Full text of Economic Indicators : August 2025
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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 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 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 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 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 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 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 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 0 0 0 0 0 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 67 25 33 58 11 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 0 0 0 0 0 �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� 1 Data are prorated averages of biweekly (maintenance period) averages of daily figures. 2 Equals the sum of balances maintained up to the top of each institution’s penalty-free band. 3 Excludes vault cash used to satisfy required reserves. 4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve. 5 Equals total balances maintained plus currency in circulation (not shown). 6 Includes term auction credit (December 2007 to April 2010), primary dealer and other broker-dealer credit (March 2008 to February 2010), credit extended to American International Group, Inc. (September 2008 to January 2011), asset-backed commercial paper money market mutual fund liquidity facility (September 2008 to February 2010), and other credit extensions, not shown separately. 7 Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility. Note: Data reflect the creation of a penalty-free band around reserve balance requirements which took effect June 27, 2013. See H.3 release of July 11, 2013. The last H.3 statistical release was published on September 17, 2020. For more information, see the announcements on August 20, 2020 and September 24, 2020. Source: Board of Governors of the Federal Reserve System. 27 Bank Credit at All Commercial Banks Total commercial bank loans and leases rose 0.5 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