Corporate Profits

Name: Corporate Profits
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The following is plain-text output generated by Optical Character Recognition. 114th Congress 1st Session Economic Indicators MARCH 2015 Includes data available as of April Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PUBLISHING OFFICE WASHINGTON JOINT ECONOMIC COMMITTEE Created pursuant to Sec 5 a of Public Law 304 79th Cong Dan Coats Indiana Chairman Kevin Brady Texas Vice Chairman Senate House of Representatives Mike Lee Utah Tom Cotton Arkansas Ben Sasse Nebraska Ted Cruz Texas Bill Cassidy M D Louisiana Amy Klobuchar Minnesota Robert P Casey Jr Pennsylvania Martin Heinrich New Mexico Gary C Peters Michigan Justin Amash Michigan Eric Paulsen Minnesota Richard L Hanna New York David Schweikert Arizona Glenn Grothman Wisconsin Carolyn B Maloney New York John Delaney Maryland Alma S Adams Ph D North Carolina Donald S Beyer Jr Virginia Viraj M Mirani Executive Director COUNCIL OF ECONOMIC ADVISERS Jason Furman Chairman Maurice Obstfeld Member Betsey Stevenson Member Public Law 120 81st Congress Chapter 237 1st Session JOINT RESOLUTION S J R es 55 To print the monthly publication entitled Economic Indicators Resolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Economic Committee be authorized to issue a monthly publication entitled Economic Indicators and that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint Economic Committee and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents be authorized to have copies printed for sale to the public Approved June 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 www gpo gov economicindicators or SUPERINTENDENT OF DOCUMENTS U S GOVERNMENT PUBLISHING OFFICE MAIL STOP IDCC WASHINGTON DC ii TOTAL OUTPUT INCOME AND SPENDING Gross Domestic Product In the fourth quarter of 2014 according to revised estimates current dollar gross domestic product GDP rose 2 4 percent annual rate real GDP in chained 2009 dollars rose 2 2 percent and the chained price index rose 0 1 percent BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE SEASONALLY ADJUSTED ANNUAL RATES GDP IN CURRENT DOLLARS GDP IN CHAINED 2009 DOLLARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of current dollars quarterly data at seasonally adjusted annual rates Period r I II III IV I II III IV I II III IV I II III r IV Gross domestic product Personal consumption expenditures Gross private domestic investment Exports and imports of goods and services Net exports Government consumption expenditures and gross investment Federal Exports GDP less exports of goods and services plus imports of goods and services Imports Total Total National defense Nondefense Chart 1 Mar 2015 State and local Final Addendum Gross sales of Gross domestic domestic purchases 1 national product product 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 r I II III IV I II III IV I II III IV I II III r IV Gross private domestic investment Personal Gross conChange domestic sumption Nonresi Resiin product expendi dential dential fixed fixed private tures investinvestinvenment ment tories Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports Exports Imports Total GDP less exports of goods and services plus imports of goods and services National Nondefense defense Total AddenFinal Gross dum sales of domestic Gross domestic purchases 1 national product product State and local Source Department of Commerce Bureau of Economic Analysis Note Because of the formula used for calculating real GDP the chained 2009 dollar estimates for the detailed components do not add to the chained dollar value of GDP or to any intermediate aggregates Chained Price Indexes For Gross Domestic Product Index numbers quarterly data are seasonally adjusted Period r I II III IV I II III IV I II III IV I II III r IV Gross domestic product Personal consumption expenditures Total Goods Gross private domestic investment Services Nonresidential fixed Residential fixed Exports and imports of goods and services Government consumption expenditures and gross investment Federal Exports Imports Total National defense Source Department of Commerce Bureau of Economic Analysis 2 Nondefense State and local Gross Domestic Product and Related Price Measures Indexes and Percent Changes Quarterly data are seasonally adjusted Percent change from preceding period 1 Index numbers Personal consumption expenditures PCE Gross domestic product GDP Period r I II III IV I II III IV I II III IV I II III r IV Real GDP GDP chain type chain type quantity price index index GDP implicit price deflator PCE PCE less food chain type and energy price index price index Personal consumption expenditures PCE Gross domestic product GDP Gross domestic purchases price index Quarterly percent changes are at annual rates GDP current dollars Real GDP GDP chain type chain type quantity price index index GDP implicit price deflator Gross domestic PCE purchases PCE chain type less food price index price index and energy price index 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 I II III IV I II III IV I II III IV I II III IV Price per unit of real gross value added of nonfinancial corporate business dollars 1 2 Gross value added of nonfinancial corporate business billions of dollars Chained 2009 dollars Total Compensation of employees unit labor cost Corporate profits with inventory valuation and capital consumption adjustments 4 Unit nonlabor cost Total Consumption of fixed capital Net interest Taxes on and production miscellaneous and imports 3 payments Total Estimates for nonfinancial corporate business are based on the North American Industry Clas4 Unit profits from current production 5 With inventory valuation and capital consumption adjustments sification System NAICS 2 The implicit price deflator for gross value added of nonfinancial corporate business divided by 100 Source Department of Commerce Bureau of Economic Analysis 3 Less subsidies plus business current transfer payments Taxes on corporate income Profits after tax National Income Billions of dollars quarterly data at seasonally adjusted annual rates Proprietors income 1 Period r I II III IV I II III IV I II III IV I II III r IV ComNational pensation of income employees Rental income of persons with capital conNonfarm sumption adjustment Farm 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 With inventory valuation and capital consumption adjustments Business Less current Subsidies transfer payments Current surplus of government enterprises 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 r I II III IV I II III IV I II III IV I II III r IV Services Durable Total goods Total durable goods Nondurable Motor vehicles and parts Total nondurable goods Food and beverages purchased for offpremises consumption Gasoline and other energy goods Total services 1 Household consumption expenditures Includes other items not shown separately 2 Food consists of food and beverages purchased for off premises consumption food services which include purchased meals and beverages are not classified as food 4 Housing and utilities Health care Financial services and insurance Addendum Personal consumption expenditures excluding food and energy 2 Retail sales of new passenger cars and light trucks millions of units Note Because of the formula used for calculating real GDP the chained 2009 dollar estimates for the detailed components do not add to the chained dollar value of GDP or to any intermediate aggregates Source Department of Commerce Bureau of Economic Analysis Sources of Personal Income Personal income rose 58 6 billion annual rate in February following an increase of 61 8 billion in January Wages and salaries rose 23 9 billion in February following an increase of 47 3 billion in January BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE TOTAL PERSONAL INCOME WAGES AND SALARIES OTHER INCOME PERSONAL CURRENT TRANSFER RECEIPTS 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 r Feb Mar Apr May June July Aug Sept r Oct r Nov r Dec 2015 Jan r p Feb Total personal income Total Wages and salaries With inventory valuation and capital consumption adjustments 2 With capital consumption adjustment 3 Consists mainly of social insurance benefits to persons Supplements to wages and salaries Proprietors income 1 Farm Nonfarm Personal income receipts on assets Rental income of persons Total Personal interest income Personal dividend income Personal current transfer receipts Less Chart 5 Mar 2015 Contributions for government social insurance domestic Source Department of Commerce Bureau of Economic Analysis 5 Disposition of Personal Income According to revised estimates per capita disposable personal income in chained 2009 dollars rose 2 8 percent annual rate in the fourth quarter of 2014 BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE DISPOSABLE PERSONAL INCOME SAVING PERSONAL OUTLAYS DOLLARS RATIO SCALE DOLLARS RATIO SCALE PER CAPITA DISPOSABLE PERSONAL INCOME CURRENT DOLLARS CHAINED 2009 DOLLARS SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE Period Personal income Less Personal current taxes Equals Disposable personal income COUNCIL OF ECONOMIC ADVISERS Less Personal outlays 1 Equals Personal saving Disposable personal income in billions of chained 2009 dollars Per capita personal consumption expenditures Per capita disposable personal income Current dollars Billions of dollars r Chained 2009 dollars Current dollars Chained 2009 dollars Dollars Chart 6 Mar 2015 Percent Saving change as in real percent per capita of disposable disposable personal personal income income Population including Armed Forces overseas thousands 2 Percent Seasonally adjusted annual rates 2011 I II III IV I II III IV I II III IV I II III r IV 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 Real Farm Income According to the preliminary forecast for 2015 gross farm income in chained 2009 dollars is forecast to be 404 5 billion and net farm income to be 67 0 billion BILLIONS OF CHAINED 2009 DOLLARS RATIO SCALE BILLIONS OF CHAINED 2009 DOLLARS RATIO SCALE GROSS FARM INCOME NET FARM INCOME SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Billions of chained 2009 dollars Chart 7 Feb 2015 Income of farm operators from farming 1 Gross farm income Year Value of agricultural sector production Total Crops 2 3 Total Livestock Farm related income Direct Government payments Production expenses Net farm income The GDP chain type price index is used to convert the current dollar statistics to Includes income from forest products sold the gross imputed rental value of farm dwellings equivalents machine hire and custom work and other sources of farm income such as commodity insurance 2 Crop receipts include proceeds received from commodities placed under Commodity Credit indemnities Corporation loans Note Data for 2014 and 2015 are forecasts 3 The value of production equates to the sum of cash receipts home consumption and the value Source Department of Agriculture Economic Research Service of the change in inventories 7 Corporate Profits In the fourth quarter of 2014 according to current estimates corporate profits before tax fell 61 8 billion annual rate and profits after tax fell 57 1 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES PROFITS BEFORE TAX PROFITS AFTER TAX UNDISTRIBUTED PROFITS TAXES ON CORPORATE INCOME 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 I II III IV I II III IV I II III IV I II III IV Total Nonfinancial Total Financial Total Manufacturing See p 4 for profits with inventory valuation and capital consumption adjustments 2 Includes rest of the world not shown separately 3 Includes industries not shown separately 8 Profits before tax Utilities Wholesale Taxes on corporate income Total Net dividends Retail r r 917 0 Chart 8 Mar 2015 Inventory Undistrib valuation adjustment uted profits Note Data by industry are based on the North American Industry Classification System NAICS Source Department of Commerce Bureau of Economic Analysis Real Gross Private Domestic Investment In the fourth quarter of 2014 according to revised estimates nonresidential fixed investment in chained 2009 dollars rose 25 0 billion annual rate and residential investment rose 4 7 billion Inventories rose 80 0 billion following an increase of 82 2 billion in the third quarter BILLIONS OF CHAINED 2009 DOLLARS 3 000 BILLIONS OF CHAINED 2009 DOLLARS 3 000 SEASONALLY ADJUSTED ANNUAL RATES GROSS PRIVATE DOMESTIC INVESTMENT NONRESIDENTIAL FIXED INVESTMENT RESIDENTIAL FIXED INVESTMENT CHANGE IN PRIVATE INVENTORIES COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of chained 2009 dollars quarterly data at seasonally adjusted annual rates Chart 9 Mar 2015 Fixed investment Period r I II III IV I II III IV I II III IV I II III r IV Gross private domestic investment Change in private inventories Nonresidential Total Total Note See p 10 for further detail on fixed investment by type Because of the formula used for calculating real GDP the chained 2009 dollar estimates for the detailed components do not add to the chained dollar value of GDP or to any intermediate aggregates Structures Equipment Intellectual property products Residential Total Nonfarm 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 r I II III IV I II III IV I II III IV I II III r IV Residential Total nonresidential Intellectual property products Information processing equipment Structures Total Computers and peripheral equipment 1 Total Other Industrial Transportation equipequipment ment Total 2 Software Research and development Structures Total residential Total Single family Because computers exhibit rapid changes in prices relative to other prices in the economy the 2 Includes other items not shown separately 3 Research and development investment excludes expenditures for software development chained dollar estimates should not be used to measure the component s relative importance or its contribution to the growth rate of more aggregate series The quantity index for computers can be Note Because of the formula used for calculating real GDP the chained 2009 dollar estimates used to accurately measure the real growth rate of this series For information on this component for the detailed components do not add to the chained dollar value of GDP or to any intermediate see Survey of Current Business Table 5 3 1 for growth rates Table 5 3 2 for contributions and aggregates Table 5 3 3 for quantity indexes Source Department of Commerce Bureau of Economic Analysis Business Investment Billions of dollars Capital expenditures By industry Period Total capital expenditures Forestry Total fishing by and agri Mining industry cultural services ConManu WholeUtilities struction facturing sale 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 p Includes the following industries Management of companies and enterprises administrative Note Data from Annual Capital Expenditures Industry data are based on the North American and support and waste management educational services arts entertainment and recreation Industry Classification System NAICS accommodation and food services and other services except public administration Also includes Data shown in this table are capital expenditures for both new and used structures and an item for structure and equipment expenditures serving multiple industry categories equipment Source Department of Commerce Bureau of the Census 10 EMPLOYMENT UNEMPLOYMENT AND WAGES Status of the Labor Force In March employment as measured by the household survey rose 34 000 and unemployment fell MILLIONS OF PERSONS MILLIONS OF PERSONS SEASONALLY ADJUSTED CIVILIAN LABOR FORCE CIVILIAN EMPLOYMENT UNEMPLOYMENT 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 Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Civilian noninstitutional population NSA Civilian employment Civilian labor force Total Men 20 years and over Women 20 years and over Percent 1 Unemployment Both sexes 16 19 years Civilian labor force or employment as percent of civilian noninstitutional population and unemployment as percent of civilian labor force 2 Not strictly comparable with earlier data Total Men 20 years and over Women 20 years and over Both sexes 16 19 years Not in labor force Chart 11 Mar 2015 Labor Employ Unemployforce ment participa population ment tion rate ratio rate Note Beginning January 2015 data reflect revised population controls and are not strictly comparable with earlier data See Employment and Earnings for details on breaks in series Source Department of Labor Bureau of Labor Statistics 11 Selected Unemployment Rates In March the unemployment rate remained at 5 5 percent PERCENT SEASONALLY ADJUSTED PERCENT SEASONALLY ADJUSTED TEENAGERS BLACK OR AFRICAN AMERICAN WHITE1 MEN 20 YEARS AND OVER 10 HISPANIC1 2 5 ALL CIVILIAN WORKERS WOMEN 20 YEARS AND OVER ASIAN SEE FOOTNOTE 1 TABLE BELOW HISPANIC OR LATINO ETHNICITY SOURCE DEPARTMENT OF LABOR 2 COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted except as noted by NSA Unemployment rate percent of civilian labor force in group Chart 12 Mar 2015 By race or ethnicity 1 By sex and age Period Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar All civilian workers Men 20 years and over Women 20 years and over Both sexes 16 19 years White Persons who selected this race group only Persons whose ethnicity is identified as Hispanic or Latino may be of any race 12 Black or African American By selected groups Hispanic or Latino ethnicity Asian Married men spouse present Women who maintain families NSA Note Data relate to persons age 16 years and over Source Department of Labor Bureau of Labor Statistics Full time workers Part time workers Selected Measures of Unemployment and Unemployment Insurance Programs In March the percentages of the unemployed who had been out of work for 15 to 26 weeks and 27 weeks and over fell while the percentages for less than 5 weeks and 5 to 14 weeks rose The mean duration of unemployment fell to 30 7 weeks and the median duration fell to 12 2 weeks PERCENT DISTRIBUTION PERCENT DISTRIBUTION DURATION OF UNEMPLOYMENT 60 REASON FOR UNEMPLOYMENT JOB LOSERS 27 WEEKS AND OVER WEEKS REENTRANTS LESS THAN 5 WEEKS NEW ENTRANTS 15 26 WEEKS 10 10 JOB LEAVERS SEASONALLY ADJUSTED SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted except as noted by NSA Chart 13 Mar 2015 Duration of unemployment Period Unemployment thousands Percent distribution Less than 5 weeks 5 14 weeks 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 Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Beginning January 2011 includes unemployment durations of up to 5 years prior data are for up to 2 years 2 Includes State 50 States District of Columbia Puerto Rico and the Virgin Islands Federal UCFE ex service members UCX and Federal and State extended benefit programs Also includes Emergency Unemployment Compensation and Federal Additional Compensation r r 434 r Note Data relate to persons age 16 years and over except for insured unemployment and initial claims Source Department of Labor Bureau of Labor Statistics and Employment and Training Administration 13 Nonagricultural Employment Total nonagricultural employment as measured by the payroll survey rose by 126 000 in March MILLIONS OF PERSONS MILLIONS OF PERSONS ALL NONAGRICULTURAL ESTABLISHMENTS 140 PRIVATE SERVICE PROVIDING INDUSTRIES EDUCATION AND HEALTH SERVICES 24 PROFESSIONAL AND BUSINESS SERVICES PRIVATE INDUSTRIES 115 RETAIL TRADE GOODS PRODUCING GOVERNMENT MANUFACTURING SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Thousands of wage and salary workers 1 monthly data seasonally adjusted Chart 14 Mar 2015 Private industries Period Mar Apr May June July Aug Sept Oct Nov Dec Jan r r Feb p Mar Total nonagricultural employment Goods producing industries Total private Total Construc Manufaction turing Private service providing industries Trade transportation and utilities Total Total Data from the establishment survey Includes all full and part time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period that includes the 12th of the month Excludes proprietors self employed persons unpaid family workers and private household workers Data from the household survey shown on p 11 include those workers and also count persons as employed when they are not at work because of industrial disputes bad weather etc even if they are not paid for the time off In the series shown here persons who work at more than one job are counted each time they appear on a payroll in contrast to the series shown on p 11 where persons are counted only once as employed unemployed or not in the labor force See Employment and Earnings for details 14 Retail trade Information Financial activities Profes Education Leisure sional and and and health business services hospitality services Other services Government Includes mining and logging not shown separately 3 Includes wholesale trade transportation and warehousing and utilities not shown separately Note Data classified by industry based on the 2012 North American Industry Classification System NAICS For details see Employment and Earnings Source Department of Labor Bureau of Labor Statistics Average Weekly Hours Hourly Earnings and Weekly Earnings Private Nonagricultural Industries For production or nonsupervisory workers monthly data seasonally adjusted Average weekly hours Total private nonagricultural 1 Period Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan r r Feb p Mar Average gross hourly earnings Total private nonagricultural 1 Manufacturing Total Overtime Current dollars Average gross weekly earnings Total private nonagricultural 1 Manufacturing dollars Current dollars Also includes other private industry groups shown on p 14 2 Current dollar earnings divided by the consumer price index for urban wage earners and cleri Percent change from a year earlier total private nonagricultural Current dollars dollars 2 Manufacturing Construction Retail trade Current dollars dollars Source Department of Labor Bureau of Labor Statistics cal workers CPI W on a base Employment Cost Index Private Industry Index December 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 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Seasonally adjusted 2011 Mar June Sept Dec Mar June Sept Dec Mar June Sept Dec Mar June Sept Dec Employer costs for employee benefits Not seasonally adjusted Source Department of Labor Bureau of Labor Statistics Note The employment cost index is a measure of the change in the cost of labor free from the influence of employment shifts among occupations and industries Data exclude farm and household workers 15 Productivity and Related Data Business and Nonfarm Business Sectors Output per hour of all persons Period Business sector Nonfarm business sector Hours of all persons 2 Output 1 Business sector Nonfarm business sector Business sector Compensation per hour 3 Nonfarm business sector Business sector Nonfarm business sector Real compensation per hour 4 Business sector Nonfarm business sector Unit labor costs Implicit price deflator 5 Business sector Nonfarm business sector Business sector Nonfarm business sector Indexes quarterly data seasonally adjusted I II III IV I II III IV I II III IV I II III IV I II III IV Percent change quarterly data at seasonally adjusted annual rates I II III IV I II III IV I II III IV I II III IV I II III IV 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 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 February Source Department of Labor Bureau of Labor Statistics PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial production rose while capacity utilization fell in February INDEX RATIO SCALE 120 INDEX RATIO SCALE TOTAL INDUSTRIAL PRODUCTION 120 MANUFACTURING FINAL PRODUCTS BUSINESS EQUIPMENT 90 DURABLE 110 DEFENSE AND SPACE EQUIPMENT CONSUMER GOODS TOTAL NONDURABLE 80 PERCENT 86 CAPACITY UTILIZATION RATE TOTAL INDUSTRY UTILITIES AND MINING MINING UTILITIES 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 r Feb Mar Apr May June July Aug Sept r r Oct r Nov r Dec 2015 Jan r p Feb Percent change 2 Index From preceding month Chart 17 Mar 2015 Industry production indexes Capacity utilization rate output as percent of capacity 1 Manufacturing From year earlier Total 1 Durable 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 Nondurable Other non NAICS Mining Utilities Total industry Total manufacturing 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 monthly data seasonally adjusted Products and nonindustrial supplies Materials Final products Consumer goods Period Total r Feb Mar Apr May June July Aug Sept r r Oct r Nov r Dec 2015 Jan r p Feb Nonindustrial supplies Total Durable goods Equipment Nondurable goods Total Business Defense and space Total Construction Business Total Energy Includes other items not shown separately monthly data seasonally adjusted Durable manufactures Computer and electronic products Primary metals Period Total r Feb Mar Apr May June July Aug Sept r r Oct r Nov r Dec 2015 Jan r p Feb Iron and steel products Fabricated metal products Machinery Total Computers and peripheral equipment communications equipment and semiconductors and related electronic components 18 Nondurable manufactures Selected high technology Transportation equipment Total Motor vehicles and parts Apparel Printing and support Source Board of Governors of the Federal Reserve System Chemical Food New Construction Billions of dollars monthly data at seasonally adjusted annual rates Private Period r Feb Mar Apr May June July Aug Sept Oct Nov r Dec 2015 Jan r p Feb Total new construction expenditures Residential Total New housing Total Federal and State and local Nonresidential Total Lodging Includes residential improvements not shown separately 2 Includes health care educational communication and power among other categories not Commercial including farm Office Manufacturing Other New houses sold New houses for sale at end of period Source Department of Commerce Bureau of the Census shown separately New Private Housing and Vacancy Rates Thousands of units or houses except as noted New housing units authorized 2 New housing units started Type of structure Period Total r unit Type of structure 2 4 units units or more Total unit units 5 units or more New housing units completed Vacancy rate for rental housing units percent Seasonally adjusted annual rates 2014 Feb Mar Apr May June July Aug Sept Oct r Nov r Dec 2015 Jan r p Feb 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 Seasonally adjusted Quarterly data are three month averages Annual data are averages of quarterly data Source Department of Commerce Bureau of the Census 19 Business Sales and Inventories Manufacturing and Trade In January according to preliminary estimates manufacturing and trade sales fell 2 2 percent while inventories fell 1 7 billion According to advance estimates retail sales fell 0 6 percent in February Retail and food services sales also fell 0 6 percent BILLIONS OF DOLLARS RATIO SCALE 1 800 MANUFACTURING AND TRADE INVENTORIES 1 700 BILLIONS OF DOLLARS RATIO SCALE RETAIL INVENTORIES RETAIL AND FOOD SERVICES SALES MANUFACTURING AND TRADE SALES RETAIL SALES RATIO 1 70 INVENTORY SALES RATIO RETAIL MANUFACTURING AND TRADE SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars except ratios seasonally adjusted except as noted Manufacturing and trade 1 Period Sales 2 Inventories 3 Inventory sales ratio 4 Wholesale Sales 2 Inventories 3 Retail Inventory sales ratio 4 2005 r r r r r r r r r r Jan r r Feb r Mar r Apr May r r June r July r Aug Sept r r Oct r Nov r Dec p Jan p Feb 1 See page 21 for manufacturing 2 Annual data are averages of monthly not seasonally adjusted figures monthly data are seasonally adjusted totals for month Sales 2 Inventories r r Seasonally adjusted end of period 4 Annual data are averages of seasonally adjusted monthly ratios Note Data revised to reflect annual revisions to wholesale series released on March Source Department of Commerce Bureau of the Census 20 Inventory sales ratio 4 Chart Retail20 Mar 2015 and food services sales 2 Manufacturers Shipments Inventories and Orders In February manufacturers shipments inventories and new orders rose while unfilled orders fell BILLIONS OF DOLLARS RATIO SCALE SHIPMENTS TOTAL BILLIONS OF DOLLARS RATIO SCALE INVENTORIES 620 580 TOTAL DURABLE GOODS NONDURABLE GOODS DURABLE GOODS NONDURABLE GOODS 180 BILLIONS OF DOLLARS RATIO SCALE NEW ORDERS TOTAL RATIO INVENTORY SHIPMENTS RATIO DURABLE GOODS SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Manufacturers shipments 1 Manufacturers inventories 2 Manufacturers new orders 1 Chart 21 Mar 2015 Durable goods Period Total Durable goods 2015 Nondurable goods Total Durable goods Nondurable goods Total Total Capital goods industries nondefense Manufacturers unfilled orders 2 Manufacturers inventory shipments ratio 3 Millions of dollars seasonally adjusted except as noted Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan r p Feb 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 February Prices for final demand goods fell 0 4 percent and prices for final demand services fell 0 5 percent INDEX NOV RATIO SCALE INDEX NOV RATIO SCALE SEASONALLY ADJUSTED FINAL DEMAND FINAL DEMAND GOODS FINAL DEMAND FINAL DEMAND SERVICES COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR November except as noted monthly data seasonally adjusted Final demand goods Period Rel imp p Feb Mar Apr May June July Aug Sept r Oct Nov Dec Jan Feb Total final demand Final demand services Total Foods 2 Energy Less food and energy Total Trade 3 Transportation and warehousing Other Includes final demand construction not shown separately 2 Does not include food and beverages for immediate consumption which are defined as the service of preparing meals snacks and beverages to customer order for immediate on premises and off premises consumption 3 Trade indexes measure changes in margins received by wholesalers and retailers 4 Relative importance December Processed goods Unprocessed goods for Final Chart 22 Mar 2015 for intermediate intermediate demand demand demand less Services foods for energy intermediLess Nonfood and ate food materials demand trade Total and Total less Aug 2013 energy energy Note With the release of data for January 2014 Bureau of Labor Statistics transitioned from the Stage of Processing SOP to the Final Demand Intermediate Demand FD ID aggregation system The FD ID system expands coverage in its aggregate measures beyond that of the SOP system through the addition of services construction exports and government purchases For details see Producer Price Index release dated February Source Department of Labor Bureau of Labor Statistics Consumer Prices All Urban Consumers In February the consumer price index for all urban consumers rose 0 2 percent it rose 0 4 percent before seasonal adjustment The index was unchanged from its year earlier level INDEX RATIO SCALE 250 INDEX RATIO SCALE 250 SEASONALLY ADJUSTED CONSUMER PRICES ALL ITEMS SOURCE DEPARTMENT OF LABOR 2015 COUNCIL OF ECONOMIC ADVISERS except as noted monthly data seasonally adjusted except as noted by NSA All items Period Rel imp Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Not seasonally Seasonally adjusted adjusted NSA All items less food and energy Total Shelter Medical care Apparel Includes other items not shown separately 2 Commodities and services 3 Household energy electricity utility piped gas service fuel oil etc and motor fuel 4 Chained consumer price index C CPI U reflects the effect of substitution that consumers make Energy 3 Food New vehicles Total 1 At home Away from home Total Gasoline Chart 23 Mar 2015 C CPI U NSA Relative importance January 2015 Source Department of Labor Bureau of Labor Statistics across item categories in response to changes in relative prices Data for 2014 and 2015 are subject to revision 23 Changes in Producer Prices Percent change from preceding period monthly data seasonally adjusted except as noted by NSA Processed goods Unprocessed Change from year earlier Final for intermediate goods for interme NSA demand diate demand demand Services less for foods TransporLess Nonfood intermeenergy diate tation food materiTotal Final Final and demand Trade and Other Total and Total als final demand demand trade wareenergy less demand goods services housing energy Final demand goods Period Total final demand 1 Total Foods Energy Final demand services Less food and energy Total Change December to December NSA p Change month to month 2014 Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Includes final demand construction not shown separately Source Department of Labor Bureau of Labor Statistics Note See Note p 22 Changes in Consumer Prices All Urban Consumers Percent change from preceding period monthly data seasonally adjusted except as noted by NSA All items less food and energy Period All items 1 Total 1 Shelter Medical care 2 Apparel New vehicles Total 1 At home Addendum All items percent change annual rate Energy 3 Food Away from home Total 1 Gasoline C CPI U NSA 4 From previous quarter 5 From 3 months earlier From 6 months earlier From year earlier NSA Change December to December NSA Change month to month 2014 Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Includes other items not shown separately 2 Commodities and services 3 Household energy electricity utility piped gas service fuel oil etc and motor fuel 4 Chained consumer price index C CPI U reflects the effect of substitution that consumers make across item categories in response to changes in relative prices Data for 2014 and 2015 are subject to revision 24 5 Quarterly changes are shown in the last month of the quarter Source Department of Labor Bureau of Labor Statistics Prices Received and Paid by Farmers In February prices received by farmers rose 3 1 percent and prices paid by farmers remained unchanged Data are not seasonally adjusted INDEX RATIO SCALE 130 INDEX RATIO SCALE PRICES PAID PRICES RECEIVED RATIO1 140 RATIO 140 RATIO RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS not seasonally adjusted Prices received by farmers 1 Period r r Feb Mar r Apr May June July Aug Sept r Oct Nov Dec Jan r Feb Agricultural production Crop production Chart 25 Mar 2015 Prices paid by farmers All commodities services interest taxes and wage rates PPITW 2 Livestock production 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 Production items interest taxes and wage rates PITW Ratio of prices received by farmers to PPITW 3 Production items Note These indexes are also available on a basis as required by statute Source Department of Agriculture National Agricultural Statistics Service 25 MONEY CREDIT AND SECURITY MARKETS Money Stock and Debt Measures In February M2 rose BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE M M AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 2015 COUNCIL OF ECONOMIC ADVISERS Averages of daily figures except debt end of period basis billions of dollars seasonally adjusted Chart 26 Mar 2015 M1 Period Dec Dec r Dec r Dec r Dec r Dec r Dec r Dec r Dec r Dec r Feb r Mar Apr May June r July Aug Sept r r Oct Nov r Dec 2015 Jan r Feb M2 Debt Sum of currency demand deposits travelers checks and other checkable deposits OCDs M1 plus retail MMMF balances savings deposits including MMDAs and small time deposits Debt of domestic nonfinancial sectors Quarterly data shown in last month of quarter End of year data are for fourth quarter Consists of outstanding credit market debt of the U S Government State and local governments and private nonfinancial sectors data from flow of funds accounts 2 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate Percent change From year or 6 months earlier 2 M1 From previous period 3 M Debt Annual changes are from fourth quarter to fourth quarter Quarterly changes are from previous quarter at an annual rate Note See p 27 for components Source Board of Governors of the Federal Reserve System Components of Money Stock Averages of daily figures billions of dollars seasonally adjusted Period Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec r Feb Mar Apr May June r July r Aug Sept r Oct r Nov r Dec 2015 Jan r Feb Currency Nonbank travelers checks Other checkable deposits OCDs Demand deposits At commercial banks Total Savings deposits 1 At thrift institutions Savings deposits including money market deposit accounts MMDAs 2 Small denomination deposits are those issued in amounts of less than Total At commercial banks Small denomination time deposits 2 At thrift institutions At commercial banks Total Retail money funds At thrift institutions Institutional money funds 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 Dec Dec Dec Dec Dec Dec Dec Dec Dec r Dec Mar Apr May June July r Aug Sept Oct Nov Dec Jan r Feb Mar To satisfy reserve balance requirements 2 That exceed the top of the penalty free band Reserve balance requirements Borrowings from the Federal Reserve Vault cash used to satisfy required reserves Data are prorated averages of biweekly maintenance period averages of daily figures 2 Equals the sum of balances maintained up to the top of each institution s penalty free band 3 Excludes vault cash used to satisfy required reserves 4 The amount of vault cash held by institutions whose required reserves exceed their vault Nonborrowed Monetary base Total Primary Secondary Seasonal Term assetbacked securities loan facility Includes term auction credit December 2007 to April 2010 primary dealer and other brokerdealer credit March 2008 to February 2010 credit extended to American International Group Inc September 2008 to January 2011 asset backed commercial paper money market mutual fund liquidity facility September 2008 to February 2010 and other credit extensions not shown separately 8 Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset Backed Securities Loan Facility cash plus the amount of vault cash applied during the maintenance period to satisfy current reserve requirements by institutions whose vault cash exceeds their required reserves 5 Total reserve balances maintained plus vault cash used to satisfy required reserves less total Note Data on reserve balances maintained reflect the creation of a penalty free band acround borrowings from the Federal Reserve reserve balance requirements which took effect on June For more information on table 6 Equals total balances maintained plus currency in circulation not shown changes see H 3 release of July Source Board of Governors of the Federal Reserve System 27 Bank Credit at All Commercial Banks Total commercial bank loans and leases rose 0 5 percent in February BILLIONS OF DOLLARS RATIO SCALE ALL COMMERCIAL BANKS BILLIONS OF DOLLARS RATIO SCALE TOTAL LOANS AND LEASES U S TREASURY AND AGENCY SECURITIES OTHER SECURITIES 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 Dec r Dec r Dec r Dec r Dec r Dec r Dec r Dec r Dec r Dec r Feb r r Mar r Apr May r June r r July r Aug Sept r r Oct r Nov r Dec 2015 Jan r Feb Total bank credit Total securities U S Treasury and agency securities Loans and leases in bank credit Real estate loans Other securities Total loans and leases Data are prorated averages of Wednesday values for domestically chartered commercial banks branches and agencies of foreign banks and Edge Act and agreement corporations 2 Includes securities held in trading accounts held to maturity and available for sale Excludes all non security trading assets such as derivatives with a positive fair value or loans held in trading accounts 3 Excludes unearned income Includes the allowance for loan and lease losses Excludes Federal funds sold to reverse repurchase agreements RPs with and loans to commercial banks in the United States Includes all loans held in trading accounts under a fair value option 28 Chart 28 Mar 2015 Commercial and industrial loans Total Revolving home equity loans Commercial loans Includes closed end residential loans not shown separately 5 Includes credit cards and other consumer loans 6 Includes other items not shown separately Source Board of Governors of the Federal Reserve System Consumer loans Other loans and leases 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 r r r r r r r p I r r II r III r IV 2013 I r r II r III r IV 2014 I r r II r III p IV Internal Total net funds raised Total Net new equity issues Credit market instruments Securities and mortgages Total Loans and short term paper Profits before tax book less taxes on corporate income less net dividends plus capital consumption allowance consumption of fixed capital plus capital consumption adjustment foreign earnings retained abroad inventory valuation adjustment and net capital transfers 2 Includes trade payables taxes payable and miscellaneous liabilities foreign direct investment in the U S pension fund contributions payable and other Other Total Capital expenditures Increase in financial assets Discrepancy sources less uses 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 Dec Dec Dec Dec Dec Dec Dec Dec Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan p Nonrevolving 2 Revolving Total Nonrevolving 2 Revolving Change based on data in billions of dollars as shown here For year end data change from Note Data include student loans extended by the Federal Government and by SLM Holding preceding year end for monthly data change from preceding month Corporation 2 Includes automobile loans and all other loans not included in revolving credit such as loans for Source Board of Governors of the Federal Reserve System mobile homes education boats trailers or vacations These loans may be secured or unsecured 29 Interest Rates and Bond Yields Interest rates were mixed in March PERCENT PER ANNUM 10 PERCENT PER ANNUM CORPORATE Aaa BONDS MOODY S FEDERAL FUNDS RATE 2 2 TREASURY BILLS SOURCE SEE TABLE BELOW 2015 COUNCIL OF ECONOMIC ADVISERS Percent per annum U S Treasury security yields Period Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Week ended Mar Apr month bills at auction 1 Constant maturities 2 3 year 10 year 30 year High grade municipal bonds Standard Poor s 3 Primary credit Prime rate charged by banks 5 Discount rate High bill rate at auction issue date within period bank discount basis Data are stop yields from uniform price auctions 2 Yields on actively traded issues adjusted to constant maturities 3 Weekly data are Wednesday figures 4 Discount window borrowing for primary credit and discount rate adjustment credit The rate for primary credit replaced the rate for adjustment credit 5 Average effective rate for year rate in effect at end of month or week 30 Corporate Aaa bonds Moody s Chart 30 Mar 2015 Discount window N Y F R Bank 4 5 New home mortgage yields FHFA 7 Federal funds rate Daily effective rate weighted average of rates on brokered trades 7 Effective rate in the primary market on conventional mortgages reflecting fees and charges as well as contract rate and assumed on the average repayment at end of 10 years Discount rate adjustment credit series was discontinued after January Series for 30 year constant maturity was discontinued on February and reintroduced on February Sources Department of the Treasury Board of Governors of the Federal Reserve System Federal Housing Finance Agency Moody s Investors Service and Standard Poor s Common Stock Prices and Yields Stock prices were mixed in March INDEX DEC RATIO SCALE INDEX DEC RATIO SCALE COMPOSITE STOCK PRICE INDEX NYSE PERCENT PERCENT EARNINGS PRICE RATIO ON COMMON STOCKS S P SOURCES NEW YORK STOCK EXCHANGE STANDARD AND POOR S AND BLOOMBERG 2015 COUNCIL OF ECONOMIC ADVISERS Common stock yields percent 6 Common stock prices 1 Chart 31 Mar 2015 New York Stock Exchange indexes December Period Composite Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Week ended Mar Apr Financial Energy Dow Jones industrial average 3 Health Care Standard Poor s composite index Nasdaq composite index Feb Dividend price ratio Earnings price ratio Annual data are averages of monthly figures Monthly and weekly data are averages of daily closing prices 2 Includes all the stocks in 2015 over 3 200 listed on the NYSE 3 Includes 30 stocks 4 Includes 500 stocks 5 Includes over 2 900 stocks in 2015 6 Standard Poor s series Dividend price ratios based on Wednesday closing prices Earnings price ratios based on prices at end of quarter Sources New York Stock Exchange Dow Jones Company Inc Standard Poor s Nasdaq Stock Market and Bloomberg 31 FEDERAL FINANCE Federal Receipts Outlays and Debt In the first five months of fiscal year 2015 the deficit was 386 5 billion compared with a deficit of 376 4 billion a year earlier BILLIONS OF DOLLARS RECEIPTS AND OUTLAYS BILLIONS OF DOLLARS OUTLAYS RECEIPTS SURPLUS OR DEFICIT 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 estimates estimates Cumulative total first 5 months 1 Fiscal year Fiscal year Outlays Chart 32 Jan 2015 On budget Surplus or deficit Receipts Outlays Federal debt end of period Off budget Surplus or deficit Receipts Outlays Surplus or deficit Gross Federal Data from current issue Monthly Treasury Statement Note Data except as noted are from Budget of the United States Government Fiscal Year 2016 issued February Sources Department of the Treasury and Office of Management and Budget 32 Held by the public Federal Receipts by Source and Outlays by Function In the first five months of fiscal year 2015 receipts were 78 8 billion higher than a year earlier and outlays were 89 0 billion higher BILLIONS OF DOLLARS 1 800 RECEIPTS OTHER RECEIPTS BILLIONS OF DOLLARS INDIVIDUAL INCOME TAXES CORPORATION INCOME TAXES SOCIAL INSURANCE AND RETIREMENT RECEIPTS OUTLAYS NONDEFENSE NATIONAL DEFENSE FISCAL YEARS 1 INCLUDES ON BUDGET AND OFF BUDGET ITEMS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars Chart 33 Jan 2015 On budget and off budget receipts Fiscal year or period estimates estimates Cumulative total first 5 months 1 Fiscal year Fiscal year On budget and off budget outlays National defense Indi Corporavidual tion income income taxes taxes Social insurance and retirement receipts Total Other 1 Data from current issue Monthly Treasury Statement Data for Department of Defense military include a small amount that is classified and listed under international affairs and not included in national defense Total Total Depart Internament tional of affairs Defense military Health Medicare Income Social Net security security interest Other Note Data except as noted are from Budget of the United States Government Fiscal Year 2016 issued Febuary Sources Department of the Treasury and Office of Management and Budget 33 Federal Sector National Income Accounts Basis In the fourth quarter of 2014 according to revised estimates Federal current receipts fell 0 7 billion annual rate and Federal current expenditures fell 52 3 billion BILLIONS OF DOLLARS 4 400 BILLIONS OF DOLLARS 4 400 SEASONALLY ADJUSTED ANNUAL RATES CURRENT EXPENDITURES CURRENT RECEIPTS NET FEDERAL GOVERNMENT SAVING CALENDAR YEARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Chart 34 Mar 2015 Federal Government current receipts Federal Government current expenditures Current tax receipts Period Calendar year r I II III IV I II III IV I II III IV I II III r IV Total Total Contributions for Income Taxes govern receipts Taxes Personal on ment on on current production corporate social assets taxes and insurincome imports ance Includes taxes from the rest of the world not shown separately 2 Includes an item for the difference between wage accruals and disbursements not shown separately Current transfer receipts Current surplus of government enterprises Total ConCurrent sumption transfer Interest Subsidies expendipaypayments tures ments Includes Federal grants in aid to State and local governments not shown separately Source Department of Commerce Bureau of Economic Analysis Net Federal Government saving INTERNATIONAL STATISTICS Industrial Production and Consumer Prices Major Industrial Countries Industrial production seasonally adjusted Period United States Canada Japan France Germany Consumer prices NSA United Kingdom Italy United States 1 Canada Japan France Germany r r r Jan r Feb r Mar r Apr r May r June r July r Aug r Sept r Oct r Nov r Dec Jan r p Feb p Mar 1 Data relate to all urban consumers Italy United Kingdom Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor Bureau of Labor Statistics Note See Note p 17 for information on U S industrial production series U S International Trade in Goods and Services Billions of dollars monthly data seasonally adjusted Goods Exports f a s value Census basis by end use category Period Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan r p Feb BOP basis IndusFoods trial Total feeds supCensus and plies basis 1 bever and ages materials Balance of trade exports minus imports Census basis by end use category Auto ConCapital motive sumer vegoods goods except hicles nonauto parts food motive and except enautogines motive Services BOP basis Goods Imports customs value BOP basis IndusFoods trial Total feeds supCensus and plies basis 1 bever and ages materials Total includes other exports or imports not shown separately BOP basis Auto ConCapital motive sumer vegoods Exports goods except hicles nonauto parts food motive and except enautogines motive Imports Goods Census basis Goods Services Goods and services Source Department of Commerce Bureau of the Census and Bureau of Economic Analysis Note BOP refers to balance of payments on international transactions basis BOP data shown here are consistent with figures shown on pp 36 and U S International Transactions In the fourth quarter of 2014 the current account deficit rose to 113 5 billion from 98 9 billion in the third quarter The goods and services deficit rose to 127 0 billion in the fourth quarter from 123 9 billion in the third quarter BILLIONS OF DOLLARS 80 BILLIONS OF DOLLARS 80 SEASONALLY ADJUSTED BALANCE ON PRIMARY INCOME BALANCE ON SECONDARY INCOME BALANCE ON CURRENT ACCOUNT BALANCE ON GOODS AND SERVICES SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted Chart 36 Mar 2015 Current Account 1 Goods 2 Period Services Exports p I II III IV I II III IV I r r II r III p IV Imports Balance on goods Exports Imports Balance on services Balance on goods and services Primary income receipts and payments Receipts Payments Balance on primary income Balance on secondary Income Balance on current account Current account balance as a percentage of GDP Current and capital account statistics in the international transactions accounts differ slightly 2 Adjusted from Census data to align with concepts and definitions used to prepare the interfrom statistics in the National Income and Product Accounts NIPAs because of adjustments made national and national economic accounts The adjustments are necessary to supplement coverage to convert the international statistics to national accounting concepts A reconciliation can be of Census data to eliminate duplication of transactions recorded elsewhere in the international found in NIPA table 4 3B accounts to value transactions according to a standard definition and for earlier years to record transactions in the appropriate period 3 Includes U S government and private transfers such as U S government grants and pensions fines and penalties withholding taxes personal transfers insurance related transfers and other current transfers See p 37 for continuation of table 36 U S International Transactions Continued In the financial account U S net borrowing was 10 8 billion in the fourth quarter of 2014 resulting from a net increase in U S financial assets of 77 2 billion plus a net decrease in transactions in financial derivatives of 31 7 billion less a net increase in U S liabilities of 56 2 billion U S net borrowing was down from 22 0 billion in the third quarter BILLIONS OF DOLLARS 900 BILLIONS OF DOLLARS 900 SEASONALLY ADJUSTED CHANGE IN U S LIABILITIES CHANGE IN U S ASSETS ABROAD INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006 SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted Chart 37 Mar 2015 Financial account Period Balance on capital account 1 Net U S acquisition of financial assets excluding financial derivatives net increase in assets financial outflow Total p I II III IV I II III IV I r r II r III p IV Direct investment assets Portfolio investment assets Other investment assets Net U S incurrence of liabilities excluding financial derivatives net increase in liabilities financial inflow Reserve assets 4 Total Consists of monetary gold special drawing rights SDRs the U S reserve position in the International Monetary Fund IMF and other reserve assets including foreign currencies 5 Net lending means that U S residents are net suppliers of funds to foreign residents and net borrowing means the opposite Direct investment liabilities Portfolio investment liabilities Other investment liabilities Financial derivatives other than reserves net transactions Net lending or net borrowing from financial acount transactions U S official reserve assets Statistical net discrep unadancy justed end of period 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 Real Gross Domestic Product Chained Price Indexes For Gross Domestic Product Gross Domestic Product and Related Price Measures Indexes and Percent Changes Nonfinancial Corporate Business Gross Value Added and Price Costs and Profits National Income Real Personal Consumption Expenditures Sources of Personal Income Disposition of Personal Income Real Farm Income Corporate Profits Real Gross Private Domestic Investment Real Private Fixed Investment by Type Business Investment 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 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial Production Major Market Groups and Selected Manufactures New Construction New Private Housing and Vacancy Rates Business Sales and Inventories Manufacturing and Trade Manufacturers Shipments Inventories and Orders 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 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 FEDERAL FINANCE Federal Receipts Outlays and Debt Federal Receipts by Source and Outlays by Function Federal Sector National Income Accounts Basis INTERNATIONAL STATISTICS Industrial Production and Consumer Prices Major Industrial Countries U S International Trade in Goods and Services U S International Transactions 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

Corporate Profits

DATE: March 2015

PART OF:

Economic Indicators : March 2015

AUTHOR:

Council of Economic Advisers (U.S.)

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Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "Corporate Profits," in Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "March 2015," Economic Indicators (March 2015) : 10-10. https://fraser.stlouisfed.org/title/1/item/492447/toc/504829 , accessed on December 7, 2019.

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Economic Data