Full text of Economic Indicators : December 2023
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118th Congress, 2nd Session Economic Indicators DECEMBER 2023 (Includes data available as of January 9, 2024) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PUBLISHING OFFICE WASHINGTON : 2024 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) Senator Martin Heinrich, New Mexico, Chairman Representative David Schweikert, Arizona, Vice Chairman Senate House of Representatives Amy Klobuchar, Minnesota Margaret Wood Hassan, New Hampshire Mark Kelly, Arizona Peter Welch, Vermont John Fetterman, Pennsylvania Mike Lee, Utah Tom Cotton, Arkansas Eric Schmitt, Missouri J.D. Vance, Ohio Jodey C. Arrington, Texas Ron Estes, Kansas A. Drew Ferguson IV, Georgia Lloyd K. Smucker, Pennsylvania Nicole Malliotakis, New York Donald S. Beyer, Jr., Virginia David Trone, Maryland Gwen Moore, Wisconsin Katie Porter, California COUNCIL OF ECONOMIC ADVISERS Jared Bernstein, Chair Heather M. Boushey, Member C. Kirabo Jackson, Member [Public Law 120—81st Congress; Chapter 237—1st Session] JOINT RESOLUTION [S.J. R es. 55] To print the monthly publication entitled “Economic Indicators” Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled “Economic Indicators,” and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts prepared under the direction of the Mail and Multimedia Division, Office of the Secretary, Department of Commerce. Monthly issues of Economic Indicators in PDF form, and tables in Excel, are available online at: www.gpo.gov/economicindicators To subscribe to the print edition, $58.00 per year ($81.20 outside the United States), contact the U.S. Government Publishing Office at 202-512-1800, www.gpo.gov/economicindicators, or: SUPERINTENDENT OF DOCUMENTS U.S. GOVERNMENT PUBLISHING OFFICE MAIL STOP: IDCC WASHINGTON, DC 20402-9328 ii TOTAL OUTPUT, INCOME, AND SPENDING Gross Domestic Product In the third quarter of 2023, according to revised estimates, real gross domestic product (GDP) in chained (2017) dollars rose 4.9 percent (annual rate), current dollar GDP rose 8.3 percent, and the chained price index rose 3.3 percent. BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE) 28,400 28,400 SEASONALLY ADJUSTED ANNUAL RATES 27,600 27,600 26,800 26,800 26,000 26,000 25,200 25,200 24,400 24,400 23,600 23,600 22,800 22,800 22,000 22,000 GDP IN CURRENT DOLLARS 21,200 21,200 20,400 20,400 19,600 19,600 GDP IN CHAINED (2017) DOLLARS 18,800 18,800 18,000 18,000 17,200 17,200 16,400 16,400 15,600 15,600 14,800 14,800 2014 2015 2016 2017 2018 2019 2020 2021 SOURCE: DEPARTMENT OF COMMERCE 2022 2023 COUNCIL OF ECONOMIC ADVISERS [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II ��������������� III �������������� IV �������������� 2023: I ���������������� II ��������������� III r ������������ Gross domestic product 16,880.7 17,608.1 18,295.0 18,804.9 19,612.1 20,656.5 21,521.4 21,323.0 23,594.0 25,744.1 22,600.2 23,292.4 23,829.0 24,654.6 25,029.1 25,544.3 25,994.6 26,408.4 26,813.6 27,063.0 27,610.1 Personal consumption expenditures Gross private domestic investment 11,388.2 11,874.5 12,297.4 12,726.8 13,290.6 13,934.4 14,417.6 14,206.2 16,043.0 17,511.7 15,217.7 15,950.9 16,285.1 16,718.2 17,030.6 17,415.1 17,684.2 17,917.0 18,269.6 18,419.0 18,679.5 2,838.3 3,074.0 3,288.5 3,278.3 3,467.7 3,724.8 3,892.4 3,748.4 4,216.3 4,756.6 4,031.1 4,013.3 4,226.6 4,594.0 4,766.8 4,739.0 4,724.6 4,796.2 4,725.8 4,780.3 4,915.0 Exports and imports of goods and services Net exports –478.5 –508.9 –524.3 –503.3 –543.3 –593.1 –578.5 –626.4 –858.2 –971.1 –792.4 –832.0 –884.3 –924.3 –1,089.7 –1,025.6 –892.0 –877.2 –825.7 –806.1 –779.2 Federal Exports 2,287.9 2,378.5 2,270.6 2,235.6 2,388.3 2,538.1 2,538.5 2,150.1 2,550.0 2,995.0 2,382.8 2,498.3 2,566.0 2,753.1 2,837.6 3,044.3 3,084.5 3,013.8 3,064.8 2,961.8 3,030.8 Imports 2,766.4 2,887.4 2,794.9 2,738.8 2,931.6 3,131.2 3,117.0 2,776.5 3,408.3 3,966.2 3,175.2 3,330.2 3,450.2 3,677.4 3,927.3 4,069.8 3,976.5 3,891.0 3,890.5 3,767.9 3,810.0 Chart 1 - Dec 2023 Government consumption expenditures and gross investment Total 3,132.6 3,168.6 3,233.4 3,303.0 3,397.1 3,590.4 3,789.9 3,994.8 4,193.1 4,446.8 4,143.9 4,160.2 4,201.5 4,266.6 4,321.4 4,415.7 4,477.9 4,572.4 4,643.9 4,669.8 4,794.8 Total 1,227.4 1,217.1 1,222.8 1,237.4 1,266.1 1,346.3 1,422.2 1,523.4 1,594.3 1,635.5 1,609.9 1,588.5 1,576.4 1,602.5 1,601.7 1,612.3 1,636.3 1,691.8 1,730.6 1,744.3 1,791.9 National defense Nondefense 764.3 744.1 730.4 729.4 748.3 795.1 851.1 884.6 898.6 928.4 898.6 897.2 899.3 899.2 902.6 924.5 930.4 956.2 968.7 978.9 1,009.1 463.1 473.0 492.4 507.9 517.8 551.2 571.1 638.8 695.7 707.1 711.3 691.2 677.2 703.2 699.1 687.7 705.9 735.5 761.9 765.5 782.8 State and local 1,905.2 1,951.5 2,010.6 2,065.7 2,131.1 2,244.1 2,367.7 2,471.3 2,598.7 2,811.3 2,533.9 2,571.7 2,625.1 2,664.2 2,719.7 2,803.4 2,841.5 2,880.6 2,913.2 2,925.5 3,002.9 Final Addendum: Gross sales of Gross domestic domestic purchases national 1 product product 16,775.2 17,523.3 18,154.9 18,765.8 19,579.4 20,600.1 21,449.2 21,360.5 23,582.4 25,586.8 22,644.5 23,453.6 23,832.2 24,399.1 24,780.1 25,424.1 25,912.3 26,230.7 26,789.9 27,044.5 27,508.1 17,359.1 18,117.0 18,819.3 19,308.2 20,155.4 21,249.6 22,099.9 21,949.3 24,452.3 26,715.2 23,392.6 24,124.3 24,713.3 25,578.9 26,118.8 26,569.8 26,886.7 27,285.6 27,639.3 27,869.1 28,389.4 17,110.9 17,843.3 18,515.1 19,036.3 19,905.1 20,946.8 21,803.3 21,537.8 23,777.6 25,926.0 22,830.7 23,462.8 23,990.1 24,826.7 25,177.8 25,746.3 26,185.9 26,594.0 26,972.5 27,236.1 27,774.2 1 GDP less exports of goods and services plus imports of goods and services. Source: Department of Commerce (Bureau of Economic Analysis). 1 Real Gross Domestic Product [Billions of chained (2017) dollars; quarterly data at seasonally adjusted annual rates] Period 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2021: I ��������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II ��������������� III �������������� IV �������������� 2023: 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 17,812.2 18,261.7 18,799.6 19,141.7 19,612.1 20,193.9 20,692.1 20,234.1 21,407.7 21,822.0 20,990.5 21,309.5 21,483.1 21,847.6 21,738.9 21,708.2 21,851.1 21,990.0 22,112.3 22,225.4 22,490.7 11,889.9 12,226.4 12,638.8 12,949.0 13,290.6 13,654.9 13,928.3 13,577.0 14,718.2 15,090.8 14,282.6 14,745.6 14,848.8 14,995.6 14,995.2 15,069.2 15,127.4 15,171.4 15,312.9 15,343.6 15,461.4 2,238.6 2,421.1 2,498.9 2,544.8 2,661.1 2,844.3 2,950.1 2,810.6 2,975.5 3,131.6 2,923.9 2,992.4 2,982.8 3,002.7 3,080.0 3,120.0 3,156.3 3,170.0 3,214.5 3,272.7 3,284.5 601.1 626.8 693.2 742.2 773.9 768.5 761.3 816.2 903.8 822.6 915.0 904.7 898.4 897.3 893.1 859.9 796.3 741.2 731.1 727.1 738.9 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports 103.5 –304.3 85.1 –347.6 133.6 –476.5 33.4 –505.8 32.7 –543.3 54.3 –593.5 71.3 –617.5 –29.9 –663.4 12.5 –933.8 128.1 –1,051.0 –25.8 –863.1 –138.4 –910.0 7.3 –966.5 207.1 –995.6 197.0 –1,141.1 92.7 –1,116.2 70.7 –981.2 151.9 –965.6 27.2 –935.1 14.9 –928.2 77.8 –930.7 Exports Imports Total 2,190.3 2,275.8 2,283.1 2,293.9 2,388.3 2,456.4 2,469.0 2,144.8 2,280.9 2,439.6 2,237.0 2,248.1 2,256.4 2,382.0 2,354.1 2,414.1 2,506.2 2,484.1 2,525.4 2,464.7 2,497.3 2,494.6 2,623.4 2,759.5 2,799.7 2,931.6 3,050.0 3,086.5 2,808.3 3,214.7 3,490.6 3,100.0 3,158.1 3,223.0 3,377.6 3,495.2 3,530.3 3,487.4 3,449.6 3,460.5 3,392.9 3,428.0 3,275.6 3,247.3 3,313.6 3,378.5 3,397.1 3,465.0 3,601.4 3,715.5 3,704.7 3,670.4 3,743.1 3,701.8 3,688.2 3,685.8 3,658.8 3,641.2 3,667.0 3,714.8 3,758.8 3,789.8 3,843.4 Total 1,283.9 1,251.9 1,252.7 1,260.0 1,266.1 1,309.9 1,360.1 1,442.6 1,462.4 1,420.9 1,499.1 1,464.8 1,439.1 1,446.5 1,420.9 1,406.9 1,411.2 1,444.5 1,462.8 1,466.9 1,492.3 National Nondefense defense 792.4 760.4 744.9 741.1 748.3 774.6 815.9 838.8 823.0 800.1 836.3 826.3 819.7 809.7 795.3 797.1 796.6 811.5 815.4 820.1 836.8 491.0 491.3 507.8 518.8 517.8 535.3 544.3 603.7 639.3 620.6 662.7 638.3 619.3 636.8 625.6 609.6 614.5 633.0 647.4 646.7 655.5 State and local 1,991.8 1,995.3 2,060.8 2,118.5 2,131.1 2,155.2 2,241.3 2,273.8 2,244.3 2,249.6 2,247.0 2,239.2 2,250.1 2,240.9 2,238.4 2,234.1 2,255.1 2,270.8 2,296.5 2,323.0 2,351.4 AddenFinal Gross dum: sales of domestic Gross domestic purchases 1 national product product 17,715.9 18,185.6 18,669.0 19,108.4 19,579.4 20,137.6 20,620.5 20,260.8 21,380.6 21,661.2 21,017.9 21,442.8 21,461.1 21,600.6 21,497.3 21,579.0 21,758.5 21,809.9 22,054.3 22,167.1 22,362.5 18,102.6 18,602.0 19,276.0 19,647.5 20,155.4 20,787.5 21,310.1 20,899.8 22,333.3 22,854.4 21,846.9 22,212.9 22,442.5 22,830.9 22,865.7 22,805.4 22,809.8 22,936.7 23,028.5 23,140.9 23,409.0 18,049.2 18,499.7 19,021.2 19,372.9 19,905.1 20,490.9 20,977.3 20,451.9 21,590.4 21,992.7 21,219.8 21,481.2 21,644.3 22,016.4 21,884.3 21,896.5 22,028.6 22,161.3 22,260.3 22,384.6 22,641.8 1 GDP less exports of goods and services plus imports of goods and services. Note: Because of the formula used for calculating real GDP, the chained (2017) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce (Bureau of Economic Analysis). Chained Price Indexes For Gross Domestic Product [Index numbers, 2017=100; quarterly data are seasonally adjusted] Period 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II ��������������� III �������������� IV �������������� 2023: I ���������������� II ��������������� III r ������������ Gross domestic product 94.786 96.436 97.277 98.208 100.000 102.290 104.008 105.407 110.220 117.996 107.731 109.332 110.957 112.858 115.182 117.704 118.980 120.115 121.264 121.789 122.792 Personal consumption expenditures Total 95.781 97.121 97.299 98.284 100.000 102.047 103.513 104.635 109.001 116.043 106.578 108.208 109.705 111.514 113.590 115.577 116.905 118.098 119.309 120.044 120.814 Goods Services 105.049 104.542 101.350 99.710 100.000 100.811 100.427 99.646 104.572 113.548 101.367 103.467 105.394 108.062 111.150 113.794 114.613 114.637 114.838 114.905 115.157 Source: Department of Commerce (Bureau of Economic Analysis). 2 Gross private domestic investment 91.659 93.795 95.462 97.629 100.000 102.626 104.972 107.054 111.103 117.066 109.118 110.480 111.738 113.076 114.595 116.220 117.818 119.631 121.377 122.468 123.513 Nonresidential fixed 99.229 100.170 100.345 99.380 100.000 100.427 101.457 102.092 103.458 109.624 102.380 102.436 103.564 105.451 107.151 109.088 110.693 111.566 113.299 113.355 113.602 Residential fixed 85.095 89.986 92.454 95.699 100.000 105.640 108.656 112.280 124.606 141.785 118.315 122.618 126.940 130.551 136.190 141.165 144.034 145.752 144.813 144.490 146.195 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Exports 104.457 104.515 99.455 97.457 100.000 103.325 102.814 100.247 111.801 122.767 106.637 111.204 113.760 115.602 120.553 126.113 123.078 121.326 121.359 120.169 121.362 Imports 110.894 110.067 101.283 97.825 100.000 102.662 100.987 98.870 106.025 113.623 102.524 105.536 107.118 108.923 112.390 115.293 114.023 112.788 112.419 111.045 111.137 Total 95.597 97.215 97.609 98.205 100.000 102.775 104.560 105.599 109.024 115.108 107.378 108.424 109.523 110.771 112.724 114.607 115.966 117.135 118.327 118.933 120.097 National defense 96.459 97.850 98.053 98.419 100.000 102.642 104.312 105.458 109.181 116.038 107.430 108.563 109.686 111.046 113.492 115.990 116.814 117.855 118.823 119.373 120.614 Nondefense 94.308 96.287 96.968 97.897 100.000 102.968 104.923 105.806 108.835 113.924 107.329 108.259 109.325 110.425 111.748 112.835 114.890 116.225 117.702 118.377 119.446 State and local 95.654 97.804 97.567 97.505 100.000 104.126 105.640 108.689 115.792 124.970 112.765 114.846 116.664 118.892 121.509 125.490 126.015 126.868 126.866 125.947 127.717 Gross Domestic Product and Related Price Measures: Indexes and Percent Changes [Quarterly data are seasonally adjusted] Percent change from preceding period 1 Index numbers, 2017=100 Personal consumption expenditures (PCE) Gross domestic product (GDP) Period 2013 ���������������������� 2014 ���������������������� 2015 ���������������������� 2016 ���������������������� 2017 ���������������������� 2018 ���������������������� 2019 ���������������������� 2020 ���������������������� 2021 ���������������������� 2022 ���������������������� 2021: I ������������������ II ����������������� III ���������������� IV ���������������� 2022: I ������������������ II ����������������� III ���������������� IV ���������������� 2023: I ������������������ II ����������������� III r �������������� Real GDP GDP (chain-type chain-type quantity price index) index 90.822 93.115 95.857 97.601 100.000 102.967 105.507 103.171 109.156 111.268 107.029 108.655 109.540 111.399 110.844 110.688 111.417 112.125 112.748 113.325 114.678 GDP implicit price deflator 94.786 96.436 97.277 98.208 100.000 102.290 104.008 105.407 110.220 117.996 107.731 109.332 110.957 112.858 115.182 117.704 118.980 120.115 121.264 121.789 122.792 PCE PCE less food (chain-type and price index) priceenergy index 94.771 96.421 97.316 98.241 100.000 102.291 104.008 105.381 110.213 117.973 107.668 109.305 110.920 112.848 115.135 117.671 118.962 120.093 121.261 121.766 122.762 95.781 97.121 97.299 98.284 100.000 102.047 103.513 104.635 109.001 116.043 106.578 108.208 109.705 111.514 113.590 115.577 116.905 118.098 119.309 120.044 120.814 94.285 95.697 96.874 98.426 100.000 101.897 103.577 104.942 108.736 114.437 106.570 108.139 109.420 110.814 112.430 113.734 115.126 116.457 117.874 118.938 119.541 Personal consumption expenditures (PCE) Gross domestic product (GDP) Gross domestic purchases price index 95.908 97.408 97.593 98.241 100.000 102.222 103.706 105.046 109.495 116.915 107.140 108.636 110.157 112.047 114.269 116.533 117.883 118.973 120.016 120.445 121.295 GDP (current dollars) Real GDP GDP (chain-type chain-type quantity price index) index 3.9 4.3 3.9 2.8 4.3 5.3 4.2 –.9 10.7 9.1 10.9 12.8 9.5 14.6 6.2 8.5 7.2 6.5 6.3 3.8 8.3 2.1 2.5 2.9 1.8 2.5 3.0 2.5 –2.2 5.8 1.9 5.2 6.2 3.3 7.0 –2.0 –.6 2.7 2.6 2.2 2.1 4.9 GDP implicit price deflator 1.7 1.7 .9 1.0 1.8 2.3 1.7 1.3 4.6 7.1 5.4 6.1 6.1 7.0 8.5 9.1 4.4 3.9 3.9 1.7 3.3 Gross domestic PCE purchases PCE food price index (chain-type lessenergy price index) and price index 1.7 1.7 .9 1.0 1.8 2.3 1.7 1.3 4.6 7.0 5.3 6.2 6.0 7.1 8.4 9.1 4.5 3.9 3.9 1.7 3.3 1.3 1.4 .2 1.0 1.7 2.0 1.4 1.1 4.2 6.5 4.8 6.3 5.6 6.8 7.7 7.2 4.7 4.1 4.2 2.5 2.6 1.5 1.5 1.2 1.6 1.6 1.9 1.6 1.3 3.6 5.2 3.6 6.0 4.8 5.2 6.0 4.7 5.0 4.7 5.0 3.7 2.0 1.4 1.6 .2 .7 1.8 2.2 1.5 1.3 4.2 6.8 4.8 5.7 5.7 7.0 8.2 8.2 4.7 3.8 3.6 1.4 2.9 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 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II ��������������� III �������������� IV �������������� 2023: 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 8,417.8 8,851.7 9,222.3 9,346.4 9,771.4 10,337.8 10,801.0 10,500.0 11,995.9 13,300.8 11,432.2 11,849.6 12,157.6 12,544.1 12,884.3 13,250.4 13,517.2 13,551.4 13,693.2 13,841.3 14,021.4 Chained (2017) dollars 8,855.1 9,155.7 9,453.7 9,514.3 9,771.4 10,136.3 10,394.5 9,959.5 10,853.4 11,194.4 10,601.8 10,768.2 10,951.5 11,091.9 11,113.8 11,130.6 11,268.1 11,265.0 11,382.9 11,418.2 11,511.5 Total 0.951 .967 .976 .982 1.000 1.020 1.039 1.054 1.105 1.188 1.078 1.100 1.110 1.131 1.159 1.190 1.200 1.203 1.203 1.212 1.218 Compensation of employees (unit labor cost) 0.539 .550 .561 .573 .586 .597 .610 .637 .644 .677 .629 .639 .648 .659 .667 .674 .682 .685 .694 .702 .704 Corporate profits with inventory valuation and capital consumption adjustments 4 Unit nonlabor cost Total 0.270 .273 .275 .278 .285 .287 .294 .270 .280 .313 .279 .270 .279 .292 .307 .314 .315 .316 .318 .316 .313 Consumption of fixed capital Net interest Taxes on and production miscellaneous and imports 3 payments 0.145 .148 .149 .151 .154 .156 .160 .174 .168 .179 .166 .167 .167 .170 .174 .178 .181 .184 .186 .189 .189 0.092 .091 .092 .090 .094 .096 .098 .063 .084 .109 .083 .075 .084 .095 .107 .110 .109 .109 .110 .109 .109 0.034 .034 .034 .036 .036 .035 .036 .033 .028 .025 .029 .028 .028 .027 .027 .026 .025 .023 .022 .019 .015 Total 0.141 .144 .139 .132 .129 .136 .135 .147 .182 .198 .171 .192 .183 .181 .186 .203 .203 .201 .191 .194 .200 Taxes on corporate income 0.030 .032 .030 .028 .022 .021 .019 .021 .027 .037 .025 .027 .028 .030 .038 .038 .036 .037 .038 .038 .038 Profits after tax 5 0.111 .112 .109 .104 .107 .115 .116 .126 .154 .161 .146 .165 .155 .150 .147 .165 .167 .164 .153 .156 .162 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 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II ��������������� III �������������� IV �������������� 2023: I ���������������� II ��������������� III r ������������ ComNational pensation of income employees 14,459.1 15,164.6 15,685.2 15,975.3 16,688.2 17,570.8 18,281.0 17,854.0 19,909.7 21,678.4 19,166.6 19,630.7 20,077.2 20,764.3 21,149.8 21,637.6 21,972.7 21,953.5 22,136.9 22,241.8 22,497.7 8,835.0 9,250.2 9,699.4 9,966.1 10,424.4 10,957.4 11,447.9 11,594.7 12,545.9 13,439.2 12,078.0 12,390.2 12,689.9 13,025.3 13,177.4 13,295.2 13,609.2 13,675.0 13,965.2 14,154.1 14,344.2 Rental income of persons with capital conNonfarm sumption adjustment Farm 87.5 68.5 55.5 36.0 41.0 32.1 32.1 44.4 72.2 81.7 48.4 93.7 85.6 61.3 73.0 86.0 84.0 84.0 71.2 58.2 49.9 1,264.2 1,301.5 1,292.3 1,313.2 1,387.6 1,463.2 1,522.1 1,539.4 1,676.8 1,709.1 1,601.9 1,690.4 1,707.2 1,707.9 1,683.4 1,688.4 1,723.4 1,741.4 1,756.2 1,765.9 1,809.6 578.7 598.5 601.4 618.7 642.0 671.5 684.5 756.1 814.2 878.3 791.6 807.2 822.4 835.5 837.2 875.3 893.1 907.5 945.8 961.1 974.4 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 2,081.1 2,212.8 2,173.1 2,144.3 2,225.2 2,365.2 2,470.3 2,383.3 2,922.8 3,208.7 2,752.8 2,988.5 2,959.0 2,990.6 3,027.1 3,260.0 3,299.3 3,248.4 3,165.1 3,172.1 3,280.7 Total Profits before tax 2,234.1 2,356.1 2,295.5 2,245.2 2,247.5 2,266.6 2,376.7 2,478.2 2,992.1 3,426.7 2,798.5 3,040.1 3,033.1 3,096.5 3,198.2 3,468.5 3,541.4 3,498.8 3,502.8 3,513.6 3,620.1 2,220.2 2,354.3 2,237.5 2,240.0 2,295.1 2,317.6 2,375.0 2,494.9 3,249.1 3,523.0 3,023.7 3,343.0 3,313.3 3,316.5 3,439.0 3,696.2 3,558.2 3,398.4 3,457.6 3,473.1 3,600.6 13.9 1.8 57.9 5.2 –47.6 –51.0 1.7 –16.7 –257.1 –96.2 –225.2 –302.9 –280.2 –220.0 –240.9 –227.7 –16.8 100.4 45.3 40.5 19.5 –152.9 –143.3 –122.3 –100.9 –22.3 98.6 93.6 –94.9 –69.3 –218.0 –45.7 –51.6 –74.1 –105.9 –171.1 –208.5 –242.1 –250.4 –337.7 –341.5 –339.4 392.7 426.4 496.3 489.2 525.2 536.4 515.2 529.3 504.6 457.4 536.6 508.2 483.8 489.7 515.7 514.6 438.3 360.7 307.8 212.4 105.7 Business Less: current Subsidies transfer payments 1,185.8 1,237.7 1,273.5 1,309.1 1,364.0 1,457.1 1,533.1 1,520.5 1,671.9 1,810.2 1,581.7 1,675.1 1,685.4 1,745.5 1,784.0 1,812.3 1,824.0 1,820.6 1,831.1 1,821.6 1,830.7 59.7 58.1 57.2 61.7 59.9 63.3 73.0 656.9 482.7 127.4 388.0 701.3 547.8 293.9 152.0 130.1 118.4 109.2 101.4 99.9 103.1 107.3 135.5 153.9 162.5 142.9 155.8 160.8 145.0 189.0 216.8 170.9 187.4 196.5 201.2 196.1 228.2 215.4 227.6 203.1 206.4 216.7 Current surplus of government enterprises –13.6 –8.5 –2.8 –2.2 –4.3 –4.6 –12.0 –1.8 –5.0 4.4 –7.3 –8.9 –4.8 1.2 8.0 7.6 4.5 –2.3 –7.1 –10.0 –11.2 1 With inventory valuation and capital consumption adjustments. Source: Department of Commerce (Bureau of Economic Analysis). Real Personal Consumption Expenditures [Billions of chained (2017) dollars, except as noted; quarterly data at seasonally adjusted annual rates] Goods Period Total personal consumption expenditures 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II ��������������� III �������������� IV �������������� 2023: I ���������������� II ��������������� III r ������������ 11,889.9 12,226.4 12,638.8 12,949.0 13,290.6 13,654.9 13,928.3 13,577.0 14,718.2 15,090.8 14,282.6 14,745.6 14,848.8 14,995.6 14,995.2 15,069.2 15,127.4 15,171.4 15,312.9 15,343.6 15,461.4 Services Durable Total goods 3,562.3 3,717.7 3,902.5 4,044.7 4,212.2 4,378.7 4,509.9 4,729.9 5,265.9 5,281.5 5,171.7 5,351.8 5,234.3 5,305.6 5,289.7 5,285.3 5,275.7 5,275.2 5,341.0 5,347.3 5,411.3 Total durable goods 1 1,087.9 1,168.2 1,257.7 1,325.5 1,415.9 1,509.5 1,558.9 1,683.1 1,964.9 1,960.0 1,966.7 2,033.6 1,904.3 1,955.0 1,962.3 1,957.8 1,962.3 1,957.5 2,022.5 2,020.9 2,053.9 Nondurable Motor vehicles and parts 415.2 443.6 481.3 498.1 529.4 549.9 540.6 533.5 613.4 572.6 641.0 664.0 568.5 580.1 580.3 571.2 566.5 572.5 614.1 599.6 597.8 Total nondurable goods 1 2,478.6 2,552.3 2,646.3 2,719.9 2,796.3 2,869.8 2,951.8 3,049.6 3,307.5 3,327.5 3,212.9 3,325.9 3,335.0 3,356.3 3,333.4 3,333.4 3,319.7 3,323.7 3,327.8 3,335.4 3,367.3 Food and beverages purchased for offpremises consumption Gasoline and other energy goods Total services 1 Household consumption expenditures 887.0 910.3 931.4 968.3 1,010.4 1,039.0 1,065.7 1,140.7 1,190.5 1,167.8 1,176.9 1,195.1 1,194.3 1,195.8 1,185.9 1,171.5 1,158.8 1,155.0 1,145.8 1,148.5 1,153.9 298.8 302.0 318.8 323.8 324.0 323.0 321.6 277.5 311.1 311.1 287.7 313.8 321.4 321.6 311.5 313.1 309.3 310.6 313.0 319.8 319.0 8,341.9 8,516.3 8,738.9 8,904.9 9,078.4 9,276.6 9,420.1 8,867.6 9,483.4 9,836.1 9,144.9 9,429.6 9,641.1 9,717.9 9,733.0 9,810.8 9,878.2 9,922.3 9,998.9 10,023.1 10,078.7 7,956.1 8,131.1 8,355.1 8,507.0 8,682.0 8,861.3 9,018.3 8,406.7 9,079.0 9,413.1 8,727.4 9,035.3 9,243.1 9,310.4 9,314.8 9,382.4 9,449.4 9,505.9 9,597.0 9,622.9 9,675.8 Housing and utilities 2,343.2 2,341.5 2,336.7 2,347.0 2,350.2 2,385.0 2,404.6 2,454.1 2,521.4 2,549.1 2,509.8 2,517.6 2,531.5 2,526.6 2,547.9 2,549.4 2,544.5 2,554.7 2,545.8 2,550.0 2,568.7 Health care 1,945.6 2,008.2 2,114.2 2,196.3 2,245.3 2,301.8 2,381.9 2,215.6 2,405.2 2,479.3 2,327.2 2,398.8 2,435.5 2,459.3 2,454.9 2,455.0 2,484.4 2,523.0 2,584.0 2,600.0 2,617.5 Financial services and insurance 1,037.2 1,047.9 1,073.6 1,046.5 1,073.2 1,073.4 1,048.4 1,050.4 1,049.7 1,031.4 1,059.1 1,048.8 1,044.7 1,045.9 1,033.2 1,026.4 1,033.2 1,032.8 1,037.3 1,048.7 1,052.2 Addendum: Personal consumption expenditures excluding food and energy 2 Retail sales of new passenger cars and light trucks (millions of units) 10,474.9 10,785.1 11,159.9 11,429.3 11,730.3 12,049.5 12,301.7 11,920.2 12,975.9 13,364.8 12,570.6 12,997.2 13,089.8 13,246.1 13,246.6 13,333.6 13,419.3 13,459.4 13,625.6 13,647.6 13,748.5 15.5 16.5 17.4 17.5 17.2 17.2 17.0 14.5 14.9 13.8 16.5 16.9 13.5 12.9 13.9 13.4 13.6 14.2 15.0 15.8 15.7 1 Includes other items, not shown separately. 2 Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. Note: Because of the formula used for calculating real GDP, the chained (2017) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce (Bureau of Economic Analysis). 4 Sources of Personal Income Personal income rose $81.6 billion (annual rate) in November, following an increase of $59.3 billion in October. Wages and salaries rose $75.2 billion in November, following an increase of $22.9 billion in October. BILLIONS OF DOLLARS * (RATIO SCALE) 26,000 24,000 22,000 BILLIONS OF DOLLARS* (RATIO SCALE) 26,000 24,000 22,000 TOTAL PERSONAL INCOME 20,000 20,000 18,000 18,000 16,000 16,000 14,000 14,000 12,000 12,000 WAGES AND SALARIES 10,000 10,000 9,000 9,000 8,000 8,000 7,000 7,000 OTHER INCOME 6,000 6,000 5,000 5,000 4,000 4,000 PERSONAL CURRENT TRANSFER RECEIPTS 3,000 3,000 2,000 2,000 2015 2016 2017 2018 2019 2020 2021 2022 *SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE 2023 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; monthly data at seasonally adjusted annual rates] Compensation of employees Period Total personal income Total Wages and salaries Supplements to wages and salaries Proprietors’ income 1 Farm Nonfarm Personal income receipts on assets Rental income of persons 2 Total Personal interest income Personal dividend income Personal current transfer receipts 3 Less: Chart 5 - Dec 2023 Contributions for government social insurance, domestic 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2022: Nov ���������� Dec ����������� 14,068.8 14,784.1 15,473.7 15,887.7 16,662.8 17,528.2 18,356.2 19,629.0 21,407.7 21,840.8 22,267.7 22,312.3 8,835.0 9,250.2 9,699.4 9,966.1 10,424.4 10,957.4 11,447.9 11,594.7 12,545.9 13,439.2 13,667.9 13,679.2 7,114.0 7,476.3 7,859.5 8,091.2 8,474.4 8,899.8 9,325.0 9,464.6 10,312.6 11,116.0 11,310.5 11,314.9 1,721.0 1,773.9 1,839.9 1,874.9 1,950.0 2,057.6 2,123.0 2,130.0 2,233.2 2,323.2 2,357.3 2,364.3 87.5 68.5 55.5 36.0 41.0 32.1 32.1 44.4 72.2 81.7 83.3 86.2 1,264.2 1,301.5 1,292.3 1,313.2 1,387.6 1,463.2 1,522.1 1,539.4 1,676.8 1,709.1 1,741.6 1,745.6 578.7 598.5 601.4 618.7 642.0 671.5 684.5 756.1 814.2 878.3 906.5 915.7 1,983.2 2,177.4 2,344.6 2,415.4 2,611.0 2,789.4 2,949.9 2,913.7 3,214.7 3,432.0 3,527.0 3,533.6 1,201.6 1,260.4 1,347.7 1,388.0 1,466.7 1,554.5 1,603.4 1,510.3 1,515.5 1,627.5 1,707.4 1,728.2 781.6 917.0 996.9 1,027.4 1,144.3 1,234.9 1,346.5 1,403.5 1,699.2 1,804.5 1,819.6 1,805.4 2,424.3 2,541.6 2,685.4 2,777.0 2,855.7 2,976.3 3,144.3 4,229.9 4,641.9 4,002.1 4,073.5 4,084.1 1,104.3 1,153.6 1,204.7 1,238.8 1,298.9 1,361.7 1,424.6 1,449.3 1,558.0 1,701.7 1,732.0 1,732.0 2023: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov p �������� 22,525.3 22,648.4 22,757.9 22,806.1 22,876.6 22,921.4 22,972.4 23,071.7 23,148.5 23,207.8 23,289.4 13,885.2 13,968.7 14,041.7 14,092.7 14,151.1 14,218.6 14,280.4 14,346.6 14,405.5 14,435.7 14,522.7 11,494.7 11,568.5 11,633.1 11,680.1 11,730.8 11,788.9 11,840.6 11,896.8 11,946.1 11,969.0 12,044.2 2,390.6 2,400.2 2,408.6 2,412.6 2,420.3 2,429.6 2,439.8 2,449.8 2,459.4 2,466.7 2,478.5 78.7 71.2 63.8 61.0 58.2 55.5 52.7 49.9 47.2 45.4 43.5 1,753.5 1,757.4 1,757.7 1,760.1 1,763.1 1,774.4 1,787.0 1,811.2 1,830.6 1,836.1 1,835.0 930.9 945.7 960.7 960.6 960.8 961.8 967.2 974.5 981.5 988.8 995.7 3,559.3 3,570.9 3,600.9 3,606.8 3,610.2 3,590.7 3,594.4 3,607.3 3,617.9 3,645.7 3,661.7 1,736.2 1,744.3 1,752.6 1,753.6 1,754.7 1,756.1 1,766.1 1,776.3 1,786.7 1,797.7 1,808.8 1,823.1 1,826.6 1,848.3 1,853.3 1,855.5 1,834.7 1,828.3 1,831.0 1,831.2 1,848.0 1,852.9 4,083.3 4,108.8 4,115.1 4,112.3 4,126.8 4,121.3 4,097.9 4,096.5 4,086.6 4,080.1 4,065.1 1,765.5 1,774.3 1,782.0 1,787.4 1,793.6 1,800.9 1,807.2 1,814.3 1,820.7 1,824.0 1,834.3 1 With inventory valuation and capital consumption adjustments. 2 With capital consumption adjustment. 3 Consists mainly of social insurance benefits to persons. Source: Department of Commerce (Bureau of Economic Analysis). 5 Disposition of Personal Income According to revised estimates, per capita disposable personal income in chained (2017) dollars fell 0.3 percent (annual rate) in the third quarter of 2023. BILLIONS OF DOLLARS* (RATIO SCALE) 22,000 21,000 20,000 19,000 18,000 17,000 BILLIONS OF DOLLARS* (RATIO SCALE) 22,000 21,000 20,000 19,000 18,000 17,000 DISPOSABLE PERSONAL INCOME 16,000 16,000 15,000 15,000 14,000 14,000 SAVING PERSONAL OUTLAYS 13,000 13,000 12,000 12,000 11,000 11,000 10,000 10,000 DOLLARS* (RATIO SCALE) 62,000 58,000 56,000 54,000 52,000 50,000 48,000 46,000 44,000 42,000 40,000 62,000 PER CAPITA DISPOSABLE PERSONAL INCOME 58,000 56,000 54,000 52,000 50,000 48,000 46,000 44,000 42,000 40,000 CURRENT DOLLARS CHAINED (2017) DOLLARS 38,000 38,000 36,000 34,000 36,000 34,000 2014 2015 2016 2017 2018 2019 2020 2021 *SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE Period Personal income Less: Personal current taxes Equals: Disposable personal income 14,068.8 14,784.1 15,473.7 15,887.7 16,662.8 17,528.2 18,356.2 19,629.0 21,407.7 21,840.8 1,677.5 1,785.7 1,940.9 1,958.8 2,048.8 2,074.2 2,199.3 2,256.5 2,743.3 3,138.3 12,391.2 12,998.4 13,532.9 13,928.9 14,613.9 15,454.0 16,157.0 17,372.5 18,664.4 18,702.5 2023 COUNCIL OF ECONOMIC ADVISERS Less: Personal outlays 1 Equals: Personal saving Disposable personal income in billions of chained (2017) dollars Per capita disposable personal income Current dollars Billions of dollars 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2022 Chained (2017) dollars Per capita personal consumption expenditures Current dollars Chained (2017) dollars Dollars 11,775.5 12,286.4 12,742.3 13,182.7 13,772.3 14,457.4 14,966.1 14,694.0 16,543.9 18,079.7 615.7 712.0 790.6 746.2 841.6 996.7 1,190.9 2,678.6 2,120.5 622.8 12,937.1 13,383.7 13,908.5 14,172.0 14,613.9 15,144.0 15,608.6 16,603.0 17,123.1 16,116.9 39,077 40,671 42,013 42,910 44,710 47,002 48,885 52,360 56,159 56,063 Chart 6 - Dec 2023 Percent Saving change as in real percent per capita of disposable disposable personal personal income income Population, including Armed Forces overseas (thousands) 2 Percent 40,798 41,876 43,179 43,659 44,710 46,059 47,225 50,041 51,521 48,313 35,914 37,154 38,177 39,207 40,662 42,380 43,622 42,817 48,271 52,494 37,496 38,255 39,237 39,891 40,662 41,530 42,141 40,921 44,285 45,237 –2.2 2.6 3.1 1.1 2.4 3.0 2.5 6.0 3.0 –6.2 5.0 5.5 5.8 5.4 5.8 6.4 7.4 15.4 11.4 3.3 317,099 319,601 322,113 324,609 326,860 328,794 330,513 331,788 332,351 333,595 55,367 51,050 50,319 49,546 48,252 48,031 48,388 48,580 49,793 50,138 50,101 45,838 48,023 48,981 50,237 51,146 52,247 52,979 53,599 54,595 54,979 55,676 43,021 44,394 44,661 45,061 45,034 45,209 45,319 45,385 45,759 45,799 46,084 56.2 –27.7 –5.6 –6.0 –10.0 –1.8 3.0 1.6 10.4 2.8 –.3 19.9 10.3 8.5 6.3 3.9 3.0 3.2 3.2 4.8 5.1 4.2 331,989 332,149 332,480 332,786 332,978 333,321 333,799 334,282 334,641 335,019 335,501 Seasonally adjusted annual rates 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II ��������������� III �������������� IV �������������� 2023: I ���������������� II ��������������� III r ������������ 22,162.2 21,046.1 21,138.3 21,284.0 21,410.5 21,659.7 22,018.8 22,274.1 22,643.9 22,868.0 23,064.2 2,577.6 2,703.9 2,789.9 2,901.6 3,162.8 3,157.8 3,137.0 3,095.7 2,763.7 2,703.8 2,756.5 19,584.6 18,342.2 18,348.5 18,382.4 18,247.8 18,501.9 18,881.7 19,178.4 19,880.2 20,164.2 20,307.7 15,694.9 16,453.5 16,796.3 17,230.8 17,544.0 17,949.5 18,269.1 18,556.0 18,932.0 19,136.6 19,456.5 3,889.7 1,888.6 1,552.1 1,151.6 703.7 552.4 612.6 622.4 948.2 1,027.6 851.2 18,381.1 16,956.2 16,730.2 16,488.4 16,066.9 16,009.6 16,151.8 16,239.5 16,662.8 16,797.3 16,809.1 58,992 55,223 55,187 55,238 54,802 55,508 56,566 57,372 59,408 60,188 60,529 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 2023, gross farm income in chained (2023) dollars is forecast to be $594.4 billion and net farm income to be $151.1 billion. BILLIONS OF CHAINED (2023) DOLLARS (RATIO SCALE) BILLIONS OF CHAINED (2023) DOLLARS (RATIO SCALE) 700 640 600 560 520 480 440 400 700 640 600 560 520 480 440 400 GROSS FARM INCOME 360 360 320 320 280 280 240 240 200 200 160 160 120 120 NET FARM INCOME 80 80 60 60 40 40 2014 2015 2017 2016 2018 2019 2020 2021 SOURCE: DEPARTMENT OF AGRICULTURE 2022 2023 COUNCIL OF ECONOMIC ADVISERS [Billions of chained (2023) dollars] Chart 7 - Nov 2023 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 ��������������������������������������������������� 2021 ��������������������������������������������������� 2022 ��������������������������������������������������� 2023 p ������������������������������������������������� Crops 2, 3 Total 405.3 409.6 372.4 409.6 454.7 446.4 420.8 479.5 505.2 463.4 485.1 560.5 588.6 622.7 611.1 552.5 511.9 518.7 506.5 501.4 522.8 566.9 631.7 594.4 366.3 372.9 352.3 383.5 434.7 409.9 397.9 462.7 488.2 446.7 468.2 546.6 574.7 608.6 598.7 539.0 495.7 504.7 490.2 475.1 470.0 538.2 615.6 582.3 159.2 155.8 158.1 171.9 193.0 171.0 172.2 213.4 240.8 226.7 228.7 265.7 278.6 300.7 260.9 231.1 235.0 229.1 221.7 208.1 218.9 265.5 274.0 261.8 Animals and animal products 3 166.1 174.4 150.9 166.2 191.6 189.2 173.1 195.5 193.2 164.7 190.8 218.3 221.3 233.0 271.0 243.4 205.4 215.7 211.5 205.3 190.7 214.8 264.2 243.6 Farm-related income 4 41.0 42.7 43.3 45.3 50.1 49.7 52.7 53.9 54.2 55.3 48.7 62.6 74.8 74.9 66.8 64.6 55.3 59.8 57.0 61.7 60.4 58.0 77.4 76.9 Direct Federal Government payments 38.9 36.8 20.1 26.2 20.0 36.5 22.9 16.8 17.0 16.8 16.9 13.9 13.9 14.2 12.3 13.5 16.1 14.1 16.3 26.3 52.7 28.7 16.1 12.1 Production expenses Net farm income 320.3 319.7 309.2 313.1 319.9 328.6 337.5 380.6 397.1 377.8 380.2 409.1 462.5 463.6 494.5 450.2 434.5 427.1 409.0 407.8 413.3 411.5 442.8 443.4 85.0 90.0 63.2 96.5 134.8 117.8 83.3 98.9 108.1 85.6 104.9 151.4 126.1 159.1 116.6 102.4 77.4 91.6 97.5 93.6 109.5 155.4 188.9 151.1 1 The GDP chain-type price index is used to convert the current-dollar statistics to 2023=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 2023 are forecasts. Source: Department of Agriculture (Economic Research Service). 7 Corporate Profits In the third quarter of 2023, according to revised estimates, corporate profits before tax rose $127.5 billion (annual rate) and profits after tax rose $114.9 billion. BILLIONS OF DOLLARS 3,800 BILLIONS OF DOLLARS 3,800 SEASONALLY ADJUSTED ANNUAL RATES 3,600 3,600 3,400 3,400 3,200 3,200 3,000 3,000 2,800 2,800 2,600 2,600 PROFITS BEFORE TAX 2,400 2,400 2,200 2,200 2,000 2,000 PROFITS AFTER TAX 1,800 1,800 1,600 1,600 1,400 1,400 1,200 1,200 1,000 1,000 UNDISTRIBUTED PROFITS 800 800 600 600 400 400 TAXES ON CORPORATE INCOME 200 0 2014 2015 2016 2017 200 0 2018 2019 2020 2021 2022 2023 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 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II ��������������� III �������������� IV �������������� 2023: I ���������������� II ��������������� III r ������������ Total 2 2,234.1 2,356.1 2,295.5 2,245.2 2,247.5 2,266.6 2,376.7 2,478.2 2,992.1 3,426.7 2,798.5 3,040.1 3,033.1 3,096.5 3,198.2 3,468.5 3,541.4 3,498.8 3,502.8 3,513.6 3,620.1 Profits before tax Nonfinancial Total 1,835.2 1,951.2 1,900.3 1,825.3 1,748.6 1,746.0 1,843.7 2,029.9 2,558.4 2,953.9 2,326.0 2,631.6 2,615.2 2,660.9 2,775.5 2,990.0 3,051.1 2,998.9 3,010.8 2,999.5 3,097.2 Financial 480.7 536.1 512.4 511.8 491.6 478.9 575.2 535.9 581.5 598.6 529.3 573.2 603.2 620.1 615.9 602.7 610.8 564.8 591.7 537.0 546.1 Total 3 1,354.5 1,415.1 1,387.9 1,313.5 1,257.0 1,267.1 1,268.5 1,493.9 1,977.0 2,355.3 1,796.7 2,058.4 2,012.0 2,040.8 2,159.6 2,387.3 2,440.2 2,434.1 2,419.2 2,462.5 2,551.1 Manufacturing 440.0 453.1 421.5 327.9 299.9 361.7 353.2 328.1 464.1 708.7 406.2 462.6 458.8 528.8 647.7 709.8 719.6 757.6 739.0 711.4 743.9 Utilities Wholesale 27.8 32.4 19.9 9.4 13.8 16.5 11.9 27.4 33.6 42.6 33.4 29.8 35.6 35.8 38.4 41.0 49.7 41.2 42.7 49.7 45.0 1 See p. 4 for profits with inventory valuation and capital consumption adjustments. 2 Includes rest of the world, not shown separately. 3 Includes industries not shown separately. Note: Data by industry are based on the North American Industry Classification System (NAICS). Source: Department of Commerce (Bureau of Economic Analysis). 8 146.3 151.2 153.9 130.0 127.4 108.2 125.9 157.8 171.6 226.1 142.6 168.3 185.8 189.6 173.7 196.7 268.5 265.5 233.4 227.8 233.5 Taxes on corporate income Total Net dividends Retail 153.3 157.8 170.4 176.6 151.7 145.6 150.3 243.3 276.3 285.1 278.1 314.5 261.1 251.5 260.9 291.5 286.6 301.6 315.1 353.3 374.3 2,220.2 2,354.3 2,237.5 2,240.0 2,295.1 2,317.6 2,375.0 2,494.9 3,249.1 3,523.0 3,023.7 3,343.0 3,313.3 3,316.5 3,439.0 3,696.2 3,558.2 3,398.4 3,457.6 3,473.1 3,600.6 362.4 406.9 396.1 376.0 297.2 297.4 297.4 307.5 404.6 542.4 351.8 392.2 405.7 468.7 529.1 547.4 544.7 548.3 576.5 570.3 582.8 1,857.7 1,947.4 1,841.4 1,863.9 1,998.0 2,020.1 2,077.6 2,187.4 2,844.5 2,980.5 2,671.9 2,950.8 2,907.6 2,847.8 2,909.9 3,148.7 3,013.5 2,850.1 2,881.0 2,902.9 3,017.8 997.3 1,059.9 1,128.7 1,139.4 1,253.9 1,319.9 1,416.8 1,496.7 1,814.7 1,887.3 1,658.8 1,789.6 1,878.6 1,931.9 1,932.9 1,920.7 1,855.6 1,839.8 1,840.2 1,855.8 1,837.6 Chart 8 - Dec 2023 Inventory Undistrib- valuation adjustment uted profits 860.4 887.5 712.7 724.5 744.1 700.2 660.8 690.7 1,029.8 1,093.3 1,013.0 1,161.2 1,029.0 915.9 977.0 1,228.1 1,157.9 1,010.2 1,040.8 1,047.1 1,180.2 13.9 1.8 57.9 5.2 –47.6 –51.0 1.7 –16.7 –257.1 –96.2 –225.2 –302.9 –280.2 –220.0 –240.9 –227.7 –16.8 100.4 45.3 40.5 19.5 Real Gross Private Domestic Investment In the third quarter of 2023, according to revised estimates, nonresidential fixed investment in chained (2017) dollars rose $11.8 billion (annual rate) and residential fixed investment rose $11.8 billion. Inventories rose $77.8 billion, following an increase of $14.9 billion in the second quarter. BILLIONS OF CHAINED (2017) DOLLARS 4,400 4,200 BILLIONS OF CHAINED (2017) DOLLARS 4,400 4,200 SEASONALLY ADJUSTED ANNUAL RATES 4,000 4,000 GROSS PRIVATE DOMESTIC INVESTMENT 3,800 3,800 3,600 3,600 3,400 3,400 3,200 3,200 3,000 3,000 2,800 2,800 2,600 2,600 NONRESIDENTIAL FIXED INVESTMENT 2,400 2,400 2,200 2,200 2,000 2,000 1,800 1,800 1,600 1,600 1,400 1,400 1,200 1,200 RESIDENTIAL FIXED INVESTMENT 1,000 1,000 800 800 600 600 CHANGE IN PRIVATE INVENTORIES 400 200 400 200 0 0 –200 –400 –200 –400 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of chained (2017) dollars; quarterly data at seasonally adjusted annual rates] Chart 9 - Dec 2023 Fixed investment Period 2013 ��������������������������������������������������� 2014 ��������������������������������������������������� 2015 ��������������������������������������������������� 2016 ��������������������������������������������������� 2017 ��������������������������������������������������� 2018 ��������������������������������������������������� 2019 ��������������������������������������������������� 2020 ��������������������������������������������������� 2021 ��������������������������������������������������� 2022 ��������������������������������������������������� 2021: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2022: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2023: I ����������������������������������������������� II ���������������������������������������������� III r ������������������������������������������� Gross private domestic investment 2,938.7 3,129.0 3,323.4 3,320.2 3,467.7 3,668.1 3,780.3 3,602.5 3,914.4 4,102.8 3,820.4 3,767.3 3,910.8 4,159.1 4,222.4 4,105.5 4,024.8 4,058.5 3,963.7 4,014.1 4,111.1 Change in private inventories Nonresidential Total 2,842.0 3,052.6 3,193.6 3,286.9 3,435.0 3,611.7 3,708.5 3,630.1 3,887.3 3,939.3 3,849.1 3,904.3 3,888.8 3,907.1 3,976.0 3,974.0 3,930.9 3,876.5 3,905.9 3,955.9 3,981.3 Total 2,238.6 2,421.1 2,498.9 2,544.8 2,661.1 2,844.3 2,950.1 2,810.6 2,975.5 3,131.6 2,923.9 2,992.4 2,982.8 3,002.7 3,080.0 3,120.0 3,156.3 3,170.0 3,214.5 3,272.7 3,284.5 Structures 537.3 597.2 598.2 579.7 594.9 629.2 644.8 583.4 564.8 552.9 569.5 570.9 565.0 553.8 552.1 551.4 549.7 558.4 596.6 619.3 635.9 Equipment 1,006.5 1,086.0 1,127.2 1,117.5 1,160.0 1,228.6 1,241.7 1,116.3 1,187.4 1,249.2 1,176.2 1,205.9 1,181.0 1,186.5 1,233.5 1,248.5 1,265.5 1,249.5 1,236.4 1,259.6 1,245.5 Intellectual property products 695.0 739.1 774.0 847.6 906.2 986.5 1,063.5 1,111.0 1,226.6 1,338.7 1,180.5 1,218.9 1,239.9 1,267.1 1,301.8 1,329.1 1,351.9 1,372.1 1,384.9 1,394.0 1,400.4 Residential 601.1 626.8 693.2 742.2 773.9 768.5 761.3 816.2 903.8 822.6 915.0 904.7 898.4 897.3 893.1 859.9 796.3 741.2 731.1 727.1 738.9 Total Nonfarm 103.5 85.1 133.6 33.4 32.7 54.3 71.3 –29.9 12.5 128.1 –25.8 –138.4 7.3 207.1 197.0 92.7 70.7 151.9 27.2 14.9 77.8 94.6 89.0 133.7 38.6 38.4 61.6 86.3 –18.5 14.5 142.2 –33.9 –136.1 9.7 218.2 215.1 113.4 85.5 154.8 28.8 14.8 78.5 Note: See p. 10 for further detail on fixed investment by type. Because of the formula used for calculating real GDP, the chained (2017) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce (Bureau of Economic Analysis). 9 Real Private Fixed Investment by Type [Billions of chained (2017) dollars; quarterly data at seasonally adjusted annual rates] Nonresidential Residential Equipment Total fixed investment Period 2013 ��������������� 2014 ��������������� 2015 ��������������� 2016 ��������������� 2017 ��������������� 2018 ��������������� 2019 ��������������� 2020 ��������������� 2021 ��������������� 2022 ��������������� 2021: I ����������� II ���������� III ��������� IV ��������� 2022: I ����������� II ���������� III ��������� IV ��������� 2023: I ����������� II ���������� III r ������� Total nonresidential 2,842.0 3,052.6 3,193.6 3,286.9 3,435.0 3,611.7 3,708.5 3,630.1 3,887.3 3,939.3 3,849.1 3,904.3 3,888.8 3,907.1 3,976.0 3,974.0 3,930.9 3,876.5 3,905.9 3,955.9 3,981.3 Intellectual property products Information processing equipment Structures 2,238.6 2,421.1 2,498.9 2,544.8 2,661.1 2,844.3 2,950.1 2,810.6 2,975.5 3,131.6 2,923.9 2,992.4 2,982.8 3,002.7 3,080.0 3,120.0 3,156.3 3,170.0 3,214.5 3,272.7 3,284.5 537.3 597.2 598.2 579.7 594.9 629.2 644.8 583.4 564.8 552.9 569.5 570.9 565.0 553.8 552.1 551.4 549.7 558.4 596.6 619.3 635.9 Total 2 1,006.5 1,086.0 1,127.2 1,117.5 1,160.0 1,228.6 1,241.7 1,116.3 1,187.4 1,249.2 1,176.2 1,205.9 1,181.0 1,186.5 1,233.5 1,248.5 1,265.5 1,249.5 1,236.4 1,259.6 1,245.5 Computers and peripheral equipment 1 Total 293.9 312.9 336.7 356.1 386.0 416.8 429.2 432.2 473.8 509.9 468.6 468.7 463.0 494.8 520.2 511.1 517.4 490.7 489.6 482.0 473.3 100.6 100.4 100.4 99.7 105.8 119.6 121.3 132.1 147.2 156.5 468.6 468.7 463.0 494.8 520.2 511.1 517.4 490.7 489.6 482.0 473.3 Industrial Transporequiptation ment equipment Other 195.5 213.7 236.7 256.5 280.2 297.1 307.8 299.5 325.8 352.7 318.2 324.1 320.1 341.0 355.1 355.5 355.8 344.6 347.1 337.5 336.8 212.8 223.5 225.7 224.9 237.3 248.7 253.2 230.8 245.9 254.8 235.2 245.4 249.5 253.5 259.0 255.3 251.4 253.6 256.0 252.7 249.2 257.7 287.4 318.7 302.6 299.9 318.3 304.6 220.0 225.7 228.2 229.8 253.1 226.3 193.8 196.0 222.5 242.1 252.1 243.8 276.7 275.5 Total 2 Research Software and development 3 695.0 739.1 774.0 847.6 906.2 986.5 1,063.5 1,111.0 1,226.6 1,338.7 1,180.5 1,218.9 1,239.9 1,267.1 1,301.8 1,329.1 1,351.9 1,372.1 1,384.9 1,394.0 1,400.4 264.3 286.1 304.6 340.5 382.9 433.9 466.5 509.8 581.9 660.2 558.2 577.8 589.3 602.3 634.0 648.4 668.1 690.4 702.2 712.1 724.9 357.7 377.0 390.3 424.5 437.5 464.3 507.4 517.6 565.5 597.7 545.2 563.5 571.0 582.2 588.5 598.3 601.0 602.8 604.9 605.1 601.7 Structures Total residential 2 601.1 626.8 693.2 742.2 773.9 768.5 761.3 816.2 903.8 822.6 915.0 904.7 898.4 897.3 893.1 859.9 796.3 741.2 731.1 727.1 738.9 Total 2 Single family 592.1 616.2 681.1 728.6 758.9 753.4 746.1 800.4 886.6 805.9 897.5 886.9 881.6 880.5 876.3 843.0 779.5 724.8 714.2 710.0 721.5 203.6 216.1 240.8 253.2 270.2 277.7 260.1 276.1 338.3 310.6 333.9 339.5 342.4 337.3 345.5 337.5 296.8 262.7 248.7 249.5 265.0 1 Because computers exhibit rapid changes in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance or its contribution to the growth rate of more aggregate series. The quantity index for computers can be used to accurately measure the real growth rate of this series. For information on this component, see Survey of Current Business Table 5.3.1 (for growth rates), Table 5.3.2 (for contributions), and Table 5.3.3 (for quantity indexes). 2 Includes other items, not shown separately. 3 Research and development investment includes expenditures for software. Note: Because of the formula used for calculating real GDP, the chained (2017) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce (Bureau of Economic Analysis). Business Investment [Billions of dollars] Capital expenditures By industry Period Total capital expenditures Forestry, Total fishing, by and agri- Mining industry cultural services ConManu- WholeUtilities struction sale facturing trade Retail trade TransportaFinance tion Informaand and tion insurwareance housing ProfesReal sional, estate scienand tific, rental and and technical leasing services Health care and social assistance Other 1 For companies without employees For companies with employees 2007 �������� 2008 �������� 2009 �������� 2010 �������� 2011 �������� 2012 �������� 2013 �������� 2014 �������� 2015 �������� 2016 �������� 2017 �������� 2018 �������� 2019 �������� 1,354.7 1,374.2 1,090.7 1,105.7 1,243.0 1,423.6 1,491.3 1,597.9 1,642.0 1,574.8 1,678.8 1,699.1 1,917.1 1,270.5 1,294.5 1,015.3 1,036.2 1,169.6 1,334.4 1,400.9 1,506.6 1,548.1 1,479.4 1,577.8 1,699.1 1,805.7 2.1 2.3 2.2 3.3 3.1 3.1 3.0 4.0 3.3 4.6 4.5 4.7 4.1 120.7 149.3 100.6 115.7 165.7 196.7 202.2 230.8 174.1 92.6 134.4 153.4 160.8 85.4 98.7 103.0 94.5 98.0 125.0 111.3 118.9 130.5 133.5 133.9 151.0 172.9 36.7 40.8 19.8 17.9 21.8 23.6 27.6 30.3 33.3 36.0 35.0 39.0 50.8 197.3 213.1 155.2 160.8 192.4 203.1 221.3 231.1 245.1 243.6 247.0 258.1 272.7 30.8 32.4 25.3 31.1 35.7 40.9 37.5 44.8 42.4 43.8 44.0 42.8 40.2 82.5 73.2 58.4 65.3 68.1 77.6 77.5 82.4 86.0 86.9 90.5 89.2 98.8 67.4 79.6 55.7 59.0 72.7 81.8 92.6 111.0 116.6 109.7 108.5 122.4 130.8 106.1 103.3 88.4 97.2 100.1 106.5 123.9 132.0 132.7 142.9 158.9 175.1 176.8 173.4 132.9 99.5 103.1 109.2 130.2 137.8 153.3 164.6 161.7 163.0 181.5 195.2 117.5 106.9 72.9 81.3 91.1 115.7 114.2 121.9 151.9 150.7 161.4 173.9 180.2 31.8 33.0 28.2 28.2 28.1 31.6 35.7 30.4 33.3 31.7 37.2 42.0 43.6 84.2 90.2 79.4 78.4 83.1 88.9 94.2 89.0 93.8 93.6 104.6 108.6 114.4 134.8 84.2 138.7 79.7 127.0 75.4 100.6 69.5 100.4 73.4 110.0 89.2 122.1 90.4 126.8 91.3 140.6 93.9 148.3 95.4 154.8 101.0 157.6 �������������� 164.5 111.4 2020 �������� 2021 p ������� 1,707.8 1,681.7 1,598.8 1,681.7 3.2 3.1 97.7 91.1 182.2 177.8 52.1 44.9 256.7 282.2 36.0 40.4 105.2 120.3 97.8 93.7 169.8 194.5 174.9 174.3 136.0 158.3 40.3 46.6 104.8 113.9 142.0 109.0 140.7 �������������� 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 rose 6,000 to 6.3 million. MILLIONS OF PERSONS* MILLIONS OF PERSONS* 176 176 SEASONALLY ADJUSTED 172 168 172 168 CIVILIAN LABOR FORCE 164 164 160 160 156 156 CIVILIAN EMPLOYMENT 152 148 152 148 144 144 140 140 136 136 132 132 128 128 28 24 28 24 20 20 16 16 12 12 UNEMPLOYMENT 8 8 4 0 4 0 2015 2016 2017 2018 2019 2020 2021 2022 *16 YEARS OF AGE AND OVER SOURCE: DEPARTMENT OF LABOR 2023 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 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2023 �������������������� 2022: Dec r ��������� 2023: 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) 247,947 250,801 253,538 255,079 257,791 259,175 260,329 261,445 263,973 266,942 264,844 265,962 266,112 266,272 266,443 266,618 266,801 267,002 267,213 267,428 267,642 267,822 267,991 155,922 157,130 159,187 160,320 162,075 163,539 160,742 161,204 164,287 167,116 164,998 165,871 166,263 166,690 166,678 166,823 167,000 167,113 167,840 167,897 167,723 168,127 167,451 Civilian employment Total 146,305 148,834 151,436 153,337 155,761 157,538 147,795 152,581 158,291 161,037 159,300 160,152 160,301 160,824 160,962 160,707 161,004 161,209 161,500 161,550 161,280 161,866 161,183 Men 20 years and over 75,471 76,776 78,084 78,919 80,211 80,917 76,227 78,216 81,409 82,698 82,051 82,281 82,340 82,688 82,596 82,520 82,836 82,896 82,800 82,853 82,526 83,084 82,958 Women 20 years and over 66,287 67,323 68,387 69,344 70,424 71,470 66,873 69,099 71,283 72,692 71,570 72,176 72,257 72,368 72,597 72,527 72,605 72,837 73,107 73,119 73,066 73,049 72,587 1 11 - Dec 2023 PercentChart Unemployment Both sexes 16–19 years 4,548 4,734 4,965 5,074 5,126 5,150 4,695 5,266 5,600 5,647 5,680 5,695 5,704 5,767 5,770 5,660 5,563 5,476 5,593 5,578 5,688 5,733 5,638 Total 9,617 8,296 7,751 6,982 6,314 6,001 12,947 8,623 5,996 6,080 5,698 5,719 5,962 5,866 5,715 6,117 5,997 5,904 6,340 6,347 6,443 6,262 6,268 Men 20 years and over 4,585 3,959 3,675 3,287 2,976 2,819 6,118 4,302 2,867 2,985 2,651 2,759 2,805 2,877 2,797 2,962 2,941 2,874 3,151 3,271 3,161 3,172 3,050 Women 20 years and over Both sexes 16–19 years 3,926 3,371 3,151 2,868 2,578 2,435 5,804 3,625 2,453 2,382 2,382 2,295 2,446 2,355 2,324 2,503 2,358 2,330 2,407 2,333 2,421 2,350 2,460 1,106 966 925 827 759 746 1,025 696 675 713 665 665 711 635 595 652 698 699 781 743 861 739 758 Not in labor force 92,025 93,671 94,351 94,759 95,716 95,636 99,587 100,241 99,686 99,826 99,846 100,090 99,849 99,582 99,766 99,795 99,801 99,889 99,374 99,531 99,919 99,695 100,540 Labor Employ- Unemployforce ment/ participa- population ment tion rate ratio rate 62.9 62.7 62.8 62.9 62.9 63.1 61.7 61.7 62.2 62.6 62.3 62.4 62.5 62.6 62.6 62.6 62.6 62.6 62.8 62.8 62.7 62.8 62.5 59.0 59.3 59.7 60.1 60.4 60.8 56.8 58.4 60.0 60.3 60.1 60.2 60.2 60.4 60.4 60.3 60.3 60.4 60.4 60.4 60.3 60.4 60.1 6.2 5.3 4.9 4.4 3.9 3.7 8.1 5.3 3.6 3.6 3.5 3.4 3.6 3.5 3.4 3.7 3.6 3.5 3.8 3.8 3.8 3.7 3.7 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 5, 2024; seasonally adjusted data revised beginning 2019. Source: Department of Labor (Bureau of Labor Statistics). 11 Selected Unemployment Rates In December, the unemployment rate remained at 3.7 percent. PERCENT (SEASONALLY ADJUSTED) PERCENT (SEASONALLY ADJUSTED) 35 35 30 30 25 25 20 20 TEENAGERS (16-19) BLACK OR AFRICAN AMERICAN1 15 15 10 10 HISPANIC1,2 MEN 20 YEARS AND OVER 5 5 WHITE1 1 ASIAN WOMEN 20 YEARS AND OVER ALL CIVILIAN WORKERS 0 0 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 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 2023 By race or ethnicity 1 By sex and age Period 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2023 �������������������� 2022: Dec r ��������� 2023: 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 6.2 5.3 4.9 4.4 3.9 3.7 8.1 5.3 3.6 3.6 3.5 3.4 3.6 3.5 3.4 3.7 3.6 3.5 3.8 3.8 3.8 3.7 3.7 Men 20 years and over Women 20 years and over 5.7 4.9 4.5 4.0 3.6 3.4 7.4 5.2 3.4 3.5 3.1 3.2 3.3 3.4 3.3 3.5 3.4 3.4 3.7 3.8 3.7 3.7 3.5 5.6 4.8 4.4 4.0 3.5 3.3 8.0 5.0 3.3 3.2 3.2 3.1 3.3 3.2 3.1 3.3 3.1 3.1 3.2 3.1 3.2 3.1 3.3 Both sexes 16–19 years 19.6 16.9 15.7 14.0 12.9 12.7 17.9 11.7 10.8 11.2 10.5 10.5 11.1 9.9 9.3 10.3 11.2 11.3 12.3 11.8 13.1 11.4 11.9 Black or African American White 5.3 4.6 4.3 3.8 3.5 3.3 7.3 4.7 3.2 3.3 3.0 3.1 3.2 3.2 3.1 3.3 3.1 3.1 3.4 3.4 3.5 3.3 3.5 11.3 9.6 8.4 7.5 6.5 6.1 11.4 8.6 6.1 5.5 5.7 5.4 5.7 5.1 4.8 5.7 6.0 5.7 5.3 5.7 5.8 5.8 5.2 By selected groups Hispanic or Latino ethnicity Asian 5.0 3.8 3.6 3.4 3.0 2.7 8.7 5.0 2.8 3.0 2.4 2.9 3.4 2.8 2.8 3.0 3.1 2.3 3.2 2.9 3.1 3.5 3.1 1 Persons who selected this race group only. Persons whose ethnicity is identified as Hispanic or Latino may be of any race. Note: Data relate to persons age 16 years and over. See Note, p. 11. Source: Department of Labor (Bureau of Labor Statistics). 12 7.4 6.6 5.8 5.1 4.7 4.3 10.4 6.8 4.3 4.6 4.2 4.7 5.4 4.6 4.4 4.1 4.2 4.4 4.9 4.6 4.8 4.6 5.0 Married men, spouse present 3.4 2.8 2.7 2.4 2.0 1.8 4.9 3.2 1.9 1.9 1.8 1.8 1.9 1.9 1.8 2.0 1.8 1.7 2.0 2.1 2.0 2.0 2.1 Women who maintain families (NSA) 8.6 7.4 6.8 6.2 5.4 5.0 9.6 7.1 4.8 4.6 3.6 3.8 5.0 4.6 4.8 4.6 4.8 4.5 4.9 4.0 4.6 4.8 4.7 Full-time workers 6.4 5.4 4.9 4.3 3.8 3.6 7.7 5.4 3.6 3.6 3.4 3.4 3.5 3.4 3.4 3.6 3.5 3.4 3.7 3.6 3.7 3.7 3.8 Part-time workers 5.4 4.9 4.8 4.6 4.4 4.1 10.0 5.1 4.1 4.0 3.9 3.8 4.0 3.9 3.6 4.0 4.0 4.1 4.4 4.3 4.6 3.9 3.8 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, for 15 to 26 weeks, and for 27 weeks and over rose, while the percentage for 5 to 14 weeks fell. The mean duration of unemployment rose to 22.3 weeks and the median duration rose to 9.7 weeks. PERCENT DISTRIBUTION* PERCENT DISTRIBUTION* 100 100 DURATION OF UNEMPLOYMENT REASON FOR UNEMPLOYMENT 80 80 JOB LOSERS 60 60 27 WEEKS AND OVER 40 40 LESS THAN 5 WEEKS REENTRANTS 5-14 WEEKS 20 20 JOB LEAVERS 15-26 WEEKS 0 NEW ENTRANTS 0 2019 2020 2021 2022 2023 2019 2020 2021 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF LABOR 2022 2023 COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted, except as noted by NSA] Chart 13 - Dec 2023 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 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2023 �������������������� 2022: Dec r ��������� 2023: Jan r ��������� Feb r ��������� Mar r �������� Apr r ��������� May r �������� June r ������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov r ��������� Dec ����������� 9,617 8,296 7,751 6,982 6,314 6,001 12,947 8,623 5,996 6,080 5,698 5,719 5,962 5,866 5,715 6,117 5,997 5,904 6,340 6,347 6,443 6,262 6,268 25.7 28.9 30.5 32.5 34.4 34.8 28.6 24.8 37.0 34.7 38.5 33.8 38.3 38.7 33.2 34.7 34.8 34.0 34.6 32.2 35.0 33.0 34.6 25.3 27.7 28.7 28.8 29.7 29.8 36.5 23.0 28.5 30.7 28.6 31.3 30.7 30.0 34.1 31.1 31.2 29.5 29.7 32.0 28.4 32.8 28.3 15.6 15.3 14.9 14.6 14.5 14.3 19.4 13.5 12.6 15.2 13.8 16.2 13.6 13.5 13.3 15.2 15.2 16.2 15.1 15.4 16.7 14.8 17.4 33.5 28.1 25.9 24.2 21.4 21.1 15.4 38.7 21.9 19.4 19.2 18.7 17.5 17.8 19.4 18.9 18.8 20.4 20.6 20.4 19.9 19.4 19.7 33.7 29.2 27.5 25.0 22.7 21.6 16.5 28.7 22.6 20.6 19.5 20.4 19.3 19.5 20.8 21.2 20.7 20.6 20.4 21.4 21.6 19.5 22.3 14.0 11.6 10.6 10.0 9.3 9.1 9.7 16.5 8.7 8.9 8.3 9.8 8.9 8.4 8.7 8.9 8.8 8.9 8.8 9.1 8.6 9.0 9.7 50.7 49.0 48.2 49.2 47.4 46.4 75.5 59.1 46.1 47.2 45.5 44.4 46.0 48.8 46.5 48.8 47.1 45.4 47.0 45.7 48.8 49.1 49.0 8.6 9.9 11.1 11.1 12.6 13.6 5.3 9.3 14.3 13.5 14.4 15.3 14.8 14.2 13.6 12.4 13.4 14.3 12.8 12.7 12.5 13.2 13.4 29.4 30.6 30.1 29.8 30.5 30.2 15.2 25.6 31.5 30.1 31.3 31.2 30.6 28.5 30.9 30.1 30.0 31.3 30.8 32.3 29.2 28.4 27.9 11.3 10.6 10.6 9.9 9.5 9.8 4.1 6.0 8.0 9.1 8.8 9.1 8.7 8.6 9.0 8.6 9.4 9.0 9.4 9.3 9.4 9.3 9.8 2,574 2,237 2,099 1,948 1,755 1,684 10,093 3,191 1,503 ��������������� 1,644 2,246 1,943 1,993 1,903 1,797 1,734 2,121 1,902 1,637 ��������������� ��������������� ��������������� 304 275 259 240 219 217 1,377 548 221 ��������������� 290 306 225 247 238 251 278 265 235 188 ��������������� ��������������� ��������������� 2,657 2,274 2,128 1,971 1,774 1,702 19,077 12,031 1,656 ����������������� 1,732 2,335 2,015 2,058 1,942 1,836 1,778 2,157 1,931 1,663 ����������������� ����������������� ����������������� 1 Beginning January 2011, includes unemployment durations of up to 5 years; prior data are for up to 2 years. 2 Includes State (50 States, District of Columbia, Puerto Rico, and the Virgin Islands), Federal (UCFE), ex-service members (UCX), and Federal and State extended benefit programs. Also includes Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation (2020-2021), Emergency Unemployment Compensation (2008-2013), and Federal Additional Compensation (2009-2010). Note: Data relate to persons age 16 years and over (except for insured unemployment and initial claims). See Note, p. 11. Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 Nonagricultural Employment Total nonagricultural employment as measured by the payroll survey rose by 216,000 in December. MILLIONS OF PERSONS* 160 MILLIONS OF PERSONS* 114 112 110 108 106 104 102 100 98 96 94 92 90 88 155 ALL NONAGRICULTURAL ESTABLISHMENTS 150 145 140 135 28 26 24 22 20 18 16 14 12 10 PRIVATE INDUSTRIES 130 125 120 115 105 24 22 20 GOVERNMENT 2019 2020 2021 2022 EDUCATION AND HEALTH SERVICES PROFESSIONAL AND BUSINESS SERVICES RETAIL TRADE 24 22 20 18 16 14 12 10 110 GOODS-PRODUCING MANUFACTURING 2019 2023 PRIVATE SERVICE-PROVIDING INDUSTRIES 2020 2021 *SEASONALLY ADJUSTED 2022 2023 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR [Thousands of wage and salary workers; 1 monthly data seasonally adjusted] Chart 14 - Dec 2023 Private industries Period 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2023 p ������������������ 2022: Dec ����������� 2023: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct r ���������� Nov r ��������� Dec p �������� Total nonagricultural employment 138,939 141,824 144,335 146,607 148,908 150,904 142,186 146,285 152,575 156,141 154,535 155,007 155,255 155,472 155,689 155,970 156,075 156,311 156,476 156,738 156,843 157,016 157,232 Goods-producing industries Total private 117,058 119,795 122,111 124,257 126,454 128,291 120,200 124,311 130,404 133,418 132,204 132,557 132,750 132,907 133,086 133,341 133,427 133,572 133,686 133,885 133,929 134,065 134,229 Total 2 Construc- Manufaction turing 19,226 19,610 19,749 20,084 20,704 21,037 20,023 20,350 21,178 21,585 21,461 21,502 21,520 21,501 21,526 21,550 21,582 21,594 21,622 21,643 21,631 21,661 21,683 6,151 6,461 6,728 6,969 7,288 7,493 7,257 7,436 7,748 7,966 7,859 7,885 7,899 7,890 7,901 7,926 7,955 7,967 7,997 8,006 8,033 8,039 8,056 12,185 12,336 12,354 12,439 12,688 12,817 12,167 12,354 12,825 12,979 12,974 12,985 12,988 12,976 12,985 12,981 12,985 12,983 12,981 12,992 12,954 12,980 12,986 Private service-providing industries Trade, transportation, and utilities Total Total 3 97,831 100,185 102,362 104,173 105,750 107,254 100,177 103,961 109,226 111,833 110,743 111,055 111,230 111,406 111,560 111,791 111,845 111,978 112,064 112,242 112,298 112,404 112,546 26,253 26,754 27,124 27,336 27,549 27,662 26,624 27,653 28,643 28,861 28,767 28,828 28,864 28,867 28,850 28,898 28,850 28,870 28,842 28,873 28,871 28,846 28,846 Retail trade 15,313 15,559 15,777 15,789 15,728 15,560 14,809 15,253 15,475 15,536 15,478 15,500 15,548 15,529 15,527 15,548 15,525 15,538 15,532 15,534 15,550 15,526 15,543 Information Financial activities 2,726 2,750 2,794 2,814 2,839 2,864 2,721 2,856 3,074 3,064 3,120 3,097 3,089 3,092 3,095 3,091 3,081 3,062 3,040 3,034 3,022 3,037 3,051 7,977 8,123 8,287 8,451 8,590 8,754 8,704 8,806 9,045 9,132 9,101 9,100 9,100 9,095 9,122 9,135 9,137 9,152 9,153 9,153 9,145 9,146 9,148 Profes- Education Leisure sional and and and health hospitalbusiness services ity services 19,174 19,747 20,168 20,563 21,008 21,334 20,376 21,386 22,572 22,944 22,814 22,858 22,879 22,924 22,972 23,017 23,016 22,987 22,995 22,978 22,952 22,933 22,946 21,439 22,029 22,639 23,188 23,638 24,163 23,275 23,652 24,350 25,385 24,827 24,938 25,002 25,072 25,149 25,237 25,316 25,420 25,525 25,611 25,695 25,804 25,878 14,696 15,160 15,660 16,051 16,295 16,586 13,148 14,151 15,835 16,586 16,316 16,415 16,472 16,518 16,529 16,557 16,583 16,621 16,629 16,705 16,730 16,742 16,782 Other services 5,567 5,622 5,691 5,770 5,831 5,891 5,329 5,457 5,708 5,862 5,798 5,819 5,824 5,838 5,843 5,856 5,862 5,866 5,880 5,888 5,883 5,896 5,895 Government 21,882 22,029 22,224 22,350 22,455 22,613 21,986 21,973 22,171 22,723 22,331 22,450 22,505 22,565 22,603 22,629 22,648 22,739 22,790 22,853 22,914 22,951 23,003 1 Data from the establishment survey. Includes all full- and part-time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period that includes the 12th of the month. Excludes proprietors, self-employed persons, unpaid family workers, and private household workers. Data from the household survey shown on p. 11 include those workers and also count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off. In the series shown here, persons who work at more than one job are counted each time they appear on a payroll, in contrast to the series shown on p. 11 where persons are counted only once—as employed, unemployed, or not in the labor force. See Employment and Earnings for details. 2 Includes mining and logging, not shown separately. 3 Includes wholesale trade, transportation and warehousing, and utilities, not shown separately. Note: Data classified by industry based on the 2022 North American Industry Classification System (NAICS). For details see Employment and Earnings. Source: Department of Labor (Bureau of Labor Statistics). 14 Average Weekly Hours, Hourly Earnings, and Weekly Earnings— Private Nonagricultural Industries [For production or nonsupervisory workers; monthly data seasonally adjusted] Average weekly hours Total private nonagricultural 1 Period 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2023 p ������������������ 2022: Nov ���������� Dec ����������� 2023: 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 33.7 33.7 33.6 33.7 33.8 33.6 33.9 34.2 34.0 33.9 33.9 33.8 34.1 33.9 33.9 33.8 33.8 33.8 33.8 33.8 33.8 33.8 33.8 33.7 Overtime 42.0 41.8 41.9 41.9 42.2 41.6 40.7 41.4 41.0 40.7 40.8 40.6 40.9 40.7 40.6 40.7 40.7 40.8 40.7 40.8 40.7 40.7 40.5 40.4 4.5 4.3 4.3 4.3 4.6 4.3 3.7 4.1 4.0 3.7 3.7 3.6 3.8 3.6 3.7 3.6 3.6 3.7 3.7 3.6 3.6 3.5 3.4 3.5 Current dollars Manufacturing 1982-84 dollars 2 $20.60 $8.85 21.03 9.07 21.53 9.20 22.05 9.22 22.71 9.26 23.51 9.43 24.68 9.78 25.90 9.75 27.56 9.57 28.87 ����������������� 28.09 9.57 28.21 9.61 28.29 9.59 28.41 9.60 28.52 9.64 28.61 9.62 28.72 9.66 28.82 9.67 28.94 9.70 29.00 9.64 29.08 9.63 29.19 9.67 29.32 9.71 29.42 ����������������� Average gross weekly earnings Total private nonagricultural 1 Current dollars $19.56 19.90 20.44 20.90 21.54 22.15 22.80 23.81 25.07 26.39 25.60 25.67 25.82 25.81 25.95 26.04 26.15 26.40 26.49 26.50 26.64 26.70 26.91 27.16 Percent change from a year earlier, total private nonagricultural Current dollars 1982-84 dollars 2 Manufacturing $694.74 $298.47 708.73 305.74 723.20 308.96 742.42 310.57 767.01 312.88 790.64 317.24 837.39 331.97 886.54 333.90 937.25 325.45 977.78 ����������������� 952.25 324.50 953.50 324.86 964.69 326.89 963.10 325.33 966.83 326.63 967.02 325.31 970.74 326.42 974.12 326.91 978.17 327.78 980.20 325.92 982.90 325.55 986.62 326.71 991.02 328.03 991.45 ����������������� $822.00 832.01 855.77 876.10 908.01 921.65 928.94 986.27 1,028.21 1,074.37 1,044.48 1,042.20 1,056.04 1,050.47 1,053.57 1,059.83 1,064.31 1,077.12 1,078.14 1,081.20 1,084.25 1,086.69 1,089.86 1,097.26 Construction Retail trade $977.11 998.02 1,031.88 1,061.98 1,108.59 1,135.73 1,145.52 1,203.43 1,277.79 1,365.62 1,293.60 1,305.55 1,334.26 1,341.04 1,334.71 1,339.05 1,341.82 1,347.98 1,351.69 1,367.67 1,371.24 1,382.14 1,397.60 1,386.32 Current dollars $431.05 444.45 446.47 462.08 482.25 502.16 541.29 570.57 597.95 622.51 611.22 606.72 622.78 620.37 616.00 615.17 616.08 620.24 622.06 625.63 629.22 625.39 629.89 626.98 1982-84 dollars 2 2.5 1.0 2.0 2.4 2.0 1.1 2.7 .5 3.3 .7 3.1 1.4 5.9 4.6 5.9 .6 5.7 –2.5 4.3 ������������������� 4.8 –2.2 4.5 –1.7 5.6 –.6 4.4 –1.2 4.5 .0 4.0 –.6 3.9 .2 3.8 1.2 4.1 1.2 3.9 .4 3.8 .2 3.8 .7 4.1 1.1 4.0 ������������������� 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 2013: 2014: 2015: 2016: 2017: 2018: 2019: 2020: 2021: 2022: Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ 119.4 122.2 124.5 127.2 130.5 134.4 138.0 141.6 147.8 155.3 119.0 121.6 124.2 127.1 130.6 134.7 138.7 142.6 149.7 157.4 120.5 123.5 125.1 127.3 130.2 133.6 136.2 139.1 143.2 150.1 ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� Seasonally adjusted 2021: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� Dec ������������������������������������������ 2022: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� Dec ������������������������������������������ 2023: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� 143.2 144.2 146.3 148.0 150.1 152.1 153.8 155.5 157.3 158.9 160.5 144.5 145.7 148.0 149.9 151.8 154.0 155.8 157.6 159.5 161.1 162.8 140.1 140.6 142.1 143.6 146.0 147.9 149.2 150.6 152.3 153.7 155.0 2.0 2.3 1.9 2.2 2.6 3.0 2.7 2.6 4.4 5.1 2.1 2.2 2.1 2.3 2.8 3.1 3.0 2.8 5.0 5.1 1.9 2.5 1.3 1.8 2.3 2.6 1.9 2.1 2.9 4.8 Not seasonally adjusted 1.0 .7 1.5 1.2 1.4 1.3 1.1 1.1 1.2 1.0 1.0 1.2 .8 1.6 1.3 1.3 1.4 1.2 1.2 1.2 1.0 1.1 0.5 .4 1.1 1.1 1.7 1.3 .9 .9 1.1 .9 .8 2.8 3.1 4.1 4.4 4.8 5.5 5.2 5.1 4.8 4.5 4.3 3.0 3.5 4.6 5.0 5.0 5.7 5.2 5.1 5.1 4.6 4.5 2.5 2.0 2.6 2.9 4.1 5.3 5.0 4.8 4.3 3.9 3.9 1 Employer costs for employee benefits. Note: The employment cost index is a measure of the change in the cost of labor, free from the influence of employment shifts among occupations and industries. Data exclude farm and household workers. Source: Department of Labor (Bureau of Labor Statistics). 15 Productivity and Related Data, Business and Nonfarm Business Sectors Labor productivity (output per hour) Period Business sector Nonfarm business sector Hours of all persons 2 Output 1 Business sector Nonfarm business sector Business sector Real compensation per hour 4 Compensation per hour 3 Nonfarm business sector Business sector Nonfarm business sector Business sector Unit labor costs Nonfarm business sector Value-added price deflator 5 Business sector Nonfarm business sector Business sector Nonfarm business sector Indexes, 2017=100; quarterly data seasonally adjusted 2013 ���������������� 2014 ���������������� 2015 ���������������� 2016 ���������������� 2017 ���������������� 2018 ���������������� 2019 ���������������� 2020 ���������������� 2021 ���������������� 2022 ���������������� 2020: I ������������ II ����������� III ���������� IV ���������� 96.1 96.7 98.0 98.7 100.0 101.5 103.7 108.9 110.9 108.8 104.7 109.5 111.3 110.2 95.9 96.7 98.0 98.7 100.0 101.4 103.7 109.0 110.9 108.8 104.7 109.8 111.3 110.3 88.8 91.8 95.2 97.1 100.0 103.4 106.4 103.4 110.9 113.1 105.9 95.8 105.3 106.7 88.8 91.8 95.2 97.1 100.0 103.4 106.5 103.5 111.0 113.3 106.0 95.9 105.4 106.8 92.4 94.9 97.1 98.4 100.0 101.9 102.6 95.0 100.0 103.9 101.1 87.5 94.7 96.9 92.6 94.9 97.1 98.3 100.0 102.0 102.7 94.9 100.1 104.1 101.2 87.4 94.7 96.8 90.5 92.7 95.4 96.6 100.0 103.4 107.4 116.1 121.8 126.4 111.5 117.7 116.2 118.9 90.2 92.5 95.4 96.7 100.0 103.4 107.4 116.2 121.8 126.3 111.5 117.9 116.1 119.0 95.3 96.0 98.6 98.7 100.0 100.9 103.0 109.8 109.9 105.6 105.5 112.4 109.7 111.5 95.0 95.9 98.7 98.7 100.0 100.9 103.0 109.9 109.9 105.4 105.6 112.7 109.6 111.7 94.2 95.8 97.3 97.9 100.0 101.9 103.6 106.6 109.8 116.2 106.5 107.5 104.4 107.9 94.1 95.7 97.3 97.9 100.0 102.0 103.6 106.5 109.9 116.0 106.5 107.4 104.3 107.9 95.9 97.3 97.7 98.4 100.0 102.1 103.5 103.8 109.1 117.6 104.0 102.7 103.9 104.6 95.4 97.0 97.6 98.5 100.0 102.1 103.6 104.0 109.0 117.2 104.0 103.0 104.1 104.7 2021: I ������������ II ����������� III ���������� IV ���������� 110.7 111.0 110.4 111.2 110.8 111.0 110.3 111.1 108.5 110.4 111.3 113.6 108.5 110.4 111.4 113.7 98.0 99.4 100.7 102.2 98.0 99.5 100.9 102.4 118.8 120.9 122.7 124.5 118.9 120.9 122.6 124.4 110.2 110.1 109.9 109.3 110.4 110.1 109.9 109.1 107.3 108.9 111.1 112.0 107.3 109.0 111.1 112.0 106.3 108.2 109.9 112.0 106.3 107.9 109.6 111.9 2022: I ������������ II ����������� III ���������� IV ���������� 109.3 108.4 108.4 108.9 109.3 108.3 108.4 108.8 112.8 112.4 113.2 114.0 112.9 112.6 113.4 114.2 103.2 103.7 104.4 104.6 103.3 104.0 104.6 104.9 124.8 125.4 127.5 127.5 124.8 125.2 127.4 127.2 107.1 105.1 105.5 104.4 107.0 105.0 105.3 104.1 114.2 115.7 117.6 117.0 114.1 115.6 117.5 116.9 114.6 117.5 118.7 119.7 114.3 117.0 118.2 119.2 2023: I ������������ II ����������� III * �������� 108.8 109.7 111.1 108.6 109.6 111.0 114.6 115.1 116.8 114.7 115.3 117.0 105.3 104.9 105.1 105.6 105.2 105.4 129.5 131.4 132.7 129.2 131.2 132.5 105.0 105.8 105.9 104.8 105.7 105.8 119.1 119.8 119.4 119.0 119.7 119.4 120.7 121.0 121.9 120.3 120.8 121.7 2013 ���������������� 2014 ���������������� 2015 ���������������� 2016 ���������������� 2017 ���������������� 2018 ���������������� 2019 ���������������� 2020 ���������������� 2021 ���������������� 2022 ���������������� 1.1 .7 1.3 .7 1.3 1.5 2.2 5.1 1.8 –1.8 0.8 .9 1.4 .7 1.3 1.4 2.3 5.2 1.7 –1.9 2.8 3.3 3.7 2.1 2.9 3.4 2.8 –2.8 7.2 1.9 2.6 3.4 3.7 2.0 3.0 3.4 3.0 –2.8 7.2 2.1 1.6 2.6 2.4 1.3 1.6 1.9 .7 –7.5 5.3 3.8 1.8 2.5 2.2 1.3 1.7 2.0 .7 –7.6 5.5 4.0 1.4 2.5 2.9 1.3 3.5 3.4 3.9 8.1 4.9 3.8 1.3 2.6 3.1 1.3 3.4 3.4 3.9 8.2 4.9 3.7 –0.1 .8 2.7 .0 1.3 .9 2.0 6.6 .1 –4.0 –0.2 .9 2.9 .0 1.3 .9 2.1 6.7 .0 –4.1 0.3 1.8 1.6 .6 2.1 1.9 1.7 2.9 3.1 5.7 0.4 1.8 1.7 .6 2.1 2.0 1.6 2.9 3.1 5.6 1.4 1.5 .4 .7 1.6 2.1 1.4 .3 5.1 7.8 1.3 1.6 .7 .9 1.6 2.1 1.4 .4 4.8 7.5 2020: I ������������ II ����������� III ���������� IV ���������� –1.1 19.5 6.8 –3.9 –1.2 20.7 5.7 –3.4 –7.2 –32.9 46.0 5.4 –7.3 –32.8 45.8 5.4 –6.2 –43.8 36.7 9.7 –6.2 –44.4 38.0 9.1 10.1 24.3 –5.2 9.6 10.3 25.1 –6.0 10.4 8.6 28.8 –9.5 6.7 8.7 29.6 –10.3 7.5 11.3 4.0 –11.2 14.1 11.6 3.6 –11.1 14.3 .6 –4.7 4.7 2.7 .5 –4.1 4.4 2.3 2021: I ������������ II ����������� III ���������� IV ���������� 1.9 1.1 –2.0 2.8 1.6 .8 –2.4 2.8 6.7 7.2 3.3 8.8 6.5 7.3 3.4 8.9 4.6 6.0 5.4 5.8 4.9 6.4 5.9 5.9 –.3 7.3 6.1 6.1 –.4 7.0 5.6 6.0 –4.5 –.6 –.5 –2.4 –4.6 –.8 –.9 –2.6 –2.2 6.2 8.3 3.2 –2.0 6.1 8.2 3.1 6.6 7.3 6.6 8.0 6.5 6.3 6.4 8.4 2022: I ������������ II ����������� III ���������� IV ���������� 2023: I ������������ II ����������� III * �������� –6.7 –3.4 .2 2.0 –.6 3.4 5.2 –6.3 –3.6 .4 1.6 –.8 3.6 5.2 –3.0 –1.3 2.7 2.9 2.1 2.0 6.0 –2.8 –1.1 2.8 2.8 1.8 2.0 6.1 4.0 2.1 2.5 .9 2.7 –1.4 .8 3.7 2.6 2.4 1.3 2.6 –1.5 .9 .9 1.9 6.9 –.1 6.5 5.8 4.0 1.1 1.5 7.1 –.5 6.5 6.2 3.9 –7.7 –7.2 1.3 –4.1 2.7 3.1 .4 –7.5 –7.6 1.4 –4.5 2.7 3.4 .3 8.2 5.4 6.7 –2.0 7.1 2.4 –1.2 8.0 5.3 6.6 –2.0 7.4 2.6 –1.2 9.6 10.5 4.0 3.5 3.3 1.1 3.1 9.0 9.9 3.9 3.5 3.9 1.4 3.2 Percent change; quarterly data at seasonally adjusted annual rates 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 1978-2022 is based on the consumer price index retroactive series (R-CPI-U-RS). The change for recent quarters is based on the consumer price index for all urban consumers (CPI-U). 5 Current dollar gross domestic output divided by the output index. Note: Data relate to all persons engaged in the sector. Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. * Data based on GDP data released on November 29, 2023. 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, 2017 = 100* (RATIO SCALE) 120 INDEX, 2017 = 100* (RATIO SCALE) 150 110 140 TOTAL INDUSTRIAL PRODUCTION 100 130 90 120 FINAL PRODUCTS DEFENSE AND SPACE EQUIPMENT 110 80 100 70 CONSUMER GOODS 90 120 MANUFACTURING 110 90 70 TOTAL1 80 DURABLE 60 70 140 PERCENT* 86 UTILITIES AND MINING 130 BUSINESS EQUIPMENT 80 NONDURABLE 100 CAPACITY UTILIZATION RATE (TOTAL INDUSTRY) 82 120 78 UTILITIES 110 74 100 70 90 66 MINING 62 80 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 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 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2022: Nov ���������� Dec ����������� 2023: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June r ������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov p �������� Percent change 2 Index, 2017=100 99.3 102.3 100.9 98.7 100.0 103.2 102.4 95.1 99.2 102.6 103.1 101.5 102.5 102.6 102.7 103.2 102.9 102.3 103.2 103.2 103.3 102.4 102.7 From preceding month Capacity utilization rate (output as percent of capacity) 1 Manufacturing From year earlier ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� –0.3 –1.5 1.0 .0 .1 .5 –.2 –.6 .9 .0 .1 –.9 .2 Chart 17 - Dec 2023 Industry production indexes, 2017=100 2.0 3.0 –1.4 –2.2 1.3 3.2 –.7 –7.2 4.4 3.4 1.9 .6 1.5 .9 .2 .3 .1 –.4 .1 .0 –.2 –1.0 –.4 Total 1 99.6 100.8 100.2 99.4 100.0 101.3 99.3 92.8 97.4 100.0 100.0 97.9 99.5 99.9 99.1 99.9 99.8 99.1 99.5 99.5 99.6 98.8 99.2 Durable 98.7 101.5 100.4 98.4 100.0 103.1 100.2 91.2 96.8 101.0 101.1 99.8 100.8 101.0 100.0 101.6 101.8 101.2 102.0 101.7 101.9 100.3 101.5 Nondurable 100.0 99.3 99.7 100.5 100.0 99.6 98.7 94.9 98.5 100.0 99.9 96.9 99.1 99.6 99.1 99.4 98.9 98.1 98.0 98.4 98.5 98.4 97.9 Other (non-NAICS) 1 110.6 109.2 105.2 102.5 100.0 96.7 92.5 85.3 87.4 83.8 83.5 83.9 86.2 86.6 83.9 79.3 78.9 79.3 79.7 79.1 79.0 80.4 79.9 Mining 100.6 111.3 104.6 91.5 100.0 113.3 120.8 102.9 106.1 113.4 116.6 114.3 118.7 117.5 118.0 118.7 118.4 119.1 120.0 119.2 120.2 118.8 119.2 Utilities 100.7 102.0 101.2 100.8 100.0 104.9 104.0 101.0 103.0 106.2 105.8 109.2 101.3 100.5 106.8 104.3 103.7 102.0 107.0 107.7 106.7 105.2 104.8 Total industry Total manufacturing 77.1 78.7 77.1 75.4 76.6 79.7 78.6 72.8 77.6 80.3 80.3 78.9 79.6 79.5 79.5 79.8 79.5 78.9 79.6 79.5 79.5 78.7 78.8 74.4 75.7 76.1 75.4 76.3 78.3 77.1 72.6 77.1 79.2 78.9 77.1 78.3 78.5 77.8 78.4 78.2 77.6 77.8 77.7 77.7 77.0 77.2 1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industries—logging and newspaper, periodical, book and directory-publishing—that have traditionally been included in manufacturing. 2 Percent changes based on unrounded indexes. Note: Data based on NAICS except series as defined in footnote 1. Source: Board of Governors of the Federal Reserve System. 17 Industrial Production— Major Market Groups and Selected Manufactures [2017=100; monthly data seasonally adjusted] Products and nonindustrial supplies Materials Final products Period Nonindustrial supplies Consumer goods Total Total Durable goods Equipment Nondurable goods Total 1 Business Total Defense and space Construction Business Total 1 Energy 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 100.8 101.9 101.2 99.2 100.0 101.9 100.3 93.9 98.3 101.7 98.6 99.4 100.8 101.3 100.0 100.6 100.2 96.9 101.1 103.0 91.3 95.7 99.4 101.1 100.0 102.6 100.9 95.4 104.8 107.2 100.7 100.5 101.2 101.3 100.0 100.1 100.0 97.3 100.1 101.8 105.3 106.9 101.9 94.9 100.0 104.6 100.4 87.3 91.9 99.2 101.1 103.0 100.8 95.5 100.0 103.6 95.9 83.9 88.2 96.0 108.2 104.3 101.3 97.7 100.0 102.9 114.5 106.7 110.3 113.3 98.6 100.0 99.3 99.7 100.0 101.8 99.9 94.6 99.1 102.1 94.2 97.1 97.8 98.7 100.0 101.7 100.2 96.3 100.9 103.7 100.4 101.2 99.9 100.1 100.0 101.9 99.8 93.9 98.3 101.5 98.6 103.5 101.1 97.9 100.0 104.8 105.3 96.2 100.2 103.5 98.1 106.2 102.8 95.2 100.0 110.3 115.7 103.1 106.1 112.5 2022: Nov ���������� Dec ����������� 2023: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June r ������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov p�������� 102.2 101.3 101.4 101.2 101.2 102.5 101.8 100.6 101.8 101.9 101.5 100.8 101.0 103.1 102.4 102.2 102.2 102.4 103.7 102.8 101.1 102.4 102.5 102.3 101.4 101.4 105.7 104.6 105.4 105.4 104.3 108.4 109.2 105.4 109.0 107.2 108.0 102.2 105.8 102.3 101.7 101.2 101.3 101.9 102.3 101.0 99.8 100.6 101.2 100.7 101.0 100.2 100.8 99.4 100.2 99.5 98.9 100.1 100.0 100.1 101.1 101.2 100.3 100.0 100.7 97.5 95.9 97.2 96.5 95.4 96.6 96.2 96.1 97.0 97.0 96.0 95.2 96.1 114.2 113.5 113.7 114.1 115.4 116.1 118.4 120.8 122.3 123.6 123.3 125.2 126.8 102.1 100.0 101.2 100.9 100.6 100.2 100.0 99.8 100.0 100.1 100.3 99.9 99.9 102.9 101.0 103.9 102.8 101.0 101.8 101.8 101.2 101.1 100.4 101.2 100.6 100.6 101.7 99.5 99.9 100.1 100.4 99.5 99.3 99.2 99.6 100.1 100.0 99.6 99.6 104.1 102.1 104.0 104.2 104.6 104.7 104.9 104.6 105.5 105.4 105.9 104.7 105.0 114.7 114.1 115.1 114.6 117.2 116.1 116.3 115.9 118.4 118.6 118.9 117.4 117.8 1 Includes other items, not shown separately. [2017=100; monthly data seasonally adjusted] Durable manufactures Period Primary metals Total 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2022: Nov ���������� Dec ����������� 2023: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June r ������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov p.�������� 112.7 113.5 105.7 101.0 100.0 103.2 97.3 86.6 96.1 94.9 92.0 90.2 92.0 93.5 92.7 95.6 95.3 96.2 94.4 94.0 96.5 94.6 95.0 Iron and steel products 113.1 112.2 101.5 96.7 100.0 103.4 95.2 87.1 102.1 95.7 92.6 90.8 91.0 94.2 93.2 97.0 98.3 98.9 97.3 97.0 98.4 96.8 97.2 Nondurable manufactures Computer and electronic products Fabricated metal products Machinery 104.2 106.1 102.6 98.8 100.0 104.5 102.4 93.1 96.7 100.1 100.4 99.7 99.8 100.3 99.5 99.0 99.6 99.8 99.4 98.8 99.2 98.9 99.1 111.2 112.7 103.7 95.8 100.0 104.6 101.5 90.6 97.6 104.2 105.1 102.8 104.6 104.4 102.4 102.7 101.1 99.4 100.2 101.5 101.0 99.8 100.5 Total 86.8 90.5 91.2 93.2 100.0 104.6 106.5 105.1 110.0 110.8 111.2 108.5 108.6 109.6 109.6 111.7 111.6 112.6 114.7 115.0 114.4 116.2 117.2 Selected high–technology 1 75.0 83.4 86.3 91.4 100.0 108.3 114.5 114.8 125.9 129.0 131.1 128.0 126.3 128.4 130.7 135.4 136.6 137.5 141.5 143.2 145.0 147.5 150.0 Transportation equipment Total Motor vehicles and parts 92.2 98.2 100.9 98.4 100.0 102.1 97.2 82.3 88.0 94.3 95.9 95.5 96.5 96.1 95.1 100.5 102.1 99.6 103.6 101.4 101.0 95.0 99.6 1 Computers and peripheral equipment, communications equipment, and semiconductors and related electronic components. Source: Board of Governors of the Federal Reserve System. 18 86.8 94.7 99.7 101.0 100.0 104.1 102.3 88.1 94.4 101.7 103.4 102.9 104.5 104.4 102.4 111.9 113.3 108.1 114.8 110.2 109.8 98.9 105.9 Apparel 120.8 115.8 110.0 103.3 100.0 95.5 96.8 80.7 89.5 87.9 91.4 92.2 95.6 91.1 93.0 91.6 89.3 85.1 84.7 82.8 80.1 78.3 76.1 Printing and related support activities 101.8 100.0 99.0 100.6 100.0 99.8 93.6 84.8 85.8 88.6 90.6 86.8 87.3 86.7 86.6 86.1 85.5 82.2 82.9 83.8 80.9 80.3 80.5 Chemicals 103.4 102.3 101.9 101.4 100.0 98.6 97.2 95.3 99.7 101.9 102.2 98.0 101.9 104.3 103.4 103.6 103.5 104.1 103.1 103.6 103.8 102.7 102.4 Food 95.2 96.1 97.5 99.6 100.0 100.3 101.1 102.6 103.0 104.9 104.8 103.5 105.6 105.6 104.2 104.6 104.3 102.1 101.2 102.0 101.9 102.8 102.5 New Construction [Billions of dollars; monthly data at seasonally adjusted annual rates] Private Period 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2022: Nov ���������� Dec ����������� 2023: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept r �������� Oct r ���������� Nov p �������� Total new construction expenditures 914.6 1,015.3 1,132.1 1,213.1 1,279.8 1,333.2 1,391.0 1,499.6 1,653.4 1,848.7 1,842.2 1,840.9 1,882.2 1,889.6 1,901.4 1,907.8 1,946.7 1,956.2 1,969.0 2,010.1 2,017.5 2,042.5 2,050.1 Residential Total New housing Total 1 643.9 739.2 838.3 916.2 983.3 1,023.0 1,046.7 1,130.4 1,295.8 1,472.4 1,450.5 1,448.3 1,483.3 1,483.5 1,491.5 1,490.6 1,524.0 1,526.5 1,534.2 1,568.2 1,565.3 1,584.4 1,595.0 Federal and State and local Nonresidential 329.6 377.5 431.8 479.4 539.0 557.6 546.6 634.7 799.2 917.9 865.2 853.7 856.0 847.5 846.9 824.7 853.9 860.9 855.4 875.1 869.6 887.3 896.8 Total 208.5 242.8 283.3 315.8 344.2 367.1 362.2 401.1 530.0 563.1 519.8 510.2 506.9 500.1 496.4 493.9 502.4 513.3 525.2 534.8 541.5 546.1 558.2 Lodging 314.3 361.7 406.6 436.8 444.3 465.5 500.1 495.6 496.6 554.5 585.3 594.6 627.2 636.0 644.7 665.9 670.1 665.6 678.7 693.1 695.7 697.1 698.2 Commercial (including farm) Office 13.0 16.3 21.4 26.6 28.1 30.5 32.3 27.4 18.6 19.3 21.7 22.3 22.2 22.4 22.4 22.6 22.9 23.2 23.8 24.3 24.0 23.6 22.8 30.1 38.9 47.9 59.8 59.9 66.8 77.5 80.5 77.5 78.5 81.6 82.8 82.1 82.5 81.5 82.4 82.8 84.0 84.3 85.3 85.5 85.4 85.4 Manufacturing 50.9 60.9 64.5 75.5 84.5 82.8 80.3 85.6 93.7 117.2 122.1 126.8 122.3 123.0 122.7 123.9 123.1 125.2 130.3 131.1 131.4 127.9 127.3 Other 2 51.8 60.1 82.4 78.9 70.0 72.0 80.5 75.1 81.6 114.2 131.3 132.7 164.2 168.5 176.9 194.4 199.7 192.4 196.7 203.9 202.8 208.2 209.3 168.3 185.5 190.4 196.0 201.9 213.4 229.5 227.1 225.2 225.3 228.6 229.9 236.3 239.5 241.1 242.6 241.5 240.8 243.8 248.6 252.0 252.0 253.3 New houses sold New houses for sale at end of period 3 270.7 276.1 293.8 297.0 296.5 310.2 344.3 369.2 357.6 376.3 391.7 392.6 398.9 406.0 409.9 417.2 422.8 429.7 434.8 442.0 452.2 458.1 455.1 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 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 924.9 1,003.3 1,111.8 1,173.8 1,203.0 1,249.9 1,290.0 1,379.6 1,601.0 1,552.6 1 unit 617.6 647.9 714.5 781.5 848.9 875.8 887.7 990.5 1,127.2 1,005.2 Type of structure 2–4 units 1 13.6 13.7 11.5 11.5 11.4 13.9 13.4 12.3 11.7 16.4 5 units or more Total 293.7 341.7 385.8 380.8 342.7 360.3 388.9 376.8 462.1 531.0 990.8 1,052.1 1,182.6 1,206.6 1,282.0 1,328.8 1,386.0 1,471.1 1,737.0 1,665.1 1 unit 620.8 640.3 696.0 750.8 820.0 855.3 862.1 979.4 1,115.4 975.6 2–4 units 5 units or more New housing units completed 29.0 29.9 32.1 34.8 37.2 39.7 42.6 47.2 52.9 54.8 341.1 382.0 454.5 421.1 424.8 433.8 481.4 444.5 568.8 634.7 764.4 883.8 968.2 1,059.7 1,152.9 1,184.9 1,255.1 1,286.9 1,341.0 1,390.5 429 437 501 561 613 617 683 822 771 641 186 210 232 254 293 346 323 299 387 451 Vacancy rate for rental housing units (percent) 4 8.3 7.6 7.1 6.9 7.2 6.9 6.8 6.3 6.1 5.8 Seasonally adjusted annual rates 2022: Nov ���������� Dec ����������� 1,427 1,357 804 887 ����������������� ����������������� 609 461 1,402 1,409 795 748 54 49 553 612 1,543 1,390 582 636 455 �������������������� 451 5.8 2023: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug r ��������� Sept r �������� Oct r ���������� Nov p �������� 1,340 1,436 1,380 1,348 1,583 1,418 1,451 1,305 1,356 1,359 1,560 823 835 843 847 1,012 930 988 948 966 969 1,143 ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 506 588 515 489 563 473 454 350 376 371 404 1,354 1,482 1,437 1,417 1,496 1,441 1,443 1,541 1,471 1,498 1,467 748 796 829 856 902 924 930 948 963 969 977 54 48 52 58 54 52 47 59 49 48 47 552 638 556 503 540 465 466 534 459 481 443 1,377 1,577 1,528 1,416 1,534 1,492 1,334 1,370 1,459 1,378 1,447 649 625 640 679 710 683 728 654 700 672 590 439 437 433 430 426 429 429 431 434 440 451 �������������������� �������������������� 6.4 �������������������� �������������������� 6.3 �������������������� �������������������� 6.6 �������������������� �������������������� 1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards. 2 Based on approximately 20,100 permit-issuing places beginning with 2014 and 19,300 beginning with 2004. Using the 2004 universe, the total for 2014 is 1,046.4. 3 Seasonally adjusted. 4 Quarterly data are three-month averages. Annual data are averages of quarterly data. Source: Department of Commerce (Bureau of the Census). 19 Business Sales and Inventories—Manufacturing and Trade In October, according to preliminary estimates, manufacturing and trade sales fell 1.0 percent. In November, manufacturing and trade inventories fell $1.5 billion and retail inventories fell $0.5 billion. In November, retail sales rose 0.1 percent and retail and food services sales rose 0.3 percent. BILLIONS OF DOLLARS* (RATIO SCALE) 2,600 2,500 BILLIONS OF DOLLARS* (RATIO SCALE) 850 800 2,400 750 2,300 700 MANUFACTURING AND TRADE INVENTORIES 2,200 2,100 RETAIL INVENTORIES 650 600 2,000 550 1,900 RETAIL AND FOOD SERVICES SALES 500 1,800 450 1,700 RETAIL SALES 400 1,600 1,500 350 MANUFACTURING AND TRADE SALES 1,400 1,300 1,200 1,100 1,000 2019 2020 2021 2022 2023 RATIO* 2.00 1.90 INVENTORY/SALES RATIO 1.80 1.70 MANUFACTURING 1.60 AND TRADE 1.50 1.40 1.30 1.20 RETAIL 1.10 1.00 2019 2020 2021 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE 2022 2023 COUNCIL OF ECONOMIC ADVISERS [Millions of dollars, except ratios; seasonally adjusted, except as noted] Manufacturing and trade 1 Period 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2022: Oct r ���������� Nov r ��������� Dec ����������� Sales 2 1,306,287 1,346,243 1,303,366 1,295,792 1,357,499 1,437,077 1,434,242 1,381,767 1,633,167 1,837,375 1,860,550 1,842,165 1,830,079 2023: Jan ����������� 1,851,731 Feb ����������� 1,848,051 Mar ���������� 1,820,425 Apr ����������� 1,819,130 May ���������� 1,821,163 June ��������� 1,817,784 July ���������� 1,832,603 Aug ���������� 1,858,079 Sept r �������� 1,875,441 Oct r ���������� 1,856,466 p Nov �������� ����������������������� Inventories 3 Wholesale Inventory/sales ratio 4 1,727,487 1,790,144 1,823,618 1,858,223 1,918,490 2,003,231 2,044,039 1,992,749 2,261,369 2,545,624 2,533,813 2,539,057 2,545,624 1.29 1.32 1.39 1.42 1.39 1.36 1.42 1.44 1.29 1.34 1.36 1.38 1.39 Sales 2 450,177 468,779 448,448 444,791 475,081 508,551 506,655 483,776 582,982 669,280 670,584 666,026 663,918 2,544,079 1.37 666,800 2,545,762 1.38 669,258 2,539,799 1.40 651,407 2,541,956 1.40 651,292 2,540,827 1.40 648,024 2,537,207 1.40 642,750 2,539,181 1.39 650,541 2,548,843 1.37 663,717 2,553,086 1.36 676,890 2,549,206 1.37 667,863 2,547,704 ����������������������� ����������������������� Inventories 3 550,651 585,989 597,488 612,169 633,488 671,552 680,098 666,591 787,304 923,476 918,419 924,078 923,476 Retail Inventory/sales ratio 4 20 Inventories 3 1.19 1.22 1.33 1.36 1.31 1.28 1.35 1.37 1.24 1.31 1.37 1.39 1.39 371,599 386,713 393,832 404,035 420,018 437,637 449,716 464,336 543,551 591,252 602,581 592,838 588,540 544,866 561,251 587,748 610,037 625,859 653,901 656,066 623,609 665,335 762,808 755,722 755,996 762,808 1.41 1.43 1.46 1.50 1.47 1.46 1.47 1.34 1.15 1.24 1.25 1.28 1.30 416,910 434,807 445,910 458,848 477,739 498,594 514,094 518,608 613,851 672,579 688,352 677,956 673,619 918,368 1.38 918,818 1.37 916,687 1.41 913,713 1.40 909,919 1.40 903,730 1.41 901,379 1.39 900,267 1.36 900,294 1.33 897,370 1.34 895,730 ����������������������� 603,211 600,669 594,281 596,809 599,958 600,736 603,792 608,386 612,633 610,564 610,995 765,352 767,101 770,540 772,795 777,594 781,572 785,168 793,256 796,329 795,371 794,891 1.27 1.28 1.30 1.29 1.30 1.30 1.30 1.30 1.30 1.30 1.30 692,501 687,942 681,673 684,636 689,158 690,518 694,415 699,540 705,304 703,748 705,692 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). Sales 2 Chart 20 - Dec 2023 Retail and food Inventory/sales services sales 2 4 ratio Manufacturers’ Shipments, Inventories, and Orders In November, manufacturers’ shipments, inventories, and new and unfilled orders rose. BILLIONS OF DOLLARS* (RATIO SCALE) 620 540 500 460 420 380 BILLIONS OF DOLLARS* (RATIO SCALE) 940 INVENTORIES 880 820 760 700 660 TOTAL 620 580 540 DURABLE GOODS 500 460 420 SHIPMENTS TOTAL 340 300 NONDURABLE GOODS 260 380 220 DURABLE GOODS 340 180 300 260 140 BILLIONS OF DOLLARS* (RATIO SCALE) 620 540 500 460 420 380 180 NEW ORDERS RATIO* 2.00 TOTAL 1.90 340 1.80 300 1.70 260 1.60 220 NONDURABLE GOODS 220 INVENTORY/SHIPMENTS RATIO 1.50 DURABLE GOODS 1.40 180 1.30 1.20 140 2019 2021 2020 2022 2023 2020 2019 2021 2022 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Manufacturers’ shipments 1 Manufacturers’ inventories 2 Manufacturers’ new orders 1 Chart 21- Dec 2023 Durable goods Period Total Durable goods 2023 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 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2022: Nov ���������� Dec ����������� 2023: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct r ���������� Nov p �������� 484,511 490,751 461,086 446,966 462,400 490,889 477,871 433,655 506,634 576,843 583,301 577,621 581,720 578,124 574,737 571,029 573,181 574,298 578,270 585,976 585,918 578,039 580,718 224,903 233,108 231,822 226,344 230,618 244,005 238,376 218,622 246,071 272,620 278,177 278,669 279,043 277,684 279,659 277,924 283,412 283,448 283,138 284,490 282,688 280,310 283,083 259,608 257,643 229,264 220,623 231,782 246,884 239,496 215,033 260,563 304,222 305,124 298,952 302,677 300,440 295,078 293,105 289,769 290,850 295,132 301,486 303,230 297,729 297,635 631,970 642,904 638,382 636,017 659,143 677,778 707,875 702,549 808,730 859,340 858,983 859,340 860,359 859,843 852,572 855,448 853,314 851,905 852,634 855,320 856,463 856,465 857,083 372,107 389,841 393,199 380,542 389,770 408,980 431,003 429,495 493,211 520,399 518,988 520,399 521,279 521,701 516,694 521,711 522,669 522,478 522,327 523,105 523,496 524,397 524,776 259,863 253,063 245,183 255,475 269,373 268,798 276,872 273,054 315,519 338,941 339,995 338,941 339,080 338,142 335,878 333,737 330,645 329,427 330,307 332,215 332,967 332,068 332,307 491,578 496,046 452,778 441,331 457,693 485,141 463,440 429,282 513,660 578,385 574,907 580,918 581,049 571,265 574,915 576,416 578,626 592,112 579,414 585,403 598,595 577,946 592,870 231,970 238,403 223,515 220,708 225,912 238,257 223,944 214,249 253,097 274,163 269,783 281,966 278,372 270,825 279,837 283,311 288,857 301,262 284,282 283,917 295,365 280,217 295,235 86,333 83,765 70,382 69,092 72,832 70,998 60,616 61,108 76,216 83,782 77,458 90,167 84,527 77,659 85,285 85,450 91,113 106,376 88,653 85,849 101,003 86,621 101,434 1,141,960 1,251,711 1,201,473 1,184,411 1,181,191 1,165,909 1,046,150 1,047,469 1,191,723 1,272,201 1,263,436 1,272,201 1,276,988 1,275,522 1,280,943 1,291,462 1,301,975 1,324,777 1,330,875 1,335,197 1,352,860 1,357,730 1,374,847 1.30 1.31 1.40 1.42 1.39 1.37 1.45 1.62 1.49 1.47 1.47 1.49 1.48 1.49 1.48 1.50 1.49 1.48 1.47 1.46 1.46 1.48 1.48 1 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales. 2 Seasonally adjusted, end of period. 3 Annual data are averages of seasonally adjusted monthly ratios. Note: Manufacturers’ nondurable new orders (not shown) are the same as nondurable shipments. Also, there are no unfilled nondurable orders; data shown for total unfilled orders are durable unfilled orders. Total and durable shipments and inventories include data on semiconductors; new and unfilled orders do not. Source: Department of Commerce (Bureau of the Census). 21 PRICES Producer Prices The producer price index for final demand was unchanged in November. Prices for final demand goods were flat and prices for final demand services were flat. INDEX, NOV. 2009=100 (RATIO SCALE) INDEX, NOV. 2009=100 (RATIO SCALE) 150 SEASONALLY ADJUSTED FINAL DEMAND 145 140 135 130 125 FINAL DEMAND FINAL DEMAND SERVICES 120 115 FINAL DEMAND GOODS 110 105 100 2015 2016 2017 2018 2020 2019 2021 2022 2023 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 ����������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2022: Nov ���������� Dec ����������� 2023: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov p �������� Total final demand 1 100.0 109.1 110.9 109.9 110.4 113.0 116.2 118.2 118.4 126.710 138.753 141.175 140.721 141.326 141.290 140.746 141.023 140.561 140.668 141.407 142.439 143.011 142.378 142.370 Final demand services Total Foods 2 Energy Less food and energy Total Trade 3 30.653 112.6 114.0 109.1 107.6 111.2 115.0 115.5 113.8 125.828 142.595 145.193 143.188 145.005 144.417 142.855 143.056 140.921 140.888 141.248 143.963 145.155 143.102 143.091 5.940 117.8 121.6 118.4 115.1 116.5 116.7 118.9 120.4 130.989 149.299 158.287 156.904 154.842 151.240 151.612 150.979 149.463 149.025 149.549 149.009 149.916 149.699 150.637 5.853 125.3 124.2 98.6 90.4 99.8 110.0 105.0 91.5 119.522 156.168 155.464 145.646 153.549 152.341 143.097 144.045 134.044 135.050 136.212 150.046 154.596 144.244 142.585 18.859 107.9 109.5 109.9 110.7 113.2 116.0 117.6 118.5 126.218 136.802 138.709 138.813 139.699 140.148 140.444 140.646 140.794 140.550 140.614 140.768 140.989 141.014 141.254 66.677 107.1 109.0 110.0 111.5 113.5 116.5 119.1 120.2 126.657 135.932 138.079 138.402 138.439 138.648 138.537 138.867 139.132 139.304 140.303 140.608 140.917 140.922 140.924 19.700 108.2 110.2 111.6 113.1 114.8 116.9 119.7 121.7 130.682 148.779 152.166 152.566 151.282 150.998 150.163 150.740 151.931 150.844 153.210 153.352 153.135 152.766 152.471 Transportation and warehousing 5.213 115.3 117.7 115.3 113.5 115.9 122.0 125.5 121.2 130.894 154.323 156.445 156.424 155.624 154.394 153.260 149.485 148.690 148.694 149.079 149.049 149.305 150.956 150.231 Other Processed goods Final for intermediate demand demand (1982=100) less foods, energy, Less and food trade Total and (Aug. 2013 energy =100) 2 41.763 68.507 105.8 ���������������� 107.5 101.5 108.7 102.1 110.6 103.3 112.8 105.4 115.8 108.4 118.2 110.6 119.5 111.4 124.466 117.081 128.299 124.167 129.880 125.941 130.202 126.154 130.863 126.816 131.420 127.183 131.707 127.363 132.362 127.559 132.364 127.555 133.060 127.907 133.568 128.187 133.971 128.467 134.497 128.852 134.481 128.930 134.677 129.053 100.0 200.8 201.9 188.0 182.2 190.7 200.9 198.1 192.5 229.979 267.939 268.344 261.622 264.488 263.476 260.873 259.507 255.354 254.075 253.324 258.705 260.114 257.423 257.382 71.138 193.8 195.2 189.4 186.9 193.3 201.8 201.1 198.9 232.983 261.127 259.214 258.136 258.409 258.918 258.360 258.964 258.711 257.620 256.260 255.757 255.786 255.570 255.022 Unprocessed goods Chart 22 - Dec 2023 for intermediate demand (1982=100) Services for intermediNonfood ate materials demand Total less energy 100.0 246.7 249.3 189.1 173.4 190.8 200.1 185.9 167.6 242.264 316.821 291.398 295.882 282.034 268.293 255.668 258.407 244.914 242.560 248.330 253.769 262.150 257.460 253.780 20.319 351.2 345.7 296.0 288.0 324.1 340.7 323.4 346.0 462.581 490.668 457.406 449.759 459.408 460.923 456.898 465.233 455.375 447.947 433.864 434.103 431.108 430.546 433.637 100.0 107.2 108.9 110.2 112.1 115.0 118.6 121.4 121.9 130.683 139.795 142.922 142.892 144.295 144.760 144.280 145.264 145.505 145.652 146.465 146.333 146.575 146.748 147.072 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 2022. Source: Department of Labor (Bureau of Labor Statistics). 22 Consumer Prices—All Urban Consumers In November, the consumer price index for all urban consumers rose 0.1 percent; it fell 0.2 percent before seasonal adjustment. The index rose 3.1 percent from its year-earlier level. INDEX, 1982-84 = 100 (RATIO SCALE) INDEX, 1982-84 = 100 (RATIO SCALE) 320 320 SEASONALLY ADJUSTED 310 310 300 300 290 290 280 280 CONSUMER PRICES—ALL ITEMS 270 270 260 260 250 250 240 240 230 230 220 220 210 210 200 200 2015 2016 2017 2018 2019 2020 2021 2022 SOURCE: DEPARTMENT OF LABOR 2023 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 ����������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2022: Nov ���������� Dec ����������� 2023: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Not seasonally Seasonally adjusted adjusted (NSA) 100.0 232.957 236.736 237.017 240.007 245.120 251.107 255.657 258.811 270.970 292.655 297.711 296.797 299.170 300.840 301.836 303.363 304.127 305.109 305.691 307.026 307.789 307.671 307.051 ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 298.598 298.990 300.536 301.648 301.808 302.918 303.294 303.841 304.348 306.269 307.481 307.619 307.917 All items less food and energy Total 1 79.617 233.806 237.897 242.247 247.602 252.169 257.565 263.211 267.693 277.255 294.307 300.261 301.460 302.702 304.070 305.240 306.489 307.824 308.309 308.801 309.661 310.661 311.365 312.251 Shelter 34.967 263.056 270.513 278.803 288.230 297.803 307.663 318.053 325.886 334.575 354.235 364.480 367.355 370.070 372.869 374.946 376.528 378.622 380.006 381.681 382.782 385.259 386.536 388.266 Medical care 2 7.804 425.134 435.292 446.752 463.675 475.322 484.707 498.413 518.876 525.276 546.554 552.185 553.680 551.634 548.634 546.988 546.849 547.273 547.357 546.117 546.954 548.079 549.927 553.095 Apparel 2.549 127.411 127.514 125.903 126.045 125.612 125.654 124.052 118.079 120.993 127.081 127.746 128.012 129.072 130.116 130.459 130.811 131.195 131.608 131.567 131.835 130.833 130.960 129.270 Food New vehicles 4.231 145.783 146.275 147.135 147.358 146.992 146.287 146.834 147.600 156.240 172.480 176.805 177.825 178.226 178.538 179.222 178.833 178.616 178.556 178.411 178.895 179.424 179.266 179.157 Energy Total 1 At home Away from home 13.420 237.037 242.725 247.235 247.931 250.065 253.558 258.316 267.219 277.756 305.388 316.694 318.109 319.716 320.954 321.000 321.078 321.729 322.071 322.837 323.620 324.374 325.343 326.074 8.580 233.869 239.456 242.250 239.065 238.589 239.661 241.775 250.233 258.892 288.451 299.563 301.028 302.284 303.046 302.120 301.613 301.774 301.626 302.452 303.012 303.443 304.220 304.544 4.840 243.068 248.981 256.101 262.695 268.826 275.893 284.410 293.944 307.296 330.822 342.266 343.559 345.677 347.869 349.944 351.237 352.892 354.245 354.862 356.083 357.488 358.824 360.383 Total 1, 2 6.963 244.409 243.583 202.895 189.535 204.540 219.941 215.294 196.949 238.325 298.266 296.248 287.176 292.844 291.212 280.955 282.536 272.401 274.044 274.353 289.671 294.087 286.877 280.297 Chart 23 - Dec 2023 Gasoline 3.438 302.577 290.889 212.007 187.602 211.770 240.599 232.003 194.130 264.017 347.747 331.198 308.155 315.662 318.945 304.332 313.479 295.962 298.985 299.508 331.147 338.021 321.063 301.740 C-CPI-U (Dec. 1999=100, NSA) 3 ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� 166.498 165.974 167.253 168.206 168.739 169.571 169.978 170.519 170.782 171.533 171.919 171.838 171.459 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 2023. 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 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 1.2 .9 –1.1 1.7 2.5 2.6 1.4 .8 10.0 6.4 0.8 –1.2 –3.8 1.9 3.5 1.6 1.0 .0 13.4 7.9 –0.8 4.4 –5.2 –1.6 2.0 2.8 1.2 –.2 13.1 14.3 0.9 –13.2 –16.4 6.3 10.1 –3.1 2.4 –6.8 31.6 9.4 1.3 1.1 –.1 1.7 2.2 2.6 .6 1.7 9.3 5.8 1.3 2.1 .2 1.6 2.1 3.0 1.4 1.3 8.4 5.3 –0.4 4.0 .0 1.0 1.8 3.1 .8 1.9 14.2 9.2 2.0 .8 –3.5 1.1 2.3 6.5 2.2 –5.9 17.0 10.8 2.0 ����������� 1.4 1.3 .8 .3 2.0 1.8 2.3 2.3 2.6 2.8 1.8 1.5 1.7 1.3 4.8 7.0 2.8 4.7 0.1 –2.6 –6.6 1.8 5.0 2.8 –1.7 1.5 24.4 4.8 0.7 –.1 –3.8 1.6 3.6 3.5 –1.8 2.3 23.3 2.4 –1.9 –8.7 –25.3 13.0 5.0 3.7 –7.3 1.3 40.0 10.7 –5.6 –5.3 –18.5 13.7 8.5 2.9 –5.0 20.5 23.1 –6.3 1.0 1.8 .5 2.6 2.9 3.1 1.7 2.1 8.3 6.0 1.3 1.6 –.9 .5 2.4 2.8 1.7 .2 7.0 9.5 0.8 1.2 –4.3 –1.4 3.3 3.4 .4 –1.5 10.6 13.3 1.6 1.8 .9 1.4 1.8 2.6 2.2 .9 5.4 7.3 –0.5 –2.5 1.1 –.4 –1.0 –.5 –1.6 –.5 –.3 2.1 .5 –1.0 .0 –0.2 –.4 .1 .2 –.2 .2 –.1 –.4 –.5 –.2 .0 –.1 –.2 –3.1 1.5 –4.7 –4.9 –4.7 1.1 –5.2 –1.0 2.4 2.2 3.3 –1.8 –1.4 –0.7 –1.7 2.1 .3 –.9 1.8 –2.1 –1.6 –3.1 .1 –.7 –.1 .7 0.8 .0 1.0 .3 –.3 .7 .2 .1 .6 –.1 .2 .1 .2 7.4 6.4 5.7 4.7 2.7 2.3 1.1 .3 1.1 1.9 2.0 1.2 .9 9.6 7.9 7.7 5.3 1.9 .7 –2.3 –4.3 –2.4 .4 .7 –1.2 –1.5 6.0 5.3 4.5 4.2 2.7 2.8 2.6 2.5 3.0 2.7 2.7 2.5 2.1 Change, month to month 2022: Nov ���������� Dec ����������� 2023: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov p �������� 0.4 –.3 .4 .0 –.4 .2 –.3 .1 .5 .7 .4 –.4 .0 0.3 –1.4 1.3 –.4 –1.1 .1 –1.5 .0 .3 1.9 .8 –1.4 .0 3.3 –.9 –1.3 –2.3 .2 –.4 –1.0 –.3 .4 –.4 .6 –.1 .6 –2.3 –6.3 5.4 –.8 –6.1 .7 –6.9 .8 .9 10.2 3.0 –6.7 –1.2 0.3 .1 .6 .3 .2 .1 .1 –.2 .0 .1 .2 .0 .2 0.4 .2 .0 .2 –.1 .2 .2 .1 .7 .2 .2 .0 .0 0.5 .3 –.8 –.2 –.6 .4 .8 –.7 1.6 .1 –.1 –.2 –.2 –0.4 .0 –.5 –.8 –.7 –2.5 –.5 .0 .3 .0 .2 1.1 –.5 0.5 .2 .5 .4 .2 .5 .0 .5 .4 .3 .4 .0 .1 0.4 .2 .5 .3 .1 .2 .0 .3 .2 .2 .3 .1 .1 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 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 1.5 .8 .7 2.1 2.1 1.9 2.3 1.4 7.0 6.5 1.7 1.6 2.1 2.2 1.8 2.2 2.3 1.6 5.5 5.7 2.5 2.9 3.2 3.6 3.2 3.2 3.2 1.8 4.1 7.5 2.0 3.0 2.6 4.1 1.8 2.0 4.6 1.8 2.2 4.0 0.6 –2.0 –.9 –.1 –1.6 –.1 –1.2 –3.9 5.8 2.9 2022: Nov ���������� Dec ����������� 2023: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� 0.2 .1 .5 .4 .1 .4 .1 .2 .2 .6 .4 .0 .1 0.3 .4 .4 .5 .4 .4 .4 .2 .2 .3 .3 .2 .3 0.6 .8 .7 .8 .6 .4 .6 .4 .4 .3 .6 .3 .4 –0.4 .3 –.4 –.5 –.3 .0 .1 .0 –.2 .2 .2 .3 .6 0.1 .2 .8 .8 .3 .3 .3 .3 .0 .2 –.8 .1 –1.3 0.4 .5 .2 .3 –.5 –.3 .1 2.0 11.8 5.9 1.1 3.4 .8 –.2 1.6 1.6 1.8 3.9 6.3 10.4 0.4 3.7 –.4 –2.0 .9 .6 .7 3.9 6.5 11.8 2.1 3.0 2.6 2.3 2.5 2.8 3.1 3.9 6.0 8.3 0.5 –10.6 –12.6 5.4 6.9 –.3 3.4 –7.0 29.3 7.3 –1.0 –21.0 –19.7 9.1 10.7 –2.1 7.9 –15.2 49.6 –1.5 1.3 .5 .4 1.8 1.7 1.5 1.8 1.5 6.5 6.4 ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� �������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� 1.5 1.6 .1 1.3 2.1 2.4 1.8 1.2 4.7 8.0 0.6 .5 .4 .3 –.3 –.2 .1 .0 .3 .2 .1 .3 .1 0.5 .4 .6 .6 .6 .4 .5 .4 .2 .3 .4 .4 .4 –1.4 –3.1 2.0 –.6 –3.5 .6 –3.6 .6 .1 5.6 1.5 –2.5 –2.3 –2.3 –7.0 2.4 1.0 –4.6 3.0 –5.6 1.0 .2 10.6 2.1 –5.0 –6.0 –0.1 –.3 .8 .6 .3 .5 .2 .3 .2 .4 .2 .0 –.2 ������������� 4.2 ������������� ������������� 3.8 ������������� ������������� 2.7 ������������� ������������� 3.6 ������������� ������������� 4.5 3.3 3.5 4.1 3.8 3.2 2.2 2.7 1.9 4.0 4.9 4.4 2.2 5.1 2.9 4.1 4.3 3.6 3.3 3.2 3.3 2.6 3.1 3.8 3.1 3.1 7.1 6.5 6.4 6.0 5.0 4.9 4.0 3.0 3.2 3.7 3.7 3.2 3.1 Change, month to month 0.5 .6 .2 .2 .4 –.2 –.1 .0 –.1 .3 .3 –.1 –.1 0.6 .4 .5 .4 .0 .0 .2 .1 .2 .2 .2 .3 .2 1 Includes other items not shown separately. 2 Commodities and services. 3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices. 4 Quarterly changes are shown in the last month of the quarter. Source: Department of Labor (Bureau of Labor Statistics). 24 Prices Received and Paid by Farmers In November, prices received by farmers fell 0.1 percent and prices paid by farmers fell 0.4 percent. (Data are not seasonally adjusted.) INDEX, 2011=100 (RATIO SCALE) 150 INDEX, 2011=100 (RATIO SCALE) 150 140 140 130 130 120 120 PRICES PAID 110 110 100 100 90 90 PRICES RECEIVED 80 80 70 70 60 60 1 RATIO1 140 RATIO 140 120 120 RATIO 100 100 80 80 60 60 2015 2017 2016 2018 2019 2021 2020 2023 2022 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 2013 ��������������������������������������������������� 2014 ��������������������������������������������������� 2015 ��������������������������������������������������� 2016 ��������������������������������������������������� 2017 ��������������������������������������������������� 2018 ��������������������������������������������������� 2019 ��������������������������������������������������� 2020 r ������������������������������������������������� 2021 r ������������������������������������������������� 2022 r ������������������������������������������������� 2022: Nov r ���������������������������������������� Dec r ���������������������������������������� 2023: Jan r ���������������������������������������� Feb r ���������������������������������������� Mar r ��������������������������������������� Apr r ���������������������������������������� May r ��������������������������������������� June r �������������������������������������� July r ��������������������������������������� Aug r ���������������������������������������� Sept r ��������������������������������������� Oct r ����������������������������������������� Nov p ��������������������������������������� Agricultural production 107.0 107.9 99.2 90.2 93.4 90.5 89.9 93.2 108.5 128.9 132.4 136.9 123.8 125.6 127.5 130.1 126.3 126.7 124.2 124.5 120.8 113.3 113.2 Crop production 105.7 92.3 87.0 85.5 86.2 85.8 84.8 97.2 111.6 121.2 125.2 127.1 116.9 118.7 116.9 124.3 118.6 118.9 117.9 115.7 110.7 102.9 99.8 Chart 25 - Dec 2023 Prices paid by farmers Livestock production 108.5 128.7 113.4 94.4 100.1 94.4 95.6 88.8 105.1 138.9 143.6 150.8 136.4 133.3 138.3 135.7 133.7 135.1 132.4 134.3 133.1 133.2 134.0 All commodities, services, interest, taxes, and wage rates (PPITW) 2 106.3 112.0 110.7 105.8 106.5 109.6 110.3 110.2 119.9 137.1 138.8 138.4 140.3 140.3 140.3 139.7 138.9 138.5 138.6 138.8 138.7 138.9 138.4 Production items, interest, taxes, and wage rates (PITW) 106.7 113.1 111.6 105.7 106.1 109.3 109.8 109.4 119.7 138.3 139.9 139.5 141.4 141.3 141.3 140.5 139.5 138.9 139.1 139.1 139.0 139.2 138.7 Production items 107.4 114.1 112.0 104.7 104.5 107.1 106.8 105.8 116.8 136.6 138.3 137.9 138.9 138.8 138.8 138.3 137.1 136.4 136.2 136.2 136.1 136.1 135.5 Ratio of prices received by farmers to PPITW 100 96 90 85 87 83 82 80 87 95 97 99 89 90 91 93 91 92 89 90 87 81 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) 24,000 24,000 20,000 20,000 18,000 18,000 16,000 16,000 14,000 14,000 M2 12,000 12,000 10,000 10,000 8,400 8,400 7,600 7,600 6,800 6,800 6,000 6,000 5,200 4,800 4,400 5,200 4,800 4,400 M1 4,000 4,000 3,600 3,600 3,200 3,200 2,800 2,800 2,400 2,400 2,000 2,000 1,600 1,600 2015 2016 2017 2018 2019 2020 2021 2022 *AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 2023 COUNCIL OF ECONOMIC ADVISERS [Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted] Period 2013: Dec ������������������������������������������ 2014: Dec ������������������������������������������ 2015: Dec ������������������������������������������ 2016: Dec ������������������������������������������ 2017: Dec ������������������������������������������ 2018: Dec ������������������������������������������ 2019: Dec ������������������������������������������ 2020: Dec ������������������������������������������ 2021: Dec r ���������������������������������������� 2022: Dec r ���������������������������������������� 2022: Nov r ���������������������������������������� Dec r ���������������������������������������� 2023: Jan r ���������������������������������������� Feb r ���������������������������������������� Mar r ��������������������������������������� Apr r ���������������������������������������� May r ��������������������������������������� June r �������������������������������������� July r ��������������������������������������� Aug r ���������������������������������������� Sept r ��������������������������������������� Oct r ����������������������������������������� Nov p ��������������������������������������� M1 M2 Debt Sum of currency, demand deposits, travelers checks, and other checkable deposits; includes savings deposits beginning May 2020 1 M1 plus savings deposits, retail MMMF balances, and small time deposits 2 Debt of domestic nonfinancial sectors 3 2,674.2 2,947.3 3,100.0 3,345.6 3,618.8 3,773.0 4,021.2 17,827.3 20,494.7 19,820.9 19,964.9 19,820.9 19,555.0 19,312.3 18,938.3 18,591.6 18,560.0 18,490.3 18,428.0 18,303.4 18,171.6 18,080.8 18,045.8 11,035.0 11,684.9 12,346.8 13,213.4 13,857.9 14,362.7 15,320.7 19,114.4 21,549.3 21,358.3 21,399.3 21,358.3 21,221.7 21,099.8 20,876.0 20,705.4 20,820.7 20,854.5 20,863.7 20,825.5 20,755.3 20,725.6 20,767.4 Percent change From previous period 5 From year or 6 months earlier 4 M1 42,481.6 8.7 44,074.0 10.2 45,892.0 5.2 47,857.5 7.9 50,020.0 8.2 52,698.7 4.3 55,148.2 6.6 61,948.1 ����������������������������� 66,426.4 15.0 70,235.4 –3.3 ��������������������������������������������� –6.5 70,235.4 –7.6 ��������������������������������������������� –10.0 ��������������������������������������������� –11.4 70,897.9 –13.2 ��������������������������������������������� –15.0 ��������������������������������������������� –14.1 72,008.4 –13.4 ��������������������������������������������� –11.5 ��������������������������������������������� –10.4 72,950.3 –8.1 ��������������������������������������������� –5.5 ��������������������������������������������� –5.5 Chart 26 - Dec 2023 M2 Debt 5.5 5.9 5.7 7.0 4.9 3.6 6.7 24.8 12.7 –.9 –2.5 –2.8 –4.4 –5.2 –6.0 –6.8 –5.4 –4.7 –3.4 –2.6 –1.2 .2 –.5 4.3 3.8 4.5 4.4 4.3 4.7 4.7 12.3 6.3 5.7 ������������������������������� 3.2 ������������������������������� ������������������������������� 3.8 ������������������������������� ������������������������������� 6.3 ������������������������������� ������������������������������� 5.2 ������������������������������� ������������������������������� 1 Beginning May 2020, M1 includes savings deposits. Prior to May 2020, savings deposits were not included in M1. See the H.6 statistical release for additional details. 2 Money market mutual fund (MMMF). Savings deposits include money market deposit accounts (MMDA). 3 Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts. Quarterly data shown in last month of quarter. End-of-year data are for fourth quarter. 4 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate. 5 Debt growth of domestic nonfinancial sectors is the seasonally adjusted borrowing flow divided by the seasonally adjusted level of debt outstanding in the previous period. Annual changes are from fourth quarter to fourth quarter; quarterly changes are from previous quarter at an annual rate. Note: See p. 27 for components. Source: Board of Governors of the Federal Reserve System. 26 Components of Money Stock [Averages of daily figures; billions of dollars, seasonally adjusted] Period 2013: Dec ����������� 2014: Dec ����������� 2015: Dec ����������� 2016: Dec ����������� 2017: Dec ����������� 2018: Dec ����������� 2019: Dec ����������� 2020: Dec ����������� 2021: Dec r ��������� 2022: Dec r ��������� 2022: Nov r ��������� Dec r ��������� 2023: Jan r ��������� Feb r ��������� Mar r �������� Apr r ��������� May r �������� June r ������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov p �������� Nonbank travelers checks Currency 1,162.2 1,254.0 1,339.9 1,421.5 1,525.3 1,625.0 1,712.1 1,974.4 2,131.7 2,212.1 2,205.6 2,212.1 2,187.6 2,216.0 2,216.0 2,224.4 2,236.9 2,245.0 2,244.4 2,244.5 2,242.1 2,243.0 2,246.8 Other checkable deposits (OCDs) Demand deposits 3.5 2.9 2.5 2.2 1.9 1.7 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 1,041.9 1,205.7 1,242.8 1,375.2 1,497.4 1,515.4 1,631.0 3,338.5 4,752.8 5,135.6 5,133.3 5,135.6 5,181.2 5,025.2 5,040.8 4,938.9 4,956.8 4,943.0 4,919.9 4,899.7 4,924.4 4,981.8 4,996.4 Savings deposits (including MMDAs) Small-denomination time deposits 1 At thrift institutions Total At commercial banks At thrift institutions 1,019.5 1,076.8 1,143.3 1,258.9 1,297.7 1,331.1 1,331.8 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 571.5 523.6 425.6 368.8 433.7 556.9 607.7 253.0 87.8 384.3 306.1 384.3 129.2 528.3 615.7 720.7 801.3 864.7 906.4 941.0 966.3 990.6 1,025.8 426.8 391.6 315.2 267.1 322.0 448.9 485.4 201.7 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 144.7 132.0 110.4 101.6 111.7 108.0 122.3 51.2 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� Total At commercial banks At thrift institutions Total At commercial banks 466.6 484.6 514.8 546.9 594.2 630.9 678.0 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 256.1 265.1 276.3 288.2 306.6 334.8 371.1 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 210.4 219.5 238.4 258.7 287.6 296.1 307.0 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 7,123.5 7,569.3 8,156.1 8,802.7 9,095.1 9,232.6 9,723.6 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 6,104.0 6,492.5 7,012.8 7,543.7 7,797.3 7,901.5 8,391.8 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� Retail money funds 665.8 644.7 665.2 696.3 710.3 800.3 968.2 1,034.1 966.8 1,153.1 1,128.3 1,153.1 1,050.7 1,259.2 1,322.0 1,393.0 1,459.4 1,499.5 1,529.3 1,581.0 1,617.3 1,654.2 1,695.8 Institutional money funds 2 1,761.7 1,791.7 1,822.8 1,750.1 1,838.2 1,892.6 2,293.6 2,869.3 ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 1 Small-denomination deposits are those issued in amounts of less than $100,000. 2 Institutional money funds are not part of non-M1 M2. Note: See the H.6 statistical release for additional details on changes. Source: Board of Governors of the Federal Reserve System. Aggregate Reserves and Monetary Base [Averages of daily figures 1; millions of dollars, not seasonally adjusted] Reserves of depository institutions Reserve balances maintained Period 2013: Dec ������������ 2014: Dec ������������ 2015: Dec ������������ 2016: Dec ������������ 2017: Dec ������������ 2018: Dec ������������ 2019: Dec ������������ 2020: Dec ������������ 2021: Dec ������������ 2022: Dec ������������ 2022: Nov ����������� Dec ������������ 2023: Jan ������������ Feb ������������ Mar ����������� Apr ������������ May ����������� June ���������� July ����������� Aug ����������� Sept ���������� Oct ������������ Nov ����������� Total To satisfy reserve balance requirements 2 That exceed the top of the penalty-free band 2,485,248 2,606,700 2,419,774 2,031,007 2,244,274 1,691,394 1,630,090 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 75,713 90,852 97,981 116,285 135,719 135,698 152,562 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 2,409,535 2,515,848 2,321,793 1,914,722 2,108,555 1,555,696 1,477,528 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ Borrowings from the Federal Reserve Reserve balance requirements 3 Vault cash used to satisfy required reserves Nonborrowed 4 69,030 82,770 89,313 105,944 123,720 123,703 138,984 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 55,771 59,236 61,413 64,280 65,549 68,462 68,255 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 2,540,849 2,665,835 2,481,082 2,095,247 2,309,747 1,759,780 1,698,323 3,076,300 4,149,900 3,090,000 3,107,000 3,090,000 3,014,200 3,006,200 3,043,100 2,939,800 2,928,400 2,974,300 2,906,800 2,971,200 3,017,400 3,104,600 3,250,100 Monetary base 5 3,717,450 3,934,455 3,835,810 3,531,565 3,850,969 3,400,747 3,426,464 5,206,500 6,413,100 5,406,000 5,419,400 5,406,000 5,329,000 5,321,600 5,571,500 5,593,100 5,569,600 5,608,500 5,517,800 5,559,100 5,567,300 5,601,300 5,731,400 Total 6 170 102 106 39 75 76 21 58,685 38,082 17,300 19,178 17,300 15,719 15,606 215,338 329,662 307,190 291,303 271,937 256,759 222,201 171,891 153,337 Primary Secondary Seasonal Term assetbacked securities loan facility 7 13 22 38 13 43 18 10 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 0 0 0 0 0 0 0 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 59 80 67 25 33 58 11 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 98 0 0 0 0 0 0 �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� 1 Data are prorated averages of biweekly (maintenance period) averages of daily figures. 2 Equals the sum of balances maintained up to the top of each institution’s penalty-free band. 3 Excludes vault cash used to satisfy required reserves. 4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve. 5 Equals total balances maintained plus currency in circulation (not shown). 6 Includes term auction credit (December 2007 to April 2010), primary dealer and other broker-dealer credit (March 2008 to February 2010), credit extended to American International Group, Inc. (September 2008 to January 2011), asset-backed commercial paper money market mutual fund liquidity facility (September 2008 to February 2010), and other credit extensions, not shown separately. 7 Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility. Note: Data reflect the creation of a penalty-free band around reserve balance requirements which took effect June 27, 2013. See H.3 release of July 11, 2013. 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 were unchanged in November. BILLIONS OF DOLLARS* (RATIO SCALE) 20,000 ALL COMMERCIAL BANKS 18,000 16,000 14,000 BILLIONS OF DOLLARS* (RATIO SCALE) 20,000 18,000 16,000 14,000 TOTAL 12,000 12,000 10,000 9,000 8,000 7,000 10,000 9,000 8,000 7,000 LOANS AND LEASES 6,000 6,000 5,000 5,000 4,000 4,000 U.S. TREASURY AND AGENCY SECURITIES 3,000 3,000 2,000 2,000 1,600 1,600 1,200 1,200 800 800 OTHER SECURITIES 400 400 2015 2016 2017 2018 2019 2020 2021 2022 *SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 2023 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars, seasonally adjusted 1] Securities in bank credit 2 Period 2013: Dec ����������� 2014: Dec ����������� 2015: Dec ����������� 2016: Dec ����������� 2017: Dec ����������� 2018: Dec ����������� 2019: Dec ����������� 2020: Dec ����������� 2021: Dec r ��������� 2022: Dec r ��������� 2022: Nov r ��������� Dec r ��������� 2023: 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 9,827.6 10,539.5 11,342.0 12,074.1 12,533.8 13,060.9 13,843.2 15,026.5 16,389.0 17,496.9 17,386.3 17,496.9 17,530.9 17,571.1 17,455.1 17,333.5 17,328.6 17,300.2 17,300.0 17,293.6 17,288.8 17,260.5 17,249.8 Total securities 2,721.9 2,932.4 3,110.2 3,310.4 3,432.1 3,493.8 3,825.9 4,693.1 5,686.7 5,517.1 5,516.5 5,517.1 5,507.0 5,490.9 5,362.3 5,244.8 5,211.2 5,189.2 5,165.7 5,111.5 5,074.7 5,015.7 5,003.6 U.S. Treasury and agency securities 1,808.9 2,040.2 2,224.3 2,409.0 2,520.4 2,662.0 2,997.6 3,751.6 4,570.7 4,388.4 4,392.3 4,388.4 4,346.0 4,339.9 4,232.7 4,129.8 4,103.9 4,092.1 4,071.8 4,048.1 4,050.8 4,005.7 3,998.3 Loans and leases in bank credit Other securities 912.9 892.2 885.9 901.4 911.8 831.8 828.4 941.5 1,115.9 1,128.7 1,124.2 1,128.7 1,161.0 1,151.0 1,129.6 1,115.0 1,107.3 1,097.2 1,094.0 1,063.4 1,023.9 1,010.0 1,005.3 Total loans and leases 3 7,105.7 7,607.1 8,231.8 8,763.7 9,101.7 9,567.1 10,017.3 10,333.4 10,702.3 11,979.7 11,869.8 11,979.7 12,024.0 12,080.2 12,092.8 12,088.7 12,117.4 12,110.9 12,134.3 12,182.1 12,214.2 12,244.8 12,246.1 Commercial and industrial loans 1,574.3 1,773.3 1,953.0 2,083.9 2,103.4 2,301.4 2,355.0 2,590.2 2,473.0 2,807.2 2,795.3 2,807.2 2,814.2 2,807.4 2,795.6 2,775.1 2,769.2 2,764.1 2,763.3 2,764.1 2,765.4 2,779.4 2,769.7 Chart 28 - Dec 2023 Real estate loans Total 4 3,531.6 3,638.5 3,871.1 4,114.7 4,284.5 4,408.4 4,607.5 4,639.5 4,787.2 5,344.4 5,250.4 5,344.4 5,369.3 5,406.3 5,415.9 5,423.4 5,449.4 5,443.5 5,456.6 5,483.9 5,498.3 5,499.3 5,507.7 Revolving home equity loans 473.8 458.1 441.1 406.5 382.1 349.5 321.4 282.4 249.2 255.6 254.1 255.6 255.6 255.5 254.9 254.8 254.5 253.9 253.1 253.3 253.0 253.6 253.9 Commercial loans 1,498.3 1,605.4 1,781.0 1,962.5 2,085.8 2,182.1 2,317.1 2,403.8 2,526.8 2,866.9 2,795.9 2,866.9 2,878.2 2,900.3 2,899.0 2,895.1 2,908.1 2,919.8 2,930.9 2,942.4 2,945.1 2,946.4 2,952.3 Consumer loans 5 1,128.0 1,186.5 1,259.0 1,356.0 1,427.4 1,497.4 1,588.6 1,522.9 1,652.0 1,834.0 1,828.2 1,834.0 1,844.7 1,854.9 1,866.3 1,875.1 1,886.1 1,890.2 1,885.6 1,894.9 1,901.2 1,900.9 1,905.1 All other loans and leases 6 871.7 1,008.7 1,148.7 1,209.1 1,286.4 1,360.0 1,466.1 1,580.9 1,790.1 1,994.1 1,996.0 1,994.1 1,995.7 2,011.5 2,014.9 2,015.1 2,012.6 2,013.1 2,028.8 2,039.2 2,049.3 2,065.2 2,063.7 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 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II ��������������� III �������������� IV �������������� 2023: I ���������������� II ��������������� III p ������������ Internal 1 2,818.3 3,221.9 3,373.2 3,003.5 2,149.4 3,458.5 4,569.1 2,488.5 3,523.4 3,762.7 3,413.0 3,416.5 3,050.1 4,213.7 4,563.6 3,497.5 3,301.6 3,688.0 3,671.8 3,899.5 3,889.9 1,941.6 1,965.0 1,955.5 1,901.4 1,835.0 2,148.3 2,257.5 2,243.7 2,471.8 2,656.0 2,418.6 2,530.5 2,491.8 2,446.0 2,336.5 2,557.6 2,882.1 2,848.0 2,836.5 2,929.0 3,055.3 Total net funds raised Total Net new equity issues 876.7 276.3 –200.3 1,256.9 263.6 –268.5 1,417.7 197.2 –446.6 1,102.1 –104.8 –393.3 314.4 125.6 –284.6 1,310.2 –200.7 –569.5 2,311.6 292.4 –341.1 244.8 922.2 –133.4 1,051.6 270.0 –275.1 1,106.7 100.3 –604.6 994.4 483.0 –44.9 886.0 67.4 –209.2 558.3 407.6 –237.5 1,767.7 122.2 –609.0 2,227.1 480.4 –579.7 939.9 196.3 –746.0 419.5 –22.8 –544.8 840.0 –252.8 –547.8 835.3 174.1 –491.5 970.5 –96.2 –371.1 834.6 ����������������� ����������������� Credit market instruments Total Securities and mortgages Loans and short-term paper 288.2 276.1 512.6 297.0 276.0 243.9 446.9 738.4 291.4 155.8 486.8 212.0 433.6 33.1 383.9 6.6 166.2 66.4 699.8 151.8 67.7 154.4 227.1 100.7 –33.7 96.6 107.6 150.6 274.1 220.8 527.0 10.3 13.0 201.5 658.4 665.2 908.2 350.3 184.4 –89.3 97.6 88.8 476.6 532.1 643.9 288.5 410.2 368.7 633.4 1055.6 545.2 704.8 527.9 276.7 645.0 731.1 1,060.0 942.3 522.0 295.0 665.6 274.9 191.3 Capital expenditures 3 Total Other 2 388.2 669.6 733.8 815.9 –87.3 1,014.4 1,685.3 –745.3 507.6 332.3 449.6 682.3 –166.3 1,064.7 1,124.3 –51.1 –222.8 478.7 196.1 696.1 693.7 2,403.8 2,530.0 3,094.3 2,830.9 2,529.8 2,987.5 4,602.0 2,454.4 3,566.2 3,901.0 3,306.3 2,936.5 4,595.1 3,427.0 5,736.4 4,249.9 3,059.8 2,557.7 2,935.6 3,553.0 4,821.3 1,676.2 1,843.9 1,951.0 1,870.7 1,951.3 2,132.2 2,197.4 2,021.7 2,231.6 2,731.6 2,120.6 2,066.9 2,241.0 2,498.1 2,932.1 2,590.7 2,693.9 2,709.6 2,637.2 2,674.9 2,777.1 Increase in financial assets 727.6 686.1 1,143.3 960.2 578.5 855.3 2,404.6 432.7 1,334.6 1,169.4 1,185.7 869.6 2,354.1 928.9 2,804.3 1,659.2 365.9 –151.9 298.4 878.1 2,044.2 Discrepancy (sources less uses) 441.6 585.1 248.2 248.8 –320.8 165.7 –104.4 171.1 176.7 –389.3 330.6 834.4 –1,257.8 799.8 –1,439.0 –1,192.0 8.2 1,065.5 795.4 236.4 –915.4 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 2013: Dec ������������������������������������������ 2014: Dec ������������������������������������������ 2015: Dec ������������������������������������������ 2016: Dec ������������������������������������������ 2017: Dec ������������������������������������������ 2018: Dec ������������������������������������������ 2019: Dec ������������������������������������������ 2020: Dec ������������������������������������������ 2021: Dec ������������������������������������������ 2022: Dec r ���������������������������������������� 2022: Nov r ���������������������������������������� Dec r ���������������������������������������� 2023: Jan r ���������������������������������������� Feb r ���������������������������������������� Mar r ��������������������������������������� Apr r ���������������������������������������� May r ��������������������������������������� June r �������������������������������������� July r ��������������������������������������� Aug r ���������������������������������������� Sept r ��������������������������������������� Oct r ����������������������������������������� Nov p ��������������������������������������� Nonrevolving 2 Revolving 3,090.5 3,309.5 3,400.2 3,636.4 3,830.8 4,007.0 4,192.2 4,184.9 4,548.5 4,894.0 4,875.0 4,894.0 4,916.1 4,927.2 4,945.9 4,960.3 4,959.4 4,971.6 4,983.9 4,969.5 4,980.4 4,986.2 5,009.9 854.1 887.4 898.1 960.1 1,016.8 1,053.8 1,092.0 974.6 1,053.5 1,212.6 1,201.1 1,212.6 1,223.0 1,226.4 1,240.1 1,253.6 1,261.5 1,260.5 1,271.2 1,288.1 1,292.6 1,295.5 1,314.6 2,236.3 2,422.2 2,502.1 2,676.3 2,813.9 2,953.2 3,100.2 3,210.3 3,495.0 3,681.4 3,674.0 3,681.4 3,693.1 3,700.8 3,705.8 3,706.7 3,697.9 3,711.1 3,712.7 3,681.3 3,687.8 3,690.7 3,695.3 Total Revolving 177.6 219.0 90.7 236.2 194.4 176.2 185.2 –7.3 363.6 345.5 32.8 19.0 22.1 11.1 18.7 14.4 –.9 12.2 12.3 –14.4 10.9 5.8 23.7 14.1 33.3 10.7 62.0 56.7 37.0 38.2 –117.4 78.9 159.1 15.6 11.5 10.4 3.4 13.7 13.5 7.9 –1.0 10.7 16.9 4.5 2.9 19.1 Nonrevolving 2 163.4 185.9 79.9 174.2 137.6 139.3 147.0 110.1 284.7 186.4 17.3 7.4 11.7 7.7 5.0 .9 –8.8 13.2 1.6 –31.4 6.5 2.9 4.6 1 Change based on data in billions of dollars as shown here. For year-end data, change from preceding year-end; for monthly data, change from preceding month. 2 Includes automobile loans and all other loans not included in revolving credit, such as loans for mobile homes, education, boats, trailers, or vacations. These loans may be secured or unsecured. Note: Data include student loans extended by the Federal Government and by SLM Holding Corporation. Source: Board of Governors of the Federal Reserve System. 29 Interest Rates and Bond Yields Interest rates fell in 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 2015 2016 2017 2018 2019 2020 2021 2022 SOURCE: SEE TABLE BELOW 2023 COUNCIL OF ECONOMIC ADVISERS [Percent per annum] Chart 30 - Dec 2023 U.S. Treasury security yields Period 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2023 �������������������� 2022: Dec ����������� 2023: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� Week ended: 2023: Dec 9 ������ 16 ������ 23 ������ 30 ������ 2024: Jan 6 ������ 3-month bills (at auction) 1 Constant maturities 2 3-year 10-year 30-year High-grade municipal bonds (Standard & Poor’s) 3 Corporate Aaa bonds (Moody’s) Discount window primary credit (N.Y. F.R. Bank) 4 Prime rate charged by banks 4 Federal funds rate 5 New-home mortgage yields (FHFA) 6 0.03 .06 .33 .94 1.94 2.08 .38 .04 2.04 5.08 4.29 4.53 4.65 4.72 4.98 5.14 5.20 5.25 5.30 5.32 5.33 5.29 5.26 0.90 1.02 1.00 1.58 2.63 1.94 .42 .46 3.05 4.30 4.05 3.91 4.23 4.09 3.76 3.82 4.27 4.47 4.59 4.74 4.89 4.64 4.19 2.54 2.14 1.84 2.33 2.91 2.14 0.89 1.45 2.95 3.96 3.62 3.53 3.75 3.66 3.46 3.57 3.75 3.90 4.17 4.38 4.80 4.50 4.02 3.34 2.84 2.59 2.89 3.11 2.58 1.56 2.06 3.11 4.09 3.66 3.66 3.80 3.77 3.68 3.86 3.87 3.96 4.28 4.47 4.95 4.66 4.14 3.78 3.48 3.07 3.36 3.53 3.38 2.41 2.00 3.85 4.31 4.19 4.03 4.18 4.19 4.06 4.20 4.14 4.19 4.43 4.58 4.99 4.62 4.09 4.16 3.89 3.67 3.74 3.93 3.39 2.47 2.70 4.07 4.81 4.43 4.40 4.56 4.60 4.47 4.67 4.65 4.66 4.95 5.13 5.61 5.28 4.74 0.75 .76 1.01 1.60 2.41 2.78 .64 .25 1.86 5.20 4.50 4.50 4.75 5.00 5.00 5.25 5.25 5.50 5.50 5.50 5.50 5.50 5.50 3.25 3.26 3.51 4.10 4.91 5.28 3.54 3.25 4.86 8.20 7.50 7.50 7.75 8.00 8.00 8.25 8.25 8.50 8.50 8.50 8.50 8.50 8.50 0.09 .13 .39 1.00 1.83 2.16 .37 .08 1.69 5.02 4.10 4.33 4.57 4.65 4.83 5.06 5.08 5.12 5.33 5.33 5.33 5.33 5.33 4.22 4.01 3.76 3.97 4.53 ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� 5.25 5.26 5.26 5.26 5.25 4.36 4.25 4.09 4.01 4.12 4.19 4.06 3.91 3.85 3.98 4.30 4.17 4.03 4.00 4.12 4.16 4.16 4.01 3.99 4.12 r 4.87 5.50 5.50 5.50 5.50 5.50 8.50 8.50 8.50 8.50 8.50 5.33 5.33 5.33 5.33 5.33 ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� 4.75 4.65 4.63 4.81 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 were mixed in December. INDEX, DEC. 31, 2002=5,000 (RATIO SCALE) 18,000 INDEX, DEC. 31, 2002=5,000 (RATIO SCALE) 18,000 16,000 16,000 COMPOSITE STOCK PRICE INDEX (NYSE) 14,000 14,000 12,000 12,000 10,000 10,000 9,000 9,000 8,000 8,000 7,000 7,000 6,000 2015 2016 2018 2017 2019 2020 2021 2022 6,000 2023 PERCENT 20 PERCENT 20 15 15 EARNINGS/PRICE RATIO ON COMMON STOCKS (S&P) 10 10 5 5 0 0 2015 2016 2017 2018 2019 2021 2020 SOURCES: NEW YORK STOCK EXCHANGE, STANDARD AND POOR'S, AND BLOOMBERG 2022 2023 COUNCIL OF ECONOMIC ADVISERS Common stock yields (percent) 6 Common stock prices 1 Chart 31 - Dec 2023 New York Stock Exchange indexes (December 31, 2002=5,000) 2 Period Composite 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 2014 ��������������������� 2015 ��������������������� 2016 ��������������������� 2017 ��������������������� 2018 ��������������������� 2019 ��������������������� 2020 ��������������������� 2021 ��������������������� 2022 ��������������������� 2023 ��������������������� 2022: Dec ������������ 10,653.17 10,676.70 10,380.08 11,843.74 12,647.54 12,864.17 12,634.01 16,243.57 15,463.89 15,675.01 15,293.81 6,448.33 6,559.24 6,124.93 7,509.81 7,963.02 7,982.51 7,230.70 9,716.03 9,067.21 8,906.24 8,698.43 14,598.07 11,332.43 10,204.95 10,699.23 11,440.86 10,016.30 6,528.64 8,385.44 12,005.37 12,997.48 12,842.11 11,195.85 12,718.18 12,182.85 13,366.56 15,054.70 16,162.10 18,045.78 21,801.65 22,796.83 23,108.19 23,532.41 16,773.99 17,590.61 17,908.08 21,741.91 25,045.75 26,378.41 26,906.89 34,009.89 32,911.74 34,140.79 33,482.26 1,930.67 2,061.20 2,092.39 2,448.22 2,744.68 2,912.50 3,218.50 4,266.80 4,100.70 4,284.25 3,912.38 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 1.89 3.28 14,358.18 1.38 3.79 12,242.17 1.57 4.79 12,965.43 �������������������������� ���������������������������� 10,839.00 1.72 4.50 2023: Jan ������������ Feb ������������ Mar ����������� Apr ������������ May ����������� June ���������� July ����������� Aug ����������� Sept ���������� Oct ������������ Nov ����������� Dec ������������ Week ended: 2023: Dec 9 ��������� 16 �������� 23 �������� 30 �������� 2024: Jan 6 ������� 15,712.04 15,827.17 15,069.24 15,507.16 15,230.54 15,560.38 16,105.00 15,980.95 15,786.03 15,149.39 15,647.28 16,524.90 9,127.60 9,336.73 8,529.51 8,597.13 8,479.86 8,720.80 9,143.63 9,008.09 8,921.06 8,482.12 8,892.03 9,636.28 13,238.73 13,063.53 12,330.11 12,973.47 12,150.22 12,291.45 12,780.36 13,296.51 13,876.55 13,599.60 13,237.16 13,132.05 23,150.22 22,720.40 21,999.05 23,315.45 23,074.16 22,990.87 23,288.69 23,719.17 23,446.19 22,900.07 22,960.21 23,733.83 33,656.00 33,648.26 32,483.48 33,731.28 33,316.80 33,904.98 34,777.20 34,880.66 34,318.89 33,319.49 34,704.50 36,947.93 3,960.66 4,079.68 3,968.56 4,121.47 4,146.17 4,345.37 4,508.08 4,457.36 4,409.10 4,269.40 4,460.06 4,685.05 11,013.99 1.71 11,785.07 1.67 11,637.09 1.73 12,073.46 1.67 12,446.53 1.67 13,463.78 1.59 14,033.09 1.54 13,743.21 1.55 13,585.84 1.57 13,199.43 1.62 13,913.16 1.56 14,690.47 �������������������������� ���������������������������� ���������������������������� 4.26 ���������������������������� ���������������������������� 4.07 ���������������������������� ���������������������������� 4.30 ���������������������������� ���������������������������� ���������������������������� 16,158.57 16,490.97 16,697.05 16,875.33 16,758.56 9,348.53 9,636.17 9,772.20 9,894.49 9,828.86 12,897.97 12,956.47 13,309.09 13,383.59 13,423.04 23,446.50 23,712.81 23,796.60 24,096.63 24,623.68 36,149.74 36,925.32 37,347.25 37,650.37 37,512.92 4,575.25 4,682.39 4,741.73 4,777.38 4,708.39 14,261.21 14,655.07 14,928.56 15,070.06 14,598.13 ���������������������������� ���������������������������� ���������������������������� ���������������������������� ���������������������������� �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� 1 Annual data are averages of monthly figures. Monthly and weekly data are averages of daily closing prices. 2 Includes all the stocks (in 2022, over 3,000) listed on the NYSE. 3 Includes 30 stocks. 4 Includes 500 stocks. 5 Includes over 3,600 stocks in 2022. 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 2024, the deficit was $380.6 billion, compared with a deficit of $336.4 billion a year earlier. BILLIONS OF DOLLARS 7,600 RECEIPTS AND OUTLAYS1 7,200 BILLIONS OF DOLLARS 7,600 7,200 6,800 6,800 6,400 6,400 6,000 6,000 OUTLAYS1 5,600 5,600 5,200 5,200 4,800 4,800 4,400 4,400 4,000 4,000 3,600 3,600 3,200 3,200 1 RECEIPTS 2,800 2,800 2,400 2,400 2,000 1,600 2,000 1,600 400 0 –400 –800 –1,200 –1,600 –2,000 –2,400 –2,800 –3,200 –3,600 –4,000 400 0 –400 –800 –1,200 –1,600 –2,000 –2,400 –2,800 –3,200 –3,600 –4,000 SURPLUS OR DEFICIT (–)1 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 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 Outlays Chart 32 - Oct 2023 On-budget Surplus or deficit (–) Receipts Outlays Federal debt (end of period) Off-budget Surplus or deficit (–) Receipts Outlays Surplus or deficit (–) Gross Federal Held by the public 2005 ���������������������������������������������������� 2006 ���������������������������������������������������� 2007 ���������������������������������������������������� 2008 ���������������������������������������������������� 2009 ���������������������������������������������������� 2,153.6 2,406.9 2,568.0 2,524.0 2,105.0 2,472.0 2,655.1 2,728.7 2,982.5 3,517.7 –318.3 –248.2 –160.7 –458.6 –1,412.7 1,576.1 1,798.5 1,932.9 1,865.9 1,451.0 2,069.7 2,233.0 2,275.0 2,507.8 3,000.7 –493.6 –434.5 –342.2 –641.8 –1,549.7 577.5 608.4 635.1 658.0 654.0 402.2 422.1 453.6 474.8 517.0 175.3 186.3 181.5 183.3 137.0 7,905.3 8,451.4 8,950.7 9,986.1 11,875.9 4,592.2 4,829.0 5,035.1 5,803.1 7,544.7 2010 ���������������������������������������������������� 2011 ���������������������������������������������������� 2012 ���������������������������������������������������� 2013 ���������������������������������������������������� 2014 ���������������������������������������������������� 2015 ���������������������������������������������������� 2016 ���������������������������������������������������� 2017 ���������������������������������������������������� 2018 ���������������������������������������������������� 2019 ���������������������������������������������������� 2020 ���������������������������������������������������� 2021 ���������������������������������������������������� 2022 ���������������������������������������������������� 2023 1 �������������������������������������������������� 2024 (estimates) ��������������������������������� Cumulative total, first 2 months: 2 Fiscal year 2023 ���������������������������������� Fiscal year 2024 ���������������������������������� 2,162.7 2,303.5 2,450.0 2,775.1 3,021.5 3,249.9 3,268.0 3,316.2 3,329.9 3,463.4 3,421.2 4,047.1 4,897.4 4,439.3 5,027.6 3,457.1 3,603.1 3,526.6 3,454.9 3,506.3 3,691.9 3,852.6 3,981.6 4,109.0 4,447.0 6,553.6 6,822.5 6,273.3 6,134.4 6,904.8 –1,294.4 –1,299.6 –1,076.6 –679.8 –484.8 –442.0 –584.7 –665.5 –779.1 –983.6 –3,132.5 –2,775.4 –1,375.9 –1,695.1 –1,877.2 1,531.0 1,737.7 1,880.5 2,101.8 2,285.9 2,479.5 2,457.8 2,465.6 2,475.2 2,549.1 2,455.7 3,094.8 3,831.4 3,245.5 3,820.2 2,902.4 3,104.5 3,019.0 2,821.1 2,800.2 2,948.8 3,077.9 3,180.4 3,260.5 3,540.3 5,598.0 5,818.6 5,192.2 4,913.7 5,593.8 –1,371.4 –1,366.8 –1,138.5 –719.2 –514.3 –469.3 –620.2 –714.9 –785.3 –991.3 –3,142.3 –2,723.8 –1,360.7 –1,668.2 –1,773.6 631.7 565.8 569.5 673.3 735.6 770.4 810.2 850.6 854.7 914.3 965.4 952.3 1,066.0 1,193.8 1,207.3 554.7 498.6 507.6 633.8 706.1 743.1 774.7 801.2 848.6 906.6 955.6 1,003.8 1,081.2 1,220.7 1,310.9 77.0 67.2 61.9 39.5 29.5 27.3 35.5 49.4 6.2 7.7 9.8 –51.5 –15.2 –27.0 –103.6 13,528.8 14,764.2 16,050.9 16,719.4 17,794.5 18,120.1 19,539.5 20,205.7 21,462.3 22,669.5 26,902.5 28,385.6 30,838.6 32,988.0 33,996.6 9,018.9 10,128.2 11,281.1 11,982.7 12,779.9 13,116.7 14,167.6 14,665.4 15,749.6 16,800.7 21,016.7 22,282.8 24,252.4 26,239.5 27,008.3 570.6 678.3 907.0 1,058.8 –336.4 –380.6 413.1 508.8 715.4 842.1 –302.3 –333.3 157.5 169.4 191.6 216.7 –34.1 –47.3 31,268.1 33,635.2 24,495.1 26,726.6 1 Data for fiscal year 2023 are from Final Monthly Treasury Statement issued October 20, 2023. 2 Data from current issue Monthly Treasury Statement. Note: Data for fiscal year 2024 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2024, issued July 28, 2023. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 2024, issued March 9, 2023. Sources: Department of the Treasury and Office of Management and Budget. 32 Federal Receipts by Source and Outlays by Function In the first two months of fiscal year 2024, receipts were $107.7 billion higher than a year earlier and outlays were $151.8 billion higher. BILLIONS OF DOLLARS 2,800 RECEIPTS1 2,400 BILLIONS OF DOLLARS 2,800 2,400 INDIVIDUAL INCOME TAXES 2,000 2,000 1,600 1,600 1,200 1,200 SOCIAL INSURANCE AND RETIREMENT RECEIPTS CORPORATION INCOME TAXES 800 400 0 6,800 6,400 OTHER RECEIPTS 800 400 0 6,800 6,400 OUTLAYS1 6,000 6,000 5,600 5,600 5,200 5,200 4,800 4,800 4,400 4,400 NONDEFENSE 4,000 4,000 3,600 3,600 3,200 3,200 2,800 2,800 2,400 2,000 2,400 2,000 1,000 800 600 400 200 1,000 800 600 400 200 NATIONAL DEFENSE 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 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 2023 [Billions of dollars] On-budget and off-budget receipts Fiscal year or period Total Indi- Corporavidual tion income income taxes taxes Social insurance and retirement receipts On-budget and off-budget outlays National defense Other Total Total Depart- Internament tional of affairs Defense, military Health Medicare Income Social Net security security interest Other 2005 ���������������������������������������������������� 2006 ���������������������������������������������������� 2007 ���������������������������������������������������� 2008 ���������������������������������������������������� 2009 ���������������������������������������������������� 2,153.6 2,406.9 2,568.0 2,524.0 2,105.0 927.2 1,043.9 1,163.5 1,145.7 915.3 278.3 353.9 370.2 304.3 138.2 794.1 837.8 869.6 900.2 890.9 154.0 171.2 164.7 173.7 160.5 2,472.0 2,655.1 2,728.7 2,982.5 3,517.7 495.3 521.8 551.3 616.1 661.0 474.1 499.3 528.5 594.6 636.7 34.6 29.5 28.5 28.9 37.5 250.6 252.8 266.4 280.6 334.4 298.6 329.9 375.4 390.8 430.1 345.8 352.4 365.9 431.2 533.1 523.3 548.5 586.2 617.0 683.0 184.0 226.6 237.1 252.8 186.9 339.8 393.5 317.9 365.2 651.7 2010 ���������������������������������������������������� 2011 ���������������������������������������������������� 2012 ���������������������������������������������������� 2013 ���������������������������������������������������� 2014 ���������������������������������������������������� 2015 ���������������������������������������������������� 2016 ���������������������������������������������������� 2017 ���������������������������������������������������� 2018 ���������������������������������������������������� 2019 ���������������������������������������������������� 2020 ���������������������������������������������������� 2021 ���������������������������������������������������� 2022 ���������������������������������������������������� 2023 1 �������������������������������������������������� 2024 (estimates) ��������������������������������� Cumulative total, first 2 months: 2 Fiscal year 2023 ���������������������������������� Fiscal year 2024 ���������������������������������� 2,162.7 2,303.5 2,450.0 2,775.1 3,021.5 3,249.9 3,268.0 3,316.2 3,329.9 3,463.4 3,421.2 4,047.1 4,897.4 4,439.3 5,027.6 898.5 1,091.5 1,132.2 1,316.4 1,394.6 1,540.8 1,546.1 1,587.1 1,683.5 1,717.9 1,608.7 2,044.4 2,632.1 2,176.5 2,355.2 191.4 181.1 242.3 273.5 320.7 343.8 299.6 297.0 204.7 230.2 211.8 371.8 424.9 419.6 663.6 864.8 818.8 845.3 947.8 1,023.5 1,065.3 1,115.1 1,161.9 1,170.7 1,243.1 1,310.0 1,314.1 1,483.5 1,614.5 1,773.6 207.9 212.1 230.2 237.4 282.7 300.0 307.3 270.1 270.9 272.1 290.7 316.8 356.9 228.8 235.2 3,457.1 3,603.1 3,526.6 3,454.9 3,506.3 3,691.9 3,852.6 3,981.6 4,109.0 4,447.0 6,553.6 6,822.5 6,273.3 6,134.4 6,904.8 693.5 705.6 677.9 633.4 603.5 589.7 593.4 598.7 631.1 686.0 724.6 753.9 765.8 820.7 897.0 666.7 678.1 650.9 607.8 577.9 562.5 565.4 568.9 600.7 654.0 690.4 717.6 726.6 775.9 848.6 45.2 45.7 36.8 46.5 46.9 52.0 45.3 46.3 49.0 52.7 67.7 46.9 71.7 69.3 70.8 369.1 372.5 346.8 358.3 409.5 482.3 511.3 533.2 551.2 584.8 747.6 796.5 914.1 889.3 877.0 451.6 485.7 471.8 497.8 511.7 546.2 594.5 597.3 588.7 651.0 776.2 696.5 755.1 847.5 853.5 622.1 597.3 541.2 536.4 513.6 508.8 514.1 503.4 495.3 514.8 1,263.6 1,647.7 866.1 774.2 974.1 706.7 730.8 773.3 813.6 850.5 887.8 916.1 944.9 987.8 1,044.4 1,095.8 1,134.6 1,218.7 1,354.3 1,456.7 196.2 230.0 220.4 220.9 229.0 223.2 240.0 262.6 325.0 375.2 345.5 352.3 475.9 659.2 800.3 372.6 435.7 458.4 348.0 341.7 402.0 437.9 495.3 480.9 538.1 1,532.6 1,394.1 1,206.0 719.9 975.3 570.6 678.3 289.1 346.8 17.6 56.0 223.4 236.3 40.6 39.2 907.0 1,058.8 138.3 157.5 131.5 149.7 14.5 13.1 146.9 146.9 88.3 102.9 96.9 82.3 208.6 233.6 90.3 147.8 123.2 174.6 1 Data for fiscal year 2023 are from Final Monthly Treasury Statement issued October 20, 2023. 2 Data from current issue Monthly Treasury Statement. Data for Department of Defense, military, include a small amount that is classified and listed under international affairs, and not included in national defense. Note: Data for fiscal year 2024 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2024, issued July 28, 2023. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 2024, issued March 9, 2023. Sources: Department of the Treasury and Office of Management and Budget. 33 Federal Sector, National Income Accounts Basis In the third quarter of 2023, according to revised estimates, Federal current receipts rose $43.8 billion (annual rate), while Federal current expenditures rose $54.1 billion. BILLIONS OF DOLLARS 10,400 BILLIONS OF DOLLARS 10,400 SEASONALLY ADJUSTED ANNUAL RATES 9,600 9,600 8,800 8,800 8,000 8,000 7,200 7,200 6,400 6,400 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 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 CALENDAR YEARS SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Chart 34 - Dec 2023 Federal Government current receipts Federal Government current expenditures Current tax receipts Period Calendar year: 2013 ������������� 2014 ������������� 2015 ������������� 2016 ������������� 2017 ������������� 2018 ������������� 2019 ������������� 2020 ������������� 2021 ������������� 2022 ������������� 2021: I ��������������� II �������������� III ������������� IV ������������� 2022: I ��������������� II �������������� III ������������� IV ������������� 2023: I ��������������� II �������������� III r ����������� Total 3,136.3 3,294.4 3,448.4 3,460.7 3,503.7 3,583.1 3,704.2 3,775.2 4,388.6 4,976.3 4,123.3 4,333.0 4,470.7 4,627.6 4,954.1 5,025.0 4,991.7 4,934.5 4,651.1 4,680.6 4,724.4 Total 1 1,744.9 1,900.5 2,025.7 2,021.1 1,999.8 2,028.4 2,113.2 2,158.2 2,638.9 3,102.3 2,456.9 2,612.7 2,693.3 2,792.6 3,071.6 3,128.4 3,131.1 3,077.9 2,781.1 2,788.7 2,803.8 Contributions for Income Taxes govern- receipts Taxes Personal on ment on on current production corporate social assets taxes and insurincome imports ance 1,302.9 1,403.7 1,532.6 1,547.9 1,613.1 1,614.3 1,701.3 1,753.5 2,149.3 2,505.4 2,013.4 2,118.4 2,200.0 2,265.3 2,506.9 2,502.6 2,521.9 2,490.1 2,181.0 2,175.1 2,179.8 125.5 136.7 141.9 137.3 131.4 163.5 174.9 155.3 178.6 194.2 160.9 180.5 182.1 191.0 200.9 202.8 192.2 180.9 177.0 175.4 171.6 298.4 339.6 329.1 311.9 230.3 225.0 210.5 221.8 279.9 368.9 252.3 283.6 279.8 303.9 329.8 388.8 383.6 373.6 388.6 403.3 418.0 1,091.8 1,140.1 1,190.8 1,224.4 1,284.3 1,346.6 1,409.3 1,434.6 1,541.1 1,685.0 1,484.6 1,519.7 1,556.8 1,603.4 1,645.9 1,667.8 1,709.6 1,716.7 1,758.5 1,778.7 1,798.4 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). 34 243.7 172.7 161.2 140.7 138.9 121.7 110.0 118.6 139.9 114.8 108.1 134.0 154.2 163.2 170.5 149.3 82.9 56.5 43.0 41.9 47.3 Current transfer receipts 63.7 85.8 71.6 73.8 77.6 83.0 70.4 58.5 60.4 66.7 65.7 58.1 57.7 60.0 58.1 71.9 60.7 75.9 60.6 63.3 67.1 Current surplus of government enterprises –7.8 –4.6 –.9 .7 3.1 3.3 1.3 5.3 8.4 7.6 8.0 8.5 8.6 8.4 8.0 7.6 7.4 7.5 7.8 8.0 7.8 Total 3,770.3 3,888.4 4,005.8 4,128.0 4,240.5 4,489.5 4,748.6 6,669.6 7,128.6 6,038.5 8,171.3 7,603.7 6,660.1 6,079.1 5,928.4 5,985.5 6,064.4 6,175.7 6,324.8 6,346.3 6,400.4 ConCurrent sumption transfer Interest Subsidies expendipaypayments tures ments 2 956.4 950.3 951.7 962.3 978.5 1,034.4 1,089.7 1,158.6 1,216.4 1,229.0 1,241.0 1,215.5 1,196.2 1,212.7 1,206.3 1,209.4 1,232.4 1,267.9 1,303.0 1,307.2 1,346.3 2,338.3 2,441.5 2,568.1 2,650.1 2,726.0 2,851.7 3,009.1 4,333.4 4,858.0 3,957.0 6,009.8 5,133.3 4,327.8 3,961.1 3,935.2 3,962.8 3,960.5 3,969.6 4,047.3 4,030.4 3,970.5 416.3 439.1 429.3 454.3 476.7 540.6 577.4 521.4 574.6 725.7 535.0 562.2 588.9 612.2 635.6 683.8 753.8 829.6 873.8 909.6 981.3 59.2 57.6 56.7 61.2 59.3 62.7 72.4 656.2 479.6 126.8 385.5 692.7 547.1 293.2 151.4 129.5 117.7 108.6 100.7 99.2 102.4 Net Federal Government saving –633.9 –594.0 –557.4 –667.3 –736.8 –906.4 –1,044.4 –2,894.4 –2,739.9 –1,062.2 –4,048.0 –3,270.7 –2,189.4 –1,451.6 –974.4 –960.5 –1,072.7 –1,241.2 –1,673.7 –1,665.7 –1,676.0 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries Industrial production (2017=100; seasonally adjusted) Period United States Canada Japan France Germany Consumer prices (1982–84=100; NSA) United Kingdom Italy United States 1 Canada Japan France Germany United Kingdom Italy 2013 r ������������� 99.3 92.4 96.2 97.1 94.1 94.1 93.2 232.957 212.4 117.9 2014 r ������������� 102.3 97.0 98.1 96.1 95.4 93.5 95.1 236.736 216.4 121.1 2015 r ������������� 100.9 96.6 97.1 97.4 96.2 94.5 99.6 237.017 218.8 122.1 r 2016 ������������� 98.7 96.4 97.2 97.8 96.9 96.4 99.6 240.007 222.0 121.9 2017 ��������������� 100.0 100.0 100.0 100.0 100.0 100.0 100.0 245.120 225.5 122.5 2018 r ������������� 103.2 103.4 100.6 100.7 101.0 100.9 103.1 251.107 230.6 123.7 2019 r ������������� 102.4 103.3 98.2 101.3 97.7 99.7 104.9 255.657 235.1 124.3 r 2020 ������������� 95.1 95.3 87.5 90.5 88.3 88.7 107.3 258.811 236.8 124.3 r 2021 ������������� 99.2 100.0 92.6 95.6 92.4 99.1 103.2 270.970 244.8 124.0 2022 r ������������� 102.6 103.9 92.6 95.5 92.0 99.5 99.6 292.655 261.5 127.1 2023 p ������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 196.3 197.2 197.3 197.7 199.7 203.4 205.7 206.7 210.0 221.0 231.8 175.0 176.6 177.6 178.4 181.1 184.3 186.9 187.9 193.7 207.0 219.3 307.1 293.9 307.9 300.8 308.0 303.8 307.7 309.1 311.5 320.1 315.0 330.8 317.0 339.3 316.5 344.4 322.5 358.3 348.9 399.9 368.5 ����������������� 2022: Nov r ���� Dec r ���� 129.1 129.4 225.5 225.3 213.6 212.7 365.7 366.7 2023: Jan r ���� 102.5 103.4 88.5 94.8 92.3 98.2 98.5 299.170 266.1 130.1 Feb r ���� 102.6 104.1 91.7 96.2 94.0 98.1 98.4 300.840 267.1 129.3 r Mar ��� 102.7 104.9 92.0 95.2 92.0 97.6 99.1 301.836 268.5 129.8 r Apr ���� 103.2 104.8 92.6 95.8 92.0 95.6 99.3 303.363 270.4 130.6 May r ��� 102.9 104.7 90.6 96.9 91.9 97.2 98.8 304.127 271.5 130.6 June r �� 102.3 105.0 92.8 96.1 90.8 97.7 101.3 305.109 271.8 130.8 r July ��� 103.2 104.7 91.1 96.6 89.8 96.8 100.2 305.691 273.4 131.4 r Aug ���� 103.2 104.2 90.5 96.4 90.1 97.0 99.7 307.026 274.4 131.6 Sept r ��� 103.3 104.1 91.0 95.9 88.6 97.1 99.8 307.789 274.1 132.0 Oct p ���� 102.4 103.9 92.1 95.6 88.6 96.9 98.9 307.671 274.2 133.1 p Nov ��� 102.7 ��������������� 91.3 ��������������� 88.3 ��������������� ��������������� 307.051 ��������������� ��������������� p Dec ��� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 226.1 228.5 230.5 231.9 231.7 232.2 232.3 234.6 233.4 233.7 233.2 233.2 214.8 216.5 218.1 219.1 218.9 219.5 220.0 220.8 221.3 221.3 220.4 220.4 367.0 423.3 367.6 428.2 366.0 431.4 367.6 438.0 368.8 440.9 368.8 442.2 368.8 439.6 370.0 442.5 370.7 444.6 370.0 443.9 368.5 443.3 368.5 ����������������� 103.1 101.5 103.6 102.5 92.6 92.1 95.4 96.8 92.8 90.9 97.8 98.9 98.5 98.5 297.711 296.797 266.3 264.7 421.0 423.4 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 BOP basis IndusFoods, trial Total, feeds, supCensus and plies basis 1 beverand ages materials Services (BOP basis) Goods: Imports (customs value) 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 BOP basis IndusFoods, trial Total, feeds, supCensus and plies basis 1 beverand ages materials BOP basis Auto- ConGoods, Capital motive sumer goods Exports Imports Census goods ve(nonbasis except hicles, food) auto- parts motive and en- except autogines motive 2013 ��������������� 2014 ��������������� 2015 ��������������� 2016 ��������������� 2017 ��������������� 2018 ��������������� 2019 ��������������� 2020 ��������������� 2021 ��������������� 2022 ��������������� 2022: Nov ����� Dec ������ 1,593.7 1,635.6 1,511.4 1,457.4 1,557.0 1,676.9 1,655.1 1,433.9 1,765.9 2,089.9 172.5 169.6 1,578.5 1,621.9 1,503.3 1,451.5 1,547.2 1,665.8 1,645.9 1,430.0 1,757.8 2,065.2 170.8 168.0 136.2 143.7 127.7 130.5 132.8 133.1 131.0 139.3 164.5 179.9 13.6 14.3 508.2 505.8 427.0 397.3 465.2 541.2 529.5 466.5 637.6 830.8 67.2 64.1 534.4 551.5 539.5 519.7 533.4 563.2 550.5 463.2 521.2 572.7 48.5 48.7 152.7 159.8 151.9 150.4 157.9 158.8 163.1 129.4 146.4 159.7 13.9 14.3 188.8 199.0 197.7 193.7 197.7 206.0 205.6 175.0 222.3 245.7 21.0 19.7 2,294.2 2,385.5 2,273.2 2,207.2 2,356.3 2,555.7 2,512.4 2,346.7 2,849.4 3,272.9 256.5 261.5 2,268.0 2,356.4 2,248.8 2,186.8 2,339.6 2,536.1 2,491.7 2,331.5 2,828.9 3,242.5 254.0 259.1 115.1 125.9 127.8 130.0 137.8 147.3 150.5 154.3 182.1 208.3 17.1 17.0 681.5 667.0 486.0 443.3 507.0 574.6 520.6 478.7 649.1 808.7 62.5 60.6 555.7 594.1 602.5 589.7 639.8 690.9 674.8 643.4 760.0 863.7 71.9 72.0 308.8 328.6 349.2 349.9 358.2 371.1 374.5 309.2 345.7 398.9 32.7 35.3 531.7 557.1 594.2 583.1 601.4 645.4 653.0 639.6 767.4 841.6 60.0 64.1 719.4 757.1 769.4 783.4 837.5 865.5 891.2 726.3 801.1 928.5 80.3 80.7 2023: Jan ������ Feb ������ Mar ����� Apr ������ May ����� June ���� July ����� Aug ����� Sept ���� Oct r ����� Nov p ��� 178.1 172.1 176.4 167.3 165.1 164.9 168.4 171.3 176.7 173.4 168.0 175.8 169.2 173.0 163.5 162.5 162.5 165.3 168.9 173.8 171.2 165.7 14.9 15.1 14.3 14.3 12.4 12.4 12.4 12.4 13.8 13.5 13.3 64.9 61.8 64.8 58.5 57.1 56.4 57.7 60.4 62.0 63.1 59.5 49.8 49.1 49.5 49.1 49.0 49.8 49.9 51.0 51.1 51.2 51.2 15.6 13.7 14.2 14.2 15.2 15.2 16.9 15.5 16.0 15.1 14.2 23.5 22.3 22.5 20.8 21.6 21.2 21.2 22.3 22.9 20.8 20.3 268.8 263.0 258.1 263.4 256.3 253.1 258.3 256.0 263.0 263.4 257.4 266.2 260.4 255.5 261.0 254.1 251.0 256.2 253.7 260.6 260.9 255.0 17.5 17.1 16.8 16.4 15.9 16.2 16.9 16.8 16.7 16.9 17.0 60.5 59.8 57.7 59.6 56.3 53.9 52.5 55.2 56.4 56.1 55.3 72.6 73.0 70.7 70.9 71.7 69.4 71.7 69.9 71.5 73.3 72.5 37.9 36.3 35.2 37.1 37.4 38.7 39.4 38.7 40.5 39.6 39.4 67.1 63.2 64.5 66.3 61.5 61.9 64.5 62.6 64.6 64.3 60.2 80.5 80.9 81.3 82.6 83.5 83.5 83.3 84.2 84.7 85.2 85.7 Goods 465.7 –689.5 –700.5 491.1 –734.5 –749.9 498.3 –745.5 –761.9 513.1 –735.3 –749.8 555.1 –792.4 –799.3 565.4 –870.4 –878.7 593.3 –845.8 –857.3 466.3 –901.5 –912.9 559.2 –1,071.1 –1,083.5 696.7 –1,177.4 –1,183.0 60.1 –83.2 –84.0 60.2 –91.1 –91.9 60.5 60.6 60.1 59.3 59.2 59.3 58.4 58.1 59.5 59.7 59.6 –90.4 –91.2 –82.5 –97.5 –91.6 –88.5 –90.9 –84.7 –86.8 –89.7 –89.3 –90.7 –90.9 –81.6 –96.1 –91.2 –88.2 –89.9 –84.7 –86.3 –90.0 –89.4 Ser- Goods and vices services 253.7 266.0 271.1 270.3 282.4 300.2 297.9 260.0 241.9 231.8 20.2 20.5 –446.9 –484.0 –490.8 –479.5 –516.9 –578.6 –559.4 –652.9 –841.6 –951.2 –63.8 –71.4 19.9 20.3 21.2 23.2 24.3 24.2 25.0 26.1 25.2 25.5 26.2 –70.8 –70.6 –60.4 –72.9 –66.9 –64.0 –65.0 –58.6 –61.2 –64.5 –63.2 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 2023, the current account deficit narrowed to $200.3 billion from $216.8 billion in the second quarter. The goods and services deficit fell to $184.7 billion from $203.8 billion in the second quarter. BILLIONS OF DOLLARS 80 BILLIONS OF DOLLARS 80 SEASONALLY ADJUSTED 60 60 40 40 BALANCE ON PRIMARY INCOME 20 20 0 0 –20 –20 –40 –40 BALANCE ON SECONDARY INCOME –60 –60 BALANCE ON CURRENT ACCOUNT –80 –80 –100 –100 –120 –120 –140 –140 –160 –160 BALANCE ON GOODS AND SERVICES –180 –180 –200 –200 –220 –220 –240 –240 –260 –260 –280 –280 –300 –300 –320 –320 2014 2015 2017 2016 2018 2019 2020 2021 SOURCE: DEPARTMENT OF COMMERCE 2022 2023 COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted] Current Account 1 Goods 2 Period 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II ��������������� III �������������� IV �������������� 2023: I ���������������� II r ������������� III p������������ Services Balance on goods Exports Imports 1,593,708 1,635,563 1,511,381 1,457,393 1,557,003 1,676,913 1,655,098 1,433,852 1,765,884 2,089,925 412,953 433,608 441,989 477,335 490,438 534,973 546,789 517,725 526,548 497,270 516,414 2,294,247 –700,539 2,385,480 –749,917 2,273,249 –761,868 2,207,195 –749,801 2,356,345 –799,343 2,555,662 –878,749 2,512,358 –857,260 2,346,727 –912,875 2,849,395 –1,083,511 3,272,935 –1,183,010 673,259 –260,306 700,001 –266,393 713,752 –271,763 762,383 –285,048 823,225 –332,786 843,880 –308,907 813,966 –267,176 791,865 –274,140 789,815 –263,268 772,770 –275,500 777,367 –260,953 Exports 719,413 757,051 769,397 783,431 837,474 865,549 891,177 726,296 801,143 928,530 188,791 195,434 202,751 214,166 220,887 231,489 235,318 240,836 242,671 249,525 252,187 Imports 465,736 491,086 498,305 513,088 555,070 565,395 593,313 466,301 559,205 696,707 121,628 132,150 148,914 156,513 164,101 173,524 178,855 180,228 181,201 177,824 175,971 Balance on services 253,678 265,965 271,092 270,343 282,404 300,155 297,865 259,995 241,938 231,822 67,163 63,285 53,837 57,653 56,787 57,965 56,463 60,608 61,470 71,701 76,216 Balance on goods and services –446,861 –483,952 –490,776 –479,458 –516,939 –578,594 –559,395 –652,881 –841,573 –951,188 –193,144 –203,109 –217,926 –227,395 –276,000 –250,942 –210,713 –213,532 –201,798 –203,799 –184,737 Chart 36 - Dec 2023 Primary income receipts and payments Receipts 811,501 845,858 824,929 857,240 995,442 1,102,964 1,139,310 957,891 1,077,227 1,217,853 264,323 264,149 272,509 276,246 280,000 298,649 312,696 326,508 339,004 350,315 362,114 Payments 616,041 645,623 639,724 660,798 737,501 847,689 891,911 776,923 927,297 1,069,300 215,123 229,940 240,627 241,607 251,196 256,486 273,204 288,414 307,558 318,070 332,107 Balance on primary income 195,460 200,235 185,205 196,442 257,942 255,275 247,400 180,968 149,930 148,553 49,199 34,209 31,882 34,639 28,804 42,163 39,492 38,094 31,446 32,245 30,007 Balance on secondary Income 3 –88,115 –86,339 –102,882 –113,199 –108,618 –116,530 –129,756 –125,227 –139,802 –168,960 –31,605 –31,319 –40,682 –36,195 –36,704 –40,005 –51,536 –40,716 –44,120 –45,251 –45,574 Balance on current account –339,516 –370,056 –408,453 –396,216 –367,616 –439,849 –441,751 –597,140 –831,445 –971,595 –175,550 –200,219 –226,725 –228,951 –283,899 –248,784 –222,757 –216,154 –214,472 –216,805 –200,304 Current account balance as a percentage of GDP –2.0 –2.1 –2.2 –2.1 –1.9 –2.1 –2.1 –2.8 –3.5 –3.8 –3.1 –3.4 –3.8 –3.7 –4.5 –3.9 –3.4 –3.3 –3.2 –3.2 –2.9 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 $138.6 billion in the second quarter of 2023, resulting from a net increase in U.S. financial assets of $323.4 billion plus a net increase in financial derivatives of $1.1 billion, less a net increase in U.S. liabilities of $463.0 billion. U.S. net borrowing was down from $140.4 billion in the second quarter. BILLIONS OF DOLLARS 1,100 BILLIONS OF DOLLARS 1,100 SEASONALLY ADJUSTED 1,000 1,000 900 900 800 800 700 700 600 600 500 500 CHANGE IN U.S. LIABILITIES 400 400 300 300 200 200 100 100 0 0 CHANGE IN U.S. ASSETS ABROAD1 –100 –100 –200 –200 –300 –300 –400 –400 2015 2014 2016 2017 2018 2019 2020 2021 2022 2023 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 2023 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 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II ��������������� III �������������� IV �������������� 2023: I ���������������� II r ������������� III p������������ Direct investment assets Portfolio investment assets Other investment assets –6,559 626,189 392,796 457,734 –221,242 –6,535 865,694 387,528 581,668 –99,920 –7,940 144,104 302,072 107,154 –258,831 –6,606 336,438 299,814 37,489 –2,955 12,394 1,161,984 409,413 540,728 213,533 –4,261 429,710 –130,720 381,863 173,578 –6,456 315,580 114,924 –11,453 207,450 –5,610 959,138 286,663 406,368 257,133 –2,511 1,242,954 394,069 711,511 23,381 –4,603 840,582 426,251 372,494 36,023 –2,729 455,994 85,464 337,324 35,307 –869 252,456 133,861 175,898 –57,781 3,001 473,479 95,865 303,444 –38,432 –1,914 61,024 78,879 –105,155 84,287 –2,048 397,478 146,201 191,963 58,381 –3,292 367,359 99,520 239,508 27,150 4,158 336,063 74,788 271,824 –11,346 –3,421 –260,318 105,743 –330,802 –38,162 –5,913 208,346 108,734 8,109 90,725 –2,737 201,852 86,516 38,966 76,098 –2,106 323,357 101,614 47,181 174,163 Net U.S. incurrence of liabilities excluding financial derivatives [net increase in liabilities / financial inflow (+)] Reserve assets 4 Total –3,099 –3,583 –6,292 2,090 –1,690 4,989 4,659 8,974 113,993 5,814 –2,100 477 112,603 3,013 932 1,181 797 2,903 778 272 400 1,052,068 1,109,443 503,468 706,693 1,559,219 712,178 832,266 1,622,963 1,992,760 1,564,676 632,398 465,779 679,479 215,103 672,370 454,494 518,520 –80,707 556,677 337,499 463,018 Direct investment liabilities Portfolio investment liabilities Other investment liabilities 288,131 251,857 511,434 474,388 380,823 214,716 315,983 138,364 493,086 388,078 59,130 133,256 174,252 126,448 126,531 73,273 121,427 66,847 112,094 111,530 80,841 511,987 697,607 213,910 231,265 790,810 303,075 233,469 946,560 614,250 810,154 393,559 160,388 191,447 –131,143 264,362 384,377 262,475 –101,060 299,510 402,487 193,074 251,949 159,979 –221,876 1,040 387,586 194,387 282,814 538,038 885,424 366,445 179,710 172,136 313,780 219,798 281,476 –3,155 134,618 –46,494 145,073 –176,518 189,102 Financial derivatives other than reserves, net transactions 2,222 –54,335 –27,035 7,827 23,998 –20,404 –41,670 –5,107 –39,028 –80,698 –2,216 –7,319 –6,796 –22,697 6,102 –45,911 –33,940 –6,949 –1,727 –4,741 1,068 Net lending (+) Statistical or net discrepancy borrowing (–) from financial account transactions 5 –423,657 –298,084 –386,400 –362,427 –373,237 –302,872 –558,356 –668,932 –788,834 –804,792 –178,620 –220,643 –212,796 –176,776 –268,790 –133,046 –216,396 –186,560 –350,058 –140,388 –138,592 –77,582 78,506 29,993 40,394 –18,016 141,238 –110,149 –66,182 45,122 171,406 –341 –19,555 10,928 54,089 17,158 119,030 2,203 33,015 –129,673 79,154 63,818 U.S. official reserve assets, net (unadjusted, end of period) 4 144,575 130,090 117,581 117,332 123,313 125,798 129,479 144,890 251,238 243,758 139,048 140,185 250,080 251,238 248,224 238,575 230,153 243,758 246,990 244,008 240,990 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