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118th Congress, 1st Session

Economic Indicators
JANUARY 2023
(Includes data available as of February 8, 2023)

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

UNITED STATES
GOVERNMENT PUBLISHING OFFICE
WASHINGTON : 2023

JOINT ECONOMIC COMMITTEE

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

Senate

House of Representatives

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

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

ii

TOTAL OUTPUT, INCOME, AND SPENDING
Gross Domestic Product
In the fourth quarter of 2022, according to advance estimates, real gross domestic product (GDP) in chained
(2012) dollars rose 2.9 percent (annual rate), current dollar GDP rose 6.5 percent, and the chained price index rose
3.5 percent.
BILLIONS OF DOLLARS (RATIO SCALE)

BILLIONS OF DOLLARS (RATIO SCALE)
26,800

26,800

SEASONALLY ADJUSTED ANNUAL RATES

26,000

26,000

25,200

25,200

24,400

24,400

23,600

23,600

22,800

22,800

22,000

22,000

21,200

21,200
20,400

20,400
GDP
IN CURRENT DOLLARS

19,600

19,600

18,800

18,800

18,000

18,000
GDP
IN CHAINED (2012) DOLLARS

17,200

17,200

16,400

16,400

15,600

15,600
14,800

14,800
2013

2014

2015

2016

2017

2018

2019

2020

SOURCE: DEPARTMENT OF COMMERCE

2021

2022

COUNCIL OF ECONOMIC ADVISERS

[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Chart 1 - Jan 2023

Period

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

Gross
domestic
product

16,843.2
17,550.7
18,206.0
18,695.1
19,477.3
20,533.1
21,381.0
21,060.5
23,315.1
25,461.3
21,538.0
19,636.7
21,362.4
21,704.7
22,313.9
23,046.9
23,550.4
24,349.1
24,740.5
25,248.5
25,723.9
26,132.5

Personal
consumption
expenditures

Gross
private
domestic
investment

11,363.5
11,847.7
12,263.5
12,693.3
13,233.6
13,905.0
14,392.7
14,116.2
15,902.6
17,362.5
14,440.2
13,049.8
14,388.7
14,586.0
15,131.5
15,813.5
16,147.3
16,518.0
16,874.8
17,261.3
17,542.7
17,771.3

2,826.0
3,044.2
3,237.2
3,205.0
3,385.6
3,642.4
3,807.1
3,642.9
4,113.5
4,625.1
3,737.6
3,161.4
3,743.3
3,929.4
3,902.3
3,943.4
4,109.1
4,499.2
4,671.0
4,609.9
4,579.1
4,640.4

Exports and imports of
goods and services
Net
exports
–479.4
–510.0
–526.2
–506.3
–536.7
–593.1
–578.8
–627.5
–861.7
–972.6
–522.7
–526.3
–692.4
–768.6
–808.6
–834.4
–889.1
–914.7
–1,116.7
–1,035.6
–890.8
–847.2

Government consumption expenditures
and gross investment
Federal

Exports

2,287.0
2,377.4
2,268.7
2,232.1
2,388.3
2,538.1
2,538.5
2,148.6
2,539.6
2,980.7
2,412.7
1,817.5
2,106.6
2,257.8
2,369.1
2,503.1
2,553.3
2,733.0
2,811.2
3,038.8
3,065.0
3,007.8

Imports

2,766.4
2,887.4
2,794.9
2,738.4
2,925.0
3,131.2
3,117.2
2,776.1
3,401.4
3,953.3
2,935.4
2,343.7
2,799.0
3,026.4
3,177.7
3,337.5
3,442.5
3,647.7
3,927.9
4,074.4
3,955.8
3,855.0

Total

3,133.0
3,168.8
3,231.6
3,303.1
3,394.8
3,578.8
3,759.9
3,928.9
4,160.7
4,446.3
3,883.0
3,951.8
3,922.9
3,957.8
4,088.7
4,124.4
4,183.1
4,246.7
4,311.4
4,412.8
4,493.0
4,568.0

Total
1,227.2
1,216.0
1,221.8
1,234.5
1,262.4
1,337.9
1,415.4
1,520.6
1,609.2
1,646.7
1,455.6
1,560.0
1,525.3
1,541.3
1,620.3
1,608.0
1,595.5
1,612.8
1,613.1
1,622.7
1,657.1
1,693.9

National
defense

Nondefense

764.2
743.4
729.7
727.9
746.1
792.3
847.8
882.4
904.0
925.0
869.0
870.6
879.9
910.3
900.7
904.3
906.8
904.4
898.7
918.3
935.3
947.5

462.9
472.6
492.0
506.6
516.3
545.6
567.6
638.1
705.1
721.7
586.6
689.4
645.4
631.0
719.6
703.7
688.8
708.4
714.4
704.4
721.8
746.4

State
and
local
1,905.9
1,952.8
2,009.8
2,068.5
2,132.4
2,240.8
2,344.5
2,408.3
2,551.6
2,799.6
2,427.4
2,391.8
2,397.6
2,416.5
2,468.4
2,516.4
2,587.6
2,633.9
2,698.2
2,790.0
2,836.0
2,874.1

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

16,738.7
17,466.7
18,069.2
18,658.8
19,445.1
20,474.0
21,308.2
21,116.3
23,334.2
25,302.8
21,551.7
19,934.3
21,325.6
21,653.6
22,415.6
23,206.4
23,605.6
24,109.1
24,483.1
25,103.1
25,653.0
25,971.9

17,322.6
17,073.5
18,060.7
17,785.9
18,732.2
18,426.4
19,201.4
18,927.1
20,014.1
19,770.3
21,126.1
20,823.4
21,959.8
21,659.0
21,688.0
21,257.4
24,176.8
23,488.2
26,433.9 �����������������
22,060.8
21,794.0
20,163.0
19,806.0
22,054.8
21,562.4
22,473.3
21,867.4
23,122.5
22,511.2
23,881.3
23,192.7
24,439.6
23,718.3
25,263.8
24,530.6
25,857.2
24,929.2
26,284.0
25,456.4
26,614.8
25,885.4
26,979.7 �����������������

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

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

1

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

Period

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

Gross private
domestic investment
Personal
Gross
conChange
domestic sumption Nonresi- Resiin
product expendi- dential dential
fixed
fixed
private
tures
investinvestinvenment
ment
tories
16,553.3
16,932.1
17,390.3
17,680.3
18,076.7
18,609.1
19,036.1
18,509.1
19,609.8
20,018.0
18,989.9
17,378.7
18,743.7
18,924.3
19,216.2
19,544.2
19,672.6
20,006.2
19,924.1
19,895.3
20,054.7
20,198.1

11,211.7
11,515.3
11,892.9
12,187.7
12,478.2
12,837.3
13,092.3
12,700.7
13,754.1
14,139.6
13,016.8
11,817.1
12,922.4
13,046.6
13,386.8
13,773.7
13,874.4
13,981.5
14,028.4
14,099.5
14,178.6
14,252.2

2,206.0
2,365.3
2,420.3
2,442.0
2,542.5
2,708.3
2,804.6
2,666.0
2,835.4
2,938.7
2,760.6
2,530.6
2,649.9
2,723.0
2,781.4
2,847.7
2,852.2
2,860.2
2,915.0
2,915.5
2,959.7
2,964.7

485.5
504.1
555.4
592.1
615.8
612.3
606.2
649.8
719.4
642.3
636.8
587.8
662.7
712.2
732.0
723.0
712.2
710.3
704.7
671.0
620.0
573.6

108.7
86.3
137.6
35.7
36.3
66.1
73.1
–54.6
–19.4
123.3
–34.4
–279.1
36.8
58.3
–83.0
–143.6
–48.6
197.6
214.5
110.2
38.7
129.9

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

Imports

Total

–519.3
–575.3
–721.7
–757.1
–796.9
–865.4
–892.6
–922.6
–1,233.4
–1,355.1
–828.2
–767.3
–991.1
–1,104.0
–1,164.5
–1,203.9
–1,267.5
–1,297.6
–1,488.7
–1,430.5
–1,268.8
–1,232.4

2,283.6
2,372.3
2,378.7
2,388.4
2,490.3
2,560.1
2,572.1
2,231.7
2,366.8
2,538.4
2,467.3
1,951.4
2,193.0
2,315.0
2,317.5
2,345.1
2,338.8
2,465.7
2,436.9
2,516.9
2,604.1
2,595.5

2,802.9
2,947.6
3,100.4
3,145.4
3,287.2
3,425.5
3,464.7
3,154.3
3,600.2
3,893.5
3,295.5
2,718.6
3,184.2
3,419.0
3,482.0
3,549.0
3,606.3
3,763.3
3,925.6
3,947.5
3,872.9
3,827.9

3,060.7
3,033.2
3,088.4
3,148.8
3,162.3
3,215.3
3,321.7
3,406.7
3,426.3
3,406.4
3,387.9
3,448.0
3,395.9
3,394.8
3,448.7
3,422.4
3,421.0
3,412.9
3,393.4
3,379.5
3,410.6
3,441.9

Total
1,215.8
1,184.7
1,184.5
1,190.5
1,195.5
1,231.3
1,279.3
1,358.9
1,390.5
1,355.5
1,307.9
1,400.5
1,360.6
1,366.6
1,422.1
1,397.1
1,371.4
1,371.5
1,353.0
1,341.3
1,353.7
1,374.1

National Nondefense defense
759.6
728.4
713.1
709.1
715.6
739.5
778.5
801.1
791.3
769.4
791.6
795.2
797.6
820.2
801.2
795.8
789.5
778.8
761.7
764.5
773.3
777.9

456.2
456.1
471.0
480.8
479.4
491.4
500.7
556.6
597.0
584.0
516.0
603.0
561.7
545.8
618.5
599.1
580.0
590.5
588.9
574.8
578.3
593.9

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

State
and
local
1,844.4
1,847.6
1,902.2
1,956.3
1,964.8
1,982.5
2,041.1
2,048.5
2,037.9
2,050.8
2,078.7
2,049.3
2,036.2
2,029.6
2,030.2
2,028.0
2,050.7
2,042.7
2,040.7
2,037.8
2,056.5
2,068.3

16,444.1
16,842.3
17,248.3
17,630.6
18,025.6
18,530.8
18,948.5
18,527.2
19,581.3
19,846.1
18,977.9
17,606.7
18,677.0
18,847.1
19,264.2
19,633.3
19,668.6
19,759.2
19,669.8
19,735.9
19,954.2
20,024.4

17,073.1 16,780.3
17,505.4 17,159.2
18,100.1 17,602.5
18,423.5 17,901.9
18,852.7 18,350.7
19,446.0 18,874.8
19,901.7 19,286.8
19,415.5 18,685.4
20,774.8 19,759.3
21,269.7 ��������������
19,812.9 19,218.8
18,162.1 17,531.1
19,711.4 18,922.3
19,975.5 19,069.4
20,321.7 19,389.7
20,686.1 19,671.6
20,870.2 19,816.7
21,221.1 20,159.3
21,297.3 20,080.4
21,208.9 20,063.7
21,227.1 20,184.9
21,345.6 ��������������

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

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

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

Period

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

Gross
domestic
product

101.769
103.662
104.662
105.703
107.743
110.344
112.303
113.814
118.924
127.193
113.427
113.053
114.032
114.744
116.199
117.974
119.763
121.758
124.209
126.914
128.276
129.374

Personal consumption
expenditures

Total

101.354
102.887
103.116
104.148
106.054
108.317
109.933
111.145
115.621
122.817
110.946
110.445
111.366
111.821
113.059
114.838
116.413
118.173
120.323
122.459
123.760
124.725

Goods

Services

99.407
98.920
95.896
94.332
94.621
95.334
94.948
94.237
98.824
107.265
94.727
93.416
94.345
94.461
95.803
97.882
99.688
101.923
104.987
107.670
108.402
108.000

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

2

Gross private
domestic investment

102.322
104.880
106.796
109.197
111.966
115.070
117.791
120.133
124.458
130.710
119.509
119.511
120.416
121.095
122.248
123.791
125.185
126.607
128.126
129.875
131.516
133.324

Nonresidential
fixed
100.251
101.469
101.909
101.119
101.992
102.824
104.155
104.948
106.688
113.645
104.481
104.994
104.978
105.338
105.513
105.612
106.818
108.811
110.646
112.932
115.006
115.996

Residential
fixed
105.054
111.118
114.114
118.127
123.454
130.417
134.144
138.622
153.963
175.630
136.277
136.613
139.674
141.926
146.120
151.487
156.862
161.384
168.513
174.587
178.040
181.379

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Exports

100.148
100.216
95.373
93.458
95.903
99.142
98.692
96.278
107.304
117.445
97.908
93.295
96.228
97.680
102.334
106.803
109.210
110.868
115.384
120.763
117.722
115.911

Imports

98.697
97.961
90.144
87.058
88.980
91.408
89.972
88.010
94.481
101.580
89.139
86.295
87.998
88.608
91.336
94.102
95.510
96.977
100.107
103.266
102.190
100.758

Total
100.933
102.643
103.143
103.695
105.592
108.662
110.639
111.898
115.724
121.446
111.301
111.393
112.109
112.788
113.922
115.079
116.325
117.568
119.203
120.951
122.383
123.247

National
defense
100.609
102.056
102.334
102.650
104.260
107.147
108.903
110.148
114.240
120.195
109.788
109.496
110.314
110.993
112.410
113.612
114.838
116.100
117.965
120.108
120.925
121.784

Nondefense
101.482
103.621
104.466
105.370
107.697
111.044
113.360
114.640
118.111
123.553
113.693
114.338
114.926
115.605
116.345
117.444
118.718
119.938
121.279
122.515
124.771
125.647

State
and
local
103.332
105.698
105.656
105.739
108.534
113.028
114.864
117.568
125.206
136.512
116.772
116.705
117.738
119.056
121.585
124.087
126.195
128.957
132.234
136.930
137.914
138.972

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

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

Gross domestic product (GDP)
Period

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

Real GDP
GDP
(chain-type chain-type
quantity
price
index)
index
101.842
104.172
106.991
108.775
111.214
114.489
117.116
113.875
120.646
123.158
116.832
106.920
115.318
116.429
118.225
120.243
121.033
123.085
122.580
122.403
123.383
124.266

GDP
implicit
price
deflator

101.769
103.662
104.662
105.703
107.743
110.344
112.303
113.814
118.924
127.193
113.427
113.053
114.032
114.744
116.199
117.974
119.763
121.758
124.209
126.914
128.276
129.374

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

101.751
103.654
104.691
105.740
107.749
110.339
112.318
113.784
118.895
127.192
113.418
112.993
113.971
114.692
116.120
117.922
119.712
121.708
124.174
126.907
128.269
129.381

101.354
102.887
103.116
104.148
106.054
108.317
109.933
111.145
115.621
122.817
110.946
110.445
111.366
111.821
113.059
114.838
116.413
118.173
120.323
122.459
123.760
124.725

101.535
103.187
104.487
106.138
107.938
110.095
111.973
113.464
117.388
123.246
113.119
112.846
113.729
114.163
115.072
116.774
118.152
119.555
121.206
122.592
123.997
125.190

Personal consumption
expenditures (PCE)

Gross domestic product (GDP)
Gross
domestic
purchases
price index

101.478
103.181
103.464
104.187
106.155
108.645
110.326
111.733
116.403
124.292
111.354
111.075
111.948
112.555
113.859
115.498
117.155
119.101
121.447
123.940
125.391
126.391

GDP
(current
dollars)

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

3.6
4.2
3.7
2.7
4.2
5.4
4.1
–1.5
10.7
9.2
–3.1
–30.9
40.1
6.6
11.7
13.8
9.0
14.3
6.6
8.5
7.7
6.5

1.8
2.3
2.7
1.7
2.2
2.9
2.3
–2.8
5.9
2.1
–4.6
–29.9
35.3
3.9
6.3
7.0
2.7
7.0
–1.6
–.6
3.2
2.9

GDP
implicit
price
deflator

1.8
1.9
1.0
1.0
1.9
2.4
1.8
1.3
4.5
7.0
1.8
–1.3
3.5
2.5
5.2
6.3
6.2
6.8
8.3
9.0
4.4
3.5

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

1.8
1.9
1.0
1.0
1.9
2.4
1.8
1.3
4.5
7.0
1.6
–1.5
3.5
2.6
5.1
6.4
6.2
6.8
8.4
9.1
4.4
3.5

1.4
1.5
.2
1.0
1.8
2.1
1.5
1.1
4.0
6.2
1.5
–1.8
3.4
1.6
4.5
6.4
5.6
6.2
7.5
7.3
4.3
3.2

1.5
1.6
1.3
1.6
1.7
2.0
1.7
1.3
3.5
5.0
1.9
–1.0
3.2
1.5
3.2
6.0
4.8
4.8
5.6
4.7
4.7
3.9

1.5
1.7
.3
.7
1.9
2.3
1.5
1.3
4.2
6.8
1.8
–1.0
3.2
2.2
4.7
5.9
5.9
6.8
8.1
8.5
4.8
3.2

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
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2020: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2021: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2022: I ����������������
      II ���������������
      III ��������������

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

8,060.4
8,378.0
8,785.5
9,128.5
9,238.2
9,659.7
10,188.6
10,641.4
10,351.0
11,774.6
10,739.3
9,477.6
10,288.8
10,898.2
11,213.7
11,568.1
11,954.8
12,362.0
12,684.9
13,046.1
13,245.1

Chained
(2012)
dollars
8,060.4
8,265.4
8,522.2
8,775.8
8,819.5
9,059.2
9,359.1
9,596.6
9,210.3
9,976.6
9,653.5
8,458.9
9,109.8
9,618.7
9,790.2
9,902.9
10,035.0
10,165.8
10,134.7
10,119.7
10,166.7

Total

1.000
1.014
1.031
1.040
1.047
1.066
1.089
1.109
1.124
1.180
1.112
1.120
1.129
1.133
1.145
1.168
1.191
1.216
1.252
1.289
1.303

Compensation
of employees
(unit labor
cost)
0.572
.577
.590
.603
.616
.630
.644
.658
.687
.697
.668
.706
.693
.684
.677
.690
.704
.718
.733
.746
.756

Corporate profits with inventory valuation
and capital consumption adjustments 4

Unit nonlabor cost

Total
0.285
.289
.292
.294
.296
.303
.302
.309
.286
.298
.310
.278
.261
.293
.295
.287
.299
.311
.329
.338
.341

Consumption
of fixed
capital

Net interest
Taxes on
and
production miscellaneous
and imports 3
payments

0.153
.155
.158
.160
.162
.165
.167
.171
.186
.181
.175
.201
.188
.180
.178
.179
.181
.184
.190
.196
.201

0.096
.100
.099
.099
.098
.102
.105
.107
.069
.089
.105
.043
.041
.084
.088
.079
.089
.099
.110
.114
.114

0.036
.034
.034
.035
.037
.037
.030
.031
.031
.029
.031
.034
.031
.029
.029
.029
.028
.028
.029
.028
.026

Total
0.143
.148
.149
.143
.135
.133
.143
.141
.151
.185
.134
.136
.176
.156
.173
.191
.189
.187
.190
.205
.206

Taxes on
corporate
income
0.030
.032
.034
.032
.030
.024
.023
.020
.022
.028
.018
.020
.025
.025
.026
.028
.027
.031
.039
.039
.035

Profits
after
tax 5
0.112
.116
.115
.111
.106
.110
.120
.121
.128
.157
.116
.116
.150
.131
.147
.163
.161
.157
.151
.166
.170

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]
Corporate profits with inventory valuation
and capital consumption adjustments

Proprietors’
income 1

Period

ComNational pensation
of
income employees

2013 �������������������� 14,507.1
2014 �������������������� 15,228.1
2015 �������������������� 15,749.5
2016 �������������������� 16,033.4
2017 �������������������� 16,766.8
2018 �������������������� 17,661.7
2019 �������������������� 18,327.9
2020 �������������������� 17,894.6
2021 �������������������� 19,785.5
2022 p ������������������ ��������������
2020: I ���������������� 18,610.9
      II ��������������� 16,506.6
      III �������������� 17,772.9
      IV �������������� 18,688.0
2021: I ���������������� 19,054.5
      II ��������������� 19,441.6
      III �������������� 19,976.1
      IV �������������� 20,669.9
2022: I ���������������� 21,092.6
      II ��������������� 21,483.6
      III �������������� 21,648.1
      IV p ����������� ��������������

8,835.0
9,250.2
9,699.4
9,966.1
10,424.4
10,957.9
11,448.1
11,592.7
12,538.5
13,525.8
11,781.8
11,053.4
11,563.4
11,972.4
12,058.5
12,369.8
12,681.3
13,044.4
13,259.7
13,415.2
13,632.1
13,796.0

Rental
income
of
persons
with
capital
conNonfarm
sumption
adjustment

Farm

87.0
67.7
54.1
34.1
39.1
29.2
29.1
45.2
51.3
89.2
38.2
25.3
42.5
74.7
26.4
71.2
63.8
43.9
74.4
95.7
95.9
90.8

1,315.3
1,377.9
1,366.7
1,389.2
1,465.5
1,539.5
1,572.3
1,597.9
1,702.2
1,756.3
1,605.0
1,450.3
1,709.2
1,627.3
1,628.6
1,705.7
1,728.9
1,745.9
1,737.0
1,739.7
1,767.6
1,780.7

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

577.4
2,010.7
2,165.9
2,151.5
14.4
602.7
2,120.2
2,266.6
2,264.5
2.1
609.5
2,060.5
2,184.6
2,128.3
56.3
626.6
2,037.7
2,138.8
2,134.2
4.5
650.6
2,128.6
2,148.2
2,194.6
–46.4
680.0
2,311.9
2,210.1
2,257.7
–47.6
698.2
2,402.2
2,306.2
2,304.8
1.4
719.8
2,260.1
2,373.5
2,399.8
–26.4
723.8
2,771.1
2,881.2
3,138.1
–256.9
781.0 �������������� �������������� �������������� ��������������
722.6
2,230.0
2,285.5
2,202.7
82.9
717.9
2,001.5
2,114.1
2,078.1
36.1
722.6
2,466.3
2,606.8
2,702.7
–95.9
716.3
2,342.6
2,487.4
2,615.9
–128.5
719.4
2,588.2
2,688.6
2,938.0
–249.4
713.5
2,786.8
2,883.1
3,209.4
–326.3
722.7
2,843.5
2,951.8
3,214.2
–262.4
739.6
2,865.9
3,001.4
3,190.7
–189.4
744.9
2,869.6
3,081.6
3,328.5
–246.9
775.9
3,001.3
3,252.7
3,521.8
–269.1
794.9
3,000.0
3,288.0
3,347.8
–59.8
808.3 �������������� �������������� �������������� ��������������

–155.2
–146.4
–124.1
–101.1
–19.6
101.8
95.9
–113.4
–110.1
–261.3
–55.5
–112.6
–140.5
–144.8
–100.4
–96.3
–108.3
–135.5
–212.0
–251.4
–288.0
–293.7

459.2
504.8
591.1
567.3
609.0
594.1
571.2
665.8
644.1
545.3
611.6
671.4
684.1
696.2
681.1
651.6
622.0
621.5
630.2
608.2
515.7
427.1

Business
Less:
current
Subsidies transfer
payments

1,188.7
1,240.8
1,275.2
1,311.6
1,367.4
1,461.4
1,530.0
1,526.3
1,663.4
1,774.0
1,565.8
1,426.5
1,546.5
1,566.4
1,583.7
1,676.7
1,680.0
1,713.2
1,750.1
1,775.5
1,785.1
1,785.3

59.7
58.1
57.2
61.7
59.9
63.3
73.0
657.3
481.9
122.9
80.6
976.3
1,109.4
462.8
390.0
702.5
546.3
289.0
145.2
123.5
114.5
108.3

109.5
132.7
155.6
166.9
148.7
158.9
164.0
144.1
171.0
183.3
138.6
136.8
150.3
150.5
158.8
169.6
176.9
178.8
170.1
198.7
177.7
186.9

Current
surplus
of
government
enterprises

–15.9
–11.0
–5.3
–4.4
–6.5
–7.9
–14.2
–.1
2.1
–3.4
–2.1
–.4
–2.4
4.3
–.1
–.7
3.3
5.8
1.8
–3.0
–6.4
–6.0

1 With inventory valuation and capital consumption adjustments.

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

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

Period

Total
personal
consumption
expenditures

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

11,211.7
11,515.3
11,892.9
12,187.7
12,478.2
12,837.3
13,092.3
12,700.7
13,754.1
14,139.6
13,016.8
11,817.1
12,922.4
13,046.6
13,386.8
13,773.7
13,874.4
13,981.5
14,028.4
14,099.5
14,178.6
14,252.2

Services

Durable
Total
goods

3,752.2
3,905.1
4,090.9
4,231.7
4,395.8
4,568.4
4,711.6
4,955.7
5,561.9
5,540.0
4,785.0
4,651.1
5,191.3
5,195.5
5,496.5
5,649.9
5,534.6
5,566.7
5,565.7
5,529.6
5,524.5
5,540.2

Total
durable
goods 1

1,214.1
1,301.6
1,400.6
1,476.0
1,569.9
1,677.0
1,740.1
1,914.2
2,268.8
2,261.5
1,742.3
1,744.2
2,083.5
2,086.6
2,288.6
2,347.0
2,206.0
2,233.5
2,275.1
2,259.2
2,254.4
2,257.3

Nondurable

Motor
vehicles
and
parts
415.3
439.4
472.8
487.2
511.0
530.1
522.0
530.3
614.0
575.8
485.3
480.1
576.8
579.0
649.5
668.9
563.8
573.6
594.7
578.7
559.8
569.9

Total
nondurable
goods 1
2,538.5
2,605.3
2,693.7
2,760.5
2,833.4
2,903.7
2,985.4
3,066.7
3,336.2
3,321.4
3,053.5
2,924.1
3,144.1
3,145.1
3,256.1
3,351.4
3,365.5
3,371.7
3,334.1
3,313.5
3,312.7
3,325.1

Food and
beverages
purchased
for offpremises
consumption

Gasoline
and
other
energy
goods

Total
services 1

Household
consumption
expenditures

855.5
871.4
884.8
913.2
945.8
966.8
987.1
1,043.1
1,082.0
1,039.0
1,054.5
1,036.5
1,042.6
1,038.7
1,078.1
1,084.7
1,081.8
1,083.3
1,062.7
1,035.3
1,027.6
1,030.5

429.7
430.0
450.0
453.0
450.7
448.3
447.0
387.9
433.0
435.7
419.4
340.8
400.9
390.3
401.1
434.8
445.9
450.2
438.4
436.0
432.9
435.7

7,460.3
7,613.2
7,809.8
7,968.5
8,104.4
8,299.1
8,421.0
7,863.0
8,361.1
8,738.9
8,290.7
7,284.5
7,883.0
7,993.9
8,072.4
8,309.5
8,494.3
8,568.2
8,613.0
8,709.6
8,788.4
8,844.6

7,114.7
7,267.9
7,471.7
7,614.8
7,753.1
7,932.8
8,068.3
7,460.9
8,023.2
8,389.1
7,886.5
6,837.0
7,500.6
7,619.5
7,715.1
7,978.1
8,164.9
8,234.9
8,270.4
8,359.0
8,438.7
8,488.3

Housing
and
utilities

2,033.6
2,039.3
2,039.6
2,049.4
2,053.2
2,083.5
2,103.2
2,123.1
2,146.7
2,171.2
2,103.3
2,126.0
2,129.9
2,133.0
2,142.4
2,143.7
2,151.7
2,149.1
2,165.9
2,170.5
2,169.3
2,178.9

Health
care

1,832.6
1,892.8
1,994.6
2,070.0
2,113.9
2,168.3
2,244.5
2,079.1
2,231.5
2,296.1
2,186.2
1,824.3
2,119.1
2,186.7
2,168.8
2,226.4
2,254.9
2,276.1
2,273.5
2,276.0
2,307.0
2,328.0

Financial
services
and
insurance

826.0
828.7
848.8
830.7
843.7
855.2
828.4
841.3
874.1
893.7
832.4
829.3
844.3
859.4
865.4
867.4
875.4
888.4
884.8
888.9
900.4
900.9

Addendum:
Personal
consumption
expenditures
excluding
food and
energy 2

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

9,712.4
9,996.8
10,343.3
10,605.2
10,863.8
11,182.0
11,417.7
11,018.0
11,985.3
12,407.1
11,311.7
10,177.9
11,224.2
11,358.4
11,644.3
12,000.9
12,092.8
12,203.1
12,266.2
12,367.9
12,465.4
12,529.0

15.5
16.5
17.4
17.5
17.2
17.2
17.0
14.5
14.9
13.8
14.9
11.2
15.4
16.4
16.7
16.7
13.3
13.0
14.1
13.3
13.4
14.3

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

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

4

Sources of Personal Income
Personal income rose $49.5 billion (annual rate) in December, following an increase of $56.6 billion in November.
Wages and salaries rose $28.9 billion in December, following an increase of $36.6 billion in November.
BILLIONS OF DOLLARS * (RATIO SCALE)
26,000
24,000
22,000

BILLIONS OF DOLLARS* (RATIO SCALE)
26,000
24,000
22,000
TOTAL PERSONAL INCOME

20,000

20,000

18,000

18,000

16,000

16,000

14,000

14,000

12,000

12,000
WAGES AND SALARIES

10,000

10,000

9,000

9,000

8,000

8,000

7,000

7,000
OTHER INCOME

6,000

6,000

5,000

5,000

4,000

4,000

PERSONAL CURRENT
TRANSFER RECEIPTS

3,000

3,000

2,000

2,000
2014

2015

2016

2017

2018

2019

2020

2021

*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

2022

COUNCIL OF ECONOMIC ADVISERS

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

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

Total
personal
income

14,193.6
14,976.6
15,685.2
16,096.9
16,839.8
17,683.8
18,587.0
19,832.3
21,294.8
21,733.0
21,236.8
21,205.7
21,319.5
21,434.3
21,474.1
21,573.6
21,687.0
21,781.7
21,859.9
21,942.6
22,118.2
22,174.8
22,224.3

Total

8,835.0
9,250.2
9,699.4
9,966.1
10,424.4
10,957.9
11,448.1
11,592.7
12,538.5
13,525.8
13,151.7
13,174.5
13,269.4
13,335.3
13,362.9
13,413.8
13,468.8
13,573.8
13,623.0
13,699.4
13,754.3
13,798.9
13,834.9

Wages
and
salaries

Supplements to
wages
and
salaries

7,114.0
7,476.3
7,859.5
8,091.2
8,474.4
8,900.0
9,324.6
9,457.4
10,290.1
11,153.4
10,843.2
10,851.2
10,933.6
10,991.7
11,013.5
11,056.6
11,104.0
11,196.6
11,237.1
11,303.8
11,350.3
11,386.9
11,415.8

1,721.0
1,773.9
1,839.9
1,874.9
1,950.0
2,057.9
2,123.5
2,135.4
2,248.4
2,372.3
2,308.5
2,323.3
2,335.7
2,343.6
2,349.4
2,357.2
2,364.8
2,377.3
2,385.9
2,395.7
2,404.0
2,412.0
2,419.1

Proprietors’ income 1

Farm

87.0
67.7
54.1
34.1
39.1
29.2
29.1
45.2
51.3
89.2
37.0
51.2
71.1
100.9
97.7
95.7
93.7
94.8
95.9
97.1
93.9
90.8
87.7

Nonfarm

1,315.3
1,377.9
1,366.7
1,389.2
1,465.5
1,539.5
1,572.3
1,597.9
1,702.2
1,756.3
1,734.4
1,729.6
1,737.5
1,743.9
1,729.6
1,740.5
1,749.0
1,751.7
1,773.7
1,777.4
1,776.7
1,778.0
1,787.6

Personal income receipts on assets
Rental
income
of
persons 2

577.4
602.7
609.5
626.6
650.6
680.0
698.2
719.8
723.8
781.0
739.0
739.2
743.3
752.1
759.9
775.8
792.0
792.9
794.9
797.0
802.7
807.9
814.1

Total

2,058.9
2,290.0
2,474.9
2,542.6
2,703.5
2,862.2
3,119.0
3,095.4
3,202.4
3,341.3
3,268.5
3,265.4
3,267.6
3,276.5
3,296.5
3,324.2
3,348.4
3,350.6
3,358.1
3,367.7
3,409.0
3,413.9
3,417.8

Personal
interest
income
1,265.6
1,336.8
1,441.8
1,465.2
1,549.0
1,608.9
1,658.1
1,647.3
1,658.6
1,724.5
1,658.2
1,664.6
1,670.8
1,676.9
1,692.6
1,708.5
1,724.6
1,731.1
1,738.0
1,745.2
1,762.4
1,780.2
1,798.8

Personal
dividend
income
793.3
953.2
1,033.1
1,077.4
1,154.6
1,253.4
1,460.9
1,448.1
1,543.9
1,616.8
1,610.2
1,600.8
1,596.8
1,599.6
1,603.8
1,615.6
1,623.8
1,619.5
1,620.1
1,622.6
1,646.6
1,633.7
1,619.0

Personal
current
transfer
receipts 3

2,424.3
2,541.5
2,685.4
2,777.0
2,855.7
2,976.6
3,144.8
4,231.2
4,617.3
3,906.9
3,914.7
3,869.5
3,866.5
3,870.2
3,875.3
3,877.8
3,896.4
3,891.7
3,893.9
3,892.9
3,976.9
3,985.6
3,986.6

Less:
Chart
5 - Jan 2023
Contributions
for
government
social
insurance,
domestic
1,104.3
1,153.6
1,204.7
1,238.8
1,298.9
1,361.6
1,424.6
1,450.0
1,540.8
1,667.5
1,608.6
1,623.6
1,635.9
1,644.7
1,647.7
1,654.2
1,661.3
1,673.9
1,679.7
1,688.8
1,695.3
1,700.3
1,704.3

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

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

5

Disposition of Personal Income
According to advance estimates, per capita disposable personal income in chained (2012) dollars rose 2.7 percent
(annual rate) in the fourth quarter of 2022.
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

13,000

13,000

PERSONAL OUTLAYS

12,000

12,000

11,000

11,000

10,000

10,000
DOLLARS* (RATIO SCALE)

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

62,000

PER CAPITA DISPOSABLE PERSONAL INCOME

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

CURRENT DOLLARS

CHAINED (2012) DOLLARS

38,000

38,000

36,000
34,000

36,000
34,000
2013

2014

2015

2016

2017

2018

2019

2020

*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

Period

Personal
income

Less:
Personal
current
taxes

Equals:
Disposable
personal
income

14,193.6
14,976.6
15,685.2
16,096.9
16,839.8
17,683.8
18,587.0
19,832.3
21,294.8
21,733.0

1,676.4
1,784.6
1,939.9
1,958.2
2,048.6
2,074.9
2,198.4
2,236.4
2,661.7
3,201.6

12,517.3
13,192.0
13,745.3
14,138.7
14,791.2
15,608.9
16,388.6
17,595.9
18,633.1
18,531.4

2022

COUNCIL OF ECONOMIC ADVISERS

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
billions of
chained
(2012)
dollars

Per capita disposable
personal income
Current
dollars

Billions of dollars
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 r ������������������
2021 r ������������������
2022 p ������������������

2021

Chained
(2012)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(2012)
dollars

Dollars
11,751.3
12,261.1
12,710.4
13,150.8
13,717.5
14,428.6
14,942.0
14,603.6
16,389.8
17,922.2

766.0
930.9
1,034.9
987.8
1,073.8
1,180.3
1,446.6
2,992.3
2,243.4
609.1

12,350.0
12,821.9
13,330.0
13,575.5
13,946.9
14,410.4
14,907.8
15,831.6
16,115.7
15,091.5

39,474
41,276
42,672
43,556
45,252
47,473
49,585
53,034
56,065
55,551

Chart 6 - Jan 2023

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

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

38,947
40,118
41,383
41,821
42,669
43,828
45,105
47,716
48,490
45,239

35,836
37,070
38,072
39,103
40,487
42,291
43,547
42,546
47,849
52,047

35,357
36,030
36,922
37,546
38,176
39,044
39,612
38,280
41,384
42,386

–2.0
3.0
3.2
1.1
2.0
2.7
2.9
5.8
1.6
–6.7

6.1
7.1
7.5
7.0
7.3
7.6
8.8
17.0
12.0
3.3

317,099
319,601
322,113
324,609
326,860
328,794
330,513
331,788
332,351
333,595

45,636
50,181
48,120
46,970
52,195
47,931
47,324
46,689
45,375
45,065
45,114
45,413

43,556
39,342
43,356
43,928
45,578
47,610
48,566
49,635
50,678
51,786
52,554
53,162

39,262
35,626
38,938
39,292
40,323
41,468
41,730
42,014
42,130
42,300
42,476
42,635

2.0
46.2
–15.4
–9.2
52.5
–28.9
–5.0
–5.3
–10.8
–2.7
.4
2.7

10.7
26.4
16.4
13.7
20.4
10.8
9.1
7.3
4.3
3.2
2.7
2.9

331,534
331,699
331,872
332,045
331,989
332,149
332,480
332,786
332,978
333,321
333,799
334,282

Seasonally adjusted annual rates
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 p �����������

19,033.7
20,479.4
20,019.2
19,796.9
22,095.5
20,916.4
21,005.2
21,162.1
21,319.8
21,578.3
21,861.4
22,172.4

2,249.1
2,098.2
2,237.5
2,360.7
2,509.0
2,638.5
2,693.2
2,806.1
3,145.5
3,188.5
3,229.2
3,243.3

16,784.6
18,381.2
17,781.7
17,436.2
19,586.5
18,277.8
18,312.0
18,356.1
18,174.4
18,389.8
18,632.2
18,929.2

14,983.4
13,529.1
14,857.8
15,044.1
15,597.8
16,299.3
16,643.0
17,019.0
17,389.5
17,798.7
18,124.5
18,376.3

1,801.2
4,852.1
2,923.9
2,392.1
3,988.7
1,978.6
1,669.1
1,337.1
784.9
591.1
507.7
552.9

15,130.1
16,645.0
15,969.6
15,596.0
17,328.1
15,920.1
15,734.4
15,537.3
15,108.8
15,021.2
15,059.1
15,180.8

50,627
55,415
53,580
52,512
58,998
55,029
55,077
55,159
54,581
55,171
55,818
56,626

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 2023, gross farm income in chained (2023) dollars is forecast to be
$596.4 billion and net farm income to be $136.9 billion.
BILLIONS OF CHAINED (2023) DOLLARS (RATIO SCALE)

BILLIONS OF CHAINED (2023) DOLLARS (RATIO SCALE)

700
640
600
560
520
480
440
400

700
640
600
560
520
480
440
400

GROSS FARM INCOME

360

360

320

320

280

280

240

240

200

200

160

160

120

120
NET FARM INCOME

80

80

60

60

40

40
2014

2015

2017

2016

2018

2019

2020

2021

SOURCE: DEPARTMENT OF AGRICULTURE

2022

2023

COUNCIL OF ECONOMIC ADVISERS

[Billions of chained (2023) dollars]
Chart 7 - Jan 2023

Income of farm operators from farming 1
Gross farm income
Year

Value of agricultural sector production
Total

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

Crops 2, 3

Total
404.3
408.6
371.4
408.6
453.6
445.3
419.8
478.3
503.9
462.2
483.8
558.9
586.9
620.7
608.4
549.6
509.0
515.3
502.5
497.0
518.6
563.2
621.1
596.4

365.4
371.9
351.4
382.5
433.6
408.9
396.9
461.5
487.0
445.5
467.0
545.1
573.1
606.6
596.1
536.2
493.0
501.3
486.3
470.9
466.3
534.8
605.1
586.2

158.8
155.4
157.7
171.5
192.5
170.6
171.7
212.8
240.2
226.1
228.1
265.0
277.8
299.8
259.7
229.8
233.7
227.6
220.0
206.3
217.4
264.5
276.8
276.4

Animals
and animal
products 3
165.7
173.9
150.6
165.8
191.2
188.7
172.6
195.0
192.7
164.3
190.3
217.7
220.7
232.2
269.8
242.1
204.2
214.3
209.8
203.5
189.0
212.7
261.6
242.4

Farm-related
income 4
40.8
42.6
43.2
45.2
50.0
49.6
52.6
53.7
54.1
55.2
48.6
62.4
74.6
74.6
66.6
64.2
55.0
59.4
56.5
61.1
59.9
57.5
66.7
67.4

Direct
Federal
Government
payments
38.8
36.7
20.0
26.1
20.0
36.4
22.8
16.8
16.9
16.7
16.8
13.9
13.9
14.1
12.3
13.5
16.0
14.0
16.2
26.1
52.2
28.5
16.1
10.2

Production
expenses

Net
farm
income

319.5
318.9
308.4
312.3
319.1
327.8
336.7
379.7
396.1
376.8
379.2
408.0
461.2
462.1
492.3
447.8
432.0
424.3
406.6
405.0
410.3
408.6
453.8
459.5

84.8
89.7
63.1
96.3
134.5
117.5
83.1
98.6
107.8
85.4
104.6
151.0
125.8
158.6
116.1
101.8
76.9
91.0
95.8
92.0
108.3
154.6
167.3
136.9

1 The GDP chain-type price index is used to convert the current-dollar statistics to 2023=100 equivalents.
2 Crop receipts include proceeds received from commodities placed under Commodity Credit Corporation loans.
3 The value of production equates to the sum of cash receipts, home consumption, and the value of the change in inventories.
4 Includes income from forest products sold, the gross imputed rental value of farm dwellings, machine hire and custom work, and other sources of farm income such as commodity insurance

indemnities.

Note: Data for 2022 and 2023 are forecasts.
Source: Department of Agriculture (Economic Research Service).

7

Corporate Profits
In the third quarter of 2022, according to current estimates, corporate profits before tax fell $174.0 billion (annual
rate) and profits after tax fell $152.3 billion.
BILLIONS OF DOLLARS
3,600

BILLIONS OF DOLLARS
3,600

SEASONALLY ADJUSTED ANNUAL RATES

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

1,800

1,800
PROFITS AFTER TAX

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
2013

2014

2015

2016

200
0
2017

2018

2019

2020

2021

2022

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

2013 ��������������������
2,165.9
1,767.1
430.7
1,336.3
446.9
28.3
146.4
153.3
2,151.5
362.6
1,788.9
2014 ��������������������
2,266.6
1,861.7
483.1
1,378.6
458.7
32.8
150.6
157.3
2,264.5
407.1
1,857.4
2015 ��������������������
2,184.6
1,789.4
447.2
1,342.1
427.2
20.2
152.4
169.3
2,128.3
396.3
1,732.0
2016 ��������������������
2,138.8
1,718.9
457.4
1,261.5
336.8
9.4
127.9
175.2
2,134.2
376.2
1,758.1
2017 ��������������������
2,148.2
1,649.3
440.4
1,208.9
314.8
11.1
123.3
151.7
2,194.6
297.3
1,897.3
2018 ��������������������
2,210.1
1,689.6
453.6
1,236.0
345.8
21.2
114.0
149.9
2,257.7
297.7
1,960.0
2019 ��������������������
2,306.2
1,777.5
540.9
1,236.7
351.5
17.6
123.3
155.6
2,304.8
297.4
2,007.4
2020 ��������������������
2,373.5
1,943.8
514.6
1,429.2
329.5
25.6
142.2
230.2
2,399.8
288.9
2,110.9
2021 ��������������������
2,881.2
2,468.8
585.0
1,883.9
447.0
23.6
159.3
311.3
3,138.1
388.2
2,749.8
p
2022 ������������������ ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������
2020: I ����������������
2,285.5
1,791.8
501.2
1,290.6
348.0
17.3
147.5
172.3
2,202.7
264.1
1,938.6
      II ���������������
2,114.1
1,709.7
514.6
1,195.1
250.6
27.3
121.8
220.5
2,078.1
255.5
1,822.6
      III ��������������
2,606.8
2,181.6
515.7
1,665.9
361.8
25.3
146.4
269.4
2,702.7
312.0
2,390.7
      IV ��������������
2,487.4
2,092.2
526.9
1,565.3
357.4
32.4
153.2
258.5
2,615.9
324.2
2,291.7
2021: I ����������������
2,688.6
2,253.2
530.4
1,722.8
387.8
28.7
136.7
308.9
2,938.0
350.8
2,587.2
      II ���������������
2,883.1
2,503.4
587.5
1,915.9
427.6
17.4
154.1
336.3
3,209.4
385.1
2,824.3
      III ��������������
2,951.8
2,540.1
608.3
1,931.8
457.7
24.6
170.3
301.5
3,214.2
387.1
2,827.1
      IV ��������������
3,001.4
2,578.6
613.6
1,965.0
514.9
23.6
176.0
298.5
3,190.7
430.0
2,760.8
2022: I ����������������
3,081.6
2,644.7
593.4
2,051.3
548.1
26.2
190.3
297.3
3,328.5
495.1
2,833.4
      II ���������������
3,252.7
2,790.4
552.4
2,237.9
616.9
27.9
184.9
307.4
3,521.8
478.7
3,043.1
      III ��������������
3,288.0
2,841.2
555.8
2,285.3
635.7
36.0
229.8
312.0
3,347.8
457.0
2,890.8
      IV p ����������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������
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 2022

Inventory
Undistrib- valuation
adjustment
uted
profits

1,009.0
779.9
14.4
1,096.1
761.3
2.1
1,164.9
567.1
56.3
1,189.4
568.7
4.5
1,264.1
633.1
–46.4
1,338.4
621.7
–47.6
1,531.2
476.2
1.4
1,541.3
569.6
–26.4
1,659.3
1,090.6
–256.9
1,704.9 ��������������� �����������������
1,566.0
372.6
82.9
1,527.2
295.4
36.1
1,508.1
882.7
–95.9
1,564.0
727.7
–128.5
1,567.5
1,019.7
–249.4
1,645.6
1,178.6
–326.3
1,693.8
1,133.3
–262.4
1,730.2
1,030.6
–189.4
1,743.6
1,089.8
–246.9
1,740.4
1,302.7
–269.1
1,683.9
1,206.9
–59.8
1,651.7 ��������������� �����������������

Real Gross Private Domestic Investment
In the fourth quarter of 2022, according to advance estimates, nonresidential fixed investment in chained (2012)
dollars rose $5.0 billion (annual rate) and residential fixed investment fell $46.4 billion. Inventories rose $129.9
billion, following an increase of $38.7 billion in the second quarter.
BILLIONS OF CHAINED (2012) DOLLARS
4,200
4,000

BILLIONS OF CHAINED (2012) DOLLARS
4,200
4,000

SEASONALLY ADJUSTED ANNUAL RATES

3,800

3,800

3,600

3,600
GROSS PRIVATE DOMESTIC
INVESTMENT

3,400
3,200

3,400
3,200

3,000

3,000

2,800

2,800

2,600

2,600

2,400

2,400

NONRESIDENTIAL
FIXED INVESTMENT

2,200

2,200

2,000

2,000

1,800

1,800

1,600

1,600

1,400

1,400
1,200

1,200
1,000

1,000

RESIDENTIAL
FIXED INVESTMENT

800

800

600

600

400

400

200

200

0

0

CHANGE IN PRIVATE
INVENTORIES

–200
–400
2013

2014

2015

–200
–400
2016

2017

2018

2019

2020

2021

2022

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Billions of chained (2012) dollars; quarterly data at seasonally adjusted annual rates]
Chart 9 - Jan 2023

Fixed investment
Period

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

Gross
private
domestic
investment

2,801.5
2,959.2
3,121.8
3,089.9
3,216.0
3,398.9
3,492.7
3,306.5
3,603.0
3,740.1
3,409.9
2,884.2
3,394.1
3,537.6
3,489.3
3,496.9
3,584.1
3,841.8
3,892.5
3,747.0
3,653.9
3,666.9

Change in private inventories

Nonresidential
Total

2,692.1
2,869.2
2,979.0
3,041.0
3,165.4
3,320.0
3,404.2
3,326.8
3,574.6
3,562.7
3,399.5
3,121.3
3,327.4
3,459.2
3,540.4
3,590.9
3,581.1
3,586.2
3,628.6
3,581.9
3,550.5
3,489.6

Total
2,206.0
2,365.3
2,420.3
2,442.0
2,542.5
2,708.3
2,804.6
2,666.0
2,835.4
2,938.7
2,760.6
2,530.6
2,649.9
2,723.0
2,781.4
2,847.7
2,852.2
2,860.2
2,915.0
2,915.5
2,959.7
2,964.7

Structures
485.5
538.8
534.1
511.0
533.3
555.2
567.9
510.4
477.5
442.3
573.1
498.1
484.6
485.7
488.0
484.9
476.6
460.7
455.6
440.4
436.4
436.8

Equipment
1,029.2
1,101.1
1,134.6
1,114.6
1,146.0
1,221.2
1,236.5
1,107.3
1,221.8
1,273.8
1,129.1
1,001.8
1,121.7
1,176.6
1,194.3
1,234.0
1,227.1
1,232.0
1,265.7
1,259.1
1,291.3
1,279.0

Intellectual
property
products
691.4
724.8
752.4
818.8
864.9
935.2
1,003.2
1,051.2
1,153.0
1,253.9
1,053.3
1,027.8
1,051.3
1,072.4
1,112.0
1,145.4
1,166.0
1,188.8
1,219.6
1,245.9
1,266.7
1,283.1

Residential

485.5
504.1
555.4
592.1
615.8
612.3
606.2
649.8
719.4
642.3
636.8
587.8
662.7
712.2
732.0
723.0
712.2
710.3
704.7
671.0
620.0
573.6

Total

Nonfarm

108.7
86.3
137.6
35.7
36.3
66.1
73.1
–54.6
–19.4
123.3
–34.4
–279.1
36.8
58.3
–83.0
–143.6
–48.6
197.6
214.5
110.2
38.7
129.9

98.2
90.1
136.5
41.2
41.7
73.8
88.3
–46.9
–16.0
137.0
–19.5
–268.4
38.7
61.7
–83.4
–137.9
–44.8
202.2
223.6
123.6
55.5
145.4

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

9

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

Residential

Equipment
Total
fixed
investment

Period

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

Total
nonresidential

2,692.1
2,869.2
2,979.0
3,041.0
3,165.4
3,320.0
3,404.2
3,326.8
3,574.6
3,562.7
3,399.5
3,121.3
3,327.4
3,459.2
3,540.4
3,590.9
3,581.1
3,586.2
3,628.6
3,581.9
3,550.5
3,489.6

Intellectual property products

Information processing equipment
Structures

2,206.0
2,365.3
2,420.3
2,442.0
2,542.5
2,708.3
2,804.6
2,666.0
2,835.4
2,938.7
2,760.6
2,530.6
2,649.9
2,723.0
2,781.4
2,847.7
2,852.2
2,860.2
2,915.0
2,915.5
2,959.7
2,964.7

485.5
538.8
534.1
511.0
533.3
555.2
567.9
510.4
477.5
442.3
573.1
498.1
484.6
485.7
488.0
484.9
476.6
460.7
455.6
440.4
436.4
436.8

Total 2

1,029.2
1,101.1
1,134.6
1,114.6
1,146.0
1,221.2
1,236.5
1,107.3
1,221.8
1,273.8
1,129.1
1,001.8
1,121.7
1,176.6
1,194.3
1,234.0
1,227.1
1,232.0
1,265.7
1,259.1
1,291.3
1,279.0

Computers
and
peripheral
equipment 1

Total
351.8
370.2
393.3
410.5
439.6
473.7
486.1
492.4
540.4
568.9
452.7
477.8
514.9
524.1
536.4
536.7
531.7
556.7
579.0
569.6
582.3
544.8

103.0
102.9
103.4
103.0
109.9
124.8
127.1
141.8
152.6
157.0
452.7
477.8
514.9
524.1
536.4
536.7
531.7
556.7
579.0
569.6
582.3
544.8

Industrial Transporequiptation
ment
equipment

Other
248.8
267.7
291.0
309.3
331.8
349.7
360.1
348.7
386.3
411.4
330.3
332.6
363.0
368.7
375.7
386.8
380.9
401.8
415.8
418.2
415.3
396.2

208.4
216.5
216.7
213.4
223.0
236.2
244.2
224.3
251.0
264.2
228.4
212.6
223.5
232.8
234.8
250.0
256.2
263.0
270.9
266.7
258.9
260.3

238.5
265.0
292.8
276.3
272.5
286.5
277.3
192.5
222.7
233.5
232.4
139.9
185.1
212.4
215.8
237.7
229.2
208.2
206.3
212.1
249.1
266.5

Total 2

Research
Software and development 3

691.4
724.8
752.4
818.8
864.9
935.2
1,003.2
1,051.2
1,153.0
1,253.9
1,053.3
1,027.8
1,051.3
1,072.4
1,112.0
1,145.4
1,166.0
1,188.8
1,219.6
1,245.9
1,266.7
1,283.1

287.2
305.3
320.2
354.0
392.2
437.7
468.1
509.0
574.2
643.6
502.2
499.1
511.3
523.6
553.5
571.0
582.8
589.7
615.7
630.9
653.5
674.3

333.8
346.9
357.1
387.1
394.6
418.9
455.4
470.9
511.9
538.9
473.6
457.8
471.6
480.8
494.4
509.7
516.2
527.3
534.3
541.7
540.3
539.4

Structures
Total
residential 2

485.5
504.1
555.4
592.1
615.8
612.3
606.2
649.8
719.4
642.3
636.8
587.8
662.7
712.2
732.0
723.0
712.2
710.3
704.7
671.0
620.0
573.6

Total 2

Single
family

474.1
491.8
542.0
577.7
600.6
596.9
590.8
633.3
701.2
625.2
620.8
572.1
645.3
695.0
713.6
704.5
694.2
692.6
687.1
653.6
602.9
557.2

161.8
171.8
191.5
201.3
214.8
220.7
206.8
219.7
268.9
242.2
219.7
201.4
211.8
245.8
264.4
273.5
272.5
265.4
268.8
262.2
232.2
205.6

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

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

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

Total
capital
expenditures

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

ConManu- WholeUtilities struction
sale
facturing trade

Retail
trade

TransportaFinance
tion
Informaand
and
tion
insurwareance
housing

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

Health
care
and
social
assistance

Other 1

For
companies
without
employees

For companies with employees
2007 ��������
2008 ��������
2009 ��������
2010 ��������
2011 ��������
2012 ��������
2013 ��������
2014 ��������
2015 ��������
2016 ��������
2017 ��������
2018 ��������
2019 ��������
2020 ��������
2021 p �������

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
1,707.8
1,681.7

1,270.5
1,294.5
1,015.3
1,036.2
1,169.6
1,334.4
1,400.9
1,506.6
1,548.1
1,479.4
1,577.8
1,699.1
1,805.7
1,598.8
1,681.7

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

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
97.7
91.1

85.4
98.7
103.0
94.5
98.0
125.0
111.3
118.9
130.5
133.5
133.9
151.0
172.9
182.2
177.8

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
52.1
44.9

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
256.7
282.2

30.8
32.4
25.3
31.1
35.7
40.9
37.5
44.8
42.4
43.8
44.0
42.8
40.2
36.0
40.4

82.5
73.2
58.4
65.3
68.1
77.6
77.5
82.4
86.0
86.9
90.5
89.2
98.8
105.2
120.3

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
97.8
93.7

106.1
103.3
88.4
97.2
100.1
106.5
123.9
132.0
132.7
142.9
158.9
175.1
176.8
169.8
194.5

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
174.9
174.3

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
136.0
158.3

31.8
33.0
28.2
28.2
28.1
31.6
35.7
30.4
33.3
31.7
37.2
42.0
43.6
40.3
46.6

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
104.8
113.9

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
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 January, unemployment as measured by the household survey was 5.7 million.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

168

168

SEASONALLY ADJUSTED

164

164

160

160

CIVILIAN LABOR FORCE

156

156
CIVILIAN
EMPLOYMENT

152

152

148

148

144

144

140

140

136

136

132

132

128

128

28
24

28
24

20

20
16

16
12

12

UNEMPLOYMENT

8

8

4
0

4
0
2015

2016

2017

2018

2019

2020

2021

2022

*16 YEARS OF AGE AND OVER

SOURCE: DEPARTMENT OF LABOR

2023

COUNCIL OF ECONOMIC ADVISERS

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

Period

2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2022: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2023: Jan �����������

Civilian
noninsti- Civilian labor
tutional
force
population
(NSA)
245,679
247,947
250,801
253,538
255,079
257,791
259,175
260,329
261,445
263,973
263,202
263,324
263,444
263,559
263,679
263,835
264,012
264,184
264,356
264,535
264,708
264,844
265,962

155,389
155,922
157,130
159,187
160,320
162,075
163,539
160,742
161,204
164,287
163,633
163,862
164,301
163,950
164,278
164,002
163,990
164,714
164,619
164,646
164,527
164,966
165,832

Civilian employment

Total

Men
20 years
and
over

143,929
146,305
148,834
151,436
153,337
155,761
157,538
147,795
152,581
158,291
157,122
157,590
158,328
157,982
158,299
158,057
158,272
158,694
158,850
158,593
158,527
159,244
160,138

74,176
75,471
76,776
78,084
78,919
80,211
80,917
76,227
78,216
81,409
80,695
81,293
81,389
81,236
81,331
81,210
81,185
81,263
81,816
81,776
81,698
82,033
82,324

Women
20 years
and
over
65,295
66,287
67,323
68,387
69,344
70,424
71,470
66,873
69,099
71,283
70,872
70,810
71,275
71,144
71,388
71,280
71,659
71,676
71,457
71,218
71,088
71,531
72,104

1 11 - Jan 2023
PercentChart

Unemployment
Both
sexes
16–19
years
4,458
4,548
4,734
4,965
5,074
5,126
5,150
4,695
5,266
5,600
5,555
5,487
5,665
5,603
5,579
5,566
5,428
5,754
5,576
5,598
5,740
5,680
5,710

Total

11,460
9,617
8,296
7,751
6,982
6,314
6,001
12,947
8,623
5,996
6,511
6,272
5,972
5,968
5,979
5,945
5,718
6,021
5,770
6,053
6,000
5,722
5,694

Men
20 years
and
over
5,568
4,585
3,959
3,675
3,287
2,976
2,819
6,118
4,302
2,867
3,190
2,971
2,877
2,963
2,834
2,818
2,720
2,929
2,786
2,829
2,827
2,661
2,760

Women
20 years
and
over

Both
sexes
16–19
years

4,565
3,926
3,371
3,151
2,868
2,578
2,435
5,804
3,625
2,453
2,645
2,672
2,462
2,365
2,489
2,441
2,297
2,422
2,272
2,534
2,444
2,398
2,275

1,327
1,106
966
925
827
759
746
1,025
696
675
676
628
634
640
656
686
701
670
712
690
729
662
658

Not
in
labor
force

90,290
92,025
93,671
94,351
94,759
95,716
95,636
99,587
100,241
99,686
99,570
99,463
99,144
99,609
99,400
99,833
100,021
99,469
99,736
99,890
100,181
99,878
100,130

Labor
Employ- Unemployforce
ment/
participa- population
ment
tion
rate
ratio
rate
63.2
62.9
62.7
62.8
62.9
62.9
63.1
61.7
61.7
62.2
62.2
62.2
62.4
62.2
62.3
62.2
62.1
62.3
62.3
62.2
62.2
62.3
62.4

58.6
59.0
59.3
59.7
60.1
60.4
60.8
56.8
58.4
60.0
59.7
59.8
60.1
59.9
60.0
59.9
59.9
60.1
60.1
60.0
59.9
60.1
60.2

7.4
6.2
5.3
4.9
4.4
3.9
3.7
8.1
5.3
3.6
4.0
3.8
3.6
3.6
3.6
3.6
3.5
3.7
3.5
3.7
3.6
3.5
3.4

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 January, the unemployment rate fell to 3.4 percent.
PERCENT (SEASONALLY ADJUSTED)

PERCENT (SEASONALLY ADJUSTED)

35

35

30

30

25

25

20

20
TEENAGERS
(16-19)
BLACK OR
AFRICAN
AMERICAN1

15

15

10

10

HISPANIC1,2

MEN 20 YEARS
AND OVER

5

5
WHITE1
ASIAN1

WOMEN 20 YEARS
AND OVER

ALL CIVILIAN
WORKERS

0

0
2019

2020

2021

2022

2023

2019

2020

2021

2022

2023

1

SEE FOOTNOTE 1 TABLE BELOW.
HISPANIC OR LATINO ETHNICITY.
SOURCE: DEPARTMENT OF LABOR

2

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted by NSA]
Unemployment rate (percent of civilian labor force in group)
Chart 12 - Jan 2023

By race or ethnicity 1

By sex and age
Period

2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2022: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2023: Jan �����������

All
civilian
workers

7.4
6.2
5.3
4.9
4.4
3.9
3.7
8.1
5.3
3.6
4.0
3.8
3.6
3.6
3.6
3.6
3.5
3.7
3.5
3.7
3.6
3.5
3.4

Men
20 years
and
over

Women
20 years
and
over

7.0
5.7
4.9
4.5
4.0
3.6
3.4
7.4
5.2
3.4
3.8
3.5
3.4
3.5
3.4
3.4
3.2
3.5
3.3
3.3
3.3
3.1
3.2

6.5
5.6
4.8
4.4
4.0
3.5
3.3
8.0
5.0
3.3
3.6
3.6
3.3
3.2
3.4
3.3
3.1
3.3
3.1
3.4
3.3
3.2
3.1

Both
sexes
16–19
years
22.9
19.6
16.9
15.7
14.0
12.9
12.7
17.9
11.7
10.8
10.9
10.3
10.1
10.2
10.5
11.0
11.4
10.4
11.3
11.0
11.3
10.4
10.3

Black
or
African
American

White

6.5
5.3
4.6
4.3
3.8
3.5
3.3
7.3
4.7
3.2
3.4
3.3
3.2
3.2
3.2
3.3
3.1
3.2
3.1
3.3
3.3
3.0
3.1

13.1
11.3
9.6
8.4
7.5
6.5
6.1
11.4
8.6
6.1
6.9
6.6
6.2
5.9
6.2
5.9
6.0
6.4
5.9
5.9
5.7
5.7
5.4

By selected groups
Hispanic
or
Latino
ethnicity

Asian

5.2
5.0
3.8
3.6
3.4
3.0
2.7
8.7
5.0
2.8
3.5
3.0
2.8
3.1
2.4
3.0
2.6
2.8
2.5
2.9
2.6
2.4
2.8

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

9.1
7.4
6.6
5.8
5.1
4.7
4.3
10.4
6.8
4.3
4.9
4.5
4.2
4.2
4.4
4.3
4.0
4.5
3.9
4.2
4.0
4.1
4.5

Married
men,
spouse
present
4.3
3.4
2.8
2.7
2.4
2.0
1.8
4.9
3.2
1.9
2.0
1.9
1.7
1.9
2.0
2.0
1.8
2.0
1.8
1.9
2.0
1.8
1.8

Women
who
maintain
families
(NSA)
10.2
8.6
7.4
6.8
6.2
5.4
5.0
9.6
7.1
4.8
5.0
5.3
4.8
4.0
5.0
4.5
4.7
5.1
4.7
5.7
4.9
3.6
3.8

Full-time
workers

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

Part-time
workers

5.9
5.4
4.9
4.8
4.6
4.4
4.1
10.0
5.1
4.1
4.4
4.0
4.2
4.3
4.3
3.9
4.2
4.1
3.7
3.9
4.4
3.9
3.8

Selected Measures of Unemployment and Unemployment Insurance Programs
In January, the percentage of the unemployed who had been out of work for less than 5 weeks fell, while the percentages
for 5 to 14 weeks, for 15 to 26 weeks, and for 27 weeks and over rose. The mean duration of unemployment rose to
20.4 weeks and the median duration rose to 9.1 weeks.
PERCENT DISTRIBUTION*

PERCENT DISTRIBUTION*

100

100

DURATION OF UNEMPLOYMENT

REASON FOR UNEMPLOYMENT

80

80

JOB LOSERS
60

60

27 WEEKS
AND OVER
40

40
LESS THAN
5 WEEKS

REENTRANTS

5-14
WEEKS
20

20

JOB LEAVERS
15-26
WEEKS
0

NEW ENTRANTS

0
2019

2020

2021

2022

2023

2019

2020

2021

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR

2022

2023

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted by NSA]
Chart 13 - Jan 2023

Duration of unemployment
Period

Unemployment
(thousands)

Percent distribution
Less
than
5 weeks

5–14
weeks

15–26
weeks

Reason for unemployment: percent distribution
Number of weeks

27 weeks
and over

Average
(mean) 1

Median

Job
losers

Job
leavers

Reentrants

New
entrants

State programs
Insured
unemployment
(NSA)

Initial
claims
(NSA)

Insured
unemployment,
all
programs
(NSA) 2

Weekly average, thousands
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2022: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2023: Jan �����������

11,460
9,617
8,296
7,751
6,982
6,314
6,001
12,947
8,623
5,996
6,511
6,272
5,972
5,968
5,979
5,945
5,718
6,021
5,770
6,053
6,000
5,722
5,694

22.5
25.7
28.9
30.5
32.5
34.4
34.8
28.6
24.8
37.0
37.1
33.7
38.6
38.2
35.0
38.0
36.7
36.6
37.3
37.1
37.6
38.7
33.9

24.1
25.3
27.7
28.7
28.8
29.7
29.8
36.5
23.0
28.5
24.7
28.3
28.3
27.8
30.2
26.5
31.1
29.6
28.4
29.7
28.4
28.4
31.1

15.8
15.6
15.3
14.9
14.6
14.5
14.3
19.4
13.5
12.6
12.5
11.4
9.2
9.0
11.7
13.1
12.9
14.6
15.6
13.7
13.7
14.3
15.5

37.6
33.5
28.1
25.9
24.2
21.4
21.1
15.4
38.7
21.9
25.7
26.6
23.9
25.1
23.0
22.5
19.2
19.2
18.8
19.6
20.3
18.5
19.4

36.5
33.7
29.2
27.5
25.0
22.7
21.6
16.5
28.7
22.6
24.5
26.2
24.1
24.8
22.5
22.3
22.1
22.3
20.3
20.8
21.4
19.5
20.4

17.0
14.0
11.6
10.6
10.0
9.3
9.1
9.7
16.5
8.7
9.6
9.3
8.3
8.2
8.7
8.2
8.3
8.6
8.5
8.4
8.8
8.9
9.1

53.0
50.7
49.0
48.2
49.2
47.4
46.4
75.5
59.1
46.1
48.7
47.2
46.6
47.4
45.7
44.5
45.5
45.8
44.2
45.5
46.4
46.0
43.9

8.1
8.6
9.9
11.1
11.1
12.6
13.6
5.3
9.3
14.3
14.4
15.1
12.9
13.2
12.8
14.1
14.7
15.3
15.8
14.5
13.9
14.4
15.3

28.0
29.4
30.6
30.1
29.8
30.5
30.2
15.2
25.6
31.5
30.2
30.9
32.7
30.9
32.6
33.5
31.7
31.2
32.0
31.6
30.2
30.9
31.5

10.9
2,947
342
4,605
11.3
2,574
304
2,657
10.6
2,237
275
2,274
10.6
2,099
259
2,128
9.9
1,948
240
1,971
9.5
1,755
219
1,774
9.8
1,684
217
1,702
4.1
10,093
1,377
19,090
6.0
3,191
548
12,025
8.0
1,503
221
1,656
6.6
2,285
353
2,634
6.7
1,919
226
2,185
7.7
1,885
223
2,138
8.6
1,508
219
1,700
8.9
1,496
215
1,673
7.9
1,378
234
1,519
8.1
1,580
257
1,707
7.7
1,584
222
1,699
8.0
1,427
183
1,543
8.3
1,407
207
1,492
9.4
1,426
252
1,505
8.7
1,644
290
1,731
9.2 ��������������� ��������������� �����������������

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 517,000 in January.
MILLIONS OF PERSONS*
160

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

155
ALL NONAGRICULTURAL
ESTABLISHMENTS

150
145
140
135

PRIVATE
INDUSTRIES

130

26
24
22
20
18
16
14
12
10

125
120
115

105
24
22
20

GOVERNMENT

2019

2020

2021

2022

EDUCATION AND
HEALTH SERVICES

PROFESSIONAL AND
BUSINESS SERVICES

RETAIL TRADE

22
20
18
16
14
12
10

110

2023

PRIVATE
SERVICE-PROVIDING
INDUSTRIES

GOODS-PRODUCING
MANUFACTURING

2019

2020

2021

*SEASONALLY ADJUSTED

2022

2023

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[Thousands of wage and salary workers; 1 monthly data seasonally adjusted]
Chart 14 - Jann 2023

Private industries

Period

2013 r ������������������
2014 r ������������������
2015 r ������������������
2016 r ������������������
2017 r ������������������
2018 r ������������������
2019 r ������������������
2020 r ������������������
2021 r ������������������
2022 r ������������������
2022: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2023: Jan p ���������

Total
nonagricultural
employment

136,363
138,939
141,824
144,335
146,607
148,908
150,904
142,186
146,285
152,576
150,106
151,010
151,424
151,678
152,042
152,412
152,980
153,332
153,682
154,006
154,296
154,556
155,073

Goods-producing industries
Total
private

114,511
117,058
119,795
122,111
124,257
126,454
128,291
120,200
124,311
130,404
128,031
128,928
129,351
129,577
129,920
130,302
130,795
131,101
131,445
131,744
131,972
132,241
132,684

Total 2

Construc- Manufaction
turing

18,738
19,226
19,610
19,749
20,084
20,704
21,037
20,023
20,350
21,178
20,785
20,906
20,997
21,064
21,125
21,175
21,246
21,283
21,327
21,384
21,425
21,468
21,514

5,856
6,151
6,461
6,728
6,969
7,288
7,493
7,257
7,436
7,749
7,590
7,669
7,692
7,698
7,736
7,749
7,773
7,781
7,797
7,814
7,833
7,859
7,884

12,020
12,185
12,336
12,354
12,439
12,688
12,817
12,167
12,354
12,825
12,617
12,654
12,716
12,768
12,789
12,819
12,860
12,891
12,917
12,954
12,968
12,980
12,999

Private service-providing industries
Trade, transportation,
and utilities
Total
Total 3
95,773
97,831
100,185
102,362
104,173
105,750
107,254
100,177
103,961
109,226
107,246
108,022
108,354
108,513
108,795
109,127
109,549
109,818
110,118
110,360
110,547
110,773
111,170

25,735
26,253
26,754
27,124
27,336
27,549
27,662
26,624
27,653
28,643
28,289
28,561
28,600
28,621
28,634
28,671
28,717
28,777
28,784
28,815
28,731
28,756
28,819

Retail
trade
15,037
15,313
15,559
15,777
15,789
15,728
15,560
14,809
15,253
15,475
15,395
15,564
15,542
15,505
15,453
15,467
15,477
15,513
15,502
15,497
15,451
15,453
15,483

Information

Financial
activities

2,706
2,726
2,750
2,794
2,814
2,839
2,864
2,721
2,856
3,074
2,985
2,992
3,018
3,035
3,067
3,089
3,102
3,110
3,113
3,116
3,129
3,124
3,119

7,886
7,977
8,123
8,287
8,451
8,590
8,754
8,704
8,806
9,045
8,941
8,982
8,997
9,034
9,040
9,043
9,057
9,066
9,068
9,086
9,097
9,108
9,114

Profes- Education Leisure
sional
and
and
and
health
hospitalbusiness services
ity
services
18,623
19,174
19,747
20,168
20,563
21,008
21,334
20,376
21,386
22,571
22,164
22,306
22,439
22,421
22,493
22,582
22,659
22,707
22,755
22,791
22,791
22,830
22,912

21,086
21,439
22,029
22,639
23,188
23,638
24,163
23,275
23,652
24,350
23,887
23,996
24,050
24,105
24,181
24,277
24,404
24,496
24,576
24,661
24,756
24,832
24,937

14,254
14,696
15,160
15,660
16,051
16,295
16,586
13,148
14,151
15,836
15,374
15,536
15,590
15,626
15,699
15,774
15,887
15,935
16,074
16,135
16,258
16,322
16,450

Other
services

5,483
5,567
5,622
5,691
5,770
5,831
5,891
5,329
5,457
5,708
5,606
5,649
5,660
5,671
5,681
5,691
5,723
5,727
5,748
5,756
5,785
5,801
5,819

Government

21,853
21,882
22,029
22,224
22,350
22,455
22,613
21,986
21,973
22,171
22,075
22,082
22,073
22,101
22,122
22,110
22,185
22,231
22,237
22,262
22,324
22,315
22,389

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.
Data reflect annual revisions and other additional changes; for details, see The Employment Situation released February 3, 2023.
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

2013 r ������������������
2014 r ������������������
2015 r ������������������
2016 r ������������������
2017 r ������������������
2018 r ������������������
2019 r ������������������
2020 r ������������������
2021 r ������������������
2022 r ������������������
2021: Dec r ���������
2022: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2023: Jan p ���������

Average gross hourly earnings
Total private
nonagricultural 1

Manufacturing

Total

33.7
33.7
33.7
33.6
33.7
33.8
33.6
33.9
34.2
34.0
34.1
34.0
34.2
34.1
34.1
34.1
34.1
34.0
34.0
34.0
34.0
33.9
33.9
34.1

Overtime

41.8
42.0
41.8
41.9
41.9
42.2
41.6
40.7
41.4
41.0
41.4
41.1
41.5
41.5
41.3
41.2
41.0
41.1
41.0
41.1
41.0
40.8
40.6
40.9

4.3
4.5
4.3
4.3
4.3
4.6
4.3
3.7
4.1
4.0
4.1
4.2
4.5
4.3
4.1
4.1
4.0
4.0
3.9
3.9
3.9
3.7
3.6
3.8

Current
dollars

Manufacturing

Total private
nonagricultural 1
Current
dollars

1982-84
dollars 2

$20.13
$8.78
20.60
8.85
21.03
9.07
21.53
9.20
22.05
9.22
22.71
9.26
23.51
9.43
24.68
9.78
25.90
9.75
27.56
9.57
26.76
9.72
26.88
9.70
26.98
9.65
27.12
9.57
27.27
9.60
27.39
9.54
27.53
9.45
27.64
9.50
27.75
9.54
27.85
9.54
27.96
9.54
28.09
9.58
28.19
9.64
28.26 �����������������

Average gross weekly earnings

$19.30
19.56
19.90
20.44
20.90
21.54
22.15
22.80
23.81
25.06
24.39
24.54
24.56
24.74
24.85
24.96
25.00
25.12
25.15
25.26
25.38
25.60
25.64
25.84

Percent change from
a year earlier,
total private
nonagricultural

Current dollars

1982-84
dollars 2

Manufacturing

$677.62
$295.49
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
937.22
325.44
912.52
331.36
913.92
329.67
922.72
330.00
924.79
326.23
929.91
327.41
934.00
325.40
938.77
322.17
939.76
322.91
943.50
324.26
946.90
324.51
950.64
324.41
952.25
324.78
955.64
326.71
963.67 �����������������

$807.37
822.00
832.01
855.77
876.10
908.01
921.65
928.94
986.27
1,027.97
1,009.75
1,008.59
1,019.24
1,026.71
1,026.31
1,028.35
1,025.00
1,032.43
1,031.15
1,038.19
1,040.58
1,044.48
1,040.98
1,056.86

Construction

Retail
trade

$958.72
977.11
998.02
1,031.88
1,061.98
1,108.59
1,135.73
1,145.52
1,203.43
1,278.03
1,246.48
1,241.88
1,271.53
1,246.60
1,256.10
1,276.36
1,271.04
1,278.22
1,285.73
1,296.50
1,308.62
1,293.60
1,308.08
1,331.86

Current
dollars

$422.23
431.05
444.45
446.47
462.08
482.25
502.16
541.29
570.57
597.97
589.13
587.02
595.58
592.31
592.31
593.84
595.97
599.18
597.05
603.44
609.09
611.22
606.42
621.85

1982-84
dollars 2

1.8
0.4
2.5
1.0
2.0
2.4
2.0
1.1
2.7
.5
3.3
.7
3.1
1.4
5.9
4.6
5.9
.6
5.7
–2.5
6.0
–1.7
5.2
–2.8
7.4
–1.1
6.0
–3.1
6.0
–2.7
5.8
–3.1
6.0
–3.3
5.6
–3.1
5.6
–2.8
5.0
–3.2
5.1
–2.6
4.8
–2.2
4.7
–1.4
5.4 �������������������

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).

Note: See Note, p. 14.
Source: Department of Labor (Bureau of Labor Statistics).

Employment Cost Index—Private Industry
Index (December 2005 = 100)
Period

Total
compensation

Wages
and
salaries

Percent change from
3 months earlier

Benefits 1

Total
compensation

12 months earlier

Wages
and
salaries

Benefits 1

Total
compensation

Wages
and
salaries

Benefits 1

Not seasonally adjusted
2013:
2014:
2015:
2016:
2017:
2018:
2019:
2020:
2021:
2022:

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

119.4
122.2
124.5
127.2
130.5
134.4
138.0
141.6
147.8
155.3

119.0
121.6
124.2
127.1
130.6
134.7
138.7
142.6
149.7
157.4

120.5
123.5
125.1
127.3
130.2
133.6
136.2
139.1
143.2
150.1

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

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

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

Seasonally adjusted
2020: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2021: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2022: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������

139.3
139.9
140.7
141.7
143.2
144.3
146.3
147.9
150.0
152.3
153.9
155.4

140.3
140.8
141.6
142.8
144.5
145.8
148.1
149.8
151.7
154.1
155.9
157.5

136.8
137.8
138.5
139.3
140.2
140.7
142.1
143.4
146.1
148.0
149.2
150.3

2.0
2.3
1.9
2.2
2.6
3.0
2.7
2.6
4.4
5.1

2.1
2.2
2.1
2.3
2.8
3.1
3.0
2.8
5.0
5.1

1.9
2.5
1.3
1.8
2.3
2.6
1.9
2.1
2.9
4.8

Not seasonally adjusted
0.9
.4
.6
.7
1.1
.8
1.4
1.1
1.4
1.5
1.1
1.0

1.0
.4
.6
.8
1.2
.9
1.6
1.1
1.3
1.6
1.2
1.0

0.3
.7
.5
.6
.6
.4
1.0
.9
1.9
1.3
.8
.7

2.8
2.7
2.4
2.6
2.8
3.1
4.1
4.4
4.8
5.5
5.2
5.1

3.3
2.9
2.7
2.8
3.0
3.5
4.6
5.0
5.0
5.7
5.2
5.1

1.6
2.0
2.0
2.1
2.5
2.0
2.6
2.9
4.1
5.3
5.0
4.8

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

Business
sector

Value-added
price deflator 5

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Indexes, 2012=100; quarterly data seasonally adjusted
2013 ����������������
2014 ����������������
2015 ����������������
2016 ����������������
2017 ����������������
2018 ����������������
2019 ����������������
2020 ����������������
2021 ����������������
2022 p ��������������
2019: I ������������
      II �����������
      III ����������
      IV ����������
2020: I ������������
      II �����������
      III ����������
      IV ����������
2021: I ������������
      II �����������
      III ����������
      IV ����������
2022: I ������������
      II �����������
      III r ���������
      IV p * �����

100.9
101.4
102.5
103.2
104.3
105.9
107.9
112.6
115.3
113.8
107.1
107.7
108.2
108.9
108.6
112.9
115.1
113.8
114.7
115.5
114.8
116.1
114.3
113.2
113.5
114.4

100.6
101.1
102.3
103.0
104.1
105.6
107.7
112.5
115.2
113.7
106.8
107.4
108.0
108.7
108.4
112.9
114.9
113.8
114.7
115.4
114.7
116.0
114.2
113.0
113.4
114.3

102.5
105.5
109.1
111.1
114.1
118.1
121.2
117.0
126.0
128.8
119.8
120.6
121.9
122.4
120.4
108.1
119.0
120.6
123.0
125.5
126.4
129.1
128.3
127.9
129.0
130.0

102.2
105.3
108.8
110.8
113.8
117.8
121.0
116.9
126.0
128.9
119.6
120.5
121.8
122.3
120.2
107.9
118.9
120.4
122.9
125.5
126.4
129.2
128.4
128.0
129.1
130.2

101.5
104.1
106.4
107.7
109.3
111.5
112.3
103.9
109.3
113.1
111.9
112.1
112.7
112.4
110.8
95.8
103.4
105.9
107.2
108.7
110.0
111.2
112.3
113.0
113.6
113.6

101.7
104.1
106.3
107.6
109.3
111.6
112.4
103.9
109.3
113.4
112.0
112.2
112.7
112.5
110.9
95.6
103.4
105.8
107.2
108.8
110.2
111.4
112.4
113.2
113.8
114.0

101.5
104.0
107.1
108.6
112.4
116.2
120.6
130.3
136.8
143.0
120.1
120.1
120.2
122.2
125.0
132.2
130.6
133.4
133.0
135.5
137.8
140.6
141.3
142.3
143.4
145.0

101.3
104.0
107.3
108.8
112.6
116.3
120.8
130.6
137.0
143.0
120.3
120.3
120.4
122.4
125.3
132.7
130.8
133.8
133.4
135.8
138.0
140.7
141.5
142.3
143.5
144.9

100.0
100.8
103.6
103.7
105.1
106.0
108.1
115.4
115.7
112.0
108.6
107.8
107.5
108.6
110.8
118.1
115.4
117.2
115.7
115.6
115.7
115.8
113.8
111.8
111.1
111.5

99.8
100.8
103.8
103.9
105.2
106.2
108.3
115.6
115.9
112.0
108.8
108.0
107.7
108.8
111.0
118.6
115.5
117.5
116.0
115.8
115.8
115.9
113.9
111.8
111.1
111.4

100.5
102.6
104.5
105.2
107.7
109.7
111.8
115.7
118.7
125.6
112.2
111.6
111.1
112.2
115.1
117.1
113.5
117.2
116.0
117.3
120.0
121.1
123.6
125.7
126.3
126.7

100.8
102.9
104.8
105.6
108.1
110.1
112.1
116.1
118.9
125.8
112.6
112.0
111.4
112.6
115.6
117.5
113.8
117.6
116.3
117.6
120.3
121.3
123.8
125.9
126.5
126.8

101.5
103.2
103.7
104.5
106.3
108.6
110.2
110.6
116.1
124.6
109.5
110.2
110.4
110.7
110.8
109.5
110.8
111.4
113.1
115.1
117.0
119.0
121.5
124.5
125.7
126.7

101.4
103.3
104.1
105.0
106.8
109.2
110.9
111.3
116.4
124.5
110.2
110.9
111.1
111.3
111.4
110.3
111.5
112.0
113.7
115.4
117.2
119.3
121.5
124.4
125.5
126.5

0.5
2.1
1.8
.7
2.4
1.8
1.9
3.5
2.6
5.8
6.4
–2.1
–1.6
4.1
10.7
7.2
–11.9
13.8
–4.0
4.6
9.4
3.8
8.6
6.8
2.0
1.3

0.8
2.1
1.9
.8
2.3
1.9
1.8
3.6
2.4
5.7
6.0
–2.1
–1.8
4.0
11.3
6.6
–11.9
13.9
–4.2
4.5
9.3
3.6
8.5
6.7
2.0
1.1

1.5
1.7
.5
.7
1.8
2.1
1.5
.4
4.9
7.3
1.2
2.6
.7
1.0
.3
–4.5
4.6
2.4
6.3
7.3
6.5
7.3
8.5
10.4
3.8
3.0

1.4
1.8
.8
.9
1.7
2.2
1.6
.4
4.6
6.9
1.3
2.7
.6
.8
.4
–3.9
4.2
1.9
6.2
6.2
6.3
7.5
7.6
9.7
3.8
3.0

Percent change; quarterly data at seasonally adjusted annual rates
2013 ����������������
2014 ����������������
2015 ����������������
2016 ����������������
2017 ����������������
2018 ����������������
2019 ����������������
2020 ����������������
2021 ����������������
2022 p ��������������
2019: I ������������
      II �����������
      III ����������
      IV ����������
2020: I ������������
      II �����������
      III ����������
      IV ����������
2021: I ������������
      II �����������
      III ����������
      IV ����������
2022: I ������������
      II �����������
      III r ���������
      IV p * �����

0.9
.4
1.1
.7
1.1
1.5
1.9
4.3
2.4
–1.3
3.0
2.2
2.0
2.5
–.9
16.6
8.3
–4.5
2.9
2.9
–2.1
4.5
–6.0
–3.8
1.1
3.2

0.6
.5
1.2
.6
1.1
1.4
2.0
4.4
2.4
–1.3
3.2
2.2
2.4
2.6
–1.4
17.9
7.2
–3.9
3.0
2.7
–2.4
4.4
–5.9
–4.1
1.4
3.0

2.5
2.9
3.4
1.9
2.7
3.5
2.6
–3.4
7.7
2.2
2.7
2.8
4.2
1.7
–6.3
–35.1
47.1
5.3
8.1
8.7
2.6
9.0
–2.4
–1.4
3.5
3.3

2.2
3.0
3.4
1.8
2.7
3.5
2.7
–3.5
7.8
2.3
3.0
2.9
4.3
1.8
–6.7
–35.0
47.2
5.3
8.5
8.9
2.7
9.1
–2.5
–1.2
3.6
3.5

1.5
2.5
2.3
1.2
1.5
1.9
.7
–7.4
5.1
3.6
–.3
.6
2.2
–.8
–5.5
–44.3
35.9
10.2
5.0
5.7
4.8
4.4
3.8
2.5
2.4
.1

1.7
2.4
2.1
1.2
1.6
2.0
.7
–7.6
5.3
3.7
–.1
.6
1.9
–.8
–5.4
–44.9
37.2
9.5
5.3
6.0
5.3
4.5
3.6
2.9
2.3
.5

1.5
2.5
2.9
1.4
3.5
3.4
3.8
8.0
5.0
4.5
9.6
.1
.3
6.7
9.7
24.9
–4.6
8.8
–1.1
7.6
7.1
8.4
2.0
2.7
3.2
4.5

1.3
2.7
3.1
1.4
3.5
3.4
3.8
8.1
4.9
4.4
9.4
.0
.5
6.8
9.8
25.8
–5.5
9.5
–1.3
7.4
6.7
8.2
2.1
2.3
3.4
4.1

.0
.8
2.8
.1
1.3
.9
2.0
6.7
.3
–3.2
8.5
–3.0
–1.1
4.2
8.3
29.2
–9.0
6.4
–5.0
–.5
.4
.4
–6.6
–7.1
–2.3
1.4

–0.2
1.0
3.0
.1
1.3
.9
2.0
6.8
.2
–3.4
8.3
–3.0
–1.0
4.2
8.4
30.1
–9.8
7.1
–5.2
–.7
.0
.3
–6.4
–7.4
–2.2
1.0

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 1978-2021 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 January 26, 2023.
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 December.
INDEX, 2017 = 100* (RATIO SCALE)
120

INDEX, 2017 = 100* (RATIO SCALE)
150

110

140

TOTAL INDUSTRIAL PRODUCTION

100

130

90

120

FINAL PRODUCTS

DEFENSE AND
SPACE EQUIPMENT
CONSUMER
GOODS

110

80

100

70

90

120

BUSINESS
EQUIPMENT

MANUFACTURING

110

80

100
90

70

NONDURABLE

80
DURABLE

TOTAL1

60

70
140

PERCENT*
86

UTILITIES AND MINING

130

CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)

82

120

78

MINING

110

74

100

70

UTILITIES
90

66
62

80
2018

2019

2020

2021

2022

2018

2019

2020

2021

2022

1

SEE FOOTNOTE 1 TABLE BELOW
*SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]
Total industrial production 1
Period

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

Percent change 2
Index,
2017=100

99.3
102.3
100.8
98.7
100.0
103.2
102.5
95.3
100.0
103.9
101.8
102.1
102.9
103.6
104.3
104.2
103.9
104.5
104.5
104.8
104.8
104.2
103.4

From
preceding
month

Capacity utilization rate
(output as percent of
capacity) 1

Manufacturing

From
year
earlier

���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
–0.2
.4
.7
.7
.7
–.1
–.2
.5
.0
.3
.0
–.6
–.7

Chart 17 - Jan 2023

Industry production indexes, 2017=100

2.0
3.0
–1.4
–2.2
1.4
3.2
–.7
–7.0
4.9
3.9
3.7
2.9
6.9
4.8
5.3
4.4
3.7
3.6
3.6
5.0
3.4
2.2
1.6

Total 1
99.6
100.7
100.2
99.4
100.0
101.3
99.4
93.1
98.4
101.3
100.3
100.0
101.2
102.0
102.4
101.9
101.1
101.5
101.7
101.9
102.2
101.1
99.8

Durable
98.7
101.6
100.5
98.4
100.0
103.1
100.2
91.5
98.7
103.0
101.0
101.0
102.3
103.1
104.2
103.3
102.7
103.7
103.8
104.0
104.4
103.0
101.9

Nondurable
100.0
99.3
99.7
100.5
100.0
99.7
98.8
95.2
98.8
100.7
100.6
99.9
101.1
101.7
101.5
101.6
100.7
100.5
100.8
100.9
101.2
100.4
98.8

Other
(non-NAICS) 1
110.0
108.3
103.9
101.0
100.0
96.7
92.6
85.2
85.0
81.4
81.7
82.9
84.4
86.7
83.8
81.6
80.5
78.9
78.9
80.2
79.8
79.6
78.8

Mining

100.6
111.3
104.6
91.5
100.0
113.3
120.8
102.7
105.9
114.8
110.3
109.1
108.5
111.9
112.3
113.6
115.4
116.9
116.8
119.2
119.1
117.7
116.7

Utilities

100.7
102.0
101.2
100.8
100.0
104.9
104.0
101.0
102.9
106.6
100.4
108.4
107.5
103.1
106.7
107.0
107.6
107.7
106.3
104.2
101.6
106.2
110.2

Total
industry

Total
manufacturing

77.1
78.7
77.1
75.3
76.5
79.5
78.3
72.6
77.4
79.7
78.7
78.9
79.4
79.8
80.2
80.0
79.7
80.0
79.9
80.1
80.0
79.4
78.8

74.5
75.8
76.1
75.4
76.2
78.1
76.9
72.4
77.1
79.1
78.6
78.3
79.2
79.8
80.0
79.6
78.9
79.1
79.2
79.3
79.5
78.5
77.5

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

Nonindustrial supplies

Period
Consumer goods

Equipment

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

100.6
101.6
100.9
99.1
100.0
102.0
100.5
94.8
100.6
104.5
101.8
102.8
103.6
104.1
105.4
104.8
104.1
104.6
105.0
105.0
105.7
104.9
104.4

98.2
99.0
100.5
101.1
100.0
100.8
100.5
97.9
102.3
104.7
102.6
104.2
104.5
104.7
106.1
105.2
104.2
104.4
104.6
104.3
105.1
104.5
104.4

Durable
goods
89.7
94.2
98.0
100.3
100.0
103.2
102.2
98.7
108.7
112.7
110.2
112.4
110.3
113.5
116.0
113.3
111.3
113.9
113.4
112.9
114.6
111.2
109.6

Nondurable
goods
100.7
100.5
101.2
101.3
100.0
100.1
100.0
97.7
100.4
102.5
100.5
102.0
102.8
102.2
103.3
103.0
102.2
101.8
102.2
101.9
102.4
102.6
102.9

Total 1
105.4
106.9
101.9
94.9
100.0
104.7
100.5
88.0
96.9
104.4
100.2
99.7
101.8
102.8
104.2
104.1
104.2
105.2
106.2
106.8
107.4
106.1
104.6

Business
101.2
103.1
100.8
95.5
100.0
103.9
95.8
83.3
91.4
96.9
94.2
93.4
95.3
96.4
97.3
97.0
96.8
97.5
98.3
99.0
99.3
97.6
95.6

Total 1
Defense
and
space

Total

108.2
104.3
101.3
97.7
100.0
102.3
115.6
113.1
125.0
131.6
127.0
126.1
128.9
128.4
131.2
129.8
129.3
131.3
132.4
132.7
135.2
136.5
137.9

98.6
100.0
99.2
99.5
100.0
101.9
100.2
95.0
98.8
102.0
101.0
101.3
102.8
102.8
103.0
102.7
101.8
102.2
102.0
102.2
101.9
101.5
100.2

Construction

94.2
97.1
97.8
98.8
100.0
101.7
100.4
96.5
101.0
104.4
105.0
103.7
105.8
105.2
105.0
105.1
103.9
104.5
104.1
104.7
104.5
104.2
102.7

Energy

Business

100.3
101.1
99.8
99.9
100.0
102.0
100.1
94.3
97.8
100.9
99.1
100.1
101.4
101.7
102.1
101.6
100.8
101.1
101.0
101.1
100.7
100.3
99.0

98.8
103.7
101.3
98.0
100.0
104.7
105.1
95.7
99.8
103.9
101.9
101.8
102.3
103.4
103.7
104.0
104.4
105.0
104.7
105.4
104.9
104.4
103.6

98.1
106.2
102.8
95.2
100.0
110.3
115.6
103.0
105.6
112.3
108.2
108.9
107.7
109.8
109.7
111.3
113.3
114.1
114.1
115.3
114.4
114.5
114.8

1 Includes other items, not shown separately.

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

Primary metals
Period
Total

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

112.7
113.5
105.7
101.0
100.0
103.2
97.3
86.2
96.6
96.2
97.1
94.5
97.0
95.4
97.1
97.8
97.4
98.4
96.7
95.7
96.9
93.6
94.4

Iron
and
steel
products
113.1
112.2
101.5
96.8
100.0
103.4
95.2
86.5
101.8
95.6
100.2
96.5
95.3
93.7
96.0
98.5
97.3
97.5
96.1
96.1
94.7
92.4
93.7

Fabricated
metal
products

104.2
106.1
102.6
98.8
100.0
104.5
102.4
93.2
95.8
100.2
98.5
97.9
100.3
100.7
101.3
100.3
98.8
100.8
100.3
101.4
101.9
101.6
100.2

Nondurable manufactures

Machinery
Total

111.2
112.7
103.7
95.8
100.0
104.6
101.5
90.2
98.7
103.8
102.9
104.9
105.7
104.8
106.9
103.3
101.3
101.3
103.8
105.2
105.2
103.4
99.9

87.1
90.7
91.2
93.2
100.0
104.9
106.3
106.1
112.2
114.4
115.8
114.0
115.3
115.1
114.7
114.5
115.1
114.2
115.0
115.0
114.3
113.5
112.4

Selected
high-technology 1
75.4
83.7
86.4
91.4
100.0
109.0
113.8
118.3
132.6
138.4
138.0
136.3
138.4
139.3
137.3
137.4
139.8
140.5
140.3
140.0
138.2
137.5
137.2

Transportation
equipment

Total

92.2
98.2
100.9
98.4
100.0
102.1
97.2
83.1
93.7
100.6
95.0
95.3
94.0
98.8
101.7
100.6
99.8
103.1
102.6
102.4
104.3
102.2
102.0

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
86.8
94.7
99.7
101.0
100.0
104.1
102.3
88.4
96.4
104.4
98.7
99.1
95.3
103.9
106.8
105.3
103.4
107.7
106.3
106.5
108.5
104.8
103.7

Apparel

120.8
115.8
110.0
103.3
100.0
95.5
96.8
81.0
90.1
92.8
90.2
86.8
89.5
89.6
87.8
88.2
94.3
94.4
92.2
95.7
97.6
98.8
100.5

Printing
and
related
support
activities
101.4
99.6
98.6
100.3
100.0
100.4
96.5
88.2
89.1
91.8
91.5
89.6
92.4
92.5
92.9
92.9
92.7
91.4
92.1
90.0
92.2
93.6
90.4

Chemicals

103.5
102.4
102.0
101.5
100.0
98.6
97.2
95.4
99.8
102.7
103.0
101.9
102.2
103.1
102.9
103.3
102.9
102.6
103.4
103.1
103.5
102.4
100.9

Food

95.2
96.1
97.5
99.6
100.0
100.3
101.1
102.8
103.3
105.0
103.9
104.4
106.2
105.9
105.6
105.1
104.6
104.3
104.3
105.1
105.7
105.3
104.5

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

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

Total
new
construction
expenditures

914.6
1,015.3
1,140.2
1,223.7
1,279.8
1,333.2
1,391.0
1,499.6
1,626.4
1,792.9
1,681.0
1,726.6
1,753.1
1,768.2
1,780.9
1,793.8
1,803.8
1,817.9
1,797.8
1,807.5
1,808.3
1,817.3
1,809.8

Residential
Total

New
housing

Total 1

643.9
739.2
846.4
926.7
983.3
1,023.0
1,046.7
1,130.4
1,279.5
1,429.2
1,338.5
1,381.7
1,406.6
1,420.6
1,431.1
1,446.3
1,452.0
1,454.4
1,428.1
1,431.9
1,426.3
1,432.9
1,427.1

Federal
and
State
and
local

Nonresidential

329.6
377.5
431.8
479.4
539.0
557.6
546.6
634.7
793.7
899.1
842.9
881.9
903.4
920.0
931.5
945.2
937.7
927.5
895.7
879.7
864.9
860.0
857.2

Total

208.5
242.8
283.3
315.8
344.2
367.1
362.2
401.1
524.5
547.5
550.2
558.6
569.1
575.0
581.5
581.4
570.9
548.3
533.8
523.8
518.4
510.0
504.8

Lodging

314.3
361.7
414.6
447.3
444.3
465.5
500.1
495.6
485.8
530.1
495.5
499.8
503.2
500.6
499.5
501.1
514.3
526.9
532.4
552.2
561.4
572.9
570.0

Commercial
(including
farm)

Office

13.0
16.3
21.4
26.6
28.1
30.5
32.3
27.4
17.6
18.1
15.4
15.4
16.2
15.9
16.4
16.6
17.3
17.5
18.0
19.6
21.4
21.2
21.1

30.1
38.9
47.9
59.8
59.9
66.8
77.5
80.5
74.9
75.0
72.5
72.5
72.5
72.3
73.3
73.1
73.6
74.1
74.8
75.1
77.6
79.4
79.5

Manufacturing

50.9
60.9
64.5
75.5
84.5
82.8
80.3
85.6
90.9
110.9
99.9
99.5
101.1
100.8
100.9
103.5
109.1
112.0
114.0
115.9
121.7
122.0
122.4

Other 2

51.8
60.1
82.4
78.9
70.0
72.0
80.5
75.1
78.5
105.8
85.6
90.6
91.3
90.4
92.4
94.2
97.1
104.3
108.2
122.9
117.7
125.0
122.2

168.3
185.5
198.5
206.5
201.9
213.4
229.5
227.1
224.0
220.3
222.1
221.8
222.1
221.2
216.5
213.8
217.2
219.0
217.4
218.8
223.0
225.4
224.8

New
houses
sold

New
houses
for sale
at end
of period 3

270.7
276.1
293.8
297.0
296.5
310.2
344.3
369.2
347.0
363.6
342.6
344.9
346.5
347.5
349.8
347.5
351.8
363.4
369.6
375.6
382.0
384.4
382.7

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

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

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

New housing units started
Type of structure

Period
Total
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 p ������������������

924.9
1,003.3
1,111.8
1,173.8
1,203.0
1,249.9
1,290.0
1,379.6
1,601.0
1,553.3

1 unit
617.6
647.9
714.5
781.5
848.9
875.8
887.7
990.5
1,127.2
1,007.9

Type of structure

2–4 units 1
13.6
13.7
11.5
11.5
11.4
13.9
13.4
12.3
11.7
16.4

5 units or
more

Total

293.7
341.7
385.8
380.8
342.7
360.3
388.9
376.8
462.1
528.9

990.8
1,052.1
1,182.6
1,206.6
1,282.0
1,328.8
1,386.0
1,471.1
1,737.0
1,651.9

1 unit
620.8
640.3
696.0
750.8
820.0
855.3
862.1
979.4
1,115.4
972.2

2–4 units

5 units or
more

New
housing
units
completed

Vacancy
rate for
rental
housing
units
(percent) 4

29.0
29.9
32.1
34.8
37.2
39.7
42.6
47.2
52.9
52.7

341.1
382.0
454.5
421.1
424.8
433.8
481.4
444.5
568.8
627.2

764.4
883.8
968.2
1,059.7
1,152.9
1,184.9
1,255.1
1,286.9
1,341.0
1,392.3

429
437
501
561
613
617
683
822
771
644

186
210
232
254
293
346
323
300
389
461

8.3
7.6
7.1
6.9
7.2
6.9
6.8
6.3
6.1
5.8

68
57
54
56
56
55
50
52
47
49
51
52
46

710
587
599
660
658
589
676
701
595
645
620
518
560

1,326
1,247
1,380
1,366
1,339
1,440
1,391
1,411
1,352
1,433
1,357
1,540
1,411

839
831
790
707
619
636
571
543
646
550
598
602
616

389
394
396
411
432
438
446
458
458
463
469
461
461

5.6
��������������������
��������������������
5.8
��������������������
��������������������
5.6
��������������������
��������������������
6.0
��������������������
��������������������
5.8

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

1,768
1,666
1,777
1,716
1,805
1,562
1,575
1,377
1,508
1,465
1,426
1,401
1,382

1,212
1,157
1,213
1,191
1,173
1,073
1,013
900
923
893
859
817
909

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

553
499
532
511
619
459
554
462
565
555
553
571
463

1,896
1,841
1,857
1,879
1,823
1,695
1,696
1,685
1,542
1,564
1,512
1,351
1,337

1,118
1,197
1,204
1,163
1,109
1,051
970
932
900
870
841
781
731

1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards.
2 Based on approximately 20,100 permit-issuing places beginning with 2014 and 19,300 beginning with 2004. Using the 2004 universe, the total for 2014 is 1,046.4.
3 Seasonally adjusted.
4 Quarterly data are three-month averages. Annual data are averages of quarterly data.

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

19

Business Sales and Inventories—Manufacturing and Trade
In December, according to preliminary estimates, manufacturing and trade sales fell 0.6 percent. In December,
manufacturing and trade inventories rose $7.6 billion and retail inventories rose $4.1 billion. In December, retail
sales fell 1.2 percent and retail and food services sales fell 1.1 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,600
2,500

BILLIONS OF DOLLARS* (RATIO SCALE)
800
750

2,400

RETAIL INVENTORIES

700

2,300

650

2,200

600

2,100

RETAIL AND FOOD
SERVICES SALES

550

2,000
1,900

500
MANUFACTURING AND
TRADE INVENTORIES

1,800

RETAIL SALES

450

1,700
1,600

400

1,500

350
RATIO*
1.80
INVENTORY/SALES RATIO
1.70

1,400
MANUFACTURING
AND TRADE SALES

1,300

1.60

RETAIL

1.50

1,200

1.40
MANUFACTURING
AND TRADE

1.30

1,100

1.20
1.10
1.00

1,000
2018

2019

2020

2021

2022

2018

2019

2020

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

2021

2022

COUNCIL OF ECONOMIC ADVISERS

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

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

Sales 2
1,306,460
1,346,596
1,303,865
1,295,948
1,357,499
1,437,066
1,434,006
1,382,228
1,622,196
1,821,552
1,711,344
1,709,357
1,756,481
1,776,578
1,805,838
1,817,211
1,834,718
1,856,573
1,838,499
1,844,829
1,845,223
1,852,388
1,831,194
1,819,966

Inventories 3

Wholesale

Inventory/sales
ratio 4

1,727,460
1,790,353
1,823,840
1,859,432
1,917,746
2,001,842
2,043,172
1,986,925
2,203,775
2,482,952
2,152,079
2,203,775
2,224,580
2,263,268
2,317,441
2,348,268
2,386,601
2,420,090
2,433,047
2,455,035
2,461,135
2,466,950
2,475,366
2,482,952

1.29
1.32
1.39
1.42
1.39
1.36
1.42
1.44
1.27
1.31
1.26
1.29
1.27
1.27
1.28
1.29
1.30
1.30
1.32
1.33
1.33
1.33
1.35
1.36

Sales 2
450,346
469,124
448,936
444,974
475,081
508,225
505,946
482,919
591,963
689,338
638,366
641,275
664,740
674,911
687,088
692,466
697,250
708,222
697,323
697,252
698,037
697,748
688,052
687,841

Inventories 3
550,594
586,084
597,666
612,125
633,371
671,681
680,181
667,974
793,022
932,931
771,833
793,022
798,566
821,111
843,644
862,896
879,642
895,439
900,964
913,474
918,942
924,226
932,368
932,931

Retail
Inventory/sales
ratio 4
1.19
1.22
1.33
1.36
1.31
1.28
1.35
1.38
1.22
1.28
1.21
1.24
1.20
1.22
1.23
1.25
1.26
1.26
1.29
1.31
1.32
1.32
1.36
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
371,603
386,721
393,843
404,008
420,018
437,952
450,189
464,199
547,087
591,677
567,165
559,863
576,000
581,768
587,570
590,238
591,793
598,145
595,894
598,380
596,342
602,583
595,823
588,805

Inventories 3
545,124
561,614
587,997
611,482
625,389
652,689
653,710
622,240
651,426
742,236
624,008
651,426
660,783
671,252
692,095
697,403
708,756
723,116
730,702
741,260
740,893
738,147
738,182
742,236

Chart 20 - Jan 2023

Retail and food
Inventory/sales services sales 2
4
ratio
1.41
1.43
1.46
1.50
1.48
1.46
1.47
1.34
1.13
1.21
1.10
1.16
1.15
1.15
1.18
1.18
1.20
1.21
1.23
1.24
1.24
1.22
1.24
1.26

416,895
434,775
445,857
458,830
477,739
498,954
514,585
518,301
620,116
676,932
646,132
638,687
651,557
662,321
669,958
674,719
677,115
684,084
681,108
685,685
684,538
691,844
684,988
677,136

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

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

SHIPMENTS

TOTAL

340
300

DURABLE GOODS

260

380

220

340
NONDURABLE GOODS

300

180

260
140

540
500
460
420
380

NONDURABLE GOODS

220

BILLIONS OF DOLLARS* (RATIO SCALE)
620

180

NEW ORDERS

RATIO*
2.00
1.90

TOTAL

340

1.80

300

1.70

DURABLE GOODS

260

INVENTORY/SHIPMENTS RATIO

1.60

220

1.50
1.40

180

1.30
1.20

140
2018

2019

2020

2021

2022

2018

2019

2020

2021

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1

Chart 21- Jan 2023

Durable goods
Period

Total

Durable
goods

2022

Nondurable
goods

Total

Durable
goods

Nondurable
goods

Total

Total

Capital
goods
industries,
nondefense

Manufacturers’
unfilled
orders 2

Manufacturers’
inventory/
shipments
ratio 3

Millions of dollars, seasonally adjusted, except as noted
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 p ������������������
2021: Dec �����������
2022: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov r ���������
      Dec p ��������

484,511
490,751
461,086
446,966
462,400
490,889
477,871
435,110
483,146
540,537
508,219
515,741
519,899
531,180
534,507
545,675
550,206
545,282
549,197
550,844
552,057
547,319
543,320

224,903
233,108
231,822
226,344
230,618
244,005
238,376
219,316
243,604
269,600
255,903
259,566
260,275
264,026
264,912
268,814
269,545
270,036
273,530
274,348
275,285
276,262
277,418

259,608
257,643
229,264
220,623
231,782
246,884
239,496
215,795
239,542
270,937
252,316
256,175
259,624
267,154
269,595
276,861
280,661
275,246
275,667
276,496
276,772
271,057
265,902

631,742
642,655
638,177
635,825
658,986
677,472
709,281
696,711
759,327
807,785
759,327
765,231
770,905
781,702
787,969
798,203
801,535
801,381
800,301
801,300
804,577
804,816
807,785

371,896
389,626
393,021
380,414
389,862
408,998
433,093
428,088
466,676
493,578
466,676
468,928
471,327
475,761
480,051
482,970
485,143
486,343
487,486
488,706
489,302
490,125
493,578

259,846
253,029
245,156
255,411
269,124
268,474
276,188
268,623
292,651
314,207
292,651
296,303
299,578
305,941
307,918
315,233
316,392
315,038
312,815
312,594
315,275
314,691
314,207

491,578
496,046
452,778
441,331
457,693
485,141
461,516
428,448
484,873
542,083
508,780
520,531
522,118
531,412
534,971
544,394
554,232
548,449
549,508
550,895
553,138
542,460
552,484

231,970
238,403
223,515
220,708
225,912
238,257
222,020
212,653
245,331
271,146
256,464
264,356
262,494
264,258
265,376
267,533
273,571
273,203
273,841
274,399
276,366
271,403
286,582

86,333
83,765
70,382
69,092
72,832
70,998
58,799
60,573
75,969
87,053
80,389
87,017
83,414
83,064
83,294
84,070
84,937
87,100
86,162
89,346
90,241
84,311
100,562

1,142,454
1,252,331
1,201,974
1,184,562
1,181,179
1,166,296
1,024,141
999,281
1,078,952
1,158,011
1,078,952
1,088,546
1,095,638
1,100,794
1,106,112
1,109,739
1,118,721
1,126,755
1,131,950
1,137,101
1,143,249
1,143,565
1,158,011

1.30
1.31
1.40
1.42
1.39
1.37
1.46
1.61
1.51
1.47
1.49
1.48
1.48
1.47
1.47
1.46
1.46
1.47
1.46
1.45
1.46
1.47
1.49

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 fell 0.5 percent in December. Prices for final demand goods fell 1.6 percent
and prices for final demand services rose 0.1 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
SERVICES

120
FINAL DEMAND
115
FINAL DEMAND
GOODS

110

105

100
2014

2015

2016

2017

2019

2018

2020

2021

2022

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

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

Rel. imp. 4 �����������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 p ������������������
2021: Dec �����������
2022: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec p ��������

Total
final
demand 1

100.0
109.1
110.9
109.9
110.4
113.0
116.2
118.2
118.4
126.710
138.730
131.999
133.538
134.957
137.241
137.954
139.072
140.361
139.796
139.726
140.140
140.670
140.904
140.206

Final demand services

Total

Foods 2

Energy

Less
food
and
energy

Total

Trade 3

33.128
112.6
114.0
109.1
107.6
111.2
115.0
115.5
113.8
125.828
142.620
132.111
134.256
137.220
140.527
142.305
144.450
147.596
144.926
143.426
143.894
144.776
144.924
142.535

5.743
117.8
121.6
118.4
115.1
116.5
116.7
118.9
120.4
130.989
149.331
137.064
139.554
142.211
145.610
147.864
148.468
148.249
150.007
149.905
152.134
153.258
158.345
156.494

5.972
125.3
124.2
98.6
90.4
99.8
110.0
105.0
91.5
119.522
156.158
130.766
136.170
145.930
155.512
157.834
165.384
180.138
163.757
154.884
155.415
159.307
154.189
141.988

21.412
107.9
109.5
109.9
110.7
113.2
116.0
117.6
118.5
126.218
136.834
131.110
132.218
133.285
134.742
136.238
137.209
137.849
138.022
138.304
138.298
138.244
138.647
138.971

65.132
107.1
109.0
110.0
111.5
113.5
116.5
119.1
120.2
126.657
135.885
131.332
132.478
133.123
134.915
134.969
135.575
135.926
136.229
136.878
137.265
137.520
137.800
137.943

20.434
108.2
110.2
111.6
113.1
114.8
116.9
119.7
121.7
130.682
148.681
139.678
141.487
143.932
147.253
147.446
148.335
148.750
149.864
151.409
151.176
151.353
151.406
151.824

Transportation
and
warehousing
4.396
115.3
117.7
115.3
113.5
115.9
122.0
125.5
121.2
130.894
154.272
140.631
140.667
143.479
151.519
154.655
158.552
159.831
158.964
157.194
156.763
157.424
156.026
155.746

Other

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

40.301
67.851
105.8 ����������������
107.5
101.5
108.7
102.1
110.6
103.3
112.8
105.4
115.8
108.4
118.2
110.6
119.5
111.4
124.466
117.081
128.275
124.160
126.659
120.474
127.609
121.439
127.213
121.698
127.691
122.855
127.378
123.403
127.532
124.000
127.763
124.406
127.807
124.601
128.282
124.858
129.036
125.266
129.286
125.524
129.835
125.876
129.894
125.989

100.0
200.8
201.9
188.0
182.2
190.7
200.9
198.1
192.5
229.979
267.978
248.616
254.038
257.949
263.846
269.254
275.477
280.999
274.484
270.573
270.204
269.946
267.853
260.330

73.343
193.8
195.2
189.4
186.9
193.3
201.8
201.1
198.9
232.983
261.243
251.768
255.493
256.392
258.698
261.821
266.474
266.678
265.629
263.952
261.920
260.009
259.589
258.249

Unprocessed
goods
Chart 22 - Jan 2023
for intermediate
demand (1982=100)
Services
for
intermediNonfood
ate
materials demand
Total
less
energy
100.0
246.7
249.3
189.1
173.4
190.8
200.1
185.9
167.6
242.264
316.827
265.799
274.052
301.001
309.685
326.852
344.388
361.003
327.543
342.582
332.197
298.312
287.213
296.905

25.267
351.2
345.7
296.0
288.0
324.1
340.7
323.4
346.0
462.581
490.798
479.665
485.042
492.420
540.087
546.970
523.884
513.334
476.175
478.234
478.138
453.732
449.797
452.687

100.0
107.2
108.9
110.2
112.1
115.0
118.6
121.4
121.9
130.683
139.815
134.840
135.899
136.219
137.980
139.153
139.836
139.362
139.720
140.497
141.105
141.723
142.876
143.493

1 Includes final demand construction, not shown separately.
2 Does not include food and beverages for immediate consumption, which are defined as the service of preparing meals, snacks, and beverages to customer order for immediate consumption.
3 Trade indexes measure changes in margins received by wholesalers and retailers.
4 Relative importance, December 2021.

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

22

Consumer Prices—All Urban Consumers
In December, the consumer price index for all urban consumers fell 0.1 percent; it fell 0.3 percent before seasonal
adjustment. The index rose 6.5 percent from its year-earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE)
300

INDEX, 1982-84 = 100 (RATIO SCALE)
300
SEASONALLY ADJUSTED

290

290

280

280

270

270

260

260

CONSUMER PRICES—ALL ITEMS

250

250

240

240

230

230

220

220

210

210

200

200
2014

2015

2016

2017

2018

2019

2020

2021

SOURCE: DEPARTMENT OF LABOR

2022

COUNCIL OF ECONOMIC ADVISERS

[1982–84=100, except as noted; monthly data seasonally adjusted, except as noted by NSA]
All items
Period

Rel. imp. 4 �����������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2021: Dec �����������
2022: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������

Not
seasonally Seasonally
adjusted
adjusted
(NSA)
100.0
232.957
236.736
237.017
240.007
245.120
251.107
255.657
258.811
270.970
292.655
278.802
281.148
283.716
287.504
289.109
292.296
296.311
296.276
296.171
296.808
298.012
297.711
296.797

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�����������������
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280.126
281.933
284.182
287.708
288.663
291.474
295.328
295.271
295.620
296.761
298.062
298.349
298.112

All items less food and energy
Total 1

78.350
233.806
237.897
242.247
247.602
252.169
257.565
263.211
267.693
277.255
294.307
284.770
286.431
287.878
288.811
290.455
292.289
294.354
295.275
296.950
298.660
299.471
300.066
300.974

Shelter

32.929
263.056
270.513
278.803
288.230
297.803
307.663
318.053
325.886
334.575
354.235
341.963
342.974
344.758
346.516
348.290
350.418
352.550
354.449
356.894
359.567
362.268
364.619
367.527

Medical
care 2
8.260
425.134
435.292
446.752
463.675
475.322
484.707
498.413
518.876
525.276
546.554
531.268
534.798
535.732
538.665
541.057
543.220
546.861
549.282
553.006
557.426
554.641
551.755
552.287

Apparel

2.409
127.411
127.514
125.903
126.045
125.612
125.654
124.052
118.079
120.993
127.081
124.117
125.433
126.342
127.044
126.087
126.927
127.929
127.818
128.091
127.722
126.847
127.145
127.759

Food
New
vehicles
4.068
145.783
146.275
147.135
147.358
146.992
146.287
146.834
147.600
156.240
172.480
166.848
166.875
167.398
167.705
169.624
171.254
172.369
173.432
174.891
176.058
176.701
176.777
176.670

Energy

Total 1

At
home

Away
from
home

13.781
237.037
242.725
247.235
247.931
250.065
253.558
258.316
267.219
277.756
305.388
287.440
289.959
292.912
295.809
298.379
301.879
304.867
308.220
310.664
313.101
314.983
316.550
317.405

8.525
233.869
239.456
242.250
239.065
238.589
239.661
241.775
250.233
258.892
288.451
268.356
270.996
274.747
278.735
281.653
285.711
288.618
292.495
294.684
296.708
297.882
299.342
299.954

5.257
243.068
248.981
256.101
262.695
268.826
275.893
284.410
293.944
307.296
330.822
317.372
319.471
320.880
321.689
323.559
325.952
329.033
331.342
334.212
337.369
340.532
342.266
343.559

Total 1, 2

7.868
244.409
243.583
202.895
189.535
204.540
219.941
215.294
196.949
238.325
298.266
263.553
265.929
275.170
305.469
297.233
308.839
332.087
316.955
301.045
294.705
300.013
295.275
282.066

Chart 23 - Jan 2023

Gasoline

3.951
302.577
290.889
212.007
187.602
211.770
240.599
232.003
194.130
264.017
347.747
304.315
301.791
321.849
380.763
357.377
372.063
413.606
381.710
341.383
324.646
337.609
330.811
299.670

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

�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
155.926
157.223
158.614
160.492
161.377
162.953
164.896
165.087
165.286
165.757
166.423
166.318
165.913

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, November 2022.

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

23

Changes in Producer Prices
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Processed goods Unprocessed goods
Change from year earlier
Final for intermediate for intermediate
(NSA)
demand
demand
demand
Services
less
for
foods,
intermeTransporLess
Nonfood
energy,
diate
tation
food
Total
Final
Final
materials
and
demand
Trade
and
Other
Total
and
Total
final demand demand
less
trade
wareenergy
demand goods services
energy
housing

Final demand goods
Period

Total
final
demand 1

Total

Foods

Energy

Final demand services
Less
food
and
energy

Total

Change, December to December, NSA
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 p ������������������

1.2
.9
–1.1
1.7
2.5
2.6
1.4
.8
10.0
6.2

0.8
–1.2
–3.8
1.9
3.5
1.6
1.0
.0
13.4
8.0

–0.8
4.4
–5.2
–1.6
2.0
2.8
1.2
–.2
13.1
14.3

0.9
–13.2
–16.4
6.3
10.1
–3.1
2.4
–6.8
31.6
9.1

1.3
1.1
–.1
1.7
2.2
2.6
.6
1.7
9.3
6.0

1.3
2.1
.2
1.6
2.1
3.0
1.4
1.3
8.4
5.0

–0.4
4.0
.0
1.0
1.8
3.1
.8
1.9
14.2
8.7

2.0
.8
–3.5
1.1
2.3
6.5
2.2
–5.9
17.0
10.8

2.0 �����������
1.4
1.3
.8
.3
2.0
1.8
2.3
2.3
2.6
2.8
1.8
1.5
1.7
1.3
4.8
7.0
2.5
4.6

0.1
–2.6
–6.6
1.8
5.0
2.8
–1.7
1.5
24.4
4.7

0.7
–.1
–3.8
1.6
3.6
3.5
–1.8
2.3
23.3
2.6

–1.9
–8.7
–25.3
13.0
5.0
3.7
–7.3
1.3
40.0
11.7

–5.6
–5.3
–18.5
13.7
8.5
2.9
–5.0
20.5
23.1
–5.7

1.0
1.8
.5
2.6
2.9
3.1
1.7
2.1
8.3
6.4

1.3
1.6
–.9
.5
2.4
2.8
1.7
.2
7.0
9.5

0.8
1.2
–4.3
–1.4
3.3
3.4
.4
–1.5
10.6
13.3

1.6
1.8
.9
1.4
1.8
2.6
2.2
.9
5.4
7.3

–0.1
2.2
1.5
2.3
2.0
2.3
2.0
–2.3
–1.4
–.1
–.1
–.8
–2.8

0.6
1.5
.4
.9
1.2
1.8
.1
–.4
–.6
–.8
–.7
–.2
–.5

–4.8
3.1
9.8
2.9
5.5
5.4
4.8
–9.3
4.6
–3.0
–10.2
–3.7
3.4

–1.8
1.1
1.5
9.7
1.3
–4.2
–2.0
–7.2
.4
.0
–5.1
–.9
.6

0.8
.8
.2
1.3
.9
.5
–.3
.3
.6
.4
.4
.8
.4

10.0
10.1
10.4
11.7
11.2
11.1
11.2
9.7
8.7
8.5
8.2
7.3
6.2

13.4
13.6
14.4
15.8
16.4
16.7
17.6
14.7
12.3
11.3
10.5
9.7
8.0

8.4
8.2
8.4
9.4
8.3
8.0
7.8
6.9
6.5
6.7
6.7
5.8
5.0

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

0.6
1.2
1.1
1.7
.5
.8
.9
–.4
–.1
.3
.4
.2
–.5

–0.1
1.6
2.2
2.4
1.3
1.5
2.2
–1.8
–1.0
.3
.6
.1
–1.6

–0.2
1.8
1.9
2.4
1.5
.4
–.1
1.2
–.1
1.5
.7
3.3
–1.2

–1.4
4.1
7.2
6.6
1.5
4.8
8.9
–9.1
–5.4
.3
2.5
–3.2
–7.9

0.4
.8
.8
1.1
1.1
.7
.5
.1
.2
.0
.0
.3
.2

0.9
.9
.5
1.3
.0
.4
.3
.2
.5
.3
.2
.2
.1

1.9
1.3
1.7
2.3
.1
.6
.3
.7
1.0
–.2
.1
.0
.3

1.6
.0
2.0
5.6
2.1
2.5
.8
–.5
–1.1
–.3
.4
–.9
–.2

0.3
.8
–.3
.4
–.2
.1
.2
.0
.4
.6
.2
.4
.0

0.4
.8
.2
1.0
.4
.5
.3
.2
.2
.3
.2
.3
.1

1 Includes final demand construction, not shown separately.

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

Changes in Consumer Prices—All Urban Consumers
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
All items less food and energy
Period

All
items 1

Total 1

Shelter

Medical
care 2

Apparel

Food
New
vehicles

Total 1

At
home

Addendum: All items,
percent change (annual rate)

Energy
Away
from
home

Total 1, 2 Gasoline

C-CPI-U
(NSA) 3

From
previous
quarter 4

From
3
months
earlier

From
6
months
earlier

From
year
earlier
(NSA)

Change, December to December, NSA
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������

1.5
.8
.7
2.1
2.1
1.9
2.3
1.4
7.0
6.5

1.7
1.6
2.1
2.2
1.8
2.2
2.3
1.6
5.5
5.7

2.5
2.9
3.2
3.6
3.2
3.2
3.2
1.8
4.1
7.5

2.0
3.0
2.6
4.1
1.8
2.0
4.6
1.8
2.2
4.0

0.6
–2.0
–.9
–.1
–1.6
–.1
–1.2
–3.9
5.8
2.9

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

0.6
.6
.8
1.2
.3
1.0
1.3
.0
.1
.4
.4
.1
–.1

0.6
.6
.5
.3
.6
.6
.7
.3
.6
.6
.3
.2
.3

0.4
.3
.5
.5
.5
.6
.6
.5
.7
.7
.8
.6
.8

0.3
.7
.2
.5
.4
.4
.7
.4
.7
.8
–.5
–.5
.1

1.1
1.1
.7
.6
–.8
.7
.8
–.1
.2
–.3
–.7
.2
.5

0.4
.5
.2
.3
–.5
–.3
.1
2.0
11.8
5.9

1.1
3.4
.8
–.2
1.6
1.6
1.8
3.9
6.3
10.4

0.4
3.7
–.4
–2.0
.9
.6
.7
3.9
6.5
11.8

2.1
3.0
2.6
2.3
2.5
2.8
3.1
3.9
6.0
8.3

0.5
–10.6
–12.6
5.4
6.9
–.3
3.4
–7.0
29.3
7.3

–1.0
–21.0
–19.7
9.1
10.7
–2.1
7.9
–15.2
49.6
–1.5

1.3
.5
.4
1.8
1.7
1.5
1.8
1.5
6.5
6.4

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1.5
1.6
.1
1.3
2.1
2.4
1.8
1.2
4.7
8.0

0.4
1.0
1.4
1.5
1.0
1.4
1.0
1.3
.7
.7
.4
.5
.2

0.6
.7
.4
.3
.6
.7
.9
.7
.9
.9
.9
.5
.4

0.9
.9
3.5
11.0
–2.7
3.9
7.5
–4.6
–5.0
–2.1
1.8
–1.6
–4.5

1.3
–.8
6.6
18.3
–6.1
4.1
11.2
–7.7
–10.6
–4.9
4.0
–2.0
–9.4

0.2
.8
.9
1.2
.6
1.0
1.2
.1
.1
.3
.4
–.1
–.2

7.9
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�������������
9.2
�������������
�������������
10.5
�������������
�������������
5.7
�������������
�������������
3.1

8.9
8.0
8.4
11.3
9.9
10.7
11.0
9.5
5.8
2.0
3.8
3.7
1.8

6.9
7.3
8.3
10.1
8.9
9.5
11.1
9.7
8.2
6.4
6.6
4.8
1.9

7.0
7.5
7.9
8.5
8.3
8.6
9.1
8.5
8.3
8.2
7.7
7.1
6.5

Change, month to month
1.2
.0
.3
.2
1.1
1.0
.7
.6
.8
.7
.4
.0
–.1

0.5
.9
1.0
1.0
.9
1.2
1.0
1.1
.8
.8
.6
.5
.3

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

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

24

Prices Received and Paid by Farmers
In December, prices received by farmers rose 3.1 percent and prices paid by farmers was unchanged. (Data are not
seasonally adjusted.)
INDEX, 2011=100 (RATIO SCALE)
130

INDEX, 2011=100 (RATIO SCALE)
140
130

120

120

PRICES PAID

110

110
100
100
90
90
PRICES RECEIVED

80

80

70

70

60

60
1

RATIO1
140

RATIO
140
120

120
RATIO

100

100

80

80

60

60
2014

2016

2015

2017

2018

2020

2019

2022

2021

1RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.

SOURCE: DEPARTMENT OF AGRICULTURE

COUNCIL OF ECONOMIC ADVISERS

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

Period

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

Agricultural
production

107.0
107.9
99.2
90.2
93.4
90.5
89.9
94.9
109.9
130.2
112.7
111.8
119.9
127.5
133.9
134.8
135.0
133.9
131.4
131.2
127.7
133.5
137.7

Crop
production

105.7
92.3
87.0
85.5
86.2
85.8
84.8
100.4
114.4
123.3
106.4
104.9
114.4
120.8
122.7
123.4
126.0
124.7
128.6
127.0
121.9
127.2
128.6

Chart 25 - Jan 2023

Prices paid by farmers

Livestock
production

108.5
128.7
113.4
94.4
100.1
94.4
95.6
88.8
105.1
139.0
120.1
124.3
126.1
134.4
145.1
146.0
145.0
145.8
134.6
136.3
138.9
143.4
150.4

All commodities,
services, interest,
taxes, and wage
rates (PPITW) 2
106.3
112.0
110.7
105.8
106.5
109.6
110.3
110.2
119.4
134.9
125.1
128.7
130.7
132.7
135.1
135.1
135.6
136.2
136.9
136.7
137.1
137.1
137.1

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

106.7
113.1
111.6
105.7
106.1
109.3
109.8
109.4
119.2
135.7
125.3
129.3
131.5
133.5
136.1
135.9
136.3
137.0
137.7
137.5
137.8
137.9
138.0

Production
items

107.4
114.1
112.0
104.7
104.5
107.1
106.8
105.8
116.3
134.2
123.3
126.5
129.1
131.4
135.0
134.7
135.1
135.6
136.5
136.2
136.5
136.6
136.7

Ratio of prices
received by farmers
to PPITW

100
96
90
85
87
83
82
80
88
96
90
87
92
96
99
100
99
99
96
96
93
97
101

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 December, 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

2014

2015

2016

2017

2018

2019

2020

2021

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

2022

COUNCIL OF ECONOMIC ADVISERS

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

Period

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

2,664.3
2,940.9
3,095.8
3,340.9
3,610.6
3,763.4
4,007.1
17,834.4
20,430.5
19,685.8
20,430.5
20,585.5
20,661.0
20,699.1
20,617.6
20,627.6
20,556.5
20,532.6
20,472.4
20,283.4
20,100.3
19,935.8
19,685.8

11,028.8
11,681.5
12,344.0
13,209.6
13,852.3
14,358.8
15,319.1
19,124.8
21,489.9
21,207.4
21,489.9
21,649.7
21,708.4
21,739.7
21,644.2
21,649.0
21,607.3
21,636.1
21,631.9
21,503.3
21,415.5
21,354.8
21,207.4

Percent change

From
previous period 5

From year or 6 months earlier 4
M1

42,147.3
8.3
43,699.6
10.4
45,423.9
5.3
47,362.5
7.9
49,469.3
8.1
52,128.9
4.2
54,553.2
6.5
61,340.0 �����������������������������
65,191.2
14.6
���������������������������������������������
–3.6
65,191.2
11.5
���������������������������������������������
11.2
���������������������������������������������
9.5
66,549.7
8.3
���������������������������������������������
5.5
���������������������������������������������
3.4
67,642.9
1.2
���������������������������������������������
–0.5
���������������������������������������������
–1.8
68,463.1
–4.0
���������������������������������������������
–5.0
���������������������������������������������
–6.7
���������������������������������������������
–8.5

Chart 26 - Jan 2023

M2

Debt
5.4
5.9
5.7
7.0
4.9
3.7
6.7
24.8
12.4
–1.3
10.1
10.0
8.4
7.4
4.7
2.8
1.1
–0.1
–0.7
–2.2
–2.1
–2.7
–3.7

4.2
3.8
4.4
4.4
4.2
4.8
4.7
12.5
6.3
�������������������������������
8.8
�������������������������������
�������������������������������
8.3
�������������������������������
�������������������������������
6.5
�������������������������������
�������������������������������
4.9
�������������������������������
�������������������������������
�������������������������������

1 Beginning May 2020, M1 includes savings deposits. Prior to May 2020, savings deposits were not included in M1. See the H.6 statistical release for additional details.
2 Money market mutual fund (MMMF). Savings deposits include money market deposit accounts (MMDA).
3 Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts. Quarterly data shown in last

month of quarter. End-of-year data are for fourth quarter.
4 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate.
5 Debt growth of domestic nonfinancial sectors is the seasonally adjusted borrowing flow divided by the seasonally adjusted level of debt outstanding in the previous period. Annual changes are
from fourth quarter to fourth quarter; quarterly changes are from previous quarter at an annual rate.
Note: See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.

26

Components of Money Stock
[Averages of daily figures; billions of dollars, seasonally adjusted]

Period

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

Nonbank
travelers
checks

Currency

1,160.2
1,252.9
1,339.6
1,421.2
1,525.4
1,625.5
1,712.9
1,975.9
2,133.2
2,211.7
2,133.2
2,144.3
2,158.3
2,174.9
2,178.3
2,174.5
2,173.0
2,172.9
2,179.1
2,182.8
2,193.1
2,202.1
2,211.7

Other checkable
deposits (OCDs)
Demand
deposits

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

1,034.6
1,200.6
1,238.9
1,370.4
1,489.2
1,504.4
1,615.0
3,296.9
4,696.5
5,066.5
4,696.5
4,799.9
4,772.2
4,768.4
4,732.4
4,909.1
4,926.5
4,956.0
5,239.3
5,179.2
5,126.3
5,154.2
5,066.5

Savings deposits
(including MMDAs)

Small-denomination
time deposits 1

At
thrift
institutions

At
commercial
banks

At
thrift
institutions

1,020.3
1,077.4
1,143.5
1,259.0
1,298.0
1,331.8
1,333.2
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

426.2
391.3
315.1
267.2
322.1
448.9
484.9
201.4
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

144.5
131.9
110.4
101.6
111.7
107.9
122.2
51.2
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

Total

At
commercial
banks

At
thrift
institutions

Total

At
commercial
banks

465.9
484.5
514.8
547.1
594.1
631.8
679.2
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

255.9
264.9
276.2
288.5
307.3
336.2
372.9
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

210.1
219.5
238.5
258.6
286.7
295.6
306.3
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

7,129.0
7,573.3
8,157.7
8,803.3
9,097.0
9,237.2
9,734.5
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

6,108.6
6,495.9
7,014.2
7,544.3
7,799.0
7,905.4
8,401.2
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

Total
570.7
523.2
425.5
368.8
433.8
556.8
607.1
252.6
87.8
361.4
87.8
77.2
59.2
46.9
37.9
37.2
50.6
75.8
123.6
165.2
225.0
290.0
361.4

Retail
money
funds

664.8
644.1
665.0
696.6
710.9
801.4
970.4
1,037.7
971.6
1,160.2
971.6
987.0
988.2
993.8
988.7
984.3
1,000.2
1,027.7
1,035.9
1,054.7
1,090.2
1,129.0
1,160.2

Institutional
money
funds 2

1,762.5
1,790.7
1,821.2
1,747.3
1,835.8
1,891.9
2,295.3
2,873.5
�����������������
�����������������
�����������������
�����������������
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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

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

Total

To satisfy
reserve
balance
requirements 2

That
exceed the
top of the
penalty-free
band

2,485,248
2,606,700
2,419,774
2,031,007
2,244,274
1,691,394
1,630,090
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������

75,713
90,852
97,981
116,285
135,719
135,698
152,562
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
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������������������
������������������

2,409,535
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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Reserve
balance
requirements 3

Vault cash
used to
satisfy
required
reserves

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

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

Borrowings from the Federal Reserve

Nonborrowed 4

2,540,849
2,665,835
2,481,082
2,095,247
2,309,747
1,759,780
1,698,323
3,076,300
4,149,900
3,090,000
4,149,900
3,839,100
3,775,800
3,848,500
3,591,400
3,296,000
3,207,000
3,239,100
3,287,200
3,111,100
3,035,900
3,107,000
3,090,000

Monetary
base 5

3,717,450
3,934,455
3,835,810
3,531,565
3,850,969
3,400,747
3,426,464
5,206,500
6,413,100
5,405,400
6,413,100
6,103,900
6,040,000
6,134,500
5,885,200
5,591,500
5,506,500
5,537,200
5,582,300
5,410,900
5,339,700
5,418,700
5,405,400

Total 6

170
102
106
39
75
76
21
58,685
38,082
17,300
38,082
32,055
28,715
26,206
23,960
21,883
21,423
19,541
18,755
20,293
19,828
19,178
17,300

Primary

Secondary

Seasonal

Term
assetbacked
securities
loan
facility 7

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

59
80
67
25
33
58
11
������������������
������������������
������������������
������������������
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98
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 1.0 percent in December.
BILLIONS OF DOLLARS* (RATIO SCALE)
20,000
ALL COMMERCIAL BANKS
18,000
16,000
14,000

BILLIONS OF DOLLARS* (RATIO SCALE)
20,000
18,000
16,000
14,000

TOTAL

12,000

12,000

10,000
9,000
8,000
7,000

10,000
9,000
8,000
7,000

LOANS AND LEASES

6,000

6,000

5,000

5,000

4,000

4,000
U.S. TREASURY AND
AGENCY SECURITIES

3,000

3,000

2,000

2,000

1,600

1,600

1,200

1,200

800

800
OTHER SECURITIES

400

400
2014

2015

2016

2017

2018

2019

2020

2021

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

2022

COUNCIL OF ECONOMIC ADVISERS

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

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

Total
bank
credit

9,828.0
10,539.9
11,342.8
12,075.3
12,536.8
13,064.0
13,848.8
15,037.3
16,402.0
17,495.2
16,402.0
16,565.2
16,657.9
16,788.6
16,899.6
17,003.6
17,128.6
17,237.6
17,311.4
17,329.6
17,334.5
17,384.1
17,495.2

Total
securities

2,722.3
2,932.8
3,111.0
3,311.5
3,434.7
3,496.2
3,830.0
4,700.3
5,695.5
5,513.2
5,695.5
5,785.4
5,814.8
5,816.5
5,804.7
5,782.0
5,759.8
5,756.5
5,730.2
5,661.6
5,563.8
5,521.0
5,513.2

U.S.
Treasury
and
agency
securities
1,809.3
2,040.4
2,224.8
2,409.6
2,521.8
2,663.8
3,000.8
3,757.6
4,579.1
4,432.8
4,579.1
4,666.1
4,697.3
4,680.6
4,667.2
4,650.1
4,633.8
4,631.9
4,607.5
4,554.9
4,478.4
4,439.9
4,432.8

Loans and leases in bank credit

Other
securities

913.0
892.4
886.2
901.9
912.9
832.5
829.1
942.7
1,116.4
1,080.4
1,116.4
1,119.3
1,117.5
1,135.9
1,137.5
1,131.8
1,125.9
1,124.6
1,122.6
1,106.8
1,085.4
1,081.1
1,080.4

Total
loans
and
leases 3
7,105.8
7,607.1
8,231.8
8,763.8
9,102.1
9,567.7
10,018.8
10,337.0
10,706.5
11,982.0
10,706.5
10,779.8
10,843.1
10,972.1
11,094.9
11,221.6
11,368.8
11,481.1
11,581.2
11,668.0
11,770.7
11,863.1
11,982.0

Commercial
and
industrial
loans
1,574.3
1,773.3
1,953.0
2,083.8
2,103.5
2,301.5
2,355.7
2,593.5
2,469.3
2,828.8
2,469.3
2,482.7
2,489.9
2,531.6
2,561.6
2,601.5
2,658.1
2,695.0
2,721.9
2,747.7
2,777.0
2,809.8
2,828.8

Chart 28 - Jan 2023

Real estate loans
Total 4
3,531.7
3,638.6
3,871.1
4,114.8
4,284.6
4,408.4
4,607.8
4,640.0
4,787.4
5,327.6
4,787.4
4,814.3
4,843.7
4,876.7
4,927.6
4,975.1
5,022.4
5,065.4
5,113.8
5,153.3
5,188.2
5,230.3
5,327.6

Revolving
home equity
loans
473.8
458.1
441.1
406.4
382.1
349.5
321.4
282.4
249.4
254.7
249.4
248.1
247.7
247.6
247.9
248.7
249.4
250.2
251.0
251.9
252.5
252.4
254.7

Commercial
loans
1,498.3
1,605.4
1,781.0
1,962.6
2,086.0
2,182.4
2,317.6
2,404.6
2,527.8
2,860.4
2,527.8
2,546.7
2,564.6
2,584.4
2,612.2
2,633.6
2,658.3
2,686.4
2,718.9
2,739.0
2,760.8
2,786.1
2,860.4

Consumer
loans 5

1,128.0
1,186.6
1,258.9
1,356.0
1,427.5
1,497.3
1,588.4
1,522.5
1,651.5
1,833.6
1,651.5
1,665.1
1,682.7
1,707.7
1,729.8
1,744.6
1,763.1
1,778.8
1,791.1
1,805.0
1,822.6
1,828.6
1,833.6

All other
loans
and
leases 6
871.7
1,008.7
1,148.8
1,209.2
1,286.6
1,360.5
1,466.9
1,581.0
1,798.3
1,992.0
1,798.3
1,817.7
1,826.9
1,856.0
1,875.9
1,900.4
1,925.2
1,941.9
1,954.4
1,961.9
1,982.9
1,994.3
1,992.0

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

2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2020: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2021: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2022: I ����������������
      II ���������������
      III p ������������

Internal 1

2,634.7
2,622.1
3,105.2
3,248.4
2,886.1
2,138.4
3,371.9
4,428.9
2,315.6
3,550.6
3,516.0
1,937.6
1,743.6
2,065.0
3,110.8
3,047.6
3,696.4
4,347.7
4,624.9
4,519.8
3,387.3

1,820.8
1,927.5
1,940.1
1,935.4
1,866.5
1,809.5
2,142.9
2,226.4
2,116.4
2,459.8
2,072.0
1,886.3
2,354.2
2,153.2
2,334.9
2,449.0
2,537.6
2,517.7
2,513.8
2,660.4
2,962.4

Total
net
funds
raised

Total

813.9
694.6
1,165.1
1,313.0
1,019.6
328.9
1,229.0
2,202.5
199.2
1,090.8
1,444.0
51.3
–610.6
–88.2
775.9
598.6
1,158.8
1,830.0
2,111.1
1,859.4
424.9

163.2
224.5
208.2
162.0
–137.9
74.7
–175.3
283.6
949.6
282.9
2,452.1
1650.1
–341.8
38.1
567.2
–12.0
443.2
133.0
353.6
239.8
–104.0

Net
new
equity
issues
–245.4
–196.2
–279.0
–439.0
–409.6
–289.4
–540.8
–361.5
–121.6
–338.1
–377.7
–80.0
–12.6
–16.2
–37.9
–281.0
–384.7
–648.9
–615.8
–741.1
–770.6

Credit market instruments
Total

Securities
and
mortgages

Loans
and
short-term
paper

272.1
266.3
266.2
507.5
296.1
270.9
261.0
489.4
792.5
348.8
895.2
1,859.4
318.8
96.8
591.1
286.9
488.8
28.3
351.6
–10.0
152.3

136.4
154.4
220.9
93.5
–24.4
93.2
104.4
155.7
278.8
272.2
1,934.7
–129.5
–647.9
–42.4
14.1
–17.9
339.0
753.6
617.8
990.9
514.2

408.6
420.7
487.2
601.1
271.7
364.1
365.4
645.1
1071.2
621.0
2,829.8
1,730.0
–329.2
54.3
605.1
269.0
827.9
781.9
969.4
980.9
666.6

Capital
expenditures 3

Total

Other 2

402.7
261.9
622.7
671.8
750.2
–26.8
936.4
1,564.6
–808.2
450.2
–1,306.5
–1,631.1
–268.4
–26.8
149.8
390.2
266.8
993.9
1,141.4
855.9
–278.8

1,918.3
2,383.7
2,495.4
3,075.9
2,748.3
2,443.7
2,933.3
4,564.8
2,348.8
3,546.1
4,174.3
723.1
2,916.0
1,581.7
3,280.0
2,869.3
3,727.3
4,307.7
4,270.4
3,986.9
2,999.7

1,611.3
1,676.0
1,822.0
1,935.9
1,802.5
1,901.5
2,068.1
2,169.0
1,954.0
2,155.5
2,042.0
1,647.8
2,030.8
2,095.3
2,013.5
2,010.8
2,159.9
2,437.6
2,868.8
2,537.5
2,636.0

Increase
in
financial
assets

307.0
707.7
673.4
1,140.0
945.8
542.2
865.2
2,395.8
394.8
1,390.6
2,132.3
–924.7
885.2
–513.6
1,266.5
858.5
1,567.4
1,870.1
1,401.6
1,449.4
363.7

Discrepancy
(sources
less
uses)

658.1
217.9
461.0
109.1
141.6
–296.2
133.7
–266.6
2.5
26.8
–886.8
1,252.6
–1,050.1
694.4
80.3
242.3
–30.9
–184.3
26.4
10.7
–82.6

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

Source: Board of Governors of the Federal Reserve System.

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

Consumer credit outstanding (end of period)
Period
Total
2013: Dec ������������������������������������������
2014: Dec ������������������������������������������
2015: Dec ������������������������������������������
2016: Dec ������������������������������������������
2017: Dec ������������������������������������������
2018: Dec ������������������������������������������
2019: Dec ������������������������������������������
2020: Dec ������������������������������������������
2021: Dec ������������������������������������������
2022: Dec p ���������������������������������������
2021: Dec ������������������������������������������
2022: Jan ������������������������������������������
      Feb ������������������������������������������
      Mar �����������������������������������������
      Apr ������������������������������������������
      May �����������������������������������������
      June ����������������������������������������
      July r ���������������������������������������
      Aug r ����������������������������������������
      Sept r ���������������������������������������
      Oct r �����������������������������������������
      Nov r ����������������������������������������
      Dec p ���������������������������������������

Nonrevolving 2

Revolving
3,090.5
3,309.5
3,400.2
3,636.4
3,830.8
4,007.0
4,192.2
4,184.9
4,430.8
4,775.9
4,430.8
4,445.5
4,478.3
4,524.0
4,555.2
4,582.2
4,621.9
4,644.4
4,673.6
4,699.0
4,731.2
4,764.3
4,775.9

854.1
887.4
898.1
960.1
1,016.8
1,053.8
1,092.0
974.6
1,041.7
1,196.0
1,041.7
1,050.0
1,060.1
1,086.1
1,102.8
1,110.2
1,125.8
1,136.5
1,153.2
1,161.2
1,173.5
1,188.8
1,196.0

2,236.3
2,422.2
2,502.1
2,676.3
2,813.9
2,953.2
3,100.2
3,210.3
3,389.1
3,579.9
3,389.1
3,395.5
3,418.2
3,437.9
3,452.4
3,471.9
3,496.1
3,507.9
3,520.4
3,537.8
3,557.8
3,575.6
3,579.9

Total

Revolving
177.6
219.0
90.7
236.2
194.4
176.2
185.2
–7.3
245.9
345.1
23.2
14.7
32.8
45.7
31.2
27.0
39.7
22.5
29.2
25.4
32.2
33.1
11.6

14.1
33.3
10.7
62.0
56.7
37.0
38.2
–117.4
67.1
154.3
8.1
8.3
10.1
26.0
16.7
7.4
15.6
10.7
16.7
8.0
12.3
15.3
7.2

Nonrevolving 2
163.4
185.9
79.9
174.2
137.6
139.3
147.0
110.1
178.8
190.8
15.0
6.4
22.7
19.7
14.5
19.5
24.2
11.8
12.5
17.4
20.0
17.8
4.3

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 January.
PERCENT PER ANNUM
10

PERCENT PER ANNUM
10

8

8

6

6

CORPORATE Aaa BONDS
(MOODY'S)
4

4

TREASURY
BILLS
2

2
FEDERAL FUNDS
RATE

0

0
2015

2016

2017

2018

2019

2020

2021

2022

SOURCE: SEE TABLE BELOW

2023

COUNCIL OF ECONOMIC ADVISERS

[Percent per annum]
Chart 30 - Jan 2023

U.S. Treasury security yields
Period

2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2022: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2023: Jan �����������
Week ended:
2023: Jan  7 �������
         14 �������
         21 �������
         28 �������
      Feb 4 ��������

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

0.06
.03
.06
.33
.94
1.94
2.08
.38
.04
2.04
.14
.34
.46
.80
.98
1.48
2.24
2.61
3.09
3.67
4.14
4.29
4.53

0.54
.90
1.02
1.00
1.58
2.63
1.94
.42
.46
3.05
1.25
1.65
2.09
2.72
2.79
3.15
3.03
3.23
3.88
4.38
4.34
4.05
3.91

2.35
2.54
2.14
1.84
2.33
2.91
2.14
0.89
1.45
2.95
1.76
1.93
2.13
2.75
2.90
3.14
2.90
2.90
3.52
3.98
3.89
3.62
3.53

3.45
3.34
2.84
2.59
2.89
3.11
2.58
1.56
2.06
3.11
2.10
2.25
2.41
2.81
3.07
3.25
3.10
3.13
3.56
4.04
4.00
3.66
3.66

3.96
3.78
3.48
3.07
3.36
3.53
3.38
2.41
2.00
3.85
2.47
2.78
3.22
3.74
4.06
4.01
3.96
3.99
4.53
4.70
4.52
4.19
4.03

4.24
4.16
3.89
3.67
3.74
3.93
3.39
2.47
2.70
4.07
2.93
3.25
3.43
3.76
4.13
4.24
4.06
4.07
4.59
5.10
4.90
4.43
4.41

0.75
.75
.76
1.01
1.60
2.41
2.78
.64
.25
1.86
.25
.25
.50
.50
1.00
1.75
2.50
2.50
3.25
3.25
4.00
4.50
4.50

3.25
3.25
3.26
3.51
4.10
4.91
5.28
3.54
3.25
4.86
3.25
3.25
3.50
3.50
4.00
4.75
5.50
5.50
6.25
6.25
7.00
7.50
7.50

0.11
.09
.13
.39
1.00
1.83
2.16
.37
.08
1.69
.08
.08
.20
.33
.77
1.21
1.68
2.33
2.56
3.08
3.78
4.10
4.33

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

4.41
4.56
4.56
4.58
4.60

4.11
3.89
3.79
3.87
3.86

3.69
3.52
3.44
3.49
3.48

3.79
3.65
3.60
3.64
3.61

4.19
4.05
3.95
3.96
3.97

4.58
4.39
4.30
4.35
4.34

4.50
4.50
4.50
4.50
4.75

7.50
7.50
7.50
7.50
7.75

4.33
4.33
4.33
4.33
4.33

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

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 were mixed in January.
INDEX, DEC. 31, 2002=5,000 (RATIO SCALE)
18,000

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

16,000

16,000

COMPOSITE STOCK PRICE INDEX
(NYSE)

14,000

14,000

12,000

12,000

10,000

10,000

9,000

9,000

8,000

8,000

7,000

7,000

6,000
2015

2016

2018

2017

2019

2020

2021

2022

6,000

2023

PERCENT
20

PERCENT
20
15

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

10

10

5

5

0

0
2015

2016

2017

2018

2019

2021

2020

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

2022

2023

COUNCIL OF ECONOMIC ADVISERS

Common stock yields
(percent) 6

Common stock prices 1

Chart 31 - Jan 2023

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

Period
Composite
2013 ���������������������
2014 ���������������������
2015 ���������������������
2016 ���������������������
2017 ���������������������
2018 ���������������������
2019 ���������������������
2020 ���������������������
2021 ���������������������
2022 ���������������������
2022: Jan ������������
      Feb ������������
      Mar �����������
      Apr ������������
      May �����������
      June ����������
      July �����������
      Aug �����������
      Sept ����������
      Oct ������������
      Nov �����������
      Dec ������������
2023: Jan ������������
Week ended:
2023: Jan  7 ��������
         14 ��������
         21 ��������
         28 ��������
      Feb 4 ���������

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

9,426.77
10,653.17
10,676.70
10,380.08
11,843.74
12,647.54
12,864.17
12,634.01
16,243.57
15,463.89
16,863.79
16,588.70
16,331.41
16,393.95
15,394.96
14,958.37
14,681.97
15,398.63
14,416.04
14,091.56
15,153.53
15,293.81
15,712.04

5,805.54
6,448.33
6,559.24
6,124.93
7,509.81
7,963.02
7,982.51
7,230.70
9,716.03
9,067.21
10,253.53
10,202.13
9,773.92
9,691.84
8,949.90
8,620.36
8,499.39
8,956.54
8,372.29
8,052.90
8,735.24
8,698.43
9,127.60

13,490.83
14,598.07
11,332.43
10,204.95
10,699.23
11,440.86
10,016.30
6,528.64
8,385.44
12,005.37
10,248.18
11,006.89
11,754.98
12,213.27
12,596.09
12,469.41
11,127.88
12,156.80
11,721.42
12,459.21
13,468.24
12,842.11
13,238.73

9,250.02
11,195.85
12,718.18
12,182.85
13,366.56
15,054.70
16,162.10
18,045.78
21,801.65
22,796.83
23,107.43
22,811.82
23,272.27
23,993.08
22,811.66
22,324.17
22,845.20
22,782.78
21,719.29
21,666.55
22,695.25
23,532.41
23,150.22

14,999.67
16,773.99
17,590.61
17,908.08
21,741.91
25,045.75
26,378.41
26,906.89
34,009.89
32,911.74
35,456.15
34,648.48
34,029.74
34,314.99
32,379.46
31,446.71
31,535.32
33,009.56
30,649.56
30,570.68
33,417.96
33,482.26
33,656.00

1,642.51
1,930.67
2,061.20
2,092.39
2,448.22
2,744.68
2,912.50
3,218.50
4,266.80
4,100.70
4,573.82
4,435.98
4,391.27
4,391.30
4,040.36
3,898.95
3,911.73
4,158.56
3,850.52
3,726.05
3,917.49
3,912.38
3,960.66

3,537.69
2.08
4,374.31
1.94
4,943.49
2.05
4,982.49
2.18
6,231.28
1.97
7,419.27
1.90
7,936.85
1.93
10,192.67
1.89
14,358.18
1.38
12,242.17
1.57
14,531.38
1.33
13,898.73
1.38
13,623.26
1.41
13,394.16
1.42
11,829.73
1.55
11,418.92
1.64
11,622.63
1.64
12,570.26
1.56
11,402.85
1.71
10,801.49
1.78
10,973.64
1.70
10,839.00
1.72
11,013.99 ��������������������������

5.57
5.25
4.59
4.17
4.22
4.66
4.53
3.28
3.79
����������������������������
����������������������������
����������������������������
4.37
����������������������������
����������������������������
5.08
����������������������������
����������������������������
5.22
����������������������������
����������������������������
����������������������������
����������������������������

15,317.47
15,729.92
15,719.97
15,917.21
16,019.70

8,821.36
9,108.86
9,122.25
9,298.86
9,432.33

12,704.38
13,197.97
13,380.06
13,541.13
13,151.60

23,359.24
23,212.09
23,111.65
23,058.19
22,936.75

33,241.71
33,937.47
33,406.97
33,806.97
33,975.21

3,845.07
3,952.64
3,947.82
4,036.79
4,105.96

10,430.07
10,878.04
11,011.21
11,429.23
11,800.49

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

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

1 Annual data are averages of monthly figures. Monthly and weekly data are averages of daily closing prices.
2 Includes all the stocks (in 2021, over 2,800) listed on the NYSE.
3 Includes 30 stocks.
4 Includes 500 stocks.
5 Includes over 3,600 stocks in 2021.
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 three months of fiscal year 2023, the deficit was $421.4 billion, compared with a deficit of $377.7 billion
a year earlier.
BILLIONS OF DOLLARS
7,600
RECEIPTS AND OUTLAYS1
7,200

BILLIONS OF DOLLARS
7,600
7,200

6,800

6,800

6,400

6,400

6,000

6,000

5,600

5,600

5,200

5,200

4,800

4,800

OUTLAYS1

4,400

4,400

4,000

4,000

3,600

3,600

3,200

3,200

RECEIPTS1

2,800

2,800

2,400

2,400

2,000
1,600

2,000
1,600

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

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

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
2004 ����������������������������������������������������
2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 ����������������������������������������������������
2012 ����������������������������������������������������
2013 ����������������������������������������������������
2014 ����������������������������������������������������
2015 ����������������������������������������������������
2016 ����������������������������������������������������
2017 ����������������������������������������������������
2018 ����������������������������������������������������
2019 ����������������������������������������������������
2020 ����������������������������������������������������
2021 ����������������������������������������������������
2022 1 ��������������������������������������������������
2023 (estimates) ���������������������������������
Cumulative total, first 3 months: 2
Fiscal year 2022 ����������������������������������
Fiscal year 2023 ����������������������������������

Outlays

Chart 32 - Oct 2022

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

1,880.1
2,153.6
2,406.9
2,568.0
2,524.0
2,105.0
2,162.7
2,303.5
2,450.0
2,775.1
3,021.5
3,249.9
3,268.0
3,316.2
3,329.9
3,463.4
3,421.2
4,047.1
4,896.1
4,732.7

2,292.8
2,472.0
2,655.1
2,728.7
2,982.5
3,517.7
3,457.1
3,603.1
3,526.6
3,454.9
3,506.3
3,691.9
3,852.6
3,981.6
4,109.0
4,447.0
6,553.6
6,822.4
6,271.5
6,032.4

–412.7
–318.3
–248.2
–160.7
–458.6
–1,412.7
–1,294.4
–1,299.6
–1,076.6
–679.8
–484.8
–442.0
–584.7
–665.4
–779.1
–983.6
–3,132.4
–2,775.3
–1,375.4
–1,299.7

1,345.4
1,576.1
1,798.5
1,932.9
1,865.9
1,451.0
1,531.0
1,737.7
1,880.5
2,101.8
2,285.9
2,479.5
2,457.8
2,465.6
2,475.2
2,549.1
2,455.7
3,094.8
3,830.1
3,596.2

1,913.3
2,069.7
2,233.0
2,275.0
2,507.8
3,000.7
2,902.4
3,104.5
3,019.0
2,821.1
2,800.2
2,948.8
3,077.9
3,180.4
3,260.5
3,540.3
5,598.0
5,818.6
5,190.4
4,826.4

–568.0
–493.6
–434.5
–342.2
–641.8
–1,549.7
–1,371.4
–1,366.8
–1,138.5
–719.2
–514.3
–469.3
–620.2
–714.9
–785.3
–991.3
–3,142.3
–2,723.8
–1,360.2
–1,230.2

534.7
577.5
608.4
635.1
658.0
654.0
631.7
565.8
569.5
673.3
735.6
770.4
810.2
850.6
854.7
914.3
965.4
952.3
1,066.0
1,136.5

379.5
402.2
422.1
453.6
474.8
517.0
554.7
498.6
507.6
633.8
706.1
743.1
774.7
801.2
848.6
906.6
955.6
1,003.8
1,081.2
1,206.0

155.2
175.3
186.3
181.5
183.3
137.0
77.0
67.2
61.9
39.5
29.5
27.3
35.5
49.4
6.2
7.7
9.8
–51.5
–15.2
–69.5

7,354.7
7,905.3
8,451.4
8,950.7
9,986.1
11,875.9
13,528.8
14,764.2
16,050.9
16,719.4
17,794.5
18,120.1
19,539.5
20,205.7
21,462.3
22,669.5
26,902.5
28,385.6
30,837.6
32,469.7

4,295.5
4,592.2
4,829.0
5,035.1
5,803.1
7,544.7
9,018.9
10,128.2
11,281.1
11,982.7
12,779.9
13,116.7
14,167.6
14,665.4
15,749.6
16,800.7
21,016.7
22,284.0
24,256.8
25,714.4

1,051.9
1,025.6

1,429.6
1,447.0

–377.7
–421.4

817.4
771.2

1,191.8
1,183.1

–374.4
–411.8

234.5
254.3

237.7
263.9

–3.3
–9.6

29,572.9
31,273.1

23,149.5
24,458.9

1 Data for fiscal year 2022 are from Final Monthly Treasury Statement issued October 21, 2022.
2 Data from current issue Monthly Treasury Statement.

Note: Data for fiscal year 2023 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2023, issued August 23, 2022. Other data (except as noted) are from Budget of the United
States Government, Fiscal Year 2023, issued March 31, 2022.
Sources: Department of the Treasury and Office of Management and Budget.

32

Federal Receipts by Source and Outlays by Function
In the first three months of fiscal year 2023, receipts were $26.3 billion lower than a year earlier and outlays were
$17.4 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

800

OTHER RECEIPTS

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

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

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 2022

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

Fiscal year or period

2004 ����������������������������������������������������
2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 ����������������������������������������������������
2012 ����������������������������������������������������
2013 ����������������������������������������������������
2014 ����������������������������������������������������
2015 ����������������������������������������������������
2016 ����������������������������������������������������
2017 ����������������������������������������������������
2018 ����������������������������������������������������
2019 ����������������������������������������������������
2020 ����������������������������������������������������
2021 ����������������������������������������������������
2022 1 ��������������������������������������������������
2023 (estimates) ���������������������������������
Cumulative total, first 3 months: 2
Fiscal year 2022 ����������������������������������
Fiscal year 2023 ����������������������������������

Total

Indi- Corporavidual
tion
income income
taxes
taxes

Social
insurance
and
retirement
receipts

1,880.1
809.0
2,153.6
927.2
2,406.9 1,043.9
2,568.0 1,163.5
2,524.0 1,145.7
2,105.0
915.3
2,162.7
898.5
2,303.5 1,091.5
2,450.0 1,132.2
2,775.1 1,316.4
3,021.5 1,394.6
3,249.9 1,540.8
3,268.0 1,546.1
3,316.2 1,587.1
3,329.9 1,683.5
3,463.4 1,717.9
3,421.2 1,608.7
4,047.1 2,044.4
4,896.1 2,632.1
4,732.7 2,444.0

189.4
733.4
278.3
794.1
353.9
837.8
370.2
869.6
304.3
900.2
138.2
890.9
191.4
864.8
181.1
818.8
242.3
845.3
273.5
947.8
320.7 1,023.5
343.8 1,065.3
299.6 1,115.1
297.0 1,161.9
204.7 1,170.7
230.2 1,243.1
211.8 1,310.0
371.8 1,314.1
424.9 1,483.5
509.3 1,561.9

1,051.9
1,025.6

98.7
105.4

535.4
504.6

335.2
356.1

On-budget and off-budget outlays
National defense
Other

Total

148.4 2,292.8
154.0 2,472.0
171.2 2,655.1
164.7 2,728.7
173.7 2,982.5
160.5 3,517.7
207.9 3,457.1
212.1 3,603.1
230.2 3,526.6
237.4 3,454.9
282.7 3,506.3
300.0 3,691.9
307.3 3,852.6
270.1 3,981.6
270.9 4,109.0
272.1 4,447.0
290.7 6,553.6
316.8 6,822.4
355.6 6,271.5
217.6 6,032.4
82.6
59.5

1,429.6
1,447.0

Total

Depart- Internament
tional
of
affairs
Defense,
military

Health

Medicare

455.8
495.3
521.8
551.3
616.1
661.0
693.5
705.6
677.9
633.4
603.5
589.7
593.4
598.7
631.1
686.0
724.6
753.9
766.7
821.9

436.4
474.1
499.3
528.5
594.6
636.7
666.7
678.1
650.9
607.8
577.9
562.5
565.4
568.9
600.7
654.0
690.4
717.6
726.6
781.1

26.9
34.6
29.5
28.5
28.9
37.5
45.2
45.7
36.8
46.5
46.9
52.0
45.3
46.3
49.0
52.7
67.7
46.9
71.7
72.2

240.1
250.6
252.8
266.4
280.6
334.4
369.1
372.5
346.8
358.3
409.5
482.3
511.3
533.2
551.2
584.8
747.6
796.5
914.5
804.8

269.4
298.6
329.9
375.4
390.8
430.1
451.6
485.7
471.8
497.8
511.7
546.2
594.5
597.3
588.7
651.0
776.2
696.5
755.1
849.2

206.9
214.8

197.2
204.3

13.4
18.6

230.5
225.2

168.2
150.1

Income Social
Net
security security interest

Other

333.0
495.5
345.8
523.3
352.4
548.5
365.9
586.2
431.2
617.0
533.1
683.0
622.1
706.7
597.3
730.8
541.2
773.3
536.4
813.6
513.6
850.5
508.8
887.8
514.1
916.1
503.4
944.9
495.3
987.8
514.8 1,044.4
1,263.6 1,095.8
1,647.7 1,134.6
865.4 1,218.7
704.1 1,345.7

160.2
184.0
226.6
237.1
252.8
186.9
196.2
230.0
220.4
220.9
229.0
223.2
240.0
262.6
325.0
375.2
345.5
352.3
475.1
559.8

311.8
339.8
393.5
317.9
365.2
651.7
372.6
435.7
458.4
348.0
341.7
402.0
437.9
495.3
480.9
538.0
1,532.6
1,394.0
1,204.4
874.8

101.8
144.3

192.7
205.6

228.4
175.5

287.8
312.8

1 Data for fiscal year 2022 are from Final Monthly Treasury Statement issued October 21, 2022.
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 2023 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2023, issued August 23, 2022. Other data (except as noted) are from Budget of the United
States Government, Fiscal Year 2023, issued March 31, 2022.
Sources: Department of the Treasury and Office of Management and Budget.

33

Federal Sector, National Income Accounts Basis
In the fourth quarter of 2022, according to advance estimates, Federal current expenditures rose $112.3 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
2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Chart 34 - Jan 2023

Federal Government current receipts

Federal Government current expenditures

Current tax receipts

Period

Total

Total 1

Calendar year:
2013 ������������� 3,139.6
1,744.9
2014 ������������� 3,293.0
1,900.1
2015 ������������� 3,449.0
2,024.2
2016 ������������� 3,463.8
2,020.4
2017 ������������� 3,510.2
1,999.9
2018 ������������� 3,586.9
2,029.5
2019 ������������� 3,706.3
2,113.6
2020 ������������� 3,734.1
2,115.4
2021 ������������� 4,319.0
2,591.6
2022 p ����������� ������������ ��������������
2020: I ��������������� 3,785.7
2,149.6
      II �������������� 3,508.0
1,946.8
      III ������������� 3,743.6
2,116.3
      IV ������������� 3,899.1
2,249.0
2021: I ��������������� 4,058.6
2,401.7
      II �������������� 4,266.9
2,560.6
      III ������������� 4,394.8
2,644.9
      IV ������������� 4,555.8
2,759.3
2022: I ��������������� 4,962.6
3,113.9
      II �������������� 5,055.3
3,196.6
      III ������������� 5,025.7
3,212.7
      IV p ���������� ������������ ��������������

Contributions
for
Income
Taxes
govern- receipts
Taxes
Personal
on
ment
on
on
current production corporate
social
assets
taxes
and
insurincome
imports
ance
1,302.9
1,403.7
1,532.6
1,547.9
1,613.1
1,615.0
1,701.8
1,730.4
2,107.8
2,613.0
1,751.6
1,610.2
1,722.1
1,837.8
1,965.4
2,071.9
2,158.8
2,235.2
2,564.1
2,598.6
2,634.4
2,654.8

125.5
298.4
136.3
339.6
140.3
329.1
136.5
311.9
131.5
230.3
163.8
225.0
174.8
210.5
155.8
201.4
174.6
278.6
201.8 ��������������
186.6
183.1
132.6
177.8
149.1
218.4
155.0
226.5
156.6
249.6
177.3
281.4
176.8
278.4
187.6
304.8
202.4
313.8
209.4
353.2
202.8
340.6
192.5 ��������������

1,091.8
1,140.1
1,190.8
1,224.4
1,284.3
1,346.5
1,409.2
1,434.4
1,523.4
1,649.6
1,455.1
1,385.3
1,432.2
1,465.0
1,474.8
1,504.3
1,536.3
1,578.1
1,617.1
1,636.8
1,662.8
1,681.5

1 Includes taxes from the rest of the world, not shown separately.
2 Includes Federal grants-in-aid to State and local governments, not shown separately.

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

34

243.7
172.7
161.1
140.8
139.6
123.3
109.9
115.9
135.3
116.7
117.6
108.3
126.1
111.7
109.6
134.4
146.3
150.9
169.7
151.0
93.1
52.8

Current
transfer
receipts

69.3
87.3
76.2
79.7
85.5
88.2
76.2
67.2
67.2
70.0
63.0
66.4
67.3
72.2
71.0
66.4
65.3
66.3
63.7
75.8
62.5
78.1

Current
surplus of
government
enterprises

–10.1
–7.1
–3.2
–1.4
.9
–.6
–2.6
1.1
1.5
–3.0
.4
1.2
1.6
1.3
1.5
1.3
2.0
1.2
–1.8
–4.9
–5.3
–.1

Total

3,771.3
3,890.4
4,009.2
4,131.4
4,244.6
4,494.2
4,758.5
6,691.5
7,154.4
6,016.5
4,875.9
8,896.4
7,116.0
5,877.5
8,179.0
7,649.6
6,709.2
6,079.8
5,891.6
5,935.2
6,063.5
6,175.8

ConCurrent
sumption transfer Interest Subsidies
expendipaypayments
tures
ments 2

957.5
952.2
955.1
965.7
982.5
1,038.0
1,094.8
1,169.6
1,246.8
1,268.7
1,121.2
1,211.1
1,167.4
1,178.7
1,263.9
1,249.0
1,230.6
1,243.7
1,243.5
1,248.3
1,278.2
1,304.6

2,338.3
2,441.5
2,568.1
2,650.1
2,726.0
2,851.8
3,009.1
4,336.6
4,849.2
3,915.2
3,125.6
6,189.1
4,323.7
3,707.9
5,977.8
5,131.7
4,340.1
3,947.3
3,900.3
3,915.6
3,934.7
3,910.4

416.3
439.1
429.3
454.3
476.7
541.6
582.3
528.6
579.5
710.4
549.1
520.5
516.1
528.8
549.8
575.0
592.9
600.4
603.3
648.5
736.8
853.3

Net
Federal
Government
saving

59.2
–631.8
57.6
–597.4
56.7
–560.2
61.2
–667.6
59.3
–734.4
62.7
–907.3
72.4
–1,052.2
656.7
–2,957.4
478.8
–2,835.3
122.2 ����������������
80.0
–1,090.2
975.7
–5,388.5
1,108.8
–3,372.5
462.2
–1,978.4
387.4
–4,120.3
693.9
–3,382.7
545.6
–2,314.4
288.3
–1,524.0
144.5
–929.0
122.9
–879.9
113.8
–1,037.7
107.6 ����������������

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

2013 ���������������
99.3
91.3
96.2
97.1
94.1
94.1
93.2
232.957
212.4
117.9
2014 ��������������
102.3
95.8
98.1
96.0
95.4
93.5
95.0
236.736
216.4
121.1
2015 ���������������
100.8
95.4
97.0
97.4
96.2
94.4
99.7
237.017
218.8
122.1
2016 ���������������
98.7
95.4
97.2
97.8
96.9
96.4
100.2
240.007
222.0
121.9
2017 ���������������
100.0
100.0
100.0
100.0
100.0
100.0
100.0
245.120
225.5
122.5
2018 ���������������
103.2
103.9
101.0
100.7
101.0
100.8
103.3
251.107
230.6
123.7
2019 ���������������
102.5
103.7
98.3
101.2
97.6
99.7
105.7
255.657
235.1
124.3
2020 ���������������
95.3
95.6
87.9
90.4
88.3
88.7
107.1
258.811
236.8
124.3
r
100.0
99.9
92.8
95.6
92.4
99.1
114.9
270.970
244.8
124.0
2021 �������������
2022 p �������������
103.9 ���������������
92.8
95.7
91.9 ��������������� ���������������
292.655
261.5
127.1
r
102.0
101.0
93.6
95.0
92.6
101.5
113.7
277.948
249.3
124.4
2021: Nov ����
101.8
101.3
93.7
95.4
93.6
100.2
113.7
278.802
249.0
124.4
      Dec r ����
102.1
100.9
91.5
97.0
93.8
96.8
113.3
281.148
251.2
124.7
2022: Jan r ����
r
      Feb ����
102.9
101.6
93.4
95.5
94.2
100.5
112.9
283.716
253.8
125.2
      Mar r ���
103.6
102.7
93.7
95.2
89.7
100.5
112.9
287.504
257.5
125.7
      Apr r ����
104.3
104.1
92.3
94.9
91.3
101.8
112.0
289.109
259.0
126.2
      May r ���
104.2
103.6
85.4
95.0
91.4
100.5
111.9
292.296
262.6
126.5
      June r ��
103.9
104.1
93.3
96.3
92.6
98.6
110.6
296.311
264.4
126.5
r
      July ���
104.5
104.7
94.0
94.7
92.0
98.8
109.8
296.276
264.7
127.1
      Aug r ����
104.5
104.2
97.2
97.2
91.3
101.0
108.2
296.171
263.8
127.6
      Sept r ���
104.8
104.7
95.6
96.3
92.5
99.2
108.1
296.808
264.0
128.1
r
      Oct �����
104.8
104.0
92.5
93.8
91.6
98.2
108.0
298.012
265.9
128.9
p
      Nov ���
104.2
104.1
92.7
95.7
92.4
97.9
107.8
297.711
266.3
129.1
      Dec p ���
103.4 ���������������
92.6
96.7
90.4 ��������������� ���������������
296.797
264.7
129.4
p
2023: Jan ���� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������

Germany

United
Kingdom

Italy

196.3
175.6
197.2
177.2
197.3
178.2
197.7
179.1
199.7
181.8
203.4
184.9
205.7
187.6
206.7
188.5
210.0
194.5
221.0
209.8
212.4
196.9
212.8
198.0
213.3
198.7
215.0
200.5
218.0
205.5
219.0
207.1
220.5
209.1
222.1
209.2
222.7
211.0
223.7
211.7
222.5
215.8
224.8
217.8
225.5
216.7
225.3
214.9
226.1 ���������������

307.1
293.9
307.9
300.8
308.0
303.8
307.7
309.1
311.5
320.1
315.0
330.8
317.0
339.3
316.5
344.4
322.5
358.3
348.9
399.9
327.2
369.3
328.4
373.3
333.7
373.3
336.8
376.2
340.2
380.1
339.8
393.1
342.6
396.1
346.6
399.5
348.2
403.2
350.9
405.6
351.9
408.4
363.9
418.5
365.7
421.0
366.7
423.4
367.3 �����������������

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

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

BOP
basis

1,593.7
1,635.6
1,511.4
1,457.4
1,557.0
1,676.9
1,655.1
1,432.2
1,761.4
2,085.6
159.4
156.5
160.1
170.0
176.3
179.3
182.8
182.9
183.6
179.2
175.7
171.1
168.1

IndusFoods, trial
Total, feeds, supplies
Census and
and
basis 1 beverages materials
1,578.5
1,621.9
1,503.3
1,451.5
1,547.2
1,665.8
1,645.9
1,428.5
1,754.3
2,064.8
158.6
155.6
159.1
168.1
174.0
177.2
180.4
181.2
181.3
177.3
173.9
169.7
166.9

136.2
143.7
127.7
130.5
132.8
133.1
131.0
139.3
164.7
180.0
14.3
14.1
14.7
15.2
17.4
15.8
16.7
15.4
15.6
13.5
14.0
13.5
14.1

508.2
505.8
427.0
397.3
465.2
541.2
529.5
466.2
636.9
827.8
58.9
58.3
59.8
67.1
69.4
73.3
77.5
76.6
75.0
72.1
69.7
66.0
62.9

152.7
159.8
151.9
150.4
157.9
158.8
163.1
128.8
144.1
158.4
12.7
12.4
12.2
12.9
13.0
13.3
12.8
13.7
12.7
13.3
13.7
13.9
14.5

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
534.4
551.5
539.5
519.7
533.4
563.2
550.5
462.7
520.6
571.6
45.2
46.3
46.0
46.2
47.4
47.2
46.0
48.1
48.4
49.6
49.6
48.3
48.5

Services
(BOP basis)

Goods: Imports (customs value)

188.8
199.0
197.7
193.7
197.7
206.0
205.6
174.8
222.2
246.4
21.9
19.0
20.4
20.3
20.7
21.3
21.0
20.3
21.6
21.5
19.5
21.0
19.9

BOP
basis

2,294.2
2,385.5
2,273.2
2,207.2
2,356.3
2,555.7
2,512.4
2,346.1
2,851.7
3,277.3
259.9
264.4
266.5
295.8
283.0
283.1
281.7
273.7
269.3
272.2
274.6
254.3
258.8

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 beverand
ages materials
2,268.0
2,356.4
2,248.8
2,186.8
2,339.6
2,536.1
2,491.7
2,330.8
2,831.1
3,246.7
258.1
262.4
264.4
293.3
280.3
280.2
279.0
270.9
266.6
269.4
272.0
251.8
256.6

115.1
125.9
127.8
130.0
137.8
147.3
150.5
154.3
182.1
208.3
15.8
17.0
16.8
17.8
18.2
18.1
17.9
16.9
17.4
17.1
17.6
16.7
16.7

681.5
667.0
486.0
443.3
507.0
574.6
520.6
478.8
649.8
810.7
61.1
62.3
65.3
76.0
70.7
72.5
73.1
71.4
66.7
64.8
65.8
62.4
59.6

BOP basis

Auto- ConGoods,
Capital motive sumer
goods Exports Imports Census
goods
ve(nonbasis
except hicles, food)
auto- parts
motive and en- except
autogines motive
555.7
594.1
602.5
589.7
639.8
690.9
674.8
643.5
761.1
864.7
67.4
68.9
70.2
74.1
71.6
71.3
72.2
72.7
71.5
74.9
74.4
71.5
71.5

308.8
328.6
349.2
349.9
358.2
371.1
374.5
309.2
347.1
399.1
30.3
32.5
29.7
32.3
33.7
34.1
31.4
33.3
34.3
34.9
35.5
32.3
35.2

531.7
557.1
594.2
583.1
601.4
645.4
653.0
638.8
766.3
842.6
71.7
71.7
71.8
82.0
75.6
74.1
74.6
67.2
67.3
68.4
67.8
59.0
63.1

719.4
757.1
769.4
783.4
837.5
865.5
891.2
726.4
795.3
924.2
73.1
70.8
72.2
73.8
75.6
76.4
77.2
77.5
77.7
78.8
80.8
81.3
82.0

Goods

465.7 –689.5 –700.5
491.1 –734.5 –749.9
498.3 –745.5 –761.9
513.1 –735.3 –749.8
548.5 –792.4 –799.3
565.4 –870.4 –878.7
593.6 –845.8 –857.3
466.5 –902.3 –913.9
550.0 –1,076.8 –1,090.3
680.5 –1,181.9 –1,191.8
51.4
–99.4 –100.5
50.5 –106.8 –107.9
53.1 –105.3 –106.4
54.4 –125.1 –125.9
55.6 –106.3 –106.6
57.7 –103.0 –103.8
58.5
–98.5
–98.9
56.9
–89.6
–90.8
57.2
–85.2
–85.8
59.4
–92.1
–93.0
59.3
–98.1
–98.9
59.1
–82.1
–83.2
58.8
–89.7
–90.6

Ser- Goods
and
vices services

253.7
266.0
271.1
270.3
289.0
300.2
297.6
259.9
245.2
243.7
21.7
20.3
19.1
19.5
20.0
18.6
18.7
20.7
20.5
19.4
21.6
22.2
23.2

–446.9
–484.0
–490.8
–479.5
–510.3
–578.6
–559.7
–654.0
–845.0
–948.1
–78.9
–87.5
–87.3
–106.4
–86.7
–85.2
–80.2
–70.2
–65.3
–73.6
–77.3
–61.0
–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 2022, the current account deficit narrowed to $217.1 billion from $238.7 billion in the second
quarter. The goods and services deficit fell to $210.6 billion from $253.6 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

2013

2016

2015

2017

2018

2019

2020

SOURCE: DEPARTMENT OF COMMERCE

2021

2022

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted]
Current Account 1
Goods 2
Period
Exports
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2020: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2021: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2022: I ����������������
      II ���������������
      III p ������������

1,562,630
1,593,708
1,635,563
1,511,381
1,457,393
1,557,003
1,676,913
1,655,098
1,432,218
1,761,364
400,424
288,969
357,652
385,173
410,395
435,556
441,893
473,521
487,899
539,793
547,019

Imports

Services
Balance
on
goods

2,303,749
–741,119
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
2,346,103
–913,885
2,851,660 –1,090,296
597,750
–197,327
511,718
–222,749
600,719
–243,067
635,915
–250,743
675,663
–265,268
702,985
–267,429
714,472
–272,579
758,540
–285,019
829,575
–341,676
850,668
–310,875
818,159
–271,139

Exports
684,823
719,413
757,051
769,397
783,431
837,474
865,549
891,177
726,433
795,273
203,550
168,227
172,092
182,564
187,935
194,691
199,688
212,959
216,829
229,176
234,043

Imports
469,610
465,736
491,086
498,305
513,088
548,475
565,395
593,594
466,537
550,025
135,929
101,064
108,063
121,482
119,858
130,977
146,251
152,939
157,904
171,904
173,502

Balance
on
services
215,213
253,678
265,965
271,092
270,343
288,999
300,155
297,584
259,896
245,248
67,621
67,163
64,030
61,082
68,077
63,714
53,437
60,020
58,925
57,272
60,542

Balance
on
goods
and
services
–525,906
–446,861
–483,952
–490,776
–479,458
–510,344
–578,594
–559,676
–653,989
–845,047
–129,705
–155,586
–179,037
–189,661
–197,191
–203,715
–219,142
–225,000
–282,751
–253,603
–210,598

Chart 36 - Dec 2022

Primary income receipts and payments
Receipts
791,613
811,501
845,858
824,929
857,240
995,442
1,102,964
1,136,799
936,236
1,052,080
255,495
209,064
234,068
237,610
255,625
256,960
267,976
271,520
278,059
298,761
313,971

Payments
593,754
616,041
645,623
639,724
660,798
737,501
847,689
893,244
773,146
912,587
200,009
175,235
192,517
205,386
214,719
228,932
234,408
234,527
239,239
241,547
268,350

Balance
on
primary
income
197,859
195,460
200,235
185,205
196,442
257,942
255,275
243,555
163,090
139,493
55,486
33,829
41,551
32,224
40,906
28,027
33,568
36,993
38,819
57,214
45,621

Balance
on
secondary
Income 3
–90,134
–88,115
–86,339
–102,882
–113,199
–108,618
–116,530
–129,836
–128,799
–140,800
–33,200
–30,527
–33,806
–31,266
–32,455
–30,714
–40,800
–36,831
–38,608
–42,338
–52,129

Balance
on
current
account
–418,181
–339,516
–370,056
–408,453
–396,216
–361,021
–439,850
–445,957
–619,698
–846,354
–107,420
–152,283
–171,293
–188,702
–188,740
–206,402
–226,375
–224,837
–282,540
–238,727
–217,106

Current
account
balance
as a
percentage
of GDP
–2.6
–2.0
–2.1
–2.2
–2.1
–1.9
–2.1
–2.1
–2.9
–3.6
–2.0
–3.1
–3.2
–3.5
–3.4
–3.6
–3.8
–3.7
–4.6
–3.8
–3.4

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

See p. 37 for continuation of table.

36

U.S. International Transactions—Continued
In the financial account, U.S. net borrowing was $294.2 billion in the third quarter of 2022, resulting from a net
increase in U.S. financial assets of $411.0 billion plus a net decrease in financial derivatives of $33.9 billion, less a net
increase in U.S. liabilities of $671.2 billion. U.S. net borrowing was up from $152.2 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

CHANGE IN
U.S. LIABILITIES

500

500

400

400

300

300

200

200

100

100

0

0

–100

–100
CHANGE IN
U.S. ASSETS ABROAD1

–200

–200

–300

–300

–400

–400

2014

2013

2015

2016

2017

2018

2019

2020

2021

2022

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 2022

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

2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2020: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2021: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2022: I ����������������
      II ���������������
      III p ������������

Direct
investment
assets

Portfolio
investment
assets

931
171,359 377,239 243,182
–6,559
626,189 392,796 457,734
–6,535
865,694 387,528 581,668
–7,940
144,104 302,072 107,154
–6,606
336,438 299,814
37,489
12,394 1,161,984 409,413 540,728
–4,261
429,710 –130,720 381,863
–6,456
307,192 105,677 –11,453
–5,532
943,091 271,798 406,364
–2,474 1,278,599 421,749 719,095
–2,878
860,256
35,047 104,831
–957 –222,493
59,130
35,817
–561
55,475 133,765 137,090
–1,136
249,853
43,855 128,627
–2,740
466,636
88,583 346,286
–881
296,073 180,545 173,874
2,990
466,485
87,710 305,649
–1,844
49,404
64,912 –106,715
–1,888
414,584 134,008 227,966
–3,815
409,870
99,641 276,714
5,198
410,967
56,720 368,923

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

Other
investment
assets

Reserve
assets 4

Total

–453,522
–221,242
–99,920
–258,831
–2,955
213,533
173,578
208,310
255,956
23,763
720,622
–322,400
–217,200
74,933
33,867
–58,823
–39,476
88,194
51,678
32,334
–15,474

4,460
–3,099
–3,583
–6,292
2,090
–1,690
4,989
4,659
8,974
113,993
–245
4,960
1,820
2,438
–2,100
477
112,603
3,013
932
1,181
797

632,034
1,052,068
1,109,443
503,468
706,693
1,559,219
712,178
831,045
1,634,965
1,977,294
984,920
–147,569
255,526
542,088
642,074
428,362
676,601
230,257
656,055
516,175
671,186

Direct
investment
liabilities
250,343
288,131
251,857
511,434
474,388
380,823
214,716
314,743
148,914
448,325
37,217
–58,227
109,797
60,127
72,763
116,823
161,484
97,255
125,653
70,929
101,387

Portfolio
investment
liabilities

Other
investment
liabilities

747,017 –365,327
511,987
251,949
697,607
159,979
213,910 –221,876
231,265
1,040
790,810
387,586
303,075
194,387
233,469
282,834
946,560
539,490
676,112
852,857
29,069
918,633
324,300 –413,642
170,786 –25,057
422,405
59,556
390,072
179,240
146,867
164,672
200,804
314,312
–61,631
194,633
246,077 284,325
443,379
1,867
463,168
106,631

Financial
derivatives
other
than
reserves,
net transactions
7,064
2,222
–54,335
–27,035
7,827
23,998
–20,404
–41,670
–5,107
–41,902
–25,136
–11,702
28,425
3,306
–2,216
–8,611
–7,980
–23,095
5,762
–45,911
–33,940

Net lending
(+)
Statistical
or net
discrepancy
borrowing (–)
from financial
account
transactions 5
–453,611
–423,657
–298,084
–386,400
–362,427
–373,237
–302,872
–565,524
–696,980
–740,597
–149,799
–86,626
–171,626
–288,929
–177,654
–140,900
–218,096
–203,948
–235,710
–152,216
–294,159

–36,361
–77,582
78,506
29,993
40,394
–24,610
141,238
–113,111
–71,751
108,231
–39,502
66,614
228
–99,091
13,826
66,382
5,289
22,734
48,718
90,326
–82,251

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

150,175
144,575
130,090
117,581
117,332
123,313
125,798
129,479
144,890
251,238
127,910
133,890
138,961
144,890
139,048
140,185
250,080
251,238
248,224
238,575
230,153

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