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117th Congress, 2nd Session

Economic Indicators
FEBRUARY 2022
(Includes data available as of March 4, 2022)

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

UNITED STATES
GOVERNMENT PUBLISHING OFFICE
WASHINGTON : 2022

JOINT ECONOMIC COMMITTEE

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

Representative Donald S. Beyer, Jr., Virginia, Chairman
Senator Martin Heinrich, New Mexico, Vice Chairman
House of Representatives
David Trone, Maryland
Joyce Beatty, Ohio
Mark Pocan, Wisconsin
Scott Peters, California
Sharice L. Davids, Kansas
David Schweikert, Arizona
Jaime Herrera Beutler, Washington
Jodey C. Arrington, Texas
Ron Estes, Kansas

Senate
Amy Klobuchar, Minnesota
Margaret Wood Hassan, New Hampshire
Mark Kelly, Arizona
Raphael G. Warnock, Georgia
Mike Lee, Utah, Ranking
Tom Cotton, Arkansas
Rob Portman, Ohio
Bill Cassidy, M.D., Louisiana
Ted Cruz, Texas

Tamara L. Fucile, Executive Director

COUNCIL OF ECONOMIC ADVISERS
Cecilia E. Rouse, Chair
Jared Bernstein, Member
Heather M. Boushey, 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 fourth quarter of 2021, according to revised estimates, real gross domestic product (GDP) in chained (2012)
dollars rose 7.0 percent (annual rate), current dollar GDP rose 14.6 percent, and the chained price index rose 7.1
percent.
BILLIONS OF DOLLARS (RATIO SCALE)

BILLIONS OF DOLLARS (RATIO SCALE)
24,800
24,400
24,000
23,600
23,200
22,800
22,400
22,000

24,800
24,400
24,000
23,600
23,200
22,800
22,400
22,000

SEASONALLY ADJUSTED ANNUAL RATES

21,600
21,200

21,600
21,200

20,800
20,400

20,800
20,400

20,000

20,000

19,600

19,600

19,200

19,200

GDP
IN CURRENT DOLLARS

18,800

18,800

18,400

18,400

18,000

18,000

17,600

17,600
GDP
IN CHAINED (2012) DOLLARS

17,200
16,800

17,200
16,800

16,400

16,400

16,000

16,000

15,600

15,600

15,200

15,200

14,800

14,800
2012

2013

2014

2015

2016

2017

2018

2019

SOURCE: DEPARTMENT OF COMMERCE

2020

2021

COUNCIL OF ECONOMIC ADVISERS

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

Period

2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 r ������������������
2019: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2020: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2021: I ����������������
      II ���������������
      III ��������������
      IV r ������������

Gross
domestic
product

16,254.0
16,843.2
17,550.7
18,206.0
18,695.1
19,479.6
20,527.2
21,372.6
20,893.7
22,997.5
21,001.6
21,289.3
21,505.0
21,694.5
21,481.4
19,477.4
21,138.6
21,477.6
22,038.2
22,741.0
23,202.3
24,008.5

Personal
consumption
expenditures

Gross
private
domestic
investment

11,047.4
11,363.5
11,847.7
12,263.5
12,693.3
13,239.1
13,913.5
14,428.7
14,047.6
15,746.9
14,155.6
14,375.7
14,529.5
14,653.9
14,439.1
12,989.7
14,293.8
14,467.6
15,005.4
15,681.7
15,964.9
16,335.5

2,621.8
2,826.0
3,044.2
3,237.2
3,205.0
3,381.4
3,637.8
3,826.3
3,637.8
4,113.4
3,801.9
3,843.0
3,858.2
3,801.9
3,752.4
3,167.0
3,708.8
3,923.2
3,928.0
3,925.1
4,099.6
4,501.1

Exports and imports of
goods and services
Net
exports
–551.6
–479.4
–510.0
–526.2
–506.3
–539.9
–596.2
–596.3
–651.2
–915.9
–606.4
–632.3
–614.0
–532.4
–541.7
–538.9
–725.7
–798.4
–872.5
–881.7
–947.0
–962.2

Federal
Exports

2,217.7
2,287.0
2,377.4
2,268.7
2,232.1
2,383.8
2,533.5
2,519.7
2,123.4
2,479.9
2,524.6
2,533.4
2,512.1
2,508.7
2,385.5
1,807.9
2,079.6
2,220.7
2,311.9
2,461.5
2,485.2
2,661.1

Imports

2,769.3
2,766.4
2,887.4
2,794.9
2,738.4
2,923.7
3,129.7
3,116.0
2,774.6
3,395.8
3,131.0
3,165.7
3,126.1
3,041.1
2,927.3
2,346.7
2,805.3
3,019.1
3,184.5
3,343.2
3,432.3
3,623.2

Chart 1 - Feb 2022

Government consumption expenditures
and gross investment

Total

3,136.5
3,133.0
3,168.8
3,231.6
3,303.1
3,399.1
3,572.0
3,713.9
3,859.5
4,053.0
3,650.5
3,702.9
3,731.3
3,771.0
3,831.6
3,859.6
3,861.7
3,885.3
3,977.3
4,015.9
4,084.9
4,134.0

Total
1,287.0
1,227.2
1,216.0
1,221.8
1,234.5
1,262.8
1,339.0
1,414.9
1,501.8
1,565.0
1,387.0
1,406.9
1,424.1
1,441.7
1,454.7
1,525.0
1,515.1
1,512.3
1,568.6
1,563.3
1,562.0
1,566.1

National
defense

Nondefense

814.2
764.2
743.4
729.7
727.9
746.5
792.8
847.5
881.3
905.3
829.3
840.4
852.5
868.0
868.3
872.4
883.9
900.8
897.1
904.1
910.9
909.0

472.8
462.9
472.6
492.0
506.6
516.3
546.2
567.4
620.5
659.7
557.6
566.6
571.7
573.7
586.4
652.6
631.3
611.5
671.6
659.2
651.1
657.1

State
and
local
1,849.5
1,905.9
1,952.8
2,009.8
2,068.5
2,136.3
2,233.0
2,299.0
2,357.8
2,488.0
2,263.5
2,296.0
2,307.2
2,329.2
2,376.9
2,334.6
2,346.5
2,373.0
2,408.7
2,452.6
2,522.9
2,567.9

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

16,182.8
16,738.7
17,466.7
18,069.2
18,658.8
19,450.1
20,468.4
21,299.0
20,953.3
23,023.4
20,883.1
21,200.8
21,438.0
21,673.9
21,502.0
19,767.4
21,123.6
21,420.3
22,132.5
22,915.3
23,262.5
23,783.4

16,805.6
16,486.7
17,322.6
17,073.5
18,060.7
17,785.9
18,732.2
18,426.4
19,201.4
18,927.1
20,019.6
19,774.2
21,123.3
20,821.3
21,968.8
21,639.0
21,544.9
21,116.1
23,913.4 �����������������
21,608.0
21,254.3
21,921.6
21,564.9
22,119.0
21,780.8
22,226.8
21,956.0
22,023.1
21,721.3
20,016.3
19,649.4
21,864.3
21,365.4
22,276.0
21,728.2
22,910.8
22,273.1
23,622.6
22,971.4
24,149.4
23,470.0
24,970.6 �����������������

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

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

1

Real Gross Domestic Product
[Billions of chained (2012) dollars; quarterly data at seasonally adjusted annual rates]

Period

2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 r ������������������
2019: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2020: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2021: I ���������������
      II ���������������
      III ��������������
      IV r ������������

Gross private
domestic investment
Personal
Gross
conChange
domestic sumption Nonresi- Resiin
product expendi- dential dential
fixed
fixed
private
tures
investinvestinvenment
ment
tories
16,254.0
16,553.3
16,932.1
17,390.3
17,680.3
18,079.1
18,606.8
19,032.7
18,384.7
19,428.4
18,833.2
18,982.5
19,112.7
19,202.3
18,952.0
17,258.2
18,560.8
18,767.8
19,055.7
19,368.3
19,478.9
19,810.6

11,047.4
11,211.7
11,515.3
11,892.9
12,187.7
12,483.7
12,845.0
13,126.3
12,629.9
13,629.4
12,975.1
13,088.8
13,192.3
13,249.0
13,014.5
11,756.4
12,820.8
12,927.9
13,282.7
13,665.6
13,732.4
13,836.7

2,118.5
2,206.0
2,365.3
2,420.3
2,442.0
2,541.4
2,704.4
2,822.0
2,671.1
2,868.8
2,780.7
2,826.0
2,846.5
2,834.7
2,775.5
2,535.7
2,646.9
2,726.2
2,810.4
2,873.1
2,884.8
2,907.0

432.0
485.5
504.1
555.4
592.1
615.9
612.3
606.7
648.0
707.3
599.1
605.2
610.6
612.2
641.2
584.9
657.8
708.2
730.6
708.2
694.2
696.0

71.2
108.7
86.3
137.6
35.7
33.6
65.7
75.1
–42.3
–38.1
131.7
84.3
68.3
16.3
–30.4
–252.8
25.3
88.8
–88.3
–168.5
–66.8
171.2

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

Imports

Total

–551.6
–519.3
–575.3
–721.7
–757.1
–799.5
–864.2
–905.3
–942.7
–1,282.2
–906.7
–935.3
–931.5
–847.6
–841.9
–774.8
–1,021.3
–1,132.8
–1,226.1
–1,244.5
–1,316.6
–1,341.7

2,217.7
2,283.6
2,372.3
2,378.7
2,388.4
2,485.8
2,555.6
2,554.0
2,207.6
2,309.0
2,565.3
2,551.3
2,545.9
2,553.3
2,442.1
1,943.0
2,166.3
2,279.0
2,262.3
2,304.2
2,273.0
2,396.6

2,769.3
2,802.9
2,947.6
3,100.4
3,145.4
3,285.2
3,419.9
3,459.2
3,150.3
3,591.3
3,472.0
3,486.6
3,477.4
3,400.9
3,283.9
2,717.7
3,187.5
3,411.8
3,488.4
3,548.7
3,589.6
3,738.3

3,136.5
3,060.7
3,033.2
3,088.4
3,148.8
3,165.2
3,208.8
3,279.5
3,360.2
3,376.5
3,235.2
3,274.9
3,291.7
3,316.3
3,346.3
3,378.1
3,360.2
3,356.0
3,390.9
3,373.8
3,381.6
3,359.7

Total
1,287.0
1,215.8
1,184.7
1,184.5
1,190.5
1,194.7
1,231.0
1,277.2
1,340.7
1,348.7
1,248.7
1,275.5
1,286.8
1,298.0
1,305.8
1,368.4
1,349.6
1,338.8
1,375.2
1,356.7
1,339.1
1,323.9

National Nondefense defense
814.2
759.6
728.4
713.1
709.1
715.7
739.9
778.5
800.9
793.5
765.4
773.4
781.9
793.4
791.9
798.2
801.6
812.0
799.9
797.8
794.3
781.9

472.8
456.2
456.1
471.0
480.8
478.5
490.7
498.7
539.0
554.0
483.5
501.9
504.7
504.7
513.7
568.6
547.0
526.7
573.7
557.7
543.9
540.9

State
and
local
1,849.5
1,844.4
1,847.6
1,902.2
1,956.3
1,968.5
1,976.4
2,001.5
2,019.9
2,028.0
1,985.4
1,998.7
2,004.3
2,017.6
2,039.7
2,011.0
2,011.4
2,017.6
2,017.1
2,017.9
2,042.1
2,035.1

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

16,182.8
16,444.1
16,842.3
17,248.3
17,630.6
18,030.4
18,528.8
18,944.4
18,395.9
19,382.0
18,704.8
18,881.4
19,027.1
19,164.4
18,940.1
17,471.0
18,508.0
18,664.8
19,076.1
19,449.3
19,453.4
19,549.0

16,805.6 16,486.7
17,073.1 16,780.3
17,505.4 17,159.2
18,100.1 17,602.5
18,423.5 17,901.9
18,857.5 18,354.6
19,443.0 18,874.6
19,910.1 19,271.9
19,306.6 18,582.3
20,632.5 ��������������
19,706.9 19,061.5
19,883.1 19,230.3
20,013.2 19,359.7
20,036.9 19,436.2
19,787.6 19,166.1
18,046.1 17,412.7
19,551.0 18,762.5
19,841.7 18,987.9
20,211.1 19,262.1
20,540.9 19,568.1
20,716.4 19,707.3
21,061.4 ��������������

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

Note: Because of the formula used for calculating real GDP, the chained (2012) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates.
Source: Department of Commerce (Bureau of Economic Analysis).

Chained Price Indexes For Gross Domestic Product
[Index numbers, 2012=100; quarterly data are seasonally adjusted]

Period

2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 r ������������������
2019: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2020: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2021: I ����������������
      II ���������������
      III ��������������
      IV r ������������

Gross
domestic
product

100.000
101.769
103.662
104.662
105.703
107.742
110.326
112.279
113.740
118.490
111.502
112.142
112.524
112.947
113.397
112.969
113.984
114.611
115.826
117.546
119.259
121.329

Personal consumption
expenditures

Total

100.000
101.354
102.887
103.116
104.148
106.051
108.318
109.922
111.225
115.529
109.100
109.835
110.141
110.612
110.958
110.505
111.507
111.928
112.989
114.772
116.277
118.078

Goods

Services

100.000
99.407
98.920
95.896
94.332
94.615
95.281
94.832
94.160
98.892
94.647
95.120
94.697
94.863
94.597
93.243
94.361
94.437
95.790
97.948
99.690
102.141

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

2

Gross private
domestic investment

100.000
102.322
104.880
106.796
109.197
111.965
115.100
117.836
120.302
124.213
116.656
117.536
118.253
118.900
119.604
119.713
120.624
121.267
122.109
123.593
124.904
126.244

Nonresidential
fixed
100.000
100.251
101.469
101.909
101.119
101.977
102.815
104.137
104.813
106.433
103.823
104.251
104.313
104.160
104.487
104.864
104.895
105.005
105.203
105.429
106.549
108.550

Residential
fixed
100.000
105.054
111.118
114.114
118.127
123.454
130.417
134.145
138.541
153.768
132.937
133.586
134.626
135.430
136.224
136.528
139.594
141.817
146.010
151.291
156.609
161.163

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Exports

100.000
100.148
100.216
95.373
93.458
95.897
99.135
98.660
96.188
107.549
98.390
99.277
98.676
98.295
97.783
93.181
96.164
97.622
102.383
107.030
109.539
111.244

Imports

100.000
98.697
97.961
90.144
87.058
88.996
91.515
90.078
88.075
94.611
90.169
90.789
89.904
89.448
89.194
86.424
88.098
88.585
91.385
94.312
95.720
97.027

Total
100.000
100.933
102.643
103.143
103.695
105.702
108.776
110.781
112.018
116.058
111.078
110.303
110.673
111.068
111.400
111.444
112.269
112.959
114.065
115.228
116.643
118.294

National
defense
100.000
100.609
102.056
102.334
102.650
104.306
107.150
108.865
110.039
114.106
108.361
108.669
109.024
109.408
109.650
109.303
110.264
110.939
112.152
113.335
114.686
116.254

Nondefense
100.000
101.482
103.621
104.466
105.370
107.902
111.325
113.775
115.108
119.123
115.320
112.858
113.253
113.669
114.143
114.766
115.403
116.118
117.070
118.207
119.720
121.494

State
and
local
100.000
103.332
105.698
105.656
105.739
108.524
112.984
114.863
116.725
122.671
114.014
114.878
115.114
115.447
116.536
116.093
116.659
117.611
119.416
121.544
123.541
126.182

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

Index numbers, 2012=100
Personal consumption
expenditures (PCE)

Gross domestic product (GDP)
Period

2012 ����������������������
2013 ����������������������
2014 ����������������������
2015 ����������������������
2016 ����������������������
2017 ����������������������
2018 ����������������������
2019 ����������������������
2020 ����������������������
2021 r ��������������������
2019: I �����������������
      II �����������������
      III ����������������
      IV ����������������
2020: I �����������������
      II �����������������
      III ����������������
      IV ����������������
2021: I ������������������
      II �����������������
      III ����������������
      IV r ��������������

Real GDP
GDP
(chain-type chain-type
quantity
price
index)
index
100.000
101.842
104.172
106.991
108.775
111.229
114.475
117.096
113.109
119.530
115.868
116.787
117.588
118.139
116.599
106.178
114.192
115.466
117.237
119.160
119.841
121.881

GDP
implicit
price
deflator

100.000
101.769
103.662
104.662
105.703
107.742
110.326
112.279
113.740
118.490
111.502
112.142
112.524
112.947
113.397
112.969
113.984
114.611
115.826
117.546
119.259
121.329

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

100.000
101.751
103.654
104.691
105.740
107.747
110.321
112.294
113.648
118.371
111.514
112.152
112.517
112.978
113.346
112.859
113.888
114.439
115.652
117.413
119.115
121.190

100.000
101.354
102.887
103.116
104.148
106.051
108.318
109.922
111.225
115.529
109.100
109.835
110.141
110.612
110.958
110.505
111.507
111.928
112.989
114.772
116.277
118.078

100.000
101.535
103.187
104.487
106.138
107.935
110.096
111.959
113.553
117.320
111.136
111.783
112.269
112.647
113.135
112.919
113.904
114.255
115.010
116.731
118.045
119.493

Personal consumption
expenditures (PCE)

Gross domestic product (GDP)
Gross
domestic
purchases
price index

100.000
101.478
103.181
103.464
104.187
106.157
108.648
110.326
111.682
116.014
109.635
110.242
110.527
110.898
111.346
111.024
111.924
112.434
113.523
115.130
116.708
118.694

GDP
(current
dollars)
4.2
3.6
4.2
3.7
2.7
4.2
5.4
4.1
–2.2
10.1
3.7
5.6
4.1
3.6
–3.9
–32.4
38.7
6.6
10.9
13.4
8.4
14.6

Real GDP
GDP
(chain-type chain-type
quantity
price
index)
index
2.3
1.8
2.3
2.7
1.7
2.3
2.9
2.3
–3.4
5.7
2.4
3.2
2.8
1.9
–5.1
–31.2
33.8
4.5
6.3
6.7
2.3
7.0

GDP
implicit
price
deflator

1.9
1.8
1.9
1.0
1.0
1.9
2.4
1.8
1.3
4.2
1.1
2.3
1.4
1.5
1.6
–1.5
3.6
2.2
4.3
6.1
6.0
7.1

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

1.9
1.8
1.9
1.0
1.0
1.9
2.4
1.8
1.2
4.2
1.2
2.3
1.3
1.6
1.3
–1.7
3.7
1.9
4.3
6.2
5.9
7.2

1.9
1.4
1.5
.2
1.0
1.8
2.1
1.5
1.2
3.9
.4
2.7
1.1
1.7
1.3
–1.6
3.7
1.5
3.8
6.5
5.3
6.3

1.8
1.5
1.6
1.3
1.6
1.7
2.0
1.7
1.4
3.3
1.1
2.3
1.8
1.4
1.7
–.8
3.5
1.2
2.7
6.1
4.6
5.0

1.8
1.5
1.7
.3
.7
1.9
2.3
1.5
1.2
3.9
.8
2.2
1.0
1.3
1.6
–1.2
3.3
1.8
3.9
5.8
5.6
7.0

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
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2019: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2020: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2021: I ����������������
      II ���������������
      III r ������������

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

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

7,619.0
8,060.4
8,378.0
8,785.5
9,128.5
9,238.2
9,664.1
10,179.9
10,604.0
10,168.8
10,452.9
10,563.0
10,646.5
10,753.5
10,654.3
9,252.3
10,062.5
10,706.1
11,075.5
11,444.9
11,853.0

Chained
(2012)
dollars
7,777.8
8,060.4
8,265.4
8,522.2
8,775.8
8,819.5
9,066.4
9,355.0
9,567.6
9,164.2
9,512.9
9,550.7
9,577.2
9,629.6
9,549.8
8,440.6
9,041.9
9,624.3
9,832.4
9,969.8
10,133.1

Total

0.980
1.000
1.014
1.031
1.040
1.047
1.066
1.088
1.108
1.110
1.099
1.106
1.112
1.117
1.116
1.096
1.113
1.112
1.126
1.148
1.170

Compensation
of employees
(unit labor
cost)
0.562
.572
.577
.590
.603
.616
.629
.644
.660
.690
.657
.659
.660
.664
.675
.707
.698
.685
.676
.689
.701

Corporate profits with inventory valuation
and capital consumption adjustments 4

Unit nonlabor cost

Total
0.284
.285
.289
.292
.294
.296
.303
.302
.307
.275
.305
.306
.310
.308
.311
.263
.247
.275
.287
.276
.286

Consumption
of fixed
capital

Net interest
Taxes on
and
production miscellaneous
and imports 3
payments

0.150
.153
.155
.158
.160
.162
.165
.167
.172
.186
.170
.172
.173
.173
.177
.202
.189
.180
.178
.179
.181

0.096
.096
.100
.099
.099
.098
.102
.105
.107
.061
.106
.106
.109
.107
.107
.031
.030
.070
.083
.070
.079

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

Total
0.134
.143
.148
.149
.143
.135
.134
.143
.141
.144
.136
.141
.142
.145
.130
.127
.167
.152
.163
.183
.183

Taxes on
corporate
income
0.027
.030
.032
.034
.032
.030
.025
.021
.021
.021
.021
.022
.020
.022
.017
.019
.024
.023
.025
.028
.027

Profits
after
tax 5
0.107
.112
.116
.115
.111
.106
.109
.121
.120
.124
.115
.119
.122
.122
.113
.108
.144
.129
.138
.155
.156

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

ComNational pensation
of
income employees

2012 �������������������� 14,099.6
2013 �������������������� 14,507.1
2014 �������������������� 15,228.1
2015 �������������������� 15,749.5
2016 �������������������� 16,033.4
2017 �������������������� 16,774.9
2018 �������������������� 17,673.3
2019 �������������������� 18,273.1
2020 �������������������� 17,710.7
2021 r ������������������ ��������������
2019: I ��������������� 18,070.4
      II ��������������� 18,216.3
      III �������������� 18,299.7
      IV �������������� 18,505.9
2020: I ���������������� 18,473.4
      II ��������������� 16,241.3
      III �������������� 17,544.3
      IV �������������� 18,583.8
2021: I ���������������� 19,086.8
      II ��������������� 19,575.1
      III r ������������ 20,205.0
      IV r ������������ ��������������

8,567.4
8,835.0
9,250.2
9,699.4
9,966.1
10,426.1
10,959.5
11,447.7
11,572.2
12,580.5
11,336.1
11,394.1
11,453.9
11,606.8
11,755.5
11,029.2
11,539.7
11,964.2
12,088.9
12,416.6
12,756.5
13,060.2

Rental
income
of
persons
with
capital
conNonfarm
sumption
adjustment

Farm

59.9
87.0
67.7
54.1
34.1
39.5
38.9
38.4
70.2
97.8
33.1
23.6
46.4
50.6
58.1
44.9
69.2
108.5
73.0
119.4
110.6
88.3

1,286.4
1,315.3
1,377.9
1,366.7
1,389.2
1,466.4
1,541.5
1,560.5
1,579.9
1,723.1
1,552.4
1,549.2
1,564.1
1,576.1
1,580.2
1,426.2
1,691.5
1,621.5
1,640.9
1,728.7
1,756.3
1,766.5

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
Total

Profits
before
tax

534.5
1,997.4
2,144.7
2,156.1
–11.4
577.4
2,010.7
2,165.9
2,151.5
14.4
602.7
2,120.2
2,266.6
2,264.5
2.1
609.5
2,060.5
2,184.6
2,128.3
56.3
626.6
2,037.7
2,138.8
2,134.2
4.5
652.7
2,128.9
2,147.9
2,194.8
–46.8
681.9
2,305.0
2,211.3
2,259.0
–47.7
692.1
2,367.8
2,254.6
2,254.6
.0
711.6
2,243.8
2,165.9
2,184.1
–18.2
727.5 �������������� �������������� �������������� ��������������
687.0
2,297.2
2,214.9
2,234.6
–19.7
691.0
2,387.0
2,279.6
2,289.3
–9.8
691.5
2,381.8
2,255.3
2,214.9
40.3
699.0
2,405.1
2,268.6
2,279.5
–10.9
712.2
2,169.5
2,081.9
1,988.8
93.0
709.5
1,942.6
1,864.0
1,818.9
45.1
714.5
2,435.4
2,360.5
2,448.4
–88.0
710.0
2,427.5
2,357.2
2,480.1
–122.9
716.9
2,551.4
2,461.8
2,711.3
–249.5
716.3
2,819.2
2,747.7
3,069.0
–321.2
729.0
2,916.1
2,873.9
3,114.9
–241.1
747.7 �������������� �������������� �������������� ��������������

–147.2
–155.2
–146.4
–124.1
–101.1
–19.1
93.6
113.2
77.9
52.2
82.3
107.5
126.5
136.5
87.6
78.6
74.9
70.4
89.6
71.4
42.2
5.7

494.0
459.2
504.8
591.1
567.3
612.5
598.7
558.2
618.8
687.4
570.2
560.4
541.6
560.7
566.9
619.3
623.0
666.1
695.2
693.6
680.3
680.6

Business
Less:
current
Subsidies transfer
payments

1,136.1
1,188.7
1,240.8
1,275.2
1,311.6
1,366.3
1,461.7
1,532.3
1,534.7
1,641.5
1,504.8
1,520.9
1,547.4
1,556.3
1,577.1
1,460.5
1,544.0
1,557.0
1,580.1
1,636.3
1,654.7
1,694.7

58.0
59.7
58.1
57.2
61.7
59.9
63.3
73.0
761.4
493.0
69.0
58.8
81.2
82.8
80.9
1,124.3
1,221.2
619.2
406.3
705.6
555.1
305.2

97.3
109.5
132.7
155.6
166.9
149.1
158.0
162.3
158.6
164.0
170.8
162.5
168.2
147.5
149.4
152.8
165.8
166.3
165.8
166.0
162.5
161.8

Current
surplus
of
government
enterprises

–15.4
–15.9
–11.0
–5.3
–4.4
–6.7
–8.6
–13.3
–17.5
–12.6
–12.2
–13.7
–14.0
–13.4
–14.6
–19.5
–17.7
–18.1
–19.3
–15.4
–5.8
–10.1

1 With inventory valuation and capital consumption adjustments.

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

Real Personal Consumption Expenditures
[Billions of chained (2012) dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Goods

Period

Total
personal
consumption
expenditures

2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 r ������������������
2019: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2020: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2021: I ����������������
      II ���������������
      III ��������������
      IV r ������������

11,047.4
11,211.7
11,515.3
11,892.9
12,187.7
12,483.7
12,845.0
13,126.3
12,629.9
13,629.4
12,975.1
13,088.8
13,192.3
13,249.0
13,014.5
11,756.4
12,820.8
12,927.9
13,282.7
13,665.6
13,732.4
13,836.7

Services

Durable
Total
goods

3,637.7
3,752.2
3,905.1
4,090.9
4,231.7
4,395.2
4,569.3
4,723.0
4,942.5
5,545.1
4,630.6
4,709.1
4,765.5
4,786.9
4,790.2
4,665.8
5,158.9
5,155.0
5,476.6
5,646.7
5,518.3
5,538.8

Total
durable
goods 1

1,144.2
1,214.1
1,301.6
1,400.6
1,476.0
1,568.4
1,678.2
1,749.7
1,884.3
2,225.3
1,693.6
1,737.5
1,773.1
1,794.7
1,738.3
1,731.8
2,030.6
2,036.4
2,253.5
2,316.2
2,158.5
2,173.0

Nondurable

Motor
vehicles
and
parts
396.6
415.3
439.4
472.8
487.2
510.4
531.2
524.9
542.0
623.4
511.7
521.8
528.5
537.5
493.0
498.4
586.8
589.7
661.2
686.1
576.0
570.2

Total
nondurable
goods 1
2,493.5
2,538.5
2,605.3
2,693.7
2,760.5
2,834.2
2,903.6
2,988.1
3,080.5
3,360.4
2,948.7
2,985.4
3,008.2
3,010.1
3,061.8
2,949.1
3,159.9
3,151.1
3,269.3
3,377.2
3,394.0
3,400.8

Food and
beverages
purchased
for offpremises
consumption

Gasoline
and
other
energy
goods

Total
services 1

Household
consumption
expenditures

846.2
855.5
871.4
884.8
913.2
945.9
967.3
987.1
1,062.0
1,109.4
970.6
985.1
997.9
994.7
1,066.8
1,056.5
1,066.8
1,057.9
1,103.3
1,112.1
1,111.2
1,111.2

421.9
429.7
430.0
450.0
453.0
450.8
448.2
447.6
386.3
423.4
448.9
450.8
448.0
443.0
414.1
341.7
401.2
388.3
393.7
425.5
437.1
437.5

7,409.6
7,460.3
7,613.2
7,809.8
7,968.5
8,110.1
8,305.7
8,443.7
7,808.5
8,261.4
8,377.8
8,420.2
8,471.0
8,505.9
8,284.4
7,217.3
7,815.2
7,917.0
7,993.4
8,214.3
8,378.5
8,459.4

7,068.1
7,114.7
7,267.9
7,471.7
7,614.8
7,755.3
7,936.0
8,090.8
7,393.5
7,906.4
8,020.3
8,067.7
8,118.2
8,157.0
7,870.2
6,748.9
7,422.8
7,531.9
7,622.4
7,863.1
8,031.4
8,108.9

Housing
and
utilities

2,014.7
2,033.6
2,039.3
2,039.6
2,049.4
2,052.8
2,082.5
2,102.2
2,124.3
2,148.5
2,095.9
2,095.3
2,105.9
2,111.8
2,104.9
2,128.9
2,130.7
2,132.5
2,142.4
2,143.9
2,152.5
2,155.1

Health
care

1,821.3
1,832.6
1,892.8
1,994.6
2,070.0
2,115.0
2,169.7
2,240.3
2,051.8
2,201.0
2,211.5
2,239.0
2,247.5
2,263.3
2,165.7
1,782.6
2,094.5
2,164.4
2,140.7
2,193.6
2,219.8
2,249.7

Financial
services
and
insurance

830.9
826.0
828.7
848.8
830.7
846.5
859.1
849.3
851.6
877.4
852.6
846.7
846.8
850.9
847.3
842.0
852.4
864.7
874.7
867.9
876.6
890.5

Addendum:
Personal
consumption
expenditures
excluding
food and
energy 2

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

9,571.6
9,712.4
9,996.8
10,343.3
10,605.2
10,869.0
11,189.1
11,450.7
10,932.3
11,841.7
11,314.1
11,418.4
11,504.7
11,565.6
11,300.9
10,098.1
11,103.1
11,227.2
11,523.8
11,875.1
11,930.8
12,037.1

14.4
15.5
16.5
17.4
17.5
17.2
17.2
17.0
14.5
15.0
16.9
17.0
17.1
16.9
15.0
11.3
15.4
16.2
16.8
16.9
13.3
12.9

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

Note: Because of the formula used for calculating real GDP, the chained (2012) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates.
Source: Department of Commerce (Bureau of Economic Analysis).

4

Sources of Personal Income
Personal income rose $9.0 billion (annual rate) in January, following an increase of $74.1 billion in December. Wages
and salaries rose $49.9 billion in January, following an increase of $76.2 billion in December.
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
2014

2015

2016

2017

2018

2019

2020

2021

*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

2022

COUNCIL OF ECONOMIC ADVISERS

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

2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 r ������������������
2021: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2022: Jan p ���������

Total
personal
income

14,014.3
14,193.6
14,976.6
15,685.2
16,096.9
16,850.2
17,706.0
18,424.4
19,627.6
21,076.8
21,504.5
19,955.1
24,142.4
20,924.5
20,514.7
20,570.5
20,835.3
20,916.3
20,719.8
20,843.1
20,960.5
21,034.6
21,043.6

Total

8,567.4
8,835.0
9,250.2
9,699.4
9,966.1
10,426.1
10,959.5
11,447.7
11,572.2
12,580.5
12,088.1
12,049.5
12,129.2
12,293.7
12,417.6
12,538.4
12,680.1
12,743.4
12,846.0
12,972.7
13,060.7
13,147.1
13,207.9

Wages
and
salaries

Supplements to
wages
and
salaries

6,928.1
7,114.0
7,476.3
7,859.5
8,091.2
8,474.7
8,900.5
9,323.5
9,444.1
10,326.8
9,879.5
9,843.3
9,914.9
10,068.5
10,181.5
10,291.2
10,418.7
10,475.1
10,567.9
10,682.8
10,761.3
10,837.5
10,887.4

1,639.2
1,721.0
1,773.9
1,839.9
1,874.9
1,951.5
2,059.0
2,124.2
2,128.0
2,253.7
2,208.6
2,206.2
2,214.4
2,225.3
2,236.1
2,247.2
2,261.4
2,268.2
2,278.1
2,289.9
2,299.4
2,309.6
2,320.6

Proprietors’ income 1

Farm

59.9
87.0
67.7
54.1
34.1
39.5
38.9
38.4
70.2
97.8
66.9
72.6
79.6
108.7
119.4
130.1
123.0
114.5
94.4
90.9
89.2
84.6
96.3

Nonfarm

1,286.4
1,315.3
1,377.9
1,366.7
1,389.2
1,466.4
1,541.5
1,560.5
1,579.9
1,723.1
1,576.9
1,621.2
1,724.6
1,720.9
1,731.4
1,733.8
1,749.2
1,754.3
1,765.5
1,770.1
1,774.1
1,755.3
1,751.6

Personal income receipts on assets
Rental
income
of
persons 2

534.5
577.4
602.7
609.5
626.6
652.7
681.9
692.1
711.6
727.5
709.3
716.6
724.8
720.4
715.9
712.5
719.8
728.9
738.1
742.4
747.7
753.0
750.9

Total

2,153.7
2,058.9
2,290.0
2,474.9
2,542.6
2,707.9
2,868.3
2,968.0
2,912.1
2,940.7
2,886.2
2,901.2
2,909.1
2,920.7
2,931.5
2,944.2
2,946.7
2,942.4
2,946.4
2,973.0
2,984.9
3,002.3
3,011.9

Personal
interest
income
1,318.6
1,265.6
1,336.8
1,441.8
1,465.2
1,553.4
1,615.0
1,652.0
1,614.4
1,640.2
1,621.9
1,630.2
1,638.4
1,638.9
1,639.4
1,639.8
1,637.8
1,636.0
1,635.1
1,647.0
1,655.2
1,663.1
1,668.6

Personal
dividend
income
835.1
793.3
953.2
1,033.1
1,077.4
1,154.5
1,253.3
1,316.0
1,297.8
1,300.5
1,264.3
1,271.1
1,270.7
1,281.8
1,292.1
1,304.4
1,308.9
1,306.3
1,311.3
1,325.9
1,329.7
1,339.3
1,343.3

Personal
current
transfer
receipts 3

2,363.0
2,424.3
2,541.5
2,685.4
2,777.0
2,856.4
2,976.3
3,139.1
4,241.1
4,598.2
5,711.8
4,123.0
8,112.8
4,717.8
4,171.4
4,097.8
4,218.9
4,242.4
3,951.2
3,930.8
3,950.9
3,949.5
3,897.7

Less:
Chart
5 - Feb 2022
Contributions
for
government
social
insurance,
domestic
950.5
1,104.3
1,153.6
1,204.7
1,238.8
1,298.8
1,360.5
1,421.4
1,459.5
1,591.1
1,534.7
1,529.1
1,537.7
1,557.7
1,572.5
1,586.5
1,602.5
1,609.6
1,621.8
1,636.8
1,647.1
1,657.2
1,672.6

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

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

5

Disposition of Personal Income
According to revised estimates, per capita disposable personal income in chained (2012) dollars fell 5.9 percent
(annual rate) in the fourth quarter of 2021.
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

16,000

16,000

DISPOSABLE PERSONAL INCOME

15,000
14,000

15,000
14,000

SAVING

13,000

13,000

PERSONAL OUTLAYS

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 (2012) DOLLARS

38,000

38,000

36,000
34,000

36,000
34,000
2012

2013

2014

2015

2016

2017

2018

2019

*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

Period

Personal
income

Less:
Personal
current
taxes

Equals:
Disposable
personal
income

14,014.3
14,193.6
14,976.6
15,685.2
16,096.9
16,850.2
17,706.0
18,424.4
19,627.6
21,076.8

1,509.5
1,676.4
1,784.6
1,939.9
1,958.2
2,049.0
2,076.3
2,205.1
2,195.6
2,582.5

12,504.8
12,517.3
13,192.0
13,745.3
14,138.7
14,801.2
15,629.7
16,219.3
17,432.0
18,494.2

2021

COUNCIL OF ECONOMIC ADVISERS

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
billions of
chained
(2012)
dollars

Per capita disposable
personal income
Current
dollars

Billions of dollars
2012 r ������������������
2013 r ������������������
2014 r ������������������
2015 r ������������������
2016 r ������������������
2017 r ������������������
2018 r ������������������
2019 r ������������������
2020 r ������������������
2021 r ������������������

2020

Chained
(2012)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(2012)
dollars

Dollars
11,431.8
11,751.3
12,261.1
12,710.4
13,150.8
13,724.8
14,438.8
14,981.5
14,544.5
16,230.0

1,073.1
766.0
930.9
1,034.9
987.8
1,076.4
1,190.9
1,237.8
2,887.5
2,264.2

12,504.8
12,350.0
12,821.9
13,330.0
13,575.5
13,956.6
14,429.4
14,755.2
15,672.8
16,007.3

39,732
39,474
41,276
42,672
43,556
45,283
47,536
49,073
52,544
55,670

Chart 6 - Feb 2022

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

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

39,732
38,947
40,118
41,383
41,821
42,699
43,886
44,644
47,241
48,184

35,102
35,836
37,070
38,072
39,103
40,504
42,317
43,655
42,342
47,400

35,102
35,357
36,030
36,922
37,546
38,193
39,067
39,715
38,069
41,026

2.5
–2.0
3.0
3.2
1.1
2.1
2.8
1.7
5.8
2.0

8.6
6.1
7.1
7.5
7.0
7.3
7.6
7.6
16.6
12.2

314,725
317,099
319,601
322,113
324,609
326,860
328,794
330,513
331,761
332,213

44,653
44,450
44,638
44,837
45,132
49,796
47,560
46,518
51,880
47,604
47,066
46,357

42,913
43,530
43,932
44,244
43,552
39,162
43,074
43,580
45,204
47,231
48,044
49,117

39,334
39,633
39,888
40,002
39,255
35,444
38,635
38,942
40,014
41,159
41,326
41,604

3.2
–1.8
1.7
1.8
2.7
48.2
–16.8
–8.5
54.7
–29.1
–4.4
–5.9

8.6
7.4
7.2
7.4
9.7
26.1
16.0
13.6
20.5
10.9
9.5
7.6

329,868
330,245
330,729
331,208
331,534
331,692
331,841
331,978
331,949
332,021
332,297
332,584

Seasonally adjusted annual rates
2019: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2020: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2021: I r ��������������
      II r �������������
      III r ������������
      IV r ������������

18,238.9
18,345.4
18,464.7
18,648.5
18,842.2
20,348.7
19,777.4
19,542.0
21,867.3
20,669.9
20,823.8
20,946.1

2,169.3
2,222.8
2,205.2
2,223.2
2,241.6
2,099.0
2,181.8
2,259.8
2,412.1
2,532.5
2,641.1
2,744.4

16,069.6
16,122.6
16,259.6
16,425.3
16,600.6
18,249.6
17,595.7
17,282.2
19,455.3
18,137.4
18,182.7
18,201.7

14,692.9
14,928.3
15,087.9
15,216.9
14,989.2
13,477.7
14,774.3
14,936.8
15,475.6
16,165.0
16,456.2
16,823.2

1,376.7
1,194.4
1,171.7
1,208.4
1,611.4
4,772.0
2,821.3
2,345.5
3,979.7
1,972.4
1,726.4
1,378.5

14,729.6
14,679.3
14,763.1
14,850.5
14,962.7
16,516.9
15,782.4
15,443.0
17,221.6
15,805.6
15,640.0
15,417.5

48,715
48,820
49,163
49,592
50,072
55,020
53,024
52,058
58,609
54,627
54,718
54,728

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 preliminary forecast for 2022, gross farm income in chained (2022) dollars is forecast to be $525.3
billion and net farm income to be $113.7 billion.
BILLIONS OF CHAINED (2022) DOLLARS (RATIO SCALE)

BILLIONS OF CHAINED (2022) DOLLARS (RATIO SCALE)

600
560
520
480
440
400

600
560
520
480
440
400

GROSS FARM INCOME

360

360

320

320

280

280

240

240

200

200

160

160

120

120
NET FARM INCOME

80

80

60

60

40

40
2013

2014

2016

2015

2017

2018

2019

2020

SOURCE: DEPARTMENT OF AGRICULTURE

2021

2022

COUNCIL OF ECONOMIC ADVISERS

[Billions of chained (2022) dollars]
Chart 7 - Feb 2022

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 p �������������������������������������������������

Crops 2, 3

Total
380.2
384.2
349.3
384.2
426.5
418.7
394.7
449.8
473.8
434.7
455.0
525.6
552.0
583.7
572.2
516.9
478.6
484.5
472.6
467.2
488.8
529.1
525.3

343.6
349.8
330.5
359.7
407.8
384.5
373.3
434.0
457.9
419.0
439.1
512.6
538.9
570.5
560.6
504.2
463.6
471.4
457.4
442.7
439.5
501.0
513.6

149.4
146.1
148.3
161.3
181.0
160.4
161.5
200.1
225.9
212.6
214.5
249.2
261.2
281.9
244.2
216.1
219.8
214.0
206.9
194.0
204.8
244.5
238.9

Animals
and animal
products 3
155.8
163.5
141.6
155.9
179.8
177.5
162.3
183.3
181.2
154.5
179.0
204.7
207.5
218.4
253.8
227.6
192.1
201.5
197.3
191.2
178.3
200.9
213.3

Farm-related
income 4
38.4
40.1
40.6
42.5
47.0
46.6
49.5
50.5
50.8
51.9
45.7
58.7
70.1
70.2
62.6
60.4
51.7
55.9
53.2
57.5
56.4
55.6
61.5

Direct
Federal
Government
payments
36.5
34.5
18.8
24.5
18.8
34.2
21.5
15.8
15.9
15.7
15.8
13.0
13.1
13.3
11.6
12.7
15.1
13.1
15.2
24.5
49.3
28.1
11.7

Production
expenses

Net
farm
income

300.4
299.8
290.0
293.7
300.1
308.2
316.6
357.0
372.5
354.4
356.6
383.6
433.7
434.6
463.0
421.1
406.3
399.0
382.5
380.9
386.0
405.7
411.6

79.7
84.4
59.3
90.6
126.4
110.5
78.1
92.7
101.4
80.3
98.4
142.0
118.3
149.2
109.2
95.8
72.3
85.6
90.2
86.3
102.8
123.4
113.7

1 The GDP chain-type price index is used to convert the current-dollar statistics to 2022=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 2021 and 2022 are forecasts.
Source: Department of Agriculture (Economic Research Service).

7

Corporate Profits
In the third quarter of 2021, according to current estimates, corporate profits before tax rose $45.9 billion (annual
rate) and profits after tax rose $31.2 billion.
BILLIONS OF DOLLARS
3,200

BILLIONS OF DOLLARS
3,200

SEASONALLY ADJUSTED ANNUAL RATES

3,000

3,000

2,800

2,800

2,600

2,600

2,400

2,400

PROFITS BEFORE TAX

2,200

2,200

2,000

2,000

1,800

1,800

1,600

1,600

PROFITS AFTER TAX

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

200

0

0
2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

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

Total 2

Profits
before
tax

Nonfinancial
Total

Financial

Total 3

Manufacturing

Utilities

Wholesale

Taxes
on
corporate
income

Total

Retail

2012 ��������������������
2,144.7
1,739.3
482.4
1,256.9
403.0
13.8
137.9
155.7
2,156.1
334.6
1,821.5
2013 ��������������������
2,165.9
1,767.1
430.7
1,336.3
446.9
28.3
146.4
153.3
2,151.5
362.6
1,788.9
2014 ��������������������
2,266.6
1,861.7
483.1
1,378.6
458.7
32.8
150.6
157.3
2,264.5
407.1
1,857.4
2015 ��������������������
2,184.6
1,789.4
447.2
1,342.1
427.2
20.2
152.4
169.3
2,128.3
396.3
1,732.0
2016 ��������������������
2,138.8
1,718.9
457.4
1,261.5
336.8
9.4
127.9
175.2
2,134.2
376.2
1,758.1
2017 ��������������������
2,147.9
1,649.0
435.7
1,213.3
316.8
14.0
123.3
149.6
2,194.8
312.3
1,882.5
2018 ��������������������
2,211.3
1,689.6
450.3
1,239.3
346.7
22.0
114.5
148.1
2,259.0
281.5
1,977.5
2019 ��������������������
2,254.6
1,741.2
533.2
1,208.0
355.7
7.7
117.8
159.1
2,254.6
302.2
1,952.4
2020 ��������������������
2,165.9
1,711.2
502.5
1,208.7
328.8
10.4
123.7
218.5
2,184.1
275.6
1,908.4
2021 �������������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������
2019: I ����������������
2,214.9
1,716.8
522.2
1,194.6
339.5
16.4
117.6
144.5
2,234.6
297.4
1,937.2
      II ���������������
2,279.6
1,750.6
540.1
1,210.5
350.6
13.5
110.7
153.6
2,289.3
303.8
1,985.5
      III ��������������
2,255.3
1,732.8
532.2
1,200.6
365.6
4.3
123.4
158.2
2,214.9
291.5
1,923.4
      IV ��������������
2,268.6
1,764.5
538.3
1,226.2
367.1
–3.3
119.6
180.3
2,279.5
316.0
1,963.6
2020: I ����������������
2,081.9
1,602.8
486.0
1,116.8
340.9
.6
131.9
171.2
1,988.8
245.4
1,743.4
      II ���������������
1,864.0
1,455.7
500.6
955.1
246.9
11.1
101.4
209.7
1,818.9
241.2
1,577.7
      III ��������������
2,360.5
1,906.0
502.4
1,403.6
362.3
10.4
125.4
250.2
2,448.4
300.3
2,148.2
      IV ��������������
2,357.2
1,880.1
521.0
1,359.1
365.3
19.6
136.2
242.9
2,480.1
315.6
2,164.5
2021: I ����������������
2,461.8
1,995.4
519.9
1,475.6
401.9
20.9
112.6
280.2
2,711.3
343.7
2,367.6
      II ���������������
2,747.7
2,287.6
576.9
1,710.7
450.5
11.9
137.6
307.6
3,069.0
378.6
2,690.4
      III ��������������
2,873.9
2,362.6
597.5
1,765.1
500.4
20.4
155.4
270.2
3,114.9
393.3
2,721.6
      IV �������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������
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

Net
dividends

Chart 8 - Feb 2022

Inventory
Undistrib- valuation
adjustment
uted
profits

948.7
872.8
–11.4
1,009.0
779.9
14.4
1,096.1
761.3
2.1
1,164.9
567.1
56.3
1,189.4
568.7
4.5
1,264.1
618.4
–46.8
1,338.4
639.1
–47.7
1,386.4
566.0
.0
1,394.9
513.6
–18.2
r 1,415.8 ��������������� �����������������
1,367.5
569.7
–19.7
1,393.7
591.8
–9.8
1,387.0
536.4
40.3
1,397.4
566.2
–10.9
1,417.7
325.7
93.0
1,395.7
182.1
45.1
1,368.6
779.5
–88.0
1,397.5
767.0
–122.9
1,359.7
1,007.9
–249.5
1,411.0
1,279.4
–321.2
1,438.7
1,282.9
–241.1
r 1,453.7 ��������������� �����������������

Real Gross Private Domestic Investment
In the fourth quarter of 2021, according to revised estimates, nonresidential fixed investment in chained (2012)
dollars rose $22.2 billion (annual rate) and residential fixed investment rose $1.8 billion. Inventories rose $171.2
billion, following a decrease of $66.8 billion in the third quarter.
BILLIONS OF CHAINED (2012) DOLLARS
4,000
3,800
3,600

BILLIONS OF CHAINED (2012) DOLLARS
4,000

SEASONALLY ADJUSTED ANNUAL RATES

3,800
3,600

GROSS PRIVATE DOMESTIC
INVESTMENT

3,400

3,400

3,200

3,200

3,000

3,000

2,800

2,800

2,600

2,600

2,400

2,400

2,200

2,200

NONRESIDENTIAL
FIXED INVESTMENT

2,000

2,000

1,800

1,800

1,600

1,600

1,400

1,400

1,200

1,200

1,000

1,000

RESIDENTIAL
FIXED INVESTMENT

800

800

600

600

400

400

200

200

0

0

CHANGE IN PRIVATE
INVENTORIES

–200

–200

–400

–400
2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Billions of chained (2012) dollars; quarterly data at seasonally adjusted annual rates]
Chart 9 - Feb 2022

Fixed investment
Period

2012 ���������������������������������������������������
2013 ���������������������������������������������������
2014 ���������������������������������������������������
2015 ���������������������������������������������������
2016 ���������������������������������������������������
2017 ���������������������������������������������������
2018 ���������������������������������������������������
2019 ���������������������������������������������������
2020 ���������������������������������������������������
2021 r �������������������������������������������������
2019: I ����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2020: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2021: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV r �������������������������������������������

Gross
private
domestic
investment

2,621.8
2,801.5
2,959.2
3,121.8
3,089.9
3,212.5
3,394.8
3,510.6
3,316.2
3,634.3
3,503.4
3,526.0
3,535.9
3,477.1
3,430.1
2,901.9
3,371.0
3,561.9
3,541.3
3,506.0
3,609.7
3,880.2

Change in private inventories

Nonresidential
Total

2,550.5
2,692.1
2,869.2
2,979.0
3,041.0
3,164.3
3,316.2
3,421.3
3,329.4
3,587.5
3,372.8
3,423.2
3,449.3
3,439.9
3,419.6
3,123.0
3,318.5
3,456.6
3,564.1
3,593.0
3,585.0
3,607.8

Total
2,118.5
2,206.0
2,365.3
2,420.3
2,442.0
2,541.4
2,704.4
2,822.0
2,671.1
2,868.8
2,780.7
2,826.0
2,846.5
2,834.7
2,775.5
2,535.7
2,646.9
2,726.2
2,810.4
2,873.1
2,884.8
2,907.0

Structures
479.4
485.5
538.8
534.1
511.0
532.5
553.6
565.0
494.2
454.3
544.7
563.2
582.0
570.0
568.8
485.8
466.0
456.1
462.1
458.6
453.8
442.7

Equipment
983.4
1,029.2
1,101.1
1,134.6
1,114.6
1,145.5
1,218.8
1,258.8
1,154.0
1,304.4
1,265.2
1,273.1
1,256.4
1,240.6
1,168.3
1,044.0
1,166.6
1,237.1
1,278.5
1,315.7
1,307.9
1,315.6

Intellectual
property
products
655.7
691.4
724.8
752.4
818.8
865.2
935.5
1,002.9
1,031.3
1,136.1
978.5
995.7
1,010.5
1,027.1
1,036.6
1,008.0
1,027.7
1,053.0
1,091.9
1,124.6
1,149.3
1,178.5

Residential

432.0
485.5
504.1
555.4
592.1
615.9
612.3
606.7
648.0
707.3
599.1
605.2
610.6
612.2
641.2
584.9
657.8
708.2
730.6
708.2
694.2
696.0

Total

Nonfarm

71.2
108.7
86.3
137.6
35.7
33.6
65.7
75.1
–42.3
–38.1
131.7
84.3
68.3
16.3
–30.4
–252.8
25.3
88.8
–88.3
–168.5
–66.8
171.2

89.9
98.2
90.1
136.5
41.2
38.6
72.7
89.0
–35.3
–19.4
145.7
98.7
83.7
27.8
–15.4
–242.3
26.4
90.2
–74.4
–147.7
–46.5
191.3

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

9

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

Total
fixed
investment

Period

2012 ���������������
2013 ���������������
2014 ���������������
2015 ���������������
2016 ���������������
2017 ���������������
2018 ���������������
2019 ���������������
2020 ���������������
2021 r �������������
2019: I ����������
      II ����������
      III ���������
      IV ���������
2020: I �����������
      II ����������
      III ���������
      IV ���������
2021: I �����������
      II ����������
      III ���������
      IV r �������

Residential

Total
nonresidential

2,550.5
2,692.1
2,869.2
2,979.0
3,041.0
3,164.3
3,316.2
3,421.3
3,329.4
3,587.5
3,372.8
3,423.2
3,449.3
3,439.9
3,419.6
3,123.0
3,318.5
3,456.6
3,564.1
3,593.0
3,585.0
3,607.8

Intellectual property products

Information processing equipment
Structures

2,118.5
2,206.0
2,365.3
2,420.3
2,442.0
2,541.4
2,704.4
2,822.0
2,671.1
2,868.8
2,780.7
2,826.0
2,846.5
2,834.7
2,775.5
2,535.7
2,646.9
2,726.2
2,810.4
2,873.1
2,884.8
2,907.0

479.4
485.5
538.8
534.1
511.0
532.5
553.6
565.0
494.2
454.3
544.7
563.2
582.0
570.0
568.8
485.8
466.0
456.1
462.1
458.6
453.8
442.7

Total 2

983.4
1,029.2
1,101.1
1,134.6
1,114.6
1,145.5
1,218.8
1,258.8
1,154.0
1,304.4
1,265.2
1,273.1
1,256.4
1,240.6
1,168.3
1,044.0
1,166.6
1,237.1
1,278.5
1,315.7
1,307.9
1,315.6

Computers
and
peripheral
equipment 1

Total
331.2
351.8
370.2
393.3
410.5
438.6
472.0
489.6
523.0
599.8
487.0
492.6
487.8
490.8
478.0
501.7
545.9
566.5
600.1
588.1
586.1
624.9

103.5
103.0
102.9
103.4
103.0
108.9
123.7
127.6
140.7
159.0
487.0
492.6
487.8
490.8
478.0
501.7
545.9
566.5
600.1
588.1
586.1
624.9

Industrial Transporequiptation
ment
equipment

Other
227.7
248.8
267.7
291.0
309.3
331.9
349.2
363.0
382.5
441.5
362.8
363.5
364.8
361.1
353.8
363.0
399.5
413.7
431.1
440.0
432.4
462.6

211.2
208.4
216.5
216.7
213.4
222.5
235.4
240.6
228.8
260.6
239.2
243.1
244.1
235.8
230.2
217.4
228.5
238.8
243.0
260.9
265.1
273.4

215.3
238.5
265.0
292.8
276.3
273.5
287.0
295.0
191.3
218.9
307.7
301.2
288.5
282.7
237.1
140.9
178.5
208.7
212.6
236.1
225.8
201.1

Total 2

Research
Software and development 3

655.7
691.4
724.8
752.4
818.8
865.2
935.5
1,002.9
1,031.3
1,136.1
978.5
995.7
1,010.5
1,027.1
1,036.6
1,008.0
1,027.7
1,053.0
1,091.9
1,124.6
1,149.3
1,178.5

272.1
287.2
305.3
320.2
354.0
392.6
437.1
467.8
502.3
569.7
454.8
461.4
471.2
483.8
497.4
492.2
503.5
516.1
547.1
565.5
578.2
587.9

313.4
333.8
346.9
357.1
387.1
394.7
419.9
454.8
458.8
497.4
443.4
453.8
458.7
463.4
463.0
446.1
457.1
469.0
480.1
493.0
501.6
515.1

Structures
Total
residential 2

432.0
485.5
504.1
555.4
592.1
615.9
612.3
606.7
648.0
707.3
599.1
605.2
610.6
612.2
641.2
584.9
657.8
708.2
730.6
708.2
694.2
696.0

Total 2

Single
family

421.5
474.1
491.8
542.0
577.7
600.6
596.9
591.3
631.6
689.3
584.0
589.8
595.0
596.4
625.2
569.2
640.6
691.3
712.2
689.9
676.5
678.5

132.0
161.8
171.8
191.5
201.3
214.8
220.7
206.8
219.7
259.6
201.9
205.5
208.6
211.1
221.8
201.1
210.5
245.6
262.4
263.4
259.0
253.6

1 Because computers exhibit rapid changes in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance or its
contribution to the growth rate of more aggregate series. The quantity index for computers can be used to accurately measure the real growth rate of this series. For information on this component, see
Survey of Current Business Table 5.3.1 (for growth rates), Table 5.3.2 (for contributions), and Table 5.3.3 (for quantity indexes).
2 Includes other items, not shown separately.
3 Research and development investment includes expenditures for software.

Note: Because of the formula used for calculating real GDP, the chained (2012) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates.
Source: Department of Commerce (Bureau of Economic Analysis).

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

Total
capital
expenditures

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

ConManu- WholeUtilities struction
sale
facturing trade

Retail
trade

TransportaFinance
tion
Informaand
and
tion
insurwareance
housing

ProfesReal
sional,
estate
scienand
tific,
rental
and
and
technical
leasing services

Health
care
and
social
assistance

Other 1

For
companies
without
employees

For companies with employees
2006 ��������
2007 ��������
2008 ��������
2009 ��������
2010 ��������
2011 ��������
2012 ��������
2013 ��������
2014 ��������
2015 ��������
2016 ��������
2017 ��������
2018 ��������
2019 r ������
2020 p �������

1,309.9
1,354.7
1,374.2
1,090.7
1,105.7
1,243.0
1,423.6
1,491.3
1,597.9
1,642.0
1,574.8
1,678.8
1,699.1
1,917.1
1,706.4

1,217.1
1,270.5
1,294.5
1,015.3
1,036.2
1,169.6
1,334.4
1,400.9
1,506.6
1,548.1
1,479.4
1,577.8
1,699.1
1,805.7
1,597.4

2.7
2.1
2.3
2.2
3.3
3.1
3.1
3.0
4.0
3.3
4.6
4.5
4.7
4.1
3.2

99.3
120.7
149.3
100.6
115.7
165.7
196.7
202.2
230.8
174.1
92.6
134.4
153.4
160.8
97.1

69.8
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
182.2

30.3
36.7
40.8
19.8
17.9
21.8
23.6
27.6
30.3
33.3
36.0
35.0
39.0
50.8
53.2

192.4
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
258.1

36.6
30.8
32.4
25.3
31.1
35.7
40.9
37.5
44.8
42.4
43.8
44.0
42.8
40.2
36.0

86.7
82.5
73.2
58.4
65.3
68.1
77.6
77.5
82.4
86.0
86.9
90.5
89.2
98.8
105.5

68.0
67.4
79.6
55.7
59.0
72.7
81.8
92.6
111.0
116.6
109.7
108.5
122.4
130.8
98.3

104.4
106.1
103.3
88.4
97.2
100.1
106.5
123.9
132.0
132.7
142.9
158.9
175.1
176.8
169.7

163.1
173.4
132.9
99.5
103.1
109.2
130.2
137.8
153.3
164.6
161.7
163.0
181.5
195.2
173.6

132.1
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
134.2

30.3
31.8
33.0
28.2
28.2
28.1
31.6
35.7
30.4
33.3
31.7
37.2
42.0
43.6
40.4

75.3
84.2
90.2
79.4
78.4
83.1
88.9
94.2
89.0
93.8
93.6
104.6
108.6
114.4
104.7

126.3
92.8
134.8
84.2
138.7
79.7
127.0
75.4
100.6
69.5
100.4
73.4
110.0
89.2
122.1
90.4
126.8
91.3
140.6
93.9
148.3
95.4
154.8
101.0
157.6 ��������������
164.5
111.4
141.2
109.0

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

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

10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
In February, unemployment as measured by the household survey fell 243,000 to 6.3 million.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

168

168

SEASONALLY ADJUSTED

164

164

160

160

CIVILIAN LABOR FORCE

156

156

152

152

CIVILIAN
EMPLOYMENT

148

148

144

144

140

140

136

136

132

132

128

128

28
24

28
24

20

20
16

16
12

12

UNEMPLOYMENT

8

8

4
0

4
0
2014

2015

2016

2017

2018

2019

2020

2021

*16 YEARS OF AGE AND OVER

SOURCE: DEPARTMENT OF LABOR

2022

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

2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2021: Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2022: Jan �����������
      Feb �����������

Civilian
noninsti- Civilian labor
tutional
force
population
(NSA)
243,284
245,679
247,947
250,801
253,538
255,079
257,791
259,175
260,329
261,445
260,918
261,003
261,103
261,210
261,338
261,469
261,611
261,766
261,908
262,029
262,136
263,202
263,324

154,975
155,389
155,922
157,130
159,187
160,320
162,075
163,539
160,742
161,204
160,359
160,631
160,978
160,801
161,114
161,375
161,505
161,471
161,610
162,126
162,294
163,687
163,991

Civilian employment

Total

142,469
143,929
146,305
148,834
151,436
153,337
155,761
157,538
147,795
152,581
150,367
150,940
151,259
151,550
151,612
152,704
153,167
153,806
154,234
155,324
155,975
157,174
157,722

Men
20 years
and
over
73,403
74,176
75,471
76,776
78,084
78,919
80,211
80,917
76,227
78,216
77,203
77,262
77,423
77,489
77,665
78,135
78,480
78,952
79,164
79,736
79,892
80,767
81,473

Women
20 years
and
over
64,640
65,295
66,287
67,323
68,387
69,344
70,424
71,470
66,873
69,099
68,005
68,486
68,436
68,633
68,747
69,306
69,390
69,555
69,790
70,257
70,795
70,857
70,775

1 11 - Feb 2022
PercentChart

Unemployment
Both
sexes
16–19
years
4,426
4,458
4,548
4,734
4,965
5,074
5,126
5,150
4,695
5,266
5,158
5,192
5,399
5,428
5,200
5,264
5,297
5,298
5,281
5,331
5,287
5,550
5,474

Total

12,506
11,460
9,617
8,296
7,751
6,982
6,314
6,001
12,947
8,623
9,992
9,691
9,719
9,251
9,502
8,671
8,339
7,666
7,375
6,802
6,319
6,513
6,270

Men
20 years
and
over
5,984
5,568
4,585
3,959
3,675
3,287
2,976
2,819
6,118
4,302
4,911
4,786
4,961
4,808
4,834
4,410
4,192
3,899
3,539
3,272
3,010
3,199
2,973

Women
20 years
and
over

Both
sexes
16–19
years

5,125
4,565
3,926
3,371
3,151
2,868
2,578
2,435
5,804
3,625
4,250
4,149
4,050
3,866
4,008
3,628
3,472
3,089
3,139
2,876
2,660
2,637
2,671

1,397
1,327
1,106
966
925
827
759
746
1,025
696
831
756
708
578
660
633
675
678
697
654
649
676
626

Not
in
labor
force

88,310
90,290
92,025
93,671
94,351
94,759
95,716
95,636
99,587
100,241
100,560
100,372
100,125
100,409
100,224
100,094
100,106
100,294
100,298
99,902
99,842
99,516
99,333

Labor
Employ- Unemployforce
ment/
participa- population
ment
tion
rate
ratio
rate
63.7
63.2
62.9
62.7
62.8
62.9
62.9
63.1
61.7
61.7
61.5
61.5
61.7
61.6
61.6
61.7
61.7
61.7
61.7
61.9
61.9
62.2
62.3

58.6
58.6
59.0
59.3
59.7
60.1
60.4
60.8
56.8
58.4
57.6
57.8
57.9
58.0
58.0
58.4
58.5
58.8
58.9
59.3
59.5
59.7
59.9

8.1
7.4
6.2
5.3
4.9
4.4
3.9
3.7
8.1
5.3
6.2
6.0
6.0
5.8
5.9
5.4
5.2
4.7
4.6
4.2
3.9
4.0
3.8

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

Note: Beginning each January, data reflect revised population controls and are not strictly comparable with earlier data.
See Employment and Earnings for details on breaks in series.
Source: Department of Labor (Bureau of Labor Statistics).

11

Selected Unemployment Rates
In February, the unemployment rate fell to 3.8 percent.
PERCENT (SEASONALLY ADJUSTED)

PERCENT (SEASONALLY ADJUSTED)

35

35

30

30

25

25

20

20

BLACK OR
AFRICAN
AMERICAN1

15

10

TEENAGERS
(16-19)

15

10

HISPANIC1,2

MEN 20 YEARS
AND OVER

5

5
WHITE1

WOMEN 20 YEARS
AND OVER

ALL CIVILIAN
WORKERS

ASIAN1
0

0
2018

2019

2020

2021

2022

2018

2019

2020

2021

2022

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 - Feb 2022

By race or ethnicity 1

By sex and age
Period

2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2021: Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2022: Jan �����������
      Feb �����������

All
civilian
workers

8.1
7.4
6.2
5.3
4.9
4.4
3.9
3.7
8.1
5.3
6.2
6.0
6.0
5.8
5.9
5.4
5.2
4.7
4.6
4.2
3.9
4.0
3.8

Men
20 years
and
over

Women
20 years
and
over

7.5
7.0
5.7
4.9
4.5
4.0
3.6
3.4
7.4
5.2
6.0
5.8
6.0
5.8
5.9
5.3
5.1
4.7
4.3
3.9
3.6
3.8
3.5

7.3
6.5
5.6
4.8
4.4
4.0
3.5
3.3
8.0
5.0
5.9
5.7
5.6
5.3
5.5
5.0
4.8
4.3
4.3
3.9
3.6
3.6
3.6

Both
sexes
16–19
years
24.0
22.9
19.6
16.9
15.7
14.0
12.9
12.7
17.9
11.7
13.9
12.7
11.6
9.6
11.3
10.7
11.3
11.3
11.7
10.9
10.9
10.9
10.3

Black
or
African
American

White

7.2
6.5
5.3
4.6
4.3
3.8
3.5
3.3
7.3
4.7
5.5
5.3
5.3
5.1
5.3
4.8
4.5
4.2
3.9
3.7
3.2
3.4
3.3

13.8
13.1
11.3
9.6
8.4
7.5
6.5
6.1
11.4
8.6
9.8
9.5
9.7
9.1
9.2
8.2
8.7
7.8
7.8
6.5
7.1
6.9
6.6

By selected groups
Hispanic
or
Latino
ethnicity

Asian

5.9
5.2
5.0
3.8
3.6
3.4
3.0
2.7
8.7
5.0
5.1
5.9
5.7
5.5
5.7
5.2
4.5
4.2
4.2
3.9
3.8
3.6
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.
Source: Department of Labor (Bureau of Labor Statistics).

12

10.3
9.1
7.4
6.6
5.8
5.1
4.7
4.3
10.4
6.8
8.4
7.7
7.7
7.1
7.2
6.4
6.2
6.1
5.7
5.2
4.9
4.9
4.4

Married
men,
spouse
present
4.9
4.3
3.4
2.8
2.7
2.4
2.0
1.8
4.9
3.2
3.8
3.2
3.8
3.5
3.7
3.3
3.2
2.8
2.5
2.3
1.9
2.0
1.9

Women
who
maintain
families
(NSA)
11.4
10.2
8.6
7.4
6.8
6.2
5.4
5.0
9.6
7.1
7.7
8.0
7.3
6.6
8.1
8.5
7.9
6.8
5.9
4.8
5.6
5.0
5.3

Full-time
workers

8.5
7.7
6.4
5.4
4.9
4.3
3.8
3.6
7.7
5.4
6.3
6.1
6.1
5.8
6.0
5.4
5.2
4.8
4.6
4.2
3.9
3.9
3.8

Part-time
workers

6.1
5.9
5.4
4.9
4.8
4.6
4.4
4.1
10.0
5.1
6.0
5.7
5.6
5.1
5.4
5.1
5.2
4.2
4.7
4.1
4.2
4.4
4.0

Selected Measures of Unemployment and Unemployment Insurance Programs
In February, the percentages of the unemployed who had been out of work for less than 5 weeks and for 15 to 26 weeks
fell, while the percentages for 5 to 14 weeks and for 27 weeks and over rose. The mean duration of unemployment
rose to 26.6 weeks and the median duration fell to 9.6 weeks.
PERCENT DISTRIBUTION*

PERCENT DISTRIBUTION*

100

100

DURATION OF UNEMPLOYMENT

80

80

60

60

REASON FOR UNEMPLOYMENT

JOB LOSERS

27 WEEKS
AND OVER
40

40

REENTRANTS

LESS THAN
5 WEEKS
5-14
WEEKS
20

20

JOB LEAVERS

15-26
WEEKS

NEW ENTRANTS

0

0
2018

2019

2020

2021

2022

2018

2019

2020

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR

2021

2022

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted by NSA]
Chart 13 - Feb 2022

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
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 r ������������������
2021 ��������������������
2021: Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2022: Jan r ���������
      Feb �����������

12,506
11,460
9,617
8,296
7,751
6,982
6,314
6,001
12,947
8,623
9,992
9,691
9,719
9,251
9,502
8,671
8,339
7,666
7,375
6,802
6,319
6,513
6,270

21.1
22.5
25.7
28.9
30.5
32.5
34.4
34.8
28.6
24.8
22.2
22.7
24.7
21.5
20.8
26.0
25.1
29.1
28.2
29.4
31.2
37.0
33.5

22.9
24.1
25.3
27.7
28.7
28.8
29.7
29.8
36.5
23.0
22.7
20.0
20.4
24.1
23.1
20.7
23.0
22.5
25.8
25.2
24.8
24.6
28.3

14.9
15.8
15.6
15.3
14.9
14.6
14.5
14.3
19.4
13.5
13.8
14.1
11.9
13.4
14.1
13.9
14.9
13.7
13.8
12.9
12.3
12.5
11.5

41.1
37.6
33.5
28.1
25.9
24.2
21.4
21.1
15.4
38.7
41.3
43.2
43.0
41.0
42.0
39.4
37.0
34.8
32.2
32.5
31.7
25.9
26.7

39.4
36.5
33.7
29.2
27.5
25.0
22.7
21.6
16.5
28.7
27.8
29.4
28.5
29.4
31.6
29.4
29.4
28.3
26.9
29.1
28.6
24.6
26.6

19.3
17.0
14.0
11.6
10.6
10.0
9.3
9.1
9.7
16.5
17.9
19.1
19.4
19.3
19.6
14.4
14.2
13.7
13.0
13.4
12.9
10.1
9.6

55.0
53.0
50.7
49.0
48.2
49.2
47.4
46.4
75.5
59.1
65.9
64.0
63.9
62.6
60.6
57.1
54.0
52.9
50.8
49.4
48.6
49.1
47.8

7.7
8.1
8.6
9.9
11.1
11.1
12.6
13.6
5.3
9.3
7.0
7.9
8.3
8.4
10.0
10.8
10.1
10.5
11.6
12.3
11.4
14.5
15.1

26.7
28.0
29.4
30.6
30.1
29.8
30.5
30.2
15.2
25.6
21.3
23.0
21.7
23.4
24.1
26.6
29.7
30.1
30.3
31.6
32.0
29.8
30.6

10.5
3,297
374
6,048
10.9
2,947
342
4,605
11.3
2,574
304
2,657
10.6
2,237
275
2,274
10.6
2,099
259
2,128
9.9
1,948
240
1,971
9.5
1,755
219
1,774
9.8
1,684
217
1,702
4.1
10,093
1,377
19,065
6.0
3,192
549
11,958
5.7
4,711
888
20,379
5.1
4,690
1,049
21,138
6.1
4,027
783
17,265
5.7
3,934
545
17,747
5.3
3,479
573
16,187
5.4
3,212
512
14,116
6.2
3,197
376
14,134
6.5
2,511
352
6,799
7.4
2,214
303
3,295
6.6
1,962
291
2,624
8.1
1,919
316
2,365
6.6
2,284
354
2,618
6.6 ��������������� ��������������� �����������������

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

Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation (2020-2021), Emergency Unemployment Compensation (2008-2013), and Federal Additional Compensation (2009-2010).
Note: Data relate to persons age 16 years and over (except for insured unemployment and initial claims).
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).

13

Nonagricultural Employment
Total nonagricultural employment as measured by the payroll survey rose by 678,000 in February.
MILLIONS OF PERSONS*
155

MILLIONS OF PERSONS*
112
110
108
106
PRIVATE
104
SERVICE-PROVIDING
102
INDUSTRIES
100
98
96
94
92
90
88

150
145

ALL NONAGRICULTURAL
ESTABLISHMENTS

140
135
130

26
24
22
20
18
16
14
12
10

PRIVATE
INDUSTRIES

125
120
115

105
GOVERNMENT

2018

2019

2020

2021

PROFESSIONAL AND
BUSINESS SERVICES

RETAIL TRADE

22
20
18
16
14
12
10

110

24
22
20

EDUCATION AND
HEALTH SERVICES

2022

GOODS-PRODUCING
MANUFACTURING

2018

2019

2020

*SEASONALLY ADJUSTED

2021

2022

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[Thousands of wage and salary workers; 1 monthly data seasonally adjusted]
Chart 14 - Feb 2022

Private industries

Period

2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 r ������������������
2021: Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec r ���������
2022: Jan r ���������
      Feb p ���������

Total
nonagricultural
employment

134,157
136,364
138,940
141,825
144,336
146,608
148,908
150,905
142,186
146,124
143,727
144,431
144,694
145,141
145,698
146,387
146,904
147,328
148,005
148,652
149,240
149,721
150,399

Goods-producing industries
Total
private

112,237
114,511
117,058
119,796
122,112
124,258
126,454
128,292
120,200
124,119
121,922
122,572
122,784
123,165
123,673
124,311
124,808
125,217
125,911
126,538
127,099
127,547
128,201

Total 2

Construc- Manufaction
turing

18,420
18,738
19,226
19,610
19,750
20,084
20,704
21,037
20,023
20,325
20,072
20,227
20,187
20,209
20,232
20,314
20,362
20,416
20,499
20,598
20,691
20,715
20,820

5,646
5,856
6,151
6,461
6,728
6,969
7,288
7,493
7,257
7,413
7,308
7,408
7,393
7,381
7,378
7,395
7,397
7,427
7,455
7,502
7,546
7,553
7,613

11,927
12,020
12,185
12,336
12,354
12,439
12,688
12,817
12,167
12,346
12,222
12,268
12,240
12,268
12,288
12,350
12,391
12,413
12,466
12,514
12,555
12,571
12,607

Private service-providing industries
Trade, transportation,
and utilities
Total
Total 3
93,817
95,773
97,832
100,186
102,362
104,174
105,750
107,254
100,177
103,794
101,850
102,345
102,597
102,956
103,441
103,997
104,446
104,801
105,412
105,940
106,408
106,832
107,381

25,399
25,783
26,303
26,806
27,179
27,393
27,607
27,723
26,687
27,707
27,403
27,503
27,527
27,538
27,661
27,735
27,807
27,907
28,013
28,084
28,163
28,296
28,399

Retail
trade
14,847
15,085
15,363
15,611
15,832
15,846
15,786
15,620
14,871
15,396
15,293
15,329
15,339
15,314
15,382
15,398
15,435
15,494
15,537
15,557
15,595
15,664
15,701

Information

Financial
activities

2,676
2,706
2,726
2,750
2,794
2,814
2,839
2,864
2,720
2,831
2,758
2,768
2,788
2,803
2,820
2,841
2,866
2,874
2,886
2,904
2,913
2,923
2,923

7,784
7,886
7,977
8,123
8,287
8,451
8,590
8,754
8,704
8,777
8,724
8,733
8,747
8,747
8,745
8,772
8,781
8,794
8,817
8,849
8,863
8,866
8,901

Profes- Education Leisure
sional
and
and
and
health
hospitalbusiness services
ity
services
17,992
18,575
19,124
19,695
20,114
20,508
20,950
21,274
20,314
21,250
20,902
21,021
20,943
21,023
21,084
21,226
21,309
21,383
21,619
21,730
21,821
21,894
21,989

20,769
21,086
21,439
22,029
22,639
23,188
23,638
24,163
23,275
23,673
23,454
23,541
23,582
23,620
23,640
23,699
23,728
23,737
23,805
23,874
23,939
23,972
24,084

13,768
14,254
14,696
15,160
15,660
16,051
16,295
16,586
13,148
14,101
13,270
13,423
13,631
13,830
14,054
14,251
14,453
14,587
14,728
14,919
15,105
15,272
15,451

Other
services

5,430
5,483
5,567
5,622
5,691
5,770
5,831
5,891
5,329
5,456
5,339
5,356
5,379
5,395
5,437
5,473
5,502
5,519
5,544
5,580
5,604
5,609
5,634

Government

21,920
21,853
21,882
22,029
22,224
22,350
22,455
22,613
21,986
22,005
21,805
21,859
21,910
21,976
22,025
22,076
22,096
22,111
22,094
22,114
22,141
22,174
22,198

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

Note: Data classified by industry based on the 2017 North American Industry Classification System (NAICS). For details see Employment and Earnings.
Source: Department of Labor (Bureau of Labor Statistics).

14

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

Total
private
nonagricultural 1

Period

2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 r ������������������
2021: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2022: Jan r ���������
      Feb p ���������

Average gross hourly earnings
Total private
nonagricultural 1

Manufacturing

Total

33.7
33.7
33.7
33.7
33.6
33.7
33.8
33.6
33.9
34.2
34.4
34.1
34.4
34.4
34.3
34.3
34.3
34.2
34.3
34.2
34.2
34.1
34.0
34.1

Overtime

41.7
41.8
42.0
41.8
41.9
41.9
42.2
41.6
40.7
41.4
41.6
41.5
41.7
41.6
41.5
41.3
41.5
41.4
41.4
41.3
41.4
41.4
41.2
41.5

4.2
4.3
4.5
4.3
4.3
4.3
4.6
4.3
3.7
4.1
4.1
4.2
4.1
4.3
4.2
4.1
4.1
4.1
4.1
4.0
4.1
4.1
4.2
4.4

Current
dollars

Manufacturing

1982-84
dollars 2

$19.73
$8.72
20.13
8.78
20.60
8.85
21.03
9.07
21.53
9.20
22.05
9.22
22.71
9.26
23.51
9.43
24.68
9.78
25.89
9.75
25.18
9.84
25.26
9.82
25.35
9.78
25.49
9.77
25.67
9.76
25.81
9.72
25.96
9.73
26.10
9.74
26.26
9.76
26.42
9.73
26.55
9.70
26.74
9.71
26.86
9.69
26.94 �����������������

Average gross weekly earnings
Total private
nonagricultural 1
Current
dollars

$19.08
19.30
19.56
19.91
20.44
20.90
21.54
22.15
22.80
23.80
23.27
23.39
23.40
23.48
23.64
23.77
23.89
24.03
24.10
24.17
24.24
24.38
24.48
24.54

Percent change from
a year earlier,
total private
nonagricultural

Current dollars

1982-84
dollars 2

Manufacturing

$665.54
$294.19
677.62
295.49
694.74
298.47
708.70
305.72
723.20
308.96
742.48
310.59
766.99
312.87
790.44
317.16
837.39
331.97
886.06
333.72
866.19
338.36
861.37
334.78
872.04
336.53
876.86
336.18
880.48
334.87
885.28
333.32
890.43
333.65
892.62
333.27
900.72
334.86
903.56
332.76
908.01
331.77
911.83
331.11
913.24
329.43
918.65 �����������������

Construction

$794.67
807.41
822.03
832.22
855.77
876.10
908.01
921.87
928.94
985.92
968.03
970.69
975.78
976.77
981.06
981.70
991.44
994.84
997.74
998.22
1,003.54
1,009.33
1,008.58
1,018.41

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).

Retail
trade

$942.14
958.72
977.11
998.02
1,031.88
1,061.98
1,108.59
1,135.73
1,145.52
1,203.77
1,185.43
1,160.00
1,190.62
1,195.76
1,198.69
1,189.81
1,209.10
1,211.94
1,242.70
1,222.53
1,232.29
1,246.88
1,245.42
1,286.93

Current
dollars

$422.35
423.44
431.97
446.01
447.69
463.10
483.03
503.06
542.14
571.02
557.07
556.20
562.03
569.78
569.49
568.56
573.19
571.33
574.09
582.74
582.99
586.60
582.56
587.52

1982-84
dollars 2

2.0
–0.1
1.8
.4
2.5
1.0
2.0
2.4
2.0
1.1
2.7
.5
3.3
.7
3.1
1.4
5.9
4.7
5.8
.5
7.8
6.2
6.4
4.3
7.9
4.7
4.2
–.5
3.4
–2.1
5.0
–1.0
6.0
.1
5.2
–.5
6.2
.2
6.1
–.8
6.2
–1.3
5.9
–1.9
5.4
–2.6
6.6 �������������������

Seasonally adjusted data revised to reflect CPI-W annual

revisions.

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
2012:
2013:
2014:
2015:
2016:
2017:
2018:
2019:
2020:
2021:

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

117.1
119.4
122.2
124.5
127.2
130.5
134.4
138.0
141.6
147.8

116.6
119.0
121.6
124.2
127.1
130.6
134.7
138.7
142.6
149.7

118.2
120.5
123.5
125.1
127.3
130.2
133.6
136.2
139.1
143.2

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

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

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

Seasonally adjusted
2019: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2020: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2021: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������

135.4
136.3
137.3
138.2
139.2
139.9
140.7
141.8
143.2
144.3
146.3
148.0

135.8
136.8
137.9
138.9
140.2
140.8
141.6
142.8
144.4
145.8
148.1
149.9

134.6
135.1
135.8
136.4
136.8
137.7
138.5
139.3
140.2
140.6
142.1
143.5

1.8
2.0
2.3
1.9
2.2
2.6
3.0
2.7
2.6
4.4

1.7
2.1
2.2
2.1
2.3
2.8
3.1
3.0
2.8
5.0

2.0
1.9
2.5
1.3
1.8
2.3
2.6
1.9
2.1
2.9

Not seasonally adjusted
0.6
.7
.7
.7
.7
.5
.6
.8
1.0
.8
1.4
1.2

0.7
.7
.8
.7
.9
.4
.6
.8
1.1
1.0
1.6
1.2

0.5
.4
.5
.4
.3
.7
.6
.6
.6
.3
1.1
1.0

2.8
2.6
2.7
2.7
2.8
2.7
2.4
2.6
2.8
3.1
4.1
4.4

3.0
3.0
3.0
3.0
3.3
2.9
2.7
2.8
3.0
3.5
4.6
5.0

2.4
1.8
2.0
1.9
1.6
2.0
2.0
2.1
2.5
2.0
2.6
2.9

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

Nonfarm
business
sector

Compensation
per hour 3
Business
sector

Nonfarm
business
sector

Real
compensation
per hour 4
Business
sector

Unit labor
costs

Nonfarm
business
sector

Implicit price
deflator 5

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

100.0
100.5
102.6
104.5
105.2
107.7
109.7
111.7
116.5
120.7
109.2
109.0
110.0
110.5
112.1
111.3
111.1
112.1
115.0
117.9
114.7
118.5
117.7
119.5
122.6
122.9

100.0
100.7
102.9
104.8
105.6
108.0
110.1
112.0
117.1
121.1
109.6
109.4
110.5
111.0
112.5
111.7
111.5
112.5
115.6
118.5
115.3
119.1
118.2
119.9
123.0
123.3

100.0
101.5
103.2
103.7
104.5
106.3
108.6
110.2
110.6
115.6
107.6
108.6
108.8
109.2
109.4
110.2
110.4
110.8
110.8
109.5
110.8
111.3
112.6
114.6
116.4
118.5

100.0
101.4
103.3
104.1
105.0
106.8
109.1
110.8
111.3
115.8
108.1
109.1
109.4
109.9
110.1
110.8
111.0
111.4
111.4
110.3
111.6
111.8
113.1
114.8
116.5
118.7

1.8
.5
2.1
1.8
.7
2.4
1.9
1.8
4.3
3.6
1.2
–.7
3.9
1.7
6.1
–2.8
–.8
3.7
10.6
10.6
–10.4
13.8
–2.5
6.0
10.8
1.0

1.6
.7
2.1
1.9
.7
2.3
1.9
1.8
4.5
3.5
1.2
–.4
3.8
1.7
5.7
–2.8
–.9
3.8
11.4
10.3
–10.3
13.7
–2.7
5.8
10.6
.9

1.8
1.5
1.7
.5
.7
1.8
2.1
1.5
.4
4.5
1.7
3.7
.8
1.7
.7
2.7
.8
1.4
.0
–4.6
5.1
1.6
5.1
7.3
6.2
7.5

1.8
1.4
1.8
.8
.9
1.7
2.2
1.5
.4
4.0
1.7
3.8
1.0
1.6
.7
2.7
.7
1.3
.2
–3.9
4.7
.9
4.6
6.1
6.0
7.8

Indexes, 2012=100; quarterly data seasonally adjusted
2012 ����������������
2013 r ��������������
2014 r ��������������
2015 r ��������������
2016 r ��������������
2017 r ��������������
2018 r ��������������
2019 r ��������������
2020 r ��������������
2021 r ��������������
2018: I r ����������
      II r ���������
      III r ��������
      IV r ��������
2019: I r ����������
      II r ���������
      III r ��������
      IV r ��������
2020: I r ����������
      II r ���������
      III r ��������
      IV r ��������
2021: I r ����������
      II r ���������
      III r ��������
      IV r * ������

100.0
100.9
101.4
102.5
102.9
104.0
105.7
107.7
110.3
112.4
105.2
105.7
105.9
105.9
106.8
107.7
108.0
108.4
107.9
110.3
112.2
111.2
111.8
112.7
111.6
113.4

100.0
100.5
101.1
102.3
102.7
103.8
105.3
107.5
110.1
112.1
104.9
105.3
105.6
105.6
106.5
107.5
107.8
108.2
107.5
110.1
111.8
111.0
111.6
112.5
111.3
113.1

100.0
102.5
105.5
109.1
111.1
114.1
118.1
121.2
116.0
124.4
116.8
118.0
118.6
118.9
119.8
120.8
121.8
122.3
120.2
107.2
117.5
119.3
121.6
124.1
124.6
127.3

100.0
102.2
105.3
108.8
110.8
113.8
117.8
121.0
115.7
124.2
116.6
117.7
118.3
118.7
119.6
120.7
121.6
122.2
119.9
106.9
117.2
118.9
121.4
123.9
124.5
127.2

100.0
101.6
104.0
106.5
108.0
109.7
111.7
112.5
105.2
110.7
111.1
111.6
112.0
112.2
112.2
112.2
112.8
112.9
111.4
97.2
104.8
107.3
108.8
110.1
111.6
112.3

100.0
101.7
104.1
106.4
107.9
109.7
111.8
112.6
105.1
110.8
111.2
111.8
112.1
112.3
112.3
112.3
112.8
112.9
111.5
97.0
104.8
107.2
108.8
110.2
111.8
112.5

100.0
101.4
104.0
107.0
108.2
112.0
115.9
120.3
128.6
135.7
114.8
115.1
116.5
117.0
119.7
120.0
120.0
121.5
124.0
130.0
128.7
131.8
131.6
134.7
136.8
139.4

100.0
101.2
104.0
107.2
108.4
112.1
116.0
120.5
128.9
135.8
114.9
115.2
116.7
117.2
119.9
120.1
120.2
121.7
124.3
130.5
128.9
132.1
131.9
134.9
136.9
139.4

100.0
99.9
100.8
103.5
103.3
104.7
105.7
107.8
113.8
114.7
105.6
105.2
106.0
106.1
108.4
107.7
107.3
108.0
109.9
116.2
113.7
115.7
114.5
114.8
114.8
114.7

100.0
99.8
100.8
103.7
103.5
104.8
105.9
108.0
114.1
114.9
105.7
105.3
106.2
106.3
108.5
107.8
107.5
108.2
110.2
116.6
113.8
116.0
114.7
115.0
114.9
114.8

Percent change; quarterly data at seasonally adjusted annual rates
2012 ����������������
2013 r ��������������
2014 r ��������������
2015 r ��������������
2016 r ��������������
2017 r ��������������
2018 r ��������������
2019 r ��������������
2020 r ��������������
2021 r ��������������
2018: I r ����������
      II r ���������
      III r ��������
      IV r ��������
2019: I r ����������
      II r ���������
      III r ��������
      IV r ��������
2020: I r ����������
      II r ���������
      III r ��������
      IV r ��������
2021: I r ����������
      II r ���������
      III r ��������
      IV r * ������

0.9
.9
.5
1.1
.4
1.1
1.6
2.0
2.4
1.9
1.7
1.9
.8
.2
3.3
3.6
1.0
1.4
–1.9
9.2
7.2
–3.5
2.1
3.4
–3.7
6.6

1.0
.5
.6
1.2
.3
1.1
1.5
2.1
2.4
1.9
1.3
1.4
1.3
.1
3.5
3.7
1.2
1.3
–2.5
10.2
6.1
–2.8
2.1
3.2
–3.9
6.6

3.2
2.5
2.9
3.4
1.9
2.7
3.5
2.6
–4.2
7.2
3.7
4.0
2.1
1.0
3.1
3.5
3.1
1.8
–6.8
–36.8
44.7
6.1
8.2
8.2
1.8
9.0

3.3
2.2
3.0
3.4
1.8
2.7
3.5
2.7
–4.4
7.4
3.6
3.9
2.2
1.1
3.4
3.6
3.2
1.8
–7.4
–36.9
44.6
6.2
8.4
8.5
2.0
9.1

2.3
1.6
2.4
2.3
1.5
1.5
1.9
.7
–6.5
5.3
1.9
2.1
1.4
.8
–.2
–.1
2.1
.5
–5.0
–42.1
34.9
9.9
6.0
4.7
5.7
2.3

2.3
1.7
2.3
2.2
1.5
1.6
2.0
.7
–6.6
5.4
2.3
2.4
.9
.9
–.1
–.1
1.9
.5
–5.0
–42.7
36.3
9.3
6.2
5.1
6.2
2.4

2.8
1.4
2.6
2.9
1.1
3.5
3.5
3.8
6.9
5.5
2.9
1.2
4.6
1.9
9.5
.8
.2
5.1
8.5
20.7
–3.9
9.8
–.5
9.6
6.7
7.7

2.7
1.2
2.8
3.1
1.1
3.5
3.4
3.9
7.0
5.4
2.5
1.0
5.2
1.9
9.4
.8
.3
5.2
8.7
21.5
–4.8
10.5
–.6
9.2
6.2
7.5

0.6
–.1
.9
2.7
–.2
1.3
1.0
2.0
5.5
.8
–.2
–1.4
3.0
.4
8.7
–2.6
–1.1
2.4
7.4
24.6
–8.2
7.2
–4.2
1.3
–.1
–.2

0.5
–.2
1.1
2.9
–.2
1.3
1.0
2.0
5.7
.7
–.6
–1.5
3.5
.3
8.5
–2.6
–1.0
2.5
7.5
25.4
–9.1
7.9
–4.4
.9
–.4
–.3

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 1978-2020 is based on the consumer price index research series (CPI-U-RS). The change for recent quarters is based on the
consumer price index for all urban consumers (CPI-U).
5 Current dollar gross domestic output divided by the output index.
Note: Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here.
* Data based on GDP data released on February 24, 2022.
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 January.
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
CONSUMER
GOODS

110

80

100

70

90

120

BUSINESS
EQUIPMENT

MANUFACTURING

110

TOTAL1

100
90

80
70

NONDURABLE

80

DURABLE

60

70
140

PERCENT*
86

UTILITIES AND MINING

130

CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)

82

120

78

MINING

110

74

100

70

UTILITIES
90

66
62

80
2018

2019

2020

2021

2022

2018

2019

2020

2021

2022

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

2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 r ������������������
2021: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2022: Jan p ���������

Percent change 2
Index,
2017=100

97.4
99.3
102.3
100.9
98.7
100.0
103.2
102.3
95.0
100.3
99.4
96.4
99.2
99.2
99.9
100.5
101.2
101.1
99.8
101.2
102.1
102.0
103.5

From
preceding
month

Capacity utilization rate
(output as percent of
capacity) 1

Manufacturing

From
year
earlier

���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
1.1
–3.0
2.9
.1
.7
.5
.7
–.1
–1.2
1.4
.9
–.1
1.4

Chart 17 - Feb 2022

Industry production indexes, 2017=100

3.0
2.0
3.0
–1.4
–2.2
1.3
3.2
–.8
–7.2
5.6
–1.7
–4.9
1.8
17.9
16.4
10.2
6.6
5.4
4.4
4.7
5.1
3.8
4.1

Total 1
98.8
99.6
100.7
100.2
99.4
100.0
101.3
99.3
92.7
98.7
98.2
94.6
97.8
97.6
98.4
98.2
99.5
99.0
98.2
99.9
100.6
100.4
100.7

Durable
96.6
98.7
101.6
100.5
98.3
100.0
103.1
101.0
92.7
100.8
100.5
97.3
100.1
98.7
99.6
99.4
101.9
101.0
99.9
102.0
103.0
102.9
103.1

Nondurable
100.0
100.0
99.3
99.7
100.4
100.0
99.7
97.9
93.7
97.8
96.9
92.4
96.2
97.5
98.5
98.4
98.6
98.3
97.7
99.0
99.4
99.4
99.7

Other
(non-NAICS) 1
116.5
110.0
108.2
103.9
100.9
100.0
96.7
92.3
78.7
76.4
78.4
80.3
82.1
78.6
75.1
73.1
73.4
76.1
77.6
78.5
76.4
74.1
74.2

Mining

94.9
100.7
111.3
104.8
91.9
100.0
113.0
119.7
102.7
105.3
103.3
94.2
105.4
104.9
106.7
106.8
106.9
106.8
104.5
108.5
109.1
110.7
111.8

Utilities

98.2
100.6
102.1
101.3
100.8
100.0
104.9
104.0
100.5
102.7
100.8
108.3
99.0
101.7
100.3
106.3
103.2
106.1
103.1
99.6
102.2
100.3
110.2

Total
industry

Total
manufacturing

76.9
77.2
78.6
77.0
75.2
76.5
79.2
77.4
71.6
75.4
75.0
72.7
74.8
74.8
75.3
75.7
76.2
76.1
75.1
76.1
76.7
76.6
77.6

74.5
74.6
75.7
76.0
75.2
76.2
77.7
75.8
71.1
75.8
75.6
72.8
75.3
75.1
75.7
75.5
76.6
76.2
75.5
76.8
77.3
77.2
77.3

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

Equipment

Total

Total
Total

2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 r ������������������
2021: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2022: Jan p ���������

100.3
100.5
101.6
101.0
99.1
100.0
102.0
100.9
94.3
100.5
100.1
98.0
99.8
99.0
99.8
99.9
101.5
101.0
100.1
100.9
101.9
101.4
103.2

97.5
98.1
99.0
100.5
101.0
100.0
100.8
100.0
96.1
100.3
100.8
98.7
99.9
99.5
100.1
99.9
100.8
100.5
99.6
99.9
101.0
100.4
102.6

Durable
goods
84.9
89.6
94.0
97.9
100.2
100.0
103.2
101.5
94.2
103.2
107.8
100.1
102.1
99.2
101.6
100.0
104.5
102.4
99.2
104.3
105.4
104.7
104.7

Nondurable
goods
101.2
100.7
100.5
101.2
101.3
100.0
100.1
99.5
96.6
99.5
98.8
98.2
99.2
99.5
99.6
99.8
99.7
99.9
99.6
98.7
99.7
99.1
101.9

Total 1
106.0
105.4
106.9
102.0
95.0
100.0
104.7
103.0
90.7
101.0
98.5
96.7
99.6
98.2
99.2
100.0
103.0
102.1
101.4
103.0
103.9
103.9
104.5

Business
101.2
101.2
103.2
100.9
95.6
100.0
103.9
99.8
86.2
94.5
94.0
91.3
94.0
92.3
93.8
93.2
96.0
95.1
94.3
95.2
95.9
95.8
95.9

Construction

Business

Total 1

Energy

Defense
and
space
111.6
108.0
104.2
101.3
97.7
100.0
102.2
112.3
114.2
132.3
124.3
125.2
128.9
128.3
126.5
133.0
136.7
135.4
134.9
137.3
139.2
138.8
139.8

96.7
98.6
100.0
99.2
99.5
100.0
101.9
99.8
93.0
97.4
96.6
94.3
96.8
96.6
96.6
96.4
97.2
97.7
97.9
98.7
100.0
99.7
100.1

91.4
94.2
97.1
97.8
98.7
100.0
101.7
99.8
96.2
100.9
101.0
97.1
101.7
100.1
99.2
98.1
99.3
99.8
100.9
102.3
104.4
104.8
103.4

98.9
100.4
101.1
99.8
99.8
100.0
102.0
99.8
91.6
95.9
94.6
93.0
94.7
95.0
95.5
95.6
96.3
96.8
96.5
97.1
98.0
97.4
98.7

95.6
98.8
103.7
101.4
98.0
100.0
104.7
104.5
96.2
100.9
99.6
95.4
99.2
100.2
101.1
102.3
102.2
102.3
100.1
102.3
103.0
103.2
104.8

93.2
98.1
106.2
102.8
95.1
100.0
110.2
115.2
102.6
105.5
103.3
99.1
103.0
104.9
105.2
108.7
107.5
107.8
104.7
107.7
108.3
108.9
112.4

1 Includes other items, not shown separately.

[2017=100; monthly data seasonally adjusted]
Durable manufactures
Computer and
electronic products

Primary metals
Period
Total
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 r ������������������
2021: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2022: Jan p ���������

109.2
112.7
113.5
105.7
101.0
100.0
103.2
98.8
85.6
96.7
91.6
91.6
94.0
97.3
95.6
97.2
98.7
98.3
97.1
99.2
99.8
99.1
99.2

Iron
and
steel
products
110.7
113.1
112.2
101.5
96.7
100.0
103.4
97.1
80.7
96.2
91.0
87.4
93.1
96.1
96.3
97.5
99.9
98.5
100.4
99.5
98.1
96.6
95.9

Fabricated
metal
products

102.4
104.2
106.1
102.6
98.8
100.0
104.6
102.4
94.7
98.6
97.4
94.8
98.7
97.1
98.1
97.9
98.0
98.3
98.3
99.7
101.1
100.5
100.3

Nondurable manufactures

Machinery
Total
116.6
111.2
112.7
103.7
95.8
100.0
104.6
101.4
95.2
105.5
103.7
101.0
103.8
103.5
104.6
103.8
106.8
105.9
105.5
106.9
106.8
107.7
108.8

84.3
87.1
90.7
91.2
93.2
100.0
104.9
105.8
109.7
118.2
113.1
112.6
115.4
116.5
119.8
119.8
120.9
121.2
119.6
119.7
119.9
120.6
120.2

Selected
high-technology 1
68.1
75.4
83.7
86.5
91.5
100.0
109.0
113.2
121.3
134.0
129.6
130.9
132.8
134.8
136.4
135.2
134.0
133.8
134.4
134.9
135.7
136.6
136.5

Transportation
equipment
Total
87.7
92.2
98.2
100.9
98.4
100.0
102.1
100.0
83.5
94.2
97.4
92.1
94.3
89.8
91.3
91.1
96.3
93.6
90.7
95.5
96.9
96.2
96.2

1 Computers and peripheral equipment, communications equipment, and semiconductors and related electronic components.

Source: Board of Governors of the Federal Reserve System.

18

Motor
vehicles
and
parts
80.9
86.8
94.7
99.7
101.0
100.0
104.1
101.1
85.2
93.3
101.5
90.7
94.3
87.5
92.0
87.4
93.9
90.9
85.2
94.8
96.4
96.1
95.2

Apparel

130.5
120.8
115.8
110.0
103.3
100.0
95.5
96.5
84.7
96.8
93.9
93.4
94.3
93.4
97.3
97.5
98.2
97.8
99.5
100.5
100.1
97.2
95.1

Printing
and
related
support
activities
101.1
101.4
99.6
98.6
100.3
100.0
100.4
96.8
85.1
91.4
87.0
85.5
87.9
88.2
90.6
92.1
92.1
92.3
93.2
95.1
95.7
94.7
93.3

Chemicals

107.1
103.5
102.4
102.0
101.5
100.0
98.6
95.4
93.0
97.8
95.1
87.8
92.5
97.4
100.0
100.5
100.2
100.0
98.6
100.2
100.5
101.1
101.3

Food

93.4
95.2
96.1
97.5
99.5
100.0
100.4
101.1
98.4
100.8
101.5
99.7
102.5
101.3
100.1
100.2
99.5
99.8
99.8
100.9
101.8
102.2
102.8

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

2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 r ������������������
2021: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov r ���������
      Dec r ���������
2022: Jan p ���������

Total
new
construction
expenditures

854.4
914.6
1,015.3
1,140.2
1,223.7
1,279.8
1,333.2
1,391.0
1,469.2
1,590.4
1,549.8
1,533.3
1,548.6
1,553.5
1,564.2
1,579.3
1,581.1
1,596.8
1,612.3
1,626.4
1,643.0
1,655.8
1,677.2

Residential
Total

New
housing

Total 1

575.1
643.9
739.2
846.4
926.7
983.3
1,023.0
1,046.7
1,107.9
1,244.1
1,194.6
1,187.6
1,203.7
1,209.8
1,223.1
1,240.7
1,239.3
1,249.6
1,264.7
1,273.7
1,290.8
1,307.1
1,326.5

Federal
and
State
and
local

Nonresidential

273.7
329.6
377.5
431.8
479.4
539.0
557.6
546.6
628.9
775.3
731.2
729.3
745.0
752.8
762.9
780.7
775.9
780.5
791.1
795.3
801.6
819.0
829.4

Total

158.5
208.5
242.8
283.3
315.8
344.2
367.1
362.2
395.3
510.5
482.5
482.0
493.4
499.7
503.7
513.3
517.7
516.4
518.2
519.0
527.7
541.2
546.6

Lodging

301.4
314.3
361.7
414.6
447.3
444.3
465.5
500.1
479.0
468.8
463.4
458.4
458.7
457.0
460.2
460.0
463.4
469.1
473.6
478.4
489.2
488.2
497.2

Commercial
(including
farm)

Office

10.2
13.0
16.3
21.4
26.6
28.1
30.5
32.3
28.0
19.1
22.9
22.1
22.3
21.3
19.2
18.6
18.3
17.6
16.9
16.9
17.2
17.8
17.6

27.4
30.1
38.9
47.9
59.8
59.9
66.8
77.5
75.3
70.6
71.3
68.2
69.3
69.4
69.8
69.9
70.0
71.7
71.3
71.2
72.0
72.6
72.5

Manufacturing

44.3
50.9
60.9
64.5
75.5
84.5
82.8
80.3
82.7
87.5
80.3
80.6
82.1
83.1
85.0
85.7
87.3
89.6
90.7
90.7
94.9
95.2
94.7

Other 2

46.8
51.8
60.1
82.4
78.9
70.0
72.0
80.5
71.8
77.9
70.8
71.2
71.4
72.0
75.3
74.6
74.6
78.6
81.6
85.5
89.1
85.6
92.9

172.6
168.3
185.5
198.5
206.5
201.9
213.4
229.5
221.2
213.7
218.1
216.3
213.6
211.2
210.9
211.3
213.3
211.6
213.0
214.1
216.0
217.0
219.4

New
houses
sold

New
houses
for sale
at end
of period 3

279.3
270.7
276.1
293.8
297.0
296.5
310.2
344.3
361.2
346.3
355.1
345.6
344.9
343.8
341.1
338.6
341.8
347.2
347.6
352.7
352.2
348.7
350.7

1 Includes residential improvements, not shown separately.
2 Includes health care, educational, communication, and power, among other categories not shown separately.

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

New Private Housing and Vacancy Rates
[Thousands of units or houses, except as noted]
New housing units authorized 2

New housing units started
Type of structure

Period
Total
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 r ������������������

780.6
924.9
1,003.3
1,111.8
1,173.8
1,203.0
1,249.9
1,290.0
1,379.6
1,597.2

1 unit
535.3
617.6
647.9
714.5
781.5
848.9
875.8
887.7
990.5
1,125.5

Type of structure

2–4 units 1
11.4
13.6
13.7
11.5
11.5
11.4
13.9
13.4
12.3
11.9

5 units or
more

Total

233.9
293.7
341.7
385.8
380.8
342.7
360.3
388.9
376.8
459.8

829.7
990.8
1,052.1
1,182.6
1,206.6
1,282.0
1,328.8
1,386.0
1,471.1
1,729.9

1 unit
518.7
620.8
640.3
696.0
750.8
820.0
855.3
862.1
979.4
1,111.4

2–4 units

5 units or
more

New
housing
units
completed

Vacancy
rate for
rental
housing
units
(percent) 4

25.9
29.0
29.9
32.1
34.8
37.2
39.7
42.6
47.2
52.0

285.1
341.1
382.0
454.5
421.1
424.8
433.8
481.4
444.5
566.5

649.2
764.4
883.8
968.2
1,059.7
1,152.9
1,184.9
1,255.1
1,286.9
1,338.9

368
429
437
501
561
613
617
683
822
767

150
186
210
232
254
293
345
322
299
394

8.7
8.3
7.6
7.1
6.9
7.2
6.9
6.8
6.3
6.1

55
48
58
50
58
49
54
41
49
51
48
67
57

560
533
503
535
491
479
528
630
496
528
563
690
625

1,328
1,347
1,497
1,417
1,350
1,312
1,380
1,291
1,235
1,255
1,404
1,315
1,246

993
823
873
796
733
683
704
668
725
667
749
839
801

302
306
305
317
331
347
365
378
378
388
394
394
406

��������������������
��������������������
6.8
��������������������
��������������������
6.2
��������������������
��������������������
5.8
��������������������
��������������������
5.6
��������������������

Seasonally adjusted annual rates
2021: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2022: Jan p ���������

1,625
1,447
1,725
1,514
1,594
1,657
1,562
1,573
1,550
1,552
1,703
1,708
1,638

1,143
1,069
1,255
1,061
1,098
1,161
1,112
1,088
1,089
1,074
1,222
1,182
1,116

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

469
365
448
439
486
485
439
478
452
468
464
521
510

1,883
1,726
1,755
1,733
1,683
1,594
1,630
1,721
1,586
1,653
1,717
1,885
1,895

1,268
1,145
1,194
1,148
1,134
1,066
1,048
1,050
1,041
1,074
1,106
1,128
1,213

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 December, according to preliminary estimates, manufacturing and trade sales fell 0.6 percent. In January,
manufacturing and trade inventories rose $24.5 billion and retail inventories rose $12.3 billion. In January, retail
sales rose 4.4 percent and retail and food services sales rose 3.8 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,200

BILLIONS OF DOLLARS* (RATIO SCALE)
700

2,100

650

2,000

600

1,900

550

1,800

MANUFACTURING AND
TRADE INVENTORIES

1,700

RETAIL INVENTORIES
RETAIL AND FOOD
SERVICES SALES

500
450

1,600

RETAIL SALES

400

1,500
1,400

350
MANUFACTURING
AND TRADE SALES

1,300

RATIO*
1.80
INVENTORY/SALES RATIO
1.70
1.60

1,200

RETAIL

1.50
1.40
MANUFACTURING
AND TRADE

1.30

1,100

1.20
1.10
1.00

1,000
2018

2019

2020

2021

2022

2018

2019

2020

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

2021

2022

COUNCIL OF ECONOMIC ADVISERS

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

Sales 2

2012 ��������������������
1,267,540
2013 ��������������������
1,306,496
2014 ��������������������
1,346,667
2015 ��������������������
1,303,972
2016 ��������������������
1,295,832
2017 ��������������������
1,357,499
2018 ��������������������
1,436,971
2019 ��������������������
1,435,845
2020 r ������������������
1,397,857
r
2021 ������������������
1,645,661
2020: Dec r ���������
1,481,943
2021: Jan r ���������
1,546,087
      Feb �����������
1,523,031
      Mar ����������
1,611,857
      Apr �����������
1,621,377
      May ����������
1,618,539
      June ���������
1,644,724
      July ����������
1,653,322
      Aug ����������
1,655,239
      Sept ���������
1,674,397
      Oct �����������
1,711,246
      Nov r ���������
1,729,700
      Dec r ���������
1,718,964
2022: Jan p ��������� �����������������������

Inventories 3

Inventory/sales
ratio 4

Wholesale
Sales 2

1,657,094
1.28
434,294
1,725,624
1.29
450,331
1,788,427
1.31
469,089
1,821,369
1.39
448,876
1,857,671
1.42
444,848
1,917,240
1.39
475,081
2,002,600
1.36
508,329
2,051,229
1.42
507,326
1,997,146
1.43
485,324
2,211,476
1.27
592,452
1,997,146
1.35
521,119
2,008,552
1.30
542,867
2,022,434
1.33
542,721
2,027,111
1.26
565,946
2,028,401
1.25
571,977
2,040,564
1.26
576,419
2,059,156
1.25
589,663
2,070,520
1.25
602,172
2,086,461
1.26
596,712
2,103,135
1.26
606,959
2,130,353
1.24
622,400
2,161,362
1.25
633,276
2,211,476
1.29
634,617
2,235,946 ����������������������� �����������������������

Inventories 3

Retail
Inventory/sales
ratio 4

524,721
1.17
549,169
1.19
584,584
1.22
595,716
1.33
610,731
1.35
632,013
1.30
671,212
1.28
680,387
1.35
667,477
1.38
791,658
1.23
667,477
1.28
677,634
1.25
684,807
1.26
692,786
1.22
700,428
1.22
709,845
1.23
718,254
1.22
722,569
1.20
731,835
1.23
742,195
1.22
760,684
1.22
773,612
1.22
791,658
1.25
798,227 �����������������������

1 See page 21 for manufacturing.
2 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.
3 Seasonally adjusted, end of period.
4 Annual data are averages of seasonally adjusted monthly ratios.

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

20

Sales 2
358,519
371,654
386,827
394,010
404,018
420,018
437,753
450,920
466,133
549,723
485,541
518,517
504,458
559,871
562,269
550,781
554,388
543,191
550,293
554,233
565,388
569,560
553,621
577,740

Inventories 3
507,157
544,700
561,120
587,580
611,019
626,342
653,741
657,537
620,062
645,814
620,062
620,774
621,966
613,155
602,902
597,394
600,241
602,780
603,993
603,120
604,941
616,900
645,814
658,099

Chart 20 - Feb 2022

Retail and food
Inventory/sales services sales 2
ratio 4
1.38
1.41
1.43
1.46
1.50
1.48
1.46
1.47
1.34
1.12
1.28
1.20
1.23
1.10
1.07
1.08
1.08
1.11
1.10
1.09
1.07
1.08
1.17
1.14

402,199
416,944
434,877
446,018
458,845
477,739
498,756
515,382
517,923
618,176
536,629
575,245
559,970
623,119
628,751
620,119
625,405
615,250
622,383
626,999
638,102
642,636
626,289
649,776

Manufacturers’ Shipments, Inventories, and Orders
In January, 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)
820
INVENTORIES
760
700
660
620
TOTAL
580
540
500
DURABLE GOODS
460
420

SHIPMENTS

TOTAL

340
300

DURABLE GOODS

260

380

220

340

NONDURABLE GOODS

300

180

260
140

540
500
460
420
380

NONDURABLE GOODS

220

BILLIONS OF DOLLARS* (RATIO SCALE)
620

180

NEW ORDERS

RATIO*
2.00
1.90

TOTAL

340

1.80

300

1.70

DURABLE GOODS

260

INVENTORY/SHIPMENTS RATIO

1.60

220

1.50
1.40

180

1.30
1.20

140
2019

2018

2021

2020

2022

2018

2019

2021

2020

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1

Chart 21- Feb 2022

Durable goods
Period

Total

Durable
goods

2022

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
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 r ������������������
2021: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec r ���������
2022: Jan p ���������

474,727
484,511
490,751
461,086
446,966
462,400
490,889
477,599
446,400
503,486
484,703
475,852
486,040
487,131
491,339
500,673
507,959
508,234
513,205
523,458
526,864
530,726
536,911

218,965
224,903
233,108
231,822
226,344
230,618
244,005
240,275
225,748
254,245
248,703
240,918
247,434
247,366
248,281
252,208
257,315
255,914
257,492
261,753
263,799
267,347
270,259

255,762
259,608
257,643
229,264
220,623
231,782
246,884
237,324
220,652
249,241
236,000
234,934
238,606
239,765
243,058
248,465
250,644
252,320
255,713
261,705
263,065
263,379
266,652

625,216
631,755
642,723
638,073
635,921
658,885
677,647
713,305
709,607
774,004
710,144
715,661
721,170
725,071
733,325
740,661
745,171
750,633
757,820
764,728
770,850
774,004
779,620

367,335
372,017
389,654
393,090
380,629
390,073
407,177
431,260
433,212
474,225
431,969
434,958
439,538
442,463
446,745
450,967
454,441
458,707
463,341
466,755
470,370
474,225
476,331

257,881
259,738
253,069
244,983
255,292
268,812
270,470
282,045
276,395
299,779
278,175
280,703
281,632
282,608
286,580
289,694
290,730
291,926
294,479
297,973
300,480
299,779
303,289

475,809
491,578
496,046
452,778
441,331
457,693
484,649
483,442
433,220
506,330
479,160
481,195
488,073
487,409
498,587
506,128
509,490
514,637
517,066
523,433
533,104
536,660
544,224

220,047
231,970
238,403
223,515
220,708
225,912
237,765
246,118
212,568
257,089
243,160
246,261
249,467
247,644
255,529
257,663
258,846
262,317
261,353
261,728
270,039
273,281
277,572

77,674
86,333
83,765
70,382
69,092
72,832
70,377
81,559
59,831
83,487
70,745
78,315
77,437
81,405
86,253
87,644
82,516
88,619
84,829
85,132
89,478
93,085
97,097

1,015,260
1,142,130
1,255,669
1,205,811
1,186,562
1,184,960
1,166,319
1,285,367
1,180,385
1,271,825
1,179,063
1,188,681
1,195,141
1,199,881
1,211,622
1,221,562
1,227,524
1,238,342
1,246,689
1,251,000
1,261,508
1,271,825
1,283,495

1.30
1.30
1.31
1.40
1.42
1.39
1.37
1.46
1.58
1.48
1.47
1.50
1.48
1.49
1.49
1.48
1.47
1.48
1.48
1.46
1.46
1.46
1.45

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

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

21

PRICES
Producer Prices
The producer price index for final demand rose 1.0 percent in January. Prices for final demand goods rose 1.3 percent
and prices for final demand services rose 0.7 percent.
INDEX, NOV. 2009=100 (RATIO SCALE)

INDEX, NOV. 2009=100 (RATIO SCALE)

135
SEASONALLY ADJUSTED

FINAL DEMAND
130

125
FINAL DEMAND
SERVICES
120

FINAL DEMAND

115

FINAL DEMAND
GOODS
110

105

100
2014

2015

2016

2017

2019

2018

2020

2021

2022

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 �����������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 r ������������������
2021: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2022: Jan p ���������

Total
final
demand 1

100.0
107.7
109.1
110.9
109.9
110.4
113.0
116.2
118.2
118.4
126.688
121.2
122.1
122.9
124.1
125.3
126.3
127.459
128.564
129.167
130.039
131.207
131.779
133.033

Final demand services

Total

Foods 2

Energy

Less
food
and
energy

Total

Trade 3

33.284
111.7
112.6
114.0
109.1
107.6
111.2
115.0
115.5
113.8
125.819
118.0
119.7
121.3
122.3
124.0
125.6
126.553
127.778
129.285
130.994
132.178
132.010
133.672

5.743
115.9
117.8
121.6
118.4
115.1
116.5
116.7
118.9
120.4
130.976
123.2
124.7
125.4
127.2
130.4
131.5
130.256
132.989
135.801
135.643
137.300
136.892
139.068

5.998
126.3
125.3
124.2
98.6
90.4
99.8
110.0
105.0
91.5
119.498
103.3
109.1
113.3
113.0
114.7
118.0
120.620
122.154
125.230
131.514
132.682
130.430
133.658

21.543
106.8
107.9
109.5
109.9
110.7
113.2
116.0
117.6
118.5
126.215
120.8
121.4
122.5
123.7
125.0
126.2
127.210
127.956
128.670
129.529
130.595
131.093
132.166

64.964
105.4
107.1
109.0
110.0
111.5
113.5
116.5
119.1
120.2
126.627
122.4
122.8
123.3
124.6
125.5
126.2
127.444
128.499
128.648
128.917
130.091
131.043
131.989

20.219
106.7
108.2
110.2
111.6
113.1
114.8
116.9
119.7
121.7
130.613
123.1
123.5
123.7
126.3
128.6
129.6
131.760
134.590
134.531
135.342
136.856
138.961
139.745

Transportation
and
warehousing
4.383
114.2
115.3
117.7
115.3
113.5
115.9
122.0
125.5
121.2
130.867
121.4
122.8
124.4
128.2
128.4
130.2
133.496
134.575
133.211
134.695
138.248
140.449
140.418

Other

Processed goods
Final
for intermediate
demand
demand (1982=100)
less
foods,
energy,
Less
and
food
trade
Total
and
(Aug. 2013
energy
=100) 2

40.362
68.040
103.9 ����������������
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
124.455
117.072
122.3
113.6
122.5
114.0
123.1
114.7
123.5
115.6
123.8
116.2
124.3
116.9
124.942
117.773
125.179
118.193
125.571
118.553
125.473
119.001
126.259
119.962
126.562
120.407
127.678
121.460

100.0
200.7
200.8
201.9
188.0
182.2
190.7
200.9
198.1
192.5
229.964
203.5
209.0
216.1
220.6
226.7
230.6
234.332
236.608
239.389
245.140
248.775
248.429
252.700

73.475
192.6
193.8
195.2
189.4
186.9
193.3
201.8
201.1
198.9
232.972
207.8
211.8
217.5
224.0
230.1
234.6
237.899
240.630
242.821
246.814
250.174
251.646
254.697

Unprocessed
goods
Chart 22 - Feb 2022
for intermediate
demand (1982=100)
Services
for
intermediNonfood
ate
materials demand
Total
less
energy
100.0
241.4
246.7
249.3
189.1
173.4
190.8
200.1
185.9
167.6
242.245
201.2
224.9
215.8
217.5
234.6
239.5
247.144
250.692
257.634
273.119
279.278
265.872
260.534

25.502
369.6
351.2
345.7
296.0
288.0
324.1
340.7
323.4
346.0
462.563
423.0
419.9
427.9
436.1
474.3
479.0
482.046
488.737
479.728
472.513
488.448
479.515
479.891

100.0
105.3
107.2
108.9
110.2
112.1
115.0
118.6
121.4
121.9
130.666
126.0
126.4
127.2
128.8
129.6
131.2
131.958
132.532
132.971
132.921
133.726
134.640
135.238

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 2021.

Note: Data revised to reflect annual revisions.
Source: Department of Labor (Bureau of Labor Statistics).

22

Consumer Prices—All Urban Consumers
In January, the consumer price index for all urban consumers rose 0.6 percent; it rose 0.8 percent before seasonal
adjustment. The index rose 7.5 percent from its year-earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE)
290

INDEX, 1982-84 = 100 (RATIO SCALE)
290
SEASONALLY ADJUSTED

280

280

270

270

260

260

CONSUMER PRICES—ALL ITEMS

250

250

240

240

230

230

220

220

210

210

200

200
2014

2015

2016

2017

2018

2019

2020

2021

SOURCE: DEPARTMENT OF LABOR

2022

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 �����������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2021: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2022: Jan �����������

Not
seasonally Seasonally
adjusted
adjusted
(NSA)
100.0
229.594
232.957
236.736
237.017
240.007
245.120
251.107
255.657
258.811
270.970
261.582
263.014
264.877
267.054
269.195
271.696
273.003
273.567
274.310
276.589
277.948
278.802
281.148

�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
262.200
263.346
265.028
266.727
268.599
270.955
272.184
273.092
274.214
276.590
278.524
280.126
281.933

All items less food and energy
Total 1

79.282
229.755
233.806
237.897
242.247
247.602
252.169
257.565
263.211
267.693
277.255
270.114
270.522
271.347
273.669
275.715
277.922
278.794
279.306
280.017
281.705
283.179
284.770
286.431

Shelter

32.946
257.083
263.056
270.513
278.803
288.230
297.803
307.663
318.053
325.886
334.575
328.593
329.121
330.033
331.272
332.321
333.807
335.262
335.888
337.298
338.865
340.475
341.963
342.974

Medical
care 2
8.487
414.924
425.134
435.292
446.752
463.675
475.322
484.707
498.413
518.876
525.276
521.888
523.030
523.686
524.142
523.659
523.126
523.951
524.845
525.861
528.134
529.754
531.268
534.798

Apparel

2.458
126.265
127.411
127.514
125.903
126.045
125.612
125.654
124.052
118.079
120.993
119.099
118.535
118.968
119.647
120.918
121.580
121.647
121.956
121.105
121.850
122.760
124.117
125.433

Food
New
vehicles
4.105
144.232
145.783
146.275
147.135
147.358
146.992
146.287
146.834
147.600
156.240
148.747
148.955
149.010
149.827
152.057
154.687
157.035
158.919
160.927
163.028
164.906
166.848
166.875

Energy

Total 1

At
home

Away
from
home

13.370
233.777
237.037
242.725
247.235
247.931
250.065
253.558
258.316
267.219
277.756
271.035
271.429
271.861
272.827
274.092
276.067
277.877
278.969
281.468
283.912
286.050
287.440
289.959

8.165
231.774
233.869
239.456
242.250
239.065
238.589
239.661
241.775
250.233
258.892
252.270
252.828
253.313
254.314
255.314
257.176
258.599
259.544
262.631
264.983
267.303
268.356
270.996

5.205
237.986
243.068
248.981
256.101
262.695
268.826
275.893
284.410
293.944
307.296
300.382
300.540
300.897
301.819
303.481
305.634
308.023
309.336
310.996
313.592
315.481
317.372
319.471

Total 1, 2

7.348
246.080
244.409
243.583
202.895
189.535
204.540
219.941
215.294
196.949
238.325
209.328
218.944
231.127
228.374
229.874
234.625
238.447
242.958
245.847
255.010
261.257
263.553
265.929

Chart 23 - Feb 2022

Gasoline

3.748
311.470
302.577
290.889
212.007
187.602
211.770
240.599
232.003
194.130
264.017
215.529
233.202
257.289
248.826
250.257
258.638
265.072
271.710
274.721
287.303
300.351
304.315
301.791

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

�������������������
131.976
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
147.125
147.845
148.746
149.976
151.159
152.472
153.174
153.465
153.897
155.137
155.852
156.281
157.581

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, December 2021.

Note: Data revised to reflect annual revisions.
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
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 r ������������������

1.9
1.2
.9
–1.1
1.7
2.5
2.6
1.4
.8
9.8

1.4
.8
–1.2
–3.8
1.9
3.5
1.6
1.0
.0
13.3

4.1
–.8
4.4
–5.2
–1.6
2.0
2.8
1.2
–.2
13.0

–1.3
.9
–13.2
–16.4
6.3
10.1
–3.1
2.4
–6.8
31.3

1.4
1.3
1.1
–.1
1.7
2.2
2.6
.6
1.7
9.3

2.2
1.3
2.1
.2
1.6
2.1
3.0
1.4
1.3
8.1

3.8
–.4
4.0
.0
1.0
1.8
3.1
.8
1.9
13.6

2.7
2.0
.8
–3.5
1.1
2.3
6.5
2.2
–5.9
16.9

1.4 �����������
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
4.7
7.0

0.4
.1
–2.6
–6.6
1.8
5.0
2.8
–1.7
1.5
24.3

0.6
.7
–.1
–3.8
1.6
3.6
3.5
–1.8
2.3
23.3

1.4
–1.9
–8.7
–25.3
13.0
5.0
3.7
–7.3
1.3
40.0

–1.6
–5.6
–5.3
–18.5
13.7
8.5
2.9
–5.0
20.5
23.1

2.9
1.0
1.8
.5
2.6
2.9
3.1
1.7
2.1
8.1

1.9
1.3
1.6
–.9
.5
2.4
2.8
1.7
.2
7.0

1.6
.8
1.2
–4.3
–1.4
3.3
3.4
.4
–1.5
10.6

1.9
1.6
1.8
.9
1.4
1.8
2.6
2.2
.9
5.3

1.8
2.7
3.4
2.1
2.8
1.7
1.6
1.0
1.2
2.4
1.5
–.1
1.7

1.8
1.9
2.7
3.0
2.7
2.0
1.4
1.1
.9
1.6
1.4
.6
1.2

5.8
11.8
–4.0
.8
7.9
2.1
3.2
1.4
2.8
6.0
2.3
–4.8
–2.0

8.6
–.7
1.9
1.9
8.8
1.0
.6
1.4
–1.8
–1.5
3.4
–1.8
.1

1.2
.3
.6
1.3
.6
1.2
.6
.4
.3
.0
.6
.7
.4

1.6
3.0
4.1
6.5
7.0
7.6
8.0
8.7
8.8
8.9
9.8
9.8
9.7

1.3
3.5
7.0
10.9
11.1
11.9
12.1
12.7
13.4
14.3
14.9
13.3
13.1

1.8
2.6
2.9
4.5
5.1
5.5
6.0
6.8
6.7
6.2
7.4
8.1
7.7

Change, month to month
2021: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2022: Jan �����������

1.2
.7
.7
1.0
1.0
.8
.9
.9
.5
.7
.9
.4
1.0

1.5
1.4
1.3
.8
1.4
1.3
.8
1.0
1.2
1.3
.9
–.1
1.3

1.7
1.2
.6
1.4
2.5
.8
–.9
2.1
2.1
–.1
1.2
–.3
1.6

4.6
5.6
3.8
–.3
1.5
2.9
2.2
1.3
2.5
5.0
.9
–1.7
2.5

0.8
.5
.9
1.0
1.1
1.0
.8
.6
.6
.7
.8
.4
.8

1.0
.3
.4
1.1
.7
.6
1.0
.8
.1
.2
.9
.7
.7

0.7
.3
.2
2.1
1.8
.8
1.7
2.1
.0
.6
1.1
1.5
.6

1.0
1.2
1.3
3.1
.2
1.4
2.5
.8
–1.0
1.1
2.6
1.6
.0

1.2
.2
.5
.3
.2
.4
.5
.2
.3
–.1
.6
.2
.9

1.0
.4
.6
.8
.5
.6
.7
.4
.3
.4
.8
.4
.9

1 Includes final demand construction, not shown separately.

Note: Data revised to reflect annual revisions.
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
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������

1.7
1.5
.8
.7
2.1
2.1
1.9
2.3
1.4
7.0

1.9
1.7
1.6
2.1
2.2
1.8
2.2
2.3
1.6
5.5

2.2
2.5
2.9
3.2
3.6
3.2
3.2
3.2
1.8
4.1

3.2
2.0
3.0
2.6
4.1
1.8
2.0
4.6
1.8
2.2

1.8
.6
–2.0
–.9
–.1
–1.6
–.1
–1.2
–3.9
5.8

2021: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2022: Jan �����������

0.2
.4
.6
.6
.7
.9
.5
.3
.4
.9
.7
.6
.6

0.0
.2
.3
.9
.7
.8
.3
.2
.3
.6
.5
.6
.6

0.1
.2
.3
.4
.3
.4
.4
.2
.4
.5
.5
.4
.3

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

1.4
–.5
.4
.6
1.1
.5
.1
.3
–.7
.6
.7
1.1
1.1

1.6
.4
.5
.2
.3
–.5
–.3
.1
2.0
11.8

1.8
1.1
3.4
.8
–.2
1.6
1.6
1.8
3.9
6.3

1.3
.4
3.7
–.4
–2.0
.9
.6
.7
3.9
6.5

2.5
2.1
3.0
2.6
2.3
2.5
2.8
3.1
3.9
6.0

0.5
.5
–10.6
–12.6
5.4
6.9
–.3
3.4
–7.0
29.3

1.7
–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
r 6.7

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2.1
1.5
1.6
.1
1.3
2.1
2.4
1.8
1.2
4.7

0.1
.2
.2
.4
.4
.7
.6
.4
1.2
.9
.9
.4
1.0

0.3
.1
.1
.3
.6
.7
.8
.4
.5
.8
.6
.6
.7

2.8
4.6
5.6
–1.2
.7
2.1
1.6
1.9
1.2
3.7
2.4
.9
.9

5.8
8.2
10.3
–3.3
.6
3.3
2.5
2.5
1.1
4.6
4.5
1.3
–.8

0.5
.5
.6
.8
.8
.9
.5
.2
.3
.8
.5
.3
.8

�������������
�������������
4.1
�������������
�������������
8.2
�������������
�������������
6.7
�������������
�������������
7.9
�������������

2.9
4.1
5.4
7.1
8.2
9.3
8.4
6.9
4.9
6.6
8.2
8.9
8.0

2.8
2.9
3.8
5.0
6.1
7.3
7.8
7.5
7.1
7.5
7.5
6.9
7.3

1.4
1.7
2.6
4.2
5.0
5.4
5.4
5.3
5.4
6.2
6.8
7.0
7.5

Change, month to month
–0.4
.1
.0
.5
1.5
1.7
1.5
1.2
1.3
1.3
1.2
1.2
.0

0.2
.1
.2
.4
.5
.7
.7
.4
.9
.9
.8
.5
.9

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.

Note: Data revised to reflect annual revisions.
Source: Department of Labor (Bureau of Labor Statistics).

24

Prices Received and Paid by Farmers
In January, prices received by farmers fell 0.9 percent and prices paid by farmers rose 2.1 percent. (Data are not
seasonally adjusted.)
INDEX, 2011=100 (RATIO SCALE)
130

INDEX, 2011=100 (RATIO SCALE)
130
120

120
PRICES PAID

110

110

100

100

90

90
PRICES RECEIVED

80

80

70

70

60

60

RATIO1

RATIO1
140

140
120

120
RATIO

100

100

80

80

60

60
2014

2016

2015

2017

2018

2020

2019

2022

2021

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

2012 ���������������������������������������������������
2013 ���������������������������������������������������
2014 ���������������������������������������������������
2015 ���������������������������������������������������
2016 ���������������������������������������������������
2017 ���������������������������������������������������
2018 ���������������������������������������������������
2019 r �������������������������������������������������
2020 r �������������������������������������������������
2021 r �������������������������������������������������
2021: Jan r ����������������������������������������
      Feb r ����������������������������������������
      Mar r ���������������������������������������
      Apr r ����������������������������������������
      May r ���������������������������������������
      June r ��������������������������������������
      July r ���������������������������������������
      Aug r ����������������������������������������
      Sept r ���������������������������������������
      Oct r �����������������������������������������
      Nov r ����������������������������������������
      Dec r ����������������������������������������
2022: Jan p ����������������������������������������

Agricultural
production

105.0
107.0
107.9
99.2
90.2
93.4
90.5
89.9
95.1
105.3
89.7
95.3
97.9
104.5
106.4
107.5
107.0
109.5
108.7
106.8
108.7
112.5
111.5

Crop
production

107.0
105.7
92.3
87.0
85.5
86.2
85.8
85.4
91.0
91.0
88.4
97.2
98.4
105.1
105.8
107.2
106.8
109.9
108.4
106.0
107.3
105.9
104.4

Chart 25 - Feb 2022

Prices paid by farmers

Livestock
production

102.5
108.5
128.7
113.4
94.4
100.1
94.4
95.8
88.9
105.5
91.8
93.6
97.4
104.0
106.9
107.7
107.2
109.0
109.0
108.1
110.6
120.2
124.2

All commodities,
services, interest,
taxes, and wage
rates (PPITW) 2
104.4
106.3
112.0
110.7
105.8
106.5
109.1
110.6
109.7
116.3
111.3
112.2
113.1
114.0
114.8
116.1
117.3
117.8
118.1
119.2
120.2
121.6
124.2

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

104.8
106.7
113.1
111.6
105.7
106.1
108.7
110.0
108.8
115.6
110.5
111.4
112.3
113.3
114.0
115.3
116.6
117.1
117.4
118.6
119.7
121.2
124.0

Production
items

105.4
107.4
114.1
112.0
104.7
104.5
106.4
107.1
105.0
112.0
106.1
107.2
108.3
109.6
110.4
112.0
113.0
113.6
113.9
115.3
116.6
118.3
121.2

Ratio of prices
received by farmers
to PPITW

100
100
96
90
85
87
83
82
81
90
81
85
87
92
92
92
91
92
92
90
91
92
90

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

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

25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures
In January, 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

2014

2015

2016

2017

2018

2019

2020

2021

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

2022

COUNCIL OF ECONOMIC ADVISERS

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

Period

2012: Dec r ����������������������������������������
2013: Dec r ����������������������������������������
2014: Dec r ����������������������������������������
2015: Dec r ����������������������������������������
2016: Dec r ����������������������������������������
2017: Dec r ����������������������������������������
2018: Dec r ����������������������������������������
2019: Dec r ����������������������������������������
2020: Dec r ����������������������������������������
2021: Dec r ����������������������������������������
2021: Jan r ����������������������������������������
      Feb r ����������������������������������������
      Mar r ���������������������������������������
      Apr r ����������������������������������������
      May r ���������������������������������������
      June r ��������������������������������������
      July r ���������������������������������������
      Aug r ����������������������������������������
      Sept r ���������������������������������������
      Oct r �����������������������������������������
      Nov r ����������������������������������������
      Dec r ����������������������������������������
2022: Jan 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

2,459.4
2,662.9
2,939.4
3,096.3
3,345.4
3,618.9
3,770.9
4,012.1
17,811.9
20,484.3
18,093.7
18,376.6
18,651.5
18,935.9
19,219.4
19,256.2
19,416.0
19,690.3
19,860.1
20,027.8
20,281.4
20,484.3
20,716.1

10,451.5
11,020.3
11,674.0
12,340.1
13,214.2
13,854.8
14,374.3
15,325.5
19,129.2
21,594.9
19,388.0
19,657.5
19,903.1
20,156.4
20,424.2
20,443.0
20,592.3
20,851.4
21,010.3
21,163.6
21,401.6
21,594.9
21,840.1

Percent change

From
previous period 5

From year or 6 months earlier 4
M1

40,548.6
13.6
42,144.5
8.3
43,694.4
10.4
45,414.8
5.3
47,355.9
8.0
49,459.0
8.2
52,100.1
4.2
54,525.2
6.4
61,257.6 �����������������������������
���������������������������������������������
15.0
���������������������������������������������
15.7
���������������������������������������������
17.6
62,286.6
17.4
���������������������������������������������
18.3
���������������������������������������������
18.5
63,298.6
16.2
���������������������������������������������
14.6
���������������������������������������������
14.3
63,681.1
13.0
���������������������������������������������
11.5
���������������������������������������������
11.1
…�����������������������������������������
12.8
���������������������������������������������
13.4

Chart 26 - Feb 2022

M2

Debt
8.2
5.4
5.9
5.7
7.1
4.8
3.7
6.6
24.8
12.9
11.7
13.9
14.0
15.0
15.5
13.7
12.4
12.1
11.1
10.0
9.6
11.3
12.1

4.7
4.2
3.8
4.4
4.4
4.2
4.7
4.7
12.4
�������������������������������
�������������������������������
�������������������������������
6.7
�������������������������������
�������������������������������
6.5
�������������������������������
�������������������������������
2.4
�������������������������������
�������������������������������
�������������������������������
�������������������������������

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

2012: Dec �����������
2013: Dec �����������
2014: Dec �����������
2015: Dec �����������
2016: Dec �����������
2017: Dec �����������
2018: Dec r ���������
2019: Dec r ���������
2020: Dec r ���������
2021: Dec r ���������
2021: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2022: Jan p ���������

Nonbank
travelers
checks

Currency

1,090.6
1,160.3
1,252.4
1,339.2
1,421.3
1,525.1
1,624.2
1,709.7
1,969.3
2,123.9
1,992.6
2,007.0
2,018.0
2,050.7
2,065.0
2,079.5
2,089.5
2,093.3
2,099.2
2,105.4
2,114.7
2,123.9
2,138.7

Other checkable
deposits (OCDs)
Demand
deposits

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

925.4
1,033.0
1,199.8
1,239.9
1,375.0
1,497.9
1,515.6
1,627.8
3,319.0
4,726.4
3,461.9
3,682.1
3,804.7
3,762.8
3,980.9
4,175.3
4,292.6
4,424.0
4,436.4
4,547.6
4,667.1
4,726.4
4,916.9

Savings deposits
(including MMDAs)

Small-denomination
time deposits 1

At
thrift
institutions

At
commercial
banks

At
thrift
institutions

955.8
1,019.8
1,076.9
1,143.3
1,258.9
1,297.1
1,330.5
1,331.3
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

469.5
426.0
391.5
315.4
267.3
322.0
448.1
483.4
200.7
���������������
182.3
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

177.0
144.4
132.0
110.5
101.7
111.7
107.8
121.8
51.0
���������������
49.2
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

Total

At
commercial
banks

At
thrift
institutions

Total

At
commercial
banks

439.6
466.1
484.3
514.7
547.0
594.0
629.3
674.6
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

243.8
255.9
264.9
276.2
288.1
306.1
333.0
366.8
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

195.8
210.2
219.4
238.5
258.8
287.9
296.3
307.8
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

6,682.4
7,125.4
7,570.0
8,155.9
8,802.3
9,090.7
9,228.7
9,720.4
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

5,726.6
6,105.6
6,493.1
7,012.7
7,543.4
7,793.6
7,898.2
8,389.1
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

Total
646.5
570.4
523.6
425.9
369.0
433.7
555.9
605.2
251.7
94.2
231.4
211.2
193.4
173.4
162.0
152.4
141.9
129.1
117.6
109.1
102.4
94.2
88.3

Retail
money
funds

663.2
661.5
641.0
661.9
697.5
711.5
818.9
987.8
1,065.6
1,016.4
1,062.8
1,069.7
1,058.3
1,047.1
1,042.8
1,034.4
1,034.4
1,032.0
1,032.7
1,026.7
1,017.8
1,016.4
1,035.7

Institutional
money
funds 2

1,732.7
1,766.9
1,794.3
1,824.3
1,746.4
1,834.9
1,872.8
2,275.1
2,843.5
�����������������
2,827.0
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������

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

2012: Dec ������������
2013: Dec ������������
2014: Dec ������������
2015: Dec ������������
2016: Dec ������������
2017: Dec ������������
2018: Dec ������������
2019: Dec ������������
2020: Dec ������������
2021: Dec r ����������
2021: Jan ������������
      Feb ������������
      Mar �����������
      Apr ������������
      May �����������
      June ����������
      July �����������
      Aug �����������
      Sept r ���������
      Oct ������������
      Nov �����������
      Dec r ����������
2022: Jan ������������

Total

To satisfy
reserve
balance
requirements 2

That
exceed the
top of the
penalty-free
band

1,517,425
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

58,675
69,030
82,770
89,313
105,944
123,720
123,703
138,984
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������

52,959
55,771
59,236
61,413
64,280
65,549
68,462
68,255
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������

1,569,588
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
3,101,200
3,292,500
3,663,300
3,820,500
3,791,600
3,760,300
3,856,300
4,059,300
4,124,600
4,073,500
4,135,300
4,149,900
3,838,500

Monetary
base 5

2,675,945
3,717,450
3,934,455
3,835,810
3,531,565
3,850,969
3,400,747
3,426,464
5,206,500
6,413,200
5,248,000
5,446,800
5,839,000
6,042,100
6,041,900
6,027,000
6,130,200
6,328,700
6,388,800
6,331,000
6,394,800
6,413,200
6,103,500

Total 6

795
170
102
106
39
75
76
21
58,685
38,082
52,591
53,476
57,950
66,805
80,782
87,746
87,621
80,767
68,568
54,559
45,318
38,082

Primary

12
13
22
38
13
43
18
10
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
32,057 ������������������

Secondary

Seasonal

Term
assetbacked
securities
loan
facility 7

0
0
0
0
0
0
0
0
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������

23
59
80
67
25
33
58
11
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������

760
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 rose 0.5 percent in January.
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
2014

2015

2016

2017

2018

2019

2020

2021

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

2022

COUNCIL OF ECONOMIC ADVISERS

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

2012: Dec �����������
2013: Dec �����������
2014: Dec �����������
2015: Dec �����������
2016: Dec �����������
2017: Dec �����������
2018: Dec �����������
2019: Dec �����������
2020: Dec �����������
2021: Dec r ���������
2021: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2022: Jan p ���������

Total
bank
credit

9,626.7
9,828.2
10,540.1
11,343.3
12,075.7
12,537.8
13,065.7
13,849.7
15,039.8
16,391.8
15,114.2
15,227.5
15,352.5
15,430.9
15,554.8
15,608.2
15,682.9
15,777.2
15,871.2
16,032.3
16,182.5
16,391.8
16,554.6

Total
securities

2,733.9
2,722.1
2,932.6
3,110.9
3,311.4
3,434.4
3,495.0
3,826.5
4,697.6
5,676.4
4,780.5
4,865.3
4,977.7
5,077.7
5,182.8
5,252.3
5,296.8
5,350.5
5,414.5
5,531.6
5,598.8
5,676.4
5,780.0

U.S.
Treasury
and
agency
securities
1,872.8
1,809.3
2,040.4
2,224.8
2,409.6
2,521.7
2,662.8
2,997.9
3,755.3
4,562.7
3,839.2
3,912.7
3,991.2
4,058.1
4,143.6
4,202.5
4,246.2
4,293.4
4,346.4
4,454.2
4,506.9
4,562.7
4,652.3

Loans and leases in bank credit

Other
securities

861.0
912.9
892.3
886.1
901.8
912.6
832.2
828.6
942.3
1,113.7
941.3
952.6
986.5
1,019.6
1,039.2
1,049.8
1,050.6
1,057.1
1,068.0
1,077.5
1,092.0
1,113.7
1,127.7

Total
loans
and
leases 3
6,892.8
7,106.1
7,607.4
8,232.5
8,764.3
9,103.5
9,570.7
10,023.2
10,342.2
10,715.4
10,333.7
10,362.3
10,374.9
10,353.2
10,371.9
10,355.8
10,386.1
10,426.7
10,456.7
10,500.7
10,583.7
10,715.4
10,774.6

Commercial
and
industrial
loans
1,474.5
1,574.3
1,773.4
1,953.2
2,084.2
2,104.5
2,304.1
2,359.9
2,606.2
2,488.6
2,570.7
2,586.3
2,589.3
2,557.9
2,539.3
2,477.3
2,454.6
2,430.8
2,416.4
2,416.2
2,439.1
2,488.6
2,495.1

Chart 28 - Feb 2022

Real estate loans
Total 4
3,551.0
3,531.8
3,638.6
3,871.1
4,114.7
4,284.4
4,408.2
4,607.3
4,647.8
4,783.8
4,655.3
4,648.9
4,643.2
4,644.4
4,642.1
4,654.0
4,668.3
4,694.1
4,711.1
4,731.7
4,756.2
4,783.8
4,803.6

Revolving
home equity
loans
515.3
473.8
458.1
441.1
406.4
382.1
349.5
321.4
283.1
249.4
279.3
275.1
270.9
266.8
264.1
261.7
258.9
256.4
254.0
251.9
251.2
249.4
247.5

Commercial
loans
1,428.3
1,498.3
1,605.5
1,780.9
1,962.5
2,085.8
2,182.0
2,317.1
2,404.9
2,524.3
2,412.2
2,416.2
2,419.7
2,425.5
2,432.1
2,446.9
2,457.7
2,470.4
2,482.7
2,492.0
2,506.1
2,524.3
2,539.6

Consumer
loans 5

1,102.7
1,128.2
1,186.7
1,259.0
1,355.6
1,426.8
1,496.1
1,586.1
1,520.5
1,645.8
1,521.5
1,526.9
1,532.9
1,538.9
1,553.3
1,566.5
1,579.3
1,591.8
1,600.7
1,613.2
1,629.3
1,645.8
1,660.6

All other
loans
and
leases 6
764.7
871.7
1,008.7
1,149.2
1,209.8
1,287.7
1,362.3
1,469.8
1,567.7
1,797.3
1,586.2
1,600.2
1,609.5
1,612.0
1,637.2
1,658.0
1,684.0
1,710.0
1,728.7
1,739.7
1,759.0
1,797.3
1,815.3

1 Data are prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, and Edge Act and agreement corporations.
2 Includes securities held in trading accounts, held-to-maturity, and available-for-sale. Excludes all non-security trading assets, such as derivatives with a positive fair value or loans held in trading

accounts.
3 Excludes unearned income. Includes the allowance for loan and lease losses. Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the
United States. Includes all loans held in trading accounts under a fair value option.
4 Includes closed-end residential loans, not shown separately.
5 Includes credit cards and other consumer loans.
6 Includes other items, not shown separately.
Source: Board of Governors of the Federal Reserve System.

28

Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources

Uses

External (Net increase in liabilities)
Funds raised in markets
Period

Total

2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2019: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2020: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2021: I ����������������
      II ���������������
      III p ������������

Internal 1

2,418.7
2,634.8
2,620.2
3,107.3
3,247.0
2,885.9
2,141.6
3,377.9
4,344.4
3,510.3
4,775.2
3,938.3
4,262.2
4,401.9
4,475.8
3,039.7
3,040.1
3,485.6
3,862.4
3,285.7
4,197.1

1,773.1
1,820.9
1,925.6
1,942.2
1,934.0
1,866.3
1,812.7
2,148.9
2,141.9
2,149.1
2,054.2
2,144.1
2,125.6
2,243.9
2,025.6
1,858.2
2,404.3
2,308.3
2,437.3
2,624.0
2,777.5

Total
net
funds
raised

Total

645.6
813.9
694.6
1,165.1
1,313.0
1,019.6
328.9
1,229.0
2,202.5
1,361.2
2,721.0
1,794.2
2,136.6
2,158.0
2,450.2
1,181.5
635.8
1,177.3
1,425.1
661.7
1,419.6

–72.3
103.8
142.8
184.2
144.1
–221.6
33.2
–269.6
21.7
760.3
88.4
244.2
178.3
–424.1
2,053.1
1600.2
–306.2
–306.2
399.3
–352.9
–232.2

Net
new
equity
issues
–382.6
–300.0
–277.3
–301.9
–453.5
–495.9
–325.6
–617.5
–458.1
–168.9
–697.2
–186.6
–449.2
–499.4
–384.9
–57.9
41.9
–274.8
–115.7
–526.5
–908.8

Credit market instruments
Total

Securities
and
mortgages

Loans
and
short-term
paper

70.3
268.7
265.4
266.1
505.1
299.6
267.2
243.8
322.8
725.9
439.3
348.3
467.5
36.4
803.9
1,787.8
300.6
11.3
514.3
202.7
457.6

240.0
134.9
154.7
220.0
92.5
–25.3
91.5
104.1
157.0
203.3
346.3
82.6
160.1
39.0
1,634.2
–129.6
–648.7
–42.7
0.6
–29.0
218.9

310.3
403.8
420.1
486.1
597.6
274.2
358.7
348.0
479.8
929.2
785.6
430.8
627.5
75.3
2,438.1
1,658.1
–348.1
–31.4
515.0
173.7
676.6

Capital
expenditures 3

Total

Other 2

299.9
407.5
262.6
623.7
675.3
747.6
–21.3
953.9
1,727.9
473.8
1,970.0
1,382.4
1,485.5
2,074.0
72.0
–444.8
1,000.0
1,268.1
924.5
529.1
652.7

1,793.6
1,918.3
2,383.7
2,495.4
3,075.9
2,748.3
2,440.5
2,931.1
4,581.0
3,390.5
3,864.9
4,780.8
5,120.5
4,557.9
4,954.8
2,280.1
3,898.7
2,428.3
3,423.3
2,880.6
4,535.5

1,425.0
1,611.3
1,676.0
1,822.0
1,935.9
1,802.5
1,898.0
2,065.2
2,184.6
1,960.9
2,199.4
2,210.3
2,196.1
2,132.6
2,064.9
1,667.0
2,015.6
2,096.0
2,064.5
2,035.5
2,181.4

Increase
in
financial
assets

368.6
307.0
707.7
673.4
1,140.0
945.8
542.5
865.9
2,396.4
1,429.6
1,665.5
2,570.5
2,924.4
2,425.3
2,889.9
613.1
1,883.1
332.3
1,358.8
845.1
2,354.1

Discrepancy
(sources
less
uses)

406.6
603.5
135.0
440.2
93.2
55.0
–326.0
64.8
–478.7
130.8
484.8
–790.3
–1,192.1
–417.1
–740.2
829.1
–662.0
1,096.5
632.9
209.9
–764.8

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
2012: Dec ������������������������������������������
2013: Dec ������������������������������������������
2014: Dec ������������������������������������������
2015: Dec ������������������������������������������
2016: Dec ������������������������������������������
2017: Dec ������������������������������������������
2018: Dec ������������������������������������������
2019: Dec ������������������������������������������
2020: Dec ������������������������������������������
2021: Dec p ���������������������������������������
2021: Jan ������������������������������������������
      Feb ������������������������������������������
      Mar �����������������������������������������
      Apr ������������������������������������������
      May �����������������������������������������
      June ����������������������������������������
      July �����������������������������������������
      Aug �����������������������������������������
      Sept ����������������������������������������
      Oct ������������������������������������������
      Nov �����������������������������������������
      Dec p ���������������������������������������

Nonrevolving 2

Revolving
2,912.9
3,090.5
3,309.5
3,400.2
3,636.4
3,830.8
4,007.0
4,192.2
4,184.9
4,431.2
4,184.5
4,207.5
4,222.9
4,239.5
4,272.6
4,307.1
4,321.0
4,332.8
4,358.7
4,373.4
4,412.3
4,431.2

840.0
854.1
887.4
898.1
960.1
1,016.8
1,053.8
1,092.0
974.6
1,038.5
963.3
969.2
966.4
965.3
974.6
992.1
998.0
1,001.2
1,011.0
1,017.1
1,036.4
1,038.5

2,072.9
2,236.3
2,422.2
2,502.1
2,676.3
2,813.9
2,953.2
3,100.2
3,210.3
3,392.7
3,221.2
3,238.3
3,256.5
3,274.2
3,298.0
3,315.0
3,323.0
3,331.6
3,347.7
3,356.4
3,375.9
3,392.7

Total

Revolving
156.7
177.6
219.0
90.7
236.2
194.4
176.2
185.2
–7.3
246.3
–.4
23.0
15.4
16.6
33.1
34.5
13.9
11.8
25.9
14.7
38.9
18.9

–0.2
14.1
33.3
10.7
62.0
56.7
37.0
38.2
–117.4
63.9
–11.3
5.9
–2.8
–1.1
9.3
17.5
5.9
3.2
9.8
6.1
19.3
2.1

Nonrevolving 2
156.8
163.4
185.9
79.9
174.2
137.6
139.3
147.0
110.1
182.4
10.9
17.1
18.2
17.7
23.8
17.0
8.0
8.6
16.1
8.7
19.5
16.8

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

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

29

Interest Rates and Bond Yields
Interest rates were mixed in February.
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
2014

2015

2016

2017

2018

2019

2020

2021

SOURCE: SEE TABLE BELOW

2022

COUNCIL OF ECONOMIC ADVISERS

[Percent per annum]
Chart 30 - Feb 2022

U.S. Treasury security yields
Period

2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2021: Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2022: Jan �����������
      Feb �����������
Week ended:
2022: Feb   5 �������
         12 �������
         19 �������
         26 �������
      Mar   5 �������

3-month bills
(at auction) 1

Constant maturities 2
3-year

10-year

30-year

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

Corporate
Aaa
bonds
(Moody’s)

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

Prime
rate
charged
by
banks 4

New-home
mortgage
yields
(FHFA) 6

Federal
funds
rate 5

0.09
.06
.03
.06
.33
.94
1.94
2.08
.38
.04
.04
.03
.02
.02
.03
.05
.06
.04
.05
.05
.06
.14
.34

0.38
.54
.90
1.02
1.00
1.58
2.63
1.94
.42
.46
.21
.32
.35
.32
.39
.40
.42
.47
.67
.82
.95
1.25
1.65

1.80
2.35
2.54
2.14
1.84
2.33
2.91
2.14
0.89
1.45
1.26
1.61
1.64
1.62
1.52
1.32
1.28
1.37
1.58
1.56
1.47
1.76
1.93

2.92
3.45
3.34
2.84
2.59
2.89
3.11
2.58
1.56
2.06
2.04
2.34
2.30
2.32
2.16
1.94
1.92
1.94
2.06
1.94
1.85
2.10
2.25

3.14
3.96
3.78
3.48
3.07
3.36
3.53
3.38
2.41
2.00
1.13
1.74
1.84
1.63
2.16
2.22
2.38
2.30
2.43
2.30
2.24
2.47
2.78

3.67
4.24
4.16
3.89
3.67
3.74
3.93
3.39
2.47
2.70
2.70
3.04
2.90
2.96
2.79
2.57
2.55
2.53
2.68
2.62
2.65
2.93
3.25

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

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

0.14
.11
.09
.13
.39
1.00
1.83
2.16
.37
.08
.08
.07
.07
.06
.08
.10
.09
.08
.08
.08
.08
.08
.08

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

.24
.29
.44
.38
.36

1.43
1.65
1.75
1.75
1.61

1.83
1.95
1.99
1.97
1.80

2.14
2.25
2.31
2.28
2.18

2.62
2.70
2.92
2.87
2.80

3.11
3.21
3.31
3.36
p 3.27

.25
.25
.25
.25
.25

3.25
3.25
3.25
3.25
3.25

.08
.08
.08
.08
.08

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

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 February.
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
2014

2015

2017

2016

2018

2019

2020

2021

6,000

2022

PERCENT
20

PERCENT
20
15

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

10

10

5

5

0

0
2014

2015

2016

2017

2018

2020

2019

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

2021

2022

COUNCIL OF ECONOMIC ADVISERS

Common stock yields
(percent) 6

Common stock prices 1

Chart 31 - Feb 2022

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

Period
Composite
2012 ���������������������
2013 ���������������������
2014 ���������������������
2015 ���������������������
2016 ���������������������
2017 ���������������������
2018 ���������������������
2019 ���������������������
2020 ���������������������
2021 ���������������������
2021: Feb ������������
      Mar �����������
      Apr ������������
      May �����������
      June ����������
      July �����������
      Aug �����������
      Sept ����������
      Oct ������������
      Nov �����������
      Dec ������������
2022: Jan ������������
      Feb ������������
Week ended:
2022: Feb   5 ��������
         12 ��������
         19 ��������
         26 ��������
      Mar   5p ������

Financial

Energy

Health
Care

Dow Jones
industrial
average 3

Standard
& Poor’s
composite
index
(1941–43=10) 4

Nasdaq
composite
index
(Feb. 5,
1971=100) 5

Dividend/price
ratio

Earnings/price
ratio

8,011.65
9,426.77
10,653.17
10,676.70
10,380.08
11,843.74
12,647.54
12,864.17
12,634.01
16,243.57
15,189.24
15,478.21
16,060.37
16,381.96
16,574.03
16,519.67
16,721.80
16,546.07
16,747.65
17,076.10
16,791.89
16,863.79
16,588.70

4,616.63
5,805.54
6,448.33
6,559.24
6,124.93
7,509.81
7,963.02
7,982.51
7,230.70
9,716.03
8,745.09
9,235.06
9,539.19
9,937.14
10,031.18
9,875.41
10,110.82
10,025.20
10,356.66
10,324.18
10,014.35
10,253.53
10,202.13

12,512.31
13,490.83
14,598.07
11,332.43
10,204.95
10,699.23
11,440.86
10,016.30
6,528.64
8,385.44
7,438.99
8,199.56
7,954.40
8,475.79
8,899.38
8,327.86
8,051.17
8,307.32
9,463.50
9,317.41
9,076.03
10,248.18
11,006.89

7,503.05
9,250.02
11,195.85
12,718.18
12,182.85
13,366.56
15,054.70
16,162.10
18,045.78
21,801.65
20,227.16
20,101.94
20,947.49
21,457.72
21,521.88
22,288.27
23,019.65
22,677.32
22,270.66
23,072.15
23,495.17
23,107.43
22,811.82

12,967.08
14,999.67
16,773.99
17,590.61
17,908.08
21,741.91
25,045.75
26,378.41
26,906.89
34,009.89
31,283.91
32,373.29
33,803.29
34,270.31
34,289.91
34,798.80
35,243.97
34,688.42
35,055.52
35,848.57
35,641.33
35,456.15
34,648.48

1,379.56
1,642.51
1,930.67
2,061.20
2,092.39
2,448.22
2,744.68
2,912.50
3,218.50
4,266.80
3,883.43
3,910.51
4,141.18
4,167.85
4,238.49
4,363.71
4,454.21
4,445.54
4,460.71
4,667.39
4,674.77
4,573.82
4,435.98

2,965.77
3,537.69
4,374.31
4,943.49
4,982.49
6,231.28
7,419.27
7,936.85
10,192.67
14,358.18
13,737.40
13,168.81
13,900.44
13,520.23
14,097.17
14,639.07
14,856.52
15,023.54
14,879.01
15,814.93
15,474.43
14,531.38
13,898.73

2.09
2.08
1.94
2.05
2.18
1.97
1.90
1.93
��������������������������
��������������������������
��������������������������
��������������������������
��������������������������
��������������������������
��������������������������
��������������������������
��������������������������
��������������������������
��������������������������
��������������������������
��������������������������
��������������������������
��������������������������

6.20
5.57
5.25
4.59
4.17
4.22
4.66
4.53
3.26
p 3.77
����������������������������
3.23
����������������������������
����������������������������
3.69
����������������������������
����������������������������
4.07
����������������������������
����������������������������
p 4.10
����������������������������
����������������������������

16,754.60
16,833.42
16,586.37
16,164.79
16,236.22

10,305.52
10,405.08
10,192.61
9,912.41
9,700.50

10,939.87
11,119.05
10,987.25
10,851.61
11,395.56

23,068.74
23,106.59
22,631.02
22,382.47
22,881.00

35,273.47
35,260.32
34,576.10
33,502.74
33,697.67

4,525.89
4,503.06
4,415.38
4,300.90
4,351.82

14,196.05
14,135.46
13,863.91
13,396.81
13,577.45

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

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

1 Annual data are averages of monthly figures. Monthly and weekly data are averages of daily closing prices.
2 Includes all the stocks (in 2020, over 2,800) listed on the NYSE.
3 Includes 30 stocks.
4 Includes 500 stocks.
5 Includes over 2,900 stocks in 2020.
6 Dividend/price ratios based on end of period closing prices. Earnings/price ratios based on prices at end of quarter.

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

31

FEDERAL FINANCE.
Federal Receipts, Outlays, and Debt
In the first four months of fiscal year 2022, the deficit was $259.0 billion, compared with a deficit of $735.7 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

5,600

5,600

5,200

5,200

4,800

4,800

1

OUTLAYS

4,400

4,400

4,000

4,000

3,600

3,600

3,200

3,200
RECEIPTS1

2,800

2,800

2,400

2,400

2,000
1,600

2,000
1,600

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

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

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
2003 ����������������������������������������������������
2004 ����������������������������������������������������
2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 ����������������������������������������������������
2012 ����������������������������������������������������
2013 ����������������������������������������������������
2014 ����������������������������������������������������
2015 ����������������������������������������������������
2016 ����������������������������������������������������
2017 ����������������������������������������������������
2018 ����������������������������������������������������
2019 ����������������������������������������������������
2020 ����������������������������������������������������
2021 1 ��������������������������������������������������
2022 (estimates) ���������������������������������
Cumulative total, first 4 months: 2
Fiscal year 2021 ����������������������������������
Fiscal year 2022 ����������������������������������

Outlays

Chart 32 - Oct 2021

On-budget
Surplus
or
deficit
(–)

Receipts

Outlays

Off-budget
Surplus
or
deficit
(–)

Receipts

Outlays

Surplus
or
deficit
(–)

Gross
Federal

Held by
the public

1,782.3
1,880.1
2,153.6
2,406.9
2,568.0
2,524.0
2,105.0
2,162.7
2,303.5
2,450.0
2,775.1
3,021.5
3,249.9
3,268.0
3,316.2
3,329.9
3,463.4
3,421.2
4,046.0
4,174.2

2,159.9
2,292.8
2,472.0
2,655.1
2,728.7
2,982.5
3,517.7
3,457.1
3,603.1
3,526.6
3,454.9
3,506.3
3,691.9
3,852.6
3,981.6
4,109.0
4,447.0
6,550.4
6,818.2
6,011.1

–377.6
–412.7
–318.3
–248.2
–160.7
–458.6
–1,412.7
–1,294.4
–1,299.6
–1,076.6
–679.8
–484.8
–442.0
–584.7
–665.4
–779.1
–983.6
–3,129.2
–2,772.2
–1,837.0

1,258.5
1,345.4
1,576.1
1,798.5
1,932.9
1,865.9
1,451.0
1,531.0
1,737.7
1,880.5
2,101.8
2,285.9
2,479.5
2,457.8
2,465.6
2,475.2
2,549.1
2,455.7
3,093.7
3,141.6

1,796.9
1,913.3
2,069.7
2,233.0
2,275.0
2,507.8
3,000.7
2,902.4
3,104.5
3,019.0
2,821.1
2,800.2
2,948.8
3,077.9
3,180.4
3,260.5
3,540.3
5,598.0
5,814.3
4,930.6

–538.4
–568.0
–493.6
–434.5
–342.2
–641.8
–1,549.7
–1,371.4
–1,366.8
–1,138.5
–719.2
–514.3
–469.3
–620.2
–714.9
–785.3
–991.3
–3,142.3
–2,720.7
–1,789.0

523.8
534.7
577.5
608.4
635.1
658.0
654.0
631.7
565.8
569.5
673.3
735.6
770.4
810.2
850.6
854.7
914.3
965.4
952.3
1,032.6

363.0
379.5
402.2
422.1
453.6
474.8
517.0
554.7
498.6
507.6
633.8
706.1
743.1
774.7
801.2
848.6
906.6
952.4
1,003.8
1,080.6

160.8
155.2
175.3
186.3
181.5
183.3
137.0
77.0
67.2
61.9
39.5
29.5
27.3
35.5
49.4
6.2
7.7
13.1
–51.5
–48.0

6,760.0
7,354.7
7,905.3
8,451.4
8,950.7
9,986.1
11,875.9
13,528.8
14,764.2
16,050.9
16,719.4
17,794.5
18,120.1
19,539.5
20,205.7
21,462.3
22,669.5
26,902.5
28,384.5
32,445.1

3,913.4
4,295.5
4,592.2
4,829.0
5,035.1
5,803.1
7,544.7
9,018.9
10,128.2
11,281.1
11,982.7
12,779.9
13,116.7
14,167.6
14,665.4
15,749.6
16,800.7
21,016.7
22,287.0
26,264.8

1,188.0
1,517.0

1,923.8
1,775.9

–735.7
–259.0

872.3
1,182.8

1,613.4
1,450.9

–741.1
–268.1

315.7
334.1

310.4
325.0

5.4
9.1

27,740.6
29,965.6

21,644.5
23,490.5

1 Data for fiscal year 2021 are from Final Monthly Treasury Statement issued October 22, 2021.
2 Data from current issue Monthly Treasury Statement.

Note: Data (except as noted) are from Budget of the United States Government, Fiscal Year 2022, issued May 28, 2021.
Sources: Department of the Treasury and Office of Management and Budget.

32

Federal debt
(end of period)

Federal Receipts by Source and Outlays by Function
In the first four months of fiscal year 2022, receipts were $329.0 billion higher than a year earlier and outlays were
$147.9 billion lower.
BILLIONS OF DOLLARS
2,400
1

BILLIONS OF DOLLARS
2,400

RECEIPTS

2,000

INDIVIDUAL INCOME TAXES

2,000

1,600

1,600

1,200

1,200

800

SOCIAL INSURANCE
AND RETIREMENT RECEIPTS

CORPORATION
INCOME TAXES

400

800

OTHER RECEIPTS

400

0

0

6,800
6,400

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

4,000

4,000

NONDEFENSE

3,600

3,600

3,200

3,200

2,800

2,800

2,400
2,000

2,400
2,000

1,000
800
600
400
200

1,000
800
600
400
200

NATIONAL DEFENSE

2013

2014

2015

2016

2017

2019

2018

2020

2021

2022

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 2021

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

Fiscal year or period

2003 ����������������������������������������������������
2004 ����������������������������������������������������
2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 ����������������������������������������������������
2012 ����������������������������������������������������
2013 ����������������������������������������������������
2014 ����������������������������������������������������
2015 ����������������������������������������������������
2016 ����������������������������������������������������
2017 ����������������������������������������������������
2018 ����������������������������������������������������
2019 ����������������������������������������������������
2020 ����������������������������������������������������
2021 1 ��������������������������������������������������
2022 (estimates) ���������������������������������
Cumulative total, first 4 months: 2
Fiscal year 2021 ����������������������������������
Fiscal year 2022 ����������������������������������

On-budget and off-budget outlays
National defense

Indi- Corporavidual
tion
income income
taxes
taxes

Social
insurance
and
retirement
receipts

1,782.3
1,880.1
2,153.6
2,406.9
2,568.0
2,524.0
2,105.0
2,162.7
2,303.5
2,450.0
2,775.1
3,021.5
3,249.9
3,268.0
3,316.2
3,329.9
3,463.4
3,421.2
4,046.0
4,174.2

793.7
809.0
927.2
1,043.9
1,163.5
1,145.7
915.3
898.5
1,091.5
1,132.2
1,316.4
1,394.6
1,540.8
1,546.1
1,587.1
1,683.5
1,717.9
1,608.7
2,044.4
2,038.6

131.8
189.4
278.3
353.9
370.2
304.3
138.2
191.4
181.1
242.3
273.5
320.7
343.8
299.6
297.0
204.7
230.2
211.8
371.8
371.0

713.0
733.4
794.1
837.8
869.6
900.2
890.9
864.8
818.8
845.3
947.8
1,023.5
1,065.3
1,115.1
1,161.9
1,170.7
1,243.1
1,310.0
1,314.1
1,462.0

143.9
148.4
154.0
171.2
164.7
173.7
160.5
207.9
212.1
230.2
237.4
282.7
300.0
307.3
270.1
270.9
272.1
290.7
315.7
302.6

2,159.9
2,292.8
2,472.0
2,655.1
2,728.7
2,982.5
3,517.7
3,457.1
3,603.1
3,526.6
3,454.9
3,506.3
3,691.9
3,852.6
3,981.6
4,109.0
4,447.0
6,550.4
6,818.2
6,011.1

404.7
455.8
495.3
521.8
551.3
616.1
661.0
693.5
705.6
677.9
633.4
603.5
589.7
593.4
598.7
631.1
686.0
724.6
754.8
770.6

387.1
436.4
474.1
499.3
528.5
594.6
636.7
666.7
678.1
650.9
607.8
577.9
562.5
565.4
568.9
600.7
654.0
690.4
717.6
729.5

21.2
26.9
34.6
29.5
28.5
28.9
37.5
45.2
45.7
36.8
46.5
46.9
52.0
45.3
46.3
49.0
52.7
67.7
46.9
59.0

219.6
240.1
250.6
252.8
266.4
280.6
334.4
369.1
372.5
346.8
358.3
409.5
482.3
511.3
533.2
551.2
584.8
747.6
796.8
862.5

1,188.0
1,517.0

578.6
824.6

85.3
112.2

435.1
469.5

89.0
110.7

1,923.8
1,775.9

258.0
253.9

245.9
241.4

15.2
19.1

256.3
304.6

Total

Other

Total

Total

Depart- Internament
tional
of
affairs
Defense,
military

Health

Medicare

Income Social
Net
security security interest

Other

249.4
269.4
298.6
329.9
375.4
390.8
430.1
451.6
485.7
471.8
497.8
511.7
546.2
594.5
597.3
588.7
651.0
776.2
696.5
774.1

334.6
333.0
345.8
352.4
365.9
431.2
533.1
622.1
597.3
541.2
536.4
513.6
508.8
514.1
503.4
495.3
514.8
1,263.6
1,648.8
983.9

474.7
495.5
523.3
548.5
586.2
617.0
683.0
706.7
730.8
773.3
813.6
850.5
887.8
916.1
944.9
987.8
1,044.4
1,095.8
1,134.6
1,203.2

153.1
160.2
184.0
226.6
237.1
252.8
186.9
196.2
230.0
220.4
220.9
229.0
223.2
240.0
262.6
325.0
375.2
345.5
352.3
304.9

302.6
311.8
339.8
393.5
317.9
365.2
651.7
372.6
435.7
458.4
348.0
341.7
402.0
437.9
495.3
480.9
538.0
1,529.4
1,387.4
1,052.9

228.1
233.1

435.1
275.6

371.9
389.6

112.4
136.2

246.7
164.1

1 Data for fiscal year 2021 are from Final Monthly Treasury Statement issued October 22, 2021.
2 Data from current issue Monthly Treasury Statement. Data for Department of Defense, military, include a small amount that is classified and listed under international affairs, and not included in

national defense.

Note: Data (except as noted) are from Budget of the United States Government, Fiscal Year 2022, issued May 28, 2021.
Sources: Department of the Treasury and Office of Management and Budget.

33

Federal Sector, National Income Accounts Basis
In the fourth quarter of 2021, according to revised estimates, Federal current expenditures fell $601.2 billion (annual
rate); Federal current receipts are incomplete.
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
2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Chart 34 - Feb 2022

Federal Government current receipts

Federal Government current expenditures

Current tax receipts

Period

Total

Total 1

Calendar year:
2012 ������������� 2,700.8
1,573.0
2013 ������������� 3,139.6
1,744.9
2014 ������������� 3,293.0
1,900.1
2015 ������������� 3,449.0
2,024.2
2016 ������������� 3,463.8
2,020.4
2017 ������������� 3,525.2
2,015.5
2018 ������������� 3,569.0
2,014.6
2019 ������������� 3,713.7
2,127.6
2020 ������������� 3,684.5
2,057.8
2021 r ����������� ������������ ��������������
2019: I ��������������� 3,676.4
2,107.7
      II �������������� 3,706.0
2,120.4
      III ������������� 3,708.9
2,117.1
      IV ������������� 3,763.4
2,165.3
2020: I ��������������� 3,751.2
2,119.0
      II �������������� 3,481.1
1,913.3
      III ������������� 3,690.5
2,051.8
      IV ������������� 3,815.1
2,147.0
2021: I ��������������� 3,982.6
2,294.0
      II �������������� 4,177.8
2,428.3
      III r ����������� 4,324.8
2,525.0
r
      IV ����������� ������������ ��������������

Contributions
for
Income
Taxes
govern- receipts
Taxes
Personal
on
ment
on
on
current production corporate
social
assets
taxes
and
insurincome
imports
ance
1,166.4
1,302.9
1,403.7
1,532.6
1,547.9
1,613.6
1,616.5
1,708.6
1,679.6
1,987.3
1,696.4
1,701.9
1,707.8
1,728.6
1,737.9
1,581.5
1,662.2
1,736.9
1,851.9
1,946.1
2,036.0
2,115.4

115.2
274.7
125.5
298.4
136.3
339.6
140.3
329.1
136.5
311.9
131.6
245.4
163.6
208.8
174.7
217.0
158.0
192.7
173.8 ��������������
173.4
211.3
172.2
218.9
175.3
206.5
177.9
231.4
185.8
166.7
138.3
167.4
151.3
211.7
156.6
225.1
166.2
246.4
177.8
275.1
172.9
285.9
178.4 ��������������

938.0
1,091.8
1,140.1
1,190.8
1,224.4
1,284.2
1,345.4
1,406.2
1,444.6
1,574.5
1,392.4
1,399.3
1,406.9
1,426.4
1,457.1
1,391.6
1,443.8
1,486.0
1,517.9
1,555.7
1,594.4
1,630.0

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

141.6
243.7
172.7
161.1
140.8
139.6
123.3
109.9
119.8
135.5
109.5
120.8
100.0
109.3
116.5
114.1
132.4
116.3
109.5
139.0
150.1
143.6

Current
transfer
receipts

56.1
69.3
87.3
76.2
79.7
85.0
86.3
72.5
62.9
58.1
69.3
68.4
87.8
64.5
59.5
62.7
62.6
66.6
62.8
56.7
55.6
57.5

Current
surplus of
government
enterprises

–7.8
–10.1
–7.1
–3.2
–1.4
1.0
–.6
–2.6
–.6
–1.2
–2.4
–2.9
–2.8
–2.2
–.9
–.6
–.2
–.8
–1.6
–1.9
–.3
–1.0

Total

3,773.5
3,771.3
3,890.4
4,009.2
4,131.4
4,245.9
4,497.1
4,761.1
6,794.5
7,020.4
4,691.8
4,739.1
4,789.8
4,823.8
4,909.2
9,106.7
7,206.8
5,955.2
8,071.4
7,490.5
6,560.4
5,959.2

ConCurrent
sumption transfer Interest Subsidies
expendipaypayments
tures
ments 2

999.7
957.5
952.2
955.1
965.7
982.7
1,039.4
1,097.4
1,161.4
1,204.9
1,075.5
1,095.7
1,105.1
1,113.3
1,124.7
1,187.6
1,169.4
1,164.1
1,219.9
1,208.1
1,196.1
1,195.4

2,293.6
2,338.3
2,441.5
2,568.1
2,650.1
2,727.1
2,853.2
3,007.9
4,338.0
4,810.7
2,967.5
2,996.0
3,018.5
3,049.6
3,137.8
6,258.2
4,295.4
3,660.9
5,945.2
5,081.5
4,298.2
3,917.8

422.6
416.3
439.1
429.3
454.3
476.8
541.8
583.5
534.2
514.8
580.5
589.2
585.6
578.7
566.4
537.3
521.5
511.7
502.5
503.8
511.6
541.5

Net
Federal
Government
saving

57.6
–1,072.7
59.2
–631.8
57.6
–597.4
56.7
–560.2
61.2
–667.6
59.3
–720.7
62.7
–928.1
72.4
–1,047.5
760.8
–3,110.0
489.9 ����������������
68.4
–1,015.4
58.2
–1,033.2
80.6
–1,080.9
82.2
–1,060.4
80.3
–1,158.0
1,123.6
–5,625.6
1,220.5
–3,516.3
618.6
–2,140.1
403.8
–4,088.9
697.0
–3,312.7
554.5
–2,235.6
304.5 ����������������

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

2012 ���������������
97.4
89.7
96.4
97.1
93.5
97.1
91.6
229.594
210.4
117.5
2013 r �������������
99.3
91.3
96.2
97.1
93.6
94.1
93.8
232.957
212.4
117.9
2014 r �������������
102.3
95.8
98.1
96.0
94.8
93.5
95.3
236.736
216.4
121.1
r
2015 �������������
100.9
95.4
97.0
97.4
95.6
94.5
99.7
237.017
218.8
122.1
2016 ���������������
98.7
95.4
97.2
97.8
96.8
96.4
99.9
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
103.9
101.0
100.7
101.0
100.9
103.5
251.107
230.6
123.7
r
2019 �������������
102.3
103.8
98.3
101.2
96.7
99.7
107.2
255.657
235.1
124.3
r
2020 �������������
95.0
96.0
87.9
90.4
86.8
88.7
98.2
258.811
236.8
124.3
2021 p �������������
100.3
101.1
93.0
95.6
90.3
98.7
102.8
270.970
244.8
124.0
r
2020: Dec ����
98.3
99.8
91.2
95.3
92.6
95.5
102.8
260.474
237.6
123.4
2021: Jan r ����
99.4
101.2
94.0
98.3
92.7
97.0
101.5
261.582
239.0
124.0
      Feb r ����
96.4
99.2
92.8
94.1
90.7
97.1
102.1
263.014
240.2
124.0
r
      Mar ���
99.2
99.9
94.3
95.1
91.5
97.4
103.3
264.877
241.4
124.2
r
      Apr ����
99.2
98.8
97.0
95.3
91.4
99.1
103.1
267.054
242.6
123.2
      May r ���
99.9
98.5
90.7
95.2
90.5
97.4
103.9
269.195
243.8
123.5
      June r ��
100.5
101.0
96.7
95.5
90.2
98.5
102.4
271.696
244.5
123.7
r
      July ���
101.2
101.2
95.2
95.4
91.1
99.4
103.0
273.003
246.0
123.9
r
      Aug ����
101.1
101.8
91.8
96.3
87.7
99.2
103.6
273.567
246.6
123.9
      Sept r ���
99.8
101.9
86.9
94.8
87.1
99.3
103.0
274.310
247.1
124.4
      Oct r �����
101.2
103.3
88.4
96.2
89.5
98.8
102.2
276.589
248.8
124.2
r
      Nov ����
102.1
103.4
94.6
95.4
89.9
100.9
102.9
277.948
249.3
124.4
p
      Dec ���
102.0
103.0
93.7
95.3
90.9
99.8
103.2
278.802
249.0
124.4
2022: Jan p ����
103.5 ���������������
92.4
96.9 ��������������� ��������������� ���������������
281.148
251.2
124.7
p
      Feb ���� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������

Germany

194.6
196.3
197.2
197.3
197.7
199.7
203.4
205.7
206.7
210.0
207.1
207.4
207.4
208.7
208.9
209.6
209.8
210.0
211.2
210.8
211.6
212.4
212.8
213.3
214.8

Italy

173.0
175.6
177.2
178.2
179.1
181.8
184.9
187.6
188.5
194.5
188.0
189.5
190.7
191.6
192.8
193.7
194.4
196.2
196.2
196.2
197.3
196.9
198.0
198.7
200.5

United
Kingdom

303.5
285.2
307.1
293.9
307.9
300.8
308.0
303.8
307.7
309.1
311.5
320.1
315.0
330.8
317.0
339.3
316.5
344.4
322.5
358.3
316.1
347.1
318.3
346.1
318.6
347.8
319.5
348.8
320.7
353.8
320.7
354.7
321.1
357.2
322.6
358.9
323.8
361.2
323.2
362.6
325.4
366.6
327.2
369.3
328.4
373.3
333.7
373.6
336.8 �����������������

1 Data relate to all urban consumers.

Note: See Note, p. 17, for information on U.S. industrial production series.
Sources: As reported by each country, Board of Governors of the Federal Reserve System, and Department of Labor (Bureau of Labor Statistics).

U.S. International Trade in Goods and Services
[Billions of dollars; monthly data seasonally adjusted]
Goods: Exports (f.a.s. value)
Census basis (by end-use category)
Period

2012 ������������
2013 ������������
2014 ������������
2015 ������������
2016 ������������
2017 ������������
2018 ������������
2019 ������������
2020 ������������
2021 p ����������
2021: Jan r �
      Feb r �
      Mar r 
      Apr r �
      May r 
      June r 
      July r 
      Aug r �
      Sept r 
      Oct r ��
      Nov r �
      Dec p 
2022: Jan p �

BOP
basis

1,562.6
1,593.7
1,635.6
1,511.4
1,457.4
1,557.0
1,676.9
1,652.1
1,428.8
1,762.0
134.6
130.5
143.8
145.3
145.9
146.2
149.0
150.1
143.1
159.0
156.3
158.3
����������

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 beverand
ages materials
1,545.8
1,578.5
1,621.9
1,503.3
1,451.5
1,547.2
1,665.8
1,642.8
1,424.9
1,754.6
134.3
130.2
143.3
144.8
145.3
145.5
148.1
149.4
142.4
158.2
155.4
157.6
154.8

133.0
136.2
143.7
127.7
130.5
132.8
133.1
131.0
139.3
165.2
14.0
13.5
13.5
13.7
14.0
12.8
12.8
12.2
12.0
14.1
15.2
14.1
14.0

501.2
508.2
505.8
427.0
397.3
465.2
541.2
529.5
465.9
635.6
45.3
45.6
51.4
52.2
52.3
53.5
53.7
57.3
51.6
58.0
57.2
57.6
57.8

146.2
152.7
159.8
151.9
150.4
157.9
158.8
162.8
127.9
143.6
12.6
11.8
12.9
11.9
11.4
11.6
12.2
11.2
11.0
12.5
12.2
13.0
12.1

Balance of trade
(exports minus imports)

Census basis (by end-use category)

Auto- ConCapital motive sumer
goods
goods
veexcept hicles, (nonauto- parts food)
motive and en- except
autogines motive
527.2
534.4
551.5
539.5
519.7
533.4
563.2
547.7
460.3
519.6
41.3
38.9
42.2
44.2
43.8
43.7
44.7
43.8
42.3
45.4
44.1
45.0
46.0

Services
(BOP basis)

Goods: Imports (customs value)

181.7
188.8
199.0
197.7
193.7
197.7
206.0
205.6
174.8
222.1
15.9
15.2
17.2
17.0
18.0
18.0
18.8
19.1
19.8
21.5
20.7
21.9
19.2

BOP
basis

2,303.7
2,294.2
2,385.5
2,273.2
2,207.2
2,356.3
2,555.7
2,513.6
2,350.8
2,852.6
220.6
219.2
236.2
231.7
234.6
238.8
236.0
238.7
240.5
242.2
254.5
259.7
����������

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 beverand
ages materials
2,276.3
2,268.0
2,356.4
2,248.8
2,186.8
2,339.6
2,536.1
2,493.7
2,336.0
2,832.9
219.3
217.8
234.6
230.1
232.8
236.9
234.4
236.7
238.8
240.7
252.7
258.1
262.5

110.3
115.1
125.9
127.8
130.0
137.8
147.3
150.5
154.3
182.1
13.7
13.1
14.1
14.5
15.4
16.0
15.9
15.7
15.6
15.9
16.5
15.7
17.1

730.6
681.5
667.0
486.0
443.3
507.0
574.6
520.8
479.5
649.2
42.6
46.4
50.5
49.7
52.3
56.9
55.3
57.0
58.0
57.5
63.4
60.1
61.6

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
548.7
555.7
594.1
602.5
589.7
639.8
690.9
675.6
645.3
762.8
59.7
59.9
63.4
63.7
62.6
63.4
63.4
63.1
65.7
65.2
65.4
67.7
69.0

297.8
308.8
328.6
349.2
349.9
358.2
371.1
375.2
310.6
347.4
31.8
28.2
30.4
29.4
29.2
28.5
29.6
28.0
25.9
27.3
28.5
30.9
32.5

516.9 684.8 469.6
531.7 719.5 465.8
557.1 756.7 490.9
594.2 768.4 497.8
583.1 780.9 512.6
601.4 833.8 547.2
645.4 861.7 563.9
653.2 876.3 591.1
639.9 705.6 460.3
766.7 766.6 535.0
62.9
60.0
39.1
61.2
60.1
39.0
66.3
61.4
40.6
63.7
62.5
41.6
64.0
63.9
42.5
62.4
64.6
44.2
60.3
63.7
46.3
63.2
63.3
47.3
63.2
63.9
47.3
64.1
65.0
48.3
66.7
68.5
49.5
71.9
69.9
49.2
72.4 ���������� ����������

Goods

Ser- Goods
and
vices services

-730.4
-741.1 215.2 -525.9
-689.5
-700.5 253.7 -446.8
-734.5
-749.9 265.8 -484.1
-745.5
-761.9 270.6 -491.3
-735.3
-749.8 268.3 -481.5
-792.4
-799.3 286.6 -512.7
-870.4
-878.7 297.8 -581.0
-850.9
-861.5 285.2 -576.3
-911.1
-922.0 245.3 -676.7
-1,078.4 -1,090.7 231.5 -859.1
-84.9
-86.0 20.9
-65.1
-87.6
-88.7 21.1
-67.6
-91.3
-92.4 20.8
-71.6
-85.3
-86.4 20.9
-65.5
-87.5
-88.7 21.3
-67.4
-91.4
-92.6 20.3
-72.3
-86.3
-87.1 17.3
-69.7
-87.4
-88.5 16.0
-72.6
-96.4
-97.4 16.5
-80.8
-82.5
-83.2 16.7
-66.5
-97.3
-98.3 18.9
-79.3
-100.5
-101.4 20.7
-80.7
-107.6 ������������ ������� �����������

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 2021, the current account deficit widened to $214.8 billion from $198.3 billion in the second
quarter. The goods and services deficit widened to $225.0 billion from $207.1 billion in the second quarter.
BILLIONS OF DOLLARS
80

BILLIONS OF DOLLARS
80

SEASONALLY ADJUSTED

60

60

40

40
BALANCE ON
PRIMARY INCOME

20

20

0

0

–20

–20

–40

–40

BALANCE ON
SECONDARY INCOME

–60

–60
BALANCE ON
CURRENT ACCOUNT

–80

–80

–100

–100

–120

–120

–140

–140

BALANCE ON
GOODS AND SERVICES

–160

–160

–180

–180

–200

–200

–220

–220

–240

–240

2013

2012

2014

2015

2016

2017

2018

2019

SOURCE: DEPARTMENT OF COMMERCE

2020

2021

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted]
Current Account 1
Goods 2
Period

2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2019: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2020: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2021: I ����������������
      II ���������������
      III p ������������

Services

Exports

Imports

Balance
on
goods

1,498,887
1,562,630
1,593,708
1,635,563
1,511,381
1,457,393
1,557,003
1,676,913
1,652,072
1,428,798
417,154
414,021
411,772
409,126
398,143
289,779
356,826
384,050
408,344
436,766
441,594

2,239,886
2,303,749
2,294,247
2,385,480
2,273,249
2,207,195
2,356,345
2,555,662
2,513,587
2,350,825
634,762
638,383
630,143
610,299
598,403
513,050
602,196
637,175
677,232
706,381
716,421

–740,999
–741,119
–700,539
–749,917
–761,868
–749,801
–799,343
–878,749
–861,515
–922,026
–217,608
–224,362
–218,372
–201,174
–200,260
–223,271
–245,370
–253,125
–268,889
–269,614
–274,827

Exports
644,665
684,823
719,413
757,051
768,660
780,944
833,775
861,725
876,295
705,643
215,879
220,817
218,947
220,652
199,257
165,208
166,433
174,745
181,461
190,879
190,829

Imports
458,188
469,610
465,736
491,086
498,213
512,617
547,172
563,926
591,121
460,301
144,898
148,822
149,184
148,216
133,246
100,485
108,163
118,406
118,670
128,327
140,966

Balance
on
services
186,477
215,213
253,678
265,965
270,447
268,326
286,603
297,799
285,174
245,342
70,981
71,995
69,762
72,436
66,011
64,723
58,270
56,339
62,791
62,552
49,863

Balance
on
goods
and
services
–554,522
–525,906
–446,861
–483,952
–491,421
–481,475
–512,739
–580,950
–576,341
–676,684
–146,627
–152,367
–148,609
–128,737
–134,248
–158,549
–187,101
–196,787
–206,097
–207,062
–224,964

Chart 36 - Dec 2021

Primary income receipts and payments
Receipts
791,469
791,679
811,561
845,926
825,100
857,819
997,044
1,106,417
1,124,929
957,857
276,324
287,245
283,354
278,006
253,442
212,111
240,265
252,040
262,922
263,988
281,908

Payments
589,038
593,754
616,041
645,623
639,724
660,798
737,500
847,286
893,009
769,397
221,827
226,977
223,022
221,183
201,978
177,587
192,008
197,824
212,732
225,160
233,746

Balance
on
primary
income
202,431
197,925
195,520
200,303
185,376
197,021
259,544
259,131
231,920
188,460
54,497
60,267
60,332
56,823
51,464
34,524
48,257
54,216
50,190
38,827
48,162

Balance
on
secondary
Income 3
–103,211
–90,134
–88,115
–86,339
–102,843
–113,116
–108,510
–116,417
–127,725
–127,871
–34,977
–31,815
–29,208
–31,725
–32,004
–29,841
–33,519
–32,508
–33,516
–30,084
–37,972

Balance
on
current
account
–455,302
–418,115
–339,456
–369,987
–408,889
–397,571
–361,705
–438,236
–472,146
–616,095
–127,106
–123,915
–117,485
–103,640
–114,788
–153,866
–172,362
–175,079
–189,424
–198,319
–214,774

Current
account
balance
as a
percentage
of GDP
–2.9
–2.6
–2.0
–2.1
–2.2
–2.1
–1.9
–2.1
–2.2
–2.9
–2.4
–2.3
–2.2
–1.9
–2.1
–3.2
–3.3
–3.3
–3.4
–3.5
–3.7

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 $127.2 billion in the third quarter of 2021, resulting from a net
increase in U.S. financial assets of $494.1 billion plus a net decrease in financial derivatives of $8.0 billion, less a net
increase in U.S. liabilities of $613.3 billion. U.S. net borrowing was down from $216.8 billion in the second quarter.
BILLIONS OF DOLLARS
1,000

BILLIONS OF DOLLARS
1,000

SEASONALLY ADJUSTED

900

900

800

800

700

700

600

600

CHANGE IN
U.S. LIABILITIES

500

500

400

400

300

300

200

200

100

100
0

0
–100

–100

CHANGE IN
U.S. ASSETS ABROAD1

–200

–200
–300

–300

–400

–400

2013

2012

2014

2015

2016

2017

2018

2019

2020

2021

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 2021

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

2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2019: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2020: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2021: I ����������������
      II ���������������
      III p ������������

Direct
investment
assets

–9,020
492,556 436,615
931
176,937 377,239
–6,559
649,753 392,796
–6,535
866,702 387,528
–7,940
197,359 302,072
–6,606
335,233 299,814
12,394 1,190,633 409,413
–4,261
383,815 –130,015
–6,443
317,017 122,191
–5,487
809,323 311,692
–2,732
89,908 –15,960
–865
84,405
83,302
–899
149,826
3,716
–1,947
–7,122
51,133
–2,867
805,505
28,801
–946 –253,779
63,839
–550
29,307 122,349
–1,124
228,289
96,702
–2,743
395,838
76,945
–863
236,949 165,005
3,005
494,066
98,228

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

Portfolio
investment
assets

Other
investment
assets

Reserve
assets 4

Total

85,365
248,760
481,298
582,676
160,410
36,283
569,376
335,263
–13,479
220,026
–43,770
28,019
25,943
–23,671
55,209
–10,340
121,217
53,940
294,204
126,195
311,733

–45,301
–453,522
–221,242
–99,920
–258,831
–2,955
213,533
173,578
203,647
268,632
149,430
–29,275
118,285
–34,793
721,740
–312,239
–216,078
75,209
26,788
–54,728
–28,498

15,877
4,460
–3,099
–3,583
–6,292
2,090
–1,690
4,989
4,659
8,974
208
2,359
1,882
210
–245
4,960
1,820
2,438
–2,100
477
112,603

983,522
632,034
1,052,068
1,109,443
503,468
706,693
1,559,219
711,777
755,724
1,456,528
157,817
284,314
247,576
66,018
934,491
–181,226
201,141
502,122
574,400
445,166
613,299

Direct
investment
liabilities

Portfolio
investment
liabilities

Other
investment
liabilities

263,499
250,343
288,131
251,857
511,434
474,388
380,823
214,315
302,200
211,298
100,081
94,756
66,559
40,804
44,716
–46,832
111,589
101,824
70,558
85,858
149,122

311,626
747,017
511,987
697,607
213,910
231,265
790,810
303,075
177,157
710,151
–16,702
145,861
98,171
–50,173
–27,944
272,485
114,935
350,675
323,752
198,105
146,205

408,397
–365,327
251,949
159,979
–221,876
1,040
387,586
194,387
276,368
535,079
74,437
43,698
82,845
75,387
917,719
–406,879
–25,383
49,623
180,090
161,204
317,971

Financial
derivatives
other
than
reserves,
net transactions
–35,006
7,064
2,222
–54,335
–27,035
7,827
23,998
–20,404
–41,670
–5,780
–21,383
–9,642
–6,382
–4,263
–25,136
–11,702
28,425
2,633
–2,216
–8,612
–7,980

Net lending
(+)
Statistical
or net
discrepancy
borrowing (–)
from financial
account
transactions 5
–525,972
–448,032
–400,093
–297,076
–333,144
–363,633
–344,588
–348,366
–480,377
–652,985
–89,292
–209,551
–104,132
–77,402
–154,122
–84,255
–143,408
–271,199
–180,778
–216,829
–127,213

–61,650
–30,849
–54,079
79,447
83,685
40,544
4,722
94,131
–1,788
–31,403
40,547
–84,771
14,253
28,184
–36,467
70,556
29,504
–94,997
11,388
–17,648
84,556

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

147,953
150,175
144,575
130,090
117,581
117,332
123,313
125,798
129,479
144,890
125,175
128,338
127,595
129,479
127,910
133,890
138,961
144,890
139,048
140,185
250,080

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