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115th Congress, 1st Session

Economic Indicators
FEBRUARY 2017
(Includes data available as of March 10, 2017)

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

UNITED STATES
GOVERNMENT PUBLISHING OFFICE
WASHINGTON : 2017

JOINT ECONOMIC COMMITTEE

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

Representative Patrick J. Tiberi, Ohio, Chairman
Senator Mike Lee, Utah, Vice Chairman
House of Representatives

Erik Paulsen, Minnesota
David Schweikert, Arizona
Barbara Comstock, Virginia
Darin LaHood, Illinois
Francis Rooney, Florida
Carolyn B. Maloney, New York
John Delaney, Maryland
Alma S. Adams, Ph.D., North Carolina
Donald S. Beyer, Jr., Virginia

Senate

Tom Cotton, Arkansas
Ben Sasse, Nebraska
Rob Portman, Ohio
Ted Cruz, Texas
Bill Cassidy, M.D., Louisiana
Martin Heinrich, New Mexico, Ranking
Amy Klobuchar, Minnesota
Gary Peters, Michigan
Margaret Wood Hassan, New Hampshire

Whitney K. Daffner, Executive Director

COUNCIL OF ECONOMIC ADVISERS

[Public Law 120—81st Congress; Chapter 237—1st Session]
JOINT RESOLUTION [S.J. R es. 55]
To print the monthly publication entitled “Economic Indicators”
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled “Economic Indicators,” and that a sufficient
quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the
Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House,
and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies
to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be
authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts prepared under the direction of the Mail and Multimedia Division,
Office of the Secretary, Department of Commerce.
Monthly issues of Economic Indicators in PDF form,
and tables in Excel, are available online at:

www.gpo.gov/economicindicators
To subscribe to the print edition, $58.00 per year ($81.20 outside the United States),
contact the U.S. Government Publishing Office
at 202-512-1800, www.gpo.gov/economicindicators, or:
SUPERINTENDENT OF DOCUMENTS
U.S. GOVERNMENT PUBLISHING OFFICE
MAIL STOP: IDCC
WASHINGTON, DC 20402-9328

ii

TOTAL OUTPUT, INCOME, AND SPENDING
Gross Domestic Product
In the fourth quarter of 2016, according to revised estimates, real gross domestic product (GDP) in chained (2009)
dollars rose 1.9 percent (annual rate), current dollar GDP rose 3.9 percent, and the chained price index rose 2.0
percent.
BILLIONS OF DOLLARS (RATIO SCALE)

BILLIONS OF DOLLARS (RATIO SCALE)
19,200

19,200

SEASONALLY ADJUSTED ANNUAL RATES

18,800

18,800

18,400

18,400

18,000

18,000

17,600

17,600

17,200

17,200
16,800

16,800
GDP
IN CURRENT DOLLARS

16,400

16,400

16,000

16,000

15,600

15,600

15,200

15,200

GDP
IN CHAINED (2009) DOLLARS

14,800

14,800

14,400

14,400

14,000

14,000
13,600

13,600
2007

2008

2009

2010

2011

2012

2013

2014

SOURCE: DEPARTMENT OF COMMERCE

2015

2016

COUNCIL OF ECONOMIC ADVISERS

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

Period

2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 r ������������������
2014: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2015: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2016: I ����������������
      II ���������������
      III ��������������
      IV r ������������

Gross
domestic
product

14,477.6
14,718.6
14,418.7
14,964.4
15,517.9
16,155.3
16,691.5
17,393.1
18,036.6
18,565.6
17,025.2
17,285.6
17,569.4
17,692.2
17,783.6
17,998.3
18,141.9
18,222.8
18,281.6
18,450.1
18,675.3
18,855.5

Personal
consumption
expenditures

Gross
private
domestic
investment

9,750.5
10,013.6
9,847.0
10,202.2
10,689.3
11,050.6
11,361.2
11,863.4
12,283.7
12,753.1
11,636.1
11,800.6
11,941.0
12,075.8
12,098.9
12,240.2
12,356.9
12,438.8
12,498.0
12,692.7
12,832.2
12,989.5

2,643.7
2,424.8
1,878.1
2,100.8
2,239.9
2,511.7
2,706.3
2,886.5
3,056.6
3,035.4
2,774.0
2,861.6
2,939.8
2,970.4
3,044.6
3,049.9
3,072.1
3,059.9
3,036.8
2,987.5
3,017.2
3,100.1

Exports and imports of
goods and services
Net
exports
–718.5
–723.1
–395.4
–512.7
–580.0
–565.7
–492.0
–508.8
–522.0
–499.9
–508.4
–515.6
–485.6
–525.5
–534.7
–508.9
–523.4
–520.9
–507.4
–492.4
–460.0
–539.8

Government consumption expenditures
and gross investment
Federal

Exports

1,664.6
1,841.9
1,587.7
1,852.3
2,106.4
2,198.2
2,276.6
2,375.3
2,264.3
2,233.0
2,339.1
2,388.4
2,394.7
2,379.0
2,287.8
2,298.6
2,259.1
2,211.7
2,179.0
2,209.7
2,276.3
2,267.1

Imports

2,383.2
2,565.0
1,983.2
2,365.0
2,686.4
2,763.8
2,768.6
2,884.1
2,786.3
2,732.9
2,847.4
2,904.0
2,880.3
2,904.6
2,822.4
2,807.5
2,782.5
2,732.6
2,686.3
2,702.2
2,736.2
2,806.9

Total

2,801.9
3,003.2
3,089.1
3,174.0
3,168.7
3,158.6
3,116.1
3,152.1
3,218.3
3,277.1
3,123.6
3,139.0
3,174.2
3,171.4
3,174.7
3,217.2
3,236.3
3,245.0
3,254.3
3,262.3
3,285.9
3,305.7

Total
1,049.8
1,155.6
1,217.7
1,303.9
1,303.5
1,292.5
1,229.5
1,218.9
1,225.0
1,244.5
1,218.1
1,214.3
1,230.6
1,212.5
1,218.8
1,222.1
1,225.0
1,234.0
1,233.8
1,239.2
1,251.8
1,253.2

National
defense

Nondefense

678.7
754.1
788.3
832.8
836.9
817.8
767.0
746.0
732.0
732.2
750.0
746.0
755.5
732.5
731.2
731.8
729.3
735.6
731.4
729.3
736.0
732.0

371.0
401.5
429.4
471.1
466.5
474.7
462.5
472.9
493.0
512.3
468.0
468.3
475.1
480.0
487.6
490.3
495.7
498.4
502.4
509.9
515.8
521.2

Chart 1 - Feb 2017

State
and
local
1,752.2
1,847.6
1,871.4
1,870.2
1,865.3
1,866.1
1,886.6
1,933.2
1,993.3
2,032.6
1,905.5
1,924.7
1,943.6
1,958.9
1,955.9
1,995.1
2,011.3
2,011.0
2,020.5
2,023.1
2,034.1
2,052.5

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

14,443.2
14,750.6
14,566.3
14,902.8
15,476.2
16,093.5
16,599.1
17,327.7
17,943.3
18,545.7
16,989.9
17,220.7
17,493.2
17,606.9
17,654.7
17,893.1
18,065.1
18,160.1
18,239.7
18,465.0
18,671.2
18,806.7

15,196.2
14,603.2
15,441.6
14,890.6
14,814.2
14,569.8
15,477.0
15,170.3
16,097.9
15,764.6
16,720.9
16,392.8
17,183.5
16,935.8
17,901.9
17,641.2
18,558.6
18,242.4
19,065.5 �����������������
17,533.6
17,276.8
17,801.2
17,528.3
18,055.0
17,830.6
18,217.7
17,929.0
18,318.3
18,000.7
18,507.2
18,202.0
18,665.3
18,332.5
18,743.7
18,434.1
18,789.0
18,454.2
18,942.5
18,657.9
19,135.2
18,879.3
19,395.2 �����������������

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

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

1

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

Period

2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 r ������������������
2014: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2015: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2016: I ����������������
      II ���������������
      III ��������������
      IV r ������������

Gross private
domestic investment
Personal
Gross
conChange
domestic sumption Nonresi- Resiin
product expendi- dential dential
fixed
fixed
private
tures
investinvestinvenment
ment
tories
14,873.7
14,830.4
14,418.7
14,783.8
15,020.6
15,354.6
15,612.2
15,982.3
16,397.2
16,659.8
15,747.0
15,900.8
16,094.5
16,186.7
16,269.0
16,374.2
16,454.9
16,490.7
16,525.0
16,583.1
16,727.0
16,804.1

10,041.6
10,007.2
9,847.0
10,036.3
10,263.5
10,413.2
10,565.4
10,868.9
11,214.7
11,518.5
10,712.8
10,813.3
10,912.9
11,036.4
11,102.4
11,181.3
11,255.9
11,319.3
11,365.2
11,484.9
11,569.0
11,655.0

1,948.4
1,934.4
1,633.4
1,673.8
1,802.3
1,964.1
2,032.9
2,155.6
2,200.2
2,189.2
2,111.8
2,143.4
2,186.7
2,180.6
2,187.9
2,196.6
2,217.5
2,198.8
2,179.7
2,185.0
2,192.5
2,199.7

654.8
497.7
392.2
382.4
384.5
436.5
488.3
505.4
564.5
592.0
489.4
503.1
507.6
521.4
538.0
556.9
573.7
589.5
600.7
588.7
582.5
596.0

35.5
–33.7
–147.6
58.2
37.6
54.7
78.7
57.7
84.0
21.1
31.7
55.2
66.8
76.9
114.4
93.8
70.9
56.9
40.7
–9.5
7.1
46.2

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

Imports

Total

–712.6
–557.8
–395.4
–458.8
–459.4
–447.1
–404.9
–425.7
–540.0
–561.6
–412.0
–427.5
–409.4
–454.0
–521.2
–524.9
–547.1
–566.6
–566.3
–558.5
–522.2
–599.6

1,646.4
1,740.8
1,587.7
1,776.6
1,898.3
1,963.2
2,031.5
2,118.3
2,120.6
2,128.8
2,074.1
2,118.0
2,128.7
2,152.3
2,120.6
2,135.5
2,120.4
2,105.8
2,102.0
2,111.3
2,162.0
2,139.9

2,359.0
2,298.6
1,983.2
2,235.4
2,357.7
2,410.2
2,436.4
2,544.0
2,660.5
2,690.4
2,486.1
2,545.5
2,538.1
2,606.2
2,641.8
2,660.5
2,667.6
2,672.4
2,668.2
2,669.7
2,684.3
2,739.5

2,914.4
2,994.8
3,089.1
3,091.4
2,997.4
2,941.6
2,857.6
2,833.0
2,883.7
2,907.3
2,824.3
2,825.1
2,842.6
2,840.0
2,858.0
2,880.7
2,894.4
2,901.7
2,913.2
2,900.9
2,906.4
2,908.9

National Nondefense defense

Total
1,078.7
1,152.3
1,217.7
1,270.7
1,236.4
1,213.5
1,142.8
1,113.8
1,113.8
1,120.5
1,118.6
1,110.8
1,121.5
1,104.4
1,109.6
1,110.1
1,112.7
1,123.0
1,118.7
1,117.7
1,124.4
1,121.1

695.6
748.1
788.3
813.5
795.0
768.2
715.7
686.3
672.0
667.0
692.5
686.8
693.5
672.5
671.8
671.0
669.0
676.3
670.9
665.5
668.9
662.8

383.1
404.2
429.4
457.1
441.4
445.3
427.0
427.3
441.3
452.6
425.9
423.8
427.8
431.6
437.3
438.6
443.1
446.2
447.2
451.4
454.7
457.3

AddenFinal
Gross
dum:
sales of
domestic
Gross
domestic purchases
1 national
product
product

State
and
local
1,836.1
1,842.4
1,871.4
1,820.8
1,761.0
1,728.1
1,714.1
1,718.1
1,768.2
1,785.2
1,704.8
1,713.2
1,720.1
1,734.1
1,746.9
1,768.9
1,779.9
1,777.1
1,792.6
1,781.4
1,780.4
1,786.1

14,836.2
14,865.7
14,566.3
14,722.2
14,979.0
15,292.3
15,521.1
15,912.9
16,300.6
16,624.6
15,703.8
15,833.0
16,015.6
16,099.3
16,140.9
16,267.5
16,371.7
16,422.4
16,473.5
16,579.5
16,703.6
16,741.6

15,606.8 15,005.7
15,399.9 15,004.8
14,814.2 14,569.8
15,244.9 14,970.8
15,483.9 15,241.0
15,804.3 15,562.1
16,016.9 15,822.2
16,408.9 16,192.5
16,937.8 16,570.4
17,222.2 ��������������
16,159.6 15,961.5
16,329.7 16,106.1
16,504.1 16,316.0
16,642.1 16,386.4
16,791.3 16,453.3
16,900.1 16,545.7
17,002.6 16,614.0
17,057.2 16,668.4
17,091.5 16,668.3
17,142.6 16,757.6
17,252.6 16,897.4
17,402.0 ��������������

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

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

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

Period

2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 r ������������������
2014: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2015: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2016: I ����������������
      II ���������������
      III ��������������
      IV r ������������

Gross
domestic
product

97.340
99.218
100.000
101.226
103.315
105.220
106.917
108.838
109.999
111.445
108.140
108.714
109.178
109.321
109.307
109.922
110.268
110.498
110.635
111.268
111.662
112.216

Personal consumption
expenditures

Total

97.102
100.065
100.000
101.653
104.149
106.121
107.532
109.150
109.532
110.715
108.621
109.133
109.425
109.422
108.979
109.472
109.784
109.892
109.969
110.519
110.921
111.452

Goods

Services

99.403
102.362
100.000
101.637
105.413
106.701
106.116
105.727
102.680
101.235
106.047
106.111
105.845
104.905
102.728
103.043
102.806
102.144
101.109
101.301
101.083
101.445

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

2

Gross private
domestic investment

95.981
98.947
100.000
101.661
103.524
105.840
108.276
110.946
113.149
115.744
109.969
110.716
111.303
111.797
112.275
112.863
113.469
113.990
114.663
115.405
116.142
116.765

Nonresidential
fixed
98.574
100.337
100.000
99.070
100.545
102.216
103.023
104.423
105.051
105.489
103.920
104.303
104.618
104.853
105.014
104.932
105.141
105.116
105.172
105.476
105.532
105.778

Residential
fixed
105.176
103.647
100.000
99.645
100.395
101.324
106.393
112.795
115.479
119.286
111.212
111.575
113.517
114.874
114.920
114.898
115.726
116.371
116.952
118.553
120.070
121.568

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Exports

101.107
105.809
100.000
104.263
110.960
111.970
112.064
112.134
106.778
104.896
112.767
112.755
112.483
110.529
107.885
107.639
106.548
105.039
103.669
104.671
105.292
105.954

Imports

101.024
111.588
100.000
105.800
113.942
114.671
113.634
113.368
104.726
101.569
114.517
114.064
113.462
111.429
106.829
105.520
104.304
102.252
100.675
101.211
101.933
102.457

Total
97.319
100.286
100.000
102.614
105.422
106.512
107.581
109.431
109.979
111.068
108.888
109.320
109.726
109.790
109.845
110.093
110.096
109.881
110.286
110.869
111.331
111.784

National
defense
97.572
100.809
100.000
102.365
105.274
106.466
107.167
108.699
108.923
109.767
108.310
108.619
108.941
108.927
108.853
109.062
109.010
108.765
109.015
109.585
110.034
110.434

Nondefense
96.849
99.321
100.000
103.064
105.691
106.600
108.296
110.668
111.724
113.183
109.879
110.509
111.050
111.235
111.493
111.800
111.888
111.717
112.356
112.961
113.443
113.972

State
and
local
95.426
100.279
100.000
102.714
105.923
107.985
110.063
112.522
112.732
113.863
111.773
112.349
112.999
112.966
111.969
112.787
113.003
113.169
112.715
113.570
114.254
114.914

Gross Domestic Product and Related Price Measures:
Indexes and Percent Changes
[Quarterly data are seasonally adjusted]
Percent change from preceding period 1

Index numbers, 2009=100
Personal consumption
expenditures (PCE)

Gross domestic product (GDP)
Period

2007 ����������������������
2008 ����������������������
2009 ����������������������
2010 ����������������������
2011 ����������������������
2012 ����������������������
2013 ����������������������
2014 ����������������������
2015 ����������������������
2016 r ��������������������
2014: I ������������������
      II �����������������
      III ����������������
      IV ����������������
2015: I ������������������
      II �����������������
      III ����������������
      IV ����������������
2016: I ������������������
      II �����������������
      III ����������������
      IV r ��������������

Real GDP
GDP
(chain-type chain-type
quantity
price
index)
index
103.156
102.855
100.000
102.532
104.174
106.491
108.277
110.844
113.721
115.543
109.212
110.279
111.622
112.262
112.832
113.562
114.121
114.370
114.608
115.011
116.009
116.543

GDP
implicit
price
deflator

97.340
99.218
100.000
101.226
103.315
105.220
106.917
108.838
109.999
111.445
108.140
108.714
109.178
109.321
109.307
109.922
110.268
110.498
110.635
111.268
111.662
112.216

PCE
PCE
less food
(chain-type and
price index) priceenergy
index

97.337
99.246
100.000
101.221
103.311
105.214
106.913
108.828
109.998
111.440
108.117
108.709
109.165
109.300
109.310
109.919
110.253
110.504
110.630
111.258
111.648
112.208

97.102
100.065
100.000
101.653
104.149
106.121
107.532
109.150
109.532
110.715
108.621
109.133
109.425
109.422
108.979
109.472
109.784
109.892
109.969
110.519
110.921
111.452

96.832
98.827
100.000
101.286
102.800
104.741
106.323
108.048
109.540
111.350
107.365
107.910
108.308
108.608
108.908
109.385
109.770
110.095
110.657
111.150
111.626
111.965

Personal consumption
expenditures (PCE)

Gross domestic product (GDP)
Gross
domestic
purchases
price index

97.372
100.244
100.000
101.527
103.970
105.805
107.287
109.109
109.569
110.708
108.525
109.015
109.411
109.487
109.090
109.512
109.793
109.881
109.936
110.509
110.925
111.461

GDP
(current
dollars)

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

4.5
1.7
–2.0
3.8
3.7
4.1
3.3
4.2
3.7
2.9
.6
6.3
6.7
2.8
2.1
4.9
3.2
1.8
1.3
3.7
5.0
3.9

1.8
–.3
–2.8
2.5
1.6
2.2
1.7
2.4
2.6
1.6
–1.2
4.0
5.0
2.3
2.0
2.6
2.0
.9
.8
1.4
3.5
1.9

GDP
implicit
price
deflator

2.7
1.9
.8
1.2
2.1
1.8
1.6
1.8
1.1
1.3
1.7
2.1
1.7
.5
–.1
2.3
1.3
.8
.5
2.3
1.4
2.0

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

2.7
2.0
.8
1.2
2.1
1.8
1.6
1.8
1.1
1.3
1.8
2.2
1.7
.5
.0
2.2
1.2
.9
.5
2.3
1.4
2.0

2.5
3.1
–.1
1.7
2.5
1.9
1.3
1.5
.3
1.1
2.0
1.9
1.1
.0
–1.6
1.8
1.1
.4
.3
2.0
1.5
1.9

2.2
2.1
1.2
1.3
1.5
1.9
1.5
1.6
1.4
1.7
1.6
2.0
1.5
1.1
1.1
1.8
1.4
1.2
2.1
1.8
1.7
1.2

2.7
2.9
–.2
1.5
2.4
1.8
1.4
1.7
.4
1.0
2.1
1.8
1.5
.3
–1.4
1.6
1.0
.3
.2
2.1
1.5
1.9

1 Quarterly percent changes are at annual rates.

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

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

Period

Current
dollars
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 r ������������������
2014: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2015: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2016: I ����������������
      II ���������������
      III r ������������

Price per unit of real gross value added of nonfinancial corporate business (dollars) 1, 2

Gross value added
of nonfinancial
corporate business
(billions of dollars) 1

6,988.0
7,203.9
7,256.8
6,859.8
7,238.7
7,592.3
8,011.9
8,305.2
8,703.9
9,008.8
8,476.9
8,648.2
8,804.3
8,886.1
8,944.7
8,968.6
9,041.9
9,080.2
9,076.9
9,121.5
9,285.6

Chained
(2009)
dollars
7,389.2
7,454.8
7,358.5
6,859.8
7,156.3
7,333.4
7,580.6
7,752.5
7,987.9
8,225.5
7,826.6
7,937.1
8,051.5
8,136.4
8,206.9
8,180.8
8,240.9
8,273.5
8,312.3
8,316.3
8,481.1

Total

0.946
.966
.986
1.000
1.012
1.035
1.057
1.071
1.090
1.095
1.083
1.090
1.093
1.092
1.090
1.096
1.097
1.098
1.092
1.097
1.095

Compensation
of employees
(unit labor
cost)
0.559
.578
.592
.596
.581
.595
.606
.613
.626
.639
.630
.625
.624
.625
.630
.640
.641
.647
.642
.653
.649

Corporate profits with inventory valuation
and capital consumption adjustments 4

Unit nonlabor cost

Total
0.250
.266
.283
.300
.293
.299
.299
.300
.301
.304
.303
.302
.301
.300
.299
.302
.302
.313
.303
.304
.300

Consumption
of fixed
capital

Net interest
Taxes on
and
production miscellaneous
and imports 3
payments

0.133
.140
.149
.159
.153
.155
.156
.158
.161
.162
.161
.161
.160
.160
.160
.162
.162
.163
.163
.164
.162

0.092
.093
.093
.099
.100
.104
.103
.105
.104
.104
.105
.104
.103
.103
.102
.102
.102
.112
.102
.102
.101

0.025
.033
.042
.041
.040
.040
.039
.036
.037
.038
.037
.037
.037
.037
.037
.038
.038
.038
.038
.038
.037

Total
0.137
.123
.111
.105
.137
.142
.152
.159
.162
.152
.150
.163
.169
.167
.161
.155
.155
.138
.148
.141
.146

Taxes on
corporate
income
0.042
.039
.031
.026
.031
.031
.035
.037
.039
.037
.039
.040
.040
.038
.040
.039
.037
.034
.038
.039
.039

Profits
after
tax 5
0.096
.083
.080
.079
.107
.110
.116
.122
.123
.114
.111
.122
.129
.129
.121
.115
.117
.104
.110
.102
.107

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

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

3

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

Period

ComNational pensation
of
income employees

2007 �������������������� 12,321.4
2008 �������������������� 12,427.8
2009 �������������������� 12,126.1
2010 �������������������� 12,739.5
2011 �������������������� 13,352.3
2012 �������������������� 14,061.9
2013 �������������������� 14,444.8
2014 �������������������� 15,153.9
2015 �������������������� 15,665.3
2016 r ������������������ ��������������
2014: I ���������������� 14,773.8
      II ��������������� 15,063.0
      III �������������� 15,317.1
      IV �������������� 15,461.9
2015: I ���������������� 15,501.1
      II ��������������� 15,599.2
      III �������������� 15,724.4
      IV �������������� 15,836.2
2016: I ���������������� 15,844.9
      II ��������������� 15,990.1
      III r ������������ 16,262.3
      IV r ������������ ��������������

7,898.3
8,078.3
7,787.0
7,961.4
8,269.0
8,609.9
8,842.4
9,253.4
9,693.1
10,101.6
9,108.3
9,173.8
9,299.6
9,432.1
9,502.3
9,637.6
9,740.0
9,892.4
9,892.6
10,046.5
10,186.8
10,280.5

Rental
income
of
persons
with
capital
conNonfarm
sumption
adjustment

Farm

38.1
47.0
35.5
46.0
75.5
61.6
87.8
68.5
39.9
28.1
70.0
78.9
64.1
61.0
38.4
38.7
44.6
38.1
32.3
29.8
28.3
21.8

941.1
979.5
937.5
986.7
1,068.1
1,179.8
1,197.0
1,269.2
1,336.8
1,389.6
1,234.0
1,257.6
1,280.8
1,304.5
1,312.7
1,327.4
1,344.4
1,362.8
1,371.6
1,378.0
1,392.4
1,416.3

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

Taxes
on
production
and
imports

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

Profits
before
tax

189.4
1,529.0
1,708.9
1,748.4
–39.5
262.1
1,285.1
1,345.5
1,382.4
–37.0
333.7
1,397.0
1,479.2
1,472.6
6.7
402.8
1,746.4
1,799.7
1,840.7
–41.0
485.3
1,816.6
1,738.5
1,806.8
–68.3
525.3
1,998.2
2,116.6
2,130.8
–14.2
567.1
2,032.9
2,159.4
2,156.1
3.3
606.1
2,152.1
2,265.9
2,262.9
3.0
659.6
2,088.1
2,192.4
2,137.6
54.8
705.1 �������������� �������������� �������������� ��������������
590.1
2,024.6
2,136.5
2,190.0
–53.5
599.6
2,174.3
2,287.0
2,291.8
–4.8
611.3
2,193.6
2,308.9
2,286.1
22.8
623.3
2,215.8
2,331.2
2,283.6
47.6
636.5
2,177.0
2,284.5
2,203.1
81.4
656.6
2,112.4
2,214.9
2,208.1
6.8
668.1
2,095.4
2,200.5
2,140.8
59.7
677.3
1,967.5
2,069.8
1,998.4
71.4
692.8
2,033.5
2,139.2
2,078.0
61.2
700.6
2,021.0
2,127.1
2,180.6
–53.5
705.9
2,138.8
2,240.8
2,242.8
–2.0
721.3 �������������� �������������� �������������� ��������������

–179.9
–60.4
–82.2
–53.3
78.1
–118.5
–126.6
–113.9
–104.3
–103.7
–111.9
–112.7
–115.3
–115.5
–107.5
–102.5
–105.2
–102.2
–105.7
–106.1
–102.0
–101.0

663.4
693.4
563.4
489.4
488.1
527.7
504.6
533.7
524.1
485.3
515.7
529.6
547.5
542.0
546.2
521.5
525.2
503.7
493.1
485.5
485.5
477.0

Business
Less:
current
Subsidies transfer
payments

1,034.6
1,041.9
1,026.1
1,057.1
1,102.6
1,132.1
1,174.9
1,210.2
1,237.6
1,256.2
1,192.2
1,206.0
1,217.0
1,225.7
1,227.6
1,235.8
1,239.9
1,247.3
1,249.8
1,246.7
1,260.9
1,267.5

54.6
52.6
58.3
55.9
60.1
58.0
59.3
56.7
56.6
59.2
57.4
56.9
56.7
55.9
55.6
56.2
57.4
57.3
58.3
59.4
60.1
59.0

98.6
114.4
124.9
128.5
131.5
104.7
118.4
137.6
161.4
161.1
116.3
120.5
180.1
133.6
134.0
143.7
143.2
224.5
158.1
164.6
146.9
174.8

Current
surplus
of
government
enterprises

–16.4
–21.2
–20.6
–22.9
–24.5
–19.3
–20.9
–20.2
–18.8
–22.4
–20.0
–20.4
–20.3
–20.3
–18.0
–18.2
–18.9
–20.1
–20.5
–23.3
–23.2
–22.6

1 With inventory valuation and capital consumption adjustments.

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

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

Period

Total
personal
consumption
expenditures

2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 r ������������������
2014: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2015: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2016: I ����������������
      II ���������������
      III ��������������
      IV r ������������

10,041.6
10,007.2
9,847.0
10,036.3
10,263.5
10,413.2
10,565.4
10,868.9
11,214.7
11,518.5
10,712.8
10,813.3
10,912.9
11,036.4
11,102.4
11,181.3
11,255.9
11,319.3
11,365.2
11,484.9
11,569.0
11,655.0

Services

Durable
Total
goods

3,381.8
3,297.8
3,198.4
3,308.7
3,411.8
3,504.3
3,613.5
3,755.4
3,907.4
4,047.5
3,678.2
3,738.7
3,778.6
3,826.2
3,851.5
3,892.1
3,932.6
3,953.4
3,964.7
4,032.9
4,067.8
4,124.6

Total
durable
goods 1

1,141.7
1,083.2
1,023.3
1,085.7
1,151.5
1,236.2
1,312.7
1,401.1
1,498.1
1,584.7
1,347.8
1,389.7
1,418.8
1,448.1
1,462.9
1,489.8
1,512.4
1,527.3
1,524.9
1,560.9
1,604.4
1,648.6

Nondurable

Motor
vehicles
and
parts
392.8
340.8
317.1
323.4
333.8
359.1
375.7
399.5
419.4
432.5
383.2
396.6
405.2
413.0
413.6
419.9
422.9
421.1
411.8
420.8
440.4
457.0

Total
nondurable
goods 1
2,239.3
2,214.7
2,175.1
2,223.5
2,263.2
2,277.5
2,316.1
2,376.4
2,439.3
2,499.7
2,347.7
2,370.0
2,383.5
2,404.3
2,415.8
2,431.8
2,451.3
2,458.4
2,471.1
2,505.4
2,502.5
2,519.8

Food and
beverages
purchased
for offpremises
consumption

Gasoline
and
other
energy
goods

Total
services 1

Household
consumption
expenditures

791.3
781.9
770.0
786.5
795.1
795.7
795.2
811.7
811.3
833.9
808.4
812.3
813.0
812.9
812.2
811.9
810.8
810.5
816.8
831.6
836.9
850.4

296.8
283.4
284.5
282.2
274.3
270.0
275.5
276.5
286.3
289.7
276.5
274.8
275.3
279.5
284.7
284.2
288.4
287.7
291.8
291.6
289.8
285.4

6,656.4
6,708.6
6,648.5
6,727.6
6,851.4
6,908.1
6,951.3
7,114.2
7,310.3
7,478.0
7,034.4
7,075.4
7,135.3
7,211.4
7,252.4
7,291.8
7,327.2
7,369.8
7,403.9
7,458.5
7,508.5
7,541.2

6,415.2
6,435.1
6,372.5
6,449.3
6,575.9
6,614.3
6,651.4
6,817.3
7,013.3
7,170.7
6,734.0
6,777.6
6,839.5
6,918.3
6,960.9
7,000.2
7,027.7
7,064.4
7,098.2
7,156.2
7,196.7
7,231.5

Housing
and
utilities

1,840.8
1,860.1
1,881.0
1,904.3
1,928.0
1,929.1
1,937.9
1,964.8
1,997.0
2,020.5
1,962.6
1,960.1
1,960.2
1,976.0
1,991.8
1,996.0
2,004.5
1,995.5
1,999.0
2,020.9
2,033.9
2,028.1

Health
care

1,563.2
1,598.8
1,627.4
1,649.2
1,690.3
1,727.0
1,734.9
1,790.6
1,886.1
1,973.1
1,746.4
1,774.0
1,803.0
1,839.2
1,859.3
1,877.4
1,895.2
1,912.4
1,938.7
1,973.3
1,976.2
2,004.1

Financial
services
and
insurance

742.5
737.4
719.0
733.9
747.2
706.4
707.4
717.0
718.8
720.7
712.1
714.4
721.4
719.9
718.2
718.8
717.2
720.9
716.7
715.8
723.6
726.5

Addendum:
Personal
consumption
expenditures
excluding
food and
energy 2

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

8,734.2
8,730.5
8,577.4
8,746.1
8,980.4
9,143.9
9,284.6
9,570.8
9,908.7
10,184.3
9,406.2
9,516.3
9,623.9
9,736.7
9,791.5
9,875.1
9,944.6
10,023.7
10,061.0
10,148.2
10,220.2
10,307.8

16.1
13.2
10.4
11.6
12.7
14.4
15.5
16.5
17.4
17.5
15.9
16.5
16.6
16.7
16.9
17.2
17.7
17.9
17.3
17.1
17.5
18.0

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

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

4

Sources of Personal Income
Personal income rose $63.0 billion (annual rate) in January, following an increase of $47.6 billion in December.
Wages and salaries rose $33.6 billion in January, following an increase of $31.6 billion in December.
BILLIONS OF DOLLARS * (RATIO SCALE)
18,000
16,000

BILLIONS OF DOLLARS* (RATIO SCALE)
18,000
16,000
14,000

14,000
12,000

12,000

TOTAL PERSONAL INCOME

10,000

10,000

9,000

9,000
WAGES AND SALARIES

8,000

8,000

7,000

7,000

6,000

6,000

5,000

5,000

OTHER INCOME

4,000

4,000

3,000

3,000

PERSONAL CURRENT
TRANSFER RECEIPTS

2,000

2,000

1,000

1,000
2009

2010

2011

2012

2013

2014

2015

2016

*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

2017

COUNCIL OF ECONOMIC ADVISERS

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

2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 r ������������������
2016: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2017: Jan p ���������

Total
personal
income

12,000.2
12,502.2
12,094.8
12,477.1
13,254.5
13,915.1
14,073.7
14,809.7
15,458.5
16,011.8
15,739.0
15,719.9
15,761.4
15,868.2
15,931.4
15,988.4
16,062.7
16,101.5
16,169.1
16,232.4
16,260.2
16,307.8
16,370.8

Total

7,898.3
8,078.3
7,787.0
7,961.4
8,269.0
8,609.9
8,842.4
9,253.4
9,693.1
10,101.6
9,919.4
9,875.1
9,883.2
9,990.0
10,047.5
10,101.9
10,160.8
10,174.1
10,225.3
10,257.6
10,273.8
10,310.1
10,353.9

Wages
and
salaries

Supplements to
wages
and
salaries

6,395.2
6,531.9
6,251.4
6,377.5
6,633.2
6,930.3
7,116.7
7,476.3
7,854.8
8,189.4
8,040.4
7,995.0
7,998.5
8,094.2
8,143.8
8,190.7
8,241.8
8,250.2
8,294.9
8,322.3
8,334.8
8,366.4
8,400.0

1,503.1
1,546.4
1,535.6
1,583.9
1,635.9
1,679.6
1,725.8
1,777.1
1,838.2
1,912.2
1,879.0
1,880.2
1,884.8
1,895.9
1,903.7
1,911.2
1,919.1
1,923.9
1,930.5
1,935.3
1,939.0
1,943.8
1,953.9

Proprietors’ income 1

Farm

38.1
47.0
35.5
46.0
75.5
61.6
87.8
68.5
39.9
28.1
33.1
32.3
31.5
30.6
29.8
28.9
28.6
28.3
28.0
24.9
21.8
18.8
19.2

Nonfarm

941.1
979.5
937.5
986.7
1,068.1
1,179.8
1,197.0
1,269.2
1,336.8
1,389.6
1,372.7
1,370.3
1,371.8
1,376.0
1,375.2
1,382.9
1,388.2
1,388.8
1,400.3
1,407.2
1,419.7
1,422.0
1,433.0

Personal income receipts on assets
Rental
income
of
persons 2

189.4
262.1
333.7
402.8
485.3
525.3
567.1
606.1
659.6
705.1
685.7
692.8
699.9
699.3
700.1
702.4
703.1
705.7
708.9
714.6
721.0
728.3
735.8

Total

2,166.6
2,167.1
1,818.0
1,739.6
1,913.9
2,123.8
2,056.1
2,227.0
2,253.8
2,262.4
2,230.9
2,230.0
2,246.7
2,250.9
2,259.7
2,256.7
2,262.0
2,272.3
2,276.5
2,285.7
2,288.9
2,288.9
2,288.3

Personal
interest
income
1,350.1
1,361.6
1,264.3
1,195.0
1,231.6
1,288.8
1,261.6
1,300.9
1,302.7
1,314.1
1,287.2
1,296.1
1,304.9
1,307.6
1,310.2
1,312.8
1,315.3
1,317.8
1,320.3
1,326.3
1,332.3
1,338.3
1,343.3

Personal
dividend
income
816.5
805.4
553.7
544.6
682.2
834.9
794.4
926.1
951.1
948.3
943.7
934.0
941.7
943.3
949.5
943.8
946.7
954.5
956.3
959.5
956.6
950.6
945.1

Personal
current
transfer
receipts 3

1,728.1
1,956.6
2,147.5
2,324.7
2,360.5
2,366.3
2,428.0
2,540.4
2,678.6
2,775.4
2,730.8
2,746.2
2,754.9
2,760.2
2,764.2
2,766.3
2,776.7
2,789.8
2,793.0
2,808.6
2,802.7
2,811.2
2,832.7

Less:
Chart
5 - Feb 2017
Contributions
for
government
social
insurance,
domestic
961.4
988.2
964.4
984.1
917.8
951.6
1,104.6
1,154.9
1,203.5
1,250.4
1,233.5
1,226.9
1,226.7
1,238.8
1,245.0
1,250.7
1,256.9
1,257.6
1,262.9
1,266.3
1,267.6
1,271.5
1,292.1

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

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

5

Disposition of Personal Income
According to revised estimates, per capita disposable personal income in chained (2009) dollars rose 1.3 percent
(annual rate) in the fourth quarter of 2016.
BILLIONS OF DOLLARS* (RATIO SCALE)
14,500
14,000

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

13,500

13,500

13,000

13,000

12,500

12,500

DISPOSABLE PERSONAL INCOME

12,000

12,000

11,500

11,500
SAVING

11,000
10,500

11,000
10,500

PERSONAL OUTLAYS

10,000

10,000

9,500

9,500

DOLLARS* (RATIO SCALE)
46,000
44,000

DOLLARS* (RATIO SCALE)
46,000

PER CAPITA DISPOSABLE PERSONAL INCOME

44,000

42,000

42,000

40,000

40,000

CURRENT DOLLARS

38,000

38,000

36,000

36,000
CHAINED (2009) DOLLARS

34,000

34,000

32,000

32,000
2007

2008

2009

2010

2011

2012

2013

2014

*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

Period

Personal
income

Less:
Personal
current
taxes

Equals:
Disposable
personal
income

12,000.2
12,502.2
12,094.8
12,477.1
13,254.5
13,915.1
14,073.7
14,809.7
15,458.5
16,011.8

1,493.2
1,507.8
1,152.3
1,239.3
1,453.2
1,511.4
1,677.8
1,787.0
1,938.7
1,966.4

10,507.0
10,994.4
10,942.5
11,237.9
11,801.4
12,403.7
12,395.8
13,022.7
13,519.8
14,045.5

2016

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
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 r ������������������

2015

Chained
(2009)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(2009)
dollars

Dollars
10,197.2
10,457.7
10,275.1
10,607.9
11,091.2
11,457.0
11,775.7
12,296.7
12,736.2
13,221.3

309.8
536.7
667.4
630.0
710.1
946.7
620.1
726.0
783.6
824.2

10,820.6
10,987.3
10,942.5
11,055.1
11,331.2
11,688.3
11,527.6
11,931.0
12,343.3
12,685.8

34,826
36,101
35,616
36,274
37,811
39,455
39,157
40,838
42,095
43,432

Chart 6 - Feb 2017

Percent
Saving
change
as
in real
percent
per capita
of
disposable disposable
personal
personal
income
income

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

35,866
36,078
35,616
35,685
36,305
37,179
36,414
37,415
38,432
39,227

32,319
32,881
32,050
32,931
34,248
35,151
35,888
37,202
38,246
39,436

33,284
32,860
32,050
32,396
32,884
33,123
33,375
34,084
34,918
35,618

1.2
.6
–1.3
.2
1.7
2.4
–2.1
2.7
2.7
2.1

2.9
4.9
6.1
5.6
6.0
7.6
5.0
5.6
5.8
5.9

301,696
304,543
307,240
309,801
312,114
314,377
316,569
318,887
321,173
323,391

36,872
37,289
37,587
37,907
38,033
38,336
38,571
38,785
38,927
39,148
39,354
39,481

36,591
37,045
37,411
37,759
37,770
38,150
38,440
38,623
38,747
39,288
39,645
40,057

33,688
33,946
34,190
34,508
34,659
34,850
35,015
35,147
35,236
35,550
35,743
35,942

3.8
4.6
3.2
3.4
1.3
3.2
2.5
2.2
1.5
2.3
2.1
1.3

5.3
5.7
5.7
5.6
5.5
5.7
5.9
6.0
6.1
5.9
5.9
5.6

318,003
318,543
319,183
319,817
320,328
320,846
321,458
322,058
322,549
323,064
323,675
324,275

Seasonally adjusted annual rates
2014: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2015: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2016: I ���������������
      II ���������������
      III r ������������
      IV r ������������

14,487.2
14,718.1
14,927.5
15,106.2
15,185.9
15,401.9
15,556.1
15,690.2
15,740.1
15,929.4
16,111.1
16,266.8

1,751.4
1,755.6
1,800.0
1,840.9
1,909.4
1,937.2
1,944.4
1,963.8
1,932.7
1,952.1
1,982.4
1,998.3

12,735.8
12,962.4
13,127.4
13,265.3
13,276.5
13,464.7
13,611.7
13,726.4
13,807.4
13,977.3
14,128.7
14,268.5

12,059.7
12,228.2
12,375.0
12,524.0
12,540.9
12,691.2
12,813.2
12,899.6
12,961.9
13,154.5
13,300.7
13,467.9

676.1
734.2
752.5
741.2
735.6
773.5
798.5
826.8
845.5
822.8
828.0
800.6

11,725.3
11,878.0
11,997.2
12,123.4
12,183.0
12,299.9
12,398.9
12,491.0
12,556.0
12,647.2
12,737.9
12,802.6

40,049
40,693
41,128
41,478
41,447
41,966
42,343
42,621
42,807
43,265
43,651
44,001

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

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

6

Real Farm Income
According to the preliminary forecast for 2017, gross farm income in chained (2009) dollars is forecast to be $362.5
billion and net farm income to be $54.8 billion.
BILLIONS OF CHAINED (2009) DOLLARS (RATIO SCALE)

BILLIONS OF CHAINED (2009) DOLLARS (RATIO SCALE)

520
480
440

520
480
440

400

400

GROSS FARM INCOME

360

360

320

320

280

280

240

240

200

200

160

160
NET FARM INCOME

120

120

80

80

60

60

40

40
2008

2009

2011

2010

2012

2013

2014

2015

SOURCE: DEPARTMENT OF AGRICULTURE

2016

2017

COUNCIL OF ECONOMIC ADVISERS

[Billions of chained (2009) dollars]
Chart 7 - Feb 2017

Income of farm operators from farming 1
Gross farm income
Year

Value of agricultural sector production
Total

1998 ���������������������������������������������������
1999 ���������������������������������������������������
2000 ���������������������������������������������������
2001 ���������������������������������������������������
2002 ���������������������������������������������������
2003 ���������������������������������������������������
2004 ���������������������������������������������������
2005 ���������������������������������������������������
2006 ���������������������������������������������������
2007 ���������������������������������������������������
2008 ���������������������������������������������������
2009 ���������������������������������������������������
2010 ���������������������������������������������������
2011 ���������������������������������������������������
2012 ���������������������������������������������������
2013 r �������������������������������������������������
2014 r �������������������������������������������������
2015 r �������������������������������������������������
2016 r �������������������������������������������������
2017 p �������������������������������������������������

Crops 2, 3

Total
294.7
293.4
295.1
298.4
271.1
298.3
330.9
324.5
306.0
348.8
367.5
336.5
352.2
406.9
427.5
452.5
443.8
399.7
375.1
362.5

279.0
266.6
266.8
271.6
256.5
279.2
316.3
298.0
289.4
336.6
355.1
324.4
339.9
396.8
417.4
442.2
434.9
389.9
363.5
351.6

129.4
115.9
116.0
113.5
115.1
125.2
140.4
124.3
125.2
155.2
175.2
164.7
166.1
192.9
202.3
218.5
189.2
166.2
166.8
155.4

Animals
and animal
products 3
119.3
118.9
121.0
127.0
109.9
121.1
139.4
137.5
125.9
142.2
140.5
119.5
138.5
158.4
160.7
169.3
197.0
176.9
152.9
149.0

Farm-related
income 4
30.3
31.8
29.8
31.1
31.5
33.0
36.5
36.1
38.3
39.2
39.4
40.2
35.3
45.4
54.3
54.4
48.6
46.8
43.8
47.2

Direct
Federal
Government
payments
15.7
26.9
28.4
26.8
14.6
19.1
14.6
26.5
16.7
12.2
12.3
12.2
12.2
10.1
10.1
10.3
9.0
9.8
11.7
11.0

Production
expenses

Net
farm
income

235.0
233.9
233.2
232.8
225.1
228.0
232.8
238.9
245.5
276.9
288.7
274.4
276.0
297.0
335.8
336.8
358.8
326.2
313.9
307.7

59.7
59.6
61.9
65.5
46.0
70.3
98.1
85.6
60.6
71.9
78.7
62.2
76.2
109.9
91.7
115.7
85.1
73.5
61.3
54.8

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

indemnities.

Note: Data for 2017 are forecasts.
Source: Department of Agriculture (Economic Research Service).

7

Corporate Profits
In the third quarter of 2016, according to current estimates, corporate profits before tax rose $62.2 billion (annual
rate) and profits after tax rose $42.7 billion.
BILLIONS OF DOLLARS
2,600
2,500

BILLIONS OF DOLLARS
2,600
2,500

SEASONALLY ADJUSTED ANNUAL RATES

2,400

2,400

PROFITS BEFORE TAX

2,300

2,300

2,200

2,200

2,100

2,100

2,000

2,000

1,900

1,900

1,800

1,800

1,700

1,700
1,600

1,600
1,500

1,500

PROFITS AFTER TAX

1,400

1,400

1,300

1,300

1,200

1,200

1,100

1,100

1,000

1,000

900

900

800

800
700

700
600

600

UNDISTRIBUTED PROFITS

500

500
400

400
300

300

TAXES ON
CORPORATE INCOME

200

200
100

100

0

0

–100
–200

–100
–200
2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

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

Profits after tax

Domestic industries
Period

Total 2

Profits
before
tax

Nonfinancial
Total

Financial

Total 3

Manufacturing

Utilities

Wholesale

Taxes
on
corporate
income

Total

Retail

2006 ��������������������
1,815.7
1,559.6
415.1
1,144.4
349.7
55.1
105.9
132.5
1,851.4
473.4
1,378.1
2007 ��������������������
1,708.9
1,355.5
301.5
1,054.0
321.9
49.5
103.2
119.0
1,748.4
445.5
1,302.9
2008 ��������������������
1,345.5
938.8
95.4
843.4
240.6
30.1
90.6
80.3
1,382.4
309.1
1,073.3
2009 ��������������������
1,479.2
1,122.0
362.9
759.2
171.4
23.8
89.3
108.7
1,472.6
269.4
1,203.1
2010 ��������������������
1,799.7
1,404.5
406.3
998.2
287.6
30.3
102.4
118.6
1,840.7
370.6
1,470.1
2011 ��������������������
1,738.5
1,316.6
375.9
940.7
298.1
9.8
94.4
114.3
1,806.8
379.1
1,427.7
2012 ��������������������
2,116.6
1,706.3
479.0
1,227.2
395.7
12.5
135.3
154.1
2,130.8
447.6
1,683.2
2013 ��������������������
2,159.4
1,747.6
429.4
1,318.2
429.6
26.9
142.7
154.5
2,156.1
467.7
1,688.4
2014 ��������������������
2,265.9
1,854.9
480.3
1,374.7
449.8
33.3
146.5
167.8
2,262.9
532.7
1,730.1
2015 ��������������������
2,192.4
1,806.6
493.2
1,313.4
412.7
6.7
150.0
178.7
2,137.6
553.8
1,583.8
2016 �������������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������
2014: I ����������������
2,136.5
1,722.9
469.2
1,253.7
384.7
40.3
121.7
152.2
2,190.0
532.2
1,657.8
      II ���������������
2,287.0
1,885.5
515.7
1,369.8
474.6
28.9
139.4
164.0
2,291.8
558.4
1,733.3
      III ��������������
2,308.9
1,886.5
446.7
1,439.8
464.4
31.1
170.1
169.2
2,286.1
528.2
1,758.0
      IV ��������������
2,331.2
1,924.9
489.4
1,435.4
475.4
33.0
155.1
185.7
2,283.6
512.2
1,771.5
2015: I ����������������
2,284.5
1,895.0
507.9
1,387.1
456.6
24.1
148.3
188.7
2,203.1
566.4
1,636.7
      II ���������������
2,214.9
1,832.3
504.2
1,328.1
436.4
9.4
142.6
173.5
2,208.1
543.8
1,664.3
      III ��������������
2,200.5
1,826.0
489.1
1,336.9
447.0
4.7
150.3
177.3
2,140.8
530.0
1,610.8
      IV ��������������
2,069.8
1,673.3
471.8
1,201.5
310.8
–11.2
158.7
175.5
1,998.4
574.9
1,423.4
2016: I ����������������
2,139.2
1,769.6
479.1
1,290.5
394.4
4.1
153.9
185.3
2,078.0
527.5
1,550.5
      II ���������������
2,127.1
1,719.5
484.6
1,234.9
384.0
2.5
116.1
181.5
2,180.6
543.9
1,636.7
      III ��������������
2,240.8
1,831.9
534.0
1,297.8
387.3
7.5
144.4
193.0
2,242.8
563.4
1,679.4
      IV �������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������
1 See p. 4 for profits with inventory valuation and capital consumption adjustments.
2 Includes rest of the world, not shown separately.
3 Includes industries not shown separately.

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

8

Net
dividends

Chart 8 - Feb 2017

Inventory
Undistrib- valuation
adjustment
uted
profits

726.0
652.1
–35.7
818.9
484.0
–39.5
808.6
264.7
–37.0
574.6
628.5
6.7
564.0
906.2
–41.0
703.7
724.0
–68.3
859.4
823.8
–14.2
929.4
759.0
3.3
970.6
759.6
3.0
971.4
612.4
54.8
r 967.9 ��������������� �����������������
938.7
719.1
–53.5
970.0
763.4
–4.8
979.8
778.1
22.8
993.8
777.6
47.6
989.7
646.9
81.4
963.0
701.2
6.8
976.8
634.0
59.7
956.0
467.5
71.4
963.3
587.2
61.2
954.0
682.7
–53.5
972.5
706.9
–2.0
r 981.7 ��������������� �����������������

Real Gross Private Domestic Investment
In the fourth quarter of 2016, according to revised estimates, nonresidential fixed investment in chained (2009)
dollars rose $7.2 billion (annual rate) and residential fixed investment rose $13.5 billion. Inventories rose $46.2
billion, following an increase of $7.1 billion in the third quarter.
BILLIONS OF CHAINED (2009) DOLLARS
3,000

BILLIONS OF CHAINED (2009) DOLLARS
3,000

SEASONALLY ADJUSTED ANNUAL RATES

2,800

2,800

2,600

2,600
GROSS PRIVATE DOMESTIC
INVESTMENT

2,400

2,400

2,200

2,200

2,000

2,000

1,800

1,800

1,600

1,600

NONRESIDENTIAL
FIXED INVESTMENT

1,400

1,400

1,200

1,200

1,000

1,000

800

800
RESIDENTIAL
FIXED INVESTMENT

600

600

400

400

200

200

CHANGE IN PRIVATE
INVENTORIES

0

0

–200

–200

–400

–400
2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Billions of chained (2009) dollars; quarterly data at seasonally adjusted annual rates]
Chart 9 - Feb 2017

Fixed investment
Period

2007 ���������������������������������������������������
2008 ���������������������������������������������������
2009 ���������������������������������������������������
2010 ���������������������������������������������������
2011 ���������������������������������������������������
2012 ���������������������������������������������������
2013 ���������������������������������������������������
2014 ���������������������������������������������������
2015 ���������������������������������������������������
2016 r �������������������������������������������������
2014: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2015: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2016: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV r �������������������������������������������

Gross
private
domestic
investment

2,644.1
2,396.0
1,878.1
2,120.4
2,230.4
2,465.7
2,616.5
2,733.6
2,869.0
2,824.3
2,646.4
2,717.5
2,776.3
2,794.1
2,860.8
2,867.7
2,882.2
2,865.4
2,841.5
2,783.8
2,804.7
2,867.4

Change in private inventories

Nonresidential
Total

2,609.6
2,432.6
2,025.7
2,056.2
2,186.7
2,400.4
2,521.4
2,660.6
2,767.8
2,786.5
2,600.5
2,646.1
2,693.4
2,702.3
2,727.2
2,756.0
2,794.5
2,793.3
2,786.7
2,778.8
2,779.3
2,801.3

Total
1,948.4
1,934.4
1,633.4
1,673.8
1,802.3
1,964.1
2,032.9
2,155.6
2,200.2
2,189.2
2,111.8
2,143.4
2,186.7
2,180.6
2,187.9
2,196.6
2,217.5
2,198.8
2,179.7
2,185.0
2,192.5
2,199.7

Structures
509.0
540.2
438.2
366.3
374.7
423.1
428.8
472.9
452.1
438.4
467.0
475.4
472.2
477.0
461.5
458.4
453.4
435.1
435.2
432.9
445.3
440.3

Equipment
898.3
836.1
644.3
746.7
847.9
939.2
982.3
1,035.7
1,072.5
1,041.3
1,011.3
1,027.4
1,064.4
1,039.9
1,063.2
1,062.3
1,085.7
1,078.6
1,052.0
1,044.1
1,032.2
1,037.0

Intellectual
property
products
542.4
558.8
550.9
561.3
581.3
603.8
624.5
648.6
680.0
713.2
634.7
641.7
652.8
665.1
666.5
679.5
683.1
690.7
697.1
712.2
717.9
725.8

Residential

654.8
497.7
392.2
382.4
384.5
436.5
488.3
505.4
564.5
592.0
489.4
503.1
507.6
521.4
538.0
556.9
573.7
589.5
600.7
588.7
582.5
596.0

Total

Nonfarm

35.5
–33.7
–147.6
58.2
37.6
54.7
78.7
57.7
84.0
21.1
31.7
55.2
66.8
76.9
114.4
93.8
70.9
56.9
40.7
–9.5
7.1
46.2

36.5
–35.0
–146.0
65.9
36.6
72.7
73.0
62.2
88.1
25.0
36.4
59.5
70.3
82.4
117.7
98.0
73.9
62.9
47.5
–6.6
7.2
51.8

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

2007 ������������
2008 ������������
2009 ������������
2010 ������������
2011 ������������
2012 ������������
2013 ������������
2014 ������������
2015 ������������
2016 r ����������
2014: I ��������
      II �������
      III ������
      IV ������
2015: I ��������
      II �������
      III ������
      IV ������
2016: I ��������
      II �������
      III ������
      IV r ����

Residential

Total
nonresidential

2,609.6
2,432.6
2,025.7
2,056.2
2,186.7
2,400.4
2,521.4
2,660.6
2,767.8
2,786.5
2,600.5
2,646.1
2,693.4
2,702.3
2,727.2
2,756.0
2,794.5
2,793.3
2,786.7
2,778.8
2,779.3
2,801.3

Intellectual property products

Information processing equipment
Structures

1,948.4
1,934.4
1,633.4
1,673.8
1,802.3
1,964.1
2,032.9
2,155.6
2,200.2
2,189.2
2,111.8
2,143.4
2,186.7
2,180.6
2,187.9
2,196.6
2,217.5
2,198.8
2,179.7
2,185.0
2,192.5
2,199.7

Total 2

509.0
540.2
438.2
366.3
374.7
423.1
428.8
472.9
452.1
438.4
467.0
475.4
472.2
477.0
461.5
458.4
453.4
435.1
435.2
432.9
445.3
440.3

Computers
and
peripheral
equipment 1

Total

898.3
836.1
644.3
746.7
847.9
939.2
982.3
1,035.7
1,072.5
1,041.3
1,011.3
1,027.4
1,064.4
1,039.9
1,063.2
1,062.3
1,085.7
1,078.6
1,052.0
1,044.1
1,032.2
1,037.0

279.9
281.0
256.1
281.4
285.9
303.1
317.7
326.0
338.7
346.9
318.9
332.0
320.7
332.4
332.1
327.7
347.1
348.1
345.5
341.2
348.7
352.3

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

Other
207.9
204.2
179.3
196.8
202.8
214.5
228.9
236.3
249.2
258.2
231.8
242.2
230.2
241.0
244.6
237.4
253.8
261.1
257.6
251.2
259.3
264.8

Industrial Transportation
equipequipment
ment
205.3
195.5
152.1
151.3
183.3
199.8
196.7
203.5
207.3
212.9
199.2
204.4
208.2
202.4
202.7
208.9
206.3
211.5
209.4
214.2
212.8
215.2

Total 2

203.6
156.9
70.6
136.9
183.0
218.9
243.0
270.9
302.2
283.9
258.3
263.6
283.7
278.1
298.2
297.5
308.9
304.0
293.7
289.7
276.5
275.7

Structures

Software

Research
and
development 3

244.2
256.2
256.8
254.2
271.8
286.6
295.5
313.1
333.1
348.5
303.5
309.5
316.8
322.5
329.2
334.0
333.3
336.0
342.2
346.0
351.6
354.3

227.9
235.5
229.0
234.4
236.7
242.9
254.1
261.2
270.2
286.0
256.9
258.3
262.0
267.5
262.4
269.5
272.4
276.6
277.5
288.6
287.6
290.3

542.4
558.8
550.9
561.3
581.3
603.8
624.5
648.6
680.0
713.2
634.7
641.7
652.8
665.1
666.5
679.5
683.1
690.7
697.1
712.2
717.9
725.8

Total
residential 2

654.8
497.7
392.2
382.4
384.5
436.5
488.3
505.4
564.5
592.0
489.4
503.1
507.6
521.4
538.0
556.9
573.7
589.5
600.7
588.7
582.5
596.0

Total 2

644.9
488.4
383.9
373.6
375.3
427.1
478.1
494.5
552.8
579.5
478.9
492.3
496.6
510.2
526.5
545.2
561.8
577.4
588.3
576.3
570.1
583.4

Single
family

283.7
178.2
105.3
114.4
109.2
132.1
161.9
170.9
200.7
201.9
165.8
170.1
169.1
178.6
185.7
196.0
207.2
214.1
211.0
201.3
195.3
200.0

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

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

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

Total
capital
expenditures

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

ConManu- WholeUtilities struction
sale
facturing trade

Retail
trade

TransportaFinance
tion
Informaand
and
tion
insurwareance
housing

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

Health
care
and
social
assistance

Other 1

For
companies
without
employees

For companies with employees
2001 ��������
2002 ��������
2003 ��������
2004 ��������
2005 ��������
2006 ��������
2007 ��������
2008 ��������
2009 ��������
2010 ��������
2011 ��������
2012 ��������
2013 ��������
2014 r ������
2015 p �������

1,109.0
997.9
975.0
1,042.1
1,144.8
1,309.9
1,354.7
1,374.2
1,090.7
1,105.7
1,243.0
1,423.6
1,491.3
1,597.9
1,638.6

1,052.3
917.5
886.8
953.2
1,062.5
1,217.1
1,270.5
1,294.5
1,015.3
1,036.2
1,169.6
1,334.4
1,400.9
1,506.6
1,544.7

1.5
1.9
1.9
2.1
2.7
2.7
2.1
2.3
2.2
3.3
3.1
3.1
3.0
4.0
3.4

51.3
42.5
50.5
51.3
66.7
99.3
120.7
149.3
100.6
115.7
165.7
196.7
202.2
230.8
174.7

82.8
65.5
54.6
50.4
58.0
69.8
85.4
98.7
103.0
94.5
98.0
125.0
111.3
118.9
130.2

24.8
24.8
23.2
28.6
30.1
30.3
36.7
40.8
19.8
17.9
21.8
23.6
27.6
30.3
33.5

192.8
157.2
149.1
156.7
165.6
192.4
197.3
213.1
155.2
160.8
192.4
203.1
221.3
231.1
239.6

30.0
26.8
26.0
32.3
40.6
36.6
30.8
32.4
25.3
31.1
35.7
40.9
37.5
44.8
42.8

66.9
59.3
65.9
72.2
73.5
86.7
82.5
73.2
58.4
65.3
68.1
77.6
77.5
82.4
85.8

57.8
47.1
44.5
46.1
56.9
68.0
67.4
79.6
55.7
59.0
72.7
81.8
92.6
111.0
116.7

144.8
88.2
80.5
83.5
91.4
104.4
106.1
103.3
88.4
97.2
100.1
106.5
123.9
132.0
135.6

131.1
128.4
120.8
153.6
161.4
163.1
173.4
132.9
99.5
103.1
109.2
130.2
137.8
153.3
164.5

82.7
94.5
88.0
91.6
103.0
132.1
117.5
106.9
72.9
81.3
91.1
115.7
114.2
121.9
152.3

30.5
25.9
24.7
26.7
33.1
30.3
31.8
33.0
28.2
28.2
28.1
31.6
35.7
30.4
33.6

52.9
59.3
61.2
64.6
73.8
75.3
84.2
90.2
79.4
78.4
83.1
88.9
94.2
89.0
93.6

102.5
96.1
96.2
93.6
105.6
126.3
134.8
138.7
127.0
100.6
100.4
110.0
122.1
126.8
138.3

56.7
80.4
88.2
88.9
82.2
92.8
84.2
79.7
75.4
69.5
73.4
89.2
90.4
91.3
93.9

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

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

10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
In February, unemployment as measured by the household survey fell 107,000 to 7.5 million.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

162

162

SEASONALLY ADJUSTED

158

158
154

154

CIVILIAN LABOR FORCE

150

150

146

146

142

142

CIVILIAN
EMPLOYMENT

138

138

134

134

20

20

16

16

UNEMPLOYMENT

12

12

8

8

4

4

0

0
2009

2010

2011

2012

2013

2014

2015

2016

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

2017

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

2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2016: Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2017: Jan �����������
      Feb �����������

Civilian
noninstitutional
population
(NSA)
231,867
233,788
235,801
237,830
239,618
243,284
245,679
247,947
250,801
253,538
252,577
252,768
252,969
253,174
253,397
253,620
253,854
254,091
254,321
254,540
254,742
254,082
254,246

Civilian employment
Civilian
labor
force

Total

153,124
154,287
154,142
153,889
153,617
154,975
155,389
155,922
157,130
159,187
158,888
159,278
158,938
158,510
158,889
159,295
159,508
159,830
159,643
159,456
159,640
159,716
160,056

146,047
145,362
139,877
139,064
139,869
142,469
143,929
146,305
148,834
151,436
151,043
151,301
151,028
151,058
151,090
151,546
151,655
151,926
151,902
152,048
152,111
152,081
152,528

Men
20 years
and
over
75,337
74,750
71,341
71,230
72,182
73,403
74,176
75,471
76,776
78,084
77,974
78,066
77,993
77,926
78,098
78,042
78,142
78,191
78,232
78,330
78,379
78,503
78,573

Women
20 years
and
over
64,799
65,039
63,699
63,456
63,360
64,640
65,295
66,287
67,323
68,387
68,071
68,303
68,099
68,218
68,116
68,534
68,452
68,702
68,698
68,712
68,760
68,550
68,932

Percent 1

Unemployment
Both
sexes
16–19
years
5,911
5,573
4,837
4,378
4,327
4,426
4,458
4,548
4,734
4,965
4,997
4,931
4,936
4,914
4,877
4,969
5,062
5,034
4,972
5,006
4,972
5,028
5,023

Total

7,078
8,924
14,265
14,825
13,747
12,506
11,460
9,617
8,296
7,751
7,845
7,977
7,910
7,451
7,799
7,749
7,853
7,904
7,740
7,409
7,529
7,635
7,528

Men
20 years
and
over
3,259
4,297
7,555
7,763
6,898
5,984
5,568
4,585
3,959
3,675
3,707
3,734
3,750
3,493
3,684
3,775
3,693
3,798
3,735
3,486
3,605
3,609
3,564

Women
20 years
and
over
2,718
3,342
5,157
5,534
5,450
5,125
4,565
3,926
3,371
3,151
3,218
3,314
3,218
3,008
3,194
3,054
3,223
3,154
3,085
3,025
3,071
3,136
3,079

Both
sexes
16–19
years
1,101
1,285
1,552
1,528
1,400
1,397
1,327
1,106
966
925
921
929
943
950
921
920
937
953
920
897
854
890
884

Not
in
labor
force

78,743
79,501
81,659
83,941
86,001
88,310
90,290
92,025
93,671
94,351
93,690
93,490
94,031
94,665
94,508
94,325
94,346
94,261
94,678
95,084
95,102
94,366
94,190

Chart 11 - Feb 2017

Labor
Employ- Unemployforce
ment/
participa- population
ment
tion
rate
ratio
rate
66.0
66.0
65.4
64.7
64.1
63.7
63.2
62.9
62.7
62.8
62.9
63.0
62.8
62.6
62.7
62.8
62.8
62.9
62.8
62.6
62.7
62.9
63.0

63.0
62.2
59.3
58.5
58.4
58.6
58.6
59.0
59.3
59.7
59.8
59.9
59.7
59.7
59.6
59.8
59.7
59.8
59.7
59.7
59.7
59.9
60.0

4.6
5.8
9.3
9.6
8.9
8.1
7.4
6.2
5.3
4.9
4.9
5.0
5.0
4.7
4.9
4.9
4.9
4.9
4.8
4.6
4.7
4.8
4.7

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

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

11

Selected Unemployment Rates
In February, the unemployment rate fell to 4.7 percent.
PERCENT (SEASONALLY ADJUSTED)

PERCENT (SEASONALLY ADJUSTED)

30

30

25

25

TEENAGERS
(16-19)
20

20

15

15

BLACK OR
AFRICAN
AMERICAN1

10

10

HISPANIC1,2

MEN 20 YEARS
AND OVER
5

5
WHITE1

ALL CIVILIAN
WORKERS

WOMEN 20 YEARS
AND OVER

ASIAN1

0

0
2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

1

SEE FOOTNOTE 1 TABLE BELOW.
HISPANIC OR LATINO ETHNICITY.
SOURCE: DEPARTMENT OF LABOR

2

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted by NSA]
Unemployment rate (percent of civilian labor force in group)
Chart 12 - Feb 2017

By race or ethnicity 1

By sex and age
Period

2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2016: Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2017: Jan �����������
      Feb �����������

All
civilian
workers

4.6
5.8
9.3
9.6
8.9
8.1
7.4
6.2
5.3
4.9
4.9
5.0
5.0
4.7
4.9
4.9
4.9
4.9
4.8
4.6
4.7
4.8
4.7

Men
20 years
and
over

Women
20 years
and
over

4.1
5.4
9.6
9.8
8.7
7.5
7.0
5.7
4.9
4.5
4.5
4.6
4.6
4.3
4.5
4.6
4.5
4.6
4.6
4.3
4.4
4.4
4.3

4.0
4.9
7.5
8.0
7.9
7.3
6.5
5.6
4.8
4.4
4.5
4.6
4.5
4.2
4.5
4.3
4.5
4.4
4.3
4.2
4.3
4.4
4.3

Both
sexes
16–19
years
15.7
18.7
24.3
25.9
24.4
24.0
22.9
19.6
16.9
15.7
15.6
15.9
16.0
16.2
15.9
15.6
15.6
15.9
15.6
15.2
14.7
15.0
15.0

White

4.1
5.2
8.5
8.7
7.9
7.2
6.5
5.3
4.6
4.3
4.3
4.3
4.3
4.1
4.4
4.3
4.4
4.4
4.3
4.2
4.3
4.3
4.1

Black
or
African
American
8.3
10.1
14.8
16.0
15.8
13.8
13.1
11.3
9.6
8.4
8.8
8.9
8.8
8.2
8.6
8.4
8.1
8.3
8.6
8.0
7.8
7.7
8.1

By selected groups
Hispanic
or
Latino
ethnicity

Asian

3.2
4.0
7.3
7.5
7.0
5.9
5.2
5.0
3.8
3.6
3.8
4.0
3.8
4.1
3.5
3.8
4.2
3.9
3.4
3.0
2.6
3.7
3.4

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

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

12

5.6
7.6
12.1
12.5
11.5
10.3
9.1
7.4
6.6
5.8
5.5
5.6
6.1
5.6
5.8
5.4
5.7
6.4
5.7
5.7
5.9
5.9
5.6

Married
men,
spouse
present
2.5
3.4
6.6
6.8
5.8
4.9
4.3
3.4
2.8
2.7
2.5
2.9
2.7
2.6
2.7
2.6
2.7
2.9
2.8
2.7
2.7
2.7
2.6

Women
who
maintain
families
(NSA)
6.5
8.0
11.5
12.3
12.4
11.4
10.2
8.6
7.4
6.8
7.0
6.8
6.7
6.6
7.3
7.2
7.9
6.4
6.1
6.2
5.8
6.3
6.5

Full-time
workers

4.6
5.8
10.0
10.4
9.6
8.5
7.7
6.4
5.4
4.9
4.9
5.1
5.1
4.7
4.9
4.9
4.9
5.0
4.8
4.7
4.7
4.8
4.6

Part-time
workers

4.9
5.5
6.0
6.3
6.3
6.1
5.9
5.4
4.9
4.8
4.9
4.8
4.5
4.6
4.9
5.0
5.0
4.9
5.0
4.5
4.9
4.8
5.1

Selected Measures of Unemployment and Unemployment Insurance Programs
In February, the percentages of the unemployed who had been out of work for less than 5 weeks and 5 to 14 weeks
rose, while the percentages for 15 to 26 weeks and 27 weeks and over fell. The mean duration of unemployment
remained at 25.1 weeks and the median duration fell to 10.0 weeks.
PERCENT DISTRIBUTION*

PERCENT DISTRIBUTION*

70

70

DURATION OF UNEMPLOYMENT

60

60

50

50

REASON FOR UNEMPLOYMENT

JOB LOSERS
27 WEEKS
AND OVER

40

40
LESS THAN
5 WEEKS

REENTRANTS

30

30
5-14
WEEKS

20

20
NEW ENTRANTS

15-26
WEEKS

10

10
JOB LEAVERS

0

0
2013

2014

2015

2016

2017

2013

2014

2015

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR

2016

2017

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted by NSA]
Chart 13 - Feb 2017

Duration of unemployment
Period

Unemployment
(thousands)

Percent distribution
Less
than
5 weeks

5–14
weeks

15–26
weeks

Reason for unemployment: percent distribution
Number of weeks

27 weeks
and over

Average
(mean) 1

Median

Job
losers

Job
leavers

Reentrants

New
entrants

State programs
Insured
unemployment
(NSA)

Initial
claims
(NSA)

Insured
unemployment,
all
programs
(NSA) 2

Weekly average, thousands
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2016: Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2017: Jan �����������
      Feb �����������

7,078
8,924
14,265
14,825
13,747
12,506
11,460
9,617
8,296
7,751
7,845
7,977
7,910
7,451
7,799
7,749
7,853
7,904
7,740
7,409
7,529
7,635
7,528

35.9
32.8
22.2
18.7
19.5
21.1
22.5
25.7
28.9
30.5
29.4
30.2
31.9
29.2
31.4
28.3
30.1
32.6
30.7
32.3
31.4
32.5
33.9

31.5
31.4
26.8
22.0
21.8
22.9
24.1
25.3
27.7
28.7
28.5
27.6
26.7
30.0
28.0
29.9
30.0
28.0
29.2
28.5
28.5
27.5
28.3

15.0
16.0
19.5
16.0
15.0
14.9
15.8
15.6
15.3
14.9
14.5
14.6
15.9
15.6
14.8
15.2
14.0
14.7
15.0
14.4
15.8
15.7
14.0

17.6
19.7
31.5
43.3
43.8
41.1
37.6
33.5
28.1
25.9
27.5
27.6
25.5
25.2
25.8
26.6
25.9
24.7
25.2
24.8
24.2
24.4
23.8

16.8
17.9
24.4
33.0
39.3
39.4
36.5
33.7
29.2
27.5
28.9
28.3
27.7
26.7
27.7
28.0
27.4
27.3
27.0
26.2
26.0
25.1
25.1

8.5
9.4
15.1
21.4
21.4
19.3
17.0
14.0
11.6
10.6
11.3
11.4
11.2
10.6
10.2
11.5
10.9
10.3
10.2
10.2
10.3
10.2
10.0

49.7
53.7
64.2
62.4
59.0
55.0
53.0
50.7
49.0
48.2
48.3
48.4
48.8
48.0
48.5
48.4
48.4
49.4
47.9
47.4
48.2
49.1
49.6

11.2
10.0
6.2
6.0
7.0
7.7
8.1
8.6
9.9
11.1
9.7
10.5
10.9
10.8
10.8
10.9
11.4
11.3
12.1
12.5
12.0
11.4
10.7

30.3
27.7
22.3
23.4
24.7
26.7
28.0
29.4
30.6
30.1
31.3
31.2
29.5
29.7
29.3
30.0
29.3
29.2
29.9
30.3
29.4
28.7
29.4

8.9
2,572
324
2,612
8.6
3,306
424
3,899
7.3
5,724
568
9,123
8.2
4,487
454
9,732
9.3
3,679
406
7,630
10.5
3,297
374
6,048
10.9
2,947
342
4,605
11.3
2,574
304
2,657
10.6
2,237
275
2,272
10.6
2,098
259
2,126
10.7
2,803
277
2,838
9.8
2,594
267
2,626
10.7
2,189
259
2,217
r
r
11.6
2,337
267
2,367
r
11.5
2,061
282
2,088
10.7
2,292
269
2,319
10.9
2,265
252
2,294
10.1
1,815
214
1,841
r
r
10.1
1,963
255
1,995
r 1,907
r 293
r 1,938
9.7
r 2,136
r 2,165
10.4
352
10.8
2,891
361
2,924
10.3 ��������������� ��������������� �����������������

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

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

Also includes

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

13

Nonagricultural Employment
Total nonagricultural employment as measured by the payroll survey rose by 235,000 in February.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

150

104
102
ALL NONAGRICULTURAL
ESTABLISHMENTS

145

PRIVATE
SERVICE-PROVIDING
INDUSTRIES

100
98
96

140

94
135

92
90

130

24
22

EDUCATION AND
HEALTH SERVICES
PROFESSIONAL AND
BUSINESS SERVICES

20

125

PRIVATE
INDUSTRIES

18

RETAIL TRADE

16

120

14
22

115

GOODS-PRODUCING

20
110

18
16

105

14

24

GOVERNMENT

MANUFACTURING

12

22
20

10
2013

2014

2015

2016

2017

2013

2014

2015

*SEASONALLY ADJUSTED

2016

2017

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[Thousands of wage and salary workers; 1 monthly data seasonally adjusted]
Chart 14 - Feb 2017

Private industries

Period

2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 r ������������������
2016: Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec r ���������
2017: Jan r ���������
      Feb p ���������

Total
nonagricultural
employment

137,999
137,242
131,313
130,361
131,932
134,175
136,381
138,958
141,843
144,306
143,448
143,673
143,826
143,869
144,166
144,457
144,633
144,882
145,006
145,170
145,325
145,563
145,798

Goods-producing industries
Total
private

115,781
114,732
108,758
107,871
109,845
112,255
114,529
117,076
119,814
122,083
121,318
121,507
121,665
121,682
121,951
122,200
122,343
122,566
122,698
122,876
123,026
123,247
123,474

Total 2

Construc- Manufaction
turing

22,233
21,335
18,558
17,751
18,047
18,420
18,738
19,226
19,610
19,736
19,747
19,752
19,743
19,699
19,705
19,731
19,707
19,718
19,727
19,762
19,794
19,848
19,943

7,630
7,162
6,016
5,518
5,533
5,646
5,856
6,151
6,461
6,711
6,662
6,705
6,704
6,690
6,690
6,708
6,704
6,727
6,743
6,771
6,783
6,823
6,881

13,879
13,406
11,847
11,528
11,726
11,927
12,020
12,185
12,336
12,348
12,375
12,355
12,356
12,335
12,347
12,359
12,342
12,330
12,325
12,325
12,343
12,354
12,382

Private service-providing industries
Trade, transportation,
and utilities
Total
Total 3
93,548
93,398
90,201
90,120
91,798
93,834
95,791
97,850
100,204
102,346
101,571
101,755
101,922
101,983
102,246
102,469
102,636
102,848
102,971
103,114
103,232
103,399
103,531

26,630
26,293
24,906
24,636
25,065
25,476
25,862
26,383
26,887
27,233
27,123
27,167
27,177
27,187
27,209
27,245
27,282
27,322
27,331
27,346
27,374
27,409
27,401

Retail
trade
15,520
15,283
14,522
14,440
14,668
14,841
15,079
15,357
15,605
15,820
15,767
15,797
15,792
15,800
15,825
15,843
15,860
15,887
15,881
15,868
15,881
15,921
15,895

Information

Financial
activities

3,032
2,984
2,804
2,707
2,674
2,676
2,706
2,726
2,750
2,772
2,773
2,779
2,781
2,739
2,780
2,778
2,778
2,786
2,780
2,768
2,762
2,759
2,759

8,348
8,206
7,838
7,695
7,697
7,784
7,886
7,977
8,123
8,285
8,213
8,231
8,249
8,263
8,280
8,300
8,315
8,324
8,330
8,342
8,364
8,396
8,403

Profes- Education Leisure
sional
and
and
and
health
hospitalbusiness services
ity
services
17,942
17,735
16,579
16,728
17,332
17,932
18,515
19,062
19,633
20,136
19,902
19,928
19,994
20,022
20,081
20,165
20,196
20,279
20,334
20,380
20,416
20,462
20,499

18,676
19,228
19,630
19,975
20,318
20,769
21,086
21,439
22,029
22,616
22,408
22,443
22,495
22,544
22,603
22,644
22,697
22,745
22,790
22,821
22,871
22,892
22,954

13,427
13,436
13,077
13,049
13,353
13,768
14,254
14,696
15,160
15,620
15,488
15,537
15,552
15,561
15,610
15,652
15,673
15,684
15,695
15,739
15,744
15,768
15,794

Other
services

5,494
5,515
5,367
5,331
5,360
5,430
5,483
5,567
5,622
5,685
5,664
5,670
5,674
5,667
5,683
5,685
5,695
5,708
5,711
5,718
5,701
5,713
5,721

Government

22,218
22,509
22,555
22,490
22,086
21,920
21,853
21,882
22,029
22,223
22,130
22,166
22,161
22,187
22,215
22,257
22,290
22,316
22,308
22,294
22,299
22,316
22,324

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

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

14

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

Total
private
nonagricultural 1

Period

2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 r ������������������
2016: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2017: Jan r ���������
      Feb p ���������

Average gross hourly earnings
Total private
nonagricultural 1

Manufacturing

Total

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

Overtime

41.2
40.8
39.8
41.1
41.4
41.7
41.8
42.0
41.8
41.9
41.9
41.8
41.7
41.8
41.9
41.8
42.0
41.8
41.8
42.0
41.8
41.9
41.9
42.0

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

Current
dollars

Manufacturing

1982-84
dollars 2

$17.42
$8.59
18.06
8.56
18.61
8.88
19.05
8.90
19.44
8.77
19.74
8.73
20.13
8.78
20.61
8.85
21.03
9.07
21.54
9.20
21.32
9.17
21.33
9.20
21.40
9.22
21.46
9.21
21.48
9.20
21.53
9.20
21.59
9.23
21.62
9.23
21.68
9.23
21.72
9.21
21.74
9.20
21.80
9.20
21.82
9.15
21.86 �����������������

Average gross weekly earnings
Total private
nonagricultural 1
Current
dollars

$17.26
17.75
18.24
18.61
18.93
19.08
19.30
19.56
19.91
20.43
20.16
20.20
20.27
20.39
20.41
20.42
20.47
20.56
20.55
20.61
20.60
20.63
20.62
20.65

Percent change from
a year earlier,
total private
nonagricultural

Current dollars

1982-84
dollars 2

$589.18
$290.57
607.42
287.80
615.96
293.83
636.19
297.33
652.89
294.66
665.65
294.24
677.70
295.52
694.85
298.51
708.90
305.81
723.69
309.17
718.48
309.14
716.69
309.16
719.04
309.68
721.06
309.34
721.73
309.17
723.41
309.22
727.58
311.09
726.43
310.04
728.45
310.01
729.79
309.58
730.46
309.20
732.48
309.17
733.15
307.57
734.50 �����������������

Manufacturing

Construction

$711.50
724.46
726.12
765.18
784.29
794.63
807.37
822.03
832.05
855.69
844.70
844.36
845.26
852.30
855.18
853.56
859.74
859.41
858.99
865.62
861.08
864.40
863.98
867.30

$816.23
842.61
851.76
891.83
921.84
942.14
958.72
977.11
998.02
1,031.16
1,011.32
1,006.24
1,012.19
1,015.94
1,024.06
1,034.19
1,036.96
1,027.16
1,037.92
1,040.69
1,044.35
1,028.22
1,033.59
1,042.92

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

annual revisions.

Retail
trade

Current
dollars

$385.00
386.21
388.57
400.07
412.09
422.10
423.07
431.82
445.52
447.62
449.40
447.90
446.39
447.89
446.39
446.70
447.89
445.80
444.89
444.59
450.85
455.34
454.45
456.27

1982-84
dollars 2

3.9
1.0
3.1
–1.0
1.4
2.1
3.3
1.2
2.6
–.9
2.0
–.1
1.8
.4
2.5
1.0
2.0
2.4
2.1
1.1
2.4
1.3
2.1
1.5
2.1
1.6
2.6
1.7
2.3
1.6
2.2
1.5
2.6
2.2
2.2
1.5
2.3
1.1
2.2
.7
2.2
.7
1.9
–.1
2.0
–.5
2.5 �������������������

Seasonally adjusted data revised to reflect CPI-W

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

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

Total
compensation

Wages
and
salaries

Percent change from
3 months earlier

Benefits 1

Total
compensation

12 months earlier

Wages
and
salaries

Benefits 1

Total
compensation

Wages
and
salaries

Benefits 1

Not seasonally adjusted
2007:
2008:
2009:
2010:
2011:
2012:
2013:
2014:
2015:
2016:

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

106.3
108.9
110.2
112.5
115.0
117.1
119.4
122.2
124.5
127.2

106.6
109.4
110.8
112.8
114.6
116.6
119.0
121.6
124.2
127.1

105.6
107.7
108.7
111.9
115.9
118.2
120.5
123.5
125.1
127.3

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

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

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

Seasonally adjusted
2014: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2015: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2016: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������

119.9
120.9
121.7
122.3
123.2
123.2
124.0
124.6
125.4
126.1
126.7
127.3

119.4
120.2
121.1
121.7
122.6
122.8
123.6
124.3
125.2
126.0
126.6
127.2

121.2
122.6
123.2
123.8
124.4
124.2
124.8
125.3
125.9
126.4
127.0
127.5

3.0
2.4
1.2
2.1
2.2
1.8
2.0
2.3
1.9
2.2

3.3
2.6
1.3
1.8
1.6
1.7
2.1
2.2
2.1
2.3

2.4
2.0
0.9
2.9
3.6
2.0
1.9
2.5
1.3
1.8

Not seasonally adjusted
0.3
.8
.7
.5
.7
.0
.6
.5
.6
.6
.5
.5

0.3
.7
.7
.5
.7
.2
.7
.6
.7
.6
.5
.5

0.3
1.2
.5
.5
.5
–.2
.5
.4
.5
.4
.5
.4

1.7
2.0
2.3
2.3
2.8
1.9
1.9
1.9
1.8
2.4
2.3
2.2

1.7
1.9
2.3
2.2
2.8
2.2
2.1
2.1
2.0
2.6
2.4
2.3

1.8
2.4
2.3
2.5
2.6
1.4
1.4
1.3
1.2
1.7
1.8
1.8

1 Employer costs for employee benefits.

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

15

Productivity and Related Data, Business and Nonfarm Business Sectors
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

100.4
102.2
100.0
98.6
100.7
102.7
103.4
105.4
107.5
110.3
102.5
104.0
103.7
103.3
105.8
104.9
104.8
106.1
106.4
107.3
107.5
108.9
108.8
110.4
110.6
111.1

100.1
102.1
100.0
98.7
100.7
102.5
103.3
105.4
107.5
110.4
102.3
103.9
103.8
103.3
105.9
104.9
104.8
106.1
106.3
107.3
107.5
109.0
108.9
110.6
110.8
111.2

98.2
99.8
100.0
101.1
103.3
105.3
106.9
108.5
109.3
110.4
106.4
106.6
107.1
107.5
107.9
108.5
108.9
108.9
108.7
109.3
109.5
109.6
109.7
110.3
110.5
111.0

97.9
99.4
100.0
101.0
102.8
104.7
106.3
108.1
109.2
110.5
105.6
105.9
106.5
107.1
107.5
108.0
108.5
108.5
108.6
109.1
109.4
109.5
109.7
110.3
110.6
111.1

2.9
1.8
–2.2
–1.4
2.1
2.0
.6
2.0
2.0
2.5
–10.4
5.9
–.8
–1.9
10.4
–3.6
–.2
5.1
.9
3.6
.6
5.6
–.4
6.0
.6
1.9

2.7
2.0
–2.0
–1.3
2.1
1.7
.9
2.0
2.0
2.6
–9.7
6.5
–.5
–1.9
10.2
–3.7
–.2
5.2
.7
3.5
.8
5.7
–.3
6.2
.7
1.7

2.3
1.5
.2
1.1
2.2
1.9
1.5
1.6
.7
1.0
1.5
.5
1.9
1.7
1.5
2.3
1.3
–.1
–.4
2.1
.9
.1
.4
2.1
.8
1.7

2.0
1.5
.6
1.0
1.8
1.9
1.5
1.7
1.0
1.2
1.1
1.1
2.3
2.3
1.4
1.9
1.8
.1
.4
2.0
1.0
.5
.7
2.3
1.1
1.8

Indexes, 2009=100; quarterly data seasonally adjusted
2007 r ������������������
2008 r ������������������
2009 ��������������������
2010 ��������������������
2011 r ������������������
2012 r ������������������
2013 r ������������������
2014 r ������������������
2015 r ������������������
2016 r ������������������
2013: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2014: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2015: I ���������������
      II r �������������
      III r ������������
      IV r ������������
2016: I ���������������
      II r �������������
      III r ������������
      IV r * ���������

96.0
96.8
100.0
103.3
103.3
104.0
104.8
105.4
106.2
106.5
104.3
104.3
104.7
105.7
104.8
105.2
106.0
105.6
105.8
106.2
106.7
106.2
106.0
105.9
106.9
107.4

96.2
97.0
100.0
103.3
103.4
104.3
104.7
105.5
106.4
106.7
104.3
104.1
104.5
105.7
104.7
105.1
106.2
105.8
106.1
106.4
106.9
106.3
106.2
106.1
107.0
107.4

105.5
104.2
100.0
103.2
105.3
108.4
110.8
114.1
117.6
119.7
109.7
110.0
111.1
112.6
112.0
113.4
115.1
115.9
116.6
117.5
118.1
118.3
118.6
119.1
120.3
121.0

105.8
104.4
100.0
103.2
105.5
108.8
110.9
114.3
117.8
119.8
109.9
110.1
111.1
112.6
112.1
113.5
115.3
116.1
116.8
117.7
118.2
118.5
118.7
119.1
120.4
121.1

109.8
107.6
100.0
99.9
102.0
104.2
105.8
108.3
110.7
112.4
105.2
105.5
106.1
106.4
106.9
107.8
108.6
109.8
110.2
110.7
110.6
111.5
111.9
112.4
112.6
112.7

110.0
107.7
100.0
99.9
102.0
104.2
106.0
108.4
110.7
112.3
105.4
105.7
106.3
106.6
107.1
108.0
108.6
109.7
110.1
110.6
110.6
111.4
111.8
112.2
112.5
112.8

96.4
99.0
100.0
101.8
104.0
106.8
108.3
111.1
114.2
117.5
106.9
108.4
108.6
109.2
110.9
110.3
111.2
112.1
112.6
113.9
114.7
115.7
115.3
116.9
118.2
119.3

96.3
99.0
100.0
101.9
104.2
106.9
108.2
111.2
114.5
117.7
106.7
108.2
108.5
109.2
110.8
110.2
111.3
112.3
112.9
114.1
114.9
115.9
115.6
117.3
118.5
119.4

99.8
98.7
100.0
100.2
99.2
99.8
99.7
100.7
103.4
105.0
98.7
100.2
99.9
100.0
101.0
99.9
100.5
101.4
102.6
103.2
103.6
104.2
104.0
104.8
105.5
105.6

99.6
98.6
100.0
100.3
99.4
99.9
99.6
100.8
103.6
105.2
98.5
100.1
99.8
100.0
100.9
99.9
100.6
101.6
102.9
103.4
103.7
104.4
104.3
105.2
105.8
105.7

Percent change; quarterly data at seasonally adjusted annual rates
2007 r ������������������
2008 r ������������������
2009 r ������������������
2010 ��������������������
2011 ��������������������
2012 r ������������������
2013 r ������������������
2014 ��������������������
2015 ��������������������
2016 r ������������������
2013: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2014: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2015: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2016: I r ��������������
      II r �������������
      III r ������������
      IV r * ���������

1.4
.8
3.3
3.3
.0
.7
.7
.6
.8
.3
2.2
–.1
1.5
4.2
–3.6
1.5
3.4
–1.6
.8
1.3
2.1
–2.1
–.7
–.3
3.7
2.0

1.6
.8
3.1
3.3
.1
.9
.3
.8
.9
.2
.9
–.7
1.7
4.5
–3.7
1.7
4.1
–1.4
1.2
1.0
1.8
–2.0
–.6
–.1
3.3
1.3

2.1
–1.2
–4.1
3.2
2.1
2.9
2.2
3.0
3.1
1.8
3.7
1.1
4.1
5.4
–2.0
5.0
6.4
2.8
2.3
3.0
2.1
.8
.8
1.6
4.3
2.3

2.3
–1.3
–4.3
3.2
2.2
3.1
2.0
3.0
3.1
1.7
2.8
.6
3.8
5.6
–1.8
5.1
6.5
2.7
2.4
3.1
1.8
.8
.7
1.6
4.2
2.4

0.7
–2.0
–7.1
–.1
2.1
2.2
1.5
2.3
2.3
1.5
1.5
1.2
2.6
1.1
1.6
3.5
2.9
4.5
1.5
1.7
–.1
3.0
1.5
2.0
.6
.3

0.7
–2.1
–7.2
–.1
2.1
2.2
1.7
2.2
2.1
1.5
2.0
1.3
2.1
1.1
2.0
3.3
2.3
4.2
1.2
2.0
.0
2.9
1.4
1.7
.8
1.0

4.4
2.7
1.0
1.8
2.1
2.7
1.3
2.6
2.8
2.8
–8.4
5.8
.7
2.2
6.4
–2.2
3.1
3.4
1.7
5.0
2.8
3.3
–1.1
5.7
4.3
3.9

4.3
2.8
1.0
1.9
2.2
2.6
1.2
2.8
2.9
2.9
–9.0
5.8
1.1
2.5
6.1
–2.1
3.9
3.7
1.9
4.6
2.7
3.6
–1.0
6.1
4.1
3.0

1.5
–1.1
1.3
.2
–1.0
.6
–.1
1.0
2.7
1.6
–9.8
6.4
–1.4
.4
4.1
–4.1
2.3
3.7
4.7
2.4
1.4
2.5
–.8
3.1
2.7
.4

1.4
–1.0
1.4
.3
–.9
.5
–.3
1.1
2.8
1.6
–10.4
6.3
–1.0
.7
3.8
–4.0
3.0
4.1
4.9
2.1
1.3
2.7
–.7
3.5
2.4
–.4

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

self-employed.
4 Hourly compensation divided by consumer price series. The trend for 1978-2015 is based on the consumer price index research series (CPI-U-RS). The change for 2016 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 based on GDP data released on February 28, 2017.
Source: Department of Labor (Bureau of Labor Statistics).

16

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

INDEX, 2012 = 100* (RATIO SCALE)
130

TOTAL INDUSTRIAL PRODUCTION

FINAL PRODUCTS

110
120
100
CONSUMER
GOODS

BUSINESS
EQUIPMENT

110

90
80

100

120

MANUFACTURING

DURABLE

TOTAL1

110

90

100
NONDURABLE

DEFENSE AND
SPACE EQUIPMENT

90
80
80
140

PERCENT*
86
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
84

UTILITIES AND MINING

130

MINING

120

82
80
78

110

76
100

74
UTILITIES

72

90

70

80

68
66
2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

1

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

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]
Total industrial production 1
Period

2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 r ������������������
2016: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2017: Jan p ���������

Percent change 2
Index,
2012=100

105.0
101.2
89.6
94.5
97.3
100.0
101.9
104.9
105.2
104.2
104.5
104.4
103.4
103.8
103.7
104.2
104.5
104.4
104.1
104.4
104.2
104.8
104.6

From
preceding
month
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
0.5
–.1
–.9
.4
–.1
.5
.3
–.1
–.3
.3
–.2
.6
–.3

Chart 17 - Feb 2017

Industry production indexes, 2012=100

Capacity utilization rate
(output as percent of
capacity) 1

Manufacturing

From
year
earlier
2.5
–3.6
–11.5
5.5
2.9
2.8
1.9
2.9
.3
–1.0
–1.4
–1.4
–2.0
–1.4
–1.3
–.6
–.9
–1.1
–1.1
–.7
–.3
.7
.0

Total 1
109.2
103.9
89.6
94.8
97.5
100.0
100.9
102.2
103.0
103.2
103.4
103.3
102.9
103.0
102.8
103.0
103.3
102.9
103.0
103.3
103.3
103.5
103.8

Durable
103.0
99.4
80.7
89.3
94.8
100.0
102.1
105.2
105.8
106.4
106.0
106.1
105.4
106.0
105.5
106.5
106.8
106.5
106.4
106.9
106.7
107.3
107.2

Nondurable
112.5
105.8
97.7
99.8
99.9
100.0
100.0
99.4
101.1
101.2
102.0
101.6
101.7
101.1
101.3
100.8
101.0
100.5
100.8
101.0
101.3
101.2
101.9

Other
(non-NAICS) 1
158.5
144.5
120.8
111.6
106.3
100.0
95.0
94.4
88.4
82.3
84.7
85.4
84.0
84.1
83.8
83.0
81.8
81.5
81.1
80.9
80.7
80.1
79.6

Mining

87.6
88.5
83.9
88.2
93.1
100.0
106.5
118.2
116.1
105.3
108.2
108.6
106.3
102.9
103.8
103.7
104.5
103.4
102.9
107.1
107.3
105.7
108.6

Utilities

102.2
101.9
99.0
102.7
102.4
100.0
102.3
103.7
102.9
102.4
101.5
100.4
96.3
102.3
101.8
104.8
105.1
108.1
105.1
102.3
99.7
104.8
98.8

Total
industry

Total
manufacturing

80.7
77.7
68.5
73.6
76.1
76.7
76.9
78.2
76.7
75.4
75.7
75.6
74.9
75.2
75.1
75.4
75.6
75.5
75.3
75.5
75.2
75.6
75.3

78.8
74.7
65.6
70.8
73.7
74.6
74.5
75.4
75.5
75.0
75.5
75.4
75.0
75.0
74.8
75.0
75.1
74.7
74.8
75.0
74.9
75.0
75.1

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

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

17

Industrial Production—
Major Market Groups and Selected Manufactures
[2012=100; monthly data seasonally adjusted]
Products and nonindustrial supplies

Materials

Final products
Consumer goods

Period
Total

2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 r ������������������
2016: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2017: Jan p ���������

Nonindustrial supplies

Total

108.2
104.1
93.1
96.3
98.4
100.0
100.1
101.1
101.0
100.7
100.7
100.6
99.6
100.7
100.4
101.0
101.0
101.1
100.9
100.9
100.3
101.4
101.0

113.3
107.0
99.3
100.1
101.4
100.0
100.7
101.4
102.9
103.5
103.6
103.4
102.2
103.6
103.2
103.9
103.9
104.3
104.0
103.9
102.9
104.3
103.5

Durable
goods
120.7
105.5
86.4
93.7
98.0
100.0
105.7
110.5
114.8
119.9
118.3
118.6
117.4
118.6
115.9
119.5
119.8
120.7
121.7
122.8
121.3
122.5
121.5

Equipment
Nondurable
goods
110.8
107.3
102.9
101.9
102.3
100.0
99.4
99.1
99.8
99.2
99.8
99.5
98.3
99.7
99.9
99.8
99.8
100.0
99.4
98.9
98.1
99.5
98.8

Total 1
98.5
98.4
81.5
88.8
92.6
100.0
99.0
100.6
97.5
95.5
95.4
95.3
94.7
95.3
95.3
95.6
95.5
95.3
95.2
95.5
95.4
96.2
96.4

Business
99.6
97.6
79.9
86.4
91.0
100.0
99.8
102.2
102.9
102.2
101.5
101.8
101.2
102.2
102.1
102.6
102.7
102.2
102.0
102.2
101.8
102.6
102.7

Defense
and
space

Total

91.2
98.4
94.0
101.1
98.2
100.0
97.1
94.3
89.0
88.0
88.2
88.2
87.6
87.5
88.6
88.1
87.4
87.9
87.6
87.3
88.3
88.1
88.1

117.7
110.5
93.5
96.6
97.9
100.0
102.1
104.4
105.2
105.5
106.2
106.6
105.5
105.5
105.1
105.0
105.6
105.0
105.4
105.4
105.7
105.7
105.8

Construction

129.5
117.5
90.4
93.6
95.9
100.0
103.0
106.8
108.3
109.5
110.1
111.2
110.3
110.0
109.2
108.4
109.2
108.1
108.6
109.4
110.4
109.8
110.8

Business

112.5
107.4
94.9
97.9
98.9
100.0
101.8
103.3
103.6
103.5
104.3
104.2
103.0
103.1
103.1
103.3
103.8
103.5
103.7
103.4
103.3
103.7
103.2

Total 1

98.6
96.1
85.5
92.5
96.2
100.0
103.3
108.1
108.7
106.6
107.1
106.8
105.9
105.7
105.8
106.5
107.0
106.8
106.2
106.9
106.9
107.2
107.0

Energy

89.7
90.3
88.1
91.8
94.6
100.0
105.4
114.1
114.8
109.4
110.3
109.2
107.2
107.6
107.6
109.7
110.5
111.1
109.2
109.8
109.0
110.5
108.9

1 Includes other items, not shown separately.

[2012=100; monthly data seasonally adjusted]
Durable manufactures
Computer and
electronic products

Primary metals
Period
Total
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 r ������������������
2016: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2017: Jan p ���������

104.0
104.2
77.5
95.1
102.1
100.0
103.3
103.4
96.7
94.1
93.7
95.2
95.4
94.9
96.3
95.8
93.4
93.1
91.8
91.0
93.4
95.0
95.5

Iron
and
steel
products
102.6
109.2
70.4
91.8
100.1
100.0
102.1
100.2
88.5
87.1
84.2
88.3
89.8
89.2
91.1
92.2
86.6
86.5
82.8
80.9
85.4
89.1
90.8

Fabricated
metal
products

114.9
110.8
85.2
90.8
97.1
100.0
101.8
104.2
102.7
100.7
101.6
101.2
99.8
100.1
100.0
99.7
100.2
100.0
100.7
101.3
100.7
100.8
101.2

Nondurable manufactures

Machinery
Total
97.1
94.5
73.5
82.1
92.5
100.0
95.4
95.9
94.3
91.8
90.2
89.9
88.9
91.7
90.9
93.0
94.8
93.4
91.9
92.4
91.6
92.5
93.3

79.6
85.7
76.2
86.0
92.8
100.0
103.1
108.6
111.6
114.6
113.4
113.1
113.3
113.0
113.6
113.4
113.5
114.2
114.6
116.4
117.3
117.9
118.7

Selected
high-technology 1
67.0
76.9
67.5
81.5
91.5
100.0
110.6
122.8
125.4
130.3
129.1
127.4
127.3
127.0
127.8
128.7
129.8
129.3
130.9
133.4
135.0
136.1
136.1

Transportation
equipment
Total
101.7
91.0
74.6
86.5
90.5
100.0
105.1
111.2
114.8
117.3
116.2
117.0
115.8
116.5
114.4
117.4
117.6
118.2
118.0
118.4
117.4
118.2
116.1

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

Source: Board of Governors of the Federal Reserve System.

18

Motor
vehicles
and
parts
106.3
85.1
62.3
82.7
90.4
100.0
107.2
115.7
122.7
128.8
126.6
127.7
126.2
127.7
122.0
128.8
129.8
130.9
131.3
132.4
129.8
131.6
127.8

Apparel

202.3
157.2
112.8
109.5
103.0
100.0
92.6
90.9
91.0
83.6
84.0
85.6
85.4
82.2
81.9
81.9
82.1
82.5
83.8
84.1
83.3
83.4
82.1

Printing
and
related
support
activities
131.1
122.7
102.8
102.7
101.0
100.0
100.2
100.3
102.2
101.0
103.5
103.2
101.5
100.7
99.2
100.1
99.6
99.1
100.1
100.3
101.2
101.8
101.5

Chemicals

117.5
108.6
98.1
101.3
101.3
100.0
96.6
95.8
98.0
98.0
99.2
98.6
99.6
98.4
98.9
97.7
97.5
96.8
97.1
97.4
97.9
97.8
98.8

Food

101.9
100.6
100.0
100.4
100.2
100.0
102.0
102.2
103.1
104.9
104.9
104.1
104.1
103.8
105.1
105.5
105.7
105.5
105.3
104.9
104.6
104.9
105.9

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

2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 r ������������������
2016: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov r ���������
      Dec r ���������
2017: Jan p ���������

Total
new
construction
expenditures

Residential
Total

1,148.0
1,077.4
906.5
809.3
788.3
850.5
906.4
1,005.6
1,112.4
1,164.4
1,144.9
1,157.7
1,176.4
1,142.5
1,143.8
1,154.1
1,160.4
1,166.5
1,164.4
1,173.7
1,191.5
1,192.2
1,180.3

New
housing

Total 1

858.9
768.6
591.6
505.3
501.9
571.1
635.7
729.5
823.5
878.5
849.7
858.1
879.0
854.6
860.3
867.9
884.9
888.4
883.6
886.2
904.7
909.4
911.6

Federal
and
State
and
local

Nonresidential

488.8
359.2
247.5
242.0
244.1
269.8
323.4
369.8
433.7
457.4
450.0
455.7
468.4
445.5
444.4
448.1
456.6
456.2
451.0
459.5
470.8
474.0
476.4

Total

354.1
230.1
133.9
127.3
123.2
154.5
202.3
235.2
285.2
303.5
306.4
307.2
308.3
302.2
300.4
299.1
298.3
298.0
298.1
306.3
310.8
313.3
317.3

Lodging

370.0
409.4
344.1
263.3
257.8
301.4
312.3
359.7
389.9
421.1
399.7
402.4
410.6
409.1
415.9
419.8
428.3
432.2
432.6
426.6
433.9
435.4
435.3

Commercial
(including
farm)

Office

27.5
35.4
25.4
11.2
8.4
10.2
13.0
16.3
21.2
26.9
23.1
24.3
25.8
25.9
27.5
27.4
27.2
27.8
28.7
27.0
28.6
28.3
28.3

53.8
55.5
37.3
24.4
23.7
27.4
30.1
38.9
47.2
61.2
50.7
54.6
55.8
56.4
56.6
61.2
62.7
64.0
66.5
66.5
67.0
68.2
67.9

Manufacturing

85.9
82.7
51.1
37.2
39.2
44.3
50.9
60.9
64.3
71.2
68.9
68.3
68.8
68.0
69.4
68.5
70.1
71.4
71.4
73.3
76.0
77.5
77.1

Other 2

40.2
53.6
57.4
40.6
39.8
46.8
49.9
58.1
77.5
74.5
74.5
74.0
76.4
74.1
74.9
72.8
78.0
78.4
75.6
72.6
72.9
69.1
69.5

162.7
182.3
173.0
149.9
146.7
172.6
168.3
185.5
179.7
187.3
182.4
181.3
183.8
184.7
187.5
189.9
190.4
190.5
190.5
187.2
189.4
192.4
192.5

New
houses
sold

New
houses
for sale
at end
of period 3

289.1
308.7
314.9
304.0
286.4
279.3
270.7
276.1
288.9
285.8
295.2
299.6
297.4
287.9
283.5
286.2
275.6
278.1
280.8
287.6
286.8
282.8
268.7

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

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

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

New housing units started
Type of structure

Period
Total
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 r ������������������

1,355.0
905.5
554.0
586.9
608.8
780.6
924.9
1,003.3
1,111.8
1,174.3

1 unit
1,046.0
622.0
445.1
471.2
430.6
535.3
617.6
647.9
714.5
781.6

Type of structure

2–4 units 1
31.7
17.5
11.6
11.4
10.9
11.4
13.6
13.7
11.5
11.6

5 units or
more

Total

277.3
266.0
97.3
104.3
167.3
233.9
293.7
341.7
385.8
381.0

1,398.4
905.4
583.0
604.6
624.1
829.7
990.8
1,052.1
1,182.6
1,190.2

1 unit
979.9
575.6
441.1
447.3
418.5
518.7
620.8
640.3
696.0
745.5

2–4 units

5 units or
more

New
housing
units
completed

Vacancy
rate for
rental
housing
units
(percent) 4

59.6
34.4
20.7
22.0
21.6
25.9
29.0
29.9
32.1
34.1

359.0
295.4
121.1
135.3
184.0
285.1
341.1
382.0
454.5
410.5

1,502.8
1,119.7
794.4
651.7
584.9
649.2
764.4
883.8
968.2
1,060.6

776
485
375
323
306
368
429
437
501
561

497
353
234
190
151
150
187
211
235
256

9.8
10.0
10.6
10.2
9.5
8.7
8.3
7.6
7.1
6.9

35
33
34
32
28
29
29
33
36
30
37
37
29

426
396
318
357
377
386
404
383
447
456
395
361
457

1,056
1,025
1,063
952
1,015
1,129
1,070
1,034
992
1,059
1,213
1,109
1,047

526
525
537
570
566
558
622
559
568
568
575
535
555

239
242
244
241
240
242
236
240
242
247
248
256
265

��������������������
��������������������
7.0
��������������������
��������������������
6.7
��������������������
��������������������
6.8
��������������������
��������������������
6.9
��������������������

Seasonally adjusted annual rates
2016: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2017: Jan p ���������

1,128
1,213
1,113
1,155
1,128
1,195
1,218
1,164
1,052
1,320
1,149
1,279
1,246

775
845
751
764
737
763
769
724
781
868
826
808
823

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

335
356
353
378
386
414
442
422
257
442
320
457
421

1,188
1,162
1,077
1,130
1,136
1,153
1,144
1,152
1,225
1,260
1,212
1,228
1,293

727
733
725
741
731
738
711
736
742
774
780
830
807

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

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

19

Business Sales and Inventories—Manufacturing and Trade
In January, according to preliminary estimates, manufacturing and trade sales rose 0.1 percent, manufacturing and
trade inventories rose $4.9 billion, retail sales rose 0.2 percent, and retail inventories rose $4.8 billion. Retail and
food services sales rose 0.4 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
1,900
MANUFACTURING AND
TRADE INVENTORIES
1,800

BILLIONS OF DOLLARS* (RATIO SCALE)
650
RETAIL INVENTORIES

600
550

1,700

500

1,600

RETAIL AND FOOD
SERVICES SALES

450
1,500
400
1,400

MANUFACTURING
AND TRADE SALES

RETAIL SALES
350

1,300

300

1,200

RATIO*
1.70

INVENTORY/SALES RATIO

1,100

1.60
1.50

1,000

RETAIL

1.40
MANUFACTURING
AND TRADE

1.30
1.20

900
2013

2014

2015

2016

2017

2013

2014

2015

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

2016

2017

COUNCIL OF ECONOMIC ADVISERS

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

2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 r ������������������
2016 r ������������������
2015: Dec r ���������
2016: Jan r ���������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov r ���������
      Dec r ���������
2017: Jan p ���������

Sales 2
1,128,176
1,160,786
988,963
1,089,143
1,206,723
1,267,248
1,302,966
1,339,701
1,303,996
1,292,866
1,288,683
1,277,863
1,275,814
1,278,267
1,288,674
1,292,865
1,306,188
1,302,082
1,305,941
1,316,022
1,325,084
1,328,817
1,356,559
1,358,120

Inventories 3

Wholesale

Inventory/sales
ratio 4

1,486,039
1,464,379
1,329,577
1,447,968
1,561,441
1,649,980
1,714,804
1,777,829
1,800,368
1,836,409
1,800,368
1,800,923
1,798,344
1,804,490
1,807,046
1,809,950
1,813,811
1,813,191
1,816,874
1,817,028
1,814,456
1,828,971
1,836,409
1,841,342

1.28
1.31
1.38
1.27
1.26
1.27
1.29
1.31
1.38
1.39
1.40
1.41
1.41
1.41
1.40
1.40
1.39
1.39
1.39
1.38
1.37
1.38
1.35
1.36

Sales 2
351,956
377,078
319,236
361,634
407,217
434,002
447,237
463,265
443,332
442,657
435,479
427,819
427,568
429,952
433,212
436,388
443,856
440,977
444,135
446,073
450,870
453,216
464,112
463,649

Inventories 3
424,640
445,208
397,020
441,058
485,328
520,341
541,205
576,240
585,892
600,933
585,892
586,863
582,888
584,254
588,382
589,318
591,002
590,191
589,449
589,853
589,412
595,273
600,933
600,030

Retail
Inventory/sales
ratio 4
1.17
1.20
1.28
1.14
1.15
1.17
1.18
1.21
1.32
1.34
1.35
1.37
1.36
1.36
1.36
1.35
1.33
1.34
1.33
1.32
1.31
1.31
1.29
1.29

1 See page 21 for manufacturing.
2 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.
3 Seasonally adjusted, end of period.
4 Annual data are averages of seasonally adjusted monthly ratios.

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

20

Sales 2
332,932
327,959
301,079
318,237
341,849
358,519
371,584
386,362
392,359
403,828
396,893
394,271
395,126
393,775
399,134
399,588
402,608
403,103
402,695
406,879
410,119
410,174
415,242
416,155

Inventories 3
500,341
476,899
428,900
454,246
470,144
504,651
542,192
558,626
588,432
608,623
588,432
589,963
593,701
598,925
598,209
600,965
603,337
602,047
605,873
606,047
603,333
608,687
608,623
613,422

Chart 20 - Feb 2017

Retail and food
Inventory/sales services sales 2
4
ratio
1.49
1.52
1.47
1.39
1.35
1.37
1.41
1.43
1.46
1.49
1.48
1.50
1.50
1.52
1.50
1.50
1.50
1.49
1.50
1.49
1.47
1.48
1.47
1.47

369,978
365,982
338,747
357,149
383,131
402,199
416,770
434,295
443,997
457,423
450,831
447,266
449,294
447,907
453,397
454,135
457,409
457,849
457,722
462,284
465,321
466,028
470,461
472,142

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

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

300

380

NONDURABLE GOODS

340

260

300

220

DURABLE GOODS

260

180

220

140

NONDURABLE GOODS

180

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

140
RATIO*
1.60

340

INVENTORY/SHIPMENTS RATIO

1.50

300
DURABLE GOODS

260

1.40

220

1.30

180

1.20
1.10

140
2013

2015

2014

2016

2017

2014

2013

2015

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

2016

COUNCIL OF ECONOMIC ADVISERS

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1

Chart 21- Feb 2017

Durable goods
Period

Total

Durable
goods

2017

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
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 r ������������������
2016: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec r ���������
2017: Jan p ���������

443,288
455,750
368,648
409,273
457,658
474,727
484,145
490,074
468,306
461,251
455,773
453,120
454,540
456,328
456,889
459,724
458,002
459,111
463,070
464,095
465,427
477,205
478,316

223,919
218,056
171,402
190,059
206,591
218,965
224,651
232,628
235,052
233,895
234,743
232,924
231,225
232,208
231,421
232,448
232,559
232,525
234,367
233,989
234,824
238,722
238,816

219,369
237,694
197,246
219,214
251,067
255,762
259,495
257,447
233,254
227,356
221,030
220,196
223,315
224,120
225,468
227,276
225,443
226,586
228,703
230,106
230,603
238,483
239,500

561,058
542,272
503,657
552,664
605,969
624,988
631,407
642,963
626,044
626,853
624,097
621,755
621,311
620,455
619,667
619,472
620,953
621,552
621,128
621,711
625,011
626,853
627,890

334,520
329,751
294,639
321,356
352,642
367,396
370,943
390,237
388,040
383,830
386,984
385,682
385,062
383,677
382,258
381,715
383,221
383,467
383,629
383,424
384,178
383,830
384,096

226,538
212,521
209,018
231,308
253,327
257,592
260,464
252,726
238,004
243,023
237,113
236,073
236,249
236,778
237,409
237,757
237,732
238,085
237,499
238,287
240,833
243,023
243,794

449,752
454,344
350,478
407,992
459,305
475,809
485,281
494,123
462,797
456,251
452,786
444,277
451,814
459,849
454,295
446,331
452,391
454,056
456,907
469,636
458,795
464,722
470,202

230,383
216,650
153,232
188,778
208,238
220,047
225,786
236,676
229,543
228,896
231,756
224,081
228,499
235,729
228,827
219,055
226,948
227,470
228,204
239,530
228,192
226,239
230,702

79,790
73,286
48,926
62,309
71,753
77,674
80,831
81,975
73,726
70,075
74,141
68,288
68,490
74,184
72,920
64,987
70,020
67,265
69,877
80,210
64,293
66,512
69,087

946,680
995,368
826,011
871,124
954,457
1,014,065
1,071,455
1,163,928
1,135,712
1,118,115
1,135,979
1,130,286
1,130,702
1,137,162
1,137,551
1,127,237
1,124,837
1,123,085
1,120,287
1,129,422
1,126,644
1,118,115
1,114,075

1.22
1.27
1.39
1.28
1.29
1.30
1.30
1.31
1.36
1.35
1.37
1.37
1.37
1.36
1.36
1.35
1.36
1.35
1.34
1.34
1.34
1.31
1.31

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

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

21

PRICES
Producer Prices
The producer price index for final demand rose 0.6 percent in January. Prices for final demand goods rose 1.0 percent,
and prices for final demand services rose 0.3 percent.
INDEX, NOV. 2009=100 (RATIO SCALE)

INDEX, NOV. 2009=100 (RATIO SCALE)
125

125
SEASONALLY ADJUSTED

FINAL DEMAND

120

120
FINAL DEMAND
GOODS

115

115
FINAL DEMAND

110

110
FINAL DEMAND
SERVICES
105

105

100

100

95

95
2011

2012

2013

2015

2014

2016

2017

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[November 2009=100, except as noted; monthly data seasonally adjusted]
Final demand goods
Period

Total
final
demand 1

Total

Foods 2

Energy

Final demand services
Less
food
and
energy

Total

Trade 3

Transportation
and
warehousing

Other

Rel. imp. 4 �����������
100.0
33.837
5.430
5.488
22.919
64.086
20.278
4.935
38.873
2007 �������������������� ��������������� ������������� ������������� ������������� ������������� ������������� ������������� ��������������� �������������
2008 �������������������� ��������������� ������������� ������������� ������������� ������������� ������������� ������������� ��������������� �������������
2009 �������������������� ��������������� ������������� ������������� ������������� ������������� ������������� ������������� ��������������� �������������
2010 ��������������������
101.8
102.8
103.7
107.2
101.4
101.3
101.7
103.2
100.9
2011 ��������������������
105.7
109.9
112.5
126.2
104.9
103.4
104.0
110.0
102.5
2012 ��������������������
107.7
111.7
115.9
126.3
106.8
105.4
106.7
114.2
103.9
2013 ��������������������
109.1
112.6
117.8
125.3
107.9
107.1
108.2
115.3
105.8
2014 ��������������������
110.9
114.0
121.6
124.2
109.5
109.0
110.2
117.7
107.5
2015 ��������������������
109.9
109.1
118.4
98.6
109.9
110.0
111.6
115.3
108.7
2016 ��������������������
110.3
107.6
115.1
90.3
110.8
111.4
112.9
113.7
110.6
2016: Jan r ���������
110.0
106.9
117.1
87.8
109.9
111.3
114.0
114.0
109.8
      Feb r ���������
109.8
106.3
117.0
84.4
110.0
111.3
113.5
113.7
110.0
r
      Mar ��������
109.6
106.3
115.6
85.2
110.1
111.0
112.6
113.7
110.0
r
      Apr ���������
109.9
106.7
115.1
86.7
110.4
111.2
112.8
113.6
110.3
      May r ��������
110.1
107.4
115.6
89.2
110.6
111.2
113.0
113.0
110.2
      June r �������
110.6
108.1
116.1
91.6
110.8
111.6
113.8
113.1
110.4
r
      July ��������
110.5
107.9
115.3
91.3
110.8
111.6
112.9
113.5
110.8
r
      Aug ���������
110.3
107.6
114.0
90.5
111.0
111.4
112.1
113.2
110.9
      Sept r ��������
110.6
108.1
114.6
91.9
111.1
111.7
112.9
112.4
111.1
      Oct r ����������
110.5
108.4
113.3
94.2
111.2
111.3
111.6
114.1
111.0
r
      Nov ���������
111.0
108.6
113.9
94.3
111.4
111.9
113.1
114.2
111.2
r
      Dec ���������
111.2
109.2
114.5
96.0
111.7
112.0
113.1
113.9
111.3
2017: Jan �����������
111.9
110.3
114.5
100.5
112.1
112.3
114.1
115.2
111.2

Processed goods
Final
for intermediate
demand
demand (1982=100)
less
foods,
energy,
Less
and
food
trade
Total
and
(Aug. 2013
energy
=100) 2
68.804
����������������
����������������
����������������
����������������
����������������
����������������
����������������
101.5
102.1
103.3
102.7
102.8
102.8
103.1
103.0
103.2
103.4
103.5
103.6
103.7
103.9
104.0
104.2

100.0
170.7
188.3
172.5
183.4
199.9
200.7
200.8
201.9
188.0
182.3
180.7
179.3
179.2
179.9
181.3
182.7
183.0
182.9
183.5
184.2
184.8
185.6
187.7

75.238
168.4
180.9
173.4
180.8
192.0
192.6
193.8
195.2
189.4
186.9
185.8
185.3
185.3
185.8
186.3
186.6
186.8
187.4
187.6
188.2
188.9
189.3
189.8

Unprocessed
goods
Chart 22 - Feb 2017
for intermediate
demand (1982=100)
Services
for
intermediNonfood
ate
materials demand
Total
less
energy
100.0
207.1
251.8
175.2
212.2
249.4
241.4
246.7
249.3
189.1
173.3
166.0
163.1
165.3
168.9
173.8
178.2
179.6
175.8
174.8
173.9
173.2
187.7
194.9

24.937
100.0
282.6 �����������������
324.4 �����������������
248.4 �����������������
329.1
101.1
390.4
103.2
369.6
105.3
351.2
107.2
345.7
108.9
296.0
110.2
287.9
112.1
266.5
111.5
268.3
111.7
275.4
111.7
285.3
111.7
294.9
111.6
294.4
112.1
296.1
112.5
297.1
112.3
291.2
112.2
287.4
112.3
293.8
112.4
304.1
112.9
313.9
113.2

1 Includes final demand construction, not shown separately.
2 Does not include food and beverages for immediate consumption, which are defined as the service of preparing meals, snacks, and beverages to customer order for immediate consumption.
3 Trade indexes measure changes in margins received by wholesalers and retailers.
4 Relative importance, December 2016.

Note: Data revised to reflect annual revisions.
Source: Department of Labor (Bureau of Labor Statistics).

22

Consumer Prices—All Urban Consumers
In January, the consumer price index for all urban consumers rose 0.6 percent; it rose 0.6 percent before seasonal
adjustment. The index rose 2.5 percent from its year-earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE)
250

INDEX, 1982-84 = 100 (RATIO SCALE)
250
SEASONALLY ADJUSTED

240

240

CONSUMER PRICES—ALL ITEMS

230

230

220

220

210

210

200

200

190

190

180

180
2009

2010

2011

2012

2013

2014

2015

2016

SOURCE: DEPARTMENT OF LABOR

2017

COUNCIL OF ECONOMIC ADVISERS

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

Rel. imp. 4 �����������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2016: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2017: Jan �����������

Not
seasonally Seasonally
adjusted
adjusted
(NSA)
100.0
207.342
215.303
214.537
218.056
224.939
229.594
232.957
236.736
237.017
240.007
236.916
237.111
238.132
239.261
240.229
241.018
240.628
240.849
241.428
241.729
241.353
241.432
242.839

�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
238.106
237.808
238.078
238.908
239.362
239.842
239.898
240.389
241.006
241.694
242.199
242.821
244.158

All items less food and energy
Total 1

79.263
210.729
215.572
219.235
221.337
225.008
229.755
233.806
237.897
242.247
247.602
245.232
245.845
246.062
246.517
247.026
247.389
247.705
248.351
248.646
249.011
249.464
250.013
250.783

Shelter

33.652
240.611
246.666
249.354
248.396
251.646
257.083
263.056
270.513
278.803
288.230
283.717
284.561
285.080
285.939
286.900
287.789
288.424
289.398
290.347
291.321
292.184
293.107
293.779

Medical
care 2
8.539
351.054
364.065
375.613
388.436
400.258
414.924
425.134
435.292
446.752
463.675
454.705
456.546
457.511
459.103
460.352
462.084
464.416
468.525
469.359
470.001
470.244
471.337
472.251

Apparel

3.034
118.998
118.907
120.078
119.503
122.111
126.265
127.411
127.514
125.903
126.045
125.653
127.177
126.015
125.837
126.555
126.079
126.126
126.378
125.786
126.098
125.694
125.218
126.915

Food
New
vehicles
3.678
136.254
134.194
135.623
138.005
141.883
144.232
145.783
146.275
147.135
147.358
147.400
147.739
147.704
147.231
147.124
147.023
147.262
147.277
147.205
147.447
147.394
147.518
148.792

Energy

Total 1

At
home

Away
from
home

13.698
202.916
214.106
217.955
219.625
227.842
233.777
237.037
242.725
247.235
247.931
248.167
248.402
248.080
248.446
248.012
247.873
247.802
247.818
247.782
247.675
247.583
247.494
247.816

7.899
201.245
214.125
215.124
215.836
226.201
231.774
233.869
239.456
242.250
239.065
241.249
241.401
240.499
240.690
239.607
239.079
238.619
238.254
237.896
237.486
237.175
236.763
236.659

5.799
206.659
215.769
223.272
226.114
231.401
237.986
243.068
248.981
256.101
262.695
259.958
260.319
260.883
261.517
262.074
262.529
263.051
263.649
264.102
264.459
264.699
265.104
266.079

Total 1, 2

7.039
207.723
236.666
193.126
211.449
243.909
246.080
244.409
243.583
202.895
189.535
188.263
179.166
180.818
185.734
187.108
189.603
187.595
187.504
192.003
196.813
198.730
201.148
209.138

Chart 23 - Feb 2017

Gasoline

3.208
237.959
277.457
201.555
238.594
301.694
311.470
302.577
290.889
212.007
187.602
187.551
167.538
171.316
181.779
183.858
189.732
183.485
182.093
190.511
200.157
204.265
209.218
225.577

C-CPI-U
(Dec.
1999=100,
NSA) 3

�������������������
119.957
124.433
123.850
125.615
129.453
131.976
�������������������
�������������������
�������������������
�������������������
134.966
134.953
135.655
136.425
137.054
137.532
137.210
137.273
137.626
137.812
137.535
137.581
138.451

1 Includes other items not shown separately.
2 Commodities and services.
3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices.
4 Relative importance, December 2016.

Note: Data revised to reflect annual revisions.
Source: Department of Labor (Bureau of Labor Statistics).

23

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

Final demand goods
Period

Total
final
demand 1

Total

Foods

Energy

Final demand services
Less
food
and
energy

Total

Change, December to December, NSA
2007 �������������������� ����������� ���������� ���������� ���������� ����������� ���������� ���������� ������������� ���������� �����������
2008 �������������������� ����������� ���������� ���������� ���������� ����������� ���������� ���������� ������������� ���������� �����������
2009 �������������������� ����������� ���������� ���������� ���������� ����������� ���������� ���������� ������������� ���������� �����������
2010 ��������������������
2.8
4.7
5.3
12.7
2.4
1.7
2.1
4.3
1.3 �����������
2011 ��������������������
3.2
4.7
5.7
9.2
3.1
2.3
2.3
6.7
1.8 �����������
2012 ��������������������
1.9
1.4
4.1
–1.3
1.4
2.2
3.8
2.7
1.4 �����������
2013 ��������������������
1.2
.8
–.8
.9
1.3
1.3
–.4
2.0
2.0 �����������
2014 ��������������������
.9
–1.2
4.4 –13.2
1.1
2.1
4.0
.8
1.4
1.3
2015 ��������������������
–1.1
–3.8
–5.2 –16.4
–.1
.2
.0
–3.5
.8
.3
2016 ��������������������
1.6
1.9
–1.1
5.9
1.7
1.5
1.0
.0
2.0
1.7

7.1
–2.3
2.9
6.4
5.7
.4
.1
–2.6
–6.6
1.8

3.3
2.9
–.1
4.7
3.8
.6
.7
–.1
–3.8
1.5

19.8
–24.6
13.3
16.1
6.6
1.4
–1.9
–8.7
–25.3
13.2

–0.9
–.8
–.1
.4
.8
.8
.2
–.1
.3
.4
.3
.4
1.1

–0.4
–.3
.0
.3
.3
.2
.1
.3
.1
.3
.4
.2
.3

0.0
–1.7
1.3
2.2
2.9
2.5
.8
–2.1
–.6
–.5
–.4
8.4
3.8

15.6 �������������� ����������� ����������� ������������
–24.1 �������������� ����������� ����������� ������������
28.9 �������������� ����������� ����������� ������������
27.6
1.4 ����������� ����������� ������������
2.4
2.0
3.8
6.9
2.1
–1.6
2.9
1.9
1.6
1.9
–5.6
1.0
1.3
.8
1.6
–5.3
1.8
1.6
1.2
1.8
–18.5
.5
–.9
–4.3
.9
13.6
2.5
.4
–1.4
1.3

Change, month to month
2016: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2017: Jan �����������

0.5
–.2
–.2
.3
.2
.5
–.1
–.2
.3
–.1
.5
.2
.6

–0.3
–.6
.0
.4
.7
.7
–.2
–.3
.5
.3
.2
.6
1.0

1.1
–.1
–1.2
–.4
.4
.4
–.7
–1.1
.5
–1.1
.5
.5
.0

–3.2
–3.9
.9
1.8
2.9
2.7
–.3
–.9
1.5
2.5
.1
1.8
4.7

0.1
.1
.1
.3
.2
.2
.0
.2
.1
.1
.2
.3
.4

0.9
.0
–.3
.2
.0
.4
.0
–.2
.3
–.4
.5
.1
.3

1.7
–.4
–.8
.2
.2
.7
–.8
–.7
.7
–1.2
1.3
.0
.9

0.2
–.3
.0
–.1
–.5
.1
.4
–.3
–.7
1.5
.1
–.3
1.1

0.5
.2
.0
.3
–.1
.2
.4
.1
.2
–.1
.2
.1
–.1

0.4
.1
.0
.3
–.1
.2
.2
.1
.1
.1
.2
.1
.2

–0.5
.7
2.6
3.6
3.4
–.2
.6
.3
–2.0
–1.3
2.2
3.5
3.2

1.3
.2
.0
.0
–.1
.4
.4
–.2
–.1
.1
.1
.4
.3

.0
.1
–.1
.2
.0
.2
.0
.0
.6
.8
1.3
1.6
1.6

–2.4
–2.8
–2.8
–2.0
–2.5
–2.2
–2.2
–1.9
–.4
.3
.6
1.9
3.1

1.2
1.6
1.3
1.2
1.4
1.5
1.1
1.0
1.4
1.1
1.5
1.5
.8

1 Includes final demand construction, not shown separately.

Note: Data revised to reflect annual revisions.
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
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������

4.1
.1
2.7
1.5
3.0
1.7
1.5
.8
.7
2.1

2.4
1.8
1.8
.8
2.2
1.9
1.7
1.6
2.1
2.2

3.1
1.9
.3
.4
1.9
2.2
2.5
2.9
3.2
3.6

5.2
2.6
3.4
3.3
3.5
3.2
2.0
3.0
2.6
4.1

–0.3
–1.0
1.9
–1.1
4.6
1.8
.6
–2.0
–.9
–.1

2016: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2017: Jan �����������

0.1
–.1
.1
.3
.2
.2
.0
.2
.3
.3
.2
.3
.6

0.3
.2
.1
.2
.2
.1
.1
.3
.1
.1
.2
.2
.3

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

0.4
.4
.2
.3
.3
.4
.5
.9
.2
.1
.1
.2
.2

0.3
1.2
–.9
–.1
.6
–.4
.0
.2
–.5
.2
–.3
–.4
1.4

–0.3
–3.2
4.9
–.2
3.2
1.6
.4
.5
.2
.3

4.9
5.9
–.5
1.5
4.7
1.8
1.1
3.4
.8
–.2

5.6
6.6
–2.4
1.7
6.0
1.3
.4
3.7
–.4
–2.0

4.0
5.0
1.9
1.3
2.9
2.5
2.1
3.0
2.6
2.3

17.4
–21.3
18.2
7.7
6.6
.5
.5
–10.6
–12.6
5.4

29.6
–43.1
53.5
13.8
9.9
1.7
–1.0
–21.0
–19.7
9.1

3.7
.2
2.5
1.3
2.9
1.5
1.3
.5
.4
r 2.1

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

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

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

2.8
3.8
–.4
1.6
3.2
2.1
1.5
1.6
.1
1.3

–0.2
.1
–.4
.1
–.4
–.2
–.2
–.2
–.2
–.2
–.1
–.2
.0

0.3
.1
.2
.2
.2
.2
.2
.2
.2
.1
.1
.2
.4

–1.4
–4.8
.9
2.7
.7
1.3
–1.1
.0
2.4
2.5
1.0
1.2
4.0

–2.3
–10.7
2.3
6.1
1.1
3.2
–3.3
–.8
4.6
5.1
2.1
2.4
7.8

0.1
.0
.5
.6
.5
.3
–.2
.0
.3
.1
–.2
.0
.6

�������������
�������������
0.1
�������������
�������������
2.3
�������������
�������������
1.8
�������������
�������������
3.0
�������������

0.5
–.6
.4
1.4
2.6
3.0
1.7
1.7
2.0
3.0
3.0
3.0
4.1

0.2
.0
.5
.9
1.0
1.7
1.5
2.2
2.5
2.3
2.4
2.5
3.6

1.4
1.0
.9
1.1
1.0
1.0
.8
1.1
1.5
1.6
1.7
2.1
2.5

Change, month to month
0.3
.2
.0
–.3
–.1
–.1
.2
.0
.0
.2
.0
.1
.9

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

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

Note: Data revised to reflect annual revisions.
Source: Department of Labor (Bureau of Labor Statistics).

24

Prices Received and Paid by Farmers
In January, prices received by farmers fell 1.6 percent and prices paid by farmers rose 1.9 percent. (Data are not
seasonally adjusted.)
INDEX, 2011=100 (RATIO SCALE)
130

INDEX, 2011=100 (RATIO SCALE)
130
120

120
PRICES RECEIVED

110

110

100

100

PRICES PAID

90

90

80

80

70

70

60

60
1

RATIO1
140

RATIO
140

RATIO

120

120

100

100

80

80

60

60
2009

2011

2010

2012

2013

2015

2014

2017

2016

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

SOURCE: DEPARTMENT OF AGRICULTURE

COUNCIL OF ECONOMIC ADVISERS

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

Period

2007 ���������������������������������������������������
2008 ���������������������������������������������������
2009 ���������������������������������������������������
2010 ���������������������������������������������������
2011 ���������������������������������������������������
2012 ���������������������������������������������������
2013 ���������������������������������������������������
2014 r �������������������������������������������������
2015 r �������������������������������������������������
2016 r �������������������������������������������������
2016: Jan r ����������������������������������������
      Feb r ����������������������������������������
      Mar r ���������������������������������������
      Apr r ����������������������������������������
      May r ���������������������������������������
      June r ��������������������������������������
      July r ���������������������������������������
      Aug r ����������������������������������������
      Sept r ���������������������������������������
      Oct r �����������������������������������������
      Nov r ����������������������������������������
      Dec r ����������������������������������������
2017: Jan p ����������������������������������������

Agricultural
production

83.6
91.7
80.6
86.8
100.0
105.0
107.0
107.9
98.8
89.3
89.0
92.5
92.7
92.7
94.2
93.0
89.6
89.4
85.9
80.3
83.0
87.8
86.4

Crop
production

81.0
95.9
85.7
87.0
100.0
107.0
105.7
92.3
86.2
83.2
79.5
83.6
82.1
85.6
89.3
86.3
82.4
83.6
82.6
78.5
79.8
80.8
78.3

Chart 25 - Feb 2017

Prices paid by farmers

Livestock
production

85.7
86.1
73.8
85.7
100.0
102.5
108.5
128.8
113.4
94.7
100.0
99.2
100.2
97.5
97.5
98.2
96.3
94.1
88.7
82.4
86.3
94.4
96.6

All commodities,
services, interest,
taxes, and wage
rates (PPITW) 2
79.0
90.0
87.3
90.0
100.0
104.4
106.3
112.0
109.9
105.4
106.7
106.3
106.5
106.1
106.4
106.8
105.8
105.2
103.9
103.3
103.8
104.5
106.5

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

77.2
89.5
86.4
89.0
100.0
104.8
106.7
113.1
110.6
105.3
106.9
106.4
106.6
106.1
106.3
106.8
105.6
104.9
103.4
102.7
103.3
104.0
106.2

Production
items

74.6
88.3
84.8
87.7
100.0
105.4
107.4
114.1
110.4
103.7
105.7
105.2
105.3
104.9
105.1
105.6
104.1
103.3
101.6
100.6
101.2
102.1
104.3

Ratio of prices
received by farmers
to PPITW

106
102
92
96
100
100
100
96
90
85
83
87
88
88
89
87
85
85
83
78
80
85
81

1 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 1910-14=100 basis, as required by statute.
Source: Department of Agriculture (National Agricultural Statistics Service).

25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures
In January, M2 rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
14,000
13,200
12,400
11,600
10,800
10,000
9,200

BILLIONS OF DOLLARS* (RATIO SCALE)
14,000
13,200
12,400
11,600
10,800
10,000
9,200

M2

8,400

8,400

7,600

7,600

6,800

6,800

6,000

6,000

5,200

5,200

4,400

4,400

3,600

3,600
3,200

3,200
M1

2,800

2,800

2,400

2,400

2,000

2,000

1,600

1,600

1,200

1,200
2009

2010

2011

2012

2013

2014

2015

2016

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

2017

COUNCIL OF ECONOMIC ADVISERS

[Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted]
Chart 26 - Feb 2017

Period

2007: Dec r ����������������������������������������
2008: Dec r ����������������������������������������
2009: Dec r ����������������������������������������
2010: Dec r ����������������������������������������
2011: Dec r ����������������������������������������
2012: Dec r ����������������������������������������
2013: Dec r ����������������������������������������
2014: Dec r ����������������������������������������
2015: Dec r ����������������������������������������
2016: Dec r ����������������������������������������
2016: Jan ������������������������������������������
      Feb ������������������������������������������
      Mar r ���������������������������������������
      Apr ������������������������������������������
      May �����������������������������������������
      June r ��������������������������������������
      July r ���������������������������������������
      Aug �����������������������������������������
      Sept r ���������������������������������������
      Oct ������������������������������������������
      Nov �����������������������������������������
      Dec r ����������������������������������������
2017: Jan p ����������������������������������������

M1

M2

Debt

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

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

Debt of
domestic
nonfinancial
sectors 2

1,374.7
1,603.6
1,694.1
1,837.5
2,164.6
2,460.7
2,660.7
2,932.9
3,082.8
3,328.8
3,102.9
3,119.5
3,158.1
3,200.0
3,245.7
3,246.4
3,242.6
3,320.0
3,322.7
3,333.5
3,343.1
3,328.8
3,394.4

7,438.4
8,159.8
8,463.3
8,769.2
9,632.3
10,428.1
10,995.7
11,649.2
12,311.9
13,185.1
12,442.0
12,510.4
12,582.3
12,668.1
12,742.0
12,811.1
12,872.2
12,955.4
13,015.6
13,070.6
13,147.9
13,185.1
13,268.2

33,259.7
35,064.7
35,937.8
37,272.2
38,432.6
40,185.8
41,620.2
43,373.6
45,252.1
47,307.3
���������������������������������������������
���������������������������������������������
45,846.3
���������������������������������������������
���������������������������������������������
46,334.2
���������������������������������������������
���������������������������������������������
46,977.0
���������������������������������������������
���������������������������������������������
47,307.3
���������������������������������������������

Percent change
From
previous period 4

From year or 6 months earlier 3
M1

M2
0.5
16.7
5.6
8.5
17.8
13.7
8.1
10.2
5.1
8.0
4.6
5.9
7.9
12.5
11.2
10.6
9.0
12.9
10.4
8.3
6.0
5.1
9.4

Debt
5.7
9.7
3.7
3.6
9.8
8.3
5.4
5.9
5.7
7.1
6.8
7.1
7.3
8.5
8.0
8.1
6.9
7.1
6.9
6.4
6.4
5.8
6.2

7.1
3.5
2.3
4.4
4.2
4.8
5.2
3.5
7.8
2.9
�������������������������������
�������������������������������
5.3
�������������������������������
�������������������������������
4.3
�������������������������������
�������������������������������
5.8
�������������������������������
�������������������������������
2.9
�������������������������������

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

month of quarter. End-of-year data are for fourth quarter.
3 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate.
4 Debt growth of domestic nonfinancial sectors is the seasonally adjusted borrowing flow divided by the seasonally adjusted level of debt outstanding in the previous period. 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

2007: Dec �����������
2008: Dec �����������
2009: Dec �����������
2010: Dec �����������
2011: Dec �����������
2012: Dec �����������
2013: Dec �����������
2014: Dec �����������
2015: Dec �����������
2016: Dec r ���������
2016: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June r �������
      July ����������
      Aug r ���������
      Sept ���������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2017: Jan p ���������

Currency

760.6
816.2
863.7
918.8
1,001.5
1,090.6
1,160.5
1,252.7
1,338.6
1,419.8
1,345.8
1,351.4
1,359.5
1,366.4
1,375.4
1,382.6
1,388.9
1,395.8
1,401.7
1,407.6
1,414.2
1,419.8
1,431.4

Nonbank
travelers
checks

Other checkable
deposits (OCDs)
Demand
deposits

At
commercial
banks

Total

6.3
5.5
5.1
4.7
4.3
3.8
3.5
2.9
2.5
2.2
2.5
2.4
2.4
2.4
2.4
2.3
2.3
2.3
2.2
2.2
2.2
2.2
2.1

303.0
472.0
447.8
518.2
752.2
927.0
1,031.1
1,193.2
1,227.8
1,355.1
1,240.3
1,248.5
1,276.9
1,311.7
1,342.6
1,332.0
1,320.3
1,380.4
1,373.2
1,374.0
1,373.6
1,355.1
1,402.4

304.7
309.8
377.5
395.8
406.6
439.2
465.6
484.1
513.9
551.8
514.4
517.1
519.3
519.5
525.3
529.5
531.1
541.6
545.6
549.6
553.1
551.8
558.4

At
thrift
institutions

171.8
176.9
228.8
233.1
231.5
243.6
256.2
265.5
277.0
293.8
276.0
279.3
279.4
278.2
282.7
283.9
283.7
291.0
292.3
292.6
294.4
293.8
297.3

133.0
132.9
148.7
162.8
175.1
195.7
209.4
218.6
236.9
258.0
238.4
237.8
240.0
241.3
242.7
245.5
247.4
250.6
253.3
257.0
258.8
258.0
261.1

Savings deposits
(including MMDAs)

Small-denomination
time deposits 1

At
commercial
banks

At
commercial
banks

Total
3,864.4
4,085.9
4,810.0
5,330.7
6,033.8
6,685.2
7,131.9
7,580.1
8,179.9
8,828.5
8,218.0
8,262.7
8,315.5
8,371.7
8,405.9
8,488.4
8,565.6
8,594.0
8,673.2
8,715.3
8,768.8
8,828.5
8,855.3

3,041.0
3,320.7
3,977.0
4,411.2
5,037.4
5,728.7
6,110.8
6,501.4
7,034.7
7,567.0
7,059.5
7,089.9
7,131.6
7,176.8
7,195.6
7,273.0
7,342.4
7,365.6
7,440.9
7,471.0
7,518.3
7,567.0
7,579.6

At
thrift
institutions
823.4
765.2
833.0
919.4
996.4
956.5
1,021.1
1,078.7
1,145.2
1,261.5
1,158.5
1,172.9
1,183.9
1,194.8
1,210.3
1,215.4
1,223.2
1,228.4
1,232.3
1,244.3
1,250.6
1,261.5
1,275.7

Total
1,276.0
1,457.6
1,187.8
932.7
775.3
643.5
567.3
519.1
408.5
354.0
403.9
399.8
393.9
389.4
385.7
382.7
378.7
371.8
366.3
362.0
358.2
354.0
353.9

859.5
1,079.6
868.9
662.3
546.8
466.8
423.1
387.5
298.6
251.1
294.9
291.3
285.4
281.0
278.2
275.9
272.2
265.4
260.6
257.0
254.1
251.1
251.3

Retail
money
funds

At
thrift
institutions
416.5
378.0
319.0
270.4
228.5
176.7
144.2
131.5
109.9
103.0
109.0
108.5
108.5
108.4
107.5
106.8
106.5
106.4
105.7
105.0
104.1
103.0
102.6

923.3
1,012.6
771.3
668.2
658.5
638.6
635.8
617.1
640.6
673.7
717.2
728.4
714.7
707.0
704.7
693.6
685.4
669.6
653.4
659.8
677.7
673.7
664.7

Institutional
money
funds 2

1,969.7
2,469.1
2,265.4
1,902.6
1,767.9
1,746.3
1,781.6
1,810.7
1,840.6
1,760.4
1,743.8
1,761.4
1,799.4
1,802.4
1,812.2
1,822.8
1,822.1
1,840.3
1,815.2
1,764.5
1,761.2
1,760.4
1,710.4

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

Source: Board of Governors of the Federal Reserve System.

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

2007: Dec ������������
2008: Dec ������������
2009: Dec ������������
2010: Dec ������������
2011: Dec ������������
2012: Dec ������������
2013: Dec ������������
2014: Dec ������������
2015: Dec ������������
2016: Dec ������������
2016: Feb ������������
      Mar �����������
      Apr ������������
      May �����������
      June ����������
      July �����������
      Aug �����������
      Sept ����������
      Oct ������������
      Nov �����������
      Dec ������������
2017: Jan r ����������
      Feb p ����������

8,098
783,631
1,099,831
1,035,074
1,550,043
1,517,425
2,485,248
2,606,700
2,419,774
2,031,007
2,448,797
2,460,382
2,427,737
2,384,089
2,367,024
2,309,659
2,352,298
2,265,320
2,095,127
2,140,315
2,031,007
2,092,776
2,237,980

To satisfy
reserve
balance
requirements 2

That
exceed the
top of the
penalty-free
band

������������������
������������������
������������������
������������������
������������������
������������������
75,713
90,852
97,981
116,285
99,391
101,702
106,587
110,769
109,284
111,795
112,997
118,285
116,011
117,875
116,285
121,169
118,775

������������������
������������������
������������������
������������������
������������������
������������������
2,409,535
2,515,848
2,321,793
1,914,722
2,349,406
2,358,680
2,321,150
2,273,320
2,257,741
2,197,864
2,239,301
2,147,036
1,979,116
2,022,440
1,914,722
1,971,607
2,119,205

Reserve
balance
requirements 3

6,313
16,312
24,632
28,438
47,838
58,675
69,030
82,770
89,313
105,944
90,677
92,787
97,241
101,151
99,675
102,003
102,950
107,825
105,688
107,345
105,944
110,483
108,252

Borrowings from the Federal Reserve

Vault cash
used to
satisfy
required
reserves
35,365
37,245
40,619
42,927
48,672
52,959
55,771
59,236
61,413
64,280
62,053
59,303
59,274
59,699
60,455
61,524
61,232
59,787
60,933
61,355
64,280
65,766
64,956

Nonborrowed 4

28,033
167,311
970,523
1,032,512
1,589,189
1,569,588
2,540,849
2,665,835
2,481,082
2,095,247
2,510,816
2,519,664
2,486,949
2,443,710
2,427,350
2,370,978
2,413,323
2,324,901
2,155,936
2,201,631
2,095,247
2,158,526
2,302,916

Monetary
base 5

837,192
1,666,365
2,026,220
2,017,000
2,619,586
2,675,945
3,717,450
3,934,455
3,835,810
3,531,581
3,872,483
3,898,431
3,872,940
3,836,529
3,825,451
3,772,544
3,816,726
3,735,888
3,572,132
3,629,778
3,531,581
3,595,447
3,746,400

Total 6

15,430
653,565
169,927
45,488
9,526
795
170
102
106
39
34
21
63
79
130
204
207
206
125
39
39
16
21

Primary

Secondary

3,787
88,245
19,025
41
103
12
13
22
38
13
23
9
20
10
25
37
6
12
5
8
13
11
17

1
52
518
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Seasonal

Term
assetbacked
securities
loan
facility 7

30 ��������������������
3 ��������������������
37
46,310
26
25,025
23
9,400
23
760
59
98
80
0
67
0
25
0
10
0
13
0
42
0
69
0
105
0
167
0
201
0
195
0
119
0
30
0
25
0
5
0
4
0

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

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

27

Bank Credit at All Commercial Banks
Total commercial bank loans and leases remained flat in February.
BILLIONS OF DOLLARS* (RATIO SCALE)
14,000
ALL COMMERCIAL BANKS
12,000

BILLIONS OF DOLLARS* (RATIO SCALE)
14,000
12,000

TOTAL

10,000
9,000
8,000

10,000
9,000
8,000

7,000

7,000

6,000

6,000

LOANS AND LEASES

5,000

5,000

4,000

4,000

3,000

3,000
U.S. TREASURY AND
AGENCY SECURITIES

2,000

2,000

1,600

1,600

1,200

1,200

800

800

OTHER SECURITIES

400

400
2009

2010

2011

2012

2013

2014

2015

2016

*SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

2017

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, seasonally adjusted 1]
Securities in bank credit 2
Period

2007: Dec �����������
2008: Dec �����������
2009: Dec �����������
2010: Dec �����������
2011: Dec �����������
2012: Dec �����������
2013: Dec �����������
2014: Dec �����������
2015: Dec �����������
2016: Dec r ���������
2016: Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2017: Jan r ���������
      Feb p ���������

Total
bank
credit

8,899.5
9,347.0
8,989.4
9,180.2
9,393.8
9,951.5
10,102.2
10,858.4
11,693.9
12,462.8
11,844.2
11,914.9
11,990.9
12,068.0
12,140.4
12,239.1
12,295.2
12,374.3
12,449.7
12,476.4
12,462.8
12,471.1
12,477.1

Total
securities

2,099.7
2,091.3
2,323.3
2,424.9
2,492.2
2,733.7
2,722.5
2,934.7
3,113.2
3,327.9
3,143.3
3,146.2
3,173.6
3,197.7
3,217.9
3,255.7
3,275.1
3,304.7
3,333.3
3,335.6
3,327.9
3,342.7
3,346.3

U.S.
Treasury
and
agency
securities
1,132.5
1,247.6
1,444.9
1,637.2
1,698.1
1,872.9
1,810.0
2,042.7
2,228.3
2,425.2
2,251.5
2,250.2
2,276.6
2,298.3
2,309.7
2,344.1
2,364.6
2,391.9
2,425.1
2,432.7
2,425.2
2,439.8
2,438.6

Loans and leases in bank credit

Other
securities

967.3
843.7
878.3
787.7
794.1
860.8
912.5
892.0
884.9
902.7
891.8
896.0
897.0
899.4
908.2
911.7
910.5
912.8
908.3
902.9
902.7
902.9
907.7

Total
loans
and
leases 3
6,799.7
7,255.6
6,666.1
6,755.3
6,901.5
7,217.9
7,379.6
7,923.6
8,580.8
9,134.9
8,700.9
8,768.8
8,817.3
8,870.3
8,922.5
8,983.4
9,020.1
9,069.6
9,116.3
9,140.8
9,134.9
9,128.4
9,130.8

Commercial
and
industrial
loans
1,417.6
1,558.7
1,265.2
1,192.4
1,303.8
1,474.4
1,574.3
1,773.3
1,956.9
2,097.1
1,992.0
2,024.4
2,041.9
2,056.5
2,061.4
2,068.6
2,064.4
2,083.9
2,098.9
2,103.1
2,097.1
2,098.0
2,096.0

Chart 28 - Feb 2017

Real estate loans
Total 4
3,600.1
3,819.5
3,776.9
3,613.6
3,495.1
3,550.8
3,531.9
3,638.9
3,868.6
4,116.5
3,912.3
3,940.2
3,956.4
3,983.8
4,003.8
4,030.0
4,051.8
4,070.9
4,096.7
4,109.7
4,116.5
4,129.2
4,134.7

Revolving
home equity
loans
484.8
588.3
603.2
581.6
549.6
515.4
472.7
456.8
435.8
406.0
431.0
429.1
426.6
424.5
422.5
420.4
418.1
415.4
412.7
409.9
406.0
403.2
399.8

Commercial
loans
1,587.2
1,728.4
1,641.0
1,500.5
1,418.3
1,428.2
1,498.1
1,605.0
1,778.7
1,959.3
1,813.9
1,832.8
1,848.5
1,864.6
1,880.3
1,896.0
1,910.6
1,925.1
1,940.4
1,953.4
1,959.3
1,973.3
1,984.8

Consumer
loans 5

799.3
876.3
836.0
1,107.5
1,086.3
1,102.8
1,128.3
1,187.2
1,260.4
1,357.6
1,275.8
1,284.3
1,291.2
1,297.9
1,311.3
1,324.5
1,332.0
1,337.2
1,344.9
1,351.7
1,357.6
1,358.3
1,363.1

Other
loans
and
leases 6
982.7
1,001.2
788.0
841.8
1,016.4
1,089.9
1,145.1
1,324.3
1,494.9
1,563.7
1,520.7
1,519.8
1,527.8
1,532.1
1,546.0
1,560.4
1,572.0
1,577.6
1,575.8
1,576.2
1,563.7
1,543.0
1,537.0

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

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

28

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

Uses

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

Total

2007 r ������������������
2008 r ������������������
2009 r ������������������
2010 r ������������������
2011 r ������������������
2012 r ������������������
2013 r ������������������
2014 r ������������������
2015 r ������������������
2016 p ������������������
2014: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2015: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2016: I r ��������������
      II r �������������
      III r ������������
      IV p �����������

Internal 1

2,633.4
1,732.0
1,185.0
2,164.3
2,622.8
2,741.9
2,799.7
3,301.9
2,762.1
2,664.1
3,099.8
3,184.2
3,377.8
3,545.4
2,818.1
2,791.1
2,670.7
2,768.4
2,821.1
2,903.4
2,654.3
2,277.7

1,352.5
1,393.1
1,433.7
1,676.7
1,728.5
1,756.4
1,873.2
1,919.8
1,882.8
1,843.3
1,791.0
1,888.3
2,009.7
1,990.1
1,941.2
1,877.4
1,892.3
1,820.1
1,851.0
1,819.3
1,878.3
1,824.6

Total
net
funds
raised

Total

1,280.9
338.9
–248.7
487.6
894.3
985.5
926.5
1,382.1
879.3
820.8
1,308.8
1,295.9
1,368.1
1,555.3
876.9
913.7
778.4
948.3
970.1
1,084.1
776.0
453.1

–52.9
–49.5
–384.9
–299.9
–129.7
–49.7
37.8
12.9
–52.9
–146.0
–94.0
15.5
32.9
97.1
43.3
153.1
–187.0
–220.9
247.4
–422.3
–154.6
–254.4

Net
new
equity
issues
–706.3
–315.6
–51.2
–250.7
–454.6
–344.9
–352.9
–394.5
–560.9
–565.7
–510.9
–276.1
–434.7
–356.3
–591.4
–489.0
–627.2
–536.2
–620.6
–652.4
–666.8
–322.9

Credit market instruments
Total

Securities
and
mortgages

Loans
and
short-term
paper

258.3
126.4
134.2
103.7
79.3
213.3
261.1
236.6
452.8
333.1
187.5
199.1
221.6
338.4
493.0
682.8
373.2
262.2
546.6
370.6
431.9
–16.6

395.1
139.9
–467.9
–153.0
245.7
81.9
129.7
170.7
55.3
86.5
229.4
92.4
246.0
115.1
141.8
–40.6
67.0
53.0
321.4
–140.5
80.2
85.1

653.4
266.1
–333.8
–49.2
324.9
295.2
390.7
407.4
508.1
419.7
416.9
291.6
467.6
453.4
634.7
642.0
440.2
315.4
868.0
230.1
512.2
68.5

Other 2

1,121.8
198.7
31.6
630.4
831.3
853.3
712.7
1,217.0
612.1
628.1
1,782.9
1,006.1
924.1
1,154.8
69.9
472.6
802.7
1,103.4
543.7
975.7
647.3
345.7

Total

2,467.2
751.2
1,320.6
1,868.1
1,828.7
2,007.5
2,554.6
2,601.1
2,677.0
2,625.9
2,469.9
2,582.0
2,722.6
2,629.9
2,686.8
2,945.7
2,515.4
2,559.8
2,683.5
2,865.5
2,612.7
2,341.9

Capital
expenditures 3

1,394.4
1,360.0
1,020.8
1,235.4
1,331.9
1,501.2
1,565.0
1,677.4
1,765.7
1,667.3
1,619.8
1,652.4
1,718.2
1,719.2
1,745.4
1,854.5
1,752.8
1,710.0
1,678.0
1,655.9
1,649.4
1,685.9

Increase
in
financial
assets

1,072.8
–608.8
299.8
632.7
496.8
506.3
989.6
923.7
911.3
958.6
850.1
929.6
1,004.4
910.7
941.4
1,091.2
762.6
849.8
1,005.5
1,209.6
963.3
656.0

Discrepancy
(sources
less
uses)

166.3
980.8
–135.6
296.1
794.2
734.4
245.2
700.8
85.1
38.2
629.8
602.2
655.4
915.6
131.3
–154.6
155.3
208.6
137.6
37.9
41.6
–64.1

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

Source: Board of Governors of the Federal Reserve System.

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

Consumer credit outstanding (end of period)
Period
Total
2007: Dec ������������������������������������������
2008: Dec ������������������������������������������
2009: Dec ������������������������������������������
2010: Dec ������������������������������������������
2011: Dec ������������������������������������������
2012: Dec ������������������������������������������
2013: Dec ������������������������������������������
2014: Dec ������������������������������������������
2015: Dec ������������������������������������������
2016: Dec ������������������������������������������
2016: Jan r ����������������������������������������
      Feb r ����������������������������������������
      Mar r ���������������������������������������
      Apr r ����������������������������������������
      May r ���������������������������������������
      June r ��������������������������������������
      July r ���������������������������������������
      Aug r ����������������������������������������
      Sept r ���������������������������������������
      Oct r �����������������������������������������
      Nov r ����������������������������������������
      Dec ������������������������������������������
2017: Jan p ����������������������������������������

Nonrevolving 2

Revolving
2,609.9
2,644.2
2,555.4
2,647.2
2,758.3
2,920.4
3,096.2
3,318.0
3,535.7
3,764.7
3,550.0
3,560.4
3,584.9
3,605.3
3,627.7
3,642.1
3,659.9
3,686.5
3,707.5
3,724.1
3,749.9
3,764.7
3,773.5

1,001.9
1,004.2
916.3
839.4
841.5
845.7
857.7
891.5
937.9
998.9
938.5
937.5
949.1
952.5
957.1
966.2
969.3
974.9
979.0
982.4
995.3
998.9
995.1

1,608.0
1,639.9
1,639.1
1,807.8
1,916.7
2,074.6
2,238.5
2,426.5
2,597.9
2,765.8
2,611.5
2,622.8
2,635.9
2,652.9
2,670.6
2,675.9
2,690.6
2,711.6
2,728.5
2,741.7
2,754.6
2,765.8
2,778.4

Total

Nonrevolving 2

Revolving
153.2
34.3
–88.8
91.8
111.1
162.1
175.8
221.8
217.7
229.0
14.3
10.4
24.5
20.4
22.4
14.4
17.8
26.6
21.0
16.6
25.8
14.8
8.8

78.0
2.3
–87.9
–76.9
2.1
4.2
12.0
33.8
46.4
61.0
.6
–1.0
11.6
3.4
4.6
9.1
3.1
5.6
4.1
3.4
12.9
3.6
–3.8

75.2
31.9
–.8
168.7
108.9
157.9
163.9
188.0
171.4
167.9
13.6
11.3
13.1
17.0
17.7
5.3
14.7
21.0
16.9
13.2
12.9
11.2
12.6

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

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

29

Interest Rates and Bond Yields
Interest rates were mixed in February.
PERCENT PER ANNUM
10

PERCENT PER ANNUM
10

8

8

6

6
CORPORATE Aaa BONDS
(MOODY'S)

4

4

2

2
FEDERAL FUNDS
RATE

TREASURY
BILLS
0

0
2009

2010

2011

2012

2013

2014

2015

2016

SOURCE: SEE TABLE BELOW

2017

COUNCIL OF ECONOMIC ADVISERS

[Percent per annum]
Chart 30 - Feb 2017

U.S. Treasury security yields
Period

2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2016: Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2017: Jan �����������
      Feb �����������
Week ended:
2017: Feb  11 ������
          18 ������
          25 ������
       Mar 3 ������
           11 �����

3-month bills
(at auction) 1

Constant maturities 2
3-year

10-year

30-year

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

Corporate
Aaa
bonds
(Moody’s)

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

Prime
rate
charged
by
banks 4

4.41
1.48
.16
.14
.06
.09
.06
.03
.06
.33
.32
.32
.23
.27
.29
.31
.30
.32
.34
.44
.52
.52
.53

4.35
2.24
1.43
1.11
.75
.38
.54
.90
1.02
1.00
.90
1.04
.92
.97
.86
.79
.85
.90
.99
1.22
1.49
1.48
1.47

4.63
3.66
3.26
3.22
2.78
1.80
2.35
2.54
2.14
1.84
1.78
1.89
1.81
1.81
1.64
1.50
1.56
1.63
1.76
2.14
2.49
2.43
2.42

4.84
4.28
4.08
4.25
3.91
2.92
3.45
3.34
2.84
2.59
2.62
2.68
2.62
2.63
2.45
2.23
2.26
2.35
2.50
2.86
3.11
3.02
3.03

4.42
4.80
4.64
4.16
4.29
3.14
3.96
3.78
3.48
3.07
3.21
3.28
3.04
2.95
2.84
2.57
2.77
2.86
3.13
3.36
3.81
3.68
3.74

5.56
5.63
5.31
4.94
4.64
3.67
4.24
4.16
3.89
3.67
3.96
3.82
3.62
3.65
3.50
3.28
3.32
3.41
3.51
3.86
4.06
3.92
3.95

5.86
2.39
.50
.72
.75
.75
.75
.75
.76
1.01
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.25
1.25
1.25

8.05
5.09
3.25
3.25
3.25
3.25
3.25
3.25
3.26
3.51
3.50
3.50
3.50
3.50
3.50
3.50
3.50
3.50
3.50
3.50
3.75
3.75
3.75

.53
.54
.54
.52
.75

1.44
1.51
1.45
1.54
1.64

2.39
2.46
2.39
2.43
2.55

3.01
3.05
3.01
3.04
3.14

3.71
3.81
3.73
3.75
3.87

3.95
3.98
3.91
3.91
4.05

1.25
1.25
1.25
1.25
1.25

3.75
3.75
3.75
3.75
3.75

New-home
mortgage
yields
(FHFA) 6

Federal
funds
rate 5

5.02
6.41
1.92
6.05
.16
5.14
.18
4.80
.10
4.56
.14
3.69
.11
4.00
.09
4.22
.13
4.01
.39
3.76
.38
4.01
.36
3.92
.37
3.86
.37
3.82
.38
3.81
.39
3.74
.40
3.68
.40
3.58
.40
3.57
.41
3.63
.54
3.74
.65
4.06
.66 �������������������������
.66
.66
.66
.65
.66

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

1 High bill rate at auction, issue date within period, bank-discount basis. Data are stop yields from uniform-price auctions.
2 Yields on actively traded issues adjusted to constant maturities.
3 Weekly data are Wednesday figures.
4 Average effective rate for year; rate in effect at end of month or week.
5 Beginning March 1, 2016, the daily effective federal funds rate is a volume-weighted median of transaction-level data collected from depository institutions in the Report of Selected Money

Market Rates (FR 2420). Prior to that date, the daily effective rate was a volume-weighted mean 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, Bloomberg, and Standard & Poor’s.

30

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

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

11,000

11,000

10,000

10,000

COMPOSITE STOCK PRICE INDEX
(NYSE)

9,000

9,000

8,000

8,000

7,000

7,000

6,000

6,000

5,000

5,000

4,000
2009

2010

2012

2011

2013

4,000
2014

2015

2016

PERCENT
20

2017
PERCENT
20

15

15
EARNINGS/PRICE RATIO ON COMMON STOCKS
(S&P)

10

10

5

5

0

0
2009

2010

2011

2012

2013

2015

2014

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

2016

2017

COUNCIL OF ECONOMIC ADVISERS

Common stock yields
(percent) 6

Common stock prices 1

Chart 31 - Feb 2017

New York Stock Exchange indexes
(December 31, 2002=5,000) 2

Period
Composite
2007 ���������������������
2008 ���������������������
2009 ���������������������
2010 ���������������������
2011 ���������������������
2012 ���������������������
2013 ���������������������
2014 ���������������������
2015 ���������������������
2016 ���������������������
2016: Feb ������������
      Mar �����������
      Apr ������������
      May �����������
      June ����������
      July �����������
      Aug �����������
      Sept ����������
      Oct ������������
      Nov �����������
      Dec ������������
2017: Jan ������������
      Feb ������������
Week ended:
2017: Feb  11 �������
          18 �������
          25 �������
       Mar 3 �������
           11 ������

Financial

Energy

Health
Care

Dow Jones
industrial
average 3

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

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

Dividend/price
ratio

Earnings/price
ratio

9,648.82
8,036.88
6,091.02
7,230.42
7,871.41
8,011.65
9,426.77
10,653.17
10,676.70
10,380.08
9,431.28
10,056.09
10,339.55
10,333.26
10,412.91
10,685.20
10,789.11
10,694.40
10,575.98
10,653.35
11,085.65
11,220.74
11,417.21

9,321.33
6,278.38
3,987.04
4,744.05
4,641.01
4,616.63
5,805.54
6,448.33
6,559.24
6,124.93
5,477.49
5,880.50
6,037.54
6,067.03
5,995.46
6,020.68
6,222.11
6,278.06
6,237.51
6,531.62
6,982.17
7,072.53
7,252.24

13,339.92
13,258.42
10,020.30
10,943.85
12,880.35
12,512.31
13,490.83
14,598.07
11,332.43
10,204.95
8,737.06
9,590.44
10,079.48
10,235.66
10,458.20
10,673.50
10,554.91
10,495.14
10,810.45
10,712.59
11,515.42
11,477.93
11,064.04

7,191.91
6,171.19
5,456.63
6,230.62
6,847.80
7,503.05
9,250.02
11,195.85
12,718.18
12,182.85
11,480.66
11,781.39
12,199.13
12,223.79
12,468.57
12,993.53
12,877.26
12,580.67
12,171.12
11,785.15
11,815.03
12,032.39
12,447.07

13,169.98
11,252.61
8,876.15
10,662.80
11,966.36
12,967.08
14,999.67
16,773.99
17,590.61
17,908.08
16,299.90
17,302.14
17,844.37
17,692.32
17,754.87
18,341.18
18,495.19
18,267.40
18,184.55
18,697.33
19,712.42
19,908.15
20,424.14

1,476.66
1,220.89
946.73
1,139.31
1,268.89
1,379.56
1,642.51
1,930.67
2,061.20
2,092.39
1,904.42
2,021.95
2,075.54
2,065.55
2,083.89
2,148.90
2,177.48
2,157.69
2,143.02
2,164.99
2,246.63
2,275.12
2,329.91

2,577.12
2,162.46
1,841.03
2,347.70
2,680.42
2,965.77
3,537.69
4,374.31
4,943.49
4,982.49
4,463.21
4,754.48
4,892.17
4,788.24
4,856.23
5,023.99
5,217.04
5,254.15
5,255.99
5,260.57
5,413.12
5,561.42
5,764.70

1.86
2.37
2.40
1.98
2.05
2.24
2.14
2.04
2.10
2.19
2.38
2.23
2.18
2.19
2.19
2.14
2.12
2.14
2.16
2.15
2.08
2.08
2.04

5.29
3.54
1.86
6.04
6.77
6.20
5.57
5.25
4.59
4.17
����������������������������
4.20
����������������������������
����������������������������
4.14
����������������������������
����������������������������
4.12
����������������������������
����������������������������
4.22
����������������������������
����������������������������

11,292.94
11,486.46
11,556.47
11,581.25
11,492.14

7,154.21
7,321.62
7,361.31
7,381.29
7,332.19

11,098.22
11,124.22
10,929.35
10,934.93
10,761.85

12,231.60
12,508.43
12,695.33
12,815.77
12,787.76

20,127.76
20,554.45
20,787.67
20,954.78
20,899.20

2,300.86
2,342.69
2,364.84
2,378.88
2,368.83

5,693.91
5,803.89
5,851.85
5,864.67
5,844.24

2.06
2.02
2.01
2.02
2.01

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

1 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 five months of fiscal year 2017, the deficit was $349.0 billion, compared with a deficit of $351.3 billion a
year earlier.
BILLIONS OF DOLLARS
4,400
4,200

RECEIPTS AND OUTLAYS

BILLIONS OF DOLLARS
4,400

1

4,200

4,000

4,000

3,800

3,800

OUTLAYS1

3,600

3,600

3,400

3,400

3,200

3,200

3,000

3,000

2,800

2,800

2,600

2,600

2,400

2,400

RECEIPTS1

2,200

2,200

2,000

2,000

1,800
1,600

1,800
1,600

400

SURPLUS OR DEFICIT (–)1

400

0

0

–400

–400

–800

–800

–1,200

–1,200

–1,600

–1,600

–2,000

–2,000
2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

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
1998 ����������������������������������������������������
1999 ����������������������������������������������������
2000 ����������������������������������������������������
2001 ����������������������������������������������������
2002 ����������������������������������������������������
2003 ����������������������������������������������������
2004 ����������������������������������������������������
2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 ����������������������������������������������������
2012 ����������������������������������������������������
2013 ����������������������������������������������������
2014 ����������������������������������������������������
2015 ����������������������������������������������������
2016 1 ��������������������������������������������������
2017 (estimates) ���������������������������������
Cumulative total, first 5 months: 2
Fiscal year 2016 ����������������������������������
Fiscal year 2017 ����������������������������������

Outlays

Chart 32 - Jan 2017

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

1,721.7
1,827.5
2,025.2
1,991.1
1,853.1
1,782.3
1,880.1
2,153.6
2,406.9
2,568.0
2,524.0
2,105.0
2,162.7
2,303.5
2,450.0
2,775.1
3,021.5
3,249.9
3,266.7
3,632.2

1,652.5
1,701.8
1,789.0
1,862.8
2,010.9
2,159.9
2,292.8
2,472.0
2,655.1
2,728.7
2,982.5
3,517.7
3,457.1
3,603.1
3,537.0
3,454.6
3,506.1
3,688.3
3,854.1
4,073.2

69.3
125.6
236.2
128.2
–157.8
–377.6
–412.7
–318.3
–248.2
–160.7
–458.6
–1,412.7
–1,294.4
–1,299.6
–1,087.0
–679.5
–484.6
–438.4
–587.4
–440.9

1,305.9
1,383.0
1,544.6
1,483.6
1,337.8
1,258.5
1,345.4
1,576.1
1,798.5
1,932.9
1,865.9
1,451.0
1,531.0
1,737.7
1,880.5
2,101.8
2,285.9
2,479.5
2,456.5
2,791.4

1,335.9
1,381.1
1,458.2
1,516.0
1,655.2
1,796.9
1,913.3
2,069.7
2,233.0
2,275.0
2,507.8
3,000.7
2,902.4
3,104.5
3,029.4
2,820.8
2,800.1
2,945.2
3,077.7
3,259.6

–29.9
1.9
86.4
–32.4
–317.4
–538.4
–568.0
–493.6
–434.5
–342.2
–641.8
–1,549.7
–1,371.4
–1,366.8
–1,148.9
–719.0
–514.1
–465.7
–621.2
–468.2

415.8
444.5
480.6
507.5
515.3
523.8
534.7
577.5
608.4
635.1
658.0
654.0
631.7
565.8
569.5
673.3
735.6
770.4
810.2
840.9

316.6
320.8
330.8
346.8
355.7
363.0
379.5
402.2
422.1
453.6
474.8
517.0
554.7
498.6
507.6
633.8
706.1
743.1
776.4
813.5

99.2
123.7
149.8
160.7
159.7
160.8
155.2
175.3
186.3
181.5
183.3
137.0
77.0
67.2
61.9
39.5
29.5
27.3
33.8
27.3

5,478.2
5,605.5
5,628.7
5,769.9
6,198.4
6,760.0
7,354.7
7,905.3
8,451.4
8,950.7
9,986.1
11,875.9
13,528.8
14,764.2
16,050.9
16,719.4
17,794.5
18,120.1
19,537.4
20,143.6

3,721.1
3,632.4
3,409.8
3,319.6
3,540.4
3,913.4
4,295.5
4,592.2
4,829.0
5,035.1
5,803.1
7,544.7
9,018.9
10,128.2
11,281.1
11,982.7
12,779.9
13,116.7
14,168.4
14,699.8

1,248.4
1,256.6

1,599.7
1,605.5

–351.3
–349.0

938.9
927.6

1,290.2
1,288.8

–351.3
–361.2

309.5
328.9

309.5
316.7

.0
12.2

19,089.3
19,919.9

13,781.1
14,402.9

1 Data for fiscal year 2016 are from Final Monthly Treasury Statement issued October 14, 2016.
2 Data from current issue Monthly Treasury Statement.

Note: Data for fiscal year 2017 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2017, issued July 15, 2016. Other data (except as noted) are from Budget of the United States
Government, Fiscal Year 2017, issued February 9 , 2016.
Sources: Department of the Treasury and Office of Management and Budget.

32

Federal Receipts by Source and Outlays by Function
In the first five months of fiscal year 2017, receipts were $8.2 billion higher than a year earlier and outlays were $5.8
billion higher.
BILLIONS OF DOLLARS
2,000
1

BILLIONS OF DOLLARS
2,000

RECEIPTS

1,600

1,600

INDIVIDUAL INCOME TAXES

1,200

1,200
CORPORATION
INCOME TAXES

800
400

SOCIAL INSURANCE
AND RETIREMENT RECEIPTS

OTHER RECEIPTS

800
400
0

0
3,800
3,600

3,800
3,600

OUTLAYS1

3,400

3,400

3,200

3,200

NONDEFENSE

3,000

3,000

2,800

2,800

2,600

2,600

2,400

2,400

2,200

2,200

2,000

2,000

1,800
1,600

1,800
1,600
NATIONAL DEFENSE

800

800

600

600

400

400

200

200
2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

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 2017

On-budget and off-budget receipts

Fiscal year or period

1998 ����������������������������������������������������
1999 ����������������������������������������������������
2000 ����������������������������������������������������
2001 ����������������������������������������������������
2002 ����������������������������������������������������
2003 ����������������������������������������������������
2004 ����������������������������������������������������
2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 ����������������������������������������������������
2012 ����������������������������������������������������
2013 ����������������������������������������������������
2014 ����������������������������������������������������
2015 ����������������������������������������������������
2016 1 ��������������������������������������������������
2017 (estimates) ���������������������������������
Cumulative total, first 5 months: 2
Fiscal year 2016 ����������������������������������
Fiscal year 2017 ����������������������������������

On-budget and off-budget outlays
National defense

Indi- Corporavidual
tion
income income
taxes
taxes

Social
insurance
and
retirement
receipts

1,721.7
1,827.5
2,025.2
1,991.1
1,853.1
1,782.3
1,880.1
2,153.6
2,406.9
2,568.0
2,524.0
2,105.0
2,162.7
2,303.5
2,450.0
2,775.1
3,021.5
3,249.9
3,266.7
3,632.2

828.6
879.5
1,004.5
994.3
858.3
793.7
809.0
927.2
1,043.9
1,163.5
1,145.7
915.3
898.5
1,091.5
1,132.2
1,316.4
1,394.6
1,540.8
1,546.1
1,746.6

188.7
184.7
207.3
151.1
148.0
131.8
189.4
278.3
353.9
370.2
304.3
138.2
191.4
181.1
242.3
273.5
320.7
343.8
299.6
409.9

571.8
611.8
652.9
694.0
700.8
713.0
733.4
794.1
837.8
869.6
900.2
890.9
864.8
818.8
845.3
947.8
1,023.5
1,065.3
1,115.1
1,158.5

132.6
151.5
160.6
151.7
146.0
143.9
148.4
154.0
171.2
164.7
173.7
160.5
207.9
212.1
230.2
237.4
282.7
300.0
306.0
317.2

1,652.5
1,701.8
1,789.0
1,862.8
2,010.9
2,159.9
2,292.8
2,472.0
2,655.1
2,728.7
2,982.5
3,517.7
3,457.1
3,603.1
3,537.0
3,454.6
3,506.1
3,688.3
3,854.1
4,073.2

268.2
274.8
294.4
304.7
348.5
404.7
455.8
495.3
521.8
551.3
616.1
661.0
693.5
705.6
677.9
633.4
603.5
589.6
595.3
618.6

255.8
261.2
281.0
290.2
331.8
387.1
436.4
474.1
499.3
528.5
594.6
636.7
666.7
678.1
650.9
607.8
577.9
562.5
565.4
588.0

13.1
15.2
17.2
16.5
22.3
21.2
26.9
34.6
29.5
28.5
28.9
37.5
45.2
45.7
47.2
46.2
46.7
48.6
45.3
57.0

131.4
141.0
154.5
172.2
196.5
219.5
240.1
250.5
252.7
266.4
280.6
334.3
369.1
372.5
346.7
358.3
409.4
482.2
511.3
552.3

192.8
190.4
197.1
217.4
230.9
249.4
269.4
298.6
329.9
375.4
390.8
430.1
451.6
485.7
471.8
497.8
511.7
546.2
594.5
598.4

237.8
242.5
253.7
269.8
312.7
334.6
333.1
345.8
352.5
366.0
431.3
533.2
622.2
597.3
541.3
536.5
513.6
508.8
514.6
533.0

379.2
390.0
409.4
433.0
456.0
474.7
495.5
523.3
548.5
586.2
617.0
683.0
706.7
730.8
773.3
813.6
850.5
887.8
916.1
954.1

241.1
229.8
222.9
206.2
170.9
153.1
160.2
184.0
226.6
237.1
252.8
186.9
196.2
230.0
220.4
220.9
229.0
223.2
240.7
265.8

188.9
218.1
239.7
243.1
273.1
302.6
311.8
339.8
393.5
317.9
365.2
651.6
372.6
435.5
458.3
347.9
341.7
402.0
436.3
494.1

1,248.4
1,256.6

597.5
611.3

88.6
87.4

428.2
451.4

134.0
106.4

1,599.7
1,605.5

244.6
243.2

233.2
230.5

18.5
21.3

202.1
220.1

232.4
218.4

233.5
219.4

376.6
387.5

102.4
115.5

189.6
180.1

Total

Other

Total

Total

Depart- Internament
tional
of
affairs
Defense,
military

Health

Medicare

Income Social
Net
security security interest

Other

1 Data for fiscal year 2016 are from Final Monthly Treasury Statement issued October 14, 2016.
2 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 2017 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2017, issued July 15, 2016. Other data (except as noted) are from Budget of the United States
Government, Fiscal Year 2017, issued February 9, 2016.
Sources: Department of the Treasury and Office of Management and Budget.

33

Federal Sector, National Income Accounts Basis
In the fourth quarter of 2016, according to revised estimates, Federal current expenditures rose $29.2 billion (annual
rate); Federal current receipts data are incomplete.
BILLIONS OF DOLLARS
4,400

BILLIONS OF DOLLARS
4,400

SEASONALLY ADJUSTED ANNUAL RATES

4,000

4,000

3,600

3,600

CURRENT EXPENDITURES

3,200

3,200

2,800

2,800

2,400

2,400

CURRENT RECEIPTS

2,000

2,000

1,600

1,600

1,200

1,200

800

800

400

400

0

0

–400

–400
NET FEDERAL
GOVERNMENT SAVING

–800

–800

–1,200

–1,200

–1,600

–1,600
2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Chart 34 - Feb 2017

Federal Government current receipts

Federal Government current expenditures

Current tax receipts

Period

Total

Total 1

Calendar year:
2007 ������������� 2,667.2
1,642.4
2008 ������������� 2,579.5
1,520.7
2009 ������������� 2,238.4
1,171.1
2010 ������������� 2,443.3
1,352.7
2011 ������������� 2,574.1
1,553.8
2012 ������������� 2,699.1
1,661.1
2013 ������������� 3,138.4
1,824.3
2014 ������������� 3,288.4
1,995.0
2015 ������������� 3,453.3
2,149.2
2016 r ����������� ������������ ��������������
2014: I ��������������� 3,254.1
1,960.6
      II �������������� 3,290.7
2,003.8
      III ������������� 3,309.5
2,001.5
      IV ������������� 3,299.4
2,014.0
2015: I ��������������� 3,410.0
2,134.5
      II �������������� 3,439.4
2,138.9
      III ������������� 3,447.8
2,130.5
      IV ������������� 3,515.9
2,193.0
2016: I ��������������� 3,442.5
2,106.7
      II �������������� 3,484.7
2,147.7
      III r ����������� 3,536.6
2,193.1
r
      IV ����������� ������������ ��������������

Contributions
for
Income
Taxes
govern- receipts
Taxes
Personal
on
ment
on
on
current production corporate
social
assets
taxes
and
insurincome
imports
ance
1,169.7
1,174.3
864.5
941.6
1,129.1
1,164.7
1,302.0
1,402.3
1,532.7
1,553.6
1,366.5
1,385.9
1,412.7
1,444.3
1,506.8
1,530.6
1,539.9
1,553.2
1,520.7
1,544.3
1,566.9
1,582.6

94.6
362.8
94.0
233.7
91.4
200.4
96.8
298.7
108.6
299.4
115.1
363.1
124.8
378.1
134.6
436.6
139.4
455.1
137.9 ��������������
133.2
438.1
133.3
464.4
135.7
431.0
136.0
412.9
138.0
468.1
141.8
444.9
136.9
430.6
140.8
477.0
138.1
425.3
136.8
444.7
137.5
465.3
139.4 ��������������

947.2
974.4
950.8
970.9
904.0
938.1
1,091.3
1,140.9
1,189.5
1,236.2
1,126.2
1,131.7
1,145.3
1,160.3
1,169.4
1,184.3
1,194.4
1,210.1
1,214.9
1,230.7
1,244.9
1,254.1

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

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

34

33.4
33.9
48.5
54.6
56.4
52.6
163.3
74.8
49.2
49.3
104.2
75.6
57.8
61.5
43.3
42.7
67.6
43.0
51.3
38.3
50.0
57.8

Current
transfer
receipts

42.0
49.7
67.2
68.1
67.1
56.1
70.7
86.1
72.7
73.4
71.5
88.2
112.9
71.7
68.9
80.2
62.9
79.0
79.1
80.1
60.3
74.2

Current
surplus of
government
enterprises

2.0
.8
.8
–3.1
–7.1
–8.9
–11.1
–8.3
–7.4
–11.0
–8.5
–8.5
–8.1
–8.1
–6.3
–6.7
–7.6
–9.2
–9.7
–12.1
–11.7
–10.6

Total

2,932.8
3,213.5
3,487.2
3,772.0
3,818.3
3,789.1
3,782.2
3,901.3
4,022.9
4,163.8
3,846.2
3,893.9
3,942.6
3,922.5
3,944.5
4,018.2
4,070.2
4,058.9
4,110.8
4,137.1
4,189.0
4,218.2

ConCurrent
sumption transfer Interest Subsidies
expendipaypayments
tures
ments 2

798.4
879.8
933.7
1,003.9
1,006.1
1,007.8
961.0
955.9
963.7
978.1
957.4
949.9
967.6
948.8
960.1
961.7
965.1
968.0
969.0
974.6
984.9
983.8

1,678.8
1,896.1
2,142.9
2,333.2
2,327.0
2,300.8
2,346.2
2,448.6
2,564.9
2,652.9
2,391.4
2,438.6
2,477.3
2,487.2
2,540.9
2,545.5
2,579.7
2,593.5
2,629.8
2,632.0
2,668.4
2,681.6

408.2
388.0
353.6
380.6
425.7
422.9
416.2
440.5
438.2
474.1
440.5
449.0
441.5
431.1
388.3
455.3
468.5
440.7
454.2
471.7
476.1
494.2

Net
Federal
Government
saving

47.5
–265.7
49.6
–634.0
56.9
–1,248.8
54.3
–1,328.7
59.5
–1,244.1
57.6
–1,090.1
58.8
–643.8
56.2
–612.9
56.1
–569.7
58.7 ����������������
56.9
–592.1
56.4
–603.2
56.2
–633.1
55.4
–623.1
55.1
–534.5
55.7
–578.9
56.9
–622.3
56.8
–543.1
57.7
–668.3
58.8
–652.4
59.5
–652.4
58.5 ����������������

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
Industrial production (2012=100; seasonally adjusted)
Period

United
States

Canada

Japan

France

Germany

Consumer prices (1982–84=100; NSA)
United
Kingdom

Italy

United
States 1

Canada

Japan

France

2007 r �������������
105.0
106.3
117.4
113.8
100.9
125.6
112.6
207.342
192.7
118.7
2008 r �������������
101.2
102.7
113.2
110.0
100.9
120.9
109.7
215.303
197.3
120.3
2009 r �������������
89.6
91.0
88.7
95.7
84.4
98.4
100.2
214.537
197.9
118.7
r
2010 �������������
94.5
95.4
102.6
99.5
93.5
105.2
103.4
218.056
201.4
117.8
r
2011 �������������
97.3
100.0
99.8
102.2
100.3
106.6
102.8
224.939
207.2
117.5
2012 ���������������
100.0
100.0
100.0
100.0
100.0
100.0
100.0
229.594
210.4
117.5
2013 ���������������
101.9
101.5
99.4
99.5
100.1
97.0
99.3
232.957
212.4
117.9
r
2014 �������������
104.9
105.7
101.5
98.6
101.5
96.4
100.8
236.736
216.4
121.1
r
2015 �������������
105.2
104.9
100.2
100.4
102.4
97.3
102.0
237.017
218.8
122.1
2016 p �������������
104.2
105.4
99.8
100.6
103.4
99.2
103.2
240.007
222.0
121.9
r
2015: Dec ����
104.0
105.2
98.2
100.4
101.9
96.2
100.9
236.525
218.7
121.8
2016: Jan r ����
104.5
106.2
100.7
101.4
104.7
98.6
101.6
236.916
219.2
121.5
      Feb r ����
104.4
105.3
95.5
100.2
103.6
97.8
101.4
237.111
219.8
121.6
r
      Mar ���
103.4
104.6
99.1
100.0
102.7
97.9
101.9
238.132
221.1
121.7
r
      Apr ����
103.8
104.0
99.6
101.0
103.6
98.6
104.3
239.261
221.8
122.0
      May r ���
103.7
101.1
97.0
100.7
102.4
98.0
103.7
240.229
222.7
122.1
      June r ��
104.2
103.8
99.3
99.7
103.6
97.8
103.7
241.018
223.2
122.0
r
      July ���
104.5
105.6
98.9
99.0
101.7
98.6
103.8
240.628
222.9
121.6
r
      Aug ����
104.4
106.7
100.2
101.8
105.1
100.5
103.5
240.849
222.5
121.7
      Sept r ���
104.1
107.6
100.8
100.0
103.6
99.7
103.2
241.428
222.7
121.8
      Oct r �����
104.4
106.2
100.8
100.2
104.0
99.8
102.0
241.729
223.2
122.6
r
      Nov ����
104.2
107.2
102.3
102.5
104.3
100.7
104.4
241.353
222.4
122.6
r
      Dec ����
104.8
106.8
103.1
101.3
101.8
102.1
105.3
241.432
222.0
122.2
2017: Jan r ����
104.6 ���������������
102.2
101.0
105.2 ���������������
104.9
242.839
223.9
122.1
p
      Feb ���� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������

Germany

178.9
183.9
184.1
186.9
190.8
194.6
196.3
197.2
197.3
197.7
197.4
195.5
196.0
197.4
197.5
198.3
198.6
197.8
198.5
198.0
198.1
198.0
198.6
198.1
198.3

159.7
163.9
164.5
166.3
169.7
173.1
175.7
177.3
177.7
178.6
177.9
176.4
177.1
178.4
177.8
178.3
178.4
178.9
178.9
179.1
179.4
179.6
180.9
179.8
180.9

Italy

United
Kingdom

271.0
242.7
280.0
252.4
282.2
251.1
286.5
262.7
294.5
276.3
303.5
285.2
307.1
293.9
307.9
300.8
308.0
303.8
307.7
309.1
307.5
306.2
306.9
304.1
306.3
305.5
306.9
306.8
306.6
307.1
307.5
307.9
307.8
309.1
308.4
309.5
309.0
310.6
308.4
311.2
308.1
311.1
307.8
311.9
309.0
313.8
310.0
311.9
310.9 �����������������

1 Data relate to all urban consumers.

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

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

2007 ���������������
2008 ���������������
2009 ���������������
2010 ���������������
2011 ���������������
2012 ���������������
2013 ���������������
2014 ���������������
2015 ���������������
2016 ���������������
2016: Jan r ����
      Feb r ����
      Mar r ���
      Apr r ����
      May r ���
      June r ��
      July r ���
      Aug r ����
      Sept r ���
      Oct r �����
      Nov r ����
      Dec ������
2017: Jan p ����

BOP
basis

1,165.2
1,308.8
1,070.3
1,290.3
1,499.2
1,562.6
1,592.0
1,633.3
1,510.3
1,459.7
117.0
119.4
117.0
119.9
119.3
120.3
123.8
125.0
126.3
122.8
122.1
126.9
128.0

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 bever- and
ages materials
1,148.2
1,287.4
1,056.0
1,278.5
1,482.5
1,545.8
1,578.5
1,621.2
1,502.6
1,454.6
116.5
118.9
116.6
119.2
118.9
119.8
123.5
124.5
125.8
122.6
121.6
126.6
126.9

84.3
108.3
93.9
107.7
126.2
133.0
136.2
143.7
127.7
130.7
9.2
9.6
9.1
9.5
10.0
10.6
14.3
14.0
12.3
10.9
10.7
10.6
11.2

316.4
388.0
296.5
391.7
501.1
501.2
508.2
505.5
426.0
397.8
31.7
31.4
30.7
32.5
32.5
32.4
32.9
34.2
34.7
33.7
35.1
35.9
38.0

121.3
121.5
81.7
112.0
133.0
146.2
152.7
159.8
151.9
150.0
12.4
13.1
12.1
12.9
12.6
12.2
12.5
12.9
12.5
12.4
12.1
12.3
13.6

Balance of trade
(exports minus imports)

Census basis (by end-use category)

Auto- Consumer
Capital motive
vegoods
goods hicles,
except parts (nonfood)
autoexcept
motive and
enautogines motive
433.0
457.7
391.2
447.5
494.0
527.2
534.4
551.5
539.4
519.4
43.0
43.2
43.5
43.6
42.8
43.1
42.9
42.2
43.8
43.8
42.0
45.4
43.5

Services
(BOP basis)

Goods: Imports (customs value)

146.0
161.3
149.5
165.2
175.3
181.7
188.8
198.6
197.7
193.6
16.0
16.8
15.7
15.8
15.6
16.0
16.0
16.1
16.8
15.9
16.4
16.5
16.5

BOP
basis

1,986.3
2,141.3
1,580.0
1,939.0
2,239.9
2,303.7
2,294.2
2,385.5
2,272.9
2,209.6
181.0
185.0
174.7
178.6
182.1
186.5
184.5
185.6
183.7
186.3
189.0
192.6
197.6

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 bever- and
ages materials
1,957.0
2,103.6
1,559.6
1,913.9
2,208.0
2,276.3
2,268.0
2,356.4
2,248.2
2,188.9
179.4
183.2
172.9
177.0
180.3
184.5
182.6
183.8
182.2
184.7
187.2
190.9
195.8

81.7
89.0
81.6
91.7
107.5
110.3
115.1
125.9
127.8
130.3
10.7
11.3
10.5
10.7
10.8
10.4
10.7
10.9
10.9
10.9
11.1
11.3
11.3

634.7
779.5
462.4
603.1
755.8
730.6
681.5
667.1
485.8
443.8
34.7
34.0
32.9
33.9
36.2
38.5
38.9
38.1
38.1
37.7
39.9
41.0
42.0

BOP basis

Auto- Consumer
Capital motive
vegoods Exports
goods hicles,
except parts (nonfood)
autoexcept
motive and
enautogines motive
444.5
453.7
370.5
449.4
510.8
548.7
555.7
594.1
602.0
590.0
48.2
49.4
47.1
49.6
48.7
49.8
49.0
50.2
48.5
49.6
49.4
50.4
51.1

256.7
231.2
157.7
225.1
254.6
297.8
308.8
328.6
349.2
350.3
30.5
29.4
28.3
28.7
29.0
28.4
28.3
28.6
29.8
29.1
29.2
30.9
31.8

474.6
481.6
427.3
483.2
514.1
516.9
531.7
557.1
594.3
583.8
48.3
52.2
46.3
46.7
48.0
49.8
48.4
48.1
47.2
49.6
49.5
49.7
52.1

488.4
532.8
512.7
563.3
627.8
656.4
701.5
743.3
750.9
752.4
61.8
61.4
61.5
61.7
62.0
62.4
62.7
63.3
63.9
63.6
63.9
64.2
64.1

Imports

Goods,
Census
basis Goods

Services

Goods
and
services

372.6
409.1
386.8
409.3
435.8
452.0
461.1
481.3
488.7
503.0
41.1
41.3
41.2
41.5
41.4
41.3
41.7
43.2
42.5
42.7
42.5
42.7
42.9

–808.8
–816.2
–503.6
–635.4
–725.4
–730.4
–689.5
–735.2
–745.7
–734.3
–62.9
–64.3
–56.3
–57.8
–61.4
–64.7
–59.1
–59.4
–56.3
–62.1
–65.6
–64.4
–68.8

115.8
123.8
125.9
154.0
192.0
204.4
240.4
262.0
262.2
249.4
20.7
20.0
20.4
20.2
20.6
21.1
21.0
20.0
21.4
21.0
21.4
21.4
21.2

–705.4
–708.7
–383.8
–494.7
–548.6
–536.8
–461.9
–490.2
–500.4
–500.6
–43.4
–45.6
–37.3
–38.5
–42.2
–45.1
–39.7
–40.5
–36.0
–42.6
–45.5
–44.3
–48.5

–821.2
–832.5
–509.7
–648.7
–740.6
–741.2
–702.2
–752.2
–762.6
–749.9
–64.1
–65.6
–57.7
–58.8
–62.8
–66.2
–60.7
–60.6
–57.4
–63.5
–66.9
–65.7
–69.7

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

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

35

U.S. International Transactions
In the third quarter of 2016, the current account deficit fell to $113.0 billion from $118.3 billion in the second
quarter. The goods and services deficit fell to $116.4 billion from $124.7 billion in the second quarter.
BILLIONS OF DOLLARS
80

BILLIONS OF DOLLARS
80

SEASONALLY ADJUSTED

60

60

40

40
BALANCE ON
PRIMARY INCOME

20

20

0

0

–20

–20

–40

–40
BALANCE ON
SECONDARY INCOME

–60

BALANCE ON
CURRENT ACCOUNT

–60

–80

–80

–100

–100

–120

–120

–140

–140

BALANCE ON
GOODS AND SERVICES

–160

–160

–180

–180

–200

–200

–220

–220

–240

–240

2008

2007

2010

2009

2011

2012

2013

2014

SOURCE: DEPARTMENT OF COMMERCE

2015

2016

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted]
Chart 36 - Jan 2017

Current Account 1
Goods 2
Period

2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2014: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2015: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2016: I ����������������
      II ���������������
      III p ������������

Services

Exports

Imports

Balance
on
goods

1,040,905
1,165,151
1,308,795
1,070,331
1,290,273
1,499,240
1,562,578
1,592,002
1,633,320
1,510,303
403,365
409,701
412,087
408,167
383,936
383,935
377,157
365,275
354,143
360,228
375,947

1,878,194
1,986,347
2,141,287
1,580,025
1,938,950
2,239,886
2,303,749
2,294,247
2,385,489
2,272,868
589,078
601,537
596,763
598,111
577,452
574,812
566,925
553,678
540,433
546,964
553,644

–837,289
–821,196
–832,492
–509,694
–648,678
–740,646
–741,171
–702,244
–752,169
–762,565
–185,712
–191,836
–184,677
–189,944
–193,517
–190,876
–189,768
–188,404
–186,290
–186,736
–177,697

Exports
416,738
488,396
532,817
512,722
563,333
627,781
656,411
701,455
743,257
750,860
183,220
186,211
185,735
188,091
188,332
188,448
187,118
186,962
184,727
186,203
188,170

Imports
341,165
372,575
409,052
386,801
409,313
435,761
452,013
461,087
481,264
488,657
118,022
120,209
120,474
122,560
121,329
121,599
122,961
122,767
123,654
124,212
126,905

Balance
on
services
75,573
115,821
123,765
125,920
154,020
192,020
204,398
240,368
261,993
262,203
65,199
66,002
65,262
65,531
67,003
66,848
64,157
64,195
61,073
61,991
61,265

Balance
on
goods
and
services
–761,716
–705,375
–708,726
–383,774
–494,658
–548,625
–536,773
–461,876
–490,176
–500,361
–120,514
–125,834
–119,415
–124,414
–126,514
–124,028
–125,611
–124,209
–125,217
–124,745
–116,433

Primary income receipts and payments
Receipts
693,089
844,033
823,707
614,379
684,915
759,727
768,956
794,658
821,807
782,915
202,351
204,485
209,622
205,349
194,716
199,359
196,752
192,089
188,488
202,619
202,825

Payments
649,752
743,429
677,561
490,794
507,254
538,766
553,163
575,689
597,802
600,531
145,604
149,862
150,297
152,039
146,365
154,288
154,903
144,974
154,473
158,398
159,426

Balance
on
primary
income
43,337
100,604
146,146
123,584
177,661
220,961
215,792
218,970
224,005
182,385
56,746
54,623
59,325
53,310
48,351
45,071
41,848
47,115
34,015
44,221
43,400

Balance
on
secondary
Income 3
–88,347
–113,872
–128,209
–123,833
–124,964
–132,690
–125,547
–123,515
–125,888
–144,988
–30,887
–22,849
–35,529
–36,623
–36,386
–32,947
–39,343
–36,312
–40,637
–37,747
–39,925

Balance
on
current
account
–806,726
–718,643
–690,789
–384,023
–441,961
–460,354
–446,527
–366,422
–392,060
–462,965
–94,654
–94,060
–95,619
–107,726
–114,549
–111,904
–123,106
–113,406
–131,838
–118,271
–112,958

Current
account
balance
as a
percentage
of GDP
–5.8
–5.0
–4.7
–2.7
–3.0
–3.0
–2.8
–2.2
–2.3
–2.6
–2.2
–2.2
–2.2
–2.4
–2.6
–2.5
–2.7
–2.5
–2.9
–2.6
–2.4

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

See p. 37 for continuation of table.

36

U.S. International Transactions—Continued
In the financial account, U.S. net borrowing was $207.9 billion in the third quarter of 2016, resulting from a net
increase in U.S. financial assets of $31.5 billion plus a net increase in financial derivatives of $12.1 billion, less a net
increase in U.S. liabilities of $251.5 billion. U.S. net borrowing was up from $41.0 billion in the second quarter.
BILLIONS OF DOLLARS
900

BILLIONS OF DOLLARS
900

SEASONALLY ADJUSTED

800

800
700

700

CHANGE IN
U.S. LIABILITIES

600

600

500

500

400

400

300

300

200

200

100

100
0

0
CHANGE IN
U.S. ASSETS ABROAD1

–100

–100

–200

–200

–300

–300

–400

–400
–500

–500

2008

2007

2009

2010

2011

2012

2013

2014

2015

2016

1

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

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted]
Chart 37 - Jan 2017

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

2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2014: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2015: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2016: I ����������������
      II ���������������
      III p ������������

–1,788 1,336,866
384 1,572,509
6,010 –309,468
–140
132,204
–157
963,449
–1,186
496,320
6,904
177,747
–412
651,427
–45
823,343
–42
225,398
–43
153,627
–2
229,606
–1
330,098
0
110,012
–22
357,562
–20
104,122
–1 –83,824
0 –152,461
–58
59,862
0
323,426
0
31,451

Direct
investment
assets

Portfolio
investment
assets

Other
investment
assets

296,059 493,366 549,814
532,939 380,807 658,641
351,724 –284,269 –381,770
313,726 375,883 –609,662
354,575 199,620 407,420
440,405
85,365 –45,327
378,222 248,760 –453,695
394,635 481,298 –221,408
343,441 582,688 –99,203
348,646 153,968 –270,924
54,287 102,090
–1,794
69,849 204,484 –45,500
101,811 128,515 100,661
117,494 147,598 –152,569
86,576 233,068
42,077
114,779 140,675 –150,455
51,322 –97,468 –37,412
95,969 –122,306 –125,134
67,412 –57,326
50,968
106,273 146,397
70,566
87,513 –35,111 –22,593

Reserve
assets 4

–2,373
122
4,848
52,256
1,835
15,877
4,460
–3,099
–3,583
–6,292
–956
773
–889
–2,511
–4,159
–877
–266
–990
–1,191
189
1,642

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

Total

2,116,304
2,183,538
454,051
318,350
1,386,345
977,073
625,352
1,044,635
1,056,374
395,234
289,054
293,401
371,787
102,132
348,004
205,435
–39,884
–118,322
118,207
367,324
251,459

Direct
investment
liabilities

Portfolio
investment
liabilities

Other
investment
liabilities

294,289 1,126,735
340,066 1,156,612
332,734
523,683
153,787
357,352
259,345
820,434
257,411
311,626
243,010
747,017
276,978
511,987
207,368
701,861
379,435
250,936
–86,791
248,214
69,348
99,475
118,119
230,476
106,691
123,696
194,067
102,922
108,005
256,154
50,590 –126,250
26,773
18,109
91,335 –21,197
174,007
11,934
86,874
229,129

695,280
686,860
–402,367
–192,789
306,566
408,036
–364,675
255,670
147,145
–235,137
127,631
124,578
23,192
–128,255
51,015
–158,723
35,775
–163,204
48,069
181,383
–64,544

Financial
derivatives
other
than
reserves,
net transactions
–29,710
–6,222
32,947
–44,816
–14,076
–35,006
7,064
2,222
–54,347
–25,392
6,105
–4,423
–24,304
–31,725
–40,199
1,708
746
12,353
12,994
2,904
12,063

Net lending
(+)
or net
borrowing
(–)
from
financial
account
transactions 5
–809,148
–617,251
–730,572
–230,962
–436,972
–515,759
–440,540
–390,987
–287,378
–195,227
–129,322
–68,218
–65,993
–23,845
–30,642
–99,605
–43,194
–21,786
–45,350
–40,994
–207,945

U.S. official
reserve
assets,
Statistical
net
discrep(unadancy
justed,
end of
period) 4

–634
101,008
–45,793
153,201
5,146
–54,219
–917
–24,153
104,727
267,780
–34,625
25,843
29,627
83,881
83,929
12,318
79,913
91,620
86,546
77,278
–94,987

65,895
70,565
77,648
130,760
132,433
147,953
150,175
144,575
130,090
117,581
144,284
145,176
137,054
130,090
119,270
120,333
120,218
117,581
119,727
120,202
122,431

4 Consists of monetary gold, special drawing rights (SDRs), the U.S. reserve position in the International Monetary Fund (IMF), and other reserve assets, including foreign currencies.
5 Net lending means that U.S. residents are net suppliers of funds to foreign residents, and net borrowing means the opposite.

Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and the Board of Governors of the Federal Reserve System.

37

CONTENTS
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross Domestic Product ........................................................................................................................................................
1
Real Gross Domestic Product ................................................................................................................................................
2
Chained Price Indexes For Gross Domestic Product ............................................................................................................
2
Gross Domestic Product and Related Price Measures: Indexes and Percent Changes ...........................................................
3
Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits .......................................................... 3
National Income ....................................................................................................................................................................
4
Real Personal Consumption Expenditures ............................................................................................................................ 4
Sources of Personal Income ...................................................................................................................................................
5
Disposition of Personal Income .............................................................................................................................................
6
Real Farm Income ................................................................................................................................................................. 7
Corporate Profits ...................................................................................................................................................................
8
Real Gross Private Domestic Investment ............................................................................................................................... 9
Real Private Fixed Investment by Type .................................................................................................................................. 10
Business Investment ............................................................................................................................................................... 10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force .......................................................................................................................................................
Selected Unemployment Rates ..............................................................................................................................................
Selected Measures of Unemployment and Unemployment Insurance Programs ...................................................................
Nonagricultural Employment ................................................................................................................................................
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries ................................
Employment Cost Index—Private Industry ..........................................................................................................................
Productivity and Related Data, Business and Nonfarm Business Sectors ..............................................................................

11
12
13
14
15
15
16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization .................................................................................................................... 17
Industrial Production—Major Market Groups and Selected Manufactures .......................................................................... 18
New Construction ................................................................................................................................................................. 19
New Private Housing and Vacancy Rates .............................................................................................................................. 19
Business Sales and Inventories—Manufacturing and Trade .................................................................................................. 20
Manufacturers’ Shipments, Inventories, and Orders .............................................................................................................. 21
PRICES
Producer Prices ......................................................................................................................................................................
Consumer Prices—All Urban Consumers .............................................................................................................................
Changes in Producer Prices ...................................................................................................................................................
Changes in Consumer Prices—All Urban Consumers ..........................................................................................................
Prices Received and Paid by Farmers .....................................................................................................................................

22
23
24
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures ..........................................................................................................................................
Components of Money Stock ................................................................................................................................................
Aggregate Reserves and Monetary Base .................................................................................................................................
Bank Credit at All Commercial Banks ..................................................................................................................................
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business ..............................................................................
Consumer Credit ...................................................................................................................................................................
Interest Rates and Bond Yields ..............................................................................................................................................
Common Stock Prices and Yields ..........................................................................................................................................

26
27
27
28
29
29
30
31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt ..................................................................................................................................... 32
Federal Receipts by Source and Outlays by Function ............................................................................................................ 33
Federal Sector, National Income Accounts Basis ................................................................................................................... 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries ........................................................................... 35
U.S. International Trade in Goods and Services .................................................................................................................... 35
U.S. International Transactions ............................................................................................................................................. 36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p Preliminary.
r Revised.
c Corrected.
... Not available (also, not applicable).
NSA Not seasonally adjusted.

38