View original document

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

115th Congress, 2nd Session

Economic Indicators
DECEMBER 2017
(Includes data available as of January 8, 2018)

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

UNITED STATES
GOVERNMENT PUBLISHING OFFICE
WASHINGTON : 2018

JOINT ECONOMIC COMMITTEE

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

Representative Patrick J. Tiberi, Ohio, Chairman
Senator Mike Lee, Utah, Vice Chairman
House of Representatives

Erik Paulsen, Minnesota
David Schweikert, Arizona
Barbara Comstock, Virginia
Darin LaHood, Illinois
Francis Rooney, Florida
Carolyn B. Maloney, New York
John Delaney, Maryland
Alma S. Adams, Ph.D., North Carolina
Donald S. Beyer, Jr., Virginia

Senate

Tom Cotton, Arkansas
Ben Sasse, Nebraska
Rob Portman, Ohio
Ted Cruz, Texas
Bill Cassidy, M.D., Louisiana
Martin Heinrich, New Mexico, Ranking
Amy Klobuchar, Minnesota
Gary Peters, Michigan
Margaret Wood Hassan, New Hampshire

COUNCIL OF ECONOMIC ADVISERS
Kevin A. Hassett, Chairman
Richard V. Burkhauser, Member
Tomas J. Philipson, 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 third quarter of 2017, according to revised estimates, real gross domestic product (GDP) in chained (2009)
dollars rose 3.2 percent (annual rate), current dollar GDP rose 5.3 percent, and the chained price index rose 2.1
percent.
BILLIONS OF DOLLARS (RATIO SCALE)

BILLIONS OF DOLLARS (RATIO SCALE)
20,000

20,000

SEASONALLY ADJUSTED ANNUAL RATES

19,600

19,600

19,200

19,200

18,800

18,800

18,400

18,400

18,000

18,000

17,600

17,600

17,200

17,200

16,800

16,800

GDP
IN CURRENT DOLLARS

16,400

16,400

16,000

16,000

15,600

15,600

15,200

15,200

GDP
IN CHAINED (2009) DOLLARS

14,800

14,800

14,400

14,400

14,000

14,000

13,600

13,600
2008

2009

2010

2011

2012

2013

2014

2015

SOURCE: DEPARTMENT OF COMMERCE

2016

2017

COUNCIL OF ECONOMIC ADVISERS

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

Period

2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2015: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2016: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2017: I ����������������
      II ���������������
      III r ������������

Gross
domestic
product

14,477.6
14,718.6
14,418.7
14,964.4
15,517.9
16,155.3
16,691.5
17,427.6
18,120.7
18,624.5
17,874.7
18,093.2
18,227.7
18,287.2
18,325.2
18,538.0
18,729.1
18,905.5
19,057.7
19,250.0
19,500.6

Personal
consumption
expenditures

Gross
private
domestic
investment

9,750.5
10,013.6
9,847.0
10,202.2
10,689.3
11,050.6
11,361.2
11,863.7
12,332.3
12,820.7
12,142.2
12,284.2
12,407.8
12,494.9
12,571.5
12,755.0
12,899.4
13,056.9
13,191.6
13,307.0
13,429.1

2,643.7
2,424.8
1,878.1
2,100.8
2,239.9
2,511.7
2,706.3
2,916.4
3,093.6
3,057.2
3,094.6
3,096.3
3,115.7
3,067.7
3,031.6
3,023.1
3,048.0
3,126.2
3,128.7
3,178.1
3,249.2

Exports and imports of
goods and services
Net
exports
–718.5
–723.1
–395.4
–512.7
–580.0
–565.7
–492.0
–509.5
–524.0
–521.2
–538.2
–507.1
–530.8
–520.1
–526.2
–501.6
–492.8
–564.3
–582.8
–567.2
–534.1

Federal
Exports

1,664.6
1,841.9
1,587.7
1,852.3
2,106.4
2,198.2
2,276.6
2,373.6
2,264.9
2,214.6
2,289.0
2,303.9
2,256.6
2,210.1
2,166.5
2,201.8
2,248.4
2,241.5
2,295.6
2,314.9
2,345.9

Imports

2,383.2
2,565.0
1,983.2
2,365.0
2,686.4
2,763.8
2,768.6
2,883.2
2,789.0
2,735.8
2,827.3
2,811.0
2,787.4
2,730.2
2,692.8
2,703.4
2,741.3
2,805.8
2,878.4
2,882.1
2,880.1

Chart 1 - Dec 2017

Government consumption expenditures
and gross investment

Total

2,801.9
3,003.2
3,089.1
3,174.0
3,168.7
3,158.6
3,116.1
3,157.0
3,218.9
3,267.8
3,176.2
3,219.8
3,235.0
3,244.7
3,248.3
3,261.5
3,274.6
3,286.8
3,320.2
3,332.1
3,356.5

Total
1,049.8
1,155.6
1,217.7
1,303.9
1,303.5
1,292.5
1,229.5
1,218.1
1,224.0
1,231.5
1,218.7
1,224.9
1,222.6
1,229.9
1,227.9
1,228.2
1,234.6
1,235.4
1,244.3
1,255.8
1,263.5

National
defense

Nondefense

678.7
754.1
788.3
832.8
836.9
817.8
767.0
745.6
731.6
728.9
731.7
735.0
726.8
732.8
728.9
726.9
732.3
727.6
730.2
741.4
746.7

371.0
401.5
429.4
471.1
466.5
474.7
462.5
472.5
492.4
502.6
487.0
489.9
495.8
497.1
499.0
501.3
502.3
507.8
514.1
514.5
516.9

State
and
local
1,752.2
1,847.6
1,871.4
1,870.2
1,865.3
1,866.1
1,886.6
1,938.9
1,994.9
2,036.3
1,957.5
1,994.8
2,012.5
2,014.8
2,020.4
2,033.3
2,040.0
2,051.4
2,075.9
2,076.2
2,092.9

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

14,443.2
14,750.6
14,566.3
14,902.8
15,476.2
16,093.5
16,599.1
17,349.6
18,008.8
18,589.4
17,726.1
17,975.1
18,122.0
18,211.8
18,283.0
18,525.9
18,712.7
18,836.1
19,057.8
19,245.2
19,458.7

15,196.2
15,441.6
14,814.2
15,477.0
16,097.9
16,720.9
17,183.5
17,937.1
18,644.8
19,145.7
18,412.9
18,600.3
18,758.5
18,807.3
18,851.4
19,039.6
19,222.0
19,469.9
19,640.5
19,817.2
20,034.8

14,603.2
14,890.6
14,569.8
15,170.3
15,764.6
16,392.8
16,935.8
17,662.1
18,325.2
18,821.6
18,091.6
18,285.9
18,419.3
18,504.1
18,501.3
18,733.0
18,917.5
19,134.5
19,272.0
19,452.4
19,728.9

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

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

1

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

Period

2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2015: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2016: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2017: I ����������������
      II ���������������
      III r ������������

Gross private
domestic investment
Personal
Gross
conChange
domestic sumption Nonresi- Resiin
product expendi- dential dential
fixed
fixed
private
tures
investinvestinvenment
ment
tories
14,873.7
14,830.4
14,418.7
14,783.8
15,020.6
15,354.6
15,612.2
16,013.3
16,471.5
16,716.2
16,350.0
16,460.9
16,527.6
16,547.6
16,571.6
16,663.5
16,778.1
16,851.4
16,903.2
17,031.1
17,163.9

10,041.6
10,007.2
9,847.0
10,036.3
10,263.5
10,413.2
10,565.4
10,868.4
11,264.3
11,572.1
11,145.3
11,227.9
11,304.6
11,379.3
11,430.5
11,537.7
11,618.1
11,702.1
11,758.0
11,853.0
11,916.6

1,948.4
1,934.4
1,633.4
1,673.8
1,802.3
1,964.1
2,032.9
2,172.7
2,223.5
2,210.4
2,214.7
2,230.7
2,238.8
2,209.9
2,187.5
2,205.3
2,224.0
2,224.9
2,263.6
2,300.6
2,326.9

654.8
497.7
392.2
382.4
384.5
436.5
488.3
505.2
556.9
587.4
536.1
551.1
565.2
575.3
593.7
586.5
579.8
589.8
605.5
594.1
587.0

35.5
–33.7
–147.6
58.2
37.6
54.7
78.7
67.8
100.5
33.4
132.2
105.6
96.2
68.2
40.6
12.2
17.6
63.1
1.2
5.5
38.5

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

Imports

Total

–712.6
–557.8
–395.4
–458.8
–459.4
–447.1
–404.9
–427.7
–545.3
–586.3
–524.1
–526.2
–559.3
–571.5
–584.2
–572.4
–557.3
–631.1
–622.2
–613.6
–597.5

1,646.4
1,740.8
1,587.7
1,776.6
1,898.3
1,963.2
2,031.5
2,118.4
2,127.1
2,120.1
2,126.4
2,145.8
2,124.1
2,111.9
2,098.1
2,112.5
2,145.3
2,124.4
2,162.3
2,181.1
2,192.4

2,359.0
2,298.6
1,983.2
2,235.4
2,357.7
2,410.2
2,436.4
2,546.1
2,672.4
2,706.3
2,650.5
2,672.0
2,683.4
2,683.5
2,682.3
2,684.9
2,702.6
2,755.5
2,784.5
2,794.8
2,790.0

2,914.4
2,994.8
3,089.1
3,091.4
2,997.4
2,941.6
2,857.6
2,839.1
2,878.5
2,900.2
2,855.7
2,879.9
2,888.3
2,890.2
2,903.2
2,896.3
2,899.9
2,901.2
2,896.6
2,895.2
2,900.0

National Nondefense defense

Total
1,078.7
1,152.3
1,217.7
1,270.7
1,236.4
1,213.5
1,142.8
1,115.0
1,114.1
1,114.6
1,110.3
1,115.1
1,112.0
1,118.9
1,114.6
1,112.1
1,116.5
1,115.2
1,108.4
1,113.7
1,117.4

695.6
748.1
788.3
813.5
795.0
768.2
715.7
686.8
672.0
667.0
671.8
675.2
667.4
673.4
668.9
665.4
669.6
664.1
658.6
666.2
670.2

383.1
404.2
429.4
457.1
441.4
445.3
427.0
427.9
441.6
447.0
438.0
439.5
444.0
445.0
445.1
446.1
446.4
450.3
449.0
446.9
446.6

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

State
and
local
1,836.1
1,842.4
1,871.4
1,820.8
1,761.0
1,728.1
1,714.1
1,723.0
1,762.8
1,783.6
1,743.9
1,763.1
1,774.4
1,769.7
1,786.6
1,782.3
1,781.6
1,784.1
1,786.2
1,779.6
1,780.7

14,836.2
14,865.7
14,566.3
14,722.2
14,979.0
15,292.3
15,521.1
15,932.9
16,354.3
16,664.1
16,202.3
16,338.6
16,414.1
16,462.1
16,512.7
16,632.6
16,741.1
16,770.0
16,883.5
17,006.6
17,106.3

15,606.8
15,399.9
14,814.2
15,244.9
15,483.9
15,804.3
16,016.9
16,441.8
17,017.2
17,301.6
16,875.2
16,988.0
17,086.9
17,118.7
17,154.8
17,236.2
17,336.7
17,478.6
17,521.6
17,641.8
17,760.4

15,005.7
15,004.8
14,569.8
14,970.8
15,241.0
15,562.1
15,822.2
16,211.5
16,642.8
16,879.0
16,533.7
16,621.7
16,686.7
16,729.2
16,717.1
16,825.0
16,932.8
17,041.1
17,081.0
17,198.0
17,352.8

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

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

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

Period

2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2015: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2016: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2017: I ����������������
      II ���������������
      III r ������������

Gross
domestic
product

97.340
99.218
100.000
101.226
103.315
105.220
106.917
108.839
110.012
111.419
109.322
109.921
110.298
110.507
110.588
111.257
111.641
112.190
112.752
113.037
113.626

Personal consumption
expenditures

Total

97.102
100.065
100.000
101.653
104.149
106.121
107.532
109.157
109.481
110.789
108.947
109.410
109.761
109.807
109.985
110.555
111.034
111.583
112.198
112.273
112.699

Goods

Services

99.403
102.362
100.000
101.637
105.413
106.701
106.116
105.780
102.695
101.209
102.786
103.051
102.912
102.030
101.161
101.217
101.067
101.392
102.062
101.127
101.307

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

2

Gross private
domestic investment

95.981
98.947
100.000
101.661
103.524
105.840
108.276
110.929
113.065
115.878
112.195
112.763
113.378
113.923
114.665
115.512
116.332
117.002
117.585
118.213
118.773

Nonresidential
fixed
98.574
100.337
100.000
99.070
100.545
102.216
103.023
104.399
105.069
104.790
105.143
105.045
105.122
104.967
104.739
104.801
104.726
104.893
105.292
105.780
106.079

Residential
fixed
105.176
103.647
100.000
99.645
100.395
101.324
106.393
112.854
115.883
120.157
115.204
115.239
116.174
116.918
117.609
119.293
121.144
122.580
123.102
124.503
125.862

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Exports

101.107
105.809
100.000
104.263
110.960
111.970
112.064
112.051
106.481
104.458
107.651
107.376
106.245
104.654
103.269
104.233
104.813
105.516
106.168
106.136
107.006

Imports

101.024
111.588
100.000
105.800
113.942
114.671
113.634
113.240
104.364
101.090
106.653
105.193
103.869
101.739
100.393
100.693
101.439
101.835
103.381
103.134
103.238

Total
97.319
100.286
100.000
102.614
105.422
106.512
107.581
109.252
109.866
110.488
109.765
109.845
109.939
109.916
110.162
110.438
110.571
110.782
112.266
112.763
113.078

National
defense
97.572
100.809
100.000
102.365
105.274
106.466
107.167
108.560
108.872
109.285
108.919
108.857
108.890
108.821
108.977
109.235
109.368
109.562
110.882
111.280
111.403

Nondefense
96.849
99.321
100.000
103.064
105.691
106.600
108.296
110.424
111.511
112.448
111.180
111.481
111.669
111.713
112.095
112.397
112.532
112.768
114.494
115.139
115.740

State
and
local
95.426
100.279
100.000
102.714
105.923
107.985
110.063
112.533
113.168
114.164
112.250
113.147
113.421
113.854
113.087
114.083
114.506
114.979
116.220
116.664
117.530

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

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

Gross domestic product (GDP)
Period

2007 ����������������������
2008 ����������������������
2009 ����������������������
2010 ����������������������
2011 ����������������������
2012 ����������������������
2013 ����������������������
2014 ����������������������
2015 ����������������������
2016 ����������������������
2015: I ������������������
      II �����������������
      III ����������������
      IV ����������������
2016: I ������������������
      II �����������������
      III ����������������
      IV ����������������
2017: I ������������������
      II �����������������
      III r ��������������

Real GDP
GDP
(chain-type chain-type
quantity
price
index)
index
103.156
102.855
100.000
102.532
104.174
106.491
108.277
111.059
114.237
115.934
113.394
114.163
114.626
114.765
114.931
115.568
116.363
116.872
117.231
118.118
119.039

GDP
implicit
price
deflator

97.340
99.218
100.000
101.226
103.315
105.220
106.917
108.839
110.012
111.419
109.322
109.921
110.298
110.507
110.588
111.257
111.641
112.190
112.752
113.037
113.626

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

97.337
99.246
100.000
101.221
103.311
105.214
106.913
108.832
110.012
111.416
109.326
109.916
110.286
110.513
110.582
111.249
111.628
112.190
112.746
113.029
113.614

97.102
100.065
100.000
101.653
104.149
106.121
107.532
109.157
109.481
110.789
108.947
109.410
109.761
109.807
109.985
110.555
111.034
111.583
112.198
112.273
112.699

96.832
98.827
100.000
101.286
102.800
104.741
106.323
108.021
109.453
111.391
108.820
109.273
109.689
110.030
110.613
111.157
111.710
112.084
112.590
112.847
113.222

Personal consumption
expenditures (PCE)

Gross domestic product (GDP)
Gross
domestic
purchases
price index

97.372
100.244
100.000
101.527
103.970
105.805
107.287
109.101
109.564
110.661
109.109
109.495
109.794
109.858
109.896
110.470
110.887
111.393
112.100
112.340
112.818

GDP
(current
dollars)

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

4.5
1.7
–2.0
3.8
3.7
4.1
3.3
4.4
4.0
2.8
3.2
5.0
3.0
1.3
.8
4.7
4.2
3.8
3.3
4.1
5.3

1.8
–.3
–2.8
2.5
1.6
2.2
1.7
2.6
2.9
1.5
3.2
2.7
1.6
.5
.6
2.2
2.8
1.8
1.2
3.1
3.2

GDP
implicit
price
deflator

2.7
1.9
.8
1.2
2.1
1.8
1.6
1.8
1.1
1.3
–.1
2.2
1.4
.8
.3
2.4
1.4
2.0
2.0
1.0
2.1

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

2.7
2.0
.8
1.2
2.1
1.8
1.6
1.8
1.1
1.3
–.1
2.2
1.4
.8
.2
2.4
1.4
2.0
2.0
1.0
2.1

2.5
3.1
–.1
1.7
2.5
1.9
1.3
1.5
.3
1.2
–1.6
1.7
1.3
.2
.6
2.1
1.7
2.0
2.2
.3
1.5

2.2
2.1
1.2
1.3
1.5
1.9
1.5
1.6
1.3
1.8
.9
1.7
1.5
1.2
2.1
2.0
2.0
1.3
1.8
.9
1.3

2.7
2.9
–.2
1.5
2.4
1.8
1.4
1.7
.4
1.0
–1.3
1.4
1.1
.2
.1
2.1
1.5
1.8
2.6
.9
1.7

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
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2015: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2016: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2017: I ����������������
      II ���������������
      III r ������������

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

7,203.9
7,256.8
6,859.8
7,238.7
7,592.3
8,011.9
8,305.2
8,716.9
9,059.3
9,165.4
8,975.1
9,036.1
9,106.2
9,120.1
9,145.2
9,112.4
9,217.3
9,186.7
9,294.5
9,426.1
9,511.0

Chained
(2009)
dollars
7,454.8
7,358.5
6,859.8
7,156.3
7,333.4
7,580.6
7,752.5
8,064.8
8,358.1
8,471.7
8,338.2
8,319.5
8,371.3
8,403.3
8,426.8
8,413.3
8,565.5
8,481.3
8,566.1
8,700.6
8,721.4

Total

0.966
.986
1.000
1.012
1.035
1.057
1.071
1.081
1.084
1.082
1.076
1.086
1.088
1.085
1.085
1.083
1.076
1.083
1.085
1.083
1.091

Compensation
of employees
(unit labor
cost)
0.578
.592
.596
.581
.595
.606
.613
.620
.630
.638
.623
.631
.630
.638
.634
.643
.637
.639
.642
.637
.642

Corporate profits with inventory valuation
and capital consumption adjustments 4

Unit nonlabor cost

Total
0.266
.283
.300
.293
.299
.299
.300
.300
.301
.299
.296
.299
.299
.309
.298
.300
.296
.303
.302
.301
.303

Consumption
of fixed
capital

Net interest
Taxes on
and
production miscellaneous
and imports 3
payments

0.140
.149
.159
.153
.155
.156
.158
.159
.160
.161
.159
.160
.160
.160
.161
.162
.160
.162
.163
.163
.164

0.093
.093
.099
.100
.104
.103
.105
.104
.104
.103
.101
.102
.101
.112
.102
.102
.101
.105
.102
.102
.102

0.033
.042
.041
.040
.040
.039
.036
.036
.037
.036
.037
.037
.037
.037
.036
.036
.035
.035
.036
.036
.036

Total
0.123
.111
.105
.137
.142
.152
.159
.161
.153
.144
.157
.157
.159
.139
.153
.140
.143
.142
.141
.146
.146

Taxes on
corporate
income
0.039
.031
.026
.031
.031
.035
.037
.036
.034
.032
.036
.037
.034
.028
.031
.032
.032
.033
.032
.034
.033

Profits
after
tax 5
0.083
.080
.079
.107
.110
.116
.122
.125
.119
.112
.121
.119
.125
.111
.122
.108
.110
.108
.109
.112
.113

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

2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2015: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2016: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2017: I ����������������
      II ���������������
      III r ������������

ComNational pensation
of
income employees

12,321.4
12,427.8
12,126.1
12,739.5
13,352.3
14,061.9
14,444.8
15,144.0
15,739.6
16,052.0
15,552.9
15,719.8
15,784.5
15,901.3
15,846.5
15,957.6
16,185.1
16,218.9
16,388.2
16,498.7
16,691.2

7,898.3
8,078.3
7,787.0
7,961.4
8,269.0
8,609.9
8,842.4
9,256.5
9,708.3
9,978.6
9,541.6
9,655.9
9,730.0
9,905.5
9,838.6
9,979.6
10,081.4
10,014.9
10,166.3
10,243.0
10,336.5

Rental
income
of
persons
with
capital
conNonfarm
sumption
adjustment

Farm

38.1
47.0
35.5
46.0
75.5
61.6
87.8
68.1
53.7
43.2
52.0
53.0
58.7
51.0
46.8
46.7
41.4
37.8
41.9
37.0
31.9

941.1
979.5
937.5
986.7
1,068.1
1,179.8
1,197.0
1,247.7
1,265.1
1,298.7
1,260.7
1,260.9
1,264.5
1,274.3
1,280.8
1,292.8
1,304.6
1,316.7
1,338.4
1,341.6
1,350.0

189.4
262.1
333.7
402.8
485.3
525.3
567.1
611.7
662.5
707.3
639.3
658.4
670.9
681.4
697.6
704.8
708.1
718.9
730.8
740.3
747.2

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

Taxes
on
production
and
imports

Profits with inventory valuation
adjustment and without
capital consumption adjustment
Total

1,529.0
1,285.1
1,397.0
1,746.4
1,816.6
1,998.2
2,032.9
2,140.6
2,117.5
2,073.5
2,175.5
2,175.1
2,135.9
1,983.3
2,040.8
1,996.6
2,101.2
2,155.2
2,109.0
2,123.4
2,213.7

Total

Profits
before
tax

1,708.9
1,345.5
1,479.2
1,799.7
1,738.5
2,116.6
2,159.4
2,253.2
2,210.9
2,161.6
2,275.7
2,270.4
2,228.7
2,068.8
2,132.7
2,087.5
2,187.0
2,239.4
2,201.8
2,220.8
2,311.3

1,748.4
1,382.4
1,472.6
1,840.7
1,806.8
2,130.8
2,156.1
2,249.1
2,158.5
2,158.9
2,201.2
2,260.8
2,171.7
2,000.5
2,075.6
2,123.6
2,179.6
2,256.8
2,276.8
2,254.3
2,333.8

–39.5
–37.0
6.7
–41.0
–68.3
–14.2
3.3
4.1
52.4
2.7
74.5
9.6
57.1
68.3
57.2
–36.1
7.3
–17.5
–75.0
–33.6
–22.6

–179.9
–60.4
–82.2
–53.3
78.1
–118.5
–126.6
–112.6
–93.5
–88.2
–100.2
–95.3
–92.9
–85.5
–92.0
–90.9
–85.7
–84.2
–92.8
–97.4
–97.6

663.4
693.4
563.4
489.4
488.1
527.7
504.6
535.0
583.4
570.6
576.1
587.7
591.8
578.0
574.1
568.0
573.7
566.5
588.2
598.3
599.8

Business
Less:
current
Subsidies transfer
payments

1,034.6
1,041.9
1,026.1
1,057.1
1,102.6
1,132.1
1,174.9
1,221.6
1,255.8
1,288.0
1,241.8
1,253.0
1,258.2
1,270.2
1,274.9
1,276.4
1,296.6
1,304.1
1,309.2
1,321.3
1,331.4

54.6
52.6
58.3
55.9
60.1
58.0
59.3
58.1
57.3
61.8
56.2
56.5
57.7
58.6
60.4
62.1
63.0
61.6
61.0
60.1
61.4

98.6
114.4
124.9
128.5
131.5
104.7
118.4
138.9
165.0
164.0
137.5
147.4
146.4
228.6
163.2
165.0
151.2
176.6
176.5
164.6
152.7

Current
surplus
of
government
enterprises

–16.4
–21.2
–20.6
–22.9
–24.5
–19.3
–20.9
–17.9
–14.3
–10.1
–15.6
–15.1
–14.1
–12.4
–9.7
–10.3
–10.1
–10.2
–11.0
–10.7
–10.6

1 With inventory valuation and capital consumption adjustments.

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

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

Period

Total
personal
consumption
expenditures

2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2015: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2016: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2017: I ����������������
      II ���������������
      III r ������������

10,041.6
10,007.2
9,847.0
10,036.3
10,263.5
10,413.2
10,565.4
10,868.4
11,264.3
11,572.1
11,145.3
11,227.9
11,304.6
11,379.3
11,430.5
11,537.7
11,618.1
11,702.1
11,758.0
11,853.0
11,916.6

Services

Durable
Total
goods

3,381.8
3,297.8
3,198.4
3,308.7
3,411.8
3,504.3
3,613.5
3,753.5
3,927.3
4,072.2
3,867.2
3,910.2
3,952.0
3,979.9
4,000.4
4,059.1
4,090.8
4,138.4
4,145.4
4,199.9
4,246.0

Total
durable
goods 1

1,141.7
1,083.2
1,023.3
1,085.7
1,151.5
1,236.2
1,312.7
1,403.1
1,511.8
1,595.1
1,475.6
1,506.3
1,524.9
1,540.6
1,544.4
1,576.2
1,611.9
1,647.9
1,647.3
1,677.8
1,712.9

Nondurable

Motor
vehicles
and
parts
392.8
340.8
317.1
323.4
333.8
359.1
375.7
398.7
426.0
438.5
418.6
430.3
429.9
425.4
421.6
429.2
444.5
458.4
447.0
447.9
461.0

Total
nondurable
goods 1
2,239.3
2,214.7
2,175.1
2,223.5
2,263.2
2,277.5
2,316.1
2,373.0
2,446.8
2,514.3
2,420.2
2,435.2
2,459.2
2,472.5
2,488.6
2,517.5
2,517.9
2,533.2
2,540.2
2,566.6
2,581.5

Food and
beverages
purchased
for offpremises
consumption

Gasoline
and
other
energy
goods

Total
services 1

Household
consumption
expenditures

791.3
781.9
770.0
786.5
795.1
795.7
795.2
805.8
810.2
832.4
809.5
808.8
810.6
812.1
818.9
831.5
835.2
844.1
846.6
846.9
854.0

296.8
283.4
284.5
282.2
274.3
270.0
275.5
273.2
285.6
289.0
282.2
283.7
288.1
288.6
293.5
289.5
287.3
285.8
281.5
287.1
285.4

6,656.4
6,708.6
6,648.5
6,727.6
6,851.4
6,908.1
6,951.3
7,115.5
7,340.1
7,507.3
7,279.6
7,320.6
7,356.7
7,403.7
7,434.7
7,485.7
7,534.9
7,573.8
7,621.0
7,664.4
7,685.5

6,415.2
6,435.1
6,372.5
6,449.3
6,575.9
6,614.3
6,651.4
6,818.2
7,039.8
7,191.1
6,989.7
7,025.1
7,053.6
7,090.9
7,122.5
7,172.0
7,215.2
7,254.6
7,299.2
7,344.1
7,370.4

Housing
and
utilities

1,840.8
1,860.1
1,881.0
1,904.3
1,928.0
1,929.1
1,937.9
1,965.3
1,998.8
2,025.2
1,997.1
1,993.0
2,002.6
2,002.4
2,010.4
2,024.5
2,035.3
2,030.7
2,028.9
2,045.9
2,045.8

Health
care

1,563.2
1,598.8
1,627.4
1,649.2
1,690.3
1,727.0
1,734.9
1,787.5
1,878.5
1,949.1
1,859.0
1,868.7
1,886.7
1,899.7
1,920.5
1,946.4
1,951.7
1,977.9
1,988.1
1,994.6
2,016.8

Financial
services
and
insurance

742.5
737.4
719.0
733.9
747.2
706.4
707.4
719.3
740.6
728.7
736.7
744.0
740.7
741.0
728.9
724.8
729.3
731.8
745.5
750.3
754.8

Addendum:
Personal
consumption
expenditures
excluding
food and
energy 2

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

8,734.2
8,730.5
8,577.4
8,746.1
8,980.4
9,143.9
9,284.6
9,580.9
9,961.0
10,244.1
9,834.9
9,929.9
9,999.1
10,080.0
10,119.2
10,208.5
10,281.4
10,367.5
10,432.4
10,510.0
10,573.7

16.1
13.2
10.4
11.6
12.7
14.4
15.5
16.5
17.4
17.5
16.9
17.3
c 17.7
17.7
17.3
17.2
17.5
17.8
17.1
16.8
17.1

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

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

4

Sources of Personal Income
Personal income rose $54.0 billion (annual rate) in November, following an increase of $59.5 billion in October.
Wages and salaries rose $34.3 billion in November, following an increase of $19.4 billion in October.
BILLIONS OF DOLLARS * (RATIO SCALE)
18,000
16,000

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

14,000
12,000

12,000

TOTAL PERSONAL INCOME

10,000

10,000
9,000

9,000

WAGES AND SALARIES

8,000

8,000

7,000

7,000

6,000

6,000

5,000

5,000

OTHER INCOME

4,000

4,000

PERSONAL CURRENT
TRANSFER RECEIPTS

3,000

3,000

2,000

2,000

1,000

1,000
2009

2010

2011

2012

2013

2014

2015

2016

*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

2017

COUNCIL OF ECONOMIC ADVISERS

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

2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2016: Nov ����������
      Dec �����������
2017: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov p ��������

Total
personal
income

12,000.2
12,502.2
12,094.8
12,477.1
13,254.5
13,915.1
14,073.7
14,818.2
15,553.0
15,928.7
16,014.4
16,027.3
16,173.5
16,257.3
16,304.9
16,314.4
16,353.8
16,350.6
16,401.9
16,438.0
16,515.6
16,575.1
16,629.1

Total

7,898.3
8,078.3
7,787.0
7,961.4
8,269.0
8,609.9
8,842.4
9,256.5
9,708.3
9,978.6
10,001.2
10,008.7
10,117.6
10,185.7
10,195.7
10,232.2
10,230.8
10,266.2
10,313.5
10,325.4
10,370.7
10,394.1
10,433.6

Wages
and
salaries

Supplements to
wages
and
salaries

6,395.2
6,531.9
6,251.4
6,377.5
6,633.2
6,930.3
7,116.7
7,476.8
7,858.9
8,085.2
8,095.0
8,099.4
8,189.9
8,250.0
8,256.3
8,287.9
8,283.8
8,313.9
8,355.6
8,363.9
8,403.5
8,422.9
8,457.2

1,503.1
1,546.4
1,535.6
1,583.9
1,635.9
1,679.6
1,725.8
1,779.7
1,849.4
1,893.4
1,906.2
1,909.3
1,927.7
1,935.7
1,939.4
1,944.3
1,947.0
1,952.3
1,957.9
1,961.6
1,967.2
1,971.2
1,976.3

Proprietors’ income 1

Farm

38.1
47.0
35.5
46.0
75.5
61.6
87.8
68.1
53.7
43.2
38.2
34.3
38.1
41.9
45.6
41.3
37.0
32.7
32.3
31.9
31.5
32.3
33.0

Nonfarm

941.1
979.5
937.5
986.7
1,068.1
1,179.8
1,197.0
1,247.7
1,265.1
1,298.7
1,320.1
1,320.5
1,339.4
1,336.4
1,339.4
1,334.5
1,343.3
1,347.0
1,343.5
1,348.7
1,357.7
1,363.3
1,370.3

Personal income receipts on assets
Rental
income
of
persons 2

189.4
262.1
333.7
402.8
485.3
525.3
567.1
611.7
662.5
707.3
719.3
721.2
725.7
730.6
736.1
737.1
739.7
744.1
744.0
746.4
751.1
758.8
764.3

Total

2,166.6
2,167.1
1,818.0
1,739.6
1,913.9
2,123.8
2,056.1
2,245.1
2,387.1
2,377.8
2,392.7
2,394.1
2,404.1
2,419.7
2,436.5
2,426.9
2,459.8
2,416.7
2,426.2
2,432.7
2,442.7
2,460.6
2,472.0

Personal
interest
income
1,350.1
1,361.6
1,264.3
1,195.0
1,231.6
1,288.8
1,261.6
1,303.3
1,367.3
1,415.3
1,438.8
1,446.8
1,461.7
1,476.6
1,491.5
1,478.3
1,465.1
1,451.9
1,456.2
1,460.6
1,465.0
1,482.5
1,499.9

Personal
dividend
income
816.5
805.4
553.7
544.6
682.2
834.9
794.4
941.9
1,019.8
962.5
954.0
947.3
942.4
943.1
944.9
948.6
994.7
964.9
970.0
972.1
977.7
978.2
972.1

Personal
current
transfer
receipts 3

1,728.1
1,956.6
2,147.5
2,324.7
2,360.5
2,366.3
2,428.0
2,544.4
2,684.4
2,768.4
2,791.3
2,797.9
2,826.8
2,829.5
2,839.3
2,834.8
2,835.5
2,840.5
2,845.4
2,857.4
2,872.2
2,879.7
2,874.8

Less:
Chart
5 - Dec 2017
Contributions
for
government
social
insurance,
domestic
961.4
988.2
964.4
984.1
917.8
951.6
1,104.6
1,155.3
1,208.0
1,245.3
1,248.5
1,249.3
1,278.1
1,286.5
1,287.7
1,292.4
1,292.3
1,296.8
1,303.0
1,304.6
1,310.4
1,313.7
1,318.9

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

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

5

Disposition of Personal Income
According to revised estimates, per capita disposable personal income in chained (2009) dollars fell 0.2 percent
(annual rate) in the third quarter of 2017.
BILLIONS OF DOLLARS* (RATIO SCALE)
15,000
14,500

BILLIONS OF DOLLARS* (RATIO SCALE)
15,000
14,500

14,000

14,000

13,500

13,500
DISPOSABLE PERSONAL INCOME

13,000

13,000

12,500

12,500

12,000

12,000

11,500

11,500

SAVING

11,000

11,000

PERSONAL OUTLAYS

10,500

10,500

10,000

10,000

9,500

9,500

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

DOLLARS* (RATIO SCALE)
46,000

PER CAPITA DISPOSABLE PERSONAL INCOME

44,000
42,000

42,000
CURRENT DOLLARS

40,000

40,000
38,000

38,000
36,000

36,000

CHAINED (2009) DOLLARS

34,000

34,000

32,000

32,000
2008

2009

2010

2011

2012

2013

2014

2015

*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

Period

Personal
income

Less:
Personal
current
taxes

Equals:
Disposable
personal
income

12,000.2
12,502.2
12,094.8
12,477.1
13,254.5
13,915.1
14,073.7
14,818.2
15,553.0
15,928.7

1,493.2
1,507.8
1,152.3
1,239.3
1,453.2
1,511.4
1,677.8
1,785.6
1,937.9
1,960.1

10,507.0
10,994.4
10,942.5
11,237.9
11,801.4
12,403.7
12,395.8
13,032.6
13,615.0
13,968.6

2017

COUNCIL OF ECONOMIC ADVISERS

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
billions of
chained
(2009)
dollars

Per capita disposable
personal income
Current
dollars

Billions of dollars
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������

2016

Chained
(2009)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(2009)
dollars

Dollars
10,197.2
10,457.7
10,275.1
10,607.9
11,091.2
11,457.0
11,775.7
12,293.8
12,786.7
13,288.0

309.8
536.7
667.4
630.0
710.1
946.7
620.1
738.8
828.4
680.6

10,820.6
10,987.3
10,942.5
11,055.1
11,331.2
11,688.3
11,527.6
11,939.3
12,436.0
12,608.2

34,826
36,101
35,616
36,274
37,811
39,455
39,157
40,869
42,392
43,194

Chart 6 - Dec 2017

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

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

35,866
36,078
35,616
35,685
36,305
37,179
36,414
37,441
38,720
38,988

32,319
32,881
32,050
32,931
34,248
35,151
35,888
37,203
38,398
39,645

33,284
32,860
32,050
32,396
32,884
33,123
33,375
34,082
35,072
35,784

1.2
.6
–1.3
.2
1.7
2.4
–2.1
2.8
3.4
.7

2.9
4.9
6.1
5.6
6.0
7.6
5.0
5.7
6.1
4.9

301,696
304,543
307,240
309,801
312,114
314,377
316,569
318,887
321,173
323,391

38,391
38,692
38,794
39,003
38,964
39,086
39,080
38,828
39,045
39,245
39,225

37,905
38,287
38,598
38,797
38,975
39,481
39,853
40,265
40,619
40,909
41,207

34,793
34,995
35,167
35,333
35,438
35,713
35,894
36,087
36,205
36,439
36,566

3.6
3.2
1.1
2.2
–.4
1.3
–.1
–2.6
2.3
2.1
–.2

6.0
6.2
6.0
6.1
5.7
5.3
4.8
3.6
3.9
3.7
3.3

320,328
320,846
321,458
322,058
322,549
323,064
323,675
324,275
324,765
325,281
325,892

Seasonally adjusted annual rates
2015: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2016: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2017: I ����������������
      II ���������������
      III r ������������

15,301.0
15,516.1
15,625.5
15,769.2
15,751.0
15,910.1
16,028.0
16,025.7
16,245.2
16,339.6
16,451.9

1,903.4
1,934.1
1,937.7
1,976.5
1,928.9
1,950.7
1,983.8
1,977.2
2,018.8
2,007.9
2,046.4

13,397.6
13,582.0
13,687.8
13,792.7
13,822.1
13,959.4
14,044.3
14,048.5
14,226.4
14,331.6
14,405.5

12,587.9
12,737.7
12,865.8
12,955.2
13,034.3
13,214.2
13,366.6
13,537.0
13,671.8
13,805.9
13,927.2

809.7
844.4
822.0
837.5
787.8
745.2
677.7
511.5
554.6
525.7
478.3

12,297.6
12,414.2
12,470.8
12,561.2
12,567.7
12,627.2
12,649.2
12,590.8
12,680.4
12,765.6
12,783.0

41,825
42,332
42,580
42,827
42,853
43,209
43,390
43,323
43,805
44,059
44,203

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 current forecast for 2017, gross farm income in chained (2017) dollars is forecast to be $419.0
billion and net farm income to be $63.2 billion.
BILLIONS OF CHAINED (2017) DOLLARS (RATIO SCALE)

BILLIONS OF CHAINED (2017) DOLLARS (RATIO SCALE)

560
520
480
440
400

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
2008

2009

2011

2010

2012

2013

2014

2015

SOURCE: DEPARTMENT OF AGRICULTURE

2016

2017

COUNCIL OF ECONOMIC ADVISERS

[Billions of chained (2017) dollars]
Chart 7 - Dec 2017

Income of farm operators from farming 1
Gross farm income
Year

Value of agricultural sector production
Total

1998 ���������������������������������������������������
1999 ���������������������������������������������������
2000 ���������������������������������������������������
2001 ���������������������������������������������������
2002 ���������������������������������������������������
2003 ���������������������������������������������������
2004 ���������������������������������������������������
2005 ���������������������������������������������������
2006 ���������������������������������������������������
2007 ���������������������������������������������������
2008 ���������������������������������������������������
2009 ���������������������������������������������������
2010 ���������������������������������������������������
2011 ���������������������������������������������������
2012 ���������������������������������������������������
2013 ���������������������������������������������������
2014 ���������������������������������������������������
2015 ���������������������������������������������������
2016 ���������������������������������������������������
2017 ���������������������������������������������������

Crops 2, 3

Total
334.3
332.9
334.8
338.5
307.6
338.4
375.4
368.2
347.3
395.8
416.9
381.9
399.6
461.7
485.0
513.4
503.6
454.2
419.6
419.0

316.5
302.5
302.7
308.1
291.1
316.8
358.9
338.1
328.4
381.9
402.9
368.1
385.8
450.3
473.6
501.8
493.5
443.0
406.4
407.8

146.8
131.5
131.6
128.7
130.6
142.0
159.3
141.1
142.1
176.1
198.7
186.8
188.4
218.9
229.6
247.9
214.8
189.7
192.5
183.1

Animals
and animal
products 3
135.4
134.9
137.3
144.1
124.7
137.4
158.2
156.0
142.8
161.3
159.4
135.7
157.2
179.8
182.4
192.1
223.6
200.2
168.5
176.8

Farm-related
income 4
34.4
36.1
33.8
35.3
35.7
37.4
41.4
41.0
43.5
44.5
44.7
45.6
40.1
51.5
61.6
61.8
55.1
53.1
45.4
47.8

Direct
Federal
Government
payments
17.8
30.5
32.2
30.4
16.6
21.6
16.5
30.1
18.9
13.9
14.0
13.8
13.9
11.4
11.5
11.7
10.2
11.1
13.2
11.2

Production
expenses

Net
farm
income

266.6
265.4
264.6
264.2
255.4
258.7
264.1
271.1
278.5
314.2
327.6
311.3
313.2
337.0
381.0
382.1
407.3
370.3
356.9
355.8

67.7
67.6
70.2
74.4
52.2
79.8
111.3
97.2
68.7
81.6
89.2
70.6
86.5
124.8
104.0
131.3
96.4
83.9
62.7
63.2

1 The GDP chain-type price index is used to convert the current-dollar statistics to 2017=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.

Source: Department of Agriculture (Economic Research Service).

7

Corporate Profits
In the third quarter of 2017, according to revised estimates, corporate profits before tax rose $79.5 billion (annual
rate) and profits after tax rose $83.7 billion.
BILLIONS OF DOLLARS
2,600
2,500

BILLIONS OF DOLLARS
2,600
2,500

SEASONALLY ADJUSTED ANNUAL RATES

2,400

2,400
2,300

2,300

PROFITS BEFORE TAX

2,200

2,200

2,100

2,100

2,000

2,000

1,900

1,900

1,800

1,800

1,700

1,700
1,600

1,600
PROFITS AFTER TAX

1,500

1,500

1,400

1,400

1,300

1,300

1,200

1,200

1,100

1,100

UNDISTRIBUTED PROFITS

1,000

1,000

900

900

800

800

700

700

600

600

500

500
400

400
300

300

TAXES ON
CORPORATE INCOME

200

200
100

100

0

0

–100
–200

–100
–200
2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

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

2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2015: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2016: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2017: I ����������������
      II ���������������
      III r ������������

Total 2

1,708.9
1,345.5
1,479.2
1,799.7
1,738.5
2,116.6
2,159.4
2,253.2
2,210.9
2,161.6
2,275.7
2,270.4
2,228.7
2,068.8
2,132.7
2,087.5
2,187.0
2,239.4
2,201.8
2,220.8
2,311.3

Profits
before
tax

Nonfinancial
Total

1,355.5
938.8
1,122.0
1,404.5
1,316.6
1,706.3
1,747.6
1,855.6
1,826.0
1,766.9
1,886.6
1,897.8
1,852.2
1,667.2
1,766.9
1,698.5
1,798.6
1,803.7
1,775.5
1,805.2
1,863.7

Financial

301.5
95.4
362.9
406.3
375.9
479.0
429.4
483.9
497.9
501.8
516.1
540.6
474.2
460.5
432.2
473.4
536.8
564.8
523.7
489.9
536.9

Total 3
1,054.0
843.4
759.2
998.2
940.7
1,227.2
1,318.2
1,371.7
1,328.1
1,265.1
1,370.5
1,357.2
1,378.0
1,206.7
1,334.6
1,225.0
1,261.8
1,238.9
1,251.8
1,315.3
1,326.8

Manufacturing
321.9
240.6
171.4
287.6
298.1
395.7
429.6
452.0
417.1
392.6
466.0
449.0
450.5
303.1
424.3
374.0
385.4
386.8
370.4
389.6
419.3

Utilities

Wholesale

49.5
30.1
23.8
30.3
9.8
12.5
26.9
31.5
21.8
19.3
35.7
27.4
20.1
4.0
22.8
17.1
16.1
21.2
27.6
28.2
26.3

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

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

8

103.2
90.6
89.3
102.4
94.4
135.3
142.7
149.8
147.6
125.4
145.3
140.4
146.2
158.6
144.3
116.9
141.9
98.3
90.3
107.8
105.4

Taxes
on
corporate
income

Total

Net
dividends

Retail
119.0
80.3
108.7
118.6
114.3
154.1
154.5
159.8
171.8
179.1
181.0
168.7
169.6
168.1
176.1
171.4
185.1
183.8
179.6
183.9
184.8

1,748.4
1,382.4
1,472.6
1,840.7
1,806.8
2,130.8
2,156.1
2,249.1
2,158.5
2,158.9
2,201.2
2,260.8
2,171.7
2,000.5
2,075.6
2,123.6
2,179.6
2,256.8
2,276.8
2,254.3
2,333.8

445.5
309.1
269.4
370.6
379.1
447.6
467.7
505.3
507.4
471.0
521.9
516.7
485.6
505.6
455.9
471.5
487.2
469.5
466.3
479.6
475.5

1,302.9
1,073.3
1,203.1
1,470.1
1,427.7
1,683.2
1,688.4
1,743.8
1,651.1
1,687.9
1,679.4
1,744.2
1,686.1
1,494.9
1,619.6
1,652.1
1,692.4
1,787.4
1,810.5
1,774.7
1,858.4

818.9
808.6
574.6
564.0
703.7
859.4
929.4
986.4
1,039.9
981.9
1,062.0
1,036.3
1,048.1
1,013.3
1,000.7
971.3
976.3
979.1
988.1
994.2
998.6

Chart 8 - Dec 2017

Inventory
Undistrib- valuation
adjustment
uted
profits

484.0
264.7
628.5
906.2
724.0
823.8
759.0
757.4
611.2
706.0
617.4
707.8
638.0
481.6
618.9
680.9
716.1
808.3
822.4
780.5
859.8

–39.5
–37.0
6.7
–41.0
–68.3
–14.2
3.3
4.1
52.4
2.7
74.5
9.6
57.1
68.3
57.2
–36.1
7.3
–17.5
–75.0
–33.6
–22.6

Real Gross Private Domestic Investment
In the third quarter of 2017, according to revised estimates, nonresidential fixed investment in chained (2009) dollars
rose $26.3 billion (annual rate) and residential fixed investment fell $7.1 billion. Inventories rose $38.5 billion,
following an increase of $5.5 billion in the second quarter.
BILLIONS OF CHAINED (2009) DOLLARS
3,200

BILLIONS OF CHAINED (2009) DOLLARS
3,200

SEASONALLY ADJUSTED ANNUAL RATES

3,000

3,000

2,800

2,800

2,600

2,600
GROSS PRIVATE DOMESTIC
INVESTMENT

2,400

2,400

2,200

2,200

2,000

2,000
NONRESIDENTIAL
FIXED INVESTMENT

1,800

1,800

1,600

1,600

1,400

1,400

1,200

1,200

1,000

1,000

800

800

RESIDENTIAL
FIXED INVESTMENT

600

600

400

400

200

200

0

0
CHANGE IN PRIVATE
INVENTORIES

–200

–200

–400

–400
2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Billions of chained (2009) dollars; quarterly data at seasonally adjusted annual rates]
Chart 9 - Dec 2017

Fixed investment
Period

2007 ���������������������������������������������������
2008 ���������������������������������������������������
2009 ���������������������������������������������������
2010 ���������������������������������������������������
2011 ���������������������������������������������������
2012 ���������������������������������������������������
2013 ���������������������������������������������������
2014 ���������������������������������������������������
2015 ���������������������������������������������������
2016 ���������������������������������������������������
2015: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2016: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2017: I �����������������������������������������������
      II ����������������������������������������������
      III r �������������������������������������������

Gross
private
domestic
investment

2,644.1
2,396.0
1,878.1
2,120.4
2,230.4
2,465.7
2,616.5
2,761.7
2,905.4
2,858.3
2,905.4
2,911.3
2,925.5
2,879.2
2,849.8
2,830.2
2,847.2
2,905.7
2,897.0
2,924.7
2,976.5

Change in private inventories

Nonresidential
Total

2,609.6
2,432.6
2,025.7
2,056.2
2,186.7
2,400.4
2,521.4
2,677.3
2,782.7
2,803.4
2,751.5
2,783.4
2,806.6
2,789.4
2,787.8
2,797.5
2,808.2
2,820.3
2,875.7
2,898.5
2,915.8

Total
1,948.4
1,934.4
1,633.4
1,673.8
1,802.3
1,964.1
2,032.9
2,172.7
2,223.5
2,210.4
2,214.7
2,230.7
2,238.8
2,209.9
2,187.5
2,205.3
2,224.0
2,224.9
2,263.6
2,300.6
2,326.9

Structures
509.0
540.2
438.2
366.3
374.7
423.1
428.8
474.0
465.4
446.4
477.9
483.3
463.8
436.7
439.1
439.7
454.6
452.1
468.0
476.0
467.4

Equipment
898.3
836.1
644.3
746.7
847.9
939.2
982.3
1,047.4
1,084.5
1,047.8
1,073.2
1,075.3
1,101.3
1,088.3
1,050.7
1,049.0
1,043.4
1,048.0
1,059.4
1,082.0
1,110.1

Intellectual
property
products
542.4
558.8
550.9
561.3
581.3
603.8
624.5
653.1
677.8
720.4
666.1
674.1
678.9
692.2
702.8
721.5
729.0
728.3
738.6
745.3
754.8

Residential

654.8
497.7
392.2
382.4
384.5
436.5
488.3
505.2
556.9
587.4
536.1
551.1
565.2
575.3
593.7
586.5
579.8
589.8
605.5
594.1
587.0

Total

Nonfarm

35.5
–33.7
–147.6
58.2
37.6
54.7
78.7
67.8
100.5
33.4
132.2
105.6
96.2
68.2
40.6
12.2
17.6
63.1
1.2
5.5
38.5

36.5
–35.0
–146.0
65.9
36.6
72.7
73.0
74.0
102.8
34.5
133.0
107.8
97.7
72.5
44.6
9.4
17.1
66.8
–1.8
4.2
35.1

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

9

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

Total
fixed
investment

Period

2007 ������������
2008 ������������
2009 ������������
2010 ������������
2011 ������������
2012 ������������
2013 ������������
2014 ������������
2015 ������������
2016 ������������
2015: I ��������
      II �������
      III ������
      IV ������
2016: I ��������
      II �������
      III ������
      IV ������
2017: I ��������
      II �������
      III r ����

Residential

Total
nonresidential

2,609.6
2,432.6
2,025.7
2,056.2
2,186.7
2,400.4
2,521.4
2,677.3
2,782.7
2,803.4
2,751.5
2,783.4
2,806.6
2,789.4
2,787.8
2,797.5
2,808.2
2,820.3
2,875.7
2,898.5
2,915.8

Intellectual property products

Information processing equipment
Structures

1,948.4
1,934.4
1,633.4
1,673.8
1,802.3
1,964.1
2,032.9
2,172.7
2,223.5
2,210.4
2,214.7
2,230.7
2,238.8
2,209.9
2,187.5
2,205.3
2,224.0
2,224.9
2,263.6
2,300.6
2,326.9

Total 2

509.0
540.2
438.2
366.3
374.7
423.1
428.8
474.0
465.4
446.4
477.9
483.3
463.8
436.7
439.1
439.7
454.6
452.1
468.0
476.0
467.4

Computers
and
peripheral
equipment 1

Total

898.3
836.1
644.3
746.7
847.9
939.2
982.3
1,047.4
1,084.5
1,047.8
1,073.2
1,075.3
1,101.3
1,088.3
1,050.7
1,049.0
1,043.4
1,048.0
1,059.4
1,082.0
1,110.1

279.9
281.0
256.1
281.4
285.9
303.1
317.7
329.6
343.9
350.2
334.9
338.5
350.1
352.2
343.7
347.9
353.4
355.9
362.9
372.2
381.9

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

Other
207.9
204.2
179.3
196.8
202.8
214.5
228.9
238.9
256.2
265.6
247.8
250.6
259.6
266.8
259.3
262.8
268.5
271.7
278.0
279.1
283.3

Industrial Transportation
equipequipment
ment
205.3
195.5
152.1
151.3
183.3
199.8
196.7
205.0
207.3
212.1
203.0
208.1
207.2
210.8
208.1
211.7
212.9
215.8
219.9
226.0
230.2

Total 2

203.6
156.9
70.6
136.9
183.0
218.9
243.0
271.3
299.5
277.6
296.0
293.3
309.7
299.1
282.8
283.4
273.3
270.8
268.9
269.6
279.1

Structures

Software

Research
and
development 3

244.2
256.2
256.8
254.2
271.8
286.6
295.5
318.8
336.7
360.4
331.7
335.0
337.1
342.8
350.6
359.3
364.9
366.8
371.1
377.3
384.7

227.9
235.5
229.0
234.4
236.7
242.9
254.1
260.5
264.2
281.5
259.1
262.6
264.2
271.1
274.3
284.5
285.2
282.2
287.6
288.4
290.7

542.4
558.8
550.9
561.3
581.3
603.8
624.5
653.1
677.8
720.4
666.1
674.1
678.9
692.2
702.8
721.5
729.0
728.3
738.6
745.3
754.8

Total
residential 2

654.8
497.7
392.2
382.4
384.5
436.5
488.3
505.2
556.9
587.4
536.1
551.1
565.2
575.3
593.7
586.5
579.8
589.8
605.5
594.1
587.0

Total 2

644.9
488.4
383.9
373.6
375.3
427.1
478.1
494.3
545.1
574.8
524.6
539.4
553.2
563.1
581.2
574.0
567.1
576.9
592.4
581.0
573.9

Single
family

283.7
178.2
105.3
114.4
109.2
132.1
161.9
170.9
190.5
199.9
183.6
186.9
193.7
197.6
204.2
201.0
193.9
200.4
205.5
206.7
208.3

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 excludes expenditures for software development.

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

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

Total
capital
expenditures

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

ConManu- WholeUtilities struction
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
2001 ��������
2002 ��������
2003 ��������
2004 ��������
2005 ��������
2006 ��������
2007 ��������
2008 ��������
2009 ��������
2010 ��������
2011 ��������
2012 ��������
2013 ��������
2014 ��������
2015 p �������

1,109.0
997.9
975.0
1,042.1
1,144.8
1,309.9
1,354.7
1,374.2
1,090.7
1,105.7
1,243.0
1,423.6
1,491.3
1,597.9
1,638.6

1,052.3
917.5
886.8
953.2
1,062.5
1,217.1
1,270.5
1,294.5
1,015.3
1,036.2
1,169.6
1,334.4
1,400.9
1,506.6
1,544.7

1.5
1.9
1.9
2.1
2.7
2.7
2.1
2.3
2.2
3.3
3.1
3.1
3.0
4.0
3.4

51.3
42.5
50.5
51.3
66.7
99.3
120.7
149.3
100.6
115.7
165.7
196.7
202.2
230.8
174.7

82.8
65.5
54.6
50.4
58.0
69.8
85.4
98.7
103.0
94.5
98.0
125.0
111.3
118.9
130.2

24.8
24.8
23.2
28.6
30.1
30.3
36.7
40.8
19.8
17.9
21.8
23.6
27.6
30.3
33.5

192.8
157.2
149.1
156.7
165.6
192.4
197.3
213.1
155.2
160.8
192.4
203.1
221.3
231.1
239.6

30.0
26.8
26.0
32.3
40.6
36.6
30.8
32.4
25.3
31.1
35.7
40.9
37.5
44.8
42.8

66.9
59.3
65.9
72.2
73.5
86.7
82.5
73.2
58.4
65.3
68.1
77.6
77.5
82.4
85.8

57.8
47.1
44.5
46.1
56.9
68.0
67.4
79.6
55.7
59.0
72.7
81.8
92.6
111.0
116.7

144.8
88.2
80.5
83.5
91.4
104.4
106.1
103.3
88.4
97.2
100.1
106.5
123.9
132.0
135.6

131.1
128.4
120.8
153.6
161.4
163.1
173.4
132.9
99.5
103.1
109.2
130.2
137.8
153.3
164.5

82.7
94.5
88.0
91.6
103.0
132.1
117.5
106.9
72.9
81.3
91.1
115.7
114.2
121.9
152.3

30.5
25.9
24.7
26.7
33.1
30.3
31.8
33.0
28.2
28.2
28.1
31.6
35.7
30.4
33.6

52.9
59.3
61.2
64.6
73.8
75.3
84.2
90.2
79.4
78.4
83.1
88.9
94.2
89.0
93.6

102.5
96.1
96.2
93.6
105.6
126.3
134.8
138.7
127.0
100.6
100.4
110.0
122.1
126.8
138.3

56.7
80.4
88.2
88.9
82.2
92.8
84.2
79.7
75.4
69.5
73.4
89.2
90.4
91.3
93.9

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 December, unemployment as measured by the household survey fell 40,000 to 6.6 million.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

162

162

SEASONALLY ADJUSTED

158

158
154

154

CIVILIAN LABOR FORCE

150

150

146

146

142

142

CIVILIAN
EMPLOYMENT

138

138

134

134

20

20

16

16

UNEMPLOYMENT

12

12

8

8

4

4

0

0
2009

2010

2011

2012

2013

2014

2015

2016

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

2017

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

2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2016: Dec r ���������
2017: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec �����������

Civilian
noninsti- Civilian labor
tutional
force
population
(NSA)
233,788
235,801
237,830
239,618
243,284
245,679
247,947
250,801
253,538
255,079
254,742
254,082
254,246
254,414
254,588
254,767
254,957
255,151
255,357
255,562
255,766
255,949
256,109

154,287
154,142
153,889
153,617
154,975
155,389
155,922
157,130
159,187
160,320
159,736
159,718
159,997
160,235
160,181
159,729
160,214
160,467
160,598
161,082
160,371
160,533
160,597

Civilian employment

Total

145,362
139,877
139,064
139,869
142,469
143,929
146,305
148,834
151,436
153,337
152,233
152,076
152,511
153,064
153,161
152,892
153,250
153,511
153,471
154,324
153,846
153,917
154,021

Men
20 years
and
over
74,750
71,341
71,230
72,182
73,403
74,176
75,471
76,776
78,084
78,919
78,396
78,448
78,515
78,548
78,839
78,794
78,753
78,863
78,887
79,393
79,248
79,324
79,431

Women
20 years
and
over
65,039
63,699
63,456
63,360
64,640
65,295
66,287
67,323
68,387
69,344
68,835
68,572
68,978
69,337
69,218
69,087
69,289
69,586
69,502
69,692
69,576
69,665
69,614

Percent 1

Chart 11 - Dec 2017

Unemployment
Both
sexes
16–19
years
5,573
4,837
4,378
4,327
4,426
4,458
4,548
4,734
4,965
5,074
5,002
5,056
5,018
5,179
5,104
5,010
5,209
5,062
5,082
5,238
5,022
4,928
4,977

Total

8,924
14,265
14,825
13,747
12,506
11,460
9,617
8,296
7,751
6,982
7,502
7,642
7,486
7,171
7,021
6,837
6,964
6,956
7,127
6,759
6,524
6,616
6,576

Men
20 years
and
over
4,297
7,555
7,763
6,898
5,984
5,568
4,585
3,959
3,675
3,287
3,600
3,603
3,539
3,459
3,215
3,120
3,269
3,266
3,410
3,168
3,118
3,050
3,117

Women
20 years
and
over

Both
sexes
16–19
years

3,342
5,157
5,534
5,450
5,125
4,565
3,926
3,371
3,151
2,868
3,062
3,148
3,072
2,896
2,927
2,892
2,898
2,912
2,903
2,804
2,611
2,637
2,679

1,285
1,552
1,528
1,400
1,397
1,327
1,106
966
925
827
840
891
876
816
879
825
797
778
813
786
796
929
780

Not
in
labor
force

79,501
81,659
83,941
86,001
88,310
90,290
92,025
93,671
94,351
94,759
95,006
94,364
94,248
94,179
94,407
95,038
94,743
94,684
94,759
94,480
95,395
95,416
95,512

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

62.2
59.3
58.5
58.4
58.6
58.6
59.0
59.3
59.7
60.1
59.8
59.9
60.0
60.2
60.2
60.0
60.1
60.2
60.1
60.4
60.2
60.1
60.1

5.8
9.3
9.6
8.9
8.1
7.4
6.2
5.3
4.9
4.4
4.7
4.8
4.7
4.5
4.4
4.3
4.3
4.3
4.4
4.2
4.1
4.1
4.1

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.
Data reflect annual revisions released January 5, 2018; seasonally adjusted data revised beginning 2013.
Source: Department of Labor (Bureau of Labor Statistics).

11

Selected Unemployment Rates
In December, the unemployment rate remained at 4.1 percent.
PERCENT (SEASONALLY ADJUSTED)

PERCENT (SEASONALLY ADJUSTED)

30

30

25

25

TEENAGERS
(16-19)
20

20

15

15

BLACK OR
AFRICAN
AMERICAN1

10

10

HISPANIC1,2

MEN 20 YEARS
AND OVER
5

5
WHITE1

ALL CIVILIAN
WORKERS

ASIAN

2015

2016

WOMEN 20 YEARS
AND OVER

1

0

0
2013

2014

2017

2013

2014

2015

2016

2017

1

SEE FOOTNOTE 1 TABLE BELOW.
HISPANIC OR LATINO ETHNICITY.
SOURCE: DEPARTMENT OF LABOR

2

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted by NSA]
Unemployment rate (percent of civilian labor force in group)
Chart 12 - Dec 2017

By race or ethnicity 1

By sex and age
Period

2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2016: Dec r ���������
2017: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec �����������

All
civilian
workers

5.8
9.3
9.6
8.9
8.1
7.4
6.2
5.3
4.9
4.4
4.7
4.8
4.7
4.5
4.4
4.3
4.3
4.3
4.4
4.2
4.1
4.1
4.1

Men
20 years
and
over

Women
20 years
and
over

5.4
9.6
9.8
8.7
7.5
7.0
5.7
4.9
4.5
4.0
4.4
4.4
4.3
4.2
3.9
3.8
4.0
4.0
4.1
3.8
3.8
3.7
3.8

4.9
7.5
8.0
7.9
7.3
6.5
5.6
4.8
4.4
4.0
4.3
4.4
4.3
4.0
4.1
4.0
4.0
4.0
4.0
3.9
3.6
3.6
3.7

Both
sexes
16–19
years
18.7
24.3
25.9
24.4
24.0
22.9
19.6
16.9
15.7
14.0
14.4
15.0
14.9
13.6
14.7
14.1
13.3
13.3
13.8
13.0
13.7
15.9
13.6

White

5.2
8.5
8.7
7.9
7.2
6.5
5.3
4.6
4.3
3.8
4.2
4.3
4.1
3.9
3.9
3.7
3.8
3.7
3.8
3.7
3.5
3.7
3.7

Black
or
African
American
10.1
14.8
16.0
15.8
13.8
13.1
11.3
9.6
8.4
7.5
7.9
7.8
8.1
8.0
7.9
7.6
7.1
7.4
7.6
7.0
7.3
7.2
6.8

By selected groups
Hispanic
or
Latino
ethnicity

Asian

4.0
7.3
7.5
7.0
5.9
5.2
5.0
3.8
3.6
3.4
2.8
3.8
3.5
3.3
3.2
3.6
3.6
3.8
3.9
3.6
3.0
3.0
2.5

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.
See Note, p. 11.
Source: Department of Labor (Bureau of Labor Statistics).

12

7.6
12.1
12.5
11.5
10.3
9.1
7.4
6.6
5.8
5.1
5.9
5.9
5.6
5.1
5.2
5.2
4.8
5.1
5.1
5.1
4.8
4.8
4.9

Married
men,
spouse
present
3.4
6.6
6.8
5.8
4.9
4.3
3.4
2.8
2.7
2.4
2.7
2.7
2.6
2.6
2.4
2.3
2.2
2.4
2.6
2.3
2.0
2.1
2.2

Women
who
maintain
families
(NSA)
8.0
11.5
12.3
12.4
11.4
10.2
8.6
7.4
6.8
6.2
5.8
6.3
6.5
5.5
6.0
6.8
6.9
6.8
7.2
6.5
5.6
5.5
5.3

Full-time
workers

5.8
10.0
10.4
9.6
8.5
7.7
6.4
5.4
4.9
4.3
4.7
4.8
4.6
4.4
4.3
4.2
4.4
4.3
4.4
4.2
4.0
3.9
4.0

Part-time
workers

5.5
6.0
6.3
6.3
6.1
5.9
5.4
4.9
4.8
4.6
5.0
4.8
5.0
4.8
5.0
4.8
4.2
4.5
4.4
4.3
4.5
5.0
4.5

Selected Measures of Unemployment and Unemployment Insurance Programs
In December, the percentage of the unemployed who had been out of work for 5 to 14 weeks rose, while the percentages
for less than 5 weeks, 5 to 14 weeks, and 27 weeks and over fell. The mean duration of unemployment fell to 23.6
weeks and the median duration fell to 9.1 weeks.
PERCENT DISTRIBUTION*

PERCENT DISTRIBUTION*

70

70

DURATION OF UNEMPLOYMENT

60

60

50

50

REASON FOR UNEMPLOYMENT

JOB LOSERS
27 WEEKS
AND OVER

40

40
LESS THAN
5 WEEKS

REENTRANTS

30

30
5-14
WEEKS

20

20
NEW ENTRANTS

10

10

15-26
WEEKS

JOB LEAVERS
0

0
2013

2014

2015

2016

2017

2013

2014

2015

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR

2016

2017

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted by NSA]
Chart 13 - Dec 2017

Duration of unemployment
Period

Unemployment
(thousands)

Percent distribution
Less
than
5 weeks

5–14
weeks

15–26
weeks

Reason for unemployment: percent distribution
Number of weeks

27 weeks
and over

Average
(mean) 1

Median

Job
losers

Job
leavers

Reentrants

New
entrants

State programs
Insured
unemployment
(NSA)

Initial
claims
(NSA)

Insured
unemployment,
all
programs
(NSA) 2

Weekly average, thousands
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2016: Dec r ���������
2017: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec �����������

8,924
14,265
14,825
13,747
12,506
11,460
9,617
8,296
7,751
6,982
7,502
7,642
7,486
7,171
7,021
6,837
6,964
6,956
7,127
6,759
6,524
6,616
6,576

32.8
22.2
18.7
19.5
21.1
22.5
25.7
28.9
30.5
32.5
31.2
32.3
34.2
32.3
32.1
30.9
33.4
30.9
31.6
32.7
32.4
33.8
33.7

31.4
26.8
22.0
21.8
22.9
24.1
25.3
27.7
28.7
28.8
28.3
27.4
28.3
29.4
29.9
28.5
28.2
29.0
28.4
27.6
29.6
28.4
30.1

16.0
19.5
16.0
15.0
14.9
15.8
15.6
15.3
14.9
14.6
15.8
16.2
13.9
15.0
15.2
16.3
13.6
14.8
15.2
14.2
13.0
13.8
13.3

19.7
31.5
43.3
43.8
41.1
37.6
33.5
28.1
25.9
24.2
24.7
24.1
23.5
23.4
22.8
24.2
24.9
25.4
24.7
25.5
25.0
23.9
22.9

17.9
24.4
33.0
39.3
39.4
36.5
33.7
29.2
27.5
25.0
25.9
25.3
25.1
25.4
24.3
24.8
24.9
25.0
24.3
26.6
25.8
25.2
23.6

9.4
15.1
21.4
21.4
19.3
17.0
14.0
11.6
10.6
10.0
10.8
10.3
10.1
10.4
10.3
10.4
9.8
10.4
10.3
10.1
9.8
9.5
9.1

53.7
64.2
62.4
59.0
55.0
53.0
50.7
49.0
48.2
49.2
48.3
49.2
49.5
49.2
50.0
48.4
49.3
48.7
49.4
48.9
48.9
47.6
49.7

10.0
6.2
6.0
7.0
7.7
8.1
8.6
9.9
11.1
11.1
11.9
11.5
10.9
11.1
11.1
11.6
11.7
11.0
11.2
10.9
11.1
11.2
10.9

27.7
22.3
23.4
24.7
26.7
28.0
29.4
30.6
30.1
29.8
29.3
28.6
29.4
28.9
28.9
30.5
29.4
30.2
30.2
30.5
30.5
30.6
30.6

8.6
3,306
424
3,899
7.3
5,724
568
9,123
8.2
4,487
454
9,732
9.3
3,679
406
7,630
10.5
3,297
374
6,048
10.9
2,947
342
4,605
11.3
2,574
304
2,657
10.6
2,237
275
2,272
10.6
2,099
259
2,127
9.9 ��������������� ��������������� �����������������
10.5
2,136
352
2,165
10.7
2,909
360
2,943
10.2
2,403
235
2,431
10.8
2,372
245
2,400
10.0
2,160
230
2,185
9.6
1,965
241
1,989
9.7
1,852
257
1,873
r
r
10.1
2,233
254
2,257
9.2
1,969
231
1,991
r 1,678
r 221
r 1,698
9.8
9.5
1,864
241
1,889
10.5
1,764
279
1,789
8.9 ��������������� ��������������� �����������������

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

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

Also includes

Note: Data relate to persons age 16 years and over (except for insured unemployment and initial claims).
See Note, p. 11.
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 148,000 in December.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

150

108
106
ALL NONAGRICULTURAL
ESTABLISHMENTS

145

PRIVATE
SERVICE-PROVIDING
INDUSTRIES

104
102
100

140

98
135

96
94

130

24
22

EDUCATION AND
HEALTH SERVICES
PROFESSIONAL AND
BUSINESS SERVICES

20

125

PRIVATE
INDUSTRIES

18

RETAIL TRADE

16

120

14
22

115

GOODS-PRODUCING

20
110

18
16

105

14

24

GOVERNMENT

MANUFACTURING

12

22
20

10
2013

2014

2015

2016

2017

2013

2014

2015

*SEASONALLY ADJUSTED

2016

2017

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[Thousands of wage and salary workers; 1 monthly data seasonally adjusted]
Chart 14 - Dec 2017

Private industries

Period

2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 p ������������������
2016: Dec �����������
2017: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct r ����������
      Nov r ���������
      Dec p ��������

Total
nonagricultural
employment

137,242
131,313
130,361
131,932
134,175
136,381
138,958
141,843
144,306
146,443
145,325
145,541
145,773
145,823
146,030
146,175
146,385
146,523
146,731
146,769
146,980
147,232
147,380

Goods-producing industries
Total
private

114,732
108,758
107,871
109,845
112,255
114,529
117,076
119,814
122,083
124,120
123,026
123,230
123,452
123,511
123,705
123,858
124,065
124,198
124,382
124,432
124,654
124,893
125,039

Total 2

Construc- Manufaction
turing

21,335
18,558
17,751
18,047
18,420
18,738
19,226
19,610
19,736
20,040
19,794
19,845
19,933
19,950
19,969
19,982
20,024
20,004
20,077
20,103
20,141
20,204
20,259

7,162
6,016
5,518
5,533
5,646
5,856
6,151
6,461
6,711
6,901
6,783
6,817
6,871
6,871
6,871
6,878
6,893
6,884
6,908
6,921
6,936
6,963
6,993

13,406
11,847
11,528
11,726
11,927
12,020
12,185
12,336
12,348
12,430
12,343
12,355
12,377
12,388
12,397
12,397
12,418
12,407
12,451
12,460
12,483
12,514
12,539

Private service-providing industries
Trade, transportation,
and utilities
Total
Total 3
93,398
90,201
90,120
91,798
93,834
95,791
97,850
100,204
102,346
104,081
103,232
103,385
103,519
103,561
103,736
103,876
104,041
104,194
104,305
104,329
104,513
104,689
104,780

26,293
24,906
24,636
25,065
25,476
25,862
26,383
26,887
27,233
27,400
27,374
27,402
27,391
27,352
27,362
27,362
27,377
27,377
27,386
27,424
27,415
27,458
27,448

Retail
trade
15,283
14,522
14,440
14,668
14,841
15,079
15,357
15,605
15,820
15,842
15,881
15,916
15,888
15,848
15,844
15,834
15,830
15,819
15,817
15,829
15,808
15,835
15,815

Information

Financial
activities

2,984
2,804
2,707
2,674
2,676
2,706
2,726
2,750
2,772
2,727
2,762
2,754
2,748
2,740
2,729
2,724
2,723
2,720
2,720
2,715
2,714
2,715
2,722

8,206
7,838
7,695
7,697
7,784
7,886
7,977
8,123
8,285
8,447
8,364
8,394
8,399
8,403
8,419
8,429
8,444
8,455
8,465
8,477
8,485
8,492
8,498

Profes- Education Leisure
sional
and
and
and
health
hospitalbusiness services
ity
services
17,735
16,579
16,728
17,332
17,932
18,515
19,062
19,633
20,136
20,722
20,416
20,475
20,510
20,568
20,614
20,664
20,708
20,751
20,798
20,828
20,875
20,924
20,943

19,228
19,630
19,975
20,318
20,769
21,086
21,439
22,029
22,616
23,112
22,871
22,888
22,956
22,972
23,017
23,054
23,094
23,145
23,191
23,214
23,231
23,281
23,309

13,436
13,077
13,049
13,353
13,768
14,254
14,696
15,160
15,620
15,914
15,744
15,759
15,792
15,803
15,863
15,896
15,934
15,984
15,975
15,900
16,004
16,021
16,050

Other
services

5,515
5,367
5,331
5,360
5,430
5,483
5,567
5,622
5,685
5,759
5,701
5,713
5,723
5,723
5,732
5,747
5,761
5,762
5,770
5,771
5,789
5,798
5,810

Government

22,509
22,555
22,490
22,086
21,920
21,853
21,882
22,029
22,223
22,322
22,299
22,311
22,321
22,312
22,325
22,317
22,320
22,325
22,349
22,337
22,326
22,339
22,341

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

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

14

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

Total
private
nonagricultural 1

Period

2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 p ������������������
2016: Nov ����������
      Dec �����������
2017: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct r ����������
      Nov r ���������
      Dec p ��������

Average gross hourly earnings
Total private
nonagricultural 1

Manufacturing

Total

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

Overtime

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

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

Current
dollars

Manufacturing

1982-84
dollars 2

$18.06
$8.56
18.61
8.88
19.05
8.90
19.44
8.77
19.74
8.73
20.13
8.78
20.61
8.85
21.03
9.07
21.54
9.20
22.07 �����������������
21.74
9.20
21.80
9.20
21.83
9.16
21.86
9.17
21.90
9.22
21.96
9.22
21.99
9.26
22.03
9.28
22.09
9.29
22.14
9.27
22.22
9.24
22.20
9.23
22.23
9.19
22.30 �����������������

Average gross weekly earnings
Total private
nonagricultural 1
Current
dollars

$17.75
18.24
18.61
18.93
19.08
19.30
19.56
19.91
20.43
20.88
20.60
20.63
20.63
20.64
20.70
20.77
20.80
20.80
20.87
20.93
20.98
21.06
21.07
21.14

Percent change from
a year earlier,
total private
nonagricultural

Current dollars

1982-84
dollars 2

$607.42
$287.80
615.96
293.83
636.19
297.33
652.89
294.66
665.65
294.24
677.70
295.52
694.85
298.51
708.90
305.81
723.69
309.17
743.32 �����������������
730.46
309.20
732.48
309.17
733.49
307.72
734.50
307.95
735.84
309.64
740.05
310.86
741.06
311.91
742.41
312.62
744.43
313.16
743.90
311.50
746.59
310.57
748.14
310.96
751.37
310.76
753.74 �����������������

Manufacturing

Construction

$724.46
726.12
765.18
784.29
794.63
807.37
822.03
832.05
855.69
875.33
861.08
864.40
864.40
864.82
865.26
870.26
871.52
873.60
876.54
879.06
879.06
884.52
884.94
885.77

$842.61
851.76
891.83
921.84
942.14
958.72
977.11
998.02
1,031.16
1,060.24
1,044.35
1,028.22
1,034.77
1,046.34
1,037.52
1,052.16
1,058.15
1,057.21
1,060.09
1,061.28
1,065.77
1,062.55
1,069.92
1,076.19

Retail
trade

Current
dollars

$386.21
388.57
400.07
412.09
422.10
423.07
431.82
445.52
447.62
463.53
450.85
455.34
453.56
456.60
457.52
461.77
460.85
463.59
464.20
461.73
466.32
466.32
471.23
471.50

1982-84
dollars 2

3.1
–1.0
1.4
2.1
3.3
1.2
2.6
–.9
2.0
–.1
1.8
.4
2.5
1.0
2.0
2.4
2.1
1.1
2.7 �������������������
2.2
.7
1.9
–.1
2.1
–.5
2.5
–.4
2.3
.0
2.6
.5
2.7
.9
2.6
1.1
2.3
.7
2.4
.5
2.5
.2
2.5
.4
2.9
.5
2.9 �������������������

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
2007:
2008:
2009:
2010:
2011:
2012:
2013:
2014:
2015:
2016:

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

106.3
108.9
110.2
112.5
115.0
117.1
119.4
122.2
124.5
127.2

106.6
109.4
110.8
112.8
114.6
116.6
119.0
121.6
124.2
127.1

105.6
107.7
108.7
111.9
115.9
118.2
120.5
123.5
125.1
127.3

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

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

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

Seasonally adjusted
2015: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2016: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2017: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������

123.2
123.2
124.0
124.6
125.4
126.1
126.7
127.3
128.3
129.0
130.0

122.6
122.8
123.6
124.3
125.1
126.0
126.6
127.2
128.3
129.0
129.9

124.5
124.2
124.8
125.3
125.9
126.4
127.0
127.5
128.3
129.1
130.0

3.0
2.4
1.2
2.1
2.2
1.8
2.0
2.3
1.9
2.2

3.3
2.6
1.3
1.8
1.6
1.7
2.1
2.2
2.1
2.3

2.4
2.0
0.9
2.9
3.6
2.0
1.9
2.5
1.3
1.8

Not seasonally adjusted
0.7
.0
.6
.5
.6
.6
.5
.5
.8
.5
.8

0.7
.2
.7
.6
.6
.7
.5
.5
.9
.5
.7

0.6
–.2
.5
.4
.5
.4
.5
.4
.6
.6
.7

2.8
1.9
1.9
1.9
1.8
2.4
2.3
2.2
2.3
2.4
2.5

2.8
2.2
2.1
2.1
2.0
2.6
2.4
2.3
2.6
2.4
2.6

2.6
1.4
1.4
1.3
1.2
1.7
1.8
1.8
1.9
2.2
2.4

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

Nonfarm
business
sector

Unit labor
costs

Implicit price
deflator 5

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

100.4
102.2
100.0
98.6
100.7
102.7
103.4
105.3
107.1
108.2
102.5
104.0
103.7
103.3
106.0
104.7
104.4
106.1
106.3
106.9
106.7
108.6
107.8
108.8
108.9
107.3
108.7
108.4
108.3

100.1
102.1
100.0
98.7
100.7
102.5
103.3
105.3
107.2
108.4
102.3
103.9
103.8
103.3
105.9
104.7
104.4
106.2
106.3
106.9
106.9
108.7
108.0
109.1
109.1
107.5
108.7
108.4
108.4

98.2
99.8
100.0
101.1
103.3
105.3
106.9
108.6
109.3
110.4
106.4
106.6
107.1
107.5
107.9
108.5
109.0
108.9
108.7
109.3
109.6
109.5
109.7
110.2
110.5
111.2
111.6
111.7
112.3

97.9
99.4
100.0
101.0
102.8
104.7
106.3
108.2
109.1
110.5
105.6
105.9
106.5
107.1
107.5
108.0
108.6
108.6
108.6
109.1
109.4
109.5
109.7
110.3
110.7
111.3
111.5
111.7
112.3

2.9
1.8
–2.2
–1.4
2.1
2.0
.6
1.9
1.7
1.0
–10.4
5.9
–.9
–1.9
10.8
–4.6
–1.2
6.8
.5
2.3
–.4
7.2
–2.8
3.7
.1
–5.5
5.1
–1.0
–.3

2.7
2.0
–2.0
–1.3
2.1
1.7
.9
1.9
1.8
1.1
–9.7
6.5
–.5
–1.9
10.5
–4.7
–1.2
7.1
.6
2.3
–.2
7.2
–2.7
3.9
.1
–5.7
4.8
–1.2
–.2

2.3
1.5
.2
1.1
2.2
1.9
1.5
1.6
.6
1.0
1.5
.5
1.9
1.7
1.4
2.5
1.6
–.1
–.7
2.0
1.1
–.2
.5
2.1
1.1
2.2
1.5
.6
2.0

2.0
1.5
.6
1.0
1.8
1.9
1.5
1.8
.9
1.2
1.1
1.1
2.3
2.3
1.2
2.1
2.1
.0
.0
1.9
1.2
.1
.9
2.2
1.3
2.3
.9
.6
2.1

Indexes, 2009=100; quarterly data seasonally adjusted
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2015: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2016: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2017: I ����������������
      II ���������������
      III * �����������

96.0
96.8
100.0
103.3
103.3
104.0
104.8
105.7
106.9
106.9
104.3
104.3
104.7
105.7
104.8
105.4
106.4
105.9
106.5
106.9
107.3
106.6
106.3
106.5
107.2
107.7
107.5
107.9
108.8

96.2
97.0
100.0
103.3
103.4
104.3
104.7
105.7
107.1
107.0
104.3
104.1
104.5
105.7
104.8
105.4
106.5
106.0
106.7
107.1
107.4
106.7
106.4
106.6
107.3
107.6
107.7
108.1
108.9

105.5
104.2
100.0
103.2
105.3
108.4
110.8
114.4
118.4
120.3
109.7
110.0
111.1
112.6
112.1
113.7
115.5
116.3
117.4
118.4
118.8
118.9
119.0
119.8
120.8
121.4
121.8
123.0
124.2

105.8
104.4
100.0
103.2
105.5
108.8
110.9
114.6
118.5
120.2
109.9
110.1
111.1
112.6
112.2
113.8
115.7
116.4
117.6
118.5
118.9
119.0
119.0
119.8
120.8
121.4
122.0
123.1
124.4

109.8
107.6
100.0
99.9
102.0
104.2
105.8
108.3
110.7
112.5
105.1
105.5
106.1
106.4
106.9
107.8
108.6
109.8
110.3
110.7
110.7
111.5
112.0
112.5
112.7
112.7
113.3
114.0
114.1

110.0
107.7
100.0
99.9
102.0
104.2
106.0
108.4
110.7
112.4
105.4
105.7
106.3
106.6
107.1
108.0
108.7
109.8
110.1
110.7
110.7
111.5
111.9
112.3
112.5
112.8
113.3
113.9
114.3

96.4
99.0
100.0
101.8
104.0
106.8
108.3
111.3
114.5
115.7
106.9
108.4
108.6
109.2
111.1
110.4
111.0
112.3
113.1
114.2
114.6
115.8
114.6
115.9
116.7
115.6
116.8
116.9
117.9

96.3
99.0
100.0
101.9
104.2
106.9
108.2
111.3
114.8
116.0
106.7
108.2
108.5
109.2
111.0
110.3
111.2
112.6
113.5
114.5
114.8
116.1
114.9
116.3
117.0
115.7
117.1
117.2
118.0

99.8
98.7
100.0
100.2
99.2
99.8
99.7
100.8
103.7
103.4
98.7
100.3
99.9
100.0
101.1
100.0
100.3
101.7
103.1
103.5
103.4
104.4
103.3
103.9
104.1
102.4
102.7
102.8
103.1

99.6
98.6
100.0
100.3
99.3
99.9
99.6
100.9
103.9
103.7
98.6
100.1
99.8
100.0
101.0
99.9
100.5
101.9
103.4
103.7
103.6
104.6
103.6
104.2
104.4
102.4
102.9
103.0
103.2

Percent change; quarterly data at seasonally adjusted annual rates
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2015: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2016: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2017: I ����������������
      II ���������������
      III * �����������

1.4
.8
3.3
3.3
.0
.7
.7
.9
1.2
.0
2.2
–.1
1.5
4.1
–3.3
2.2
3.7
–1.9
2.4
1.6
1.6
–2.7
–1.1
.6
2.7
2.0
–.8
1.4
3.6

1.6
.8
3.1
3.3
.1
.9
.3
1.0
1.3
–.1
.9
–.7
1.6
4.4
–3.4
2.4
4.4
–1.8
2.7
1.3
1.3
–2.6
–1.2
.8
2.5
1.3
.1
1.5
3.0

2.1
–1.2
–4.1
3.2
2.1
2.9
2.2
3.2
3.5
1.6
3.7
1.1
4.1
5.4
–1.7
5.8
6.8
2.5
4.0
3.3
1.6
.2
.4
2.6
3.3
2.2
1.4
3.7
4.1

2.3
–1.3
–4.3
3.2
2.2
3.1
2.0
3.3
3.4
1.5
2.8
.6
3.8
5.6
–1.4
5.8
6.9
2.3
4.0
3.3
1.3
.3
.2
2.5
3.3
2.2
1.8
3.9
4.1

0.6
–2.0
–7.1
–.1
2.1
2.2
1.5
2.3
2.3
1.6
1.4
1.2
2.6
1.2
1.7
3.6
2.9
4.5
1.5
1.7
.0
3.0
1.5
2.0
.6
.2
2.1
2.3
.5

0.7
–2.1
–7.2
–.1
2.1
2.2
1.7
2.2
2.1
1.6
1.9
1.3
2.1
1.1
2.1
3.4
2.4
4.2
1.2
2.0
.0
2.9
1.4
1.7
.8
1.0
1.6
2.4
1.1

4.4
2.7
1.0
1.8
2.1
2.7
1.3
2.7
2.9
1.0
–8.4
5.8
.6
2.2
7.2
–2.6
2.4
4.7
3.0
3.9
1.2
4.3
–3.8
4.4
2.8
–3.7
4.3
.3
3.3

4.3
2.8
1.0
1.9
2.2
2.6
1.2
2.9
3.1
1.0
–9.0
5.8
1.1
2.4
6.8
–2.5
3.2
5.1
3.3
3.6
1.1
4.5
–3.8
4.8
2.5
–4.5
4.9
.3
2.7

1.5
–1.1
1.3
.2
–1.0
.7
–.1
1.1
2.8
–.2
–9.9
6.4
–1.5
.7
4.4
–4.4
1.3
5.5
5.6
1.5
–.3
3.9
–3.9
2.0
1.0
–6.5
1.1
.7
1.3

1.4
–1.0
1.4
.3
–1.0
.6
–.3
1.3
3.0
–.2
–10.4
6.3
–1.1
.9
4.1
–4.2
2.1
5.8
6.0
1.2
–.4
4.1
–3.9
2.4
.7
–7.3
1.7
.6
.7

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 1978-2016 is based on the consumer price index research series (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 November 29, 2017.
Source: Department of Labor (Bureau of Labor Statistics).

16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial production and capacity utilization rose in November.
INDEX, 2012 = 100* (RATIO SCALE)
120

INDEX, 2012 = 100* (RATIO SCALE)
130

TOTAL INDUSTRIAL PRODUCTION

FINAL PRODUCTS

110
120
100
CONSUMER
GOODS

BUSINESS
EQUIPMENT

110

90
80

100

120

MANUFACTURING

1

DURABLE

TOTAL

110

90

100

DEFENSE AND
SPACE EQUIPMENT

NONDURABLE

90

80
80
140

PERCENT*
86
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
84

UTILITIES AND MINING

130

82

MINING

120

80
78

110

76
100

74
UTILITIES

72

90

70

80

68
66
2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

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

2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2016: Nov ����������
      Dec �����������
2017: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov p ��������

Percent change 2
Index,
2012=100

104.6
100.9
89.3
94.2
97.1
100.0
102.0
105.1
104.4
103.1
102.9
103.8
103.5
103.7
103.9
105.0
105.1
105.3
105.1
104.6
104.9
106.1
106.4

From
preceding
month
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
–0.2
.8
–.3
.2
.2
1.1
.0
.2
–.1
–.4
.3
1.2
.2

Chart 17 - Dec 2017

Industry production indexes, 2012=100

Capacity utilization rate
(output as percent of
capacity) 1

Manufacturing

From
year
earlier
2.5
–3.5
–11.5
5.5
3.1
2.9
2.0
3.1
–.7
–1.2
–.4
.8
.0
.4
1.4
2.1
2.3
2.1
1.8
1.5
1.9
2.9
3.4

Total 1
109.2
103.9
89.6
94.8
97.5
100.0
100.9
102.1
102.2
102.2
102.4
102.6
103.0
103.3
102.6
103.9
103.4
103.5
103.2
103.0
103.2
104.7
104.8

Durable
103.0
99.4
80.7
89.3
94.8
100.0
102.2
105.1
104.3
104.1
104.5
105.1
105.4
105.7
105.0
106.8
105.6
105.7
104.7
105.0
106.6
107.1
107.5

Nondurable
112.5
105.8
97.7
99.8
99.9
100.0
100.0
99.3
100.7
101.3
101.6
101.4
101.9
102.2
101.6
102.5
102.7
102.9
103.4
102.7
101.6
104.1
104.1

Other
(non-NAICS) 1
158.3
144.3
120.6
111.4
106.1
100.0
95.0
94.0
90.3
84.2
82.4
81.9
81.5
83.5
82.2
81.3
80.7
79.7
77.7
76.9
75.9
76.3
75.2

Mining

87.0
88.1
83.0
87.6
93.0
100.0
106.0
117.3
112.2
102.1
102.3
101.9
103.3
107.0
106.6
107.2
108.1
109.5
109.9
108.6
110.4
109.7
111.9

Utilities

102.0
101.7
98.8
102.6
102.3
100.0
102.3
103.7
103.1
102.8
99.3
106.2
98.5
93.8
101.5
101.6
104.4
103.5
104.1
102.8
101.5
103.6
101.6

Total
industry

Total
manufacturing

80.7
77.7
68.5
73.6
76.3
77.2
77.3
78.6
76.8
75.7
75.5
76.0
75.7
75.8
75.9
76.6
76.6
76.6
76.5
76.1
76.2
77.0
77.1

78.8
74.7
65.5
70.7
73.7
74.8
74.7
75.4
75.5
75.1
75.1
75.2
75.4
75.6
75.1
76.0
75.6
75.6
75.3
75.1
75.2
76.3
76.4

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

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

17

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

Materials

Final products
Consumer goods

Period
Total

2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2016: Nov ����������
      Dec �����������
2017: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov p ��������

Nonindustrial supplies

Total

108.1
104.0
93.1
96.2
98.4
100.0
100.1
101.1
101.0
100.4
99.8
101.1
100.3
99.8
100.2
102.0
102.1
101.9
101.5
101.6
102.0
103.1
103.0

113.2
107.2
99.2
100.3
101.4
100.0
100.7
101.5
103.9
104.5
103.6
105.1
104.0
103.3
103.6
105.0
105.4
105.1
105.0
105.1
105.1
106.4
105.9

Durable
goods
121.0
106.7
86.0
94.2
97.7
100.0
105.5
110.8
115.3
118.5
119.7
120.7
120.7
120.8
118.2
121.1
119.3
119.4
117.0
117.9
120.4
121.0
120.8

Equipment
Nondurable
goods
110.7
107.2
102.9
101.9
102.3
100.0
99.5
99.2
101.0
101.0
99.6
101.2
99.8
98.9
99.9
100.9
101.9
101.4
101.9
101.8
101.2
102.6
102.2

Total 1
98.4
97.8
81.5
88.4
92.7
100.0
99.0
100.2
95.5
92.4
92.4
93.2
93.3
93.2
93.7
96.3
95.7
95.9
95.0
95.0
96.2
97.0
97.4

Business
99.5
97.0
80.2
86.2
91.2
100.0
99.9
101.8
100.9
99.1
98.9
99.7
99.6
99.3
99.7
103.1
102.1
101.9
100.7
100.7
102.2
103.5
104.0

Defense
and
space

Total

91.1
98.3
94.0
101.0
98.1
100.0
97.2
94.0
91.0
89.7
89.9
89.6
89.8
88.7
88.8
88.6
88.5
89.3
89.5
90.1
90.7
90.2
90.8

117.4
110.3
93.6
96.6
98.0
100.0
102.2
104.0
103.6
104.3
104.6
104.8
104.9
105.4
105.4
105.8
105.6
105.2
105.2
104.5
105.3
105.9
105.9

Construction

129.4
117.4
90.3
93.6
95.8
100.0
103.0
106.5
107.0
108.4
109.2
109.0
110.5
112.4
111.0
111.6
110.7
110.3
110.3
109.4
111.4
111.9
112.6

Business

112.1
107.2
95.0
98.0
99.0
100.0
101.8
102.8
102.0
102.3
102.3
102.9
102.2
101.9
102.6
102.9
103.1
102.8
102.8
102.2
102.3
103.0
102.6

Total 1

98.0
95.6
84.9
91.9
95.9
100.0
103.4
108.7
107.2
104.7
104.8
105.3
105.3
106.2
106.3
107.0
107.1
107.7
107.8
106.9
106.9
108.4
109.1

Energy

88.5
89.3
86.7
90.6
94.1
100.0
105.3
114.3
112.8
106.2
105.4
107.1
105.6
107.0
108.7
108.6
109.7
110.7
111.3
110.4
111.5
111.3
112.1

1 Includes other items, not shown separately.

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

Primary metals
Period
Total
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2016: Nov ����������
      Dec �����������
2017: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov p ��������

103.9
104.1
77.5
95.0
102.0
100.0
103.3
104.1
96.8
93.7
93.0
94.5
96.0
97.8
96.6
96.9
94.0
95.3
94.1
95.2
96.9
96.2
97.8

Iron
and
steel
products
102.6
109.2
70.4
91.8
100.1
100.0
102.1
101.4
91.6
90.2
89.3
91.9
96.5
97.1
94.9
95.0
94.2
93.7
91.5
94.5
94.6
94.3
96.2

Fabricated
metal
products

114.9
110.7
85.2
90.7
97.1
100.0
101.8
103.6
100.6
97.6
97.7
97.8
98.4
99.5
99.0
99.5
99.7
99.2
99.6
100.4
101.1
101.8
102.6

Nondurable manufactures

Machinery
Total
97.1
94.5
73.5
82.1
92.5
100.0
95.4
96.7
90.6
87.7
87.8
89.4
89.5
89.4
90.0
94.6
94.5
94.5
92.8
91.3
94.4
95.9
96.6

79.6
85.7
76.2
86.0
92.8
100.0
103.2
107.8
109.0
110.5
112.7
113.0
113.2
111.9
113.1
114.9
113.6
113.4
113.1
113.1
113.6
114.2
115.0

Selected
high-technology 1
67.0
76.8
67.5
81.5
91.4
100.0
110.7
123.5
125.8
131.0
135.6
136.3
135.0
132.5
132.6
135.3
135.7
135.9
134.2
134.6
135.9
137.4
137.8

Transportation
equipment
Total
101.6
91.0
74.6
86.5
90.5
100.0
105.1
112.0
115.2
116.6
116.7
117.4
116.6
116.9
114.2
116.8
115.3
115.3
112.3
114.6
115.8
116.3
116.5

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
106.2
85.0
62.3
82.7
90.4
100.0
107.3
117.2
123.3
128.4
129.4
131.0
129.5
131.1
126.4
131.7
128.6
127.6
121.5
125.7
127.8
129.4
129.5

Apparel

202.2
157.2
112.7
109.5
102.9
100.0
92.6
88.8
87.9
78.2
77.7
77.7
76.2
75.7
72.4
70.5
71.0
69.8
70.0
70.1
69.0
69.0
68.9

Printing
and
related
support
activities
132.2
123.7
103.6
103.5
101.8
100.0
100.3
98.5
99.6
98.6
99.0
99.6
98.9
100.0
98.5
99.8
98.6
98.6
98.2
98.8
97.2
97.2
97.6

Chemicals

117.5
108.6
98.1
101.3
101.4
100.0
96.6
95.6
97.3
98.0
98.4
98.5
98.1
97.2
97.6
97.7
99.2
99.6
100.7
98.1
96.3
102.0
101.9

Food

101.9
100.6
99.9
100.4
100.2
100.0
102.0
102.9
104.8
107.6
107.3
107.7
109.7
111.0
109.6
111.8
111.0
111.0
112.2
113.1
113.3
112.9
113.0

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

2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2016: Nov ����������
      Dec �����������
2017: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept r ��������
      Oct r ����������
      Nov p ��������

Total
new
construction
expenditures

Residential
Total

1,148.0
1,077.4
906.5
809.3
788.3
850.5
906.4
1,005.6
1,113.6
1,185.7
1,227.0
1,221.6
1,223.5
1,235.7
1,239.6
1,217.7
1,236.7
1,226.4
1,215.4
1,220.9
1,236.3
1,247.1
1,257.0

New
housing

Total 1

858.9
768.6
591.6
505.3
501.9
571.1
635.7
729.5
823.3
898.7
939.5
943.8
946.3
949.3
950.8
942.6
954.5
955.7
947.5
945.8
954.2
955.1
964.3

Federal
and
State
and
local

Nonresidential

488.8
359.2
247.5
242.0
244.1
269.8
323.4
369.8
422.1
466.6
492.0
495.4
502.0
505.7
509.9
507.8
511.4
517.7
513.8
516.6
523.6
525.3
530.8

Total

354.1
230.1
133.9
127.3
123.2
154.5
202.3
235.2
273.7
303.0
313.2
314.8
317.9
320.6
322.6
325.3
323.1
324.4
325.1
327.5
329.1
330.3
334.5

Lodging

370.0
409.4
344.1
263.3
257.8
301.4
312.3
359.7
401.2
432.1
447.5
448.4
444.3
443.6
440.9
434.8
443.1
438.0
433.7
429.2
430.7
429.7
433.5

Commercial
(including
farm)

Office

27.5
35.4
25.4
11.2
8.4
10.2
13.0
16.3
21.3
26.5
28.0
28.1
27.6
27.1
27.8
26.9
28.4
27.0
27.6
28.2
27.7
27.8
28.2

53.8
55.5
37.3
24.4
23.7
27.4
30.1
38.9
47.4
59.3
65.0
65.0
64.2
63.0
62.6
61.2
62.0
62.2
60.6
57.7
56.5
57.3
60.5

Manufacturing

85.9
82.7
51.1
37.2
39.2
44.3
50.9
60.9
63.4
73.5
78.5
81.6
80.3
80.8
81.1
82.8
84.8
85.1
84.5
83.1
85.5
83.8
85.0

Other 2

40.2
53.6
57.4
40.6
39.8
46.8
49.9
58.1
79.3
74.7
71.7
68.6
71.5
70.8
71.3
69.2
70.1
64.3
63.3
60.9
61.2
61.5
60.5

162.7
182.3
173.0
149.9
146.7
172.6
168.3
185.5
189.7
198.2
204.3
205.0
200.7
201.8
198.1
194.7
197.8
199.4
197.7
199.3
199.8
199.4
199.4

New
houses
sold

New
houses
for sale
at end
of period 3

289.1
308.7
314.9
304.0
286.4
279.3
270.7
276.1
290.3
287.0
287.6
277.8
277.2
286.4
288.7
275.1
282.2
270.7
267.8
275.1
282.0
292.0
292.7

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
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������

1,355.0
905.5
554.0
586.9
608.8
780.6
924.9
1,003.3
1,111.8
1,173.8

1 unit
1,046.0
622.0
445.1
471.2
430.6
535.3
617.6
647.9
714.5
781.5

Type of structure

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

5 units or
more

Total

277.3
266.0
97.3
104.3
167.3
233.9
293.7
341.7
385.8
380.8

1,398.4
905.4
583.0
604.6
624.1
829.7
990.8
1,052.1
1,182.6
1,206.6

1 unit
979.9
575.6
441.1
447.3
418.5
518.7
620.8
640.3
696.0
750.8

2–4 units

5 units or
more

New
housing
units
completed

Vacancy
rate for
rental
housing
units
(percent) 4

59.6
34.4
20.7
22.0
21.6
25.9
29.0
29.9
32.1
34.8

359.0
295.4
121.1
135.3
184.0
285.1
341.1
382.0
454.5
421.1

1,502.8
1,119.7
794.4
651.7
584.9
649.2
764.4
883.8
968.2
1,059.7

776
485
375
323
306
368
429
437
501
561

497
353
234
190
151
150
187
211
234
256

9.8
10.0
10.6
10.2
9.5
8.7
8.3
7.6
7.1
6.9

41
39
29
45
37
36
32
35
40
36
35
33
39

428
397
465
340
397
398
357
429
378
436
367
433
399

1,203
1,096
1,083
1,161
1,194
1,098
1,180
1,230
1,194
1,091
1,081
1,189
1,116

579
548
599
615
638
590
606
619
564
559
635
624
733

248
256
261
263
266
266
271
272
275
280
279
283
283

��������������������
6.9
��������������������
��������������������
7.0
��������������������
��������������������
7.3
��������������������
��������������������
7.5
��������������������
��������������������

Seasonally adjusted annual rates
2016: Nov ����������
      Dec �����������
2017: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov p ��������

1,149
1,268
1,236
1,288
1,189
1,154
1,129
1,217
1,185
1,172
1,159
1,256
1,297

823
808
815
877
824
823
795
857
841
871
832
883
930

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

323
449
418
392
355
314
320
354
333
292
310
356
359

1,255
1,266
1,300
1,219
1,260
1,228
1,168
1,275
1,230
1,272
1,225
1,316
1,303

786
830
806
834
826
794
779
811
812
800
823
850
865

1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards.
2 Based on approximately 20,100 permit-issuing places beginning with 2014 and 19,300 beginning with 2004. Using the 2004 universe, the total for 2014 is 1,046.4.
3 Seasonally adjusted.
4 Quarterly data are three-month averages. Annual data are averages of quarterly data.

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

19

Business Sales and Inventories—Manufacturing and Trade
In October, according to current estimates, manufacturing and trade sales rose 0.7 percent. In November, according
to preliminary estimates, manufacturing and trade inventories rose $7.3 billion, retail sales rose 0.8 percent, and
retail inventories rose $0.6 billion. Retail and food services sales rose 0.8 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,000

BILLIONS OF DOLLARS* (RATIO SCALE)
650

1,900

600

1,800

MANUFACTURING AND
TRADE INVENTORIES

RETAIL INVENTORIES

550

1,700

500

1,600

450

1,500

400

RETAIL AND FOOD
SERVICES SALES

RETAIL SALES

1,400

MANUFACTURING
AND TRADE SALES

350

1,300
300
RATIO*
1.70

1,200

INVENTORY/SALES RATIO

1.60

1,100

1.50

RETAIL

1.40

1,000

MANUFACTURING
AND TRADE

1.30
1.20

900
2013

2014

2015

2016

2017

2013

2014

2015

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

2016

2017

COUNCIL OF ECONOMIC ADVISERS

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

Sales 2

2007 ��������������������
1,128,176
2008 ��������������������
1,160,722
2009 ��������������������
988,802
2010 ��������������������
1,088,890
2011 ��������������������
1,206,660
2012 ��������������������
1,267,248
2013 ��������������������
1,303,229
2014 ��������������������
1,340,376
2015 ��������������������
1,303,295
2016 ��������������������
1,290,994
r
2016: Oct ����������
1,315,526
r
      Nov ���������
1,317,612
      Dec �����������
1,345,818
2017: Jan �����������
1,349,436
      Feb �����������
1,353,209
      Mar ����������
1,351,861
      Apr �����������
1,352,436
      May ����������
1,353,265
      June ���������
1,356,076
      July ����������
1,359,499
      Aug ����������
1,370,821
      Sept r ��������
1,392,347
r
      Oct ����������
1,402,092
p
      Nov �������� �����������������������

Inventories 3

Inventory/sales
ratio 4

Wholesale
Sales 2

1,485,642
1.28
351,956
1,464,235
1.31
377,030
1,329,206
1.38
319,115
1,447,533
1.27
361,447
1,561,395
1.26
407,090
1,649,412
1.28
434,002
1,712,763
1.29
447,546
1,770,586
1.31
463,682
1,803,103
1.37
441,036
1,844,183
1.38
439,376
1,822,369
1.39
447,147
1,836,650
1.39
450,064
1,844,183
1.37
460,860
1,850,185
1.37
462,325
1,855,129
1.37
465,442
1,858,322
1.37
464,367
1,854,646
1.37
463,101
1,860,380
1.37
462,466
1,869,426
1.38
465,292
1,875,856
1.38
465,485
1,888,038
1.38
474,487
1,887,151
1.36
481,204
1,887,063
1.35
484,582
1,894,400 ����������������������� �����������������������

Inventories 3

Retail
Inventory/sales
ratio 4

424,428
1.17
444,849
1.20
396,388
1.28
440,159
1.14
485,044
1.14
520,338
1.17
540,671
1.18
572,083
1.21
578,774
1.32
592,996
1.33
582,546
1.30
587,832
1.31
592,996
1.29
591,807
1.28
593,506
1.28
594,108
1.28
591,612
1.28
595,136
1.29
598,648
1.29
602,377
1.29
607,470
1.28
608,266
1.26
605,961
1.25
610,185 �����������������������

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
332,932
327,943
301,039
318,171
341,913
358,519
371,538
386,620
393,952
405,238
410,517
409,698
415,639
417,141
416,196
416,718
418,413
418,381
418,025
420,258
419,882
429,623
432,041
435,470

Inventories 3
500,489
477,148
429,159
454,511
470,493
504,818
542,324
558,570
584,802
606,741
602,266
607,676
606,741
611,722
613,536
615,016
613,784
617,200
620,640
620,820
624,245
618,474
618,514
619,094

Chart 20 - Dec 2017

Retail and food
Inventory/sales services sales 2
4
ratio
1.49
1.52
1.47
1.39
1.35
1.37
1.41
1.43
1.45
1.48
1.47
1.48
1.46
1.47
1.47
1.48
1.47
1.48
1.48
1.48
1.49
1.44
1.43
1.42

369,978
365,982
338,747
357,149
378,137
401,664
416,851
434,291
445,612
458,951
465,977
465,691
470,996
473,464
472,513
472,991
474,547
474,760
474,488
476,752
476,513
486,213
488,863
492,717

Manufacturers’ Shipments, Inventories, and Orders
In November, manufacturers’ shipments, inventories, and new and unfilled orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
580
540 SHIPMENTS
500
460
420
TOTAL
380
340

BILLIONS OF DOLLARS* (RATIO SCALE)
700
INVENTORIES
660
620
580
TOTAL
540
500
DURABLE GOODS
460
420
380

NONDURABLE GOODS

300

340

260

300

220

260

DURABLE GOODS
180

220

140

NONDURABLE GOODS

180

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

140
RATIO*
1.60

340

INVENTORY/SHIPMENTS RATIO

1.50

300
1.40

DURABLE GOODS

260
220

1.30

180

1.20
1.10

140
2013

2015

2014

2016

2017

2014

2013

2015

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

2016

COUNCIL OF ECONOMIC ADVISERS

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1

Chart 21- Dec 2017

Durable goods
Period

Total

Durable
goods

2017

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
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2016: Nov ����������
      Dec �����������
2017: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct r ����������
      Nov p ��������

443,288
455,750
368,648
409,273
457,658
474,727
484,145
490,630
462,250
453,915
457,850
469,319
469,970
471,571
470,776
470,922
472,418
472,759
473,756
476,452
481,520
485,469
491,177

223,919
218,056
171,402
190,059
206,591
218,965
224,651
233,077
231,581
228,495
229,176
233,300
233,029
233,895
233,738
233,336
236,344
236,311
236,492
238,196
240,951
242,170
244,435

219,369
237,694
197,246
219,214
251,067
255,762
259,495
257,553
230,669
225,420
228,674
236,019
236,941
237,676
237,038
237,586
236,074
236,448
237,264
238,256
240,569
243,299
246,742

560,725
542,238
503,659
552,863
605,858
624,256
629,768
639,933
639,527
644,446
641,142
644,446
646,656
648,087
649,198
649,250
648,044
650,138
652,659
656,323
660,411
662,588
665,121

334,537
329,802
294,660
321,456
352,766
367,491
370,441
387,776
394,158
391,248
391,244
391,248
391,767
392,721
393,902
394,856
395,544
397,479
399,312
401,323
403,636
404,393
405,341

226,188
212,436
208,999
231,407
253,092
256,765
259,327
252,157
245,369
253,198
249,898
253,198
254,889
255,366
255,296
254,394
252,500
252,659
253,347
255,000
256,775
258,195
259,780

449,752
454,344
350,478
407,992
459,305
475,809
485,611
494,271
456,354
447,828
451,753
459,700
461,336
465,137
469,855
468,572
467,050
482,153
466,245
471,965
479,882
481,623
488,114

230,383
216,650
153,232
188,778
208,238
220,047
226,116
236,719
225,686
222,408
223,079
223,681
224,395
227,461
232,817
230,986
230,976
245,705
228,981
233,709
239,313
238,324
241,372

79,790
73,286
48,926
62,309
71,753
77,674
80,844
81,649
72,304
67,370
61,494
64,526
67,593
70,423
71,771
70,041
69,976
84,540
67,861
70,600
75,784
73,543
75,344

946,612
995,050
825,970
871,268
954,423
1,014,371
1,075,872
1,164,968
1,142,191
1,122,589
1,127,271
1,122,589
1,118,973
1,117,110
1,120,560
1,122,428
1,121,504
1,135,546
1,132,365
1,132,326
1,135,301
1,135,874
1,137,118

1.22
1.26
1.39
1.28
1.29
1.30
1.30
1.31
1.39
1.41
1.40
1.37
1.38
1.37
1.38
1.38
1.37
1.38
1.38
1.38
1.37
1.36
1.35

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

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

21

PRICES
Producer Prices
The producer price index for final demand rose 0.4 percent in November. Prices for final demand goods rose 1.0
percent and prices for final demand services rose 0.2 percent.
INDEX, NOV. 2009=100 (RATIO SCALE)

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

125
SEASONALLY ADJUSTED

FINAL DEMAND

120

120
FINAL DEMAND
GOODS

115

115
FINAL DEMAND

110

110

FINAL DEMAND
SERVICES
105

105

100

100

95

95
2011

2012

2013

2015

2014

2016

2017

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[November 2009=100, except as noted; monthly data seasonally adjusted]
Final demand goods
Period

Total
final
demand 1

Total

Foods 2

Energy

Final demand services
Less
food
and
energy

Total

Trade 3

Transportation
and
warehousing

Other

Rel. imp. 4 �����������
100.0
33.810
5.399
5.505
22.906
64.117
20.264
4.986
38.867
2007 �������������������� ��������������� ������������� ������������� ������������� ������������� ������������� ������������� ��������������� �������������
2008 �������������������� ��������������� ������������� ������������� ������������� ������������� ������������� ������������� ��������������� �������������
2009 �������������������� ��������������� ������������� ������������� ������������� ������������� ������������� ������������� ��������������� �������������
2010 ��������������������
101.8
102.8
103.7
107.2
101.4
101.3
101.7
103.2
100.9
2011 ��������������������
105.7
109.9
112.5
126.2
104.9
103.4
104.0
110.0
102.5
2012 ��������������������
107.7
111.7
115.9
126.3
106.8
105.4
106.7
114.2
103.9
2013 ��������������������
109.1
112.6
117.8
125.3
107.9
107.1
108.2
115.3
105.8
2014 ��������������������
110.9
114.0
121.6
124.2
109.5
109.0
110.2
117.7
107.5
2015 ��������������������
109.9
109.1
118.4
98.6
109.9
110.0
111.6
115.3
108.7
2016 ��������������������
110.4
107.6
115.1
90.4
110.7
111.5
113.1
113.5
110.6
2016: Nov ����������
111.1
108.5
113.0
94.6
111.4
112.1
113.5
113.8
111.3
      Dec �����������
111.3
109.2
113.9
96.4
111.7
112.1
113.1
115.1
111.4
2017: Jan �����������
112.0
110.3
114.6
100.3
112.1
112.6
114.5
115.1
111.5
      Feb �����������
112.0
110.7
115.4
101.2
112.3
112.3
113.1
115.6
111.7
      Mar ����������
112.0
110.6
116.3
98.3
112.7
112.5
113.6
114.5
111.8
      Apr �����������
112.6
111.1
117.7
98.8
113.0
113.1
114.1
115.5
112.4
      May ����������
112.6
110.5
116.9
96.2
113.0
113.4
114.9
115.2
112.6
      June ���������
112.6
110.4
117.5
95.2
113.1
113.5
114.5
115.6
112.8
      July r ��������
112.7
110.3
117.2
95.0
113.0
113.6
114.8
115.0
113.0
      Aug ����������
112.9
110.9
116.0
98.3
113.2
113.6
114.5
115.1
113.1
      Sept ���������
113.4
111.7
116.0
101.6
113.5
114.0
115.4
116.2
113.2
      Oct �����������
113.9
112.0
116.6
101.6
113.8
114.6
116.7
117.1
113.3
      Nov ����������
114.4
113.1
116.9
106.3
114.1
114.8
116.3
117.8
113.8

Processed goods
Final
for intermediate
demand
demand (1982=100)
less
foods,
energy,
Less
and
food
trade
Total
and
(Aug. 2013
energy
=100) 2
68.832
����������������
����������������
����������������
����������������
����������������
����������������
����������������
101.5
102.1
103.3
103.9
104.2
104.3
104.6
104.6
105.2
105.2
105.4
105.5
105.6
105.8
106.0
106.4

100.0
170.7
188.3
172.5
183.4
199.9
200.7
200.8
201.9
188.0
182.2
184.5
185.6
187.9
189.2
188.7
189.7
189.5
189.7
189.5
190.3
191.3
193.2
194.2

75.297
168.4
180.9
173.4
180.8
192.0
192.6
193.8
195.2
189.4
186.9
188.7
189.4
190.0
191.4
192.2
193.0
192.9
193.0
192.7
193.2
193.5
195.1
195.7

Unprocessed
goods
Chart 22 - Dec 2017
for intermediate
demand (1982=100)
Services
for
intermediNonfood
ate
materials demand
Total
less
energy
100.0
207.1
251.8
175.2
212.2
249.4
241.4
246.7
249.3
189.1
173.4
174.6
187.4
194.5
194.4
187.7
190.7
188.7
188.8
190.2
187.7
187.0
187.0
193.0

24.993
100.0
282.6 �����������������
324.4 �����������������
248.4 �����������������
329.1
101.1
390.4
103.2
369.6
105.3
351.2
107.2
345.7
108.9
296.0
110.2
288.0
112.1
294.4
112.8
304.5
113.0
314.4
113.4
317.5
113.9
323.8
113.9
321.8
114.5
319.5
114.5
321.3
115.1
325.8
115.0
328.2
115.2
334.8
115.3
322.5
115.6
325.0
116.4

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 2016.

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

22

Consumer Prices—All Urban Consumers
In November, the consumer price index for all urban consumers rose 0.4 percent; it remained flat before seasonal
adjustment. The index rose 2.2 percent from its year-earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE)

INDEX, 1982-84 = 100 (RATIO SCALE)

250

250
SEASONALLY ADJUSTED

240

240

CONSUMER PRICES—ALL ITEMS

230

230

220

220

210

210

200

200

190

190

180

180
2009

2010

2011

2012

2013

2014

2015

2016

SOURCE: DEPARTMENT OF LABOR

2017

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

Not
seasonally Seasonally
adjusted
adjusted
(NSA)
100.0
207.342
215.303
214.537
218.056
224.939
229.594
232.957
236.736
237.017
240.007
241.353
241.432
242.839
243.603
243.801
244.524
244.733
244.955
244.786
245.519
246.819
246.663
246.669

�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
242.199
242.821
244.158
244.456
243.752
244.158
243.846
243.790
244.048
245.030
246.373
246.639
247.592

All items less food and energy
Total 1

78.985
210.729
215.572
219.235
221.337
225.008
229.755
233.806
237.897
242.247
247.602
249.464
250.013
250.783
251.299
250.993
251.172
251.329
251.627
251.914
252.540
252.860
253.428
253.724

Shelter

33.865
240.611
246.666
249.354
248.396
251.646
257.083
263.056
270.513
278.803
288.230
292.184
293.107
293.779
294.571
294.927
295.812
296.481
297.178
297.589
298.955
299.745
300.754
301.408

Medical
care 2
8.495
351.054
364.065
375.613
388.436
400.258
414.924
425.134
435.292
446.752
463.675
470.244
471.337
472.251
472.738
473.415
472.664
472.614
474.368
476.383
477.016
476.696
477.908
478.126

Apparel

3.138
118.998
118.907
120.078
119.503
122.111
126.265
127.411
127.514
125.903
126.045
125.694
125.218
126.915
127.719
126.824
126.414
125.381
125.241
125.579
125.654
125.508
125.367
123.758

Food
New
vehicles
3.541
136.254
134.194
135.623
138.005
141.883
144.232
145.783
146.275
147.135
147.358
147.394
147.518
148.792
148.462
148.019
147.790
147.510
147.040
146.332
146.272
145.736
145.410
145.805

Energy

Total 1

At
home

Away
from
home

13.627
202.916
214.106
217.955
219.625
227.842
233.777
237.037
242.725
247.235
247.931
247.583
247.494
247.816
248.417
249.268
249.767
250.161
250.042
250.470
250.596
250.857
250.959
251.015

7.832
201.245
214.125
215.124
215.836
226.201
231.774
233.869
239.456
242.250
239.065
237.175
236.763
236.659
237.298
238.426
238.863
239.206
238.945
239.377
239.015
238.903
238.872
238.641

5.794
206.659
215.769
223.272
226.114
231.401
237.986
243.068
248.981
256.101
262.695
264.699
265.104
266.079
266.626
267.055
267.652
268.128
268.225
268.649
269.522
270.353
270.658
271.152

Total 1, 2

7.388
207.723
236.666
193.126
211.449
243.909
246.080
244.409
243.583
202.895
189.535
198.730
201.148
209.138
207.102
200.478
202.761
197.250
194.187
193.964
199.477
211.550
209.469
217.636

Chart 23 - Dec 2017

Gasoline

3.503
237.959
277.457
201.555
238.594
301.694
311.470
302.577
290.889
212.007
187.602
204.265
209.218
225.577
218.910
205.367
207.819
194.470
188.998
189.058
200.963
227.239
221.692
237.905

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

�������������������
119.957
124.433
123.850
125.615
129.453
131.976
�������������������
�������������������
�������������������
�������������������
137.253
137.221
138.089
138.489
138.584
139.026
139.108
139.179
139.012
139.457
140.308
140.140
140.144

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, October 2017.

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
2007 �������������������� ����������� ���������� ���������� ���������� ����������� ���������� ���������� ������������� ���������� �����������
2008 �������������������� ����������� ���������� ���������� ���������� ����������� ���������� ���������� ������������� ���������� �����������
2009 �������������������� ����������� ���������� ���������� ���������� ����������� ���������� ���������� ������������� ���������� �����������
2010 ��������������������
2.8
4.7
5.3
12.7
2.4
1.7
2.1
4.3
1.3 �����������
2011 ��������������������
3.2
4.7
5.7
9.2
3.1
2.3
2.3
6.7
1.8 �����������
2012 ��������������������
1.9
1.4
4.1
–1.3
1.4
2.2
3.8
2.7
1.4 �����������
2013 ��������������������
1.2
.8
–.8
.9
1.3
1.3
–.4
2.0
2.0 �����������
2014 ��������������������
.9
–1.2
4.4 –13.2
1.1
2.1
4.0
.8
1.4
1.3
2015 ��������������������
–1.1
–3.8
–5.2 –16.4
–.1
.2
.0
–3.5
.8
.3
2016 ��������������������
1.7
1.9
–1.6
6.3
1.7
1.6
1.0
1.1
2.0
1.8

7.1
–2.3
2.9
6.4
5.7
.4
.1
–2.6
–6.6
1.8

3.3
2.9
–.1
4.7
3.8
.6
.7
–.1
–3.8
1.6

19.8
–24.6
13.3
16.1
6.6
1.4
–1.9
–8.7
–25.3
13.0

0.2
.6
1.2
.7
–.3
.5
–.1
.1
–.1
.4
.5
1.0
.5

0.4
.4
.3
.7
.4
.4
–.1
.1
–.2
.3
.2
.8
.3

0.6
7.3
3.8
–.1
–3.4
1.6
–1.0
.1
.7
–1.3
–.4
.0
3.2

15.6 �������������� ����������� ����������� ������������
–24.1 �������������� ����������� ����������� ������������
28.9 �������������� ����������� ����������� ������������
27.6
1.4 ����������� ����������� ������������
2.4
2.0
3.8
6.9
2.1
–1.6
2.9
1.9
1.6
1.9
–5.6
1.0
1.3
.8
1.6
–5.3
1.8
1.6
1.2
1.8
–18.5
.5
–.9
–4.3
.9
13.7
2.6
.5
–1.4
1.4

Change, month to month
2016: Nov ����������
      Dec �����������
2017: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July r ��������
      Aug r ���������
      Sept ���������
      Oct �����������
      Nov ����������

0.2
.2
.6
.0
.0
.5
.0
.0
.1
.2
.4
.4
.4

0.1
.6
1.0
.4
–.1
.5
–.5
–.1
–.1
.5
.7
.3
1.0

–0.6
.8
.6
.7
.8
1.2
–.7
.5
–.3
–1.0
.0
.5
.3

0.2
1.9
4.0
.9
–2.9
.5
–2.6
–1.0
–.2
3.5
3.4
.0
4.6

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

0.3
.0
.4
–.3
.2
.5
.3
.1
.1
.0
.4
.5
.2

0.2
–.4
1.2
–1.2
.4
.4
.7
–.3
.3
–.3
.8
1.1
–.3

0.4
1.1
.0
.4
–1.0
.9
–.3
.3
–.5
.1
1.0
.8
.6

0.2
.1
.1
.2
.1
.5
.2
.2
.2
.1
.1
.1
.4

0.2
.3
.1
.3
.0
.6
.0
.2
.1
.1
.2
.2
.4

2.5
3.4
3.3
1.0
2.0
–.6
–.7
.6
1.4
.7
2.0
–3.7
.8

0.4
.2
.4
.4
.0
.5
.0
.5
–.1
.2
.1
.3
.7

1.3
1.7
1.7
2.0
2.2
2.5
2.3
1.9
2.0
2.4
2.6
2.8
3.1

.5
1.9
3.1
4.0
4.1
4.1
2.9
2.2
2.3
3.1
3.3
3.2
4.2

1.7
1.6
1.1
1.0
1.3
1.7
2.0
1.7
1.9
2.1
2.1
2.4
2.4

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
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������

4.1
.1
2.7
1.5
3.0
1.7
1.5
.8
.7
2.1

2.4
1.8
1.8
.8
2.2
1.9
1.7
1.6
2.1
2.2

3.1
1.9
.3
.4
1.9
2.2
2.5
2.9
3.2
3.6

5.2
2.6
3.4
3.3
3.5
3.2
2.0
3.0
2.6
4.1

–0.3
–1.0
1.9
–1.1
4.6
1.8
.6
–2.0
–.9
–.1

2016: Nov ����������
      Dec �����������
2017: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������

0.2
.3
.6
.1
–.3
.2
–.1
.0
.1
.4
.5
.1
.4

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

0.3
.3
.2
.3
.1
.3
.2
.2
.1
.5
.3
.3
.2

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

–0.3
–.4
1.4
.6
–.7
–.3
–.8
–.1
.3
.1
–.1
–.1
–1.3

–0.3
–3.2
4.9
–.2
3.2
1.6
.4
.5
.2
.3

4.9
5.9
–.5
1.5
4.7
1.8
1.1
3.4
.8
–.2

5.6
6.6
–2.4
1.7
6.0
1.3
.4
3.7
–.4
–2.0

4.0
5.0
1.9
1.3
2.9
2.5
2.1
3.0
2.6
2.3

17.4
–21.3
18.2
7.7
6.6
.5
.5
–10.6
–12.6
5.4

29.6
–43.1
53.5
13.8
9.9
1.7
–1.0
–21.0
–19.7
9.1

3.7
.2
2.5
1.3
2.9
1.5
1.3
.5
.4
1.8

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

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

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

2.8
3.8
–.4
1.6
3.2
2.1
1.5
1.6
.1
1.3

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

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

1.0
1.2
4.0
–1.0
–3.2
1.1
–2.7
–1.6
–.1
2.8
6.1
–1.0
3.9

2.1
2.4
7.8
–3.0
–6.2
1.2
–6.4
–2.8
.0
6.3
13.1
–2.4
7.3

–0.2
.0
.6
.3
.1
.3
.1
.1
–.1
.3
.6
–.1
.0

�������������
3.0
�������������
�������������
3.1
�������������
�������������
–.3
�������������
�������������
2.0
�������������
�������������

3.0
3.0
4.1
3.8
1.5
.0
–1.0
.1
–.2
2.0
4.3
4.3
4.2

2.4
2.5
3.6
3.4
2.3
2.0
1.4
.8
–.1
.5
2.2
2.0
3.1

1.7
2.1
2.5
2.7
2.4
2.2
1.9
1.6
1.7
1.9
2.2
2.0
2.2

Change, month to month
0.0
.1
.9
–.2
–.3
–.2
–.2
–.3
–.5
.0
–.4
–.2
.3

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

1 Includes other items not shown separately.
2 Commodities and services.
3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices.
4 Quarterly changes are shown in the last month of the quarter.

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

24

Prices Received and Paid by Farmers
In November, prices received by farmers rose 4.2 percent and prices paid by farmers rose 0.3 percent. (Data are not
seasonally adjusted.)
INDEX, 2011=100 (RATIO SCALE)
130

INDEX, 2011=100 (RATIO SCALE)
130

120

120
PRICES RECEIVED

110

110

100

100

PRICES PAID

90

90

80

80

70

70

60

60

RATIO1

RATIO1
140

140
RATIO

120

120

100

100

80

80

60

60
2009

2011

2010

2012

2013

2015

2014

2017

2016

1

RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE

COUNCIL OF ECONOMIC ADVISERS

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

Period

2007 ���������������������������������������������������
2008 ���������������������������������������������������
2009 ���������������������������������������������������
2010 ���������������������������������������������������
2011 ���������������������������������������������������
2012 ���������������������������������������������������
2013 ���������������������������������������������������
2014 ���������������������������������������������������
2015 ���������������������������������������������������
2016 ���������������������������������������������������
2016: Nov �����������������������������������������
      Dec ������������������������������������������
2017: Jan ������������������������������������������
      Feb ������������������������������������������
      Mar �����������������������������������������
      Apr ������������������������������������������
      May �����������������������������������������
      June ����������������������������������������
      July r ���������������������������������������
      Aug �����������������������������������������
      Sept ����������������������������������������
      Oct ������������������������������������������
      Nov p ���������������������������������������

Agricultural
production

83.6
91.7
80.6
86.8
100.0
105.0
107.0
107.9
99.0
90.5
83.4
87.8
85.9
91.1
94.2
95.9
98.2
98.1
95.3
93.5
92.1
87.3
91.0

Crop
production

81.0
95.9
85.7
87.0
100.0
107.0
105.7
92.3
86.5
85.9
80.5
80.7
77.5
85.3
86.2
91.2
86.9
87.2
86.4
87.8
89.4
82.2
81.4

Chart 25 - Dec 2017

Prices paid by farmers

Livestock
production

85.7
86.1
73.8
85.7
100.0
102.5
108.5
128.7
113.4
94.5
86.3
94.5
96.6
96.1
100.6
99.5
106.7
107.3
104.0
98.5
94.8
94.1
101.7

All commodities,
services, interest,
taxes, and wage
rates (PPITW) 2
79.0
90.0
87.3
90.0
100.0
104.4
106.3
112.0
109.9
105.2
103.2
104.0
105.9
106.4
106.5
106.8
107.0
107.0
106.9
106.4
106.8
107.6
107.9

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

77.2
89.5
86.4
89.0
100.0
104.8
106.7
113.1
110.6
105.0
102.6
103.5
105.6
106.1
106.3
106.6
106.8
106.7
106.6
106.0
106.3
107.2
107.6

Production
items

74.6
88.3
84.8
87.7
100.0
105.4
107.4
114.1
110.4
103.4
100.5
101.5
103.4
104.0
104.2
104.7
104.9
104.9
104.8
104.0
104.4
105.3
105.8

Ratio of prices
received by farmers
to PPITW

106
102
92
96
100
100
100
96
90
85
81
85
81
86
88
90
92
92
89
89
86
81
84

1 Annual indexes for 2011 forward reflect revised methodology. See Agricultural Price Program Update, January 2015 for details.
2 Includes items not shown separately.

Note: These indexes are also available on a 1910-14=100 basis, as required by statute.
Source: Department of Agriculture (National Agricultural Statistics Service).

25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures
In November, M2 rose.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)

14,800
14,000
13,200
12,400
11,600
10,800
10,000

14,800
14,000
13,200
12,400
11,600
10,800
10,000

M2

9,200

9,200

8,400

8,400

7,600

7,600

6,800

6,800

6,000

6,000

5,200

5,200

4,400

4,400

3,600

3,600

3,200

3,200

M1

2,800

2,800

2,400

2,400

2,000

2,000

1,600

1,600

1,200

1,200

2009

2010

2011

2012

2013

2014

2015

2016

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

2017

COUNCIL OF ECONOMIC ADVISERS

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

Period

2007: Dec ������������������������������������������
2008: Dec ������������������������������������������
2009: Dec ������������������������������������������
2010: Dec ������������������������������������������
2011: Dec ������������������������������������������
2012: Dec ������������������������������������������
2013: Dec ������������������������������������������
2014: Dec ������������������������������������������
2015: Dec ������������������������������������������
2016: Dec ������������������������������������������
2016: Nov �����������������������������������������
      Dec ������������������������������������������
2017: Jan ������������������������������������������
      Feb ������������������������������������������
      Mar �����������������������������������������
      Apr ������������������������������������������
      May r ���������������������������������������
      June ����������������������������������������
      July r ���������������������������������������
      Aug �����������������������������������������
      Sept ����������������������������������������
      Oct ������������������������������������������
      Nov p ���������������������������������������

M1

M2

Debt

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

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

Debt of
domestic
nonfinancial
sectors 2

1,374.7
1,603.6
1,694.1
1,837.5
2,164.6
2,460.7
2,662.3
2,935.6
3,086.4
3,329.2
3,344.5
3,329.2
3,393.3
3,370.7
3,439.9
3,430.3
3,504.3
3,496.3
3,527.1
3,564.6
3,553.2
3,594.7
3,618.4

7,456.7
8,180.5
8,482.7
8,789.0
9,651.3
10,446.9
11,015.7
11,668.7
12,330.8
13,199.5
13,164.7
13,199.5
13,278.1
13,317.6
13,400.4
13,452.7
13,517.8
13,543.9
13,620.4
13,664.4
13,703.4
13,747.0
13,785.4

33,281.0
35,063.7
35,946.9
37,283.6
38,446.9
40,189.1
41,626.1
43,368.1
45,167.9
47,194.1
���������������������������������������������
47,194.1
���������������������������������������������
���������������������������������������������
47,460.2
���������������������������������������������
���������������������������������������������
47,903.4
���������������������������������������������
���������������������������������������������
48,635.2
���������������������������������������������
���������������������������������������������

Percent change

From
previous period 4

From year or 6 months earlier 3
M1

M2
0.5
16.7
5.6
8.5
17.8
13.7
8.2
10.3
5.1
7.9
5.9
5.0
9.1
2.7
6.8
5.7
9.6
10.0
7.9
11.5
6.6
9.6
6.5

Chart 26 - Dec 2017

Debt
5.7
9.7
3.7
3.6
9.8
8.2
5.4
5.9
5.7
7.0
6.3
5.8
5.9
5.2
5.6
5.6
5.4
5.2
5.2
5.2
4.5
4.4
4.0

7.1
3.4
2.3
4.4
4.3
4.7
5.3
3.7
8.0
3.1
�������������������������������
3.1
�������������������������������
�������������������������������
1.7
�������������������������������
�������������������������������
3.8
�������������������������������
�������������������������������
6.2
�������������������������������
�������������������������������

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

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

2007: Dec �����������
2008: Dec �����������
2009: Dec �����������
2010: Dec �����������
2011: Dec �����������
2012: Dec �����������
2013: Dec �����������
2014: Dec ����������
2015: Dec �����������
2016: Dec �����������
2016: Nov ����������
      Dec �����������
2017: Jan �����������
      Feb �����������
      Mar ����������
      Apr r ���������
      May ����������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov p ��������

Currency

760.6
816.2
863.7
918.8
1,001.5
1,090.6
1,160.5
1,252.7
1,338.6
1,419.7
1,414.1
1,419.7
1,431.3
1,433.4
1,446.2
1,458.1
1,468.8
1,478.3
1,486.5
1,494.5
1,503.9
1,512.4
1,516.5

Nonbank
travelers
checks

Other checkable
deposits (OCDs)
Demand
deposits

At
commercial
banks

Total

6.3
5.5
5.1
4.7
4.3
3.8
3.5
2.9
2.5
2.2
2.2
2.2
2.1
2.1
2.1
2.1
2.1
2.0
2.0
2.0
1.9
1.9
1.9

303.0
472.0
447.8
518.2
752.8
927.6
1,033.4
1,196.4
1,232.5
1,362.1
1,380.9
1,362.1
1,408.1
1,387.6
1,431.9
1,414.0
1,463.6
1,453.0
1,473.7
1,494.9
1,473.0
1,499.5
1,504.0

304.7
309.8
377.5
395.8
405.9
438.7
464.9
483.5
512.8
545.2
547.4
545.2
551.7
547.6
559.7
556.1
569.9
562.9
565.0
573.2
574.3
580.9
596.0

At
thrift
institutions

171.8
176.9
228.8
233.1
230.8
243.0
255.5
264.9
275.9
288.0
289.1
288.0
290.9
286.4
293.8
287.2
301.6
295.1
293.6
300.9
300.9
305.8
307.2

133.0
132.9
148.7
162.8
175.1
195.7
209.4
218.6
236.9
257.2
258.2
257.2
260.8
261.1
265.9
268.9
268.3
267.8
271.4
272.3
273.4
275.1
288.7

Savings deposits
(including MMDAs)

Small-denomination
time deposits 1

At
commercial
banks

At
commercial
banks

Total
3,864.4
4,085.9
4,810.0
5,330.7
6,033.8
6,685.5
7,132.1
7,580.4
8,180.2
8,827.8
8,768.6
8,827.8
8,853.6
8,916.0
8,921.2
8,971.5
8,956.6
8,987.1
9,025.5
9,018.1
9,055.8
9,052.4
9,064.6

3,041.0
3,320.7
3,977.0
4,411.2
5,037.4
5,729.0
6,111.0
6,501.7
7,034.9
7,567.3
7,518.6
7,567.3
7,579.8
7,628.1
7,618.0
7,663.9
7,636.5
7,661.9
7,699.5
7,694.4
7,736.9
7,746.2
7,766.6

At
thrift
institutions
823.4
765.2
833.0
919.4
996.4
956.5
1,021.1
1,078.7
1,145.3
1,260.5
1,250.0
1,260.5
1,273.8
1,287.9
1,303.2
1,307.6
1,320.1
1,325.2
1,326.0
1,323.8
1,318.9
1,306.3
1,298.0

Total
1,276.0
1,457.6
1,187.6
934.3
776.7
645.5
569.4
521.2
410.1
349.8
357.2
349.8
346.9
348.4
350.1
355.8
361.4
369.4
376.6
383.8
394.2
398.6
400.4

859.5
1,079.6
868.6
663.9
548.2
468.8
425.1
389.7
300.3
249.1
254.4
249.1
247.7
250.8
253.9
260.0
263.8
270.1
277.2
284.4
292.6
297.3
299.4

Retail
money
funds

At
thrift
institutions
416.5
378.0
319.0
270.4
228.5
176.7
144.2
131.5
109.9
100.7
102.8
100.7
99.2
97.6
96.2
95.8
97.6
99.3
99.4
99.5
101.6
101.2
101.0

941.7
1,033.4
791.0
686.5
676.1
655.2
651.9
631.5
654.2
692.7
694.3
692.7
684.3
682.5
689.1
695.2
695.5
691.2
691.2
697.8
700.2
701.3
702.1

Institutional
money
funds 2

1,951.6
2,448.6
2,245.9
1,884.4
1,750.5
1,729.9
1,765.7
1,796.4
1,827.2
1,747.0
1,747.8
1,747.0
1,697.3
1,701.0
1,697.9
1,711.6
1,733.6
1,731.8
1,718.1
1,766.5
1,806.1
1,814.8
1,798.5

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

Source: Board of Governors of the Federal Reserve System.

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

2008: Dec ������������
2009: Dec ������������
2010: Dec ������������
2011: Dec ������������
2012: Dec ������������
2013: Dec ������������
2014: Dec ������������
2015: Dec ������������
2016: Dec ������������
2017: Dec p ���������
2016: Dec ������������
2017: Jan ������������
      Feb ������������
      Mar �����������
      Apr ������������
      May �����������
      June ����������
      July �����������
      Aug �����������
      Sept ����������
      Oct ������������
      Nov �����������
      Dec p ���������

783,631
1,099,831
1,035,074
1,550,043
1,517,425
2,485,248
2,606,700
2,419,774
2,031,007
2,244,274
2,031,007
2,092,776
2,237,980
2,326,253
2,281,420
2,225,769
2,206,547
2,233,323
2,344,015
2,295,735
2,245,701
2,314,455
2,244,274

To satisfy
reserve
balance
requirements 2

That
exceed the
top of the
penalty-free
band

������������������
������������������
������������������
������������������
������������������
75,713
90,852
97,981
116,285
135,719
116,285
121,169
118,775
118,757
124,219
126,547
129,695
132,296
131,641
133,950
128,204
134,981
135,719

������������������
������������������
������������������
������������������
������������������
2,409,535
2,515,848
2,321,793
1,914,722
2,108,555
1,914,722
1,971,607
2,119,205
2,207,497
2,157,202
2,099,222
2,076,852
2,101,027
2,212,375
2,161,785
2,117,497
2,179,474
2,108,555

Reserve
balance
requirements 3

16,312
24,632
28,438
47,838
58,675
69,030
82,770
89,313
105,944
123,720
105,944
110,483
108,252
108,174
113,224
115,464
118,187
120,636
120,091
122,109
116,873
123,141
123,720

Borrowings from the Federal Reserve

Vault cash
used to
satisfy
required
reserves
37,245
40,619
42,927
48,672
52,959
55,771
59,236
61,413
64,280
65,549
64,280
65,766
64,956
61,525
63,392
63,167
63,137
63,606
63,158
62,140
65,200
63,827
65,549

Nonborrowed 4

167,311
970,523
1,032,512
1,589,189
1,569,588
2,540,849
2,665,835
2,481,082
2,095,247
2,309,747
2,095,247
2,158,526
2,302,916
2,387,767
2,344,767
2,288,880
2,269,588
2,296,763
2,406,953
2,357,651
2,310,751
2,378,217
2,309,747

Monetary
base 5

1,666,365
2,026,220
2,017,000
2,619,586
2,675,945
3,717,450
3,934,455
3,835,810
3,531,565
3,850,961
3,531,565
3,595,455
3,746,408
3,856,287
3,821,697
3,774,412
3,762,780
3,795,430
3,910,022
3,874,484
3,829,898
3,907,719
3,850,961

Total 6

653,565
169,927
45,488
9,526
795
170
102
106
39
75
39
16
21
12
45
56
95
166
220
224
151
65
75

Primary

Secondary

88,245
19,025
41
103
12
13
22
38
13
43
13
11
17
7
21
11
15
12
7
10
4
11
43

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

Seasonal

Term
assetbacked
securities
loan
facility 7

3 ��������������������
37
46,310
26
25,025
23
9,400
23
760
59
98
80
0
67
0
25
0
33
0
25
0
5
0
4
0
5
0
24
0
44
0
80
0
154
0
213
0
214
0
146
0
54
0
33
0

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

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

27

Bank Credit at All Commercial Banks
Total commercial bank loans and leases rose 0.5 percent in November.
BILLIONS OF DOLLARS* (RATIO SCALE)
14,000
ALL COMMERCIAL BANKS
12,000

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

TOTAL

10,000
9,000
8,000

10,000
9,000
8,000

7,000

7,000

6,000

6,000

LOANS AND LEASES

5,000

5,000

4,000

4,000

3,000

3,000
U.S. TREASURY AND
AGENCY SECURITIES

2,000

2,000

1,600

1,600

1,200

1,200

800

800

OTHER SECURITIES

400

400
2009

2010

2011

2012

2013

2014

2015

2016

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

2017

COUNCIL OF ECONOMIC ADVISERS

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

2007: Dec r ���������
2008: Dec r ���������
2009: Dec r ���������
2010: Dec r ���������
2011: Dec r ���������
2012: Dec r ���������
2013: Dec r ���������
2014: Dec r ���������
2015: Dec r ���������
2016: Dec r ���������
2016: Nov r ���������
      Dec r ���������
2017: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov p ��������

Total
bank
credit

8,898.0
9,346.2
8,989.1
9,180.0
9,393.7
9,951.1
10,101.5
10,856.9
11,690.3
12,457.1
12,463.5
12,457.1
12,479.0
12,492.3
12,497.0
12,551.4
12,607.0
12,626.7
12,675.0
12,711.3
12,760.6
12,829.3
12,886.9

Total
securities

2,099.9
2,091.4
2,323.4
2,425.1
2,492.5
2,733.9
2,722.9
2,934.9
3,113.6
3,327.0
3,335.3
3,327.0
3,343.7
3,349.6
3,356.4
3,358.3
3,372.6
3,372.1
3,377.8
3,383.9
3,393.4
3,409.6
3,420.4

U.S.
Treasury
and
agency
securities
1,132.4
1,247.6
1,444.9
1,637.1
1,698.1
1,872.7
1,809.8
2,042.1
2,227.6
2,424.3
2,430.7
2,424.3
2,440.4
2,442.7
2,443.5
2,446.9
2,460.2
2,461.4
2,471.3
2,477.1
2,485.2
2,503.6
2,514.0

Loans and leases in bank credit

Other
securities

967.4
843.8
878.5
787.9
794.4
861.1
913.0
892.8
886.0
902.7
904.5
902.7
903.3
906.9
912.9
911.4
912.4
910.7
906.5
906.8
908.2
906.1
906.4

Total
loans
and
leases 3
6,798.2
7,254.7
6,665.7
6,754.9
6,901.2
7,217.3
7,378.6
7,922.0
8,576.7
9,130.0
9,128.3
9,130.0
9,135.3
9,142.7
9,140.6
9,193.1
9,234.4
9,254.7
9,297.2
9,327.4
9,367.2
9,419.6
9,466.5

Commercial
and
industrial
loans
1,417.6
1,558.7
1,265.2
1,192.4
1,303.8
1,474.4
1,574.2
1,772.9
1,955.2
2,098.3
2,102.8
2,098.3
2,099.8
2,098.5
2,085.5
2,095.9
2,099.5
2,103.9
2,106.6
2,112.0
2,123.4
2,125.1
2,121.8

Chart 28 - Dec 2017

Real estate loans
Total 4
3,598.8
3,819.1
3,776.8
3,613.5
3,495.0
3,550.6
3,531.7
3,638.8
3,869.8
4,115.8
4,108.7
4,115.8
4,129.0
4,137.4
4,149.0
4,163.3
4,179.0
4,189.7
4,208.5
4,218.9
4,228.2
4,252.9
4,262.2

Revolving
home equity
loans
484.8
588.3
603.2
581.6
549.6
515.3
472.7
456.9
435.9
406.1
409.3
406.1
403.3
400.5
398.1
396.0
393.6
391.4
389.1
386.5
384.3
382.2
379.7

Commercial
loans
1,587.2
1,728.4
1,641.0
1,500.5
1,418.3
1,428.2
1,498.3
1,605.6
1,780.8
1,962.8
1,955.9
1,962.8
1,976.7
1,988.6
2,000.8
2,013.1
2,023.3
2,031.5
2,041.9
2,050.1
2,053.5
2,066.4
2,074.6

Consumer
loans 5

798.7
875.6
835.6
1,107.2
1,086.2
1,102.6
1,128.1
1,186.9
1,259.0
1,354.8
1,349.4
1,354.8
1,358.3
1,362.3
1,365.0
1,368.1
1,371.0
1,372.8
1,378.4
1,383.0
1,391.3
1,406.6
1,423.0

Other
loans
and
leases 6
983.1
1,001.4
788.1
841.9
1,016.3
1,089.7
1,144.6
1,323.4
1,492.7
1,561.1
1,567.4
1,561.1
1,548.2
1,544.5
1,541.2
1,565.8
1,585.0
1,588.2
1,603.7
1,613.5
1,624.3
1,635.0
1,659.4

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

2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2015: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2016: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2017: I ����������������
      II ���������������
      III p ������������

Internal 1

2,635.3
1,734.0
1,186.6
2,165.7
2,624.2
2,742.9
2,800.6
3,290.6
3,301.2
2,942.9
3,547.2
3,404.2
3,055.1
3,198.1
2,858.8
3,151.9
3,081.4
2,679.5
2,783.2
2,936.8
3,147.5

1,354.4
1,395.1
1,435.3
1,678.1
1,729.9
1,757.4
1,874.1
1,908.5
1,887.4
1,826.7
1,914.6
1,876.7
1,922.0
1,836.2
1,888.7
1,784.9
1,816.6
1,816.6
1,853.1
1,896.0
2,043.3

Total
net
funds
raised

Total

1,280.9
338.9
–248.7
487.6
894.3
985.5
926.5
1,382.1
1,413.8
1,116.2
1,632.6
1,527.5
1,133.1
1,361.9
970.1
1,367.0
1,264.8
862.9
930.1
1,040.8
1,104.2

–47.8
–62.2
–380.2
–298.6
–128.7
–55.1
42.0
12.0
–41.4
–186.4
55.4
186.6
–196.9
–210.8
219.3
–401.5
–186.8
–376.5
196.1
132.4
94.7

Net
new
equity
issues
–706.3
–315.6
–51.2
–250.7
–454.6
–344.9
–352.9
–394.5
–549.6
–580.9
–573.9
–473.8
–615.8
–535.0
–617.9
–638.6
–672.2
–394.8
–411.8
–281.8
–463.0

Credit market instruments
Total

Securities
and
mortgages

Loans
and
short-term
paper

263.5
113.6
138.9
105.0
80.2
207.7
265.3
235.7
453.1
325.9
497.6
679.1
363.3
272.4
549.2
360.0
420.5
–26.1
446.0
290.3
371.7

395.1
139.9
–467.9
–153.0
245.7
81.9
129.7
170.8
55.2
68.6
131.8
–18.6
55.5
51.8
288.0
–122.9
64.9
44.3
161.8
123.9
186.0

658.5
253.4
–329.1
–48.0
325.9
289.8
394.9
406.5
508.2
394.5
629.3
660.4
419.0
324.2
837.2
237.1
485.4
18.3
607.9
414.2
557.7

Other 2

1,110.1
203.1
19.6
624.5
824.2
851.4
697.3
1,185.0
1,019.0
915.9
630.7
988.0
1,106.2
1,351.3
381.3
1,169.1
1,048.2
1,064.7
471.8
670.3
788.5

Total

2,467.2
751.2
1,320.6
1,868.1
1,828.7
2,007.5
2,554.6
2,622.6
3,289.0
2,939.4
3,328.4
3,581.5
3,231.1
3,015.1
2,855.1
3,169.2
2,959.0
2,774.1
2,733.0
2,977.4
3,158.5

Capital
expenditures 3

1,394.4
1,360.0
1,020.8
1,235.4
1,331.9
1,501.2
1,565.0
1,699.9
1,800.3
1,673.8
1,789.3
1,894.1
1,792.2
1,725.8
1,665.3
1,671.3
1,658.6
1,700.0
1,685.8
1,718.8
1,784.9

Increase
in
financial
assets

1,072.8
–608.8
299.8
632.7
496.8
506.3
989.6
922.7
1,488.7
1,265.6
1,539.1
1,687.4
1,438.9
1,289.3
1,189.8
1,497.9
1,300.4
1,074.1
1,047.2
1,258.6
1,373.6

Discrepancy
(sources
less
uses)

168.2
982.8
–134.0
297.6
795.6
735.4
246.0
668.2
12.1
3.5
218.8
–177.2
–176.0
182.9
3.7
–17.3
122.4
–94.7
50.2
–40.6
–11.0

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
2007: Dec ������������������������������������������
2008: Dec ������������������������������������������
2009: Dec ������������������������������������������
2010: Dec ������������������������������������������
2011: Dec ������������������������������������������
2012: Dec ������������������������������������������
2013: Dec ������������������������������������������
2014: Dec ������������������������������������������
2015: Dec ������������������������������������������
2016: Dec ������������������������������������������
2016: Nov �����������������������������������������
      Dec ������������������������������������������
2017: Jan ������������������������������������������
      Feb ������������������������������������������
      Mar �����������������������������������������
      Apr r ����������������������������������������
      May r ���������������������������������������
      June r ��������������������������������������
      July r ���������������������������������������
      Aug r ����������������������������������������
      Sept r ���������������������������������������
      Oct r �����������������������������������������
      Nov p ���������������������������������������

Nonrevolving 2

Revolving
2,609.5
2,643.8
2,555.0
2,646.8
2,757.8
2,919.7
3,095.6
3,317.4
3,417.2
3,645.2
3,633.5
3,645.2
3,660.4
3,678.9
3,692.9
3,706.4
3,724.5
3,736.1
3,750.8
3,760.9
3,778.7
3,799.3
3,827.2

1,001.6
1,004.0
916.1
839.1
841.1
845.2
857.1
891.1
909.6
969.6
967.6
969.6
970.5
975.5
979.9
981.0
987.5
991.9
992.8
997.5
1,003.2
1,011.5
1,022.7

1,607.9
1,639.8
1,638.9
1,807.7
1,916.7
2,074.5
2,238.5
2,426.4
2,507.6
2,675.6
2,665.8
2,675.6
2,689.9
2,703.4
2,713.0
2,725.4
2,736.9
2,744.2
2,758.1
2,763.4
2,775.5
2,787.8
2,804.5

Total

Nonrevolving 2

Revolving
152.8
34.3
–88.8
91.8
111.0
161.9
175.9
221.8
99.8
228.0
24.6
11.7
15.2
18.5
14.0
13.5
18.1
11.6
14.7
10.1
17.8
20.6
27.9

77.7
2.4
–87.9
–77.0
2.0
4.1
11.9
34.0
18.5
60.0
12.3
2.0
.9
5.0
4.4
1.1
6.5
4.4
.9
4.7
5.7
8.3
11.2

75.1
31.9
–.9
168.8
109.0
157.8
164.0
187.9
81.2
168.0
12.2
9.8
14.3
13.5
9.6
12.4
11.5
7.3
13.9
5.3
12.1
12.3
16.7

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

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

29

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

PERCENT PER ANNUM
10

8

8

6

6
CORPORATE Aaa BONDS
(MOODY'S)

4

4

2

2
FEDERAL FUNDS
RATE

TREASURY
BILLS
0

0
2009

2010

2011

2012

2013

2014

2015

2016

SOURCE: SEE TABLE BELOW

2017

COUNCIL OF ECONOMIC ADVISERS

[Percent per annum]
Chart 30 - Dec 2017

U.S. Treasury security yields
Period

2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2016: Dec �����������
2017: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
Week ended:
2017: Dec  9 �������
          16 �������
          23 �������
          30 �������
2018: Jan   6 �������

3-month bills
(at auction) 1

Constant maturities 2
3-year

10-year

30-year

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

Corporate
Aaa
bonds
(Moody’s)

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

Prime
rate
charged
by
banks 4

Federal
funds
rate 5

New-home
mortgage
yields
(FHFA) 6

1.48
.16
.14
.06
.09
.06
.03
.06
.33
.94
.52
.52
.53
.72
.81
.89
.99
1.08
1.03
1.04
1.08
1.23
1.35

2.24
1.43
1.11
.75
.38
.54
.90
1.02
1.00
1.58
1.49
1.48
1.47
1.59
1.44
1.48
1.49
1.54
1.48
1.51
1.68
1.81
1.96

3.66
3.26
3.22
2.78
1.80
2.35
2.54
2.14
1.84
2.33
2.49
2.43
2.42
2.48
2.30
2.30
2.19
2.32
2.21
2.20
2.36
2.35
2.40

4.28
4.08
4.25
3.91
2.92
3.45
3.34
2.84
2.59
2.89
3.11
3.02
3.03
3.08
2.94
2.96
2.80
2.88
2.80
2.78
2.88
2.80
2.77

4.80
4.64
4.16
4.29
3.14
3.96
3.78
3.48
3.07
3.36
3.81
3.68
3.74
3.78
3.54
3.47
3.06
3.03
3.23
3.27
3.31
3.03
3.21

5.63
5.31
4.94
4.64
3.67
4.24
4.16
3.89
3.67
3.74
4.06
3.92
3.95
4.01
3.87
3.85
3.68
3.70
3.63
3.63
3.60
3.57
3.51

2.39
.50
.72
.75
.75
.75
.75
.76
1.01
1.60
1.25
1.25
1.25
1.50
1.50
1.50
1.75
1.75
1.75
1.75
1.75
1.75
2.00

5.09
3.25
3.25
3.25
3.25
3.25
3.25
3.26
3.51
4.10
3.75
3.75
3.75
4.00
4.00
4.00
4.25
4.25
4.25
4.25
4.25
4.25
4.50

1.92
6.05
.16
5.14
.18
4.80
.10
4.56
.14
3.69
.11
4.00
.09
4.22
.13
4.01
.39
3.76
1.00 �������������������������
.54
3.74
.65
4.06
.66
4.21
.79
4.16
.90
4.10
.91
4.04
1.04
4.00
1.15
3.88
1.16
3.97
1.15
3.89
1.15
3.76
1.16
3.81
1.30 �������������������������

1.29
1.32
1.36
1.45
1.44

1.93
1.93
1.98
2.00
2.04

2.36
2.37
2.46
2.43
2.46

2.75
2.74
2.82
2.77
2.80

3.11
3.20
3.31
3.19
3.18

3.51
3.48
3.55
3.48
3.50

1.75
2.00
2.00
2.00
2.00

4.25
4.50
4.50
4.50
4.50

1.15
1.16
1.41
1.42
1.37

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

1 High bill rate at auction, issue date within period, bank-discount basis. Data are stop yields from uniform-price auctions.
2 Yields on actively traded issues adjusted to constant maturities.
3 Weekly data are Wednesday figures.
4 Average effective rate for year; rate in effect at end of month or week.
5 Beginning March 1, 2016, the daily effective federal funds rate is a volume-weighted median of transaction-level data collected from depository institutions in the Report of Selected Money

Market Rates (FR 2420). Prior to that date, the daily effective rate was a volume-weighted mean of rates on brokered trades.
6 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years.

Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Agency, Moody’s Investors Service, Bloomberg, and Standard & Poor’s.

30

Common Stock Prices and Yields
Stock prices rose in December.
INDEX, DEC. 31, 2002=5,000 (RATIO SCALE)
13,000
12,000

INDEX, DEC. 31, 2002=5,000 (RATIO SCALE)
13,000
12,000

11,000

11,000

10,000

10,000

COMPOSITE STOCK PRICE INDEX
(NYSE)

9,000

9,000

8,000

8,000

7,000

7,000

6,000

6,000

5,000

5,000

4,000
2009

2010

2012

2011

2013

4,000
2014

2015

2016

PERCENT
20

2017
PERCENT
20

15

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

10

10

5

5
0

0
2009

2010

2011

2012

2013

2015

2014

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

2016

2017

COUNCIL OF ECONOMIC ADVISERS

Common stock yields
(percent) 6

Common stock prices 1

Chart 31 - Dec 2017

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

Period
Composite
2008 ���������������������
2009 ���������������������
2010 ���������������������
2011 ���������������������
2012 ���������������������
2013 ���������������������
2014 ���������������������
2015 ���������������������
2016 ���������������������
2017 ���������������������
2016: Dec ������������
2017: Jan ������������
      Feb ������������
      Mar �����������
      Apr ������������
      May �����������
      June ����������
      July �����������
      Aug �����������
      Sept ����������
      Oct ������������
      Nov �����������
      Dec ������������
Week ended:
2017: Dec  9 ��������
          16 ��������
          23 ��������
          30 ��������
2018: Jan   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

8,036.88
6,091.02
7,230.42
7,871.41
8,011.65
9,426.77
10,653.17
10,676.70
10,380.08
11,843.74
11,085.65
11,220.74
11,417.21
11,509.82
11,460.72
11,570.13
11,737.05
11,873.22
11,846.65
12,057.14
12,346.31
12,379.57
12,706.33

6,278.38
3,987.04
4,744.05
4,641.01
4,616.63
5,805.54
6,448.33
6,559.24
6,124.93
7,509.81
6,982.17
7,072.53
7,252.24
7,286.42
7,171.30
7,213.99
7,351.11
7,572.96
7,572.45
7,611.03
7,891.70
7,929.53
8,192.39

13,258.42
10,020.30
10,943.85
12,880.35
12,512.31
13,490.83
14,598.07
11,332.43
10,204.95
10,699.23
11,515.42
11,477.93
11,064.04
10,752.93
10,730.91
10,521.12
10,150.98
10,181.75
10,061.50
10,535.38
10,823.03
10,944.99
11,146.16

6,171.19
5,456.63
6,230.62
6,847.80
7,503.05
9,250.02
11,195.85
12,718.18
12,182.85
13,366.56
11,815.03
12,032.39
12,447.07
12,805.79
12,741.57
13,152.23
13,642.37
13,731.48
13,514.12
13,920.43
14,136.06
14,037.05
14,238.12

11,252.61
8,876.15
10,662.80
11,966.36
12,967.08
14,999.67
16,773.99
17,590.61
17,908.08
21,741.91
19,712.42
19,908.15
20,424.14
20,823.06
20,684.69
20,936.81
21,317.80
21,581.25
21,914.08
22,173.41
23,036.24
23,557.93
24,545.38

1,220.89
946.73
1,139.31
1,268.89
1,379.56
1,642.51
1,930.67
2,061.20
2,092.39
2,448.22
2,246.63
2,275.12
2,329.91
2,366.82
2,359.31
2,395.35
2,433.99
2,454.10
2,456.22
2,492.84
2,557.00
2,593.61
2,664.34

2,162.46
1,841.03
2,347.70
2,680.42
2,965.77
3,537.69
4,374.31
4,943.49
4,982.49
6,231.28
5,413.12
5,561.42
5,764.70
5,864.96
5,912.17
6,124.88
6,224.29
6,294.67
6,311.40
6,428.08
6,603.01
6,796.04
6,889.74

2.37
2.40
1.98
2.05
2.24
2.14
2.04
2.10
2.19
��������������������������
2.08
2.08
2.04
2.02
2.03
2.02
2.01
��������������������������
��������������������������
��������������������������
��������������������������
��������������������������
��������������������������

3.54
1.86
6.04
6.77
6.20
5.57
5.25
4.59
4.17
����������������������������
4.22
����������������������������
����������������������������
4.24
����������������������������
����������������������������
4.29
����������������������������
����������������������������
4.25
����������������������������
����������������������������
����������������������������

12,589.30
12,678.85
12,775.71
12,823.20
12,997.92

8,130.34
8,189.82
8,232.59
8,243.38
8,302.86

10,969.23
11,012.29
11,199.56
11,482.22
11,839.92

14,096.31
14,300.25
14,289.47
14,257.31
14,504.75

24,230.45
24,527.33
24,761.99
24,769.31
25,029.42

2,637.35
2,662.95
2,683.76
2,681.07
2,719.00

6,793.38
6,881.26
6,968.98
6,932.28
7,071.73

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

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

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

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

31

FEDERAL FINANCE.
Federal Receipts, Outlays, and Debt
In the first two months of fiscal year 2018, the deficit was $201.8 billion, compared with a deficit of $182.5 billion
a year earlier.
BILLIONS OF DOLLARS
4,400
4,200

RECEIPTS AND OUTLAYS

BILLIONS OF DOLLARS
4,400

1

4,200

4,000

4,000

3,800

3,800

OUTLAYS1

3,600

3,600

3,400

3,400

3,200

3,200

3,000

3,000

2,800

2,800
RECEIPTS1

2,600

2,600

2,400

2,400

2,200

2,200

2,000

2,000

1,800
1,600

1,800
1,600

400

SURPLUS OR DEFICIT (–)1

400

0

0

–400

–400

–800

–800

–1,200

–1,200

–1,600

–1,600

–2,000

–2,000
2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

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
1999 ����������������������������������������������������
2000 ����������������������������������������������������
2001 ����������������������������������������������������
2002 ����������������������������������������������������
2003 ����������������������������������������������������
2004 ����������������������������������������������������
2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 ����������������������������������������������������
2012 ����������������������������������������������������
2013 ����������������������������������������������������
2014 ����������������������������������������������������
2015 ����������������������������������������������������
2016 ����������������������������������������������������
2017 1 ��������������������������������������������������
2018 (estimates) ���������������������������������
Cumulative total, first 2 months: 2
Fiscal year 2017 ����������������������������������
Fiscal year 2018 ����������������������������������

Outlays

Chart 32 - Nov 2017

On-budget
Surplus
or
deficit
(–)

Receipts

Outlays

Federal debt
(end of period)

Off-budget
Surplus
or
deficit
(–)

Receipts

Outlays

Surplus
or
deficit
(–)

Gross
Federal

Held by
the public

1,827.5
2,025.2
1,991.1
1,853.1
1,782.3
1,880.1
2,153.6
2,406.9
2,568.0
2,524.0
2,105.0
2,162.7
2,303.5
2,450.0
2,775.1
3,021.5
3,249.9
3,268.0
3,314.9
3,514.5

1,701.8
1,789.0
1,862.8
2,010.9
2,159.9
2,292.8
2,472.0
2,655.1
2,728.7
2,982.5
3,517.7
3,457.1
3,603.1
3,536.9
3,454.6
3,506.1
3,688.4
3,852.6
3,980.6
4,104.0

125.6
236.2
128.2
–157.8
–377.6
–412.7
–318.3
–248.2
–160.7
–458.6
–1,412.7
–1,294.4
–1,299.6
–1,087.0
–679.5
–484.6
–438.5
–584.7
–665.7
–589.5

1,383.0
1,544.6
1,483.6
1,337.8
1,258.5
1,345.4
1,576.1
1,798.5
1,932.9
1,865.9
1,451.0
1,531.0
1,737.7
1,880.5
2,101.8
2,285.9
2,479.5
2,457.8
2,464.3
2,630.4

1,381.1
1,458.2
1,516.0
1,655.2
1,796.9
1,913.3
2,069.7
2,233.0
2,275.0
2,507.8
3,000.7
2,902.4
3,104.5
3,029.4
2,820.8
2,800.0
2,945.3
3,077.9
3,179.4
3,244.7

1.9
86.4
–32.4
–317.4
–538.4
–568.0
–493.6
–434.5
–342.2
–641.8
–1,549.7
–1,371.4
–1,366.8
–1,148.9
–719.0
–514.1
–465.8
–620.2
–715.1
–614.3

444.5
480.6
507.5
515.3
523.8
534.7
577.5
608.4
635.1
658.0
654.0
631.7
565.8
569.5
673.3
735.6
770.4
810.2
850.6
884.1

320.8
330.8
346.8
355.7
363.0
379.5
402.2
422.1
453.6
474.8
517.0
554.7
498.6
507.6
633.8
706.1
743.1
774.7
801.2
859.3

123.7
149.8
160.7
159.7
160.8
155.2
175.3
186.3
181.5
183.3
137.0
77.0
67.2
61.9
39.5
29.5
27.3
35.5
49.4
24.8

5,605.5
5,628.7
5,769.9
6,198.4
6,760.0
7,354.7
7,905.3
8,451.4
8,950.7
9,986.1
11,875.9
13,528.8
14,764.2
16,050.9
16,719.4
17,794.5
18,120.1
19,539.4
20,203.9
21,327.2

3,632.4
3,409.8
3,319.6
3,540.4
3,913.4
4,295.5
4,592.2
4,829.0
5,035.1
5,803.1
7,544.7
9,018.9
10,128.2
11,281.1
11,982.7
12,779.9
13,116.7
14,167.7
14,666.7
15,599.6

421.6
443.7

604.1
645.5

–182.5
–201.8

304.8
319.2

461.9
499.2

–157.1
–180.0

116.8
124.5

142.2
146.3

–25.4
–21.8

19,911.1
20,546.8

14,437.8
14,910.5

1 Data for fiscal year 2017 are from Final Monthly Treasury Statement issued October 20, 2017 .
2 Data from current issue Monthly Treasury Statement.

Note: Data for fiscal year 2018 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2018, issued July 14, 2017. Other data (except as noted) are from Budget of the United
States Government, Fiscal Year 2018, issued May 23 , 2017.
Sources: Department of the Treasury and Office of Management and Budget.

32

Federal Receipts by Source and Outlays by Function
In the first two months of fiscal year 2018, receipts were $22.1 billion higher than a year earlier and outlays were
$41.4 billion higher.
BILLIONS OF DOLLARS
2,000

BILLIONS OF DOLLARS
2,000
1

RECEIPTS

INDIVIDUAL INCOME TAXES

1,600

1,600
1,200

1,200
CORPORATION
INCOME TAXES

800
400

SOCIAL INSURANCE
AND RETIREMENT RECEIPTS

OTHER RECEIPTS

800
400
0

0
3,800
3,600

3,800
3,600

OUTLAYS1

3,400

3,400

3,200

3,200

NONDEFENSE

3,000

3,000

2,800

2,800

2,600

2,600

2,400

2,400

2,200

2,200

2,000

2,000

1,800
1,600

1,800
1,600

800

800
600

600
NATIONAL DEFENSE

400

400
200

200
2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

FISCAL YEARS
1

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

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]

Chart 33 - Nov 2017

On-budget and off-budget receipts

Fiscal year or period

1999 ����������������������������������������������������
2000 ����������������������������������������������������
2001 ����������������������������������������������������
2002 ����������������������������������������������������
2003 ����������������������������������������������������
2004 ����������������������������������������������������
2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 ����������������������������������������������������
2012 ����������������������������������������������������
2013 ����������������������������������������������������
2014 ����������������������������������������������������
2015 ����������������������������������������������������
2016 ����������������������������������������������������
2017 1 ��������������������������������������������������
2018 (estimates) ���������������������������������
Cumulative total, first 2 months: 2
Fiscal year 2017 ����������������������������������
Fiscal year 2018 ����������������������������������

On-budget and off-budget outlays
National defense

Indi- Corporavidual
tion
income income
taxes
taxes

Social
insurance
and
retirement
receipts

1,827.5
2,025.2
1,991.1
1,853.1
1,782.3
1,880.1
2,153.6
2,406.9
2,568.0
2,524.0
2,105.0
2,162.7
2,303.5
2,450.0
2,775.1
3,021.5
3,249.9
3,268.0
3,314.9
3,514.5

879.5
1,004.5
994.3
858.3
793.7
809.0
927.2
1,043.9
1,163.5
1,145.7
915.3
898.5
1,091.5
1,132.2
1,316.4
1,394.6
1,540.8
1,546.1
1,587.1
1,745.9

184.7
207.3
151.1
148.0
131.8
189.4
278.3
353.9
370.2
304.3
138.2
191.4
181.1
242.3
273.5
320.7
343.8
299.6
297.0
319.8

611.8
652.9
694.0
700.8
713.0
733.4
794.1
837.8
869.6
900.2
890.9
864.8
818.8
845.3
947.8
1,023.5
1,065.3
1,115.1
1,161.9
1,212.7

151.5
160.6
151.7
146.0
143.9
148.4
154.0
171.2
164.7
173.7
160.5
207.9
212.1
230.2
237.4
282.7
300.0
307.3
268.8
236.2

1,701.8
1,789.0
1,862.8
2,010.9
2,159.9
2,292.8
2,472.0
2,655.1
2,728.7
2,982.5
3,517.7
3,457.1
3,603.1
3,536.9
3,454.6
3,506.1
3,688.4
3,852.6
3,980.6
4,104.0

274.8
294.4
304.7
348.5
404.7
455.8
495.3
521.8
551.3
616.1
661.0
693.5
705.6
677.9
633.4
603.5
589.7
593.4
600.3
661.6

261.2
281.0
290.2
331.8
387.1
436.4
474.1
499.3
528.5
594.6
636.7
666.7
678.1
650.9
607.8
577.9
562.5
565.4
568.9
630.2

15.2
17.2
16.5
22.3
21.2
26.9
34.6
29.5
28.5
28.9
37.5
45.2
45.7
47.2
46.2
46.7
48.6
45.3
46.3
56.5

141.0
154.5
172.2
196.5
219.5
240.1
250.5
252.7
266.4
280.6
334.3
369.1
372.5
346.7
358.3
409.4
482.2
511.3
533.1
533.2

190.4
197.1
217.4
230.9
249.4
269.4
298.6
329.9
375.4
390.8
430.1
451.6
485.7
471.8
497.8
511.7
546.2
594.5
597.3
592.1

242.5
253.7
269.8
312.7
334.6
333.1
345.8
352.5
366.0
431.3
533.2
622.2
597.3
541.3
536.5
513.6
508.8
514.1
504.0
490.7

390.0
409.4
433.0
456.0
474.7
495.5
523.3
548.5
586.2
617.0
683.0
706.7
730.8
773.3
813.6
850.5
887.8
916.1
944.9
1,000.9

229.8
222.9
206.2
170.9
153.1
160.2
184.0
226.6
237.1
252.8
186.9
196.2
230.0
220.4
220.9
229.0
223.2
240.0
262.8
313.0

218.1
239.7
243.1
273.1
302.6
311.8
339.8
393.5
317.9
365.2
651.6
372.6
435.5
458.3
347.9
341.7
401.9
437.8
492.0
456.0

421.6
443.7

213.3
226.5

2.9
1.4

164.9
174.2

40.4
41.5

604.1
645.5

100.0
107.1

95.2
101.9

9.8
10.0

84.0
88.3

81.2
80.8

58.1
59.6

154.4
159.3

48.6
60.0

67.9
80.3

Total

Other

Total

Total

Depart- Internament
tional
of
affairs
Defense,
military

Health

Medicare

Income Social
Net
security security interest

Other

1 Data for fiscal year 2017 are from Final Monthly Treasury Statement issued October 20, 2017.
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 2018 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2018, issued July 14, 2017. Other data (except as noted) are from Budget of the United
States Government, Fiscal Year 2018, issued May 23, 2017.
Sources: Department of the Treasury and Office of Management and Budget.

33

Federal Sector, National Income Accounts Basis
In the third quarter of 2017, according to revised estimates, Federal current receipts rose $47.8 billion (annual rate),
while Federal current expenditures rose $37.2 billion.
BILLIONS OF DOLLARS
4,400

BILLIONS OF DOLLARS
4,400

SEASONALLY ADJUSTED ANNUAL RATES

4,000

4,000
3,600

3,600

CURRENT EXPENDITURES

3,200

3,200

2,800

2,800

2,400

2,400

CURRENT RECEIPTS

2,000

2,000

1,600

1,600

1,200

1,200

800

800

400

400

0

0

NET FEDERAL
GOVERNMENT SAVING

–400

–400

–800

–800

–1,200

–1,200

–1,600

–1,600
2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Chart 34 - Dec 2017

Federal Government current receipts

Federal Government current expenditures

Current tax receipts

Period

Calendar year:
2007 �������������
2008 �������������
2009 �������������
2010 �������������
2011 �������������
2012 �������������
2013 �������������
2014 �������������
2015 �������������
2016 �������������
2015: I ���������������
      II ��������������
      III �������������
      IV �������������
2016: I ���������������
      II ��������������
      III �������������
      IV �������������
2017: I ���������������
      II ��������������
      III r �����������

Total

2,667.2
2,579.5
2,238.4
2,443.3
2,574.1
2,699.1
3,138.4
3,291.2
3,441.4
3,452.1
3,399.8
3,440.4
3,430.6
3,494.7
3,400.9
3,441.7
3,486.3
3,479.4
3,589.2
3,556.4
3,604.2

Total 1

1,642.4
1,520.7
1,171.1
1,352.7
1,553.8
1,661.1
1,824.3
1,995.4
2,126.9
2,100.2
2,113.5
2,131.0
2,106.0
2,157.1
2,060.1
2,096.3
2,131.6
2,113.0
2,133.4
2,150.7
2,165.0

Contributions
for
Income
Taxes
govern- receipts
Taxes
Personal
on
ment
on
on
current production corporate
social
assets
taxes
and
insurincome
imports
ance
1,169.7
1,174.3
864.5
941.6
1,129.1
1,164.7
1,302.0
1,403.0
1,528.5
1,540.5
1,502.5
1,521.8
1,531.1
1,558.7
1,514.4
1,537.9
1,557.9
1,552.0
1,574.0
1,586.5
1,602.0

94.6
94.0
91.4
96.8
108.6
115.1
124.8
135.4
140.2
137.0
138.9
142.9
137.6
141.4
137.4
135.5
136.7
138.5
128.8
131.6
132.8

362.8
233.7
200.4
298.7
299.4
363.1
378.1
436.6
437.1
401.2
451.3
445.5
415.2
436.5
386.1
401.9
416.1
400.8
408.8
410.4
407.8

947.2
974.4
950.8
970.9
904.0
938.1
1,091.3
1,140.9
1,193.4
1,230.2
1,173.8
1,187.1
1,195.5
1,217.0
1,212.4
1,230.2
1,243.1
1,235.1
1,269.2
1,278.9
1,290.9

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

33.4
33.9
48.5
54.6
56.4
52.6
163.3
75.1
48.9
46.8
44.5
43.3
67.1
40.7
48.7
35.1
47.6
55.9
76.5
59.9
59.4

Current
transfer
receipts

42.0
49.7
67.2
68.1
67.1
56.1
70.7
87.8
77.0
78.3
73.4
84.0
66.6
84.0
82.6
84.0
67.8
78.9
113.5
70.7
92.8

Current
surplus of
government
enterprises

2.0
.8
.8
–3.1
–7.1
–8.9
–11.1
–8.0
–4.7
–3.5
–5.5
–5.0
–4.5
–4.0
–2.8
–4.0
–3.8
–3.5
–3.4
–3.8
–4.1

Total

2,932.8
3,213.5
3,487.2
3,772.0
3,818.3
3,789.1
3,782.2
3,901.4
4,028.0
4,149.4
3,953.8
4,031.4
4,064.2
4,062.8
4,108.5
4,130.3
4,165.3
4,193.3
4,242.0
4,198.3
4,235.5

ConCurrent
sumption transfer Interest Subsidies
expendipaypayments
tures
ments 2

798.4
879.8
933.7
1,003.9
1,006.1
1,007.8
961.0
954.5
960.0
964.5
957.3
960.2
959.1
963.6
961.5
962.5
968.2
965.9
968.0
970.8
981.1

1,678.8
1,896.1
2,142.9
2,333.2
2,327.0
2,300.8
2,346.2
2,448.7
2,572.8
2,648.4
2,548.0
2,560.1
2,584.5
2,598.7
2,626.8
2,634.2
2,663.4
2,669.3
2,700.9
2,685.6
2,718.3

408.2
388.0
353.6
380.6
425.7
422.9
416.2
440.6
438.4
475.1
392.8
455.1
463.4
442.5
460.2
472.1
471.1
497.0
512.7
482.3
475.3

47.5
49.6
56.9
54.3
59.5
57.6
58.8
57.6
56.7
61.3
55.7
56.0
57.2
58.1
59.9
61.5
62.5
61.1
60.5
59.6
60.8

Net
Federal
Government
saving

–265.7
–634.0
–1,248.8
–1,328.7
–1,244.1
–1,090.1
–643.8
–610.2
–586.7
–697.3
–554.0
–591.0
–633.5
–568.1
–707.5
–688.5
–679.1
–714.0
–652.8
–641.9
–631.3

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

United
States

Canada

Japan

France

Germany

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

Italy

United
States 1

Canada

Japan

France

2007 ���������������
104.6
106.3
117.4
113.8
100.9
125.5
112.8
207.342
192.7
118.7
2008 ���������������
100.9
102.7
113.2
110.0
100.9
120.9
110.0
215.303
197.3
120.3
2009 ���������������
89.3
91.0
88.7
95.7
84.4
98.4
100.3
214.537
197.9
118.7
2010 ���������������
94.2
95.4
102.6
99.5
93.5
105.3
103.4
218.056
201.4
117.8
2011 ���������������
97.1
100.0
99.8
102.2
100.3
106.6
102.8
224.939
207.2
117.5
2012 ���������������
100.0
100.0
100.0
100.0
100.0
100.0
100.0
229.594
210.4
117.5
2013 ���������������
102.0
101.5
99.4
99.5
100.1
97.0
99.3
232.957
212.4
117.9
2014 ���������������
105.1
106.5
101.5
98.6
101.5
96.4
100.8
236.736
216.4
121.1
2015 ���������������
104.4
105.9
100.2
100.4
102.4
97.3
102.0
237.017
218.8
122.1
2016 ���������������
103.1
106.4
100.0
100.7
103.4
99.1
103.3
240.007
222.0
121.9
2017 p ������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������
2016: Nov r ����
102.9
108.2
102.3
102.8
104.5
100.3
104.5
241.353
222.4
122.6
      Dec r ����
103.8
108.0
103.1
101.4
102.5
101.7
105.6
241.432
222.0
122.2
r
2017: Jan ����
103.5
109.3
100.9
101.5
104.1
99.5
105.2
242.839
223.9
122.1
      Feb r ����
103.7
108.7
104.2
99.8
104.7
100.5
104.4
243.603
224.3
121.8
      Mar r ���
103.9
109.5
102.2
102.1
104.8
101.0
103.7
243.801
224.6
122.0
      Apr r ����
105.0
109.6
106.3
101.4
105.7
100.7
103.9
244.524
225.5
122.5
r
      May ���
105.1
112.4
102.6
103.3
107.2
101.3
104.1
244.733
225.6
122.6
r
      June ��
105.3
112.5
104.8
102.1
106.1
102.5
104.5
244.955
225.5
122.3
      July r ���
105.1
112.1
104.0
102.9
106.0
102.6
104.9
244.786
225.5
122.2
      Aug r ����
104.6
111.4
106.0
102.7
109.2
103.7
105.2
245.519
225.6
122.5
r
      Sept ���
104.9
112.1
105.0
103.5
107.9
102.4
105.9
246.819
226.2
122.7
r
      Oct �����
106.1
111.6
105.5
105.4
106.4
102.9
105.9
246.663
226.3
122.8
      Nov p ���
106.4 ���������������
106.1 ��������������� ��������������� ��������������� ���������������
246.669
227.0
123.2
      Dec p ��� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������

Germany

178.9
183.9
184.1
186.9
190.8
194.6
196.3
197.2
197.3
197.7
199.7
198.0
198.6
198.1
198.4
199.6
199.8
199.9
199.9
199.2
200.3
199.9
200.1
200.3
201.0

Italy

159.7
163.9
164.5
166.3
169.7
173.1
175.7
177.3
177.7
178.6
181.7
179.6
180.9
179.8
180.9
181.3
181.3
180.9
181.3
181.9
182.1
182.3
182.3
182.8
183.9

United
Kingdom

271.0
242.7
280.0
252.4
282.2
251.1
286.5
262.7
294.5
276.3
303.5
285.2
307.1
293.9
307.9
300.8
308.0
303.8
307.7
309.1
311.5 �����������������
307.8
311.9
309.0
313.8
310.0
311.9
311.2
315.3
311.2
316.4
312.4
317.9
311.8
319.2
311.5
319.9
311.8
320.6
312.7
322.7
311.8
323.2
311.2
323.4
310.6
324.0
311.8 �����������������

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

2007 ���������������
2008 ���������������
2009 ���������������
2010 ���������������
2011 ���������������
2012 ���������������
2013 ���������������
2014 ���������������
2015 ���������������
2016 ���������������
2016: Nov �����
      Dec ������
2017: Jan ������
      Feb ������
      Mar �����
      Apr ������
      May �����
      June ����
      July �����
      Aug �����
      Sept ����
      Oct r �����
      Nov p ���

BOP
basis

1,165.2
1,308.8
1,070.3
1,290.3
1,499.2
1,562.6
1,592.0
1,634.0
1,510.8
1,455.7
121.7
126.3
128.0
128.1
127.5
126.9
127.0
129.0
128.6
128.8
130.6
130.2
134.6

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 bever- and
ages materials
1,148.2
1,287.4
1,056.0
1,278.5
1,482.5
1,545.8
1,578.5
1,621.9
1,503.1
1,451.0
121.2
126.1
127.1
127.4
127.0
126.7
126.8
129.0
128.6
128.3
130.4
129.7
134.0

84.3
108.3
93.9
107.7
126.2
133.0
136.2
143.7
127.7
130.6
10.8
10.8
11.4
10.6
11.3
11.9
11.2
11.8
12.2
11.8
11.9
10.6
10.7

316.4
388.0
296.5
391.7
501.1
501.2
508.2
505.8
426.3
396.4
34.8
35.7
37.7
38.4
37.1
37.6
37.4
37.6
37.5
36.5
38.4
41.0
41.2

121.3
121.5
81.7
112.0
133.0
146.2
152.7
159.8
151.9
150.3
12.2
12.3
13.6
13.6
13.1
12.6
13.2
13.6
13.0
13.0
12.8
12.6
13.5

Balance of trade
(exports minus imports)

Census basis (by end-use category)

Auto- Consumer
Capital motive
vegoods
goods hicles,
except parts (nonfood)
autoexcept
motive and
enautogines motive
433.0
457.7
391.2
447.5
494.0
527.2
534.4
551.5
539.5
519.6
42.1
45.1
43.5
42.8
43.5
43.6
43.1
43.9
44.9
45.3
45.1
43.9
46.3

Services
(BOP basis)

Goods: Imports (customs value)

146.0
161.3
149.5
165.2
175.3
181.7
188.8
199.0
197.8
193.8
16.4
16.4
16.5
17.1
16.6
15.9
16.7
16.4
15.7
16.8
16.5
16.3
17.0

BOP
basis

1,986.3
2,141.3
1,580.0
1,939.0
2,239.9
2,303.7
2,294.2
2,385.5
2,272.6
2,208.2
188.5
191.2
197.1
193.5
193.6
195.3
194.6
194.4
193.9
193.6
195.9
199.4
205.5

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 bever- and
ages materials
1,957.0
2,103.6
1,559.6
1,913.9
2,208.0
2,276.3
2,268.0
2,356.4
2,248.2
2,187.8
186.9
189.5
195.4
191.8
191.9
193.8
193.1
192.9
192.4
192.0
194.4
198.0
204.0

81.7
89.0
81.6
91.7
107.5
110.3
115.1
125.9
127.8
130.0
11.2
11.3
11.2
11.3
11.1
11.4
11.4
11.5
11.7
11.6
11.8
11.8
11.7

634.7
779.5
462.4
603.1
755.8
730.6
681.5
667.0
485.7
443.3
39.8
40.3
41.9
44.2
43.6
42.2
42.2
41.3
40.5
40.0
41.0
42.8
45.0

BOP basis

Auto- Consumer
Capital motive
vegoods Exports
goods hicles,
except parts (nonfood)
autoexcept
motive and
enautogines motive
444.5
453.7
370.5
449.4
510.8
548.7
555.7
594.1
602.1
590.0
49.7
50.4
51.1
51.0
50.6
51.5
52.8
52.9
54.2
53.7
55.2
54.9
56.5

256.7
231.2
157.7
225.1
254.6
297.8
308.8
328.6
349.1
350.1
29.2
30.4
31.3
29.1
30.6
29.9
29.2
30.2
29.4
30.0
29.5
29.6
29.9

474.6
481.6
427.3
483.2
514.1
516.9
531.7
557.1
594.3
583.6
49.3
49.5
52.1
48.6
49.0
50.9
49.5
48.8
48.8
48.9
49.2
50.0
52.4

488.4
532.8
512.7
563.3
627.8
656.4
701.5
741.9
753.2
752.4
63.2
63.2
63.7
64.2
64.7
64.2
64.3
64.6
64.8
64.9
65.3
65.6
65.7

Imports

Goods,
Census
basis Goods

Services

Goods
and
services

372.6
409.1
386.8
409.3
435.8
452.0
461.1
480.8
491.7
504.7
42.7
43.0
43.4
43.3
43.4
43.9
44.6
44.8
44.7
44.5
44.9
45.3
45.3

–808.8
–816.2
–503.6
–635.4
–725.4
–730.4
–689.5
–734.5
–745.1
–736.8
–65.7
–63.4
–68.2
–64.4
–64.9
–67.1
–66.3
–63.9
–63.8
–63.7
–64.0
–68.3
–70.0

115.8
123.8
125.9
154.0
192.0
204.4
240.4
261.2
261.4
247.7
20.5
20.2
20.3
20.9
21.3
20.3
19.7
19.7
20.1
20.4
20.4
20.3
20.4

–705.4
–708.7
–383.8
–494.7
–548.6
–536.8
–461.9
–490.3
–500.4
–504.8
–46.4
–44.6
–48.8
–44.5
–44.8
–48.1
–47.9
–45.7
–45.2
–44.3
–44.9
–48.9
–50.5

–821.2
–832.5
–509.7
–648.7
–740.6
–741.2
–702.2
–751.5
–761.9
–752.5
–66.8
–64.8
–69.1
–65.4
–66.1
–68.4
–67.6
–65.4
–65.3
–64.7
–65.2
–69.2
–70.9

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 third quarter of 2017, the current account deficit fell to $100.6 billion from $124.4 billion in the second
quarter. The goods and services deficit fell to $134.4 billion from $141.7 billion in the second quarter.
BILLIONS OF DOLLARS
80

BILLIONS OF DOLLARS
80

SEASONALLY ADJUSTED

60

60

40

40
BALANCE ON
PRIMARY INCOME

20

20

0

0

–20

–20

–40

–40

BALANCE ON
SECONDARY INCOME

–60

–60
BALANCE ON
CURRENT ACCOUNT

–80

–80

–100

–100

–120

–120

–140

–140

BALANCE ON
GOODS AND SERVICES

–160

–160

–180

–180

–200

–200

–220

–220

–240

–240

2009

2008

2010

2011

2012

2013

2014

2015

SOURCE: DEPARTMENT OF COMMERCE

2016

2017

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted]
Chart 36 - Dec 2017

Current Account 1
Goods 2
Period

2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2015: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2016: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2017: I ����������������
      II r �������������
      III p ������������

Services

Exports

Imports

Balance
on
goods

1,165,151
1,308,795
1,070,331
1,290,273
1,499,240
1,562,578
1,592,002
1,633,986
1,510,757
1,455,704
384,534
385,090
376,412
364,722
353,770
360,399
371,043
370,493
383,601
382,902
388,129

1,986,347
2,141,287
1,580,025
1,938,950
2,239,886
2,303,749
2,294,247
2,385,480
2,272,612
2,208,211
578,674
574,525
567,301
552,112
541,377
546,845
554,438
565,551
584,160
584,351
583,387

–821,196
–832,492
–509,694
–648,678
–740,646
–741,171
–702,244
–751,494
–761,855
–752,507
–194,140
–189,435
–190,889
–187,390
–187,608
–186,446
–183,395
–195,058
–200,559
–201,449
–195,258

Exports
488,396
532,817
512,722
563,333
627,781
656,411
701,455
741,919
753,150
752,368
188,402
189,159
188,037
187,552
185,680
187,433
189,794
189,461
192,625
193,069
194,963

Imports
372,575
409,052
386,801
409,313
435,761
452,013
461,087
480,761
491,740
504,654
121,321
122,704
123,904
123,811
124,151
124,763
127,289
128,451
130,160
133,336
134,063

Balance
on
services
115,821
123,765
125,920
154,020
192,020
204,398
240,368
261,157
261,410
247,714
67,081
66,456
64,132
63,741
61,529
62,670
62,505
61,010
62,465
59,733
60,900

Balance
on
goods
and
services
–705,375
–708,726
–383,774
–494,658
–548,625
–536,773
–461,876
–490,336
–500,445
–504,793
–127,059
–122,980
–126,757
–123,649
–126,079
–123,777
–120,889
–134,048
–138,094
–141,716
–134,358

Primary income receipts and payments
Receipts
834,983
815,567
613,249
680,169
755,937
767,972
792,819
817,348
782,985
813,977
196,209
198,324
198,016
190,437
193,140
203,360
204,524
212,953
219,326
225,143
234,497

Payments
749,977
685,918
498,089
511,948
544,853
560,497
586,842
606,573
602,023
640,751
147,834
156,022
156,003
142,164
155,082
160,614
163,400
161,656
169,264
174,626
177,464

Balance
on
primary
income
85,005
129,649
115,160
168,221
211,084
207,475
205,977
210,774
180,962
173,225
48,375
42,302
42,013
48,272
38,059
42,746
41,123
51,297
50,062
50,517
57,033

Balance
on
secondary
Income 3
–90,665
–102,312
–103,907
–104,261
–107,047
–96,900
–93,643
–94,238
–115,116
–120,117
–29,345
–25,819
–31,819
–28,133
–31,189
–27,169
–30,504
–31,255
–25,501
–33,198
–23,240

Balance
on
current
account
–711,035
–681,389
–372,521
–430,698
–444,589
–426,198
–349,543
–373,800
–434,598
–451,685
–108,029
–106,496
–116,563
–103,509
–119,210
–108,200
–110,270
–114,006
–113,533
–124,397
–100,566

Current
account
balance
as a
percentage
of GDP
–4.9
–4.6
–2.6
–2.9
–2.9
–2.6
–2.1
–2.1
–2.4
–2.4
–2.4
–2.4
–2.6
–2.3
–2.6
–2.3
–2.4
–2.4
–2.4
–2.6
–2.1

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 $105.6 billion in the third quarter of 2017, resulting from a net
increase in U.S. financial assets of $337.9 billion plus a net increase in financial derivatives of $18.6 billion, less a net
increase in U.S. liabilities of $462.1 billion. U.S. net borrowing was down from $114.4 billion in the second quarter.
BILLIONS OF DOLLARS
900

BILLIONS OF DOLLARS
900

SEASONALLY ADJUSTED

800

800
700

700

CHANGE IN
U.S. LIABILITIES

600

600

500

500

400

400

300

300

200

200

100

100
0

0

–100

–100
–200

–200

CHANGE IN
U.S. ASSETS ABROAD1

–300

–300
–400

–400

–500

–500

2009

2008

2010

2011

2012

2013

2014

2015

2016

2017

1

INCLUDES FINANCIAL DERIVATIVES, NET, BEGINNING 2006.
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted]
Chart 37 - Dec 2017

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

2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2015: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2016: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2017: I ����������������
      II r �������������
      III p ������������

384 1,563,459
6,010 –317,607
–140
131,074
–157
958,703
–1,186
492,530
6,904
176,764
–412
649,587
–45
818,784
–42
194,205
–59
347,891
–22
336,553
–20
41,109
–1 –82,032
0 –101,424
–58
39,498
0
341,713
–1
51,184
0 –84,504
–1
326,126
0
344,851
24,868
337,900

Direct
investment
assets

Portfolio
investment
assets

Other
investment
assets

523,889 380,807 658,641
343,584 –284,269 –381,770
312,597 375,883 –609,662
349,829 199,620 407,420
436,615
85,365 –45,327
377,239 248,760 –453,695
392,796 481,298 –221,408
338,853 582,677 –99,162
311,139 160,410 –271,052
311,581
40,638
–6,418
78,020 221,647
41,045
87,600 113,617 –159,231
44,691 –97,440 –29,017
100,829 –77,413 –123,850
71,637 –64,073
33,126
95,913 148,656
96,955
100,743 –30,565 –20,636
43,289 –13,379 –115,864
117,457 140,446
68,464
90,601 186,482
67,618
76,694 175,629
85,637

Reserve
assets 4

122
4,848
52,256
1,835
15,877
4,460
–3,099
–3,583
–6,292
2,090
–4,159
–877
–266
–990
–1,191
189
1,642
1,450
–241
150
–61

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

Total

2,190,087
462,408
325,644
1,391,039
983,160
632,685
1,055,789
1,091,350
502,112
741,393
432,245
179,473
–40,575
–69,032
137,808
387,164
233,155
–16,734
417,307
468,603
462,131

Direct
investment
liabilities

Portfolio
investment
liabilities

Other
investment
liabilities

346,615 1,156,612
341,091
523,683
161,082
357,352
264,039
820,434
263,499
311,626
250,343
747,017
288,131
511,987
237,655
703,480
506,161
213,977
479,415
237,367
246,004
107,502
118,679
243,152
65,071 –146,760
76,407
10,084
143,954 –45,760
186,316
3,516
131,547
217,189
17,597
62,422
97,250
164,522
91,100
291,264
95,831
284,032

686,860
–402,367
–192,789
306,566
408,036
–364,675
255,670
150,214
–218,027
24,612
78,740
–182,358
41,114
–155,523
39,614
197,332
–115,582
–96,753
155,535
86,238
82,267

Financial
derivatives
other
than
reserves,
net transactions
–6,222
32,947
–44,816
–14,076
–35,006
7,064
2,222
–54,270
–25,248
15,817
–40,197
1,701
722
12,526
12,947
3,177
6,676
–6,983
–2,320
9,306
18,600

Net lending
(+)
or net
borrowing
(–)
from
financial
account
transactions 5
–632,850
–747,069
–239,386
–446,411
–525,636
–448,857
–403,979
–326,836
–333,155
–377,685
–135,889
–136,663
–40,736
–19,866
–85,363
–42,274
–175,295
–74,753
–93,501
–114,445
–105,631

U.S. official
reserve
assets,
Statistical
net
discrep(unadancy
justed,
end of
period) 4

77,801
–71,690
133,275
–15,557
–79,862
–29,563
–54,025
47,009
101,486
74,059
–27,839
–30,147
75,828
83,643
33,905
65,925
–65,024
39,253
20,033
9,952
–29,933

70,565
77,648
130,760
132,433
147,953
150,175
144,575
130,090
117,581
117,332
119,270
120,333
120,218
117,581
119,727
120,202
122,431
117,332
118,793
122,015
123,863

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