,762.6
6,804.2
6,856.2
6,934.9
6,977.6
7,024.3
7,072.5

Housing
and
utilities

1,788.4
1,823.2
1,840.8
1,860.1
1,881.0
1,904.3
1,928.0
1,929.1
1,938.8
1,961.2
1,938.5
1,938.8
1,933.0
1,945.0
1,966.5
1,960.0
1,954.8
1,963.5
1,980.5
1,976.7
1,982.7

Health
care

1,490.4
1,525.2
1,563.2
1,598.8
1,627.4
1,649.2
1,690.3
1,727.0
1,743.9
1,791.6
1,723.0
1,739.8
1,749.0
1,763.7
1,754.0
1,778.5
1,801.0
1,832.9
1,853.8
1,867.5
1,885.7

Financial
services
and
insurance

704.1
720.1
742.5
737.4
719.0
733.9
747.2
706.4
713.9
722.9
705.7
714.1
713.9
722.1
718.5
719.9
725.6
727.4
727.4
731.4
739.9

Addendum:
Personal
consumption
expenditures
excluding
food and
energy 2

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

8,253.9
8,528.1
8,734.2
8,730.5
8,577.4
8,746.1
8,980.4
9,143.9
9,302.2
9,582.3
9,229.4
9,267.7
9,315.5
9,396.2
9,415.2
9,533.0
9,637.8
9,743.3
9,774.6
9,874.6
9,960.4

16.9
16.5
16.1
13.2
10.4
11.6
12.7
14.4
15.5
16.4
15.4
15.5
15.6
15.6
15.8
16.5
16.7
16.8
16.7
17.1
17.8

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

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

4

Sources of Personal Income
Personal income rose $18.6 billion (annual rate) in September, following an increase of $54.9 billion in August.
Wages and salaries fell $3.6 billion in September, following an increase of $36.0 billion in August.
BILLIONS OF DOLLARS * (RATIO SCALE)
16,000

BILLIONS OF DOLLARS* (RATIO SCALE)
16,000

14,000

14,000

12,000

12,000

TOTAL PERSONAL INCOME

10,000

10,000

9,000

9,000

8,000

8,000

7,000

7,000

6,000

6,000

WAGES AND SALARIES

5,000

5,000
OTHER INCOME

4,000

4,000

3,000

3,000

PERSONAL CURRENT
TRANSFER RECEIPTS

2,000

2,000

1,000

1,000
2007

2008

2009

2010

2011

2012

2013

2014

*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

2015

COUNCIL OF ECONOMIC ADVISERS

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

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

Total
personal
income

10,614.0
11,393.9
12,000.2
12,502.2
12,094.8
12,477.1
13,254.5
13,915.1
14,068.4
14,694.2
14,819.9
14,887.2
14,965.6
15,014.2
15,048.1
15,095.8
15,095.6
15,155.8
15,220.7
15,281.6
15,348.2
15,403.1
15,421.7

Total

7,086.8
7,502.3
7,898.3
8,078.3
7,787.0
7,961.4
8,269.0
8,609.9
8,839.7
9,248.9
9,328.6
9,369.4
9,443.4
9,461.9
9,482.2
9,488.4
9,493.2
9,516.6
9,555.1
9,575.9
9,622.0
9,664.4
9,664.1

Wages
and
salaries

Supplements to
wages
and
salaries

5,692.0
6,057.4
6,395.2
6,531.9
6,251.4
6,377.5
6,633.2
6,930.3
7,114.4
7,477.8
7,547.6
7,583.7
7,650.1
7,664.2
7,680.2
7,682.9
7,684.3
7,703.1
7,735.8
7,751.7
7,791.4
7,827.4
7,823.8

1,394.8
1,444.9
1,503.1
1,546.4
1,535.6
1,583.9
1,635.9
1,679.6
1,725.3
1,771.2
1,781.0
1,785.7
1,793.4
1,797.7
1,802.0
1,805.5
1,808.9
1,813.5
1,819.3
1,824.1
1,830.6
1,837.0
1,840.3

Proprietors’ income 1

Farm

46.4
36.0
38.1
47.0
35.5
46.0
75.5
61.6
88.8
78.1
65.9
72.1
75.9
76.6
68.5
60.5
52.5
54.0
56.9
59.7
62.2
64.8
67.4

Nonfarm

932.6
1,017.7
941.1
979.5
937.5
986.7
1,068.1
1,179.8
1,196.3
1,268.6
1,288.6
1,301.2
1,298.9
1,309.1
1,307.1
1,306.9
1,312.8
1,314.2
1,319.9
1,326.3
1,336.4
1,334.4
1,337.5

Personal income receipts on assets
Rental
income
of
persons 2

238.4
207.5
189.4
262.1
333.7
402.8
485.3
525.3
563.4
610.8
621.9
626.1
628.1
631.1
633.2
636.9
640.8
647.0
654.2
661.1
661.4
663.3
665.8

Total

1,666.5
1,938.4
2,166.6
2,167.1
1,818.0
1,739.6
1,913.9
2,123.8
2,060.4
2,117.5
2,114.3
2,123.2
2,132.0
2,136.7
2,132.8
2,165.8
2,138.0
2,165.4
2,174.3
2,195.3
2,195.9
2,201.0
2,206.7

Personal
interest
income
1,088.1
1,214.7
1,350.1
1,361.6
1,264.3
1,195.0
1,231.6
1,288.8
1,271.3
1,302.0
1,283.7
1,288.0
1,290.4
1,291.1
1,286.8
1,282.6
1,278.3
1,295.9
1,313.4
1,331.0
1,332.1
1,333.2
1,334.4

Personal
dividend
income
578.3
723.7
816.5
805.4
553.7
544.6
682.2
834.9
789.0
815.5
830.6
835.2
841.5
845.6
846.0
883.2
859.7
869.6
860.8
864.3
863.8
867.8
872.4

Personal
current
transfer
receipts 3

1,516.7
1,614.6
1,728.1
1,956.6
2,147.5
2,324.7
2,360.5
2,366.3
2,426.6
2,529.2
2,567.7
2,566.2
2,566.7
2,580.1
2,610.3
2,623.2
2,643.9
2,646.0
2,651.7
2,656.3
2,667.9
2,677.4
2,681.4

Less:
Chart
5 - Oct 2015
Contributions
for
government
social
insurance,
domestic
873.3
922.6
961.4
988.2
964.4
984.1
917.8
951.6
1,106.8
1,159.0
1,167.1
1,171.0
1,179.5
1,181.1
1,186.0
1,185.9
1,185.5
1,187.4
1,191.3
1,192.9
1,197.7
1,202.2
1,201.1

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

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

5

Disposition of Personal Income
According to advance estimates, per capita disposable personal income in chained (2009) dollars rose 2.7 percent
(annual rate) in the third quarter of 2015.
BILLIONS OF DOLLARS* (RATIO SCALE)
14,000
13,500

BILLIONS OF DOLLARS* (RATIO SCALE)
14,000
13,500

13,000

13,000

12,500

12,500
12,000

12,000
DISPOSABLE PERSONAL INCOME

11,500

11,500
11,000

11,000
SAVING

10,500
10,000

10,500
10,000

PERSONAL OUTLAYS

9,500

9,500

9,000

9,000

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

DOLLARS* (RATIO SCALE)
44,000

PER CAPITA DISPOSABLE PERSONAL INCOME

42,000

40,000

40,000

CURRENT DOLLARS

38,000

38,000

36,000

36,000
CHAINED (2009) DOLLARS

34,000

34,000

32,000

32,000

30,000

30,000
2006

2007

2008

2009

2010

2011

2012

2013

*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

Period

Personal
income

Less:
Personal
current
taxes

Equals:
Disposable
personal
income

10,614.0
11,393.9
12,000.2
12,502.2
12,094.8
12,477.1
13,254.5
13,915.1
14,068.4
14,694.2

1,213.2
1,357.1
1,493.2
1,507.8
1,152.3
1,239.3
1,453.2
1,511.4
1,672.8
1,780.2

9,400.8
10,036.9
10,507.0
10,994.4
10,942.5
11,237.9
11,801.4
12,403.7
12,395.6
12,913.9

2015

COUNCIL OF ECONOMIC ADVISERS

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
billions of
chained
(2009)
dollars

Per capita disposable
personal income
Current
dollars

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

2014

Chained
(2009)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(2009)
dollars

Dollars
9,157.7
9,705.5
10,197.2
10,457.7
10,275.1
10,607.9
11,091.2
11,457.0
11,805.7
12,293.7

243.1
331.4
309.8
536.7
667.4
630.0
710.1
946.7
589.9
620.2

10,189.4
10,595.4
10,820.6
10,987.3
10,942.5
11,055.1
11,331.2
11,688.3
11,523.1
11,836.3

31,760
33,589
34,826
36,101
35,616
36,274
37,804
39,440
39,123
40,461

Chart 6 - Oct 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
37,165
36,369
37,084

29,711
31,136
32,319
32,881
32,050
32,931
34,242
35,137
35,956
37,177

32,203
32,868
33,284
32,860
32,050
32,395
32,878
33,111
33,425
34,075

0.6
3.0
1.2
.6
–1.3
.2
1.7
2.4
–2.1
2.0

2.6
3.3
2.9
4.9
6.1
5.6
6.0
7.6
4.8
4.8

295,993
298,818
301,696
304,543
307,240
309,808
312,172
314,499
316,839
319,173

36,180
36,356
36,481
36,460
36,755
36,962
37,134
37,484
37,785
37,835
38,086

35,675
35,775
36,002
36,369
36,572
37,051
37,403
37,680
37,600
38,075
38,421

33,290
33,347
33,421
33,642
33,695
33,956
34,177
34,468
34,562
34,807
35,017

–16.4
2.0
1.4
–.2
3.3
2.3
1.9
3.8
3.3
.5
2.7

4.6
4.9
5.1
4.4
5.0
4.8
4.7
4.7
5.2
4.6
4.7

315,957
316,499
317,136
317,765
318,288
318,833
319,470
320,100
320,623
321,167
321,804

Seasonally adjusted annual rates
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2015: I ����������������
      II ���������������
      III p ������������

13,891.3
14,025.2
14,136.3
14,220.7
14,433.5
14,612.8
14,774.8
14,955.7
15,079.8
15,219.4
15,391.0

1,641.1
1,680.8
1,673.2
1,696.0
1,736.0
1,754.1
1,792.0
1,838.8
1,900.1
1,927.4
1,943.2

12,250.3
12,344.4
12,463.1
12,524.7
12,697.5
12,858.7
12,982.7
13,116.8
13,179.8
13,292.0
13,447.8

11,683.3
11,734.7
11,830.4
11,974.4
12,060.3
12,235.2
12,377.0
12,502.5
12,492.2
12,674.5
12,811.1

567.0
609.7
632.7
550.3
637.2
623.5
605.7
614.3
687.6
617.5
636.7

11,431.2
11,506.5
11,569.3
11,585.6
11,698.8
11,784.7
11,863.1
11,998.7
12,114.7
12,151.3
12,256.3

38,772
39,003
39,299
39,415
39,893
40,331
40,638
40,977
41,107
41,386
41,789

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

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

6

Real Farm Income
According to the current forecast for 2015, gross farm income in chained (2009) dollars is forecast to be $406.0
billion and net farm income to be $53.0 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 - Aug 2015

Income of farm operators from farming 1
Gross farm income
Year

Value of agricultural sector production
Total

1996 ���������������������������������������������������
1997 ���������������������������������������������������
1998 ���������������������������������������������������
1999 ���������������������������������������������������
2000 ���������������������������������������������������
2001 ���������������������������������������������������
2002 ���������������������������������������������������
2003 ���������������������������������������������������
2004 ���������������������������������������������������
2005 ���������������������������������������������������
2006 ���������������������������������������������������
2007 ���������������������������������������������������
2008 ���������������������������������������������������
2009 ���������������������������������������������������
2010 ���������������������������������������������������
2011 ���������������������������������������������������
2012 ���������������������������������������������������
2013 ���������������������������������������������������
2014 ���������������������������������������������������
2015 ���������������������������������������������������

Crops 2, 3

Total
307.2
304.8
294.7
293.4
295.1
298.4
271.1
298.3
330.9
324.5
306.0
348.8
364.7
333.9
349.5
404.9
422.6
452.0
442.4
406.0

297.6
295.2
279.0
266.6
266.8
271.6
256.5
279.2
316.3
298.0
289.4
336.6
352.3
321.7
337.3
394.8
412.5
441.7
433.4
395.7

150.7
144.1
129.4
115.9
116.0
113.5
115.1
125.2
140.4
124.3
125.2
155.2
172.8
162.4
164.0
191.0
200.2
218.1
188.3
169.1

Livestock 3
119.9
123.3
119.3
118.9
121.0
127.0
109.9
121.1
139.4
137.5
125.9
142.2
140.2
119.2
138.0
158.4
160.7
169.2
197.5
179.3

Farm-related
income 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
39.4
40.2
35.3
45.4
51.5
54.4
47.5
47.3

Direct
Government
payments
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
9.0
10.3

Production
expenses

Net
farm
income

230.4
239.1
235.0
233.9
233.2
232.8
225.1
228.0
232.8
238.9
245.5
276.9
288.6
274.3
276.0
296.6
335.7
336.3
358.6
353.0

76.8
65.7
59.7
59.6
61.9
65.5
46.0
70.3
98.1
85.6
60.6
71.9
76.1
59.6
73.5
108.3
86.9
115.7
83.8
53.0

1 The GDP chain-type price index is used to convert the current-dollar statistics to 2009=100 equivalents.
2 Crop receipts include proceeds received from commodities placed under Commodity Credit Corporation loans.
3 The value of production equates to the sum of cash receipts, home consumption, and the value of the change in inventories.
4 Includes income from forest products sold, the gross imputed rental value of farm dwellings, machine hire and custom work, and other sources of farm income such as commodity insurance

indemnities.

Note: Data for 2015 are forecasts.
Source: Department of Agriculture (Economic Research Service).

7

Corporate Profits
In the second quarter of 2015, according to current estimates, corporate profits before tax rose $141.4 billion (annual
rate) and profits after tax rose $110.1 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

PROFITS BEFORE TAX

2,000

2,000

1,900

1,900

1,800

1,800

1,700

1,700

1,600

1,600

1,500

1,500

1,400

1,400

1,300

1,300

PROFITS AFTER TAX

1,200

1,200

1,100

1,100

1,000

1,000

900

900

800

800
700

700
600

600

UNDISTRIBUTED PROFITS

500

500
400

400
300

300

TAXES ON
CORPORATE INCOME

200
100

200
100
0

0

–100
–200

–100
–200
2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

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

Profits after tax

Domestic industries
Period

Total 2

Profits
before
tax

Nonfinancial
Total

Financial

Total 3

Manufacturing

Utilities

Wholesale

Taxes
on
corporate
income

Total

Retail

2005 ��������������������
1,621.2
1,382.1
409.7
972.4
277.7
30.8
96.2
121.7
1,653.3
412.4
1,240.9
2006 ��������������������
1,815.7
1,559.6
415.1
1,144.4
349.7
55.1
105.9
132.5
1,851.4
473.4
1,378.1
2007 ��������������������
1,708.9
1,355.5
301.5
1,054.0
321.9
49.5
103.2
119.0
1,748.4
445.5
1,302.9
2008 ��������������������
1,345.5
938.8
95.4
843.4
240.6
30.1
90.6
80.3
1,382.4
309.1
1,073.3
2009 ��������������������
1,479.2
1,122.0
362.9
759.2
171.4
23.8
89.3
108.7
1,472.6
269.4
1,203.1
2010 ��������������������
1,799.7
1,404.5
406.3
998.2
287.6
30.3
102.4
118.6
1,840.7
370.6
1,470.1
2011 ��������������������
1,738.5
1,316.6
375.9
940.7
298.1
9.8
94.4
114.3
1,806.8
379.1
1,427.7
2012 ��������������������
2,116.6
1,706.3
479.0
1,227.2
395.7
12.5
135.3
154.1
2,130.8
447.6
1,683.2
2013 ��������������������
2,164.9
1,750.1
423.6
1,326.4
426.4
26.4
145.5
159.4
2,161.6
468.9
1,692.7
2014 ��������������������
2,204.9
1,786.6
423.4
1,363.2
439.8
27.7
147.7
158.4
2,207.8
513.9
1,693.9
2013: I ����������������
2,127.5
1,736.0
428.6
1,307.4
407.6
19.0
151.2
158.3
2,136.6
454.9
1,681.7
      II ���������������
2,172.5
1,761.1
416.5
1,344.6
418.7
33.1
147.7
167.5
2,149.4
461.3
1,688.2
      III ��������������
2,167.5
1,741.0
419.8
1,321.2
420.2
30.5
144.6
163.8
2,163.6
475.6
1,687.9
      IV ��������������
2,192.0
1,762.2
429.6
1,332.5
459.0
23.1
138.6
148.0
2,197.0
483.8
1,713.2
2014: I ����������������
2,054.4
1,639.9
379.8
1,260.1
380.4
38.9
125.7
142.5
2,111.2
497.3
1,613.9
      II ���������������
2,203.7
1,795.0
441.7
1,353.3
454.7
32.0
134.5
154.7
2,227.6
527.4
1,700.2
      III ��������������
2,295.0
1,867.9
447.3
1,420.7
458.0
23.1
170.1
157.7
2,279.5
518.4
1,761.1
      IV ��������������
2,266.3
1,843.6
424.9
1,418.7
466.1
16.9
160.5
178.8
2,212.8
512.3
1,700.5
2015: I ����������������
2,351.5
1,957.8
421.9
1,536.0
534.6
24.9
169.1
189.4
2,252.3
517.8
1,734.5
      II ���������������
2,414.2
2,009.1
456.2
1,553.0
537.0
28.4
163.5
175.1
2,393.7
549.0
1,844.6
      III �������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������
1 See p. 4 for profits with inventory valuation and capital consumption adjustments.
2 Includes rest of the world, not shown separately.
3 Includes industries not shown separately.

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

8

Net
dividends

Chart 8 - Sep 2015

Inventory
Undistrib- valuation
adjustment
uted
profits

580.5
660.4
–32.1
726.0
652.1
–35.7
818.9
484.0
–39.5
808.6
264.7
–37.0
574.6
628.5
6.7
564.0
906.2
–41.0
703.7
724.0
–68.3
859.4
823.8
–14.2
924.0
768.7
3.2
860.0
833.9
–2.9
814.2
867.5
–9.1
1,065.2
623.0
23.0
870.1
817.9
3.9
946.7
766.4
–4.9
857.3
756.7
–56.9
857.1
843.1
–24.0
853.6
907.5
15.5
872.2
828.3
53.5
878.5
856.0
99.2
879.6
965.0
20.5
p 906.1 ��������������� �����������������

Real Gross Private Domestic Investment
In the third quarter of 2015, according to advance estimates, nonresidential fixed investment in chained (2009)
dollars rose $11.5 billion (annual rate) and residential investment rose $7.8 billion. Inventories rose $56.8 billion,
following an increase of $113.5 billion in the second quarter.
BILLIONS OF CHAINED (2009) DOLLARS
3,000

BILLIONS OF CHAINED (2009) DOLLARS
3,000

SEASONALLY ADJUSTED ANNUAL RATES

2,800

2,800

2,600

2,600

2,400

2,400

GROSS PRIVATE DOMESTIC
INVESTMENT

2,200

2,200

2,000

2,000

1,800

1,800

1,600

1,600
NONRESIDENTIAL
FIXED INVESTMENT

1,400

1,400

1,200

1,200

1,000

1,000

800

800
RESIDENTIAL
FIXED INVESTMENT

600

600

400

400
CHANGE IN PRIVATE
INVENTORIES

200

200

0

0

–200

–200

–400

–400
2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

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

Fixed investment
Period

2005 ���������������������������������������������������
2006 ���������������������������������������������������
2007 ���������������������������������������������������
2008 ���������������������������������������������������
2009 ���������������������������������������������������
2010 ���������������������������������������������������
2011 ���������������������������������������������������
2012 ���������������������������������������������������
2013 ���������������������������������������������������
2014 ���������������������������������������������������
2013: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2014: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2015: I �����������������������������������������������
      II ����������������������������������������������
      III p �������������������������������������������

Gross
private
domestic
investment

2,672.6
2,730.0
2,644.1
2,396.0
1,878.1
2,120.4
2,230.4
2,465.7
2,577.3
2,717.7
2,505.1
2,537.2
2,619.7
2,647.1
2,630.5
2,709.5
2,758.1
2,772.5
2,830.2
2,864.8
2,823.5

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
2,400.4
2,501.9
2,633.8
2,470.6
2,486.3
2,509.5
2,541.0
2,578.3
2,613.4
2,663.5
2,679.7
2,701.4
2,735.5
2,755.1

Total
1,717.4
1,839.6
1,948.4
1,934.4
1,633.4
1,673.8
1,802.3
1,964.1
2,023.7
2,148.3
2,000.7
2,005.7
2,023.1
2,065.5
2,106.9
2,129.8
2,176.3
2,180.0
2,188.6
2,210.6
2,222.1

Structures
421.2
451.5
509.0
540.2
438.2
366.3
374.7
423.1
429.7
464.6
411.0
422.6
440.4
444.7
464.6
464.4
462.3
467.1
458.2
465.2
460.5

Equipment
801.6
870.8
898.3
836.1
644.3
746.7
847.9
939.2
969.5
1,026.2
967.4
965.3
956.0
989.3
997.9
1,013.7
1,053.1
1,040.0
1,046.0
1,046.9
1,060.4

Intellectual
property
products
495.0
517.5
542.4
558.8
550.9
561.3
581.3
603.8
626.9
659.5
625.3
620.3
628.3
633.7
645.7
653.4
663.8
675.0
687.1
701.0
704.1

Residential

872.6
806.6
654.8
497.7
392.2
382.4
384.5
436.5
478.0
486.4
469.9
480.3
486.0
475.9
472.6
484.4
488.5
500.2
512.4
524.0
531.8

Total

Nonfarm

64.3
71.6
35.5
–33.7
–147.6
58.2
37.6
54.7
61.4
68.0
25.2
39.6
93.6
87.2
36.9
77.1
79.9
78.2
112.8
113.5
56.8

63.9
75.4
36.5
–35.0
–146.0
65.9
36.6
72.7
54.3
65.0
23.5
32.9
84.0
76.6
36.2
74.5
74.5
74.9
106.8
111.0
52.4

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

9

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

Total
fixed
investment

Period

2005 ������������
2006 ������������
2007 ������������
2008 ������������
2009 ������������
2010 ������������
2011 ������������
2012 ������������
2013 ������������
2014 ������������
2013: I ��������
      II �������
      III ������
      IV ������
2014: I ��������
      II �������
      III ������
      IV ������
2015: I ��������
      II �������
      III p ����

Residential

Total
nonresidential

2,611.0
2,662.5
2,609.6
2,432.6
2,025.7
2,056.2
2,186.7
2,400.4
2,501.9
2,633.8
2,470.6
2,486.3
2,509.5
2,541.0
2,578.3
2,613.4
2,663.5
2,679.7
2,701.4
2,735.5
2,755.1

Intellectual property products

Information processing equipment
Structures

1,717.4
1,839.6
1,948.4
1,934.4
1,633.4
1,673.8
1,802.3
1,964.1
2,023.7
2,148.3
2,000.7
2,005.7
2,023.1
2,065.5
2,106.9
2,129.8
2,176.3
2,180.0
2,188.6
2,210.6
2,222.1

Total 2

421.2
451.5
509.0
540.2
438.2
366.3
374.7
423.1
429.7
464.6
411.0
422.6
440.4
444.7
464.6
464.4
462.3
467.1
458.2
465.2
460.5

Computers
and
peripheral
equipment 1

Total

801.6
870.8
898.3
836.1
644.3
746.7
847.9
939.2
969.5
1,026.2
967.4
965.3
956.0
989.3
997.9
1,013.7
1,053.1
1,040.0
1,046.0
1,046.9
1,060.4

222.2
250.9
279.9
281.0
256.1
281.4
285.9
303.1
314.4
326.4
315.3
312.8
317.0
312.5
316.2
329.0
322.8
337.6
334.2
330.5
343.8

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

Other
172.6
187.5
207.9
204.2
179.3
196.8
202.8
214.5
222.3
236.8
222.1
223.2
225.2
218.8
228.5
239.0
232.2
247.5
248.8
240.3
252.4

Industrial Transportation
equipequipment
ment
183.6
199.1
205.3
195.5
152.1
151.3
183.3
199.8
194.8
208.9
198.5
193.9
194.7
192.0
202.2
209.2
213.5
210.8
210.0
220.9
218.3

Total 2

197.9
212.6
203.6
156.9
70.6
136.9
183.0
218.9
243.1
271.8
228.5
244.0
239.6
260.4
258.5
261.7
286.5
280.4
288.1
285.1
294.1

Structures

Software

Research
and
development 3

221.2
230.3
244.2
256.2
256.8
254.2
271.8
286.6
295.8
315.0
296.7
290.5
296.2
299.9
305.8
311.6
319.1
323.4
330.6
335.4
336.8

202.3
215.0
227.9
235.5
229.0
234.4
236.7
242.9
255.3
266.8
253.5
254.0
256.4
257.4
262.8
264.5
267.1
272.8
277.4
285.7
287.6

495.0
517.5
542.4
558.8
550.9
561.3
581.3
603.8
626.9
659.5
625.3
620.3
628.3
633.7
645.7
653.4
663.8
675.0
687.1
701.0
704.1

Total
residential 2

872.6
806.6
654.8
497.7
392.2
382.4
384.5
436.5
478.0
486.4
469.9
480.3
486.0
475.9
472.6
484.4
488.5
500.2
512.4
524.0
531.8

Total 2

862.5
796.3
644.9
488.4
383.9
373.6
375.3
427.1
467.9
475.8
460.0
470.3
475.8
465.7
462.3
473.8
477.8
489.3
501.4
512.8
520.4

Single
family

433.0
390.7
283.7
178.2
105.3
114.4
109.2
132.1
161.9
170.9
156.3
163.2
165.4
162.9
166.5
169.7
168.8
178.6
182.4
184.5
188.6

1 Because computers exhibit rapid changes in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance or its
contribution to the growth rate of more aggregate series. The quantity index for computers can be used to accurately measure the real growth rate of this series. For information on this component,
see Survey of Current Business Table 5.3.1 (for growth rates), Table 5.3.2 (for contributions), and Table 5.3.3 (for quantity indexes).
2 Includes other items, not shown separately.
3 Research and development investment excludes expenditures for software development.

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

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

Total
capital
expenditures

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

ConManu- WholeUtilities struction
sale
facturing trade

Retail
trade

TransportaFinance
tion
Informaand
and
tion
insurwareance
housing

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

Health
care
and
social
assistance

Other 1

For
companies
without
employees

For companies with employees
1999 ��������
2000 ��������
2001 ��������
2002 ��������
2003 ��������
2004 ��������
2005 ��������
2006 ��������
2007 ��������
2008 ��������
2009 ��������
2010 ��������
2011 ��������
2012 ��������
2013 ���������

1,047.0
1,161.0
1,109.0
997.9
975.0
1,042.1
1,144.8
1,309.9
1,354.7
1,374.2
1,090.7
1,105.7
1,243.0
1,423.6
1,488.2

974.6
1,089.9
1,052.3
917.5
886.8
953.2
1,062.5
1,217.1
1,270.5
1,294.5
1,015.3
1,036.2
1,169.6
1,334.4
1,397.8

1.7
1.5
1.5
1.9
1.9
2.1
2.7
2.7
2.1
2.3
2.2
3.3
3.1
3.1
3.0

30.6
42.5
51.3
42.5
50.5
51.3
66.7
99.3
120.7
149.3
100.6
115.7
165.7
196.7
198.1

42.8
61.3
82.8
65.5
54.6
50.4
58.0
69.8
85.4
98.7
103.0
94.5
98.0
125.0
111.7

23.1
25.0
24.8
24.8
23.2
28.6
30.1
30.3
36.7
40.8
19.8
17.9
21.8
23.6
27.6

196.4
214.8
192.8
157.2
149.1
156.7
165.6
192.4
197.3
213.1
155.2
160.8
192.4
203.1
219.8

32.4
33.6
30.0
26.8
26.0
32.3
40.6
36.6
30.8
32.4
25.3
31.1
35.7
40.9
38.3

64.1
69.8
66.9
59.3
65.9
72.2
73.5
86.7
82.5
73.2
58.4
65.3
68.1
77.6
77.5

57.3
59.9
57.8
47.1
44.5
46.1
56.9
68.0
67.4
79.6
55.7
59.0
72.7
81.8
93.4

122.8
160.2
144.8
88.2
80.5
83.5
91.4
104.4
106.1
103.3
88.4
97.2
100.1
106.5
123.1

130.1
133.7
131.1
128.4
120.8
153.6
161.4
163.1
173.4
132.9
99.5
103.1
109.2
130.2
139.9

100.6
92.5
82.7
94.5
88.0
91.6
103.0
132.1
117.5
106.9
72.9
81.3
91.1
115.7
113.9

29.5
34.1
30.5
25.9
24.7
26.7
33.1
30.3
31.8
33.0
28.2
28.2
28.1
31.6
35.6

51.3
52.2
52.9
59.3
61.2
64.6
73.8
75.3
84.2
90.2
79.4
78.4
83.1
88.9
93.3

91.8
108.9
102.5
96.1
96.2
93.6
105.6
126.3
134.8
138.7
127.0
100.6
100.4
110.0
122.7

72.3
71.2
56.7
80.4
88.2
88.9
82.2
92.8
84.2
79.7
75.4
69.5
73.4
89.2
90.4

1 Includes the following industries: Management of companies and enterprises; administrative and support and waste management; educational services; arts, entertainment, and recreation; accommodation and food services; and other services (except public administration). Also includes an item for structure and equipment expenditures serving multiple industry categories.

Note: Data from Annual Capital Expenditures. Industry data are based on the North American Industry Classification System (NAICS).
Data shown in this table are capital expenditures for both new and used structures and equipment.
Source: Department of Commerce (Bureau of the Census).

10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
In October, employment as measured by the household survey rose by 320,000 and unemployment fell 7,000.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

162

162

SEASONALLY ADJUSTED

158

158

154

154
CIVILIAN LABOR FORCE

150

150

146

146

142

142

138

138

CIVILIAN
EMPLOYMENT

134

134

20

20
UNEMPLOYMENT

16

16

12

12

8

8

4

4

0

0
2007

2008

2009

2010

2011

2012

2013

2014

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

2015

COUNCIL OF ECONOMIC ADVISERS

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

Period

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

Civilian
noninstitutional
population
(NSA)
226,082
228,815
231,867
233,788
235,801
237,830
239,618
243,284
245,679
247,947
248,657
248,844
249,027
249,723
249,899
250,080
250,266
250,455
250,663
250,876
251,096
251,325
251,541

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
156,243
156,402
156,129
157,180
157,002
156,906
157,072
157,469
157,037
157,106
157,065
156,715
157,028

141,730
144,427
146,047
145,362
139,877
139,064
139,869
142,469
143,929
146,305
147,260
147,331
147,442
148,201
148,297
148,331
148,523
148,795
148,739
148,840
149,036
148,800
149,120

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
75,928
75,675
76,026
76,496
76,588
76,653
76,805
76,833
76,783
76,903
76,880
76,763
76,852

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
66,560
66,894
66,632
66,983
66,901
66,874
66,935
67,178
67,294
67,271
67,502
67,346
67,568

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
4,772
4,762
4,784
4,722
4,808
4,804
4,784
4,784
4,662
4,666
4,654
4,690
4,700

Total

7,591
7,001
7,078
8,924
14,265
14,825
13,747
12,506
11,460
9,617
8,983
9,071
8,688
8,979
8,705
8,575
8,549
8,674
8,299
8,266
8,029
7,915
7,908

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
4,094
4,354
4,245
4,308
4,243
4,099
4,079
4,082
3,897
3,887
3,760
3,790
3,809

Women
20 years
and
over
3,013
2,751
2,718
3,342
5,157
5,534
5,450
5,125
4,565
3,926
3,794
3,705
3,479
3,575
3,469
3,455
3,483
3,553
3,372
3,474
3,324
3,214
3,211

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
1,094
1,013
963
1,096
993
1,021
986
1,039
1,029
904
945
911
888

Not
in
labor
force

76,762
77,387
78,743
79,501
81,659
83,941
86,001
88,310
90,290
92,025
92,414
92,442
92,898
92,544
92,898
93,175
93,194
92,986
93,626
93,770
94,031
94,610
94,513

Chart 11 - Oct 2015

Labor
Employ- Unemployforce
ment/
participa- population
ment
tion
rate
ratio
rate
66.0
66.2
66.0
66.0
65.4
64.7
64.1
63.7
63.2
62.9
62.8
62.9
62.7
62.9
62.8
62.7
62.8
62.9
62.6
62.6
62.6
62.4
62.4

62.7
63.1
63.0
62.2
59.3
58.5
58.4
58.6
58.6
59.0
59.2
59.2
59.2
59.3
59.3
59.3
59.3
59.4
59.3
59.3
59.4
59.2
59.3

5.1
4.6
4.6
5.8
9.3
9.6
8.9
8.1
7.4
6.2
5.7
5.8
5.6
5.7
5.5
5.5
5.4
5.5
5.3
5.3
5.1
5.1
5.0

1 Civilian labor force (or employment) as percent of civilian noninstitutional population; and unemployment as percent of civilian labor force.

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

11

Selected Unemployment Rates
In October, the unemployment rate fell to 5.0 percent.
PERCENT (SEASONALLY ADJUSTED)

PERCENT (SEASONALLY ADJUSTED)

30

30

TEENAGERS
(16-19)
25

25

20

20
BLACK OR
AFRICAN
AMERICAN1

15

15

10

5

WHITE1

MEN 20 YEARS
AND OVER

10

HISPANIC1,2

5
ALL CIVILIAN
WORKERS

WOMEN 20 YEARS
AND OVER

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 - Oct 2015

By race or ethnicity 1

By sex and age
Period

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

All
civilian
workers

5.1
4.6
4.6
5.8
9.3
9.6
8.9
8.1
7.4
6.2
5.7
5.8
5.6
5.7
5.5
5.5
5.4
5.5
5.3
5.3
5.1
5.1
5.0

Men
20 years
and
over

Women
20 years
and
over

4.4
4.0
4.1
5.4
9.6
9.8
8.7
7.5
7.0
5.7
5.1
5.4
5.3
5.3
5.2
5.1
5.0
5.0
4.8
4.8
4.7
4.7
4.7

4.6
4.1
4.0
4.9
7.5
8.0
7.9
7.3
6.5
5.6
5.4
5.2
5.0
5.1
4.9
4.9
4.9
5.0
4.8
4.9
4.7
4.6
4.5

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
18.7
17.5
16.8
18.8
17.1
17.5
17.1
17.9
18.1
16.2
16.9
16.3
15.9

White

4.4
4.0
4.1
5.2
8.5
8.7
7.9
7.2
6.5
5.3
4.9
4.9
4.8
4.9
4.7
4.7
4.7
4.7
4.6
4.6
4.4
4.4
4.4

Black
or
African
American
10.0
8.9
8.3
10.1
14.8
16.0
15.8
13.8
13.1
11.3
10.9
11.0
10.4
10.3
10.4
10.1
9.6
10.2
9.5
9.1
9.5
9.2
9.2

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
5.0
4.7
4.2
4.0
4.0
3.2
4.4
4.1
3.8
4.0
3.5
3.6
3.5

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

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

12

6.0
5.2
5.6
7.6
12.1
12.5
11.5
10.3
9.1
7.4
6.8
6.6
6.5
6.7
6.6
6.8
6.9
6.7
6.6
6.8
6.6
6.4
6.3

Married
men,
spouse
present
2.8
2.4
2.5
3.4
6.6
6.8
5.8
4.9
4.3
3.4
3.0
3.2
3.0
2.9
3.0
2.8
3.0
2.9
2.8
2.8
2.8
2.8
2.8

Women
who
maintain
families
(NSA)
7.8
7.1
6.5
8.0
11.5
12.3
12.4
11.4
10.2
8.6
8.7
8.2
7.8
8.1
7.7
8.1
7.0
6.8
7.8
8.0
8.1
7.1
7.5

Full-time
workers

5.0
4.5
4.6
5.8
10.0
10.4
9.6
8.5
7.7
6.4
6.0
6.0
5.7
5.9
5.7
5.6
5.5
5.6
5.3
5.3
5.1
5.1
5.1

Part-time
workers

5.4
5.1
4.9
5.5
6.0
6.3
6.3
6.1
5.9
5.4
5.0
5.1
5.0
4.9
4.9
4.9
4.9
4.9
5.2
5.1
4.9
4.8
4.7

Selected Measures of Unemployment and Unemployment Insurance Programs
In October, the percentages of the unemployed who had been out of work for less than 5 weeks and 15 to 26 weeks
fell, while the percentages for 5 to 14 weeks and 27 weeks and over rose. The mean duration of unemployment rose
to 28.0 weeks and the median duration fell to 11.2 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 - Oct 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: Oct �����������
      Nov ����������
      Dec �����������
2015: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������

7,591
7,001
7,078
8,924
14,265
14,825
13,747
12,506
11,460
9,617
8,983
9,071
8,688
8,979
8,705
8,575
8,549
8,674
8,299
8,266
8,029
7,915
7,908

35.1
37.3
35.9
32.8
22.2
18.7
19.5
21.1
22.5
25.7
27.0
27.5
27.2
26.8
27.9
28.9
31.4
27.6
28.6
30.7
26.5
29.9
29.1

30.4
30.3
31.5
31.4
26.8
22.0
21.8
22.9
24.1
25.3
25.5
26.1
26.3
26.1
25.6
26.8
26.5
29.0
28.7
27.8
30.0
28.1
28.9

14.9
14.7
15.0
16.0
19.5
16.0
15.0
14.9
15.8
15.6
15.6
15.4
14.6
15.5
15.4
14.5
13.1
14.8
16.9
14.6
15.8
15.4
15.2

19.6
17.6
17.6
19.7
31.5
43.3
43.8
41.1
37.6
33.5
31.9
31.0
31.9
31.5
31.1
29.8
29.0
28.6
25.8
26.9
27.7
26.6
26.8

18.4
16.8
16.8
17.9
24.4
33.0
39.3
39.4
36.5
33.7
32.9
33.0
32.8
32.3
31.7
30.7
30.8
30.7
28.1
28.3
28.4
26.3
28.0

8.9
8.3
8.5
9.4
15.1
21.4
21.4
19.3
17.0
14.0
13.5
12.8
12.6
13.4
13.1
12.2
11.7
11.6
11.3
11.3
12.1
11.4
11.2

48.3
47.4
49.7
53.7
64.2
62.4
59.0
55.0
53.0
50.7
48.1
49.1
49.2
47.4
48.1
48.9
48.6
49.1
49.2
50.2
50.5
49.1
49.6

11.5
11.8
11.2
10.0
6.2
6.0
7.0
7.7
8.1
8.6
8.6
9.2
9.1
9.5
10.2
10.2
9.7
9.5
9.3
10.2
9.8
9.8
9.9

31.4
32.0
30.3
27.7
22.3
23.4
24.7
26.7
28.0
29.4
31.6
30.3
30.7
31.6
30.5
31.4
31.5
30.1
30.3
29.6
29.1
30.6
30.4

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
11.7
2,129
297
2,176
11.5
2,277
316
2,323
11.0
2,814
435
2,865
11.5
2,912
399
2,958
11.2
2,759
296
2,801
9.5
3,120
282
3,166
10.2
2,400
289
2,438
11.2
2,224
254
2,260
11.2
2,311
300
2,346
10.0
2,325
298
2,359
10.6
2,461
246
2,498
10.5 ��������������� ��������������� �����������������
10.1 ��������������� ��������������� �����������������

1 Beginning January 2011, includes unemployment durations of up to 5 years; prior data are for up to 2 years.
2 Includes State (50 States, District of Columbia, Puerto Rico, and the Virgin Islands), Federal (UCFE), ex-service members (UCX), and Federal and State extended benefit programs.

Emergency Unemployment Compensation (2008-2013) and Federal Additional Compensation (2009-2010).

Also includes

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

13

Nonagricultural Employment
Total nonagricultural employment as measured by the payroll survey rose by 271,000 in October.
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 - Oct 2015

Private industries

Period

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

Total
nonagricultural
employment

134,005
136,398
137,936
137,170
131,233
130,275
131,842
134,104
136,393
139,042
139,840
140,263
140,592
140,793
141,059
141,178
141,365
141,625
141,870
142,093
142,246
142,383
142,654

Goods-producing industries
Total
private

112,201
114,424
115,718
114,661
108,678
107,785
109,756
112,184
114,541
117,180
117,957
118,371
118,690
118,892
119,153
119,270
119,459
119,711
119,929
120,124
120,249
120,398
120,666

Total 2

Construc- Manufaction
turing

22,190
22,530
22,233
21,335
18,558
17,751
18,047
18,420
18,738
19,223
19,349
19,425
19,489
19,540
19,560
19,540
19,556
19,554
19,551
19,558
19,537
19,527
19,554

7,336
7,691
7,630
7,162
6,016
5,518
5,533
5,646
5,856
6,138
6,201
6,231
6,275
6,316
6,347
6,335
6,365
6,377
6,378
6,383
6,391
6,403
6,434

14,227
14,155
13,879
13,406
11,847
11,528
11,726
11,927
12,020
12,188
12,237
12,282
12,301
12,318
12,321
12,327
12,327
12,333
12,334
12,345
12,326
12,317
12,317

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
98,608
98,946
99,201
99,352
99,593
99,730
99,903
100,157
100,378
100,566
100,712
100,871
101,112

25,959
26,276
26,630
26,293
24,906
24,636
25,065
25,476
25,862
26,384
26,517
26,615
26,669
26,704
26,748
26,787
26,807
26,864
26,916
26,963
26,979
26,991
27,042

Retail
trade
15,280
15,353
15,520
15,283
14,522
14,440
14,668
14,841
15,079
15,364
15,436
15,498
15,497
15,533
15,556
15,587
15,598
15,631
15,667
15,696
15,700
15,706
15,750

Information

Financial
activities

3,061
3,038
3,032
2,984
2,804
2,707
2,674
2,676
2,706
2,740
2,754
2,761
2,767
2,773
2,780
2,778
2,788
2,787
2,790
2,794
2,790
2,801
2,800

8,197
8,367
8,348
8,206
7,838
7,695
7,697
7,784
7,886
7,979
8,014
8,042
8,049
8,068
8,077
8,090
8,097
8,106
8,127
8,142
8,156
8,156
8,161

Profes- Education Leisure
sional
and
and
and
health
hospitalbusiness services
ity
services
16,954
17,566
17,942
17,735
16,579
16,728
17,332
17,932
18,515
19,096
19,271
19,367
19,439
19,459
19,508
19,547
19,613
19,681
19,749
19,789
19,824
19,857
19,935

17,630
18,099
18,613
19,156
19,550
19,889
20,228
20,698
21,097
21,475
21,613
21,664
21,718
21,760
21,821
21,863
21,917
21,974
22,035
22,077
22,133
22,179
22,236

12,816
13,110
13,427
13,436
13,077
13,049
13,353
13,768
14,254
14,710
14,850
14,892
14,948
14,972
15,033
15,039
15,047
15,103
15,122
15,154
15,191
15,242
15,283

Other
services

5,395
5,438
5,494
5,515
5,367
5,331
5,360
5,430
5,483
5,573
5,589
5,605
5,611
5,616
5,626
5,626
5,634
5,642
5,639
5,647
5,639
5,645
5,655

Government

21,804
21,974
22,218
22,509
22,555
22,490
22,086
21,920
21,853
21,863
21,883
21,892
21,902
21,901
21,906
21,908
21,906
21,914
21,941
21,969
21,997
21,985
21,988

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

Note: Data classified by industry based on the 2012 North American Industry Classification System (NAICS). For details see Employment and Earnings.
Source: Department of Labor (Bureau of Labor Statistics).

14

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

Total
private
nonagricultural 1

Period

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

Average gross hourly earnings
Total private
nonagricultural 1

Manufacturing

Total

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

Overtime

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

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

Current
dollars

Manufacturing

1982-84
dollars 2

$16.12
$8.44
16.75
8.50
17.42
8.59
18.07
8.56
18.61
8.88
19.05
8.90
19.44
8.77
19.74
8.73
20.13
8.78
20.61
8.85
20.68
8.85
20.72
8.87
20.77
8.93
20.72
8.95
20.81
9.07
20.82
9.05
20.88
9.05
20.91
9.06
20.97
9.04
20.98
9.01
21.02
9.02
21.09
9.06
21.09
9.08
21.18 �����������������

Average gross weekly earnings
Total private
nonagricultural 1
Current
dollars

$16.56
16.81
17.26
17.75
18.24
18.61
18.93
19.08
19.30
19.56
19.62
19.65
19.64
19.62
19.64
19.70
19.77
19.80
19.85
19.88
19.95
20.00
20.06
20.06

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
696.92
298.22
698.26
298.84
702.03
301.78
700.34
302.48
701.30
305.74
703.72
306.00
703.66
305.08
702.58
304.39
704.59
303.64
707.03
303.66
708.37
303.84
710.73
305.18
708.62
305.15
713.77 �����������������

Manufacturing

Construction

$673.30
690.88
711.53
724.46
726.12
765.15
784.29
794.63
807.37
822.24
826.00
827.27
828.81
826.00
826.84
825.43
826.39
827.64
829.73
830.98
833.91
836.00
836.50
838.51

$750.37
781.59
816.23
842.61
851.76
891.83
921.84
942.14
958.72
977.05
982.97
982.48
985.75
988.72
982.64
988.72
988.94
993.03
991.70
1,005.75
987.61
999.90
970.78
1,021.08

Retail
trade

Current
dollars

$377.58
383.12
385.00
386.21
388.57
400.07
412.09
422.10
423.07
431.64
434.10
435.30
437.96
437.23
440.97
441.83
438.60
440.10
441.60
443.10
444.60
447.29
452.99
447.00

1982-84
dollars 2

2.9
–0.6
4.3
1.1
3.9
1.0
3.1
–.9
1.4
2.1
3.3
1.2
2.7
–.9
1.9
–.2
1.8
.4
2.5
1.0
2.3
.7
2.6
1.1
2.6
1.5
2.5
2.2
2.6
3.5
2.6
3.3
1.9
2.4
1.6
2.3
1.7
2.2
1.9
2.2
1.9
2.1
2.0
2.2
1.7
2.3
2.2 �������������������

1 Also includes other private industry groups shown on p. 14.
2 Current dollar earnings divided by the consumer price index for urban wage earners and clerical workers (CPI–W) (on a 1982-84=100 base).

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

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

Total
compensation

Wages
and
salaries

Percent change from
3 months earlier

Benefits 1

Total
compensation

12 months earlier

Wages
and
salaries

Benefits 1

Total
compensation

Wages
and
salaries

Benefits 1

Not seasonally adjusted
2005:
2006:
2007:
2008:
2009:
2010:
2011:
2012:
2013:
2014:

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

100.0
103.2
106.3
108.9
110.2
112.5
115.0
117.1
119.4
122.2

100.0
103.2
106.6
109.4
110.8
112.8
114.6
116.6
119.0
121.6

100.0
103.1
105.6
107.7
108.7
111.9
115.9
118.2
120.5
123.5

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

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

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

Seasonally adjusted
2013: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2014: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2015: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������

117.9
118.5
119.0
119.6
119.9
120.9
121.7
122.3
123.2
123.2
124.0

117.4
118.0
118.4
119.1
119.4
120.3
121.1
121.7
122.6
122.8
123.6

119.1
119.7
120.3
120.7
121.3
122.6
123.2
123.8
124.5
124.2
124.8

2.9
3.2
3.0
2.4
1.2
2.1
2.2
1.8
2.0
2.3

2.5
3.2
3.3
2.6
1.3
1.8
1.6
1.7
2.1
2.2

4.0
3.1
2.4
2.0
0.9
2.9
3.6
2.0
1.9
2.5

Not seasonally adjusted
0.6
.5
.4
.5
.3
.8
.7
.5
.7
.0
.6

0.6
.5
.3
.6
.3
.8
.7
.5
.7
.2
.7

0.5
.5
.5
.3
.5
1.1
.5
.5
.6
–.2
.5

1.9
1.9
1.9
2.0
1.7
2.0
2.3
2.3
2.8
1.9
1.9

1.7
1.9
1.8
2.1
1.7
1.9
2.3
2.2
2.8
2.2
2.1

2.0
1.9
2.0
1.9
1.8
2.4
2.3
2.5
2.6
1.4
1.4

1 Employer costs for employee benefits.

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

15

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

Nonfarm
business
sector

Hours of
all persons 2

Output 1

Business
sector

Nonfarm
business
sector

Business
sector

Compensation
per hour 3

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Real
compensation
per hour 4
Business
sector

Nonfarm
business
sector

Unit labor
costs

Implicit price
deflator 5

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

94.8
97.6
100.4
102.2
100.0
98.6
100.7
102.7
103.6
105.6
101.4
100.6
101.4
99.4
101.7
101.7
102.1
105.3
102.7
104.1
103.9
103.6
106.0
105.0
105.0
106.5
107.1
106.7
107.0

94.7
97.5
100.1
102.1
100.0
98.7
100.7
102.5
103.6
105.7
101.5
100.6
101.4
99.4
101.5
101.5
101.8
105.0
102.5
104.1
104.0
103.7
106.0
105.0
105.1
106.5
107.2
106.8
107.1

93.5
96.0
98.2
99.8
100.0
101.1
103.3
105.3
106.9
108.4
102.3
103.1
103.8
104.0
104.5
105.0
105.7
106.0
106.4
106.6
107.1
107.4
107.8
108.4
108.7
108.5
108.5
109.1
109.3

93.4
96.0
97.9
99.4
100.0
101.0
102.8
104.7
106.3
107.9
101.9
102.6
103.2
103.5
104.0
104.5
105.1
105.3
105.7
106.0
106.5
107.0
107.4
107.8
108.3
108.2
108.3
109.0
109.2

1.5
2.9
2.9
1.8
–2.2
–1.4
2.1
2.0
.8
2.0
10.6
–2.9
3.2
–7.7
9.6
.2
1.5
13.1
–9.7
5.7
–.9
–1.2
9.9
–3.7
.0
5.6
2.6
–1.6
1.1

1.6
3.0
2.7
2.0
–2.0
–1.3
2.1
1.7
1.1
2.0
11.0
–3.5
3.3
–7.7
8.9
–.1
1.1
13.1
–9.1
6.2
–.5
–1.2
9.3
–3.5
.1
5.7
2.6
–1.8
1.4

3.1
2.7
2.3
1.5
.2
1.1
2.2
1.9
1.5
1.4
1.7
3.1
2.7
.8
1.7
2.1
2.4
1.4
1.6
.6
1.7
1.2
1.5
2.3
1.2
–.6
–.1
2.2
.8

3.4
2.8
2.0
1.5
.6
1.0
1.8
1.9
1.5
1.5
.9
2.8
2.5
1.3
1.7
2.2
2.1
1.1
1.2
1.2
2.2
1.7
1.3
1.9
1.8
–.5
.5
2.3
.8

Indexes, 2009=100; quarterly data seasonally adjusted
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2015: I ����������������
      II r �������������
      III p * ��������

93.7
94.6
96.0
96.8
100.0
103.3
103.4
104.1
104.6
105.2
103.0
103.4
103.1
103.9
103.9
104.5
104.3
103.8
104.1
104.2
104.6
105.4
104.5
105.2
105.9
105.2
104.9
105.8
106.4

93.8
94.7
96.2
96.9
100.0
103.3
103.5
104.4
104.4
105.2
103.1
103.5
103.3
104.0
104.2
104.9
104.6
104.1
104.0
104.0
104.4
105.3
104.4
105.1
105.9
105.3
105.0
105.9
106.4

100.1
103.3
105.5
104.2
100.0
103.2
105.3
108.4
110.6
113.9
104.1
105.1
105.3
106.9
107.8
108.5
108.6
108.7
109.4
109.8
110.9
112.2
111.8
113.3
114.8
115.6
115.8
117.2
117.6

100.2
103.4
105.8
104.4
100.0
103.2
105.5
108.8
110.6
114.0
104.1
105.2
105.5
107.0
108.1
108.8
109.1
109.1
109.6
109.9
110.8
112.2
111.9
113.4
114.9
115.6
115.8
117.2
117.6

106.8
109.1
109.8
107.7
100.0
99.9
101.9
104.1
105.7
108.3
101.0
101.6
102.2
102.9
103.7
103.8
104.2
104.8
105.1
105.4
106.0
106.5
107.0
107.7
108.5
109.9
110.4
110.7
110.6

106.9
109.3
110.0
107.8
100.0
99.9
101.9
104.1
105.9
108.4
101.0
101.7
102.2
102.9
103.7
103.7
104.2
104.9
105.3
105.6
106.2
106.6
107.2
107.9
108.5
109.8
110.2
110.7
110.5

88.8
92.3
96.4
99.0
100.0
101.9
104.1
107.0
108.3
111.1
104.4
104.0
104.6
103.3
105.7
106.4
106.5
109.3
106.8
108.5
108.6
109.2
110.7
110.5
111.2
112.0
112.4
112.9
113.8

88.8
92.3
96.3
98.9
100.0
102.0
104.2
107.0
108.2
111.1
104.7
104.1
104.7
103.4
105.8
106.5
106.5
109.3
106.6
108.3
108.5
109.1
110.6
110.4
111.3
112.2
112.6
113.1
113.9

97.6
98.3
99.8
98.6
100.0
100.2
99.3
100.0
99.7
100.7
100.9
99.3
99.2
97.6
99.3
99.7
99.4
101.4
98.7
100.3
99.9
100.0
100.9
100.1
100.4
101.4
102.5
102.3
102.6

97.6
98.3
99.7
98.6
100.0
100.3
99.4
100.0
99.6
100.7
101.1
99.5
99.4
97.7
99.4
99.8
99.4
101.3
98.6
100.1
99.8
100.0
100.8
100.0
100.5
101.6
102.7
102.4
102.7

Percent change; quarterly data at seasonally adjusted annual rates
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2015: I ����������������
      II r �������������
      III p * ��������

2.1
1.0
1.5
.8
3.3
3.3
.1
.7
.4
.6
–3.3
1.3
–1.0
3.2
.1
2.4
–1.1
–1.9
1.2
.6
1.3
3.4
–3.6
2.9
2.5
–2.4
–1.3
3.7
2.0

2.1
.9
1.6
.8
3.2
3.3
.2
.9
.0
.7
–3.3
1.5
–.8
3.0
.6
2.5
–.8
–2.2
–.1
.1
1.4
3.5
–3.5
2.8
3.1
–2.2
–1.1
3.5
1.6

3.8
3.2
2.1
–1.2
–4.1
3.2
2.1
2.9
2.0
3.0
–2.2
3.8
1.1
6.1
3.4
2.6
.6
.2
2.5
1.6
3.9
5.1
–1.7
5.7
5.5
2.6
.6
5.0
1.5

3.8
3.2
2.3
–1.3
–4.3
3.2
2.2
3.1
1.7
3.0
–2.5
4.5
1.1
5.8
3.9
2.7
1.0
.2
1.7
1.1
3.5
5.2
–1.2
5.4
5.5
2.6
.5
5.1
1.2

1.7
2.2
.6
–2.0
–7.1
–.1
2.0
2.2
1.6
2.4
1.2
2.5
2.2
2.8
3.3
.2
1.7
2.1
1.3
1.0
2.5
1.7
2.0
2.7
2.9
5.2
1.9
1.2
–.5

1.7
2.2
.7
–2.0
–7.2
–.1
2.0
2.2
1.7
2.3
.9
2.9
2.0
2.7
3.2
.2
1.8
2.4
1.8
1.1
2.1
1.7
2.3
2.5
2.3
4.9
1.6
1.5
–.5

3.6
3.9
4.4
2.6
1.0
1.9
2.2
2.8
1.2
2.6
6.9
–1.7
2.1
–4.8
9.7
2.6
.4
11.0
–8.6
6.3
.5
2.1
5.9
–.9
2.5
3.0
1.3
2.0
3.1

3.6
3.9
4.3
2.7
1.1
2.0
2.2
2.7
1.1
2.7
7.3
–2.0
2.4
–4.9
9.6
2.4
.3
10.7
–9.2
6.3
.9
2.3
5.5
–.8
3.2
3.4
1.5
1.7
3.0

0.2
.7
1.6
–1.2
1.4
.2
–1.0
.7
–.2
1.0
2.5
–6.1
–.5
–6.4
7.2
1.6
–1.3
8.2
–9.9
6.5
–1.8
.7
3.7
–3.2
1.3
3.9
4.4
–.9
1.5

0.2
.7
1.4
–1.1
1.4
.3
–.9
.6
–.4
1.1
2.9
–6.4
–.2
–6.6
7.2
1.4
–1.5
7.9
–10.5
6.5
–1.4
.9
3.4
–3.1
2.0
4.2
4.6
–1.2
1.4

1 Output refers to real gross domestic product originating in the sector.
2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family workers. Estimates based primarily on establishment data.
3 Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the

self-employed.
4 Hourly compensation divided by the consumer price index for all urban consumers (CPI–U) for recent quarters. The trend from 1978–2014 is based on the consumer price index research series
(CPI–U–RS).
5 Current dollar gross domestic output divided by the output index.
Note: Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here.
* Data based on GDP data released on October 29, 2015.
Source: Department of Labor (Bureau of Labor Statistics).

16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial production and capacity utilization fell in September.
INDEX, 2012 = 100* (RATIO SCALE)
120

INDEX, 2012 = 100* (RATIO SCALE)
130

TOTAL INDUSTRIAL PRODUCTION

FINAL PRODUCTS

110
120
100
110

90

CONSUMER
GOODS

80
100

120

MANUFACTURING

110

BUSINESS
EQUIPMENT

DURABLE

TOTAL1

DEFENSE AND
SPACE EQUIPMENT

90

100
NONDURABLE
90

80
80
140

PERCENT*
86
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
84

UTILITIES AND MINING

130

82

120

80

MINING

110

78
76

100

74
72

UTILITIES
90

70

80

68
66
2011

2012

2013

2014

2015

2011

2012

2013

2014

2015

1

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

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]
Total industrial production 1
Period

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

Percent change 2
Index,
2012=100

99.6
101.8
104.4
100.8
89.4
94.4
97.2
100.0
101.9
105.7
106.7
106.8
107.8
107.9
107.6
107.4
107.2
107.1
106.7
106.6
107.4
107.3
107.1

From
preceding
month
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
0.5
.2
.9
.1
–.3
–.2
–.2
–.2
–.4
.0
.8
–.1
–.2

Chart 17 - Oct 2015

Industry production indexes, 2012=100

Capacity utilization rate
(output as percent of
capacity) 1

Manufacturing

From
year
earlier
3.3
2.2
2.5
–3.4
–11.3
5.6
3.0
2.8
1.9
3.7
3.9
4.1
4.7
4.6
4.5
3.5
2.5
2.1
1.3
.9
1.3
1.1
.4

Total 1
103.0
105.7
108.5
103.4
89.3
94.6
97.4
100.0
100.9
103.4
104.1
104.3
105.2
105.2
104.9
104.5
104.8
105.2
105.2
105.0
106.1
105.7
105.5

Durable
93.6
98.0
102.8
99.2
80.6
89.3
94.8
100.0
101.4
105.5
106.7
107.2
108.0
107.7
107.4
106.8
106.8
107.1
107.5
107.3
108.7
108.1
107.9

Nondurable
110.5
111.1
112.5
105.8
97.7
99.8
99.9
100.0
100.7
102.1
102.5
102.6
103.7
104.0
103.8
103.7
104.1
104.6
104.0
103.9
104.7
104.6
104.6

Other
(non-NAICS) 1
148.2
146.6
138.2
129.3
111.5
105.6
102.8
100.0
96.7
91.3
89.0
88.3
87.7
86.5
86.0
86.1
86.5
87.1
88.0
87.9
87.9
87.1
85.9

Mining

84.8
86.8
87.5
88.4
83.8
88.1
93.1
100.0
106.5
118.0
121.0
120.8
121.2
124.1
122.1
120.1
119.5
117.9
115.3
115.3
116.5
116.5
114.1

Utilities

98.7
98.1
101.4
101.3
98.8
102.4
102.2
100.0
102.5
103.6
103.4
103.4
105.6
103.0
104.6
108.2
105.5
102.7
102.2
103.1
101.7
103.1
104.4

Total
industry

Total
manufacturing

80.0
80.3
80.7
77.7
68.7
73.7
76.2
76.7
76.7
78.1
78.5
78.5
79.0
79.0
78.7
78.4
78.2
78.0
77.6
77.5
78.0
77.8
77.5

78.3
78.6
78.8
74.8
65.7
70.9
73.7
74.5
74.1
75.3
75.7
75.8
76.4
76.3
76.1
75.7
75.8
76.1
76.0
75.7
76.4
76.1
75.9

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

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

17

Industrial Production—
Major Market Groups and Selected Manufactures
[2012=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 ��������������������
2014: Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2015: Jan �����������
      Feb �����������
      Mar ����������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept p �������

Nonindustrial supplies

Total

102.6
105.2
107.7
103.8
93.2
96.3
98.4
100.0
100.6
103.2
103.6
103.7
105.1
104.6
104.6
104.1
104.1
103.9
103.6
103.5
104.7
104.6
104.7

111.1
111.6
112.1
106.4
99.0
100.2
101.4
100.0
101.5
103.7
103.7
103.5
105.3
105.1
105.3
105.3
105.6
105.5
104.9
104.9
106.6
106.2
106.5

Durable
goods
119.5
118.7
120.0
105.1
86.3
93.8
98.0
100.0
105.5
112.8
113.6
113.5
116.8
116.2
115.9
113.8
115.4
117.1
118.7
116.7
123.3
120.2
119.8

Equipment
Nondurable
goods
108.6
109.4
109.7
106.5
102.5
101.8
102.2
100.0
100.6
101.5
101.3
101.0
102.5
102.3
102.7
103.2
103.2
102.6
101.6
102.0
102.5
102.8
103.2

Total 1
85.8
92.7
98.8
98.6
81.6
88.7
92.6
100.0
98.8
102.1
103.3
104.1
104.7
103.8
103.1
101.9
101.2
100.6
100.9
100.7
100.9
101.5
101.3

Business
87.2
95.2
99.9
97.9
80.0
86.4
91.0
100.0
99.6
104.3
105.4
106.6
107.4
106.3
106.2
105.7
105.8
106.0
106.8
106.7
106.8
107.5
107.3

Defense
and
space

Total

77.0
76.5
91.2
98.4
94.0
101.1
98.2
100.0
96.9
93.8
94.3
94.1
94.1
94.4
93.6
94.1
93.8
93.1
92.9
92.9
92.5
93.2
93.1

111.8
113.9
114.5
108.3
92.9
96.2
97.8
100.0
101.9
104.3
105.0
105.4
105.9
105.8
105.9
105.8
105.0
105.5
105.3
105.6
105.6
105.9
105.3

Construction

127.5
130.7
129.6
117.6
90.4
93.7
95.9
100.0
102.9
106.9
108.4
108.6
108.9
110.3
110.1
109.1
107.5
108.4
108.8
109.2
109.6
109.9
108.5

Business

105.5
107.2
108.6
104.6
93.8
97.2
98.5
100.0
101.5
103.2
103.6
104.0
104.6
103.8
104.2
104.4
103.9
104.2
103.8
104.0
103.9
104.1
103.9

Total 1

93.0
94.9
98.2
95.7
85.0
92.1
96.0
100.0
103.1
108.4
109.9
110.0
110.7
111.4
110.7
110.8
110.7
110.3
109.7
109.7
110.4
109.9
109.6

Energy

85.9
86.9
88.7
89.4
87.3
91.0
94.1
100.0
105.7
114.8
117.1
117.5
118.1
119.4
118.7
119.2
118.6
117.3
115.5
115.7
115.7
116.3
115.4

1 Includes other items, not shown separately.

[2012=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 ��������������������
2014: Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2015: Jan �����������
      Feb �����������
      Mar ����������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept p �������

99.1
101.9
104.0
104.2
77.5
95.1
102.1
100.0
102.8
105.4
107.2
106.2
104.6
106.1
101.9
101.2
99.1
98.7
98.8
102.4
102.1
99.6
100.0

Iron
and
steel
products
96.7
101.0
102.6
109.2
70.4
91.8
100.1
100.0
101.9
104.6
107.2
107.8
105.2
105.8
96.7
92.9
88.2
90.3
91.1
99.3
98.0
93.5
95.6

Fabricated
metal
products

104.5
110.2
114.9
110.8
85.2
90.7
97.1
100.0
101.1
103.9
104.7
104.8
104.9
105.1
105.5
104.8
104.8
104.9
104.9
104.8
104.9
103.1
102.9

Nondurable manufactures

Machinery
Total
88.9
93.1
97.1
94.5
73.5
82.1
92.5
100.0
95.4
99.9
100.5
103.4
103.8
100.8
100.7
100.5
99.0
99.8
100.5
99.5
98.5
100.3
101.0

60.4
68.9
79.2
85.1
75.7
85.9
93.1
100.0
99.7
102.7
103.5
104.1
104.0
104.4
104.7
104.2
103.7
103.4
103.0
104.2
104.3
104.4
104.2

Selected
high-technology 1
46.9
56.4
67.0
76.5
67.3
81.8
92.1
100.0
103.7
106.1
106.6
107.1
107.5
107.0
106.7
106.4
105.8
106.0
105.3
105.8
106.3
105.8
105.4

Transportation
equipment
Total
94.6
95.8
101.7
91.0
74.6
86.5
90.4
100.0
104.7
110.4
111.6
111.5
114.4
114.0
113.5
112.9
115.0
115.9
117.7
114.4
121.0
117.7
118.0

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

Source: Board of Governors of the Federal Reserve System.

18

Motor
vehicles
and
parts
108.8
107.1
106.3
85.1
62.3
82.7
90.4
100.0
106.5
117.7
118.4
118.3
124.1
123.1
122.5
120.2
124.1
126.2
129.3
123.5
136.7
129.3
129.5

Apparel

259.0
252.3
202.3
157.2
112.8
109.5
103.0
100.0
94.6
92.7
92.7
92.2
93.9
95.6
97.3
93.7
93.1
92.5
91.0
91.4
93.0
93.6
93.4

Printing
and
related
support
activities
129.9
128.5
131.1
122.7
102.8
102.7
101.0
100.0
100.5
101.6
101.2
101.5
102.2
102.9
102.3
102.2
103.1
103.1
102.2
102.6
103.1
104.2
103.7

Chemicals

109.3
111.9
117.5
108.6
98.1
101.3
101.3
100.0
98.2
100.0
101.2
101.3
102.1
102.7
102.7
102.9
102.8
103.0
102.4
103.8
104.2
103.1
103.5

Food

100.5
101.3
101.9
100.6
100.0
100.4
100.2
100.0
101.7
103.0
102.2
102.7
104.4
104.5
104.5
104.3
105.2
105.1
104.6
104.4
105.0
106.1
106.4

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

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

Total
new
construction
expenditures

Residential
Total

1,104.1
1,167.2
1,152.4
1,068.4
904.9
806.0
788.3
861.2
918.3
962.1
959.2
979.6
976.9
989.1
990.1
993.5
1,006.4
1,044.6
1,068.4
1,074.3
1,080.4
1,087.5
1,094.2

New
housing

Total 1

870.0
911.8
863.3
759.7
590.0
502.1
501.9
581.9
647.7
686.4
684.9
692.1
699.3
707.6
716.2
720.8
729.7
757.2
776.5
773.5
781.2
789.7
794.2

Federal
and
State
and
local

Nonresidential

611.9
613.7
493.2
350.3
245.9
238.8
244.1
280.6
335.4
338.7
337.1
342.1
347.2
354.8
358.9
360.6
357.5
366.8
373.1
376.1
382.1
387.5
394.7

Total

480.8
468.8
354.1
230.1
133.9
127.3
123.2
154.5
202.3
235.4
241.9
248.7
253.1
259.9
261.6
260.7
256.2
259.9
263.2
265.9
267.6
273.4
278.9

Lodging

258.1
298.1
370.0
409.4
344.1
263.3
257.8
301.4
312.3
347.7
347.8
350.0
352.2
352.7
357.2
360.2
372.2
390.4
403.4
397.4
399.2
402.2
399.5

Commercial
(including
farm)

Office

12.7
17.6
27.5
35.4
25.4
11.2
8.4
10.2
13.0
15.7
16.3
17.0
16.9
16.9
17.0
17.6
18.0
19.2
20.8
22.3
21.1
22.0
21.8

37.3
45.7
53.8
55.5
37.3
24.4
23.7
27.4
30.1
38.4
40.8
42.5
41.4
42.7
42.0
41.8
44.6
46.3
48.2
49.3
49.5
49.5
49.3

Manufacturing

66.6
73.4
85.9
82.7
51.1
37.2
39.2
44.3
50.9
60.8
65.0
66.1
66.8
69.0
64.0
62.0
62.2
65.3
66.3
62.6
63.3
63.7
63.0

Other 2

28.4
32.3
40.2
53.6
57.4
40.6
39.8
46.8
49.9
57.2
61.6
64.1
64.9
65.7
73.6
76.8
81.0
84.0
89.6
86.2
86.3
87.5
87.0

113.1
129.1
162.6
182.3
173.0
149.9
146.7
172.6
166.1
175.6
164.0
160.3
162.2
158.4
160.7
162.1
166.4
175.6
178.4
177.0
178.9
179.5
178.5

New
houses
sold

New
houses
for sale
at end
of period 3

234.2
255.4
289.1
308.7
314.9
304.0
286.4
279.3
270.7
275.7
274.3
287.4
277.5
281.6
273.9
272.6
276.6
287.4
292.0
300.8
299.1
297.8
300.0

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

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

New Private Housing and Vacancy Rates
[Thousands of units or houses, except as noted]
New housing units authorized 2

New housing units started
Type of structure

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

2,068.3
1,800.9
1,355.0
905.5
554.0
586.9
608.8
780.6
924.9
1,003.3

1 unit
1,715.8
1,465.4
1,046.0
622.0
445.1
471.2
430.6
535.3
617.6
647.9

Type of structure

2–4 units 1
41.1
42.7
31.7
17.5
11.6
11.4
10.9
11.4
13.6
13.7

5 units or
more

Total

311.4
292.8
277.3
266.0
97.3
104.3
167.3
233.9
293.7
341.7

2,155.3
1,838.9
1,398.4
905.4
583.0
604.6
624.1
829.7
990.8
1,052.1

1 unit
1,682.0
1,378.2
979.9
575.6
441.1
447.3
418.5
518.7
620.8
640.3

2–4 units

5 units or
more

New
housing
units
completed

Vacancy
rate for
rental
housing
units
(percent) 4

84.0
76.6
59.6
34.4
20.7
22.0
21.6
25.9
29.0
29.9

389.3
384.1
359.0
295.4
121.1
135.3
184.0
285.1
341.1
382.0

1,931.4
1,979.4
1,502.8
1,119.7
794.4
651.7
584.9
649.2
764.4
883.8

1,283
1,051
776
485
375
323
306
368
429
437

511
536
497
353
234
190
151
150
187
212

9.9
9.7
9.8
10.0
10.6
10.2
9.5
8.7
8.3
7.6

26
32
28
24
27
28
26
32
34
34
28
30
37

374
436
388
368
375
444
370
442
535
611
422
432
374

948
917
867
939
975
865
806
999
1,010
959
995
956
1,028

459
472
449
495
521
545
485
508
513
469
503
529
468

209
208
210
212
208
204
205
207
210
217
217
216
225

7.4
��������������������
��������������������
7.0
��������������������
��������������������
7.1
��������������������
��������������������
6.8
��������������������
��������������������
7.3

Seasonally adjusted annual rates
2014: Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2015: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June r �������
      July r ��������
      Aug r ���������
      Sept p �������

1,026
1,079
1,007
1,080
1,080
900
954
1,190
1,072
1,211
1,152
1,132
1,206

661
705
670
724
706
600
623
735
697
687
759
738
740

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

353
357
328
336
368
292
311
436
366
510
382
388
454

1,053
1,120
1,079
1,077
1,059
1,098
1,038
1,140
1,250
1,337
1,130
1,161
1,105

653
652
663
685
657
626
642
666
681
692
680
699
694

1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards.
2 Based on approximately 20,100 permit-issuing places beginning with 2014 and 19,300 beginning with 2004. Using the 2004 universe, the total for 2014 is 1,046.4.
3 Seasonally adjusted.
4 Quarterly data are three-month averages. Annual data are averages of quarterly data.

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

19

Business Sales and Inventories—Manufacturing and Trade
In August, according to current estimates, manufacturing and trade sales fell 0.7 percent, while inventories were
roughly unchanged. According to advance estimates, retail sales were roughly unchanged in September. Retail and
food services sales rose 0.1 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
1,900

BILLIONS OF DOLLARS* (RATIO SCALE)
600

1,800

550
RETAIL INVENTORIES

MANUFACTURING AND
TRADE INVENTORIES

1,700

500

1,600

RETAIL AND FOOD
SERVICES SALES

450

1,500
400
1,400

MANUFACTURING
AND TRADE SALES

350

RETAIL SALES

1,300
300

1,200

RATIO*
1.70

INVENTORY/SALES RATIO

1,100

1.60
1.50
RETAIL

1,000

1.40

MANUFACTURING
AND TRADE

1.30
1.20

900
2011

2012

2013

2014

2015

2011

2012

2013

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

2014

2015

COUNCIL OF ECONOMIC ADVISERS

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

Sales 2

Inventories 3

Inventory/sales
ratio 4

Wholesale
Sales 2

Inventories 3

Retail
Inventory/sales
ratio 4

2005 ��������������������
1,005,821
1,313,394
1.27
303,208
368,070
1.17
2006 ��������������������
1,069,032
1,407,845
1.28
328,438
398,969
1.17
2007 ��������������������
1,128,176
1,486,057
1.28
351,956
424,318
1.17
2008 ��������������������
1,160,303
1,462,775
1.31
376,603
443,905
1.19
2009 ��������������������
987,564
1,325,989
1.38
318,068
394,417
1.28
2010 ��������������������
1,087,061
1,442,657
1.27
359,869
437,273
1.14
2011 ��������������������
1,204,161
1,555,262
1.26
405,214
480,931
1.14
2012 ��������������������
1,267,342
1,643,981
1.27
430,430
512,794
1.16
2013 ��������������������
1,303,200
1,715,907
1.29
443,551
534,519
1.18
2014 ��������������������
1,348,311
1,781,446
1.31
462,592
570,198
1.20
r
2014: Aug ���������
1,362,507
1,769,028
1.30
467,528
560,661
1.20
r
      Sept ��������
1,358,394
1,774,039
1.31
466,414
561,836
1.20
      Oct �����������
1,354,287
1,778,433
1.31
466,173
565,118
1.21
      Nov ����������
1,352,373
1,780,173
1.32
465,997
569,479
1.22
      Dec �����������
1,339,038
1,781,446
1.33
461,666
570,198
1.24
2015: Jan �����������
1,308,276
1,778,991
1.36
445,024
572,469
1.29
      Feb �����������
1,303,701
1,783,741
1.37
442,459
573,668
1.30
      Mar ����������
1,311,121
1,785,855
1.36
441,024
574,661
1.30
      Apr �����������
1,318,016
1,792,837
1.36
448,458
576,998
1.29
      May ����������
1,322,962
1,798,172
1.36
449,347
580,710
1.29
      June ���������
1,327,245
1,809,917
1.36
450,927
584,986
1.30
      July r ��������
1,328,203
1,810,381
1.36
449,741
583,425
1.30
p
      Aug ��������
1,319,373
1,810,089
1.37
445,433
583,865
1.31
p
      Sept ������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� �����������������������
1 See page 21 for manufacturing.
2 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.
3 Seasonally adjusted, end of period.
4 Annual data are averages of seasonally adjusted monthly ratios.

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

20

Sales 2

Inventories 3

Chart 20 - Oct 2015

Retail and food
Inventory/sales services sales 2
4
ratio

307,440
471,658
1.51
322,631
486,439
1.49
332,932
500,625
1.49
328,026
477,449
1.52
301,204
429,453
1.47
318,405
455,051
1.39
342,166
470,989
1.35
358,853
505,169
1.38
372,419
543,511
1.41
386,024
558,321
1.43
389,924
554,011
1.42
388,525
556,747
1.43
389,672
557,744
1.43
391,741
554,624
1.42
387,188
558,321
1.44
383,889
558,296
1.45
381,432
561,001
1.47
387,665
562,821
1.45
387,235
566,270
1.46
392,268
567,490
1.45
391,955
573,180
1.46
395,100
576,927
1.46
r 394,874
578,702
1.47
394,995 ����������������������� �����������������������

340,479
357,863
369,978
366,063
338,902
357,362
383,482
402,594
417,645
434,037
438,281
437,374
439,189
441,444
437,590
434,225
431,921
438,572
438,717
443,913
443,734
447,097
r 447,219
447,686

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

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

NONDURABLE GOODS

300

380
340

260

300

220

260

DURABLE GOODS

180

NONDURABLE GOODS

220

140

180

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

140
RATIO*
1.60

340

INVENTORY/SHIPMENTS RATIO

1.50

300

DURABLE GOODS

260

1.40

220

1.30

180

1.20
1.10

140
2011

2012

2013

2014

2015

2011

2012

2013

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

2014

COUNCIL OF ECONOMIC ADVISERS

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1

Chart 21- Oct 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: Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2015: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug r ���������
      Sept p �������

395,173
417,963
443,288
455,675
368,292
408,787
456,781
478,059
487,231
499,695
503,455
498,442
494,635
490,184
479,363
479,810
482,432
482,323
481,347
484,363
483,362
479,066
477,314

202,070
213,516
223,919
218,328
171,886
190,900
207,780
221,518
225,593
236,532
240,834
239,888
237,558
242,029
239,765
237,047
240,599
239,866
238,793
240,911
243,200
241,985
242,186

193,103
204,447
219,369
237,347
196,406
217,887
249,001
256,542
261,638
263,162
262,621
258,554
257,077
248,155
239,598
242,763
241,833
242,457
242,554
243,452
240,162
237,081
235,128

473,666
522,437
561,114
541,421
502,119
550,333
603,342
626,018
637,877
652,927
655,456
655,571
656,070
652,927
648,226
649,072
648,373
649,569
649,972
651,751
650,029
647,522
645,129

283,663
317,440
334,597
330,120
295,112
321,953
353,150
366,644
375,526
398,295
392,885
394,605
396,418
398,295
399,540
400,588
400,745
401,392
400,446
402,145
401,297
400,531
399,052

190,003
204,997
226,517
211,301
207,007
228,380
250,192
259,374
262,351
254,632
262,571
260,966
259,652
254,632
248,686
248,484
247,628
248,177
249,526
249,606
248,732
246,991
246,077

397,015
424,150
449,779
453,919
349,269
406,314
456,739
478,182
487,654
504,584
500,812
496,308
493,017
474,894
472,969
468,026
478,504
475,026
469,833
480,063
481,206
471,041
466,303

203,913
219,703
230,410
216,572
152,863
188,426
207,738
221,640
226,016
241,422
238,191
237,754
235,940
226,739
233,371
225,263
236,671
232,569
227,279
236,611
241,044
233,960
231,175

67,867
74,127
79,817
73,134
48,358
61,656
70,941
78,887
80,976
86,432
83,139
80,128
81,725
73,440
80,376
75,521
81,074
79,256
73,608
81,504
81,970
78,181
72,417

654,688
798,211
947,045
996,124
825,118
869,235
950,208
1,021,440
1,087,229
1,210,631
1,213,630
1,216,967
1,220,658
1,210,631
1,209,242
1,202,563
1,203,506
1,200,999
1,194,695
1,195,217
1,197,457
1,194,184
1,187,945

1.17
1.20
1.22
1.27
1.39
1.28
1.28
1.29
1.30
1.31
1.30
1.32
1.33
1.33
1.35
1.35
1.34
1.35
1.35
1.35
1.34
1.35
1.35

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

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

21

PRICES
Producer Prices
The producer price index for final demand fell 0.5 percent in September. Prices for final demand goods fell 1.2
percent and prices for final demand services fell 0.4 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 ��������������������
2014: Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2015: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May r ��������
      June ���������
      July ����������
      Aug ����������
      Sept ���������

Total
final
demand 1

100.0
���������������
���������������
���������������
���������������
���������������
101.8
105.7
107.7
109.1
110.9
111.1
111.4
111.1
110.8
110.0
109.6
109.6
109.5
110.1
110.3
110.5
110.5
109.9

Final demand services

Total

Foods 2

Energy

Less
food
and
energy

Total

Trade 3

Transportation
and
warehousing

Other

34.673
�������������
�������������
�������������
�������������
�������������
102.8
109.9
111.7
112.6
114.0
114.4
113.9
113.0
111.6
109.5
109.1
109.2
108.5
110.1
110.7
110.6
109.9
108.6

5.797
�������������
�������������
�������������
�������������
�������������
103.7
112.5
115.9
117.8
121.6
121.8
122.5
122.6
122.5
121.4
119.5
118.3
117.1
118.7
119.0
118.9
119.3
118.3

6.309
�������������
�������������
�������������
�������������
�������������
107.2
126.2
126.3
125.3
124.2
124.7
121.5
117.0
109.3
98.3
98.3
99.5
96.9
103.2
105.2
104.6
101.2
95.2

22.567
�������������
�������������
�������������
�������������
�������������
101.4
104.9
106.8
107.9
109.5
109.9
109.8
109.7
109.7
109.8
109.8
109.8
109.8
110.0
110.3
110.3
110.1
110.1

63.306
�������������
�������������
�������������
�������������
�������������
101.3
103.4
105.4
107.1
109.0
109.1
109.8
109.8
110.1
110.0
109.5
109.6
109.8
109.7
109.8
110.2
110.6
110.2

20.034
�������������
�������������
�������������
�������������
�������������
101.7
104.0
106.7
108.2
110.2
109.7
111.9
111.5
112.1
112.7
110.9
111.1
111.0
111.1
111.0
111.4
112.4
112.0

5.108
���������������
���������������
���������������
���������������
���������������
103.2
110.0
114.2
115.3
117.7
118.4
117.9
118.3
118.3
117.1
116.0
115.7
115.1
115.3
115.7
115.9
115.1
114.3

38.164
�������������
�������������
�������������
�������������
�������������
100.9
102.5
103.9
105.8
107.5
107.9
107.9
108.0
108.2
108.0
108.1
108.2
108.6
108.5
108.6
109.0
109.2
108.9

Processed goods
Final
for intermediate
demand
demand (1982=100)
less
foods,
energy,
Less
and
food
trade
Total
and
(Aug. 2013
energy
=100) 2
67.860
����������������
����������������
����������������
����������������
����������������
����������������
����������������
����������������
����������������
101.5
101.8
101.8
101.9
102.0
101.8
101.8
101.8
102.0
102.0
102.2
102.4
102.5
102.2

100.0
154.0
164.0
170.7
188.3
172.5
183.4
199.9
200.7
200.8
201.9
203.0
201.0
198.9
195.4
190.7
189.7
189.3
187.8
189.7
190.6
190.3
189.2
186.4

73.245
154.6
163.8
168.4
180.9
173.4
180.8
192.0
192.6
193.8
195.2
196.3
195.7
194.8
193.6
191.6
191.0
190.5
190.2
190.3
189.8
189.9
189.5
188.3

Unprocessed
goods
Chart 22 - Oct 2015
for intermediate
demand (1982=100)
Services
for
intermediNonfood
ate
materials demand
Total
less
energy
100.0
182.2
184.8
207.1
251.8
175.2
212.2
249.4
241.4
246.7
249.3
245.9
237.7
234.7
222.4
201.7
194.2
192.8
193.9
200.4
202.0
196.1
187.5
181.6

22.814
202.4
244.5
282.6
324.4
248.4
329.1
390.4
369.6
351.2
345.7
345.8
337.1
331.8
329.8
326.6
309.4
304.5
303.9
304.3
304.5
303.0
288.6
285.3

100.0
�����������������
�����������������
�����������������
�����������������
�����������������
101.1
103.2
105.3
107.2
108.9
109.1
109.5
109.5
109.7
109.8
109.6
109.9
110.4
110.3
110.2
110.4
111.2
110.4

1 Includes final demand construction, not shown separately.
2 Does not include food and beverages for immediate consumption, which are defined as the service of preparing meals, snacks, and beverages to customer order for immediate consumption.
3 Trade indexes measure changes in margins received by wholesalers and retailers.
4 Relative importance, December 2014.

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

22

Consumer Prices—All Urban Consumers
In September, the consumer price index for all urban consumers fell 0.2 percent; it also fell 0.2 percent before
seasonal adjustment. The index was roughly unchanged from its year earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE)

INDEX, 1982-84 = 100 (RATIO SCALE)

250

250
SEASONALLY ADJUSTED

240

240

CONSUMER PRICES—ALL ITEMS
230

230

220

220

210

210

200

200

190

190

180

180
2007

2008

2009

2010

2011

2012

2013

2014

SOURCE: DEPARTMENT OF LABOR

2015

COUNCIL OF ECONOMIC ADVISERS

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

Rel. imp. 4 �����������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2014: Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2015: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������

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
238.031
237.433
236.151
234.812
233.707
234.722
236.119
236.599
237.805
238.638
238.654
238.316
237.945

�����������������
�����������������
�����������������
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�����������������
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�����������������
�����������������
�����������������
�����������������
�����������������
237.626
237.753
237.067
236.284
234.677
235.186
235.740
235.982
237.031
237.786
238.099
237.931
237.566

All items less food and energy
Total 1

77.814
200.9
205.9
210.729
215.572
219.235
221.337
225.008
229.755
233.806
237.897
238.686
239.120
239.304
239.445
239.871
240.247
240.793
241.409
241.760
242.193
242.513
242.693
243.206

Shelter

32.995
224.4
232.1
240.611
246.666
249.354
248.396
251.646
257.083
263.056
270.513
272.186
272.833
273.501
274.016
274.759
275.431
276.163
276.925
277.468
278.316
279.305
279.908
280.837

Medical
care 2
7.720
323.2
336.2
351.054
364.065
375.613
388.436
400.258
414.924
425.134
435.292
436.872
437.686
439.419
441.370
441.362
441.385
442.735
445.800
446.781
446.051
446.649
446.812
447.593

Apparel

3.310
119.5
119.5
118.998
118.907
120.078
119.503
122.111
126.265
127.411
127.514
127.907
127.567
126.706
125.643
125.965
126.336
126.996
126.563
125.964
125.776
126.151
126.545
126.175

Food
New
vehicles
3.503
137.9
137.6
136.254
134.194
135.623
138.005
141.883
144.232
145.783
146.275
146.554
146.752
146.720
146.655
146.453
146.735
147.046
147.236
147.505
147.667
147.381
147.347
147.247

Energy

Total 1

At
home

Away
from
home

14.144
190.7
195.2
202.916
214.106
217.955
219.625
227.842
233.777
237.037
242.725
244.654
245.125
245.632
246.237
246.132
246.512
246.003
245.998
246.014
246.734
247.149
247.729
248.676

8.313
189.8
193.1
201.245
214.125
215.124
215.836
226.201
231.774
233.869
239.456
241.619
242.053
242.309
242.893
242.446
242.626
241.519
241.100
240.730
241.584
242.237
242.843
243.506

5.831
193.4
199.4
206.659
215.769
223.272
226.114
231.401
237.986
243.068
248.981
250.570
251.100
251.987
252.628
253.037
253.719
254.108
254.727
255.322
255.846
255.905
256.449
257.830

Total 1, 2

8.042
177.1
196.9
207.723
236.666
193.126
211.449
243.909
246.080
244.409
243.583
243.843
240.863
230.897
220.070
198.727
200.622
202.910
200.372
209.039
212.668
212.790
208.521
198.661

Chart 23 - Oct 2015

Gasoline

C-CPI-U
(NSA) 3

3.969 �������������������
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 �������������������
292.119
136.248
286.208
135.862
265.500
135.033
240.998
134.113
195.938
133.185
200.557
133.838
208.324
134.773
204.717
135.038
225.935
135.826
233.504
136.307
235.596
136.267
226.047
135.989
205.758
135.633

1 Includes other items not shown separately.
2 Commodities and services.
3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices.
4 Relative importance, August 2015.

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

23

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

Final demand goods
Period

Total
final
demand 1

Total

Foods

Energy

Final demand services
Less
food
and
energy

Total

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

�����������
�����������
�����������
�����������
�����������
2.8
3.2
1.9
1.2
.9

����������
����������
����������
����������
����������
4.7
4.7
1.4
.8
–1.2

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

����������
����������
����������
����������
����������
12.7
9.2
–1.3
.9
–13.2

�����������
�����������
�����������
�����������
�����������
2.4
3.1
1.4
1.3
1.1

����������
����������
����������
����������
����������
1.7
2.3
2.2
1.3
2.1

����������
����������
����������
����������
����������
2.1
2.3
3.8
–.4
4.0

�������������
�������������
�������������
�������������
�������������
4.3
6.7
2.7
2.0
.8

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

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

8.6
2.8
7.1
–2.3
2.9
6.4
5.7
.4
.1
–2.6

4.8
4.5
3.3
2.9
–.1
4.7
3.8
.6
.7
–.1

21.1
–4.7
19.8
–24.6
13.3
16.1
6.6
1.4
–1.9
–8.7

5.2
17.0
15.6
–24.1
28.9
27.6
2.4
–1.6
–5.6
–5.3

��������������
��������������
��������������
��������������
��������������
1.4
2.0
2.9
1.0
1.8

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

�����������
�����������
�����������
�����������
�����������
�����������
6.9
1.6
.8
1.2

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

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

–0.2
–1.0
–1.0
–1.8
–2.4
–.5
–.2
–.8
1.0
.5
–.2
–.6
–1.5

–0.1
–.3
–.5
–.6
–1.0
–.3
–.3
–.2
.1
–.3
.1
–.2
–.6

0.1
–3.3
–1.3
–5.2
–9.3
–3.7
–.7
.6
3.4
.8
–2.9
–4.4
–3.1

0.1
–2.5
–1.6
–.6
–1.0
–5.3
–1.6
–.2
.1
.1
–.5
–4.8
–1.1

–0.1
.4
.0
.2
.1
–.2
.3
.5
–.1
–.1
.2
.7
–.7

1.6
1.5
1.3
.9
.0
–.5
–.9
–1.1
–.8
–.7
–.8
–.8
–1.1

1.5
1.0
.4
–1.2
–3.6
–4.1
–4.5
–5.5
–4.0
–3.7
–3.7
–4.1
–5.1

1.6
1.9
1.8
2.1
2.0
1.2
.9
1.2
.8
.8
.6
1.0
1.0

Change, month to month
2014: Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2015: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May r ��������
      June r �������
      July ����������
      Aug ����������
      Sept ���������

–0.2
.3
–.3
–.3
–.7
–.4
.0
–.1
.5
.2
.2
.0
–.5

–0.1
–.4
–.8
–1.2
–1.9
–.4
.1
–.6
1.5
.5
–.1
–.6
–1.2

–0.1
.6
.1
–.1
–.9
–1.6
–1.0
–1.0
1.4
.3
–.1
.3
–.8

–0.9
–2.6
–3.7
–6.6
–10.1
.0
1.2
–2.6
6.5
1.9
–.6
–3.3
–5.9

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

–0.3
.6
.0
.3
–.1
–.5
.1
.2
–.1
.1
.4
.4
–.4

–0.8
2.0
–.4
.5
.5
–1.6
.2
–.1
.1
–.1
.4
.9
–.4

–0.2
–.4
.3
.0
–1.0
–.9
–.3
–.5
.2
.3
.2
–.7
–.7

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

1 Includes final demand construction, not shown separately.

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

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

All
items 1

Total 1

Shelter

Medical
care 2

Apparel

Food
New
vehicles

Total 1

At
home

Addendum: All items,
percent change (annual rate)

Energy
Away
from
home

Total 1, 2

Gasoline

C-CPI-U
(NSA) 3

From
previous
quarter 4

From
3
months
earlier

From
6
months
earlier

From
year
earlier
(NSA)

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

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

2.2
2.6
2.4
1.8
1.8
.8
2.2
1.9
1.7
1.6

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

4.3
3.6
5.2
2.6
3.4
3.3
3.5
3.2
2.0
3.0

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

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

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

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

3.2
3.2
4.0
5.0
1.9
1.3
2.9
2.5
2.1
3.0

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

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

2.9
2.3
3.7
.2
2.5
1.3
2.9
1.5
1.3
.4

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

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

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

0.3
.2
.1
.2
–.2
.1
–.5
–.2
–.2
.4
.3
.3
.3

0.3
.2
.4
.3
.2
.3
.2
.2
.2
.2
.0
.2
.5

–0.7
–1.2
–4.1
–4.7
–9.7
1.0
1.1
–1.3
4.3
1.7
.1
–2.0
–4.7

–0.9
–2.0
–7.2
–9.2
–18.7
2.4
3.9
–1.7
10.4
3.4
.9
–4.1
–9.0

0.1
–.3
–.6
–.7
–.7
.5
.7
.2
.6
.4
.0
–.2
–.3

1.2
�������������
�������������
–.9
�������������
�������������
–3.1
�������������
�������������
3.0
�������������
�������������
1.6

0.5
.3
–.6
–2.2
–5.1
–3.1
–.9
2.2
3.2
3.5
3.6
1.5
–.4

1.6
1.3
.1
–.9
–2.4
–1.9
–1.6
–1.5
.0
1.3
2.9
2.3
1.6

1.7
1.7
1.3
.8
–.1
.0
–.1
–.2
.0
.1
.2
.2
.0

Change, month to month
2014: Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2015: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������

0.1
.1
–.3
–.3
–.7
.2
.2
.1
.4
.3
.1
–.1
–.2

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

0.3
.2
.2
.2
.3
.2
.3
.3
.2
.3
.4
.2
.3

0.2
.2
.4
.4
.0
.0
.3
.7
.2
–.2
.1
.0
.2

0.1
–.3
–.7
–.8
.3
.3
.5
–.3
–.5
–.1
.3
.3
–.3

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

0.3
.2
.2
.2
.0
.2
–.2
.0
.0
.3
.2
.2
.4

1 Includes other items not shown separately.
2 Commodities and services.
3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices.
4 Quarterly changes are shown in the last month of the quarter.

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

24

Prices Received and Paid by Farmers
In September, prices received by farmers fell 3.9 percent and prices paid by farmers fell 0.9 percent. (Data are not
seasonally adjusted.)
INDEX, 2011=100 (RATIO SCALE)
130

INDEX, 2011=100 (RATIO SCALE)
130
120

120

110

110

100

100
PRICES PAID

90

90

80

80
PRICES RECEIVED

70

70

60

60
1

RATIO1
140

RATIO
140

RATIO

120

120

100

100

80

80

60

60
2007

2008

2009

2010

2011

2013

2012

2015

2014

1RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.

SOURCE: DEPARTMENT OF AGRICULTURE

COUNCIL OF ECONOMIC ADVISERS

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

Period

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

Agricultural
production

Crop
production

71
71
84
92
81
82
100
105
107
108
107
100
102
101
97
99
102
103
107
105
99
102
98

All commodities,
services, interest,
taxes, and wage
rates (PPITW) 2

Livestock
production

63
68
81
96
86
79
100
107
106
92
87
81
82
83
82
84
86
89
90
88
86
88
87

Chart 25 - Oct 2015

Prices paid by farmers

78
73
86
86
74
86
100
102
109
129
132
135
134
127
120
114
117
116
122
121
115
117
109

70
74
79
90
87
90
100
104
106
111
112
112
112
111
110
110
110
110
110
109
109
108
107

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

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

Ratio of prices
received by farmers
to PPITW 3

Production
items

65
69
75
88
85
88
100
105
107
114
115
114
114
114
111
111
111
111
111
110
110
109
107

101
96
106
102
93
92
100
100
100
97
96
89
91
91
88
90
93
94
97
96
91
94
92

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

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

25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures
In September, M2 rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
13,200
12,400
11,600
10,800
10,000

BILLIONS OF DOLLARS* (RATIO SCALE)
13,200
12,400
11,600
10,800
10,000
9,200

9,200
8,400

8,400

M2

7,600

7,600

6,800

6,800

6,000

6,000

5,200

5,200

4,400

4,400

3,600

3,600

3,200

3,200

2,800

2,800

2,400

2,400

M1

2,000

2,000

1,600

1,600

1,200

1,200
2007

2008

2009

2010

2011

2012

2013

2014

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

2015

COUNCIL OF ECONOMIC ADVISERS

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

Period

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

M1

M2

Debt

Sum of currency,
demand deposits,
travelers checks, and
other checkable deposits

M1 plus
savings deposits,
retail MMMF balances,
and small time deposits 1

Debt of
domestic
nonfinancial
sectors 2

1,374.8
1,368.3
1,376.6
1,607.1
1,698.4
1,841.8
2,168.2
2,457.7
2,654.5
2,918.3
2,860.7
2,867.6
2,883.5
2,918.3
2,935.8
2,997.8
2,992.8
3,000.6
2,985.7
3,009.6
3,042.3
3,060.3
3,050.9

6,650.8
7,042.8
7,448.8
8,174.0
8,480.1
8,781.4
9,634.6
10,422.5
10,984.0
11,632.8
11,483.6
11,524.9
11,567.8
11,632.8
11,708.3
11,827.7
11,849.3
11,900.3
11,931.3
11,972.4
12,045.6
12,120.3
12,198.3

28,294.5
30,723.3
33,179.6
34,934.2
35,749.6
37,039.0
38,203.3
39,965.8
41,459.6
43,255.4
42,749.4
���������������������������������������������
���������������������������������������������
43,255.4
���������������������������������������������
���������������������������������������������
43,506.1
���������������������������������������������
���������������������������������������������
43,979.0
���������������������������������������������
���������������������������������������������
���������������������������������������������

Percent change
From
previous period 4

From year or 6 months earlier 3
M1

M2
–0.1
–.5
.6
16.7
5.7
8.4
17.7
13.4
8.0
9.9
8.2
6.7
6.9
7.3
6.6
12.7
9.2
9.3
7.1
6.3
7.3
4.2
3.9

Debt
4.2
5.9
5.8
9.7
3.7
3.6
9.7
8.2
5.4
5.9
5.7
5.4
5.0
5.3
5.3
6.7
6.4
6.5
6.3
5.8
5.8
4.9
5.9

8.6
8.4
8.1
5.7
3.4
4.3
3.5
5.0
4.0
4.4
4.5
�������������������������������
�������������������������������
4.8
�������������������������������
�������������������������������
2.5
�������������������������������
�������������������������������
4.4
�������������������������������
�������������������������������
�������������������������������

1 Money market mutual fund (MMMF). Savings deposits include money market deposit accounts (MMDA).
2 Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts. Quarterly data shown in last

month of quarter. End-of-year data are for fourth quarter.
3 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate.
4 Annual changes are from fourth quarter to fourth quarter. Quarterly changes are from previous quarter at an annual rate.
Note: See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.

26

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

Period

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

Currency

724.6
750.2
760.6
816.2
863.7
918.8
1,001.5
1,090.5
1,160.3
1,252.2
1,228.0
1,232.7
1,242.0
1,252.2
1,266.3
1,272.0
1,279.4
1,284.3
1,288.4
1,293.5
1,300.0
1,309.2
1,319.1

Other checkable
deposits (OCDs)

Nonbank
travelers
checks

Demand
deposits

At
commercial
banks

Total

7.2
6.7
6.3
5.5
5.1
4.7
4.3
3.8
3.5
2.9
3.1
3.0
3.0
2.9
2.9
2.9
2.8
2.8
2.7
2.7
2.7
2.6
2.6

324.3
305.6
303.4
473.3
448.2
519.3
751.8
920.5
1,024.0
1,177.8
1,152.4
1,153.6
1,159.3
1,177.8
1,181.8
1,224.0
1,209.6
1,214.4
1,194.5
1,207.8
1,232.4
1,241.0
1,216.4

318.7
305.7
306.4
312.0
381.4
399.0
410.6
442.8
466.7
485.4
477.2
478.3
479.2
485.4
484.7
498.9
501.0
499.1
500.0
505.7
507.3
507.4
512.9

180.8
176.8
173.0
178.8
231.2
235.8
233.2
244.6
257.9
267.3
262.7
261.7
261.6
267.3
264.2
271.7
273.4
271.5
270.4
276.6
277.5
275.1
279.9

At
thrift
institutions
138.0
128.9
133.3
133.3
150.2
163.2
177.5
198.3
208.7
218.1
214.5
216.7
217.7
218.1
220.6
227.2
227.6
227.6
229.6
229.1
229.7
232.4
233.0

Savings deposits
(including MMDAs)

Small-denomination
time deposits 1

At
commercial
banks

At
commercial
banks

Total
3,603.4
3,695.5
3,869.6
4,091.4
4,815.5
5,333.7
6,033.3
6,686.0
7,131.8
7,584.6
7,473.3
7,509.5
7,545.4
7,584.6
7,644.5
7,707.5
7,746.7
7,800.4
7,861.6
7,888.1
7,937.4
8,004.5
8,080.6

2,774.6
2,911.8
3,042.1
3,322.1
3,979.2
4,410.0
5,034.2
5,727.0
6,111.0
6,505.7
6,400.9
6,434.7
6,472.1
6,505.7
6,558.1
6,614.7
6,651.9
6,697.8
6,744.1
6,766.3
6,816.6
6,880.5
6,949.0

At
thrift
institutions
828.9
783.7
827.5
769.3
836.4
923.6
999.0
959.0
1,020.8
1,078.9
1,072.4
1,074.7
1,073.3
1,078.9
1,086.4
1,092.9
1,094.8
1,102.6
1,117.4
1,121.8
1,120.8
1,124.0
1,131.6

Total
993.7
1,206.0
1,276.0
1,457.6
1,187.8
932.5
771.4
637.2
559.2
509.4
526.1
520.6
514.6
509.4
506.2
504.9
495.7
486.8
476.3
466.2
454.4
444.0
445.0

646.7
780.7
858.8
1,078.8
868.3
661.6
542.5
460.3
415.5
378.4
391.9
387.3
382.4
378.4
376.0
376.8
369.5
360.9
351.2
342.1
331.1
321.2
323.0

Institutional
money
funds 2

Retail
money
funds

At
thrift
institutions
347.0
425.4
417.2
378.8
319.6
271.0
228.9
176.9
143.8
131.0
134.2
133.4
132.3
131.0
130.1
128.1
126.1
125.9
125.1
124.2
123.3
122.9
122.1

678.8
773.0
926.6
1,018.0
778.3
673.4
661.8
641.7
638.5
620.5
623.5
627.2
624.3
620.5
621.9
617.4
614.2
612.5
607.8
608.4
611.4
611.5
621.7

1,180.2
1,394.7
1,965.0
2,462.1
2,257.1
1,895.9
1,764.0
1,742.2
1,777.1
1,803.1
1,753.3
1,775.2
1,786.6
1,803.1
1,789.0
1,783.4
1,807.5
1,784.8
1,799.0
1,815.4
1,843.8
1,874.1
1,837.6

1 Small-denomination deposits are those issued in amounts of less than $100,000.
2 Institutional money funds are not part of non-M1 M2.

Source: Board of Governors of the Federal Reserve System.

Aggregate Reserves and Monetary Base
[Averages of daily figures 1; millions of dollars, not seasonally adjusted]
Reserves of depository institutions
Reserve balances maintained
Period
Total

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

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
2,759,284
2,705,668
2,519,578
2,606,700
2,683,709
2,496,868
2,675,202
2,698,960
2,584,359
2,553,138
2,590,841
2,608,263
2,643,958

To satisfy
reserve
balance
requirements 2

That
exceed the
top of the
penalty-free
band

������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
75,713
90,852
89,839
93,260
94,838
90,852
99,273
97,853
100,477
101,495
101,248
96,362
100,727
105,413
100,898

������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
2,409,535
2,515,848
2,669,445
2,612,408
2,424,740
2,515,848
2,584,437
2,399,015
2,574,726
2,597,465
2,483,111
2,456,776
2,490,114
2,502,851
2,543,060

Reserve
balance
requirements 3

8,146
6,616
6,314
16,312
24,632
28,438
47,838
58,674
69,030
82,770
81,892
85,026
86,424
82,770
90,522
89,118
91,495
92,469
92,358
87,882
91,834
96,142
91,977

Borrowings from the Federal Reserve

Vault cash
used to
satisfy
required
reserves
35,337
34,803
35,365
37,245
40,619
42,927
48,672
52,959
55,771
59,236
55,202
54,648
55,521
59,236
61,875
59,204
57,660
57,780
57,374
57,990
58,458
57,795
57,321

Nonborrowed 4

45,214
43,091
28,033
167,311
970,523
1,032,512
1,589,189
1,569,589
2,540,849
2,665,835
2,814,186
2,760,096
2,574,968
2,665,835
2,745,518
2,556,053
2,732,843
2,756,688
2,641,646
2,610,979
2,649,113
2,665,823
2,701,023

Monetary
base 5

803,124
826,731
837,192
1,666,365
2,026,220
2,017,000
2,619,586
2,675,945
3,717,450
3,934,455
4,049,189
4,001,451
3,830,424
3,934,455
4,017,103
3,840,464
4,030,632
4,059,374
3,949,372
3,919,648
3,961,187
3,983,943
4,028,420

Total 6

169
191
15,430
653,565
169,927
45,488
9,526
795
170
102
300
221
130
102
66
18
20
52
87
150
186
235
256

Primary

Secondary

97
111
3,787
88,245
19,025
41
103
12
13
22
18
8
12
22
48
13
11
24
6
14
6
14
9

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
253
200
119
80
18
5
9
28
81
135
179
221
246

Term
assetbacked
securities
loan
facility 7
��������������������
��������������������
��������������������
��������������������
46,310
25,025
9,400
760
98
0
29
13
0
0
0
0
0
0
0
0
0
0
0

1 Data are prorated averages of biweekly (maintenance period) averages of daily figures.
2 Equals the sum of balances maintained up to the top of each institution’s penalty-free band.
3 Excludes vault cash used to satisfy required reserves.
4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve.
5 Equals total balances maintained plus currency in circulation (not shown).
6 Includes term auction credit (December 2007 to April 2010), primary dealer and other broker-dealer credit (March 2008 to February 2010), credit extended to American International Group, Inc.

(September 2008 to January 2011), asset-backed commercial paper money market mutual fund liquidity facility (September 2008 to February 2010), and other credit extensions, not shown separately.
7 Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility.
Note: Data reflect the creation of a penalty-free band around reserve balance requirements which took effect June 27, 2013. See H.3 release of July 11, 2013.
Source: Board of Governors of the Federal Reserve System.

27

Bank Credit at All Commercial Banks
Total commercial bank loans and leases rose 0.4 percent in September.
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 �����������
2006: Dec �����������
2007: Dec �����������
2008: Dec �����������
2009: Dec �����������
2010: Dec �����������
2011: Dec �����������
2012: Dec �����������
2013: Dec �����������
2014: Dec �����������
2014: Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2015: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June r �������
      July r ��������
      Aug r ���������
      Sept ���������

Total
bank
credit

7,315.6
8,108.4
8,904.2
9,353.2
8,995.5
9,191.7
9,402.0
9,959.3
10,096.4
10,853.4
10,659.1
10,698.9
10,768.2
10,853.4
10,957.6
11,025.3
11,111.6
11,183.8
11,242.2
11,290.6
11,342.1
11,395.6
11,412.8

Total
securities

1,855.4
1,991.3
2,104.6
2,097.6
2,329.5
2,429.9
2,495.5
2,735.8
2,714.8
2,925.0
2,860.5
2,868.3
2,880.1
2,925.0
2,952.5
2,973.2
2,977.1
2,995.4
3,024.8
3,026.7
3,021.9
3,038.1
3,022.4

U.S.
Treasury
and
agency
securities
1,159.3
1,219.0
1,137.5
1,254.1
1,450.9
1,642.5
1,702.0
1,876.2
1,804.7
2,040.0
1,973.1
1,989.6
2,000.1
2,040.0
2,066.3
2,084.7
2,085.9
2,099.6
2,132.1
2,134.3
2,133.7
2,148.9
2,146.3

Loans and leases in bank credit

Other
securities

696.1
772.3
967.0
843.5
878.6
787.4
793.5
859.6
910.0
884.9
887.4
878.7
880.0
884.9
886.2
888.5
891.2
895.8
892.7
892.4
888.2
889.2
876.0

Total
loans
and
leases 3
5,460.2
6,117.2
6,799.7
7,255.6
6,666.0
6,761.8
6,906.5
7,223.5
7,381.6
7,928.4
7,798.5
7,830.6
7,888.1
7,928.4
8,005.2
8,052.1
8,134.5
8,188.4
8,217.4
8,263.9
8,320.2
8,357.5
8,390.4

Commercial
and
industrial
loans
1,036.1
1,182.6
1,417.7
1,558.8
1,265.2
1,192.3
1,303.7
1,475.6
1,576.7
1,776.0
1,729.0
1,736.6
1,756.5
1,776.0
1,793.2
1,811.6
1,839.2
1,850.0
1,866.5
1,883.9
1,892.4
1,905.2
1,911.4

Chart 28 - Oct 2015

Real estate loans
Total 4
2,928.9
3,373.6
3,600.2
3,819.5
3,776.7
3,613.3
3,494.8
3,550.4
3,531.7
3,638.1
3,619.6
3,622.7
3,627.0
3,638.1
3,650.3
3,671.3
3,705.6
3,713.1
3,724.1
3,741.0
3,757.5
3,770.4
3,786.8

Revolving
home equity
loans
443.5
468.3
484.8
588.2
603.1
581.9
549.5
515.2
473.7
458.0
460.8
460.3
459.4
458.0
456.4
455.3
454.5
452.7
450.9
448.7
446.8
443.9
441.8

Commercial
loans
1,270.1
1,459.3
1,587.2
1,728.4
1,640.9
1,500.4
1,418.3
1,428.2
1,498.6
1,605.1
1,578.1
1,586.7
1,594.8
1,605.1
1,615.6
1,629.9
1,652.2
1,660.6
1,670.5
1,683.1
1,698.7
1,712.2
1,728.5

Consumer
loans 5

704.5
738.6
799.2
876.2
836.0
1,113.8
1,091.1
1,115.5
1,141.4
1,198.8
1,187.3
1,191.9
1,197.3
1,198.8
1,200.8
1,204.1
1,206.6
1,212.7
1,217.9
1,222.7
1,228.9
1,235.8
1,244.3

Other
loans
and
leases 6
790.6
822.4
982.7
1,001.2
788.1
842.3
1,017.0
1,082.0
1,131.8
1,315.5
1,262.6
1,279.3
1,307.3
1,315.5
1,360.8
1,365.2
1,383.1
1,412.6
1,408.8
1,416.3
1,441.4
1,446.1
1,447.9

1 Data are prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, and Edge Act and agreement corporations.
2 Includes securities held in trading accounts, held-to-maturity, and available-for-sale. Excludes all non-security trading assets, such as derivatives with a positive fair value or loans held in trading

accounts.
3 Excludes unearned income. Includes the allowance for loan and lease losses. Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the
United States. Includes all loans held in trading accounts under a fair value option.
4 Includes closed-end residential loans, not shown separately.
5 Includes credit cards and other consumer loans.
6 Includes other items, not shown separately.
Source: Board of Governors of the Federal Reserve System.

28

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

Uses

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

Total

2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2015: I ����������������
      II p �������������

Internal 1

2,300.8
2,202.2
2,633.4
1,732.0
1,185.0
2,164.3
2,622.8
2,741.7
2,890.8
2,827.2
2,840.7
2,750.1
2,970.0
3,002.4
2,399.4
3,026.9
3,014.5
2,867.9
3,010.5
2,930.2

1,335.4
1,363.1
1,352.5
1,393.1
1,433.7
1,676.7
1,728.5
1,756.4
1,886.1
1,908.2
1,832.4
1,887.0
1,872.5
1,952.6
1,788.3
1,876.9
1,991.6
1,975.8
1,900.4
1,883.6

Total
net
funds
raised

Total

965.4
839.1
1,280.9
338.9
–248.7
487.6
894.3
985.3
1,004.7
919.0
1,008.3
863.1
1,097.5
1,049.8
611.1
1,150.0
1,022.9
892.1
1,110.1
1,046.6

–33.6
–108.8
–53.9
–53.7
–409.4
–321.4
–160.0
19.2
79.4
101.6
175.0
24.2
304.9
–186.4
114.9
70.7
78.9
141.9
44.3
83.6

Net
new
equity
issues
–300.2
–496.9
–706.3
–315.6
–51.2
–250.7
–454.6
–344.9
–352.9
–387.5
–213.7
–371.2
–344.1
–482.7
–501.8
–273.1
–434.3
–341.0
–592.0
–591.0

Credit market instruments
Total

Securities
and
mortgages

Loans
and
short-term
paper

191.4
215.7
257.5
122.1
109.7
82.2
108.8
275.5
314.9
283.3
316.1
208.9
479.4
255.6
303.3
253.9
223.9
352.3
529.7
700.4

75.3
172.3
395.1
139.9
–467.9
–153.0
185.7
88.4
117.3
205.8
72.7
186.6
169.6
40.8
313.5
89.9
289.4
130.5
106.5
–25.7

266.6
388.1
652.5
261.8
–358.2
–70.7
294.6
364.1
432.4
489.1
388.7
395.3
649.0
296.4
616.8
343.8
513.2
482.8
636.3
674.6

Other 2

900.2
755.9
1,122.7
203.0
56.0
652.0
861.6
777.9
740.3
720.3
729.1
627.4
591.8
1,012.9
921.3
836.5
573.8
549.4
303.5
717.9

Total

2,136.2
2,037.4
2,467.2
751.2
1,320.6
1,868.1
1,828.7
2,007.5
2,608.4
2,340.0
2,686.1
2,522.3
2,513.2
2,712.2
2,013.6
2,652.8
2,276.8
2,416.9
2,372.2
2,576.8

Capital
expenditures 3

1,191.7
1,337.3
1,394.4
1,360.0
1,020.8
1,235.4
1,331.9
1,501.2
1,539.4
1,667.3
1,453.4
1,518.6
1,591.7
1,594.1
1,611.4
1,647.1
1,704.5
1,706.3
1,738.7
1,887.0

Increase
in
financial
assets

944.5
700.1
1,072.8
–608.8
299.8
632.7
496.8
506.3
1,069.0
672.7
1,232.7
1,003.7
921.5
1,118.1
402.2
1,005.7
572.3
710.6
633.5
689.8

Discrepancy
(sources
less
uses)

164.6
164.8
166.3
980.8
–135.6
296.1
794.2
734.2
282.3
487.1
154.6
227.8
456.9
290.2
385.7
374.1
737.7
451.1
638.3
353.3

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

Source: Board of Governors of the Federal Reserve System.

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

Consumer credit outstanding (end of period)
Period
Total
2005: Dec ������������������������������������������
2006: Dec ������������������������������������������
2007: Dec ������������������������������������������
2008: Dec ������������������������������������������
2009: Dec ������������������������������������������
2010: Dec ������������������������������������������
2011: Dec ������������������������������������������
2012: Dec ������������������������������������������
2013: Dec ������������������������������������������
2014: Dec ������������������������������������������
2014: Sept r ���������������������������������������
      Oct ������������������������������������������
      Nov �����������������������������������������
      Dec ������������������������������������������
2015: Jan r ����������������������������������������
      Feb r ����������������������������������������
      Mar �����������������������������������������
      Apr r ����������������������������������������
      May r ���������������������������������������
      June r ��������������������������������������
      July r ���������������������������������������
      Aug �����������������������������������������
      Sept p ��������������������������������������

Nonrevolving 2

Revolving
2,290.9
2,461.3
2,615.1
2,650.0
2,552.3
2,646.9
2,755.4
2,922.9
3,098.8
3,317.2
3,267.5
3,284.1
3,300.5
3,317.2
3,328.0
3,342.8
3,363.4
3,388.0
3,407.6
3,434.8
3,454.2
3,470.3
3,499.2

829.5
924.0
1,002.0
1,004.4
916.4
839.5
841.2
845.9
858.2
890.0
883.4
884.8
886.1
890.0
888.4
886.1
890.8
900.4
902.9
910.3
914.5
918.5
925.2

1,461.4
1,537.3
1,613.1
1,645.7
1,635.9
1,807.4
1,914.2
2,077.0
2,240.6
2,427.2
2,384.0
2,399.3
2,414.5
2,427.2
2,439.5
2,456.7
2,472.6
2,487.6
2,504.7
2,524.5
2,539.8
2,551.8
2,574.0

Total

Nonrevolving 2

Revolving
98.7
170.4
153.8
34.9
–97.7
94.6
108.5
167.5
175.9
218.4
18.1
16.6
16.4
16.7
10.8
14.8
20.6
24.6
19.6
27.2
19.4
16.1
28.9

29.9
94.5
78.0
2.4
–88.0
–76.9
1.7
4.7
12.3
31.8
2.0
1.4
1.3
3.9
–1.6
–2.3
4.7
9.6
2.5
7.4
4.2
4.0
6.7

68.7
75.9
75.8
32.6
–9.8
171.5
106.8
162.8
163.6
186.6
16.1
15.3
15.2
12.7
12.3
17.2
15.9
15.0
17.1
19.8
15.3
12.0
22.2

1 Change based on data in billions of dollars as shown here. For year-end data, change from preceding year-end; for monthly data, change from preceding month.
2 Includes automobile loans and all other loans not included in revolving credit, such as loans for mobile homes, education, boats, trailers, or vacations. These loans may be secured or unsecured.

Note: Data include student loans extended by the Federal Government and by SLM Holding Corporation.
Source: Board of Governors of the Federal Reserve System.

29

Interest Rates and Bond Yields
Interest rates fell in October.
PERCENT PER ANNUM
10

PERCENT PER ANNUM
10

8

8

CORPORATE Aaa BONDS
(MOODY'S)

6

6

4

4

FEDERAL FUNDS
RATE
2

2
TREASURY
BILLS

0

0
2007

2008

2009

2010

2011

2012

2013

2014

SOURCE: SEE TABLE BELOW

2015

COUNCIL OF ECONOMIC ADVISERS

[Percent per annum]
Chart 30 - Oct 2015

U.S. Treasury security yields
Period

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

3-month bills
(at auction) 1

Constant maturities 2
3-year

10-year

30-year

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

Corporate
Aaa
bonds
(Moody’s)

Discount
window
primary credit
(N.Y. F.R.
Bank) 4

Prime
rate
charged
by
banks 4

3.16
4.73
4.41
1.48
.16
.14
.06
.09
.06
.03
.02
.02
.04
.03
.02
.02
.03
.02
.01
.03
.09
.06
.01

3.93
4.77
4.35
2.24
1.43
1.11
.75
.38
.54
.90
.88
.96
1.06
.90
.99
1.02
.87
.98
1.07
1.03
1.03
1.01
.93

4.29 �����������������������
4.80
4.91
4.63
4.84
3.66
4.28
3.26
4.08
3.22
4.25
2.78
3.91
1.80
2.92
2.35
3.45
2.54
3.34
2.30
3.04
2.33
3.04
2.21
2.83
1.88
2.46
1.98
2.57
2.04
2.63
1.94
2.59
2.20
2.96
2.36
3.11
2.32
3.07
2.17
2.86
2.17
2.95
2.07
2.89

4.29
4.42
4.42
4.80
4.64
4.16
4.29
3.14
3.96
3.78
3.35
3.49
3.39
3.16
3.26
3.29
3.40
3.77
3.76
3.73
3.57
3.56
3.48

5.24
5.59
5.56
5.63
5.31
4.94
4.64
3.67
4.24
4.16
3.92
3.92
3.79
3.46
3.61
3.64
3.52
3.98
4.19
4.15
4.04
4.07
3.95

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

.00
.00
.02
.02
.11

.92
.89
.91
.99
1.15

2.09
2.03
2.06
2.11
2.26

3.48
3.47
3.47
3.46
3.51

4.01
3.92
3.92
3.94
4.05

.75
.75
.75
.75
.75

3.25
3.25
3.25
3.25
3.25

2.91
2.87
2.89
2.90
3.01

New-home
mortgage
yields
(FHFA) 6

Federal
funds
rate 5

3.22
5.94
4.97
6.63
5.02
6.41
1.92
6.05
.16
5.14
.18
4.80
.10
4.56
.14
3.69
.11
4.00
.09
4.22
.09
4.23
.09
4.16
.12
4.14
.11
4.05
.11
3.91
.11
3.93
.12
3.92
.12
3.89
.13
3.98
.13
4.10
.14
4.12
.14
4.09
.12 �������������������������
.13
.13
.13
.12
.10

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

1 High bill rate at auction, issue date within period, bank-discount basis. Data are stop yields from uniform-price auctions.
2 Yields on actively traded issues adjusted to constant maturities. Series for 30-year constant maturity was discontinued on February 18, 2002 and reintroduced on February 6, 2006.
3 Weekly data are Wednesday figures.
4 Average effective rate for year; rate in effect at end of month or week.
5 Daily effective rate; weighted average of rates on brokered trades.
6 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years.

Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Agency, Moody’s Investors Service, and Standard & Poor’s.

30

Common Stock Prices and Yields
Stock prices were mixed in October.
INDEX, DEC. 31, 2002=5,000 (RATIO SCALE)
12,000

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

11,000

10,000

10,000

COMPOSITE STOCK PRICE INDEX
(NYSE)

9,000

9,000

8,000

8,000

7,000

7,000

6,000

6,000

5,000

5,000

4,000
2007

2008

2010

2009

2011

4,000
2012

2013

2014

PERCENT
20

2015
PERCENT
20

15

15

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

10

10

5

5

0

0
2007

2008

2009

2010

2011

2013

2012

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

2014

2015

COUNCIL OF ECONOMIC ADVISERS

Common stock yields
(percent) 6

Common stock prices 1

Chart 31 - Oct 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: Oct ������������
      Nov �����������
      Dec ������������
2015: Jan ������������
      Feb ������������
      Mar �����������
      Apr ������������
      May �����������
      June ����������
      July �����������
      Aug �����������
      Sept ����������
      Oct ������������
Week ended:
2015: Oct 10 �������
         17 ��������
         24 ��������
         31 ��������
      Nov 7 ��������

Financial

Energy

Health
Care

Dow Jones
industrial
average 3

Standard
& Poor’s
composite
index
(1941–43=10) 4

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

Dividend/price
ratio

Earnings/price
ratio

7,349.01
8,357.99
9,648.82
8,036.88
6,091.02
7,230.42
7,871.41
8,011.65
9,426.77
10,653.17
10,471.37
10,911.73
10,818.24
10,679.25
10,969.94
10,917.86
11,094.59
11,145.24
11,014.96
10,857.76
10,532.02
9,957.64
10,324.90

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
6,388.44
6,681.69
6,712.14
6,480.39
6,607.33
6,624.48
6,690.03
6,784.59
6,784.54
6,773.74
6,595.14
6,158.78
6,371.68

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
13,806.00
13,710.24
12,420.24
12,004.74
12,624.48
11,965.22
12,697.46
12,652.05
12,069.40
11,259.16
10,383.96
9,739.62
10,544.15

6,283.96
6,685.06
7,191.91
6,171.19
5,456.63
6,230.62
6,847.80
7,503.05
9,250.02
11,195.85
11,331.80
11,939.26
12,108.74
12,230.02
12,470.21
12,807.87
13,053.10
13,109.92
13,185.09
13,357.41
13,165.34
12,370.38
12,223.45

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
16,701.87
17,648.98
17,754.24
17,542.26
17,945.41
17,931.75
17,970.51
18,124.71
17,927.22
17,795.02
17,061.59
16,339.95
17,182.28

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
1,937.27
2,044.57
2,054.27
2,028.18
2,082.20
2,079.99
2,094.86
2,111.94
2,099.28
2,094.14
2,039.87
1,944.40
2,024.81

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
4,403.23
4,687.70
4,732.70
4,673.70
4,854.26
4,938.01
4,985.95
5,029.43
5,073.04
5,082.81
4,934.62
4,748.00
4,879.04

1.83
1.87
1.86
2.37
2.40
1.98
2.05
2.24
2.14
2.04
2.08
2.00
2.01
2.04
2.00
2.02
2.02
2.06
2.07
2.08
2.16
2.25
2.18

5.36
5.78
5.29
3.54
1.86
6.04
6.77
6.20
5.57
5.25
����������������������������
����������������������������
4.97
����������������������������
����������������������������
4.80
����������������������������
����������������������������
4.60
����������������������������
����������������������������
����������������������������
����������������������������

10,261.03
10,329.86
10,407.36
10,472.42
10,563.09

6,319.20
6,332.10
6,431.96
6,499.56
6,528.88

10,626.67
10,745.57
10,664.64
10,470.23
10,889.41

12,150.83
12,245.51
12,177.80
12,365.90
12,512.49

16,922.83
17,099.24
17,350.42
17,680.67
17,877.65

1,998.22
2,014.47
2,042.21
2,079.24
2,103.06

4,792.41
4,834.98
4,915.69
5,057.71
5,137.92

2.22
2.19
2.17
2.12
2.09

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

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 fiscal year 2015, the deficit was $438.9 billion, compared with a deficit of $484.6 billion a year earlier.
BILLIONS OF DOLLARS
4,200
4,000

BILLIONS OF DOLLARS
4,200

RECEIPTS AND OUTLAYS1

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
400

1,600

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 1 r ������������������������������������������������
2016 (estimates) ���������������������������������

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
3,248.7
3,557.4

Outlays
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
3,687.6
3,986.8

Chart 32 - Oct 2015

On-budget
Surplus
or
deficit
(–)
–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
–438.9
–429.4

Receipts
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
2,478.3
2,749.3

Outlays
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
2,800.1
2,944.5
3,201.4

Federal debt
(end of period)

Off-budget
Surplus
or
deficit
(–)
–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
–466.2
–452.1

Receipts
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
770.4
808.1

Outlays
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
743.1
785.4

Surplus
or
deficit
(–)
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
27.3
22.8

Gross
Federal
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
18,117.9
19,235.2

Held by
the public
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
13,116.6
13,974.1

1 Data for fiscal year 2015 are from Final Monthly Treasury Statement issued October 15, 2015 .

Note: Data for fiscal year 2016 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2016, issued July 14, 2015. Other data (except as noted) are from Budget of the United
States Government, Fiscal Year 2016, issued February 2 , 2015.
Sources: Department of the Treasury and Office of Management and Budget.

32

Federal Receipts by Source and Outlays by Function
In fiscal year 2015, receipts were $227.2 billion higher than a year earlier and outlays were $181.5 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 - Oct 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 1 r ������������������������������������������������
2016 (estimates) ���������������������������������

Total

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
3,248.7
3,557.4

Indi- Corporavidual
tion
income income
taxes
taxes

Social
insurance
and
retirement
receipts

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
1,540.8
1,701.4

539.4
571.8
611.8
652.9
694.0
700.8
713.0
733.4
794.1
837.8
869.6
900.2
890.9
864.8
818.8
845.3
947.8
1,023.5
1,065.3
1,120.9

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
343.8
429.1

On-budget and off-budget outlays
National defense
Other

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
298.8
306.0

Total

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
3,687.6
3,986.8

Total

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
591.4
614.6

Depart- Internament
tional
of
affairs
Defense,
military
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
562.5
586.1

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
48.6
56.4

Health

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
482.2
548.9

Medicare

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
546.2
592.4

Income Social
Net
security security interest

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
509.4
547.0

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
887.8
930.2

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
223.3
249.7

Other

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
398.8
447.6

1 Data for fiscal year 2015 are from Final Monthly Treasury Statement issued October 15, 2015.

Note: Data for fiscal year 2016 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2016, issued July 14, 2015. Other 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.

33

Federal Sector, National Income Accounts Basis
In the third quarter of 2015, according to advance estimates, Federal current expenditures rose $65.1 billion (annual
rate); Federal current receipts data are incomplete.
BILLIONS OF DOLLARS
4,400

BILLIONS OF DOLLARS
4,400

SEASONALLY ADJUSTED ANNUAL RATES

4,000

4,000

3,600

3,600

CURRENT EXPENDITURES

3,200

3,200

2,800

2,800

2,400

2,400

CURRENT RECEIPTS

2,000

2,000

1,600

1,600

1,200

1,200

800

800

400

400

0

0

–400

–400

–800

–800

NET FEDERAL
GOVERNMENT SAVING

–1,200

–1,200

–1,600

–1,600
2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

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

Federal Government current receipts

Federal Government current expenditures

Current tax receipts

Period

Total

Total 1

Calendar year:
2005 ������������� 2,303.5
1,389.3
2006 ������������� 2,537.7
1,563.4
2007 ������������� 2,667.2
1,642.4
2008 ������������� 2,579.5
1,520.7
2009 ������������� 2,238.4
1,171.1
2010 ������������� 2,443.3
1,352.7
2011 ������������� 2,574.1
1,553.8
2012 ������������� 2,699.1
1,661.1
2013 ������������� 3,141.3
1,825.0
2014 ������������� 3,265.2
1,974.4
2013: I ��������������� 2,976.7
1,771.9
      II �������������� 3,253.8
1,809.7
      III ������������� 3,086.4
1,844.2
      IV ������������� 3,248.2
1,874.0
2014: I ��������������� 3,215.5
1,921.9
      II �������������� 3,256.3
1,970.2
      III ������������� 3,293.4
1,989.7
      IV ������������� 3,295.7
2,015.6
2015: I ��������������� 3,356.5
2,085.1
      II �������������� 3,420.8
2,134.7
      III p ����������� ������������ ��������������

Contributions
for
Income
Taxes
govern- receipts
Taxes
Personal
on
ment
on
on
current production corporate
social
assets
taxes
and
insurincome
imports
ance
936.8
1,054.6
1,169.7
1,174.3
864.5
941.6
1,129.1
1,164.7
1,300.6
1,396.9
1,263.4
1,294.4
1,311.0
1,333.6
1,359.3
1,380.2
1,406.5
1,441.7
1,501.0
1,515.9
1,534.7

99.4
341.0
99.2
395.0
94.6
362.8
94.0
233.7
91.4
200.4
96.8
298.7
108.6
299.4
115.1
363.1
125.8
379.2
137.8
417.9
122.8
366.9
124.9
371.7
126.7
386.6
128.9
391.8
136.5
403.2
137.1
432.6
139.0
421.9
138.8
413.9
140.5
419.0
145.3
448.7
140.8 ��������������

853.4
905.7
947.2
974.4
950.8
970.9
904.0
938.1
1,093.4
1,145.2
1,075.4
1,091.7
1,098.2
1,108.2
1,130.7
1,137.4
1,149.1
1,163.5
1,172.2
1,177.0
1,186.8

1 Includes taxes from the rest of the world, not shown separately.
2 Includes Federal grants-in-aid to State and local governments, not shown separately.

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

34

27.3
29.0
33.4
33.9
48.5
54.6
56.4
52.6
163.2
74.8
72.8
298.3
91.9
189.8
103.8
75.1
57.7
62.5
45.7
44.5
68.6

Current
transfer
receipts

32.7
37.9
42.0
49.7
67.2
68.1
67.1
56.1
71.1
80.6
66.9
65.4
63.5
88.5
68.5
83.4
106.5
63.8
61.6
72.6
55.9

Current
surplus of
government
enterprises

0.9
1.8
2.0
.8
.8
–3.1
–7.1
–8.9
–11.3
–9.7
–10.2
–11.3
–11.4
–12.3
–9.5
–9.9
–9.6
–9.8
–8.1
–8.0
–8.1

Total

2,608.2
2,764.8
2,932.8
3,213.5
3,487.2
3,772.0
3,818.3
3,789.1
3,782.2
3,896.7
3,767.3
3,779.8
3,794.1
3,787.7
3,834.7
3,886.3
3,943.5
3,922.4
3,935.8
4,014.6
4,079.7

ConCurrent
sumption transfer Interest Subsidies
expendipaypayments
tures
ments 2

723.4
763.9
798.4
879.8
933.7
1,003.9
1,006.1
1,007.8
961.3
955.3
978.5
967.0
950.8
948.7
952.9
950.9
968.2
949.1
956.7
957.2
960.7

1,479.8
1,577.4
1,678.8
1,896.1
2,142.9
2,333.2
2,327.0
2,300.8
2,346.0
2,443.9
2,328.2
2,339.2
2,361.0
2,355.6
2,390.3
2,429.8
2,471.7
2,484.0
2,539.4
2,542.2
2,582.7

344.4
372.3
408.2
388.0
353.6
380.6
425.7
422.9
416.1
440.1
401.9
414.3
423.3
424.9
433.8
448.2
445.9
432.3
382.6
457.2
477.6

Net
Federal
Government
saving

60.5
–304.7
51.1
–227.0
47.5
–265.7
49.6
–634.0
56.9
–1,248.8
54.3
–1,328.7
59.5
–1,244.1
57.6
–1,090.1
58.9
–640.9
57.4
–631.5
58.7
–790.6
59.3
–525.9
59.0
–707.7
58.6
–539.6
57.6
–619.2
57.4
–630.0
57.7
–650.1
57.0
–626.7
57.1
–579.3
58.0
–593.9
58.8 ����������������

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
Industrial production (2012=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 r �������������
99.6
106.3
109.5
111.7
89.9
118.9
111.6
195.3
185.0
118.4
173.4
2006 r �������������
101.8
105.6
114.0
113.1
95.1
123.3
112.3
201.6
188.7
118.6
176.3
2007 r �������������
104.4
104.4
117.4
114.6
100.9
125.5
112.6
207.342
192.7
118.7
178.9
r
2008 �������������
100.8
101.5
113.2
111.0
100.8
120.9
109.7
215.303
197.3
120.3
184.0
r
2009 �������������
89.4
90.3
88.7
95.6
84.3
98.4
100.2
214.537
197.9
118.7
184.1
2010 r �������������
94.4
94.7
102.6
100.1
93.5
105.2
103.4
218.056
201.4
117.9
186.9
2011 r �������������
97.2
98.4
99.8
102.6
100.3
106.6
102.8
224.939
207.2
117.5
190.9
2012 ���������������
100.0
100.0
100.0
100.0
100.0
100.0
100.0
229.594
210.4
117.5
194.6
r
2013 �������������
101.9
101.4
99.4
99.6
100.1
96.9
99.2
232.957
212.4
117.9
196.3
2014 r �������������
105.7
105.4
101.5
98.2
101.5
96.4
100.6
236.736
216.4
121.2
197.3
r
2014: Aug ����
106.1
104.6
99.1
98.4
99.4
96.4
100.4
237.852
217.3
122.2
198.0
      Sept r ���
106.7
106.2
100.5
98.5
101.3
95.6
100.9
238.031
217.5
122.5
197.2
      Oct r �����
106.8
106.7
100.9
97.5
101.6
95.7
100.8
237.433
217.7
122.1
197.3
      Nov r ����
107.8
105.8
100.3
97.1
101.7
96.1
100.8
236.151
216.8
121.6
197.0
r
      Dec ����
107.9
106.5
100.5
98.6
102.7
96.7
100.7
234.812
215.3
121.8
197.1
2015: Jan r ����
107.6
106.2
104.6
99.3
102.4
96.1
100.6
233.707
214.9
121.5
195.1
      Feb r ����
107.4
105.6
101.3
99.8
102.6
96.7
101.0
234.722
216.8
121.3
196.4
r
      Mar ���
107.2
104.8
100.5
99.8
102.1
97.2
101.6
236.119
218.4
121.8
197.7
r
      Apr ����
107.1
103.4
101.7
98.9
102.8
96.9
101.6
236.599
218.2
122.2
198.0
      May r ���
106.7
102.6
99.6
99.2
103.2
97.7
101.9
237.805
219.4
122.6
198.4
      June r ��
106.6
103.6
100.7
99.5
102.5
96.8
101.7
238.638
219.9
122.3
198.3
r
      July ���
107.4
104.7
99.9
98.4
103.5
97.9
101.3
238.654
220.1
122.2
197.4
r
      Aug ����
107.3
105.2
98.7
100.0
102.6
97.3
102.2
238.316
220.1
122.5
198.1
      Sept p ��
107.1 ���������������
99.7 ���������������
101.4 ���������������
102.0
237.945
219.8
122.5
197.3
      Oct p ���� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������

153.7
156.2
159.7
163.9
164.5
166.3
169.7
173.1
175.7
177.3
177.9
177.9
177.4
177.4
177.4
175.6
177.1
177.9
177.9
178.1
177.9
178.3
178.3
177.9
177.9

Italy

United
Kingdom

260.6
225.6
266.1
232.8
270.9
242.7
280.0
252.4
282.2
251.1
286.5
262.7
294.5
276.3
303.4
285.2
307.1
293.9
307.9
300.8
308.7
301.9
307.5
302.7
307.8
302.8
307.2
302.1
307.2
302.5
306.1
300.1
307.2
301.6
307.5
302.1
308.1
303.1
308.4
303.7
309.0
304.2
308.7
303.8
309.2
305.2
308.1
305.0
308.7 �����������������

1 Data relate to all urban consumers.

Note: See Note, p. 17, for information on U.S. industrial production series.
Sources: As reported by each country, Board of Governors of the Federal Reserve System, and Department of Labor (Bureau of Labor Statistics).

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

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

BOP
basis

913.0
1,040.9
1,165.2
1,308.8
1,070.3
1,290.3
1,499.2
1,562.6
1,592.0
1,632.6
136.4
138.1
136.5
134.5
129.3
126.3
127.2
129.4
127.8
127.5
128.5
124.4
127.3

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 bever- and
ages materials
901.1
1,026.0
1,148.2
1,287.4
1,056.0
1,278.5
1,482.5
1,545.8
1,578.4
1,620.5
135.7
137.2
135.5
134.1
128.5
125.6
126.1
128.5
127.1
126.6
127.8
123.8
126.6

59.0
66.0
84.3
108.3
93.9
107.7
126.2
133.0
136.2
143.8
12.1
12.0
12.1
11.9
11.0
10.8
11.0
10.8
11.0
10.5
10.7
10.4
10.8

233.0
276.0
316.4
388.0
296.5
391.7
501.1
501.2
508.1
505.1
42.3
41.9
42.3
39.5
37.6
36.3
36.3
36.9
37.8
37.1
37.4
35.2
35.2

98.4
107.3
121.3
121.5
81.7
112.0
133.0
146.2
152.7
159.7
13.5
13.6
13.2
13.6
12.8
11.8
12.4
12.5
12.6
12.7
13.3
12.8
12.9

Balance of trade
(exports minus imports)

Census basis (by end-use category)

Auto- Consumer
Capital motive
vegoods
goods hicles,
except parts (nonfood)
autoexcept
motive and
enautogines motive
358.4
404.0
433.0
457.7
391.2
447.5
494.0
527.2
534.2
551.1
46.0
47.7
45.7
46.4
45.9
44.4
45.3
47.3
44.9
44.1
44.3
44.4
45.3

Services
(BOP basis)

Goods: Imports (customs value)

115.3
129.1
146.0
161.3
149.5
165.2
175.3
181.7
189.1
198.9
16.6
17.0
16.6
16.7
16.7
17.8
16.1
16.0
16.0
16.8
16.3
15.8
17.0

BOP
basis

1,695.8
1,878.2
1,986.3
2,141.3
1,580.0
1,939.0
2,239.9
2,303.7
2,294.6
2,374.1
198.4
200.0
195.8
199.3
192.2
184.4
198.3
191.0
189.8
192.4
189.8
192.0
187.6

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 bever- and
ages materials
1,673.5
1,853.9
1,957.0
2,103.6
1,559.6
1,913.9
2,208.0
2,276.3
2,268.4
2,347.7
196.3
197.9
193.7
197.1
189.6
181.6
195.4
187.9
186.7
188.9
187.1
190.0
185.7

68.1
74.9
81.7
89.0
81.6
91.7
107.5
110.3
115.1
125.8
10.6
10.8
10.5
10.6
10.7
10.5
11.0
10.9
10.5
11.1
10.6
10.7
10.7

523.8
602.0
634.7
779.5
462.4
603.1
755.8
730.6
681.6
666.8
54.6
54.8
51.0
53.5
46.7
42.6
42.2
41.5
40.7
41.9
42.3
40.0
38.5

BOP basis

Auto- Consumer
Capital motive
vegoods Exports
goods hicles,
except parts (nonfood)
autoexcept
motive and
enautogines motive
379.3
418.3
444.5
453.7
370.5
449.4
510.8
548.7
554.6
591.1
50.1
50.6
50.4
50.2
50.4
48.7
52.1
51.6
50.4
49.1
49.3
50.3
49.2

239.4
256.6
256.7
231.2
157.7
225.1
254.6
297.8
308.8
327.7
27.2
28.0
27.5
28.2
28.1
26.6
29.0
28.6
29.4
29.7
30.1
29.6
28.8

407.2
442.6
474.6
481.6
427.3
483.2
514.1
516.9
532.8
557.8
47.2
47.3
47.9
47.8
47.2
46.3
53.8
48.9
48.9
50.4
47.8
51.8
51.4

373.0
416.7
488.4
532.8
512.7
563.3
627.8
656.4
687.9
710.6
58.7
59.7
59.7
60.4
59.7
59.6
59.6
59.8
60.0
60.1
60.3
60.5
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
452.0
463.7
477.4
39.8
40.5
40.4
41.3
40.4
40.1
40.6
40.4
40.6
40.5
40.8
41.0
41.1

–772.4
–828.0
–808.8
–816.2
–503.6
–635.4
–725.4
–730.4
–689.9
–727.2
–60.6
–60.7
–58.2
–63.1
–61.1
–55.9
–69.3
–59.4
–59.6
–62.3
–59.3
–66.3
–59.1

68.6
75.6
115.8
123.8
125.9
154.0
192.0
204.4
224.2
233.1
18.9
19.2
19.3
19.2
19.4
19.5
19.0
19.3
19.4
19.6
19.5
19.5
19.5

–714.2
–761.7
–705.4
–708.7
–383.8
–494.7
–548.6
–536.8
–478.4
–508.3
–43.2
–42.8
–40.0
–45.5
–43.6
–38.5
–52.2
–42.3
–42.5
–45.2
–41.8
–48.0
–40.8

–782.8
–837.3
–821.2
–832.5
–509.7
–648.7
–740.6
–741.2
–702.6
–741.5
–62.1
–61.9
–59.3
–64.7
–63.0
–58.0
–71.2
–61.6
–62.0
–64.8
–61.3
–67.6
–60.3

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

Note: BOP refers to balance of payments on international transactions basis. BOP data shown here are consistent with figures shown on pp. 36 and 37.
Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis).

35

U.S. International Transactions
In the second quarter of 2015, the current account deficit fell to $109.7 billion from $118.3 billion in the first quarter
of 2015. The goods and services deficit fell to $130.0 billion in the second quarter from $134.3 billion in the first
quarter.
BILLIONS OF DOLLARS
80

BILLIONS OF DOLLARS
80

SEASONALLY ADJUSTED

60

60

40

40
BALANCE ON
PRIMARY INCOME

20

20

0

0

–20

–20

–40

–40
BALANCE ON
SECONDARY INCOME

–60

–60
BALANCE ON
CURRENT ACCOUNT

–80

–80

–100

–100

–120

–120

–140

–140

BALANCE ON
GOODS AND SERVICES

–160

–160

–180

–180

–200

–200

–220

–220

–240

–240

2007

2006

2009

2008

2010

2011

2012

2013

SOURCE: DEPARTMENT OF COMMERCE

2014

2015

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted]
Chart 36 - Sep 2015

Current Account 1
Goods 2
Period

2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2015: I ���������������
      II ���������������

Services

Exports

Imports

Balance
on
goods

913,016
1,040,905
1,165,151
1,308,795
1,070,331
1,290,273
1,499,240
1,562,578
1,592,043
1,632,639
393,405
394,698
397,058
406,883
401,429
409,152
412,933
409,126
382,803
384,752

1,695,820
1,878,194
1,986,347
2,141,287
1,580,025
1,938,950
2,239,886
2,303,749
2,294,630
2,374,101
571,802
570,862
575,470
576,496
585,739
597,265
596,009
595,089
574,959
573,117

–782,804
–837,289
–821,196
–832,492
–509,694
–648,678
–740,646
–741,171
–702,587
–741,462
–178,396
–176,165
–178,413
–169,614
–184,310
–188,113
–183,076
–185,963
–192,156
–188,365

Exports
373,006
416,738
488,396
532,817
512,722
563,333
627,781
656,411
687,894
710,565
170,358
170,449
172,358
174,729
175,704
178,721
176,331
179,810
178,876
179,943

Imports
304,448
341,165
372,575
409,052
386,801
409,313
435,761
452,013
463,700
477,428
113,828
115,540
116,100
118,232
116,812
119,320
119,126
122,170
121,009
121,576

Balance
on
services
68,558
75,573
115,821
123,765
125,920
154,020
192,020
204,398
224,193
233,138
56,530
54,908
56,259
56,496
58,892
59,401
57,205
57,640
57,868
58,367

Balance
on
goods
and
services
–714,245
–761,716
–705,375
–708,726
–383,774
–494,658
–548,625
–536,773
–478,394
–508,324
–121,867
–121,256
–122,154
–113,117
–125,418
–128,712
–125,871
–128,323
–134,288
–129,998

Primary income receipts and payments
Receipts
543,982
693,089
844,033
823,707
614,379
684,915
759,727
769,479
794,763
823,353
193,362
198,575
200,477
202,349
202,235
204,850
209,715
206,554
194,746
201,854

Payments
476,349
649,752
743,429
677,561
490,794
507,254
538,766
557,301
570,220
585,369
144,609
143,273
140,954
141,383
143,941
146,915
147,985
146,529
144,998
151,214

Balance
on
primary
income
67,632
43,337
100,604
146,146
123,584
177,661
220,961
212,178
224,543
237,984
48,753
55,302
59,523
60,965
58,294
57,935
61,730
60,025
49,748
50,640

Balance
on
secondary
Income 3
–98,822
–88,347
–113,872
–128,209
–123,833
–124,964
–132,690
–125,075
–122,910
–119,185
–29,605
–31,660
–32,163
–29,482
–29,319
–21,263
–33,764
–34,840
–33,754
–30,318

Balance
on
current
account
–745,434
–806,726
–718,643
–690,789
–384,023
–441,961
–460,354
–449,670
–376,760
–389,526
–102,719
–97,615
–94,794
–81,633
–96,443
–92,039
–97,905
–103,138
–118,295
–109,676

Current
account
balance
as a
percentage
of GDP
–5.7
–5.8
–5.0
–4.7
–2.7
–3.0
–3.0
–2.8
–2.3
–2.2
–2.5
–2.4
–2.3
–1.9
–2.3
–2.1
–2.2
–2.3
–2.7
r –2.4

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

See p. 37 for continuation of table.

36

U.S. International Transactions—Continued
In the financial account, U.S. net borrowing was $59.7 billion in the second quarter of 2015, resulting from a net
increase in U.S. financial assets of $137.5 billion plus a net increase in transactions in financial derivatives of $1.8
billion, less a net increase in U.S. liabilities of $199.0 billion. U.S. net borrowing was down slightly from $60.3
billion in the first quarter.
BILLIONS OF DOLLARS
900

BILLIONS OF DOLLARS
900

SEASONALLY ADJUSTED

800

800
700

700

CHANGE IN
U.S. LIABILITIES

600

600

500

500

400

400

300

300

200

200

100

100
0

0
–100

–100

CHANGE IN
U.S. ASSETS ABROAD1

–200

–200

–300

–300

–400

–400
–500

–500

2007

2006

2008

2009

2010

2011

2012

2013

2014

2015

1

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

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted]
Chart 37 - Sep 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 ��������������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2015: I ����������������
      II ���������������

13,116
572,317
–1,788 1,336,866
384 1,572,509
6,010 –309,468
–140
132,204
–157
963,449
–1,186
496,320
6,904
167,398
–412
643,915
–45
792,145
–40
212,645
–227
202,007
–146
22,561
0
206,703
–43
151,706
–2
239,149
–1
359,601
0
41,690
–24
320,173
0
137,519

Direct
investment
assets

Portfolio
investment
assets

Other
investment
assets

61,925 267,290 257,196
296,059 493,366 549,814
532,939 380,807 658,641
351,724 –284,269 –381,770
313,726 375,883 –609,662
354,575 199,620 407,420
440,405
85,365 –45,327
377,899 238,763 –453,724
399,203 476,237 –228,426
357,190 538,058 –99,520
73,344 152,958 –14,532
132,629 166,159 –96,590
95,717
13,088 –85,243
97,514 144,031 –32,060
55,050
98,981
–1,369
90,293 195,068 –46,986
99,300 162,884
98,306
112,547
81,125 –149,471
67,443 233,524
23,365
101,060 166,322 –128,987

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

Reserve
assets 4

Total

–14,094
–2,373
122
4,848
52,256
1,835
15,877
4,460
–3,099
–3,583
875
–191
–1,001
–2,782
–956
773
–889
–2,511
–4,159
–877

1,273,038
2,116,304
2,183,538
454,051
318,350
1,386,345
977,073
615,711
1,041,959
977,421
254,145
226,354
165,377
396,083
271,921
283,271
364,518
57,712
340,309
199,041

Direct
investment
liabilities

Portfolio
investment
liabilities

138,328
832,037
294,289 1,126,735
340,066 1,156,612
332,734
523,683
153,787
357,352
259,345
820,434
257,411
311,626
232,001
746,988
287,163
501,975
131,831
705,030
35,783
147,451
93,715 –15,951
68,674
201,780
88,992
168,695
–105,425
242,627
78,405
88,549
106,473
240,879
52,378
132,976
190,224
101,085
78,164
271,008

Other
investment
liabilities

Financial
derivatives
other
than
reserves,
net transactions

302,673 ������������������
695,280
–29,710
686,860
–6,222
–402,367
32,947
–192,789
–44,816
306,566
–14,076
408,036
–35,006
–363,278
7,064
252,821
2,213
140,559
–54,372
70,911
–3,948
148,591
–3,302
–105,077
6,569
138,396
2,894
134,719
6,147
116,317
–4,513
17,166
–24,269
–127,642
–31,737
49,000
–40,149
–150,130
1,784

Net lending
(+)
or net
borrowing
(–)
from
financial
account
transactions 5
–700,721
–809,148
–617,251
–730,572
–230,962
–436,972
–515,759
–441,249
–395,831
–239,648
–45,448
–27,649
–136,247
–186,486
–114,068
–48,635
–29,186
–47,759
–60,285
–59,739

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

31,597
–634
101,008
–45,793
153,201
5,146
–54,219
1,516
–18,658
149,923
57,311
70,192
–41,308
–104,853
–17,582
43,406
68,720
55,379
58,034
49,937

65,127
65,895
70,565
77,648
130,760
132,433
147,953
150,175
144,575
130,090
146,329
145,703
147,747
144,575
144,284
145,176
137,054
130,090
119,270
120,333

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.

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 97-482