Full text of Economic Indicators : February 2022
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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 ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� �������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� 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