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119th Congress, 1st Session

Economic Indicators
AUGUST 2025
(Includes data available as of September 9, 2025)

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

UNITED STATES
GOVERNMENT PUBLISHING OFFICE
WASHINGTON : 2025

JOINT ECONOMIC COMMITTEE

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

Representative David Schweikert, Arizona, Chairman
Senator Eric Schmitt, Missouri, Vice Chairman

House of Representatives

Senate

Jodey C. Arrington, Texas
Ron Estes, Kansas
		
Lloyd Smucker, Pennsylvania
Nicole Malliotakis, New York
Victoria Spartz, Indiana
Donald S. Beyer Jr., Virginia
Gwen Moore, Wisconsin
Sean Casten, Illinois
Dave Min, California

Tom Cotton, Arkansas
Ted Budd, North Carolina
Dave McCormick, Pennsylvania
Marsha Blackburn, Tennessee
Ashley Moody, Florida
Margaret Wood Hassan, New Hampshire, Ranking
Amy Klobuchar, Minnesota
Martin Heinrich, New Mexico
Mark Kelly, Arizona
Ron Donado, Executive Director

COUNCIL OF ECONOMIC ADVISERS
Stephen Miran, Chairman
Pierre Yared, Vice Chairman
Kim Ruhl, 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 2025, according to revised estimates, real gross domestic product (GDP) in chained (2017)
dollars rose 3.3 percent (annual rate), current dollar GDP rose 5.3 percent, and the chained price index rose 2.0 percent.
BILLIONS OF DOLLARS (RATIO SCALE)

BILLIONS OF DOLLARS (RATIO SCALE)
30,800
30,000

30,800
30,000

SEASONALLY ADJUSTED ANNUAL RATES

29,200

29,200

28,400

28,400

27,600

27,600

26,800

26,800

26,000

26,000

25,200

25,200

24,400

24,400
23,600

23,600
GDP
IN CURRENT DOLLARS

22,800

22,800
22,000

22,000
21,200

21,200

GDP
IN CHAINED (2017) DOLLARS

20,400

20,400

19,600

19,600

18,800

18,800

18,000

18,000

17,200

17,200
16,400

16,400
2016

2017

2018

2019

2020

2021

2022

2023

SOURCE: DEPARTMENT OF COMMERCE

2024

2025

COUNCIL OF ECONOMIC ADVISERS

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

Period

2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 ��������������������
2024 ��������������������
2023: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2024: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2025: I ����������������
      II r �������������

Gross
domestic
product

18,295.0
18,804.9
19,612.1
20,656.5
21,540.0
21,354.1
23,681.2
26,006.9
27,720.7
29,184.9
27,164.4
27,453.8
27,967.7
28,297.0
28,624.1
29,016.7
29,374.9
29,723.9
29,962.0
30,353.9

Personal
consumption
expenditures

Gross
private
domestic
investment

12,297.4
12,726.8
13,290.6
13,934.4
14,437.5
14,225.7
16,113.9
17,690.8
18,822.8
19,825.3
18,506.2
18,685.7
18,929.0
19,170.2
19,424.8
19,682.7
19,938.4
20,255.5
20,461.6
20,643.9

3,288.5
3,278.3
3,467.7
3,724.8
3,893.7
3,755.0
4,223.8
4,821.2
4,984.8
5,272.9
4,847.2
4,925.7
5,063.4
5,102.8
5,159.9
5,297.8
5,345.2
5,288.8
5,595.7
5,390.4

Exports and imports of
goods and services
Net
exports
–524.3
–503.3
–543.3
–593.1
–577.3
–626.2
–860.0
–958.9
–797.3
–903.1
–813.6
–803.5
–781.1
–791.2
–841.6
–906.9
–943.7
–920.1
–1,245.1
–869.4

Federal
Exports

2,270.6
2,235.6
2,388.3
2,538.1
2,539.4
2,151.1
2,555.4
3,017.4
3,052.5
3,180.2
3,060.6
2,995.5
3,062.0
3,091.7
3,125.4
3,154.3
3,220.3
3,220.9
3,266.4
3,244.0

Imports

2,794.9
2,738.8
2,931.6
3,131.2
3,116.7
2,777.3
3,415.5
3,976.3
3,849.8
4,083.3
3,874.2
3,799.0
3,843.1
3,882.9
3,967.0
4,061.2
4,164.0
4,141.0
4,511.6
4,113.4

Chart 1 - Aug 2025

Government consumption expenditures
and gross investment

Total

3,233.4
3,303.0
3,397.1
3,590.4
3,786.0
3,999.6
4,203.5
4,453.8
4,710.5
4,989.7
4,624.6
4,645.9
4,756.4
4,815.2
4,881.0
4,943.0
5,035.0
5,099.7
5,149.9
5,189.0

Total
1,222.8
1,237.4
1,266.1
1,346.3
1,419.5
1,523.0
1,603.2
1,641.0
1,762.6
1,867.6
1,731.6
1,741.8
1,780.9
1,796.2
1,810.3
1,842.2
1,893.4
1,924.7
1,928.4
1,938.3

National
defense

Nondefense

730.4
729.4
748.3
795.1
849.5
885.0
908.7
930.0
1,002.1
1,070.4
976.9
989.4
1,016.6
1,025.4
1,028.4
1,051.5
1,091.3
1,110.6
1,103.5
1,124.5

492.4
507.9
517.8
551.2
570.0
638.1
694.5
711.0
760.5
797.2
754.7
752.4
764.3
770.8
781.9
790.7
802.1
814.2
824.8
813.8

State
and
local
2,010.6
2,065.7
2,131.1
2,244.1
2,366.5
2,476.6
2,600.3
2,812.7
2,947.9
3,122.0
2,893.0
2,904.1
2,975.5
3,019.0
3,070.7
3,100.9
3,141.6
3,175.0
3,221.5
3,250.7

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

18,154.9
18,765.8
19,579.4
20,600.1
21,467.0
21,390.2
23,669.0
25,857.2
27,679.0
29,132.9
27,143.5
27,453.8
27,878.5
28,240.3
28,602.7
28,919.9
29,298.9
29,710.2
29,755.1
30,393.8

18,819.3
19,308.2
20,155.4
21,249.6
22,117.3
21,980.3
24,541.2
26,965.8
28,518.1
30,087.9
27,978.0
28,257.3
28,748.8
29,088.1
29,465.6
29,923.6
30,318.6
30,643.9
31,207.2
31,223.3

18,515.1
19,036.3
19,905.1
20,946.8
21,821.9
21,565.7
23,833.8
26,156.2
27,820.8
29,243.1
27,264.4
27,558.5
28,068.2
28,391.8
28,706.3
29,076.6
29,388.1
29,801.5
30,002.7
30,384.2

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 (2017) dollars; quarterly data at seasonally adjusted annual rates]

Period

2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 ��������������������
2024 ��������������������
2023: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2024: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2025: 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
18,799.6
19,141.7
19,612.1
20,193.9
20,715.7
20,267.6
21,494.8
22,034.8
22,671.1
23,305.0
22,403.4
22,539.4
22,780.9
22,960.6
23,053.5
23,223.9
23,400.3
23,542.3
23,512.7
23,703.8

12,638.8
12,949.0
13,290.6
13,654.9
13,948.1
13,594.7
14,787.2
15,236.2
15,621.7
16,052.6
15,510.2
15,548.5
15,646.7
15,781.4
15,856.9
15,967.3
16,113.0
16,273.2
16,291.8
16,355.4

2,498.9
2,544.8
2,661.1
2,844.3
2,952.2
2,815.5
2,985.2
3,192.9
3,384.5
3,506.6
3,312.8
3,391.6
3,400.9
3,432.9
3,471.0
3,504.1
3,538.8
3,512.4
3,599.9
3,650.1

693.2
742.2
773.9
768.5
761.6
820.1
909.4
831.6
762.7
794.9
748.2
756.4
770.6
775.5
800.8
795.2
786.5
797.1
794.4
784.9

133.6
33.4
32.7
54.3
72.4
–29.6
11.6
119.1
33.1
39.0
20.6
–.2
67.2
44.6
17.7
71.7
57.9
8.9
160.5
–32.9

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

Imports

Total

–476.5
–505.8
–543.3
–593.5
–616.3
–663.4
–936.6
–1,041.7
–932.8
–1,033.6
–926.0
–929.6
–938.9
–936.7
–977.0
–1,035.7
–1,069.2
–1,052.7
–1,359.0
–1,029.0

2,283.1
2,293.9
2,388.3
2,456.4
2,469.5
2,145.3
2,284.3
2,455.9
2,523.8
2,606.4
2,522.5
2,491.6
2,521.5
2,559.6
2,571.8
2,578.4
2,638.2
2,637.2
2,639.9
2,631.1

2,759.5
2,799.7
2,931.6
3,050.0
3,085.9
2,808.8
3,220.8
3,497.6
3,456.6
3,640.0
3,448.5
3,421.3
3,460.4
3,496.3
3,548.7
3,614.0
3,707.4
3,689.8
3,998.9
3,660.1

3,313.6
3,378.5
3,397.1
3,465.0
3,600.4
3,721.8
3,711.4
3,669.9
3,811.8
3,941.8
3,756.4
3,783.7
3,836.3
3,870.7
3,887.7
3,917.0
3,966.2
3,996.3
3,990.6
3,988.7

Total
1,252.7
1,260.0
1,266.1
1,309.9
1,360.3
1,445.5
1,472.0
1,424.3
1,466.1
1,503.7
1,460.0
1,456.0
1,474.8
1,473.5
1,472.2
1,487.8
1,520.0
1,534.9
1,516.8
1,498.6

National Nondefense defense
744.9
741.1
748.3
774.6
816.3
840.5
831.9
799.3
825.2
851.2
818.0
819.6
833.0
830.3
825.0
838.0
865.7
876.0
860.0
863.1

507.8
518.8
517.8
535.3
544.1
605.0
640.1
625.1
640.9
652.4
642.2
636.4
641.8
643.2
647.3
649.8
654.0
658.7
656.6
635.1

State
and
local
2,060.8
2,118.5
2,131.1
2,155.2
2,240.2
2,277.2
2,241.8
2,245.8
2,345.1
2,436.9
2,296.6
2,327.1
2,360.8
2,395.9
2,414.0
2,427.9
2,445.3
2,460.4
2,472.5
2,488.5

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

18,669.0
19,108.4
19,579.4
20,137.6
20,642.8
20,293.6
21,468.5
21,881.0
22,606.6
23,228.0
22,364.1
22,505.9
22,674.5
22,881.9
23,003.2
23,113.1
23,302.4
23,493.4
23,311.6
23,696.0

19,276.0
19,647.5
20,155.4
20,787.5
21,332.6
20,933.4
22,423.4
23,058.6
23,593.1
24,320.6
23,315.3
23,459.3
23,710.4
23,887.4
24,017.2
24,242.6
24,446.9
24,575.8
24,820.9
24,720.5

19,021.2
19,372.9
19,905.1
20,490.9
21,000.9
20,482.3
21,648.7
22,176.9
22,769.4
23,368.5
22,502.1
22,641.7
22,879.4
23,054.3
23,136.5
23,288.7
23,427.7
23,620.9
23,561.7
23,744.7

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 (2017) 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, 2017=100; quarterly data are seasonally adjusted]

Period

2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 ��������������������
2024 ��������������������
2023: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2024: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2025: I ����������������
      II r �������������

Gross
domestic
product

97.277
98.208
100.000
102.290
103.981
105.380
110.172
118.041
122.272
125.231
121.247
121.809
122.785
123.247
124.168
124.942
125.543
126.270
127.441
128.063

Personal consumption
expenditures

Total

97.299
98.284
100.000
102.047
103.509
104.641
108.972
116.111
120.491
123.502
119.320
120.182
120.983
121.480
122.507
123.275
123.747
124.478
125.601
126.227

Goods

Services

101.350
99.710
100.000
100.811
100.426
99.656
104.597
113.638
115.030
114.552
114.946
115.111
115.257
114.807
114.659
114.857
114.398
114.295
114.931
114.985

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

2

Gross private
domestic investment

95.462
97.629
100.000
102.626
104.965
107.055
111.045
117.146
123.067
127.866
121.335
122.556
123.696
124.680
126.309
127.367
128.315
129.474
130.847
131.769

Nonresidential
fixed
100.345
99.380
100.000
100.427
101.406
101.953
103.145
109.391
113.208
115.056
112.979
113.041
113.169
113.643
114.020
114.672
115.554
115.980
116.094
115.943

Residential
fixed
92.454
95.699
100.000
105.640
108.600
112.260
124.537
141.754
145.736
149.298
144.810
144.359
146.086
147.689
147.527
148.802
150.081
150.781
152.306
152.727

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Exports

99.455
97.457
100.000
103.325
102.829
100.270
111.870
122.863
120.948
122.018
121.334
120.225
121.441
120.792
121.530
122.339
122.066
122.137
123.735
123.294

Imports

101.283
97.825
100.000
102.662
100.999
98.881
106.046
113.687
111.375
112.175
112.343
111.040
111.061
111.058
111.786
112.373
112.315
112.228
112.821
112.385

Total
97.609
98.205
100.000
102.775
104.352
105.359
108.912
115.218
120.226
124.191
118.610
119.635
120.759
121.899
122.967
123.825
124.576
125.398
127.141
129.343

National
defense
98.053
98.419
100.000
102.642
104.067
105.287
109.227
116.361
121.432
125.751
119.444
120.725
122.051
123.507
124.662
125.486
126.065
126.791
128.331
130.296

Nondefense
96.968
97.897
100.000
102.968
104.767
105.468
108.503
113.744
118.669
122.182
117.532
118.228
119.094
119.824
120.782
121.682
122.658
123.607
125.619
128.138

State
and
local
97.567
97.505
100.000
104.126
105.638
108.756
115.990
125.246
125.705
128.111
125.974
124.800
126.041
126.006
127.205
127.720
128.476
129.044
130.293
130.630

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

Index numbers, 2017=100
Personal consumption
expenditures (PCE)

Gross domestic product (GDP)
Period

2015 ����������������������
2016 ����������������������
2017 ����������������������
2018 ����������������������
2019 ����������������������
2020 ����������������������
2021 ����������������������
2022 ����������������������
2023 ����������������������
2024 ����������������������
2023: I ������������������
      II �����������������
      III ����������������
      IV ����������������
2024: I ������������������
      II �����������������
      III ����������������
      IV ����������������
2025: I ������������������
      II r ���������������

Real GDP
GDP
(chain-type chain-type
quantity
price
index)
index
95.857
97.601
100.000
102.967
105.627
103.342
109.600
112.353
115.597
118.830
114.233
114.926
116.158
117.074
117.548
118.416
119.316
120.040
119.889
120.863

GDP
implicit
price
deflator

97.277
98.208
100.000
102.290
103.981
105.380
110.172
118.041
122.272
125.231
121.247
121.809
122.785
123.247
124.168
124.942
125.543
126.270
127.441
128.063

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

97.316
98.241
100.000
102.291
103.979
105.361
110.172
118.026
122.273
125.230
121.251
121.804
122.768
123.241
124.163
124.943
125.532
126.257
127.429
128.055

97.299
98.284
100.000
102.047
103.509
104.641
108.972
116.111
120.491
123.502
119.320
120.182
120.983
121.480
122.507
123.275
123.747
124.478
125.601
126.227

96.874
98.426
100.000
101.897
103.573
104.951
108.705
114.521
119.268
122.620
117.931
119.050
119.744
120.346
121.458
122.296
122.961
123.764
124.842
125.606

Personal consumption
expenditures (PCE)

Gross domestic product (GDP)
Gross
domestic
purchases
price index

97.593
98.241
100.000
102.222
103.680
105.020
109.446
116.959
120.873
123.715
119.991
120.456
121.266
121.778
122.691
123.434
124.030
124.706
125.743
126.315

GDP
(current
dollars)

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

3.9
2.8
4.3
5.3
4.3
–.9
10.9
9.8
6.6
5.3
6.6
4.3
7.7
4.8
4.7
5.6
5.0
4.8
3.2
5.3

2.9
1.8
2.5
3.0
2.6
–2.2
6.1
2.5
2.9
2.8
2.8
2.4
4.4
3.2
1.6
3.0
3.1
2.4
–.5
3.3

GDP
implicit
price
deflator

0.9
1.0
1.8
2.3
1.7
1.3
4.5
7.1
3.6
2.4
3.6
1.9
3.2
1.5
3.0
2.5
1.9
2.3
3.8
2.0

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

0.9
1.0
1.8
2.3
1.7
1.3
4.6
7.1
3.6
2.4
3.7
1.8
3.2
1.6
3.0
2.5
1.9
2.3
3.8
2.0

0.2
1.0
1.7
2.0
1.4
1.1
4.1
6.6
3.8
2.5
3.9
2.9
2.7
1.7
3.4
2.5
1.5
2.4
3.7
2.0

1.2
1.6
1.6
1.9
1.6
1.3
3.6
5.4
4.1
2.8
4.7
3.8
2.4
2.0
3.7
2.8
2.2
2.6
3.5
2.5

0.2
.7
1.8
2.2
1.4
1.3
4.2
6.9
3.3
2.4
3.3
1.6
2.7
1.7
3.0
2.4
1.9
2.2
3.4
1.8

1 Quarterly percent changes are at annual rates.

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

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

Period

Current
dollars
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 ��������������������
2024 ��������������������
2023: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2024: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2025: 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

9,222.3
9,346.4
9,771.4
10,337.8
10,799.8
10,497.7
12,068.3
13,490.9
14,163.0
14,961.2
13,871.6
14,024.4
14,249.9
14,506.0
14,731.9
14,874.8
14,991.7
15,246.2
15,365.5
15,663.0

Chained
(2017)
dollars
9,453.7
9,514.3
9,771.4
10,136.3
10,406.5
9,975.4
10,944.8
11,396.5
11,562.5
12,078.8
11,424.6
11,496.0
11,579.8
11,749.7
11,933.2
12,006.9
12,092.5
12,281.6
12,299.7
12,508.8

Total

0.976
.982
1.000
1.020
1.038
1.052
1.103
1.184
1.225
1.239
1.214
1.220
1.231
1.235
1.235
1.239
1.240
1.241
1.249
1.252

Compensation
of employees
(unit labor
cost)
0.561
.573
.586
.597
.610
.637
.640
.666
.693
.702
.689
.694
.697
.694
.704
.703
.701
.702
.710
.706

Corporate profits with inventory valuation
and capital consumption adjustments 4

Unit nonlabor cost

Total
0.275
.278
.285
.287
.294
.266
.272
.313
.312
.314
.315
.313
.311
.310
.314
.311
.314
.314
.320
.326

Consumption
of fixed
capital

Net interest
Taxes on
and
production miscellaneous
and imports 3
payments

0.149
.151
.154
.156
.160
.173
.166
.176
.187
.189
.186
.187
.188
.188
.187
.189
.190
.190
.192
.191

0.092
.090
.094
.096
.098
.060
.076
.109
.107
.110
.108
.107
.107
.107
.113
.108
.110
.110
.113
.120

0.034
.036
.036
.035
.036
.033
.030
.028
.018
.014
.021
.018
.016
.016
.015
.014
.014
.014
.015
.015

Total
0.139
.132
.129
.136
.134
.150
.191
.204
.219
.223
.210
.214
.222
.230
.216
.224
.225
.225
.220
.221

Taxes on
corporate
income
0.030
.028
.022
.021
.019
.021
.031
.041
.043
.045
.042
.042
.043
.045
.044
.046
.045
.046
.047
.046

Profits
after
tax 5
0.109
.104
.107
.115
.116
.129
.159
.164
.176
.177
.168
.171
.179
.186
.172
.178
.180
.179
.173
.174

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

2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 ��������������������
2024 ��������������������
2023: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2024: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2025: I ����������������
      II r �������������

ComNational pensation
of
income employees

15,685.2
15,975.3
16,688.2
17,570.8
18,287.3
17,834.6
19,960.9
21,918.4
22,988.4
24,234.7
22,554.0
22,775.1
23,115.4
23,509.1
23,867.3
24,100.8
24,214.6
24,756.1
24,962.7
25,405.9

9,699.4
9,966.1
10,424.4
10,957.4
11,446.6
11,596.4
12,557.0
13,436.7
14,190.2
15,019.9
13,883.4
14,084.6
14,311.4
14,481.2
14,823.7
14,945.6
15,036.1
15,274.2
15,476.0
15,666.9

Rental
income
of
persons
with
capital
conNonfarm
sumption
adjustment

Farm

55.5
36.0
41.0
32.1
33.8
46.3
75.5
95.9
71.3
45.2
92.7
76.0
66.2
50.2
38.5
41.1
46.4
54.7
56.1
50.9

1,292.3
1,313.2
1,387.6
1,463.2
1,522.0
1,547.7
1,739.7
1,777.6
1,877.7
1,960.7
1,842.0
1,860.6
1,888.3
1,920.0
1,933.6
1,961.2
1,967.1
1,980.8
1,997.1
2,012.2

601.4
618.7
642.0
671.5
688.4
738.1
772.3
870.3
989.1
1,056.9
963.6
984.1
995.0
1,013.6
1,046.1
1,053.4
1,055.7
1,072.2
1,091.8
1,091.9

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

2,173.1
2,144.3
2,225.2
2,365.2
2,471.3
2,411.3
3,077.6
3,316.7
3,546.5
3,827.8
3,405.4
3,443.7
3,587.0
3,749.9
3,684.8
3,817.2
3,802.2
4,007.0
3,916.4
3,981.8

Total

Profits
before
tax

2,295.5
2,245.2
2,247.5
2,266.6
2,376.0
2,503.2
3,090.0
3,388.7
3,723.3
4,098.1
3,582.4
3,622.1
3,760.4
3,928.1
3,945.9
4,084.8
4,076.2
4,285.4
4,270.4
4,325.6

2,237.5
2,240.0
2,295.1
2,317.6
2,375.5
2,523.5
3,352.3
3,529.8
3,693.4
4,113.7
3,539.8
3,597.3
3,748.9
3,887.7
3,963.0
4,088.7
4,076.7
4,326.3
4,315.4
4,369.0

57.9
5.2
–47.6
–51.0
.5
–20.2
–262.3
–141.1
29.8
–15.6
42.6
24.8
11.5
40.4
–17.1
–3.9
–.5
–40.9
–45.0
–43.3

–122.3
–100.9
–22.3
98.6
95.3
–92.0
–12.4
–72.0
–176.8
–270.3
–177.0
–178.4
–173.4
–178.2
–261.1
–267.6
–274.0
–278.5
–354.0
–343.8

496.3
489.2
525.2
536.4
515.3
528.3
467.1
461.5
319.9
200.7
394.5
347.8
264.2
273.1
228.3
203.8
181.9
188.7
216.6
218.7

Business
Less:
current
Subsidies transfer
payments

1,273.5
1,309.1
1,364.0
1,457.1
1,533.6
1,521.3
1,700.1
1,850.2
1,893.1
1,968.2
1,877.4
1,885.2
1,896.2
1,913.6
1,938.0
1,954.7
1,975.9
2,004.2
2,037.2
2,234.7

57.2
61.7
59.9
63.3
73.0
698.5
609.9
128.0
102.8
94.6
104.5
102.5
104.7
99.6
96.8
94.4
92.8
94.2
104.8
117.3

153.9
162.5
142.9
155.8
161.4
146.1
192.4
245.2
236.2
290.5
224.8
227.1
247.6
245.3
311.7
259.8
282.4
308.2
313.4
305.4

Current
surplus
of
government
enterprises

–2.8
–2.2
–4.3
–4.6
–12.1
–2.4
–11.0
–7.9
–32.8
–40.5
–25.3
–31.6
–35.9
–38.2
–40.5
–41.8
–40.2
–39.7
–37.0
–39.1

1 With inventory valuation and capital consumption adjustments.

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

Real Personal Consumption Expenditures
[Billions of chained (2017) dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Goods

Period

Total
personal
consumption
expenditures

2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 ��������������������
2024 ��������������������
2023: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2024: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2025: I ����������������
      II r �������������

12,638.8
12,949.0
13,290.6
13,654.9
13,948.1
13,594.7
14,787.2
15,236.2
15,621.7
16,052.6
15,510.2
15,548.5
15,646.7
15,781.4
15,856.9
15,967.3
16,113.0
16,273.2
16,291.8
16,355.4

Services

Durable
Total
goods

3,902.5
4,044.7
4,212.2
4,378.7
4,513.6
4,723.0
5,258.6
5,226.3
5,323.7
5,450.4
5,293.5
5,288.9
5,334.1
5,378.5
5,362.8
5,402.1
5,476.7
5,560.1
5,560.9
5,593.8

Total
durable
goods 1

1,257.7
1,325.5
1,415.9
1,509.5
1,559.7
1,670.0
1,947.4
1,909.8
1,984.3
2,049.6
1,971.8
1,970.2
1,990.5
2,004.5
1,995.7
2,022.3
2,059.8
2,120.7
2,100.8
2,114.4

Nondurable

Motor
vehicles
and
parts
481.3
498.1
529.4
549.9
540.4
533.4
610.6
569.4
587.0
582.2
601.4
590.8
582.1
573.7
562.5
571.5
584.0
610.9
593.0
609.6

Total
nondurable
goods 1
2,646.3
2,719.9
2,796.3
2,869.8
2,954.6
3,055.3
3,317.1
3,321.1
3,347.2
3,410.8
3,329.2
3,326.2
3,351.6
3,381.7
3,374.5
3,388.6
3,427.0
3,453.1
3,471.3
3,490.9

Food and
beverages
purchased
for offpremises
consumption

Gasoline
and
other
energy
goods

Total
services 1

Household
consumption
expenditures

931.4
968.3
1,010.4
1,039.0
1,066.9
1,143.0
1,194.4
1,169.8
1,152.1
1,166.8
1,150.4
1,148.1
1,152.9
1,157.2
1,156.8
1,163.0
1,171.1
1,176.2
1,179.2
1,180.0

318.8
323.8
324.0
323.0
321.8
277.8
311.3
313.9
317.3
315.9
317.4
318.6
315.5
317.7
310.6
316.3
319.1
317.5
320.3
319.2

8,738.9
8,904.9
9,078.4
9,276.6
9,436.2
8,891.6
9,557.9
10,031.7
10,318.7
10,621.9
10,238.1
10,279.7
10,333.3
10,423.6
10,511.3
10,582.7
10,656.7
10,736.9
10,754.1
10,786.2

8,355.1
8,507.0
8,682.0
8,861.3
9,034.6
8,433.2
9,168.9
9,605.2
9,917.5
10,190.6
9,833.0
9,879.1
9,932.7
10,025.3
10,097.7
10,151.0
10,215.7
10,298.0
10,337.8
10,385.8

Housing
and
utilities

2,336.7
2,347.0
2,350.2
2,385.0
2,411.2
2,460.6
2,526.6
2,598.2
2,610.6
2,635.4
2,601.9
2,605.2
2,618.5
2,617.1
2,621.9
2,634.2
2,639.3
2,646.4
2,665.6
2,662.7

Health
care

2,114.2
2,196.3
2,245.3
2,301.8
2,384.5
2,214.4
2,412.6
2,513.5
2,667.0
2,816.0
2,629.6
2,648.3
2,669.2
2,720.9
2,767.3
2,789.0
2,837.5
2,870.3
2,892.2
2,922.0

Financial
services
and
insurance

1,073.6
1,046.5
1,073.2
1,073.4
1,051.1
1,055.0
1,091.3
1,088.3
1,131.7
1,162.4
1,111.2
1,136.4
1,139.8
1,139.4
1,156.2
1,153.9
1,165.4
1,174.3
1,174.5
1,180.0

Addendum:
Personal
consumption
expenditures
excluding
food and
energy 2

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

11,159.9
11,429.3
11,730.3
12,049.5
12,320.2
11,935.4
13,041.0
13,505.3
13,921.5
14,343.6
13,813.7
13,853.5
13,941.1
14,077.6
14,164.3
14,257.3
14,396.8
14,556.0
14,555.3
14,630.5

17.4
17.5
17.2
17.2
17.0
14.5
14.9
13.8
15.5
15.8
15.1
15.7
15.6
15.6
15.5
15.6
15.6
16.5
16.4
16.1

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

Note: Because of the formula used for calculating real GDP, the chained (2017) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates.
Source: Department of Commerce (Bureau of Economic Analysis).

4

Sources of Personal Income
Personal income rose $112.3 billion (annual rate) in July, following a decrease of $74.2 billion in June. Wages and salaries
rose $82.6 billion in July, following an increase of $16.0 billion in June.
BILLIONS OF DOLLARS * (RATIO SCALE)
28,000
26,000
24,000
22,000

BILLIONS OF DOLLARS* (RATIO SCALE)
28,000
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
OTHER INCOME

7,000

7,000

6,000

6,000
PERSONAL CURRENT
TRANSFER RECEIPTS

5,000

5,000

4,000

4,000

3,000

3,000

2,000

2,000
2017

2018

2019

2020

2021

2022

2023

2024

*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

2025

COUNCIL OF ECONOMIC ADVISERS

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

2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 ��������������������
2024 ��������������������
2024: July ����������
      Aug ����������
      Sept ���������
      Oct ����������
      Nov ����������
      Dec �����������
2025: Jan �����������
      Feb �����������
      Mar ����������
      Apr r ���������
      May r ��������
      June r �������
      July p ��������

Total
personal
income

15,473.7
15,887.7
16,662.8
17,528.2
18,363.2
19,620.1
21,419.5
22,088.9
23,402.5
24,669.3
24,669.3
24,701.3
24,779.7
24,950.6
25,037.1
25,139.1
25,274.9
25,456.0
25,619.3
25,817.9
25,718.9
25,793.1
25,905.4

Total

9,699.4
9,966.1
10,424.4
10,957.4
11,446.6
11,596.4
12,557.0
13,436.7
14,190.2
15,019.9
14,987.0
15,038.4
15,082.8
15,184.8
15,283.5
15,354.2
15,400.3
15,473.1
15,554.5
15,620.6
15,676.9
15,703.0
15,799.9

Wages
and
salaries

Supplements to
wages
and
salaries

7,859.5
8,091.2
8,474.4
8,899.8
9,325.1
9,465.7
10,315.6
11,123.1
11,725.2
12,401.1
12,365.5
12,406.1
12,440.6
12,528.7
12,614.8
12,675.1
12,705.8
12,764.2
12,831.0
12,883.7
12,928.0
12,944.0
13,026.6

1,839.9
1,874.9
1,950.0
2,057.6
2,121.5
2,130.8
2,241.4
2,313.6
2,464.9
2,618.8
2,621.5
2,632.3
2,642.2
2,656.1
2,668.7
2,679.1
2,694.5
2,708.9
2,723.5
2,736.9
2,748.9
2,759.0
2,773.3

Proprietors’ income 1

Farm

55.5
36.0
41.0
32.1
33.8
46.3
75.5
95.9
71.3
45.2
45.9
49.2
44.1
49.4
54.7
60.1
53.0
45.9
69.5
79.4
34.9
38.4
48.5

Nonfarm

1,292.3
1,313.2
1,387.6
1,463.2
1,522.0
1,547.7
1,739.7
1,777.6
1,877.7
1,960.7
1,968.3
1,965.7
1,967.3
1,974.8
1,979.1
1,988.4
1,987.3
1,997.4
2,006.6
2,020.2
2,009.2
2,007.1
2,011.9

Personal income receipts on assets
Rental
income
of
persons 2

601.4
618.7
642.0
671.5
688.4
738.1
772.3
870.3
989.1
1,056.9
1,051.0
1,055.7
1,060.3
1,069.2
1,071.0
1,076.5
1,084.0
1,092.4
1,098.9
1,096.7
1,091.5
1,087.4
1,093.1

Total

2,344.6
2,415.4
2,611.0
2,789.4
2,950.0
2,912.4
3,180.7
3,474.0
3,822.9
3,946.6
3,958.7
3,929.7
3,927.9
3,963.6
3,952.7
3,958.6
3,998.5
4,007.7
4,017.0
4,000.3
4,009.3
4,009.8
4,014.7

Personal
interest
income
1,347.7
1,388.0
1,466.7
1,554.5
1,603.5
1,509.0
1,480.3
1,634.9
1,892.0
1,964.6
1,974.3
1,966.4
1,958.4
1,966.8
1,975.1
1,983.3
1,987.7
1,992.0
1,996.6
2,000.5
2,004.6
2,008.7
2,007.3

Personal
dividend
income
996.9
1,027.4
1,144.3
1,234.9
1,346.5
1,403.5
1,700.5
1,839.2
1,930.9
1,981.9
1,984.5
1,963.3
1,969.5
1,996.8
1,977.6
1,975.3
2,010.8
2,015.6
2,020.5
1,999.7
2,004.7
2,001.1
2,007.4

Personal
current
transfer
receipts 3

2,685.4
2,777.0
2,855.7
2,976.3
3,147.1
4,228.8
4,653.7
4,139.2
4,268.0
4,538.9
4,551.0
4,560.5
4,599.7
4,622.9
4,621.7
4,635.2
4,698.9
4,794.6
4,836.4
4,971.3
4,873.9
4,926.4
4,927.4

Less:
Chart
5 - Aug 2025
Contributions
for
government
social
insurance,
domestic
1,204.7
1,238.8
1,298.9
1,361.7
1,424.8
1,449.7
1,559.5
1,704.8
1,816.6
1,898.7
1,892.6
1,897.9
1,902.5
1,914.2
1,925.8
1,933.7
1,947.1
1,954.9
1,963.7
1,970.7
1,976.8
1,979.0
1,990.2

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

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

5

Disposition of Personal Income
According to revised estimates, per capita disposable personal income in chained (2017) dollars rose 2.4 percent (annual
rate) in the second quarter of 2025.
BILLIONS OF DOLLARS* (RATIO SCALE)
23,000
22,000
21,000
20,000
19,000
18,000

BILLIONS OF DOLLARS* (RATIO SCALE)
23,000
22,000
21,000
20,000
19,000
18,000

DISPOSABLE PERSONAL INCOME

17,000

17,000

16,000

16,000

SAVING

15,000

15,000

14,000

14,000
PERSONAL OUTLAYS

13,000

13,000

12,000

12,000

11,000

11,000
DOLLARS* (RATIO SCALE)

68,000
64,000

68,000

PER CAPITA DISPOSABLE PERSONAL INCOME

60,000

64,000
60,000

CURRENT DOLLARS

56,000
54,000
52,000
50,000
48,000
46,000
44,000
42,000

56,000
54,000
52,000
50,000
48,000
46,000
44,000
42,000

CHAINED (2017) DOLLARS

40,000
38,000

40,000
38,000
2016

2017

2018

2019

2020

2021

2022

2023

*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

Period

Personal
income

Less:
Personal
current
taxes

Equals:
Disposable
personal
income

15,473.7
15,887.7
16,662.8
17,528.2
18,363.2
19,620.1
21,419.5
22,088.9
23,402.5
24,669.3

1,940.9
1,958.8
2,048.8
2,074.2
2,198.7
2,245.3
2,705.1
3,244.9
2,855.7
3,035.7

13,532.9
13,928.9
14,613.9
15,454.0
16,164.5
17,374.8
18,714.4
18,844.0
20,546.8
21,633.6

2025

COUNCIL OF ECONOMIC ADVISERS

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
billions of
chained
(2017)
dollars

Per capita disposable
personal income
Current
dollars

Billions of dollars
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 ��������������������
2024 ��������������������

2024

Chained
(2017)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(2017)
dollars

Dollars
12,742.3
13,182.7
13,772.3
14,457.4
14,986.3
14,715.8
16,618.7
18,277.9
19,579.6
20,650.4

790.6
746.2
841.6
996.7
1,178.2
2,659.0
2,095.7
566.1
967.2
983.2

13,908.5
14,172.0
14,613.9
15,144.0
15,616.5
16,604.2
17,173.6
16,229.4
17,052.5
17,516.7

42,013
42,910
44,710
47,002
48,907
52,359
56,283
56,356
60,944
63,589

Chart 6 - Aug 2025

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

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

43,179
43,659
44,710
46,059
47,249
50,037
51,649
48,537
50,580
51,488

38,177
39,207
40,662
42,380
43,682
42,869
48,462
52,908
55,831
58,273

39,237
39,891
40,662
41,530
42,202
40,968
44,472
45,567
46,336
47,184

3.1
1.1
2.4
3.0
2.6
5.9
3.2
–6.0
4.2
1.8

5.8
5.4
5.8
6.4
7.3
15.3
11.2
3.0
4.7
4.5

322,113
324,609
326,860
328,794
330,513
331,840
332,505
334,372
337,141
340,212

50,251
50,567
50,616
50,882
51,462
51,473
51,393
51,630
51,881
52,192

55,075
55,499
56,086
56,656
57,280
57,902
58,533
59,372
59,901
60,356

46,159
46,181
46,361
46,641
46,759
46,972
47,303
47,699
47,694
47,818

10.1
2.5
.4
2.1
4.6
.1
–.6
1.9
2.0
2.4

4.7
5.0
4.6
4.5
5.4
4.9
4.1
3.8
4.3
4.6

336,018
336,685
337,500
338,360
339,119
339,929
340,637
341,164
341,590
342,034

Seasonally adjusted annual rates
2023: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2024: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2025: I ����������������
      II r �������������

22,981.2
23,288.8
23,532.4
23,807.8
24,344.2
24,574.0
24,716.7
25,042.3
25,450.1
25,776.6

2,834.2
2,828.4
2,866.0
2,894.3
2,965.6
3,005.4
3,054.2
3,117.6
3,192.3
3,244.3

20,147.0
20,460.4
20,666.4
20,913.5
21,378.6
21,568.6
21,662.6
21,924.6
22,257.7
22,532.3

19,196.3
19,427.3
19,723.5
19,971.3
20,230.5
20,507.5
20,773.6
21,090.2
21,294.4
21,486.5

950.7
1,033.1
942.9
942.2
1,148.1
1,061.1
889.0
834.5
963.4
1,045.8

16,885.3
17,025.2
17,082.8
17,216.5
17,451.8
17,497.2
17,506.4
17,614.2
17,721.9
17,851.5

59,958
60,770
61,234
61,808
63,041
63,450
63,594
64,264
65,159
65,877

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 2025, gross farm income in chained (2025) dollars is forecast to be $647.3 billion
and net farm income to be $179.8 billion.
BILLIONS OF CHAINED (2025) DOLLARS (RATIO SCALE)

BILLIONS OF CHAINED (2025) 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

NET FARM INCOME

120

120

80

80

60

60

40

40
2016

2017

2019

2018

2020

2021

2022

2023

SOURCE: DEPARTMENT OF AGRICULTURE

2024

2025

COUNCIL OF ECONOMIC ADVISERS

[Billions of chained (2025) dollars]
Chart 7 - Aug 2025

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 �������������������������������������������������
2023 r �������������������������������������������������
2024 r �������������������������������������������������
2025 r �������������������������������������������������

Crops 2, 3

Total
426.9
431.5
392.2
431.4
479.0
470.2
443.3
505.0
532.1
488.1
510.9
590.3
619.9
655.9
643.6
582.0
539.1
546.3
534.2
530.9
555.9
604.1
672.1
639.9
598.2
647.3

385.9
392.7
371.1
403.9
457.9
431.7
419.1
487.3
514.2
470.4
493.1
575.7
605.3
641.0
630.6
567.7
522.1
531.5
517.1
503.2
500.3
573.9
655.1
627.0
587.9
606.8

167.7
164.1
166.5
181.1
203.2
180.1
181.3
224.7
253.6
238.7
240.9
279.8
293.4
316.7
274.8
243.4
247.6
241.3
234.8
221.8
235.3
285.9
295.7
286.9
239.8
235.9

Animals
and animal
products 3
175.0
183.6
159.0
175.1
201.8
199.3
182.3
205.9
203.5
173.5
201.0
229.9
233.1
245.4
285.5
256.3
216.3
227.2
222.3
216.4
201.3
226.9
279.4
260.9
275.0
299.4

Farm-related
income 4
43.1
45.0
45.6
47.7
52.8
52.4
55.5
56.7
57.1
58.2
51.3
65.9
78.8
78.8
70.4
68.0
58.2
63.0
60.0
65.0
63.7
61.1
80.0
79.2
73.0
71.5

Direct
Federal
Government
payments
41.0
38.7
21.1
27.6
21.1
38.4
24.1
17.7
17.9
17.7
17.8
14.6
14.7
14.9
13.0
14.3
17.0
14.8
17.2
27.7
55.6
30.3
16.9
12.9
10.4
40.5

Production
expenses

Net
farm
income

337.3
336.7
325.6
329.8
337.0
346.1
355.5
400.9
418.2
397.9
400.4
430.9
487.1
488.3
520.8
474.1
457.6
449.1
430.8
429.6
435.4
433.5
474.1
485.2
467.1
467.4

89.5
94.8
66.6
101.7
142.0
124.1
87.7
104.1
113.8
90.2
110.5
159.4
132.8
167.6
122.8
107.8
81.5
97.3
103.5
101.3
120.5
170.6
198.0
154.7
131.1
179.8

1 The GDP chain-type price index is used to convert the current-dollar statistics to 2025=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 2025 are forecasts.
Source: Department of Agriculture (Economic Research Service).

7

Corporate Profits
In the second quarter of 2025, according to preliminary estimates, corporate profits before tax rose $53.6 billion (annual
rate) and profits after tax rose $50.7 billion.
BILLIONS OF DOLLARS
4,600

BILLIONS OF DOLLARS
4,600

SEASONALLY ADJUSTED ANNUAL RATES

4,400

4,400

4,200

4,200

4,000

4,000

3,800

3,800

3,600

3,600

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
PROFITS AFTER TAX

1,800

1,800
1,600

1,600
1,400

1,400

UNDISTRIBUTED PROFITS

1,200

1,200
1,000

1,000
TAXES ON
CORPORATE INCOME

800
600

800
600
400

400

200

200

0

0
2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

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

2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 ��������������������
2024 ��������������������
2023: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2024: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2025: I ����������������
      II p �������������

Total 2

2,295.5
2,245.2
2,247.5
2,266.6
2,376.0
2,503.2
3,090.0
3,388.7
3,723.3
4,098.1
3,582.4
3,622.1
3,760.4
3,928.1
3,945.9
4,084.8
4,076.2
4,285.4
4,270.4
4,325.6

Profits
before
tax

Nonfinancial
Total

1,900.3
1,825.3
1,748.6
1,746.0
1,843.0
2,058.0
2,687.8
2,943.9
3,233.7
3,614.4
3,118.1
3,131.8
3,253.1
3,431.9
3,447.3
3,605.0
3,639.2
3,766.3
3,789.2
3,847.9

Financial

512.4
511.8
491.6
478.9
575.0
536.1
642.5
627.4
614.9
755.3
631.7
590.9
599.5
637.4
701.2
745.9
751.5
822.5
843.3
850.2

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

1,387.9
421.5
19.9
153.9
170.4
1,313.5
327.9
9.4
130.0
176.6
1,257.0
299.9
13.8
127.4
151.7
1,267.1
361.7
16.5
108.2
145.6
1,268.0
353.6
11.7
125.8
149.5
1,521.9
331.8
27.4
158.5
248.8
2,045.3
471.5
33.3
167.6
298.2
2,316.5
664.2
40.8
254.0
281.1
2,618.9
696.7
51.4
290.5
344.5
2,859.1
688.0
61.0
285.2
390.1
2,486.4
706.0
46.8
283.8
306.3
2,541.0
656.2
56.7
288.2
334.4
2,653.6
694.2
52.2
288.0
360.7
2,794.5
730.4
49.9
302.1
376.7
2,746.1
643.7
57.6
284.2
373.8
2,859.1
695.0
66.9
286.0
379.7
2,887.7
691.0
57.9
281.8
402.3
2,943.8
722.4
61.6
288.7
404.8
2,945.9
675.4
59.0
290.9
409.0
2,997.7 ��������������� ��������������� ��������������� ���������������

1 See p. 4 for profits with inventory valuation and capital consumption adjustments.
2 Includes rest of the world, not shown separately.
3 Includes industries not shown separately.

Taxes
on
corporate
income

2,237.5
2,240.0
2,295.1
2,317.6
2,375.5
2,523.5
3,352.3
3,529.8
3,693.4
4,113.7
3,539.8
3,597.3
3,748.9
3,887.7
3,963.0
4,088.7
4,076.7
4,326.3
4,315.4
4,369.0

396.1
376.0
297.2
297.4
297.2
311.8
464.2
579.3
624.7
673.1
608.6
608.2
633.9
648.0
648.0
675.7
673.7
694.9
712.8
715.6

1,841.4
1,863.9
1,998.0
2,020.1
2,078.3
2,211.7
2,888.1
2,950.6
3,068.8
3,440.6
2,931.2
2,989.2
3,115.0
3,239.6
3,314.9
3,413.0
3,403.0
3,631.4
3,602.6
3,653.3

1,128.7
1,139.4
1,253.9
1,319.9
1,416.8
1,496.7
1,816.0
1,921.9
1,938.0
1,992.1
1,913.8
1,943.1
1,934.2
1,960.8
1,995.8
1,996.0
1,982.8
1,993.6
2,029.9
r 2,014.3

Chart 8 - Aug 2025

Inventory
Undistrib- valuation
adjustment
uted
profits

712.7
724.5
744.1
700.2
661.5
715.0
1,072.1
1,028.7
1,130.8
1,448.5
1,017.5
1,046.1
1,180.7
1,278.9
1,319.2
1,417.0
1,420.2
1,637.7
1,572.6
1,639.0

57.9
5.2
–47.6
–51.0
.5
–20.2
–262.3
–141.1
29.8
–15.6
42.6
24.8
11.5
40.4
–17.1
–3.9
–.5
–40.9
–45.0
–43.3

Real Gross Private Domestic Investment
In the second quarter of 2025, according to revised estimates, nonresidential fixed investment in chained (2017) dollars
rose $50.2 billion (annual rate) and residential fixed investment fell $9.5 billion. Inventories fell $32.9 billion, following
an increase of $160.5 billion in the first quarter.
BILLIONS OF CHAINED (2017) DOLLARS
4,600
4,400

BILLIONS OF CHAINED (2017) DOLLARS
4,600
4,400

SEASONALLY ADJUSTED ANNUAL RATES

4,200

4,200

GROSS PRIVATE DOMESTIC
INVESTMENT

4,000

4,000

3,800

3,800

3,600

3,600

3,400

3,400

3,200

3,200

3,000

3,000

2,800

2,800
2,600

2,600
NONRESIDENTIAL
FIXED INVESTMENT

2,400
2,200

2,400
2,200

2,000

2,000

1,800

1,800

1,600

1,600

1,400

1,400

RESIDENTIAL
FIXED INVESTMENT

1,200

1,200
1,000

1,000

800

800

600

600
CHANGE IN PRIVATE
INVENTORIES

400
200

400
200
0

0

–200
–400

–200
–400
2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Billions of chained (2017) dollars; quarterly data at seasonally adjusted annual rates]
Chart 9 - Aug 2025

Fixed investment
Period

2015 ���������������������������������������������������
2016 ���������������������������������������������������
2017 ���������������������������������������������������
2018 ���������������������������������������������������
2019 ���������������������������������������������������
2020 ���������������������������������������������������
2021 ���������������������������������������������������
2022 ���������������������������������������������������
2023 ���������������������������������������������������
2024 ���������������������������������������������������
2023: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2024: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2025: I �����������������������������������������������
      II r ��������������������������������������������

Gross
private
domestic
investment

3,323.4
3,320.2
3,467.7
3,668.1
3,784.0
3,612.1
3,929.2
4,164.3
4,169.2
4,336.1
4,058.1
4,136.6
4,237.3
4,244.8
4,282.5
4,369.2
4,377.7
4,315.1
4,552.0
4,386.0

Change in private inventories

Nonresidential
Total

3,193.6
3,286.9
3,435.0
3,611.7
3,710.9
3,639.0
3,902.9
4,007.5
4,103.9
4,257.7
4,018.8
4,103.0
4,128.9
4,164.9
4,231.4
4,255.7
4,277.7
4,265.9
4,344.5
4,379.8

Total
2,498.9
2,544.8
2,661.1
2,844.3
2,952.2
2,815.5
2,985.2
3,192.9
3,384.5
3,506.6
3,312.8
3,391.6
3,400.9
3,432.9
3,471.0
3,504.1
3,538.8
3,512.4
3,599.9
3,650.1

Structures
598.2
579.7
594.9
629.2
644.0
585.0
569.6
590.3
654.3
677.0
631.9
656.3
659.2
669.7
679.9
680.2
671.6
676.4
672.3
656.8

Equipment
1,127.2
1,117.5
1,160.0
1,228.6
1,241.1
1,115.6
1,190.3
1,242.2
1,285.2
1,328.4
1,258.2
1,295.7
1,292.3
1,294.6
1,295.7
1,326.5
1,361.0
1,330.4
1,403.1
1,428.4

Intellectual
property
products
774.0
847.6
906.2
986.5
1,067.0
1,115.1
1,228.9
1,367.1
1,445.9
1,502.3
1,425.8
1,439.6
1,449.7
1,468.3
1,495.0
1,497.7
1,509.2
1,507.2
1,529.2
1,575.9

Residential

693.2
742.2
773.9
768.5
761.6
820.1
909.4
831.6
762.7
794.9
748.2
756.4
770.6
775.5
800.8
795.2
786.5
797.1
794.4
784.9

Total

Nonfarm

133.6
33.4
32.7
54.3
72.4
–29.6
11.6
119.1
33.1
39.0
20.6
–.2
67.2
44.6
17.7
71.7
57.9
8.9
160.5
–32.9

133.7
38.6
38.4
61.6
87.0
–18.7
13.6
128.2
35.5
37.2
23.6
1.2
68.8
48.6
21.2
68.9
54.0
4.9
160.5
–36.9

Note: See p. 10 for further detail on fixed investment by type.
Because of the formula used for calculating real GDP, the chained (2017) 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 (2017) dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential

Residential

Equipment
Total
fixed
investment

Period

2015 ���������������
2016 ���������������
2017 ���������������
2018 ���������������
2019 ���������������
2020 ���������������
2021 ���������������
2022 ���������������
2023 ���������������
2024 ���������������
2023: I �����������
      II ����������
      III ���������
      IV ���������
2024: I �����������
      II ����������
      III ���������
      IV ���������
2025: I �����������
      II r ��������

Total
nonresidential

3,193.6
3,286.9
3,435.0
3,611.7
3,710.9
3,639.0
3,902.9
4,007.5
4,103.9
4,257.7
4,018.8
4,103.0
4,128.9
4,164.9
4,231.4
4,255.7
4,277.7
4,265.9
4,344.5
4,379.8

Intellectual property products

Information processing equipment
Structures

2,498.9
2,544.8
2,661.1
2,844.3
2,952.2
2,815.5
2,985.2
3,192.9
3,384.5
3,506.6
3,312.8
3,391.6
3,400.9
3,432.9
3,471.0
3,504.1
3,538.8
3,512.4
3,599.9
3,650.1

598.2
579.7
594.9
629.2
644.0
585.0
569.6
590.3
654.3
677.0
631.9
656.3
659.2
669.7
679.9
680.2
671.6
676.4
672.3
656.8

Total 2

1,127.2
1,117.5
1,160.0
1,228.6
1,241.1
1,115.6
1,190.3
1,242.2
1,285.2
1,328.4
1,258.2
1,295.7
1,292.3
1,294.6
1,295.7
1,326.5
1,361.0
1,330.4
1,403.1
1,428.4

Computers
and
peripheral
equipment 1

Total
336.7
356.1
386.0
416.8
428.9
432.5
478.7
513.6
491.5
517.6
493.7
488.6
485.9
497.7
502.0
511.7
533.3
523.3
600.0
614.6

100.4
99.7
105.8
119.6
121.1
131.5
150.7
159.8
148.5
175.3
493.7
488.6
485.9
497.7
502.0
511.7
533.3
523.3
600.0
614.6

Industrial Transporequiptation
ment
equipment

Other
236.7
256.5
280.2
297.1
307.8
300.5
327.0
352.8
342.6
340.2
348.5
340.4
339.1
342.5
335.7
337.4
343.6
344.2
380.5
366.0

225.7
224.9
237.3
248.7
253.2
230.7
246.1
253.8
256.0
260.5
256.1
256.7
255.2
255.8
260.9
258.2
261.7
261.1
264.1
268.4

318.7
302.6
299.9
318.3
304.9
220.4
226.6
227.5
290.2
306.1
263.9
301.6
303.0
292.4
282.7
308.3
324.1
309.1
314.3
329.2

Total 2

Research
Software and development 3

774.0
847.6
906.2
986.5
1,067.0
1,115.1
1,228.9
1,367.1
1,445.9
1,502.3
1,425.8
1,439.6
1,449.7
1,468.3
1,495.0
1,497.7
1,509.2
1,507.2
1,529.2
1,575.9

304.6
340.5
382.9
433.9
466.5
510.9
586.8
673.7
722.2
767.7
706.5
714.7
725.6
741.8
760.9
765.3
769.9
774.6
806.7
855.5

390.3
424.5
437.5
464.3
510.8
520.7
563.5
613.9
645.1
661.9
639.4
644.7
645.2
650.9
660.1
659.7
666.6
661.2
657.9
664.8

Structures
Total
residential 2

693.2
742.2
773.9
768.5
761.6
820.1
909.4
831.6
762.7
794.9
748.2
756.4
770.6
775.5
800.8
795.2
786.5
797.1
794.4
784.9

Total 2

Single
family

681.1
728.6
758.9
753.4
746.5
804.2
892.0
814.5
745.0
776.5
730.8
738.9
752.8
757.4
782.8
776.7
768.0
778.5
775.6
766.3

240.8
253.2
270.2
277.7
260.1
275.8
338.1
311.7
266.3
281.9
251.7
258.5
274.8
280.3
290.0
284.0
275.1
278.5
278.3
269.3

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 (2017) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates.
Source: Department of Commerce (Bureau of Economic Analysis).

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

Total
capital
expenditures

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

ConManu- WholeUtilities struction
sale
facturing trade

Retail
trade

TransportaFinance
tion
Informaand
and
tion
insurwareance
housing

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

Health
care
and
social
assistance

Other 1

For
companies
without
employees

For companies with employees
2007 ��������
2008 ��������
2009 ��������
2010 ��������
2011 ��������
2012 ��������
2013 ��������
2014 ��������
2015 ��������
2016 ��������
2017 ��������
2018 ��������
2019 ��������
2020 ��������
2021 ��������
2022 p �������

1,354.7
1,374.2
1,090.7
1,105.7
1,243.0
1,423.6
1,491.3
1,597.9
1,642.0
1,574.8
1,678.8
1,699.1
1,917.1
1,707.8
1,682.1
2,197.0

1,270.5
1,294.5
1,015.3
1,036.2
1,169.6
1,334.4
1,400.9
1,506.6
1,548.1
1,479.4
1,577.8
1,699.1
1,805.7
1,598.8
1,682.1
1,899.9

2.1
2.3
2.2
3.3
3.1
3.1
3.0
4.0
3.3
4.6
4.5
4.7
4.1
3.2
3.1
4.2

120.7
149.3
100.6
115.7
165.7
196.7
202.2
230.8
174.1
92.6
134.4
153.4
160.8
97.7
84.0
112.5

85.4
98.7
103.0
94.5
98.0
125.0
111.3
118.9
130.5
133.5
133.9
151.0
172.9
182.2
177.8
188.4

36.7
40.8
19.8
17.9
21.8
23.6
27.6
30.3
33.3
36.0
35.0
39.0
50.8
52.1
45.0
53.7

197.3
213.1
155.2
160.8
192.4
203.1
221.3
231.1
245.1
243.6
247.0
258.1
272.7
256.7
284.2
314.3

30.8
32.4
25.3
31.1
35.7
40.9
37.5
44.8
42.4
43.8
44.0
42.8
40.2
36.0
40.4
49.3

82.5
73.2
58.4
65.3
68.1
77.6
77.5
82.4
86.0
86.9
90.5
89.2
98.8
105.2
120.4
134.9

67.4
79.6
55.7
59.0
72.7
81.8
92.6
111.0
116.6
109.7
108.5
122.4
130.8
97.8
93.9
118.3

106.1
103.3
88.4
97.2
100.1
106.5
123.9
132.0
132.7
142.9
158.9
175.1
176.8
169.8
195.0
253.9

173.4
132.9
99.5
103.1
109.2
130.2
137.8
153.3
164.6
161.7
163.0
181.5
195.2
174.9
174.2
178.6

117.5
106.9
72.9
81.3
91.1
115.7
114.2
121.9
151.9
150.7
161.4
173.9
180.2
136.0
159.9
164.8

31.8
33.0
28.2
28.2
28.1
31.6
35.7
30.4
33.3
31.7
37.2
42.0
43.6
40.3
46.4
45.0

84.2
90.2
79.4
78.4
83.1
88.9
94.2
89.0
93.8
93.6
104.6
108.6
114.4
104.8
115.3
109.4

134.8
84.2
138.7
79.7
127.0
75.4
100.6
69.5
100.4
73.4
110.0
89.2
122.1
90.4
126.8
91.3
140.6
93.9
148.3
95.4
154.8
101.0
157.6 ��������������
164.5
111.4
142.0
109.0
142.5 ��������������
172.5
297.1

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 148,000 to 7.4 million.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

176

176

SEASONALLY ADJUSTED

172

172

168

168
CIVILIAN LABOR FORCE

164

164

160

160

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

UNEMPLOYMENT

12

12

8

8

4
0

4
0
2017

2018

2019

2020

2021

2022

2023

2024

*16 YEARS OF AGE AND OVER

SOURCE: DEPARTMENT OF LABOR

2025

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

2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 ��������������������
2024 ��������������������
2024: Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2025: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������

Civilian
noninsti- Civilian labor
tutional
force
population
(NSA)
250,801
253,538
255,079
257,791
259,175
260,329
261,445
263,973
266,942
268,571
268,856
269,080
269,289
269,463
269,638
272,685
272,847
273,023
273,197
273,385
273,585
273,785
274,001

157,130
159,187
160,320
162,075
163,539
160,742
161,204
164,287
167,116
168,106
168,496
168,703
168,428
168,304
168,547
170,744
170,359
170,591
171,135
170,510
170,380
170,342
170,778

Civilian employment

Total

148,834
151,436
153,337
155,761
157,538
147,795
152,581
158,291
161,037
161,346
161,425
161,802
161,456
161,183
161,661
163,895
163,307
163,508
163,969
163,273
163,366
163,106
163,394

Men
20 years
and
over
76,776
78,084
78,919
80,211
80,917
76,227
78,216
81,409
82,698
82,514
82,479
82,783
82,851
82,633
82,739
83,803
83,311
83,563
83,858
83,704
83,872
83,660
84,171

Women
20 years
and
over
67,323
68,387
69,344
70,424
71,470
66,873
69,099
71,283
72,692
73,170
73,555
73,397
73,152
72,988
73,135
74,380
74,205
74,159
74,379
73,979
74,134
74,155
73,881

Percent 1

Chart 11 - Aug 2025

Unemployment
Both
sexes
16–19
years
4,734
4,965
5,074
5,126
5,150
4,695
5,266
5,600
5,647
5,661
5,390
5,621
5,453
5,562
5,786
5,712
5,792
5,786
5,732
5,590
5,361
5,291
5,342

Total

8,296
7,751
6,982
6,314
6,001
12,947
8,623
5,996
6,080
6,761
7,071
6,901
6,972
7,121
6,886
6,849
7,052
7,083
7,166
7,237
7,015
7,236
7,384

Men
20 years
and
over
3,959
3,675
3,287
2,976
2,819
6,118
4,302
2,867
2,985
3,206
3,367
3,258
3,339
3,348
3,206
3,264
3,283
3,324
3,451
3,383
3,378
3,450
3,586

Women
20 years
and
over
3,371
3,151
2,868
2,578
2,435
5,804
3,625
2,453
2,382
2,731
2,813
2,713
2,764
2,932
2,859
2,822
2,910
2,838
2,862
2,989
2,732
2,836
2,939

Both
sexes
16–19
years
966
925
827
759
746
1,025
696
675
713
823
891
930
868
841
821
763
858
921
853
866
905
950
859

Not
in
labor
force

93,671
94,351
94,759
95,716
95,636
99,587
100,241
99,686
99,826
100,465
100,360
100,377
100,861
101,159
101,091
101,941
102,487
102,431
102,062
102,875
103,204
103,443
103,223

Labor
Employ- Unemployforce
ment/
participa- population
ment
tion
rate
ratio
rate
62.7
62.8
62.9
62.9
63.1
61.7
61.7
62.2
62.6
62.6
62.7
62.7
62.5
62.5
62.5
62.6
62.4
62.5
62.6
62.4
62.3
62.2
62.3

59.3
59.7
60.1
60.4
60.8
56.8
58.4
60.0
60.3
60.1
60.0
60.1
60.0
59.8
60.0
60.1
59.9
59.9
60.0
59.7
59.7
59.6
59.6

5.3
4.9
4.4
3.9
3.7
8.1
5.3
3.6
3.6
4.0
4.2
4.1
4.1
4.2
4.1
4.0
4.1
4.2
4.2
4.2
4.1
4.2
4.3

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 to 4.3 percent.
PERCENT (SEASONALLY ADJUSTED)

PERCENT (SEASONALLY ADJUSTED)

20

20

15

15
TEENAGERS
(16-19)

10

10
BLACK OR
AFRICAN
AMERICAN1

HISPANIC1,2

5

MEN 20 YEARS
AND OVER

5

WHITE1
ASIAN1

WOMEN 20 YEARS
AND OVER

ALL CIVILIAN
WORKERS

0

0
2021

2022

2023

2024

2025

2021

2022

2023

2024

2025

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)

Period

2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 ��������������������
2024 ��������������������
2024: Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2025: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������

All
civilian
workers

5.3
4.9
4.4
3.9
3.7
8.1
5.3
3.6
3.6
4.0
4.2
4.1
4.1
4.2
4.1
4.0
4.1
4.2
4.2
4.2
4.1
4.2
4.3

Men
20 years
and
over

Women
20 years
and
over

4.9
4.5
4.0
3.6
3.4
7.4
5.2
3.4
3.5
3.7
3.9
3.8
3.9
3.9
3.7
3.7
3.8
3.8
4.0
3.9
3.9
4.0
4.1

4.8
4.4
4.0
3.5
3.3
8.0
5.0
3.3
3.2
3.6
3.7
3.6
3.6
3.9
3.8
3.7
3.8
3.7
3.7
3.9
3.6
3.7
3.8

Both
sexes
16–19
years
16.9
15.7
14.0
12.9
12.7
17.9
11.7
10.8
11.2
12.7
14.2
14.2
13.7
13.1
12.4
11.8
12.9
13.7
13.0
13.4
14.4
15.2
13.9

Black
or
African
American

White

4.6
4.3
3.8
3.5
3.3
7.3
4.7
3.2
3.3
3.6
3.8
3.7
3.8
3.8
3.6
3.5
3.8
3.7
3.8
3.8
3.6
3.7
3.7

9.6
8.4
7.5
6.5
6.1
11.4
8.6
6.1
5.5
6.0
6.1
5.7
5.7
6.4
6.1
6.2
6.0
6.2
6.3
6.0
6.8
7.2
7.5

By selected groups
Hispanic
or
Latino
ethnicity

Asian

3.8
3.6
3.4
3.0
2.7
8.7
5.0
2.8
3.0
3.5
4.1
4.1
3.9
3.8
3.5
3.7
3.2
3.5
3.0
3.6
3.5
3.9
3.6

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

Chart 12 - Aug 2025

By race or ethnicity 1

By sex and age

6.6
5.8
5.1
4.7
4.3
10.4
6.8
4.3
4.6
5.1
5.4
5.1
5.1
5.3
5.1
4.8
5.2
5.1
5.2
5.1
4.8
5.0
5.3

Married
men,
spouse
present
2.8
2.7
2.4
2.0
1.8
4.9
3.2
1.9
1.9
2.1
2.1
2.1
2.3
2.2
2.2
2.0
2.1
2.1
2.3
2.3
2.2
2.1
2.4

Women
who
maintain
families
(NSA)
7.4
6.8
6.2
5.4
5.0
9.6
7.1
4.8
4.6
5.3
5.6
4.7
5.0
5.9
5.5
5.5
5.7
5.8
5.2
5.9
5.5
6.5
6.3

Full-time
workers

5.4
4.9
4.3
3.8
3.6
7.7
5.4
3.6
3.6
4.0
4.1
4.0
4.1
4.2
4.0
4.0
4.1
4.1
4.2
4.2
4.0
4.3
4.3

Part-time
workers

4.9
4.8
4.6
4.4
4.1
10.0
5.1
4.1
4.0
4.3
4.6
4.2
4.3
4.7
4.4
4.2
4.4
4.5
4.1
4.4
4.7
4.3
4.7

Selected Measures of Unemployment and Unemployment Insurance Programs
In August, the percentages of the unemployed who had been out of work for less than 5 weeks and for 27 weeks and over
rose, while the percentages for 5 to 14 weeks and for 15 to 26 weeks fell. The mean duration of unemployment rose to
24.5 weeks and the median duration fell to 9.8 weeks.
PERCENT DISTRIBUTION*

PERCENT DISTRIBUTION*

80

80

DURATION OF UNEMPLOYMENT

60

REASON FOR UNEMPLOYMENT

60
JOB LOSERS
27 WEEKS
AND OVER

LESS THAN
5 WEEKS

40

40
REENTRANTS

5-14
WEEKS
20

20

JOB LEAVERS

15-26
WEEKS
NEW ENTRANTS
0

0
2021

2022

2023

2024

2025

2021

2022

2023

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR

2024

2025

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted by NSA]
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

Chart 13 - Aug 2025

State programs
Insured
unemployment
(NSA)

Initial
claims
(NSA)

Insured
unemployment,
all
programs
(NSA) 2

Weekly average, thousands
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 ��������������������
2024 ��������������������
2024: Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2025: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������

8,296
7,751
6,982
6,314
6,001
12,947
8,623
5,996
6,080
6,761
7,071
6,901
6,972
7,121
6,886
6,849
7,052
7,083
7,166
7,237
7,015
7,236
7,384

28.9
30.5
32.5
34.4
34.8
28.6
24.8
37.0
34.7
33.1
34.3
31.1
30.0
30.8
31.2
33.5
33.5
33.7
30.7
34.3
31.6
31.4
33.0

27.7
28.7
28.8
29.7
29.8
36.5
23.0
28.5
30.7
29.8
28.2
28.9
29.6
28.8
28.9
28.3
30.9
30.6
31.9
30.9
30.1
27.8
27.3

15.3
14.9
14.6
14.5
14.3
19.4
13.5
12.6
15.2
15.7
16.0
16.5
17.5
17.3
17.5
17.0
14.8
14.4
13.9
14.5
15.0
15.9
14.0

28.1
25.9
24.2
21.4
21.1
15.4
38.7
21.9
19.4
21.4
21.5
23.5
22.9
23.1
22.4
21.1
20.9
21.3
23.5
20.4
23.3
24.9
25.7

29.2
27.5
25.0
22.7
21.6
16.5
28.7
22.6
20.6
21.6
21.0
22.6
22.9
23.6
23.7
22.0
21.3
22.8
23.2
21.8
23.0
24.1
24.5

11.6
10.6
10.0
9.3
9.1
9.7
16.5
8.7
8.9
9.6
9.5
9.9
10.1
10.5
10.4
10.4
10.0
9.8
10.4
9.5
10.1
10.2
9.8

49.0
48.2
49.2
47.4
46.4
75.5
59.1
46.1
47.2
48.1
47.4
47.8
48.6
47.7
47.2
46.7
46.7
46.7
47.7
48.2
47.2
46.3
47.1

9.9
11.1
11.1
12.6
13.6
5.3
9.3
14.3
13.5
12.0
12.1
12.1
11.6
12.0
13.8
13.2
12.9
12.3
11.8
9.8
11.8
10.7
10.7

30.6
30.1
29.8
30.5
30.2
15.2
25.6
31.5
30.1
30.4
30.4
30.3
31.1
30.6
29.5
30.7
31.1
30.7
30.8
31.9
30.8
29.6
31.3

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
19,081
6.0
3,191
547
12,034
8.0
1,503
221
1,657
9.1
1,760
231
1,801
9.6
1,848
224
1,871
10.1
1,897
212
1,924
9.7
1,903
198
1,928
8.8
1,726
244
1,745
9.7
1,682
235
1,703
9.5
2,301
321
2,326
9.5
2,318
307
2,341
9.3
2,164
226
2,188
10.4
2,405
222
2,432
9.7
1,978
236
2,001
10.1
1,806
224
1,828
10.2
2,063
251
2,086
13.4 ��������������� ��������������� �����������������
10.8 ��������������� ��������������� �����������������

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 22,000 in August.
MILLIONS OF PERSONS*
170

MILLIONS OF PERSONS*
116
114
112
110
108
106
104
102
100
98
96
94

165
160
155

ALL NONAGRICULTURAL
ESTABLISHMENTS

150
145
140

30
28
26
24
22
20
18
16
14
12
10

PRIVATE
INDUSTRIES

135
130
125

115
GOVERNMENT

2021

EDUCATION AND
HEALTH SERVICES

PROFESSIONAL AND
BUSINESS SERVICES

RETAIL TRADE

24
22
20
18
16
14
12
10

120

24
22
20

PRIVATE
SERVICE-PROVIDING
INDUSTRIES

2022

2023

2024

GOODS-PRODUCING
MANUFACTURING

2021

2025

2022

2023

*SEASONALLY ADJUSTED

2024

2025

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[Thousands of wage and salary workers; 1 monthly data seasonally adjusted]
Chart 14 - Aug 2025

Private industries

Period

2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 ��������������������
2024 ��������������������
2024: Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2025: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June r �������
      July r ��������
      Aug p ��������

Total
nonagricultural
employment

141,825
144,335
146,606
148,909
150,905
142,186
146,285
152,520
155,868
157,959
158,074
158,314
158,358
158,619
158,942
159,053
159,155
159,275
159,433
159,452
159,439
159,518
159,540

Goods-producing industries
Total
private

119,796
122,111
124,257
126,454
128,292
120,200
124,312
130,330
133,074
134,584
134,644
134,852
134,851
135,095
135,382
135,461
135,568
135,682
135,815
135,884
135,857
135,934
135,972

Total 2

Construc- Manufaction
turing

19,583
19,719
20,051
20,669
21,000
19,983
20,307
21,134
21,518
21,655
21,659
21,691
21,641
21,669
21,673
21,662
21,686
21,691
21,693
21,680
21,659
21,651
21,626

6,461
6,728
6,969
7,288
7,493
7,257
7,436
7,763
8,009
8,212
8,237
8,267
8,268
8,274
8,289
8,286
8,298
8,303
8,303
8,305
8,303
8,302
8,295

12,309
12,324
12,407
12,653
12,780
12,127
12,311
12,767
12,873
12,817
12,800
12,800
12,750
12,770
12,760
12,755
12,763
12,764
12,764
12,753
12,736
12,734
12,722

Private service-providing industries
Trade, transportation,
and utilities
Total
Total 3
100,213
102,392
104,206
105,785
107,292
100,217
104,004
109,196
111,556
112,929
112,985
113,161
113,210
113,426
113,709
113,799
113,882
113,991
114,122
114,204
114,198
114,283
114,346

26,754
27,124
27,336
27,549
27,662
26,624
27,653
28,633
28,820
28,923
28,912
28,943
28,933
28,952
29,033
29,087
29,109
29,101
29,099
29,088
29,075
29,080
29,082

Retail
trade
15,559
15,777
15,789
15,728
15,560
14,809
15,253
15,489
15,551
15,532
15,510
15,523
15,517
15,503
15,538
15,573
15,569
15,586
15,591
15,576
15,571
15,578
15,588

Information

Financial
activities

2,750
2,794
2,814
2,839
2,864
2,721
2,856
3,063
3,007
2,943
2,929
2,929
2,922
2,927
2,944
2,940
2,940
2,938
2,939
2,941
2,938
2,931
2,926

8,123
8,287
8,451
8,590
8,754
8,704
8,806
9,062
9,174
9,169
9,170
9,175
9,178
9,194
9,206
9,220
9,235
9,238
9,243
9,250
9,244
9,253
9,250

Profes- Education Leisure
sional
and
and
and
health
hospitalbusiness services
ity
services
19,774
20,197
20,596
21,043
21,372
20,416
21,429
22,582
22,769
22,620
22,591
22,575
22,541
22,578
22,614
22,579
22,594
22,583
22,610
22,587
22,563
22,553
22,536

22,029
22,639
23,188
23,638
24,163
23,275
23,652
24,336
25,387
26,490
26,590
26,688
26,775
26,848
26,931
26,993
27,058
27,123
27,208
27,278
27,329
27,406
27,452

15,160
15,660
16,051
16,295
16,586
13,148
14,151
15,827
16,557
16,818
16,818
16,869
16,878
16,932
16,979
16,965
16,931
16,976
16,994
17,021
17,016
17,022
17,050

Other
services

5,622
5,691
5,770
5,831
5,891
5,329
5,457
5,694
5,842
5,966
5,975
5,982
5,983
5,995
6,002
6,015
6,015
6,032
6,029
6,039
6,033
6,038
6,050

Government

22,029
22,224
22,350
22,455
22,613
21,986
21,973
22,191
22,794
23,375
23,430
23,462
23,507
23,524
23,560
23,592
23,587
23,593
23,618
23,568
23,582
23,584
23,568

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

Note: Data classified by industry based on the 2022 North American Industry Classification System (NAICS). For details see Employment and Earnings.
Source: Department of Labor (Bureau of Labor Statistics).

14

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

Total
private
nonagricultural 1

Period

2015 �����������������
2016 �����������������
2017 �����������������
2018 �����������������
2019 �����������������
2020 �����������������
2021 �����������������
2022 �����������������
2023 �����������������
2024 �����������������
2024: July �������
      Aug �������
      Sept ������
      Oct ��������
      Nov �������
      Dec ��������
2025: Jan ��������
      Feb ��������
      Mar �������
      Apr ��������
      May �������
      June r ����
      July r �����
      Aug p �����

Average gross hourly earnings
Total private
nonagricultural 1

Manufacturing

Total

33.7
33.6
33.7
33.8
33.6
33.9
34.2
34.0
33.9
33.7
33.7
33.7
33.7
33.7
33.6
33.7
33.6
33.6
33.8
33.7
33.7
33.6
33.7
33.7

41.8
41.9
41.9
42.2
41.6
40.7
41.4
41.0
40.7
40.7
40.6
40.7
40.7
40.5
40.7
40.9
40.7
41.0
41.1
40.9
41.0
41.0
41.1
40.9

Overtime
4.3
4.3
4.3
4.6
4.3
3.7
4.1
4.0
3.6
3.6
3.7
3.6
3.6
3.6
3.6
3.6
3.5
3.7
3.7
3.6
3.6
3.7
3.7
3.8

Current
dollars

Manufacturing

1982-84
dollars 2

Average gross weekly earnings
Total private
nonagricultural 1
Current
dollars

$21.03
$9.07
21.53
9.20
22.05
9.22
22.71
9.26
23.51
9.43
24.68
9.78
25.90
9.75
27.57
9.57
28.93
9.68
30.13
9.80
30.17
9.81
30.27
9.83
30.38
9.85
30.49
9.86
30.58
9.87
30.67
9.86
30.80
9.85
30.91
9.87
30.97
9.89
31.05
9.90
31.14
9.92
31.26
9.93
31.34
9.94
31.46 �����������������

$19.90
20.43
20.89
21.53
22.14
22.79
23.80
25.05
26.36
27.79
27.90
27.89
28.01
28.07
28.22
28.33
28.58
28.64
28.88
28.78
28.87
28.94
29.01
29.03

1982-84
dollars 2

Percent change from
a year earlier,
total private
nonagricultural

Current dollars
Manufacturing

$708.73
$305.74
723.22
308.97
742.45
310.58
766.99
312.87
790.64
317.24
837.42
331.98
886.54
333.90
937.47
325.53
979.62
327.64
1,015.62
330.23
1,016.73
330.74
1,020.10
331.37
1,023.81
331.83
1,027.51
332.35
1,027.49
331.51
1,033.58
332.17
1,034.88
330.87
1,038.58
331.47
1,046.79
334.25
1,046.39
333.53
1,049.42
334.25
1,050.34
333.59
1,056.16
334.99
1,060.20 �����������������

Construction

$832.17
855.45
875.75
907.83
921.48
928.60
986.11
1,027.65
1,072.89
1,131.43
1,132.74
1,135.12
1,140.01
1,136.84
1,148.55
1,158.70
1,163.21
1,174.24
1,186.97
1,177.10
1,183.67
1,186.54
1,192.31
1,187.33

$998.02
1,031.88
1,061.98
1,108.59
1,135.73
1,145.52
1,203.43
1,278.22
1,366.96
1,425.61
1,421.26
1,425.63
1,447.20
1,447.17
1,435.90
1,442.63
1,451.43
1,451.74
1,472.00
1,478.40
1,479.49
1,478.03
1,487.47
1,495.05

Retail
trade

Current
dollars

$444.45
446.47
462.08
482.25
502.16
541.29
570.57
598.03
623.62
634.42
633.57
635.39
637.18
640.20
639.94
645.08
641.75
645.69
649.33
649.65
652.38
652.66
657.25
660.63

1982-84
dollars 2

2.0
2.4
2.0
1.1
2.7
.5
3.3
.7
3.1
1.4
5.9
4.6
5.9
.6
5.7
–2.5
4.5
.6
3.7
.8
3.7
.7
3.9
1.4
3.9
1.6
4.2
1.7
3.5
.9
3.7
1.0
4.3
1.3
3.9
1.2
3.9
1.7
4.0
1.9
3.9
1.7
3.6
1.1
3.9
1.3
3.9 �������������������

1 Also includes other private industry groups shown on p. 14.
2 Current dollar earnings divided by the consumer price index for urban wage earners and clerical workers (CPI–W) (on a 1982-84=100 base).

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

Employment Cost Index—Private Industry
Index (December 2005 = 100)
Period

Total
compensation

Wages
and
salaries

Percent change from
3 months earlier

Benefits 1

Total
compensation

12 months earlier

Wages
and
salaries

Benefits 1

Total
compensation

Wages
and
salaries

Benefits 1

Not seasonally adjusted
2015:
2016:
2017:
2018:
2019:
2020:
2021:
2022:
2023:
2024:

Dec ������������������������������������������
Dec ������������������������������������������
Dec ������������������������������������������
Dec ������������������������������������������
Dec ������������������������������������������
Dec ������������������������������������������
Dec ������������������������������������������
Dec ������������������������������������������
Dec ������������������������������������������
Dec ������������������������������������������

124.5
127.2
130.5
134.4
138.0
141.6
147.8
155.3
161.6
167.4

124.2
127.1
130.6
134.7
138.7
142.6
149.7
157.4
164.1
170.2

125.1
127.3
130.2
133.6
136.2
139.1
143.2
150.1
155.5
160.7

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

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

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

Seasonally adjusted
2023: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2024: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2025: Mar �����������������������������������������
      June ����������������������������������������

157.3
158.9
160.5
162.0
163.6
165.0
166.3
167.8
169.2
170.832

159.4
161.1
162.8
164.4
166.2
167.6
168.9
170.5
171.8
173.566

152.2
153.6
155.0
156.2
157.6
159.0
160.1
161.3
163.2
164.367

1.9
2.2
2.6
3.0
2.7
2.6
4.4
5.1
4.1
3.6

2.1
2.3
2.8
3.1
3.0
2.8
5.0
5.1
4.3
3.7

1.3
1.8
2.3
2.6
1.9
2.1
2.9
4.8
3.6
3.3

Not seasonally adjusted
1.1
1.0
1.0
.9
1.0
.9
.8
.9
.8
1.0

1.1
1.1
1.1
1.0
1.1
.8
.8
.9
.8
1.0

1.0
.9
.9
.8
.9
.9
.7
.7
1.2
.7

4.8
4.5
4.3
4.1
4.1
3.9
3.6
3.6
3.4
3.5

5.1
4.6
4.5
4.3
4.3
4.1
3.8
3.7
3.4
3.5

4.3
3.9
3.9
3.6
3.6
3.5
3.3
3.3
3.5
3.4

1 Employer costs for employee benefits.

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

15

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

Nonfarm
business
sector

Hours of
all persons 2

Output 1
Business
sector

Nonfarm
business
sector

Business
sector

Compensation
per hour 3

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Real
compensation
per hour 4
Business
sector

Unit labor
costs

Nonfarm
business
sector

Value-added
price deflator 5

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

97.4
97.9
100.0
101.9
103.6
106.4
109.5
115.2
117.7
120.5
113.5
114.6
116.6
116.0
116.9
117.7
118.0
118.4
120.7
120.4
119.9
121.1
123.2
123.5

97.4
98.0
100.0
102.0
103.6
106.4
109.5
115.1
117.7
120.6
113.4
114.5
116.6
115.9
116.8
117.7
118.0
118.3
120.7
120.4
120.0
121.1
123.1
123.4

97.7
98.4
100.0
102.1
103.5
103.8
109.1
117.8
121.8
124.1
114.6
117.6
118.9
119.9
121.0
121.4
122.3
122.5
123.2
123.9
124.3
124.9
126.0
126.4

97.6
98.5
100.0
102.1
103.6
103.9
108.9
117.3
121.6
124.1
114.3
117.2
118.4
119.4
120.6
121.2
122.1
122.4
123.2
123.9
124.3
124.8
125.9
126.4

1.7
.6
2.1
1.9
1.6
2.8
2.9
5.2
2.2
2.4
7.1
3.9
7.3
–2.2
3.1
2.7
1.2
1.2
8.2
–1.1
–1.4
3.8
7.3
1.0

1.8
.6
2.1
2.0
1.6
2.7
3.0
5.1
2.2
2.4
6.8
3.8
7.4
–2.2
3.0
3.1
1.0
1.2
8.3
–.9
–1.5
3.8
6.9
1.0

0.4
.7
1.6
2.1
1.4
.3
5.1
8.0
3.4
1.9
9.7
10.9
4.3
3.6
3.7
1.3
2.8
.8
2.2
2.2
1.4
2.0
3.7
1.3

0.7
.9
1.6
2.1
1.4
.4
4.8
7.7
3.6
2.1
9.1
10.3
4.2
3.5
4.0
1.9
3.0
1.3
2.6
2.3
1.1
1.8
3.6
1.7

Indexes, 2017=100; quarterly data seasonally adjusted
2015 ����������������
2016 ����������������
2017 ����������������
2018 ����������������
2019 ����������������
2020 ����������������
2021 ����������������
2022 ����������������
2023 ����������������
2024 ����������������
2022: I ������������
      II �����������
      III ����������
      IV ����������
2023: I ������������
      II �����������
      III ����������
      IV ����������
2024: I ������������
      II �����������
      III ����������
      IV ����������
2025: I r ����������
      II * ���������

97.9
98.7
100.0
101.5
103.7
109.0
111.4
109.8
111.9
115.0
110.3
109.4
109.4
110.2
110.4
111.3
112.6
113.6
114.1
114.7
115.4
116.0
115.4
116.4

97.9
98.7
100.0
101.4
103.6
109.2
111.4
109.7
111.7
114.8
110.2
109.3
109.3
110.0
110.2
111.1
112.4
113.4
113.8
114.4
115.2
115.7
115.2
116.1

95.2
97.1
100.0
103.4
106.5
103.6
111.5
114.3
117.6
121.1
113.7
113.6
114.3
115.4
116.1
116.8
118.2
119.2
119.6
120.6
121.6
122.4
122.1
123.4

95.2
97.1
100.0
103.4
106.6
103.7
111.6
114.4
117.7
121.1
113.8
113.7
114.5
115.5
116.2
116.9
118.3
119.3
119.7
120.6
121.7
122.4
122.3
123.6

97.2
98.4
100.0
101.9
102.8
95.0
100.1
104.0
105.1
105.2
103.1
103.8
104.5
104.7
105.1
104.9
105.0
104.9
104.8
105.1
105.4
105.5
105.8
106.0

97.2
98.4
100.0
102.0
102.9
95.0
100.2
104.3
105.4
105.5
103.3
104.1
104.7
105.0
105.4
105.2
105.2
105.2
105.1
105.4
105.6
105.8
106.1
106.4

95.4
96.6
100.0
103.4
107.3
116.0
122.0
126.5
131.7
138.6
125.1
125.4
127.6
127.9
129.0
131.0
132.9
134.4
137.7
138.1
138.4
140.4
142.2
143.8

95.4
96.7
100.0
103.4
107.3
116.1
122.0
126.3
131.4
138.4
125.0
125.1
127.4
127.5
128.7
130.8
132.6
134.2
137.4
137.8
138.3
140.1
141.9
143.4

98.7
98.7
100.0
100.9
102.9
109.8
110.1
105.6
105.6
108.0
107.4
105.0
105.5
104.7
104.7
105.5
106.1
106.6
108.2
107.8
107.6
108.4
108.8
109.6

98.7
98.7
100.0
100.9
102.9
109.9
110.1
105.4
105.4
107.8
107.3
104.9
105.3
104.4
104.4
105.3
105.9
106.4
108.0
107.6
107.5
108.2
108.5
109.2

Percent change; quarterly data at seasonally adjusted annual rates
2015 ����������������
2016 ����������������
2017 ����������������
2018 ����������������
2019 ����������������
2020 ����������������
2021 ����������������
2022 ����������������
2023 ����������������
2024 ����������������
2022: I ������������
      II �����������
      III ����������
      IV ����������
2023: I ������������
      II �����������
      III ����������
      IV ����������
2024: I ������������
      II �����������
      III ����������
      IV ����������
2025: I r ����������
      II * ���������

1.2
.8
1.3
1.5
2.1
5.2
2.2
–1.4
1.9
2.8
–5.3
–3.1
.1
2.9
.7
3.3
4.7
3.6
1.7
2.3
2.4
2.2
–2.0
3.6

1.3
.8
1.3
1.4
2.2
5.3
2.0
–1.5
1.8
2.8
–4.9
–3.3
.0
2.7
.7
3.4
4.7
3.5
1.6
2.1
2.9
1.7
–1.8
3.3

3.7
2.1
2.9
3.4
3.0
–2.7
7.6
2.5
2.9
3.0
–2.1
–.4
2.6
3.7
2.5
2.5
4.9
3.4
1.4
3.3
3.5
2.5
–.9
4.4

3.7
2.0
3.0
3.4
3.1
–2.7
7.6
2.5
2.9
2.9
–2.0
–.3
2.6
3.7
2.5
2.4
5.0
3.4
1.3
3.0
3.6
2.5
–.6
4.4

2.5
1.3
1.6
1.9
.8
–7.5
5.3
3.9
1.0
.1
3.4
2.8
2.5
.7
1.8
–.7
.2
–.2
–.3
1.0
1.1
.3
1.1
.7

2.4
1.2
1.6
2.0
.8
–7.7
5.5
4.1
1.1
.1
3.0
3.0
2.6
1.0
1.8
–1.0
.3
–.1
–.3
1.0
.7
.8
1.2
1.1

2.9
1.3
3.5
3.4
3.8
8.1
5.1
3.7
4.1
5.2
1.4
.7
7.5
.7
3.8
6.1
5.9
4.8
10.0
1.1
.9
6.1
5.1
4.6

3.1
1.4
3.4
3.4
3.8
8.2
5.0
3.5
4.1
5.3
1.6
.4
7.4
.4
3.7
6.5
5.8
4.7
10.1
1.1
1.3
5.5
5.0
4.3

2.7
.0
1.3
.9
2.0
6.7
.3
–4.1
.0
2.2
–7.2
–8.5
1.9
–3.3
.1
3.0
2.3
2.0
6.1
–1.6
–.5
2.9
1.3
2.9

2.9
.1
1.3
.9
2.0
6.8
.2
–4.2
.0
2.3
–7.0
–8.8
1.9
–3.5
.1
3.5
2.2
1.9
6.1
–1.6
–.1
2.4
1.2
2.6

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 1978-2024 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 28, 2025.
Source: Department of Labor (Bureau of Labor Statistics).

16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial production and capacity utilization fell in July.
INDEX, 2017 = 100* (RATIO SCALE)
120

INDEX, 2017 = 100* (RATIO SCALE)
140

110

130

100

120

90

110

80

100

TOTAL INDUSTRIAL PRODUCTION

120

FINAL PRODUCTS

MANUFACTURING

DEFENSE AND
SPACE EQUIPMENT
CONSUMER
GOODS

BUSINESS
EQUIPMENT

90

110

DURABLE

NONDURABLE
100

80
TOTAL1

90

70
80
140

PERCENT*
86
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
84

UTILITIES AND MINING

130

82

MINING

120

80

110

78
76

100

UTILITIES

74
72

90

70
68

80
2021

2022

2023

2024

2025

2021

2022

2023

2024

2025

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

2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 ��������������������
2024 ��������������������
2024: July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2025: Jan �����������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July p ��������

Percent change 2
Index,
2017=100

100.9
98.7
100.0
103.2
102.4
95.1
99.3
102.7
102.9
102.6
102.5
103.0
102.6
102.2
102.0
103.0
102.9
103.9
103.6
103.7
103.7
104.1
104.0

From
preceding
month

Capacity utilization rate
(output as percent of
capacity) 1

Manufacturing

From
year
earlier

���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
–0.7
.5
–.4
–.4
–.3
1.1
–.2
1.0
–.2
.0
.1
.4
–.1

Chart 17 - Aug 2025

Industry production indexes, 2017=100

–1.4
–2.1
1.3
3.2
–.7
–7.1
4.4
3.4
.2
–.3
–.5
–.1
–.7
–.4
–.9
.4
1.4
1.1
1.1
1.3
.7
.8
1.4

Total 1
100.2
99.4
100.0
101.3
99.3
92.8
97.4
100.0
99.5
99.0
98.8
99.3
99.0
98.4
98.5
98.9
98.5
99.7
100.3
99.8
100.0
100.2
100.2

Durable
100.4
98.4
100.0
103.1
100.2
91.3
96.8
100.7
100.9
99.9
99.2
100.3
99.6
98.2
98.8
99.3
99.2
100.8
101.4
101.0
101.6
101.5
101.8

Nondurable
99.7
100.5
100.0
99.6
98.7
94.9
98.5
100.0
99.1
99.3
99.6
99.6
99.7
99.9
99.7
100.1
99.2
99.8
100.5
100.0
99.9
100.6
100.2

Other
(non-NAICS) 1
105.2
102.5
100.0
96.7
92.5
85.3
87.7
88.3
82.4
78.0
77.6
78.3
78.7
77.9
75.1
73.4
74.8
77.0
76.4
74.3
72.6
72.7
72.2

Mining

104.6
91.5
100.0
113.3
120.8
103.1
106.4
114.4
119.9
118.9
118.6
120.1
119.0
119.5
118.5
120.7
117.8
119.5
121.6
121.3
121.8
121.4
120.9

Utilities

101.2
100.8
100.0
104.9
104.0
101.0
103.0
106.2
104.1
106.2
107.5
106.3
105.7
106.1
104.0
108.8
113.7
112.8
103.5
107.8
106.6
108.5
108.3

Total
industry

Total
manufacturing

77.3
75.6
76.8
79.8
78.6
72.9
77.7
80.7
79.0
77.6
77.6
77.9
77.5
77.1
76.8
77.5
77.3
77.9
77.7
77.6
77.5
77.7
77.5

76.4
75.7
76.6
78.4
77.2
72.7
77.2
79.4
78.2
76.8
76.6
77.0
76.7
76.1
76.1
76.3
75.9
76.7
77.1
76.7
76.7
76.9
76.8

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
Industrial Production—Major Market Groups
[2017=100; monthly data seasonally adjusted]
Products and nonindustrial supplies

Materials

Final products
Period

Consumer goods
Total

2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 ��������������������
2024 ��������������������
2024: July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2025: Jan �����������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July p ��������

Nonindustrial supplies

Total

101.1
99.2
100.0
101.9
100.3
93.9
98.3
101.3
101.0
100.4
100.3
101.0
100.1
99.1
98.8
99.9
100.1
101.5
101.3
101.1
101.1
101.4
101.5

100.8
101.3
100.0
100.6
100.2
96.9
101.1
102.7
102.0
101.8
101.4
102.3
102.1
101.5
100.8
101.7
101.6
102.8
102.0
101.7
101.6
101.8
101.9

Durable
goods
99.3
101.1
100.0
102.6
100.9
95.4
104.9
106.6
106.1
104.1
98.9
103.8
103.8
100.8
102.2
100.7
98.6
102.7
103.1
101.0
102.6
101.3
101.4

Equipment
Nondurable
goods
101.2
101.3
100.0
100.1
100.0
97.3
100.1
101.6
100.8
101.2
102.0
101.9
101.6
101.6
100.4
101.9
102.4
102.8
101.7
101.8
101.3
101.9
102.0

Total 1
101.8
94.9
100.0
104.7
100.5
87.3
92.0
98.7
99.4
97.5
98.3
98.5
96.0
93.7
94.6
96.3
97.2
98.9
100.3
100.2
100.7
100.9
101.2

Business
100.7
95.4
100.0
103.5
96.1
83.7
88.5
95.8
95.4
92.9
93.9
93.9
90.8
88.0
89.4
91.4
92.5
94.4
96.0
96.1
96.9
97.0
97.5

Defense
and
space

Total

101.3
97.7
100.0
103.7
114.1
107.7
109.3
107.3
114.5
119.6
119.5
120.8
120.5
121.4
120.1
121.3
121.5
122.3
122.7
121.8
121.3
122.7
123.5

99.3
99.7
100.0
101.8
99.9
94.7
99.1
102.9
101.0
100.9
101.2
101.0
101.2
101.0
100.7
101.7
101.8
102.4
102.5
102.2
102.2
102.3
102.0

Construction

97.8
98.7
100.0
101.7
100.3
96.4
100.9
103.7
101.1
100.4
100.2
100.5
100.1
100.3
100.2
101.5
101.0
102.5
103.5
102.1
102.1
102.4
102.2

Business

99.9
100.1
100.0
101.9
99.8
94.0
98.3
102.7
101.0
101.3
101.7
101.3
101.7
101.4
101.0
101.8
102.3
102.4
102.0
102.2
102.2
102.4
102.0

Total 1

101.1
97.9
100.0
104.8
105.3
96.3
100.2
103.8
105.1
105.0
104.9
105.4
105.2
105.3
105.1
106.2
105.6
106.4
106.0
106.4
106.5
107.1
106.7

Energy

102.8
95.2
100.0
110.3
115.7
103.2
106.1
112.7
117.1
117.8
118.3
118.7
117.7
118.8
117.4
119.2
119.8
120.2
118.3
119.5
119.5
120.3
119.8

1 Includes other items, not shown separately.

Industrial Production—Selected Manufactures
[2017=100; monthly data seasonally adjusted]
Durable manufactures
Computer and
electronic products

Primary metals
Period
Total
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 ��������������������
2024 ��������������������
2024: July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2025: Jan �����������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July p ��������

105.7
101.0
100.0
103.2
97.3
86.6
96.1
94.6
94.8
93.3
92.6
94.3
94.2
92.2
91.5
93.7
94.3
93.5
94.5
94.4
94.3
96.5
96.2

Iron
and
steel
products
101.5
96.8
100.0
103.4
95.2
87.1
102.1
95.7
96.8
92.8
91.4
91.8
93.5
91.0
90.4
95.1
95.0
95.0
96.1
94.5
94.8
99.1
98.4

Fabricated
metal
products

102.6
98.8
100.0
104.5
102.4
93.1
96.7
100.4
99.6
98.6
99.0
97.8
97.4
97.6
96.8
97.9
97.1
97.4
97.7
99.0
98.3
98.5
98.7

Nondurable manufactures

Machinery
Total
103.7
95.8
100.0
104.6
101.5
90.6
97.6
102.9
100.9
98.6
99.4
98.3
98.6
97.3
99.5
99.1
100.2
99.8
100.6
100.0
99.6
100.5
100.2

90.9
93.2
100.0
104.7
106.4
105.7
110.2
112.8
114.3
119.1
120.3
120.1
119.8
121.4
120.8
121.8
123.8
124.1
124.9
125.4
126.0
126.9
127.0

Selected
high-technology 1
85.7
91.4
100.0
108.5
114.3
116.2
126.5
134.7
142.4
153.8
153.8
156.6
156.7
159.0
157.1
158.9
164.2
165.5
164.7
168.8
171.3
172.9
175.3

Transportation
equipment
Total
100.9
98.4
100.0
102.1
97.2
82.3
88.0
93.4
98.2
96.7
93.0
98.7
95.7
90.6
92.1
93.1
91.8
97.9
99.4
98.3
101.3
100.5
100.9

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
99.7
101.0
100.0
104.1
102.3
88.1
94.4
101.2
106.4
105.2
97.2
105.7
105.6
100.3
103.0
100.3
94.9
104.4
105.9
103.5
108.3
105.6
105.2

Apparel

110.0
103.3
100.0
95.5
96.8
80.7
89.5
84.2
80.3
67.7
69.8
67.5
65.7
63.8
63.2
62.8
65.5
64.1
64.5
63.1
64.3
62.9
62.7

Printing
and
related
support
activities
99.0
100.6
100.0
99.8
93.6
84.8
85.8
89.3
83.3
84.1
85.3
85.2
84.8
83.9
83.2
84.3
84.9
85.2
84.4
84.6
84.2
84.3
84.2

Chemicals

101.9
101.4
100.0
98.6
97.2
95.3
99.7
102.2
103.7
105.7
106.6
106.6
106.7
107.8
108.7
108.5
107.3
108.5
109.6
109.6
108.6
109.7
109.2

Food

97.5
99.6
100.0
100.3
101.1
102.6
103.0
104.8
103.1
102.0
102.0
101.2
102.4
101.9
102.0
103.0
103.7
102.7
103.0
103.0
103.1
103.2
103.3

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

2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 ��������������������
2024 ��������������������
2024: July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2025: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May r ��������
      June r �������
      July p ��������

Total
new
construction
expenditures

1,132.1
1,213.1
1,279.8
1,333.2
1,391.0
1,499.6
1,653.4
1,902.7
2,076.2
2,194.8
2,200.7
2,205.3
2,197.9
2,197.1
2,192.9
2,176.6
2,169.6
2,165.4
2,150.8
2,153.4
2,149.1
2,140.5
2,139.1

Residential
Total

New
housing

Total 1

838.3
916.2
983.3
1,023.0
1,046.7
1,130.4
1,295.8
1,519.2
1,620.2
1,696.0
1,701.7
1,701.5
1,692.1
1,683.8
1,682.5
1,672.5
1,663.2
1,660.3
1,642.7
1,639.6
1,634.7
1,626.3
1,623.3

Federal
and
State
and
local

Nonresidential

431.8
479.4
539.0
557.6
546.6
634.7
799.2
922.8
870.4
929.5
936.6
933.2
927.5
926.4
924.3
928.5
912.1
908.9
897.8
894.5
891.7
885.9
886.5

Total

283.3
315.8
344.2
367.1
362.2
401.1
530.0
568.0
539.7
558.4
553.1
544.7
545.8
545.0
543.7
545.5
549.8
551.0
550.7
543.1
536.9
532.1
532.2

Lodging

406.6
436.8
444.3
465.5
500.1
495.6
496.6
596.5
749.8
766.5
765.0
768.3
764.6
757.4
758.2
744.0
751.1
751.4
744.9
745.1
743.0
740.4
736.7

Commercial
(including
farm)

Office

21.4
26.6
28.1
30.5
32.3
27.4
18.6
19.7
25.4
23.7
23.8
23.8
24.0
23.9
23.3
23.5
23.2
22.7
22.2
22.1
22.4
22.5
22.6

47.9
59.8
59.9
66.8
77.5
80.5
77.5
82.4
87.8
87.4
88.6
88.5
87.0
88.8
88.8
88.3
88.9
89.2
87.7
89.0
89.1
88.5
88.3

Manufacturing

64.5
75.5
84.5
82.8
80.3
85.6
93.7
127.2
146.8
126.8
124.1
124.5
122.8
118.5
116.2
114.7
116.4
116.0
114.8
114.3
113.7
112.9
111.9

Other 2

82.4
78.9
70.0
72.0
80.5
75.1
81.6
124.5
202.1
234.9
237.8
239.3
238.5
235.9
237.3
227.4
229.9
229.7
227.6
226.3
225.0
223.3
221.8

190.4
196.0
201.9
213.4
229.5
227.1
225.2
242.8
287.7
293.7
290.7
292.2
292.3
290.2
292.5
290.1
292.8
293.7
292.7
293.2
292.9
293.2
292.1

New
houses
sold

New
houses
for sale
at end
of period 3

293.8
297.0
296.5
310.2
344.3
369.2
357.6
383.5
456.0
498.7
499.1
503.8
505.8
513.4
510.5
504.1
506.4
505.1
508.2
513.9
514.4
514.3
515.8

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
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 ��������������������
2024 ��������������������

1,111.8
1,173.8
1,203.0
1,249.9
1,290.0
1,379.6
1,601.0
1,552.6
1,420.0
1,367.1

1 unit
714.5
781.5
848.9
875.8
887.7
990.5
1,127.2
1,005.2
947.7
1,012.9

Type of structure

2–4 units 1
11.5
11.5
11.4
13.9
13.4
12.3
11.7
16.4
13.4
18.0

5 units or
more

Total

385.8
380.8
342.7
360.3
388.9
376.8
462.1
531.0
458.8
336.2

1,182.6
1,206.6
1,282.0
1,328.8
1,386.0
1,471.1
1,737.0
1,680.4
1,511.1
1,478.0

1 unit
696.0
750.8
820.0
855.3
862.1
979.4
1,115.4
973.9
920.0
981.9

2–4 units

5 units or
more

New
housing
units
completed

Vacancy
rate for
rental
housing
units
(percent) 4

32.1
34.8
37.2
39.7
42.6
47.2
52.9
55.2
54.7
54.5

454.5
421.1
424.8
433.8
481.4
444.5
568.8
651.3
536.4
441.6

968.2
1,059.7
1,152.9
1,184.9
1,255.1
1,286.9
1,341.0
1,390.5
1,448.8
1,626.9

501
561
613
617
683
822
771
641
666
686

232
254
293
346
321
297
387
452
452
489

7.1
6.9
7.2
6.9
6.8
6.3
6.1
5.8
6.5
6.8

53
57
60
53
51
57
56
58
58
61
53
50
55

438
452
412
408
484
434
416
404
451
438
442
477
432

1,635
1,755
1,671
1,636
1,618
1,527
1,651
1,565
1,566
1,475
1,542
1,335
1,415

710
693
717
621
675
718
662
642
660
706
630
656
652

465
471
473
480
488
489
496
499
504
500
503
502
499

��������������������
��������������������
6.9
��������������������
��������������������
6.9
��������������������
��������������������
7.1
��������������������
��������������������
7.0
��������������������

Seasonally adjusted annual rates
2024: July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2025: Jan �����������
      Feb �����������
      Mar ����������
      Apr r ���������
      May r ��������
      June r �������
      July p ��������

1,265
1,391
1,357
1,352
1,295
1,514
1,358
1,490
1,355
1,398
1,282
1,358
1,428

871
1,008
1,043
948
1,014
1,078
1,000
1,098
948
948
949
913
939

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

369
348
299
389
266
406
334
364
393
432
313
421
470

1,436
1,476
1,434
1,428
1,508
1,480
1,460
1,454
1,481
1,422
1,394
1,393
1,362

945
967
962
967
973
989
988
992
972
923
899
866
875

1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards.
2 Beginning with January 2023, an annually updated universe based on approximately 20,100 permit-issuing places.
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 0.6 percent. In July, manufacturing
and trade inventories rose $5.8 billion and retail inventories rose $1.6 billion. In July, retail sales rose 0.7 percent and
retail and food services sales rose 0.5 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,800

BILLIONS OF DOLLARS* (RATIO SCALE)
900

2,700

850

2,600

800

2,500

MANUFACTURING AND
TRADE INVENTORIES

2,400

RETAIL INVENTORIES

750
700

2,300

RETAIL AND FOOD
SERVICES SALES

650

2,200
600
2,100

RETAIL SALES

550

2,000

500

1,900
1,800

450

MANUFACTURING
AND TRADE SALES

1,700

RATIO*
1.70
1.60

1,600

INVENTORY/SALES RATIO
MANUFACTURING
AND TRADE

1.50
1.40

1,500

1.30
1.20

1,400

RETAIL

1.10
1.00

1,300
2021

2022

2023

2024

2025

2021

2022

2023

*SEASONALLY

ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

2024

2025

COUNCIL OF ECONOMIC ADVISERS

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

Sales 2

2015 ��������������������
1,295,889
2016 ��������������������
1,288,274
2017 ��������������������
1,349,948
2018 ��������������������
1,432,231
2019 ��������������������
1,432,378
2020 ��������������������
1,381,400
2021 ��������������������
1,634,649
2022 ��������������������
1,835,073
2023 ��������������������
1,834,886
2024 ��������������������
1,870,422
r
2024: June �������
1,854,041
      July r ��������
1,873,480
      Aug ����������
1,868,099
      Sept ���������
1,875,657
      Oct �����������
1,874,715
      Nov ����������
1,887,738
      Dec �����������
1,905,140
2025: Jan �����������
1,894,514
      Feb �����������
1,912,617
      Mar ����������
1,924,921
      Apr �����������
1,921,556
r
      May ��������
1,914,247
r
      June �������
1,925,324
      July p �������� �����������������������

Inventories 3

Inventory/sales
ratio 4

Wholesale
Sales 2

1,811,571
1.39
448,277
1,845,368
1.42
444,712
1,904,773
1.39
475,081
1,995,882
1.36
508,768
2,040,343
1.42
506,978
1,992,588
1.44
484,270
2,265,965
1.29
583,475
2,593,136
1.36
671,342
2,591,108
1.41
658,323
2,639,314
1.40
671,533
2,618,815
1.41
662,292
2,628,210
1.40
670,352
2,634,861
1.41
670,160
2,636,447
1.41
674,075
2,640,024
1.41
671,425
2,646,273
1.40
677,175
2,639,314
1.39
686,602
2,648,899
1.40
680,213
2,653,551
1.39
693,771
2,655,706
1.38
699,137
2,656,059
1.38
699,402
2,655,931
1.39
696,650
2,660,745
1.38
698,450
2,666,577 ����������������������� �����������������������

Inventories 3

Retail
Inventory/sales
ratio 4

596,850
1.33
611,347
1.35
632,638
1.31
671,324
1.28
680,111
1.35
666,216
1.37
785,918
1.24
924,269
1.31
895,920
1.37
892,308
1.34
894,462
1.35
896,597
1.34
897,971
1.34
895,579
1.33
897,864
1.34
898,277
1.33
892,308
1.30
899,458
1.32
903,934
1.30
907,090
1.30
908,309
1.30
905,458
1.30
906,775
1.30
908,390 �����������������������

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
386,526
396,596
412,467
430,097
442,278
455,606
533,307
576,342
589,448
605,391
599,979
605,797
604,173
608,701
612,570
616,833
622,396
615,973
616,714
625,121
623,521
618,037
623,882
627,979

Inventories 3
576,301
598,396
613,477
641,141
643,092
610,601
647,302
729,807
761,624
805,979
789,170
796,635
801,046
806,843
808,075
809,705
805,979
807,460
806,604
804,552
804,501
806,437
807,768
809,341

Chart 20 - Aug 2025

Retail and food
Inventory/sales services sales 2
4
ratio
1.46
1.49
1.47
1.45
1.46
1.34
1.14
1.23
1.27
1.31
1.32
1.32
1.33
1.33
1.32
1.31
1.29
1.31
1.31
1.29
1.29
1.30
1.29
1.29

437,418
450,280
468,979
489,840
505,390
508,980
602,116
656,129
678,289
698,831
692,449
698,909
697,522
703,079
707,613
712,145
717,662
711,461
711,757
722,572
721,789
716,101
722,571
726,283

Manufacturers’ Shipments, Inventories, and Orders
In July, manufacturers’ shipments, inventories, and unfilled orders rose, while new orders fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
680
620 SHIPMENTS
580
540
TOTAL
500
460
420
380

BILLIONS OF DOLLARS* (RATIO SCALE)
980
INVENTORIES
900
TOTAL
820
740
700
660
620
580
540
500

NONDURABLE GOODS

340
300

DURABLE GOODS

460

260

DURABLE GOODS

420

NONDURABLE GOODS

220

380

180

340

BILLIONS OF DOLLARS* (RATIO SCALE)
680
NEW ORDERS
620
580
540
TOTAL
500
460
420
380

300

RATIO*
1.70

340

1.50

260

INVENTORY/SHIPMENTS RATIO

1.60

300
1.40

260

DURABLE GOODS
1.30

220

1.20

180
2022

2021

2024

2023

2025

2021

2022

2024

2023

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1

Chart 21- Aug 2025

Durable goods
Period

Total

Durable
goods

2025

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
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 ��������������������
2024 ��������������������
2024: July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2025: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June r �������
      July p ��������

461,086
446,966
462,400
493,366
483,122
441,524
517,867
587,389
587,115
593,498
597,331
593,766
592,881
590,720
593,730
596,142
598,328
602,132
600,663
598,633
599,560
602,992
608,271

231,822
226,344
230,618
245,474
241,521
223,323
252,658
280,907
289,701
293,264
296,700
294,296
293,744
292,248
292,079
294,382
295,416
298,780
299,460
300,325
301,096
303,282
307,809

229,264
220,623
231,782
247,893
241,602
218,200
265,209
306,481
297,414
300,234
300,631
299,470
299,137
298,472
301,651
301,760
302,912
303,352
301,203
298,308
298,464
299,710
300,462

638,420
635,625
658,658
683,417
717,140
715,771
832,745
939,060
933,564
941,027
934,978
935,844
934,025
934,085
938,291
941,027
941,981
943,013
944,064
943,249
944,036
946,202
948,846

393,113
380,237
389,611
413,353
438,169
439,516
509,554
572,429
577,559
584,782
580,142
579,921
578,908
579,163
582,868
584,782
584,988
585,250
585,917
586,659
587,721
589,158
591,160

245,307
255,388
269,047
270,064
278,971
276,255
323,191
366,631
356,005
356,245
354,836
355,923
355,117
354,922
355,423
356,245
356,993
357,763
358,147
356,590
356,315
357,044
357,686

452,778
441,331
457,693
488,560
469,945
437,502
524,128
588,529
589,923
588,819
593,865
589,396
591,606
591,738
589,991
592,319
594,107
597,337
617,418
593,537
642,533
611,471
603,629

223,515
220,708
225,912
240,668
228,344
219,302
258,919
282,047
292,509
288,585
293,234
289,926
292,469
293,266
288,340
290,559
291,195
293,985
316,215
295,229
344,069
311,761
303,167

70,382
69,092
72,832
72,274
62,808
62,910
77,432
82,599
89,594
81,956
87,240
83,538
83,534
83,598
82,164
83,501
87,026
84,840
107,940
87,169
130,657
98,835
90,283

1,201,437
1,184,504
1,180,949
1,177,839
1,072,957
1,078,561
1,214,534
1,291,737
1,384,271
1,385,403
1,373,533
1,373,875
1,377,419
1,383,277
1,384,359
1,385,403
1,386,036
1,386,126
1,407,831
1,407,699
1,455,660
1,469,146
1,469,562

1.40
1.42
1.39
1.37
1.45
1.61
1.49
1.53
1.59
1.58
1.57
1.58
1.58
1.58
1.58
1.58
1.57
1.57
1.57
1.58
1.57
1.57
1.56

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

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

21

PRICES
Producer Prices
The producer price index for final demand rose 0.9 percent in July. Prices for final demand goods rose 0.7 percent and
prices for final demand services rose 1.1 percent.
INDEX, NOV. 2009=100 (RATIO SCALE)

INDEX, NOV. 2009=100 (RATIO SCALE)

155
SEASONALLY ADJUSTED

FINAL DEMAND
150
145
140
135

130

125
FINAL DEMAND
SERVICES

FINAL
DEMAND

120

115
FINAL DEMAND
GOODS

110

105
2017

2018

2019

2020

2022

2021

2023

2024

2025

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 �����������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 ��������������������
2024 ��������������������
2024: July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2025: Jan �����������
      Feb �����������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July p ��������

Total
final
demand 1

100.0
109.9
110.4
113.0
116.2
118.2
118.4
126.710
138.753
141.549
144.885
144.869
145.360
145.792
146.242
146.391
147.126
148.132
148.323
148.061
147.700
148.228
148.270
149.671

Final demand services

Total

Foods 2

Energy

Less
food
and
energy

Total

Trade 3

29.686
109.1
107.6
111.2
115.0
115.5
113.8
125.828
142.595
142.991
143.841
143.867
143.800
143.508
143.598
144.411
145.134
146.148
146.532
145.154
145.114
145.256
145.719
146.685

5.698
118.4
115.1
116.5
116.7
118.9
120.4
130.989
149.299
150.536
152.927
152.170
153.303
154.010
153.151
156.392
156.863
158.483
161.062
157.533
156.138
156.179
156.370
158.567

5.224
98.6
90.4
99.8
110.0
105.0
91.5
119.522
156.168
143.783
137.518
137.725
135.614
132.891
133.353
133.873
136.826
139.580
137.625
132.319
131.868
131.388
132.533
133.691

18.764
109.9
110.7
113.2
116.0
117.6
118.5
126.218
136.802
140.747
143.391
143.579
143.816
144.004
144.244
144.468
144.565
144.867
145.367
145.819
146.286
146.652
146.980
147.540

67.708
110.0
111.5
113.5
116.5
119.1
120.2
126.657
135.932
139.702
144.243
144.175
144.933
145.697
146.333
146.190
146.945
147.936
148.053
148.286
147.797
148.503
148.350
149.955

19.365
111.6
113.1
114.8
116.9
119.7
121.7
130.682
148.779
151.455
153.505
152.270
153.972
155.882
156.964
156.021
156.731
158.650
157.445
158.053
157.618
159.941
159.464
162.719

Transportation
and
warehousing
4.909
115.3
113.5
115.9
122.0
125.5
121.2
130.894
154.323
150.584
150.336
150.989
149.871
149.823
150.228
149.864
153.676
154.603
154.596
151.917
152.028
151.963
150.771
152.296

Other

43.434
108.7
110.6
112.8
115.8
118.2
119.5
124.466
128.299
133.215
139.235
139.562
140.131
140.516
140.994
141.195
141.647
142.268
142.929
143.312
142.742
142.874
142.959
143.907

Processed goods
Final
for intermediate
demand
demand (1982=100)
less
foods,
energy,
Less
and
food
trade
Total
and
(Aug. 2013
energy
=100) 2
69.713
102.1
103.3
105.4
108.4
110.6
111.4
117.081
124.167
128.131
132.346
132.655
132.981
133.257
133.614
133.767
134.301
134.837
135.347
135.519
135.281
135.456
135.522
136.347

100.0
188.0
182.2
190.7
200.9
198.1
192.5
229.979
267.939
258.108
255.062
255.514
255.271
253.247
253.975
254.140
254.562
257.209
258.232
258.055
258.763
258.996
259.080
261.048

73.082
189.4
186.9
193.3
201.8
201.1
198.9
232.983
261.127
257.092
257.296
257.440
257.572
257.236
257.698
258.032
257.837
258.912
259.759
261.542
262.804
264.192
264.077
265.411

Unprocessed
goods
Chart 22 - Aug 2025
for intermediate
demand (1982=100)
Services
for
intermediNonfood
ate
materials demand
Total
less
energy
100.0
189.1
173.4
190.8
200.1
185.9
167.6
242.264
316.821
255.504
245.390
252.027
244.054
239.318
244.736
244.730
251.864
266.351
266.893
256.365
246.641
242.088
248.411
252.908

23.846
296.0
288.0
324.1
340.7
323.4
346.0
462.581
490.668
445.707
433.665
436.054
432.134
438.502
443.464
444.493
437.124
442.880
449.092
453.721
458.063
452.260
455.233
464.151

100.0
110.2
112.1
115.0
118.6
121.4
121.9
130.683
139.795
145.955
151.115
151.686
151.865
152.167
152.299
152.063
152.910
153.073
153.130
153.609
153.234
153.456
153.534
154.703

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 2024.

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

22

Consumer Prices—All Urban Consumers
In July, the consumer price index for all urban consumers rose 0.2 percent; it rose 0.2 percent before seasonal adjustment.
The index rose 2.7 percent from its year-earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE)

INDEX, 1982-84 = 100 (RATIO SCALE)
340

340
SEASONALLY ADJUSTED

330

330

320

320

310

310

300

300

290

290

280

280
270

270
CONSUMER PRICES—ALL ITEMS
260

260

250

250

240

240

230

230
220

220
2017

2018

2019

2020

2021

2022

2023

2024

SOURCE: DEPARTMENT OF LABOR

2025

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 �����������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 ��������������������
2024 ��������������������
2024: July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2025: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July ����������

Not
seasonally Seasonally
adjusted
adjusted
(NSA)
100.0
237.017
240.007
245.120
251.107
255.657
258.811
270.970
292.655
304.702
313.689
314.540
314.796
315.301
315.664
315.493
315.605
317.671
319.082
319.799
320.795
321.465
322.561
323.048

�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
313.566
314.131
314.851
315.564
316.449
317.603
319.086
319.775
319.615
320.321
320.580
321.500
322.132

All items less food and energy
Total 1

79.914
242.247
247.602
252.169
257.565
263.211
267.693
277.255
294.307
308.381
318.983
318.933
319.839
320.835
321.688
322.619
323.296
324.739
325.475
325.659
326.430
326.854
327.600
328.656

Shelter

35.418
278.803
288.230
297.803
307.663
318.053
325.886
334.575
354.235
380.643
400.561
401.065
402.992
404.062
405.642
407.015
408.126
409.653
410.811
411.724
413.103
414.155
414.883
415.851

Medical
care 2
8.263
446.752
463.675
475.322
484.707
498.413
518.876
525.276
546.554
549.084
563.841
564.919
564.364
566.497
567.835
569.160
569.902
571.234
572.797
573.966
576.785
578.236
580.978
584.770

Apparel

2.493
125.903
126.045
125.612
125.654
124.052
118.079
120.993
127.081
130.579
131.483
131.448
131.581
132.886
131.706
131.814
131.986
130.160
130.935
131.415
131.156
130.599
131.161
131.253

Food
New
vehicles
4.320
147.135
147.358
146.992
146.287
146.834
147.600
156.240
172.480
178.899
177.887
176.895
176.950
177.176
177.141
177.974
178.620
178.683
178.551
178.724
178.709
178.188
177.589
177.620

Energy

Total 1

At
home

Away
from
home

13.634
247.235
247.931
250.065
253.558
258.316
267.219
277.756
305.388
322.965
330.263
330.142
330.644
331.716
332.418
333.492
334.456
335.671
336.223
337.686
337.424
338.386
339.498
339.652

7.988
242.250
239.065
238.589
239.661
241.775
250.233
258.892
288.451
302.929
306.536
305.996
306.239
307.201
307.798
308.881
309.754
311.178
311.203
312.713
311.331
312.158
313.029
312.659

5.646
256.101
262.695
268.826
275.893
284.410
293.944
307.296
330.822
354.256
368.743
369.383
370.348
371.604
372.486
373.530
374.644
375.532
376.991
378.363
380.039
381.228
382.750
383.808

Total 1, 2

6.453
202.895
189.535
204.540
219.941
215.294
196.949
238.325
298.266
283.286
279.544
278.634
275.863
273.238
272.629
272.863
279.455
282.481
283.035
276.274
278.118
275.406
278.012
275.044

Chart 23 - Aug 2025

Gasoline

2.968
212.007
187.602
211.770
240.599
232.003
194.130
264.017
347.747
311.574
295.730
293.814
290.345
283.588
280.807
281.613
292.942
298.080
295.226
276.765
276.510
269.189
271.907
266.008

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

�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
174.792
174.848
175.099
175.282
175.129
175.144
176.268
177.032
177.415
177.959
178.318
178.909
179.154

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 2025.

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
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 ��������������������
2024 ��������������������

–1.1
1.7
2.5
2.6
1.4
.8
10.0
6.4
1.1
3.5

–3.8
1.9
3.5
1.6
1.0
.0
13.4
7.9
–.5
1.9

–5.2
–1.6
2.0
2.8
1.2
–.2
13.1
14.3
–4.1
4.7

–16.4
6.3
10.1
–3.1
2.4
–6.8
31.6
9.4
–4.7
–2.0

–0.1
1.7
2.2
2.6
.6
1.7
9.3
5.8
1.9
2.1

0.2
1.6
2.1
3.0
1.4
1.3
8.4
5.3
1.8
4.3

0.0
1.0
1.8
3.1
.8
1.9
14.2
9.2
–1.5
4.4

–3.5
1.1
2.3
6.5
2.2
–5.9
17.0
10.8
–4.4
3.0

0.8
2.0
2.3
2.6
1.8
1.7
4.8
2.8
4.1
4.4

0.3
1.8
2.3
2.8
1.5
1.3
7.0
4.7
2.7
3.6

–6.6
1.8
5.0
2.8
–1.7
1.5
24.4
4.8
–2.8
.1

–3.8
1.6
3.6
3.5
–1.8
2.3
23.3
2.4
–1.0
1.0

–25.3
13.0
5.0
3.7
–7.3
1.3
40.0
10.7
–18.7
4.5

–18.5
13.7
8.5
2.9
–5.0
20.5
23.1
–6.3
–3.3
.4

0.5
2.6
2.9
3.1
1.7
2.1
8.3
6.0
3.7
3.1

–0.9
.5
2.4
2.8
1.7
.2
7.0
9.5
2.0
2.4

–4.3
–1.4
3.3
3.4
.4
–1.5
10.6
13.3
.3
.6

0.9
1.4
1.8
2.6
2.2
.9
5.4
7.3
2.8
3.3

0.4
.2
.2
.3
.1
.4
.4
.4
.1
–.2
.1
.0
.6

0.5
–.1
–.8
.3
.1
.2
1.0
.4
–.1
.3
.1
.0
.8

.0
.1
–.1
.2
.1
–.1
.4
.3
.7
.5
.5
.0
.5

2.0
–3.2
–1.9
2.3
.0
2.9
5.8
.2
–3.9
–3.8
–1.8
2.6
1.8

0.8
–.9
1.5
1.1
.2
–1.7
1.3
1.4
1.0
1.0
–1.3
.7
2.0

0.3
.1
.2
.1
–.2
.6
.1
.0
.3
–.2
.1
.1
.8

2.4
2.1
2.1
2.8
2.9
3.5
3.8
3.4
3.2
2.4
2.7
2.4
3.3

1.7
–.1
–1.2
.2
1.1
1.9
2.4
1.7
.8
.4
1.1
1.7
1.9

2.8
3.1
3.7
4.1
3.8
4.3
4.5
4.3
4.3
3.3
3.5
2.7
4.0

Change, month to month
2024: July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2025: Jan �����������
      Feb �����������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July p ��������

.0
.3
.3
.3
.1
.5
.7
.1
–.2
–.2
.4
.0
.9

0.4
.0
–.2
.1
.6
.5
.7
.3
–.9
.0
.1
.3
.7

0.2
.7
.5
–.6
2.1
.3
1.0
1.6
–2.2
–.9
.0
.1
1.4

1.5
–1.5
–2.0
.3
.4
2.2
2.0
–1.4
–3.9
–.3
–.4
.9
.9

0.2
.2
.1
.2
.2
.1
.2
.3
.3
.3
.3
.2
.4

–0.2
.5
.5
.4
–.1
.5
.7
.1
.2
–.3
.5
–.1
1.1

–1.7
1.1
1.2
.7
–.6
.5
1.2
–.8
.4
–.3
1.5
–.3
2.0

1.2
–.7
.0
.3
–.2
2.5
.6
.0
–1.7
.1
.0
–.8
1.0

0.4
.4
.3
.3
.1
.3
.4
.5
.3
–.4
.1
.1
.7

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
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 ��������������������
2024 ��������������������

0.7
2.1
2.1
1.9
2.3
1.4
7.0
6.5
3.4
2.9

2.1
2.2
1.8
2.2
2.3
1.6
5.5
5.7
3.9
3.2

3.2
3.6
3.2
3.2
3.2
1.8
4.1
7.5
6.2
4.6

2.6
4.1
1.8
2.0
4.6
1.8
2.2
4.0
.5
2.8

–0.9
–.1
–1.6
–.1
–1.2
–3.9
5.8
2.9
1.0
1.2

2024: July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2025: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������

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

0.2
.3
.3
.3
.3
.2
.4
.2
.1
.2
.1
.2
.3

0.4
.5
.3
.4
.3
.3
.4
.3
.2
.3
.3
.2
.2

–0.1
–.1
.4
.2
.2
.1
.2
.3
.2
.5
.3
.5
.7

–0.3
.1
1.0
–.9
.1
.1
–1.4
.6
.4
–.2
–.4
.4
.1

0.2
.3
–.5
–.3
.1
2.0
11.8
5.9
1.0
–.4

0.8
–.2
1.6
1.6
1.8
3.9
6.3
10.4
2.7
2.5

–0.4
–2.0
.9
.6
.7
3.9
6.5
11.8
1.3
1.8

2.6
2.3
2.5
2.8
3.1
3.9
6.0
8.3
5.2
3.6

–12.6
5.4
6.9
–.3
3.4
–7.0
29.3
7.3
–2.0
–.5

–19.7
9.1
10.7
–2.1
7.9
–15.2
49.6
–1.5
–1.9
–3.4

0.4
1.8
1.7
1.5
1.8
1.5
6.5
6.4
2.9
2.6

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

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

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

0.1
1.3
2.1
2.4
1.8
1.2
4.7
8.0
4.1
2.9

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

0.2
.3
.3
.2
.3
.3
.2
.4
.4
.4
.3
.4
.3

–0.4
–1.0
–1.0
–.2
.1
2.4
1.1
.2
–2.4
.7
–1.0
.9
–1.1

–0.9
–1.2
–2.3
–1.0
.3
4.0
1.8
–1.0
–6.3
–.1
–2.6
1.0
–2.2

r 0.0
r .0

�������������
�������������
1.4
�������������
�������������
3.0
�������������
�������������
3.8
�������������
�������������
1.6
�������������

0.7
1.3
2.2
2.6
3.0
3.5
4.5
4.3
2.6
1.6
1.0
2.4
2.3

2.4
2.0
1.8
1.6
2.1
2.9
3.6
3.6
3.0
3.0
2.6
2.5
1.9

2.9
2.5
2.4
2.6
2.7
2.9
3.0
2.8
2.4
2.3
2.4
2.7
2.7

Change, month to month
–0.1
.0
.1
.0
.5
.4
.0
–.1
.1
.0
–.3
–.3
.0

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

.1
.1
–.1
.0
.6
.4
.2
.3
.2
.3
.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 1.4 percent and prices paid by farmers rose 0.5 percent. (Data are not seasonally
adjusted.)
INDEX, 2011=100 (RATIO SCALE)
160

INDEX, 2011=100 (RATIO SCALE)
160
150

150

140

140

130

130

PRICES PAID

120

120

110

110

100

100

PRICES RECEIVED

90

90

80

80

70

70
1

RATIO1
140

RATIO
140
120

120
RATIO

100

100

80

80

60

60
2017

2019

2018

2020

2021

2023

2022

2025

2024

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

SOURCE: DEPARTMENT OF AGRICULTURE

COUNCIL OF ECONOMIC ADVISERS

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

Period

2015 ���������������������������������������������������
2016 ���������������������������������������������������
2017 ���������������������������������������������������
2018 ���������������������������������������������������
2019 ���������������������������������������������������
2020 ���������������������������������������������������
2021 ���������������������������������������������������
2022 ���������������������������������������������������
2023 r �������������������������������������������������
2024 r �������������������������������������������������
2024: July r ���������������������������������������
      Aug r ����������������������������������������
      Sept r ���������������������������������������
      Oct r �����������������������������������������
      Nov r ����������������������������������������
      Dec r ����������������������������������������
2025: Jan r ����������������������������������������
      Feb r ����������������������������������������
      Mar r ���������������������������������������
      Apr r ����������������������������������������
      May r ���������������������������������������
      June r ��������������������������������������
      July p ���������������������������������������

Agricultural
production

99.2
90.2
93.4
90.5
89.9
94.9
109.9
130.1
116.3
119.4
123.4
128.2
121.0
112.7
120.2
127.0
129.7
147.1
142.9
137.8
140.1
138.3
136.4

Crop
production

87.0
85.5
86.2
85.8
84.8
100.5
114.4
123.4
103.0
95.2
100.2
100.4
99.2
89.6
94.3
93.1
88.8
96.3
96.2
100.8
103.0
103.0
102.7

Chart 25 - Aug 2025

Prices paid by farmers

Livestock
production

113.4
94.4
100.1
94.4
95.6
88.7
105.1
138.9
133.5
149.6
152.4
158.4
146.6
155.2
159.1
172.5
189.0
193.8
182.7
168.1
170.5
170.2
172.5

All commodities,
services, interest,
taxes, and wage
rates (PPITW) 2
110.7
105.8
106.5
109.6
110.3
110.2
119.9
137.4
140.7
139.8
139.7
138.3
138.0
139.7
140.2
141.5
147.0
147.5
147.9
148.7
149.5
150.0
150.8

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

111.6
105.7
106.1
109.3
109.8
109.4
119.7
138.7
141.5
139.9
139.7
138.1
137.7
139.6
140.2
141.7
147.9
148.3
148.7
149.6
150.5
150.9
151.8

Production
items

112.0
104.7
104.5
107.1
106.8
105.8
116.8
136.6
138.4
135.9
135.9
134.0
133.5
135.7
136.4
138.0
144.3
144.8
145.3
146.5
147.5
148.1
149.1

Ratio of prices
received by farmers
to PPITW

90
85
87
83
82
80
87
94
88
87
88
93
88
81
86
89
88
99
97
93
93
92
90

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

M2

20,000

20,000

18,000

18,000

16,000

16,000

14,000

14,000

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
4,000

4,000
3,600

3,600

M1

3,200

3,200

2,800

2,800

2,400

2,400

2,000

2,000
1,600

1,600

2017

2018

2019

2020

2021

2022

2023

2024

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

2025

COUNCIL OF ECONOMIC ADVISERS

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

Period

2015: Dec ������������������������������������������
2016: Dec ������������������������������������������
2017: Dec ������������������������������������������
2018: Dec ������������������������������������������
2019: Dec ������������������������������������������
2020: Dec ������������������������������������������
2021: Dec r ����������������������������������������
2022: Dec r ����������������������������������������
2023: Dec r ����������������������������������������
2024: Dec r ����������������������������������������
2024: July r ���������������������������������������
      Aug r ����������������������������������������
      Sept r ���������������������������������������
      Oct r �����������������������������������������
      Nov r ����������������������������������������
      Dec r ����������������������������������������
2025: 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

3,106.3
3,345.4
3,612.6
3,761.0
4,003.6
17,827.9
20,398.8
19,671.2
17,914.8
18,358.5
18,036.8
18,091.4
18,157.1
18,215.1
18,327.9
18,358.5
18,441.1
18,501.1
18,524.9
18,648.1
18,693.2
18,803.4
18,861.1

12,368.7
13,226.1
13,873.8
14,382.6
15,348.0
19,133.2
21,471.0
21,218.9
20,701.2
21,441.8
21,098.0
21,185.1
21,272.1
21,323.5
21,424.3
21,441.8
21,511.0
21,584.2
21,656.9
21,804.7
21,883.9
22,021.4
22,115.4

Percent change

Chart 26 - Aug 2025

From
previous period 5

From year or 6 months earlier 4
M1

45,885.4
5.1
47,848.5
7.7
50,006.8
8.0
52,691.8
4.1
55,158.7
6.5
62,002.7 �����������������������������
66,454.8
14.4
70,134.7
–3.6
73,699.2
–8.9
76,760.3
2.5
���������������������������������������������
1.0
���������������������������������������������
1.2
76,310.9
2.0
���������������������������������������������
2.7
���������������������������������������������
3.6
76,760.3
3.5
���������������������������������������������
4.5
���������������������������������������������
4.5
77,202.9
4.1
���������������������������������������������
4.8
���������������������������������������������
4.0
���������������������������������������������
4.8
���������������������������������������������
4.6

M2

Debt
5.7
6.9
4.9
3.7
6.7
24.7
12.2
–1.2
–2.4
3.6
3.1
3.1
3.6
3.7
4.1
3.6
3.9
3.8
3.6
4.5
4.3
5.4
5.6

4.5
4.4
4.3
4.7
4.7
12.3
6.3
5.6
5.1
4.7
�������������������������������
�������������������������������
4.8
�������������������������������
�������������������������������
4.5
�������������������������������
�������������������������������
2.8
�������������������������������
�������������������������������
�������������������������������
�������������������������������

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

2015: Dec �����������
2016: Dec �����������
2017: Dec �����������
2018: Dec �����������
2019: Dec �����������
2020: Dec �����������
2021: Dec r ���������
2022: Dec r ���������
2023: Dec r ���������
2024: Dec r ���������
2024: July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2025: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July p ��������

Nonbank
travelers
checks

Currency

1,339.7
1,421.2
1,525.6
1,624.5
1,711.1
1,972.3
2,129.0
2,208.7
2,247.7
2,276.2
2,259.6
2,264.4
2,269.5
2,273.0
2,275.1
2,276.2
2,275.4
2,276.2
2,281.9
2,287.8
2,292.7
2,300.1
2,311.4

Other checkable
deposits (OCDs)
Demand
deposits

2.5
2.2
1.9
1.7
���������������
���������������
���������������
���������������
���������������
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���������������
���������������
���������������
���������������
���������������
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���������������
���������������
���������������
���������������
���������������
���������������

1,249.1
1,375.2
1,491.4
1,504.1
1,614.9
3,295.9
4,720.1
5,043.0
4,941.3
5,409.5
5,213.4
5,257.2
5,307.1
5,326.9
5,391.6
5,409.5
5,508.5
5,550.1
5,560.0
5,541.6
5,559.3
5,649.4
5,622.2

Savings deposits
(including MMDAs)

Small-denomination
time deposits 1

At
thrift
institutions

Total

At
commercial
banks

At
thrift
institutions

1,143.4
1,260.0
1,299.5
1,333.4
1,334.9
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

427.5
369.3
433.4
554.2
603.0
250.0
90.3
379.1
1,104.7
1,094.4
1,184.0
1,192.8
1,186.9
1,158.3
1,122.6
1,094.4
1,083.1
1,071.3
1,073.0
1,070.4
1,065.4
1,060.5
1,063.8

316.6
267.5
321.8
446.8
481.7
199.4
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

110.9
101.8
111.6
107.4
121.4
50.6
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

Total

At
commercial
banks

At
thrift
institutions

Total

At
commercial
banks

515.0
546.8
593.7
630.7
677.6
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

276.3
288.1
306.5
334.5
370.2
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

238.8
258.7
287.2
296.3
307.4
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

8,157.0
8,809.8
9,107.1
9,248.7
9,746.6
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

7,013.6
7,549.8
7,807.6
7,915.3
8,411.7
���������������
���������������
���������������
���������������
���������������
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���������������
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���������������
���������������
���������������
���������������
���������������
���������������

Retail
money
funds

677.8
701.7
720.7
818.7
994.8
1,055.3
981.9
1,168.6
1,681.7
1,988.8
1,877.2
1,900.9
1,928.2
1,950.0
1,973.8
1,988.8
1,986.8
2,011.8
2,058.9
2,086.2
2,125.3
2,157.5
2,190.5

Institutional
money
funds 2

1,820.2
1,753.5
1,834.6
1,877.5
2,267.6
2,843.7
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������

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

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

2015: Dec ������������
2016: Dec ������������
2017: Dec ������������
2018: Dec ������������
2019: Dec ������������
2020: Dec ������������
2021: Dec ������������
2022: Dec ������������
2023: Dec ������������
2024: Dec ������������
2024: July �����������
      Aug �����������
      Sept ����������
      Oct ������������
      Nov �����������
      Dec ������������
2025: Jan ������������
      Feb ������������
      Mar �����������
      Apr ������������
      May �����������
      June ����������
      July �����������

Total

To satisfy
reserve
balance
requirements 2

That
exceed the
top of the
penalty-free
band

2,419,774
2,031,007
2,244,274
1,691,394
1,630,090
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������

97,981
116,285
135,719
135,698
152,562
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������

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

89,313
105,944
123,720
123,703
138,984
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������

61,413
64,280
65,549
68,462
68,255
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
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������������������
������������������
������������������
������������������
������������������
������������������
������������������

2,481,082
2,095,247
2,309,747
1,759,780
1,698,323
3,076,300
4,149,900
3,090,000
3,358,500
3,224,500
3,189,100
3,215,400
3,141,100
3,142,700
3,221,400
3,224,500
3,249,100
3,256,000
3,403,800
3,350,300
3,258,900
3,349,800
3,333,000

Monetary
base 5

3,835,810
3,531,565
3,850,969
3,400,747
3,426,464
5,206,500
6,413,100
5,406,000
5,827,200
5,603,800
5,653,400
5,669,700
5,588,000
5,566,800
5,616,200
5,603,800
5,613,900
5,613,700
5,775,200
5,732,900
5,648,700
5,748,800
5,740,300

Total 6

106
39
75
76
21
58,685
38,082
17,300
133,490
15,917
113,144
105,679
95,735
68,896
35,457
15,917
6,517
5,276
4,542
4,651
4,096
6,201
7,288

Primary

Secondary

Seasonal

Term
assetbacked
securities
loan
facility 7

38
13
43
18
10
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67
25
33
58
11
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1 Data are prorated averages of biweekly (maintenance period) averages of daily figures.
2 Equals the sum of balances maintained up to the top of each institution’s penalty-free band.
3 Excludes vault cash used to satisfy required reserves.
4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve.
5 Equals total balances maintained plus currency in circulation (not shown).
6 Includes term auction credit (December 2007 to April 2010), primary dealer and other broker-dealer credit (March 2008 to February 2010), credit extended to American International Group, Inc.

(September 2008 to January 2011), asset-backed commercial paper money market mutual fund liquidity facility (September 2008 to February 2010), and other credit extensions, not shown separately.
7 Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility.
Note: Data reflect the creation of a penalty-free band around reserve balance requirements which took effect June 27, 2013. See H.3 release of July 11, 2013.
The last H.3 statistical release was published on September 17, 2020. For more information, see the announcements on August 20, 2020 and September 24, 2020.
Source: Board of Governors of the Federal Reserve System.

27

Bank Credit at All Commercial Banks
Total commercial bank loans and leases rose 0.5 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

OTHER SECURITIES

800

800

400

400
2017

2018

2019

2020

2021

2022

2023

2024

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

2025

COUNCIL OF ECONOMIC ADVISERS

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

2015: Dec �����������
2016: Dec �����������
2017: Dec �����������
2018: Dec �����������
2019: Dec �����������
2020: Dec �����������
2021: Dec �����������
2022: Dec �����������
2023: Dec �����������
2024: Dec �����������
2024: July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2025: Jan �����������
      Feb �����������
      Mar ����������
      Apr r ���������
      May r ��������
      June r �������
      July p ��������

Total
bank
credit

11,342.1
12,074.4
12,548.8
13,076.3
13,862.4
15,041.4
16,402.4
17,508.8
17,344.5
17,956.1
17,729.2
17,802.1
17,860.2
17,930.6
17,929.9
17,956.1
17,965.5
18,035.7
18,143.7
18,304.2
18,394.7
18,483.5
18,582.0

Total
securities

3,110.3
3,310.8
3,437.7
3,499.5
3,833.8
4,702.4
5,694.4
5,522.7
5,080.6
5,366.3
5,280.0
5,330.5
5,372.5
5,409.1
5,381.7
5,366.3
5,351.9
5,372.8
5,416.8
5,486.3
5,523.6
5,561.2
5,598.0

U.S.
Treasury
and
agency
securities
2,224.4
2,409.1
2,524.2
2,666.1
3,002.9
3,757.8
4,578.2
4,377.1
4,072.0
4,404.5
4,285.3
4,331.6
4,372.2
4,405.7
4,396.6
4,404.5
4,381.3
4,394.1
4,434.1
4,506.1
4,543.4
4,578.2
4,607.9

Loans and leases in bank credit

Other
securities

885.9
901.6
913.6
833.4
830.8
944.6
1,116.2
1,145.5
1,008.7
961.8
994.7
998.9
1,000.3
1,003.4
985.2
961.8
970.6
978.8
982.7
980.2
980.2
982.9
990.2

Total
loans
and
leases 3
8,231.8
8,763.6
9,111.0
9,576.8
10,028.6
10,339.0
10,708.0
11,986.1
12,263.8
12,589.8
12,449.2
12,471.6
12,487.7
12,521.4
12,548.1
12,589.8
12,613.6
12,662.8
12,726.9
12,817.9
12,871.0
12,922.3
12,984.0

Commercial
and
industrial
loans
1,953.1
2,083.9
2,105.5
2,303.8
2,357.6
2,590.6
2,473.3
2,798.5
2,761.8
2,787.7
2,762.6
2,769.3
2,781.4
2,787.0
2,788.6
2,787.7
2,780.2
2,784.2
2,790.1
2,813.1
2,819.2
2,838.9
2,870.3

Chart 28 - Aug 2025

Real estate loans
Total 4
3,871.2
4,114.9
4,288.9
4,412.6
4,613.0
4,642.4
4,790.2
5,349.8
5,532.8
5,617.5
5,605.6
5,605.6
5,605.4
5,611.5
5,615.4
5,617.5
5,625.3
5,640.3
5,646.9
5,655.7
5,666.2
5,672.4
5,676.1

Revolving
home equity
loans
441.1
406.5
382.6
350.0
321.9
282.5
249.4
255.8
254.4
261.8
257.4
258.7
259.6
260.0
260.8
261.8
263.2
264.1
265.1
267.0
267.7
269.1
271.1

Commercial
loans
1,781.0
1,962.7
2,087.7
2,183.8
2,319.4
2,405.6
2,528.6
2,871.9
2,964.6
3,000.3
3,000.7
3,000.0
2,999.3
3,005.3
3,004.1
3,000.3
3,003.8
3,010.9
3,010.2
3,012.5
3,017.5
3,019.4
3,026.1

Consumer
loans 5

1,256.3
1,352.5
1,426.5
1,496.0
1,587.7
1,518.5
1,647.7
1,839.1
1,900.8
1,927.7
1,915.5
1,919.6
1,921.3
1,923.7
1,917.5
1,927.7
1,934.8
1,939.3
1,945.4
1,955.3
1,963.8
1,962.7
1,967.2

All other
loans
and
leases 6
1,151.2
1,212.3
1,290.1
1,364.4
1,470.3
1,587.5
1,796.7
1,998.7
2,068.5
2,257.0
2,165.5
2,177.1
2,179.5
2,199.3
2,226.6
2,257.0
2,273.3
2,299.1
2,344.5
2,393.9
2,421.8
2,448.3
2,470.3

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

2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 ��������������������
2024 ��������������������
2022: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2023: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2024: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2025: I p ��������������

Internal 1

3,373.2
3,003.4
2,149.3
3,458.5
4,568.6
2,510.1
3,486.4
5,720.8
4,614.6
3,735.3
5,686.8
5,116.4
6,257.1
5,822.9
4,749.2
4,470.2
4,744.1
4,494.9
2,853.1
3,548.3
4,027.3
4,512.4
4,239.3

1,955.5
1,901.4
1,835.0
2,148.3
2,257.1
2,265.2
2,467.5
2,634.5
2,989.8
3,155.2
2,308.8
2,495.1
2,871.4
2,862.6
2,824.7
2,910.2
3,056.5
3,167.9
3,004.3
3,115.4
3,179.4
3,321.5
3,193.7

Total

1,417.7
1,102.0
314.3
1,310.2
2,311.5
244.9
1,018.9
3,086.3
1,624.8
580.1
3,378.0
2,621.3
3,385.7
2,960.3
1,924.5
1,560.0
1,687.6
1,327.0
–151.2
432.9
847.9
1,190.9
1,045.6

Total
net
funds
raised

Net
new
equity
issues

195.4
–98.6
128.7
–190.4
308.3
935.8
261.5
–62.4
�����������������
�����������������
325.1
35.9
–203.2
–407.4
150.3
–174.9
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������

–446.6
–393.3
–284.6
–569.5
–341.1
–133.4
–275.1
–604.6
�����������������
�����������������
–579.7
–746.0
–544.8
–547.8
–491.5
–371.1
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������

Credit market instruments
Total

Securities
and
mortgages

Loans
and
short-term
paper

511.6
303.6
279.4
255.6
464.6
749.3
284.4
133.7
50.1
49.7
362.2
–21.3
148.8
45.2
699.0
118.2
50.5
20.3
87.0
47.7
74.9
–10.9
79.3

99.9
–34.0
96.6
106.9
148.3
277.0
220.7
388.1
–10.6
105.8
531.7
774.3
195.8
50.6
–91.0
57.8
60.9
–70.3
168.1
319.6
–103.1
38.4
342.5

642.0
294.7
413.3
379.0
649.4
1,069.2
536.7
542.2
246.3
428.9
904.8
781.9
341.6
140.5
641.9
196.2
152.0
–4.9
696.1
649.1
446.4
–75.9
866.3

Capital
expenditures 3

Total

Other 2

735.6
809.5
–90.5
1,004.1
1,669.3
–757.8
486.1
2,489.9
1,396.7
116.9
2,471.4
1,789.1
2,891.3
2,807.6
1,287.2
1,354.9
1,575.1
1,369.5
–849.8
–338.0
375.3
1,280.1
234.2

3,094.3
2,831.0
2,530.1
2,987.3
4,605.0
2,459.8
3,588.2
5,476.4
4,300.2
3,353.5
5,751.7
5,237.0
5,819.5
5,097.2
3,987.8
4,211.3
4,921.1
4,080.7
1,792.5
3,183.9
3,866.2
4,571.2
4,153.6

1,951.0
1,870.7
1,951.3
2,132.2
2,198.6
2,023.6
2,246.6
2,792.8
2,842.2
2,981.6
2,961.9
2,641.3
2,765.1
2,802.8
2,761.5
2,806.7
2,896.0
2,904.5
2,908.0
3,007.8
3,037.4
2,973.1
3,216.2

Increase
in
financial
assets

1,143.3
960.3
578.8
855.1
2,406.4
436.2
1,341.6
2,683.6
1,458.0
371.9
2,789.8
2,595.7
3,054.4
2,294.4
1,226.3
1,404.6
2,025.1
1,176.2
–1,115.5
176.1
828.8
1,598.1
937.4

Discrepancy
(sources
less
uses)

148.4
143.9
–410.4
79.4
–145.9
143.8
185.6
–43.7
–35.4
236.3
–218.5
–417.9
141.2
320.4
768.3
48.7
–378.9
–579.6
682.5
58.4
44.2
159.8
214.6

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
2015: Dec ������������������������������������������
2016: Dec ������������������������������������������
2017: Dec ������������������������������������������
2018: Dec ������������������������������������������
2019: Dec ������������������������������������������
2020: Dec ������������������������������������������
2021: Dec ������������������������������������������
2022: Dec ������������������������������������������
2023: Dec r ����������������������������������������
2024: Dec r ����������������������������������������
2024: July r ���������������������������������������
      Aug r ����������������������������������������
      Sept r ���������������������������������������
      Oct r �����������������������������������������
      Nov r ����������������������������������������
      Dec r ����������������������������������������
2025: Jan r ����������������������������������������
      Feb r ����������������������������������������
      Mar r ���������������������������������������
      Apr r ����������������������������������������
      May r ���������������������������������������
      June p ��������������������������������������
      July p ���������������������������������������

Nonrevolving 2

Revolving
3,400.2
3,636.4
3,830.8
4,007.0
4,192.2
4,149.0
4,512.7
4,858.5
4,988.3
4,950.0
5,045.2
5,053.0
5,057.0
5,067.7
5,060.9
4,950.0
4,958.8
4,957.3
5,022.9
5,040.5
5,048.4
5,044.1
5,060.1

898.1
960.1
1,016.8
1,053.8
1,092.0
954.6
1,033.5
1,192.6
1,298.9
1,297.0
1,338.3
1,338.7
1,341.2
1,350.2
1,338.9
1,297.0
1,304.1
1,304.8
1,294.5
1,302.1
1,300.5
1,300.7
1,311.2

2,502.1
2,676.3
2,813.9
2,953.2
3,100.2
3,194.4
3,479.2
3,665.8
3,689.4
3,653.1
3,706.9
3,714.2
3,715.8
3,717.5
3,722.0
3,653.1
3,654.7
3,652.5
3,728.4
3,738.4
3,747.9
3,743.4
3,749.0

Total

Revolving
90.7
236.2
194.4
176.2
185.2
–43.2
363.7
345.8
129.8
–38.3
17.9
7.8
4.0
10.7
–6.8
–110.9
8.8
–1.5
65.6
17.6
7.9
–4.3
16.0

10.7
62.0
56.7
37.0
38.2
–137.4
78.9
159.1
106.3
–1.9
7.7
.4
2.5
9.0
–11.3
–41.9
7.1
.7
–10.3
7.6
–1.6
.2
10.5

Nonrevolving 2
79.9
174.2
137.6
139.3
147.0
94.2
284.8
186.6
23.6
–36.3
10.3
7.3
1.6
1.7
4.5
–68.9
1.6
–2.2
75.9
10.0
9.5
–4.5
5.6

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

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

29

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

PERCENT PER ANNUM
10

8

8

6

6

4

4
CORPORATE AAA BONDS
TREASURY
BILLS

2

2
FEDERAL FUNDS
RATE

0

0
2017

2018

2019

2020

2021

2022

2023

2024

SOURCE: SEE TABLE BELOW

2025

COUNCIL OF ECONOMIC ADVISERS

[Percent per annum]
Chart 30 - Aug 2025

U.S. Treasury security yields
Period

2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 ��������������������
2024 ��������������������
2024: Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2025: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
Week ended:
2025: Aug   9 �������
         16 �������
         23 �������
         30 �������
      Sept 6 �������

3-month bills
(at auction) 1

Constant maturities 2
3-year

10-year

30-year

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

Corporate
Aaa
bonds
(Moody’s)

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

Prime
rate
charged
by
banks 4

Federal
funds
rate 5

Home
mortgage
yields 6

0.06
.33
.94
1.94
2.08
.38
.04
2.04
5.08
4.98
5.07
4.79
4.51
4.42
4.30
4.21
4.22
4.20
4.21
4.25
4.23
4.24
4.14

1.02
1.00
1.58
2.63
1.94
.42
.46
3.05
4.30
4.22
3.79
3.51
3.90
4.21
4.22
4.33
4.22
3.96
3.78
3.90
3.86
3.84
3.67

2.14
1.84
2.33
2.91
2.14
0.89
1.45
2.95
3.96
4.21
3.87
3.72
4.10
4.36
4.39
4.63
4.45
4.28
4.28
4.42
4.38
4.39
4.26

2.84
2.59
2.89
3.11
2.58
1.56
2.06
3.11
4.09
4.41
4.15
4.04
4.38
4.54
4.58
4.85
4.68
4.60
4.71
4.90
4.89
4.92
4.87

3.48
3.07
3.36
3.53
3.38
2.41
2.00
3.85
4.31
4.21
4.16
4.09
4.21
4.19
4.19
4.34
4.26
4.42
4.72
4.72
4.86
4.93
4.90

3.89
3.67
3.74
3.93
3.39
2.47
2.70
4.07
4.81
5.04
4.87
4.68
4.95
5.14
5.20
5.46
5.32
5.29
5.45
5.54
5.46
5.45
5.35

0.76
1.01
1.60
2.41
2.78
.64
.25
1.86
5.20
5.31
5.50
5.00
5.00
4.75
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50

3.26
3.51
4.10
4.91
5.28
3.54
3.25
4.86
8.20
8.31
8.50
8.00
8.00
7.75
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50
7.50

0.13
.39
1.00
1.83
2.16
.37
.08
1.69
5.03
5.14
5.33
5.13
4.83
4.64
4.48
4.33
4.33
4.33
4.33
4.33
4.33
4.33
4.33

3.85
3.65
3.99
4.54
3.94
3.11
2.96
5.34
6.81
6.72
6.50
6.18
6.43
6.81
6.72
6.96
6.84
6.65
6.73
6.82
6.82
6.72
6.59

4.17
4.15
4.13
4.10
4.05

3.66
3.69
3.70
3.62
3.56

4.23
4.28
4.30
4.25
4.19

4.81
4.87
4.91
4.90
4.88

4.90
4.88
4.92
4.91
4.88

5.32
5.34
5.37
5.37
5.36

4.50
4.50
4.50
4.50
4.50

7.50
7.50
7.50
7.50
7.50

4.33
4.33
4.33
4.33
4.33

6.63
6.58
6.58
6.56
6.50

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 Contract interest rate on commitments for 30-year first-lien prime conventional conforming home purchase mortgage with a loan-to-value of 80 percent.

Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Mortgage Corporation, 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)
22,000
21,000
20,000
19,000

INDEX, DEC. 31, 2002=5,000 (RATIO SCALE)
22,000
21,000
20,000
19,000

COMPOSITE STOCK PRICE INDEX
(NYSE)

18,000

18,000

17,000

17,000

16,000

16,000

15,000

15,000

14,000

14,000

13,000

13,000

12,000

12,000

11,000

11,000

10,000

10,000

9,000
2017

2018

2020

2019

2021

2022

2023

2024

PERCENT
20

9,000

2025

PERCENT
20

15

15
EARNINGS/PRICE RATIO ON COMMON STOCKS
(S&P)

10

10

5

5

0

0
2017

2018

2019

2020

2023

2022

2021

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

2024

2025

COUNCIL OF ECONOMIC ADVISERS

Common stock yields
(percent) 6

Common stock prices 1

Chart 31 - Aug 2025

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

Period
Composite
2015 �����������������
2016 �����������������
2017 �����������������
2018 �����������������
2019 �����������������
2020 �����������������
2021 �����������������
2022 �����������������
2023 �����������������
2024 �����������������
2024: Aug �������
      Sept ������
      Oct ��������
      Nov �������
      Dec ��������
2025: Jan ��������
      Feb ��������
      Mar �������
      Apr ��������
      May �������
      June ������
      July �������
      Aug �������
Week ended:
2025: Aug   9 ����
         16 ����
         23 ����
         30 ����
      Sept 6 �����

Financial

Energy

Health
Care

Dow Jones
industrial
average 3

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

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

Dividend/price
ratio

Earnings/price
ratio

10,676.70
10,380.08
11,843.74
12,647.54
12,864.17
12,634.01
16,243.57
15,463.89
15,675.01
18,430.86
18,609.97
19,177.74
19,574.65
19,844.75
19,603.19
19,578.60
20,045.97
19,439.27
18,476.98
19,583.85
20,056.25
20,633.16
20,779.41

6,559.24
6,124.93
7,509.81
7,963.02
7,982.51
7,230.70
9,716.03
9,067.21
8,906.24
10,990.47
11,100.59
11,553.10
11,818.96
12,393.92
12,293.30
12,343.11
12,783.52
12,421.29
11,869.83
12,725.19
12,929.14
13,320.18
13,452.59

11,332.43
10,204.95
10,699.23
11,440.86
10,016.30
6,528.64
8,385.44
12,005.37
12,997.48
13,817.84
13,871.34
13,474.36
13,920.29
14,085.54
13,328.22
13,717.58
13,666.15
13,659.48
12,610.83
12,816.50
13,386.38
13,666.90
13,624.40

12,718.18
12,182.85
13,366.56
15,054.70
16,162.10
18,045.78
21,801.65
22,796.83
23,108.19
26,237.99
27,510.40
27,952.96
27,126.92
25,902.31
25,065.36
25,012.19
25,696.09
25,689.41
24,069.18
23,379.66
23,727.65
23,586.59
23,456.80

17,590.61
17,908.08
21,741.91
25,045.75
26,378.41
26,906.89
34,009.89
32,911.74
34,140.79
40,314.90
40,310.81
41,490.88
42,494.20
43,716.93
43,655.57
43,524.35
44,209.31
42,092.13
39,876.33
41,864.25
42,752.94
44,499.74
44,764.85

2,061.20
2,092.39
2,448.22
2,744.68
2,912.50
3,218.50
4,266.80
4,100.70
4,284.25
5,426.71
5,478.21
5,621.26
5,792.32
5,929.92
6,010.91
5,979.52
6,038.69
5,683.98
5,369.50
5,810.92
6,029.95
6,296.50
6,408.95

4,943.49
2.05
4.59
4,982.49
2.18
4.17
6,231.28
1.97
4.22
7,419.27
1.90
4.66
7,936.85
1.93
4.53
10,192.67
1.89
3.28
14,358.18
1.38
3.79
12,242.17
1.57
4.79
12,965.43
1.62
4.17
17,244.03
1.34
3.57
17,268.27
1.34 ����������������������������
17,599.23
1.31
3.48
18,316.12
1.28 ����������������������������
18,961.40
1.26 ����������������������������
19,734.54
1.25
3.57
19,565.04
1.25 ����������������������������
19,547.28
1.25 ����������������������������
17,828.03
1.34
3.86
16,678.46
1.42 ����������������������������
18,642.37
1.32 ����������������������������
19,673.30
1.28
3.61
20,784.83 �������������������������� ����������������������������
21,383.59 �������������������������� ����������������������������

20,485.00
20,734.33
20,894.23
21,106.41
21,086.74

13,216.14
13,430.67
13,528.73
13,708.56
13,672.97

13,482.06
13,510.34
13,573.22
13,961.54
13,886.38

22,762.86
23,162.48
24,008.64
24,038.69
24,192.09

44,124.55
44,642.67
45,037.93
45,489.51
45,397.30

6,340.73
6,440.83
6,418.68
6,469.76
6,461.85

21,166.45
21,622.82
21,342.89
21,548.88
21,546.36

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

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

1 Annual data are averages of monthly figures. Monthly and weekly data are averages of daily closing prices.
2 Includes all the stocks (in 2024, over 2,200) listed on the NYSE.
3 Includes 30 stocks.
4 Includes 500 stocks.
5 Includes over 3,200 stocks in 2024.
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 2025, the deficit was $1.6 trillion, compared with a deficit of $1.5 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

OUTLAYS1

6,000

6,000

5,600

5,600

5,200

5,200

4,800

4,800

4,400

4,400

4,000

4,000

3,600

3,600

RECEIPTS1

3,200

3,200

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

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

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
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 ����������������������������������������������������
2012 ����������������������������������������������������
2013 ����������������������������������������������������
2014 ����������������������������������������������������
2015 ����������������������������������������������������
2016 ����������������������������������������������������
2017 ����������������������������������������������������
2018 ����������������������������������������������������
2019 ����������������������������������������������������
2020 ����������������������������������������������������
2021 ����������������������������������������������������
2022 ����������������������������������������������������
2023 ����������������������������������������������������
2024 1 ��������������������������������������������������
2025 (estimates) ���������������������������������
Cumulative total, first 10 months: 2
Fiscal year 2024 ����������������������������������
Fiscal year 2025 ����������������������������������

Outlays

Chart 32 - Oct 2024

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

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
4,897.3
4,440.9
4,918.7
5,561.6

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
6,822.5
6,273.3
6,134.7
6,751.6
7,439.3

–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
–665.5
–779.1
–983.6
–3,132.5
–2,775.4
–1,375.9
–1,693.7
–1,832.8
–1,877.6

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
3,831.4
3,247.2
3,658.9
4,255.3

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
3,260.4
3,540.3
5,598.0
5,818.6
5,192.1
4,913.6
5,431.2
6,035.5

–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
–785.2
–991.3
–3,142.3
–2,723.8
–1,360.7
–1,666.4
–1,772.4
–1,780.2

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
1,066.0
1,193.8
1,259.9
1,306.4

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
1,081.2
1,221.1
1,320.3
1,403.8

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
–15.2
–27.3
–60.4
–97.4

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
30,838.6
32,989.0
35,229.8
37,271.7

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
24,253.4
26,235.6
28,199.3
30,102.4

4,084.6
4,346.6

5,601.6
5,975.2

–1,517.0
–1,628.5

3,027.7
3,261.9

4,527.1
4,809.7

–1,499.3
–1,547.8

1,056.8
1,084.7

1,074.5
1,165.5

–17.7
–80.8

34,865.3
36,649.7

27,819.3
29,423.6

1 Data for fiscal year 2024 are from Final Monthly Treasury Statement issued October 18, 2024.
2 Data from current issue Monthly Treasury Statement.

Note: Data for fiscal year 2025 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2025, issued July 19, 2024. Other data (except as noted) are from Budget of the United
States Government, Fiscal Year 2025, issued March 11, 2024.
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 2025, receipts were $262.1 billion higher than a year earlier and outlays were $373.6
billion higher.
BILLIONS OF DOLLARS
2,800
RECEIPTS1
2,400

BILLIONS OF DOLLARS
2,800
2,400
INDIVIDUAL INCOME TAXES

2,000

2,000
1,600

1,600

1,200

1,200
800

CORPORATION
INCOME TAXES

SOCIAL INSURANCE
AND RETIREMENT RECEIPTS

400
0
6,800
6,400

OTHER RECEIPTS

800
400
0
6,800
6,400

OUTLAYS1

6,000

6,000

5,600

5,600

5,200

5,200

4,800

4,800

4,400

4,400

NONDEFENSE

4,000

4,000

3,600

3,600

3,200

3,200

2,800

2,800

2,400
2,000

2,400
2,000

1,000
800
600
400
200

1,000
800
600
400
200

NATIONAL DEFENSE

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

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 - Oct 2024

[Billions of dollars]
On-budget and off-budget receipts

Fiscal year or period

2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 ����������������������������������������������������
2012 ����������������������������������������������������
2013 ����������������������������������������������������
2014 ����������������������������������������������������
2015 ����������������������������������������������������
2016 ����������������������������������������������������
2017 ����������������������������������������������������
2018 ����������������������������������������������������
2019 ����������������������������������������������������
2020 ����������������������������������������������������
2021 ����������������������������������������������������
2022 ����������������������������������������������������
2023 ����������������������������������������������������
2024 1 ��������������������������������������������������
2025 (estimates) ���������������������������������
Cumulative total, first 10 months: 2
Fiscal year 2024 ����������������������������������
Fiscal year 2025 ����������������������������������

Total

Social
Indi- Corpora- insurance
vidual
tion
and
income income retiretaxes
taxes
ment
receipts

On-budget and off-budget outlays
National defense
Other

Total

Total

Depart- Internament
tional
of
affairs
Defense,
military

Health

Medicare

Income Social
Net
security security interest

Other

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
4,897.3
4,440.9
4,918.7
5,561.6

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
2,632.1
2,176.5
2,426.1
2,686.3

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
424.9
419.6
529.9
702.5

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
1,483.5
1,614.5
1,709.6
1,919.6

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
356.8
230.4
253.2
253.2

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
6,822.5
6,273.3
6,134.7
6,751.6
7,439.3

521.8
551.3
616.1
661.0
693.5
705.6
677.9
633.4
603.5
589.7
593.4
598.7
631.3
685.7
724.6
753.9
765.6
820.3
874.0
930.8

499.3
528.5
594.6
636.7
666.7
678.1
650.9
607.8
577.9
562.5
565.4
568.9
600.8
653.7
690.4
717.6
726.5
775.9
826.3
881.2

29.5
28.5
28.9
37.5
45.2
45.7
36.8
46.5
46.9
52.0
45.3
46.3
48.9
53.0
67.7
47.0
71.9
69.3
72.0
83.1

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
914.1
888.6
911.7
967.3

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
755.1
847.5
874.1
963.4

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
866.1
774.7
671.1
927.0

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
1,218.7
1,354.3
1,460.9
1,558.5

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
475.9
658.3
881.7
984.3

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
1,394.1
1,205.9
721.8
1,006.1
1,024.9

4,084.6
4,346.6

2,039.4
2,204.5

412.5
387.1

1,436.3
1,480.3

196.4
274.7

5,601.6
5,975.2

714.6
758.0

675.2
718.9

55.4
51.5

743.4
805.4

721.1
823.4

566.2
608.5

1,212.6
1,313.8

763.2
840.8

825.0
773.9

1 Data for fiscal year 2024 are from Final Monthly Treasury Statement issued October 18, 2024.
2 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 2025 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2025, issued July 19, 2024. Other data (except as noted) are from Budget of the United
States Government, Fiscal Year 2025, issued March 11, 2024.
Sources: Department of the Treasury and Office of Management and Budget.

33

Federal Sector, National Income Accounts Basis
In the second quarter of 2025, according to current estimates, Federal current receipts rose $239.2 billion (annual rate),
while Federal current expenditures rose $175.0 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
CURRENT EXPENDITURES

5,600

5,600

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
2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Chart 34 - Aug 2025

Federal Government current receipts

Federal Government current expenditures

Current tax receipts

Period

Calendar year:
2015 �������������
2016 �������������
2017 �������������
2018 �������������
2019 �������������
2020 �������������
2021 �������������
2022 �������������
2023 �������������
2024 �������������
2023: I ���������������
      II ��������������
      III �������������
      IV �������������
2024: I ���������������
      II ��������������
      III �������������
      IV �������������
2025: I ���������������
      II r ������������

Total

3,448.4
3,460.7
3,503.7
3,583.1
3,704.3
3,767.3
4,423.8
5,120.8
4,834.0
5,116.4
4,772.1
4,785.2
4,850.2
4,928.4
5,026.7
5,073.0
5,123.2
5,242.7
5,354.0
5,593.2

Total 1

2,025.7
2,021.1
1,999.8
2,028.4
2,113.0
2,149.1
2,671.1
3,243.8
2,916.2
3,099.8
2,905.0
2,887.7
2,919.9
2,952.2
3,029.9
3,078.8
3,111.0
3,179.7
3,263.0
3,488.7

Contributions
for
Income
Taxes
govern- receipts
Taxes
Personal
on
ment
on
on
current production corporate
social
assets
taxes
and
insurincome
imports
ance
1,532.6
1,547.9
1,613.1
1,614.3
1,701.1
1,740.9
2,124.9
2,606.4
2,261.4
2,394.3
2,256.3
2,246.8
2,260.5
2,282.2
2,356.1
2,375.4
2,398.7
2,447.2
2,514.8
2,553.2

141.9
137.3
131.4
163.5
174.9
155.3
180.6
201.6
174.2
178.4
179.7
175.8
172.2
169.3
177.2
172.4
181.4
182.5
191.3
363.4

329.1
311.9
230.3
225.0
210.5
225.2
334.1
401.5
445.1
489.6
434.3
429.4
451.9
464.8
459.9
493.4
493.1
512.1
519.8
532.1

1,190.8
1,224.4
1,284.3
1,346.6
1,409.5
1,435.0
1,543.0
1,688.0
1,801.3
1,878.3
1,761.2
1,789.9
1,818.0
1,836.2
1,864.1
1,869.4
1,876.4
1,903.2
1,934.6
1,954.8

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

161.2
140.7
138.9
121.7
110.0
118.7
139.9
114.1
47.0
65.5
40.1
40.6
45.6
61.6
62.4
67.3
66.7
65.5
69.2
69.7

Current
transfer
receipts

71.6
73.8
77.6
83.0
70.5
58.6
62.7
70.1
72.3
81.3
65.3
68.7
70.7
84.6
78.6
67.1
77.4
102.0
91.8
85.2

Current
surplus of
government
enterprises

–0.9
.7
3.1
3.3
1.4
5.9
7.1
4.8
–2.9
–8.5
.5
–1.7
–4.0
–6.2
–8.3
–9.6
–8.3
–7.7
–4.5
–5.2

Total

4,005.8
4,128.0
4,240.5
4,489.5
4,748.1
6,708.0
7,262.6
6,141.1
6,500.4
6,949.8
6,409.7
6,444.7
6,527.4
6,619.8
6,772.8
6,864.6
7,052.1
7,109.9
7,165.0
7,340.0

ConCurrent
sumption transfer Interest Subsidies
expendipaypayments
tures
ments 2

951.7
962.3
978.5
1,034.4
1,087.2
1,157.3
1,222.8
1,232.9
1,320.2
1,405.9
1,297.5
1,299.6
1,336.6
1,347.0
1,367.4
1,386.4
1,422.7
1,446.9
1,443.2
1,446.0

2,568.1
2,650.1
2,726.0
2,851.7
3,011.4
4,331.8
4,859.0
4,056.1
4,138.2
4,348.8
4,144.6
4,146.7
4,118.5
4,143.1
4,242.0
4,287.7
4,420.4
4,445.0
4,503.4
4,645.6

429.3
454.3
476.7
540.6
577.2
521.0
574.1
724.8
939.9
1,101.4
863.7
896.7
968.4
1,030.7
1,067.3
1,096.8
1,117.0
1,124.4
1,114.3
1,131.8

56.7
61.2
59.3
62.7
72.4
697.9
606.8
127.3
102.1
93.8
103.8
101.8
104.0
98.9
96.1
93.7
92.1
93.5
104.1
116.5

Net
Federal
Government
saving

–557.4
–667.3
–736.8
–906.4
–1,043.8
–2,940.8
–2,838.8
–1,020.3
–1,666.4
–1,833.5
–1,637.5
–1,659.5
–1,677.2
–1,691.4
–1,746.1
–1,791.6
–1,928.9
–1,867.1
–1,811.0
–1,746.8

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
Industrial production (2017=100; seasonally adjusted)
Period

United
States

Canada

Japan

France

Germany

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

Italy

United
States 1

Canada

Japan

France

2015 ���������������
100.9
96.6
97.1
97.4
96.2
94.5
99.4
237.017
218.8
122.1
2016 ���������������
98.7
96.4
97.2
97.7
96.9
96.4
99.6
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
103.4
100.6
100.5
101.0
100.9
103.2
251.107
230.6
123.7
2019 ���������������
102.4
103.3
98.2
101.0
97.7
99.7
105.0
255.657
235.1
124.3
2020 ���������������
95.1
95.3
87.5
90.1
88.3
88.7
108.0
258.811
236.8
124.3
2021 ���������������
99.3
100.2
92.6
94.9
92.4
99.1
107.2
270.970
244.8
124.0
2022 ���������������
102.7
104.4
92.6
95.6
92.1
99.5
100.4
292.655
261.5
127.1
2023 ���������������
102.9
104.6
91.3
96.3
90.4
97.4
99.6
304.702
271.6
131.2
2024 ���������������
102.6
104.3
88.5
96.2
86.2
93.6
98.4
313.689
278.1
134.8
r
2024: June ��
103.3
105.0
88.4
96.1
87.0
94.0
98.7
314.175
279.1
134.5
      July r ���
102.5
105.3
90.0
95.9
85.0
93.2
97.9
314.540
280.3
135.0
      Aug r ����
103.0
104.6
88.2
96.5
86.4
92.9
98.6
314.796
279.8
135.6
      Sept r ���
102.6
104.3
88.8
96.3
85.0
92.8
98.4
315.301
278.5
135.3
r
      Oct �����
102.2
104.9
90.4
96.1
84.8
93.0
97.7
315.664
279.8
136.1
r
      Nov ����
102.0
103.9
88.9
96.0
85.8
93.7
97.4
315.493
279.8
136.7
      Dec r ����
103.0
103.9
88.7
95.7
84.3
91.2
98.4
315.605
278.7
137.6
r
2025: Jan ����
102.9
105.5
87.7
95.3
85.2
93.6
98.1
317.671
278.9
138.2
      Feb r ����
103.9
105.5
89.7
96.4
84.9
92.9
99.8
319.082
281.8
137.7
      Mar r ���
103.6
105.7
89.9
96.6
87.1
92.9
99.6
319.799
282.7
138.1
      Apr r ����
103.7
104.3
88.9
95.3
85.4
93.7
99.5
320.795
282.5
138.6
r
      May ���
103.7
103.9
88.8
94.7
85.8
92.9
98.2
321.465
284.1
139.0
p
      June ��
104.1
102.6
90.7
98.2
85.5
93.1
98.9
322.561
284.3
138.8
      July p ���
104.0 ���������������
89.2
97.1
86.8 ��������������� ���������������
323.048
285.1
139.1
      Aug p ��� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������

Germany

197.3
197.7
199.7
203.4
205.7
206.7
210.0
221.0
231.8
236.4
237.2
237.6
238.9
235.9
236.6
236.2
236.7
237.1
237.1
237.5
238.9
238.6
239.5
240.0
241.0

United
Kingdom

Italy

177.6
178.4
181.1
184.3
186.9
187.9
193.7
207.0
219.3
224.2
224.3
225.1
224.9
224.9
225.8
225.3
226.4
226.0
227.0
227.7
228.7
228.9
228.9
229.6
229.8

308.0
303.8
307.7
309.1
311.5
320.1
315.0
330.8
317.0
339.3
316.5
344.4
322.5
358.3
348.9
399.9
368.5
438.6
372.1
454.3
371.9
455.0
373.4
455.3
374.1
458.1
373.4
456.6
373.4
459.0
373.1
459.3
373.4
460.7
375.6
460.2
376.2
462.9
377.4
464.4
377.7
472.5
377.4
473.4
378.1
475.2
379.6
477.2
379.9 �����������������

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

2015 ���������������
2016 ���������������
2017 ���������������
2018 ���������������
2019 ���������������
2020 ���������������
2021 ���������������
2022 ���������������
2023 ���������������
2024 ���������������
2024: July �����
      Aug �����
      Sept ����
      Oct ������
      Nov �����
      Dec ������
2025: Jan r ����
      Feb r ����
      Mar r ���
      Apr r ����
      May r ���
      June r ��
      July p ���

BOP
basis

1,511.4
1,457.4
1,557.0
1,676.9
1,655.1
1,433.9
1,765.9
2,095.6
2,047.5
2,079.8
174.7
178.0
175.5
170.9
176.5
170.5
173.7
181.0
184.2
190.9
180.1
179.2
179.4

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 beverand
ages materials
1,503.3
1,451.5
1,547.2
1,665.8
1,645.9
1,430.0
1,757.7
2,072.6
2,020.5
2,061.7
172.9
176.7
173.9
169.3
174.3
168.6
172.6
178.1
182.6
190.1
179.4
178.3
178.4

127.7
130.5
132.8
133.1
131.0
139.3
164.5
179.9
161.7
165.8
13.6
13.3
14.1
13.9
14.4
14.3
13.5
12.9
14.0
13.5
13.1
13.7
13.8

427.0
397.3
465.2
541.2
529.5
466.5
637.4
835.7
732.1
727.9
60.7
61.3
59.7
59.3
61.3
59.6
59.2
62.1
64.9
75.3
65.2
60.4
60.2

151.9
150.4
157.9
158.8
163.1
129.4
146.4
162.9
180.0
172.2
13.6
14.3
14.9
13.5
14.4
13.4
12.6
14.4
15.4
12.1
12.5
12.7
13.1

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
539.5
519.7
533.4
563.2
550.5
463.2
521.3
572.9
602.4
646.4
55.9
57.4
56.1
53.6
54.6
53.1
56.9
59.2
58.4
59.3
57.4
59.4
59.9

Services
(BOP basis)

Goods: Imports (customs value)

197.7
193.7
197.7
206.0
205.6
175.0
222.3
245.0
259.4
260.1
21.7
22.4
21.7
21.1
22.0
20.4
21.7
22.1
22.0
21.0
22.0
22.9
22.7

BOP
basis

2,273.2
2,207.2
2,356.3
2,555.7
2,512.4
2,346.7
2,849.0
3,270.1
3,105.0
3,295.2
279.0
275.1
283.2
271.0
282.5
293.3
329.8
328.2
346.7
277.8
277.4
264.9
283.3

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 beverand
ages materials
2,248.8
2,186.8
2,339.6
2,536.1
2,491.7
2,331.5
2,828.5
3,239.7
3,076.8
3,266.4
276.8
272.8
281.0
268.7
280.4
290.9
327.8
326.0
344.6
276.0
275.6
262.9
281.2

127.8
130.0
137.8
147.3
150.5
154.3
182.1
208.3
200.2
216.0
17.6
18.1
18.7
18.4
19.4
19.1
20.2
19.3
19.3
18.5
18.3
18.1
18.5

486.0
443.3
507.0
574.6
520.6
478.7
649.1
809.6
674.6
675.8
57.8
54.1
55.8
53.4
56.5
67.4
90.3
86.3
75.3
52.0
51.1
48.4
60.9

BOP basis

Auto- ConGoods,
Capital motive sumer
goods Exports Imports Census
goods
ve(nonbasis
except hicles, food)
auto- parts
motive and en- except
autogines motive
602.5
589.7
639.8
690.9
674.8
643.4
760.0
864.5
858.3
961.8
83.6
83.2
85.7
79.2
83.2
83.8
88.5
89.8
93.5
90.6
90.9
91.5
96.2

349.2
349.9
358.2
371.1
374.5
309.2
345.5
397.9
457.0
474.4
39.8
39.0
39.1
38.1
39.1
37.5
37.8
38.0
41.5
33.3
36.6
35.3
33.9

594.2 769.4
583.1 783.4
601.4 837.5
645.4 867.7
653.0 899.0
639.6 739.0
767.3 818.2
838.1 962.9
757.2 1,045.1
805.7 1,152.7
67.0
96.4
67.0
97.8
70.5
98.2
69.0
98.6
70.6
99.3
71.9
99.7
78.6 100.2
80.6
99.9
102.9
99.4
69.9 100.9
65.9 100.3
57.6 100.4
58.9 101.0

498.3
513.1
555.1
566.4
601.0
472.2
572.3
712.0
761.8
840.9
70.7
71.9
72.0
72.7
73.1
73.8
72.9
73.0
73.3
74.2
74.1
73.8
75.5

–745.5
–735.3
–792.4
–870.4
–845.8
–901.5
–1,070.8
–1,167.1
–1,056.3
–1,204.7
–103.9
–96.1
–107.1
–99.4
–106.1
–122.3
–155.2
–147.9
–162.0
–85.9
–96.2
–84.6
–102.8

Goods

–761.9
–749.8
–799.3
–878.7
–857.3
–912.9
–1,083.2
–1,174.6
–1,057.5
–1,215.4
–104.4
–97.1
–107.7
–100.1
–106.0
–122.8
–156.1
–147.2
–162.5
–86.9
–97.4
–85.7
–103.9

Ser- Goods
and
vices services

271.1
270.3
282.4
301.3
298.0
266.8
245.9
250.8
283.3
311.9
25.7
25.9
26.2
25.8
26.2
25.9
27.3
26.9
26.1
26.7
26.2
26.6
25.6

–490.8
–479.5
–516.9
–577.5
–559.3
–646.0
–837.3
–923.7
–774.2
–903.5
–78.6
–71.2
–81.5
–74.3
–79.8
–96.9
–128.8
–120.3
–136.4
–60.2
–71.1
–59.1
–78.3

1 Total includes ‘‘other’’ exports or imports, not shown separately.

Note: BOP refers to balance of payments on international transactions basis. BOP data shown here are consistent with figures shown on pp. 36 and 37.
Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis).

35

U.S. International Transactions
In the first quarter of 2025, the current account deficit widened to $450.2 billion from $312.0 billion in the fourth
quarter. The goods and services deficit rose to $390.6 billion from $251.0 billion in the fourth quarter.
BILLIONS OF DOLLARS
100
80
60
40
20
0
–20
–40
–60
–80
–100
–120
–140
–160
–180
–200
–220
–240
–260
–280
–300
–320
–340
–360
–380
–400
–420
–440
–460
–480
2016

SEASONALLY ADJUSTED

BALANCE ON
PRIMARY INCOME

BALANCE ON
SECONDARY INCOME

BALANCE ON
GOODS AND SERVICES

BALANCE ON
CURRENT ACCOUNT

2017

2019

2018

2020

2021

2022

2023

SOURCE: DEPARTMENT OF COMMERCE

2024

BILLIONS OF DOLLARS
100
80
60
40
20
0
–20
–40
–60
–80
–100
–120
–140
–160
–180
–200
–220
–240
–260
–280
–300
–320
–340
–360
–380
–400
–420
–440
–460
–480
2025

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted]
Current Account 1
Goods 2
Period

2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 ��������������������
2024 ��������������������
2022: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2023: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2024: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2025: I p ��������������

Services

Exports

Imports

Balance
on
goods

Exports

1,511,381
1,457,393
1,557,003
1,676,913
1,655,098
1,433,852
1,765,853
2,095,576
2,047,457
2,079,777
491,073
540,304
546,578
517,621
518,912
498,337
515,766
514,441
517,066
516,675
528,109
517,926
539,034

2,273,249
2,207,195
2,356,345
2,555,662
2,512,358
2,346,727
2,849,043
3,270,141
3,104,952
3,295,180
820,647
845,724
811,633
792,137
784,090
770,535
772,039
778,287
795,218
815,825
837,299
846,838
1,004,997

–761,868
–749,801
–799,343
–878,749
–857,260
–912,875
–1,083,190
–1,174,565
–1,057,495
–1,215,403
–329,574
–305,420
–265,055
–274,515
–265,178
–272,198
–256,273
–263,846
–278,152
–299,150
–309,189
–328,912
–465,962

769,397
783,431
837,474
867,670
898,996
738,994
818,215
962,869
1,045,079
1,152,747
226,868
238,076
246,143
251,782
254,940
259,719
263,306
267,114
279,690
283,050
292,412
297,595
293,162

Imports
498,305
513,088
555,070
566,418
601,007
472,161
572,300
712,033
761,789
840,877
164,976
177,475
184,224
185,358
186,350
189,608
189,522
196,309
201,313
205,358
214,573
219,633
217,800

Balance
on
services
271,092
270,343
282,404
301,252
297,989
266,834
245,916
250,836
283,290
311,870
61,892
60,601
61,918
66,424
68,590
70,111
73,784
70,805
78,377
77,692
77,839
77,962
75,362

Balance
on
goods
and
services
–490,776
–479,458
–516,939
–577,497
–559,270
–646,042
–837,274
–923,729
–774,205
–903,532
–267,682
–244,819
–203,137
–208,091
–196,588
–202,087
–182,489
–193,041
–199,774
–221,458
–231,351
–250,950
–390,601

Chart 36 - Jun 2025

Primary income receipts and payments
Receipts
824,929
857,240
995,442
1,102,964
1,139,310
954,005
1,048,416
1,184,984
1,363,258
1,451,065
275,368
290,129
305,944
313,544
327,297
335,102
351,163
349,696
354,442
366,018
352,605
378,000
355,095

Payments
639,724
660,798
737,501
847,689
891,911
776,288
931,169
1,066,267
1,310,615
1,492,104
252,528
257,177
270,347
286,215
308,068
317,580
334,974
349,993
364,661
377,227
373,830
376,385
362,713

Balance
on
primary
income
185,205
196,442
257,942
255,275
247,400
177,717
117,247
118,717
52,643
–41,039
22,840
32,952
35,596
27,329
19,229
17,521
16,189
–297
–10,219
–11,210
–21,225
1,615
–7,618

Balance
on
secondary
Income 3

Balance
on
current
account

–102,882
–408,453
–113,199
–396,216
–108,618
–367,616
–116,772
–438,994
–130,092
–441,963
–125,174
–593,498
–138,605
–858,632
–188,122
–993,134
–206,441
–928,002
–240,729 –1,185,301
–37,717
–282,559
–43,329
–255,197
–57,794
–225,334
–49,282
–230,044
–50,701
–228,060
–50,333
–234,899
–54,492
–220,792
–50,915
–244,252
–50,861
–260,854
–53,644
–286,311
–73,592
–326,168
–62,633
–311,967
–51,951
–450,170

Current
account
balance
as a
percentage
of GDP
–2.2
–2.1
–1.9
–2.1
–2.1
–2.8
–3.6
–3.8
–3.3
–4.1
–4.5
–4.0
–3.4
–3.4
–3.4
–3.4
–3.2
–3.5
–3.6
–3.9
–4.4
–4.2
–6.0

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 $299.5 billion in the first quarter of 2025, resulting from a net increase
in U.S. financial assets of $524.9 billion plus a net increase in financial derivatives of $19.3 billion, less a net increase in
U.S. liabilities of $843.7 billion. U.S. net borrowing was down from $350.8 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

CHANGE IN
U.S. LIABILITIES

700

700

600

600

500

500

400

400

300

300

200

200

100

100

0

0

CHANGE IN
U.S. ASSETS ABROAD1

–100

–100

–200

–200

–300

–300

–400

–400

2017

2016

2018

2019

2020

2021

2022

2023

2024

2025

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 2025

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

2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 ��������������������
2024 ��������������������
2022: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2023: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2024: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2025: I p ��������������

Direct
investment
assets

Portfolio
investment
assets

Other
investment
assets

–7,940
144,104 302,072 107,154 –258,831
–6,606
336,438 299,814
37,489
–2,955
12,394 1,161,984 409,413 540,728 213,533
–4,262
429,710 –130,720 381,863 173,578
–6,462
315,580 114,924 –11,453 207,450
–5,620
954,808 282,333 406,368 257,133
–1,432 1,191,226 342,152 711,540
23,541
–369
748,982 388,845 322,040
32,283
–6,985
914,270 351,084 116,671 446,474
3,533
792,471 322,165 357,626 110,564
–1,387
399,494 145,835 191,982
60,745
–2,353
375,576 107,500 236,902
29,993
6,192
291,583
30,879 270,370 –10,463
–2,821 –317,671 104,631 –377,214 –47,992
–2,886
230,244
61,297
30,222 137,947
–1,100
129,686
40,148
55,806
33,460
–1,087
247,496 110,063
37,000 100,034
–1,911
306,844 139,576
–6,357 175,033
–2,023
294,886
94,324 108,696
89,357
–2,029
205,237
26,080 152,304
26,174
–2,273
274,851 106,273
76,376
92,196
9,858
17,497
95,489
20,250 –97,164
6,942
524,920
66,848 128,365 328,249

Net U.S. incurrence of liabilities excluding
financial derivatives
[net increase in liabilities / financial inflow (+)]

Reserve
assets 4

Total

–6,292
2,090
–1,690
4,989
4,659
8,974
113,993
5,814
41
2,116
932
1,181
797
2,903
778
272
400
–1,408
2,509
679
7
–1,079
1,459

503,468
706,693
1,559,219
712,178
832,266
1,621,666
1,977,778
1,543,911
1,971,697
1,878,748
683,328
456,735
527,584
–123,736
628,051
395,070
462,907
485,670
376,692
372,965
780,828
348,264
843,728

Direct
investment
liabilities

Portfolio
investment
liabilities

Other
investment
liabilities

511,434
213,910
474,388
231,265
380,823
790,810
214,716
303,075
315,983
233,469
137,068
946,560
477,955
614,103
416,890
760,384
361,946 1,300,773
297,059 1,318,678
137,472
264,368
76,859
384,377
128,618
262,003
73,941 –150,364
66,168
420,041
110,490
456,376
70,285
254,073
115,003
170,283
62,783
228,587
94,925
198,692
131,816
571,256
7,534
320,144
54,898
429,888

–221,876
1,040
387,586
194,387
282,814
538,038
885,720
366,638
308,979
263,011
281,488
–4,500
136,963
–47,313
141,842
–171,797
138,549
200,385
85,322
79,348
77,756
20,585
358,942

Financial
derivatives
other
than
reserves,
net transactions
–27,035
7,827
23,998
–20,404
–41,670
–5,107
–39,028
–80,698
–15,604
–42,316
6,102
–45,911
–33,940
–6,949
–1,727
–4,741
1,068
–10,204
4,337
–49,112
22,481
–20,022
19,343

Net lending
(+)
Statistical
or net
discrepancy
borrowing (–)
from financial
account
transactions 5
–386,400
–362,427
–373,237
–302,872
–558,356
–671,965
–825,580
–875,628
–1,073,031
–1,128,593
–277,733
–127,070
–269,941
–200,884
–399,533
–270,125
–214,342
–189,031
–77,469
–216,840
–483,496
–350,788
–299,464

29,993
40,394
–18,016
140,384
–109,931
–72,847
34,485
117,876
–138,044
53,174
6,213
130,480
–50,798
31,981
–168,587
–34,127
7,537
57,133
185,408
71,500
–155,055
–48,679
143,764

U.S. official
reserve
assets,
net
(unadjusted,
end of
period) 4

117,581
117,332
123,313
125,798
129,479
144,890
251,238
243,758
245,152
238,801
248,224
238,575
230,153
243,758
246,990
244,008
240,990
245,152
243,802
242,120
250,619
238,801
245,628

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