Full text of Economic Indicators : April 2018
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115th Congress, 2nd Session Economic Indicators APRIL 2018 (Includes data available as of May 4, 2018) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PUBLISHING OFFICE WASHINGTON : 2018 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) Representative Erik Paulsen, Minnesota, Chairman Senator Mike Lee, Utah, Vice Chairman House of Representatives David Schweikert, Arizona Barbara Comstock, Virginia Darin LaHood, Illinois Francis Rooney, Florida Karen Handel, Georgia Carolyn B. Maloney, New York John Delaney, Maryland Alma S. Adams, Ph.D., North Carolina Donald S. Beyer, Jr., Virginia Senate Tom Cotton, Arkansas Ben Sasse, Nebraska Rob Portman, Ohio Ted Cruz, Texas Bill Cassidy, M.D., Louisiana Martin Heinrich, New Mexico, Ranking Amy Klobuchar, Minnesota Gary Peters, Michigan Margaret Wood Hassan, New Hampshire Colin Brainard, Executive Director COUNCIL OF ECONOMIC ADVISERS Kevin A. Hassett, Chairman Richard V. Burkhauser, Member Tomas J. Philipson, 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 Publishing Office at 202-512-1800, www.gpo.gov/economicindicators, or: SUPERINTENDENT OF DOCUMENTS U.S. GOVERNMENT PUBLISHING OFFICE MAIL STOP: IDCC WASHINGTON, DC 20402-9328 ii TOTAL OUTPUT, INCOME, AND SPENDING Gross Domestic Product In the first quarter of 2018, according to advance estimates, real gross domestic product (GDP) in chained (2009) dollars rose 2.3 percent (annual rate), current dollar GDP rose 4.3 percent, and the chained price index rose 2.0 percent. BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE) 20,400 20,400 SEASONALLY ADJUSTED ANNUAL RATES 20,000 20,000 19,600 19,600 19,200 19,200 18,800 18,800 18,400 18,400 18,000 18,000 17,600 17,600 GDP IN CURRENT DOLLARS 17,200 17,200 16,800 16,800 16,400 16,400 16,000 16,000 15,600 15,600 GDP IN CHAINED (2009) DOLLARS 15,200 15,200 14,800 14,800 14,400 14,400 14,000 14,000 2009 2010 2011 2012 2013 2014 2015 2016 SOURCE: DEPARTMENT OF COMMERCE 2017 2018 COUNCIL OF ECONOMIC ADVISERS [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2015: I ���������������� II ��������������� III �������������� IV �������������� 2016: I ���������������� II ��������������� III �������������� IV �������������� 2017: I ���������������� II ��������������� III �������������� IV �������������� 2018: I p �������������� Gross domestic product 14,718.6 14,418.7 14,964.4 15,517.9 16,155.3 16,691.5 17,427.6 18,120.7 18,624.5 19,390.6 17,874.7 18,093.2 18,227.7 18,287.2 18,325.2 18,538.0 18,729.1 18,905.5 19,057.7 19,250.0 19,500.6 19,754.1 19,965.3 Personal consumption expenditures Gross private domestic investment 10,013.6 9,847.0 10,202.2 10,689.3 11,050.6 11,361.2 11,863.7 12,332.3 12,820.7 13,395.5 12,142.2 12,284.2 12,407.8 12,494.9 12,571.5 12,755.0 12,899.4 13,056.9 13,191.6 13,307.0 13,429.1 13,654.3 13,782.3 2,424.8 1,878.1 2,100.8 2,239.9 2,511.7 2,706.3 2,916.4 3,093.6 3,057.2 3,212.8 3,094.6 3,096.3 3,115.7 3,067.7 3,031.6 3,023.1 3,048.0 3,126.2 3,128.7 3,178.1 3,249.2 3,295.3 3,377.2 Exports and imports of goods and services Net exports –723.1 –395.4 –512.7 –580.0 –565.7 –492.0 –509.5 –524.0 –521.2 –571.6 –538.2 –507.1 –530.8 –520.1 –526.2 –501.6 –492.8 –564.3 –582.8 –567.2 –534.1 –602.0 –637.6 Federal Exports 1,841.9 1,587.7 1,852.3 2,106.4 2,198.2 2,276.6 2,373.6 2,264.9 2,214.6 2,344.0 2,289.0 2,303.9 2,256.6 2,210.1 2,166.5 2,201.8 2,248.4 2,241.5 2,295.6 2,314.9 2,345.9 2,419.6 2,471.8 Imports 2,565.0 1,983.2 2,365.0 2,686.4 2,763.8 2,768.6 2,883.2 2,789.0 2,735.8 2,915.6 2,827.3 2,811.0 2,787.4 2,730.2 2,692.8 2,703.4 2,741.3 2,805.8 2,878.4 2,882.1 2,880.1 3,021.6 3,109.4 Chart 1 - Apr 2018 Government consumption expenditures and gross investment Total 3,003.2 3,089.1 3,174.0 3,168.7 3,158.6 3,116.1 3,157.0 3,218.9 3,267.8 3,353.8 3,176.2 3,219.8 3,235.0 3,244.7 3,248.3 3,261.5 3,274.6 3,286.8 3,320.2 3,332.1 3,356.5 3,406.6 3,443.5 Total 1,155.6 1,217.7 1,303.9 1,303.5 1,292.5 1,229.5 1,218.1 1,224.0 1,231.5 1,260.7 1,218.7 1,224.9 1,222.6 1,229.9 1,227.9 1,228.2 1,234.6 1,235.4 1,244.3 1,255.8 1,263.5 1,278.9 1,297.1 National defense Nondefense 754.1 788.3 832.8 836.9 817.8 767.0 745.6 731.6 728.9 744.4 731.7 735.0 726.8 732.8 728.9 726.9 732.3 727.6 730.2 741.4 746.7 759.4 769.3 401.5 429.4 471.1 466.5 474.7 462.5 472.5 492.4 502.6 516.2 487.0 489.9 495.8 497.1 499.0 501.3 502.3 507.8 514.1 514.5 516.9 519.5 527.8 State and local 1,847.6 1,871.4 1,870.2 1,865.3 1,866.1 1,886.6 1,938.9 1,994.9 2,036.3 2,093.2 1,957.5 1,994.8 2,012.5 2,014.8 2,020.4 2,033.3 2,040.0 2,051.4 2,075.9 2,076.2 2,092.9 2,127.7 2,146.4 Final Addendum: Gross sales of Gross domestic domestic purchases national 1 product product 14,750.6 14,566.3 14,902.8 15,476.2 16,093.5 16,599.1 17,349.6 18,008.8 18,589.4 19,374.9 17,726.1 17,975.1 18,122.0 18,211.8 18,283.0 18,525.9 18,712.7 18,836.1 19,057.8 19,245.2 19,458.7 19,738.1 19,928.6 15,441.6 14,890.6 14,814.2 14,569.8 15,477.0 15,170.3 16,097.9 15,764.6 16,720.9 16,392.8 17,183.5 16,935.8 17,937.1 17,662.1 18,644.8 18,325.2 19,145.7 18,821.6 19,962.2 19,607.4 18,412.9 18,091.6 18,600.3 18,285.9 18,758.5 18,419.3 18,807.3 18,504.1 18,851.4 18,501.3 19,039.6 18,733.0 19,222.0 18,917.5 19,469.9 19,134.5 19,640.5 19,272.0 19,817.2 19,452.4 20,034.8 19,728.9 20,356.1 19,976.4 20,603.0 ����������������� 1 GDP less exports of goods and services plus imports of goods and services. Source: Department of Commerce (Bureau of Economic Analysis). 1 Real Gross Domestic Product [Billions of chained (2009) dollars; quarterly data at seasonally adjusted annual rates] Period 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2015: I ���������������� II ��������������� III �������������� IV �������������� 2016: I ���������������� II ��������������� III �������������� IV �������������� 2017: I ���������������� II ��������������� III �������������� IV �������������� 2018: I p �������������� Gross private domestic investment Personal Gross conChange domestic sumption Nonresi- Resiin product expendi- dential dential fixed fixed private tures investinvestinvenment ment tories 14,830.4 14,418.7 14,783.8 15,020.6 15,354.6 15,612.2 16,013.3 16,471.5 16,716.2 17,096.2 16,350.0 16,460.9 16,527.6 16,547.6 16,571.6 16,663.5 16,778.1 16,851.4 16,903.2 17,031.1 17,163.9 17,286.5 17,385.8 10,007.2 9,847.0 10,036.3 10,263.5 10,413.2 10,565.4 10,868.4 11,264.3 11,572.1 11,890.7 11,145.3 11,227.9 11,304.6 11,379.3 11,430.5 11,537.7 11,618.1 11,702.1 11,758.0 11,853.0 11,916.6 12,035.2 12,066.8 1,934.4 1,633.4 1,673.8 1,802.3 1,964.1 2,032.9 2,172.7 2,223.5 2,210.4 2,314.2 2,214.7 2,230.7 2,238.8 2,209.9 2,187.5 2,205.3 2,224.0 2,224.9 2,263.6 2,300.6 2,326.9 2,365.7 2,400.8 497.7 392.2 382.4 384.5 436.5 488.3 505.2 556.9 587.4 597.9 536.1 551.1 565.2 575.3 593.7 586.5 579.8 589.8 605.5 594.1 587.0 604.9 605.0 –33.7 –147.6 58.2 37.6 54.7 78.7 67.8 100.5 33.4 15.2 132.2 105.6 96.2 68.2 40.6 12.2 17.6 63.1 1.2 5.5 38.5 15.6 33.1 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports Exports Imports Total –557.8 –395.4 –458.8 –459.4 –447.1 –404.9 –427.7 –545.3 –586.3 –621.8 –524.1 –526.2 –559.3 –571.5 –584.2 –572.4 –557.3 –631.1 –622.2 –613.6 –597.5 –653.9 –645.9 1,740.8 1,587.7 1,776.6 1,898.3 1,963.2 2,031.5 2,118.4 2,127.1 2,120.1 2,191.4 2,126.4 2,145.8 2,124.1 2,111.9 2,098.1 2,112.5 2,145.3 2,124.4 2,162.3 2,181.1 2,192.4 2,229.8 2,256.3 2,298.6 1,983.2 2,235.4 2,357.7 2,410.2 2,436.4 2,546.1 2,672.4 2,706.3 2,813.2 2,650.5 2,672.0 2,683.4 2,683.5 2,682.3 2,684.9 2,702.6 2,755.5 2,784.5 2,794.8 2,790.0 2,883.7 2,902.2 2,994.8 3,089.1 3,091.4 2,997.4 2,941.6 2,857.6 2,839.1 2,878.5 2,900.2 2,903.3 2,855.7 2,879.9 2,888.3 2,890.2 2,903.2 2,896.3 2,899.9 2,901.2 2,896.6 2,895.2 2,900.0 2,921.5 2,930.0 National Nondefense defense Total 1,152.3 1,217.7 1,270.7 1,236.4 1,213.5 1,142.8 1,115.0 1,114.1 1,114.6 1,116.4 1,110.3 1,115.1 1,112.0 1,118.9 1,114.6 1,112.1 1,116.5 1,115.2 1,108.4 1,113.7 1,117.4 1,126.2 1,131.0 748.1 788.3 813.5 795.0 768.2 715.7 686.8 672.0 667.0 668.6 671.8 675.2 667.4 673.4 668.9 665.4 669.6 664.1 658.6 666.2 670.2 679.2 682.3 404.2 429.4 457.1 441.4 445.3 427.0 427.9 441.6 447.0 447.2 438.0 439.5 444.0 445.0 445.1 446.1 446.4 450.3 449.0 446.9 446.6 446.5 448.3 AddenFinal Gross dum: sales of domestic Gross domestic purchases 1 national product product State and local 1,842.4 1,871.4 1,820.8 1,761.0 1,728.1 1,714.1 1,723.0 1,762.8 1,783.6 1,785.0 1,743.9 1,763.1 1,774.4 1,769.7 1,786.6 1,782.3 1,781.6 1,784.1 1,786.2 1,779.6 1,780.7 1,793.5 1,797.2 14,865.7 14,566.3 14,722.2 14,979.0 15,292.3 15,521.1 15,932.9 16,354.3 16,664.1 17,062.0 16,202.3 16,338.6 16,414.1 16,462.1 16,512.7 16,632.6 16,741.1 16,770.0 16,883.5 17,006.6 17,106.3 17,251.6 17,332.3 15,399.9 15,004.8 14,814.2 14,569.8 15,244.9 14,970.8 15,483.9 15,241.0 15,804.3 15,562.1 16,016.9 15,822.2 16,441.8 16,211.5 17,017.2 16,642.8 17,301.6 16,879.0 17,714.6 17,275.3 16,875.2 16,533.7 16,988.0 16,621.7 17,086.9 16,686.7 17,118.7 16,729.2 17,154.8 16,717.1 17,236.2 16,825.0 17,336.7 16,932.8 17,478.6 17,041.1 17,521.6 17,081.0 17,641.8 17,198.0 17,760.4 17,352.8 17,934.4 17,469.2 18,026.1 �������������� 1 GDP less exports of goods and services plus imports of goods and services. Note: Because of the formula used for calculating real GDP, the chained (2009) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce (Bureau of Economic Analysis). Chained Price Indexes For Gross Domestic Product [Index numbers, 2009=100; quarterly data are seasonally adjusted] Period 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2015: I ���������������� II ��������������� III �������������� IV �������������� 2016: I ���������������� II ��������������� III �������������� IV �������������� 2017: I ���������������� II ��������������� III �������������� IV �������������� 2018: I p �������������� Gross domestic product 99.218 100.000 101.226 103.315 105.220 106.917 108.839 110.012 111.419 113.425 109.322 109.921 110.298 110.507 110.588 111.257 111.641 112.190 112.752 113.037 113.626 114.285 114.847 Personal consumption expenditures Total 100.065 100.000 101.653 104.149 106.121 107.532 109.157 109.481 110.789 112.657 108.947 109.410 109.761 109.807 109.985 110.555 111.034 111.583 112.198 112.273 112.699 113.459 114.222 Goods Services 102.362 100.000 101.637 105.413 106.701 106.116 105.780 102.695 101.209 101.561 102.786 103.051 102.912 102.030 101.161 101.217 101.067 101.392 102.062 101.127 101.307 101.748 102.247 Source: Department of Commerce (Bureau of Economic Analysis). 2 Gross private domestic investment 98.947 100.000 101.661 103.524 105.840 108.276 110.929 113.065 115.878 118.570 112.195 112.763 113.378 113.923 114.665 115.512 116.332 117.002 117.585 118.213 118.773 119.708 120.617 Nonresidential fixed 100.337 100.000 99.070 100.545 102.216 103.023 104.399 105.069 104.790 105.844 105.143 105.045 105.122 104.967 104.739 104.801 104.726 104.893 105.292 105.780 106.079 106.227 106.565 Residential fixed 103.647 100.000 99.645 100.395 101.324 106.393 112.854 115.883 120.157 125.028 115.204 115.239 116.174 116.918 117.609 119.293 121.144 122.580 123.102 124.503 125.862 126.646 129.262 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Exports 105.809 100.000 104.263 110.960 111.970 112.064 112.051 106.481 104.458 106.956 107.651 107.376 106.245 104.654 103.269 104.233 104.813 105.516 106.168 106.136 107.006 108.515 109.554 Imports 111.588 100.000 105.800 113.942 114.671 113.634 113.240 104.364 101.090 103.635 106.653 105.193 103.869 101.739 100.393 100.693 101.439 101.835 103.381 103.134 103.238 104.789 107.149 Total 100.286 100.000 102.614 105.422 106.512 107.581 109.252 109.866 110.488 112.917 109.765 109.845 109.939 109.916 110.162 110.438 110.571 110.782 112.266 112.763 113.078 113.561 114.688 National defense 100.809 100.000 102.365 105.274 106.466 107.167 108.560 108.872 109.285 111.344 108.919 108.857 108.890 108.821 108.977 109.235 109.368 109.562 110.882 111.280 111.403 111.811 112.754 Nondefense 99.321 100.000 103.064 105.691 106.600 108.296 110.424 111.511 112.448 115.428 111.180 111.481 111.669 111.713 112.095 112.397 112.532 112.768 114.494 115.139 115.740 116.339 117.746 State and local 100.279 100.000 102.714 105.923 107.985 110.063 112.533 113.168 114.164 117.260 112.250 113.147 113.421 113.854 113.087 114.083 114.506 114.979 116.220 116.664 117.530 118.628 119.427 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 2008 ���������������������� 2009 ���������������������� 2010 ���������������������� 2011 ���������������������� 2012 ���������������������� 2013 ���������������������� 2014 ���������������������� 2015 ���������������������� 2016 ���������������������� 2017 ���������������������� 2015: I ������������������ II ����������������� III ���������������� IV ���������������� 2016: I ������������������ II ����������������� III ���������������� IV ���������������� 2017: I ������������������ II ����������������� III ���������������� IV ���������������� 2018: I p ���������������� Real GDP GDP (chain-type chain-type quantity price index) index 102.855 100.000 102.532 104.174 106.491 108.277 111.059 114.237 115.934 118.569 113.394 114.163 114.626 114.765 114.931 115.568 116.363 116.872 117.231 118.118 119.039 119.889 120.578 GDP implicit price deflator 99.218 100.000 101.226 103.315 105.220 106.917 108.839 110.012 111.419 113.425 109.322 109.921 110.298 110.507 110.588 111.257 111.641 112.190 112.752 113.037 113.626 114.285 114.847 PCE PCE less food (chain-type and price index) priceenergy index 99.246 100.000 101.221 103.311 105.214 106.913 108.832 110.012 111.416 113.421 109.326 109.916 110.286 110.513 110.582 111.249 111.628 112.190 112.746 113.029 113.614 114.275 114.837 100.065 100.000 101.653 104.149 106.121 107.532 109.157 109.481 110.789 112.657 108.947 109.410 109.761 109.807 109.985 110.555 111.034 111.583 112.198 112.273 112.699 113.459 114.222 98.827 100.000 101.286 102.800 104.741 106.323 108.021 109.453 111.391 113.106 108.820 109.273 109.689 110.030 110.613 111.157 111.710 112.084 112.590 112.847 113.222 113.765 114.460 Personal consumption expenditures (PCE) Gross domestic product (GDP) Gross domestic purchases price index 100.244 100.000 101.527 103.970 105.805 107.287 109.101 109.564 110.661 112.693 109.109 109.495 109.794 109.858 109.896 110.470 110.887 111.393 112.100 112.340 112.818 113.513 114.305 GDP (current dollars) Real GDP GDP (chain-type chain-type quantity price index) index 1.7 –2.0 3.8 3.7 4.1 3.3 4.4 4.0 2.8 4.1 3.2 5.0 3.0 1.3 .8 4.7 4.2 3.8 3.3 4.1 5.3 5.3 4.3 –.3 –2.8 2.5 1.6 2.2 1.7 2.6 2.9 1.5 2.3 3.2 2.7 1.6 .5 .6 2.2 2.8 1.8 1.2 3.1 3.2 2.9 2.3 GDP implicit price deflator 1.9 .8 1.2 2.1 1.8 1.6 1.8 1.1 1.3 1.8 –.1 2.2 1.4 .8 .3 2.4 1.4 2.0 2.0 1.0 2.1 2.3 2.0 Gross domestic PCE purchases PCE food price index (chain-type lessenergy price index) and price index 2.0 .8 1.2 2.1 1.8 1.6 1.8 1.1 1.3 1.8 –.1 2.2 1.4 .8 .2 2.4 1.4 2.0 2.0 1.0 2.1 2.3 2.0 3.1 –.1 1.7 2.5 1.9 1.3 1.5 .3 1.2 1.7 –1.6 1.7 1.3 .2 .6 2.1 1.7 2.0 2.2 .3 1.5 2.7 2.7 2.1 1.2 1.3 1.5 1.9 1.5 1.6 1.3 1.8 1.5 .9 1.7 1.5 1.2 2.1 2.0 2.0 1.3 1.8 .9 1.3 1.9 2.5 2.9 –.2 1.5 2.4 1.8 1.4 1.7 .4 1.0 1.8 –1.3 1.4 1.1 .2 .1 2.1 1.5 1.8 2.6 .9 1.7 2.5 2.8 1 Quarterly percent changes are at annual rates. Source: Department of Commerce (Bureau of Economic Analysis). Nonfinancial Corporate Business— Gross Value Added and Price, Costs, and Profits [Quarterly data at seasonally adjusted annual rates] Period Current dollars 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2015: I ���������������� II ��������������� III �������������� IV �������������� 2016: I ���������������� II ��������������� III �������������� IV �������������� 2017: I ���������������� II ��������������� III �������������� IV �������������� Price per unit of real gross value added of nonfinancial corporate business (dollars) 1, 2 Gross value added of nonfinancial corporate business (billions of dollars) 1 7,256.8 6,859.8 7,238.7 7,592.3 8,011.9 8,305.2 8,716.9 9,059.3 9,165.4 9,469.3 8,975.1 9,036.1 9,106.2 9,120.1 9,145.2 9,112.4 9,217.3 9,186.7 9,294.5 9,426.1 9,529.1 9,627.8 Chained (2009) dollars 7,358.5 6,859.8 7,156.3 7,333.4 7,580.6 7,752.5 8,064.8 8,358.1 8,471.7 8,704.8 8,338.2 8,319.5 8,371.3 8,403.3 8,426.8 8,413.3 8,565.5 8,481.3 8,566.1 8,700.6 8,738.0 8,813.6 Total 0.986 1.000 1.012 1.035 1.057 1.071 1.081 1.084 1.082 1.088 1.076 1.086 1.088 1.085 1.085 1.083 1.076 1.083 1.085 1.083 1.091 1.092 Compensation of employees (unit labor cost) 0.592 .596 .581 .595 .606 .613 .620 .630 .638 .642 .623 .631 .630 .638 .634 .643 .637 .639 .642 .637 .642 .644 Corporate profits with inventory valuation and capital consumption adjustments 4 Unit nonlabor cost Total 0.283 .300 .293 .299 .299 .300 .300 .301 .299 .301 .296 .299 .299 .309 .298 .300 .296 .303 .302 .301 .302 .301 Consumption of fixed capital Net interest Taxes on and production miscellaneous and imports 3 payments 0.149 .159 .153 .155 .156 .158 .159 .160 .161 .163 .159 .160 .160 .160 .161 .162 .160 .162 .163 .163 .164 .164 0.093 .099 .100 .104 .103 .105 .104 .104 .103 .102 .101 .102 .101 .112 .102 .102 .101 .105 .102 .102 .102 .103 0.042 .041 .040 .040 .039 .036 .036 .037 .036 .036 .037 .037 .037 .037 .036 .036 .035 .035 .036 .036 .036 .034 Total 0.111 .105 .137 .142 .152 .159 .161 .153 .144 .145 .157 .157 .159 .139 .153 .140 .143 .142 .141 .146 .146 .147 Taxes on corporate income 0.031 .026 .031 .031 .035 .037 .036 .034 .032 .032 .036 .037 .034 .028 .031 .032 .032 .033 .032 .034 .033 .029 Profits after tax 5 0.080 .079 .107 .110 .116 .122 .125 .119 .112 .113 .121 .119 .125 .111 .122 .108 .110 .108 .109 .112 .113 .118 1 Estimates for nonfinancial corporate business are based on the North American Industry Classification System (NAICS). 2 The implicit price deflator for gross value added of nonfinancial corporate business divided by 100. 3 Less subsidies plus business current transfer payments. 4 Unit profits from current production. 5 With inventory valuation and capital consumption adjustments. Source: Department of Commerce (Bureau of Economic Analysis). 3 National Income [Billions of dollars; quarterly data at seasonally adjusted annual rates] Proprietors’ income 1 Period ComNational pensation of income employees 2008 �������������������� 12,427.8 2009 �������������������� 12,126.1 2010 �������������������� 12,739.5 2011 �������������������� 13,352.3 2012 �������������������� 14,061.9 2013 �������������������� 14,444.8 2014 �������������������� 15,144.0 2015 �������������������� 15,739.6 2016 �������������������� 16,052.0 2017 �������������������� 16,607.7 2015: I ���������������� 15,552.9 II ��������������� 15,719.8 III �������������� 15,784.5 IV �������������� 15,901.3 2016: I ���������������� 15,846.5 II ��������������� 15,957.6 III �������������� 16,185.1 IV �������������� 16,218.9 2017: I ���������������� 16,388.2 II ��������������� 16,498.7 III �������������� 16,710.8 IV �������������� 16,833.3 2018: I p �������������� �������������� 8,078.3 7,787.0 7,961.4 8,269.0 8,609.9 8,842.4 9,256.5 9,708.3 9,978.6 10,307.2 9,541.6 9,655.9 9,730.0 9,905.5 9,838.6 9,979.6 10,081.4 10,014.9 10,166.3 10,243.0 10,356.1 10,463.3 10,596.3 Rental income of persons with capital conNonfarm sumption adjustment Farm 47.0 35.5 46.0 75.5 61.6 87.8 68.1 53.7 43.2 35.1 52.0 53.0 58.7 51.0 46.8 46.7 41.4 37.8 41.9 37.0 31.9 29.6 27.9 979.5 937.5 986.7 1,068.1 1,179.8 1,197.0 1,247.7 1,265.1 1,298.7 1,350.9 1,260.7 1,260.9 1,264.5 1,274.3 1,280.8 1,292.8 1,304.6 1,316.7 1,338.4 1,341.6 1,350.0 1,373.6 1,391.3 Corporate profits with inventory valuation and capital consumption adjustments Net interest and Capital miscelconsumption laneous Inventory adjust- payments valuation ment adjustment Taxes on production and imports Profits with inventory valuation adjustment and without capital consumption adjustment Total Total Profits before tax 262.1 1,285.1 1,345.5 1,382.4 –37.0 333.7 1,397.0 1,479.2 1,472.6 6.7 402.8 1,746.4 1,799.7 1,840.7 –41.0 485.3 1,816.6 1,738.5 1,806.8 –68.3 525.3 1,998.2 2,116.6 2,130.8 –14.2 567.1 2,032.9 2,159.4 2,156.1 3.3 611.7 2,140.6 2,253.2 2,249.1 4.1 662.5 2,117.5 2,210.9 2,158.5 52.4 707.3 2,073.5 2,161.6 2,158.9 2.7 743.9 2,164.6 2,198.6 2,247.7 –49.1 639.3 2,175.5 2,275.7 2,201.2 74.5 658.4 2,175.1 2,270.4 2,260.8 9.6 670.9 2,135.9 2,228.7 2,171.7 57.1 681.4 1,983.3 2,068.8 2,000.5 68.3 697.6 2,040.8 2,132.7 2,075.6 57.2 704.8 1,996.6 2,087.5 2,123.6 –36.1 708.1 2,101.2 2,187.0 2,179.6 7.3 718.9 2,155.2 2,239.4 2,256.8 –17.5 730.8 2,109.0 2,201.8 2,276.8 –75.0 740.3 2,123.4 2,220.8 2,254.3 –33.6 747.2 2,213.7 2,311.3 2,333.8 –22.6 757.4 2,212.5 2,060.4 2,125.8 –65.4 761.7 �������������� �������������� �������������� �������������� –60.4 –82.2 –53.3 78.1 –118.5 –126.6 –112.6 –93.5 –88.2 –33.9 –100.2 –95.3 –92.9 –85.5 –92.0 –90.9 –85.7 –84.2 –92.8 –97.4 –97.6 152.2 141.7 693.4 563.4 489.4 488.1 527.7 504.6 535.0 583.4 570.6 586.4 576.1 587.7 591.8 578.0 574.1 568.0 573.7 566.5 588.2 598.3 599.8 559.4 559.3 Business Less: current Subsidies transfer payments 1,041.9 1,026.1 1,057.1 1,102.6 1,132.1 1,174.9 1,221.6 1,255.8 1,288.0 1,330.1 1,241.8 1,253.0 1,258.2 1,270.2 1,274.9 1,276.4 1,296.6 1,304.1 1,309.2 1,321.3 1,331.4 1,358.4 1,387.7 52.6 58.3 55.9 60.1 58.0 59.3 58.1 57.3 61.8 61.3 56.2 56.5 57.7 58.6 60.4 62.1 63.0 61.6 61.0 60.1 61.4 62.7 58.9 114.4 124.9 128.5 131.5 104.7 118.4 138.9 165.0 164.0 161.8 137.5 147.4 146.4 228.6 163.2 165.0 151.2 176.6 176.5 164.6 152.7 153.5 169.7 Current surplus of government enterprises –21.2 –20.6 –22.9 –24.5 –19.3 –20.9 –17.9 –14.3 –10.1 –11.0 –15.6 –15.1 –14.1 –12.4 –9.7 –10.3 –10.1 –10.2 –11.0 –10.7 –10.6 –11.7 –14.3 1 With inventory valuation and capital consumption adjustments. Source: Department of Commerce (Bureau of Economic Analysis). Real Personal Consumption Expenditures [Billions of chained (2009) dollars, except as noted; quarterly data at seasonally adjusted annual rates] Goods Period Total personal consumption expenditures 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2015: I ���������������� II ��������������� III �������������� IV �������������� 2016: I ���������������� II ��������������� III �������������� IV �������������� 2017: I ���������������� II ��������������� III �������������� IV �������������� 2018: I p �������������� 10,007.2 9,847.0 10,036.3 10,263.5 10,413.2 10,565.4 10,868.4 11,264.3 11,572.1 11,890.7 11,145.3 11,227.9 11,304.6 11,379.3 11,430.5 11,537.7 11,618.1 11,702.1 11,758.0 11,853.0 11,916.6 12,035.2 12,066.8 Services Durable Total goods 3,297.8 3,198.4 3,308.7 3,411.8 3,504.3 3,613.5 3,753.5 3,927.3 4,072.2 4,229.4 3,867.2 3,910.2 3,952.0 3,979.9 4,000.4 4,059.1 4,090.8 4,138.4 4,145.4 4,199.9 4,246.0 4,326.2 4,314.5 Total durable goods 1 1,083.2 1,023.3 1,085.7 1,151.5 1,236.2 1,312.7 1,403.1 1,511.8 1,595.1 1,701.6 1,475.6 1,506.3 1,524.9 1,540.6 1,544.4 1,576.2 1,611.9 1,647.9 1,647.3 1,677.8 1,712.9 1,768.6 1,754.0 Nondurable Motor vehicles and parts 340.8 317.1 323.4 333.8 359.1 375.7 398.7 426.0 438.5 459.3 418.6 430.3 429.9 425.4 421.6 429.2 444.5 458.4 447.0 447.9 461.0 481.5 462.3 Total nondurable goods 1 2,214.7 2,175.1 2,223.5 2,263.2 2,277.5 2,316.1 2,373.0 2,446.8 2,514.3 2,575.0 2,420.2 2,435.2 2,459.2 2,472.5 2,488.6 2,517.5 2,517.9 2,533.2 2,540.2 2,566.6 2,581.5 2,611.9 2,612.5 Food and beverages purchased for offpremises consumption Gasoline and other energy goods Total services 1 Household consumption expenditures 781.9 770.0 786.5 795.1 795.7 795.2 805.8 810.2 832.4 853.9 809.5 808.8 810.6 812.1 818.9 831.5 835.2 844.1 846.6 846.9 854.0 868.2 869.0 283.4 284.5 282.2 274.3 270.0 275.5 273.2 285.6 289.0 284.9 282.2 283.7 288.1 288.6 293.5 289.5 287.3 285.8 281.5 287.1 285.4 285.5 283.1 6,708.6 6,648.5 6,727.6 6,851.4 6,908.1 6,951.3 7,115.5 7,340.1 7,507.3 7,675.2 7,279.6 7,320.6 7,356.7 7,403.7 7,434.7 7,485.7 7,534.9 7,573.8 7,621.0 7,664.4 7,685.5 7,729.7 7,769.5 6,435.1 6,372.5 6,449.3 6,575.9 6,614.3 6,651.4 6,818.2 7,039.8 7,191.1 7,355.0 6,989.7 7,025.1 7,053.6 7,090.9 7,122.5 7,172.0 7,215.2 7,254.6 7,299.2 7,344.1 7,370.4 7,406.2 7,439.4 Housing and utilities 1,860.1 1,881.0 1,904.3 1,928.0 1,929.1 1,937.9 1,965.3 1,998.8 2,025.2 2,044.2 1,997.1 1,993.0 2,002.6 2,002.4 2,010.4 2,024.5 2,035.3 2,030.7 2,028.9 2,045.9 2,045.8 2,056.3 2,057.4 Health care 1,598.8 1,627.4 1,649.2 1,690.3 1,727.0 1,734.9 1,787.5 1,878.5 1,949.1 2,007.2 1,859.0 1,868.7 1,886.7 1,899.7 1,920.5 1,946.4 1,951.7 1,977.9 1,988.1 1,994.6 2,016.8 2,029.3 2,043.7 Financial services and insurance 737.4 719.0 733.9 747.2 706.4 707.4 719.3 740.6 728.7 752.3 736.7 744.0 740.7 741.0 728.9 724.8 729.3 731.8 745.5 750.3 754.8 758.7 770.4 Addendum: Personal consumption expenditures excluding food and energy 2 Retail sales of new passenger cars and light trucks (millions of units) 8,730.5 8,577.4 8,746.1 8,980.4 9,143.9 9,284.6 9,580.9 9,961.0 10,244.1 10,546.9 9,834.9 9,929.9 9,999.1 10,080.0 10,119.2 10,208.5 10,281.4 10,367.5 10,432.4 10,510.0 10,573.7 10,671.3 10,710.0 13.2 10.4 11.6 12.7 14.4 15.5 16.5 17.4 17.5 17.2 16.9 17.3 17.7 17.7 17.3 17.2 17.5 17.8 17.1 16.8 17.1 17.7 17.2 1 Includes other items, not shown separately. 2 Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. Note: Because of the formula used for calculating real GDP, the chained (2009) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce (Bureau of Economic Analysis). 4 Sources of Personal Income Personal income rose $47.9 billion (annual rate) in March, following an increase of $57.0 billion in February. Wages and salaries rose $16.3 billion in March, following an increase of $33.9 billion in February. BILLIONS OF DOLLARS * (RATIO SCALE) 18,000 16,000 BILLIONS OF DOLLARS* (RATIO SCALE) 18,000 16,000 14,000 14,000 TOTAL PERSONAL INCOME 12,000 12,000 10,000 10,000 9,000 9,000 WAGES AND SALARIES 8,000 8,000 7,000 7,000 6,000 6,000 OTHER INCOME 5,000 5,000 4,000 4,000 PERSONAL CURRENT TRANSFER RECEIPTS 3,000 3,000 2,000 2,000 1,000 1,000 2010 2011 2012 2013 2014 2015 2016 2017 *SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE 2018 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; monthly data at seasonally adjusted annual rates] Compensation of employees Period 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2017: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2018: Jan r ��������� Feb r ��������� Mar p �������� Total personal income 12,502.2 12,094.8 12,477.1 13,254.5 13,915.1 14,073.7 14,818.2 15,553.0 15,928.7 16,427.3 16,304.9 16,314.4 16,353.8 16,350.6 16,412.9 16,458.2 16,535.6 16,595.4 16,651.4 16,719.1 16,783.4 16,840.4 16,888.3 Total 8,078.3 7,787.0 7,961.4 8,269.0 8,609.9 8,842.4 9,256.5 9,708.3 9,978.6 10,307.2 10,195.7 10,232.2 10,230.8 10,266.2 10,326.1 10,348.6 10,393.6 10,413.5 10,464.6 10,511.8 10,563.7 10,602.5 10,622.7 Wages and salaries Supplements to wages and salaries 6,531.9 6,251.4 6,377.5 6,633.2 6,930.3 7,116.7 7,476.8 7,858.9 8,085.2 8,351.2 8,256.3 8,287.9 8,283.8 8,313.9 8,367.4 8,385.5 8,424.9 8,441.3 8,486.5 8,527.7 8,573.5 8,607.4 8,623.7 1,546.4 1,535.6 1,583.9 1,635.9 1,679.6 1,725.8 1,779.7 1,849.4 1,893.4 1,955.9 1,939.4 1,944.3 1,947.0 1,952.3 1,958.8 1,963.1 1,968.7 1,972.2 1,978.1 1,984.1 1,990.2 1,995.1 1,999.0 Proprietors’ income 1 Farm 47.0 35.5 46.0 75.5 61.6 87.8 68.1 53.7 43.2 35.1 45.6 41.3 37.0 32.7 32.3 31.9 31.5 30.5 29.6 28.6 28.2 27.9 27.6 Nonfarm 979.5 937.5 986.7 1,068.1 1,179.8 1,197.0 1,247.7 1,265.1 1,298.7 1,350.9 1,339.4 1,334.5 1,343.3 1,347.0 1,343.5 1,348.7 1,357.7 1,364.0 1,378.4 1,378.3 1,381.1 1,393.1 1,399.6 Personal income receipts on assets Rental income of persons 2 262.1 333.7 402.8 485.3 525.3 567.1 611.7 662.5 707.3 743.9 736.1 737.1 739.7 744.1 744.0 746.4 751.1 754.1 757.7 760.4 758.9 761.0 765.1 Total 2,167.1 1,818.0 1,739.6 1,913.9 2,123.8 2,056.1 2,245.1 2,387.1 2,377.8 2,442.4 2,436.5 2,426.9 2,459.8 2,416.7 2,426.2 2,432.7 2,442.7 2,464.7 2,479.2 2,499.3 2,495.4 2,504.3 2,512.3 Personal interest income 1,361.6 1,264.3 1,195.0 1,231.6 1,288.8 1,261.6 1,303.3 1,367.3 1,415.3 1,477.1 1,491.5 1,478.3 1,465.1 1,451.9 1,456.2 1,460.6 1,465.0 1,485.5 1,506.1 1,526.6 1,525.4 1,524.2 1,523.0 Personal dividend income 805.4 553.7 544.6 682.2 834.9 794.4 941.9 1,019.8 962.5 965.3 944.9 948.6 994.7 964.9 970.0 972.1 977.7 979.2 973.1 972.7 970.0 980.1 989.3 Personal current transfer receipts 3 1,956.6 2,147.5 2,324.7 2,360.5 2,366.3 2,428.0 2,544.4 2,684.4 2,768.4 2,850.1 2,839.3 2,834.8 2,835.5 2,840.5 2,845.4 2,857.4 2,872.2 2,884.8 2,864.9 2,870.0 2,906.0 2,906.8 2,918.9 Less: Chart 5 - Apr 2018 Contributions for government social insurance, domestic 988.2 964.4 984.1 917.8 951.6 1,104.6 1,155.3 1,208.0 1,245.3 1,302.3 1,287.7 1,292.4 1,292.3 1,296.8 1,304.6 1,307.5 1,313.3 1,316.3 1,323.0 1,329.2 1,350.0 1,355.2 1,358.0 1 With inventory valuation and capital consumption adjustments. 2 With capital consumption adjustment. 3 Consists mainly of social insurance benefits to persons. Source: Department of Commerce (Bureau of Economic Analysis). 5 Disposition of Personal Income According to advance estimates, per capita disposable personal income in chained (2009) dollars rose 2.8 percent (annual rate) in the first quarter of 2018. BILLIONS OF DOLLARS* (RATIO SCALE) 15,000 14,500 BILLIONS OF DOLLARS* (RATIO SCALE) 15,000 14,500 14,000 14,000 13,500 13,500 DISPOSABLE PERSONAL INCOME 13,000 13,000 12,500 12,500 12,000 12,000 SAVING 11,500 11,000 11,500 11,000 PERSONAL OUTLAYS 10,500 10,500 10,000 10,000 9,500 9,500 DOLLARS* (RATIO SCALE) 46,000 44,000 DOLLARS* (RATIO SCALE) 46,000 PER CAPITA DISPOSABLE PERSONAL INCOME 44,000 42,000 42,000 CURRENT DOLLARS 40,000 40,000 38,000 38,000 36,000 36,000 CHAINED (2009) DOLLARS 34,000 34,000 32,000 32,000 2009 2010 2011 2012 2013 2014 2015 2016 *SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE Period Personal income Less: Personal current taxes Equals: Disposable personal income 12,502.2 12,094.8 12,477.1 13,254.5 13,915.1 14,073.7 14,818.2 15,553.0 15,928.7 16,427.3 1,507.8 1,152.3 1,239.3 1,453.2 1,511.4 1,677.8 1,785.6 1,937.9 1,960.1 2,048.3 10,994.4 10,942.5 11,237.9 11,801.4 12,403.7 12,395.8 13,032.6 13,615.0 13,968.6 14,379.0 2018 COUNCIL OF ECONOMIC ADVISERS Less: Personal outlays 1 Equals: Personal saving Disposable personal income in billions of chained (2009) dollars Per capita disposable personal income Current dollars Billions of dollars 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2017 Chained (2009) dollars Per capita personal consumption expenditures Current dollars Chained (2009) dollars Dollars 10,457.7 10,275.1 10,607.9 11,091.2 11,457.0 11,775.7 12,293.8 12,786.7 13,288.0 13,893.0 536.7 667.4 630.0 710.1 946.7 620.1 738.8 828.4 680.6 485.9 10,987.3 10,942.5 11,055.1 11,331.2 11,688.3 11,527.6 11,939.3 12,436.0 12,608.2 12,763.7 36,101 35,616 36,275 37,813 39,455 39,153 40,861 42,372 43,157 44,110 Chart 6 - Apr 2018 Percent Saving change as in real percent per capita of disposable disposable personal personal income income Population, including Armed Forces overseas (thousands) 2 Percent 36,078 35,616 35,685 36,307 37,180 36,411 37,433 38,702 38,954 39,155 32,881 32,050 32,932 34,250 35,151 35,885 37,196 38,380 39,611 41,093 32,860 32,050 32,397 32,885 33,124 33,372 34,075 35,056 35,753 36,476 0.6 –1.3 .2 1.7 2.4 –2.1 2.8 3.4 .7 .5 4.9 6.1 5.6 6.0 7.6 5.0 5.7 6.1 4.9 3.4 304,543 307,240 309,794 312,098 314,374 316,598 318,953 321,323 323,668 325,983 38,378 38,677 38,775 38,977 38,934 39,054 39,045 38,790 39,004 39,202 39,193 39,223 39,493 37,893 38,272 38,579 38,772 38,946 39,449 39,818 40,226 40,576 40,864 41,159 41,768 42,093 34,782 34,981 35,149 35,310 35,411 35,685 35,863 36,052 36,167 36,399 36,523 36,815 36,854 3.6 3.2 1.0 2.1 –.4 1.2 –.1 –2.6 2.2 2.0 –.1 .3 2.8 6.0 6.2 6.0 6.1 5.7 5.3 4.8 3.6 3.9 3.7 3.4 2.6 3.1 320,431 320,972 321,620 322,268 322,793 323,326 323,962 324,593 325,108 325,640 326,276 326,907 327,423 Seasonally adjusted annual rates 2015: I ��������������� II ��������������� III �������������� IV �������������� 2016: I ��������������� II ��������������� III �������������� IV �������������� 2017: I ��������������� II ��������������� III �������������� IV �������������� 2018: I p �������������� 15,301.0 15,516.1 15,625.5 15,769.2 15,751.0 15,910.1 16,028.0 16,025.7 16,245.2 16,339.6 16,468.9 16,655.3 16,837.4 1,903.4 1,934.1 1,937.7 1,976.5 1,928.9 1,950.7 1,983.8 1,977.2 2,018.8 2,007.9 2,058.1 2,108.2 2,068.1 13,397.6 13,582.0 13,687.8 13,792.7 13,822.1 13,959.4 14,044.3 14,048.5 14,226.4 14,331.6 14,410.8 14,547.1 14,769.2 12,587.9 12,737.7 12,865.8 12,955.2 13,034.3 13,214.2 13,366.6 13,537.0 13,671.8 13,805.9 13,927.2 14,167.3 14,307.1 809.7 844.4 822.0 837.5 787.8 745.2 677.7 511.5 554.6 525.7 483.7 379.8 462.1 12,297.6 12,414.2 12,470.8 12,561.2 12,567.7 12,627.2 12,649.2 12,590.8 12,680.4 12,765.6 12,787.7 12,822.1 12,930.9 41,811 42,315 42,559 42,799 42,820 43,174 43,352 43,280 43,759 44,011 44,168 44,499 45,107 1 Includes personal consumption expenditures, personal interest payments (nonmortgage), and personal current transfer payments. 2 Annual data are averages of quarterly data, which are averages for the period. Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). 6 Real Farm Income According to the preliminary forecast for 2018, gross farm income in chained (2018) dollars is forecast to be $418.7 billion and net farm income to be $59.5 billion. BILLIONS OF CHAINED (2018) DOLLARS (RATIO SCALE) BILLIONS OF CHAINED (2018) DOLLARS (RATIO SCALE) 560 520 480 440 400 560 520 480 440 400 GROSS FARM INCOME 360 360 320 320 280 280 240 240 200 200 160 160 NET FARM INCOME 120 120 80 80 60 60 40 40 2009 2010 2012 2011 2013 2014 2015 2016 SOURCE: DEPARTMENT OF AGRICULTURE 2017 2018 COUNCIL OF ECONOMIC ADVISERS [Billions of chained (2018) dollars] Chart 7 - Mar 2018 Income of farm operators from farming 1 Gross farm income Year Value of agricultural sector production Total 1999 ��������������������������������������������������� 2000 ��������������������������������������������������� 2001 ��������������������������������������������������� 2002 ��������������������������������������������������� 2003 ��������������������������������������������������� 2004 ��������������������������������������������������� 2005 ��������������������������������������������������� 2006 ��������������������������������������������������� 2007 ��������������������������������������������������� 2008 ��������������������������������������������������� 2009 ��������������������������������������������������� 2010 ��������������������������������������������������� 2011 ��������������������������������������������������� 2012 ��������������������������������������������������� 2013 ��������������������������������������������������� 2014 ��������������������������������������������������� 2015 ��������������������������������������������������� 2016 ��������������������������������������������������� 2017 ��������������������������������������������������� 2018 p ������������������������������������������������� Crops 2, 3 Total 338.6 340.5 344.3 312.9 344.2 381.8 374.5 353.2 402.5 423.9 388.4 406.4 469.6 493.3 522.2 512.2 461.9 426.7 426.8 418.7 307.6 307.8 313.4 296.0 322.2 365.0 343.9 333.9 388.4 409.7 374.4 392.3 458.0 481.6 510.3 501.9 450.6 413.2 415.3 409.4 133.7 133.8 130.9 132.8 144.5 162.0 143.5 144.5 179.1 202.1 190.0 191.7 222.6 233.5 252.2 218.4 192.9 195.7 186.4 182.7 Animals and animal products 3 137.2 139.6 146.5 126.8 139.7 160.9 158.7 145.2 164.1 162.1 138.0 159.9 182.9 185.5 195.3 227.4 203.6 171.4 180.6 176.1 Farm-related income 4 36.7 34.4 35.9 36.4 38.1 42.1 41.7 44.2 45.2 45.5 46.3 40.8 52.4 62.7 62.8 56.1 54.0 46.1 48.3 50.6 Direct Federal Government payments 31.0 32.7 30.9 16.8 22.0 16.8 30.6 19.2 14.1 14.2 14.1 14.1 11.6 11.7 11.9 10.4 11.3 13.4 11.6 9.3 Production expenses Net farm income 269.9 269.1 268.7 259.7 263.1 268.6 275.7 283.3 319.5 333.2 316.6 318.5 342.7 387.5 388.6 414.2 376.6 363.0 362.0 359.2 68.7 71.4 75.6 53.1 81.1 113.2 98.8 69.9 83.0 90.7 71.8 87.9 126.9 105.8 133.6 98.0 85.3 63.7 64.9 59.5 1 The GDP chain-type price index is used to convert the current-dollar statistics to 2018=100 equivalents. 2 Crop receipts include proceeds received from commodities placed under Commodity Credit Corporation loans. 3 The value of production equates to the sum of cash receipts, home consumption, and the value of the change in inventories. 4 Includes income from forest products sold, the gross imputed rental value of farm dwellings, machine hire and custom work, and other sources of farm income such as commodity insurance indemnities. Source: Department of Agriculture (Economic Research Service). 7 Corporate Profits In the fourth quarter of 2017, according to current estimates, corporate profits before tax fell $208.0 billion (annual rate) and profits after tax fell $178.1 billion. BILLIONS OF DOLLARS 2,600 2,500 BILLIONS OF DOLLARS 2,600 2,500 SEASONALLY ADJUSTED ANNUAL RATES 2,400 2,400 2,300 2,300 PROFITS BEFORE TAX 2,200 2,200 2,100 2,100 2,000 2,000 1,900 1,900 1,800 1,800 1,700 1,700 1,600 1,600 PROFITS AFTER TAX 1,500 1,500 1,400 1,400 1,300 1,300 1,200 1,200 1,100 1,100 UNDISTRIBUTED PROFITS 1,000 1,000 900 900 800 800 700 700 600 600 500 500 400 400 300 300 TAXES ON CORPORATE INCOME 200 200 100 100 0 0 –100 –200 –100 –200 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Profits (before tax) with inventory valuation adjustment 1 Profits after tax Domestic industries Period Total 2 Profits before tax Nonfinancial Total Financial Total 3 Manufacturing Utilities Wholesale Taxes on corporate income Total Retail 2008 �������������������� 1,345.5 938.8 95.4 843.4 240.6 30.1 90.6 80.3 1,382.4 309.1 1,073.3 2009 �������������������� 1,479.2 1,122.0 362.9 759.2 171.4 23.8 89.3 108.7 1,472.6 269.4 1,203.1 2010 �������������������� 1,799.7 1,404.5 406.3 998.2 287.6 30.3 102.4 118.6 1,840.7 370.6 1,470.1 2011 �������������������� 1,738.5 1,316.6 375.9 940.7 298.1 9.8 94.4 114.3 1,806.8 379.1 1,427.7 2012 �������������������� 2,116.6 1,706.3 479.0 1,227.2 395.7 12.5 135.3 154.1 2,130.8 447.6 1,683.2 2013 �������������������� 2,159.4 1,747.6 429.4 1,318.2 429.6 26.9 142.7 154.5 2,156.1 467.7 1,688.4 2014 �������������������� 2,253.2 1,855.6 483.9 1,371.7 452.0 31.5 149.8 159.8 2,249.1 505.3 1,743.8 2015 �������������������� 2,210.9 1,826.0 497.9 1,328.1 417.1 21.8 147.6 171.8 2,158.5 507.4 1,651.1 2016 �������������������� 2,161.6 1,766.9 501.8 1,265.1 392.6 19.3 125.4 179.1 2,158.9 471.0 1,687.9 2017 �������������������� 2,198.6 1,765.8 511.9 1,253.8 382.2 27.0 93.4 177.5 2,247.7 466.7 1,781.0 2015: I ���������������� 2,275.7 1,886.6 516.1 1,370.5 466.0 35.7 145.3 181.0 2,201.2 521.9 1,679.4 II ��������������� 2,270.4 1,897.8 540.6 1,357.2 449.0 27.4 140.4 168.7 2,260.8 516.7 1,744.2 III �������������� 2,228.7 1,852.2 474.2 1,378.0 450.5 20.1 146.2 169.6 2,171.7 485.6 1,686.1 IV �������������� 2,068.8 1,667.2 460.5 1,206.7 303.1 4.0 158.6 168.1 2,000.5 505.6 1,494.9 2016: I ���������������� 2,132.7 1,766.9 432.2 1,334.6 424.3 22.8 144.3 176.1 2,075.6 455.9 1,619.6 II ��������������� 2,087.5 1,698.5 473.4 1,225.0 374.0 17.1 116.9 171.4 2,123.6 471.5 1,652.1 III �������������� 2,187.0 1,798.6 536.8 1,261.8 385.4 16.1 141.9 185.1 2,179.6 487.2 1,692.4 IV �������������� 2,239.4 1,803.7 564.8 1,238.9 386.8 21.2 98.3 183.8 2,256.8 469.5 1,787.4 2017: I ���������������� 2,201.8 1,775.5 523.7 1,251.8 370.4 27.6 90.3 179.6 2,276.8 466.3 1,810.5 II ��������������� 2,220.8 1,805.2 489.9 1,315.3 389.6 28.2 107.8 183.9 2,254.3 479.6 1,774.7 III �������������� 2,311.3 1,863.7 536.9 1,326.8 419.3 26.3 105.4 184.8 2,333.8 475.5 1,858.4 IV �������������� 2,060.4 1,618.7 497.3 1,121.5 349.6 25.8 70.1 161.7 2,125.8 445.6 1,680.3 2018: I ���������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 1 See p. 4 for profits with inventory valuation and capital consumption adjustments. 2 Includes rest of the world, not shown separately. 3 Includes industries not shown separately. Note: Data by industry are based on the North American Industry Classification System (NAICS). Source: Department of Commerce (Bureau of Economic Analysis). 8 Net dividends Chart 8 - Mar 2018 Inventory Undistrib- valuation adjustment uted profits 808.6 264.7 –37.0 574.6 628.5 6.7 564.0 906.2 –41.0 703.7 724.0 –68.3 859.4 823.8 –14.2 929.4 759.0 3.3 986.4 757.4 4.1 1,039.9 611.2 52.4 981.9 706.0 2.7 990.2 790.8 –49.1 1,062.0 617.4 74.5 1,036.3 707.8 9.6 1,048.1 638.0 57.1 1,013.3 481.6 68.3 1,000.7 618.9 57.2 971.3 680.9 –36.1 976.3 716.1 7.3 979.1 808.3 –17.5 988.1 822.4 –75.0 994.2 780.5 –33.6 998.6 859.8 –22.6 979.9 700.4 –65.4 p 984.6 ��������������� ����������������� Real Gross Private Domestic Investment In the first quarter of 2018, according to advance estimates, nonresidential fixed investment in chained (2009) dollars rose $35.1 billion (annual rate) and residential fixed investment rose $0.1 billion. Inventories rose $33.1 billion, following an increase of $15.6 billion in the fourth quarter. BILLIONS OF CHAINED (2009) DOLLARS 3,200 BILLIONS OF CHAINED (2009) DOLLARS 3,200 SEASONALLY ADJUSTED ANNUAL RATES 3,000 3,000 2,800 2,800 GROSS PRIVATE DOMESTIC INVESTMENT 2,600 2,600 2,400 2,400 2,200 2,200 2,000 2,000 NONRESIDENTIAL FIXED INVESTMENT 1,800 1,800 1,600 1,600 1,400 1,400 1,200 1,200 1,000 1,000 800 800 RESIDENTIAL FIXED INVESTMENT 600 600 400 400 200 200 0 0 CHANGE IN PRIVATE INVENTORIES –200 –200 –400 –400 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of chained (2009) dollars; quarterly data at seasonally adjusted annual rates] Chart 9 - Apr 2018 Fixed investment Period 2008 ��������������������������������������������������� 2009 ��������������������������������������������������� 2010 ��������������������������������������������������� 2011 ��������������������������������������������������� 2012 ��������������������������������������������������� 2013 ��������������������������������������������������� 2014 ��������������������������������������������������� 2015 ��������������������������������������������������� 2016 ��������������������������������������������������� 2017 ��������������������������������������������������� 2015: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2016: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2017: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2018: I p ��������������������������������������������� Gross private domestic investment 2,396.0 1,878.1 2,120.4 2,230.4 2,465.7 2,616.5 2,761.7 2,905.4 2,858.3 2,952.3 2,905.4 2,911.3 2,925.5 2,879.2 2,849.8 2,830.2 2,847.2 2,905.7 2,897.0 2,924.7 2,976.5 3,011.1 3,064.4 Change in private inventories Nonresidential Total 2,432.6 2,025.7 2,056.2 2,186.7 2,400.4 2,521.4 2,677.3 2,782.7 2,803.4 2,915.9 2,751.5 2,783.4 2,806.6 2,789.4 2,787.8 2,797.5 2,808.2 2,820.3 2,875.7 2,898.5 2,915.8 2,973.7 3,007.5 Total 1,934.4 1,633.4 1,673.8 1,802.3 1,964.1 2,032.9 2,172.7 2,223.5 2,210.4 2,314.2 2,214.7 2,230.7 2,238.8 2,209.9 2,187.5 2,205.3 2,224.0 2,224.9 2,263.6 2,300.6 2,326.9 2,365.7 2,400.8 Structures 540.2 438.2 366.3 374.7 423.1 428.8 474.0 465.4 446.4 471.5 477.9 483.3 463.8 436.7 439.1 439.7 454.6 452.1 468.0 476.0 467.4 474.6 488.6 Equipment 836.1 644.3 746.7 847.9 939.2 982.3 1,047.4 1,084.5 1,047.8 1,098.1 1,073.2 1,075.3 1,101.3 1,088.3 1,050.7 1,049.0 1,043.4 1,048.0 1,059.4 1,082.0 1,110.1 1,140.8 1,154.1 Intellectual property products 558.8 550.9 561.3 581.3 603.8 624.5 653.1 677.8 720.4 748.8 666.1 674.1 678.9 692.2 702.8 721.5 729.0 728.3 738.6 745.3 754.8 756.4 763.1 Residential 497.7 392.2 382.4 384.5 436.5 488.3 505.2 556.9 587.4 597.9 536.1 551.1 565.2 575.3 593.7 586.5 579.8 589.8 605.5 594.1 587.0 604.9 605.0 Total Nonfarm –33.7 –147.6 58.2 37.6 54.7 78.7 67.8 100.5 33.4 15.2 132.2 105.6 96.2 68.2 40.6 12.2 17.6 63.1 1.2 5.5 38.5 15.6 33.1 –35.0 –146.0 65.9 36.6 72.7 73.0 74.0 102.8 34.5 12.3 133.0 107.8 97.7 72.5 44.6 9.4 17.1 66.8 –1.8 4.2 35.1 11.8 30.2 Note: See p. 10 for further detail on fixed investment by type. Because of the formula used for calculating real GDP, the chained (2009) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce (Bureau of Economic Analysis). 9 Real Private Fixed Investment by Type [Billions of chained (2009) dollars; quarterly data at seasonally adjusted annual rates] Nonresidential Equipment Total fixed investment Period 2008 ������������ 2009 ������������ 2010 ������������ 2011 ������������ 2012 ������������ 2013 ������������ 2014 ������������ 2015 ������������ 2016 ������������ 2017 ������������ 2015: I �������� II ������� III ������ IV ������ 2016: I �������� II ������� III ������ IV ������ 2017: I �������� II ������� III ������ IV ������ 2018: I p ������ Residential Total nonresidential 2,432.6 2,025.7 2,056.2 2,186.7 2,400.4 2,521.4 2,677.3 2,782.7 2,803.4 2,915.9 2,751.5 2,783.4 2,806.6 2,789.4 2,787.8 2,797.5 2,808.2 2,820.3 2,875.7 2,898.5 2,915.8 2,973.7 3,007.5 Intellectual property products Information processing equipment Structures 1,934.4 1,633.4 1,673.8 1,802.3 1,964.1 2,032.9 2,172.7 2,223.5 2,210.4 2,314.2 2,214.7 2,230.7 2,238.8 2,209.9 2,187.5 2,205.3 2,224.0 2,224.9 2,263.6 2,300.6 2,326.9 2,365.7 2,400.8 Total 2 540.2 438.2 366.3 374.7 423.1 428.8 474.0 465.4 446.4 471.5 477.9 483.3 463.8 436.7 439.1 439.7 454.6 452.1 468.0 476.0 467.4 474.6 488.6 Computers and peripheral equipment 1 Total 836.1 644.3 746.7 847.9 939.2 982.3 1,047.4 1,084.5 1,047.8 1,098.1 1,073.2 1,075.3 1,101.3 1,088.3 1,050.7 1,049.0 1,043.4 1,048.0 1,059.4 1,082.0 1,110.1 1,140.8 1,154.1 281.0 256.1 281.4 285.9 303.1 317.7 329.6 343.9 350.2 376.7 334.9 338.5 350.1 352.2 343.7 347.9 353.4 355.9 362.9 372.2 381.9 389.7 398.8 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ Other 204.2 179.3 196.8 202.8 214.5 228.9 238.9 256.2 265.6 284.6 247.8 250.6 259.6 266.8 259.3 262.8 268.5 271.7 278.0 279.1 283.3 298.1 300.2 Industrial Transportation equipequipment ment 195.5 152.1 151.3 183.3 199.8 196.7 205.0 207.3 212.1 227.2 203.0 208.1 207.2 210.8 208.1 211.7 212.9 215.8 219.9 226.0 230.2 232.8 235.2 Total 2 156.9 70.6 136.9 183.0 218.9 243.0 271.3 299.5 277.6 276.8 296.0 293.3 309.7 299.1 282.8 283.4 273.3 270.8 268.9 269.6 279.1 289.4 292.7 Structures Software Research and development 3 256.2 256.8 254.2 271.8 286.6 295.5 318.8 336.7 360.4 378.9 331.7 335.0 337.1 342.8 350.6 359.3 364.9 366.8 371.1 377.3 384.7 382.6 385.4 235.5 229.0 234.4 236.7 242.9 254.1 260.5 264.2 281.5 289.9 259.1 262.6 264.2 271.1 274.3 284.5 285.2 282.2 287.6 288.4 290.7 293.2 296.0 558.8 550.9 561.3 581.3 603.8 624.5 653.1 677.8 720.4 748.8 666.1 674.1 678.9 692.2 702.8 721.5 729.0 728.3 738.6 745.3 754.8 756.4 763.1 Total residential 2 497.7 392.2 382.4 384.5 436.5 488.3 505.2 556.9 587.4 597.9 536.1 551.1 565.2 575.3 593.7 586.5 579.8 589.8 605.5 594.1 587.0 604.9 605.0 Total 2 488.4 383.9 373.6 375.3 427.1 478.1 494.3 545.1 574.8 584.7 524.6 539.4 553.2 563.1 581.2 574.0 567.1 576.9 592.4 581.0 573.9 591.5 591.6 Single family 178.2 105.3 114.4 109.2 132.1 161.9 170.9 190.5 199.9 208.4 183.6 186.9 193.7 197.6 204.2 201.0 193.9 200.4 205.5 206.7 208.3 213.0 215.9 1 Because computers exhibit rapid changes in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance or its contribution to the growth rate of more aggregate series. The quantity index for computers can be used to accurately measure the real growth rate of this series. For information on this component, see Survey of Current Business Table 5.3.1 (for growth rates), Table 5.3.2 (for contributions), and Table 5.3.3 (for quantity indexes). 2 Includes other items, not shown separately. 3 Research and development investment excludes expenditures for software development. Note: Because of the formula used for calculating real GDP, the chained (2009) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce (Bureau of Economic Analysis). Business Investment [Billions of dollars] Capital expenditures By industry Period Total capital expenditures Forestry, Total fishing, by and agri- Mining industry cultural services ConManu- WholeUtilities struction sale facturing trade Retail trade TransportaFinance tion Informaand and tion insurwareance housing ProfesReal sional, estate scienand tific, rental and and technical leasing services Health care and social assistance Other 1 For companies without employees For companies with employees 2002 �������� 2003 �������� 2004 �������� 2005 �������� 2006 �������� 2007 �������� 2008 �������� 2009 �������� 2010 �������� 2011 �������� 2012 �������� 2013 �������� 2014 �������� 2015 �������� 2016 p ������� 997.9 975.0 1,042.1 1,144.8 1,309.9 1,354.7 1,374.2 1,090.7 1,105.7 1,243.0 1,423.6 1,491.3 1,597.9 1,642.0 1,575.7 917.5 886.8 953.2 1,062.5 1,217.1 1,270.5 1,294.5 1,015.3 1,036.2 1,169.6 1,334.4 1,400.9 1,506.6 1,548.1 1,480.3 1.9 1.9 2.1 2.7 2.7 2.1 2.3 2.2 3.3 3.1 3.1 3.0 4.0 3.3 4.6 42.5 50.5 51.3 66.7 99.3 120.7 149.3 100.6 115.7 165.7 196.7 202.2 230.8 174.1 92.7 65.5 54.6 50.4 58.0 69.8 85.4 98.7 103.0 94.5 98.0 125.0 111.3 118.9 130.5 133.8 24.8 23.2 28.6 30.1 30.3 36.7 40.8 19.8 17.9 21.8 23.6 27.6 30.3 33.3 36.0 157.2 149.1 156.7 165.6 192.4 197.3 213.1 155.2 160.8 192.4 203.1 221.3 231.1 245.1 243.6 26.8 26.0 32.3 40.6 36.6 30.8 32.4 25.3 31.1 35.7 40.9 37.5 44.8 42.4 43.9 59.3 65.9 72.2 73.5 86.7 82.5 73.2 58.4 65.3 68.1 77.6 77.5 82.4 86.0 87.0 47.1 44.5 46.1 56.9 68.0 67.4 79.6 55.7 59.0 72.7 81.8 92.6 111.0 116.6 109.7 88.2 80.5 83.5 91.4 104.4 106.1 103.3 88.4 97.2 100.1 106.5 123.9 132.0 132.7 142.2 128.4 120.8 153.6 161.4 163.1 173.4 132.9 99.5 103.1 109.2 130.2 137.8 153.3 164.6 167.1 94.5 88.0 91.6 103.0 132.1 117.5 106.9 72.9 81.3 91.1 115.7 114.2 121.9 151.9 145.3 25.9 24.7 26.7 33.1 30.3 31.8 33.0 28.2 28.2 28.1 31.6 35.7 30.4 33.3 32.4 59.3 61.2 64.6 73.8 75.3 84.2 90.2 79.4 78.4 83.1 88.9 94.2 89.0 93.8 93.6 96.1 96.2 93.6 105.6 126.3 134.8 138.7 127.0 100.6 100.4 110.0 122.1 126.8 140.6 148.6 80.4 88.2 88.9 82.2 92.8 84.2 79.7 75.4 69.5 73.4 89.2 90.4 91.3 93.9 95.4 1 Includes the following industries: Management of companies and enterprises; administrative and support and waste management; educational services; arts, entertainment, and recreation; accommodation and food services; and other services (except public administration). Also includes an item for structure and equipment expenditures serving multiple industry categories. Note: Data from Annual Capital Expenditures. Industry data are based on the North American Industry Classification System (NAICS). Data shown in this table are capital expenditures for both new and used structures and equipment. Source: Department of Commerce (Bureau of the Census). 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force In April, unemployment as measured by the household survey fell 239,000 to 6.3 million. MILLIONS OF PERSONS* MILLIONS OF PERSONS* 166 166 SEASONALLY ADJUSTED 162 162 158 158 154 154 CIVILIAN LABOR FORCE 150 150 146 146 CIVILIAN EMPLOYMENT 142 142 138 138 134 134 20 20 16 16 UNEMPLOYMENT 12 12 8 8 4 4 0 0 2010 2011 2012 2013 2014 2015 2016 2017 *16 YEARS OF AGE AND OVER SOURCE: DEPARTMENT OF LABOR 2018 COUNCIL OF ECONOMIC ADVISERS [Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA] Period 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2017: Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2018: Jan ����������� Feb ����������� Mar ���������� Apr ����������� Civilian noninsti- Civilian labor tutional force population (NSA) 233,788 235,801 237,830 239,618 243,284 245,679 247,947 250,801 253,538 255,079 254,588 254,767 254,957 255,151 255,357 255,562 255,766 255,949 256,109 256,780 256,934 257,097 257,272 154,287 154,142 153,889 153,617 154,975 155,389 155,922 157,130 159,187 160,320 160,181 159,729 160,214 160,467 160,598 161,082 160,371 160,533 160,597 161,115 161,921 161,763 161,527 Civilian employment Total 145,362 139,877 139,064 139,869 142,469 143,929 146,305 148,834 151,436 153,337 153,161 152,892 153,250 153,511 153,471 154,324 153,846 153,917 154,021 154,430 155,215 155,178 155,181 Men 20 years and over 74,750 71,341 71,230 72,182 73,403 74,176 75,471 76,776 78,084 78,919 78,839 78,794 78,753 78,863 78,887 79,393 79,248 79,324 79,431 79,705 80,213 80,113 80,111 Women 20 years and over 65,039 63,699 63,456 63,360 64,640 65,295 66,287 67,323 68,387 69,344 69,218 69,087 69,289 69,586 69,502 69,692 69,576 69,665 69,614 69,583 69,828 69,916 69,992 Percent 1 Chart 11 - Apr 2018 Unemployment Both sexes 16–19 years 5,573 4,837 4,378 4,327 4,426 4,458 4,548 4,734 4,965 5,074 5,104 5,010 5,209 5,062 5,082 5,238 5,022 4,928 4,977 5,143 5,174 5,149 5,078 Total 8,924 14,265 14,825 13,747 12,506 11,460 9,617 8,296 7,751 6,982 7,021 6,837 6,964 6,956 7,127 6,759 6,524 6,616 6,576 6,684 6,706 6,585 6,346 Men 20 years and over 4,297 7,555 7,763 6,898 5,984 5,568 4,585 3,959 3,675 3,287 3,215 3,120 3,269 3,266 3,410 3,168 3,118 3,050 3,117 3,223 3,096 3,087 3,088 Women 20 years and over Both sexes 16–19 years 3,342 5,157 5,534 5,450 5,125 4,565 3,926 3,371 3,151 2,868 2,927 2,892 2,898 2,912 2,903 2,804 2,611 2,637 2,679 2,627 2,737 2,695 2,506 1,285 1,552 1,528 1,400 1,397 1,327 1,106 966 925 827 879 825 797 778 813 786 796 929 780 834 874 803 752 Not in labor force 79,501 81,659 83,941 86,001 88,310 90,290 92,025 93,671 94,351 94,759 94,407 95,038 94,743 94,684 94,759 94,480 95,395 95,416 95,512 95,665 95,012 95,335 95,745 Labor Employ- Unemployforce ment/ participa- population ment tion rate ratio rate 66.0 65.4 64.7 64.1 63.7 63.2 62.9 62.7 62.8 62.9 62.9 62.7 62.8 62.9 62.9 63.0 62.7 62.7 62.7 62.7 63.0 62.9 62.8 62.2 59.3 58.5 58.4 58.6 58.6 59.0 59.3 59.7 60.1 60.2 60.0 60.1 60.2 60.1 60.4 60.2 60.1 60.1 60.1 60.4 60.4 60.3 5.8 9.3 9.6 8.9 8.1 7.4 6.2 5.3 4.9 4.4 4.4 4.3 4.3 4.3 4.4 4.2 4.1 4.1 4.1 4.1 4.1 4.1 3.9 1 Civilian labor force (or employment) as percent of civilian noninstitutional population; and unemployment as percent of civilian labor force. Note: Beginning each January, data reflect revised population controls and are not strictly comparable with earlier data. See Employment and Earnings for details on breaks in series. Source: Department of Labor (Bureau of Labor Statistics). 11 Selected Unemployment Rates In April, the unemployment rate fell to 3.9 percent. PERCENT (SEASONALLY ADJUSTED) PERCENT (SEASONALLY ADJUSTED) 30 30 25 25 20 20 TEENAGERS (16-19) 15 15 BLACK OR AFRICAN AMERICAN1 10 10 HISPANIC1,2 MEN 20 YEARS AND OVER 5 5 WHITE1 ALL CIVILIAN WORKERS 2015 2016 WOMEN 20 YEARS AND OVER ASIAN1 0 0 2014 2017 2018 2014 2015 2016 2017 2018 1 SEE FOOTNOTE 1 TABLE BELOW. HISPANIC OR LATINO ETHNICITY. SOURCE: DEPARTMENT OF LABOR 2 COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted, except as noted by NSA] Unemployment rate (percent of civilian labor force in group) Chart 12 - Apr 2018 By race or ethnicity 1 By sex and age Period 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2017: Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2018: Jan ����������� Feb ����������� Mar ���������� Apr ����������� All civilian workers 5.8 9.3 9.6 8.9 8.1 7.4 6.2 5.3 4.9 4.4 4.4 4.3 4.3 4.3 4.4 4.2 4.1 4.1 4.1 4.1 4.1 4.1 3.9 Men 20 years and over Women 20 years and over 5.4 9.6 9.8 8.7 7.5 7.0 5.7 4.9 4.5 4.0 3.9 3.8 4.0 4.0 4.1 3.8 3.8 3.7 3.8 3.9 3.7 3.7 3.7 4.9 7.5 8.0 7.9 7.3 6.5 5.6 4.8 4.4 4.0 4.1 4.0 4.0 4.0 4.0 3.9 3.6 3.6 3.7 3.6 3.8 3.7 3.5 Both sexes 16–19 years 18.7 24.3 25.9 24.4 24.0 22.9 19.6 16.9 15.7 14.0 14.7 14.1 13.3 13.3 13.8 13.0 13.7 15.9 13.6 13.9 14.4 13.5 12.9 White 5.2 8.5 8.7 7.9 7.2 6.5 5.3 4.6 4.3 3.8 3.9 3.7 3.8 3.7 3.8 3.7 3.5 3.7 3.7 3.5 3.7 3.6 3.6 Black or African American 10.1 14.8 16.0 15.8 13.8 13.1 11.3 9.6 8.4 7.5 7.9 7.6 7.1 7.4 7.6 7.0 7.3 7.2 6.8 7.7 6.9 6.9 6.6 By selected groups Hispanic or Latino ethnicity Asian 4.0 7.3 7.5 7.0 5.9 5.2 5.0 3.8 3.6 3.4 3.2 3.6 3.6 3.8 3.9 3.6 3.0 3.0 2.5 3.0 2.9 3.1 2.8 1 Persons who selected this race group only. Persons whose ethnicity is identified as Hispanic or Latino may be of any race. Note: Data relate to persons age 16 years and over. Source: Department of Labor (Bureau of Labor Statistics). 12 7.6 12.1 12.5 11.5 10.3 9.1 7.4 6.6 5.8 5.1 5.2 5.2 4.8 5.1 5.1 5.1 4.8 4.8 4.9 5.0 4.9 5.1 4.8 Married men, spouse present 3.4 6.6 6.8 5.8 4.9 4.3 3.4 2.8 2.7 2.4 2.4 2.3 2.2 2.4 2.6 2.3 2.0 2.1 2.2 2.3 2.1 2.1 2.1 Women who maintain families (NSA) 8.0 11.5 12.3 12.4 11.4 10.2 8.6 7.4 6.8 6.2 6.0 6.8 6.9 6.8 7.2 6.5 5.6 5.5 5.3 6.5 6.2 5.6 5.5 Full-time workers 5.8 10.0 10.4 9.6 8.5 7.7 6.4 5.4 4.9 4.3 4.3 4.2 4.4 4.3 4.4 4.2 4.0 3.9 4.0 4.0 4.1 4.0 3.9 Part-time workers 5.5 6.0 6.3 6.3 6.1 5.9 5.4 4.9 4.8 4.6 5.0 4.8 4.2 4.5 4.4 4.3 4.5 5.0 4.5 4.7 4.5 4.5 4.2 Selected Measures of Unemployment and Unemployment Insurance Programs In April, the percentages of the unemployed who had been out of work for 5 to 14 weeks and 15 to 26 weeks rose, while the percentages for less than 5 weeks and 27 weeks and over fell. The mean duration of unemployment fell to 23.1 weeks and the median duration rose to 9.8 weeks. PERCENT DISTRIBUTION* PERCENT DISTRIBUTION* 70 70 DURATION OF UNEMPLOYMENT 60 60 50 50 40 40 REASON FOR UNEMPLOYMENT JOB LOSERS LESS THAN 5 WEEKS 27 WEEKS AND OVER REENTRANTS 30 30 5-14 WEEKS 20 20 JOB LEAVERS 15-26 WEEKS 10 10 NEW ENTRANTS 0 0 2014 2015 2016 2017 2018 2014 2015 2016 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF LABOR 2017 2018 COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted, except as noted by NSA] Chart 13 - Apr 2018 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 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2017: Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2018: Jan ����������� Feb ����������� Mar ���������� Apr ����������� 8,924 14,265 14,825 13,747 12,506 11,460 9,617 8,296 7,751 6,982 7,021 6,837 6,964 6,956 7,127 6,759 6,524 6,616 6,576 6,684 6,706 6,585 6,346 32.8 22.2 18.7 19.5 21.1 22.5 25.7 28.9 30.5 32.5 32.1 30.9 33.4 30.9 31.6 32.7 32.4 33.8 33.7 34.4 37.2 35.2 32.7 31.4 26.8 22.0 21.8 22.9 24.1 25.3 27.7 28.7 28.8 29.9 28.5 28.2 29.0 28.4 27.6 29.6 28.4 30.1 29.3 28.3 30.9 31.2 16.0 19.5 16.0 15.0 14.9 15.8 15.6 15.3 14.9 14.6 15.2 16.3 13.6 14.8 15.2 14.2 13.0 13.8 13.3 14.8 13.8 13.5 16.0 19.7 31.5 43.3 43.8 41.1 37.6 33.5 28.1 25.9 24.2 22.8 24.2 24.9 25.4 24.7 25.5 25.0 23.9 22.9 21.5 20.7 20.3 20.0 17.9 24.4 33.0 39.3 39.4 36.5 33.7 29.2 27.5 25.0 24.3 24.8 24.9 25.0 24.3 26.6 25.8 25.2 23.6 24.1 22.9 24.1 23.1 9.4 15.1 21.4 21.4 19.3 17.0 14.0 11.6 10.6 10.0 10.3 10.4 9.8 10.4 10.3 10.1 9.8 9.5 9.1 9.4 9.3 9.1 9.8 53.7 64.2 62.4 59.0 55.0 53.0 50.7 49.0 48.2 49.2 50.0 48.4 49.3 48.7 49.4 48.9 48.9 47.6 49.7 49.6 48.9 47.7 46.2 10.0 6.2 6.0 7.0 7.7 8.1 8.6 9.9 11.1 11.1 11.1 11.6 11.7 11.0 11.2 10.9 11.1 11.2 10.9 10.9 11.6 13.1 12.7 27.7 22.3 23.4 24.7 26.7 28.0 29.4 30.6 30.1 29.8 28.9 30.5 29.4 30.2 30.2 30.5 30.5 30.6 30.6 29.7 29.0 29.8 31.4 8.6 3,306 424 3,899 7.3 5,724 568 9,123 8.2 4,487 454 9,732 9.3 3,679 406 7,630 10.5 3,297 374 6,048 10.9 2,947 342 4,605 11.3 2,574 304 2,657 10.6 2,237 275 2,272 10.6 2,099 259 2,127 9.9 1,948 240 1,972 10.0 2,160 230 2,185 9.6 1,965 241 1,989 9.7 1,852 257 1,873 10.1 2,233 254 2,257 9.2 1,969 231 1,991 9.8 1,678 221 1,698 9.5 1,866 242 1,890 10.5 1,768 279 1,793 8.9 2,152 327 2,181 r 2,620 r 350 r 2,648 9.8 10.5 2,243 217 2,266 9.5 2,135 213 2,158 9.7 ��������������� ��������������� ����������������� 1 Beginning January 2011, includes unemployment durations of up to 5 years; prior data are for up to 2 years. 2 Includes State (50 States, District of Columbia, Puerto Rico, and the Virgin Islands), Federal (UCFE), ex-service members (UCX), and Federal and State extended benefit programs. Emergency Unemployment Compensation (2008-2013) and Federal Additional Compensation (2009-2010). Also includes Note: Data relate to persons age 16 years and over (except for insured unemployment and initial claims). Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 Nonagricultural Employment Total nonagricultural employment as measured by the payroll survey rose by 164,000 in April. MILLIONS OF PERSONS* MILLIONS OF PERSONS* 150 108 106 ALL NONAGRICULTURAL ESTABLISHMENTS PRIVATE SERVICE-PROVIDING INDUSTRIES 104 145 102 100 140 98 135 96 94 130 24 22 PRIVATE INDUSTRIES 125 EDUCATION AND HEALTH SERVICES PROFESSIONAL AND BUSINESS SERVICES 20 18 RETAIL TRADE 16 120 14 22 115 GOODS-PRODUCING 20 110 18 16 105 14 24 GOVERNMENT MANUFACTURING 12 22 20 10 2014 2015 2016 2017 2018 2014 2015 2016 *SEASONALLY ADJUSTED 2017 2018 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR [Thousands of wage and salary workers; 1 monthly data seasonally adjusted] Chart 14 - Apr 2018 Private industries Period 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2017: Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2018: Jan ����������� Feb r ��������� Mar r �������� Apr p ��������� Total nonagricultural employment 137,241 131,313 130,362 131,932 134,175 136,381 138,958 141,843 144,352 146,624 146,144 146,299 146,538 146,728 146,949 146,963 147,234 147,450 147,625 147,801 148,125 148,260 148,424 Goods-producing industries Total private 114,732 108,758 107,871 109,845 112,255 114,529 117,076 119,814 122,128 124,303 123,829 123,994 124,214 124,402 124,610 124,626 124,903 125,120 125,294 125,482 125,803 125,938 126,106 Total 2 Construc- Manufaction turing 21,335 18,558 17,751 18,047 18,420 18,738 19,226 19,610 19,750 20,077 19,998 20,013 20,048 20,040 20,115 20,130 20,168 20,246 20,328 20,383 20,490 20,510 20,559 7,162 6,016 5,518 5,533 5,646 5,856 6,151 6,461 6,728 6,955 6,917 6,924 6,940 6,934 6,962 6,971 6,988 7,030 7,072 7,100 7,167 7,157 7,174 13,406 11,847 11,528 11,726 11,927 12,020 12,185 12,336 12,354 12,444 12,410 12,414 12,428 12,424 12,463 12,469 12,489 12,519 12,558 12,578 12,609 12,631 12,655 Private service-providing industries Trade, transportation, and utilities Total Total 3 93,398 90,201 90,121 91,798 93,835 95,791 97,850 100,204 102,379 104,226 103,831 103,981 104,166 104,362 104,495 104,496 104,735 104,874 104,966 105,099 105,313 105,428 105,547 26,293 24,905 24,636 25,065 25,476 25,862 26,383 26,887 27,257 27,494 27,431 27,439 27,462 27,470 27,490 27,525 27,553 27,602 27,593 27,627 27,695 27,727 27,720 Retail trade 15,283 14,522 14,440 14,668 14,841 15,079 15,357 15,605 15,825 15,869 15,855 15,845 15,849 15,848 15,852 15,853 15,860 15,887 15,861 15,873 15,919 15,925 15,927 Information Financial activities 2,984 2,804 2,707 2,674 2,676 2,706 2,726 2,750 2,794 2,795 2,798 2,794 2,796 2,793 2,792 2,784 2,784 2,780 2,776 2,760 2,759 2,765 2,772 8,206 7,838 7,695 7,697 7,784 7,886 7,977 8,123 8,287 8,455 8,423 8,434 8,449 8,462 8,477 8,485 8,494 8,503 8,511 8,514 8,543 8,547 8,549 Profes- Education Leisure sional and and and health hospitalbusiness services ity services 17,735 16,579 16,728 17,332 17,932 18,515 19,062 19,633 20,052 20,467 20,351 20,408 20,448 20,501 20,543 20,570 20,630 20,646 20,677 20,715 20,776 20,815 20,869 19,228 19,630 19,975 20,318 20,769 21,086 21,439 22,029 22,639 23,186 23,086 23,122 23,178 23,235 23,283 23,297 23,312 23,350 23,380 23,430 23,462 23,486 23,517 13,436 13,077 13,049 13,353 13,768 14,254 14,696 15,160 15,660 16,052 15,993 16,019 16,054 16,117 16,121 16,046 16,156 16,176 16,207 16,228 16,246 16,254 16,272 Other services 5,515 5,367 5,331 5,360 5,430 5,483 5,567 5,622 5,691 5,776 5,749 5,765 5,779 5,784 5,789 5,789 5,806 5,817 5,822 5,825 5,832 5,834 5,848 Government 22,509 22,555 22,490 22,086 21,920 21,853 21,882 22,029 22,224 22,322 22,315 22,305 22,324 22,326 22,339 22,337 22,331 22,330 22,331 22,319 22,322 22,322 22,318 1 Data from the establishment survey. Includes all full- and part-time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period that includes the 12th of the month. Excludes proprietors, self-employed persons, unpaid family workers, and private household workers. Data from the household survey shown on p. 11 include those workers and also count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off. In the series shown here, persons who work at more than one job are counted each time they appear on a payroll, in contrast to the series shown on p. 11 where persons are counted only once—as employed, unemployed, or not in the labor force. See Employment and Earnings for details. 2 Includes mining and logging, not shown separately. 3 Includes wholesale trade, transportation and warehousing, and utilities, not shown separately. Note: Data classified by industry based on the 2017 North American Industry Classification System (NAICS). For details see Employment and Earnings. Source: Department of Labor (Bureau of Labor Statistics). 14 Average Weekly Hours, Hourly Earnings, and Weekly Earnings— Private Nonagricultural Industries [For production or nonsupervisory workers; monthly data seasonally adjusted] Average weekly hours Total private nonagricultural 1 Period 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2017: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2018: Jan ����������� Feb r ��������� Mar r �������� Apr p ��������� Average gross hourly earnings Total private nonagricultural 1 Manufacturing Total 33.6 33.1 33.4 33.6 33.7 33.7 33.7 33.7 33.6 33.7 33.6 33.7 33.6 33.7 33.7 33.6 33.6 33.7 33.7 33.8 33.6 33.8 33.7 33.8 Overtime 40.8 39.8 41.1 41.4 41.7 41.8 42.0 41.8 41.9 41.9 41.8 41.9 41.9 42.0 42.0 42.0 41.8 42.0 41.9 41.8 41.9 42.3 42.2 42.4 3.7 2.9 3.8 4.1 4.2 4.3 4.5 4.3 4.3 4.3 4.2 4.2 4.3 4.4 4.4 4.4 4.4 4.5 4.5 4.5 4.6 4.8 4.7 4.8 Current dollars Manufacturing 1982-84 dollars 2 $18.06 $8.56 18.61 8.88 19.05 8.90 19.44 8.77 19.74 8.73 20.13 8.78 20.61 8.85 21.03 9.07 21.54 9.20 22.05 9.22 21.89 9.21 21.94 9.22 21.98 9.25 22.02 9.26 22.06 9.27 22.11 9.25 22.20 9.23 22.18 9.22 22.23 9.20 22.31 9.22 22.34 9.17 22.39 9.18 22.46 9.23 22.51 ����������������� Average gross weekly earnings Total private nonagricultural 1 Current dollars $17.75 18.24 18.61 18.93 19.08 19.30 19.56 19.91 20.44 20.89 20.70 20.79 20.80 20.85 20.88 20.93 20.99 21.05 21.12 21.21 21.27 21.32 21.36 21.41 Percent change from a year earlier, total private nonagricultural Current dollars 1982-84 dollars 2 $607.42 $287.80 615.96 293.83 636.19 297.33 652.89 294.66 665.65 294.24 677.70 295.52 694.85 298.51 708.90 305.81 723.31 309.01 742.56 310.63 735.50 309.58 739.38 310.73 738.53 310.69 742.07 312.06 743.42 312.44 742.90 310.71 745.92 310.27 747.47 310.77 749.15 310.15 754.08 311.59 750.62 308.24 756.78 310.43 756.90 310.99 760.84 ����������������� Manufacturing Construction $724.46 726.12 765.18 784.29 794.63 807.37 822.03 832.08 855.77 875.71 865.26 871.10 871.52 875.70 876.96 879.06 877.38 884.10 884.93 886.58 891.21 901.84 901.39 907.78 $842.61 851.76 891.83 921.84 942.14 958.72 977.11 998.02 1,031.88 1,061.66 1,039.09 1,055.36 1,058.95 1,054.55 1,058.90 1,062.86 1,068.13 1,061.76 1,068.80 1,084.80 1,075.93 1,096.40 1,094.80 1,105.10 Retail trade Current dollars $386.21 388.57 400.05 412.09 422.10 423.07 431.82 445.55 447.49 462.86 456.30 459.95 459.33 461.76 462.36 461.73 464.48 465.41 469.68 471.81 471.50 469.35 474.50 476.25 1982-84 dollars 2 3.1 –1.0 1.4 2.1 3.3 1.2 2.6 –.9 2.0 –.1 1.8 .4 2.5 1.0 2.0 2.4 2.0 1.0 2.7 .5 2.2 –.1 2.5 .4 2.3 .6 2.6 1.1 2.5 .9 2.6 .7 2.6 .3 2.5 .5 2.7 .3 3.0 .8 2.4 .2 3.1 .7 2.9 .5 2.9 ������������������� 1 Also includes other private industry groups shown on p. 14. 2 Current dollar earnings divided by the consumer price index for urban wage earners and clerical workers (CPI–W) (on a 1982-84=100 base). Source: Department of Labor (Bureau of Labor Statistics). Employment Cost Index—Private Industry Index (December 2005 = 100) Period Total compensation Wages and salaries Percent change from 3 months earlier Benefits 1 Total compensation 12 months earlier Wages and salaries Benefits 1 Total compensation Wages and salaries Benefits 1 Not seasonally adjusted 2008: 2009: 2010: 2011: 2012: 2013: 2014: 2015: 2016: 2017: Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ 108.9 110.2 112.5 115.0 117.1 119.4 122.2 124.5 127.2 130.5 109.4 110.8 112.8 114.6 116.6 119.0 121.6 124.2 127.1 130.6 107.7 108.7 111.9 115.9 118.2 120.5 123.5 125.1 127.3 130.2 ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� Seasonally adjusted 2015: Mar r ��������������������������������������� June r �������������������������������������� Sept r ��������������������������������������� Dec r ���������������������������������������� 2016: Mar r ��������������������������������������� June r �������������������������������������� Sept r ��������������������������������������� Dec r ���������������������������������������� 2017: Mar r ��������������������������������������� June r �������������������������������������� Sept r ��������������������������������������� Dec r ���������������������������������������� 2018: Mar ����������������������������������������� 123.2 123.2 124.0 124.6 125.4 126.1 126.7 127.3 128.3 129.0 130.0 130.6 131.9 122.6 122.8 123.6 124.3 125.1 126.0 126.6 127.2 128.3 129.0 130.0 130.7 132.0 124.5 124.2 124.7 125.3 125.9 126.3 127.0 127.5 128.3 129.1 130.0 130.5 131.6 2.4 1.2 2.1 2.2 1.8 2.0 2.3 1.9 2.2 2.6 2.6 1.3 1.8 1.6 1.7 2.1 2.2 2.1 2.3 2.8 2.0 0.9 2.9 3.6 2.0 1.9 2.5 1.3 1.8 2.3 Not seasonally adjusted 0.7 .0 .6 .5 .6 .6 .5 .5 .8 .5 .8 .5 1.0 0.7 .2 .7 .6 .6 .7 .5 .5 .9 .5 .8 .5 1.0 0.6 –.2 .4 .5 .5 .3 .6 .4 .6 .6 .7 .4 .8 2.8 1.9 1.9 1.9 1.8 2.4 2.3 2.2 2.3 2.4 2.5 2.6 2.8 2.8 2.2 2.1 2.1 2.0 2.6 2.4 2.3 2.6 2.4 2.6 2.8 2.9 2.6 1.4 1.4 1.3 1.2 1.7 1.8 1.8 1.9 2.2 2.4 2.3 2.5 1 Employer costs for employee benefits. Note: The employment cost index is a measure of the change in the cost of labor, free from the influence of employment shifts among occupations and industries. Data exclude farm and household workers. Seasonally adjusted data revised to reflect annual revisions. Source: Department of Labor (Bureau of Labor Statistics). 15 Productivity and Related Data, Business and Nonfarm Business Sectors Labor productivity (output per hour) Period Business sector Nonfarm business sector Hours of all persons 2 Output 1 Business sector Nonfarm business sector Business sector Compensation per hour 3 Nonfarm business sector Business sector Nonfarm business sector Real compensation per hour 4 Business sector Nonfarm business sector Unit labor costs Implicit price deflator 5 Business sector Nonfarm business sector Business sector Nonfarm business sector 102.2 100.0 98.6 100.7 102.7 103.4 105.3 107.1 108.2 108.7 106.0 104.7 104.4 106.1 106.3 106.9 106.7 108.6 107.8 108.8 108.9 107.3 108.7 108.4 108.6 109.2 110.0 102.1 100.0 98.7 100.7 102.5 103.3 105.3 107.2 108.4 108.8 105.9 104.7 104.4 106.1 106.3 106.9 106.9 108.7 108.0 109.1 109.1 107.5 108.7 108.4 108.7 109.2 110.0 99.8 100.0 101.1 103.3 105.3 106.9 108.6 109.3 110.4 112.1 107.9 108.5 109.0 108.9 108.7 109.3 109.6 109.5 109.7 110.2 110.5 111.2 111.6 111.7 112.3 112.9 113.4 99.4 100.0 101.0 102.8 104.7 106.3 108.2 109.1 110.5 112.1 107.5 108.0 108.6 108.6 108.6 109.1 109.4 109.5 109.7 110.3 110.7 111.3 111.5 111.7 112.3 113.0 113.4 1.8 –2.2 –1.4 2.1 2.0 .6 1.9 1.7 1.0 .5 10.9 –4.6 –1.3 6.8 .6 2.3 –.4 7.2 –2.8 3.7 .1 –5.5 5.1 –1.0 .9 2.1 2.8 2.0 –2.0 –1.3 2.1 1.7 .9 1.9 1.8 1.1 .3 10.6 –4.7 –1.2 7.1 .6 2.3 –.2 7.2 –2.6 3.9 .0 –5.7 4.8 –1.2 1.0 2.1 2.7 1.5 .2 1.1 2.2 1.9 1.5 1.6 .6 1.0 1.6 1.4 2.5 1.6 –.1 –.7 2.0 1.1 –.2 .5 2.1 1.1 2.2 1.5 .6 1.9 2.4 1.6 1.5 .6 1.0 1.8 1.9 1.5 1.8 .9 1.2 1.5 1.2 2.1 2.1 .0 .0 1.9 1.2 .1 .9 2.2 1.3 2.3 .9 .6 2.0 2.4 1.7 Indexes, 2009=100; quarterly data seasonally adjusted 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 r ������������������ 2013 r ������������������ 2014 r ������������������ 2015 r ������������������ 2016 r ������������������ 2017 r ������������������ 2014: I r �������������� II r ������������� III r ������������ IV r ������������ 2015: I r �������������� II r ������������� III r ������������ IV r ������������ 2016: I r �������������� II r ������������� III r ������������ IV r ������������ 2017: I r �������������� II r ������������� III r ������������ IV r ������������ 2018: I p * ���������� 96.9 100.0 103.3 103.3 104.0 104.8 105.6 106.8 106.9 108.2 104.9 105.5 106.4 105.8 106.5 106.9 107.3 106.6 106.3 106.5 107.2 107.7 107.5 107.9 108.8 108.7 109.0 97.0 100.0 103.3 103.4 104.3 104.7 105.7 107.0 107.0 108.4 104.8 105.4 106.5 106.0 106.8 107.1 107.4 106.7 106.4 106.7 107.3 107.6 107.7 108.1 108.8 108.9 109.1 104.2 100.0 103.2 105.3 108.4 110.8 114.4 118.4 120.3 123.6 112.1 113.7 115.5 116.3 117.4 118.4 118.8 118.9 119.0 119.8 120.8 121.4 121.8 123.0 124.1 125.3 126.1 104.4 100.0 103.2 105.5 108.8 110.9 114.6 118.5 120.2 123.7 112.2 113.8 115.7 116.4 117.6 118.5 118.9 119.0 119.0 119.8 120.8 121.4 122.0 123.1 124.3 125.5 126.3 107.6 100.0 99.9 102.0 104.2 105.8 108.3 110.8 112.5 114.1 106.9 107.8 108.6 109.9 110.2 110.7 110.7 111.6 112.0 112.5 112.7 112.7 113.3 113.9 114.1 115.2 115.7 107.7 100.0 99.9 102.0 104.2 106.0 108.4 110.7 112.4 114.1 107.1 108.0 108.7 109.8 110.1 110.6 110.7 111.5 111.9 112.3 112.5 112.8 113.3 113.9 114.2 115.2 115.8 99.0 100.0 101.8 104.0 106.8 108.3 111.2 114.4 115.7 117.7 111.1 110.4 111.0 112.3 113.2 114.3 114.6 115.7 114.6 115.9 116.7 115.6 116.8 117.0 118.2 118.7 119.9 99.0 100.0 101.9 104.2 106.9 108.2 111.3 114.7 116.0 117.9 111.0 110.4 111.2 112.5 113.5 114.5 114.8 116.0 114.9 116.3 117.0 115.7 117.1 117.3 118.3 119.0 120.0 98.7 100.0 100.2 99.2 99.8 99.7 100.6 103.4 103.2 102.8 101.0 99.9 100.2 101.5 103.0 103.3 103.1 104.1 103.2 103.6 103.8 102.2 102.5 102.6 103.1 102.7 102.8 98.6 100.0 100.3 99.3 99.8 99.5 100.7 103.6 103.5 103.0 100.9 99.8 100.3 101.7 103.3 103.5 103.4 104.4 103.4 104.0 104.1 102.2 102.7 102.9 103.2 103.0 103.0 Percent change; quarterly data at seasonally adjusted annual rates 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 r ������������������ 2012 r ������������������ 2013 �������������������� 2014 r ������������������ 2015 r ������������������ 2016 �������������������� 2017 r ������������������ 2014: I r �������������� II r ������������� III r ������������ IV r ������������ 2015: I r �������������� II r ������������� III r ������������ IV r ������������ 2016: I r �������������� II r ������������� III r ������������ IV r ������������ 2017: I r �������������� II r ������������� III r ������������ IV r ������������ 2018: I p * ���������� 0.9 3.3 3.3 .0 .7 .7 .8 1.1 .1 1.2 –3.1 2.3 3.5 –2.2 2.7 1.6 1.5 –2.9 –1.0 .8 2.6 1.9 –.7 1.6 3.2 –.4 1.1 0.8 3.1 3.3 .1 .9 .3 1.0 1.2 .0 1.3 –3.2 2.5 4.2 –2.1 3.0 1.3 1.2 –2.7 –1.1 1.0 2.4 1.2 .2 1.7 2.6 .3 .7 –1.2 –4.1 3.2 2.1 2.9 2.2 3.2 3.5 1.6 2.7 –1.7 5.8 6.8 2.5 4.0 3.3 1.6 .2 .4 2.6 3.3 2.2 1.4 3.7 3.9 3.6 2.8 –1.3 –4.3 3.2 2.2 3.1 2.0 3.3 3.4 1.5 2.9 –1.4 5.8 6.9 2.3 4.0 3.3 1.3 .3 .2 2.5 3.3 2.2 1.8 3.9 4.0 3.7 2.8 –2.0 –7.1 –.1 2.1 2.2 1.5 2.4 2.3 1.5 1.5 1.5 3.4 3.1 4.8 1.3 1.6 .1 3.2 1.4 1.8 .7 .3 2.0 2.1 .7 4.1 1.6 –2.1 –7.2 –.1 2.1 2.2 1.7 2.3 2.2 1.5 1.6 1.9 3.2 2.6 4.5 .9 2.0 .1 3.0 1.3 1.5 .9 1.0 1.5 2.2 1.3 3.3 2.1 2.7 1.0 1.8 2.1 2.7 1.3 2.7 2.9 1.1 1.7 7.4 –2.4 2.2 4.5 3.3 3.9 1.1 4.1 –3.7 4.5 2.8 –3.7 4.4 .6 4.2 1.7 3.9 2.8 1.0 1.9 2.2 2.6 1.2 2.9 3.1 1.1 1.7 7.0 –2.3 3.0 4.9 3.7 3.6 1.0 4.3 –3.7 4.9 2.5 –4.6 5.0 .5 3.6 2.4 3.4 –1.1 1.3 .2 –1.0 .6 –.1 1.0 2.7 –.2 –.4 4.6 –4.4 1.1 5.4 6.0 1.2 –.5 3.9 –3.6 1.7 .9 –6.3 1.4 .5 2.0 –1.6 .4 –1.0 1.4 .3 –.9 .5 –.3 1.1 2.9 –.2 –.5 4.3 –4.3 1.8 5.7 6.3 .9 –.6 4.1 –3.6 2.1 .6 –7.1 2.0 .4 1.5 –.8 –.1 1 Output refers to real gross domestic product originating in the sector. 2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family workers. Estimates based primarily on establishment data. 3 Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the self-employed. 4 Hourly compensation divided by consumer price series. The trend for 1978-2017 is based on the consumer price index research series (CPI-U-RS). The change for recent quarters is based on the consumer price index for all urban consumers (CPI-U). 5 Current dollar gross domestic output divided by the output index. Note: Data relate to all persons engaged in the sector. Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. * Data based on GDP data released on April 27, 2018. Source: Department of Labor (Bureau of Labor Statistics). 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial production and capacity utilization rose in March. INDEX, 2012 = 100* (RATIO SCALE) 120 INDEX, 2012 = 100* (RATIO SCALE) 130 TOTAL INDUSTRIAL PRODUCTION FINAL PRODUCTS 110 120 100 110 90 CONSUMER GOODS BUSINESS EQUIPMENT 80 100 120 MANUFACTURING DURABLE TOTAL1 110 90 100 DEFENSE AND SPACE EQUIPMENT NONDURABLE 90 80 80 140 PERCENT* 86 CAPACITY UTILIZATION RATE (TOTAL INDUSTRY) 84 UTILITIES AND MINING 130 82 120 80 MINING 78 110 76 100 74 72 UTILITIES 90 70 80 68 66 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 1 SEE FOOTNOTE 1 TABLE BELOW *SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted] Total industrial production 1 Period 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 r ������������������ 2017: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct r ���������� Nov r ��������� Dec r ��������� 2018: Jan r ��������� Feb r ��������� Mar p �������� Percent change 2 Index, 2012=100 100.8 89.2 94.1 97.1 100.0 102.0 105.2 104.1 102.1 103.7 102.7 103.7 103.7 103.8 103.6 103.2 103.2 104.8 105.3 105.8 105.6 106.6 107.2 From preceding month ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� 0.6 1.0 .0 .1 –.1 –.4 .0 1.5 .5 .5 –.2 1.0 .5 Chart 17 - Apr 2018 Industry production indexes, 2012=100 Capacity utilization rate (output as percent of capacity) 1 Manufacturing From year earlier –3.5 –11.5 5.5 3.1 3.0 2.0 3.1 –1.0 –1.9 1.6 1.2 1.9 2.1 1.8 1.4 1.1 1.2 2.7 3.4 2.9 3.0 4.4 4.3 Total 1 103.8 89.5 94.7 97.5 100.0 100.9 102.0 101.5 100.7 101.9 101.1 102.2 101.8 101.9 101.7 101.4 101.3 102.6 102.9 103.0 102.6 104.1 104.2 Durable 99.2 80.6 89.2 94.7 100.0 102.1 105.1 103.9 101.7 103.3 102.6 104.0 103.1 103.1 102.3 102.6 103.5 103.9 104.3 104.4 104.2 106.1 106.5 Nondurable 105.8 97.7 99.8 99.9 100.0 100.0 99.3 99.6 100.4 101.8 100.8 101.7 101.8 102.2 102.5 101.7 100.4 102.8 103.1 103.1 102.6 103.7 103.5 Other (non-NAICS) 1 143.9 120.3 111.2 106.0 100.0 95.0 93.8 90.4 88.0 82.1 84.1 83.2 82.3 81.8 80.4 79.9 80.4 81.7 80.1 80.1 78.9 79.9 80.1 Mining 88.0 83.1 87.2 92.6 100.0 106.3 117.8 113.8 102.7 109.3 106.7 107.9 108.5 109.5 109.3 108.7 110.1 111.6 113.8 114.7 113.7 117.0 118.2 Utilities 101.9 99.0 102.8 102.4 100.0 102.2 103.5 102.7 102.3 100.9 100.6 100.4 102.8 101.2 102.1 100.6 99.8 103.0 103.3 106.1 108.3 102.8 106.0 Total industry Total manufacturing 77.8 68.5 73.6 76.2 77.2 77.6 79.0 77.3 75.3 76.1 75.5 76.2 76.2 76.2 76.1 75.7 75.7 76.8 77.1 77.3 77.1 77.7 78.0 74.6 65.5 70.7 73.6 74.9 75.0 75.8 75.8 74.6 74.8 74.3 75.1 74.8 74.8 74.6 74.4 74.2 75.2 75.3 75.3 74.9 76.0 75.9 1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industries—logging and newspaper, periodical, book and directory-publishing—that have traditionally been included in manufacturing. 2 Percent changes based on unrounded indexes. Note: Data based on NAICS except series as defined in footnote 1. Source: Board of Governors of the Federal Reserve System. 17 Industrial Production— Major Market Groups and Selected Manufactures [2012=100; monthly data seasonally adjusted] Products and nonindustrial supplies Materials Final products Consumer goods Period Total 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 r ������������������ 2017: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct r ���������� Nov r ��������� Dec r ��������� 2018: Jan r ��������� Feb r ��������� Mar p �������� Nonindustrial supplies Total 103.8 93.0 96.0 98.2 100.0 100.3 101.3 100.8 99.1 100.3 99.2 100.6 100.7 100.4 100.1 100.1 100.3 101.3 101.2 101.6 101.9 102.3 102.9 107.2 99.2 100.3 101.4 100.0 100.7 101.5 103.0 103.6 103.7 102.7 103.6 104.0 103.5 103.4 103.4 103.5 104.7 104.6 105.3 105.6 105.8 106.4 Durable goods 106.6 85.9 94.2 97.7 100.0 105.5 110.6 115.0 117.5 117.5 116.7 118.7 117.4 117.4 115.7 116.2 117.5 118.0 117.6 118.2 117.5 120.9 122.0 Equipment Nondurable goods 107.2 102.9 101.9 102.3 100.0 99.5 99.2 99.9 100.1 100.1 99.1 99.7 100.7 100.0 100.2 100.2 100.0 101.4 101.3 102.0 102.5 102.0 102.4 Total 1 97.3 81.5 87.8 92.2 100.0 99.6 101.0 96.6 90.2 93.8 92.6 94.9 94.4 94.5 93.8 93.8 94.3 94.6 94.7 94.5 94.8 95.7 96.4 Business 96.7 80.0 86.1 91.1 100.0 99.9 101.7 99.6 94.4 97.4 95.7 98.5 97.6 97.6 97.1 97.2 98.2 98.8 99.0 98.7 98.8 99.4 99.9 Defense and space Total 98.0 93.8 100.9 98.0 100.0 97.1 93.9 91.7 89.1 89.3 90.1 90.3 90.4 90.0 89.5 89.2 88.2 87.6 87.8 87.5 88.1 89.3 89.9 110.3 93.5 96.6 98.0 100.0 102.2 103.9 103.2 103.8 105.1 104.8 105.2 105.0 104.8 104.8 104.3 104.8 105.5 105.9 106.7 105.8 106.9 107.0 Construction 117.4 90.3 93.6 95.8 100.0 103.1 106.4 107.0 108.0 110.8 110.1 110.8 110.2 110.1 109.9 109.2 111.0 111.5 112.0 112.9 110.9 114.1 113.8 Business 107.2 95.0 98.0 99.0 100.0 101.8 102.8 101.4 101.8 102.3 102.2 102.4 102.5 102.3 102.4 102.0 101.7 102.6 102.9 103.6 103.3 103.3 103.7 Total 1 95.6 84.9 91.9 95.9 100.0 103.4 108.5 106.9 103.7 105.9 104.8 105.6 105.5 106.0 105.9 105.1 104.7 107.2 108.3 108.8 108.3 109.9 110.5 Energy 89.3 86.7 90.6 94.1 100.0 105.1 114.0 112.6 106.0 109.3 107.3 107.5 108.4 109.1 109.7 108.9 109.9 111.8 113.3 114.8 114.9 116.1 117.5 1 Includes other items, not shown separately. [2012=100; monthly data seasonally adjusted] Durable manufactures Computer and electronic products Primary metals Period Total 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 r ������������������ 2017: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct r ���������� Nov r ��������� Dec r ��������� 2018: Jan r ��������� Feb r ��������� Mar p �������� 104.1 77.5 95.0 102.0 100.0 103.3 104.0 96.8 92.5 94.0 93.8 94.0 92.0 92.9 92.3 93.7 94.8 94.7 96.3 94.9 95.0 97.1 97.6 Iron and steel products 109.2 70.3 91.8 100.1 100.0 102.1 101.3 91.6 87.3 91.7 91.0 91.0 90.1 90.0 88.8 91.7 92.3 91.8 95.8 93.5 92.3 95.5 96.6 Fabricated metal products 110.7 85.2 90.7 97.1 100.0 101.8 103.6 100.2 96.5 97.6 96.6 96.9 97.1 96.8 97.0 97.4 98.2 98.8 99.2 99.3 99.8 101.7 101.5 Nondurable manufactures Machinery Total 94.5 73.5 82.1 92.5 100.0 95.4 96.7 89.0 82.2 87.5 85.0 87.9 88.0 87.8 87.3 86.4 89.0 89.5 90.1 91.1 89.7 89.9 89.6 84.8 75.6 85.6 92.6 100.0 103.2 107.4 108.1 110.4 113.9 113.1 114.9 113.6 113.4 113.2 113.6 113.6 115.0 115.9 116.0 116.8 117.8 118.9 Selected high-technology 1 75.4 66.6 80.9 91.1 100.0 110.7 122.7 126.7 133.9 139.2 136.0 138.4 138.6 138.9 137.2 137.8 139.0 141.4 143.4 145.7 145.6 146.3 148.1 Transportation equipment Total 91.0 74.6 86.5 90.4 100.0 105.1 111.9 115.0 112.2 111.7 111.2 113.8 112.6 112.3 109.6 110.9 111.0 111.1 110.9 111.3 110.8 113.7 115.6 1 Computers and peripheral equipment, communications equipment, and semiconductors and related electronic components. Source: Board of Governors of the Federal Reserve System. 18 Motor vehicles and parts 85.1 62.3 82.7 90.4 100.0 107.2 117.1 123.2 124.8 123.7 122.5 126.9 124.2 123.5 118.8 121.5 123.1 124.2 123.9 124.8 124.2 129.0 132.6 Apparel 157.2 112.7 109.5 102.9 100.0 92.6 88.8 84.3 79.2 71.0 73.2 71.4 71.3 69.9 69.9 69.6 68.6 68.3 68.2 69.5 69.9 71.0 70.6 Printing and related support activities 123.7 103.6 103.5 101.8 100.0 100.3 98.5 97.5 99.2 98.9 99.3 99.9 99.0 98.9 98.7 98.8 97.6 97.5 97.6 98.5 97.9 98.4 97.4 Chemicals 108.6 98.1 101.3 101.4 100.0 96.6 95.6 95.2 94.7 95.6 94.4 95.1 96.0 96.4 97.2 94.7 92.2 97.6 97.9 97.5 96.5 97.8 98.1 Food 100.6 99.9 100.4 100.2 100.0 102.0 102.9 104.4 106.6 111.0 108.7 110.2 109.8 110.4 111.4 112.3 112.7 112.5 112.2 113.1 113.3 116.2 114.3 New Construction [Billions of dollars; monthly data at seasonally adjusted annual rates] Private Period 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 r ������������������ 2017: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2018: Jan r ��������� Feb r ��������� Mar p �������� Total new construction expenditures 1,077.4 906.5 809.3 788.3 850.5 906.4 1,005.6 1,113.6 1,185.7 1,234.1 1,239.6 1,217.7 1,236.7 1,226.4 1,215.4 1,220.9 1,236.3 1,237.6 1,252.1 1,272.6 1,294.0 1,306.4 1,284.7 Residential Total New housing Total 1 768.6 591.6 505.3 501.9 571.1 635.7 729.5 823.3 898.7 954.3 950.8 942.6 954.5 955.7 947.5 945.8 954.2 948.8 962.6 982.1 997.0 1,009.1 987.5 Federal and State and local Nonresidential 359.2 247.5 242.0 244.1 269.8 323.4 369.8 422.1 466.6 517.6 509.9 507.8 511.4 517.7 513.8 516.6 523.6 518.1 524.4 532.5 549.8 556.5 536.8 Total 230.1 133.9 127.3 123.2 154.5 202.3 235.2 273.7 303.0 327.2 322.6 325.3 323.1 324.4 325.1 327.5 329.1 331.7 335.3 340.9 341.7 345.4 342.5 Lodging 409.4 344.1 263.3 257.8 301.4 312.3 359.7 401.2 432.1 436.7 440.9 434.8 443.1 438.0 433.7 429.2 430.7 430.7 438.2 449.5 447.2 452.5 450.7 Commercial (including farm) Office 35.4 25.4 11.2 8.4 10.2 13.0 16.3 21.3 26.5 27.7 27.8 26.9 28.4 27.0 27.6 28.2 27.7 27.4 28.1 28.9 29.3 30.2 30.1 55.5 37.3 24.4 23.7 27.4 30.1 38.9 47.4 59.3 60.2 62.6 61.2 62.0 62.2 60.6 57.7 56.5 56.9 59.3 61.7 61.3 63.4 64.1 Manufacturing 82.7 51.1 37.2 39.2 44.3 50.9 60.9 63.4 73.5 84.1 81.1 82.8 84.8 85.1 84.5 83.1 85.5 84.8 85.8 87.8 86.5 89.0 87.0 Other 2 53.6 57.4 40.6 39.8 46.8 49.9 58.1 79.3 74.7 65.7 71.3 69.2 70.1 64.3 63.3 60.9 61.2 62.6 62.9 65.3 67.7 67.1 66.4 182.3 173.0 149.9 146.7 172.6 168.3 185.5 189.7 198.2 199.0 198.1 194.7 197.8 199.4 197.7 199.3 199.8 198.9 202.1 205.9 202.3 202.8 203.1 New houses sold New houses for sale at end of period 3 308.7 314.9 304.0 286.4 279.3 270.7 276.1 290.3 287.0 279.8 288.7 275.1 282.2 270.7 267.8 275.1 282.0 288.8 289.5 290.6 297.1 297.3 297.2 1 Includes residential improvements, not shown separately. 2 Includes health care, educational, communication, and power, among other categories not shown separately. Source: Department of Commerce (Bureau of the Census). New Private Housing and Vacancy Rates [Thousands of units or houses, except as noted] New housing units authorized 2 New housing units started Type of structure Period Total 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 r ������������������ 905.5 554.0 586.9 608.8 780.6 924.9 1,003.3 1,111.8 1,173.8 1,203.0 1 unit 622.0 445.1 471.2 430.6 535.3 617.6 647.9 714.5 781.5 848.9 Type of structure 2–4 units 1 17.5 11.6 11.4 10.9 11.4 13.6 13.7 11.5 11.5 11.4 5 units or more Total 266.0 97.3 104.3 167.3 233.9 293.7 341.7 385.8 380.8 342.7 905.4 583.0 604.6 624.1 829.7 990.8 1,052.1 1,182.6 1,206.6 1,282.0 1 unit 575.6 441.1 447.3 418.5 518.7 620.8 640.3 696.0 750.8 820.0 2–4 units 5 units or more New housing units completed Vacancy rate for rental housing units (percent) 4 34.4 20.7 22.0 21.6 25.9 29.0 29.9 32.1 34.8 37.2 295.4 121.1 135.3 184.0 285.1 341.1 382.0 454.5 421.1 424.8 1,119.7 794.4 651.7 584.9 649.2 764.4 883.8 968.2 1,059.7 1,152.9 485 375 323 306 368 429 437 501 561 613 353 234 190 151 150 187 211 234 256 294 10.0 10.6 10.2 9.5 8.7 8.3 7.6 7.1 6.9 7.2 37 36 32 35 40 36 35 33 39 37 48 47 40 397 398 357 429 378 436 367 433 399 382 452 385 488 1,194 1,098 1,180 1,230 1,194 1,091 1,081 1,184 1,138 1,197 1,215 1,282 1,217 638 590 606 619 564 559 639 616 711 644 644 667 694 266 266 271 272 275 280 280 286 287 294 297 301 301 7.0 �������������������� �������������������� 7.3 �������������������� �������������������� 7.5 �������������������� �������������������� 6.9 �������������������� �������������������� 7.0 Seasonally adjusted annual rates 2017: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec r ��������� 2018: Jan r ��������� Feb r ��������� Mar p �������� 1,189 1,154 1,129 1,217 1,185 1,172 1,159 1,261 1,299 1,207 1,339 1,295 1,319 824 823 795 857 841 871 832 887 946 847 899 900 867 ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 355 314 320 354 333 292 310 356 345 356 428 378 439 1,260 1,228 1,168 1,275 1,230 1,272 1,225 1,316 1,303 1,300 1,377 1,321 1,379 826 794 779 811 812 800 823 850 865 881 877 889 851 1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards. 2 Based on approximately 20,100 permit-issuing places beginning with 2014 and 19,300 beginning with 2004. Using the 2004 universe, the total for 2014 is 1,046.4. 3 Seasonally adjusted. 4 Quarterly data are three-month averages. Annual data are averages of quarterly data. Source: Department of Commerce (Bureau of the Census). 19 Business Sales and Inventories—Manufacturing and Trade In February, according to current estimates, manufacturing and trade sales rose 0.4 percent. In March, according to preliminary estimates, manufacturing and trade inventories rose $2.3 billion, retail sales rose 0.6 percent, and retail inventories fell $2.4 billion. Retail and food services sales rose 0.6 percent. BILLIONS OF DOLLARS* (RATIO SCALE) 2,000 MANUFACTURING AND 1,900 TRADE INVENTORIES BILLIONS OF DOLLARS* (RATIO SCALE) 650 1,800 550 1,700 500 1,600 450 1,500 400 RETAIL INVENTORIES 600 RETAIL AND FOOD SERVICES SALES RETAIL SALES 1,400 350 1,300 300 MANUFACTURING AND TRADE SALES 1,200 RATIO* 1.70 INVENTORY/SALES RATIO 1.60 1,100 RETAIL 1.50 1.40 1,000 MANUFACTURING AND TRADE 1.30 1.20 900 2014 2015 2016 2017 2018 2014 2015 2016 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE 2017 2018 COUNCIL OF ECONOMIC ADVISERS [Millions of dollars, except ratios; seasonally adjusted, except as noted] Manufacturing and trade 1 Period Sales 2 2008 �������������������� 1,160,722 2009 �������������������� 988,802 2010 �������������������� 1,088,890 2011 �������������������� 1,206,660 2012 �������������������� 1,267,248 2013 �������������������� 1,303,229 2014 �������������������� 1,340,932 2015 �������������������� 1,297,238 2016 �������������������� 1,298,529 r 2017 ������������������ 1,373,112 2017: Feb r ��������� 1,352,312 r Mar �������� 1,352,187 Apr ����������� 1,352,436 May ���������� 1,353,265 June ��������� 1,356,076 July ���������� 1,359,499 Aug ���������� 1,370,821 Sept ��������� 1,392,347 Oct ����������� 1,403,201 Nov ���������� 1,422,763 Dec ���������� 1,429,453 2018: Jan r ��������� 1,424,953 Feb r ��������� 1,430,548 p Mar �������� ����������������������� Inventories 3 Inventory/sales ratio 4 Wholesale Sales 2 1,464,235 1.31 377,030 1,329,206 1.38 319,115 1,447,533 1.27 361,447 1,561,395 1.26 407,090 1,649,412 1.28 434,002 1,712,763 1.29 447,546 1,770,586 1.31 463,682 1,803,103 1.38 441,036 1,843,431 1.40 439,376 1,905,693 1.40 472,813 1,854,231 1.37 464,364 1,859,223 1.37 464,367 1,854,646 1.37 463,101 1,860,380 1.37 462,466 1,869,426 1.38 465,292 1,875,856 1.38 465,485 1,888,038 1.38 474,487 1,887,151 1.36 481,204 1,887,235 1.34 485,148 1,895,123 1.33 494,226 1,905,693 1.33 498,152 1,917,998 1.35 490,894 1,929,354 1.35 495,873 1,931,660 ����������������������� ����������������������� Inventories 3 Retail Inventory/sales ratio 4 444,849 1.20 396,388 1.28 440,159 1.14 485,044 1.14 520,338 1.17 540,671 1.18 572,083 1.21 578,774 1.32 591,915 1.33 613,936 1.27 593,101 1.28 594,364 1.28 591,612 1.28 595,136 1.29 598,648 1.29 602,377 1.29 607,470 1.28 608,266 1.26 606,128 1.25 609,709 1.23 613,936 1.23 619,607 1.26 625,826 1.26 628,798 ����������������������� 1 See page 21 for manufacturing. 2 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. 3 Seasonally adjusted, end of period. 4 Annual data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce (Bureau of the Census). 20 Sales 2 327,943 301,039 318,171 341,913 358,519 371,538 386,620 393,952 405,238 422,947 416,377 417,044 418,413 418,381 418,025 420,258 419,882 429,623 432,584 436,032 435,315 434,584 434,004 436,540 Inventories 3 477,148 429,159 454,511 470,493 504,818 542,324 558,570 584,802 607,070 621,384 613,043 615,661 613,784 617,200 620,640 620,820 624,245 618,474 618,519 619,514 621,384 625,442 627,958 625,577 Chart 20 - Apr 2018 Retail and food Inventory/sales services sales 2 ratio 4 1.52 1.47 1.39 1.35 1.37 1.41 1.43 1.45 1.48 1.46 1.47 1.48 1.47 1.48 1.48 1.48 1.49 1.44 1.43 1.42 1.43 1.44 1.45 1.43 365,965 338,706 357,081 383,192 402,199 416,814 434,638 445,876 460,244 479,497 472,572 473,317 474,547 474,760 474,488 476,752 476,513 486,213 489,468 493,168 492,915 492,169 491,795 494,555 Manufacturers’ Shipments, Inventories, and Orders In March, manufacturers’ shipments, inventories, and new and unfilled orders rose. BILLIONS OF DOLLARS* (RATIO SCALE) 620 580 SHIPMENTS 540 500 460 420 TOTAL 380 340 BILLIONS OF DOLLARS* (RATIO SCALE) 740 INVENTORIES 700 660 620 580 TOTAL 540 500 460 DURABLE GOODS 420 300 380 340 DURABLE GOODS 260 300 220 260 NONDURABLE GOODS 180 220 BILLIONS OF DOLLARS* (RATIO SCALE) 620 580 NEW ORDERS 540 500 460 420 RATIO* 1.60 INVENTORY/SHIPMENTS RATIO 1.50 TOTAL 380 NONDURABLE GOODS 180 340 1.40 300 1.30 DURABLE GOODS 260 220 1.20 1.10 180 2014 2016 2015 2017 2018 2015 2014 2016 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE 2017 COUNCIL OF ECONOMIC ADVISERS Manufacturers’ shipments 1 Manufacturers’ inventories 2 Manufacturers’ new orders 1 Chart 21- Apr 2018 Durable goods Period Total Durable goods 2018 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 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2017: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2018: Jan ����������� Feb r ��������� Mar p �������� 455,750 368,648 409,273 457,658 474,727 484,145 490,630 462,250 453,915 477,352 470,776 470,922 472,418 472,759 473,756 476,452 481,520 485,469 492,505 495,986 499,475 500,671 502,794 218,056 171,402 190,059 206,591 218,965 224,651 233,077 231,581 228,495 237,882 233,738 233,336 236,344 236,311 236,492 238,196 240,951 242,170 245,282 246,421 247,537 249,465 250,353 237,694 197,246 219,214 251,067 255,762 259,495 257,553 230,669 225,420 239,470 237,038 237,586 236,074 236,448 237,264 238,256 240,569 243,299 247,223 249,565 251,938 251,206 252,441 542,238 503,659 552,863 605,858 624,256 629,768 639,933 639,527 644,446 670,373 649,198 649,250 648,044 650,138 652,659 656,323 660,411 662,588 665,900 670,373 672,949 675,570 677,285 329,802 294,660 321,456 352,766 367,491 370,441 387,776 394,158 391,248 407,477 393,902 394,856 395,544 397,479 399,312 401,323 403,636 404,393 405,427 407,477 409,006 410,974 411,489 212,436 208,999 231,407 253,092 256,765 259,327 252,157 245,369 253,198 262,896 255,296 254,394 252,500 252,659 253,347 255,000 256,775 258,195 260,473 262,896 263,943 264,596 265,796 454,344 350,478 407,992 459,305 475,809 485,611 494,271 456,354 447,828 474,751 469,855 468,572 467,050 482,153 466,245 471,965 479,882 481,623 489,700 498,632 492,033 499,915 507,690 216,650 153,232 188,778 208,238 220,047 226,116 236,719 225,686 222,408 235,281 232,817 230,986 230,976 245,705 228,981 233,709 239,313 238,324 242,477 249,067 240,095 248,709 255,249 73,286 48,926 62,309 71,753 77,674 80,844 81,649 72,304 67,370 72,730 71,771 70,041 69,976 84,540 67,861 70,600 75,784 73,543 75,119 74,876 74,090 78,450 83,030 995,050 825,970 871,268 954,423 1,014,371 1,075,872 1,164,968 1,142,191 1,122,589 1,144,124 1,120,560 1,122,428 1,121,504 1,135,546 1,132,365 1,132,326 1,135,301 1,135,874 1,137,311 1,144,124 1,140,945 1,144,619 1,153,823 1.26 1.39 1.28 1.29 1.30 1.30 1.31 1.39 1.41 1.37 1.38 1.38 1.37 1.38 1.38 1.38 1.37 1.36 1.35 1.35 1.35 1.35 1.35 1 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales. 2 Seasonally adjusted, end of period. 3 Annual data are averages of seasonally adjusted monthly ratios. Note: Manufacturers’ nondurable new orders (not shown) are the same as nondurable shipments. Also, there are no unfilled nondurable orders; data shown for total unfilled orders are durable unfilled orders. Total and durable shipments and inventories include data on semiconductors; new and unfilled orders do not. Source: Department of Commerce (Bureau of the Census). 21 PRICES Producer Prices The producer price index for final demand rose 0.3 percent in March. Prices for final demand goods rose 0.3 percent and prices for final demand services rose 0.3 percent. INDEX, NOV. 2009=100 (RATIO SCALE) INDEX, NOV. 2009=100 (RATIO SCALE) 125 125 SEASONALLY ADJUSTED FINAL DEMAND 120 120 FINAL DEMAND GOODS 115 115 FINAL DEMAND 110 110 FINAL DEMAND SERVICES 105 105 100 100 95 95 2012 2013 2014 2016 2015 2017 2018 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR [November 2009=100, except as noted; monthly data seasonally adjusted] Final demand goods Period Total final demand 1 Total Foods 2 Energy Final demand services Less food and energy Total Trade 3 Transportation and warehousing Other Rel. imp. 4 ����������� 100.0 33.013 5.723 5.576 21.714 65.345 20.351 4.465 40.529 2008 �������������������� ��������������� ������������� ������������� ������������� ������������� ������������� ������������� ��������������� ������������� 2009 �������������������� ��������������� ������������� ������������� ������������� ������������� ������������� ������������� ��������������� ������������� 2010 �������������������� 101.8 102.8 103.7 107.2 101.4 101.3 101.7 103.2 100.9 2011 �������������������� 105.7 109.9 112.5 126.2 104.9 103.4 104.0 110.0 102.5 2012 �������������������� 107.7 111.7 115.9 126.3 106.8 105.4 106.7 114.2 103.9 2013 �������������������� 109.1 112.6 117.8 125.3 107.9 107.1 108.2 115.3 105.8 2014 �������������������� 110.9 114.0 121.6 124.2 109.5 109.0 110.2 117.7 107.5 2015 �������������������� 109.9 109.1 118.4 98.6 109.9 110.0 111.6 115.3 108.7 2016 �������������������� 110.4 107.6 115.1 90.4 110.7 111.5 113.1 113.5 110.6 p 2017 ������������������ 113.0 111.2 116.5 99.8 113.2 113.6 114.9 115.8 112.8 2017: Mar ���������� 112.0 110.5 116.2 98.3 112.7 112.5 113.7 114.1 111.8 Apr ����������� 112.5 111.0 117.7 98.3 113.0 113.0 114.1 115.1 112.4 May ���������� 112.6 110.5 116.8 96.3 112.9 113.4 115.0 115.3 112.6 June ��������� 112.7 110.5 117.2 96.2 113.0 113.5 114.6 115.5 112.8 July ���������� 112.8 110.5 117.2 95.9 113.1 113.6 114.8 115.0 113.0 Aug ���������� 113.1 111.1 116.4 98.9 113.3 113.8 115.4 115.2 113.0 Sept ��������� 113.4 111.8 116.3 101.8 113.5 114.0 115.2 116.7 113.1 Oct ����������� 113.9 112.1 116.6 102.0 113.8 114.6 116.2 117.5 113.5 Nov r ��������� 114.3 113.0 116.8 105.6 114.1 114.7 115.8 118.6 113.7 Dec ����������� 114.4 113.1 116.7 105.9 114.3 114.7 115.7 117.4 113.9 2018: Jan ����������� 114.9 113.9 116.5 109.5 114.5 115.1 116.1 117.9 114.4 Feb ����������� 115.1 113.8 116.0 109.0 114.7 115.4 115.9 119.0 114.8 Mar ���������� 115.4 114.1 118.6 106.7 115.1 115.7 116.1 119.7 115.2 Processed goods Final for intermediate demand demand (1982=100) less foods, energy, Less and food trade Total and (Aug. 2013 energy =100) 2 68.350 ���������������� ���������������� ���������������� ���������������� ���������������� ���������������� 101.5 102.1 103.3 105.4 104.6 105.1 105.2 105.4 105.5 105.6 105.8 106.2 106.4 106.5 106.9 107.3 107.7 100.0 188.3 172.5 183.4 199.9 200.7 200.8 201.9 188.0 182.2 190.7 188.6 189.5 189.5 189.8 189.7 190.7 191.9 193.1 194.6 195.2 196.5 197.9 197.3 72.654 180.9 173.4 180.8 192.0 192.6 193.8 195.2 189.4 186.9 193.3 192.1 192.9 192.8 193.0 192.9 193.6 194.2 195.0 195.9 196.5 197.1 198.4 198.9 Unprocessed goods Chart 22 - Apr 2018 for intermediate demand (1982=100) Services for intermediNonfood ate materials demand Total less energy 100.0 251.8 175.2 212.2 249.4 241.4 246.7 249.3 189.1 173.4 190.5 187.0 190.7 188.6 188.6 189.1 187.7 188.6 189.5 194.4 197.4 199.2 204.8 195.0 21.648 100.0 324.4 ����������������� 248.4 ����������������� 329.1 101.1 390.4 103.2 369.6 105.3 351.2 107.2 345.7 108.9 296.0 110.2 288.0 112.1 323.8 115.0 324.4 113.8 322.4 114.4 320.3 114.6 322.2 115.0 324.8 115.1 329.1 115.3 333.8 115.5 325.2 116.2 324.6 116.4 329.4 116.5 342.0 116.6 341.1 117.2 346.2 117.6 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 consumption. 3 Trade indexes measure changes in margins received by wholesalers and retailers. 4 Relative importance, December 2017. Source: Department of Labor (Bureau of Labor Statistics). 22 Consumer Prices—All Urban Consumers In March, the consumer price index for all urban consumers fell 0.1 percent; it rose 0.2 percent before seasonal adjustment. The index rose 2.4 percent from its year-earlier level. INDEX, 1982-84 = 100 (RATIO SCALE) 260 INDEX, 1982-84 = 100 (RATIO SCALE) 260 SEASONALLY ADJUSTED 250 250 CONSUMER PRICES—ALL ITEMS 240 240 230 230 220 220 210 210 200 200 190 190 180 180 2010 2011 2012 2013 2014 2015 2016 2017 SOURCE: DEPARTMENT OF LABOR 2018 COUNCIL OF ECONOMIC ADVISERS [1982–84=100, except as noted; monthly data seasonally adjusted, except as noted by NSA] All items Period Rel. imp. 4 ����������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2017: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2018: Jan ����������� Feb ����������� Mar ���������� Not seasonally Seasonally adjusted adjusted (NSA) 100.0 215.303 214.537 218.056 224.939 229.594 232.957 236.736 237.017 240.007 245.120 243.801 244.524 244.733 244.955 244.786 245.519 246.819 246.663 246.669 246.524 247.867 248.991 249.554 ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 243.717 244.087 243.911 244.032 244.236 245.262 246.392 246.583 247.411 247.910 249.245 249.619 249.462 All items less food and energy Total 1 79.007 215.572 219.235 221.337 225.008 229.755 233.806 237.897 242.247 247.602 252.169 250.904 251.125 251.331 251.690 252.050 252.610 252.943 253.484 253.791 254.398 255.287 255.751 256.200 Shelter 32.697 246.666 249.354 248.396 251.646 257.083 263.056 270.513 278.803 288.230 297.803 294.960 295.810 296.484 297.259 297.801 299.027 299.760 300.686 301.374 302.336 303.090 303.669 304.747 Medical care 2 8.679 364.065 375.613 388.436 400.258 414.924 425.134 435.292 446.752 463.675 475.322 473.450 472.839 472.973 474.649 476.317 476.941 476.825 477.719 477.956 479.477 481.457 480.949 482.852 Apparel 3.136 118.907 120.078 119.503 122.111 126.265 127.411 127.514 125.903 126.045 125.612 126.587 126.298 125.503 125.450 125.432 125.452 125.530 125.331 124.216 123.829 125.891 127.729 126.929 Food New vehicles 3.775 134.194 135.623 138.005 141.883 144.232 145.783 146.275 147.135 147.358 146.992 147.795 147.644 147.435 147.041 146.509 146.438 145.997 145.648 145.982 146.775 146.660 145.938 145.988 Energy Total 1 At home Away from home 13.306 214.106 217.955 219.625 227.842 233.777 237.037 242.725 247.235 247.931 250.065 249.178 249.577 250.039 249.990 250.387 250.563 250.825 251.022 251.092 251.578 252.070 252.061 252.388 7.327 214.125 215.124 215.836 226.201 231.774 233.869 239.456 242.250 239.065 238.589 238.279 238.549 239.002 238.859 239.239 238.960 238.850 238.976 238.769 239.143 239.325 238.837 239.188 5.978 215.769 223.272 226.114 231.401 237.986 243.068 248.981 256.101 262.695 268.826 267.055 267.652 268.128 268.225 268.649 269.522 270.353 270.658 271.152 271.811 272.772 273.435 273.733 Total 1, 2 7.687 236.666 193.126 211.449 243.909 246.080 244.409 243.583 202.895 189.535 204.540 200.985 202.662 198.157 196.462 195.041 201.552 211.097 208.236 214.879 214.503 220.903 221.104 215.022 Chart 23 - Apr 2018 Gasoline 3.971 277.457 201.555 238.594 301.694 311.470 302.577 290.889 212.007 187.602 211.770 206.150 208.026 197.081 194.172 191.291 205.413 225.964 218.698 231.723 229.924 242.971 240.801 229.021 C-CPI-U (Dec. 1999=100, NSA) 3 ������������������� 124.433 123.850 125.615 129.453 131.976 ������������������� ������������������� ������������������� ������������������� ������������������� 138.461 138.902 138.984 139.055 138.889 139.333 140.184 140.015 140.020 139.871 140.606 141.226 141.550 1 Includes other items not shown separately. 2 Commodities and services. 3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices. 4 Relative importance, February 2018. Source: Department of Labor (Bureau of Labor Statistics). 23 Changes in Producer Prices [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Processed goods Unprocessed goods Change from year earlier Final for intermediate for intermediate (NSA) demand demand demand Services less for foods, intermeTransporLess Nonfood energy, diate tation food Total Final Final materials and demand Trade and Other Total and Total final demand demand less trade wareenergy demand goods services energy housing Final demand goods Period Total final demand 1 Total Foods Energy Final demand services Less food and energy Total Change, December to December, NSA 2008 �������������������� ����������� ���������� ���������� ���������� ����������� ���������� ���������� ������������� ���������� ����������� 2009 �������������������� ����������� ���������� ���������� ���������� ����������� ���������� ���������� ������������� ���������� ����������� 2010 �������������������� 2.8 4.7 5.3 12.7 2.4 1.7 2.1 4.3 1.3 ����������� 2011 �������������������� 3.2 4.7 5.7 9.2 3.1 2.3 2.3 6.7 1.8 ����������� 2012 �������������������� 1.9 1.4 4.1 –1.3 1.4 2.2 3.8 2.7 1.4 ����������� 2013 �������������������� 1.2 .8 –.8 .9 1.3 1.3 –.4 2.0 2.0 ����������� 2014 �������������������� .9 –1.2 4.4 –13.2 1.1 2.1 4.0 .8 1.4 1.3 2015 �������������������� –1.1 –3.8 –5.2 –16.4 –.1 .2 .0 –3.5 .8 .3 2016 �������������������� 1.7 1.9 –1.6 6.3 1.7 1.6 1.0 1.1 2.0 1.8 p 2017 ������������������ 2.6 3.5 2.1 10.1 2.3 2.2 2.1 1.8 2.3 2.3 –2.3 2.9 6.4 5.7 .4 .1 –2.6 –6.6 1.8 5.1 2.9 –.1 4.7 3.8 .6 .7 –.1 –3.8 1.6 3.8 –24.6 13.3 16.1 6.6 1.4 –1.9 –8.7 –25.3 13.0 5.2 0.0 .5 .0 .2 –.1 .5 .6 .6 .8 .3 .7 .7 –.3 0.4 .4 –.1 .1 –.1 .4 .3 .4 .5 .3 .3 .7 .3 –3.7 2.0 –1.1 .0 .3 –.7 .5 .5 2.6 1.5 .9 2.8 –4.8 –24.1 �������������� ����������� ����������� ������������ 28.9 �������������� ����������� ����������� ������������ 27.6 1.4 ����������� ����������� ������������ 2.4 2.0 3.8 6.9 2.1 –1.6 2.9 1.9 1.6 1.9 –5.6 1.0 1.3 .8 1.6 –5.3 1.8 1.6 1.2 1.8 –18.5 .5 –.9 –4.3 .9 13.7 2.6 .5 –1.4 1.4 8.2 2.9 2.4 3.3 1.9 Change, month to month 2017: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov r ��������� Dec r ��������� 2018: Jan ����������� Feb ����������� Mar ���������� 0.1 .4 .1 .1 .1 .3 .3 .4 .4 .1 .4 .2 .3 0.1 .5 –.5 .0 .0 .5 .6 .3 .8 .1 .7 –.1 .3 0.8 1.3 –.8 .3 .0 –.7 –.1 .3 .2 –.1 –.2 –.4 2.2 –1.4 .0 –2.0 –.1 –.3 3.1 2.9 .2 3.5 .3 3.4 –.5 –2.1 0.4 .3 –.1 .1 .1 .2 .2 .3 .3 .2 .2 .2 .3 0.2 .4 .4 .1 .1 .2 .2 .5 .1 .0 .3 .3 .3 0.6 .4 .8 –.3 .2 .5 –.2 .9 –.3 –.1 .3 –.2 .2 –1.0 .9 .2 .2 –.4 .2 1.3 .7 .9 –1.0 .4 .9 .6 0.1 .5 .2 .2 .2 .0 .1 .4 .2 .2 .4 .3 .3 0.1 .5 .1 .2 .1 .1 .2 .4 .2 .1 .4 .4 .4 2.1 –.6 –.7 .6 .8 1.3 1.4 –2.6 –.2 1.5 3.8 –.3 1.5 0.1 .5 .2 .3 .1 .2 .2 .6 .2 .1 .1 .5 .3 2.2 2.5 2.3 1.9 2.0 2.4 2.6 2.8 3.0 2.6 2.7 2.8 3.0 4.1 4.1 2.9 2.2 2.3 3.1 3.4 3.2 4.2 3.5 3.3 3.0 3.2 1.3 1.7 2.0 1.7 1.9 2.2 2.1 2.4 2.3 2.2 2.3 2.8 2.9 1 Includes final demand construction, not shown separately. Source: Department of Labor (Bureau of Labor Statistics). Changes in Consumer Prices—All Urban Consumers [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] All items less food and energy Period All items 1 Total 1 Shelter Medical care 2 Apparel Food New vehicles Total 1 At home Addendum: All items, percent change (annual rate) Energy Away from home Total 1, 2 Gasoline C-CPI-U (NSA) 3 From previous quarter 4 From 3 months earlier From 6 months earlier From year earlier (NSA) Change, December to December, NSA 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 0.1 2.7 1.5 3.0 1.7 1.5 .8 .7 2.1 2.1 1.8 1.8 .8 2.2 1.9 1.7 1.6 2.1 2.2 1.8 1.9 .3 .4 1.9 2.2 2.5 2.9 3.2 3.6 3.2 2.6 3.4 3.3 3.5 3.2 2.0 3.0 2.6 4.1 1.8 –1.0 1.9 –1.1 4.6 1.8 .6 –2.0 –.9 –.1 –1.6 2017: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2018: Jan ����������� Feb ����������� Mar ���������� –0.2 .2 –.1 .0 .1 .4 .5 .1 .3 .2 .5 .2 –.1 –0.1 .1 .1 .1 .1 .2 .1 .2 .1 .2 .3 .2 .2 0.2 .3 .2 .3 .2 .4 .2 .3 .2 .3 .2 .2 .4 0.2 –.1 .0 .4 .4 .1 .0 .2 .0 .3 .4 –.1 .4 –0.5 –.2 –.6 .0 .0 .0 .1 –.2 –.9 –.3 1.7 1.5 –.6 –3.2 4.9 –.2 3.2 1.6 .4 .5 .2 .3 –.5 5.9 –.5 1.5 4.7 1.8 1.1 3.4 .8 –.2 1.6 6.6 –2.4 1.7 6.0 1.3 .4 3.7 –.4 –2.0 .9 5.0 1.9 1.3 2.9 2.5 2.1 3.0 2.6 2.3 2.5 –21.3 18.2 7.7 6.6 .5 .5 –10.6 –12.6 5.4 6.9 –43.1 53.5 13.8 9.9 1.7 –1.0 –21.0 –19.7 9.1 10.7 0.2 2.5 1.3 2.9 1.5 1.3 .5 .4 1.8 1.9 ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� �������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� 3.8 –.4 1.6 3.2 2.1 1.5 1.6 .1 1.3 2.1 0.3 .1 .2 –.1 .2 –.1 .0 .1 –.1 .2 .1 –.2 .1 0.2 .2 .2 .0 .2 .3 .3 .1 .2 .2 .4 .2 .1 –1.8 .8 –2.2 –.9 –.7 3.3 4.7 –1.4 3.2 –.2 3.0 .1 –2.8 –3.6 .9 –5.3 –1.5 –1.5 7.4 10.0 –3.2 6.0 –.8 5.7 –.9 –4.9 .0 .3 .1 .1 –.1 .3 .6 –.1 .0 –.1 .5 .4 .2 3.0 ������������� ������������� .1 ������������� ������������� 2.1 ������������� ������������� 3.3 ������������� ������������� 3.5 1.5 .1 –.3 .5 .2 2.2 3.9 3.9 3.6 2.5 4.4 3.6 2.5 2.3 2.0 1.5 1.0 .2 1.0 2.2 2.1 2.9 3.2 4.1 3.6 2.5 2.4 2.2 1.9 1.6 1.7 1.9 2.2 2.0 2.2 2.1 2.1 2.2 2.4 Change, month to month –0.2 –.1 –.1 –.3 –.4 .0 –.3 –.2 .2 .5 –.1 –.5 .0 0.2 .2 .2 .0 .2 .1 .1 .1 .0 .2 .2 .0 .1 1 Includes other items not shown separately. 2 Commodities and services. 3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices. 4 Quarterly changes are shown in the last month of the quarter. Source: Department of Labor (Bureau of Labor Statistics). 24 Prices Received and Paid by Farmers In March, prices received by farmers rose 4.5 percent and prices paid by farmers rose 0.1 percent. (Data are not seasonally adjusted.) INDEX, 2011=100 (RATIO SCALE) 130 INDEX, 2011=100 (RATIO SCALE) 130 120 120 PRICES PAID 110 110 100 100 PRICES RECEIVED 90 90 80 80 70 70 60 60 RATIO1 RATIO1 140 140 RATIO 120 120 100 100 80 80 60 60 2010 2012 2011 2013 2014 2016 2015 2018 2017 1RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID. SOURCE: DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS [2011=100; not seasonally adjusted] Prices received by farmers 1 Period 2008 ��������������������������������������������������� 2009 ��������������������������������������������������� 2010 ��������������������������������������������������� 2011 ��������������������������������������������������� 2012 ��������������������������������������������������� 2013 ��������������������������������������������������� 2014 ��������������������������������������������������� 2015 r ������������������������������������������������� 2016 r ������������������������������������������������� 2017 r ������������������������������������������������� 2017: Mar r ��������������������������������������� Apr r ���������������������������������������� May r ��������������������������������������� June r �������������������������������������� July r ��������������������������������������� Aug r ���������������������������������������� Sept r ��������������������������������������� Oct r ����������������������������������������� Nov r ���������������������������������������� Dec r ���������������������������������������� 2018: Jan r ���������������������������������������� Feb r ���������������������������������������� Mar p ��������������������������������������� Agricultural production 91.7 80.6 86.8 100.0 105.0 107.0 107.9 99.2 90.6 92.8 94.1 95.8 98.1 98.0 95.2 93.6 91.9 87.2 91.0 91.6 85.9 90.8 94.9 Crop production 95.9 85.7 87.0 100.0 107.0 105.7 92.3 87.0 86.2 85.2 85.6 90.8 86.1 86.8 86.2 87.6 88.6 81.8 81.0 83.6 78.2 86.2 87.5 Chart 25 - Apr 2018 Prices paid by farmers Livestock production 86.1 73.8 85.7 100.0 102.5 108.5 128.7 113.4 94.4 99.9 100.5 99.4 106.7 107.1 103.9 98.5 94.8 94.3 101.8 99.6 94.5 94.2 99.8 All commodities, services, interest, taxes, and wage rates (PPITW) 2 90.0 87.3 90.0 100.0 104.4 106.3 112.0 110.7 105.9 106.6 106.6 106.8 106.9 106.7 106.5 105.7 106.1 106.8 107.1 107.1 107.6 108.4 108.5 Production items, interest, taxes, and wage rates (PITW) 89.5 86.4 89.0 100.0 104.8 106.7 113.1 111.6 105.8 106.2 106.4 106.5 106.6 106.4 106.2 105.2 105.6 106.4 106.7 106.7 107.2 108.0 108.2 Production items 88.3 84.8 87.7 100.0 105.4 107.4 114.1 112.0 104.7 104.5 104.6 104.9 105.0 104.7 104.5 103.4 103.8 104.6 105.0 104.9 105.2 106.1 106.3 Ratio of prices received by farmers to PPITW 102 92 96 100 100 100 96 90 85 87 88 90 92 92 89 89 87 81 85 86 80 84 87 1 Annual indexes for 2011 forward reflect revised methodology. See Agricultural Price Program Update, January 2015 for details. 2 Includes items not shown separately. Note: These indexes are also available on a 1910-14=100 basis, as required by statute. Source: Department of Agriculture (National Agricultural Statistics Service). 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock and Debt Measures In March, M2 rose. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 14,800 14,000 13,200 12,400 11,600 10,800 10,000 14,800 14,000 13,200 12,400 11,600 10,800 10,000 M2 9,200 9,200 8,400 8,400 7,600 7,600 6,800 6,800 6,000 6,000 5,200 5,200 4,400 4,400 3,600 3,600 M1 3,200 3,200 2,800 2,800 2,400 2,400 2,000 2,000 1,600 1,600 1,200 1,200 2010 2011 2012 2013 2014 2015 2016 2017 *AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 2018 COUNCIL OF ECONOMIC ADVISERS [Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted] Period 2008: Dec ������������������������������������������ 2009: Dec ������������������������������������������ 2010: Dec ������������������������������������������ 2011: Dec ������������������������������������������ 2012: Dec ������������������������������������������ 2013: Dec ������������������������������������������ 2014: Dec ������������������������������������������ 2015: Dec ������������������������������������������ 2016: Dec ������������������������������������������ 2017: Dec r ���������������������������������������� 2017: Mar ����������������������������������������� Apr r ���������������������������������������� May ����������������������������������������� June ���������������������������������������� July r ��������������������������������������� Aug r ���������������������������������������� Sept r ��������������������������������������� Oct r ����������������������������������������� Nov r ���������������������������������������� Dec r ���������������������������������������� 2018: Jan r ���������������������������������������� Feb r ���������������������������������������� Mar p ��������������������������������������� M1 M2 Debt Sum of currency, demand deposits, travelers checks, and other checkable deposits M1 plus savings deposits, retail MMMF balances, and small time deposits 1 Debt of domestic nonfinancial sectors 2 1,603.5 1,694.1 1,837.5 2,164.6 2,461.1 2,663.8 2,940.1 3,094.5 3,341.9 3,598.2 3,437.1 3,436.6 3,496.1 3,497.1 3,524.0 3,556.7 3,556.8 3,585.3 3,602.7 3,598.2 3,646.3 3,612.9 3,663.1 8,181.3 8,483.7 8,789.3 9,651.1 10,445.9 11,015.6 11,670.8 12,337.3 13,210.5 13,834.1 13,393.3 13,449.1 13,508.8 13,543.6 13,615.3 13,665.1 13,707.7 13,755.3 13,783.7 13,834.1 13,840.7 13,864.1 13,926.6 35,061.0 35,945.9 37,284.0 38,449.8 40,194.3 41,632.8 43,383.9 45,185.9 47,218.1 49,050.7 47,486.9 ��������������������������������������������� ��������������������������������������������� 47,959.2 ��������������������������������������������� ��������������������������������������������� 48,704.6 ��������������������������������������������� ��������������������������������������������� 49,050.7 ��������������������������������������������� ��������������������������������������������� ��������������������������������������������� Percent change From previous period 4 From year or 6 months earlier 3 M1 M2 16.6 5.7 8.5 17.8 13.7 8.2 10.4 5.3 8.0 7.7 6.5 6.0 8.7 9.3 7.9 10.1 7.0 8.7 6.1 5.8 6.9 3.2 6.0 Chart 26 - Apr 2018 Debt 9.7 3.7 3.6 9.8 8.2 5.5 5.9 5.7 7.1 4.7 5.5 5.3 5.1 5.0 5.1 5.2 4.7 4.6 4.1 4.3 3.3 2.9 3.2 3.4 2.3 4.4 4.3 4.7 5.3 3.7 8.0 3.1 2.9 1.7 ������������������������������� ������������������������������� 4.0 ������������������������������� ������������������������������� 6.3 ������������������������������� ������������������������������� 2.9 ������������������������������� ������������������������������� ������������������������������� 1 Money market mutual fund (MMMF). Savings deposits include money market deposit accounts (MMDA). 2 Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts. Quarterly data shown in last month of quarter. End-of-year data are for fourth quarter. 3 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate. 4 Debt growth of domestic nonfinancial sectors is the seasonally adjusted borrowing flow divided by the seasonally adjusted level of debt outstanding in the previous period. Annual changes are from fourth quarter to fourth quarter; quarterly changes are from previous quarter at an annual rate. Note: See p. 27 for components. Source: Board of Governors of the Federal Reserve System. 26 Components of Money Stock [Averages of daily figures; billions of dollars, seasonally adjusted] Period 2008: Dec r ��������� 2009: Dec r ��������� 2010: Dec r ��������� 2011: Dec r ��������� 2012: Dec r ��������� 2013: Dec r ��������� 2014: Dec r ��������� 2015: Dec r ��������� 2016: Dec r ��������� 2017: Dec r ��������� 2017: Mar r �������� Apr r ��������� May r �������� June r ������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 2018: Jan r ��������� Feb r ��������� Mar p �������� Currency 816.2 863.7 918.8 1,001.6 1,090.7 1,160.7 1,253.3 1,339.6 1,421.3 1,525.7 1,446.7 1,457.6 1,467.6 1,477.0 1,485.4 1,493.8 1,503.2 1,512.2 1,518.1 1,525.7 1,538.1 1,540.2 1,548.7 Nonbank travelers checks Other checkable deposits (OCDs) Demand deposits At commercial banks Total 5.5 5.1 4.7 4.3 3.8 3.5 2.9 2.5 2.2 1.9 2.1 2.1 2.1 2.0 2.0 2.0 2.0 1.9 1.9 1.9 1.9 1.9 1.9 471.5 447.2 517.6 752.3 927.4 1,034.1 1,199.7 1,238.6 1,372.2 1,477.7 1,429.9 1,420.6 1,457.0 1,453.6 1,469.2 1,486.4 1,475.3 1,490.2 1,490.8 1,477.7 1,502.8 1,474.5 1,508.7 310.3 378.0 396.4 406.5 439.2 465.5 484.2 513.8 546.2 592.9 558.3 556.3 569.4 564.6 567.4 574.5 576.3 580.9 591.8 592.9 603.4 596.3 603.8 At thrift institutions 177.7 229.9 234.1 231.6 243.5 255.7 265.1 276.1 288.2 306.4 293.3 287.1 301.4 294.9 294.6 301.1 300.9 305.1 307.5 306.4 316.1 312.1 314.3 132.6 148.1 162.2 174.8 195.6 209.8 219.1 237.6 258.0 286.5 265.0 269.2 268.0 269.7 272.8 273.4 275.5 275.8 284.3 286.5 287.3 284.2 289.5 Savings deposits (including MMDAs) Small-denomination time deposits 1 At commercial banks At commercial banks Total 4,086.7 4,810.7 5,330.8 6,033.4 6,683.8 7,130.0 7,577.3 8,178.1 8,826.2 9,122.1 8,915.7 8,961.0 8,956.4 8,985.4 9,022.0 9,025.5 9,055.1 9,066.8 9,072.6 9,122.1 9,080.6 9,123.0 9,125.5 3,321.6 3,977.9 4,411.7 5,037.4 5,727.9 6,109.6 6,499.5 7,033.7 7,566.4 7,823.6 7,613.8 7,655.6 7,637.1 7,661.4 7,697.3 7,700.9 7,736.6 7,759.2 7,774.6 7,823.6 7,773.7 7,804.4 7,786.7 At thrift institutions 765.0 832.8 919.1 996.0 955.9 1,020.4 1,077.8 1,144.5 1,259.8 1,298.5 1,301.9 1,305.4 1,319.3 1,324.0 1,324.6 1,324.6 1,318.5 1,307.6 1,298.1 1,298.5 1,306.9 1,318.6 1,338.8 Total 1,457.9 1,187.9 934.5 777.0 645.7 569.9 522.0 410.9 350.2 408.6 352.1 357.2 362.6 369.5 376.9 385.0 395.9 400.9 404.8 408.6 414.8 420.6 430.8 1,079.8 868.8 664.0 548.4 468.9 425.6 390.3 300.8 249.4 298.5 255.2 260.8 264.5 270.0 276.1 281.6 288.0 292.2 295.6 298.5 304.4 310.3 319.7 Retail money funds At thrift institutions 378.1 319.1 270.5 228.6 176.8 144.4 131.7 110.1 100.8 110.1 96.8 96.4 98.1 99.6 100.8 103.4 107.9 108.7 109.2 110.1 110.4 110.3 111.1 1,033.3 790.9 686.5 676.1 655.3 651.9 631.3 653.8 692.2 705.1 688.5 694.2 693.8 691.6 692.4 698.0 700.0 702.3 703.6 705.1 699.1 707.6 707.3 Institutional money funds 2 2,449.2 2,246.6 1,885.3 1,751.4 1,730.5 1,764.8 1,793.9 1,822.8 1,742.0 1,827.3 1,703.9 1,716.4 1,735.2 1,736.0 1,727.3 1,762.8 1,800.2 1,807.7 1,794.4 1,827.3 1,831.1 1,835.0 1,849.7 1 Small-denomination deposits are those issued in amounts of less than $100,000. 2 Institutional money funds are not part of non-M1 M2. Source: Board of Governors of the Federal Reserve System. Aggregate Reserves and Monetary Base [Averages of daily figures 1; millions of dollars, not seasonally adjusted] Reserves of depository institutions Reserve balances maintained Period Total 2008: Dec ������������ 2009: Dec ������������ 2010: Dec ������������ 2011: Dec ������������ 2012: Dec ������������ 2013: Dec ������������ 2014: Dec ������������ 2015: Dec ������������ 2016: Dec ������������ 2017: Dec ������������ 2017: Mar ����������� Apr ������������ May ����������� June ���������� July ����������� Aug ����������� Sept ���������� Oct ������������ Nov ����������� Dec ������������ 2018: Jan r ���������� Feb r ���������� Mar p ��������� 783,631 1,099,831 1,035,074 1,550,043 1,517,425 2,485,248 2,606,700 2,419,774 2,031,007 2,244,274 2,326,253 2,281,420 2,225,769 2,206,547 2,233,323 2,344,015 2,295,735 2,245,701 2,314,455 2,244,274 2,214,601 2,238,775 2,167,009 To satisfy reserve balance requirements 2 …… …… …… …… …… 75,713 90,852 97,981 116,285 135,719 118,757 124,219 126,547 129,695 132,296 131,641 133,950 128,204 134,981 135,719 138,807 135,786 131,778 That exceed the top of the penalty-free band …… …… …… …… …… 2,409,535 2,515,848 2,321,793 1,914,722 2,108,555 2,207,497 2,157,202 2,099,222 2,076,852 2,101,027 2,212,375 2,161,785 2,117,497 2,179,474 2,108,555 2,075,794 2,102,989 2,035,232 Reserve balance requirements 3 16,312 24,632 28,438 47,838 58,675 69,030 82,770 89,313 105,944 123,720 108,174 113,224 115,464 118,187 120,636 120,091 122,109 116,873 123,141 123,720 126,792 124,006 120,285 Borrowings from the Federal Reserve Vault cash used to satisfy required reserves 37,245 40,619 42,927 48,672 52,959 55,771 59,236 61,413 64,280 65,549 61,525 63,392 63,167 63,137 63,606 63,158 62,140 65,200 63,827 65,549 66,417 66,481 63,866 Nonborrowed 4 167,311 970,523 1,032,512 1,589,189 1,569,588 2,540,849 2,665,835 2,481,082 2,095,247 2,309,747 2,387,767 2,344,767 2,288,880 2,269,588 2,296,763 2,406,953 2,357,651 2,310,751 2,378,217 2,309,747 2,280,960 2,305,236 2,230,859 Monetary base 5 1,666,365 2,026,220 2,017,000 2,619,586 2,675,945 3,717,450 3,934,455 3,835,810 3,531,565 3,850,969 3,856,287 3,821,697 3,774,412 3,762,780 3,795,430 3,910,022 3,874,490 3,829,910 3,907,735 3,850,969 3,824,795 3,855,091 3,800,660 Total 6 653,565 169,927 45,488 9,526 795 170 102 106 39 75 12 45 56 95 166 220 224 151 65 75 58 20 16 Primary Secondary 88,245 19,025 41 103 12 13 22 38 13 43 7 21 11 15 12 7 10 4 11 43 51 7 4 52 518 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Seasonal 3 37 26 23 23 59 80 67 25 33 5 24 44 80 154 213 214 146 54 33 7 14 12 Term assetbacked securities loan facility 7 …… 46,310 25,025 9,400 760 98 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 Data are prorated averages of biweekly (maintenance period) averages of daily figures. 2 Equals the sum of balances maintained up to the top of each institution’s penalty-free band. 3 Excludes vault cash used to satisfy required reserves. 4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve. 5 Equals total balances maintained plus currency in circulation (not shown). 6 Includes term auction credit (December 2007 to April 2010), primary dealer and other broker-dealer credit (March 2008 to February 2010), credit extended to American International Group, Inc. (September 2008 to January 2011), asset-backed commercial paper money market mutual fund liquidity facility (September 2008 to February 2010), and other credit extensions, not shown separately. 7 Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility. Note: Data reflect the creation of a penalty-free band around reserve balance requirements which took effect June 27, 2013. See H.3 release of July 11, 2013. Source: Board of Governors of the Federal Reserve System. 27 Bank Credit at All Commercial Banks Total commercial bank loans and leases rose 0.4 percent in March. BILLIONS OF DOLLARS* (RATIO SCALE) 14,000 ALL COMMERCIAL BANKS 12,000 BILLIONS OF DOLLARS* (RATIO SCALE) 14,000 12,000 TOTAL 10,000 9,000 8,000 10,000 9,000 8,000 7,000 7,000 LOANS AND LEASES 6,000 6,000 5,000 5,000 4,000 4,000 3,000 3,000 U.S. TREASURY AND AGENCY SECURITIES 2,000 2,000 1,600 1,600 1,200 1,200 800 800 OTHER SECURITIES 400 400 2010 2011 2012 2013 2014 2015 2016 2017 *SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 2018 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars, seasonally adjusted 1] Securities in bank credit 2 Period 2008: Dec ����������� 2009: Dec ����������� 2010: Dec ����������� 2011: Dec ����������� 2012: Dec ����������� 2013: Dec ����������� 2014: Dec ����������� 2015: Dec ����������� 2016: Dec ����������� 2017: Dec r ��������� 2017: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec r ��������� 2018: Jan r ��������� Feb r ��������� Mar p �������� Total bank credit 9,031.8 8,782.9 8,982.8 9,108.0 9,625.9 9,827.1 10,539.0 11,342.6 12,093.6 12,543.1 12,183.5 12,217.4 12,258.3 12,273.3 12,312.6 12,335.1 12,376.1 12,434.7 12,483.6 12,543.1 12,565.8 12,570.0 12,591.7 Total securities 2,094.3 2,326.1 2,427.0 2,493.5 2,733.6 2,721.5 2,932.2 3,111.1 3,317.4 3,435.8 3,356.9 3,359.8 3,368.1 3,364.8 3,367.2 3,369.2 3,374.9 3,387.3 3,404.5 3,435.8 3,434.6 3,406.8 3,391.1 U.S. Treasury and agency securities 1,250.6 1,446.4 1,641.1 1,699.2 1,872.8 1,809.2 2,040.8 2,226.7 2,413.7 2,526.3 2,440.8 2,442.1 2,453.2 2,453.1 2,461.1 2,465.0 2,471.2 2,488.9 2,498.1 2,526.3 2,521.4 2,500.4 2,495.7 Loans and leases in bank credit Other securities 843.7 879.7 785.9 794.2 860.8 912.3 891.3 884.4 903.7 909.5 916.2 917.8 914.9 911.7 906.1 904.2 903.7 898.4 906.4 909.5 913.2 906.4 895.4 Total loans and leases 3 6,937.5 6,456.8 6,555.8 6,614.5 6,892.3 7,105.6 7,606.8 8,231.5 8,776.2 9,107.3 8,826.6 8,857.6 8,890.2 8,908.4 8,945.4 8,965.8 9,001.2 9,047.3 9,079.1 9,107.3 9,131.2 9,163.2 9,200.6 Commercial and industrial loans 1,558.7 1,265.2 1,192.4 1,303.8 1,474.4 1,574.2 1,773.1 1,956.8 2,097.2 2,114.6 2,084.2 2,093.1 2,095.5 2,098.8 2,101.0 2,104.8 2,114.4 2,113.7 2,112.4 2,114.6 2,118.6 2,121.6 2,137.8 Chart 28 - Apr 2018 Real estate loans Total 4 3,819.1 3,776.8 3,613.5 3,495.0 3,550.7 3,531.8 3,638.6 3,871.1 4,117.5 4,286.5 4,155.1 4,168.6 4,184.8 4,195.7 4,214.5 4,223.5 4,232.3 4,257.6 4,271.5 4,286.5 4,298.9 4,313.2 4,328.4 Revolving home equity loans 588.3 603.2 581.6 549.5 515.2 473.7 457.9 440.7 411.0 381.6 402.4 400.1 397.7 395.5 393.1 390.3 387.9 385.8 383.3 381.6 379.3 377.1 373.2 Commercial loans 1,728.4 1,640.9 1,500.5 1,418.3 1,428.2 1,498.2 1,605.3 1,780.9 1,962.8 2,085.5 2,005.4 2,017.0 2,027.3 2,035.2 2,045.5 2,052.2 2,054.6 2,066.8 2,076.9 2,085.5 2,093.6 2,103.4 2,112.8 Consumer loans 5 875.6 835.6 1,107.2 1,086.2 1,102.6 1,128.0 1,186.5 1,258.9 1,355.0 1,425.8 1,366.6 1,369.6 1,372.9 1,374.4 1,380.1 1,385.1 1,392.7 1,408.0 1,421.8 1,425.8 1,430.8 1,436.3 1,441.1 All other loans and leases 6 684.1 579.2 642.7 729.6 764.7 871.7 1,008.5 1,144.8 1,206.4 1,280.5 1,220.6 1,226.3 1,237.1 1,239.4 1,249.7 1,252.5 1,261.8 1,268.0 1,273.4 1,280.5 1,282.9 1,292.1 1,293.4 1 Data are prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, and Edge Act and agreement corporations. 2 Includes securities held in trading accounts, held-to-maturity, and available-for-sale. Excludes all non-security trading assets, such as derivatives with a positive fair value or loans held in trading accounts. 3 Excludes unearned income. Includes the allowance for loan and lease losses. Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the United States. Includes all loans held in trading accounts under a fair value option. 4 Includes closed-end residential loans, not shown separately. 5 Includes credit cards and other consumer loans. 6 Includes other items, not shown separately. Source: Board of Governors of the Federal Reserve System. 28 Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business [Billions of dollars; quarterly data at seasonally adjusted annual rates] Sources Uses External (Net increase in liabilities) Funds raised in markets Period Total 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 p ������������������ 2015: I ���������������� II ��������������� III �������������� IV �������������� 2016: I ���������������� II ��������������� III �������������� IV �������������� 2017: I ���������������� II ��������������� III �������������� IV p ����������� Internal 1 1,734.0 1,186.6 2,165.7 2,624.2 2,742.9 2,800.6 3,290.6 3,301.2 2,942.9 2,873.7 3,547.2 3,404.2 3,055.1 3,198.1 2,858.8 3,151.9 3,081.4 2,679.5 2,783.1 2,936.9 2,976.7 2,797.7 1,395.1 1,435.3 1,678.1 1,729.9 1,757.4 1,874.1 1,908.5 1,887.4 1,826.7 1,978.7 1,914.6 1,876.7 1,922.0 1,836.2 1,888.7 1,784.9 1,816.6 1,816.6 1,853.1 1,896.2 2,052.6 2,112.7 Total net funds raised Total 338.9 –248.7 487.6 894.3 985.5 926.5 1,382.1 1,413.8 1,116.2 895.0 1,632.6 1,527.5 1,133.1 1,361.9 970.1 1,367.0 1,264.8 862.9 930.0 1,040.7 924.1 685.0 –62.7 –379.8 –297.4 –127.8 –56.2 42.0 20.6 –41.0 –179.5 98.6 51.6 193.8 –197.7 –211.7 218.3 –381.5 –184.1 –370.9 200.8 260.7 85.8 –152.7 Net new equity issues –315.6 –51.2 –250.7 –454.6 –344.9 –352.9 –394.5 –549.6 –580.9 –391.3 –573.9 –473.8 –615.8 –535.0 –617.9 –638.6 –672.2 –394.8 –411.8 –274.6 –549.7 –329.0 Credit market instruments Total Securities and mortgages Loans and short-term paper 113.0 139.2 106.2 81.1 206.8 265.3 244.4 453.5 332.8 306.6 493.7 686.3 362.7 271.4 548.2 380.0 423.2 –20.4 443.9 277.7 356.8 147.9 139.9 –467.9 –153.0 245.7 81.9 129.7 170.8 55.2 68.6 183.3 131.8 –18.6 55.5 51.8 288.0 –122.9 64.9 44.3 168.6 257.6 278.7 28.4 252.9 –328.6 –46.7 326.7 288.7 394.9 415.1 508.7 401.3 489.9 625.5 667.6 418.2 323.3 836.2 257.1 488.1 23.9 612.6 535.3 635.5 176.3 Other 2 203.6 19.1 623.2 823.4 852.4 697.3 1,176.3 1,018.6 909.0 533.2 634.5 980.8 1,107.0 1,352.2 382.3 1,149.0 1,045.4 1,059.1 466.9 530.2 579.1 556.2 Total 751.2 1,320.6 1,868.1 1,828.7 2,007.5 2,554.6 2,622.6 3,289.0 2,939.4 2,866.7 3,328.4 3,581.5 3,231.1 3,015.1 2,855.1 3,169.2 2,959.0 2,774.1 2,733.0 2,977.3 2,979.3 2,777.2 Capital expenditures 3 1,360.0 1,020.8 1,235.4 1,331.9 1,501.2 1,565.0 1,699.9 1,800.3 1,673.8 1,741.5 1,789.3 1,894.1 1,792.2 1,725.8 1,665.3 1,671.3 1,658.6 1,700.0 1,685.8 1,718.8 1,784.7 1,776.6 Increase in financial assets –608.8 299.8 632.7 496.8 506.3 989.6 922.7 1,488.7 1,265.6 1,125.2 1,539.1 1,687.4 1,438.9 1,289.3 1,189.8 1,497.9 1,300.4 1,074.1 1,047.2 1,258.5 1,194.6 1,000.6 Discrepancy (sources less uses) 982.8 –134.0 297.6 795.6 735.4 246.0 668.2 12.1 3.5 6.9 218.8 –177.2 –176.0 182.9 3.7 –17.3 122.4 –94.7 50.2 –40.4 –2.5 20.5 1 Profits before tax (book) less taxes on corporate income, less net dividends, plus capital consumption allowance (consumption of fixed capital plus capital consumption adjustment), foreign earnings retained abroad, inventory valuation adjustment, and net capital transfers. 2 Includes trade payables, taxes payable, and miscellaneous liabilities (foreign direct investment in the U.S., pension fund contributions payable, and other). 3 Nonresidential fixed investment plus residential fixed investment, inventory change with inventory valuation adjustment, and nonproduced nonfinancial assets. Source: Board of Governors of the Federal Reserve System. Consumer Credit [Billions of dollars; seasonally adjusted] Net change in consumer credit outstanding 1 Consumer credit outstanding (end of period) Period Total 2008: Dec ������������������������������������������ 2009: Dec ������������������������������������������ 2010: Dec ������������������������������������������ 2011: Dec ������������������������������������������ 2012: Dec ������������������������������������������ 2013: Dec ������������������������������������������ 2014: Dec ������������������������������������������ 2015: Dec ������������������������������������������ 2016: Dec ������������������������������������������ 2017: Dec ������������������������������������������ 2017: Feb ������������������������������������������ Mar ����������������������������������������� Apr ������������������������������������������ May ����������������������������������������� June ���������������������������������������� July ����������������������������������������� Aug ����������������������������������������� Sept ���������������������������������������� Oct ������������������������������������������ Nov ����������������������������������������� Dec ������������������������������������������ 2018: Jan ������������������������������������������ Feb p ���������������������������������������� Nonrevolving 2 Revolving 2,643.8 2,555.0 2,646.8 2,757.1 2,918.3 3,093.4 3,314.6 3,413.6 3,644.2 3,841.3 3,678.2 3,691.0 3,703.5 3,721.0 3,732.1 3,747.2 3,760.9 3,769.5 3,789.8 3,822.3 3,841.3 3,856.9 3,867.5 1,004.0 916.1 839.1 840.6 844.3 855.6 889.1 907.9 969.4 1,029.3 977.2 980.4 981.5 988.3 991.5 993.3 998.3 1,003.5 1,010.9 1,023.3 1,029.3 1,030.8 1,030.9 1,639.8 1,638.9 1,807.7 1,916.4 2,074.0 2,237.8 2,425.4 2,505.7 2,674.8 2,812.0 2,701.0 2,710.6 2,722.0 2,732.7 2,740.6 2,753.8 2,762.6 2,766.0 2,778.9 2,799.1 2,812.0 2,826.1 2,836.6 Total Nonrevolving 2 Revolving 34.3 –88.8 91.8 110.3 161.2 175.1 221.2 99.0 230.6 197.1 17.8 12.8 12.5 17.5 11.1 15.1 13.7 8.6 20.3 32.5 19.0 15.6 10.6 2.4 –87.9 –77.0 1.5 3.7 11.3 33.5 18.8 61.5 59.9 5.4 3.2 1.1 6.8 3.2 1.8 5.0 5.2 7.4 12.4 6.0 1.5 .1 31.9 –.9 168.8 108.7 157.6 163.8 187.6 80.3 169.1 137.2 12.3 9.6 11.4 10.7 7.9 13.2 8.8 3.4 12.9 20.2 12.9 14.1 10.5 1 Change based on data in billions of dollars as shown here. For year-end data, change from preceding year-end; for monthly data, change from preceding month. 2 Includes automobile loans and all other loans not included in revolving credit, such as loans for mobile homes, education, boats, trailers, or vacations. These loans may be secured or unsecured. Note: Data include student loans extended by the Federal Government and by SLM Holding Corporation. Source: Board of Governors of the Federal Reserve System. 29 Interest Rates and Bond Yields Interest rates were mixed in April. PERCENT PER ANNUM 10 PERCENT PER ANNUM 10 8 8 6 6 CORPORATE Aaa BONDS (MOODY'S) 4 4 2 2 FEDERAL FUNDS RATE TREASURY BILLS 0 2010 2011 2012 2013 2014 2015 2016 0 2017 SOURCE: SEE TABLE BELOW 2018 COUNCIL OF ECONOMIC ADVISERS [Percent per annum] Chart 30 - Apr 2018 U.S. Treasury security yields Period 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2017: Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2018: Jan ����������� Feb ����������� Mar ���������� Apr ����������� Week ended: 2018: Apr 7 ������� 14 ������� 21 ������� 28 ������� May 5 ������ 3-month bills (at auction) 1 Constant maturities 2 3-year 10-year 30-year High-grade municipal bonds (Standard & Poor’s) 3 Corporate Aaa bonds (Moody’s) Discount window primary credit (N.Y. F.R. Bank) 4 Prime rate charged by banks 4 Federal funds rate 5 New-home mortgage yields (FHFA) 6 1.48 .16 .14 .06 .09 .06 .03 .06 .33 .94 .81 .89 .99 1.08 1.03 1.04 1.08 1.23 1.35 1.43 1.53 1.70 1.76 2.24 1.43 1.11 .75 .38 .54 .90 1.02 1.00 1.58 1.44 1.48 1.49 1.54 1.48 1.51 1.68 1.81 1.96 2.15 2.36 2.42 2.52 3.66 3.26 3.22 2.78 1.80 2.35 2.54 2.14 1.84 2.33 2.30 2.30 2.19 2.32 2.21 2.20 2.36 2.35 2.40 2.58 2.86 2.84 2.87 4.28 4.08 4.25 3.91 2.92 3.45 3.34 2.84 2.59 2.89 2.94 2.96 2.80 2.88 2.80 2.78 2.88 2.80 2.77 2.88 3.13 3.09 3.07 4.80 4.64 4.16 4.29 3.14 3.96 3.78 3.48 3.07 3.36 3.54 3.47 3.06 3.03 3.23 3.27 3.31 3.03 3.21 3.29 3.54 3.58 3.55 5.63 5.31 4.94 4.64 3.67 4.24 4.16 3.89 3.67 3.74 3.87 3.85 3.68 3.70 3.63 3.63 3.60 3.57 3.51 3.55 3.82 3.87 3.85 2.39 .50 .72 .75 .75 .75 .75 .76 1.01 1.60 1.50 1.50 1.75 1.75 1.75 1.75 1.75 1.75 2.00 2.00 2.00 2.25 2.25 5.09 3.25 3.25 3.25 3.25 3.25 3.25 3.26 3.51 4.10 4.00 4.00 4.25 4.25 4.25 4.25 4.25 4.25 4.50 4.50 4.50 4.75 4.75 1.92 6.05 .16 5.14 .18 4.80 .10 4.56 .14 3.69 .11 4.00 .09 4.22 .13 4.01 .39 3.76 1.00 3.97 .90 4.10 .91 4.04 1.04 4.00 1.15 3.88 1.16 3.97 1.15 3.89 1.15 3.76 1.16 3.81 1.30 3.90 1.41 3.94 1.42 4.15 1.51 4.33 1.69 ������������������������� 1.74 1.72 1.76 1.83 1.84 2.41 2.47 2.56 2.63 2.63 2.78 2.80 2.88 2.99 2.96 3.02 3.02 3.07 3.17 3.12 3.51 3.48 3.51 3.70 3.42 3.80 3.77 3.83 3.96 3.99 2.25 2.25 2.25 2.25 2.25 4.75 4.75 4.75 4.75 4.75 1.68 1.69 1.69 1.70 1.70 ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� 1 High bill rate at auction, issue date within period, bank-discount basis. Data are stop yields from uniform-price auctions. 2 Yields on actively traded issues adjusted to constant maturities. 3 Weekly data are Wednesday figures. 4 Average effective rate for year; rate in effect at end of month or week. 5 Beginning March 1, 2016, the daily effective federal funds rate is a volume-weighted median of transaction-level data collected from depository institutions in the Report of Selected Money Market Rates (FR 2420). Prior to that date, the daily effective rate was a volume-weighted mean of rates on brokered trades. 6 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Agency, Moody’s Investors Service, Bloomberg, and Standard & Poor’s. 30 Common Stock Prices and Yields Stock prices were mixed in April. INDEX, DEC. 31, 2002=5,000 (RATIO SCALE) 14,000 13,000 INDEX, DEC. 31, 2002=5,000 (RATIO SCALE) 14,000 13,000 12,000 12,000 11,000 11,000 COMPOSITE STOCK PRICE INDEX (NYSE) 10,000 9,000 10,000 9,000 8,000 8,000 7,000 7,000 6,000 6,000 5,000 5,000 4,000 2010 2011 2013 2012 2014 4,000 2015 2016 2017 PERCENT 20 2018 PERCENT 20 15 15 EARNINGS/PRICE RATIO ON COMMON STOCKS (S&P) 10 10 5 5 0 0 2010 2011 2012 2013 2014 2016 2015 SOURCES: NEW YORK STOCK EXCHANGE, STANDARD AND POOR'S, AND BLOOMBERG 2017 2018 COUNCIL OF ECONOMIC ADVISERS Common stock yields (percent) 6 Common stock prices 1 Chart 31 - Apr 2018 New York Stock Exchange indexes (December 31, 2002=5,000) 2 Period Composite 2008 ��������������������� 2009 ��������������������� 2010 ��������������������� 2011 ��������������������� 2012 ��������������������� 2013 ��������������������� 2014 ��������������������� 2015 ��������������������� 2016 ��������������������� 2017 ��������������������� 2017: Apr ������������ May ����������� June ���������� July ����������� Aug ����������� Sept ���������� Oct ������������ Nov ����������� Dec ������������ 2018: Jan ������������ Feb ������������ Mar ����������� Apr ������������ Week ended: 2018: Apr 7 �������� 14 �������� 21 �������� 28 �������� May 5 ������� Financial Energy Health Care Dow Jones industrial average 3 Standard & Poor’s composite index (1941–43=10) 4 Nasdaq composite index (Feb. 5, 1971=100) 5 Dividend/price ratio Earnings/price ratio 8,036.88 6,091.02 7,230.42 7,871.41 8,011.65 9,426.77 10,653.17 10,676.70 10,380.08 11,843.74 11,460.72 11,570.13 11,737.05 11,873.22 11,846.65 12,057.14 12,346.31 12,379.57 12,706.33 13,286.10 12,752.00 12,615.26 12,535.19 6,278.38 3,987.04 4,744.05 4,641.01 4,616.63 5,805.54 6,448.33 6,559.24 6,124.93 7,509.81 7,171.30 7,213.99 7,351.11 7,572.96 7,572.45 7,611.03 7,891.70 7,929.53 8,192.39 8,526.59 8,271.86 8,190.26 8,011.33 13,258.42 10,020.30 10,943.85 12,880.35 12,512.31 13,490.83 14,598.07 11,332.43 10,204.95 10,699.23 10,730.91 10,521.12 10,150.98 10,181.75 10,061.50 10,535.38 10,823.03 10,944.99 11,146.16 12,048.73 10,915.48 10,756.41 11,490.42 6,171.19 5,456.63 6,230.62 6,847.80 7,503.05 9,250.02 11,195.85 12,718.18 12,182.85 13,366.56 12,741.57 13,152.23 13,642.37 13,731.48 13,514.12 13,920.43 14,136.06 14,037.05 14,238.12 14,946.67 14,425.24 14,311.49 14,188.05 11,252.61 8,876.15 10,662.80 11,966.36 12,967.08 14,999.67 16,773.99 17,590.61 17,908.08 21,741.91 20,684.69 20,936.81 21,317.80 21,581.25 21,914.08 22,173.41 23,036.24 23,557.93 24,545.38 25,804.02 24,981.55 24,582.17 24,304.21 1,220.89 946.73 1,139.31 1,268.89 1,379.56 1,642.51 1,930.67 2,061.20 2,092.39 2,448.22 2,359.31 2,395.35 2,433.99 2,454.10 2,456.22 2,492.84 2,557.00 2,593.61 2,664.34 2,789.80 2,705.16 2,702.77 2,653.63 2,162.46 1,841.03 2,347.70 2,680.42 2,965.77 3,537.69 4,374.31 4,943.49 4,982.49 6,231.28 5,912.17 6,124.88 6,224.29 6,294.67 6,311.40 6,428.08 6,603.01 6,796.04 6,889.74 7,279.50 7,161.77 7,311.51 7,084.14 2.37 2.40 1.98 2.05 2.24 2.14 2.04 2.10 2.19 �������������������������� 2.03 2.02 2.01 �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� 3.54 1.86 6.04 6.77 6.20 5.57 5.25 4.59 4.17 4.22 ���������������������������� ���������������������������� 4.29 ���������������������������� ���������������������������� 4.25 ���������������������������� ���������������������������� 4.11 ���������������������������� ���������������������������� 4.41 ���������������������������� 12,394.26 12,517.48 12,669.09 12,563.91 12,462.46 7,973.71 8,006.85 8,043.77 8,024.21 7,965.17 10,883.48 11,351.49 11,770.72 11,878.44 11,852.69 14,014.71 14,179.52 14,303.05 14,252.76 14,136.04 24,075.97 24,283.95 24,647.11 24,238.04 24,075.97 2,621.67 2,646.50 2,691.23 2,656.22 2,646.33 6,969.03 7,072.11 7,223.36 7,075.63 7,119.13 �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� ���������������������������� ���������������������������� ���������������������������� ���������������������������� ���������������������������� 1 Annual data are averages of monthly figures. Monthly and weekly data are averages of daily closing prices. 2 Includes all the stocks (in 2016, over 3,200) listed on the NYSE. 3 Includes 30 stocks. 4 Includes 500 stocks. 5 Includes over 3,100 stocks in 2016. 6 Standard & Poor’s series. Dividend/price ratios based on Wednesday closing prices. Earnings/price ratios based on prices at end of quarter. Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor’s, Nasdaq Stock Market, and Bloomberg. 31 FEDERAL FINANCE. Federal Receipts, Outlays, and Debt In the first six months of fiscal year 2018, the deficit was $599.7 billion, compared with a deficit of $526.9 billion a year earlier. BILLIONS OF DOLLARS 4,800 RECEIPTS AND OUTLAYS1 4,600 BILLIONS OF DOLLARS 4,800 4,600 4,400 4,400 4,200 4,200 OUTLAYS1 4,000 4,000 3,800 3,800 3,600 3,600 3,400 3,400 3,200 3,200 3,000 3,000 RECEIPTS1 2,800 2,800 2,600 2,600 2,400 2,400 2,200 2,200 2,000 2,000 1,800 1,600 1,800 1,600 400 SURPLUS OR DEFICIT (–)1 400 0 0 –400 –400 –800 –800 –1,200 –1,200 –1,600 –1,600 –2,000 –2,000 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 FISCAL YEARS 1 INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS. SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Total Fiscal year or period Receipts 2000 ���������������������������������������������������� 2001 ���������������������������������������������������� 2002 ���������������������������������������������������� 2003 ���������������������������������������������������� 2004 ���������������������������������������������������� 2005 ���������������������������������������������������� 2006 ���������������������������������������������������� 2007 ���������������������������������������������������� 2008 ���������������������������������������������������� 2009 ���������������������������������������������������� 2010 ���������������������������������������������������� 2011 ���������������������������������������������������� 2012 ���������������������������������������������������� 2013 ���������������������������������������������������� 2014 ���������������������������������������������������� 2015 ���������������������������������������������������� 2016 ���������������������������������������������������� 2017 ���������������������������������������������������� 2018 (estimates) ��������������������������������� 2019 (estimates) ��������������������������������� Cumulative total, first 6 months: 1 Fiscal year 2017 ���������������������������������� Fiscal year 2018 ���������������������������������� Outlays Chart 32 - Feb 2018 On-budget Surplus or deficit (–) Receipts Outlays Surplus or deficit (–) Receipts Outlays Surplus or deficit (–) Gross Federal Held by the public 2,025.2 1,991.1 1,853.1 1,782.3 1,880.1 2,153.6 2,406.9 2,568.0 2,524.0 2,105.0 2,162.7 2,303.5 2,450.0 2,775.1 3,021.5 3,249.9 3,268.0 3,316.2 3,340.4 3,422.3 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 3,536.9 3,454.6 3,506.1 3,688.4 3,852.6 3,981.6 4,173.0 4,406.7 236.2 128.2 –157.8 –377.6 –412.7 –318.3 –248.2 –160.7 –458.6 –1,412.7 –1,294.4 –1,299.6 –1,087.0 –679.5 –484.6 –438.5 –584.7 –665.4 –832.6 –984.4 1,544.6 1,483.6 1,337.8 1,258.5 1,345.4 1,576.1 1,798.5 1,932.9 1,865.9 1,451.0 1,531.0 1,737.7 1,880.5 2,101.8 2,285.9 2,479.5 2,457.8 2,465.6 2,488.1 2,517.1 1,458.2 1,516.0 1,655.2 1,796.9 1,913.3 2,069.7 2,233.0 2,275.0 2,507.8 3,000.7 2,902.4 3,104.5 3,029.4 2,820.8 2,800.0 2,945.3 3,077.9 3,180.4 3,315.8 3,494.1 86.4 –32.4 –317.4 –538.4 –568.0 –493.6 –434.5 –342.2 –641.8 –1,549.7 –1,371.4 –1,366.8 –1,148.9 –719.0 –514.1 –465.8 –620.2 –714.8 –827.7 –977.0 480.6 507.5 515.3 523.8 534.7 577.5 608.4 635.1 658.0 654.0 631.7 565.8 569.5 673.3 735.6 770.4 810.2 850.6 852.3 905.2 330.8 346.8 355.7 363.0 379.5 402.2 422.1 453.6 474.8 517.0 554.7 498.6 507.6 633.8 706.1 743.1 774.7 801.2 857.2 912.6 149.8 160.7 159.7 160.8 155.2 175.3 186.3 181.5 183.3 137.0 77.0 67.2 61.9 39.5 29.5 27.3 35.5 49.4 –4.9 –7.4 5,628.7 5,769.9 6,198.4 6,760.0 7,354.7 7,905.3 8,451.4 8,950.7 9,986.1 11,875.9 13,528.8 14,764.2 16,050.9 16,719.4 17,794.5 18,120.1 19,539.5 20,205.7 21,478.2 22,702.8 3,409.8 3,319.6 3,540.4 3,913.4 4,295.5 4,592.2 4,829.0 5,035.1 5,803.1 7,544.7 9,018.9 10,128.2 11,281.1 11,982.7 12,779.9 13,116.7 14,167.6 14,665.5 15,789.7 16,871.7 1,473.1 1,497.0 2,000.0 2,096.7 –526.9 –599.7 1,069.8 1,084.3 1,605.5 1,682.9 –535.6 –598.7 403.3 412.7 394.5 413.8 8.8 –1.0 19,805.1 21,040.6 14,359.6 15,415.0 1 Data from current issue Monthly Treasury Statement. Note: Data (except as noted) are from Budget of the United States Government, Fiscal Year 2019, issued February 12, 2018. Sources: Department of the Treasury and Office of Management and Budget. 32 Federal debt (end of period) Off-budget Federal Receipts by Source and Outlays by Function In the first six months of fiscal year 2018, receipts were $23.9 billion higher than a year earlier and outlays were $96.7 billion higher. BILLIONS OF DOLLARS 2,000 1 RECEIPTS BILLIONS OF DOLLARS 2,000 INDIVIDUAL INCOME TAXES 1,600 1,600 1,200 1,200 800 400 OTHER RECEIPTS 800 CORPORATION INCOME TAXES SOCIAL INSURANCE AND RETIREMENT RECEIPTS 400 0 0 3,800 3,600 3,800 3,600 OUTLAYS1 3,400 3,400 NONDEFENSE 3,200 3,200 3,000 3,000 2,800 2,800 2,600 2,600 2,400 2,400 2,200 2,200 2,000 2,000 1,800 1,600 1,800 1,600 800 800 600 600 NATIONAL DEFENSE 400 400 200 200 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 FISCAL YEARS 1 INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS. SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Chart 33 - Feb 2018 On-budget and off-budget receipts Fiscal year or period 2000 ���������������������������������������������������� 2001 ���������������������������������������������������� 2002 ���������������������������������������������������� 2003 ���������������������������������������������������� 2004 ���������������������������������������������������� 2005 ���������������������������������������������������� 2006 ���������������������������������������������������� 2007 ���������������������������������������������������� 2008 ���������������������������������������������������� 2009 ���������������������������������������������������� 2010 ���������������������������������������������������� 2011 ���������������������������������������������������� 2012 ���������������������������������������������������� 2013 ���������������������������������������������������� 2014 ���������������������������������������������������� 2015 ���������������������������������������������������� 2016 ���������������������������������������������������� 2017 ���������������������������������������������������� 2018 (estimates) ��������������������������������� 2019 (estimates) ��������������������������������� Cumulative total, first 6 months: 1 Fiscal year 2017 ���������������������������������� Fiscal year 2018 ���������������������������������� On-budget and off-budget outlays National defense Indi- Corporavidual tion income income taxes taxes Social insurance and retirement receipts 2,025.2 1,991.1 1,853.1 1,782.3 1,880.1 2,153.6 2,406.9 2,568.0 2,524.0 2,105.0 2,162.7 2,303.5 2,450.0 2,775.1 3,021.5 3,249.9 3,268.0 3,316.2 3,340.4 3,422.3 1,004.5 994.3 858.3 793.7 809.0 927.2 1,043.9 1,163.5 1,145.7 915.3 898.5 1,091.5 1,132.2 1,316.4 1,394.6 1,540.8 1,546.1 1,587.1 1,660.1 1,687.7 207.3 151.1 148.0 131.8 189.4 278.3 353.9 370.2 304.3 138.2 191.4 181.1 242.3 273.5 320.7 343.8 299.6 297.0 217.6 225.3 652.9 694.0 700.8 713.0 733.4 794.1 837.8 869.6 900.2 890.9 864.8 818.8 845.3 947.8 1,023.5 1,065.3 1,115.1 1,161.9 1,169.7 1,237.6 160.6 151.7 146.0 143.9 148.4 154.0 171.2 164.7 173.7 160.5 207.9 212.1 230.2 237.4 282.7 300.0 307.3 270.1 292.9 271.6 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 3,536.9 3,454.6 3,506.1 3,688.4 3,852.6 3,981.6 4,173.0 4,406.7 294.4 304.7 348.5 404.7 455.8 495.3 521.8 551.3 616.1 661.0 693.5 705.6 677.9 633.4 603.5 589.7 593.4 598.7 643.3 688.6 281.0 290.2 331.8 387.1 436.4 474.1 499.3 528.5 594.6 636.7 666.7 678.1 650.9 607.8 577.9 562.5 565.4 568.9 612.5 656.9 17.2 16.5 22.3 21.2 26.9 34.6 29.5 28.5 28.9 37.5 45.2 45.7 47.2 46.2 46.7 48.6 45.3 46.3 47.3 63.3 154.5 172.2 196.5 219.5 240.1 250.5 252.7 266.4 280.6 334.3 369.1 372.5 346.7 358.3 409.4 482.2 511.3 533.1 594.1 594.3 197.1 217.4 230.9 249.4 269.4 298.6 329.9 375.4 390.8 430.1 451.6 485.7 471.8 497.8 511.7 546.2 594.5 597.3 588.4 631.0 253.7 269.8 312.7 334.6 333.1 345.8 352.5 366.0 431.3 533.2 622.2 597.3 541.3 536.5 513.6 508.8 514.1 503.5 498.8 499.6 409.4 433.0 456.0 474.7 495.5 523.3 548.5 586.2 617.0 683.0 706.7 730.8 773.3 813.6 850.5 887.8 916.1 944.9 992.5 1,052.1 222.9 206.2 170.9 153.1 160.2 184.0 226.6 237.1 252.8 186.9 196.2 230.0 220.4 220.9 229.0 223.2 240.0 262.6 310.3 363.4 239.7 243.1 273.1 302.6 311.8 339.8 393.5 317.9 365.2 651.6 372.6 435.5 458.3 347.9 341.7 401.9 437.9 495.2 498.3 514.4 1,473.1 1,497.0 695.4 736.3 100.2 78.6 547.5 560.4 130.0 121.7 2,000.0 2,096.7 300.9 313.3 285.6 298.1 25.7 21.1 266.6 271.6 293.8 299.6 284.8 284.2 466.0 485.0 145.4 165.8 216.9 256.2 Total Other Total Total Depart- Internament tional of affairs Defense, military Health Medicare Income Social Net security security interest Other 1 Data from current issue Monthly Treasury Statement. Data for Department of Defense, military, include a small amount that is classified and listed under international affairs, and not included in national defense. Note: Data (except as noted) are from Budget of the United States Government, Fiscal Year 2019, issued February 12, 2018. Sources: Department of the Treasury and Office of Management and Budget. 33 Federal Sector, National Income Accounts Basis In the first quarter of 2018, according to advance estimates, Federal current expenditures rose $56.3 billion (annual rate); Federal current receipts data are incomplete. BILLIONS OF DOLLARS 4,800 BILLIONS OF DOLLARS 4,800 SEASONALLY ADJUSTED ANNUAL RATES 4,400 4,400 4,000 4,000 3,600 3,600 CURRENT EXPENDITURES 3,200 3,200 2,800 2,800 CURRENT RECEIPTS 2,400 2,400 2,000 2,000 1,600 1,600 1,200 1,200 800 800 400 400 0 0 NET FEDERAL GOVERNMENT SAVING –400 –400 –800 –800 –1,200 –1,200 –1,600 –1,600 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 CALENDAR YEARS SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Chart 34 - Apr 2018 Federal Government current receipts Federal Government current expenditures Current tax receipts Period Total Total 1 Calendar year: 2008 ������������� 2,579.5 1,520.7 2009 ������������� 2,238.4 1,171.1 2010 ������������� 2,443.3 1,352.7 2011 ������������� 2,574.1 1,553.8 2012 ������������� 2,699.1 1,661.1 2013 ������������� 3,138.4 1,824.3 2014 ������������� 3,291.2 1,995.4 2015 ������������� 3,441.4 2,126.9 2016 ������������� 3,452.1 2,100.2 2017 ������������� 3,587.4 2,159.4 2015: I ��������������� 3,399.8 2,113.5 II �������������� 3,440.4 2,131.0 III ������������� 3,430.6 2,106.0 IV ������������� 3,494.7 2,157.1 2016: I ��������������� 3,400.9 2,060.1 II �������������� 3,441.7 2,096.3 III ������������� 3,486.3 2,131.6 IV ������������� 3,479.4 2,113.0 2017: I ��������������� 3,589.2 2,133.4 II �������������� 3,556.4 2,150.7 III ������������� 3,618.4 2,176.8 IV ������������� 3,585.6 2,176.8 2018: I p ������������� ������������ �������������� Contributions for Income Taxes govern- receipts Taxes Personal on ment on on current production corporate social assets taxes and insurincome imports ance 1,174.3 864.5 941.6 1,129.1 1,164.7 1,302.0 1,403.0 1,528.5 1,540.5 1,603.5 1,502.5 1,521.8 1,531.1 1,558.7 1,514.4 1,537.9 1,557.9 1,552.0 1,574.0 1,586.5 1,613.8 1,639.7 1,581.3 94.0 233.7 91.4 200.4 96.8 298.7 108.6 299.4 115.1 363.1 124.8 378.1 135.4 436.6 140.2 437.1 137.0 401.2 132.3 401.3 138.9 451.3 142.9 445.5 137.6 415.2 141.4 436.5 137.4 386.1 135.5 401.9 136.7 416.1 138.5 400.8 128.8 408.8 131.6 410.4 132.8 407.8 135.9 378.0 150.2 �������������� 974.4 950.8 970.9 904.0 938.1 1,091.3 1,140.9 1,193.4 1,230.2 1,287.3 1,173.8 1,187.1 1,195.5 1,217.0 1,212.4 1,230.2 1,243.1 1,235.1 1,269.2 1,278.9 1,293.4 1,307.6 1,339.2 1 Includes taxes from the rest of the world, not shown separately. 2 Includes Federal grants-in-aid to State and local governments, not shown separately. Source: Department of Commerce (Bureau of Economic Analysis). 34 33.9 48.5 54.6 56.4 52.6 163.3 75.1 48.9 46.8 58.5 44.5 43.3 67.1 40.7 48.7 35.1 47.6 55.9 76.5 59.9 59.4 38.3 36.7 Current transfer receipts 49.7 67.2 68.1 67.1 56.1 70.7 87.8 77.0 78.3 86.5 73.4 84.0 66.6 84.0 82.6 84.0 67.8 78.9 113.5 70.7 92.8 68.8 77.3 Current surplus of government enterprises 0.8 .8 –3.1 –7.1 –8.9 –11.1 –8.0 –4.7 –3.5 –4.3 –5.5 –5.0 –4.5 –4.0 –2.8 –4.0 –3.8 –3.5 –3.4 –3.8 –4.1 –5.8 –8.9 Total 3,213.5 3,487.2 3,772.0 3,818.3 3,789.1 3,782.2 3,901.4 4,028.0 4,149.4 4,252.5 3,953.8 4,031.4 4,064.2 4,062.8 4,108.5 4,130.3 4,165.3 4,193.3 4,242.0 4,198.3 4,235.5 4,334.1 4,390.4 ConCurrent sumption transfer Interest Subsidies expendipaypayments tures ments 2 879.8 933.7 1,003.9 1,006.1 1,007.8 961.0 954.5 960.0 964.5 977.8 957.3 960.2 959.1 963.6 961.5 962.5 968.2 965.9 968.0 970.8 981.1 991.5 1,006.1 1,896.1 2,142.9 2,333.2 2,327.0 2,300.8 2,346.2 2,448.7 2,572.8 2,648.4 2,709.0 2,548.0 2,560.1 2,584.5 2,598.7 2,626.8 2,634.2 2,663.4 2,669.3 2,700.9 2,685.6 2,718.3 2,731.0 2,767.8 388.0 353.6 380.6 425.7 422.9 416.2 440.6 438.4 475.1 504.9 392.8 455.1 463.4 442.5 460.2 472.1 471.1 497.0 512.7 482.3 475.3 549.5 558.2 Net Federal Government saving 49.6 –634.0 56.9 –1,248.8 54.3 –1,328.7 59.5 –1,244.1 57.6 –1,090.1 58.8 –643.8 57.6 –610.2 56.7 –586.7 61.3 –697.3 60.8 –665.1 55.7 –554.0 56.0 –591.0 57.2 –633.5 58.1 –568.1 59.9 –707.5 61.5 –688.5 62.5 –679.1 61.1 –714.0 60.5 –652.8 59.6 –641.9 60.8 –617.0 62.1 –748.5 58.3 ���������������� INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries Industrial production (2012=100; seasonally adjusted) Period United States Canada Japan France Germany Consumer prices (1982–84=100; NSA) United Kingdom Italy United States 1 Canada Japan France 2008 ��������������� 100.8 102.7 113.2 109.0 100.9 120.8 110.0 215.303 197.3 120.3 2009 ��������������� 89.2 91.0 88.7 95.4 84.4 98.4 100.3 214.537 197.9 118.7 2010 ��������������� 94.1 95.4 102.6 99.5 93.5 105.2 103.4 218.056 201.4 117.8 2011 ��������������� 97.1 100.0 99.8 102.5 100.3 106.1 102.8 224.939 207.2 117.5 2012 ��������������� 100.0 100.0 100.0 100.0 100.0 100.0 100.0 229.594 210.4 117.5 2013 ��������������� 102.0 101.5 99.4 99.2 100.1 96.9 99.3 232.957 212.4 117.9 2014 ��������������� 105.2 106.5 101.5 98.1 101.5 96.3 100.8 236.736 216.4 121.1 2015 ��������������� 104.1 105.9 100.2 99.6 102.3 97.3 102.0 237.017 218.8 122.1 2016 ��������������� 102.1 106.4 100.0 99.9 103.6 99.3 103.4 240.007 222.0 121.9 2017 r ������������� 103.7 110.9 104.5 102.3 107.0 103.0 105.3 245.120 225.5 122.5 r 2017: Feb ���� 102.2 108.3 103.0 99.7 105.1 101.3 104.6 243.603 224.3 121.8 Mar r ��� 102.7 108.9 102.5 101.2 104.8 101.9 103.9 243.801 224.6 122.0 Apr r ���� 103.7 108.9 105.4 100.5 105.8 101.1 104.2 244.524 225.5 122.5 May r ��� 103.7 112.0 103.2 102.7 107.1 101.9 104.6 244.733 225.6 122.6 r June �� 103.8 111.7 104.4 101.3 106.5 103.3 105.2 244.955 225.5 122.3 r July ��� 103.6 111.8 104.1 102.3 106.6 102.9 105.5 244.786 225.5 122.2 Aug r ���� 103.2 111.3 105.4 102.8 109.0 105.9 105.5 245.519 225.6 122.5 Sept r ��� 103.2 111.9 104.8 103.0 108.1 103.0 106.2 246.819 226.2 122.7 r Oct ����� 104.8 111.2 105.3 104.4 106.9 103.5 106.4 246.663 226.3 122.8 r Nov ���� 105.3 112.6 106.0 104.3 110.4 104.3 106.7 246.669 227.0 123.2 Dec r ���� 105.8 112.8 108.0 104.4 109.9 106.5 105.5 246.524 226.2 123.6 r 2018: Jan ���� 105.6 111.7 103.2 102.5 109.5 104.5 106.8 247.867 227.7 123.7 Feb r ���� 106.6 113.0 105.2 103.7 107.8 104.1 106.9 248.991 229.1 123.7 Mar p ��� 107.2 ��������������� 106.4 ��������������� ��������������� ��������������� ��������������� 249.554 229.8 123.3 Apr p ���� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� Germany 183.9 184.1 186.9 190.8 194.6 196.3 197.2 197.3 197.7 199.7 198.4 199.6 199.8 199.9 199.9 199.2 200.3 199.9 200.1 200.3 201.0 200.8 200.7 202.8 203.0 Italy 163.9 164.5 166.3 169.7 173.1 175.7 177.3 177.7 178.6 181.7 180.9 181.3 181.3 180.9 181.3 181.9 182.1 182.3 182.3 182.8 183.9 182.6 183.4 184.1 184.1 United Kingdom 280.0 252.4 282.2 251.1 286.5 262.7 294.5 276.3 303.5 285.2 307.1 293.9 307.9 300.8 308.0 303.8 307.7 309.1 311.5 320.1 311.2 315.3 311.2 316.4 312.4 317.9 311.8 319.2 311.5 319.9 311.8 320.6 312.7 322.7 311.8 323.2 311.2 323.4 310.6 324.0 311.8 326.7 312.7 324.3 312.7 326.7 313.7 327.0 314.0 ����������������� 1 Data relate to all urban consumers. Note: See Note, p. 17, for information on U.S. industrial production series. Sources: As reported by each country, Board of Governors of the Federal Reserve System, and Department of Labor (Bureau of Labor Statistics). U.S. International Trade in Goods and Services [Billions of dollars; monthly data seasonally adjusted] Goods: Exports (f.a.s. value) Census basis (by end-use category) Period 2008 ��������������� 2009 ��������������� 2010 ��������������� 2011 ��������������� 2012 ��������������� 2013 ��������������� 2014 ��������������� 2015 ��������������� 2016 ��������������� 2017 ��������������� 2017: Mar ����� Apr ������ May ����� June ���� July ����� Aug ����� Sept ���� Oct ������ Nov ����� Dec ������ 2018: Jan ������ Feb r ���� Mar p ��� BOP basis 1,308.8 1,070.3 1,290.3 1,499.2 1,562.6 1,592.0 1,634.0 1,510.8 1,455.7 1,550.7 127.0 126.4 126.5 128.5 128.2 128.4 130.0 129.5 133.9 137.2 134.1 137.1 140.9 IndusFoods, trial Total, feeds, supCensus and plies basis 1 bever- and ages materials 1,287.4 1,056.0 1,278.5 1,482.5 1,545.8 1,578.5 1,621.9 1,503.1 1,451.0 1,546.7 126.5 126.2 126.3 128.5 128.1 127.8 129.9 129.2 133.6 137.0 133.6 136.6 140.6 108.3 93.9 107.7 126.2 133.0 136.2 143.7 127.7 130.6 132.9 11.0 11.6 10.9 11.5 11.9 11.5 11.6 10.3 10.4 10.8 10.7 10.8 11.8 388.0 296.5 391.7 501.1 501.2 508.2 505.8 426.3 396.4 462.9 37.1 37.5 37.4 37.6 37.5 36.5 38.4 40.9 41.3 42.8 41.4 43.4 44.4 121.5 81.7 112.0 133.0 146.2 152.7 159.8 151.9 150.3 157.6 13.0 12.5 13.1 13.5 12.9 13.0 12.8 12.5 13.5 13.4 13.9 14.8 14.2 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 457.7 391.2 447.5 494.0 527.2 534.4 551.5 539.5 519.6 532.8 43.5 43.5 43.1 43.9 44.8 45.2 45.0 43.8 46.3 47.4 44.9 45.5 47.4 Services (BOP basis) Goods: Imports (customs value) 161.3 149.5 165.2 175.3 181.7 188.8 199.0 197.8 193.8 197.8 16.5 15.8 16.7 16.4 15.7 16.7 16.5 16.3 16.9 16.7 17.9 17.1 17.2 BOP basis 2,141.3 1,580.0 1,939.0 2,239.9 2,303.7 2,294.2 2,385.5 2,272.6 2,208.2 2,361.9 193.1 194.7 194.1 193.9 193.4 193.1 195.3 199.0 205.0 210.9 210.9 214.1 210.4 IndusFoods, trial Total, feeds, supCensus and plies basis 1 bever- and ages materials 2,103.6 1,559.6 1,913.9 2,208.0 2,276.3 2,268.0 2,356.4 2,248.2 2,187.8 2,342.9 191.4 193.2 192.5 192.3 191.9 191.4 193.9 197.4 203.4 209.3 209.1 212.4 208.9 89.0 81.6 91.7 107.5 110.3 115.1 125.9 127.8 130.0 137.8 11.0 11.4 11.4 11.4 11.6 11.5 11.7 11.8 11.6 11.9 11.9 12.6 12.2 779.5 462.4 603.1 755.8 730.6 681.5 667.0 485.7 443.3 507.6 43.4 41.9 42.0 41.1 40.3 39.8 40.8 42.6 44.7 45.3 47.3 48.0 47.3 BOP basis Auto- Consumer Capital motive vegoods Exports goods hicles, except parts (nonfood) autoexcept motive and enautogines motive 453.7 370.5 449.4 510.8 548.7 555.7 594.1 602.1 590.0 640.7 50.5 51.4 52.7 52.8 54.1 53.6 55.1 54.8 56.4 57.3 56.0 57.7 56.2 231.2 157.7 225.1 254.6 297.8 308.8 328.6 349.1 350.1 359.0 30.5 29.9 29.1 30.2 29.3 30.0 29.5 29.5 29.9 30.9 30.9 31.1 31.3 481.6 427.3 483.2 514.1 516.9 531.7 557.1 594.3 583.6 602.2 48.9 50.8 49.3 48.6 48.6 48.7 49.1 49.9 52.3 55.5 54.6 55.1 54.2 532.8 512.7 563.3 627.8 656.4 701.5 741.9 753.2 752.4 780.9 64.7 64.1 64.3 64.6 65.2 65.4 65.9 66.2 66.3 66.4 66.8 67.2 67.6 Imports Goods, Census basis Goods Services Goods and services 409.1 386.8 409.3 435.8 452.0 461.1 480.8 491.7 504.7 538.1 43.4 43.8 44.5 44.8 45.3 45.3 45.9 45.8 46.1 46.6 46.8 48.0 47.1 –816.2 –503.6 –635.4 –725.4 –730.4 –689.5 –734.5 –745.1 –736.8 –796.2 –64.9 –67.0 –66.2 –63.9 –63.8 –63.7 –64.0 –68.2 –69.8 –72.3 –75.5 –75.8 –68.3 123.8 125.9 154.0 192.0 204.4 240.4 261.2 261.4 247.7 242.8 21.3 20.3 19.8 19.8 19.9 20.1 20.0 20.4 20.2 19.8 20.0 19.2 20.5 –708.7 –383.8 –494.7 –548.6 –536.8 –461.9 –490.3 –500.4 –504.8 –568.4 –44.7 –48.1 –47.8 –45.6 –45.4 –44.6 –45.3 –49.1 –50.9 –53.9 –56.7 –57.7 –49.0 –832.5 –509.7 –648.7 –740.6 –741.2 –702.2 –751.5 –761.9 –752.5 –811.2 –66.1 –68.4 –67.5 –65.4 –65.3 –64.7 –65.3 –69.5 –71.1 –73.7 –76.7 –77.0 –69.5 1 Total includes ‘‘other’’ exports or imports, not shown separately. Note: BOP refers to balance of payments on international transactions basis. BOP data shown here are consistent with figures shown on pp. 36 and 37. Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis). 35 U.S. International Transactions In the fourth quarter of 2017, the current account deficit rose to $128.2 billion from $101.5 billion in the third quarter. The goods and services deficit rose to $153.9 billion from $135.3 billion in the third quarter. BILLIONS OF DOLLARS 80 BILLIONS OF DOLLARS 80 SEASONALLY ADJUSTED 60 60 40 40 BALANCE ON PRIMARY INCOME 20 20 0 0 –20 –20 –40 –40 BALANCE ON SECONDARY INCOME –60 –60 BALANCE ON CURRENT ACCOUNT –80 –80 –100 –100 –120 –120 –140 –140 BALANCE ON GOODS AND SERVICES –160 –160 –180 –180 –200 –200 –220 –220 –240 –240 2009 2008 2011 2010 2012 2013 2014 2015 SOURCE: DEPARTMENT OF COMMERCE 2016 2017 COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted] Chart 36 - Mar 2018 Current Account 1 Goods 2 Period 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 p ������������������ 2015: I ���������������� II ��������������� III �������������� IV �������������� 2016: I ���������������� II ��������������� III �������������� IV �������������� 2017: I ���������������� II ��������������� III �������������� IV p ����������� Services Exports Imports Balance on goods 1,308,795 1,070,331 1,290,273 1,499,240 1,562,578 1,592,002 1,633,986 1,510,757 1,455,704 1,550,720 384,534 385,090 376,412 364,722 353,770 360,399 371,043 370,493 382,121 381,422 386,507 400,670 2,141,287 1,580,025 1,938,950 2,239,886 2,303,749 2,294,247 2,385,480 2,272,612 2,208,211 2,361,932 578,674 574,525 567,301 552,112 541,377 546,845 554,438 565,551 582,503 582,694 581,804 614,931 –832,492 –509,694 –648,678 –740,646 –741,171 –702,244 –751,494 –761,855 –752,507 –811,212 –194,140 –189,435 –190,889 –187,390 –187,608 –186,446 –183,395 –195,058 –200,382 –201,272 –195,297 –214,261 Exports 532,817 512,722 563,333 627,781 656,411 701,455 741,919 753,150 752,368 780,879 188,402 189,159 188,037 187,552 185,680 187,433 189,794 189,461 192,551 193,002 196,476 198,849 Imports 409,052 386,801 409,313 435,761 452,013 461,087 480,761 491,740 504,654 538,108 121,321 122,704 123,904 123,811 124,151 124,763 127,289 128,451 130,014 133,176 136,445 138,474 Balance on services 123,765 125,920 154,020 192,020 204,398 240,368 261,157 261,410 247,714 242,770 67,081 66,456 64,132 63,741 61,529 62,670 62,505 61,010 62,538 59,826 60,032 60,375 Balance on goods and services –708,726 –383,774 –494,658 –548,625 –536,773 –461,876 –490,336 –500,445 –504,793 –568,442 –127,059 –122,980 –126,757 –123,649 –126,079 –123,777 –120,889 –134,048 –137,845 –141,446 –135,265 –153,886 Primary income receipts and payments Receipts 815,567 613,249 680,169 755,937 767,972 792,819 817,348 782,985 813,977 926,862 196,209 198,324 198,016 190,437 193,140 203,360 204,524 212,953 219,580 225,412 237,925 243,945 Payments 685,918 498,089 511,948 544,853 560,497 586,842 606,573 602,023 640,751 709,864 147,834 156,022 156,003 142,164 155,082 160,614 163,400 161,656 169,152 174,533 179,430 186,749 Balance on primary income 129,649 115,160 168,221 211,084 207,475 205,977 210,774 180,962 173,225 216,998 48,375 42,302 42,013 48,272 38,059 42,746 41,123 51,297 50,429 50,879 58,495 57,195 Balance on secondary Income 3 –102,312 –103,907 –104,261 –107,047 –96,900 –93,643 –94,238 –115,116 –120,117 –114,802 –29,345 –25,819 –31,819 –28,133 –31,189 –27,169 –30,504 –31,255 –25,455 –33,175 –24,706 –31,467 Balance on current account –681,389 –372,521 –430,698 –444,589 –426,198 –349,543 –373,800 –434,598 –451,685 –466,246 –108,029 –106,496 –116,563 –103,509 –119,210 –108,200 –110,270 –114,006 –112,871 –123,742 –101,475 –128,158 Current account balance as a percentage of GDP –4.6 –2.6 –2.9 –2.9 –2.6 –2.1 –2.1 –2.4 –2.4 –2.4 –2.4 –2.4 –2.6 –2.3 –2.6 –2.3 –2.4 –2.4 –2.4 –2.6 –2.1 –2.6 1 Current and capital account statistics in the international transactions accounts differ slightly from statistics in the National Income and Product Accounts (NIPAs) because of adjustments made to convert the international statistics to national accounting concepts. A reconciliation can be found in NIPA table 4.3B. 2 Adjusted from Census data to align with concepts and definitions used to prepare the international and national economic accounts. The adjustments are necessary to supplement coverage of Census data, to eliminate duplication of transactions recorded elsewhere in the international accounts, to value transactions according to a standard definition, and for earlier years, to record transactions in the appropriate period. 3 Includes U.S. government and private transfers, such as U.S. government grants and pensions, fines and penalties, withholding taxes, personal transfers, insurance-related transfers, and other current transfers. See p. 37 for continuation of table. 36 U.S. International Transactions—Continued In the financial account, U.S. net borrowing was $29.8 billion in the fourth quarter of 2017, resulting from a net increase in U.S. financial assets of $177.9 billion plus a net increase in financial derivatives of $0.8 billion, less a net increase in U.S. liabilities of $208.4 billion. U.S. net borrowing was down from $121.8 billion in the third quarter. BILLIONS OF DOLLARS 900 BILLIONS OF DOLLARS 900 SEASONALLY ADJUSTED 800 800 700 700 CHANGE IN U.S. LIABILITIES 600 600 500 500 400 400 300 300 200 200 100 100 0 0 –100 –100 –200 –200 CHANGE IN U.S. ASSETS ABROAD1 –300 –300 –400 –400 –500 –500 2009 2008 2010 2011 2012 2013 2014 2015 2016 2017 1 INCLUDES FINANCIAL DERIVATIVES, NET, BEGINNING 2006. SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted] Chart 37 - Mar 2018 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 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 p ������������������ 2015: I ���������������� II ��������������� III �������������� IV �������������� 2016: I ���������������� II ��������������� III �������������� IV �������������� 2017: I ���������������� II ��������������� III �������������� IV p ����������� 6,010 –317,607 –140 131,074 –157 958,703 –1,186 492,530 6,904 176,764 –412 649,587 –45 818,784 –42 194,205 –59 347,891 24,847 1,212,361 –22 336,553 –20 41,109 –1 –82,032 0 –101,424 –58 39,498 0 341,713 –1 51,184 0 –84,504 –1 332,387 0 351,460 24,868 350,653 –20 177,861 Direct investment assets Portfolio investment assets Other investment assets 343,584 –284,269 –381,770 312,597 375,883 –609,662 349,829 199,620 407,420 436,615 85,365 –45,327 377,239 248,760 –453,695 392,796 481,298 –221,408 338,853 582,677 –99,162 311,139 160,410 –271,052 311,581 40,638 –6,418 424,418 589,516 200,117 78,020 221,647 41,045 87,600 113,617 –159,231 44,691 –97,440 –29,017 100,829 –77,413 –123,850 71,637 –64,073 33,126 95,913 148,656 96,955 100,743 –30,565 –20,636 43,289 –13,379 –115,864 123,719 140,446 68,464 97,210 186,482 67,618 96,734 179,260 74,720 106,755 83,330 –10,685 Reserve assets 4 4,848 52,256 1,835 15,877 4,460 –3,099 –3,583 –6,292 2,090 –1,690 –4,159 –877 –266 –990 –1,191 189 1,642 1,450 –241 150 –61 –1,539 Net U.S. incurrence of liabilities excluding financial derivatives [net increase in liabilities / financial inflow (+)] Total 462,408 325,644 1,391,039 983,160 632,685 1,055,789 1,091,350 502,112 741,393 1,587,915 432,245 179,473 –40,575 –69,032 137,808 387,164 233,155 –16,734 417,760 470,708 491,010 208,437 Direct investment liabilities Portfolio investment liabilities Other investment liabilities 341,091 161,082 264,039 263,499 250,343 288,131 237,655 506,161 479,415 348,674 246,004 118,679 65,071 76,407 143,954 186,316 131,547 17,597 97,703 93,205 103,675 54,091 523,683 357,352 820,434 311,626 747,017 511,987 703,480 213,977 237,367 837,051 107,502 243,152 –146,760 10,084 –45,760 3,516 217,189 62,422 164,522 291,264 296,404 84,860 –402,367 –192,789 306,566 408,036 –364,675 255,670 150,214 –218,027 24,612 402,191 78,740 –182,358 41,114 –155,523 39,614 197,332 –115,582 –96,753 155,535 86,238 90,932 69,486 Financial derivatives other than reserves, net transactions 32,947 –44,816 –14,076 –35,006 7,064 2,222 –54,270 –25,248 15,817 26,363 –40,197 1,701 722 12,526 12,947 3,177 6,676 –6,983 –2,320 9,306 18,600 777 Net lending (+) or net borrowing (–) from financial account transactions 5 –747,069 –239,386 –446,411 –525,636 –448,857 –403,979 –326,836 –333,155 –377,685 –349,191 –135,889 –136,663 –40,736 –19,866 –85,363 –42,274 –175,295 –74,753 –87,693 –109,942 –121,757 –29,799 U.S. official reserve assets, Statistical net discrep(unadancy justed, end of period) 4 –71,690 133,275 –15,557 –79,862 –29,563 –54,025 47,009 101,486 74,059 92,208 –27,839 –30,147 75,828 83,643 33,905 65,925 –65,024 39,253 25,179 13,800 –45,150 98,379 77,648 130,760 132,433 147,953 150,175 144,575 130,090 117,581 117,332 123,313 119,270 120,333 120,218 117,581 119,727 120,202 122,431 117,332 118,793 122,015 123,863 123,313 4 Consists of monetary gold, special drawing rights (SDRs), the U.S. reserve position in the International Monetary Fund (IMF), and other reserve assets, including foreign currencies. 5 Net lending means that U.S. residents are net suppliers of funds to foreign residents, and net borrowing means the opposite. Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and the Board of Governors of the Federal Reserve System. 37 CONTENTS TOTAL OUTPUT, INCOME, AND SPENDING Page Gross Domestic Product ........................................................................................................................................................ 1 Real Gross Domestic Product ................................................................................................................................................ 2 Chained Price Indexes For Gross Domestic Product ............................................................................................................ 2 Gross Domestic Product and Related Price Measures: Indexes and Percent Changes ........................................................... 3 Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits .......................................................... 3 National Income .................................................................................................................................................................... 4 Real Personal Consumption Expenditures ............................................................................................................................ 4 Sources of Personal Income ................................................................................................................................................... 5 Disposition of Personal Income ............................................................................................................................................. 6 Real Farm Income ................................................................................................................................................................. 7 Corporate Profits ................................................................................................................................................................... 8 Real Gross Private Domestic Investment ............................................................................................................................... 9 Real Private Fixed Investment by Type .................................................................................................................................. 10 Business Investment ............................................................................................................................................................... 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force ....................................................................................................................................................... Selected Unemployment Rates .............................................................................................................................................. Selected Measures of Unemployment and Unemployment Insurance Programs ................................................................... Nonagricultural Employment ................................................................................................................................................ Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries ................................ Employment Cost Index—Private Industry .......................................................................................................................... Productivity and Related Data, Business and Nonfarm Business Sectors .............................................................................. 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization .................................................................................................................... 17 Industrial Production—Major Market Groups and Selected Manufactures .......................................................................... 18 New Construction ................................................................................................................................................................. 19 New Private Housing and Vacancy Rates .............................................................................................................................. 19 Business Sales and Inventories—Manufacturing and Trade .................................................................................................. 20 Manufacturers’ Shipments, Inventories, and Orders .............................................................................................................. 21 PRICES Producer Prices ...................................................................................................................................................................... Consumer Prices—All Urban Consumers ............................................................................................................................. Changes in Producer Prices ................................................................................................................................................... Changes in Consumer Prices—All Urban Consumers .......................................................................................................... Prices Received and Paid by Farmers ..................................................................................................................................... 22 23 24 24 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock and Debt Measures .......................................................................................................................................... Components of Money Stock ................................................................................................................................................ Aggregate Reserves and Monetary Base ................................................................................................................................. Bank Credit at All Commercial Banks .................................................................................................................................. Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business .............................................................................. Consumer Credit ................................................................................................................................................................... Interest Rates and Bond Yields .............................................................................................................................................. Common Stock Prices and Yields .......................................................................................................................................... 26 27 27 28 29 29 30 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt ..................................................................................................................................... 32 Federal Receipts by Source and Outlays by Function ............................................................................................................ 33 Federal Sector, National Income Accounts Basis ................................................................................................................... 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries ........................................................................... 35 U.S. International Trade in Goods and Services .................................................................................................................... 35 U.S. International Transactions ............................................................................................................................................. 36 General Notes Detail in these tables may not add to totals because of rounding. Unless otherwise noted, all dollar figures are in current dollars. Symbols used: p Preliminary. r Revised. c Corrected. ... Not available (also, not applicable). NSA Not seasonally adjusted. 38