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118th Congress, 2nd Session

Economic Indicators
FEBRUARY 2024
(Includes data available as of March 8, 2024)

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

UNITED STATES
GOVERNMENT PUBLISHING OFFICE
WASHINGTON : 2024

JOINT ECONOMIC COMMITTEE

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

Senator Martin Heinrich, New Mexico, Chairman
Representative David Schweikert, Arizona, Vice Chairman
Senate

House of Representatives

Amy Klobuchar, Minnesota
Margaret Wood Hassan, New Hampshire
Mark Kelly, Arizona
Peter Welch, Vermont
John Fetterman, Pennsylvania
Mike Lee, Utah
Tom Cotton, Arkansas
Eric Schmitt, Missouri
J.D. Vance, Ohio

Jodey C. Arrington, Texas
Ron Estes, Kansas
A. Drew Ferguson IV, Georgia
Lloyd K. Smucker, Pennsylvania
Nicole Malliotakis, New York
Donald S. Beyer, Jr., Virginia
David Trone, Maryland
Gwen Moore, Wisconsin
Katie Porter, California

COUNCIL OF ECONOMIC ADVISERS
Jared Bernstein, Chair
Heather M. Boushey, Member
C. Kirabo Jackson, Member
[Public Law 120—81st Congress; Chapter 237—1st Session]
JOINT RESOLUTION [S.J. R es. 55]
To print the monthly publication entitled “Economic Indicators”
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled “Economic Indicators,” and that a sufficient
quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the
Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House,
and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies
to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be
authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts prepared under the direction of the Mail and Multimedia Division,
Office of the Secretary, Department of Commerce.
Monthly issues of Economic Indicators in PDF form,
and tables in Excel, are available online at:

www.gpo.gov/economicindicators
To subscribe to the print edition, $58.00 per year ($81.20 outside the United States),
contact the U.S. Government Publishing Office
at 202-512-1800, www.gpo.gov/economicindicators, or:
SUPERINTENDENT OF DOCUMENTS
U.S. GOVERNMENT PUBLISHING OFFICE
MAIL STOP: IDCC
WASHINGTON, DC 20402-9328

ii

TOTAL OUTPUT, INCOME, AND SPENDING
Gross Domestic Product
In the fourth quarter of 2023, according to revised estimates, real gross domestic product (GDP) in chained (2017)
dollars rose 3.2 percent (annual rate), current dollar GDP rose 4.9 percent, and the chained price index rose 1.6
percent.
BILLIONS OF DOLLARS (RATIO SCALE)

BILLIONS OF DOLLARS (RATIO SCALE)
28,400

28,400

SEASONALLY ADJUSTED ANNUAL RATES

27,600

27,600

26,800

26,800

26,000

26,000

25,200

25,200

24,400

24,400

23,600

23,600

22,800

22,800

22,000

22,000

GDP
IN CURRENT DOLLARS

21,200

21,200

20,400

20,400

19,600

19,600

GDP
IN CHAINED (2017) DOLLARS

18,800

18,800

18,000

18,000

17,200

17,200

16,400

16,400

15,600

15,600

14,800

14,800
2014

2015

2016

2017

2018

2019

2020

2021

SOURCE: DEPARTMENT OF COMMERCE

2022

2023

COUNCIL OF ECONOMIC ADVISERS

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

Period

2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 r ������������������
2021: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2022: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2023: I ����������������
      II ���������������
      III ��������������
      IV r ������������

Gross
domestic
product

17,608.1
18,295.0
18,804.9
19,612.1
20,656.5
21,521.4
21,323.0
23,594.0
25,744.1
27,357.8
22,600.2
23,292.4
23,829.0
24,654.6
25,029.1
25,544.3
25,994.6
26,408.4
26,813.6
27,063.0
27,610.1
27,944.6

Personal
consumption
expenditures

Gross
private
domestic
investment

11,874.5
12,297.4
12,726.8
13,290.6
13,934.4
14,417.6
14,206.2
16,043.0
17,511.7
18,567.4
15,217.7
15,950.9
16,285.1
16,718.2
17,030.6
17,415.1
17,684.2
17,917.0
18,269.6
18,419.0
18,679.5
18,901.5

3,074.0
3,288.5
3,278.3
3,467.7
3,724.8
3,892.4
3,748.4
4,216.3
4,756.6
4,844.1
4,031.1
4,013.3
4,226.6
4,594.0
4,766.8
4,739.0
4,724.6
4,796.2
4,725.8
4,780.3
4,915.0
4,955.3

Exports and imports of
goods and services
Net
exports
–508.9
–524.3
–503.3
–543.3
–593.1
–578.5
–626.4
–858.2
–971.1
–797.4
–792.4
–832.0
–884.3
–924.3
–1,089.7
–1,025.6
–892.0
–877.2
–825.7
–806.1
–779.2
–778.7

Federal
Exports

2,378.5
2,270.6
2,235.6
2,388.3
2,538.1
2,538.5
2,150.1
2,550.0
2,995.0
3,029.6
2,382.8
2,498.3
2,566.0
2,753.1
2,837.6
3,044.3
3,084.5
3,013.8
3,064.8
2,961.8
3,030.8
3,061.1

Imports

2,887.4
2,794.9
2,738.8
2,931.6
3,131.2
3,117.0
2,776.5
3,408.3
3,966.2
3,827.0
3,175.2
3,330.2
3,450.2
3,677.4
3,927.3
4,069.8
3,976.5
3,891.0
3,890.5
3,767.9
3,810.0
3,839.8

Chart 1 - Feb 2024

Government consumption expenditures
and gross investment

Total

3,168.6
3,233.4
3,303.0
3,397.1
3,590.4
3,789.9
3,994.8
4,193.1
4,446.8
4,743.8
4,143.9
4,160.2
4,201.5
4,266.6
4,321.4
4,415.7
4,477.9
4,572.4
4,643.9
4,669.8
4,794.8
4,866.5

Total
1,217.1
1,222.8
1,237.4
1,266.1
1,346.3
1,422.2
1,523.4
1,594.3
1,635.5
1,771.8
1,609.9
1,588.5
1,576.4
1,602.5
1,601.7
1,612.3
1,636.3
1,691.8
1,730.6
1,744.3
1,791.9
1,820.1

National
defense

Nondefense

744.1
730.4
729.4
748.3
795.1
851.1
884.6
898.6
928.4
994.7
898.6
897.2
899.3
899.2
902.6
924.5
930.4
956.2
968.7
978.9
1,009.1
1,022.1

473.0
492.4
507.9
517.8
551.2
571.1
638.8
695.7
707.1
777.0
711.3
691.2
677.2
703.2
699.1
687.7
705.9
735.5
761.9
765.5
782.8
798.0

State
and
local
1,951.5
2,010.6
2,065.7
2,131.1
2,244.1
2,367.7
2,471.3
2,598.7
2,811.3
2,972.0
2,533.9
2,571.7
2,625.1
2,664.2
2,719.7
2,803.4
2,841.5
2,880.6
2,913.2
2,925.5
3,002.9
3,046.4

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

17,523.3
18,154.9
18,765.8
19,579.4
20,600.1
21,449.2
21,360.5
23,582.4
25,586.8
27,300.6
22,644.5
23,453.6
23,832.2
24,399.1
24,780.1
25,424.1
25,912.3
26,230.7
26,789.9
27,044.5
27,508.1
27,859.8

18,117.0
17,843.3
18,819.3
18,515.1
19,308.2
19,036.3
20,155.4
19,905.1
21,249.6
20,946.8
22,099.9
21,803.3
21,949.3
21,537.8
24,452.3
23,777.6
26,715.2
25,926.0
28,155.3 �����������������
23,392.6
22,830.7
24,124.3
23,462.8
24,713.3
23,990.1
25,578.9
24,826.7
26,118.8
25,177.8
26,569.8
25,746.3
26,886.7
26,185.9
27,285.6
26,594.0
27,639.3
26,972.5
27,869.1
27,236.1
28,389.4
27,774.2
28,723.3 �����������������

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

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

1

Real Gross Domestic Product
[Billions of chained (2017) dollars; quarterly data at seasonally adjusted annual rates]

Period

2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 r ������������������
2021: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2022: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2023: 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
18,261.7
18,799.6
19,141.7
19,612.1
20,193.9
20,692.1
20,234.1
21,407.7
21,822.0
22,374.3
20,990.5
21,309.5
21,483.1
21,847.6
21,738.9
21,708.2
21,851.1
21,990.0
22,112.3
22,225.4
22,490.7
22,669.0

12,226.4
12,638.8
12,949.0
13,290.6
13,654.9
13,928.3
13,577.0
14,718.2
15,090.8
15,423.2
14,282.6
14,745.6
14,848.8
14,995.6
14,995.2
15,069.2
15,127.4
15,171.4
15,312.9
15,343.6
15,461.4
15,574.9

2,421.1
2,498.9
2,544.8
2,661.1
2,844.3
2,950.1
2,810.6
2,975.5
3,131.6
3,268.9
2,923.9
2,992.4
2,982.8
3,002.7
3,080.0
3,120.0
3,156.3
3,170.0
3,214.5
3,272.7
3,284.5
3,303.7

626.8
693.2
742.2
773.9
768.5
761.3
816.2
903.8
822.6
735.3
915.0
904.7
898.4
897.3
893.1
859.9
796.3
741.2
731.1
727.1
738.9
744.2

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports

85.1
–347.6
133.6
–476.5
33.4
–505.8
32.7
–543.3
54.3
–593.5
71.3
–617.5
–29.9
–663.4
12.5
–933.8
128.1 –1,051.0
46.5
–927.2
–25.8
–863.1
–138.4
–910.0
7.3
–966.5
207.1
–995.6
197.0 –1,141.1
92.7 –1,116.2
70.7
–981.2
151.9
–965.6
27.2
–935.1
14.9
–928.2
77.8
–930.7
66.3
–914.9

Exports

Imports

Total

2,275.8
2,283.1
2,293.9
2,388.3
2,456.4
2,469.0
2,144.8
2,280.9
2,439.6
2,505.9
2,237.0
2,248.1
2,256.4
2,382.0
2,354.1
2,414.1
2,506.2
2,484.1
2,525.4
2,464.7
2,497.3
2,536.2

2,623.4
2,759.5
2,799.7
2,931.6
3,050.0
3,086.5
2,808.3
3,214.7
3,490.6
3,433.1
3,100.0
3,158.1
3,223.0
3,377.6
3,495.2
3,530.3
3,487.4
3,449.6
3,460.5
3,392.9
3,428.0
3,451.1

3,247.3
3,313.6
3,378.5
3,397.1
3,465.0
3,601.4
3,715.5
3,704.7
3,670.4
3,818.8
3,743.1
3,701.8
3,688.2
3,685.8
3,658.8
3,641.2
3,667.0
3,714.8
3,758.8
3,789.8
3,843.4
3,883.3

Total
1,251.9
1,252.7
1,260.0
1,266.1
1,309.9
1,360.1
1,442.6
1,462.4
1,420.9
1,480.7
1,499.1
1,464.8
1,439.1
1,446.5
1,420.9
1,406.9
1,411.2
1,444.5
1,462.8
1,466.9
1,492.3
1,500.7

National Nondefense defense
760.4
744.9
741.1
748.3
774.6
815.9
838.8
823.0
800.1
827.5
836.3
826.3
819.7
809.7
795.3
797.1
796.6
811.5
815.4
820.1
836.8
837.7

491.3
507.8
518.8
517.8
535.3
544.3
603.7
639.3
620.6
653.2
662.7
638.3
619.3
636.8
625.6
609.6
614.5
633.0
647.4
646.7
655.5
663.0

State
and
local
1,995.3
2,060.8
2,118.5
2,131.1
2,155.2
2,241.3
2,273.8
2,244.3
2,249.6
2,338.4
2,247.0
2,239.2
2,250.1
2,240.9
2,238.4
2,234.1
2,255.1
2,270.8
2,296.5
2,323.0
2,351.4
2,382.6

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

18,185.6
18,669.0
19,108.4
19,579.4
20,137.6
20,620.5
20,260.8
21,380.6
21,661.2
22,285.0
21,017.9
21,442.8
21,461.1
21,600.6
21,497.3
21,579.0
21,758.5
21,809.9
22,054.3
22,167.1
22,362.5
22,556.0

18,602.0 18,499.7
19,276.0 19,021.2
19,647.5 19,372.9
20,155.4 19,905.1
20,787.5 20,490.9
21,310.1 20,977.3
20,899.8 20,451.9
22,333.3 21,590.4
22,854.4 21,992.7
23,287.6 ��������������
21,846.9 21,219.8
22,212.9 21,481.2
22,442.5 21,644.3
22,830.9 22,016.4
22,865.7 21,884.3
22,805.4 21,896.5
22,809.8 22,028.6
22,936.7 22,161.3
23,028.5 22,260.3
23,140.9 22,384.6
23,409.0 22,641.8
23,571.8 ��������������

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

Note: Because of the formula used for calculating real GDP, the chained (2017) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates.
Source: Department of Commerce (Bureau of Economic Analysis).

Chained Price Indexes For Gross Domestic Product
[Index numbers, 2017=100; quarterly data are seasonally adjusted]

Period

2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 r ������������������
2021: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2022: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2023: I ����������������
      II ���������������
      III ��������������
      IV r ������������

Gross
domestic
product

96.436
97.277
98.208
100.000
102.290
104.008
105.407
110.220
117.996
122.283
107.731
109.332
110.957
112.858
115.182
117.704
118.980
120.115
121.264
121.789
122.792
123.288

Personal consumption
expenditures

Total

97.121
97.299
98.284
100.000
102.047
103.513
104.635
109.001
116.043
120.382
106.578
108.208
109.705
111.514
113.590
115.577
116.905
118.098
119.309
120.044
120.814
121.359

Goods

Services

104.542
101.350
99.710
100.000
100.811
100.427
99.646
104.572
113.548
114.913
101.367
103.467
105.394
108.062
111.150
113.794
114.613
114.637
114.838
114.905
115.157
114.753

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

2

Gross private
domestic investment

93.795
95.462
97.629
100.000
102.626
104.972
107.054
111.103
117.066
122.981
109.118
110.480
111.738
113.076
114.595
116.220
117.818
119.631
121.377
122.468
123.513
124.565

Nonresidential
fixed
100.170
100.345
99.380
100.000
100.427
101.457
102.092
103.458
109.624
113.594
102.380
102.436
103.564
105.451
107.151
109.088
110.693
111.566
113.299
113.355
113.602
114.119

Residential
fixed
89.986
92.454
95.699
100.000
105.640
108.656
112.280
124.606
141.785
145.787
118.315
122.618
126.940
130.551
136.190
141.165
144.034
145.752
144.813
144.490
146.195
147.648

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Exports

104.515
99.455
97.457
100.000
103.325
102.814
100.247
111.801
122.767
120.896
106.637
111.204
113.760
115.602
120.553
126.113
123.078
121.326
121.359
120.169
121.362
120.696

Imports

110.067
101.283
97.825
100.000
102.662
100.987
98.870
106.025
113.623
111.464
102.524
105.536
107.118
108.923
112.390
115.293
114.023
112.788
112.419
111.045
111.137
111.256

Total
97.215
97.609
98.205
100.000
102.775
104.560
105.599
109.024
115.108
119.664
107.378
108.424
109.523
110.771
112.724
114.607
115.966
117.135
118.327
118.933
120.097
121.299

National
defense
97.850
98.053
98.419
100.000
102.642
104.312
105.458
109.181
116.038
120.210
107.430
108.563
109.686
111.046
113.492
115.990
116.814
117.855
118.823
119.373
120.614
122.031

Nondefense
96.287
96.968
97.897
100.000
102.968
104.923
105.806
108.835
113.924
118.975
107.329
108.259
109.325
110.425
111.748
112.835
114.890
116.225
117.702
118.377
119.446
120.374

State
and
local
97.804
97.567
97.505
100.000
104.126
105.640
108.689
115.792
124.970
127.101
112.765
114.846
116.664
118.892
121.509
125.490
126.015
126.868
126.866
125.947
127.717
127.873

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

Index numbers, 2017=100
Personal consumption
expenditures (PCE)

Gross domestic product (GDP)
Period

2014 ����������������������
2015 ����������������������
2016 ����������������������
2017 ����������������������
2018 ����������������������
2019 ����������������������
2020 ����������������������
2021 ����������������������
2022 ����������������������
2023 r ��������������������
2021: I ������������������
      II �����������������
      III ����������������
      IV ����������������
2022: I ������������������
      II �����������������
      III ����������������
      IV ����������������
2023: I ������������������
      II �����������������
      III ����������������
      IV r ��������������

Real GDP
GDP
(chain-type chain-type
quantity
price
index)
index
93.115
95.857
97.601
100.000
102.967
105.507
103.171
109.156
111.268
114.084
107.029
108.655
109.540
111.399
110.844
110.688
111.417
112.125
112.748
113.325
114.678
115.587

GDP
implicit
price
deflator

96.436
97.277
98.208
100.000
102.290
104.008
105.407
110.220
117.996
122.283
107.731
109.332
110.957
112.858
115.182
117.704
118.980
120.115
121.264
121.789
122.792
123.288

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

96.421
97.316
98.241
100.000
102.291
104.008
105.381
110.213
117.973
122.273
107.668
109.305
110.920
112.848
115.135
117.671
118.962
120.093
121.261
121.766
122.762
123.273

97.121
97.299
98.284
100.000
102.047
103.513
104.635
109.001
116.043
120.382
106.578
108.208
109.705
111.514
113.590
115.577
116.905
118.098
119.309
120.044
120.814
121.359

95.697
96.874
98.426
100.000
101.897
103.577
104.942
108.736
114.437
119.128
106.570
108.139
109.420
110.814
112.430
113.734
115.126
116.457
117.874
118.938
119.541
120.156

Personal consumption
expenditures (PCE)

Gross domestic product (GDP)
Gross
domestic
purchases
price index

97.408
97.593
98.241
100.000
102.222
103.706
105.046
109.495
116.915
120.904
107.140
108.636
110.157
112.047
114.269
116.533
117.883
118.973
120.016
120.445
121.295
121.861

GDP
(current
dollars)

Real GDP
GDP
(chain-type chain-type
quantity
price
index)
index

4.3
3.9
2.8
4.3
5.3
4.2
–.9
10.7
9.1
6.3
10.9
12.8
9.5
14.6
6.2
8.5
7.2
6.5
6.3
3.8
8.3
4.9

2.5
2.9
1.8
2.5
3.0
2.5
–2.2
5.8
1.9
2.5
5.2
6.2
3.3
7.0
–2.0
–.6
2.7
2.6
2.2
2.1
4.9
3.2

GDP
implicit
price
deflator

1.7
.9
1.0
1.8
2.3
1.7
1.3
4.6
7.1
3.6
5.4
6.1
6.1
7.0
8.5
9.1
4.4
3.9
3.9
1.7
3.3
1.6

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

1.7
.9
1.0
1.8
2.3
1.7
1.3
4.6
7.0
3.6
5.3
6.2
6.0
7.1
8.4
9.1
4.5
3.9
3.9
1.7
3.3
1.7

1.4
.2
1.0
1.7
2.0
1.4
1.1
4.2
6.5
3.7
4.8
6.3
5.6
6.8
7.7
7.2
4.7
4.1
4.2
2.5
2.6
1.8

1.5
1.2
1.6
1.6
1.9
1.6
1.3
3.6
5.2
4.1
3.6
6.0
4.8
5.2
6.0
4.7
5.0
4.7
5.0
3.7
2.0
2.1

1.6
.2
.7
1.8
2.2
1.5
1.3
4.2
6.8
3.4
4.8
5.7
5.7
7.0
8.2
8.2
4.7
3.8
3.6
1.4
2.9
1.9

1 Quarterly percent changes are at annual rates.

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

Nonfinancial Corporate Business—
Gross Value Added and Price, Costs, and Profits
[Quarterly data at seasonally adjusted annual rates]

Period

Current
dollars
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2021: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2022: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2023: I ����������������
      II ���������������
      III r ������������

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

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

8,417.8
8,851.7
9,222.3
9,346.4
9,771.4
10,337.8
10,801.0
10,500.0
11,995.9
13,300.8
11,432.2
11,849.6
12,157.6
12,544.1
12,884.3
13,250.4
13,517.2
13,551.4
13,693.2
13,841.3
14,041.6

Chained
(2017)
dollars
8,855.1
9,155.7
9,453.7
9,514.3
9,771.4
10,136.3
10,394.5
9,959.5
10,853.4
11,194.4
10,601.8
10,768.2
10,951.5
11,091.9
11,113.8
11,130.6
11,268.1
11,265.0
11,382.9
11,418.2
11,528.1

Total

0.951
.967
.976
.982
1.000
1.020
1.039
1.054
1.105
1.188
1.078
1.100
1.110
1.131
1.159
1.190
1.200
1.203
1.203
1.212
1.218

Compensation
of employees
(unit labor
cost)
0.539
.550
.561
.573
.586
.597
.610
.637
.644
.677
.629
.639
.648
.659
.667
.674
.682
.685
.694
.702
.705

Corporate profits with inventory valuation
and capital consumption adjustments 4

Unit nonlabor cost

Total
0.270
.273
.275
.278
.285
.287
.294
.270
.280
.313
.279
.270
.279
.292
.307
.314
.315
.316
.318
.316
.313

Consumption
of fixed
capital

Net interest
Taxes on
and
production miscellaneous
and imports 3
payments

0.145
.148
.149
.151
.154
.156
.160
.174
.168
.179
.166
.167
.167
.170
.174
.178
.181
.184
.186
.189
.189

0.092
.091
.092
.090
.094
.096
.098
.063
.084
.109
.083
.075
.084
.095
.107
.110
.109
.109
.110
.109
.109

0.034
.034
.034
.036
.036
.035
.036
.033
.028
.025
.029
.028
.028
.027
.027
.026
.025
.023
.022
.019
.015

Total
0.141
.144
.139
.132
.129
.136
.135
.147
.182
.198
.171
.192
.183
.181
.186
.203
.203
.201
.191
.194
.200

Taxes on
corporate
income
0.030
.032
.030
.028
.022
.021
.019
.021
.027
.037
.025
.027
.028
.030
.038
.038
.036
.037
.038
.038
.038

Profits
after
tax 5
0.111
.112
.109
.104
.107
.115
.116
.126
.154
.161
.146
.165
.155
.150
.147
.165
.167
.164
.153
.156
.162

1 Estimates for nonfinancial corporate business are based on the North American Industry Classification System (NAICS).
2 The implicit price deflator for gross value added of nonfinancial corporate business divided by 100.
3 Less subsidies plus business current transfer payments.
4 Unit profits from current production.
5 With inventory valuation and capital consumption adjustments.

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

3

National Income
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Proprietors’
income 1

Period

ComNational pensation
of
income employees

2014 �������������������� 15,164.6
2015 �������������������� 15,685.2
2016 �������������������� 15,975.3
2017 �������������������� 16,688.2
2018 �������������������� 17,570.8
2019 �������������������� 18,281.0
2020 �������������������� 17,854.0
2021 �������������������� 19,909.7
2022 �������������������� 21,678.4
2023 r ������������������ ��������������
2021: I ���������������� 19,166.6
      II ��������������� 19,630.7
      III �������������� 20,077.2
      IV �������������� 20,764.3
2022: I ���������������� 21,149.8
      II ��������������� 21,637.6
      III �������������� 21,972.7
      IV �������������� 21,953.5
2023: I ���������������� 22,136.9
      II ��������������� 22,241.8
      III r ������������ 22,522.2
      IV r ������������ ��������������

9,250.2
9,699.4
9,966.1
10,424.4
10,957.4
11,447.9
11,594.7
12,545.9
13,439.2
14,254.2
12,078.0
12,390.2
12,689.9
13,025.3
13,177.4
13,295.2
13,609.2
13,675.0
13,965.2
14,154.1
14,368.7
14,528.9

Rental
income
of
persons
with
capital
conNonfarm
sumption
adjustment

Farm

68.5
55.5
36.0
41.0
32.1
32.1
44.4
72.2
81.7
54.9
48.4
93.7
85.6
61.3
73.0
86.0
84.0
84.0
71.2
58.2
49.9
40.1

1,301.5
1,292.3
1,313.2
1,387.6
1,463.2
1,522.1
1,539.4
1,676.8
1,709.1
1,794.3
1,601.9
1,690.4
1,707.2
1,707.9
1,683.4
1,688.4
1,723.4
1,741.4
1,756.2
1,765.9
1,809.6
1,845.7

Corporate profits with inventory valuation
and capital consumption adjustments
Net
interest
and
Capital
miscelconsumption laneous
Inventory adjust- payments
valuation
ment
adjustment

Taxes
on
production
and
imports

Profits with inventory valuation
adjustment and without
capital consumption adjustment
Total
Total

Profits
before
tax

598.5
2,212.8
2,356.1
2,354.3
1.8
601.4
2,173.1
2,295.5
2,237.5
57.9
618.7
2,144.3
2,245.2
2,240.0
5.2
642.0
2,225.2
2,247.5
2,295.1
–47.6
671.5
2,365.2
2,266.6
2,317.6
–51.0
684.5
2,470.3
2,376.7
2,375.0
1.7
756.1
2,383.3
2,478.2
2,494.9
–16.7
814.2
2,922.8
2,992.1
3,249.1
–257.1
878.3
3,208.7
3,426.7
3,523.0
–96.2
967.3 �������������� �������������� �������������� ��������������
791.6
2,752.8
2,798.5
3,023.7
–225.2
807.2
2,988.5
3,040.1
3,343.0
–302.9
822.4
2,959.0
3,033.1
3,313.3
–280.2
835.5
2,990.6
3,096.5
3,316.5
–220.0
837.2
3,027.1
3,198.2
3,439.0
–240.9
875.3
3,260.0
3,468.5
3,696.2
–227.7
893.1
3,299.3
3,541.4
3,558.2
–16.8
907.5
3,248.4
3,498.8
3,398.4
100.4
945.8
3,165.1
3,502.8
3,457.6
45.3
961.1
3,172.1
3,513.6
3,473.1
40.5
974.4
3,280.7
3,620.1
3,600.6
19.5
988.1 �������������� �������������� �������������� ��������������

–143.3
–122.3
–100.9
–22.3
98.6
93.6
–94.9
–69.3
–218.0
–340.9
–45.7
–51.6
–74.1
–105.9
–171.1
–208.5
–242.1
–250.4
–337.7
–341.5
–339.4
–345.0

426.4
496.3
489.2
525.2
536.4
515.2
529.3
504.6
457.4
176.6
536.6
508.2
483.8
489.7
515.7
514.6
438.3
360.7
307.8
212.4
105.7
80.6

Business
Less:
current
Subsidies transfer
payments

1,237.7
1,273.5
1,309.1
1,364.0
1,457.1
1,533.1
1,520.5
1,671.9
1,810.2
1,829.9
1,581.7
1,675.1
1,685.4
1,745.5
1,784.0
1,812.3
1,824.0
1,820.6
1,831.1
1,821.6
1,830.7
1,836.0

58.1
57.2
61.7
59.9
63.3
73.0
656.9
482.7
127.4
101.1
388.0
701.3
547.8
293.9
152.0
130.1
118.4
109.2
101.4
99.9
103.1
100.2

135.5
153.9
162.5
142.9
155.8
160.8
145.0
189.0
216.8
214.5
170.9
187.4
196.5
201.2
196.1
228.2
215.4
227.6
203.1
206.4
216.7
231.9

Current
surplus
of
government
enterprises

–8.5
–2.8
–2.2
–4.3
–4.6
–12.0
–1.8
–5.0
4.4
–9.7
–7.3
–8.9
–4.8
1.2
8.0
7.6
4.5
–2.3
–7.1
–10.0
–11.2
–10.4

1 With inventory valuation and capital consumption adjustments.

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

Real Personal Consumption Expenditures
[Billions of chained (2017) dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Goods

Period

Total
personal
consumption
expenditures

2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 r ������������������
2021: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2022: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2023: I ����������������
      II ���������������
      III ��������������
      IV r ������������

12,226.4
12,638.8
12,949.0
13,290.6
13,654.9
13,928.3
13,577.0
14,718.2
15,090.8
15,423.2
14,282.6
14,745.6
14,848.8
14,995.6
14,995.2
15,069.2
15,127.4
15,171.4
15,312.9
15,343.6
15,461.4
15,574.9

Services

Durable
Total
goods

3,717.7
3,902.5
4,044.7
4,212.2
4,378.7
4,509.9
4,729.9
5,265.9
5,281.5
5,388.5
5,171.7
5,351.8
5,234.3
5,305.6
5,289.7
5,285.3
5,275.7
5,275.2
5,341.0
5,347.3
5,411.3
5,454.5

Total
durable
goods 1

1,168.2
1,257.7
1,325.5
1,415.9
1,509.5
1,558.9
1,683.1
1,964.9
1,960.0
2,041.8
1,966.7
2,033.6
1,904.3
1,955.0
1,962.3
1,957.8
1,962.3
1,957.5
2,022.5
2,020.9
2,053.9
2,069.9

Nondurable

Motor
vehicles
and
parts
443.6
481.3
498.1
529.4
549.9
540.6
533.5
613.4
572.6
601.5
641.0
664.0
568.5
580.1
580.3
571.2
566.5
572.5
614.1
599.6
597.8
594.6

Total
nondurable
goods 1
2,552.3
2,646.3
2,719.9
2,796.3
2,869.8
2,951.8
3,049.6
3,307.5
3,327.5
3,356.3
3,212.9
3,325.9
3,335.0
3,356.3
3,333.4
3,333.4
3,319.7
3,323.7
3,327.8
3,335.4
3,367.3
3,394.5

Food and
beverages
purchased
for offpremises
consumption

Gasoline
and
other
energy
goods

Total
services 1

Household
consumption
expenditures

910.3
931.4
968.3
1,010.4
1,039.0
1,065.7
1,140.7
1,190.5
1,167.8
1,151.6
1,176.9
1,195.1
1,194.3
1,195.8
1,185.9
1,171.5
1,158.8
1,155.0
1,145.8
1,148.5
1,153.9
1,158.2

302.0
318.8
323.8
324.0
323.0
321.6
277.5
311.1
311.1
318.6
287.7
313.8
321.4
321.6
311.5
313.1
309.3
310.6
313.0
319.8
319.0
322.4

8,516.3
8,738.9
8,904.9
9,078.4
9,276.6
9,420.1
8,867.6
9,483.4
9,836.1
10,062.5
9,144.9
9,429.6
9,641.1
9,717.9
9,733.0
9,810.8
9,878.2
9,922.3
9,998.9
10,023.1
10,078.7
10,149.5

8,131.1
8,355.1
8,507.0
8,682.0
8,861.3
9,018.3
8,406.7
9,079.0
9,413.1
9,661.9
8,727.4
9,035.3
9,243.1
9,310.4
9,314.8
9,382.4
9,449.4
9,505.9
9,597.0
9,622.9
9,675.8
9,751.9

Housing
and
utilities

2,341.5
2,336.7
2,347.0
2,350.2
2,385.0
2,404.6
2,454.1
2,521.4
2,549.1
2,559.0
2,509.8
2,517.6
2,531.5
2,526.6
2,547.9
2,549.4
2,544.5
2,554.7
2,545.8
2,550.0
2,568.7
2,571.5

Health
care

2,008.2
2,114.2
2,196.3
2,245.3
2,301.8
2,381.9
2,215.6
2,405.2
2,479.3
2,614.3
2,327.2
2,398.8
2,435.5
2,459.3
2,454.9
2,455.0
2,484.4
2,523.0
2,584.0
2,600.0
2,617.5
2,655.8

Financial
services
and
insurance

1,047.9
1,073.6
1,046.5
1,073.2
1,073.4
1,048.4
1,050.4
1,049.7
1,031.4
1,045.9
1,059.1
1,048.8
1,044.7
1,045.9
1,033.2
1,026.4
1,033.2
1,032.8
1,037.3
1,048.7
1,052.2
1,045.4

Addendum:
Personal
consumption
expenditures
excluding
food and
energy 2

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

10,785.1
11,159.9
11,429.3
11,730.3
12,049.5
12,301.7
11,920.2
12,975.9
13,364.8
13,720.3
12,570.6
12,997.2
13,089.8
13,246.1
13,246.6
13,333.6
13,419.3
13,459.4
13,625.6
13,647.6
13,748.5
13,859.6

16.5
17.4
17.5
17.2
17.2
17.0
14.5
14.9
13.8
15.5
16.5
16.9
13.5
12.9
13.9
13.4
13.6
14.2
15.0
15.8
15.7
15.7

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

Note: Because of the formula used for calculating real GDP, the chained (2017) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates.
Source: Department of Commerce (Bureau of Economic Analysis).

4

Sources of Personal Income
Personal income rose $233.7 billion (annual rate) in January, following an increase of $74.9 billion in December.
Wages and salaries rose $43.4 billion in January, following an increase of $59.1 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
2016

2017

2018

2019

2020

2021

2022

2023

*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

2024

COUNCIL OF ECONOMIC ADVISERS

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

2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 r ������������������
2023: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2024: Jan p ���������

Total
personal
income

14,784.1
15,473.7
15,887.7
16,662.8
17,528.2
18,356.2
19,629.0
21,407.7
21,840.8
22,975.7
22,525.3
22,648.4
22,757.9
22,806.1
22,876.6
22,921.4
22,986.4
23,094.5
23,176.2
23,227.0
23,306.8
23,381.7
23,615.4

Total

9,250.2
9,699.4
9,966.1
10,424.4
10,957.4
11,447.9
11,594.7
12,545.9
13,439.2
14,254.2
13,885.2
13,968.7
14,041.7
14,092.7
14,151.1
14,218.6
14,296.4
14,372.7
14,437.1
14,464.6
14,527.0
14,595.3
14,653.4

Wages
and
salaries

Supplements to
wages
and
salaries

7,476.3
7,859.5
8,091.2
8,474.4
8,899.8
9,325.0
9,464.6
10,312.6
11,116.0
11,817.0
11,494.7
11,568.5
11,633.1
11,680.1
11,730.8
11,788.9
11,855.6
11,921.2
11,975.7
11,996.2
12,049.9
12,109.0
12,152.4

1,773.9
1,839.9
1,874.9
1,950.0
2,057.6
2,123.0
2,130.0
2,233.2
2,323.2
2,437.3
2,390.6
2,400.2
2,408.6
2,412.6
2,420.3
2,429.6
2,440.8
2,451.5
2,461.4
2,468.4
2,477.0
2,486.3
2,501.0

Proprietors’ income 1

Farm

68.5
55.5
36.0
41.0
32.1
32.1
44.4
72.2
81.7
54.9
78.7
71.2
63.8
61.0
58.2
55.5
52.7
49.9
47.2
43.6
40.1
36.5
37.1

Nonfarm

1,301.5
1,292.3
1,313.2
1,387.6
1,463.2
1,522.1
1,539.4
1,676.8
1,709.1
1,794.3
1,753.5
1,757.4
1,757.7
1,760.1
1,763.1
1,774.4
1,787.0
1,811.2
1,830.6
1,838.8
1,848.3
1,849.9
1,845.1

Personal income receipts on assets
Rental
income
of
persons 2

598.5
601.4
618.7
642.0
671.5
684.5
756.1
814.2
878.3
967.3
930.9
945.7
960.7
960.6
960.8
961.8
967.2
974.5
981.5
985.3
988.1
990.9
1,006.9

Total

2,177.4
2,344.6
2,415.4
2,611.0
2,789.4
2,949.9
2,913.7
3,214.7
3,432.0
3,612.9
3,559.3
3,570.9
3,600.9
3,606.8
3,610.2
3,590.7
3,594.4
3,607.3
3,617.9
3,644.9
3,670.8
3,680.3
3,759.0

Personal
interest
income
1,260.4
1,347.7
1,388.0
1,466.7
1,554.5
1,603.4
1,510.3
1,515.5
1,627.5
1,772.0
1,736.2
1,744.3
1,752.6
1,753.6
1,754.7
1,756.1
1,766.1
1,776.3
1,786.7
1,799.4
1,812.3
1,825.4
1,828.1

Personal
dividend
income
917.0
996.9
1,027.4
1,144.3
1,234.9
1,346.5
1,403.5
1,699.2
1,804.5
1,840.9
1,823.1
1,826.6
1,848.3
1,853.3
1,855.5
1,834.7
1,828.3
1,831.0
1,831.2
1,845.5
1,858.5
1,854.9
1,930.9

Personal
current
transfer
receipts 3

2,541.6
2,685.4
2,777.0
2,855.7
2,976.3
3,144.3
4,229.9
4,641.9
4,002.1
4,097.2
4,083.3
4,108.8
4,115.1
4,112.3
4,126.8
4,121.3
4,097.9
4,096.5
4,086.6
4,077.5
4,067.8
4,072.3
4,178.7

Less:
Chart
5 - Feb 2024
Contributions
for
government
social
insurance,
domestic
1,153.6
1,204.7
1,238.8
1,298.9
1,361.7
1,424.6
1,449.3
1,558.0
1,701.7
1,805.1
1,765.5
1,774.3
1,782.0
1,787.4
1,793.6
1,800.9
1,809.2
1,817.6
1,824.6
1,827.6
1,835.2
1,843.6
1,864.7

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

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

5

Disposition of Personal Income
According to revised estimates, per capita disposable personal income in chained (2017) dollars rose 1.6 percent
(annual rate) in the fourth quarter of 2023.
BILLIONS OF DOLLARS* (RATIO SCALE)
22,000
21,000
20,000
19,000
18,000
17,000

BILLIONS OF DOLLARS* (RATIO SCALE)
22,000
21,000
20,000
19,000
18,000
17,000

DISPOSABLE PERSONAL INCOME

16,000

16,000

15,000

15,000

14,000

14,000
SAVING

PERSONAL OUTLAYS

13,000

13,000

12,000

12,000

11,000

11,000

10,000

10,000
DOLLARS* (RATIO SCALE)

62,000
58,000
56,000
54,000
52,000
50,000
48,000
46,000
44,000
42,000
40,000

62,000

PER CAPITA DISPOSABLE PERSONAL INCOME

58,000
56,000
54,000
52,000
50,000
48,000
46,000
44,000
42,000
40,000

CURRENT DOLLARS

CHAINED (2017) DOLLARS

38,000

38,000

36,000
34,000

36,000
34,000
2014

2015

2016

2017

2018

2019

2020

2021

*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

Period

Personal
income

Less:
Personal
current
taxes

Equals:
Disposable
personal
income

14,784.1
15,473.7
15,887.7
16,662.8
17,528.2
18,356.2
19,629.0
21,407.7
21,840.8
22,975.7

1,785.7
1,940.9
1,958.8
2,048.8
2,074.2
2,199.3
2,256.5
2,743.3
3,138.3
2,753.8

12,998.4
13,532.9
13,928.9
14,613.9
15,454.0
16,157.0
17,372.5
18,664.4
18,702.5
20,221.9

2023

COUNCIL OF ECONOMIC ADVISERS

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
billions of
chained
(2017)
dollars

Per capita disposable
personal income
Current
dollars

Billions of dollars
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 r ������������������

2022

Chained
(2017)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(2017)
dollars

Dollars
12,286.4
12,742.3
13,182.7
13,772.3
14,457.4
14,966.1
14,694.0
16,543.9
18,079.7
19,309.7

712.0
790.6
746.2
841.6
996.7
1,190.9
2,678.6
2,120.5
622.8
912.2

13,383.7
13,908.5
14,172.0
14,613.9
15,144.0
15,608.6
16,603.0
17,123.1
16,116.9
16,797.5

40,671
42,013
42,910
44,710
47,002
48,885
52,359
56,156
56,068
60,326

Chart 6 - Feb 2024

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

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

41,876
43,179
43,659
44,710
46,059
47,225
50,039
51,519
48,317
50,111

37,154
38,177
39,207
40,662
42,380
43,622
42,816
48,269
52,498
55,391

38,255
39,237
39,891
40,662
41,530
42,141
40,919
44,283
45,240
46,011

2.6
3.1
1.1
2.4
3.0
2.5
6.0
3.0
–6.2
3.7

5.5
5.8
5.4
5.8
6.4
7.4
15.4
11.4
3.3
4.5

319,601
322,113
324,609
326,860
328,794
330,513
331,800
332,367
333,568
335,208

55,364
51,047
50,317
49,544
48,250
48,031
48,393
48,592
49,807
50,151
50,143
50,342

45,836
48,021
48,978
50,235
51,144
52,247
52,984
53,612
54,610
54,993
55,688
56,267

43,019
44,392
44,659
45,059
45,032
45,209
45,324
45,396
45,772
45,811
46,094
46,365

56.2
–27.7
–5.6
–6.0
–10.0
–1.8
3.0
1.7
10.4
2.8
–.1
1.6

19.9
10.3
8.5
6.3
3.9
3.0
3.2
3.2
4.8
5.1
4.3
3.9

332,005
332,166
332,497
332,802
332,991
333,320
333,762
334,201
334,547
334,934
335,430
335,923

Seasonally adjusted annual rates
2021: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2022: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2023: I ����������������
      II ���������������
      III r ������������
      IV r ������������

22,162.2
21,046.1
21,138.3
21,284.0
21,410.5
21,659.7
22,018.8
22,274.1
22,643.9
22,868.0
23,085.7
23,305.2

2,577.6
2,703.9
2,789.9
2,901.6
3,162.8
3,157.8
3,137.0
3,095.7
2,763.7
2,703.8
2,765.3
2,782.3

19,584.6
18,342.2
18,348.5
18,382.4
18,247.8
18,501.9
18,881.7
19,178.4
19,880.2
20,164.2
20,320.4
20,522.9

15,694.9
16,453.5
16,796.3
17,230.8
17,544.0
17,949.5
18,269.1
18,556.0
18,932.0
19,136.6
19,456.5
19,713.8

3,889.7
1,888.6
1,552.1
1,151.6
703.7
552.4
612.6
622.4
948.2
1,027.6
863.9
809.2

18,381.1
16,956.2
16,730.2
16,488.4
16,066.9
16,009.6
16,151.8
16,239.5
16,662.8
16,797.3
16,819.6
16,911.0

58,989
55,220
55,184
55,235
54,800
55,508
56,572
57,386
59,424
60,203
60,580
61,094

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 2024, gross farm income in chained (2024) dollars is forecast to be $571.2
billion and net farm income to be $116.1 billion.
BILLIONS OF CHAINED (2024) DOLLARS (RATIO SCALE)

BILLIONS OF CHAINED (2024) DOLLARS (RATIO SCALE)

700
640
600
560
520
480
440
400

700
640
600
560
520
480
440
400

GROSS FARM INCOME

360

360

320

320

280

280

240

240

200

200

160

160

120

120
NET FARM INCOME

80

80

60

60

40

40
2015

2016

2018

2017

2019

2020

2021

2022

SOURCE: DEPARTMENT OF AGRICULTURE

2023

2024

COUNCIL OF ECONOMIC ADVISERS

[Billions of chained (2024) dollars]
Chart 7 - Jan 2024

Income of farm operators from farming 1
Gross farm income
Year

Value of agricultural sector production
Total

2000 ���������������������������������������������������
2001 ���������������������������������������������������
2002 ���������������������������������������������������
2003 ���������������������������������������������������
2004 ���������������������������������������������������
2005 ���������������������������������������������������
2006 ���������������������������������������������������
2007 ���������������������������������������������������
2008 ���������������������������������������������������
2009 ���������������������������������������������������
2010 ���������������������������������������������������
2011 ���������������������������������������������������
2012 ���������������������������������������������������
2013 ���������������������������������������������������
2014 ���������������������������������������������������
2015 ���������������������������������������������������
2016 ���������������������������������������������������
2017 ���������������������������������������������������
2018 ���������������������������������������������������
2019 ���������������������������������������������������
2020 ���������������������������������������������������
2021 ���������������������������������������������������
2022 ���������������������������������������������������
2023 p �������������������������������������������������
2024 p �������������������������������������������������

Crops 2, 3

Total
415.2
419.6
381.5
419.6
465.8
457.3
431.1
491.2
517.5
474.7
496.9
574.1
602.9
637.9
626.0
566.0
524.4
531.4
518.9
514.5
537.2
582.9
650.0
607.1
571.2

375.3
382.0
360.9
392.8
445.3
419.9
407.7
474.0
500.1
457.6
479.6
559.9
588.7
623.4
613.3
552.1
507.8
517.0
502.2
487.6
483.2
553.5
633.5
594.6
560.9

163.1
159.6
162.0
176.1
197.7
175.2
176.4
218.6
246.7
232.2
234.3
272.2
285.4
308.1
267.2
236.7
240.8
234.7
227.2
214.0
226.1
274.0
283.6
266.9
242.6

Animals
and animal
products 3
170.2
178.6
154.6
170.3
196.3
193.8
177.3
200.2
197.9
168.7
195.5
223.6
226.7
238.7
277.6
249.3
210.4
221.0
216.6
210.4
195.2
220.1
270.6
248.2
239.7

Farm-related
income 4
42.0
43.8
44.3
46.4
51.3
50.9
54.0
55.2
55.5
56.7
49.9
64.1
76.6
76.7
68.5
66.2
56.7
61.3
58.4
63.2
61.9
59.4
79.3
79.6
78.6

Direct
Federal
Government
payments
39.9
37.7
20.5
26.8
20.5
37.4
23.5
17.2
17.4
17.2
17.3
14.2
14.3
14.5
12.7
13.9
16.5
14.4
16.7
27.0
54.0
29.4
16.5
12.4
10.2

Production
expenses

Net
farm
income

328.1
327.5
316.7
320.7
327.7
336.6
345.8
389.9
406.8
387.0
389.4
419.1
473.7
474.9
506.5
461.2
445.1
437.6
419.0
417.7
423.4
421.6
453.6
447.8
455.1

87.1
92.2
64.8
98.9
138.1
120.7
85.3
101.3
110.7
87.7
107.5
155.1
129.2
163.0
119.5
104.9
79.3
93.8
100.0
96.8
113.8
161.3
196.4
159.2
116.1

1 The GDP chain-type price index is used to convert the current-dollar statistics to 2024=100 equivalents.
2 Crop receipts include proceeds received from commodities placed under Commodity Credit Corporation loans.
3 The value of production equates to the sum of cash receipts, home consumption, and the value of the change in inventories.
4 Includes income from forest products sold, the gross imputed rental value of farm dwellings, machine hire and custom work, and other sources of farm income such as commodity insurance

indemnities.

Note: Data for 2023 and 2024 are forecasts.
Source: Department of Agriculture (Economic Research Service).

7

Corporate Profits
In the third quarter of 2023, according to current estimates, corporate profits before tax rose $127.5 billion (annual
rate) and profits after tax rose $114.9 billion.
BILLIONS OF DOLLARS
3,800

BILLIONS OF DOLLARS
3,800

SEASONALLY ADJUSTED ANNUAL RATES

3,600

3,600

3,400

3,400

3,200

3,200

3,000

3,000

2,800

2,800

2,600

2,600

PROFITS BEFORE TAX

2,400

2,400

2,200

2,200

2,000

2,000
PROFITS AFTER TAX

1,800

1,800

1,600

1,600

1,400

1,400

1,200

1,200

1,000

1,000

UNDISTRIBUTED PROFITS

800

800

600

600

400

400
TAXES ON
CORPORATE INCOME

200
0
2014

2015

2016

2017

200
0
2018

2019

2020

2021

2022

2023

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment 1

Profits after tax

Domestic industries
Period

Total 2

Profits
before
tax

Nonfinancial
Total

Financial

Total 3

Manufacturing

Utilities

Wholesale

Taxes
on
corporate
income

Total

Retail

2014 ��������������������
2,356.1
1,951.2
536.1
1,415.1
453.1
32.4
151.2
157.8
2,354.3
406.9
1,947.4
2015 ��������������������
2,295.5
1,900.3
512.4
1,387.9
421.5
19.9
153.9
170.4
2,237.5
396.1
1,841.4
2016 ��������������������
2,245.2
1,825.3
511.8
1,313.5
327.9
9.4
130.0
176.6
2,240.0
376.0
1,863.9
2017 ��������������������
2,247.5
1,748.6
491.6
1,257.0
299.9
13.8
127.4
151.7
2,295.1
297.2
1,998.0
2018 ��������������������
2,266.6
1,746.0
478.9
1,267.1
361.7
16.5
108.2
145.6
2,317.6
297.4
2,020.1
2019 ��������������������
2,376.7
1,843.7
575.2
1,268.5
353.2
11.9
125.9
150.3
2,375.0
297.4
2,077.6
2020 ��������������������
2,478.2
2,029.9
535.9
1,493.9
328.1
27.4
157.8
243.3
2,494.9
307.5
2,187.4
2021 ��������������������
2,992.1
2,558.4
581.5
1,977.0
464.1
33.6
171.6
276.3
3,249.1
404.6
2,844.5
2022 ��������������������
3,426.7
2,953.9
598.6
2,355.3
708.7
42.6
226.1
285.1
3,523.0
542.4
2,980.5
2023 �������������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������
2021: I ����������������
2,798.5
2,326.0
529.3
1,796.7
406.2
33.4
142.6
278.1
3,023.7
351.8
2,671.9
      II ���������������
3,040.1
2,631.6
573.2
2,058.4
462.6
29.8
168.3
314.5
3,343.0
392.2
2,950.8
      III ��������������
3,033.1
2,615.2
603.2
2,012.0
458.8
35.6
185.8
261.1
3,313.3
405.7
2,907.6
      IV ��������������
3,096.5
2,660.9
620.1
2,040.8
528.8
35.8
189.6
251.5
3,316.5
468.7
2,847.8
2022: I ����������������
3,198.2
2,775.5
615.9
2,159.6
647.7
38.4
173.7
260.9
3,439.0
529.1
2,909.9
      II ���������������
3,468.5
2,990.0
602.7
2,387.3
709.8
41.0
196.7
291.5
3,696.2
547.4
3,148.7
      III ��������������
3,541.4
3,051.1
610.8
2,440.2
719.6
49.7
268.5
286.6
3,558.2
544.7
3,013.5
      IV ��������������
3,498.8
2,998.9
564.8
2,434.1
757.6
41.2
265.5
301.6
3,398.4
548.3
2,850.1
2023: I ����������������
3,502.8
3,010.8
591.7
2,419.2
739.0
42.7
233.4
315.1
3,457.6
576.5
2,881.0
      II ���������������
3,513.6
2,999.5
537.0
2,462.5
711.4
49.7
227.8
353.3
3,473.1
570.3
2,902.9
      III ��������������
3,620.1
3,097.2
546.1
2,551.1
743.9
45.0
233.5
374.3
3,600.6
582.8
3,017.8
      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 - Dec 2023

Inventory
Undistrib- valuation
adjustment
uted
profits

1,059.9
887.5
1.8
1,128.7
712.7
57.9
1,139.4
724.5
5.2
1,253.9
744.1
–47.6
1,319.9
700.2
–51.0
1,416.8
660.8
1.7
1,496.7
690.7
–16.7
1,814.7
1,029.8
–257.1
1,887.3
1,093.3
–96.2
r 1,849.0 ��������������� �����������������
1,658.8
1,013.0
–225.2
1,789.6
1,161.2
–302.9
1,878.6
1,029.0
–280.2
1,931.9
915.9
–220.0
1,932.9
977.0
–240.9
1,920.7
1,228.1
–227.7
1,855.6
1,157.9
–16.8
1,839.8
1,010.2
100.4
1,840.2
1,040.8
45.3
1,855.8
1,047.1
40.5
1,837.6
1,180.2
19.5
r 1,862.5 ��������������� �����������������

Real Gross Private Domestic Investment
In the fourth quarter of 2023, according to revised estimates, nonresidential fixed investment in chained (2017)
dollars rose $19.2 billion (annual rate) and residential fixed investment rose $5.3 billion. Inventories rose $66.3
billion, following an increase of $77.8 billion in the second quarter.
BILLIONS OF CHAINED (2017) DOLLARS
4,400
4,200

BILLIONS OF CHAINED (2017) DOLLARS
4,400
4,200

SEASONALLY ADJUSTED ANNUAL RATES

4,000

4,000
GROSS PRIVATE DOMESTIC
INVESTMENT

3,800

3,800

3,600

3,600

3,400

3,400

3,200

3,200

3,000

3,000

2,800

2,800

2,600

2,600

NONRESIDENTIAL
FIXED INVESTMENT

2,400

2,400

2,200

2,200

2,000

2,000

1,800

1,800

1,600

1,600

1,400

1,400

1,200

1,200

RESIDENTIAL
FIXED INVESTMENT

1,000

1,000

800

800

600

600
CHANGE IN PRIVATE
INVENTORIES

400
200

400
200

0

0

–200
–400

–200
–400
2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Billions of chained (2017) dollars; quarterly data at seasonally adjusted annual rates]
Chart 9 - Feb 2024

Fixed investment
Period

2014 ���������������������������������������������������
2015 ���������������������������������������������������
2016 ���������������������������������������������������
2017 ���������������������������������������������������
2018 ���������������������������������������������������
2019 ���������������������������������������������������
2020 ���������������������������������������������������
2021 ���������������������������������������������������
2022 ���������������������������������������������������
2023 r �������������������������������������������������
2021: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2022: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2023: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV r �������������������������������������������

Gross
private
domestic
investment

3,129.0
3,323.4
3,320.2
3,467.7
3,668.1
3,780.3
3,602.5
3,914.4
4,102.8
4,052.2
3,820.4
3,767.3
3,910.8
4,159.1
4,222.4
4,105.5
4,024.8
4,058.5
3,963.7
4,014.1
4,111.1
4,119.8

Change in private inventories

Nonresidential
Total

3,052.6
3,193.6
3,286.9
3,435.0
3,611.7
3,708.5
3,630.1
3,887.3
3,939.3
3,962.2
3,849.1
3,904.3
3,888.8
3,907.1
3,976.0
3,974.0
3,930.9
3,876.5
3,905.9
3,955.9
3,981.3
4,005.8

Total
2,421.1
2,498.9
2,544.8
2,661.1
2,844.3
2,950.1
2,810.6
2,975.5
3,131.6
3,268.9
2,923.9
2,992.4
2,982.8
3,002.7
3,080.0
3,120.0
3,156.3
3,170.0
3,214.5
3,272.7
3,284.5
3,303.7

Structures
597.2
598.2
579.7
594.9
629.2
644.8
583.4
564.8
552.9
624.8
569.5
570.9
565.0
553.8
552.1
551.4
549.7
558.4
596.6
619.3
635.9
647.6

Equipment
1,086.0
1,127.2
1,117.5
1,160.0
1,228.6
1,241.7
1,116.3
1,187.4
1,249.2
1,245.4
1,176.2
1,205.9
1,181.0
1,186.5
1,233.5
1,248.5
1,265.5
1,249.5
1,236.4
1,259.6
1,245.5
1,240.1

Intellectual
property
products
739.1
774.0
847.6
906.2
986.5
1,063.5
1,111.0
1,226.6
1,338.7
1,397.8
1,180.5
1,218.9
1,239.9
1,267.1
1,301.8
1,329.1
1,351.9
1,372.1
1,384.9
1,394.0
1,400.4
1,411.8

Residential

626.8
693.2
742.2
773.9
768.5
761.3
816.2
903.8
822.6
735.3
915.0
904.7
898.4
897.3
893.1
859.9
796.3
741.2
731.1
727.1
738.9
744.2

Total

Nonfarm

85.1
133.6
33.4
32.7
54.3
71.3
–29.9
12.5
128.1
46.5
–25.8
–138.4
7.3
207.1
197.0
92.7
70.7
151.9
27.2
14.9
77.8
66.3

89.0
133.7
38.6
38.4
61.6
86.3
–18.5
14.5
142.2
48.0
–33.9
–136.1
9.7
218.2
215.1
113.4
85.5
154.8
28.8
14.8
78.5
69.9

Note: See p. 10 for further detail on fixed investment by type.
Because of the formula used for calculating real GDP, the chained (2017) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates.
Source: Department of Commerce (Bureau of Economic Analysis).

9

Real Private Fixed Investment by Type
[Billions of chained (2017) dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential

Residential

Equipment
Total
fixed
investment

Period

2014 ���������������
2015 ���������������
2016 ���������������
2017 ���������������
2018 ���������������
2019 ���������������
2020 ���������������
2021 ���������������
2022 ���������������
2023 r �������������
2021: I �����������
      II ����������
      III ���������
      IV ���������
2022: I �����������
      II ����������
      III ���������
      IV ���������
2023: I �����������
      II ����������
      III ���������
      IV r �������

Total
nonresidential

3,052.6
3,193.6
3,286.9
3,435.0
3,611.7
3,708.5
3,630.1
3,887.3
3,939.3
3,962.2
3,849.1
3,904.3
3,888.8
3,907.1
3,976.0
3,974.0
3,930.9
3,876.5
3,905.9
3,955.9
3,981.3
4,005.8

Intellectual property products

Information processing equipment
Structures

2,421.1
2,498.9
2,544.8
2,661.1
2,844.3
2,950.1
2,810.6
2,975.5
3,131.6
3,268.9
2,923.9
2,992.4
2,982.8
3,002.7
3,080.0
3,120.0
3,156.3
3,170.0
3,214.5
3,272.7
3,284.5
3,303.7

597.2
598.2
579.7
594.9
629.2
644.8
583.4
564.8
552.9
624.8
569.5
570.9
565.0
553.8
552.1
551.4
549.7
558.4
596.6
619.3
635.9
647.6

Total 2

1,086.0
1,127.2
1,117.5
1,160.0
1,228.6
1,241.7
1,116.3
1,187.4
1,249.2
1,245.4
1,176.2
1,205.9
1,181.0
1,186.5
1,233.5
1,248.5
1,265.5
1,249.5
1,236.4
1,259.6
1,245.5
1,240.1

Computers
and
peripheral
equipment 1

Total
312.9
336.7
356.1
386.0
416.8
429.2
432.2
473.8
509.9
482.2
468.6
468.7
463.0
494.8
520.2
511.1
517.4
490.7
489.6
482.0
473.3
484.1

100.4
100.4
99.7
105.8
119.6
121.3
132.1
147.2
156.5
141.7
468.6
468.7
463.0
494.8
520.2
511.1
517.4
490.7
489.6
482.0
473.3
484.1

Industrial Transporequiptation
ment
equipment

Other
213.7
236.7
256.5
280.2
297.1
307.8
299.5
325.8
352.7
340.7
318.2
324.1
320.1
341.0
355.1
355.5
355.8
344.6
347.1
337.5
336.8
341.4

223.5
225.7
224.9
237.3
248.7
253.2
230.8
245.9
254.8
251.8
235.2
245.4
249.5
253.5
259.0
255.3
251.4
253.6
256.0
252.7
249.2
249.1

287.4
318.7
302.6
299.9
318.3
304.6
220.0
225.7
228.2
263.8
229.8
253.1
226.3
193.8
196.0
222.5
242.1
252.1
243.8
276.7
275.5
259.1

Total 2

Research
Software and development 3

739.1
774.0
847.6
906.2
986.5
1,063.5
1,111.0
1,226.6
1,338.7
1,397.8
1,180.5
1,218.9
1,239.9
1,267.1
1,301.8
1,329.1
1,351.9
1,372.1
1,384.9
1,394.0
1,400.4
1,411.8

286.1
304.6
340.5
382.9
433.9
466.5
509.8
581.9
660.2
721.2
558.2
577.8
589.3
602.3
634.0
648.4
668.1
690.4
702.2
712.1
724.9
745.7

377.0
390.3
424.5
437.5
464.3
507.4
517.6
565.5
597.7
602.2
545.2
563.5
571.0
582.2
588.5
598.3
601.0
602.8
604.9
605.1
601.7
597.2

Structures
Total
residential 2

626.8
693.2
742.2
773.9
768.5
761.3
816.2
903.8
822.6
735.3
915.0
904.7
898.4
897.3
893.1
859.9
796.3
741.2
731.1
727.1
738.9
744.2

Total 2

Single
family

616.2
681.1
728.6
758.9
753.4
746.1
800.4
886.6
805.9
718.1
897.5
886.9
881.6
880.5
876.3
843.0
779.5
724.8
714.2
710.0
721.5
726.7

216.1
240.8
253.2
270.2
277.7
260.1
276.1
338.3
310.6
259.3
333.9
339.5
342.4
337.3
345.5
337.5
296.8
262.7
248.7
249.5
265.0
273.9

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

Note: Because of the formula used for calculating real GDP, the chained (2017) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates.
Source: Department of Commerce (Bureau of Economic Analysis).

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

Total
capital
expenditures

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

ConManu- WholeUtilities struction
sale
facturing trade

Retail
trade

TransportaFinance
tion
Informaand
and
tion
insurwareance
housing

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

Health
care
and
social
assistance

Other 1

For
companies
without
employees

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

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

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

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

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

85.4
98.7
103.0
94.5
98.0
125.0
111.3
118.9
130.5
133.5
133.9
151.0
172.9

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

197.3
213.1
155.2
160.8
192.4
203.1
221.3
231.1
245.1
243.6
247.0
258.1
272.7

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

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

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

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

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

117.5
106.9
72.9
81.3
91.1
115.7
114.2
121.9
151.9
150.7
161.4
173.9
180.2

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

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

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

2020 ��������
2021 p �������

1,707.8
1,681.7

1,598.8
1,681.7

3.2
3.1

97.7
91.1

182.2
177.8

52.1
44.9

256.7
282.2

36.0
40.4

105.2
120.3

97.8
93.7

169.8
194.5

174.9
174.3

136.0
158.3

40.3
46.6

104.8
113.9

142.0
109.0
140.7 ��������������

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

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

10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
In February, unemployment as measured by the household survey rose 334,000 to 6.5 million.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

176

176

SEASONALLY ADJUSTED

172
168

172
168

CIVILIAN LABOR FORCE

164

164

160

160

156

156

152

152

148

148

144

144

CIVILIAN
EMPLOYMENT

140

140

136

136

132

132

128

128

28
24

28
24

20

20

UNEMPLOYMENT

16

16

12

12

8

8

4
0

4
0
2016

2017

2018

2019

2020

2021

2022

2023

*16 YEARS OF AGE AND OVER

SOURCE: DEPARTMENT OF LABOR

2024

COUNCIL OF ECONOMIC ADVISERS

[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]

Period

2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 ��������������������
2023: Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2024: Jan �����������
      Feb �����������

Civilian
noninsti- Civilian labor
tutional
force
population
(NSA)
247,947
250,801
253,538
255,079
257,791
259,175
260,329
261,445
263,973
266,942
266,112
266,272
266,443
266,618
266,801
267,002
267,213
267,428
267,642
267,822
267,991
267,540
267,711

155,922
157,130
159,187
160,320
162,075
163,539
160,742
161,204
164,287
167,116
166,263
166,690
166,678
166,823
167,000
167,113
167,840
167,897
167,723
168,127
167,451
167,276
167,426

Civilian employment

Total

146,305
148,834
151,436
153,337
155,761
157,538
147,795
152,581
158,291
161,037
160,301
160,824
160,962
160,707
161,004
161,209
161,500
161,550
161,280
161,866
161,183
161,152
160,968

Men
20 years
and
over
75,471
76,776
78,084
78,919
80,211
80,917
76,227
78,216
81,409
82,698
82,340
82,688
82,596
82,520
82,836
82,896
82,800
82,853
82,526
83,084
82,958
82,304
82,178

Women
20 years
and
over
66,287
67,323
68,387
69,344
70,424
71,470
66,873
69,099
71,283
72,692
72,257
72,368
72,597
72,527
72,605
72,837
73,107
73,119
73,066
73,049
72,587
73,144
73,182

Percent 1

Chart 11 - Feb 2024

Unemployment
Both
sexes
16–19
years
4,548
4,734
4,965
5,074
5,126
5,150
4,695
5,266
5,600
5,647
5,704
5,767
5,770
5,660
5,563
5,476
5,593
5,578
5,688
5,733
5,638
5,704
5,608

Total

9,617
8,296
7,751
6,982
6,314
6,001
12,947
8,623
5,996
6,080
5,962
5,866
5,715
6,117
5,997
5,904
6,340
6,347
6,443
6,262
6,268
6,124
6,458

Men
20 years
and
over
4,585
3,959
3,675
3,287
2,976
2,819
6,118
4,302
2,867
2,985
2,805
2,877
2,797
2,962
2,941
2,874
3,151
3,271
3,161
3,172
3,050
3,060
3,002

Women
20 years
and
over

Both
sexes
16–19
years

3,926
3,371
3,151
2,868
2,578
2,435
5,804
3,625
2,453
2,382
2,446
2,355
2,324
2,503
2,358
2,330
2,407
2,333
2,421
2,350
2,460
2,385
2,653

1,106
966
925
827
759
746
1,025
696
675
713
711
635
595
652
698
699
781
743
861
739
758
679
803

Not
in
labor
force
92,025
93,671
94,351
94,759
95,716
95,636
99,587
100,241
99,686
99,826
99,849
99,582
99,766
99,795
99,801
99,889
99,374
99,531
99,919
99,695
100,540
100,265
100,285

Labor
Employ- Unemployforce
ment/
participa- population
ment
tion
rate
ratio
rate
62.9
62.7
62.8
62.9
62.9
63.1
61.7
61.7
62.2
62.6
62.5
62.6
62.6
62.6
62.6
62.6
62.8
62.8
62.7
62.8
62.5
62.5
62.5

59.0
59.3
59.7
60.1
60.4
60.8
56.8
58.4
60.0
60.3
60.2
60.4
60.4
60.3
60.3
60.4
60.4
60.4
60.3
60.4
60.1
60.2
60.1

6.2
5.3
4.9
4.4
3.9
3.7
8.1
5.3
3.6
3.6
3.6
3.5
3.4
3.7
3.6
3.5
3.8
3.8
3.8
3.7
3.7
3.7
3.9

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 rose to 3.9 percent.
PERCENT (SEASONALLY ADJUSTED)

PERCENT (SEASONALLY ADJUSTED)

35

35

30

30

25

25

20

20

15

15
BLACK OR
AFRICAN
AMERICAN1

10

TEENAGERS
(16-19)

10
MEN 20 YEARS
AND OVER

HISPANIC1,2
5

5

WHITE1
ALL CIVILIAN
WORKERS

WOMEN 20 YEARS
AND OVER

ASIAN1

0

0
2020

2021

2022

2023

2024

2020

2021

2022

2023

2024

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)

Period

2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 ��������������������
2023: Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2024: Jan �����������
      Feb �����������

All
civilian
workers

6.2
5.3
4.9
4.4
3.9
3.7
8.1
5.3
3.6
3.6
3.6
3.5
3.4
3.7
3.6
3.5
3.8
3.8
3.8
3.7
3.7
3.7
3.9

Men
20 years
and
over

Women
20 years
and
over

5.7
4.9
4.5
4.0
3.6
3.4
7.4
5.2
3.4
3.5
3.3
3.4
3.3
3.5
3.4
3.4
3.7
3.8
3.7
3.7
3.5
3.6
3.5

5.6
4.8
4.4
4.0
3.5
3.3
8.0
5.0
3.3
3.2
3.3
3.2
3.1
3.3
3.1
3.1
3.2
3.1
3.2
3.1
3.3
3.2
3.5

Both
sexes
16–19
years
19.6
16.9
15.7
14.0
12.9
12.7
17.9
11.7
10.8
11.2
11.1
9.9
9.3
10.3
11.2
11.3
12.3
11.8
13.1
11.4
11.9
10.6
12.5

Black
or
African
American

White

5.3
4.6
4.3
3.8
3.5
3.3
7.3
4.7
3.2
3.3
3.2
3.2
3.1
3.3
3.1
3.1
3.4
3.4
3.5
3.3
3.5
3.4
3.4

11.3
9.6
8.4
7.5
6.5
6.1
11.4
8.6
6.1
5.5
5.7
5.1
4.8
5.7
6.0
5.7
5.3
5.7
5.8
5.8
5.2
5.3
5.6

By selected groups
Hispanic
or
Latino
ethnicity

Asian

5.0
3.8
3.6
3.4
3.0
2.7
8.7
5.0
2.8
3.0
3.4
2.8
2.8
3.0
3.1
2.3
3.2
2.9
3.1
3.5
3.1
2.9
3.4

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

Chart 12 - Feb 2024

By race or ethnicity 1

By sex and age

7.4
6.6
5.8
5.1
4.7
4.3
10.4
6.8
4.3
4.6
5.4
4.6
4.4
4.1
4.2
4.4
4.9
4.6
4.8
4.6
5.0
5.0
5.0

Married
men,
spouse
present
3.4
2.8
2.7
2.4
2.0
1.8
4.9
3.2
1.9
1.9
1.9
1.9
1.8
2.0
1.8
1.7
2.0
2.1
2.0
2.0
2.1
2.1
1.9

Women
who
maintain
families
(NSA)
8.6
7.4
6.8
6.2
5.4
5.0
9.6
7.1
4.8
4.6
5.0
4.6
4.8
4.6
4.8
4.5
4.9
4.0
4.6
4.8
4.7
5.4
5.5

Full-time
workers

6.4
5.4
4.9
4.3
3.8
3.6
7.7
5.4
3.6
3.6
3.5
3.4
3.4
3.6
3.5
3.4
3.7
3.6
3.7
3.7
3.8
3.6
3.9

Part-time
workers

5.4
4.9
4.8
4.6
4.4
4.1
10.0
5.1
4.1
4.0
4.0
3.9
3.6
4.0
4.0
4.1
4.4
4.3
4.6
3.9
3.8
4.2
3.9

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
rose, while the percentages for 5 to 14 weeks and for 27 weeks and over fell. The mean duration of unemployment
rose to 20.9 weeks and the median duration fell to 9.3 weeks.
PERCENT DISTRIBUTION*

PERCENT DISTRIBUTION*

100

100

DURATION OF UNEMPLOYMENT

80

80

60

60

REASON FOR UNEMPLOYMENT

JOB LOSERS

27 WEEKS
AND OVER

LESS THAN
5 WEEKS
40

40

REENTRANTS

5-14
WEEKS

20

20
JOB LEAVERS

15-26
WEEKS

NEW ENTRANTS

0

0
2020

2021

2022

2023

2024

2020

2021

2022

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR

2023

2024

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted by NSA]
Chart 13 - Feb 2024

Duration of unemployment
Period

Unemployment
(thousands)

Percent distribution
Less
than
5 weeks

5–14
weeks

15–26
weeks

Reason for unemployment: percent distribution
Number of weeks

27 weeks
and over

Average
(mean) 1

Median

Job
losers

Job
leavers

Reentrants

New
entrants

State programs
Insured
unemployment
(NSA)

Initial
claims
(NSA)

Insured
unemployment,
all
programs
(NSA) 2

Weekly average, thousands
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 ��������������������
2023: Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2024: Jan �����������
      Feb �����������

9,617
8,296
7,751
6,982
6,314
6,001
12,947
8,623
5,996
6,080
5,962
5,866
5,715
6,117
5,997
5,904
6,340
6,347
6,443
6,262
6,268
6,124
6,458

25.7
28.9
30.5
32.5
34.4
34.8
28.6
24.8
37.0
34.7
38.3
38.7
33.2
34.7
34.8
34.0
34.6
32.2
35.0
33.0
34.6
34.9
36.1

25.3
27.7
28.7
28.8
29.7
29.8
36.5
23.0
28.5
30.7
30.7
30.0
34.1
31.1
31.2
29.5
29.7
32.0
28.4
32.8
28.3
30.1
30.0

15.6
15.3
14.9
14.6
14.5
14.3
19.4
13.5
12.6
15.2
13.6
13.5
13.3
15.2
15.2
16.2
15.1
15.4
16.7
14.8
17.4
14.1
15.1

33.5
28.1
25.9
24.2
21.4
21.1
15.4
38.7
21.9
19.4
17.5
17.8
19.4
18.9
18.8
20.4
20.6
20.4
19.9
19.4
19.7
20.8
18.7

33.7
29.2
27.5
25.0
22.7
21.6
16.5
28.7
22.6
20.6
19.3
19.5
20.8
21.2
20.7
20.6
20.4
21.4
21.6
19.5
22.3
20.8
20.9

14.0
11.6
10.6
10.0
9.3
9.1
9.7
16.5
8.7
8.9
8.9
8.4
8.7
8.9
8.8
8.9
8.8
9.1
8.6
9.0
9.7
9.6
9.3

50.7
49.0
48.2
49.2
47.4
46.4
75.5
59.1
46.1
47.2
46.0
48.8
46.5
48.8
47.1
45.4
47.0
45.7
48.8
49.1
49.0
48.8
49.6

8.6
9.9
11.1
11.1
12.6
13.6
5.3
9.3
14.3
13.5
14.8
14.2
13.6
12.4
13.4
14.3
12.8
12.7
12.5
13.2
13.4
12.8
11.0

29.4
30.6
30.1
29.8
30.5
30.2
15.2
25.6
31.5
30.1
30.6
28.5
30.9
30.1
30.0
31.3
30.8
32.3
29.2
28.4
27.9
29.5
30.0

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
19,081
6.0
3,191
548
12,035
8.0
1,503
221
1,656
9.1
1,760
231
1,800
8.7
1,943
225
2,015
8.6
1,993
247
2,058
9.0
1,903
238
1,942
8.6
1,797
251
1,836
9.4
1,734
278
1,778
9.0
2,122
265
2,156
9.4
1,902
235
1,932
9.3
1,637
188
1,663
9.4
1,859
222
1,886
9.3
1,710
256
1,735
9.8
2,037
290
2,065
8.9 ��������������� ��������������� �����������������
9.4 ��������������� ��������������� �����������������

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 275,000 in February.
MILLIONS OF PERSONS*
160
ALL NONAGRICULTURAL
ESTABLISHMENTS
155

MILLIONS OF PERSONS*
114
112
110
108
106
104
102
100
98
96
94
92
90
88

150
145
140
PRIVATE
INDUSTRIES

135

28
26
24
22
20
18
16
14
12
10

130
125
120
115

105
24
22
20

GOVERNMENT

2020

2021

EDUCATION AND
HEALTH SERVICES

PROFESSIONAL AND
BUSINESS SERVICES

RETAIL TRADE

24
22
20
18
16
14
12
10

110

2022

2023

GOODS-PRODUCING
MANUFACTURING

2020

2024

PRIVATE
SERVICE-PROVIDING
INDUSTRIES

2021

2022

*SEASONALLY ADJUSTED

2023

2024

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[Thousands of wage and salary workers; 1 monthly data seasonally adjusted]
Chart 14 - Feb 2024

Private industries

Period

2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 r ������������������
2023: Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec r ���������
2024: Jan r ���������
      Feb p ���������

Total
nonagricultural
employment

138,939
141,824
144,335
146,607
148,908
150,904
142,186
146,285
152,520
156,051
155,060
155,206
155,484
155,787
156,027
156,211
156,421
156,667
156,832
157,014
157,304
157,533
157,808

Goods-producing industries
Total
private

117,058
119,795
122,111
124,257
126,454
128,291
120,200
124,311
130,329
133,269
132,509
132,600
132,831
133,085
133,270
133,418
133,568
133,764
133,862
134,014
134,228
134,405
134,628

Total 2

Construc- Manufaction
turing

19,226
19,610
19,749
20,084
20,704
21,037
20,023
20,350
21,179
21,598
21,520
21,508
21,541
21,555
21,597
21,604
21,637
21,664
21,654
21,690
21,723
21,747
21,766

6,151
6,461
6,728
6,969
7,288
7,493
7,257
7,436
7,763
8,018
7,947
7,941
7,961
7,977
8,010
8,021
8,052
8,065
8,087
8,102
8,120
8,139
8,162

12,185
12,336
12,354
12,439
12,688
12,817
12,167
12,354
12,812
12,940
12,940
12,932
12,941
12,936
12,945
12,939
12,941
12,954
12,923
12,948
12,960
12,968
12,964

Private service-providing industries
Trade, transportation,
and utilities
Total
Total 3
97,831
100,185
102,362
104,173
105,750
107,254
100,177
103,961
109,150
111,671
110,989
111,092
111,290
111,530
111,673
111,814
111,931
112,100
112,208
112,324
112,505
112,658
112,862

26,253
26,754
27,124
27,336
27,549
27,662
26,624
27,653
28,632
28,847
28,851
28,819
28,834
28,875
28,860
28,869
28,840
28,882
28,888
28,843
28,867
28,852
28,892

Retail
trade
15,313
15,559
15,777
15,789
15,728
15,560
14,809
15,253
15,489
15,590
15,607
15,580
15,586
15,599
15,594
15,599
15,594
15,612
15,613
15,570
15,603
15,618
15,637

Information

Financial
activities

2,726
2,750
2,794
2,814
2,839
2,864
2,721
2,856
3,063
3,027
3,049
3,054
3,053
3,050
3,043
3,015
2,997
3,008
2,982
2,999
3,012
3,018
3,020

7,977
8,123
8,287
8,451
8,590
8,754
8,704
8,806
9,062
9,197
9,146
9,150
9,179
9,192
9,201
9,219
9,223
9,223
9,223
9,227
9,233
9,232
9,233

Profes- Education Leisure
sional
and
and
and
health
hospitalbusiness services
ity
services
19,174
19,747
20,168
20,563
21,008
21,334
20,376
21,386
22,537
22,840
22,779
22,797
22,827
22,876
22,883
22,866
22,865
22,864
22,859
22,869
22,882
22,922
22,931

21,439
22,029
22,639
23,188
23,638
24,163
23,275
23,652
24,336
25,342
24,968
25,030
25,109
25,200
25,277
25,386
25,479
25,560
25,637
25,747
25,831
25,938
26,023

14,696
15,160
15,660
16,051
16,295
16,586
13,148
14,151
15,827
16,593
16,412
16,447
16,489
16,528
16,588
16,629
16,681
16,708
16,765
16,775
16,816
16,824
16,882

Other
services

5,567
5,622
5,691
5,770
5,831
5,891
5,329
5,457
5,694
5,826
5,784
5,795
5,799
5,809
5,821
5,830
5,846
5,855
5,854
5,864
5,864
5,872
5,881

Government

21,882
22,029
22,224
22,350
22,455
22,613
21,986
21,973
22,191
22,782
22,551
22,606
22,653
22,702
22,757
22,793
22,853
22,903
22,970
23,000
23,076
23,128
23,180

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

Note: Data classified by industry based on the 2022 North American Industry Classification System (NAICS). For details see Employment and Earnings.
Source: Department of Labor (Bureau of Labor Statistics).

14

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

Total
private
nonagricultural 1

Period

2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 r ������������������
2023: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2024: Jan r ���������
      Feb p ���������

Average gross hourly earnings
Total private
nonagricultural 1

Manufacturing

Total

33.7
33.7
33.6
33.7
33.8
33.6
33.9
34.2
34.0
33.9
34.0
33.9
33.9
33.8
33.8
33.8
33.8
33.8
33.8
33.8
33.7
33.8
33.5
33.8

Overtime

42.0
41.8
41.9
41.9
42.2
41.6
40.7
41.4
41.0
40.7
40.9
40.7
40.6
40.7
40.8
40.8
40.7
40.8
40.7
40.7
40.5
40.3
40.2
40.5

4.5
4.3
4.3
4.3
4.6
4.3
3.7
4.1
4.0
3.6
3.9
3.7
3.6
3.6
3.6
3.6
3.7
3.6
3.6
3.5
3.4
3.5
3.5
3.6

Current
dollars

Manufacturing

1982-84
dollars 2

$20.60
$8.85
21.03
9.07
21.53
9.20
22.05
9.22
22.71
9.26
23.51
9.43
24.68
9.78
25.90
9.75
27.56
9.57
28.94
9.68
28.31
9.60
28.42
9.61
28.58
9.65
28.68
9.65
28.79
9.68
28.90
9.69
29.03
9.72
29.09
9.68
29.18
9.67
29.29
9.70
29.42
9.74
29.51
9.74
29.64
9.76
29.71 �����������������

Average gross weekly earnings
Total private
nonagricultural 1
Current
dollars

$19.56
19.90
20.44
20.90
21.54
22.15
22.80
23.81
25.07
26.38
25.85
25.83
25.95
26.03
26.14
26.36
26.47
26.48
26.62
26.65
26.89
27.13
27.18
27.31

Percent change from
a year earlier,
total private
nonagricultural

Current dollars

1982-84
dollars 2

Manufacturing

$694.74
$298.47
708.73
305.74
723.20
308.96
742.42
310.57
767.01
312.88
790.64
317.24
837.39
331.97
886.54
333.90
937.44
325.52
979.95
327.75
962.54
326.40
963.44
325.62
968.86
327.28
969.38
326.01
973.10
327.05
976.82
327.56
981.21
328.46
983.24
327.11
986.28
326.95
990.00
327.99
991.45
328.07
997.44
329.26
992.94
327.12
1,004.20 �����������������

Construction

$822.00
832.18
855.77
876.10
908.01
921.68
928.94
986.27
1,028.10
1,073.49
1,057.27
1,051.28
1,053.57
1,059.42
1,066.51
1,075.49
1,077.33
1,080.38
1,083.43
1,084.66
1,089.05
1,093.34
1,092.64
1,106.06

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

$977.11
998.02
1,031.88
1,061.98
1,108.59
1,135.73
1,145.52
1,203.43
1,278.22
1,367.03
1,340.94
1,335.69
1,336.90
1,339.05
1,338.81
1,349.96
1,353.67
1,372.70
1,368.18
1,379.87
1,405.39
1,392.20
1,371.23
1,394.32

Current
dollars

$431.05
444.45
446.47
462.08
482.25
502.16
541.29
570.57
598.03
623.35
617.02
621.29
617.51
619.03
619.33
622.90
623.50
626.24
629.22
625.09
625.70
625.74
624.58
630.85

1982-84
dollars 2

2.5
1.0
2.0
2.4
2.0
1.1
2.7
.5
3.3
.7
3.1
1.4
5.9
4.6
5.9
.6
5.7
–2.5
4.5
.7
5.6
–.6
4.5
–1.1
4.5
.0
4.2
–.4
4.2
.5
4.1
1.5
4.3
1.5
4.2
.7
4.1
.5
4.0
.9
4.0
1.0
4.5
1.2
3.2
.2
4.2 �������������������

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
2014:
2015:
2016:
2017:
2018:
2019:
2020:
2021:
2022:
2023:

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

122.2
124.5
127.2
130.5
134.4
138.0
141.6
147.8
155.3
161.6

121.6
124.2
127.1
130.6
134.7
138.7
142.6
149.7
157.4
164.1

123.5
125.1
127.3
130.2
133.6
136.2
139.1
143.2
150.1
155.5

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

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

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

Seasonally adjusted
2021: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2022: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2023: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������

143.2
144.2
146.3
148.0
150.1
152.1
153.8
155.5
157.3
158.9
160.5
161.9

144.5
145.7
148.0
149.9
151.8
154.0
155.8
157.6
159.5
161.1
162.8
164.3

140.1
140.6
142.1
143.6
146.0
147.9
149.2
150.6
152.3
153.7
155.0
156.0

2.3
1.9
2.2
2.6
3.0
2.7
2.6
4.4
5.1
4.1

2.2
2.1
2.3
2.8
3.1
3.0
2.8
5.0
5.1
4.3

2.5
1.3
1.8
2.3
2.6
1.9
2.1
2.9
4.8
3.6

Not seasonally adjusted
1.0
.7
1.5
1.2
1.4
1.3
1.1
1.1
1.2
1.0
1.0
.9

1.2
.8
1.6
1.3
1.3
1.4
1.2
1.2
1.2
1.0
1.1
.9

0.5
.4
1.1
1.1
1.7
1.3
.9
.9
1.1
.9
.8
.6

2.8
3.1
4.1
4.4
4.8
5.5
5.2
5.1
4.8
4.5
4.3
4.1

3.0
3.5
4.6
5.0
5.0
5.7
5.2
5.1
5.1
4.6
4.5
4.3

2.5
2.0
2.6
2.9
4.1
5.3
5.0
4.8
4.3
3.9
3.9
3.6

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

Value-added
price deflator 5

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

95.8
97.4
97.9
100.0
101.9
103.7
106.7
110.0
116.4
119.8
106.6
107.7
104.4
107.9
107.3
109.0
111.2
112.1
114.5
115.9
117.8
117.2
119.2
119.9
119.9
120.1

95.7
97.4
98.0
100.0
102.0
103.7
106.6
110.0
116.2
119.7
106.6
107.6
104.4
107.9
107.4
109.1
111.2
112.1
114.4
115.7
117.7
117.1
119.1
119.9
119.9
120.0

97.3
97.7
98.4
100.0
102.1
103.5
103.8
109.1
117.6
121.4
104.0
102.7
103.9
104.6
106.3
108.2
109.9
112.0
114.6
117.5
118.7
119.7
120.7
121.0
121.9
122.1

97.0
97.6
98.5
100.0
102.1
103.6
104.0
109.0
117.2
121.2
104.0
103.0
104.1
104.7
106.3
107.9
109.6
111.9
114.3
117.0
118.2
119.2
120.3
120.8
121.6
122.0

1.7
1.7
.6
2.1
1.9
1.8
2.8
3.1
5.8
2.9
11.6
4.2
–11.6
13.9
–2.1
6.5
8.2
3.4
8.5
4.9
7.0
–2.0
6.8
2.3
.2
.4

1.7
1.8
.6
2.1
2.0
1.7
2.8
3.1
5.7
3.0
11.8
3.9
–11.5
14.1
–1.9
6.5
8.1
3.4
8.3
4.7
7.1
–2.0
7.1
2.5
.1
.4

1.5
.4
.7
1.6
2.1
1.4
.3
5.1
7.8
3.2
.6
–4.7
4.7
2.7
6.6
7.3
6.6
8.0
9.6
10.5
4.0
3.5
3.3
1.1
2.8
.9

1.6
.7
.9
1.6
2.1
1.4
.4
4.8
7.5
3.4
.5
–4.1
4.4
2.3
6.5
6.3
6.4
8.4
9.0
9.9
3.9
3.5
3.9
1.4
3.0
1.2

Indexes, 2017=100; quarterly data seasonally adjusted
2014 r ��������������
2015 r ��������������
2016 r ��������������
2017 ����������������
2018 r ��������������
2019 r ��������������
2020 r ��������������
2021 r ��������������
2022 r ��������������
2023 r ��������������
2020: I r ����������
      II r ���������
      III r ��������
      IV r ��������
2021: I r ����������
      II r ���������
      III r ��������
      IV r ��������
2022: I r ����������
      II r ���������
      III r ��������
      IV r ��������
2023: I r ����������
      II r ���������
      III r ��������
      IV r * ������

96.8
97.9
98.7
100.0
101.5
103.9
109.7
111.3
109.2
110.6
105.2
110.8
111.9
110.7
111.4
111.4
110.8
111.5
109.8
108.7
108.7
109.4
109.3
110.0
111.3
112.2

96.7
97.9
98.7
100.0
101.4
103.9
109.8
111.3
109.1
110.5
105.3
111.1
111.9
110.8
111.5
111.4
110.7
111.4
109.8
108.7
108.7
109.3
109.1
109.9
111.2
112.1

91.8
95.2
97.1
100.0
103.4
106.4
103.4
110.9
113.1
116.0
105.9
95.8
105.3
106.7
108.5
110.4
111.3
113.6
112.8
112.4
113.2
114.0
114.6
115.1
116.7
117.7

91.8
95.2
97.1
100.0
103.4
106.5
103.5
111.0
113.3
116.2
106.0
95.9
105.4
106.8
108.5
110.4
111.4
113.7
112.9
112.6
113.4
114.2
114.7
115.3
116.9
117.9

94.8
97.2
98.4
100.0
101.9
102.4
94.3
99.6
103.6
104.9
100.6
86.4
94.1
96.4
97.4
99.1
100.4
101.9
102.7
103.4
104.1
104.2
104.8
104.6
104.9
104.9

94.9
97.2
98.4
100.0
102.0
102.5
94.3
99.7
103.8
105.1
100.7
86.3
94.2
96.4
97.3
99.1
100.6
102.1
102.8
103.6
104.3
104.5
105.1
104.9
105.1
105.2

92.7
95.4
96.6
100.0
103.4
107.8
117.0
122.4
127.0
132.5
112.1
119.4
116.9
119.4
119.5
121.4
123.2
125.0
125.7
125.9
128.1
128.2
130.2
131.9
133.5
134.7

92.5
95.4
96.7
100.0
103.4
107.8
117.1
122.4
126.9
132.3
112.2
119.6
116.9
119.6
119.7
121.5
123.1
124.9
125.6
125.8
127.9
127.9
130.0
131.8
133.3
134.5

96.0
98.7
98.7
100.0
100.9
103.3
110.7
110.5
106.1
106.2
106.2
114.1
110.4
112.0
110.9
110.6
110.4
109.7
107.8
105.6
105.9
105.0
105.6
106.2
106.5
106.8

95.9
98.7
98.7
100.0
100.9
103.3
110.8
110.5
105.9
106.1
106.3
114.3
110.4
112.2
111.1
110.6
110.3
109.6
107.8
105.4
105.8
104.7
105.4
106.1
106.4
106.6

Percent change; quarterly data at seasonally adjusted annual rates
2014 r ��������������
2015 r ��������������
2016 r ��������������
2017 r ��������������
2018 r ��������������
2019 r ��������������
2020 r ��������������
2021 r ��������������
2022 r ��������������
2023 r ��������������
2020: I r ����������
      II r ���������
      III r ��������
      IV r ��������
2021: I r ����������
      II r ���������
      III r ��������
      IV r ��������
2022: I r ����������
      II r ���������
      III r ��������
      IV r ��������
2023: I r ����������
      II r ���������
      III r ��������
      IV r * ������

0.8
1.2
.8
1.3
1.5
2.4
5.5
1.5
–1.9
1.4
–.4
23.3
3.9
–4.4
2.5
.1
–2.2
2.6
–6.0
–3.9
.0
2.5
–.4
2.9
4.6
3.3

0.9
1.3
.8
1.3
1.4
2.5
5.7
1.4
–1.9
1.3
–.3
24.2
3.0
–3.9
2.3
–.3
–2.4
2.5
–5.5
–4.0
.0
2.1
–.6
3.1
4.7
3.2

3.3
3.7
2.1
2.9
3.4
2.8
–2.8
7.2
1.9
2.6
–7.2
–32.9
46.0
5.4
6.7
7.2
3.3
8.8
–3.0
–1.3
2.7
2.9
2.1
2.0
5.6
3.5

3.4
3.7
2.0
3.0
3.4
3.0
–2.8
7.2
2.1
2.6
–7.3
–32.8
45.8
5.4
6.5
7.3
3.4
8.9
–2.8
–1.1
2.8
2.8
1.8
2.0
5.8
3.5

2.6
2.5
1.3
1.6
1.9
.4
–7.9
5.6
3.9
1.2
–6.8
–45.6
40.4
10.2
4.1
7.1
5.6
6.0
3.2
2.7
2.8
.4
2.5
–.9
1.0
.2

2.4
2.4
1.2
1.6
2.0
.4
–8.0
5.8
4.1
1.3
–7.1
–45.9
41.6
9.7
4.1
7.6
6.0
6.2
2.8
3.0
2.9
.7
2.4
–1.1
1.0
.3

2.5
2.9
1.3
3.5
3.4
4.3
8.5
4.7
3.8
4.3
11.2
28.5
–8.2
9.0
.4
6.6
5.8
6.2
2.0
.9
7.0
.5
6.4
5.3
4.7
3.7

2.6
3.1
1.3
3.4
3.4
4.3
8.6
4.6
3.6
4.3
11.5
29.0
–8.9
9.6
.4
6.2
5.5
5.9
2.3
.5
7.0
.1
6.5
5.7
4.8
3.6

0.8
2.7
.0
1.3
.9
2.4
7.1
–.2
–4.0
.2
9.6
33.2
–12.3
6.1
–3.8
–1.3
–.7
–2.4
–6.7
–8.1
1.3
–3.6
2.5
2.2
1.3
1.0

0.9
2.9
.1
1.3
.9
2.4
7.2
–.3
–4.1
.1
9.9
33.7
–13.1
6.7
–3.8
–1.6
–1.1
–2.6
–6.4
–8.5
1.4
–4.0
2.5
2.6
1.3
.8

1 Output refers to real gross domestic product originating in the sector.
2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family workers. Estimates based primarily on establishment data.
3 Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the

self-employed.
4 Hourly compensation divided by consumer price series. The trend for 1978-2022 is based on the consumer price index retroactive series (R-CPI-U-RS). The change for recent quarters is based on the
consumer price index for all urban consumers (CPI-U).
5 Current dollar gross domestic output divided by the output index.
Note: Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here.
* Data based on GDP data released on February 28, 2024.
Source: Department of Labor (Bureau of Labor Statistics).

16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial production and capacity utilization fell 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

110

80

100

70

CONSUMER
GOODS

90

120

MANUFACTURING

110

NONDURABLE

80

TOTAL1

70

100
90

DURABLE

80

BUSINESS
EQUIPMENT

60

70
140

PERCENT*
86

UTILITIES AND MINING

130

CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)

82

120

UTILITIES

78

110

74

100

70

MINING

90

66
62

80
2020

2021

2022

2023

2024

2020

2021

2022

2023

2024

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

2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 r ������������������
2023: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2024: Jan p ���������

Percent change 2
Index,
2017=100

102.3
100.9
98.7
100.0
103.2
102.4
95.1
99.2
102.6
102.8
102.5
102.6
102.7
103.2
102.9
102.3
103.2
103.1
103.2
102.4
102.7
102.7
102.6

From
preceding
month

Capacity utilization rate
(output as percent of
capacity) 1

Manufacturing

From
year
earlier

���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
1.0
.0
.1
.5
–.2
–.6
.9
–.1
.1
–.8
.3
.0
–.1

Chart 17 - Feb 2024

Industry production indexes, 2017=100

3.0
–1.4
–2.2
1.3
3.2
–.7
–7.2
4.4
3.4
.2
1.5
.9
.2
.3
.1
–.4
.1
–.1
–.3
–1.0
–.4
1.2
.0

Total 1
100.8
100.2
99.4
100.0
101.3
99.3
92.8
97.4
100.0
99.4
99.5
99.9
99.1
99.9
99.8
99.1
99.5
99.4
99.5
98.7
99.1
99.1
98.6

Durable
101.5
100.4
98.4
100.0
103.1
100.2
91.2
96.8
101.0
101.2
100.8
101.0
100.0
101.6
101.8
101.2
102.0
101.5
101.7
100.0
101.1
101.0
101.1

Nondurable
99.3
99.7
100.5
100.0
99.6
98.7
94.9
98.5
100.0
98.7
99.1
99.6
99.1
99.4
98.9
98.1
98.0
98.4
98.5
98.4
98.1
98.4
97.3

Other
(non-NAICS) 1
109.2
105.2
102.5
100.0
96.7
92.5
85.3
87.4
83.8
81.1
86.2
86.6
83.9
79.3
78.9
79.3
79.7
79.1
79.0
80.7
80.1
79.4
79.2

Mining

111.3
104.6
91.5
100.0
113.3
120.8
102.9
106.1
113.4
119.2
118.7
117.5
118.0
118.7
118.4
119.1
120.0
119.4
120.4
119.5
119.1
120.1
117.3

Utilities

102.0
101.2
100.8
100.0
104.9
104.0
101.0
103.0
106.2
104.4
101.3
100.5
106.8
104.3
103.7
102.0
107.0
107.7
106.7
105.7
106.1
104.3
110.5

Total
industry

Total
manufacturing

78.7
77.1
75.4
76.6
79.7
78.6
72.8
77.6
80.3
79.3
79.6
79.5
79.5
79.8
79.5
78.9
79.5
79.4
79.4
78.6
78.8
78.7
78.5

75.7
76.1
75.4
76.3
78.3
77.1
72.6
77.1
79.2
77.7
78.3
78.5
77.8
78.4
78.2
77.6
77.8
77.6
77.6
76.9
77.1
77.1
76.6

1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industries—logging and newspaper,
periodical, book and directory-publishing—that have traditionally been included in manufacturing.
2 Percent changes based on unrounded indexes.

Note: Data based on NAICS except series as defined in footnote 1.
Source: Board of Governors of the Federal Reserve System.

17

Industrial Production—
Major Market Groups and Selected Manufactures
[2017=100; monthly data seasonally adjusted]
Products and nonindustrial supplies

Materials

Final products
Period

Consumer goods
Total

2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 r ������������������
2023: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2024: Jan p ���������

Nonindustrial supplies

Total

101.9
101.2
99.2
100.0
101.9
100.3
93.9
98.3
101.7
101.3
101.4
101.2
101.2
102.5
101.8
100.6
101.8
101.7
101.4
100.6
101.2
101.3
101.7

99.4
100.8
101.3
100.0
100.6
100.2
96.9
101.1
103.0
102.1
102.2
102.2
102.4
103.7
102.8
101.1
102.4
102.3
102.1
101.2
101.9
102.0
102.6

Durable
goods
95.7
99.4
101.1
100.0
102.6
100.9
95.4
104.8
107.2
106.0
105.4
105.4
104.3
108.4
109.2
105.4
109.0
106.3
107.3
101.9
105.2
107.3
107.6

Equipment
Nondurable
goods
100.5
101.2
101.3
100.0
100.1
100.0
97.3
100.1
101.8
100.9
101.2
101.3
101.9
102.3
101.0
99.8
100.6
101.2
100.6
100.9
100.9
100.5
101.2

Total 1
106.9
101.9
94.9
100.0
104.6
100.4
87.3
91.9
99.2
100.2
100.2
99.5
98.9
100.1
100.0
100.1
101.1
100.9
100.2
99.7
100.3
100.2
100.2

Business
103.0
100.8
95.5
100.0
103.6
95.9
83.9
88.2
96.0
96.2
97.2
96.5
95.4
96.6
96.2
96.1
97.0
96.8
95.8
94.9
95.7
95.4
95.3

Defense
and
space

Total

104.3
101.3
97.7
100.0
102.9
114.5
106.7
110.3
113.3
120.7
113.7
114.1
115.4
116.1
118.4
120.8
122.3
123.4
123.3
124.7
126.0
127.0
128.8

100.0
99.3
99.7
100.0
101.8
99.9
94.6
99.1
102.1
100.4
101.2
100.9
100.6
100.2
100.0
99.8
100.0
100.3
100.5
100.5
100.3
99.8
99.3

Construction

97.1
97.8
98.7
100.0
101.7
100.2
96.3
100.9
103.7
101.7
103.9
102.8
101.0
101.8
101.8
101.2
101.1
100.5
101.4
101.3
101.1
100.6
99.6

Business

101.2
99.9
100.1
100.0
101.9
99.8
93.9
98.3
101.5
99.9
99.9
100.1
100.4
99.5
99.3
99.2
99.5
100.2
100.1
100.2
100.0
99.5
99.2

Total 1

103.5
101.1
97.9
100.0
104.8
105.3
96.2
100.2
103.5
104.9
104.0
104.2
104.6
104.7
104.9
104.6
105.5
105.4
105.8
104.6
104.8
104.9
104.5

Energy

106.2
102.8
95.2
100.0
110.3
115.7
103.1
106.1
112.5
117.3
115.1
114.6
117.2
116.1
116.3
115.9
118.4
118.7
119.0
118.1
117.8
118.0
118.1

1 Includes other items, not shown separately.

[2017=100; monthly data seasonally adjusted]

Durable manufactures

Period

Total
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 r ������������������
2023: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2024: Jan p ���������

Computer and
electronic products

Primary metals

113.5
105.7
101.0
100.0
103.2
97.3
86.6
96.1
94.9
94.3
92.0
93.5
92.7
95.6
95.3
96.2
94.4
94.0
96.0
93.0
93.9
94.7
93.8

Iron
and
steel
products
112.2
101.5
96.7
100.0
103.4
95.2
87.1
102.1
95.7
96.1
91.0
94.2
93.2
97.0
98.3
98.9
97.4
97.3
97.9
96.4
96.5
96.0
96.6

Fabricated
metal
products

106.1
102.6
98.8
100.0
104.5
102.4
93.1
96.7
100.1
99.5
99.8
100.3
99.5
99.0
99.6
99.8
99.4
98.8
99.0
99.0
98.8
98.1
98.5

Nondurable manufactures

Machinery
Total
112.7
103.7
95.8
100.0
104.6
101.5
90.6
97.6
104.2
101.4
104.6
104.4
102.4
102.7
101.1
99.4
100.2
101.3
100.9
99.6
99.9
98.4
97.7

90.5
91.2
93.2
100.0
104.6
106.5
105.1
110.0
110.8
113.2
108.6
109.6
109.6
111.7
111.6
112.6
114.7
114.9
114.3
115.9
116.6
116.2
117.2

Selected
high-technology 1
83.4
86.3
91.4
100.0
108.3
114.5
114.8
125.9
129.0
139.3
126.3
128.4
130.7
135.4
136.6
137.5
141.5
143.1
144.6
146.5
148.1
149.4
151.3

Transportation
equipment
Total
98.2
100.9
98.4
100.0
102.1
97.2
82.3
88.0
94.3
98.8
96.5
96.1
95.1
100.5
102.1
99.6
103.6
100.5
100.2
94.5
99.0
101.0
101.5

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
94.7
99.7
101.0
100.0
104.1
102.3
88.1
94.4
101.7
107.0
104.5
104.4
102.4
111.9
113.3
108.1
114.8
109.0
108.7
98.8
106.0
109.3
109.2

Apparel

115.8
110.0
103.3
100.0
95.5
96.8
80.7
89.5
87.9
85.7
95.6
91.1
93.0
91.6
89.3
85.1
84.7
82.7
80.3
79.1
77.8
77.2
77.0

Printing
and
related
support
activities
100.0
99.0
100.6
100.0
99.8
93.6
84.8
85.8
88.6
83.9
87.3
86.7
86.6
86.1
85.5
82.2
82.9
83.8
81.8
81.1
81.5
80.9
82.2

Chemicals

102.3
101.9
101.4
100.0
98.6
97.2
95.3
99.7
101.9
103.3
101.9
104.3
103.4
103.6
103.5
104.1
103.1
103.5
103.6
102.7
102.4
102.7
101.4

Food

96.1
97.5
99.6
100.0
100.3
101.1
102.6
103.0
104.9
103.2
105.6
105.6
104.2
104.6
104.3
102.1
101.2
101.9
101.7
102.5
102.0
102.3
101.7

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

2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 r ������������������
2023: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov r ���������
      Dec r ���������
2024: Jan p ���������

Total
new
construction
expenditures

1,015.3
1,132.1
1,213.1
1,279.8
1,333.2
1,391.0
1,499.6
1,653.4
1,848.7
1,980.0
1,882.2
1,889.6
1,901.4
1,907.8
1,946.7
1,956.2
1,969.0
2,010.1
2,017.5
2,058.9
2,082.9
2,105.8
2,102.4

Residential
Total

New
housing

Total 1

739.2
838.3
916.2
983.3
1,023.0
1,046.7
1,130.4
1,295.8
1,472.4
1,541.4
1,483.3
1,483.5
1,491.5
1,490.6
1,524.0
1,526.5
1,534.2
1,568.2
1,565.3
1,591.1
1,608.9
1,622.3
1,623.4

Federal
and
State
and
local

Nonresidential

377.5
431.8
479.4
539.0
557.6
546.6
634.7
799.2
917.9
862.9
856.0
847.5
846.9
824.7
853.9
860.9
855.4
875.1
869.6
889.9
886.5
899.1
900.8

Total

242.8
283.3
315.8
344.2
367.1
362.2
401.1
530.0
563.1
524.0
506.9
500.1
496.4
493.9
502.4
513.3
525.2
534.8
541.5
545.6
554.2
562.5
564.6

Lodging

361.7
406.6
436.8
444.3
465.5
500.1
495.6
496.6
554.5
678.4
627.2
636.0
644.7
665.9
670.1
665.6
678.7
693.1
695.7
701.2
722.4
723.2
722.6

Commercial
(including
farm)

Office

16.3
21.4
26.6
28.1
30.5
32.3
27.4
18.6
19.3
23.2
22.2
22.4
22.4
22.6
22.9
23.2
23.8
24.3
24.0
23.5
23.5
23.4
23.2

38.9
47.9
59.8
59.9
66.8
77.5
80.5
77.5
78.5
84.1
82.1
82.5
81.5
82.4
82.8
84.0
84.3
85.3
85.5
85.4
85.9
86.0
86.1

Manufacturing

60.9
64.5
75.5
84.5
82.8
80.3
85.6
93.7
117.2
127.4
122.3
123.0
122.7
123.9
123.1
125.2
130.3
131.1
131.4
129.9
131.5
130.4
126.1

Other 2

60.1
82.4
78.9
70.0
72.0
80.5
75.1
81.6
114.2
196.0
164.2
168.5
176.9
194.4
199.7
192.4
196.7
203.9
202.8
206.7
218.2
220.0
224.3

185.5
190.4
196.0
201.9
213.4
229.5
227.1
225.2
225.3
247.7
236.3
239.5
241.1
242.6
241.5
240.8
243.8
248.6
252.0
255.7
263.4
263.4
262.9

New
houses
sold

New
houses
for sale
at end
of period 3

276.1
293.8
297.0
296.5
310.2
344.3
369.2
357.6
376.3
438.6
398.9
406.0
409.9
417.2
422.8
429.7
434.8
442.0
452.2
467.8
474.0
483.5
479.0

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
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 r ������������������

1,003.3
1,111.8
1,173.8
1,203.0
1,249.9
1,290.0
1,379.6
1,601.0
1,552.6
1,419.9

1 unit
647.9
714.5
781.5
848.9
875.8
887.7
990.5
1,127.2
1,005.2
947.2

Type of structure

2–4 units 1
13.7
11.5
11.5
11.4
13.9
13.4
12.3
11.7
16.4
13.4

5 units or
more

Total

341.7
385.8
380.8
342.7
360.3
388.9
376.8
462.1
531.0
459.3

1,052.1
1,182.6
1,206.6
1,282.0
1,328.8
1,386.0
1,471.1
1,737.0
1,665.1
1,470.6

1 unit
640.3
696.0
750.8
820.0
855.3
862.1
979.4
1,115.4
975.6
909.2

2–4 units

5 units or
more

New
housing
units
completed

Vacancy
rate for
rental
housing
units
(percent) 4

29.9
32.1
34.8
37.2
39.7
42.6
47.2
52.9
54.8
52.8

382.0
454.5
421.1
424.8
433.8
481.4
444.5
568.8
634.7
508.6

883.8
968.2
1,059.7
1,152.9
1,184.9
1,255.1
1,286.9
1,341.0
1,390.5
1,450.0

437
501
561
613
617
683
822
771
641
666

210
232
254
293
346
323
299
387
451
452

7.6
7.1
6.9
7.2
6.9
6.8
6.3
6.1
5.8
6.5

54
48
52
58
54
52
47
59
49
48
47
49
49

552
638
556
503
540
465
466
534
459
481
443
445
419

1,377
1,577
1,528
1,416
1,534
1,492
1,334
1,370
1,459
1,375
1,456
1,541
1,416

649
625
640
679
710
683
728
654
698
670
607
651
661

439
437
433
430
426
429
429
431
435
440
448
452
456

��������������������
��������������������
6.4
��������������������
��������������������
6.3
��������������������
��������������������
6.6
��������������������
��������������������
6.6
��������������������

Seasonally adjusted annual rates
2023: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2024: Jan p ���������

1,340
1,436
1,380
1,348
1,583
1,418
1,451
1,305
1,356
1,376
1,512
1,562
1,331

823
835
843
847
1,012
930
988
948
966
974
1,126
1,054
1,004

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

506
588
515
489
563
473
454
350
376
384
373
489
314

1,354
1,482
1,437
1,417
1,496
1,441
1,443
1,541
1,471
1,498
1,467
1,493
1,489

748
796
829
856
902
924
930
948
963
969
977
999
1,021

1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards.
2 Beginning with January 2023, an annually updated universe based on approximately 20,100 permit-issuing places.
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 January, according to preliminary estimates, manufacturing and trade sales fell 1.3 percent, manufacturing and
trade inventories rose $0.6 billion and retail inventories rose $3.8 billion. In January, retail sales fell 1.1 percent and
retail and food services sales fell 0.8 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,600
2,500

BILLIONS OF DOLLARS* (RATIO SCALE)
850
800
RETAIL INVENTORIES
750

2,400
2,300

700
MANUFACTURING AND
TRADE INVENTORIES

2,200

RETAIL AND FOOD
SERVICES SALES

650

2,100

600

2,000

550

1,900

RETAIL SALES

500

1,800
450

MANUFACTURING
AND TRADE SALES

1,700
1,600

400

1,500

350

1,400
1,300
1,200

1,100

1,000
2020

2021

2022

2023

2024

RATIO*
2.00
1.90 INVENTORY/SALES RATIO
1.80
1.70
1.60
1.50
MANUFACTURING
1.40
AND TRADE
1.30
1.20
RETAIL
1.10
1.00
2020
2021
2022

*SEASONALLY

ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

2023

2024

COUNCIL OF ECONOMIC ADVISERS

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

2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 r ������������������
2023 r ������������������
2022: Dec r ���������
2023: Jan r ���������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov r ���������
      Dec r ���������
2024: Jan p ���������

Sales 2
1,346,243
1,303,366
1,295,792
1,357,499
1,437,077
1,434,242
1,381,767
1,633,167
1,837,375
1,839,759
1,823,579
1,855,197
1,848,051
1,820,425
1,819,130
1,821,163
1,817,784
1,832,603
1,858,079
1,875,441
1,855,380
1,855,933
1,858,105
1,834,671

Inventories 3

Wholesale

Inventory/sales
ratio 4

1,790,144
1,823,618
1,858,223
1,918,490
2,003,231
2,044,039
1,992,749
2,261,369
2,544,857
2,555,041
2,544,857
2,544,567
2,545,762
2,539,799
2,541,956
2,540,827
2,537,207
2,539,181
2,548,843
2,553,086
2,550,320
2,546,845
2,555,041
2,555,684

1.32
1.39
1.42
1.39
1.36
1.42
1.44
1.29
1.34
1.38
1.40
1.37
1.38
1.40
1.40
1.40
1.40
1.39
1.37
1.36
1.37
1.37
1.38
1.39

Sales 2
468,779
448,448
444,791
475,081
508,551
506,655
483,776
582,982
669,280
658,575
660,305
667,186
669,258
651,407
651,292
648,024
642,750
650,541
663,717
676,890
666,780
666,104
668,324
657,153

Inventories 3
585,989
597,488
612,169
633,488
671,552
680,098
666,591
787,304
922,363
897,432
922,363
918,327
918,818
916,687
913,713
909,919
903,730
901,379
900,267
900,294
897,858
894,024
897,432
895,060

Retail
Inventory/sales
ratio 4
1.22
1.33
1.36
1.31
1.28
1.35
1.37
1.24
1.31
1.37
1.40
1.38
1.37
1.41
1.40
1.40
1.41
1.39
1.36
1.33
1.35
1.34
1.34
1.36

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
386,713
393,832
404,035
420,018
437,637
449,716
464,336
543,551
591,252
603,547
585,653
606,291
600,669
594,281
596,809
599,958
600,736
603,792
608,386
612,633
610,561
609,099
611,733
605,198

Inventories 3
561,251
587,748
610,037
625,859
653,901
656,066
623,609
665,335
763,154
800,993
763,154
765,881
767,101
770,540
772,795
777,594
781,572
785,168
793,256
796,329
795,997
796,091
800,993
804,838

Chart 20 - Feb 2024

Retail and food
Inventory/sales services sales 2
4
ratio
1.43
1.46
1.50
1.47
1.46
1.47
1.34
1.15
1.24
1.30
1.30
1.26
1.28
1.30
1.29
1.30
1.30
1.30
1.30
1.30
1.30
1.31
1.31
1.33

434,807
445,910
458,848
477,739
498,594
514,094
518,608
613,851
672,579
694,093
670,566
695,776
687,942
681,673
684,636
689,158
690,518
694,415
699,540
705,304
703,528
703,336
706,180
700,291

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

BILLIONS OF DOLLARS* (RATIO SCALE)
940
INVENTORIES
880
820
760
TOTAL
700
660
620
580
DURABLE GOODS
540
500
460
420

SHIPMENTS

TOTAL

NONDURABLE GOODS

340
300
260

DURABLE GOODS

220

380
340

180

300

220

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

NONDURABLE GOODS

260

140

180

NEW ORDERS

RATIO*
2.00

TOTAL

1.90

340

1.80

300

1.70

260

1.60

DURABLE GOODS

220

INVENTORY/SHIPMENTS RATIO

1.50
1.40

180

1.30
1.20

140
2021

2020

2023

2022

2024

2020

2021

2023

2022

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1

Chart 21- Feb 2024

Durable goods
Period

Total

Durable
goods

2024

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
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 r ������������������
2023: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec r ���������
2024: Jan p ���������

490,751
461,086
446,966
462,400
490,889
477,871
433,655
506,634
576,843
577,637
581,720
578,124
574,737
571,029
573,181
574,298
578,270
585,976
585,918
578,039
580,730
578,048
572,320

233,108
231,822
226,344
230,618
244,005
238,376
218,622
246,071
272,620
281,052
279,043
277,684
279,659
277,924
283,412
283,448
283,138
284,490
282,688
280,310
283,029
281,317
278,903

257,643
229,264
220,623
231,782
246,884
239,496
215,033
260,563
304,222
296,585
302,677
300,440
295,078
293,105
289,769
290,850
295,132
301,486
303,230
297,729
297,701
296,731
293,417

642,904
638,382
636,017
659,143
677,778
707,875
702,549
808,730
859,340
856,616
860,359
859,843
852,572
855,448
853,314
851,905
852,634
855,320
856,463
856,465
856,730
856,616
855,786

389,841
393,199
380,542
389,770
408,980
431,003
429,495
493,211
520,399
526,285
521,279
521,701
516,694
521,711
522,669
522,478
522,327
523,105
523,496
524,397
525,004
526,285
527,360

253,063
245,183
255,475
269,373
268,798
276,872
273,054
315,519
338,941
330,331
339,080
338,142
335,878
333,737
330,645
329,427
330,307
332,215
332,967
332,068
331,726
330,331
328,426

496,046
452,778
441,331
457,693
485,141
463,440
429,282
513,660
578,385
582,843
581,049
571,265
574,915
576,416
578,626
592,112
579,414
585,403
598,595
577,946
593,104
591,153
569,702

238,403
223,515
220,708
225,912
238,257
223,944
214,249
253,097
274,163
286,258
278,372
270,825
279,837
283,311
288,857
301,262
284,282
283,917
295,365
280,217
295,403
294,422
276,285

83,765
70,382
69,092
72,832
70,998
60,616
61,108
76,216
83,782
91,803
84,527
77,659
85,285
85,450
91,113
106,376
88,653
85,849
101,003
86,621
102,380
102,519
82,573

1,251,711
1,201,473
1,184,411
1,181,191
1,165,909
1,046,150
1,047,469
1,191,723
1,272,201
1,392,966
1,276,988
1,275,522
1,280,943
1,291,462
1,301,975
1,324,777
1,330,875
1,335,197
1,352,860
1,357,730
1,375,039
1,392,966
1,395,115

1.31
1.40
1.42
1.39
1.37
1.45
1.62
1.49
1.47
1.48
1.48
1.49
1.48
1.50
1.49
1.48
1.47
1.46
1.46
1.48
1.48
1.48
1.50

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

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

21

PRICES
Producer Prices
The producer price index for final demand rose 0.3 percent in January. Prices for final demand goods fell 0.2 percent
and prices for final demand services rose 0.6 percent.
INDEX, NOV. 2009=100 (RATIO SCALE)

INDEX, NOV. 2009=100 (RATIO SCALE)

150
SEASONALLY ADJUSTED

FINAL DEMAND
145
140
135
130

125
FINAL DEMAND

FINAL DEMAND
SERVICES

120

115

110

FINAL DEMAND
GOODS

105

100
2016

2017

2018

2019

2021

2020

2022

2023

2024

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 �����������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 r ������������������
2023: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2024: Jan p ���������

Total
final
demand 1

100.0
110.9
109.9
110.4
113.0
116.2
118.2
118.4
126.710
138.753
141.529
141.286
141.237
140.738
140.977
140.664
140.672
141.461
142.353
142.658
142.144
142.229
142.020
142.488

Final demand services

Total

Foods 2

Energy

Less
food
and
energy

Total

Trade 3

30.099
114.0
109.1
107.6
111.2
115.0
115.5
113.8
125.828
142.595
142.973
144.912
144.033
142.892
142.814
141.171
141.078
141.389
143.773
145.037
143.193
142.983
142.600
142.333

5.587
121.6
118.4
115.1
116.5
116.7
118.9
120.4
130.989
149.299
150.449
154.929
151.346
151.770
150.756
149.533
149.005
149.444
148.916
149.456
149.763
150.786
149.763
149.387

5.515
124.2
98.6
90.4
99.8
110.0
105.0
91.5
119.522
156.168
143.791
152.825
150.257
143.272
143.151
135.406
135.983
137.020
149.155
153.943
144.003
141.380
139.993
137.667

18.996
109.5
109.9
110.7
113.2
116.0
117.6
118.5
126.218
136.802
140.740
139.752
140.158
140.404
140.602
140.747
140.567
140.615
140.768
141.135
141.218
141.417
141.527
141.933

67.245
109.0
110.0
111.5
113.5
116.5
119.1
120.2
126.657
135.932
139.682
138.422
138.741
138.509
138.906
139.173
139.225
140.321
140.566
140.449
140.530
140.757
140.615
141.412

19.337
110.2
111.6
113.1
114.8
116.9
119.7
121.7
130.682
148.779
151.457
151.292
151.134
150.117
150.863
151.927
150.682
153.298
153.087
151.396
151.386
152.000
150.456
150.828

Transportation
and
warehousing
4.925
117.7
115.3
113.5
115.9
122.0
125.5
121.2
130.894
154.323
150.579
155.468
154.485
153.365
150.067
148.976
148.475
148.772
148.781
149.372
150.058
149.715
149.413
148.854

Other

42.982
107.5
108.7
110.6
112.8
115.8
118.2
119.5
124.466
128.299
133.184
130.850
131.495
131.673
132.312
132.398
133.029
133.591
134.044
134.487
134.541
134.670
135.110
136.214

Processed goods
Final
for intermediate
demand
demand (1982=100)
less
foods,
energy,
Less
and
food
trade
Total
and
(Aug. 2013
energy
=100) 2
69.561
101.5
102.1
103.3
105.4
108.4
110.6
111.4
117.081
124.167
128.110
126.812
127.236
127.338
127.554
127.580
127.879
128.182
128.493
128.885
128.966
129.064
129.337
130.071

100.0
201.9
188.0
182.2
190.7
200.9
198.1
192.5
229.979
267.939
258.156
264.231
263.151
260.999
259.291
255.775
254.438
253.608
258.663
259.969
257.408
256.001
254.757
254.171

72.389
195.2
189.4
186.9
193.3
201.8
201.1
198.9
232.983
261.127
257.084
258.461
258.981
258.369
258.897
258.627
257.598
256.291
255.773
255.860
255.588
255.081
255.486
256.298

Unprocessed
goods
Chart 22 - Feb 2024
for intermediate
demand (1982=100)
Services
for
intermediNonfood
ate
materials demand
Total
less
energy
100.0
249.3
189.1
173.4
190.8
200.1
185.9
167.6
242.264
316.821
255.431
283.433
268.734
256.279
257.723
245.079
242.227
248.175
253.449
260.916
256.642
251.263
240.187
240.495

24.944
345.7
296.0
288.0
324.1
340.7
323.4
346.0
462.581
490.668
445.851
462.603
459.815
456.830
461.304
453.543
447.375
434.553
433.754
432.037
431.982
435.305
437.803
430.179

100.0
108.9
110.2
112.1
115.0
118.6
121.4
121.9
130.683
139.795
145.919
144.279
144.728
144.370
145.284
145.468
145.484
146.456
146.296
146.741
146.667
147.370
147.927
148.684

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 2023.

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 0.3 percent; it rose 0.5 percent before seasonal
adjustment. The index rose 3.1 percent from its year-earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE)
320

INDEX, 1982-84 = 100 (RATIO SCALE)
320
SEASONALLY ADJUSTED

310

310

300

300

290

290

280

280
CONSUMER PRICES—ALL ITEMS

270

270

260

260

250

250

240

240

230

230

220

220

210

210

200

200
2016

2017

2018

2019

2020

2021

2022

2023

SOURCE: DEPARTMENT OF LABOR

2024

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 �����������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 ��������������������
2023: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2024: Jan �����������

Not
seasonally Seasonally
adjusted
adjusted
(NSA)
100.0
236.736
237.017
240.007
245.120
251.107
255.657
258.811
270.970
292.655
304.702
299.170
300.840
301.836
303.363
304.127
305.109
305.691
307.026
307.789
307.671
307.051
306.746
308.417

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300.356
301.509
301.744
303.032
303.365
304.003
304.628
306.187
307.288
307.531
308.024
308.742
309.685

All items less food and energy
Total 1

79.790
237.897
242.247
247.602
252.169
257.565
263.211
267.693
277.255
294.307
308.381
302.709
304.124
305.112
306.539
307.646
308.245
308.945
309.656
310.644
311.390
312.349
313.209
314.438

Shelter

36.191
270.513
278.803
288.230
297.803
307.663
318.053
325.886
334.575
354.235
380.643
369.999
372.662
374.620
376.434
378.464
380.032
381.850
383.185
385.370
386.675
388.398
389.979
392.452

Medical
care 2
8.004
435.292
446.752
463.675
475.322
484.707
498.413
518.876
525.276
546.554
549.084
551.022
548.925
547.250
547.462
547.889
547.832
546.959
547.354
548.158
549.491
552.182
554.295
556.811

Apparel

2.512
127.514
125.903
126.045
125.612
125.654
124.052
118.079
120.993
127.081
130.579
129.213
129.987
130.283
130.627
130.890
131.085
131.256
131.458
130.998
131.008
130.174
130.168
129.261

Food
New
vehicles
3.684
146.275
147.135
147.358
146.992
146.287
146.834
147.600
156.240
172.480
178.899
178.160
178.533
179.096
178.842
178.688
178.602
178.541
178.927
179.361
179.247
179.222
179.551
179.485

Energy

Total 1

At
home

Away
from
home

13.555
242.725
247.235
247.931
250.065
253.558
258.316
267.219
277.756
305.388
322.965
319.623
320.697
321.028
321.116
321.824
322.347
322.969
323.754
324.356
325.312
325.870
326.545
327.813

8.167
239.456
242.250
239.065
238.589
239.661
241.775
250.233
258.892
288.451
302.929
302.149
302.669
302.160
301.669
301.912
302.030
302.645
303.209
303.416
304.176
304.245
304.667
305.788

5.388
248.981
256.101
262.695
268.826
275.893
284.410
293.944
307.296
330.822
354.256
345.677
347.869
349.944
351.237
352.892
354.245
354.862
356.083
357.488
358.824
360.383
361.564
363.249

Total 1, 2

6.655
243.583
202.895
189.535
204.540
219.941
215.294
196.949
238.325
298.266
283.286
290.504
289.216
281.399
283.473
275.071
276.411
276.352
288.392
291.710
285.488
281.042
280.443
277.897

Chart 23 - Feb 2024

Gasoline

3.261
290.889
212.007
187.602
211.770
240.599
232.003
194.130
264.017
347.747
311.574
313.215
316.804
305.708
314.286
300.042
302.412
301.784
326.825
332.019
317.678
304.982
303.242
293.287

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

�������������������
�������������������
�������������������
�������������������
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�������������������
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167.267
168.069
168.501
169.332
169.738
170.279
170.541
171.291
171.677
171.595
171.219
171.015
171.910

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 2023.

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
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 r ������������������

0.9
–1.1
1.7
2.5
2.6
1.4
.8
10.0
6.4
1.0

–1.2
–3.8
1.9
3.5
1.6
1.0
.0
13.4
7.9
–.6

4.4
–5.2
–1.6
2.0
2.8
1.2
–.2
13.1
14.3
–4.8

–13.2
–16.4
6.3
10.1
–3.1
2.4
–6.8
31.6
9.4
–4.7

1.1
–.1
1.7
2.2
2.6
.6
1.7
9.3
5.8
1.9

2.1
.2
1.6
2.1
3.0
1.4
1.3
8.4
5.3
1.7

4.0
.0
1.0
1.8
3.1
.8
1.9
14.2
9.2
–1.4

0.8
–3.5
1.1
2.3
6.5
2.2
–5.9
17.0
10.8
–4.4

1.4 �����������
.8
0.3
2.0
1.8
2.3
2.3
2.6
2.8
1.8
1.5
1.7
1.3
4.8
7.0
2.8
4.7
3.9
2.6

–2.6
–6.6
1.8
5.0
2.8
–1.7
1.5
24.4
4.8
–2.7

–0.1
–3.8
1.6
3.6
3.5
–1.8
2.3
23.3
2.4
–1.0

–8.7
–25.3
13.0
5.0
3.7
–7.3
1.3
40.0
10.7
–19.0

–5.3
–18.5
13.7
8.5
2.9
–5.0
20.5
23.1
–6.3
–3.0

1.8
.5
2.6
2.9
3.1
1.7
2.1
8.3
6.0
3.5

1.6
–.9
.5
2.4
2.8
1.7
.2
7.0
9.5
2.0

1.2
–4.3
–1.4
3.3
3.4
.4
–1.5
10.6
13.3
.3

1.8
.9
1.4
1.8
2.6
2.2
.9
5.4
7.3
2.8

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

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

–4.2
–5.2
–4.6
.6
–4.9
–1.2
2.5
2.1
2.9
–1.6
–2.1
–4.4
.1

2.5
–.6
–.6
1.0
–1.7
–1.4
–2.9
–.2
–.4
.0
.8
.6
–1.7

0.9
.3
–.2
.6
.1
.0
.7
–.1
.3
–.1
.5
.4
.5

5.7
4.7
2.7
2.3
1.1
.3
1.1
1.9
1.8
1.0
.7
1.0
.9

7.7
5.3
1.9
.7
–2.3
–4.3
–2.4
.4
.8
–1.1
–1.6
–.6
–1.7

4.5
4.2
2.7
2.8
2.6
2.5
3.0
2.7
2.4
2.2
1.9
1.7
2.2

Change, month to month
2023: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2024: Jan p ���������

0.4
.0
–.4
.2
–.2
.0
.6
.6
.2
–.4
.1
–.1
.3

1.1
–.6
–.8
–.1
–1.2
–.1
.2
1.7
.9
–1.3
–.1
–.3
–.2

–1.4
–2.3
.3
–.7
–.8
–.4
.3
–.4
.4
.2
.7
–.7
–.3

4.7
–1.7
–4.6
–.1
–5.4
.4
.8
8.9
3.2
–6.5
–1.8
–1.0
–1.7

0.6
.3
.2
.1
.1
–.1
.0
.1
.3
.1
.1
.1
.3

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

–0.9
–.1
–.7
.5
.7
–.8
1.7
–.1
–1.1
.0
.4
–1.0
.2

–0.5
–.6
–.7
–2.2
–.7
–.3
.2
.0
.4
.5
–.2
–.2
–.4

0.6
.5
.1
.5
.1
.5
.4
.3
.3
.0
.1
.3
.8

0.6
.3
.1
.2
.0
.2
.2
.2
.3
.1
.1
.2
.6

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
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 ��������������������

0.8
.7
2.1
2.1
1.9
2.3
1.4
7.0
6.5
3.4

1.6
2.1
2.2
1.8
2.2
2.3
1.6
5.5
5.7
3.9

2.9
3.2
3.6
3.2
3.2
3.2
1.8
4.1
7.5
6.2

3.0
2.6
4.1
1.8
2.0
4.6
1.8
2.2
4.0
.5

–2.0
–.9
–.1
–1.6
–.1
–1.2
–3.9
5.8
2.9
1.0

2023: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2024: Jan �����������

0.5
.4
.1
.4
.1
.2
.2
.5
.4
.1
.2
.2
.3

0.4
.5
.3
.5
.4
.2
.2
.2
.3
.2
.3
.3
.4

0.7
.7
.5
.5
.5
.4
.5
.3
.6
.3
.4
.4
.6

–0.2
–.4
–.3
.0
.1
.0
–.2
.1
.1
.2
.5
.4
.5

0.4
.6
.2
.3
.2
.1
.1
.2
–.3
.0
–.6
.0
–.7

0.5
.2
.3
–.5
–.3
.1
2.0
11.8
5.9
1.0

3.4
.8
–.2
1.6
1.6
1.8
3.9
6.3
10.4
2.7

3.7
–.4
–2.0
.9
.6
.7
3.9
6.5
11.8
1.3

3.0
2.6
2.3
2.5
2.8
3.1
3.9
6.0
8.3
5.2

–10.6
–12.6
5.4
6.9
–.3
3.4
–7.0
29.3
7.3
–2.0

–21.0
–19.7
9.1
10.7
–2.1
7.9
–15.2
49.6
–1.5
–1.9

0.5
.4
1.8
1.7
1.5
1.8
1.5
6.5
6.4
r 3.0

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

1.6
.1
1.3
2.1
2.4
1.8
1.2
4.7
8.0
4.1

0.5
.2
–.2
–.2
.1
.0
.2
.2
.1
.3
.0
.1
.4

0.6
.6
.6
.4
.5
.4
.2
.3
.4
.4
.4
.3
.5

1.7
–.4
–2.7
.7
–3.0
.5
.0
4.4
1.2
–2.1
–1.6
–.2
–.9

1.6
1.1
–3.5
2.8
–4.5
.8
–.2
8.3
1.6
–4.3
–4.0
–.6
–3.3

0.8
.5
.3
.5
.2
.3
.2
.4
.2
.0
–.2
–.1
.5

�������������
�������������
3.8
�������������
�������������
3.0
�������������
�������������
3.4
�������������
�������������
2.7
�������������

3.4
3.9
4.0
3.6
2.5
3.0
2.1
3.8
4.4
3.9
2.4
1.9
2.8

3.7
4.3
3.7
3.5
3.2
3.5
2.9
3.1
3.7
3.0
3.1
3.1
3.3

6.4
6.0
5.0
4.9
4.0
3.0
3.2
3.7
3.7
3.2
3.1
3.4
3.1

Change, month to month
0.2
.2
.3
–.1
–.1
.0
.0
.2
.2
–.1
.0
.2
.0

0.6
.3
.1
.0
.2
.2
.2
.2
.2
.3
.2
.2
.4

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 1.4 percent and prices paid by farmers fell 0.1 percent. (Data are not
seasonally adjusted.)
INDEX, 2011=100 (RATIO SCALE)
150

INDEX, 2011=100 (RATIO SCALE)
150

140

140

130

130

120

120

PRICES PAID

110

110

100

100

90

90

80

80
PRICES RECEIVED

70

70

60

60

RATIO1

RATIO1
140

140
120

120
RATIO

100

100

80

80

60

60
2016

2018

2017

2019

2020

2022

2021

2024

2023

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

2014 ���������������������������������������������������
2015 ���������������������������������������������������
2016 ���������������������������������������������������
2017 ���������������������������������������������������
2018 ���������������������������������������������������
2019 ���������������������������������������������������
2020 r �������������������������������������������������
2021 r �������������������������������������������������
2022 r �������������������������������������������������
2023 r �������������������������������������������������
2023: Jan r ����������������������������������������
      Feb r ����������������������������������������
      Mar r ���������������������������������������
      Apr r ����������������������������������������
      May r ���������������������������������������
      June r ��������������������������������������
      July r ���������������������������������������
      Aug r ����������������������������������������
      Sept r ���������������������������������������
      Oct r �����������������������������������������
      Nov r ����������������������������������������
      Dec r ����������������������������������������
2024: Jan p ����������������������������������������

Agricultural
production

107.9
99.2
90.2
93.4
90.5
89.9
94.9
109.9
130.2
118.7
124.7
126.7
128.5
131.1
127.4
127.7
125.3
125.8
122.0
114.1
114.1
113.3
111.7

Crop
production

92.3
87.0
85.5
86.2
85.8
84.8
100.5
114.4
123.5
106.8
118.2
120.8
118.9
126.5
120.9
120.9
119.8
118.0
112.8
104.1
101.3
101.7
98.2

Chart 25 - Feb 2024

Prices paid by farmers

Livestock
production

128.7
113.4
94.4
100.1
94.4
95.6
88.7
105.1
138.9
134.1
136.4
133.3
138.3
135.7
133.7
135.1
132.3
134.3
133.0
133.2
134.0
129.5
135.4

All commodities,
services, interest,
taxes, and wage
rates (PPITW) 2
112.0
110.7
105.8
106.5
109.6
110.3
110.2
119.9
137.4
139.9
141.0
141.1
141.1
140.5
139.7
139.3
139.4
139.5
139.5
139.6
139.1
138.5
138.4

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

113.1
111.6
105.7
106.1
109.3
109.8
109.4
119.7
138.7
140.6
142.3
142.2
142.2
141.4
140.4
139.8
140.0
140.0
139.9
140.1
139.5
138.8
138.6

Production
items

114.1
112.0
104.7
104.5
107.1
106.8
105.8
116.8
136.6
137.1
139.1
139.0
139.0
138.5
137.3
136.7
136.4
136.4
136.3
136.3
135.7
134.9
134.7

Ratio of prices
received by farmers
to PPITW

96
90
85
87
83
82
80
87
94
88
89
90
91
94
91
92
90
90
88
81
82
81
81

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

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

25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures
In January, M2 fell.
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

2016

2017

2018

2019

2020

2021

2022

2023

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

2024

COUNCIL OF ECONOMIC ADVISERS

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

Period

2014: Dec r ����������������������������������������
2015: Dec r ����������������������������������������
2016: Dec r ����������������������������������������
2017: Dec r ����������������������������������������
2018: Dec r ����������������������������������������
2019: Dec r ����������������������������������������
2020: Dec r ����������������������������������������
2021: Dec r ����������������������������������������
2022: Dec r ����������������������������������������
2023: Dec r ����������������������������������������
2023: Jan r ����������������������������������������
      Feb r ����������������������������������������
      Mar r ���������������������������������������
      Apr r ����������������������������������������
      May r ���������������������������������������
      June r ��������������������������������������
      July r ���������������������������������������
      Aug r ����������������������������������������
      Sept r ���������������������������������������
      Oct r �����������������������������������������
      Nov r ����������������������������������������
      Dec r ����������������������������������������
2024: 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

2,947.3
3,100.0
3,345.6
3,618.8
3,773.0
4,021.2
17,827.5
20,494.7
19,820.9
18,085.5
19,555.0
19,312.3
18,938.3
18,591.6
18,560.0
18,490.3
18,426.3
18,298.5
18,163.5
18,069.1
18,031.4
18,085.5
17,989.0

11,684.9
12,346.8
13,213.4
13,857.9
14,362.7
15,320.7
19,114.6
21,546.6
21,346.3
20,827.2
21,209.0
21,086.1
20,861.3
20,689.3
20,803.2
20,835.7
20,841.8
20,798.4
20,723.7
20,690.5
20,730.0
20,827.2
20,781.8

Percent change

From
previous period 5

From year or 6 months earlier 4
M1

44,090.2
10.2
45,909.9
5.2
47,876.8
7.9
50,041.7
8.2
52,721.8
4.3
55,175.3
6.6
61,976.1 �����������������������������
66,458.6
15.0
70,276.0
–3.3
73,807.9
–8.8
���������������������������������������������
–10.0
���������������������������������������������
–11.4
70,941.5
–13.2
���������������������������������������������
–15.0
���������������������������������������������
–14.1
72,055.4
–13.4
���������������������������������������������
–11.5
���������������������������������������������
–10.5
73,022.4
–8.2
���������������������������������������������
–5.6
���������������������������������������������
–5.7
73,807.9
–4.4
���������������������������������������������
–4.7

Chart 26 - Feb 2024

M2

Debt
5.9
5.7
7.0
4.9
3.6
6.7
24.8
12.7
–.9
–2.4
–4.5
–5.2
–6.1
–6.8
–5.5
–4.8
–3.5
–2.7
–1.3
.0
–.7
–.1
–.6

3.9
4.5
4.4
4.3
4.7
4.7
12.3
6.3
5.7
5.2
�������������������������������
�������������������������������
3.8
�������������������������������
�������������������������������
6.3
�������������������������������
�������������������������������
5.4
�������������������������������
�������������������������������
4.8
�������������������������������

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

2014: Dec �����������
2015: Dec �����������
2016: Dec �����������
2017: Dec �����������
2018: Dec �����������
2019: Dec �����������
2020: Dec �����������
2021: Dec r ���������
2022: Dec r ���������
2023: Dec r ���������
2023: Jan �����������
      Feb �����������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2024: Jan p ���������

Nonbank
travelers
checks

Currency

1,254.0
1,339.9
1,421.5
1,525.3
1,625.0
1,712.1
1,974.4
2,131.7
2,212.1
2,250.7
2,187.4
2,216.0
2,216.0
2,224.4
2,236.9
2,245.0
2,244.6
2,244.9
2,242.8
2,243.8
2,247.6
2,250.7
2,251.2

Other checkable
deposits (OCDs)
Demand
deposits

2.9
2.5
2.2
1.9
1.7
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

1,205.7
1,242.8
1,375.2
1,497.4
1,515.4
1,631.0
3,338.5
4,752.8
5,135.6
5,058.3
5,181.2
5,025.2
5,040.8
4,939.1
4,957.2
4,942.8
4,920.3
4,899.1
4,922.6
4,977.5
4,989.0
5,058.3
4,957.5

Savings deposits
(including MMDAs)

Small-denomination
time deposits 1

At
thrift
institutions

Total

At
commercial
banks

At
thrift
institutions

1,076.8
1,143.3
1,258.9
1,297.7
1,331.1
1,331.8
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

523.6
425.6
368.8
433.7
556.9
607.7
253.0
87.8
384.4
1,080.0
129.2
528.3
615.8
720.8
801.3
864.7
911.0
954.7
989.1
1,017.6
1,052.8
1,080.0
1,097.8

391.6
315.2
267.1
322.0
448.9
485.4
201.7
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

132.0
110.4
101.6
111.7
108.0
122.3
51.2
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

Total

At
commercial
banks

At
thrift
institutions

Total

At
commercial
banks

484.6
514.8
546.9
594.2
630.9
678.0
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

265.1
276.3
288.2
306.6
334.8
371.1
���������������
���������������
���������������
���������������
���������������
���������������
���������������
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���������������
���������������
���������������
���������������
���������������
���������������

219.5
238.4
258.7
287.6
296.1
307.0
���������������
���������������
���������������
���������������
���������������
���������������
���������������
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���������������
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���������������
���������������
���������������
���������������
���������������
���������������

7,569.3
8,156.1
8,802.7
9,095.1
9,232.6
9,723.6
���������������
���������������
���������������
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���������������
���������������
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���������������
���������������

6,492.5
7,012.8
7,543.7
7,797.3
7,901.5
8,391.8
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���������������
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���������������
���������������
���������������
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���������������

Retail
money
funds

644.7
665.2
696.3
710.3
800.3
968.2
1,034.1
964.2
1,141.1
1,661.7
1,041.9
1,245.5
1,307.3
1,376.9
1,441.8
1,480.8
1,504.4
1,545.1
1,571.0
1,603.8
1,645.8
1,661.7
1,695.0

Institutional
money
funds 2

1,791.7
1,822.8
1,750.1
1,838.2
1,892.6
2,293.6
2,869.3
�����������������
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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

2014: Dec ������������
2015: Dec ������������
2016: Dec ������������
2017: Dec ������������
2018: Dec ������������
2019: Dec ������������
2020: Dec ������������
2021: Dec ������������
2022: Dec ������������
2023: Dec ������������
2023: Jan ������������
      Feb ������������
      Mar �����������
      Apr ������������
      May �����������
      June ����������
      July �����������
      Aug �����������
      Sept ����������
      Oct ������������
      Nov �����������
      Dec ������������
2024: Jan ������������

Total

To satisfy
reserve
balance
requirements 2

That
exceed the
top of the
penalty-free
band

2,606,700
2,419,774
2,031,007
2,244,274
1,691,394
1,630,090
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
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������������������
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90,852
97,981
116,285
135,719
135,698
152,562
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
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������������������
������������������
������������������
������������������
������������������
������������������

2,515,848
2,321,793
1,914,722
2,108,555
1,555,696
1,477,528
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������������������
������������������
������������������
������������������
������������������
������������������
������������������
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Borrowings from the Federal Reserve

Reserve
balance
requirements 3

Vault cash
used to
satisfy
required
reserves

Nonborrowed 4

82,770
89,313
105,944
123,720
123,703
138,984
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������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������

59,236
61,413
64,280
65,549
68,462
68,255
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
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2,665,835
2,481,082
2,095,247
2,309,747
1,759,780
1,698,323
3,076,300
4,149,900
3,090,000
3,358,500
3,014,200
3,006,200
3,043,100
2,939,800
2,928,400
2,974,300
2,906,800
2,971,200
3,017,400
3,104,600
3,250,100
3,358,500
3,346,900

Monetary
base 5

3,934,455
3,835,810
3,531,565
3,850,969
3,400,747
3,426,464
5,206,500
6,413,100
5,406,000
5,827,400
5,329,000
5,321,600
5,571,500
5,593,100
5,569,600
5,608,500
5,517,800
5,559,100
5,567,300
5,601,300
5,731,500
5,827,400
5,843,700

Total 6

102
106
39
75
76
21
58,685
38,082
17,300
133,490
15,719
15,606
215,338
329,662
307,190
291,303
271,937
256,759
222,201
171,891
153,339
133,490
160,073

Primary

Secondary

Seasonal

Term
assetbacked
securities
loan
facility 7

22
38
13
43
18
10
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0
0
0
0
0
0
������������������
������������������
������������������
������������������
������������������
������������������
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������������������
������������������
������������������
������������������
������������������

80
67
25
33
58
11
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0
0
0
0
0
0
��������������������
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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 0.2 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

3,000

3,000
U.S. TREASURY AND
AGENCY SECURITIES

2,000

2,000

1,600

1,600

1,200

1,200

800

800
OTHER SECURITIES

400

400
2016

2017

2018

2019

2020

2021

2022

2023

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

2024

COUNCIL OF ECONOMIC ADVISERS

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

2014: Dec �����������
2015: Dec �����������
2016: Dec �����������
2017: Dec �����������
2018: Dec �����������
2019: Dec �����������
2020: Dec �����������
2021: Dec �����������
2022: Dec �����������
2023: Dec r ���������
2023: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2024: Jan p ���������

Total
bank
credit

10,539.5
11,342.0
12,074.1
12,533.8
13,060.9
13,843.2
15,026.5
16,389.0
17,496.9
17,323.0
17,530.9
17,571.1
17,455.1
17,333.5
17,328.6
17,300.2
17,300.0
17,293.6
17,288.8
17,260.9
17,245.7
17,323.0
17,372.1

Total
securities

2,932.4
3,110.2
3,310.4
3,432.1
3,493.8
3,825.9
4,693.1
5,686.7
5,517.1
5,076.6
5,507.0
5,490.9
5,362.3
5,244.8
5,211.2
5,189.2
5,165.7
5,111.5
5,074.6
5,015.5
4,999.7
5,076.6
5,104.4

U.S.
Treasury
and
agency
securities
2,040.2
2,224.3
2,409.0
2,520.4
2,662.0
2,997.6
3,751.6
4,570.7
4,388.4
4,069.7
4,346.0
4,339.9
4,232.7
4,129.8
4,103.9
4,092.1
4,071.8
4,048.1
4,050.8
4,005.5
3,997.8
4,069.7
4,081.5

Loans and leases in bank credit

Other
securities

892.2
885.9
901.4
911.8
831.8
828.4
941.5
1,115.9
1,128.7
1,006.9
1,161.0
1,151.0
1,129.6
1,115.0
1,107.3
1,097.2
1,094.0
1,063.4
1,023.8
1,010.1
1,001.9
1,006.9
1,022.9

Total
loans
and
leases 3
7,607.1
8,231.8
8,763.7
9,101.7
9,567.1
10,017.3
10,333.4
10,702.3
11,979.7
12,246.4
12,024.0
12,080.2
12,092.8
12,088.7
12,117.4
12,110.9
12,134.3
12,182.1
12,214.2
12,245.4
12,246.0
12,246.4
12,267.7

Commercial
and
industrial
loans
1,773.3
1,953.0
2,083.9
2,103.4
2,301.4
2,355.0
2,590.2
2,473.0
2,807.2
2,768.8
2,814.2
2,807.4
2,795.6
2,775.1
2,769.2
2,764.1
2,763.3
2,764.1
2,765.4
2,779.4
2,768.6
2,768.8
2,762.9

Chart 28 - Feb 2024

Real estate loans
Total 4
3,638.5
3,871.1
4,114.7
4,284.5
4,408.4
4,607.5
4,639.5
4,787.2
5,344.4
5,517.4
5,369.3
5,406.3
5,415.9
5,423.4
5,449.4
5,443.5
5,456.6
5,483.9
5,498.3
5,499.7
5,507.4
5,517.4
5,536.0

Revolving
home equity
loans
458.1
441.1
406.5
382.1
349.5
321.4
282.4
249.2
255.6
253.8
255.6
255.5
254.9
254.8
254.5
253.9
253.1
253.3
253.0
253.6
253.8
253.8
254.3

Commercial
loans
1,605.4
1,781.0
1,962.5
2,085.8
2,182.1
2,317.1
2,403.8
2,526.8
2,866.9
2,954.5
2,878.2
2,900.3
2,899.0
2,895.1
2,908.1
2,919.8
2,930.9
2,942.4
2,945.1
2,946.8
2,952.2
2,954.5
2,963.2

Consumer
loans 5

1,186.5
1,259.0
1,356.0
1,427.4
1,497.4
1,588.6
1,522.9
1,652.0
1,834.0
1,898.3
1,844.7
1,854.9
1,866.3
1,875.1
1,886.1
1,890.2
1,885.6
1,894.9
1,901.2
1,900.9
1,904.8
1,898.3
1,901.7

All other
loans
and
leases 6
1,008.7
1,148.7
1,209.1
1,286.4
1,360.0
1,466.1
1,580.9
1,790.1
1,994.1
2,061.9
1,995.7
2,011.5
2,014.9
2,015.1
2,012.6
2,013.1
2,028.8
2,039.2
2,049.3
2,065.4
2,065.1
2,061.9
2,067.1

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

2014 r ������������������
2015 r ������������������
2016 r ������������������
2017 r ������������������
2018 r ������������������
2019 r ������������������
2020 r ������������������
2021 r ������������������
2022 r ������������������
2023 p ������������������
2021: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2022: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2023: I r ��������������
      II r �������������
      III r ������������
      IV p �����������

Internal 1

3,221.9
3,373.2
3,003.5
2,149.4
3,458.5
4,569.1
2,488.5
3,523.4
3,766.4
3,900.0
3,415.3
3,418.5
3,050.0
4,209.5
4,556.3
3,493.7
3,312.6
3,703.0
3,678.1
3,910.6
3,905.6
4,105.8

1,965.0
1,955.5
1,901.4
1,835.0
2,148.3
2,257.5
2,243.7
2,471.8
2,656.0
2,977.1
2,418.6
2,530.5
2,491.8
2,446.0
2,336.5
2,557.6
2,882.1
2,848.0
2,836.4
2,928.7
3,060.2
3,083.3

Total
net
funds
raised

Total

Net
new
equity
issues

1,256.9
271.7
–268.5
1,417.7
198.4
–446.6
1,102.1
–102.8
–393.3
314.4
126.3
–284.6
1,310.2
–199.3
–569.5
2,311.6
294.0
–341.1
244.8
902.9
–133.4
1,051.6
266.7
–275.1
1,110.4
97.7
–604.6
922.9 ����������������� �����������������
996.7
470.7
–44.9
888.0
101.9
–209.2
558.2
444.1
–237.5
1,763.5
50.0
–609.0
2,219.8
480.2
–579.7
936.1
196.2
–746.0
430.5
–27.8
–544.8
855.0
–258.0
–547.8
841.7
177.3
–491.5
981.9
–93.5
–371.1
845.4 ����������������� �����������������
1,022.5 ����������������� �����������������

Credit market instruments
Total

Securities
and
mortgages

Loans
and
short-term
paper

284.3
513.8
299.1
276.7
245.3
448.6
719.2
288.1
154.2
56.8
485.3
205.7
431.3
29.8
383.7
6.8
163.1
63.5
691.9
144.7
67.8
10.5

227.1
100.7
–33.7
96.6
107.6
150.6
274.1
220.8
527.3
11.6
–0.5
53.9
240.4
589.5
665.2
908.2
353.1
182.5
–77.1
109.9
74.5
–61.1

540.2
645.0
290.5
410.8
370.2
635.1
1036.3
541.8
702.2
286.1
515.6
311.2
681.6
658.9
1,059.9
942.2
517.0
289.8
668.8
277.6
177.9
20.2

Capital
expenditures 3

Total

Other 2

661.4
732.6
813.9
–87.9
1,012.9
1,683.6
–726.0
511.0
338.6
634.9
464.2
649.7
–203.0
1,132.7
1,117.2
–54.8
–206.9
498.9
200.0
695.3
678.7
965.8

2,530.0
3,094.3
2,830.9
2,529.8
2,987.5
4,602.0
2,454.4
3,566.2
3,901.0
3,756.6
3,306.3
2,936.5
4,595.1
3,427.0
5,736.4
4,249.9
3,059.8
2,557.6
2,936.2
3,554.0
4,816.7
3,719.7

1,843.9
1,951.0
1,870.7
1,951.3
2,132.2
2,197.4
2,021.7
2,231.6
2,731.6
2,720.1
2,120.6
2,066.9
2,241.0
2,498.1
2,932.1
2,590.7
2,693.9
2,709.6
2,637.2
2,674.9
2,771.7
2,796.7

Increase
in
financial
assets

686.1
1,143.3
960.2
578.5
855.3
2,404.6
432.7
1,334.6
1,169.4
1,036.5
1,185.7
869.6
2,354.1
928.9
2,804.3
1,659.2
365.9
–152.0
299.0
879.1
2,045.0
923.0

Discrepancy
(sources
less
uses)

580.6
204.7
232.8
–340.4
102.1
–127.0
91.0
128.4
–406.1
–177.7
339.0
762.7
–1,319.0
730.9
–1,468.7
–1,206.4
12.8
1,037.9
706.4
188.9
–1,091.3
–514.9

1 Profits before tax (book) less taxes on corporate income, less net dividends, plus capital consumption allowance (consumption of fixed capital plus capital consumption adjustment), foreign earnings
retained abroad, inventory valuation adjustment, and net capital transfers.
2 Includes trade payables, taxes payable, and miscellaneous liabilities (foreign direct investment in the U.S., pension fund contributions payable, and other).
3 Nonresidential fixed investment plus residential fixed investment, inventory change with inventory valuation adjustment, and nonproduced nonfinancial assets.

Source: Board of Governors of the Federal Reserve System.

Consumer Credit
[Billions of dollars; seasonally adjusted]
Net change in consumer credit outstanding 1

Consumer credit outstanding (end of period)
Period
Total
2014: Dec ������������������������������������������
2015: Dec ������������������������������������������
2016: Dec ������������������������������������������
2017: Dec ������������������������������������������
2018: Dec ������������������������������������������
2019: Dec ������������������������������������������
2020: Dec ������������������������������������������
2021: Dec ������������������������������������������
2022: Dec ������������������������������������������
2023: Dec r ����������������������������������������
2023: Jan ������������������������������������������
      Feb ������������������������������������������
      Mar �����������������������������������������
      Apr ������������������������������������������
      May �����������������������������������������
      June ����������������������������������������
      July �����������������������������������������
      Aug r ����������������������������������������
      Sept r ���������������������������������������
      Oct r �����������������������������������������
      Nov r ����������������������������������������
      Dec r ����������������������������������������
2024: Jan p ����������������������������������������

Nonrevolving 2

Revolving
3,309.5
3,400.2
3,636.4
3,830.8
4,007.0
4,192.2
4,184.9
4,548.5
4,894.0
5,019.7
4,916.1
4,927.2
4,945.9
4,960.3
4,959.4
4,971.6
4,983.1
4,968.0
4,978.3
4,990.4
5,018.8
5,019.7
5,039.2

887.4
898.1
960.1
1,016.8
1,053.8
1,092.0
974.6
1,053.5
1,212.6
1,319.1
1,223.0
1,226.4
1,240.1
1,253.6
1,261.5
1,260.5
1,271.0
1,287.9
1,292.2
1,297.0
1,316.4
1,319.1
1,327.5

2,422.2
2,502.1
2,676.3
2,813.9
2,953.2
3,100.2
3,210.3
3,495.0
3,681.4
3,700.6
3,693.1
3,700.8
3,705.8
3,706.7
3,697.9
3,711.1
3,712.1
3,680.1
3,686.1
3,693.4
3,702.4
3,700.6
3,711.7

Total

Revolving
219.0
90.7
236.2
194.4
176.2
185.2
–7.3
363.6
345.5
125.7
22.1
11.1
18.7
14.4
–.9
12.2
11.5
–15.1
10.3
12.1
28.4
.9
19.5

33.3
10.7
62.0
56.7
37.0
38.2
–117.4
78.9
159.1
106.5
10.4
3.4
13.7
13.5
7.9
–1.0
10.5
16.9
4.3
4.8
19.4
2.7
8.4

Nonrevolving 2
185.9
79.9
174.2
137.6
139.3
147.0
110.1
284.7
186.4
19.2
11.7
7.7
5.0
.9
–8.8
13.2
1.0
–32.0
6.0
7.3
9.0
–1.8
11.1

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
2016

2017

2018

2019

2020

2021

2022

2023

SOURCE: SEE TABLE BELOW

2024

COUNCIL OF ECONOMIC ADVISERS

[Percent per annum]
Chart 30 - Feb 2024

U.S. Treasury security yields
Period

2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2023 ��������������������
2023: Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2024: Jan �����������
      Feb �����������
Week ended:
2024: Feb  10 ������
          17 ������
          24 ������
       Mar 2 ������
           9������

3-month bills
(at auction) 1

Constant maturities 2
3-year

10-year

30-year

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

Corporate
Aaa
bonds
(Moody’s)

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

Prime
rate
charged
by
banks 4

Federal
funds
rate 5

New-home
mortgage
yields
(FHFA) 6

0.03
.06
.33
.94
1.94
2.08
.38
.04
2.04
5.08
4.65
4.72
4.98
5.14
5.20
5.25
5.30
5.32
5.33
5.29
5.26
5.23
5.23

0.90
1.02
1.00
1.58
2.63
1.94
.42
.46
3.05
4.30
4.23
4.09
3.76
3.82
4.27
4.47
4.59
4.74
4.89
4.64
4.19
4.11
4.33

2.54
2.14
1.84
2.33
2.91
2.14
0.89
1.45
2.95
3.96
3.75
3.66
3.46
3.57
3.75
3.90
4.17
4.38
4.80
4.50
4.02
4.06
4.21

3.34
2.84
2.59
2.89
3.11
2.58
1.56
2.06
3.11
4.09
3.80
3.77
3.68
3.86
3.87
3.96
4.28
4.47
4.95
4.66
4.14
4.26
4.38

3.78
3.48
3.07
3.36
3.53
3.38
2.41
2.00
3.85
4.31
4.18
4.19
4.06
4.20
4.14
4.19
4.43
4.58
4.99
4.62
4.09
4.24
4.16

4.16
3.89
3.67
3.74
3.93
3.39
2.47
2.70
4.07
4.81
4.56
4.60
4.47
4.67
4.65
4.66
4.95
5.13
5.61
5.28
4.74
4.87
5.03

0.75
.76
1.01
1.60
2.41
2.78
.64
.25
1.86
5.20
4.75
5.00
5.00
5.25
5.25
5.50
5.50
5.50
5.50
5.50
5.50
5.50
5.50

3.25
3.26
3.51
4.10
4.91
5.28
3.54
3.25
4.86
8.20
7.75
8.00
8.00
8.25
8.25
8.50
8.50
8.50
8.50
8.50
8.50
8.50
8.50

0.09
.13
.39
1.00
1.83
2.16
.37
.08
1.69
5.03
4.57
4.65
4.83
5.06
5.08
5.12
5.33
5.33
5.33
5.33
5.33
5.33
5.33

4.22
4.01
3.76
3.97
4.53
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������

5.24
5.23
5.23
5.26
5.24

4.21
4.37
4.44
4.43
4.31

4.13
4.26
4.30
4.26
4.13

4.34
4.43
4.44
4.39
4.28

4.16
4.19
4.17
4.16
4.16

4.97
5.09
5.07
5.06
4.97

5.50
5.50
5.50
5.50
5.50

8.50
8.50
8.50
8.50
8.50

5.33
5.33
5.33
5.33
5.33

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

1 High bill rate at auction, issue date within period, bank-discount basis. Data are stop yields from uniform-price auctions.
2 Yields on actively traded issues adjusted to constant maturities.
3 Weekly data are Wednesday figures.
4 Average effective rate for year; rate in effect at end of month or week.
5 Beginning March 1, 2016, the daily effective federal funds rate is a volume-weighted median of transaction-level data collected from depository institutions in the Report of Selected Money

Market Rates (FR 2420). Prior to that date, the daily effective rate was a volume-weighted mean of rates on brokered trades.
6 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years.

Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Agency, Moody’s Investors Service, Bloomberg, and Standard & Poor’s.

30

Common Stock Prices and Yields
Stock prices rose in February.
INDEX, DEC. 31, 2002=5,000 (RATIO SCALE)
18,000
16,000

INDEX, DEC. 31, 2002=5,000 (RATIO SCALE)
18,000
16,000

COMPOSITE STOCK PRICE INDEX
(NYSE)

14,000

14,000

12,000

12,000

10,000

10,000

9,000

9,000

8,000

8,000

7,000

7,000

6,000
2015

2016

2018

2017

2019

2020

2021

2022

6,000

2023

PERCENT
20

PERCENT
20
15

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

10

10

5

5

0

0
2016

2017

2018

2019

2020

2022

2021

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

2023

2024

COUNCIL OF ECONOMIC ADVISERS

Common stock yields
(percent) 6

Common stock prices 1

Chart 31 - Feb 2024

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

Period
Composite
2014 ���������������������
2015 ���������������������
2016 ���������������������
2017 ���������������������
2018 ���������������������
2019 ���������������������
2020 ���������������������
2021 ���������������������
2022 ���������������������
2023 ���������������������
2023: Feb ������������
      Mar �����������
      Apr ������������
      May �����������
      June ����������
      July �����������
      Aug �����������
      Sept ����������
      Oct ������������
      Nov �����������
      Dec ������������
2024: Jan ������������
      Feb ������������
Week ended:
2024: Feb  10 �������
          17 �������
          24 �������
       Mar 2 �������
           9�������

Financial

Energy

Health
Care

Dow Jones
industrial
average 3

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

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

Dividend/price
ratio

Earnings/price
ratio

10,653.17
10,676.70
10,380.08
11,843.74
12,647.54
12,864.17
12,634.01
16,243.57
15,463.89
15,675.01
15,827.17
15,069.24
15,507.16
15,230.54
15,560.38
16,105.00
15,980.95
15,786.03
15,149.39
15,647.28
16,524.90
16,801.41
17,341.69

6,448.33
6,559.24
6,124.93
7,509.81
7,963.02
7,982.51
7,230.70
9,716.03
9,067.21
8,906.24
9,336.73
8,529.51
8,597.13
8,479.86
8,720.80
9,143.63
9,008.09
8,921.06
8,482.12
8,892.03
9,636.28
9,826.31
10,042.51

14,598.07
11,332.43
10,204.95
10,699.23
11,440.86
10,016.30
6,528.64
8,385.44
12,005.37
12,997.48
13,063.53
12,330.11
12,973.47
12,150.22
12,291.45
12,780.36
13,296.51
13,876.55
13,599.60
13,237.16
13,132.05
13,056.94
13,166.32

11,195.85
12,718.18
12,182.85
13,366.56
15,054.70
16,162.10
18,045.78
21,801.65
22,796.83
23,108.19
22,720.40
21,999.05
23,315.45
23,074.16
22,990.87
23,288.69
23,719.17
23,446.19
22,900.07
22,960.21
23,733.83
24,765.24
25,897.55

16,773.99
17,590.61
17,908.08
21,741.91
25,045.75
26,378.41
26,906.89
34,009.89
32,911.74
34,140.79
33,648.26
32,483.48
33,731.28
33,316.80
33,904.98
34,777.20
34,880.66
34,318.89
33,319.49
34,704.50
36,947.93
37,763.95
38,720.52

1,930.67
2,061.20
2,092.39
2,448.22
2,744.68
2,912.50
3,218.50
4,266.80
4,100.70
4,284.25
4,079.68
3,968.56
4,121.47
4,146.17
4,345.37
4,508.08
4,457.36
4,409.10
4,269.40
4,460.06
4,685.05
4,804.49
5,011.96

4,374.31
1.94
5.25
4,943.49
2.05
4.59
4,982.49
2.18
4.17
6,231.28
1.97
4.22
7,419.27
1.90
4.66
7,936.85
1.93
4.53
10,192.67
1.89
3.28
14,358.18
1.38
3.79
12,242.17
1.57
4.79
12,965.43
1.62
4.17
11,785.07
1.67 ����������������������������
11,637.09
1.73
4.26
12,073.46
1.67 ����������������������������
12,446.53
1.67 ����������������������������
13,463.78
1.59
4.07
14,033.09
1.54 ����������������������������
13,743.21
1.55 ����������������������������
13,585.84
1.57
4.30
13,199.43
1.62 ����������������������������
13,913.16
1.56 ����������������������������
14,690.47
1.50
4.03
15,081.39 �������������������������� ����������������������������
15,808.94 �������������������������� ����������������������������

17,176.15
17,297.08
17,475.99
17,614.86
17,807.29

9,919.35
9,993.97
10,141.20
10,217.41
10,340.97

13,073.54
13,104.30
13,280.95
13,300.26
13,435.83

25,655.74
25,889.44
26,244.15
26,197.13
26,305.15

38,595.37
38,579.10
38,844.17
39,014.89
38,750.02

4,983.32
5,002.19
5,033.29
5,090.16
5,119.08

15,749.54
15,827.82
15,812.52
16,065.23
16,107.43

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

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

1 Annual data are averages of monthly figures. Monthly and weekly data are averages of daily closing prices.
2 Includes all the stocks (in 2023, over 2,270) listed on the NYSE.
3 Includes 30 stocks.
4 Includes 500 stocks.
5 Includes over 3,400 stocks in 2023.
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 2024, the deficit was $531.9 billion, compared with a deficit of $460.2 billion
a year earlier.
BILLIONS OF DOLLARS
7,600
RECEIPTS AND OUTLAYS1
7,200

BILLIONS OF DOLLARS
7,600
7,200

6,800

6,800

6,400

6,400

6,000

6,000

OUTLAYS1

5,600

5,600

5,200

5,200

4,800

4,800

4,400

4,400

4,000

4,000

3,600

3,600

3,200

3,200

1

RECEIPTS

2,800

2,800

2,400

2,400

2,000
1,600

2,000
1,600

400
0
–400
–800
–1,200
–1,600
–2,000
–2,400
–2,800
–3,200
–3,600
–4,000

400
0
–400
–800
–1,200
–1,600
–2,000
–2,400
–2,800
–3,200
–3,600
–4,000

SURPLUS OR DEFICIT (–)1

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

FISCAL YEARS
1
INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Total
Fiscal year or period
Receipts
2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 ����������������������������������������������������
2012 ����������������������������������������������������
2013 ����������������������������������������������������
2014 ����������������������������������������������������
2015 ����������������������������������������������������
2016 ����������������������������������������������������
2017 ����������������������������������������������������
2018 ����������������������������������������������������
2019 ����������������������������������������������������
2020 ����������������������������������������������������
2021 ����������������������������������������������������
2022 ����������������������������������������������������
2023 1 ��������������������������������������������������
2024 (estimates) ���������������������������������
Cumulative total, first 4 months: 2
Fiscal year 2023 ����������������������������������
Fiscal year 2024 ����������������������������������

Outlays

Chart 32 - Oct 2023

On-budget
Surplus
or
deficit
(–)

Receipts

Outlays

Federal debt
(end of period)

Off-budget
Surplus
or
deficit
(–)

Receipts

Outlays

Surplus
or
deficit
(–)

Gross
Federal

Held by
the public

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
4,047.1
4,897.4
4,439.3
5,027.6

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
6,553.6
6,822.5
6,273.3
6,134.4
6,904.8

–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
–665.5
–779.1
–983.6
–3,132.5
–2,775.4
–1,375.9
–1,695.1
–1,877.2

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
3,094.8
3,831.4
3,245.5
3,820.2

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
5,818.6
5,192.2
4,913.7
5,593.8

–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
–2,723.8
–1,360.7
–1,668.2
–1,773.6

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
1,066.0
1,193.8
1,207.3

402.2
422.1
453.6
474.8
517.0
554.7
498.6
507.6
633.8
706.1
743.1
774.7
801.2
848.6
906.6
955.6
1,003.8
1,081.2
1,220.7
1,310.9

175.3
186.3
181.5
183.3
137.0
77.0
67.2
61.9
39.5
29.5
27.3
35.5
49.4
6.2
7.7
9.8
–51.5
–15.2
–27.0
–103.6

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
28,385.6
30,838.6
32,988.0
33,996.6

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
22,282.8
24,252.4
26,239.5
27,008.3

1,472.8
1,584.9

1,933.0
2,116.8

–460.2
–531.9

1,110.3
1,196.3

1,572.0
1,712.4

–461.7
–516.1

362.6
388.6

361.0
404.3

1.6
–15.7

31,308.9
33,958.0

24,526.1
26,964.6

1 Data for fiscal year 2023 are from Final Monthly Treasury Statement issued October 20, 2023.
2 Data from current issue Monthly Treasury Statement.

Note: Data for fiscal year 2024 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2024, issued July 28, 2023. Other data (except as noted) are from Budget of the United
States Government, Fiscal Year 2024, issued March 9, 2023.
Sources: Department of the Treasury and Office of Management and Budget.

32

Federal Receipts by Source and Outlays by Function
In the first four months of fiscal year 2024, receipts were $112.1 billion higher than a year earlier and outlays were
$183.7 billion higher.
BILLIONS OF DOLLARS
2,800
RECEIPTS1
2,400

BILLIONS OF DOLLARS
2,800
2,400

INDIVIDUAL INCOME TAXES

2,000

2,000
1,600

1,600

1,200

1,200
SOCIAL INSURANCE
AND RETIREMENT RECEIPTS

CORPORATION
INCOME TAXES

800
400
0
6,800
6,400

OTHER RECEIPTS

800
400
0
6,800
6,400

OUTLAYS1

6,000

6,000

5,600

5,600

5,200

5,200

4,800

4,800

4,400

4,400

NONDEFENSE

4,000

4,000

3,600

3,600

3,200

3,200

2,800

2,800

2,400
2,000

2,400
2,000

1,000
800
600
400
200

1,000
800
600
400
200

NATIONAL DEFENSE

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

FISCAL YEARS
1

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

COUNCIL OF ECONOMIC ADVISERS

Chart 33 - Oct 2023

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

Fiscal year or period

Total

Indi- Corporavidual
tion
income income
taxes
taxes

Social
insurance
and
retirement
receipts

On-budget and off-budget outlays
National defense
Other

Total

Total

Depart- Internament
tional
of
affairs
Defense,
military

Health

Medicare

Income Social
Net
security security interest

Other

2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������

2,153.6
2,406.9
2,568.0
2,524.0
2,105.0

927.2
1,043.9
1,163.5
1,145.7
915.3

278.3
353.9
370.2
304.3
138.2

794.1
837.8
869.6
900.2
890.9

154.0
171.2
164.7
173.7
160.5

2,472.0
2,655.1
2,728.7
2,982.5
3,517.7

495.3
521.8
551.3
616.1
661.0

474.1
499.3
528.5
594.6
636.7

34.6
29.5
28.5
28.9
37.5

250.6
252.8
266.4
280.6
334.4

298.6
329.9
375.4
390.8
430.1

345.8
352.4
365.9
431.2
533.1

523.3
548.5
586.2
617.0
683.0

184.0
226.6
237.1
252.8
186.9

339.8
393.5
317.9
365.2
651.7

2010 ����������������������������������������������������
2011 ����������������������������������������������������
2012 ����������������������������������������������������
2013 ����������������������������������������������������
2014 ����������������������������������������������������
2015 ����������������������������������������������������
2016 ����������������������������������������������������
2017 ����������������������������������������������������
2018 ����������������������������������������������������
2019 ����������������������������������������������������
2020 ����������������������������������������������������
2021 ����������������������������������������������������
2022 ����������������������������������������������������
2023 1 ��������������������������������������������������
2024 (estimates) ���������������������������������
Cumulative total, first 4 months: 2
Fiscal year 2023 ����������������������������������
Fiscal year 2024 ����������������������������������

2,162.7
2,303.5
2,450.0
2,775.1
3,021.5
3,249.9
3,268.0
3,316.2
3,329.9
3,463.4
3,421.2
4,047.1
4,897.4
4,439.3
5,027.6

898.5
1,091.5
1,132.2
1,316.4
1,394.6
1,540.8
1,546.1
1,587.1
1,683.5
1,717.9
1,608.7
2,044.4
2,632.1
2,176.5
2,355.2

191.4
181.1
242.3
273.5
320.7
343.8
299.6
297.0
204.7
230.2
211.8
371.8
424.9
419.6
663.6

864.8
818.8
845.3
947.8
1,023.5
1,065.3
1,115.1
1,161.9
1,170.7
1,243.1
1,310.0
1,314.1
1,483.5
1,614.5
1,773.6

207.9
212.1
230.2
237.4
282.7
300.0
307.3
270.1
270.9
272.1
290.7
316.8
356.9
228.8
235.2

3,457.1
3,603.1
3,526.6
3,454.9
3,506.3
3,691.9
3,852.6
3,981.6
4,109.0
4,447.0
6,553.6
6,822.5
6,273.3
6,134.4
6,904.8

693.5
705.6
677.9
633.4
603.5
589.7
593.4
598.7
631.1
686.0
724.6
753.9
765.8
820.7
897.0

666.7
678.1
650.9
607.8
577.9
562.5
565.4
568.9
600.7
654.0
690.4
717.6
726.6
775.9
848.6

45.2
45.7
36.8
46.5
46.9
52.0
45.3
46.3
49.0
52.7
67.7
46.9
71.7
69.3
70.8

369.1
372.5
346.8
358.3
409.5
482.3
511.3
533.2
551.2
584.8
747.6
796.5
914.1
889.3
877.0

451.6
485.7
471.8
497.8
511.7
546.2
594.5
597.3
588.7
651.0
776.2
696.5
755.1
847.5
853.5

622.1
597.3
541.2
536.4
513.6
508.8
514.1
503.4
495.3
514.8
1,263.6
1,647.7
866.1
774.2
974.1

706.7
730.8
773.3
813.6
850.5
887.8
916.1
944.9
987.8
1,044.4
1,095.8
1,134.6
1,218.7
1,354.3
1,456.7

196.2
230.0
220.4
220.9
229.0
223.2
240.0
262.6
325.0
375.2
345.5
352.3
475.9
659.2
800.3

372.6
435.7
458.4
348.0
341.7
402.0
437.9
495.3
480.9
538.1
1,532.6
1,394.1
1,206.0
719.9
975.3

1,472.8
1,584.9

766.9
807.6

126.2
169.6

504.3
533.7

75.5
74.0

1,933.0
2,116.8

264.4
298.0

250.6
282.8

20.4
22.6

294.2
293.0

221.5
250.9

256.8
183.6

426.4
471.3

194.1
283.3

255.3
313.9

1 Data for fiscal year 2023 are from Final Monthly Treasury Statement issued October 20, 2023.
2 Data from current issue Monthly Treasury Statement. Data for Department of Defense, military, include a small amount that is classified and listed under international affairs, and not included in
national defense.

Note: Data for fiscal year 2024 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2024, issued July 28, 2023. Other data (except as noted) are from Budget of the United
States Government, Fiscal Year 2024, issued March 9, 2023.
Sources: Department of the Treasury and Office of Management and Budget.

33

Federal Sector, National Income Accounts Basis
In the fourth quarter of 2023, according to revised estimates, Federal current expenditures rose $32.3 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
2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Chart 34 - Feb 2024

Federal Government current receipts

Federal Government current expenditures

Current tax receipts

Period

Total

Total 1

Calendar year:
2014 ������������� 3,294.4
1,900.5
2015 ������������� 3,448.4
2,025.7
2016 ������������� 3,460.7
2,021.1
2017 ������������� 3,503.7
1,999.8
2018 ������������� 3,583.1
2,028.4
2019 ������������� 3,704.2
2,113.2
2020 ������������� 3,775.2
2,158.2
2021 ������������� 4,388.6
2,638.9
2022 ������������� 4,976.3
3,102.3
2023 r ����������� ������������ ��������������
2021: I ��������������� 4,123.3
2,456.9
      II �������������� 4,333.0
2,612.7
      III ������������� 4,470.7
2,693.3
      IV ������������� 4,627.6
2,792.6
2022: I ��������������� 4,954.1
3,071.6
      II �������������� 5,025.0
3,128.4
      III ������������� 4,991.7
3,131.1
      IV ������������� 4,934.5
3,077.9
2023: I ��������������� 4,651.1
2,781.1
      II �������������� 4,680.6
2,788.7
r
      III ����������� 4,736.3
2,812.7
      IV r ����������� ������������ ��������������

Contributions
for
Income
Taxes
govern- receipts
Taxes
Personal
on
ment
on
on
current production corporate
social
assets
taxes
and
insurincome
imports
ance
1,403.7
1,532.6
1,547.9
1,613.1
1,614.3
1,701.3
1,753.5
2,149.3
2,505.4
2,189.3
2,013.4
2,118.4
2,200.0
2,265.3
2,506.9
2,502.6
2,521.9
2,490.1
2,181.0
2,175.1
2,188.7
2,212.6

136.7
339.6
141.9
329.1
137.3
311.9
131.4
230.3
163.5
225.0
174.9
210.5
155.3
221.8
178.6
279.9
194.2
368.9
173.4 ��������������
160.9
252.3
180.5
283.6
182.1
279.8
191.0
303.9
200.9
329.8
202.8
388.8
192.2
383.6
180.9
373.6
177.0
388.6
175.4
403.3
171.6
418.0
169.6 ��������������

1,140.1
1,190.8
1,224.4
1,284.3
1,346.6
1,409.3
1,434.6
1,541.1
1,685.0
1,789.4
1,484.6
1,519.7
1,556.8
1,603.4
1,645.9
1,667.8
1,709.6
1,716.7
1,758.5
1,778.7
1,801.4
1,818.9

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

172.7
161.2
140.7
138.9
121.7
110.0
118.6
139.9
114.8
48.8
108.1
134.0
154.2
163.2
170.5
149.3
82.9
56.5
43.0
41.9
47.3
62.9

Current
transfer
receipts

85.8
71.6
73.8
77.6
83.0
70.4
58.5
60.4
66.7
72.3
65.7
58.1
57.7
60.0
58.1
71.9
60.7
75.9
60.6
63.3
67.1
98.2

Current
surplus of
government
enterprises

–4.6
–.9
.7
3.1
3.3
1.3
5.3
8.4
7.6
7.8
8.0
8.5
8.6
8.4
8.0
7.6
7.4
7.5
7.8
8.0
7.8
7.5

Total

3,888.4
4,005.8
4,128.0
4,240.5
4,489.5
4,748.6
6,669.6
7,128.6
6,038.5
6,376.1
8,171.3
7,603.7
6,660.1
6,079.1
5,928.4
5,985.5
6,064.4
6,175.7
6,324.8
6,346.3
6,400.4
6,432.7

ConCurrent
sumption transfer Interest Subsidies
expendipaypayments
tures
ments 2

950.3
951.7
962.3
978.5
1,034.4
1,089.7
1,158.6
1,216.4
1,229.0
1,329.1
1,241.0
1,215.5
1,196.2
1,212.7
1,206.3
1,209.4
1,232.4
1,267.9
1,303.0
1,307.2
1,346.3
1,359.9

2,441.5
2,568.1
2,650.1
2,726.0
2,851.7
3,009.1
4,333.4
4,858.0
3,957.0
3,998.9
6,009.8
5,133.3
4,327.8
3,961.1
3,935.2
3,962.8
3,960.5
3,969.6
4,047.3
4,030.4
3,970.5
3,947.5

439.1
429.3
454.3
476.7
540.6
577.4
521.4
574.6
725.7
947.6
535.0
562.2
588.9
612.2
635.6
683.8
753.8
829.6
873.8
909.6
981.3
1,025.8

Net
Federal
Government
saving

57.6
–594.0
56.7
–557.4
61.2
–667.3
59.3
–736.8
62.7
–906.4
72.4
–1,044.4
656.2
–2,894.4
479.6
–2,739.9
126.8
–1,062.2
100.5 ����������������
385.5
–4,048.0
692.7
–3,270.7
547.1
–2,189.4
293.2
–1,451.6
151.4
–974.4
129.5
–960.5
117.7
–1,072.7
108.6
–1,241.2
100.7
–1,673.7
99.2
–1,665.7
102.4
–1,664.1
99.5 ����������������

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

2014 r �������������
102.3
97.0
98.1
96.0
95.4
93.5
95.1
236.736
216.4
121.1
2015 r �������������
100.9
96.6
97.1
97.3
96.2
94.5
99.6
237.017
218.8
122.1
2016 r �������������
98.7
96.4
97.2
97.7
96.9
96.4
99.6
240.007
222.0
121.9
2017 ���������������
100.0
100.0
100.0
100.0
100.0
100.0
100.0
245.120
225.5
122.5
r
2018 �������������
103.2
103.4
100.6
100.7
101.0
100.9
103.1
251.107
230.6
123.7
2019 r �������������
102.4
103.3
98.2
101.3
97.7
99.7
104.9
255.657
235.1
124.3
2020 r �������������
95.1
95.3
87.5
90.3
88.3
88.7
107.3
258.811
236.8
124.3
r
2021 �������������
99.2
100.0
92.6
95.1
92.4
99.1
103.2
270.970
244.8
124.0
r
2022 �������������
102.6
103.9
92.6
95.1
91.7
99.5
99.6
292.655
261.5
127.1
2023 r �������������
102.8
103.8
91.4
95.5
90.2
97.0
99.3
304.702
271.6
131.2
r
2022: Dec ����
101.5
102.5
92.1
95.6
90.6
98.8
98.7
296.797
264.7
129.4
2023: Jan r ����
102.5
103.5
88.5
94.4
92.4
98.2
98.6
299.170
266.1
130.1
      Feb r ����
102.6
104.0
91.7
95.8
94.2
98.1
98.5
300.840
267.1
129.3
r
      Mar ���
102.7
104.4
92.0
94.4
92.0
97.6
99.2
301.836
268.5
129.8
r
      Apr ����
103.2
104.3
92.6
95.0
91.7
95.6
99.4
303.363
270.4
130.6
      May r ���
102.9
104.0
90.6
96.2
91.6
97.1
98.5
304.127
271.5
130.6
      June r ��
102.3
104.1
92.8
95.7
90.3
97.6
101.1
305.109
271.8
130.8
r
      July ���
103.2
103.7
91.1
95.6
89.3
96.7
100.1
305.691
273.4
131.4
r
      Aug ����
103.1
103.4
90.5
95.9
89.2
96.9
99.8
307.026
274.4
131.6
      Sept r ���
103.2
103.1
91.0
95.7
88.2
96.9
99.7
307.789
274.1
132.0
      Oct r �����
102.4
103.2
92.1
95.2
88.2
96.8
98.3
307.671
274.2
133.1
r
      Nov ����
102.7
104.4
91.3
95.8
88.3
95.6
98.8
307.051
274.6
132.9
p
      Dec ���
102.7
104.1
92.6
96.1
86.7
96.6
99.3
306.746
273.7
132.7
2024: Jan p ����
102.6 ���������������
85.7
95.1
87.3 ��������������� ���������������
308.417
273.7
132.9
p
      Feb ���� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������

Germany

197.2
197.3
197.7
199.7
203.4
205.7
206.7
210.0
221.0
231.8
225.3
226.1
228.5
230.5
231.9
231.7
232.2
232.3
234.6
233.4
233.7
233.3
233.6
233.2
235.1

Italy

176.6
177.6
178.4
181.1
184.3
186.9
187.9
193.7
207.0
219.3
212.7
214.8
216.5
218.1
219.1
218.9
219.5
220.0
220.8
221.3
221.3
220.4
220.6
221.0
221.9

United
Kingdom

307.9
300.8
308.0
303.8
307.7
309.1
311.5
320.1
315.0
330.8
317.0
339.3
316.5
344.4
322.5
358.3
348.9
399.9
368.5
438.6
366.7
423.4
367.0
423.3
367.6
428.2
366.0
431.4
367.6
438.0
368.8
440.9
368.8
442.2
368.8
439.6
370.0
442.5
370.7
444.6
370.0
443.9
368.2
443.3
368.8
445.3
370.0
444.1
370.4 �����������������

1 Data relate to all urban consumers.

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

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

2014 ���������������
2015 ���������������
2016 ���������������
2017 ���������������
2018 ���������������
2019 ���������������
2020 ���������������
2021 ���������������
2022 ���������������
2023 r �������������
2023: Jan r ����
      Feb r ����
      Mar r ���
      Apr r ����
      May r ���
      June r ��
      July r ���
      Aug r ����
      Sept r ���
      Oct r �����
      Nov r ����
      Dec r ����
2024: Jan p ����

BOP
basis

1,635.6
1,511.4
1,457.4
1,557.0
1,676.9
1,655.1
1,433.9
1,765.9
2,089.9
2,052.7
177.8
171.8
176.2
167.0
164.9
164.7
168.2
171.1
176.5
173.5
169.3
171.6
171.8

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 beverand
ages materials
1,621.9
1,503.3
1,451.5
1,547.2
1,665.8
1,645.9
1,430.0
1,757.8
2,065.2
2,020.6
175.6
169.0
172.8
163.3
162.3
162.3
165.1
168.7
173.6
171.0
166.8
170.1
170.3

143.7
127.7
130.5
132.8
133.1
131.0
139.3
164.5
179.9
162.4
14.9
15.1
14.3
14.3
12.4
12.4
12.3
12.3
13.8
13.5
13.3
13.9
13.7

505.8
427.0
397.3
465.2
541.2
529.5
466.5
637.6
830.8
728.1
64.8
61.7
64.7
58.4
57.0
56.3
57.6
60.3
61.9
63.0
59.5
62.9
61.3

159.8
151.9
150.4
157.9
158.8
163.1
129.4
146.4
159.7
179.0
15.6
13.6
14.2
14.1
15.2
15.1
16.8
15.4
16.0
15.0
14.2
13.7
15.1

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
551.5
539.5
519.7
533.4
563.2
550.5
463.2
521.2
572.7
601.2
49.8
49.1
49.5
49.1
49.0
49.8
49.9
50.9
51.0
51.1
51.2
50.9
51.5

Services
(BOP basis)

Goods: Imports (customs value)

199.0
197.7
193.7
197.7
206.0
205.6
175.0
222.3
245.7
260.4
23.5
22.4
22.5
20.8
21.6
21.2
21.3
22.3
22.9
20.8
20.3
21.0
21.6

BOP
basis

2,385.5
2,273.2
2,207.2
2,356.3
2,555.7
2,512.4
2,346.7
2,849.4
3,272.9
3,112.3
268.0
262.2
257.3
262.6
255.5
252.3
257.5
255.3
262.2
262.6
256.5
260.3
263.4

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 beverand
ages materials
2,356.4
2,248.8
2,186.8
2,339.6
2,536.1
2,491.7
2,331.5
2,828.9
3,242.5
3,084.1
265.5
259.7
254.7
260.2
253.4
250.3
255.4
252.9
259.9
260.1
254.2
257.9
260.8

125.9
127.8
130.0
137.8
147.3
150.5
154.3
182.1
208.3
200.3
17.4
17.0
16.8
16.3
15.8
16.2
16.8
16.7
16.6
16.8
16.9
16.9
17.0

667.0
486.0
443.3
507.0
574.6
520.6
478.7
649.1
808.7
677.8
60.3
59.6
57.5
59.5
56.2
53.8
52.3
55.0
56.2
56.0
55.1
56.3
54.9

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
594.1
602.5
589.7
639.8
690.9
674.8
643.4
760.0
863.7
857.2
72.4
72.8
70.5
70.7
71.5
69.3
71.5
69.7
71.3
73.1
72.3
71.9
75.0

328.6
349.2
349.9
358.2
371.1
374.5
309.2
345.7
398.9
458.4
37.9
36.2
35.1
37.1
37.3
38.6
39.4
38.6
40.5
39.5
39.3
38.9
40.9

557.1
594.2
583.1
601.4
645.4
653.0
639.6
767.4
841.6
760.9
66.8
62.9
64.2
66.0
61.2
61.7
64.2
62.3
64.3
64.1
59.9
63.3
62.2

757.1
769.4
783.4
837.5
865.5
891.2
726.3
801.1
928.5
999.1
80.4
80.9
81.5
82.6
83.5
83.5
83.5
84.3
84.5
84.4
84.7
85.2
85.4

Goods

Ser- Goods
and
vices services

491.1 –734.5 –749.9 266.0
498.3 –745.5 –761.9 271.1
513.1 –735.3 –749.8 270.3
555.1 –792.4 –799.3 282.4
565.4 –870.4 –878.7 300.2
593.3 –845.8 –857.3 297.9
466.3 –901.5 –912.9 260.0
559.2 –1,071.1 –1,083.5 241.9
696.7 –1,177.4 –1,183.0 231.8
719.3 –1,063.4 –1,059.6 279.8
60.5
–89.9
–90.2 19.9
60.6
–90.6
–90.4 20.3
60.0
–81.9
–81.1 21.5
59.2
–96.9
–95.6 23.4
59.1
–91.0
–90.6 24.4
59.4
–88.0
–87.7 24.1
59.2
–90.4
–89.3 24.4
59.1
–84.2
–84.1 25.2
60.7
–86.3
–85.7 23.8
60.5
–89.1
–89.1 23.9
60.2
–87.3
–87.2 24.5
60.8
–87.8
–88.6 24.5
61.3
–90.5
–91.6 24.2

–484.0
–490.8
–479.5
–516.9
–578.6
–559.4
–652.9
–841.6
–951.2
–779.8
–70.3
–70.1
–59.6
–72.2
–66.2
–63.5
–65.0
–58.9
–61.9
–65.2
–62.7
–64.2
–67.4

1 Total includes ‘‘other’’ exports or imports, not shown separately.

Note: BOP refers to balance of payments on international transactions basis. BOP data shown here are consistent with figures shown on pp. 36 and 37.
Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis).

35

U.S. International Transactions
In the third quarter of 2023, the current account deficit narrowed to $200.3 billion from $216.8 billion in the second
quarter. The goods and services deficit fell to $184.7 billion from $203.8 billion in the second quarter.
BILLIONS OF DOLLARS
80

BILLIONS OF DOLLARS
80

SEASONALLY ADJUSTED

60

60
40

40

BALANCE ON
PRIMARY INCOME

20

20
0

0

–20

–20
–40

–40

BALANCE ON
SECONDARY INCOME

–60

–60
BALANCE ON
CURRENT ACCOUNT

–80

–80

–100

–100

–120

–120

–140

–140

–160

–160

BALANCE ON
GOODS AND SERVICES

–180

–180

–200

–200

–220

–220

–240

–240

–260

–260

–280

–280

–300

–300
–320

–320
2014

2015

2017

2016

2018

2019

2020

2021

SOURCE: DEPARTMENT OF COMMERCE

2022

2023

COUNCIL OF ECONOMIC ADVISERS

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

2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2021: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2022: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2023: I ����������������
      II ���������������
      III p ������������

Services
Balance
on
goods

Exports

Imports

1,593,708
1,635,563
1,511,381
1,457,393
1,557,003
1,676,913
1,655,098
1,433,852
1,765,884
2,089,925
412,953
433,608
441,989
477,335
490,438
534,973
546,789
517,725
526,548
497,270
516,414

2,294,247
–700,539
2,385,480
–749,917
2,273,249
–761,868
2,207,195
–749,801
2,356,345
–799,343
2,555,662
–878,749
2,512,358
–857,260
2,346,727
–912,875
2,849,395 –1,083,511
3,272,935 –1,183,010
673,259
–260,306
700,001
–266,393
713,752
–271,763
762,383
–285,048
823,225
–332,786
843,880
–308,907
813,966
–267,176
791,865
–274,140
789,815
–263,268
772,770
–275,500
777,367
–260,953

Exports
719,413
757,051
769,397
783,431
837,474
865,549
891,177
726,296
801,143
928,530
188,791
195,434
202,751
214,166
220,887
231,489
235,318
240,836
242,671
249,525
252,187

Imports
465,736
491,086
498,305
513,088
555,070
565,395
593,313
466,301
559,205
696,707
121,628
132,150
148,914
156,513
164,101
173,524
178,855
180,228
181,201
177,824
175,971

Balance
on
services
253,678
265,965
271,092
270,343
282,404
300,155
297,865
259,995
241,938
231,822
67,163
63,285
53,837
57,653
56,787
57,965
56,463
60,608
61,470
71,701
76,216

Balance
on
goods
and
services
–446,861
–483,952
–490,776
–479,458
–516,939
–578,594
–559,395
–652,881
–841,573
–951,188
–193,144
–203,109
–217,926
–227,395
–276,000
–250,942
–210,713
–213,532
–201,798
–203,799
–184,737

Chart 36 - Dec 2023

Primary income receipts and payments
Receipts
811,501
845,858
824,929
857,240
995,442
1,102,964
1,139,310
957,891
1,077,227
1,217,853
264,323
264,149
272,509
276,246
280,000
298,649
312,696
326,508
339,004
350,315
362,114

Payments
616,041
645,623
639,724
660,798
737,501
847,689
891,911
776,923
927,297
1,069,300
215,123
229,940
240,627
241,607
251,196
256,486
273,204
288,414
307,558
318,070
332,107

Balance
on
primary
income
195,460
200,235
185,205
196,442
257,942
255,275
247,400
180,968
149,930
148,553
49,199
34,209
31,882
34,639
28,804
42,163
39,492
38,094
31,446
32,245
30,007

Balance
on
secondary
Income 3
–88,115
–86,339
–102,882
–113,199
–108,618
–116,530
–129,756
–125,227
–139,802
–168,960
–31,605
–31,319
–40,682
–36,195
–36,704
–40,005
–51,536
–40,716
–44,120
–45,251
–45,574

Balance
on
current
account
–339,516
–370,056
–408,453
–396,216
–367,616
–439,849
–441,751
–597,140
–831,445
–971,595
–175,550
–200,219
–226,725
–228,951
–283,899
–248,784
–222,757
–216,154
–214,472
–216,805
–200,304

Current
account
balance
as a
percentage
of GDP
–2.0
–2.1
–2.2
–2.1
–1.9
–2.1
–2.1
–2.8
–3.5
–3.8
–3.1
–3.4
–3.8
–3.7
–4.5
–3.9
–3.4
–3.3
–3.2
–3.2
–2.9

1 Current and capital account statistics in the international transactions accounts differ slightly from statistics in the National Income and Product Accounts (NIPAs) because of adjustments made to
convert the international statistics to national accounting concepts. A reconciliation can be found in NIPA table 4.3B.
2 Adjusted from Census data to align with concepts and definitions used to prepare the international and national economic accounts. The adjustments are necessary to supplement coverage of
Census data, to eliminate duplication of transactions recorded elsewhere in the international accounts, to value transactions according to a standard definition, and for earlier years, to record transactions in the appropriate period.
3 Includes U.S. government and private transfers, such as U.S. government grants and pensions, fines and penalties, withholding taxes, personal transfers, insurance-related transfers, and other
current transfers.
See p. 37 for continuation of table.

36

U.S. International Transactions—Continued
In the financial account, U.S. net borrowing was $138.6 billion in the third quarter of 2023, resulting from a net
increase in U.S. financial assets of $323.4 billion plus a net increase in financial derivatives of $1.1 billion, less a net
increase in U.S. liabilities of $463.0 billion. U.S. net borrowing was down from $140.4 billion in the second quarter.
BILLIONS OF DOLLARS
1,100

BILLIONS OF DOLLARS
1,100

SEASONALLY ADJUSTED

1,000

1,000

900

900

800

800

700

700

600

600

500

500
CHANGE IN
U.S. LIABILITIES

400

400

300

300

200

200

100

100

0

0

CHANGE IN
U.S. ASSETS ABROAD1

–100

–100

–200

–200

–300

–300

–400

–400

2015

2014

2016

2017

2018

2019

2020

2021

2022

2023

1

INCLUDES FINANCIAL DERIVATIVES, NET, BEGINNING 2006.
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted]
Chart 37 - Dec 2023

Financial account

Period

Balance
on
capital
account 1

Net U.S. acquisition of financial assets excluding
financial derivatives
[net increase in assets / financial outflow (+)]

Total

2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2021: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2022: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2023: I ����������������
      II ���������������
      III p ������������

Direct
investment
assets

Portfolio
investment
assets

Other
investment
assets

–6,559
626,189 392,796 457,734 –221,242
–6,535
865,694 387,528 581,668 –99,920
–7,940
144,104 302,072 107,154 –258,831
–6,606
336,438 299,814
37,489
–2,955
12,394 1,161,984 409,413 540,728 213,533
–4,261
429,710 –130,720 381,863 173,578
–6,456
315,580 114,924 –11,453 207,450
–5,610
959,138 286,663 406,368 257,133
–2,511 1,242,954 394,069 711,511
23,381
–4,603
840,582 426,251 372,494
36,023
–2,729
455,994
85,464 337,324
35,307
–869
252,456 133,861 175,898 –57,781
3,001
473,479
95,865 303,444 –38,432
–1,914
61,024
78,879 –105,155
84,287
–2,048
397,478 146,201 191,963
58,381
–3,292
367,359
99,520 239,508
27,150
4,158
336,063
74,788 271,824 –11,346
–3,421 –260,318 105,743 –330,802 –38,162
–5,913
208,346 108,734
8,109
90,725
–2,737
201,852
86,516
38,966
76,098
–2,106
323,357 101,614
47,181 174,163

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

Reserve
assets 4

Total

–3,099
–3,583
–6,292
2,090
–1,690
4,989
4,659
8,974
113,993
5,814
–2,100
477
112,603
3,013
932
1,181
797
2,903
778
272
400

1,052,068
1,109,443
503,468
706,693
1,559,219
712,178
832,266
1,622,963
1,992,760
1,564,676
632,398
465,779
679,479
215,103
672,370
454,494
518,520
–80,707
556,677
337,499
463,018

Direct
investment
liabilities

Portfolio
investment
liabilities

Other
investment
liabilities

288,131
251,857
511,434
474,388
380,823
214,716
315,983
138,364
493,086
388,078
59,130
133,256
174,252
126,448
126,531
73,273
121,427
66,847
112,094
111,530
80,841

511,987
697,607
213,910
231,265
790,810
303,075
233,469
946,560
614,250
810,154
393,559
160,388
191,447
–131,143
264,362
384,377
262,475
–101,060
299,510
402,487
193,074

251,949
159,979
–221,876
1,040
387,586
194,387
282,814
538,038
885,424
366,445
179,710
172,136
313,780
219,798
281,476
–3,155
134,618
–46,494
145,073
–176,518
189,102

Financial
derivatives
other
than
reserves,
net transactions
2,222
–54,335
–27,035
7,827
23,998
–20,404
–41,670
–5,107
–39,028
–80,698
–2,216
–7,319
–6,796
–22,697
6,102
–45,911
–33,940
–6,949
–1,727
–4,741
1,068

Net lending
(+)
Statistical
or net
discrepancy
borrowing (–)
from financial
account
transactions 5
–423,657
–298,084
–386,400
–362,427
–373,237
–302,872
–558,356
–668,932
–788,834
–804,792
–178,620
–220,643
–212,796
–176,776
–268,790
–133,046
–216,396
–186,560
–350,058
–140,388
–138,592

–77,582
78,506
29,993
40,394
–18,016
141,238
–110,149
–66,182
45,122
171,406
–341
–19,555
10,928
54,089
17,158
119,030
2,203
33,015
–129,673
79,154
63,818

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

144,575
130,090
117,581
117,332
123,313
125,798
129,479
144,890
251,238
243,758
139,048
140,185
250,080
251,238
248,224
238,575
230,153
243,758
246,990
244,008
240,990

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

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

37

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

11
12
13
14
15
15
16

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

22
23
24
24
25

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

26
27
27
28
29
29
30
31

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

38