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113th Congress, 2nd Session

Economic Indicators
JULY 2014
(Includes data available as of August 5, 2014)

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

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 2014

JOINT ECONOMIC COMMITTEE

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

Kevin Brady, Texas, Chairman
Amy Klobuchar, Minnesota, Vice Chair
House of Representatives

John Campbell, California
Sean P. Duffy, Wisconsin
Justin Amash, Michigan
Erik Paulsen, Minnesota
Richard L. Hanna, New York
Carolyn B. Maloney, New York
Loretta Sanchez, California
Elijah E. Cummings, Maryland
John Delaney, Maryland

Senate

Robert P. Casey, Jr., Pennsylvania
Bernard Sanders, Vermont
Christopher Murphy, Connecticut
Martin Heinrich, New Mexico
Mark L. Pryor, Arkansas
Dan Coats, Indiana
Mike Lee, Utah
Roger F. Wicker, Mississippi
Pat Toomey, Pennsylvania

Robert P. O’Quinn, Executive Director

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

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

ii

TOTAL OUTPUT, INCOME, AND SPENDING
Gross Domestic Product
In the second quarter of 2014, according to advance estimates, current dollar gross domestic product (GDP) rose
6.0 percent (annual rate), real GDP in chained (2009) dollars rose 4.0 percent, and the chained price index rose 2.0
percent. (Series revised.)

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

Period

2004 r ������������������
2005 r ������������������
2006 r ������������������
2007 r ������������������
2008 r ������������������
2009 r ������������������
2010 r ������������������
2011 r ������������������
2012 r ������������������
2013 r ������������������
2011: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2012: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2013: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2014: I r ��������������
      II p �������������

Gross
domestic
product

12,274.9
13,093.7
13,855.9
14,477.6
14,718.6
14,418.7
14,964.4
15,517.9
16,163.2
16,768.1
15,238.4
15,460.9
15,587.1
15,785.3
15,956.5
16,094.7
16,268.9
16,332.5
16,502.4
16,619.2
16,872.3
17,078.3
17,044.0
17,294.7

Personal
consumption
expenditures

Gross
private
domestic
investment

8,260.0
8,794.1
9,304.0
9,750.5
10,013.6
9,847.0
10,202.2
10,689.3
11,083.1
11,484.3
10,523.5
10,651.4
10,754.5
10,827.9
10,959.7
11,030.6
11,119.8
11,222.6
11,351.1
11,414.3
11,518.7
11,653.3
11,728.5
11,867.9

2,276.7
2,527.1
2,680.6
2,643.7
2,424.8
1,878.1
2,100.8
2,239.9
2,479.2
2,648.0
2,123.5
2,212.7
2,228.2
2,395.2
2,445.4
2,489.3
2,500.4
2,481.5
2,543.3
2,594.6
2,708.9
2,745.2
2,714.4
2,829.3

Exports and imports of
goods and services
Net
exports
–619.2
–721.2
–770.9
–718.5
–723.1
–395.4
–512.7
–580.0
–568.3
–508.2
–562.5
–586.9
–572.4
–598.1
–614.8
–588.5
–541.7
–528.2
–528.0
–532.0
–509.9
–462.9
–538.0
–564.0

Government consumption expenditures
and gross investment
Federal

Exports

1,181.5
1,308.9
1,476.3
1,664.6
1,841.9
1,587.7
1,852.3
2,106.4
2,194.2
2,262.2
2,033.3
2,108.3
2,142.9
2,141.0
2,162.4
2,192.5
2,203.2
2,218.5
2,219.4
2,236.4
2,268.4
2,324.6
2,284.7
2,334.8

Imports

1,800.7
2,030.1
2,247.3
2,383.2
2,565.0
1,983.2
2,365.0
2,686.4
2,762.5
2,770.4
2,595.8
2,695.3
2,715.3
2,739.1
2,777.1
2,781.1
2,745.0
2,746.7
2,747.4
2,768.4
2,778.3
2,787.5
2,822.7
2,898.7

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

Total

2,357.4
2,493.7
2,642.2
2,801.9
3,003.2
3,089.1
3,174.0
3,168.7
3,169.2
3,143.9
3,153.8
3,183.8
3,176.8
3,160.4
3,166.2
3,163.3
3,190.5
3,156.6
3,135.9
3,142.4
3,154.7
3,142.7
3,139.1
3,161.5

Total
892.4
946.3
1,002.0
1,049.8
1,155.6
1,217.7
1,303.9
1,303.5
1,291.4
1,231.5
1,298.1
1,314.9
1,305.9
1,294.9
1,291.4
1,290.0
1,314.3
1,269.9
1,241.9
1,234.1
1,233.9
1,216.2
1,208.1
1,210.4

National
defense

Nondefense

570.2
608.3
642.4
678.7
754.1
788.3
832.8
836.9
818.0
769.9
823.4
844.9
851.5
828.0
818.6
817.1
840.9
795.4
775.1
772.2
774.9
757.5
749.9
754.5

322.1
338.1
359.6
371.0
401.5
429.4
471.1
466.5
473.4
461.6
474.7
470.0
454.5
466.9
472.8
472.9
473.4
474.4
466.8
461.9
459.0
458.7
458.2
455.8

State
and
local
1,465.0
1,547.4
1,640.2
1,752.2
1,847.6
1,871.4
1,870.2
1,865.3
1,877.8
1,912.4
1,855.8
1,869.0
1,870.9
1,865.5
1,874.8
1,873.3
1,876.2
1,886.8
1,894.0
1,908.3
1,920.7
1,926.5
1,931.0
1,951.1

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

12,211.1
13,034.1
13,788.9
14,443.2
14,750.6
14,566.3
14,902.8
15,476.2
16,098.3
16,694.0
15,212.1
15,397.9
15,602.0
15,692.7
15,875.4
16,002.5
16,193.2
16,322.1
16,458.2
16,568.4
16,761.6
16,987.8
17,003.9
17,184.8

12,894.1
12,364.1
13,814.9
13,186.3
14,626.8
13,923.5
15,196.2
14,603.2
15,441.6
14,890.6
14,814.2
14,569.8
15,477.0
15,170.3
16,097.9
15,764.6
16,731.5
16,390.5
17,276.2
16,992.4
15,800.8
15,466.5
16,047.9
15,692.0
16,159.5
15,842.6
16,383.5
16,057.1
16,571.3
16,195.0
16,683.2
16,325.0
16,810.7
16,484.0
16,860.7
16,558.0
17,030.4
16,711.2
17,151.2
16,834.0
17,382.2
17,103.1
17,541.2
17,321.2
17,582.0
17,255.0
17,858.7 �����������������

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

Note: GDP and related data reflect the annual revision released on July 30, 2014. See Survey of
Current Business, August 2014 for details.

1

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

Period

2004 r ������������������
2005 r ������������������
2006 r ������������������
2007 r ������������������
2008 r ������������������
2009 r ������������������
2010 r ������������������
2011 r ������������������
2012 r ������������������
2013 r ������������������
2011: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2012: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2013: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2014: I r ��������������
      II p �������������

Gross private
domestic investment
Personal
Gross
conChange
domestic sumption Nonresi- Resiin
product expendi- dential dential
fixed
fixed
private
tures
investinvestinvenment
ment
tories
13,773.5
14,234.2
14,613.8
14,873.7
14,830.4
14,418.7
14,783.8
15,020.6
15,369.2
15,710.3
14,881.3
14,989.6
15,021.1
15,190.3
15,275.0
15,336.7
15,431.3
15,433.7
15,538.4
15,606.6
15,779.9
15,916.2
15,831.7
15,985.7

9,208.2
9,531.8
9,821.7
10,041.6
10,007.2
9,847.0
10,036.3
10,263.5
10,449.7
10,699.7
10,217.1
10,237.7
10,282.2
10,316.8
10,387.6
10,420.2
10,470.4
10,520.6
10,613.7
10,660.4
10,713.3
10,811.4
10,844.3
10,910.5

1,605.4
1,717.4
1,839.6
1,948.4
1,934.4
1,633.4
1,673.8
1,802.3
1,931.8
1,990.6
1,724.1
1,761.0
1,840.8
1,883.1
1,910.1
1,930.6
1,934.5
1,951.9
1,959.0
1,966.8
1,993.3
2,043.3
2,051.5
2,079.1

818.9
872.6
806.6
654.8
497.7
392.2
382.4
384.5
436.5
488.4
374.4
379.3
386.8
397.6
420.8
425.3
439.5
460.3
469.0
489.8
503.0
491.9
485.3
494.2

71.4
64.3
71.6
35.5
–33.7
–147.6
58.2
37.6
57.0
63.5
25.1
57.5
–13.0
80.8
70.9
78.9
71.2
7.2
33.4
43.4
95.6
81.8
35.2
93.4

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

Imports

Total

–734.8
–782.3
–794.3
–712.6
–557.8
–395.4
–458.8
–459.4
–452.5
–420.4
–466.2
–455.2
–454.3
–461.7
–465.7
–466.7
–453.0
–424.5
–427.2
–446.0
–424.6
–384.0
–447.2
–470.3

1,300.6
1,381.9
1,506.8
1,646.4
1,740.8
1,587.7
1,776.6
1,898.3
1,960.1
2,019.8
1,862.3
1,890.7
1,910.6
1,929.7
1,936.0
1,958.9
1,969.1
1,976.5
1,972.3
2,002.8
2,027.7
2,076.5
2,026.9
2,073.4

2,035.3
2,164.2
2,301.0
2,359.0
2,298.6
1,983.2
2,235.4
2,357.7
2,412.6
2,440.3
2,328.5
2,345.9
2,364.9
2,391.3
2,401.7
2,425.5
2,422.1
2,401.0
2,399.5
2,448.8
2,452.3
2,460.5
2,474.1
2,543.7

2,808.2
2,826.2
2,869.3
2,914.4
2,994.8
3,089.1
3,091.4
2,997.4
2,953.9
2,894.5
3,012.2
3,009.0
2,990.0
2,978.3
2,957.8
2,954.9
2,974.4
2,928.7
2,899.8
2,901.2
2,902.4
2,874.5
2,868.5
2,880.0

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

National Nondefense defense

Total
1,017.1
1,034.8
1,060.9
1,078.7
1,152.3
1,217.7
1,270.7
1,236.4
1,214.4
1,145.3
1,241.2
1,246.0
1,233.3
1,225.2
1,216.0
1,213.1
1,235.4
1,193.0
1,162.5
1,152.2
1,148.7
1,117.8
1,117.4
1,115.3

652.7
665.5
678.8
695.6
748.1
788.3
813.5
795.0
768.7
717.7
788.4
801.3
805.1
785.3
770.4
767.9
789.8
746.7
725.5
721.8
722.6
701.0
693.9
695.7

364.5
369.4
382.1
383.1
404.2
429.4
457.1
441.4
445.7
427.5
452.7
444.7
428.2
439.9
445.6
445.2
445.6
446.3
436.9
430.4
426.1
416.7
423.4
419.4

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

State
and
local
1,792.8
1,792.3
1,808.8
1,836.1
1,842.4
1,871.4
1,820.8
1,761.0
1,739.5
1,748.4
1,771.1
1,763.0
1,756.8
1,753.1
1,741.7
1,741.7
1,739.2
1,735.5
1,736.8
1,748.3
1,753.0
1,755.7
1,750.2
1,763.7

13,702.2
14,168.8
14,542.3
14,836.2
14,865.7
14,566.3
14,722.2
14,979.0
15,304.3
15,636.7
14,855.3
14,924.5
15,035.1
15,101.0
15,195.6
15,248.2
15,350.9
15,422.6
15,499.6
15,555.5
15,671.0
15,820.7
15,782.6
15,871.5

14,531.7 13,877.3
15,040.3 14,338.4
15,431.6 14,688.6
15,606.8 15,005.7
15,399.9 15,004.8
14,814.2 14,569.8
15,244.9 14,970.8
15,483.9 15,241.0
15,824.6 15,567.3
16,131.0 15,902.4
15,351.6 15,086.5
15,448.3 15,195.1
15,479.5 15,249.1
15,656.1 15,433.2
15,744.7 15,484.6
15,807.6 15,538.1
15,887.2 15,617.5
15,859.0 15,629.1
15,966.0 15,717.2
16,054.5 15,790.6
16,205.0 15,977.6
16,298.6 16,124.3
16,280.4 16,009.8
16,458.9 ��������������

See Note, p. 1.

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

Gross
domestic
product

2004 r ������������������
2005 r ������������������
2006 r ������������������
2007 r ������������������
2008 r ������������������
2009 r ������������������
2010 r ������������������
2011 r ������������������
2012 r ������������������
2013 r ������������������
2011: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2012: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2013: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2014: I r ��������������
      II p �������������
Note: See Note, p. 1.

2

89.118
91.985
94.812
97.340
99.218
100.000
101.226
103.315
105.174
106.739
102.409
103.170
103.770
103.913
104.461
104.937
105.475
105.821
106.172
106.495
106.943
107.347
107.694
108.224

Personal consumption
expenditures

Total

89.703
92.261
94.729
97.102
100.065
100.000
101.653
104.149
106.062
107.333
103.002
104.043
104.595
104.956
105.510
105.860
106.204
106.675
106.951
107.074
107.520
107.789
108.156
108.777

Goods

95.030
96.951
98.277
99.403
102.362
100.000
101.637
105.413
106.712
106.211
103.795
105.584
106.095
106.178
106.661
106.543
106.683
106.960
106.638
105.986
106.301
105.917
105.769
106.310

Gross private
domestic investment

Services

87.058
89.933
92.976
95.981
98.947
100.000
101.661
103.524
105.745
107.919
102.610
103.280
103.853
104.353
104.941
105.526
105.973
106.541
107.122
107.641
108.154
108.759
109.390
110.054

Nonresidential
fixed
91.141
93.830
96.561
98.574
100.337
100.000
99.070
100.545
102.082
103.186
99.909
100.445
100.761
101.065
101.680
101.984
102.263
102.402
102.620
103.058
103.364
103.701
104.059
104.378

Residential
fixed
91.546
98.103
103.821
105.176
103.647
100.000
99.645
100.395
101.342
106.448
100.112
100.472
100.482
100.512
100.360
100.745
101.618
102.644
104.271
105.571
106.982
108.968
111.244
111.217

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Exports

90.845
94.717
97.979
101.107
105.809
100.000
104.263
110.960
111.940
112.001
109.204
111.523
112.162
110.953
111.696
111.931
111.889
112.244
112.528
111.663
111.868
111.945
112.716
112.602

Imports

88.471
93.802
97.663
101.024
111.588
100.000
105.800
113.942
114.501
113.529
111.485
114.902
114.826
114.553
115.633
114.656
113.323
114.393
114.496
113.048
113.287
113.286
114.082
113.954

Total
87.736
91.449
94.448
97.319
100.286
100.000
102.614
105.422
106.341
107.530
104.585
105.524
105.890
105.688
106.197
106.338
106.388
106.440
106.828
107.093
107.406
108.791
108.105
108.513

National
defense
87.371
91.395
94.633
97.572
100.809
100.000
102.365
105.274
106.415
107.275
104.443
105.444
105.763
105.446
106.262
106.406
106.474
106.518
106.829
106.983
107.238
108.052
108.067
108.447

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

Nondefense
88.377
91.529
94.101
96.849
99.321
100.000
103.064
105.691
106.218
107.966
104.847
105.673
106.120
106.125
106.092
106.226
106.244
106.312
106.833
107.286
107.699
110.047
108.199
108.653

State
and
local
81.719
86.333
90.677
95.426
100.279
100.000
102.714
105.923
107.947
109.377
104.778
106.006
106.496
106.413
107.641
107.556
107.876
108.715
109.052
109.154
109.572
109.729
110.332
110.632

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

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

2004 r ��������������������
2005 r ��������������������
2006 r ��������������������
2007 r ��������������������
2008 r ��������������������
2009 r ��������������������
2010 r ��������������������
2011 r ��������������������
2012 r ��������������������
2013 r ��������������������
2011: I r ����������������
      II r ���������������
      III r ��������������
      IV r ��������������
2012: I r ����������������
      II r ���������������
      III r ��������������
      IV r ��������������
2013: I r ����������������
      II r ���������������
      III r ��������������
      IV r ��������������
2014: I r ����������������
      II p ���������������

95.525
98.720
101.353
103.156
102.855
100.000
102.532
104.174
106.592
108.957
103.208
103.959
104.178
105.351
105.939
106.367
107.023
107.039
107.766
108.238
109.440
110.386
109.799
110.868

GDP
implicit
price
deflator

89.118
91.985
94.812
97.340
99.218
100.000
101.226
103.315
105.174
106.739
102.409
103.170
103.770
103.913
104.461
104.937
105.475
105.821
106.172
106.495
106.943
107.347
107.694
108.224

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

89.120
91.988
94.814
97.337
99.246
100.000
101.221
103.311
105.166
106.733
102.399
103.145
103.768
103.917
104.461
104.942
105.428
105.824
106.204
106.488
106.923
107.301
107.658
108.188

89.703
92.261
94.729
97.102
100.065
100.000
101.653
104.149
106.062
107.333
103.002
104.043
104.595
104.956
105.510
105.860
106.204
106.675
106.951
107.074
107.520
107.789
108.156
108.777

90.751
92.711
94.786
96.832
98.827
100.000
101.286
102.800
104.678
106.084
101.974
102.593
103.110
103.522
104.063
104.546
104.871
105.230
105.606
105.875
106.252
106.603
106.922
107.442

Personal consumption
expenditures (PCE)

Gross domestic product (GDP)
Gross
domestic
purchases
price index

88.729
91.851
94.783
97.372
100.244
100.000
101.527
103.970
105.738
107.105
102.936
103.906
104.395
104.641
105.249
105.533
105.858
106.313
106.634
106.837
107.284
107.667
108.030
108.539

1 Quarterly percent changes are at annual rates.

GDP
(current
dollars)
6.6
6.7
5.8
4.5
1.7
–2.0
3.8
3.7
4.2
3.7
.2
6.0
3.3
5.2
4.4
3.5
4.4
1.6
4.2
2.9
6.2
5.0
–.8
6.0

Real GDP
GDP
(chain-type chain-type
quantity
price
index)
index
3.8
3.3
2.7
1.8
–.3
–2.8
2.5
1.6
2.3
2.2
–1.5
2.9
.8
4.6
2.3
1.6
2.5
.1
2.7
1.8
4.5
3.5
–2.1
4.0

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

GDP
implicit
price
deflator

2.7
3.2
3.1
2.7
1.9
.8
1.2
2.1
1.8
1.5
1.8
3.0
2.3
.6
2.1
1.8
2.1
1.3
1.3
1.2
1.7
1.5
1.3
2.0

2.7
3.2
3.1
2.7
2.0
.8
1.2
2.1
1.8
1.5
1.8
2.9
2.4
.6
2.1
1.9
1.9
1.5
1.4
1.1
1.6
1.4
1.3
2.0

2.4
2.9
2.7
2.5
3.1
–.1
1.7
2.5
1.8
1.2
3.0
4.1
2.1
1.4
2.1
1.3
1.3
1.8
1.0
.5
1.7
1.0
1.4
2.3

1.9
2.2
2.2
2.2
2.1
1.2
1.3
1.5
1.8
1.3
1.4
2.5
2.0
1.6
2.1
1.9
1.2
1.4
1.4
1.0
1.4
1.3
1.2
2.0

2.9
3.5
3.2
2.7
2.9
–.2
1.5
2.4
1.7
1.3
3.0
3.8
1.9
.9
2.3
1.1
1.2
1.7
1.2
.8
1.7
1.4
1.4
1.9

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

Note: See Note, p. 1.

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

Period

Current
dollars
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 r ������������������
2009 r ������������������
2010 r ������������������
2011 r ������������������
2012 r ������������������
2013 r ������������������
2011: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2012: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2013: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2014: I 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

6,107.9
6,532.1
6,988.0
7,203.9
7,256.8
6,859.8
7,238.7
7,592.3
8,030.3
8,287.0
7,412.4
7,578.3
7,671.3
7,707.2
7,942.9
8,016.8
8,007.9
8,153.6
8,190.5
8,283.2
8,314.2
8,360.1
8,389.2

Chained
(2009)
dollars
6,904.1
7,131.7
7,406.3
7,480.5
7,383.9
6,859.8
7,240.0
7,421.5
7,742.6
7,922.1
7,313.8
7,421.1
7,422.7
7,528.4
7,703.4
7,749.5
7,706.4
7,811.3
7,842.3
7,929.7
7,936.8
7,979.7
7,996.7

Total

0.885
.916
.944
.963
.983
1.000
1.000
1.023
1.037
1.046
1.013
1.021
1.033
1.024
1.031
1.034
1.039
1.044
1.044
1.045
1.048
1.048
1.049

Compensation
of employees
(unit labor
cost)
0.545
.551
.558
.576
.590
.596
.574
.588
.593
.600
.593
.586
.592
.581
.591
.589
.594
.599
.599
.598
.600
.601
.613

Corporate profits with inventory valuation
and capital consumption adjustments 4

Unit nonlabor cost

Total
0.232
.243
.249
.265
.283
.299
.290
.296
.293
.293
.295
.294
.297
.295
.294
.293
.294
.291
.294
.291
.294
.295
.296

Consumption
of fixed
capital
0.123
.128
.132
.139
.148
.159
.151
.154
.153
.155
.153
.153
.155
.154
.152
.152
.154
.153
.154
.154
.156
.157
.158

Net interest
Taxes on
and
production miscellaneous
and imports 3
payments
0.086
.091
.092
.093
.093
.099
.099
.103
.101
.101
.103
.102
.103
.102
.103
.102
.101
.100
.102
.100
.101
.101
.101

0.023
.024
.025
.033
.042
.041
.040
.039
.039
.037
.039
.039
.039
.039
.039
.039
.039
.038
.038
.037
.037
.037
.037

Total
0.107
.122
.137
.122
.110
.105
.136
.140
.151
.153
.126
.141
.145
.148
.148
.153
.151
.153
.152
.155
.154
.152
.141

Taxes on
corporate
income
0.027
.038
.042
.039
.031
.026
.030
.031
.035
.042
.030
.030
.032
.031
.035
.034
.035
.036
.042
.041
.040
.043
.046

Profits
after
tax 5
0.080
.084
.096
.083
.079
.079
.105
.109
.116
.112
.096
.110
.113
.117
.113
.119
.116
.116
.110
.114
.114
.109
.095

1 Estimates for nonfinancial corporate business are based on the North American Industry Clas4 Unit profits from current production.
5 With inventory valuation and capital consumption adjustments.
sification System (NAICS).
2 The implicit price deflator for gross value added of nonfinancial corporate business divided by 100.
Note: See Note, p. 1.
3 Less subsidies plus business current transfer payments.
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

2004 r ������������������ 10,540.9
2005 r ������������������ 11,239.8
2006 r ������������������ 12,004.8
2007 r ������������������ 12,321.4
2008 r ������������������ 12,427.8
2009 r ������������������ 12,126.1
2010 r ������������������ 12,739.5
2011 r ������������������ 13,352.3
2012 r ������������������ 14,069.5
2013 r ������������������ 14,577.1
2011: I r �������������� 13,091.2
      II r ������������� 13,255.9
      III r ������������ 13,454.8
      IV r ������������ 13,607.2
2012: I r �������������� 13,914.4
      II r ������������� 13,984.9
      III r ������������ 14,077.7
      IV r ������������ 14,301.0
2013: I r �������������� 14,376.1
      II r ������������� 14,511.5
      III r ������������ 14,650.5
      IV r ������������ 14,770.2
2014: I r �������������� 14,737.7
      II p ������������� ��������������

6,739.5
7,086.8
7,502.3
7,898.3
8,078.3
7,787.0
7,961.4
8,269.0
8,606.5
8,844.8
8,209.7
8,248.9
8,332.0
8,285.4
8,523.0
8,543.8
8,576.6
8,782.5
8,734.4
8,826.3
8,871.6
8,946.8
9,100.2
9,235.0

Rental
income
of
persons
with
capital
conNonfarm
sumption
adjustment

Farm

50.4
46.4
36.0
38.1
47.0
35.5
46.0
75.5
72.3
83.2
75.6
72.3
77.9
76.4
71.7
72.5
71.9
73.2
92.2
83.6
86.8
70.1
58.1
56.9

911.6
932.6
1,017.7
941.1
979.5
937.5
986.7
1,068.1
1,187.9
1,253.5
1,027.6
1,052.9
1,083.8
1,108.1
1,154.7
1,183.6
1,194.2
1,219.1
1,235.6
1,246.5
1,259.2
1,272.6
1,292.9
1,307.2

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

255.4
1,283.3
1,215.2
1,254.6
–39.5
238.4
1,477.7
1,621.2
1,653.3
–32.1
207.5
1,646.5
1,815.7
1,851.4
–35.7
189.4
1,529.0
1,708.9
1,748.4
–39.5
262.1
1,285.1
1,345.5
1,382.4
–37.0
333.7
1,397.0
1,479.2
1,472.6
6.7
402.8
1,746.4
1,799.7
1,840.7
–41.0
485.3
1,816.6
1,738.5
1,806.8
–68.3
533.0
2,022.8
2,126.6
2,136.1
–9.5
595.8
2,106.9
2,238.7
2,235.3
3.3
460.1
1,677.4
1,603.8
1,747.7
–143.9
478.0
1,790.0
1,717.1
1,806.5
–89.5
491.6
1,826.6
1,748.8
1,781.4
–32.6
511.6
1,972.5
1,884.3
1,891.6
–7.2
516.6
1,977.9
2,088.6
2,120.9
–32.3
526.5
2,024.8
2,130.7
2,119.4
11.3
537.1
2,041.0
2,141.8
2,155.7
–13.9
551.7
2,047.6
2,145.3
2,148.4
–3.1
575.0
2,039.4
2,167.3
2,169.0
–1.7
590.8
2,103.6
2,235.0
2,219.8
15.2
604.2
2,140.7
2,273.7
2,270.9
2.8
613.3
2,143.8
2,278.6
2,281.6
–3.0
622.9
1,942.1
2,272.6
2,297.2
–24.6
635.9 �������������� �������������� �������������� ��������������

1 With inventory valuation and capital consumption adjustments.

68.2
–143.5
–169.2
–179.9
–60.4
–82.2
–53.3
78.1
–103.8
–131.8
73.5
72.9
77.8
88.1
–110.7
–106.0
–100.8
–97.8
–127.9
–131.4
–133.1
–134.8
–330.5
–331.2

403.5
496.8
580.9
663.4
693.4
563.4
489.4
488.1
491.7
499.8
493.5
465.6
493.4
499.6
503.6
473.4
509.5
480.3
517.4
477.1
493.3
511.2
506.5
459.3

Business
Less:
current
Subsidies transfer
payments

863.9
934.5
991.9
1,034.6
1,041.9
1,026.1
1,057.1
1,102.6
1,132.0
1,162.4
1,087.6
1,104.2
1,104.0
1,114.6
1,129.5
1,132.0
1,127.7
1,138.9
1,154.8
1,152.2
1,167.1
1,175.7
1,184.5
1,196.1

46.4
60.9
51.5
54.6
52.6
58.3
55.9
60.1
58.0
60.2
58.6
59.9
61.0
60.8
57.9
58.0
56.8
59.4
60.0
61.1
60.6
58.9
57.7
56.5

81.4
93.9
82.6
98.6
114.4
124.9
128.5
131.5
106.7
120.6
142.6
127.9
131.0
124.6
119.2
110.8
102.0
94.6
115.1
122.3
118.4
126.6
119.2
122.5

Current
surplus
of
government
enterprises

–1.8
–6.4
–9.3
–16.4
–21.2
–20.6
–22.9
–24.5
–25.3
–29.6
–24.5
–24.1
–24.6
–24.9
–23.9
–24.5
–25.4
–27.3
–27.8
–29.6
–30.1
–31.0
–31.1
–33.6

Note: See Note, p. 1.
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

2004 r ������������������
2005 r ������������������
2006 r ������������������
2007 r ������������������
2008 r ������������������
2009 r ������������������
2010 r ������������������
2011 r ������������������
2012 r ������������������
2013 r ������������������
2011: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2012: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2013: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2014: I r ��������������
      II p �������������

9,208.2
9,531.8
9,821.7
10,041.6
10,007.2
9,847.0
10,036.3
10,263.5
10,449.7
10,699.7
10,217.1
10,237.7
10,282.2
10,316.8
10,387.6
10,420.2
10,470.4
10,520.6
10,613.7
10,660.4
10,713.3
10,811.4
10,844.3
10,910.5

Services

Durable
Total
goods

3,051.9
3,177.2
3,292.5
3,381.8
3,297.8
3,198.4
3,308.7
3,411.8
3,506.5
3,626.0
3,404.9
3,398.2
3,405.5
3,438.5
3,478.0
3,489.0
3,516.9
3,542.3
3,593.7
3,605.2
3,636.1
3,669.0
3,678.3
3,733.7

Total
durable
goods 1

992.9
1,046.9
1,091.5
1,141.7
1,083.2
1,023.3
1,085.7
1,151.5
1,235.7
1,319.0
1,141.8
1,134.2
1,148.6
1,181.5
1,212.0
1,218.8
1,242.4
1,269.7
1,295.7
1,310.0
1,325.9
1,344.5
1,355.0
1,400.2

Nondurable

Motor
vehicles
and
parts
405.5
400.0
385.1
392.8
340.8
317.1
323.4
333.8
357.9
376.0
342.7
324.2
325.2
343.0
351.4
351.7
359.5
369.1
374.1
374.0
375.5
380.5
385.7
401.6

Total
nondurable
goods 1
2,063.7
2,132.3
2,202.2
2,239.3
2,214.7
2,175.1
2,223.5
2,263.2
2,280.1
2,322.6
2,265.1
2,265.6
2,259.7
2,262.4
2,273.4
2,278.0
2,284.1
2,285.0
2,311.7
2,310.5
2,326.4
2,341.8
2,341.9
2,356.7

Food and
beverages
purchased
for offpremises
consumption

Gasoline
and
other
energy
goods

Total
services 1

Household
consumption
expenditures

729.8
757.6
780.8
791.3
781.9
770.0
786.5
795.1
801.6
809.4
797.5
797.1
793.9
792.0
797.6
800.9
803.3
804.7
810.2
804.6
808.9
814.0
811.9
808.9

299.3
298.0
297.4
296.8
283.4
284.5
282.2
274.3
269.2
271.7
280.2
273.1
272.7
271.5
267.4
271.7
270.9
266.7
270.5
270.4
272.9
272.9
274.4
271.8

6,156.6
6,353.4
6,526.6
6,656.4
6,708.6
6,648.5
6,727.6
6,851.4
6,942.4
7,073.1
6,812.0
6,839.2
6,876.6
6,877.7
6,908.8
6,930.5
6,952.8
6,977.5
7,019.3
7,054.5
7,076.6
7,141.9
7,165.4
7,177.3

5,949.1
6,147.3
6,291.8
6,415.2
6,435.1
6,372.5
6,449.3
6,575.9
6,653.4
6,772.5
6,539.3
6,565.8
6,596.5
6,602.1
6,630.2
6,642.5
6,663.1
6,677.7
6,723.4
6,757.7
6,775.4
6,833.4
6,857.1
6,863.0

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.

Housing
and
utilities

1,717.9
1,788.4
1,823.2
1,840.8
1,860.1
1,881.0
1,904.3
1,928.0
1,940.4
1,965.7
1,918.3
1,924.4
1,937.4
1,931.9
1,924.3
1,942.1
1,951.7
1,943.3
1,967.2
1,966.9
1,959.6
1,969.1
1,996.0
1,979.7

Health
care

Financial
services
and
insurance

1,442.3
1,490.4
1,525.2
1,563.2
1,598.8
1,627.4
1,649.2
1,690.3
1,745.0
1,781.1
1,680.0
1,688.2
1,687.2
1,706.0
1,732.4
1,737.5
1,752.7
1,757.5
1,759.1
1,774.6
1,786.0
1,804.7
1,798.4
1,801.4

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

7,963.1
8,253.9
8,528.1
8,734.2
8,730.5
8,577.4
8,746.1
8,980.4
9,175.7
9,411.6
8,922.2
8,955.8
8,997.8
9,045.7
9,128.9
9,138.7
9,183.2
9,252.1
9,317.1
9,375.5
9,432.7
9,521.0
9,530.7
9,624.6

16.9
16.9
16.5
16.1
13.2
10.4
11.6
12.7
14.4
15.5
12.8
12.2
12.6
13.4
14.2
14.2
14.4
14.9
15.3
15.5
15.6
15.6
15.7
16.5

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.
See Note, p. 1.

4

668.7
704.1
720.1
742.5
737.4
719.0
733.9
747.2
713.7
728.5
748.0
746.6
752.6
741.4
729.0
717.1
702.8
706.0
715.1
727.1
730.8
741.1
746.2
748.2

Addendum:
Personal
consumption
expenditures
excluding
food and
energy 2

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

Sources of Personal Income
Personal income rose $56.7 billion (annual rate) in June, following an increase of $57.4 billion in May. Wages and
salaries rose $30.5 billion in June, following an increase of $29.5 billion in May. (Series revised.)

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

2004 r ������������������
2005 r ������������������
2006 r ������������������
2007 r ������������������
2008 r ������������������
2009 r ������������������
2010 r ������������������
2011 r ������������������
2012 r ������������������
2013 r ������������������
2013: June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2014: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June p �������

Total
personal
income

10,048.3
10,609.3
11,389.0
11,994.9
12,429.6
12,087.5
12,429.3
13,202.0
13,887.7
14,166.9
14,193.7
14,187.0
14,250.2
14,304.8
14,288.8
14,326.5
14,320.0
14,387.3
14,489.5
14,588.1
14,639.1
14,696.5
14,753.2

Total

6,739.5
7,086.8
7,502.3
7,898.3
8,078.3
7,787.0
7,961.4
8,269.0
8,606.5
8,844.8
8,859.9
8,831.2
8,878.4
8,905.1
8,919.8
8,965.2
8,955.5
9,019.1
9,102.6
9,178.8
9,200.7
9,234.3
9,269.9

Wages
and
salaries
5,421.9
5,692.0
6,057.4
6,395.2
6,531.9
6,251.4
6,377.5
6,633.2
6,932.1
7,124.7
7,139.7
7,110.1
7,151.9
7,174.0
7,185.6
7,225.8
7,214.1
7,270.3
7,345.8
7,414.6
7,432.4
7,461.9
7,492.4

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

Supplements to
wages
and
salaries
1,317.6
1,394.8
1,444.9
1,503.1
1,546.4
1,535.6
1,583.9
1,635.9
1,674.4
1,720.1
1,720.3
1,721.2
1,726.5
1,731.1
1,734.2
1,739.4
1,741.4
1,748.7
1,756.8
1,764.2
1,768.3
1,772.5
1,777.5

Proprietors’ income 1

Farm

50.4
46.4
36.0
38.1
47.0
35.5
46.0
75.5
72.3
83.2
71.6
77.9
83.6
98.8
78.8
69.9
61.7
59.9
58.1
56.3
56.6
56.9
57.1

Nonfarm

911.6
932.6
1,017.7
941.1
979.5
937.5
986.7
1,068.1
1,187.9
1,253.5
1,250.1
1,253.9
1,260.2
1,263.5
1,266.6
1,273.2
1,277.9
1,288.1
1,293.5
1,297.0
1,305.5
1,305.4
1,310.8

Personal income receipts on assets
Rental
income
of
persons 2

255.4
238.4
207.5
189.4
262.1
333.7
402.8
485.3
533.0
595.8
595.4
600.2
604.2
608.3
611.6
613.6
614.6
618.0
622.3
628.5
632.3
635.9
639.4

Total

1,503.7
1,666.5
1,938.4
2,166.6
2,167.1
1,818.0
1,739.6
1,913.9
2,088.6
2,079.7
2,106.5
2,105.9
2,106.7
2,108.0
2,097.3
2,094.2
2,091.0
2,084.0
2,089.0
2,098.1
2,110.8
2,119.7
2,131.6

Personal
interest
income
941.7
1,088.1
1,214.7
1,350.1
1,361.6
1,264.3
1,195.0
1,231.6
1,255.9
1,255.2
1,263.6
1,260.9
1,258.4
1,256.3
1,259.6
1,263.1
1,266.9
1,264.7
1,262.4
1,260.2
1,263.5
1,266.9
1,270.2

Personal
dividend
income
562.1
578.3
723.7
816.5
805.4
553.7
544.6
682.2
832.7
824.5
842.9
845.1
848.3
851.7
837.8
831.1
824.1
819.4
826.6
838.0
847.3
852.9
861.4

Personal
current
transfer
receipts 3

1,416.7
1,512.0
1,609.6
1,722.8
1,884.0
2,140.2
2,276.9
2,307.9
2,350.7
2,414.5
2,416.4
2,420.7
2,425.6
2,433.4
2,428.6
2,429.9
2,438.3
2,455.1
2,471.3
2,486.3
2,492.7
2,508.0
2,512.4

Less:
Contributions
for
government
social
insurance,
domestic
829.2
873.3
922.6
961.4
988.2
964.4
984.1
917.8
951.2
1,104.5
1,106.3
1,102.9
1,108.4
1,112.2
1,114.0
1,119.6
1,118.9
1,136.8
1,147.4
1,156.9
1,159.5
1,163.6
1,168.1

Note: Data reflect annual revisions released on August 1, 2014. For details, see Survey of Current
Business, August 2014.
Source: Department of Commerce (Bureau of Economic Analysis).

5

Disposition of Personal Income
According to advance estimates, per capita disposable personal income in chained (2009) dollars rose 3.1 percent
(annual rate) in the second quarter of 2014. (Series revised.)

Period

Personal
income

Less:
Personal
current
taxes

Equals:
Disposable
personal
income

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
billions of
chained
(2009)
dollars

Current
dollars

Chained
(2009)
dollars

Billions of dollars
2004 r ������������������
2005 r ������������������
2006 r ������������������
2007 r ������������������
2008 r ������������������
2009 r ������������������
2010 r ������������������
2011 r ������������������
2012 r ������������������
2013 r ������������������

10,048.3
10,609.3
11,389.0
11,994.9
12,429.6
12,087.5
12,429.3
13,202.0
13,887.7
14,166.9

1,046.0
1,208.5
1,352.1
1,487.9
1,435.2
1,144.9
1,191.5
1,400.6
1,503.7
1,661.8

9,002.3
9,400.8
10,036.9
10,507.0
10,994.4
10,942.5
11,237.9
11,801.4
12,384.0
12,505.1

Per capita personal
consumption
expenditures

Per capita disposable
personal income

Current
dollars

Chained
(2009)
dollars

Dollars
8,592.3
9,162.9
9,707.4
10,196.7
10,452.2
10,270.5
10,609.8
11,090.2
11,487.9
11,897.1

410.0
237.9
329.5
310.3
542.2
672.0
628.0
711.1
896.2
608.1

10,035.7
10,189.4
10,595.4
10,820.6
10,987.3
10,942.5
11,055.1
11,331.2
11,676.2
11,650.8

30,697
31,760
33,589
34,826
36,101
35,616
36,277
37,821
39,409
39,515

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

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

34,221
34,424
35,458
35,866
36,078
35,616
35,688
36,314
37,156
36,815

28,166
29,711
31,136
32,319
32,881
32,050
32,934
34,257
35,269
36,289

31,399
32,203
32,868
33,284
32,860
32,050
32,399
32,892
33,253
33,810

2.6
.6
3.0
1.2
.6
–1.3
.2
1.8
2.3
–.9

4.6
2.5
3.3
3.0
4.9
6.1
5.6
6.0
7.2
4.9

293,262
295,993
298,818
301,696
304,543
307,240
309,776
312,034
314,246
316,465

36,354
36,237
36,357
36,310
36,853
37,004
36,893
37,869
36,558
36,841
36,956
36,905
37,165
37,449

33,817
34,171
34,434
34,603
34,969
35,138
35,353
35,613
35,965
36,105
36,365
36,721
36,900
37,278

32,832
32,844
32,922
32,970
33,144
33,194
33,289
33,385
33,628
33,720
33,822
34,068
34,119
34,271

4.3
–1.3
1.3
–.5
6.1
1.6
–1.2
11.0
–13.1
3.1
1.3
–.6
2.8
3.1

6.2
6.0
6.1
5.8
6.7
7.0
6.5
8.6
4.7
5.2
5.2
4.4
4.9
5.3

311,191
311,708
312,321
312,915
313,407
313,920
314,532
315,125
315,620
316,140
316,754
317,347
317,842
318,362

Seasonally adjusted annual rates
2011: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2012: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2013: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2014: I r ��������������
      II p �������������

13,025.1
13,142.2
13,294.8
13,345.8
13,650.7
13,776.1
13,828.9
14,295.1
13,977.2
14,131.3
14,247.4
14,311.7
14,488.3
14,696.3

1,372.9
1,390.6
1,418.1
1,420.9
1,464.7
1,479.5
1,505.1
1,565.4
1,636.8
1,660.6
1,661.5
1,688.1
1,712.5
1,727.7

11,652.2
11,751.7
11,876.6
11,924.9
12,186.0
12,296.6
12,323.8
12,729.7
12,340.4
12,470.7
12,585.8
12,623.7
12,775.8
12,968.5

10,925.2
11,050.6
11,156.3
11,228.7
11,365.0
11,433.7
11,523.5
11,629.2
11,760.6
11,823.9
11,933.1
12,070.8
12,146.9
12,285.7

727.0
701.0
720.3
696.2
821.0
863.0
800.3
1,100.5
579.8
646.9
652.8
552.9
629.0
682.9

11,312.9
11,295.2
11,355.1
11,362.0
11,549.8
11,616.2
11,604.1
11,933.4
11,538.6
11,647.0
11,705.9
11,711.7
11,812.7
11,922.3

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

6

37,444
37,701
38,027
38,109
38,882
39,171
39,181
40,396
39,099
39,447
39,734
39,779
40,196
40,735

Note: See Note, p.1.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).

Real Farm Income
According to the preliminary forecast for 2014, gross farm income in chained (2009) dollars is forecast to be $408.1
billion and net farm income to be $88.0 billion.

[Billions of chained (2009) dollars]
Income of farm operators from farming 1
Gross farm income
Year

Value of farm sector production
Total 2

1991 ���������������������������������������������������
1992 ���������������������������������������������������
1993 ���������������������������������������������������
1994 ���������������������������������������������������
1995 ���������������������������������������������������
1996 ���������������������������������������������������
1997 ���������������������������������������������������
1998 ���������������������������������������������������
1999 ���������������������������������������������������
2000 ���������������������������������������������������
2001 ���������������������������������������������������
2002 ���������������������������������������������������
2003 ���������������������������������������������������
2004 ���������������������������������������������������
2005 ���������������������������������������������������
2006 ���������������������������������������������������
2007 ���������������������������������������������������
2008 ���������������������������������������������������
2009 ���������������������������������������������������
2010 ���������������������������������������������������
2011 ���������������������������������������������������
2012 ���������������������������������������������������
2013 p �������������������������������������������������
2014 p �������������������������������������������������

278.1
283.9
283.5
292.6
279.6
307.1
304.8
294.6
293.4
295.1
298.3
271.1
298.2
330.8
324.5
306.0
348.8
380.7
343.3
361.1
417.1
433.2
453.0
408.1

Crops 3, 4

Total
266.2
270.9
265.0
281.9
270.0
297.6
295.2
278.9
266.5
266.7
271.5
256.5
279.2
316.3
298.0
289.4
336.6
368.3
331.2
348.9
407.0
423.1
442.5
402.4

117.6
126.1
114.3
136.0
127.2
150.7
144.1
129.3
115.9
116.0
113.4
115.1
125.2
140.4
124.3
125.2
155.2
184.5
168.6
170.7
200.5
206.6
216.0
178.9

1 The GDP chain-type price index is used to convert the current-dollar statistics to 2009=100
equivalents.
2 Value of production, Government payments, other farm-related cash income, and nonmoney
income produced by farms including imputed rent of farm dwellings.
3 Crop receipts include proceeds received from commodities placed under Commodity Credit
Corporation loans.

Livestock 4
126.3
123.4
127.2
121.5
116.4
119.9
123.3
119.3
118.9
121.0
127.0
109.9
121.0
139.4
137.5
125.8
142.2
141.5
119.8
139.1
159.5
162.3
169.9
169.6

Forestry and
services

Direct
Government
payments

22.3
21.5
23.5
24.4
26.4
27.0
27.8
30.3
31.8
29.8
31.1
31.5
33.0
36.5
36.1
38.3
39.2
42.3
42.7
39.0
47.1
54.2
56.6
53.9

Production
expenses

11.9
13.0
18.5
10.7
9.7
9.6
9.6
15.7
26.9
28.4
26.8
14.6
19.0
14.6
26.5
16.7
12.2
12.3
12.2
12.2
10.1
10.1
10.5
5.6

219.8
212.9
218.9
221.4
226.9
230.4
239.1
234.9
233.8
233.2
232.8
225.1
227.9
232.8
238.9
245.5
276.9
296.3
283.0
284.0
302.8
324.8
330.5
320.0

Net
farm
income

58.3
71.0
64.6
71.2
52.7
76.8
65.7
59.7
59.6
61.9
65.5
46.0
70.3
98.1
85.6
60.6
71.9
84.3
60.4
77.1
114.3
108.4
122.5
88.0

4 The value of production equates to the sum of cash receipts, home consumption, and the value
of the change in inventories.

Note: Data for 2013 and 2014 are forecasts.
Source: Department of Agriculture (Economic Research Service).

7

Corporate Profits
In the first quarter of 2014, according to revised estimates, corporate profits before tax rose $15.6 billion (annual rate)
and profits after tax fell $51.2 billion. (Series revised.)

[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

2004 ��������������������
1,215.2
1,010.1
349.4
660.7
182.7
20.5
74.7
93.2
1,254.6
306.1
948.5
2005 ��������������������
1,621.2
1,382.1
409.7
972.4
277.7
30.8
96.2
121.7
1,653.3
412.4
1,240.9
2006 ��������������������
1,815.7
1,559.6
415.1
1,144.4
349.7
55.1
105.9
132.5
1,851.4
473.4
1,378.1
2007 ��������������������
1,708.9
1,355.5
301.5
1,054.0
321.9
49.5
103.2
119.0
1,748.4
445.5
1,302.9
2008 ��������������������
1,345.5
938.8
95.4
843.4
240.6
30.1
90.6
80.3
1,382.4
309.1
1,073.3
r
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
r
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 r ������������������
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 r ������������������
2,126.6
1,724.8
488.9
1,235.9
404.2
12.9
136.6
157.2
2,136.1
454.8
1,681.3
r
2013 ������������������
2,238.7
1,835.6
533.5
1,302.1
402.4
20.9
154.5
171.2
2,235.3
474.3
1,761.1
2011: I r ��������������
1,603.8
1,197.0
373.3
823.7
261.1
–2.9
71.7
108.1
1,747.7
397.5
1,350.2
r
      II �������������
1,717.1
1,308.3
357.7
950.6
283.1
29.5
89.8
103.5
1,806.5
383.4
1,423.1
r
      III ������������
1,748.8
1,314.5
336.1
978.4
314.3
4.8
109.5
112.8
1,781.4
351.0
1,430.4
r
      IV ������������
1,884.3
1,446.5
436.6
1,009.9
333.8
7.9
106.7
132.6
1,891.6
384.5
1,507.1
r
2012: I ��������������
2,088.6
1,680.1
468.8
1,211.3
402.7
21.0
123.6
153.2
2,120.9
451.3
1,669.7
r
      II �������������
2,130.7
1,725.8
470.7
1,255.1
419.8
11.6
142.1
155.8
2,119.4
473.5
1,645.9
r
      III ������������
2,141.8
1,750.4
524.4
1,226.0
392.6
12.1
134.4
149.2
2,155.7
440.6
1,715.1
      IV r ������������
2,145.3
1,742.9
491.6
1,251.2
401.5
6.9
146.4
170.8
2,148.4
453.8
1,694.6
r
2013: I ��������������
2,167.3
1,781.2
504.9
1,276.3
388.4
6.8
158.1
166.2
2,169.0
474.9
1,694.1
      II r �������������
2,235.0
1,841.9
525.5
1,316.4
383.7
31.1
157.1
179.1
2,219.8
459.2
1,760.7
      III r ������������
2,273.7
1,864.2
554.1
1,310.1
392.3
30.0
154.8
175.4
2,270.9
467.5
1,803.4
      IV r ������������
2,278.6
1,855.1
549.4
1,305.7
445.4
15.8
147.9
164.2
2,281.6
495.4
1,786.1
2014: I r ��������������
2,272.6
1,875.1
480.8
1,394.2
432.5
42.3
152.0
168.1
2,297.2
562.3
1,734.9
      II p ������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������
1 See p. 4 for profits with inventory valuation and capital consumption adjustments.
2 Includes rest of the world, not shown separately.
3 Includes industries not shown separately.

8

Net
dividends

Inventory
Undistrib- valuation
adjustment
uted
profits

564.1
384.4
–39.5
580.5
660.4
–32.1
726.0
652.1
–35.7
818.9
484.0
–39.5
808.6
264.7
–37.0
574.6
628.5
6.7
564.0
906.2
–41.0
703.7
724.0
–68.3
857.1
824.2
–9.5
959.6
801.5
3.3
658.0
692.3
–143.9
681.8
741.3
–89.5
719.1
711.3
–32.6
755.9
751.2
–7.2
774.9
894.8
–32.3
803.7
842.2
11.3
817.3
897.8
–13.9
1,032.7
662.0
–3.1
835.5
858.6
–1.7
1,098.7
661.9
15.2
911.7
891.7
2.8
992.3
793.8
–3.0
902.8
832.1
–24.6
899.1 ��������������� �����������������

Note: Data by industry are based on the North American Industry Classification System (NAICS).
See Note, p. 1.
Source: Department of Commerce (Bureau of Economic Analysis).

Real Gross Private Domestic Investment
In the second quarter of 2014, according to advance estimates, nonresidential fixed investment in chained (2009)
dollars rose $27.6 billion (annual rate) and residential investment rose $8.9 billion. Inventories rose $93.4 billion,
following an increase of $35.2 billion in the first quarter. (Series revised.)

[Billions of chained (2009) dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period

2004 ���������������������������������������������������
2005 ���������������������������������������������������
2006 ���������������������������������������������������
2007 ���������������������������������������������������
2008 ���������������������������������������������������
2009 ���������������������������������������������������
2010 ���������������������������������������������������
2011 r �������������������������������������������������
2012 r �������������������������������������������������
2013 r �������������������������������������������������
2011: I r ���������������������������������������������
      II r ��������������������������������������������
      III r �������������������������������������������
      IV r �������������������������������������������
2012: I r ���������������������������������������������
      II r ��������������������������������������������
      III r �������������������������������������������
      IV r �������������������������������������������
2013: I r ���������������������������������������������
      II r ��������������������������������������������
      III r �������������������������������������������
      IV r �������������������������������������������
2014: I r ���������������������������������������������
      II p ��������������������������������������������

Gross
private
domestic
investment

2,511.3
2,672.6
2,730.0
2,644.1
2,396.0
1,878.1
2,120.4
2,230.4
2,435.9
2,556.2
2,125.9
2,208.0
2,214.0
2,373.7
2,413.7
2,448.0
2,457.7
2,424.3
2,469.0
2,510.7
2,610.3
2,634.7
2,588.2
2,691.8

Change in private inventories

Nonresidential
Total

2,443.9
2,611.0
2,662.5
2,609.6
2,432.6
2,025.7
2,056.2
2,186.7
2,368.0
2,479.2
2,098.4
2,140.2
2,227.5
2,280.6
2,330.7
2,355.6
2,373.7
2,412.0
2,428.0
2,457.0
2,496.8
2,535.0
2,536.1
2,572.7

Total
1,605.4
1,717.4
1,839.6
1,948.4
1,934.4
1,633.4
1,673.8
1,802.3
1,931.8
1,990.6
1,724.1
1,761.0
1,840.8
1,883.1
1,910.1
1,930.6
1,934.5
1,951.9
1,959.0
1,966.8
1,993.3
2,043.3
2,051.5
2,079.1

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

Structures

Equipment

414.1
421.2
451.5
509.0
540.2
438.2
366.3
374.7
423.8
421.7
343.0
366.7
388.2
400.9
418.5
429.0
427.5
420.1
407.5
414.7
425.8
438.8
441.9
447.6

731.2
801.6
870.8
898.3
836.1
644.3
746.7
847.9
905.6
947.2
810.6
819.3
871.0
890.8
898.7
900.9
902.5
920.4
931.3
934.8
945.6
977.2
974.8
991.4

Intellectual
property
products
464.9
495.0
517.5
542.4
558.8
550.9
561.3
581.3
603.7
624.1
571.9
576.3
583.5
593.3
594.4
601.8
605.6
613.2
622.8
619.8
624.1
629.6
636.8
642.3

Residential

818.9
872.6
806.6
654.8
497.7
392.2
382.4
384.5
436.5
488.4
374.4
379.3
386.8
397.6
420.8
425.3
439.5
460.3
469.0
489.8
503.0
491.9
485.3
494.2

Total

71.4
64.3
71.6
35.5
–33.7
–147.6
58.2
37.6
57.0
63.5
25.1
57.5
–13.0
80.8
70.9
78.9
71.2
7.2
33.4
43.4
95.6
81.8
35.2
93.4

Nonfarm

62.4
63.9
75.4
36.5
–35.0
–146.0
65.9
36.6
65.9
55.2
25.2
58.9
–15.9
78.3
71.8
85.3
88.8
17.8
30.1
36.4
84.0
70.4
33.3
90.0

See Note, p. 1.
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

2004 ������������
2005 ������������
2006 ������������
2007 ������������
2008 ������������
2009 ������������
2010 ������������
2011 r ����������
2012 r ����������
2013 r ����������
2011: I r ������
      II r �����
      III r ����
      IV r ����
2012: I r ������
      II r �����
      III r ����
      IV r ����
2013: I r ������
      II r �����
      III r ����
      IV r ����
2014: I r ������
      II p �����

Residential

Total
nonresidential

2,443.9
2,611.0
2,662.5
2,609.6
2,432.6
2,025.7
2,056.2
2,186.7
2,368.0
2,479.2
2,098.4
2,140.2
2,227.5
2,280.6
2,330.7
2,355.6
2,373.7
2,412.0
2,428.0
2,457.0
2,496.8
2,535.0
2,536.1
2,572.7

1,605.4
1,717.4
1,839.6
1,948.4
1,934.4
1,633.4
1,673.8
1,802.3
1,931.8
1,990.6
1,724.1
1,761.0
1,840.8
1,883.1
1,910.1
1,930.6
1,934.5
1,951.9
1,959.0
1,966.8
1,993.3
2,043.3
2,051.5
2,079.1

Intellectual property products

Information processing equipment
Structures

414.1
421.2
451.5
509.0
540.2
438.2
366.3
374.7
423.8
421.7
343.0
366.7
388.2
400.9
418.5
429.0
427.5
420.1
407.5
414.7
425.8
438.8
441.9
447.6

Total 2

731.2
801.6
870.8
898.3
836.1
644.3
746.7
847.9
905.6
947.2
810.6
819.3
871.0
890.8
898.7
900.9
902.5
920.4
931.3
934.8
945.6
977.2
974.8
991.4

Computers
and
peripheral
equipment 1

Total
204.5
222.2
250.9
279.9
281.0
256.1
281.4
285.9
295.0
304.0
279.8
286.6
288.9
288.2
297.1
294.3
289.1
299.6
300.3
304.1
307.4
304.1
298.1
312.9

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������������������
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������������������

Other
160.7
172.6
187.5
207.9
204.2
179.3
196.8
202.8
208.1
217.0
202.5
203.0
202.2
203.4
208.4
206.9
207.1
210.1
213.4
219.6
221.5
213.7
217.6
230.6

Industrial Transportation
equipequipment
ment
169.1
183.6
199.1
205.3
195.5
152.1
151.3
183.3
190.3
197.7
171.8
174.1
188.2
198.9
188.9
190.0
189.7
192.5
193.5
193.6
201.5
202.3
209.0
218.8

176.5
197.9
212.6
203.6
156.9
70.6
136.9
183.0
217.6
231.1
168.1
167.1
188.5
208.5
217.4
220.6
214.4
217.9
221.4
226.4
228.7
247.9
247.8
247.3

Total 2

Software

Research
and
development 3

207.9
221.2
230.3
244.2
256.2
256.8
254.2
271.8
287.0
295.9
262.2
268.4
275.2
281.2
282.2
286.8
288.3
290.8
297.3
291.1
296.2
298.9
300.0
302.8

191.0
202.3
215.0
227.9
235.5
229.0
234.4
236.7
241.3
250.7
236.5
235.7
235.9
238.6
237.8
239.8
241.6
245.8
248.6
251.0
250.6
252.8
258.2
260.7

464.9
495.0
517.5
542.4
558.8
550.9
561.3
581.3
603.7
624.1
571.9
576.3
583.5
593.3
594.4
601.8
605.6
613.2
622.8
619.8
624.1
629.6
636.8
642.3

Structures
Total
residential 2

818.9
872.6
806.6
654.8
497.7
392.2
382.4
384.5
436.5
488.4
374.4
379.3
386.8
397.6
420.8
425.3
439.5
460.3
469.0
489.8
503.0
491.9
485.3
494.2

Total 2

809.2
862.5
796.3
644.9
488.4
383.9
373.6
375.3
427.1
478.3
365.4
370.2
377.5
388.2
411.5
416.0
430.1
450.8
459.2
479.7
492.8
481.7
475.1
483.7

Single
family

405.7
433.0
390.7
283.7
178.2
105.3
114.4
109.2
132.1
161.9
108.2
107.2
109.5
111.8
120.6
126.3
134.5
147.0
156.3
162.0
164.8
164.5
167.7
170.1

1 Because computers exhibit rapid changes in prices relative to other prices in the economy, the
2 Includes other items, not shown separately.
3 Research and development investment excludes expenditures for software development.
chained-dollar estimates should not be used to measure the component’s relative importance or its
contribution to the growth rate of more aggregate series. The quantity index for computers can be
Note: Because of the formula used for calculating real GDP, the chained (2009) dollar estimates
used to accurately measure the real growth rate of this series. For information on this component, for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
see Survey of Current Business Table 5.3.1 (for growth rates), Table 5.3.2 (for contributions), and
aggregates.
Table 5.3.3 (for quantity indexes).
See Note, p. 1.

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

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

Total
capital
expenditures

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

ConManu- WholeUtilities struction
sale
facturing trade

Retail
trade

TransportaFinance
tion
Informaand
and
tion
insurwareance
housing

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

Health
care
and
social
assistance

Other 1

For
companies
without
employees

For companies with employees
1997 ��������
1998 ��������
1999 ��������
2000 ��������
2001 ��������
2002 ��������
2003 ��������
2004 ��������
2005 ��������
2006 ��������
2007 ��������
2008 ��������
2009 ��������
2010 ��������
2011 ��������
2012 p �������

871.8 ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ��������������
970.9
896.5
0.9
40.4
36.0
26.9
203.6
29.2
57.3
51.3
96.5
118.2
85.2
22.3
47.1
81.7
74.4
1,047.0
974.6
1.7
30.6
42.8
23.1
196.4
32.4
64.1
57.3
122.8
130.1
100.6
29.5
51.3
91.8
72.3
1,161.0 1,089.9
1.5
42.5
61.3
25.0
214.8
33.6
69.8
59.9
160.2
133.7
92.5
34.1
52.2
108.9
71.2
1,109.0 1,052.3
1.5
51.3
82.8
24.8
192.8
30.0
66.9
57.8
144.8
131.1
82.7
30.5
52.9
102.5
56.7
997.9
917.5
1.9
42.5
65.5
24.8
157.2
26.8
59.3
47.1
88.2
128.4
94.5
25.9
59.3
96.1
80.4
975.0
886.8
1.9
50.5
54.6
23.2
149.1
26.0
65.9
44.5
80.5
120.8
88.0
24.7
61.2
96.2
88.2
1,042.1
953.2
2.1
51.3
50.4
28.6
156.7
32.3
72.2
46.1
83.5
153.6
91.6
26.7
64.6
93.6
88.9
1,144.8 1,062.5
2.7
66.7
58.0
30.1
165.6
40.6
73.5
56.9
91.4
161.4
103.0
33.1
73.8
105.6
82.2
1,309.9 1,217.1
2.7
99.3
69.8
30.3
192.4
36.6
86.7
68.0
104.4
163.1
132.1
30.3
75.3
126.3
92.8
1,354.7 1,270.5
2.1
120.7
85.4
36.7
197.3
30.8
82.5
67.4
106.1
173.4
117.5
31.8
84.2
134.8
84.2
1,374.2 1,294.5
2.3
149.3
98.7
40.8
213.1
32.4
73.2
79.6
103.3
132.9
106.9
33.0
90.2
138.7
79.7
1,090.7 1,015.3
2.2
100.6
103.0
19.8
155.2
25.3
58.4
55.7
88.4
99.5
72.9
28.2
79.4
127.0
75.4
1,105.7 1,036.2
3.3
115.7
94.5
17.9
160.8
31.1
65.3
59.0
97.2
103.1
81.3
28.2
78.4
100.6
69.5
1,243.0 1,169.6
3.1
165.7
98.0
21.8
192.4
35.7
68.1
72.7
100.1
109.2
91.1
28.1
83.1
100.4
73.4
1,424.5 1,335.3
3.1
193.8
124.8
23.1
204.5
41.4
78.4
82.5
105.5
130.2
115.6
31.7
90.7
110.0
89.2

1 Includes the following industries: Management of companies and enterprises; administrative
Note: Data from Annual Capital Expenditures. Industry data are based on the North American
and support and waste management; educational services; arts, entertainment, and recreation;
Industry Classification System (NAICS).
accommodation and food services; and other services (except public administration). Also includes
Data shown in this table are capital expenditures for both new and used structures and
an item for structure and equipment expenditures serving multiple industry categories.
equipment.

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

10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
In July, employment as measured by the household survey rose 131,000 and unemployment rose 197,000.

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

Period

2004 2 ������������������
2005 2 ������������������
2006 2 ������������������
2007 2 ������������������
2008 2 ������������������
2009 2 ������������������
2010 2 ������������������
2011 2 ������������������
2012 2 ������������������
2013 2 ������������������
2013: July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2014: Jan 2 ���������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������

Civilian
noninstitutional
population
(NSA)
223,357
226,082
228,815
231,867
233,788
235,801
237,830
239,618
243,284
245,679
245,756
245,959
246,168
246,381
246,567
246,745
246,915
247,085
247,258
247,439
247,622
247,814
248,023

Civilian employment
Civilian
labor
force

Total

147,401
149,320
151,428
153,124
154,287
154,142
153,889
153,617
154,975
155,389
155,693
155,435
155,473
154,625
155,284
154,937
155,460
155,724
156,227
155,421
155,613
155,694
156,023

139,252
141,730
144,427
146,047
145,362
139,877
139,064
139,869
142,469
143,929
144,285
144,179
144,270
143,485
144,443
144,586
145,224
145,266
145,742
145,669
145,814
146,221
146,352

Men
20 years
and
over
71,572
73,050
74,431
75,337
74,750
71,341
71,230
72,182
73,403
74,176
74,301
74,015
74,151
73,808
74,373
74,467
74,916
74,780
75,230
75,134
75,127
75,510
75,654

Women
20 years
and
over
61,773
62,702
63,834
64,799
65,039
63,699
63,456
63,360
64,640
65,295
65,514
65,743
65,539
65,229
65,547
65,617
65,909
66,183
66,008
66,057
66,137
66,254
66,197

Percent 1

Unemployment
Both
sexes
16–19
years
5,907
5,978
6,162
5,911
5,573
4,837
4,378
4,327
4,426
4,458
4,470
4,421
4,580
4,448
4,523
4,502
4,399
4,303
4,503
4,479
4,550
4,457
4,501

1 Civilian labor force (or employment) as percent of civilian noninstitutional population; and
unemployment as percent of civilian labor force.
2 Not strictly comparable with earlier data.

Total

8,149
7,591
7,001
7,078
8,924
14,265
14,825
13,747
12,506
11,460
11,408
11,256
11,203
11,140
10,841
10,351
10,236
10,459
10,486
9,753
9,799
9,474
9,671

Men
20 years
and
over
3,791
3,392
3,131
3,259
4,297
7,555
7,763
6,898
5,984
5,568
5,570
5,595
5,605
5,459
5,328
4,997
4,975
5,137
4,941
4,718
4,703
4,558
4,554

Women
20 years
and
over
3,150
3,013
2,751
2,718
3,342
5,157
5,534
5,450
5,125
4,565
4,473
4,372
4,359
4,423
4,323
4,214
4,114
4,148
4,352
3,980
4,016
3,733
3,980

Both
sexes
16–19
years
1,208
1,186
1,119
1,101
1,285
1,552
1,528
1,400
1,397
1,327
1,365
1,289
1,239
1,258
1,190
1,140
1,147
1,173
1,193
1,055
1,080
1,183
1,136

Not
in
labor
force

75,956
76,762
77,387
78,743
79,501
81,659
83,941
86,001
88,310
90,290
90,062
90,524
90,695
91,756
91,283
91,808
91,455
91,361
91,030
92,018
92,009
92,120
92,001

Labor
Employ- Unemployforce
ment/
participa- population
ment
tion
rate
ratio
rate
66.0
66.0
66.2
66.0
66.0
65.4
64.7
64.1
63.7
63.2
63.4
63.2
63.2
62.8
63.0
62.8
63.0
63.0
63.2
62.8
62.8
62.8
62.9

62.3
62.7
63.1
63.0
62.2
59.3
58.5
58.4
58.6
58.6
58.7
58.6
58.6
58.2
58.6
58.6
58.8
58.8
58.9
58.9
58.9
59.0
59.0

5.5
5.1
4.6
4.6
5.8
9.3
9.6
8.9
8.1
7.4
7.3
7.2
7.2
7.2
7.0
6.7
6.6
6.7
6.7
6.3
6.3
6.1
6.2

Note: Beginning January 2014, 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 July, the unemployment rate rose to 6.2 percent.

[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
By race or ethnicity 1

By sex and age
Period

2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2013: July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2014: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������

All
civilian
workers

5.5
5.1
4.6
4.6
5.8
9.3
9.6
8.9
8.1
7.4
7.3
7.2
7.2
7.2
7.0
6.7
6.6
6.7
6.7
6.3
6.3
6.1
6.2

Men
20 years
and
over
5.0
4.4
4.0
4.1
5.4
9.6
9.8
8.7
7.5
7.0
7.0
7.0
7.0
6.9
6.7
6.3
6.2
6.4
6.2
5.9
5.9
5.7
5.7

Women
20 years
and
over
4.9
4.6
4.1
4.0
4.9
7.5
8.0
7.9
7.3
6.5
6.4
6.2
6.2
6.4
6.2
6.0
5.9
5.9
6.2
5.7
5.7
5.3
5.7

Both
sexes
16–19
years
17.0
16.6
15.4
15.7
18.7
24.3
25.9
24.4
24.0
22.9
23.4
22.6
21.3
22.0
20.8
20.2
20.7
21.4
20.9
19.1
19.2
21.0
20.2

White

4.8
4.4
4.0
4.1
5.2
8.5
8.7
7.9
7.2
6.5
6.6
6.4
6.3
6.3
6.1
5.9
5.7
5.8
5.8
5.3
5.4
5.3
5.3

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

12

Black
or
African
American
10.4
10.0
8.9
8.3
10.1
14.8
16.0
15.8
13.8
13.1
12.6
12.9
13.0
13.0
12.4
11.9
12.1
12.0
12.4
11.6
11.5
10.7
11.4

By selected groups
Hispanic
or
Latino
ethnicity

Asian
(NSA)

4.4
4.0
3.0
3.2
4.0
7.3
7.5
7.0
5.9
5.2
5.7
5.1
5.3
5.2
5.3
4.1
4.8
6.0
5.4
5.7
5.3
5.1
4.5

7.0
6.0
5.2
5.6
7.6
12.1
12.5
11.5
10.3
9.1
9.5
9.3
8.9
9.0
8.7
8.3
8.4
8.1
7.9
7.3
7.7
7.8
7.8

Married
men,
spouse
present

Women
who
maintain
families
(NSA)

3.1
2.8
2.4
2.5
3.4
6.6
6.8
5.8
4.9
4.3
4.3
4.3
4.3
4.5
4.2
3.8
3.8
3.8
3.8
3.5
3.3
3.4
3.4

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

8.0
7.8
7.1
6.5
8.0
11.5
12.3
12.4
11.4
10.2
10.5
11.0
8.8
9.5
9.7
8.7
9.1
9.1
9.0
8.5
8.4
8.1
9.1

Full-time
workers

5.6
5.0
4.5
4.6
5.8
10.0
10.4
9.6
8.5
7.7
7.6
7.6
7.5
7.6
7.3
6.8
6.9
7.0
7.0
6.5
6.4
6.2
6.4

Part-time
workers

5.3
5.4
5.1
4.9
5.5
6.0
6.3
6.3
6.1
5.9
6.2
5.7
5.8
5.5
5.6
5.9
5.1
5.6
5.4
5.2
5.5
5.5
5.6

Selected Measures of Unemployment and Unemployment Insurance Programs
In July, the percentages of the unemployed who had been out of work for 5 to 14 weeks and 15 to 26 weeks fell, while
the percentages for less than 5 weeks and 27 weeks and over rose. The mean duration of unemployment fell to 32.4
weeks and the median duration rose to 13.3 weeks.

[Monthly data seasonally adjusted, except as noted by NSA]
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
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2013: July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2014: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������

8,149
7,591
7,001
7,078
8,924
14,265
14,825
13,747
12,506
11,460
11,408
11,256
11,203
11,140
10,841
10,351
10,236
10,459
10,486
9,753
9,799
9,474
9,671

33.1
35.1
37.3
35.9
32.8
22.2
18.7
19.5
21.1
22.5
22.3
22.5
23.0
24.8
22.6
21.9
23.9
22.8
23.5
25.0
26.2
25.7
27.0

29.2
30.4
30.3
31.5
31.4
26.8
22.0
21.8
22.9
24.1
24.8
24.4
24.0
23.4
23.9
24.4
23.8
24.7
24.7
24.1
24.5
25.8
25.4

15.9
14.9
14.7
15.0
16.0
19.5
16.0
15.0
14.9
15.8
15.7
15.2
16.1
15.8
16.1
16.0
16.6
15.5
16.0
15.7
14.8
15.7
14.7

21.8
19.6
17.6
17.6
19.7
31.5
43.3
43.8
41.1
37.6
37.2
38.0
36.9
36.0
37.4
37.7
35.8
37.0
35.8
35.3
34.6
32.8
32.9

19.6
18.4
16.8
16.8
17.9
24.4
33.0
39.3
39.4
36.5
36.7
37.0
36.8
36.0
37.1
37.1
35.4
37.1
35.6
35.1
34.5
33.5
32.4

1 Beginning January 2011, includes unemployment durations of up to 5 years; prior data are
for up to 2 years.
2 Includes State (50 States, District of Columbia, Puerto Rico, and the Virgin Islands), Federal
(UCFE), ex-service members (UCX), and Federal and State extended benefit programs. Also
includes Temporary Extended Unemployment Compensation (2002-2004), Emergency Unemployment Compensation (2008-2013), and Federal Additional Compensation (2009-2010).

9.8
8.9
8.3
8.5
9.4
15.1
21.4
21.4
19.3
17.0
15.8
16.5
16.4
16.5
17.0
17.1
16.0
16.4
16.3
16.0
14.6
13.1
13.3

51.5
48.3
47.4
49.7
53.7
64.2
62.4
59.0
55.0
53.0
52.0
52.6
52.0
54.4
52.8
51.3
52.3
51.9
52.2
54.1
51.1
51.2
50.3

10.5
11.5
11.8
11.2
10.0
6.2
6.0
7.0
7.7
8.1
8.5
8.0
8.8
7.4
8.2
8.2
7.9
7.8
7.8
8.1
8.9
9.0
8.9

29.5
31.4
32.0
30.3
27.7
22.3
23.4
24.7
26.7
28.0
28.5
27.9
28.4
27.4
28.2
29.0
28.4
28.5
28.9
27.1
29.1
28.5
29.5

8.4
2,950
345
3,103
8.8
2,661
328
2,709
8.8
2,476
313
2,521
8.9
2,572
324
2,612
8.6
3,306
424
3,899
7.3
5,724
568
9,123
8.2
4,487
454
9,732
9.3
3,679
406
7,630
10.5
3,297
374
6,048
r 2,947
r 342
r 4,605
10.9
11.0
3,358
391
5,183
11.6
2,878
305
4,446
10.9
2,811
269
4,423
10.7
2,644
380
4,164
10.8
2,584
360
3,987
11.5
3,502
498
5,163
r
11.4
3,588
468
3,980
11.7
3,347
326
3,480
11.1
3,567
306
3,651
10.8
2,934
334
3,008
10.8
2,517
295
2,573
11.2
2,738
329
2,793
11.3 ��������������� ��������������� �����������������

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 209,000 in July.

[Thousands of wage and salary workers; 1 monthly data seasonally adjusted]
Private industries

Period

2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2013: July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2014: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May r ��������
      June r �������
      July p ��������

Total
nonagricultural
employment

131,749
134,005
136,398
137,936
137,170
131,233
130,275
131,842
134,104
136,368
136,434
136,636
136,800
137,037
137,311
137,395
137,539
137,761
137,964
138,268
138,497
138,795
139,004

Goods-producing industries
Total
private

110,128
112,201
114,424
115,718
114,661
108,678
107,785
109,756
112,184
114,504
114,603
114,783
114,936
115,183
115,455
115,541
115,707
115,908
116,108
116,386
116,614
116,884
117,082

Total 2

21,882
22,190
22,530
22,233
21,335
18,558
17,751
18,047
18,420
18,700
18,679
18,696
18,718
18,756
18,824
18,811
18,876
18,924
18,945
18,995
19,021
19,059
19,117

Construc- Manufaction
turing

6,976
7,336
7,691
7,630
7,162
6,016
5,518
5,533
5,646
5,827
5,830
5,836
5,849
5,864
5,896
5,876
5,927
5,951
5,964
6,000
6,009
6,019
6,041

14,315
14,227
14,155
13,879
13,406
11,847
11,528
11,726
11,927
12,006
11,982
11,990
11,993
12,011
12,046
12,053
12,061
12,081
12,085
12,094
12,109
12,132
12,160

Private service-providing industries
Trade, transportation,
and utilities
Total
Total 3
88,246
90,010
91,894
93,485
93,326
90,121
90,034
91,708
93,763
95,804
95,924
96,087
96,218
96,427
96,631
96,730
96,831
96,984
97,163
97,391
97,593
97,825
97,965

25,533
25,959
26,276
26,630
26,293
24,906
24,636
25,065
25,476
25,870
25,862
25,911
25,973
26,017
26,090
26,156
26,167
26,171
26,224
26,294
26,329
26,399
26,438

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

14

Retail
trade
15,058
15,280
15,353
15,520
15,283
14,522
14,440
14,668
14,841
15,077
15,089
15,118
15,146
15,187
15,210
15,262
15,240
15,235
15,264
15,307
15,319
15,360
15,386

Information

Financial
activities

3,118
3,061
3,038
3,032
2,984
2,804
2,707
2,674
2,676
2,685
2,697
2,669
2,682
2,688
2,689
2,674
2,671
2,660
2,659
2,660
2,654
2,664
2,666

8,105
8,197
8,367
8,348
8,206
7,838
7,695
7,697
7,784
7,880
7,901
7,897
7,896
7,903
7,899
7,901
7,900
7,910
7,910
7,919
7,927
7,944
7,951

Profes- Education Leisure
sional
and
and
and
health
hospitalbusiness services
ity
services
16,394
16,954
17,566
17,942
17,735
16,579
16,728
17,332
17,932
18,560
18,621
18,663
18,700
18,753
18,826
18,842
18,891
18,973
19,020
19,092
19,149
19,222
19,269

17,192
17,630
18,099
18,613
19,156
19,550
19,889
20,228
20,698
21,102
21,108
21,172
21,181
21,212
21,237
21,242
21,258
21,290
21,330
21,362
21,421
21,466
21,483

12,493
12,816
13,110
13,427
13,436
13,077
13,049
13,353
13,768
14,242
14,272
14,306
14,315
14,380
14,417
14,435
14,460
14,495
14,526
14,558
14,603
14,626
14,647

Other
services

5,409
5,395
5,438
5,494
5,515
5,367
5,331
5,360
5,430
5,464
5,463
5,469
5,471
5,474
5,473
5,480
5,484
5,485
5,494
5,506
5,510
5,504
5,511

Government

21,621
21,804
21,974
22,218
22,509
22,555
22,490
22,086
21,920
21,864
21,831
21,853
21,864
21,854
21,856
21,854
21,832
21,853
21,856
21,882
21,883
21,911
21,922

2 Includes mining and logging, not shown separately.
3 Includes wholesale trade, transportation and warehousing, and utilities, not shown separately.

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

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

Total
private
nonagricultural 1

Period

2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2013: June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2014: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May r ��������
      June r �������
      July p ��������

33.7
33.8
33.9
33.8
33.6
33.1
33.4
33.6
33.7
33.7
33.7
33.5
33.7
33.6
33.6
33.7
33.5
33.6
33.4
33.7
33.7
33.7
33.7
33.7

Average gross hourly earnings
Total private
nonagricultural 1

Manufacturing

Total

Overtime

40.8
40.7
41.1
41.2
40.8
39.8
41.1
41.4
41.7
41.8
41.9
41.7
41.9
41.9
41.9
42.0
41.9
41.7
41.5
42.0
41.9
42.2
42.2
42.0

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

Current
dollars

Average gross weekly earnings
Total private
nonagricultural 1

Manufacturing

1982-84
dollars 2

$15.69
$8.50
16.12
8.44
16.75
8.50
17.42
8.59
18.07
8.56
18.61
8.88
19.05
8.90
19.44
8.77
19.74
8.73
20.13
8.78
20.12
8.78
20.15
8.77
20.17
8.78
20.21
8.78
20.25
8.80
20.30
8.82
20.35
8.81
20.39
8.82
20.49
8.86
20.48
8.84
20.50
8.82
20.54
8.81
20.57
8.79
20.61 �����������������

Current
dollars
$16.14
16.56
16.81
17.26
17.75
18.24
18.61
18.93
19.08
19.30
19.28
19.27
19.33
19.35
19.37
19.42
19.45
19.44
19.48
19.53
19.49
19.55
19.57
19.64

1 Also includes other private industry groups shown on p. 14.
2 Current dollar earnings divided by the consumer price index for urban wage earners and cleri-

Percent change from
a year earlier,
total private
nonagricultural

Current dollars

1982-84
dollars 2

$528.89
$286.66
544.05
284.84
567.39
287.87
589.27
290.61
607.53
287.86
616.01
293.86
636.25
297.36
653.19
294.79
665.82
294.31
677.67
295.51
678.04
295.75
675.03
293.89
679.73
295.74
679.06
295.10
680.40
295.71
684.11
297.09
681.73
295.22
685.10
296.28
684.37
295.82
690.18
297.77
690.85
297.21
692.20
296.78
693.21
296.32
694.56 �����������������

Manufacturing

Construction

$658.52
673.30
690.88
711.53
724.46
726.12
765.15
784.29
794.63
807.51
807.83
803.56
809.93
810.77
811.60
815.64
814.96
810.65
808.42
820.26
816.63
825.01
825.85
824.88

$735.55
750.37
781.59
816.23
842.61
851.76
891.83
921.84
942.14
958.67
959.51
957.48
959.55
958.36
956.69
962.33
949.65
949.55
943.10
970.60
977.41
973.68
976.54
983.54

Retail
trade

Current
dollars

$371.13
377.58
383.12
385.00
386.21
388.57
400.07
412.09
422.10
423.00
423.10
420.60
426.82
424.41
424.41
424.80
424.20
422.56
421.21
426.67
431.03
429.36
430.26
430.86

1982-84
dollars 2

2.1
–0.5
2.9
–.6
4.3
1.1
3.9
1.0
3.1
–.9
1.4
2.1
3.3
1.2
2.7
–.9
1.9
–.2
1.8
.4
2.0
.3
1.4
–.6
2.4
1.0
2.2
1.2
2.3
1.5
2.3
1.1
1.7
.2
2.2
.6
1.2
.3
2.0
.5
2.3
.3
2.4
.3
2.2
.2
2.9 �������������������

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

cal workers (CPI–W) (on a 1982-84=100 base).

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

Total
compensation

Wages
and
salaries

Percent change from
3 months earlier

Benefits 1

Total
compensation

12 months earlier

Wages
and
salaries

Benefits 1

Total
compensation

Wages
and
salaries

Benefits 1

Not seasonally adjusted
2004:
2005:
2006:
2007:
2008:
2009:
2010:
2011:
2012:
2013:

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

97.2
100.0
103.2
106.3
108.9
110.2
112.5
115.0
117.1
119.4

97.6
100.0
103.2
106.6
109.4
110.8
112.8
114.6
116.6
119.0

96.2
100.0
103.1
105.6
107.7
108.7
111.9
115.9
118.2
120.5

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

3.8
2.9
3.2
3.0
2.4
1.2
2.1
2.2
1.8
2.0

Seasonally adjusted
2011: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2012: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2013: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2014: Mar �����������������������������������������
      June ����������������������������������������

113.3
114.1
114.6
115.1
115.7
116.3
116.8
117.3
117.8
118.4
119.0
119.6
119.9
120.9

113.2
113.7
114.2
114.7
115.3
115.8
116.3
116.8
117.3
118.0
118.5
119.1
119.3
120.2

113.6
115.2
115.4
116.2
116.8
117.4
117.9
118.6
119.1
119.6
120.3
120.8
121.2
122.5

1 Employer costs for employee benefits.

2.6
2.5
3.2
3.3
2.6
1.3
1.8
1.6
1.7
2.1

6.7
4.0
3.1
2.4
2.0
0.9
2.9
3.6
2.0
1.9

Not seasonally adjusted
0.5
.7
.4
.4
.5
.5
.4
.4
.4
.5
.5
.5
.3
.8

0.3
.4
.4
.4
.5
.4
.4
.4
.4
.6
.4
.5
.2
.8

1.2
1.4
.2
.7
.5
.5
.4
.6
.4
.4
.6
.4
.3
1.1

2.0
2.3
2.1
2.2
2.1
1.8
1.9
1.8
1.9
1.9
1.9
2.0
1.7
2.0

1.6
1.7
1.7
1.6
1.9
1.8
1.8
1.7
1.7
1.9
1.8
2.1
1.7
1.9

3.0
4.0
3.3
3.6
2.8
1.9
2.2
2.0
2.0
1.9
2.0
1.9
1.8
2.4

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

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

15

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

Nonfarm
business
sector

Hours of
all persons 2

Output 1

Business
sector

Nonfarm
business
sector

Business
sector

Compensation
per hour 3

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Real
compensation
per hour 4
Business
sector

Nonfarm
business
sector

Unit labor
costs

Implicit price
deflator 5

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

93.4
94.8
97.5
100.4
102.2
100.0
98.8
100.8
102.0
102.8
98.2
99.0
98.9
99.0
101.4
100.8
101.5
99.5
101.3
101.4
101.1
104.0
102.7
103.2
102.7
102.5
104.1

93.3
94.7
97.5
100.1
102.0
100.0
98.8
100.8
102.0
103.1
98.2
99.1
99.0
99.0
101.5
100.7
101.5
99.6
101.3
101.5
101.1
103.9
103.0
103.5
103.0
102.8
104.2

90.7
93.5
96.1
98.2
99.7
100.0
101.1
103.3
105.1
106.7
100.5
100.9
101.3
101.9
102.4
103.0
103.8
103.9
104.4
104.9
105.5
105.8
106.3
106.4
106.9
107.2
107.5

90.3
93.4
96.0
97.9
99.4
100.0
101.0
102.7
104.6
105.9
100.4
100.8
101.2
101.6
101.9
102.5
103.2
103.4
103.8
104.4
105.0
105.2
105.4
105.6
106.2
106.6
106.9

1.4
1.5
2.9
2.9
1.8
–2.2
–1.2
2.0
1.2
.8
–4.1
3.1
–.1
.1
10.0
–2.3
2.7
–7.6
7.4
.6
–1.3
12.3
–4.9
1.9
–2.2
–.6
6.3

1.4
1.5
3.0
2.6
2.0
–2.0
–1.2
2.0
1.2
1.1
–4.4
3.5
–.1
–.1
10.2
–2.9
3.0
–7.3
7.4
.7
–1.8
11.8
–3.5
2.0
–2.1
–.6
5.7

2.3
3.1
2.7
2.3
1.5
.3
1.1
2.1
1.8
1.5
1.7
1.5
1.8
2.6
1.6
2.7
2.9
.7
1.6
2.0
2.5
1.2
1.8
.3
2.1
.9
1.3

2.1
3.4
2.8
2.0
1.5
.6
1.0
1.7
1.8
1.3
1.6
1.6
1.5
2.0
.9
2.4
2.7
1.1
1.5
2.1
2.2
.8
.7
.8
2.4
1.4
1.2

Indexes, 2009=100; quarterly data seasonally adjusted
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2010: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I * �������������

91.8
93.7
94.7
96.1
96.9
100.0
103.3
103.7
105.1
106.1
102.6
102.9
103.6
104.0
103.2
103.6
103.5
104.4
104.8
105.1
105.5
105.1
105.2
105.7
106.5
107.1
106.1

91.9
93.8
94.7
96.2
97.0
100.0
103.3
103.8
105.3
105.8
102.6
102.9
103.5
104.0
103.3
103.7
103.6
104.5
104.9
105.2
105.8
105.4
104.9
105.3
106.2
106.8
106.0

96.5
100.2
103.3
105.5
104.3
100.0
103.1
105.6
109.5
112.2
101.5
102.7
103.7
104.7
104.2
105.2
105.7
107.3
108.6
109.1
110.0
110.1
110.5
111.4
112.9
113.9
113.4

96.6
100.3
103.5
105.8
104.5
100.0
103.2
105.7
109.7
112.1
101.5
102.7
103.7
104.8
104.2
105.4
105.9
107.4
108.7
109.2
110.3
110.5
110.4
111.3
112.8
113.8
113.5

105.1
106.8
109.1
109.8
107.7
100.0
99.9
101.9
104.1
105.7
98.9
99.8
100.2
100.7
100.9
101.6
102.2
102.8
103.7
103.8
104.3
104.7
105.0
105.4
106.0
106.4
106.9

105.1
106.9
109.3
110.0
107.8
100.0
99.9
101.9
104.1
105.9
98.9
99.7
100.2
100.7
100.9
101.7
102.2
102.8
103.6
103.8
104.3
104.8
105.3
105.6
106.1
106.5
107.1

85.8
88.8
92.3
96.4
99.0
100.0
102.0
104.5
107.2
109.1
100.7
101.8
102.5
102.9
104.6
104.4
105.0
103.8
106.1
106.6
106.7
109.4
108.1
109.1
109.3
109.7
110.5

85.7
88.8
92.3
96.3
98.9
100.0
102.1
104.6
107.4
109.1
100.8
102.0
102.5
103.0
104.8
104.5
105.2
104.0
106.3
106.8
106.9
109.5
108.0
109.0
109.4
109.8
110.5

97.4
97.6
98.2
99.8
98.6
100.0
100.3
99.6
100.1
100.4
99.4
100.5
100.8
100.5
101.1
99.6
99.6
98.1
99.7
99.8
99.5
101.4
99.9
100.8
100.5
100.5
100.7

97.3
97.6
98.2
99.6
98.6
100.0
100.4
99.8
100.3
100.4
99.5
100.6
100.9
100.6
101.3
99.7
99.7
98.3
100.0
100.1
99.7
101.5
99.9
100.7
100.5
100.6
100.7

Percent change; quarterly data at seasonally adjusted annual rates
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2010: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I * �������������

3.2
2.1
1.0
1.5
.8
3.3
3.3
.4
1.4
.9
1.4
1.3
2.6
1.5
–2.8
1.3
–.4
3.6
1.5
1.2
1.7
–1.6
.3
1.9
3.2
2.1
–3.5

3.1
2.1
.9
1.6
.8
3.1
3.3
.5
1.5
.5
2.0
1.2
2.4
1.9
–2.7
1.6
–.3
3.2
1.7
1.1
2.1
–1.5
–1.8
1.8
3.5
2.3
–3.2

4.5
3.8
3.2
2.1
–1.2
–4.1
3.1
2.4
3.6
2.5
1.8
5.0
4.2
3.7
–1.9
4.1
1.8
6.4
4.9
1.6
3.6
.2
1.4
3.4
5.6
3.5
–1.7

4.5
3.8
3.2
2.3
–1.3
–4.3
3.2
2.5
3.7
2.2
2.0
4.7
4.2
4.2
–2.1
4.7
1.7
5.9
5.0
1.6
4.2
.7
–.3
3.3
5.4
3.8
–1.1

1.3
1.7
2.2
.6
–2.0
–7.1
–.1
2.0
2.2
1.5
.4
3.6
1.5
2.2
1.0
2.7
2.2
2.6
3.3
.4
1.8
1.9
1.1
1.4
2.3
1.5
1.8

1.3
1.7
2.2
.7
–2.0
–7.2
–.1
2.0
2.2
1.7
.1
3.4
1.8
2.2
.7
3.1
2.0
2.6
3.2
.5
2.0
2.2
1.6
1.5
1.9
1.4
2.2

1 Output refers to real gross domestic product originating in the sector.
2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family

workers. Estimates based primarily on establishment data.
3 Wages and salaries of employees plus employers’ contributions for social insurance and
private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments
for the self-employed.
4 Hourly compensation divided by the consumer price index for all urban consumers (CPI–U) for
recent quarters. The trend from 1978–2013 is based on the consumer price index research series
(CPI–U–RS).
5 Current dollar gross domestic output divided by the output index.

16

4.6
3.6
3.9
4.4
2.6
1.0
2.0
2.4
2.6
1.8
–2.8
4.5
2.5
1.7
6.9
–1.0
2.4
–4.2
9.0
1.8
.4
10.4
–4.7
3.9
.9
1.5
2.6

4.5
3.6
3.9
4.3
2.7
1.1
2.1
2.5
2.6
1.6
–2.5
4.7
2.3
1.9
7.2
–1.4
2.7
–4.3
9.2
1.8
.3
10.2
–5.3
3.8
1.3
1.7
2.3

1.9
.2
.6
1.6
–1.2
1.4
.3
–.7
.5
.3
–3.2
4.5
1.3
–1.4
2.6
–5.7
–.3
–5.6
6.7
.4
–1.3
7.8
–5.8
3.4
–1.1
.3
.7

1.8
.3
.6
1.4
–1.1
1.5
.4
–.7
.5
.1
–3.0
4.7
1.1
–1.2
2.9
–6.1
.0
–5.7
6.9
.4
–1.4
7.5
–6.4
3.3
–.7
.5
.4

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 May 29, 2014.
Source: Department of Labor (Bureau of Labor Statistics).

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial production rose, while capacity utilization remained unchanged in June.

[Monthly data seasonally adjusted]
Total industrial production 1
Period

2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2013: June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2014: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June p �������

Industry production indexes, 2007=100

Percent change 2
Index,
2007=100

92.5
95.5
97.6
100.0
96.6
85.7
90.6
93.6
97.1
99.9
99.6
99.4
100.0
100.7
100.8
101.4
101.6
101.3
102.2
103.2
103.2
103.7
103.9

From
preceding
month
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
0.2
–.2
.6
.7
.1
.6
.2
–.2
.9
.9
.0
.5
.2

Capacity utilization
rate
(output as percent
of capacity) 1

Manufacturing

From
year
earlier
2.3
3.2
2.2
2.5
–3.4
–11.3
5.7
3.3
3.8
2.9
2.5
1.8
3.0
3.4
3.6
3.2
3.3
2.9
3.2
3.7
3.9
4.3
4.3

Total 1

Durable

91.4
95.0
97.4
100.0
95.3
82.4
87.3
90.3
94.0
96.5
96.4
96.0
96.7
96.9
97.3
97.6
97.7
96.8
98.0
98.8
99.1
99.6
99.7

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.

86.2
91.2
95.4
100.0
96.6
78.6
87.2
93.2
100.0
104.4
104.0
103.5
104.9
105.5
106.1
106.8
106.2
105.2
107.2
108.0
108.2
109.3
109.8

Nondurable
95.9
98.3
98.8
100.0
94.1
86.9
88.7
88.9
90.0
91.2
91.3
91.0
91.1
90.9
91.2
91.2
92.2
91.1
91.7
92.7
93.1
93.0
92.8

Other
(non-NAICS) 1
107.8
107.4
106.1
100.0
93.5
80.7
76.4
74.3
72.8
68.9
68.4
69.1
69.6
70.6
68.9
67.8
67.7
67.4
67.8
67.5
67.6
67.1
67.8

Mining

98.2
97.0
99.2
100.0
101.2
95.7
100.7
106.8
113.5
118.9
118.7
120.2
120.6
122.6
120.2
121.3
121.6
122.9
122.8
125.3
127.8
129.2
130.3

Utilities

95.3
97.3
96.7
100.0
99.9
97.5
101.0
100.8
98.7
100.7
98.5
97.9
97.6
100.3
101.8
103.7
103.8
107.3
107.0
106.5
101.0
100.6
100.3

Total
industry
78.0
79.9
80.2
80.5
77.6
68.7
73.8
76.3
77.3
77.9
77.8
77.5
77.8
78.3
78.2
78.5
78.5
78.1
78.6
79.1
79.0
79.1
79.1

Total
manufacturing
76.2
78.2
78.4
78.7
74.6
65.6
71.1
73.9
75.5
76.1
76.1
75.6
76.1
76.2
76.3
76.4
76.4
75.5
76.3
76.9
77.0
77.2
77.1

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

17

Industrial Production—
Major Market Groups and Selected Manufactures
[2007=100; monthly data seasonally adjusted]
Products and nonindustrial supplies

Materials

Final products
Consumer goods

Period
Total

2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2013: June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2014: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June p �������

Nonindustrial supplies

Total

91.7
95.4
97.9
100.0
96.4
86.6
89.6
91.7
94.7
97.1
97.0
96.2
96.8
97.7
98.1
98.3
98.8
98.0
99.7
100.5
100.2
100.2
100.3

96.4
99.0
99.5
100.0
95.1
88.6
89.6
90.9
92.5
94.7
94.4
93.7
94.1
94.9
95.4
95.8
96.6
95.8
97.3
98.0
97.5
97.2
97.2

Durable
goods
97.0
97.9
98.3
100.0
88.8
74.0
79.4
83.3
90.0
96.9
96.8
95.7
97.5
98.1
98.6
100.3
100.4
97.2
99.9
100.7
100.7
101.9
102.6

Equipment
Nondurable
goods
96.1
99.3
99.9
100.0
97.2
93.4
92.9
93.4
93.5
94.5
94.1
93.4
93.5
94.4
94.9
94.9
96.0
95.7
96.9
97.7
96.9
96.3
96.1

Total 1
81.3
87.4
94.3
100.0
99.3
82.2
89.6
93.7
100.1
102.8
102.9
102.0
103.3
104.4
104.2
104.1
103.7
103.3
105.2
106.2
106.7
107.2
107.4

Business
82.1
87.7
95.8
100.0
97.7
80.1
86.7
91.5
98.3
101.9
102.2
101.0
102.3
103.4
103.4
103.2
102.6
102.4
104.8
105.8
106.2
106.9
107.0

Defense
and
space

Total

77.2
84.9
84.1
100.0
106.9
102.4
110.5
106.7
111.8
114.4
114.0
113.1
115.0
116.1
115.7
115.3
115.6
114.4
114.8
115.7
116.1
115.9
116.3

94.8
98.4
99.8
100.0
94.2
80.7
82.9
84.2
86.5
88.8
88.3
88.5
88.7
89.4
89.7
90.0
90.2
90.1
90.6
90.8
90.4
91.1
91.2

Construction

Business

94.2
98.7
101.1
100.0
90.7
69.9
72.5
74.7
78.1
81.4
80.8
81.1
81.3
82.0
82.7
83.0
82.6
82.3
83.0
83.7
83.0
84.1
84.5

95.1
98.2
99.2
100.0
96.0
86.0
88.0
88.9
90.5
92.4
92.0
92.0
92.4
93.0
93.2
93.4
93.8
93.9
94.3
94.3
94.1
94.5
94.4

Total 1

92.4
94.6
96.5
100.0
97.6
86.6
94.2
98.6
103.1
106.4
106.0
106.3
106.9
107.4
107.3
108.2
108.1
108.3
108.7
109.9
110.4
111.3
111.7

Energy

97.9
96.8
98.0
100.0
100.8
98.4
102.5
106.3
110.9
115.3
114.6
115.6
115.8
117.6
116.3
118.1
117.8
119.8
118.7
121.0
121.7
122.8
123.5

1 Includes other items, not shown separately.

[2007=100; monthly data seasonally adjusted]
Durable manufactures
Computer and
electronic products

Primary metals
Period
Total
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2013: June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2014: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June p �������

97.7
95.2
98.0
100.0
100.0
74.0
91.1
97.4
99.6
100.8
98.7
100.9
100.7
100.8
103.6
103.2
102.5
100.1
102.7
102.0
103.1
103.4
104.6

Iron
and
steel
products
101.7
94.3
98.4
100.0
106.4
68.5
89.4
97.5
101.2
100.2
98.2
103.1
100.7
100.9
105.5
103.1
100.4
96.4
99.4
97.6
100.3
101.4
101.0

Fabricated
metal
products

86.9
90.9
95.9
100.0
96.4
74.2
79.0
85.3
91.4
94.7
93.8
94.1
94.6
94.9
95.6
97.1
96.6
96.1
97.1
97.3
97.7
98.4
99.6

Machinery
Total
86.3
91.6
95.9
100.0
97.3
75.7
84.6
95.6
101.1
102.9
102.7
101.6
103.5
104.6
105.3
105.6
102.9
105.3
108.5
108.8
108.0
109.5
109.0

68.3
77.0
87.4
100.0
108.1
97.0
111.3
122.0
135.0
144.4
143.9
144.3
146.1
146.3
147.0
146.5
146.0
146.7
147.3
149.0
149.2
150.2
150.3

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

18

Nondurable manufactures

Selected
high-technology 1
60.6
71.1
84.9
100.0
115.5
103.0
127.6
146.4
164.7
180.5
180.4
182.2
183.9
183.1
184.2
184.5
183.2
182.9
185.3
186.8
188.6
191.4
192.0

Transportation
equipment
Total
89.3
93.0
94.2
100.0
89.6
73.4
85.0
89.0
99.3
104.7
104.9
102.5
105.1
106.3
105.9
107.3
107.4
103.7
107.6
108.6
108.9
110.4
110.8

Motor
vehicles
and
parts
101.7
102.3
100.8
100.0
80.0
58.6
77.8
84.8
97.4
105.0
105.3
101.8
105.7
107.5
106.6
109.6
109.7
103.2
110.2
110.5
110.7
112.8
112.5

Apparel

Printing
and
support

134.5
128.8
125.2
100.0
77.7
55.7
54.3
51.1
49.2
50.5
50.3
50.0
50.6
51.9
51.8
51.6
52.7
51.8
50.3
51.7
50.9
50.1
49.7

Source: Board of Governors of the Federal Reserve System.

98.5
98.6
97.8
100.0
93.8
78.8
78.8
78.0
76.1
75.7
75.5
75.2
75.3
74.5
76.0
76.2
78.3
76.8
76.9
77.7
76.6
76.8
76.8

Chemical

90.0
92.9
95.2
100.0
92.5
83.5
86.3
86.3
86.4
87.5
88.0
87.7
87.6
87.2
87.3
87.3
88.5
87.1
87.6
88.5
88.6
88.9
89.2

Food

95.6
98.6
99.5
100.0
98.8
98.2
98.6
98.5
102.8
104.5
104.2
104.8
104.5
103.7
104.3
104.9
106.4
105.1
106.8
106.3
107.0
106.6
106.1

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

2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2013: June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2014: Jan �����������
      Feb �����������
      Mar ����������
      Apr r ���������
      May r ��������
      June p �������

Total
new
construction
expenditures

Residential
Total

991.4
1,104.1
1,167.2
1,152.4
1,068.4
904.9
806.0
788.3
861.2
910.8
900.3
906.6
915.3
924.2
939.9
952.5
961.2
954.6
947.1
947.3
960.3
967.8
950.2

New
housing

Total 1

771.2
870.0
911.8
863.3
759.7
590.0
502.1
501.9
581.9
641.1
627.6
632.7
644.4
657.8
665.5
683.9
695.4
694.1
686.2
682.3
689.0
692.0
685.5

Federal
and
State
and
local

Nonresidential

532.9
611.9
613.7
493.2
350.3
245.9
238.8
244.1
280.6
336.2
331.3
331.5
339.2
346.5
347.3
354.5
364.0
364.1
357.3
358.1
360.8
357.0
355.9

Total

417.5
480.8
468.8
354.1
230.1
133.9
127.3
123.2
154.5
203.1
201.2
201.7
206.9
209.9
210.5
215.2
219.2
224.4
224.5
226.1
230.2
227.6
226.0

Lodging

238.3
258.1
298.1
370.0
409.4
344.1
263.3
257.8
301.4
304.9
296.3
301.2
305.2
311.3
318.2
329.4
331.4
330.0
328.9
324.2
328.2
335.0
329.5

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

Commercial
(including
farm)

Office

12.0
12.7
17.6
27.5
35.4
25.4
11.2
8.4
10.2
13.1
12.4
12.9
13.7
14.0
14.5
15.4
14.3
14.1
14.8
14.1
15.3
15.3
14.8

32.9
37.3
45.7
53.8
55.5
37.3
24.4
23.7
27.4
29.8
28.4
29.5
29.9
31.4
32.0
33.1
33.7
33.6
33.3
33.5
35.8
36.4
36.6

Manufacturing

63.2
66.6
73.4
85.9
82.7
51.1
37.2
39.2
44.3
48.7
47.4
48.0
47.9
49.6
51.3
53.3
53.1
50.3
50.9
51.3
51.9
53.3
52.6

Other 2

23.2
28.4
32.3
40.2
53.6
57.4
40.6
39.8
46.8
47.2
45.9
46.6
49.0
46.3
46.7
48.7
51.0
52.3
49.8
46.3
49.6
50.0
50.0

107.0
113.1
129.1
162.6
182.3
173.0
149.9
146.7
172.6
166.1
162.1
164.2
164.7
170.0
173.7
179.0
179.3
179.7
180.1
179.1
175.5
180.0
175.6

New
houses
sold

New
houses
for sale
at end
of period 3

220.2
234.2
255.4
289.1
308.7
314.9
304.0
286.4
279.3
269.6
272.7
274.0
270.9
266.3
274.4
268.6
265.7
260.6
260.9
265.0
271.3
275.7
264.7

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

shown separately.

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

New housing units started
Type of structure

Period
Total
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������

1,955.8
2,068.3
1,800.9
1,355.0
905.5
554.0
586.9
608.8
780.6
924.9

1 unit
1,610.5
1,715.8
1,465.4
1,046.0
622.0
445.1
471.2
430.6
535.3
617.6

Type of structure

2–4 units 1
42.3
41.1
42.7
31.7
17.5
11.6
11.4
10.9
11.4
13.6

5 units or
more

Total

303.0
311.4
292.8
277.3
266.0
97.3
104.3
167.3
233.9
293.7

2,070.1
2,155.3
1,838.9
1,398.4
905.4
583.0
604.6
624.1
829.7
990.8

1 unit
1,613.4
1,682.0
1,378.2
979.9
575.6
441.1
447.3
418.5
518.7
620.8

2–4 units

5 units or
more

New
housing
units
completed

Vacancy
rate for
rental
housing
units
(percent) 4

90.4
84.0
76.6
59.6
34.4
20.7
22.0
21.6
25.9
29.0

366.2
389.3
384.1
359.0
295.4
121.1
135.3
184.0
285.1
341.1

1,841.9
1,931.4
1,979.4
1,502.8
1,119.7
794.4
651.7
584.9
649.2
764.4

1,203
1,283
1,051
776
485
375
323
306
368
429

422
511
536
497
353
234
190
151
150
187

10.2
9.9
9.7
9.8
10.0
10.6
10.2
9.5
8.7
8.3

29
30
25
29
30
27
30
26
23
28
26
27
30

282
331
292
347
412
365
375
315
395
372
436
363
309

763
779
763
761
815
826
775
850
866
874
832
897
789

459
367
379
399
450
445
442
457
432
403
408
442
406

160
171
175
183
184
185
187
189
186
190
190
191
197

8.2
�������������������
�������������������
8.3
�������������������
�������������������
8.2
�������������������
�������������������
8.3
�������������������
�������������������
7.5

Seasonally adjusted annual rates
2013: June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2014: Jan �����������
      Feb �����������
      Mar r ��������
      Apr r ���������
      May r ��������
      June p �������

831
898
885
863
936
1,105
1,034
897
928
950
1,063
985
893

601
596
617
582
603
710
675
583
589
635
649
632
575

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

219
283
255
271
322
386
338
306
328
301
405
344
305

938
977
948
993
1,067
1,037
1,022
939
1,011
1,000
1,059
1,005
973

1 Monthly data do not meet publication standards because tests for identifiable and stable
seasonality do not meet reliability standards.
2 Based on 20,000 permit-issuing places.
3 Seasonally adjusted.

627
616
631
617
625
645
617
598
593
600
597
615
634

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 May, according to preliminary estimates, manufacturing and trade sales rose 0.3 percent, while inventories rose
$9.4 billion. According to advance estimates, retail sales rose 0.3 percent in June. Retail and food services sales rose
0.2 percent.

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

Sales 2

Inventories 3

Inventory/sales
ratio 4

Wholesale

Sales 2

Inventories 3

Retail
Inventory/sales
ratio 4

2004 ��������������������
925,638
1,241,154
1.30
277,093
340,106
1.18
2005 ��������������������
1,005,130
1,313,456
1.27
302,444
368,041
1.17
2006 ��������������������
1,068,012
1,408,147
1.28
327,209
399,019
1.18
2007 ��������������������
1,126,709
1,486,714
1.29
350,149
424,444
1.17
2008 ��������������������
1,156,187
1,461,437
1.32
371,646
441,148
1.21
2009 ��������������������
981,328
1,321,409
1.38
310,502
387,337
1.30
2010 ��������������������
1,077,363
1,436,516
1.28
348,455
426,542
1.15
2011 ��������������������
1,193,423
1,549,957
1.26
390,790
466,475
1.15
2012 ��������������������
1,250,334
1,625,484
1.28
410,549
492,045
1.18
2013 ��������������������
1,291,562
1,695,688
1.29
427,944
511,757
1.17
2013: May r ��������
1,284,465
1,645,057
1.28
425,215
493,895
1.16
r
      June �������
1,286,703
1,647,007
1.28
427,461
494,169
1.16
      July ����������
1,292,544
1,652,195
1.28
426,862
494,616
1.16
      Aug ����������
1,296,030
1,658,156
1.28
428,733
498,573
1.16
      Sept ���������
1,297,888
1,668,143
1.29
430,933
501,058
1.16
      Oct �����������
1,304,590
1,679,921
1.29
435,029
507,268
1.17
      Nov ����������
1,315,856
1,688,127
1.28
439,230
510,536
1.16
      Dec �����������
1,315,708
1,695,688
1.29
441,151
511,757
1.16
2014: Jan �����������
1,300,840
1,703,047
1.31
433,060
515,764
1.19
      Feb �����������
1,312,915
1,710,798
1.30
437,118
519,479
1.19
      Mar ����������
1,327,582
1,717,708
1.29
444,307
525,008
1.18
      Apr r ���������
1,338,259
1,728,499
1.29
450,167
530,062
1.18
p
      May �������
1,342,290
1,737,856
1.29
453,153
532,693
1.18
p
      June ������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� �����������������������
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.

20

Sales 2

Inventories 3

Inventory/sales
ratio 4

289,464
460,375
1.56
307,514
471,879
1.51
322,840
486,916
1.50
333,271
501,302
1.49
328,867
479,180
1.52
302,534
432,215
1.47
320,121
458,715
1.39
344,416
475,758
1.36
362,012
510,912
1.38
377,351
547,126
1.40
374,961
523,586
1.40
377,585
524,401
1.39
379,211
528,093
1.39
379,279
528,948
1.39
378,837
534,207
1.41
380,842
539,448
1.42
381,812
544,003
1.42
381,890
547,126
1.43
378,397
549,276
1.45
381,632
548,943
1.44
387,310
549,331
1.42
390,146
551,981
1.41
r 391,828
553,224
1.41
393,061 ����������������������� �����������������������

3 Seasonally adjusted, end of period.
4 Annual data are averages of seasonally adjusted monthly ratios.

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

Retail
and
food
services
sales 2
320,594
340,552
358,073
370,317
366,876
340,174
358,996
385,651
405,753
422,323
419,491
421,926
423,729
423,917
423,776
426,522
428,205
427,827
423,937
427,554
434,018
436,730
r 438,814
439,891

Manufacturers’ Shipments, Inventories, and Orders
In June, manufacturers’ shipments, inventories, new orders, and unfilled orders all rose.

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1
Durable goods

Period

Total

Durable
goods

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
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2013: June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2014: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May r ��������
      June p �������

359,081
395,173
417,963
443,288
455,675
368,292
408,787
458,217
477,774
486,267
481,657
486,471
488,018
488,118
488,719
494,814
492,667
489,383
494,165
495,965
497,946
497,309
499,828

188,722
202,070
213,516
223,919
218,328
171,886
190,900
208,551
222,630
230,270
229,662
228,525
231,272
232,236
233,290
238,455
233,310
232,234
234,785
237,969
238,106
238,102
238,960

170,359
193,103
204,447
219,369
237,347
196,406
217,887
249,666
255,144
255,997
251,995
257,946
256,746
255,882
255,429
256,359
259,357
257,149
259,380
257,996
259,840
259,207
260,868

440,673
473,536
522,212
560,968
541,109
501,857
551,259
607,724
622,527
636,805
628,437
629,486
630,635
632,878
633,205
633,588
636,805
638,007
642,376
643,369
646,456
651,939
653,775

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.

264,924
283,613
317,411
334,578
330,045
295,096
322,933
358,061
374,129
388,208
377,818
379,087
379,119
382,463
383,714
384,542
388,208
389,161
392,174
392,990
393,961
397,981
399,603

175,749
189,923
204,801
226,390
211,064
206,761
228,326
249,663
248,398
248,597
250,619
250,399
251,516
250,415
249,491
249,046
248,597
248,846
250,202
250,379
252,495
253,958
254,172

357,414
397,014
424,146
449,788
453,937
349,252
406,310
458,717
473,455
485,097
495,775
482,276
482,038
489,870
486,504
497,797
489,170
481,159
489,244
496,416
500,321
497,544
503,238

187,055
203,911
219,699
230,419
216,590
152,846
188,423
209,050
218,311
229,100
243,780
224,330
225,292
233,988
231,075
241,438
229,813
224,010
229,864
238,420
240,481
238,337
242,370

57,403
67,863
74,123
79,822
73,146
48,418
61,867
71,353
74,253
80,536
91,785
76,318
76,325
80,837
78,160
87,634
83,392
77,075
75,704
83,037
82,569
80,658
83,398

558,635
654,438
798,033
947,027
996,144
824,943
869,044
956,255
990,968
1,060,172
1,028,818
1,031,381
1,032,413
1,041,242
1,045,714
1,056,231
1,060,172
1,059,749
1,062,544
1,070,727
1,080,702
1,088,072
1,098,512

1.19
1.17
1.20
1.22
1.26
1.39
1.28
1.29
1.29
1.29
1.30
1.29
1.29
1.30
1.30
1.28
1.29
1.30
1.30
1.30
1.30
1.31
1.31

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 0.4 percent in June. Prices for final demand goods rose 0.5 percent
and prices for final demand services rose 0.3 percent.

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

Rel. imp. 4 �����������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2013: June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2014: Jan �����������
      Feb r ���������
      Mar ����������
      Apr �����������
      May ����������
      June ���������

Total
final
demand 1

100.0
���������������
���������������
���������������
���������������
���������������
���������������
101.8
105.7
107.7
109.1
109.1
109.4
109.3
109.4
109.7
109.7
109.7
110.0
110.2
110.3
111.0
110.8
111.2

Final demand services

Total

Foods 2

Energy

Less
food
and
energy

Total

Trade 3

Transportation
and
warehousing

Other

34.370
�������������
�������������
�������������
�������������
�������������
�������������
102.8
109.9
111.7
112.6
112.6
112.7
112.7
112.6
112.7
112.6
113.1
113.7
113.9
113.9
114.6
114.4
115.0

5.479
�������������
�������������
�������������
�������������
�������������
�������������
103.7
112.5
115.9
117.8
118.2
118.5
117.8
117.0
117.4
117.2
117.0
117.8
118.6
119.8
123.0
122.7
122.4

6.785
�������������
�������������
�������������
�������������
�������������
�������������
107.2
126.2
126.3
125.3
124.9
124.8
125.7
125.9
125.9
125.1
126.6
127.3
126.9
126.2
126.3
126.0
128.6

22.106
�������������
�������������
�������������
�������������
�������������
�������������
101.4
104.9
106.8
107.9
108.0
108.0
108.0
108.0
108.0
108.1
108.5
109.0
109.2
109.1
109.4
109.4
109.5

63.545
�������������
�������������
�������������
�������������
�������������
�������������
101.3
103.4
105.4
107.1
107.0
107.5
107.4
107.6
107.9
107.9
107.7
107.8
108.1
108.2
108.9
108.7
109.0

19.904
�������������
�������������
�������������
�������������
�������������
�������������
101.7
104.0
106.7
108.2
107.9
109.0
108.3
108.7
108.9
109.1
108.0
108.0
108.7
108.8
110.3
109.7
109.9

4.896
���������������
���������������
���������������
���������������
���������������
���������������
103.2
110.0
114.2
115.3
115.0
115.8
115.9
115.8
116.1
115.5
117.3
116.2
115.7
116.0
116.9
117.9
118.3

38.746
�������������
�������������
�������������
�������������
�������������
�������������
100.9
102.5
103.9
105.8
105.8
105.8
106.0
106.1
106.4
106.5
106.6
106.8
106.9
107.1
107.4
107.3
107.6

1 Includes final demand construction, not shown separately.
2 Does not include food and beverages for immediate consumption, which are defined as the

service of preparing meals, snacks, and beverages to customer order for immediate on-premises
and off-premises consumption.
3 Trade indexes measure changes in margins received by wholesalers and retailers.
4 Relative importance, December 2013.

22

Processed goods Unprocessed goods for
Final
for intermediate
intermediate demand
demand
demand (1982=100)
(1982=100)
less
Services
foods,
for
energy,
intermediLess
Nonfood
and
ate
food
materials demand
trade
Total
and
Total
less
(Aug. 2013
energy
energy
=100) 2
67.832
����������������
����������������
����������������
����������������
����������������
����������������
����������������
����������������
����������������
����������������
����������������
����������������
100.0
100.1
100.3
100.3
100.6
100.8
100.9
101.0
101.3
101.3
101.5

100.0
142.6
154.0
164.0
170.7
188.3
172.5
183.4
199.9
200.7
200.8
200.5
200.6
200.7
200.9
200.6
200.0
200.8
202.2
202.9
202.8
202.9
202.7
203.5

70.699
146.5
154.6
163.8
168.4
180.9
173.4
180.8
192.0
192.6
193.8
193.7
193.4
193.7
193.5
193.6
193.5
193.7
194.5
195.2
195.1
195.4
195.0
195.2

100.0
159.0
182.2
184.8
207.1
251.8
175.2
212.2
249.4
241.4
246.7
249.1
249.5
245.9
245.6
244.4
240.3
245.5
247.8
260.4
260.9
261.9
261.9
259.5

23.267
193.0
202.4
244.5
282.6
324.4
248.4
329.1
390.4
369.6
351.2
347.3
346.8
346.8
342.7
340.8
344.1
348.0
354.3
350.1
351.4
354.7
352.3
348.3

100.0
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
101.1
103.2
105.3
107.2
107.1
107.2
107.4
107.5
107.7
107.9
107.7
108.0
108.2
108.4
108.5
108.1
108.7

Note: With the release of data for January 2014, Bureau of Labor Statistics transitioned from the
Stage of Processing (SOP) to the Final Demand-Intermediate Demand (FD-ID) aggregation system.
The FD-ID system expands coverage in its aggregate measures beyond that of the SOP system
through the addition of services, construction, exports, and government purchases. For details, see
Producer Price Index release dated February 19, 2014.
Source: Department of Labor (Bureau of Labor Statistics).

Consumer Prices—All Urban Consumers
In June, the consumer price index for all urban consumers rose 0.3 percent; it rose 0.2 percent before seasonal
adjustment. The index was 2.1 percent above its year-earlier level.

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

Rel. imp. 5 �����������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2013: June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2014: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������

Not
seasonally Seasonally
adjusted
adjusted
(NSA)
100.0
188.9
195.3
201.6
207.342
215.303
214.537
218.056
224.939
229.594
232.957
233.504
233.596
233.877
234.149
233.546
233.069
233.049
233.916
234.781
236.293
237.072
237.900
238.343

�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
232.860
233.252
233.433
233.743
233.782
234.033
234.594
234.933
235.169
235.640
236.254
237.083
237.693

All items less food and energy

Total 1

76.465
196.6
200.9
205.9
210.729
215.572
219.235
221.337
225.008
229.755
233.806
233.581
233.971
234.294
234.603
234.893
235.304
235.542
235.843
236.122
236.604
237.163
237.776
238.083

Shelter

31.835
218.8
224.4
232.1
240.611
246.666
249.354
248.396
251.646
257.083
263.056
262.739
263.230
263.843
264.379
264.770
265.569
266.220
266.902
267.411
268.261
268.871
269.690
270.109

Medical
care 2

7.532
310.1
323.2
336.2
351.054
364.065
375.613
388.436
400.258
414.924
425.134
424.197
424.921
427.098
428.151
428.472
428.659
428.782
429.972
431.263
432.019
433.238
434.636
435.277

Apparel

3.434
120.4
119.5
119.5
118.998
118.907
120.078
119.503
122.111
126.265
127.411
127.239
128.008
128.316
127.772
127.306
127.119
127.685
127.349
126.964
127.346
127.322
127.728
128.372

1 Includes other items not shown separately.
2 Commodities and services.
3 Household energy—electricity, utility (piped) gas service, fuel oil, etc.—and motor fuel.
4 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make

Energy 3

Food

New
vehicles

3.509
137.1
137.9
137.6
136.254
134.194
135.623
138.005
141.883
144.232
145.783
145.911
145.965
146.036
146.228
146.102
145.980
145.935
145.563
145.679
145.670
146.109
146.362
145.902

Total 1

At
home

Away
from
home

Total 1

13.864
186.2
190.7
195.2
202.916
214.106
217.955
219.625
227.842
233.777
237.037
236.882
237.232
237.461
237.563
237.757
238.043
238.160
238.368
239.322
240.299
241.187
242.331
242.458

8.216
186.2
189.8
193.1
201.245
214.125
215.124
215.836
226.201
231.774
233.869
233.648
233.972
234.090
234.113
234.229
234.302
234.283
234.515
235.636
236.808
237.853
239.483
239.368

5.648
187.5
193.4
199.4
206.659
215.769
223.272
226.114
231.401
237.986
243.068
243.016
243.409
243.811
244.036
244.350
244.970
245.300
245.481
246.187
246.878
247.534
247.952
248.445

9.671
151.4
177.1
196.9
207.723
236.666
193.126
211.449
243.909
246.080
244.409
245.412
245.926
244.917
245.566
243.374
242.301
246.189
247.575
246.389
246.045
246.782
249.062
253.057

Gasoline

C-CPI-U
(NSA) 4

5.475
......
159.7
110.5
194.7
113.7
219.9
117.0
237.959
119.957
277.457
124.433
201.555
123.850
238.594
125.615
301.694
129.453
311.470
131.976
302.577 �������������������
303.908
133.930
306.210
133.947
304.655
134.120
304.107
134.261
299.162
133.902
296.677
133.601
304.400
133.546
301.410
134.041
296.173
134.536
291.013
135.407
297.745
135.848
299.944
136.311
309.868
136.540

5 Relative importance, May 2014.

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

across item categories in response to changes in relative prices. Data for 2013 and 2014 are subject
to revision.

23

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

Final demand goods
Period

Total
final
demand 1

Total

Foods

Energy

Final demand services
Less
food
and
energy

Total

Change, December to December, NSA
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������

�����������
�����������
�����������
�����������
�����������
�����������
2.8
3.2
1.9
1.2

����������
����������
����������
����������
����������
����������
4.7
4.7
1.4
.8

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

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

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

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

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

�������������
�������������
�������������
�������������
�������������
�������������
4.3
6.7
2.7
2.0

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

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

9.2
8.6
2.8
7.1
–2.3
2.9
6.4
5.7
.4
.1

8.3
4.8
4.5
3.3
2.9
–.1
4.7
3.8
.6
.7

17.4
21.1
–4.7
19.8
–24.6
13.3
16.1
6.6
1.4
–1.9

20.5
5.2
17.0
15.6
–24.1
28.9
27.6
2.4
–1.6
–5.6

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

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

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

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

0.3 �����������
.0 �����������
.2 �����������
.1
0.1
.3
.2
.1
.0
.1
.3
.2
.2
.1
.1
.2
.1
.3
.3
–.1
.0
.3
.2

0.3
.0
.0
.1
–.1
–.3
.4
.7
.3
.0
.0
–.1
.4

0.0
–.2
.2
–.1
.1
–.1
.1
.4
.4
–.1
.2
–.2
.1

–0.6
.2
–1.4
–.1
–.5
–1.7
2.2
.9
5.1
.2
.4
.0
–.9

–0.8
–.1
.0
–1.2
–.6
1.0
1.1
1.8
–1.2
.4
.9
–.7
–1.1

0.4
.1
.2
.1
.2
.2
–.2
.3
.2
.2
.1
–.4
.6

1.7
2.0
1.7
1.1
1.3
1.1
1.2
1.3
1.2
1.4
2.1
2.0
1.9

1.9
1.8
.7
–.2
–.2
.4
.8
1.1
.6
1.1
2.5
1.9
2.1

1.4
2.0
2.2
1.8
2.0
1.5
1.3
1.3
1.6
1.6
2.0
2.2
1.9

Change, month to month
2013: June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2014: Jan �����������
      Feb r ���������
      Mar r ��������
      Apr �����������
      May ����������
      June ���������

0.5
.3
–.1
.1
.3
.0
.0
.3
.2
.1
.6
–.2
.4

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

–0.3
.3
–.6
–.7
.3
–.2
–.2
.7
.7
1.0
2.7
–.2
–.2

1.5
–.1
.7
.2
.0
–.6
1.2
.6
–.3
–.6
.1
–.2
2.1

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

0.6
.5
–.1
.2
.3
.0
–.2
.1
.3
.1
.6
–.2
.3

1.0
1.0
–.6
.4
.2
.2
–1.0
.0
.6
.1
1.4
–.5
.2

0.8
.7
.1
–.1
.3
–.5
1.6
–.9
–.4
.3
.8
.9
.3

1 Includes final demand construction, not shown separately.

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

Note: See Note, p. 22.

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

All
items 1

Total 1

Shelter

Medical
care 2

Apparel

New
vehicles

Total 1

At
home

Addendum: All items,
percent change (annual rate)

Energy 3

Food
Away
from
home

Total 1

Gasoline

C-CPI-U
(NSA) 4

From
previous
quarter 5

From
3
months
earlier

From
6
months
earlier

From
year
earlier
(NSA)

Change, December to December, NSA
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������

3.3
3.4
2.5
4.1
.1
2.7
1.5
3.0
1.7
1.5

2.2
2.2
2.6
2.4
1.8
1.8
.8
2.2
1.9
1.7

2.7
2.6
4.2
3.1
1.9
.3
.4
1.9
2.2
2.5

4.2
4.3
3.6
5.2
2.6
3.4
3.3
3.5
3.2
2.0

–0.2
–1.1
.9
–.3
–1.0
1.9
–1.1
4.6
1.8
.6

0.6
–.4
–.9
–.3
–3.2
4.9
–.2
3.2
1.6
.4

2.7
2.3
2.1
4.9
5.9
–.5
1.5
4.7
1.8
1.1

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

3.0
3.2
3.2
4.0
5.0
1.9
1.3
2.9
2.5
2.1

16.6
17.1
2.9
17.4
–21.3
18.2
7.7
6.6
.5
.5

26.1
16.1
6.4
29.6
–43.1
53.5
13.8
9.9
1.7
–1.0

3.2
2.9
2.3
3.7
.2
2.5
1.3
2.9
1.5
1.3

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

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

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

2.7
3.4
3.2
2.8
3.8
–.4
1.6
3.2
2.1
1.5

0.2
.1
.1
.0
.0
.0
.0
.1
.5
.5
.4
.7
.0

0.2
.2
.2
.1
.1
.3
.1
.1
.3
.3
.3
.2
.2

1.8
.2
–.4
.3
–.9
–.4
1.6
.6
–.5
–.1
.3
.9
1.6

3.6
.8
–.5
–.2
–1.6
–.8
2.6
–1.0
–1.7
–1.7
2.3
.7
3.3

0.2
.0
.1
.1
–.3
–.2
.0
.4
.4
.6
.3
.3
.2

0.4
�������������
�������������
2.2
�������������
�������������
1.1
�������������
�������������
1.9
�������������
�������������
3.0

1.4
2.7
2.3
1.5
.9
1.0
1.5
2.0
2.0
1.8
2.3
3.3
3.5

1.5
1.7
.7
1.4
1.8
1.7
1.5
1.4
1.5
1.6
2.1
2.6
2.7

1.8
2.0
1.5
1.2
1.0
1.2
1.5
1.6
1.1
1.5
2.0
2.1
2.1

Change, month to month
2013: June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2014: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������

0.3
.2
.1
.1
.0
.1
.2
.1
.1
.2
.3
.4
.3

0.2
.2
.1
.1
.1
.2
.1
.1
.1
.2
.2
.3
.1

0.2
.2
.2
.2
.1
.3
.2
.3
.2
.3
.2
.3
.2

0.4
.2
.5
.2
.1
.0
.0
.3
.3
.2
.3
.3
.1

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

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

0.2
.1
.1
.0
.1
.1
.0
.1
.4
.4
.4
.5
.1

1 Includes other items not shown separately.
2 Commodities and services.
3 Household energy—electricity, utility (piped) gas service, fuel oil, etc.—and motor fuel.
4 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make

across item categories in response to changes in relative prices. Data for 2013 and 2014 are subject
to revision.

24

5 Quarterly changes are shown in the last month of the quarter.

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

Prices Received and Paid by Farmers
In July, prices received by farmers fell 3.6 percent and prices paid by farmers rose 0.9 percent. (Data are not seasonally
adjusted.)

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

Period

2004 ���������������������������������������������������
2005 ���������������������������������������������������
2006 ���������������������������������������������������
2007 ���������������������������������������������������
2008 ���������������������������������������������������
2009 ���������������������������������������������������
2010 ���������������������������������������������������
2011 ���������������������������������������������������
2012 r �������������������������������������������������
2013 ���������������������������������������������������
2013: July �����������������������������������������
      Aug r ����������������������������������������
      Sept r ���������������������������������������
      Oct ������������������������������������������
      Nov r ����������������������������������������
      Dec ������������������������������������������
2014: Jan r ����������������������������������������
      Feb ������������������������������������������
      Mar �����������������������������������������
      Apr r ����������������������������������������
      May r ���������������������������������������
      June r ��������������������������������������
      July p ���������������������������������������

All
farm
products

66
63
68
81
96
86
79
100
106
104
107
104
100
94
90
91
90
93
94
98
99
98
90

1 Includes items not shown separately.
2 Percentage ratio of index of prices received by farmers to index of prices paid, interest,

taxes, and wage rates.

All
commodities,
services, interest,
taxes, and wage
rates 1

Livestock
and
products

Crops

73
71
71
84
92
81
82
100
105
106
107
105
103
99
99
100
99
106
111
115
115
112
108

Prices paid by farmers

80
78
73
86
86
74
86
100
103
109
107
107
108
109
112
112
116
121
129
132
130
129
133

Production
items, interest,
taxes, and wage
rates

66
70
74
79
90
87
90
100
104
106
107
106
107
106
106
106
108
109
110
111
112
112
113

63
67
72
77
89
86
89
100
105
107
108
106
107
107
106
107
109
110
111
112
113
113
114

Ratio 2

Production
items

62
65
69
75
88
85
88
100
105
107
109
107
108
107
106
107
109
110
111
113
114
115
115

111
101
96
106
102
93
91
100
101
100
100
99
96
93
93
94
92
97
101
104
103
100
96

Note: The official indexes are published on a 1910–14 base as required by law. The indexes
have been converted to a 2011=100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.

25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures
In June, M2 rose.

[Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted]
M1

Period

2004: Dec ������������������������������������������
2005: Dec ������������������������������������������
2006: Dec ������������������������������������������
2007: Dec ������������������������������������������
2008: Dec ������������������������������������������
2009: Dec ������������������������������������������
2010: Dec ������������������������������������������
2011: Dec ������������������������������������������
2012: Dec ������������������������������������������
2013: Dec r ����������������������������������������
2013: June ����������������������������������������
      July r ���������������������������������������
      Aug r ����������������������������������������
      Sept r ���������������������������������������
      Oct r �����������������������������������������
      Nov r ����������������������������������������
      Dec r ����������������������������������������
2014: Jan r ����������������������������������������
      Feb r ����������������������������������������
      Mar r ���������������������������������������
      Apr r ����������������������������������������
      May r ���������������������������������������
      June ����������������������������������������

M2

Sum of currency,
demand deposits,
travelers checks,
and other
checkable
deposits (OCDs)
1,376.0
1,374.8
1,367.5
1,375.0
1,603.8
1,694.1
1,836.0
2,159.8
2,447.3
2,638.8
2,529.3
2,557.7
2,558.1
2,583.3
2,620.5
2,604.3
2,638.8
2,672.6
2,722.3
2,746.7
2,780.1
2,792.6
2,834.8

Debt

M1 plus retail
MMMF balances,
savings deposits
(including MMDAs),
and small time deposits
6,388.5
6,652.5
7,042.0
7,445.7
8,168.6
8,467.7
8,769.2
9,623.2
10,409.7
10,968.3
10,642.5
10,704.5
10,757.2
10,801.8
10,901.7
10,914.3
10,968.3
11,025.6
11,133.5
11,169.0
11,227.5
11,302.8
11,351.4

1 Quarterly data; shown in last month of quarter. End-of-year data are for fourth quarter.
Consists of outstanding credit market debt of the U.S. Government, State and local governments,
and private nonfinancial sectors; data from flow of funds accounts.
2 Annual changes are from December to December and monthly changes are from 6 months
earlier at a simple annual rate.

26

Debt of
domestic
nonfinancial
sectors 1
25,357.4
27,696.4
30,174.3
32,765.4
34,727.0
35,637.1
37,043.2
38,434.7
40,352.0
42,044.5
41,164.0
���������������������������������������������
���������������������������������������������
41,536.4
���������������������������������������������
���������������������������������������������
42,044.5
���������������������������������������������
���������������������������������������������
42,558.2
���������������������������������������������
���������������������������������������������
���������������������������������������������

Percent change
From year or
6 months
earlier 2
M1

From
previous
period 3
M2

5.4
–.1
–.5
.5
16.6
5.6
8.4
17.6
13.3
7.8
6.7
7.5
6.8
8.6
8.2
6.2
8.7
9.0
12.8
12.7
12.2
14.5
14.9

Debt
5.8
4.1
5.9
5.7
9.7
3.7
3.6
9.7
8.2
5.4
4.5
4.9
5.7
5.3
6.5
6.0
6.1
6.0
7.0
6.8
6.0
7.1
7.0

9.3
9.2
8.8
8.7
6.4
3.7
4.7
4.2
5.4
4.5
3.7
�������������������������������
�������������������������������
3.9
�������������������������������
�������������������������������
5.2
�������������������������������
�������������������������������
5.0
�������������������������������
�������������������������������
�������������������������������

3 Annual changes are from fourth quarter to fourth quarter. Quarterly changes are from previous
quarter at an annual rate.

Note: See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.

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

Period

2004: Dec �����������
2005: Dec �����������
2006: Dec �����������
2007: Dec �����������
2008: Dec �����������
2009: Dec �����������
2010: Dec �����������
2011: Dec �����������
2012: Dec �����������
2013: Dec r ���������
2013: June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2014: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June ���������

Currency

697.8
724.6
750.2
760.6
816.2
863.7
918.7
1,001.2
1,090.0
1,159.5
1,123.8
1,131.3
1,137.7
1,144.5
1,150.4
1,153.2
1,159.5
1,165.0
1,171.5
1,190.4
1,199.8
1,206.1
1,212.7

Nonbank
travelers
checks

Other checkable
deposits (OCDs)
Demand
deposits

At
commercial
banks

Total

7.6
7.2
6.7
6.3
5.5
5.1
4.7
4.3
3.8
3.5
3.7
3.6
3.6
3.6
3.6
3.5
3.5
3.4
3.4
3.4
3.3
3.3
3.3

342.8
324.4
305.2
302.4
471.0
445.5
515.5
745.5
912.1
1,007.7
948.6
960.8
957.0
969.3
1,001.4
983.0
1,007.7
1,032.2
1,070.3
1,074.9
1,100.9
1,105.2
1,133.3

327.8
318.6
305.4
305.7
311.0
379.8
397.2
408.8
441.4
468.1
453.2
462.0
459.9
465.9
465.1
464.5
468.1
471.9
477.2
478.0
476.2
478.0
485.5

Savings
deposits 1
At
thrift
institutions

187.0
180.7
176.5
172.4
177.8
229.6
234.2
231.7
243.5
256.1
247.3
253.2
251.0
255.8
254.8
252.7
256.1
258.9
259.8
262.1
259.5
260.0
266.2

140.8
137.9
128.8
133.3
133.2
150.2
163.1
177.1
197.9
212.0
205.9
208.8
208.8
210.0
210.4
211.8
212.0
212.9
217.4
216.0
216.7
218.1
219.3

1 Savings deposits including money market deposit accounts (MMDAs).
2 Small-denomination deposits are those issued in amounts of less than $100,000.

Total
3,506.5
3,601.6
3,691.8
3,864.1
4,085.6
4,809.3
5,329.6
6,032.8
6,687.5
7,133.0
6,884.0
6,920.7
6,982.4
7,006.8
7,071.5
7,111.8
7,133.0
7,166.6
7,225.6
7,244.4
7,271.1
7,334.8
7,350.4

At
commercial
banks
2,630.9
2,773.2
2,908.9
3,037.8
3,317.5
3,974.2
4,406.8
5,034.0
5,728.5
6,109.3
5,869.7
5,904.9
5,962.3
5,986.8
6,048.0
6,089.2
6,109.3
6,136.0
6,185.2
6,198.1
6,220.0
6,267.0
6,281.3

Small-denomination
time deposits 2
At
thrift
institutions
875.6
828.5
782.9
826.3
768.1
835.1
922.8
998.9
959.1
1,023.7
1,014.3
1,015.8
1,020.2
1,020.0
1,023.4
1,022.6
1,023.7
1,030.5
1,040.3
1,046.2
1,051.1
1,067.8
1,069.1

At
commercial
banks

Total
828.4
993.7
1,206.0
1,276.0
1,457.6
1,183.1
927.9
767.0
633.0
555.6
582.7
573.1
567.3
560.6
557.3
554.3
555.6
547.9
544.8
539.9
535.3
532.6
529.6

551.9
646.7
780.7
858.8
1,078.8
863.5
657.1
538.1
456.0
411.3
423.9
418.9
416.9
412.0
410.3
409.0
411.3
404.5
402.6
400.3
396.2
394.6
392.0

Retail
money
funds

At
thrift
institutions
276.5
347.0
425.4
417.2
378.8
319.6
270.9
228.9
176.9
144.3
158.8
154.2
150.3
148.6
147.0
145.3
144.3
143.4
142.2
139.6
139.1
138.0
137.5

677.6
682.4
776.6
930.6
1,021.6
781.2
675.7
663.7
642.0
640.9
646.5
653.0
649.4
651.1
652.5
643.9
640.9
638.6
640.9
638.0
641.0
642.8
636.6

Institutional
money
funds 3

1,106.3
1,177.0
1,391.5
1,961.4
2,459.2
2,255.0
1,895.1
1,764.3
1,743.9
1,780.6
1,758.3
1,766.0
1,765.4
1,788.5
1,786.4
1,790.4
1,780.6
1,774.9
1,771.7
1,771.3
1,740.5
1,745.1
1,740.1

3 Institutional money funds are not part of non-M1 M2.

Source: Board of Governors of the Federal Reserve System.

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

2004: Dec ������������
2005: Dec ������������
2006: Dec ������������
2007: Dec ������������
2008: Dec ������������
2009: Dec ������������
2010: Dec ������������
2011: Dec ������������
2012: Dec ������������
2013: Dec ������������
2013: June ����������
      July �����������
      Aug �����������
      Sept ����������
      Oct ������������
      Nov �����������
      Dec ������������
2014: Jan ������������
      Feb ������������
      Mar �����������
      Apr ������������
      May �����������
      June ����������

12,045
10,046
8,479
8,098
783,631
1,099,831
1,035,074
1,550,043
1,517,425
2,485,248
2,010,604
2,094,225
2,199,056
2,281,080
2,374,958
2,463,012
2,485,248
2,498,153
2,593,879
2,623,027
2,660,368
2,635,180
2,668,354

To satisfy
reserve
balance
requirements 2

That
exceed the
top of the
penalty-free
band

������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
75,714
������������������
69,338
71,408
73,695
73,111
77,246
75,714
83,188
84,858
86,124
88,014
90,873
89,357

������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
2,409,534
������������������
2,024,886
2,127,647
2,207,385
2,301,847
2,385,767
2,409,534
2,414,965
2,509,021
2,536,902
2,572,354
2,544,306
2,578,997

Reserve
balance
requirements 3

10,137
8,146
6,616
6,314
16,312
24,632
28,438
47,838
58,673
69,029
63,667
63,296
65,189
67,208
66,713
70,483
69,029
75,901
77,320
78,471
80,203
82,906
81,443

Borrowings from the Federal Reserve

Vault cash
used to
satisfy
required
reserves 4
34,802
35,337
34,803
35,365
37,245
40,619
42,927
48,672
52,959
55,771
52,302
53,481
53,575
52,771
52,839
54,040
55,771
58,248
56,248
53,674
54,532
53,204
53,914

1 Data are prorated averages of biweekly (maintenance period) averages of daily figures.
2 Equals the sum of balances maintained up to the top of each institution’s penalty-free band.
3 Excludes vault cash used to satisfy required reserves.
4 The amount of vault cash held by institutions whose required reserves exceed their vault

Nonborrowed 5

46,784
45,214
43,091
28,033
167,311
970,523
1,032,512
1,589,189
1,569,589
2,540,848
2,062,555
2,147,346
2,252,314
2,333,577
2,427,559
2,516,872
2,540,848
2,556,273
2,650,023
2,676,596
2,714,784
2,688,244
2,722,088

Monetary
base 6

776,279
803,124
826,731
837,192
1,666,365
2,026,220
2,017,000
2,619,586
2,675,945
3,717,466
3,201,472
3,290,898
3,398,930
3,486,917
3,589,503
3,684,554
3,717,466
3,728,498
3,833,340
3,885,850
3,930,662
3,911,514
3,948,679

Total 7

63
169
191
15,430
653,565
169,927
45,488
9,526
795
170
351
359
317
274
238
180
170
127
104
105
117
139
179

Primary

Secondary

11
97
111
3,787
88,245
19,025
41
103
12
13
19
15
17
21
13
8
13
9
4
8
18
12
17

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

Seasonal

52
72
80
30
3
37
26
23
23
59
65
109
142
151
124
72
59
22
5
7
17
47
102

Term
assetbacked
securities
loan
facility 8
��������������������
��������������������
��������������������
��������������������
��������������������
46,310
25,025
9,400
760
98
267
235
158
102
101
99
98
97
96
90
82
80
60

7 Includes term auction credit (December 2007 to April 2010), primary dealer and other brokerdealer credit (March 2008 to February 2010), credit extended to American International Group, Inc.
(September 2008 to January 2011), asset-backed commercial paper money market mutual fund liquidity facility (September 2008 to February 2010), and other credit extensions, not shown separately.
8 Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through
the Term Asset-Backed Securities Loan Facility.

cash plus the amount of vault cash applied during the maintenance period to satisfy current
reserve requirements by institutions whose vault cash exceeds their required reserves.
5 Total reserve balances maintained plus vault cash used to satisfy required reserves less total
Note: Data on reserve balances maintained reflect the creation of a penalty-free band acround
borrowings from the Federal Reserve.
reserve balance requirements, which took effect on June 27, 2013. For more information on table
6 Equals total balances maintained plus currency in circulation (not shown).
changes, see H.3 release of July 11, 2013.
Source: Board of Governors of the Federal Reserve System.

27

Bank Credit at All Commercial Banks
Total commercial bank loans and leases rose 0.8 percent in June.

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

Period

2004: Dec �����������
2005: Dec �����������
2006: Dec �����������
2007: Dec �����������
2008: Dec �����������
2009: Dec �����������
2010: Dec �����������
2011: Dec �����������
2012: Dec �����������
2013: Dec �����������
2013: June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2014: Jan �����������
      Feb �����������
      Mar r ��������
      Apr r ���������
      May r ��������
      June ���������

Total
bank
credit

6,583.9
7,305.7
8,093.6
8,896.7
9,346.8
8,991.9
9,189.7
9,400.5
9,958.8
10,090.3
10,032.9
10,027.2
10,003.0
10,003.2
10,032.2
10,051.2
10,090.3
10,124.0
10,195.1
10,280.7
10,334.0
10,395.1
10,475.2

Total
securities

1,741.4
1,854.4
1,987.7
2,103.1
2,096.3
2,328.8
2,430.1
2,496.9
2,738.9
2,713.5
2,730.0
2,705.8
2,687.9
2,672.7
2,679.1
2,691.0
2,713.5
2,723.6
2,737.4
2,756.5
2,766.6
2,790.0
2,809.4

U.S.
Treasury
and
agency
securities
1,170.2
1,158.4
1,216.4
1,136.2
1,253.1
1,451.7
1,641.8
1,703.5
1,879.5
1,808.1
1,838.9
1,812.4
1,790.4
1,782.8
1,785.3
1,794.9
1,808.1
1,816.4
1,828.7
1,843.0
1,855.2
1,882.1
1,898.0

Loans and leases in bank credit
Real estate loans

Other
securities

571.2
696.0
771.3
967.0
843.3
877.0
788.4
793.4
859.4
905.4
891.1
893.5
897.6
889.8
893.8
896.1
905.4
907.2
908.7
913.5
911.4
907.8
911.4

Total
loans
and
leases 3
4,842.5
5,451.3
6,105.9
6,793.6
7,250.5
6,663.1
6,759.6
6,903.6
7,219.9
7,376.8
7,302.8
7,321.4
7,315.1
7,330.5
7,353.1
7,360.2
7,376.8
7,400.4
7,457.7
7,524.2
7,567.4
7,605.2
7,665.8

1 Data are prorated averages of Wednesday values for domestically chartered commercial banks,
branches and agencies of foreign banks, and Edge Act and agreement corporations.
2 Includes securities held in trading accounts, held-to-maturity, and available-for-sale. Excludes
all non-security trading assets, such as derivatives with a positive fair value or loans held in trading
accounts.
3 Excludes unearned income. Includes the allowance for loan and lease losses. Excludes Federal
funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the
United States. Includes all loans held in trading accounts under a fair value option.

28

Commercial
and
industrial
loans
913.6
1,044.2
1,192.0
1,431.4
1,572.7
1,280.7
1,209.5
1,322.3
1,496.1
1,601.8
1,546.8
1,561.1
1,563.5
1,569.2
1,583.4
1,588.1
1,601.8
1,610.5
1,645.9
1,666.1
1,682.7
1,691.8
1,708.0

Total 4

2,552.3
2,923.7
3,366.6
3,594.3
3,817.9
3,775.0
3,611.8
3,492.1
3,546.7
3,525.9
3,542.2
3,538.9
3,528.5
3,526.6
3,521.7
3,522.5
3,525.9
3,529.1
3,538.2
3,555.3
3,565.8
3,572.3
3,594.2

Revolving
home
equity
loans
395.2
443.1
467.8
484.6
588.0
602.8
581.7
549.3
515.2
473.9
490.9
487.8
485.4
482.6
480.1
476.6
473.9
471.4
469.2
468.7
467.2
465.8
464.9

Commercial
loans
1,081.9
1,272.6
1,460.3
1,584.7
1,728.3
1,640.3
1,499.8
1,417.3
1,426.9
1,495.3
1,445.8
1,454.0
1,462.8
1,470.0
1,478.7
1,487.7
1,495.3
1,502.8
1,511.3
1,520.5
1,529.1
1,535.7
1,548.0

4 Includes closed-end residential loans, not shown separately.
5 Includes credit cards and other consumer loans.
6 Includes other items, not shown separately.

Source: Board of Governors of the Federal Reserve System.

Consumer
loans 5

691.5
703.0
736.7
798.1
874.9
835.1
1,113.3
1,091.0
1,115.6
1,142.0
1,136.5
1,137.2
1,140.9
1,144.4
1,148.9
1,144.1
1,142.0
1,143.1
1,145.9
1,148.9
1,156.7
1,163.4
1,169.8

Other
loans
and
leases 6
685.1
780.5
810.6
969.8
984.9
772.3
824.9
998.2
1,061.6
1,107.2
1,077.3
1,084.1
1,082.1
1,090.3
1,099.1
1,105.5
1,107.2
1,117.7
1,127.7
1,153.9
1,162.1
1,177.7
1,193.8

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

2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I p ��������������

Internal 1

1,780.7
2,301.0
2,202.4
2,633.6
1,732.2
1,186.3
2,159.6
2,684.2
3,046.7
3,019.4
2,899.3
3,056.6
3,164.9
3,066.1
2,822.4
2,958.7
3,193.1
3,103.5
2,527.8

1,166.5
1,335.4
1,363.1
1,352.5
1,393.1
1,434.8
1,671.8
1,789.9
1,850.3
1,929.4
1,830.7
1,865.1
1,840.3
1,865.2
1,872.8
1,931.5
1,919.5
1,993.8
1,829.7

Total
net
funds
raised

Total

614.2
965.6
839.3
1,281.1
339.1
–248.5
487.8
894.3
1,196.4
1,090.0
1,068.6
1,191.5
1,324.6
1,200.9
949.6
1,027.2
1,273.6
1,109.7
698.1

126.6
30.0
–33.3
68.8
36.8
–212.7
–88.1
30.7
261.4
363.0
225.8
53.2
153.9
612.6
366.3
375.7
501.3
208.8
446.5

Net
new
equity
issues
–122.7
–341.8
–565.7
–786.8
–334.3
–62.1
–277.4
–472.2
–399.5
–408.6
–291.3
–507.8
–395.4
–403.4
–256.2
–423.3
–452.8
–502.1
–426.8

Credit market instruments
Total

Securities
and
mortgages

Loans
and
short-term
paper

178.9
296.5
360.0
460.5
231.3
317.3
342.2
340.5
600.1
674.1
520.7
455.7
575.6
848.6
559.5
598.3
805.1
733.9
649.3

70.4
75.4
172.4
395.2
139.8
–467.9
–152.9
162.5
60.7
97.4
–3.5
105.4
–26.4
167.5
63.0
200.7
149.0
–22.9
223.9

249.3
371.9
532.4
855.7
371.2
–150.6
189.3
502.9
660.9
771.6
517.1
561.1
549.3
1,016.0
622.4
798.9
954.2
710.9
873.2

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

Other 2

487.6
935.5
872.5
1,212.3
302.2
–35.9
575.9
863.6
935.0
727.0
842.8
1,138.3
1,170.8
588.3
583.3
651.5
772.2
900.9
251.7

Total

Capital
expenditures 3

1,836.8
2,134.0
2,037.0
2,465.7
754.4
1,310.9
1,872.8
1,831.1
2,188.8
2,426.0
2,092.8
2,363.1
2,219.5
2,079.7
2,299.8
2,405.5
2,446.2
2,552.4
2,109.3

1,056.6
1,188.3
1,336.3
1,391.1
1,358.6
1,008.5
1,239.6
1,337.0
1,504.2
1,560.0
1,501.7
1,493.0
1,527.2
1,494.8
1,454.8
1,533.2
1,621.9
1,630.1
1,594.7

Increase
in
financial
assets

780.2
945.7
700.7
1,074.6
–604.2
302.4
633.2
494.1
684.6
866.0
591.1
870.1
692.3
584.9
845.0
872.3
824.3
922.3
514.6

Discrepancy
(sources
less
uses)

–56.2
166.9
165.5
167.9
977.8
–124.6
286.8
853.2
858.0
593.4
806.5
693.6
945.4
986.3
522.6
553.2
746.8
551.1
418.5

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
2004: Dec ������������������������������������������
2005: Dec ������������������������������������������
2006: Dec ������������������������������������������
2007: Dec ������������������������������������������
2008: Dec ������������������������������������������
2009: Dec ������������������������������������������
2010: Dec ������������������������������������������
2011: Dec ������������������������������������������
2012: Dec ������������������������������������������
2013: Dec r ����������������������������������������
2013: May r ���������������������������������������
      June r ��������������������������������������
      July r ���������������������������������������
      Aug r ����������������������������������������
      Sept r ���������������������������������������
      Oct r �����������������������������������������
      Nov r ����������������������������������������
      Dec r ����������������������������������������
2014: Jan r ����������������������������������������
      Feb r ����������������������������������������
      Mar r ���������������������������������������
      Apr r ����������������������������������������
      May p ��������������������������������������

Nonrevolving 2

Revolving
2,192.2
2,290.9
2,461.9
2,615.7
2,650.6
2,552.8
2,647.4
2,755.9
2,923.6
3,097.9
2,997.3
3,009.1
3,025.2
3,040.0
3,056.7
3,073.7
3,082.1
3,097.9
3,113.8
3,129.3
3,148.9
3,175.0
3,194.6

799.6
829.5
924.4
1,002.4
1,004.7
916.8
840.0
841.7
846.7
857.6
853.1
851.5
852.9
853.1
853.3
856.1
853.4
857.6
860.2
859.3
861.5
870.4
872.2

1,392.7
1,461.4
1,537.5
1,613.3
1,645.9
1,636.1
1,807.4
1,914.2
2,076.9
2,240.3
2,144.2
2,157.6
2,172.3
2,186.9
2,203.4
2,217.6
2,228.7
2,240.3
2,253.6
2,270.0
2,287.3
2,304.6
2,322.4

Total

Nonrevolving 2

Revolving
114.8
98.7
171.0
153.8
34.9
–97.8
94.6
108.5
167.7
174.3
16.3
11.8
16.1
14.8
16.7
17.0
8.4
15.8
15.9
15.5
19.6
26.1
19.6

31.3
29.9
94.9
78.0
2.3
–87.9
–76.8
1.7
5.0
10.9
2.7
–1.6
1.4
.2
.2
2.8
–2.7
4.2
2.6
–.9
2.2
8.9
1.8

83.6
68.7
76.1
75.8
32.6
–9.8
171.3
106.8
162.7
163.4
13.6
13.4
14.7
14.6
16.5
14.2
11.1
11.6
13.3
16.4
17.3
17.3
17.8

1 Change based on data in billions of dollars as shown here. For year-end data, change from
Note: Data include student loans extended by the Federal Government and by SLM Holding
preceding year-end; for monthly data, change from preceding month.
Corporation.
2 Includes automobile loans and all other loans not included in revolving credit, such as loans for
Source: Board of Governors of the Federal Reserve System.
mobile homes, education, boats, trailers, or vacations. These loans may be secured or unsecured.

29

Interest Rates and Bond Yields
Interest rates were mixed in July.

[Percent per annum]
U.S. Treasury security yields
Period

2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2013: July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2014: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
Week ended:
2014: July  5 �������
          12 �������
          19 �������
          26 �������
      Aug 2 ������

3-month
bills
(at auction) 1

Constant maturities 2
3-year

10-year

30-year

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

Discount window
(N.Y. F.R. Bank) 4, 5
Primary
credit

Prime
rate
charged
by
banks 5

Discount
rate

1.38
3.16
4.73
4.41
1.48
.16
.14
.06
.09
.06
.04
.04
.02
.05
.07
.07
.05
.06
.05
.04
.03
.03
.03

2.78
3.93
4.77
4.35
2.24
1.43
1.11
.75
.38
.54
.64
.70
.78
.63
.58
.69
.78
.69
.82
.88
.83
.90
.97

4.27
4.29
4.80
4.63
3.66
3.26
3.22
2.78
1.80
2.35
2.58
2.74
2.81
2.62
2.72
2.90
2.86
2.71
2.72
2.71
2.56
2.60
2.54

*
*
4.91
4.84
4.28
4.08
4.25
3.91
2.92
3.45
3.61
3.76
3.79
3.68
3.80
3.89
3.77
3.66
3.62
3.52
3.39
3.42
3.33

4.63
4.29
4.42
4.42
4.80
4.64
4.16
4.29
3.14
3.96
4.51
4.77
4.74
4.50
4.51
4.55
4.38
4.25
4.16
4.02
3.80
3.72
3.75

5.63
5.24
5.59
5.56
5.63
5.31
4.94
4.64
3.67
4.24
4.34
4.54
4.64
4.53
4.63
4.62
4.49
4.45
4.38
4.24
4.16
4.25
4.16

2.34
4.19
5.96
5.86
2.39
.50
.72
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75

*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*

4.34
6.19
7.96
8.05
5.09
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25

.04
.03
.03
.03
.03

.93
.96
.96
.98
1.00

2.60
2.57
2.53
2.49
2.53

3.42
3.38
3.33
3.26
3.28

3.74
3.84
3.79
3.69
3.72

4.23
4.19
4.16
4.12
4.13

.75
.75
.75
.75
.75

*
*
*
*
*

3.25
3.25
3.25
3.25
3.25

1 High bill rate at auction, issue date within period, bank-discount basis. Data are stop yields
from uniform-price auctions.
2 Yields on actively traded issues adjusted to constant maturities.
3 Weekly data are Wednesday figures.
4 Discount window borrowing for primary credit and discount rate (adjustment credit). The
rate for primary credit replaced the rate for adjustment credit.
5 Average effective rate for year; rate in effect at end of month or week.

30

Corporate
Aaa
bonds
(Moody’s)

New-home
mortgage
yields
(FHFA) 7

Federal
funds
rate 6

1.35
5.77
3.22
5.94
4.97
6.63
5.02
6.41
1.92
6.05
.16
5.14
.18
4.80
.10
4.56
.14
3.69
.11
4.00
.09
4.07
.08
4.33
.08
4.44
.09
4.47
.08
4.39
.09
4.37
.07
4.45
.07
4.04
.08
4.35
.09
4.33
.09
4.01
.10
4.27
.09 �����������������������
.10
.09
.09
.09
.09

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

6 Daily effective rate; weighted average of rates on brokered trades.
7 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges

as well as contract rate and assumed, on the average, repayment at end of 10 years.

* Discount rate (adjustment credit) series was discontinued after January 8, 2003. Series for
30-year constant maturity was discontinued on February 18, 2002, and reintroduced on February
9, 2006.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System,
Federal Housing Finance Agency, Moody’s Investors Service, and Standard & Poor’s.

Common Stock Prices and Yields
Stock prices were mixed in July.

Common stock yields
(percent) 7

Common stock prices 1
New York Stock Exchange indexes
(December 31, 2002=5,000) 2, 3

Period
Composite
2004 ���������������������
2005 ���������������������
2006 ���������������������
2007 ���������������������
2008 ���������������������
2009 ���������������������
2010 ���������������������
2011 ���������������������
2012 ���������������������
2013 ���������������������
2013: July �����������
      Aug �����������
      Sept ����������
      Oct ������������
      Nov �����������
      Dec ������������
2014: Jan ������������
      Feb ������������
      Mar �����������
      Apr ������������
      May �����������
      June ����������
      July �����������
Week ended:
2014: July  5 c �����
          12 ��������
          19 ��������
          26 ��������
      Aug 2 �������

Financial

Energy

Health
Care

Dow
Jones
industrial
average 4

Standard
& Poor’s
composite
index
(1941–43=10) 5

Nasdaq
composite
index
(Feb. 5,
1971=100) 6

Dividend/price
ratio

Earnings/price
ratio

6,612.63
7,349.01
8,357.99
9,648.82
8,036.88
6,091.02
7,230.42
7,871.41
8,011.65
9,426.77
9,463.58
9,496.64
9,639.34
9,840.99
10,102.04
10,146.83
10,236.47
10,177.00
10,414.24
10,511.31
10,646.46
10,905.05
10,978.98

6,822.18
7,383.70
8,654.40
9,321.33
6,278.38
3,987.04
4,744.05
4,641.01
4,616.63
5,805.54
5,908.95
5,897.94
5,988.46
6,124.56
6,204.38
6,212.42
6,287.83
6,185.35
6,325.41
6,302.14
6,345.75
6,517.17
6,541.32

6,952.36
9,377.84
11,206.94
13,339.92
13,258.42
10,020.30
10,943.85
12,880.35
12,512.31
13,490.83
13,394.54
13,404.11
13,715.91
13,990.65
14,292.65
14,189.23
14,135.73
14,016.02
14,399.33
15,105.85
15,577.31
15,991.27
15,483.41

5,924.80
6,283.96
6,685.06
7,191.91
6,171.19
5,456.63
6,230.62
6,847.80
7,503.05
9,250.02
9,394.52
9,466.69
9,473.98
9,647.71
9,987.18
10,065.11
10,334.12
10,555.32
10,845.66
10,815.84
11,016.20
11,238.50
11,363.35

10,317.39
10,547.67
11,408.67
13,169.98
11,252.61
8,876.15
10,662.80
11,966.36
12,967.08
14,999.67
15,390.21
15,195.35
15,269.84
15,289.29
15,870.83
16,095.77
16,243.72
15,958.44
16,308.63
16,399.50
16,567.25
16,843.75
16,988.26

1,130.59
1,207.06
1,310.67
1,476.66
1,220.89
946.73
1,139.31
1,268.89
1,379.56
1,642.51
1,668.68
1,670.09
1,687.17
1,720.03
1,783.54
1,807.78
1,822.36
1,817.03
1,863.52
1,864.26
1,889.77
1,947.09
1,973.10

1,987.30
2,099.03
2,265.17
2,577.12
2,162.46
1,841.03
2,347.70
2,680.42
2,965.77
3,537.69
3,559.71
3,639.93
3,731.26
3,848.20
3,957.53
4,075.89
4,154.36
4,199.45
4,276.36
4,119.31
4,135.37
4,332.74
4,434.13

1.72
1.83
1.87
1.86
2.37
2.40
1.98
2.05
2.24
2.14
2.14
2.15
2.13
2.10
2.03
2.04
2.02
2.07
2.04
2.06
2.08
2.04
2.00

4.89
5.36
5.78
5.29
3.54
1.86
6.04
6.77
6.20
5.57
����������������������������
����������������������������
5.61
����������������������������
����������������������������
5.42
����������������������������
����������������������������
5.38
����������������������������
����������������������������
����������������������������
����������������������������

11,045.27
10,976.43
10,970.27
11,004.44
10,854.46

6,569.57
6,521.13
6,535.05
6,554.11
6,498.82

16,118.94
15,890.69
15,583.17
15,321.61
14,648.26

11,459.81
11,375.95
11,342.13
11,370.03
11,236.54

16,956.79
16,955.06
17,066.26
17,059.25
16,766.35

1,973.40
1,969.29
1,973.66
1,982.10
1,954.95

4,452.62
4,414.74
4,415.67
4,455.22
4,414.58

2.00
2.01
2.00
1.99
2.01

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

1 Annual data are averages of monthly figures. Monthly and weekly data are averages of daily
5 Includes 500 stocks.
6 Includes over 2,700 stocks in 2014.
closing prices.
2 Includes all the stocks (in 2014, about 2,800) listed on the NYSE.
7 Standard & Poor’s series. Dividend/price ratios based on Wednesday closing prices. Earnings/
3 Effective January 8, 2004 new indexes for Financial, Energy, and Health Care were introduced price ratios based on prices at end of quarter.
by the NYSE.
Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor’s, Nasdaq
4 Includes 30 stocks.
Stock Market, and Bloomberg.

31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
In the first nine months of fiscal year 2014, the deficit was $365.9 billion, compared with a deficit of $509.8 billion
a year earlier.

[Billions of dollars]
Total
Fiscal year or period
Receipts
1996 ����������������������������������������������������
1997 ����������������������������������������������������
1998 ����������������������������������������������������
1999 ����������������������������������������������������
2000 ����������������������������������������������������
2001 ����������������������������������������������������
2002 ����������������������������������������������������
2003 ����������������������������������������������������
2004 ����������������������������������������������������
2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 ����������������������������������������������������
2012 ����������������������������������������������������
2013 ����������������������������������������������������
2014 (estimates) r �������������������������������
2015 (estimates) r �������������������������������
Cumulative total, first 9 months: 1
Fiscal year 2013 ����������������������������������
Fiscal year 2014 ����������������������������������

Outlays

On-budget
Surplus
or
deficit
(–)

Receipts

Outlays

Federal debt
(end of period)

Off-budget
Surplus
or
deficit
(–)

Receipts

Outlays

Surplus
or
deficit
(–)

Gross
Federal

1,453.1
1,579.2
1,721.7
1,827.5
2,025.2
1,991.1
1,853.1
1,782.3
1,880.1
2,153.6
2,406.9
2,568.0
2,524.0
2,105.0
2,162.7
2,303.5
2,450.2
2,775.1
2,993.0
3,337.6

1,560.5
1,601.1
1,652.5
1,701.8
1,789.0
1,862.8
2,010.9
2,159.9
2,292.8
2,472.0
2,655.1
2,728.7
2,982.5
3,517.7
3,457.1
3,603.1
3,537.1
3,454.6
3,576.0
3,862.8

–107.4
–21.9
69.3
125.6
236.2
128.2
–157.8
–377.6
–412.7
–318.3
–248.2
–160.7
–458.6
–1,412.7
–1,294.4
–1,299.6
–1,087.0
–679.5
–648.8
–563.6

1,085.6
1,187.2
1,305.9
1,383.0
1,544.6
1,483.6
1,337.8
1,258.5
1,345.4
1,576.1
1,798.5
1,932.9
1,865.9
1,451.0
1,531.0
1,737.7
1,880.7
2,101.8
2,256.9
2,576.6

1,259.6
1,290.5
1,335.9
1,381.1
1,458.2
1,516.0
1,655.2
1,796.9
1,913.3
2,069.7
2,233.0
2,275.0
2,507.8
3,000.7
2,902.4
3,104.5
3,029.5
2,820.8
2,870.9
3,109.6

–174.0
–103.2
–29.9
1.9
86.4
–32.4
–317.4
–538.4
–568.0
–493.6
–434.5
–342.2
–641.8
–1,549.7
–1,371.4
–1,366.8
–1,148.9
–719.0
–614.0
–533.1

367.5
392.0
415.8
444.5
480.6
507.5
515.3
523.8
534.7
577.5
608.4
635.1
658.0
654.0
631.7
565.8
569.5
673.3
736.1
761.0

300.9
310.6
316.6
320.8
330.8
346.8
355.7
363.0
379.5
402.2
422.1
453.6
474.8
517.0
554.7
498.6
507.6
633.8
705.1
753.2

66.6
81.4
99.2
123.7
149.8
160.7
159.7
160.8
155.2
175.3
186.3
181.5
183.3
137.0
77.0
67.2
61.9
39.5
31.0
7.9

5,181.5
5,369.2
5,478.2
5,605.5
5,628.7
5,769.9
6,198.4
6,760.0
7,354.7
7,905.3
8,451.4
8,950.7
9,986.1
11,875.9
13,528.8
14,764.2
16,050.9
16,719.4
17,886.7
18,678.4

3,734.1
3,772.3
3,721.1
3,632.4
3,409.8
3,319.6
3,540.4
3,913.4
4,295.5
4,592.2
4,829.0
5,035.1
5,803.1
7,544.7
9,018.9
10,128.2
11,281.1
11,982.6
12,873.7
13,528.5

2,087.1
2,258.6

2,597.0
2,624.4

–509.8
–365.9

1,581.7
1,696.5

2,158.4
2,121.0

–576.7
–424.5

505.5
562.0

438.6
503.4

66.9
58.6

16,722.1
17,602.1

11,912.9
12,568.4

1 Data from current issue Monthly Treasury Statement.

Note: Data for fiscal year 2014 and fiscal year 2015 are from Mid-Session Review, Budget of the
U.S. Government, Fiscal Year 2015, issued July 11, 2014. Other data (except as noted) are from
Budget of the United States Government, Fiscal Year 2015, issued March 4, 2014.
Sources: Department of the Treasury and Office of Management and Budget.

32

Held by
the public

Federal Receipts by Source and Outlays by Function
In the first nine months of fiscal year 2014, receipts were $171.5 billion higher than a year earlier and outlays were
$27.4 billion lower.

[Billions of dollars]
On-budget and off-budget receipts

Fiscal year or period

1996 ����������������������������������������������������
1997 ����������������������������������������������������
1998 ����������������������������������������������������
1999 ����������������������������������������������������
2000 ����������������������������������������������������
2001 ����������������������������������������������������
2002 ����������������������������������������������������
2003 ����������������������������������������������������
2004 ����������������������������������������������������
2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 ����������������������������������������������������
2012 ����������������������������������������������������
2013 ����������������������������������������������������
2014 (estimates) r �������������������������������
2015 (estimates) r �������������������������������
Cumulative total, first 9 months: 1
Fiscal year 2013 ����������������������������������
Fiscal year 2014 ����������������������������������

On-budget and off-budget outlays
National defense

Indi- Corporavidual
tion
income income
taxes
taxes

Social
insurance
and
retirement
receipts

1,453.1
1,579.2
1,721.7
1,827.5
2,025.2
1,991.1
1,853.1
1,782.3
1,880.1
2,153.6
2,406.9
2,568.0
2,524.0
2,105.0
2,162.7
2,303.5
2,450.2
2,775.1
2,993.0
3,337.6

656.4
737.5
828.6
879.5
1,004.5
994.3
858.3
793.7
809.0
927.2
1,043.9
1,163.5
1,145.7
915.3
898.5
1,091.5
1,132.2
1,316.4
1,386.2
1,530.5

171.8
182.3
188.7
184.7
207.3
151.1
148.0
131.8
189.4
278.3
353.9
370.2
304.3
138.2
191.4
181.1
242.3
273.5
311.4
442.2

509.4
539.4
571.8
611.8
652.9
694.0
700.8
713.0
733.4
794.1
837.8
869.6
900.2
890.9
864.8
818.8
845.3
947.8
1,027.8
1,057.4

115.4
120.1
132.6
151.5
160.6
151.7
146.0
143.9
148.4
154.0
171.2
164.7
173.7
160.5
207.9
212.1
230.4
237.4
267.6
307.5

1,560.5
1,601.1
1,652.5
1,701.8
1,789.0
1,862.8
2,010.9
2,159.9
2,292.8
2,472.0
2,655.1
2,728.7
2,982.5
3,517.7
3,457.1
3,603.1
3,537.1
3,454.6
3,576.0
3,862.8

265.7
270.5
268.2
274.8
294.4
304.7
348.5
404.7
455.8
495.3
521.8
551.3
616.1
661.0
693.5
705.6
677.9
633.4
610.4
615.9

253.1
258.3
255.8
261.2
281.0
290.2
331.8
387.1
436.4
474.1
499.3
528.5
594.6
636.7
666.7
678.1
650.9
607.8
583.8
568.7

13.5
15.2
13.1
15.2
17.2
16.5
22.3
21.2
26.9
34.6
29.5
28.5
28.9
37.5
45.2
45.7
47.2
46.4
47.3
53.6

119.4
123.8
131.4
141.0
154.5
172.2
196.5
219.5
240.1
250.5
252.7
266.4
280.6
334.3
369.1
372.5
346.7
358.3
428.9
492.6

174.2
190.0
192.8
190.4
197.1
217.4
230.9
249.4
269.4
298.6
329.9
375.4
390.8
430.1
451.6
485.7
471.8
497.8
513.7
534.0

229.7
235.0
237.8
242.5
253.7
269.8
312.7
334.6
333.1
345.8
352.5
366.0
431.3
533.2
622.2
597.4
541.3
536.5
535.1
532.8

349.7
365.3
379.2
390.0
409.4
433.0
456.0
474.7
495.5
523.3
548.5
586.2
617.0
683.0
706.7
730.8
773.3
813.6
851.1
898.9

241.1
244.0
241.1
229.8
222.9
206.2
170.9
153.1
160.2
184.0
226.6
237.1
252.8
186.9
196.2
230.0
220.4
220.9
224.4
250.1

167.2
157.3
188.9
218.1
239.7
243.1
273.1
302.6
311.8
339.8
393.5
317.9
365.2
651.6
372.6
435.5
458.5
347.7
365.1
484.8

2,087.1
2,258.6

992.2
1,045.8

205.6
235.0

715.8
784.5

173.6
193.3

2,597.0
2,624.4

478.5
452.3

457.7
432.1

33.7
34.7

267.5
297.7

368.4
373.1

424.6
407.3

608.0
636.2

187.3
191.8

229.0
231.4

Total

Other

1 Data from current issue Monthly Treasury Statement. Data for Department of Defense,
military, include a small amount that is classified and listed under international affairs, and not
included in national defense.

Total

Total

Depart- Internament
tional
of
affairs
Defense,
military

Health

Medicare

Income Social
Net
security security interest

Other

Note: Data for fiscal year 2014 and fiscal year 2015 are from Mid-Session Review, Budget of the
U.S. Government, Fiscal Year 2015, issued July 11, 2014. Other data (except as noted) are from
Budget of the United States Government, Fiscal Year 2015, issued March 4, 2014.
Sources: Department of the Treasury and Office of Management and Budget.

33

Federal Sector, National Income Accounts Basis
In the second quarter of 2014, according to advance estimates, Federal current expenditures rose $72.1 billion;
receipts data are incomplete (Series revised.)

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

Federal Government current expenditures

Current tax receipts

Period

Total

Total 1

Calendar year:
2004 r ����������� 2,022.2
1,154.0
2005 r ����������� 2,298.1
1,384.5
2006 r ����������� 2,531.7
1,558.5
2007 r ����������� 2,660.8
1,637.1
2008 r ����������� 2,503.7
1,448.1
2009 r ����������� 2,227.8
1,163.7
2010 r ����������� 2,391.7
1,305.0
2011 r ����������� 2,519.5
1,501.3
r
2012 ����������� 2,684.1
1,651.6
2013 r ����������� 3,113.0
1,811.8
r
2011: I ������������� 2,514.6
1,495.9
      II r ������������ 2,520.2
1,502.8
      III r ����������� 2,512.2
1,487.5
      IV r ����������� 2,531.0
1,518.8
2012: I r ������������� 2,664.0
1,626.2
      II r ������������ 2,684.0
1,653.6
      III r ����������� 2,657.4
1,633.5
r
      IV ����������� 2,730.9
1,693.1
2013: I r ������������� 2,974.9
1,777.8
      II r ������������ 3,226.0
1,789.2
r
      III ����������� 3,043.9
1,814.5
r
      IV ����������� 3,207.1
1,865.6
2014: I r ������������� 3,243.7
1,963.4
p
      II ������������ ������������ ��������������

Contributions
for
Income
Taxes
govern- receipts
Taxes
Personal
on
ment
on
on
current production corporate
social
assets
taxes
and
insurincome
imports
ance
798.5
932.1
1,049.6
1,164.4
1,101.7
857.2
893.8
1,076.6
1,149.0
1,286.8
1,056.7
1,072.1
1,090.2
1,087.2
1,125.4
1,133.3
1,145.7
1,191.8
1,253.5
1,278.9
1,295.5
1,319.3
1,341.0
1,366.5

95.2
250.3
99.4
341.0
99.2
395.0
94.6
362.8
94.0
233.7
91.4
200.4
96.8
298.7
108.6
299.4
115.0
369.5
120.9
384.9
104.8
318.9
109.1
306.4
109.2
270.2
111.3
302.0
115.0
369.2
115.0
388.0
114.3
356.2
116.0
364.7
119.2
386.5
120.0
371.8
120.9
378.2
123.5
403.2
132.0
470.0
134.1 ��������������

808.9
853.4
905.7
947.2
974.4
950.8
970.9
904.0
938.1
1,092.3
899.8
902.4
910.3
903.5
930.7
931.6
933.9
956.0
1,078.4
1,089.8
1,095.6
1,105.2
1,134.9
1,151.7

1 Includes taxes from the rest of the world, not shown separately.
2 Includes an item for the difference between wage accruals and disbursements, not shown

separately.

34

25.3
27.3
29.0
33.4
33.9
48.5
54.6
56.4
53.6
164.7
57.9
56.7
56.4
54.7
54.4
53.2
53.3
53.6
73.7
299.5
93.6
192.2
106.8
78.6

Current
transfer
receipts

29.0
32.0
36.8
41.0
46.5
64.0
64.4
65.0
49.9
59.5
67.5
65.0
65.6
62.0
59.9
53.7
46.1
40.0
58.1
62.7
56.3
61.0
55.5
54.6

Current
surplus of
government
enterprises

4.9
.9
1.8
2.0
.8
.8
–3.1
–7.1
–9.1
–15.3
–6.5
–6.6
–7.5
–8.0
–7.2
–8.1
–9.4
–11.9
–13.0
–15.2
–16.0
–16.9
–16.9
–19.3

Total 2

2,421.4
2,602.8
2,758.8
2,926.4
3,137.7
3,476.6
3,720.5
3,763.7
3,763.2
3,762.1
3,751.0
3,833.4
3,743.5
3,726.8
3,737.2
3,782.1
3,759.6
3,773.9
3,721.0
3,787.2
3,793.7
3,746.4
3,802.7
3,874.8

ConCurrent
sumption transfer Interest Subsidies
expendipaypayments
tures
ments 3

681.4
723.4
763.9
798.4
879.8
933.7
1,003.9
1,006.1
1,003.6
963.0
1,000.6
1,015.2
1,009.0
999.5
1,003.2
998.7
1,024.9
987.6
970.2
965.2
965.7
951.1
957.1
955.6

1,388.0
1,474.4
1,571.4
1,672.4
1,820.3
2,132.4
2,281.7
2,272.4
2,278.3
2,322.0
2,283.4
2,302.2
2,252.9
2,251.1
2,266.6
2,272.6
2,284.2
2,289.7
2,302.2
2,320.0
2,342.2
2,323.5
2,367.3
2,387.2

306.1
344.4
372.3
408.2
388.0
353.6
380.6
425.7
423.8
417.4
409.3
456.6
421.0
415.9
410.0
453.3
394.1
437.6
389.0
441.3
425.8
413.5
421.1
475.9

46.0
–399.2
60.5
–304.7
51.1
–227.0
47.5
–265.6
49.6
–634.0
56.9
–1,248.8
54.3
–1,328.7
59.5
–1,244.1
57.6
–1,079.1
59.7
–649.1
57.7
–1,236.4
59.5
–1,313.2
60.6
–1,231.2
60.3
–1,195.8
57.4
–1,073.2
57.5
–1,098.0
56.3
–1,102.2
59.0
–1,043.1
59.6
–746.1
60.7
–561.2
60.1
–749.8
58.4
–539.4
57.2
–559.0
56.0 ����������������

3 Includes Federal grants-in-aid to State and local governments, not shown separately.

Note: See Note, p. 1.
Source: Department of Commerce (Bureau of Economic Analysis).

Net
Federal
Government
saving

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
Industrial production (2007=100; seasonally adjusted)
Period

United
States

Canada

Japan

France

Germany

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

Italy

United
States 1

Canada

Japan

France

Germany

2004 ���������������
92.5
99.9
91.8
97.8
86.2
95.2
100.1
188.9
181.0
118.7
170.4
2005 ���������������
95.5
101.8
93.3
98.0
89.2
94.7
99.3
195.3
185.0
118.4
173.4
2006 ���������������
97.6
101.1
97.2
99.0
94.3
98.2
99.6
201.6
188.7
118.6
176.3
2007 ���������������
100.0
100.0
100.0
100.0
100.0
100.0
100.0
207.342
192.7
118.7
178.9
2008 ���������������
96.6
97.2
96.5
96.7
100.0
96.2
97.1
215.303
197.3
120.3
184.0
2009 ���������������
85.7
86.5
75.6
83.3
83.6
78.3
87.8
214.537
197.9
118.7
184.1
2010 ���������������
90.6
90.7
87.4
87.4
92.7
83.8
90.3
218.056
201.4
117.9
186.9
2011 ���������������
93.6
94.2
85.1
89.4
99.4
84.9
89.2
224.939
207.2
117.5
190.9
2012 ���������������
97.1
95.1
85.2
87.1
99.1
79.5
87.1
229.594
210.4
117.5
194.6
2013 r �������������
99.9
96.7
84.7
86.6
99.3
77.1
86.8
232.957
212.4
117.9
196.3
r
2013: May ���
99.4
95.6
85.3
87.7
97.9
77.3
86.2
232.945
212.7
117.6
196.5
      June r ��
99.6
95.5
82.9
86.5
100.0
77.4
87.2
233.504
212.7
117.6
196.8
      July r ���
99.4
96.0
85.2
85.9
98.7
76.8
87.3
233.596
212.8
117.9
196.2
      Aug r ����
100.0
96.4
84.8
86.6
100.3
76.7
86.5
233.877
212.8
118.2
197.1
r
      Sept ���
100.7
97.2
86.1
86.1
99.9
76.8
87.4
234.149
213.2
118.6
196.7
r
      Oct �����
100.8
98.1
86.6
85.9
99.1
77.4
87.4
233.546
212.7
118.7
196.4
      Nov r ����
101.4
98.4
86.9
87.0
101.0
77.5
87.3
233.069
212.7
118.8
196.3
      Dec r ����
101.6
98.1
87.3
86.5
100.9
76.8
87.7
233.049
212.2
118.9
197.0
2014: Jan r ����
101.3
98.3
90.7
86.0
101.1
77.6
87.5
233.916
212.8
118.7
195.9
      Feb r ����
102.2
99.6
88.6
86.1
101.4
77.2
88.3
234.781
214.6
118.7
197.0
      Mar r ���
103.2
100.0
89.2
85.7
101.0
76.8
88.4
236.293
215.8
119.0
197.8
r
      Apr ����
103.2
99.7
86.7
85.9
101.0
77.3
88.7
237.072
216.5
121.5
197.8
r
      May ���
103.7
100.1
87.3
84.5
99.6
76.3
88.0
237.900
217.5
122.0
197.8
      June p ��
103.9 ���������������
84.4 ��������������� ��������������� ��������������� ���������������
238.343
217.7
121.9
197.8
      July p ��� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������
1 Data relate to all urban consumers.

151.4
153.7
156.2
159.7
163.9
164.5
166.3
169.7
173.1
175.7
175.4
175.6
176.4
176.4
176.4
176.1
176.4
177.1
176.1
176.9
177.4
177.1
176.9
177.4
177.9

Italy

United
Kingdom

255.6
219.3
260.6
225.6
266.1
232.8
270.9
242.7
280.0
252.4
282.2
251.1
286.5
262.7
294.5
276.3
303.4
285.2
307.1
293.9
306.7
293.7
307.5
293.4
307.8
293.4
309.0
294.9
308.1
296.0
307.5
296.0
306.7
296.2
307.2
297.7
307.8
296.8
307.5
298.7
307.8
299.4
308.4
300.4
308.1
300.7
308.4
301.1
308.1 �����������������

Sources: As reported by each country, Board of Governors of the Federal Reserve System, and
Department of Labor (Bureau of Labor Statistics).

Note: See Note, p. 17, for information on U.S. industrial production series.

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

2004 ���������������
2005 ���������������
2006 ���������������
2007 ���������������
2008 ���������������
2009 ���������������
2010 ���������������
2011 ���������������
2012 ���������������
2013 ���������������
2013: May �����
      June ����
      July �����
      Aug �����
      Sept ����
      Oct ������
      Nov �����
      Dec ������
2014: Jan ������
      Feb ������
      Mar �����
      Apr ������
      May p ��

BOP
basis

823.6
913.0
1,040.9
1,165.2
1,308.8
1,070.3
1,290.3
1,499.2
1,561.7
1,592.8
130.3
133.3
132.8
132.8
132.4
136.1
136.8
134.2
133.6
130.4
135.7
135.0
136.7

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 bever- and
ages materials
814.9
901.1
1,026.0
1,148.2
1,287.4
1,056.0
1,278.5
1,482.5
1,545.7
1,579.6
129.4
132.7
131.7
131.5
131.3
135.2
135.4
133.1
132.0
130.2
134.4
133.9
135.7

56.6
59.0
66.0
84.3
108.3
93.9
107.7
126.2
132.9
136.2
10.2
10.6
10.8
10.5
12.0
12.5
12.6
12.7
11.8
11.8
12.2
11.9
12.0

203.9
233.0
276.0
316.4
388.0
296.5
391.7
501.1
501.2
509.3
40.8
42.3
43.3
42.9
41.3
43.4
43.4
43.3
43.6
40.8
41.8
42.0
42.1

89.2
98.4
107.3
121.3
121.5
81.7
112.0
133.0
146.2
152.6
13.0
12.7
12.5
13.1
13.1
13.0
13.1
12.5
12.2
12.2
12.9
12.7
13.5

Balance of trade
(exports minus imports)

Census basis (by end-use category)

Auto- Consumer
Capital motive
vegoods
goods hicles,
except parts (nonfood)
autoexcept
motive and
enautogines motive
327.5
358.4
404.0
433.0
457.7
391.2
447.5
494.0
527.2
534.2
44.9
45.6
44.6
44.7
44.6
45.1
45.3
44.5
44.5
43.8
46.1
45.8
45.6

Services
(BOP basis)

Goods: Imports (customs value)

103.2
115.3
129.1
146.0
161.3
149.5
165.2
175.3
181.7
189.1
15.6
16.4
15.8
15.6
15.6
16.4
15.8
15.4
15.4
16.7
16.4
16.3
16.8

BOP
basis

1,488.3
1,695.8
1,878.2
1,986.3
2,141.3
1,580.0
1,939.0
2,239.9
2,303.8
2,294.5
193.7
188.3
190.9
191.4
193.8
193.9
191.5
190.8
193.1
190.7
198.2
200.7
200.0

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 bever- and
ages materials
1,469.7
1,673.5
1,853.9
1,957.0
2,103.6
1,559.6
1,913.9
2,208.0
2,276.3
2,268.3
191.6
186.3
188.7
189.1
191.7
191.7
189.2
188.4
190.8
188.3
195.7
198.6
197.8

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

62.1
68.1
74.9
81.7
89.0
81.6
91.7
107.5
110.3
115.1
9.8
9.6
9.6
9.6
9.6
9.8
9.6
9.5
9.7
9.5
10.6
10.8
10.6

412.8
523.8
602.0
634.7
779.5
462.4
603.1
755.8
730.7
681.6
57.5
55.2
56.5
56.6
57.2
57.2
54.4
54.5
57.5
57.3
58.0
57.7
56.0

BOP basis

Auto- Consumer
Capital motive
vegoods Exports
goods hicles,
except parts (nonfood)
autoexcept
motive and
enautogines motive
343.6
379.3
418.3
444.5
453.7
370.5
449.4
510.8
548.7
554.5
45.7
46.0
45.6
46.8
46.9
46.9
47.4
47.0
47.7
46.5
47.8
48.6
49.7

228.2
239.4
256.6
256.7
231.2
157.7
225.1
254.6
297.8
308.8
26.1
25.6
26.1
26.1
26.8
26.2
27.1
26.3
25.4
25.6
26.3
27.2
28.5

372.9
407.2
442.6
474.6
481.6
427.3
483.2
514.1
516.9
532.7
45.5
43.7
44.5
43.8
45.0
45.1
45.0
45.0
44.6
43.5
46.4
47.4
46.9

338.0
373.0
416.7
488.4
532.8
512.7
563.3
627.8
654.9
687.4
56.9
57.0
57.1
57.8
57.8
57.8
58.2
58.6
58.6
57.8
57.9
58.5
58.8

Imports

Goods,
Census
basis Goods

Services

Goods
and
services

283.1
304.4
341.2
372.6
409.1
386.8
409.3
435.8
450.4
462.1
38.4
38.6
38.5
38.8
38.7
39.2
39.4
39.4
39.2
40.0
39.6
39.8
39.9

–654.8
–772.4
–828.0
–808.8
–816.2
–503.6
–635.4
–725.4
–730.6
–688.7
–62.3
–53.6
–57.0
–57.6
–60.4
–56.5
–53.8
–55.3
–58.8
–58.1
–61.3
–64.7
–62.2

54.9
68.6
75.6
115.8
123.8
125.9
154.0
192.0
204.5
225.3
18.5
18.4
18.6
19.0
19.1
18.7
18.8
19.2
19.4
17.7
18.3
18.6
18.9

–609.9
–714.2
–761.7
–705.4
–708.7
–383.8
–494.7
–548.6
–537.6
–476.4
–44.8
–36.6
–39.4
–39.5
–42.3
–39.1
–36.0
–37.4
–40.1
–42.6
–44.2
–47.0
–44.4

–664.8
–782.8
–837.3
–821.2
–832.5
–509.7
–648.7
–740.6
–742.1
–701.7
–63.4
–55.0
–58.0
–58.5
–61.4
–57.7
–54.8
–56.6
–59.5
–60.3
–62.5
–65.7
–63.3

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

Note: BOP refers to balance of payments on international transactions basis. BOP data shown
here are consistent with figures shown on pp. 36 and 37.

35

U.S. International Transactions
In the first quarter of 2014, the current account deficit rose to $111.2 billion from $87.3 billion in the fourth quarter.
The goods and services deficit rose to $126.8 in the first quarter from $112.4 billion in the fourth quarter.

[Millions of dollars; quarterly data seasonally adjusted]
Current Account 1
Goods 2
Period

2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I p ��������������

Services

Exports

Imports

Balance
on
goods

823,584
913,016
1,040,905
1,165,151
1,308,795
1,070,331
1,290,273
1,499,240
1,561,689
1,592,784
360,151
373,260
382,183
383,646
387,616
391,764
391,998
390,311
392,605
394,988
398,088
407,103
399,680

1,488,349
1,695,820
1,878,194
1,986,347
2,141,287
1,580,025
1,938,950
2,239,886
2,303,785
2,294,453
541,686
559,978
565,490
572,732
581,054
580,003
570,941
571,786
570,164
572,071
576,024
576,193
581,998

–664,766
–782,804
–837,289
–821,196
–832,492
–509,694
–648,678
–740,646
–742,095
–701,669
–181,536
–186,717
–183,307
–189,086
–193,439
–188,239
–178,943
–181,475
–177,560
–177,083
–177,936
–169,090
–182,317

Exports
337,966
373,006
416,738
488,396
532,817
512,722
563,333
627,781
654,850
687,410
151,592
157,259
160,791
158,139
159,968
162,415
163,216
169,251
169,806
170,347
172,668
174,589
174,309

Imports
283,083
304,448
341,165
372,575
409,052
386,801
409,313
435,761
450,360
462,134
104,375
109,421
111,446
110,519
110,983
112,212
112,793
114,372
113,195
115,063
115,929
117,947
118,806

Balance
on
services
54,882
68,558
75,573
115,821
123,765
125,920
154,020
192,020
204,490
225,276
47,217
47,838
49,345
47,620
48,984
50,203
50,424
54,879
56,611
55,284
56,739
56,642
55,503

Balance
on
goods
and
services
–609,883
–714,245
–761,716
–705,375
–708,726
–383,774
–494,658
–548,625
–537,605
–476,392
–134,319
–138,879
–133,962
–141,466
–144,454
–138,036
–128,519
–126,596
–120,948
–121,799
–121,197
–112,448
–126,815

Primary income receipts and payments
Receipts
420,590
543,982
693,089
844,033
823,707
614,379
684,915
759,727
762,885
780,120
182,773
189,491
194,717
192,746
193,149
188,807
188,749
192,180
190,175
193,497
196,002
200,446
198,198

Payments
356,463
476,349
649,752
743,429
677,561
490,794
507,254
538,766
559,892
580,466
132,471
138,272
137,104
130,919
139,618
137,316
141,069
141,889
144,192
145,990
144,478
145,806
151,496

Balance
on
primary
income
64,127
67,632
43,337
100,604
146,146
123,584
177,661
220,961
202,993
199,654
50,302
51,219
57,613
61,827
53,532
51,490
47,680
50,291
45,983
47,507
51,524
54,639
46,702

Balance
on
secondary
Income 3
–88,012
–98,822
–88,347
–113,872
–124,061
–120,602
–126,934
–131,680
–126,138
–123,515
–34,564
–32,948
–31,630
–32,538
–33,040
–32,329
–31,293
–29,477
–30,522
–31,854
–31,632
–29,508
–31,043

Balance
on
current
account
–633,768
–745,434
–806,726
–718,643
–686,641
–380,792
–443,930
–459,344
–460,749
–400,254
–118,581
–120,608
–107,979
–112,177
–123,962
–118,875
–112,132
–105,781
–105,487
–106,146
–101,305
–87,317
–111,156

Current
account
balance
as a
percentage
of GDP
–5.2
–5.7
–5.8
–5.0
–4.7
–2.6
–3.0
–3.0
–2.8
–2.4
–3.1
–3.1
–2.8
–2.8
–3.1
–2.9
–2.7
–2.6
–2.6
–2.5
–2.4
–2.0
–2.6

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

36

See p. 37 for continuation of table.

U.S. International Transactions—Continued
In the financial account, U.S. net borrowing was $77.5 billion in the first quarter of 2014, resulting from a net
increase in U.S. financial assets of $144.9 billion plus net transactions in financial derivatives of $7.5 billion, less a net
increase in U.S. liabilities of $229.8 billion. U.S. net borrowing was down from $143.5 billion in the fourth quarter.

[Millions of dollars; quarterly data seasonally adjusted]
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

2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I p ��������������

3,049 1,062,783
13,116
572,317
–1,788 1,336,866
384 1,572,509
6,010 –309,468
–140
132,204
–157
963,449
–1,186
496,320
6,904
171,418
–412
644,763
–29
389,189
–854
–334
–300
81,134
–3
26,331
–53 –74,077
–241 –184,459
–470
293,633
7,668
136,320
–40
221,653
–227
143,657
–146
83,999
0
195,454
–20
144,923

Direct
investment
assets

Portfolio
investment
assets

Other
investment
assets

378,134 191,956 495,498
61,925 267,290 257,196
296,059 493,366 549,814
532,939 380,807 658,641
351,724 –284,269 –381,770
313,726 375,883 –609,662
354,575 199,620 407,420
440,405
85,365 –45,327
375,537 239,773 –448,352
408,243 489,877 –250,260
130,051 115,962 139,558
142,096
69,344 –218,041
67,344 –43,647
53,358
100,915 –56,295 –20,201
110,579
1,416 –187,305
81,728
53,051 –322,526
87,078 128,276
77,446
96,152
57,030 –15,967
77,992 157,860 –15,074
120,947 115,004 –92,105
105,008
61,121 –81,129
104,296 155,892 –61,952
60,155
96,491 –10,767

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

Reserve
assets 4

Total

–2,806
–14,094
–2,373
122
4,848
52,256
1,835
15,877
4,460
–3,097
3,619
6,267
4,079
1,912
1,233
3,289
833
–895
875
–189
–1,001
–2,782
–956

1,595,116
1,273,038
2,116,304
2,183,538
454,051
318,350
1,386,345
977,073
601,973
1,017,669
592,847
125,789
245,696
12,742
183,933
–151,218
298,348
270,910
285,407
224,716
165,707
341,838
229,833

4 Consists of monetary gold, special drawing rights (SDRs), the U.S. reserve position in the
International Monetary Fund (IMF), and other reserve assets, including foreign currencies.
5 Net lending means that U.S. residents are net suppliers of funds to foreign residents, and
net borrowing means the opposite.

Direct
investment
liabilities

Portfolio
investment
liabilities

207,878
867,340
138,328
832,037
294,289 1,126,735
340,066 1,156,612
332,734
523,683
153,787
357,352
259,345
820,434
257,411
311,626
217,777
746,996
294,972
490,943
69,714
149,211
74,432
105,650
57,328
77,147
55,937 –20,383
40,210
249,732
67,418
7,962
44,111
222,638
66,038
266,664
44,526
155,583
82,156 –25,746
71,130
207,881
97,161
153,226
–112,333
235,562

Other
investment
liabilities

Financial
derivatives
other
than
reserves,
net transactions

519,899 ������������������
302,673 ������������������
695,280
–29,710
686,860
–6,222
–402,367
32,947
–192,789
–44,816
306,566
–14,076
408,036
–35,006
–362,799
7,064
231,753
2,248
373,921
–2,952
–54,293
–9,806
111,221
1,617
–22,813
–23,865
–106,008
7,339
–226,598
–2,419
31,600
5,129
–61,793
–2,985
85,298
–3,948
168,307
–3,302
–113,303
6,569
91,451
2,929
106,605
7,459

Net lending
(+)
or net
borrowing
(–)
from
financial
acount
transactions 5
–532,334
–700,721
–809,148
–617,251
–730,572
–230,962
–436,972
–515,759
–423,492
–370,658
–206,609
–135,929
–162,945
–10,276
–250,671
–35,660
414
–137,574
–67,702
–84,362
–75,140
–143,455
–77,452

U.S. official
reserve
assets,
Statistical
net
discrep(unadancy
justed,
end of
period) 4

98,385
31,597
–634
101,008
–49,941
149,970
7,116
–55,229
30,353
30,008
–88,000
–14,467
–54,665
101,904
–126,656
83,455
113,016
–39,461
37,825
22,011
26,311
–56,138
33,725

86,824
65,127
65,895
70,565
77,648
130,760
132,433
147,953
150,175
144,575
139,315
147,660
148,487
147,953
149,078
149,830
153,075
150,175
146,329
145,703
147,747
144,575
144,284

Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury,
and the Board of Governors of the Federal Reserve System.

37

CONTENTS
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross Domestic Product ........................................................................................................................................................
1
Real Gross Domestic Product ................................................................................................................................................
2
Chained Price Indexes For Gross Domestic Product ............................................................................................................
2
Gross Domestic Product and Related Price Measures: Indexes and Percent Changes ...........................................................
3
Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits .......................................................... 3
National Income ....................................................................................................................................................................
4
Real Personal Consumption Expenditures ............................................................................................................................ 4
Sources of Personal Income ...................................................................................................................................................
5
Disposition of Personal Income .............................................................................................................................................
6
Real Farm Income ................................................................................................................................................................. 7
Corporate Profits ...................................................................................................................................................................
8
Real Gross Private Domestic Investment ............................................................................................................................... 9
Real Private Fixed Investment by Type .................................................................................................................................. 10
Business Investment ............................................................................................................................................................... 10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force .......................................................................................................................................................
Selected Unemployment Rates ..............................................................................................................................................
Selected Measures of Unemployment and Unemployment Insurance Programs ...................................................................
Nonagricultural Employment ................................................................................................................................................
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries ................................
Employment Cost Index—Private Industry ..........................................................................................................................
Productivity and Related Data, Business and Nonfarm Business Sectors ..............................................................................

11
12
13
14
15
15
16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization .................................................................................................................... 17
Industrial Production—Major Market Groups and Selected Manufactures .......................................................................... 18
New Construction ................................................................................................................................................................. 19
New Private Housing and Vacancy Rates .............................................................................................................................. 19
Business Sales and Inventories—Manufacturing and Trade .................................................................................................. 20
Manufacturers’ Shipments, Inventories, and Orders .............................................................................................................. 21
PRICES
Producer Prices ......................................................................................................................................................................
Consumer Prices—All Urban Consumers .............................................................................................................................
Changes in Producer Prices ...................................................................................................................................................
Changes in Consumer Prices—All Urban Consumers ..........................................................................................................
Prices Received and Paid by Farmers .....................................................................................................................................

22
23
24
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures ..........................................................................................................................................
Components of Money Stock ................................................................................................................................................
Aggregate Reserves and Monetary Base .................................................................................................................................
Bank Credit at All Commercial Banks ..................................................................................................................................
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business ..............................................................................
Consumer Credit ...................................................................................................................................................................
Interest Rates and Bond Yields ..............................................................................................................................................
Common Stock Prices and Yields ..........................................................................................................................................

26
27
27
28
29
29
30
31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt ..................................................................................................................................... 32
Federal Receipts by Source and Outlays by Function ............................................................................................................ 33
Federal Sector, National Income Accounts Basis ................................................................................................................... 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries ........................................................................... 35
U.S. International Trade in Goods and Services .................................................................................................................... 35
U.S. International Transactions ............................................................................................................................................. 36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p Preliminary.
r Revised.
c Corrected.
... Not available (also, not applicable).
NSA Not seasonally adjusted.

38

U.S. GOVERNMENT PRINTING OFFICE : 2014 88-974