Employment Cost Index, Private Industry

Name: Employment Cost Index, Private Industry
Creator: FRASER
Keywords: Economic Data, Economic indicators, Economic conditions, United States

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The following is plain-text output generated by Optical Character Recognition. 113th Congress 2nd Session Economic Indicators JULY 2014 Includes data available as of August Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON 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 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 www gpo gov economicindicators or SUPERINTENDENT OF DOCUMENTS U S GOVERNMENT PRINTING OFFICE MAIL STOP IDCC WASHINGTON DC 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 r r r r r r r r r I r r II r III r IV 2012 I r r II r III r IV 2013 I r r II r III r IV 2014 I r p II Gross domestic product Personal consumption expenditures Gross private domestic investment Exports and imports of goods and services Net exports Government consumption expenditures and gross investment Federal Exports Imports GDP less exports of goods and services plus imports of goods and services Total Total National defense Nondefense State and local Final Addendum Gross sales of Gross domestic domestic purchases 1 national product product Source Department of Commerce Bureau of Economic Analysis Note GDP and related data reflect the annual revision released on July 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 r r r r r r r r r I r r II r III r IV 2012 I r r II r III r IV 2013 I r r II r III r IV 2014 I r p II Gross private domestic investment Personal Gross conChange domestic sumption Nonresi Resiin product expendi dential dential fixed fixed private tures investinvestinvenment ment tories Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports Exports Imports Total GDP less exports of goods and services plus imports of goods and services National Nondefense defense Total AddenFinal Gross dum sales of domestic Gross domestic purchases 1 national product product State and local 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 quarterly data are seasonally adjusted Period Gross domestic product 2004 r r r r r r r r r r I r r II r III r IV 2012 I r r II r III r IV 2013 I r r II r III r IV 2014 I r p II Note See Note p Personal consumption expenditures Total Goods Gross private domestic investment Services Nonresidential fixed Residential fixed Exports and imports of goods and services Government consumption expenditures and gross investment Federal Exports Imports Total National defense Source Department of Commerce Bureau of Economic Analysis Nondefense State and local Gross Domestic Product and Related Price Measures Indexes and Percent Changes Quarterly data are seasonally adjusted Percent change from preceding period 1 Index numbers Personal consumption expenditures PCE Gross domestic product GDP Period Real GDP GDP chain type chain type quantity price index index 2004 r r r r r r r r r r I r r II r III r IV 2012 I r r II r III r IV 2013 I r r II r III r IV 2014 I r p II GDP implicit price deflator PCE PCE less food chain type and energy price index price index Personal consumption expenditures PCE Gross domestic product GDP Gross domestic purchases price index Quarterly percent changes are at annual rates GDP current dollars Real GDP GDP chain type chain type quantity price index index Gross domestic PCE purchases PCE chain type less food price index price index and energy price index GDP implicit price deflator 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 r r r r r r I r r II r III r IV 2012 I r r II r III r IV 2013 I r r II r III r IV 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 Chained 2009 dollars Total Compensation of employees unit labor cost Corporate profits with inventory valuation and capital consumption adjustments 4 Unit nonlabor cost Total Consumption of fixed capital Net interest Taxes on and production miscellaneous and imports 3 payments Total Taxes on corporate income Profits after tax Estimates for nonfinancial corporate business are based on the North American Industry 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 r r r r r r r r r I r r II r III r IV 2012 I r r II r III r IV 2013 I r r II r III r IV 2014 I r p II Rental income of persons with capital conNonfarm sumption adjustment Farm Corporate profits with inventory valuation and capital consumption adjustments Net interest and Capital miscelconsumption laneous Inventory adjust payments valuation ment adjustment Taxes on production and imports Profits with inventory valuation adjustment and without capital consumption adjustment Total Total Profits before tax With inventory valuation and capital consumption adjustments Business Less current Subsidies transfer payments Current surplus of government enterprises 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 r r r r r r r r r I r r II r III r IV 2012 I r r II r III r IV 2013 I r r II r III r IV 2014 I r p II Services Durable Total goods Total durable goods Nondurable Motor vehicles and parts Total nondurable goods Food and beverages purchased for offpremises consumption Gasoline and other energy goods Total services 1 Household consumption expenditures 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 Health care Financial services and insurance Retail sales of new passenger cars and light trucks millions of units Note Because of the formula used for calculating real GDP the chained 2009 dollar estimates for the detailed components do not add to the chained dollar value of GDP or to any intermediate aggregates See Note p 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 r r r r r r r r r June r r July r Aug Sept r r Oct r Nov r Dec 2014 Jan r r Feb r Mar r Apr May r June p Total personal income Total Wages and salaries With inventory valuation and capital consumption adjustments 2 With capital consumption adjustment 3 Consists mainly of social insurance benefits to persons Supplements to wages and salaries Proprietors income 1 Farm Nonfarm Personal income receipts on assets Rental income of persons Total Personal interest income Personal dividend income Personal current transfer receipts Less Contributions for government social insurance domestic Note Data reflect annual revisions released on August 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 r r r r r r r r r Per capita personal consumption expenditures Per capita disposable personal income Current dollars Chained 2009 dollars Dollars Percent Saving change as in real percent per capita of disposable disposable personal personal income income Population including Armed Forces overseas thousands 2 Percent Seasonally adjusted annual rates 2011 I r r II r III r IV 2012 I r r II r III r IV 2013 I r r II r III r IV 2014 I r p II Includes personal consumption expenditures personal interest payments nonmortgage and personal current transfer payments 2 Annual data are averages of quarterly data which are averages for the period 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 p p Crops 3 4 Total The GDP chain type price index is used to convert the current dollar statistics to 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 Forestry and services Direct Government payments Production expenses Net farm income 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 r r r r r I r r II r III r IV r I r II r III r IV r I r II r III r IV I r p II 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 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 r r r I r r II r III r IV 2012 I r r II r III r IV 2013 I r r II r III r IV 2014 I r p II Gross private domestic investment Change in private inventories Nonresidential Total Total Note See p 10 for further detail on fixed investment by type Because of the formula used for calculating real GDP the chained 2009 dollar estimates for the detailed components do not add to the chained dollar value of GDP or to any intermediate aggregates Structures Equipment Intellectual property products Residential Total Nonfarm 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 r r r I r r II r III r IV 2012 I r r II r III r IV 2013 I r r II r III r IV 2014 I r p II Residential Total nonresidential Intellectual property products Information processing equipment Structures Total Computers and peripheral equipment 1 Total Other Industrial Transportation equipequipment ment Total 2 Software Research and development Structures Total residential Total Single family Because computers exhibit rapid changes in prices relative to other prices in the economy the 2 Includes other items not shown separately 3 Research and development investment excludes expenditures for software development chained dollar estimates should not be used to measure the component s relative importance or its contribution to the growth rate of more aggregate series The quantity index for computers can be Note Because of the formula used for calculating real GDP the chained 2009 dollar estimates used to accurately measure the real growth rate of this series For information on this component for the detailed components do not add to the chained dollar value of GDP or to any intermediate see Survey of Current Business Table 5 3 1 for growth rates Table 5 3 2 for contributions and aggregates Table 5 3 3 for quantity indexes 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 facturing sale trade Retail trade TransportaFinance tion Informaand and tion insurwareance housing ProfesReal sional estate scienand tific rental and and technical leasing services Health care and social assistance Other 1 For companies without employees For companies with employees p Includes the following industries Management of companies and enterprises administrative Note Data from Annual Capital Expenditures Industry data are based on the North American and support and waste management educational services arts entertainment and recreation Industry Classification System NAICS accommodation and food services and other services except public administration Also includes Data shown in this table are capital expenditures for both new and used structures and an item for structure and equipment expenditures serving multiple industry categories equipment Source Department of Commerce Bureau of the Census 10 EMPLOYMENT UNEMPLOYMENT AND WAGES Status of the Labor Force In July employment as measured by the household survey rose 131 000 and unemployment rose Thousands of persons 16 years of age and over except as noted monthly data seasonally adjusted except as noted by NSA Period July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Civilian noninstitutional population NSA Civilian employment Civilian labor force Total Men 20 years and over Women 20 years and over Percent 1 Unemployment Both sexes 16 19 years Civilian labor force or employment as percent of civilian noninstitutional population and unemployment as percent of civilian labor force 2 Not strictly comparable with earlier data Total Men 20 years and over Women 20 years and over Both sexes 16 19 years Not in labor force Labor Employ Unemployforce ment participa population ment tion rate ratio rate 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 July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July All civilian workers Men 20 years and over Women 20 years and over Both sexes 16 19 years White Persons who selected this race group only Persons whose ethnicity is identified as Hispanic or Latino may be of any race 12 Black or African American By selected groups Hispanic or Latino ethnicity Asian NSA Married men spouse present Women who maintain families NSA Note Data relate to persons age 16 years and over Source Department of Labor Bureau of Labor Statistics Full time workers Part time workers Selected Measures of Unemployment and Unemployment Insurance Programs In 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 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 July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July 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 Emergency Unemployment Compensation and Federal Additional Compensation r 2 947 r 342 r r Note Data relate to persons age 16 years and over except for insured unemployment and initial claims Source Department of Labor Bureau of Labor Statistics and Employment and Training Administration 13 Nonagricultural Employment Total nonagricultural employment as measured by the payroll survey rose by 209 000 in July Thousands of wage and salary workers 1 monthly data seasonally adjusted Private industries Period July Aug Sept Oct Nov Dec Jan Feb Mar Apr May r June r p July Total nonagricultural employment Goods producing industries Total private Total Construc Manufaction turing Private service providing industries Trade transportation and utilities Total Total Data from the establishment survey Includes all full and part time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period that includes the 12th of the month Excludes proprietors self employed persons unpaid family workers and private household workers Data from the household survey shown on p 11 include those workers and also count persons as employed when they are not at work because of industrial disputes bad weather etc even if they are not paid for the time off In the series shown here persons who work at more than one job are counted each time they appear on a payroll in contrast to the series shown on p 11 where persons are counted only once as employed unemployed or not in the labor force See Employment and Earnings for details 14 Retail trade Information Financial activities Profes Education Leisure sional and and and health business services hospitality services Other services Government Includes mining and logging not shown separately 3 Includes wholesale trade transportation and warehousing and utilities not shown separately Note Data classified by industry based on the 2012 North American Industry Classification System NAICS For details see Employment and Earnings Source Department of Labor Bureau of Labor Statistics Average Weekly Hours Hourly Earnings and Weekly Earnings Private Nonagricultural Industries For production or nonsupervisory workers monthly data seasonally adjusted Average weekly hours Total private nonagricultural 1 Period June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May r June r p July Average gross hourly earnings Total private nonagricultural 1 Manufacturing Total Overtime Current dollars Average gross weekly earnings Total private nonagricultural 1 Manufacturing dollars Current dollars Also includes other private industry groups shown on p 14 2 Current dollar earnings divided by the consumer price index for urban wage earners and cleri Percent change from a year earlier total private nonagricultural Current dollars dollars 2 Manufacturing Construction Retail trade Current dollars dollars Source Department of Labor Bureau of Labor Statistics cal workers CPI W on a base Employment Cost Index Private Industry Index December Period Total compensation Wages and salaries Percent change from 3 months earlier Benefits 1 Total compensation 12 months earlier Wages and salaries Benefits 1 Total compensation Wages and salaries Benefits 1 Not seasonally adjusted 2004 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Seasonally adjusted 2011 Mar June Sept Dec Mar June Sept Dec Mar June Sept Dec Mar June Employer costs for employee benefits Not seasonally adjusted Source Department of Labor Bureau of Labor Statistics Note The employment cost index is a measure of the change in the cost of labor free from the influence of employment shifts among occupations and industries Data exclude farm and household workers 15 Productivity and Related Data Business and Nonfarm Business Sectors Output per hour of all persons Period Business sector Nonfarm business sector Hours of all persons 2 Output 1 Business sector Nonfarm business sector Business sector Compensation per hour 3 Nonfarm business sector Business sector Nonfarm business sector Real compensation per hour 4 Business sector Nonfarm business sector Unit labor costs Implicit price deflator 5 Business sector Nonfarm business sector Business sector Nonfarm business sector Indexes quarterly data seasonally adjusted I II III IV I II III IV I II III IV I II III IV I Percent change quarterly data at seasonally adjusted annual rates I II III IV I II III IV I II III IV I II III IV I Output refers to real gross domestic product originating in the sector 2 Hours of all persons engaged in the sector including hours of proprietors and unpaid family workers Estimates based primarily on establishment data 3 Wages and salaries of employees plus employers contributions for social insurance and private benefit plans Also includes an estimate of wages salaries and supplemental payments for the self employed 4 Hourly compensation divided by the consumer price index for all urban consumers CPI U for recent quarters The trend from is based on the consumer price index research series CPI U RS 5 Current dollar gross domestic output divided by the output index Note Data relate to all persons engaged in the sector Percent changes are from preceding period and are based on original data they therefore may differ slightly from percent changes based on indexes shown here Data based on GDP data released on May 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 June July Aug Sept Oct Nov Dec Jan r r Feb r Mar r Apr May r June p Industry production indexes Percent change 2 Index From preceding month Capacity utilization rate output as percent of capacity 1 Manufacturing From year earlier Total 1 Durable Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System NAICS plus those industries logging and newspaper periodical book and directory publishing that have traditionally been included in manufacturing 2 Percent changes based on unrounded indexes Nondurable Other non NAICS Mining Utilities Total industry Total manufacturing Note Data based on NAICS except series as defined in footnote 1 Source Board of Governors of the Federal Reserve System 17 Industrial Production Major Market Groups and Selected Manufactures monthly data seasonally adjusted Products and nonindustrial supplies Materials Final products Consumer goods Period Total June July Aug Sept Oct Nov Dec Jan r r Feb r Mar r Apr May r June p Nonindustrial supplies Total Durable goods Equipment Nondurable goods Total Business Defense and space Total Construction Business Total Energy Includes other items not shown separately monthly data seasonally adjusted Durable manufactures Computer and electronic products Primary metals Period Total June July Aug Sept Oct Nov Dec Jan r r Feb r Mar r Apr May r June p Iron and steel products Fabricated metal products Machinery Total Computers and peripheral equipment communications equipment and semiconductors and related electronic components 18 Nondurable manufactures Selected high technology Transportation equipment Total Motor vehicles and parts Apparel Printing and support Source Board of Governors of the Federal Reserve System Chemical Food New Construction Billions of dollars monthly data at seasonally adjusted annual rates Private Period June July Aug Sept Oct Nov Dec Jan Feb Mar r Apr May r June p Total new construction expenditures Residential Total New housing Total Federal and State and local Nonresidential Total Lodging Includes residential improvements not shown separately 2 Includes health care educational communication and power among other categories not Commercial including farm Office Manufacturing Other New houses sold New houses for sale at end of period Source Department of Commerce Bureau of the Census shown separately New Private Housing and Vacancy Rates Thousands of units or houses except as noted New housing units authorized 2 New housing units started Type of structure Period Total unit Type of structure 2 4 units units or more Total unit units 5 units or more New housing units completed Vacancy rate for rental housing units percent Seasonally adjusted annual rates 2013 June July Aug Sept Oct Nov Dec Jan Feb r Mar r Apr May r June p 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 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 May r r June July Aug Sept Oct Nov Dec Jan Feb Mar r Apr p May 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 r 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 r 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 June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May r June p Annual data are averages of monthly not seasonally adjusted figures monthly data are seasonally adjusted totals for month Shipments are the same as sales 2 Seasonally adjusted end of period 3 Annual data are averages of seasonally adjusted monthly ratios Note Manufacturers nondurable new orders not shown are the same as nondurable shipments Also there are no unfilled nondurable orders data shown for total unfilled orders are durable unfilled orders Total and durable shipments and inventories include data on semiconductors new and unfilled orders do not Source Department of Commerce Bureau of the Census 21 PRICES Producer Prices The producer price index for final demand rose 0 4 percent in June Prices for final demand goods rose 0 5 percent and prices for final demand services rose 0 3 percent November except as noted monthly data seasonally adjusted Final demand goods Period Rel imp June July Aug Sept Oct Nov Dec Jan r Feb Mar Apr May June Total final demand Final demand services Total Foods 2 Energy Less food and energy Total Trade 3 Transportation and warehousing Other Includes final demand construction not shown separately 2 Does not include food and beverages for immediate consumption which are defined as the service of preparing meals snacks and beverages to customer order for immediate on premises and off premises consumption 3 Trade indexes measure changes in margins received by wholesalers and retailers 4 Relative importance December Processed goods Unprocessed goods for Final for intermediate intermediate demand demand demand less Services foods for energy intermediLess Nonfood and ate food materials demand trade Total and Total less Aug 2013 energy energy Note With the release of data for January 2014 Bureau of Labor Statistics transitioned from the Stage of Processing SOP to the Final Demand Intermediate Demand FD ID aggregation system The FD ID system expands coverage in its aggregate measures beyond that of the SOP system through the addition of services construction exports and government purchases For details see Producer Price Index release dated February Source Department of Labor Bureau of Labor Statistics Consumer Prices All Urban Consumers In 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 except as noted monthly data seasonally adjusted except as noted by NSA All items Period Rel imp June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June Not seasonally Seasonally adjusted adjusted NSA All items less food and energy Total Shelter Medical care Apparel Includes other items not shown separately 2 Commodities and services 3 Household energy electricity utility piped gas service fuel oil etc and motor fuel 4 Chained consumer price index C CPI U reflects the effect of substitution that consumers make Energy 3 Food New vehicles Total 1 At home Away from home Total Gasoline C CPI U NSA 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 Change month to month 2013 June July Aug Sept Oct Nov Dec Jan r Feb r Mar Apr May June Includes final demand construction not shown separately Source Department of Labor Bureau of Labor Statistics Note See Note p 22 Changes in Consumer Prices All Urban Consumers Percent change from preceding period monthly data seasonally adjusted except as noted by NSA All items less food and energy Period All items 1 Total 1 Shelter Medical care 2 Apparel New vehicles Total 1 At home Addendum All items percent change annual rate Energy 3 Food Away from home Total 1 Gasoline C CPI U NSA 4 From previous quarter 5 From 3 months earlier From 6 months earlier From year earlier NSA Change December to December NSA Change month to month 2013 June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June 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 not seasonally adjusted Prices received by farmers Period r July r Aug Sept r Oct r Nov Dec Jan r Feb Mar r Apr May r June r p July All farm products 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 Prices paid by farmers Production items interest taxes and wage rates Ratio 2 Production items Note The official indexes are published on a base as required by law The indexes have been converted to a 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 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec r June r July r Aug Sept r r Oct r Nov r Dec 2014 Jan r r Feb r Mar r Apr May r June M2 Sum of currency demand deposits travelers checks and other checkable deposits OCDs Debt M1 plus retail MMMF balances savings deposits including MMDAs and small time deposits 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 Percent change From year or 6 months earlier 2 M1 From previous period 3 M Debt Annual changes are from fourth quarter to fourth quarter Quarterly changes are from previous quarter at an annual rate Note See p 27 for components Source Board of Governors of the Federal Reserve System Components of Money Stock Averages of daily figures billions of dollars seasonally adjusted Period Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec r June r r July r Aug Sept r r Oct r Nov r Dec 2014 Jan r r Feb r Mar r Apr May r June Currency Nonbank travelers checks Other checkable deposits OCDs Demand deposits At commercial banks Total Savings deposits 1 At thrift institutions Savings deposits including money market deposit accounts MMDAs 2 Small denomination deposits are those issued in amounts of less than Total At commercial banks Small denomination time deposits 2 At thrift institutions At commercial banks Total Retail money funds At thrift institutions Institutional money funds Institutional money funds are not part of non M1 M2 Source Board of Governors of the Federal Reserve System Aggregate Reserves and Monetary Base Averages of daily figures 1 millions of dollars not seasonally adjusted Reserves of depository institutions Reserve balances maintained Period Total Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June To satisfy reserve balance requirements 2 That exceed the top of the penalty free band Reserve balance requirements Borrowings from the Federal Reserve Vault cash used to satisfy required reserves Data are prorated averages of biweekly maintenance period averages of daily figures 2 Equals the sum of balances maintained up to the top of each institution s penalty free band 3 Excludes vault cash used to satisfy required reserves 4 The amount of vault cash held by institutions whose required reserves exceed their vault Nonborrowed Monetary base Total Primary Secondary Seasonal Term assetbacked securities loan facility Includes term auction credit December 2007 to April 2010 primary dealer and other brokerdealer credit March 2008 to February 2010 credit extended to American International Group Inc September 2008 to January 2011 asset backed commercial paper money market mutual fund liquidity facility September 2008 to February 2010 and other credit extensions not shown separately 8 Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset Backed Securities Loan Facility cash plus the amount of vault cash applied during the maintenance period to satisfy current reserve requirements by institutions whose vault cash exceeds their required reserves 5 Total reserve balances maintained plus vault cash used to satisfy required reserves less total Note Data on reserve balances maintained reflect the creation of a penalty free band acround borrowings from the Federal Reserve reserve balance requirements which took effect on June For more information on table 6 Equals total balances maintained plus currency in circulation not shown changes see H 3 release of July Source Board of Governors of the Federal Reserve System 27 Bank Credit at All Commercial Banks Total commercial bank loans and leases rose 0 8 percent in June Billions of dollars seasonally adjusted 1 Securities in bank credit 2 Period Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec June July Aug Sept Oct Nov Dec Jan Feb r Mar r Apr May r June Total bank credit Total securities U S Treasury and agency securities Loans and leases in bank credit Real estate loans Other securities Total loans and leases Data are prorated averages of Wednesday values for domestically chartered commercial banks branches and agencies of foreign banks and Edge Act and agreement corporations 2 Includes securities held in trading accounts held to maturity and available for sale Excludes all non security trading assets such as derivatives with a positive fair value or loans held in trading accounts 3 Excludes unearned income Includes the allowance for loan and lease losses Excludes Federal funds sold to reverse repurchase agreements RPs with and loans to commercial banks in the United States Includes all loans held in trading accounts under a fair value option 28 Commercial and industrial loans Total Revolving home equity loans Commercial loans Includes closed end residential loans not shown separately 5 Includes credit cards and other consumer loans 6 Includes other items not shown separately Source Board of Governors of the Federal Reserve System Consumer loans Other loans and leases Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business Billions of dollars quarterly data at seasonally adjusted annual rates Sources Uses External Net increase in liabilities Funds raised in markets Period Total I II III IV I II III IV I p Internal Total net funds raised Total Net new equity issues Credit market instruments Securities and mortgages Total Loans and short term paper Profits before tax book less taxes on corporate income less net dividends plus capital consumption allowance consumption of fixed capital plus capital consumption adjustment foreign earnings retained abroad inventory valuation adjustment and net capital transfers 2 Includes trade payables taxes payable and miscellaneous liabilities foreign direct investment in the U S pension fund contributions payable and other Other Total Capital expenditures Increase in financial assets Discrepancy sources less uses Nonresidential fixed investment plus residential fixed investment inventory change with inventory valuation adjustment and nonproduced nonfinancial assets Source Board of Governors of the Federal Reserve System Consumer Credit Billions of dollars seasonally adjusted Net change in consumer credit outstanding 1 Consumer credit outstanding end of period Period Total 2004 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec r May r June r r July r Aug Sept r r Oct r Nov r Dec 2014 Jan r r Feb r Mar r Apr May p Nonrevolving 2 Revolving Total Nonrevolving 2 Revolving Change based on data in billions of dollars as shown here For year end data change from Note Data include student loans extended by the Federal Government and by SLM Holding preceding year end for monthly data change from preceding month Corporation 2 Includes automobile loans and all other loans not included in revolving credit such as loans for Source Board of Governors of the Federal Reserve System mobile homes education boats trailers or vacations These loans may be secured or unsecured 29 Interest Rates and Bond Yields Interest rates were mixed in July Percent per annum U S Treasury security yields Period July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Week ended July Aug 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 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 Daily effective rate weighted average of rates on brokered trades 7 Effective rate in the primary market on conventional mortgages reflecting fees and charges as well as contract rate and assumed on the average repayment at end of 10 years Discount rate adjustment credit series was discontinued after January Series for 30 year constant maturity was discontinued on February and reintroduced on February Sources Department of the Treasury Board of Governors of the Federal Reserve System Federal Housing Finance Agency Moody s Investors Service and Standard Poor s Common Stock Prices and Yields Stock prices were mixed in July Common stock yields percent 7 Common stock prices 1 New York Stock Exchange indexes December Period Composite July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Week ended July 5 c Aug Financial Energy Health Care Dow Jones industrial average 4 Standard Poor s composite index Nasdaq composite index Feb Dividend price ratio Earnings price ratio Annual data are averages of monthly figures Monthly and weekly data are averages of daily 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 estimates r estimates r Cumulative total first 9 months 1 Fiscal year Fiscal year 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 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 Other data except as noted are from Budget of the United States Government Fiscal Year 2015 issued March 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 estimates r estimates r Cumulative total first 9 months 1 Fiscal year Fiscal year On budget and off budget outlays National defense Indi Corporavidual tion income income taxes taxes Social insurance and retirement receipts Total Other 1 Data from current issue Monthly Treasury Statement Data for Department of Defense military include a small amount that is classified and listed under international affairs and not included in national defense Total Total Depart Internament tional of affairs Defense military Health Medicare Income Social Net security security interest Other Note Data for fiscal year 2014 and fiscal year 2015 are from Mid Session Review Budget of the U S Government Fiscal Year 2015 issued July Other data except as noted are from Budget of the United States Government Fiscal Year 2015 issued March 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 r r r r r r r r r r I r II r III r IV I r r II r III 1 633 5 r IV I r r II 1 789 2 r III 1 814 5 r IV I r p II Contributions for Income Taxes govern receipts Taxes Personal on ment on on current production corporate social assets taxes and insurincome imports ance Includes taxes from the rest of the world not shown separately 2 Includes an item for the difference between wage accruals and disbursements not shown separately Current transfer receipts Current surplus of government enterprises Total ConCurrent sumption transfer Interest Subsidies expendipaypayments tures ments Includes Federal grants in aid to State and local governments not shown separately 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 seasonally adjusted Period United States Canada Japan France Germany Consumer prices NSA United Kingdom Italy United States 1 Canada Japan France Germany r r May June r r July r Aug r Sept r Oct r Nov r Dec Jan r r Feb r Mar r Apr r May June p p July 1 Data relate to all urban consumers Italy United Kingdom Sources As reported by each country Board of Governors of the Federal Reserve System and Department of Labor Bureau of Labor Statistics Note See Note p 17 for information on U S industrial production series U S International Trade in Goods and Services Billions of dollars monthly data seasonally adjusted Goods Exports f a s value Census basis by end use category Period May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May p BOP basis IndusFoods trial Total feeds supCensus and plies basis 1 bever and ages materials Balance of trade exports minus imports Census basis by end use category Auto ConCapital motive sumer vegoods goods except hicles nonauto parts food motive and except enautogines motive Services BOP basis Goods Imports customs value BOP basis IndusFoods trial Total feeds supCensus and plies basis 1 bever and ages materials Total includes other exports or imports not shown separately BOP basis Auto ConCapital motive sumer vegoods Exports goods except hicles nonauto parts food motive and except enautogines motive Imports Goods Census basis Goods Services Goods and services Source Department of Commerce Bureau of the Census and Bureau of Economic Analysis Note BOP refers to balance of payments on international transactions basis BOP data shown here are consistent with figures shown on pp 36 and U S International Transactions In the 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 Services Exports I II III IV I II III IV I II III IV I p Imports Balance on goods Exports Imports Balance on services Balance on goods and services Primary income receipts and payments Receipts Payments Balance on primary income Balance on secondary Income Balance on current account Current account balance as a percentage of GDP Current and capital account statistics in the international transactions accounts differ slightly 2 Adjusted from Census data to align with concepts and definitions used to prepare the interfrom statistics in the National Income and Product Accounts NIPAs because of adjustments made national and national economic accounts The adjustments are necessary to supplement coverage to convert the international statistics to national accounting concepts A reconciliation can be of Census data to eliminate duplication of transactions recorded elsewhere in the international found in NIPA table 4 3B accounts to value transactions according to a standard definition and for earlier years to record transactions in the appropriate period 3 Includes U S government and private transfers such as U S government grants and pensions fines and penalties withholding taxes personal transfers insurance related transfers and other current transfers 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 I II III IV I II III IV I II III IV I p Direct investment assets Portfolio investment assets Other investment assets Net U S incurrence of liabilities excluding financial derivatives net increase in liabilities financial inflow Reserve assets 4 Total Consists of monetary gold special drawing rights SDRs the U S reserve position in the International Monetary Fund IMF and other reserve assets including foreign currencies 5 Net lending means that U S residents are net suppliers of funds to foreign residents and net borrowing means the opposite Direct investment liabilities Portfolio investment liabilities Other investment liabilities Financial derivatives other than reserves net transactions Net lending or net borrowing from financial acount transactions U S official reserve assets Statistical net discrep unadancy justed end of period Sources Department of Commerce Bureau of Economic Analysis Department of the Treasury and the Board of Governors of the Federal Reserve System 37 CONTENTS TOTAL OUTPUT INCOME AND SPENDING Page Gross Domestic Product Real Gross Domestic Product Chained Price Indexes For Gross Domestic Product Gross Domestic Product and Related Price Measures Indexes and Percent Changes Nonfinancial Corporate Business Gross Value Added and Price Costs and Profits National Income Real Personal Consumption Expenditures Sources of Personal Income Disposition of Personal Income Real Farm Income Corporate Profits Real Gross Private Domestic Investment Real Private Fixed Investment by Type Business Investment EMPLOYMENT UNEMPLOYMENT AND WAGES Status of the Labor Force Selected Unemployment Rates Selected Measures of Unemployment and Unemployment Insurance Programs Nonagricultural Employment Average Weekly Hours Hourly Earnings and Weekly Earnings Private Nonagricultural Industries Employment Cost Index Private Industry Productivity and Related Data Business and Nonfarm Business Sectors PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial Production Major Market Groups and Selected Manufactures New Construction New Private Housing and Vacancy Rates Business Sales and Inventories Manufacturing and Trade Manufacturers Shipments Inventories and Orders PRICES Producer Prices Consumer Prices All Urban Consumers Changes in Producer Prices Changes in Consumer Prices All Urban Consumers Prices Received and Paid by Farmers MONEY CREDIT AND SECURITY MARKETS Money Stock and Debt Measures Components of Money Stock Aggregate Reserves and Monetary Base Bank Credit at All Commercial Banks Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business Consumer Credit Interest Rates and Bond Yields Common Stock Prices and Yields FEDERAL FINANCE Federal Receipts Outlays and Debt Federal Receipts by Source and Outlays by Function Federal Sector National Income Accounts Basis INTERNATIONAL STATISTICS Industrial Production and Consumer Prices Major Industrial Countries U S International Trade in Goods and Services U S International Transactions General Notes Detail in these tables may not add to totals because of rounding Unless otherwise noted all dollar figures are in current dollars Symbols used p Preliminary r Revised c Corrected Not available also not applicable NSA Not seasonally adjusted 38 U S GOVERNMENT PRINTING OFFICE

Employment Cost Index, Private Industry

DATE: July 2014

PART OF:

Economic Indicators : July 2014

AUTHOR:

Council of Economic Advisers (U.S.)

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Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "Employment Cost Index, Private Industry," in Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "July 2014," Economic Indicators (July 2014) : 17-17. https://fraser.stlouisfed.org/title/1/item/677/toc/411002 , accessed on December 7, 2019.

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Economic Data