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116th Congress, 2nd Session  Economic Indicators DECEMBER 2019 (Includes data available as of January 14, 2020)  Prepared for the Joint Economic Committee by the Council of Economic Advisers  UNITED STATES GOVERNMENT PUBLISHING OFFICE WASHINGTON : 2020  JOINT ECONOMIC COMMITTEE  (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)  Senator Mike Lee, Utah, Chairman Representative Carolyn B. Maloney, New York, Vice Chair   Senate  House of Representatives  Tom Cotton, Arkansas Rob Portman, Ohio Bill Cassidy, M.D., Louisiana Ted Cruz, Texas Kelly Loeffler, Georgia Martin Heinrich, New Mexico Amy Klobuchar, Minnesota Gary C. Peters, Michigan Margaret Wood Hassan, New Hampshire  Donald S. Beyer, Jr., Virginia Denny Heck, Washington David Trone, Maryland Joyce Beatty, Ohio Lois Frankel, Florida David Schweikert, Arizona Darin LaHood, Illinois Kenny Marchant, Texas Jaime Herrera Beutler, Washington  Scott Winship, Executive Director  COUNCIL OF ECONOMIC ADVISERS Tomas J. Philipson, Acting Chairman Tyler B. Goodspeed, 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 2019, according to revised estimates, real gross domestic product (GDP) in chained (2012) dollars rose 2.1 percent (annual rate), current dollar GDP rose 3.8 percent, and the chained price index rose 1.8 percent. BILLIONS OF DOLLARS (RATIO SCALE)  BILLIONS OF DOLLARS (RATIO SCALE) 22,000 21,600  22,000 21,600  SEASONALLY ADJUSTED ANNUAL RATES  21,200  21,200  20,800  20,800  20,400  20,400  20,000  20,000  19,600  19,600  19,200  19,200  18,800  18,800  18,400  18,400  GDP IN CURRENT DOLLARS  18,000  18,000  17,600  17,600  17,200  17,200 GDP IN CHAINED (2012) DOLLARS  16,800  16,800  16,400  16,400  16,000  16,000  15,600  15,600  15,200  15,200  14,800  14,800  14,400  14,400  14,000  14,000 2010  2011  2012  2013  2014  2015  2016  2017  SOURCE: DEPARTMENT OF COMMERCE  2018  2019  COUNCIL OF ECONOMIC ADVISERS  [Billions of current dollars; quarterly data at seasonally adjusted annual rates]  Period  2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2017:  I  ���������������       II ���������������       III ��������������       IV �������������� 2018:  I  ���������������       II ���������������       III ��������������       IV �������������� 2019:  I  ���������������       II ���������������       III r ������������  Gross domestic product  14,448.9 14,992.1 15,542.6 16,197.0 16,784.9 17,527.3 18,224.8 18,715.0 19,519.4 20,580.2 19,190.4 19,356.6 19,611.7 19,918.9 20,163.2 20,510.2 20,749.8 20,897.8 21,098.8 21,340.3 21,542.5  Personal consumption expenditures  Gross private domestic investment  9,842.2 10,185.8 10,641.1 11,006.8 11,317.2 11,822.8 12,284.3 12,748.5 13,312.1 13,998.7 13,104.4 13,212.5 13,345.1 13,586.3 13,728.4 13,939.8 14,114.6 14,211.9 14,266.3 14,511.2 14,678.2  1,929.7 2,165.5 2,332.6 2,621.8 2,826.0 3,044.2 3,223.1 3,178.7 3,370.7 3,628.3 3,288.2 3,335.0 3,401.8 3,457.7 3,542.4 3,561.6 3,684.0 3,725.2 3,783.4 3,749.5 3,744.6  Exports and imports of goods and services Net exports –396.5 –513.9 –579.5 –568.6 –490.8 –507.7 –519.8 –518.8 –575.3 –638.2 –570.9 –583.7 –550.6 –596.1 –629.0 –568.4 –671.4 –684.1 –633.8 –662.7 –653.0  Federal Exports  1,582.0 1,846.3 2,103.0 2,191.3 2,273.4 2,371.7 2,266.8 2,220.6 2,356.7 2,510.3 2,303.3 2,313.2 2,360.1 2,450.3 2,476.6 2,543.6 2,510.3 2,510.5 2,520.3 2,504.0 2,495.1  Imports  1,978.4 2,360.2 2,682.5 2,759.9 2,764.2 2,879.4 2,786.6 2,739.4 2,932.1 3,148.5 2,874.2 2,896.9 2,910.7 3,046.5 3,105.6 3,112.0 3,181.6 3,194.7 3,154.1 3,166.7 3,148.2  Chart 1 - Dec 2019  Government consumption expenditures and gross investment  Total  3,073.5 3,154.6 3,148.4 3,137.0 3,132.4 3,168.0 3,237.3 3,306.7 3,412.0 3,591.5 3,368.7 3,392.9 3,415.4 3,471.0 3,521.4 3,577.1 3,622.6 3,644.8 3,683.1 3,742.3 3,772.8  Total 1,218.2 1,297.9 1,298.9 1,286.5 1,226.6 1,215.0 1,221.5 1,234.1 1,269.3 1,347.3 1,248.4 1,263.6 1,270.2 1,295.1 1,318.2 1,340.4 1,358.6 1,371.8 1,394.7 1,415.2 1,432.2  National defense  Nondefense  787.6 828.0 834.0 814.2 764.2 743.4 730.1 728.4 746.2 793.6 732.1 746.2 746.2 760.4 769.9 789.5 800.6 814.4 831.8 841.6 849.3  430.6 469.9 465.0 472.4 462.4 471.6 491.4 505.7 523.1 553.7 516.3 517.4 524.0 534.8 548.3 550.9 558.0 557.4 562.9 573.5 583.0  State and local 1,855.3 1,856.7 1,849.4 1,850.5 1,905.8 1,953.0 2,015.7 2,072.6 2,142.7 2,244.2 2,120.3 2,129.3 2,145.2 2,175.9 2,203.2 2,236.7 2,263.9 2,273.0 2,288.4 2,327.1 2,340.5  Final Addendum: Gross sales of Gross domestic domestic purchases national 1 product product  14,599.7 14,938.1 15,496.3 16,125.8 16,680.3 17,443.3 18,092.9 18,688.0 19,489.2 20,525.5 19,177.0 19,337.8 19,554.9 19,887.2 20,121.7 20,520.1 20,662.4 20,797.7 20,985.5 21,265.5 21,475.5  14,845.4 15,506.0 16,122.0 16,765.6 17,275.6 18,034.9 18,744.6 19,233.8 20,094.8 21,218.4 19,761.4 19,940.4 20,162.3 20,515.0 20,792.1 21,078.6 21,421.1 21,582.0 21,732.7 22,002.9 22,195.6  14,590.9 15,187.8 15,779.0 16,429.3 17,015.6 17,768.3 18,449.4 18,933.2 19,762.7 20,848.1 19,423.6 19,573.1 19,867.9 20,186.2 20,444.1 20,775.8 21,022.1 21,150.4 21,356.7 21,641.3 21,851.5  1 GDP less exports of goods and services plus imports of goods and services.  Source: Department of Commerce (Bureau of Economic Analysis).  1  Real Gross Domestic Product [Billions of chained (2012) dollars; quarterly data at seasonally adjusted annual rates]  Period  2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2017:  I  ���������������       II ���������������       III ��������������       IV �������������� 2018:  I  ���������������       II ���������������       III ��������������       IV �������������� 2019:  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 15,208.8 15,598.8 15,840.7 16,197.0 16,495.4 16,912.0 17,403.8 17,688.9 18,108.1 18,638.2 17,925.3 18,021.0 18,163.6 18,322.5 18,438.3 18,598.1 18,732.7 18,783.5 18,927.3 19,021.9 19,121.1  10,460.0 10,643.0 10,843.8 11,006.8 11,166.9 11,497.4 11,921.2 12,247.5 12,566.9 12,944.6 12,438.9 12,512.9 12,586.3 12,729.7 12,782.9 12,909.2 13,019.8 13,066.3 13,103.3 13,250.0 13,353.1  1,704.3 1,781.0 1,935.4 2,118.5 2,206.0 2,365.3 2,408.2 2,425.3 2,531.2 2,692.3 2,490.5 2,517.4 2,532.6 2,584.2 2,639.5 2,689.9 2,703.9 2,735.8 2,765.6 2,758.5 2,742.7  395.3 383.0 382.5 432.0 485.5 504.1 555.3 591.2 611.9 602.9 612.4 608.9 605.9 620.4 612.1 606.3 600.1 593.0 591.4 587.0 593.7  –177.3 57.3 46.7 71.2 108.7 86.3 132.4 23.0 31.7 48.1 8.7 16.6 70.2 31.1 40.5 –28.0 87.2 93.0 116.0 69.4 69.4  Exports and imports of goods and services  Government consumption expenditures and gross investment Federal  Net exports  Exports  Imports  Total  –484.8 –565.9 –568.1 –568.6 –532.8 –577.2 –721.6 –783.7 –849.8 –920.0 –831.5 –850.0 –833.7 –883.8 –884.2 –850.5 –962.4 –983.0 –944.0 –980.7 –990.1  1,763.8 1,977.9 2,119.0 2,191.3 2,269.6 2,365.3 2,376.5 2,376.1 2,458.8 2,532.9 2,423.5 2,432.9 2,459.5 2,519.2 2,524.0 2,559.9 2,519.3 2,528.5 2,554.4 2,517.5 2,523.4  2,248.6 2,543.8 2,687.1 2,759.9 2,802.4 2,942.5 3,098.1 3,159.8 3,308.5 3,453.0 3,255.0 3,282.9 3,293.2 3,403.0 3,408.2 3,410.4 3,481.8 3,511.6 3,498.3 3,498.2 3,513.6  3,307.3 3,307.2 3,203.3 3,137.0 3,061.0 3,033.4 3,091.8 3,147.7 3,169.6 3,223.9 3,157.3 3,168.0 3,167.1 3,186.1 3,201.1 3,221.4 3,238.0 3,234.9 3,258.1 3,296.6 3,310.4  National Nondefense defense  Total 1,293.0 1,346.1 1,311.1 1,286.5 1,215.3 1,183.8 1,182.7 1,187.8 1,197.0 1,232.2 1,186.4 1,195.9 1,196.1 1,209.8 1,218.1 1,229.9 1,238.7 1,242.1 1,248.8 1,273.9 1,284.4  836.7 861.3 842.9 814.2 759.6 728.4 713.0 708.7 714.0 737.5 704.7 716.4 713.4 721.4 722.5 735.7 741.2 750.6 764.5 770.8 775.0  456.3 484.8 468.3 472.4 455.6 455.2 469.3 478.5 482.4 494.2 480.9 479.0 482.0 487.7 494.9 493.6 497.0 491.3 484.5 502.9 509.1  AddenFinal Gross dum: sales of domestic Gross domestic purchases 1 national product product  State and local 2,015.6 1,961.3 1,892.2 1,850.5 1,845.3 1,848.6 1,907.5 1,957.9 1,970.6 1,990.0 1,968.9 1,970.1 1,969.0 1,974.5 1,981.2 1,989.9 1,997.7 1,991.4 2,007.9 2,021.4 2,024.9  15,373.0 15,546.6 15,796.5 16,125.8 16,386.2 16,822.3 17,267.1 17,647.6 18,058.4 18,571.3 17,895.1 17,985.3 18,082.5 18,270.7 18,380.4 18,595.6 18,630.9 18,678.3 18,797.5 18,935.2 19,035.7  15,698.9 16,164.7 16,408.8 16,765.6 17,028.6 17,487.7 18,114.2 18,455.9 18,931.2 19,523.2 18,732.7 18,844.8 18,974.1 19,173.1 19,290.7 19,422.1 19,656.0 19,724.2 19,836.1 19,965.4 20,073.7  15,359.4 15,803.9 16,081.7 16,429.3 16,722.3 17,146.5 17,624.7 17,902.2 18,344.6 18,897.8 18,153.1 18,232.8 18,411.6 18,580.7 18,711.6 18,855.9 18,995.6 19,028.0 19,173.6 19,305.2 19,410.8  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 (2012) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce (Bureau of Economic Analysis).  Chained Price Indexes For Gross Domestic Product [Index numbers, 2012=100; quarterly data are seasonally adjusted]  Period  2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2017:  I  ���������������       II ���������������       III ��������������       IV �������������� 2018:  I  ���������������       II ���������������       III ��������������       IV �������������� 2019:  I  ���������������       II ���������������       III r ������������  Gross domestic product  94.999 96.109 98.112 100.000 101.773 103.647 104.688 105.770 107.795 110.382 107.040 107.394 108.032 108.715 109.341 110.209 110.765 111.212 111.504 112.173 112.679  Personal consumption expenditures  Total  94.094 95.705 98.131 100.000 101.346 102.830 103.045 104.091 105.929 108.143 105.355 105.596 106.033 106.733 107.401 107.988 108.413 108.772 108.879 109.522 109.928  Goods  Services  93.812 95.183 98.773 100.000 99.407 98.920 95.885 94.318 94.586 95.232 94.898 94.264 94.425 94.759 95.228 95.400 95.319 94.982 94.590 94.955 94.772  Source: Department of Commerce (Bureau of Economic Analysis).  2  Gross private domestic investment  94.231 95.957 97.814 100.000 102.316 104.804 106.704 109.120 111.793 114.851 110.745 111.452 112.038 112.935 113.707 114.520 115.220 115.958 116.339 117.133 117.865  Nonresidential fixed 99.184 97.416 98.559 100.000 100.251 101.469 102.042 101.146 102.116 103.515 101.633 101.989 102.333 102.509 102.950 103.428 103.841 103.839 104.241 104.770 104.911  Residential fixed 98.671 98.317 99.049 100.000 105.054 111.118 114.129 118.148 123.510 130.488 121.452 122.970 124.348 125.270 128.031 130.203 131.450 132.267 133.108 133.655 134.780  Exports and imports of goods and services  Government consumption expenditures and gross investment Federal  Exports  89.694 93.348 99.242 100.000 100.168 100.272 95.385 93.455 95.850 99.104 95.054 95.094 95.974 97.277 98.129 99.364 99.640 99.284 98.663 99.463 98.876  Imports  87.987 92.783 99.826 100.000 98.636 97.854 89.947 86.696 88.622 91.181 88.312 88.251 88.394 89.529 91.124 91.250 91.378 90.972 90.158 90.521 89.597  Total 94.214 96.421 99.070 100.000 100.931 102.632 103.282 103.900 106.040 109.336 105.230 105.667 106.201 107.063 108.219 108.992 109.685 110.450 111.691 111.096 111.517  National defense 94.126 96.128 98.946 100.000 100.609 102.056 102.402 102.776 104.518 107.609 103.893 104.165 104.601 105.411 106.576 107.317 108.027 108.517 108.804 109.207 109.595  Nondefense 94.364 96.942 99.289 100.000 101.478 103.593 104.718 105.701 108.435 112.040 107.347 108.032 108.710 109.651 110.795 111.617 112.284 113.464 116.187 114.042 114.513  State and local 92.048 94.669 97.739 100.000 103.279 105.645 105.677 105.854 108.731 112.772 107.694 108.081 108.949 110.200 111.204 112.408 113.332 114.142 113.973 115.125 115.589  Gross Domestic Product and Related Price Measures: Indexes and Percent Changes [Quarterly data are seasonally adjusted] Percent change from preceding period 1  Index numbers, 2012=100 Personal consumption expenditures (PCE)  Gross domestic product (GDP) Period  2009 ���������������������� 2010 ���������������������� 2011 ���������������������� 2012 ���������������������� 2013 ���������������������� 2014 ���������������������� 2015 ���������������������� 2016 ���������������������� 2017 ���������������������� 2018 ���������������������� 2017:  I  �����������������       II �����������������       III ����������������       IV ���������������� 2018:  I  �����������������       II �����������������       III ����������������       IV ���������������� 2019:  I  �����������������       II �����������������       III r ��������������  Real GDP GDP (chain-type chain-type quantity price index) index 93.899 96.306 97.800 100.000 101.842 104.415 107.451 109.211 111.799 115.072 110.670 111.262 112.141 113.123 113.837 114.825 115.655 115.969 116.857 117.441 118.053  GDP implicit price deflator  94.999 96.109 98.112 100.000 101.773 103.647 104.688 105.770 107.795 110.382 107.040 107.394 108.032 108.715 109.341 110.209 110.765 111.212 111.504 112.173 112.679  PCE PCE less food (chain-type and price index) priceenergy index  95.004 96.111 98.118 100.000 101.755 103.638 104.717 105.801 107.794 110.420 107.058 107.411 107.973 108.713 109.355 110.281 110.767 111.256 111.473 112.188 112.664  94.094 95.705 98.131 100.000 101.346 102.830 103.045 104.091 105.929 108.143 105.355 105.596 106.033 106.733 107.401 107.988 108.413 108.772 108.879 109.522 109.928  95.315 96.608 98.139 100.000 101.526 103.122 104.407 106.070 107.795 109.897 107.189 107.540 107.934 108.516 109.131 109.707 110.136 110.612 110.902 111.414 111.997  Personal consumption expenditures (PCE)  Gross domestic product (GDP) Gross domestic purchases price index  94.559 95.923 98.246 100.000 101.468 103.138 103.453 104.185 106.148 108.647 105.474 105.797 106.319 107.001 107.770 108.461 108.978 109.378 109.591 110.192 110.585  GDP (current dollars)  Real GDP GDP (chain-type chain-type quantity price index) index  –1.8 3.8 3.7 4.2 3.6 4.4 4.0 2.7 4.3 5.4 4.2 3.5 5.4 6.4 5.0 7.1 4.8 2.9 3.9 4.7 3.8  –2.5 2.6 1.6 2.2 1.8 2.5 2.9 1.6 2.4 2.9 2.3 2.2 3.2 3.5 2.5 3.5 2.9 1.1 3.1 2.0 2.1  GDP implicit price deflator  0.8 1.2 2.1 1.9 1.8 1.8 1.0 1.0 1.9 2.4 1.9 1.3 2.4 2.6 2.3 3.2 2.0 1.6 1.1 2.4 1.8  Gross domestic PCE purchases PCE food price index (chain-type lessenergy price index) and price index  0.8 1.2 2.1 1.9 1.8 1.9 1.0 1.0 1.9 2.4 1.9 1.3 2.1 2.8 2.4 3.4 1.8 1.8 .8 2.6 1.7  –0.1 1.7 2.5 1.9 1.3 1.5 .2 1.0 1.8 2.1 2.1 .9 1.7 2.7 2.5 2.2 1.6 1.3 .4 2.4 1.5  1.2 1.4 1.6 1.9 1.5 1.6 1.2 1.6 1.6 1.9 1.7 1.3 1.5 2.2 2.3 2.1 1.6 1.7 1.1 1.9 2.1  –0.3 1.4 2.4 1.8 1.5 1.6 .3 .7 1.9 2.4 2.2 1.2 2.0 2.6 2.9 2.6 1.9 1.5 .8 2.2 1.4  1 Quarterly percent changes are at annual rates.  Source: Department of Commerce (Bureau of Economic Analysis).  Nonfinancial Corporate Business— Gross Value Added and Price, Costs, and Profits [Quarterly data at seasonally adjusted annual rates]  Period  Current dollars 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2017:  I  ���������������       II ���������������       III ��������������       IV �������������� 2018:  I  ���������������       II ���������������       III ��������������       IV �������������� 2019: 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  6,864.6 7,243.2 7,615.3 8,059.1 8,374.1 8,786.9 9,139.0 9,238.0 9,607.3 10,063.1 9,498.7 9,596.2 9,617.8 9,716.5 9,924.3 10,002.3 10,127.2 10,198.7 10,287.7 10,378.8 10,474.3  Chained (2012) dollars 7,255.1 7,568.0 7,774.1 8,059.1 8,261.5 8,523.6 8,812.5 8,841.0 9,014.2 9,188.5 8,973.7 9,049.2 8,997.6 9,036.2 9,110.8 9,101.9 9,242.8 9,298.6 9,381.5 9,407.6 9,477.7  Total  0.946 .957 .980 1.000 1.014 1.031 1.037 1.045 1.066 1.095 1.059 1.060 1.069 1.075 1.089 1.099 1.096 1.097 1.097 1.103 1.105  Compensation of employees (unit labor cost) 0.564 .551 .562 .572 .577 .590 .600 .614 .632 .654 .626 .626 .635 .641 .654 .658 .653 .651 .663 .665 .665  Corporate profits with inventory valuation and capital consumption adjustments 4  Unit nonlabor cost  Total 0.284 .279 .283 .285 .289 .292 .295 .298 .305 .314 .301 .302 .306 .310 .311 .315 .313 .316 .317 .318 .321  Consumption of fixed capital  Net interest Taxes on and production miscellaneous and imports 3 payments  0.153 .148 .150 .153 .155 .158 .160 .162 .166 .171 .164 .164 .167 .169 .169 .172 .172 .173 .174 .176 .177  0.092 .094 .096 .096 .100 .099 .100 .098 .103 .104 .101 .102 .104 .105 .105 .105 .103 .104 .105 .104 .108  0.039 .037 .036 .036 .034 .034 .035 .038 .035 .038 .036 .035 .035 .036 .037 .038 .038 .038 .038 .037 .036  Total 0.097 .127 .134 .143 .148 .149 .142 .133 .129 .128 .132 .133 .127 .125 .125 .126 .130 .130 .117 .121 .119  Taxes on corporate income 0.022 .027 .027 .030 .032 .034 .032 .030 .026 .017 .027 .025 .027 .024 .015 .017 .018 .017 .017 .018 .016  Profits after tax 5 0.075 .100 .107 .112 .116 .115 .110 .103 .103 .111 .105 .108 .100 .100 .109 .109 .112 .113 .100 .103 .103  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  2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2017:  I  ���������������       II ���������������       III ��������������       IV �������������� 2018:  I  ���������������       II ���������������       III ��������������       IV �������������� 2019: I ����������������       II ���������������       III r ������������  ComNational pensation of income employees  12,027.2 12,735.8 13,357.7 14,094.7 14,494.7 15,242.5 15,787.9 16,053.6 16,708.8 17,545.9 16,475.3 16,611.7 16,753.1 16,995.2 17,313.0 17,454.0 17,673.5 17,743.1 17,912.4 18,092.3 18,263.5  7,758.5 7,924.9 8,225.9 8,566.7 8,834.2 9,249.1 9,698.2 9,960.3 10,411.6 10,928.5 10,227.6 10,334.2 10,456.7 10,628.0 10,786.0 10,876.1 10,994.3 11,057.4 11,306.6 11,386.9 11,489.0  Rental income of persons with capital conNonfarm sumption adjustment  Farm  28.1 39.0 64.9 60.9 88.3 69.8 56.0 35.6 38.1 27.2 44.5 42.1 34.1 31.8 28.1 27.5 17.4 35.9 24.8 19.2 41.8  910.5 1,069.7 1,164.4 1,286.4 1,315.3 1,377.9 1,366.2 1,388.1 1,480.1 1,561.6 1,450.3 1,470.1 1,489.0 1,511.1 1,539.4 1,545.8 1,572.6 1,588.4 1,596.3 1,613.7 1,641.5  327.3 394.2 478.6 518.0 557.0 604.6 648.1 681.4 718.8 756.8 707.4 709.9 722.0 736.0 743.8 754.0 765.2 764.1 767.0 777.2 779.7  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  1,386.8 1,728.7 1,809.8 1,997.4 2,010.7 2,120.2 2,061.5 2,011.5 2,005.9 2,074.6 1,995.4 2,008.0 2,019.0 2,001.4 2,052.3 2,056.4 2,104.2 2,085.6 2,006.9 2,082.7 2,078.0  Total  Profits before tax  1,470.1 1,786.4 1,750.2 2,144.7 2,165.9 2,266.6 2,190.0 2,116.5 2,084.1 2,011.9 2,128.9 2,151.4 2,171.5 1,884.5 1,979.9 1,991.5 2,045.0 2,031.3 1,999.9 2,080.5 2,073.9  1,467.5 1,834.0 1,818.2 2,156.1 2,151.5 2,264.5 2,136.9 2,117.4 2,133.0 2,063.5 2,187.9 2,168.9 2,204.6 1,970.4 2,043.9 2,076.4 2,087.1 2,046.5 2,015.5 2,084.9 2,046.0  2.6 –47.6 –68.0 –11.4 14.4 2.1 53.1 –0.9 –48.9 –51.5 –59.0 –17.5 –33.1 –86.0 –64.0 –84.8 –42.1 –15.2 –15.5 –4.4 27.9  –83.3 –57.7 59.6 –147.2 –155.2 –146.4 –128.5 –105.0 –78.1 62.7 –133.6 –143.4 –152.5 116.9 72.4 64.9 59.2 54.3 6.9 2.2 4.1  539.3 465.2 461.7 503.7 465.9 516.1 586.8 560.0 608.0 672.6 607.7 603.6 596.3 624.5 666.4 678.6 677.0 668.4 657.2 644.7 636.4  Business Less: current Subsidies transfer payments  1,026.8 1,063.1 1,103.7 1,136.1 1,188.7 1,240.8 1,277.1 1,312.8 1,364.5 1,441.8 1,340.8 1,355.1 1,371.4 1,390.6 1,415.8 1,433.9 1,442.3 1,475.2 1,472.3 1,479.3 1,507.6  58.3 55.8 60.0 58.0 59.7 58.1 57.3 61.8 61.1 64.4 59.9 58.7 63.2 62.8 59.3 58.6 58.4 81.3 72.6 61.9 82.6  124.4 126.8 128.1 98.8 110.3 132.9 156.7 168.2 145.4 153.7 163.6 149.5 130.5 138.0 144.0 145.4 166.1 159.2 165.4 163.3 184.6  Current surplus of government enterprises  –16.1 –20.1 –19.4 –15.4 –15.9 –11.0 –5.5 –2.6 –2.5 –6.5 –2.0 –2.2 –2.6 –3.1 –3.5 –5.2 –7.3 –9.9 –11.5 –12.9 –12.6  1 With inventory valuation and capital consumption adjustments.  Source: Department of Commerce (Bureau of Economic Analysis).  Real Personal Consumption Expenditures [Billions of chained (2012) dollars, except as noted; quarterly data at seasonally adjusted annual rates] Goods  Period  Total personal consumption expenditures  2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2017:  I  ���������������       II ���������������       III ��������������       IV �������������� 2018:  I  ���������������       II ���������������       III ��������������       IV �������������� 2019:  I  ���������������       II ���������������       III r ������������  10,460.0 10,643.0 10,843.8 11,006.8 11,166.9 11,497.4 11,921.2 12,247.5 12,566.9 12,944.6 12,438.9 12,512.9 12,586.3 12,729.7 12,782.9 12,909.2 13,019.8 13,066.3 13,103.3 13,250.0 13,353.1  Services  Durable Total goods  3,389.8 3,485.7 3,561.8 3,637.7 3,752.2 3,905.1 4,088.6 4,236.6 4,403.4 4,583.3 4,318.2 4,375.9 4,419.7 4,499.8 4,513.9 4,573.5 4,614.0 4,631.8 4,649.2 4,746.4 4,808.0  Total durable goods 1  973.0 1,027.3 1,079.7 1,144.2 1,214.1 1,301.6 1,398.8 1,484.2 1,586.4 1,685.7 1,538.3 1,567.0 1,596.9 1,643.5 1,652.8 1,685.1 1,699.8 1,705.2 1,706.3 1,759.3 1,793.9  Nondurable  Motor vehicles and parts 346.7 360.0 370.1 396.6 415.3 439.4 471.7 486.3 511.1 533.1 496.8 501.9 513.2 532.6 524.7 534.2 534.8 538.5 524.2 544.1 547.5  Total nondurable goods 1 2,423.1 2,461.3 2,482.9 2,493.5 2,538.5 2,605.3 2,693.2 2,757.5 2,825.2 2,909.6 2,786.4 2,816.1 2,831.3 2,866.7 2,872.0 2,900.8 2,926.6 2,938.9 2,954.6 3,001.3 3,030.0  Food and beverages purchased for offpremises consumption  Gasoline and other energy goods  Total services 1  Household consumption expenditures  825.3 837.7 839.0 846.2 855.5 871.4 884.0 910.5 940.5 970.4 929.2 933.3 942.4 957.2 962.9 967.5 973.8 977.2 973.1 985.8 999.0  440.1 437.9 427.8 421.9 429.7 430.0 450.1 452.1 448.2 447.4 444.3 451.5 448.8 448.0 445.7 449.2 446.3 448.5 449.0 450.1 448.9  7,070.1 7,157.4 7,282.1 7,369.1 7,415.5 7,594.9 7,838.5 8,021.1 8,182.2 8,388.1 8,133.0 8,154.1 8,186.6 8,254.9 8,293.5 8,362.9 8,433.6 8,462.6 8,483.1 8,541.4 8,587.9  6,781.3 6,859.0 6,969.3 7,027.5 7,069.8 7,249.6 7,500.8 7,671.0 7,831.4 8,019.7 7,777.2 7,803.5 7,838.6 7,906.2 7,940.3 7,999.1 8,064.3 8,075.1 8,119.9 8,177.2 8,224.7  Housing and utilities  1,943.1 1,966.8 1,993.0 1,996.3 2,006.4 2,039.9 2,087.3 2,118.6 2,134.9 2,164.2 2,118.9 2,134.5 2,136.0 2,150.0 2,152.2 2,164.5 2,167.7 2,172.7 2,173.1 2,179.1 2,191.4  Health care  1,735.1 1,761.7 1,788.7 1,821.3 1,832.6 1,892.8 1,995.0 2,070.7 2,119.4 2,181.6 2,102.5 2,101.2 2,127.0 2,146.9 2,156.2 2,174.7 2,203.2 2,192.4 2,227.0 2,245.5 2,248.7  Financial services and insurance  809.5 810.5 831.4 820.1 815.2 817.9 836.3 817.8 832.9 841.5 829.9 829.4 833.4 838.8 840.9 839.2 841.1 844.9 850.7 852.7 857.6  Addendum: Personal consumption expenditures excluding food and energy 2  Retail sales of new passenger cars and light trucks (millions of units)  8,988.1 9,151.3 9,363.2 9,531.1 9,667.6 9,978.8 10,372.0 10,667.2 10,956.6 11,287.2 10,854.6 10,905.7 10,974.2 11,091.8 11,142.8 11,251.9 11,357.5 11,396.5 11,441.8 11,572.9 11,654.9  10.4 11.6 12.7 14.4 15.5 16.5 17.4 17.5 17.1 17.2 17.1 16.8 17.1 17.5 17.1 17.3 17.0 17.4 16.8 17.0 17.0  1 Includes other items, not shown separately. 2 Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food.  Note: Because of the formula used for calculating real GDP, the chained (2012) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce (Bureau of Economic Analysis).  4  Sources of Personal Income Personal income rose $101.7 billion (annual rate) in November, following an increase of $23.1 billion in October. Wages and salaries rose $37.2 billion in November, following an increase of $43.8 billion in October. BILLIONS OF DOLLARS * (RATIO SCALE) 20,000  BILLIONS OF DOLLARS* (RATIO SCALE) 20,000  18,000  18,000  16,000  16,000  14,000  14,000  TOTAL PERSONAL INCOME  12,000  12,000  10,000  10,000 WAGES AND SALARIES  9,000  9,000  8,000  8,000  7,000  7,000  6,000  6,000 OTHER INCOME  5,000  5,000  4,000  4,000 PERSONAL CURRENT TRANSFER RECEIPTS  3,000  3,000  2,000  2,000 2011  2012  2013  2014  2015  2016  2017  2018  *SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE  2019  COUNCIL OF ECONOMIC ADVISERS  [Billions of dollars; monthly data at seasonally adjusted annual rates] Compensation of employees Period  2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2018: Nov ����������       Dec ����������� 2019: Jan �����������       Feb �����������       Mar ����������       Apr �����������       May ����������       June ���������       July r ��������       Aug r ���������       Sept r ��������       Oct r ����������       Nov p ��������  Total personal income  12,059.1 12,551.6 13,326.8 14,010.1 14,181.1 14,991.7 15,717.8 16,121.2 16,878.8 17,819.2 18,036.0 18,205.5 18,257.4 18,363.5 18,445.5 18,505.7 18,546.5 18,615.4 18,637.2 18,731.7 18,786.4 18,809.5 18,911.2  Total  7,758.5 7,924.9 8,225.9 8,566.7 8,834.2 9,249.1 9,698.2 9,960.3 10,411.6 10,928.5 11,047.7 11,089.1 11,216.2 11,308.8 11,394.7 11,380.9 11,369.0 11,410.9 11,438.9 11,506.6 11,521.7 11,573.1 11,617.3  Wages and salaries  Supplements to wages and salaries  6,248.6 6,372.1 6,625.9 6,927.5 7,113.2 7,475.2 7,856.7 8,083.5 8,462.1 8,888.5 8,981.0 9,016.4 9,130.6 9,213.7 9,290.3 9,272.8 9,257.1 9,290.8 9,311.7 9,370.2 9,380.0 9,423.8 9,461.0  1,509.9 1,552.9 1,600.0 1,639.2 1,721.0 1,773.9 1,841.5 1,876.8 1,949.5 2,040.0 2,066.8 2,072.6 2,085.7 2,095.1 2,104.5 2,108.0 2,111.9 2,120.1 2,127.2 2,136.4 2,141.7 2,149.3 2,156.3  Proprietors’ income 1  Farm  28.1 39.0 64.9 60.9 88.3 69.8 56.0 35.6 38.1 27.2 30.4 58.6 28.3 31.5 14.7 16.7 19.1 21.8 22.1 45.6 57.8 33.2 59.4  Nonfarm  910.5 1,069.7 1,164.4 1,286.4 1,315.3 1,377.9 1,366.2 1,388.1 1,480.1 1,561.6 1,590.8 1,590.6 1,595.9 1,593.9 1,599.2 1,606.4 1,615.5 1,619.1 1,633.2 1,649.6 1,641.8 1,647.3 1,652.6  Personal income receipts on assets Rental income of persons 2  327.3 394.2 478.6 518.0 557.0 604.6 648.1 681.4 718.8 756.8 763.7 762.1 764.1 766.9 770.1 773.3 777.0 781.4 780.4 779.6 779.0 783.0 786.9  Total  1,852.2 1,782.3 1,950.9 2,165.6 2,066.3 2,302.2 2,470.8 2,521.4 2,681.6 2,930.1 2,971.6 3,065.9 2,951.2 2,956.3 2,957.9 3,000.5 3,021.7 3,027.3 2,999.0 2,983.5 3,010.5 2,989.2 3,012.2  Personal interest income 1,299.3 1,238.5 1,269.4 1,330.5 1,273.0 1,349.0 1,437.9 1,457.4 1,551.6 1,702.7 1,725.6 1,736.4 1,700.8 1,696.5 1,700.7 1,735.3 1,755.4 1,760.9 1,724.0 1,703.2 1,723.2 1,705.7 1,729.6  Personal dividend income 553.0 543.9 681.5 835.1 793.3 953.2 1,032.9 1,064.0 1,130.0 1,227.5 1,246.0 1,329.4 1,250.4 1,259.8 1,257.2 1,265.2 1,266.4 1,266.4 1,275.0 1,280.4 1,287.3 1,283.4 1,282.6  Personal current transfer receipts 3  2,146.7 2,325.2 2,358.7 2,363.0 2,424.3 2,541.5 2,683.3 2,774.2 2,848.1 2,971.5 2,999.1 3,011.6 3,098.4 3,113.9 3,127.1 3,144.0 3,158.3 3,173.4 3,185.2 3,196.0 3,206.1 3,220.2 3,224.1  Less: Chart 5 - Dec 2019 Contributions for government social insurance, domestic 964.3 983.7 916.7 950.5 1,104.3 1,153.6 1,204.7 1,239.9 1,299.6 1,356.5 1,367.4 1,372.2 1,396.8 1,407.8 1,418.2 1,416.1 1,414.2 1,418.7 1,421.5 1,429.2 1,430.6 1,436.5 1,441.4  1 With inventory valuation and capital consumption adjustments. 2 With capital consumption adjustment. 3 Consists mainly of social insurance benefits to persons.  Source: Department of Commerce (Bureau of Economic Analysis).  5  Disposition of Personal Income According to revised estimates, per capita disposable personal income in chained (2012) dollars rose 2.2 percent (annual rate) in the third quarter of 2019. BILLIONS OF DOLLARS* (RATIO SCALE) 17,000  BILLIONS OF DOLLARS* (RATIO SCALE) 17,000  16,000  16,000  15,000  15,000 DISPOSABLE PERSONAL INCOME  14,000  14,000  13,000  13,000  SAVING  12,000  12,000 PERSONAL OUTLAYS  11,000  11,000  10,000  10,000 DOLLARS* (RATIO SCALE)  52,000 50,000  52,000 50,000  PER CAPITA DISPOSABLE PERSONAL INCOME  48,000  48,000 46,000  46,000  CURRENT DOLLARS  44,000  44,000 42,000  42,000 40,000  40,000  CHAINED (2012) DOLLARS  38,000  38,000  36,000  36,000 34,000  34,000 2010  2011  2012  2013  2014  2015  2016  2017  *SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE  Period  Personal income  Less: Personal current taxes  Equals: Disposable personal income  12,059.1 12,551.6 13,326.8 14,010.1 14,181.1 14,991.7 15,717.8 16,121.2 16,878.8 17,819.2  1,152.0 1,237.3 1,453.2 1,508.9 1,675.8 1,784.0 1,937.8 1,956.1 2,045.8 2,077.6  10,907.1 11,314.3 11,873.6 12,501.2 12,505.3 13,207.7 13,780.0 14,165.1 14,833.0 15,741.5  2019  COUNCIL OF ECONOMIC ADVISERS  Less: Personal outlays 1  Equals: Personal saving  Disposable personal income in billions of chained (2012) dollars  Per capita disposable personal income Current dollars  Billions of dollars 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 ��������������������  2018  Chained (2012) dollars  Per capita personal consumption expenditures Current dollars  Chained (2012) dollars  Dollars 10,240.6 10,573.5 11,023.7 11,393.6 11,703.9 12,237.0 12,731.2 13,206.3 13,802.1 14,531.1  666.5 740.9 849.8 1,107.6 801.4 970.8 1,048.8 958.8 1,030.9 1,210.4  11,591.7 11,822.1 12,099.8 12,501.2 12,339.1 12,844.3 13,372.7 13,608.4 14,002.8 14,556.2  35,500 36,524 38,052 39,780 39,521 41,440 42,925 43,812 45,583 48,075  Chart 6 - Dec 2019  Percent Saving change as in real percent per capita of disposable disposable personal personal income income  Population, including Armed Forces overseas (thousands) 2  Percent  37,728 38,163 38,777 39,780 38,996 40,300 41,656 42,090 43,031 44,455  32,034 32,881 34,102 35,025 35,766 37,095 38,266 39,430 40,909 42,752  34,045 34,357 34,752 35,025 35,291 36,074 37,135 37,881 38,619 39,533  –1.0 1.2 1.6 2.6 –2.0 3.3 3.4 1.0 2.2 3.3  6.1 6.5 7.2 8.9 6.4 7.3 7.6 6.8 7.0 7.7  307,240 309,780 312,033 314,255 316,421 318,717 321,026 323,317 325,410 327,436  42,695 42,919 43,095 43,414 44,082 44,311 44,594 44,831 45,267 45,374 45,626  40,365 40,641 40,978 41,648 42,025 42,611 43,072 43,298 43,405 44,089 44,521  38,315 38,489 38,648 39,022 39,131 39,461 39,731 39,807 39,867 40,257 40,502  4.3 2.1 1.7 3.0 6.3 2.1 2.6 2.1 3.9 .9 2.2  7.0 7.0 7.0 6.8 7.9 7.6 7.5 7.8 8.5 7.8 7.8  324,648 325,107 325,667 326,218 326,670 327,138 327,697 328,237 328,678 329,135 329,689  Seasonally adjusted annual rates 2017:  I  ���������������       II ���������������       III ��������������       IV �������������� 2018:  I  ���������������       II ���������������       III ��������������       IV �������������� 2019: I ����������������       II ���������������       III r ������������  16,604.1 16,749.6 16,930.4 17,231.2 17,540.3 17,725.0 17,928.5 18,082.8 18,355.4 18,555.9 18,718.4  2,001.5 2,016.0 2,049.8 2,115.8 2,074.9 2,071.7 2,086.5 2,077.4 2,156.9 2,200.1 2,183.2  14,602.6 14,733.5 14,880.6 15,115.4 15,465.4 15,653.3 15,842.0 16,005.4 16,198.5 16,355.7 16,535.3  13,576.8 13,699.7 13,841.8 14,090.2 14,245.2 14,465.9 14,655.6 14,757.8 14,823.0 15,073.1 15,237.2  1,025.8 1,033.9 1,038.8 1,025.2 1,220.2 1,187.4 1,186.4 1,247.6 1,375.5 1,282.6 1,298.0  13,860.9 13,953.4 14,034.5 14,162.4 14,400.3 14,495.9 14,613.3 14,715.2 14,878.1 14,934.3 15,042.5  44,980 45,319 45,693 46,335 47,343 47,849 48,343 48,762 49,284 49,693 50,154  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 2019, gross farm income in chained (2019) dollars is forecast to be $437.1 billion and net farm income to be $92.5 billion. BILLIONS OF CHAINED (2019) DOLLARS (RATIO SCALE)  BILLIONS OF CHAINED (2019) DOLLARS (RATIO SCALE) 560 520 480 440  560 520 480 440 GROSS FARM INCOME  400  400  360  360  320  320  280  280  240  240  200  200  160  160  120  120 NET FARM INCOME  80  80  60  60  40  40 2010  2011  2013  2012  2014  2015  2016  2017  SOURCE: DEPARTMENT OF AGRICULTURE  2018  2019  COUNCIL OF ECONOMIC ADVISERS  [Billions of chained (2019) dollars] Chart 7 - Nov 2019  Income of farm operators from farming 1 Gross farm income Year  Value of agricultural sector production Total  2000 ��������������������������������������������������� 2001 ��������������������������������������������������� 2002 ��������������������������������������������������� 2003 ��������������������������������������������������� 2004 ��������������������������������������������������� 2005 ��������������������������������������������������� 2006 ��������������������������������������������������� 2007 ��������������������������������������������������� 2008 ��������������������������������������������������� 2009 ��������������������������������������������������� 2010 ��������������������������������������������������� 2011 ��������������������������������������������������� 2012 ��������������������������������������������������� 2013 ��������������������������������������������������� 2014 ��������������������������������������������������� 2015 ��������������������������������������������������� 2016 ��������������������������������������������������� 2017 ��������������������������������������������������� 2018 ��������������������������������������������������� 2019 p �������������������������������������������������  Crops 2, 3  Total 347.9 351.9 319.8 352.2 391.0 383.9 362.1 412.6 434.7 398.3 417.0 481.7 505.6 534.6 524.1 473.3 438.1 443.6 435.6 437.1  314.5 320.3 302.6 329.7 373.8 352.5 342.4 398.2 420.1 383.9 402.5 469.7 493.6 522.5 513.5 461.7 424.3 431.6 421.7 414.7  136.7 133.8 135.8 147.8 165.9 147.1 148.1 183.6 207.2 194.8 196.6 228.4 239.3 258.2 223.7 197.9 201.2 196.0 192.2 183.2  Animals and animal products 3 142.6 149.8 129.6 142.9 164.8 162.7 148.9 168.2 166.2 141.5 164.0 187.6 190.1 200.0 232.4 208.4 175.8 184.5 180.8 177.5  Farm-related income 4 35.2 36.7 37.2 39.0 43.1 42.8 45.4 46.4 46.6 47.5 41.8 53.8 64.2 64.3 57.3 55.3 47.3 51.2 48.7 54.0  Direct Federal Government payments 33.4 31.6 17.2 22.5 17.2 31.4 19.7 14.5 14.6 14.4 14.5 11.9 12.0 12.2 10.6 11.6 13.8 12.0 13.9 22.4  Production expenses  Net farm income  275.0 274.6 265.5 269.2 275.0 282.6 290.4 327.5 341.6 324.6 326.8 351.5 397.2 398.0 424.1 385.7 372.0 365.3 350.1 344.6  73.0 77.3 54.3 83.0 115.9 101.3 71.7 85.1 93.0 73.6 90.2 130.1 108.4 136.6 100.0 87.6 66.1 78.3 85.5 92.5  1 The GDP chain-type price index is used to convert the current-dollar statistics to 2018=100 equivalents. 2 Crop receipts include proceeds received from commodities placed under Commodity Credit Corporation loans. 3 The value of production equates to the sum of cash receipts, home consumption, and the value of the change in inventories. 4 Includes income from forest products sold, the gross imputed rental value of farm dwellings, machine hire and custom work, and other sources of farm income such as commodity insurance  indemnities.  Note: Data for 2019 are forecasts. Source: Department of Agriculture (Economic Research Service).  7  Corporate Profits In the third quarter of 2019, according to revised estimates, corporate profits before tax fell $38.9 billion (annual rate) and profits after tax fell $23.1 billion. BILLIONS OF DOLLARS 2,600  BILLIONS OF DOLLARS 2,600  SEASONALLY ADJUSTED ANNUAL RATES  2,400  2,400 PROFITS BEFORE TAX 2,200  2,200  2,000  2,000 1,800  1,800 PROFITS AFTER TAX 1,600  1,600  1,400  1,400  1,200  1,200  1,000  1,000  800  800  UNDISTRIBUTED PROFITS  600  600  400  400 TAXES ON CORPORATE INCOME  200  200 0  0 2010  2011  2012  2013  2014  2015  2016  2017  2018  2019  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  2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2017:  I  ���������������       II ���������������       III ��������������       IV �������������� 2018:  I  ���������������       II ���������������       III ��������������       IV �������������� 2019:  I  ���������������       II ���������������       III r ������������  Total 2  1,470.1 1,786.4 1,750.2 2,144.7 2,165.9 2,266.6 2,190.0 2,116.5 2,084.1 2,011.9 2,128.9 2,151.4 2,171.5 1,884.5 1,979.9 1,991.5 2,045.0 2,031.3 1,999.9 2,080.5 2,073.9  Profits before tax  Nonfinancial Total  1,121.3 1,400.6 1,337.7 1,739.3 1,767.1 1,861.7 1,787.5 1,704.6 1,630.0 1,510.3 1,692.3 1,728.1 1,703.8 1,395.8 1,472.1 1,496.5 1,533.4 1,539.1 1,500.4 1,542.3 1,530.1  Financial  362.7 405.8 378.4 482.4 430.7 483.1 448.1 456.8 413.5 405.0 409.8 417.0 440.9 386.3 413.3 418.4 397.4 390.8 419.0 422.4 417.7  Total 3 758.7 994.8 959.3 1,256.9 1,336.3 1,378.6 1,339.4 1,247.8 1,216.5 1,105.3 1,282.5 1,311.1 1,262.9 1,009.5 1,058.8 1,078.2 1,136.1 1,148.2 1,081.4 1,120.0 1,112.4  Manufacturing 164.7 281.8 296.0 403.0 446.9 458.7 424.8 332.2 315.5 283.7 306.5 337.1 348.8 269.6 246.0 287.0 298.9 303.0 260.1 265.5 274.8  Utilities  Wholesale  23.4 30.6 10.2 13.8 28.3 32.8 20.1 9.4 11.6 –4.0 13.5 14.2 11.7 6.8 1.7 –1.6 –5.4 –10.7 –4.2 –1.4 –2.0  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  88.9 99.3 97.2 137.9 146.4 150.6 152.0 126.6 124.2 108.9 132.7 140.0 127.8 96.4 109.3 92.3 110.9 122.9 116.1 120.6 120.7  Taxes on corporate income  Total  Net dividends  Retail 107.9 115.9 115.1 155.7 153.3 157.3 169.3 170.5 156.9 133.1 174.5 168.1 161.9 123.2 137.7 122.8 141.8 130.0 151.2 161.5 164.3  1,467.5 1,834.0 1,818.2 2,156.1 2,151.5 2,264.5 2,136.9 2,117.4 2,133.0 2,063.5 2,187.9 2,168.9 2,204.6 1,970.4 2,043.9 2,076.4 2,087.1 2,046.5 2,015.5 2,084.9 2,046.0  204.2 272.5 281.1 334.9 362.8 407.3 396.6 377.6 319.4 219.8 322.8 314.1 335.3 305.4 207.6 222.6 230.3 218.5 215.4 225.2 209.3  1,263.3 1,561.5 1,537.2 1,821.2 1,788.7 1,857.2 1,740.3 1,739.8 1,813.6 1,843.7 1,865.1 1,854.8 1,869.3 1,665.0 1,836.3 1,853.7 1,856.8 1,828.1 1,800.0 1,859.7 1,836.6  622.1 643.2 779.1 948.7 1,009.0 1,096.1 1,164.9 1,175.9 1,239.6 1,312.6 1,219.5 1,246.8 1,242.7 1,249.5 1,266.3 1,291.9 1,329.7 1,362.5 1,324.6 1,346.9 1,339.6  Chart 8 - Dec 2019  Inventory Undistrib- valuation adjustment uted profits  641.3 918.3 758.1 872.6 779.7 761.1 575.5 563.9 573.9 531.1 645.6 608.0 626.6 415.5 570.0 561.9 527.1 465.6 475.4 512.9 497.1  2.6 –47.6 –68.0 –11.4 14.4 2.1 53.1 –.9 –48.9 –51.5 –59.0 –17.5 –33.1 –86.0 –64.0 –84.8 –42.1 –15.2 –15.5 –4.4 27.9  Real Gross Private Domestic Investment In the third quarter of 2019, according to revised estimates, nonresidential fixed investment in chained (2012) dollars fell $15.8 billion (annual rate) and residential fixed investment rose $6.7 billion. Inventories rose $69.4 billion, following an increase of $69.4 billion in the second quarter. BILLIONS OF CHAINED (2012) DOLLARS 3,600 3,400 3,200  BILLIONS OF CHAINED (2012) DOLLARS 3,600  SEASONALLY ADJUSTED ANNUAL RATES  3,400 3,200  GROSS PRIVATE DOMESTIC INVESTMENT  3,000  3,000  2,800  2,800  2,600  2,600  2,400  2,400  2,200  2,200  NONRESIDENTIAL FIXED INVESTMENT  2,000  2,000  1,800  1,800  1,600  1,600  1,400  1,400  1,200  1,200  1,000  1,000 RESIDENTIAL FIXED INVESTMENT  800  800  600  600  400  400  200  200  0  0 CHANGE IN PRIVATE INVENTORIES  –200  –200  –400  –400 2010  2011  2012  2013  2014  2015  2016  2017  2018  2019  COUNCIL OF ECONOMIC ADVISERS  SOURCE: DEPARTMENT OF COMMERCE  [Billions of chained (2012) dollars; quarterly data at seasonally adjusted annual rates] Chart 9 - Dec 2019  Fixed investment Period  2009 ��������������������������������������������������� 2010 ��������������������������������������������������� 2011 ��������������������������������������������������� 2012 ��������������������������������������������������� 2013 ��������������������������������������������������� 2014 ��������������������������������������������������� 2015 ��������������������������������������������������� 2016 ��������������������������������������������������� 2017 ��������������������������������������������������� 2018 ��������������������������������������������������� 2017:  I  ����������������������������������������������       II ����������������������������������������������       III ���������������������������������������������       IV ��������������������������������������������� 2018:  I  ����������������������������������������������       II ����������������������������������������������       III ���������������������������������������������       IV ��������������������������������������������� 2019:  I  ����������������������������������������������       II ����������������������������������������������       III r �������������������������������������������  Gross private domestic investment  Change in private inventories  Nonresidential Total  1,942.0 2,216.5 2,362.1 2,621.8 2,801.5 2,959.2 3,104.3 3,064.0 3,198.9 3,360.5 3,140.3 3,167.9 3,225.2 3,262.1 3,311.8 3,296.6 3,404.2 3,429.5 3,481.1 3,424.7 3,416.2  2,099.8 2,164.2 2,317.8 2,550.5 2,692.1 2,869.2 2,967.0 3,023.6 3,149.7 3,293.4 3,111.1 3,133.0 3,144.1 3,210.7 3,254.0 3,295.4 3,301.3 3,323.0 3,349.4 3,337.4 3,330.5  Total 1,704.3 1,781.0 1,935.4 2,118.5 2,206.0 2,365.3 2,408.2 2,425.3 2,531.2 2,692.3 2,490.5 2,517.4 2,532.6 2,584.2 2,639.5 2,689.9 2,703.9 2,735.8 2,765.6 2,758.5 2,742.7  Structures 492.2 412.8 424.1 479.4 485.5 538.8 522.4 496.4 519.5 540.9 521.1 523.7 513.3 519.9 534.9 549.1 546.2 533.4 538.6 523.0 509.6  Equipment 649.7 781.2 886.2 983.4 1,029.2 1,101.1 1,136.6 1,122.3 1,175.6 1,255.3 1,139.3 1,163.8 1,181.4 1,217.8 1,237.5 1,247.8 1,256.7 1,279.2 1,278.9 1,281.5 1,269.3  Intellectual property products 572.4 588.1 624.8 655.7 691.4 724.8 750.7 810.0 839.6 901.6 831.8 832.3 842.3 852.0 872.0 896.9 905.9 931.3 955.6 964.2 975.2  Residential  395.3 383.0 382.5 432.0 485.5 504.1 555.3 591.2 611.9 602.9 612.4 608.9 605.9 620.4 612.1 606.3 600.1 593.0 591.4 587.0 593.7  Total  Nonfarm  –177.3 57.3 46.7 71.2 108.7 86.3 132.4 23.0 31.7 48.1 8.7 16.6 70.2 31.1 40.5 –28.0 87.2 93.0 116.0 69.4 69.4  –165.2 70.2 48.4 89.9 98.2 90.1 131.3 28.5 35.3 55.2 12.5 20.0 73.8 34.9 44.8 –21.7 94.6 103.0 126.6 77.9 77.6  Note: See p. 10 for further detail on fixed investment by type. Because of the formula used for calculating real GDP, the chained (2012) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce (Bureau of Economic Analysis).  9  Real Private Fixed Investment by Type [Billions of chained (2012) dollars; quarterly data at seasonally adjusted annual rates] Nonresidential  Residential  Equipment  Total fixed investment  Period  2,099.8 2,164.2 2,317.8 2,550.5 2,692.1 2,869.2 2,967.0 3,023.6 3,149.7 3,293.4 3,111.1 3,133.0 3,144.1 3,210.7 3,254.0 3,295.4 3,301.3 3,323.0 3,349.4 3,337.4 3,330.5  Structures  Information processing equipment Total nonresidential  Structures  Total 2 Total  2009 ������������������������ 2010 ������������������������ 2011 ������������������������ 2012 ������������������������ 2013 ������������������������ 2014 ������������������������ 2015 ������������������������ 2016 ������������������������ 2017 ������������������������ 2018 ������������������������ 2017:  I  �������������������       II �������������������       III ������������������       IV ������������������ 2018:  I  �������������������       II �������������������       III ������������������       IV ������������������ 2019:  I  �������������������       II �������������������       III r ����������������  Intellectual property products  1,704.3 1,781.0 1,935.4 2,118.5 2,206.0 2,365.3 2,408.2 2,425.3 2,531.2 2,692.3 2,490.5 2,517.4 2,532.6 2,584.2 2,639.5 2,689.9 2,703.9 2,735.8 2,765.6 2,758.5 2,742.7  492.2 412.8 424.1 479.4 485.5 538.8 522.4 496.4 519.5 540.9 521.1 523.7 513.3 519.9 534.9 549.1 546.2 533.4 538.6 523.0 509.6  649.7 781.2 886.2 983.4 1,029.2 1,101.1 1,136.6 1,122.3 1,175.6 1,255.3 1,139.3 1,163.8 1,181.4 1,217.8 1,237.5 1,247.8 1,256.7 1,279.2 1,278.9 1,281.5 1,269.3  247.5 289.1 303.2 331.2 351.8 370.2 394.6 415.5 456.3 498.5 436.4 451.2 460.6 477.2 489.3 493.9 506.6 504.2 515.4 524.1 515.5  Computers and peripheral equipment 1 81.1 94.1 93.9 103.5 103.0 102.9 103.7 103.2 112.3 123.5 436.4 451.2 460.6 477.2 489.3 493.9 506.6 504.2 515.4 524.1 515.5  Industrial equipment  Other  166.5 195.1 209.3 227.7 248.8 267.7 291.9 314.2 346.5 377.5 331.9 341.0 346.1 366.8 370.0 371.0 384.4 384.5 393.1 390.2 394.9  Transportation equipment  162.7 162.5 194.9 211.2 208.4 216.5 217.0 214.6 228.2 238.5 220.8 227.3 230.0 234.4 237.7 235.2 238.7 242.5 240.4 241.4 245.3  Total 2  72.5 141.5 181.8 215.3 238.5 265.0 293.2 277.0 263.3 280.1 263.2 259.7 260.4 269.9 275.4 279.4 275.9 289.6 286.6 279.7 271.5  Research and development 3  Software  572.4 588.1 624.8 655.7 691.4 724.8 750.7 810.0 839.6 901.6 831.8 832.3 842.3 852.0 872.0 896.9 905.9 931.3 955.6 964.2 975.2  212.9 220.9 245.2 272.1 287.2 305.3 319.8 346.0 373.8 413.5 364.5 369.3 378.1 383.5 399.2 409.2 417.4 428.0 443.0 449.3 460.0  297.4 298.5 311.0 313.4 333.8 346.9 355.9 386.9 388.5 409.2 389.6 385.9 387.5 390.9 395.4 409.0 409.6 422.7 432.6 435.5 436.2  Total residential 2  395.3 383.0 382.5 432.0 485.5 504.1 555.3 591.2 611.9 602.9 612.4 608.9 605.9 620.4 612.1 606.3 600.1 593.0 591.4 587.0 593.7  Total 2  386.9 373.8 372.4 421.5 474.1 491.8 541.9 576.7 596.6 587.5 597.2 593.8 590.6 604.7 596.4 590.9 584.9 578.0 576.3 571.9 578.3  Single family  105.3 114.3 109.1 132.0 161.8 171.8 191.4 201.3 214.7 216.6 208.7 213.1 216.5 220.6 222.4 219.9 216.6 207.6 199.5 197.7 199.8  1 Because computers exhibit rapid changes in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance or its contribution to the growth rate of more aggregate series. The quantity index for computers can be used to accurately measure the real growth rate of this series. For information on this component, see Survey of Current Business Table 5.3.1 (for growth rates), Table 5.3.2 (for contributions), and Table 5.3.3 (for quantity indexes). 2 Includes other items, not shown separately. 3 Research and development investment includes expenditures for software. Note: Because of the formula used for calculating real GDP, the chained (2012) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates.  Source: Department of Commerce (Bureau of Economic Analysis).  Business Investment [Billions of dollars] Capital expenditures By industry Period  Total capital expenditures  Forestry, Total fishing, by and agri- Mining industry cultural services  ConManu- WholeUtilities struction sale facturing trade  Retail trade  TransportaFinance tion Informaand and tion insurwareance housing  ProfesReal sional, estate scienand tific, rental and and technical leasing services  Health care and social assistance  Other 1  For companies without employees  For companies with employees 2003 �������� 2004 �������� 2005 �������� 2006 �������� 2007 �������� 2008 �������� 2009 �������� 2010 �������� 2011 �������� 2012 �������� 2013 �������� 2014 �������� 2015 �������� 2016 �������� 2017 p �������  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 1,642.0 1,574.8 1,682.9  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 1,548.1 1,479.4 1,581.8  1.9 2.1 2.7 2.7 2.1 2.3 2.2 3.3 3.1 3.1 3.0 4.0 3.3 4.6 4.5  50.5 51.3 66.7 99.3 120.7 149.3 100.6 115.7 165.7 196.7 202.2 230.8 174.1 92.6 132.6  54.6 50.4 58.0 69.8 85.4 98.7 103.0 94.5 98.0 125.0 111.3 118.9 130.5 133.5 133.7  23.2 28.6 30.1 30.3 36.7 40.8 19.8 17.9 21.8 23.6 27.6 30.3 33.3 36.0 35.0  149.1 156.7 165.6 192.4 197.3 213.1 155.2 160.8 192.4 203.1 221.3 231.1 245.1 243.6 248.3  26.0 32.3 40.6 36.6 30.8 32.4 25.3 31.1 35.7 40.9 37.5 44.8 42.4 43.8 43.4  65.9 72.2 73.5 86.7 82.5 73.2 58.4 65.3 68.1 77.6 77.5 82.4 86.0 86.9 91.8  44.5 46.1 56.9 68.0 67.4 79.6 55.7 59.0 72.7 81.8 92.6 111.0 116.6 109.7 110.2  80.5 83.5 91.4 104.4 106.1 103.3 88.4 97.2 100.1 106.5 123.9 132.0 132.7 142.9 158.6  120.8 153.6 161.4 163.1 173.4 132.9 99.5 103.1 109.2 130.2 137.8 153.3 164.6 161.7 167.5  88.0 91.6 103.0 132.1 117.5 106.9 72.9 81.3 91.1 115.7 114.2 121.9 151.9 150.7 158.3  24.7 26.7 33.1 30.3 31.8 33.0 28.2 28.2 28.1 31.6 35.7 30.4 33.3 31.7 37.5  61.2 64.6 73.8 75.3 84.2 90.2 79.4 78.4 83.1 88.9 94.2 89.0 93.8 93.6 104.9  96.2 93.6 105.6 126.3 134.8 138.7 127.0 100.6 100.4 110.0 122.1 126.8 140.6 148.3 155.6  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 95.4 101.0  1 Includes the following industries: Management of companies and enterprises; administrative and support and waste management; educational services; arts, entertainment, and recreation; accommodation and food services; and other services (except public administration). Also includes an item for structure and equipment expenditures serving multiple industry categories.  Note: Data from Annual Capital Expenditures. Industry data are based on the North American Industry Classification System (NAICS). Data shown in this table are capital expenditures for both new and used structures and equipment. Source: Department of Commerce (Bureau of the Census).  10  EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force In December, unemployment as measured by the household survey fell 58,000 to 5.8 million. MILLIONS OF PERSONS*  MILLIONS OF PERSONS*  166  166  SEASONALLY ADJUSTED  162  162  158  158 CIVILIAN LABOR FORCE  154  154  150  150  146  146  CIVILIAN EMPLOYMENT  142  142  138  138  134  134  20  20  16  16 UNEMPLOYMENT  12  12  8  8  4  4  0  0 2011  2012  2013  2014  2015  2016  2017  2018  *16 YEARS OF AGE AND OVER SOURCE: DEPARTMENT OF LABOR  2019  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  2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2018: Dec r ��������� 2019: 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) 237,830 239,618 243,284 245,679 247,947 250,801 253,538 255,079 257,791 259,175 258,888 258,239 258,392 258,537 258,693 258,861 259,037 259,225 259,432 259,638 259,845 260,020 260,181  153,889 153,617 154,975 155,389 155,922 157,130 159,187 160,320 162,075 163,539 163,111 163,142 163,047 162,935 162,546 162,782 163,133 163,373 163,894 164,051 164,401 164,347 164,556  Civilian employment  Total  139,064 139,869 142,469 143,929 146,305 148,834 151,436 153,337 155,761 157,538 156,825 156,627 156,866 156,741 156,696 156,844 157,148 157,346 157,895 158,298 158,544 158,536 158,803  Men 20 years and over 71,230 72,182 73,403 74,176 75,471 76,776 78,084 78,919 80,211 80,917 80,496 80,474 80,677 80,570 80,609 80,761 80,780 80,975 81,046 81,146 81,196 81,377 81,390  Women 20 years and over 63,456 63,360 64,640 65,295 66,287 67,323 68,387 69,344 70,424 71,470 71,123 71,004 71,169 71,056 71,136 71,038 71,209 71,120 71,665 71,990 72,130 71,881 72,200  Percent 1  Chart 11 - Dec 2019  Unemployment Both sexes 16–19 years 4,378 4,327 4,426 4,458 4,548 4,734 4,965 5,074 5,126 5,150 5,205 5,149 5,019 5,115 4,951 5,044 5,159 5,250 5,184 5,162 5,218 5,278 5,213  Total  14,825 13,747 12,506 11,460 9,617 8,296 7,751 6,982 6,314 6,001 6,286 6,516 6,181 6,194 5,850 5,938 5,985 6,027 5,999 5,753 5,857 5,811 5,753  Men 20 years and over 7,763 6,898 5,984 5,568 4,585 3,959 3,675 3,287 2,976 2,819 2,987 3,112 2,911 2,995 2,812 2,808 2,788 2,796 2,806 2,695 2,715 2,679 2,618  Women 20 years and over  Both sexes 16–19 years  5,534 5,450 5,125 4,565 3,926 3,371 3,151 2,868 2,578 2,435 2,550 2,639 2,497 2,451 2,304 2,401 2,447 2,465 2,451 2,323 2,411 2,411 2,383  1,528 1,400 1,397 1,327 1,106 966 925 827 759 746 750 765 773 747 734 730 751 767 742 735 730 721 752  Not in labor force  83,941 86,001 88,310 90,290 92,025 93,671 94,351 94,759 95,716 95,636 95,777 95,097 95,345 95,602 96,147 96,079 95,905 95,852 95,538 95,587 95,444 95,673 95,625  Labor Employ- Unemployforce ment/ participa- population ment tion rate ratio rate 64.7 64.1 63.7 63.2 62.9 62.7 62.8 62.9 62.9 63.1 63.0 63.2 63.1 63.0 62.8 62.9 63.0 63.0 63.2 63.2 63.3 63.2 63.2  58.5 58.4 58.6 58.6 59.0 59.3 59.7 60.1 60.4 60.8 60.6 60.7 60.7 60.6 60.6 60.6 60.7 60.7 60.9 61.0 61.0 61.0 61.0  9.6 8.9 8.1 7.4 6.2 5.3 4.9 4.4 3.9 3.7 3.9 4.0 3.8 3.8 3.6 3.6 3.7 3.7 3.7 3.5 3.6 3.5 3.5  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 10, 2020; seasonally adjusted data revised beginning 2015. Source: Department of Labor (Bureau of Labor Statistics).  11  Selected Unemployment Rates In December, the unemployment rate remained at 3.5 percent. PERCENT (SEASONALLY ADJUSTED)  PERCENT (SEASONALLY ADJUSTED)  30  30  25  25  20  20 TEENAGERS (16-19)  15  15  BLACK OR AFRICAN AMERICAN1  10  10  HISPANIC1,2  MEN 20 YEARS AND OVER 5  5  ALL CIVILIAN WORKERS  WHITE1  WOMEN 20 YEARS AND OVER  ASIAN1  0  0 2015  2016  2017  2018  2019  2015  2016  2017  2018  2019  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 2019  By race or ethnicity 1  By sex and age Period  2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2018: Dec r ��������� 2019: 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  9.6 8.9 8.1 7.4 6.2 5.3 4.9 4.4 3.9 3.7 3.9 4.0 3.8 3.8 3.6 3.6 3.7 3.7 3.7 3.5 3.6 3.5 3.5  Men 20 years and over  Women 20 years and over  9.8 8.7 7.5 7.0 5.7 4.9 4.5 4.0 3.6 3.4 3.6 3.7 3.5 3.6 3.4 3.4 3.3 3.3 3.3 3.2 3.2 3.2 3.1  8.0 7.9 7.3 6.5 5.6 4.8 4.4 4.0 3.5 3.3 3.5 3.6 3.4 3.3 3.1 3.3 3.3 3.3 3.3 3.1 3.2 3.2 3.2  Both sexes 16–19 years 25.9 24.4 24.0 22.9 19.6 16.9 15.7 14.0 12.9 12.7 12.6 12.9 13.3 12.7 12.9 12.6 12.7 12.7 12.5 12.5 12.3 12.0 12.6  White  8.7 7.9 7.2 6.5 5.3 4.6 4.3 3.8 3.5 3.3 3.4 3.5 3.3 3.4 3.1 3.3 3.3 3.3 3.4 3.2 3.2 3.2 3.2  Black or African American 16.0 15.8 13.8 13.1 11.3 9.6 8.4 7.5 6.5 6.1 6.6 6.8 6.9 6.6 6.6 6.2 6.0 5.9 5.4 5.5 5.5 5.6 5.9  By selected groups Hispanic or Latino ethnicity  Asian  7.5 7.0 5.9 5.2 5.0 3.8 3.6 3.4 3.0 2.7 3.3 3.1 3.1 3.1 2.2 2.5 2.1 2.8 2.8 2.5 2.8 2.6 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  12.5 11.5 10.3 9.1 7.4 6.6 5.8 5.1 4.7 4.3 4.4 4.8 4.3 4.7 4.2 4.2 4.3 4.5 4.2 3.9 4.1 4.2 4.2  Married men, spouse present 6.8 5.8 4.9 4.3 3.4 2.8 2.7 2.4 2.0 1.8 2.0 2.1 1.9 1.9 1.8 1.7 1.8 1.8 1.8 1.7 1.7 1.9 1.6  Women who maintain families (NSA) 12.3 12.4 11.4 10.2 8.6 7.4 6.8 6.2 5.4 5.0 4.5 5.4 4.9 4.7 4.9 4.7 5.1 6.0 5.1 4.7 5.4 4.8 4.2  Full-time workers  10.4 9.6 8.5 7.7 6.4 5.4 4.9 4.3 3.8 3.6 3.7 3.9 3.7 3.7 3.5 3.6 3.5 3.6 3.5 3.4 3.5 3.5 3.4  Part-time workers  6.3 6.3 6.1 5.9 5.4 4.9 4.8 4.6 4.4 4.1 4.7 4.3 4.1 4.4 4.2 4.2 4.4 4.3 4.4 3.9 3.8 3.8 3.9  Selected Measures of Unemployment and Unemployment Insurance Programs In December, the percentage of the unemployed who had been out of work for less than 5 weeks rose, the percentage for 5 to 14 weeks was unchanged, while the percentages for 15 to 26 and for 27 weeks and over fell. The mean duration of unemployment rose to 20.8 weeks and the median duration fell to 9.0 weeks. PERCENT DISTRIBUTION*  PERCENT DISTRIBUTION*  70  70  DURATION OF UNEMPLOYMENT  60  60  50  50  40  40  REASON FOR UNEMPLOYMENT  JOB LOSERS LESS THAN 5 WEEKS  REENTRANTS  30  30 5-14 WEEKS 27 WEEKS AND OVER  20  20 JOB LEAVERS  10  10  15-26 WEEKS  NEW ENTRANTS 0  0 2015  2016  2017  2018  2019  2015  2016  2017  *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF LABOR  2018  2019  COUNCIL OF ECONOMIC ADVISERS  [Monthly data seasonally adjusted, except as noted by NSA] Chart 13 - Dec 2019  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 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2018: Dec r ��������� 2019: Jan r ���������       Feb r ���������       Mar r ��������       Apr r ���������       May r ��������       June r �������       July r ��������       Aug r ���������       Sept r ��������       Oct r ����������       Nov r ���������       Dec �����������  14,825 13,747 12,506 11,460 9,617 8,296 7,751 6,982 6,314 6,001 6,286 6,516 6,181 6,194 5,850 5,938 5,985 6,027 5,999 5,753 5,857 5,811 5,753  18.7 19.5 21.1 22.5 25.7 28.9 30.5 32.5 34.4 34.8 33.4 35.8 35.1 34.3 32.7 36.9 32.6 36.4 36.7 32.4 33.7 34.6 35.6  22.0 21.8 22.9 24.1 25.3 27.7 28.7 28.8 29.7 29.8 31.7 30.9 29.3 29.4 31.5 26.9 30.7 29.5 28.9 30.8 29.8 29.9 29.9  16.0 15.0 14.9 15.8 15.6 15.3 14.9 14.6 14.5 14.3 14.2 13.9 15.0 15.2 14.8 14.0 13.0 14.9 13.7 14.0 15.1 14.7 14.0  43.3 43.8 41.1 37.6 33.5 28.1 25.9 24.2 21.4 21.1 20.7 19.4 20.7 21.2 21.1 22.2 23.7 19.2 20.7 22.8 21.5 20.8 20.5  33.0 39.3 39.4 36.5 33.7 29.2 27.5 25.0 22.7 21.6 22.0 20.6 22.0 22.2 22.8 24.1 22.1 19.7 22.1 21.7 21.6 20.2 20.8  21.4 21.4 19.3 17.0 14.0 11.6 10.6 10.0 9.3 9.1 9.4 9.0 9.4 9.5 9.3 9.1 9.4 9.0 9.0 9.4 9.2 9.2 9.0  62.4 59.0 55.0 53.0 50.7 49.0 48.2 49.2 47.4 46.4 46.0 47.6 46.0 45.5 45.7 45.1 45.6 46.5 47.7 44.7 45.9 48.1 46.9  6.0 7.0 7.7 8.1 8.6 9.9 11.1 11.1 12.6 13.6 13.2 12.7 13.5 12.6 12.5 13.6 14.8 13.8 13.0 14.6 14.4 13.3 14.5  23.4 24.7 26.7 28.0 29.4 30.6 30.1 29.8 30.5 30.2 31.3 30.2 30.6 32.2 32.6 31.2 30.7 29.8 29.7 29.0 29.0 28.6 28.9  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 1,948 240 1,971 9.5 1,755 219 1,774 9.8 ��������������� ��������������� ����������������� 9.5 2,037 307 2,059 9.4 2,250 325 2,297 9.9 2,092 220 2,113 9.7 2,172 205 2,193 9.2 1,853 223 1,872 10.1 1,581 212 1,598 8.9 1,681 223 1,697 9.9 1,857 235 1,874 9.6 1,638 190 1,653 11.7 1,633 182 1,650 10.6 1,471 220 1,488 10.0 1,488 241 1,505 9.6 ��������������� ��������������� �����������������  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 145,000 in December. MILLIONS OF PERSONS*  MILLIONS OF PERSONS*  155  110 108  ALL NONAGRICULTURAL ESTABLISHMENTS  150  PRIVATE SERVICE-PROVIDING INDUSTRIES  106 104 102  145  100  140  98 96  135  26 24  130  20  EDUCATION AND HEALTH SERVICES  22 PRIVATE INDUSTRIES  PROFESSIONAL AND BUSINESS SERVICES  18  RETAIL TRADE  16 14  125  22  120  GOODS-PRODUCING  20 115  18 16  110  14  24  GOVERNMENT  MANUFACTURING  12  22 20  10 2015  2016  2017  2018  2019  2015  2016  2017  *SEASONALLY ADJUSTED  2018  2019  COUNCIL OF ECONOMIC ADVISERS  SOURCE: DEPARTMENT OF LABOR  [Thousands of wage and salary workers; 1 monthly data seasonally adjusted] Chart 14 - Dec 2019  Private industries  Period  2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 p ������������������ 2018: Dec ����������� 2019: Jan �����������       Feb �����������       Mar ����������       Apr �����������       May ����������       June ���������       July ����������       Aug ����������       Sept ���������       Oct r ����������       Nov r ���������       Dec p ��������  Total nonagricultural employment  130,362 131,932 134,175 136,381 138,958 141,843 144,352 146,624 149,074 151,404 150,275 150,587 150,643 150,796 151,012 151,074 151,252 151,418 151,637 151,830 151,982 152,238 152,383  Goods-producing industries Total private  107,871 109,845 112,255 114,529 117,076 119,814 122,128 124,275 126,625 128,828 127,790 128,087 128,133 128,286 128,481 128,562 128,723 128,845 129,008 129,191 129,355 129,598 129,737  Total 2  Construc- Manufaction turing  17,751 18,047 18,420 18,738 19,226 19,610 19,750 20,084 20,710 21,085 20,961 21,041 21,022 21,035 21,072 21,077 21,104 21,100 21,104 21,115 21,086 21,138 21,137  5,518 5,533 5,646 5,856 6,151 6,461 6,728 6,969 7,289 7,493 7,400 7,456 7,433 7,448 7,482 7,483 7,502 7,499 7,506 7,515 7,529 7,531 7,551  11,528 11,726 11,927 12,020 12,185 12,336 12,354 12,439 12,689 12,841 12,809 12,826 12,834 12,831 12,834 12,836 12,846 12,850 12,852 12,854 12,809 12,867 12,855  Private service-providing industries Trade, transportation, and utilities Total Total 3 90,121 91,798 93,835 95,791 97,850 100,204 102,379 104,191 105,916 107,743 106,829 107,046 107,111 107,251 107,409 107,485 107,619 107,745 107,904 108,076 108,269 108,460 108,600  24,581 25,008 25,416 25,801 26,321 26,824 27,195 27,409 27,659 27,839 27,788 27,836 27,827 27,810 27,809 27,807 27,815 27,817 27,809 27,834 27,877 27,873 27,913  Retail trade 14,446 14,674 14,847 15,085 15,363 15,611 15,832 15,846 15,833 15,795 15,821 15,830 15,817 15,802 15,787 15,775 15,763 15,761 15,760 15,772 15,802 15,788 15,830  Information  Financial activities  2,707 2,674 2,676 2,706 2,726 2,750 2,794 2,814 2,828 2,824 2,827 2,815 2,808 2,812 2,806 2,815 2,828 2,826 2,822 2,828 2,828 2,836 2,839  7,695 7,697 7,784 7,886 7,977 8,123 8,287 8,451 8,569 8,676 8,615 8,621 8,626 8,637 8,651 8,656 8,659 8,678 8,695 8,701 8,717 8,731 8,737  Profes- Education Leisure sional and and and health hospitalbusiness services ity services 16,783 17,389 17,992 18,575 19,124 19,695 20,114 20,508 20,999 21,462 21,254 21,259 21,313 21,332 21,387 21,408 21,451 21,488 21,526 21,553 21,588 21,641 21,651  19,975 20,318 20,769 21,086 21,439 22,029 22,639 23,188 23,667 24,270 23,912 23,980 23,999 24,071 24,142 24,176 24,224 24,300 24,363 24,420 24,451 24,523 24,559  13,049 13,353 13,768 14,254 14,696 15,160 15,660 16,051 16,348 16,741 16,554 16,647 16,646 16,678 16,687 16,699 16,703 16,690 16,738 16,794 16,864 16,902 16,942  Other services  5,331 5,360 5,430 5,483 5,567 5,622 5,691 5,770 5,845 5,932 5,879 5,888 5,892 5,911 5,927 5,924 5,939 5,946 5,951 5,946 5,944 5,954 5,959  Government  22,490 22,086 21,920 21,853 21,882 22,029 22,224 22,350 22,449 22,576 22,485 22,500 22,510 22,510 22,531 22,512 22,529 22,573 22,629 22,639 22,627 22,640 22,646  1 Data from the establishment survey. Includes all full- and part-time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period that includes the 12th of the month. Excludes proprietors, self-employed persons, unpaid family workers, and private household workers. Data from the household survey shown on p. 11 include those workers and also count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off. In the series shown here, persons who work at more than one job are counted each time they appear on a payroll, in contrast to the series shown on p. 11 where persons are counted only once—as employed, unemployed, or not in the labor force. See Employment and Earnings for details. 2 Includes mining and logging, not shown separately. 3 Includes wholesale trade, transportation and warehousing, and utilities, not shown separately.  Note: Data classified by industry based on the 2017 North American Industry Classification System (NAICS). For details see Employment and Earnings. Source: Department of Labor (Bureau of Labor Statistics).  14  Average Weekly Hours, Hourly Earnings, and Weekly Earnings— Private Nonagricultural Industries [For production or nonsupervisory workers; monthly data seasonally adjusted] Average weekly hours  Total private nonagricultural 1  Period  2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 p ������������������ 2018: Nov ����������       Dec ����������� 2019: 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  33.4 33.6 33.7 33.7 33.7 33.7 33.6 33.7 33.8 33.6 33.7 33.7 33.8 33.6 33.7 33.6 33.6 33.6 33.5 33.6 33.6 33.5 33.5 33.5  Overtime  41.1 41.4 41.7 41.8 42.0 41.8 41.9 41.9 42.2 41.6 42.0 42.0 42.0 41.8 41.7 41.7 41.6 41.7 41.5 41.5 41.5 41.4 41.4 41.4  3.8 4.1 4.2 4.3 4.5 4.3 4.3 4.3 4.6 4.3 4.5 4.5 4.5 4.4 4.4 4.3 4.2 4.2 4.2 4.2 4.2 4.1 4.2 4.2  Current dollars  Manufacturing  1982-84 dollars 2  $19.05 19.44 19.74 20.13 20.61 21.03 21.54 22.06 22.71 23.48 22.99 23.09 23.11 23.17 23.25 23.30 23.38 23.43 23.51 23.60 23.67 23.73 23.77 23.79  $8.90 8.77 8.73 8.78 8.85 9.07 9.20 9.23 9.26 9.42 9.32 9.37 9.39 9.39 9.38 9.37 9.40 9.42 9.41 9.45 9.48 9.46 9.46 9.44  Average gross weekly earnings Total private nonagricultural 1 Current dollars  $18.61 18.93 19.08 19.30 19.56 19.91 20.44 20.90 21.54 22.15 21.78 21.85 21.85 21.92 21.96 21.96 22.04 22.13 22.19 22.22 22.27 22.31 22.37 22.46  $636.19 652.89 665.65 677.70 694.85 708.90 723.31 742.62 767.08 789.35 774.76 778.13 781.12 778.51 783.53 782.88 785.57 787.25 787.59 792.96 795.31 794.96 796.30 796.97  Percent change from a year earlier, total private nonagricultural  Current dollars  1982-84 dollars 2 $297.33 294.66 294.24 295.52 298.51 305.81 309.01 310.65 312.91 316.73 314.08 315.86 317.33 315.56 316.12 314.76 315.74 316.39 315.35 317.42 318.45 316.99 316.76 316.17  Manufacturing  Construction  $765.18 784.29 794.67 807.37 822.03 832.25 855.77 876.10 908.08 922.31 914.76 917.70 917.70 916.26 915.73 915.73 916.86 922.82 920.89 922.13 924.21 923.63 926.12 929.84  $891.83 921.84 942.14 958.72 977.11 998.02 1,031.88 1,061.98 1,108.49 1,133.92 1,105.90 1,125.18 1,142.89 1,099.41 1,129.57 1,125.43 1,129.07 1,135.55 1,125.83 1,139.15 1,149.32 1,137.01 1,130.39 1,133.14  Retail trade  Current dollars  $400.38 412.29 422.35 423.44 431.97 446.01 447.69 463.10 482.90 502.49 487.43 490.03 494.41 494.61 498.26 501.30 502.53 502.68 502.23 506.31 507.53 506.15 502.62 509.17  1982-84 dollars 2  3.3 2.6 2.0 1.8 2.5 2.0 2.0 2.7 3.3 2.9 3.4 3.2 4.0 2.8 3.4 2.7 2.7 2.7 2.6 2.9 3.2 3.0 2.8 2.4  1.2 –.9 –.1 .4 1.0 2.4 1.0 .5 .7 1.2 1.2 1.4 2.6 1.5 1.6 .8 1.1 1.3 .9 1.3 1.7 1.4 .9 .1  1 Also includes other private industry groups shown on p. 14. 2 Current dollar earnings divided by the consumer price index for urban wage earners and clerical workers (CPI–W) (on a 1982-84=100 base).  Source: Department of Labor (Bureau of Labor Statistics).  Employment Cost Index—Private Industry Index (December 2005 = 100) Period  Total compensation  Wages and salaries  Percent change from 3 months earlier  Benefits 1  Total compensation  12 months earlier  Wages and salaries  Benefits 1  Total compensation  Wages and salaries  Benefits 1  Not seasonally adjusted 2009: Dec ������������������������������������������ 2010: Dec ������������������������������������������ 2011: Dec ������������������������������������������ 2012: Dec ������������������������������������������ 2013: Dec ������������������������������������������ 2014: Dec ������������������������������������������ 2015: Dec ������������������������������������������ 2016: Dec ������������������������������������������ 2017: Dec ������������������������������������������ 2018: Dec ������������������������������������������  110.2 112.5 115.0 117.1 119.4 122.2 124.5 127.2 130.5 134.4  110.8 112.8 114.6 116.6 119.0 121.6 124.2 127.1 130.6 134.7  108.7 111.9 115.9 118.2 120.5 123.5 125.1 127.3 130.2 133.6  ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� �����������������������  ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� �����������������������  ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� �����������������������  Seasonally adjusted 2017: Mar �����������������������������������������       June ����������������������������������������       Sept ����������������������������������������       Dec ������������������������������������������ 2018: Mar �����������������������������������������       June ����������������������������������������       Sept ����������������������������������������       Dec ������������������������������������������ 2019: Mar �����������������������������������������       June ����������������������������������������       Sept ����������������������������������������  128.2 129.0 130.0 130.7 131.9 132.7 133.7 134.6 135.5 136.2 137.3  128.2 129.0 130.0 130.8 132.0 132.8 133.9 134.9 135.9 136.7 137.9  128.3 129.1 130.0 130.5 131.5 132.7 133.2 133.9 134.6 135.1 135.8  1.2 2.1 2.2 1.8 2.0 2.3 1.9 2.2 2.6 3.0  1.3 1.8 1.6 1.7 2.1 2.2 2.1 2.3 2.8 3.1  0.9 2.9 3.6 2.0 1.9 2.5 1.3 1.8 2.3 2.6  Not seasonally adjusted 0.6 .6 .8 .5 .9 .6 .8 .7 .7 .5 .8  0.7 .6 .8 .6 .9 .6 .8 .7 .7 .6 .9  0.6 .6 .7 .4 .8 .9 .4 .5 .5 .4 .5  2.3 2.4 2.5 2.6 2.8 2.9 2.9 3.0 2.8 2.6 2.7  2.6 2.4 2.6 2.8 2.9 2.9 3.1 3.1 3.0 3.0 3.0  1.9 2.2 2.4 2.3 2.5 2.8 2.5 2.6 2.4 1.8 2.0  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  Real compensation per hour 4  Compensation per hour 3  Nonfarm business sector  Business sector  Nonfarm business sector  Business sector  Unit labor costs  Nonfarm business sector  Implicit price deflator 5  Business sector  Nonfarm business sector  Business sector  Nonfarm business sector  97.4 95.9 98.1 100.0 100.6 102.5 104.1 105.0 107.2 109.2 103.6 104.0 104.1 104.8 104.6 104.7 104.9 105.6 106.4 106.8 107.2 108.3 109.2 108.8 109.3 109.4 110.9 110.9 111.6  97.5 96.1 98.2 100.0 100.8 102.7 104.5 105.4 107.6 109.5 104.0 104.3 104.5 105.2 105.0 105.2 105.3 106.0 106.8 107.2 107.6 108.7 109.6 109.1 109.6 109.8 111.3 111.3 112.0  94.9 96.0 98.2 100.0 101.5 103.1 103.7 104.5 106.3 108.7 103.2 103.7 104.0 103.9 103.7 104.4 104.8 105.2 105.6 105.9 106.5 107.2 107.7 108.7 109.1 109.4 109.4 110.2 110.5  95.4 96.3 98.2 100.0 101.5 103.3 104.1 105.1 106.9 109.3 103.6 104.1 104.4 104.4 104.2 105.0 105.4 105.9 106.2 106.5 107.0 107.8 108.3 109.3 109.7 110.0 110.0 110.9 111.2  –2.7 –1.5 2.2 2.0 .6 1.9 1.6 .8 2.1 1.9 2.2 1.4 .5 2.7 –.7 .4 .6 2.8 2.9 1.7 1.5 4.3 3.4 –1.7 1.7 .5 5.7 .1 2.5  –2.5 –1.5 2.2 1.8 .8 1.9 1.7 .8 2.1 1.8 2.3 1.4 .5 2.8 –.8 .6 .6 2.5 3.1 1.6 1.4 4.3 3.2 –1.6 1.6 .6 5.7 .1 2.5  0.2 1.2 2.3 1.9 1.5 1.6 .6 .8 1.7 2.3 –1.1 2.1 1.2 –.5 –.9 3.0 1.3 1.6 1.7 1.1 2.1 2.7 2.0 3.6 1.5 1.2 –.1 2.9 1.2  0.5 1.0 1.9 1.9 1.5 1.8 .8 1.0 1.6 2.3 –.3 2.1 1.2 –.3 –.5 3.1 1.5 1.7 1.2 1.1 2.2 2.7 2.0 3.6 1.7 1.2 .0 3.1 1.1  Indexes, 2012=100; quarterly data seasonally adjusted 2009 ���������������� 2010 ���������������� 2011 ���������������� 2012 ���������������� 2013 ���������������� 2014 ���������������� 2015 ���������������� 2016 ���������������� 2017 ���������������� 2018 ���������������� 2015: I ������������       II �����������       III ����������       IV ���������� 2016: I ������������       II �����������       III ����������       IV ���������� 2017: I ������������       II �����������       III ����������       IV ���������� 2018: I ������������       II �����������       III ����������       IV ���������� 2019: I ������������       II r ���������       III r * �����  96.1 99.3 99.2 100.0 100.9 101.6 102.9 103.2 104.6 106.0 102.6 103.1 103.4 102.5 102.7 102.8 103.3 103.9 104.0 104.2 105.0 105.1 105.4 106.0 106.3 106.3 107.2 107.9 107.9  95.9 99.2 99.2 100.0 100.5 101.4 102.7 103.0 104.4 105.7 102.5 102.9 103.2 102.3 102.6 102.7 103.1 103.6 103.8 103.9 104.7 104.9 105.2 105.7 106.0 106.0 106.9 107.6 107.5  92.3 95.2 97.1 100.0 102.4 105.6 109.4 111.3 114.4 118.3 108.5 109.5 109.8 109.7 110.3 110.9 111.6 112.3 113.1 113.8 114.9 116.1 116.9 118.0 119.0 119.4 120.6 121.2 121.9  92.0 95.0 96.9 100.0 102.2 105.4 109.1 111.0 114.2 118.1 108.3 109.2 109.6 109.4 110.1 110.6 111.3 112.0 112.7 113.5 114.7 115.8 116.7 117.8 118.8 119.2 120.4 120.9 121.6  96.0 95.9 97.8 100.0 101.5 103.9 106.3 107.9 109.4 111.7 105.8 106.2 106.2 107.1 107.4 107.9 108.1 108.1 108.7 109.2 109.4 110.5 110.9 111.3 112.0 112.4 112.5 112.3 113.0  96.0 95.8 97.8 100.0 101.7 104.0 106.2 107.8 109.4 111.8 105.6 106.2 106.1 107.0 107.3 107.7 107.9 108.2 108.6 109.2 109.5 110.4 110.9 111.5 112.1 112.4 112.6 112.4 113.1  93.6 95.3 97.3 100.0 101.5 104.1 107.1 108.3 112.1 115.7 106.3 107.2 107.7 107.4 107.5 107.7 108.3 109.7 110.7 111.2 112.6 113.8 115.1 115.4 116.1 116.2 118.9 119.7 120.4  93.5 95.3 97.4 100.0 101.3 104.1 107.3 108.5 112.3 115.8 106.5 107.4 107.8 107.6 107.7 108.0 108.6 109.7 110.9 111.4 112.7 114.1 115.2 115.3 116.1 116.4 119.0 119.7 120.4  100.2 100.4 99.4 100.0 100.0 100.9 103.6 103.4 104.8 105.6 103.5 103.7 103.8 103.5 103.6 103.1 103.2 103.8 104.0 104.5 105.2 105.5 105.9 105.5 105.7 105.4 107.6 107.6 107.7  100.2 100.4 99.5 100.0 99.8 100.9 103.8 103.6 105.0 105.7 103.8 103.9 103.9 103.7 103.8 103.4 103.4 103.9 104.2 104.6 105.2 105.7 106.0 105.5 105.7 105.5 107.6 107.5 107.7  Percent change; quarterly data at seasonally adjusted annual rates 2009 ���������������� 2010 ���������������� 2011 ���������������� 2012 ���������������� 2013 ���������������� 2014 ���������������� 2015 ���������������� 2016 ���������������� 2017 ���������������� 2018 ���������������� 2015: I ������������       II �����������       III ����������       IV ���������� 2016: I ������������       II �����������       III ����������       IV ���������� 2017: I ������������       II �����������       III ����������       IV ���������� 2018: I ������������       II �����������       III ����������       IV ���������� 2019: I ������������       II r ���������       III r * �����  3.6 3.3 –.1 .8 .9 .7 1.2 .3 1.3 1.3 2.7 2.0 1.4 –3.6 1.0 .4 1.8 2.4 .6 .4 3.4 .1 1.3 2.4 .8 .0 3.6 2.8 –.2  3.6 3.4 .0 .9 .5 .9 1.3 .3 1.3 1.3 2.9 1.7 1.3 –3.5 1.2 .6 1.4 1.8 1.0 .5 3.0 .9 .9 1.8 1.2 .1 3.5 2.5 –.2  –3.7 3.2 1.9 3.0 2.4 3.1 3.5 1.8 2.8 3.4 3.9 3.6 1.3 –.3 2.3 2.1 2.6 2.5 2.6 2.6 4.0 4.1 2.9 4.0 3.4 1.2 3.9 2.1 2.4  –3.9 3.3 2.0 3.1 2.2 3.2 3.5 1.7 2.9 3.5 3.8 3.7 1.2 –.4 2.3 2.0 2.4 2.7 2.5 2.7 4.2 4.2 2.9 4.0 3.5 1.2 3.9 1.9 2.3  –7.1 –.1 2.0 2.3 1.5 2.4 2.3 1.5 1.5 2.0 1.2 1.6 –.1 3.4 1.3 1.7 .8 .2 2.0 2.2 .5 4.0 1.6 1.5 2.6 1.3 .3 –.7 2.6  –7.2 –.1 2.0 2.3 1.7 2.3 2.1 1.4 1.5 2.1 .8 2.0 –.1 3.2 1.1 1.4 1.0 .9 1.5 2.2 1.2 3.3 2.0 2.1 2.2 1.1 .4 –.5 2.5  0.9 1.8 2.1 2.8 1.5 2.6 2.9 1.1 3.5 3.2 4.9 3.4 1.9 –1.0 .3 .8 2.3 5.2 3.5 2.1 5.0 4.4 4.7 .7 2.6 .5 9.5 2.8 2.3  0.9 1.9 2.2 2.7 1.3 2.8 3.1 1.1 3.5 3.1 5.3 3.1 1.8 –.8 .4 1.2 2.0 4.4 4.2 2.1 4.4 5.2 4.1 .3 2.9 .7 9.4 2.5 2.3  1.2 .2 –1.0 .6 .0 .9 2.7 –.2 1.3 .8 7.6 .6 .2 –1.0 .4 –2.0 .4 2.5 .7 1.7 2.8 1.2 1.4 –1.4 .6 –1.0 8.5 –.1 .5  1.3 .2 –.9 .5 –.2 1.1 2.9 –.2 1.3 .7 8.0 .3 .2 –.9 .5 –1.6 .1 1.7 1.4 1.7 2.2 2.0 .9 –1.9 .9 –.8 8.4 –.4 .5  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 1978-2018 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 27, 2019. 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  110  90 80  BUSINESS EQUIPMENT  100  120  MANUFACTURING  DURABLE  TOTAL1  110  90  100  NONDURABLE DEFENSE AND SPACE EQUIPMENT  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 2015  2016  2017  2018  2019  2015  2016  2017  2018  2019  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  2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2018: Nov ����������       Dec ����������� 2019: Jan �����������       Feb �����������       Mar ����������       Apr �����������       May ����������       June r �������       July r ��������       Aug r ���������       Sept r ��������       Oct r ����������       Nov p ��������  Percent change 2 Index, 2012=100  89.2 94.1 97.1 100.0 102.0 105.2 104.1 102.1 104.4 108.6 110.5 110.6 110.1 109.6 109.7 109.0 109.2 109.3 109.1 109.9 109.5 108.5 109.7  From preceding month ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� 0.5 .0 –.4 –.5 .1 –.6 .2 .0 –.2 .8 –.4 –.9 1.1  Chart 17 - Dec 2019  Industry production indexes, 2012=100  Capacity utilization rate (output as percent of capacity) 1  Manufacturing  From year earlier –11.5 5.5 3.1 3.0 2.0 3.1 –1.0 –2.0 2.3 3.9 4.1 3.8 3.6 2.7 2.3 .7 1.7 1.0 .4 .4 –.2 –1.3 –.8  Total 1 89.5 94.7 97.5 100.0 100.9 102.0 101.5 100.7 102.7 105.0 105.8 106.4 105.8 105.3 105.2 104.3 104.4 105.0 104.6 105.3 104.5 103.8 104.9  Durable 80.6 89.2 94.7 100.0 102.1 105.1 103.9 101.7 104.0 107.5 109.2 110.0 108.9 108.5 108.5 107.6 108.0 108.4 108.4 109.0 107.9 106.6 108.9  Nondurable 97.7 99.8 99.9 100.0 100.0 99.3 99.6 100.4 102.3 104.3 104.3 104.8 104.7 104.0 103.9 103.0 102.9 103.6 102.8 103.7 103.2 103.0 103.1  Other (non-NAICS) 1 120.4 111.3 106.1 100.0 95.0 93.8 90.4 88.0 87.5 78.9 77.0 75.6 75.7 76.3 75.2 74.7 73.5 73.8 73.0 72.6 72.8 72.6 71.2  Mining  83.1 87.2 92.6 100.0 106.3 117.8 113.9 102.6 110.1 123.8 129.7 132.5 132.1 130.3 130.1 133.4 133.1 133.6 130.8 134.0 133.6 132.5 132.3  Utilities  99.0 102.8 102.4 100.0 102.2 103.5 102.7 102.3 101.5 105.9 111.2 103.6 104.4 105.0 106.8 103.3 105.2 100.9 105.3 104.6 106.1 103.6 106.6  Total industry  Total manufacturing  68.5 73.5 76.1 76.9 77.2 78.6 76.9 75.0 76.5 78.7 79.6 79.5 79.0 78.5 78.4 77.8 77.8 77.7 77.4 77.9 77.4 76.6 77.3  65.5 70.7 73.5 74.5 74.4 75.2 75.3 74.2 75.1 76.6 76.9 77.3 76.7 76.3 76.2 75.4 75.4 75.7 75.3 75.7 75.1 74.5 75.2  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  2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2018: Nov ����������       Dec ����������� 2019: Jan �����������       Feb �����������       Mar ����������       Apr �����������       May ����������       June r �������       July r ��������       Aug r ���������       Sept r ��������       Oct r ����������       Nov p ��������  Nonindustrial supplies  Total  93.0 96.0 98.2 100.0 100.3 101.3 100.8 99.0 100.8 103.4 104.8 104.6 103.7 103.6 104.3 102.5 102.9 103.5 103.3 103.4 102.6 101.9 103.7  99.2 100.3 101.4 100.0 100.7 101.5 102.9 103.5 104.1 106.3 107.4 106.8 105.4 105.8 106.5 104.5 105.0 105.5 105.5 105.4 104.7 103.8 106.0  Durable goods 86.0 94.2 97.7 100.0 105.5 110.7 115.0 117.5 119.3 122.0 123.0 125.0 119.5 121.0 119.2 118.2 120.2 121.7 122.4 121.7 118.6 114.6 122.0  Equipment Nondurable goods 102.9 101.9 102.3 100.0 99.5 99.2 99.9 100.0 100.3 102.3 103.4 102.3 101.9 102.0 103.2 101.0 101.2 101.5 101.3 101.2 101.2 101.1 102.0  Total 1 81.4 87.8 92.2 100.0 99.6 101.0 96.6 90.3 94.4 97.8 100.0 100.6 100.7 99.6 100.5 99.0 99.2 99.8 99.2 99.8 98.9 98.3 99.6  Business 80.0 86.1 91.1 100.0 99.9 101.7 99.6 94.4 97.8 101.0 103.0 103.2 103.2 101.8 102.7 100.7 101.0 101.6 100.9 101.9 100.7 99.9 101.5  Defense and space  Total  93.8 100.9 98.0 100.0 97.2 93.9 91.7 89.1 90.9 93.1 95.4 98.1 98.8 98.8 99.9 100.2 100.6 101.9 102.0 101.9 103.2 104.3 105.3  93.6 96.6 98.0 100.0 102.2 103.9 103.3 104.0 106.8 108.4 108.8 109.1 109.5 108.4 108.2 107.6 108.2 108.1 108.0 108.7 108.4 107.8 108.2  Construction  90.4 93.6 95.9 100.0 103.1 106.4 107.1 108.1 111.8 114.9 115.5 117.5 117.8 115.9 116.1 115.2 115.9 117.0 116.1 117.2 116.8 116.2 116.5  Business  95.0 98.0 99.0 100.0 101.8 102.8 101.4 102.0 104.3 105.2 105.4 104.8 105.3 104.7 104.3 103.8 104.4 103.6 103.9 104.4 104.2 103.5 104.1  Total 1  84.9 91.9 95.9 100.0 103.3 108.5 106.9 103.7 106.5 112.8 115.7 115.9 115.6 114.8 114.5 114.8 114.8 114.4 114.2 115.8 115.5 114.3 115.0  Energy  86.7 90.6 94.1 100.0 105.1 114.0 112.6 105.9 110.1 121.3 126.9 125.9 126.9 125.5 125.9 127.5 127.6 126.7 126.6 129.0 129.5 128.0 129.1  1 Includes other items, not shown separately.  [2012=100; monthly data seasonally adjusted] Durable manufactures Computer and electronic products  Primary metals Period Total 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2018: Nov ����������       Dec ����������� 2019: Jan �����������       Feb �����������       Mar ����������       Apr �����������       May ����������       June r �������       July r ��������       Aug r ���������       Sept r ��������       Oct r ����������       Nov p ��������  77.5 95.1 102.0 100.0 103.3 104.0 96.8 92.5 93.7 97.6 101.5 101.1 98.5 97.5 97.8 98.9 96.6 94.5 95.5 97.3 97.0 95.0 97.8  Iron and steel products 70.3 91.8 100.1 100.0 102.1 101.3 91.6 87.4 91.7 96.6 101.7 100.6 98.1 97.3 97.7 99.2 95.6 92.1 95.8 96.4 96.4 95.3 99.1  Fabricated metal products  85.2 90.7 97.1 100.0 101.8 103.6 100.2 96.5 97.9 102.5 104.4 104.5 105.1 104.6 104.5 103.6 103.0 103.6 102.7 103.8 103.2 102.9 103.1  Nondurable manufactures  Machinery Total 73.5 82.1 92.5 100.0 95.4 96.7 89.0 82.2 87.9 92.6 96.5 94.6 95.0 92.9 93.8 90.6 92.6 92.3 90.7 92.8 90.7 91.0 90.7  75.6 85.6 92.6 100.0 103.2 107.4 108.1 110.4 115.2 120.9 121.5 123.2 124.2 124.8 125.5 125.5 125.5 127.1 127.1 127.5 129.7 128.5 130.2  Selected high-technology 1 66.6 80.9 91.1 100.0 110.7 122.7 126.7 133.9 137.4 146.1 147.5 147.4 149.7 150.9 152.1 150.3 149.7 151.6 152.8 155.6 155.6 155.8 158.4  Transportation equipment Total 74.6 86.5 90.4 100.0 105.1 111.9 115.0 112.2 112.4 115.1 116.3 119.6 114.7 115.7 115.2 113.2 114.0 115.9 116.9 115.9 112.2 109.1 116.6  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 62.3 82.7 90.4 100.0 107.2 117.1 123.2 124.8 124.7 129.9 131.0 136.3 126.5 128.6 126.9 124.7 127.7 131.2 132.4 130.8 123.4 116.0 130.4  Apparel  112.7 109.5 102.9 100.0 92.6 88.8 84.3 79.2 71.0 69.0 65.7 63.8 62.1 60.1 61.4 62.3 61.7 61.7 60.6 59.9 60.8 59.8 57.9  Printing and related support activities 103.6 103.5 101.8 100.0 100.3 98.5 97.5 99.2 99.8 97.6 96.2 95.8 96.1 94.8 93.7 93.5 93.9 93.3 93.1 93.4 93.4 93.8 93.9  Chemicals  98.1 101.3 101.4 100.0 96.6 95.6 95.2 94.7 96.6 100.4 102.2 102.1 101.4 101.5 101.3 100.4 99.8 99.5 100.0 101.5 100.5 99.6 99.1  Food  100.0 100.4 100.2 100.0 102.0 102.9 104.4 106.6 110.8 113.9 112.9 113.3 114.6 115.3 115.5 115.2 114.3 116.5 115.1 114.4 114.4 115.5 116.2  New Construction [Billions of dollars; monthly data at seasonally adjusted annual rates] Private Period  2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2018: Nov ����������       Dec ����������� 2019: Jan �����������       Feb �����������       Mar ����������       Apr �����������       May ����������       June ���������       July ����������       Aug ����������       Sept r ��������       Oct r ����������       Nov p ��������  Total new construction expenditures  906.5 809.3 788.3 850.5 908.3 1,007.6 1,130.7 1,211.4 1,265.8 1,307.2 1,271.4 1,264.8 1,282.5 1,289.0 1,299.1 1,307.1 1,297.5 1,285.3 1,291.3 1,306.0 1,315.2 1,316.8 1,324.1  Residential Total  New housing  Total 1  591.6 505.3 501.9 571.1 637.6 731.5 836.9 914.4 969.3 1,000.2 970.2 963.2 974.9 971.7 976.6 967.7 962.7 959.2 962.7 976.7 980.0 981.1 985.5  Federal and State and local  Nonresidential  247.5 242.0 244.1 269.8 323.4 369.8 422.3 467.1 525.0 539.6 521.9 512.3 509.1 507.0 505.9 505.7 503.6 499.6 504.6 518.5 522.5 526.3 536.1  Total  133.9 127.3 123.2 154.5 202.3 235.2 273.8 303.5 330.2 349.2 342.9 337.1 334.0 330.4 331.5 331.6 329.0 327.1 330.9 332.2 334.1 336.6 339.8  Lodging  344.1 263.3 257.8 301.4 314.3 361.7 414.6 447.3 444.3 460.5 448.3 450.9 465.8 464.7 470.7 462.0 459.1 459.6 458.1 458.2 457.4 454.7 449.4  Commercial (including farm)  Office  25.4 11.2 8.4 10.2 13.0 16.3 21.4 26.6 28.1 30.5 30.5 31.2 32.2 32.4 33.2 33.1 33.2 34.4 32.9 32.6 31.4 31.9 30.7  37.3 24.4 23.7 27.4 30.1 38.9 47.9 59.8 59.9 64.6 64.6 65.7 68.6 67.8 68.6 68.3 68.4 68.1 68.6 68.9 68.9 68.8 68.7  Manufacturing  51.1 37.2 39.2 44.3 50.9 60.9 64.5 75.5 84.5 91.8 83.1 81.8 79.7 78.6 82.0 80.1 79.3 81.2 79.8 79.3 81.1 79.5 79.1  Other 2  57.4 40.6 39.8 46.8 51.8 60.1 82.4 78.9 70.0 70.3 69.7 70.3 72.8 75.0 75.4 72.7 70.0 70.5 73.3 72.7 72.1 72.9 71.2  173.0 149.9 146.7 172.6 168.3 185.5 198.5 206.5 201.9 203.4 200.5 201.9 212.5 210.7 211.5 207.8 208.3 205.3 203.4 204.7 204.0 201.5 199.7  New houses sold  New houses for sale at end of period 3  314.9 304.0 286.4 279.3 270.7 276.1 293.8 297.0 296.5 307.1 301.2 301.6 307.6 317.3 322.5 339.4 334.8 326.1 328.6 329.3 335.3 335.7 338.6  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 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 ��������������������  554.0 586.9 608.8 780.6 924.9 1,003.3 1,111.8 1,173.8 1,203.0 1,249.9  1 unit 445.1 471.2 430.6 535.3 617.6 647.9 714.5 781.5 848.9 875.8  Type of structure  2–4 units 1 11.6 11.4 10.9 11.4 13.6 13.7 11.5 11.5 11.4 13.9  5 units or more  Total  97.3 104.3 167.3 233.9 293.7 341.7 385.8 380.8 342.7 360.3  583.0 604.6 624.1 829.7 990.8 1,052.1 1,182.6 1,206.6 1,282.0 1,317.9  1 unit 441.1 447.3 418.5 518.7 620.8 640.3 696.0 750.8 820.0 852.9  2–4 units  5 units or more  New housing units completed  Vacancy rate for rental housing units (percent) 4  20.7 22.0 21.6 25.9 29.0 29.9 32.1 34.8 37.2 37.6  121.1 135.3 184.0 285.1 341.1 382.0 454.5 421.1 424.8 427.4  794.4 651.7 584.9 649.2 764.4 883.8 968.2 1,059.7 1,152.9 1,184.9  375 323 306 368 429 437 501 561 613 617  234 190 151 150 186 210 232 253 292 346  10.6 10.2 9.5 8.7 8.3 7.6 7.1 6.9 7.2 6.9  41 40 45 36 36 45 35 46 45 42 34 48 40  450 472 450 437 439 459 454 363 443 508 476 502 524  1,107 1,068 1,261 1,332 1,348 1,330 1,228 1,170 1,245 1,253 1,129 1,272 1,188  615 564 644 669 693 656 598 729 660 708 730 710 719  334 346 347 342 337 336 336 329 328 325 321 323 323  �������������������� 6.6 �������������������� �������������������� 7.0 �������������������� �������������������� 6.8 �������������������� �������������������� 6.8 �������������������� ��������������������  Seasonally adjusted annual rates 2018: Nov ����������       Dec ����������� 2019: Jan �����������       Feb �����������       Mar ����������       Apr �����������       May ����������       June ���������       July ����������       Aug r ���������       Sept r ��������       Oct r ����������       Nov p ��������  1,202 1,142 1,291 1,149 1,199 1,270 1,264 1,233 1,204 1,375 1,266 1,323 1,365  804 814 966 792 833 862 814 864 871 909 902 916 938  ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� �����������������  387 307 308 352 361 385 438 358 322 451 353 395 404  1,334 1,339 1,316 1,287 1,288 1,290 1,299 1,232 1,317 1,425 1,391 1,461 1,482  843 827 821 814 813 786 810 823 829 875 881 911 918  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 November, according to preliminary estimates, manufacturing and trade sales rose 0.7 percent, while manufacturing and trade inventories fell $3.2 billion and retail inventories fell $4.7 billion. In November, retail sales rose 0.3 percent and retail and food services sales rose 0.2 percent. BILLIONS OF DOLLARS* (RATIO SCALE) 2,100 2,000  BILLIONS OF DOLLARS* (RATIO SCALE) 700 RETAIL INVENTORIES 650  MANUFACTURING AND TRADE INVENTORIES  1,900  600  1,800  550  1,700  500  1,600  450  1,500  RETAIL AND FOOD SERVICES SALES  400  RETAIL SALES  1,400 350 1,300  RATIO* 1.70  MANUFACTURING AND TRADE SALES  INVENTORY/SALES RATIO  1.60  1,200  RETAIL  1.50 1.40  1,100  MANUFACTURING AND TRADE  1.30 1.20  1,000 2015  2016  2017  2018  2019  2015  2016  2017  *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE  2018  2019  COUNCIL OF ECONOMIC ADVISERS  [Millions of dollars, except ratios; seasonally adjusted, except as noted] Manufacturing and trade 1 Period  2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2018: Oct r ����������       Nov r ���������       Dec ����������� 2019: Jan �����������       Feb �����������       Mar ����������       Apr �����������       May ����������       June ���������       July ����������       Aug ����������       Sept r ��������       Oct r ����������       Nov p ��������  Sales 2 988,802 1,088,891 1,206,661 1,267,248 1,303,229 1,340,932 1,294,787 1,286,247 1,350,809 1,434,984 1,457,287 1,451,797 1,435,157 1,443,911 1,444,010 1,462,677 1,459,042 1,458,214 1,458,631 1,461,641 1,462,583 1,457,140 1,455,460 1,465,595  Inventories 3  Wholesale  Inventory/sales ratio 4  1,332,351 1,451,079 1,565,659 1,654,225 1,718,818 1,778,197 1,808,388 1,838,515 1,900,128 1,993,868 1,981,503 1,982,151 1,993,868 2,010,849 2,018,638 2,018,737 2,029,828 2,035,784 2,035,201 2,041,782 2,040,517 2,039,070 2,041,066 2,037,840  1.38 1.27 1.26 1.28 1.29 1.31 1.39 1.42 1.38 1.36 1.36 1.37 1.39 1.39 1.40 1.38 1.39 1.40 1.40 1.40 1.40 1.40 1.40 1.39  Sales 2 319,115 361,447 407,090 434,002 447,546 463,682 441,036 435,707 463,158 494,747 501,166 496,733 491,945 494,587 496,126 505,145 502,929 499,822 498,133 499,050 498,513 497,828 493,407 500,651  Inventories 3 397,699 442,154 488,061 524,005 545,175 577,344 585,167 596,302 615,722 659,673 650,679 653,384 659,673 667,494 670,217 670,076 675,713 678,352 677,905 679,131 679,474 674,897 675,386 674,943  Retail Inventory/sales ratio 4 1.29 1.15 1.15 1.17 1.19 1.22 1.33 1.35 1.30 1.29 1.30 1.32 1.34 1.35 1.35 1.33 1.34 1.36 1.36 1.36 1.36 1.36 1.37 1.35  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 2 301,039 318,171 341,913 358,519 371,538 386,620 393,833 404,315 420,575 440,273 448,136 448,812 438,003 445,249 442,081 450,752 452,232 454,135 455,546 458,974 461,893 459,191 461,565 462,778  Inventories 3 429,200 454,597 470,759 505,315 543,376 560,416 587,438 610,966 624,988 651,540 648,314 646,376 651,540 657,134 660,087 657,520 661,386 663,185 662,015 666,447 665,372 666,261 666,656 661,908  Chart 20 - Dec 2019  Retail and food Inventory/sales services sales 2 ratio 4 1.47 1.39 1.35 1.37 1.41 1.43 1.46 1.49 1.47 1.45 1.45 1.44 1.49 1.48 1.49 1.46 1.46 1.46 1.45 1.45 1.44 1.45 1.44 1.43  338,706 357,081 383,192 402,199 416,814 434,638 445,791 459,110 478,384 501,758 510,412 510,882 499,879 507,222 504,441 513,608 515,545 518,131 520,055 523,922 526,862 524,651 526,991 527,994  Manufacturers’ Shipments, Inventories, and Orders In November, manufacturers’ shipments and inventories rose, while new and unfilled orders fell. BILLIONS OF DOLLARS* (RATIO SCALE) 620 580 SHIPMENTS 540 500 460 420 TOTAL 340  BILLIONS OF DOLLARS* (RATIO SCALE) 740 INVENTORIES 700 660 620 580 TOTAL 540 500 460 DURABLE GOODS 420  300  380  380  260  340  DURABLE GOODS  300 220  260  NONDURABLE GOODS 180  220  BILLIONS OF DOLLARS* (RATIO SCALE) 620 580 NEW ORDERS 540 500 460 420 TOTAL 380  NONDURABLE GOODS  180 RATIO* 1.60  INVENTORY/SHIPMENTS RATIO  1.50  340  1.40  300  DURABLE GOODS  260  1.30  220  1.20 1.10  180 2016  2015  2018  2017  2019  2015  2016  2018  2017  *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE  COUNCIL OF ECONOMIC ADVISERS  Manufacturers’ shipments 1  Manufacturers’ inventories 2  Manufacturers’ new orders 1  Chart 21- Dec 2019  Durable goods Period  Total  Durable goods  2019  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 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2018: Nov ����������       Dec ����������� 2019: Jan �����������       Feb �����������       Mar ����������       Apr �����������       May ����������       June ���������       July ����������       Aug ����������       Sept ���������       Oct r ����������       Nov p ��������  368,648 409,273 457,658 474,727 484,145 490,630 459,918 446,225 467,076 499,964 506,252 505,209 504,075 505,803 506,780 503,881 504,257 504,952 503,617 502,177 500,121 500,488 502,166  171,402 190,059 206,591 218,965 224,651 233,077 231,002 226,090 234,463 251,433 257,791 258,658 258,493 258,592 257,319 253,324 254,487 256,832 253,792 253,325 251,606 251,286 251,384  197,246 219,214 251,067 255,762 259,495 257,553 228,916 220,135 232,614 248,531 248,461 246,551 245,582 247,211 249,461 250,557 249,770 248,120 249,825 248,852 248,515 249,202 250,782  505,452 554,328 606,839 624,905 630,267 640,437 635,783 631,247 659,418 682,655 682,391 682,655 686,221 688,334 691,141 692,729 694,247 695,281 696,204 695,671 697,912 699,024 700,989  294,854 321,441 352,710 367,518 370,693 388,039 391,485 379,561 396,648 415,881 414,329 415,881 417,825 419,350 420,796 422,595 424,560 425,643 427,196 428,293 430,595 432,095 433,734  210,598 232,887 254,129 257,387 259,574 252,398 244,298 251,686 262,770 266,774 268,062 266,774 268,396 268,984 270,345 270,134 269,687 269,638 269,008 267,378 267,317 266,929 267,255  350,478 407,992 459,305 475,809 485,611 493,833 453,290 441,061 464,953 499,538 500,392 501,352 501,716 496,780 503,295 497,166 490,693 493,351 500,153 499,585 495,574 496,644 493,029  153,232 188,778 208,238 220,047 226,116 236,280 224,374 220,926 232,339 251,007 251,931 254,801 256,134 249,569 253,834 246,609 240,923 245,231 250,328 250,733 247,059 247,442 242,247  48,926 62,309 71,753 77,674 80,844 81,410 71,502 67,510 73,549 77,915 75,415 77,551 80,638 75,890 77,840 72,419 68,774 72,246 75,994 73,584 71,028 72,456 71,191  825,121 870,922 954,483 1,014,422 1,075,850 1,160,717 1,129,060 1,116,291 1,138,054 1,182,129 1,181,915 1,182,129 1,183,760 1,179,211 1,179,904 1,177,382 1,168,212 1,160,974 1,161,801 1,163,471 1,163,245 1,163,622 1,158,736  1.39 1.28 1.29 1.30 1.29 1.31 1.39 1.41 1.37 1.35 1.35 1.35 1.36 1.36 1.36 1.37 1.38 1.38 1.38 1.39 1.40 1.40 1.40  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 was unchanged in November. Prices for final demand goods rose 0.3 percent and prices for final demand services fell 0.3 percent. INDEX, NOV. 2009=100 (RATIO SCALE)  INDEX, NOV. 2009=100 (RATIO SCALE) 125  125 SEASONALLY ADJUSTED  FINAL DEMAND  120  120  115  115 FINAL DEMAND SERVICES  110  110 FINAL DEMAND  FINAL DEMAND GOODS  105  105  100  100  95  95 2013  2014  2015  2017  2016  2018  2019  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 32.799 5.744 5.279 21.776 65.510 20.411 4.666 40.433 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 2017 �������������������� 113.0 111.2 116.5 99.8 113.2 113.5 114.8 115.9 112.8 2018 �������������������� 116.2 115.0 116.7 110.0 116.0 116.5 116.9 122.0 115.8 2018: Nov ���������� 117.4 115.7 117.3 109.7 117.1 117.8 118.3 125.6 116.8       Dec ����������� 117.3 115.0 119.8 103.3 117.1 118.0 119.1 125.4 116.8 2019: Jan ����������� 117.0 114.3 118.2 99.9 117.4 117.9 118.6 125.3 116.9       Feb ����������� 117.2 114.6 118.0 101.5 117.5 118.1 118.6 124.3 117.3       Mar ���������� 117.7 115.7 118.3 106.8 117.6 118.2 118.9 123.8 117.4       Apr ����������� 118.3 116.2 118.3 109.3 117.7 118.9 119.8 124.8 117.9       May ���������� 118.5 116.0 118.0 108.9 117.6 119.2 119.8 125.7 118.4       June ��������� 118.2 115.4 118.6 105.1 117.5 119.2 119.9 125.6 118.3       July r �������� 118.4 115.7 118.8 106.2 117.7 119.4 120.1 126.0 118.4       Aug ���������� 118.6 115.3 118.0 104.4 117.7 119.7 121.0 126.5 118.5       Sept ��������� 118.2 114.8 118.3 101.8 117.6 119.5 119.8 125.2 118.8       Oct ����������� 118.7 115.6 119.8 104.7 117.6 119.9 120.7 125.6 118.9       Nov ���������� 118.7 116.0 121.1 105.3 117.8 119.5 120.0 125.2 118.8  Processed goods Final for intermediate demand demand (1982=100) less foods, energy, Less and food trade Total and (Aug. 2013 energy =100) 2 68.566 ���������������� ���������������� ���������������� ���������������� ���������������� 101.5 102.1 103.3 105.4 108.4 109.6 109.6 109.8 109.9 110.0 110.4 110.7 110.6 110.7 110.9 110.9 111.0 111.0  100.0 172.5 183.4 199.9 200.7 200.8 201.9 188.0 182.2 190.7 200.9 203.3 200.8 199.0 199.1 200.3 200.6 199.7 197.4 197.5 196.9 196.2 197.0 197.4  73.059 173.4 180.8 192.0 192.6 193.8 195.2 189.4 186.9 193.3 201.8 204.2 203.1 203.1 202.7 202.4 202.2 201.7 201.0 200.7 200.5 199.8 200.0 199.5  Unprocessed goods Chart 22 - Dec 2019 for intermediate demand (1982=100) Services for intermediNonfood ate materials demand Total less energy 100.0 175.2 212.2 249.4 241.4 246.7 249.3 189.1 173.4 190.8 200.1 196.7 203.9 194.6 189.7 189.0 192.2 186.3 180.9 183.1 179.8 177.2 178.9 185.9  21.614 100.0 248.4 ����������������� 329.1 101.1 390.4 103.2 369.6 105.3 351.2 107.2 345.7 108.9 296.0 110.2 288.0 112.1 324.1 115.0 340.7 118.6 335.5 120.0 340.3 120.1 334.1 120.3 333.6 120.3 338.4 120.9 331.1 121.4 318.8 121.5 317.2 121.5 321.4 121.6 321.3 121.9 316.2 122.0 312.0 121.8 312.8 121.7  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 2018.  Source: Department of Labor (Bureau of Labor Statistics).  22  Consumer Prices—All Urban Consumers In December, the consumer price index for all urban consumers rose 0.2 percent; it fell 0.1 percent before seasonal adjustment. The index rose 2.3 percent from its year-earlier level. INDEX, 1982-84 = 100 (RATIO SCALE)  INDEX, 1982-84 = 100 (RATIO SCALE)  280  280 SEASONALLY ADJUSTED  270  270  260  260  250  250 CONSUMER PRICES—ALL ITEMS  240  240  230  230  220  220  210  210  200  200 2011  2012  2013  2014  2015  2016  2017  2018  SOURCE: DEPARTMENT OF LABOR  2019  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 ����������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2018: Dec ����������� 2019: Jan �����������       Feb �����������       Mar ����������       Apr �����������       May ����������       June ���������       July ����������       Aug ����������       Sept ���������       Oct �����������       Nov ����������       Dec �����������  Not seasonally Seasonally adjusted adjusted (NSA) 100.0 218.056 224.939 229.594 232.957 236.736 237.017 240.007 245.120 251.107 255.657 251.233 251.712 252.776 254.202 255.548 256.092 256.143 256.571 256.558 256.759 257.346 257.208 256.974  ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 252.723 252.673 253.113 254.148 254.958 255.155 255.305 256.161 256.300 256.358 257.271 257.936 258.501  All items less food and energy Total 1  79.271 221.337 225.008 229.755 233.806 237.897 242.247 247.602 252.169 257.565 263.211 260.078 260.701 260.989 261.374 261.735 262.032 262.803 263.569 264.245 264.595 265.011 265.620 265.921  Shelter  33.489 248.396 251.646 257.083 263.056 270.513 278.803 288.230 297.803 307.663 318.053 311.994 312.891 313.971 315.081 316.320 317.089 318.070 318.933 319.417 320.496 320.666 321.510 322.087  Medical care 2 8.830 388.436 400.258 414.924 425.134 435.292 446.752 463.675 475.322 484.707 498.413 489.295 490.388 489.379 490.793 492.459 493.908 495.328 497.702 501.385 502.301 507.131 508.766 511.656  Apparel  2.949 119.503 122.111 126.265 127.411 127.514 125.903 126.045 125.612 125.654 124.052 124.578 125.934 126.364 123.915 122.968 122.908 124.297 124.843 125.108 124.638 122.438 122.597 123.093  Food New vehicles 3.627 138.005 141.883 144.232 145.783 146.275 147.135 147.358 146.992 146.287 146.834 146.416 146.727 146.382 147.040 147.179 147.257 147.354 147.084 146.932 146.746 146.499 146.309 146.510  Energy  Total 1  At home  Away from home  13.249 219.625 227.842 233.777 237.037 242.725 247.235 247.931 250.065 253.558 258.316 255.501 256.059 257.097 257.812 257.543 258.224 258.330 258.399 258.393 258.758 259.386 259.709 260.126  7.169 215.836 226.201 231.774 233.869 239.456 242.250 239.065 238.589 239.661 241.775 240.490 240.765 241.843 242.707 241.593 242.341 241.866 241.573 241.124 241.226 241.918 242.141 242.272  6.080 226.114 231.401 237.986 243.068 248.981 256.101 262.695 268.826 275.893 284.410 279.419 280.380 281.373 281.887 282.798 283.394 284.316 284.891 285.507 286.246 286.791 287.255 288.078  Total 1, 2  7.481 211.449 243.909 246.080 244.409 243.583 202.895 189.535 204.540 219.941 215.294 213.565 206.842 207.755 214.963 221.286 219.937 214.847 217.721 213.480 210.589 216.282 218.009 221.114  Chart 23 - Dec 2019  Gasoline  3.931 238.594 301.694 311.470 302.577 290.889 212.007 187.602 211.770 240.599 232.003 224.878 212.450 215.700 229.769 242.974 241.803 233.016 238.888 230.634 225.107 233.401 235.884 242.585  C-CPI-U (Dec. 1999=100, NSA) 3  ������������������� 125.615 129.453 131.976 ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� 141.699 141.976 142.597 143.386 144.094 144.378 144.408 144.627 144.624 144.722 145.017 144.908 144.732  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, November 2019.  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 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 2017 �������������������� 2.5 3.5 2.0 10.1 2.2 2.1 1.8 2.3 2.3 2.3 2018 �������������������� 2.6 1.6 2.8 –3.1 2.6 3.0 3.1 6.5 2.6 2.8  2.9 6.4 5.7 .4 .1 –2.6 –6.6 1.8 5.0 2.8  –0.1 4.7 3.8 .6 .7 –.1 –3.8 1.6 3.6 3.5  13.3 16.1 6.6 1.4 –1.9 –8.7 –25.3 13.0 5.0 3.7  –0.6 –1.2 –.9 .1 .6 .1 –.4 –1.2 .1 –.3 –.4 .4 .2  –0.3 –.5 .0 –.2 –.1 –.1 –.2 –.3 –.1 –.1 –.3 .1 –.3  –3.3 3.7 –4.6 –2.5 –.4 1.7 –3.1 –2.9 1.2 –1.8 –1.4 1.0 3.9  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 8.5 2.9 2.4 3.3 1.8 2.9 3.1 2.8 3.4 2.6  Change, month to month 2018: Nov ����������       Dec ����������� 2019: Jan �����������       Feb �����������       Mar ����������       Apr �����������       May ����������       June ���������       July r ��������       Aug r ���������       Sept ���������       Oct �����������       Nov ����������  –0.1 –.1 –.3 .2 .4 .5 .2 –.3 .2 .2 –.3 .4 .0  –0.5 –.6 –.6 .3 1.0 .4 –.2 –.5 .3 –.3 –.4 .7 .3  1.0 2.1 –1.3 –.2 .3 .0 –.3 .5 .2 –.7 .3 1.3 1.1  –4.1 –5.8 –3.3 1.6 5.2 2.3 –.4 –3.5 1.0 –1.7 –2.5 2.8 .6  0.2 .0 .3 .1 .1 .1 –.1 –.1 .2 .0 –.1 .0 .2  0.1 .2 –.1 .2 .1 .6 .3 .0 .2 .3 –.2 .3 –.3  0.1 .7 –.4 .0 .3 .8 .0 .1 .2 .7 –1.0 .8 –.6  0.5 –.2 –.1 –.8 –.4 .8 .7 –.1 .3 .4 –1.0 .3 –.3  0.1 .0 .1 .3 .1 .4 .4 –.1 .1 .1 .3 .1 –.1  0.2 .0 .2 .1 .1 .4 .3 –.1 .1 .2 .0 .1 .0  0.8 1.4 –1.8 –.1 1.4 –2.2 –3.7 –.5 1.3 .0 –1.6 –1.3 .3  0.1 .1 .2 .0 .5 .4 .1 .0 .1 .2 .1 –.2 –.1  2.6 2.6 1.9 1.9 2.0 2.4 2.1 1.6 1.6 1.8 1.4 1.1 1.1  2.6 1.6 .6 .7 1.2 1.7 .8 .0 .3 –.1 –.5 –.6 .2  2.6 3.0 2.6 2.4 2.3 2.7 2.7 2.3 2.3 2.7 2.2 2.0 1.4  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 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 ��������������������  1.5 3.0 1.7 1.5 .8 .7 2.1 2.1 1.9 2.3  0.8 2.2 1.9 1.7 1.6 2.1 2.2 1.8 2.2 2.3  0.4 1.9 2.2 2.5 2.9 3.2 3.6 3.2 3.2 3.2  3.3 3.5 3.2 2.0 3.0 2.6 4.1 1.8 2.0 4.6  –1.1 4.6 1.8 .6 –2.0 –.9 –.1 –1.6 –.1 –1.2  2018: Dec ����������� 2019: Jan �����������       Feb �����������       Mar ����������       Apr �����������       May ����������       June ���������       July ����������       Aug ����������       Sept ���������       Oct �����������       Nov ����������       Dec �����������  .0 .0 .2 .4 .3 .1 .1 .3 .1 .0 .4 .3 .2  0.2 .2 .1 .1 .1 .1 .3 .3 .3 .1 .2 .2 .1  0.3 .3 .3 .4 .4 .2 .3 .3 .2 .3 .1 .3 .2  0.3 .2 –.2 .3 .3 .3 .3 .5 .7 .2 1.0 .3 .6  .0 1.1 .3 –1.9 –.8 .0 1.1 .4 .2 –.4 –1.8 .1 .4  –0.2 3.2 1.6 .4 .5 .2 .3 –.5 –.3 .1  1.5 4.7 1.8 1.1 3.4 .8 –.2 1.6 1.6 1.8  1.7 6.0 1.3 .4 3.7 –.4 –2.0 .9 .6 .7  1.3 2.9 2.5 2.1 3.0 2.6 2.3 2.5 2.8 3.1  7.7 6.6 .5 .5 –10.6 –12.6 5.4 6.9 –.3 3.4  13.8 9.9 1.7 –1.0 –21.0 –19.7 9.1 10.7 –2.1 7.9  1.3 2.9 1.5 1.3 .5 .4 1.8 1.7 1.5 2.1  ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ��������������  ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� �������������  ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� �������������  1.6 3.2 2.1 1.5 1.6 .1 1.3 2.1 2.4 1.8  0.3 .1 .4 .4 –.5 .3 –.2 –.1 –.2 .0 .3 .1 .1  0.4 .3 .4 .2 .3 .2 .3 .2 .2 .3 .2 .2 .3  –2.6 –3.1 .4 3.5 2.9 –.6 –2.3 1.3 –1.9 –1.4 2.7 .8 1.4  –5.8 –5.5 1.5 6.5 5.7 –.5 –3.6 2.5 –3.5 –2.4 3.7 1.1 2.8  –0.4 .2 .4 .6 .5 .2 .0 .2 .0 .1 .2 –.1 –.1  1.5 ������������� ������������� .9 ������������� ������������� 2.9 ������������� ������������� 1.8 ������������� ������������� 2.6  1.1 –.2 .6 2.3 3.7 3.3 1.8 1.9 1.8 1.7 1.7 2.6 3.4  1.3 .9 1.0 1.7 1.7 1.9 2.1 2.8 2.5 1.7 1.8 2.2 2.5  1.9 1.6 1.5 1.9 2.0 1.8 1.6 1.8 1.7 1.7 1.8 2.1 2.3  Change, month to month .0 .2 –.2 .4 .1 .1 .1 –.2 –.1 –.1 –.2 –.1 .1  0.3 .2 .4 .3 –.1 .3 .0 .0 .0 .1 .2 .1 .2  1 Includes other items not shown separately. 2 Commodities and services. 3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices. 4 Quarterly changes are shown in the last month of the quarter.  Source: Department of Labor (Bureau of Labor Statistics).  24  Prices Received and Paid by Farmers In November, prices received by farmers rose 4.6 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 PAID  110  110  100  100  90  90 PRICES RECEIVED  80  80  70  70  60  60 1  RATIO1 140  RATIO 140 120  120  RATIO  100  100  80  80  60  60 2011  2013  2012  2014  2015  2017  2016  2019  2018  1RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.  SOURCE: DEPARTMENT OF AGRICULTURE  COUNCIL OF ECONOMIC ADVISERS  [2011=100; not seasonally adjusted] Prices received by farmers 1  Period  2009 ��������������������������������������������������� 2010 ��������������������������������������������������� 2011 ��������������������������������������������������� 2012 ��������������������������������������������������� 2013 ��������������������������������������������������� 2014 ��������������������������������������������������� 2015 ��������������������������������������������������� 2016 ��������������������������������������������������� 2017 ��������������������������������������������������� 2018 ��������������������������������������������������� 2018: Nov �����������������������������������������       Dec ������������������������������������������ 2019: Jan ������������������������������������������       Feb ������������������������������������������       Mar �����������������������������������������       Apr ������������������������������������������       May �����������������������������������������       June ����������������������������������������       July �����������������������������������������       Aug �����������������������������������������       Sept ����������������������������������������       Oct ������������������������������������������       Nov p ���������������������������������������  Agricultural production  80.6 86.8 100.0 105.0 107.0 107.9 99.2 90.6 93.3 90.9 88.4 90.2 85.2 89.2 91.9 92.8 91.9 92.5 89.9 90.5 87.0 84.7 88.6  Crop production  85.7 87.0 100.0 107.0 105.7 92.3 87.0 86.2 86.2 86.8 84.1 87.7 77.3 83.6 85.7 84.6 83.9 87.7 86.7 87.4 86.7 81.2 82.6  Chart 25 - Dec 2019  Prices paid by farmers  Livestock production  73.8 85.7 100.0 102.5 108.5 128.7 113.4 94.4 99.9 94.3 92.7 92.4 97.2 94.7 97.5 100.1 98.8 97.0 93.5 93.7 87.3 90.3 96.6  All commodities, services, interest, taxes, and wage rates (PPITW) 2 87.3 90.0 100.0 104.4 106.3 112.0 110.7 105.9 106.6 109.1 109.8 110.1 110.9 111.0 111.1 111.7 111.1 110.6 110.7 110.2 109.6 110.1 110.4  Production items, interest, taxes, and wage rates (PITW)  86.4 89.0 100.0 104.8 106.7 113.1 111.6 105.8 106.3 108.7 109.5 109.8 110.7 110.8 110.8 111.3 110.7 110.0 110.2 109.5 108.9 109.4 109.7  Production items  84.8 87.7 100.0 105.4 107.4 114.1 112.0 104.7 104.5 106.4 107.0 107.3 107.7 107.8 107.8 108.6 107.8 107.1 107.1 106.3 105.5 106.1 106.5  Ratio of prices received by farmers to PPITW  92 96 100 100 100 96 90 85 87 83 80 82 77 80 83 83 83 83 81 83 79 77 81  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)  16,400  16,400  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  4,000  4,000  3,600  3,600  M1  3,200  3,200  2,800  2,800  2,400  2,400  2,000  2,000  1,600  1,600  2011  2012  2013  2014  2015  2016  2017  2018  *AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM  2019  COUNCIL OF ECONOMIC ADVISERS  [Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted]  Period  2009: Dec r ���������������������������������������� 2010: Dec r ���������������������������������������� 2011: Dec r ���������������������������������������� 2012: Dec r ���������������������������������������� 2013: Dec r ���������������������������������������� 2014: Dec r ���������������������������������������� 2015: Dec r ���������������������������������������� 2016: Dec r ���������������������������������������� 2017: Dec r ���������������������������������������� 2018: Dec r ���������������������������������������� 2018: Nov �����������������������������������������       Dec r ���������������������������������������� 2019: Jan ������������������������������������������       Feb ������������������������������������������       Mar r ���������������������������������������       Apr ������������������������������������������       May �����������������������������������������       June r ��������������������������������������       July �����������������������������������������       Aug �����������������������������������������       Sept r ���������������������������������������       Oct r �����������������������������������������       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  1,691.9 1,835.8 2,163.5 2,460.6 2,664.4 2,940.7 3,094.9 3,342.4 3,612.0 3,751.3 3,700.1 3,751.3 3,742.9 3,762.9 3,720.6 3,778.4 3,788.3 3,830.6 3,857.9 3,843.3 3,902.9 3,930.1 3,964.2  8,483.9 8,789.7 9,651.3 10,445.9 11,015.9 11,670.3 12,336.1 13,209.8 13,852.0 14,368.0 14,264.7 14,368.0 14,444.5 14,460.9 14,495.3 14,541.7 14,632.0 14,769.3 14,860.8 14,930.9 15,028.3 15,191.5 15,326.6  36,116.9 37,493.0 38,700.4 40,387.6 41,795.2 43,472.1 45,218.1 47,197.7 49,290.4 51,876.2 ��������������������������������������������� 51,876.2 ��������������������������������������������� ��������������������������������������������� 52,649.9 ��������������������������������������������� ��������������������������������������������� 53,060.4 ��������������������������������������������� ��������������������������������������������� 53,895.6 ��������������������������������������������� ���������������������������������������������  Percent change  From previous period 4  From year or 6 months earlier 3 M1  M2 5.7 8.5 17.9 13.7 8.3 10.4 5.2 8.0 8.1 3.9 2.5 5.3 3.6 4.5 0.9 3.1 4.8 4.2 6.1 4.3 9.8 8.0 9.3  Chart 26 - Dec 2019  Debt 3.7 3.6 9.8 8.2 5.5 5.9 5.7 7.1 4.9 3.7 3.2 3.7 4.2 3.8 3.8 4.1 5.1 5.6 5.8 6.5 7.4 8.9 9.5  3.7 4.4 3.6 4.8 3.7 4.1 4.4 4.5 4.2 4.6 ������������������������������� 3.4 ������������������������������� ������������������������������� 6.0 ������������������������������� ������������������������������� 3.2 ������������������������������� ������������������������������� 6.3 ������������������������������� �������������������������������  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  2009: Dec ����������� 2010: Dec ����������� 2011: Dec ����������� 2012: Dec ����������� 2013: Dec ����������� 2014: Dec ����������� 2015: Dec ����������� 2016: Dec ����������� 2017: Dec ����������� 2018: Dec ����������� 2018: Nov ����������       Dec ����������� 2019: Jan �����������       Feb �����������       Mar ����������       Apr �����������       May ����������       June r �������       July r ��������       Aug r ���������       Sept r ��������       Oct r ����������       Nov p ��������  Currency  863.7 918.9 1,001.6 1,090.7 1,160.7 1,253.3 1,339.8 1,421.6 1,526.3 1,626.7 1,620.9 1,626.7 1,632.7 1,633.4 1,636.7 1,644.4 1,649.0 1,655.6 1,664.9 1,672.7 1,686.2 1,694.3 1,705.3  Nonbank travelers checks  Other checkable deposits (OCDs) Demand deposits  At commercial banks  Total  5.1 4.7 4.3 3.8 3.5 2.9 2.5 2.2 1.9 1.7 1.7 1.7 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������  445.9 516.5 751.3 926.8 1,033.9 1,199.6 1,237.8 1,371.0 1,489.3 1,495.4 1,450.1 1,495.4 1,480.7 1,504.0 1,450.9 1,484.0 1,487.9 1,525.8 1,532.6 1,511.4 1,550.0 1,564.6 1,589.4  377.1 395.8 406.3 439.3 466.3 484.9 514.8 547.6 594.6 627.6 627.4 627.6 629.5 625.5 633.0 650.0 651.4 649.2 660.3 659.1 666.7 671.2 669.5  At thrift institutions  229.9 234.1 231.6 243.5 255.7 265.2 276.4 288.8 306.8 333.0 334.1 333.0 344.4 341.7 342.9 355.5 356.6 353.0 363.8 358.0 365.4 365.6 365.5  147.2 161.7 174.7 195.8 210.5 219.7 238.4 258.8 287.8 294.6 293.3 294.6 285.1 283.8 290.1 294.5 294.8 296.2 296.5 301.2 301.3 305.7 304.0  Savings deposits (including MMDAs)  Small-denomination time deposits 1  At commercial banks  At commercial banks  Total 4,812.9 5,332.4 6,034.3 6,683.9 7,129.1 7,575.2 8,175.5 8,824.2 9,124.4 9,277.4 9,243.9 9,277.4 9,303.4 9,274.0 9,316.8 9,280.9 9,357.0 9,430.4 9,472.5 9,542.4 9,563.2 9,676.0 9,768.9  3,979.7 4,413.1 5,038.2 5,728.0 6,108.9 6,497.7 7,031.4 7,564.4 7,825.1 7,940.5 7,916.1 7,940.5 7,972.1 7,945.3 7,974.8 7,946.7 8,017.6 8,092.2 8,134.1 8,203.7 8,224.5 8,325.6 8,417.2  At thrift institutions 833.2 919.4 996.1 955.9 1,020.2 1,077.5 1,144.1 1,259.8 1,299.3 1,336.9 1,327.9 1,336.9 1,331.3 1,328.7 1,342.0 1,334.2 1,339.4 1,338.2 1,338.5 1,338.8 1,338.7 1,350.4 1,351.7  Total 1,187.6 934.4 776.9 645.8 570.2 522.8 412.0 351.5 411.2 525.9 516.4 525.9 546.6 567.7 586.8 597.1 598.4 607.6 607.5 607.5 604.2 598.8 590.7  868.6 663.9 548.3 469.0 425.7 390.9 301.7 250.3 300.2 419.6 410.5 419.6 439.1 455.7 470.0 478.2 479.0 485.8 484.4 482.9 478.5 472.2 464.1  Retail money funds  At thrift institutions 319.0 270.5 228.6 176.8 144.4 131.9 110.3 101.2 110.9 106.3 105.9 106.3 107.6 112.1 116.8 118.9 119.4 121.7 123.1 124.6 125.7 126.7 126.6  791.5 687.0 676.6 655.6 652.2 631.5 653.7 691.7 704.4 813.4 804.2 813.4 851.6 856.3 871.1 885.3 888.3 900.8 922.9 937.6 958.0 986.6 1,002.7  Institutional money funds 2  2,246.1 1,884.8 1,751.0 1,730.2 1,764.6 1,793.2 1,821.7 1,740.7 1,826.9 1,857.5 1,856.7 1,857.5 1,879.4 1,899.2 1,922.2 1,930.6 1,962.3 2,019.6 2,088.5 2,130.9 2,163.5 2,210.2 2,250.6  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  2010: Dec ������������ 2011: Dec ������������ 2012: Dec ������������ 2013: Dec ������������ 2014: Dec ������������ 2015: Dec ������������ 2016: Dec ������������ 2017: Dec ������������ 2018: Dec ������������ 2019: Dec ������������ 2018: Dec ������������ 2019: Jan ������������       Feb ������������       Mar �����������       Apr ������������       May �����������       June ����������       July �����������       Aug �����������       Sept ����������       Oct ������������       Nov r ����������       Dec p ���������  To satisfy reserve balance requirements 2  That exceed the top of the penalty-free band  1,035,074 ������������������ ������������������ 1,550,043 ������������������ ������������������ 1,517,425 ������������������ ������������������ 2,485,248 75,713 2,409,535 2,606,700 90,852 2,515,848 2,419,774 97,981 2,321,793 2,031,007 116,285 1,914,722 2,244,274 135,719 2,108,555 1,691,394 135,698 1,555,696 1,630,090 152,562 1,477,528 1,691,394 135,698 1,555,696 1,639,030 143,615 1,495,414 1,645,233 137,128 1,508,105 1,661,297 140,926 1,520,371 1,559,450 142,641 1,416,809 1,511,285 147,792 1,363,493 1,535,857 148,025 1,387,832 1,513,550 148,191 1,365,359 1,520,876 147,555 1,373,321 1,439,771 147,498 1,292,273 1,481,513 148,050 1,333,462 1,529,341 154,256 1,375,085 1,630,090 152,562 1,477,528  Reserve balance requirements 3  28,438 47,838 58,675 69,030 82,770 89,313 105,944 123,720 123,703 138,984 123,703 131,130 125,129 128,423 130,120 134,717 134,908 135,103 134,639 134,707 134,998 140,705 138,984  Borrowings from the Federal Reserve  Vault cash used to satisfy required reserves 42,927 48,672 52,959 55,771 59,236 61,413 64,280 65,549 68,462 68,255 68,462 68,226 68,450 64,640 64,455 65,024 65,452 65,065 65,969 65,035 65,623 65,881 68,255  Nonborrowed 4  1,032,512 1,589,189 1,569,588 2,540,849 2,665,835 2,481,082 2,095,247 2,309,747 1,759,780 1,698,324 1,759,780 1,707,230 1,713,664 1,725,923 1,623,875 1,576,254 1,601,229 1,578,495 1,586,727 1,504,704 1,547,073 1,595,196 1,698,324  Monetary base 5  2,017,000 2,619,586 2,675,945 3,717,450 3,934,455 3,835,810 3,531,565 3,850,969 3,400,747 3,426,487 3,400,747 3,346,879 3,353,467 3,381,455 3,286,650 3,244,460 3,274,825 3,260,316 3,271,378 3,202,682 3,252,830 3,315,572 3,426,487  Total 6  45,488 9,526 795 170 102 106 39 75 76 21 76 26 19 15 30 56 80 120 117 101 63 26 21  Primary  Secondary  41 103 12 13 22 38 13 43 18 10 18 20 7 7 14 18 20 9 16 15 4 4 10  3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0  Seasonal  26 23 23 59 80 67 25 33 58 11 58 6 12 8 15 38 60 111 101 86 59 22 11  Term assetbacked securities loan facility 7 25,025 9,400 760 98 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0  1 Data are prorated averages of biweekly (maintenance period) averages of daily figures. 2 Equals the sum of balances maintained up to the top of each institution’s penalty-free band. 3 Excludes vault cash used to satisfy required reserves. 4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve. 5 Equals total balances maintained plus currency in circulation (not shown). 6 Includes term auction credit (December 2007 to April 2010), primary dealer and other broker-dealer credit (March 2008 to February 2010), credit extended to American International Group, Inc.  (September 2008 to January 2011), asset-backed commercial paper money market mutual fund liquidity facility (September 2008 to February 2010), and other credit extensions, not shown separately. 7 Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility. Note: Data reflect the creation of a penalty-free band around reserve balance requirements which took effect June 27, 2013. See H.3 release of July 11, 2013. Source: Board of Governors of the Federal Reserve System.  27  Bank Credit at All Commercial Banks Total commercial bank loans and leases rose 0.2 percent in December. BILLIONS OF DOLLARS* (RATIO SCALE) 16,000 ALL COMMERCIAL BANKS 14,000  BILLIONS OF DOLLARS* (RATIO SCALE) 16,000 14,000  TOTAL  12,000  12,000 10,000 9,000 8,000  10,000 9,000 8,000 7,000  7,000  LOANS AND LEASES  6,000  6,000  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 2011  2012  2013  2014  2015  2016  2017  2018  *SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM  2019  COUNCIL OF ECONOMIC ADVISERS  [Billions of dollars, seasonally adjusted 1] Securities in bank credit 2 Period  2010: Dec r ��������� 2011: Dec r ��������� 2012: Dec r ��������� 2013: Dec r ��������� 2014: Dec r ��������� 2015: Dec r ��������� 2016: Dec r ��������� 2017: Dec r ��������� 2018: Dec r ��������� 2019: Dec p �������� 2018: Dec r ��������� 2019: Jan r ���������       Feb r ���������       Mar r ��������       Apr r ���������       May r ��������       June r �������       July r ��������       Aug r ���������       Sept r ��������       Oct r ����������       Nov ����������       Dec p ��������  Total bank credit  8,982.9 9,108.1 9,626.3 9,828.0 10,539.7 11,342.4 12,076.5 12,537.5 13,066.0 13,819.9 13,066.0 13,157.9 13,206.9 13,273.4 13,342.2 13,399.8 13,470.0 13,520.6 13,610.6 13,695.5 13,729.3 13,808.6 13,819.9  Total securities  2,427.0 2,493.5 2,733.8 2,722.0 2,932.3 3,110.2 3,310.7 3,433.6 3,495.2 3,823.7 3,495.2 3,532.9 3,540.7 3,565.7 3,610.9 3,626.7 3,657.8 3,682.2 3,726.4 3,788.7 3,795.7 3,834.3 3,823.7  U.S. Treasury and agency securities 1,641.0 1,699.1 1,872.8 1,809.2 2,040.1 2,224.3 2,409.3 2,521.6 2,663.8 2,994.6 2,663.8 2,703.1 2,710.8 2,737.0 2,772.6 2,793.4 2,827.7 2,857.6 2,904.6 2,967.9 2,981.1 3,012.3 2,994.6  Loans and leases in bank credit  Other securities  785.9 794.3 861.1 912.9 892.2 885.9 901.4 912.0 831.4 829.1 831.4 829.9 829.9 828.7 838.2 833.3 830.1 824.6 821.8 820.8 814.5 821.9 829.1  Total loans and leases 3 6,555.9 6,614.6 6,892.4 7,105.9 7,607.4 8,232.2 8,765.9 9,103.9 9,570.7 9,996.2 9,570.7 9,625.0 9,666.2 9,707.7 9,731.3 9,773.1 9,812.2 9,838.4 9,884.2 9,906.9 9,933.7 9,974.3 9,996.2  Commercial and industrial loans 1,192.5 1,303.8 1,474.5 1,574.3 1,773.3 1,952.9 2,082.8 2,102.9 2,298.6 2,349.8 2,298.6 2,320.3 2,328.9 2,341.9 2,341.8 2,344.1 2,350.2 2,357.3 2,370.3 2,362.6 2,353.7 2,359.2 2,349.8  Chart 28 - Dec 2019  Real estate loans Total 4 3,613.4 3,494.9 3,550.6 3,531.8 3,638.8 3,871.1 4,117.3 4,287.9 4,414.8 4,593.2 4,414.8 4,430.8 4,443.9 4,460.3 4,475.2 4,493.8 4,506.0 4,514.9 4,527.0 4,541.0 4,557.7 4,578.5 4,593.2  Revolving home equity loans 581.6 549.6 515.3 473.7 457.8 440.6 410.7 381.4 349.0 320.3 349.0 349.4 347.0 344.6 342.4 339.8 337.1 334.2 331.9 329.2 325.9 323.4 320.3  Commercial loans 1,500.5 1,418.3 1,428.2 1,498.2 1,605.4 1,780.8 1,962.3 2,085.4 2,186.9 2,303.7 2,186.9 2,196.3 2,204.9 2,213.4 2,223.3 2,236.8 2,242.2 2,246.4 2,256.7 2,269.1 2,279.1 2,292.3 2,303.7  Consumer loans 5  1,107.3 1,086.3 1,102.7 1,128.1 1,186.7 1,258.8 1,355.7 1,427.4 1,497.7 1,587.7 1,497.7 1,504.9 1,513.3 1,520.6 1,529.0 1,536.9 1,543.2 1,550.3 1,557.3 1,562.8 1,574.4 1,579.3 1,587.7  All other loans and leases 6 642.7 729.6 764.7 871.7 1,008.6 1,149.4 1,210.1 1,285.8 1,359.6 1,465.5 1,359.6 1,368.9 1,380.1 1,384.9 1,385.4 1,398.4 1,412.8 1,415.9 1,429.6 1,440.4 1,447.9 1,457.3 1,465.5  1 Data are prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, and Edge Act and agreement corporations. 2 Includes securities held in trading accounts, held-to-maturity, and available-for-sale. Excludes all non-security trading assets, such as derivatives with a positive fair value or loans held in trading  accounts. 3 Excludes unearned income. Includes the allowance for loan and lease losses. Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the United States. Includes all loans held in trading accounts under a fair value option. 4 Includes closed-end residential loans, not shown separately. 5 Includes credit cards and other consumer loans. 6 Includes other items, not shown separately. Source: Board of Governors of the Federal Reserve System.  28  Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business [Billions of dollars; quarterly data at seasonally adjusted annual rates] Sources  Uses  External (Net increase in liabilities) Funds raised in markets Period  Total  Internal 1  2009 r ������������������ 1,201.9 2010 r ������������������ 2,180.6 r 2011  ������������������ 2,666.8 r 2012  ������������������ 2,805.5 2013 r ������������������ 2,851.3 2014 r ������������������ 3,323.5 r 2015  ������������������ 3,349.9 r 2016  ������������������ 3,027.2 2017 r ������������������ 2,460.0 2018 r ������������������ 2,539.5 2017: I r �������������� 2,059.8       II r ������������� 2,436.1       III r ������������ 2,875.9 r       IV  ������������ 2,468.1 2018: I r �������������� 2,508.8       II r ������������� 2,191.4 r       III  ������������ 2,915.1 r       IV  ������������ 2,542.5 2019: I r �������������� 2,845.1 r       II  ������������� ����������������� p       III  ������������ �����������������  Total net funds raised  Total  1,450.8 –248.9 1,693.3 487.3 1,772.9 893.9 1,820.6 984.9 1,925.5 925.8 1,942.0 1,381.5 1,936.9 1,413.0 1,855.9 1,171.3 1,767.5 692.5 2,105.4 434.1 1,921.8 138.0 1,949.7 486.4 2,018.8 857.1 1,179.6 1,288.5 2,146.0 362.8 2,074.8 116.6 2,075.5 839.6 2,125.1 417.4 2,089.9 755.2 2,175.0 ����������������� 2,194.1 �����������������  –370.2 –306.8 –135.6 –3.6 19.6 54.6 43.1 –284.3 223.7 –269.3 250.5 389.9 168.4 85.9 –43.9 –692.0 212.7 –554.1 96.6 285.5 30.2  Net new equity issues –51.2 –250.7 –454.6 –344.9 –352.9 –394.5 –549.6 –576.8 –320.8 –526.7 –359.3 –220.5 –474.4 –229.1 –376.3 –805.3 –180.3 –744.9 –690.4 –160.0 –572.3  Credit market instruments Total  Securities and mortgages  Loans and short-term paper  143.4 112.2 78.7 208.0 267.9 250.8 500.4 274.4 335.3 186.4 473.8 277.5 354.2 235.4 284.2 109.2 198.5 153.8 442.9 318.6 464.4  –462.5 –168.4 240.3 133.3 104.5 198.3 92.5 18.2 209.4 70.9 136.1 332.9 288.7 79.6 48.2 4.1 194.4 36.9 344.1 126.9 138.2  –319.0 –56.2 319.0 341.3 372.5 449.1 592.8 292.5 544.5 257.4 609.8 610.4 642.9 315.0 332.5 113.3 393.0 190.7 787.0 445.4 602.5  Other 2  –48.5 343.0 250.1 467.4 370.0 652.1 671.4 637.4 9.2 339.6 –692.0 –312.0 691.3 349.6 50.0 357.1 420.8 530.5 990.4 543.7 524.3  Total  1,285.0 1,855.7 1,793.6 1,918.5 2,383.9 2,495.6 3,062.2 2,730.8 2,436.4 2,369.7 1,981.6 2,349.2 3,608.1 1,806.7 2,775.8 2,186.3 2,252.4 2,264.3 2,105.0 2,945.6 3,313.2  Capital expenditures 3  1,077.2 1,300.4 1,425.0 1,611.3 1,676.0 1,822.0 1,925.1 1,779.7 1,887.4 2,051.0 1,831.9 1,857.3 1,927.4 1,932.9 1,984.7 1,988.5 2,094.0 2,136.8 2,170.5 2,136.7 2,121.6  Increase in financial assets  207.8 555.3 368.6 307.2 707.9 673.6 1,137.1 951.1 549.0 318.7 149.7 491.9 1,680.7 –126.2 791.1 197.8 158.4 127.5 –65.5 808.9 1,191.6  Discrepancy (sources less uses)  –140.3 36.1 293.2 555.7 118.9 338.7 2.6 –112.7 –187.1 37.5 –183.8 –50.8 –488.1 –25.8 –414.5 –490.5 910.8 144.4 1,392.5 276.3 –298.5  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 2009: Dec ������������������������������������������ 2010: Dec ������������������������������������������ 2011: Dec ������������������������������������������ 2012: Dec ������������������������������������������ 2013: Dec ������������������������������������������ 2014: Dec ������������������������������������������ 2015: Dec ������������������������������������������ 2016: Dec ������������������������������������������ 2017: Dec ������������������������������������������ 2018: Dec ������������������������������������������ 2018: Nov r ����������������������������������������       Dec r ���������������������������������������� 2019: Jan ������������������������������������������       Feb ������������������������������������������       Mar �����������������������������������������       Apr ������������������������������������������       May �����������������������������������������       June ����������������������������������������       July r ���������������������������������������       Aug r ����������������������������������������       Sept r ���������������������������������������       Oct r �����������������������������������������       Nov p ���������������������������������������  Nonrevolving 2  Revolving 2,555.0 2,646.8 2,756.6 2,913.6 3,091.4 3,312.5 3,411.0 3,644.1 3,828.3 4,009.7 3,997.8 4,009.7 4,026.8 4,042.5 4,052.5 4,069.1 4,086.2 4,094.6 4,117.6 4,135.6 4,144.6 4,163.5 4,176.0  916.1 839.1 840.4 840.4 854.7 888.0 906.7 968.0 1,022.1 1,053.5 1,056.2 1,053.5 1,056.7 1,060.3 1,057.5 1,064.3 1,071.9 1,071.2 1,081.5 1,080.6 1,080.8 1,088.7 1,086.3  1,638.9 1,807.7 1,916.2 2,073.2 2,236.7 2,424.5 2,504.3 2,676.2 2,806.1 2,956.2 2,941.6 2,956.2 2,970.2 2,982.3 2,995.1 3,004.9 3,014.2 3,023.5 3,036.0 3,055.0 3,063.7 3,074.8 3,089.7  Total  Nonrevolving 2  Revolving –88.8 91.8 109.8 157.0 177.8 221.1 98.5 233.1 184.2 181.4 21.9 11.9 17.1 15.7 10.0 16.6 17.1 8.4 23.0 18.0 9.0 18.9 12.5  –87.9 –77.0 1.3 .0 14.3 33.3 18.7 61.3 54.1 31.4 7.0 –2.7 3.2 3.6 –2.8 6.8 7.6 –.7 10.3 –.9 .2 7.9 –2.4  –0.9 168.8 108.5 157.0 163.5 187.8 79.8 171.9 129.9 150.1 14.9 14.6 14.0 12.1 12.8 9.8 9.3 9.3 12.5 19.0 8.7 11.1 14.9  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 2011  2012  2013  2014  2015  2016  0  2017  2018  SOURCE: SEE TABLE BELOW  2019  COUNCIL OF ECONOMIC ADVISERS  [Percent per annum] Chart 30 - Dec 2019  U.S. Treasury security yields Period  2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2018: Dec ����������� 2019: Jan �����������       Feb �����������       Mar ����������       Apr �����������       May ����������       June ���������       July ����������       Aug ����������       Sept ���������       Oct �����������       Nov ����������       Dec ����������� Week ended: 2019:  Dec 14 ������           21 ������           28 ������ 2020:  Jan   4 ������            11 ������  3-month bills (at auction) 1  Constant maturities 2 3-year  10-year  30-year  High-grade municipal bonds (Standard & Poor’s) 3  Corporate Aaa bonds (Moody’s)  Discount window primary credit (N.Y. F.R. Bank) 4  Prime rate charged by banks 4  Federal funds rate 5  New-home mortgage yields (FHFA) 6  0.14 .06 .09 .06 .03 .06 .33 .94 1.94 2.08 2.38 2.41 2.40 2.41 2.38 2.35 2.20 2.13 1.97 1.93 1.68 1.55 1.54  1.11 .75 .38 .54 .90 1.02 1.00 1.58 2.63 1.94 2.67 2.52 2.48 2.37 2.31 2.16 1.78 1.80 1.51 1.59 1.53 1.61 1.63  3.22 2.78 1.80 2.35 2.54 2.14 1.84 2.33 2.91 2.14 2.83 2.71 2.68 2.57 2.53 2.40 2.07 2.06 1.63 1.70 1.71 1.81 1.86  4.25 3.91 2.92 3.45 3.34 2.84 2.59 2.89 3.11 2.58 3.10 3.04 3.02 2.98 2.94 2.82 2.57 2.57 2.12 2.16 2.19 2.28 2.30  4.16 4.29 3.14 3.96 3.78 3.48 3.07 3.36 3.53 3.38 3.69 3.61 3.57 3.43 3.27 3.11 2.87 3.32 3.61 3.57 3.67 3.26 3.26  4.94 4.64 3.67 4.24 4.16 3.89 3.67 3.74 3.93 3.39 4.02 3.93 3.79 3.77 3.69 3.67 3.42 3.29 2.98 3.03 3.01 3.06 3.01  0.72 .75 .75 .75 .75 .76 1.01 1.60 2.41 2.78 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 2.75 2.50 2.25 2.25 2.25  3.25 3.25 3.25 3.25 3.25 3.26 3.51 4.10 4.91 5.28 5.50 5.50 5.50 5.50 5.50 5.50 5.50 5.50 5.25 5.00 4.75 4.75 4.75  0.18 .10 .14 .11 .09 .13 .39 1.00 1.83 2.16 2.27 2.40 2.40 2.41 2.42 2.39 2.38 2.40 2.13 2.04 1.83 1.55 1.55  4.80 4.56 3.69 4.00 4.22 4.01 3.76 3.97 4.53 ������������������������� 4.84 4.76 4.60 4.51 4.34 ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� �������������������������  1.52 1.54 1.56 1.52 1.52  1.65 1.66 1.64 1.59 1.58  1.84 1.91 1.90 1.88 1.84  2.27 2.33 2.33 2.33 2.32  3.23 3.25 3.27 3.26 3.04  3.00 3.01 3.00 3.00 3.03  2.25 2.25 2.25 2.25 2.25  4.75 4.75 4.75 4.75 4.75  1.55 1.55 1.55 1.55 1.55  ������������������������� ������������������������� ������������������������� ������������������������� �������������������������  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) 15,000 14,000 13,000  INDEX, DEC. 31, 2002=5,000 (RATIO SCALE) 15,000 14,000 13,000  COMPOSITE STOCK PRICE INDEX (NYSE)  12,000  12,000  11,000  11,000  10,000  10,000  9,000  9,000  8,000  8,000  7,000  7,000  6,000  6,000  5,000 2011  2012  2014  2013  2015  5,000 2016  2017  2018  PERCENT 20  2019 PERCENT 20  15  15 EARNINGS/PRICE RATIO ON COMMON STOCKS (S&P)  10  10  5  5 0  0 2011  2012  2013  2014  2015  2017  2016  SOURCES: NEW YORK STOCK EXCHANGE, STANDARD AND POOR'S, AND BLOOMBERG  2018  2019  COUNCIL OF ECONOMIC ADVISERS  Common stock yields (percent) 6  Common stock prices 1  Chart 31 - Dec 2019  New York Stock Exchange indexes (December 31, 2002=5,000) 2  Period Composite 2010 ��������������������� 2011 ��������������������� 2012 ��������������������� 2013 ��������������������� 2014 ��������������������� 2015 ��������������������� 2016 ��������������������� 2017 ��������������������� 2018 ��������������������� 2019 ��������������������� 2018: Dec ������������ 2019: Jan ������������       Feb ������������       Mar �����������       Apr ������������       May �����������       June ����������       July �����������       Aug �����������       Sept ����������       Oct ������������       Nov �����������       Dec ������������ Week ended: 2019:  Dec 14 �������           21 �������           28 ������� 2020:  Jan   4 �������            11 �������  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  7,230.42 7,871.41 8,011.65 9,426.77 10,653.17 10,676.70 10,380.08 11,843.74 12,647.54 12,864.17 11,624.26 11,879.58 12,511.60 12,629.33 12,923.50 12,671.64 12,831.18 13,176.12 12,629.44 13,013.64 12,956.90 13,432.91 13,714.16  4,744.05 4,641.01 4,616.63 5,805.54 6,448.33 6,559.24 6,124.93 7,509.81 7,963.02 7,982.51 7,108.30 7,353.52 7,699.58 7,729.97 7,953.04 7,895.78 7,945.69 8,175.83 7,787.16 8,085.56 8,130.36 8,446.55 8,587.12  10,943.85 12,880.35 12,512.31 13,490.83 14,598.07 11,332.43 10,204.95 10,699.23 11,440.86 10,016.30 9,737.22 10,051.55 10,526.02 10,654.58 10,872.95 10,232.32 10,067.50 10,193.34 9,186.28 9,608.08 9,382.09 9,679.49 9,741.43  6,230.62 6,847.80 7,503.05 9,250.02 11,195.85 12,718.18 12,182.85 13,366.56 15,054.70 16,162.10 15,388.60 15,227.49 15,862.20 16,033.24 15,707.83 15,592.73 16,119.85 16,389.26 16,064.03 16,106.87 16,088.92 16,981.52 17,771.28  10,662.80 11,966.36 12,967.08 14,999.67 16,773.99 17,590.61 17,908.08 21,741.91 25,045.75 26,378.41 23,805.55 24,157.80 25,605.53 25,722.62 26,401.58 25,744.79 26,160.10 27,089.19 26,058.23 26,900.21 26,736.80 27,797.05 28,167.01  1,139.31 1,268.89 1,379.56 1,642.51 1,930.67 2,061.20 2,092.39 2,448.22 2,744.68 2,912.50 2,567.31 2,607.39 2,754.86 2,803.98 2,903.80 2,854.71 2,890.17 2,996.11 2,897.50 2,982.16 2,977.68 3,104.90 3,176.75  2,347.70 1.97 6.04 2,680.42 1.99 6.77 2,965.77 2.09 6.20 3,537.69 2.08 5.57 4,374.31 1.94 5.25 4,943.49 2.05 4.59 4,982.49 2.18 4.17 6,231.28 1.97 4.22 7,419.27 1.90 4.66 7,936.85 �������������������������� ���������������������������� 6,814.29 2.10 5.28 6,979.66 2.07 ���������������������������� 7,430.08 1.98 ���������������������������� 7,629.37 1.96 4.74 7,993.15 1.90 ���������������������������� 7,804.82 1.95 ���������������������������� 7,825.46 1.94 4.60 8,205.60 1.88 ���������������������������� 7,910.93 1.96 ���������������������������� r 4.46 8,087.70 1.92 8,079.28 1.93 ���������������������������� 8,517.58 1.87 ���������������������������� 8,778.59 �������������������������� ����������������������������  13,615.01 13,822.13 13,919.92 13,927.18 13,946.06  8,543.88 8,658.75 8,672.61 8,702.56 8,674.62  9,609.41 9,849.83 10,027.16 10,063.87 10,129.01  17,558.80 17,937.56 18,132.49 18,047.07 18,100.10  27,994.01 28,314.88 28,583.41 28,626.07 28,762.56  3,149.50 3,200.34 3,231.83 3,236.19 3,255.31  8,668.85 8,855.50 8,981.89 9,007.89 9,130.31  �������������������������� �������������������������� �������������������������� �������������������������� ��������������������������  ���������������������������� ���������������������������� ���������������������������� ���������������������������� ����������������������������  1 Annual data are averages of monthly figures. Monthly and weekly data are averages of daily closing prices. 2 Includes all the stocks (in 2018, over 2,700) listed on the NYSE. 3 Includes 30 stocks. 4 Includes 500 stocks. 5 Includes over 3,000 stocks in 2018. 6 Dividend/price ratios based on end of period closing prices. Earnings/price ratios based on prices at end of quarter.  Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor’s, Nasdaq Stock Market, and Bloomberg.  31  FEDERAL FINANCE. Federal Receipts, Outlays, and Debt In the first three months of fiscal year 2020, the deficit was $356.6 billion, compared with a deficit of $318.9 billion a year earlier. BILLIONS OF DOLLARS 4,800 RECEIPTS AND OUTLAYS1 4,600  BILLIONS OF DOLLARS 4,800 4,600 4,400  4,400 4,200  4,200  OUTLAYS1  4,000  4,000  3,800  3,800  3,600  3,600  3,400  3,400 3,200  3,200 3,000  3,000  1  RECEIPTS  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  400  SURPLUS OR DEFICIT (–)1  400  0  0  –400  –400  –800  –800  –1,200  –1,200  –1,600  –1,600  –2,000  –2,000 2011  2012  2013  2014  2015  2016  2017  2018  2019  2020  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 2001 ���������������������������������������������������� 2002 ���������������������������������������������������� 2003 ���������������������������������������������������� 2004 ���������������������������������������������������� 2005 ���������������������������������������������������� 2006 ���������������������������������������������������� 2007 ���������������������������������������������������� 2008 ���������������������������������������������������� 2009 ���������������������������������������������������� 2010 ���������������������������������������������������� 2011 ���������������������������������������������������� 2012 ���������������������������������������������������� 2013 ���������������������������������������������������� 2014 ���������������������������������������������������� 2015 ���������������������������������������������������� 2016 ���������������������������������������������������� 2017 ���������������������������������������������������� 2018 ���������������������������������������������������� 2019 1 �������������������������������������������������� 2020 (estimates) ��������������������������������� Cumulative total, first 3 months: 2 Fiscal year 2019 ���������������������������������� Fiscal year 2020 ����������������������������������  Outlays  Chart 32 - Oct 2019  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  1,991.1 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 3,316.2 3,329.9 3,462.2 3,631.9  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 3,526.6 3,454.9 3,506.3 3,691.8 3,852.6 3,981.6 4,109.0 4,446.6 4,677.0  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 –1,076.6 –679.8 –484.8 –442.0 –584.7 –665.4 –779.1 –984.4 –1,045.1  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 2,465.6 2,475.2 2,547.9 2,685.4  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 3,019.0 2,821.1 2,800.2 2,948.8 3,077.9 3,180.4 3,260.5 3,540.0 3,714.4  –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 –1,138.5 –719.2 –514.3 –469.3 –620.2 –714.9 –785.3 –992.1 –1,029.0  507.5 515.3 523.8 534.7 577.5 608.4 635.1 658.0 654.0 631.7 565.8 569.5 673.3 735.6 770.4 810.2 850.6 854.7 914.3 946.5  346.8 355.7 363.0 379.5 402.2 422.1 453.6 474.8 517.0 554.7 498.6 507.6 633.8 706.1 743.1 774.7 801.2 848.6 906.6 962.6  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 6.2 7.7 –16.1  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 19,539.5 20,205.7 21,462.3 22,668.0 23,918.8  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 14,167.6 14,665.4 15,749.6 16,802.8 17,931.2  771.2 806.5  1,090.2 1,163.1  –318.9 –356.6  573.3 596.4  892.4 948.9  –319.1 –352.5  198.0 210.1  197.8 214.2  0.2 –4.1  21,914.6 23,140.1  16,090.8 17,153.9  1 Data for fiscal year 2019 are from Final Monthly Treasury Statement issued October 25, 2019 .  2 Data from current issue Monthly Treasury Statement.  Note: Data for fiscal year 2020 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2020, issued July 19, 2019. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 2020, issued March 11, 2019. Sources: Department of the Treasury and Office of Management and Budget.  32  Federal Receipts by Source and Outlays by Function In the first three months of fiscal year 2020, receipts were $35.3 billion higher than a year earlier and outlays were $72.9 billion higher. BILLIONS OF DOLLARS 2,000 1  RECEIPTS  BILLIONS OF DOLLARS 2,000  INDIVIDUAL INCOME TAXES  1,600  1,600  1,200  1,200  800  SOCIAL INSURANCE AND RETIREMENT RECEIPTS  800  CORPORATION INCOME TAXES  OTHER RECEIPTS  400  400  0  0  4,200 4,000 3,800 3,600 3,400 3,200 3,000 2,800 2,600 2,400 2,200 2,000 1,800 1,600  4,200 4,000 3,800 3,600 3,400 3,200 3,000 2,800 2,600 2,400 2,200 2,000 1,800 1,600  OUTLAYS1  NONDEFENSE  800  800 600  600 NATIONAL DEFENSE  400  400 200  200 2011  2012  2013  2014  2015  2016  2017  2018  2019  2020  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 - Oct 2019  On-budget and off-budget receipts  Fiscal year or period  2001 ���������������������������������������������������� 2002 ���������������������������������������������������� 2003 ���������������������������������������������������� 2004 ���������������������������������������������������� 2005 ���������������������������������������������������� 2006 ���������������������������������������������������� 2007 ���������������������������������������������������� 2008 ���������������������������������������������������� 2009 ���������������������������������������������������� 2010 ���������������������������������������������������� 2011 ���������������������������������������������������� 2012 ���������������������������������������������������� 2013 ���������������������������������������������������� 2014 ���������������������������������������������������� 2015 ���������������������������������������������������� 2016 ���������������������������������������������������� 2017 ���������������������������������������������������� 2018 ���������������������������������������������������� 2019 1 �������������������������������������������������� 2020 (estimates)  �������������������������������� Cumulative total, first 3 months: 2 Fiscal year 2019 ���������������������������������� Fiscal year 2020 ����������������������������������  On-budget and off-budget outlays National defense  Indi- Corporavidual tion income income taxes taxes  Social insurance and retirement receipts  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 3,316.2 3,329.9 3,462.2 3,631.9  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 1,683.5 1,717.9 1,805.4  151.1 148.0 131.8 189.4 278.3 353.9 370.2 304.3 138.2 191.4 181.1 242.3 273.5 320.7 343.8 299.6 297.0 204.7 230.2 253.1  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 1,170.7 1,243.1 1,290.2  151.7 146.0 143.9 148.4 154.0 171.2 164.7 173.7 160.5 207.9 212.1 230.2 237.4 282.7 300.0 307.3 270.1 270.9 271.0 283.1  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 3,526.6 3,454.9 3,506.3 3,691.8 3,852.6 3,981.6 4,109.0 4,446.6 4,677.0  304.7 348.5 404.7 455.8 495.3 521.8 551.3 616.1 661.0 693.5 705.6 677.9 633.4 603.5 589.7 593.4 598.7 631.2 687.6 730.1  290.2 331.8 387.1 436.4 474.1 499.3 528.5 594.6 636.7 666.7 678.1 650.9 607.8 577.9 562.5 565.4 568.9 600.7 654.0 696.9  16.5 22.3 21.2 26.9 34.6 29.5 28.5 28.9 37.5 45.2 45.7 36.8 46.5 46.9 52.0 45.3 46.3 49.0 52.7 51.1  172.2 196.5 219.5 240.1 250.5 252.7 266.4 280.6 334.3 369.1 372.5 346.7 358.3 409.4 482.2 511.3 533.1 551.2 584.8 617.8  217.4 230.9 249.4 269.4 298.6 329.9 375.4 390.8 430.1 451.6 485.7 471.8 497.8 511.7 546.2 594.5 597.3 588.7 651.0 688.2  269.8 312.7 334.6 333.1 345.8 352.5 366.0 431.3 533.2 622.2 597.3 541.3 536.5 513.6 508.8 514.1 503.5 495.3 515.4 505.4  433.0 456.0 474.7 495.5 523.3 548.5 586.2 617.0 683.0 706.7 730.8 773.3 813.6 850.5 887.8 916.1 944.9 987.8 1,044.4 1,098.7  206.2 170.9 153.1 160.2 184.0 226.6 237.1 252.8 186.9 196.2 230.0 220.4 220.9 229.0 223.2 240.0 262.6 325.0 375.6 421.4  243.1 273.1 302.6 311.8 339.8 393.5 317.9 365.2 651.6 372.6 435.5 458.3 347.9 341.7 401.9 437.9 495.2 480.9 535.0 564.2  771.2 806.5  372.8 384.9  53.1 65.4  274.1 289.6  71.2 66.6  1,090.2 1,163.1  179.8 196.3  171.9 187.3  12.1 11.9  142.2 149.8  153.3 165.5  114.5 117.1  251.4 266.2  99.6 99.4  137.3 156.9  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 2019 are from Final Monthly Treasury Statement issued October 25, 2019. 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 2020 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2020, issued July 19, 2019. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 2020, issued March 11, 2019. Sources: Department of the Treasury and Office of Management and Budget.  33  Federal Sector, National Income Accounts Basis In the third quarter of 2019, according to revised estimates, Federal current receipts data rose $15.7 billion (annual rate), while Federal current expenditures rose $39.3 billion. BILLIONS OF DOLLARS 5,200  BILLIONS OF DOLLARS 5,200  SEASONALLY ADJUSTED ANNUAL RATES  4,800  4,800 4,400  4,400  CURRENT EXPENDITURES  4,000  4,000  3,600  3,600 3,200  3,200 CURRENT RECEIPTS  2,800  2,800  2,400  2,400  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 2010  2011  2012  2013  2014  2015  2016  2017  2018  2019  CALENDAR YEARS SOURCE: DEPARTMENT OF COMMERCE  COUNCIL OF ECONOMIC ADVISERS  [Billions of dollars; quarterly data at seasonally adjusted annual rates] Chart 34 - Dec 2019  Federal Government current receipts  Federal Government current expenditures  Current tax receipts  Period  Calendar year: 2009 ������������� 2010 ������������� 2011 ������������� 2012 ������������� 2013 ������������� 2014 ������������� 2015 ������������� 2016 ������������� 2017 ������������� 2018 ������������� 2017: I ���������������       II ��������������       III �������������       IV ������������� 2018: I ���������������       II ��������������       III �������������       IV ������������� 2019: I ���������������       II ��������������       III r �����������  Total  2,239.5 2,444.0 2,572.8 2,700.3 3,139.0 3,292.0 3,446.0 3,460.3 3,526.4 3,497.7 3,532.2 3,496.2 3,535.8 3,541.5 3,446.9 3,469.3 3,545.4 3,529.0 3,576.7 3,606.3 3,622.0  Total 1  1,123.7 1,273.6 1,478.4 1,573.0 1,744.9 1,900.1 2,023.1 2,019.4 2,019.2 1,956.1 1,987.6 2,003.7 2,042.9 2,042.4 1,921.5 1,943.5 1,971.4 1,987.9 2,018.6 2,027.6 2,036.3  Contributions for Income Taxes govern- receipts Taxes Personal on ment on on current production corporate social assets taxes and insurincome imports ance 866.2 943.2 1,130.3 1,165.8 1,302.3 1,403.1 1,530.6 1,546.5 1,613.1 1,620.2 1,581.6 1,601.8 1,622.1 1,647.0 1,605.3 1,613.5 1,628.3 1,633.9 1,688.0 1,691.3 1,706.2  91.4 96.8 108.6 115.2 125.5 136.3 140.3 136.4 128.7 160.8 125.5 127.9 129.5 132.0 150.1 153.1 159.7 180.3 166.1 161.7 171.5  153.0 219.4 224.0 274.7 298.4 339.6 329.1 311.9 251.5 147.4 255.6 248.5 265.4 236.5 139.2 149.2 156.2 144.9 136.6 146.0 130.1  950.7 970.9 903.2 938.0 1,091.8 1,140.1 1,190.8 1,224.9 1,283.8 1,339.4 1,264.6 1,276.5 1,288.7 1,305.5 1,327.3 1,333.9 1,345.1 1,351.4 1,390.4 1,399.2 1,409.8  1 Includes taxes from the rest of the world, not shown separately. 2 Includes Federal grants-in-aid to State and local governments, not shown separately.  Source: Department of Commerce (Bureau of Economic Analysis).  34  97.0 133.8 130.4 141.1 243.1 171.7 159.5 138.0 137.8 118.6 161.3 141.2 128.5 120.4 115.7 109.2 124.6 125.0 106.3 119.7 97.7  Current transfer receipts  67.2 68.1 67.1 56.1 69.3 87.3 76.1 79.6 84.6 86.0 117.9 73.5 74.6 72.6 82.2 84.0 107.5 70.3 68.5 68.2 86.3  Current surplus of government enterprises  0.9 –2.4 –6.3 –7.8 –10.1 –7.1 –3.5 –1.6 1.0 –2.5 .8 1.3 1.2 .6 .2 –1.3 –3.2 –5.6 –7.2 –8.3 –8.1  Total  3,488.4 3,769.1 3,814.7 3,779.0 3,776.9 3,896.3 4,016.0 4,137.4 4,251.1 4,507.4 4,217.2 4,195.4 4,242.9 4,349.1 4,423.2 4,483.1 4,526.8 4,596.6 4,699.6 4,794.2 4,833.5  ConCurrent sumption transfer Interest Subsidies expendipaypayments tures ments 2  935.6 1,000.7 1,003.3 999.3 956.9 951.2 956.3 968.6 992.6 1,056.9 978.2 987.2 993.0 1,011.9 1,033.9 1,052.5 1,068.1 1,073.1 1,091.6 1,110.5 1,121.1  2,141.3 2,332.7 2,326.6 2,299.5 2,344.4 2,448.4 2,573.7 2,653.4 2,722.0 2,846.0 2,699.8 2,694.8 2,728.6 2,765.0 2,809.5 2,841.9 2,851.3 2,881.3 2,992.7 3,017.4 3,045.7  354.5 381.5 425.4 422.6 416.3 439.1 429.3 454.1 475.9 540.7 479.9 455.2 458.7 509.9 521.1 530.6 549.5 561.4 543.4 605.1 584.8  56.9 54.2 59.5 57.6 59.2 57.6 56.7 61.3 60.6 63.8 59.3 58.1 62.6 62.3 58.8 58.0 57.8 80.7 72.0 61.3 82.0  Net Federal Government saving  –1,248.9 –1,325.1 –1,242.0 –1,078.6 –637.9 –604.3 –570.1 –677.0 –724.7 –1,009.8 –685.0 –699.2 –707.1 –807.6 –976.3 –1,013.8 –981.3 –1,067.6 –1,122.9 –1,188.0 –1,211.5  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  2009 r ������������� 89.2 90.2 88.7 95.4 84.4 98.3 99.0 214.537 197.9 118.7 2010 ��������������� 94.1 95.6 102.5 99.7 93.5 105.2 102.4 218.056 201.4 117.8 2011 ��������������� 97.1 100.1 99.8 102.5 100.3 106.1 102.4 224.939 207.2 117.5 2012 ��������������� 100.0 100.0 100.0 100.0 100.0 100.0 100.0 229.594 210.4 117.5 2013 ��������������� 102.0 101.7 99.8 99.6 100.1 96.9 99.0 232.957 212.4 117.9 2014 ��������������� 105.2 106.7 101.8 98.5 101.5 96.3 100.5 236.736 216.4 121.1 2015 ��������������� 104.1 106.3 100.6 99.9 102.3 97.3 101.5 237.017 218.8 122.1 r 2016  ������������� 102.1 106.3 100.8 100.5 103.6 99.3 102.7 240.007 222.0 121.9 2017 ��������������� 104.4 112.1 103.7 102.8 107.0 103.0 104.5 245.120 225.5 122.5 2018 r ������������� 108.6 116.5 104.8 103.0 108.0 103.5 105.3 251.107 230.6 123.7 2019 p ������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 2018: Nov r ���� 110.5 116.4 105.3 102.6 105.8 102.3 104.9 252.038 230.8 124.3       Dec r ���� 110.6 116.1 105.4 102.6 106.6 101.5 104.3 251.233 230.7 123.9 r 2019: Jan  ���� 110.1 115.3 102.8 104.3 105.5 103.3 105.5 251.712 231.0 123.9       Feb r ���� 109.6 114.3 103.5 104.5 105.5 104.0 105.8 252.776 232.6 123.9       Mar r ��� 109.7 116.1 102.9 103.1 106.2 102.8 107.0 254.202 234.1 123.9       Apr r ���� 109.0 117.6 103.5 103.6 103.6 102.2 103.6 255.548 235.1 124.3 r       May  ��� 109.2 117.9 105.6 105.6 104.3 103.0 104.6 256.092 236.2 124.3 r       June  �� 109.3 117.4 102.0 103.2 102.6 102.7 104.6 256.143 235.7 124.0       July r ��� 109.1 115.4 103.4 103.5 102.1 102.0 104.8 256.571 236.9 124.0       Aug r ���� 109.9 115.6 102.1 102.6 102.9 102.3 104.1 256.558 236.5 124.3 r       Sept  ��� 109.5 115.2 103.9 103.1 101.7 101.9 104.1 256.759 235.5 124.4 p       Oct  ���� 108.5 114.8 99.2 103.6 100.5 101.6 104.4 257.346 236.2 124.8       Nov p ��� 109.7 ��������������� 98.3 103.9 101.5 101.7 103.2 257.208 235.8 124.9       Dec p ��� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������  Germany  184.1 186.9 190.8 194.6 196.3 197.2 197.3 197.7 199.7 203.4 205.7 204.1 204.2 203.3 203.4 205.0 205.7 205.9 206.4 206.0 206.9 206.2 206.1 206.2 207.1  Italy  164.4 166.2 169.6 173.0 175.6 177.2 178.2 179.1 181.8 184.9 187.6 185.7 185.7 184.3 185.0 185.7 187.5 187.9 188.4 189.3 188.9 188.9 189.1 187.7 188.6  United Kingdom  282.2 251.1 286.5 262.7 294.5 276.3 303.5 285.2 307.1 293.9 307.9 300.8 308.0 303.8 307.7 309.1 311.5 320.1 315.0 330.8 317.0 ����������������� 315.5 334.4 315.2 335.6 315.5 332.5 315.8 334.8 316.7 335.0 317.4 338.6 317.4 339.8 317.7 340.3 317.7 340.1 318.9 342.7 317.0 341.9 316.7 341.2 316.1 341.9 316.7 �����������������  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  2009 ��������������� 2010 ��������������� 2011 ��������������� 2012 ��������������� 2013 ��������������� 2014 ��������������� 2015 ��������������� 2016 ��������������� 2017 ��������������� 2018 ��������������� 2018: Nov �����       Dec ������ 2019: Jan ������       Feb ������       Mar �����       Apr ������       May �����       June ����       July �����       Aug �����       Sept ����       Oct r �����       Nov p ���  BOP basis  1,070.3 1,290.3 1,498.9 1,562.6 1,593.7 1,635.6 1,511.4 1,457.4 1,553.6 1,674.3 139.1 136.6 138.1 139.7 141.3 136.8 140.8 137.0 138.3 138.7 136.8 136.2 137.2  IndusFoods, trial Total, feeds, supCensus and plies basis 1 bever- and ages materials 1,056.0 1,278.5 1,482.5 1,545.8 1,578.5 1,621.9 1,503.3 1,451.5 1,546.5 1,666.0 138.5 136.0 137.6 139.0 140.6 136.1 140.2 136.4 137.7 138.1 136.2 135.6 136.6  93.9 107.7 126.2 133.0 136.2 143.7 127.7 130.5 132.7 133.2 10.1 9.9 11.0 10.6 11.1 11.2 12.0 12.0 11.8 12.3 10.8 10.5 10.7  296.5 391.7 501.1 501.2 508.2 505.8 427.0 397.3 464.7 541.7 45.3 44.0 43.8 43.1 44.7 44.6 44.4 44.6 42.8 44.3 44.0 44.6 44.4  81.7 112.0 133.0 146.2 152.7 159.8 151.9 150.4 157.9 158.8 12.6 12.5 13.5 13.9 13.9 13.2 13.8 13.3 13.9 14.3 13.3 13.0 13.4  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 391.2 447.5 494.0 527.2 534.4 551.5 539.5 519.7 533.2 562.9 48.1 46.9 46.3 48.3 47.4 44.7 46.0 44.9 45.7 44.3 45.1 44.7 45.3  Services (BOP basis)  Goods: Imports (customs value)  149.5 165.2 175.3 181.7 188.8 199.0 197.7 193.7 197.7 206.0 17.1 17.1 17.6 17.7 17.9 17.3 18.1 16.2 17.7 16.9 17.4 16.6 17.1  BOP basis  1,580.0 1,939.0 2,239.9 2,303.7 2,294.2 2,385.5 2,273.2 2,207.2 2,358.8 2,561.7 213.2 217.5 211.1 210.7 214.1 208.7 216.9 212.3 211.9 212.9 208.5 204.0 201.1  IndusFoods, trial Total, feeds, supCensus and plies basis 1 bever- and ages materials 1,559.6 1,913.9 2,208.0 2,276.3 2,268.0 2,356.4 2,248.8 2,186.8 2,339.9 2,540.8 211.4 215.8 209.5 208.9 212.4 207.0 215.0 210.6 210.1 211.1 206.8 202.2 199.6  81.6 91.7 107.5 110.3 115.1 125.9 127.8 130.0 137.8 147.4 12.2 12.6 12.3 11.9 13.0 12.8 12.8 12.7 12.8 12.6 12.8 12.4 12.2  462.4 603.1 755.8 730.6 681.5 667.0 486.0 443.3 507.1 575.6 46.4 46.7 43.9 42.7 45.2 44.6 46.3 43.1 44.0 42.5 41.9 41.4 40.8  BOP basis  Auto- Consumer Capital motive vegoods Exports goods hicles, except parts (nonfood) autoexcept motive and enautogines motive 370.5 449.4 510.8 548.7 555.7 594.1 602.5 589.7 639.9 692.6 57.6 59.6 57.1 57.1 57.4 55.6 57.2 56.9 55.4 57.3 56.2 56.6 55.4  157.7 225.1 254.6 297.8 308.8 328.6 349.2 349.9 358.3 372.2 32.0 32.0 31.8 31.7 31.9 30.9 33.2 32.6 32.7 32.0 30.9 29.0 30.1  427.3 483.2 514.1 516.9 531.7 557.1 594.2 583.1 601.5 646.8 53.7 55.8 55.6 56.1 55.4 54.3 55.6 54.7 55.3 57.2 54.7 52.3 51.3  512.7 562.8 627.1 655.7 700.5 741.1 755.3 758.4 799.0 827.0 68.9 69.1 68.9 69.3 69.6 70.1 71.1 71.1 70.6 70.6 70.7 71.1 71.5  Imports  Goods, Census basis Goods  Services  Goods and services  386.8 409.3 435.8 452.0 461.1 480.8 492.0 511.6 543.9 567.3 48.4 49.0 49.0 49.1 49.4 49.2 49.4 49.6 49.7 49.9 50.1 50.2 50.7  –503.6 –635.4 –725.4 –730.4 –689.5 –734.5 –745.5 –735.3 –793.4 –874.8 –72.9 –79.8 –71.9 –69.9 –71.8 –70.9 –74.8 –74.2 –72.4 –73.0 –70.7 –66.7 –63.0  125.9 153.4 191.3 203.7 239.4 260.3 263.3 246.8 255.1 259.7 20.5 20.1 19.9 20.2 20.2 20.9 21.7 21.5 20.9 20.7 20.6 20.9 20.8  –383.8 –495.2 –549.7 –537.4 –461.1 –489.6 –498.5 –503.0 –550.1 –627.7 –53.6 –60.8 –53.1 –50.7 –52.6 –51.0 –54.4 –53.7 –52.7 –53.5 –51.1 –46.9 –43.1  –509.7 –648.7 –741.0 –741.1 –700.5 –749.9 –761.9 –749.8 –805.2 –887.3 –74.1 –80.9 –73.0 –70.9 –72.8 –71.9 –76.1 –75.2 –73.6 –74.2 –71.7 –67.8 –63.9  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 2019, the current account deficit narrowed to $124.1 billion from $125.2 billion in the second quarter. The goods and services deficit fell to $157.4 billion from $159.1 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  2011  2010  2012  2013  2014  2015  2016  2017  SOURCE: DEPARTMENT OF COMMERCE  2018  2019  COUNCIL OF ECONOMIC ADVISERS  [Millions of dollars; quarterly data seasonally adjusted] Chart 36 - Dec 2019  Current Account 1 Goods 2 Period  2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2017:  I  ���������������       II ���������������       III ��������������       IV �������������� 2018:  I  ���������������       II ���������������       III ��������������       IV �������������� 2019: I ����������������       II r �������������       III p ������������  Services  Exports  Imports  Balance on goods  1,070,331 1,290,279 1,498,887 1,562,630 1,593,708 1,635,563 1,511,381 1,457,393 1,553,589 1,674,330 381,680 381,677 387,127 403,106 410,732 427,088 419,545 416,964 419,100 414,694 413,812  1,580,025 1,938,950 2,239,886 2,303,749 2,294,247 2,385,480 2,273,249 2,207,195 2,358,789 2,561,667 578,875 582,901 582,711 614,303 631,449 633,485 647,447 649,288 635,844 637,911 633,370  –509,694 –648,671 –740,999 –741,119 –700,539 –749,917 –761,868 –749,801 –805,200 –887,338 –197,195 –201,224 –195,584 –211,197 –220,716 –206,396 –227,902 –232,323 –216,744 –223,218 –219,558  Exports 512,722 562,759 627,061 655,724 700,491 741,094 755,310 758,446 798,957 826,980 195,426 196,368 201,350 205,812 207,387 206,103 206,694 206,797 207,870 212,259 211,983  Imports 386,801 409,313 435,761 452,013 461,087 480,761 491,966 511,627 543,880 567,322 132,281 134,821 137,188 139,589 139,778 139,707 142,216 145,620 147,599 148,150 149,784  Balance on services 125,920 153,446 191,300 203,711 239,404 260,333 263,343 246,819 255,077 259,659 63,145 61,547 64,162 66,223 67,608 66,396 64,478 61,177 60,271 64,109 62,199  Balance on goods and services –383,774 –495,225 –549,699 –537,408 –461,135 –489,584 –498,525 –502,982 –550,123 –627,679 –134,050 –139,677 –131,422 –144,974 –153,108 –140,001 –163,424 –171,146 –156,473 –159,108 –157,358  Primary income receipts and payments Receipts 613,249 680,169 755,937 767,972 792,819 824,543 810,073 835,509 933,307 1,084,183 218,217 224,980 239,396 250,714 261,844 272,285 273,570 276,483 278,138 286,142 282,007  Payments 498,089 511,948 544,853 560,497 586,842 606,152 606,464 636,855 707,508 830,198 164,608 175,374 179,703 187,823 195,472 209,456 208,846 216,424 221,275 219,517 213,288  Balance on primary income 115,160 168,221 211,084 207,475 205,977 218,391 203,608 198,654 225,799 253,985 53,609 49,606 59,693 62,890 66,372 62,829 64,724 60,059 56,864 66,625 68,719  Balance on secondary Income 3 –103,907 –104,261 –107,047 –96,900 –93,643 –94,006 –112,848 –124,022 –115,322 –117,284 –23,854 –32,804 –27,979 –30,686 –27,264 –30,139 –27,039 –32,841 –36,585 –32,726 –35,454  Balance on current account –372,521 –431,265 –445,662 –426,832 –348,801 –365,199 –407,764 –428,349 –439,646 –490,978 –104,295 –122,874 –99,708 –112,769 –114,001 –107,311 –125,739 –143,927 –136,194 –125,210 –124,094  Current account balance as a percentage of GDP –2.6 –2.9 –2.9 –2.6 –2.1 –2.1 –2.2 –2.3 –2.3 –2.4 –2.2 –2.5 –2.0 –2.3 –2.3 –2.1 –2.4 –2.8 –2.6 –2.3 –2.3  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 $47.9 billion in the third quarter of 2019, resulting from a net increase in U.S. financial assets of $123.5 billion plus a net decrease in financial derivatives of $6.5 billion, less a net increase in U.S. liabilities of $164.9 billion. U.S. net borrowing was down from $213.4 billion in the second quarter. BILLIONS OF DOLLARS 900  BILLIONS OF DOLLARS 900  SEASONALLY ADJUSTED  800  800  700  700 600  600 CHANGE IN U.S. LIABILITIES  500  500  400  400  300  300  200  200  100  100  0  0  CHANGE IN U.S. ASSETS ABROAD1  –100  –100  –200  –200  –300  –300  –400  –400 –500  –500  2011  2010  2012  2013  2014  2015  2016  2017  2018  2019  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 2019  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  2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2017:  I  ���������������       II ���������������       III ��������������       IV �������������� 2018:  I  ���������������       II ���������������       III ��������������       IV �������������� 2019: I ����������������       II r �������������       III p ������������  Portfolio Direct investment investment assets assets  –140 131,074 312,597 –157 958,703 349,829 –1,186 492,530 436,615 6,904 176,764 377,239 –412 649,587 392,796 –45 866,523 387,528 –42 202,208 307,058 –152 353,036 318,317 18,950 1,167,447 384,574 3,235 310,827 –78,457 –58 366,412 135,715 –96 293,237 51,002 19,144 372,237 104,782 –40 135,562 93,075 –2 325,143 –46,718 –5 –243,468 –110,279 521 81,893 52,845 2,721 147,259 25,696 0 110,967 7,878 0 142,153 111,272 –10 123,516 33,320  375,883 199,620 85,365 248,760 481,298 582,676 160,410 36,283 569,376 334,033 141,588 154,279 175,975 97,534 290,488 –17,660 83,415 –22,210 –41,876 26,706 18,461  Other investment assets –609,662 407,420 –45,327 –453,695 –221,408 –100,099 –258,968 –3,654 215,187 50,262 89,350 87,805 91,541 –53,508 81,379 –118,596 –54,189 141,668 144,757 1,815 69,852  Reserve assets 4  52,256 1,835 15,877 4,460 –3,099 –3,583 –6,292 2,090 –1,690 4,989 –241 150 –61 –1,539 –7 3,068 –177 2,105 208 2,359 1,882  Net U.S. incurrence of liabilities excluding financial derivatives [net increase in liabilities / financial inflow (+)]  Total  325,644 1,391,042 983,522 632,034 1,052,068 1,109,443 501,121 742,905 1,549,024 735,583 428,036 454,247 507,154 159,587 447,658 –126,092 127,770 286,247 126,280 345,893 164,922  Direct investment liabilities  Portfolio investment liabilities  Other investment liabilities  161,082 264,039 263,499 250,343 288,131 251,857 509,087 494,438 354,651 258,392 111,483 98,070 106,739 38,358 62,143 16,603 126,925 52,720 110,079 93,251 37,642  357,352 820,434 311,626 747,017 511,987 697,607 213,910 231,349 792,523 315,676 160,111 259,536 294,395 78,481 301,127 –12,609 12,274 14,884 –42,822 181,016 86,479  –192,789 306,569 408,397 –365,327 251,949 159,979 –221,876 17,118 401,851 161,515 156,442 96,641 106,021 42,748 84,388 –130,087 –11,430 218,644 59,023 71,626 40,801  Financial derivatives other than reserves, net transactions –44,816 –14,076 –35,006 7,064 2,222 –54,335 –27,035 7,827 23,998 –20,721 –5,609 9,306 18,600 1,701 29,139 –15,723 –11,505 –22,632 –21,421 –9,642 –6,456  Net lending (+) or net borrowing (–) from financial account transactions 5 –239,386 –446,415 –525,998 –448,205 –400,259 –297,255 –325,948 –382,042 –357,579 –445,477 –67,234 –151,704 –116,317 –22,324 –93,376 –133,098 –57,381 –161,621 –36,734 –213,382 –47,862  U.S. official reserve assets, Statistical net discrep(unadancy justed, end of period) 4  133,275 –14,992 –79,150 –28,277 –51,046 67,989 81,859 46,460 63,117 42,266 37,119 –28,734 –35,754 90,486 20,626 –25,783 67,837 –20,414 99,461 –88,173 76,242  130,760 132,433 147,953 150,175 144,575 130,090 117,581 117,332 123,313 125,798 118,793 122,015 123,863 123,313 126,510 125,099 123,729 125,798 125,175 128,338 127,595  4 Consists of monetary gold, special drawing rights (SDRs), the U.S. reserve position in the International Monetary Fund (IMF), and other reserve assets, including foreign currencies. 5 Net lending means that U.S. residents are net suppliers of funds to foreign residents, and net borrowing means the opposite.  Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and the Board of Governors of the Federal Reserve System.  37  CONTENTS TOTAL OUTPUT, INCOME, AND SPENDING Page Gross Domestic Product  ........................................................................................................................................................ 	1 Real Gross Domestic Product  ................................................................................................................................................ 	2 Chained Price Indexes For Gross Domestic Product   ............................................................................................................ 	2 Gross Domestic Product and Related Price Measures: Indexes and Percent Changes  ........................................................... 	3 Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits  .......................................................... 	3 National Income  .................................................................................................................................................................... 	4 Real Personal Consumption Expenditures  ............................................................................................................................ 	4 Sources of Personal Income  ................................................................................................................................................... 	5 Disposition of Personal Income  ............................................................................................................................................. 	6 Real Farm Income  ................................................................................................................................................................. 	7 Corporate Profits  ................................................................................................................................................................... 	8 Real Gross Private Domestic Investment  ............................................................................................................................... 	9 Real Private Fixed Investment by Type  .................................................................................................................................. 	10 Business Investment  ............................................................................................................................................................... 	10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force  ....................................................................................................................................................... 	11 Selected Unemployment Rates  .............................................................................................................................................. 	12 Selected Measures of Unemployment and Unemployment Insurance Programs  ................................................................... 	13 Nonagricultural Employment  ................................................................................................................................................ 	14 Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries  ................................ 	15 Employment Cost Index—Private Industry  .......................................................................................................................... 	15 Productivity and Related Data, Business and Nonfarm Business Sectors  .............................................................................. 	16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization  .................................................................................................................... 	17 Industrial Production—Major Market Groups and Selected Manufactures  .......................................................................... 	18 New Construction  ................................................................................................................................................................. 	19 New Private Housing and Vacancy Rates  .............................................................................................................................. 	19 Business Sales and Inventories—Manufacturing and Trade  .................................................................................................. 	20 Manufacturers’ Shipments, Inventories, and Orders  .............................................................................................................. 	21 PRICES Producer Prices  ...................................................................................................................................................................... 	22 Consumer Prices—All Urban Consumers  ............................................................................................................................. 	23 Changes in Producer Prices  ................................................................................................................................................... 	24 Changes in Consumer Prices—All Urban Consumers  .......................................................................................................... 	24 Prices Received and Paid by Farmers  ..................................................................................................................................... 	25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock and Debt Measures  .......................................................................................................................................... 	26 Components of Money Stock  ................................................................................................................................................ 	27 Aggregate Reserves and Monetary Base  ................................................................................................................................. 	27 Bank Credit at All Commercial Banks  .................................................................................................................................. 	28 Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business  .............................................................................. 	29 Consumer Credit  ................................................................................................................................................................... 	29 Interest Rates and Bond Yields  .............................................................................................................................................. 	30 Common Stock Prices and Yields  .......................................................................................................................................... 	31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt  ..................................................................................................................................... 	32 Federal Receipts by Source and Outlays by Function  ............................................................................................................ 	33 Federal Sector, National Income Accounts Basis  ................................................................................................................... 	34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries  ........................................................................... 	35 U.S. International Trade in Goods and Services  .................................................................................................................... 	35 U.S. International Transactions  ............................................................................................................................................. 	36 General Notes Detail in these tables may not add to totals because of rounding. Unless otherwise noted, all dollar figures are in current dollars. Symbols used: p Preliminary.  r Revised.  c Corrected.   ... Not available (also, not applicable).  NSA Not seasonally adjusted.  38