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117th Congress, 1st Session

Economic Indicators
DECEMBER 2020
(Includes data available as of January 8, 2021)

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

UNITED STATES
GOVERNMENT PUBLISHING OFFICE
WASHINGTON : 2021

JOINT ECONOMIC COMMITTEE

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

House of Representatives

Senate

COUNCIL OF ECONOMIC ADVISERS
[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:
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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 2020, according to revised estimates, real gross domestic product (GDP) in chained (2012) dollars
rose 33.4 percent (annual rate), current dollar GDP rose 38.3 percent, and the chained price index rose 3.5 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

GDP
IN CURRENT DOLLARS

18,800

18,800

18,400

18,400

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
2011

2012

2013

2014

2015

2016

2017

2018

SOURCE: DEPARTMENT OF COMMERCE

2019

2020

COUNCIL OF ECONOMIC ADVISERS

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

Period

2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2018: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2019: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2020: I ����������������
      II ���������������
      III r ������������

Gross
domestic
product

14,992.1
15,542.6
16,197.0
16,784.9
17,527.3
18,238.3
18,745.1
19,543.0
20,611.9
21,433.2
20,242.2
20,552.7
20,742.7
20,909.9
21,115.3
21,329.9
21,540.3
21,747.4
21,561.1
19,520.1
21,170.3

Personal
consumption
expenditures

Gross
private
domestic
investment

10,185.8
10,641.1
11,006.8
11,317.2
11,822.8
12,297.5
12,770.0
13,340.4
13,993.3
14,544.6
13,755.5
13,939.9
14,086.3
14,191.4
14,276.6
14,497.3
14,645.3
14,759.2
14,545.5
13,097.3
14,401.5

2,165.5
2,332.6
2,621.8
2,826.0
3,044.2
3,237.2
3,188.3
3,351.1
3,632.9
3,751.2
3,555.0
3,580.9
3,671.7
3,723.9
3,772.8
3,739.7
3,759.8
3,732.6
3,675.9
3,128.6
3,688.2

Exports and imports of
goods and services
Net
exports
–513.9
–579.5
–568.6
–490.8
–507.7
–526.6
–512.5
–555.5
–609.5
–610.5
–589.8
–548.1
–646.4
–653.4
–615.5
–644.7
–631.8
–549.8
–494.3
–545.2
–736.1

Federal
Exports

1,846.3
2,103.0
2,191.3
2,273.4
2,371.7
2,265.9
2,227.2
2,374.6
2,528.7
2,514.8
2,507.2
2,550.3
2,523.9
2,533.4
2,523.5
2,514.6
2,505.2
2,515.7
2,438.7
1,788.2
2,071.6

Imports

2,360.2
2,682.5
2,759.9
2,764.2
2,879.4
2,792.4
2,739.7
2,930.1
3,138.2
3,125.2
3,097.0
3,098.4
3,170.3
3,186.9
3,139.0
3,159.4
3,137.1
3,065.4
2,933.0
2,333.3
2,807.7

Chart 1 - Dec 2020

Government consumption expenditures
and gross investment

Total

3,154.6
3,148.4
3,137.0
3,132.4
3,168.0
3,230.2
3,299.3
3,407.0
3,595.2
3,747.9
3,521.5
3,580.0
3,631.2
3,648.0
3,681.5
3,737.6
3,767.1
3,805.3
3,834.1
3,839.3
3,816.6

Total
1,297.9
1,298.9
1,286.5
1,226.6
1,215.0
1,220.8
1,234.7
1,263.9
1,339.4
1,419.2
1,308.1
1,329.3
1,352.0
1,368.4
1,388.8
1,410.6
1,429.3
1,447.9
1,452.6
1,504.8
1,487.0

National
defense

Nondefense

828.0
834.0
814.2
764.2
743.4
729.7
728.7
747.2
794.3
852.4
770.2
786.8
802.0
818.4
833.0
844.3
857.7
874.7
873.8
876.5
887.7

469.9
465.0
472.4
462.4
471.6
491.0
506.0
516.6
545.1
566.7
537.9
542.5
550.1
550.0
555.8
566.4
571.6
573.3
578.8
628.3
599.3

State
and
local
1,856.7
1,849.4
1,850.5
1,905.8
1,953.0
2,009.4
2,064.6
2,143.2
2,255.7
2,328.7
2,213.4
2,250.7
2,279.1
2,279.6
2,292.7
2,327.0
2,337.8
2,357.4
2,381.6
2,334.5
2,329.6

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

14,938.1
15,496.3
16,125.8
16,680.3
17,443.3
18,101.5
18,716.7
19,526.7
20,554.1
21,384.1
20,197.7
20,541.9
20,664.4
20,812.5
21,016.7
21,276.8
21,499.0
21,744.0
21,613.3
19,818.5
21,171.1

15,506.0
16,122.0
16,765.6
17,275.6
18,034.9
18,764.9
19,257.6
20,098.5
21,221.3
22,043.7
20,832.0
21,100.8
21,389.2
21,563.3
21,730.9
21,974.6
22,172.2
22,297.2
22,055.4
20,065.3
21,906.4

15,187.8
15,779.0
16,429.3
17,015.6
17,768.3
18,458.7
18,977.1
19,835.3
20,896.6
21,702.9
20,556.8
20,844.2
21,002.7
21,182.6
21,361.8
21,601.0
21,820.1
22,028.5
21,804.3
19,672.0
21,381.6

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

2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2018: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2019: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2020: 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
15,598.8
15,840.7
16,197.0
16,495.4
16,912.0
17,432.2
17,730.5
18,144.1
18,687.8
19,091.7
18,530.5
18,654.4
18,752.4
18,813.9
18,950.3
19,020.6
19,141.7
19,254.0
19,010.8
17,302.5
18,596.5

10,643.0
10,843.8
11,006.8
11,166.9
11,497.4
11,934.3
12,264.6
12,587.2
12,928.1
13,240.2
12,798.1
12,898.1
12,983.0
13,033.4
13,093.2
13,212.8
13,301.3
13,353.7
13,118.4
11,860.3
12,924.7

1,781.0
1,935.4
2,118.5
2,206.0
2,365.3
2,420.3
2,433.0
2,524.2
2,698.9
2,776.8
2,651.5
2,691.9
2,709.5
2,742.6
2,770.8
2,771.0
2,783.9
2,781.5
2,733.8
2,525.5
2,659.0

383.0
382.5
432.0
485.5
504.1
555.4
592.1
615.7
612.0
601.5
620.3
617.6
609.1
601.0
598.4
595.2
601.9
610.5
637.6
571.3
645.5

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports

57.3
–565.9
46.7
–568.1
71.2
–568.6
108.7
–532.8
86.3
–577.2
137.6
–719.5
24.5
–763.6
15.8
–816.8
53.4
–877.7
48.5
–917.6
47.3
–833.0
–4.9
–820.2
79.1
–920.3
92.3
–937.3
101.7
–907.4
49.4
–951.4
44.0
–950.2
–1.1
–861.5
–80.9
–788.0
–287.0
–775.1
–3.7 –1,019.0

Exports

Imports

Total

1,977.9
2,119.0
2,191.3
2,269.6
2,365.3
2,375.2
2,382.3
2,475.5
2,549.5
2,546.6
2,553.2
2,565.2
2,531.0
2,548.8
2,560.4
2,531.4
2,536.6
2,557.8
2,495.1
1,927.4
2,166.5

2,543.8
2,687.1
2,759.9
2,802.4
2,942.5
3,094.8
3,145.9
3,292.4
3,427.2
3,464.2
3,386.1
3,385.4
3,451.3
3,486.0
3,467.8
3,482.9
3,486.8
3,419.3
3,283.1
2,702.5
3,185.5

3,307.2
3,203.3
3,137.0
3,061.0
3,033.4
3,088.2
3,144.4
3,172.3
3,229.8
3,303.9
3,204.3
3,227.3
3,247.4
3,240.2
3,260.0
3,300.3
3,317.7
3,337.5
3,347.9
3,368.7
3,327.2

Total
1,346.1
1,311.1
1,286.5
1,215.3
1,183.8
1,183.8
1,190.5
1,194.1
1,227.8
1,277.2
1,211.7
1,222.3
1,235.8
1,241.6
1,245.8
1,273.6
1,288.5
1,301.1
1,306.1
1,356.8
1,335.1

National Nondefense defense
861.3
842.9
814.2
759.6
728.4
713.1
709.6
715.4
739.1
780.2
723.8
733.9
743.5
755.1
765.5
773.7
784.4
797.1
796.5
804.0
810.3

484.8
468.3
472.4
455.6
455.2
470.2
480.4
478.2
488.4
497.1
487.3
488.0
491.9
486.4
480.5
499.7
504.0
504.1
509.6
551.9
524.7

State
and
local
1,961.3
1,892.2
1,850.5
1,845.3
1,848.6
1,902.9
1,952.0
1,976.2
2,000.2
2,025.5
1,990.7
2,003.0
2,009.9
1,997.1
2,012.7
2,025.5
2,028.3
2,035.6
2,041.0
2,013.1
1,993.1

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

15,546.6
15,796.5
16,125.8
16,386.2
16,822.3
17,290.1
17,686.9
18,107.2
18,613.8
19,021.1
18,463.4
18,630.7
18,655.1
18,705.9
18,833.1
18,949.6
19,075.2
19,226.6
19,049.0
17,540.5
18,580.0

16,164.7
16,408.8
16,765.6
17,028.6
17,487.7
18,141.1
18,480.6
18,939.0
19,537.1
19,981.0
19,339.5
19,453.6
19,640.0
19,715.2
19,827.8
19,937.4
20,059.1
20,099.6
19,797.8
18,087.5
19,580.0

15,803.9
16,081.7
16,429.3
16,722.3
17,146.5
17,647.6
17,955.4
18,421.0
18,951.9
19,338.4
18,823.9
18,925.0
18,993.2
19,065.5
19,177.9
19,269.0
19,397.0
19,509.6
19,232.1
17,442.9
18,788.6

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

2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2018: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2019: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2020: I ����������������
      II ���������������
      III r ������������

Gross
domestic
product

96.109
98.112
100.000
101.773
103.647
104.639
105.736
107.751
110.322
112.318
109.292
110.165
110.671
111.159
111.497
112.181
112.602
112.989
113.380
112.860
113.838

Personal consumption
expenditures

Total

95.705
98.131
100.000
101.346
102.830
103.043
104.121
105.984
108.239
109.851
107.485
108.081
108.501
108.889
109.042
109.726
110.108
110.529
110.882
110.435
111.431

Goods

Services

95.183
98.773
100.000
99.407
98.920
95.896
94.325
94.597
95.244
94.785
95.232
95.419
95.317
95.009
94.571
94.985
94.766
94.817
94.599
93.248
94.489

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

2

Gross private
domestic investment

95.957
97.814
100.000
102.316
104.804
106.694
109.160
111.868
114.991
117.744
113.832
114.650
115.356
116.125
116.605
117.436
118.154
118.781
119.456
119.560
120.380

Nonresidential
fixed
97.416
98.559
100.000
100.251
101.469
101.909
101.131
101.994
102.882
104.256
102.442
102.754
103.073
103.257
103.885
104.341
104.457
104.342
104.589
104.800
104.828

Residential
fixed
98.317
99.049
100.000
105.054
111.118
114.114
118.134
123.497
130.470
134.182
128.032
130.203
131.433
132.212
132.981
133.615
134.663
135.468
136.256
136.583
139.703

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Exports

93.348
99.242
100.000
100.168
100.272
95.395
93.490
95.921
99.183
98.751
98.203
99.416
99.718
99.394
98.554
99.335
98.763
98.350
97.739
92.774
95.617

Imports

92.783
99.826
100.000
98.636
97.854
90.001
86.867
88.771
91.334
89.986
91.232
91.292
91.626
91.186
90.291
90.485
89.745
89.426
89.113
86.125
87.919

Total
96.421
99.070
100.000
100.931
102.632
103.128
103.711
105.843
109.089
111.110
107.962
108.763
109.413
110.218
111.479
110.761
110.921
111.281
111.205
110.901
111.373

National
defense
96.128
98.946
100.000
100.609
102.056
102.334
102.696
104.449
107.477
109.256
106.419
107.222
107.874
108.394
108.822
109.118
109.345
109.741
109.701
109.014
109.555

Nondefense
96.942
99.289
100.000
101.478
103.593
104.428
105.342
108.040
111.619
114.014
110.386
111.184
111.832
113.073
115.643
113.332
113.390
113.691
113.561
113.834
114.203

State
and
local
94.669
97.739
100.000
103.279
105.645
105.598
105.770
108.450
112.775
114.969
111.190
112.365
113.398
114.148
113.914
114.890
115.262
115.811
116.688
115.969
116.889

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

2010 ����������������������
2011 ����������������������
2012 ����������������������
2013 ����������������������
2014 ����������������������
2015 ����������������������
2016 ����������������������
2017 ����������������������
2018 ����������������������
2019 ����������������������
2018: I �����������������
      II �����������������
      III ����������������
      IV ����������������
2019: I �����������������
      II �����������������
      III ����������������
      IV ����������������
2020: I �����������������
      II �����������������
      III r ��������������

Real GDP
GDP
(chain-type chain-type
quantity
price
index)
index
96.306
97.800
100.000
101.842
104.415
107.626
109.468
112.021
115.378
117.872
114.407
115.172
115.777
116.157
116.999
117.433
118.181
118.874
117.373
106.825
114.815

GDP
implicit
price
deflator

96.109
98.112
100.000
101.773
103.647
104.639
105.736
107.751
110.322
112.318
109.292
110.165
110.671
111.159
111.497
112.181
112.602
112.989
113.380
112.860
113.838

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

96.111
98.118
100.000
101.755
103.638
104.624
105.722
107.710
110.296
112.265
109.237
110.176
110.614
111.140
111.424
112.141
112.531
112.950
113.415
112.817
113.840

95.705
98.131
100.000
101.346
102.830
103.043
104.121
105.984
108.239
109.851
107.485
108.081
108.501
108.889
109.042
109.726
110.108
110.529
110.882
110.435
111.431

96.608
98.139
100.000
101.526
103.122
104.404
106.102
107.855
110.005
111.875
109.212
109.834
110.232
110.743
111.074
111.666
112.192
112.568
113.027
112.809
113.768

Personal consumption
expenditures (PCE)

Gross domestic product (GDP)
Gross
domestic
purchases
price index

95.923
98.246
100.000
101.468
103.138
103.411
104.175
106.119
108.602
110.329
107.727
108.414
108.918
109.348
109.623
110.211
110.557
110.925
111.324
110.930
111.834

GDP
(current
dollars)
3.8
3.7
4.2
3.6
4.4
4.1
2.8
4.3
5.5
4.0
6.2
6.3
3.8
3.3
4.0
4.1
4.0
3.9
–3.4
–32.8
38.3

Real GDP
GDP
(chain-type chain-type
quantity
price
index)
index
2.6
1.6
2.2
1.8
2.5
3.1
1.7
2.3
3.0
2.2
3.8
2.7
2.1
1.3
2.9
1.5
2.6
2.4
–5.0
–31.4
33.4

GDP
implicit
price
deflator

1.2
2.1
1.9
1.8
1.8
1.0
1.0
1.9
2.4
1.8
2.4
3.2
1.8
1.8
1.2
2.5
1.5
1.4
1.4
–1.8
3.5

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

1.2
2.1
1.9
1.8
1.9
1.0
1.0
1.9
2.4
1.8
2.4
3.5
1.6
1.9
1.0
2.6
1.4
1.5
1.7
–2.1
3.7

1.7
2.5
1.9
1.3
1.5
.2
1.0
1.8
2.1
1.5
2.7
2.2
1.6
1.4
.6
2.5
1.4
1.5
1.3
–1.6
3.7

1.4
1.6
1.9
1.5
1.6
1.2
1.6
1.7
2.0
1.7
2.4
2.3
1.5
1.9
1.2
2.1
1.9
1.3
1.6
–.8
3.4

1.4
2.4
1.8
1.5
1.6
.3
.7
1.9
2.3
1.6
2.9
2.6
1.9
1.6
1.0
2.2
1.3
1.3
1.4
–1.4
3.3

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
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2018: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2019: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2020: I ����������������
      II ���������������
      III r ������������

Price per unit of real gross value added of nonfinancial corporate business (dollars) 1, 2

Gross value added
of nonfinancial
corporate business
(billions of dollars) 1

7,243.5
7,615.7
8,059.5
8,374.5
8,787.3
9,129.2
9,222.7
9,635.8
10,100.8
10,458.2
9,958.5
10,042.2
10,174.9
10,227.5
10,345.5
10,434.8
10,473.3
10,579.3
10,487.3
9,192.0
10,011.4

Chained
(2012)
dollars
7,568.4
7,774.4
8,059.5
8,261.9
8,524.0
8,776.5
8,796.6
9,026.1
9,260.6
9,405.1
9,214.6
9,219.0
9,302.2
9,305.8
9,373.4
9,397.8
9,394.4
9,454.3
9,358.0
8,292.6
8,927.4

Total

0.957
.980
1.000
1.014
1.031
1.040
1.048
1.068
1.091
1.112
1.081
1.089
1.094
1.099
1.104
1.110
1.115
1.119
1.121
1.108
1.121

Compensation
of employees
(unit labor
cost)
0.551
.562
.572
.577
.590
.603
.617
.632
.650
.670
.646
.650
.651
.653
.668
.669
.670
.672
.685
.724
.716

Corporate profits with inventory valuation
and capital consumption adjustments 4

Unit nonlabor cost

Total
0.279
.283
.285
.289
.292
.294
.297
.303
.300
.306
.300
.300
.299
.300
.303
.304
.309
.307
.315
.266
.246

Consumption
of fixed
capital

Net interest
Taxes on
and
production miscellaneous
and imports 3
payments

0.148
.150
.153
.155
.158
.160
.162
.165
.168
.174
.166
.168
.168
.170
.172
.174
.176
.176
.180
.205
.191

0.094
.097
.096
.100
.099
.099
.097
.101
.103
.105
.103
.103
.103
.104
.105
.104
.107
.105
.109
.031
.027

0.037
.036
.036
.034
.034
.035
.037
.037
.028
.026
.031
.029
.027
.026
.026
.026
.026
.026
.026
.030
.028

Total
0.127
.134
.143
.148
.149
.143
.134
.133
.141
.136
.135
.140
.145
.145
.133
.138
.136
.140
.121
.119
.159

Taxes on
corporate
income
0.027
.027
.030
.032
.034
.032
.030
.025
.021
.023
.020
.021
.022
.022
.023
.023
.021
.023
.020
.019
.025

Profits
after
tax 5
0.100
.107
.112
.116
.115
.111
.104
.108
.120
.114
.115
.118
.122
.124
.110
.114
.115
.116
.101
.099
.134

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

2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2018: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2019: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2020: I ����������������
      II ���������������
      III r ������������

ComNational pensation
of
income employees

12,736.8
13,361.3
14,093.1
14,491.3
15,239.9
15,784.6
16,082.7
16,853.9
17,689.6
18,269.1
17,429.5
17,576.2
17,820.5
17,932.0
18,032.7
18,214.0
18,301.8
18,527.8
18,405.5
16,151.0
17,513.2

7,924.9
8,225.9
8,566.7
8,834.2
9,249.1
9,699.4
9,963.9
10,422.5
10,950.1
11,432.4
10,776.1
10,882.3
11,034.1
11,107.8
11,335.3
11,391.7
11,438.0
11,564.8
11,674.4
10,949.5
11,537.3

Rental
income
of
persons
with
capital
conNonfarm
sumption
adjustment

Farm

39.0
64.9
60.9
88.3
69.8
56.2
36.0
41.5
43.0
49.7
40.8
42.3
34.0
55.0
44.2
36.9
58.9
58.7
56.4
38.9
62.8

1,069.7
1,164.4
1,286.4
1,315.3
1,377.9
1,366.7
1,388.7
1,467.4
1,542.9
1,608.0
1,516.9
1,528.4
1,554.4
1,572.0
1,583.4
1,591.6
1,618.1
1,639.0
1,649.6
1,473.0
1,740.2

394.2
478.6
518.0
557.0
604.6
649.0
682.7
721.9
759.3
787.1
745.3
752.4
768.2
771.2
776.6
786.7
789.7
795.5
802.3
796.1
804.4

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

1,728.7
1,809.8
1,997.4
2,010.7
2,120.2
2,060.5
2,023.7
2,114.5
2,243.0
2,250.5
2,206.0
2,225.3
2,258.1
2,282.5
2,181.2
2,263.2
2,246.5
2,311.3
2,035.0
1,826.1
2,325.7

Total

Profits
before
tax

1,786.4
1,750.2
2,144.7
2,165.9
2,266.6
2,184.6
2,124.3
2,130.5
2,132.0
2,232.0
2,088.9
2,112.5
2,149.9
2,176.8
2,154.9
2,246.4
2,231.7
2,294.9
2,053.5
1,844.3
2,342.0

1,834.0
1,818.2
2,156.1
2,151.5
2,264.5
2,128.3
2,125.0
2,183.2
2,186.7
2,237.3
2,156.0
2,185.3
2,195.7
2,209.7
2,188.9
2,243.8
2,203.4
2,313.1
1,994.7
1,793.8
2,426.1

–47.6
–68.0
–11.4
14.4
2.1
56.3
–.7
–52.7
–54.7
–5.3
–67.1
–72.8
–45.9
–32.9
–34.0
2.6
28.4
–18.1
58.9
50.4
–84.1

–57.7
59.6
–147.2
–155.2
–146.4
–124.1
–100.6
–16.0
111.0
18.5
117.1
112.9
108.2
105.7
26.3
16.8
14.7
16.3
–18.5
–18.1
–16.3

465.2
461.7
503.7
465.9
516.1
585.8
577.3
636.4
619.1
573.4
640.0
628.0
613.0
595.3
564.4
572.3
571.0
586.0
588.9
619.3
617.2

Business
Less:
current
Subsidies transfer
payments

1,063.1
1,103.7
1,136.1
1,188.7
1,240.8
1,275.2
1,311.8
1,364.0
1,444.8
1,491.4
1,418.3
1,433.1
1,448.7
1,479.0
1,473.8
1,480.7
1,501.6
1,509.6
1,530.0
1,395.8
1,489.2

55.8
60.0
58.0
59.7
58.1
57.2
61.7
59.9
63.3
73.9
58.2
57.8
57.9
79.5
71.3
61.1
82.0
81.1
75.1
1,086.5
1,213.5

127.9
131.7
97.3
106.9
130.4
154.2
164.6
150.7
156.6
158.0
149.2
147.5
173.9
155.6
152.1
159.7
168.1
152.0
156.8
160.4
169.3

Current
surplus
of
government
enterprises

–20.1
–19.4
–15.4
–15.9
–11.0
–5.3
–4.3
–5.3
–5.8
–7.6
–4.9
–5.3
–6.1
–7.0
–6.9
–7.7
–8.0
–7.9
–12.8
–21.4
–19.5

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

2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2018: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2019: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2020: I ���������������
      II ���������������
      III r ������������

10,643.0
10,843.8
11,006.8
11,166.9
11,497.4
11,934.3
12,264.6
12,587.2
12,928.1
13,240.2
12,798.1
12,898.1
12,983.0
13,033.4
13,093.2
13,212.8
13,301.3
13,353.7
13,118.4
11,860.3
12,924.7

Services

Durable
Total
goods

3,485.7
3,561.8
3,637.7
3,752.2
3,905.1
4,090.9
4,238.9
4,410.6
4,590.2
4,760.5
4,531.6
4,578.5
4,610.7
4,639.8
4,668.6
4,756.3
4,805.2
4,811.8
4,812.9
4,677.4
5,152.4

Total
durable
goods 1

1,027.3
1,079.7
1,144.2
1,214.1
1,301.6
1,400.6
1,481.9
1,584.6
1,692.7
1,774.6
1,661.9
1,690.6
1,703.9
1,714.3
1,718.3
1,770.5
1,797.8
1,811.7
1,752.0
1,744.6
2,028.2

Nondurable

Motor
vehicles
and
parts
360.0
370.1
396.6
415.3
439.4
472.8
488.7
513.0
535.1
532.4
531.0
536.4
535.7
537.1
520.6
534.6
535.1
539.2
495.9
497.3
574.1

Total
nondurable
goods 1
2,461.3
2,482.9
2,493.5
2,538.5
2,605.3
2,693.7
2,762.0
2,834.0
2,910.3
3,001.5
2,881.2
2,900.9
2,920.1
2,938.9
2,962.9
3,001.0
3,023.9
3,018.2
3,070.6
2,947.9
3,154.5

Food and
beverages
purchased
for offpremises
consumption

Gasoline
and
other
energy
goods

Total
services 1

Household
consumption
expenditures

837.7
839.0
846.2
855.5
871.4
884.8
912.4
943.1
965.9
982.0
961.6
964.3
967.1
970.4
969.6
979.9
991.6
987.1
1,055.9
1,040.9
1,055.0

437.9
427.8
421.9
429.7
430.0
450.0
452.1
449.5
447.0
444.9
447.6
448.3
445.1
446.8
446.6
446.7
444.8
441.6
421.3
342.0
400.7

7,157.4
7,282.1
7,369.1
7,415.5
7,594.9
7,849.0
8,035.6
8,195.5
8,367.1
8,520.5
8,293.2
8,348.5
8,401.7
8,425.1
8,457.5
8,498.3
8,541.5
8,584.9
8,365.3
7,306.9
7,919.6

6,859.0
6,969.3
7,027.5
7,069.8
7,249.6
7,511.1
7,682.2
7,841.8
8,002.5
8,167.8
7,938.2
7,986.4
8,039.5
8,045.9
8,100.1
8,145.6
8,188.4
8,237.0
7,949.2
6,832.2
7,525.1

Housing
and
utilities

1,966.8
1,993.0
1,996.3
2,006.4
2,039.9
2,089.3
2,121.4
2,139.0
2,167.3
2,193.0
2,156.1
2,166.4
2,168.7
2,177.7
2,183.0
2,190.4
2,199.5
2,199.1
2,197.4
2,220.6
2,224.5

Health
care

1,761.7
1,788.7
1,821.3
1,832.6
1,892.8
1,994.6
2,074.9
2,123.5
2,174.1
2,232.9
2,154.1
2,165.1
2,193.3
2,183.8
2,208.0
2,229.4
2,234.0
2,260.2
2,161.7
1,782.7
2,095.2

Financial
services
and
insurance

810.5
831.4
820.1
815.2
817.9
837.7
820.9
838.0
840.3
857.9
838.6
837.4
840.7
844.3
853.8
853.7
858.2
865.8
861.4
859.0
871.8

Addendum:
Personal
consumption
expenditures
excluding
food and
energy 2

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

9,151.3
9,363.2
9,531.1
9,667.6
9,978.8
10,384.1
10,682.3
10,973.3
11,275.5
11,567.3
11,155.8
11,243.7
11,330.3
11,372.2
11,433.9
11,541.4
11,615.1
11,678.9
11,405.3
10,212.1
11,212.7

11.6
12.7
14.4
15.5
16.5
17.4
17.5
17.1
17.2
17.0
17.1
17.2
17.0
17.5
16.9
17.0
17.0
16.8
15.0
11.3
15.3

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 fell $221.8 billion (annual rate) in November, following a decline of $127.4 billion in October. Wages
and salaries rose $39.1 billion in November, following an increase of $68.3 billion in October.
BILLIONS OF DOLLARS * (RATIO SCALE)
22,000
20,000

BILLIONS OF DOLLARS* (RATIO SCALE)
22,000
20,000

18,000

18,000

16,000

16,000
TOTAL PERSONAL INCOME

14,000

14,000
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
2012

2013

2014

2015

2016

2017

2018

2019

*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

2020

COUNCIL OF ECONOMIC ADVISERS

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

2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2019: Nov ����������
      Dec �����������
2020: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov p ��������

Total
personal
income

12,551.6
13,326.8
14,010.1
14,181.1
14,991.7
15,724.2
16,160.7
16,948.6
17,851.8
18,551.5
18,788.3
18,800.5
18,973.3
19,116.2
18,763.5
21,093.1
20,246.1
20,032.7
20,213.3
19,691.7
19,842.5
19,715.1
19,493.3

Total

7,924.9
8,225.9
8,566.7
8,834.2
9,249.1
9,699.4
9,963.9
10,422.5
10,950.1
11,432.4
11,575.1
11,603.8
11,714.7
11,824.6
11,483.9
10,660.5
10,962.1
11,225.8
11,399.0
11,556.4
11,656.4
11,734.6
11,784.9

Wages
and
salaries

Supplements to
wages
and
salaries

6,372.1
6,625.9
6,927.5
7,113.2
7,475.2
7,859.5
8,089.1
8,471.5
8,894.2
9,309.3
9,431.8
9,456.5
9,560.8
9,659.3
9,358.1
8,661.9
8,925.4
9,139.1
9,288.2
9,426.7
9,514.6
9,582.9
9,622.0

1,552.9
1,600.0
1,639.2
1,721.0
1,773.9
1,839.9
1,874.7
1,951.1
2,055.9
2,123.1
2,143.2
2,147.2
2,153.9
2,165.3
2,125.8
1,998.7
2,036.6
2,086.8
2,110.8
2,129.7
2,141.8
2,151.6
2,162.9

Proprietors’ income 1

Farm

39.0
64.9
60.9
88.3
69.8
56.2
36.0
41.5
43.0
49.7
79.3
45.6
44.5
79.8
44.9
33.7
22.9
60.2
47.4
71.7
69.3
150.0
82.7

Nonfarm

1,069.7
1,164.4
1,286.4
1,315.3
1,377.9
1,366.7
1,388.7
1,467.4
1,542.9
1,608.0
1,638.3
1,649.9
1,674.7
1,682.5
1,591.7
1,410.7
1,470.0
1,538.2
1,653.2
1,736.2
1,831.3
1,779.8
1,683.8

Personal income receipts on assets
Rental
income
of
persons 2

394.2
478.6
518.0
557.0
604.6
649.0
682.7
721.9
759.3
787.1
795.3
799.3
800.8
802.3
803.9
799.9
796.6
791.7
797.9
803.7
811.6
814.6
818.7

Total

1,782.3
1,950.9
2,165.6
2,066.3
2,302.2
2,472.2
2,551.7
2,738.5
2,946.7
2,967.9
2,978.6
2,983.9
2,990.1
2,984.1
2,978.8
2,945.1
2,908.9
2,876.6
2,870.5
2,847.9
2,838.6
2,854.2
2,872.0

Personal
interest
income
1,238.5
1,269.4
1,330.5
1,273.0
1,349.0
1,439.1
1,474.3
1,577.6
1,641.6
1,677.4
1,694.0
1,697.0
1,688.5
1,679.8
1,671.0
1,654.0
1,637.0
1,619.9
1,628.4
1,619.1
1,611.8
1,617.9
1,621.9

Personal
dividend
income
543.9
681.5
835.1
793.3
953.2
1,033.1
1,077.4
1,160.8
1,305.1
1,290.4
1,284.6
1,286.9
1,301.7
1,304.4
1,307.8
1,291.1
1,271.8
1,256.7
1,242.0
1,228.8
1,226.8
1,236.4
1,250.0

Personal
current
transfer
receipts 3

2,325.2
2,358.7
2,363.0
2,424.3
2,541.5
2,685.4
2,776.8
2,855.1
2,970.3
3,125.2
3,155.9
3,155.0
3,203.8
3,211.2
3,291.4
6,597.8
5,478.0
4,958.3
4,882.0
4,128.2
4,097.5
3,849.8
3,723.0

Less:
Chart
5 - Dec 2020
Contributions
for
government
social
insurance,
domestic
983.7
916.7
950.5
1,104.3
1,153.6
1,204.7
1,239.1
1,298.4
1,360.4
1,418.8
1,434.2
1,436.9
1,455.4
1,468.2
1,431.1
1,354.6
1,392.3
1,418.1
1,436.6
1,452.3
1,462.3
1,467.9
1,471.8

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

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

5

Disposition of Personal Income
According to revised estimates, per capita disposable personal income in chained (2012) dollars fell 16.7 percent
(annual rate) in the third quarter of 2020.
BILLIONS OF DOLLARS* (RATIO SCALE)
20,000
19,000

BILLIONS OF DOLLARS* (RATIO SCALE)
20,000
19,000

18,000

18,000

17,000

17,000

16,000

16,000

15,000

15,000

DISPOSABLE PERSONAL INCOME

14,000

14,000
SAVING

13,000
12,000

13,000
12,000

PERSONAL OUTLAYS

11,000

11,000

10,000

10,000
DOLLARS* (RATIO SCALE)

60,000
58,000
56,000
54,000
52,000
50,000
48,000
46,000
44,000

60,000
58,000
56,000
54,000
52,000
50,000
48,000
46,000
44,000

PER CAPITA DISPOSABLE PERSONAL INCOME

CURRENT DOLLARS

42,000

42,000

40,000

40,000

CHAINED (2012) DOLLARS

38,000

38,000

36,000

36,000

34,000

34,000
2011

2012

2013

2014

2015

2016

2017

2018

*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

Period

Personal
income

Less:
Personal
current
taxes

Equals:
Disposable
personal
income

12,551.6
13,326.8
14,010.1
14,181.1
14,991.7
15,724.2
16,160.7
16,948.6
17,851.8
18,551.5

1,237.6
1,453.7
1,509.5
1,676.4
1,784.6
1,939.9
1,957.9
2,046.7
2,085.3
2,202.9

11,314.0
11,873.1
12,500.6
12,504.7
13,207.1
13,784.3
14,202.8
14,901.9
15,766.5
16,348.6

2020

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
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������

2019

Chained
(2012)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(2012)
dollars

Dollars
10,573.6
11,024.0
11,394.0
11,705.0
12,236.2
12,745.6
13,227.8
13,830.9
14,529.2
15,117.4

740.3
849.1
1,106.6
799.7
970.9
1,038.7
975.0
1,071.0
1,237.3
1,231.2

11,821.8
12,099.3
12,500.6
12,338.6
12,843.7
13,377.2
13,640.8
14,060.5
14,566.4
14,882.5

36,523
38,054
39,784
39,527
41,450
42,953
43,946
45,821
48,223
49,763

Chart 6 - Dec 2020

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

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

38,162
38,778
39,784
39,002
40,309
41,684
42,207
43,234
44,553
45,301

32,881
34,105
35,030
35,774
37,105
38,320
39,513
41,019
42,800
44,272

34,357
34,755
35,030
35,298
36,084
37,188
37,949
38,703
39,542
40,302

1.2
1.6
2.6
–2.0
3.4
3.4
1.3
2.4
3.1
1.7

6.5
7.2
8.9
6.4
7.4
7.5
6.9
7.2
7.8
7.5

309,774
312,010
314,212
316,357
318,631
320,918
323,186
325,220
326,949
328,527

44,087
44,424
44,725
44,970
45,296
45,139
45,312
45,459
45,702
50,399
48,142

42,153
42,668
43,055
43,319
43,536
44,163
44,551
44,835
44,140
39,701
43,592

39,219
39,480
39,683
39,784
39,927
40,250
40,463
40,566
39,810
35,951
39,122

4.7
3.1
2.7
2.2
2.9
–1.4
1.5
1.3
2.2
47.9
–16.7

7.7
7.8
7.9
8.1
8.4
7.3
7.2
7.3
9.6
26.0
16.0

326,325
326,703
327,167
327,602
327,923
328,270
328,730
329,186
329,529
329,898
330,368

Seasonally adjusted annual rates
2018: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2019: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2020: I ����������������
      II ���������������
      III r ������������

17,548.6
17,750.3
17,976.5
18,132.0
18,366.7
18,480.9
18,597.6
18,760.8
18,951.0
20,457.3
19,915.8

2,085.6
2,064.4
2,100.5
2,090.7
2,170.7
2,222.5
2,197.1
2,221.2
2,252.4
2,096.5
2,193.9

15,463.0
15,685.9
15,876.1
16,041.3
16,196.0
16,258.4
16,400.5
16,539.6
16,698.6
18,360.8
17,721.9

14,274.1
14,467.9
14,628.2
14,746.8
14,841.5
15,072.3
15,219.9
15,335.8
15,103.3
13,590.0
14,887.1

1,188.8
1,218.0
1,247.9
1,294.5
1,354.5
1,186.1
1,180.6
1,203.8
1,595.3
4,770.8
2,834.7

14,386.7
14,513.6
14,632.6
14,732.3
14,853.5
14,817.8
14,895.4
14,964.5
15,060.3
16,626.5
15,904.6

47,385
48,013
48,526
48,966
49,390
49,528
49,890
50,244
50,674
55,656
53,643

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 2020, gross farm income in chained (2020) dollars is forecast to be $463.2
billion and net farm income to be $119.6 billion.
BILLIONS OF CHAINED (2020) DOLLARS (RATIO SCALE)

BILLIONS OF CHAINED (2020) DOLLARS (RATIO SCALE)

600
560
520
480
440
400

600
560
520
480
440
400

GROSS FARM INCOME

360

360

320

320

280

280

240

240

200

200

160

160

120

120
NET FARM INCOME

80

80

60

60

40

40
2011

2012

2014

2013

2015

2016

2017

2018

SOURCE: DEPARTMENT OF AGRICULTURE

2019

2020

COUNCIL OF ECONOMIC ADVISERS

[Billions of chained (2020) dollars]
Chart 7 - Nov 2020

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 ���������������������������������������������������
2020 ���������������������������������������������������

Crops 2, 3

Total
352.0
356.0
323.5
356.3
395.5
388.3
366.3
417.4
439.6
402.8
421.8
487.2
511.4
540.8
530.2
479.0
443.3
448.9
438.1
437.7
463.2

318.1
324.0
306.1
333.5
378.1
356.6
346.4
402.8
424.9
388.2
407.1
475.1
499.3
528.5
519.5
467.2
429.3
436.7
424.1
414.9
416.7

138.3
135.4
137.4
149.5
167.8
148.8
149.8
185.7
209.6
197.0
198.8
231.0
242.0
261.2
226.3
200.3
203.6
198.3
191.9
183.2
196.6

Animals
and animal
products 3
144.3
151.5
131.1
144.6
166.7
164.6
150.6
170.1
168.1
143.2
165.9
189.8
192.3
202.3
235.1
211.0
177.9
186.7
182.8
178.5
167.0

Farm-related
income 4
35.6
37.1
37.6
39.4
43.6
43.2
45.9
46.9
47.2
48.1
42.3
54.4
65.0
65.0
58.0
56.0
47.9
51.8
49.3
53.3
53.1

Direct
Federal
Government
payments
33.8
32.0
17.4
22.8
17.4
31.7
19.9
14.6
14.8
14.6
14.7
12.1
12.1
12.3
10.7
11.7
14.0
12.2
14.1
22.7
46.5

Production
expenses

Net
farm
income

278.1
277.8
268.6
272.3
278.2
285.8
293.8
331.3
345.6
328.4
330.5
355.6
401.8
402.6
429.0
390.2
376.3
369.6
354.3
353.0
343.6

73.8
78.2
54.9
84.0
117.2
102.5
72.5
86.1
94.1
74.4
91.2
131.6
109.6
138.2
101.2
88.7
67.0
79.3
83.8
84.6
119.6

1 The GDP chain-type price index is used to convert the current-dollar statistics to 2020=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 2020 are forecasts.
Source: Department of Agriculture (Economic Research Service).

7

Corporate Profits
In the third quarter of 2020, according to revised estimates, corporate profits before tax rose $632.3 billion (annual
rate) and profits after tax rose $561.8 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
2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

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

2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2018: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2019: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2020: I ����������������
      II ���������������
      III r ������������

Total 2

1,786.4
1,750.2
2,144.7
2,165.9
2,266.6
2,184.6
2,124.3
2,130.5
2,132.0
2,232.0
2,088.9
2,112.5
2,149.9
2,176.8
2,154.9
2,246.4
2,231.7
2,294.9
2,053.5
1,844.3
2,342.0

Profits
before
tax

Nonfinancial
Total

1,400.6
1,337.7
1,739.3
1,767.1
1,861.7
1,789.4
1,704.4
1,633.3
1,619.5
1,726.5
1,552.9
1,599.8
1,657.4
1,667.8
1,670.5
1,740.2
1,717.2
1,778.3
1,580.4
1,460.7
1,907.1

Financial

405.8
378.4
482.4
430.7
483.1
447.2
455.8
435.6
418.2
470.5
423.2
419.6
414.6
415.3
460.1
472.3
466.7
482.9
444.7
471.1
483.4

Total 3
994.8
959.3
1,256.9
1,336.3
1,378.6
1,342.1
1,248.6
1,197.7
1,201.3
1,256.0
1,129.7
1,180.2
1,242.8
1,252.5
1,210.4
1,267.8
1,250.5
1,295.4
1,135.7
989.6
1,423.8

Manufacturing
281.8
296.0
403.0
446.9
458.7
427.2
332.7
304.7
337.6
336.5
276.2
348.1
365.3
360.9
324.5
344.9
341.0
335.7
302.2
197.6
308.4

Utilities

Wholesale

30.6
10.2
13.8
28.3
32.8
20.2
9.4
14.0
21.7
27.2
22.7
23.3
22.3
18.6
26.2
28.2
27.1
27.3
22.5
29.0
25.7

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

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

8

99.3
97.2
137.9
146.4
150.6
152.4
126.6
122.0
105.7
111.3
111.3
94.9
103.9
112.9
103.9
110.5
113.4
117.4
108.3
101.4
116.7

Taxes
on
corporate
income

Total

Net
dividends

Retail
115.9
115.1
155.7
153.3
157.3
169.3
170.5
149.1
146.5
168.0
149.5
137.7
157.5
141.2
155.5
165.6
166.8
184.2
167.1
205.1
245.4

1,834.0
1,818.2
2,156.1
2,151.5
2,264.5
2,128.3
2,125.0
2,183.2
2,186.7
2,237.3
2,156.0
2,185.3
2,195.7
2,209.7
2,188.9
2,243.8
2,203.4
2,313.1
1,994.7
1,793.8
2,426.1

272.3
280.8
334.6
362.6
407.1
396.3
376.2
311.3
282.9
298.7
255.8
277.4
288.2
310.1
294.6
304.9
283.0
312.3
255.6
236.8
307.2

1,561.7
1,537.5
1,821.5
1,788.9
1,857.4
1,732.0
1,748.9
1,871.9
1,903.8
1,938.6
1,900.2
1,907.8
1,907.5
1,899.6
1,894.4
1,938.9
1,920.3
2,000.7
1,739.1
1,557.1
2,118.9

643.2
779.1
948.7
1,009.0
1,096.1
1,164.9
1,189.4
1,270.4
1,390.1
1,360.8
1,339.9
1,377.0
1,413.0
1,430.4
1,369.3
1,369.3
1,348.5
1,356.3
1,379.5
1,364.5
1,345.0

Chart 8 - Dec 2020

Inventory
Undistrib- valuation
adjustment
uted
profits

918.5
758.4
872.8
779.9
761.3
567.1
559.4
601.5
513.7
577.7
560.3
530.8
494.5
469.2
525.0
569.6
571.9
644.5
359.6
192.6
773.8

–47.6
–68.0
–11.4
14.4
2.1
56.3
–.7
–52.7
–54.7
–5.3
–67.1
–72.8
–45.9
–32.9
–34.0
2.6
28.4
–18.1
58.9
50.4
–84.1

Real Gross Private Domestic Investment
In the third quarter of 2020, according to revised estimates, nonresidential fixed investment in chained (2012)
dollars rose $133.5 billion (annual rate) and residential fixed investment rose $74.2 billion. Inventories fell $3.7
billion, following a decline of $287.0 billion in the second quarter.
BILLIONS OF CHAINED (2012) DOLLARS
3,600

BILLIONS OF CHAINED (2012) DOLLARS
3,600

SEASONALLY ADJUSTED ANNUAL RATES

3,400

3,400

GROSS PRIVATE DOMESTIC
INVESTMENT

3,200

3,200

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
2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Billions of chained (2012) dollars; quarterly data at seasonally adjusted annual rates]
Chart 9 - Dec 2020

Fixed investment
Period

2010 ���������������������������������������������������
2011 ���������������������������������������������������
2012 ���������������������������������������������������
2013 ���������������������������������������������������
2014 ���������������������������������������������������
2015 ���������������������������������������������������
2016 ���������������������������������������������������
2017 ���������������������������������������������������
2018 ���������������������������������������������������
2019 ���������������������������������������������������
2018: I ����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2019: I ����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2020: I �����������������������������������������������
      II ����������������������������������������������
      III r �������������������������������������������

Gross
private
domestic
investment

Change in private inventories

Nonresidential
Total

2,216.5
2,362.1
2,621.8
2,801.5
2,959.2
3,121.8
3,074.8
3,183.4
3,384.9
3,442.6
3,342.5
3,333.3
3,415.4
3,448.3
3,481.3
3,429.9
3,445.7
3,413.3
3,334.0
2,849.8
3,329.6

2,164.2
2,317.8
2,550.5
2,692.1
2,869.2
2,979.0
3,032.2
3,147.4
3,310.4
3,371.7
3,275.2
3,310.6
3,317.0
3,338.7
3,362.3
3,358.6
3,378.9
3,387.2
3,375.4
3,096.3
3,314.7

Total
1,781.0
1,935.4
2,118.5
2,206.0
2,365.3
2,420.3
2,433.0
2,524.2
2,698.9
2,776.8
2,651.5
2,691.9
2,709.5
2,742.6
2,770.8
2,771.0
2,783.9
2,781.5
2,733.8
2,525.5
2,659.0

Structures
412.8
424.1
479.4
485.5
538.8
534.1
510.5
531.7
551.1
547.7
554.8
561.6
553.2
534.9
545.5
547.8
552.6
545.1
540.0
487.5
464.7

Equipment
781.2
886.2
983.4
1,029.2
1,101.1
1,134.6
1,115.1
1,150.3
1,242.2
1,267.7
1,220.3
1,227.7
1,245.9
1,274.8
1,281.1
1,268.6
1,263.3
1,258.0
1,207.1
1,080.1
1,230.1

Intellectual
property
products
588.1
624.8
655.7
691.4
724.8
752.4
809.8
844.2
910.2
968.2
879.3
905.2
914.9
941.5
951.9
961.5
974.0
985.2
991.1
961.5
981.1

Residential

383.0
382.5
432.0
485.5
504.1
555.4
592.1
615.7
612.0
601.5
620.3
617.6
609.1
601.0
598.4
595.2
601.9
610.5
637.6
571.3
645.5

Total

Nonfarm

57.3
46.7
71.2
108.7
86.3
137.6
24.5
15.8
53.4
48.5
47.3
-4.9
79.1
92.3
101.7
49.4
44.0
-1.1
-80.9
-287.0
-3.7

70.2
48.4
89.9
98.2
90.1
136.5
30.2
21.0
59.3
62.2
50.7
.1
85.5
100.8
114.4
63.2
59.8
11.5
-70.9
-280.8
-6.8

Note: See p. 10 for further detail on fixed investment by type.
Because of the formula used for calculating real GDP, the chained (2012) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates.
Source: Department of Commerce (Bureau of Economic Analysis).

9

Real Private Fixed Investment by Type
[Billions of chained (2012) dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential

Residential

Equipment
Total
fixed
investment

Period

2010 ���������������
2011 ���������������
2012 ���������������
2013 ���������������
2014 ���������������
2015 ���������������
2016 ���������������
2017 ���������������
2018 ���������������
2019 ���������������
2018: I ����������
      II ����������
      III ���������
      IV ���������
2019: I ����������
      II ����������
      III ���������
      IV ���������
2020: I �����������
      II ����������
      III r �������

Total
nonresidential

2,164.2
2,317.8
2,550.5
2,692.1
2,869.2
2,979.0
3,032.2
3,147.4
3,310.4
3,371.7
3,275.2
3,310.6
3,317.0
3,338.7
3,362.3
3,358.6
3,378.9
3,387.2
3,375.4
3,096.3
3,314.7

Intellectual property products

Structures

Information processing equipment
Structures

1,781.0
1,935.4
2,118.5
2,206.0
2,365.3
2,420.3
2,433.0
2,524.2
2,698.9
2,776.8
2,651.5
2,691.9
2,709.5
2,742.6
2,770.8
2,771.0
2,783.9
2,781.5
2,733.8
2,525.5
2,659.0

412.8
424.1
479.4
485.5
538.8
534.1
510.5
531.7
551.1
547.7
554.8
561.6
553.2
534.9
545.5
547.8
552.6
545.1
540.0
487.5
464.7

Total 2

781.2
886.2
983.4
1,029.2
1,101.1
1,134.6
1,115.1
1,150.3
1,242.2
1,267.7
1,220.3
1,227.7
1,245.9
1,274.8
1,281.1
1,268.6
1,263.3
1,258.0
1,207.1
1,080.1
1,230.1

Computers
and
peripheral
equipment 1

Total
289.1
303.2
331.2
351.8
370.2
393.3
410.8
441.2
479.3
493.9
474.2
474.1
484.8
483.9
493.5
494.8
494.3
492.9
475.8
507.4
559.6

94.1
93.9
103.5
103.0
102.9
103.4
102.6
110.5
124.0
130.7
474.2
474.1
484.8
483.9
493.5
494.8
494.3
492.9
475.8
507.4
559.6

Industrial TransporResearch
equiptation
Total 2 Software and develment
equipment
opment 3

Other
195.1
209.3
227.7
248.8
267.7
291.0
310.1
332.7
356.6
363.8
354.3
350.3
359.9
361.8
368.6
362.4
365.7
358.3
348.1
355.8
394.7

162.5
194.9
211.2
208.4
216.5
216.7
213.7
225.4
243.9
249.1
239.6
240.0
244.2
251.7
249.7
250.2
251.4
245.3
241.8
226.5
236.1

141.5
181.8
215.3
238.5
265.0
292.8
275.7
271.4
287.0
285.7
284.0
281.8
284.1
298.0
299.1
283.7
277.1
283.0
257.8
160.6
220.2

588.1
624.8
655.7
691.4
724.8
752.4
809.8
844.2
910.2
968.2
879.3
905.2
914.9
941.5
951.9
961.5
974.0
985.2
991.1
961.5
981.1

220.9
245.2
272.1
287.2
305.3
320.2
345.9
374.6
416.4
449.3
399.0
413.2
420.8
432.6
438.8
443.6
452.9
461.8
472.5
465.4
476.4

Total
residential 2

298.5
311.0
313.4
333.8
346.9
357.1
386.7
392.3
416.0
440.5
403.1
414.4
416.5
430.0
434.4
439.4
442.7
445.3
443.6
428.3
439.5

383.0
382.5
432.0
485.5
504.1
555.4
592.1
615.7
612.0
601.5
620.3
617.6
609.1
601.0
598.4
595.2
601.9
610.5
637.6
571.3
645.5

Total 2

373.8
372.4
421.5
474.1
491.8
542.0
577.6
600.3
596.6
586.0
604.6
602.0
593.8
585.9
583.2
580.0
586.4
594.6
621.4
555.7
628.5

Single
family

114.3
109.1
132.0
161.8
171.8
191.5
201.3
214.8
220.7
206.8
225.4
225.3
220.6
211.6
204.7
203.9
206.3
212.3
222.5
194.3
202.6

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
2004 ��������
2005 ��������
2006 ��������
2007 ��������
2008 ��������
2009 ��������
2010 ��������
2011 ��������
2012 ��������
2013 ��������
2014 ��������
2015 ��������
2016 ��������
2017 ��������
2018 p �������

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
1,678.8
1,697.9

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
1,577.8
1,697.9

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
4.7

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
134.4
153.4

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
133.9
146.5

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
39.0

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
247.0
259.2

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
44.0
42.5

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
90.5
89.3

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
108.5
122.4

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
158.9
175.7

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
163.0
181.6

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
161.4
174.0

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
37.2
42.5

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
104.6
108.4

93.6
88.9
105.6
82.2
126.3
92.8
134.8
84.2
138.7
79.7
127.0
75.4
100.6
69.5
100.4
73.4
110.0
89.2
122.1
90.4
126.8
91.3
140.6
93.9
148.3
95.4
154.8
101.0
158.9 ��������������

1 Includes the following industries: Management of companies and enterprises; administrative and support and waste management; educational services; arts, entertainment, and recreation; accommodation and food services; and other services (except public administration). Also includes an item for structure and equipment expenditures serving multiple industry categories.

Note: Data from Annual Capital Expenditures. Industry data are based on the North American Industry Classification System (NAICS).
Data shown in this table are capital expenditures for both new and used structures and equipment.
Source: Department of Commerce (Bureau of the Census).

10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
In December, unemployment as measured by the household survey fell 8,000 to 10.7 million.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

168

168

SEASONALLY ADJUSTED

164

164

160

160

156

156

CIVILIAN LABOR FORCE

152

152

148

148

CIVILIAN
EMPLOYMENT

144

144

140

140

136

136

132

132

128

128

28
24

28
24

20

20
16

16
UNEMPLOYMENT

12

12

8

8

4
0

4
0
2012

2013

2014

2015

2016

2017

2018

2019

*16 YEARS OF AGE AND OVER

SOURCE: DEPARTMENT OF LABOR

2020

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

2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2019: Dec r ���������
2020: 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)
239,618
243,284
245,679
247,947
250,801
253,538
255,079
257,791
259,175
260,329
260,181
259,502
259,628
259,758
259,896
260,047
260,204
260,373
260,558
260,742
260,925
261,085
261,230

153,617
154,975
155,389
155,922
157,130
159,187
160,320
162,075
163,539
160,742
164,579
164,455
164,448
162,721
156,478
158,200
159,797
160,085
160,818
160,078
160,718
160,536
160,567

Civilian employment

Total

139,869
142,469
143,929
146,305
148,834
151,436
153,337
155,761
157,538
147,795
158,735
158,659
158,732
155,536
133,370
137,224
142,100
143,777
147,276
147,543
149,669
149,809
149,830

Men
20 years
and
over
72,182
73,403
74,176
75,471
76,776
78,084
78,919
80,211
80,917
76,227
81,373
81,329
81,235
79,785
69,975
71,668
73,605
74,173
75,903
76,258
77,013
76,777
77,004

Women
20 years
and
over
63,360
64,640
65,295
66,287
67,323
68,387
69,344
70,424
71,470
66,873
72,172
72,099
72,171
70,691
59,938
61,630
64,321
65,270
66,667
66,328
67,534
67,941
67,872

1 11 - Dec 2020
PercentChart

Unemployment
Both
sexes
16–19
years
4,327
4,426
4,458
4,548
4,734
4,965
5,074
5,126
5,150
4,695
5,190
5,231
5,326
5,060
3,457
3,926
4,174
4,333
4,706
4,957
5,122
5,091
4,955

Total

13,747
12,506
11,460
9,617
8,296
7,751
6,982
6,314
6,001
12,947
5,844
5,796
5,717
7,185
23,109
20,975
17,697
16,308
13,542
12,535
11,049
10,728
10,736

Men
20 years
and
over
6,898
5,984
5,568
4,585
3,959
3,675
3,287
2,976
2,819
6,118
2,623
2,641
2,695
3,385
10,515
9,405
8,317
7,688
6,558
6,036
5,492
5,449
5,240

Women
20 years
and
over

Both
sexes
16–19
years

5,450
5,125
4,565
3,926
3,371
3,151
2,868
2,578
2,435
5,804
2,443
2,404
2,330
2,966
10,958
9,918
8,158
7,596
6,061
5,537
4,721
4,453
4,551

1,400
1,397
1,327
1,106
966
925
827
759
746
1,025
778
751
691
834
1,636
1,653
1,222
1,024
924
963
836
825
946

Not
in
labor
force

86,001
88,310
90,290
92,025
93,671
94,351
94,759
95,716
95,636
99,587
95,602
95,047
95,180
97,037
103,418
101,847
100,407
100,288
99,740
100,664
100,207
100,548
100,663

Labor
Employ- Unemployforce
ment/
participa- population
ment
tion
rate
ratio
rate
64.1
63.7
63.2
62.9
62.7
62.8
62.9
62.9
63.1
61.7
63.3
63.4
63.3
62.6
60.2
60.8
61.4
61.5
61.7
61.4
61.6
61.5
61.5

58.4
58.6
58.6
59.0
59.3
59.7
60.1
60.4
60.8
56.8
61.0
61.1
61.1
59.9
51.3
52.8
54.6
55.2
56.5
56.6
57.4
57.4
57.4

8.9
8.1
7.4
6.2
5.3
4.9
4.4
3.9
3.7
8.1
3.6
3.5
3.5
4.4
14.8
13.3
11.1
10.2
8.4
7.8
6.9
6.7
6.7

1 Civilian labor force (or employment) as percent of civilian noninstitutional population; and unemployment as percent of civilian labor force.

Note: Beginning each January, data reflect revised population controls and are not strictly comparable with earlier data.
See Employment and Earnings for details on breaks in series.
Data reflect annual revisions released January 8, 2021; seasonally adjusted data revised beginning 2016.
Source: Department of Labor (Bureau of Labor Statistics).

11

Selected Unemployment Rates
In December, the unemployment rate was 6.7 percent.
PERCENT (SEASONALLY ADJUSTED)

PERCENT (SEASONALLY ADJUSTED)

35

35

30

30

25

25

20

20

15

15

BLACK OR
AFRICAN
AMERICAN1

10

TEENAGERS
(16-19)

10

HISPANIC1,2
5

MEN 20 YEARS
AND OVER

5
ALL CIVILIAN
WORKERS

0
2016

WHITE1

2017

2018

WOMEN 20 YEARS
AND OVER

ASIAN1
2019

0
2020

2016

2017

2018

2019

2020

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 2020

By race or ethnicity 1

By sex and age
Period

2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2019: Dec r ���������
2020: 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

8.9
8.1
7.4
6.2
5.3
4.9
4.4
3.9
3.7
8.1
3.6
3.5
3.5
4.4
14.8
13.3
11.1
10.2
8.4
7.8
6.9
6.7
6.7

Men
20 years
and
over

Women
20 years
and
over

8.7
7.5
7.0
5.7
4.9
4.5
4.0
3.6
3.4
7.4
3.1
3.1
3.2
4.1
13.1
11.6
10.2
9.4
8.0
7.3
6.7
6.6
6.4

7.9
7.3
6.5
5.6
4.8
4.4
4.0
3.5
3.3
8.0
3.3
3.2
3.1
4.0
15.5
13.9
11.3
10.4
8.3
7.7
6.5
6.2
6.3

Both
sexes
16–19
years
24.4
24.0
22.9
19.6
16.9
15.7
14.0
12.9
12.7
17.9
13.0
12.6
11.5
14.1
32.1
29.6
22.6
19.1
16.4
16.3
14.0
13.9
16.0

White

7.9
7.2
6.5
5.3
4.6
4.3
3.8
3.5
3.3
7.3
3.1
3.0
3.0
3.9
14.1
12.3
10.1
9.2
7.4
7.0
6.0
5.9
6.0

Black
or
African
American
15.8
13.8
13.1
11.3
9.6
8.4
7.5
6.5
6.1
11.4
6.2
6.1
6.0
6.8
16.7
16.7
15.3
14.4
12.8
12.0
10.8
10.3
9.9

Asian

7.0
5.9
5.2
5.0
3.8
3.6
3.4
3.0
2.7
8.7
2.6
3.1
2.4
4.1
14.5
14.9
13.9
11.9
10.6
8.8
7.6
6.7
5.9

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

By selected groups
Hispanic
or
Latino
ethnicity
11.5
10.3
9.1
7.4
6.6
5.8
5.1
4.7
4.3
10.4
4.3
4.3
4.4
6.0
18.9
17.6
14.5
12.7
10.5
10.3
8.8
8.4
9.3

Married
men,
spouse
present
5.8
4.9
4.3
3.4
2.8
2.7
2.4
2.0
1.8
4.9
1.6
1.7
1.9
2.3
9.6
8.2
6.9
6.1
5.0
4.8
4.1
4.1
4.0

Women
who
maintain
families
(NSA)
12.4
11.4
10.2
8.6
7.4
6.8
6.2
5.4
5.0
9.6
4.2
5.4
4.1
5.3
15.9
15.8
13.1
12.4
10.4
10.0
8.6
7.7
7.2

Full-time
workers

9.6
8.5
7.7
6.4
5.4
4.9
4.3
3.8
3.6
7.7
3.5
3.5
3.5
4.1
12.8
11.9
10.3
9.7
8.3
7.8
6.9
6.9
6.7

Part-time
workers

6.3
6.1
5.9
5.4
4.9
4.8
4.6
4.4
4.1
10.0
4.0
4.1
3.6
6.0
24.5
19.6
14.7
12.6
9.0
8.4
6.7
6.0
7.0

Selected Measures of Unemployment and Unemployment Insurance Programs
In December, the percentages of the unemployed who had been out of work for less than 5 weeks and for 27 weeks and
over rose, while the percentages for 5 to 14 weeks and for 15 to 26 weeks fell. The mean duration of unemployment
rose to 23.4 weeks and the median duration fell to 16.8 weeks.
PERCENT DISTRIBUTION*

PERCENT DISTRIBUTION*

100

100

DURATION OF UNEMPLOYMENT

80

80

60

60

LESS THAN
5 WEEKS

40

REASON FOR UNEMPLOYMENT

JOB LOSERS
40
REENTRANTS

5-14
WEEKS
27 WEEKS
AND OVER

20

JOB LEAVERS

20

15-26
WEEKS

NEW ENTRANTS

0

0
2016

2017

2018

2019

2020

2016

2017

2018

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR

2019

2020

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted by NSA]
Chart 13 - Dec 2020

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
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2019: Dec r ���������
2020: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec �����������

13,747
12,506
11,460
9,617
8,296
7,751
6,982
6,314
6,001
12,947
5,844
5,796
5,717
7,185
23,109
20,975
17,697
16,308
13,542
12,535
11,049
10,728
10,736

19.5
21.1
22.5
25.7
28.9
30.5
32.5
34.4
34.8
28.6
36.3
35.3
36.1
47.7
62.0
18.6
16.2
19.5
16.9
20.2
22.6
23.0
27.3

21.8
22.9
24.1
25.3
27.7
28.7
28.8
29.7
29.8
36.5
29.1
29.9
30.4
24.9
30.3
70.9
65.4
31.7
23.5
21.8
21.2
22.5
20.9

15.0
14.9
15.8
15.6
15.3
14.9
14.6
14.5
14.3
19.4
14.2
15.0
14.2
10.9
3.3
4.8
10.8
39.7
47.9
39.0
24.1
17.6
14.8

43.8
41.1
37.6
33.5
28.1
25.9
24.2
21.4
21.1
15.4
20.4
19.8
19.3
16.5
4.4
5.8
7.7
9.1
11.7
19.0
32.1
36.8
37.1

39.3
39.4
36.5
33.7
29.2
27.5
25.0
22.7
21.6
16.5
20.8
22.2
20.8
16.7
6.1
10.4
15.5
17.3
20.0
21.0
21.4
23.0
23.4

21.4
19.3
17.0
14.0
11.6
10.6
10.0
9.3
9.1
9.7
9.1
9.3
9.0
5.8
1.9
7.5
13.4
15.1
16.7
17.8
19.0
18.9
16.8

59.0
55.0
53.0
50.7
49.0
48.2
49.2
47.4
46.4
75.5
46.4
44.4
46.6
58.2
89.2
87.1
80.5
79.1
75.9
72.3
69.9
69.9
67.3

7.0
7.7
8.1
8.6
9.9
11.1
11.1
12.6
13.6
5.3
14.0
14.3
13.3
9.9
2.5
2.7
3.2
3.6
4.4
6.5
6.9
6.5
6.9

24.7
26.7
28.0
29.4
30.6
30.1
29.8
30.5
30.2
15.2
29.8
31.6
31.2
24.6
6.5
7.7
13.2
14.2
15.6
17.0
18.3
18.4
21.0

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
1,684
217
1,702
4.1 ��������������� ��������������� �����������������
9.9
2,165
342
2,187
9.7
2,228
304
2,250
8.9
2,073
211
2,093
7.3
3,727
2,942
3,852
1.8
16,531
4,408
19,079
2.6
21,758
2,321
32,646
3.1
19,380
1,663
36,529
3.1
17,151
1,488
35,869
4.1
15,805
939
33,596
4.3
12,301
875
29,929
4.8
8,031
865
22,993
5.2
6,615
859
22,143
4.7 ��������������� ��������������� �����������������

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

Pandemic Unemployment Assistance (2020), Pandemic Emergency Unemployment Compensation (2020), Emergency Unemployment Compensation (2008-2013) and Federal Additional Compensation
(2009-2010).
Note: Data relate to persons age 16 years and over (except for insured unemployment and initial claims).
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 fell by 140,000 in December.
MILLIONS OF PERSONS*
155

MILLIONS OF PERSONS*
110
108
106
104
102
100
98
96
94
92
90
88
86

ALL NONAGRICULTURAL
ESTABLISHMENTS

150
145
140
135
PRIVATE
INDUSTRIES

130

26
24
22
20
18
16
14
12
10

125
120
115

105
GOVERNMENT

2016

2017

EDUCATION AND
HEALTH SERVICES

2018

2019

2020

PROFESSIONAL AND
BUSINESS SERVICES

RETAIL TRADE

22
20
18
16
14
12
10

110

24
22
20

PRIVATE
SERVICE-PROVIDING
INDUSTRIES

GOODS-PRODUCING
MANUFACTURING

2016

2017

2018

*SEASONALLY ADJUSTED

2019

2020

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[Thousands of wage and salary workers; 1 monthly data seasonally adjusted]
Chart 14 - Dec 2020

Private industries

Period

2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 p ������������������
2019: Dec �����������
2020: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct r ����������
      Nov r ���������
      Dec p ��������

Total
nonagricultural
employment

131,914
134,157
136,364
138,940
141,825
144,336
146,608
148,908
150,939
142,218
151,998
152,212
152,463
151,090
130,303
133,028
137,809
139,570
141,063
141,774
142,428
142,764
142,624

Goods-producing industries
Total
private

109,828
112,237
114,511
117,058
119,796
122,112
124,258
126,454
128,346
120,361
129,319
129,498
129,718
128,362
108,527
111,763
116,492
118,018
119,046
119,976
120,901
121,318
121,223

Total 2

Construc- Manufaction
turing

18,047
18,420
18,738
19,226
19,610
19,750
20,084
20,704
21,067
20,170
21,136
21,149
21,205
21,086
18,698
19,374
19,859
19,925
19,978
20,075
20,192
20,259
20,352

5,533
5,646
5,856
6,151
6,461
6,728
6,969
7,288
7,492
7,274
7,555
7,593
7,639
7,574
6,556
7,012
7,171
7,202
7,226
7,261
7,333
7,362
7,413

11,726
11,927
12,020
12,185
12,336
12,354
12,439
12,688
12,840
12,248
12,866
12,844
12,852
12,806
11,489
11,729
12,062
12,103
12,133
12,193
12,236
12,271
12,309

Private service-providing industries
Trade, transportation,
and utilities
Total
Total 3
91,781
93,817
95,773
97,832
100,186
102,362
104,174
105,750
107,279
100,191
108,183
108,349
108,513
107,276
89,829
92,389
96,633
98,093
99,068
99,901
100,709
101,059
100,871

24,990
25,399
25,783
26,303
26,806
27,179
27,393
27,607
27,715
26,549
27,809
27,832
27,830
27,723
24,475
24,858
25,852
26,136
26,494
26,588
26,761
26,880
27,071

Retail
trade
14,674
14,847
15,085
15,363
15,611
15,832
15,846
15,786
15,644
14,907
15,672
15,669
15,672
15,587
13,288
13,674
14,532
14,785
15,046
15,062
15,162
15,141
15,261

Information

Financial
activities

2,674
2,676
2,706
2,726
2,750
2,794
2,814
2,839
2,860
2,674
2,883
2,894
2,894
2,888
2,609
2,569
2,576
2,565
2,588
2,641
2,625
2,627
2,626

7,697
7,784
7,886
7,977
8,123
8,287
8,451
8,590
8,746
8,697
8,814
8,823
8,845
8,827
8,566
8,585
8,605
8,620
8,648
8,685
8,715
8,731
8,743

Profes- Education Leisure
sional
and
and
and
health
hospitalbusiness services
ity
services
17,389
17,992
18,575
19,124
19,695
20,114
20,508
20,950
21,313
20,394
21,503
21,523
21,550
21,456
19,254
19,414
19,725
19,887
20,071
20,198
20,443
20,531
20,692

20,318
20,769
21,086
21,439
22,029
22,639
23,188
23,638
24,177
23,297
24,465
24,534
24,586
24,408
21,805
22,193
22,760
22,979
23,154
23,214
23,279
23,323
23,292

13,353
13,768
14,254
14,696
15,160
15,660
16,051
16,295
16,576
13,166
16,784
16,808
16,867
16,124
8,549
9,954
11,933
12,566
12,704
13,117
13,382
13,457
12,959

Other
services

5,360
5,430
5,483
5,567
5,622
5,691
5,770
5,831
5,893
5,415
5,925
5,935
5,941
5,850
4,571
4,816
5,182
5,340
5,409
5,458
5,504
5,510
5,488

Government

22,086
21,920
21,853
21,882
22,029
22,224
22,350
22,455
22,594
21,857
22,679
22,714
22,745
22,728
21,776
21,265
21,317
21,552
22,017
21,798
21,527
21,446
21,401

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

2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2019: Nov ����������
      Dec �����������
2020: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct r ����������
      Nov r ���������
      Dec p ��������

Average gross hourly earnings
Total private
nonagricultural 1

Manufacturing

Total

33.6
33.7
33.7
33.7
33.7
33.6
33.7
33.8
33.6
33.9
33.5
33.6
33.6
33.7
33.4
33.5
34.1
34.0
34.0
34.1
34.1
34.2
34.2
34.2

Overtime

41.4
41.7
41.8
42.0
41.8
41.9
41.9
42.2
41.6
40.8
41.4
41.4
41.3
41.6
41.3
38.4
39.4
39.9
40.7
41.1
41.1
41.3
41.2
41.3

4.1
4.2
4.3
4.5
4.3
4.3
4.3
4.6
4.3
3.7
4.1
4.1
4.0
4.0
3.9
2.8
3.1
3.2
3.7
3.7
3.8
3.9
4.0
4.1

Current
dollars

Manufacturing

1982-84
dollars 2

$19.43
$8.77
19.73
8.72
20.13
8.78
20.60
8.85
21.03
9.07
21.53
9.20
22.05
9.22
22.71
9.26
23.51
9.43
24.65 �����������������
23.81
9.47
23.84
9.46
23.88
9.47
23.96
9.49
24.10
9.59
25.12
10.09
24.97
10.03
24.73
9.87
24.64
9.77
24.78
9.78
24.76
9.75
24.82
9.77
24.89
9.78
25.09 �����������������

Average gross weekly earnings
Total private
nonagricultural 1
Current
dollars

$18.93
19.08
19.30
19.56
19.91
20.44
20.90
21.54
22.15
22.78
22.39
22.44
22.42
22.52
22.60
22.72
22.75
22.61
22.81
22.83
23.00
22.98
23.07
23.12

Percent change from
a year earlier,
total private
nonagricultural

Current dollars

1982-84
dollars 2

$652.72
$294.58
665.54
294.19
677.62
295.49
694.74
298.47
708.70
305.72
723.20
308.96
742.48
310.59
766.99
312.87
790.67
317.26
836.30 �����������������
797.64
317.41
801.02
317.83
802.37
318.08
807.45
319.90
804.94
320.38
841.52
337.96
851.48
342.12
840.82
335.73
837.76
332.20
845.00
333.59
844.32
332.49
848.84
334.17
851.24
334.53
858.08 �����������������

Manufacturing

Construction

$784.29
794.67
807.37
822.03
832.25
855.77
876.10
908.01
921.66
928.27
926.95
929.02
925.95
936.83
933.38
872.45
896.35
902.14
928.37
938.31
945.30
949.07
950.48
954.86

$921.84
942.14
958.72
977.11
998.02
1,031.88
1,061.98
1,108.59
1,135.17
1,145.14
1,131.57
1,137.87
1,156.80
1,147.21
1,149.19
1,094.43
1,141.42
1,155.21
1,151.49
1,151.70
1,143.24
1,153.26
1,157.97
1,179.67

Retail
trade

Current
dollars

$412.29
422.35
423.44
431.97
446.01
447.69
463.10
483.03
503.07
542.05
504.11
511.46
513.15
518.36
518.81
537.41
559.33
561.10
540.75
548.48
548.78
551.57
554.59
548.96

1982-84
dollars 2

2.6
–0.9
2.0
–.1
1.8
.4
2.5
1.0
2.0
2.4
2.0
1.1
2.7
.5
3.3
.7
3.1
1.4
5.8 �������������������
2.9
1.0
2.9
.6
2.7
.2
3.6
1.3
2.6
1.2
7.0
6.9
8.2
8.2
6.6
6.0
6.2
5.2
6.4
4.9
6.0
4.4
6.3
5.0
6.7
5.4
7.1 �������������������

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
2010:
2011:
2012:
2013:
2014:
2015:
2016:
2017:
2018:
2019:

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

112.5
115.0
117.1
119.4
122.2
124.5
127.2
130.5
134.4
138.0

112.8
114.6
116.6
119.0
121.6
124.2
127.1
130.6
134.7
138.7

111.9
115.9
118.2
120.5
123.5
125.1
127.3
130.2
133.6
136.2

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

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

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

Seasonally adjusted
2018: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2019: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2020: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������

131.9
132.8
133.7
134.6
135.5
136.3
137.3
138.2
139.3
139.9
140.6

132.0
132.8
133.9
134.9
135.9
136.8
137.9
138.9
140.3
140.8
141.5

131.5
132.7
133.2
133.9
134.6
135.1
135.8
136.5
136.8
137.8
138.5

2.1
2.2
1.8
2.0
2.3
1.9
2.2
2.6
3.0
2.7

1.8
1.6
1.7
2.1
2.2
2.1
2.3
2.8
3.1
3.0

2.9
3.6
2.0
1.9
2.5
1.3
1.8
2.3
2.6
1.9

Not seasonally adjusted
0.9
.7
.7
.7
.7
.6
.7
.7
.8
.4
.5

1.0
.6
.8
.7
.7
.7
.8
.7
1.0
.4
.5

0.8
.9
.4
.5
.5
.4
.5
.5
.2
.7
.5

2.8
2.9
2.9
3.0
2.8
2.6
2.7
2.7
2.8
2.7
2.4

2.9
2.9
3.1
3.1
3.0
3.0
3.0
3.0
3.3
2.9
2.7

2.5
2.8
2.5
2.6
2.4
1.8
2.0
1.9
1.6
2.0
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

Nonfarm
business
sector

Compensation
per hour 3
Business
sector

Nonfarm
business
sector

Real
compensation
per hour 4
Business
sector

Unit labor
costs

Nonfarm
business
sector

Implicit price
deflator 5

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

95.9
98.1
100.0
100.6
102.5
104.0
104.7
107.1
109.0
111.1
104.3
104.6
104.7
105.2
105.9
106.6
107.3
108.4
108.3
108.3
109.5
109.8
111.1
111.0
110.9
111.4
113.8
117.2
115.2

96.1
98.2
100.0
100.8
102.7
104.3
105.1
107.5
109.5
111.5
104.7
105.0
105.1
105.6
106.3
107.0
107.7
108.8
108.8
108.8
110.0
110.3
111.6
111.4
111.3
111.8
114.4
117.7
115.7

96.0
98.2
100.0
101.5
103.1
103.6
104.4
106.3
108.6
110.2
103.6
104.4
104.7
105.1
105.6
105.9
106.4
107.1
107.6
108.5
108.9
109.3
109.4
110.2
110.4
110.8
111.0
109.8
111.1

96.3
98.2
100.0
101.5
103.3
104.0
105.0
106.8
109.2
110.8
104.1
104.9
105.3
105.8
106.2
106.4
107.0
107.6
108.2
109.1
109.5
109.9
110.0
110.8
111.1
111.4
111.7
110.6
111.9

–1.5
2.2
2.0
.6
1.9
1.4
.7
2.3
1.8
1.9
–.8
1.1
.5
2.1
2.7
2.6
2.7
4.1
–.2
–.1
4.5
.9
5.0
–.5
–.3
1.7
9.0
12.7
–6.8

–1.5
2.2
1.8
.8
1.9
1.6
.7
2.2
1.9
1.9
–.9
1.3
.5
1.7
2.9
2.5
2.7
4.1
.0
.2
4.5
1.0
4.8
–.6
–.4
1.7
9.6
12.3
–6.6

1.2
2.3
1.9
1.5
1.6
.4
.8
1.7
2.2
1.5
–.7
3.1
1.2
1.7
2.0
1.0
1.9
2.5
2.0
3.6
1.1
1.4
.4
3.0
1.1
1.2
.8
–4.3
4.7

1.0
1.9
1.9
1.5
1.8
.7
1.0
1.7
2.2
1.5
–.3
3.2
1.4
1.8
1.5
1.0
2.0
2.5
2.1
3.6
1.4
1.4
.4
3.0
1.0
1.2
.8
–3.6
4.4

Indexes, 2012=100; quarterly data seasonally adjusted
2010 ����������������
2011 ����������������
2012 ����������������
2013 ����������������
2014 ����������������
2015 ����������������
2016 ����������������
2017 ����������������
2018 ����������������
2019 ����������������
2016: I ������������
      II �����������
      III ����������
      IV ����������
2017: I ������������
      II �����������
      III ����������
      IV ����������
2018: I ������������
      II �����������
      III ����������
      IV ����������
2019: I ������������
      II �����������
      III ����������
      IV ����������
2020: I ������������
      II �����������
      III * �������

99.3
99.2
100.0
100.9
101.6
103.1
103.5
104.8
106.4
108.2
103.1
103.1
103.5
104.3
104.4
104.4
105.1
105.3
106.0
106.5
106.5
106.7
107.7
108.3
108.3
108.7
108.7
111.2
112.8

99.2
99.2
100.0
100.5
101.4
103.0
103.3
104.6
106.1
107.9
103.0
103.0
103.3
103.9
104.2
104.2
104.8
105.2
105.8
106.1
106.2
106.4
107.4
107.9
108.0
108.4
108.3
111.1
112.3

95.2
97.1
100.0
102.4
105.6
109.6
111.6
114.7
118.7
121.6
110.8
111.2
111.9
112.8
113.4
114.0
115.0
116.3
117.6
118.5
119.1
119.6
120.6
121.0
121.9
122.7
120.8
107.7
118.0

95.0
96.9
100.0
102.2
105.4
109.4
111.3
114.4
118.4
121.3
110.5
110.8
111.5
112.5
113.1
113.7
114.8
116.1
117.3
118.2
118.9
119.3
120.4
120.8
121.6
122.5
120.5
107.4
117.6

95.9
97.8
100.0
101.5
103.9
106.3
107.9
109.4
111.5
112.3
107.4
107.8
108.1
108.1
108.7
109.2
109.4
110.5
110.9
111.3
111.8
112.1
112.1
111.8
112.6
113.0
111.2
96.9
104.5

95.9
97.8
100.0
101.7
104.0
106.2
107.8
109.4
111.6
112.4
107.3
107.6
108.0
108.2
108.6
109.2
109.5
110.4
110.9
111.4
111.9
112.1
112.1
111.9
112.7
113.0
111.2
96.7
104.6

95.3
97.3
100.0
101.5
104.1
107.2
108.3
112.2
116.0
120.2
107.6
107.8
108.3
109.7
110.6
111.3
112.8
114.1
114.9
115.4
116.7
117.1
119.6
120.1
120.1
121.0
123.6
130.3
129.9

95.3
97.4
100.0
101.3
104.1
107.4
108.6
112.4
116.2
120.4
107.8
108.1
108.6
109.7
110.8
111.4
112.9
114.4
115.0
115.4
116.8
117.3
119.8
120.2
120.2
121.2
123.9
130.8
130.0

100.4
99.4
100.0
100.0
100.9
103.7
103.5
104.9
105.9
107.8
103.7
103.2
103.2
103.9
104.0
104.5
105.4
105.8
105.6
105.5
106.2
106.2
108.3
107.9
107.4
107.6
109.6
116.6
114.7

100.4
99.5
100.0
99.8
100.9
103.9
103.7
105.1
106.0
107.9
103.9
103.5
103.4
103.9
104.1
104.7
105.4
106.0
105.8
105.5
106.3
106.4
108.4
108.0
107.5
107.7
109.8
116.9
114.8

Percent change; quarterly data at seasonally adjusted annual rates
2010 ����������������
2011 ����������������
2012 ����������������
2013 ����������������
2014 ����������������
2015 ����������������
2016 ����������������
2017 ����������������
2018 ����������������
2019 ����������������
2016: I ������������
      II �����������
      III ����������
      IV ����������
2017: I ������������
      II �����������
      III ����������
      IV ����������
2018: I ������������
      II �����������
      III ����������
      IV ����������
2019: I ������������
      II �����������
      III ����������
      IV ����������
2020: I ������������
      II �����������
      III * �������

3.3
–.1
.8
.9
.7
1.5
.4
1.3
1.6
1.7
.9
–.3
1.6
3.0
.6
–.2
3.0
.6
2.9
1.7
.1
.7
3.6
2.2
.2
1.4
.0
9.6
6.0

3.4
.0
.9
.5
.9
1.6
.3
1.2
1.4
1.7
.9
–.1
1.2
2.5
1.0
–.1
2.5
1.3
2.3
1.1
.5
.8
3.7
2.0
.3
1.6
–.3
10.6
4.6

3.2
1.9
3.0
2.4
3.1
3.8
1.9
2.7
3.5
2.4
2.6
1.2
2.5
3.2
2.5
1.9
3.6
4.6
4.5
3.0
2.3
1.5
3.6
1.3
2.9
2.8
–6.0
–36.8
43.6

3.3
2.0
3.1
2.2
3.2
3.7
1.8
2.8
3.5
2.5
2.5
1.1
2.4
3.4
2.4
2.1
3.8
4.7
4.3
3.0
2.3
1.4
3.8
1.2
2.9
2.8
–6.4
–36.8
43.4

–0.1
2.0
2.3
1.5
2.4
2.3
1.5
1.4
1.9
.7
1.7
1.5
.9
.2
1.9
2.1
.6
4.0
1.6
1.3
2.1
.8
.0
–.9
2.7
1.4
–6.0
–42.4
35.5

–0.1
2.0
2.3
1.7
2.3
2.1
1.5
1.5
2.0
.7
1.6
1.2
1.2
.9
1.3
2.2
1.3
3.3
2.0
1.8
1.8
.7
.1
–.7
2.6
1.2
–6.1
–42.9
37.1

1.8
2.1
2.8
1.5
2.6
2.9
1.1
3.6
3.4
3.6
.0
.8
2.1
5.2
3.3
2.4
5.7
4.6
2.7
1.7
4.7
1.5
8.8
1.7
–.1
3.1
9.0
23.5
–1.2

1.9
2.2
2.7
1.3
2.8
3.1
1.1
3.5
3.4
3.6
.1
1.1
1.7
4.3
3.9
2.4
5.2
5.5
2.2
1.3
5.1
1.8
8.7
1.4
–.2
3.3
9.2
24.3
–2.3

0.1
–1.0
.6
.0
.9
2.8
–.2
1.4
.9
1.8
.1
–2.1
.2
2.6
.4
2.0
3.5
1.5
–.6
–.5
2.5
.3
7.9
–1.3
–1.9
.7
7.7
28.1
–6.1

0.2
–.9
.5
–.2
1.1
3.0
–.2
1.3
.9
1.8
.2
–1.7
–.2
1.7
1.0
2.0
3.0
2.3
–1.0
–.9
2.9
.5
7.7
–1.6
–2.0
.9
7.9
28.8
–7.1

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 1978-2019 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 25, 2020.
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

110

FINAL PRODUCTS

120

100

CONSUMER
GOODS

110

90

100

80

BUSINESS
EQUIPMENT

90

70
120

TOTAL1

MANUFACTURING

110

DURABLE

DEFENSE AND
SPACE EQUIPMENT

80

100
NONDURABLE

90

70

80

60

70
140

PERCENT*
86

UTILITIES AND MINING

130

CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)

82

120

78

MINING

110

74
100

UTILITIES

70

90

66
62

80
2016

2017

2018

2019

2020

2016

2017

2018

2019

2020

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

2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2019: Nov ����������
      Dec �����������
2020: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov p ��������

Percent change 2
Index,
2012=100

94.1
97.1
100.0
102.0
105.2
104.1
102.1
104.4
108.6
109.4
110.0
109.7
109.2
109.3
104.5
91.3
92.1
97.8
101.9
102.7
102.6
103.6
104.0

From
preceding
month
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
0.9
–.4
–.4
.1
–4.4
–12.7
.9
6.2
4.2
.8
–.1
.9
.4

Chart 17 - Dec 2020

Industry production indexes, 2012=100

Capacity utilization rate
(output as percent of
capacity) 1

Manufacturing

From
year
earlier
5.5
3.1
3.0
2.0
3.1
–1.0
–2.0
2.3
3.9
.8
–.4
–.8
–.8
–.2
–4.7
–16.3
–15.7
–10.5
–6.6
–6.5
–6.3
–5.0
–5.5

Total 1
94.7
97.5
100.0
100.9
102.0
101.5
100.7
102.7
105.0
104.8
104.9
105.1
105.0
104.9
99.6
83.9
87.0
93.8
97.7
99.1
99.2
100.3
101.1

Durable
89.2
94.7
100.0
102.1
105.1
103.9
101.7
104.0
107.5
108.2
108.8
108.5
107.9
108.1
99.7
77.8
83.1
93.6
100.3
101.4
101.5
102.6
104.1

Nondurable
99.8
99.9
100.0
100.0
99.3
99.6
100.4
102.3
104.3
103.5
103.2
104.0
104.3
104.0
101.8
92.0
93.1
96.4
97.6
99.3
99.1
100.5
100.6

Other
(non-NAICS) 1
111.3
106.1
100.0
95.0
93.8
90.4
88.0
87.5
78.9
73.2
70.3
69.1
70.5
71.8
66.8
56.3
57.2
58.5
59.6
62.8
65.2
64.0
63.2

Mining

87.2
92.6
100.0
106.3
117.8
113.9
102.6
110.1
123.8
132.7
132.6
133.8
135.2
133.0
130.7
121.8
108.0
110.7
114.6
113.2
114.3
113.5
116.0

Utilities

102.8
102.4
100.0
102.2
103.5
102.7
102.3
101.5
105.9
104.8
109.7
103.4
98.6
102.2
99.1
100.9
100.2
101.5
106.7
104.9
102.6
104.4
99.9

Total
industry

Total
manufacturing

73.5
76.1
76.9
77.2
78.6
76.9
75.0
76.5
78.7
77.8
77.6
77.2
76.9
76.9
73.6
64.2
64.8
68.9
71.8
72.3
72.3
73.0
73.3

70.7
73.5
74.5
74.4
75.2
75.3
74.2
75.1
76.6
75.6
75.2
75.3
75.2
75.2
71.4
60.1
62.4
67.2
70.0
71.1
71.2
72.0
72.6

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

Nonindustrial supplies

Consumer goods

Period

Equipment

Total

Total
Total

2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2019: Nov ����������
      Dec �����������
2020: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov p ��������

96.0
98.2
100.0
100.3
101.3
100.8
99.0
100.8
103.4
103.2
104.2
103.3
101.9
102.7
96.7
82.3
86.0
93.6
98.1
99.2
98.6
99.1
99.5

100.3
101.4
100.0
100.7
101.5
102.9
103.5
104.1
106.3
105.3
106.7
105.5
104.6
105.8
100.0
87.7
91.5
99.4
104.0
104.7
103.8
104.2
103.9

Durable
goods
94.2
97.7
100.0
105.5
110.7
115.0
117.5
119.3
122.0
120.1
122.5
119.3
121.0
123.6
102.1
60.9
73.8
104.9
122.9
122.1
119.9
120.7
123.9

Nondurable
goods
101.9
102.3
100.0
99.5
99.2
99.9
100.0
100.3
102.3
101.5
102.7
102.0
100.4
101.3
99.4
94.3
95.9
98.0
99.2
100.3
99.8
100.0
98.9

Total 1
87.8
92.2
100.0
99.6
101.0
96.6
90.3
94.4
97.8
99.4
99.5
99.3
96.9
96.9
90.4
71.4
74.9
81.9
86.6
88.3
88.2
89.2
90.8

Business
86.1
91.1
100.0
99.9
101.7
99.6
94.4
97.8
101.0
101.4
101.8
101.3
98.4
98.0
90.2
69.3
74.0
83.2
88.9
91.0
90.6
91.2
93.0

Construction

Business

Total 1

Energy

Defense
and
space
100.9
98.0
100.0
97.2
93.9
91.7
89.1
90.9
93.1
101.7
104.1
105.4
103.4
104.7
102.2
89.9
95.0
97.3
99.5
100.5
101.7
103.5
104.4

96.6
98.0
100.0
102.2
103.9
103.3
104.0
106.8
108.4
108.3
108.5
108.6
109.5
109.8
104.6
91.9
93.6
96.7
99.3
100.4
100.8
102.8
102.5

93.6
95.9
100.0
103.1
106.4
107.1
108.1
111.8
114.9
116.5
116.3
117.5
120.4
120.1
115.5
101.2
104.3
106.3
108.1
109.5
110.3
112.8
112.7

98.0
99.0
100.0
101.8
102.8
101.4
102.0
104.3
105.2
104.1
104.5
104.1
103.8
104.5
98.9
87.0
88.1
91.7
94.8
95.6
96.0
97.6
97.2

91.9
95.9
100.0
103.3
108.5
106.9
103.7
106.5
112.8
115.0
115.3
115.2
115.3
114.6
111.2
99.0
96.7
101.5
105.6
105.9
106.2
107.3
108.0

90.6
94.1
100.0
105.1
114.0
112.6
105.9
110.1
121.3
127.8
129.5
128.1
127.8
127.2
124.5
117.2
107.3
112.2
117.1
115.3
114.9
114.9
115.5

1 Includes other items, not shown separately.

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

Primary metals
Period
Total
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2019: Nov ����������
      Dec �����������
2020: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov p ��������

95.1
102.0
100.0
103.3
104.0
96.8
92.5
93.7
97.6
96.9
96.4
98.4
98.0
94.5
90.7
70.4
66.9
71.4
75.2
78.9
83.8
85.3
88.5

Iron
and
steel
products
91.8
100.1
100.0
102.1
101.3
91.6
87.4
91.7
96.6
96.8
97.7
100.0
101.4
95.1
90.5
66.1
62.0
66.4
70.2
75.2
82.1
82.3
87.0

Fabricated
metal
products

90.7
97.1
100.0
101.8
103.6
100.2
96.5
97.9
102.5
103.5
103.1
102.7
102.9
104.0
99.9
88.5
90.7
92.5
92.3
93.6
95.8
95.6
96.0

Nondurable manufactures

Machinery
Total
82.1
92.5
100.0
95.4
96.7
89.0
82.2
87.9
92.6
92.2
91.5
92.3
90.3
90.2
87.3
70.3
75.0
78.8
83.1
85.6
86.4
87.5
87.0

85.6
92.6
100.0
103.2
107.4
108.1
110.4
115.2
120.9
127.2
130.1
130.8
131.5
133.0
131.8
126.1
124.0
130.3
132.0
133.6
130.3
130.7
132.1

Selected
high-technology 1
80.9
91.1
100.0
110.7
122.7
126.7
133.9
137.4
146.1
153.6
159.1
159.5
158.6
156.3
158.3
154.7
153.5
156.9
160.3
161.1
163.1
165.9
166.9

Transportation
equipment
Total
86.5
90.4
100.0
105.1
111.9
115.0
112.2
112.4
115.1
114.5
116.4
113.4
110.4
111.6
89.1
43.3
58.5
88.6
108.1
107.6
106.8
107.1
111.3

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
82.7
90.4
100.0
107.2
117.1
123.2
124.8
124.7
129.9
127.0
130.4
123.9
126.7
130.9
92.7
21.6
45.4
102.3
134.0
129.4
125.2
123.8
130.4

Apparel

109.5
102.9
100.0
92.6
88.8
84.3
79.2
71.0
69.0
60.6
58.5
58.4
56.6
57.4
52.8
34.2
42.4
47.7
46.3
50.9
50.3
54.4
52.5

Printing
and
related
support
activities
103.5
101.8
100.0
100.3
98.5
97.5
99.2
99.8
97.6
93.7
93.7
92.7
94.3
96.2
87.9
66.1
72.7
75.9
78.7
79.3
81.2
84.5
83.7

Chemicals

101.3
101.4
100.0
96.6
95.6
95.2
94.7
96.6
100.4
100.5
100.3
100.0
100.2
99.5
99.8
93.7
93.3
94.0
95.6
96.9
96.4
97.8
97.3

Food

100.4
100.2
100.0
102.0
102.9
104.4
106.6
110.8
113.9
115.1
115.6
117.1
116.7
117.0
115.9
104.7
106.8
112.3
112.4
114.1
114.0
114.8
115.4

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

2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2019: Nov ����������
      Dec �����������
2020: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept r ��������
      Oct r ����������
      Nov p ��������

Total
new
construction
expenditures

813.0
791.2
854.4
914.6
1,015.3
1,140.2
1,223.7
1,279.8
1,333.2
1,365.1
1,405.5
1,410.3
1,437.7
1,441.1
1,436.7
1,387.9
1,369.4
1,383.6
1,399.0
1,426.9
1,424.0
1,446.9
1,459.4

Residential
Total

New
housing

Total 1

509.0
504.8
575.1
643.9
739.2
846.4
926.7
983.3
1,023.0
1,030.7
1,068.4
1,067.7
1,086.4
1,088.8
1,076.3
1,036.6
1,010.7
1,028.3
1,049.7
1,083.2
1,081.3
1,098.6
1,111.8

Federal
and
State
and
local

Nonresidential

245.7
247.0
273.7
329.6
377.5
431.8
479.4
539.0
557.6
544.4
566.9
572.4
589.1
593.0
588.1
562.3
539.6
553.7
575.5
615.4
620.9
641.0
658.1

Total

131.0
126.1
158.5
208.5
242.8
283.3
315.8
344.2
367.1
360.1
366.8
373.1
382.1
392.8
389.3
361.4
345.5
343.6
360.2
377.4
396.8
414.9
431.5

Lodging

263.3
257.8
301.4
314.3
361.7
414.6
447.3
444.3
465.5
486.3
501.4
495.3
497.3
495.8
488.2
474.3
471.1
474.6
474.2
467.8
460.4
457.6
453.8

Commercial
(including
farm)

Office

11.2
8.4
10.2
13.0
16.3
21.4
26.6
28.1
30.5
31.9
31.4
30.9
31.0
30.4
29.2
28.3
28.0
28.2
27.4
26.5
25.6
25.1
23.0

24.4
23.7
27.4
30.1
38.9
47.9
59.8
59.9
66.8
73.9
74.1
71.4
71.9
72.1
71.3
70.3
69.8
70.1
69.6
69.6
69.6
69.0
69.3

Manufacturing

37.2
39.2
44.3
50.9
60.9
64.5
75.5
84.5
82.8
76.4
79.8
78.1
81.4
80.6
80.8
79.7
80.0
79.8
80.1
79.6
79.0
78.6
78.3

Other 2

40.6
39.8
46.8
51.8
60.1
82.4
78.9
70.0
72.0
79.8
81.9
77.2
76.9
76.6
75.0
71.6
72.8
74.3
72.9
71.6
69.5
69.5
69.5

149.9
146.7
172.6
168.3
185.5
198.5
206.5
201.9
213.4
224.2
234.3
237.7
236.0
236.1
231.8
224.5
220.5
222.2
224.3
220.5
216.7
215.4
213.6

New
houses
sold

New
houses
for sale
at end
of period 3

304.0
286.4
279.3
270.7
276.1
293.8
297.0
296.5
310.2
334.4
337.1
342.6
351.3
352.4
360.4
351.3
358.7
355.4
349.3
343.7
342.7
348.3
347.6

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
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������

586.9
608.8
780.6
924.9
1,003.3
1,111.8
1,173.8
1,203.0
1,249.9
1,290.0

1 unit
471.2
430.6
535.3
617.6
647.9
714.5
781.5
848.9
875.8
887.7

Type of structure

2–4 units 1
11.4
10.9
11.4
13.6
13.7
11.5
11.5
11.4
13.9
13.4

5 units or
more

Total

104.3
167.3
233.9
293.7
341.7
385.8
380.8
342.7
360.3
388.9

604.6
624.1
829.7
990.8
1,052.1
1,182.6
1,206.6
1,282.0
1,328.8
1,386.0

1 unit
447.3
418.5
518.7
620.8
640.3
696.0
750.8
820.0
855.3
862.1

2–4 units

5 units or
more

New
housing
units
completed

Vacancy
rate for
rental
housing
units
(percent) 4

22.0
21.6
25.9
29.0
29.9
32.1
34.8
37.2
39.7
42.6

135.3
184.0
285.1
341.1
382.0
454.5
421.1
424.8
433.8
481.4

651.7
584.9
649.2
764.4
883.8
968.2
1,059.7
1,152.9
1,184.9
1,255.1

323
306
368
429
437
501
561
613
617
683

190
151
150
186
210
232
254
293
346
322

10.2
9.5
8.7
8.3
7.6
7.1
6.9
7.2
6.9
6.8

41
43
43
45
46
33
42
40
45
52
44
57
52

534
474
516
399
426
367
428
378
461
386
388
359
446

1,222
1,312
1,305
1,297
1,280
1,212
1,180
1,245
1,338
1,216
1,411
1,323
1,163

696
731
774
716
612
570
698
840
979
977
965
945
841

322
322
325
327
330
323
311
300
291
285
283
281
286

��������������������
6.4
��������������������
��������������������
6.6
��������������������
��������������������
5.7
��������������������
��������������������
6.4
��������������������
��������������������

Seasonally adjusted annual rates
2019: Nov ����������
      Dec �����������
2020: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov p ��������

1,371
1,587
1,617
1,567
1,269
934
1,038
1,265
1,487
1,373
1,437
1,528
1,547

933
1,047
989
1,034
880
679
728
891
992
1,022
1,097
1,181
1,186

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

419
520
619
514
376
240
302
367
485
330
335
326
352

1,510
1,457
1,536
1,438
1,356
1,066
1,216
1,258
1,483
1,476
1,545
1,544
1,635

935
940
977
994
884
666
746
840
977
1,038
1,113
1,128
1,137

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 were unchanged, manufacturing
and trade inventories rose $9.3 billion, and retail inventories rose $4.2 billion. In November, retail sales fell 0.8
percent and retail and food services sales fell 1.1 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,100
MANUFACTURING AND
TRADE INVENTORIES
2,000

BILLIONS OF DOLLARS* (RATIO SCALE)
700
RETAIL INVENTORIES

1,900

600

1,800

550

1,700

500

1,600

450

650

1,500

RETAIL AND FOOD
SERVICES SALES

RETAIL SALES

400

1,400

MANUFACTURING
AND TRADE SALES

350
RATIO*
1.80

1,300

INVENTORY/SALES RATIO

1.70
1,200

1.60
RETAIL

1.50
1,100

1.40
MANUFACTURING
AND TRADE

1.30
1.20

1,000
2016

2017

2018

2019

2020

2016

2017

2018

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

2019

2020

COUNCIL OF ECONOMIC ADVISERS

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

2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2019: Oct r ����������
      Nov r ���������
      Dec �����������
2020: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept r ��������
      Oct r ����������
      Nov p ��������

Sales 2
1,088,891
1,206,661
1,267,248
1,303,229
1,340,932
1,294,787
1,285,806
1,349,179
1,431,072
1,453,311
1,450,069
1,458,095
1,460,174
1,468,389
1,460,413
1,384,176
1,184,954
1,285,801
1,396,172
1,443,470
1,455,958
1,468,484
1,482,527
1,482,969

Inventories 3

Wholesale

Inventory/sales
ratio 4

1,449,943
1,565,507
1,654,631
1,718,588
1,779,034
1,809,516
1,838,756
1,897,688
1,990,841
2,028,040
2,029,110
2,025,459
2,028,040
2,022,853
2,013,829
2,007,046
1,979,748
1,933,282
1,912,335
1,914,153
1,919,935
1,934,866
1,950,360
1,959,653

1.27
1.26
1.28
1.29
1.31
1.39
1.42
1.38
1.36
1.39
1.40
1.39
1.39
1.38
1.38
1.45
1.67
1.50
1.37
1.33
1.32
1.32
1.32
1.32

Sales 2
361,447
407,090
434,002
447,546
463,682
441,036
435,168
462,419
494,954
497,530
492,114
497,945
498,316
504,733
500,955
475,572
397,676
420,440
458,074
479,882
485,744
487,669
495,974
496,738

Inventories 3
441,609
487,381
523,147
544,044
576,183
583,909
595,265
613,124
653,268
664,316
663,860
663,549
664,316
660,230
655,712
648,727
650,023
642,489
634,233
633,155
636,155
641,649
649,804
649,823

Retail
Inventory/sales
ratio 4
1.15
1.15
1.17
1.19
1.22
1.33
1.35
1.30
1.28
1.34
1.35
1.33
1.33
1.31
1.31
1.36
1.63
1.53
1.38
1.32
1.31
1.32
1.31
1.31

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
318,171
341,913
358,519
371,538
386,620
393,833
404,413
421,096
439,122
454,351
458,843
460,743
460,512
464,062
461,914
438,221
382,734
448,788
479,823
483,699
488,998
497,072
497,067
493,300

Inventories 3
454,562
471,186
506,218
544,749
562,395
590,050
613,159
627,767
656,915
663,703
669,247
664,096
663,703
663,743
661,689
669,293
643,856
603,858
587,749
594,599
597,301
607,118
612,738
616,897

Chart 20 - Dec 2020

Retail and food
Inventory/sales services sales 2
ratio 4
1.39
1.35
1.38
1.41
1.43
1.46
1.50
1.48
1.46
1.47
1.46
1.44
1.44
1.43
1.43
1.53
1.68
1.35
1.22
1.23
1.22
1.22
1.23
1.25

357,081
383,192
402,199
416,814
434,638
445,791
459,182
478,734
500,135
518,167
523,718
524,997
525,467
529,616
527,273
483,949
412,766
488,218
529,962
535,923
543,404
552,767
552,484
546,504

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

BILLIONS OF DOLLARS* (RATIO SCALE)
740
INVENTORIES
700
660
620
TOTAL
580
540
500
460
DURABLE GOODS
420

SHIPMENTS

TOTAL

340
300

NONDURABLE GOODS

380

260

340

220

DURABLE GOODS

300

180
260
140
BILLIONS OF DOLLARS* (RATIO SCALE)
620
540
500
460
420
380

NONDURABLE GOODS

220
180

NEW ORDERS

RATIO*
1.80

TOTAL

1.70

340

INVENTORY/SHIPMENTS RATIO

1.60

300

DURABLE GOODS

1.50

260

1.40

220

1.30

180

1.20
1.10

140
2017

2016

2019

2018

2020

2016

2017

2019

2018

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1

Chart 21- Dec 2020

Durable goods
Period

Total

Durable
goods

2020

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
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2019: Nov ����������
      Dec �����������
2020: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct r ����������
      Nov p ��������

409,273
457,658
474,727
484,145
490,630
459,918
446,225
465,664
496,996
501,430
499,407
501,346
499,594
497,544
470,383
404,544
416,573
458,275
479,889
481,216
483,743
489,486
492,931

190,059
206,591
218,965
224,651
233,077
231,002
226,090
231,210
247,019
248,483
245,475
245,495
245,405
247,276
233,588
189,742
197,483
227,502
244,876
244,347
245,600
249,356
250,130

219,214
251,067
255,762
259,495
257,553
228,916
220,135
234,454
249,977
252,947
253,932
255,851
254,189
250,268
236,795
214,802
219,090
230,773
235,013
236,869
238,143
240,130
242,801

553,772
606,940
625,266
629,795
640,456
635,557
630,332
656,797
680,658
700,021
697,814
700,021
698,880
696,428
689,026
685,869
686,935
690,353
686,399
686,479
686,099
687,818
692,933

321,393
352,820
367,542
370,683
388,025
391,580
373,597
386,217
406,409
423,216
421,928
423,216
422,892
422,492
424,651
424,744
424,813
424,468
420,990
420,373
421,434
422,634
426,470

232,379
254,120
257,724
259,112
252,431
243,977
256,735
270,580
274,249
276,805
275,886
276,805
275,988
273,936
264,375
261,125
262,122
265,885
265,409
266,106
264,665
265,184
266,463

407,992
459,305
475,809
485,611
493,833
453,290
439,112
463,743
495,928
494,705
489,169
497,703
495,606
496,463
441,815
382,304
411,695
438,247
466,927
469,802
475,929
482,228
487,240

188,778
208,238
220,047
226,116
236,280
224,374
218,977
229,289
245,951
241,759
235,237
241,852
241,417
246,195
205,020
167,502
192,605
207,474
231,914
232,933
237,786
242,098
244,439

62,309
71,753
77,674
80,844
81,410
71,502
66,659
71,885
75,740
70,547
68,696
63,364
70,455
71,483
46,151
49,398
62,334
52,665
58,475
63,333
70,641
71,107
71,377

870,463
953,635
1,014,225
1,075,752
1,160,052
1,128,338
1,091,433
1,122,263
1,165,974
1,144,546
1,143,494
1,144,546
1,145,310
1,149,055
1,125,179
1,107,812
1,107,813
1,092,630
1,084,809
1,078,431
1,075,902
1,073,816
1,073,240

1.28
1.29
1.30
1.29
1.31
1.39
1.41
1.38
1.35
1.38
1.40
1.40
1.40
1.40
1.46
1.70
1.65
1.51
1.43
1.43
1.42
1.41
1.41

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

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

21

PRICES
Producer Prices
The producer price index for final demand rose 0.1 percent in November. Prices for final demand goods rose 0.4
percent and prices for final demand services were unchanged.
INDEX, NOV. 2009=100 (RATIO SCALE)

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

125
SEASONALLY ADJUSTED

FINAL DEMAND

120

120

FINAL DEMAND
SERVICES

115

115

110

110
FINAL DEMAND

FINAL DEMAND
GOODS

105

105

100

100

95

95
2014

2015

2016

2018

2017

2019

2020

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

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

Rel. imp. 4 �����������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2019: Nov ����������
      Dec �����������
2020: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July r ��������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������

Total
final
demand 1

100.0
101.8
105.7
107.7
109.1
110.9
109.9
110.4
113.0
116.2
118.2
118.6
118.9
119.2
118.6
118.1
116.6
117.2
117.5
118.2
118.4
118.9
119.3
119.4

Total

32.726
102.8
109.9
111.7
112.6
114.0
109.1
107.6
111.2
115.0
115.5
116.0
116.2
116.5
115.4
113.7
110.3
112.0
112.4
113.2
113.5
114.0
114.6
115.1

Foods 2

5.742
103.7
112.5
115.9
117.8
121.6
118.4
115.1
116.5
116.7
118.9
121.6
121.3
121.5
119.3
119.2
118.6
125.3
119.1
118.1
118.1
119.5
122.4
123.0

Energy

5.343
107.2
126.2
126.3
125.3
124.2
98.6
90.4
99.8
110.0
105.0
104.8
106.0
106.4
102.3
93.0
76.1
79.4
87.0
91.0
91.6
91.3
92.0
93.1

Final demand services
Less
food
and
energy
21.641
101.4
104.9
106.8
107.9
109.5
109.9
110.7
113.2
116.0
117.6
117.8
117.8
118.1
118.2
118.2
117.9
117.8
117.9
118.3
118.6
119.1
119.1
119.3

Total

65.540
101.3
103.4
105.4
107.1
109.0
110.0
111.5
113.5
116.5
119.1
119.4
119.8
120.1
119.7
119.8
119.3
119.4
119.6
120.2
120.4
120.9
121.1
121.1

Trade 3

20.290
101.7
104.0
106.7
108.2
110.2
111.6
113.1
114.8
116.9
119.7
119.3
120.0
120.3
119.5
120.6
121.7
121.4
121.3
122.4
123.0
123.2
123.4
123.0

Transportation
and
warehousing
4.707
103.2
110.0
114.2
115.3
117.7
115.3
113.5
115.9
122.0
125.5
125.7
127.7
126.0
125.7
122.0
117.8
119.5
120.9
120.1
119.2
119.7
121.0
119.9

Other

40.543
100.9
102.5
103.9
105.8
107.5
108.7
110.6
112.8
115.8
118.2
118.8
118.9
119.5
119.2
119.3
118.3
118.4
118.7
119.2
119.4
120.0
120.1
120.4

Processed goods
Final
for intermediate
demand
demand (1982=100)
less
foods,
energy,
Less
and
food
trade
Total
and
(Aug. 2013
energy
=100) 2
68.625
����������������
����������������
����������������
����������������
101.5
102.1
103.3
105.4
108.4
110.6
111.0
111.2
111.5
111.4
111.2
110.3
110.5
110.7
111.1
111.2
111.7
111.9
112.0

100.0
183.4
199.9
200.7
200.8
201.9
188.0
182.2
190.7
200.9
198.1
197.3
197.2
196.9
195.2
192.2
185.3
185.3
187.7
190.4
191.6
193.5
194.0
196.7

73.010
180.8
192.0
192.6
193.8
195.2
189.4
186.9
193.3
201.8
201.1
199.8
199.4
199.6
199.4
199.0
196.1
194.9
195.8
197.1
197.8
200.3
200.7
200.9

Unprocessed
goods
Chart 22 - Dec 2020
for intermediate
demand (1982=100)
Services
for
intermediNonfood
ate
materials demand
Total
less
energy
100.0
212.2
249.4
241.4
246.7
249.3
189.1
173.4
190.8
200.1
185.9
186.6
188.9
186.9
174.3
159.4
137.0
148.8
156.4
158.0
164.3
170.7
175.1
187.8

22.164
329.1
390.4
369.6
351.2
345.7
296.0
288.0
324.1
340.7
323.4
313.9
323.6
339.9
335.0
339.0
326.3
327.4
330.6
333.7
337.6
361.8
364.1
372.3

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 2019.

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

22

100.0
101.1
103.2
105.3
107.2
108.9
110.2
112.1
115.0
118.6
121.4
121.5
122.1
122.3
122.0
122.1
120.0
119.6
120.0
120.5
121.4
122.6
123.6
123.5

Consumer Prices—All Urban Consumers
In November, the consumer price index for all urban consumers rose 0.2 percent; it fell 0.1 percent before seasonal
adjustment. The index rose 1.2 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
2012

2013

2014

2015

2016

2017

2018

2019

SOURCE: DEPARTMENT OF LABOR

2020

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 ��������������������
2019: Nov ����������
      Dec �����������
2020: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������

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
257.208
256.974
257.971
258.678
258.115
256.389
256.394
257.797
259.101
259.918
260.280
260.388
260.229

�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
257.824
258.444
258.820
259.050
257.953
255.902
255.768
257.214
258.723
259.681
260.209
260.325
260.817

All items less food and energy
Total 1

79.782
221.337
225.008
229.755
233.806
237.897
242.247
247.602
252.169
257.565
263.211
265.501
265.832
266.476
267.070
266.795
265.601
265.441
266.065
267.715
268.747
269.264
269.296
269.887

Shelter

33.283
248.396
251.646
257.083
263.056
270.513
278.803
288.230
297.803
307.663
318.053
321.622
322.262
323.414
324.439
324.570
324.471
325.128
325.539
326.304
326.745
326.938
327.305
327.746

Medical
care 2
8.906
388.436
400.258
414.924
425.134
435.292
446.752
463.675
475.322
484.707
498.413
508.362
510.679
511.579
512.118
514.275
516.350
518.888
521.135
523.255
523.601
523.549
521.328
520.673

Apparel

2.774
119.503
122.111
126.265
127.411
127.514
125.903
126.045
125.612
125.654
124.052
123.075
123.173
123.985
124.524
121.990
116.266
113.598
115.482
116.724
117.450
116.918
115.561
116.622

Food
New
vehicles
3.729
138.005
141.883
144.232
145.783
146.275
147.135
147.358
146.992
146.287
146.834
146.558
146.690
146.736
146.898
146.287
146.225
146.671
146.744
147.898
147.935
148.376
149.023
148.907

Energy

Total 1

At
home

Away
from
home

14.113
219.625
227.842
233.777
237.037
242.725
247.235
247.931
250.065
253.558
258.316
259.799
260.199
260.738
261.696
262.588
266.493
268.417
270.044
268.937
269.130
269.152
269.655
269.420

7.795
215.836
226.201
231.774
233.869
239.456
242.250
239.065
238.589
239.661
241.775
242.296
242.399
242.572
243.749
244.960
251.271
253.789
255.505
252.687
252.439
251.351
251.644
251.000

6.318
226.114
231.401
237.986
243.068
248.981
256.101
262.695
268.826
275.893
284.410
287.255
288.078
289.137
289.781
290.216
290.639
291.709
293.219
294.599
295.437
297.080
297.893
298.253

Total 1, 2

6.104
211.449
243.909
246.080
244.409
243.583
202.895
189.535
204.540
219.941
215.294
217.639
221.132
219.561
215.139
202.700
182.148
178.787
187.970
192.752
194.430
195.990
196.269
197.112

Chart 23 - Dec 2020

Gasoline

2.795
238.594
301.694
311.470
302.577
290.889
212.007
187.602
211.770
240.599
232.003
236.012
243.442
239.525
231.454
207.111
164.379
158.630
178.133
188.115
191.838
192.061
191.125
190.381

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

�������������������
125.615
129.453
131.976
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
144.518
144.251
144.808
145.203
144.818
143.662
143.615
144.465
145.218
145.665
145.884
145.927
145.819

1 Includes other items not shown separately.
2 Commodities and services.
3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices.
4 Relative importance, October 2020.

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
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������

2.8
3.2
1.9
1.2
.9
–1.1
1.7
2.5
2.6
1.4

4.7
4.7
1.4
.8
–1.2
–3.8
1.9
3.5
1.6
1.0

5.3
5.7
4.1
–.8
4.4
–5.2
–1.6
2.0
2.8
1.2

12.7
9.2
–1.3
.9
–13.2
–16.4
6.3
10.1
–3.1
2.4

2.4
3.1
1.4
1.3
1.1
–.1
1.7
2.2
2.6
.6

1.7
2.3
2.2
1.3
2.1
.2
1.6
2.1
3.0
1.4

2.1
2.3
3.8
–.4
4.0
.0
1.0
1.8
3.1
.8

4.3
6.7
2.7
2.0
.8
–3.5
1.1
2.3
6.5
2.2

1.3
1.8
1.4
2.0
1.4
.8
2.0
2.3
2.6
1.8

�����������
�����������
�����������
�����������
1.3
.3
1.8
2.3
2.8
1.5

6.4
5.7
.4
.1
–2.6
–6.6
1.8
5.0
2.8
–1.7

4.7
3.8
.6
.7
–.1
–3.8
1.6
3.6
3.5
–1.8

16.1
6.6
1.4
–1.9
–8.7
–25.3
13.0
5.0
3.7
–7.3

27.6
2.4
–1.6
–5.6
–5.3
–18.5
13.7
8.5
2.9
–5.0

0.1
.2
.3
–.1
–.2
–.8
.2
.2
.4
.1
.4
.2
.1

0.2
–.1
–.2
–.9
–1.5
–3.6
.0
1.3
1.4
.6
1.0
.3
1.4

–0.2
–.2
.1
–.1
–.2
–1.5
–.6
.5
.7
.4
1.3
.2
.1

3.1
1.2
–1.1
–6.7
–8.5
–14.1
8.6
5.1
1.0
4.0
3.9
2.6
7.3

–0.1
3.1
5.0
–1.4
1.2
–3.7
.3
1.0
.9
1.2
7.2
.6
2.3

1.4 ����������� ����������� ������������
2.0
3.8
6.9
2.1
2.9
1.9
1.6
1.9
1.0
1.3
.8
1.6
1.8
1.6
1.2
1.8
.5
–.9
–4.3
.9
2.6
.5
–1.4
1.4
2.9
2.4
3.3
1.8
3.1
2.8
3.4
2.6
1.7
1.7
.4
2.2

Change, month to month
2019: Nov ����������
      Dec �����������
2020: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July r ��������
      Aug r ���������
      Sept ���������
      Oct �����������
      Nov ����������

–0.1
.3
.3
–.5
–.4
–1.3
.5
.3
.6
.2
.4
.3
.1

0.3
.2
.3
–.9
–1.5
–3.0
1.5
.4
.7
.3
.4
.5
.4

1.3
–.2
.2
–1.8
–.1
–.5
5.6
–4.9
–.8
.0
1.2
2.4
.5

–0.1
1.1
.4
–3.9
–9.1
–18.2
4.3
9.6
4.6
.7
–.3
.8
1.2

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

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

–1.2
.6
.3
–.7
.9
.9
–.2
–.1
.9
.5
.2
.2
–.3

–0.2
1.6
–1.3
–.2
–2.9
–3.4
1.4
1.2
–.7
–.7
.4
1.1
–.9

0.1
.1
.5
–.3
.1
–.8
.1
.3
.4
.2
.5
.1
.2

–0.1
.5
.2
–.2
.1
–1.7
–.3
.3
.4
.7
1.0
.8
–.1

1.0
1.4
2.0
1.1
.3
–1.5
–1.1
–.7
–.3
–.2
.4
.5
.8

.2
1.0
1.8
.6
–1.7
–5.2
–3.6
–2.6
–2.2
–1.6
–1.0
–1.0
–.8

1.4
1.4
1.9
1.4
1.3
.3
.2
.3
.7
.4
1.1
1.2
1.5

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

2019: Nov ����������
      Dec �����������
2020: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������

0.2
.2
.1
.1
–.4
–.8
–.1
.6
.6
.4
.2
.0
.2

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

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

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

0.6
.1
.7
.4
–2.0
–4.7
–2.3
1.7
1.1
.6
–.5
–1.2
.9

–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
1.8

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

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

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

1.6
3.2
2.1
1.5
1.6
.1
1.3
2.1
2.4
1.8

0.1
.0
.1
.5
.5
2.6
1.0
.7
–1.1
–.1
–.4
.1
–.3

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

0.8
1.6
–.7
–2.0
–5.8
–10.1
–1.8
5.1
2.5
.9
.8
.1
.4

1.2
3.1
–1.6
–3.4
–10.5
–20.6
–3.5
12.3
5.6
2.0
.1
–.5
–.4

–0.1
–.2
.4
.3
–.3
–.8
.0
.6
.5
.3
.2
.0
–.1

�������������
2.4
�������������
�������������
1.2
�������������
�������������
–3.5
�������������
�������������
5.2
�������������
�������������

2.4
2.9
2.5
1.9
–.8
–4.4
–5.0
–1.1
4.5
6.3
4.7
2.5
1.8

2.1
2.4
2.1
2.2
1.1
–1.0
–1.6
–.9
–.1
.5
1.8
3.5
4.0

2.1
2.3
2.5
2.3
1.5
.3
.1
.6
1.0
1.3
1.4
1.2
1.2

Change, month to month
–0.1
.1
.0
.1
–.4
.0
.3
.0
.8
.0
.3
.4
–.1

0.1
.2
.2
.4
.3
1.5
.7
.6
–.4
.1
.0
.2
–.1

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

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

24

Prices Received and Paid by Farmers
In November, prices received by farmers rose 4.1 percent and prices paid by farmers rose 0.7 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

80

80
PRICES RECEIVED

70

70

60

60
1

RATIO1
140

RATIO
140
120

120
RATIO

100

100

80

80

60

60
2012

2014

2013

2015

2016

2018

2017

2020

2019

1

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

COUNCIL OF ECONOMIC ADVISERS

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

Period

2010 ���������������������������������������������������
2011 ���������������������������������������������������
2012 ���������������������������������������������������
2013 ���������������������������������������������������
2014 ���������������������������������������������������
2015 ���������������������������������������������������
2016 ���������������������������������������������������
2017 ���������������������������������������������������
2018 ���������������������������������������������������
2019 ���������������������������������������������������
2019: Nov �����������������������������������������
      Dec ������������������������������������������
2020: Jan ������������������������������������������
      Feb ������������������������������������������
      Mar �����������������������������������������
      Apr ������������������������������������������
      May �����������������������������������������
      June ����������������������������������������
      July �����������������������������������������
      Aug �����������������������������������������
      Sept ����������������������������������������
      Oct ������������������������������������������
      Nov p ���������������������������������������

Agricultural
production

86.8
100.0
105.0
107.0
107.9
99.2
90.2
93.4
90.5
90.8
90.4
91.2
89.0
90.6
93.4
85.1
88.3
89.2
87.4
88.2
89.0
88.8
92.4

Crop
production

87.0
100.0
107.0
105.7
92.3
87.0
85.5
86.2
86.1
86.4
85.1
86.1
82.6
86.4
89.0
92.8
94.9
91.8
89.9
92.5
93.7
87.7
91.1

Chart 25 - Dec 2020

Prices paid by farmers

Livestock
production

85.7
100.0
102.5
108.5
128.7
113.4
94.4
100.1
94.2
95.7
97.1
97.1
98.5
94.7
97.4
78.4
82.6
86.7
84.5
83.9
84.1
90.6
94.2

All commodities,
services, interest,
taxes, and wage
rates (PPITW) 2
90.0
100.0
104.4
106.3
112.0
110.7
105.8
106.5
109.1
110.5
110.6
110.9
111.4
111.1
110.1
108.9
109.0
109.2
109.7
109.9
110.3
111.1
111.9

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

89.0
100.0
104.8
106.7
113.1
111.6
105.7
106.2
108.7
110.0
110.0
110.3
110.8
110.4
109.4
108.1
108.2
108.4
108.8
109.0
109.4
110.3
111.3

Production
items

87.7
100.0
105.4
107.4
114.1
112.0
104.7
104.5
106.4
107.2
107.1
107.4
107.6
107.1
105.9
104.5
104.7
104.9
105.4
105.6
106.1
107.2
108.3

Ratio of prices
received by farmers
to PPITW

96
100
100
100
96
90
85
87
83
82
81
82
80
82
85
78
81
82
79
80
81
80
82

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)

20,000
18,000
17,000
16,000
15,000
14,000
13,200
12,400
11,600
10,800
10,000
9,200

20,000
18,000
17,000
16,000
15,000
14,000
13,200
12,400
11,600
10,800
10,000
9,200

M2

8,400

8,400

7,600

7,600

6,800

6,800

6,000

6,000

5,200
4,800
4,400

5,200
4,800
4,400

4,000

4,000

M1

3,600

3,600

3,200

3,200

2,800

2,800

2,400

2,400

2,000

2,000

1,600

1,600

2012

2013

2014

2015

2016

2017

2018

2019

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

2020

COUNCIL OF ECONOMIC ADVISERS

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

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 r ����������������������������������������
2019: Nov �����������������������������������������
      Dec r ����������������������������������������
2020: Jan ������������������������������������������
      Feb ������������������������������������������
      Mar r ���������������������������������������
      Apr r ����������������������������������������
      May r ���������������������������������������
      June r ��������������������������������������
      July r ���������������������������������������
      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

1,836.7
2,164.2
2,461.2
2,664.5
2,940.3
3,093.8
3,339.8
3,607.3
3,746.4
3,976.9
3,947.4
3,976.9
3,975.1
4,003.1
4,256.7
4,799.1
5,035.3
5,215.1
5,331.8
5,391.2
5,502.6
5,580.5
6,047.6

8,789.3
9,651.1
10,445.7
11,015.0
11,668.0
12,330.1
13,198.9
13,835.7
14,351.7
15,307.1
15,251.2
15,307.1
15,402.1
15,446.9
15,989.9
17,020.1
17,868.7
18,164.1
18,322.3
18,404.0
18,648.3
18,812.1
19,085.8

37,524.2
38,749.0
40,396.3
41,955.7
43,489.4
45,205.4
47,175.5
49,298.9
51,936.2
54,373.3
���������������������������������������������
54,373.3
���������������������������������������������
���������������������������������������������
55,830.2
���������������������������������������������
���������������������������������������������
59,375.8
���������������������������������������������
���������������������������������������������
60,112.9
���������������������������������������������
���������������������������������������������

Percent change

From
previous period 4

From year or 6 months earlier 3
M1

M2
8.5
17.8
13.7
8.3
10.4
5.2
8.0
8.0
3.9
6.2
8.2
7.5
6.1
7.8
18.1
44.7
55.1
62.3
68.3
69.4
58.5
32.6
40.2

Chart 26 - Dec 2020

Debt
3.6
9.8
8.2
5.5
5.9
5.7
7.0
4.8
3.7
6.7
8.1
7.1
7.3
6.9
12.9
24.7
34.3
37.3
37.9
38.3
33.3
21.1
13.6

4.5
3.7
4.7
4.1
3.8
4.4
4.4
4.3
4.7
4.7
�������������������������������
3.3
�������������������������������
�������������������������������
10.7
�������������������������������
�������������������������������
25.4
�������������������������������
�������������������������������
5.0
�������������������������������
�������������������������������

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

2010: Dec �����������
2011: Dec �����������
2012: Dec �����������
2013: Dec �����������
2014: Dec �����������
2015: Dec �����������
2016: Dec �����������
2017: Dec �����������
2018: Dec �����������
2019: Dec �����������
2019: Nov ����������
      Dec �����������
2020: Jan �����������
      Feb �����������
      Mar ����������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov p ��������

Nonbank
travelers
checks

Currency

918.8
1,001.6
1,090.7
1,160.7
1,253.2
1,339.5
1,420.9
1,525.0
1,624.8
1,710.9
1,703.3
1,710.9
1,720.7
1,723.5
1,744.7
1,780.3
1,818.6
1,856.0
1,884.3
1,912.5
1,929.6
1,944.3
1,957.8

Other checkable
deposits (OCDs)
Demand
deposits

At
commercial
banks

Total

4.7
4.3
3.8
3.5
2.9
2.5
2.2
1.9
1.7
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

516.5
751.3
926.8
1,033.8
1,199.3
1,237.1
1,369.6
1,487.0
1,492.9
1,592.1
1,579.8
1,592.1
1,580.7
1,602.1
1,813.5
2,032.4
2,151.4
2,212.3
2,249.6
2,280.4
2,418.9
2,438.2
2,804.2

396.7
407.1
439.8
466.4
484.9
514.8
547.2
593.4
627.0
673.9
664.3
673.9
673.7
677.5
698.6
986.3
1,065.3
1,146.7
1,197.9
1,198.4
1,154.1
1,198.0
1,285.6

At
thrift
institutions

233.3
231.1
243.2
255.6
265.2
276.6
288.8
306.4
333.4
367.1
362.5
367.1
364.7
367.8
377.1
369.7
407.9
469.4
483.5
481.8
413.6
438.7
507.9

163.4
176.0
196.7
210.7
219.7
238.2
258.4
287.0
293.6
306.8
301.8
306.8
309.0
309.8
321.5
616.6
657.4
677.3
714.5
716.6
740.5
759.3
777.7

Savings deposits
(including MMDAs)

Small-denomination
time deposits 1

Total

At
commercial
banks

At
commercial
banks

5,331.5
6,033.6
6,683.3
7,128.2
7,573.0
8,169.7
8,814.5
9,110.3
9,260.9
9,765.9
9,724.7
9,765.9
9,875.7
9,924.4
10,201.9
10,636.0
11,231.7
11,383.1
11,472.8
11,535.0
11,700.0
11,817.4
11,650.7

4,412.3
5,037.6
5,727.5
6,108.1
6,495.8
7,026.4
7,556.1
7,813.1
7,926.3
8,418.2
8,378.2
8,418.2
8,527.2
8,566.7
8,802.7
9,443.7
9,977.2
10,102.3
10,190.2
10,234.8
10,385.1
10,484.9
10,303.2

At
thrift
institutions
919.2
996.0
955.8
1,020.1
1,077.2
1,143.3
1,258.4
1,297.2
1,334.5
1,347.7
1,346.5
1,347.7
1,348.5
1,357.7
1,399.2
1,192.3
1,254.5
1,280.8
1,282.7
1,300.2
1,314.9
1,332.5
1,347.5

Total
934.4
776.9
645.8
570.4
523.4
413.2
353.3
414.2
532.9
582.8
590.4
582.8
568.6
539.1
508.4
485.8
462.9
429.2
397.3
368.2
345.3
316.0
281.8

Retail
money
funds

At
thrift
institutions

663.9
548.3
469.0
425.9
391.4
302.6
251.6
302.5
425.4
458.7
465.2
458.7
451.0
429.6
406.8
392.0
373.6
345.5
317.2
289.9
269.1
244.8
214.9

270.5
228.6
176.8
144.5
132.0
110.6
101.8
111.7
107.6
124.2
125.2
124.2
117.6
109.5
101.6
93.7
89.3
83.8
80.1
78.3
76.2
71.2
66.9

686.7
676.3
655.4
652.0
631.3
653.3
691.3
703.8
811.5
981.5
988.7
981.5
982.7
980.3
1,022.9
1,099.2
1,138.7
1,136.7
1,120.3
1,109.6
1,100.5
1,098.2
1,105.7

Institutional
money
funds 2

1,885.1
1,751.2
1,730.4
1,764.7
1,793.4
1,822.5
1,742.3
1,829.4
1,861.9
2,251.8
2,240.5
2,251.8
2,270.0
2,262.3
2,489.1
3,101.2
3,323.7
3,245.0
3,155.1
3,079.3
2,981.5
2,907.6
2,836.2

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 ������������
1,035,074
2011: Dec ������������
1,550,043
2012: Dec ������������
1,517,425
2013: Dec ������������
2,485,248
2014: Dec ������������
2,606,700
2015: Dec ������������
2,419,774
2016: Dec ������������
2,031,007
2017: Dec ������������
2,244,274
2018: Dec ������������
1,691,394
2019: Dec ������������
1,630,090
2019: Nov �����������
1,529,341
      Dec ������������
1,630,090
2020: Jan ������������
1,645,384
      Feb ������������
1,656,989
      Mar �����������
2,045,148
      Apr ������������
2,953,586
      May �����������
3,217,635
      June ����������
3,043,556
      July �����������
2,718,529
      Aug �����������
2,799,719
      Sept p �������� ������������������
p
      Oct ���������� ������������������
      Nov p ��������� ������������������

To satisfy
reserve
balance
requirements 2
������������������
������������������
������������������
75,713
90,852
97,981
116,285
135,719
135,698
152,562
154,256
152,562
158,765
151,612
124,147
0
0
0
0
0
������������������
������������������
������������������

That
exceed the
top of the
penalty-free
band

Reserve
balance
requirements 3

Vault cash
used to
satisfy
required
reserves

������������������
28,438
42,927
������������������
47,838
48,672
������������������
58,675
52,959
2,409,535
69,030
55,771
2,515,848
82,770
59,236
2,321,793
89,313
61,413
1,914,722
105,944
64,280
2,108,555
123,720
65,549
1,555,696
123,703
68,462
1,477,528
138,984
68,255
1,375,085
140,705
65,881
1,477,528
138,984
68,255
1,486,619
144,816
69,835
1,505,377
138,370
69,954
1,921,000
113,139
54,222
2,953,586
0
0
3,217,635
0
0
3,043,556
0
0
2,718,529
0
0
2,799,719
0
0
������������������ ������������������ ������������������
������������������ ������������������ ������������������
������������������ ������������������ ������������������

Borrowings from the Federal Reserve

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
1,698,323
1,595,196
1,698,323
1,715,213
1,726,939
2,058,816
2,829,125
3,105,791
2,945,885
2,625,585
2,716,593
2,774,400
2,802,600
2,968,100

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
3,426,464
3,315,551
3,426,464
3,442,569
3,454,474
3,883,155
4,844,940
5,149,527
5,001,978
4,700,365
4,807,394
4,880,400
4,917,200
5,093,100

Total 6

Primary

Secondary

Seasonal

Term
assetbacked
securities
loan
facility 7

45,488
41
3
26
25,025
9,526
103
0
23
9,400
795
12
0
23
760
170
13
0
59
98
102
22
0
80
0
106
38
0
67
0
39
13
0
25
0
75
43
0
33
0
76
18
0
58
0
21
10
0
11
0
26
4
0
22
0
21
10
0
11
0
6
5
0
1
0
3
3
0
0
0
40,554
19,538
0
0
0
124,461
38,299
0
0
0
111,845
22,180
0
2
0
97,671
8,456
0
11
55
92,943
4,670
0
26
668
83,126
2,851
0
38
2,071
78,387 ������������������ ������������������ ������������������ ��������������������
74,059 ������������������ ������������������ ������������������ ��������������������
66,598 ������������������ ������������������ ������������������ ��������������������

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

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

27

Bank Credit at All Commercial Banks
Total commercial bank loans and leases fell 0.5 percent in November.
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
LOANS AND LEASES

7,000

7,000

6,000

6,000

5,000

5,000

4,000

4,000
U.S. TREASURY AND
AGENCY SECURITIES

3,000

3,000

2,000

2,000

1,600

1,600

1,200

1,200

800

800

OTHER SECURITIES

400

400
2012

2013

2014

2015

2016

2017

2018

2019

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

2020

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 r ���������
2019: Nov r ���������
      Dec r ���������
2020: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov p ��������

Total
bank
credit

8,982.6
9,107.9
9,626.4
9,828.3
10,540.3
11,343.6
12,076.2
12,537.5
13,069.2
13,855.7
13,813.8
13,855.7
13,877.7
13,937.6
14,400.9
14,767.5
14,848.5
14,852.5
14,905.6
14,918.4
14,930.0
14,945.9
15,013.0

Total
securities

2,426.8
2,493.3
2,733.9
2,722.1
2,932.4
3,110.2
3,310.0
3,431.5
3,490.7
3,821.3
3,817.7
3,821.3
3,834.2
3,870.9
3,992.2
3,998.2
4,033.1
4,177.8
4,303.3
4,362.9
4,417.4
4,492.1
4,612.1

U.S.
Treasury
and
agency
securities
1,640.9
1,699.0
1,872.8
1,809.2
2,040.1
2,224.2
2,408.6
2,519.8
2,660.0
2,995.3
2,997.2
2,995.3
3,008.2
3,036.6
3,151.8
3,145.4
3,179.6
3,303.7
3,407.8
3,468.8
3,516.5
3,576.5
3,675.2

Loans and leases in bank credit

Other
securities

785.9
794.3
861.0
912.9
892.3
886.1
901.4
911.7
830.6
825.9
820.5
825.9
826.0
834.3
840.5
852.7
853.6
874.1
895.5
894.1
900.9
915.7
936.9

Total
loans
and
leases 3
6,555.8
6,614.6
6,892.6
7,106.1
7,607.9
8,233.4
8,766.1
9,106.0
9,578.5
10,034.5
9,996.1
10,034.5
10,043.5
10,066.7
10,408.7
10,769.3
10,815.3
10,674.6
10,602.3
10,555.6
10,512.7
10,453.8
10,400.9

Commercial
and
industrial
loans
1,192.5
1,303.9
1,474.5
1,574.3
1,773.3
1,953.1
2,083.9
2,105.8
2,304.1
2,361.7
2,368.4
2,361.7
2,353.9
2,351.9
2,569.8
2,931.3
3,036.1
2,924.9
2,860.5
2,816.6
2,764.2
2,701.5
2,651.0

Chart 28 - Dec 2020

Real estate loans
Total 4
3,613.5
3,494.9
3,550.7
3,531.9
3,639.1
3,871.6
4,115.9
4,286.3
4,416.6
4,618.1
4,584.1
4,618.1
4,631.0
4,643.3
4,663.9
4,681.5
4,674.8
4,672.6
4,688.3
4,689.2
4,687.3
4,686.1
4,672.3

Revolving
home equity
loans
581.6
549.6
515.3
473.9
458.4
441.6
407.0
382.8
350.3
322.7
325.0
322.7
320.1
317.1
316.4
314.3
310.2
306.2
303.0
299.3
295.8
292.3
288.8

Commercial
loans
1,500.5
1,418.4
1,428.3
1,498.3
1,605.5
1,780.9
1,962.8
2,086.5
2,188.6
2,323.9
2,298.8
2,323.9
2,336.6
2,347.7
2,360.2
2,375.8
2,381.9
2,385.4
2,390.7
2,398.9
2,404.2
2,408.6
2,414.6

Consumer
loans 5

1,107.1
1,086.2
1,102.7
1,128.2
1,186.8
1,259.2
1,356.1
1,427.8
1,498.0
1,589.6
1,585.9
1,589.6
1,594.4
1,600.1
1,603.2
1,549.4
1,519.5
1,516.7
1,519.4
1,516.8
1,517.7
1,520.0
1,522.9

All other
loans
and
leases 6
642.7
729.6
764.7
871.7
1,008.7
1,149.5
1,210.2
1,286.2
1,359.9
1,465.0
1,457.8
1,465.0
1,464.2
1,471.4
1,571.9
1,607.1
1,584.9
1,560.5
1,534.2
1,532.9
1,543.4
1,546.2
1,554.7

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

2010 r ������������������
2011 r ������������������
2012 r ������������������
2013 r ������������������
2014 r ������������������
2015 r ������������������
2016 r ������������������
2017 r ������������������
2018 r ������������������
2019 r ������������������
2018: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2019: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2020: I r ��������������
      II r �������������
      III p ������������

Internal 1

2,180.9
2,667.0
2,805.8
2,851.4
3,323.7
3,347.0
3,024.1
2,482.4
2,500.1
�����������������
2,466.2
2,183.0
2,874.0
2,477.1
2,746.7
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������

1,693.6
1,773.1
1,820.9
1,925.6
1,942.2
1,934.0
1,852.8
1,789.9
2,066.0
2,105.7
2,103.4
2,066.4
2,034.4
2,059.7
1,991.5
2,111.2
2,107.5
2,212.3
1,942.1
1,754.3
2,227.9

Total
net
funds
raised

Total

487.3
893.9
984.9
925.8
1,381.5
1,413.0
1,171.3
692.5
434.1
�����������������
362.8
116.6
839.6
417.4
755.2
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������

–258.5
–71.0
77.8
116.6
170.2
146.1
–189.3
61.6
–277.5
–4.7
–78.3
–722.6
296.7
–606.0
62.1
275.7
151.5
–508.0
2,012.1
1358.8
–436.4

Net
new
equity
issues
–201.0
–382.6
–300.0
–277.3
–301.9
–453.5
–495.9
–325.6
–548.3
–452.4
–398.5
–837.0
–194.2
–763.6
–699.2
–168.7
–446.4
–495.2
–392.2
–73.0
–27.1

Credit market instruments
Total

Securities
and
mortgages

Loans
and
short-term
paper

111.7
71.6
242.8
288.2
271.2
506.9
292.5
261.3
206.9
301.3
291.6
120.6
262.1
153.5
451.0
358.7
438.9
–43.3
782.2
1,750.3
390.8

–169.3
240.0
134.9
105.6
200.9
92.8
14.1
125.9
63.8
146.4
28.6
–6.3
228.9
4.1
310.4
85.7
159.0
30.6
1,622.0
–318.3
–800.1

–57.6
311.6
377.8
393.9
472.2
599.6
306.6
387.2
270.8
447.7
320.2
114.4
490.9
157.6
761.3
444.4
597.9
–12.8
2,404.3
1,431.9
–409.3

Other 2

344.4
257.5
430.9
348.6
629.0
664.6
654.3
–77.7
1,095.7
1,030.2
905.5
1,226.2
1,235.2
1,015.9
1,165.8
646.8
596.2
1,712.0
223.5
–91.5
1,035.5

Total

1,855.7
1,793.6
1,918.5
2,383.9
2,495.6
3,075.9
2,741.1
2,431.0
2,938.7
2,904.9
3,369.1
2,745.2
2,874.1
2,766.3
2,226.4
2,967.1
3,452.0
2,974.1
5,048.5
2,766.8
3,091.8

Capital
expenditures 3

1,300.4
1,425.0
1,611.3
1,676.0
1,822.0
1,935.9
1,789.3
1,883.2
2,068.2
2,147.7
2,004.4
2,018.0
2,100.9
2,149.4
2,185.6
2,151.1
2,147.4
2,106.6
2,025.9
1,669.6
2,023.6

Increase
in
financial
assets

555.3
368.6
307.2
707.9
673.6
1,140.0
951.8
547.8
870.5
757.2
1,364.7
727.2
773.2
616.9
40.8
816.0
1,304.6
867.5
3,022.6
1,097.2
1,068.2

Discrepancy
(sources
less
uses)

86.1
365.5
600.8
194.6
431.4
84.6
–12.2
–375.7
130.0
479.9
–259.0
–237.0
1,026.9
–10.8
1,289.7
334.7
–423.6
718.9
–713.4
314.1
–110.9

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
2010: Dec ������������������������������������������
2011: Dec ������������������������������������������
2012: Dec ������������������������������������������
2013: Dec ������������������������������������������
2014: Dec ������������������������������������������
2015: Dec ������������������������������������������
2016: Dec ������������������������������������������
2017: Dec ������������������������������������������
2018: Dec ������������������������������������������
2019: Dec ������������������������������������������
2019: Nov �����������������������������������������
      Dec ������������������������������������������
2020: Jan ������������������������������������������
      Feb ������������������������������������������
      Mar �����������������������������������������
      Apr r ����������������������������������������
      May r ���������������������������������������
      June r ��������������������������������������
      July r ���������������������������������������
      Aug r ����������������������������������������
      Sept r ���������������������������������������
      Oct r �����������������������������������������
      Nov p ���������������������������������������

Nonrevolving 2

Revolving
2,646.8
2,756.4
2,913.2
3,090.9
3,311.9
3,390.6
3,620.8
3,813.0
3,998.1
4,180.7
4,157.8
4,180.7
4,190.3
4,209.6
4,195.7
4,131.7
4,118.7
4,137.3
4,150.5
4,141.9
4,157.0
4,161.5
4,176.8

839.1
840.3
840.2
854.4
887.7
898.7
960.3
1,018.1
1,054.6
1,094.2
1,082.7
1,094.2
1,092.7
1,098.7
1,078.1
1,020.9
997.6
995.0
993.3
982.5
985.1
979.5
978.8

1,807.7
1,916.1
2,073.1
2,236.5
2,424.2
2,492.0
2,660.4
2,795.0
2,943.6
3,086.5
3,075.1
3,086.5
3,097.6
3,110.9
3,117.6
3,110.8
3,121.1
3,142.3
3,157.2
3,159.4
3,171.9
3,182.0
3,198.0

Total

Nonrevolving 2

Revolving
91.8
109.6
156.8
177.7
221.0
78.7
230.2
192.2
185.1
182.6
6.7
22.9
9.6
19.3
–13.9
–64.0
–13.0
18.6
13.2
–8.6
15.1
4.5
15.3

–77.0
1.2
–.1
14.2
33.3
11.0
61.6
57.8
36.5
39.6
–5.3
11.5
–1.5
6.0
–20.6
–57.2
–23.3
–2.6
–1.7
–10.8
2.6
–5.6
–.7

168.8
108.4
157.0
163.4
187.7
67.8
168.4
134.6
148.6
142.9
12.0
11.4
11.1
13.3
6.7
–6.8
10.3
21.2
14.9
2.2
12.5
10.1
16.0

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

TREASURY
BILLS
2

2
FEDERAL FUNDS
RATE

0

0
2012

2013

2014

2015

2016

2017

2018

2019

SOURCE: SEE TABLE BELOW

2020

COUNCIL OF ECONOMIC ADVISERS

[Percent per annum]
Chart 30 - Dec 2020

U.S. Treasury security yields
Period

2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2019: Dec �����������
2020: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
Week ended:
2020: Dec 12 ������
          19 ������
          26 ������
2021: Jan   2������
           9 ������

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

New-home
mortgage
yields
(FHFA) 6

Federal
funds
rate 5

0.06
.09
.06
.03
.06
.33
.94
1.94
2.08
.38
1.54
1.53
1.54
.46
.15
.12
.16
.13
.10
.11
.10
.09
.09

0.75
.38
.54
.90
1.02
1.00
1.58
2.63
1.94
.42
1.63
1.52
1.31
.50
.28
.22
.22
.17
.16
.16
.19
.22
.19

2.78
1.80
2.35
2.54
2.14
1.84
2.33
2.91
2.14
0.89
1.86
1.76
1.50
.87
.66
.67
.73
.62
.65
.68
.79
.87
.93

3.91
2.92
3.45
3.34
2.84
2.59
2.89
3.11
2.58
1.56
2.30
2.22
1.97
1.46
1.27
1.38
1.49
1.31
1.36
1.42
1.57
1.62
1.67

4.29
3.14
3.96
3.78
3.48
3.07
3.36
3.53
3.38
2.41
3.26
3.00
2.66
3.07
2.86
2.69
2.69
1.75
1.88
2.10
2.15
2.10
1.97

4.64
3.67
4.24
4.16
3.89
3.67
3.74
3.93
3.39
2.47
3.01
2.94
2.78
3.02
2.43
2.49
2.41
2.14
2.25
2.31
2.35
2.30
2.26

0.75
.75
.75
.75
.76
1.01
1.60
2.41
2.78
.64
2.25
2.25
2.25
.25
.25
.25
.25
.25
.25
.25
.25
.25
.25

3.25
3.25
3.25
3.25
3.26
3.51
4.10
4.91
5.28
3.54
4.75
4.75
4.75
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25

0.10
.14
.11
.09
.13
.39
1.00
1.83
2.16
.37
1.55
1.55
1.58
.65
.05
.05
.08
.09
.10
.09
.09
.09
.09

4.56
3.69
4.00
4.22
4.01
3.76
3.97
4.53
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
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�������������������������
�������������������������

.08
.08
.09
.10
.09

.20
.18
.18
.17
.20

.93
.93
.95
.94
1.03

1.67
1.66
1.67
1.66
1.78

1.98
1.96
1.96
1.95
1.57

2.27
2.29
2.26
2.24
2.37

.25
.25
.25
.25
.25

3.25
3.25
3.25
3.25
3.25

.09
.09
.09
.09
.09

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

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

INDEX, DEC. 31, 2002=5,000 (RATIO SCALE)
15,000
14,000

13,000

13,000
COMPOSITE STOCK PRICE INDEX
(NYSE)

12,000
11,000

12,000
11,000

10,000

10,000

9,000

9,000

8,000

8,000

7,000

7,000

6,000

6,000

5,000
2012

2013

2015

2014

2016

5,000
2017

2018

2019

PERCENT
20

2020
PERCENT
20

15

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

10

10

5

5
0

0
2012

2013

2014

2015

2016

2018

2017

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

2019

2020

COUNCIL OF ECONOMIC ADVISERS

Common stock yields
(percent) 6

Common stock prices 1

Chart 31 - Dec 2020

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

Period
Composite
2011 ���������������������
2012 ���������������������
2013 ���������������������
2014 ���������������������
2015 ���������������������
2016 ���������������������
2017 ���������������������
2018 ���������������������
2019 ���������������������
2020 ���������������������
2019: Dec ������������
2020: Jan ������������
      Feb ������������
      Mar �����������
      Apr ������������
      May �����������
      June ����������
      July �����������
      Aug �����������
      Sept ����������
      Oct ������������
      Nov �����������
      Dec ������������
Week ended:
2020: Dec 12 �������
          19 �������
          26 �������
2021: Jan   2�������
           9 �������

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

7,871.41
8,011.65
9,426.77
10,653.17
10,676.70
10,380.08
11,843.74
12,647.54
12,864.17
12,634.01
13,714.16
13,970.27
13,722.13
10,726.12
10,857.14
11,278.53
12,083.01
12,302.39
12,880.78
12,779.22
12,969.73
13,668.40
14,370.38

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
7,230.70
8,587.12
8,701.60
8,628.17
6,418.29
6,159.48
6,268.92
6,914.00
6,833.77
7,076.99
6,977.73
7,033.13
7,636.66
8,119.63

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
6,528.64
9,741.43
9,796.29
8,813.46
5,624.82
5,750.08
6,106.12
6,578.11
6,194.85
6,226.99
5,576.24
5,146.48
5,875.93
6,654.26

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
18,045.78
17,771.28
18,220.69
18,001.72
15,431.91
16,813.62
17,528.77
17,589.04
18,141.29
18,677.89
18,436.22
18,683.42
19,278.02
19,746.77

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
26,906.89
28,167.01
28,879.99
28,519.73
22,637.42
23,293.90
24,271.02
26,062.27
26,385.83
27,821.37
27,733.40
28,005.11
29,124.04
30,148.58

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
3,218.50
3,176.75
3,278.20
3,277.31
2,652.39
2,761.98
2,919.62
3,104.66
3,207.62
3,391.71
3,365.52
3,418.70
3,548.99
3,695.31

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
1.93
4.53
10,192.67 �������������������������� ����������������������������
8,778.59
1.84
4.32
9,233.36
1.80 ����������������������������
9,418.85
1.84 ����������������������������
7,772.21
2.30
4.50
8,292.41
2.20 ����������������������������
9,105.66
2.08 ����������������������������
9,839.97
1.95
3.20
10,499.86
1.89 ����������������������������
11,212.29
1.78 ����������������������������
11,088.68
1.79
2.92
11,435.23
1.76 ����������������������������
11,794.46
1.69 ����������������������������
12,619.05 �������������������������� ����������������������������

14,376.17
14,402.15
14,370.33
14,451.49
14,719.53

8,098.80
8,087.28
8,101.97
8,230.29
8,361.46

6,819.17
6,766.45
6,532.41
6,527.34
6,948.92

19,814.83
19,733.43
19,633.61
19,883.67
20,327.08

30,071.62
30,139.56
30,140.42
30,438.92
30,716.80

3,679.72
3,695.03
3,693.81
3,737.63
3,760.82

12,445.07
12,642.74
12,781.57
12,876.98
12,905.53

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

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

1 Annual data are averages of monthly figures. Monthly and weekly data are averages of daily closing prices.
2 Includes all the stocks (in 2020, over 2,800) listed on the NYSE.
3 Includes 30 stocks.
4 Includes 500 stocks.
5 Includes over 2,900 stocks in 2020.
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 two months of fiscal year 2021, the deficit was $429.3 billion, compared with a deficit of $343.3 billion
a year earlier.
BILLIONS OF DOLLARS
7,200
RECEIPTS AND OUTLAYS1
6,800

BILLIONS OF DOLLARS
7,200
6,800

6,400

6,400

6,000

6,000

5,600

5,600

5,200

5,200
4,800

4,800
OUTLAYS1

4,400

4,400

4,000

4,000

3,600

3,600
3,200

3,200
RECEIPTS1

2,800

2,800

2,400

2,400

2,000
1,600

2,000
1,600

400
0
–400
–800
–1,200
–1,600
–2,000
–2,400
–2,800
–3,200
–3,600

400
0
–400
–800
–1,200
–1,600
–2,000
–2,400
–2,800
–3,200
–3,600

SURPLUS OR DEFICIT (–)1

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

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
2002 ����������������������������������������������������
2003 ����������������������������������������������������
2004 ����������������������������������������������������
2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 ����������������������������������������������������
2012 ����������������������������������������������������
2013 ����������������������������������������������������
2014 ����������������������������������������������������
2015 ����������������������������������������������������
2016 ����������������������������������������������������
2017 ����������������������������������������������������
2018 ����������������������������������������������������
2019 ����������������������������������������������������
2020 1 ��������������������������������������������������
2021 (estimates) ���������������������������������
Cumulative total, first 2 months: 2
Fiscal year 2020 ����������������������������������
Fiscal year 2021 ����������������������������������

Outlays

Chart 32 - Oct 2020

On-budget
Surplus
or
deficit
(–)

Receipts

Outlays

Surplus
or
deficit
(–)

Receipts

Outlays

Surplus
or
deficit
(–)

Gross
Federal

Held by
the public

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
3,464.2
3,420.0
3,863.3

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
3,691.9
3,852.6
3,981.6
4,109.0
4,448.3
6,551.9
4,829.4

–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
–984.2
–3,131.9
–966.1

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
2,549.9
2,454.5
2,852.3

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
3,541.7
5,596.3
3,811.1

–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
–991.8
–3,141.8
–958.9

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
965.4
1,011.0

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
955.6
1,018.2

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
9.8
–7.2

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
22,669.5
26,901.1
25,077.4

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
16,800.7
21,019.1
18,912.1

470.7
457.3

814.0
886.6

–343.3
–429.3

336.7
312.5

646.9
714.0

–310.1
–401.5

134.0
144.7

167.1
172.6

–33.2
–27.9

23,013.9
27,401.8

17,088.1
21,348.9

1 Data for fiscal year 2020 are from Final Monthly Treasury Statement issued October 16, 2020.
2 Data from current issue Monthly Treasury Statement.

Note: Data (except as noted) are from Budget of the United States Government, Fiscal Year 2021, issued February 10, 2020.
Sources: Department of the Treasury and Office of Management and Budget.

32

Federal debt
(end of period)

Off-budget

Federal Receipts by Source and Outlays by Function
In the first two months of fiscal year 2021, receipts were $13.4 billion lower than a year earlier and outlays were $72.6
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
SOCIAL INSURANCE
AND RETIREMENT RECEIPTS

800
CORPORATION
INCOME TAXES

400

800
OTHER RECEIPTS
400

0

0

6,400
6,000

6,400
6,000

OUTLAYS1

5,600

5,600

5,200

5,200

4,800

4,800

4,400

4,400

4,000

4,000

NONDEFENSE

3,600

3,600

3,200

3,200

2,800

2,800

2,400
2,000

2,400
2,000

1,000
800
600
400
200

1,000
800
600
400
200

NATIONAL DEFENSE

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

FISCAL YEARS
1

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

COUNCIL OF ECONOMIC ADVISERS

Chart 33 - Oct 2020

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

Fiscal year or period

2002 ����������������������������������������������������
2003 ����������������������������������������������������
2004 ����������������������������������������������������
2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 ����������������������������������������������������
2012 ����������������������������������������������������
2013 ����������������������������������������������������
2014 ����������������������������������������������������
2015 ����������������������������������������������������
2016 ����������������������������������������������������
2017 ����������������������������������������������������
2018 ����������������������������������������������������
2019 ����������������������������������������������������
2020 1 ��������������������������������������������������
2021 (estimates) ��������������������������������
Cumulative total, first 2 months: 2
Fiscal year 2020 ����������������������������������
Fiscal year 2021 ����������������������������������

On-budget and off-budget outlays
National defense

Indi- Corporavidual
tion
income income
taxes
taxes

Social
insurance
and
retirement
receipts

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
3,464.2
3,420.0
3,863.3

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
1,608.7
1,931.7

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
211.8
284.1

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
1,243.4
1,310.0
1,373.6

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
272.7
289.5
273.9

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
3,691.9
3,852.6
3,981.6
4,109.0
4,448.3
6,551.9
4,829.4

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
631.1
686.0
726.2
767.1

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
690.4
729.3

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
67.7
60.7

196.5
219.6
240.1
250.6
252.8
266.4
280.6
334.4
369.1
372.5
346.8
358.3
409.5
482.3
511.3
533.2
551.2
584.8
748.3
648.6

470.7
457.3

232.2
202.5

7.1
6.0

186.6
201.6

44.9
47.2

814.0
886.6

134.3
134.1

128.3
128.1

9.7
10.2

101.0
119.3

Total

Other

Total

Total

Depart- Internament
tional
of
affairs
Defense,
military

Health

Medicare

Income Social
Net
security security interest

Other

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
776.2
728.5

312.7
334.6
333.0
345.8
352.4
365.9
431.2
533.1
622.1
597.3
541.2
536.4
513.6
508.8
514.1
503.4
495.3
514.8
1,262.6
523.8

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
1,095.8
1,156.2

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
375.2
344.7
378.2

273.2
302.6
311.8
339.8
393.5
317.9
365.2
651.7
372.6
435.7
458.4
348.0
341.7
402.0
437.9
495.3
480.9
539.4
1,530.5
566.3

139.2
118.3

77.9
129.9

177.9
185.3

64.9
61.7

109.1
127.8

1 Data for fiscal year 2020 are from Final Monthly Treasury Statement issued October 16, 2020.
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 (except as noted) are from Budget of the United States Government, Fiscal Year 2021, issued February 10, 2020.
Sources: Department of the Treasury and Office of Management and Budget.

33

Federal Sector, National Income Accounts Basis
In the third quarter of 2020, according to revised estimates, Federal current receipts rose $219.4 billion (annual rate),
while Federal current expenditures fell $1.9 trillion.
BILLIONS OF DOLLARS
10,400

BILLIONS OF DOLLARS
10,400

SEASONALLY ADJUSTED ANNUAL RATES

9,600

9,600

8,800

8,800

8,000

8,000

7,200

7,200

6,400

6,400
5,600

5,600
CURRENT EXPENDITURES

4,800

4,800
4,000

4,000

3,200

3,200
CURRENT RECEIPTS

2,400

2,400
1,600

1,600
800

800

NET FEDERAL
GOVERNMENT SAVING

0

0
–800

–800
–1,600

–1,600

–2,400

–2,400

–3,200

–3,200

–4,000

–4,000

–4,800

–4,800

–5,600

–5,600

–6,400

–6,400
–7,200

–7,200
2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Chart 34 - Dec 2020

Federal Government current receipts

Federal Government current expenditures

Current tax receipts

Period

Calendar year:
2010 �������������
2011 �������������
2012 �������������
2013 �������������
2014 �������������
2015 �������������
2016 �������������
2017 �������������
2018 �������������
2019 �������������
2018: I ���������������
      II ��������������
      III �������������
      IV �������������
2019: I ���������������
      II ��������������
      III �������������
      IV �������������
2020: I ���������������
      II ��������������
      III r �����������

Total

2,444.0
2,572.8
2,700.3
3,139.0
3,292.0
3,448.0
3,463.3
3,524.3
3,567.6
3,711.2
3,492.4
3,527.5
3,617.6
3,633.0
3,674.1
3,704.5
3,702.4
3,763.7
3,753.1
3,468.8
3,688.2

Total 1

1,273.6
1,478.4
1,573.0
1,744.9
1,900.1
2,024.2
2,020.3
2,015.5
2,017.1
2,131.7
1,962.9
1,995.0
2,030.5
2,080.0
2,108.5
2,123.4
2,117.7
2,177.1
2,150.0
1,929.7
2,066.4

Contributions
for
Income
Taxes
govern- receipts
Taxes
Personal
on
ment
on
on
current production corporate
social
assets
taxes
and
insurincome
imports
ance
943.6
1,130.8
1,166.4
1,302.9
1,403.7
1,532.6
1,548.0
1,614.6
1,617.5
1,713.0
1,598.6
1,608.9
1,628.3
1,634.2
1,695.5
1,703.1
1,713.2
1,740.2
1,756.6
1,600.1
1,687.4

96.8
108.6
115.2
125.5
136.3
140.3
136.4
130.9
162.8
173.7
150.1
155.2
162.1
183.5
172.1
168.3
175.1
179.2
183.8
131.4
144.7

219.4
224.0
274.7
298.4
339.6
329.1
311.9
245.4
210.6
217.3
188.7
204.7
214.2
234.7
213.8
224.2
201.6
229.7
180.5
171.5
207.0

970.9
903.2
938.0
1,091.8
1,140.1
1,190.8
1,224.6
1,283.7
1,344.6
1,402.2
1,327.8
1,337.2
1,353.1
1,360.3
1,391.9
1,397.8
1,402.3
1,416.9
1,436.4
1,374.2
1,435.4

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

133.8
130.4
141.1
243.1
171.7
160.2
140.2
139.1
122.7
111.3
119.2
113.8
129.9
127.7
110.3
122.2
101.6
111.2
112.8
107.4
127.7

Current
transfer
receipts

68.1
67.1
56.1
69.3
87.3
76.2
79.7
85.2
83.9
67.8
81.9
81.7
105.2
66.9
64.9
63.0
82.9
60.5
54.8
57.9
58.5

Current
surplus of
government
enterprises

–2.4
–6.3
–7.8
–10.1
–7.1
–3.2
–1.4
.9
–.6
–1.9
.5
–.1
–1.0
–1.9
–1.6
–1.9
–2.1
–2.0
–1.0
–.4
.3

Total

3,762.4
3,806.9
3,773.0
3,770.8
3,889.4
4,008.3
4,132.5
4,246.8
4,499.3
4,758.1
4,409.6
4,469.8
4,524.8
4,593.0
4,690.1
4,737.5
4,786.4
4,818.6
4,903.9
9,107.1
7,205.6

ConCurrent
sumption transfer Interest Subsidies
expendipaypayments
tures
ments 2

1,000.7
1,003.3
999.3
956.9
951.2
954.2
966.6
985.1
1,043.5
1,097.3
1,021.4
1,038.3
1,054.1
1,060.1
1,076.0
1,094.9
1,104.6
1,113.7
1,118.0
1,168.1
1,141.0

2,326.0
2,318.7
2,293.6
2,338.3
2,441.5
2,568.1
2,650.5
2,726.4
2,852.5
3,006.0
2,821.8
2,841.3
2,861.5
2,885.5
2,968.9
2,998.5
3,016.5
3,039.9
3,129.7
6,293.9
4,305.3

381.5
425.4
422.6
416.3
439.1
429.3
454.1
475.9
540.5
581.6
508.8
533.0
551.8
568.6
574.5
583.6
583.9
584.5
581.7
559.1
546.5

54.2
59.5
57.6
59.2
57.6
56.7
61.2
59.3
62.7
73.3
57.6
57.2
57.3
78.9
70.7
60.5
81.4
80.5
74.5
1,085.9
1,212.9

Net
Federal
Government
saving

–1,318.4
–1,234.1
–1,072.7
–631.8
–597.4
–560.2
–669.1
–722.4
–931.7
–1,047.0
–917.2
–942.3
–907.2
–960.0
–1,016.0
–1,033.0
–1,084.1
–1,054.9
–1,150.8
–5,638.3
–3,517.4

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

2010 ���������������
94.1
95.6
102.5
99.7
93.5
105.3
102.6
218.056
201.4
117.8
2011 ���������������
97.1
100.1
99.8
102.5
100.3
106.1
102.5
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
98.4
101.5
96.3
100.4
236.736
216.4
121.1
2015 ���������������
104.1
106.3
100.6
99.9
102.3
97.3
100.7
237.017
218.8
122.1
2016 ���������������
102.1
106.3
100.8
100.4
103.6
99.3
101.8
240.007
222.0
121.9
r
2017 �������������
104.4
111.4
103.7
102.7
107.0
103.0
103.6
245.120
225.5
122.5
r
2018 �������������
108.6
116.4
104.8
103.0
108.1
103.7
104.6
251.107
230.6
123.7
2019 r �������������
109.4
116.3
102.0
103.5
103.4
102.5
103.4
255.657
235.1
124.3
2020 p ������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������
2019: Nov r ����
110.0
115.3
98.3
103.2
102.1
101.6
102.3
257.208
235.8
124.9
      Dec r ����
109.7
114.8
98.5
100.7
100.4
99.0
101.8
256.974
235.8
124.9
r
2020: Jan ����
109.2
114.8
100.4
101.6
102.6
102.2
101.7
257.971
236.5
124.8
      Feb r ����
109.3
115.6
100.1
102.7
103.0
100.9
102.1
258.678
237.6
124.5
      Mar r ���
104.5
109.6
96.4
85.3
92.0
72.7
97.4
258.115
236.2
124.4
      Apr r ����
91.3
94.2
87.0
67.6
73.7
58.2
78.4
256.389
234.6
124.4
r
      May ���
92.1
98.1
79.2
81.1
80.5
82.3
82.7
256.394
235.3
124.3
r
      June ��
97.8
103.1
80.7
91.5
89.2
89.1
90.9
257.797
237.2
124.2
      July r ���
101.9
106.2
87.8
95.0
91.7
95.9
95.7
259.101
237.2
124.4
      Aug r ����
102.7
105.3
88.7
96.0
91.9
102.7
95.9
259.918
236.9
124.5
r
      Sept ���
102.6
107.2
92.1
97.5
94.1
97.4
96.3
260.280
236.7
124.5
p
      Oct ����
103.6
106.4
95.8
99.1
97.2
98.7
97.6
260.388
237.7
124.3
      Nov p ���
104.0 ���������������
95.8 ��������������� ��������������� ��������������� ���������������
260.229
238.1
123.7
      Dec p ��� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������

Germany

186.9
190.8
194.6
196.3
197.2
197.3
197.7
199.7
203.4
205.7
206.7
206.2
207.2
206.3
206.3
206.4
206.3
206.6
206.8
207.6
207.4
206.3
206.2
206.7
207.1

Italy

166.2
169.6
173.0
175.6
177.2
178.2
179.1
181.8
184.9
187.6
188.5
187.7
188.6
187.5
188.2
188.4
189.1
188.9
190.0
189.1
188.9
188.6
188.7
187.1
188.0

United
Kingdom

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
339.3
316.6 �����������������
316.1
341.9
316.7
343.0
317.0
341.4
316.7
343.1
317.0
343.8
317.4
343.8
316.7
343.3
317.0
343.9
316.4
345.7
317.4
344.6
315.2
345.8
315.8
345.8
315.5
344.8
316.4 �����������������

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

2010 ���������������
2011 ���������������
2012 ���������������
2013 ���������������
2014 ���������������
2015 ���������������
2016 ���������������
2017 ���������������
2018 ���������������
2019 ���������������
2019: Nov �����
      Dec ������
2020: Jan ������
      Feb ������
      Mar �����
      Apr ������
      May �����
      June ����
      July �����
      Aug �����
      Sept ����
      Oct r �����
      Nov p ���

BOP
basis

1,290.3
1,498.9
1,562.6
1,593.7
1,635.6
1,511.4
1,457.4
1,557.0
1,677.0
1,652.4
136.9
137.7
137.2
138.5
127.8
95.7
90.0
103.1
115.5
119.0
122.7
126.4
127.7

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 beverand
ages materials
1,278.5
1,482.5
1,545.8
1,578.5
1,621.9
1,503.3
1,451.5
1,547.2
1,665.7
1,643.2
136.2
136.9
136.4
137.7
127.6
95.7
89.9
102.9
115.3
118.7
122.5
126.2
127.5

107.7
126.2
133.0
136.2
143.7
127.7
130.5
132.8
133.1
131.1
10.8
10.9
10.9
11.1
10.8
10.8
10.4
10.0
10.2
11.3
12.9
12.4
12.9

391.7
501.1
501.2
508.2
505.8
427.0
397.3
465.2
541.2
529.8
44.2
45.3
45.7
46.6
43.0
33.9
30.0
32.8
35.3
39.2
39.3
41.0
41.8

112.0
133.0
146.2
152.7
159.8
151.9
150.4
157.9
158.8
162.5
13.5
13.0
13.2
13.5
11.2
3.8
3.4
8.3
12.2
12.2
12.5
12.7
12.6

Balance of trade
(exports minus imports)

Census basis (by end-use category)

Auto- ConCapital motive sumer
goods
goods
veexcept hicles, (nonauto- parts food)
motive and en- except
autogines motive
447.5
494.0
527.2
534.4
551.5
539.5
519.7
533.4
563.1
547.9
45.4
45.1
44.6
44.7
42.5
32.3
31.5
35.2
37.7
36.3
37.7
39.1
38.9

Services
(BOP basis)

Goods: Imports (customs value)

165.2
175.3
181.7
188.8
199.0
197.7
193.7
197.7
206.0
205.7
16.8
16.5
16.5
15.9
14.8
10.4
10.9
12.3
14.9
15.1
15.3
16.2
16.4

BOP
basis

1,939.0
2,239.9
2,303.7
2,294.2
2,385.5
2,273.2
2,207.2
2,356.3
2,557.3
2,516.8
202.3
207.6
203.4
198.2
193.7
167.4
166.1
174.8
196.4
202.9
203.4
207.8
214.1

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 beverand
ages materials
1,913.9
2,208.0
2,276.3
2,268.0
2,356.4
2,248.8
2,186.8
2,339.6
2,537.7
2,497.5
200.9
206.2
201.9
196.6
192.5
166.4
165.3
173.8
195.3
201.8
201.9
206.6
213.0

91.7
107.5
110.3
115.1
125.9
127.8
130.0
137.8
147.3
150.5
12.3
12.3
13.0
12.5
12.8
12.1
12.1
12.4
12.8
13.5
13.5
13.3
13.4

603.1
755.8
730.6
681.5
667.0
486.0
443.3
507.0
575.1
521.5
41.2
44.4
42.3
40.9
41.1
41.4
43.7
35.4
39.8
38.2
36.9
38.2
39.7

BOP basis

Auto- ConGoods,
Capital motive sumer
goods Exports Imports Census
goods
ve(nonbasis Goods
except hicles, food)
auto- parts
motive and en- except
autogines motive
449.4
510.8
548.7
555.7
594.1
602.5
589.7
639.8
691.3
677.8
55.4
55.9
55.2
52.0
53.9
48.2
47.5
49.8
53.9
54.7
55.5
56.9
58.1

225.1
254.6
297.8
308.8
328.6
349.2
349.9
358.2
371.5
375.9
30.2
30.1
29.2
30.6
27.9
13.4
9.0
18.6
26.4
28.0
31.2
32.2
31.2

483.2
514.1
516.9
531.7
557.1
594.2
583.1
601.4
646.1
653.6
51.9
52.7
52.6
50.7
46.9
43.8
45.7
50.5
54.0
57.8
55.8
57.2
61.2

582.0
644.7
684.8
719.5
756.7
768.4
780.5
830.4
862.4
875.8
73.7
73.8
72.0
71.2
58.8
53.4
54.0
54.6
54.5
54.9
55.4
55.6
56.4

436.5
458.2
469.6
465.8
490.9
497.8
511.9
544.8
562.1
588.4
49.3
49.5
49.3
48.4
39.0
33.6
33.5
34.0
35.1
35.9
36.7
37.4
38.2

–635.4
–725.4
–730.4
–689.5
–734.5
–745.5
–735.3
–792.4
–872.0
–854.4
–64.7
–69.2
–65.5
–58.9
–64.9
–70.7
–75.4
–71.0
–80.0
–83.1
–79.4
–80.4
–85.5

–648.7
–741.0
–741.1
–700.5
–749.9
–761.9
–749.8
–799.3
–880.3
–864.3
–65.4
–70.0
–66.1
–59.8
–65.9
–71.7
–76.1
–71.8
–80.9
–83.9
–80.8
–81.4
–86.4

Goods
Serand
vices services

145.6
186.5
215.2
253.7
265.8
270.6
268.6
285.6
300.4
287.5
24.3
24.3
22.8
22.8
19.8
19.8
20.5
20.6
19.5
19.0
18.7
18.2
18.2

–503.1
–554.5
–525.9
–446.8
–484.1
–491.3
–481.2
–513.8
–579.9
–576.9
–41.1
–45.7
–43.4
–37.0
–46.1
–51.9
–55.6
–51.2
–61.4
–64.9
–62.1
–63.1
–68.1

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 2020, the current account deficit widened to $178.5 billion from $161.4 billion in the second
quarter. The goods and services deficit widened to $188.4 billion from $158.7 billion in the second quarter.
BILLIONS OF DOLLARS
80

BILLIONS OF DOLLARS
80

SEASONALLY ADJUSTED

60

60

40

40
BALANCE ON
PRIMARY INCOME

20

20

0

0

–20

–20

–40

–40

BALANCE ON
SECONDARY INCOME

–60

–60

BALANCE ON
CURRENT ACCOUNT

–80

–80

–100

–100

–120

–120
BALANCE ON
GOODS AND SERVICES

–140

–140

–160

–160

–180

–180

–200

–200

–220

–220

–240

–240

2012

2011

2013

2014

2015

2016

2017

2018

SOURCE: DEPARTMENT OF COMMERCE

2019

2020

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted]
Chart 36 - Dec 2020

Current Account 1
Goods 2
Period

2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2018: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2019: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2020: I ����������������
      II r �������������
      III p ������������

Services

Exports

Imports

Balance
on
goods

1,290,279
1,498,887
1,562,630
1,593,708
1,635,563
1,511,381
1,457,393
1,557,003
1,676,950
1,652,437
412,989
426,060
419,341
418,561
419,048
411,069
410,930
411,390
403,533
288,726
357,135

1,938,950
2,239,886
2,303,749
2,294,247
2,385,480
2,273,249
2,207,195
2,356,345
2,557,251
2,516,767
630,894
630,865
646,224
649,269
635,180
635,641
632,059
613,887
595,281
508,271
602,701

–648,671
–740,999
–741,119
–700,539
–749,917
–761,868
–749,801
–799,343
–880,301
–864,331
–217,905
–204,805
–226,883
–230,708
–216,133
–224,572
–221,129
–202,497
–191,748
–219,545
–245,565

Exports
582,041
644,665
684,823
719,529
756,705
768,362
780,530
830,388
862,433
875,825
217,360
213,617
215,287
216,170
215,162
220,326
219,259
221,079
202,019
162,004
164,846

Imports
436,456
458,188
469,610
465,819
490,932
497,755
511,898
544,836
562,069
588,359
138,310
139,042
140,810
143,907
144,267
147,964
147,788
148,341
136,747
101,146
107,688

Balance
on
services
145,584
186,477
215,213
253,710
265,773
270,607
268,632
285,552
300,364
287,466
79,050
74,575
74,477
72,263
70,895
72,362
71,471
72,738
65,272
60,858
57,158

Balance
on
goods
and
services
–503,087
–554,522
–525,906
–446,829
–484,144
–491,261
–481,169
–513,791
–579,937
–576,865
–138,855
–130,230
–152,406
–158,445
–145,237
–152,210
–149,658
–129,759
–126,476
–158,687
–188,408

Primary income receipts and payments
Receipts
723,223
791,469
791,679
811,561
845,926
825,100
857,819
997,524
1,108,472
1,135,691
270,402
279,752
273,725
284,593
278,452
287,535
286,761
282,943
256,527
211,944
238,696

Payments
553,311
589,038
593,754
616,041
645,623
639,724
660,798
739,731
857,298
899,347
200,215
215,258
217,087
224,738
225,153
228,069
225,140
220,985
204,491
178,710
190,588

Balance
on
primary
income
169,911
202,431
197,925
195,520
200,303
185,376
197,021
257,793
251,174
236,344
70,187
64,494
56,638
59,855
53,298
59,467
61,621
61,958
52,036
33,234
48,108

Balance
on
secondary
Income 3
–98,834
–103,211
–90,134
–85,545
–83,978
–101,470
–110,716
–109,272
–120,931
–139,705
–27,918
–29,678
–29,473
–33,861
–34,677
–34,948
–33,556
–36,524
–37,075
–35,909
–38,213

Balance
on
current
account
–432,009
–455,302
–418,115
–336,854
–367,819
–407,355
–394,865
–365,269
–449,693
–480,226
–96,587
–95,414
–125,241
–132,452
–126,616
–127,691
–121,594
–104,324
–111,516
–161,362
–178,513

Current
account
balance
as a
percentage
of GDP
–2.9
–2.9
–2.6
–2.0
–2.1
–2.2
–2.1
–1.9
–2.2
–2.2
–1.9
–1.9
–2.4
–2.5
–2.4
–2.4
–2.3
–1.9
–2.1
–3.3
–3.4

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 $221.1 billion in the third quarter of 2020, resulting from a net
decrease in U.S. financial assets of $73.0 billion plus a net increase in financial derivatives of $24.0 billion, less a net
increase in U.S. liabilities of $172.0 billion. U.S. net borrowing was up from $206.6 billion in the second quarter.
BILLIONS OF DOLLARS
1,000

BILLIONS OF DOLLARS
1,000

SEASONALLY ADJUSTED

900

900

800

800

700

700
600

600
CHANGE IN
U.S. LIABILITIES

500

500

400

400

300

300

200

200

100

100
0

0
–100

–100

CHANGE IN
U.S. ASSETS ABROAD1

–200

–200

–300

–300
–400

–400

2012

2011

2013

2014

2015

2016

2017

2018

2019

2020

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 2020

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

2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2018: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2019: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2020: I ����������������
      II r �������������
      III p ������������

Direct
investment
assets

–6,891
958,737 349,829
–9,020
492,556 436,615
931
176,937 377,239
–6,559
649,753 392,796
–6,535
866,702 387,528
–7,940
197,359 302,072
–6,606
335,233 299,814
12,394 1,188,188 405,375
–4,196
358,971 –151,298
–6,244
440,751 188,469
–1,406
320,758 –58,184
–2,912 –223,399 –105,044
–455
109,691
74,289
576
151,921 –62,359
–2,542
84,497 –11,846
–848
158,966 115,561
–835
142,221
25,574
–2,019
55,067
59,180
–2,971
830,858
–9,065
–1,054 –257,865
42,253
–678 –73,048
71,063

Portfolio
investment
assets

Other
investment
assets

199,620
85,365
248,760
481,298
582,676
160,410
36,283
569,375
335,263
46,570
289,989
–17,704
83,451
–20,473
–40,720
45,025
20,460
21,806
115,814
–947
142,166

407,454
–45,301
–453,522
–221,242
–99,920
–258,831
–2,955
215,127
170,017
201,053
88,959
–103,719
–47,872
232,649
136,855
–3,980
94,305
–26,128
724,354
–304,131
–288,098

Reserve
assets 4

1,835
15,877
4,460
–3,099
–3,583
–6,292
2,090
–1,690
4,989
4,659
–7
3,068
–177
2,105
208
2,359
1,882
210
–245
4,960
1,820

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

Total

1,391,042
983,522
632,034
1,052,068
1,109,443
503,468
706,693
1,546,281
758,291
797,960
446,162
–135,152
114,982
332,299
158,290
317,227
238,964
83,479
952,306
–63,989
172,022

Direct
investment
liabilities

Portfolio
investment
liabilities

Other
investment
liabilities

264,039
263,499
250,343
288,131
251,857
511,434
474,388
366,996
261,480
351,629
65,445
9,475
137,899
48,662
117,543
99,461
78,119
56,506
52,201
–651
70,530

820,434
311,626
747,017
511,987
697,607
213,910
231,265
790,796
303,075
179,980
301,122
–18,368
12,157
8,164
–18,569
146,049
105,660
–53,160
–20,547
342,240
147,526

306,569
408,397
–365,327
251,949
159,979
–221,876
1,040
388,489
193,736
266,350
79,595
–126,259
–35,075
275,474
59,315
71,717
55,185
80,133
920,653
–405,578
–46,034

Financial
derivatives
other
than
reserves,
net transactions
–14,076
–35,006
7,064
2,222
–54,335
–27,035
7,827
23,998
–20,404
–38,340
29,139
–15,723
–11,505
–22,315
–21,383
–9,642
–6,382
–933
–21,611
–12,744
23,999

Net lending
(+)
Statistical
or net
discrepancy
borrowing (–)
from financial
account
transactions 5
–446,381
–525,972
–448,032
–400,093
–297,076
–333,144
–363,633
–334,095
–419,724
–395,549
–96,265
–103,970
–16,796
–202,693
–95,175
–167,903
–103,125
–29,345
–143,059
–206,620
–221,071

–7,481
–61,650
–30,849
–56,681
77,278
82,151
37,838
18,779
34,165
90,921
1,727
–5,644
108,900
–70,817
33,983
–39,364
19,303
76,998
–28,572
–44,204
–41,880

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

132,433
147,953
150,175
144,575
130,090
117,581
117,332
123,313
125,798
129,479
126,510
125,099
123,729
125,798
125,175
128,338
127,595
129,479
127,910
133,890
138,961

4 Consists of monetary gold, special drawing rights (SDRs), the U.S. reserve position in the International Monetary Fund (IMF), and other reserve assets, including foreign currencies.
5 Net lending means that U.S. residents are net suppliers of funds to foreign residents, and net borrowing means the opposite.

Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and the Board of Governors of the Federal Reserve System.

37

CONTENTS
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross Domestic Product ........................................................................................................................................................
1
Real Gross Domestic Product ................................................................................................................................................
2
Chained Price Indexes For Gross Domestic Product ............................................................................................................
2
Gross Domestic Product and Related Price Measures: Indexes and Percent Changes ...........................................................
3
Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits .......................................................... 3
National Income ....................................................................................................................................................................
4
Real Personal Consumption Expenditures ............................................................................................................................ 4
Sources of Personal Income ...................................................................................................................................................
5
Disposition of Personal Income .............................................................................................................................................
6
Real Farm Income ................................................................................................................................................................. 7
Corporate Profits ...................................................................................................................................................................
8
Real Gross Private Domestic Investment ............................................................................................................................... 9
Real Private Fixed Investment by Type .................................................................................................................................. 10
Business Investment ............................................................................................................................................................... 10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force .......................................................................................................................................................
Selected Unemployment Rates ..............................................................................................................................................
Selected Measures of Unemployment and Unemployment Insurance Programs ...................................................................
Nonagricultural Employment ................................................................................................................................................
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries ................................
Employment Cost Index—Private Industry ..........................................................................................................................
Productivity and Related Data, Business and Nonfarm Business Sectors ..............................................................................

11
12
13
14
15
15
16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization .................................................................................................................... 17
Industrial Production—Major Market Groups and Selected Manufactures .......................................................................... 18
New Construction ................................................................................................................................................................. 19
New Private Housing and Vacancy Rates .............................................................................................................................. 19
Business Sales and Inventories—Manufacturing and Trade .................................................................................................. 20
Manufacturers’ Shipments, Inventories, and Orders .............................................................................................................. 21
PRICES
Producer Prices ......................................................................................................................................................................
Consumer Prices—All Urban Consumers .............................................................................................................................
Changes in Producer Prices ...................................................................................................................................................
Changes in Consumer Prices—All Urban Consumers ..........................................................................................................
Prices Received and Paid by Farmers .....................................................................................................................................

22
23
24
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures ..........................................................................................................................................
Components of Money Stock ................................................................................................................................................
Aggregate Reserves and Monetary Base .................................................................................................................................
Bank Credit at All Commercial Banks ..................................................................................................................................
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business ..............................................................................
Consumer Credit ...................................................................................................................................................................
Interest Rates and Bond Yields ..............................................................................................................................................
Common Stock Prices and Yields ..........................................................................................................................................

26
27
27
28
29
29
30
31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt ..................................................................................................................................... 32
Federal Receipts by Source and Outlays by Function ............................................................................................................ 33
Federal Sector, National Income Accounts Basis ................................................................................................................... 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries ........................................................................... 35
U.S. International Trade in Goods and Services .................................................................................................................... 35
U.S. International Transactions ............................................................................................................................................. 36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p Preliminary.
r Revised.
c Corrected.
... Not available (also, not applicable).
NSA Not seasonally adjusted.

38