Full text of Economic Indicators : August 2022
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117th Congress, 2nd Session Economic Indicators AUGUST 2022 (Includes data available as of September 7, 2022) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PUBLISHING OFFICE WASHINGTON : 2022 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) Representative Donald S. Beyer, Jr., Virginia, Chairman Senator Martin Heinrich, New Mexico, Vice Chairman House of Representatives David Trone, Maryland Joyce Beatty, Ohio Mark Pocan, Wisconsin Scott Peters, California Sharice L. Davids, Kansas David Schweikert, Arizona Jaime Herrera Beutler, Washington Jodey C. Arrington, Texas Ron Estes, Kansas Senate Amy Klobuchar, Minnesota Margaret Wood Hassan, New Hampshire Mark Kelly, Arizona Raphael G. Warnock, Georgia Mike Lee, Utah, Ranking Tom Cotton, Arkansas Rob Portman, Ohio Bill Cassidy, M.D., Louisiana Ted Cruz, Texas Tamara L. Fucile, Executive Director COUNCIL OF ECONOMIC ADVISERS Cecilia E. Rouse, Chair Jared Bernstein, Member Heather M. Boushey, Member [Public Law 120—81st Congress; Chapter 237—1st Session] JOINT RESOLUTION [S.J. R es. 55] To print the monthly publication entitled “Economic Indicators” Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled “Economic Indicators,” and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts prepared under the direction of the Mail and Multimedia Division, Office of the Secretary, Department of Commerce. Monthly issues of Economic Indicators in PDF form, and tables in Excel, are available online at: www.gpo.gov/economicindicators To subscribe to the print edition, $58.00 per year ($81.20 outside the United States), contact the U.S. Government Publishing Office at 202-512-1800, www.gpo.gov/economicindicators, or: SUPERINTENDENT OF DOCUMENTS U.S. GOVERNMENT PUBLISHING OFFICE MAIL STOP: IDCC WASHINGTON, DC 20402-9328 ii TOTAL OUTPUT, INCOME, AND SPENDING Gross Domestic Product In the second quarter of 2022, according to revised estimates, real gross domestic product (GDP) in chained (2012) dollars fell 0.6 percent (annual rate), current dollar GDP rose 8.4 percent, and the chained price index rose 8.9 percent. BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE) 25,200 24,800 24,400 24,000 23,600 23,200 22,800 22,400 22,000 21,600 21,200 25,200 24,800 24,400 24,000 23,600 23,200 22,800 22,400 22,000 21,600 21,200 SEASONALLY ADJUSTED ANNUAL RATES 20,800 20,800 20,400 20,400 GDP IN CURRENT DOLLARS 20,000 19,600 20,000 19,600 19,200 19,200 18,800 18,800 18,400 18,400 18,000 18,000 GDP IN CHAINED (2012) DOLLARS 17,600 17,200 17,600 17,200 16,800 16,800 16,400 16,400 16,000 16,000 15,600 15,600 15,200 15,200 14,800 14,800 2013 2014 2015 2016 2017 2018 2019 2020 SOURCE: DEPARTMENT OF COMMERCE 2021 2022 COUNCIL OF ECONOMIC ADVISERS [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Chart 1 - Aug 2022 Period 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2020: I ���������������� II ��������������� III �������������� IV �������������� 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II r ������������� Gross domestic product 16,254.0 16,843.2 17,550.7 18,206.0 18,695.1 19,479.6 20,527.2 21,372.6 20,893.7 22,996.1 21,481.4 19,477.4 21,138.6 21,477.6 22,038.2 22,741.0 23,202.3 24,002.8 24,386.7 24,882.9 Personal consumption expenditures Gross private domestic investment 11,047.4 11,363.5 11,847.7 12,263.5 12,693.3 13,239.1 13,913.5 14,428.7 14,047.6 15,741.6 14,439.1 12,989.7 14,293.8 14,467.6 15,005.4 15,681.7 15,964.9 16,314.2 16,670.1 17,019.0 2,621.8 2,826.0 3,044.2 3,237.2 3,205.0 3,381.4 3,637.8 3,826.3 3,637.8 4,120.0 3,752.4 3,167.0 3,708.8 3,923.2 3,928.0 3,925.1 4,099.6 4,527.2 4,695.1 4,642.4 Exports and imports of goods and services Net exports –551.6 –479.4 –510.0 –526.2 –506.3 –539.9 –596.2 –596.3 –651.2 –918.2 –541.7 –538.9 –725.7 –798.4 –872.5 –881.7 –947.0 –971.4 –1,177.9 –1,082.8 Government consumption expenditures and gross investment Federal Exports 2,217.7 2,287.0 2,377.4 2,268.7 2,232.1 2,383.8 2,533.5 2,519.7 2,123.4 2,478.3 2,385.5 1,807.9 2,079.6 2,220.7 2,311.9 2,461.5 2,485.2 2,654.5 2,732.4 2,978.7 Imports 2,769.3 2,766.4 2,887.4 2,794.9 2,738.4 2,923.7 3,129.7 3,116.0 2,774.6 3,396.5 2,927.3 2,346.7 2,805.3 3,019.1 3,184.5 3,343.2 3,432.3 3,625.9 3,910.3 4,061.5 Total 3,136.5 3,133.0 3,168.8 3,231.6 3,303.1 3,399.1 3,572.0 3,713.9 3,859.5 4,052.7 3,831.6 3,859.6 3,861.7 3,885.3 3,977.3 4,015.9 4,084.9 4,132.9 4,199.5 4,304.2 Total 1,287.0 1,227.2 1,216.0 1,221.8 1,234.5 1,262.8 1,339.0 1,414.9 1,501.8 1,565.0 1,454.7 1,525.0 1,515.1 1,512.3 1,568.6 1,563.3 1,562.0 1,566.2 1,566.9 1,578.0 National defense Nondefense 814.2 764.2 743.4 729.7 727.9 746.5 792.8 847.5 881.3 905.3 868.3 872.4 883.9 900.8 897.1 904.1 910.9 909.0 903.8 924.9 472.8 462.9 472.6 492.0 506.6 516.3 546.2 567.4 620.5 659.7 586.4 652.6 631.3 611.5 671.6 659.2 651.1 657.1 663.1 653.1 State and local 1,849.5 1,905.9 1,952.8 2,009.8 2,068.5 2,136.3 2,233.0 2,299.0 2,357.8 2,487.7 2,376.9 2,334.6 2,346.5 2,373.0 2,408.7 2,452.6 2,522.9 2,566.7 2,632.6 2,726.3 Final Addendum: Gross sales of Gross domestic domestic purchases national 1 product product 16,182.8 16,738.7 17,466.7 18,069.2 18,658.8 19,450.1 20,468.4 21,299.0 20,953.3 23,015.9 21,502.0 19,767.4 21,123.6 21,420.3 22,132.5 22,915.3 23,262.5 23,753.5 24,149.2 24,752.3 16,805.6 17,322.6 18,060.7 18,732.2 19,201.4 20,019.6 21,123.3 21,968.8 21,544.9 23,914.3 22,023.1 20,016.3 21,864.3 22,276.0 22,910.8 23,622.6 24,149.4 24,974.2 25,564.6 25,965.7 16,486.7 17,073.5 17,785.9 18,426.4 18,927.1 19,774.2 20,821.3 21,639.0 21,116.1 23,248.5 21,721.3 19,649.4 21,365.4 21,728.2 22,273.1 22,971.4 23,470.0 24,279.7 24,649.2 25,165.5 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 (2012) dollars; quarterly data at seasonally adjusted annual rates] Period 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2020: I ��������������� II ��������������� III �������������� IV �������������� 2021: I ��������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II r ������������� Gross private domestic investment Personal Gross conChange domestic sumption Nonresi- Resiin product expendi- dential dential fixed fixed private tures investinvestinvenment ment tories 16,254.0 16,553.3 16,932.1 17,390.3 17,680.3 18,079.1 18,606.8 19,032.7 18,384.7 19,427.3 18,952.0 17,258.2 18,560.8 18,767.8 19,055.7 19,368.3 19,478.9 19,806.3 19,727.9 19,699.5 11,047.4 11,211.7 11,515.3 11,892.9 12,187.7 12,483.7 12,845.0 13,126.3 12,629.9 13,624.8 13,014.5 11,756.4 12,820.8 12,927.9 13,282.7 13,665.6 13,732.4 13,818.4 13,881.1 13,931.5 2,118.5 2,206.0 2,365.3 2,420.3 2,442.0 2,541.4 2,704.4 2,822.0 2,671.1 2,868.5 2,775.5 2,535.7 2,646.9 2,726.2 2,810.4 2,873.1 2,884.8 2,905.5 2,975.4 2,975.1 432.0 485.5 504.1 555.4 592.1 615.9 612.3 606.7 648.0 707.7 641.2 584.9 657.8 708.2 730.6 708.2 694.2 697.9 698.7 668.6 71.2 108.7 86.3 137.6 35.7 33.6 65.7 75.1 –42.3 –32.6 –30.4 –252.8 25.3 88.8 –88.3 –168.5 –66.8 193.2 188.5 83.9 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports Exports Imports Total –551.6 –519.3 –575.3 –721.7 –757.1 –799.5 –864.2 –905.3 –942.7 –1,284.3 –841.9 –774.8 –1,021.3 –1,132.8 –1,226.1 –1,244.5 –1,316.6 –1,350.1 –1,544.7 –1,474.6 2,217.7 2,283.6 2,372.3 2,378.7 2,388.4 2,485.8 2,555.6 2,554.0 2,207.6 2,307.5 2,442.1 1,943.0 2,166.3 2,279.0 2,262.3 2,304.2 2,273.0 2,390.6 2,361.3 2,458.9 2,769.3 2,802.9 2,947.6 3,100.4 3,145.4 3,285.2 3,419.9 3,459.2 3,150.3 3,591.9 3,283.9 2,717.7 3,187.5 3,411.8 3,488.4 3,548.7 3,589.6 3,740.8 3,906.0 3,933.5 3,136.5 3,060.7 3,033.2 3,088.4 3,148.8 3,165.2 3,208.8 3,279.5 3,360.2 3,376.3 3,346.3 3,378.1 3,360.2 3,356.0 3,390.9 3,373.8 3,381.6 3,359.0 3,334.3 3,319.0 Total 1,287.0 1,215.8 1,184.7 1,184.5 1,190.5 1,194.7 1,231.0 1,277.2 1,340.7 1,348.9 1,305.8 1,368.4 1,349.6 1,338.8 1,375.2 1,356.7 1,339.1 1,324.3 1,301.1 1,288.2 National Nondefense defense 814.2 759.6 728.4 713.1 709.1 715.7 739.9 778.5 800.9 793.5 791.9 798.2 801.6 812.0 799.9 797.8 794.3 782.0 762.0 764.0 472.8 456.2 456.1 471.0 480.8 478.5 490.7 498.7 539.0 554.1 513.7 568.6 547.0 526.7 573.7 557.7 543.9 541.2 537.8 523.2 State and local 1,849.5 1,844.4 1,847.6 1,902.2 1,956.3 1,968.5 1,976.4 2,001.5 2,019.9 2,027.8 2,039.7 2,011.0 2,011.4 2,017.6 2,017.1 2,017.9 2,042.1 2,034.0 2,031.7 2,028.7 AddenFinal Gross dum: sales of domestic Gross domestic purchases 1 national product product 16,182.8 16,444.1 16,842.3 17,248.3 17,630.6 18,030.4 18,528.8 18,944.4 18,395.9 19,375.8 18,940.1 17,471.0 18,508.0 18,664.8 19,076.1 19,449.3 19,453.4 19,524.3 19,463.7 19,525.4 16,805.6 17,073.1 17,505.4 18,100.1 18,423.5 18,857.5 19,443.0 19,910.1 19,306.6 20,633.3 19,787.6 18,046.1 19,551.0 19,841.7 20,211.1 20,540.9 20,716.4 21,064.6 21,148.4 21,047.5 16,486.7 16,780.3 17,159.2 17,602.5 17,901.9 18,354.6 18,874.6 19,271.9 18,582.3 19,644.0 19,166.1 17,412.7 18,762.5 18,987.9 19,262.1 19,568.1 19,707.3 20,038.6 19,944.2 19,927.5 1 GDP less exports of goods and services plus imports of goods and services. Note: Because of the formula used for calculating real GDP, the chained (2012) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce (Bureau of Economic Analysis). Chained Price Indexes For Gross Domestic Product [Index numbers, 2012=100; quarterly data are seasonally adjusted] Period 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2020: I ���������������� II ��������������� III �������������� IV �������������� 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II r ������������� Gross domestic product 100.000 101.769 103.662 104.662 105.703 107.742 110.326 112.279 113.740 118.490 113.397 112.969 113.984 114.611 115.826 117.546 119.259 121.331 123.745 126.413 Personal consumption expenditures Total 100.000 101.354 102.887 103.116 104.148 106.051 108.318 109.922 111.225 115.530 110.958 110.505 111.507 111.928 112.989 114.772 116.277 118.081 120.112 122.183 Goods Services 100.000 99.407 98.920 95.896 94.332 94.615 95.281 94.832 94.160 98.890 94.597 93.243 94.361 94.437 95.790 97.948 99.690 102.133 105.016 107.588 Source: Department of Commerce (Bureau of Economic Analysis). 2 Gross private domestic investment 100.000 102.322 104.880 106.796 109.197 111.965 115.100 117.836 120.302 124.215 119.604 119.713 120.624 121.267 122.109 123.593 124.904 126.255 127.691 129.401 Nonresidential fixed 100.000 100.251 101.469 101.909 101.119 101.977 102.815 104.137 104.813 106.440 104.487 104.864 104.895 105.005 105.203 105.429 106.549 108.578 110.421 112.589 Residential fixed 100.000 105.054 111.118 114.114 118.127 123.454 130.417 134.145 138.541 153.748 136.224 136.528 139.594 141.817 146.010 151.291 156.609 161.082 167.943 174.015 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Exports 100.000 100.148 100.216 95.373 93.458 95.897 99.135 98.660 96.188 107.549 97.783 93.181 96.164 97.622 102.383 107.030 109.539 111.245 115.934 121.364 Imports 100.000 98.697 97.961 90.144 87.058 88.996 91.515 90.078 88.075 94.613 89.194 86.424 88.098 88.585 91.385 94.312 95.720 97.034 100.219 103.367 Total 100.000 100.933 102.643 103.143 103.695 105.702 108.776 110.781 112.018 116.049 111.400 111.444 112.269 112.959 114.065 115.228 116.643 118.261 120.430 122.494 National defense 100.000 100.609 102.056 102.334 102.650 104.306 107.150 108.865 110.039 114.104 109.650 109.303 110.264 110.939 112.152 113.335 114.686 116.244 118.613 121.060 Nondefense 100.000 101.482 103.621 104.466 105.370 107.902 111.325 113.775 115.108 119.106 114.143 114.766 115.403 116.118 117.070 118.207 119.720 121.427 123.314 124.831 State and local 100.000 103.332 105.698 105.656 105.739 108.524 112.984 114.863 116.725 122.672 116.536 116.093 116.659 117.611 119.416 121.544 123.541 126.189 129.578 134.387 Gross Domestic Product and Related Price Measures: Indexes and Percent Changes [Quarterly data are seasonally adjusted] Percent change from preceding period 1 Index numbers, 2012=100 Personal consumption expenditures (PCE) Gross domestic product (GDP) Period 2012 ���������������������� 2013 ���������������������� 2014 ���������������������� 2015 ���������������������� 2016 ���������������������� 2017 ���������������������� 2018 ���������������������� 2019 ���������������������� 2020 ���������������������� 2021 ���������������������� 2020: I ����������������� II ����������������� III ���������������� IV ���������������� 2021: I ������������������ II ����������������� III ���������������� IV ���������������� 2022: I ������������������ II r ��������������� Real GDP GDP (chain-type chain-type quantity price index) index 100.000 101.842 104.172 106.991 108.775 111.229 114.475 117.096 113.109 119.523 116.599 106.178 114.192 115.466 117.237 119.160 119.841 121.855 121.373 121.198 GDP implicit price deflator 100.000 101.769 103.662 104.662 105.703 107.742 110.326 112.279 113.740 118.490 113.397 112.969 113.984 114.611 115.826 117.546 119.259 121.331 123.745 126.413 PCE PCE less food (chain-type and price index) priceenergy index 100.000 101.751 103.654 104.691 105.740 107.747 110.321 112.294 113.648 118.370 113.346 112.859 113.888 114.439 115.652 117.413 119.115 121.188 123.615 126.312 100.000 101.354 102.887 103.116 104.148 106.051 108.318 109.922 111.225 115.530 110.958 110.505 111.507 111.928 112.989 114.772 116.277 118.081 120.112 122.183 100.000 101.535 103.187 104.487 106.138 107.935 110.096 111.959 113.553 117.321 113.135 112.919 113.904 114.255 115.010 116.731 118.045 119.497 121.015 122.330 Personal consumption expenditures (PCE) Gross domestic product (GDP) Gross domestic purchases price index 100.000 101.478 103.181 103.464 104.187 106.157 108.648 110.326 111.682 116.015 111.346 111.024 111.924 112.434 113.523 115.130 116.708 118.697 121.007 123.465 GDP (current dollars) 4.2 3.6 4.2 3.7 2.7 4.2 5.4 4.1 –2.2 10.1 –3.9 –32.4 38.7 6.6 10.9 13.4 8.4 14.5 6.6 8.4 Real GDP GDP (chain-type chain-type quantity price index) index 2.3 1.8 2.3 2.7 1.7 2.3 2.9 2.3 –3.4 5.7 –5.1 –31.2 33.8 4.5 6.3 6.7 2.3 6.9 –1.6 –.6 GDP implicit price deflator 1.9 1.8 1.9 1.0 1.0 1.9 2.4 1.8 1.3 4.2 1.6 –1.5 3.6 2.2 4.3 6.1 6.0 7.1 8.2 8.9 Gross domestic PCE purchases PCE food price index (chain-type lessenergy price index) and price index 1.9 1.8 1.9 1.0 1.0 1.9 2.4 1.8 1.2 4.2 1.3 –1.7 3.7 1.9 4.3 6.2 5.9 7.1 8.3 9.0 1.9 1.4 1.5 .2 1.0 1.8 2.1 1.5 1.2 3.9 1.3 –1.6 3.7 1.5 3.8 6.5 5.3 6.4 7.1 7.1 1.8 1.5 1.6 1.3 1.6 1.7 2.0 1.7 1.4 3.3 1.7 –.8 3.5 1.2 2.7 6.1 4.6 5.0 5.2 4.4 1.8 1.5 1.7 .3 .7 1.9 2.3 1.5 1.2 3.9 1.6 –1.2 3.3 1.8 3.9 5.8 5.6 7.0 8.0 8.4 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 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2020: I ���������������� II ��������������� III �������������� IV �������������� 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II p ������������� Price per unit of real gross value added of nonfinancial corporate business (dollars) 1, 2 Gross value added of nonfinancial corporate business (billions of dollars) 1 8,060.4 8,378.0 8,785.5 9,128.5 9,238.2 9,664.1 10,179.9 10,604.0 10,168.8 11,666.7 10,654.3 9,252.3 10,062.5 10,706.1 11,075.5 11,444.9 11,853.0 12,293.4 12,671.1 13,094.1 Chained (2012) dollars 8,060.4 8,265.4 8,522.2 8,775.8 8,819.5 9,066.4 9,355.0 9,567.6 9,164.2 10,051.6 9,549.8 8,440.6 9,041.9 9,624.3 9,832.4 9,969.8 10,133.1 10,256.4 10,283.8 10,325.0 Total 1.000 1.014 1.031 1.040 1.047 1.066 1.088 1.108 1.110 1.161 1.116 1.096 1.113 1.112 1.126 1.148 1.170 1.199 1.232 1.268 Compensation of employees (unit labor cost) 0.572 .577 .590 .603 .616 .629 .644 .660 .690 .695 .675 .707 .698 .685 .676 .689 .701 .716 .732 .744 Corporate profits with inventory valuation and capital consumption adjustments 4 Unit nonlabor cost Total 0.285 .289 .292 .294 .296 .303 .302 .307 .275 .288 .311 .263 .247 .275 .287 .276 .286 .302 .320 .328 Consumption of fixed capital Net interest Taxes on and production miscellaneous and imports 3 payments 0.153 .155 .158 .160 .162 .165 .167 .172 .186 .180 .177 .202 .189 .180 .178 .179 .181 .184 .189 .194 0.096 .100 .099 .099 .098 .102 .105 .107 .061 .081 .107 .031 .030 .070 .083 .070 .079 .092 .105 .109 0.036 .034 .034 .035 .037 .036 .030 .029 .028 .027 .028 .030 .028 .026 .026 .028 .026 .026 .026 .026 Total 0.143 .148 .149 .143 .135 .134 .143 .141 .144 .177 .130 .127 .167 .152 .163 .183 .183 .181 .180 .196 Taxes on corporate income 0.030 .032 .034 .032 .030 .025 .021 .021 .021 .027 .017 .019 .024 .023 .025 .028 .027 .027 .034 .032 Profits after tax 5 0.112 .116 .115 .111 .106 .109 .121 .120 .124 .151 .113 .108 .144 .129 .138 .155 .156 .154 .147 .165 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 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2020: I ���������������� II ��������������� III �������������� IV �������������� 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II r ������������� ComNational pensation of income employees 14,099.6 14,507.1 15,228.1 15,749.5 16,033.4 16,774.9 17,673.3 18,273.1 17,710.7 19,938.0 18,473.4 16,241.3 17,544.3 18,583.8 19,086.8 19,575.1 20,205.0 20,885.0 21,342.3 21,873.5 8,567.4 8,835.0 9,250.2 9,699.4 9,966.1 10,426.1 10,959.5 11,447.7 11,572.2 12,598.7 11,755.5 11,029.2 11,539.7 11,964.2 12,088.9 12,416.6 12,756.5 13,132.6 13,424.9 13,669.0 Rental income of persons with capital conNonfarm sumption adjustment Farm 59.9 87.0 67.7 54.1 34.1 39.5 38.9 38.4 70.2 97.8 58.1 44.9 69.2 108.5 73.0 119.4 110.6 88.0 109.1 135.3 1,286.4 1,315.3 1,377.9 1,366.7 1,389.2 1,466.4 1,541.5 1,560.5 1,579.9 1,724.1 1,580.2 1,426.2 1,691.5 1,621.5 1,640.9 1,728.7 1,756.3 1,770.5 1,769.1 1,789.4 534.5 577.4 602.7 609.5 626.6 652.7 681.9 692.1 711.6 726.4 712.2 709.5 714.5 710.0 716.9 716.3 729.0 743.6 748.4 784.1 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 1,997.4 2,010.7 2,120.2 2,060.5 2,037.7 2,128.9 2,305.0 2,367.8 2,243.8 2,805.8 2,169.5 1,942.6 2,435.4 2,427.5 2,551.4 2,819.2 2,916.1 2,936.5 2,872.7 3,047.9 Total Profits before tax 2,144.7 2,165.9 2,266.6 2,184.6 2,138.8 2,147.9 2,211.3 2,254.6 2,165.9 2,753.8 2,081.9 1,864.0 2,360.5 2,357.2 2,461.8 2,747.7 2,873.9 2,931.6 2,946.5 3,158.3 2,156.1 2,151.5 2,264.5 2,128.3 2,134.2 2,194.8 2,259.0 2,254.6 2,184.1 3,001.2 1,988.8 1,818.9 2,448.4 2,480.1 2,711.3 3,069.0 3,114.9 3,109.4 3,196.5 3,439.1 –11.4 14.4 2.1 56.3 4.5 –46.8 –47.7 .0 –18.2 –247.4 93.0 45.1 –88.0 –122.9 –249.5 –321.2 –241.1 –177.9 –250.0 –280.8 –147.2 –155.2 –146.4 –124.1 –101.1 –19.1 93.6 113.2 77.9 52.0 87.6 78.6 74.9 70.4 89.6 71.4 42.2 5.0 –73.8 –110.4 494.0 459.2 504.8 591.1 567.3 612.5 598.7 558.2 618.8 686.1 566.9 619.3 623.0 666.1 695.2 693.6 680.3 675.1 678.3 654.1 Business Less: current Subsidies transfer payments 1,136.1 1,188.7 1,240.8 1,275.2 1,311.6 1,366.3 1,461.7 1,532.3 1,534.7 1,641.1 1,577.1 1,460.5 1,544.0 1,557.0 1,580.1 1,636.3 1,654.7 1,693.4 1,738.2 1,773.9 58.0 59.7 58.1 57.2 61.7 59.9 63.3 73.0 761.4 493.1 80.9 1,124.3 1,221.2 619.2 406.3 705.6 555.1 305.3 150.1 158.4 97.3 109.5 132.7 155.6 166.9 149.1 158.0 162.3 158.6 164.0 149.4 152.8 165.8 166.3 165.8 166.0 162.5 161.7 165.7 197.2 Current surplus of government enterprises –15.4 –15.9 –11.0 –5.3 –4.4 –6.7 –8.6 –13.3 –17.5 –12.9 –14.6 –19.5 –17.7 –18.1 –19.3 –15.4 –5.8 –11.2 –14.0 –18.9 1 With inventory valuation and capital consumption adjustments. Source: Department of Commerce (Bureau of Economic Analysis). Real Personal Consumption Expenditures [Billions of chained (2012) dollars, except as noted; quarterly data at seasonally adjusted annual rates] Goods Period Total personal consumption expenditures 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2020: I ��������������� II ��������������� III �������������� IV �������������� 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II r ������������� 11,047.4 11,211.7 11,515.3 11,892.9 12,187.7 12,483.7 12,845.0 13,126.3 12,629.9 13,624.8 13,014.5 11,756.4 12,820.8 12,927.9 13,282.7 13,665.6 13,732.4 13,818.4 13,881.1 13,931.5 Services Durable Total goods 3,637.7 3,752.2 3,905.1 4,090.9 4,231.7 4,395.2 4,569.3 4,723.0 4,942.5 5,543.9 4,790.2 4,665.8 5,158.9 5,155.0 5,476.6 5,646.7 5,518.3 5,533.9 5,529.7 5,496.6 Total durable goods 1 1,144.2 1,214.1 1,301.6 1,400.6 1,476.0 1,568.4 1,678.2 1,749.7 1,884.3 2,225.1 1,738.3 1,731.8 2,030.6 2,036.4 2,253.5 2,316.2 2,158.5 2,171.9 2,203.1 2,202.6 Nondurable Motor vehicles and parts 396.6 415.3 439.4 472.8 487.2 510.4 531.2 524.9 542.0 623.2 493.0 498.4 586.8 589.7 661.2 686.1 576.0 569.7 591.5 588.2 Total nondurable goods 1 2,493.5 2,538.5 2,605.3 2,693.7 2,760.5 2,834.2 2,903.6 2,988.1 3,080.5 3,359.4 3,061.8 2,949.1 3,159.9 3,151.1 3,269.3 3,377.2 3,394.0 3,397.1 3,365.4 3,334.2 Food and beverages purchased for offpremises consumption Gasoline and other energy goods Total services 1 Household consumption expenditures 846.2 855.5 871.4 884.8 913.2 945.9 967.3 987.1 1,062.0 1,108.8 1,066.8 1,056.5 1,066.8 1,057.9 1,103.3 1,112.1 1,111.2 1,108.7 1,097.0 1,066.1 421.9 429.7 430.0 450.0 453.0 450.8 448.2 447.6 386.3 423.6 414.1 341.7 401.2 388.3 393.7 425.5 437.1 438.2 425.1 418.1 7,409.6 7,460.3 7,613.2 7,809.8 7,968.5 8,110.1 8,305.7 8,443.7 7,808.5 8,258.1 8,284.4 7,217.3 7,815.2 7,917.0 7,993.4 8,214.3 8,378.5 8,446.2 8,508.5 8,583.3 7,068.1 7,114.7 7,267.9 7,471.7 7,614.8 7,755.3 7,936.0 8,090.8 7,393.5 7,903.2 7,870.2 6,748.9 7,422.8 7,531.9 7,622.4 7,863.1 8,031.4 8,095.7 8,146.0 8,209.8 Housing and utilities 2,014.7 2,033.6 2,039.3 2,039.6 2,049.4 2,052.8 2,082.5 2,102.2 2,124.3 2,147.9 2,104.9 2,128.9 2,130.7 2,132.5 2,142.4 2,143.9 2,152.5 2,152.8 2,172.0 2,175.3 Health care 1,821.3 1,832.6 1,892.8 1,994.6 2,070.0 2,115.0 2,169.7 2,240.3 2,051.8 2,198.6 2,165.7 1,782.6 2,094.5 2,164.4 2,140.7 2,193.6 2,219.8 2,240.2 2,237.7 2,246.7 Financial services and insurance 830.9 826.0 828.7 848.8 830.7 846.5 859.1 849.3 851.6 877.7 847.3 842.0 852.4 864.7 874.7 867.9 876.6 891.4 890.1 889.2 Addendum: Personal consumption expenditures excluding food and energy 2 Retail sales of new passenger cars and light trucks (millions of units) 9,571.6 9,712.4 9,996.8 10,343.3 10,605.2 10,869.0 11,189.1 11,450.7 10,932.3 11,838.3 11,300.9 10,098.1 11,103.1 11,227.2 11,523.8 11,875.1 11,930.8 12,023.5 12,092.9 12,182.5 14.4 15.5 16.5 17.4 17.5 17.2 17.2 17.0 14.5 15.0 15.0 11.3 15.4 16.2 16.8 16.9 13.3 12.9 14.1 13.4 1 Includes other items, not shown separately. 2 Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. Note: Because of the formula used for calculating real GDP, the chained (2012) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate Source: Department of Commerce (Bureau of Economic Analysis). 4 Sources of Personal Income Personal income rose $47.0 billion (annual rate) in July, following an increase of $145.3 billion in June. Wages and salaries rose $94.3 billion in July, following an increase of $68.6 billion in June. BILLIONS OF DOLLARS * (RATIO SCALE) 26,000 24,000 22,000 BILLIONS OF DOLLARS* (RATIO SCALE) 26,000 24,000 22,000 TOTAL PERSONAL INCOME 20,000 20,000 18,000 18,000 16,000 16,000 14,000 14,000 12,000 12,000 WAGES AND SALARIES 10,000 10,000 9,000 9,000 8,000 8,000 7,000 7,000 OTHER INCOME 6,000 6,000 5,000 5,000 4,000 4,000 PERSONAL CURRENT TRANSFER RECEIPTS 3,000 3,000 2,000 2,000 2014 2015 2016 2017 2018 2019 2020 2021 *SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE 2022 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; monthly data at seasonally adjusted annual rates] Compensation of employees Period 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2021: July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2022: Jan ����������� Feb ����������� Mar ���������� Apr r ��������� May r �������� June r ������� July p �������� Total personal income 14,014.3 14,193.6 14,976.6 15,685.2 16,096.9 16,850.2 17,706.0 18,424.4 19,627.6 21,092.8 20,835.3 20,916.3 20,719.8 20,884.9 21,025.0 21,120.1 21,125.1 21,261.8 21,384.7 21,477.4 21,604.1 21,749.4 21,796.4 Total 8,567.4 8,835.0 9,250.2 9,699.4 9,966.1 10,426.1 10,959.5 11,447.7 11,572.2 12,598.7 12,680.1 12,743.4 12,846.0 13,019.0 13,138.0 13,240.9 13,308.4 13,438.4 13,527.9 13,592.8 13,667.8 13,746.4 13,853.1 Wages and salaries Supplements to wages and salaries 6,928.1 7,114.0 7,476.3 7,859.5 8,091.2 8,474.7 8,900.5 9,323.5 9,444.1 10,343.8 10,418.7 10,475.1 10,567.9 10,726.1 10,833.6 10,925.0 10,980.8 11,097.3 11,176.1 11,232.4 11,297.0 11,365.6 11,459.9 1,639.2 1,721.0 1,773.9 1,839.9 1,874.9 1,951.5 2,059.0 2,124.2 2,128.0 2,254.9 2,261.4 2,268.2 2,278.1 2,292.9 2,304.4 2,315.9 2,327.6 2,341.1 2,351.8 2,360.4 2,370.7 2,380.9 2,393.2 Proprietors’ income 1 Farm 59.9 87.0 67.7 54.1 34.1 39.5 38.9 38.4 70.2 97.8 123.0 114.5 94.4 90.8 88.9 84.2 96.3 108.7 122.4 128.2 135.3 142.3 138.4 Nonfarm 1,286.4 1,315.3 1,377.9 1,366.7 1,389.2 1,466.4 1,541.5 1,560.5 1,579.9 1,724.1 1,749.2 1,754.3 1,765.5 1,771.9 1,778.8 1,760.8 1,758.9 1,771.3 1,777.0 1,774.3 1,789.8 1,804.2 1,781.9 Personal income receipts on assets Rental income of persons 2 534.5 577.4 602.7 609.5 626.6 652.7 681.9 692.1 711.6 726.4 719.8 728.9 738.1 740.3 743.6 746.7 747.3 748.1 749.7 766.7 784.1 801.7 791.6 Total 2,153.7 2,058.9 2,290.0 2,474.9 2,542.6 2,707.9 2,868.3 2,968.0 2,912.1 2,941.3 2,946.7 2,942.4 2,946.4 2,974.8 2,986.9 3,005.7 3,002.5 3,006.4 3,014.6 3,027.2 3,046.9 3,064.1 3,068.8 Personal interest income 1,318.6 1,265.6 1,336.8 1,441.8 1,465.2 1,553.4 1,615.0 1,652.0 1,614.4 1,640.7 1,637.8 1,636.0 1,635.1 1,647.8 1,656.9 1,665.6 1,672.5 1,679.1 1,685.3 1,694.9 1,704.3 1,713.7 1,713.3 Personal dividend income 835.1 793.3 953.2 1,033.1 1,077.4 1,154.5 1,253.3 1,316.0 1,297.8 1,300.7 1,308.9 1,306.3 1,311.3 1,327.0 1,330.1 1,340.1 1,330.0 1,327.3 1,329.3 1,332.3 1,342.6 1,350.4 1,355.5 Personal current transfer receipts 3 2,363.0 2,424.3 2,541.5 2,685.4 2,777.0 2,856.4 2,976.3 3,139.1 4,241.1 4,597.8 4,218.9 4,242.4 3,951.2 3,930.6 3,945.5 3,950.7 3,896.6 3,889.5 3,904.3 3,907.3 3,908.6 3,928.7 3,913.4 Less: Chart 5 - Aug 2022 Contributions for government social insurance, domestic 950.5 1,104.3 1,153.6 1,204.7 1,238.8 1,298.8 1,360.5 1,421.4 1,459.5 1,593.4 1,602.5 1,609.6 1,621.8 1,642.5 1,656.8 1,668.9 1,684.9 1,700.6 1,711.1 1,719.0 1,728.2 1,738.0 1,750.8 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 (2012) dollars fell 0.8 percent (annual rate) in the second quarter of 2022. BILLIONS OF DOLLARS* (RATIO SCALE) 22,000 21,000 20,000 19,000 18,000 17,000 BILLIONS OF DOLLARS* (RATIO SCALE) 22,000 21,000 20,000 19,000 18,000 17,000 DISPOSABLE PERSONAL INCOME 16,000 16,000 15,000 15,000 14,000 14,000 SAVING 13,000 13,000 PERSONAL OUTLAYS 12,000 12,000 11,000 11,000 10,000 10,000 DOLLARS* (RATIO SCALE) 62,000 58,000 56,000 54,000 52,000 50,000 48,000 46,000 44,000 42,000 40,000 62,000 PER CAPITA DISPOSABLE PERSONAL INCOME 58,000 56,000 54,000 52,000 50,000 48,000 46,000 44,000 42,000 40,000 CURRENT DOLLARS CHAINED (2012) DOLLARS 38,000 38,000 36,000 34,000 36,000 34,000 2013 2014 2015 2016 2017 2018 2019 2020 *SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE Period Personal income Less: Personal current taxes Equals: Disposable personal income 14,014.3 14,193.6 14,976.6 15,685.2 16,096.9 16,850.2 17,706.0 18,424.4 19,627.6 21,092.8 1,509.5 1,676.4 1,784.6 1,939.9 1,958.2 2,049.0 2,076.3 2,205.1 2,195.6 2,585.2 12,504.8 12,517.3 13,192.0 13,745.3 14,138.7 14,801.2 15,629.7 16,219.3 17,432.0 18,507.6 2022 COUNCIL OF ECONOMIC ADVISERS Less: Personal outlays 1 Equals: Personal saving Disposable personal income in billions of chained (2012) dollars Per capita disposable personal income Current dollars Billions of dollars 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2021 Chained (2012) dollars Per capita personal consumption expenditures Current dollars Chained (2012) dollars Dollars 11,431.8 11,751.3 12,261.1 12,710.4 13,150.8 13,724.8 14,438.8 14,981.5 14,544.5 16,226.3 1,073.1 766.0 930.9 1,034.9 987.8 1,076.4 1,190.9 1,237.8 2,887.5 2,281.3 12,504.8 12,350.0 12,821.9 13,330.0 13,575.5 13,956.6 14,429.4 14,755.2 15,672.8 16,018.8 39,732 39,474 41,276 42,672 43,556 45,283 47,536 49,073 52,544 55,710 Chart 6 - Aug 2022 Percent Saving change as in real percent per capita of disposable disposable personal personal income income Population, including Armed Forces overseas (thousands) 2 Percent 39,732 38,947 40,118 41,383 41,821 42,699 43,886 44,644 47,241 48,219 35,102 35,836 37,070 38,072 39,103 40,504 42,317 43,655 42,342 47,384 35,102 35,357 36,030 36,922 37,546 38,193 39,067 39,715 38,069 41,012 2.5 –2.0 3.0 3.2 1.1 2.1 2.8 1.7 5.8 2.1 8.6 6.1 7.1 7.5 7.0 7.3 7.6 7.6 16.6 12.3 314,725 317,099 319,601 322,113 324,609 326,860 328,794 330,513 331,761 332,213 45,132 49,796 47,560 46,518 51,880 47,604 47,066 46,492 45,536 45,444 43,552 39,162 43,074 43,580 45,204 47,231 48,044 49,053 50,098 51,117 39,255 35,444 38,635 38,942 40,014 41,159 41,326 41,549 41,716 41,844 2.7 48.2 –16.8 –8.5 54.7 –29.1 –4.4 –4.8 –8.0 –.8 9.7 26.1 16.0 13.6 20.5 10.9 9.5 7.9 5.6 5.1 331,534 331,692 331,841 331,978 331,949 332,021 332,297 332,584 332,749 332,940 Seasonally adjusted annual rates 2020: I ���������������� II ��������������� III �������������� IV �������������� 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II r ������������� 18,842.2 20,348.7 19,777.4 19,542.0 21,867.3 20,669.9 20,823.8 21,010.0 21,257.2 21,610.3 2,241.6 2,099.0 2,181.8 2,259.8 2,412.1 2,532.5 2,641.1 2,754.9 3,060.9 3,127.0 16,600.6 18,249.6 17,595.7 17,282.2 19,455.3 18,137.4 18,182.7 18,255.1 18,196.3 18,483.3 14,989.2 13,477.7 14,774.3 14,936.8 15,475.6 16,165.0 16,456.2 16,808.4 17,173.4 17,538.3 1,611.4 4,772.0 2,821.3 2,345.5 3,979.7 1,972.4 1,726.4 1,446.7 1,022.9 945.0 14,962.7 16,516.9 15,782.4 15,443.0 17,221.6 15,805.6 15,640.0 15,462.3 15,152.0 15,130.1 50,072 55,020 53,024 52,058 58,609 54,627 54,718 54,889 54,685 55,515 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 2022, gross farm income in chained (2022) dollars is forecast to be $585.0 billion and net farm income to be $147.7 billion. BILLIONS OF CHAINED (2022) DOLLARS (RATIO SCALE) BILLIONS OF CHAINED (2022) DOLLARS (RATIO SCALE) 700 640 600 560 520 480 440 400 700 640 600 560 520 480 440 400 GROSS FARM INCOME 360 360 320 320 280 280 240 240 200 200 160 160 120 120 NET FARM INCOME 80 80 60 60 40 40 2013 2014 2016 2015 2017 2018 2019 2020 SOURCE: DEPARTMENT OF AGRICULTURE 2021 2022 COUNCIL OF ECONOMIC ADVISERS [Billions of chained (2022) dollars] Chart 7 - May 2022 Income of farm operators from farming 1 Gross farm income Year Value of agricultural sector production Total 2000 r ������������������������������������������������� 2001 r ������������������������������������������������� 2002 r ������������������������������������������������� 2003 r ������������������������������������������������� 2004 r ������������������������������������������������� 2005 r ������������������������������������������������� 2006 r ������������������������������������������������� 2007 r ������������������������������������������������� 2008 r ������������������������������������������������� 2009 r ������������������������������������������������� 2010 r ������������������������������������������������� 2011 r ������������������������������������������������� 2012 r ������������������������������������������������� 2013 r ������������������������������������������������� 2014 r ������������������������������������������������� 2015 r ������������������������������������������������� 2016 r ������������������������������������������������� 2017 r ������������������������������������������������� 2018 r ������������������������������������������������� 2019 r ������������������������������������������������� 2020 r ������������������������������������������������� 2021 r ������������������������������������������������� 2022 r ������������������������������������������������� Crops 2, 3 Total 388.6 392.8 357.0 392.7 436.0 428.0 403.5 459.7 484.4 444.3 465.1 537.3 564.2 596.7 584.8 528.3 489.3 495.3 483.1 477.8 498.8 541.6 585.0 351.2 357.5 337.8 367.7 416.8 393.0 381.5 443.6 468.1 428.3 448.9 524.0 550.9 583.1 573.0 515.4 473.8 481.9 467.5 452.7 448.5 514.3 572.0 152.7 149.4 151.6 164.8 185.0 164.0 165.1 204.6 230.9 217.3 219.3 254.7 267.0 288.1 249.7 220.9 224.7 218.8 211.5 198.3 209.1 253.5 261.6 Animals and animal products 3 159.3 167.2 144.7 159.4 183.7 181.4 165.9 187.4 185.2 157.9 182.9 209.3 212.1 223.2 259.4 232.7 196.3 206.0 201.7 195.6 181.8 205.2 248.7 Farm-related income 4 39.3 41.0 41.5 43.4 48.1 47.7 50.5 51.6 52.0 53.0 46.7 60.0 71.7 71.7 64.0 61.7 52.9 57.1 54.4 58.8 57.6 55.5 61.7 Direct Federal Government payments 37.3 35.3 19.2 25.1 19.2 35.0 22.0 16.1 16.3 16.1 16.2 13.3 13.3 13.6 11.8 13.0 15.4 13.4 15.5 25.1 50.2 27.3 13.0 Production expenses Net farm income 307.1 306.5 296.4 300.2 306.7 315.1 323.6 364.9 380.7 362.2 364.5 392.2 443.3 444.2 473.2 430.4 415.3 407.8 390.9 389.3 394.5 393.0 437.3 81.5 86.3 60.6 92.6 129.3 112.9 79.9 94.8 103.6 82.1 100.6 145.1 120.9 152.5 111.6 97.9 74.0 87.5 92.2 88.5 104.2 148.6 147.7 1 The GDP chain-type price index is used to convert the current-dollar statistics to 2022=100 equivalents. 2 Crop receipts include proceeds received from commodities placed under Commodity Credit Corporation loans. 3 The value of production equates to the sum of cash receipts, home consumption, and the value of the change in inventories. 4 Includes income from forest products sold, the gross imputed rental value of farm dwellings, machine hire and custom work, and other sources of farm income such as commodity insurance indemnities. Note: Data for 2022 are forecasts. Source: Department of Agriculture (Economic Research Service). 7 Corporate Profits In the second quarter of 2022, according to preliminary estimates, corporate profits before tax rose $242.6 billion (annual rate) and profits after tax rose $284.9 billion. BILLIONS OF DOLLARS 3,600 BILLIONS OF DOLLARS 3,600 SEASONALLY ADJUSTED ANNUAL RATES 3,400 3,400 3,200 3,200 3,000 3,000 2,800 2,800 2,600 2,600 PROFITS BEFORE TAX 2,400 2,400 2,200 2,200 2,000 2,000 1,800 1,800 PROFITS AFTER TAX 1,600 1,600 1,400 1,400 1,200 1,200 1,000 1,000 UNDISTRIBUTED PROFITS 800 800 600 600 400 400 TAXES ON CORPORATE INCOME 200 0 2013 2014 2015 2016 200 0 2017 2018 2019 2020 2021 2022 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Profits (before tax) with inventory valuation adjustment 1 Profits after tax Domestic industries Period 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2020: I ���������������� II ��������������� III �������������� IV �������������� 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II p ������������� Total 2 2,144.7 2,165.9 2,266.6 2,184.6 2,138.8 2,147.9 2,211.3 2,254.6 2,165.9 2,753.8 2,081.9 1,864.0 2,360.5 2,357.2 2,461.8 2,747.7 2,873.9 2,931.6 2,946.5 3,158.3 Profits before tax Nonfinancial Total 1,739.3 1,767.1 1,861.7 1,789.4 1,718.9 1,649.0 1,689.6 1,741.2 1,711.2 2,262.3 1,602.8 1,455.7 1,906.0 1,880.1 1,995.4 2,287.6 2,362.6 2,403.5 2,426.4 2,612.7 Financial 482.4 430.7 483.1 447.2 457.4 435.7 450.3 533.2 502.5 574.1 486.0 500.6 502.4 521.0 519.9 576.9 597.5 602.3 558.8 539.5 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 1,256.9 403.0 13.8 137.9 155.7 1,336.3 446.9 28.3 146.4 153.3 1,378.6 458.7 32.8 150.6 157.3 1,342.1 427.2 20.2 152.4 169.3 1,261.5 336.8 9.4 127.9 175.2 1,213.3 316.8 14.0 123.3 149.6 1,239.3 346.7 22.0 114.5 148.1 1,208.0 355.7 7.7 117.8 159.1 1,208.7 328.8 10.4 123.7 218.5 1,688.1 477.1 18.3 141.5 281.8 1,116.8 340.9 .6 131.9 171.2 955.1 246.9 11.1 101.4 209.7 1,403.6 362.3 10.4 125.4 250.2 1,359.1 365.3 19.6 136.2 242.9 1,475.6 401.9 20.9 112.6 280.2 1,710.7 450.5 11.9 137.6 307.6 1,765.1 500.4 20.4 155.4 270.2 1,801.2 555.6 19.9 160.4 269.1 1,867.6 601.2 22.8 167.4 266.5 2,073.2 ��������������� ��������������� ��������������� ��������������� 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 2,156.1 2,151.5 2,264.5 2,128.3 2,134.2 2,194.8 2,259.0 2,254.6 2,184.1 3,001.2 1,988.8 1,818.9 2,448.4 2,480.1 2,711.3 3,069.0 3,114.9 3,109.4 3,196.5 3,439.1 334.6 362.6 407.1 396.3 376.2 312.3 281.5 302.2 275.6 381.2 245.4 241.2 300.3 315.6 343.7 378.6 393.3 409.1 469.8 427.5 1,821.5 1,788.9 1,857.4 1,732.0 1,758.1 1,882.5 1,977.5 1,952.4 1,908.4 2,620.0 1,743.4 1,577.7 2,148.2 2,164.5 2,367.6 2,690.4 2,721.6 2,700.3 2,726.7 3,011.6 948.7 1,009.0 1,096.1 1,164.9 1,189.4 1,264.1 1,338.4 1,386.4 1,394.9 1,418.6 1,417.7 1,395.7 1,368.6 1,397.5 1,359.7 1,411.0 1,438.7 1,465.1 1,476.5 r 1,473.7 Chart 8 - Aug 2022 Inventory Undistrib- valuation adjustment uted profits 872.8 779.9 761.3 567.1 568.7 618.4 639.1 566.0 513.6 1,201.3 325.7 182.1 779.5 767.0 1,007.9 1,279.4 1,282.9 1,235.2 1,250.2 1,538.0 –11.4 14.4 2.1 56.3 4.5 –46.8 –47.7 .0 –18.2 –247.4 93.0 45.1 –88.0 –122.9 –249.5 –321.2 –241.1 –177.9 –250.0 –280.8 Real Gross Private Domestic Investment In the second quarter of 2022, according to revised estimates, nonresidential fixed investment in chained (2012) dollars fell $0.3 billion (annual rate) and residential fixed investment fell $30.1 billion. Inventories rose $83.9 billion, following an increase of $188.5 billion in the first quarter. BILLIONS OF CHAINED (2012) DOLLARS 4,200 4,000 BILLIONS OF CHAINED (2012) DOLLARS 4,200 4,000 SEASONALLY ADJUSTED ANNUAL RATES 3,800 3,800 3,600 3,600 GROSS PRIVATE DOMESTIC INVESTMENT 3,400 3,200 3,400 3,200 3,000 3,000 2,800 2,800 2,600 2,600 2,400 2,400 NONRESIDENTIAL FIXED INVESTMENT 2,200 2,200 2,000 2,000 1,800 1,800 1,600 1,600 1,400 1,400 1,200 1,200 1,000 1,000 RESIDENTIAL FIXED INVESTMENT 800 800 600 600 400 400 200 200 0 0 CHANGE IN PRIVATE INVENTORIES –200 –400 2013 2014 2015 –200 –400 2016 2017 2018 2019 2020 2021 2022 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of chained (2012) dollars; quarterly data at seasonally adjusted annual rates] Chart 9 - Aug 2022 Fixed investment Period 2012 ��������������������������������������������������� 2013 ��������������������������������������������������� 2014 ��������������������������������������������������� 2015 ��������������������������������������������������� 2016 ��������������������������������������������������� 2017 ��������������������������������������������������� 2018 ��������������������������������������������������� 2019 ��������������������������������������������������� 2020 ��������������������������������������������������� 2021 ��������������������������������������������������� 2020: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2021: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2022: I ����������������������������������������������� II r �������������������������������������������� Gross private domestic investment 2,621.8 2,801.5 2,959.2 3,121.8 3,089.9 3,212.5 3,394.8 3,510.6 3,316.2 3,640.0 3,430.1 2,901.9 3,371.0 3,561.9 3,541.3 3,506.0 3,609.7 3,903.0 3,951.1 3,813.8 Change in private inventories Nonresidential Total 2,550.5 2,692.1 2,869.2 2,979.0 3,041.0 3,164.3 3,316.2 3,421.3 3,329.4 3,587.8 3,419.6 3,123.0 3,318.5 3,456.6 3,564.1 3,593.0 3,585.0 3,609.1 3,673.9 3,631.8 Total 2,118.5 2,206.0 2,365.3 2,420.3 2,442.0 2,541.4 2,704.4 2,822.0 2,671.1 2,868.5 2,775.5 2,535.7 2,646.9 2,726.2 2,810.4 2,873.1 2,884.8 2,905.5 2,975.4 2,975.1 Structures 479.4 485.5 538.8 534.1 511.0 532.5 553.6 565.0 494.2 454.7 568.8 485.8 466.0 456.1 462.1 458.6 453.8 444.1 443.1 427.7 Equipment 983.4 1,029.2 1,101.1 1,134.6 1,114.6 1,145.5 1,218.8 1,258.8 1,154.0 1,304.8 1,168.3 1,044.0 1,166.6 1,237.1 1,278.5 1,315.7 1,307.9 1,317.0 1,361.1 1,351.9 Intellectual property products 655.7 691.4 724.8 752.4 818.8 865.2 935.5 1,002.9 1,031.3 1,135.0 1,036.6 1,008.0 1,027.7 1,053.0 1,091.9 1,124.6 1,149.3 1,174.0 1,205.7 1,234.8 Residential 432.0 485.5 504.1 555.4 592.1 615.9 612.3 606.7 648.0 707.7 641.2 584.9 657.8 708.2 730.6 708.2 694.2 697.9 698.7 668.6 Total Nonfarm 71.2 108.7 86.3 137.6 35.7 33.6 65.7 75.1 –42.3 –32.6 –30.4 –252.8 25.3 88.8 –88.3 –168.5 –66.8 193.2 188.5 83.9 89.9 98.2 90.1 136.5 41.2 38.6 72.7 89.0 –35.3 –14.0 –15.4 –242.3 26.4 90.2 –74.4 –147.7 –46.5 212.8 214.9 117.8 Note: See p. 10 for further detail on fixed investment by type. Because of the formula used for calculating real GDP, the chained (2012) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce (Bureau of Economic Analysis). 9 Real Private Fixed Investment by Type [Billions of chained (2012) dollars; quarterly data at seasonally adjusted annual rates] Nonresidential Residential Equipment Total fixed investment Period 2012 ��������������� 2013 ��������������� 2014 ��������������� 2015 ��������������� 2016 ��������������� 2017 ��������������� 2018 ��������������� 2019 ��������������� 2020 ��������������� 2021 ��������������� 2020: I ����������� II ���������� III ��������� IV ��������� 2021: I ����������� II ���������� III ��������� IV ��������� 2022: I ����������� II r �������� Total nonresidential 2,550.5 2,692.1 2,869.2 2,979.0 3,041.0 3,164.3 3,316.2 3,421.3 3,329.4 3,587.8 3,419.6 3,123.0 3,318.5 3,456.6 3,564.1 3,593.0 3,585.0 3,609.1 3,673.9 3,631.8 Intellectual property products Information processing equipment Structures 2,118.5 2,206.0 2,365.3 2,420.3 2,442.0 2,541.4 2,704.4 2,822.0 2,671.1 2,868.5 2,775.5 2,535.7 2,646.9 2,726.2 2,810.4 2,873.1 2,884.8 2,905.5 2,975.4 2,975.1 479.4 485.5 538.8 534.1 511.0 532.5 553.6 565.0 494.2 454.7 568.8 485.8 466.0 456.1 462.1 458.6 453.8 444.1 443.1 427.7 Total 2 983.4 1,029.2 1,101.1 1,134.6 1,114.6 1,145.5 1,218.8 1,258.8 1,154.0 1,304.8 1,168.3 1,044.0 1,166.6 1,237.1 1,278.5 1,315.7 1,307.9 1,317.0 1,361.1 1,351.9 Computers and peripheral equipment 1 Total 331.2 351.8 370.2 393.3 410.5 438.6 472.0 489.6 523.0 599.6 478.0 501.7 545.9 566.5 600.1 588.1 586.1 624.2 659.6 649.1 103.5 103.0 102.9 103.4 103.0 108.9 123.7 127.6 140.7 158.9 478.0 501.7 545.9 566.5 600.1 588.1 586.1 624.2 659.6 649.1 Industrial Transporequiptation ment equipment Other 227.7 248.8 267.7 291.0 309.3 331.9 349.2 363.0 382.5 441.5 353.8 363.0 399.5 413.7 431.1 440.0 432.4 462.6 482.1 485.1 211.2 208.4 216.5 216.7 213.4 222.5 235.4 240.6 228.8 260.8 230.2 217.4 228.5 238.8 243.0 260.9 265.1 274.0 282.5 278.4 215.3 238.5 265.0 292.8 276.3 273.5 287.0 295.0 191.3 219.2 237.1 140.9 178.5 208.7 212.6 236.1 225.8 202.3 198.2 202.3 Total 2 Research Software and development 3 655.7 691.4 724.8 752.4 818.8 865.2 935.5 1,002.9 1,031.3 1,135.0 1,036.6 1,008.0 1,027.7 1,053.0 1,091.9 1,124.6 1,149.3 1,174.0 1,205.7 1,234.8 272.1 287.2 305.3 320.2 354.0 392.6 437.1 467.8 502.3 569.2 497.4 492.2 503.5 516.1 547.1 565.5 578.2 586.0 612.7 623.0 313.4 333.8 346.9 357.1 387.1 394.7 419.9 454.8 458.8 496.9 463.0 446.1 457.1 469.0 480.1 493.0 501.6 513.1 520.2 532.8 Structures Total residential 2 432.0 485.5 504.1 555.4 592.1 615.9 612.3 606.7 648.0 707.7 641.2 584.9 657.8 708.2 730.6 708.2 694.2 697.9 698.7 668.6 Total 2 Single family 421.5 474.1 491.8 542.0 577.7 600.6 596.9 591.3 631.6 689.8 625.2 569.2 640.6 691.3 712.2 689.9 676.5 680.5 681.2 651.4 132.0 161.8 171.8 191.5 201.3 214.8 220.7 206.8 219.7 260.0 221.8 201.1 210.5 245.6 262.4 263.4 259.0 255.1 263.9 258.4 1 Because computers exhibit rapid changes in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance or its contribution to the growth rate of more aggregate series. The quantity index for computers can be used to accurately measure the real growth rate of this series. For information on this component, see Survey of Current Business Table 5.3.1 (for growth rates), Table 5.3.2 (for contributions), and Table 5.3.3 (for quantity indexes). 2 Includes other items, not shown separately. 3 Research and development investment includes expenditures for software. Note: Because of the formula used for calculating real GDP, the chained (2012) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce (Bureau of Economic Analysis). Business Investment [Billions of dollars] Capital expenditures By industry Period Total capital expenditures Forestry, Total fishing, by and agri- Mining industry cultural services ConManu- WholeUtilities struction sale facturing trade Retail trade TransportaFinance tion Informaand and tion insurwareance housing ProfesReal sional, estate scienand tific, rental and and technical leasing services Health care and social assistance Other 1 For companies without employees For companies with employees 2006 �������� 2007 �������� 2008 �������� 2009 �������� 2010 �������� 2011 �������� 2012 �������� 2013 �������� 2014 �������� 2015 �������� 2016 �������� 2017 �������� 2018 �������� 2019 �������� 2020 p ������� 1,309.9 1,354.7 1,374.2 1,090.7 1,105.7 1,243.0 1,423.6 1,491.3 1,597.9 1,642.0 1,574.8 1,678.8 1,699.1 1,917.1 1,706.4 1,217.1 1,270.5 1,294.5 1,015.3 1,036.2 1,169.6 1,334.4 1,400.9 1,506.6 1,548.1 1,479.4 1,577.8 1,699.1 1,805.7 1,597.4 2.7 2.1 2.3 2.2 3.3 3.1 3.1 3.0 4.0 3.3 4.6 4.5 4.7 4.1 3.2 99.3 120.7 149.3 100.6 115.7 165.7 196.7 202.2 230.8 174.1 92.6 134.4 153.4 160.8 97.1 69.8 85.4 98.7 103.0 94.5 98.0 125.0 111.3 118.9 130.5 133.5 133.9 151.0 172.9 182.2 30.3 36.7 40.8 19.8 17.9 21.8 23.6 27.6 30.3 33.3 36.0 35.0 39.0 50.8 53.2 192.4 197.3 213.1 155.2 160.8 192.4 203.1 221.3 231.1 245.1 243.6 247.0 258.1 272.7 258.1 36.6 30.8 32.4 25.3 31.1 35.7 40.9 37.5 44.8 42.4 43.8 44.0 42.8 40.2 36.0 86.7 82.5 73.2 58.4 65.3 68.1 77.6 77.5 82.4 86.0 86.9 90.5 89.2 98.8 105.5 68.0 67.4 79.6 55.7 59.0 72.7 81.8 92.6 111.0 116.6 109.7 108.5 122.4 130.8 98.3 104.4 106.1 103.3 88.4 97.2 100.1 106.5 123.9 132.0 132.7 142.9 158.9 175.1 176.8 169.7 163.1 173.4 132.9 99.5 103.1 109.2 130.2 137.8 153.3 164.6 161.7 163.0 181.5 195.2 173.6 132.1 117.5 106.9 72.9 81.3 91.1 115.7 114.2 121.9 151.9 150.7 161.4 173.9 180.2 134.2 30.3 31.8 33.0 28.2 28.2 28.1 31.6 35.7 30.4 33.3 31.7 37.2 42.0 43.6 40.4 75.3 84.2 90.2 79.4 78.4 83.1 88.9 94.2 89.0 93.8 93.6 104.6 108.6 114.4 104.7 126.3 92.8 134.8 84.2 138.7 79.7 127.0 75.4 100.6 69.5 100.4 73.4 110.0 89.2 122.1 90.4 126.8 91.3 140.6 93.9 148.3 95.4 154.8 101.0 157.6 �������������� 164.5 111.4 141.2 109.0 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 344,000 to 6.0 million. MILLIONS OF PERSONS* MILLIONS OF PERSONS* 168 168 SEASONALLY ADJUSTED 164 164 160 160 CIVILIAN LABOR FORCE 156 156 152 152 CIVILIAN EMPLOYMENT 148 148 144 144 140 140 136 136 132 132 128 128 28 24 28 24 20 20 16 16 12 12 UNEMPLOYMENT 8 8 4 0 4 0 2014 2015 2016 2017 2018 2019 2020 2021 *16 YEARS OF AGE AND OVER SOURCE: DEPARTMENT OF LABOR 2022 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 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2021: Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2022: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Civilian noninsti- Civilian labor tutional force population (NSA) 243,284 245,679 247,947 250,801 253,538 255,079 257,791 259,175 260,329 261,445 261,611 261,766 261,908 262,029 262,136 263,202 263,324 263,444 263,559 263,679 263,835 264,012 264,184 154,975 155,389 155,922 157,130 159,187 160,320 162,075 163,539 160,742 161,204 161,505 161,471 161,610 162,126 162,294 163,687 163,991 164,409 164,046 164,376 164,023 163,960 164,746 Civilian employment Total 142,469 143,929 146,305 148,834 151,436 153,337 155,761 157,538 147,795 152,581 153,167 153,806 154,234 155,324 155,975 157,174 157,722 158,458 158,105 158,426 158,111 158,290 158,732 Men 20 years and over 73,403 74,176 75,471 76,776 78,084 78,919 80,211 80,917 76,227 78,216 78,480 78,952 79,164 79,736 79,892 80,767 81,473 81,554 81,334 81,422 81,242 81,164 81,225 Women 20 years and over 64,640 65,295 66,287 67,323 68,387 69,344 70,424 71,470 66,873 69,099 69,390 69,555 69,790 70,257 70,795 70,857 70,775 71,244 71,170 71,432 71,311 71,710 71,729 1 11 - Aug 2022 PercentChart Unemployment Both sexes 16–19 years 4,426 4,458 4,548 4,734 4,965 5,074 5,126 5,150 4,695 5,266 5,297 5,298 5,281 5,331 5,287 5,550 5,474 5,660 5,601 5,571 5,558 5,415 5,778 Total 12,506 11,460 9,617 8,296 7,751 6,982 6,314 6,001 12,947 8,623 8,339 7,666 7,375 6,802 6,319 6,513 6,270 5,952 5,941 5,950 5,912 5,670 6,014 Men 20 years and over 5,984 5,568 4,585 3,959 3,675 3,287 2,976 2,819 6,118 4,302 4,192 3,899 3,539 3,272 3,010 3,199 2,973 2,872 2,961 2,827 2,797 2,692 2,934 Women 20 years and over Both sexes 16–19 years 5,125 4,565 3,926 3,371 3,151 2,868 2,578 2,435 5,804 3,625 3,472 3,089 3,139 2,876 2,660 2,637 2,671 2,451 2,344 2,479 2,430 2,278 2,411 1,397 1,327 1,106 966 925 827 759 746 1,025 696 675 678 697 654 649 676 626 629 636 645 685 700 669 Not in labor force 88,310 90,290 92,025 93,671 94,351 94,759 95,716 95,636 99,587 100,241 100,106 100,294 100,298 99,902 99,842 99,516 99,333 99,035 99,513 99,302 99,812 100,051 99,438 Labor Employ- Unemployforce ment/ participa- population ment tion rate ratio rate 63.7 63.2 62.9 62.7 62.8 62.9 62.9 63.1 61.7 61.7 61.7 61.7 61.7 61.9 61.9 62.2 62.3 62.4 62.2 62.3 62.2 62.1 62.4 58.6 58.6 59.0 59.3 59.7 60.1 60.4 60.8 56.8 58.4 58.5 58.8 58.9 59.3 59.5 59.7 59.9 60.1 60.0 60.1 59.9 60.0 60.1 8.1 7.4 6.2 5.3 4.9 4.4 3.9 3.7 8.1 5.3 5.2 4.7 4.6 4.2 3.9 4.0 3.8 3.6 3.6 3.6 3.6 3.5 3.7 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 rose at 3.7 percent. PERCENT (SEASONALLY ADJUSTED) PERCENT (SEASONALLY ADJUSTED) 35 35 30 30 25 25 20 20 BLACK OR AFRICAN AMERICAN1 15 TEENAGERS (16-19) 15 10 10 HISPANIC1,2 MEN 20 YEARS AND OVER 5 5 WHITE1 WOMEN 20 YEARS AND OVER ALL CIVILIAN WORKERS ASIAN1 0 0 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 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 2022 By race or ethnicity 1 By sex and age Period 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2021: Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2022: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� All civilian workers 8.1 7.4 6.2 5.3 4.9 4.4 3.9 3.7 8.1 5.3 5.2 4.7 4.6 4.2 3.9 4.0 3.8 3.6 3.6 3.6 3.6 3.5 3.7 Men 20 years and over Women 20 years and over 7.5 7.0 5.7 4.9 4.5 4.0 3.6 3.4 7.4 5.2 5.1 4.7 4.3 3.9 3.6 3.8 3.5 3.4 3.5 3.4 3.3 3.2 3.5 7.3 6.5 5.6 4.8 4.4 4.0 3.5 3.3 8.0 5.0 4.8 4.3 4.3 3.9 3.6 3.6 3.6 3.3 3.2 3.4 3.3 3.1 3.3 Both sexes 16–19 years 24.0 22.9 19.6 16.9 15.7 14.0 12.9 12.7 17.9 11.7 11.3 11.3 11.7 10.9 10.9 10.9 10.3 10.0 10.2 10.4 11.0 11.5 10.4 Black or African American White 7.2 6.5 5.3 4.6 4.3 3.8 3.5 3.3 7.3 4.7 4.5 4.2 3.9 3.7 3.2 3.4 3.3 3.2 3.2 3.2 3.3 3.1 3.2 13.8 13.1 11.3 9.6 8.4 7.5 6.5 6.1 11.4 8.6 8.7 7.8 7.8 6.5 7.1 6.9 6.6 6.2 5.9 6.2 5.8 6.0 6.4 By selected groups Hispanic or Latino ethnicity Asian 5.9 5.2 5.0 3.8 3.6 3.4 3.0 2.7 8.7 5.0 4.5 4.2 4.2 3.9 3.8 3.6 3.1 2.8 3.1 2.4 3.0 2.6 2.8 1 Persons who selected this race group only. Persons whose ethnicity is identified as Hispanic or Latino may be of any race. Note: Data relate to persons age 16 years and over. Source: Department of Labor (Bureau of Labor Statistics). 12 10.3 9.1 7.4 6.6 5.8 5.1 4.7 4.3 10.4 6.8 6.2 6.1 5.7 5.2 4.9 4.9 4.4 4.2 4.1 4.3 4.3 3.9 4.5 Married men, spouse present 4.9 4.3 3.4 2.8 2.7 2.4 2.0 1.8 4.9 3.2 3.2 2.8 2.5 2.3 1.9 2.0 1.9 1.7 1.9 2.0 2.0 1.8 2.0 Women who maintain families (NSA) 11.4 10.2 8.6 7.4 6.8 6.2 5.4 5.0 9.6 7.1 7.9 6.8 5.9 4.8 5.6 5.0 5.3 4.8 4.0 5.0 4.5 4.7 5.1 Full-time workers 8.5 7.7 6.4 5.4 4.9 4.3 3.8 3.6 7.7 5.4 5.2 4.8 4.6 4.2 3.9 3.9 3.8 3.5 3.5 3.4 3.5 3.3 3.6 Part-time workers 6.1 5.9 5.4 4.9 4.8 4.6 4.4 4.1 10.0 5.1 5.2 4.2 4.7 4.1 4.2 4.4 4.0 4.2 4.4 4.3 3.9 4.2 4.1 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, for 5 to 14 weeks, and for 27 weeks and over fell, while the percentage for 15 to 26 weeks rose. The mean duration of unemployment rose to 22.3 weeks and the median duration remained at 8.5 weeks. PERCENT DISTRIBUTION* PERCENT DISTRIBUTION* 100 100 DURATION OF UNEMPLOYMENT 80 80 60 60 REASON FOR UNEMPLOYMENT JOB LOSERS 27 WEEKS AND OVER 40 40 REENTRANTS LESS THAN 5 WEEKS 5-14 WEEKS 20 20 JOB LEAVERS 15-26 WEEKS NEW ENTRANTS 0 0 2018 2019 2020 2021 2022 2018 2019 2020 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF LABOR 2021 2022 COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted, except as noted by NSA] Chart 13 - Aug 2022 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 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2021: Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2022: Jan r ��������� Feb ����������� Mar r �������� Apr ����������� May r �������� June ��������� July ���������� Aug ���������� 12,506 11,460 9,617 8,296 7,751 6,982 6,314 6,001 12,947 8,623 8,339 7,666 7,375 6,802 6,319 6,513 6,270 5,952 5,941 5,950 5,912 5,670 6,014 21.1 22.5 25.7 28.9 30.5 32.5 34.4 34.8 28.6 24.8 25.1 29.1 28.2 29.4 31.2 37.0 33.5 38.3 37.9 35.3 38.3 36.9 36.7 22.9 24.1 25.3 27.7 28.7 28.8 29.7 29.8 36.5 23.0 23.0 22.5 25.8 25.2 24.8 24.6 28.3 28.2 27.5 30.2 26.3 31.4 29.9 14.9 15.8 15.6 15.3 14.9 14.6 14.5 14.3 19.4 13.5 14.9 13.7 13.8 12.9 12.3 12.5 11.5 9.6 9.4 11.3 12.8 12.7 14.6 41.1 37.6 33.5 28.1 25.9 24.2 21.4 21.1 15.4 38.7 37.0 34.8 32.2 32.5 31.7 25.9 26.7 23.9 25.2 23.2 22.6 18.9 18.8 39.4 36.5 33.7 29.2 27.5 25.0 22.7 21.6 16.5 28.7 29.4 28.3 26.9 29.1 28.6 24.6 26.6 24.2 25.0 22.5 22.3 22.1 22.3 19.3 17.0 14.0 11.6 10.6 10.0 9.3 9.1 9.7 16.5 14.2 13.7 13.0 13.4 12.9 10.1 9.6 7.5 7.5 9.6 8.5 8.5 8.5 55.0 53.0 50.7 49.0 48.2 49.2 47.4 46.4 75.5 59.1 54.0 52.9 50.8 49.4 48.6 49.1 47.8 46.7 47.1 45.8 44.6 44.9 46.2 7.7 8.1 8.6 9.9 11.1 11.1 12.6 13.6 5.3 9.3 10.1 10.5 11.6 12.3 11.4 14.5 15.1 13.0 13.1 12.8 14.0 14.8 15.2 26.7 28.0 29.4 30.6 30.1 29.8 30.5 30.2 15.2 25.6 29.7 30.1 30.3 31.6 32.0 29.8 30.6 32.7 31.2 32.5 33.6 32.2 31.2 10.5 3,297 374 6,048 10.9 2,947 342 4,605 11.3 2,574 304 2,657 10.6 2,237 275 2,274 10.6 2,099 259 2,128 9.9 1,948 240 1,971 9.5 1,755 219 1,774 9.8 1,684 217 1,702 4.1 10,093 1,377 19,088 6.0 3,192 548 12,028 6.2 3,197 376 14,136 6.5 2,511 352 6,862 7.4 2,214 303 3,306 6.6 1,962 288 2,647 8.1 1,918 312 2,373 6.6 2,289 353 2,637 6.6 1,922 226 2,187 7.6 1,888 223 2,160 8.5 1,511 219 1,701 8.9 1,499 215 1,673 7.8 1,382 234 1,516 8.1 1,460 240 1,579 7.5 ��������������� ��������������� ����������������� 1 Beginning January 2011, includes unemployment durations of up to 5 years; prior data are for up to 2 years. 2 Includes State (50 States, District of Columbia, Puerto Rico, and the Virgin Islands), Federal (UCFE), ex-service members (UCX), and Federal and State extended benefit programs. Also includes Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation (2020-2021), Emergency Unemployment Compensation (2008-2013), and Federal Additional Compensation (2009-2010). Note: Data relate to persons age 16 years and over (except for insured unemployment and initial claims). Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 Nonagricultural Employment Total nonagricultural employment as measured by the payroll survey rose by 315,000 in August. MILLIONS OF PERSONS* 155 MILLIONS OF PERSONS* 112 110 108 106 PRIVATE 104 SERVICE-PROVIDING 102 INDUSTRIES 100 98 96 94 92 90 88 150 145 ALL NONAGRICULTURAL ESTABLISHMENTS 140 135 130 26 24 22 20 18 16 14 12 10 PRIVATE INDUSTRIES 125 120 115 105 GOVERNMENT 2018 2019 2020 2021 PROFESSIONAL AND BUSINESS SERVICES RETAIL TRADE 22 20 18 16 14 12 10 110 24 22 20 EDUCATION AND HEALTH SERVICES 2022 GOODS-PRODUCING MANUFACTURING 2018 2019 2020 *SEASONALLY ADJUSTED 2021 2022 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR [Thousands of wage and salary workers; 1 monthly data seasonally adjusted] Chart 14 - Aug 2022 Private industries Period 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2021: Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2022: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June r ������� July r �������� Aug p �������� Total nonagricultural employment 134,157 136,364 138,940 141,825 144,336 146,608 148,908 150,905 142,186 146,124 146,904 147,328 148,005 148,652 149,240 149,744 150,458 150,856 151,224 151,610 151,903 152,429 152,744 Goods-producing industries Total private 112,237 114,511 117,058 119,796 122,112 124,258 126,454 128,292 120,200 124,119 124,808 125,217 125,911 126,538 127,099 127,591 128,295 128,680 129,048 129,379 129,725 130,202 130,510 Total 2 Construc- Manufaction turing 18,420 18,738 19,226 19,610 19,750 20,084 20,704 21,037 20,023 20,325 20,362 20,416 20,499 20,598 20,691 20,723 20,837 20,922 20,986 21,047 21,090 21,156 21,201 5,646 5,856 6,151 6,461 6,728 6,969 7,288 7,493 7,257 7,413 7,397 7,427 7,455 7,502 7,546 7,552 7,606 7,628 7,623 7,658 7,668 7,692 7,708 11,927 12,020 12,185 12,336 12,354 12,439 12,688 12,817 12,167 12,346 12,391 12,413 12,466 12,514 12,555 12,581 12,631 12,689 12,750 12,769 12,794 12,830 12,852 Private service-providing industries Trade, transportation, and utilities Total Total 3 93,817 95,773 97,832 100,186 102,362 104,174 105,750 107,254 100,177 103,794 104,446 104,801 105,412 105,940 106,408 106,868 107,458 107,758 108,062 108,332 108,635 109,046 109,309 25,399 25,783 26,303 26,806 27,179 27,393 27,607 27,723 26,687 27,707 27,807 27,907 28,013 28,084 28,163 28,351 28,562 28,569 28,647 28,655 28,704 28,773 28,838 Retail trade 14,847 15,085 15,363 15,611 15,832 15,846 15,786 15,620 14,871 15,396 15,435 15,494 15,537 15,557 15,595 15,717 15,828 15,805 15,805 15,762 15,784 15,813 15,857 Information Financial activities 2,676 2,706 2,726 2,750 2,794 2,814 2,839 2,864 2,720 2,831 2,866 2,874 2,886 2,904 2,913 2,918 2,918 2,936 2,957 2,983 3,009 3,025 3,032 7,784 7,886 7,977 8,123 8,287 8,451 8,590 8,754 8,704 8,777 8,781 8,794 8,817 8,849 8,863 8,865 8,894 8,905 8,936 8,946 8,951 8,964 8,981 Profes- Education Leisure sional and and and health hospitalbusiness services ity services 17,992 18,575 19,124 19,695 20,114 20,508 20,950 21,274 20,314 21,250 21,309 21,383 21,619 21,730 21,821 21,909 21,996 22,090 22,130 22,199 22,289 22,373 22,441 20,769 21,086 21,439 22,029 22,639 23,188 23,638 24,163 23,275 23,673 23,728 23,737 23,805 23,874 23,939 23,972 24,073 24,124 24,186 24,264 24,358 24,476 24,544 13,768 14,254 14,696 15,160 15,660 16,051 16,295 16,586 13,148 14,101 14,453 14,587 14,728 14,919 15,105 15,243 15,367 15,471 15,530 15,599 15,642 15,737 15,768 Other services 5,430 5,483 5,567 5,622 5,691 5,770 5,831 5,891 5,329 5,456 5,502 5,519 5,544 5,580 5,604 5,610 5,648 5,663 5,676 5,686 5,682 5,698 5,705 Government 21,920 21,853 21,882 22,029 22,224 22,350 22,455 22,613 21,986 22,005 22,096 22,111 22,094 22,114 22,141 22,153 22,163 22,176 22,176 22,231 22,178 22,227 22,234 1 Data from the establishment survey. Includes all full- and part-time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period that includes the 12th of the month. Excludes proprietors, self-employed persons, unpaid family workers, and private household workers. Data from the household survey shown on p. 11 include those workers and also count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off. In the series shown here, persons who work at more than one job are counted each time they appear on a payroll, in contrast to the series shown on p. 11 where persons are counted only once—as employed, unemployed, or not in the labor force. See Employment and Earnings for details. 2 Includes mining and logging, not shown separately. 3 Includes wholesale trade, transportation and warehousing, and utilities, not shown separately. Note: Data classified by industry based on the 2017 North American Industry Classification System (NAICS). For details see Employment and Earnings. Source: Department of Labor (Bureau of Labor Statistics). 14 Average Weekly Hours, Hourly Earnings, and Weekly Earnings— Private Nonagricultural Industries [For production or nonsupervisory workers; monthly data seasonally adjusted] Average weekly hours Total private nonagricultural 1 Period 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2021: July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2022: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June r ������� July r �������� Aug p �������� Average gross hourly earnings Total private nonagricultural 1 Manufacturing Total 33.7 33.7 33.7 33.7 33.6 33.7 33.8 33.6 33.9 34.2 34.3 34.2 34.3 34.2 34.2 34.1 34.0 34.2 34.1 34.1 34.0 34.0 34.0 33.9 Overtime 41.7 41.8 42.0 41.8 41.9 41.9 42.2 41.6 40.7 41.4 41.5 41.4 41.4 41.3 41.4 41.4 41.2 41.6 41.5 41.2 41.2 41.0 41.1 40.9 4.2 4.3 4.5 4.3 4.3 4.3 4.6 4.3 3.7 4.1 4.1 4.1 4.1 4.0 4.1 4.1 4.2 4.4 4.2 4.1 4.2 4.1 4.0 3.9 Current dollars Manufacturing 1982-84 dollars 2 $19.73 $8.72 20.13 8.78 20.60 8.85 21.03 9.07 21.53 9.20 22.05 9.22 22.71 9.26 23.51 9.43 24.68 9.78 25.89 9.75 25.96 9.73 26.10 9.74 26.26 9.76 26.42 9.73 26.55 9.70 26.74 9.71 26.87 9.69 26.95 9.64 27.06 9.55 27.18 9.57 27.32 9.52 27.45 9.42 27.58 9.48 27.68 ����������������� Average gross weekly earnings Total private nonagricultural 1 Current dollars $19.08 19.30 19.56 19.91 20.44 20.90 21.54 22.15 22.80 23.80 23.89 24.03 24.10 24.17 24.24 24.38 24.51 24.56 24.74 24.82 24.94 24.96 25.06 25.13 Percent change from a year earlier, total private nonagricultural Current dollars 1982-84 dollars 2 Manufacturing $665.54 $294.19 677.62 295.49 694.74 298.47 708.70 305.72 723.20 308.96 742.48 310.59 766.99 312.87 790.44 317.16 837.39 331.97 886.06 333.72 890.43 333.65 892.62 333.27 900.72 334.86 903.56 332.76 908.01 331.77 911.83 331.11 913.58 329.55 921.69 329.63 922.75 325.51 926.84 326.33 928.88 323.61 933.30 320.29 937.72 322.21 938.35 ����������������� $794.67 807.41 822.03 832.22 855.77 876.10 908.01 921.87 928.94 985.92 991.44 994.84 997.74 998.22 1,003.54 1,009.33 1,009.81 1,021.70 1,026.71 1,022.58 1,027.53 1,023.36 1,029.97 1,027.82 Construction Retail trade $942.14 958.72 977.11 998.02 1,031.88 1,061.98 1,108.59 1,135.73 1,145.52 1,203.77 1,209.10 1,211.94 1,242.70 1,222.53 1,232.29 1,246.88 1,245.02 1,282.96 1,246.60 1,254.13 1,279.17 1,274.67 1,283.04 1,286.52 Current dollars $422.35 423.44 431.97 446.01 447.69 463.10 483.03 503.06 542.14 571.02 573.19 571.33 574.09 582.74 582.99 586.60 584.18 597.52 592.31 593.23 591.58 592.50 593.88 593.43 1982-84 dollars 2 2.0 –0.1 1.8 .4 2.5 1.0 2.0 2.4 2.0 1.1 2.7 .5 3.3 .7 3.1 1.4 5.9 4.7 5.8 .5 6.0 .1 5.2 –.5 6.2 .2 6.1 –.8 6.2 –1.3 5.9 –1.9 5.5 –2.6 7.0 –1.5 5.8 –3.3 5.7 –2.9 5.5 –3.4 5.4 –3.9 5.3 –3.4 5.1 ������������������� 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 2012: 2013: 2014: 2015: 2016: 2017: 2018: 2019: 2020: 2021: Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ 117.1 119.4 122.2 124.5 127.2 130.5 134.4 138.0 141.6 147.8 116.6 119.0 121.6 124.2 127.1 130.6 134.7 138.7 142.6 149.7 118.2 120.5 123.5 125.1 127.3 130.2 133.6 136.2 139.1 143.2 ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� Seasonally adjusted 2020: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� Dec ������������������������������������������ 2021: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� Dec ������������������������������������������ 2022: Mar ����������������������������������������� June ���������������������������������������� 139.3 139.9 140.7 141.7 143.2 144.3 146.3 147.9 150.0 152.3 140.3 140.8 141.6 142.8 144.5 145.8 148.1 149.8 151.7 154.1 136.8 137.8 138.5 139.3 140.2 140.7 142.1 143.4 146.1 148.0 1.8 2.0 2.3 1.9 2.2 2.6 3.0 2.7 2.6 4.4 1.7 2.1 2.2 2.1 2.3 2.8 3.1 3.0 2.8 5.0 2.0 1.9 2.5 1.3 1.8 2.3 2.6 1.9 2.1 2.9 Not seasonally adjusted 0.9 .4 .6 .7 1.1 .8 1.4 1.1 1.4 1.5 1.0 .4 .6 .8 1.2 .9 1.6 1.1 1.3 1.6 0.3 .7 .5 .6 .6 .4 1.0 .9 1.9 1.3 2.8 2.7 2.4 2.6 2.8 3.1 4.1 4.4 4.8 5.5 3.3 2.9 2.7 2.8 3.0 3.5 4.6 5.0 5.0 5.7 1.6 2.0 2.0 2.1 2.5 2.0 2.6 2.9 4.1 5.3 1 Employer costs for employee benefits. Note: The employment cost index is a measure of the change in the cost of labor, free from the influence of employment shifts among occupations and industries. Data exclude farm and household workers. 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 Output 1 Business sector Hours of all persons 2 Nonfarm business sector Business sector Nonfarm business sector Compensation per hour 3 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 100.0 100.5 102.6 104.5 105.2 107.7 109.7 111.7 116.5 120.9 112.1 111.3 111.1 112.1 115.0 117.9 114.7 118.5 117.7 119.5 122.6 123.8 127.6 130.7 100.0 100.7 102.9 104.8 105.6 108.0 110.1 112.0 117.1 121.4 112.5 111.7 111.5 112.5 115.6 118.5 115.3 119.1 118.3 119.9 123.0 124.2 128.0 131.1 100.0 101.5 103.2 103.7 104.5 106.3 108.6 110.2 110.6 115.6 109.4 110.2 110.4 110.8 110.8 109.5 110.8 111.3 112.6 114.6 116.4 118.5 121.1 124.0 100.0 101.4 103.3 104.1 105.0 106.8 109.1 110.8 111.3 115.8 110.1 110.8 111.0 111.4 111.4 110.3 111.6 111.8 113.1 114.8 116.5 118.7 121.1 123.8 1.8 .5 2.1 1.8 .7 2.4 1.9 1.8 4.3 3.8 6.1 -2.7 -.8 3.7 10.6 10.6 -10.4 13.8 -2.5 6.0 10.8 4.1 12.8 10.1 1.6 .7 2.1 1.9 .7 2.3 1.9 1.8 4.5 3.7 5.7 -2.8 -.9 3.8 11.5 10.3 -10.3 13.8 -2.7 5.8 10.6 3.9 12.7 10.2 1.8 1.5 1.7 .5 .7 1.8 2.1 1.5 .4 4.5 .7 2.7 .8 1.4 0.0 -4.6 5.1 1.6 5.1 7.3 6.2 7.5 9.0 10.1 1.8 1.4 1.8 .8 .9 1.7 2.2 1.5 .4 4.0 .7 2.7 .7 1.3 .2 -3.9 4.7 .9 4.6 6.1 6.0 7.8 8.3 9.3 Indexes, 2012=100; quarterly data seasonally adjusted 2012. 2013. 2014. 2015. 2016. 2017. 2018. 2019. 2020. 2021. 2019: I. II. III. IV. 2020: I. II. III. IV. 2021: I. II. III. IV. 2022: I r. II p *. 100.0 100.9 101.4 102.5 102.9 104.0 105.7 107.7 110.4 112.5 106.8 107.7 108.0 108.4 107.9 110.3 112.3 111.3 111.9 112.8 111.8 113.5 111.2 110.2 100.0 100.5 101.1 102.3 102.7 103.8 105.3 107.5 110.1 112.2 106.5 107.5 107.8 108.2 107.5 110.2 111.8 111.1 111.7 112.6 111.4 113.2 111.0 109.9 100.0 102.5 105.5 109.1 111.1 114.1 118.1 121.2 116.0 124.4 119.8 120.8 121.8 122.3 120.2 107.2 117.5 119.3 121.6 124.1 124.6 127.3 126.5 126.0 100.0 102.2 105.3 108.8 110.8 113.8 117.8 121.0 115.7 124.2 119.6 120.7 121.6 122.2 119.9 106.9 117.2 118.9 121.4 123.9 124.5 127.2 126.4 125.9 100.0 101.6 104.0 106.5 108.0 109.7 111.7 112.5 105.1 110.6 112.2 112.2 112.7 112.9 111.4 97.2 104.7 107.2 108.7 110.0 111.5 112.2 113.7 114.4 100.0 101.7 104.1 106.4 107.9 109.7 111.8 112.6 105.1 110.7 112.3 112.3 112.8 112.9 111.5 97.0 104.8 107.1 108.7 110.0 111.7 112.4 113.9 114.6 100.0 101.4 104.0 107.0 108.2 112.0 115.9 120.3 128.6 136.0 119.7 120.0 120.0 121.5 124.1 130.1 128.8 131.9 131.7 134.8 137.0 140.5 141.9 144.1 100.0 101.2 104.0 107.2 108.4 112.1 116.0 120.5 128.9 136.2 119.9 120.1 120.2 121.7 124.3 130.5 129.0 132.2 132.1 135.0 137.1 140.6 142.1 144.0 100.0 99.9 100.8 103.5 103.3 104.7 105.7 107.8 113.9 115.1 108.3 107.7 107.3 108.0 109.9 116.2 113.8 115.8 114.6 115.0 115.0 115.7 114.3 113.2 100.0 99.8 100.8 103.7 103.5 104.8 105.9 108.0 114.1 115.2 108.4 107.8 107.5 108.2 110.2 116.7 113.9 116.2 114.8 115.2 115.0 115.7 114.4 113.2 Percent change; quarterly data at seasonally adjusted annual rates 2012. 2013. 2014. 2015. 2016. 2017. 2018. 2019. 2020. 2021. 2019: I. II. III. IV. 2020: I. II. III. IV. 2021: I. II. III. IV. 2022: I r. II p *. 0.9 .9 .5 1.1 .4 1.1 1.6 2.0 2.5 1.9 3.2 3.7 1.0 1.4 -1.8 9.3 7.3 -3.4 2.1 3.4 -3.7 6.3 -7.7 -3.6 1.0 .5 .6 1.2 .3 1.1 1.5 2.1 2.4 1.9 3.4 3.7 1.3 1.4 -2.5 10.3 6.2 -2.8 2.2 3.2 -3.9 6.3 -7.4 -4.1 3.2 2.5 2.9 3.4 1.9 2.7 3.5 2.6 -4.2 7.2 3.1 3.5 3.1 1.8 -6.8 -36.8 44.7 6.1 8.2 8.2 1.8 8.9 -2.5 -1.4 3.3 2.2 3.0 3.4 1.8 2.7 3.5 2.7 -4.4 7.4 3.4 3.6 3.2 1.8 -7.4 -36.9 44.6 6.2 8.4 8.5 2.0 9.0 -2.5 -1.4 2.3 1.6 2.4 2.3 1.5 1.5 1.9 .7 -6.6 5.2 -.2 -.1 2.1 .4 -5.1 -42.2 34.9 9.8 5.9 4.6 5.7 2.4 5.6 2.3 2.3 1.7 2.3 2.2 1.5 1.6 2.0 .7 -6.7 5.4 0.0 -.1 1.9 .4 -5.0 -42.7 36.2 9.2 6.1 5.1 6.2 2.5 5.3 2.7 2.8 1.4 2.6 2.9 1.1 3.5 3.5 3.8 6.9 5.8 9.5 .8 .2 5.1 8.6 20.8 -3.8 9.9 -.4 9.6 6.7 10.7 4.2 6.1 2.7 1.2 2.8 3.1 1.1 3.5 3.4 3.9 7.0 5.6 9.3 .8 .4 5.2 8.7 21.6 -4.7 10.6 -.6 9.2 6.3 10.5 4.4 5.7 0.6 -.1 .9 2.7 -.2 1.3 1.0 2.0 5.6 1.1 8.5 -2.3 -1.3 2.7 7.2 25.0 -8.2 7.5 -4.3 1.4 0.0 2.6 -4.6 -4.0 0.5 -.2 1.1 2.9 -.2 1.3 1.0 2.0 5.7 .9 8.3 -2.3 -1.1 2.7 7.3 25.8 -9.1 8.2 -4.5 1.1 -.4 2.4 -4.4 -4.4 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 1978-2021 is based on the consumer price index retroactive series (R-CPI-U-RS). The change for recent quarters is based on the consumer price index for all urban consumers (CPI-U). 5 Current dollar gross domestic output divided by the output index. Note: Data relate to all persons engaged in the sector. Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. * Data based on GDP data released on August 25, 2022. 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, 2017 = 100* (RATIO SCALE) 120 INDEX, 2017 = 100* (RATIO SCALE) 150 110 140 TOTAL INDUSTRIAL PRODUCTION 100 130 90 120 FINAL PRODUCTS DEFENSE AND SPACE EQUIPMENT CONSUMER GOODS 110 80 100 70 90 120 BUSINESS EQUIPMENT MANUFACTURING 110 80 100 90 70 NONDURABLE 80 DURABLE TOTAL1 60 70 140 PERCENT* 86 UTILITIES AND MINING 130 CAPACITY UTILIZATION RATE (TOTAL INDUSTRY) 82 120 78 MINING 110 74 100 70 UTILITIES 90 66 62 80 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 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 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2021: July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2022: Jan ����������� Feb r ��������� Mar r �������� Apr r ��������� May r �������� June r ������� July p �������� Percent change 2 Index, 2017=100 97.4 99.3 102.3 100.8 98.7 100.0 103.2 102.5 95.3 100.0 100.9 100.8 99.8 101.4 102.0 101.8 102.1 102.9 103.6 104.3 104.2 104.2 104.8 From preceding month Capacity utilization rate (output as percent of capacity) 1 Manufacturing From year earlier ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� 0.7 .0 –1.0 1.5 .6 –.2 .4 .7 .7 .7 –.1 .0 .6 Chart 17 - Aug 2022 Industry production indexes, 2017=100 3.0 2.0 3.0 –1.4 –2.2 1.4 3.2 –.7 –7.0 4.9 5.9 4.9 3.9 4.7 5.0 3.7 2.9 6.9 4.8 5.3 4.4 4.0 3.9 Total 1 98.7 99.6 100.7 100.2 99.4 100.0 101.3 99.4 93.1 98.4 99.2 98.9 98.2 99.8 100.4 100.3 100.0 101.2 102.0 102.5 102.1 101.6 102.3 Durable 96.6 98.7 101.6 100.5 98.4 100.0 103.1 100.2 91.5 98.7 99.8 99.3 98.4 100.3 101.0 101.0 101.0 102.3 103.2 104.3 103.3 102.8 104.1 Nondurable 100.0 100.0 99.3 99.7 100.5 100.0 99.7 98.8 95.2 98.8 99.6 99.3 98.7 100.2 100.6 100.6 99.9 101.1 101.7 101.6 101.8 101.4 101.5 Other (non-NAICS) 1 116.4 110.0 108.3 103.9 101.0 100.0 96.7 92.6 85.2 85.0 81.9 84.4 85.0 85.6 84.7 81.7 82.9 84.4 86.5 83.9 84.7 84.8 85.1 Mining 94.7 100.6 111.3 104.6 91.5 100.0 113.3 120.8 102.7 105.9 107.6 107.6 105.9 109.8 110.2 110.3 109.1 108.5 112.1 112.1 113.1 115.3 116.1 Utilities 98.5 100.7 102.0 101.2 100.8 100.0 104.9 104.0 101.0 102.9 103.6 105.3 103.3 100.4 101.9 100.4 108.4 107.5 103.1 106.8 107.0 106.7 105.9 Total industry Total manufacturing 76.8 77.1 78.7 77.1 75.3 76.5 79.5 78.3 72.6 77.4 78.2 78.2 77.4 78.6 79.0 78.7 78.9 79.4 79.9 80.3 80.1 79.9 80.3 74.3 74.5 75.8 76.1 75.4 76.2 78.1 76.9 72.4 77.1 77.8 77.7 77.1 78.3 78.7 78.6 78.3 79.2 79.8 80.1 79.7 79.3 79.8 1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industries—logging and newspaper, periodical, book and directory-publishing—that have traditionally been included in manufacturing. 2 Percent changes based on unrounded indexes. Note: Data based on NAICS except series as defined in footnote 1. Source: Board of Governors of the Federal Reserve System. 17 Industrial Production— Major Market Groups and Selected Manufactures [2017=100; monthly data seasonally adjusted] Products and nonindustrial supplies Materials Final products Nonindustrial supplies Period Consumer goods Equipment Total Total 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2021: July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2022: Jan ����������� Feb r ��������� Mar r �������� Apr r ��������� May r �������� June r ������� July p �������� 100.3 100.6 101.6 100.9 99.1 100.0 102.0 100.5 94.8 100.6 101.4 101.2 100.5 101.3 101.9 101.8 102.8 103.6 104.1 105.4 104.8 104.3 105.1 97.6 98.2 99.0 100.5 101.1 100.0 100.8 100.5 97.9 102.3 102.7 102.5 101.6 102.4 103.0 102.6 104.2 104.5 104.7 106.1 105.2 104.5 105.1 Durable goods 85.0 89.7 94.2 98.0 100.3 100.0 103.2 102.2 98.7 108.7 110.3 108.6 104.7 109.7 110.8 110.2 112.4 110.3 113.6 116.1 112.8 110.9 114.7 Nondurable goods 101.3 100.7 100.5 101.2 101.3 100.0 100.1 100.0 97.7 100.4 100.5 100.8 100.7 100.3 100.8 100.5 102.0 102.8 102.2 103.2 103.1 102.7 102.5 Total 1 106.0 105.4 106.9 101.9 94.9 100.0 104.7 100.5 88.0 96.9 98.6 98.5 98.0 99.1 99.7 100.2 99.7 101.8 102.9 104.2 104.2 104.1 105.1 Business 101.2 101.2 103.1 100.8 95.5 100.0 103.9 95.8 83.3 91.4 92.7 92.7 92.2 92.9 93.4 94.2 93.4 95.3 96.4 97.3 97.1 96.8 97.4 Total 1 Defense and space Total 111.8 108.2 104.3 101.3 97.7 100.0 102.3 115.6 113.1 125.0 128.3 127.1 126.1 127.6 128.1 127.0 126.1 128.9 128.5 131.4 130.0 128.6 130.6 96.7 98.6 100.0 99.2 99.5 100.0 101.9 100.2 95.0 98.8 98.8 99.3 99.5 100.5 101.5 101.0 101.3 102.8 102.8 103.1 103.1 102.7 103.2 Construction 91.3 94.2 97.1 97.8 98.8 100.0 101.7 100.4 96.5 101.0 100.2 100.6 101.9 103.3 104.8 105.0 103.7 105.8 105.2 105.0 105.2 104.3 105.3 Energy Business 98.9 100.3 101.1 99.8 99.9 100.0 102.0 100.1 94.3 97.8 98.2 98.8 98.3 99.1 99.9 99.1 100.1 101.4 101.7 102.3 102.2 102.0 102.4 95.6 98.8 103.7 101.3 98.0 100.0 104.7 105.1 95.7 99.8 101.1 100.9 99.4 101.6 102.1 101.9 101.8 102.3 103.4 103.7 104.0 104.5 105.0 93.2 98.1 106.2 102.8 95.2 100.0 110.3 115.6 103.0 105.6 107.3 107.4 105.1 107.9 108.6 108.2 108.9 107.7 109.9 109.6 111.1 112.8 112.9 1 Includes other items, not shown separately. [2017=100; monthly data seasonally adjusted] Durable manufactures Computer and electronic products Primary metals Period Total 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2021: July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2022: Jan ����������� Feb r ��������� Mar r �������� Apr r ��������� May r �������� June r ������� July p �������� 109.2 112.7 113.5 105.7 101.0 100.0 103.2 97.3 86.2 96.6 98.4 98.1 98.3 99.8 99.1 97.1 94.5 97.0 95.7 97.4 97.9 97.5 96.6 Iron and steel products 110.7 113.1 112.2 101.5 96.8 100.0 103.4 95.2 86.5 101.8 104.6 103.7 106.5 106.0 103.9 100.2 96.5 95.3 94.2 96.3 98.4 97.0 96.0 Fabricated metal products 102.4 104.2 106.1 102.6 98.8 100.0 104.5 102.4 93.2 95.8 95.8 96.1 96.2 97.5 99.0 98.5 97.9 100.3 100.6 101.3 100.2 98.8 100.9 Nondurable manufactures Machinery Total 116.5 111.2 112.7 103.7 95.8 100.0 104.6 101.5 90.2 98.7 100.4 100.2 100.2 100.8 100.4 102.9 104.9 105.7 104.6 106.6 102.8 100.6 101.1 84.3 87.1 90.7 91.2 93.2 100.0 104.9 106.3 106.1 112.2 114.1 115.1 114.4 115.1 115.6 115.8 114.0 115.3 115.3 115.2 115.5 116.3 115.6 Selected high-technology 1 68.1 75.4 83.7 86.4 91.4 100.0 109.0 113.8 118.3 132.6 132.4 132.9 134.4 136.4 138.0 138.0 136.3 138.4 140.0 139.0 140.7 143.6 144.2 Transportation equipment Total 87.7 92.2 98.2 100.9 98.4 100.0 102.1 97.2 83.1 93.7 95.3 93.2 89.5 94.5 95.5 95.0 95.3 94.0 98.9 102.0 100.4 99.6 104.0 1 Computers and peripheral equipment, communications equipment, and semiconductors and related electronic components. Source: Board of Governors of the Federal Reserve System. 18 Motor vehicles and parts 80.9 86.8 94.7 99.7 101.0 100.0 104.1 102.3 88.4 96.4 97.6 95.6 89.1 98.3 99.5 98.7 99.1 95.3 103.9 107.0 105.0 103.6 110.5 Apparel 130.5 120.8 115.8 110.0 103.3 100.0 95.5 96.8 81.0 90.1 91.4 91.2 93.0 93.8 93.4 90.2 86.8 89.5 89.5 87.7 88.0 94.1 95.0 Printing and related support activities 101.1 101.4 99.6 98.6 100.3 100.0 100.4 96.5 88.2 89.1 89.6 89.6 90.3 92.0 92.5 91.5 89.6 92.4 92.6 93.3 93.2 92.7 91.2 Chemicals 107.1 103.5 102.4 102.0 101.5 100.0 98.6 97.2 95.4 99.8 102.1 101.5 100.1 102.3 102.6 103.0 101.9 102.2 103.1 103.1 103.5 103.6 104.1 Food 93.4 95.2 96.1 97.5 99.6 100.0 100.3 101.1 102.8 103.3 101.7 102.1 102.2 102.8 103.7 103.9 104.4 106.2 105.9 105.6 105.2 104.6 104.1 New Construction [Billions of dollars; monthly data at seasonally adjusted annual rates] Private Period 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2021: July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2022: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May r �������� June r ������� July p �������� Total new construction expenditures 854.4 914.6 1,015.3 1,140.2 1,223.7 1,279.8 1,333.2 1,391.0 1,499.6 1,626.4 1,637.3 1,641.6 1,632.9 1,644.3 1,665.2 1,681.0 1,726.6 1,753.1 1,768.2 1,780.9 1,793.8 1,784.3 1,777.3 Residential Total New housing Total 1 575.1 643.9 739.2 846.4 926.7 983.3 1,023.0 1,046.7 1,130.4 1,279.5 1,295.4 1,297.7 1,296.0 1,303.7 1,319.9 1,338.5 1,381.7 1,406.6 1,420.6 1,431.1 1,446.3 1,436.4 1,424.2 Federal and State and local Nonresidential 273.7 329.6 377.5 431.8 479.4 539.0 557.6 546.6 634.7 793.7 806.5 811.5 814.3 816.9 824.0 842.9 881.9 903.4 920.0 931.5 945.2 934.4 920.4 Total 158.5 208.5 242.8 283.3 315.8 344.2 367.1 362.2 401.1 524.5 539.0 537.8 535.4 534.5 539.5 550.2 558.6 569.1 575.0 581.5 581.4 570.0 550.6 Lodging 301.4 314.3 361.7 414.6 447.3 444.3 465.5 500.1 495.6 485.8 489.0 486.2 481.7 486.8 495.9 495.5 499.8 503.2 500.6 499.5 501.1 502.1 503.9 Commercial (including farm) Office 10.2 13.0 16.3 21.4 26.6 28.1 30.5 32.3 27.4 17.6 16.8 16.0 15.4 15.3 15.2 15.4 15.4 16.2 15.9 16.4 16.6 16.7 16.8 27.4 30.1 38.9 47.9 59.8 59.9 66.8 77.5 80.5 74.9 74.9 74.7 73.9 74.3 73.5 72.5 72.5 72.5 72.3 73.3 73.1 73.4 73.5 Manufacturing 44.3 50.9 60.9 64.5 75.5 84.5 82.8 80.3 85.6 90.9 91.5 91.1 90.8 92.6 96.7 99.9 99.5 101.1 100.8 100.9 103.5 103.4 104.1 Other 2 46.8 51.8 60.1 82.4 78.9 70.0 72.0 80.5 75.1 78.5 78.9 79.5 78.7 83.2 87.4 85.6 90.6 91.3 90.4 92.4 94.2 93.5 94.0 172.6 168.3 185.5 198.5 206.5 201.9 213.4 229.5 227.1 224.0 226.8 224.8 222.9 221.3 223.1 222.1 221.8 222.1 221.2 216.5 213.8 215.1 215.4 New houses sold New houses for sale at end of period 3 279.3 270.7 276.1 293.8 297.0 296.5 310.2 344.3 369.2 347.0 341.9 343.9 336.9 340.7 345.3 342.6 344.9 346.5 347.5 349.8 347.5 347.9 353.1 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 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 780.6 924.9 1,003.3 1,111.8 1,173.8 1,203.0 1,249.9 1,290.0 1,379.6 1,601.0 1 unit 535.3 617.6 647.9 714.5 781.5 848.9 875.8 887.7 990.5 1,127.2 Type of structure 2–4 units 1 11.4 13.6 13.7 11.5 11.5 11.4 13.9 13.4 12.3 11.7 5 units or more Total 233.9 293.7 341.7 385.8 380.8 342.7 360.3 388.9 376.8 462.1 829.7 990.8 1,052.1 1,182.6 1,206.6 1,282.0 1,328.8 1,386.0 1,471.1 1,737.0 1 unit 518.7 620.8 640.3 696.0 750.8 820.0 855.3 862.1 979.4 1,115.4 2–4 units 5 units or more New housing units completed Vacancy rate for rental housing units (percent) 4 25.9 29.0 29.9 32.1 34.8 37.2 39.7 42.6 47.2 52.9 285.1 341.1 382.0 454.5 421.1 424.8 433.8 481.4 444.5 568.8 649.2 764.4 883.8 968.2 1,059.7 1,152.9 1,184.9 1,255.1 1,286.9 1,341.0 368 429 437 501 561 613 617 683 822 771 150 186 210 232 254 293 346 323 300 389 8.7 8.3 7.6 7.1 6.9 7.2 6.9 6.8 6.3 6.1 55 43 48 52 48 68 57 54 56 56 55 50 52 549 668 513 569 570 710 587 599 660 658 589 676 701 1,376 1,302 1,233 1,256 1,406 1,326 1,247 1,380 1,366 1,339 1,440 1,409 1,424 726 686 732 671 756 839 831 790 707 619 630 585 511 362 374 375 387 390 389 394 396 411 432 442 450 464 �������������������� �������������������� 5.8 �������������������� �������������������� 5.6 �������������������� �������������������� 5.8 �������������������� �������������������� 5.6 �������������������� Seasonally adjusted annual rates 2021: July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2022: Jan ����������� Feb ����������� Mar ���������� Apr r ��������� May r �������� June r ������� July p �������� 1,573 1,576 1,559 1,563 1,706 1,768 1,666 1,777 1,716 1,805 1,562 1,599 1,446 1,124 1,095 1,094 1,079 1,220 1,212 1,157 1,213 1,191 1,173 1,073 1,019 916 ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 438 474 455 474 469 553 499 532 511 619 459 571 514 1,655 1,772 1,615 1,698 1,729 1,896 1,841 1,857 1,879 1,823 1,695 1,696 1,685 1,051 1,061 1,054 1,077 1,111 1,118 1,197 1,204 1,163 1,109 1,051 970 932 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 1.2 percent. In July, manufacturing and trade inventories rose $15.7 billion and retail inventories rose $8.3 billion. In July, retail sales and retail and food services sales were flat. BILLIONS OF DOLLARS* (RATIO SCALE) 2,500 2,400 BILLIONS OF DOLLARS* (RATIO SCALE) 750 700 2,300 RETAIL INVENTORIES 650 2,200 600 2,100 RETAIL AND FOOD SERVICES SALES 550 2,000 1,900 500 MANUFACTURING AND TRADE INVENTORIES 1,800 RETAIL SALES 450 1,700 1,600 400 1,500 350 1,400 RATIO* 1.80 INVENTORY/SALES RATIO 1.70 MANUFACTURING AND TRADE SALES 1,300 1.60 RETAIL 1.50 1,200 1.40 MANUFACTURING AND TRADE 1.30 1,100 1.20 1.10 1.00 1,000 2018 2019 2020 2021 2022 2018 2019 2020 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE 2021 2022 COUNCIL OF ECONOMIC ADVISERS [Millions of dollars, except ratios; seasonally adjusted, except as noted] Manufacturing and trade 1 Period Sales 2 2012 �������������������� 1,267,540 2013 �������������������� 1,306,460 2014 �������������������� 1,346,596 2015 �������������������� 1,303,865 2016 �������������������� 1,295,948 2017 �������������������� 1,357,499 2018 �������������������� 1,437,066 2019 �������������������� 1,434,006 2020 �������������������� 1,382,228 2021 �������������������� 1,622,196 2021: June r ������� 1,623,099 r July �������� 1,635,645 Aug ���������� 1,635,950 Sept ��������� 1,654,403 Oct ����������� 1,685,517 Nov ���������� 1,703,928 Dec ����������� 1,698,187 2022: Jan ����������� 1,756,481 Feb ����������� 1,776,578 Mar ���������� 1,805,838 Apr ����������� 1,817,211 May r �������� 1,834,718 June r ������� 1,856,384 p July �������� ����������������������� Inventories 3 Inventory/sales ratio 4 Wholesale Sales 2 1,658,270 1.28 434,294 1,727,460 1.29 450,346 1,790,353 1.32 469,124 1,823,840 1.39 448,936 1,859,432 1.42 444,974 1,917,746 1.39 475,081 2,001,842 1.36 508,225 2,043,172 1.42 505,946 1,986,925 1.44 482,919 2,197,539 1.28 591,963 2,042,070 1.26 589,404 2,056,263 1.26 605,575 2,076,621 1.27 600,616 2,093,351 1.27 609,626 2,116,674 1.26 622,134 2,148,625 1.26 632,425 2,197,539 1.29 633,158 2,224,580 1.27 664,740 2,263,268 1.27 674,911 2,317,441 1.28 687,088 2,348,268 1.29 692,466 2,386,601 1.30 697,250 2,420,006 1.30 709,584 2,435,675 ����������������������� ����������������������� Inventories 3 Retail Inventory/sales ratio 4 525,749 1.18 550,594 1.19 586,084 1.22 597,666 1.33 612,125 1.36 633,371 1.31 671,681 1.28 680,181 1.35 667,974 1.38 789,049 1.22 713,342 1.21 719,991 1.19 731,050 1.22 740,256 1.21 756,562 1.22 770,056 1.22 789,049 1.25 798,566 1.20 821,111 1.22 843,644 1.23 862,896 1.25 879,642 1.26 895,992 1.26 902,948 ����������������������� 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 2 358,519 371,603 386,721 393,843 404,008 420,018 437,952 450,189 464,199 547,087 553,044 542,106 546,946 552,617 562,296 565,690 556,810 576,000 581,768 587,570 590,238 591,793 596,594 596,765 Inventories 3 507,468 545,124 561,614 587,997 611,482 625,389 652,689 653,710 622,240 649,163 603,234 606,489 610,025 609,602 610,365 622,331 649,163 660,783 671,252 692,095 697,403 708,756 722,479 730,735 Chart 20 - Aug 2022 Retail and food Inventory/sales services sales 2 ratio 4 1.38 1.41 1.43 1.46 1.50 1.48 1.46 1.47 1.34 1.13 1.09 1.12 1.12 1.10 1.09 1.10 1.17 1.15 1.15 1.18 1.18 1.20 1.21 1.22 402,199 416,895 434,775 445,857 458,830 477,739 498,954 514,585 518,301 620,116 628,881 619,180 624,738 630,905 640,899 644,741 634,393 651,557 662,321 669,958 674,719 677,115 682,585 682,815 Manufacturers’ Shipments, Inventories, and Orders In July, manufacturers’ shipments and new orders fell, while inventories and unfilled orders rose. BILLIONS OF DOLLARS* (RATIO SCALE) 620 540 500 460 420 380 BILLIONS OF DOLLARS* (RATIO SCALE) 820 INVENTORIES 760 700 660 620 TOTAL 580 540 500 DURABLE GOODS 460 420 SHIPMENTS TOTAL 340 300 DURABLE GOODS 260 380 220 340 NONDURABLE GOODS 300 180 260 140 540 500 460 420 380 NONDURABLE GOODS 220 BILLIONS OF DOLLARS* (RATIO SCALE) 620 180 NEW ORDERS RATIO* 2.00 1.90 TOTAL 340 INVENTORY/SHIPMENTS RATIO 1.80 300 1.70 DURABLE GOODS 260 1.60 220 1.50 1.40 180 1.30 1.20 140 2018 2019 2020 2021 2022 2018 2019 2020 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE 2021 COUNCIL OF ECONOMIC ADVISERS Manufacturers’ shipments 1 Manufacturers’ inventories 2 Manufacturers’ new orders 1 Chart 21- Aug 2022 Durable goods Period Total Durable goods 2022 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 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2021: July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2022: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June r ������� July p �������� 474,727 484,511 490,751 461,086 446,966 462,400 490,889 477,871 435,110 483,146 487,964 488,388 492,160 501,087 505,813 508,219 515,741 519,899 531,180 534,507 545,675 550,206 545,497 218,965 224,903 233,108 231,822 226,344 230,618 244,005 238,376 219,316 243,604 246,972 245,585 247,098 250,719 253,596 255,903 259,566 260,275 264,026 264,912 268,814 269,545 270,137 255,762 259,608 257,643 229,264 220,623 231,782 246,884 239,496 215,795 239,542 240,992 242,803 245,062 250,368 252,217 252,316 256,175 259,624 267,154 269,595 276,861 280,661 275,360 625,053 631,742 642,655 638,177 635,825 658,986 677,472 709,281 696,711 759,327 729,783 735,546 743,493 749,747 756,238 759,327 765,231 770,905 781,702 787,969 798,203 801,535 801,992 367,239 371,896 389,626 393,021 380,414 389,862 408,998 433,093 428,088 466,676 446,899 451,303 456,128 458,915 462,817 466,676 468,928 471,327 475,761 480,051 482,970 485,143 486,367 257,814 259,846 253,029 245,156 255,411 269,124 268,474 276,188 268,623 292,651 282,884 284,243 287,365 290,832 293,421 292,651 296,303 299,578 305,941 307,918 315,233 316,392 315,625 475,809 491,578 496,046 452,778 441,331 457,693 485,141 461,516 428,448 484,873 487,733 493,380 491,911 500,871 506,291 508,780 520,531 522,118 531,412 534,971 544,394 554,232 548,546 220,047 231,970 238,403 223,515 220,708 225,912 238,257 222,020 212,653 245,331 246,741 250,577 246,849 250,503 254,074 256,464 264,356 262,494 264,258 265,376 267,533 273,571 273,186 77,674 86,333 83,765 70,382 69,092 72,832 70,998 58,799 60,573 75,969 75,198 80,322 76,768 77,973 80,981 80,389 87,017 83,414 83,064 83,294 84,070 84,937 87,241 1,013,511 1,142,454 1,252,331 1,201,974 1,184,562 1,181,179 1,166,296 1,024,141 999,281 1,078,952 1,049,514 1,059,290 1,063,898 1,068,436 1,073,584 1,078,952 1,088,546 1,095,638 1,100,794 1,106,112 1,109,739 1,118,721 1,126,664 1.30 1.30 1.31 1.40 1.42 1.39 1.37 1.46 1.61 1.51 1.50 1.51 1.51 1.50 1.50 1.49 1.48 1.48 1.47 1.47 1.46 1.46 1.47 1 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales. 2 Seasonally adjusted, end of period. 3 Annual data are averages of seasonally adjusted monthly ratios. Note: Manufacturers’ nondurable new orders (not shown) are the same as nondurable shipments. Also, there are no unfilled nondurable orders; data shown for total unfilled orders are durable unfilled orders. Total and durable shipments and inventories include data on semiconductors; new and unfilled orders do not. Source: Department of Commerce (Bureau of the Census). 21 PRICES Producer Prices The producer price index for final demand fell 0.5 percent in July. Prices for final demand goods fell 1.8 percent and prices for final demand services rose 0.1 percent. INDEX, NOV. 2009=100 (RATIO SCALE) INDEX, NOV. 2009=100 (RATIO SCALE) 150 SEASONALLY ADJUSTED FINAL DEMAND 145 140 135 130 125 FINAL DEMAND SERVICES 120 FINAL DEMAND 115 FINAL DEMAND GOODS 110 105 100 2014 2015 2016 2017 2019 2018 2020 2021 2022 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 ����������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2021: July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2022: Jan ����������� Feb ����������� Mar r �������� Apr r ��������� May r �������� June r ������� July p �������� Total final demand 1 100.0 107.7 109.1 110.9 109.9 110.4 113.0 116.2 118.2 118.4 126.710 127.459 128.564 129.167 130.025 131.264 131.999 133.538 134.957 137.241 137.964 139.098 140.504 139.806 Final demand services Total Foods 2 Energy Less food and energy Total Trade 3 33.128 111.7 112.6 114.0 109.1 107.6 111.2 115.0 115.5 113.8 125.828 126.553 127.778 129.285 130.997 132.180 132.111 134.256 137.220 140.527 142.320 144.474 147.764 145.116 5.743 115.9 117.8 121.6 118.4 115.1 116.5 116.7 118.9 120.4 130.989 130.256 132.989 135.801 135.598 137.325 137.064 139.554 142.211 145.610 147.855 148.578 148.344 149.854 5.972 126.3 125.3 124.2 98.6 90.4 99.8 110.0 105.0 91.5 119.522 120.620 122.154 125.230 131.514 132.648 130.766 136.170 145.930 155.512 158.023 165.591 181.174 164.935 21.412 106.8 107.9 109.5 109.9 110.7 113.2 116.0 117.6 118.5 126.218 127.210 127.956 128.670 129.547 130.602 131.110 132.218 133.285 134.742 136.209 137.158 137.774 138.015 65.132 105.4 107.1 109.0 110.0 111.5 113.5 116.5 119.1 120.2 126.657 127.444 128.499 128.648 128.896 130.179 131.332 132.478 133.123 134.915 134.977 135.605 136.062 136.149 20.434 106.7 108.2 110.2 111.6 113.1 114.8 116.9 119.7 121.7 130.682 131.760 134.590 134.531 135.242 137.059 139.678 141.487 143.932 147.253 147.500 148.502 149.303 149.808 Transportation and warehousing 4.396 114.2 115.3 117.7 115.3 113.5 115.9 122.0 125.5 121.2 130.894 133.496 134.575 133.211 134.677 138.395 140.631 140.667 143.479 151.519 154.730 158.756 159.939 160.586 Other Processed goods Final for intermediate demand demand (1982=100) less foods, energy, Less and food trade Total and (Aug. 2013 energy =100) 2 40.301 67.851 103.9 ���������������� 105.8 ���������������� 107.5 101.5 108.7 102.1 110.6 103.3 112.8 105.4 115.8 108.4 118.2 110.6 119.5 111.4 124.466 117.081 124.942 117.773 125.179 118.193 125.571 118.553 125.487 119.013 126.285 119.987 126.659 120.474 127.609 121.439 127.213 121.698 127.691 122.855 127.358 123.387 127.482 123.966 127.712 124.357 127.555 124.546 100.0 200.7 200.8 201.9 188.0 182.2 190.7 200.9 198.1 192.5 229.979 234.332 236.608 239.389 245.129 248.784 248.616 254.038 257.949 263.846 269.451 275.553 281.372 274.989 73.343 192.6 193.8 195.2 189.4 186.9 193.3 201.8 201.1 198.9 232.983 237.899 240.630 242.821 246.801 250.197 251.768 255.493 256.392 258.698 261.706 266.127 266.428 265.919 Unprocessed goods Chart 22 - Aug 2022 for intermediate demand (1982=100) Services for intermediNonfood ate materials demand Total less energy 100.0 241.4 246.7 249.3 189.1 173.4 190.8 200.1 185.9 167.6 242.264 247.144 250.692 257.634 273.095 279.279 265.799 274.052 301.001 309.685 326.869 344.428 359.789 315.327 25.267 369.6 351.2 345.7 296.0 288.0 324.1 340.7 323.4 346.0 462.581 482.046 488.737 479.728 472.529 488.506 479.665 485.042 492.420 540.087 547.086 523.962 511.952 476.814 100.0 105.3 107.2 108.9 110.2 112.1 115.0 118.6 121.4 121.9 130.683 131.958 132.532 132.971 132.945 133.707 134.840 135.899 136.219 137.980 139.158 139.822 139.362 139.503 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 2021. Source: Department of Labor (Bureau of Labor Statistics). 22 Consumer Prices—All Urban Consumers In July, the consumer price index for all urban consumers were unchanged; it also was unchanged before seasonal adjustment. The index rose 8.5 percent from its year-earlier level. INDEX, 1982-84 = 100 (RATIO SCALE) 300 INDEX, 1982-84 = 100 (RATIO SCALE) 300 SEASONALLY ADJUSTED 290 290 280 280 270 270 260 260 CONSUMER PRICES—ALL ITEMS 250 250 240 240 230 230 220 220 210 210 200 200 2014 2015 2016 2017 2018 2019 2020 2021 SOURCE: DEPARTMENT OF LABOR 2022 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 ����������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2021: July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 2022: Jan r ��������� Feb r ��������� Mar r �������� Apr r ��������� May r �������� June r ������� July ���������� Not seasonally Seasonally adjusted adjusted (NSA) 100.0 229.594 232.957 236.736 237.017 240.007 245.120 251.107 255.657 258.811 270.970 273.003 273.567 274.310 276.589 277.948 278.802 281.148 283.716 287.504 289.109 292.296 296.311 296.276 ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 272.184 273.092 274.214 276.590 278.524 280.126 281.933 284.182 287.708 288.663 291.474 295.328 295.271 All items less food and energy Total 1 77.428 229.755 233.806 237.897 242.247 247.602 252.169 257.565 263.211 267.693 277.255 278.794 279.306 280.017 281.705 283.179 284.770 286.431 287.878 288.811 290.455 292.289 294.354 295.275 Shelter 32.065 257.083 263.056 270.513 278.803 288.230 297.803 307.663 318.053 325.886 334.575 335.262 335.888 337.298 338.865 340.475 341.963 342.974 344.758 346.516 348.290 350.418 352.550 354.449 Medical care 2 8.237 414.924 425.134 435.292 446.752 463.675 475.322 484.707 498.413 518.876 525.276 523.951 524.845 525.861 528.134 529.754 531.268 534.798 535.732 538.665 541.057 543.220 546.861 549.282 Apparel 2.419 126.265 127.411 127.514 125.903 126.045 125.612 125.654 124.052 118.079 120.993 121.647 121.956 121.105 121.850 122.760 124.117 125.433 126.342 127.044 126.087 126.927 127.929 127.818 Food New vehicles 3.999 144.232 145.783 146.275 147.135 147.358 146.992 146.287 146.834 147.600 156.240 157.035 158.919 160.927 163.028 164.906 166.848 166.875 167.398 167.705 169.624 171.254 172.369 173.432 Energy Total 1 At home Away from home 13.372 233.777 237.037 242.725 247.235 247.931 250.065 253.558 258.316 267.219 277.756 277.877 278.969 281.468 283.912 286.050 287.440 289.959 292.912 295.809 298.379 301.879 304.867 308.220 8.295 231.774 233.869 239.456 242.250 239.065 238.589 239.661 241.775 250.233 258.892 258.599 259.544 262.631 264.983 267.303 268.356 270.996 274.747 278.735 281.653 285.711 288.618 292.495 5.077 237.986 243.068 248.981 256.101 262.695 268.826 275.893 284.410 293.944 307.296 308.023 309.336 310.996 313.592 315.481 317.372 319.471 320.880 321.689 323.559 325.952 329.033 331.342 Total 1, 2 9.200 246.080 244.409 243.583 202.895 189.535 204.540 219.941 215.294 196.949 238.325 238.447 242.958 245.847 255.010 261.257 263.553 265.929 275.170 305.469 297.233 308.839 332.087 316.955 Chart 23 - Aug 2022 Gasoline 5.227 311.470 302.577 290.889 212.007 187.602 211.770 240.599 232.003 194.130 264.017 265.072 271.710 274.721 287.303 300.351 304.315 301.791 321.849 380.763 357.377 372.063 413.606 381.710 C-CPI-U (Dec. 1999=100, NSA) 3 ������������������� 131.976 ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� 153.076 153.301 153.734 154.973 155.687 156.116 157.414 158.807 160.688 161.573 163.151 165.118 165.310 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 2022. Source: Department of Labor (Bureau of Labor Statistics). 23 Changes in Producer Prices [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Processed goods Unprocessed goods Change from year earlier Final for intermediate for intermediate (NSA) demand demand demand Services less for foods, intermeTransporLess Nonfood energy, diate tation food Total Final Final materials and demand Trade and Other Total and Total final demand demand less trade wareenergy demand goods services energy housing Final demand goods Period Total final demand 1 Total Foods Energy Final demand services Less food and energy Total Change, December to December, NSA 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 1.9 1.2 .9 –1.1 1.7 2.5 2.6 1.4 .8 10.0 1.4 .8 –1.2 –3.8 1.9 3.5 1.6 1.0 .0 13.4 4.1 –.8 4.4 –5.2 –1.6 2.0 2.8 1.2 –.2 13.1 –1.3 .9 –13.2 –16.4 6.3 10.1 –3.1 2.4 –6.8 31.6 1.4 1.3 1.1 –.1 1.7 2.2 2.6 .6 1.7 9.3 2.2 1.3 2.1 .2 1.6 2.1 3.0 1.4 1.3 8.4 3.8 –.4 4.0 .0 1.0 1.8 3.1 .8 1.9 14.2 2.7 2.0 .8 –3.5 1.1 2.3 6.5 2.2 –5.9 17.0 1.4 ����������� 2.0 ����������� 1.4 1.3 .8 .3 2.0 1.8 2.3 2.3 2.6 2.8 1.8 1.5 1.7 1.3 4.8 7.0 0.4 .1 –2.6 –6.6 1.8 5.0 2.8 –1.7 1.5 24.4 0.6 .7 –.1 –3.8 1.6 3.6 3.5 –1.8 2.3 23.3 1.4 –1.9 –8.7 –25.3 13.0 5.0 3.7 –7.3 1.3 40.0 –1.6 –5.6 –5.3 –18.5 13.7 8.5 2.9 –5.0 20.5 23.1 2.9 1.0 1.8 .5 2.6 2.9 3.1 1.7 2.1 8.3 1.9 1.3 1.6 –.9 .5 2.4 2.8 1.7 .2 7.0 1.6 .8 1.2 –4.3 –1.4 3.3 3.4 .4 –1.5 10.6 1.9 1.6 1.8 .9 1.4 1.8 2.6 2.2 .9 5.4 1.6 1.0 1.2 2.4 1.5 –.1 2.2 1.5 2.3 2.1 2.3 2.1 –2.3 1.4 1.1 .9 1.6 1.4 .6 1.5 .4 .9 1.2 1.7 .1 –.2 3.2 1.4 2.8 6.0 2.3 –4.8 3.1 9.8 2.9 5.5 5.4 4.5 –12.4 0.6 1.4 –1.8 –1.5 3.4 –1.8 1.1 1.5 9.7 1.3 –4.2 –2.3 –6.9 0.6 .4 .3 .0 .6 .8 .8 .2 1.3 .9 .5 –.3 .1 8.0 8.7 8.8 8.9 9.9 10.0 10.1 10.4 11.7 11.2 11.1 11.3 9.8 12.1 12.7 13.4 14.3 14.9 13.4 13.6 14.4 15.8 16.4 16.7 17.8 14.8 6.0 6.8 6.7 6.2 7.5 8.4 8.2 8.4 9.4 8.3 8.1 7.9 6.9 Change, month to month 2021: July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2022: Jan ����������� Feb ����������� Mar r �������� Apr r ��������� May r �������� June r ������� July p �������� 0.9 .9 .5 .7 1.0 .6 1.2 1.1 1.7 .5 .8 1.0 –.5 0.8 1.0 1.2 1.3 .9 –.1 1.6 2.2 2.4 1.3 1.5 2.3 –1.8 –0.9 2.1 2.1 –.1 1.3 –.2 1.8 1.9 2.4 1.5 .5 –.2 1.0 2.2 1.3 2.5 5.0 .9 –1.4 4.1 7.2 6.6 1.6 4.8 9.4 –9.0 0.8 .6 .6 .7 .8 .4 .8 .8 1.1 1.1 .7 .4 .2 1.0 .8 .1 .2 1.0 .9 .9 .5 1.3 .0 .5 .3 .1 1.7 2.1 .0 .5 1.3 1.9 1.3 1.7 2.3 .2 .7 .5 .3 2.5 .8 –1.0 1.1 2.8 1.6 .0 2.0 5.6 2.1 2.6 .7 .4 0.5 .2 .3 –.1 .6 .3 .8 –.3 .4 –.3 .1 .2 –.1 0.7 .4 .3 .4 .8 .4 .8 .2 1.0 .4 .5 .3 .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) Change, December to December, NSA 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 1.7 1.5 .8 .7 2.1 2.1 1.9 2.3 1.4 7.0 1.9 1.7 1.6 2.1 2.2 1.8 2.2 2.3 1.6 5.5 2.2 2.5 2.9 3.2 3.6 3.2 3.2 3.2 1.8 4.1 3.2 2.0 3.0 2.6 4.1 1.8 2.0 4.6 1.8 2.2 1.8 .6 –2.0 –.9 –.1 –1.6 –.1 –1.2 –3.9 5.8 2021: July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2022: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� 0.5 .3 .4 .9 .7 .6 .6 .8 1.2 .3 1.0 1.3 .0 0.3 .2 .3 .6 .5 .6 .6 .5 .3 .6 .6 .7 .3 0.4 .2 .4 .5 .5 .4 .3 .5 .5 .5 .6 .6 .5 0.2 .2 .2 .4 .3 .3 .7 .2 .5 .4 .4 .7 .4 0.1 .3 –.7 .6 .7 1.1 1.1 .7 .6 –.8 .7 .8 –.1 1.6 .4 .5 .2 .3 –.5 –.3 .1 2.0 11.8 1.8 1.1 3.4 .8 –.2 1.6 1.6 1.8 3.9 6.3 1.3 .4 3.7 –.4 –2.0 .9 .6 .7 3.9 6.5 2.5 2.1 3.0 2.6 2.3 2.5 2.8 3.1 3.9 6.0 0.5 .5 –10.6 –12.6 5.4 6.9 –.3 3.4 –7.0 29.3 1.7 –1.0 –21.0 –19.7 9.1 10.7 –2.1 7.9 –15.2 49.6 1.5 1.3 .5 .4 1.8 1.7 1.5 1.8 1.5 6.6 ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� �������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� 2.1 1.5 1.6 .1 1.3 2.1 2.4 1.8 1.2 4.7 0.6 .4 1.2 .9 .9 .4 1.0 1.4 1.5 1.0 1.4 1.0 1.3 0.8 .4 .5 .8 .6 .6 .7 .4 .3 .6 .7 .9 .7 1.6 1.9 1.2 3.7 2.4 .9 .9 3.5 11.0 –2.7 3.9 7.5 –4.6 2.5 2.5 1.1 4.6 4.5 1.3 –.8 6.6 18.3 –6.1 4.1 11.2 –7.7 0.5 r .1 .3 .8 .5 .3 .8 .9 1.2 .6 1.0 1.2 .1 ������������� ������������� 6.7 ������������� ������������� 7.9 ������������� ������������� 9.2 ������������� ������������� 10.5 ������������� 8.4 6.9 4.9 6.6 8.2 8.9 8.0 8.4 11.3 9.9 10.7 11.0 9.5 7.8 7.5 7.1 7.5 7.5 6.9 7.3 8.3 10.1 8.9 9.5 11.1 9.7 5.4 5.3 5.4 6.2 6.8 7.0 7.5 7.9 8.5 8.3 8.6 9.1 8.5 Change, month to month 1.5 1.2 1.3 1.3 1.2 1.2 .0 .3 .2 1.1 1.0 .7 .6 0.7 .4 .9 .9 .8 .5 .9 1.0 1.0 .9 1.2 1.0 1.1 1 Includes other items not shown separately. 2 Commodities and services. 3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices. 4 Quarterly changes are shown in the last month of the quarter. Source: Department of Labor (Bureau of Labor Statistics). 24 Prices Received and Paid by Farmers In July, prices received by farmers fell 0.1 percent and prices paid by farmers rose 0.5 percent. (Data are not seasonally adjusted.) INDEX, 2011=100 (RATIO SCALE) 130 INDEX, 2011=100 (RATIO SCALE) 140 130 120 120 PRICES PAID 110 110 100 100 90 90 PRICES RECEIVED 80 80 70 70 60 60 RATIO1 RATIO1 140 140 120 120 RATIO 100 100 80 80 60 60 2014 2016 2015 2017 2018 2020 2019 2022 2021 1 RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID. SOURCE: DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS [2011=100; not seasonally adjusted] Prices received by farmers 1 Period 2012 ��������������������������������������������������� 2013 ��������������������������������������������������� 2014 ��������������������������������������������������� 2015 ��������������������������������������������������� 2016 ��������������������������������������������������� 2017 ��������������������������������������������������� 2018 ��������������������������������������������������� 2019 ��������������������������������������������������� 2020 ��������������������������������������������������� 2021 r ������������������������������������������������� 2021: July r ��������������������������������������� Aug r ���������������������������������������� Sept r ��������������������������������������� Oct r ����������������������������������������� Nov r ���������������������������������������� Dec r ���������������������������������������� 2022: Jan r ���������������������������������������� Feb r ���������������������������������������� Mar r ��������������������������������������� Apr r ���������������������������������������� May r ��������������������������������������� June r �������������������������������������� July p ��������������������������������������� Agricultural production 105.0 107.0 107.9 99.2 90.2 93.4 90.5 89.9 95.0 105.1 107.0 109.4 108.6 106.8 108.7 112.5 111.5 119.8 127.3 133.9 134.5 134.9 134.7 Crop production 107.0 105.7 92.3 87.0 85.5 86.2 85.8 84.6 100.6 105.2 106.8 110.0 108.5 106.1 107.4 106.0 104.4 114.2 120.5 122.7 122.9 125.7 124.2 Chart 25 - Aug 2022 Prices paid by farmers Livestock production 102.5 108.5 128.7 113.4 94.4 100.1 94.4 95.8 88.8 105.1 107.2 108.7 108.7 107.8 110.3 120.1 124.3 126.1 134.4 145.1 146.0 144.9 148.1 All commodities, services, interest, taxes, and wage rates (PPITW) 2 104.4 106.3 112.0 110.7 105.8 106.5 109.6 110.3 110.2 119.4 120.4 121.0 121.3 122.7 123.7 125.2 128.7 130.8 132.7 134.4 134.5 134.9 135.6 Production items, interest, taxes, and wage rates (PITW) 104.8 106.7 113.1 111.6 105.7 106.1 109.3 109.8 109.4 119.2 120.3 120.8 121.2 122.6 123.8 125.4 129.3 131.5 133.5 135.4 135.3 135.5 136.2 Production items 105.4 107.4 114.1 112.0 104.7 104.5 107.1 106.8 105.8 116.3 117.3 118.0 118.4 120.0 121.4 123.3 126.5 129.1 131.4 134.1 133.9 134.1 135.0 Ratio of prices received by farmers to PPITW 100 100 96 90 85 87 83 82 80 87 89 90 90 87 88 90 87 92 95 100 100 100 99 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) BILLIONS OF DOLLARS* (RATIO SCALE) 24,000 24,000 20,000 20,000 18,000 18,000 16,000 16,000 14,000 14,000 M2 12,000 12,000 10,000 10,000 8,400 8,400 7,600 7,600 6,800 6,800 6,000 6,000 5,200 4,800 4,400 5,200 4,800 4,400 M1 4,000 4,000 3,600 3,600 3,200 3,200 2,800 2,800 2,400 2,400 2,000 2,000 1,600 1,600 2014 2015 2016 2017 2018 2019 2020 2021 *AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 2022 COUNCIL OF ECONOMIC ADVISERS [Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted] Period 2012: Dec ������������������������������������������ 2013: Dec ������������������������������������������ 2014: Dec ������������������������������������������ 2015: Dec ������������������������������������������ 2016: Dec ������������������������������������������ 2017: Dec ������������������������������������������ 2018: Dec ������������������������������������������ 2019: Dec ������������������������������������������ 2020: Dec r ���������������������������������������� 2021: Dec r ���������������������������������������� 2021: July r ��������������������������������������� Aug r ���������������������������������������� Sept r ��������������������������������������� Oct r ����������������������������������������� Nov r ���������������������������������������� Dec r ���������������������������������������� 2022: Jan r ���������������������������������������� Feb r ���������������������������������������� Mar r ��������������������������������������� Apr r ���������������������������������������� May r ��������������������������������������� June r �������������������������������������� July p ��������������������������������������� M1 M2 Debt Sum of currency, demand deposits, travelers checks, and other checkable deposits; includes savings deposits beginning May 2020 1 M1 plus savings deposits, retail MMMF balances, and small time deposits 2 Debt of domestic nonfinancial sectors 3 2,460.7 2,664.3 2,940.9 3,095.8 3,340.9 3,610.6 3,763.4 4,007.1 17,834.4 20,430.7 19,497.5 19,746.6 19,899.0 20,063.5 20,279.9 20,430.7 20,585.4 20,661.2 20,699.1 20,615.3 20,620.7 20,545.0 20,514.7 10,459.7 11,028.8 11,681.5 12,344.0 13,209.6 13,852.3 14,358.8 15,319.1 19,124.7 21,490.1 20,620.9 20,853.5 20,992.5 21,143.9 21,349.4 21,490.1 21,649.6 21,708.5 21,739.8 21,655.5 21,684.4 21,667.3 21,709.2 Percent change Chart 26 - Aug 2022 From previous period 5 From year or 6 months earlier 4 M1 40,550.0 13.6 42,146.8 8.3 43,697.5 10.4 45,420.2 5.3 47,361.0 7.9 49,464.6 8.1 52,121.7 4.2 54,535.8 6.5 61,288.2 ����������������������������� 65,085.2 14.6 ��������������������������������������������� 15.4 ��������������������������������������������� 15.0 63,795.6 13.5 ��������������������������������������������� 12.0 ��������������������������������������������� 10.6 65,085.2 11.5 ��������������������������������������������� 11.2 ��������������������������������������������� 9.3 66,744.3 8.0 ��������������������������������������������� 5.5 ��������������������������������������������� 3.4 ��������������������������������������������� 1.1 ��������������������������������������������� –0.7 M2 Debt 8.3 5.4 5.9 5.7 7.0 4.9 3.7 6.7 24.8 12.4 12.9 12.6 11.5 10.3 9.1 10.1 10.0 8.2 7.1 4.8 3.1 1.6 0.6 4.7 4.2 3.8 4.4 4.4 4.2 4.7 4.7 12.4 6.2 ������������������������������� ������������������������������� 2.8 ������������������������������� ������������������������������� 8.2 ������������������������������� ������������������������������� 10.2 ������������������������������� ������������������������������� ������������������������������� ������������������������������� 1 Beginning May 2020, M1 includes savings deposits. Prior to May 2020, savings deposits were not included in M1. See the H.6 statistical release for additional details. 2 Money market mutual fund (MMMF). Savings deposits include money market deposit accounts (MMDA). 3 Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts. Quarterly data shown in last month of quarter. End-of-year data are for fourth quarter. 4 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate. 5 Debt growth of domestic nonfinancial sectors is the seasonally adjusted borrowing flow divided by the seasonally adjusted level of debt outstanding in the previous period. Annual changes are from fourth quarter to fourth quarter; quarterly changes are from previous quarter at an annual rate. Note: See p. 27 for components. Source: Board of Governors of the Federal Reserve System. 26 Components of Money Stock [Averages of daily figures; billions of dollars, seasonally adjusted] Period 2012: Dec ����������� 2013: Dec ����������� 2014: Dec ����������� 2015: Dec ����������� 2016: Dec ����������� 2017: Dec ����������� 2018: Dec ����������� 2019: Dec ����������� 2020: Dec ����������� 2021: Dec ����������� 2021: July ���������� Aug ���������� Sept ��������� Oct ����������� Nov r ��������� Dec ����������� 2022: Jan ����������� Feb r ��������� Mar r �������� Apr r ��������� May r �������� June r ������� July p �������� Nonbank travelers checks Currency 1,090.3 1,160.2 1,252.9 1,339.6 1,421.2 1,525.4 1,625.5 1,712.9 1,975.9 2,133.2 2,076.7 2,084.9 2,092.8 2,104.2 2,118.2 2,133.2 2,144.3 2,158.3 2,174.9 2,178.3 2,174.2 2,172.6 2,172.2 Other checkable deposits (OCDs) Demand deposits 3.8 3.5 2.9 2.5 2.2 1.9 1.7 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 927.2 1,034.6 1,200.6 1,238.9 1,370.4 1,489.2 1,504.4 1,615.0 3,296.9 4,696.7 4,374.1 4,489.6 4,502.9 4,595.1 4,676.9 4,696.7 4,800.0 4,772.4 4,768.3 4,731.9 4,908.0 4,924.5 4,951.1 Savings deposits (including MMDAs) Small-denomination time deposits 1 At thrift institutions At commercial banks At thrift institutions 956.1 1,020.3 1,077.4 1,143.5 1,259.0 1,298.0 1,331.8 1,333.2 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 470.4 426.2 391.3 315.1 267.2 322.1 448.9 484.9 201.4 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 177.3 144.5 131.9 110.4 101.6 111.7 107.9 122.2 51.2 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� Total At commercial banks At thrift institutions Total At commercial banks 439.4 465.9 484.5 514.8 547.1 594.1 631.8 679.2 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 243.6 255.9 264.9 276.2 288.5 307.3 336.2 372.9 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 195.8 210.1 219.5 238.5 258.6 286.7 295.6 306.3 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 6,684.4 7,129.0 7,573.3 8,157.7 8,803.3 9,097.0 9,237.2 9,734.5 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 5,728.4 6,108.6 6,495.9 7,014.2 7,544.3 7,799.0 7,905.4 8,401.2 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� Total 647.7 570.7 523.2 425.5 368.8 433.8 556.8 607.1 252.6 87.8 141.5 128.9 117.3 107.4 98.6 87.8 77.2 59.1 46.8 43.7 55.1 81.1 113.8 Retail money funds 666.9 664.8 644.1 665.0 696.6 710.9 801.4 970.4 1,037.7 971.6 981.8 977.9 976.2 973.0 971.0 971.6 987.0 988.2 993.8 996.5 1,008.7 1,041.3 1,080.7 Institutional money funds 2 1,727.4 1,762.5 1,790.7 1,821.2 1,747.3 1,835.8 1,891.9 2,295.3 2,873.5 ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 1 Small-denomination deposits are those issued in amounts of less than $100,000. 2 Institutional money funds are not part of non-M1 M2. Note: See the H.6 statistical release for additional details on changes. Source: Board of Governors of the Federal Reserve System. Aggregate Reserves and Monetary Base [Averages of daily figures 1; millions of dollars, not seasonally adjusted] Reserves of depository institutions Reserve balances maintained Period 2012: Dec ������������ 2013: Dec ������������ 2014: Dec ������������ 2015: Dec ������������ 2016: Dec ������������ 2017: Dec ������������ 2018: Dec ������������ 2019: Dec ������������ 2020: Dec ������������ 2021: Dec ������������ 2021: July ����������� Aug ����������� Sept ���������� Oct ������������ Nov ����������� Dec ������������ 2022: Jan ������������ Feb ������������ Mar ����������� Apr ������������ May ����������� June ���������� July ����������� Total To satisfy reserve balance requirements 2 That exceed the top of the penalty-free band 1,517,425 2,485,248 2,606,700 2,419,774 2,031,007 2,244,274 1,691,394 1,630,090 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 75,713 90,852 97,981 116,285 135,719 135,698 152,562 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 2,409,535 2,515,848 2,321,793 1,914,722 2,108,555 1,555,696 1,477,528 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ Borrowings from the Federal Reserve Reserve balance requirements 3 Vault cash used to satisfy required reserves Nonborrowed 4 58,675 69,030 82,770 89,313 105,944 123,720 123,703 138,984 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 52,959 55,771 59,236 61,413 64,280 65,549 68,462 68,255 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 1,569,588 2,540,849 2,665,835 2,481,082 2,095,247 2,309,747 1,759,780 1,698,323 3,076,300 4,149,900 3,856,300 4,059,300 4,124,600 4,073,500 4,135,300 4,149,900 3,839,100 3,775,800 3,848,500 3,591,400 3,296,000 3,207,000 3,238,800 Monetary base 5 2,675,945 3,717,450 3,934,455 3,835,810 3,531,565 3,850,969 3,400,747 3,426,464 5,206,500 6,413,100 6,130,200 6,328,700 6,388,800 6,330,900 6,394,700 6,413,100 6,103,900 6,040,000 6,134,500 5,885,200 5,591,600 5,506,500 5,536,900 Total 6 795 170 102 106 39 75 76 21 58,685 38,082 87,621 80,767 68,568 54,559 45,318 38,082 32,055 28,715 26,206 23,960 21,883 21,423 19,541 Primary Secondary Seasonal Term assetbacked securities loan facility 7 12 13 22 38 13 43 18 10 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 0 0 0 0 0 0 0 0 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 23 59 80 67 25 33 58 11 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 760 98 0 0 0 0 0 0 �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� 1 Data are prorated averages of biweekly (maintenance period) averages of daily figures. 2 Equals the sum of balances maintained up to the top of each institution’s penalty-free band. 3 Excludes vault cash used to satisfy required reserves. 4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve. 5 Equals total balances maintained plus currency in circulation (not shown). 6 Includes term auction credit (December 2007 to April 2010), primary dealer and other broker-dealer credit (March 2008 to February 2010), credit extended to American International Group, Inc. (September 2008 to January 2011), asset-backed commercial paper money market mutual fund liquidity facility (September 2008 to February 2010), and other credit extensions, not shown separately. 7 Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility. Note: Data reflect the creation of a penalty-free band around reserve balance requirements which took effect June 27, 2013. See H.3 release of July 11, 2013. The last H.3 statistical release was published on September 17, 2020. For more information, see the announcements on August 20, 2020 and September 24, 2020. Source: Board of Governors of the Federal Reserve System. 27 Bank Credit at All Commercial Banks Total commercial bank loans and leases rose 1.1 percent in July. BILLIONS OF DOLLARS* (RATIO SCALE) 20,000 ALL COMMERCIAL BANKS 18,000 16,000 14,000 BILLIONS OF DOLLARS* (RATIO SCALE) 20,000 18,000 16,000 14,000 TOTAL 12,000 12,000 10,000 9,000 8,000 7,000 10,000 9,000 8,000 7,000 LOANS AND LEASES 6,000 6,000 5,000 5,000 4,000 4,000 U.S. TREASURY AND AGENCY SECURITIES 3,000 3,000 2,000 2,000 1,600 1,600 1,200 1,200 800 800 OTHER SECURITIES 400 400 2014 2015 2016 2017 2018 2019 2020 2021 *SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 2022 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars, seasonally adjusted 1] Securities in bank credit 2 Period 2012: Dec ����������� 2013: Dec ����������� 2014: Dec ����������� 2015: Dec ����������� 2016: Dec ����������� 2017: Dec ����������� 2018: Dec ����������� 2019: Dec ����������� 2020: Dec ����������� 2021: Dec ����������� 2021: July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2022: Jan ����������� Feb ����������� Mar r �������� Apr r ��������� May r �������� June r ������� July p �������� Total bank credit 9,626.5 9,827.9 10,539.6 11,342.1 12,074.3 12,535.7 13,062.8 13,846.5 15,031.5 16,392.3 15,680.7 15,783.5 15,883.9 16,050.0 16,206.4 16,392.3 16,552.9 16,652.5 16,781.3 16,889.1 16,987.2 17,128.8 17,251.7 Total securities 2,733.9 2,722.1 2,932.4 3,110.1 3,310.0 3,432.2 3,492.0 3,822.1 4,685.9 5,672.7 5,306.9 5,359.7 5,421.6 5,531.8 5,604.1 5,672.7 5,766.6 5,810.9 5,818.0 5,817.2 5,801.8 5,786.1 5,780.7 U.S. Treasury and agency securities 1,872.8 1,809.2 2,040.2 2,224.3 2,408.9 2,520.6 2,661.1 2,995.2 3,746.5 4,560.3 4,254.8 4,300.5 4,351.2 4,451.6 4,510.6 4,560.3 4,638.4 4,681.4 4,672.9 4,666.8 4,654.3 4,638.9 4,635.3 Loans and leases in bank credit Other securities 861.1 912.9 892.2 885.7 901.1 911.7 830.9 826.9 939.4 1,112.4 1,052.1 1,059.2 1,070.4 1,080.2 1,093.5 1,112.4 1,128.2 1,129.5 1,145.2 1,150.4 1,147.5 1,147.2 1,145.4 Total loans and leases 3 6,892.6 7,105.8 7,607.2 8,232.0 8,764.3 9,103.4 9,570.8 10,024.4 10,345.6 10,719.7 10,373.8 10,423.8 10,462.3 10,518.1 10,602.3 10,719.7 10,786.3 10,841.7 10,963.3 11,072.0 11,185.4 11,342.7 11,471.0 Commercial and industrial loans 1,474.5 1,574.3 1,773.3 1,953.0 2,083.9 2,103.9 2,302.6 2,357.6 2,596.4 2,476.7 2,447.8 2,426.2 2,413.9 2,417.7 2,437.8 2,476.7 2,487.4 2,491.9 2,533.5 2,560.4 2,595.7 2,661.1 2,702.8 Chart 28 - Aug 2022 Real estate loans Total 4 3,550.8 3,531.8 3,638.7 3,871.4 4,115.3 4,285.4 4,410.2 4,611.0 4,645.3 4,793.9 4,660.1 4,690.6 4,711.2 4,735.3 4,763.8 4,793.9 4,816.8 4,842.1 4,871.0 4,913.8 4,955.8 5,000.3 5,046.8 Revolving home equity loans 515.3 473.8 458.2 441.2 406.5 382.2 349.7 321.7 283.0 250.4 258.1 256.0 254.2 252.5 251.7 250.4 248.6 247.8 247.1 246.6 246.9 247.6 248.1 Commercial loans 1,428.3 1,498.3 1,605.5 1,781.1 1,962.9 2,086.6 2,183.5 2,319.6 2,407.9 2,531.2 2,453.9 2,468.9 2,483.6 2,494.2 2,510.9 2,531.2 2,547.5 2,563.0 2,580.2 2,603.2 2,620.0 2,643.3 2,674.2 Consumer loans 5 1,102.7 1,128.0 1,186.6 1,258.8 1,355.9 1,427.4 1,497.3 1,588.6 1,522.7 1,653.8 1,581.0 1,594.6 1,604.4 1,621.0 1,638.5 1,653.8 1,666.2 1,682.7 1,707.3 1,727.3 1,740.3 1,761.3 1,778.0 All other loans and leases 6 764.7 871.7 1,008.6 1,148.8 1,209.2 1,286.7 1,360.7 1,467.2 1,581.3 1,795.3 1,685.0 1,712.4 1,732.8 1,744.2 1,762.1 1,795.3 1,815.9 1,824.9 1,851.4 1,870.5 1,893.6 1,920.0 1,943.5 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 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2019: I ���������������� II ��������������� III �������������� IV �������������� 2020: I ���������������� II ��������������� III �������������� IV �������������� 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I p �������������� Internal 1 2,634.8 2,620.2 3,107.3 3,247.0 2,885.9 2,141.6 3,377.9 4,344.4 2,363.5 3,723.7 4,775.2 3,938.3 4,262.2 4,401.9 3,429.7 1,869.1 1,851.8 2,303.3 2,950.6 3,207.9 4,005.7 4,730.5 4,752.8 1,820.9 1,925.6 1,942.2 1,934.0 1,866.3 1,812.7 2,148.9 2,141.9 2,149.1 2,653.5 2,054.2 2,144.1 2,125.6 2,243.9 2,025.6 1,858.2 2,404.3 2,308.3 2,437.3 2,623.4 2,763.3 2,789.9 2,754.9 Total net funds raised Total 813.9 694.6 1,165.1 1,313.0 1,019.6 328.9 1,229.0 2,202.5 214.4 1,070.2 2,721.0 1,794.2 2,136.6 2,158.0 1,404.1 10.9 –552.5 –5.0 513.3 584.5 1,242.4 1,940.6 1,997.9 104.4 142.5 184.7 146.4 –220.7 36.2 –252.8 178.5 871.9 –26.5 249.6 355.4 375.1 –266.3 2,426.3 1618.0 –296.8 –259.9 471.9 –322.4 –77.3 –178.1 111.1 Net new equity issues –300.0 –277.3 –301.9 –453.5 –495.9 –325.6 –617.8 –458.0 –167.2 –614.9 –696.9 –186.3 –449.0 –499.7 –383.9 –59.8 48.2 –273.3 –121.4 –520.4 –875.5 –942.2 –885.9 Credit market instruments Total Securities and mortgages Loans and short-term paper 268.0 265.3 265.7 506.4 299.6 268.8 260.5 480.8 760.3 316.5 577.2 442.7 703.6 199.9 875.2 1,807.4 303.1 55.8 579.6 215.9 459.2 11.4 368.4 136.4 154.5 221.0 93.5 –24.4 93.0 104.5 155.7 278.7 271.9 369.2 99.1 120.6 33.5 1,935.0 –129.6 –648.1 –42.5 13.8 –17.9 338.9 752.6 628.5 404.4 419.8 486.6 599.9 275.1 361.8 365.0 636.5 1039.1 588.4 946.5 541.8 824.1 233.4 2,810.2 1,677.7 –345.0 13.4 593.3 198.0 798.2 764.1 997.0 Capital expenditures 3 Total Other 2 407.8 262.9 623.2 673.0 746.7 –24.4 936.9 1,571.3 –782.9 496.7 1,809.1 1,271.4 1,288.9 1,915.9 –1,346.4 –1,635.2 –191.4 40.9 –65.7 506.9 391.8 1,154.0 887.4 1,918.3 2,383.7 2,495.4 3,075.9 2,748.3 2,440.5 2,931.1 4,581.0 2,387.0 3,524.8 3,864.9 4,780.8 5,120.5 4,557.9 4,144.9 692.3 3,069.5 1,641.4 3,258.3 2,794.6 4,424.1 3,622.0 4,315.5 1,611.3 1,676.0 1,822.0 1,935.9 1,802.5 1,898.0 2,065.2 2,184.6 1,960.9 2,193.9 2,199.4 2,210.3 2,196.1 2,132.6 2,064.9 1,667.0 2,015.6 2,096.0 2,064.5 2,035.5 2,186.9 2,488.6 2,871.6 Increase in financial assets 307.0 707.7 673.4 1,140.0 945.8 542.5 865.9 2,396.4 426.1 1,330.9 1,665.5 2,570.5 2,924.4 2,425.3 2,080.0 –974.7 1,053.9 –454.6 1,193.8 759.1 2,237.2 1,133.4 1,443.9 Discrepancy (sources less uses) 604.5 135.0 440.2 93.2 55.0 –326.0 64.6 –478.6 –10.8 –51.6 485.1 –790.0 –1,191.9 –417.3 –975.3 1,244.3 –1,014.8 702.5 –115.6 231.6 –917.3 595.0 –244.7 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 2012: Dec ������������������������������������������ 2013: Dec ������������������������������������������ 2014: Dec ������������������������������������������ 2015: Dec ������������������������������������������ 2016: Dec ������������������������������������������ 2017: Dec ������������������������������������������ 2018: Dec ������������������������������������������ 2019: Dec ������������������������������������������ 2020: Dec ������������������������������������������ 2021: Dec ������������������������������������������ 2021: June ���������������������������������������� July ����������������������������������������� Aug ����������������������������������������� Sept ���������������������������������������� Oct ������������������������������������������ Nov ����������������������������������������� Dec ������������������������������������������ 2022: Jan ������������������������������������������ Feb ������������������������������������������ Mar ����������������������������������������� Apr ������������������������������������������ May ����������������������������������������� June p �������������������������������������� Nonrevolving 2 Revolving 2,912.9 3,090.5 3,309.5 3,400.2 3,636.4 3,830.8 4,007.0 4,192.2 4,184.9 4,430.8 4,297.4 4,313.3 4,331.5 4,355.2 4,376.1 4,407.9 4,430.8 4,446.7 4,481.4 4,528.5 4,563.5 4,587.3 4,627.4 840.0 854.1 887.4 898.1 960.1 1,016.8 1,053.8 1,092.0 974.6 1,041.7 989.2 994.6 1,000.7 1,009.7 1,018.5 1,033.6 1,041.7 1,050.0 1,060.2 1,086.1 1,103.8 1,111.0 1,125.8 2,072.9 2,236.3 2,422.2 2,502.1 2,676.3 2,813.9 2,953.2 3,100.2 3,210.3 3,389.1 3,308.2 3,318.7 3,330.9 3,345.5 3,357.6 3,374.3 3,389.1 3,396.8 3,421.2 3,442.4 3,459.7 3,476.3 3,501.7 Total Revolving 156.7 177.6 219.0 90.7 236.2 194.4 176.2 185.2 –7.3 245.9 23.3 15.9 18.2 23.7 20.9 31.8 22.9 15.9 34.7 47.1 35.0 23.8 40.1 –0.2 14.1 33.3 10.7 62.0 56.7 37.0 38.2 –117.4 67.1 8.8 5.4 6.1 9.0 8.8 15.1 8.1 8.3 10.2 25.9 17.7 7.2 14.8 Nonrevolving 2 156.8 163.4 185.9 79.9 174.2 137.6 139.3 147.0 110.1 178.8 14.5 10.5 12.2 14.6 12.1 16.7 14.8 7.7 24.4 21.2 17.3 16.6 25.4 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 6 6 CORPORATE Aaa BONDS (MOODY'S) 4 4 TREASURY BILLS 2 2 FEDERAL FUNDS RATE 0 0 2014 2015 2016 2017 2018 2019 2020 2021 SOURCE: SEE TABLE BELOW 2022 COUNCIL OF ECONOMIC ADVISERS [Percent per annum] Chart 30 - Aug 2022 U.S. Treasury security yields Period 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2021: Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2022: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Week ended: 2022: Aug 6 ������� 13 ������� 20 ������� 27 ������� 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 Federal funds rate 5 New-home mortgage yields (FHFA) 6 0.09 .06 .03 .06 .33 .94 1.94 2.08 .38 .04 .06 .04 .05 .05 .06 .14 .34 .46 .80 .98 1.48 2.24 2.61 0.38 .54 .90 1.02 1.00 1.58 2.63 1.94 .42 .46 .42 .47 .67 .82 .95 1.25 1.65 2.09 2.72 2.79 3.15 3.03 3.23 1.80 2.35 2.54 2.14 1.84 2.33 2.91 2.14 0.89 1.45 1.28 1.37 1.58 1.56 1.47 1.76 1.93 2.13 2.75 2.90 3.14 2.90 2.90 2.92 3.45 3.34 2.84 2.59 2.89 3.11 2.58 1.56 2.06 1.92 1.94 2.06 1.94 1.85 2.10 2.25 2.41 2.81 3.07 3.25 3.10 3.13 3.14 3.96 3.78 3.48 3.07 3.36 3.53 3.38 2.41 2.00 2.38 2.30 2.43 2.30 2.24 2.47 2.78 3.22 3.74 4.06 4.01 3.96 3.99 3.67 4.24 4.16 3.89 3.67 3.74 3.93 3.39 2.47 2.70 2.55 2.53 2.68 2.62 2.65 2.93 3.25 3.43 3.76 4.13 4.24 4.06 4.07 0.75 .75 .75 .76 1.01 1.60 2.41 2.78 .64 .25 .25 .25 .25 .25 .25 .25 .25 .50 .50 1.00 1.75 2.50 2.50 3.25 3.25 3.25 3.26 3.51 4.10 4.91 5.28 3.54 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.50 3.50 4.00 4.75 5.50 5.50 0.14 .11 .09 .13 .39 1.00 1.83 2.16 .37 .08 .09 .08 .08 .08 .08 .08 .08 .20 .33 .77 1.21 1.68 2.33 3.69 4.00 4.22 4.01 3.76 3.97 4.53 ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� 2.49 2.58 2.61 2.74 2.88 3.00 3.16 3.22 3.38 3.47 2.72 2.81 2.87 3.05 3.17 2.98 3.06 3.14 3.26 3.29 3.82 3.87 3.97 4.14 4.29 3.91 4.00 4.06 4.20 4.30 2.50 2.50 2.50 2.50 2.50 5.50 5.50 5.50 5.50 5.50 2.33 2.33 2.33 2.33 2.33 ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� 1 High bill rate at auction, issue date within period, bank-discount basis. Data are stop yields from uniform-price auctions. 2 Yields on actively traded issues adjusted to constant maturities. 3 Weekly data are Wednesday figures. 4 Average effective rate for year; rate in effect at end of month or week. 5 Beginning March 1, 2016, the daily effective federal funds rate is a volume-weighted median of transaction-level data collected from depository institutions in the Report of Selected Money Market Rates (FR 2420). Prior to that date, the daily effective rate was a volume-weighted mean of rates on brokered trades. 6 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Agency, Moody’s Investors Service, Bloomberg, and Standard & Poor’s. 30 Common Stock Prices and Yields Stock prices were mixed in August. INDEX, DEC. 31, 2002=5,000 (RATIO SCALE) 18,000 INDEX, DEC. 31, 2002=5,000 (RATIO SCALE) 18,000 16,000 16,000 COMPOSITE STOCK PRICE INDEX (NYSE) 14,000 14,000 12,000 12,000 10,000 10,000 9,000 9,000 8,000 8,000 7,000 7,000 6,000 2014 2015 2017 2016 2018 2019 2020 2021 6,000 2022 PERCENT 20 PERCENT 20 15 15 EARNINGS/PRICE RATIO ON COMMON STOCKS (S&P) 10 10 5 5 0 0 2014 2015 2016 2017 2018 2020 2019 SOURCES: NEW YORK STOCK EXCHANGE, STANDARD AND POOR'S, AND BLOOMBERG 2021 2022 COUNCIL OF ECONOMIC ADVISERS Common stock yields (percent) 6 Common stock prices 1 Chart 31 - Aug 2022 New York Stock Exchange indexes (December 31, 2002=5,000) 2 Period Composite 2012 ��������������������� 2013 ��������������������� 2014 ��������������������� 2015 ��������������������� 2016 ��������������������� 2017 ��������������������� 2018 ��������������������� 2019 ��������������������� 2020 ��������������������� 2021 ��������������������� 2021: Aug ����������� Sept ���������� Oct ������������ Nov ����������� Dec ������������ 2022: Jan ������������ Feb ������������ Mar ����������� Apr ������������ May ����������� June ���������� July ����������� Aug ����������� Week ended: 2022: Aug 6 �������� 13 �������� 20 �������� 27 �������� 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 8,011.65 9,426.77 10,653.17 10,676.70 10,380.08 11,843.74 12,647.54 12,864.17 12,634.01 16,243.57 16,721.80 16,546.07 16,747.65 17,076.10 16,791.89 16,863.79 16,588.70 16,331.41 16,393.95 15,394.96 14,958.37 14,681.97 15,398.63 4,616.63 5,805.54 6,448.33 6,559.24 6,124.93 7,509.81 7,963.02 7,982.51 7,230.70 9,716.03 10,110.82 10,025.20 10,356.66 10,324.18 10,014.35 10,253.53 10,202.13 9,773.92 9,691.84 8,949.90 8,620.36 8,499.39 8,956.54 12,512.31 13,490.83 14,598.07 11,332.43 10,204.95 10,699.23 11,440.86 10,016.30 6,528.64 8,385.44 8,051.17 8,307.32 9,463.50 9,317.41 9,076.03 10,248.18 11,006.89 11,754.98 12,213.27 12,596.09 12,469.41 11,127.88 12,156.80 7,503.05 9,250.02 11,195.85 12,718.18 12,182.85 13,366.56 15,054.70 16,162.10 18,045.78 21,801.65 23,019.65 22,677.32 22,270.66 23,072.15 23,495.17 23,107.43 22,811.82 23,272.27 23,993.08 22,811.66 22,324.17 22,845.20 22,782.78 12,967.08 14,999.67 16,773.99 17,590.61 17,908.08 21,741.91 25,045.75 26,378.41 26,906.89 34,009.89 35,243.97 34,688.42 35,055.52 35,848.57 35,641.33 35,456.15 34,648.48 34,029.74 34,314.99 32,379.46 31,446.71 31,535.32 33,009.56 1,379.56 1,642.51 1,930.67 2,061.20 2,092.39 2,448.22 2,744.68 2,912.50 3,218.50 4,266.80 4,454.21 4,445.54 4,460.71 4,667.39 4,674.77 4,573.82 4,435.98 4,391.27 4,391.30 4,040.36 3,898.95 3,911.73 4,158.56 2,965.77 3,537.69 4,374.31 4,943.49 4,982.49 6,231.28 7,419.27 7,936.85 10,192.67 14,358.18 14,856.52 15,023.54 14,879.01 15,814.93 15,474.43 14,531.38 13,898.73 13,623.26 13,394.16 11,829.73 11,418.92 11,622.63 12,570.26 2.09 2.08 1.94 2.05 2.18 1.97 1.90 1.93 1.89 1.38 1.32 1.33 1.33 1.29 1.29 1.33 1.38 �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� 6.20 5.57 5.25 4.59 4.17 4.22 4.66 4.53 3.28 3.79 ���������������������������� 4.07 ���������������������������� ���������������������������� 4.15 ���������������������������� ���������������������������� 4.37 ���������������������������� ���������������������������� r 5.08 ���������������������������� ���������������������������� 15,242.66 15,506.12 15,745.49 15,369.10 14,862.58 8,833.89 9,063.60 9,239.80 8,880.79 8,596.60 11,664.12 11,937.59 12,105.20 12,674.45 12,407.69 22,968.96 23,024.82 23,120.16 22,571.15 21,841.73 32,707.47 33,202.84 33,950.11 32,903.52 31,675.03 4,132.42 4,192.04 4,277.72 4,132.85 3,972.58 12,552.81 12,764.06 12,967.86 12,395.08 11,826.60 �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� ���������������������������� ���������������������������� ���������������������������� ���������������������������� ���������������������������� 1 Annual data are averages of monthly figures. Monthly and weekly data are averages of daily closing prices. 2 Includes all the stocks (in 2021, over 2,800) listed on the NYSE. 3 Includes 30 stocks. 4 Includes 500 stocks. 5 Includes over 3,600 stocks in 2021. 6 Dividend/price ratios based on end of period closing prices. Earnings/price ratios based on prices at end of quarter. Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor’s, Nasdaq Stock Market, and Bloomberg. 31 FEDERAL FINANCE. Federal Receipts, Outlays, and Debt In the first 10 months of fiscal year 2022, the deficit was $726.1 billion, compared with a deficit of $2.5 trillion a year earlier. BILLIONS OF DOLLARS 7,600 RECEIPTS AND OUTLAYS1 7,200 BILLIONS OF DOLLARS 7,600 7,200 6,800 6,800 6,400 6,400 6,000 6,000 5,600 5,600 5,200 5,200 4,800 4,800 OUTLAYS1 4,400 4,400 4,000 4,000 3,600 3,600 3,200 3,200 RECEIPTS1 2,800 2,800 2,400 2,400 2,000 1,600 2,000 1,600 400 0 –400 –800 –1,200 –1,600 –2,000 –2,400 –2,800 –3,200 –3,600 –4,000 400 0 –400 –800 –1,200 –1,600 –2,000 –2,400 –2,800 –3,200 –3,600 –4,000 SURPLUS OR DEFICIT (–)1 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 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 2004 ���������������������������������������������������� 2005 ���������������������������������������������������� 2006 ���������������������������������������������������� 2007 ���������������������������������������������������� 2008 ���������������������������������������������������� 2009 ���������������������������������������������������� 2010 ���������������������������������������������������� 2011 ���������������������������������������������������� 2012 ���������������������������������������������������� 2013 ���������������������������������������������������� 2014 ���������������������������������������������������� 2015 ���������������������������������������������������� 2016 ���������������������������������������������������� 2017 ���������������������������������������������������� 2018 ���������������������������������������������������� 2019 ���������������������������������������������������� 2020 ���������������������������������������������������� 2021 ���������������������������������������������������� 2022 (estimates) r ������������������������������� 2023 (estimates) r ������������������������������� Cumulative total, first 10 months: 1 Fiscal year 2021 ���������������������������������� Fiscal year 2022 ���������������������������������� Outlays Chart 32 - Aug 2022 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 1,880.1 2,153.6 2,406.9 2,568.0 2,524.0 2,105.0 2,162.7 2,303.5 2,450.0 2,775.1 3,021.5 3,249.9 3,268.0 3,316.2 3,329.9 3,463.4 3,421.2 4,047.1 4,940.7 4,732.7 2,292.8 2,472.0 2,655.1 2,728.7 2,982.5 3,517.7 3,457.1 3,603.1 3,526.6 3,454.9 3,506.3 3,691.9 3,852.6 3,981.6 4,109.0 4,447.0 6,553.6 6,822.4 5,972.2 6,032.4 –412.7 –318.3 –248.2 –160.7 –458.6 –1,412.7 –1,294.4 –1,299.6 –1,076.6 –679.8 –484.8 –442.0 –584.7 –665.4 –779.1 –983.6 –3,132.4 –2,775.3 –1,031.6 –1,299.7 1,345.4 1,576.1 1,798.5 1,932.9 1,865.9 1,451.0 1,531.0 1,737.7 1,880.5 2,101.8 2,285.9 2,479.5 2,457.8 2,465.6 2,475.2 2,549.1 2,455.7 3,094.8 3,873.9 3,596.2 1,913.3 2,069.7 2,233.0 2,275.0 2,507.8 3,000.7 2,902.4 3,104.5 3,019.0 2,821.1 2,800.2 2,948.8 3,077.9 3,180.4 3,260.5 3,540.3 5,598.0 5,818.6 4,887.5 4,826.4 –568.0 –493.6 –434.5 –342.2 –641.8 –1,549.7 –1,371.4 –1,366.8 –1,138.5 –719.2 –514.3 –469.3 –620.2 –714.9 –785.3 –991.3 –3,142.3 –2,723.8 –1,013.6 –1,230.2 534.7 577.5 608.4 635.1 658.0 654.0 631.7 565.8 569.5 673.3 735.6 770.4 810.2 850.6 854.7 914.3 965.4 952.3 1,066.8 1,136.5 379.5 402.2 422.1 453.6 474.8 517.0 554.7 498.6 507.6 633.8 706.1 743.1 774.7 801.2 848.6 906.6 955.6 1,003.8 1,084.7 1,206.0 155.2 175.3 186.3 181.5 183.3 137.0 77.0 67.2 61.9 39.5 29.5 27.3 35.5 49.4 6.2 7.7 9.8 –51.5 –17.9 –69.5 7,354.7 7,905.3 8,451.4 8,950.7 9,986.1 11,875.9 13,528.8 14,764.2 16,050.9 16,719.4 17,794.5 18,120.1 19,539.5 20,205.7 21,462.3 22,669.5 26,902.5 28,385.6 30,933.2 32,469.7 4,295.5 4,592.2 4,829.0 5,035.1 5,803.1 7,544.7 9,018.9 10,128.2 11,281.1 11,982.7 12,779.9 13,116.7 14,167.6 14,665.4 15,749.6 16,800.7 21,016.7 22,284.0 24,347.0 25,714.4 3,318.1 4,104.7 5,858.1 4,830.8 –2,540.0 –726.1 2,530.3 3,218.5 5,040.2 3,951.0 –2,510.0 –732.5 787.8 886.3 817.8 879.9 –30.0 6.4 28,381.5 30,520.8 22,287.4 23,926.2 1 Data from current issue Monthly Treasury Statement. Note: Data for fiscal year 2022 and fiscal year 2023 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2023, issued August 23, 2022. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 2023, issued March 31, 2022. Sources: Department of the Treasury and Office of Management and Budget. 32 Federal Receipts by Source and Outlays by Function In the first 10 months of fiscal year 2022, receipts were $786.6 billion higher than a year earlier and outlays were $1.0 trillion lower. BILLIONS OF DOLLARS 2,800 1 BILLIONS OF DOLLARS 2,800 RECEIPTS 2,400 2,400 INDIVIDUAL INCOME TAXES 2,000 2,000 1,600 1,600 1,200 1,200 SOCIAL INSURANCE AND RETIREMENT RECEIPTS CORPORATION INCOME TAXES 800 400 0 6,800 6,400 800 OTHER RECEIPTS 400 0 6,800 6,400 OUTLAYS1 6,000 6,000 5,600 5,600 5,200 5,200 4,800 4,800 4,400 4,400 NONDEFENSE 4,000 4,000 3,600 3,600 3,200 3,200 2,800 2,800 2,400 2,000 2,400 2,000 1,000 800 600 400 200 1,000 800 600 400 200 NATIONAL DEFENSE 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 FISCAL YEARS 1 INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS. SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS Chart 33 - Aug 2022 [Billions of dollars] On-budget and off-budget receipts Fiscal year or period 2004 ���������������������������������������������������� 2005 ���������������������������������������������������� 2006 ���������������������������������������������������� 2007 ���������������������������������������������������� 2008 ���������������������������������������������������� 2009 ���������������������������������������������������� 2010 ���������������������������������������������������� 2011 ���������������������������������������������������� 2012 ���������������������������������������������������� 2013 ���������������������������������������������������� 2014 ���������������������������������������������������� 2015 ���������������������������������������������������� 2016 ���������������������������������������������������� 2017 ���������������������������������������������������� 2018 ���������������������������������������������������� 2019 ���������������������������������������������������� 2020 r �������������������������������������������������� 2021 r �������������������������������������������������� 2022 (estimates) r ������������������������������� 2023 (estimates) r ������������������������������� Cumulative total, first 10 months: 1 Fiscal year 2021 ���������������������������������� Fiscal year 2022 ���������������������������������� On-budget and off-budget outlays National defense Indi- Corporavidual tion income income taxes taxes Social insurance and retirement receipts 1,880.1 2,153.6 2,406.9 2,568.0 2,524.0 2,105.0 2,162.7 2,303.5 2,450.0 2,775.1 3,021.5 3,249.9 3,268.0 3,316.2 3,329.9 3,463.4 3,421.2 4,047.1 4,940.7 4,732.7 809.0 927.2 1,043.9 1,163.5 1,145.7 915.3 898.5 1,091.5 1,132.2 1,316.4 1,394.6 1,540.8 1,546.1 1,587.1 1,683.5 1,717.9 1,608.7 2,044.4 2,701.5 2,444.0 189.4 278.3 353.9 370.2 304.3 138.2 191.4 181.1 242.3 273.5 320.7 343.8 299.6 297.0 204.7 230.2 211.8 371.8 404.2 509.3 733.4 794.1 837.8 869.6 900.2 890.9 864.8 818.8 845.3 947.8 1,023.5 1,065.3 1,115.1 1,161.9 1,170.7 1,243.1 1,310.0 1,314.1 1,466.4 1,561.9 148.4 154.0 171.2 164.7 173.7 160.5 207.9 212.1 230.2 237.4 282.7 300.0 307.3 270.1 270.9 272.1 290.7 316.8 368.7 217.6 2,292.8 2,472.0 2,655.1 2,728.7 2,982.5 3,517.7 3,457.1 3,603.1 3,526.6 3,454.9 3,506.3 3,691.9 3,852.6 3,981.6 4,109.0 4,447.0 6,553.6 6,822.4 5,972.2 6,032.4 455.8 495.3 521.8 551.3 616.1 661.0 693.5 705.6 677.9 633.4 603.5 589.7 593.4 598.7 631.1 686.0 724.6 753.9 758.1 821.9 436.4 474.1 499.3 528.5 594.6 636.7 666.7 678.1 650.9 607.8 577.9 562.5 565.4 568.9 600.7 654.0 690.4 717.6 719.5 781.1 26.9 34.6 29.5 28.5 28.9 37.5 45.2 45.7 36.8 46.5 46.9 52.0 45.3 46.3 49.0 52.7 67.7 46.9 76.4 72.2 240.1 250.6 252.8 266.4 280.6 334.4 369.1 372.5 346.8 358.3 409.5 482.3 511.3 533.2 551.2 584.8 747.6 796.5 915.7 804.8 3,318.1 4,104.7 1,705.7 2,263.5 282.1 314.3 1,083.7 1,233.8 246.6 293.2 5,858.1 4,830.8 635.7 622.2 604.9 589.9 35.7 53.5 654.3 759.4 Total Other Total Total Depart- Internament tional of affairs Defense, military Health Medicare Income Social Net security security interest Other 269.4 298.6 329.9 375.4 390.8 430.1 451.6 485.7 471.8 497.8 511.7 546.2 594.5 597.3 588.7 651.0 776.2 696.5 759.5 849.2 333.0 345.8 352.4 365.9 431.2 533.1 622.1 597.3 541.2 536.4 513.6 508.8 514.1 503.4 495.3 514.8 1,263.6 1,647.7 949.3 704.1 495.5 523.3 548.5 586.2 617.0 683.0 706.7 730.8 773.3 813.6 850.5 887.8 916.1 944.9 987.8 1,044.4 1,095.8 1,134.6 1,216.6 1,345.7 160.2 184.0 226.6 237.1 252.8 186.9 196.2 230.0 220.4 220.9 229.0 223.2 240.0 262.6 325.0 375.2 345.5 352.3 440.8 559.8 311.8 339.8 393.5 317.9 365.2 651.7 372.6 435.7 458.4 348.0 341.7 402.0 437.9 495.3 480.9 538.0 1,532.6 1,394.0 855.9 874.8 616.9 590.2 1,475.6 750.8 944.3 1,011.6 316.4 408.8 1,179.2 634.3 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 2022 and fiscal year 2023 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2023, issued August 23, 2022. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 2023, issued March 31, 2022. Sources: Department of the Treasury and Office of Management and Budget. 33 Federal Sector, National Income Accounts Basis In the second quarter of 2022, according to current estimates, Federal current receipts rose $85.1 billion (annual rate), while Federal current expenditures rose $71.3 billion. BILLIONS OF DOLLARS 10,400 BILLIONS OF DOLLARS 10,400 SEASONALLY ADJUSTED ANNUAL RATES 9,600 9,600 8,800 8,800 8,000 8,000 7,200 7,200 6,400 6,400 5,600 5,600 CURRENT EXPENDITURES 4,800 4,800 4,000 4,000 3,200 3,200 CURRENT RECEIPTS 2,400 2,400 1,600 1,600 800 800 NET FEDERAL GOVERNMENT SAVING 0 0 –800 –800 –1,600 –1,600 –2,400 –2,400 –3,200 –3,200 –4,000 –4,000 –4,800 –4,800 –5,600 –5,600 –6,400 –6,400 –7,200 –7,200 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 CALENDAR YEARS SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Chart 34 - Aug 2022 Federal Government current receipts Federal Government current expenditures Current tax receipts Period Calendar year: 2012 ������������� 2013 ������������� 2014 ������������� 2015 ������������� 2016 ������������� 2017 ������������� 2018 ������������� 2019 ������������� 2020 ������������� 2021 ������������� 2020: I ��������������� II �������������� III ������������� IV ������������� 2021: I ��������������� II �������������� III ������������� IV ������������� 2022: I ��������������� II r ������������ Total 2,700.8 3,139.6 3,293.0 3,449.0 3,463.8 3,525.2 3,569.0 3,713.7 3,684.5 4,237.6 3,751.2 3,481.1 3,690.5 3,815.1 3,982.6 4,177.8 4,324.8 4,465.4 4,816.4 4,901.5 Total 1 1,573.0 1,744.9 1,900.1 2,024.2 2,020.4 2,015.5 2,014.6 2,127.6 2,057.8 2,466.0 2,119.0 1,913.3 2,051.8 2,147.0 2,294.0 2,428.3 2,525.0 2,616.7 2,913.0 2,976.0 Contributions for Income Taxes govern- receipts Taxes Personal on ment on on current production corporate social assets taxes and insurincome imports ance 1,166.4 1,302.9 1,403.7 1,532.6 1,547.9 1,613.6 1,616.5 1,708.6 1,679.6 1,990.0 1,737.9 1,581.5 1,662.2 1,736.9 1,851.9 1,946.1 2,036.0 2,125.9 2,405.9 2,447.0 115.2 125.5 136.3 140.3 136.5 131.6 163.6 174.7 158.0 173.8 185.8 138.3 151.3 156.6 166.2 177.8 172.9 178.3 193.2 200.3 274.7 298.4 339.6 329.1 311.9 245.4 208.8 217.0 192.7 272.1 166.7 167.4 211.7 225.1 246.4 275.1 285.9 281.2 280.8 294.2 938.0 1,091.8 1,140.1 1,190.8 1,224.4 1,284.2 1,345.4 1,406.2 1,444.6 1,576.8 1,457.1 1,391.6 1,443.8 1,486.0 1,517.9 1,555.7 1,594.4 1,639.0 1,681.8 1,711.7 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). 34 141.6 243.7 172.7 161.1 140.8 139.6 123.3 109.9 119.8 138.0 116.5 114.1 132.4 116.3 109.5 139.0 150.1 153.2 170.5 153.7 Current transfer receipts 56.1 69.3 87.3 76.2 79.7 85.0 86.3 72.5 62.9 58.1 59.5 62.7 62.6 66.6 62.8 56.7 55.6 57.5 55.6 67.8 Current surplus of government enterprises –7.8 –10.1 –7.1 –3.2 –1.4 1.0 –.6 –2.6 –.6 –1.2 –.9 –.6 –.2 –.8 –1.6 –1.9 –.3 –1.0 –4.6 –7.7 Total 3,773.5 3,771.3 3,890.4 4,009.2 4,131.4 4,245.9 4,497.1 4,761.1 6,794.5 7,021.4 4,909.2 9,106.7 7,206.8 5,955.2 8,071.4 7,490.5 6,560.4 5,963.5 5,796.1 5,867.4 ConCurrent sumption transfer Interest Subsidies expendipaypayments tures ments 2 999.7 957.5 952.2 955.1 965.7 982.7 1,039.4 1,097.4 1,161.4 1,205.0 1,124.7 1,187.6 1,169.4 1,164.1 1,219.9 1,208.1 1,196.1 1,195.6 1,195.5 1,202.4 2,293.6 2,338.3 2,441.5 2,568.1 2,650.1 2,727.1 2,853.2 3,007.9 4,338.0 4,811.7 3,137.8 6,258.2 4,295.4 3,660.9 5,945.2 5,081.5 4,298.2 3,921.7 3,890.0 3,908.1 422.6 416.3 439.1 429.3 454.3 476.8 541.8 583.5 534.2 514.8 566.4 537.3 521.5 511.7 502.5 503.8 511.6 541.5 561.1 599.1 57.6 59.2 57.6 56.7 61.2 59.3 62.7 72.4 760.8 490.0 80.3 1,123.6 1,220.5 618.6 403.8 697.0 554.5 304.7 149.4 157.7 Net Federal Government saving –1,072.7 –631.8 –597.4 –560.2 –667.6 –720.7 –928.1 –1,047.5 –3,110.0 –2,783.8 –1,158.0 –5,625.6 –3,516.3 –2,140.1 –4,088.9 –3,312.7 –2,235.6 –1,498.1 –979.7 –965.9 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries Industrial production (2017=100; seasonally adjusted) Period United States Canada Japan France Germany Consumer prices (1982–84=100; NSA) United Kingdom Italy United States 1 Canada Japan France 2012 ��������������� 97.4 89.7 96.4 97.2 94.0 97.1 91.6 229.594 210.4 117.5 2013 ��������������� 99.3 91.3 96.2 97.1 94.1 94.1 93.8 232.957 212.4 117.9 2014 ��������������� 102.3 95.8 98.1 96.0 95.4 93.5 95.3 236.736 216.4 121.1 2015 ��������������� 100.8 95.4 97.0 97.4 96.2 94.5 99.7 237.017 218.8 122.1 2016 ��������������� 98.7 95.4 97.2 97.8 96.9 96.4 99.9 240.007 222.0 121.9 2017 ��������������� 100.0 100.0 100.0 100.0 100.0 100.0 100.0 245.120 225.5 122.5 2018 ��������������� 103.2 103.9 101.0 100.7 101.0 100.9 103.5 251.107 230.6 123.7 2019 ��������������� 102.5 103.8 98.3 101.2 97.6 99.7 107.2 255.657 235.1 124.3 2020 ��������������� 95.3 96.0 87.9 90.4 88.3 88.7 98.2 258.811 236.8 124.3 2021 ��������������� 100.0 100.3 92.8 95.6 92.4 99.1 103.2 270.970 244.8 124.0 r 2021: June �� 100.2 100.3 96.0 95.2 92.1 99.6 102.7 271.696 244.5 123.7 July r ��� 100.9 100.6 95.2 95.6 93.0 99.9 103.6 273.003 246.0 123.9 Aug r ���� 100.8 100.7 93.4 96.2 89.1 99.6 103.9 273.567 246.6 123.9 Sept r ��� 99.8 100.6 87.2 94.8 89.1 99.8 103.3 274.310 247.1 124.4 r Oct ����� 101.4 102.5 89.1 95.9 91.9 99.1 102.6 276.589 248.8 124.2 r Nov ���� 102.0 101.8 93.6 95.2 92.6 101.1 103.7 277.948 249.3 124.4 Dec r ���� 101.8 102.1 93.7 95.3 93.6 100.0 104.0 278.802 249.0 124.4 r 2022: Jan ���� 102.1 101.6 91.5 97.0 93.8 96.7 104.9 281.148 251.2 124.7 Feb r ���� 102.9 102.4 93.4 95.8 94.2 100.5 104.4 283.716 253.8 125.2 Mar r ��� 103.6 103.7 93.7 95.4 89.7 100.6 104.7 287.504 257.5 125.7 Apr r ���� 104.3 105.2 92.3 95.0 91.5 101.9 104.6 289.109 259.0 126.2 r May ��� 104.2 104.4 85.4 95.3 91.6 100.8 106.0 292.296 262.6 126.5 p June �� 104.2 104.7 93.3 96.6 92.6 98.7 105.1 296.311 264.4 126.5 July p ��� 104.8 ��������������� 94.2 ��������������� 92.0 ��������������� ��������������� 296.276 264.7 127.1 Aug p ��� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� Germany 194.6 196.3 197.2 197.3 197.7 199.7 203.4 205.7 206.7 210.0 209.8 210.0 211.2 210.8 211.6 212.4 212.8 213.3 215.0 218.0 219.0 220.5 222.1 222.7 223.5 United Kingdom Italy 173.0 175.6 177.2 178.2 179.1 181.8 184.9 187.6 188.5 194.5 194.4 196.2 196.2 196.2 197.3 196.9 198.0 198.7 200.5 205.5 207.1 209.1 209.2 211.0 211.7 303.5 285.2 307.1 293.9 307.9 300.8 308.0 303.8 307.7 309.1 311.5 320.1 315.0 330.8 317.0 339.3 316.5 344.4 322.5 358.3 321.1 357.2 322.6 358.9 323.8 361.2 323.2 362.6 325.4 366.6 327.2 369.3 328.4 373.3 333.7 373.3 336.8 376.2 340.2 380.1 339.8 393.1 342.6 396.1 346.6 399.5 348.2 403.2 350.9 ����������������� 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 2012 ��������������� 2013 ��������������� 2014 ��������������� 2015 ��������������� 2016 ��������������� 2017 ��������������� 2018 ��������������� 2019 ��������������� 2020 ��������������� 2021 ��������������� 2021: July ����� Aug ����� Sept ���� Oct ������ Nov ����� Dec ������ 2022: Jan r ���� Feb r ���� Mar r ��� Apr r ���� May r ��� June r �� July p ��� BOP basis 1,562.6 1,593.7 1,635.6 1,511.4 1,457.4 1,557.0 1,676.9 1,655.1 1,432.2 1,761.4 147.9 149.5 144.5 157.6 156.5 159.4 156.9 160.6 170.4 176.8 179.8 183.3 183.0 IndusFoods, trial Total, feeds, supCensus and plies basis 1 beverand ages materials 1,545.8 1,578.5 1,621.9 1,503.3 1,451.5 1,547.2 1,665.8 1,645.9 1,428.5 1,754.3 147.3 148.9 143.9 156.9 155.7 158.6 156.1 159.5 168.6 174.5 177.6 180.9 181.5 133.0 136.2 143.7 127.7 130.5 132.8 133.1 131.0 139.3 164.7 13.3 12.6 12.6 14.8 15.0 14.3 14.1 14.9 15.3 17.5 15.9 16.8 15.5 501.2 508.2 505.8 427.0 397.3 465.2 541.2 529.5 466.2 636.9 53.1 57.1 52.3 57.6 57.6 58.9 58.5 60.0 67.3 69.6 73.5 77.7 76.8 146.2 152.7 159.8 151.9 150.4 157.9 158.8 163.1 128.8 144.1 12.1 11.3 11.0 12.3 12.1 12.7 12.4 12.2 12.9 13.0 13.4 12.9 13.7 Balance of trade (exports minus imports) Census basis (by end-use category) Auto- ConCapital motive sumer goods goods veexcept hicles, (nonauto- parts food) motive and en- except autogines motive 527.2 534.4 551.5 539.5 519.7 533.4 563.2 550.5 462.7 520.6 44.4 43.7 42.7 45.1 44.4 45.2 46.3 46.1 46.2 47.5 47.2 46.1 48.2 Services (BOP basis) Goods: Imports (customs value) 181.7 188.8 199.0 197.7 193.7 197.7 206.0 205.6 174.8 222.2 18.8 18.9 20.1 20.8 20.7 21.9 19.0 20.5 20.3 20.7 21.3 21.0 20.3 BOP basis 2,303.7 2,294.2 2,385.5 2,273.2 2,207.2 2,356.3 2,555.7 2,512.4 2,346.1 2,851.7 235.6 238.2 240.6 243.9 254.8 259.9 265.3 267.5 296.8 283.9 284.0 282.6 274.1 IndusFoods, trial Total, feeds, supCensus and plies basis 1 beverand ages materials 2,276.3 2,268.0 2,356.4 2,248.8 2,186.8 2,339.6 2,536.1 2,491.7 2,330.8 2,831.1 234.0 236.2 239.0 242.2 252.8 258.1 263.3 265.3 294.3 281.3 281.1 279.9 271.7 110.3 115.1 125.9 127.8 130.0 137.8 147.3 150.5 154.3 182.1 15.7 15.6 15.6 15.9 16.4 15.8 17.1 16.8 17.8 18.3 18.1 17.9 17.0 730.6 681.5 667.0 486.0 443.3 507.0 574.6 520.6 478.8 649.8 54.8 56.4 57.9 58.1 63.7 61.1 62.3 65.3 76.0 70.7 72.5 73.1 71.3 BOP basis Auto- ConGoods, Capital motive sumer goods Exports Imports Census goods ve(nonbasis except hicles, food) auto- parts motive and en- except autogines motive 548.7 555.7 594.1 602.5 589.7 639.8 690.9 674.8 643.5 761.1 63.0 63.2 65.3 65.0 65.9 67.4 69.0 70.3 74.3 71.7 71.4 72.3 72.8 297.8 308.8 328.6 349.2 349.9 358.2 371.1 374.5 309.2 347.1 29.4 28.1 26.1 27.4 28.5 30.3 32.5 29.7 32.4 33.7 34.1 31.4 33.2 516.9 531.7 557.1 594.2 583.1 601.4 645.4 653.0 638.8 766.3 60.7 62.9 62.8 64.1 66.3 71.7 72.4 72.6 82.7 76.4 74.9 75.3 67.9 684.8 719.4 757.1 769.4 783.4 837.5 865.5 891.2 726.4 795.3 66.2 66.4 67.1 68.3 71.6 73.1 70.8 72.2 73.8 75.0 74.8 75.5 76.3 Goods 469.6 –730.4 –741.1 465.7 –689.5 –700.5 491.1 –734.5 –749.9 498.3 –745.5 –761.9 513.1 –735.3 –749.8 548.5 –792.4 –799.3 565.4 –870.4 –878.7 593.6 –845.8 –857.3 466.5 –902.3 –913.9 550.0 –1,076.8 –1,090.3 47.9 –86.7 –87.7 49.1 –87.4 –88.7 49.3 –95.1 –96.2 50.2 –85.3 –86.2 51.3 –97.2 –98.3 51.4 –99.4 –100.5 50.5 –107.3 –108.4 53.1 –105.9 –106.9 54.4 –125.7 –126.4 54.7 –106.8 –107.0 56.4 –103.5 –104.2 57.1 –99.1 –99.3 55.9 –90.2 –91.1 Ser- Goods and vices services 215.2 253.7 266.0 271.1 270.3 289.0 300.2 297.6 259.9 245.2 18.3 17.3 17.8 18.1 20.3 21.7 20.3 19.1 19.5 20.3 18.4 18.4 20.4 –525.9 –446.9 –484.0 –490.8 –479.5 –510.3 –578.6 –559.7 –654.0 –845.0 –69.4 –71.4 –78.3 –68.2 –78.0 –78.9 –88.0 –87.8 –106.9 –86.7 –85.9 –80.9 –70.7 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 2022, the current account deficit widened to $291.4 billion from $224.8 billion in the fourth quarter. The goods and services deficit widened to $283.8 billion from $225.0 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 –60 BALANCE ON CURRENT ACCOUNT –80 –80 –100 –100 –120 –120 –140 –140 –160 –160 BALANCE ON GOODS AND SERVICES –180 –180 –200 –200 –220 –220 –240 –240 –260 –260 –280 –280 –300 –300 –320 –320 2014 2013 2016 2015 2017 2018 2019 2020 SOURCE: DEPARTMENT OF COMMERCE 2021 2022 COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted] Current Account 1 Goods 2 Period 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2019: I ���������������� II ��������������� III �������������� IV �������������� 2020: I ���������������� II ��������������� III �������������� IV �������������� 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I p �������������� Services Balance on goods Exports Imports 1,562,630 1,593,708 1,635,563 1,511,381 1,457,393 1,557,003 1,676,913 1,655,098 1,432,218 1,761,364 419,131 413,503 412,182 410,282 400,424 288,969 357,652 385,173 410,395 435,556 441,893 473,521 487,422 2,303,749 –741,119 2,294,247 –700,539 2,385,480 –749,917 2,273,249 –761,868 2,207,195 –749,801 2,356,345 –799,343 2,555,662 –878,749 2,512,358 –857,260 2,346,103 –913,885 2,851,660 –1,090,296 635,292 –216,161 637,510 –224,007 628,942 –216,760 610,614 –200,331 597,750 –197,327 511,718 –222,749 600,719 –243,067 635,915 –250,743 675,663 –265,268 702,985 –267,429 714,472 –272,579 758,540 –285,019 829,669 –342,247 Exports 684,823 719,413 757,051 769,397 783,431 837,474 865,549 891,177 726,433 795,273 218,205 225,170 223,618 224,184 203,550 168,227 172,092 182,564 187,935 194,691 199,688 212,959 217,220 Imports 469,610 465,736 491,086 498,305 513,088 548,475 565,395 593,594 466,537 550,025 147,252 149,587 148,400 148,354 135,929 101,064 108,063 121,482 119,858 130,977 146,251 152,939 158,743 Balance on services 215,213 253,678 265,965 271,092 270,343 288,999 300,155 297,584 259,896 245,248 70,953 75,583 75,218 75,830 67,621 67,163 64,030 61,082 68,077 63,714 53,437 60,020 58,477 Balance on goods and services –525,906 –446,861 –483,952 –490,776 –479,458 –510,344 –578,594 –559,676 –653,989 –845,047 –145,208 –148,424 –141,542 –124,501 –129,705 –155,586 –179,037 –189,661 –197,191 –203,715 –219,142 –225,000 –283,770 Chart 36 - Jun 2022 Primary income receipts and payments Receipts 791,613 811,501 845,858 824,929 857,240 995,442 1,102,964 1,136,799 936,236 1,052,080 284,627 290,862 284,951 276,359 255,495 209,064 234,068 237,610 255,625 256,960 267,976 271,520 278,624 Payments 593,754 616,041 645,623 639,724 660,798 737,501 847,689 893,244 773,146 912,587 221,798 227,027 223,263 221,157 200,009 175,235 192,517 205,386 214,719 228,932 234,408 234,527 245,227 Balance on primary income 197,859 195,460 200,235 185,205 196,442 257,942 255,275 243,555 163,090 139,493 62,829 63,835 61,688 55,202 55,486 33,829 41,551 32,224 40,906 28,027 33,568 36,993 33,397 Balance on secondary Income 3 –90,134 –88,115 –86,339 –102,882 –113,199 –108,618 –116,530 –129,836 –128,799 –140,800 –34,931 –32,606 –29,798 –32,501 –33,200 –30,527 –33,806 –31,266 –32,455 –30,714 –40,800 –36,831 –41,045 Balance on current account –418,181 –339,516 –370,056 –408,453 –396,216 –361,021 –439,850 –445,957 –619,698 –846,354 –117,311 –117,195 –109,652 –101,800 –107,420 –152,283 –171,293 –188,702 –188,740 –206,402 –226,375 –224,837 –291,418 Current account balance as a percentage of GDP –2.6 –2.0 –2.1 –2.2 –2.1 –1.9 –2.1 –2.1 –3.0 –3.7 –2.2 –2.2 –2.0 –1.9 –2.0 –3.1 –3.2 –3.5 –3.4 –3.6 –3.9 –3.7 –4.8 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 $277.5 billion in the first quarter of 2022, resulting from a net increase in U.S. financial assets of $343.1 billion plus a net increase in financial derivatives of $5.8 billion, less a net increase in U.S. liabilities of $626.4 billion. U.S. net borrowing was up from $203.9 billion in the fourth quarter. BILLIONS OF DOLLARS 1,100 BILLIONS OF DOLLARS 1,100 SEASONALLY ADJUSTED 1,000 1,000 900 900 800 800 700 700 600 600 CHANGE IN U.S. LIABILITIES 500 500 400 400 300 300 200 200 100 100 0 0 –100 –100 CHANGE IN U.S. ASSETS ABROAD1 –200 –200 –300 –300 –400 –400 2014 2013 2015 2016 2017 2018 2019 2020 2021 2022 1 INCLUDES FINANCIAL DERIVATIVES, NET, BEGINNING 2006. SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted] Chart 37 - Jun 2022 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 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2019: I ���������������� II ��������������� III �������������� IV �������������� 2020: I ���������������� II ��������������� III �������������� IV �������������� 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I p �������������� Direct investment assets Portfolio investment assets 931 171,359 377,239 243,182 –6,559 626,189 392,796 457,734 –6,535 865,694 387,528 581,668 –7,940 144,104 302,072 107,154 –6,606 336,438 299,814 37,489 12,394 1,161,984 409,413 540,728 –4,261 429,710 –130,720 381,863 –6,456 307,192 105,677 –11,453 –5,532 943,091 271,798 406,364 –2,474 1,278,599 421,749 719,095 –2,733 80,054 –11,162 –54,228 –866 54,250 64,857 18,343 –899 148,842 –1,682 28,859 –1,957 24,045 53,664 –4,427 –2,878 860,256 35,047 104,831 –957 –222,493 59,130 35,817 –561 55,475 133,765 137,090 –1,136 249,853 43,855 128,627 –2,740 466,636 88,583 346,286 –881 296,073 180,545 173,874 2,990 466,485 87,710 305,649 –1,844 49,404 64,912 –106,715 –2,046 343,108 115,200 203,116 Net U.S. incurrence of liabilities excluding financial derivatives [net increase in liabilities / financial inflow (+)] Other investment assets Reserve assets 4 Total –453,522 –221,242 –99,920 –258,831 –2,955 213,533 173,578 208,310 255,956 23,763 145,236 –31,309 119,783 –25,401 720,622 –322,400 –217,200 74,933 33,867 –58,823 –39,476 88,194 23,859 4,460 –3,099 –3,583 –6,292 2,090 –1,690 4,989 4,659 8,974 113,993 208 2,359 1,882 210 –245 4,960 1,820 2,438 –2,100 477 112,603 3,013 932 632,034 1,052,068 1,109,443 503,468 706,693 1,559,219 712,178 831,045 1,634,965 1,977,294 149,861 294,098 283,012 104,075 984,920 –147,569 255,526 542,088 642,074 428,362 676,601 230,257 626,362 Direct investment liabilities Portfolio investment liabilities Other investment liabilities 250,343 288,131 251,857 511,434 474,388 380,823 214,716 314,743 148,914 448,325 92,635 101,976 73,541 46,591 37,217 –58,227 109,797 60,127 72,763 116,823 161,484 97,255 93,543 747,017 511,987 697,607 213,910 231,265 790,810 303,075 233,469 946,560 676,112 –16,702 145,860 123,979 –19,669 29,069 324,300 170,786 422,405 390,072 146,867 200,804 –61,631 239,004 –365,327 251,949 159,979 –221,876 1,040 387,586 194,387 282,834 539,490 852,857 73,928 46,262 85,492 77,152 918,633 –413,642 –25,057 59,556 179,240 164,672 314,312 194,633 293,815 Financial derivatives other than reserves, net transactions 7,064 2,222 –54,335 –27,035 7,827 23,998 –20,404 –41,670 –5,107 –41,902 –21,383 –9,642 –6,382 –4,263 –25,136 –11,702 28,425 3,306 –2,216 –8,611 –7,980 –23,095 5,762 Net lending (+) Statistical or net discrepancy borrowing (–) from financial account transactions 5 –453,611 –423,657 –298,084 –386,400 –362,427 –373,237 –302,872 –565,524 –696,980 –740,597 –91,189 –249,490 –140,552 –84,293 –149,799 –86,626 –171,626 –288,929 –177,654 –140,900 –218,096 –203,948 –277,492 –36,361 –77,582 78,506 29,993 40,394 –24,610 141,238 –113,111 –71,751 108,231 28,855 –131,430 –30,001 19,465 –39,502 66,614 228 –99,091 13,826 66,382 5,289 22,734 15,972 U.S. official reserve assets, net (unadjusted, end of period) 4 150,175 144,575 130,090 117,581 117,332 123,313 125,798 129,479 144,890 251,238 125,175 128,338 127,595 129,479 127,910 133,890 138,961 144,890 139,048 140,185 250,080 251,238 248,224 4 Consists of monetary gold, special drawing rights (SDRs), the U.S. reserve position in the International Monetary Fund (IMF), and other reserve assets, including foreign currencies. 5 Net lending means that U.S. residents are net suppliers of funds to foreign residents, and net borrowing means the opposite. Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and the Board of Governors of the Federal Reserve System. 37 CONTENTS TOTAL OUTPUT, INCOME, AND SPENDING Page Gross Domestic Product ........................................................................................................................................................ 1 Real Gross Domestic Product ................................................................................................................................................ 2 Chained Price Indexes For Gross Domestic Product ............................................................................................................ 2 Gross Domestic Product and Related Price Measures: Indexes and Percent Changes ........................................................... 3 Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits .......................................................... 3 National Income .................................................................................................................................................................... 4 Real Personal Consumption Expenditures ............................................................................................................................ 4 Sources of Personal Income ................................................................................................................................................... 5 Disposition of Personal Income ............................................................................................................................................. 6 Real Farm Income ................................................................................................................................................................. 7 Corporate Profits ................................................................................................................................................................... 8 Real Gross Private Domestic Investment ............................................................................................................................... 9 Real Private Fixed Investment by Type .................................................................................................................................. 10 Business Investment ............................................................................................................................................................... 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force ....................................................................................................................................................... Selected Unemployment Rates .............................................................................................................................................. Selected Measures of Unemployment and Unemployment Insurance Programs ................................................................... Nonagricultural Employment ................................................................................................................................................ Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries ................................ Employment Cost Index—Private Industry .......................................................................................................................... Productivity and Related Data, Business and Nonfarm Business Sectors .............................................................................. 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization .................................................................................................................... 17 Industrial Production—Major Market Groups and Selected Manufactures .......................................................................... 18 New Construction ................................................................................................................................................................. 19 New Private Housing and Vacancy Rates .............................................................................................................................. 19 Business Sales and Inventories—Manufacturing and Trade .................................................................................................. 20 Manufacturers’ Shipments, Inventories, and Orders .............................................................................................................. 21 PRICES Producer Prices ...................................................................................................................................................................... Consumer Prices—All Urban Consumers ............................................................................................................................. Changes in Producer Prices ................................................................................................................................................... Changes in Consumer Prices—All Urban Consumers .......................................................................................................... Prices Received and Paid by Farmers ..................................................................................................................................... 22 23 24 24 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock and Debt Measures .......................................................................................................................................... Components of Money Stock ................................................................................................................................................ Aggregate Reserves and Monetary Base ................................................................................................................................. Bank Credit at All Commercial Banks .................................................................................................................................. Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business .............................................................................. Consumer Credit ................................................................................................................................................................... Interest Rates and Bond Yields .............................................................................................................................................. Common Stock Prices and Yields .......................................................................................................................................... 26 27 27 28 29 29 30 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt ..................................................................................................................................... 32 Federal Receipts by Source and Outlays by Function ............................................................................................................ 33 Federal Sector, National Income Accounts Basis ................................................................................................................... 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries ........................................................................... 35 U.S. International Trade in Goods and Services .................................................................................................................... 35 U.S. International Transactions ............................................................................................................................................. 36 General Notes Detail in these tables may not add to totals because of rounding. Unless otherwise noted, all dollar figures are in current dollars. Symbols used: p Preliminary. r Revised. c Corrected. ... Not available (also, not applicable). NSA Not seasonally adjusted. 38