Full text of Economic Indicators : April 2023
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118th Congress, 1st Session Economic Indicators APRIL 2023 (Includes data available as of May 8, 2023) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PUBLISHING OFFICE WASHINGTON : 2023 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) Senator Martin Heinrich, New Mexico, Chairman Representative David Schweikert, Arizona, Vice Chairman Senate House of Representatives Amy Klobuchar, Minnesota Margaret Wood Hassan, New Hampshire Mark Kelly, Arizona Peter Welch, Vermont John Fetterman, Pennsylvania Mike Lee, Utah, Ranking Tom Cotton, Arkansas Eric Schmitt, Missouri J.D. Vance, Ohio Jodey C. Arrington, Texas Ron Estes, Kansas Drew Ferguson, Georgia Lloyd Smucker, Pennsylvania Nicole Malliotakis, New York Donald S. Beyer, Jr., Virginia, Ranking David Trone, Maryland Gwen Moore, Wisconsin Katie Porter, California COUNCIL OF ECONOMIC ADVISERS Jared Bernstein, Member Heather M. Boushey, 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 2023, according to advance estimates, real gross domestic product (GDP) in chained (2012) dollars rose 1.1 percent (annual rate), current dollar GDP rose 5.1 percent, and the chained price index rose 4.0 percent. BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE) 26,800 26,800 SEASONALLY ADJUSTED ANNUAL RATES 26,000 26,000 25,200 25,200 24,400 24,400 23,600 23,600 22,800 22,800 22,000 22,000 GDP IN CURRENT DOLLARS 21,200 21,200 20,400 20,400 19,600 19,600 18,800 18,800 18,000 18,000 GDP IN CHAINED (2012) DOLLARS 17,200 17,200 16,400 16,400 15,600 15,600 14,800 14,800 2014 2015 2016 2017 2018 2019 2020 2021 SOURCE: DEPARTMENT OF COMMERCE 2022 2023 COUNCIL OF ECONOMIC ADVISERS [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2020: I ���������������� II ��������������� III �������������� IV �������������� 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II ��������������� III �������������� IV �������������� 2023: I p �������������� Gross domestic product 16,843.2 17,550.7 18,206.0 18,695.1 19,477.3 20,533.1 21,381.0 21,060.5 23,315.1 25,462.7 21,538.0 19,636.7 21,362.4 21,704.7 22,313.9 23,046.9 23,550.4 24,349.1 24,740.5 25,248.5 25,723.9 26,138.0 26,465.9 Personal consumption expenditures Gross private domestic investment 11,363.5 11,847.7 12,263.5 12,693.3 13,233.6 13,905.0 14,392.7 14,116.2 15,902.6 17,357.2 14,440.2 13,049.8 14,388.7 14,586.0 15,131.5 15,813.5 16,147.3 16,518.0 16,874.8 17,261.3 17,542.7 17,749.9 18,095.3 2,826.0 3,044.2 3,237.2 3,205.0 3,385.6 3,642.4 3,807.1 3,642.9 4,113.5 4,632.5 3,737.6 3,161.4 3,743.3 3,929.4 3,902.3 3,943.4 4,109.1 4,499.2 4,671.0 4,609.9 4,579.1 4,669.8 4,564.0 Exports and imports of goods and services Net exports –479.4 –510.0 –526.2 –506.3 –536.7 –593.1 –578.8 –627.5 –861.7 –975.0 –522.7 –526.3 –692.4 –768.6 –808.6 –834.4 –889.1 –914.7 –1,116.7 –1,035.6 –890.8 –857.1 –839.5 Federal Exports 2,287.0 2,377.4 2,268.7 2,232.1 2,388.3 2,538.1 2,538.5 2,148.6 2,539.6 2,975.8 2,412.7 1,817.5 2,106.6 2,257.8 2,369.1 2,503.1 2,553.3 2,733.0 2,811.2 3,038.8 3,065.0 2,988.3 3,022.6 Imports 2,766.4 2,887.4 2,794.9 2,738.4 2,925.0 3,131.2 3,117.2 2,776.1 3,401.4 3,950.9 2,935.4 2,343.7 2,799.0 3,026.4 3,177.7 3,337.5 3,442.5 3,647.7 3,927.9 4,074.4 3,955.8 3,845.4 3,862.1 Chart 1 - Apr 2023 Government consumption expenditures and gross investment Total 3,133.0 3,168.8 3,231.6 3,303.1 3,394.8 3,578.8 3,759.9 3,928.9 4,160.7 4,448.1 3,883.0 3,951.8 3,922.9 3,957.8 4,088.7 4,124.4 4,183.1 4,246.7 4,311.4 4,412.8 4,493.0 4,575.4 4,646.1 Total 1,227.2 1,216.0 1,221.8 1,234.5 1,262.4 1,337.9 1,415.4 1,520.6 1,609.2 1,646.7 1,455.6 1,560.0 1,525.3 1,541.3 1,620.3 1,608.0 1,595.5 1,612.8 1,613.1 1,622.7 1,657.1 1,693.8 1,739.8 National defense Nondefense 764.2 743.4 729.7 727.9 746.1 792.3 847.8 882.4 904.0 924.9 869.0 870.6 879.9 910.3 900.7 904.3 906.8 904.4 898.7 918.3 935.3 947.4 966.9 462.9 472.6 492.0 506.6 516.3 545.6 567.6 638.1 705.1 721.7 586.6 689.4 645.4 631.0 719.6 703.7 688.8 708.4 714.4 704.4 721.8 746.4 772.9 State and local 1,905.9 1,952.8 2,009.8 2,068.5 2,132.4 2,240.8 2,344.5 2,408.3 2,551.6 2,801.4 2,427.4 2,391.8 2,397.6 2,416.5 2,468.4 2,516.4 2,587.6 2,633.9 2,698.2 2,790.0 2,836.0 2,881.6 2,906.3 Final Addendum: Gross sales of Gross domestic domestic purchases national 1 product product 16,738.7 17,466.7 18,069.2 18,658.8 19,445.1 20,474.0 21,308.2 21,116.3 23,334.2 25,303.8 21,551.7 19,934.3 21,325.6 21,653.6 22,415.6 23,206.4 23,605.6 24,109.1 24,483.1 25,103.1 25,653.0 25,976.2 26,459.1 17,322.6 17,073.5 18,060.7 17,785.9 18,732.2 18,426.4 19,201.4 18,927.1 20,014.1 19,770.3 21,126.1 20,823.4 21,959.8 21,659.0 21,688.0 21,257.4 24,176.8 23,488.2 26,437.8 25,640.1 22,060.8 21,794.0 20,163.0 19,806.0 22,054.8 21,562.4 22,473.3 21,867.4 23,122.5 22,511.2 23,881.3 23,192.7 24,439.6 23,718.3 25,263.8 24,530.6 25,857.2 24,929.2 26,284.0 25,456.4 26,614.8 25,885.4 26,995.1 26,289.5 27,305.3 ����������������� 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 (2012) dollars; quarterly data at seasonally adjusted annual rates] Period 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2020: I ��������������� II ��������������� III �������������� IV �������������� 2021: I ��������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II ��������������� III �������������� IV �������������� 2023: I p �������������� Gross private domestic investment Personal Gross conChange domestic sumption Nonresi- Resiin product expendi- dential dential fixed fixed private tures investinvestinvenment ment tories 16,553.3 16,932.1 17,390.3 17,680.3 18,076.7 18,609.1 19,036.1 18,509.1 19,609.8 20,014.1 18,989.9 17,378.7 18,743.7 18,924.3 19,216.2 19,544.2 19,672.6 20,006.2 19,924.1 19,895.3 20,054.7 20,182.5 20,235.9 11,211.7 11,515.3 11,892.9 12,187.7 12,478.2 12,837.3 13,092.3 12,700.7 13,754.1 14,130.3 13,016.8 11,817.1 12,922.4 13,046.6 13,386.8 13,773.7 13,874.4 13,981.5 14,028.4 14,099.5 14,178.6 14,214.9 14,344.5 2,206.0 2,365.3 2,420.3 2,442.0 2,542.5 2,708.3 2,804.6 2,666.0 2,835.4 2,944.8 2,760.6 2,530.6 2,649.9 2,723.0 2,781.4 2,847.7 2,852.2 2,860.2 2,915.0 2,915.5 2,959.7 2,988.8 2,994.1 485.5 504.1 555.4 592.1 615.8 612.3 606.2 649.8 719.4 643.1 636.8 587.8 662.7 712.2 732.0 723.0 712.2 710.3 704.7 671.0 620.0 576.7 570.6 108.7 86.3 137.6 35.7 36.3 66.1 73.1 –54.6 –19.4 125.0 –34.4 –279.1 36.8 58.3 –83.0 –143.6 –48.6 197.6 214.5 110.2 38.7 136.5 –1.6 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports Exports Imports Total –519.3 –575.3 –721.7 –757.1 –796.9 –865.4 –892.6 –922.6 –1,233.4 –1,356.7 –828.2 –767.3 –991.1 –1,104.0 –1,164.5 –1,203.9 –1,267.5 –1,297.6 –1,488.7 –1,430.5 –1,268.8 –1,238.6 –1,235.8 2,283.6 2,372.3 2,378.7 2,388.4 2,490.3 2,560.1 2,572.1 2,231.7 2,366.8 2,534.4 2,467.3 1,951.4 2,193.0 2,315.0 2,317.5 2,345.1 2,338.8 2,465.7 2,436.9 2,516.9 2,604.1 2,579.6 2,610.1 2,802.9 2,947.6 3,100.4 3,145.4 3,287.2 3,425.5 3,464.7 3,154.3 3,600.2 3,891.0 3,295.5 2,718.6 3,184.2 3,419.0 3,482.0 3,549.0 3,606.3 3,763.3 3,925.6 3,947.5 3,872.9 3,818.2 3,846.0 3,060.7 3,033.2 3,088.4 3,148.8 3,162.3 3,215.3 3,321.7 3,406.7 3,426.3 3,406.5 3,387.9 3,448.0 3,395.9 3,394.8 3,448.7 3,422.4 3,421.0 3,412.9 3,393.4 3,379.5 3,410.6 3,442.5 3,482.2 Total 1,215.8 1,184.7 1,184.5 1,190.5 1,195.5 1,231.3 1,279.3 1,358.9 1,390.5 1,355.3 1,307.9 1,400.5 1,360.6 1,366.6 1,422.1 1,397.1 1,371.4 1,371.5 1,353.0 1,341.3 1,353.7 1,373.0 1,399.1 National Nondefense defense 759.6 728.4 713.1 709.1 715.6 739.5 778.5 801.1 791.3 769.3 791.6 795.2 797.6 820.2 801.2 795.8 789.5 778.8 761.7 764.5 773.3 777.6 788.8 456.2 456.1 471.0 480.8 479.4 491.4 500.7 556.6 597.0 583.8 516.0 603.0 561.7 545.8 618.5 599.1 580.0 590.5 588.9 574.8 578.3 593.0 607.7 AddenFinal dum: Gross sales of Gross domestic domestic purchases 1 national product product State and local 1,844.4 1,847.6 1,902.2 1,956.3 1,964.8 1,982.5 2,041.1 2,048.5 2,037.9 2,051.2 2,078.7 2,049.3 2,036.2 2,029.6 2,030.2 2,028.0 2,050.7 2,042.7 2,040.7 2,037.8 2,056.5 2,069.8 2,084.6 16,444.1 16,842.3 17,248.3 17,630.6 18,025.6 18,530.8 18,948.5 18,527.2 19,581.3 19,842.1 18,977.9 17,606.7 18,677.0 18,847.1 19,264.2 19,633.3 19,668.6 19,759.2 19,669.8 19,735.9 19,954.2 20,008.4 20,175.7 17,073.1 16,780.3 17,505.4 17,159.2 18,100.1 17,602.5 18,423.5 17,901.9 18,852.7 18,350.7 19,446.0 18,874.8 19,901.7 19,286.8 19,415.5 18,685.4 20,774.8 19,759.3 21,267.5 20,158.2 19,812.9 19,218.8 18,162.1 17,531.1 19,711.4 18,922.3 19,975.5 19,069.4 20,321.7 19,389.7 20,686.1 19,671.6 20,870.2 19,816.7 21,221.1 20,159.3 21,297.3 20,080.4 21,208.9 20,063.7 21,227.1 20,184.9 21,336.6 20,303.9 21,385.4 �������������� 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 (2012) 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, 2012=100; quarterly data are seasonally adjusted] Period 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2020: I ���������������� II ��������������� III �������������� IV �������������� 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II ��������������� III �������������� IV �������������� 2023: I p �������������� Gross domestic product 101.769 103.662 104.662 105.703 107.743 110.344 112.303 113.814 118.924 127.225 113.427 113.053 114.032 114.744 116.199 117.974 119.763 121.758 124.209 126.914 128.276 129.502 130.793 Personal consumption expenditures Total 101.354 102.887 103.116 104.148 106.054 108.317 109.933 111.145 115.621 122.861 110.946 110.445 111.366 111.821 113.059 114.838 116.413 118.173 120.323 122.459 123.760 124.902 126.182 Goods Services 99.407 98.920 95.896 94.332 94.621 95.334 94.948 94.237 98.824 107.331 94.727 93.416 94.345 94.461 95.803 97.882 99.688 101.923 104.987 107.670 108.402 108.265 108.462 Source: Department of Commerce (Bureau of Economic Analysis). 2 Gross private domestic investment 102.322 104.880 106.796 109.197 111.966 115.070 117.791 120.133 124.458 130.740 119.509 119.511 120.416 121.095 122.248 123.791 125.185 126.607 128.126 129.875 131.516 133.443 135.385 Nonresidential fixed 100.251 101.469 101.909 101.119 101.992 102.824 104.155 104.948 106.688 113.653 104.481 104.994 104.978 105.338 105.513 105.612 106.818 108.811 110.646 112.932 115.006 116.031 117.999 Residential fixed 105.054 111.118 114.114 118.127 123.454 130.417 134.144 138.622 153.963 175.354 136.277 136.613 139.674 141.926 146.120 151.487 156.862 161.384 168.513 174.587 178.040 180.276 179.415 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Exports 100.148 100.216 95.373 93.458 95.903 99.142 98.692 96.278 107.304 117.435 97.908 93.295 96.228 97.680 102.334 106.803 109.210 110.868 115.384 120.763 117.722 115.872 115.828 Imports 98.697 97.961 90.144 87.058 88.980 91.408 89.972 88.010 94.481 101.582 89.139 86.295 87.998 88.608 91.336 94.102 95.510 96.977 100.107 103.266 102.190 100.763 100.468 Total 100.933 102.643 103.143 103.695 105.592 108.662 110.639 111.898 115.724 121.468 111.301 111.393 112.109 112.788 113.922 115.079 116.325 117.568 119.203 120.951 122.383 123.336 124.324 National defense 100.609 102.056 102.334 102.650 104.260 107.147 108.903 110.148 114.240 120.202 109.788 109.496 110.314 110.993 112.410 113.612 114.838 116.100 117.965 120.108 120.925 121.809 122.548 Nondefense 101.482 103.621 104.466 105.370 107.697 111.044 113.360 114.640 118.111 123.596 113.693 114.338 114.926 115.605 116.345 117.444 118.718 119.938 121.279 122.515 124.771 125.819 127.138 State and local 103.332 105.698 105.656 105.739 108.534 113.028 114.864 117.568 125.206 136.577 116.772 116.705 117.738 119.056 121.585 124.087 126.195 128.957 132.234 136.930 137.914 139.232 139.432 Gross Domestic Product and Related Price Measures: Indexes and Percent Changes [Quarterly data are seasonally adjusted] Percent change from preceding period 1 Index numbers, 2012=100 Personal consumption expenditures (PCE) Gross domestic product (GDP) Period 2013 ���������������������� 2014 ���������������������� 2015 ���������������������� 2016 ���������������������� 2017 ���������������������� 2018 ���������������������� 2019 ���������������������� 2020 ���������������������� 2021 ���������������������� 2022 ���������������������� 2020: I ����������������� II ����������������� III ���������������� IV ���������������� 2021: I ������������������ II ����������������� III ���������������� IV ���������������� 2022: I ������������������ II ����������������� III ���������������� IV ���������������� 2023: I p ���������������� Real GDP GDP (chain-type chain-type quantity price index) index 101.842 104.172 106.991 108.775 111.214 114.489 117.116 113.875 120.646 123.134 116.832 106.920 115.318 116.429 118.225 120.243 121.033 123.085 122.580 122.403 123.383 124.170 124.498 GDP implicit price deflator 101.769 103.662 104.662 105.703 107.743 110.344 112.303 113.814 118.924 127.225 113.427 113.053 114.032 114.744 116.199 117.974 119.763 121.758 124.209 126.914 128.276 129.502 130.793 PCE PCE less food (chain-type and price index) priceenergy index 101.751 103.654 104.691 105.740 107.749 110.339 112.318 113.784 118.895 127.224 113.418 112.993 113.971 114.692 116.120 117.922 119.712 121.708 124.174 126.907 128.269 129.508 130.787 101.354 102.887 103.116 104.148 106.054 108.317 109.933 111.145 115.621 122.861 110.946 110.445 111.366 111.821 113.059 114.838 116.413 118.173 120.323 122.459 123.760 124.902 126.182 101.535 103.187 104.487 106.138 107.938 110.095 111.973 113.464 117.388 123.284 113.119 112.846 113.729 114.163 115.072 116.774 118.152 119.555 121.206 122.592 123.997 125.341 126.861 Personal consumption expenditures (PCE) Gross domestic product (GDP) Gross domestic purchases price index 101.478 103.181 103.464 104.187 106.155 108.645 110.326 111.733 116.403 124.324 111.354 111.075 111.948 112.555 113.859 115.498 117.155 119.101 121.447 123.940 125.391 126.517 127.691 GDP (current dollars) Real GDP GDP (chain-type chain-type quantity price index) index 3.6 4.2 3.7 2.7 4.2 5.4 4.1 –1.5 10.7 9.2 –3.1 –30.9 40.1 6.6 11.7 13.8 9.0 14.3 6.6 8.5 7.7 6.6 5.1 1.8 2.3 2.7 1.7 2.2 2.9 2.3 –2.8 5.9 2.1 –4.6 –29.9 35.3 3.9 6.3 7.0 2.7 7.0 –1.6 –.6 3.2 2.6 1.1 GDP implicit price deflator 1.8 1.9 1.0 1.0 1.9 2.4 1.8 1.3 4.5 7.0 1.8 –1.3 3.5 2.5 5.2 6.3 6.2 6.8 8.3 9.0 4.4 3.9 4.0 Gross domestic PCE purchases PCE food price index (chain-type lessenergy price index) and price index 1.8 1.9 1.0 1.0 1.9 2.4 1.8 1.3 4.5 7.0 1.6 –1.5 3.5 2.6 5.1 6.4 6.2 6.8 8.4 9.1 4.4 3.9 4.0 1.4 1.5 .2 1.0 1.8 2.1 1.5 1.1 4.0 6.3 1.5 –1.8 3.4 1.6 4.5 6.4 5.6 6.2 7.5 7.3 4.3 3.7 4.2 1.5 1.6 1.3 1.6 1.7 2.0 1.7 1.3 3.5 5.0 1.9 –1.0 3.2 1.5 3.2 6.0 4.8 4.8 5.6 4.7 4.7 4.4 4.9 1.5 1.7 .3 .7 1.9 2.3 1.5 1.3 4.2 6.8 1.8 –1.0 3.2 2.2 4.7 5.9 5.9 6.8 8.1 8.5 4.8 3.6 3.8 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 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2020: I ���������������� II ��������������� III �������������� IV �������������� 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: 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 8,378.0 8,785.5 9,128.5 9,238.2 9,659.7 10,188.6 10,641.4 10,351.0 11,774.6 13,125.8 10,739.3 9,477.6 10,288.8 10,898.2 11,213.7 11,568.1 11,954.8 12,362.0 12,684.9 13,046.1 13,322.9 13,449.2 Chained (2012) dollars 8,265.4 8,522.2 8,775.8 8,819.5 9,059.2 9,359.1 9,596.6 9,210.3 9,976.6 10,189.8 9,653.5 8,458.9 9,109.8 9,618.7 9,790.2 9,902.9 10,035.0 10,165.8 10,134.7 10,119.7 10,226.4 10,275.3 Total 1.014 1.031 1.040 1.047 1.066 1.089 1.109 1.124 1.180 1.288 1.112 1.120 1.129 1.133 1.145 1.168 1.191 1.216 1.252 1.289 1.303 1.309 Compensation of employees (unit labor cost) 0.577 .590 .603 .616 .630 .644 .658 .687 .697 .752 .668 .706 .693 .684 .677 .690 .704 .718 .733 .746 .759 .768 Corporate profits with inventory valuation and capital consumption adjustments 4 Unit nonlabor cost Total 0.289 .292 .294 .296 .303 .302 .309 .286 .298 .336 .310 .278 .261 .293 .295 .287 .299 .311 .329 .338 .339 .339 Consumption of fixed capital Net interest Taxes on and production miscellaneous and imports 3 payments 0.155 .158 .160 .162 .165 .167 .171 .186 .181 .197 .175 .201 .188 .180 .178 .179 .181 .184 .190 .196 .200 .202 0.100 .099 .099 .098 .102 .105 .107 .069 .089 .113 .105 .043 .041 .084 .088 .079 .089 .099 .110 .114 .114 .113 0.034 .034 .035 .037 .037 .030 .031 .031 .029 .027 .031 .034 .031 .029 .029 .029 .028 .028 .029 .028 .026 .024 Total 0.148 .149 .143 .135 .133 .143 .141 .151 .185 .200 .134 .136 .176 .156 .173 .191 .189 .187 .190 .205 .204 .201 Taxes on corporate income 0.032 .034 .032 .030 .024 .023 .020 .022 .028 .037 .018 .020 .025 .025 .026 .028 .027 .031 .039 .039 .035 .035 Profits after tax 5 0.116 .115 .111 .106 .110 .120 .121 .128 .157 .163 .116 .116 .150 .131 .147 .163 .161 .157 .151 .166 .169 .167 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] Corporate profits with inventory valuation and capital consumption adjustments Proprietors’ income 1 Period ComNational pensation of income employees 2013 �������������������� 14,507.1 2014 �������������������� 15,228.1 2015 �������������������� 15,749.5 2016 �������������������� 16,033.4 2017 �������������������� 16,766.8 2018 �������������������� 17,661.7 2019 �������������������� 18,327.9 2020 �������������������� 17,894.6 2021 �������������������� 19,785.5 2022 �������������������� 21,554.1 2020: I ���������������� 18,610.9 II ��������������� 16,506.6 III �������������� 17,772.9 IV �������������� 18,688.0 2021: I ���������������� 19,054.5 II ��������������� 19,441.6 III �������������� 19,976.1 IV �������������� 20,669.9 2022: I ���������������� 21,092.6 II ��������������� 21,483.6 III �������������� 21,771.0 IV �������������� 21,869.4 2023: I p �������������� �������������� 8,835.0 9,250.2 9,699.4 9,966.1 10,424.4 10,957.9 11,448.1 11,592.7 12,538.5 13,600.6 11,781.8 11,053.4 11,563.4 11,972.4 12,058.5 12,369.8 12,681.3 13,044.4 13,259.7 13,415.2 13,755.0 13,972.6 14,180.8 Rental income of persons with capital conNonfarm sumption adjustment Farm 87.0 67.7 54.1 34.1 39.1 29.2 29.1 45.2 51.3 91.7 38.2 25.3 42.5 74.7 26.4 71.2 63.8 43.9 74.4 95.7 95.9 100.9 95.3 1,315.3 1,377.9 1,366.7 1,389.2 1,465.5 1,539.5 1,572.3 1,597.9 1,702.2 1,756.6 1,605.0 1,450.3 1,709.2 1,627.3 1,628.6 1,705.7 1,728.9 1,745.9 1,737.0 1,739.7 1,767.6 1,782.0 1,792.2 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 577.4 2,010.7 2,165.9 2,151.5 14.4 602.7 2,120.2 2,266.6 2,264.5 2.1 609.5 2,060.5 2,184.6 2,128.3 56.3 626.6 2,037.7 2,138.8 2,134.2 4.5 650.6 2,128.6 2,148.2 2,194.6 –46.4 680.0 2,311.9 2,210.1 2,257.7 –47.6 698.2 2,402.2 2,306.2 2,304.8 1.4 719.8 2,260.1 2,373.5 2,399.8 –26.4 723.8 2,771.1 2,881.2 3,138.1 –256.9 781.9 2,952.6 3,215.1 3,345.9 –130.8 722.6 2,230.0 2,285.5 2,202.7 82.9 717.9 2,001.5 2,114.1 2,078.1 36.1 722.6 2,466.3 2,606.8 2,702.7 –95.9 716.3 2,342.6 2,487.4 2,615.9 –128.5 719.4 2,588.2 2,688.6 2,938.0 –249.4 713.5 2,786.8 2,883.1 3,209.4 –326.3 722.7 2,843.5 2,951.8 3,214.2 –262.4 739.6 2,865.9 3,001.4 3,190.7 –189.4 744.9 2,869.6 3,081.6 3,328.5 –246.9 775.9 3,001.3 3,252.7 3,521.8 –269.1 794.9 3,000.0 3,288.0 3,347.8 –59.8 811.8 2,939.5 3,238.2 3,185.6 52.5 841.7 �������������� �������������� �������������� �������������� –155.2 –146.4 –124.1 –101.1 –19.6 101.8 95.9 –113.4 –110.1 –262.5 –55.5 –112.6 –140.5 –144.8 –100.4 –96.3 –108.3 –135.5 –212.0 –251.4 –288.0 –298.6 –377.6 459.2 504.8 591.1 567.3 609.0 594.1 571.2 665.8 644.1 542.1 611.6 671.4 684.1 696.2 681.1 651.6 622.0 621.5 630.2 608.2 515.7 414.5 324.0 Business Less: current Subsidies transfer payments 1,188.7 1,240.8 1,275.2 1,311.6 1,367.4 1,461.4 1,530.0 1,526.3 1,663.4 1,772.4 1,565.8 1,426.5 1,546.5 1,566.4 1,583.7 1,676.7 1,680.0 1,713.2 1,750.1 1,775.5 1,785.1 1,779.0 1,793.2 59.7 58.1 57.2 61.7 59.9 63.3 73.0 657.3 481.9 123.7 80.6 976.3 1,109.4 462.8 390.0 702.5 546.3 289.0 145.2 123.5 114.5 111.5 105.5 109.5 132.7 155.6 166.9 148.7 158.9 164.0 144.1 171.0 183.3 138.6 136.8 150.3 150.5 158.8 169.6 176.9 178.8 170.1 198.7 177.7 186.7 188.5 Current surplus of government enterprises –15.9 –11.0 –5.3 –4.4 –6.5 –7.9 –14.2 –.1 2.1 –3.4 –2.1 –.4 –2.4 4.3 –.1 –.7 3.3 5.8 1.8 –3.0 –6.4 –6.1 –4.5 1 With inventory valuation and capital consumption adjustments. Source: Department of Commerce (Bureau of Economic Analysis). Real Personal Consumption Expenditures [Billions of chained (2012) dollars, except as noted; quarterly data at seasonally adjusted annual rates] Goods Period Total personal consumption expenditures 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2020: I ��������������� II ��������������� III �������������� IV �������������� 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II ��������������� III �������������� IV �������������� 2023: I p �������������� 11,211.7 11,515.3 11,892.9 12,187.7 12,478.2 12,837.3 13,092.3 12,700.7 13,754.1 14,130.3 13,016.8 11,817.1 12,922.4 13,046.6 13,386.8 13,773.7 13,874.4 13,981.5 14,028.4 14,099.5 14,178.6 14,214.9 14,344.5 Services Durable Total goods 3,752.2 3,905.1 4,090.9 4,231.7 4,395.8 4,568.4 4,711.6 4,955.7 5,561.9 5,535.9 4,785.0 4,651.1 5,191.3 5,195.5 5,496.5 5,649.9 5,534.6 5,566.7 5,565.7 5,529.6 5,524.5 5,523.6 5,611.1 Total durable goods 1 1,214.1 1,301.6 1,400.6 1,476.0 1,569.9 1,677.0 1,740.1 1,914.2 2,268.8 2,259.0 1,742.3 1,744.2 2,083.5 2,086.6 2,288.6 2,347.0 2,206.0 2,233.5 2,275.1 2,259.2 2,254.4 2,247.3 2,336.7 Nondurable Motor vehicles and parts 415.3 439.4 472.8 487.2 511.0 530.1 522.0 530.3 614.0 574.7 485.3 480.1 576.8 579.0 649.5 668.9 563.8 573.6 594.7 578.7 559.8 565.5 620.9 Total nondurable goods 1 2,538.5 2,605.3 2,693.7 2,760.5 2,833.4 2,903.7 2,985.4 3,066.7 3,336.2 3,319.6 3,053.5 2,924.1 3,144.1 3,145.1 3,256.1 3,351.4 3,365.5 3,371.7 3,334.1 3,313.5 3,312.7 3,317.9 3,325.0 Food and beverages purchased for offpremises consumption Gasoline and other energy goods Total services 1 Household consumption expenditures 855.5 871.4 884.8 913.2 945.8 966.8 987.1 1,043.1 1,082.0 1,038.3 1,054.5 1,036.5 1,042.6 1,038.7 1,078.1 1,084.7 1,081.8 1,083.3 1,062.7 1,035.3 1,027.6 1,027.6 1,026.7 429.7 430.0 450.0 453.0 450.7 448.3 447.0 387.9 433.0 435.4 419.4 340.8 400.9 390.3 401.1 434.8 445.9 450.2 438.4 436.0 432.9 434.3 437.1 7,460.3 7,613.2 7,809.8 7,968.5 8,104.4 8,299.1 8,421.0 7,863.0 8,361.1 8,733.5 8,290.7 7,284.5 7,883.0 7,993.9 8,072.4 8,309.5 8,494.3 8,568.2 8,613.0 8,709.6 8,788.4 8,823.2 8,873.6 7,114.7 7,267.9 7,471.7 7,614.8 7,753.1 7,932.8 8,068.3 7,460.9 8,023.2 8,389.1 7,886.5 6,837.0 7,500.6 7,619.5 7,715.1 7,978.1 8,164.9 8,234.9 8,270.4 8,359.0 8,438.7 8,488.4 8,551.1 Housing and utilities 2,033.6 2,039.3 2,039.6 2,049.4 2,053.2 2,083.5 2,103.2 2,123.1 2,146.7 2,171.7 2,103.3 2,126.0 2,129.9 2,133.0 2,142.4 2,143.7 2,151.7 2,149.1 2,165.9 2,170.5 2,169.3 2,180.9 2,176.2 Health care 1,832.6 1,892.8 1,994.6 2,070.0 2,113.9 2,168.3 2,244.5 2,079.1 2,231.5 2,300.3 2,186.2 1,824.3 2,119.1 2,186.7 2,168.8 2,226.4 2,254.9 2,276.1 2,273.5 2,276.0 2,307.0 2,344.8 2,377.4 Financial services and insurance 826.0 828.7 848.8 830.7 843.7 855.2 828.4 841.3 874.1 892.4 832.4 829.3 844.3 859.4 865.4 867.4 875.4 888.4 884.8 888.9 900.4 895.6 902.4 Addendum: Personal consumption expenditures excluding food and energy 2 Retail sales of new passenger cars and light trucks (millions of units) 9,712.4 9,996.8 10,343.3 10,605.2 10,863.8 11,182.0 11,417.7 11,018.0 11,985.3 12,398.2 11,311.7 10,177.9 11,224.2 11,358.4 11,644.3 12,000.9 12,092.8 12,203.1 12,266.2 12,367.9 12,465.4 12,493.4 12,633.0 15.5 16.5 17.4 17.5 17.2 17.2 17.0 14.5 14.9 13.8 14.9 11.2 15.4 16.4 16.7 16.7 13.3 13.0 14.1 13.3 13.4 14.3 15.3 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 (2012) 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 $67.9 billion (annual rate) in March, following an increase of $73.5 billion in February. Wages and salaries rose $38.8 billion in March, following an increase of $33.0 billion in February. BILLIONS OF DOLLARS * (RATIO SCALE) 26,000 24,000 22,000 BILLIONS OF DOLLARS* (RATIO SCALE) 26,000 24,000 22,000 TOTAL PERSONAL INCOME 20,000 20,000 18,000 18,000 16,000 16,000 14,000 14,000 12,000 12,000 WAGES AND SALARIES 10,000 10,000 9,000 9,000 8,000 8,000 7,000 7,000 OTHER INCOME 6,000 6,000 5,000 5,000 4,000 4,000 PERSONAL CURRENT TRANSFER RECEIPTS 3,000 3,000 2,000 2,000 2015 2016 2017 2018 2019 2020 2021 2022 *SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE 2023 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; monthly data at seasonally adjusted annual rates] Compensation of employees Period 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2022: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2023: Jan r ��������� Feb r ��������� Mar p �������� Total personal income 14,193.6 14,976.6 15,685.2 16,096.9 16,839.8 17,683.8 18,587.0 19,832.3 21,294.8 21,809.0 21,434.3 21,474.1 21,573.6 21,687.0 21,852.3 21,975.8 22,080.4 22,283.0 22,375.9 22,446.1 22,575.6 22,649.1 22,717.0 Total 8,835.0 9,250.2 9,699.4 9,966.1 10,424.4 10,957.9 11,448.1 11,592.7 12,538.5 13,600.6 13,335.3 13,362.9 13,413.8 13,468.8 13,654.1 13,754.9 13,856.1 13,921.0 13,977.3 14,019.4 14,138.9 14,178.7 14,224.9 Wages and salaries Supplements to wages and salaries 7,114.0 7,476.3 7,859.5 8,091.2 8,474.4 8,900.0 9,324.6 9,457.4 10,290.1 11,223.5 10,991.7 11,013.5 11,056.6 11,104.0 11,271.8 11,360.7 11,450.6 11,506.8 11,553.5 11,587.7 11,693.8 11,726.8 11,765.6 1,721.0 1,773.9 1,839.9 1,874.9 1,950.0 2,057.9 2,123.5 2,135.4 2,248.4 2,377.1 2,343.6 2,349.4 2,357.2 2,364.8 2,382.3 2,394.1 2,405.5 2,414.3 2,423.8 2,431.7 2,445.1 2,451.9 2,459.3 Proprietors’ income 1 Farm 87.0 67.7 54.1 34.1 39.1 29.2 29.1 45.2 51.3 91.7 100.9 97.7 95.7 93.7 94.8 95.9 97.1 99.0 100.9 102.8 99.0 95.3 91.5 Nonfarm 1,315.3 1,377.9 1,366.7 1,389.2 1,465.5 1,539.5 1,572.3 1,597.9 1,702.2 1,756.6 1,743.9 1,729.6 1,740.5 1,749.0 1,751.7 1,773.7 1,777.4 1,778.3 1,781.9 1,785.8 1,791.7 1,791.7 1,793.1 Personal income receipts on assets Rental income of persons 2 577.4 602.7 609.5 626.6 650.6 680.0 698.2 719.8 723.8 781.9 752.1 759.9 775.8 792.0 792.9 794.9 797.0 804.7 810.6 820.0 830.1 841.5 853.4 Total 2,058.9 2,290.0 2,474.9 2,542.6 2,703.5 2,862.2 3,119.0 3,095.4 3,202.4 3,343.9 3,276.5 3,296.5 3,324.2 3,348.4 3,350.6 3,358.1 3,367.7 3,413.8 3,424.7 3,433.5 3,445.4 3,449.2 3,467.6 Personal interest income 1,265.6 1,336.8 1,441.8 1,465.2 1,549.0 1,608.9 1,658.1 1,647.3 1,658.6 1,726.6 1,676.9 1,692.6 1,708.5 1,724.6 1,731.1 1,738.0 1,745.2 1,766.6 1,788.7 1,811.6 1,810.1 1,808.3 1,806.1 Personal dividend income 793.3 953.2 1,033.1 1,077.4 1,154.6 1,253.4 1,460.9 1,448.1 1,543.9 1,617.3 1,599.6 1,603.8 1,615.6 1,623.8 1,619.5 1,620.1 1,622.6 1,647.2 1,636.0 1,622.0 1,635.3 1,640.9 1,661.5 Personal current transfer receipts 3 2,424.3 2,541.5 2,685.4 2,777.0 2,855.7 2,976.6 3,144.8 4,231.2 4,617.3 3,910.7 3,870.2 3,875.3 3,877.8 3,896.4 3,891.7 3,893.9 3,892.9 3,981.6 4,002.2 4,010.8 4,020.5 4,046.9 4,045.6 Less: Chart 5 - Apr 2023 Contributions for government social insurance, domestic 1,104.3 1,153.6 1,204.7 1,238.8 1,298.9 1,361.6 1,424.6 1,450.0 1,540.8 1,676.5 1,644.7 1,647.7 1,654.2 1,661.3 1,683.6 1,695.6 1,707.7 1,715.4 1,721.7 1,726.3 1,749.9 1,754.2 1,759.2 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 (2012) dollars rose 7.5 percent (annual rate) in the first quarter of 2023. BILLIONS OF DOLLARS* (RATIO SCALE) 22,000 21,000 20,000 19,000 18,000 17,000 BILLIONS OF DOLLARS* (RATIO SCALE) 22,000 21,000 20,000 19,000 18,000 17,000 DISPOSABLE PERSONAL INCOME 16,000 16,000 15,000 15,000 14,000 14,000 PERSONAL OUTLAYS 13,000 13,000 SAVING 12,000 12,000 11,000 11,000 10,000 10,000 DOLLARS* (RATIO SCALE) 62,000 58,000 56,000 54,000 52,000 50,000 48,000 46,000 44,000 42,000 40,000 62,000 PER CAPITA DISPOSABLE PERSONAL INCOME 58,000 56,000 54,000 52,000 50,000 48,000 46,000 44,000 42,000 40,000 CURRENT DOLLARS CHAINED (2012) DOLLARS 38,000 38,000 36,000 34,000 36,000 34,000 2014 2015 2016 2017 2018 2019 2020 2021 *SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE Period Personal income Less: Personal current taxes Equals: Disposable personal income 14,193.6 14,976.6 15,685.2 16,096.9 16,839.8 17,683.8 18,587.0 19,832.3 21,294.8 21,809.0 1,676.4 1,784.6 1,939.9 1,958.2 2,048.6 2,074.9 2,198.4 2,236.4 2,661.7 3,200.7 12,517.3 13,192.0 13,745.3 14,138.7 14,791.2 15,608.9 16,388.6 17,595.9 18,633.1 18,608.3 2023 COUNCIL OF ECONOMIC ADVISERS Less: Personal outlays 1 Equals: Personal saving Disposable personal income in billions of chained (2012) dollars Per capita disposable personal income Current dollars Billions of dollars 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2022 Chained (2012) dollars Per capita personal consumption expenditures Current dollars Chained (2012) dollars Dollars 11,751.3 12,261.1 12,710.4 13,150.8 13,717.5 14,428.6 14,942.0 14,603.6 16,389.8 17,922.5 766.0 930.9 1,034.9 987.8 1,073.8 1,180.3 1,446.6 2,992.3 2,243.4 685.8 12,350.0 12,821.9 13,330.0 13,575.5 13,946.9 14,410.4 14,907.8 15,831.6 16,115.7 15,148.9 39,474 41,276 42,672 43,556 45,252 47,473 49,585 53,034 56,065 55,781 Chart 6 - Apr 2023 Percent Saving change as in real percent per capita of disposable disposable personal personal income income Population, including Armed Forces overseas (thousands) 2 Percent 38,947 40,118 41,383 41,821 42,669 43,828 45,105 47,716 48,490 45,411 35,836 37,070 38,072 39,103 40,487 42,291 43,547 42,546 47,849 52,031 35,357 36,030 36,922 37,546 38,176 39,044 39,612 38,280 41,384 42,358 –2.0 3.0 3.2 1.1 2.0 2.7 2.9 5.8 1.6 –6.3 6.1 7.1 7.5 7.0 7.3 7.6 8.8 17.0 12.0 3.7 317,099 319,601 322,113 324,609 326,860 328,794 330,513 331,788 332,351 333,595 45,636 50,181 48,120 46,970 52,195 47,931 47,324 46,689 45,375 45,065 45,359 45,844 46,684 43,556 39,342 43,356 43,928 45,578 47,610 48,566 49,635 50,678 51,786 52,554 53,099 54,074 39,262 35,626 38,938 39,292 40,323 41,468 41,730 42,014 42,130 42,300 42,476 42,524 42,865 2.0 46.2 –15.4 –9.2 52.5 –28.9 –5.0 –5.3 –10.8 –2.7 2.6 4.3 7.5 10.7 26.4 16.4 13.7 20.4 10.8 9.1 7.3 4.3 3.2 3.2 4.0 4.8 331,534 331,699 331,872 332,045 331,989 332,149 332,480 332,786 332,978 333,321 333,799 334,282 334,641 Seasonally adjusted annual rates 2020: I ���������������� II ��������������� III �������������� IV �������������� 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II ��������������� III �������������� IV �������������� 2023: I p �������������� 19,033.7 20,479.4 20,019.2 19,796.9 22,095.5 20,916.4 21,005.2 21,162.1 21,319.8 21,578.3 21,969.5 22,368.3 22,647.2 2,249.1 2,098.2 2,237.5 2,360.7 2,509.0 2,638.5 2,693.2 2,806.1 3,145.5 3,188.5 3,236.5 3,232.3 2,940.0 16,784.6 18,381.2 17,781.7 17,436.2 19,586.5 18,277.8 18,312.0 18,356.1 18,174.4 18,389.8 18,733.0 19,136.0 19,707.2 14,983.4 13,529.1 14,857.8 15,044.1 15,597.8 16,299.3 16,643.0 17,019.0 17,389.5 17,798.7 18,124.5 18,377.2 18,761.0 1,801.2 4,852.1 2,923.9 2,392.1 3,988.7 1,978.6 1,669.1 1,337.1 784.9 591.1 608.5 758.8 946.2 15,130.1 16,645.0 15,969.6 15,596.0 17,328.1 15,920.1 15,734.4 15,537.3 15,108.8 15,021.2 15,140.6 15,324.9 15,622.2 50,627 55,415 53,580 52,512 58,998 55,029 55,077 55,159 54,581 55,171 56,121 57,245 58,891 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 2023, gross farm income in chained (2023) dollars is forecast to be $596.4 billion and net farm income to be $136.9 billion. BILLIONS OF CHAINED (2023) DOLLARS (RATIO SCALE) BILLIONS OF CHAINED (2023) DOLLARS (RATIO SCALE) 700 640 600 560 520 480 440 400 700 640 600 560 520 480 440 400 GROSS FARM INCOME 360 360 320 320 280 280 240 240 200 200 160 160 120 120 NET FARM INCOME 80 80 60 60 40 40 2014 2015 2017 2016 2018 2019 2020 2021 SOURCE: DEPARTMENT OF AGRICULTURE 2022 2023 COUNCIL OF ECONOMIC ADVISERS [Billions of chained (2023) dollars] Chart 7 - Jan 2023 Income of farm operators from farming 1 Gross farm income Year Value of agricultural sector production Total 2000 ��������������������������������������������������� 2001 ��������������������������������������������������� 2002 ��������������������������������������������������� 2003 ��������������������������������������������������� 2004 ��������������������������������������������������� 2005 ��������������������������������������������������� 2006 ��������������������������������������������������� 2007 ��������������������������������������������������� 2008 ��������������������������������������������������� 2009 ��������������������������������������������������� 2010 ��������������������������������������������������� 2011 ��������������������������������������������������� 2012 ��������������������������������������������������� 2013 ��������������������������������������������������� 2014 ��������������������������������������������������� 2015 ��������������������������������������������������� 2016 ��������������������������������������������������� 2017 ��������������������������������������������������� 2018 ��������������������������������������������������� 2019 ��������������������������������������������������� 2020 ��������������������������������������������������� 2021 ��������������������������������������������������� 2022 ��������������������������������������������������� 2023 p ������������������������������������������������� Crops 2, 3 Total 404.3 408.6 371.4 408.6 453.6 445.3 419.8 478.3 503.9 462.2 483.8 558.9 586.9 620.7 608.4 549.6 509.0 515.3 502.5 497.0 518.6 563.2 621.1 596.4 365.4 371.9 351.4 382.5 433.6 408.9 396.9 461.5 487.0 445.5 467.0 545.1 573.1 606.6 596.1 536.2 493.0 501.3 486.3 470.9 466.3 534.8 605.1 586.2 158.8 155.4 157.7 171.5 192.5 170.6 171.7 212.8 240.2 226.1 228.1 265.0 277.8 299.8 259.7 229.8 233.7 227.6 220.0 206.3 217.4 264.5 276.8 276.4 Animals and animal products 3 165.7 173.9 150.6 165.8 191.2 188.7 172.6 195.0 192.7 164.3 190.3 217.7 220.7 232.2 269.8 242.1 204.2 214.3 209.8 203.5 189.0 212.7 261.6 242.4 Farm-related income 4 40.8 42.6 43.2 45.2 50.0 49.6 52.6 53.7 54.1 55.2 48.6 62.4 74.6 74.6 66.6 64.2 55.0 59.4 56.5 61.1 59.9 57.5 66.7 67.4 Direct Federal Government payments 38.8 36.7 20.0 26.1 20.0 36.4 22.8 16.8 16.9 16.7 16.8 13.9 13.9 14.1 12.3 13.5 16.0 14.0 16.2 26.1 52.2 28.5 16.1 10.2 Production expenses Net farm income 319.5 318.9 308.4 312.3 319.1 327.8 336.7 379.7 396.1 376.8 379.2 408.0 461.2 462.1 492.3 447.8 432.0 424.3 406.6 405.0 410.3 408.6 453.8 459.5 84.8 89.7 63.1 96.3 134.5 117.5 83.1 98.6 107.8 85.4 104.6 151.0 125.8 158.6 116.1 101.8 76.9 91.0 95.8 92.0 108.3 154.6 167.3 136.9 1 The GDP chain-type price index is used to convert the current-dollar statistics to 2023=100 equivalents. 2 Crop receipts include proceeds received from commodities placed under Commodity Credit Corporation loans. 3 The value of production equates to the sum of cash receipts, home consumption, and the value of the change in inventories. 4 Includes income from forest products sold, the gross imputed rental value of farm dwellings, machine hire and custom work, and other sources of farm income such as commodity insurance indemnities. Note: Data for 2022 and 2023 are forecasts. Source: Department of Agriculture (Economic Research Service). 7 Corporate Profits In the fourth quarter of 2022, according to current estimates, corporate profits before tax fell $162.2 billion (annual rate) and profits after tax fell $169.5 billion. BILLIONS OF DOLLARS 3,600 BILLIONS OF DOLLARS 3,600 SEASONALLY ADJUSTED ANNUAL RATES 3,400 3,400 3,200 3,200 3,000 3,000 2,800 2,800 2,600 2,600 PROFITS BEFORE TAX 2,400 2,400 2,200 2,200 2,000 2,000 1,800 1,800 PROFITS AFTER TAX 1,600 1,600 1,400 1,400 1,200 1,200 1,000 1,000 UNDISTRIBUTED PROFITS 800 800 600 600 400 400 TAXES ON CORPORATE INCOME 200 0 2013 2014 2015 2016 200 0 2017 2018 2019 2020 2021 2022 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 2013 �������������������� 2,165.9 1,767.1 430.7 1,336.3 446.9 28.3 146.4 153.3 2,151.5 362.6 1,788.9 2014 �������������������� 2,266.6 1,861.7 483.1 1,378.6 458.7 32.8 150.6 157.3 2,264.5 407.1 1,857.4 2015 �������������������� 2,184.6 1,789.4 447.2 1,342.1 427.2 20.2 152.4 169.3 2,128.3 396.3 1,732.0 2016 �������������������� 2,138.8 1,718.9 457.4 1,261.5 336.8 9.4 127.9 175.2 2,134.2 376.2 1,758.1 2017 �������������������� 2,148.2 1,649.3 440.4 1,208.9 314.8 11.1 123.3 151.7 2,194.6 297.3 1,897.3 2018 �������������������� 2,210.1 1,689.6 453.6 1,236.0 345.8 21.2 114.0 149.9 2,257.7 297.7 1,960.0 2019 �������������������� 2,306.2 1,777.5 540.9 1,236.7 351.5 17.6 123.3 155.6 2,304.8 297.4 2,007.4 2020 �������������������� 2,373.5 1,943.8 514.6 1,429.2 329.5 25.6 142.2 230.2 2,399.8 288.9 2,110.9 2021 �������������������� 2,881.2 2,468.8 585.0 1,883.9 447.0 23.6 159.3 311.3 3,138.1 388.2 2,749.8 2022 �������������������� 3,215.1 2,761.6 549.8 2,211.7 616.3 29.5 209.8 309.6 3,345.9 473.8 2,872.2 2020: I ���������������� 2,285.5 1,791.8 501.2 1,290.6 348.0 17.3 147.5 172.3 2,202.7 264.1 1,938.6 II ��������������� 2,114.1 1,709.7 514.6 1,195.1 250.6 27.3 121.8 220.5 2,078.1 255.5 1,822.6 III �������������� 2,606.8 2,181.6 515.7 1,665.9 361.8 25.3 146.4 269.4 2,702.7 312.0 2,390.7 IV �������������� 2,487.4 2,092.2 526.9 1,565.3 357.4 32.4 153.2 258.5 2,615.9 324.2 2,291.7 2021: I ���������������� 2,688.6 2,253.2 530.4 1,722.8 387.8 28.7 136.7 308.9 2,938.0 350.8 2,587.2 II ��������������� 2,883.1 2,503.4 587.5 1,915.9 427.6 17.4 154.1 336.3 3,209.4 385.1 2,824.3 III �������������� 2,951.8 2,540.1 608.3 1,931.8 457.7 24.6 170.3 301.5 3,214.2 387.1 2,827.1 IV �������������� 3,001.4 2,578.6 613.6 1,965.0 514.9 23.6 176.0 298.5 3,190.7 430.0 2,760.8 2022: I ���������������� 3,081.6 2,644.7 593.4 2,051.3 548.1 26.2 190.3 297.3 3,328.5 495.1 2,833.4 II ��������������� 3,252.7 2,790.4 552.4 2,237.9 616.9 27.9 184.9 307.4 3,521.8 478.7 3,043.1 III �������������� 3,288.0 2,841.2 555.8 2,285.3 635.7 36.0 229.8 312.0 3,347.8 457.0 2,890.8 IV �������������� 3,238.2 2,770.0 497.6 2,272.4 664.4 27.8 234.1 321.8 3,185.6 464.3 2,721.3 2023: I p �������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 1 See p. 4 for profits with inventory valuation and capital consumption adjustments. 2 Includes rest of the world, not shown separately. 3 Includes industries not shown separately. 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 2023 Inventory Undistrib- valuation adjustment uted profits 1,009.0 779.9 14.4 1,096.1 761.3 2.1 1,164.9 567.1 56.3 1,189.4 568.7 4.5 1,264.1 633.1 –46.4 1,338.4 621.7 –47.6 1,531.2 476.2 1.4 1,541.3 569.6 –26.4 1,659.3 1,090.6 –256.9 1,705.4 1,166.7 –130.8 1,566.0 372.6 82.9 1,527.2 295.4 36.1 1,508.1 882.7 –95.9 1,564.0 727.7 –128.5 1,567.5 1,019.7 –249.4 1,645.6 1,178.6 –326.3 1,693.8 1,133.3 –262.4 1,730.2 1,030.6 –189.4 1,743.6 1,089.8 –246.9 1,740.4 1,302.7 –269.1 1,683.9 1,206.9 –59.8 1,653.8 1,067.5 52.5 1,653.0 ��������������� ����������������� Real Gross Private Domestic Investment In the first quarter of 2023, according to advance estimates, nonresidential fixed investment in chained (2012) dollars rose $5.3 billion (annual rate) and residential fixed investment fell $6.1 billion. Inventories fell $1.6 billion, following an increase of $136.5 billion in the fourth quarter. BILLIONS OF CHAINED (2012) DOLLARS 4,200 4,000 BILLIONS OF CHAINED (2012) DOLLARS 4,200 4,000 SEASONALLY ADJUSTED ANNUAL RATES 3,800 3,800 3,600 3,600 GROSS PRIVATE DOMESTIC INVESTMENT 3,400 3,400 3,200 3,200 3,000 3,000 2,800 2,800 2,600 2,600 NONRESIDENTIAL FIXED INVESTMENT 2,400 2,200 2,400 2,200 2,000 2,000 1,800 1,800 1,600 1,600 1,400 1,400 1,200 1,200 1,000 1,000 RESIDENTIAL FIXED INVESTMENT 800 800 600 600 400 400 CHANGE IN PRIVATE INVENTORIES 200 200 0 0 –200 –200 –400 –400 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of chained (2012) dollars; quarterly data at seasonally adjusted annual rates] Chart 9 - Apr 2023 Fixed investment Period 2013 ��������������������������������������������������� 2014 ��������������������������������������������������� 2015 ��������������������������������������������������� 2016 ��������������������������������������������������� 2017 ��������������������������������������������������� 2018 ��������������������������������������������������� 2019 ��������������������������������������������������� 2020 ��������������������������������������������������� 2021 ��������������������������������������������������� 2022 ��������������������������������������������������� 2020: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2021: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2022: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2023: I p ��������������������������������������������� Gross private domestic investment 2,801.5 2,959.2 3,121.8 3,089.9 3,216.0 3,398.9 3,492.7 3,306.5 3,603.0 3,746.9 3,409.9 2,884.2 3,394.1 3,537.6 3,489.3 3,496.9 3,584.1 3,841.8 3,892.5 3,747.0 3,653.9 3,694.1 3,573.1 Change in private inventories Nonresidential Total 2,692.1 2,869.2 2,979.0 3,041.0 3,165.4 3,320.0 3,404.2 3,326.8 3,574.6 3,569.2 3,399.5 3,121.3 3,327.4 3,459.2 3,540.4 3,590.9 3,581.1 3,586.2 3,628.6 3,581.9 3,550.5 3,516.0 3,512.3 Total 2,206.0 2,365.3 2,420.3 2,442.0 2,542.5 2,708.3 2,804.6 2,666.0 2,835.4 2,944.8 2,760.6 2,530.6 2,649.9 2,723.0 2,781.4 2,847.7 2,852.2 2,860.2 2,915.0 2,915.5 2,959.7 2,988.8 2,994.1 Structures 485.5 538.8 534.1 511.0 533.3 555.2 567.9 510.4 477.5 446.2 573.1 498.1 484.6 485.7 488.0 484.9 476.6 460.7 455.6 440.4 436.4 452.6 464.8 Equipment 1,029.2 1,101.1 1,134.6 1,114.6 1,146.0 1,221.2 1,236.5 1,107.3 1,221.8 1,274.0 1,129.1 1,001.8 1,121.7 1,176.6 1,194.3 1,234.0 1,227.1 1,232.0 1,265.7 1,259.1 1,291.3 1,279.8 1,255.8 Intellectual property products 691.4 724.8 752.4 818.8 864.9 935.2 1,003.2 1,051.2 1,153.0 1,254.5 1,053.3 1,027.8 1,051.3 1,072.4 1,112.0 1,145.4 1,166.0 1,188.8 1,219.6 1,245.9 1,266.7 1,285.8 1,297.8 Residential 485.5 504.1 555.4 592.1 615.8 612.3 606.2 649.8 719.4 643.1 636.8 587.8 662.7 712.2 732.0 723.0 712.2 710.3 704.7 671.0 620.0 576.7 570.6 Total Nonfarm 108.7 86.3 137.6 35.7 36.3 66.1 73.1 –54.6 –19.4 125.0 –34.4 –279.1 36.8 58.3 –83.0 –143.6 –48.6 197.6 214.5 110.2 38.7 136.5 –1.6 98.2 90.1 136.5 41.2 41.7 73.8 88.3 –46.9 –16.0 137.6 –19.5 –268.4 38.7 61.7 –83.4 –137.9 –44.8 202.2 223.6 123.6 55.5 147.7 5.6 Note: See p. 10 for further detail on fixed investment by type. Because of the formula used for calculating real GDP, the chained (2012) 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 (2012) dollars; quarterly data at seasonally adjusted annual rates] Nonresidential Residential Equipment Total fixed investment Period 2013 ��������������� 2014 ��������������� 2015 ��������������� 2016 ��������������� 2017 ��������������� 2018 ��������������� 2019 ��������������� 2020 ��������������� 2021 ��������������� 2022 ��������������� 2020: I ����������� II ���������� III ��������� IV ��������� 2021: I ����������� II ���������� III ��������� IV ��������� 2022: I ����������� II ���������� III ��������� IV ��������� 2023: I p ��������� Total nonresidential 2,692.1 2,869.2 2,979.0 3,041.0 3,165.4 3,320.0 3,404.2 3,326.8 3,574.6 3,569.2 3,399.5 3,121.3 3,327.4 3,459.2 3,540.4 3,590.9 3,581.1 3,586.2 3,628.6 3,581.9 3,550.5 3,516.0 3,512.3 Intellectual property products Information processing equipment Structures 2,206.0 2,365.3 2,420.3 2,442.0 2,542.5 2,708.3 2,804.6 2,666.0 2,835.4 2,944.8 2,760.6 2,530.6 2,649.9 2,723.0 2,781.4 2,847.7 2,852.2 2,860.2 2,915.0 2,915.5 2,959.7 2,988.8 2,994.1 485.5 538.8 534.1 511.0 533.3 555.2 567.9 510.4 477.5 446.2 573.1 498.1 484.6 485.7 488.0 484.9 476.6 460.7 455.6 440.4 436.4 452.6 464.8 Total 2 1,029.2 1,101.1 1,134.6 1,114.6 1,146.0 1,221.2 1,236.5 1,107.3 1,221.8 1,274.0 1,129.1 1,001.8 1,121.7 1,176.6 1,194.3 1,234.0 1,227.1 1,232.0 1,265.7 1,259.1 1,291.3 1,279.8 1,255.8 Computers and peripheral equipment 1 Total 351.8 370.2 393.3 410.5 439.6 473.7 486.1 492.4 540.4 568.7 452.7 477.8 514.9 524.1 536.4 536.7 531.7 556.7 579.0 569.6 582.3 543.8 541.5 103.0 102.9 103.4 103.0 109.9 124.8 127.1 141.8 152.6 156.1 452.7 477.8 514.9 524.1 536.4 536.7 531.7 556.7 579.0 569.6 582.3 543.8 541.5 Industrial Transporequiptation ment equipment Other 248.8 267.7 291.0 309.3 331.8 349.7 360.1 348.7 386.3 412.2 330.3 332.6 363.0 368.7 375.7 386.8 380.9 401.8 415.8 418.2 415.3 399.6 401.1 208.4 216.5 216.7 213.4 223.0 236.2 244.2 224.3 251.0 264.8 228.4 212.6 223.5 232.8 234.8 250.0 256.2 263.0 270.9 266.7 258.9 262.6 262.0 238.5 265.0 292.8 276.3 272.5 286.5 277.3 192.5 222.7 233.5 232.4 139.9 185.1 212.4 215.8 237.7 229.2 208.2 206.3 212.1 249.1 266.3 253.2 Total 2 Research Software and development 3 691.4 724.8 752.4 818.8 864.9 935.2 1,003.2 1,051.2 1,153.0 1,254.5 1,053.3 1,027.8 1,051.3 1,072.4 1,112.0 1,145.4 1,166.0 1,188.8 1,219.6 1,245.9 1,266.7 1,285.8 1,297.8 287.2 305.3 320.2 354.0 392.2 437.7 468.1 509.0 574.2 643.7 502.2 499.1 511.3 523.6 553.5 571.0 582.8 589.7 615.7 630.9 653.5 674.5 679.2 333.8 346.9 357.1 387.1 394.6 418.9 455.4 470.9 511.9 539.5 473.6 457.8 471.6 480.8 494.4 509.7 516.2 527.3 534.3 541.7 540.3 541.7 547.2 Structures Total residential 2 485.5 504.1 555.4 592.1 615.8 612.3 606.2 649.8 719.4 643.1 636.8 587.8 662.7 712.2 732.0 723.0 712.2 710.3 704.7 671.0 620.0 576.7 570.6 Total 2 Single family 474.1 491.8 542.0 577.7 600.6 596.9 590.8 633.3 701.2 626.0 620.8 572.1 645.3 695.0 713.6 704.5 694.2 692.6 687.1 653.6 602.9 560.3 553.8 161.8 171.8 191.5 201.3 214.8 220.7 206.8 219.7 268.9 242.5 219.7 201.4 211.8 245.8 264.4 273.5 272.5 265.4 268.8 262.2 232.2 206.8 195.1 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 includes expenditures for software. Note: Because of the formula used for calculating real GDP, the chained (2012) 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 2007 �������� 2008 �������� 2009 �������� 2010 �������� 2011 �������� 2012 �������� 2013 �������� 2014 �������� 2015 �������� 2016 �������� 2017 �������� 2018 �������� 2019 �������� 2020 �������� 2021 p ������� 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 1,574.8 1,678.8 1,699.1 1,917.1 1,707.8 1,681.7 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 1,479.4 1,577.8 1,699.1 1,805.7 1,598.8 1,681.7 2.1 2.3 2.2 3.3 3.1 3.1 3.0 4.0 3.3 4.6 4.5 4.7 4.1 3.2 3.1 120.7 149.3 100.6 115.7 165.7 196.7 202.2 230.8 174.1 92.6 134.4 153.4 160.8 97.7 91.1 85.4 98.7 103.0 94.5 98.0 125.0 111.3 118.9 130.5 133.5 133.9 151.0 172.9 182.2 177.8 36.7 40.8 19.8 17.9 21.8 23.6 27.6 30.3 33.3 36.0 35.0 39.0 50.8 52.1 44.9 197.3 213.1 155.2 160.8 192.4 203.1 221.3 231.1 245.1 243.6 247.0 258.1 272.7 256.7 282.2 30.8 32.4 25.3 31.1 35.7 40.9 37.5 44.8 42.4 43.8 44.0 42.8 40.2 36.0 40.4 82.5 73.2 58.4 65.3 68.1 77.6 77.5 82.4 86.0 86.9 90.5 89.2 98.8 105.2 120.3 67.4 79.6 55.7 59.0 72.7 81.8 92.6 111.0 116.6 109.7 108.5 122.4 130.8 97.8 93.7 106.1 103.3 88.4 97.2 100.1 106.5 123.9 132.0 132.7 142.9 158.9 175.1 176.8 169.8 194.5 173.4 132.9 99.5 103.1 109.2 130.2 137.8 153.3 164.6 161.7 163.0 181.5 195.2 174.9 174.3 117.5 106.9 72.9 81.3 91.1 115.7 114.2 121.9 151.9 150.7 161.4 173.9 180.2 136.0 158.3 31.8 33.0 28.2 28.2 28.1 31.6 35.7 30.4 33.3 31.7 37.2 42.0 43.6 40.3 46.6 84.2 90.2 79.4 78.4 83.1 88.9 94.2 89.0 93.8 93.6 104.6 108.6 114.4 104.8 113.9 134.8 84.2 138.7 79.7 127.0 75.4 100.6 69.5 100.4 73.4 110.0 89.2 122.1 90.4 126.8 91.3 140.6 93.9 148.3 95.4 154.8 101.0 157.6 �������������� 164.5 111.4 142.0 109.0 140.7 �������������� 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 182,000 to 5.7 million. MILLIONS OF PERSONS* MILLIONS OF PERSONS* 168 168 SEASONALLY ADJUSTED 164 164 160 160 CIVILIAN LABOR FORCE 156 156 CIVILIAN EMPLOYMENT 152 152 148 148 144 144 140 140 136 136 132 132 128 128 28 24 28 24 20 20 16 16 12 12 UNEMPLOYMENT 8 8 4 0 4 0 2015 2016 2017 2018 2019 2020 2021 2022 *16 YEARS OF AGE AND OVER SOURCE: DEPARTMENT OF LABOR 2023 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 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2022: Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2023: Jan ����������� Feb ����������� Mar ���������� Apr ����������� Civilian noninsti- Civilian labor tutional force population (NSA) 245,679 247,947 250,801 253,538 255,079 257,791 259,175 260,329 261,445 263,973 263,559 263,679 263,835 264,012 264,184 264,356 264,535 264,708 264,844 265,962 266,112 266,272 266,443 155,389 155,922 157,130 159,187 160,320 162,075 163,539 160,742 161,204 164,287 163,950 164,278 164,002 163,990 164,714 164,619 164,646 164,527 164,966 165,832 166,251 166,731 166,688 Civilian employment Total 143,929 146,305 148,834 151,436 153,337 155,761 157,538 147,795 152,581 158,291 157,982 158,299 158,057 158,272 158,694 158,850 158,593 158,527 159,244 160,138 160,315 160,892 161,031 Men 20 years and over 74,176 75,471 76,776 78,084 78,919 80,211 80,917 76,227 78,216 81,409 81,236 81,331 81,210 81,185 81,263 81,816 81,776 81,698 82,033 82,324 82,407 82,816 82,661 Women 20 years and over 65,295 66,287 67,323 68,387 69,344 70,424 71,470 66,873 69,099 71,283 71,144 71,388 71,280 71,659 71,676 71,457 71,218 71,088 71,531 72,104 72,189 72,284 72,575 1 11 - Apr 2023 PercentChart Unemployment Both sexes 16–19 years 4,458 4,548 4,734 4,965 5,074 5,126 5,150 4,695 5,266 5,600 5,603 5,579 5,566 5,428 5,754 5,576 5,598 5,740 5,680 5,710 5,719 5,792 5,796 Total 11,460 9,617 8,296 7,751 6,982 6,314 6,001 12,947 8,623 5,996 5,968 5,979 5,945 5,718 6,021 5,770 6,053 6,000 5,722 5,694 5,936 5,839 5,657 Men 20 years and over 5,568 4,585 3,959 3,675 3,287 2,976 2,819 6,118 4,302 2,867 2,963 2,834 2,818 2,720 2,929 2,786 2,829 2,827 2,661 2,760 2,803 2,880 2,778 Women 20 years and over Both sexes 16–19 years 4,565 3,926 3,371 3,151 2,868 2,578 2,435 5,804 3,625 2,453 2,365 2,489 2,441 2,297 2,422 2,272 2,534 2,444 2,398 2,275 2,417 2,328 2,293 1,327 1,106 966 925 827 759 746 1,025 696 675 640 656 686 701 670 712 690 729 662 658 716 631 586 Not in labor force 90,290 92,025 93,671 94,351 94,759 95,716 95,636 99,587 100,241 99,686 99,609 99,400 99,833 100,021 99,469 99,736 99,890 100,181 99,878 100,130 99,861 99,541 99,755 Labor Employ- Unemployforce ment/ participa- population ment tion rate ratio rate 63.2 62.9 62.7 62.8 62.9 62.9 63.1 61.7 61.7 62.2 62.2 62.3 62.2 62.1 62.3 62.3 62.2 62.2 62.3 62.4 62.5 62.6 62.6 58.6 59.0 59.3 59.7 60.1 60.4 60.8 56.8 58.4 60.0 59.9 60.0 59.9 59.9 60.1 60.1 60.0 59.9 60.1 60.2 60.2 60.4 60.4 7.4 6.2 5.3 4.9 4.4 3.9 3.7 8.1 5.3 3.6 3.6 3.6 3.6 3.5 3.7 3.5 3.7 3.6 3.5 3.4 3.6 3.5 3.4 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 3.4 percent. PERCENT (SEASONALLY ADJUSTED) PERCENT (SEASONALLY ADJUSTED) 35 35 30 30 25 25 20 20 TEENAGERS (16-19) BLACK OR AFRICAN AMERICAN1 15 15 10 10 HISPANIC1,2 MEN 20 YEARS AND OVER 5 5 WHITE1 1 ASIAN WOMEN 20 YEARS AND OVER ALL CIVILIAN WORKERS 0 0 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 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 2023 By race or ethnicity 1 By sex and age Period 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2022: Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2023: Jan ����������� Feb ����������� Mar ���������� Apr ����������� All civilian workers 7.4 6.2 5.3 4.9 4.4 3.9 3.7 8.1 5.3 3.6 3.6 3.6 3.6 3.5 3.7 3.5 3.7 3.6 3.5 3.4 3.6 3.5 3.4 Men 20 years and over Women 20 years and over 7.0 5.7 4.9 4.5 4.0 3.6 3.4 7.4 5.2 3.4 3.5 3.4 3.4 3.2 3.5 3.3 3.3 3.3 3.1 3.2 3.3 3.4 3.3 6.5 5.6 4.8 4.4 4.0 3.5 3.3 8.0 5.0 3.3 3.2 3.4 3.3 3.1 3.3 3.1 3.4 3.3 3.2 3.1 3.2 3.1 3.1 Both sexes 16–19 years 22.9 19.6 16.9 15.7 14.0 12.9 12.7 17.9 11.7 10.8 10.2 10.5 11.0 11.4 10.4 11.3 11.0 11.3 10.4 10.3 11.1 9.8 9.2 Black or African American White 6.5 5.3 4.6 4.3 3.8 3.5 3.3 7.3 4.7 3.2 3.2 3.2 3.3 3.1 3.2 3.1 3.3 3.3 3.0 3.1 3.2 3.2 3.1 13.1 11.3 9.6 8.4 7.5 6.5 6.1 11.4 8.6 6.1 5.9 6.2 5.9 6.0 6.4 5.9 5.9 5.7 5.7 5.4 5.7 5.0 4.7 By selected groups Hispanic or Latino ethnicity Asian 5.2 5.0 3.8 3.6 3.4 3.0 2.7 8.7 5.0 2.8 3.1 2.4 3.0 2.6 2.8 2.5 2.9 2.6 2.4 2.8 3.4 2.8 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 9.1 7.4 6.6 5.8 5.1 4.7 4.3 10.4 6.8 4.3 4.2 4.4 4.3 4.0 4.5 3.9 4.2 4.0 4.1 4.5 5.3 4.6 4.4 Married men, spouse present 4.3 3.4 2.8 2.7 2.4 2.0 1.8 4.9 3.2 1.9 1.9 2.0 2.0 1.8 2.0 1.8 1.9 2.0 1.8 1.8 1.9 1.9 1.7 Women who maintain families (NSA) 10.2 8.6 7.4 6.8 6.2 5.4 5.0 9.6 7.1 4.8 4.0 5.0 4.5 4.7 5.1 4.7 5.7 4.9 3.6 3.8 5.0 4.6 4.8 Full-time workers 7.7 6.4 5.4 4.9 4.3 3.8 3.6 7.7 5.4 3.6 3.5 3.5 3.6 3.4 3.6 3.5 3.7 3.5 3.4 3.4 3.5 3.4 3.3 Part-time workers 5.9 5.4 4.9 4.8 4.6 4.4 4.1 10.0 5.1 4.1 4.3 4.3 3.9 4.2 4.1 3.7 3.9 4.4 3.9 3.8 4.0 3.9 3.6 Selected Measures of Unemployment and Unemployment Insurance Programs In April, the percentages of the unemployed who had been out of work for less than 5 weeks and for 15 to 26 weeks fell, while the percentages for 5 to 14 weeks and for 27 weeks and over rose. The mean duration of unemployment rose to 20.9 weeks and the median duration rose to 8.4 weeks. PERCENT DISTRIBUTION* PERCENT DISTRIBUTION* 100 100 DURATION OF UNEMPLOYMENT REASON FOR UNEMPLOYMENT 80 80 JOB LOSERS 60 60 27 WEEKS AND OVER 40 40 LESS THAN 5 WEEKS REENTRANTS 5-14 WEEKS 20 20 JOB LEAVERS 15-26 WEEKS 0 NEW ENTRANTS 0 2019 2020 2021 2022 2023 2019 2020 2021 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF LABOR 2022 2023 COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted, except as noted by NSA] Chart 13 - Apr 2023 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 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2022: Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2023 Jan ������������� Feb ����������� Mar ���������� Apr ����������� 11,460 9,617 8,296 7,751 6,982 6,314 6,001 12,947 8,623 5,996 5,968 5,979 5,945 5,718 6,021 5,770 6,053 6,000 5,722 5,694 5,936 5,839 5,657 22.5 25.7 28.9 30.5 32.5 34.4 34.8 28.6 24.8 37.0 38.2 35.0 38.0 36.7 36.6 37.3 37.1 37.6 38.7 33.9 38.2 38.9 33.2 24.1 25.3 27.7 28.7 28.8 29.7 29.8 36.5 23.0 28.5 27.8 30.2 26.5 31.1 29.6 28.4 29.7 28.4 28.4 31.1 30.8 29.7 34.1 15.8 15.6 15.3 14.9 14.6 14.5 14.3 19.4 13.5 12.6 9.0 11.7 13.1 12.9 14.6 15.6 13.7 13.7 14.3 15.5 13.4 12.6 12.1 37.6 33.5 28.1 25.9 24.2 21.4 21.1 15.4 38.7 21.9 25.1 23.0 22.5 19.2 19.2 18.8 19.6 20.3 18.5 19.4 17.6 18.9 20.6 36.5 33.7 29.2 27.5 25.0 22.7 21.6 16.5 28.7 22.6 24.8 22.5 22.3 22.1 22.3 20.3 20.8 21.4 19.5 20.4 19.3 19.5 20.9 17.0 14.0 11.6 10.6 10.0 9.3 9.1 9.7 16.5 8.7 8.2 8.7 8.2 8.3 8.6 8.5 8.4 8.8 8.9 9.1 8.3 8.1 8.4 53.0 50.7 49.0 48.2 49.2 47.4 46.4 75.5 59.1 46.1 47.4 45.7 44.5 45.5 45.8 44.2 45.5 46.4 46.0 43.9 45.8 49.6 46.2 8.1 8.6 9.9 11.1 11.1 12.6 13.6 5.3 9.3 14.3 13.2 12.8 14.1 14.7 15.3 15.8 14.5 13.9 14.4 15.3 14.8 14.2 13.8 28.0 29.4 30.6 30.1 29.8 30.5 30.2 15.2 25.6 31.5 30.9 32.6 33.5 31.7 31.2 32.0 31.6 30.2 30.9 31.5 30.8 28.0 30.8 10.9 2,947 342 4,605 11.3 2,574 304 2,657 10.6 2,237 275 2,274 10.6 2,099 259 2,128 9.9 1,948 240 1,971 9.5 1,755 219 1,774 9.8 1,684 217 1,702 4.1 10,093 1,377 19,078 6.0 3,191 548 12,033 8.0 1,503 221 1,656 8.6 1,508 219 1,700 8.9 1,496 215 1,673 7.9 1,378 234 1,519 8.1 1,580 257 1,707 7.7 1,584 222 1,700 8.0 1,427 183 1,544 8.3 1,407 207 1,493 9.4 1,426 252 1,506 8.7 1,644 290 1,731 9.2 2,246 303 2,334 1,942 223 2,015 8.6 8.3 ��������������� ��������������� ����������������� 9.3 ��������������� ��������������� ����������������� 1 Beginning January 2011, includes unemployment durations of up to 5 years; prior data are for up to 2 years. 2 Includes State (50 States, District of Columbia, Puerto Rico, and the Virgin Islands), Federal (UCFE), ex-service members (UCX), and Federal and State extended benefit programs. Also includes Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation (2020-2021), Emergency Unemployment Compensation (2008-2013), and Federal Additional Compensation (2009-2010). 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 253,000 in April. MILLIONS OF PERSONS* 160 MILLIONS OF PERSONS* 112 110 108 106 104 102 100 98 96 94 92 90 88 155 ALL NONAGRICULTURAL ESTABLISHMENTS 150 145 140 135 PRIVATE INDUSTRIES 130 26 24 22 20 18 16 14 12 10 125 120 115 105 24 22 20 GOVERNMENT 2019 2020 2021 2022 EDUCATION AND HEALTH SERVICES PROFESSIONAL AND BUSINESS SERVICES RETAIL TRADE 22 20 18 16 14 12 10 110 GOODS-PRODUCING MANUFACTURING 2019 2023 PRIVATE SERVICE-PROVIDING INDUSTRIES 2020 2021 *SEASONALLY ADJUSTED 2022 2023 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR [Thousands of wage and salary workers; 1 monthly data seasonally adjusted] Chart 14 - Apr 2023 Private industries Period 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2022: Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2023: Jan ����������� Feb r ��������� Mar r �������� Apr p ��������� Total nonagricultural employment 136,363 138,939 141,824 144,335 146,607 148,908 150,904 142,186 146,285 152,575 151,678 152,042 152,412 152,980 153,332 153,682 154,006 154,296 154,535 155,007 155,255 155,420 155,673 Goods-producing industries Total private 114,511 117,058 119,795 122,111 124,257 126,454 128,291 120,200 124,311 130,404 129,577 129,920 130,302 130,795 131,101 131,445 131,744 131,972 132,204 132,557 132,750 132,873 133,103 Total 2 Construc- Manufaction turing 18,738 19,226 19,610 19,749 20,084 20,704 21,037 20,023 20,350 21,178 21,064 21,125 21,175 21,246 21,283 21,327 21,384 21,425 21,461 21,502 21,520 21,503 21,536 5,856 6,151 6,461 6,728 6,969 7,288 7,493 7,257 7,436 7,748 7,698 7,736 7,749 7,773 7,781 7,797 7,814 7,833 7,859 7,885 7,899 7,888 7,903 12,020 12,185 12,336 12,354 12,439 12,688 12,817 12,167 12,354 12,825 12,768 12,789 12,819 12,860 12,891 12,917 12,954 12,968 12,974 12,985 12,988 12,980 12,991 Private service-providing industries Trade, transportation, and utilities Total Total 3 95,773 97,831 100,185 102,362 104,173 105,750 107,254 100,177 103,961 109,226 108,513 108,795 109,127 109,549 109,818 110,118 110,360 110,547 110,743 111,055 111,230 111,370 111,567 25,735 26,253 26,754 27,124 27,336 27,549 27,662 26,624 27,653 28,643 28,621 28,634 28,671 28,717 28,777 28,784 28,815 28,731 28,767 28,828 28,864 28,861 28,878 Retail trade 15,037 15,313 15,559 15,777 15,789 15,728 15,560 14,809 15,253 15,475 15,505 15,453 15,467 15,477 15,513 15,502 15,497 15,451 15,478 15,500 15,548 15,529 15,536 Information Financial activities 2,706 2,726 2,750 2,794 2,814 2,839 2,864 2,721 2,856 3,074 3,035 3,067 3,089 3,102 3,110 3,113 3,116 3,129 3,120 3,097 3,089 3,095 3,096 7,886 7,977 8,123 8,287 8,451 8,590 8,754 8,704 8,806 9,045 9,034 9,040 9,043 9,057 9,066 9,068 9,086 9,097 9,101 9,100 9,100 9,099 9,122 Profes- Education Leisure sional and and and health hospitalbusiness services ity services 18,623 19,174 19,747 20,168 20,563 21,008 21,334 20,376 21,386 22,572 22,421 22,493 22,582 22,659 22,707 22,755 22,791 22,791 22,814 22,858 22,879 22,902 22,945 21,086 21,439 22,029 22,639 23,188 23,638 24,163 23,275 23,652 24,350 24,105 24,181 24,277 24,404 24,496 24,576 24,661 24,756 24,827 24,938 25,002 25,062 25,139 14,254 14,696 15,160 15,660 16,051 16,295 16,586 13,148 14,151 15,835 15,626 15,699 15,774 15,887 15,935 16,074 16,135 16,258 16,316 16,415 16,472 16,512 16,543 Other services 5,483 5,567 5,622 5,691 5,770 5,831 5,891 5,329 5,457 5,708 5,671 5,681 5,691 5,723 5,727 5,748 5,756 5,785 5,798 5,819 5,824 5,839 5,844 Government 21,853 21,882 22,029 22,224 22,350 22,455 22,613 21,986 21,973 22,171 22,101 22,122 22,110 22,185 22,231 22,237 22,262 22,324 22,331 22,450 22,505 22,547 22,570 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 2022 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 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2022: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2023: Jan ����������� Feb r ��������� Mar r �������� Apr p ��������� Average gross hourly earnings Total private nonagricultural 1 Manufacturing Total 33.7 33.7 33.7 33.6 33.7 33.8 33.6 33.9 34.2 34.0 34.1 34.1 34.1 34.1 34.0 34.0 34.0 34.0 33.9 33.8 34.1 33.9 33.9 33.8 Overtime 41.8 42.0 41.8 41.9 41.9 42.2 41.6 40.7 41.4 41.0 41.5 41.3 41.2 41.0 41.1 41.0 41.1 41.0 40.8 40.6 40.9 40.7 40.6 40.6 4.3 4.5 4.3 4.3 4.3 4.6 4.3 3.7 4.1 4.0 4.3 4.1 4.1 4.0 4.0 3.9 3.9 3.9 3.7 3.6 3.8 3.6 3.7 3.6 Current dollars Manufacturing Total private nonagricultural 1 Current dollars 1982-84 dollars 2 $20.13 $8.78 20.60 8.85 21.03 9.07 21.53 9.20 22.05 9.22 22.71 9.26 23.51 9.43 24.68 9.78 25.90 9.75 27.56 9.57 27.12 9.58 27.27 9.60 27.39 9.55 27.53 9.47 27.64 9.52 27.75 9.55 27.85 9.55 27.96 9.54 28.09 9.57 28.21 9.61 28.29 9.59 28.41 9.60 28.51 9.63 28.62 ����������������� Average gross weekly earnings $19.30 19.56 19.90 20.44 20.90 21.54 22.15 22.80 23.81 25.07 24.74 24.85 24.96 25.00 25.12 25.15 25.26 25.38 25.60 25.67 25.82 25.81 25.95 26.03 Percent change from a year earlier, total private nonagricultural Current dollars 1982-84 dollars 2 Manufacturing $677.62 $295.49 694.74 298.47 708.73 305.74 723.20 308.96 742.42 310.57 767.01 312.88 790.64 317.24 837.39 331.97 886.54 333.90 937.25 325.45 924.79 326.59 929.91 327.38 934.00 325.68 938.77 322.96 939.76 323.77 943.50 324.66 946.90 324.77 950.64 324.46 952.25 324.50 953.50 324.86 964.69 326.89 963.10 325.33 966.49 326.52 967.36 ����������������� $807.37 822.00 832.01 855.77 876.10 908.01 921.65 928.94 986.27 1,028.21 1,026.71 1,026.31 1,028.35 1,025.00 1,032.43 1,031.15 1,038.19 1,040.58 1,044.48 1,042.20 1,056.04 1,050.47 1,053.57 1,056.82 Construction Retail trade $958.72 977.11 998.02 1,031.88 1,061.98 1,108.59 1,135.73 1,145.52 1,203.43 1,277.79 1,246.60 1,256.10 1,276.36 1,271.04 1,278.22 1,285.73 1,296.50 1,308.62 1,293.60 1,305.55 1,334.26 1,341.04 1,338.48 1,344.02 Current dollars $422.23 431.05 444.45 446.47 462.08 482.25 502.16 541.29 570.57 597.95 592.31 592.31 593.84 595.97 599.18 597.05 603.44 609.09 611.22 606.72 622.78 620.37 616.91 618.73 1982-84 dollars 2 1.8 0.4 2.5 1.0 2.0 2.4 2.0 1.1 2.7 .5 3.3 .7 3.1 1.4 5.9 4.6 5.9 .6 5.7 –2.5 6.0 –3.0 6.0 –2.7 5.8 –3.1 6.0 –3.3 5.6 –3.1 5.6 –2.8 5.0 –3.2 5.1 –2.6 4.8 –2.2 4.5 –1.7 5.6 –.6 4.4 –1.2 4.5 .0 4.0 ������������������� 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 2013: 2014: 2015: 2016: 2017: 2018: 2019: 2020: 2021: 2022: Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ 119.4 122.2 124.5 127.2 130.5 134.4 138.0 141.6 147.8 155.3 119.0 121.6 124.2 127.1 130.6 134.7 138.7 142.6 149.7 157.4 120.5 123.5 125.1 127.3 130.2 133.6 136.2 139.1 143.2 150.1 ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� Seasonally adjusted 2020: Mar r ��������������������������������������� June r �������������������������������������� Sept r ��������������������������������������� Dec r ���������������������������������������� 2021: Mar r ��������������������������������������� June r �������������������������������������� Sept r ��������������������������������������� Dec r ���������������������������������������� 2022: Mar r ��������������������������������������� June r �������������������������������������� Sept r ��������������������������������������� Dec r ���������������������������������������� 2023: Mar ����������������������������������������� 139.3 139.9 140.7 141.8 143.2 144.2 146.3 148.0 150.1 152.1 153.8 155.5 157.3 140.3 140.8 141.6 142.8 144.5 145.7 148.0 149.9 151.8 154.0 155.8 157.6 159.5 136.8 137.7 138.5 139.4 140.1 140.6 142.1 143.6 146.0 147.9 149.2 150.6 152.3 2.0 2.3 1.9 2.2 2.6 3.0 2.7 2.6 4.4 5.1 2.1 2.2 2.1 2.3 2.8 3.1 3.0 2.8 5.0 5.1 1.9 2.5 1.3 1.8 2.3 2.6 1.9 2.1 2.9 4.8 Not seasonally adjusted 0.8 .4 .6 .8 1.0 .7 1.5 1.2 1.4 1.3 1.1 1.1 1.2 1.0 .4 .6 .8 1.2 .8 1.6 1.3 1.3 1.4 1.2 1.2 1.2 0.2 .7 .6 .6 .5 .4 1.1 1.1 1.7 1.3 .9 .9 1.1 2.8 2.7 2.4 2.6 2.8 3.1 4.1 4.4 4.8 5.5 5.2 5.1 4.8 3.3 2.9 2.7 2.8 3.0 3.5 4.6 5.0 5.0 5.7 5.2 5.1 5.1 1.6 2.0 2.0 2.1 2.5 2.0 2.6 2.9 4.1 5.3 5.0 4.8 4.3 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 Nonfarm business sector Compensation per hour 3 Business sector Nonfarm business sector Real compensation per hour 4 Business sector Unit labor costs Nonfarm business sector Value-added price deflator 5 Business sector Nonfarm business sector Business sector Nonfarm business sector 100.5 102.6 104.5 105.2 107.7 109.7 111.8 115.7 118.7 126.5 112.2 111.6 111.1 112.2 115.0 117.1 113.4 117.2 116.1 117.3 120.0 121.1 123.6 125.6 127.8 128.8 130.7 100.8 102.9 104.8 105.6 108.1 110.1 112.1 116.1 118.9 126.6 112.6 112.0 111.4 112.6 115.5 117.5 113.8 117.6 116.3 117.6 120.2 121.3 123.8 125.8 127.9 129.0 131.0 101.5 103.2 103.7 104.5 106.3 108.6 110.2 110.6 116.1 124.6 109.5 110.2 110.4 110.7 110.8 109.5 110.8 111.4 113.1 115.1 117.0 119.0 121.5 124.5 125.7 126.8 128.0 101.4 103.3 104.1 105.0 106.8 109.2 110.9 111.3 116.4 124.5 110.2 110.9 111.1 111.3 111.4 110.3 111.5 112.0 113.7 115.4 117.2 119.3 121.5 124.4 125.5 126.6 127.9 0.5 2.1 1.8 .7 2.4 1.8 1.9 3.5 2.6 6.6 6.4 –2.0 –1.7 4.1 10.2 7.7 –12.0 14.0 –3.9 4.5 9.3 3.8 8.5 6.8 7.0 3.4 5.9 0.8 2.1 1.9 .8 2.3 1.9 1.8 3.5 2.4 6.5 6.1 –2.1 –1.9 4.1 10.8 7.2 –12.1 14.0 –4.2 4.4 9.1 3.7 8.5 6.6 6.9 3.3 6.3 1.5 1.7 .5 .7 1.8 2.1 1.5 .4 4.9 7.4 1.2 2.6 .7 1.0 .3 –4.5 4.6 2.4 6.3 7.3 6.5 7.3 8.5 10.4 3.8 3.4 3.9 1.4 1.8 .8 .9 1.7 2.2 1.6 .4 4.6 6.9 1.3 2.7 .6 .8 .4 –3.9 4.2 1.9 6.2 6.2 6.3 7.5 7.6 9.7 3.8 3.3 4.5 Indexes, 2012=100; quarterly data seasonally adjusted 2013 r �������������� 2014 r �������������� 2015 r �������������� 2016 r �������������� 2017 r �������������� 2018 r �������������� 2019 r �������������� 2020 r �������������� 2021 r �������������� 2022 r �������������� 2019: I r ���������� II r ��������� III r �������� IV r �������� 2020: I r ���������� II r ��������� III r �������� IV r �������� 2021: I r ���������� II r ��������� III r �������� IV r �������� 2022: I r ���������� II r ��������� III r �������� IV r �������� 2023: I p * ������� 100.9 101.4 102.5 103.2 104.3 105.9 107.9 112.7 115.1 113.3 107.1 107.7 108.2 108.9 108.8 113.0 115.0 113.8 114.7 115.4 114.7 115.5 113.7 112.7 113.0 113.5 112.8 100.6 101.1 102.3 103.0 104.1 105.6 107.7 112.6 115.1 113.2 106.8 107.5 108.1 108.7 108.6 113.0 114.8 113.8 114.7 115.4 114.5 115.4 113.6 112.5 112.9 113.3 112.5 102.5 105.5 109.1 111.1 114.1 118.1 121.2 117.0 126.0 128.8 119.8 120.6 121.9 122.4 120.4 108.1 119.0 120.6 123.0 125.5 126.4 129.1 128.3 127.9 129.0 129.9 130.1 102.2 105.3 108.8 110.8 113.8 117.8 121.0 116.9 126.0 128.9 119.6 120.5 121.8 122.3 120.2 107.9 118.9 120.4 122.9 125.5 126.4 129.2 128.4 128.0 129.1 130.0 130.1 101.5 104.1 106.4 107.7 109.3 111.5 112.3 103.8 109.4 113.6 111.9 112.0 112.6 112.4 110.6 95.7 103.5 106.0 107.2 108.8 110.2 111.8 112.9 113.5 114.2 114.4 115.3 101.7 104.1 106.3 107.6 109.3 111.5 112.4 103.8 109.5 113.9 112.0 112.1 112.6 112.5 110.7 95.5 103.5 105.8 107.1 108.8 110.3 111.9 113.0 113.7 114.4 114.8 115.6 101.5 104.0 107.1 108.6 112.4 116.2 120.6 130.4 136.6 143.3 120.1 120.2 120.3 122.2 125.2 132.3 130.5 133.4 133.1 135.5 137.6 139.9 140.5 141.6 144.3 146.2 147.5 101.3 104.0 107.3 108.8 112.6 116.3 120.8 130.7 136.8 143.3 120.2 120.4 120.5 122.4 125.4 132.8 130.6 133.8 133.5 135.7 137.7 140.0 140.6 141.6 144.4 146.1 147.4 100.0 100.8 103.6 103.7 105.1 106.0 108.1 115.3 115.3 111.9 108.6 108.0 107.6 108.5 110.8 118.2 115.2 117.0 115.5 115.3 115.3 114.8 112.7 111.0 111.6 111.9 111.8 99.8 100.8 103.8 103.9 105.2 106.2 108.3 115.6 115.5 111.9 108.8 108.1 107.8 108.7 111.0 118.6 115.4 117.4 115.9 115.6 115.4 114.8 112.8 111.0 111.6 111.8 111.8 Percent change; quarterly data at seasonally adjusted annual rates 2013 r �������������� 2014 r �������������� 2015 r �������������� 2016 r �������������� 2017 r �������������� 2018 r �������������� 2019 r �������������� 2020 r �������������� 2021 r �������������� 2022 r �������������� 2019: I r ���������� II r ��������� III r �������� IV r �������� 2020: I r ���������� II r ��������� III r �������� IV r �������� 2021: I r ���������� II r ��������� III r �������� IV r �������� 2022: I r ���������� II r ��������� III r �������� IV r �������� 2023: I p * ������� 0.9 .4 1.1 .7 1.1 1.5 1.9 4.4 2.2 –1.6 3.3 2.5 1.9 2.3 .0 16.0 7.5 –4.2 3.3 2.5 –2.6 3.1 –6.2 –3.5 1.0 1.9 –2.3 0.6 .5 1.2 .6 1.1 1.4 2.0 4.5 2.2 –1.6 3.4 2.5 2.3 2.3 –.5 17.3 6.5 –3.5 3.4 2.3 –3.0 3.0 –6.0 –3.7 1.2 1.6 –2.7 2.5 2.9 3.4 1.9 2.7 3.5 2.6 –3.4 7.7 2.2 2.7 2.8 4.2 1.7 –6.3 –35.1 47.1 5.3 8.1 8.7 2.6 9.0 –2.4 –1.4 3.5 2.8 .6 2.2 3.0 3.4 1.8 2.7 3.5 2.7 –3.5 7.8 2.3 3.0 2.9 4.3 1.8 –6.7 –35.0 47.2 5.3 8.5 8.9 2.7 9.1 –2.5 –1.2 3.6 2.9 .2 1.5 2.5 2.3 1.2 1.5 1.9 .7 –7.5 5.4 3.9 –.5 .3 2.3 –.6 –6.3 –44.0 36.9 9.8 4.7 6.0 5.4 5.8 4.0 2.1 2.5 .9 3.0 1.7 2.4 2.1 1.2 1.6 2.0 .7 –7.6 5.5 4.0 –.3 .3 2.0 –.6 –6.3 –44.6 38.2 9.2 4.9 6.4 5.9 5.9 3.8 2.6 2.4 1.3 3.0 1.5 2.5 2.9 1.4 3.5 3.4 3.8 8.1 4.8 4.9 9.9 .4 .1 6.5 10.2 25.0 –5.5 9.2 –.8 7.2 6.4 7.0 1.7 3.0 8.0 5.4 3.5 1.3 2.7 3.1 1.4 3.5 3.4 3.8 8.2 4.7 4.8 9.7 .4 .4 6.5 10.3 25.7 –6.4 10.0 –.9 6.9 5.9 6.8 2.0 2.7 8.2 4.9 3.4 .0 .8 2.8 .1 1.4 .9 2.0 6.7 .0 –3.0 8.8 –2.4 –1.3 3.6 8.6 29.5 –9.7 6.3 –4.9 –.7 –.2 –1.6 –7.0 –6.1 2.3 1.1 –.3 –0.2 1.0 3.0 .1 1.3 .9 2.0 6.8 –.1 –3.1 8.6 –2.5 –1.1 3.6 8.8 30.3 –10.6 7.1 –5.0 –1.0 –.7 –1.8 –6.8 –6.5 2.5 .7 –.3 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 1978-2022 is based on the consumer price index retroactive series (R-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 March 27, 2023. 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, 2017 = 100* (RATIO SCALE) 120 INDEX, 2017 = 100* (RATIO SCALE) 150 110 140 TOTAL INDUSTRIAL PRODUCTION 100 130 90 120 FINAL PRODUCTS DEFENSE AND SPACE EQUIPMENT 110 80 100 70 CONSUMER GOODS 90 120 MANUFACTURING 110 TOTAL1 90 80 70 DURABLE 60 70 140 PERCENT* 86 UTILITIES AND MINING 130 BUSINESS EQUIPMENT 80 NONDURABLE 100 CAPACITY UTILIZATION RATE (TOTAL INDUSTRY) 82 120 78 UTILITIES 110 74 100 70 90 66 MINING 62 80 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 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 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 r ������������������ 2022: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct r ���������� Nov r ��������� Dec r ��������� 2023: Jan r ��������� Feb r ��������� Mar p �������� Percent change 2 Index, 2017=100 99.3 102.3 100.9 98.7 100.0 103.2 102.4 95.1 99.2 102.6 102.5 102.8 102.8 102.7 103.1 103.2 103.5 103.4 103.1 101.5 102.4 102.6 103.0 From preceding month Capacity utilization rate (output as percent of capacity) 1 Manufacturing From year earlier ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� 0.8 .3 .0 –.1 .4 .1 .3 –.1 –.3 –1.5 .9 .2 .4 Chart 17 - Apr 2023 Industry production indexes, 2017=100 2.0 3.0 –1.4 –2.2 1.3 3.2 –.7 –7.2 4.4 3.4 4.4 4.6 3.7 3.2 3.0 3.1 4.5 3.1 1.9 .6 1.4 .9 .5 Total 1 99.6 100.8 100.2 99.4 100.0 101.3 99.3 92.8 97.4 100.0 100.6 100.8 100.4 100.0 100.2 100.4 100.6 100.8 100.1 98.0 99.4 100.0 99.5 Durable 98.7 101.5 100.4 98.4 100.0 103.1 100.2 91.2 96.8 101.0 100.9 101.6 101.2 100.8 101.5 101.6 102.0 102.2 101.1 99.8 100.6 101.0 100.1 Nondurable 100.0 99.3 99.7 100.5 100.0 99.6 98.7 94.9 98.5 100.0 101.2 100.8 100.5 100.2 100.0 100.3 100.3 100.3 100.0 97.1 99.3 100.1 100.0 Other (non-NAICS) 1 110.6 109.2 105.2 102.5 100.0 96.7 92.5 85.3 87.4 83.7 87.8 86.1 83.7 82.1 80.7 80.3 82.3 84.0 83.6 81.8 82.8 80.7 80.1 Mining 100.6 111.3 104.6 91.5 100.0 113.3 120.8 102.9 106.1 113.4 110.6 111.1 112.3 113.9 115.5 115.8 117.2 117.4 116.4 113.8 118.3 117.1 116.6 Utilities 100.7 102.0 101.2 100.8 100.0 104.9 104.0 101.0 103.0 106.2 104.6 106.1 107.0 106.7 106.9 106.0 104.9 102.4 105.8 109.2 101.4 100.6 109.0 Total industry Total manufacturing 77.1 78.7 77.1 75.4 76.6 79.7 78.6 72.8 77.6 80.3 80.5 80.7 80.6 80.5 80.7 80.7 80.8 80.6 80.3 78.9 79.5 79.6 79.8 74.4 75.7 76.1 75.4 76.3 78.3 77.1 72.6 77.1 79.2 79.9 79.9 79.6 79.2 79.3 79.4 79.5 79.5 78.9 77.2 78.3 78.6 78.1 1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industries—logging and newspaper, periodical, book and directory-publishing—that have traditionally been included in manufacturing. 2 Percent changes based on unrounded indexes. Note: Data based on NAICS except series as defined in footnote 1. Source: Board of Governors of the Federal Reserve System. 17 Industrial Production— Major Market Groups and Selected Manufactures [2017=100; monthly data seasonally adjusted] Products and nonindustrial supplies Materials Final products Nonindustrial supplies Period Consumer goods Total 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 r ������������������ 2022: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct r ���������� Nov r ��������� Dec r ��������� 2023: Jan r ��������� Feb r ��������� Mar p �������� Total 100.8 101.9 101.2 99.2 100.0 101.9 100.3 93.9 98.3 101.7 101.6 102.2 101.8 101.6 101.8 102.2 102.2 102.6 102.2 101.3 101.4 101.5 102.0 98.6 99.4 100.8 101.3 100.0 100.6 100.2 96.9 101.1 103.0 103.5 103.8 103.2 102.8 102.7 103.0 102.7 103.2 103.1 102.4 102.1 102.6 103.5 Durable goods 91.3 95.7 99.4 101.1 100.0 102.6 100.9 95.4 104.8 107.3 108.6 109.4 108.1 107.0 107.8 107.1 106.7 108.1 105.8 104.8 105.0 105.3 104.4 Total 1 Equipment Nondurable goods 100.7 100.5 101.2 101.3 100.0 100.1 100.0 97.3 100.1 101.8 102.0 102.3 101.8 101.6 101.3 101.8 101.6 101.9 102.3 101.7 101.3 101.8 103.2 Total 1 105.3 106.9 101.9 94.9 100.0 104.6 100.4 87.3 91.9 99.2 97.7 98.8 99.2 99.4 100.1 101.0 101.5 101.7 100.8 99.3 100.1 99.6 99.0 Business 101.1 103.0 100.8 95.5 100.0 103.6 95.9 83.9 88.2 96.0 94.5 95.6 96.0 96.2 96.9 97.7 98.2 98.6 97.5 95.9 97.1 96.6 95.6 Defense and space Total 108.2 104.3 101.3 97.7 100.0 102.9 114.5 106.7 110.3 113.3 112.5 114.2 113.0 112.5 113.5 114.3 114.8 114.4 114.1 113.6 113.8 113.8 114.7 98.6 100.0 99.3 99.7 100.0 101.8 99.9 94.6 99.1 102.1 102.8 103.0 102.8 102.1 102.2 102.1 102.5 102.2 102.1 100.0 101.2 101.2 101.5 Construction 94.2 97.1 97.8 98.7 100.0 101.7 100.2 96.3 100.9 103.7 104.9 104.5 104.7 103.5 103.8 103.5 103.8 103.4 103.0 101.2 104.0 103.9 102.0 Energy Business 100.4 101.2 99.9 100.1 100.0 101.9 99.8 93.9 98.3 101.5 101.9 102.3 102.0 101.4 101.6 101.5 101.9 101.7 101.8 99.5 99.9 100.0 101.4 98.6 103.5 101.1 97.9 100.0 104.8 105.3 96.2 100.2 103.5 103.1 103.3 103.6 103.8 104.6 104.4 105.0 104.5 104.1 102.1 103.7 104.0 104.4 98.1 106.2 102.8 95.2 100.0 110.3 115.7 103.1 106.1 112.4 110.1 110.0 111.5 112.9 114.0 114.4 115.3 114.6 114.7 113.9 114.7 113.7 115.4 1 Includes other items, not shown separately. [2017=100; monthly data seasonally adjusted] Durable manufactures Computer and electronic products Primary metals Period Total 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 r ������������������ 2022: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct r ���������� Nov r ��������� Dec r ��������� 2023: Jan r ��������� Feb r ��������� Mar p �������� 112.7 113.5 105.7 101.0 100.0 103.2 97.3 86.6 96.1 94.9 94.8 96.1 97.0 96.3 96.8 95.4 95.0 95.2 92.0 90.5 91.9 93.2 93.4 Iron and steel products 113.1 112.2 101.5 96.7 100.0 103.4 95.2 87.1 102.1 95.8 95.4 96.6 98.7 97.2 97.0 96.2 96.1 94.9 92.5 91.3 91.3 94.0 92.9 Fabricated metal products Transportation equipment Machinery Total 104.2 106.1 102.6 98.8 100.0 104.5 102.4 93.1 96.7 100.1 100.6 100.8 100.2 98.7 100.3 99.8 100.5 100.8 100.4 99.7 99.8 100.2 99.2 Nondurable manufactures 111.2 112.7 103.7 95.8 100.0 104.6 101.5 90.6 97.6 104.3 104.6 105.7 104.1 103.2 103.0 104.4 105.8 105.6 105.1 103.0 104.7 105.0 104.3 86.8 90.5 91.2 93.2 100.0 104.6 106.5 105.1 110.0 110.8 111.2 110.7 110.6 111.0 110.2 110.9 111.4 111.1 111.2 108.6 109.1 110.4 109.6 Selected high-technology 1 75.0 83.4 86.3 91.4 100.0 108.3 114.5 114.8 125.9 129.0 128.7 127.0 127.5 129.1 129.6 129.7 131.0 130.0 130.8 128.4 127.7 130.8 131.4 Total 92.2 98.2 100.9 98.4 100.0 102.1 97.2 82.3 88.0 94.3 92.7 95.0 94.4 93.9 96.4 96.1 96.1 97.5 95.9 95.5 95.9 95.6 95.0 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 86.8 94.7 99.7 101.0 100.0 104.1 102.3 88.1 94.4 101.7 100.6 102.6 101.9 100.7 104.0 103.0 103.3 105.6 103.5 102.9 103.7 104.1 102.5 Apparel 120.8 115.8 110.0 103.3 100.0 95.5 96.8 80.7 89.5 88.0 86.5 85.2 84.7 89.1 88.8 86.6 90.0 91.0 91.5 92.5 96.3 93.1 95.3 Printing and related support activities 101.8 100.0 99.0 100.6 100.0 99.8 93.6 84.8 85.8 88.6 89.3 89.4 89.5 89.5 88.1 88.8 87.4 89.2 90.7 86.9 87.5 87.5 87.4 Chemicals 103.4 102.3 101.9 101.4 100.0 98.6 97.2 95.3 99.7 101.9 102.7 102.6 102.3 102.1 102.2 102.6 102.5 102.6 102.1 98.2 102.3 104.5 103.6 Food 95.2 96.1 97.5 99.6 100.0 100.3 101.1 102.6 103.0 104.9 105.6 105.4 105.0 104.9 104.7 104.8 105.0 105.4 104.9 103.5 105.6 105.8 105.2 New Construction [Billions of dollars; monthly data at seasonally adjusted annual rates] Private Period 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2022: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2023: Jan r ��������� Feb r ��������� Mar p �������� Total new construction expenditures 914.6 1,015.3 1,140.2 1,223.7 1,279.8 1,333.2 1,391.0 1,499.6 1,626.4 1,798.9 1,768.2 1,780.9 1,793.8 1,803.8 1,817.9 1,797.8 1,807.5 1,808.3 1,840.3 1,838.5 1,835.5 1,829.6 1,834.7 Residential Total New housing Total 1 643.9 739.2 846.4 926.7 983.3 1,023.0 1,046.7 1,130.4 1,279.5 1,434.1 1,420.6 1,431.1 1,446.3 1,452.0 1,454.4 1,428.1 1,431.9 1,426.3 1,453.9 1,450.1 1,441.1 1,430.8 1,435.1 Federal and State and local Nonresidential 329.6 377.5 431.8 479.4 539.0 557.6 546.6 634.7 793.7 900.7 920.0 931.5 945.2 937.7 927.5 895.7 879.7 864.9 859.9 858.8 841.6 829.1 827.7 Total 208.5 242.8 283.3 315.8 344.2 367.1 362.2 401.1 524.5 547.3 575.0 581.5 581.4 570.9 548.3 533.8 523.8 518.4 510.2 501.7 497.6 492.0 489.6 Lodging 314.3 361.7 414.6 447.3 444.3 465.5 500.1 495.6 485.8 533.4 500.6 499.5 501.1 514.3 526.9 532.4 552.2 561.4 594.0 591.3 599.5 601.6 607.4 Commercial (including farm) Office 13.0 16.3 21.4 26.6 28.1 30.5 32.3 27.4 17.6 18.2 15.9 16.4 16.6 17.3 17.5 18.0 19.6 21.4 21.4 21.7 22.2 22.0 22.0 30.1 38.9 47.9 59.8 59.9 66.8 77.5 80.5 74.9 75.5 72.3 73.3 73.1 73.6 74.1 74.8 75.1 77.6 82.1 83.0 83.7 84.1 84.3 Manufacturing 50.9 60.9 64.5 75.5 84.5 82.8 80.3 85.6 90.9 111.5 100.8 100.9 103.5 109.1 112.0 114.0 115.9 121.7 125.6 127.6 123.6 122.0 121.0 Other 2 51.8 60.1 82.4 78.9 70.0 72.0 80.5 75.1 78.5 107.6 90.4 92.4 94.2 97.1 104.3 108.2 122.9 117.7 137.5 129.5 138.4 140.6 147.0 168.3 185.5 198.5 206.5 201.9 213.4 229.5 227.1 224.0 220.7 221.2 216.5 213.8 217.2 219.0 217.4 218.8 223.0 227.4 229.4 231.5 233.0 233.0 New houses sold New houses for sale at end of period 3 270.7 276.1 293.8 297.0 296.5 310.2 344.3 369.2 347.0 364.2 347.5 349.8 347.5 351.8 363.4 369.6 375.6 382.0 386.4 388.4 394.4 398.8 399.6 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 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 r ������������������ 924.9 1,003.3 1,111.8 1,173.8 1,203.0 1,249.9 1,290.0 1,379.6 1,601.0 1,552.6 1 unit 617.6 647.9 714.5 781.5 848.9 875.8 887.7 990.5 1,127.2 1,005.2 Type of structure 2–4 units 1 13.6 13.7 11.5 11.5 11.4 13.9 13.4 12.3 11.7 16.4 5 units or more Total 293.7 341.7 385.8 380.8 342.7 360.3 388.9 376.8 462.1 531.0 990.8 1,052.1 1,182.6 1,206.6 1,282.0 1,328.8 1,386.0 1,471.1 1,737.0 1,665.1 1 unit 620.8 640.3 696.0 750.8 820.0 855.3 862.1 979.4 1,115.4 975.6 2–4 units 5 units or more New housing units completed Vacancy rate for rental housing units (percent) 4 29.0 29.9 32.1 34.8 37.2 39.7 42.6 47.2 52.9 54.8 341.1 382.0 454.5 421.1 424.8 433.8 481.4 444.5 568.8 634.7 764.4 883.8 968.2 1,059.7 1,152.9 1,184.9 1,255.1 1,286.9 1,341.0 1,390.5 429 437 501 561 613 617 683 822 771 641 186 210 232 254 293 346 323 300 389 450 8.3 7.6 7.1 6.9 7.2 6.9 6.8 6.3 6.1 5.8 56 56 55 50 52 47 49 51 52 46 54 47 53 660 658 589 676 701 595 645 620 518 560 563 717 558 1,366 1,339 1,440 1,391 1,411 1,352 1,433 1,357 1,539 1,385 1,386 1,552 1,542 707 619 636 571 543 646 550 589 582 622 648 623 683 411 432 438 446 458 458 463 466 456 450 438 434 432 5.8 �������������������� �������������������� 5.6 �������������������� �������������������� 6.0 �������������������� �������������������� 5.8 �������������������� �������������������� 6.4 Seasonally adjusted annual rates 2022: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec r ��������� 2023: Jan r ��������� Feb r ��������� Mar p �������� 1,716 1,805 1,562 1,575 1,377 1,508 1,465 1,426 1,419 1,348 1,334 1,432 1,420 1,191 1,173 1,073 1,013 900 923 893 859 807 881 823 838 861 ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 511 619 459 554 462 565 555 553 598 458 500 581 542 1,879 1,823 1,695 1,696 1,685 1,542 1,564 1,512 1,351 1,337 1,339 1,550 1,430 1,163 1,109 1,051 970 932 900 870 841 781 731 722 786 819 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 March, according to preliminary estimates, manufacturing and trade sales fell 1.1 percent, while manufacturing and trade inventories fell $0.9 billion and retail inventories rose $5.6 billion. In March, retail sales fell 0.8 percent and retail and food services sales fell 0.6 percent.. BILLIONS OF DOLLARS* (RATIO SCALE) 2,600 2,500 BILLIONS OF DOLLARS* (RATIO SCALE) 800 750 2,400 700 2,300 2,200 MANUFACTURING AND TRADE INVENTORIES 2,100 RETAIL INVENTORIES 650 600 2,000 550 1,900 500 1,800 RETAIL AND FOOD SERVICES SALES RETAIL SALES 450 1,700 400 1,600 1,500 350 MANUFACTURING AND TRADE SALES 1,400 RATIO* 2.00 1.90 INVENTORY/SALES RATIO 1.80 1.70 1.60 RETAIL 1.50 1.40 1.30 1.20 MANUFACTURING AND TRADE 1.10 1.00 2019 2020 1,300 1,200 1,100 1,000 2019 2020 2021 2022 2023 2021 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE 2022 2023 COUNCIL OF ECONOMIC ADVISERS [Millions of dollars, except ratios; seasonally adjusted, except as noted] Manufacturing and trade 1 Period 2013 r ������������������ 2014 r ������������������ 2015 r ������������������ 2016 r ������������������ 2017 r ������������������ 2018 r ������������������ 2019 r ������������������ 2020 r ������������������ 2021 r ������������������ 2022 r ������������������ 2022: Feb r ��������� Mar r �������� Apr r ��������� May r �������� June r ������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 2023: Jan r ��������� Feb r ��������� Mar p �������� Sales 2 1,306,287 1,346,243 1,303,366 1,295,792 1,357,499 1,437,077 1,434,242 1,383,222 1,609,679 1,801,034 1,758,954 1,795,818 1,801,280 1,813,938 1,831,987 1,812,019 1,819,706 1,820,820 1,826,692 1,806,435 1,796,393 1,815,606 1,809,942 1,790,602 Inventories 3 Wholesale Inventory/sales ratio 4 1,727,259 1,789,895 1,823,413 1,858,031 1,918,333 2,002,925 2,045,445 1,986,911 2,211,966 2,494,187 2,287,105 2,337,433 2,363,863 2,402,006 2,435,201 2,446,883 2,467,175 2,470,818 2,476,026 2,482,198 2,494,187 2,490,770 2,492,217 2,491,279 1.29 1.32 1.39 1.42 1.39 1.36 1.42 1.43 1.29 1.34 1.30 1.30 1.31 1.32 1.33 1.35 1.36 1.36 1.36 1.37 1.39 1.37 1.38 1.39 Sales 2 Inventories 3 450,177 468,779 448,448 444,791 475,081 508,551 506,655 483,776 582,982 669,280 661,122 675,072 672,594 674,275 684,565 672,867 673,661 673,820 672,652 666,026 663,918 666,800 669,258 655,299 550,651 585,989 597,488 612,169 633,488 671,552 680,098 666,591 787,304 923,476 820,640 842,273 859,124 876,255 889,954 894,781 906,833 910,448 916,150 923,621 923,476 918,368 918,818 918,501 Retail Inventory/sales ratio 4 1.19 1.22 1.33 1.36 1.31 1.28 1.35 1.37 1.24 1.31 1.24 1.25 1.28 1.30 1.30 1.33 1.35 1.35 1.36 1.39 1.39 1.38 1.37 1.40 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. Note: Data revised to reflect annual revisions to retail trade series released on April 24, 2023. Source: Department of Commerce (Bureau of the Census). 20 Sales 2 371,599 386,713 393,832 404,035 420,018 437,637 449,716 464,336 543,551 591,252 577,933 589,566 594,179 593,988 597,216 593,870 596,848 596,156 601,983 593,090 588,540 603,211 600,159 595,414 Inventories 3 544,866 561,251 587,748 610,037 625,859 653,901 656,066 623,609 665,335 762,808 695,560 713,458 716,770 727,548 743,712 750,721 760,041 759,070 755,299 753,761 762,808 765,352 767,792 773,399 Chart 20 - Apr 2023 Retail and food Inventory/sales services sales 2 4 ratio 1.41 1.43 1.46 1.50 1.47 1.46 1.47 1.34 1.15 1.24 1.20 1.21 1.21 1.22 1.25 1.26 1.27 1.27 1.25 1.27 1.30 1.27 1.28 1.30 416,910 434,807 445,910 458,848 477,739 498,594 514,094 518,608 613,851 672,579 653,552 667,452 674,629 675,323 679,165 675,740 680,500 680,387 687,498 678,482 673,619 692,501 687,432 683,042 Manufacturers’ Shipments, Inventories, and Orders In March, manufacturers’ shipments and inventories fell, while new and unfilled orders rose. BILLIONS OF DOLLARS* (RATIO SCALE) 620 540 500 460 420 380 BILLIONS OF DOLLARS* (RATIO SCALE) 880 INVENTORIES 820 760 700 660 TOTAL 620 580 540 DURABLE GOODS 500 SHIPMENTS TOTAL 340 300 460 420 DURABLE GOODS 260 380 220 340 NONDURABLE GOODS 300 180 260 140 BILLIONS OF DOLLARS* (RATIO SCALE) 620 540 500 460 420 380 NONDURABLE GOODS 220 180 NEW ORDERS RATIO* 2.00 TOTAL 1.90 340 INVENTORY/SHIPMENTS RATIO 1.80 300 1.70 DURABLE GOODS 260 1.60 220 1.50 1.40 180 1.30 1.20 140 2019 2020 2021 2022 2023 2019 2020 2021 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE 2022 COUNCIL OF ECONOMIC ADVISERS Manufacturers’ shipments 1 Manufacturers’ inventories 2 Manufacturers’ new orders 1 Chart 21- Apr 2023 Durable goods Period Total Durable goods 2023 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 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2022: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2023: Jan ����������� Feb r ��������� Mar p �������� 484,511 490,751 461,086 446,966 462,400 490,889 477,871 435,110 483,146 540,502 531,180 534,507 545,675 550,206 545,282 549,197 550,844 552,057 547,319 543,935 545,595 540,525 539,889 224,903 233,108 231,822 226,344 230,618 244,005 238,376 219,316 243,604 269,594 264,026 264,912 268,814 269,545 270,036 273,530 274,348 275,285 276,262 277,490 276,335 274,082 277,097 259,608 257,643 229,264 220,623 231,782 246,884 239,496 215,795 239,542 270,907 267,154 269,595 276,861 280,661 275,246 275,667 276,496 276,772 271,057 266,445 269,260 266,443 262,792 631,742 642,655 638,177 635,825 658,986 677,472 709,281 696,711 759,327 807,903 781,702 787,969 798,203 801,535 801,381 800,301 801,300 804,577 804,816 807,903 807,050 805,607 799,379 371,896 389,626 393,021 380,414 389,862 408,998 433,093 428,088 466,676 493,533 475,761 480,051 482,970 485,143 486,343 487,486 488,706 489,302 490,125 493,533 492,777 493,080 488,845 259,846 253,029 245,156 255,411 269,124 268,474 276,188 268,623 292,651 314,370 305,941 307,918 315,233 316,392 315,038 312,815 312,594 315,275 314,691 314,370 314,273 312,527 310,534 491,578 496,046 452,778 441,331 457,693 485,141 461,516 428,448 484,873 542,042 531,412 534,971 544,394 554,232 548,449 549,508 550,895 553,138 542,460 551,694 540,321 534,148 539,009 231,970 238,403 223,515 220,708 225,912 238,257 222,020 212,653 245,331 271,135 264,258 265,376 267,533 273,571 273,203 273,841 274,399 276,366 271,403 285,249 271,061 267,705 276,217 86,333 83,765 70,382 69,092 72,832 70,998 58,799 60,573 75,969 87,053 83,064 83,294 84,070 84,937 87,100 86,162 89,346 90,241 84,311 99,115 83,093 81,115 89,321 1,142,454 1,252,331 1,201,974 1,184,562 1,181,179 1,166,296 1,024,141 999,281 1,078,952 1,156,640 1,100,794 1,106,112 1,109,739 1,118,721 1,126,755 1,131,950 1,137,101 1,143,249 1,143,565 1,156,640 1,156,674 1,155,476 1,159,722 1.30 1.31 1.40 1.42 1.39 1.37 1.46 1.61 1.51 1.47 1.47 1.47 1.46 1.46 1.47 1.46 1.45 1.46 1.47 1.49 1.48 1.49 1.48 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 fell 0.5 percent in March. Prices for final demand goods fell 1.0 percent and prices for final demand services fell 0.3 percent. INDEX, NOV. 2009=100 (RATIO SCALE) INDEX, NOV. 2009=100 (RATIO SCALE) 150 SEASONALLY ADJUSTED FINAL DEMAND 145 140 135 130 125 FINAL DEMAND SERVICES 120 FINAL DEMAND 115 FINAL DEMAND GOODS 110 105 100 2015 2016 2017 2018 2020 2019 2021 2022 2023 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR [November 2009=100, except as noted; monthly data seasonally adjusted] Final demand goods Period Rel. imp. 4 ����������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 r ������������������ 2022: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov r ��������� Dec r ��������� 2023: Jan r ��������� Feb r ��������� Mar p �������� Total final demand 1 100.0 109.1 110.9 109.9 110.4 113.0 116.2 118.2 118.4 126.710 138.773 137.035 137.853 138.895 140.156 139.761 139.789 140.191 140.640 141.175 140.963 141.573 141.568 140.865 Final demand services Total Foods 2 Energy Less food and energy Total Trade 3 30.721 112.6 114.0 109.1 107.6 111.2 115.0 115.5 113.8 125.828 142.596 140.095 142.034 143.996 146.955 144.667 143.479 144.153 144.785 145.193 143.193 144.990 144.542 143.031 5.953 117.8 121.6 118.4 115.1 116.5 116.7 118.9 120.4 130.989 149.299 145.138 147.389 148.493 148.353 150.286 149.962 152.149 153.199 158.287 156.907 154.929 151.459 152.386 5.845 125.3 124.2 98.6 90.4 99.8 110.0 105.0 91.5 119.522 156.167 154.075 157.055 163.289 177.010 162.308 155.128 156.745 159.156 155.464 145.642 153.597 153.109 143.236 18.922 107.9 109.5 109.9 110.7 113.2 116.0 117.6 118.5 126.218 136.802 134.613 136.167 137.109 137.738 137.970 138.299 138.309 138.317 138.709 138.822 139.652 140.062 140.469 66.603 107.1 109.0 110.0 111.5 113.5 116.5 119.1 120.2 126.657 135.963 134.820 134.952 135.535 135.939 136.307 136.947 137.211 137.471 138.079 138.769 138.819 139.011 138.640 19.642 108.2 110.2 111.6 113.1 114.8 116.9 119.7 121.7 130.682 148.875 147.020 147.332 148.143 148.909 150.051 151.512 151.085 151.384 152.166 153.720 152.036 151.999 150.687 Transportation and warehousing 5.218 115.3 117.7 115.3 113.5 115.9 122.0 125.5 121.2 130.894 154.323 151.440 154.437 158.287 159.630 159.152 157.424 157.123 157.122 156.445 156.428 155.682 154.259 152.194 Other Processed goods Final for intermediate demand demand (1982=100) less foods, energy, Less and food trade Total and (Aug. 2013 energy =100) 2 41.742 68.560 105.8 ���������������� 107.5 101.5 108.7 102.1 110.6 103.3 112.8 105.4 115.8 108.4 118.2 110.6 119.5 111.4 124.466 117.081 128.303 124.169 127.657 122.794 127.426 123.397 127.583 123.986 127.730 124.344 127.824 124.606 128.319 124.891 128.957 125.245 129.225 125.493 129.880 125.941 130.243 126.180 131.073 126.929 131.524 127.213 131.705 127.305 100.0 200.8 201.9 188.0 182.2 190.7 200.9 198.1 192.5 229.979 267.945 263.404 268.682 274.680 279.925 274.077 270.675 270.348 269.694 268.344 261.702 264.630 263.480 260.870 71.332 193.8 195.2 189.4 186.9 193.3 201.8 201.1 198.9 232.983 261.137 258.625 261.764 266.214 266.390 265.386 263.859 261.822 259.766 259.214 258.258 258.404 258.560 258.822 Unprocessed goods Chart 22 - Apr 2023 for intermediate demand (1982=100) Services for intermediNonfood ate materials demand Total less energy 100.0 246.7 249.3 189.1 173.4 190.8 200.1 185.9 167.6 242.264 316.806 307.361 325.261 342.881 359.299 327.585 343.339 332.763 300.637 291.398 295.703 281.757 268.365 255.012 20.369 351.2 345.7 296.0 288.0 324.1 340.7 323.4 346.0 462.581 490.663 528.766 543.805 520.819 511.603 481.258 483.441 480.750 460.814 457.406 449.695 456.285 458.702 457.181 100.0 107.2 108.9 110.2 112.1 115.0 118.6 121.4 121.9 130.683 139.796 137.907 139.045 139.822 139.416 139.772 140.555 141.189 141.787 142.922 142.904 144.183 144.611 143.834 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 2022. Source: Department of Labor (Bureau of Labor Statistics). 22 Consumer Prices—All Urban Consumers In March, the consumer price index for all urban consumers rose 0.1 percent; it rose 0.3 percent before seasonal adjustment. The index rose 5.0 percent from its year-earlier level. INDEX, 1982-84 = 100 (RATIO SCALE) 310 INDEX, 1982-84 = 100 (RATIO SCALE) 310 SEASONALLY ADJUSTED 300 300 290 290 280 280 270 270 CONSUMER PRICES—ALL ITEMS 260 260 250 250 240 240 230 230 220 220 210 210 200 200 2015 2016 2017 2018 2019 2020 2021 2022 SOURCE: DEPARTMENT OF LABOR 2023 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 ����������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2022: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2023: Jan ����������� Feb ����������� Mar ���������� Not seasonally Seasonally adjusted adjusted (NSA) 100.0 232.957 236.736 237.017 240.007 245.120 251.107 255.657 258.811 270.970 292.655 287.504 289.109 292.296 296.311 296.276 296.171 296.808 298.012 297.711 296.797 299.170 300.840 301.836 ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 287.472 288.611 291.268 294.728 294.628 295.320 296.539 297.987 298.598 298.990 300.536 301.648 301.808 All items less food and energy Total 1 79.498 233.806 237.897 242.247 247.602 252.169 257.565 263.211 267.693 277.255 294.307 289.046 290.410 292.251 294.017 294.925 296.639 298.339 299.333 300.261 301.460 302.702 304.070 305.240 Shelter 34.473 263.056 270.513 278.803 288.230 297.803 307.663 318.053 325.886 334.575 354.235 346.610 348.328 350.489 352.514 354.530 356.910 359.565 362.160 364.480 367.355 370.070 372.869 374.946 Medical care 2 7.977 425.134 435.292 446.752 463.675 475.322 484.707 498.413 518.876 525.276 546.554 538.927 541.147 543.339 546.640 548.973 552.277 555.962 554.213 552.185 553.680 551.634 548.634 546.988 Apparel 2.592 127.411 127.514 125.903 126.045 125.612 125.654 124.052 118.079 120.993 127.081 126.409 126.230 126.794 127.676 127.527 127.885 127.939 127.620 127.746 128.012 129.072 130.116 130.459 Food New vehicles 4.288 145.783 146.275 147.135 147.358 146.992 146.287 146.834 147.600 156.240 172.480 168.885 169.643 170.669 171.565 172.377 173.824 174.994 175.981 176.805 177.825 178.226 178.538 179.222 Energy Total 1 At home Away from home 13.507 237.037 242.725 247.235 247.931 250.065 253.558 258.316 267.219 277.756 305.388 295.891 298.275 301.548 304.571 307.871 310.411 312.820 314.950 316.694 318.109 319.716 320.954 321.000 8.708 233.869 239.456 242.250 239.065 238.589 239.661 241.775 250.233 258.892 288.451 278.860 281.495 285.205 288.166 291.962 294.298 296.280 297.831 299.563 301.028 302.284 303.046 302.120 4.798 243.068 248.981 256.101 262.695 268.826 275.893 284.410 293.944 307.296 330.822 321.689 323.559 325.952 329.033 331.342 334.212 337.369 340.532 342.266 343.559 345.677 347.869 349.944 Total 1, 2 6.995 244.409 243.583 202.895 189.535 204.540 219.941 215.294 196.949 238.325 298.266 300.099 297.190 307.178 328.339 312.892 300.736 295.502 300.477 296.248 287.176 292.844 291.212 280.955 Chart 23 - Apr 2023 Gasoline 3.283 302.577 290.889 212.007 187.602 211.770 240.599 232.003 194.130 264.017 347.747 368.508 357.103 368.650 406.648 373.786 342.562 328.073 339.083 331.198 308.155 315.662 318.945 304.332 C-CPI-U (Dec. 1999=100, NSA) 3 ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� 160.852 161.738 163.317 165.265 165.457 165.656 166.128 166.796 166.690 166.284 167.564 168.517 169.053 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 2023. 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 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 p ������������������ 1.2 .9 –1.1 1.7 2.5 2.6 1.4 .8 10.0 6.6 0.8 –1.2 –3.8 1.9 3.5 1.6 1.0 .0 13.4 7.9 –0.8 4.4 –5.2 –1.6 2.0 2.8 1.2 –.2 13.1 14.3 0.9 –13.2 –16.4 6.3 10.1 –3.1 2.4 –6.8 31.6 9.4 1.3 1.1 –.1 1.7 2.2 2.6 .6 1.7 9.3 5.8 1.3 2.1 .2 1.6 2.1 3.0 1.4 1.3 8.4 5.6 –0.4 4.0 .0 1.0 1.8 3.1 .8 1.9 14.2 10.0 2.0 .8 –3.5 1.1 2.3 6.5 2.2 –5.9 17.0 10.8 2.0 ����������� 1.4 1.3 .8 .3 2.0 1.8 2.3 2.3 2.6 2.8 1.8 1.5 1.7 1.3 4.8 7.0 2.8 4.7 0.1 –2.6 –6.6 1.8 5.0 2.8 –1.7 1.5 24.4 4.9 0.7 –.1 –3.8 1.6 3.6 3.5 –1.8 2.3 23.3 2.4 –1.9 –8.7 –25.3 13.0 5.0 3.7 –7.3 1.3 40.0 10.6 –5.6 –5.3 –18.5 13.7 8.5 2.9 –5.0 20.5 23.1 –6.4 1.0 1.8 .5 2.6 2.9 3.1 1.7 2.1 8.3 6.0 1.3 1.6 –.9 .5 2.4 2.8 1.7 .2 7.0 9.5 0.8 1.2 –4.3 –1.4 3.3 3.4 .4 –1.5 10.6 13.3 1.6 1.8 .9 1.4 1.8 2.6 2.2 .9 5.4 7.3 2.1 2.0 2.2 1.9 –2.1 –1.2 –.1 –.2 –.5 –2.5 1.1 –.4 –1.0 0.9 1.2 1.7 .1 –.4 –.6 –.8 –.8 –.2 –.4 .1 .1 .1 2.4 5.8 5.4 4.8 –8.8 4.8 –3.1 –9.7 –3.1 1.5 –4.7 –4.8 –5.0 8.4 2.8 –4.2 –1.8 –5.9 .5 –.6 –4.1 –.7 –1.7 1.5 .5 –.3 1.2 .8 .6 –.3 .3 .6 .5 .4 .8 .0 .9 .3 –.5 11.7 11.2 11.1 11.2 9.7 8.7 8.5 8.2 7.4 6.6 5.9 4.9 2.7 15.8 16.4 16.7 17.6 14.7 12.3 11.3 10.5 9.6 7.9 7.7 5.4 2.0 9.4 8.3 8.0 7.8 6.9 6.5 6.7 6.7 6.0 5.6 4.8 4.4 2.8 Change, month to month 2022: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov r ��������� Dec r ��������� 2023: Jan r ��������� Feb r ��������� Mar p �������� 1.6 .6 .8 .9 –.3 .0 .3 .3 .4 –.2 .4 .0 –.5 2.2 1.4 1.4 2.1 –1.6 –.8 .5 .4 .3 –1.4 1.3 –.3 –1.0 2.3 1.6 .7 –.1 1.3 –.2 1.5 .7 3.3 –.9 –1.3 –2.2 .6 5.7 1.9 4.0 8.4 –8.3 –4.4 1.0 1.5 –2.3 –6.3 5.5 –.3 –6.4 1.0 1.2 .7 .5 .2 .2 .0 .0 .3 .1 .6 .3 .3 1.3 .1 .4 .3 .3 .5 .2 .2 .4 .5 .0 .1 –.3 2.3 .2 .6 .5 .8 1.0 –.3 .2 .5 1.0 –1.1 .0 –.9 5.7 2.0 2.5 .8 –.3 –1.1 –.2 .0 –.4 .0 –.5 –.9 –1.3 0.3 –.2 .1 .1 .1 .4 .5 .2 .5 .3 .6 .3 .1 0.9 .5 .5 .3 .2 .2 .3 .2 .4 .2 .6 .2 .1 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 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 1.5 .8 .7 2.1 2.1 1.9 2.3 1.4 7.0 6.5 1.7 1.6 2.1 2.2 1.8 2.2 2.3 1.6 5.5 5.7 2.5 2.9 3.2 3.6 3.2 3.2 3.2 1.8 4.1 7.5 2.0 3.0 2.6 4.1 1.8 2.0 4.6 1.8 2.2 4.0 0.6 –2.0 –.9 –.1 –1.6 –.1 –1.2 –3.9 5.8 2.9 2022: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2023: Jan ����������� Feb ����������� Mar ���������� 1.0 .4 .9 1.2 .0 .2 .4 .5 .2 .1 .5 .4 .1 0.3 .5 .6 .6 .3 .6 .6 .3 .3 .4 .4 .5 .4 0.5 .5 .6 .6 .6 .7 .7 .7 .6 .8 .7 .8 .6 0.5 .4 .4 .6 .4 .6 .7 –.3 –.4 .3 –.4 –.5 –.3 0.3 –.1 .4 .7 –.1 .3 .0 –.2 .1 .2 .8 .8 .3 0.4 .5 .2 .3 –.5 –.3 .1 2.0 11.8 5.9 1.1 3.4 .8 –.2 1.6 1.6 1.8 3.9 6.3 10.4 0.4 3.7 –.4 –2.0 .9 .6 .7 3.9 6.5 11.8 2.1 3.0 2.6 2.3 2.5 2.8 3.1 3.9 6.0 8.3 0.5 –10.6 –12.6 5.4 6.9 –.3 3.4 –7.0 29.3 7.3 –1.0 –21.0 –19.7 9.1 10.7 –2.1 7.9 –15.2 49.6 –1.5 1.3 .5 .4 1.8 1.7 1.5 1.8 1.5 6.5 6.6 ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� �������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� 1.5 1.6 .1 1.3 2.1 2.4 1.8 1.2 4.7 8.0 1.3 .9 1.3 1.0 1.3 .8 .7 .5 .6 .5 .4 .3 –.3 0.3 .6 .7 .9 .7 .9 .9 .9 .5 .4 .6 .6 .6 8.2 –1.0 3.4 6.9 –4.7 –3.9 –1.7 1.7 –1.4 –3.1 2.0 –.6 –3.5 13.2 –3.1 3.2 10.3 –8.1 –8.4 –4.2 3.4 –2.3 –7.0 2.4 1.0 –4.6 1.4 .6 1.0 1.2 .1 .1 .3 .4 –.1 –.2 .8 .6 .3 9.2 ������������� ������������� 9.7 ������������� ������������� 5.5 ������������� ������������� 4.2 ������������� ������������� 3.8 9.7 8.8 9.7 10.5 8.6 5.7 2.5 4.6 4.5 3.3 3.5 4.1 3.8 10.1 8.9 9.2 10.1 8.7 7.7 6.4 6.6 5.1 2.9 4.1 4.3 3.6 8.5 8.3 8.6 9.1 8.5 8.3 8.2 7.7 7.1 6.5 6.4 6.0 5.0 Change, month to month 0.1 .4 .6 .5 .5 .8 .7 .6 .5 .6 .2 .2 .4 0.9 .8 1.1 1.0 1.1 .8 .8 .7 .6 .4 .5 .4 .0 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 1.3 percent and prices paid by farmers were unchanged. (Data are not seasonally adjusted.) INDEX, 2011=100 (RATIO SCALE) 150 INDEX, 2011=100 (RATIO SCALE) 150 140 140 130 130 120 120 PRICES PAID 110 110 100 100 90 90 PRICES RECEIVED 80 80 70 70 60 60 1 RATIO1 140 RATIO 140 120 120 RATIO 100 100 80 80 60 60 2015 2017 2016 2018 2019 2021 2020 2023 2022 1 RATIO 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 2013 ��������������������������������������������������� 2014 ��������������������������������������������������� 2015 ��������������������������������������������������� 2016 ��������������������������������������������������� 2017 ��������������������������������������������������� 2018 ��������������������������������������������������� 2019 ��������������������������������������������������� 2020 ��������������������������������������������������� 2021 r ������������������������������������������������� 2022 r ������������������������������������������������� 2022: Mar r ��������������������������������������� Apr r ���������������������������������������� May r ��������������������������������������� June r �������������������������������������� July r ��������������������������������������� Aug r ���������������������������������������� Sept r ��������������������������������������� Oct r ����������������������������������������� Nov r ���������������������������������������� Dec r ���������������������������������������� 2023: Jan r ���������������������������������������� Feb r ���������������������������������������� Mar p ��������������������������������������� Agricultural production 107.0 107.9 99.2 90.2 93.4 90.5 89.9 94.9 109.9 130.0 127.1 133.6 134.5 134.7 134.0 131.5 131.2 127.7 133.5 137.9 124.5 126.7 128.4 Crop production 105.7 92.3 87.0 85.5 86.2 85.8 84.8 100.4 114.3 123.2 120.6 122.4 123.2 125.8 124.5 128.4 126.8 121.8 127.0 128.8 118.0 120.7 118.9 Chart 25 - Apr 2023 Prices paid by farmers Livestock production 108.5 128.7 113.4 94.4 100.1 94.4 95.6 88.8 105.1 138.9 133.9 144.8 145.6 144.5 146.2 135.0 136.6 139.2 143.6 150.8 136.4 133.3 138.3 All commodities, services, interest, taxes, and wage rates (PPITW) 2 106.3 112.0 110.7 105.8 106.5 109.6 110.3 110.2 119.4 137.1 135.0 137.6 137.6 138.1 138.6 139.3 138.8 138.6 138.8 138.6 139.9 139.8 139.8 Production items, interest, taxes, and wage rates (PITW) 106.7 113.1 111.6 105.7 106.1 109.3 109.8 109.4 119.2 138.2 136.2 139.1 138.8 139.2 139.8 140.5 139.9 139.6 139.9 139.7 140.9 140.8 140.7 Production items 107.4 114.1 112.0 104.7 104.5 107.1 106.8 105.8 116.3 136.6 134.1 137.9 137.6 137.9 138.3 139.2 138.4 138.0 138.3 138.1 139.1 138.9 138.8 Ratio of prices received by farmers to PPITW 100 96 90 85 87 83 82 80 88 95 96 99 100 99 99 96 96 93 97 99 89 91 91 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 fell. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 24,000 24,000 20,000 20,000 18,000 18,000 16,000 16,000 14,000 14,000 M2 12,000 12,000 10,000 10,000 8,400 8,400 7,600 7,600 6,800 6,800 6,000 6,000 5,200 4,800 4,400 5,200 4,800 4,400 M1 4,000 4,000 3,600 3,600 3,200 3,200 2,800 2,800 2,400 2,400 2,000 2,000 1,600 1,600 2015 2016 2017 2018 2019 2020 2021 2022 *AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 2023 COUNCIL OF ECONOMIC ADVISERS [Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted] Period 2013: Dec ������������������������������������������ 2014: Dec ������������������������������������������ 2015: Dec ������������������������������������������ 2016: Dec ������������������������������������������ 2017: Dec ������������������������������������������ 2018: Dec ������������������������������������������ 2019: Dec ������������������������������������������ 2020: Dec r ���������������������������������������� 2021: Dec r ���������������������������������������� 2022: Dec r ���������������������������������������� 2022: Mar r ��������������������������������������� Apr r ���������������������������������������� May r ��������������������������������������� June r �������������������������������������� July r ��������������������������������������� Aug r ���������������������������������������� Sept r ��������������������������������������� Oct r ����������������������������������������� Nov r ���������������������������������������� Dec r ���������������������������������������� 2023: Jan r ���������������������������������������� Feb r ���������������������������������������� Mar p ��������������������������������������� M1 M2 Debt Sum of currency, demand deposits, travelers checks, and other checkable deposits; includes savings deposits beginning May 2020 1 M1 plus savings deposits, retail MMMF balances, and small time deposits 2 Debt of domestic nonfinancial sectors 3 2,674.2 2,947.3 3,100.0 3,345.6 3,618.8 3,773.0 4,021.2 17,826.9 20,495.9 19,820.7 20,664.6 20,651.8 20,639.1 20,608.2 20,588.3 20,478.5 20,279.4 20,096.7 19,962.4 19,820.7 19,559.7 19,325.8 18,942.8 11,035.0 11,684.9 12,346.8 13,213.4 13,857.9 14,362.7 15,320.7 19,114.0 21,550.3 21,357.7 21,697.7 21,678.0 21,665.6 21,666.8 21,703.2 21,658.6 21,523.1 21,431.3 21,396.9 21,357.7 21,212.0 21,075.4 20,818.1 Percent change From previous period 5 From year or 6 months earlier 4 M1 42,148.1 8.7 43,700.5 10.2 45,425.5 5.2 47,363.8 7.9 49,469.7 8.2 52,129.4 4.3 54,554.7 6.6 61,343.0 ����������������������������� 65,191.6 15.0 68,900.3 –3.3 66,557.9 8.0 ��������������������������������������������� 6.2 ��������������������������������������������� 3.8 67,622.6 1.1 ��������������������������������������������� 0.8 ��������������������������������������������� –0.5 68,389.0 –3.7 ��������������������������������������������� –5.4 ��������������������������������������������� –6.6 68,900.3 –7.6 ��������������������������������������������� –10.0 ��������������������������������������������� –11.3 ��������������������������������������������� –13.2 Chart 26 - Apr 2023 M2 Debt 5.5 5.9 5.7 7.0 4.9 3.6 6.7 24.8 12.7 –.9 7.0 5.3 3.3 1.1 1.3 0.8 –1.6 –2.3 –2.5 –2.9 –4.5 –5.4 –6.6 4.2 3.8 4.4 4.4 4.2 4.8 4.7 12.5 6.3 5.7 8.4 ������������������������������� ������������������������������� 6.3 ������������������������������� ������������������������������� 4.5 ������������������������������� ������������������������������� 3.0 ������������������������������� ������������������������������� ������������������������������� 1 Beginning May 2020, M1 includes savings deposits. Prior to May 2020, savings deposits were not included in M1. See the H.6 statistical release for additional details. 2 Money market mutual fund (MMMF). Savings deposits include money market deposit accounts (MMDA). 3 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. 4 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate. 5 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 2013: Dec ����������� 2014: Dec ����������� 2015: Dec ����������� 2016: Dec ����������� 2017: Dec ����������� 2018: Dec ����������� 2019: Dec ����������� 2020: Dec ����������� 2021: Dec ����������� 2022: Dec r ��������� 2022: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 2023: Jan r ��������� Feb r ��������� Mar p �������� Nonbank travelers checks Currency 1,162.2 1,254.0 1,339.9 1,421.5 1,525.3 1,625.0 1,712.1 1,974.4 2,131.7 2,211.5 2,160.2 2,167.7 2,172.9 2,177.8 2,182.1 2,187.6 2,192.7 2,199.2 2,205.0 2,211.5 2,187.6 2,215.3 2,215.3 Other checkable deposits (OCDs) Demand deposits 3.5 2.9 2.5 2.2 1.9 1.7 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 1,041.9 1,205.7 1,242.8 1,375.2 1,497.4 1,515.4 1,631.0 3,338.0 4,753.6 5,135.3 4,787.5 4,828.6 4,921.5 4,921.4 4,936.0 5,179.8 5,138.1 5,123.9 5,132.3 5,135.3 5,179.8 5,040.6 5,063.7 Savings deposits (including MMDAs) Small-denomination time deposits 1 At thrift institutions At commercial banks At thrift institutions 1,019.5 1,076.8 1,143.3 1,258.9 1,297.7 1,331.1 1,331.8 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 426.8 391.6 315.2 267.1 322.0 448.9 485.4 201.7 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 144.7 132.0 110.4 101.6 111.7 108.0 122.3 51.2 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� Total At commercial banks At thrift institutions Total At commercial banks 466.6 484.6 514.8 546.9 594.2 630.9 678.0 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 256.1 265.1 276.3 288.2 306.6 334.8 371.1 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 210.4 219.5 238.4 258.7 287.6 296.1 307.0 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 7,123.5 7,569.3 8,156.1 8,802.7 9,095.1 9,232.6 9,723.6 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 6,104.0 6,492.5 7,012.8 7,543.7 7,797.3 7,901.5 8,391.8 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� Total 571.5 523.6 425.6 368.8 433.7 556.9 607.7 253.0 87.7 384.3 45.2 36.6 36.0 49.7 78.7 129.4 173.0 235.0 306.4 384.3 129.4 504.9 577.1 Retail money funds 665.8 644.7 665.2 696.3 710.3 800.3 968.2 1,034.1 966.8 1,152.8 987.8 989.7 990.4 1,008.9 1,036.2 1,050.7 1,070.8 1,099.5 1,128.1 1,152.8 1,050.7 1,244.6 1,298.2 Institutional money funds 2 1,761.7 1,791.7 1,822.8 1,750.1 1,838.2 1,892.6 2,293.6 2,869.3 ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 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. Note: See the H.6 statistical release for additional details on changes. 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 2013: Dec ������������ 2014: Dec ������������ 2015: Dec ������������ 2016: Dec ������������ 2017: Dec ������������ 2018: Dec ������������ 2019: Dec ������������ 2020: Dec ������������ 2021: Dec ������������ 2022: Dec ������������ 2022: Mar ����������� Apr ������������ May ����������� June ���������� July ����������� Aug ����������� Sept ���������� Oct ������������ Nov ����������� Dec ������������ 2023: Jan ������������ Feb ������������ Mar ����������� Total To satisfy reserve balance requirements 2 That exceed the top of the penalty-free band 2,485,248 2,606,700 2,419,774 2,031,007 2,244,274 1,691,394 1,630,090 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 75,713 90,852 97,981 116,285 135,719 135,698 152,562 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 2,409,535 2,515,848 2,321,793 1,914,722 2,108,555 1,555,696 1,477,528 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ Reserve balance requirements 3 Vault cash used to satisfy required reserves 69,030 82,770 89,313 105,944 123,720 123,703 138,984 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 55,771 59,236 61,413 64,280 65,549 68,462 68,255 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ Borrowings from the Federal Reserve Nonborrowed 4 2,540,849 2,665,835 2,481,082 2,095,247 2,309,747 1,759,780 1,698,323 3,076,300 4,149,900 3,090,000 3,848,500 3,591,400 3,296,000 3,207,000 3,239,100 3,287,200 3,111,100 3,035,900 3,107,000 3,090,000 3,014,200 3,006,200 3,043,100 Monetary base 5 3,717,450 3,934,455 3,835,810 3,531,565 3,850,969 3,400,747 3,426,464 5,206,500 6,413,100 5,405,400 6,134,400 5,885,100 5,591,500 5,506,500 5,537,100 5,582,200 5,410,900 5,339,600 5,418,700 5,405,400 5,328,400 5,321,000 5,571,000 Total 6 170 102 106 39 75 76 21 58,685 38,082 17,300 26,206 23,960 21,883 21,423 19,541 18,755 20,293 19,828 19,178 17,300 15,719 15,606 215,338 Primary Secondary Seasonal Term assetbacked securities loan facility 7 13 22 38 13 43 18 10 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 0 0 0 0 0 0 0 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 59 80 67 25 33 58 11 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 98 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. The last H.3 statistical release was published on September 17, 2020. For more information, see the announcements on August 20, 2020 and September 24, 2020. Source: Board of Governors of the Federal Reserve System. 27 Bank Credit at All Commercial Banks Total commercial bank loans and leases rose 0.2 percent in March. BILLIONS OF DOLLARS* (RATIO SCALE) 20,000 ALL COMMERCIAL BANKS 18,000 16,000 14,000 BILLIONS OF DOLLARS* (RATIO SCALE) 20,000 18,000 16,000 14,000 TOTAL 12,000 12,000 10,000 9,000 8,000 7,000 10,000 9,000 8,000 7,000 LOANS AND LEASES 6,000 6,000 5,000 5,000 4,000 4,000 U.S. TREASURY AND AGENCY SECURITIES 3,000 3,000 2,000 2,000 1,600 1,600 1,200 1,200 800 800 OTHER SECURITIES 400 400 2015 2016 2017 2018 2019 2020 2021 2022 *SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 2023 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars, seasonally adjusted 1] Securities in bank credit 2 Period 2013: Dec ����������� 2014: Dec ����������� 2015: Dec ����������� 2016: Dec ����������� 2017: Dec ����������� 2018: Dec ����������� 2019: Dec ����������� 2020: Dec ����������� 2021: Dec ����������� 2022: Dec r ��������� 2022: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec r ��������� 2023: Jan r ��������� Feb r ��������� Mar p �������� Total bank credit 9,828.0 10,539.9 11,342.8 12,075.1 12,534.8 13,062.1 13,845.5 15,032.7 16,401.8 17,514.7 16,810.4 16,920.6 17,028.5 17,155.4 17,257.7 17,324.0 17,338.0 17,349.5 17,392.6 17,514.7 17,562.8 17,585.1 17,472.9 Total securities 2,722.2 2,932.8 3,111.0 3,311.6 3,433.8 3,496.4 3,830.7 4,702.0 5,700.2 5,533.5 5,832.5 5,819.0 5,795.2 5,770.4 5,765.3 5,733.7 5,661.0 5,566.8 5,527.4 5,533.5 5,534.8 5,505.8 5,363.8 U.S. Treasury and agency securities 1,809.3 2,040.5 2,224.9 2,409.7 2,521.5 2,663.9 3,001.4 3,759.1 4,582.6 4,441.0 4,687.6 4,671.8 4,653.5 4,634.5 4,631.4 4,602.6 4,546.8 4,474.5 4,439.3 4,441.0 4,408.8 4,390.0 4,272.8 Loans and leases in bank credit Other securities 912.9 892.3 886.1 901.8 912.3 832.4 829.3 942.9 1,117.6 1,092.5 1,144.9 1,147.2 1,141.7 1,135.9 1,133.9 1,131.1 1,114.2 1,092.3 1,088.1 1,092.5 1,126.1 1,115.7 1,091.0 Total loans and leases 3 7,105.7 7,607.1 8,231.8 8,763.5 9,101.0 9,565.8 10,014.8 10,330.7 10,701.6 11,981.2 10,977.9 11,101.5 11,233.3 11,385.0 11,492.4 11,590.4 11,677.0 11,782.7 11,865.2 11,981.2 12,028.0 12,079.3 12,109.1 Commercial and industrial loans 1,574.3 1,773.3 1,952.9 2,083.7 2,103.2 2,301.3 2,355.1 2,592.2 2,467.6 2,808.6 2,531.3 2,561.1 2,601.7 2,661.8 2,694.8 2,718.7 2,741.0 2,770.5 2,795.2 2,808.6 2,812.6 2,799.5 2,788.0 Chart 28 - Apr 2023 Real estate loans Total 4 3,531.7 3,638.6 3,871.0 4,114.7 4,284.3 4,407.9 4,606.5 4,637.7 4,786.8 5,340.6 4,880.6 4,931.9 4,980.9 5,029.3 5,073.7 5,123.2 5,164.4 5,204.8 5,245.8 5,340.6 5,368.2 5,408.4 5,425.6 Revolving home equity loans 473.8 458.1 441.1 406.4 382.1 349.4 321.2 282.0 249.0 255.0 247.4 247.8 248.7 249.6 250.6 251.5 252.3 253.5 253.6 255.0 255.0 255.3 255.1 Commercial loans 1,498.3 1,605.5 1,780.9 1,962.5 2,085.8 2,182.0 2,316.7 2,403.2 2,527.2 2,866.1 2,586.6 2,614.9 2,637.0 2,662.3 2,690.9 2,724.1 2,745.7 2,770.1 2,793.7 2,866.1 2,879.3 2,903.7 2,907.1 Consumer loans 5 1,128.0 1,186.5 1,259.1 1,356.1 1,427.5 1,497.3 1,588.5 1,522.7 1,652.0 1,836.0 1,708.8 1,729.9 1,745.0 1,763.2 1,778.4 1,790.1 1,803.5 1,821.0 1,829.0 1,836.0 1,845.8 1,856.1 1,868.4 All other loans and leases 6 871.7 1,008.7 1,148.7 1,209.0 1,286.0 1,359.2 1,464.7 1,578.0 1,795.2 1,996.0 1,857.3 1,878.6 1,905.7 1,930.8 1,945.5 1,958.4 1,968.1 1,986.4 1,995.3 1,996.0 2,001.4 2,015.3 2,027.1 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 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2020: I ���������������� II ��������������� III �������������� IV �������������� 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II ��������������� III �������������� IV p ����������� Internal 1 2,748.0 3,147.4 3,307.8 2,942.0 2,071.4 3,447.5 4,502.2 2,308.9 3,578.2 3,960.8 3,508.3 1,930.8 1,737.3 2,059.3 3,130.5 3,083.4 3,722.5 4,376.6 4,639.0 4,531.9 3,430.4 3,242.2 1,927.5 1,940.1 1,935.4 1,866.5 1,809.5 2,142.9 2,226.4 2,116.4 2,459.8 2,785.3 2,072.0 1,886.3 2,354.2 2,153.2 2,334.9 2,449.0 2,537.6 2,517.7 2,513.7 2,660.4 2,976.3 2,991.0 Total net funds raised Total 820.5 1,207.3 1,372.4 1,075.5 261.9 1,304.6 2,275.8 192.5 1,118.4 1,175.5 1,436.3 44.5 –616.9 –93.9 795.6 634.4 1,184.9 1,858.9 2,125.3 1,871.5 454.1 251.2 221.2 215.0 158.6 –145.3 79.5 –171.0 288.2 955.0 294.3 65.6 2,474.5 1670.1 –368.7 44.0 560.9 26.8 458.0 131.6 439.5 117.5 –52.9 –241.7 Net new equity issues –199.3 –272.2 –442.9 –416.9 –283.6 –536.4 –356.7 –115.8 –325.6 –594.8 –355.3 –60.0 –39.5 –8.4 –43.7 –256.5 –358.9 –643.5 –555.7 –751.6 –555.5 –516.3 Credit market instruments Total Securities and mortgages Loans and short-term paper 266.1 266.2 508.0 296.1 270.0 261.0 489.2 792.1 346.7 150.9 895.3 1,859.5 318.7 94.8 590.9 284.1 488.3 23.1 355.7 –12.5 151.8 108.5 154.4 220.9 93.5 –24.4 93.2 104.4 155.7 278.8 273.3 509.5 1,934.7 –129.5 –647.9 –42.4 13.7 –0.8 328.6 752.0 639.5 881.6 350.7 166.0 420.5 487.2 601.5 271.6 363.2 365.4 644.9 1070.8 620.0 660.4 2,829.8 1,730.1 –329.3 52.4 604.5 283.4 816.9 775.2 995.2 869.2 502.5 274.6 Capital expenditures 3 Total Other 2 388.0 664.8 730.9 806.1 –92.8 1,012.1 1,638.1 –814.4 478.8 482.3 –1,314.2 –1,638.1 –274.7 –30.6 170.1 411.6 303.9 1,029.6 1,131.1 969.0 –79.6 –91.5 2,383.7 2,495.4 3,075.9 2,748.3 2,443.7 2,933.3 4,564.8 2,348.8 3,546.1 3,673.0 4,174.3 723.1 2,916.0 1,581.7 3,280.0 2,869.3 3,727.3 4,307.7 4,271.1 3,987.0 2,993.4 3,440.3 1,676.0 1,822.0 1,935.9 1,802.5 1,901.5 2,068.1 2,169.0 1,954.0 2,155.5 2,674.6 2,042.0 1,647.8 2,030.8 2,095.3 2,013.5 2,010.8 2,159.9 2,437.6 2,869.5 2,537.6 2,630.0 2,661.3 Increase in financial assets 707.7 673.4 1,140.0 945.8 542.2 865.2 2,395.8 394.8 1,390.6 998.4 2,132.3 –924.7 885.2 –513.6 1,266.5 858.5 1,567.4 1,870.1 1,401.6 1,449.4 363.4 779.0 Discrepancy (sources less uses) 340.7 510.0 164.7 190.1 –357.5 213.7 –188.5 1.7 67.0 –44.9 –872.1 1,265.7 –1,083.3 696.5 94.3 302.6 21.0 –150.0 101.2 48.6 165.1 –494.4 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 2013: Dec ������������������������������������������ 2014: Dec ������������������������������������������ 2015: Dec ������������������������������������������ 2016: Dec ������������������������������������������ 2017: Dec ������������������������������������������ 2018: Dec ������������������������������������������ 2019: Dec ������������������������������������������ 2020: Dec ������������������������������������������ 2021: Dec ������������������������������������������ 2022: Dec r ���������������������������������������� 2022: Mar r ��������������������������������������� Apr r ���������������������������������������� May r ��������������������������������������� June r �������������������������������������� July r ��������������������������������������� Aug r ���������������������������������������� Sept r ��������������������������������������� Oct r ����������������������������������������� Nov r ���������������������������������������� Dec r ���������������������������������������� 2023: Jan r ���������������������������������������� Feb r ���������������������������������������� Mar p ��������������������������������������� Nonrevolving 2 Revolving 3,090.5 3,309.5 3,400.2 3,636.4 3,830.8 4,007.0 4,192.2 4,184.9 4,430.8 4,785.8 4,522.1 4,551.0 4,578.5 4,614.3 4,641.5 4,671.4 4,698.5 4,733.5 4,767.0 4,785.8 4,809.1 4,824.2 4,850.7 854.1 887.4 898.1 960.1 1,016.8 1,053.8 1,092.0 974.6 1,042.2 1,202.5 1,086.0 1,100.1 1,110.1 1,124.6 1,136.2 1,151.6 1,161.7 1,176.8 1,191.7 1,202.5 1,216.1 1,221.9 1,239.5 2,236.3 2,422.2 2,502.1 2,676.3 2,813.9 2,953.2 3,100.2 3,210.3 3,388.6 3,583.2 3,436.0 3,450.8 3,468.4 3,489.7 3,505.3 3,519.7 3,536.8 3,556.8 3,575.3 3,583.2 3,593.0 3,602.2 3,611.1 Total Revolving 177.6 219.0 90.7 236.2 194.4 176.2 185.2 –7.3 245.9 355.0 41.3 28.9 27.5 35.8 27.2 29.9 27.1 35.0 33.5 18.8 23.3 15.1 26.5 14.1 33.3 10.7 62.0 56.7 37.0 38.2 –117.4 67.6 160.3 23.1 14.1 10.0 14.5 11.6 15.4 10.1 15.1 14.9 10.8 13.6 5.8 17.6 Nonrevolving 2 163.4 185.9 79.9 174.2 137.6 139.3 147.0 110.1 178.3 194.6 18.1 14.8 17.6 21.3 15.6 14.4 17.1 20.0 18.5 7.9 9.8 9.2 8.9 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 TREASURY BILLS 2 2 FEDERAL FUNDS RATE 0 0 2015 2016 2017 2018 2019 2020 2021 2022 SOURCE: SEE TABLE BELOW 2023 COUNCIL OF ECONOMIC ADVISERS [Percent per annum] Chart 30 - Apr 2023 U.S. Treasury security yields Period 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2022: Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2023: Jan ����������� Feb ����������� Mar ���������� Apr ����������� Week ended: 2023: Apr 8 ������� 15 ������� 22 ������� 29 ������� May 6 ������� 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 0.06 .03 .06 .33 .94 1.94 2.08 .38 .04 2.04 .80 .98 1.48 2.24 2.61 3.09 3.67 4.14 4.29 4.53 4.65 4.72 4.98 0.54 .90 1.02 1.00 1.58 2.63 1.94 .42 .46 3.05 2.72 2.79 3.15 3.03 3.23 3.88 4.38 4.34 4.05 3.91 4.23 4.09 3.76 2.35 2.54 2.14 1.84 2.33 2.91 2.14 0.89 1.45 2.95 2.75 2.90 3.14 2.90 2.90 3.52 3.98 3.89 3.62 3.53 3.75 3.66 3.46 3.45 3.34 2.84 2.59 2.89 3.11 2.58 1.56 2.06 3.11 2.81 3.07 3.25 3.10 3.13 3.56 4.04 4.00 3.66 3.66 3.80 3.77 3.68 3.96 3.78 3.48 3.07 3.36 3.53 3.38 2.41 2.00 3.85 3.74 4.06 4.01 3.96 3.99 4.53 4.70 4.52 4.19 4.03 4.18 4.19 4.06 4.24 4.16 3.89 3.67 3.74 3.93 3.39 2.47 2.70 4.07 3.76 4.13 4.24 4.06 4.07 4.59 5.10 4.90 4.43 4.40 4.56 4.60 4.47 0.75 .75 .76 1.01 1.60 2.41 2.78 .64 .25 1.86 .50 1.00 1.75 2.50 2.50 3.25 3.25 4.00 4.50 4.50 4.75 5.00 5.00 3.25 3.25 3.26 3.51 4.10 4.91 5.28 3.54 3.25 4.86 3.50 4.00 4.75 5.50 5.50 6.25 6.25 7.00 7.50 7.50 7.75 8.00 8.00 0.11 .09 .13 .39 1.00 1.83 2.16 .37 .08 1.69 .33 .77 1.21 1.68 2.33 2.56 3.08 3.78 4.10 4.33 4.57 4.65 4.83 4.00 4.22 4.01 3.76 3.97 4.53 ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� 4.78 4.98 5.08 5.07 5.12 3.64 3.74 3.91 3.74 3.64 3.35 3.44 3.58 3.46 3.44 3.59 3.66 3.78 3.70 3.75 4.01 3.94 4.19 4.12 4.13 4.38 4.47 4.53 4.47 4.55 5.00 5.00 5.00 5.00 5.25 8.00 8.00 8.00 8.00 8.25 4.83 4.83 4.83 4.83 4.83 ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� 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 rose in April. INDEX, DEC. 31, 2002=5,000 (RATIO SCALE) 18,000 INDEX, DEC. 31, 2002=5,000 (RATIO SCALE) 18,000 16,000 16,000 COMPOSITE STOCK PRICE INDEX (NYSE) 14,000 14,000 12,000 12,000 10,000 10,000 9,000 9,000 8,000 8,000 7,000 7,000 6,000 2015 2016 2018 2017 2019 2020 2021 2022 PERCENT 20 6,000 2023 PERCENT 20 15 15 EARNINGS/PRICE RATIO ON COMMON STOCKS (S&P) 10 10 5 5 0 0 2015 2016 2017 2018 2019 2021 2020 SOURCES: NEW YORK STOCK EXCHANGE, STANDARD AND POOR'S, AND BLOOMBERG 2022 2023 COUNCIL OF ECONOMIC ADVISERS Common stock yields (percent) 6 Common stock prices 1 Chart 31 - Apr 2023 New York Stock Exchange indexes (December 31, 2002=5,000) 2 Period Composite 2013 ��������������������� 2014 ��������������������� 2015 ��������������������� 2016 ��������������������� 2017 ��������������������� 2018 ��������������������� 2019 ��������������������� 2020 ��������������������� 2021 ��������������������� 2022 ��������������������� 2022: Apr ������������ May ����������� June ���������� July ����������� Aug ����������� Sept ���������� Oct ������������ Nov ����������� Dec ������������ 2023: Jan ������������ Feb ������������ Mar ����������� Apr ������������ Week ended: 2023: Apr 8 �������� 15 �������� 22 �������� 29 �������� May 6 �������� Financial Energy Health Care Dow Jones industrial average 3 Standard & Poor’s composite index (1941–43=10) 4 Nasdaq composite index (Feb. 5, 1971=100) 5 Dividend/price ratio Earnings/price ratio 9,426.77 10,653.17 10,676.70 10,380.08 11,843.74 12,647.54 12,864.17 12,634.01 16,243.57 15,463.89 16,393.95 15,394.96 14,958.37 14,681.97 15,398.63 14,416.04 14,091.56 15,153.53 15,293.81 15,712.04 15,827.17 15,069.24 15,507.16 5,805.54 6,448.33 6,559.24 6,124.93 7,509.81 7,963.02 7,982.51 7,230.70 9,716.03 9,067.21 9,691.84 8,949.90 8,620.36 8,499.39 8,956.54 8,372.29 8,052.90 8,735.24 8,698.43 9,127.60 9,336.73 8,529.51 8,597.13 13,490.83 14,598.07 11,332.43 10,204.95 10,699.23 11,440.86 10,016.30 6,528.64 8,385.44 12,005.37 12,213.27 12,596.09 12,469.41 11,127.88 12,156.80 11,721.42 12,459.21 13,468.24 12,842.11 13,238.73 13,063.53 12,330.11 12,973.47 9,250.02 11,195.85 12,718.18 12,182.85 13,366.56 15,054.70 16,162.10 18,045.78 21,801.65 22,796.83 23,993.08 22,811.66 22,324.17 22,845.20 22,782.78 21,719.29 21,666.55 22,695.25 23,532.41 23,150.22 22,720.40 21,999.05 23,315.45 14,999.67 16,773.99 17,590.61 17,908.08 21,741.91 25,045.75 26,378.41 26,906.89 34,009.89 32,911.74 34,314.99 32,379.46 31,446.71 31,535.32 33,009.56 30,649.56 30,570.68 33,417.96 33,482.26 33,656.00 33,648.26 32,483.48 33,731.28 1,642.51 1,930.67 2,061.20 2,092.39 2,448.22 2,744.68 2,912.50 3,218.50 4,266.80 4,100.70 4,391.30 4,040.36 3,898.95 3,911.73 4,158.56 3,850.52 3,726.05 3,917.49 3,912.38 3,960.66 4,079.68 3,968.56 4,121.47 3,537.69 4,374.31 4,943.49 4,982.49 6,231.28 7,419.27 7,936.85 10,192.67 14,358.18 12,242.17 13,394.16 11,829.73 11,418.92 11,622.63 12,570.26 11,402.85 10,801.49 10,973.64 10,839.00 11,013.99 11,785.07 11,637.09 12,073.46 2.08 1.94 2.05 2.18 1.97 1.90 1.93 1.89 1.38 1.57 1.42 1.55 1.64 1.64 1.56 1.71 1.78 1.70 1.72 �������������������������� �������������������������� �������������������������� �������������������������� 5.57 5.25 4.59 4.17 4.22 4.66 4.53 3.28 3.79 4.79 ���������������������������� ���������������������������� 5.08 ���������������������������� ���������������������������� 5.22 ���������������������������� ���������������������������� r 4.50 ���������������������������� ���������������������������� ���������������������������� ���������������������������� 15,402.32 15,536.34 15,633.76 15,435.27 15,316.63 8,453.66 8,560.48 8,742.90 8,602.78 8,480.12 12,944.56 13,109.48 13,010.66 12,823.38 12,261.36 23,025.20 23,441.01 23,391.01 23,346.52 23,442.30 33,492.89 33,766.79 33,891.28 33,726.48 33,590.52 4,105.13 4,118.77 4,144.80 4,113.90 4,115.13 12,100.15 12,067.06 12,120.08 12,011.91 12,104.05 �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� ���������������������������� ���������������������������� ���������������������������� ���������������������������� ���������������������������� 1 Annual data are averages of monthly figures. Monthly and weekly data are averages of daily closing prices. 2 Includes all the stocks (in 2022, over 3,000) listed on the NYSE. 3 Includes 30 stocks. 4 Includes 500 stocks. 5 Includes over 3,600 stocks in 2022. 6 Dividend/price ratios based on end of period 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 2023, the deficit was $1.1 trillion, compared with a deficit of $668.2 billion a year earlier. BILLIONS OF DOLLARS 7,600 RECEIPTS AND OUTLAYS1 7,200 BILLIONS OF DOLLARS 7,600 7,200 6,800 6,800 6,400 6,400 6,000 6,000 OUTLAYS1 5,600 5,600 5,200 5,200 4,800 4,800 4,400 4,400 4,000 4,000 3,600 3,600 3,200 3,200 1 RECEIPTS 2,800 2,800 2,400 2,400 2,000 1,600 2,000 1,600 400 0 –400 –800 –1,200 –1,600 –2,000 –2,400 –2,800 –3,200 –3,600 –4,000 400 0 –400 –800 –1,200 –1,600 –2,000 –2,400 –2,800 –3,200 –3,600 –4,000 SURPLUS OR DEFICIT (–)1 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 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 Outlays Chart 32 - Mar 2023 On-budget Surplus or deficit (–) Receipts Outlays Federal debt (end of period) Off-budget Surplus or deficit (–) Receipts Outlays Surplus or deficit (–) Gross Federal Held by the public 2005 ���������������������������������������������������� 2006 ���������������������������������������������������� 2007 ���������������������������������������������������� 2008 ���������������������������������������������������� 2009 ���������������������������������������������������� 2,153.6 2,406.9 2,568.0 2,524.0 2,105.0 2,472.0 2,655.1 2,728.7 2,982.5 3,517.7 –318.3 –248.2 –160.7 –458.6 –1,412.7 1,576.1 1,798.5 1,932.9 1,865.9 1,451.0 2,069.7 2,233.0 2,275.0 2,507.8 3,000.7 –493.6 –434.5 –342.2 –641.8 –1,549.7 577.5 608.4 635.1 658.0 654.0 402.2 422.1 453.6 474.8 517.0 175.3 186.3 181.5 183.3 137.0 7,905.3 8,451.4 8,950.7 9,986.1 11,875.9 4,592.2 4,829.0 5,035.1 5,803.1 7,544.7 2010 ���������������������������������������������������� 2011 ���������������������������������������������������� 2012 ���������������������������������������������������� 2013 ���������������������������������������������������� 2014 ���������������������������������������������������� 2015 ���������������������������������������������������� 2016 ���������������������������������������������������� 2017 ���������������������������������������������������� 2018 ���������������������������������������������������� 2019 ���������������������������������������������������� 2,162.7 2,303.5 2,450.0 2,775.1 3,021.5 3,249.9 3,268.0 3,316.2 3,329.9 3,463.4 3,457.1 3,603.1 3,526.6 3,454.9 3,506.3 3,691.9 3,852.6 3,981.6 4,109.0 4,447.0 –1,294.4 –1,299.6 –1,076.6 –679.8 –484.8 –442.0 –584.7 –665.5 –779.1 –983.6 1,531.0 1,737.7 1,880.5 2,101.8 2,285.9 2,479.5 2,457.8 2,465.6 2,475.2 2,549.1 2,902.4 3,104.5 3,019.0 2,821.1 2,800.2 2,948.8 3,077.9 3,180.4 3,260.5 3,540.3 –1,371.4 –1,366.8 –1,138.5 –719.2 –514.3 –469.3 –620.2 –714.9 –785.3 –991.3 631.7 565.8 569.5 673.3 735.6 770.4 810.2 850.6 854.7 914.3 554.7 498.6 507.6 633.8 706.1 743.1 774.7 801.2 848.6 906.6 77.0 67.2 61.9 39.5 29.5 27.3 35.5 49.4 6.2 7.7 13,528.8 14,764.2 16,050.9 16,719.4 17,794.5 18,120.1 19,539.5 20,205.7 21,462.3 22,669.5 9,018.9 10,128.2 11,281.1 11,982.7 12,779.9 13,116.7 14,167.6 14,665.4 15,749.6 16,800.7 2020 ���������������������������������������������������� 2021 ���������������������������������������������������� 2022 ���������������������������������������������������� 2023 (estimates) ��������������������������������� 2024 (estimates) ��������������������������������� Cumulative total, first 6 months: 1 Fiscal year 2022 ���������������������������������� Fiscal year 2023 ���������������������������������� 3,421.2 4,047.1 4,897.4 4,802.5 5,036.4 6,553.6 6,822.5 6,273.3 6,371.8 6,882.7 –3,132.5 –2,775.4 –1,375.9 –1,569.3 –1,846.4 2,455.7 3,094.8 3,831.4 3,604.4 3,828.2 5,598.0 5,818.6 5,192.2 5,159.8 5,567.2 –3,142.3 –2,723.8 –1,360.7 –1,555.4 –1,739.0 965.4 952.3 1,066.0 1,198.1 1,208.2 955.6 1,003.8 1,081.2 1,212.1 1,315.5 9.8 –51.5 –15.2 –14.0 –107.4 26,902.5 28,385.6 30,838.6 32,692.9 34,807.7 21,016.7 22,282.8 24,252.4 25,909.8 27,782.7 2,122.0 2,048.2 2,790.2 3,148.9 –668.2 –1,100.7 1,617.1 1,488.5 2,264.7 2,563.2 –647.6 –1,074.8 504.8 559.7 525.4 585.7 –20.6 –25.9 30,348.9 31,303.9 23,876.7 24,628.5 1 Data from current issue Monthly Treasury Statement. Note: Data (except as noted) are from Budget of the United States Government, Fiscal Year 2024, issued March 9, 2023. Sources: Department of the Treasury and Office of Management and Budget. 32 Federal Receipts by Source and Outlays by Function In the first six months of fiscal year 2023, receipts were $73.8 billion lower than a year earlier and outlays were $358.7 billion higher. BILLIONS OF DOLLARS 2,800 RECEIPTS1 2,400 BILLIONS OF DOLLARS 2,800 2,400 INDIVIDUAL INCOME TAXES 2,000 2,000 1,600 1,600 1,200 1,200 SOCIAL INSURANCE AND RETIREMENT RECEIPTS CORPORATION INCOME TAXES 800 400 0 6,800 6,400 OTHER RECEIPTS 800 400 0 6,800 6,400 OUTLAYS1 6,000 6,000 5,600 5,600 5,200 5,200 4,800 4,800 4,400 4,400 NONDEFENSE 4,000 4,000 3,600 3,600 3,200 3,200 2,800 2,800 2,400 2,000 2,400 2,000 1,000 800 600 400 200 1,000 800 600 400 200 NATIONAL DEFENSE 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 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 Chart 33 - Mar 2023 [Billions of dollars] On-budget and off-budget receipts Fiscal year or period Total Indi- Corporavidual tion income income taxes taxes Social insurance and retirement receipts On-budget and off-budget outlays National defense Other Total Total Depart- Internament tional of affairs Defense, military Health Medicare Income Social Net security security interest Other 2005 ���������������������������������������������������� 2006 ���������������������������������������������������� 2007 ���������������������������������������������������� 2008 ���������������������������������������������������� 2009 ���������������������������������������������������� 2,153.6 2,406.9 2,568.0 2,524.0 2,105.0 927.2 1,043.9 1,163.5 1,145.7 915.3 278.3 353.9 370.2 304.3 138.2 794.1 837.8 869.6 900.2 890.9 154.0 171.2 164.7 173.7 160.5 2,472.0 2,655.1 2,728.7 2,982.5 3,517.7 495.3 521.8 551.3 616.1 661.0 474.1 499.3 528.5 594.6 636.7 34.6 29.5 28.5 28.9 37.5 250.6 252.8 266.4 280.6 334.4 298.6 329.9 375.4 390.8 430.1 345.8 352.4 365.9 431.2 533.1 523.3 548.5 586.2 617.0 683.0 184.0 226.6 237.1 252.8 186.9 339.8 393.5 317.9 365.2 651.7 2010 ���������������������������������������������������� 2011 ���������������������������������������������������� 2012 ���������������������������������������������������� 2013 ���������������������������������������������������� 2014 ���������������������������������������������������� 2015 ���������������������������������������������������� 2016 ���������������������������������������������������� 2017 ���������������������������������������������������� 2018 ���������������������������������������������������� 2019 ���������������������������������������������������� 2,162.7 2,303.5 2,450.0 2,775.1 3,021.5 3,249.9 3,268.0 3,316.2 3,329.9 3,463.4 898.5 1,091.5 1,132.2 1,316.4 1,394.6 1,540.8 1,546.1 1,587.1 1,683.5 1,717.9 191.4 181.1 242.3 273.5 320.7 343.8 299.6 297.0 204.7 230.2 864.8 818.8 845.3 947.8 1,023.5 1,065.3 1,115.1 1,161.9 1,170.7 1,243.1 207.9 212.1 230.2 237.4 282.7 300.0 307.3 270.1 270.9 272.1 3,457.1 3,603.1 3,526.6 3,454.9 3,506.3 3,691.9 3,852.6 3,981.6 4,109.0 4,447.0 693.5 705.6 677.9 633.4 603.5 589.7 593.4 598.7 631.1 686.0 666.7 678.1 650.9 607.8 577.9 562.5 565.4 568.9 600.7 654.0 45.2 45.7 36.8 46.5 46.9 52.0 45.3 46.3 49.0 52.7 369.1 372.5 346.8 358.3 409.5 482.3 511.3 533.2 551.2 584.8 451.6 485.7 471.8 497.8 511.7 546.2 594.5 597.3 588.7 651.0 622.1 597.3 541.2 536.4 513.6 508.8 514.1 503.4 495.3 514.8 706.7 730.8 773.3 813.6 850.5 887.8 916.1 944.9 987.8 1,044.4 196.2 230.0 220.4 220.9 229.0 223.2 240.0 262.6 325.0 375.2 372.6 435.7 458.4 348.0 341.7 402.0 437.9 495.3 480.9 538.0 2020 ���������������������������������������������������� 3,421.2 1,608.7 2021 ���������������������������������������������������� 4,047.1 2,044.4 2022 ���������������������������������������������������� 4,897.4 2,632.1 2023 (estimates) ��������������������������������� 4,802.5 2,327.9 2024 (estimates) ��������������������������������� 5,036.4 2,390.0 Cumulative total, first 6 months: 1 Fiscal year 2022 ���������������������������������� 2,122.0 1,124.5 Fiscal year 2023 ���������������������������������� 2,048.2 1,029.4 211.8 371.8 424.9 546.0 666.2 1,310.0 1,314.1 1,483.5 1,675.2 1,742.1 290.7 316.8 356.9 253.4 238.1 6,553.6 6,822.4 6,271.5 6,032.4 6,032.4 724.6 753.9 765.8 814.8 909.4 690.4 717.6 726.6 771.3 863.0 67.7 46.9 71.7 79.9 73.7 747.6 796.5 914.1 891.3 852.7 776.2 696.5 755.1 829.9 850.4 1,263.6 1,647.7 866.1 792.1 976.4 1,095.8 1,134.6 1,218.7 1,352.3 1,465.8 345.5 352.3 475.9 660.6 788.8 1,532.6 1,394.0 1,204.2 611.6 115.2 127.3 140.0 697.8 759.6 172.4 119.2 2,790.2 3,148.9 377.1 407.6 358.4 386.3 29.2 34.4 463.4 450.7 346.6 404.7 492.4 441.5 594.0 655.0 211.5 301.3 275.9 453.7 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 2023, issued March 9, 2023. Sources: Department of the Treasury and Office of Management and Budget. 33 Federal Sector, National Income Accounts Basis In the first quarter of 2023, according to advance estimates, Federal current expenditures rose $214.6 billion (annual rate); Federal current receipts are incomplete. BILLIONS OF DOLLARS 10,400 BILLIONS OF DOLLARS 10,400 SEASONALLY ADJUSTED ANNUAL RATES 9,600 9,600 8,800 8,800 8,000 8,000 7,200 7,200 6,400 6,400 5,600 5,600 CURRENT EXPENDITURES 4,800 4,800 4,000 4,000 3,200 3,200 CURRENT RECEIPTS 2,400 2,400 1,600 1,600 800 800 NET FEDERAL GOVERNMENT SAVING 0 0 –800 –800 –1,600 –1,600 –2,400 –2,400 –3,200 –3,200 –4,000 –4,000 –4,800 –4,800 –5,600 –5,600 –6,400 –6,400 –7,200 –7,200 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 CALENDAR YEARS SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Chart 34 - Apr 2023 Federal Government current receipts Federal Government current expenditures Current tax receipts Period Total Total 1 Calendar year: 2013 ������������� 3,139.6 1,744.9 2014 ������������� 3,293.0 1,900.1 2015 ������������� 3,449.0 2,024.2 2016 ������������� 3,463.8 2,020.4 2017 ������������� 3,510.2 1,999.9 2018 ������������� 3,586.9 2,029.5 2019 ������������� 3,706.3 2,113.6 2020 ������������� 3,734.1 2,115.4 2021 ������������� 4,319.0 2,591.6 2022 ������������� 5,027.4 3,185.0 2020: I ��������������� 3,785.7 2,149.6 II �������������� 3,508.0 1,946.8 III ������������� 3,743.6 2,116.3 IV ������������� 3,899.1 2,249.0 2021: I ��������������� 4,058.6 2,401.7 II �������������� 4,266.9 2,560.6 III ������������� 4,394.8 2,644.9 IV ������������� 4,555.8 2,759.3 2022: I ��������������� 4,962.6 3,113.9 II �������������� 5,055.3 3,196.6 III ������������� 5,047.8 3,219.9 IV ������������� 5,043.8 3,209.5 2023: I p ������������� ������������ �������������� Contributions for Income Taxes govern- receipts Taxes Personal on ment on on current production corporate social assets taxes and insurincome imports ance 1,302.9 1,403.7 1,532.6 1,547.9 1,613.1 1,615.0 1,701.8 1,730.4 2,107.8 2,613.6 1,751.6 1,610.2 1,722.1 1,837.8 1,965.4 2,071.9 2,158.8 2,235.2 2,564.1 2,598.6 2,641.7 2,650.1 2,418.6 125.5 298.4 136.3 339.6 140.3 329.1 136.5 311.9 131.5 230.3 163.8 225.0 174.8 210.5 155.8 201.4 174.6 278.6 201.8 335.0 186.6 183.1 132.6 177.8 149.1 218.4 155.0 226.5 156.6 249.6 177.3 281.4 176.8 278.4 187.6 304.8 202.4 313.8 209.4 353.2 202.8 340.6 192.4 332.2 189.8 �������������� 1,091.8 1,140.1 1,190.8 1,224.4 1,284.3 1,346.5 1,409.2 1,434.4 1,523.4 1,658.6 1,455.1 1,385.3 1,432.2 1,465.0 1,474.8 1,504.3 1,536.3 1,578.1 1,617.1 1,636.8 1,677.7 1,702.7 1,735.3 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). 34 243.7 172.7 161.1 140.8 139.6 123.3 109.9 115.9 135.3 116.7 117.6 108.3 126.1 111.7 109.6 134.4 146.3 150.9 169.7 151.0 93.1 53.1 43.5 Current transfer receipts 69.3 87.3 76.2 79.7 85.5 88.2 76.2 67.2 67.2 70.2 63.0 66.4 67.3 72.2 71.0 66.4 65.3 66.3 63.7 75.8 62.5 78.7 63.5 Current surplus of government enterprises –10.1 –7.1 –3.2 –1.4 .9 –.6 –2.6 1.1 1.5 –3.1 .4 1.2 1.6 1.3 1.5 1.3 2.0 1.2 –1.8 –4.9 –5.3 –.2 3.9 Total 3,771.3 3,890.4 4,009.2 4,131.4 4,244.6 4,494.2 4,758.5 6,691.5 7,154.4 6,030.0 4,875.9 8,896.4 7,116.0 5,877.5 8,179.0 7,649.6 6,709.2 6,079.8 5,891.6 5,935.2 6,063.5 6,229.5 6,444.1 ConCurrent sumption transfer Interest Subsidies expendipaypayments tures ments 2 957.5 952.2 955.1 965.7 982.5 1,038.0 1,094.8 1,169.6 1,246.8 1,269.0 1,121.2 1,211.1 1,167.4 1,178.7 1,263.9 1,249.0 1,230.6 1,243.7 1,243.5 1,248.3 1,278.2 1,305.9 1,344.8 2,338.3 2,441.5 2,568.1 2,650.1 2,726.0 2,851.8 3,009.1 4,336.6 4,849.2 3,927.7 3,125.6 6,189.1 4,323.7 3,707.9 5,977.8 5,131.7 4,340.1 3,947.3 3,900.3 3,915.6 3,934.7 3,960.2 4,065.5 416.3 439.1 429.3 454.3 476.7 541.6 582.3 528.6 579.5 710.3 549.1 520.5 516.1 528.8 549.8 575.0 592.9 600.4 603.3 648.5 736.8 852.6 928.9 Net Federal Government saving 59.2 –631.8 57.6 –597.4 56.7 –560.2 61.2 –667.6 59.3 –734.4 62.7 –907.3 72.4 –1,052.2 656.7 –2,957.4 478.8 –2,835.3 123.0 –1,002.6 80.0 –1,090.2 975.7 –5,388.5 1,108.8 –3,372.5 462.2 –1,978.4 387.4 –4,120.3 693.9 –3,382.7 545.6 –2,314.4 288.3 –1,524.0 144.5 –929.0 122.9 –879.9 113.8 –1,015.7 110.8 –1,185.7 104.8 ���������������� INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries Industrial production (2017=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 2013 ��������������� 99.3 91.3 96.2 97.1 94.1 94.1 93.2 232.957 212.4 117.9 2014 ��������������� 102.3 95.8 98.1 96.1 95.4 93.5 95.0 236.736 216.4 121.1 2015 ��������������� 100.9 95.4 97.0 97.4 96.2 94.4 99.7 237.017 218.8 122.1 2016 ��������������� 98.7 95.4 97.2 97.8 96.9 96.4 100.2 240.007 222.0 121.9 2017 ��������������� 100.0 100.0 100.0 100.0 100.0 100.0 100.0 245.120 225.5 122.5 103.2 103.9 101.0 100.7 101.0 100.9 103.3 251.107 230.6 123.7 2018 r ������������� 2019 ��������������� 102.4 103.7 98.3 101.3 97.6 99.7 105.7 255.657 235.1 124.3 2020 ��������������� 95.1 95.6 87.9 90.5 88.3 88.7 107.1 258.811 236.8 124.3 2021 ��������������� 99.2 99.9 92.8 95.6 92.4 99.1 114.9 270.970 244.8 124.0 2022 r ������������� 102.6 103.5 92.9 95.5 92.0 99.5 111.7 292.655 261.5 127.1 101.7 101.8 93.4 95.3 94.2 100.7 113.4 283.716 253.8 125.2 2022: Feb r ���� 102.5 102.7 93.7 95.1 89.7 100.7 113.3 287.504 257.5 125.7 Mar r ��� Apr r ���� 102.8 104.2 92.3 94.7 91.3 101.9 112.7 289.109 259.0 126.2 May r ��� 102.8 103.6 85.4 95.1 91.4 100.6 112.9 292.296 262.6 126.5 June r �� 102.7 104.2 93.3 96.1 92.6 98.6 111.7 296.311 264.4 126.5 r July ��� 103.1 104.8 94.0 94.5 92.0 99.0 111.3 296.276 264.7 127.1 Aug r ���� 103.2 104.4 97.2 96.9 91.3 101.2 109.9 296.171 263.8 127.6 Sept r ��� 103.5 104.8 95.6 96.0 92.5 99.2 110.0 296.808 264.0 128.1 r Oct ����� 103.4 103.5 92.5 93.6 91.6 98.1 110.4 298.012 265.9 128.9 r Nov ���� 103.1 103.8 92.7 95.4 92.4 97.9 110.4 297.711 266.3 129.1 Dec r ���� 101.5 102.6 93.0 96.7 91.0 99.1 110.6 296.797 264.7 129.4 102.4 103.3 88.0 94.7 92.7 98.6 110.1 299.170 266.1 130.1 2023: Jan r ���� Feb p ���� 102.6 103.5 92.1 96.1 95.1 98.4 109.9 300.840 267.1 129.3 p Mar ��� 103.0 ��������������� 92.9 95.0 92.1 ��������������� ��������������� 301.836 268.5 129.8 Apr p ���� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� Germany 196.3 197.2 197.3 197.7 199.7 203.4 205.7 206.7 210.0 221.0 215.0 218.0 219.0 220.5 222.1 222.7 223.7 222.5 224.8 225.5 225.3 226.1 228.5 230.5 231.9 United Kingdom Italy 175.0 176.6 177.6 178.4 181.1 184.3 186.9 187.9 193.7 207.0 199.2 203.1 204.4 206.3 206.3 207.2 208.0 211.8 213.3 213.6 212.7 214.8 216.5 218.1 219.1 307.1 293.9 307.9 300.8 308.0 303.8 307.7 309.1 311.5 320.1 315.0 330.8 317.0 339.3 316.5 344.4 322.5 358.3 348.9 399.9 336.8 376.2 340.2 380.1 339.8 393.1 342.6 396.1 346.6 399.5 348.2 403.2 350.9 405.6 351.9 408.4 363.9 418.5 365.7 421.0 366.7 423.4 367.0 423.3 367.6 428.2 366.0 431.4 367.9 ����������������� 1 Data relate to all urban consumers. Note: See Note, p. 17, for information on U.S. industrial production series. Sources: As reported by each country, Board of Governors of the Federal Reserve System, and Department of Labor (Bureau of Labor Statistics). U.S. International Trade in Goods and Services [Billions of dollars; monthly data seasonally adjusted] Goods: Exports (f.a.s. value) Census basis (by end-use category) Period 2013 ��������������� 2014 ��������������� 2015 ��������������� 2016 ��������������� 2017 ��������������� 2018 ��������������� 2019 ��������������� 2020 ��������������� 2021 ��������������� 2022 ��������������� 2022: Mar ����� Apr ������ May ����� June ���� July ����� Aug ����� Sept ���� Oct ������ Nov ����� Dec ������ 2023: Jan ������ Feb r ���� Mar p ��� BOP basis 1,593.7 1,635.6 1,511.4 1,457.4 1,557.0 1,676.9 1,655.1 1,432.2 1,761.4 2,085.8 170.0 176.4 179.3 182.8 182.9 183.6 179.4 175.9 171.3 167.7 177.7 169.1 174.3 IndusFoods, trial Total, feeds, supplies Census and and basis 1 beverages materials 1,578.5 1,621.9 1,503.3 1,451.5 1,547.2 1,665.8 1,645.9 1,428.5 1,754.3 2,064.3 168.2 174.1 177.2 180.5 181.2 181.3 177.3 173.9 169.7 166.3 174.5 167.7 172.8 136.2 143.7 127.7 130.5 132.8 133.1 131.0 139.3 164.7 180.1 15.2 17.4 15.8 16.7 15.4 15.6 13.5 14.0 13.5 14.2 14.8 14.8 14.3 508.2 505.8 427.0 397.3 465.2 541.2 529.5 466.2 636.9 827.8 67.1 69.4 73.3 77.5 76.6 75.0 72.1 69.7 66.0 63.0 63.5 60.9 64.8 152.7 159.8 151.9 150.4 157.9 158.8 163.1 128.8 144.1 158.4 12.9 13.0 13.3 12.8 13.7 12.7 13.3 13.7 13.9 14.5 15.6 13.8 14.4 Balance of trade (exports minus imports) Census basis (by end-use category) Auto- ConCapital motive sumer goods goods veexcept hicles, (nonauto- parts food) motive and en- except autogines motive 534.4 551.5 539.5 519.7 533.4 563.2 550.5 462.7 520.6 571.6 46.2 47.4 47.2 46.0 48.1 48.4 49.6 49.6 48.3 48.5 50.3 49.1 49.2 Services (BOP basis) Goods: Imports (customs value) 188.8 199.0 197.7 193.7 197.7 206.0 205.6 174.8 222.2 245.8 20.3 20.7 21.3 21.0 20.3 21.6 21.5 19.5 21.0 19.3 23.3 22.0 22.3 BOP basis 2,294.2 2,385.5 2,273.2 2,207.2 2,356.3 2,555.7 2,512.4 2,346.1 2,851.7 3,276.9 295.8 283.0 283.1 281.7 273.7 269.3 272.2 274.5 254.3 258.4 268.0 262.1 260.9 IndusFoods, trial Total, feeds, supCensus and plies basis 1 beverand ages materials 2,268.0 2,356.4 2,248.8 2,186.8 2,339.6 2,536.1 2,491.7 2,330.8 2,831.1 3,246.3 293.3 280.3 280.2 279.0 270.9 266.6 269.4 272.0 251.8 256.2 265.7 259.7 258.3 115.1 125.9 127.8 130.0 137.8 147.3 150.5 154.3 182.1 208.2 17.8 18.2 18.1 17.9 16.9 17.4 17.1 17.6 16.7 16.7 17.5 16.9 17.1 681.5 667.0 486.0 443.3 507.0 574.6 520.6 478.8 649.8 810.5 76.0 70.7 72.5 73.1 71.4 66.7 64.8 65.8 62.4 59.4 59.6 59.3 57.9 BOP basis Auto- ConGoods, Capital motive sumer goods Exports Imports Census goods ve(nonbasis except hicles, food) auto- parts motive and en- except autogines motive 555.7 594.1 602.5 589.7 639.8 690.9 674.8 643.5 761.1 864.6 74.1 71.6 71.3 72.2 72.7 71.5 74.9 74.4 71.5 71.4 72.8 73.5 71.6 308.8 328.6 349.2 349.9 358.2 371.1 374.5 309.2 347.1 399.1 32.3 33.7 34.1 31.4 33.3 34.3 34.9 35.5 32.3 35.2 38.3 35.3 35.2 531.7 557.1 594.2 583.1 601.4 645.4 653.0 638.8 766.3 842.6 82.0 75.6 74.1 74.6 67.2 67.3 68.4 67.8 59.0 63.1 67.2 63.5 65.9 719.4 757.1 769.4 783.4 837.5 865.5 891.2 726.4 795.3 926.0 74.0 76.4 76.2 76.8 78.3 78.7 79.8 80.8 80.7 81.3 80.3 81.7 81.8 Goods 465.7 –689.5 –700.5 491.1 –734.5 –749.9 498.3 –745.5 –761.9 513.1 –735.3 –749.8 548.5 –792.4 –799.3 565.4 –870.4 –878.7 593.6 –845.8 –857.3 466.5 –902.3 –913.9 550.0 –1,076.8 –1,090.3 680.3 –1,182.0 –1,191.0 54.6 –125.1 –125.9 55.8 –106.3 –106.6 57.9 –103.0 –103.8 58.7 –98.5 –98.9 57.3 –89.6 –90.7 57.5 –85.2 –85.7 59.6 –92.1 –92.8 59.3 –98.1 –98.6 58.4 –82.1 –83.0 57.8 –89.9 –90.7 58.7 –91.3 –90.3 59.4 –92.0 –93.0 59.5 –85.5 –86.6 Ser- Goods and vices services 253.7 266.0 271.1 270.3 289.0 300.2 297.6 259.9 245.2 245.7 19.4 20.6 18.4 18.1 21.0 21.2 20.2 21.5 22.4 23.5 21.6 22.4 22.4 –446.9 –484.0 –490.8 –479.5 –510.3 –578.6 –559.7 –654.0 –845.0 –945.3 –106.4 –86.0 –85.4 –80.8 –69.8 –64.6 –72.6 –77.2 –60.6 –67.2 –68.7 –70.6 –64.2 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 2022, the current account deficit narrowed to $206.8 billion from $219.0 billion in the third quarter. The goods and services deficit fell to $205.0 billion from $207.0 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 –160 –160 BALANCE ON GOODS AND SERVICES –180 –180 –200 –200 –220 –220 –240 –240 –260 –260 –280 –280 –300 –300 –320 –320 2014 2013 2016 2015 2017 2018 2019 2020 SOURCE: DEPARTMENT OF COMMERCE 2021 2022 COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted] Current Account 1 Goods 2 Period Exports 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 p ������������������ 2020: I ���������������� II ��������������� III �������������� IV �������������� 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II ��������������� III �������������� IV p ����������� 1,593,708 1,635,563 1,511,381 1,457,393 1,557,003 1,676,913 1,655,098 1,432,218 1,761,364 2,085,847 400,424 288,969 357,652 385,173 410,395 435,556 441,893 473,521 486,575 538,468 545,943 514,862 Imports Services Balance on goods 2,294,247 –700,539 2,385,480 –749,917 2,273,249 –761,868 2,207,195 –749,801 2,356,345 –799,343 2,555,662 –878,749 2,512,358 –857,260 2,346,103 –913,885 2,851,660 –1,090,296 3,276,876 –1,191,029 597,750 –197,327 511,718 –222,749 600,719 –243,067 635,915 –250,743 675,663 –265,268 702,985 –267,429 714,472 –272,579 758,540 –285,019 826,666 –340,092 847,759 –309,291 815,238 –269,295 787,213 –272,351 Exports 719,413 757,051 769,397 783,431 837,474 865,549 891,177 726,433 795,273 926,008 203,550 168,227 172,092 182,564 187,935 194,691 199,688 212,959 217,014 229,413 236,745 242,835 Imports 465,736 491,086 498,305 513,088 548,475 565,395 593,594 466,537 550,025 680,298 135,929 101,064 108,063 121,482 119,858 130,977 146,251 152,939 158,066 172,317 174,415 175,500 Balance on services 253,678 265,965 271,092 270,343 288,999 300,155 297,584 259,896 245,248 245,710 67,621 67,163 64,030 61,082 68,077 63,714 53,437 60,020 58,948 57,096 62,331 67,334 Balance on goods and services –446,861 –483,952 –490,776 –479,458 –510,344 –578,594 –559,676 –653,989 –845,047 –945,319 –129,705 –155,586 –179,037 –189,661 –197,191 –203,715 –219,142 –225,000 –281,143 –252,195 –206,964 –205,017 Chart 36 - Mar 2023 Primary income receipts and payments Receipts 811,501 845,858 824,929 857,240 995,442 1,102,964 1,136,799 936,236 1,052,080 1,217,478 255,495 209,064 234,068 237,610 255,625 256,960 267,976 271,520 278,008 298,701 312,570 328,199 Payments 616,041 645,623 639,724 660,798 737,501 847,689 893,244 773,146 912,587 1,040,106 200,009 175,235 192,517 205,386 214,719 228,932 234,408 234,527 239,071 241,408 270,759 288,869 Balance on primary income 195,460 200,235 185,205 196,442 257,942 255,275 243,555 163,090 139,493 177,372 55,486 33,829 41,551 32,224 40,906 28,027 33,568 36,993 38,937 57,293 41,811 39,330 Balance on secondary Income 3 –88,115 –86,339 –102,882 –113,199 –108,618 –116,530 –129,836 –128,799 –140,800 –175,848 –33,200 –30,527 –33,806 –31,266 –32,455 –30,714 –40,800 –36,831 –38,576 –42,305 –53,848 –41,119 Balance on current account –339,516 –370,056 –408,453 –396,216 –361,021 –439,850 –445,957 –619,698 –846,354 –943,795 –107,420 –152,283 –171,293 –188,702 –188,740 –206,402 –226,375 –224,837 –280,782 –237,207 –219,002 –206,805 Current account balance as a percentage of GDP –2.0 –2.1 –2.2 –2.1 –1.9 –2.1 –2.1 –2.9 –3.6 –3.7 –2.0 –3.1 –3.2 –3.5 –3.4 –3.6 –3.8 –3.7 –4.5 –3.8 –3.4 –3.2 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 $127.5 billion in the fourth quarter of 2022, resulting from a net increase in U.S. financial assets of $264.6 billion plus a net decrease in financial derivatives of $6.9 billion, less a net decrease in U.S. liabilities of $144.1 billion. U.S. net borrowing was down from $182.2 billion in the third quarter. BILLIONS OF DOLLARS 1,100 BILLIONS OF DOLLARS 1,100 SEASONALLY ADJUSTED 1,000 1,000 900 900 800 800 700 700 600 600 CHANGE IN U.S. LIABILITIES 500 500 400 400 300 300 200 200 100 100 0 0 –100 –100 CHANGE IN U.S. ASSETS ABROAD1 –200 –200 –300 –300 –400 –400 2014 2013 2015 2016 2017 2018 2019 2020 2021 2022 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 2023 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 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 p ������������������ 2020: I ���������������� II ��������������� III �������������� IV �������������� 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II ��������������� III �������������� IV p ����������� Direct investment assets Portfolio investment assets –6,559 626,189 392,796 457,734 –6,535 865,694 387,528 581,668 –7,940 144,104 302,072 107,154 –6,606 336,438 299,814 37,489 12,394 1,161,984 409,413 540,728 –4,261 429,710 –130,720 381,863 –6,456 307,192 105,677 –11,453 –5,532 943,091 271,798 406,364 –2,474 1,278,599 421,749 719,095 –4,641 919,765 435,830 437,812 –2,878 860,256 35,047 104,831 –957 –222,493 59,130 35,817 –561 55,475 133,765 137,090 –1,136 249,853 43,855 128,627 –2,740 466,636 88,583 346,286 –881 296,073 180,545 173,874 2,990 466,485 87,710 305,649 –1,844 49,404 64,912 –106,715 –1,888 427,010 146,434 227,966 –3,815 418,373 108,144 276,714 5,197 338,994 81,469 275,495 –4,135 –264,613 99,783 –342,363 Net U.S. incurrence of liabilities excluding financial derivatives [net increase in liabilities / financial inflow (+)] Other investment assets Reserve assets 4 Total –221,242 –99,920 –258,831 –2,955 213,533 173,578 208,310 255,956 23,763 40,308 720,622 –322,400 –217,200 74,933 33,867 –58,823 –39,476 88,194 51,678 32,334 –18,767 –24,937 –3,099 –3,583 –6,292 2,090 –1,690 4,989 4,659 8,974 113,993 5,814 –245 4,960 1,820 2,438 –2,100 477 112,603 3,013 932 1,181 797 2,903 1,052,068 1,109,443 503,468 706,693 1,559,219 712,178 831,045 1,634,965 1,977,294 1,515,797 984,920 –147,569 255,526 542,088 642,074 428,362 676,601 230,257 656,262 516,335 487,283 –144,083 Direct investment liabilities Portfolio investment liabilities Other investment liabilities 288,131 251,857 511,434 474,388 380,823 214,716 314,743 148,914 448,325 351,565 37,217 –58,227 109,797 60,127 72,763 116,823 161,484 97,255 125,860 71,089 114,080 40,536 511,987 697,607 213,910 231,265 790,810 303,075 233,469 946,560 676,112 756,789 29,069 324,300 170,786 422,405 390,072 146,867 200,804 –61,631 246,077 443,379 240,849 –173,515 251,949 159,979 –221,876 1,040 387,586 194,387 282,834 539,490 852,857 407,442 918,633 –413,642 –25,057 59,556 179,240 164,672 314,312 194,633 284,325 1,867 132,354 –11,104 Financial derivatives other than reserves, net transactions 2,222 –54,335 –27,035 7,827 23,998 –20,404 –41,670 –5,107 –41,902 –81,038 –25,136 –11,702 28,425 3,306 –2,216 –8,611 –7,980 –23,095 5,762 –45,911 –33,940 –6,949 Net lending (+) Statistical or net discrepancy borrowing (–) from financial account transactions 5 –423,657 –298,084 –386,400 –362,427 –373,237 –302,872 –565,524 –696,980 –740,597 –677,070 –149,799 –86,626 –171,626 –288,929 –177,654 –140,900 –218,096 –203,948 –223,490 –143,873 –182,229 –127,479 –77,582 78,506 29,993 40,394 –24,610 141,238 –113,111 –71,751 108,231 271,366 –39,502 66,614 228 –99,091 13,826 66,382 5,289 22,734 59,180 97,149 31,575 83,462 U.S. official reserve assets, net (unadjusted, end of period) 4 144,575 130,090 117,581 117,332 123,313 125,798 129,479 144,890 251,238 243,758 127,910 133,890 138,961 144,890 139,048 140,185 250,080 251,238 248,224 238,575 230,153 243,758 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