View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

114th Congress, 2nd Session

Economic Indicators
AUGUST 2016
(Includes data available as of September 2, 2016)

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

UNITED STATES
GOVERNMENT PUBLISHING OFFICE
WASHINGTON : 2016

JOINT ECONOMIC COMMITTEE

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

Senator Dan Coats, Indiana, Chairman
Representative Patrick J. Tiberi, Ohio, Vice Chairman
	

	
	
	
	
	
	
	
	
	

Senate	

House of Representatives

Mike Lee, Utah	
Tom Cotton, Arkansas	
Ben Sasse, Nebraska	
Ted Cruz, Texas	
Bill Cassidy, M.D., Louisiana	
Amy Klobuchar, Minnesota	
Robert P. Casey, Jr., Pennsylvania	
Martin Heinrich, New Mexico 	
Gary C. Peters, Michigan	

Justin Amash, Michigan
Erik Paulsen, Minnesota
Richard L. Hanna, New York
David Schweikert, Arizona
Glenn Grothman, Wisconsin
Carolyn B. Maloney, New York, Ranking
John Delaney, Maryland
Alma S. Adams, Ph.D, North Carolina
Donald S. Beyer, Jr., Virginia

Brian Neale, Executive Director

COUNCIL OF ECONOMIC ADVISERS
Jason Furman, Chairman
Sandra Black, Member
Jay Shambaugh, 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 second quarter of 2016, according to revised estimates, real gross domestic product (GDP) in chained (2009)
dollars rose 1.1 percent (annual rate), current dollar GDP rose 3.4 percent, and the chained price index rose 2.3
percent.
BILLIONS OF DOLLARS (RATIO SCALE)

BILLIONS OF DOLLARS (RATIO SCALE)
18,800

18,800

SEASONALLY ADJUSTED ANNUAL RATES

18,400

18,400

18,000

18,000

17,600

17,600

17,200

17,200
16,800

16,800
GDP
IN CURRENT DOLLARS

16,400

16,400

16,000

16,000

15,600

15,600

15,200

15,200

GDP
IN CHAINED (2009) DOLLARS

14,800

14,800

14,400

14,400

14,000

14,000

13,600

13,600
13,200

13,200
2007

2008

2009

2010

2011

2012

2013

2014

SOURCE: DEPARTMENT OF COMMERCE

2015

2016

COUNCIL OF ECONOMIC ADVISERS

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

Period

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

Gross
domestic
product

13,855.9
14,477.6
14,718.6
14,418.7
14,964.4
15,517.9
16,155.3
16,691.5
17,393.1
18,036.6
17,025.2
17,285.6
17,569.4
17,692.2
17,783.6
17,998.3
18,141.9
18,222.8
18,281.6
18,436.5

Personal
consumption
expenditures

Gross
private
domestic
investment

9,304.0
9,750.5
10,013.6
9,847.0
10,202.2
10,689.3
11,050.6
11,361.2
11,863.4
12,283.7
11,636.1
11,800.6
11,941.0
12,075.8
12,098.9
12,240.2
12,356.9
12,438.8
12,498.0
12,695.1

2,680.6
2,643.7
2,424.8
1,878.1
2,100.8
2,239.9
2,511.7
2,706.3
2,886.5
3,056.6
2,774.0
2,861.6
2,939.8
2,970.4
3,044.6
3,049.9
3,072.1
3,059.9
3,036.8
2,973.6

Exports and imports of
goods and services
Net
exports
–770.9
–718.5
–723.1
–395.4
–512.7
–580.0
–565.7
–492.0
–508.8
–522.0
–508.4
–515.6
–485.6
–525.5
–534.7
–508.9
–523.4
–520.9
–507.4
–495.5

Government consumption expenditures
and gross investment
Federal

Exports

1,476.3
1,664.6
1,841.9
1,587.7
1,852.3
2,106.4
2,198.2
2,276.6
2,375.3
2,264.3
2,339.1
2,388.4
2,394.7
2,379.0
2,287.8
2,298.6
2,259.1
2,211.7
2,179.0
2,206.8

Imports

2,247.3
2,383.2
2,565.0
1,983.2
2,365.0
2,686.4
2,763.8
2,768.6
2,884.1
2,786.3
2,847.4
2,904.0
2,880.3
2,904.6
2,822.4
2,807.5
2,782.5
2,732.6
2,686.3
2,702.3

Total

2,642.2
2,801.9
3,003.2
3,089.1
3,174.0
3,168.7
3,158.6
3,116.1
3,152.1
3,218.3
3,123.6
3,139.0
3,174.2
3,171.4
3,174.7
3,217.2
3,236.3
3,245.0
3,254.3
3,263.4

Total
1,002.0
1,049.8
1,155.6
1,217.7
1,303.9
1,303.5
1,292.5
1,229.5
1,218.9
1,225.0
1,218.1
1,214.3
1,230.6
1,212.5
1,218.8
1,222.1
1,225.0
1,234.0
1,233.8
1,239.2

National
defense

Nondefense

642.4
678.7
754.1
788.3
832.8
836.9
817.8
767.0
746.0
732.0
750.0
746.0
755.5
732.5
731.2
731.8
729.3
735.6
731.4
729.3

359.6
371.0
401.5
429.4
471.1
466.5
474.7
462.5
472.9
493.0
468.0
468.3
475.1
480.0
487.6
490.3
495.7
498.4
502.4
509.9

Chart 1 - Aug 2016

State
and
local
1,640.2
1,752.2
1,847.6
1,871.4
1,870.2
1,865.3
1,866.1
1,886.6
1,933.2
1,993.3
1,905.5
1,924.7
1,943.6
1,958.9
1,955.9
1,995.1
2,011.3
2,011.0
2,020.5
2,024.1

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

13,788.9
14,443.2
14,750.6
14,566.3
14,902.8
15,476.2
16,093.5
16,599.1
17,327.7
17,943.3
16,989.9
17,220.7
17,493.2
17,606.9
17,654.7
17,893.1
18,065.1
18,160.1
18,239.7
18,455.1

14,626.8
15,196.2
15,441.6
14,814.2
15,477.0
16,097.9
16,720.9
17,183.5
17,901.9
18,558.6
17,533.6
17,801.2
18,055.0
18,217.7
18,318.3
18,507.2
18,665.3
18,743.7
18,789.0
18,932.1

13,923.5
14,603.2
14,890.6
14,569.8
15,170.3
15,764.6
16,392.8
16,935.8
17,641.2
18,242.4
17,276.8
17,528.3
17,830.6
17,929.0
18,000.7
18,202.0
18,332.5
18,434.1
18,454.2
18,632.5

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

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

1

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

Period

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

Gross private
domestic investment
Personal
Gross
conChange
domestic sumption Nonresi- Resiin
product expendi- dential dential
fixed
fixed
private
tures
investinvestinvenment
ment
tories
14,613.8
14,873.7
14,830.4
14,418.7
14,783.8
15,020.6
15,354.6
15,612.2
15,982.3
16,397.2
15,747.0
15,900.8
16,094.5
16,186.7
16,269.0
16,374.2
16,454.9
16,490.7
16,525.0
16,570.2

9,821.7
10,041.6
10,007.2
9,847.0
10,036.3
10,263.5
10,413.2
10,565.4
10,868.9
11,214.7
10,712.8
10,813.3
10,912.9
11,036.4
11,102.4
11,181.3
11,255.9
11,319.3
11,365.2
11,487.4

1,839.6
1,948.4
1,934.4
1,633.4
1,673.8
1,802.3
1,964.1
2,032.9
2,155.6
2,200.2
2,111.8
2,143.4
2,186.7
2,180.6
2,187.9
2,196.6
2,217.5
2,198.8
2,179.7
2,174.8

806.6
654.8
497.7
392.2
382.4
384.5
436.5
488.3
505.4
564.5
489.4
503.1
507.6
521.4
538.0
556.9
573.7
589.5
600.7
588.8

71.6
35.5
–33.7
–147.6
58.2
37.6
54.7
78.7
57.7
84.0
31.7
55.2
66.8
76.9
114.4
93.8
70.9
56.9
40.7
–12.4

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

Imports

Total

–794.3
–712.6
–557.8
–395.4
–458.8
–459.4
–447.1
–404.9
–425.7
–540.0
–412.0
–427.5
–409.4
–454.0
–521.2
–524.9
–547.1
–566.6
–566.3
–562.0

1,506.8
1,646.4
1,740.8
1,587.7
1,776.6
1,898.3
1,963.2
2,031.5
2,118.3
2,120.6
2,074.1
2,118.0
2,128.7
2,152.3
2,120.6
2,135.5
2,120.4
2,105.8
2,102.0
2,108.1

2,301.0
2,359.0
2,298.6
1,983.2
2,235.4
2,357.7
2,410.2
2,436.4
2,544.0
2,660.5
2,486.1
2,545.5
2,538.1
2,606.2
2,641.8
2,660.5
2,667.6
2,672.4
2,668.2
2,670.1

2,869.3
2,914.4
2,994.8
3,089.1
3,091.4
2,997.4
2,941.6
2,857.6
2,833.0
2,883.7
2,824.3
2,825.1
2,842.6
2,840.0
2,858.0
2,880.7
2,894.4
2,901.7
2,913.2
2,902.1

National Nondefense defense

Total
1,060.9
1,078.7
1,152.3
1,217.7
1,270.7
1,236.4
1,213.5
1,142.8
1,113.8
1,113.8
1,118.6
1,110.8
1,121.5
1,104.4
1,109.6
1,110.1
1,112.7
1,123.0
1,118.7
1,117.8

678.8
695.6
748.1
788.3
813.5
795.0
768.2
715.7
686.3
672.0
692.5
686.8
693.5
672.5
671.8
671.0
669.0
676.3
670.9
665.7

382.1
383.1
404.2
429.4
457.1
441.4
445.3
427.0
427.3
441.3
425.9
423.8
427.8
431.6
437.3
438.6
443.1
446.2
447.2
451.4

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

State
and
local
1,808.8
1,836.1
1,842.4
1,871.4
1,820.8
1,761.0
1,728.1
1,714.1
1,718.1
1,768.2
1,704.8
1,713.2
1,720.1
1,734.1
1,746.9
1,768.9
1,779.9
1,777.1
1,792.6
1,782.6

14,542.3
14,836.2
14,865.7
14,566.3
14,722.2
14,979.0
15,292.3
15,521.1
15,912.9
16,300.6
15,703.8
15,833.0
16,015.6
16,099.3
16,140.9
16,267.5
16,371.7
16,422.4
16,473.5
16,570.5

15,431.6
15,606.8
15,399.9
14,814.2
15,244.9
15,483.9
15,804.3
16,016.9
16,408.9
16,937.8
16,159.6
16,329.7
16,504.1
16,642.1
16,791.3
16,900.1
17,002.6
17,057.2
17,091.5
17,132.9

14,688.6
15,005.7
15,004.8
14,569.8
14,970.8
15,241.0
15,562.1
15,822.2
16,192.5
16,570.4
15,961.5
16,106.1
16,316.0
16,386.4
16,453.3
16,545.7
16,614.0
16,668.4
16,668.3
16,734.0

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

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

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

Period

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

Gross
domestic
product

94.812
97.340
99.218
100.000
101.226
103.315
105.220
106.917
108.838
109.999
108.140
108.714
109.178
109.321
109.307
109.922
110.268
110.498
110.635
111.269

Personal consumption
expenditures

Total

94.729
97.102
100.065
100.000
101.653
104.149
106.121
107.532
109.150
109.532
108.621
109.133
109.425
109.422
108.979
109.472
109.784
109.892
109.969
110.515

Goods

Services

98.277
99.403
102.362
100.000
101.637
105.413
106.701
106.116
105.727
102.680
106.047
106.111
105.845
104.905
102.728
103.043
102.806
102.144
101.109
101.303

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

2

Gross private
domestic investment

92.976
95.981
98.947
100.000
101.661
103.524
105.840
108.276
110.946
113.149
109.969
110.716
111.303
111.797
112.275
112.863
113.469
113.990
114.663
115.398

Nonresidential
fixed
96.561
98.574
100.337
100.000
99.070
100.545
102.216
103.023
104.423
105.051
103.920
104.303
104.618
104.853
105.014
104.932
105.141
105.116
105.172
105.479

Residential
fixed
103.821
105.176
103.647
100.000
99.645
100.395
101.324
106.393
112.795
115.479
111.212
111.575
113.517
114.874
114.920
114.898
115.726
116.371
116.952
118.603

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Exports

97.979
101.107
105.809
100.000
104.263
110.960
111.970
112.064
112.134
106.778
112.767
112.755
112.483
110.529
107.885
107.639
106.548
105.039
103.669
104.689

Imports

97.663
101.024
111.588
100.000
105.800
113.942
114.671
113.634
113.368
104.726
114.517
114.064
113.462
111.429
106.829
105.520
104.304
102.252
100.675
101.202

Total
94.448
97.319
100.286
100.000
102.614
105.422
106.512
107.581
109.431
109.979
108.888
109.320
109.726
109.790
109.845
110.093
110.096
109.881
110.286
110.858

National
defense
94.633
97.572
100.809
100.000
102.365
105.274
106.466
107.167
108.699
108.923
108.310
108.619
108.941
108.927
108.853
109.062
109.010
108.765
109.015
109.566

Nondefense
94.101
96.849
99.321
100.000
103.064
105.691
106.600
108.296
110.668
111.724
109.879
110.509
111.050
111.235
111.493
111.800
111.888
111.717
112.356
112.960

State
and
local
90.677
95.426
100.279
100.000
102.714
105.923
107.985
110.063
112.522
112.732
111.773
112.349
112.999
112.966
111.969
112.787
113.003
113.169
112.715
113.556

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

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

Gross domestic product (GDP)
Period

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

Real GDP
GDP
(chain-type chain-type
quantity
price
index)
index
101.353
103.156
102.855
100.000
102.532
104.174
106.491
108.277
110.844
113.721
109.212
110.279
111.622
112.262
112.832
113.562
114.121
114.370
114.608
114.921

GDP
implicit
price
deflator

94.812
97.340
99.218
100.000
101.226
103.315
105.220
106.917
108.838
109.999
108.140
108.714
109.178
109.321
109.307
109.922
110.268
110.498
110.635
111.269

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

94.814
97.337
99.246
100.000
101.221
103.311
105.214
106.913
108.828
109.998
108.117
108.709
109.165
109.300
109.310
109.919
110.253
110.504
110.630
111.263

94.729
97.102
100.065
100.000
101.653
104.149
106.121
107.532
109.150
109.532
108.621
109.133
109.425
109.422
108.979
109.472
109.784
109.892
109.969
110.515

94.786
96.832
98.827
100.000
101.286
102.800
104.741
106.323
108.048
109.540
107.365
107.910
108.308
108.608
108.908
109.385
109.770
110.095
110.657
111.145

Personal consumption
expenditures (PCE)

Gross domestic product (GDP)
Gross
domestic
purchases
price index

94.783
97.372
100.244
100.000
101.527
103.970
105.805
107.287
109.109
109.569
108.525
109.015
109.411
109.487
109.090
109.512
109.793
109.881
109.936
110.506

GDP
(current
dollars)

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

5.8
4.5
1.7
–2.0
3.8
3.7
4.1
3.3
4.2
3.7
.6
6.3
6.7
2.8
2.1
4.9
3.2
1.8
1.3
3.4

2.7
1.8
–.3
–2.8
2.5
1.6
2.2
1.7
2.4
2.6
–1.2
4.0
5.0
2.3
2.0
2.6
2.0
.9
.8
1.1

GDP
implicit
price
deflator

3.1
2.7
1.9
.8
1.2
2.1
1.8
1.6
1.8
1.1
1.7
2.1
1.7
.5
–.1
2.3
1.3
.8
.5
2.3

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

3.1
2.7
2.0
.8
1.2
2.1
1.8
1.6
1.8
1.1
1.8
2.2
1.7
.5
.0
2.2
1.2
.9
.5
2.3

2.7
2.5
3.1
–.1
1.7
2.5
1.9
1.3
1.5
.3
2.0
1.9
1.1
.0
–1.6
1.8
1.1
.4
.3
2.0

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

3.2
2.7
2.9
–.2
1.5
2.4
1.8
1.4
1.7
.4
2.1
1.8
1.5
.3
–1.4
1.6
1.0
.3
.2
2.1

1 Quarterly percent changes are at annual rates.

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

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

Period

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

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

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

6,988.0
7,203.9
7,256.8
6,859.8
7,238.7
7,592.3
8,011.9
8,305.2
8,703.9
9,008.8
8,217.4
8,289.6
8,322.6
8,391.2
8,476.9
8,648.2
8,804.3
8,886.1
8,944.7
8,968.6
9,041.9
9,080.2
9,076.9
9,102.4

Chained
(2009)
dollars
7,406.3
7,480.5
7,383.9
6,859.8
7,240.0
7,421.5
7,720.9
7,942.1
8,253.2
8,513.9
7,841.1
7,963.0
7,950.3
8,014.0
8,066.6
8,189.2
8,328.3
8,428.8
8,434.0
8,484.4
8,539.6
8,597.5
8,637.9
8,621.9

Total

0.944
.963
.983
1.000
1.000
1.023
1.038
1.046
1.055
1.058
1.048
1.041
1.047
1.047
1.051
1.056
1.057
1.054
1.061
1.057
1.059
1.056
1.051
1.056

Compensation
of employees
(unit labor
cost)
0.558
.576
.590
.596
.574
.588
.595
.598
.606
.618
.597
.595
.600
.600
.612
.606
.603
.603
.613
.617
.618
.622
.617
.626

Corporate profits with inventory valuation
and capital consumption adjustments 4

Unit nonlabor cost

Total
0.249
.265
.283
.299
.290
.296
.294
.293
.292
.294
.294
.291
.293
.293
.294
.292
.291
.290
.291
.291
.291
.301
.291
.294

Consumption
of fixed
capital

Net interest
Taxes on
and
production miscellaneous
and imports 3
payments

0.132
.139
.148
.159
.151
.154
.154
.155
.155
.156
.154
.153
.155
.156
.156
.156
.155
.155
.156
.156
.157
.157
.157
.159

0.092
.093
.093
.099
.099
.103
.102
.103
.100
.101
.104
.102
.103
.103
.102
.101
.100
.099
.099
.099
.098
.108
.098
.099

0.025
.033
.042
.041
.040
.039
.039
.035
.036
.037
.036
.035
.035
.035
.036
.036
.036
.036
.036
.037
.037
.037
.036
.036

Total
0.137
.122
.110
.105
.136
.140
.149
.155
.157
.147
.157
.155
.154
.154
.146
.158
.163
.161
.156
.149
.149
.133
.142
.136

Taxes on
corporate
income
0.042
.039
.031
.026
.030
.031
.035
.036
.038
.036
.036
.035
.035
.036
.038
.039
.039
.036
.039
.038
.036
.032
.036
.037

Profits
after
tax 5
0.096
.083
.079
.079
.105
.109
.114
.119
.119
.111
.121
.119
.118
.118
.108
.119
.125
.125
.118
.111
.113
.101
.106
.099

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

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

3

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

Period

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

ComNational pensation
of
income employees

12,004.8
12,321.4
12,427.8
12,126.1
12,739.5
13,352.3
14,061.9
14,444.8
15,153.9
15,665.3
14,773.8
15,063.0
15,317.1
15,461.9
15,501.1
15,599.2
15,724.4
15,836.2
15,844.9
15,956.6

7,502.3
7,898.3
8,078.3
7,787.0
7,961.4
8,269.0
8,609.9
8,842.4
9,253.4
9,693.1
9,108.3
9,173.8
9,299.6
9,432.1
9,502.3
9,637.6
9,740.0
9,892.4
9,892.6
10,004.7

Rental
income
of
persons
with
capital
conNonfarm
sumption
adjustment

Farm

36.0
38.1
47.0
35.5
46.0
75.5
61.6
87.8
68.5
39.9
70.0
78.9
64.1
61.0
38.4
38.7
44.6
38.1
32.3
31.8

1,017.7
941.1
979.5
937.5
986.7
1,068.1
1,179.8
1,197.0
1,269.2
1,336.8
1,234.0
1,257.6
1,280.8
1,304.5
1,312.7
1,327.4
1,344.4
1,362.8
1,371.6
1,378.9

207.5
189.4
262.1
333.7
402.8
485.3
525.3
567.1
606.1
659.6
590.1
599.6
611.3
623.3
636.5
656.6
668.1
677.3
692.8
702.4

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

Taxes
on
production
and
imports

Profits with inventory valuation
adjustment and without
capital consumption adjustment
Total
Total
1,646.5
1,529.0
1,285.1
1,397.0
1,746.4
1,816.6
1,998.2
2,032.9
2,152.1
2,088.1
2,024.6
2,174.3
2,193.6
2,215.8
2,177.0
2,112.4
2,095.4
1,967.5
2,033.5
2,009.4

Profits
before
tax

1,815.7
1,708.9
1,345.5
1,479.2
1,799.7
1,738.5
2,116.6
2,159.4
2,265.9
2,192.4
2,136.5
2,287.0
2,308.9
2,331.2
2,284.5
2,214.9
2,200.5
2,069.8
2,139.2
2,115.4

1,851.4
1,748.4
1,382.4
1,472.6
1,840.7
1,806.8
2,130.8
2,156.1
2,262.9
2,137.6
2,190.0
2,291.8
2,286.1
2,283.6
2,203.1
2,208.1
2,140.8
1,998.4
2,078.0
2,166.6

–35.7
–39.5
–37.0
6.7
–41.0
–68.3
–14.2
3.3
3.0
54.8
–53.5
–4.8
22.8
47.6
81.4
6.8
59.7
71.4
61.2
–51.2

–169.2
–179.9
–60.4
–82.2
–53.3
78.1
–118.5
–126.6
–113.9
–104.3
–111.9
–112.7
–115.3
–115.5
–107.5
–102.5
–105.2
–102.2
–105.7
–106.0

580.9
663.4
693.4
563.4
489.4
488.1
527.7
504.6
533.7
524.1
515.7
529.6
547.5
542.0
546.2
521.5
525.2
503.7
493.1
484.9

Business
Less:
current
Subsidies transfer
payments

991.9
1,034.6
1,041.9
1,026.1
1,057.1
1,102.6
1,132.1
1,174.9
1,210.2
1,237.6
1,192.2
1,206.0
1,217.0
1,225.7
1,227.6
1,235.8
1,239.9
1,247.3
1,249.8
1,261.4

51.5
54.6
52.6
58.3
55.9
60.1
58.0
59.3
56.7
56.6
57.4
56.9
56.7
55.9
55.6
56.2
57.4
57.3
58.3
59.6

82.6
98.6
114.4
124.9
128.5
131.5
104.7
118.4
137.6
161.4
116.3
120.5
180.1
133.6
134.0
143.7
143.2
224.5
158.1
165.9

Current
surplus
of
government
enterprises

–9.3
–16.4
–21.2
–20.6
–22.9
–24.5
–19.3
–20.9
–20.2
–18.8
–20.0
–20.4
–20.3
–20.3
–18.0
–18.2
–18.9
–20.1
–20.5
–23.2

1 With inventory valuation and capital consumption adjustments.

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

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

Period

Total
personal
consumption
expenditures

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

9,821.7
10,041.6
10,007.2
9,847.0
10,036.3
10,263.5
10,413.2
10,565.4
10,868.9
11,214.7
10,712.8
10,813.3
10,912.9
11,036.4
11,102.4
11,181.3
11,255.9
11,319.3
11,365.2
11,487.4

Services

Durable
Total
goods

3,292.5
3,381.8
3,297.8
3,198.4
3,308.7
3,411.8
3,504.3
3,613.5
3,755.4
3,907.4
3,678.2
3,738.7
3,778.6
3,826.2
3,851.5
3,892.1
3,932.6
3,953.4
3,964.7
4,033.4

Total
durable
goods 1

1,091.5
1,141.7
1,083.2
1,023.3
1,085.7
1,151.5
1,236.2
1,312.7
1,401.1
1,498.1
1,347.8
1,389.7
1,418.8
1,448.1
1,462.9
1,489.8
1,512.4
1,527.3
1,524.9
1,561.3

Nondurable

Motor
vehicles
and
parts
385.1
392.8
340.8
317.1
323.4
333.8
359.1
375.7
399.5
419.4
383.2
396.6
405.2
413.0
413.6
419.9
422.9
421.1
411.8
419.8

Total
nondurable
goods 1
2,202.2
2,239.3
2,214.7
2,175.1
2,223.5
2,263.2
2,277.5
2,316.1
2,376.4
2,439.3
2,347.7
2,370.0
2,383.5
2,404.3
2,415.8
2,431.8
2,451.3
2,458.4
2,471.1
2,505.6

Food and
beverages
purchased
for offpremises
consumption

Gasoline
and
other
energy
goods

Total
services 1

Household
consumption
expenditures

780.8
791.3
781.9
770.0
786.5
795.1
795.7
795.2
811.7
811.3
808.4
812.3
813.0
812.9
812.2
811.9
810.8
810.5
816.8
831.7

297.4
296.8
283.4
284.5
282.2
274.3
270.0
275.5
276.5
286.3
276.5
274.8
275.3
279.5
284.7
284.2
288.4
287.7
291.8
291.3

6,526.6
6,656.4
6,708.6
6,648.5
6,727.6
6,851.4
6,908.1
6,951.3
7,114.2
7,310.3
7,034.4
7,075.4
7,135.3
7,211.4
7,252.4
7,291.8
7,327.2
7,369.8
7,403.9
7,460.5

6,291.8
6,415.2
6,435.1
6,372.5
6,449.3
6,575.9
6,614.3
6,651.4
6,817.3
7,013.3
6,734.0
6,777.6
6,839.5
6,918.3
6,960.9
7,000.2
7,027.7
7,064.4
7,098.2
7,152.0

Housing
and
utilities

1,823.2
1,840.8
1,860.1
1,881.0
1,904.3
1,928.0
1,929.1
1,937.9
1,964.8
1,997.0
1,962.6
1,960.1
1,960.2
1,976.0
1,991.8
1,996.0
2,004.5
1,995.5
1,999.0
2,019.8

Health
care

1,525.2
1,563.2
1,598.8
1,627.4
1,649.2
1,690.3
1,727.0
1,734.9
1,790.6
1,886.1
1,746.4
1,774.0
1,803.0
1,839.2
1,859.3
1,877.4
1,895.2
1,912.4
1,938.7
1,957.1

Financial
services
and
insurance

720.1
742.5
737.4
719.0
733.9
747.2
706.4
707.4
717.0
718.8
712.1
714.4
721.4
719.9
718.2
718.8
717.2
720.9
716.7
719.6

Addendum:
Personal
consumption
expenditures
excluding
food and
energy 2

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

8,528.1
8,734.2
8,730.5
8,577.4
8,746.1
8,980.4
9,143.9
9,284.6
9,570.8
9,908.7
9,406.2
9,516.3
9,623.9
9,736.7
9,791.5
9,875.1
9,944.6
10,023.7
10,061.0
10,152.1

16.5
16.1
13.2
10.4
11.6
12.7
14.4
15.5
16.4
17.4
15.9
16.5
16.6
16.7
16.9
17.2
17.7
17.8
17.2
17.1

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

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

4

Sources of Personal Income
Personal income rose $71.7 billion (annual rate) in July, following an increase of $53.9 billion in June. Wages and
salaries rose $43.3 billion in July, following an increase of $41.7 billion in June.
BILLIONS OF DOLLARS * (RATIO SCALE)
18,000
16,000

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

14,000
12,000

12,000

TOTAL PERSONAL INCOME

10,000

10,000

9,000

9,000
8,000

8,000

WAGES AND SALARIES

7,000

7,000

6,000

6,000

5,000

5,000

OTHER INCOME

4,000

4,000

3,000

3,000

PERSONAL CURRENT
TRANSFER RECEIPTS

2,000

2,000

1,000

1,000
2008

2009

2010

2011

2012

2013

2014

2015

*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

2016

COUNCIL OF ECONOMIC ADVISERS

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

2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2015: July 
����������
       ����������
Aug 
      
Sept 
���������
       �����������
Oct 
       ����������
Nov 
       �����������
Dec 
2016: Jan r ���������
       r ���������
Feb
       r ��������
Mar
       r ���������
Apr
      
May r ��������
      
June r �������
       p ��������
July

Total
personal
income

11,393.9
12,000.2
12,502.2
12,094.8
12,477.1
13,254.5
13,915.1
14,073.7
14,809.7
15,458.5
15,517.4
15,563.6
15,587.4
15,647.6
15,685.3
15,737.7
15,739.0
15,719.9
15,761.4
15,850.4
15,897.8
15,951.7
16,023.4

Total

7,502.3
7,898.3
8,078.3
7,787.0
7,961.4
8,269.0
8,609.9
8,842.4
9,253.4
9,693.1
9,705.3
9,748.0
9,766.8
9,842.4
9,897.0
9,937.9
9,919.4
9,875.1
9,883.2
9,964.9
10,000.1
10,049.0
10,099.4

Wages
and
salaries

Supplements to
wages
and
salaries

6,057.4
6,395.2
6,531.9
6,251.4
6,377.5
6,633.2
6,930.3
7,116.7
7,476.3
7,854.8
7,865.3
7,901.3
7,915.2
7,982.1
8,028.8
8,063.0
8,040.4
7,995.0
7,998.5
8,070.7
8,099.6
8,141.3
8,184.6

1,444.9
1,503.1
1,546.4
1,535.6
1,583.9
1,635.9
1,679.6
1,725.8
1,777.1
1,838.2
1,840.0
1,846.6
1,851.6
1,860.3
1,868.2
1,874.9
1,879.0
1,880.2
1,884.8
1,894.2
1,900.5
1,907.7
1,914.8

Proprietors’ income 1

Farm

36.0
38.1
47.0
35.5
46.0
75.5
61.6
87.8
68.5
39.9
43.0
44.6
46.2
42.3
38.1
33.9
33.1
32.3
31.5
31.7
31.8
32.0
32.6

Nonfarm

1,017.7
941.1
979.5
937.5
986.7
1,068.1
1,179.8
1,197.0
1,269.2
1,336.8
1,343.5
1,342.9
1,346.8
1,357.1
1,357.3
1,374.2
1,372.7
1,370.3
1,371.8
1,376.3
1,376.1
1,384.2
1,385.8

Personal income receipts on assets
Rental
income
of
persons 2

207.5
189.4
262.1
333.7
402.8
485.3
525.3
567.1
606.1
659.6
664.7
668.1
671.5
675.1
677.7
679.1
685.7
692.8
699.9
700.4
701.9
704.8
709.8

Total

1,938.4
2,166.6
2,167.1
1,818.0
1,739.6
1,913.9
2,123.8
2,056.1
2,227.0
2,253.8
2,278.0
2,276.0
2,271.4
2,250.3
2,235.1
2,221.1
2,230.9
2,230.0
2,246.7
2,251.8
2,261.1
2,257.5
2,264.6

Personal
interest
income
1,214.7
1,350.1
1,361.6
1,264.3
1,195.0
1,231.6
1,288.8
1,261.6
1,300.9
1,302.7
1,340.1
1,337.4
1,330.8
1,309.0
1,291.6
1,278.3
1,287.2
1,296.1
1,304.9
1,307.6
1,310.3
1,312.9
1,316.5

Personal
dividend
income
723.7
816.5
805.4
553.7
544.6
682.2
834.9
794.4
926.1
951.1
937.9
938.5
940.6
941.3
943.5
942.7
943.7
934.0
941.7
944.2
950.8
944.6
948.2

Personal
current
transfer
receipts 3

1,614.6
1,728.1
1,956.6
2,147.5
2,324.7
2,360.5
2,366.3
2,428.0
2,540.4
2,678.6
2,687.5
2,693.4
2,695.5
2,699.4
2,705.0
2,720.1
2,730.8
2,746.2
2,754.9
2,761.0
2,765.8
2,768.4
2,780.4

Less:
Chart 5 - Aug 2016
Contributions
for
government
social
insurance,
domestic
922.6
961.4
988.2
964.4
984.1
917.8
951.6
1,104.6
1,154.9
1,203.5
1,204.8
1,209.4
1,210.7
1,218.9
1,224.8
1,228.7
1,233.5
1,226.9
1,226.7
1,235.7
1,239.1
1,244.1
1,249.3

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

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

5

Disposition of Personal Income
According to revised estimates, per capita disposable personal income in chained (2009) dollars rose 1.6 percent
(annual rate) in the second quarter of 2016.
BILLIONS OF DOLLARS* (RATIO SCALE)
14,500
14,000

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

13,500

13,500

13,000

13,000

12,500

12,500

DISPOSABLE PERSONAL INCOME

12,000

12,000

11,500

11,500
SAVING

11,000
10,500

11,000
10,500

PERSONAL OUTLAYS

10,000

10,000

9,500

9,500

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

DOLLARS* (RATIO SCALE)
46,000

PER CAPITA DISPOSABLE PERSONAL INCOME

44,000
42,000

42,000
40,000

40,000

CURRENT DOLLARS

38,000

38,000

36,000

36,000
CHAINED (2009) DOLLARS

34,000

34,000
32,000

32,000
2007

2008

2009

2010

2011

2012

2013

2014

*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

Period

Personal
income

Less:
Personal
current
taxes

Equals:
Disposable
personal
income

11,393.9
12,000.2
12,502.2
12,094.8
12,477.1
13,254.5
13,915.1
14,073.7
14,809.7
15,458.5

1,357.1
1,493.2
1,507.8
1,152.3
1,239.3
1,453.2
1,511.4
1,677.8
1,787.0
1,938.7

10,036.9
10,507.0
10,994.4
10,942.5
11,237.9
11,801.4
12,403.7
12,395.8
13,022.7
13,519.8

2016

COUNCIL OF ECONOMIC ADVISERS

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
billions of
chained
(2009)
dollars

Per capita disposable
personal income
Current
dollars

Billions of dollars
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������

2015

Chained
(2009)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(2009)
dollars

Dollars
9,705.5
10,197.2
10,457.7
10,275.1
10,607.9
11,091.2
11,457.0
11,775.7
12,296.7
12,736.2

331.4
309.8
536.7
667.4
630.0
710.1
946.7
620.1
726.0
783.6

10,595.4
10,820.6
10,987.3
10,942.5
11,055.1
11,331.2
11,688.3
11,527.6
11,931.0
12,343.3

33,589
34,826
36,101
35,616
36,274
37,804
39,441
39,129
40,794
42,026

Chart 6 - Aug 2016

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

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

35,458
35,866
36,078
35,616
35,684
36,298
37,166
36,388
37,374
38,368

31,136
32,319
32,881
32,050
32,931
34,242
35,138
35,863
37,162
38,183

32,868
33,284
32,860
32,050
32,395
32,878
33,112
33,351
34,047
34,860

3.0
1.2
.6
–1.3
.2
1.7
2.4
–2.1
2.7
2.7

3.3
2.9
4.9
6.1
5.6
6.0
7.6
5.0
5.6
5.8

298,818
301,696
304,543
307,240
309,807
312,169
314,490
316,796
319,233
321,704

36,837
37,251
37,545
37,859
37,980
38,277
38,504
38,709
38,844
38,995

36,557
37,008
37,369
37,711
37,718
38,091
38,374
38,547
38,664
39,206

33,656
33,912
34,151
34,465
34,611
34,796
34,955
35,078
35,160
35,476

3.8
4.6
3.2
3.4
1.3
3.2
2.4
2.1
1.4
1.6

5.3
5.7
5.7
5.6
5.5
5.7
5.9
6.0
6.1
5.7

318,301
318,866
319,544
320,222
320,771
321,337
322,015
322,693
323,242
323,808

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

14,487.2
14,718.1
14,927.5
15,106.2
15,185.9
15,401.9
15,556.1
15,690.2
15,740.1
15,900.0

1,751.4
1,755.6
1,800.0
1,840.9
1,909.4
1,937.2
1,944.4
1,963.8
1,932.7
1,945.6

12,735.8
12,962.4
13,127.4
13,265.3
13,276.5
13,464.7
13,611.7
13,726.4
13,807.4
13,954.4

12,059.7
12,228.2
12,375.0
12,524.0
12,540.9
12,691.2
12,813.2
12,899.6
12,961.9
13,158.5

676.1
734.2
752.5
741.2
735.6
773.5
798.5
826.8
845.5
795.9

11,725.3
11,878.0
11,997.2
12,123.4
12,183.0
12,299.9
12,398.9
12,491.0
12,556.0
12,627.0

40,012
40,652
41,082
41,425
41,389
41,902
42,270
42,537
42,715
43,095

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 revised forecast for 2016, gross farm income in chained (2009) dollars is forecast to be $378.1
billion and net farm income to be $64.3 billion.
BILLIONS OF CHAINED (2009) DOLLARS (RATIO SCALE)

BILLIONS OF CHAINED (2009) DOLLARS (RATIO SCALE)

520
480
440

520
480
440

400

400
GROSS FARM INCOME

360

360

320

320

280

280

240

240

200

200

160

160

120

120
NET FARM INCOME

80

80

60

60

40

40
2007

2008

2010

2009

2011

2012

2013

2014

SOURCE: DEPARTMENT OF AGRICULTURE

2015

2016

COUNCIL OF ECONOMIC ADVISERS

[Billions of chained (2009) dollars]
Chart 7 - Aug 2016

Income of farm operators from farming 1
Gross farm income
Year

Value of agricultural sector production
Total

1997 ���������������������������������������������������
1998 ���������������������������������������������������
1999 ���������������������������������������������������
2000 ���������������������������������������������������
2001 ���������������������������������������������������
2002 ���������������������������������������������������
2003 ���������������������������������������������������
2004 ���������������������������������������������������
2005 ���������������������������������������������������
2006 ���������������������������������������������������
2007 ���������������������������������������������������
2008 r �������������������������������������������������
2009 r �������������������������������������������������
2010 r �������������������������������������������������
2011 r �������������������������������������������������
2012 r �������������������������������������������������
2013 r �������������������������������������������������
2014 r �������������������������������������������������
2015 r �������������������������������������������������
2016 r �������������������������������������������������

Crops 2, 3

Total
304.8
294.7
293.4
295.1
298.4
271.1
298.3
330.9
324.5
306.0
348.8
367.4
336.5
352.2
406.9
427.5
452.5
444.4
400.0
378.1

295.2
279.0
266.6
266.8
271.6
256.5
279.2
316.3
298.0
289.4
336.6
355.1
324.4
339.9
396.8
417.4
442.2
435.4
390.2
366.0

144.1
129.4
115.9
116.0
113.5
115.1
125.2
140.4
124.3
125.2
155.2
175.2
164.6
166.1
192.9
202.3
218.5
189.5
166.2
163.2

Animals
and animal
products 3
123.3
119.3
118.9
121.0
127.0
109.9
121.1
139.4
137.5
125.9
142.2
140.5
119.5
138.5
158.4
160.7
169.3
197.3
177.1
156.1

Farm-related
income 4
27.8
30.3
31.8
29.8
31.1
31.5
33.0
36.5
36.1
38.3
39.2
39.4
40.2
35.3
45.4
54.3
54.4
48.7
46.9
46.6

Direct
Federal
Government
payments
9.6
15.7
26.9
28.4
26.8
14.6
19.1
14.6
26.5
16.7
12.2
12.3
12.2
12.2
10.1
10.1
10.3
9.0
9.8
12.1

Production
expenses

Net
farm
income

239.1
235.0
233.9
233.2
232.8
225.1
228.0
232.8
238.9
245.5
276.9
288.7
274.4
276.0
297.0
335.8
336.7
359.2
326.5
313.8

65.7
59.7
59.6
61.9
65.5
46.0
70.3
98.1
85.6
60.6
71.9
78.7
62.1
76.2
109.9
91.7
115.7
85.2
73.5
64.3

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

indemnities.

Note: Data for 2016 are forecasts.
Source: Department of Agriculture (Economic Research Service).

7

Corporate Profits
In the second quarter of 2016, according to preliminary estimates, corporate profits before tax rose $88.6 billion
(annual rate) and profits after tax rose $76.4 billion.
BILLIONS OF DOLLARS
2,600
2,500

BILLIONS OF DOLLARS
2,600
2,500

SEASONALLY ADJUSTED ANNUAL RATES

2,400

2,400

PROFITS BEFORE TAX

2,300

2,300

2,200

2,200

2,100

2,100

2,000

2,000

1,900

1,900

1,800

1,800

1,700

1,700
1,600

1,600
1,500

1,500

PROFITS AFTER TAX

1,400

1,400

1,300

1,300

1,200

1,200

1,100

1,100

1,000

1,000

900

900

800

800
700

700
600

600

UNDISTRIBUTED PROFITS

500

500

400

400
300

300

TAXES ON
CORPORATE INCOME

200

200
100

100

0

0

–100
–200

–100
–200
2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

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

Profits after tax

Domestic industries
Period

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

Total 2

1,815.7
1,708.9
1,345.5
1,479.2
1,799.7
1,738.5
2,116.6
2,159.4
2,265.9
2,192.4
2,136.5
2,287.0
2,308.9
2,331.2
2,284.5
2,214.9
2,200.5
2,069.8
2,139.2
2,115.4

Profits
before
tax

Nonfinancial
Total

1,559.6
1,355.5
938.8
1,122.0
1,404.5
1,316.6
1,706.3
1,747.6
1,854.9
1,806.6
1,722.9
1,885.5
1,886.5
1,924.9
1,895.0
1,832.3
1,826.0
1,673.3
1,769.6
1,718.9

Financial

415.1
301.5
95.4
362.9
406.3
375.9
479.0
429.4
480.3
493.2
469.2
515.7
446.7
489.4
507.9
504.2
489.1
471.8
479.1
486.1

Total 3

Manufacturing

Utilities

Wholesale

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

8

Total

Net
dividends

Retail

1,144.4
349.7
55.1
105.9
132.5
1,054.0
321.9
49.5
103.2
119.0
843.4
240.6
30.1
90.6
80.3
759.2
171.4
23.8
89.3
108.7
998.2
287.6
30.3
102.4
118.6
940.7
298.1
9.8
94.4
114.3
1,227.2
395.7
12.5
135.3
154.1
1,318.2
429.6
26.9
142.7
154.5
1,374.7
449.8
33.3
146.5
167.8
1,313.4
412.7
6.7
150.0
178.7
1,253.7
384.7
40.3
121.7
152.2
1,369.8
474.6
28.9
139.4
164.0
1,439.8
464.4
31.1
170.1
169.2
1,435.4
475.4
33.0
155.1
185.7
1,387.1
456.6
24.1
148.3
188.7
1,328.1
436.4
9.4
142.6
173.5
1,336.9
447.0
4.7
150.3
177.3
1,201.5
310.8
–11.2
158.7
175.5
1,290.5
394.4
4.1
153.9
185.3
1,232.7 ��������������� ��������������� ��������������� ���������������

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.

Taxes
on
corporate
income

1,851.4
1,748.4
1,382.4
1,472.6
1,840.7
1,806.8
2,130.8
2,156.1
2,262.9
2,137.6
2,190.0
2,291.8
2,286.1
2,283.6
2,203.1
2,208.1
2,140.8
1,998.4
2,078.0
2,166.6

473.4
445.5
309.1
269.4
370.6
379.1
447.6
467.7
532.7
553.8
532.2
558.4
528.2
512.2
566.4
543.8
530.0
574.9
527.5
539.7

1,378.1
1,302.9
1,073.3
1,203.1
1,470.1
1,427.7
1,683.2
1,688.4
1,730.1
1,583.8
1,657.8
1,733.3
1,758.0
1,771.5
1,636.7
1,664.3
1,610.8
1,423.4
1,550.5
1,626.9

726.0
818.9
808.6
574.6
564.0
703.7
859.4
929.4
970.6
971.4
938.7
970.0
979.8
993.8
989.7
963.0
976.8
956.0
963.3
955.1

Chart 8 - Aug 2016

Inventory
Undistrib- valuation
adjustment
uted
profits

652.1
484.0
264.7
628.5
906.2
724.0
823.8
759.0
759.6
612.4
719.1
763.4
778.1
777.6
646.9
701.2
634.0
467.5
587.2
671.8

–35.7
–39.5
–37.0
6.7
–41.0
–68.3
–14.2
3.3
3.0
54.8
–53.5
–4.8
22.8
47.6
81.4
6.8
59.7
71.4
61.2
–51.2

Real Gross Private Domestic Investment
In the second quarter of 2016, according to revised estimates, nonresidential fixed investment in chained (2009)
dollars fell $4.9 billion (annual rate) and residential investment fell $11.9 billion. Inventories fell $12.4 billion,
following an increase of $40.7 billion in the first quarter.
BILLIONS OF CHAINED (2009) DOLLARS
3,000

BILLIONS OF CHAINED (2009) DOLLARS
3,000

SEASONALLY ADJUSTED ANNUAL RATES

2,800

2,800

2,600

2,600
GROSS PRIVATE DOMESTIC
INVESTMENT

2,400

2,400

2,200

2,200

2,000

2,000

1,800

1,800

1,600

1,600

NONRESIDENTIAL
FIXED INVESTMENT

1,400

1,400

1,200

1,200

1,000

1,000

800

800
RESIDENTIAL
FIXED INVESTMENT

600

600

400

400
CHANGE IN PRIVATE
INVENTORIES

200

200

0

0

–200

–200

–400

–400
2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Billions of chained (2009) dollars; quarterly data at seasonally adjusted annual rates]
Chart 9 - Aug 2016

Fixed investment
Period

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

Gross
private
domestic
investment

2,730.0
2,644.1
2,396.0
1,878.1
2,120.4
2,230.4
2,465.7
2,616.5
2,733.6
2,869.0
2,646.4
2,717.5
2,776.3
2,794.1
2,860.8
2,867.7
2,882.2
2,865.4
2,841.5
2,769.9

Change in private inventories

Nonresidential
Total

2,662.5
2,609.6
2,432.6
2,025.7
2,056.2
2,186.7
2,400.4
2,521.4
2,660.6
2,767.8
2,600.5
2,646.1
2,693.4
2,702.3
2,727.2
2,756.0
2,794.5
2,793.3
2,786.7
2,769.0

Total
1,839.6
1,948.4
1,934.4
1,633.4
1,673.8
1,802.3
1,964.1
2,032.9
2,155.6
2,200.2
2,111.8
2,143.4
2,186.7
2,180.6
2,187.9
2,196.6
2,217.5
2,198.8
2,179.7
2,174.8

Structures
451.5
509.0
540.2
438.2
366.3
374.7
423.1
428.8
472.9
452.1
467.0
475.4
472.2
477.0
461.5
458.4
453.4
435.1
435.2
425.8

Equipment
870.8
898.3
836.1
644.3
746.7
847.9
939.2
982.3
1,035.7
1,072.5
1,011.3
1,027.4
1,064.4
1,039.9
1,063.2
1,062.3
1,085.7
1,078.6
1,052.0
1,042.0

Intellectual
property
products
517.5
542.4
558.8
550.9
561.3
581.3
603.8
624.5
648.6
680.0
634.7
641.7
652.8
665.1
666.5
679.5
683.1
690.7
697.1
711.7

Residential

806.6
654.8
497.7
392.2
382.4
384.5
436.5
488.3
505.4
564.5
489.4
503.1
507.6
521.4
538.0
556.9
573.7
589.5
600.7
588.8

Total

Nonfarm

71.6
35.5
–33.7
–147.6
58.2
37.6
54.7
78.7
57.7
84.0
31.7
55.2
66.8
76.9
114.4
93.8
70.9
56.9
40.7
–12.4

75.4
36.5
–35.0
–146.0
65.9
36.6
72.7
73.0
62.2
88.1
36.4
59.5
70.3
82.4
117.7
98.0
73.9
62.9
47.5
–2.6

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

9

Real Private Fixed Investment by Type
[Billions of chained (2009) dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential
Equipment

Total
fixed
investment

Period

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

Residential

Total
nonresidential

2,662.5
2,609.6
2,432.6
2,025.7
2,056.2
2,186.7
2,400.4
2,521.4
2,660.6
2,767.8
2,600.5
2,646.1
2,693.4
2,702.3
2,727.2
2,756.0
2,794.5
2,793.3
2,786.7
2,769.0

Intellectual property products

Information processing equipment
Structures

1,839.6
1,948.4
1,934.4
1,633.4
1,673.8
1,802.3
1,964.1
2,032.9
2,155.6
2,200.2
2,111.8
2,143.4
2,186.7
2,180.6
2,187.9
2,196.6
2,217.5
2,198.8
2,179.7
2,174.8

Total 2

451.5
509.0
540.2
438.2
366.3
374.7
423.1
428.8
472.9
452.1
467.0
475.4
472.2
477.0
461.5
458.4
453.4
435.1
435.2
425.8

Computers
and
peripheral
equipment 1

Total

870.8
898.3
836.1
644.3
746.7
847.9
939.2
982.3
1,035.7
1,072.5
1,011.3
1,027.4
1,064.4
1,039.9
1,063.2
1,062.3
1,085.7
1,078.6
1,052.0
1,042.0

250.9
279.9
281.0
256.1
281.4
285.9
303.1
317.7
326.0
338.7
318.9
332.0
320.7
332.4
332.1
327.7
347.1
348.1
345.5
341.3

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

Other
187.5
207.9
204.2
179.3
196.8
202.8
214.5
228.9
236.3
249.2
231.8
242.2
230.2
241.0
244.6
237.4
253.8
261.1
257.6
251.2

Industrial Transportation
equipequipment
ment
199.1
205.3
195.5
152.1
151.3
183.3
199.8
196.7
203.5
207.3
199.2
204.4
208.2
202.4
202.7
208.9
206.3
211.5
209.4
214.0

Software

Total 2

212.6
203.6
156.9
70.6
136.9
183.0
218.9
243.0
270.9
302.2
258.3
263.6
283.7
278.1
298.2
297.5
308.9
304.0
293.7
287.8

Structures

Research
and
development 3

230.3
244.2
256.2
256.8
254.2
271.8
286.6
295.5
313.1
333.1
303.5
309.5
316.8
322.5
329.2
334.0
333.3
336.0
342.2
345.8

Total
residential 2

215.0
227.9
235.5
229.0
234.4
236.7
242.9
254.1
261.2
270.2
256.9
258.3
262.0
267.5
262.4
269.5
272.4
276.6
277.5
288.7

517.5
542.4
558.8
550.9
561.3
581.3
603.8
624.5
648.6
680.0
634.7
641.7
652.8
665.1
666.5
679.5
683.1
690.7
697.1
711.7

806.6
654.8
497.7
392.2
382.4
384.5
436.5
488.3
505.4
564.5
489.4
503.1
507.6
521.4
538.0
556.9
573.7
589.5
600.7
588.8

Total 2

796.3
644.9
488.4
383.9
373.6
375.3
427.1
478.1
494.5
552.8
478.9
492.3
496.6
510.2
526.5
545.2
561.8
577.4
588.3
576.4

Single
family

390.7
283.7
178.2
105.3
114.4
109.2
132.1
161.9
170.9
200.7
165.8
170.1
169.1
178.6
185.7
196.0
207.2
214.1
211.0
201.6

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

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

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

Total
capital
expenditures

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

ConManu- WholeUtilities struction facturing
sale
trade

Retail
trade

TransportaFinance
tion
Informaand
and
tion
insurwareance
housing

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

Health
care
and
social
assistance

Other 1

For
companies
without
employees

For companies with employees
2000 ��������
2001 ��������
2002 ��������
2003 ��������
2004 ��������
2005 ��������
2006 ��������
2007 ��������
2008 ��������
2009 ��������
2010 ��������
2011 ��������
2012 ��������
2013 ��������
2014 p �������

1,161.0
1,109.0
997.9
975.0
1,042.1
1,144.8
1,309.9
1,354.7
1,374.2
1,090.7
1,105.7
1,243.0
1,423.6
1,491.3
1,602.1

1,089.9
1,052.3
917.5
886.8
953.2
1,062.5
1,217.1
1,270.5
1,294.5
1,015.3
1,036.2
1,169.6
1,334.4
1,400.9
1,510.8

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

42.5
51.3
42.5
50.5
51.3
66.7
99.3
120.7
149.3
100.6
115.7
165.7
196.7
202.2
228.7

61.3
82.8
65.5
54.6
50.4
58.0
69.8
85.4
98.7
103.0
94.5
98.0
125.0
111.3
120.2

25.0
24.8
24.8
23.2
28.6
30.1
30.3
36.7
40.8
19.8
17.9
21.8
23.6
27.6
30.3

214.8
192.8
157.2
149.1
156.7
165.6
192.4
197.3
213.1
155.2
160.8
192.4
203.1
221.3
230.9

33.6
30.0
26.8
26.0
32.3
40.6
36.6
30.8
32.4
25.3
31.1
35.7
40.9
37.5
44.8

69.8
66.9
59.3
65.9
72.2
73.5
86.7
82.5
73.2
58.4
65.3
68.1
77.6
77.5
82.7

59.9
57.8
47.1
44.5
46.1
56.9
68.0
67.4
79.6
55.7
59.0
72.7
81.8
92.6
109.3

160.2
144.8
88.2
80.5
83.5
91.4
104.4
106.1
103.3
88.4
97.2
100.1
106.5
123.9
131.3

133.7
131.1
128.4
120.8
153.6
161.4
163.1
173.4
132.9
99.5
103.1
109.2
130.2
137.8
153.4

92.5
82.7
94.5
88.0
91.6
103.0
132.1
117.5
106.9
72.9
81.3
91.1
115.7
114.2
121.2

34.1
30.5
25.9
24.7
26.7
33.1
30.3
31.8
33.0
28.2
28.2
28.1
31.6
35.7
31.2

52.2
52.9
59.3
61.2
64.6
73.8
75.3
84.2
90.2
79.4
78.4
83.1
88.9
94.2
88.9

108.9
102.5
96.1
96.2
93.6
105.6
126.3
134.8
138.7
127.0
100.6
100.4
110.0
122.1
133.9

71.2
56.7
80.4
88.2
88.9
82.2
92.8
84.2
79.7
75.4
69.5
73.4
89.2
90.4
91.3

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 August, unemployment as measured by the household survey rose by 79,000 to 7.8 million.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

162

162

SEASONALLY ADJUSTED

158

158

154

154
CIVILIAN LABOR FORCE
150

150

146

146

142

142
CIVILIAN
EMPLOYMENT

138

138
134

134
20

20

16

16

UNEMPLOYMENT

12

12

8

8

4

4

0

0
2008

2009

2010

2011

2012

2013

2014

2015

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

2016

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

2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2015: Aug 
����������
      
Sept 
���������
       �����������
Oct 
       ����������
Nov 
       �����������
Dec 
2016: Jan ����������
�
       �����������
Feb 
       ����������
Mar 
       �����������
Apr 
      
May ���������
�
      
June ��������
�
       ����������
July 
       ����������
Aug 

Civilian
noninstitutional
population
(NSA)
228,815
231,867
233,788
235,801
237,830
239,618
243,284
245,679
247,947
250,801
251,096
251,325
251,541
251,747
251,936
252,397
252,577
252,768
252,969
253,174
253,397
253,620
253,854

Civilian employment
Civilian
labor
force

Total

151,428
153,124
154,287
154,142
153,889
153,617
154,975
155,389
155,922
157,130
157,061
156,867
157,096
157,367
157,833
158,335
158,890
159,286
158,924
158,466
158,880
159,287
159,463

144,427
146,047
145,362
139,877
139,064
139,869
142,469
143,929
146,305
148,834
149,043
148,942
149,197
149,444
149,929
150,544
151,074
151,320
151,004
151,030
151,097
151,517
151,614

Men
20 years
and
over
74,431
75,337
74,750
71,341
71,230
72,182
73,403
74,176
75,471
76,776
76,865
76,775
76,857
76,823
77,119
77,704
77,991
78,096
77,999
77,917
78,127
78,048
78,143

Women
20 years
and
over
63,834
64,799
65,039
63,699
63,456
63,360
64,640
65,295
66,287
67,323
67,504
67,465
67,624
67,891
67,911
67,940
68,094
68,293
68,072
68,209
68,107
68,508
68,415

Percent 1

Unemployment
Both
sexes
16–19
years
6,162
5,911
5,573
4,837
4,378
4,327
4,426
4,458
4,548
4,734
4,674
4,702
4,715
4,729
4,899
4,901
4,990
4,931
4,934
4,904
4,864
4,961
5,056

Total

7,001
7,078
8,924
14,265
14,825
13,747
12,506
11,460
9,617
8,296
8,018
7,925
7,899
7,924
7,904
7,791
7,815
7,966
7,920
7,436
7,783
7,770
7,849

Men
20 years
and
over
3,131
3,259
4,297
7,555
7,763
6,898
5,984
5,568
4,585
3,959
3,776
3,803
3,803
3,800
3,808
3,629
3,677
3,719
3,749
3,490
3,661
3,786
3,695

Women
20 years
and
over
2,751
2,718
3,342
5,157
5,534
5,450
5,125
4,565
3,926
3,371
3,301
3,214
3,209
3,249
3,157
3,231
3,219
3,317
3,230
3,009
3,196
3,065
3,215

Both
sexes
16–19
years
1,119
1,101
1,285
1,552
1,528
1,400
1,397
1,327
1,106
966
941
908
887
875
938
931
920
929
941
937
926
920
938

Not
in
labor
force

77,387
78,743
79,501
81,659
83,941
86,001
88,310
90,290
92,025
93,671
94,035
94,458
94,446
94,380
94,103
94,062
93,688
93,482
94,044
94,708
94,517
94,333
94,391

Chart 11 - Aug 2016

Labor
Employ- Unemployforce
ment/
participa- population
ment
tion
rate
ratio
rate
66.2
66.0
66.0
65.4
64.7
64.1
63.7
63.2
62.9
62.7
62.6
62.4
62.5
62.5
62.6
62.7
62.9
63.0
62.8
62.6
62.7
62.8
62.8

63.1
63.0
62.2
59.3
58.5
58.4
58.6
58.6
59.0
59.3
59.4
59.3
59.3
59.4
59.5
59.6
59.8
59.9
59.7
59.7
59.6
59.7
59.7

4.6
4.6
5.8
9.3
9.6
8.9
8.1
7.4
6.2
5.3
5.1
5.1
5.0
5.0
5.0
4.9
4.9
5.0
5.0
4.7
4.9
4.9
4.9

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

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

11

Selected Unemployment Rates
In August, the unemployment rate remained at 4.9 percent.
PERCENT (SEASONALLY ADJUSTED)

PERCENT (SEASONALLY ADJUSTED)

30

30

25

25
TEENAGERS
(16-19)

20

20

15

15

BLACK OR
AFRICAN
AMERICAN1

10

10

HISPANIC1,2

MEN 20 YEARS
AND OVER

5

5
WHITE1

ALL CIVILIAN
WORKERS

ASIAN1

2014

2015

WOMEN 20 YEARS
AND OVER

0

0
2012

2013

2016

2012

2013

2014

2015

2016

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 - Aug 2016

By race or ethnicity 1

By sex and age
Period

2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2015: Aug 
����������
      
Sept 
���������
       �����������
Oct 
       ����������
Nov 
       �����������
Dec 
2016: Jan ����������
�
       �����������
Feb 
       ����������
Mar 
       �����������
Apr 
      
May ���������
�
      
June ��������
�
       ����������
July 
       ����������
Aug 

All
civilian
workers

4.6
4.6
5.8
9.3
9.6
8.9
8.1
7.4
6.2
5.3
5.1
5.1
5.0
5.0
5.0
4.9
4.9
5.0
5.0
4.7
4.9
4.9
4.9

Men
20 years
and
over

Women
20 years
and
over

4.0
4.1
5.4
9.6
9.8
8.7
7.5
7.0
5.7
4.9
4.7
4.7
4.7
4.7
4.7
4.5
4.5
4.5
4.6
4.3
4.5
4.6
4.5

4.1
4.0
4.9
7.5
8.0
7.9
7.3
6.5
5.6
4.8
4.7
4.5
4.5
4.6
4.4
4.5
4.5
4.6
4.5
4.2
4.5
4.3
4.5

Both
sexes
16–19
years
15.4
15.7
18.7
24.3
25.9
24.4
24.0
22.9
19.6
16.9
16.8
16.2
15.8
15.6
16.1
16.0
15.6
15.9
16.0
16.0
16.0
15.6
15.7

White

4.0
4.1
5.2
8.5
8.7
7.9
7.2
6.5
5.3
4.6
4.4
4.4
4.4
4.4
4.5
4.3
4.3
4.3
4.3
4.1
4.4
4.3
4.4

Black
or
African
American
8.9
8.3
10.1
14.8
16.0
15.8
13.8
13.1
11.3
9.6
9.4
9.2
9.2
9.4
8.3
8.8
8.8
9.0
8.8
8.2
8.6
8.4
8.1

By selected groups
Hispanic
or
Latino
ethnicity

Asian

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

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

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

12

5.2
5.6
7.6
12.1
12.5
11.5
10.3
9.1
7.4
6.6
6.6
6.4
6.4
6.4
6.3
5.9
5.4
5.6
6.1
5.6
5.8
5.4
5.6

Married
men,
spouse
present
2.4
2.5
3.4
6.6
6.8
5.8
4.9
4.3
3.4
2.8
2.8
2.8
2.8
2.7
2.7
2.6
2.6
2.9
2.7
2.6
2.6
2.6
2.7

Women
who
maintain
families
(NSA)
7.1
6.5
8.0
11.5
12.3
12.4
11.4
10.2
8.6
7.4
8.1
7.1
7.5
6.9
5.8
7.1
7.0
6.8
6.7
6.6
7.3
7.2
7.9

Full-time
workers

4.5
4.6
5.8
10.0
10.4
9.6
8.5
7.7
6.4
5.4
5.1
5.1
5.1
5.1
5.1
4.9
4.9
5.1
5.1
4.7
4.9
4.9
4.9

Part-time
workers

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

Selected Measures of Unemployment and Unemployment Insurance Programs
In August, the percentages of the unemployed who had been out of work for less than 5 weeks and for 5 to 14 weeks
rose, while the percentages for 15 to 26 weeks and 27 weeks and over fell. The mean duration of unemployment fell
to 27.6 weeks and the median duration fell to 11.2 weeks.
PERCENT DISTRIBUTION*

PERCENT DISTRIBUTION*

70

70

DURATION OF UNEMPLOYMENT

60

60

50

REASON FOR UNEMPLOYMENT

50
JOB LOSERS
27 WEEKS
AND OVER

40

40
LESS THAN
5 WEEKS

REENTRANTS

30

30
5-14
WEEKS

20

20
NEW ENTRANTS

15-26
WEEKS

10

10
JOB LEAVERS

0

0
2012

2013

2014

2015

2016

2012

2013

2014

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR

2015

2016

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted by NSA]
Chart 13 - Aug 2016

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
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2015: Aug 
����������
      
Sept 
���������
       �����������
Oct 
       ����������
Nov 
       �����������
Dec 
2016: Jan ����������
�
       �����������
Feb 
       ����������
Mar 
       �����������
Apr 
      
May ���������
�
      
June ��������
�
       ����������
July 
       ����������
Aug 

7,001
7,078
8,924
14,265
14,825
13,747
12,506
11,460
9,617
8,296
8,018
7,925
7,899
7,924
7,904
7,791
7,815
7,966
7,920
7,436
7,783
7,770
7,849

37.3
35.9
32.8
22.2
18.7
19.5
21.1
22.5
25.7
28.9
26.6
30.0
29.3
30.2
30.4
29.0
29.3
30.1
31.6
29.4
31.5
28.4
29.8

30.3
31.5
31.4
26.8
22.0
21.8
22.9
24.1
25.3
27.7
29.8
27.9
28.7
28.2
27.7
29.4
28.6
27.5
26.5
29.8
27.9
29.8
30.3

14.7
15.0
16.0
19.5
16.0
15.0
14.9
15.8
15.6
15.3
15.9
15.5
15.4
15.9
15.6
14.6
14.5
14.7
16.2
15.6
14.7
15.1
13.8

17.6
17.6
19.7
31.5
43.3
43.8
41.1
37.6
33.5
28.1
27.7
26.6
26.7
25.7
26.3
26.9
27.7
27.6
25.7
25.1
25.8
26.6
26.1

16.8
16.8
17.9
24.4
33.0
39.3
39.4
36.5
33.7
29.2
28.3
26.3
28.0
27.9
27.6
28.9
29.0
28.4
27.7
26.7
27.7
28.1
27.6

8.3
8.5
9.4
15.1
21.4
21.4
19.3
17.0
14.0
11.6
12.1
11.3
11.1
10.7
10.5
10.9
11.2
11.4
11.4
10.7
10.3
11.6
11.2

47.4
49.7
53.7
64.2
62.4
59.0
55.0
53.0
50.7
49.0
50.2
48.9
49.4
48.6
47.7
47.4
48.0
48.3
48.8
48.0
48.6
48.6
48.6

11.8
11.2
10.0
6.2
6.0
7.0
7.7
8.1
8.6
9.9
9.9
9.8
9.9
10.0
10.3
9.9
9.7
10.5
10.8
10.7
10.7
10.7
11.3

32.0
30.3
27.7
22.3
23.4
24.7
26.7
28.0
29.4
30.6
29.3
30.8
30.5
30.7
31.1
31.9
31.6
31.4
29.8
29.7
29.2
29.9
29.1

8.8
2,476
313
2,521
8.9
2,572
324
2,612
8.6
3,306
424
3,899
7.3
5,724
568
9,123
8.2
4,487
454
9,732
9.3
3,679
406
7,630
10.5
3,297
374
6,048
10.9
2,947
342
4,605
11.3
2,574
305
2,657
10.6
2,238
275
2,273
10.6
2,462
246
2,500
10.5
2,002
233
2,036
10.2
1,870
266
1,906
10.6
2,263
307
2,303
10.8
2,441
403
2,478
10.7
2,916
378
2,953
10.7
2,803
277
2,838
9.8
2,594
267
2,626
10.6
2,189
259
2,217
11.6
2,327
267
2,356
11.6
2,049
281
2,075
10.7 ��������������� ��������������� �����������������
11.0 ��������������� ��������������� �����������������

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

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

Also includes

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

13

Nonagricultural Employment
Total nonagricultural employment as measured by the payroll survey rose by 151,000 in August.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

150

104
102

145

100
ALL NONAGRICULTURAL
ESTABLISHMENTS

PRIVATE
SERVICE-PROVIDING
INDUSTRIES

98
96

140

94
135

92
90

130

24
22

EDUCATION AND
HEALTH SERVICES
PROFESSIONAL AND
BUSINESS SERVICES

20

125

18

120

RETAIL TRADE

16

PRIVATE
INDUSTRIES

14
22

115

GOODS-PRODUCING

20
110

18
16

105

14

24

GOVERNMENT

MANUFACTURING

12

22
20

10
2012

2013

2014

2015

2016

2012

2013

2014

*SEASONALLY ADJUSTED

2015

2016

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[Thousands of wage and salary workers; 1 monthly data seasonally adjusted]
Chart 14 - Aug 2016

Private industries

Period

2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2015: Aug 
����������
      
Sept 
���������
       �����������
Oct 
       ����������
Nov 
       �����������
Dec 
2016: Jan ����������
�
       �����������
Feb 
       ����������
Mar 
       �����������
Apr 
      
May ���������
�
      
June r �������
r ��������
      
July
       p ��������
Aug

Total
nonagricultural
employment

136,453
137,999
137,242
131,313
130,361
131,932
134,175
136,381
138,958
141,865
142,151
142,300
142,595
142,875
143,146
143,314
143,547
143,733
143,877
143,901
144,172
144,447
144,598

Goods-producing industries
Total
private

114,479
115,781
114,732
108,758
107,871
109,845
112,255
114,529
117,076
119,859
120,102
120,264
120,568
120,847
121,106
121,261
121,483
121,650
121,797
121,796
122,034
122,259
122,385

Total 2

Construc- Manufaction
turing

22,530
22,233
21,335
18,558
17,751
18,047
18,420
18,738
19,226
19,584
19,562
19,550
19,581
19,634
19,678
19,702
19,682
19,675
19,663
19,618
19,613
19,624
19,600

7,691
7,630
7,162
6,016
5,518
5,533
5,646
5,856
6,151
6,446
6,441
6,451
6,484
6,549
6,597
6,615
6,628
6,665
6,659
6,641
6,635
6,646
6,640

14,155
13,879
13,406
11,847
11,528
11,726
11,927
12,020
12,185
12,318
12,318
12,309
12,311
12,314
12,320
12,338
12,322
12,293
12,298
12,281
12,289
12,295
12,281

Private service-providing industries
Trade, transportation,
and utilities
Total
Total 3
91,949
93,548
93,398
90,201
90,120
91,798
93,834
95,791
97,850
100,275
100,540
100,714
100,987
101,213
101,428
101,559
101,801
101,975
102,134
102,178
102,421
102,635
102,785

26,276
26,630
26,293
24,906
24,636
25,065
25,476
25,862
26,383
26,920
26,978
26,987
27,011
27,087
27,114
27,173
27,229
27,280
27,296
27,292
27,311
27,339
27,373

Retail
trade
15,353
15,520
15,283
14,522
14,440
14,668
14,841
15,079
15,357
15,641
15,675
15,681
15,702
15,754
15,761
15,827
15,879
15,922
15,920
15,920
15,942
15,953
15,968

Information

Financial
activities

3,038
3,032
2,984
2,804
2,707
2,674
2,676
2,706
2,726
2,750
2,753
2,766
2,771
2,753
2,763
2,763
2,774
2,782
2,782
2,741
2,782
2,778
2,782

8,367
8,348
8,206
7,838
7,695
7,697
7,784
7,886
7,977
8,124
8,150
8,153
8,164
8,182
8,190
8,207
8,215
8,229
8,250
8,266
8,283
8,302
8,317

Profes- Education Leisure
sional
and
and
and
health
business services hospitality
services
17,566
17,942
17,735
16,579
16,728
17,332
17,932
18,515
19,062
19,672
19,742
19,782
19,873
19,921
19,981
19,979
20,014
20,045
20,102
20,134
20,182
20,262
20,284

18,154
18,676
19,228
19,630
19,975
20,318
20,769
21,086
21,439
22,055
22,137
22,192
22,270
22,315
22,378
22,404
22,481
22,527
22,574
22,620
22,672
22,716
22,755

13,110
13,427
13,436
13,077
13,049
13,353
13,768
14,254
14,696
15,128
15,158
15,208
15,261
15,307
15,342
15,376
15,413
15,431
15,446
15,449
15,502
15,547
15,576

Other
services

5,438
5,494
5,515
5,367
5,331
5,360
5,430
5,483
5,567
5,625
5,622
5,626
5,637
5,648
5,660
5,657
5,675
5,681
5,684
5,676
5,689
5,691
5,698

Government

21,974
22,218
22,509
22,555
22,490
22,086
21,920
21,853
21,882
22,007
22,049
22,036
22,027
22,028
22,040
22,053
22,064
22,083
22,080
22,105
22,138
22,188
22,213

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

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

14

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

Total
private
nonagricultural 1

Period

2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2015: July 
����������
       ����������
Aug 
      
Sept 
���������
       �����������
Oct 
       ����������
Nov 
       �����������
Dec 
2016: Jan ����������
�
       �����������
Feb 
       ����������
Mar 
       �����������
Apr 
      
May ���������
�
      
June r �������
r ��������
      
July
       p ��������
Aug

Average gross hourly earnings
Total private
nonagricultural 1

Manufacturing

Total

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

Overtime

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

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

Current
dollars

Manufacturing

1982-84
dollars 2

$16.75
$8.50
17.42
8.59
18.06
8.56
18.61
8.88
19.05
8.90
19.44
8.77
19.74
8.73
20.13
8.78
20.61
8.85
21.04
9.08
21.05
9.05
21.11
9.08
21.12
9.10
21.21
9.12
21.23
9.11
21.26
9.14
21.33
9.18
21.35
9.21
21.40
9.22
21.46
9.21
21.48
9.20
21.52
9.20
21.60
9.24
21.64 �����������������

Average gross weekly earnings
Total private
nonagricultural 1
Current
dollars

$16.81
17.26
17.75
18.24
18.61
18.93
19.08
19.30
19.56
19.91
19.96
20.02
20.07
20.06
20.07
20.12
20.17
20.21
20.29
20.39
20.41
20.43
20.48
20.53

Percent change from
a year earlier,
total private
nonagricultural

Current dollars

1982-84
dollars 2

Manufacturing
$690.88
711.53
724.46
726.12
765.18
784.29
794.63
807.37
822.03
832.42
834.33
836.84
836.92
836.50
836.92
839.00
845.12
844.78
846.09
852.30
855.18
851.93
860.16
858.15

$567.06
$287.70
589.18
290.57
607.42
287.80
615.96
293.83
636.19
297.33
652.89
294.66
665.65
294.24
677.73
295.53
694.91
298.54
709.13
305.91
709.39
304.91
711.41
305.91
711.74
306.62
714.78
307.34
715.45
307.16
718.59
309.05
718.82
309.26
719.50
310.54
719.04
309.94
721.06
309.42
721.73
309.07
723.07
308.99
727.92
311.34
727.10 �����������������

Construction

Retail
trade

$781.59
816.23
842.61
851.76
891.83
921.84
942.14
958.72
977.11
997.77
992.88
1,001.48
986.32
1,028.30
1,012.11
1,022.29
1,011.32
1,013.86
1,006.66
1,020.69
1,024.06
1,032.60
1,037.98
1,027.30

Current
dollars

$383.12
385.00
386.21
388.57
400.07
412.09
422.10
423.07
431.82
445.25
445.20
447.00
453.00
450.30
449.69
448.80
449.10
447.30
446.69
447.89
446.69
446.11
447.89
445.20

1982-84
dollars 2

4.2
1.0
3.9
1.0
3.1
–1.0
1.4
2.1
3.3
1.2
2.6
–.9
2.0
–.1
1.8
.4
2.5
1.0
2.0
2.5
2.0
2.3
1.8
2.1
2.1
2.8
2.4
2.9
2.0
2.0
2.6
2.2
2.2
1.0
2.2
1.6
2.1
1.6
2.2
1.4
2.3
1.6
2.5
1.7
2.6
2.1
2.2 �������������������

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
2006: Dec �����������������������������������������
�
2007: Dec �����������������������������������������
�
2008: Dec �����������������������������������������
�
2009: Dec �����������������������������������������
�
2010: Dec �����������������������������������������
�
2011: Dec �����������������������������������������
�
2012: Dec �����������������������������������������
�
2013: Dec �����������������������������������������
�
2014: Dec �����������������������������������������
�
2015: Dec �����������������������������������������
�

103.2
106.3
108.9
110.2
112.5
115.0
117.1
119.4
122.2
124.5

103.2
106.6
109.4
110.8
112.8
114.6
116.6
119.0
121.6
124.2

103.1
105.6
107.7
108.7
111.9
115.9
118.2
120.5
123.5
125.1

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

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

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

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

119.9
120.9
121.7
122.3
123.2
123.2
124.0
124.6
125.4
126.1

119.4
120.2
121.1
121.7
122.6
122.8
123.6
124.3
125.2
126.0

121.2
122.6
123.2
123.8
124.4
124.2
124.8
125.3
125.9
126.4

3.2
3.0
2.4
1.2
2.1
2.2
1.8
2.0
2.3
1.9

3.2
3.3
2.6
1.3
1.8
1.6
1.7
2.1
2.2
2.1

3.1
2.4
2.0
0.9
2.9
3.6
2.0
1.9
2.5
1.3

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

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

0.3
1.2
.5
.5
.5
–.2
.5
.4
.5
.4

1.7
2.0
2.3
2.3
2.8
1.9
1.9
1.9
1.8
2.4

1.7
1.9
2.3
2.2
2.8
2.2
2.1
2.1
2.0
2.6

1.8
2.4
2.3
2.5
2.6
1.4
1.4
1.3
1.2
1.7

1 Employer costs for employee benefits.

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

15

Productivity and Related Data, Business and Nonfarm Business Sectors
Labor productivity
(output per hour)
Period
Business
sector

Nonfarm
business
sector

Hours of
all persons 2

Output 1

Business
sector

Nonfarm
business
sector

Business
sector

Compensation
per hour 3

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Real
compensation
per hour 4
Business
sector

Nonfarm
business
sector

Unit labor
costs

Implicit price
deflator 5

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

97.6
100.4
102.2
100.0
98.6
100.7
102.7
103.4
105.4
107.5
101.7
101.7
102.1
105.3
102.5
104.0
103.7
103.3
105.8
104.9
104.8
106.1
106.4
107.3
107.5
108.9
108.8
109.9

97.5
100.1
102.1
100.0
98.7
100.7
102.5
103.3
105.4
107.5
101.5
101.5
101.8
105.0
102.3
103.9
103.8
103.3
105.8
104.9
104.8
106.1
106.3
107.3
107.5
109.0
108.9
110.1

96.0
98.2
99.8
100.0
101.1
103.3
105.3
106.9
108.5
109.3
104.5
105.0
105.7
106.0
106.4
106.6
107.1
107.5
107.9
108.5
108.9
108.9
108.7
109.3
109.5
109.6
109.7
110.3

96.0
97.9
99.4
100.0
101.0
102.8
104.7
106.3
108.1
109.2
104.0
104.5
105.1
105.3
105.6
105.9
106.5
107.1
107.5
108.0
108.5
108.5
108.6
109.1
109.4
109.5
109.7
110.3

2.9
2.9
1.8
–2.2
–1.4
2.1
2.0
.6
2.0
2.0
9.6
.2
1.5
13.2
–10.4
5.9
–.8
–1.9
10.4
–3.6
–.2
5.1
.9
3.6
.6
5.5
–.4
4.1

3.0
2.7
1.9
–2.0
–1.3
2.1
1.7
.9
2.0
2.0
8.9
–.1
1.1
13.2
–9.7
6.5
–.5
–1.9
10.2
–3.7
–.2
5.2
.7
3.6
.8
5.7
–.3
4.3

2.7
2.3
1.5
.2
1.1
2.2
1.9
1.5
1.6
.7
1.7
2.1
2.4
1.4
1.5
.5
1.9
1.7
1.5
2.3
1.3
–.1
–.4
2.1
.9
.1
.4
2.2

2.8
2.0
1.5
.6
1.0
1.8
1.9
1.5
1.7
1.0
1.7
2.2
2.1
1.1
1.1
1.1
2.3
2.3
1.4
1.9
1.8
.1
.4
2.0
1.0
.5
.7
2.3

Indexes, 2009=100; quarterly data seasonally adjusted
2006 r ������������������
2007 r ������������������
2008 r ������������������
2009 r ������������������
2010 r ������������������
2011 r ������������������
2012 r ������������������
2013 r ������������������
2014 r ������������������
2015 r ������������������
2012: I r ��������������
       r �������������
II
       r ������������
III
       r ������������
IV
2013: I r ��������������
       r �������������
II
       r ������������
III
       r ������������
IV
2014: I r ��������������
       r �������������
II
       r ������������
III
       r ������������
IV
2015: I r ��������������
       r �������������
II
       r ������������
III
       r ������������
IV
2016: I r ��������������
       * �����������
II �

94.7
96.1
96.9
100.0
103.3
103.3
104.0
104.8
105.4
106.2
103.9
104.4
104.1
103.7
104.3
104.3
104.7
105.7
104.8
105.2
106.1
105.6
105.8
106.2
106.8
106.1
106.0
105.8

94.7
96.3
97.0
100.0
103.3
103.4
104.3
104.7
105.5
106.5
104.1
104.7
104.5
104.0
104.3
104.1
104.6
105.6
104.7
105.2
106.3
105.9
106.1
106.4
107.0
106.3
106.2
106.0

103.3
105.5
104.2
100.0
103.2
105.3
108.4
110.8
114.1
117.6
107.8
108.5
108.6
108.7
109.7
110.0
111.1
112.6
112.0
113.4
115.1
115.9
116.6
117.5
118.1
118.3
118.6
118.9

103.4
105.8
104.4
100.0
103.2
105.5
108.8
110.9
114.3
117.8
108.1
108.8
109.1
109.1
109.9
110.1
111.1
112.6
112.1
113.5
115.3
116.1
116.8
117.7
118.2
118.5
118.7
119.0

109.1
109.7
107.6
100.0
99.9
102.0
104.2
105.8
108.2
110.7
103.8
103.9
104.3
104.8
105.1
105.4
106.1
106.5
106.9
107.7
108.5
109.7
110.2
110.6
110.6
111.5
111.9
112.5

109.2
109.9
107.7
100.0
99.9
102.0
104.2
106.0
108.3
110.6
103.8
103.9
104.4
104.9
105.3
105.7
106.2
106.6
107.1
107.9
108.5
109.7
110.1
110.6
110.5
111.4
111.8
112.3

92.4
96.5
99.0
100.0
101.8
104.0
106.9
108.3
111.1
114.3
105.6
106.2
106.3
109.2
106.9
108.4
108.6
109.1
110.9
110.4
111.2
112.1
112.6
114.0
114.8
115.6
115.3
116.3

92.4
96.4
99.0
100.0
101.9
104.1
106.9
108.2
111.2
114.5
105.7
106.3
106.4
109.2
106.8
108.2
108.6
109.1
110.8
110.3
111.4
112.4
112.9
114.2
115.0
115.9
115.6
116.7

98.3
99.9
98.7
100.0
100.2
99.2
99.9
99.8
100.7
103.4
99.2
99.6
99.3
101.2
98.8
100.3
99.9
100.0
101.0
100.0
100.6
101.5
102.6
103.3
103.7
104.2
104.0
104.2

98.3
99.7
98.6
100.0
100.3
99.4
99.9
99.6
100.8
103.6
99.3
99.7
99.3
101.2
98.6
100.1
99.9
99.9
100.9
100.0
100.7
101.7
102.9
103.4
103.8
104.4
104.3
104.5

Percent change; quarterly data at seasonally adjusted annual rates
2006 r ������������������
2007 r ������������������
2008 r ������������������
2009 r ������������������
2010 r ������������������
2011 r ������������������
2012 r ������������������
2013 r ������������������
2014 r ������������������
2015 r ������������������
2012: I r ��������������
       r �������������
II
       r ������������
III
       r ������������
IV
2013: I r ��������������
       r �������������
II
       r ������������
III
       r ������������
IV
2014: I r ��������������
       r �������������
II
       r ������������
III
       r ������������
IV
2015: I r ��������������
       r �������������
II
       r ������������
III
       r ������������
IV
2016: I r ��������������
       * �����������
II �

1.0
1.5
.8
3.2
3.3
.0
.7
.7
.6
.8
.1
2.2
–1.1
–1.7
2.6
–.2
1.6
3.8
–3.6
1.8
3.4
–1.8
.7
1.5
2.3
–2.5
–.7
–.8

0.9
1.6
.7
3.1
3.3
.1
.9
.3
.8
.9
.6
2.3
–.8
–2.0
1.3
–.7
1.7
4.1
–3.7
2.0
4.2
–1.6
1.1
1.2
2.0
–2.4
–.6
–.6

3.2
2.1
–1.2
–4.1
3.2
2.1
2.9
2.2
3.0
3.1
3.4
2.6
.6
.2
3.7
1.1
4.1
5.4
–2.0
5.0
6.4
2.8
2.3
3.0
2.1
.8
.8
1.2

3.2
2.3
–1.3
–4.3
3.2
2.2
3.1
2.0
3.0
3.1
3.9
2.7
1.0
.2
2.8
.6
3.8
5.6
–1.8
5.1
6.5
2.7
2.4
3.1
1.8
.8
.7
1.1

2.2
.6
–1.9
–7.1
–.1
2.1
2.2
1.5
2.3
2.3
3.3
.4
1.7
1.9
1.1
1.2
2.5
1.5
1.6
3.1
2.9
4.7
1.6
1.6
–.2
3.4
1.5
2.0

2.2
.7
–2.0
–7.2
–.1
2.1
2.2
1.7
2.2
2.1
3.2
.4
1.9
2.2
1.6
1.3
2.0
1.4
2.0
3.0
2.3
4.4
1.3
1.9
–.2
3.3
1.4
1.7

3.9
4.4
2.6
1.0
1.8
2.1
2.8
1.4
2.6
2.8
9.7
2.4
.4
11.2
–8.0
5.8
.8
1.9
6.5
–1.8
3.2
3.3
1.6
5.1
2.9
2.9
–1.1
3.3

3.9
4.3
2.7
1.0
1.9
2.2
2.7
1.2
2.8
2.9
9.6
2.2
.2
10.9
–8.6
5.7
1.2
2.1
6.2
–1.7
3.9
3.6
1.8
4.8
2.9
3.1
–.9
3.7

0.7
1.6
–1.2
1.3
.2
–1.0
.7
–.1
1.0
2.7
7.1
1.6
–1.3
8.1
–9.5
6.3
–1.3
.1
4.1
–3.8
2.3
3.6
4.6
2.6
1.6
2.1
–.7
.7

0.7
1.4
–1.1
1.4
.3
–.9
.6
–.3
1.1
2.8
7.0
1.4
–1.5
7.8
–10.0
6.3
–.9
.3
3.8
–3.6
3.0
3.9
4.8
2.2
1.5
2.3
–.6
1.1

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

self-employed.
4 Hourly compensation divided by consumer price series. The trend for 1978-2015 is based on the consumer price index research series (CPI-U-RS). The change for prior years and recent quarters is
based on the consumer price index for all urban consumers (CPI-U).
5 Current dollar gross domestic output divided by the output index.
Note: Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here.
Data reflect annual revisions; for details, see Productivity and Costs release dated August 9, 2016.
* Data based on GDP data released on August 26, 2016.
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 July.
INDEX, 2012 = 100* (RATIO SCALE)
120

INDEX, 2012 = 100* (RATIO SCALE)
130

TOTAL INDUSTRIAL PRODUCTION

FINAL PRODUCTS

110
120
100
110

90

CONSUMER
GOODS

BUSINESS
EQUIPMENT

80
100

120

MANUFACTURING

1

DURABLE

TOTAL

110

DEFENSE AND
SPACE EQUIPMENT

90

100
NONDURABLE

90

80
80
140

PERCENT*
86
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
84

UTILITIES AND MINING

130

MINING

120

82
80
78

110

76
100

74
72

UTILITIES

90

70
68
66

80
2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

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

2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2015: July 
����������
       ����������
Aug 
      
Sept 
���������
       �����������
Oct 
       ����������
Nov 
       �����������
Dec 
2016: Jan ����������
�
       r ���������
Feb
       r ��������
Mar
       r ���������
Apr
      
May r ��������
      
June r �������
       p ��������
July

Percent change 2
Index,
2012=100

102.4
105.0
101.2
89.6
94.5
97.3
100.0
101.9
104.9
105.2
105.5
105.6
105.3
105.2
104.5
104.0
104.5
104.4
103.4
103.9
103.7
104.1
104.9

From
preceding
month
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
0.6
.1
–.3
–.1
–.6
–.4
.5
–.1
–1.0
.5
–.2
.4
.7

Chart 17 - Aug 2016

Industry production indexes, 2012=100

Capacity utilization rate
(output as percent of
capacity) 1

Manufacturing

From
year
earlier
2.2
2.5
–3.6
–11.5
5.5
2.9
2.8
1.9
2.9
.3
.3
.4
–.3
–.5
–2.1
–2.3
–1.4
–1.4
–2.0
–1.3
–1.3
–.7
–.5

Total 1
106.3
109.2
103.9
89.6
94.8
97.5
100.0
100.9
102.2
103.0
103.5
103.4
103.1
103.4
103.1
103.0
103.4
103.3
102.9
103.0
102.8
103.1
103.6

Durable
98.2
103.0
99.4
80.7
89.3
94.8
100.0
102.1
105.2
105.8
106.5
106.3
106.0
106.2
105.5
105.8
106.0
106.1
105.4
106.0
105.5
106.4
107.1

Nondurable
111.1
112.5
105.8
97.7
99.8
99.9
100.0
100.0
99.4
101.1
101.2
101.4
101.3
101.4
101.6
101.3
102.0
101.6
101.7
101.2
101.3
100.9
101.4

Other
(non-NAICS) 1
168.2
158.5
144.5
120.8
111.6
106.3
100.0
95.0
94.4
88.4
89.8
88.4
87.0
87.5
87.1
86.2
84.7
85.4
83.9
83.9
83.4
82.3
82.7

Mining

86.9
87.6
88.5
83.9
88.2
93.1
100.0
106.5
118.2
116.1
116.0
116.5
115.2
114.1
112.6
110.1
108.2
108.6
106.1
103.0
103.8
103.4
104.2

Utilities

99.1
102.2
101.9
99.0
102.7
102.4
100.0
102.3
103.7
102.9
102.6
103.8
104.3
102.3
99.6
97.9
101.5
100.4
96.3
102.3
101.9
104.0
106.2

Total
industry

Total
manufacturing

80.4
80.7
77.7
68.5
73.6
76.1
76.7
76.9
78.2
76.7
76.7
76.7
76.4
76.3
75.7
75.4
75.7
75.6
74.9
75.2
75.1
75.4
75.9

78.6
78.8
74.7
65.6
70.8
73.7
74.6
74.5
75.4
75.5
75.8
75.7
75.5
75.6
75.3
75.2
75.5
75.4
75.0
75.0
74.8
75.0
75.4

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

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

17

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

Materials

Final products
Consumer goods

Period
Total

2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2015: July 
����������
       ����������
Aug 
      
Sept 
���������
       �����������
Oct 
       ����������
Nov 
       �����������
Dec 
2016: Jan ����������
�
       r ���������
Feb
       r ��������
Mar
       r ���������
Apr
      
May r ��������
      
June r �������
       p ��������
July

Nonindustrial supplies

Total

105.8
108.2
104.1
93.1
96.3
98.4
100.0
100.1
101.1
101.0
101.5
101.8
101.2
100.9
100.1
99.9
100.7
100.6
99.6
100.8
100.5
101.0
101.6

112.9
113.3
107.0
99.3
100.1
101.4
100.0
100.7
101.4
102.9
103.6
104.0
103.4
103.2
102.5
102.3
103.6
103.4
102.2
103.7
103.2
103.8
104.4

Durable
goods
119.4
120.7
105.5
86.4
93.7
98.0
100.0
105.7
110.5
114.8
117.3
116.2
116.5
117.2
116.4
117.3
118.3
118.6
117.4
118.7
115.9
119.5
120.3

Equipment
Nondurable
goods
110.7
110.8
107.3
102.9
101.9
102.3
100.0
99.4
99.1
99.8
100.1
100.8
100.0
99.6
98.9
98.4
99.8
99.5
98.3
99.8
99.9
99.7
100.2

Total 1
92.4
98.5
98.4
81.5
88.8
92.6
100.0
99.0
100.6
97.5
97.4
97.8
97.2
96.6
95.7
95.5
95.4
95.3
94.7
95.5
95.5
95.9
96.4

Business
94.9
99.6
97.6
79.9
86.4
91.0
100.0
99.8
102.2
102.9
103.5
103.9
103.4
102.8
101.6
101.3
101.5
101.8
101.2
102.5
102.3
102.9
103.5

Defense
and
space

Total

76.5
91.2
98.4
94.0
101.1
98.2
100.0
97.1
94.3
89.0
88.2
88.7
88.0
87.8
88.2
89.1
88.2
88.2
87.6
87.6
88.8
88.4
88.1

117.2
117.7
110.5
93.5
96.6
97.9
100.0
102.1
104.4
105.2
104.8
105.0
105.0
106.0
106.1
105.8
106.2
106.6
105.4
105.6
105.2
105.1
105.5

Construction

130.6
129.5
117.5
90.4
93.6
95.9
100.0
103.0
106.8
108.3
108.0
108.4
107.6
109.7
109.7
110.0
110.1
111.2
110.3
110.4
109.5
109.1
109.6

Business

111.2
112.5
107.4
94.9
97.9
98.9
100.0
101.8
103.3
103.6
103.2
103.4
103.7
104.2
104.3
103.7
104.3
104.2
102.9
103.1
103.0
103.0
103.4

Total 1

95.3
98.6
96.1
85.5
92.5
96.2
100.0
103.3
108.1
108.7
109.0
108.8
108.8
108.4
107.6
106.9
107.1
106.8
105.8
105.7
105.7
106.2
107.3

Energy

87.8
89.7
90.3
88.1
91.8
94.6
100.0
105.4
114.1
114.8
114.7
115.6
115.5
113.5
111.5
109.6
110.3
109.2
107.1
107.5
107.6
109.2
111.1

1 Includes other items, not shown separately.

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

Primary metals
Period
Total
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2015: July 
����������
       ����������
Aug 
      
Sept 
���������
       �����������
Oct 
       ����������
Nov 
       �����������
Dec 
2016: Jan ����������
�
       r ���������
Feb
       r ��������
Mar
       r ���������
Apr
      
May r ��������
      
June r �������
       p ��������
July

101.9
104.0
104.2
77.5
95.1
102.1
100.0
103.3
103.4
96.7
98.4
96.6
94.9
96.1
95.3
93.6
93.7
95.2
95.4
94.8
96.0
95.7
94.6

Iron
and
steel
products
101.0
102.6
109.2
70.4
91.8
100.1
100.0
102.1
100.2
88.5
92.3
89.3
88.0
87.7
82.5
82.9
84.2
88.3
89.8
89.2
91.1
92.2
88.3

Fabricated
metal
products

110.2
114.9
110.8
85.2
90.8
97.1
100.0
101.8
104.2
102.7
102.8
101.8
101.8
101.2
100.9
101.7
101.6
101.2
99.8
100.1
100.0
99.7
100.2

Nondurable manufactures

Machinery
Total
93.1
97.1
94.5
73.5
82.1
92.5
100.0
95.4
95.9
94.3
94.5
95.7
95.1
94.5
92.2
90.9
90.2
89.9
88.9
91.9
91.2
93.0
93.7

69.3
79.6
85.7
76.2
86.0
92.8
100.0
103.1
108.6
111.6
111.3
111.8
112.0
112.0
111.9
113.2
113.4
113.1
113.5
113.7
114.5
114.1
114.6

Selected
high-technology 1
56.5
67.0
76.9
67.5
81.5
91.5
100.0
110.6
122.8
125.4
124.4
124.2
125.1
126.9
124.8
127.0
129.1
127.4
127.7
128.7
130.0
130.3
131.6

Transportation
equipment
Total
95.8
101.7
91.0
74.6
86.5
90.5
100.0
105.1
111.2
114.8
117.5
115.8
115.7
116.1
115.1
115.5
116.2
117.0
115.7
116.4
114.2
117.0
118.2

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
107.1
106.3
85.1
62.3
82.7
90.4
100.0
107.2
115.7
122.7
128.6
124.5
124.9
126.1
124.1
124.1
126.6
127.7
126.2
127.7
122.0
128.4
130.9

Apparel

252.3
202.3
157.2
112.8
109.5
103.0
100.0
92.6
90.9
91.0
91.2
91.4
90.9
89.0
90.0
89.5
84.0
85.6
85.4
82.1
81.8
81.7
80.7

Printing
and
related
support
activities
128.5
131.1
122.7
102.8
102.7
101.0
100.0
100.2
100.3
102.2
102.1
102.9
102.7
103.2
103.5
103.3
103.5
103.2
101.5
100.7
99.1
100.1
98.8

Chemicals

111.9
117.5
108.6
98.1
101.3
101.3
100.0
96.6
95.8
98.0
98.1
97.3
97.7
98.3
98.9
98.2
99.2
98.6
99.5
98.5
98.9
97.9
98.7

Food

101.3
101.9
100.6
100.0
100.4
100.2
100.0
102.0
102.2
103.1
102.9
103.6
103.8
102.8
103.6
103.1
104.9
104.1
104.2
103.8
105.1
105.2
105.2

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

2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2015: July 
����������
       ����������
Aug 
      
Sept 
���������
       �����������
Oct 
       ����������
Nov 
       �����������
Dec 
2016: Jan ����������
�
       �����������
Feb 
       ����������
Mar 
       �����������
Apr 
      
May r ��������
      
June r �������
       p ��������
July

Total
new
construction
expenditures

Residential
Total

1,161.3
1,148.0
1,077.4
906.5
809.3
788.3
850.5
906.4
1,005.6
1,112.4
1,135.9
1,145.2
1,152.1
1,134.4
1,135.5
1,133.7
1,144.9
1,157.7
1,176.4
1,142.5
1,143.8
1,153.5
1,153.2

New
housing

Total 1

905.9
858.9
768.6
591.6
505.3
501.9
571.1
635.7
729.5
823.5
838.3
848.6
858.9
845.7
853.7
844.1
849.7
858.1
879.0
854.6
860.3
866.5
875.0

Federal
and
State
and
local

Nonresidential

607.8
488.8
359.2
247.5
242.0
244.1
269.8
323.4
369.8
433.7
437.3
443.0
449.7
445.4
449.5
450.1
450.0
455.7
468.4
445.5
444.4
444.0
445.5

Total

468.8
354.1
230.1
133.9
127.3
123.2
154.5
202.3
235.2
285.2
284.0
293.7
300.6
304.6
305.7
306.8
306.4
307.2
308.3
302.2
300.4
298.6
297.9

Lodging

298.1
370.0
409.4
344.1
263.3
257.8
301.4
312.3
359.7
389.9
401.0
405.5
409.2
400.4
404.2
393.9
399.7
402.4
410.6
409.1
415.9
422.5
429.5

Commercial
(including
farm)

Office

17.6
27.5
35.4
25.4
11.2
8.4
10.2
13.0
16.3
21.2
21.7
23.0
23.1
22.1
22.1
22.3
23.1
24.3
25.8
25.9
27.5
28.1
27.8

45.7
53.8
55.5
37.3
24.4
23.7
27.4
30.1
38.9
47.2
49.2
49.5
49.6
48.8
52.0
50.2
50.7
54.6
55.8
56.4
56.6
61.2
64.0

Manufacturing

73.4
85.9
82.7
51.1
37.2
39.2
44.3
50.9
60.9
64.3
63.5
64.6
64.9
66.6
65.0
67.3
68.9
68.3
68.8
68.0
69.4
71.2
72.1

Other 2

32.3
40.2
53.6
57.4
40.6
39.8
46.8
49.9
58.1
77.5
79.3
80.4
82.1
80.0
79.0
72.4
74.5
74.0
76.4
74.1
74.9
72.4
75.2

129.2
162.7
182.3
173.0
149.9
146.7
172.6
168.3
185.5
179.7
187.3
188.0
189.5
182.9
186.0
181.7
182.4
181.3
183.8
184.7
187.5
189.5
190.4

New
houses
sold

New
houses
for sale
at end
of period 3

255.4
289.1
308.7
314.9
304.0
286.4
279.3
270.7
276.1
288.9
297.6
296.7
293.2
288.7
281.8
289.6
295.2
299.6
297.4
287.9
283.5
287.0
278.2

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

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

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

New housing units started
Type of structure

Period
Total
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 r ������������������
2015 ��������������������

1,800.9
1,355.0
905.5
554.0
586.9
608.8
780.6
924.9
1,003.3
1,111.8

1 unit
1,465.4
1,046.0
622.0
445.1
471.2
430.6
535.3
617.6
647.9
714.5

Type of structure

2–4 units 1
42.7
31.7
17.5
11.6
11.4
10.9
11.4
13.6
13.7
11.5

5 units or
more

Total

292.8
277.3
266.0
97.3
104.3
167.3
233.9
293.7
341.7
385.8

1,838.9
1,398.4
905.4
583.0
604.6
624.1
829.7
990.8
1,052.1
1,182.6

1 unit
1,378.2
979.9
575.6
441.1
447.3
418.5
518.7
620.8
640.3
696.0

2–4 units

5 units or
more

New
housing
units
completed

Vacancy
rate for
rental
housing
units
(percent) 4

76.6
59.6
34.4
20.7
22.0
21.6
25.9
29.0
29.9
32.1

384.1
359.0
295.4
121.1
135.3
184.0
285.1
341.1
382.0
454.5

1,979.4
1,502.8
1,119.7
794.4
651.7
584.9
649.2
764.4
883.8
968.2

1,051
776
485
375
323
306
368
429
437
501

536
497
353
234
190
151
150
187
211
235

9.7
9.8
10.0
10.6
10.2
9.5
8.7
8.3
7.6
7.1

30
30
38
35
29
35
35
33
34
32
28
29
29

418
426
383
415
522
428
426
396
318
357
377
386
404

994
963
1,010
984
973
1,033
1,056
1,025
1,063
952
1,015
1,119
1,026

498
505
457
478
508
538
526
525
537
570
572
582
654

215
217
221
225
230
235
239
242
244
241
239
240
233

��������������������
��������������������
7.3
��������������������
��������������������
7.0
��������������������
��������������������
7.0
��������������������
��������������������
6.7
��������������������

Seasonally adjusted annual rates
2015: July 
����������
       ����������
Aug 
      
Sept 
���������
       �����������
Oct 
       ����������
Nov 
       �����������
Dec 
2016: Jan ����������
�
       �����������
Feb 
       ����������
Mar 
       r ���������
Apr
      
May r ��������
      
June r �������
       p ��������
July

1,147
1,132
1,189
1,073
1,171
1,160
1,128
1,213
1,113
1,155
1,128
1,186
1,211

760
731
743
714
786
765
775
845
751
764
737
766
770

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

376
394
435
347
379
378
335
356
353
378
386
400
433

1,142
1,166
1,129
1,175
1,286
1,201
1,188
1,162
1,077
1,130
1,136
1,153
1,144

694
710
708
725
735
738
727
733
725
741
731
738
711

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 June, according to preliminary estimates, manufacturing and trade sales rose 1.1 percent. In July, according to
advance estimates, manufacturing and trade inventories fell $1.6 billion, both retail sales and retail and food services
sales fell slightly, and retail inventories fell $2.3 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
1,900

BILLIONS OF DOLLARS* (RATIO SCALE)
650

MANUFACTURING AND
TRADE INVENTORIES

1,800

600

RETAIL INVENTORIES

550

1,700

500

1,600

RETAIL AND FOOD
SERVICES SALES

450
1,500
400

MANUFACTURING
AND TRADE SALES

1,400

RETAIL SALES

350

1,300

300

1,200

RATIO*
1.70

INVENTORY/SALES RATIO

1,100

1.60
1.50

1,000

RETAIL

1.40

MANUFACTURING
AND TRADE

1.30
1.20

900
2012

2013

2014

2015

2016

2012

2013

2014

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

2015

2016

COUNCIL OF ECONOMIC ADVISERS

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

Sales 2

2006 ��������������������
1,069,032
2007 ��������������������
1,128,176
2008 ��������������������
1,160,786
2009 ��������������������
988,963
2010 ��������������������
1,089,143
2011 ��������������������
1,206,723
2012 ��������������������
1,267,248
2013 ��������������������
1,302,966
2014 ��������������������
1,339,701
2015 ��������������������
1,303,996
2015: May ���������
�
1,310,766
r �������
      
June
1,316,192
r ��������
      
July
1,315,361
       ����������
Aug 
1,304,133
      
Sept 
���������
1,304,345
       �����������
Oct 
1,301,006
       ����������
Nov 
1,296,965
       �����������
Dec 
1,289,639
2016: Jan ����������
�
1,279,099
       �����������
Feb 
1,275,814
       ����������
Mar 
1,278,267
       �����������
Apr 
1,288,674
r ��������
      
May
1,292,865
r �������
      
June
1,307,506
       p �������� �����������������������
July

Inventories 3

Inventory/sales
ratio 4

Wholesale
Sales 2

1,407,550
1.28
328,438
1,486,039
1.28
351,956
1,464,379
1.31
377,078
1,329,577
1.38
319,236
1,447,968
1.27
361,634
1,561,441
1.26
407,217
1,649,980
1.27
434,002
1,714,804
1.29
447,237
1,777,829
1.31
463,265
1,801,193
1.38
443,332
1,792,015
1.37
446,464
1,804,400
1.37
446,586
1,803,591
1.37
446,811
1,802,092
1.38
441,825
1,807,638
1.39
443,480
1,803,740
1.39
443,578
1,800,901
1.39
438,064
1,801,193
1.40
436,605
1,800,048
1.41
428,448
1,798,344
1.41
427,568
1,804,490
1.41
429,952
1,807,046
1.40
433,212
1,809,950
1.40
436,388
1,812,617
1.39
444,596
1,811,039 ����������������������� �����������������������

Inventories 3

Retail
Inventory/sales
ratio 4

399,056
1.17
424,640
1.17
445,208
1.20
397,020
1.28
441,058
1.14
485,328
1.15
520,341
1.17
541,205
1.18
576,240
1.21
587,178
1.32
586,181
1.31
589,442
1.32
588,483
1.32
588,696
1.33
590,904
1.33
589,595
1.33
588,101
1.34
587,178
1.34
586,160
1.37
582,888
1.36
584,254
1.36
588,382
1.36
589,318
1.35
590,286
1.33
590,159 �����������������������

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

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

20

Sales 2
322,631
332,932
327,959
301,079
318,237
341,849
358,519
371,584
386,362
392,359
392,927
393,079
395,624
394,781
394,883
394,545
395,480
396,723
394,878
395,126
393,775
399,134
399,588
r 403,186
403,115

Inventories 3
486,253
500,341
476,899
428,900
454,246
470,144
504,651
542,192
558,626
587,971
566,968
572,071
576,122
577,448
583,605
583,697
585,290
587,971
589,791
593,701
598,925
598,209
600,965
602,859
600,551

Chart 20 - Aug 2016

Retail and food
Inventory/sales services sales 2
4
ratio
1.49
1.49
1.52
1.47
1.39
1.35
1.37
1.41
1.43
1.46
1.44
1.46
1.46
1.46
1.48
1.48
1.48
1.48
1.49
1.50
1.52
1.50
1.50
1.50
1.49

357,863
369,978
365,982
338,747
357,149
383,131
402,199
416,770
434,295
444,170
444,400
444,747
447,619
446,970
447,207
447,066
448,454
450,448
448,041
449,294
447,907
453,397
454,135
r 457,901
457,727

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

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

380
340
NONDURABLE GOODS

300

380
340

260

300

220

260

DURABLE GOODS

180

NONDURABLE GOODS

220

140

180

BILLIONS OF DOLLARS* (RATIO SCALE)
580
540 NEW ORDERS
500
460
TOTAL
420
380
340

140
RATIO*
1.60

INVENTORY/SHIPMENTS RATIO

1.50

DURABLE GOODS

300
260

1.40

220

1.30

180

1.20
1.10

140
2012

2014

2013

2015

2016

2013

2012

2014

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

2015

COUNCIL OF ECONOMIC ADVISERS

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1

Chart 21- Aug 2016

Durable goods
Period

Total

Durable
goods

2016

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
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2015: July 
����������
       ����������
Aug 
      
Sept 
���������
       �����������
Oct 
       ����������
Nov 
       �����������
Dec 
2016: Jan ����������
�
       �����������
Feb 
       ����������
Mar 
       �����������
Apr 
      
May ���������
�
      
June r �������
       p ��������
July

417,963
443,288
455,750
368,648
409,273
457,658
474,727
484,145
490,074
468,306
472,926
467,527
465,982
462,883
463,421
456,311
455,773
453,120
454,540
456,328
456,889
459,724
458,864

213,516
223,919
218,056
171,402
190,059
206,591
218,965
224,651
232,628
235,052
238,164
236,896
237,050
234,118
236,149
231,003
234,743
232,924
231,225
232,208
231,421
232,448
232,726

204,447
219,369
237,694
197,246
219,214
251,067
255,762
259,495
257,447
233,254
234,762
230,631
228,932
228,765
227,272
225,308
221,030
220,196
223,315
224,120
225,468
227,276
226,138

522,241
561,058
542,272
503,657
552,664
605,969
624,988
631,407
642,963
626,044
638,986
635,948
633,129
630,448
627,510
626,044
624,097
621,755
621,311
620,455
619,667
619,472
620,329

317,357
334,520
329,751
294,639
321,356
352,642
367,396
370,943
390,237
388,040
393,152
392,183
390,375
388,396
386,932
388,040
386,984
385,682
385,062
383,677
382,258
381,715
383,116

204,884
226,538
212,521
209,018
231,308
253,327
257,592
260,464
252,726
238,004
245,834
243,765
242,754
242,052
240,578
238,004
237,113
236,073
236,249
236,778
237,409
237,757
237,213

424,137
449,752
454,344
350,478
407,992
459,305
475,809
485,281
494,123
462,797
471,392
460,477
452,625
463,278
459,779
448,710
452,786
444,277
451,814
459,849
454,295
446,331
454,759

219,691
230,383
216,650
153,232
188,778
208,238
220,047
225,786
236,676
229,543
236,630
229,846
223,693
234,513
232,507
223,402
231,756
224,081
228,499
235,729
228,827
219,055
228,621

74,114
79,790
73,286
48,926
62,309
71,753
77,674
80,831
81,975
73,726
78,314
75,189
68,289
78,254
72,930
61,792
74,141
68,288
68,490
74,184
72,920
64,987
71,557

798,188
946,680
995,368
826,011
871,124
954,457
1,014,065
1,071,455
1,163,928
1,135,712
1,151,082
1,147,266
1,137,078
1,140,503
1,140,188
1,135,712
1,135,979
1,130,286
1,130,702
1,137,162
1,137,551
1,127,237
1,126,260

1.20
1.22
1.27
1.39
1.28
1.29
1.30
1.30
1.31
1.36
1.35
1.36
1.36
1.36
1.35
1.37
1.37
1.37
1.37
1.36
1.36
1.35
1.35

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

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

21

PRICES
Producer Prices
The producer price index for final demand fell 0.4 percent in July. Prices for final demand goods fell 0.4 percent and
prices for final demand services fell 0.3 percent.
INDEX, NOV. 2009=100 (RATIO SCALE)

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

125
SEASONALLY ADJUSTED

FINAL DEMAND

120

120

FINAL DEMAND
GOODS

115

115

FINAL DEMAND
110

110

105

105

FINAL DEMAND
SERVICES

100

100

95

95
2010

2011

2012

2014

2013

2015

2016

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 �����������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2015: July 
����������
       ����������
Aug 
      
Sept 
���������
       �����������
Oct 
       ����������
Nov 
       �����������
Dec 
2016: Jan ����������
�
       �����������
Feb 
       r ��������
Mar
       �����������
Apr 
      
May ���������
�
      
June ��������
�
       ����������
July 

Total
final
demand 1

100.0
���������������
���������������
���������������
���������������
101.8
105.7
107.7
109.1
110.9
109.9
110.5
110.3
109.8
109.6
109.7
109.6
110.0
109.7
109.5
109.7
110.1
110.7
110.3

Final demand services

Total

Foods 2

Energy

Less
food
and
energy

Total

Trade 3

Transportation
and
warehousing

Other

33.629
�������������
�������������
�������������
�������������
102.8
109.9
111.7
112.6
114.0
109.1
110.2
109.6
108.5
108.2
108.1
107.4
106.9
106.1
106.1
106.6
107.3
108.2
107.8

5.564
�������������
�������������
�������������
�������������
103.7
112.5
115.9
117.8
121.6
118.4
118.3
118.5
118.1
117.3
117.0
116.0
117.1
117.2
115.6
115.2
115.6
116.6
115.3

5.238
�������������
�������������
�������������
�������������
107.2
126.2
126.3
125.3
124.2
98.6
103.1
100.4
95.1
94.9
95.0
91.7
87.8
83.5
84.4
86.1
88.5
92.1
91.2

22.827
�������������
�������������
�������������
�������������
101.4
104.9
106.8
107.9
109.5
109.9
110.3
110.1
110.1
109.8
109.7
109.8
109.9
109.9
110.1
110.4
110.7
110.7
110.7

64.284
�������������
�������������
�������������
�������������
101.3
103.4
105.4
107.1
109.0
110.0
110.4
110.3
110.2
110.0
110.1
110.4
111.4
111.3
111.0
111.0
111.2
111.7
111.4

20.339
�������������
�������������
�������������
�������������
101.7
104.0
106.7
108.2
110.2
111.6
112.2
111.7
111.9
111.7
111.8
112.2
114.1
113.5
112.7
112.3
113.7
114.5
113.0

4.986
���������������
���������������
���������������
���������������
103.2
110.0
114.2
115.3
117.7
115.3
115.6
114.6
114.6
114.5
114.6
113.7
114.3
114.0
113.7
112.9
112.2
112.8
112.9

38.959
�������������
�������������
�������������
�������������
100.9
102.5
103.9
105.8
107.5
108.7
108.9
109.1
108.9
108.8
108.9
109.1
109.8
109.9
110.0
110.2
110.0
110.4
110.6

Processed goods
Final
for intermediate
demand
demand (1982=100)
less
foods,
energy,
Less
and
food
trade
Total
and
(Aug. 2013
energy
=100) 2
68.859
����������������
����������������
����������������
����������������
����������������
����������������
����������������
����������������
101.5
102.1
102.4
102.4
102.3
102.1
102.2
102.3
102.6
102.7
102.8
103.0
102.9
103.2
103.2

100.0
164.0
170.7
188.3
172.5
183.4
199.9
200.7
200.8
201.9
188.0
190.0
188.5
186.0
185.3
184.4
182.4
180.7
179.0
179.0
179.5
181.0
182.7
183.1

75.517
163.8
168.4
180.9
173.4
180.8
192.0
192.6
193.8
195.2
189.4
190.0
189.1
188.1
187.6
187.2
186.5
185.7
185.2
185.2
185.4
186.3
186.6
186.8

Unprocessed goods2016
Chart 22 - Aug
for intermediate
demand (1982=100)
Services
for
intermediNonfood
ate
materials demand
Total
less
energy
100.0
184.8
207.1
251.8
175.2
212.2
249.4
241.4
246.7
249.3
189.1
193.9
187.1
182.9
180.6
172.8
166.0
166.3
163.1
165.7
170.6
172.8
177.6
176.9

24.805
244.5
282.6
324.4
248.4
329.1
390.4
369.6
351.2
345.7
296.0
300.4
288.8
288.2
281.5
271.2
268.7
267.3
269.0
275.6
284.2
296.0
295.0
292.6

100.0
�����������������
�����������������
�����������������
�����������������
101.1
103.2
105.3
107.2
108.9
110.2
110.7
110.9
110.3
109.8
109.9
110.1
111.5
111.7
111.7
111.5
111.3
112.2
112.5

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 2015.

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

22

Consumer Prices—All Urban Consumers
In July, the consumer price index for all urban consumers was unchanged; it fell 0.2 percent before seasonal
adjustment. The index rose 0.8 percent from its year earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE)

INDEX, 1982-84 = 100 (RATIO SCALE)

250

250
SEASONALLY ADJUSTED

240

240
CONSUMER PRICES—ALL ITEMS

230

230

220

220

210

210

200

200

190

190

180

180
2008

2009

2010

2011

2012

2013

2014

2015

SOURCE: DEPARTMENT OF LABOR

2016

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 �����������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2015: July r ��������
       r ���������
Aug
      
Sept r ��������
       r ����������
Oct
       r ���������
Nov
       r ���������
Dec
2016: Jan r ���������
       r ���������
Feb
       r ��������
Mar
       r ���������
Apr
      
May r ��������
      
June r �������
       ����������
July 

Not
seasonally Seasonally
adjusted
adjusted
(NSA)
100.0
201.6
207.342
215.303
214.537
218.056
224.939
229.594
232.957
236.736
237.017
238.654
238.316
237.945
237.838
237.336
236.525
236.916
237.111
238.132
239.261
240.236
241.038
240.647

�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
237.734
237.703
237.489
237.949
238.302
238.041
238.107
237.707
237.920
238.890
239.410
239.927
239.828

All items less food and energy
Total 1

78.975
205.9
210.729
215.572
219.235
221.337
225.008
229.755
233.806
237.897
242.247
242.464
242.753
243.224
243.701
244.139
244.516
245.232
245.925
246.095
246.574
247.074
247.495
247.713

Shelter

33.183
232.1
240.611
246.666
249.354
248.396
251.646
257.083
263.056
270.513
278.803
279.232
279.894
280.774
281.515
282.203
282.873
283.725
284.529
285.007
285.815
286.841
287.806
288.413

Medical
care 2
8.427
336.2
351.054
364.065
375.613
388.436
400.258
414.924
425.134
435.292
446.752
446.854
447.198
447.904
450.691
451.987
452.492
454.677
456.996
457.478
458.924
460.514
462.257
464.675

Apparel

3.109
119.5
118.998
118.907
120.078
119.503
122.111
126.265
127.411
127.514
125.903
126.011
126.311
125.789
125.182
125.046
124.754
125.476
127.514
126.084
125.765
126.769
126.291
126.320

Food
New
vehicles
3.683
137.6
136.254
134.194
135.623
138.005
141.883
144.232
145.783
146.275
147.135
147.258
147.242
147.193
147.090
147.111
147.047
147.487
147.825
147.769
147.277
147.127
146.863
147.222

Energy

Total 1

At
home

Away
from
home

13.729
195.2
202.916
214.106
217.955
219.625
227.842
233.777
237.037
242.725
247.235
247.207
247.703
248.504
248.695
248.489
248.078
248.108
248.510
248.023
248.468
247.977
247.790
247.766

7.978
193.1
201.245
214.125
215.124
215.836
226.201
231.774
233.869
239.456
242.250
242.333
242.799
243.219
243.182
242.547
241.666
241.151
241.581
240.404
240.727
239.548
238.940
238.559

5.752
199.4
206.659
215.769
223.272
226.114
231.401
237.986
243.068
248.981
256.101
255.905
256.449
257.830
258.363
258.805
259.097
259.958
260.319
260.883
261.517
262.074
262.529
263.051

Total 1, 2

7.296
196.9
207.723
236.666
193.126
211.449
243.909
246.080
244.409
243.583
202.895
209.068
205.507
197.914
198.693
199.203
193.710
188.360
177.146
178.828
184.991
187.297
189.782
186.780

Chart 23 - Aug 2016

Gasoline

3.389
219.9
237.959
277.457
201.555
238.594
301.694
311.470
302.577
290.889
212.007
226.975
219.336
203.776
205.639
207.298
197.411
188.021
163.510
167.083
180.552
184.638
190.716
181.816

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

�������������������
117.0
119.957
124.433
123.850
125.615
129.453
131.976
�������������������
�������������������
�������������������
136.371
136.125
135.837
135.709
135.337
134.727
134.851
134.785
135.532
136.301
136.935
137.418
137.095

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, June 2016.

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 demand
and
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
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������

�����������
�����������
�����������
�����������
2.8
3.2
1.9
1.2
.9
–1.1

����������
����������
����������
����������
4.7
4.7
1.4
.8
–1.2
–3.8

����������
����������
����������
����������
5.3
5.7
4.1
–.8
4.4
–5.2

����������
����������
����������
����������
12.7
9.2
–1.3
.9
–13.2
–16.4

�����������
�����������
�����������
�����������
2.4
3.1
1.4
1.3
1.1
–.1

����������
����������
����������
����������
1.7
2.3
2.2
1.3
2.1
.2

����������
����������
����������
����������
2.1
2.3
3.8
–.4
4.0
.0

�������������
�������������
�������������
�������������
4.3
6.7
2.7
2.0
.8
–3.5

����������
����������
����������
����������
1.3
1.8
1.4
2.0
1.4
.8

�����������
�����������
�����������
�����������
�����������
�����������
�����������
�����������
1.3
.3

2.8
7.1
–2.3
2.9
6.4
5.7
.4
.1
–2.6
–6.6

4.5
3.3
2.9
–.1
4.7
3.8
.6
.7
–.1
–3.8

–4.7
19.8
–24.6
13.3
16.1
6.6
1.4
–1.9
–8.7
–25.3

17.0
15.6
–24.1
28.9
27.6
2.4
–1.6
–5.6
–5.3
–18.5

��������������
��������������
��������������
��������������
1.4
2.0
2.9
1.0
1.8
.5

�����������
�����������
�����������
�����������
�����������
3.8
1.9
1.3
1.6
–.9

�����������
�����������
�����������
�����������
�����������
6.9
1.6
.8
1.2
–4.3

������������
������������
������������
������������
������������
2.1
1.9
1.6
1.8
.9

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

–0.3
–.8
–1.3
–.4
–.5
–1.1
–.9
–.9
.0
.3
.8
.9
.2

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

–3.5
–3.5
–2.2
–1.3
–4.3
–3.9
.2
–1.9
1.6
3.0
1.3
2.8
–.4

–1.5
–3.9
–.2
–2.3
–3.7
–.9
–.5
.6
2.5
3.1
4.2
–.3
–.8

0.3
.2
–.5
–.5
.1
.2
1.3
.2
.0
–.2
–.2
.8
.3

–0.7
–1.0
–1.1
–1.4
–1.3
–1.1
.0
.1
–.1
.0
–.1
.3
–.2

–3.8
–4.3
–5.1
–4.8
–4.4
–3.8
–2.4
–2.8
–2.8
–1.9
–2.6
–2.2
–2.3

0.8
.7
.9
.3
.4
.2
1.2
1.6
1.3
1.0
1.4
1.5
1.0

Change, month to month
2015: July 
����������
       ����������
Aug 
      
Sept 
���������
       �����������
Oct 
       ����������
Nov 
       �����������
Dec 
2016: Jan ����������
�
       �����������
Feb 
       r ��������
Mar
       r ���������
Apr
      
May ���������
�
      
June ��������
�
       ����������
July 

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

–0.3
–.5
–1.0
–.3
–.1
–.6
–.5
–.7
.0
.5
.7
.8
–.4

–0.8
.2
–.3
–.7
–.3
–.9
.9
.1
–1.4
–.3
.3
.9
–1.1

–0.7
–2.6
–5.3
–.2
.1
–3.5
–4.3
–4.9
1.1
2.0
2.8
4.1
–1.0

0.0
–.2
.0
–.3
–.1
.1
.1
.0
.2
.3
.3
.0
.0

0.3
–.1
–.1
–.2
.1
.3
.9
–.1
–.3
.0
.2
.4
–.3

0.6
–.4
.2
–.2
.1
.4
1.7
–.5
–.7
–.4
1.2
.7
–1.3

–0.1
–.9
.0
–.1
.1
–.8
.5
–.3
–.3
–.7
–.6
.5
.1

0.1
.2
–.2
–.1
.1
.2
.6
.1
.1
.2
–.2
.4
.2

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)

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

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

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

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

0.0 �������������
–.2 �������������
1.4
–.1 �������������
–.3 �������������
–.5
.8
.1 �������������
.0 �������������
.6
–.3
.6 �������������
.5 �������������
.4
2.5
–.2 �������������

2.6
1.4
.1
.4
1.0
.9
.3
–1.0
–.2
1.3
2.9
3.4
1.6

2.4
2.0
1.4
1.5
1.2
.5
.3
.0
.4
.8
.9
1.6
1.5

0.2
.2
.0
.2
.5
.7
1.4
1.0
.9
1.1
1.0
1.0
.8

Change, December to December, NSA
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������

2.5
4.1
.1
2.7
1.5
3.0
1.7
1.5
.8
.7

2.6
2.4
1.8
1.8
.8
2.2
1.9
1.7
1.6
2.1

4.2
3.1
1.9
.3
.4
1.9
2.2
2.5
2.9
3.2

3.6
5.2
2.6
3.4
3.3
3.5
3.2
2.0
3.0
2.6

0.9
–.3
–1.0
1.9
–1.1
4.6
1.8
.6
–2.0
–.9

2015: July 
����������
       ����������
Aug 
      
Sept 
���������
       �����������
Oct 
       ����������
Nov 
       �����������
Dec 
2016: Jan ����������
�
       �����������
Feb 
       ����������
Mar 
       �����������
Apr 
      
May ���������
�
      
June ��������
�
       ����������
July 

0.1
.0
–.1
.2
.1
–.1
.0
–.2
.1
.4
.2
.2
.0

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

0.3
.2
.3
.3
.2
.2
.3
.3
.2
.3
.4
.3
.2

0.2
.1
.2
.6
.3
.1
.5
.5
.1
.3
.3
.4
.5

0.2
.2
–.4
–.5
–.1
–.2
.6
1.6
–1.1
–.3
.8
–.4
.0

–0.9
–.3
–3.2
4.9
–.2
3.2
1.6
.4
.5
.2

2.1
4.9
5.9
–.5
1.5
4.7
1.8
1.1
3.4
.8

1.4
5.6
6.6
–2.4
1.7
6.0
1.3
.4
3.7
–.4

3.2
4.0
5.0
1.9
1.3
2.9
2.5
2.1
3.0
2.6

2.9
17.4
–21.3
18.2
7.7
6.6
.5
.5
–10.6
–12.6

6.4
29.6
–43.1
53.5
13.8
9.9
1.7
–1.0
–21.0
–19.7

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

0.0
.2
.5
.2
.2
.1
.3
.1
.2
.2
.2
.2
.2

0.0
–1.7
–3.7
.4
.3
–2.8
–2.8
–6.0
.9
3.4
1.2
1.3
–1.6

0.7
–3.4
–7.1
.9
.8
–4.8
–4.8
–13.0
2.2
8.1
2.3
3.3
–4.7

2.3
3.7
.2
2.5
1.3
2.9
1.5
1.3
.5
r .4

Change, month to month
–0.1
.0
.0
–.1
.0
.0
.3
.2
.0
–.3
–.1
–.2
.2

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

r –.2

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 July, prices received by farmers fell 3.7 percent and prices paid by farmers fell 0.8 percent. (Data are not seasonally
adjusted.)
INDEX, 2011=100 (RATIO SCALE)
130

INDEX, 2011=100 (RATIO SCALE)
130
120

120
PRICES PAID

110

110

100

100
PRICES RECEIVED

90

90

80

80

70

70

60

60
1

RATIO1
140

RATIO
140

RATIO

120

120

100

100

80

80

60

60
2008

2010

2009

2011

2012

2014

2013

2016

2015

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

SOURCE: DEPARTMENT OF AGRICULTURE

COUNCIL OF ECONOMIC ADVISERS

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

Period

2006 ���������������������������������������������������
2007 ���������������������������������������������������
2008 ���������������������������������������������������
2009 ���������������������������������������������������
2010 ���������������������������������������������������
2011 ���������������������������������������������������
2012 ���������������������������������������������������
2013 ���������������������������������������������������
2014 ���������������������������������������������������
2015 r �������������������������������������������������
2015: July r ���������������������������������������
       r ����������������������������������������
Aug
      
Sept r ���������������������������������������
       r �����������������������������������������
Oct
       r ����������������������������������������
Nov
       r ����������������������������������������
Dec
2016: Jan r ����������������������������������������
       r ����������������������������������������
Feb
       r ���������������������������������������
Mar
       r ����������������������������������������
Apr
      
May r ���������������������������������������
      
June r ��������������������������������������
       p ���������������������������������������
July

Agricultural
production

70.7
83.6
91.7
80.6
86.8
100.0
105.0
107.0
107.7
98.8
99.9
102.5
96.3
89.0
92.1
89.5
89.5
93.1
93.2
93.2
94.6
93.4
89.9

Crop
production

68.0
81.0
95.9
85.7
87.0
100.0
107.0
105.7
92.0
86.5
86.5
88.4
86.2
80.3
82.5
83.5
80.4
85.0
83.3
86.9
90.4
87.3
82.9

Chart 25 - Aug 2016

Prices paid by farmers

Livestock
production

73.2
85.7
86.1
73.8
85.7
100.0
102.5
108.5
128.8
113.3
115.1
117.0
109.3
104.3
105.3
97.2
100.0
99.2
100.2
97.5
97.5
98.2
96.3

All commodities,
services, interest,
taxes, and wage
rates (PPITW) 2
73.9
79.0
90.0
87.3
90.0
100.0
104.4
106.3
112.0
110.0
110.7
110.1
108.8
108.8
107.6
106.0
107.3
106.9
107.1
106.6
107.1
107.5
106.6

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

71.6
77.2
89.5
86.4
89.0
100.0
104.8
106.7
113.1
110.7
111.5
110.7
109.3
109.3
108.0
106.2
107.6
107.2
107.3
106.6
107.1
107.5
106.5

Production
items

68.9
74.6
88.3
84.8
87.7
100.0
105.4
107.4
114.1
110.4
111.4
110.5
108.8
108.5
107.0
105.0
106.3
105.8
105.9
105.2
105.8
106.3
105.1

Ratio of prices
received by farmers
to PPITW

96
106
102
92
96
100
100
100
96
90
90
94
88
82
85
85
84
87
87
87
89
87
84

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 July, M2 rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
14,000
13,200
12,400
11,600
10,800
10,000
9,200

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

M2

8,400

8,400

7,600

7,600

6,800

6,800

6,000

6,000

5,200

5,200

4,400

4,400

3,600

3,600

3,200

3,200
2,800

2,800
M1
2,400

2,400

2,000

2,000

1,600

1,600

1,200

1,200
2008

2009

2010

2011

2012

2013

2014

2015

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

2016

COUNCIL OF ECONOMIC ADVISERS

[Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted]
Chart 26 - Aug 2016

M1
Period

2006: Dec �����������������������������������������
�
2007: Dec �����������������������������������������
�
2008: Dec �����������������������������������������
�
2009: Dec �����������������������������������������
�
2010: Dec �����������������������������������������
�
2011: Dec �����������������������������������������
�
2012: Dec �����������������������������������������
�
2013: Dec �����������������������������������������
�
2014: Dec �����������������������������������������
�
2015: Dec �����������������������������������������
�
2015: July 
�����������������������������������������
       �����������������������������������������
Aug 
      
Sept 
����������������������������������������
       ������������������������������������������
Oct 
       �����������������������������������������
Nov 
       ������������������������������������������
Dec 
2016: Jan �����������������������������������������
�
       ������������������������������������������
Feb 
       r ���������������������������������������
Mar
       ������������������������������������������
Apr 
      
May r ���������������������������������������
      
June r ��������������������������������������
       p ���������������������������������������
July

M2

Debt

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

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

Debt of
domestic
nonfinancial
sectors 2

1,368.2
1,376.5
1,606.8
1,698.5
1,842.5
2,169.8
2,461.4
2,660.3
2,930.2
3,079.7
3,034.2
3,041.2
3,055.5
3,031.8
3,083.4
3,079.7
3,091.0
3,104.0
3,144.6
3,177.2
3,225.5
3,232.4
3,227.9

7,041.4
7,444.2
8,166.6
8,471.0
8,775.2
9,636.2
10,428.7
10,994.7
11,646.9
12,313.5
12,036.1
12,100.4
12,157.7
12,180.7
12,266.3
12,313.5
12,436.5
12,485.2
12,572.9
12,654.2
12,733.5
12,811.3
12,891.8

30,698.5
33,154.4
34,924.4
35,762.5
37,074.7
38,223.1
39,970.7
41,429.2
43,218.1
45,157.5
���������������������������������������������
���������������������������������������������
44,196.0
���������������������������������������������
���������������������������������������������
45,157.5
���������������������������������������������
���������������������������������������������
45,688.1
���������������������������������������������
���������������������������������������������
���������������������������������������������
���������������������������������������������

Percent change
From
previous period 4

From year or 6 months earlier 3
M1

M2
–0.5
.6
16.7
5.7
8.5
17.8
13.4
8.1
10.1
5.1
7.1
3.8
4.3
2.5
6.3
4.3
3.7
4.1
5.8
9.6
9.2
9.9
8.9

Debt
5.9
5.7
9.7
3.7
3.6
9.8
8.2
5.4
5.9
5.7
5.6
5.0
5.4
4.9
5.7
5.6
6.7
6.4
6.8
7.8
7.6
8.1
7.3

8.1
7.2
3.5
2.2
4.4
4.4
5.3
6.0
4.4
8.8
�������������������������������
�������������������������������
2.2
�������������������������������
�������������������������������
8.8
�������������������������������
�������������������������������
4.8
�������������������������������
�������������������������������
�������������������������������
�������������������������������

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

month of quarter. End-of-year data are for fourth quarter.
3 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate.
4 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

2006: Dec ����������
�
2007: Dec ����������
�
2008: Dec ����������
�
2009: Dec ����������
�
2010: Dec ����������
�
2011: Dec ����������
�
2012: Dec ����������
�
2013: Dec ����������
�
2014: Dec ����������
�
2015: Dec ����������
�
2015: July 
����������
       ����������
Aug 
      
Sept 
���������
       �����������
Oct 
       ����������
Nov 
       �����������
Dec 
2016: Jan r ���������
       r ���������
Feb
       r ��������
Mar
       r ���������
Apr
      
May r ��������
      
June r �������
       p ��������
July

Currency

750.2
760.6
816.3
863.7
918.8
1,001.5
1,090.5
1,160.2
1,252.2
1,337.9
1,302.0
1,310.4
1,319.1
1,325.8
1,333.7
1,337.9
1,345.0
1,350.0
1,358.8
1,365.7
1,375.7
1,383.1
1,389.2

Nonbank
travelers
checks

Other checkable
deposits (OCDs)
Demand
deposits

At
commercial
banks

Total

6.7
6.3
5.5
5.1
4.7
4.3
3.8
3.5
2.9
2.5
2.7
2.6
2.6
2.6
2.5
2.5
2.5
2.4
2.4
2.4
2.4
2.3
2.3

305.5
303.0
472.8
448.8
519.7
754.5
925.4
1,029.0
1,188.6
1,222.5
1,223.3
1,220.1
1,222.4
1,191.0
1,232.1
1,222.5
1,229.3
1,233.5
1,264.5
1,292.0
1,322.3
1,310.5
1,304.2

305.8
306.5
312.3
380.9
399.3
409.6
441.6
467.5
486.4
516.8
506.2
508.1
511.4
512.4
515.0
516.8
514.2
518.1
518.9
517.1
525.1
536.4
532.1

Savings deposits
(including MMDAs)
At
thrift
institutions

176.7
172.6
178.1
230.9
235.1
233.4
245.2
257.7
267.2
279.2
276.3
275.2
278.5
277.8
279.6
279.2
277.1
282.1
279.7
277.9
284.2
292.1
284.8

129.1
133.9
134.1
150.0
164.3
176.3
196.5
209.8
219.2
237.6
229.9
232.9
232.9
234.6
235.4
237.6
237.1
235.9
239.2
239.2
240.9
244.4
247.3

Small-denomination
time deposits 1

At
commercial
banks

At
commercial
banks

Total
3,694.9
3,868.4
4,089.4
4,813.1
5,331.3
6,032.0
6,685.0
7,131.5
7,580.9
8,185.1
7,932.7
8,002.1
8,053.0
8,109.6
8,142.4
8,185.1
8,220.5
8,245.6
8,311.1
8,368.3
8,397.8
8,479.3
8,567.9

2,914.3
3,044.1
3,323.6
3,979.5
4,411.8
5,035.9
5,729.1
6,110.7
6,502.1
7,039.2
6,812.6
6,878.8
6,926.3
6,971.8
7,008.4
7,039.2
7,061.7
7,075.2
7,127.8
7,173.1
7,187.3
7,262.5
7,342.8

At
thrift
institutions
780.6
824.2
765.8
833.5
919.5
996.1
955.9
1,020.8
1,078.8
1,146.0
1,120.1
1,123.3
1,126.6
1,137.8
1,134.1
1,146.0
1,158.8
1,170.4
1,183.3
1,195.2
1,210.5
1,216.8
1,225.1

Total
1,206.1
1,276.1
1,457.9
1,188.3
933.2
775.8
643.7
567.3
519.0
408.4
460.0
446.6
429.0
421.5
415.9
408.4
403.1
398.9
392.3
389.5
388.3
387.9
389.9

781.4
859.6
1,079.8
869.2
662.7
547.1
466.9
423.1
387.5
298.5
337.8
324.5
307.9
301.5
303.7
298.5
294.3
290.6
284.3
281.2
279.9
279.4
280.5

Retail
money
funds

At
thrift
institutions
424.7
416.5
378.1
319.1
270.6
228.7
176.8
144.2
131.5
109.9
122.2
122.0
121.1
119.9
112.2
109.9
108.8
108.3
108.0
108.3
108.4
108.5
109.3

772.2
923.3
1,012.5
771.1
668.1
658.6
638.6
635.7
616.9
640.3
609.3
610.5
620.2
617.9
624.6
640.3
722.0
736.6
724.8
719.2
722.0
711.8
706.2

Institutional
money
funds 2

1,396.9
1,969.8
2,469.1
2,265.4
1,902.6
1,768.5
1,747.4
1,782.7
1,810.3
1,837.9
1,844.5
1,870.7
1,836.6
1,857.8
1,854.3
1,837.9
1,738.5
1,754.1
1,801.5
1,804.3
1,816.7
1,830.8
1,830.4

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

Source: Board of Governors of the Federal Reserve System.

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

2006: Dec �����������
�
2007: Dec �����������
�
2008: Dec �����������
�
2009: Dec �����������
�
2010: Dec �����������
�
2011: Dec �����������
�
2012: Dec �����������
�
2013: Dec �����������
�
2014: Dec �����������
�
2015: Dec �����������
�
2015: Aug 
�����������
      
Sept 
����������
       ������������
Oct 
       �����������
Nov 
       ������������
Dec 
2016: Jan �����������
�
       ������������
Feb 
       �����������
Mar 
       ������������
Apr 
      
May ����������
�
      
June ���������
�
       �����������
July 
        
Aug ����������

8,479
8,098
783,631
1,099,831
1,035,074
1,550,043
1,517,425
2,485,248
2,606,700
2,419,774
2,608,263
2,643,958
2,668,193
2,602,104
2,419,774
2,376,108
2,448,797
2,460,382
2,427,737
2,384,089
2,367,024
2,309,659
2,352,298

To satisfy
reserve
balance
requirements 2

That
exceed the
top of the
penalty-free
band

������������������
������������������
������������������
������������������
������������������
������������������
������������������
75,713
90,852
97,981
105,413
100,898
98,332
98,290
97,981
105,739
99,391
101,702
106,587
110,769
109,284
111,795
112,997

������������������
������������������
������������������
������������������
������������������
������������������
������������������
2,409,535
2,515,848
2,321,793
2,502,851
2,543,060
2,569,860
2,503,815
2,321,793
2,270,368
2,349,406
2,358,680
2,321,150
2,273,320
2,257,741
2,197,864
2,239,301

Reserve
balance
requirements 3

6,616
6,313
16,312
24,632
28,438
47,838
58,675
69,030
82,770
89,313
96,142
91,977
89,638
89,572
89,313
96,507
90,677
92,787
97,241
101,151
99,675
102,003
102,950

Borrowings from the Federal Reserve

Vault cash
used to
satisfy
required
reserves
34,803
35,365
37,245
40,619
42,927
48,672
52,959
55,771
59,236
61,413
57,795
57,321
57,751
58,237
61,413
63,904
62,053
59,303
59,274
59,699
60,455
61,524
61,232

Nonborrowed 4

43,091
28,033
167,311
970,523
1,032,512
1,589,189
1,569,588
2,540,849
2,665,835
2,481,082
2,665,823
2,701,023
2,725,750
2,660,226
2,481,082
2,439,935
2,510,816
2,519,664
2,486,949
2,443,710
2,427,350
2,370,978
2,413,323

Monetary
base 5

826,731
837,192
1,666,365
2,026,220
2,017,000
2,619,586
2,675,945
3,717,450
3,934,455
3,835,810
3,984,019
4,028,486
4,060,469
4,006,725
3,835,810
3,792,723
3,872,483
3,898,431
3,872,939
3,836,501
3,825,373
3,772,402
3,816,517

Total 6

191
15,430
653,565
169,927
45,488
9,526
795
170
102
106
235
256
194
115
106
77
34
21
63
79
130
204
207

Primary

Secondary

111
3,787
88,245
19,025
41
103
12
13
22
38
14
9
6
9
38
55
23
9
20
10
25
37
6

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

Seasonal

Term
assetbacked
securities
loan
facility 7

80 ��������������������
30 ��������������������
3 ��������������������
37
46,310
26
25,025
23
9,400
23
760
59
98
80
0
67
0
221
0
246
0
188
0
106
0
67
0
22
0
10
0
13
0
42
0
69
0
105
0
167
0
201
0

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

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

27

Bank Credit at All Commercial Banks
Total commercial bank loans and leases rose 0.7 percent in July.
BILLIONS OF DOLLARS* (RATIO SCALE)
14,000
ALL COMMERCIAL BANKS
12,000

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

TOTAL

10,000
9,000
8,000

10,000
9,000
8,000

7,000

7,000

6,000

6,000

LOANS AND LEASES

5,000

5,000

4,000

4,000

3,000

3,000
U.S. TREASURY AND
AGENCY SECURITIES

2,000

2,000

1,600

1,600

1,200

1,200

800

800
OTHER SECURITIES

400

400
2008

2009

2010

2011

2012

2013

2014

2015

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

2016

COUNCIL OF ECONOMIC ADVISERS

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

2006: Dec ����������
�
2007: Dec ����������
�
2008: Dec ����������
�
2009: Dec ����������
�
2010: Dec ����������
�
2011: Dec ����������
�
2012: Dec ����������
�
2013: Dec ����������
�
2014: Dec ����������
�
2015: Dec ����������
�
2015: June ��������
�
       ����������
July 
       ����������
Aug 
      
Sept 
���������
       �����������
Oct 
       ����������
Nov 
       �����������
Dec 
2016: Jan ����������
�
       �����������
Feb 
       ����������
Mar 
       �����������
Apr 
      
May r ��������
      
June r �������
       r ��������
July

Total
bank
credit

8,104.8
8,899.5
9,347.1
8,989.5
9,186.9
9,398.6
9,957.6
10,107.2
10,861.6
11,680.3
11,306.8
11,363.6
11,415.4
11,439.2
11,516.5
11,602.2
11,680.3
11,768.0
11,833.7
11,905.6
11,979.1
12,052.5
12,117.4
12,222.9

Total
securities

1,987.7
2,099.9
2,091.6
2,323.7
2,425.2
2,492.2
2,733.8
2,722.2
2,934.5
3,109.4
3,042.6
3,038.1
3,052.2
3,043.2
3,058.9
3,085.8
3,109.4
3,138.4
3,139.5
3,142.0
3,168.4
3,192.1
3,210.7
3,252.7

U.S.
Treasury
and
agency
securities
1,215.2
1,132.6
1,247.8
1,445.0
1,637.6
1,698.3
1,873.3
1,810.6
2,043.8
2,227.2
2,144.7
2,144.8
2,159.9
2,159.8
2,178.8
2,204.7
2,227.2
2,250.9
2,249.9
2,247.6
2,272.7
2,294.4
2,303.5
2,341.8

Loans and leases in bank credit

Other
securities

772.5
967.3
843.8
878.7
787.6
793.9
860.4
911.6
890.7
882.2
897.8
893.3
892.3
883.4
880.1
881.0
882.2
887.5
889.6
894.4
895.7
897.7
907.2
911.0

Total
loans
and
leases 3
6,117.1
6,799.6
7,255.5
6,665.8
6,761.7
6,906.4
7,223.8
7,384.9
7,927.2
8,570.9
8,264.2
8,325.5
8,363.3
8,395.9
8,457.6
8,516.4
8,570.9
8,629.6
8,694.2
8,763.5
8,810.7
8,860.3
8,906.7
8,970.1

Commercial
and
industrial
loans
1,182.5
1,417.6
1,558.7
1,265.1
1,192.3
1,303.6
1,474.2
1,573.9
1,772.5
1,950.3
1,875.9
1,885.2
1,897.4
1,904.2
1,923.3
1,942.8
1,950.3
1,961.4
1,985.3
2,018.4
2,036.4
2,050.6
2,055.8
2,064.2

Chart 28 - Aug 2016

Real estate loans
Total 4
3,373.6
3,600.1
3,819.4
3,776.7
3,613.4
3,494.9
3,550.8
3,531.9
3,638.8
3,864.6
3,739.4
3,758.5
3,774.1
3,790.7
3,811.0
3,843.7
3,864.6
3,883.1
3,909.2
3,936.9
3,951.4
3,978.4
3,997.2
4,026.1

Revolving
home equity
loans
468.3
484.8
588.2
603.1
582.0
549.5
515.3
472.5
456.4
434.6
445.8
443.8
441.4
439.3
437.3
436.1
434.6
432.3
430.3
428.5
426.2
424.3
422.3
420.5

Commercial
loans
1,459.6
1,587.2
1,728.5
1,640.9
1,500.4
1,418.2
1,428.2
1,498.0
1,604.9
1,776.6
1,684.4
1,701.2
1,715.9
1,731.7
1,747.7
1,760.0
1,776.6
1,794.6
1,812.3
1,831.4
1,846.2
1,861.9
1,878.0
1,893.8

Consumer
loans 5

738.6
799.2
876.2
836.0
1,114.1
1,091.5
1,109.0
1,134.6
1,192.8
1,265.7
1,216.8
1,224.4
1,231.5
1,239.2
1,249.0
1,256.2
1,265.7
1,274.7
1,281.9
1,291.0
1,298.2
1,305.4
1,319.5
1,333.4

Other
loans
and
leases 6
822.4
982.7
1,001.2
788.0
841.8
1,016.4
1,089.7
1,144.5
1,323.0
1,490.3
1,432.1
1,457.3
1,460.2
1,461.9
1,474.3
1,473.7
1,490.3
1,510.4
1,517.8
1,517.2
1,524.7
1,526.0
1,534.1
1,546.5

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

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

Internal 1

2,202.2
2,633.4
1,732.0
1,185.0
2,164.3
2,622.8
2,741.8
2,812.4
3,201.0
2,700.6
2,764.4
2,670.0
2,788.1
3,027.3
3,012.8
3,084.2
3,268.5
3,438.4
2,769.5
2,576.3
2,576.7
2,879.8
2,709.8

1,363.1
1,352.5
1,393.1
1,433.7
1,676.7
1,728.5
1,756.4
1,886.1
1,908.1
1,865.2
1,832.4
1,887.0
1,872.5
1,952.6
1,788.3
1,876.8
1,991.5
1,975.7
1,900.9
1,898.7
1,878.5
1,782.6
1,808.7

Total
net
funds
raised

Total

839.1
1,280.9
338.9
–248.7
487.6
894.3
985.4
926.3
1,292.9
835.4
932.0
783.0
915.6
1,074.7
1,224.5
1,207.4
1,277.0
1,462.7
868.6
677.6
698.2
1,097.2
901.1

–114.7
–53.5
–37.6
–395.5
–301.8
–118.6
–38.3
52.8
93.0
–65.2
117.9
21.6
276.4
–204.6
130.3
96.4
95.6
49.8
104.4
187.8
–244.2
–309.0
20.1

Net
new
equity
issues
–496.9
–706.3
–315.6
–51.2
–250.7
–454.6
–344.9
–352.9
–392.2
–562.7
–213.7
–371.2
–344.1
–482.7
–501.8
–273.1
–434.3
–359.6
–591.4
–490.4
–626.2
–542.6
–703.1

Credit market instruments
Total

Securities
and
mortgages

Loans
and
short-term
paper

209.8
257.7
138.2
123.6
101.8
90.3
224.7
286.2
292.0
456.9
249.8
186.0
491.3
218.0
316.1
267.6
238.1
346.3
541.3
693.4
334.8
257.9
589.6

172.3
395.1
139.9
–467.9
–153.0
245.7
81.9
119.5
193.2
40.6
81.9
206.8
129.2
60.3
316.0
101.8
291.8
63.2
154.5
–15.1
47.2
–24.3
133.6

382.2
652.8
278.0
–344.3
–51.2
336.0
306.6
405.7
485.2
497.4
331.6
392.8
620.5
278.2
632.1
369.4
529.9
409.4
695.8
678.3
382.0
233.6
723.2

Other 2

761.9
1,122.4
186.9
42.1
632.4
820.2
835.4
688.5
1,102.8
553.4
709.8
549.9
438.5
1,056.1
1,519.3
868.3
811.3
1,212.2
–2.0
177.3
777.4
1,261.0
704.8

Total

2,037.4
2,467.2
751.2
1,320.6
1,868.1
1,828.7
2,007.5
2,528.7
2,461.1
2,679.6
2,611.2
2,443.8
2,431.1
2,628.7
2,332.6
2,428.6
2,601.0
2,482.3
2,876.4
2,769.0
2,497.4
2,575.6
2,430.5

Capital
expenditures 3

1,337.3
1,394.4
1,360.0
1,020.8
1,235.4
1,331.9
1,501.2
1,539.2
1,666.9
1,783.7
1,453.4
1,518.3
1,591.3
1,593.8
1,610.9
1,646.6
1,703.9
1,706.4
1,739.4
1,877.1
1,770.9
1,747.5
1,715.8

Increase
in
financial
assets

700.1
1,072.8
–608.8
299.8
632.7
496.8
506.3
989.5
794.2
895.9
1,157.8
925.5
839.8
1,034.9
721.7
782.0
897.1
775.9
1,137.0
891.9
726.5
828.1
714.7

Discrepancy
(sources
less
uses)

164.8
166.3
980.8
–135.6
296.1
794.2
734.3
283.7
739.8
20.9
153.1
226.2
357.1
398.5
680.1
655.6
667.5
956.1
–106.9
–192.8
79.2
304.1
279.4

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
2006: Dec �����������������������������������������
�
2007: Dec �����������������������������������������
�
2008: Dec �����������������������������������������
�
2009: Dec �����������������������������������������
�
2010: Dec �����������������������������������������
�
2011: Dec �����������������������������������������
�
2012: Dec �����������������������������������������
�
2013: Dec �����������������������������������������
�
2014: Dec �����������������������������������������
�
2015: Dec �����������������������������������������
�
2015: June ���������������������������������������
�
       �����������������������������������������
July 
       �����������������������������������������
Aug 
      
Sept 
����������������������������������������
       ������������������������������������������
Oct 
       �����������������������������������������
Nov 
       ������������������������������������������
Dec 
2016: Jan �����������������������������������������
�
       ������������������������������������������
Feb 
       �����������������������������������������
Mar 
       ������������������������������������������
Apr 
      
May ����������������������������������������
�
      
June p ��������������������������������������

Nonrevolving 2

Revolving
2,456.7
2,609.9
2,644.2
2,555.4
2,647.2
2,758.3
2,920.4
3,096.2
3,318.0
3,535.7
3,435.6
3,452.8
3,468.2
3,496.6
3,513.0
3,529.2
3,535.7
3,548.5
3,562.3
3,586.7
3,603.6
3,621.6
3,633.9

923.9
1,001.9
1,004.2
916.3
839.4
841.5
845.7
857.7
891.5
937.9
911.5
914.7
917.9
924.2
926.0
932.8
937.9
937.1
939.3
950.3
951.3
953.1
960.8

1,532.8
1,608.0
1,639.9
1,639.1
1,807.8
1,916.7
2,074.6
2,238.5
2,426.5
2,597.9
2,524.1
2,538.0
2,550.3
2,572.4
2,587.0
2,596.3
2,597.9
2,611.4
2,623.0
2,636.4
2,652.3
2,668.5
2,673.1

Total

Nonrevolving 2

Revolving
165.8
153.2
34.3
–88.8
91.8
111.1
162.1
175.8
221.8
217.7
26.3
17.2
15.4
28.4
16.4
16.2
6.5
12.8
13.8
24.4
16.9
18.0
12.3

94.4
78.0
2.3
–87.9
–76.9
2.1
4.2
12.0
33.8
46.4
7.0
3.2
3.2
6.3
1.8
6.8
5.1
–.8
2.2
11.0
1.0
1.8
7.7

71.4
75.2
31.9
–.8
168.7
108.9
157.9
163.9
188.0
171.4
19.3
13.9
12.3
22.1
14.6
9.3
1.6
13.5
11.6
13.4
15.9
16.2
4.6

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

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

29

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

PERCENT PER ANNUM
10

8

8

CORPORATE Aaa BONDS
(MOODY'S)

6

6

4

2

4

FEDERAL FUNDS
RATE

2

TREASURY
BILLS
0

0
2008

2009

2010

2011

2012

2013

2014

2015

SOURCE: SEE TABLE BELOW

2016

COUNCIL OF ECONOMIC ADVISERS

[Percent per annum]
Chart 30 - Aug 2016

U.S. Treasury security yields
Period

2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2015: Aug 
����������
      
Sept 
���������
       �����������
Oct 
       ����������
Nov 
       �����������
Dec 
2016: Jan ����������
�
       �����������
Feb 
       ����������
Mar 
       �����������
Apr 
      
May ���������
�
      
June ��������
�
       ����������
July 
       ����������
Aug 
Week ended:
2016:  Aug   6 �������
           3 ������
1 �
           0 ������
2 �
           7 ������
2 �
      Sept 3 
������

3-month bills
(at auction) 1

Constant maturities 2
3-year

10-year

30-year

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

Corporate
Aaa
bonds
(Moody’s)

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

Prime
rate
charged
by
banks 4

4.73
4.41
1.48
.16
.14
.06
.09
.06
.03
.06
.09
.06
.01
.13
.26
.25
.32
.32
.23
.27
.29
.31
.30

4.77
4.35
2.24
1.43
1.11
.75
.38
.54
.90
1.02
1.03
1.01
.93
1.20
1.28
1.14
.90
1.04
.92
.97
.86
.79
.85

4.80
4.63
3.66
3.26
3.22
2.78
1.80
2.35
2.54
2.14
2.17
2.17
2.07
2.26
2.24
2.09
1.78
1.89
1.81
1.81
1.64
1.50
1.56

4.91
4.84
4.28
4.08
4.25
3.91
2.92
3.45
3.34
2.84
2.86
2.95
2.89
3.03
2.97
2.86
2.62
2.68
2.62
2.63
2.45
2.23
2.26

4.42
4.42
4.80
4.64
4.16
4.29
3.14
3.96
3.78
3.48
3.57
3.56
3.48
3.50
3.23
3.01
3.21
3.28
3.04
2.95
2.84
2.57
2.77

5.59
5.56
5.63
5.31
4.94
4.64
3.67
4.24
4.16
3.89
4.04
4.07
3.95
4.06
3.97
4.00
3.96
3.82
3.62
3.65
3.50
3.28
3.32

5.96
5.86
2.39
.50
.72
.75
.75
.75
.75
.76
.75
.75
.75
.75
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00

7.96
8.05
5.09
3.25
3.25
3.25
3.25
3.25
3.25
3.26
3.25
3.25
3.25
3.25
3.50
3.50
3.50
3.50
3.50
3.50
3.50
3.50
3.50

.29
.31
.30
.31
.34

.79
.84
.85
.89
.92

1.54
1.54
1.56
1.57
1.58

2.28
2.26
2.28
2.26
2.24

2.81
2.79
2.77
2.75
2.75

3.40
3.34
3.31
3.26
3.24

1.00
1.00
1.00
1.00
1.00

New-home
mortgage
yields
(FHFA) 6

Federal
funds
rate 5

4.97
6.63
5.02
6.41
1.92
6.05
.16
5.14
.18
4.80
.10
4.56
.14
3.69
.11
4.00
.09
4.22
.13
4.01
.14
4.12
.14
4.09
.12
4.02
.12
4.00
.24
4.03
.34
4.04
.38
4.01
.36
3.92
.37
3.86
.37
3.82
.38
3.81
.39
3.74
.40 �������������������������

3.50
3.50
3.50
3.50
3.50

.36
.40
.40
.40
.39

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

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. Series for 30-year constant maturity was discontinued on February 18, 2002 and reintroduced on February 6, 2006.
3 Weekly data are Wednesday figures.
4 Average effective rate for year; rate in effect at end of month or week.
5 Daily effective rate; weighted average 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, and Standard & Poor’s.

30

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

INDEX, DEC. 31, 2002=5,000 (RATIO SCALE)
12,000
11,000

11,000

10,000

10,000

COMPOSITE STOCK PRICE INDEX
(NYSE)

9,000

9,000

8,000

8,000

7,000

7,000

6,000

6,000

5,000

5,000

4,000
2008

2009

2011

2010

2012

4,000
2013

2014

2015

PERCENT
20

2016
PERCENT
20

15

15

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

10

10

5

5

0

0
2008

2009

2010

2011

2012

2014

2013

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

2015

2016

COUNCIL OF ECONOMIC ADVISERS

Common stock yields
(percent) 6

Common stock prices 1

Chart 31 - Aug 2016

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

Period
Composite
2006 ���������������������
2007 ���������������������
2008 ���������������������
2009 ���������������������
2010 ���������������������
2011 ���������������������
2012 ���������������������
2013 ���������������������
2014 ���������������������
2015 ���������������������
2015: Aug 
�����������
      
Sept 
����������
       ������������
Oct 
       �����������
Nov 
       ������������
Dec 
2016: Jan �����������
�
       ������������
Feb 
       �����������
Mar 
       ������������
Apr 
      
May ����������
�
      
June ���������
�
       �����������
July 
       �����������
Aug 
Week ended:
2016:  Aug   6 ��������
           3 �������
1 �
           0 �������
2 �
           7 �������
2 �
      Sept 3 
�������

Financial

Energy

Health
Care

Dow Jones
industrial
average 3

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

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

Dividend/price
ratio

Earnings/price
ratio

8,357.99
9,648.82
8,036.88
6,091.02
7,230.42
7,871.41
8,011.65
9,426.77
10,653.17
10,676.70
10,532.02
9,957.64
10,324.90
10,426.30
10,199.92
9,504.21
9,431.28
10,056.09
10,339.55
10,333.26
10,412.91
10,685.20
10,789.11

8,654.40
9,321.33
6,278.38
3,987.04
4,744.05
4,641.01
4,616.63
5,805.54
6,448.33
6,559.24
6,595.14
6,158.78
6,371.68
6,486.79
6,353.44
5,768.93
5,477.49
5,880.50
6,037.54
6,067.03
5,995.46
6,020.68
6,222.11

11,206.94
13,339.92
13,258.42
10,020.30
10,943.85
12,880.35
12,512.31
13,490.83
14,598.07
11,332.43
10,383.96
9,739.62
10,544.15
10,517.43
9,531.43
8,596.57
8,737.06
9,590.44
10,079.48
10,235.66
10,458.20
10,673.50
10,554.91

6,685.06
7,191.91
6,171.19
5,456.63
6,230.62
6,847.80
7,503.05
9,250.02
11,195.85
12,718.18
13,165.34
12,370.38
12,223.45
12,307.48
12,337.92
11,817.93
11,480.66
11,781.39
12,199.13
12,223.79
12,468.57
12,993.53
12,877.26

11,408.67
13,169.98
11,252.61
8,876.15
10,662.80
11,966.36
12,967.08
14,999.67
16,773.99
17,590.61
17,061.59
16,339.95
17,182.28
17,723.77
17,542.86
16,305.25
16,299.90
17,302.14
17,844.37
17,692.32
17,754.87
18,341.18
18,495.19

1,310.67
1,476.66
1,220.89
946.73
1,139.31
1,268.89
1,379.56
1,642.51
1,930.67
2,061.20
2,039.87
1,944.40
2,024.81
2,080.62
2,054.08
1,918.60
1,904.42
2,021.95
2,075.54
2,065.55
2,083.89
2,148.90
2,177.48

2,265.17
2,577.12
2,162.46
1,841.03
2,347.70
2,680.42
2,965.77
3,537.69
4,374.31
4,943.49
4,934.62
4,748.00
4,879.04
5,082.51
5,040.54
4,610.71
4,463.21
4,754.48
4,892.17
4,788.24
4,856.23
5,023.99
5,217.04

1.87
1.86
2.37
2.40
1.98
2.05
2.24
2.14
2.04
2.10
2.16
2.25
2.18
2.13
2.16
2.33
2.38
2.23
2.18
2.19
2.19
2.14
2.12

5.78
5.29
3.54
1.86
6.04
6.77
6.20
5.57
5.25
4.59
����������������������������
����������������������������
4.72
����������������������������
����������������������������
4.23
����������������������������
����������������������������
4.20
����������������������������
����������������������������
4.14
����������������������������

10,715.29
10,805.21
10,837.01
10,797.66
10,800.50

6,117.42
6,220.17
6,231.81
6,249.52
6,357.46

10,279.63
10,510.23
10,748.64
10,659.26
10,564.94

13,107.65
12,944.91
12,873.46
12,724.20
12,622.76

18,393.77
18,549.60
18,582.46
18,480.40
18,453.89

2,167.76
2,181.59
2,184.28
2,177.30
2,175.66

5,173.81
5,220.90
5,239.26
5,230.70
5,229.13

2.14
2.12
2.11
2.12
2.13

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

1 Annual data are averages of monthly figures. Monthly and weekly data are averages of daily closing prices.
2 Includes all the stocks (in 2016, over 3,200) listed on the NYSE.
3 Includes 30 stocks.
4 Includes 500 stocks.
5 Includes over 3,100 stocks in 2016.
6 Standard & Poor’s series. Dividend/price ratios based on Wednesday closing prices. Earnings/price ratios based on prices at end of quarter.

Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor’s, Nasdaq Stock Market, and Bloomberg.

31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
In the first ten months of fiscal year 2016, the deficit was $513.7 billion, compared with a deficit of $465.5 billion a
year earlier.
BILLIONS OF DOLLARS
4,400
4,200

RECEIPTS AND OUTLAYS

BILLIONS OF DOLLARS
4,400

1

4,200

4,000

4,000

3,800

3,800

OUTLAYS1

3,600

3,600

3,400

3,400

3,200

3,200

3,000

3,000

2,800

2,800

2,600

2,600

2,400

2,400

RECEIPTS1

2,200

2,200

2,000

2,000

1,800
1,600

1,800
1,600

400

SURPLUS OR DEFICIT (–)1

400

0

0

–400

–400

–800

–800

–1,200

–1,200

–1,600

–1,600

–2,000

–2,000
2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

FISCAL YEARS
1
INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Total
Fiscal year or period
Receipts
1998 ����������������������������������������������������
1999 ����������������������������������������������������
2000 ����������������������������������������������������
2001 ����������������������������������������������������
2002 ����������������������������������������������������
2003 ����������������������������������������������������
2004 ����������������������������������������������������
2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 ����������������������������������������������������
2012 ����������������������������������������������������
2013 ����������������������������������������������������
2014 ����������������������������������������������������
2015 ����������������������������������������������������
2016 (estimates) ���������������������������������
2017 (estimates) ���������������������������������
Cumulative total, first 10 months: 1
Fiscal year 2015 ����������������������������������
Fiscal year 2016 ����������������������������������

Outlays

Chart 32 - Jul 2016

On-budget
Surplus
or
deficit
(–)

Receipts

Outlays

Federal debt
(end of period)

Off-budget
Surplus
or
deficit
(–)

Receipts

Outlays

Surplus
or
deficit
(–)

Gross
Federal

Held by
the public

1,721.7
1,827.5
2,025.2
1,991.1
1,853.1
1,782.3
1,880.1
2,153.6
2,406.9
2,568.0
2,524.0
2,105.0
2,162.7
2,303.5
2,450.0
2,775.1
3,021.5
3,249.9
3,276.2
3,632.2

1,652.5
1,701.8
1,789.0
1,862.8
2,010.9
2,159.9
2,292.8
2,472.0
2,655.1
2,728.7
2,982.5
3,517.7
3,457.1
3,603.1
3,537.0
3,454.6
3,506.1
3,688.3
3,876.0
4,073.2

69.3
125.6
236.2
128.2
–157.8
–377.6
–412.7
–318.3
–248.2
–160.7
–458.6
–1,412.7
–1,294.4
–1,299.6
–1,087.0
–679.5
–484.6
–438.4
–599.8
–440.9

1,305.9
1,383.0
1,544.6
1,483.6
1,337.8
1,258.5
1,345.4
1,576.1
1,798.5
1,932.9
1,865.9
1,451.0
1,531.0
1,737.7
1,880.5
2,101.8
2,285.9
2,479.5
2,466.0
2,791.4

1,335.9
1,381.1
1,458.2
1,516.0
1,655.2
1,796.9
1,913.3
2,069.7
2,233.0
2,275.0
2,507.8
3,000.7
2,902.4
3,104.5
3,029.4
2,820.8
2,800.1
2,945.2
3,099.9
3,259.6

–29.9
1.9
86.4
–32.4
–317.4
–538.4
–568.0
–493.6
–434.5
–342.2
–641.8
–1,549.7
–1,371.4
–1,366.8
–1,148.9
–719.0
–514.1
–465.7
–633.9
–468.2

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

316.6
320.8
330.8
346.8
355.7
363.0
379.5
402.2
422.1
453.6
474.8
517.0
554.7
498.6
507.6
633.8
706.1
743.1
776.1
813.5

99.2
123.7
149.8
160.7
159.7
160.8
155.2
175.3
186.3
181.5
183.3
137.0
77.0
67.2
61.9
39.5
29.5
27.3
34.1
27.3

5,478.2
5,605.5
5,628.7
5,769.9
6,198.4
6,760.0
7,354.7
7,905.3
8,451.4
8,950.7
9,986.1
11,875.9
13,528.8
14,764.2
16,050.9
16,719.4
17,794.5
18,120.1
19,451.8
20,143.6

3,721.1
3,632.4
3,409.8
3,319.6
3,540.4
3,913.4
4,295.5
4,592.2
4,829.0
5,035.1
5,803.1
7,544.7
9,018.9
10,128.2
11,281.1
11,982.7
12,779.9
13,116.7
14,127.7
14,699.8

2,672.4
2,678.8

3,138.0
3,192.5

–465.5
–513.7

2,026.6
2,001.0

2,540.8
2,566.1

–514.3
–565.1

645.9
677.8

597.1
626.4

48.7
51.4

18,120.5
19,392.4

13,129.9
13,994.2

1 Data from current issue Monthly Treasury Statement.

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

32

Federal Receipts by Source and Outlays by Function
In the first ten months of fiscal year 2016, receipts were $6.4 billion higher than a year earlier and outlays were $54.5
billion higher.
BILLIONS OF DOLLARS
2,000
1

BILLIONS OF DOLLARS
2,000

RECEIPTS

1,600

1,600

INDIVIDUAL INCOME TAXES

1,200

1,200
CORPORATION
INCOME TAXES

800
400

SOCIAL INSURANCE
AND RETIREMENT RECEIPTS

OTHER RECEIPTS

800
400
0

0
3,600
3,600

3,600
3,400

OUTLAYS1

3,400

3,200

3,200

3,000

NONDEFENSE

3,000

2,800

2,800

2,600

2,600

2,400

2,400
2,200

2,200

2,000

2,000

1,800
1,600

1,800
1,600
NATIONAL DEFENSE

800

800

600

600

400

400

200

200
2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

FISCAL YEARS
1

INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]

Chart 33 - July 2016

On-budget and off-budget receipts

Fiscal year or period

1998 ����������������������������������������������������
1999 ����������������������������������������������������
2000 ����������������������������������������������������
2001 ����������������������������������������������������
2002 ����������������������������������������������������
2003 ����������������������������������������������������
2004 ����������������������������������������������������
2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 ����������������������������������������������������
2012 ����������������������������������������������������
2013 ����������������������������������������������������
2014 ����������������������������������������������������
2015 ����������������������������������������������������
2016 (estimates) ���������������������������������
2017 (estimates) ���������������������������������
Cumulative total, first 10 months: 1
Fiscal year 2015 ����������������������������������
Fiscal year 2016 ����������������������������������

On-budget and off-budget outlays
National defense

Indi- Corporavidual
tion
income income
taxes
taxes

Social
insurance
and
retirement
receipts

1,721.7
1,827.5
2,025.2
1,991.1
1,853.1
1,782.3
1,880.1
2,153.6
2,406.9
2,568.0
2,524.0
2,105.0
2,162.7
2,303.5
2,450.0
2,775.1
3,021.5
3,249.9
3,276.2
3,632.2

828.6
879.5
1,004.5
994.3
858.3
793.7
809.0
927.2
1,043.9
1,163.5
1,145.7
915.3
898.5
1,091.5
1,132.2
1,316.4
1,394.6
1,540.8
1,544.6
1,746.6

188.7
184.7
207.3
151.1
148.0
131.8
189.4
278.3
353.9
370.2
304.3
138.2
191.4
181.1
242.3
273.5
320.7
343.8
298.2
409.9

571.8
611.8
652.9
694.0
700.8
713.0
733.4
794.1
837.8
869.6
900.2
890.9
864.8
818.8
845.3
947.8
1,023.5
1,065.3
1,115.4
1,158.5

132.6
151.5
160.6
151.7
146.0
143.9
148.4
154.0
171.2
164.7
173.7
160.5
207.9
212.1
230.2
237.4
282.7
300.0
318.0
317.2

1,652.5
1,701.8
1,789.0
1,862.8
2,010.9
2,159.9
2,292.8
2,472.0
2,655.1
2,728.7
2,982.5
3,517.7
3,457.1
3,603.1
3,537.0
3,454.6
3,506.1
3,688.3
3,876.0
4,073.2

268.2
274.8
294.4
304.7
348.5
404.7
455.8
495.3
521.8
551.3
616.1
661.0
693.5
705.6
677.9
633.4
603.5
589.6
593.4
618.6

255.8
261.2
281.0
290.2
331.8
387.1
436.4
474.1
499.3
528.5
594.6
636.7
666.7
678.1
650.9
607.8
577.9
562.5
565.7
588.0

13.1
15.2
17.2
16.5
22.3
21.2
26.9
34.6
29.5
28.5
28.9
37.5
45.2
45.7
47.2
46.2
46.7
48.6
44.5
57.0

131.4
141.0
154.5
172.2
196.5
219.5
240.1
250.5
252.7
266.4
280.6
334.3
369.1
372.5
346.7
358.3
409.4
482.2
521.9
552.3

192.8
190.4
197.1
217.4
230.9
249.4
269.4
298.6
329.9
375.4
390.8
430.1
451.6
485.7
471.8
497.8
511.7
546.2
592.4
598.4

237.8
242.5
253.7
269.8
312.7
334.6
333.1
345.8
352.5
366.0
431.3
533.2
622.2
597.3
541.3
536.5
513.6
508.8
521.2
533.0

379.2
390.0
409.4
433.0
456.0
474.7
495.5
523.3
548.5
586.2
617.0
683.0
706.7
730.8
773.3
813.6
850.5
887.8
917.2
954.1

241.1
229.8
222.9
206.2
170.9
153.1
160.2
184.0
226.6
237.1
252.8
186.9
196.2
230.0
220.4
220.9
229.0
223.2
233.3
265.8

188.9
218.1
239.7
243.1
273.1
302.6
311.8
339.8
393.5
317.9
365.2
651.6
372.6
435.5
458.3
347.9
341.7
402.0
452.1
494.1

2,672.4
2,678.8

1,276.6
1,271.5

266.1
231.9

894.4
932.6

235.3
242.8

3,138.0
3,192.5

495.9
486.3

471.9
462.0

39.1
34.7

398.0
419.4

476.9
470.7

446.2
435.6

738.5
762.6

209.3
231.4

334.0
351.8

Total

Other

Total

Total

Depart- Internament
tional
of
affairs
Defense,
military

Health

Medicare

Income Social
Net
security security interest

Other

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

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

33

Federal Sector, National Income Accounts Basis
In the second quarter of 2016, according to current estimates, Federal current receipts rose $27.2 billion (annual
rate), while Federal current expenditures rose $26.5 billion.
BILLIONS OF DOLLARS
4,400

BILLIONS OF DOLLARS
4,400

SEASONALLY ADJUSTED ANNUAL RATES

4,000

4,000
3,600

3,600

CURRENT EXPENDITURES

3,200

3,200

2,800

2,800

2,400

2,400

CURRENT RECEIPTS

2,000

2,000

1,600

1,600

1,200

1,200

800

800

400

400

0

0

–400

–400
NET FEDERAL
GOVERNMENT SAVING

–800

–800

–1,200

–1,200

–1,600

–1,600
2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Chart 34 - Aug 2016

Federal Government current receipts

Federal Government current expenditures

Current tax receipts

Period

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

Total

2,537.7
2,667.2
2,579.5
2,238.4
2,443.3
2,574.1
2,699.1
3,138.4
3,288.4
3,453.3
3,254.1
3,290.7
3,309.5
3,299.4
3,410.0
3,439.4
3,447.8
3,515.9
3,442.5
3,469.7

Total 1

1,563.4
1,642.4
1,520.7
1,171.1
1,352.7
1,553.8
1,661.1
1,824.3
1,995.0
2,149.2
1,960.6
2,003.8
2,001.5
2,014.0
2,134.5
2,138.9
2,130.5
2,193.0
2,106.7
2,137.7

Contributions
for
Income
Taxes
govern- receipts
Taxes
Personal
on
ment
on
on
current production corporate social
assets
taxes
and
insurincome
imports
ance
1,054.6
1,169.7
1,174.3
864.5
941.6
1,129.1
1,164.7
1,302.0
1,402.3
1,532.7
1,366.5
1,385.9
1,412.7
1,444.3
1,506.8
1,530.6
1,539.9
1,553.2
1,520.7
1,537.5

99.2
94.6
94.0
91.4
96.8
108.6
115.1
124.8
134.6
139.4
133.2
133.3
135.7
136.0
138.0
141.8
136.9
140.8
138.1
136.5

395.0
362.8
233.7
200.4
298.7
299.4
363.1
378.1
436.6
455.1
438.1
464.4
431.0
412.9
468.1
444.9
430.6
477.0
425.3
442.0

905.7
947.2
974.4
950.8
970.9
904.0
938.1
1,091.3
1,140.9
1,189.5
1,126.2
1,131.7
1,145.3
1,160.3
1,169.4
1,184.3
1,194.4
1,210.1
1,214.9
1,225.4

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

29.0
33.4
33.9
48.5
54.6
56.4
52.6
163.3
74.8
49.2
104.2
75.6
57.8
61.5
43.3
42.7
67.6
43.0
51.3
38.6

Current
transfer
receipts

37.9
42.0
49.7
67.2
68.1
67.1
56.1
70.7
86.1
72.7
71.5
88.2
112.9
71.7
68.9
80.2
62.9
79.0
79.1
80.1

Current
surplus of
government
enterprises

1.8
2.0
.8
.8
–3.1
–7.1
–8.9
–11.1
–8.3
–7.4
–8.5
–8.5
–8.1
–8.1
–6.3
–6.7
–7.6
–9.2
–9.7
–12.1

Total

2,764.8
2,932.8
3,213.5
3,487.2
3,772.0
3,818.3
3,789.1
3,782.2
3,901.3
4,022.9
3,846.2
3,893.9
3,942.6
3,922.5
3,944.5
4,018.2
4,070.2
4,058.9
4,110.8
4,137.3

ConCurrent
sumption transfer Interest Subsidies
expendipaypayments
tures
ments 2

763.9
798.4
879.8
933.7
1,003.9
1,006.1
1,007.8
961.0
955.9
963.7
957.4
949.9
967.6
948.8
960.1
961.7
965.1
968.0
969.0
974.8

1,577.4
1,678.8
1,896.1
2,142.9
2,333.2
2,327.0
2,300.8
2,346.2
2,448.6
2,564.9
2,391.4
2,438.6
2,477.3
2,487.2
2,540.9
2,545.5
2,579.7
2,593.5
2,629.8
2,631.7

372.3
408.2
388.0
353.6
380.6
425.7
422.9
416.2
440.5
438.2
440.5
449.0
441.5
431.1
388.3
455.3
468.5
440.7
454.2
471.7

51.1
47.5
49.6
56.9
54.3
59.5
57.6
58.8
56.2
56.1
56.9
56.4
56.2
55.4
55.1
55.7
56.9
56.8
57.7
59.1

Net
Federal
Government
saving

–227.0
–265.7
–634.0
–1,248.8
–1,328.7
–1,244.1
–1,090.1
–643.8
–612.9
–569.7
–592.1
–603.2
–633.1
–623.1
–534.5
–578.9
–622.3
–543.1
–668.3
–667.6

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

United
States

Canada

Japan

France

Germany

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

Italy

United
States 1

Canada

Japan

France

2006 ���������������
102.4
107.5
114.0
112.2
95.1
123.3
112.3
201.6
188.7
118.6
2007 ���������������
105.0
106.3
117.4
113.6
100.9
125.6
112.6
207.342
192.7
118.7
2008 ���������������
101.2
102.7
113.2
109.8
100.9
120.9
109.7
215.303
197.3
120.3
2009 ���������������
89.6
91.0
88.7
95.6
84.4
98.4
100.2
214.537
197.9
118.7
r �������������
2010
94.5
95.4
102.6
99.4
93.5
105.3
103.4
218.056
201.4
117.8
2011 ���������������
97.3
100.0
99.8
102.4
100.3
106.6
102.8
224.939
207.2
117.5
2012 ���������������
100.0
100.0
100.0
100.0
100.0
100.0
100.0
229.594
210.4
117.5
r �������������
2013
101.9
101.6
99.4
99.6
100.1
97.0
99.3
232.957
212.4
117.9
r �������������
2014
104.9
105.5
101.5
98.9
101.5
96.4
100.8
236.736
216.4
121.1
2015 r �������������
105.2
104.8
100.2
100.4
102.4
97.3
102.1
237.017
218.8
122.1
r ��
2015: June
104.9
103.9
100.7
101.1
102.8
97.3
102.3
238.638
219.9
122.3
       r ���
July
105.5
105.7
99.8
98.8
103.4
98.1
101.7
238.654
220.1
122.2
       r ����
Aug
105.6
106.1
99.1
101.6
102.4
97.7
102.8
238.316
220.1
122.3
      
Sept r ���
105.3
104.4
99.4
101.3
102.1
97.6
102.8
237.945
219.8
122.5
r �����
      
Oct
105.2
104.4
100.6
101.8
102.3
98.1
103.0
237.838
219.9
122.3
r ����
      
Nov
104.5
105.4
99.5
101.2
101.9
97.6
102.2
237.336
219.8
122.0
       r ����
Dec
104.0
105.6
98.2
100.4
101.9
97.0
101.1
236.525
218.7
121.8
r ����
2016: Jan
104.5
106.5
100.7
101.4
104.7
98.6
101.9
236.916
219.2
121.5
       r ����
Feb
104.4
105.6
95.5
100.3
103.6
97.8
101.7
237.111
219.8
121.6
       r ���
Mar
103.4
104.6
99.1
100.0
102.7
97.7
102.2
238.132
221.1
121.7
       r ����
Apr
103.9
104.3
99.6
101.1
103.5
98.1
104.5
239.261
221.8
122.0
r ���
      
May
103.7
101.0
97.0
100.6
102.4
97.5
103.9
240.236
222.7
122.1
r ��
      
June
104.1
103.8
99.3
99.7
103.4
97.1
103.9
241.038
223.2
122.0
       p ���
July
104.9 ���������������
99.3 ��������������� ��������������� ��������������� ���������������
240.647
222.9
121.6
       p ��� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������
Aug

Germany

176.3
178.9
183.9
184.1
186.9
190.8
194.6
196.3
197.2
197.3
198.2
197.4
198.0
197.2
197.3
197.0
197.4
195.5
196.0
197.4
197.5
198.3
198.6
197.8
198.4

156.2
159.7
163.9
164.5
166.3
169.7
173.1
175.7
177.3
177.7
177.9
178.3
178.3
177.9
177.9
178.1
177.9
176.4
177.1
178.4
177.8
178.3
178.4
178.9
178.9

Italy

United
Kingdom

266.1
232.8
271.0
242.7
280.0
252.4
282.2
251.1
286.5
262.7
294.5
276.3
303.5
285.2
307.1
293.9
307.9
300.8
308.0
303.8
309.0
304.2
308.7
303.8
309.3
305.2
308.1
305.0
308.7
304.9
307.5
305.2
307.5
306.2
306.9
304.1
306.3
305.5
306.9
306.8
306.6
307.1
307.5
307.9
307.8
309.1
308.4
309.5
309.0 �����������������

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

2006 ���������������
2007 ���������������
2008 ���������������
2009 ���������������
2010 ���������������
2011 ���������������
2012 ���������������
2013 ���������������
2014 ���������������
2015 ���������������
2015: July 
�����
       �����
Aug 
      
Sept 
����
       ������
Oct 
       �����
Nov 
       ������
Dec 
2016: Jan r ����
       r ����
Feb
       r ���
Mar
       r ����
Apr
      
May r ���
      
June r ��
       p ���
July

BOP
basis

1,040.9
1,165.2
1,308.8
1,070.3
1,290.3
1,499.2
1,562.6
1,592.0
1,633.3
1,510.3
127.6
124.3
125.3
123.3
121.3
120.7
117.2
119.6
117.3
120.1
119.5
120.6
124.1

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 bever- and
ages materials
1,026.0
1,148.2
1,287.4
1,056.0
1,278.5
1,482.5
1,545.8
1,578.5
1,621.2
1,502.6
127.0
123.8
125.0
122.5
120.8
120.1
116.7
119.2
116.9
119.5
119.2
120.1
123.7

66.0
84.3
108.3
93.9
107.7
126.2
133.0
136.2
143.7
127.7
10.9
10.7
10.5
10.1
10.1
9.9
9.5
9.9
9.4
9.8
10.4
11.0
14.7

276.0
316.4
388.0
296.5
391.7
501.1
501.2
508.2
505.5
426.0
36.9
34.8
34.7
33.3
32.7
32.2
31.7
31.5
30.7
32.5
32.5
32.4
32.9

107.3
121.3
121.5
81.7
112.0
133.0
146.2
152.7
159.8
151.9
13.1
12.8
12.8
12.7
12.7
12.3
12.4
13.1
12.1
12.9
12.6
12.2
12.5

Balance of trade
(exports minus imports)

Census basis (by end-use category)

Auto- ConCapital motive sumer
vegoods
goods
except hicles, (nonauto- parts food)
motive and except
enautogines motive
404.0
433.0
457.7
391.2
447.5
494.0
527.2
534.4
551.5
539.4
44.2
44.6
45.1
44.3
44.4
44.0
42.9
43.1
43.4
43.5
42.7
43.0
42.8

Services
(BOP basis)

Goods: Imports (customs value)

129.1
146.0
161.3
149.5
165.2
175.3
181.7
188.8
198.6
197.7
16.3
15.9
16.9
16.5
16.0
16.8
16.0
16.8
15.6
15.8
15.6
16.0
16.0

BOP
basis

1,878.2
1,986.3
2,141.3
1,580.0
1,939.0
2,239.9
2,303.7
2,294.2
2,385.5
2,272.9
189.1
190.3
187.6
186.1
183.8
183.8
181.0
184.9
174.6
178.7
182.0
186.2
184.4

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 bever- and
ages materials
1,853.9
1,957.0
2,103.6
1,559.6
1,913.9
2,208.0
2,276.3
2,268.0
2,356.4
2,248.2
187.0
188.2
185.6
184.1
181.9
182.0
179.3
183.1
172.8
176.9
180.2
184.4
182.5

74.9
81.7
89.0
81.6
91.7
107.5
110.3
115.1
125.9
127.8
10.6
10.6
10.7
10.3
10.4
10.6
10.7
11.3
10.5
10.7
10.8
10.5
10.7

602.0
634.7
779.5
462.4
603.1
755.8
730.6
681.5
667.1
485.8
42.1
39.6
38.2
36.2
35.9
36.3
34.6
33.9
32.8
33.9
36.2
38.5
38.8

BOP basis

Auto- ConCapital motive sumer
vegoods Exports
goods
except hicles, (nonauto- parts food)
motive and except
enautogines motive
418.3
444.5
453.7
370.5
449.4
510.8
548.7
555.7
594.1
602.0
49.7
50.2
49.3
49.8
49.3
49.3
48.1
49.3
47.1
49.6
48.7
49.7
49.0

256.6
256.7
231.2
157.7
225.1
254.6
297.8
308.8
328.6
349.2
29.8
29.5
29.0
29.2
29.3
30.1
30.5
29.4
28.3
28.7
29.0
28.4
28.4

442.6
474.6
481.6
427.3
483.2
514.1
516.9
531.7
557.1
594.3
47.5
50.6
51.0
50.8
49.2
48.4
48.2
52.2
46.2
46.7
47.9
49.8
48.3

416.7
488.4
532.8
512.7
563.3
627.8
656.4
701.5
743.3
750.9
62.5
62.4
62.3
62.3
62.3
62.4
61.8
61.4
61.5
61.4
61.9
62.3
62.3

Imports

Goods,
Census
basis Goods

Services

Goods
and
services

341.2
372.6
409.1
386.8
409.3
435.8
452.0
461.1
481.3
488.7
40.9
41.0
41.1
41.0
40.9
40.8
41.1
41.4
41.2
41.4
41.4
41.3
41.4

–828.0
–808.8
–816.2
–503.6
–635.4
–725.4
–730.4
–689.5
–735.2
–745.7
–60.0
–64.4
–60.7
–61.6
–61.1
–61.9
–62.6
–64.0
–56.0
–57.4
–61.0
–64.3
–58.8

75.6
115.8
123.8
125.9
154.0
192.0
204.4
240.4
262.0
262.2
21.6
21.4
21.2
21.3
21.4
21.6
20.7
20.0
20.4
20.0
20.5
21.0
20.9

–761.7
–705.4
–708.7
–383.8
–494.7
–548.6
–536.8
–461.9
–490.2
–500.4
–39.9
–44.6
–41.1
–41.6
–41.1
–41.5
–43.0
–45.3
–36.9
–38.6
–42.0
–44.7
–39.5

–837.3
–821.2
–832.5
–509.7
–648.7
–740.6
–741.2
–702.2
–752.2
–762.6
–61.5
–66.0
–62.3
–62.9
–62.5
–63.1
–63.7
–65.3
–57.3
–58.6
–62.5
–65.6
–60.3

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 first quarter of 2016, the current account deficit rose to $124.7 billion from $113.4 billion in the fourth quarter.
The goods and services deficit fell to $121.9 billion in the first quarter from $124.2 billion in the fourth quarter.
BILLIONS OF DOLLARS
80

BILLIONS OF DOLLARS
80

SEASONALLY ADJUSTED

60

60

40

40
BALANCE ON
PRIMARY INCOME

20

20

0

0

–20

–20

–40

–40
BALANCE ON
SECONDARY INCOME

–60

BALANCE ON
CURRENT ACCOUNT

–60

–80

–80

–100

–100

–120

–120

–140

–140

BALANCE ON
GOODS AND SERVICES

–160

–160

–180

–180

–200

–200

–220

–220

–240

–240

2008

2007

2010

2009

2011

2012

2013

2014

SOURCE: DEPARTMENT OF COMMERCE

2015

2016

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted]
Chart 36 - Jun 2016

Current Account 1
Goods 2
Period

Services

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

Imports

Balance
on
goods

1,040,905
1,165,151
1,308,795
1,070,331
1,290,273
1,499,240
1,562,578
1,592,002
1,633,320
1,510,303
394,717
395,114
396,192
405,980
403,365
409,701
412,087
408,167
383,936
383,935
377,157
365,275
354,041

1,878,194
1,986,347
2,141,287
1,580,025
1,938,950
2,239,886
2,303,749
2,294,247
2,385,489
2,272,868
573,154
572,239
573,762
575,092
589,078
601,537
596,763
598,111
577,452
574,812
566,925
553,678
540,470

–837,289
–821,196
–832,492
–509,694
–648,678
–740,646
–741,171
–702,244
–752,169
–762,565
–178,437
–177,126
–177,570
–169,112
–185,712
–191,836
–184,677
–189,944
–193,517
–190,876
–189,768
–188,404
–186,429

Exports
416,738
488,396
532,817
512,722
563,333
627,781
656,411
701,455
743,257
750,860
172,731
174,008
175,933
178,784
183,220
186,211
185,735
188,091
188,332
188,448
187,118
186,962
188,063

Imports
341,165
372,575
409,052
386,801
409,313
435,761
452,013
461,087
481,264
488,657
113,904
114,614
115,432
117,137
118,022
120,209
120,474
122,560
121,329
121,599
122,961
122,767
123,506

Balance
on
services
75,573
115,821
123,765
125,920
154,020
192,020
204,398
240,368
261,993
262,203
58,827
59,394
60,500
61,647
65,199
66,002
65,262
65,531
67,003
66,848
64,157
64,195
64,557

Balance
on
goods
and
services
–761,716
–705,375
–708,726
–383,774
–494,658
–548,625
–536,773
–461,876
–490,176
–500,361
–119,610
–117,731
–117,070
–107,466
–120,514
–125,834
–119,415
–124,414
–126,514
–124,028
–125,611
–124,209
–121,872

Primary income receipts and payments
Receipts
693,089
844,033
823,707
614,379
684,915
759,727
768,956
794,658
821,807
782,915
195,307
198,969
198,893
201,490
202,351
204,485
209,622
205,349
194,716
199,359
196,752
192,089
194,262

Payments
649,752
743,429
677,561
490,794
507,254
538,766
553,163
575,689
597,802
600,531
145,068
144,187
142,132
144,302
145,604
149,862
150,297
152,039
146,365
154,288
154,903
144,974
156,764

Balance
on
primary
income
43,337
100,604
146,146
123,584
177,661
220,961
215,792
218,970
224,005
182,385
50,239
54,783
56,761
57,187
56,746
54,623
59,325
53,310
48,351
45,071
41,848
47,115
37,498

Balance
on
secondary
Income 3
–88,347
–113,872
–128,209
–123,833
–124,964
–132,690
–125,547
–123,515
–125,888
–144,988
–29,609
–31,885
–32,416
–29,605
–30,887
–22,849
–35,529
–36,623
–36,386
–32,947
–39,343
–36,312
–40,297

Balance
on
current
account
–806,726
–718,643
–690,789
–384,023
–441,961
–460,354
–446,527
–366,422
–392,060
–462,965
–98,980
–94,833
–92,725
–79,883
–94,654
–94,060
–95,619
–107,726
–114,549
–111,904
–123,106
–113,406
–124,671

Current
account
balance
as a
percentage
of GDP
–5.8
–5.0
–4.7
–2.7
–3.0
–3.0
–2.8
–2.2
–2.3
–2.6
–2.4
–2.3
–2.2
–1.9
–2.2
–2.2
–2.2
–2.4
–2.6
–2.5
–2.7
–2.5
–2.7

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 $35.0 billion in the first quarter of 2016, resulting from a net
increase in U.S. financial assets of $66.8 billion plus a net increase in transactions in financial derivatives of $13.6
billion, less a net increase in U.S. liabilities of $115.5 billion. U.S. net borrowing was up from $21.8 billion in the
fourth quarter.
BILLIONS OF DOLLARS
900

BILLIONS OF DOLLARS
900

SEASONALLY ADJUSTED

800

800
700

700

CHANGE IN
U.S. LIABILITIES

600

600

500

500

400

400

300

300

200

200

100

100
0

0

CHANGE IN
U.S. ASSETS ABROAD1

–100

–100

–200

–200

–300

–300

–400

–400
–500

–500

2008

2007

2009

2010

2011

2012

2013

2014

2015

2016

1

INCLUDES FINANCIAL DERIVATIVES, NET, BEGINNING 2006.
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted]
Chart 37 - Jun 2016

Financial account

Period

Balance
on
capital
account 1

Net U.S. acquisition of financial assets excluding
financial derivatives
[net increase in assets / financial outflow (+)]

Total

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

–1,788 1,336,866
384 1,572,509
6,010 –309,468
–140
132,204
–157
963,449
–1,186
496,320
6,904
177,747
–412
651,427
–45
823,343
–42
225,398
–40
212,235
–227
216,264
–146
24,312
0
198,615
–43
153,627
–2
229,606
–1
330,098
0
110,012
–22
357,562
–20
104,122
–1 –83,824
0 –152,461
0
66,803

Direct
investment
assets

Portfolio
investment
assets

Other
investment
assets

296,059 493,366 549,814
532,939 380,807 658,641
351,724 –284,269 –381,770
313,726 375,883 –609,662
354,575 199,620 407,420
440,405
85,365 –45,327
378,222 248,760 –453,695
394,635 481,298 –221,408
343,441 582,688 –99,203
348,646 153,968 –270,924
73,254 152,224 –14,118
135,436 168,818 –87,799
97,519
14,954 –87,160
88,426 145,302 –32,331
54,287 102,090
–1,794
69,849 204,484 –45,500
101,811 128,515 100,661
117,494 147,598 –152,569
86,576 233,068
42,077
114,779 140,675 –150,455
51,322 –97,468 –37,412
95,969 –122,306 –125,134
92,901 –61,622
36,716

Reserve
assets 4

–2,373
122
4,848
52,256
1,835
15,877
4,460
–3,099
–3,583
–6,292
875
–191
–1,001
–2,782
–956
773
–889
–2,511
–4,159
–877
–266
–990
–1,191

Net U.S. incurrence of liabilities excluding
financial derivatives
[net increase in liabilities / financial inflow (+)]

Total

2,116,304
2,183,538
454,051
318,350
1,386,345
977,073
625,352
1,044,635
1,056,374
395,234
252,808
245,645
171,639
374,543
289,054
293,401
371,787
102,132
348,004
205,435
–39,884
–118,322
115,488

Direct
investment
liabilities

Portfolio
investment
liabilities

Other
investment
liabilities

294,289 1,126,735
340,066 1,156,612
332,734
523,683
153,787
357,352
259,345
820,434
257,411
311,626
243,010
747,017
276,978
511,987
207,368
701,861
379,435
250,936
32,891
150,986
96,409
–8,446
76,142
200,041
71,536
169,406
–86,791
248,214
69,348
99,475
118,119
230,476
106,691
123,696
194,067
102,922
108,005
256,154
50,590 –126,250
26,773
18,109
79,900 –14,823

695,280
686,860
–402,367
–192,789
306,566
408,036
–364,675
255,670
147,145
–235,137
68,931
157,682
–104,544
133,601
127,631
124,578
23,192
–128,255
51,015
–158,723
35,775
–163,204
50,411

Financial
derivatives
other
than
reserves,
net transactions
–29,710
–6,222
32,947
–44,816
–14,076
–35,006
7,064
2,222
–54,347
–25,392
–3,948
–3,302
6,569
2,903
6,105
–4,423
–24,304
–31,725
–40,199
1,708
746
12,353
13,643

Net lending
(+)
or net
borrowing
(–)
from
financial
account
transactions 5
–809,148
–617,251
–730,572
–230,962
–436,972
–515,759
–440,540
–390,987
–287,378
–195,227
–44,521
–32,683
–140,758
–173,025
–129,322
–68,218
–65,993
–23,845
–30,642
–99,605
–43,194
–21,786
–35,042

U.S. official
reserve
assets,
Statistical
net
discrep(unadancy
justed,
end of
period) 4

–634
101,008
–45,793
153,201
5,146
–54,219
–917
–24,153
104,727
267,780
54,499
62,377
–47,888
–93,141
–34,625
25,843
29,627
83,881
83,929
12,318
79,913
91,620
89,629

65,895
70,565
77,648
130,760
132,433
147,953
150,175
144,575
130,090
117,581
146,329
145,703
147,747
144,575
144,284
145,176
137,054
130,090
119,270
120,333
120,218
117,581
119,727

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  ....................................................................................................................................................... 	11
Selected Unemployment Rates  .............................................................................................................................................. 	12
Selected Measures of Unemployment and Unemployment Insurance Programs  ................................................................... 	13
Nonagricultural Employment  ................................................................................................................................................ 	14
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries  ................................ 	15
Employment Cost Index—Private Industry  .......................................................................................................................... 	15
Productivity and Related Data, Business and Nonfarm Business Sectors  .............................................................................. 	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  ...................................................................................................................................................................... 	22
Consumer Prices—All Urban Consumers  ............................................................................................................................. 	23
Changes in Producer Prices  ................................................................................................................................................... 	24
Changes in Consumer Prices—All Urban Consumers  .......................................................................................................... 	24
Prices Received and Paid by Farmers  ..................................................................................................................................... 	25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures  .......................................................................................................................................... 	26
Components of Money Stock  ................................................................................................................................................ 	27
Aggregate Reserves and Monetary Base  ................................................................................................................................. 	27
Bank Credit at All Commercial Banks  .................................................................................................................................. 	28
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business  .............................................................................. 	29
Consumer Credit  ................................................................................................................................................................... 	29
Interest Rates and Bond Yields  .............................................................................................................................................. 	30
Common Stock Prices and Yields  .......................................................................................................................................... 	31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt  ..................................................................................................................................... 	32
Federal Receipts by Source and Outlays by Function  ............................................................................................................ 	33
Federal Sector, National Income Accounts Basis  ................................................................................................................... 	34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries  ........................................................................... 	35
U.S. International Trade in Goods and Services  .................................................................................................................... 	35
U.S. International Transactions  ............................................................................................................................................. 	36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p Preliminary.
	
r Revised.
	
c Corrected.
	
	
... Not available (also, not applicable).
	
NSA Not seasonally adjusted.

38

U.S. GOVERNMENT PUBLISHING OFFICE : 2016 21-395