Aggregate Reserves and Monetary Base

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The following is plain-text output generated by Optical Character Recognition. 114th Congress 2nd Session Economic Indicators AUGUST 2016 Includes data available as of September 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 Senator Dan Coats Indiana Chairman Representative Patrick J Tiberi Ohio 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 Ranking John Delaney Maryland Alma S Adams Ph D North Carolina Donald S Beyer Jr Virginia Brian Neale 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 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 second quarter of 2016 according to revised estimates real gross domestic product GDP in chained 2009 dollars rose 1 1 percent annual rate current dollar GDP rose 3 4 percent and the chained price index rose 2 3 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 I II III IV I II III IV I r II 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 Imports Total Total National defense Nondefense Chart 1 Aug 2016 State and local Final Addendum Gross sales of Gross domestic domestic purchases 1 national product product 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 I II III IV I II III IV I r II 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 National Nondefense defense Total AddenFinal Gross dum sales of domestic Gross domestic purchases 1 national product product State and local 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 quarterly data are seasonally adjusted Period I II III IV I II III IV I r II Gross domestic product Personal consumption expenditures Total Goods Services Source Department of Commerce Bureau of Economic Analysis 2 Gross private domestic investment Nonresidential fixed Residential fixed Exports and imports of goods and services Government consumption expenditures and gross investment Federal Exports Imports Total National defense 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 I II III IV I II III IV I r II 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 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 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 I II III IV I II III IV I II III IV I r p 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 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 Taxes on corporate income Profits after tax 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 I II III IV I II III IV I r r II 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 Business Less current Subsidies transfer payments Current surplus of government enterprises 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 I II III IV I II III IV I r r II 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 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 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 71 7 billion annual rate in July following an increase of 53 9 billion in June Wages and salaries rose 43 3 billion in July following an increase of 41 7 billion in June 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 2016 COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Compensation of employees Period July Aug Sept Oct Nov Dec Jan r r Feb r Mar r Apr May r June r p July Total personal income Total Wages and salaries 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 Aug 2016 Contributions for government social insurance domestic With inventory valuation and capital consumption adjustments 2 With capital consumption adjustment 3 Consists mainly of social insurance benefits to persons Source Department of Commerce Bureau of Economic Analysis 5 Disposition of Personal Income According to revised estimates per capita disposable personal income in chained 2009 dollars rose 1 6 percent annual rate in the second quarter of 2016 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 disposable personal income Current dollars Billions of dollars Chained 2009 dollars Per capita personal consumption expenditures Current dollars Chained 2009 dollars Dollars Chart 6 Aug 2016 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 2014 I II III IV I II III IV I r r II 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 revised forecast for 2016 gross farm income in chained 2009 dollars is forecast to be 378 1 billion and net farm income to be 64 3 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 Aug 2016 Income of farm operators from farming 1 Gross farm income Year Value of agricultural sector production Total r r r r r r r r r Crops 2 3 Total Animals and animal products Farm related income Direct Federal Government payments Production expenses Net farm income The GDP chain type price index is used to convert the current dollar statistics to 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 2016 are forecasts Source Department of Agriculture Economic Research Service 7 Corporate Profits In the second quarter of 2016 according to preliminary estimates corporate profits before tax rose 88 6 billion annual rate and profits after tax rose 76 4 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 r II Total Profits before tax Nonfinancial Total Financial Total 3 Manufacturing Utilities Wholesale Note Data by industry are based on the North American Industry Classification System NAICS Source Department of Commerce Bureau of Economic Analysis 8 Total Net dividends Retail 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 Taxes on corporate income Chart 8 Aug 2016 Inventory Undistrib valuation adjustment uted profits Real Gross Private Domestic Investment In the second quarter of 2016 according to revised estimates nonresidential fixed investment in chained 2009 dollars fell 4 9 billion annual rate and residential investment fell 11 9 billion Inventories fell 12 4 billion following an increase of 40 7 billion in the first 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 Aug 2016 Fixed investment Period I II III IV I II III IV I r II Gross private domestic investment Change in private inventories Nonresidential Total Total Structures Equipment Intellectual property products Residential Total Nonfarm 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 I II III IV I II III IV I r II Residential Total nonresidential Intellectual property products Information processing equipment Structures Total Computers and peripheral equipment 1 Total Other Industrial Transportation equipequipment ment Software Total Structures Research and development Total residential Total Single family 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 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 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 August unemployment as measured by the household survey rose by 79 000 to 7 8 million MILLIONS OF PERSONS MILLIONS OF PERSONS SEASONALLY ADJUSTED CIVILIAN LABOR FORCE CIVILIAN EMPLOYMENT UNEMPLOYMENT YEARS OF AGE AND OVER SOURCE DEPARTMENT OF LABOR 2016 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 Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug 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 Total Men 20 years and over Women 20 years and over Both sexes 16 19 years Not in labor force Chart 11 Aug 2016 Labor Employ Unemployforce ment participa population ment tion rate ratio rate 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 August the unemployment rate remained at 4 9 percent PERCENT SEASONALLY ADJUSTED PERCENT SEASONALLY ADJUSTED TEENAGERS BLACK OR AFRICAN AMERICAN HISPANIC1 2 MEN 20 YEARS AND OVER 5 5 WHITE1 ALL CIVILIAN WORKERS ASIAN WOMEN 20 YEARS AND OVER 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 Aug 2016 By race or ethnicity 1 By sex and age Period Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug All civilian workers Men 20 years and over Women 20 years and over Both sexes 16 19 years White Black or African American By selected groups Hispanic or Latino ethnicity Asian 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 Married men spouse present Women who maintain families NSA Full time workers Part time workers Selected Measures of Unemployment and Unemployment Insurance Programs In August the percentages of the unemployed who had been out of work for less than 5 weeks and for 5 to 14 weeks rose while the percentages for 15 to 26 weeks and 27 weeks and over fell The mean duration of unemployment fell to 27 6 weeks and the median duration fell to 11 2 weeks PERCENT DISTRIBUTION PERCENT DISTRIBUTION DURATION OF UNEMPLOYMENT REASON FOR UNEMPLOYMENT 50 JOB LOSERS 27 WEEKS AND OVER 40 40 LESS THAN 5 WEEKS REENTRANTS WEEKS 20 20 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 Aug 2016 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 Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug 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 and Federal Additional Compensation 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 151 000 in August MILLIONS OF PERSONS MILLIONS OF PERSONS ALL NONAGRICULTURAL ESTABLISHMENTS PRIVATE SERVICE PROVIDING INDUSTRIES EDUCATION AND HEALTH SERVICES PROFESSIONAL AND BUSINESS SERVICES RETAIL TRADE 16 PRIVATE INDUSTRIES 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 Aug 2016 Private industries Period Aug Sept Oct Nov Dec Jan Feb Mar Apr May June r r July p Aug Total nonagricultural employment Goods producing industries Total private Total 2 Construc Manufaction turing Private service providing industries Trade transportation and utilities Total Total Retail trade Information Financial activities Profes Education Leisure sional and and and health business services hospitality services Other services Government 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 July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June r r July p Aug Average gross hourly earnings Total private nonagricultural 1 Manufacturing Total Overtime Current dollars Manufacturing dollars Average gross weekly earnings Total private nonagricultural 1 Current dollars Percent change from a year earlier total private nonagricultural Current dollars dollars 2 Manufacturing Construction Retail trade Current dollars 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 clerical workers CPI W on a base Source Department of Labor Bureau of Labor Statistics 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 2006 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Seasonally adjusted 2014 Mar June Sept Dec Mar June Sept Dec Mar June Not seasonally adjusted 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 Labor productivity output per hour 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 2006 r r r r r r r r r r I r r II r III r IV 2013 I r r II r III r IV 2014 I r r II r III r IV 2015 I r r II r III r IV 2016 I r II Percent change quarterly data at seasonally adjusted annual rates 2006 r r r r r r r r r r I r r II r III r IV 2013 I r r II r III r IV 2014 I r r II r III r IV 2015 I r r II r III r IV 2016 I r II 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 consumer price series The trend for is based on the consumer price index research series CPI U RS The change for prior years and recent quarters is based on the consumer price index for all urban consumers CPI U 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 reflect annual revisions for details see Productivity and Costs release dated August Data based on GDP data released on August Source Department of Labor Bureau of Labor Statistics 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial production and capacity utilization rose in July INDEX RATIO SCALE 120 INDEX RATIO SCALE 130 TOTAL INDUSTRIAL PRODUCTION FINAL PRODUCTS CONSUMER GOODS BUSINESS EQUIPMENT MANUFACTURING 1 DURABLE TOTAL 110 DEFENSE AND SPACE EQUIPMENT NONDURABLE PERCENT 86 CAPACITY UTILIZATION RATE TOTAL INDUSTRY 84 UTILITIES AND MINING 130 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 July Aug Sept Oct Nov Dec Jan r Feb r Mar r Apr May r June r p July Percent change 2 Index From preceding month Chart 17 Aug 2016 Industry production indexes Capacity utilization rate output as percent of capacity 1 Manufacturing From year earlier Total Durable Nondurable Other non NAICS Mining Utilities Total industry Total manufacturing 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 monthly data seasonally adjusted Products and nonindustrial supplies Materials Final products Consumer goods Period Total July Aug Sept Oct Nov Dec Jan r Feb r Mar r Apr May r June r p July 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 July Aug Sept Oct Nov Dec Jan r Feb r Mar r Apr May r June r p July Iron and steel products Fabricated metal products Nondurable manufactures Machinery Total Selected high technology Transportation equipment Total 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 Apparel Printing and related support activities Chemicals Food New Construction Billions of dollars monthly data at seasonally adjusted annual rates Private Period July Aug Sept Oct Nov Dec Jan Feb Mar Apr May r June r p July Total new construction expenditures Residential Total New housing Total Federal and State and local Nonresidential Total Lodging Commercial including farm Office Manufacturing Other New houses sold New houses for sale at end of period 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 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 2015 July Aug Sept Oct Nov Dec Jan Feb Mar r Apr May r June r p July 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 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 June according to preliminary estimates manufacturing and trade sales rose 1 1 percent In July according to advance estimates manufacturing and trade inventories fell 1 6 billion both retail sales and retail and food services sales fell slightly and retail inventories fell 2 3 billion BILLIONS OF DOLLARS RATIO SCALE 1 900 BILLIONS OF DOLLARS RATIO SCALE 650 MANUFACTURING AND TRADE INVENTORIES RETAIL INVENTORIES RETAIL AND FOOD SERVICES SALES MANUFACTURING AND TRADE SALES 1 400 RETAIL SALES RATIO 1 70 INVENTORY SALES RATIO RETAIL 1 40 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 May r June r July Aug Sept Oct Nov Dec Jan Feb Mar Apr r May r June p July Inventories 3 Inventory sales ratio 4 Wholesale Sales Inventories 3 Retail Inventory sales ratio 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 r Inventories Chart 20 Aug 2016 Retail and food Inventory sales services sales 2 4 ratio r Manufacturers Shipments Inventories and Orders In July manufacturers shipments and unfilled orders fell while inventories and new orders rose BILLIONS OF DOLLARS RATIO SCALE SHIPMENTS 500 460 TOTAL 420 BILLIONS OF DOLLARS RATIO SCALE 700 INVENTORIES TOTAL DURABLE GOODS NONDURABLE GOODS DURABLE GOODS 180 NONDURABLE GOODS BILLIONS OF DOLLARS RATIO SCALE NEW ORDERS 500 460 TOTAL RATIO 1 60 INVENTORY SHIPMENTS RATIO 1 50 DURABLE GOODS SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE 2015 COUNCIL OF ECONOMIC ADVISERS Manufacturers shipments 1 Manufacturers inventories 2 Manufacturers new orders 1 Chart 21 Aug 2016 Durable goods Period Total Durable goods 2016 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 July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June r p July 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 4 percent in July Prices for final demand goods fell 0 4 percent and prices for final demand services fell 0 3 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 July Aug Sept Oct Nov Dec Jan Feb r Mar Apr May June July Total final demand Final demand services Total Foods 2 Energy Less food and energy Total Trade 3 Transportation and warehousing Other Processed goods Final for intermediate demand demand less foods energy Less and food trade Total and Aug 2013 energy Unprocessed goods2016 Chart 22 Aug for intermediate demand Services for intermediNonfood ate materials demand Total less energy 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 2015 Source Department of Labor Bureau of Labor Statistics 22 Consumer Prices All Urban Consumers In July the consumer price index for all urban consumers was unchanged it fell 0 2 percent before seasonal adjustment The index rose 0 8 percent from its year earlier level INDEX RATIO SCALE INDEX RATIO SCALE SEASONALLY ADJUSTED CONSUMER PRICES ALL ITEMS SOURCE DEPARTMENT OF LABOR 2016 COUNCIL OF ECONOMIC ADVISERS except as noted monthly data seasonally adjusted except as noted by NSA All items Period Rel imp July r r Aug Sept r r Oct r Nov r Dec 2016 Jan r r Feb r Mar r Apr May r June r July Not seasonally Seasonally adjusted adjusted NSA All items less food and energy Total Shelter Medical care Apparel Food New vehicles Energy Total 1 At home Away from home Total Chart 23 Aug 2016 Gasoline C CPI U Dec NSA 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 June 2016 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 demand and 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 Change month to month 2015 July Aug Sept Oct Nov Dec Jan Feb r Mar r Apr May June July 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 July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July r 4 Change month to month r 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 July prices received by farmers fell 3 7 percent and prices paid by farmers fell 0 8 percent 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 July r r Aug Sept r r Oct r Nov r Dec 2016 Jan r r Feb r Mar r Apr May r June r p July Agricultural production Crop production Chart 25 Aug 2016 Prices paid by farmers Livestock production All commodities services interest taxes and wage rates PPITW Production items interest taxes and wage rates PITW Production items Ratio of prices received by farmers to PPITW Annual indexes for 2011 forward reflect revised methodology See Agricultural Price Program Update January 2015 for details 2 Includes items not shown separately 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 July 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 2016 COUNCIL OF ECONOMIC ADVISERS Averages of daily figures except debt end of period basis billions of dollars seasonally adjusted Chart 26 Aug 2016 M1 Period Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec July Aug Sept Oct Nov Dec Jan Feb r Mar Apr May r June r p July 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 Percent change From previous period 4 From year or 6 months earlier 3 M1 M Debt 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 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec July Aug Sept Oct Nov Dec Jan r r Feb r Mar r Apr May r June r p July Currency Nonbank travelers checks Other checkable deposits OCDs Demand deposits At commercial banks Total Savings deposits including MMDAs At thrift institutions Small denomination time deposits 1 At commercial banks At commercial banks Total At thrift institutions Total Retail money funds At thrift institutions Institutional money funds Small denomination deposits are those issued in amounts of less than 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 Dec Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug 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 Nonborrowed Monetary base Total Primary Secondary Seasonal Term assetbacked securities loan facility 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 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 7 percent in July BILLIONS OF DOLLARS RATIO SCALE 14 000 ALL COMMERCIAL BANKS 12 000 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 2016 COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted 1 Securities in bank credit 2 Period Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May r June r r July Total bank credit Total securities U S Treasury and agency securities Loans and leases in bank credit Other securities Total loans and leases Commercial and industrial loans Chart 28 Aug 2016 Real estate loans Total Revolving home equity loans Commercial loans Consumer loans Other 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 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 I II III IV I II III IV I II III IV I p Internal Total net funds raised Total Net new equity issues Credit market instruments Total Securities and mortgages Loans and short term paper Other Total Capital expenditures Increase in financial assets Discrepancy sources less uses 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 2006 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June 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 preceding year end for monthly data change from preceding month 2 Includes automobile loans and all other loans not included in revolving credit such as loans for mobile homes education boats trailers or vacations These loans may be secured or unsecured Note Data include student loans extended by the Federal Government and by SLM Holding Corporation Source Board of Governors of the Federal Reserve System 29 Interest Rates and Bond Yields Interest rates were mixed in August PERCENT PER ANNUM 10 PERCENT PER ANNUM CORPORATE Aaa BONDS MOODY S FEDERAL FUNDS RATE 2 TREASURY BILLS SOURCE SEE TABLE BELOW 2016 COUNCIL OF ECONOMIC ADVISERS Percent per annum Chart 30 Aug 2016 U S Treasury security yields Period Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Week ended Aug Sept 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 New home mortgage yields FHFA 6 Federal funds 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 Series for 30 year constant maturity was discontinued on February and reintroduced on February 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 August 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 COUNCIL OF ECONOMIC ADVISERS Common stock yields percent 6 Common stock prices 1 Chart 31 Aug 2016 New York Stock Exchange indexes December Period Composite Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Week ended Aug Sept Financial Energy Health Care Dow Jones industrial average 3 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 2016 over 3 200 listed on the NYSE 3 Includes 30 stocks 4 Includes 500 stocks 5 Includes over 3 100 stocks in 2016 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 ten months of fiscal year 2016 the deficit was 513 7 billion compared with a deficit of 465 5 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 10 months 1 Fiscal year Fiscal year Outlays Chart 32 Jul 2016 On budget Surplus or deficit Receipts Outlays Federal debt end of period Off budget Surplus or deficit Receipts Outlays Surplus or deficit Gross Federal Held by the public Data from current issue Monthly Treasury Statement Note Data for fiscal year 2016 and fiscal year 2017 are from Mid Session Review Budget of the U S Government Fiscal Year 2017 issued July Other data except as noted are from Budget of the United States Government Fiscal Year 2017 issued February Sources Department of the Treasury and Office of Management and Budget 32 Federal Receipts by Source and Outlays by Function In the first ten months of fiscal year 2016 receipts were 6 4 billion higher than a year earlier and outlays were 54 5 billion higher BILLIONS OF DOLLARS BILLIONS OF DOLLARS 2 000 RECEIPTS INDIVIDUAL INCOME TAXES CORPORATION INCOME TAXES SOCIAL INSURANCE AND RETIREMENT RECEIPTS OTHER 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 July 2016 On budget and off budget receipts Fiscal year or period estimates estimates Cumulative total first 10 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 Total Total Depart Internament tional of affairs Defense military Health Medicare Income Social Net security security interest Other 1 Data from current issue Monthly Treasury Statement Data for Department of Defense military include a small amount that is classified and listed under international affairs and not included in national defense Note Data for fiscal year 2016 and fiscal year 2017 are from Mid Session Review Budget of the U S Government Fiscal Year 2017 issued July Other data except as noted are from Budget of the United States Government Fiscal Year 2017 issued February Sources Department of the Treasury and Office of Management and Budget 33 Federal Sector National Income Accounts Basis In the second quarter of 2016 according to current estimates Federal current receipts rose 27 2 billion annual rate while Federal current expenditures rose 26 5 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 Aug 2016 Federal Government current receipts Federal Government current expenditures Current tax receipts Period Calendar year I II III IV I II III IV I r r II 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 Federal grants in aid to State and local governments not shown separately Source Department of Commerce Bureau of Economic Analysis Current transfer receipts Current surplus of government enterprises Total ConCurrent sumption transfer Interest Subsidies expendipaypayments tures ments 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 r r r r r June r July r Aug Sept r r Oct r Nov r Dec r Jan r Feb r Mar r Apr r May r June p July p Aug Germany Italy United Kingdom 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 July Aug Sept Oct Nov Dec Jan r r Feb r Mar r Apr May r June r p July 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 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 Total includes other exports or imports not shown separately Note BOP refers to balance of payments on international transactions basis BOP data shown here are consistent with figures shown on pp 36 and 37 Source Department of Commerce Bureau of the Census and Bureau of Economic Analysis 35 U S International Transactions In the first quarter of 2016 the current account deficit rose to 124 7 billion from 113 4 billion in the fourth quarter The goods and services deficit fell to 121 9 billion in the first quarter from 124 2 billion in the fourth quarter BILLIONS OF DOLLARS 80 BILLIONS OF DOLLARS 80 SEASONALLY ADJUSTED BALANCE ON PRIMARY INCOME BALANCE ON SECONDARY INCOME 60 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 Jun 2016 Current Account 1 Goods 2 Period Services Exports I II III IV I II III IV I II III IV I 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 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 35 0 billion in the first quarter of 2016 resulting from a net increase in U S financial assets of 66 8 billion plus a net increase in transactions in financial derivatives of 13 6 billion less a net increase in U S liabilities of 115 5 billion U S net borrowing was up from 21 8 billion in the fourth 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 Jun 2016 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 I II III IV I II III IV I II III IV I Direct investment assets Portfolio investment assets Other investment assets Reserve assets Net U S incurrence of liabilities excluding financial derivatives net increase in liabilities financial inflow Total Direct investment liabilities Portfolio investment liabilities Other investment liabilities Financial derivatives other than reserves net transactions Net lending or net borrowing from financial account transactions U S official reserve assets Statistical net discrep unadancy justed end of period 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 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

Aggregate Reserves and Monetary Base

DATE: August 2016

PART OF:

Economic Indicators : August 2016

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-. "Aggregate Reserves and Monetary Base," 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-. "August 2016," Economic Indicators (August 2016) : 29-29. https://fraser.stlouisfed.org/title/1/item/534790/toc/517940 , accessed on December 15, 2019.

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Economic Data