View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

115th Congress, 2nd Session

Economic Indicators
JULY 2018
(Includes data available as of August 3, 2018)

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

UNITED STATES
GOVERNMENT PUBLISHING OFFICE
WASHINGTON : 2018

JOINT ECONOMIC COMMITTEE

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

Representative Erik Paulsen, Minnesota, Chairman
Senator Mike Lee, Utah, Vice Chairman
House of Representatives	

	
	
	
	
	
	
	
	
	

David Schweikert, Arizona	
Barbara Comstock, Virginia	
Darin LaHood, Illinois	
Francis Rooney, Florida	
Karen Handel, Georgia	
Carolyn B. Maloney, New York	
John Delaney, Maryland	
Alma S. Adams, Ph.D., North Carolina	
Donald S. Beyer, Jr., Virginia	

Senate

Tom Cotton, Arkansas
Ben Sasse, Nebraska
Rob Portman, Ohio
Ted Cruz, Texas
Bill Cassidy, M.D., Louisiana
Martin Heinrich, New Mexico, Ranking
Amy Klobuchar, Minnesota
Gary Peters, Michigan
Margaret Wood Hassan, New Hampshire

Colin Brainard, Executive Director

COUNCIL OF ECONOMIC ADVISERS
Kevin A. Hassett, Chairman
Richard V. Burkhauser, Member
Tomas J. Philipson, 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 second quarter of 2018, according to advance estimates, real gross domestic product (GDP) in chained (2012)
dollars rose 4.1 percent (annual rate), current dollar GDP rose 7.4 percent, and the chained price index rose 3.0
percent. (Series revised.)
BILLIONS OF DOLLARS (RATIO SCALE)

BILLIONS OF DOLLARS (RATIO SCALE)
20,800

20,800

SEASONALLY ADJUSTED ANNUAL RATES

20,400

20,400

20,000

20,000

19,600

19,600

19,200

19,200

18,800

18,800

18,400

18,400

18,000

18,000

17,600

17,600

GDP
IN CURRENT DOLLARS

17,200

17,200

16,800

16,800
GDP
IN CHAINED (2012) DOLLARS

16,400

16,400

16,000

16,000

15,600

15,600

15,200

15,200

14,800

14,800

14,400

14,400
14,000

14,000
2009

2010

2011

2012

2013

2014

2015

2016

SOURCE: DEPARTMENT OF COMMERCE

2017

2018

COUNCIL OF ECONOMIC ADVISERS

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

Period

2008 r ������������������
2009 r ������������������
2010 r ������������������
2011 r ������������������
2012 r ������������������
2013 r ������������������
2014 r ������������������
2015 r ������������������
2016 r ������������������
2017 r ������������������
2016: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2017: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2018: I r ��������������
      II p �������������

Gross
domestic
product

14,712.8
14,448.9
14,992.1
15,542.6
16,197.0
16,784.9
17,521.7
18,219.3
18,707.2
19,485.4
18,409.1
18,640.7
18,799.6
18,979.2
19,162.6
19,359.1
19,588.1
19,831.8
20,041.0
20,402.5

Personal
consumption
expenditures

Gross
private
domestic
investment

9,976.3
9,842.2
10,185.8
10,641.1
11,006.8
11,317.2
11,824.0
12,294.5
12,766.9
13,321.4
12,526.5
12,706.5
12,845.2
12,989.4
13,114.1
13,233.2
13,359.1
13,579.2
13,679.6
13,877.2

2,477.6
1,929.7
2,165.5
2,332.6
2,621.8
2,826.0
3,038.9
3,212.0
3,169.9
3,368.0
3,142.1
3,152.2
3,157.7
3,227.6
3,278.6
3,337.9
3,413.9
3,441.4
3,543.8
3,575.9

Exports and imports of
goods and services
Net
exports
–723.1
–396.5
–513.9
–579.5
–568.6
–490.8
–508.3
–521.4
–520.6
–578.4
–522.2
–496.2
–503.7
–560.2
–576.6
–571.9
–557.3
–607.9
–639.2
–552.4

Federal
Exports

1,837.1
1,582.0
1,846.3
2,103.0
2,191.3
2,273.4
2,371.0
2,265.0
2,217.6
2,350.2
2,165.6
2,206.6
2,252.5
2,245.6
2,294.1
2,316.3
2,358.3
2,432.0
2,477.4
2,568.9

Imports

2,560.1
1,978.4
2,360.2
2,682.5
2,759.9
2,764.2
2,879.3
2,786.5
2,738.1
2,928.6
2,687.8
2,702.7
2,756.3
2,805.8
2,870.7
2,888.2
2,915.5
3,039.9
3,116.6
3,121.3

Chart 1 - July 2018

Government consumption expenditures
and gross investment

Total

2,982.0
3,073.5
3,154.6
3,148.4
3,137.0
3,132.4
3,167.0
3,234.2
3,291.0
3,374.4
3,262.7
3,278.2
3,300.5
3,322.4
3,346.4
3,360.0
3,372.3
3,419.1
3,456.8
3,501.8

Total
1,150.6
1,218.2
1,297.9
1,298.9
1,286.5
1,226.6
1,214.2
1,220.9
1,232.2
1,265.2
1,223.5
1,225.4
1,235.9
1,244.1
1,252.4
1,264.0
1,263.8
1,280.6
1,294.8
1,312.5

National
defense

Nondefense

750.3
787.6
828.0
834.0
814.2
764.2
742.5
729.5
727.3
743.9
724.8
722.4
730.6
731.5
734.9
746.7
743.1
750.7
759.0
772.0

400.2
430.6
469.9
465.0
472.4
462.4
471.6
491.3
504.9
521.3
498.7
502.9
505.3
512.7
517.5
517.3
520.7
529.8
535.8
540.5

State
and
local
1,831.4
1,855.3
1,856.7
1,849.4
1,850.5
1,905.8
1,952.9
2,013.3
2,058.8
2,109.2
2,039.2
2,052.9
2,064.7
2,078.3
2,093.9
2,096.0
2,108.5
2,138.5
2,162.0
2,189.3

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

14,742.1
14,599.7
14,938.1
15,496.3
16,125.8
16,680.3
17,437.3
18,090.6
18,678.2
19,459.9
18,361.1
18,615.6
18,799.2
18,937.1
19,154.6
19,342.1
19,532.7
19,810.4
20,004.7
20,408.5

15,435.9
14,867.5
14,845.4
14,590.9
15,506.0
15,187.8
16,122.0
15,779.0
16,765.6
16,429.3
17,275.6
17,015.6
18,030.0
17,763.4
18,740.7
18,445.5
19,227.8
18,922.5
20,063.8
19,729.1
18,931.3
18,613.3
19,136.9
18,853.3
19,303.4
18,997.5
19,539.4
19,226.0
19,739.1
19,395.3
19,931.1
19,575.4
20,145.3
19,843.0
20,439.7
20,102.6
20,680.2
20,309.8
20,954.9 �����������������

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

Note: GDP and related data reflect the comprehensive revision released on July 27, 2018. See Survey of Current Business, August 2018 for details.
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

2008 r ������������������
2009 r ������������������
2010 r ������������������
2011 r ������������������
2012 r ������������������
2013 r ������������������
2014 r ������������������
2015 r ������������������
2016 r ������������������
2017 r ������������������
2016: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2017: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2018: I r ��������������
      II p �������������

Gross private
domestic investment
Personal
Gross
conChange
domestic sumption Nonresi- Resiin
product expendi- dential dential
fixed
fixed
private
tures
investinvestinvenment
ment
tories
15,604.7
15,208.8
15,598.8
15,840.7
16,197.0
16,495.4
16,899.8
17,386.7
17,659.2
18,050.7
17,523.4
17,622.5
17,706.7
17,784.2
17,863.0
17,995.2
18,120.8
18,223.8
18,324.0
18,507.2

10,592.8
10,460.0
10,643.0
10,843.8
11,006.8
11,166.9
11,494.3
11,921.9
12,248.2
12,558.7
12,111.8
12,214.1
12,294.3
12,372.7
12,427.6
12,515.9
12,584.9
12,706.4
12,722.8
12,847.8

1,994.2
1,704.3
1,781.0
1,935.4
2,118.5
2,206.0
2,357.4
2,399.7
2,411.2
2,538.1
2,380.9
2,403.3
2,430.3
2,430.4
2,486.5
2,530.8
2,552.3
2,582.7
2,654.0
2,701.5

504.6
395.3
383.0
382.5
432.0
485.5
504.2
555.3
591.3
611.1
590.9
589.4
586.9
597.9
613.8
605.2
604.5
620.7
615.3
613.7

–32.7
–177.3
57.3
46.7
71.2
108.7
86.6
129.0
23.4
22.5
50.7
17.8
–14.1
39.1
–2.4
11.9
64.4
16.1
30.3
–27.9

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

Imports

Total

–661.6
–484.8
–565.9
–568.1
–568.6
–532.8
–577.7
–724.9
–786.2
–858.7
–777.9
–764.1
–766.3
–836.7
–845.5
–844.1
–845.9
–899.2
–902.4
–849.9

1,925.4
1,763.8
1,977.9
2,119.0
2,191.3
2,269.6
2,367.0
2,380.6
2,378.1
2,450.1
2,351.1
2,370.9
2,406.4
2,384.2
2,413.3
2,435.0
2,456.1
2,495.9
2,517.8
2,574.2

2,587.1
2,248.6
2,543.8
2,687.1
2,759.9
2,802.4
2,944.7
3,105.5
3,164.4
3,308.7
3,129.0
3,135.0
3,172.6
3,220.9
3,258.8
3,279.1
3,302.0
3,395.1
3,420.1
3,424.1

3,195.6
3,307.3
3,307.2
3,203.3
3,137.0
3,061.0
3,032.3
3,088.5
3,132.5
3,130.4
3,133.3
3,126.7
3,134.4
3,135.6
3,129.6
3,130.0
3,121.8
3,140.2
3,152.2
3,168.9

National Nondefense defense

Total
1,218.8
1,293.0
1,346.1
1,311.1
1,286.5
1,215.3
1,183.2
1,183.0
1,187.8
1,196.4
1,188.6
1,183.9
1,188.7
1,190.1
1,190.0
1,197.1
1,193.2
1,205.2
1,213.1
1,223.4

791.5
836.7
861.3
842.9
814.2
759.6
728.0
713.5
709.2
713.8
711.7
705.8
710.7
708.5
707.9
717.6
712.3
717.5
722.8
732.6

427.3
456.3
484.8
468.3
472.4
455.6
455.0
469.1
478.0
481.9
476.3
477.4
477.3
480.9
481.4
478.9
480.3
487.0
489.5
490.2

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

State
and
local
1,978.7
2,015.6
1,961.3
1,892.2
1,850.5
1,845.3
1,848.1
1,903.9
1,942.8
1,932.3
1,942.9
1,940.9
1,943.8
1,943.6
1,937.7
1,931.3
1,926.9
1,933.5
1,937.7
1,944.3

15,639.7
15,373.0
15,546.6
15,796.5
16,125.8
16,386.2
16,809.9
17,253.6
17,617.5
18,008.7
17,459.7
17,586.2
17,696.3
17,728.0
17,841.9
17,963.6
18,042.6
18,186.5
18,274.4
18,503.7

16,270.7 15,771.6
15,698.9 15,359.4
16,164.7 15,803.9
16,408.8 16,081.7
16,765.6 16,429.3
17,028.6 16,722.3
17,475.9 17,135.1
18,099.6 17,608.3
18,428.0 17,867.8
18,881.0 18,284.0
18,284.9 17,723.3
18,372.8 17,829.1
18,457.8 17,898.4
18,596.4 18,020.4
18,681.9 18,087.6
18,813.5 18,203.6
18,941.2 18,364.1
19,087.4 18,480.8
19,190.2 18,581.5
19,328.0 ��������������

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.
See Note, p.1.
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

Gross
domestic
product

2008 r ������������������
2009 r ������������������
2010 r ������������������
2011 r ������������������
2012 r ������������������
2013 r ������������������
2014 r ������������������
2015 r ������������������
2016 r ������������������
2017 r ������������������
2016: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2017: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2018: I r ��������������
      II p �������������

94.264
94.999
96.109
98.112
100.000
101.773
103.687
104.757
105.899
107.932
105.043
105.738
106.110
106.703
107.233
107.553
108.134
108.807
109.348
110.169

Personal consumption
expenditures

Total

94.180
94.094
95.705
98.131
100.000
101.346
102.868
103.126
104.235
106.073
103.428
104.036
104.485
104.989
105.528
105.735
106.156
106.873
107.524
108.016

Goods

Services

96.122
93.812
95.183
98.773
100.000
99.407
98.939
95.889
94.340
94.632
94.193
94.470
94.259
94.440
94.964
94.298
94.462
94.804
95.324
95.426

Note: See Note, p.1.
Source: Department of Commerce (Bureau of Economic Analysis).

2

Gross private
domestic investment

93.235
94.231
95.957
97.814
100.000
102.316
104.852
106.823
109.325
111.984
108.171
108.953
109.751
110.425
110.972
111.644
112.201
113.120
113.840
114.543

Nonresidential
fixed
99.832
99.184
97.416
98.559
100.000
100.251
101.565
102.081
101.281
101.962
101.215
101.341
101.157
101.413
101.559
101.818
102.147
102.325
102.501
103.004

Residential
fixed
102.249
98.671
98.317
99.049
100.000
105.054
111.106
114.100
118.185
123.495
115.804
117.326
119.058
120.551
121.446
122.955
124.320
125.258
127.938
130.271

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Exports

95.410
89.694
93.348
99.242
100.000
100.168
100.169
95.146
93.248
95.923
92.116
93.073
93.612
94.192
95.071
95.135
96.032
97.455
98.411
99.808

Imports

98.960
87.987
92.783
99.826
100.000
98.636
97.777
89.728
86.531
88.511
85.902
86.216
86.884
87.121
88.099
88.089
88.307
89.548
91.134
91.165

Total
94.381
94.214
96.421
99.070
100.000
100.931
102.618
103.200
103.737
105.753
102.934
103.502
103.970
104.541
105.245
105.594
105.914
106.257
106.739
107.283

National
defense
94.801
94.126
96.128
98.946
100.000
100.609
101.995
102.256
102.557
104.209
101.836
102.356
102.794
103.241
103.821
104.056
104.322
104.637
105.010
105.382

Nondefense
93.597
94.364
96.942
99.289
100.000
101.478
103.656
104.739
105.631
108.188
104.706
105.346
105.858
106.613
107.502
108.023
108.422
108.806
109.452
110.249

State
and
local
92.558
92.048
94.669
97.739
100.000
103.279
105.670
105.748
105.970
109.155
104.962
105.769
106.218
106.931
108.061
108.528
109.428
110.603
111.572
112.598

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

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

2008 r ��������������������
2009 r ��������������������
2010 r ��������������������
2011 r ��������������������
2012 r ��������������������
2013 r ��������������������
2014 r ��������������������
2015 r ��������������������
2016 r ��������������������
2017 r ��������������������
2016: I r ����������������
      II r ���������������
      III r ��������������
      IV r ��������������
2017: I r ����������������
      II r ���������������
      III r ��������������
      IV r ��������������
2018: I r ����������������
      II p ���������������

96.343
93.899
96.306
97.800
100.000
101.842
104.339
107.345
109.027
111.445
108.189
108.801
109.321
109.799
110.286
111.102
111.878
112.513
113.132
114.263

GDP
implicit
price
deflator

94.264
94.999
96.109
98.112
100.000
101.773
103.687
104.757
105.899
107.932
105.043
105.738
106.110
106.703
107.233
107.553
108.134
108.807
109.348
110.169

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

94.285
95.004
96.111
98.118
100.000
101.755
103.680
104.789
105.935
107.948
105.055
105.778
106.172
106.720
107.275
107.580
108.097
108.824
109.371
110.241

94.180
94.094
95.705
98.131
100.000
101.346
102.868
103.126
104.235
106.073
103.428
104.036
104.485
104.989
105.528
105.735
106.156
106.873
107.524
108.016

94.225
95.315
96.608
98.139
100.000
101.526
103.168
104.501
106.237
107.961
105.461
106.008
106.546
106.933
107.365
107.724
108.102
108.654
109.242
109.772

Personal consumption
expenditures (PCE)

Gross domestic product (GDP)
Gross
domestic
purchases
price index

94.849
94.559
95.923
98.246
100.000
101.468
103.178
103.512
104.306
106.249
103.525
104.121
104.521
105.055
105.619
105.915
106.393
107.069
107.742
108.348

GDP
(current
dollars)

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

1.8
–1.8
3.8
3.7
4.2
3.6
4.4
4.0
2.7
4.2
1.2
5.1
3.5
3.9
3.9
4.2
4.8
5.1
4.3
7.4

–0.1
–2.5
2.6
1.6
2.2
1.8
2.5
2.9
1.6
2.2
1.5
2.3
1.9
1.8
1.8
3.0
2.8
2.3
2.2
4.1

GDP
implicit
price
deflator

1.9
.8
1.2
2.1
1.9
1.8
1.9
1.0
1.1
1.9
–.2
2.7
1.4
2.3
2.0
1.2
2.2
2.5
2.0
3.0

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

1.9
.8
1.2
2.1
1.9
1.8
1.9
1.1
1.1
1.9
–.3
2.8
1.5
2.1
2.1
1.1
1.9
2.7
2.0
3.2

3.0
–.1
1.7
2.5
1.9
1.3
1.5
.3
1.1
1.8
.2
2.4
1.7
1.9
2.1
.8
1.6
2.7
2.5
1.8

2.0
1.2
1.4
1.6
1.9
1.5
1.6
1.3
1.7
1.6
1.7
2.1
2.0
1.5
1.6
1.3
1.4
2.1
2.2
2.0

2.9
–.3
1.4
2.4
1.8
1.5
1.7
.3
.8
1.9
–.5
2.3
1.5
2.1
2.2
1.1
1.8
2.6
2.5
2.3

1 Quarterly percent changes are at annual rates.

Note: See Note, p.1.
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
2008 r ������������������
2009 r ������������������
2010 r ������������������
2011 r ������������������
2012 r ������������������
2013 r ������������������
2014 r ������������������
2015 r ������������������
2016 r ������������������
2017 r ������������������
2015: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2016: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2017: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2018: I r ��������������

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

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

7,286.7
6,864.6
7,243.2
7,615.3
8,059.1
8,374.1
8,780.3
9,136.3
9,245.4
9,644.4
9,060.7
9,096.7
9,199.7
9,188.2
9,237.7
9,189.3
9,247.7
9,307.1
9,517.1
9,628.9
9,660.8
9,770.7
9,926.7

Chained
(2012)
dollars
7,809.2
7,255.1
7,568.0
7,774.1
8,059.1
8,261.5
8,517.3
8,810.0
8,942.5
9,246.1
8,772.2
8,772.0
8,832.2
8,863.4
8,945.6
8,863.3
9,000.0
8,961.2
9,071.4
9,233.7
9,291.9
9,387.3
9,508.7

Total

0.933
.946
.957
.980
1.000
1.014
1.031
1.037
1.034
1.043
1.033
1.037
1.042
1.037
1.033
1.037
1.028
1.039
1.049
1.043
1.040
1.041
1.044

Compensation
of employees
(unit labor
cost)
0.559
.564
.551
.562
.572
.577
.590
.601
.607
.616
.596
.601
.602
.603
.601
.609
.604
.613
.620
.613
.616
.614
.616

Corporate profits with inventory valuation
and capital consumption adjustments 4

Unit nonlabor cost

Total
0.269
.284
.279
.283
.285
.289
.292
.294
.294
.297
.289
.292
.292
.302
.291
.295
.292
.298
.298
.296
.296
.297
.296

Consumption
of fixed
capital

Net interest
Taxes on
and
production miscellaneous
and imports 3
payments

0.141
.153
.148
.150
.153
.155
.159
.160
.160
.161
.158
.160
.160
.160
.159
.161
.160
.161
.162
.161
.161
.161
.161

0.087
.092
.094
.096
.096
.100
.100
.100
.097
.099
.097
.098
.097
.106
.095
.096
.096
.099
.099
.099
.099
.100
.099

0.040
.039
.037
.036
.036
.034
.034
.035
.037
.036
.034
.034
.035
.035
.036
.037
.037
.038
.037
.036
.036
.036
.036

Total
0.106
.097
.127
.134
.143
.148
.149
.143
.133
.130
.148
.144
.148
.132
.141
.133
.131
.128
.131
.133
.127
.130
.131

Taxes on
corporate
income
0.027
.022
.027
.027
.030
.032
.034
.032
.030
.027
.034
.034
.032
.028
.030
.031
.031
.030
.028
.028
.027
.024
.016

Profits
after
tax 5
0.079
.075
.100
.107
.112
.116
.115
.111
.103
.104
.113
.110
.116
.103
.111
.102
.100
.098
.103
.106
.100
.106
.116

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.

Note: See Note, p.1.
Source: Department of Commerce (Bureau of Economic Analysis).

3

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

Period

ComNational pensation
of
income employees

2008 r ������������������ 12,325.8
2009 r ������������������ 12,027.2
2010 r ������������������ 12,735.8
2011 r ������������������ 13,357.7
2012 r ������������������ 14,094.7
2013 r ������������������ 14,494.7
2014 r ������������������ 15,245.5
2015 r ������������������ 15,783.0
2016 r ������������������ 16,058.9
2017 r ������������������ 16,756.1
2016: I r �������������� 15,887.7
      II r ������������� 15,953.9
      III r ������������ 16,081.2
      IV r ������������ 16,312.9
2017: I r �������������� 16,525.2
      II r ������������� 16,661.1
      III r ������������ 16,822.6
      IV r ������������ 17,015.3
2018: I r �������������� 17,265.8
      II p ������������� ��������������

8,057.0
7,758.5
7,924.9
8,225.9
8,566.7
8,834.2
9,248.1
9,696.8
9,956.2
10,407.2
9,839.5
9,890.2
9,986.1
10,109.3
10,249.2
10,339.9
10,471.2
10,568.6
10,709.6
10,818.9

Rental
income
of
persons
with
capital
conNonfarm
sumption
adjustment

Farm

40.2
28.1
39.0
64.9
60.9
88.3
70.1
56.4
37.5
38.9
40.9
41.2
36.7
31.0
42.3
41.5
36.4
35.4
35.2
39.6

920.7
910.5
1,069.7
1,164.4
1,286.4
1,315.3
1,377.5
1,365.5
1,381.8
1,462.0
1,374.4
1,363.4
1,382.0
1,407.6
1,432.9
1,453.5
1,471.1
1,490.6
1,514.7
1,529.5

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

Taxes
on
production
and
imports

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

Profits
before
tax

256.7
1,285.8
1,344.5
1,379.3
–34.8
327.3
1,386.8
1,470.1
1,467.5
2.6
394.2
1,728.7
1,786.4
1,834.0
–47.6
478.6
1,809.8
1,750.2
1,818.2
–68.0
518.0
1,997.4
2,144.7
2,156.1
–11.4
557.0
2,010.7
2,165.9
2,151.5
14.4
608.4
2,118.8
2,266.1
2,262.5
3.6
651.8
2,057.3
2,187.0
2,134.2
52.8
694.8
2,035.0
2,128.7
2,129.7
–1.0
730.2
2,099.3
2,136.4
2,181.9
–45.5
685.2
1,995.2
2,101.2
2,037.8
63.4
694.0
2,017.7
2,114.4
2,146.8
–32.4
696.3
2,044.6
2,132.3
2,137.5
–5.2
703.8
2,082.4
2,166.8
2,196.7
–29.9
719.0
2,055.9
2,148.0
2,211.8
–63.8
724.4
2,089.5
2,187.3
2,200.4
–13.0
732.0
2,101.1
2,199.9
2,230.7
–30.8
745.3
2,150.7
2,010.3
2,084.6
–74.4
749.3
2,177.3
2,036.9
2,111.0
–74.1
757.9 �������������� �������������� �������������� ��������������

–58.6
–83.3
–57.7
59.6
–147.2
–155.2
–147.3
–129.8
–93.7
–37.1
–106.0
–96.7
–87.7
–84.5
–92.1
–97.9
–98.8
140.4
140.4
135.0

672.4
539.3
465.2
461.7
503.7
465.9
517.9
591.8
546.0
576.4
562.8
548.0
535.3
537.7
589.3
574.6
561.5
580.1
591.9
580.4

Business
Less:
current
Subsidies transfer
payments

1,049.7
1,026.8
1,063.1
1,103.7
1,136.1
1,188.7
1,240.9
1,269.9
1,303.7
1,347.2
1,288.9
1,294.6
1,310.8
1,320.7
1,326.1
1,338.9
1,353.7
1,370.0
1,397.9
1,413.0

52.6
58.3
55.8
60.0
58.0
59.7
58.1
57.3
61.8
61.3
60.8
62.4
63.1
60.9
59.6
58.4
63.0
64.2
60.5
60.0

114.0
124.4
126.8
128.1
98.8
110.3
132.9
156.7
168.1
161.2
163.8
170.1
154.8
183.6
173.0
160.7
164.0
147.0
161.2
148.9

Current
surplus
of
government
enterprises

–18.2
–16.1
–20.1
–19.4
–15.4
–15.9
–11.0
–5.8
–2.3
–4.9
–2.0
–2.8
–2.3
–2.3
–2.8
–3.5
–5.4
–8.2
–10.8
–13.0

1 With inventory valuation and capital consumption adjustments.

Note: See Note, p. 1.
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

2008 r ������������������
2009 r ������������������
2010 r ������������������
2011 r ������������������
2012 r ������������������
2013 r ������������������
2014 r ������������������
2015 r ������������������
2016 r ������������������
2017 r ������������������
2016: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2017: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2018: I r ��������������
      II p �������������

10,592.8
10,460.0
10,643.0
10,843.8
11,006.8
11,166.9
11,494.3
11,921.9
12,248.2
12,558.7
12,111.8
12,214.1
12,294.3
12,372.7
12,427.6
12,515.9
12,584.9
12,706.4
12,722.8
12,847.8

Services

Durable
Total
goods

3,498.9
3,389.8
3,485.7
3,561.8
3,637.7
3,752.2
3,902.9
4,087.7
4,236.1
4,391.9
4,174.6
4,223.9
4,258.5
4,287.2
4,307.3
4,366.0
4,410.2
4,483.9
4,477.0
4,541.8

Total
durable
goods 1

1,036.4
973.0
1,027.3
1,079.7
1,144.2
1,214.1
1,301.0
1,399.4
1,476.8
1,577.9
1,434.9
1,457.9
1,494.3
1,520.2
1,527.2
1,559.2
1,588.6
1,636.6
1,628.2
1,664.9

Nondurable

Motor
vehicles
and
parts
373.1
346.7
360.0
370.1
396.6
415.3
439.8
471.4
486.5
507.2
470.9
477.0
493.2
504.9
494.3
498.0
508.4
528.3
510.7
521.1

Total
nondurable
goods 1
2,463.9
2,423.1
2,461.3
2,482.9
2,493.5
2,538.5
2,603.7
2,691.7
2,763.9
2,822.0
2,743.4
2,770.0
2,769.2
2,773.2
2,786.3
2,813.9
2,829.9
2,857.7
2,858.6
2,888.4

Food and
beverages
purchased
for offpremises
consumption

Gasoline
and
other
energy
goods

Total
services 1

Household
consumption
expenditures

831.0
825.3
837.7
839.0
846.2
855.5
872.1
884.9
916.8
938.9
900.8
917.0
921.9
927.4
930.2
932.3
939.7
953.5
958.6
964.5

437.5
440.1
437.9
427.8
421.9
429.7
430.1
449.9
452.0
446.5
461.5
452.2
449.1
445.1
442.8
450.6
447.1
445.4
441.9
445.2

7,093.0
7,070.1
7,157.4
7,282.1
7,369.1
7,415.5
7,594.0
7,840.0
8,022.5
8,184.5
7,945.5
8,000.4
8,047.0
8,096.9
8,131.9
8,165.6
8,193.7
8,246.6
8,267.9
8,331.8

6,815.4
6,781.3
6,859.0
6,969.3
7,027.5
7,069.8
7,247.9
7,506.1
7,677.3
7,842.2
7,604.1
7,661.4
7,694.9
7,748.8
7,786.8
7,821.9
7,855.0
7,904.9
7,915.2
7,971.0

Housing
and
utilities

1,921.2
1,943.1
1,966.8
1,993.0
1,996.3
2,006.4
2,044.4
2,089.4
2,116.6
2,129.9
2,101.7
2,116.5
2,127.5
2,120.5
2,114.8
2,130.0
2,131.6
2,143.2
2,146.0
2,158.5

Health
care

1,697.9
1,735.1
1,761.7
1,788.7
1,821.3
1,832.6
1,890.4
2,000.1
2,081.7
2,145.8
2,048.1
2,085.6
2,077.0
2,116.2
2,127.3
2,129.2
2,156.8
2,169.7
2,177.3
2,195.9

Financial
services
and
insurance

825.0
809.5
810.5
831.4
820.1
815.2
819.2
841.9
827.4
848.4
830.1
822.7
828.8
827.9
842.7
844.7
851.0
855.1
852.7
855.1

Addendum:
Personal
consumption
expenditures
excluding
food and
energy 2

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

9,119.2
8,988.1
9,151.3
9,363.2
9,531.1
9,667.6
9,974.9
10,371.8
10,661.9
10,950.3
10,545.5
10,626.4
10,695.2
10,780.4
10,842.6
10,909.5
10,975.1
11,073.9
11,091.8
11,201.1

13.2
10.4
11.6
12.7
14.4
15.5
16.5
17.4
17.5
17.1
17.3
17.3
17.6
17.6
17.1
16.8
17.1
17.6
17.1
17.2

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.
See Note, p.1.
Source: Department of Commerce (Bureau of Economic Analysis).

4

Sources of Personal Income
Personal income rose $71.7 billion (annual rate) in June, following an increase of $65.9 billion in May. Wages and
salaries rose $31.5 billion in June, following an increase of $28.0 billion in May.
BILLIONS OF DOLLARS * (RATIO SCALE)
18,000
16,000

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

14,000
TOTAL PERSONAL INCOME

12,000

12,000
10,000

10,000
9,000

9,000

WAGES AND SALARIES

8,000

8,000

7,000

7,000

6,000

6,000
OTHER INCOME

5,000

5,000
4,000

4,000
PERSONAL CURRENT
TRANSFER RECEIPTS

3,000

3,000

2,000

2,000

1,000

1,000
2010

2011

2012

2013

2014

2015

2016

2017

*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

2018

COUNCIL OF ECONOMIC ADVISERS

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

2008 r ������������������
2009 r ������������������
2010 r ������������������
2011 r ������������������
2012 r ������������������
2013 r ������������������
2014 r ������������������
2015 r ������������������
2016 r ������������������
2017 r ������������������
2017: June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2018: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June p �������

Total
personal
income

12,442.2
12,059.1
12,551.6
13,326.8
14,010.1
14,181.1
14,991.8
15,719.5
16,125.1
16,830.9
16,750.4
16,818.6
16,891.8
16,974.9
17,043.3
17,101.2
17,164.6
17,257.5
17,315.3
17,383.7
17,434.8
17,500.7
17,572.4

Total

8,057.0
7,758.5
7,924.9
8,225.9
8,566.7
8,834.2
9,248.1
9,696.8
9,956.2
10,407.2
10,378.8
10,434.4
10,469.6
10,509.5
10,524.2
10,569.4
10,612.1
10,673.7
10,708.5
10,746.7
10,784.7
10,817.5
10,854.5

Wages
and
salaries

Supplements to
wages
and
salaries

6,534.2
6,248.6
6,372.1
6,625.9
6,927.5
7,113.2
7,473.2
7,854.4
8,080.7
8,453.8
8,427.9
8,475.7
8,505.0
8,539.1
8,549.4
8,588.9
8,626.0
8,679.3
8,709.1
8,742.3
8,775.4
8,803.4
8,834.9

1,522.7
1,509.9
1,552.9
1,600.0
1,639.2
1,721.0
1,774.8
1,842.4
1,875.6
1,953.4
1,950.9
1,958.7
1,964.6
1,970.5
1,974.8
1,980.5
1,986.1
1,994.4
1,999.3
2,004.4
2,009.3
2,014.2
2,019.6

Proprietors’ income 1

Farm

40.2
28.1
39.0
64.9
60.9
88.3
70.1
56.4
37.5
38.9
37.1
36.3
36.2
36.6
36.7
35.8
33.8
34.5
35.2
36.0
37.8
39.6
41.4

Nonfarm

920.7
910.5
1,069.7
1,164.4
1,286.4
1,315.3
1,377.5
1,365.5
1,381.8
1,462.0
1,465.9
1,462.6
1,471.8
1,478.9
1,483.2
1,497.1
1,491.6
1,504.1
1,516.1
1,523.9
1,522.1
1,530.4
1,536.0

Personal income receipts on assets
Rental
income
of
persons 2

256.7
327.3
394.2
478.6
518.0
557.0
608.4
651.8
694.8
730.2
726.0
728.0
731.0
737.1
743.3
746.3
746.3
745.7
748.6
753.6
754.4
757.4
761.9

Total

2,200.9
1,852.2
1,782.3
1,950.9
2,165.6
2,066.3
2,301.2
2,471.3
2,516.6
2,631.6
2,588.6
2,597.8
2,613.3
2,634.3
2,668.3
2,692.4
2,717.9
2,712.3
2,719.8
2,726.4
2,729.7
2,749.3
2,768.9

Personal
interest
income
1,396.3
1,299.3
1,238.5
1,269.4
1,330.5
1,273.0
1,347.8
1,438.1
1,440.9
1,523.0
1,474.7
1,486.2
1,499.5
1,514.6
1,548.5
1,578.6
1,604.5
1,601.1
1,597.6
1,594.2
1,600.6
1,606.9
1,613.3

Personal
dividend
income
804.6
553.0
543.9
681.5
835.1
793.3
953.4
1,033.3
1,075.7
1,108.6
1,113.9
1,111.6
1,113.9
1,119.7
1,119.8
1,113.8
1,113.4
1,111.2
1,122.2
1,132.3
1,129.1
1,142.4
1,155.6

Personal
current
transfer
receipts 3

1,955.1
2,146.7
2,325.2
2,358.7
2,363.0
2,424.3
2,540.3
2,683.0
2,778.1
2,859.7
2,849.0
2,861.3
2,875.7
2,888.8
2,899.6
2,877.5
2,885.6
2,926.2
2,930.4
2,945.2
2,958.8
2,963.0
2,970.8

Less:5 - Jul 2018
Chart
Contributions
for
government
social
insurance,
domestic
988.4
964.3
983.7
916.7
950.5
1,104.3
1,153.8
1,205.3
1,239.9
1,298.6
1,295.0
1,301.9
1,305.8
1,310.3
1,312.1
1,317.3
1,322.5
1,338.9
1,343.2
1,348.0
1,352.7
1,356.6
1,361.0

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

Note: Data reflect comprehensive revisions released on July 31, 2018. For details, see Survey of Current Business, August 2018.
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 1.9 percent
(annual rate) in the second quarter of 2018.
BILLIONS OF DOLLARS* (RATIO SCALE)
16,000
15,500
15,000
14,500

BILLIONS OF DOLLARS* (RATIO SCALE)
16,000
15,500
15,000
14,500
14,000

14,000
13,500

13,500

DISPOSABLE PERSONAL INCOME

13,000

13,000

12,500

12,500

SAVING

12,000

12,000
11,500

11,500
11,000

11,000

PERSONAL OUTLAYS

10,500

10,500

10,000

10,000

DOLLARS* (RATIO SCALE)
48,000

DOLLARS* (RATIO SCALE)
48,000

PER CAPITA DISPOSABLE PERSONAL INCOME

46,000

46,000

44,000

44,000

42,000

42,000

CURRENT DOLLARS

40,000

40,000
38,000

38,000

CHAINED (2012) DOLLARS

36,000

36,000

34,000

34,000
2009

2010

2011

2012

2013

2014

2015

2016

*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

Period

Personal
income

Less:
Personal
current
taxes

Equals:
Disposable
personal
income

12,442.2
12,059.1
12,551.6
13,326.8
14,010.1
14,181.1
14,991.8
15,719.5
16,125.1
16,830.9

1,507.2
1,152.0
1,237.3
1,453.2
1,508.9
1,675.8
1,785.4
1,935.2
1,954.3
2,034.6

10,935.0
10,907.1
11,314.3
11,873.6
12,501.2
12,505.3
13,206.4
13,784.3
14,170.9
14,796.3

2018

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
2008 r ������������������
2009 r ������������������
2010 r ������������������
2011 r ������������������
2012 r ������������������
2013 r ������������������
2014 r ������������������
2015 r ������������������
2016 r ������������������
2017 r ������������������

2017

Chained
(2012)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(2012)
dollars

Dollars
10,390.1
10,240.6
10,573.5
11,023.7
11,393.6
11,703.9
12,236.1
12,740.1
13,222.7
13,809.5

544.9
666.5
740.9
849.8
1,107.6
801.4
970.3
1,044.2
948.2
986.8

11,610.8
11,591.7
11,822.1
12,099.8
12,501.2
12,339.1
12,838.1
13,366.5
13,595.2
13,949.2

35,906
35,500
36,522
38,044
39,765
39,499
41,405
42,899
43,782
45,390

Chart 6 - Jul 2018

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

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

38,125
37,728
38,161
38,769
39,765
38,974
40,251
41,598
42,003
42,791

32,758
32,034
32,879
34,095
35,012
35,746
37,071
38,262
39,444
40,865

34,783
34,045
34,355
34,745
35,012
35,271
36,038
37,102
37,842
38,526

0.0
–1.0
1.1
1.6
2.6
–2.0
3.3
3.3
1.0
1.9

5.0
6.1
6.5
7.2
8.9
6.4
7.3
7.6
6.7
6.7

304,543
307,240
309,794
312,098
314,374
316,598
318,953
321,323
323,668
325,983

42,015
41,882
41,958
42,162
42,556
42,715
42,866
43,027
43,429
43,634

38,807
39,299
39,650
40,018
40,338
40,637
40,944
41,539
41,780
42,314

37,522
37,776
37,950
38,118
38,226
38,435
38,571
38,868
38,858
39,176

2.1
–1.3
.7
2.0
3.8
1.5
1.4
1.5
3.8
1.9

7.5
6.6
6.3
6.4
7.0
6.7
6.7
6.3
7.2
6.8

322,793
323,326
323,962
324,593
325,108
325,640
326,276
326,907
327,423
327,955

Seasonally adjusted annual rates
2016: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2017: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2018: I r ��������������
      II p �������������

15,946.5
16,031.6
16,170.6
16,351.8
16,604.4
16,721.2
16,895.1
17,103.1
17,318.9
17,502.6

1,919.9
1,944.2
1,968.7
1,984.3
2,004.9
2,014.2
2,048.5
2,070.9
2,029.9
2,046.3

14,026.7
14,087.4
14,202.0
14,367.5
14,599.6
14,707.0
14,846.6
15,032.2
15,288.9
15,456.4

12,979.1
13,155.8
13,302.2
13,453.6
13,584.7
13,716.7
13,853.3
14,083.3
14,194.8
14,405.3

1,047.6
931.6
899.7
913.9
1,014.9
990.2
993.4
948.9
1,094.1
1,051.1

13,562.3
13,541.5
13,592.9
13,685.4
13,835.3
13,909.8
13,986.2
14,065.9
14,219.6
14,309.8

43,454
43,570
43,838
44,263
44,907
45,163
45,503
45,983
46,695
47,130

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.

Note: See Note, p.1.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).

6

Real Farm Income
According to the preliminary forecast for 2018, gross farm income in chained (2018) dollars is forecast to be $418.7
billion and net farm income to be $59.5 billion.
BILLIONS OF CHAINED (2018) DOLLARS (RATIO SCALE)

BILLIONS OF CHAINED (2018) DOLLARS (RATIO SCALE)

560
520
480
440
400

560
520
480
440
400

GROSS FARM INCOME

360

360

320

320

280

280

240

240

200

200

160

160
NET FARM INCOME

120

120

80

80

60

60

40

40
2009

2010

2012

2011

2013

2014

2015

2016

SOURCE: DEPARTMENT OF AGRICULTURE

2017

2018

COUNCIL OF ECONOMIC ADVISERS

[Billions of chained (2018) dollars]
Chart 7 - Jun 2018

Income of farm operators from farming 1
Gross farm income
Year

Value of agricultural sector production
Total

1999 ���������������������������������������������������
2000 ���������������������������������������������������
2001 ���������������������������������������������������
2002 ���������������������������������������������������
2003 ���������������������������������������������������
2004 ���������������������������������������������������
2005 ���������������������������������������������������
2006 ���������������������������������������������������
2007 ���������������������������������������������������
2008 ���������������������������������������������������
2009 ���������������������������������������������������
2010 ���������������������������������������������������
2011 ���������������������������������������������������
2012 ���������������������������������������������������
2013 ���������������������������������������������������
2014 ���������������������������������������������������
2015 ���������������������������������������������������
2016 ���������������������������������������������������
2017 ���������������������������������������������������
2018 p �������������������������������������������������

Crops 2, 3

Total
338.6
340.5
344.3
312.9
344.2
381.8
374.5
353.2
402.5
423.9
388.4
406.4
469.6
493.3
522.2
512.2
461.9
426.7
426.8
418.7

307.6
307.8
313.4
296.0
322.2
365.0
343.9
333.9
388.4
409.7
374.4
392.3
458.0
481.6
510.3
501.9
450.6
413.2
415.3
409.4

133.7
133.8
130.9
132.8
144.5
162.0
143.5
144.5
179.1
202.1
190.0
191.7
222.6
233.5
252.2
218.4
192.9
195.7
186.4
182.7

Animals
and animal
products 3
137.2
139.6
146.5
126.8
139.7
160.9
158.7
145.2
164.1
162.1
138.0
159.9
182.9
185.5
195.3
227.4
203.6
171.4
180.6
176.1

Farm-related
income 4
36.7
34.4
35.9
36.4
38.1
42.1
41.7
44.2
45.2
45.5
46.3
40.8
52.4
62.7
62.8
56.1
54.0
46.1
48.3
50.6

Direct
Federal
Government
payments
31.0
32.7
30.9
16.8
22.0
16.8
30.6
19.2
14.1
14.2
14.1
14.1
11.6
11.7
11.9
10.4
11.3
13.4
11.6
9.3

Production
expenses

Net
farm
income

269.9
269.1
268.7
259.7
263.1
268.6
275.7
283.3
319.5
333.2
316.6
318.5
342.7
387.5
388.6
414.2
376.6
363.0
362.0
359.2

68.7
71.4
75.6
53.1
81.1
113.2
98.8
69.9
83.0
90.7
71.8
87.9
126.9
105.8
133.6
98.0
85.3
63.7
64.9
59.5

1 The GDP chain-type price index is used to convert the current-dollar statistics to 2018=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.

Source: Department of Agriculture (Economic Research Service).

7

Corporate Profits
In the first quarter of 2018, according to revised estimates, corporate profits before tax rose $26.4 billion (annual rate)
and profits after tax rose $148.2 billion.
BILLIONS OF DOLLARS
2,600

BILLIONS OF DOLLARS
2,600

SEASONALLY ADJUSTED ANNUAL RATES

2,400

2,400
PROFITS BEFORE TAX
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

200
0

0
2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

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

2008 r ������������������
1,344.5
954.3
94.6
859.7
240.0
30.4
92.7
82.2
1,379.3
256.1
1,123.2
2009 r ������������������
1,470.1
1,121.3
362.7
758.7
164.7
23.4
88.9
107.9
1,467.5
204.2
1,263.3
r
2010  ������������������
1,786.4
1,400.6
405.8
994.8
281.8
30.6
99.3
115.9
1,834.0
272.5
1,561.5
2011 r ������������������
1,750.2
1,337.7
378.4
959.3
296.0
10.2
97.2
115.1
1,818.2
281.1
1,537.2
2012 r ������������������
2,144.7
1,739.3
482.4
1,256.9
403.0
13.8
137.9
155.7
2,156.1
334.9
1,821.2
r
2013  ������������������
2,165.9
1,767.1
430.7
1,336.3
446.9
28.3
146.4
153.3
2,151.5
362.8
1,788.7
r
2014  ������������������
2,266.1
1,861.2
483.1
1,378.1
457.4
32.7
150.8
158.6
2,262.5
407.4
1,855.2
2015 r ������������������
2,187.0
1,784.5
437.6
1,346.9
422.5
20.1
152.1
169.2
2,134.2
397.2
1,737.0
2016 r ������������������
2,128.7
1,722.2
468.9
1,253.3
322.9
7.2
127.5
173.5
2,129.7
392.9
1,736.9
r
2017  ������������������
2,136.4
1,687.5
468.7
1,218.9
292.9
3.8
111.8
162.5
2,181.9
350.7
1,831.2
2016: I r ��������������
2,101.2
1,711.7
377.4
1,334.2
395.5
12.6
151.8
169.6
2,037.8
384.4
1,653.4
      II r �������������
2,114.4
1,714.1
472.1
1,241.9
311.1
10.5
120.6
164.9
2,146.8
385.5
1,761.2
r
      III  ������������
2,132.3
1,741.9
505.5
1,236.4
298.2
1.2
136.8
179.5
2,137.5
413.0
1,724.6
r
      IV  ������������
2,166.8
1,721.0
520.4
1,200.6
286.6
4.4
100.7
179.9
2,196.7
388.5
1,808.2
2017: I r ��������������
2,148.0
1,714.8
463.3
1,251.5
279.2
5.9
117.4
171.4
2,211.8
348.0
1,863.8
r
      II  �������������
2,187.3
1,768.0
468.7
1,299.3
306.9
5.3
128.9
170.7
2,200.4
355.8
1,844.6
r
      III  ������������
2,199.9
1,740.0
489.0
1,251.0
320.8
2.7
114.7
168.7
2,230.7
365.2
1,865.5
      IV r ������������
2,010.3
1,527.3
453.7
1,073.6
264.5
1.4
86.3
139.2
2,084.6
333.8
1,750.8
r
2018: I  ��������������
2,036.9
1,550.2
444.5
1,105.8
238.5
–1.1
88.6
155.4
2,111.0
212.0
1,899.0
      II 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).
See Note, p. 1.
Source: Department of Commerce (Bureau of Economic Analysis).

8

Net
dividends

Chart 8 - Jul 2018

Inventory
Undistrib- valuation
adjustment
uted
profits

840.3
282.9
–34.8
622.1
641.3
2.6
643.2
918.3
–47.6
779.1
758.1
–68.0
948.7
872.6
–11.4
1,009.0
779.7
14.4
1,096.1
759.1
3.6
1,164.9
572.1
52.8
1,187.4
549.4
–1.0
1,215.3
615.9
–45.5
1,180.2
473.2
63.4
1,180.9
580.3
–32.4
1,196.3
528.3
–5.2
1,192.4
615.8
–29.9
1,217.7
646.1
–63.8
1,233.3
611.3
–13.0
1,215.5
650.0
–30.8
1,194.8
556.0
–74.4
1,213.2
685.7
–74.1
p 1,237.8 ��������������� �����������������

Real Gross Private Domestic Investment
In the second quarter of 2018, according to advance estimates, nonresidential fixed investment in chained (2012)
dollars rose $47.5 billion (annual rate) and residential fixed investment fell $1.6 billion. Inventories fell $27.9 billion,
following an increase of $30.3 billion in the first quarter.
BILLIONS OF CHAINED (2012) DOLLARS
3,600

BILLIONS OF CHAINED (2012) DOLLARS
3,600

SEASONALLY ADJUSTED ANNUAL RATES

3,400

3,400

3,200

3,200

3,000

3,000

GROSS PRIVATE DOMESTIC
INVESTMENT

2,800

2,800

2,600

2,600

2,400

2,400

2,200

2,200

NONRESIDENTIAL
FIXED INVESTMENT

2,000

2,000

1,800

1,800

1,600

1,600

1,400

1,400

1,200

1,200

1,000

1,000
RESIDENTIAL
FIXED INVESTMENT

800
600

800
600

400

400

200

200

0

0
CHANGE IN PRIVATE
INVENTORIES

–200

–200

–400

–400
2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Billions of chained (2012) dollars; quarterly data at seasonally adjusted annual rates]
Chart 9 - Jul 2018

Fixed investment
Period

2008 r �������������������������������������������������
2009 r �������������������������������������������������
2010 r �������������������������������������������������
2011 r �������������������������������������������������
2012 r �������������������������������������������������
2013 r �������������������������������������������������
2014 r �������������������������������������������������
2015 r �������������������������������������������������
2016 r �������������������������������������������������
2017 r �������������������������������������������������
2016: I r ���������������������������������������������
      II r ��������������������������������������������
      III r �������������������������������������������
      IV r �������������������������������������������
2017: I r ���������������������������������������������
      II r ��������������������������������������������
      III r �������������������������������������������
      IV r �������������������������������������������
2018: I r ���������������������������������������������
      II p ��������������������������������������������

Gross
private
domestic
investment

2,462.9
1,942.0
2,216.5
2,362.1
2,621.8
2,801.5
2,951.6
3,092.2
3,050.5
3,196.6
3,042.9
3,035.2
3,032.2
3,091.7
3,128.6
3,172.1
3,239.8
3,246.0
3,321.0
3,317.1

Change in private inventories

Nonresidential
Total

2,499.4
2,099.8
2,164.2
2,317.8
2,550.5
2,692.1
2,861.5
2,958.5
3,009.8
3,155.1
2,979.7
3,000.0
3,023.5
3,036.1
3,108.6
3,141.3
3,161.2
3,209.3
3,271.3
3,314.6

Total
1,994.2
1,704.3
1,781.0
1,935.4
2,118.5
2,206.0
2,357.4
2,399.7
2,411.2
2,538.1
2,380.9
2,403.3
2,430.3
2,430.4
2,486.5
2,530.8
2,552.3
2,582.7
2,654.0
2,701.5

Structures
605.4
492.2
412.8
424.1
479.4
485.5
536.9
520.9
494.7
517.5
484.8
488.8
503.5
501.9
517.3
522.2
514.5
516.2
533.3
550.1

Equipment
824.4
649.7
781.2
886.2
983.4
1,029.2
1,098.7
1,132.6
1,116.2
1,183.7
1,115.1
1,115.5
1,115.8
1,118.2
1,142.8
1,169.5
1,197.1
1,225.6
1,250.9
1,262.7

Intellectual
property
products
575.3
572.4
588.1
624.8
655.7
691.4
721.1
747.8
803.9
841.1
785.0
803.2
814.0
813.3
829.0
842.3
845.9
847.3
875.7
893.1

Residential

504.6
395.3
383.0
382.5
432.0
485.5
504.2
555.3
591.3
611.1
590.9
589.4
586.9
597.9
613.8
605.2
604.5
620.7
615.3
613.7

Total

Nonfarm

–32.7
–177.3
57.3
46.7
71.2
108.7
86.6
129.0
23.4
22.5
50.7
17.8
–14.1
39.1
–2.4
11.9
64.4
16.1
30.3
–27.9

–31.5
–165.2
70.2
48.4
89.9
98.2
90.3
127.8
28.4
27.4
59.8
20.2
–11.6
45.2
3.8
16.9
67.8
21.1
35.9
–23.2

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.
See Note, p. 1.
Source: Department of Commerce (Bureau of Economic Analysis).

9

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

Total
fixed
investment

Period

2008 r ����������
2009 r ����������
2010 r ����������
2011 r ����������
2012 r ����������
2013 r ����������
2014 r ����������
2015 r ����������
2016 r ����������
2017 r ����������
2016: I r ������
      II r �����
      III r ����
      IV r ����
2017: I r ������
      II r �����
      III r ����
      IV r ����
2018: I r ������
      II p �����

Residential

Total
nonresidential

2,499.4
2,099.8
2,164.2
2,317.8
2,550.5
2,692.1
2,861.5
2,958.5
3,009.8
3,155.1
2,979.7
3,000.0
3,023.5
3,036.1
3,108.6
3,141.3
3,161.2
3,209.3
3,271.3
3,314.6

Intellectual property products

Information processing equipment
Structures

1,994.2
1,704.3
1,781.0
1,935.4
2,118.5
2,206.0
2,357.4
2,399.7
2,411.2
2,538.1
2,380.9
2,403.3
2,430.3
2,430.4
2,486.5
2,530.8
2,552.3
2,582.7
2,654.0
2,701.5

Total 2

605.4
492.2
412.8
424.1
479.4
485.5
536.9
520.9
494.7
517.5
484.8
488.8
503.5
501.9
517.3
522.2
514.5
516.2
533.3
550.1

Computers
and
peripheral
equipment 1

Total

824.4
649.7
781.2
886.2
983.4
1,029.2
1,098.7
1,132.6
1,116.2
1,183.7
1,115.1
1,115.5
1,115.8
1,118.2
1,142.8
1,169.5
1,197.1
1,225.6
1,250.9
1,262.7

260.6
247.5
289.1
303.2
331.2
351.8
368.6
393.5
410.9
459.8
399.6
405.9
415.1
423.0
439.7
455.2
466.8
477.5
490.5
504.9

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

Other
180.9
166.5
195.1
209.3
227.7
248.8
266.4
291.0
309.7
348.4
298.8
304.3
315.6
320.3
334.5
342.2
349.7
367.1
371.7
380.2

Industrial Transportation
equipequipment
ment
208.3
162.7
162.5
194.9
211.2
208.4
216.6
217.0
214.4
228.6
211.8
213.9
214.6
217.5
220.6
227.7
231.6
234.6
238.5
235.2

Total 2

155.0
72.5
141.5
181.8
215.3
238.5
264.4
291.4
274.3
264.2
284.0
279.8
270.5
262.9
262.0
259.0
264.7
270.9
280.3
279.3

Structures

Software

Research
and
development 3

206.7
212.9
220.9
245.2
272.1
287.2
305.3
319.9
345.9
379.3
334.4
343.0
349.8
356.2
366.2
377.7
387.9
385.3
402.1
408.6

304.8
297.4
298.5
311.0
313.4
333.8
345.3
352.8
382.0
386.8
374.6
384.8
387.7
380.7
386.7
389.5
384.0
386.8
398.8
409.2

575.3
572.4
588.1
624.8
655.7
691.4
721.1
747.8
803.9
841.1
785.0
803.2
814.0
813.3
829.0
842.3
845.9
847.3
875.7
893.1

Total
residential 2

504.6
395.3
383.0
382.5
432.0
485.5
504.2
555.3
591.3
611.1
590.9
589.4
586.9
597.9
613.8
605.2
604.5
620.7
615.3
613.7

Total 2

Single
family

495.7
386.9
373.8
372.4
421.5
474.1
491.8
541.9
576.8
595.7
576.7
575.1
572.4
583.2
598.7
590.0
589.2
605.0
599.7
598.2

178.1
105.3
114.3
109.1
132.0
161.8
171.9
191.5
201.1
214.8
204.7
202.1
195.7
202.1
208.5
213.1
216.6
220.9
223.1
220.5

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 excludes expenditures for software development.

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.
See Note, p. 1.
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
2002 ��������
2003 ��������
2004 ��������
2005 ��������
2006 ��������
2007 ��������
2008 ��������
2009 ��������
2010 ��������
2011 ��������
2012 ��������
2013 ��������
2014 ��������
2015 ��������
2016 p �������

997.9
975.0
1,042.1
1,144.8
1,309.9
1,354.7
1,374.2
1,090.7
1,105.7
1,243.0
1,423.6
1,491.3
1,597.9
1,642.0
1,575.7

917.5
886.8
953.2
1,062.5
1,217.1
1,270.5
1,294.5
1,015.3
1,036.2
1,169.6
1,334.4
1,400.9
1,506.6
1,548.1
1,480.3

1.9
1.9
2.1
2.7
2.7
2.1
2.3
2.2
3.3
3.1
3.1
3.0
4.0
3.3
4.6

42.5
50.5
51.3
66.7
99.3
120.7
149.3
100.6
115.7
165.7
196.7
202.2
230.8
174.1
92.7

65.5
54.6
50.4
58.0
69.8
85.4
98.7
103.0
94.5
98.0
125.0
111.3
118.9
130.5
133.8

24.8
23.2
28.6
30.1
30.3
36.7
40.8
19.8
17.9
21.8
23.6
27.6
30.3
33.3
36.0

157.2
149.1
156.7
165.6
192.4
197.3
213.1
155.2
160.8
192.4
203.1
221.3
231.1
245.1
243.6

26.8
26.0
32.3
40.6
36.6
30.8
32.4
25.3
31.1
35.7
40.9
37.5
44.8
42.4
43.9

59.3
65.9
72.2
73.5
86.7
82.5
73.2
58.4
65.3
68.1
77.6
77.5
82.4
86.0
87.0

47.1
44.5
46.1
56.9
68.0
67.4
79.6
55.7
59.0
72.7
81.8
92.6
111.0
116.6
109.7

88.2
80.5
83.5
91.4
104.4
106.1
103.3
88.4
97.2
100.1
106.5
123.9
132.0
132.7
142.2

128.4
120.8
153.6
161.4
163.1
173.4
132.9
99.5
103.1
109.2
130.2
137.8
153.3
164.6
167.1

94.5
88.0
91.6
103.0
132.1
117.5
106.9
72.9
81.3
91.1
115.7
114.2
121.9
151.9
145.3

25.9
24.7
26.7
33.1
30.3
31.8
33.0
28.2
28.2
28.1
31.6
35.7
30.4
33.3
32.4

59.3
61.2
64.6
73.8
75.3
84.2
90.2
79.4
78.4
83.1
88.9
94.2
89.0
93.8
93.6

96.1
96.2
93.6
105.6
126.3
134.8
138.7
127.0
100.6
100.4
110.0
122.1
126.8
140.6
148.6

80.4
88.2
88.9
82.2
92.8
84.2
79.7
75.4
69.5
73.4
89.2
90.4
91.3
93.9
95.4

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 July, unemployment as measured by the household survey fell 284,000 to 6.3 million.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

166

166

SEASONALLY ADJUSTED

162

162

158

158

154

154

CIVILIAN LABOR FORCE

150

150

146

146
CIVILIAN
EMPLOYMENT

142

142

138

138

134

134

20

20

16

16
UNEMPLOYMENT

12

12

8

8

4

4

0

0
2010

2011

2012

2013

2014

2015

2016

2017

*16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR

2018

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

2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2017: July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2018: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������

Civilian
noninsti- Civilian labor
tutional
force
population
(NSA)
233,788
235,801
237,830
239,618
243,284
245,679
247,947
250,801
253,538
255,079
255,151
255,357
255,562
255,766
255,949
256,109
256,780
256,934
257,097
257,272
257,454
257,642
257,843

154,287
154,142
153,889
153,617
154,975
155,389
155,922
157,130
159,187
160,320
160,467
160,598
161,082
160,371
160,533
160,597
161,115
161,921
161,763
161,527
161,539
162,140
162,245

Civilian employment

Total

145,362
139,877
139,064
139,869
142,469
143,929
146,305
148,834
151,436
153,337
153,511
153,471
154,324
153,846
153,917
154,021
154,430
155,215
155,178
155,181
155,474
155,576
155,965

Men
20 years
and
over
74,750
71,341
71,230
72,182
73,403
74,176
75,471
76,776
78,084
78,919
78,863
78,887
79,393
79,248
79,324
79,431
79,705
80,213
80,113
80,111
80,329
80,013
80,240

Women
20 years
and
over
65,039
63,699
63,456
63,360
64,640
65,295
66,287
67,323
68,387
69,344
69,586
69,502
69,692
69,576
69,665
69,614
69,583
69,828
69,916
69,992
70,077
70,419
70,598

Percent 1

Chart 11 - Jul 2018

Unemployment
Both
sexes
16–19
years
5,573
4,837
4,378
4,327
4,426
4,458
4,548
4,734
4,965
5,074
5,062
5,082
5,238
5,022
4,928
4,977
5,143
5,174
5,149
5,078
5,068
5,144
5,127

Total

8,924
14,265
14,825
13,747
12,506
11,460
9,617
8,296
7,751
6,982
6,956
7,127
6,759
6,524
6,616
6,576
6,684
6,706
6,585
6,346
6,065
6,564
6,280

Men
20 years
and
over
4,297
7,555
7,763
6,898
5,984
5,568
4,585
3,959
3,675
3,287
3,266
3,410
3,168
3,118
3,050
3,117
3,223
3,096
3,087
3,088
2,905
3,102
2,818

Women
20 years
and
over

Both
sexes
16–19
years

3,342
5,157
5,534
5,450
5,125
4,565
3,926
3,371
3,151
2,868
2,912
2,903
2,804
2,611
2,637
2,679
2,627
2,737
2,695
2,506
2,415
2,720
2,687

1,285
1,552
1,528
1,400
1,397
1,327
1,106
966
925
827
778
813
786
796
929
780
834
874
803
752
745
743
775

Not
in
labor
force

79,501
81,659
83,941
86,001
88,310
90,290
92,025
93,671
94,351
94,759
94,684
94,759
94,480
95,395
95,416
95,512
95,665
95,012
95,335
95,745
95,915
95,502
95,598

Labor
Employ- Unemployforce
ment/
participa- population
ment
tion
rate
ratio
rate
66.0
65.4
64.7
64.1
63.7
63.2
62.9
62.7
62.8
62.9
62.9
62.9
63.0
62.7
62.7
62.7
62.7
63.0
62.9
62.8
62.7
62.9
62.9

62.2
59.3
58.5
58.4
58.6
58.6
59.0
59.3
59.7
60.1
60.2
60.1
60.4
60.2
60.1
60.1
60.1
60.4
60.4
60.3
60.4
60.4
60.5

5.8
9.3
9.6
8.9
8.1
7.4
6.2
5.3
4.9
4.4
4.3
4.4
4.2
4.1
4.1
4.1
4.1
4.1
4.1
3.9
3.8
4.0
3.9

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

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

11

Selected Unemployment Rates
In July, the unemployment rate fell to 3.9 percent.
PERCENT (SEASONALLY ADJUSTED)

PERCENT (SEASONALLY ADJUSTED)

30

30

25

25

20

20
TEENAGERS
(16-19)

15

15
BLACK OR
AFRICAN
AMERICAN1

10

10

HISPANIC1,2

MEN 20 YEARS
AND OVER
5

5
WHITE1

ALL CIVILIAN
WORKERS

2015

2016

WOMEN 20 YEARS
AND OVER

ASIAN1

0

0
2014

2017

2018

2014

2015

2016

2017

2018

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 - Jul 2018

By race or ethnicity 1

By sex and age
Period

2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2017: July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2018: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������

All
civilian
workers

5.8
9.3
9.6
8.9
8.1
7.4
6.2
5.3
4.9
4.4
4.3
4.4
4.2
4.1
4.1
4.1
4.1
4.1
4.1
3.9
3.8
4.0
3.9

Men
20 years
and
over

Women
20 years
and
over

5.4
9.6
9.8
8.7
7.5
7.0
5.7
4.9
4.5
4.0
4.0
4.1
3.8
3.8
3.7
3.8
3.9
3.7
3.7
3.7
3.5
3.7
3.4

4.9
7.5
8.0
7.9
7.3
6.5
5.6
4.8
4.4
4.0
4.0
4.0
3.9
3.6
3.6
3.7
3.6
3.8
3.7
3.5
3.3
3.7
3.7

Both
sexes
16–19
years
18.7
24.3
25.9
24.4
24.0
22.9
19.6
16.9
15.7
14.0
13.3
13.8
13.0
13.7
15.9
13.6
13.9
14.4
13.5
12.9
12.8
12.6
13.1

White

5.2
8.5
8.7
7.9
7.2
6.5
5.3
4.6
4.3
3.8
3.7
3.8
3.7
3.5
3.7
3.7
3.5
3.7
3.6
3.6
3.5
3.5
3.4

Black
or
African
American
10.1
14.8
16.0
15.8
13.8
13.1
11.3
9.6
8.4
7.5
7.4
7.6
7.0
7.3
7.2
6.8
7.7
6.9
6.9
6.6
5.9
6.5
6.6

By selected groups
Hispanic
or
Latino
ethnicity

Asian

4.0
7.3
7.5
7.0
5.9
5.2
5.0
3.8
3.6
3.4
3.8
3.9
3.6
3.0
3.0
2.5
3.0
2.9
3.1
2.8
2.1
3.2
3.1

1 Persons who selected this race group only. Persons whose ethnicity is identified as Hispanic or Latino may be of any race.

Note: Data relate to persons age 16 years and over.
Source: Department of Labor (Bureau of Labor Statistics).

12

7.6
12.1
12.5
11.5
10.3
9.1
7.4
6.6
5.8
5.1
5.1
5.1
5.1
4.8
4.8
4.9
5.0
4.9
5.1
4.8
4.9
4.6
4.5

Married
men,
spouse
present
3.4
6.6
6.8
5.8
4.9
4.3
3.4
2.8
2.7
2.4
2.4
2.6
2.3
2.0
2.1
2.2
2.3
2.1
2.1
2.1
1.9
2.1
2.0

Women
who
maintain
families
(NSA)
8.0
11.5
12.3
12.4
11.4
10.2
8.6
7.4
6.8
6.2
6.8
7.2
6.5
5.6
5.5
5.3
6.5
6.2
5.6
5.5
4.7
5.5
5.6

Full-time
workers

5.8
10.0
10.4
9.6
8.5
7.7
6.4
5.4
4.9
4.3
4.3
4.4
4.2
4.0
3.9
4.0
4.0
4.1
4.0
3.9
3.7
4.0
3.8

Part-time
workers

5.5
6.0
6.3
6.3
6.1
5.9
5.4
4.9
4.8
4.6
4.5
4.4
4.3
4.5
5.0
4.5
4.7
4.5
4.5
4.2
4.2
4.3
4.4

Selected Measures of Unemployment and Unemployment Insurance Programs
In June, the percentages of the unemployed who had been out of work for less than 5 weeks, for 5 to 14 weeks, and
for 27 weeks and over fell, while the percentage for 15 to 26 weeks rose. The mean duration of unemployment rose to
23.2 weeks and the median duration rose to 9.5 weeks.
PERCENT DISTRIBUTION*

PERCENT DISTRIBUTION*

70

70

DURATION OF UNEMPLOYMENT

60

60

50

50

40

40

REASON FOR UNEMPLOYMENT

JOB LOSERS
LESS THAN
5 WEEKS

27 WEEKS
AND OVER

REENTRANTS

30

30

5-14
WEEKS

20

20
JOB LEAVERS
15-26
WEEKS

10

10
NEW ENTRANTS

0

0
2014

2015

2016

2017

2018

2014

2015

2016

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR

2017

2018

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted by NSA]
Chart 13 - Jul 2018

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
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2017: July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2018: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������

8,924
14,265
14,825
13,747
12,506
11,460
9,617
8,296
7,751
6,982
6,956
7,127
6,759
6,524
6,616
6,576
6,684
6,706
6,585
6,346
6,065
6,564
6,280

32.8
22.2
18.7
19.5
21.1
22.5
25.7
28.9
30.5
32.5
30.9
31.6
32.7
32.4
33.8
33.7
34.4
37.2
35.2
32.7
33.1
34.7
33.1

31.4
26.8
22.0
21.8
22.9
24.1
25.3
27.7
28.7
28.8
29.0
28.4
27.6
29.6
28.4
30.1
29.3
28.3
30.9
31.2
31.7
29.3
28.8

16.0
19.5
16.0
15.0
14.9
15.8
15.6
15.3
14.9
14.6
14.8
15.2
14.2
13.0
13.8
13.3
14.8
13.8
13.5
16.0
15.9
13.0
15.4

19.7
31.5
43.3
43.8
41.1
37.6
33.5
28.1
25.9
24.2
25.4
24.7
25.5
25.0
23.9
22.9
21.5
20.7
20.3
20.0
19.4
23.0
22.7

17.9
24.4
33.0
39.3
39.4
36.5
33.7
29.2
27.5
25.0
25.0
24.3
26.6
25.8
25.2
23.6
24.1
22.9
24.1
23.1
21.3
21.2
23.2

9.4
15.1
21.4
21.4
19.3
17.0
14.0
11.6
10.6
10.0
10.4
10.3
10.1
9.8
9.5
9.1
9.4
9.3
9.1
9.8
9.2
8.9
9.5

53.7
64.2
62.4
59.0
55.0
53.0
50.7
49.0
48.2
49.2
48.7
49.4
48.9
48.9
47.6
49.7
49.6
48.9
47.7
46.2
46.3
46.9
48.3

10.0
6.2
6.0
7.0
7.7
8.1
8.6
9.9
11.1
11.1
11.0
11.2
10.9
11.1
11.2
10.9
10.9
11.6
13.1
12.7
13.8
12.4
13.5

27.7
22.3
23.4
24.7
26.7
28.0
29.4
30.6
30.1
29.8
30.2
30.2
30.5
30.5
30.6
30.6
29.7
29.0
29.8
31.4
30.6
31.9
28.8

8.6
3,306
424
3,899
7.3
5,724
568
9,123
8.2
4,487
454
9,732
9.3
3,679
406
7,630
10.5
3,297
374
6,048
10.9
2,947
342
4,605
11.3
2,574
304
2,657
10.6
2,237
275
2,272
10.6
2,099
259
2,127
9.9
1,948
240
1,971
10.1
2,233
254
2,257
9.2
1,969
231
1,991
9.8
1,678
221
1,698
9.5
1,864
242
1,889
10.5
1,768
279
1,793
8.9
2,152
328
2,181
9.8
2,620
350
2,648
10.5
2,243
217
2,266
9.5
2,135
213
2,158
9.7
2,135
223
2,157
9.3
1,685
220
1,703
8.8 ��������������� ��������������� �����������������
9.5 ��������������� ��������������� �����������������

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.

Emergency Unemployment Compensation (2008-2013) and Federal Additional Compensation (2009-2010).

Also includes

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 157,000 in July.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

150

108
106

ALL NONAGRICULTURAL
ESTABLISHMENTS

PRIVATE
SERVICE-PROVIDING
INDUSTRIES

104

145

102
100

140

98
135

96
94

130

24
22
PRIVATE
INDUSTRIES

125

EDUCATION AND
HEALTH SERVICES
PROFESSIONAL AND
BUSINESS SERVICES

20
18

RETAIL TRADE

16

120

14
22

115

GOODS-PRODUCING

20
110

18
16

105

14

24

GOVERNMENT

MANUFACTURING

12

22
20

10
2014

2015

2016

2017

2018

2014

2015

2016

*SEASONALLY ADJUSTED

2017

2018

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[Thousands of wage and salary workers; 1 monthly data seasonally adjusted]
Chart 14 - Jul 2018

Private industries

Period

2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2017: July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2018: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May r ��������
      June r �������
      July p ��������

Total
nonagricultural
employment

137,241
131,313
130,362
131,932
134,175
136,381
138,958
141,843
144,352
146,624
146,728
146,949
146,963
147,234
147,450
147,625
147,801
148,125
148,280
148,455
148,723
148,971
149,128

Goods-producing industries
Total
private

114,732
108,758
107,871
109,845
112,255
114,529
117,076
119,814
122,128
124,303
124,402
124,610
124,626
124,903
125,120
125,294
125,482
125,803
125,956
126,130
126,390
126,624
126,794

Total 2

Construc- Manufaction
turing

21,335
18,558
17,751
18,047
18,420
18,738
19,226
19,610
19,750
20,077
20,040
20,115
20,130
20,168
20,246
20,328
20,383
20,490
20,516
20,568
20,624
20,676
20,728

7,162
6,016
5,518
5,533
5,646
5,856
6,151
6,461
6,728
6,955
6,934
6,962
6,971
6,988
7,030
7,072
7,100
7,167
7,164
7,180
7,210
7,223
7,242

13,406
11,847
11,528
11,726
11,927
12,020
12,185
12,336
12,354
12,444
12,424
12,463
12,469
12,489
12,519
12,558
12,578
12,609
12,630
12,658
12,681
12,714
12,751

Private service-providing industries
Trade, transportation,
and utilities
Total
Total 3
93,398
90,201
90,121
91,798
93,835
95,791
97,850
100,204
102,379
104,226
104,362
104,495
104,496
104,735
104,874
104,966
105,099
105,313
105,440
105,562
105,766
105,948
106,066

26,293
24,905
24,636
25,065
25,476
25,862
26,383
26,887
27,257
27,494
27,470
27,490
27,525
27,553
27,602
27,593
27,627
27,695
27,736
27,727
27,779
27,786
27,801

Retail
trade
15,283
14,522
14,440
14,668
14,841
15,079
15,357
15,605
15,825
15,869
15,848
15,852
15,853
15,860
15,887
15,861
15,873
15,919
15,930
15,928
15,957
15,937
15,944

Information

Financial
activities

2,984
2,804
2,707
2,674
2,676
2,706
2,726
2,750
2,794
2,795
2,793
2,792
2,784
2,784
2,780
2,776
2,760
2,759
2,765
2,768
2,771
2,772
2,772

8,206
7,838
7,695
7,697
7,784
7,886
7,977
8,123
8,287
8,455
8,462
8,477
8,485
8,494
8,503
8,511
8,514
8,543
8,548
8,551
8,563
8,573
8,568

Profes- Education Leisure
sional
and
and
and
health
hospitalbusiness services
ity
services
17,735
16,579
16,728
17,332
17,932
18,515
19,062
19,633
20,052
20,467
20,501
20,543
20,570
20,630
20,646
20,677
20,715
20,776
20,817
20,876
20,925
20,968
21,019

19,228
19,630
19,975
20,318
20,769
21,086
21,439
22,029
22,639
23,186
23,235
23,283
23,297
23,312
23,350
23,380
23,430
23,462
23,491
23,529
23,571
23,640
23,662

13,436
13,077
13,049
13,353
13,768
14,254
14,696
15,160
15,660
16,052
16,117
16,121
16,046
16,156
16,176
16,207
16,228
16,246
16,248
16,262
16,297
16,331
16,371

Other
services

5,515
5,367
5,331
5,360
5,430
5,483
5,567
5,622
5,691
5,776
5,784
5,789
5,789
5,806
5,817
5,822
5,825
5,832
5,835
5,849
5,860
5,878
5,873

Government

22,509
22,555
22,490
22,086
21,920
21,853
21,882
22,029
22,224
22,322
22,326
22,339
22,337
22,331
22,330
22,331
22,319
22,322
22,324
22,325
22,333
22,347
22,334

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

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

14

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

Total
private
nonagricultural 1

Period

2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2017: June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2018: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May r ��������
      June r �������
      July p ��������

Average gross hourly earnings
Total private
nonagricultural 1

Manufacturing

Total

33.6
33.1
33.4
33.6
33.7
33.7
33.7
33.7
33.6
33.7
33.7
33.7
33.6
33.6
33.7
33.7
33.8
33.6
33.8
33.7
33.8
33.8
33.8
33.8

Overtime

40.8
39.8
41.1
41.4
41.7
41.8
42.0
41.8
41.9
41.9
42.0
42.0
42.0
41.8
42.0
41.9
41.8
41.9
42.3
42.2
42.3
42.0
42.1
42.1

3.7
2.9
3.8
4.1
4.2
4.3
4.5
4.3
4.3
4.3
4.4
4.4
4.4
4.4
4.5
4.5
4.5
4.6
4.8
4.6
4.8
4.5
4.5
4.4

Current
dollars

Manufacturing

1982-84
dollars 2

$18.06
$8.56
18.61
8.88
19.05
8.90
19.44
8.77
19.74
8.73
20.13
8.78
20.61
8.85
21.03
9.07
21.54
9.20
22.05
9.22
22.02
9.26
22.06
9.27
22.11
9.25
22.20
9.23
22.18
9.22
22.23
9.20
22.31
9.22
22.34
9.17
22.39
9.18
22.46
9.23
22.52
9.23
22.58
9.23
22.62
9.24
22.65 �����������������

Average gross weekly earnings
Total private
nonagricultural 1
Current
dollars

$17.75
18.24
18.61
18.93
19.08
19.30
19.56
19.91
20.44
20.89
20.85
20.88
20.93
20.99
21.05
21.12
21.21
21.27
21.32
21.36
21.44
21.40
21.45
21.44

Percent change from
a year earlier,
total private
nonagricultural

Current dollars

1982-84
dollars 2

$607.42
$287.80
615.96
293.83
636.19
297.33
652.89
294.66
665.65
294.24
677.70
295.52
694.85
298.51
708.90
305.81
723.31
309.01
742.56
310.63
742.07
312.06
743.42
312.44
742.90
310.71
745.92
310.27
747.47
310.77
749.15
310.15
754.08
311.59
750.62
308.24
756.78
310.43
756.90
310.99
761.18
311.94
763.20
312.04
764.56
312.15
765.57 �����������������

Manufacturing

Construction

$724.46
726.12
765.18
784.29
794.63
807.37
822.03
832.08
855.77
875.71
875.70
876.96
879.06
877.38
884.10
884.93
886.58
891.21
901.84
901.39
906.91
898.80
903.05
902.62

$842.61
851.76
891.83
921.84
942.14
958.72
977.11
998.02
1,031.88
1,061.66
1,054.55
1,058.90
1,062.86
1,068.13
1,061.76
1,068.80
1,084.80
1,075.93
1,096.40
1,094.40
1,105.10
1,108.65
1,099.64
1,113.14

Retail
trade

Current
dollars

$386.21
388.57
400.05
412.09
422.10
423.07
431.82
445.55
447.49
462.86
461.76
462.36
461.73
464.48
465.41
469.68
471.81
471.50
469.35
476.98
478.74
483.36
483.43
484.04

1982-84
dollars 2

3.1
–1.0
1.4
2.1
3.3
1.2
2.6
–.9
2.0
–.1
1.8
.4
2.5
1.0
2.0
2.4
2.0
1.0
2.7
.5
2.6
1.1
2.5
.9
2.6
.7
2.6
.3
2.5
.5
2.7
.3
3.0
.8
2.4
.2
3.1
.7
2.9
.5
2.9
.4
3.3
.4
3.0
.0
3.0 �������������������

1 Also includes other private industry groups shown on p. 14.
2 Current dollar earnings divided by the consumer price index for urban wage earners and clerical workers (CPI–W) (on a 1982-84=100 base).

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

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

Total
compensation

Wages
and
salaries

Percent change from
3 months earlier

Benefits 1

Total
compensation

12 months earlier

Wages
and
salaries

Benefits 1

Total
compensation

Wages
and
salaries

Benefits 1

Not seasonally adjusted
2008: Dec ������������������������������������������
2009: Dec ������������������������������������������
2010: Dec ������������������������������������������
2011: Dec ������������������������������������������
2012: Dec ������������������������������������������
2013: Dec ������������������������������������������
2014: Dec ������������������������������������������
2015: Dec ������������������������������������������
2016: Dec ������������������������������������������
2017: Dec ������������������������������������������

108.9
110.2
112.5
115.0
117.1
119.4
122.2
124.5
127.2
130.5

109.4
110.8
112.8
114.6
116.6
119.0
121.6
124.2
127.1
130.6

107.7
108.7
111.9
115.9
118.2
120.5
123.5
125.1
127.3
130.2

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

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

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

Seasonally adjusted
2016: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2017: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2018: Mar �����������������������������������������
      June ����������������������������������������

125.4
126.1
126.7
127.3
128.3
129.0
130.0
130.6
131.9
132.7

125.1
126.0
126.6
127.2
128.3
129.0
130.0
130.7
132.0
132.8

125.9
126.3
127.0
127.5
128.3
129.1
130.0
130.5
131.6
132.7

2.4
1.2
2.1
2.2
1.8
2.0
2.3
1.9
2.2
2.6

2.6
1.3
1.8
1.6
1.7
2.1
2.2
2.1
2.3
2.8

2.0
0.9
2.9
3.6
2.0
1.9
2.5
1.3
1.8
2.3

Not seasonally adjusted
0.6
.6
.5
.5
.8
.5
.8
.5
1.0
.6

0.6
.7
.5
.5
.9
.5
.8
.5
1.0
.6

0.5
.3
.6
.4
.6
.6
.7
.4
.8
.8

1.8
2.4
2.3
2.2
2.3
2.4
2.5
2.6
2.8
2.9

2.0
2.6
2.4
2.3
2.6
2.4
2.6
2.8
2.9
2.9

1.2
1.7
1.8
1.8
1.9
2.2
2.4
2.3
2.5
2.8

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

Compensation
per hour 3

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Real
compensation
per hour 4
Business
sector

Nonfarm
business
sector

Unit labor
costs

Implicit price
deflator 5

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

102.2
100.0
98.6
100.7
102.7
103.4
105.3
107.1
108.2
108.8
106.0
104.7
104.4
106.1
106.3
106.9
106.7
108.6
107.8
108.8
108.9
107.3
108.7
108.4
108.6
109.3
110.2

102.1
100.0
98.7
100.7
102.5
103.3
105.3
107.2
108.4
108.8
105.9
104.7
104.4
106.1
106.3
106.9
106.9
108.7
108.0
109.1
109.1
107.5
108.7
108.4
108.7
109.4
110.2

99.8
100.0
101.1
103.3
105.3
106.9
108.6
109.3
110.4
112.1
107.9
108.5
109.0
108.9
108.7
109.3
109.6
109.5
109.7
110.2
110.5
111.2
111.6
111.7
112.3
112.9
113.4

99.4
100.0
101.0
102.8
104.7
106.3
108.2
109.1
110.5
112.1
107.5
108.0
108.6
108.6
108.6
109.1
109.4
109.5
109.7
110.3
110.7
111.3
111.5
111.7
112.3
113.0
113.4

1.8
–2.2
–1.4
2.1
2.0
.6
1.9
1.7
1.0
.5
10.9
–4.6
–1.3
6.8
.6
2.3
–.4
7.2
–2.8
3.7
.1
–5.5
5.1
–1.0
.9
2.6
3.1

2.0
–2.0
–1.3
2.1
1.7
.9
1.9
1.8
1.1
.4
10.6
–4.7
–1.2
7.1
.6
2.3
–.2
7.2
–2.6
3.9
.0
–5.7
4.8
–1.2
1.0
2.5
2.9

1.5
.2
1.1
2.2
1.9
1.5
1.6
.6
1.0
1.6
1.4
2.5
1.6
–.1
–.7
2.0
1.1
–.2
.5
2.1
1.1
2.2
1.5
.6
1.9
2.4
1.5

1.5
.6
1.0
1.8
1.9
1.5
1.8
.9
1.2
1.5
1.2
2.1
2.1
.0
.0
1.9
1.2
.1
.9
2.2
1.3
2.3
.9
.6
2.0
2.4
1.5

Indexes, 2009=100; quarterly data seasonally adjusted
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2014: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2015: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2016: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2017: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2018:  I * �������������

96.9
100.0
103.3
103.3
104.0
104.8
105.6
106.8
106.9
108.2
104.9
105.5
106.4
105.8
106.5
106.9
107.3
106.6
106.3
106.5
107.2
107.7
107.5
107.9
108.8
108.7
108.9

97.0
100.0
103.3
103.4
104.3
104.7
105.7
107.0
107.0
108.4
104.8
105.4
106.5
106.0
106.8
107.1
107.4
106.7
106.4
106.7
107.3
107.6
107.7
108.1
108.8
108.9
109.1

104.2
100.0
103.2
105.3
108.4
110.8
114.4
118.4
120.3
123.6
112.1
113.7
115.5
116.3
117.4
118.4
118.8
118.9
119.0
119.8
120.8
121.4
121.8
123.0
124.1
125.3
126.1

104.4
100.0
103.2
105.5
108.8
110.9
114.6
118.5
120.2
123.7
112.2
113.8
115.7
116.4
117.6
118.5
118.9
119.0
119.0
119.8
120.8
121.4
122.0
123.1
124.3
125.5
126.3

107.6
100.0
99.9
102.0
104.2
105.8
108.3
110.8
112.5
114.1
106.9
107.8
108.6
109.9
110.2
110.7
110.7
111.6
112.0
112.5
112.7
112.7
113.3
113.9
114.1
115.2
115.8

107.7
100.0
99.9
102.0
104.2
106.0
108.4
110.7
112.4
114.1
107.1
108.0
108.7
109.8
110.1
110.6
110.7
111.5
111.9
112.3
112.5
112.8
113.3
113.9
114.2
115.2
115.8

99.0
100.0
101.8
104.0
106.8
108.3
111.2
114.4
115.7
117.7
111.1
110.4
111.0
112.3
113.2
114.3
114.6
115.7
114.6
115.9
116.7
115.6
116.8
117.0
118.2
118.8
120.0

99.0
100.0
101.9
104.2
106.9
108.2
111.3
114.7
116.0
118.0
111.0
110.4
111.2
112.5
113.5
114.5
114.8
116.0
114.9
116.3
117.0
115.7
117.1
117.3
118.3
119.1
120.1

98.7
100.0
100.2
99.2
99.8
99.7
100.6
103.4
103.2
102.8
101.0
99.9
100.2
101.5
103.0
103.3
103.1
104.1
103.2
103.6
103.8
102.2
102.5
102.6
103.1
102.8
102.9

98.6
100.0
100.3
99.3
99.8
99.5
100.7
103.6
103.5
103.0
100.9
99.8
100.3
101.7
103.3
103.5
103.4
104.4
103.4
104.0
104.1
102.2
102.7
102.9
103.2
103.1
103.1

Percent change; quarterly data at seasonally adjusted annual rates
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2014: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2015: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2016: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2017: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2018:  I * �������������

0.9
3.3
3.3
.0
.7
.7
.8
1.1
.1
1.2
–3.1
2.3
3.5
–2.2
2.7
1.6
1.5
–2.9
–1.0
.8
2.6
1.9
–.7
1.6
3.2
–.4
.7

0.8
3.1
3.3
.1
.9
.3
1.0
1.2
.0
1.3
–3.2
2.5
4.2
–2.1
3.0
1.3
1.2
–2.7
–1.1
1.0
2.4
1.2
.2
1.7
2.6
.3
.4

–1.2
–4.1
3.2
2.1
2.9
2.2
3.2
3.5
1.6
2.7
–1.7
5.8
6.8
2.5
4.0
3.3
1.6
.2
.4
2.6
3.3
2.2
1.4
3.7
3.9
3.6
2.6

–1.3
–4.3
3.2
2.2
3.1
2.0
3.3
3.4
1.5
2.9
–1.4
5.8
6.9
2.3
4.0
3.3
1.3
.3
.2
2.5
3.3
2.2
1.8
3.9
4.0
3.7
2.7

–2.0
–7.1
–.1
2.1
2.2
1.5
2.4
2.3
1.5
1.5
1.5
3.4
3.1
4.8
1.3
1.6
.1
3.2
1.4
1.8
.7
.3
2.0
2.1
.7
4.1
1.8

–2.1
–7.2
–.1
2.1
2.2
1.7
2.3
2.2
1.5
1.6
1.9
3.2
2.6
4.5
.9
2.0
.1
3.0
1.3
1.5
.9
1.0
1.5
2.2
1.3
3.3
2.3

2.7
1.0
1.8
2.1
2.7
1.3
2.7
2.9
1.1
1.7
7.4
–2.4
2.2
4.5
3.3
3.9
1.1
4.1
–3.7
4.5
2.8
–3.7
4.4
.6
4.2
2.1
3.9

2.8
1.0
1.9
2.2
2.6
1.2
2.9
3.1
1.1
1.7
7.0
–2.3
3.0
4.9
3.7
3.6
1.0
4.3
–3.7
4.9
2.5
–4.6
5.0
.5
3.6
2.9
3.3

–1.1
1.3
.2
–1.0
.6
–.1
1.0
2.7
–.2
–.4
4.6
–4.4
1.1
5.4
6.0
1.2
–.5
3.9
–3.6
1.7
.9
–6.3
1.4
.5
2.0
–1.2
.4

–1.0
1.4
.3
–.9
.5
–.3
1.1
2.9
–.2
–.5
4.3
–4.3
1.8
5.7
6.3
.9
–.6
4.1
–3.6
2.1
.6
–7.1
2.0
.4
1.5
–.4
–.2

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 1978-2017 is based on the consumer price index research series (CPI-U-RS). The change for recent quarters is based on the
consumer price index for all urban consumers (CPI-U).
5 Current dollar gross domestic output divided by the output index.
Note: Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here.
* Data based on GDP data released on May 30, 2018.
Source: Department of Labor (Bureau of Labor Statistics).

16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial production and capacity utilization rose in June.
INDEX, 2012 = 100* (RATIO SCALE)
120

INDEX, 2012 = 100* (RATIO SCALE)
130

TOTAL INDUSTRIAL PRODUCTION

FINAL PRODUCTS

110
120
100
110

90

CONSUMER
GOODS

BUSINESS
EQUIPMENT

80
100

120

MANUFACTURING

DURABLE

TOTAL1

110

90

100

DEFENSE AND
SPACE EQUIPMENT

NONDURABLE

90

80
80
140

PERCENT*
86
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
84

UTILITIES AND MINING

130

82

120

80

MINING

78

110

76
100

74
72

UTILITIES

90

70
68
66

80
2014

2015

2016

2017

2018

2014

2015

2016

2017

2018

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

2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2017: June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2018: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June p �������

Percent change 2
Index,
2012=100

100.8
89.2
94.1
97.1
100.0
102.0
105.2
104.1
102.1
103.7
103.8
103.6
103.2
103.2
104.8
105.3
105.8
105.4
105.9
106.4
107.6
107.1
107.7

From
preceding
month
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
0.1
–.1
–.4
.0
1.5
.5
.5
–.3
.4
.5
1.1
–.5
.6

Chart 17 - Jul 2018

Industry production indexes, 2012=100

Capacity utilization rate
(output as percent of
capacity) 1

Manufacturing

From
year
earlier
–3.5
–11.5
5.5
3.1
3.0
2.0
3.1
–1.0
–1.9
1.6
1.8
1.4
1.1
1.2
2.7
3.4
2.9
2.8
3.6
3.6
3.7
3.2
3.8

Total 1
103.8
89.5
94.7
97.5
100.0
100.9
102.0
101.5
100.7
101.9
101.9
101.7
101.4
101.3
102.6
102.9
102.8
102.3
103.7
103.6
104.2
103.1
103.9

Durable
99.2
80.6
89.2
94.7
100.0
102.1
105.1
103.9
101.7
103.3
103.1
102.3
102.6
103.5
103.9
104.2
104.3
104.0
105.6
105.9
106.4
104.7
106.3

Nondurable
105.8
97.7
99.8
99.9
100.0
100.0
99.3
99.6
100.4
101.8
102.2
102.5
101.7
100.4
102.8
103.1
103.1
102.2
103.5
102.9
103.5
103.1
103.2

Other
(non-NAICS) 1
143.9
120.3
111.2
106.0
100.0
95.0
93.8
90.4
88.0
81.9
81.8
80.4
79.9
80.4
81.7
79.9
78.3
78.2
79.7
79.4
80.1
79.0
78.4

Mining

88.0
83.1
87.2
92.6
100.0
106.3
117.8
113.8
102.7
109.3
109.5
109.3
108.7
110.1
111.6
113.9
115.1
113.9
117.1
118.6
119.5
122.2
123.7

Utilities

101.9
99.0
102.8
102.4
100.0
102.2
103.5
102.7
102.3
101.0
101.2
102.1
100.6
99.8
103.0
103.3
106.6
108.8
98.4
102.6
108.5
107.8
106.2

Total
industry

Total
manufacturing

77.8
68.5
73.6
76.2
77.2
77.6
79.0
77.3
75.3
76.1
76.2
76.1
75.7
75.7
76.8
77.1
77.3
77.0
77.2
77.5
78.2
77.7
78.0

74.6
65.5
70.7
73.6
74.9
75.0
75.8
75.8
74.6
74.8
74.8
74.6
74.4
74.2
75.2
75.3
75.2
74.7
75.7
75.5
75.8
75.0
75.5

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
[2012=100; monthly data seasonally adjusted]
Products and nonindustrial supplies

Materials

Final products
Consumer goods

Period
Total

2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2017: June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2018: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June p �������

Nonindustrial supplies

Total

103.8
93.0
96.0
98.2
100.0
100.3
101.3
100.8
99.1
100.3
100.4
100.1
100.1
100.3
101.3
101.2
101.5
101.7
101.7
102.1
103.7
101.9
103.0

107.2
99.2
100.3
101.4
100.0
100.7
101.5
103.0
103.6
103.7
103.5
103.4
103.4
103.5
104.7
104.6
105.2
105.5
105.2
105.7
107.4
105.4
106.1

Durable
goods
106.6
85.9
94.2
97.7
100.0
105.5
110.6
115.0
117.5
117.6
117.4
115.7
116.2
117.5
118.0
117.8
118.4
117.7
121.0
122.1
121.0
115.8
120.2

Equipment
Nondurable
goods
107.2
102.9
101.9
102.3
100.0
99.5
99.2
99.9
100.1
100.1
100.0
100.2
100.2
100.0
101.4
101.2
101.8
102.4
101.2
101.6
104.0
102.7
102.6

Total 1
97.3
81.5
87.8
92.2
100.0
99.6
101.0
96.6
90.2
93.8
94.5
93.8
93.8
94.3
94.6
94.6
94.4
94.5
95.0
95.3
96.6
95.2
97.1

Business
96.7
80.0
86.1
91.1
100.0
99.9
101.7
99.6
94.4
97.4
97.6
97.1
97.2
98.2
98.8
98.8
98.5
98.5
98.6
98.7
99.8
97.7
99.8

Defense
and
space

Total

98.0
93.8
100.9
98.0
100.0
97.1
93.9
91.7
89.1
89.3
90.0
89.5
89.2
88.2
87.6
87.7
87.5
87.8
88.7
89.3
91.1
90.7
91.6

110.3
93.5
96.6
98.0
100.0
102.2
103.9
103.2
103.8
105.1
104.8
104.8
104.3
104.8
105.5
106.0
106.6
105.8
106.6
106.6
107.3
107.2
106.9

Construction

117.4
90.3
93.6
95.8
100.0
103.1
106.4
107.0
108.0
110.8
110.1
109.9
109.2
111.0
111.5
111.9
112.9
111.2
114.6
113.4
114.0
114.3
113.6

Business

107.2
95.0
98.0
99.0
100.0
101.8
102.8
101.4
101.8
102.3
102.3
102.4
102.0
101.7
102.6
103.1
103.5
103.1
102.6
103.2
104.0
103.6
103.6

Total 1

95.6
84.9
91.9
95.9
100.0
103.4
108.5
106.9
103.7
105.9
106.0
105.9
105.1
104.7
107.2
108.3
108.9
108.2
108.9
109.7
110.7
111.2
111.7

Energy

89.3
86.7
90.6
94.1
100.0
105.1
114.0
112.6
106.0
109.3
109.1
109.7
108.9
109.9
111.8
113.3
115.2
115.2
114.7
116.5
117.7
120.5
121.0

1 Includes other items, not shown separately.

[2012=100; monthly data seasonally adjusted]
Durable manufactures
Computer and
electronic products

Primary metals
Period
Total
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2017: June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2018: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June p �������

104.1
77.5
95.0
102.0
100.0
103.3
104.0
96.8
92.5
93.9
92.9
92.3
93.7
94.8
94.7
96.2
94.8
94.8
96.4
97.4
96.6
96.4
96.4

Iron
and
steel
products
109.2
70.3
91.8
100.1
100.0
102.1
101.3
91.6
87.3
91.7
90.0
88.8
91.7
92.3
91.8
95.8
93.5
92.2
95.3
97.7
95.4
95.1
94.3

Fabricated
metal
products

110.7
85.2
90.7
97.1
100.0
101.8
103.6
100.2
96.5
97.6
96.8
97.0
97.4
98.2
98.8
99.2
99.3
99.9
101.8
101.9
101.9
101.4
102.4

Nondurable manufactures

Machinery
Total
94.5
73.5
82.1
92.5
100.0
95.4
96.7
89.0
82.2
87.5
87.8
87.3
86.4
89.0
89.5
90.1
91.0
90.0
89.6
88.8
90.9
89.6
90.2

84.8
75.6
85.6
92.6
100.0
103.2
107.4
108.1
110.4
113.9
113.4
113.2
113.6
113.6
115.0
115.8
115.9
116.6
117.2
117.7
119.3
118.9
120.6

Selected
high-technology 1
75.4
66.6
80.9
91.1
100.0
110.7
122.7
126.7
133.9
139.1
138.9
137.2
137.8
139.0
141.4
143.0
145.0
144.6
143.8
144.8
147.3
147.3
149.3

Transportation
equipment
Total
91.0
74.6
86.5
90.4
100.0
105.1
111.9
115.0
112.2
111.7
112.3
109.6
110.9
111.0
111.1
110.9
111.1
110.6
113.2
115.2
114.6
109.0
114.2

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

Source: Board of Governors of the Federal Reserve System.

18

Motor
vehicles
and
parts
85.1
62.3
82.7
90.4
100.0
107.2
117.1
123.2
124.8
123.7
123.5
118.8
121.5
123.1
124.2
123.8
124.6
124.1
129.0
132.6
129.9
118.8
128.0

Apparel

157.2
112.7
109.5
102.9
100.0
92.6
88.8
84.3
79.2
71.0
69.9
69.9
69.6
68.6
68.3
68.2
69.4
69.7
70.6
70.3
71.7
70.9
68.7

Printing
and
related
support
activities
123.7
103.6
103.5
101.8
100.0
100.3
98.5
97.5
99.2
98.9
98.9
98.7
98.8
97.6
97.5
97.6
98.7
98.2
98.8
96.5
97.7
98.2
98.4

Chemicals

108.6
98.1
101.3
101.4
100.0
96.6
95.6
95.2
94.7
95.6
96.4
97.2
94.7
92.2
97.6
98.1
97.5
95.9
96.9
97.2
97.7
97.9
98.3

Food

100.6
99.9
100.4
100.2
100.0
102.0
102.9
104.4
106.6
111.0
110.4
111.4
112.3
112.7
112.5
112.2
112.9
112.8
115.7
113.7
115.1
114.3
114.2

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

2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2017: June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2018: Jan �����������
      Feb �����������
      Mar r ��������
      Apr r ���������
      May r ��������
      June p �������

Total
new
construction
expenditures

1,077.4
906.5
809.3
788.3
850.5
906.4
1,005.6
1,113.6
1,191.8
1,246.0
1,241.3
1,242.8
1,237.5
1,240.4
1,247.5
1,257.3
1,272.6
1,276.3
1,305.5
1,293.1
1,314.7
1,332.2
1,317.2

Residential
Total

New
housing

Total 1

768.6
591.6
505.3
501.9
571.1
635.7
729.5
823.3
899.3
962.8
957.7
961.6
959.5
962.0
961.6
971.0
983.1
985.9
1,013.3
997.9
1,015.3
1,023.9
1,019.8

Federal
and
State
and
local

Nonresidential

359.2
247.5
242.0
244.1
269.8
323.4
369.8
422.1
467.2
524.9
522.1
524.9
527.5
529.4
529.5
538.2
543.7
541.8
560.2
546.6
563.4
570.9
568.3

Total

230.1
133.9
127.3
123.2
154.5
202.3
235.2
273.7
303.6
330.1
327.9
329.1
332.5
334.1
336.0
340.0
343.4
343.0
348.5
344.8
346.6
350.2
347.3

Lodging

409.4
344.1
263.3
257.8
301.4
312.3
359.7
401.2
432.2
437.8
435.6
436.8
432.0
432.6
432.1
432.8
439.4
444.1
453.1
451.3
451.9
453.0
451.5

Commercial
(including
farm)

Office

35.4
25.4
11.2
8.4
10.2
13.0
16.3
21.3
26.5
28.0
28.0
28.2
27.9
27.8
28.0
27.7
29.0
28.9
30.1
30.3
31.0
30.7
30.7

55.5
37.3
24.4
23.7
27.4
30.1
38.9
47.4
59.6
58.6
57.7
58.9
56.4
56.7
57.1
59.1
60.2
61.4
62.8
62.3
62.1
63.0
63.1

Manufacturing

82.7
51.1
37.2
39.2
44.3
50.9
60.9
63.4
75.0
84.6
86.8
86.3
85.2
84.0
84.2
84.9
86.1
85.8
89.6
89.3
88.3
89.5
87.5

Other 2

53.6
57.4
40.6
39.8
46.8
49.9
58.1
79.3
75.7
65.8
63.4
64.9
64.1
64.9
64.8
64.3
64.0
63.8
64.5
63.3
61.3
59.5
60.2

182.3
173.0
149.9
146.7
172.6
168.3
185.5
189.7
195.3
200.9
199.7
198.5
198.4
199.2
198.0
196.7
200.1
204.2
206.2
206.2
209.3
210.3
209.9

New
houses
sold

New
houses
for sale
at end
of period 3

308.7
314.9
304.0
286.4
279.3
270.7
276.1
290.3
292.5
283.2
283.6
281.2
277.9
278.4
285.9
286.3
289.5
290.3
292.2
295.2
299.4
308.3
297.4

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
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������

905.5
554.0
586.9
608.8
780.6
924.9
1,003.3
1,111.8
1,173.8
1,203.0

1 unit
622.0
445.1
471.2
430.6
535.3
617.6
647.9
714.5
781.5
848.9

Type of structure

2–4 units 1
17.5
11.6
11.4
10.9
11.4
13.6
13.7
11.5
11.5
11.4

5 units or
more

Total

266.0
97.3
104.3
167.3
233.9
293.7
341.7
385.8
380.8
342.7

905.4
583.0
604.6
624.1
829.7
990.8
1,052.1
1,182.6
1,206.6
1,282.0

1 unit
575.6
441.1
447.3
418.5
518.7
620.8
640.3
696.0
750.8
820.0

2–4 units

5 units or
more

New
housing
units
completed

Vacancy
rate for
rental
housing
units
(percent) 4

34.4
20.7
22.0
21.6
25.9
29.0
29.9
32.1
34.8
37.2

295.4
121.1
135.3
184.0
285.1
341.1
382.0
454.5
421.1
424.8

1,119.7
794.4
651.7
584.9
649.2
764.4
883.8
968.2
1,059.7
1,152.9

485
375
323
306
368
429
437
501
561
613

353
234
190
151
150
186
210
232
255
294

10.0
10.6
10.2
9.5
8.7
8.3
7.6
7.1
6.9
7.2

37
42
36
36
35
41
38
45
46
40
41
34
36

462
399
461
387
454
418
405
451
391
486
460
424
403

1,234
1,197
1,091
1,086
1,188
1,144
1,197
1,218
1,289
1,229
1,257
1,261
1,261

616
556
558
637
618
712
636
633
663
672
641
666
631

273
276
281
280
286
289
294
295
300
297
298
296
301

7.3
��������������������
��������������������
7.5
��������������������
��������������������
6.9
��������������������
��������������������
7.0
��������������������
��������������������
6.8

Seasonally adjusted annual rates
2017: June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2018: Jan �����������
      Feb �����������
      Mar r ��������
      Apr r ���������
      May r ��������
      June p �������

1,225
1,185
1,172
1,158
1,265
1,303
1,210
1,334
1,290
1,327
1,276
1,337
1,173

860
839
878
831
888
948
847
886
900
882
898
944
858

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

359
335
286
310
359
347
359
435
372
431
357
381
304

1,312
1,258
1,300
1,254
1,343
1,323
1,320
1,366
1,323
1,377
1,364
1,301
1,292

813
817
803
831
854
864
877
870
886
851
863
843
853

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 May, according to current estimates, manufacturing and trade sales rose 1.5 percent. In June, according to
preliminary estimates, manufacturing and trade inventories rose $1.0 billion, retail sales rose 0.3 percent, and retail
inventories rose $0.3 billion. Retail and food services sales rose 0.5 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,000
MANUFACTURING AND
1,900
TRADE INVENTORIES

BILLIONS OF DOLLARS* (RATIO SCALE)
650

1,800

550

1,700

500

1,600

450

1,500

400

RETAIL INVENTORIES

600

RETAIL AND FOOD
SERVICES SALES

RETAIL SALES

1,400

350

1,300
300

MANUFACTURING
AND TRADE SALES

1,200

RATIO*
1.70

INVENTORY/SALES RATIO

1.60

1,100

RETAIL
1.50
1.40

1,000

MANUFACTURING
AND TRADE

1.30
1.20

900
2014

2015

2016

2017

2018

2014

2015

2016

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

2017

2018

COUNCIL OF ECONOMIC ADVISERS

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

Sales 2

2008 ��������������������
1,160,722
2009 ��������������������
988,802
2010 ��������������������
1,088,890
2011 ��������������������
1,206,660
2012 ��������������������
1,267,248
2013 ��������������������
1,303,229
2014 ��������������������
1,340,932
2015 ��������������������
1,294,787
2016 ��������������������
1,286,409
2017 ��������������������
1,356,014
2017: May r ��������
1,335,203
r
      June  �������
1,342,124
      July ����������
1,345,879
      Aug ����������
1,356,857
      Sept ���������
1,376,155
      Oct �����������
1,384,976
      Nov ����������
1,402,872
      Dec �����������
1,410,433
2018: Jan �����������
1,406,327
      Feb �����������
1,411,971
      Mar ����������
1,420,071
      Apr r ���������
1,429,298
      May r ��������
1,450,054
p
      June  ������� �����������������������

Inventories 3

Inventory/sales
ratio 4

Wholesale
Sales 2

1,465,186
1.31
377,030
1,330,869
1.38
319,115
1,449,499
1.27
361,447
1,564,021
1.26
407,090
1,652,863
1.28
434,002
1,717,465
1.29
447,546
1,776,773
1.31
463,682
1,806,740
1.39
441,036
1,839,188
1.42
435,490
1,903,551
1.41
466,127
1,854,654
1.39
455,105
1,863,603
1.39
460,392
1,867,489
1.39
460,949
1,882,131
1.39
468,712
1,885,097
1.37
474,339
1,884,919
1.36
477,273
1,893,380
1.35
484,150
1,903,551
1.35
489,855
1,915,012
1.36
483,516
1,925,817
1.36
487,805
1,923,669
1.35
489,608
1,929,393
1.35
496,410
1,936,288
1.34
508,990
1,937,322 ����������������������� �����������������������

Inventories 3

Retail
Inventory/sales
ratio 4

445,307
1.20
397,383
1.29
441,618
1.15
487,289
1.15
523,034
1.17
543,932
1.19
575,944
1.22
583,576
1.33
596,276
1.35
617,837
1.29
598,107
1.31
602,022
1.31
604,314
1.31
610,633
1.30
612,917
1.29
609,845
1.28
614,681
1.27
617,837
1.26
623,030
1.29
627,913
1.29
629,230
1.29
629,865
1.27
632,450
1.24
632,541 �����������������������

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
327,943
301,039
318,171
341,913
358,519
371,538
386,620
393,833
404,695
422,811
417,639
419,290
420,726
420,685
429,566
432,104
435,519
435,599
434,632
434,859
437,764
439,586
444,614
446,164

Inventories 3
477,183
429,188
454,548
470,803
505,652
543,640
560,686
587,892
612,018
626,525
621,140
624,820
623,437
628,833
623,233
623,873
624,844
626,525
630,503
634,194
629,727
632,396
635,231
635,511

Chart 20 - Jul 2018

Retail and food
Inventory/sales services sales 2
ratio 4
1.52
1.47
1.39
1.35
1.38
1.41
1.43
1.46
1.49
1.47
1.49
1.49
1.48
1.49
1.45
1.44
1.43
1.44
1.45
1.46
1.44
1.44
1.43
1.42

365,965
338,706
357,081
383,192
402,199
416,814
434,638
445,791
459,575
479,196
473,752
475,415
477,064
477,190
486,157
488,866
492,633
492,643
492,034
492,530
496,077
497,776
504,340
506,787

Manufacturers’ Shipments, Inventories, and Orders
In June, manufacturers’ shipments, inventories, and new and unfilled orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
620
580 SHIPMENTS
540
500
460
420
TOTAL
380
340

BILLIONS OF DOLLARS* (RATIO SCALE)
740
INVENTORIES
700
660
620
580
TOTAL
540
500
460
DURABLE GOODS
420

300

380
340

DURABLE GOODS

260

300
220

260

NONDURABLE GOODS
180

220

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

NONDURABLE GOODS

180
RATIO*
1.60

INVENTORY/SHIPMENTS RATIO

1.50

TOTAL

340

1.40

300

1.30

DURABLE GOODS

260
220

1.20
1.10

180
2014

2016

2015

2017

2018

2015

2014

2016

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

2017

COUNCIL OF ECONOMIC ADVISERS

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1

Chart 21- Jul 2018

Durable goods
Period

Total

Durable
goods

2018

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
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2017: June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2018: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May r ��������
      June p �������

455,750
368,648
409,273
457,658
474,727
484,145
490,630
459,918
446,225
467,076
462,442
464,204
467,460
472,250
475,599
483,203
484,979
488,179
489,307
492,699
493,302
496,450
501,383

218,056
171,402
190,059
206,591
218,965
224,651
233,077
231,002
226,090
234,463
233,602
233,388
235,364
237,689
238,278
241,765
242,511
243,238
245,051
247,016
247,002
247,423
251,138

237,694
197,246
219,214
251,067
255,762
259,495
257,553
228,916
220,135
232,614
228,840
230,816
232,096
234,561
237,321
241,438
242,468
244,941
244,256
245,683
246,300
249,027
250,245

542,696
504,298
553,333
605,929
624,177
629,893
640,143
635,272
630,894
659,189
636,761
639,738
642,665
648,947
651,201
653,855
659,189
661,479
663,710
664,712
667,132
668,607
669,270

329,976
294,777
321,512
352,636
367,385
370,629
387,823
391,149
379,310
396,779
385,170
387,308
388,805
393,121
393,829
394,356
396,779
397,703
399,816
400,538
402,026
403,402
402,947

212,720
209,521
231,821
253,293
256,792
259,264
252,320
244,123
251,584
262,410
251,591
252,430
253,860
255,826
257,372
259,499
262,410
263,776
263,894
264,174
265,106
265,205
266,323

454,344
350,478
407,992
459,305
475,809
485,611
493,833
453,290
441,061
464,953
472,844
456,800
464,236
477,569
470,338
479,664
488,343
480,449
490,295
498,443
496,409
498,401
501,718

216,650
153,232
188,778
208,238
220,047
226,116
236,280
224,374
220,926
232,339
244,004
225,984
232,140
243,008
233,017
238,226
245,875
235,508
246,039
252,760
250,109
249,374
251,473

73,286
48,926
62,309
71,753
77,674
80,844
81,410
71,502
67,510
73,549
85,144
69,266
71,692
78,598
73,524
75,005
77,573
74,861
77,475
84,205
78,584
76,796
78,289

994,329
825,987
871,363
954,604
1,014,692
1,076,059
1,160,491
1,128,598
1,114,849
1,136,974
1,124,570
1,120,886
1,121,433
1,130,737
1,129,307
1,129,709
1,136,974
1,133,139
1,138,190
1,147,769
1,154,664
1,160,743
1,165,167

1.26
1.39
1.28
1.29
1.30
1.30
1.31
1.39
1.41
1.37
1.38
1.38
1.37
1.37
1.37
1.35
1.36
1.35
1.36
1.35
1.35
1.35
1.33

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

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

21

PRICES
Producer Prices
The producer price index for final demand rose 0.3 percent in June. Prices for final demand goods rose 0.1 percent
and prices for final demand services rose 0.4 percent.
INDEX, NOV. 2009=100 (RATIO SCALE)

INDEX, NOV. 2009=100 (RATIO SCALE)
125

125
SEASONALLY ADJUSTED

FINAL DEMAND

120

120
FINAL DEMAND
GOODS

115

115
FINAL DEMAND

110

110

FINAL DEMAND
SERVICES
105

105

100

100

95

95
2012

2013

2014

2016

2015

2017

2018

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

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

Total
final
demand 1

Total

Foods 2

Energy

Final demand services
Less
food
and
energy

Total

Trade 3

Transportation
and
warehousing

Other

Rel. imp. 4 �����������
100.0
33.022
5.723
5.577
21.722
65.333
20.290
4.485
40.558
2008 �������������������� ��������������� ������������� ������������� ������������� ������������� ������������� ������������� ��������������� �������������
2009 �������������������� ��������������� ������������� ������������� ������������� ������������� ������������� ������������� ��������������� �������������
2010 ��������������������
101.8
102.8
103.7
107.2
101.4
101.3
101.7
103.2
100.9
2011 ��������������������
105.7
109.9
112.5
126.2
104.9
103.4
104.0
110.0
102.5
2012 ��������������������
107.7
111.7
115.9
126.3
106.8
105.4
106.7
114.2
103.9
2013 ��������������������
109.1
112.6
117.8
125.3
107.9
107.1
108.2
115.3
105.8
2014 ��������������������
110.9
114.0
121.6
124.2
109.5
109.0
110.2
117.7
107.5
2015 ��������������������
109.9
109.1
118.4
98.6
109.9
110.0
111.6
115.3
108.7
2016 ��������������������
110.4
107.6
115.1
90.4
110.7
111.5
113.1
113.5
110.6
2017 ��������������������
113.0
111.2
116.5
99.8
113.2
113.5
114.8
115.9
112.8
2017: June ���������
112.7
110.5
117.2
96.2
113.0
113.5
114.6
115.5
112.8
      July ����������
112.8
110.5
117.2
95.9
113.1
113.6
114.8
115.0
113.0
      Aug ����������
113.1
111.1
116.4
98.9
113.3
113.8
115.4
115.2
113.0
      Sept ���������
113.4
111.8
116.3
101.8
113.5
114.0
115.2
116.7
113.1
      Oct �����������
113.9
112.1
116.6
102.0
113.8
114.6
116.2
117.5
113.5
      Nov ����������
114.3
113.0
116.8
105.6
114.1
114.7
115.8
118.6
113.7
      Dec �����������
114.3
113.1
116.6
105.8
114.2
114.5
115.3
117.9
113.9
2018: Jan �����������
114.9
113.8
116.7
108.9
114.5
115.1
115.8
117.7
114.5
      Feb r ���������
115.1
113.9
116.0
109.0
114.8
115.3
115.9
118.9
114.8
      Mar ����������
115.4
114.1
118.6
106.7
115.1
115.7
116.1
119.7
115.2
      Apr �����������
115.5
114.1
117.3
106.8
115.4
115.8
116.3
120.4
115.1
      May ����������
116.1
115.2
117.4
111.7
115.7
116.1
117.3
121.3
115.1
      June ���������
116.4
115.3
116.1
112.6
116.0
116.6
118.1
121.9
115.4

Processed goods
Final
for intermediate
demand
demand (1982=100)
less
foods,
energy,
Less
and
food
trade
Total
and
(Aug. 2013
energy
=100) 2
68.410
����������������
����������������
����������������
����������������
����������������
����������������
101.5
102.1
103.3
105.4
105.4
105.5
105.6
105.8
106.2
106.4
106.5
107.0
107.3
107.7
107.8
107.9
108.2

100.0
188.3
172.5
183.4
199.9
200.7
200.8
201.9
188.0
182.2
190.7
189.8
189.7
190.7
191.9
193.1
194.6
195.1
196.7
197.9
197.3
198.3
201.2
202.7

72.576
180.9
173.4
180.8
192.0
192.6
193.8
195.2
189.4
186.9
193.3
193.0
192.9
193.6
194.2
195.0
195.9
196.2
197.2
198.2
198.9
199.4
201.0
202.4

Unprocessed
goods
Chart 22 - Jul 2018
for intermediate
demand (1982=100)
Services
for
intermediNonfood
ate
materials demand
Total
less
energy
100.0
251.8
175.2
212.2
249.4
241.4
246.7
249.3
189.1
173.4
190.8
188.6
189.1
187.7
188.6
189.5
194.4
197.0
200.8
204.2
195.0
196.8
201.8
199.8

21.809
100.0
324.4 �����������������
248.4 �����������������
329.1
101.1
390.4
103.2
369.6
105.3
351.2
107.2
345.7
108.9
296.0
110.2
288.0
112.1
324.1
115.0
322.2
115.0
324.8
115.1
329.1
115.3
333.8
115.5
325.2
116.2
324.6
116.4
330.5
116.6
342.1
117.0
342.0
117.3
346.2
117.6
348.6
118.0
348.4
118.3
347.7
118.4

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 2017.

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

22

Consumer Prices—All Urban Consumers
In June, the consumer price index for all urban consumers rose 0.1 percent; it rose 0.2 percent before seasonal
adjustment. The index rose 2.9 percent from its year-earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE)

INDEX, 1982-84 = 100 (RATIO SCALE)
260

260
SEASONALLY ADJUSTED

250

250
CONSUMER PRICES—ALL ITEMS
240

240

230

230

220

220

210

210

200

200

190

190

180

180
2010

2011

2012

2013

2014

2015

2016

2017

SOURCE: DEPARTMENT OF LABOR

2018

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 �����������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2017: June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2018: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������

Not
seasonally Seasonally
adjusted
adjusted
(NSA)
100.0
215.303
214.537
218.056
224.939
229.594
232.957
236.736
237.017
240.007
245.120
244.955
244.786
245.519
246.819
246.663
246.669
246.524
247.867
248.991
249.554
250.546
251.588
251.989

�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
244.032
244.236
245.262
246.392
246.583
247.411
247.910
249.245
249.619
249.462
250.013
250.535
250.857

All items less food and energy
Total 1

78.706
215.572
219.235
221.337
225.008
229.755
233.806
237.897
242.247
247.602
252.169
251.690
252.050
252.610
252.943
253.484
253.791
254.398
255.287
255.751
256.200
256.450
256.889
257.305

Shelter

32.707
246.666
249.354
248.396
251.646
257.083
263.056
270.513
278.803
288.230
297.803
297.259
297.801
299.027
299.760
300.686
301.374
302.336
303.090
303.669
304.747
305.809
306.845
307.272

Medical
care 2
8.624
364.065
375.613
388.436
400.258
414.924
425.134
435.292
446.752
463.675
475.322
474.649
476.317
476.941
476.825
477.719
477.956
479.477
481.457
480.949
482.852
483.271
484.253
486.300

Apparel

3.147
118.907
120.078
119.503
122.111
126.265
127.411
127.514
125.903
126.045
125.612
125.450
125.432
125.452
125.530
125.331
124.216
123.829
125.891
127.729
126.929
127.273
127.273
126.171

Food
New
vehicles
3.724
134.194
135.623
138.005
141.883
144.232
145.783
146.275
147.135
147.358
146.992
147.041
146.509
146.438
145.997
145.648
145.982
146.775
146.660
145.938
145.988
145.269
145.759
146.342

Energy

Total 1

At
home

Away
from
home

13.212
214.106
217.955
219.625
227.842
233.777
237.037
242.725
247.235
247.931
250.065
249.990
250.387
250.563
250.825
251.022
251.092
251.578
252.070
252.061
252.388
253.056
253.122
253.567

7.255
214.125
215.124
215.836
226.201
231.774
233.869
239.456
242.250
239.065
238.589
238.859
239.239
238.960
238.850
238.976
238.769
239.143
239.325
238.837
239.188
239.867
239.328
239.737

5.957
215.769
223.272
226.114
231.401
237.986
243.068
248.981
256.101
262.695
268.826
268.225
268.649
269.522
270.353
270.658
271.152
271.811
272.772
273.435
273.733
274.393
275.307
275.808

Total 1, 2

8.082
236.666
193.126
211.449
243.909
246.080
244.409
243.583
202.895
189.535
204.540
196.462
195.041
201.552
211.097
208.236
214.879
214.503
220.903
221.104
215.022
218.050
220.006
219.372

Chart 23 - Jul 2018

Gasoline

4.408
277.457
201.555
238.594
301.694
311.470
302.577
290.889
212.007
187.602
211.770
194.172
191.291
205.413
225.964
218.698
231.723
229.924
242.971
240.801
229.021
235.973
240.041
241.332

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

�������������������
124.433
123.850
125.615
129.453
131.976
�������������������
�������������������
�������������������
�������������������
�������������������
138.989
138.823
139.267
140.118
139.949
139.954
139.805
140.540
141.159
141.484
142.015
142.560
142.770

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, May 2018.

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
2008 �������������������� ����������� ���������� ���������� ���������� ����������� ���������� ���������� ������������� ���������� �����������
2009 �������������������� ����������� ���������� ���������� ���������� ����������� ���������� ���������� ������������� ���������� �����������
2010 ��������������������
2.8
4.7
5.3
12.7
2.4
1.7
2.1
4.3
1.3 �����������
2011 ��������������������
3.2
4.7
5.7
9.2
3.1
2.3
2.3
6.7
1.8 �����������
2012 ��������������������
1.9
1.4
4.1
–1.3
1.4
2.2
3.8
2.7
1.4 �����������
2013 ��������������������
1.2
.8
–.8
.9
1.3
1.3
–.4
2.0
2.0 �����������
2014 ��������������������
.9
–1.2
4.4 –13.2
1.1
2.1
4.0
.8
1.4
1.3
2015 ��������������������
–1.1
–3.8
–5.2 –16.4
–.1
.2
.0
–3.5
.8
.3
2016 ��������������������
1.7
1.9
–1.6
6.3
1.7
1.6
1.0
1.1
2.0
1.8
2017 ��������������������
2.5
3.5
2.0
10.1
2.2
2.1
1.8
2.3
2.3
2.3

–2.3
2.9
6.4
5.7
.4
.1
–2.6
–6.6
1.8
5.0

2.9
–.1
4.7
3.8
.6
.7
–.1
–3.8
1.6
3.6

–24.6
13.3
16.1
6.6
1.4
–1.9
–8.7
–25.3
13.0
5.0

0.2
–.1
.5
.6
.6
.8
.3
.8
.6
–.3
.5
1.5
.7

0.1
–.1
.4
.3
.4
.5
.2
.5
.5
.4
.3
.8
.7

0.0
.3
–.7
.5
.5
2.6
1.3
1.9
1.7
–4.5
.9
2.5
–1.0

–24.1 �������������� ����������� ����������� ������������
28.9 �������������� ����������� ����������� ������������
27.6
1.4 ����������� ����������� ������������
2.4
2.0
3.8
6.9
2.1
–1.6
2.9
1.9
1.6
1.9
–5.6
1.0
1.3
.8
1.6
–5.3
1.8
1.6
1.2
1.8
–18.5
.5
–.9
–4.3
.9
13.7
2.6
.5
–1.4
1.4
8.5
2.9
2.4
3.3
1.8

Change, month to month
2017: June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2018: Jan �����������
      Feb r ���������
      Mar r ��������
      Apr �����������
      May ����������
      June ���������

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

0.0
.0
.5
.6
.3
.8
.1
.6
.1
.2
.0
1.0
.1

0.3
.0
–.7
–.1
.3
.2
–.2
.1
–.6
2.2
–1.1
.1
–1.1

–0.1
–.3
3.1
2.9
.2
3.5
.2
2.9
.1
–2.1
.1
4.6
.8

0.1
.1
.2
.2
.3
.3
.1
.3
.3
.3
.3
.3
.3

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

–0.3
.2
.5
–.2
.9
–.3
–.4
.4
.1
.2
.2
.9
.7

0.2
–.4
.2
1.3
.7
.9
–.6
–.2
1.0
.7
.6
.7
.5

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

0.2
.1
.1
.2
.4
.2
.1
.5
.3
.4
.1
.1
.3

0.6
.8
1.3
1.4
–2.6
–.2
1.8
3.5
.0
1.2
.7
–.1
–.2

0.3
.1
.2
.2
.6
.2
.2
.3
.3
.3
.3
.3
.1

1.9
2.0
2.4
2.6
2.8
3.0
2.5
2.6
2.8
3.0
2.6
3.1
3.4

2.2
2.3
3.1
3.4
3.2
4.2
3.5
3.2
3.1
3.2
2.9
4.4
4.3

1.7
1.9
2.2
2.1
2.4
2.3
2.1
2.2
2.7
2.9
2.4
2.4
2.8

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
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������

0.1
2.7
1.5
3.0
1.7
1.5
.8
.7
2.1
2.1

1.8
1.8
.8
2.2
1.9
1.7
1.6
2.1
2.2
1.8

1.9
.3
.4
1.9
2.2
2.5
2.9
3.2
3.6
3.2

2.6
3.4
3.3
3.5
3.2
2.0
3.0
2.6
4.1
1.8

–1.0
1.9
–1.1
4.6
1.8
.6
–2.0
–.9
–.1
–1.6

2017: June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2018: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������

0.0
.1
.4
.5
.1
.3
.2
.5
.2
–.1
.2
.2
.1

0.1
.1
.2
.1
.2
.1
.2
.3
.2
.2
.1
.2
.2

0.3
.2
.4
.2
.3
.2
.3
.2
.2
.4
.3
.3
.1

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

0.0
.0
.0
.1
–.2
–.9
–.3
1.7
1.5
–.6
.3
.0
–.9

–3.2
4.9
–.2
3.2
1.6
.4
.5
.2
.3
–.5

5.9
–.5
1.5
4.7
1.8
1.1
3.4
.8
–.2
1.6

6.6
–2.4
1.7
6.0
1.3
.4
3.7
–.4
–2.0
.9

5.0
1.9
1.3
2.9
2.5
2.1
3.0
2.6
2.3
2.5

–21.3
18.2
7.7
6.6
.5
.5
–10.6
–12.6
5.4
6.9

–43.1
53.5
13.8
9.9
1.7
–1.0
–21.0
–19.7
9.1
10.7

0.2
2.5
1.3
2.9
1.5
1.3
.5
.4
1.8
1.9

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

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

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

3.8
–.4
1.6
3.2
2.1
1.5
1.6
.1
1.3
2.1

–0.1
.2
–.1
.0
.1
–.1
.2
.1
–.2
.1
.3
–.2
.2

0.0
.2
.3
.3
.1
.2
.2
.4
.2
.1
.2
.3
.2

–0.9
–.7
3.3
4.7
–1.4
3.2
–.2
3.0
.1
–2.8
1.4
.9
–.3

–1.5
–1.5
7.4
10.0
–3.2
6.0
–.8
5.7
–.9
–4.9
3.0
1.7
.5

0.0
–.1
.3
.6
–.1
.0
–.1
.5
.4
.2
.4
.4
.1

0.1
�������������
�������������
2.1
�������������
�������������
3.3
�������������
�������������
3.5
�������������
�������������
1.7

0.5
.2
2.2
3.9
3.9
3.6
2.5
4.4
3.6
2.5
1.2
1.5
2.3

1.0
.2
1.0
2.2
2.1
2.9
3.2
4.1
3.6
2.5
2.8
2.5
2.4

1.6
1.7
1.9
2.2
2.0
2.2
2.1
2.1
2.2
2.4
2.5
2.8
2.9

Change, month to month
–0.3
–.4
.0
–.3
–.2
.2
.5
–.1
–.5
.0
–.5
.3
.4

0.0
.2
.1
.1
.1
.0
.2
.2
.0
.1
.3
.0
.2

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

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

24

Prices Received and Paid by Farmers
In June, prices received by farmers rose 0.1 percent and prices paid by farmers fell 0.2 percent. (Data are not
seasonally adjusted.)
INDEX, 2011=100 (RATIO SCALE)
130

INDEX, 2011=100 (RATIO SCALE)
130

120

120

PRICES PAID

110

110

100

100
PRICES RECEIVED

90

90

80

80

70

70

60

60

RATIO1

RATIO1
140

140
RATIO

120

120

100

100

80

80

60

60
2010

2012

2011

2013

2014

2016

2015

2018

2017

1

RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE

COUNCIL OF ECONOMIC ADVISERS

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

Period

2008 ���������������������������������������������������
2009 ���������������������������������������������������
2010 ���������������������������������������������������
2011 ���������������������������������������������������
2012 ���������������������������������������������������
2013 ���������������������������������������������������
2014 ���������������������������������������������������
2015 ���������������������������������������������������
2016 r �������������������������������������������������
2017 r �������������������������������������������������
2017: June r ��������������������������������������
      July r ���������������������������������������
      Aug r ����������������������������������������
      Sept r ���������������������������������������
      Oct r �����������������������������������������
      Nov r ����������������������������������������
      Dec r ����������������������������������������
2018: Jan r ����������������������������������������
      Feb r ����������������������������������������
      Mar r ���������������������������������������
      Apr r ����������������������������������������
      May r ���������������������������������������
      June p ��������������������������������������

Agricultural
production

91.7
80.6
86.8
100.0
105.0
107.0
107.9
99.2
90.5
93.6
98.3
95.6
94.2
92.5
87.8
91.5
92.0
86.1
91.1
95.0
92.8
95.0
95.1

Crop
production

95.9
85.7
87.0
100.0
107.0
105.7
92.3
87.0
86.2
86.8
87.3
87.0
89.0
90.0
82.7
81.9
84.4
78.5
86.8
87.7
88.2
89.7
90.3

Chart 25 - Jul 2018

Prices paid by farmers

Livestock
production

86.1
73.8
85.7
100.0
102.5
108.5
128.7
113.4
94.4
99.9
107.2
103.9
98.5
94.8
94.3
101.8
99.6
94.5
94.2
99.8
95.8
98.3
98.5

All commodities,
services, interest,
taxes, and wage
rates (PPITW) 2
90.0
87.3
90.0
100.0
104.4
106.3
112.0
110.7
105.9
106.6
106.7
106.5
105.7
106.1
106.8
107.1
107.1
108.0
108.8
109.0
108.6
109.0
108.8

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

89.5
86.4
89.0
100.0
104.8
106.7
113.1
111.6
105.8
106.2
106.4
106.2
105.2
105.6
106.4
106.7
106.7
107.7
108.5
108.7
108.1
108.6
108.2

Production
items

88.3
84.8
87.7
100.0
105.4
107.4
114.1
112.0
104.7
104.5
104.7
104.5
103.4
103.8
104.6
105.0
105.0
105.2
106.1
106.3
106.0
106.5
106.1

Ratio of prices
received by farmers
to PPITW

102
92
96
100
100
100
96
90
85
87
92
90
89
88
82
85
86
80
83
87
85
87
87

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 June, M2 rose.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)

14,800
14,000
13,200
12,400
11,600

14,800
14,000
13,200
12,400
11,600

10,800
10,000

10,800
10,000

M2

9,200

9,200

8,400

8,400

7,600

7,600

6,800

6,800

6,000

6,000

5,200

5,200

4,400

4,400

3,600

3,600

M1

3,200

3,200

2,800

2,800

2,400

2,400

2,000

2,000

1,600

1,600

1,200

1,200

2010

2011

2012

2013

2014

2015

2016

2017

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

2018

COUNCIL OF ECONOMIC ADVISERS

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

Period

2008: Dec ������������������������������������������
2009: Dec ������������������������������������������
2010: Dec ������������������������������������������
2011: Dec ������������������������������������������
2012: Dec ������������������������������������������
2013: Dec r ����������������������������������������
2014: Dec r ����������������������������������������
2015: Dec r ����������������������������������������
2016: Dec r ����������������������������������������
2017: Dec r ����������������������������������������
2017: June r ��������������������������������������
      July r ���������������������������������������
      Aug r ����������������������������������������
      Sept r ���������������������������������������
      Oct r �����������������������������������������
      Nov r ����������������������������������������
      Dec r ����������������������������������������
2018: Jan r ����������������������������������������
      Feb r ����������������������������������������
      Mar r ���������������������������������������
      Apr r ����������������������������������������
      May r ���������������������������������������
      June p ��������������������������������������

M1

M2

Debt

Sum of currency,
demand deposits,
travelers checks, and
other checkable deposits

M1 plus
savings deposits,
retail MMMF balances,
and small time deposits 1

Debt of
domestic
nonfinancial
sectors 2

1,603.5
1,694.1
1,837.5
2,164.6
2,461.1
2,664.1
2,940.1
3,094.5
3,341.6
3,598.7
3,503.9
3,530.6
3,563.7
3,564.0
3,591.6
3,606.5
3,598.7
3,647.2
3,614.4
3,664.8
3,660.9
3,653.9
3,657.8

8,181.3
8,483.7
8,789.3
9,651.1
10,445.9
11,015.9
11,671.0
12,337.5
13,210.4
13,836.5
13,543.6
13,615.3
13,665.5
13,708.6
13,755.9
13,785.7
13,836.5
13,844.4
13,870.5
13,935.0
13,958.3
14,027.6
14,113.0

35,159.7
36,119.4
37,446.7
38,658.8
40,348.5
41,768.8
43,420.5
45,137.2
47,145.5
48,956.7
47,893.4
���������������������������������������������
���������������������������������������������
48,609.7
���������������������������������������������
���������������������������������������������
48,956.7
���������������������������������������������
���������������������������������������������
49,831.1
���������������������������������������������
���������������������������������������������
���������������������������������������������

Percent change

From
previous period 4

From year or 6 months earlier 3
M1

M2
16.6
5.7
8.5
17.8
13.7
8.2
10.4
5.3
8.0
7.7
9.7
7.8
10.1
7.0
8.6
5.9
5.4
6.6
2.8
5.7
3.9
2.6
3.3

Chart 26 - Jul 2018

Debt
9.7
3.7
3.6
9.8
8.2
5.5
5.9
5.7
7.1
4.7
5.0
5.1
5.2
4.7
4.6
4.1
4.3
3.4
3.0
3.3
2.9
3.5
4.0

5.8
3.6
4.4
3.7
4.6
3.8
4.1
4.3
4.5
3.8
4.1
�������������������������������
�������������������������������
6.0
�������������������������������
�������������������������������
2.9
�������������������������������
�������������������������������
7.2
�������������������������������
�������������������������������
�������������������������������

1 Money market mutual fund (MMMF). Savings deposits include money market deposit accounts (MMDA).
2 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.
3 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate.
4 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

2008: Dec �����������
2009: Dec �����������
2010: Dec �����������
2011: Dec �����������
2012: Dec r ���������
2013: Dec r ���������
2014: Dec r ���������
2015: Dec r ���������
2016: Dec r ���������
2017: Dec r ���������
2017: June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2018: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June p �������

Currency

816.2
863.7
918.8
1,001.6
1,090.7
1,160.7
1,253.3
1,339.6
1,421.3
1,525.8
1,477.0
1,485.4
1,493.8
1,503.2
1,512.3
1,518.1
1,525.8
1,538.2
1,540.2
1,548.7
1,558.0
1,569.0
1,580.4

Nonbank
travelers
checks

Other checkable
deposits (OCDs)
Demand
deposits

At
commercial
banks

Total

5.5
5.1
4.7
4.3
3.8
3.5
2.9
2.5
2.2
1.9
2.0
2.0
2.0
2.0
1.9
1.9
1.9
1.9
1.9
1.9
1.8
1.8
1.8

471.5
447.2
517.6
752.3
927.4
1,034.2
1,199.7
1,238.7
1,372.0
1,478.3
1,453.9
1,469.6
1,487.2
1,476.4
1,490.5
1,492.1
1,478.3
1,503.9
1,476.0
1,510.4
1,490.5
1,471.7
1,462.6

310.3
378.0
396.4
406.5
439.1
465.8
484.2
513.7
546.2
592.8
570.9
573.6
580.7
582.5
586.9
594.4
592.8
603.2
596.3
603.9
610.6
611.4
613.1

At
thrift
institutions

177.7
229.9
234.1
231.6
243.5
255.7
265.0
276.1
288.2
306.1
294.9
294.6
301.1
300.7
305.0
307.5
306.1
315.9
311.9
314.2
318.1
322.0
318.3

132.6
148.1
162.2
174.8
195.6
210.1
219.1
237.6
258.0
286.7
276.1
279.1
279.6
281.8
281.9
286.9
286.7
287.4
284.4
289.7
292.5
289.4
294.8

Savings deposits
(including MMDAs)

Small-denomination
time deposits 1

At
commercial
banks

At
commercial
banks

Total
4,086.7
4,810.7
5,330.8
6,033.4
6,683.8
7,130.0
7,577.3
8,178.1
8,826.2
9,122.5
8,978.3
9,015.1
9,018.6
9,048.4
9,060.7
9,070.3
9,122.5
9,080.1
9,122.4
9,124.7
9,132.8
9,177.3
9,236.2

3,321.6
3,977.9
4,411.7
5,037.4
5,727.9
6,109.6
6,499.5
7,033.7
7,566.4
7,823.7
7,660.8
7,696.8
7,700.4
7,736.2
7,758.9
7,774.6
7,823.7
7,773.2
7,804.0
7,786.3
7,825.3
7,851.7
7,907.8

At
thrift
institutions
765.0
832.8
919.1
996.0
955.9
1,020.4
1,077.8
1,144.5
1,259.8
1,298.8
1,317.6
1,318.3
1,318.2
1,312.2
1,301.8
1,295.7
1,298.8
1,306.9
1,318.4
1,338.4
1,307.6
1,325.6
1,328.3

Total
1,457.9
1,187.9
934.5
777.0
645.7
569.9
522.2
411.1
350.4
410.0
369.8
377.2
385.2
396.2
401.3
405.2
410.0
416.4
422.1
431.7
443.5
455.1
467.4

1,079.8
868.8
664.0
548.4
468.9
425.6
390.4
301.0
249.6
299.6
270.2
276.4
281.9
288.3
292.4
295.8
299.6
307.2
315.6
327.0
343.5
352.9
363.3

Retail
money
funds

At
thrift
institutions
378.1
319.1
270.5
228.6
176.8
144.4
131.7
110.1
100.8
110.4
99.6
100.8
103.4
107.9
108.9
109.4
110.4
109.2
106.5
104.8
100.0
102.2
104.1

1,033.3
790.9
686.5
676.1
655.3
651.9
631.3
653.8
692.2
705.2
691.6
692.4
698.0
700.0
702.3
703.7
705.2
700.7
711.7
713.8
721.0
741.2
751.6

Institutional
money
funds 2

2,449.2
2,246.6
1,885.3
1,751.4
1,730.5
1,764.8
1,793.9
1,822.8
1,742.0
1,827.3
1,736.0
1,727.3
1,762.8
1,800.2
1,807.7
1,794.4
1,827.3
1,831.1
1,835.0
1,849.7
1,867.2
1,860.4
1,879.8

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.

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
Total

2008: Dec ������������
2009: Dec ������������
2010: Dec ������������
2011: Dec ������������
2012: Dec ������������
2013: Dec ������������
2014: Dec ������������
2015: Dec ������������
2016: Dec ������������
2017: Dec ������������
2017: July �����������
      Aug �����������
      Sept ����������
      Oct ������������
      Nov �����������
      Dec ������������
2018: Jan ������������
      Feb r ����������
      Mar r ���������
      Apr r ����������
      May r ���������
      June ����������
      July p ���������

783,631
1,099,831
1,035,074
1,550,043
1,517,425
2,485,248
2,606,700
2,419,774
2,031,007
2,244,274
2,233,323
2,344,015
2,295,735
2,245,701
2,314,455
2,244,274
2,214,601
2,238,775
2,167,009
2,086,192
2,022,453
1,988,224
1,949,820

To satisfy
reserve
balance
requirements 2

That
exceed the
top of the
penalty-free
band

������������������
������������������
������������������
������������������
������������������
75,713
90,852
97,981
116,285
135,719
132,296
131,641
133,950
128,204
134,981
135,719
138,807
135,786
131,778
138,481
140,316
137,568
137,861

������������������
������������������
������������������
������������������
������������������
2,409,535
2,515,848
2,321,793
1,914,722
2,108,555
2,101,027
2,212,375
2,161,785
2,117,497
2,179,474
2,108,555
2,075,794
2,102,989
2,035,232
1,947,710
1,882,137
1,850,656
1,811,960

Reserve
balance
requirements 3

16,312
24,632
28,438
47,838
58,675
69,030
82,770
89,313
105,944
123,720
120,636
120,091
122,109
116,873
123,141
123,720
126,792
124,006
120,285
126,415
128,144
125,503
125,736

Borrowings from the Federal Reserve

Vault cash
used to
satisfy
required
reserves
37,245
40,619
42,927
48,672
52,959
55,771
59,236
61,413
64,280
65,549
63,606
63,158
62,140
65,200
63,827
65,549
66,417
66,481
63,866
64,855
64,124
64,525
64,793

Nonborrowed 4

167,311
970,523
1,032,512
1,589,189
1,569,588
2,540,849
2,665,835
2,481,082
2,095,247
2,309,747
2,296,763
2,406,953
2,357,651
2,310,751
2,378,217
2,309,747
2,280,960
2,305,236
2,230,859
2,150,996
2,086,483
2,052,605
2,014,389

Monetary
base 5

1,666,365
2,026,220
2,017,000
2,619,586
2,675,945
3,717,450
3,934,455
3,835,810
3,531,565
3,850,969
3,795,430
3,910,022
3,874,490
3,829,910
3,907,735
3,850,969
3,824,795
3,855,056
3,800,608
3,727,119
3,674,768
3,650,525
3,618,339

Total 6

653,565
169,927
45,488
9,526
795
170
102
106
39
75
166
220
224
151
65
75
58
20
16
51
94
143
224

Primary

Secondary

88,245
19,025
41
103
12
13
22
38
13
43
12
7
10
4
11
43
51
7
4
16
25
17
20

52
518
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Seasonal

Term
assetbacked
securities
loan
facility 7

3 ��������������������
37
46,310
26
25,025
23
9,400
23
760
59
98
80
0
67
0
25
0
33
0
154
0
213
0
214
0
146
0
54
0
33
0
7
0
14
0
12
0
35
0
69
0
126
0
203
0

1 Data are prorated averages of biweekly (maintenance period) averages of daily figures 
2 Equals the sum of balances maintained up to the top of each institution’s penalty-free band.
3 Excludes vault cash used to satisfy required reserves.
4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve.
5 Equals total balances maintained plus currency in circulation (not shown).
6 Includes term auction credit (December 2007 to April 2010), primary dealer and other broker-dealer credit (March 2008 to February 2010), credit extended to American International Group, Inc.

(September 2008 to January 2011), asset-backed commercial paper money market mutual fund liquidity facility (September 2008 to February 2010), and other credit extensions, not shown separately.
7 Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility.
Note: Data reflect the creation of a penalty-free band around reserve balance requirements which took effect June 27, 2013. See H.3 release of July 11, 2013.
Source: Board of Governors of the Federal Reserve System.

27

Bank Credit at All Commercial Banks
Total commercial bank loans and leases rose 0.5 percent in June.
BILLIONS OF DOLLARS* (RATIO SCALE)
14,000
ALL COMMERCIAL BANKS
12,000

BILLIONS OF DOLLARS* (RATIO SCALE)
14,000
12,000

TOTAL

10,000
9,000
8,000

10,000
9,000
8,000

7,000

7,000
LOANS AND LEASES

6,000

6,000

5,000

5,000

4,000

4,000
3,000

3,000
U.S. TREASURY AND
AGENCY SECURITIES
2,000

2,000

1,600

1,600

1,200

1,200

800

800

OTHER SECURITIES

400

400
2010

2011

2012

2013

2014

2015

2016

2017

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

2018

COUNCIL OF ECONOMIC ADVISERS

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

2008: Dec �����������
2009: Dec �����������
2010: Dec �����������
2011: Dec �����������
2012: Dec �����������
2013: Dec �����������
2014: Dec �����������
2015: Dec �����������
2016: Dec �����������
2017: Dec �����������
2017: June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2018: Jan �����������
      Feb �����������
      Mar r ��������
      Apr r ���������
      May r ��������
      June p �������

Total
bank
credit

9,031.7
8,782.8
8,982.5
9,107.8
9,625.9
9,827.1
10,538.9
11,341.4
12,092.1
12,542.9
12,278.8
12,319.3
12,342.7
12,380.6
12,436.9
12,484.7
12,542.9
12,559.0
12,565.6
12,592.9
12,662.3
12,682.9
12,760.3

Total
securities

2,094.3
2,326.1
2,426.9
2,493.4
2,733.6
2,721.3
2,931.6
3,109.8
3,315.3
3,433.7
3,370.9
3,373.5
3,375.3
3,378.5
3,388.0
3,403.7
3,433.7
3,425.4
3,400.1
3,384.7
3,370.0
3,379.3
3,412.5

U.S.
Treasury
and
agency
securities
1,250.6
1,446.3
1,641.0
1,699.2
1,872.9
1,809.2
2,040.7
2,226.4
2,413.0
2,526.3
2,454.3
2,462.2
2,466.0
2,472.1
2,489.2
2,498.5
2,526.3
2,515.8
2,499.4
2,497.1
2,502.3
2,517.6
2,549.4

Loans and leases in bank credit

Other
securities

843.7
879.7
785.9
794.3
860.8
912.1
890.8
883.5
902.3
907.4
916.6
911.3
909.3
906.5
898.7
905.3
907.4
909.6
900.8
887.6
867.8
861.7
863.1

Total
loans
and
leases 3
6,937.5
6,456.8
6,555.6
6,614.4
6,892.2
7,105.8
7,607.3
8,231.6
8,776.8
9,109.2
8,907.9
8,945.7
8,967.3
9,002.1
9,048.9
9,081.0
9,109.2
9,133.6
9,165.4
9,208.2
9,292.2
9,303.6
9,347.8

Commercial
and
industrial
loans
1,558.8
1,265.3
1,192.5
1,303.8
1,474.4
1,574.3
1,773.6
1,957.9
2,099.0
2,116.3
2,097.0
2,100.2
2,104.9
2,114.5
2,114.2
2,113.4
2,116.3
2,122.2
2,125.3
2,144.0
2,189.1
2,189.7
2,209.6

Chart 28 - Jul 2018

Real estate loans
Total 4
3,819.2
3,776.9
3,613.5
3,495.0
3,550.7
3,531.8
3,638.7
3,871.3
4,117.8
4,288.4
4,196.8
4,215.9
4,225.0
4,233.7
4,259.2
4,273.3
4,288.4
4,300.4
4,315.0
4,329.7
4,342.0
4,337.5
4,347.0

Revolving
home equity
loans
588.3
603.2
581.6
549.6
515.2
473.7
457.8
440.6
410.8
381.3
395.7
393.3
390.5
388.0
385.8
383.2
381.3
378.9
376.5
373.5
370.7
366.3
362.8

Commercial
loans
1,728.4
1,641.0
1,500.5
1,418.3
1,428.2
1,498.2
1,605.3
1,780.9
1,962.9
2,086.0
2,036.3
2,046.6
2,053.5
2,055.7
2,067.8
2,077.6
2,086.0
2,093.8
2,103.9
2,113.6
2,122.0
2,130.5
2,139.0

Consumer
loans 5

875.3
835.4
1,106.8
1,086.0
1,102.5
1,128.0
1,186.5
1,258.2
1,354.4
1,425.1
1,374.9
1,380.5
1,385.7
1,392.9
1,408.1
1,421.5
1,425.1
1,430.3
1,435.7
1,442.5
1,462.4
1,467.1
1,472.8

All other
loans
and
leases 6
684.1
579.2
642.7
729.6
764.6
871.7
1,008.5
1,144.3
1,205.7
1,279.4
1,239.3
1,249.1
1,251.7
1,261.0
1,267.5
1,272.7
1,279.4
1,280.7
1,289.4
1,291.9
1,298.7
1,309.3
1,318.3

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

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

28

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

Uses

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

Total

2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2015: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2016: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2017: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2018: I p ��������������

Internal 1

1,734.0
1,186.6
2,165.7
2,624.2
2,742.2
2,800.6
3,290.6
3,301.2
3,212.8
2,963.5
3,547.2
3,404.2
3,055.1
3,198.1
2,900.8
3,946.0
2,968.1
3,036.3
2,655.1
2,938.9
3,103.3
3,156.7
3,168.7

1,395.1
1,435.3
1,678.1
1,729.9
1,757.4
1,874.1
1,908.5
1,887.4
1,826.7
1,750.8
1,914.6
1,876.7
1,922.0
1,836.2
1,888.7
1,784.9
1,816.6
1,816.6
1,853.1
1,896.2
2,053.1
1,200.7
2,109.2

Total
net
funds
raised

Total

338.9
–248.7
487.6
894.3
984.8
926.5
1,382.1
1,413.8
1,386.1
1,212.7
1,632.6
1,527.5
1,133.1
1,361.9
1,012.1
2,161.1
1,151.5
1,219.7
802.0
1,042.7
1,050.2
1,956.0
1,059.5

–62.9
–379.7
–297.5
–127.7
–56.5
42.1
23.0
–46.9
–174.6
133.9
46.3
186.4
–203.9
–216.6
220.8
–374.6
–181.4
–363.2
213.8
274.5
97.0
–49.6
–28.5

Net
new
equity
issues
–315.6
–51.2
–250.7
–454.6
–344.9
–352.9
–394.5
–549.6
–576.8
–378.8
–573.9
–473.8
–615.8
–535.0
–617.9
–638.6
–672.2
–378.4
–403.3
–267.7
–539.1
–305.1
–386.0

Credit market instruments
Total

Securities
and
mortgages

Loans
and
short-term
paper

112.9
139.3
106.1
81.2
206.5
265.4
246.7
445.2
338.3
325.8
486.0
676.5
354.0
264.1
553.0
389.3
428.3
–17.5
449.9
287.5
358.3
207.2
296.6

139.9
–467.9
–153.0
245.7
81.9
129.7
170.8
57.6
64.0
187.0
134.2
–16.2
57.9
54.3
285.7
–125.2
62.5
32.7
167.1
254.7
277.8
48.3
60.9

252.7
–328.6
–46.8
326.8
288.4
395.0
417.5
502.7
402.2
512.7
620.2
660.2
411.9
318.5
838.7
264.0
490.8
15.2
617.1
542.3
636.1
255.5
357.5

Other 2

203.8
19.0
623.4
823.3
852.0
697.2
1,174.0
1,024.5
1,173.8
837.1
639.9
988.1
1,113.2
1,357.0
421.8
1,936.3
929.4
1,408.1
324.1
509.9
728.3
1,786.1
874.9

Total

751.2
1,320.6
1,868.1
1,828.7
2,007.5
2,554.6
2,622.6
3,289.0
3,159.2
2,839.2
3,328.4
3,581.5
3,231.1
3,015.1
2,890.2
3,869.3
2,959.7
2,917.8
2,551.2
2,972.3
2,971.4
2,861.9
2,933.0

Capital
expenditures 3

1,360.0
1,020.8
1,235.4
1,331.9
1,501.2
1,565.0
1,699.9
1,800.3
1,673.8
1,742.9
1,789.3
1,894.1
1,792.2
1,725.8
1,665.3
1,671.3
1,658.6
1,700.0
1,685.8
1,718.8
1,784.9
1,782.2
1,837.3

Increase
in
financial
assets

–608.8
299.8
632.7
496.8
506.3
989.6
922.7
1,488.7
1,485.4
1,096.3
1,539.1
1,687.4
1,438.9
1,289.3
1,224.9
2,198.0
1,301.1
1,217.8
865.4
1,253.5
1,186.5
1,079.7
1,095.7

Discrepancy
(sources
less
uses)

982.8
–134.0
297.6
795.6
734.7
246.0
668.2
12.1
53.6
124.3
218.8
–177.2
–176.0
182.9
10.6
76.8
8.4
118.3
103.8
–33.4
132.0
294.8
235.7

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
2008: Dec ������������������������������������������
2009: Dec ������������������������������������������
2010: Dec ������������������������������������������
2011: Dec ������������������������������������������
2012: Dec ������������������������������������������
2013: Dec ������������������������������������������
2014: Dec ������������������������������������������
2015: Dec ������������������������������������������
2016: Dec ������������������������������������������
2017: Dec ������������������������������������������
2017: May �����������������������������������������
      June ����������������������������������������
      July �����������������������������������������
      Aug �����������������������������������������
      Sept ����������������������������������������
      Oct ������������������������������������������
      Nov �����������������������������������������
      Dec ������������������������������������������
2018: Jan ������������������������������������������
      Feb ������������������������������������������
      Mar �����������������������������������������
      Apr ������������������������������������������
      May p ��������������������������������������

Nonrevolving 2

Revolving
2,643.8
2,555.0
2,646.8
2,757.1
2,918.3
3,093.4
3,314.6
3,413.6
3,643.7
3,831.0
3,720.2
3,731.3
3,746.0
3,759.4
3,767.6
3,787.6
3,817.8
3,831.0
3,842.9
3,854.1
3,862.9
3,873.2
3,897.7

1,004.0
916.1
839.1
840.6
844.3
855.6
889.1
907.9
969.4
1,028.5
988.3
991.5
993.3
998.3
1,003.5
1,010.9
1,023.3
1,028.5
1,029.3
1,029.5
1,028.5
1,029.6
1,039.3

1,639.8
1,638.9
1,807.7
1,916.4
2,074.0
2,237.8
2,425.4
2,505.7
2,674.2
2,802.4
2,731.8
2,739.8
2,752.7
2,761.0
2,764.2
2,776.6
2,794.5
2,802.4
2,813.6
2,824.6
2,834.4
2,843.6
2,858.4

Total

Nonrevolving 2

Revolving
34.3
–88.8
91.8
110.3
161.2
175.1
221.2
99.0
230.1
187.3
17.6
11.1
14.7
13.4
8.2
20.0
30.2
13.2
11.9
11.2
8.8
10.3
24.5

2.4
–87.9
–77.0
1.5
3.7
11.3
33.5
18.8
61.5
59.1
6.8
3.2
1.8
5.0
5.2
7.4
12.4
5.2
.8
.2
–1.0
1.1
9.7

31.9
–.9
168.8
108.7
157.6
163.8
187.6
80.3
168.5
128.2
10.7
8.0
12.9
8.3
3.2
12.4
17.9
7.9
11.2
11.0
9.8
9.2
14.8

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

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

29

Interest Rates and Bond Yields
Interest rates were mixed in July.
PERCENT PER ANNUM
10

PERCENT PER ANNUM
10

8

8

6

6
CORPORATE Aaa BONDS
(MOODY'S)

4

4

2

2
FEDERAL FUNDS
RATE
TREASURY
BILLS

0

0
2010

2011

2012

2013

2014

2015

2016

2017

SOURCE: SEE TABLE BELOW

2018

COUNCIL OF ECONOMIC ADVISERS

[Percent per annum]
Chart 30 - Jul 2018

U.S. Treasury security yields
Period

2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2017: July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2018: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
Week ended:
2018:  July 7  ������
          14 �������
          21 �������
          28 �������
      Aug 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

1.48
.16
.14
.06
.09
.06
.03
.06
.33
.94
1.08
1.03
1.04
1.08
1.23
1.35
1.43
1.53
1.70
1.76
1.87
1.91
1.96

2.24
1.43
1.11
.75
.38
.54
.90
1.02
1.00
1.58
1.54
1.48
1.51
1.68
1.81
1.96
2.15
2.36
2.42
2.52
2.66
2.65
2.70

3.66
3.26
3.22
2.78
1.80
2.35
2.54
2.14
1.84
2.33
2.32
2.21
2.20
2.36
2.35
2.40
2.58
2.86
2.84
2.87
2.98
2.91
2.89

4.28
4.08
4.25
3.91
2.92
3.45
3.34
2.84
2.59
2.89
2.88
2.80
2.78
2.88
2.80
2.77
2.88
3.13
3.09
3.07
3.13
3.05
3.01

4.80
4.64
4.16
4.29
3.14
3.96
3.78
3.48
3.07
3.36
3.03
3.23
3.27
3.31
3.03
3.21
3.29
3.54
3.58
3.55
3.38
3.15
3.45

5.63
5.31
4.94
4.64
3.67
4.24
4.16
3.89
3.67
3.74
3.70
3.63
3.63
3.60
3.57
3.51
3.55
3.82
3.87
3.85
4.00
3.96
3.87

2.39
.50
.72
.75
.75
.75
.75
.76
1.01
1.60
1.75
1.75
1.75
1.75
1.75
2.00
2.00
2.00
2.25
2.25
2.25
2.50
2.50

5.09
3.25
3.25
3.25
3.25
3.25
3.25
3.26
3.51
4.10
4.25
4.25
4.25
4.25
4.25
4.50
4.50
4.50
4.75
4.75
4.75
5.00
5.00

1.92
6.05
.16
5.14
.18
4.80
.10
4.56
.14
3.69
.11
4.00
.09
4.22
.13
4.01
.39
3.76
1.00
3.97
1.15
3.88
1.16
3.97
1.15
3.89
1.15
3.76
1.16
3.81
1.30
3.90
1.41
3.94
1.42
4.15
1.51
4.33
1.69
4.52
1.70
4.55
1.82
4.58
1.91 �������������������������

1.94
1.95
1.98
1.97
2.00

2.64
2.67
2.68
2.75
2.76

2.84
2.85
2.86
2.96
2.97

2.96
2.95
2.98
3.09
3.11

3.43
3.42
3.42
3.48
3.59

3.90
3.83
3.85
3.92
p 3.91

2.50
2.50
2.50
2.50
2.50

5.00
5.00
5.00
5.00
5.00

1.91
1.91
1.91
1.91
1.91

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

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

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

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

30

Common Stock Prices and Yields
Stock prices rose in July.
INDEX, DEC. 31, 2002=5,000 (RATIO SCALE)
14,000
13,000

INDEX, DEC. 31, 2002=5,000 (RATIO SCALE)
14,000
13,000
12,000

12,000

11,000

11,000
COMPOSITE STOCK PRICE INDEX
(NYSE)

10,000
9,000

10,000
9,000

8,000

8,000

7,000

7,000

6,000

6,000

5,000

5,000

4,000
2010

2011

2013

2012

2014

4,000
2015

2016

2017

PERCENT
20

2018
PERCENT
20

15

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

10

10

5

5
0

0
2010

2011

2012

2013

2014

2016

2015

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

2017

2018

COUNCIL OF ECONOMIC ADVISERS

Common stock yields
(percent) 6

Common stock prices 1

Chart 31 - Jul 2018

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

Period
Composite
2008 ���������������������
2009 ���������������������
2010 ���������������������
2011 ���������������������
2012 ���������������������
2013 ���������������������
2014 ���������������������
2015 ���������������������
2016 ���������������������
2017 ���������������������
2017: July �����������
      Aug �����������
      Sept ����������
      Oct ������������
      Nov �����������
      Dec ������������
2018: Jan ������������
      Feb ������������
      Mar �����������
      Apr ������������
      May �����������
      June ����������
      July �����������
Week ended:
2018:  July 7  �������
          14 ��������
          21 ��������
          28 ��������
      Aug 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

8,036.88
6,091.02
7,230.42
7,871.41
8,011.65
9,426.77
10,653.17
10,676.70
10,380.08
11,843.74
11,873.22
11,846.65
12,057.14
12,346.31
12,379.57
12,706.33
13,286.10
12,752.00
12,615.26
12,535.19
12,631.36
12,663.17
12,775.18

6,278.38
3,987.04
4,744.05
4,641.01
4,616.63
5,805.54
6,448.33
6,559.24
6,124.93
7,509.81
7,572.96
7,572.45
7,611.03
7,891.70
7,929.53
8,192.39
8,526.59
8,271.86
8,190.26
8,011.33
8,043.57
7,930.41
7,972.03

13,258.42
10,020.30
10,943.85
12,880.35
12,512.31
13,490.83
14,598.07
11,332.43
10,204.95
10,699.23
10,181.75
10,061.50
10,535.38
10,823.03
10,944.99
11,146.16
12,048.73
10,915.48
10,756.41
11,490.42
12,182.57
11,978.03
12,143.16

6,171.19
5,456.63
6,230.62
6,847.80
7,503.05
9,250.02
11,195.85
12,718.18
12,182.85
13,366.56
13,731.48
13,514.12
13,920.43
14,136.06
14,037.05
14,238.12
14,946.67
14,425.24
14,311.49
14,188.05
14,312.39
14,587.88
14,984.25

11,252.61
8,876.15
10,662.80
11,966.36
12,967.08
14,999.67
16,773.99
17,590.61
17,908.08
21,741.91
21,581.25
21,914.08
22,173.41
23,036.24
23,557.93
24,545.38
25,804.02
24,981.55
24,582.17
24,304.21
24,572.53
24,790.11
24,978.23

1,220.89
946.73
1,139.31
1,268.89
1,379.56
1,642.51
1,930.67
2,061.20
2,092.39
2,448.22
2,454.10
2,456.22
2,492.84
2,557.00
2,593.61
2,664.34
2,789.80
2,705.16
2,702.77
2,653.63
2,701.49
2,754.35
2,793.64

2,162.46
1,841.03
2,347.70
2,680.42
2,965.77
3,537.69
4,374.31
4,943.49
4,982.49
6,231.28
6,294.67
6,311.40
6,428.08
6,603.01
6,796.04
6,889.74
7,279.50
7,161.77
7,311.51
7,084.14
7,339.33
7,645.14
7,756.86

2.37
2.40
1.98
2.05
2.24
2.14
2.04
2.10
2.19
��������������������������
��������������������������
��������������������������
��������������������������
��������������������������
��������������������������
��������������������������
��������������������������
��������������������������
��������������������������
��������������������������
��������������������������
��������������������������
��������������������������

3.54
1.86
6.04
6.77
6.20
5.57
5.25
4.59
4.17
4.22
����������������������������
����������������������������
4.25
����������������������������
����������������������������
4.11
����������������������������
����������������������������
4.37
����������������������������
����������������������������
p 4.54
����������������������������

12,557.59
12,760.82
12,785.52
12,889.98
12,924.11

7,805.12
7,921.35
7,983.69
8,092.39
8,103.13

12,061.55
12,265.09
12,037.62
12,138.24
12,153.88

14,631.95
14,941.23
14,970.26
15,177.58
15,419.41

24,323.81
24,868.20
25,101.23
25,335.69
25,368.92

2,734.09
2,790.33
2,805.98
2,825.94
2,819.96

7,586.29
7,776.38
7,832.16
7,840.90
7,724.76

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

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

1 Annual data are averages of monthly figures. Monthly and weekly data are averages of daily closing prices.
2 Includes all the stocks (in 2018, over 2,700) listed on the NYSE.
3 Includes 30 stocks.
4 Includes 500 stocks.
5 Includes over 3,000 stocks in 2018.
6 Standard & Poor’s series. Dividend/price ratios based on Wednesday 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 nine months of fiscal year 2018, the deficit was $607.1 billion, compared with a deficit of $523.1 billion
a year earlier.
BILLIONS OF DOLLARS
4,800
RECEIPTS AND OUTLAYS1
4,600

BILLIONS OF DOLLARS
4,800
4,600
4,400

4,400

4,200

4,200
OUTLAYS1

4,000

4,000

3,800

3,800

3,600

3,600

3,400

3,400

3,200

3,200
3,000

3,000
RECEIPTS1

2,800

2,800

2,600

2,600

2,400

2,400

2,200

2,200

2,000

2,000

1,800
1,600

1,800
1,600

400

SURPLUS OR DEFICIT (–)1

400

0

0

–400

–400

–800

–800

–1,200

–1,200

–1,600

–1,600

–2,000

–2,000
2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

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
2000 ����������������������������������������������������
2001 ����������������������������������������������������
2002 ����������������������������������������������������
2003 ����������������������������������������������������
2004 ����������������������������������������������������
2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 ����������������������������������������������������
2012 ����������������������������������������������������
2013 ����������������������������������������������������
2014 ����������������������������������������������������
2015 ����������������������������������������������������
2016 ����������������������������������������������������
2017 ����������������������������������������������������
2018 (estimates) r �������������������������������
2019 (estimates) r �������������������������������
Cumulative total, first 9 months: 1
Fiscal year 2017 ����������������������������������
Fiscal year 2018 ����������������������������������

Outlays

Chart 32 - Jul 2018

On-budget
Surplus
or
deficit
(–)

Receipts

Outlays

Federal debt
(end of period)

Off-budget
Surplus
or
deficit
(–)

Receipts

Outlays

Surplus
or
deficit
(–)

Gross
Federal

Held by
the public

2,025.2
1,991.1
1,853.1
1,782.3
1,880.1
2,153.6
2,406.9
2,568.0
2,524.0
2,105.0
2,162.7
2,303.5
2,450.0
2,775.1
3,021.5
3,249.9
3,268.0
3,316.2
3,321.9
3,424.4

1,789.0
1,862.8
2,010.9
2,159.9
2,292.8
2,472.0
2,655.1
2,728.7
2,982.5
3,517.7
3,457.1
3,603.1
3,536.9
3,454.6
3,506.1
3,688.4
3,852.6
3,981.6
4,171.0
4,509.6

236.2
128.2
–157.8
–377.6
–412.7
–318.3
–248.2
–160.7
–458.6
–1,412.7
–1,294.4
–1,299.6
–1,087.0
–679.5
–484.6
–438.5
–584.7
–665.4
–849.1
–1,085.3

1,544.6
1,483.6
1,337.8
1,258.5
1,345.4
1,576.1
1,798.5
1,932.9
1,865.9
1,451.0
1,531.0
1,737.7
1,880.5
2,101.8
2,285.9
2,479.5
2,457.8
2,465.6
2,467.4
2,513.3

1,458.2
1,516.0
1,655.2
1,796.9
1,913.3
2,069.7
2,233.0
2,275.0
2,507.8
3,000.7
2,902.4
3,104.5
3,029.4
2,820.8
2,800.0
2,945.3
3,077.9
3,180.4
3,320.4
3,599.8

86.4
–32.4
–317.4
–538.4
–568.0
–493.6
–434.5
–342.2
–641.8
–1,549.7
–1,371.4
–1,366.8
–1,148.9
–719.0
–514.1
–465.8
–620.2
–714.8
–853.0
–1,086.4

480.6
507.5
515.3
523.8
534.7
577.5
608.4
635.1
658.0
654.0
631.7
565.8
569.5
673.3
735.6
770.4
810.2
850.6
854.6
911.1

330.8
346.8
355.7
363.0
379.5
402.2
422.1
453.6
474.8
517.0
554.7
498.6
507.6
633.8
706.1
743.1
774.7
801.2
850.6
909.9

149.8
160.7
159.7
160.8
155.2
175.3
186.3
181.5
183.3
137.0
77.0
67.2
61.9
39.5
29.5
27.3
35.5
49.4
3.9
1.2

5,628.7
5,769.9
6,198.4
6,760.0
7,354.7
7,905.3
8,451.4
8,950.7
9,986.1
11,875.9
13,528.8
14,764.2
16,050.9
16,719.4
17,794.5
18,120.1
19,539.5
20,205.7
21,476.6
22,818.1

3,409.8
3,319.6
3,540.4
3,913.4
4,295.5
4,592.2
4,829.0
5,035.1
5,803.1
7,544.7
9,018.9
10,128.2
11,281.1
11,982.7
12,779.9
13,116.7
14,167.6
14,665.5
15,792.8
16,978.0

2,507.8
2,540.8

3,030.9
3,147.9

–523.1
–607.1

1,859.1
1,895.0

2,452.8
2,535.3

–593.8
–640.3

648.8
645.8

578.1
612.6

70.7
33.2

19,803.6
21,141.8

14,355.9
15,458.0

1 Data from current issue Monthly Treasury Statement.

Note: Data for fiscal year 2018 and fiscal year 2019 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2019, issued July 13, 2018. Other data (except as noted) are from
Budget of the United States Government, Fiscal Year 2019, issued February 12 , 2018.
Sources: Department of the Treasury and Office of Management and Budget.

32

Federal Receipts by Source and Outlays by Function
In the first nine months of fiscal year 2018, receipts were $33.0 billion higher than a year earlier and outlays were
$117.1 billion higher.
BILLIONS OF DOLLARS
2,000
1

RECEIPTS

BILLIONS OF DOLLARS
2,000

INDIVIDUAL INCOME TAXES

1,600

1,600

1,200

1,200

800
OTHER RECEIPTS

400

800

CORPORATION
INCOME TAXES

SOCIAL INSURANCE
AND RETIREMENT RECEIPTS

400

0

0

4,000
3,800

4,000
3,800

OUTLAYS1

3,600

3,600
3,400

3,400

NONDEFENSE

3,200

3,200

3,000

3,000

2,800

2,800

2,600

2,600

2,400
2,200

2,400
2,200

2,000
1,800
1,600

2,000
1,800
1,600
800

800

600

600
NATIONAL DEFENSE

400

400

200

200
2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

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]

Chart 33 - Jul 2018

On-budget and off-budget receipts

Fiscal year or period

2000 ����������������������������������������������������
2001 ����������������������������������������������������
2002 ����������������������������������������������������
2003 ����������������������������������������������������
2004 ����������������������������������������������������
2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 ����������������������������������������������������
2012 ����������������������������������������������������
2013 ����������������������������������������������������
2014 ����������������������������������������������������
2015 ����������������������������������������������������
2016 ����������������������������������������������������
2017 ����������������������������������������������������
2018 (estimates) r �������������������������������
2019 (estimates) r �������������������������������
Cumulative total, first 9 months: 1
Fiscal year 2017 ����������������������������������
Fiscal year 2018 ����������������������������������

On-budget and off-budget outlays
National defense

Indi- Corporavidual
tion
income income
taxes
taxes

Social
insurance
and
retirement
receipts

2,025.2
1,991.1
1,853.1
1,782.3
1,880.1
2,153.6
2,406.9
2,568.0
2,524.0
2,105.0
2,162.7
2,303.5
2,450.0
2,775.1
3,021.5
3,249.9
3,268.0
3,316.2
3,321.9
3,424.4

1,004.5
994.3
858.3
793.7
809.0
927.2
1,043.9
1,163.5
1,145.7
915.3
898.5
1,091.5
1,132.2
1,316.4
1,394.6
1,540.8
1,546.1
1,587.1
1,685.4
1,705.2

207.3
151.1
148.0
131.8
189.4
278.3
353.9
370.2
304.3
138.2
191.4
181.1
242.3
273.5
320.7
343.8
299.6
297.0
204.3
225.5

652.9
694.0
700.8
713.0
733.4
794.1
837.8
869.6
900.2
890.9
864.8
818.8
845.3
947.8
1,023.5
1,065.3
1,115.1
1,161.9
1,170.8
1,243.1

160.6
151.7
146.0
143.9
148.4
154.0
171.2
164.7
173.7
160.5
207.9
212.1
230.2
237.4
282.7
300.0
307.3
270.1
261.4
250.6

1,789.0
1,862.8
2,010.9
2,159.9
2,292.8
2,472.0
2,655.1
2,728.7
2,982.5
3,517.7
3,457.1
3,603.1
3,536.9
3,454.6
3,506.1
3,688.4
3,852.6
3,981.6
4,171.0
4,509.6

294.4
304.7
348.5
404.7
455.8
495.3
521.8
551.3
616.1
661.0
693.5
705.6
677.9
633.4
603.5
589.7
593.4
598.7
623.4
689.7

281.0
290.2
331.8
387.1
436.4
474.1
499.3
528.5
594.6
636.7
666.7
678.1
650.9
607.8
577.9
562.5
565.4
568.9
592.6
657.6

17.2
16.5
22.3
21.2
26.9
34.6
29.5
28.5
28.9
37.5
45.2
45.7
47.2
46.2
46.7
48.6
45.3
46.3
51.9
54.5

154.5
172.2
196.5
219.5
240.1
250.5
252.7
266.4
280.6
334.3
369.1
372.5
346.7
358.3
409.4
482.2
511.3
533.1
574.8
615.2

197.1
217.4
230.9
249.4
269.4
298.6
329.9
375.4
390.8
430.1
451.6
485.7
471.8
497.8
511.7
546.2
594.5
597.3
592.8
636.0

253.7
269.8
312.7
334.6
333.1
345.8
352.5
366.0
431.3
533.2
622.2
597.3
541.3
536.5
513.6
508.8
514.1
503.5
498.6
503.7

409.4
433.0
456.0
474.7
495.5
523.3
548.5
586.2
617.0
683.0
706.7
730.8
773.3
813.6
850.5
887.8
916.1
944.9
988.2
1,047.3

222.9
206.2
170.9
153.1
160.2
184.0
226.6
237.1
252.8
186.9
196.2
230.0
220.4
220.9
229.0
223.2
240.0
262.6
322.3
392.5

239.7
243.1
273.1
302.6
311.8
339.8
393.5
317.9
365.2
651.6
372.6
435.5
458.3
347.9
341.7
401.9
437.9
495.2
519.1
570.7

2,507.8
2,540.8

1,199.2
1,305.5

223.3
161.7

887.9
887.4

197.5
186.2

3,030.9
3,147.9

471.1
497.2

424.9
449.7

34.3
35.4

369.3
383.6

440.9
455.6

399.7
398.4

706.9
738.3

223.6
264.9

384.9
374.4

Total

Other

Total

Total

Depart- Internament
tional
of
affairs
Defense,
military

Health

Medicare

Income Social
Net
security security interest

Other

1 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 2018 and fiscal year 2019 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2019, issued July 13, 2018. Other data (except as noted) are from
Budget of the United States Government, Fiscal Year 2019, issued February 12, 2018.
Sources: Department of the Treasury and Office of Management and Budget.

33

Federal Sector, National Income Accounts Basis
In the second quarter of 2018, according to advance estimates, Federal current expenditures rose $52.8 billion;
Federal current receipts data are incomplete.
BILLIONS OF DOLLARS
4,800

BILLIONS OF DOLLARS
4,800

SEASONALLY ADJUSTED ANNUAL RATES

4,400

4,400

4,000

4,000
3,600

3,600
CURRENT EXPENDITURES

3,200

3,200
2,800

2,800

CURRENT RECEIPTS

2,400

2,400

2,000

2,000

1,600

1,600

1,200

1,200

800

800

400

400
0

0
NET FEDERAL
GOVERNMENT SAVING

–400

–400
–800

–800

–1,200

–1,200

–1,600

–1,600
2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Chart 34 - Jul 2018

Federal Government current receipts
Current tax receipts

Period

Total

Total 1

Calendar year:
2008 r ����������� 2,580.7
1,489.5
2009 r ����������� 2,239.5
1,123.7
2010 r ����������� 2,444.0
1,273.6
2011 r ����������� 2,572.8
1,478.4
2012 r ����������� 2,700.3
1,573.0
2013 r ����������� 3,139.0
1,744.9
2014 r ����������� 3,292.2
1,900.1
r
2015  ����������� 3,446.3
2,021.2
r
2016  ����������� 3,475.5
2,034.5
2017 r ����������� 3,558.8
2,054.9
r
2016: I  ������������� 3,447.2
2,002.8
r
      II  ������������ 3,448.4
2,011.1
      III r ����������� 3,491.8
2,058.5
      IV r ����������� 3,514.4
2,065.5
2017: I r ������������� 3,572.4
2,031.1
      II r ������������ 3,538.8
2,050.9
      III r ����������� 3,590.3
2,079.7
      IV r ����������� 3,533.6
2,058.0
2018: I r ������������� 3,428.1
1,908.7
      II p ������������ ������������ ��������������

Contributions
for
Income
Taxes
govern- receipts
Taxes
Personal
on
ment
on
on
current production corporate
social
assets
taxes
and
insurincome
imports
ance

Federal Government current expenditures

1,176.3
866.2
943.2
1,130.3
1,165.8
1,302.3
1,403.1
1,528.3
1,545.7
1,613.4
1,522.0
1,532.4
1,551.6
1,576.7
1,588.1
1,606.3
1,625.9
1,633.3
1,583.9
1,605.8

94.0
202.0
91.4
153.0
96.8
219.4
108.6
224.0
115.2
274.7
125.5
298.4
136.3
339.6
140.4
329.6
137.7
327.1
131.5
284.6
138.5
317.7
135.7
319.5
137.8
345.5
138.6
325.7
128.8
289.7
131.0
288.5
132.2
296.0
133.9
264.4
149.5
149.0
151.3 ��������������

974.5
65.9
950.7
97.0
970.9
133.8
903.2
130.4
938.0
141.1
1,091.8
243.1
1,140.3
171.7
1,191.4
159.6
1,225.0
138.0
1,283.2
135.4
1,211.4
151.2
1,217.5
136.4
1,228.5
137.4
1,242.5
126.9
1,265.4
161.7
1,275.4
141.7
1,290.5
129.1
1,301.5
109.1
1,327.4
122.4
1,340.5 ������������

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.

Note: See Note, p. 1.
Source: Department of Commerce (Bureau of Economic Analysis).

34

Current
transfer
receipts

49.7
67.2
68.1
67.1
56.1
69.3
87.3
77.7
79.8
87.3
83.3
85.8
69.1
80.7
114.9
71.6
93.2
69.6
77.1
80.0

Current
surplus of
government
enterprises

1.1
.9
–2.4
–6.3
–7.8
–10.1
–7.2
–3.6
–1.7
–2.0
–1.5
–2.4
–1.7
–1.2
–.7
–.8
–2.1
–4.5
–7.5
–9.4

Total

3,211.8
3,488.4
3,769.1
3,814.7
3,779.0
3,776.9
3,894.0
4,015.2
4,140.6
4,254.2
4,085.2
4,117.3
4,166.7
4,192.9
4,228.3
4,200.3
4,250.9
4,337.2
4,398.2
4,451.0

ConCurrent
sumption transfer Interest Subsidies
expendipaypayments
tures
ments 2

878.9
935.6
1,000.7
1,003.3
999.3
956.9
950.3
955.8
967.6
986.8
958.8
961.8
972.0
977.7
980.5
984.1
984.7
997.9
1,012.7
1,028.1

1,894.9
2,141.3
2,332.7
2,326.6
2,299.5
2,344.4
2,446.9
2,573.3
2,656.7
2,725.2
2,628.3
2,644.2
2,671.1
2,683.3
2,707.3
2,702.4
2,736.7
2,754.6
2,800.1
2,825.7

388.4
354.5
381.5
425.4
422.6
416.3
439.1
429.3
455.0
481.4
437.8
449.4
461.1
471.7
481.5
456.0
467.0
521.1
525.5
537.8

Net
Federal
Government
saving

49.6
–631.1
56.9
–1,248.9
54.2
–1,325.1
59.5
–1,242.0
57.6
–1,078.6
59.2
–637.9
57.6
–601.8
56.7
–568.9
61.3
–665.1
60.7
–695.4
60.3
–638.0
61.9
–668.8
62.6
–674.9
60.3
–678.6
59.0
–655.9
57.8
–661.5
62.5
–660.5
63.6
–803.6
60.0
–970.1
59.4 ����������������

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
Industrial production (2012=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

2008 r �������������
100.8
102.7
113.2
109.0
100.9
120.9
110.0
215.303
197.3
120.3
2009 r �������������
89.2
91.0
88.7
95.4
84.4
98.4
100.2
214.537
197.9
118.7
2010 r �������������
94.1
95.4
102.6
99.5
93.5
105.3
103.4
218.056
201.4
117.8
2011 ���������������
97.1
100.0
99.8
102.5
100.3
106.1
102.8
224.939
207.2
117.5
2012 ���������������
100.0
100.0
100.0
100.0
100.0
100.0
100.0
229.594
210.4
117.5
2013 r �������������
102.0
101.5
99.4
99.2
100.1
97.0
99.3
232.957
212.4
117.9
2014 ���������������
105.2
106.5
101.5
98.1
101.5
96.3
100.8
236.736
216.4
121.1
2015 ���������������
104.1
105.9
100.2
99.6
102.3
97.3
102.0
237.017
218.8
122.1
r
2016  �������������
102.1
106.4
100.0
99.9
103.6
99.3
103.0
240.007
222.0
121.9
2017 r �������������
103.7
111.0
104.5
102.3
107.0
103.0
104.8
245.120
225.5
122.5
r
2017: May  ���
103.7
111.3
103.2
103.1
107.1
102.1
104.1
244.733
225.6
122.6
      June r ��
103.8
111.3
104.4
101.3
106.5
103.4
104.6
244.955
225.5
122.3
      July r ���
103.6
112.2
104.1
102.3
106.6
103.0
104.9
244.786
225.5
122.2
      Aug r ����
103.2
111.8
105.4
102.8
109.0
106.0
105.0
245.519
225.6
122.5
r
      Sept  ���
103.2
112.2
104.8
102.9
108.1
103.0
105.9
246.819
226.2
122.7
r
      Oct  �����
104.8
111.1
105.3
104.4
106.7
103.5
106.2
246.663
226.3
122.8
      Nov r ����
105.3
112.6
106.0
104.2
110.2
104.2
106.5
246.669
227.0
123.2
      Dec r ����
105.8
113.3
108.0
104.2
109.8
106.4
105.4
246.524
226.2
123.6
2018: Jan r ����
105.4
111.6
103.2
102.2
109.4
104.4
106.4
247.867
227.7
123.7
      Feb r ����
105.9
112.8
105.2
103.5
107.9
103.9
106.7
248.991
229.1
123.7
      Mar r ���
106.4
113.7
106.7
102.9
109.6
105.1
106.4
249.554
229.8
123.3
r
      Apr  ����
107.6
114.8
107.2
102.4
107.6
103.8
105.3
250.546
230.5
123.2
r
      May  ���
107.1
115.2
107.0
102.2
110.3
104.6
104.9
251.588
230.7
123.3
      June p ��
107.7 ���������������
104.7 ��������������� ���������������
105.1 ���������������
251.989
231.0
123.2
      July p ��� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������

Germany

183.9
184.1
186.9
190.8
194.6
196.3
197.2
197.3
197.7
199.7
199.9
199.9
199.2
200.3
199.9
200.1
200.3
201.0
200.8
200.7
202.8
203.1
204.0
204.0
203.8

Italy

163.9
164.5
166.3
169.7
173.1
175.7
177.3
177.7
178.6
181.7
180.9
181.3
181.9
182.1
182.3
182.3
182.8
183.9
182.6
183.4
184.1
184.1
184.9
185.1
185.6

United
Kingdom

280.0
252.4
282.2
251.1
286.5
262.7
294.5
276.3
303.5
285.2
307.1
293.9
307.9
300.8
308.0
303.8
307.7
309.1
311.5
320.1
311.8
319.2
311.5
319.9
311.8
320.6
312.7
322.7
311.8
323.2
311.2
323.4
310.6
324.0
311.8
326.7
312.7
324.3
312.7
326.7
313.7
327.0
314.0
328.6
314.9
329.8
315.5
330.7
316.4 �����������������

1 Data relate to all urban consumers.

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

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

2008 ���������������
2009 ���������������
2010 ���������������
2011 ���������������
2012 ���������������
2013 ���������������
2014 ���������������
2015 ���������������
2016 ���������������
2017 ���������������
2017: June ����
      July �����
      Aug �����
      Sept ����
      Oct ������
      Nov �����
      Dec ������
2018: Jan ������
      Feb ������
      Mar �����
      Apr ������
      May r ���
      June p ��

BOP
basis

1,308.8
1,070.3
1,290.3
1,498.9
1,562.6
1,593.7
1,635.6
1,511.4
1,457.0
1,553.4
128.6
128.5
128.6
130.7
130.9
134.3
136.8
133.8
136.7
141.0
141.2
144.9
143.2

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 bever- and
ages materials
1,287.4
1,056.0
1,278.5
1,482.5
1,545.8
1,578.5
1,621.9
1,503.3
1,451.0
1,546.3
128.1
127.9
128.1
130.2
130.3
133.5
136.1
133.0
136.0
140.3
140.6
144.2
142.5

108.3
93.9
107.7
126.2
133.0
136.2
143.7
127.7
130.5
132.7
11.4
11.7
11.2
11.3
10.6
10.7
10.9
10.7
10.9
11.8
12.4
14.1
14.1

388.0
296.5
391.7
501.1
501.2
508.2
505.8
427.0
397.0
464.7
37.7
37.6
36.9
39.2
41.5
41.2
42.8
40.9
43.0
44.3
45.7
44.4
46.3

121.5
81.7
112.0
133.0
146.2
152.7
159.8
151.9
150.3
157.6
13.5
12.9
13.1
13.1
12.7
13.5
13.5
13.6
14.5
14.1
13.9
13.6
12.9

Balance of trade
(exports minus imports)

Census basis (by end-use category)

Auto- Consumer
Capital motive
vegoods
goods hicles,
except parts (nonfood)
autoexcept
motive and
enautogines motive
457.7
391.2
447.5
494.0
527.2
534.4
551.5
539.5
519.6
533.3
43.9
44.7
45.2
44.9
44.0
46.2
47.0
44.9
45.7
47.5
46.1
48.2
47.3

Services
(BOP basis)

Goods: Imports (customs value)

161.3
149.5
165.2
175.3
181.7
188.8
199.0
197.7
193.7
197.7
16.5
15.9
16.7
16.3
16.4
16.8
16.8
17.9
16.7
17.1
17.2
17.8
16.4

BOP
basis

2,141.3
1,580.0
1,939.0
2,239.9
2,303.7
2,294.2
2,385.5
2,273.2
2,208.0
2,360.9
194.5
193.9
194.1
196.6
199.4
204.8
210.1
208.3
213.4
210.2
209.6
210.6
212.0

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 bever- and
ages materials
2,103.6
1,559.6
1,913.9
2,208.0
2,276.3
2,268.0
2,356.4
2,248.8
2,187.6
2,342.0
192.9
192.4
192.6
195.1
198.0
203.3
208.5
206.6
211.9
208.9
208.0
208.9
210.4

89.0
81.6
91.7
107.5
110.3
115.1
125.9
127.8
130.0
137.8
11.4
11.6
11.5
11.7
11.7
11.7
11.9
11.8
12.6
12.3
12.3
12.4
12.2

779.5
462.4
603.1
755.8
730.6
681.5
667.0
486.0
443.3
507.3
41.1
40.6
40.4
41.2
42.8
44.9
45.5
46.9
47.1
46.7
47.9
47.9
48.8

BOP basis

Auto- Consumer
Capital motive
vegoods Exports
goods hicles,
except parts (nonfood)
autoexcept
motive and
enautogines motive
453.7
370.5
449.4
510.8
548.7
555.7
594.1
602.5
589.9
640.6
52.9
53.9
53.7
54.8
55.1
56.2
57.1
55.7
57.6
56.5
56.9
59.0
57.5

231.2
157.7
225.1
254.6
297.8
308.8
328.6
349.2
350.1
359.0
30.2
29.5
30.0
29.7
29.5
30.2
30.7
30.7
31.1
30.9
30.0
29.7
30.2

481.6
427.3
483.2
514.1
516.9
531.7
557.1
594.2
583.4
601.9
49.1
48.7
49.2
49.8
50.2
52.0
55.0
53.2
55.7
54.7
51.9
51.4
53.4

532.8
512.7
562.8
627.1
655.7
700.5
741.1
755.3
758.9
797.7
66.2
66.7
67.0
67.7
67.7
68.0
68.2
68.7
69.4
69.7
70.0
70.4
70.6

Imports

Goods,
Census
basis Goods

Services

Goods
and
services

409.1
386.8
409.3
435.8
452.0
461.1
480.8
492.0
509.8
542.5
45.1
45.5
45.6
46.2
46.2
46.4
46.8
47.1
48.2
47.6
47.8
47.9
48.1

–816.2
–503.6
–635.4
–725.4
–730.4
–689.5
–734.5
–745.5
–736.6
–795.7
–64.8
–64.5
–64.5
–64.9
–67.6
–69.8
–72.4
–73.6
–76.0
–68.5
–67.4
–64.7
–67.9

123.8
125.9
153.4
191.3
203.7
239.4
260.3
263.3
249.1
255.2
21.1
21.2
21.3
21.5
21.5
21.6
21.4
21.6
21.2
22.1
22.3
22.5
22.5

–708.7
–383.8
–495.2
–549.7
–537.4
–461.1
–489.6
–498.5
–502.0
–552.3
–44.8
–44.2
–44.2
–44.4
–47.0
–49.0
–51.9
–52.9
–55.5
–47.2
–46.1
–43.2
–46.3

–832.5
–509.7
–648.7
–741.0
–741.1
–700.5
–749.9
–761.9
–751.1
–807.5
–65.9
–65.4
–65.5
–65.9
–68.5
–70.6
–73.3
–74.5
–76.7
–69.3
–68.4
–65.7
–68.8

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 first quarter of 2018, the current account deficit rose to $124.1 billion from $116.1 billion in the fourth
quarter. The goods and services deficit rose to $155.6 billion from $147.8 billion in the fourth quarter.
BILLIONS OF DOLLARS
80

BILLIONS OF DOLLARS
80

SEASONALLY ADJUSTED

60

60

40

40

BALANCE ON
PRIMARY INCOME

20

20

0

0

–20

–20

–40

–40

BALANCE ON
SECONDARY INCOME

–60

–60
BALANCE ON
CURRENT ACCOUNT

–80

–80

–100

–100

–120

–120

–140

–140

BALANCE ON
GOODS AND SERVICES

–160

–160

–180

–180

–200

–200

–220

–220

–240

–240

2010

2009

2012

2011

2013

2014

2015

2016

SOURCE: DEPARTMENT OF COMMERCE

2017

2018

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted]
Chart 36 - Jun 2018

Current Account 1
Goods 2
Period

2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2015:  I  ���������������
      II ���������������
      III ��������������
      IV ��������������
2016:  I  ���������������
      II ���������������
      III ��������������
      IV ��������������
2017:  I  ���������������
      II ���������������
      III ��������������
      IV ��������������
2018: I p ��������������

Services

Exports

Imports

Balance
on
goods

1,308,795
1,070,331
1,290,279
1,498,887
1,562,630
1,593,708
1,635,563
1,511,381
1,456,957
1,553,383
384,030
385,894
377,113
364,344
353,330
361,159
371,283
371,186
381,138
382,492
387,814
401,939
411,416

2,141,287
1,580,025
1,938,950
2,239,886
2,303,749
2,294,247
2,385,480
2,273,249
2,208,008
2,360,878
577,355
574,332
569,157
552,406
539,770
546,454
556,600
565,185
579,484
582,440
584,637
614,317
631,934

–832,492
–509,694
–648,671
–740,999
–741,119
–700,539
–749,917
–761,868
–751,051
–807,495
–193,325
–188,438
–192,044
–188,062
–186,440
–185,295
–185,316
–194,000
–198,346
–199,948
–196,823
–212,378
–220,518

Exports
532,817
512,722
562,759
627,061
655,724
700,491
741,094
755,310
758,888
797,690
189,012
189,078
188,535
188,685
186,905
189,118
191,760
191,104
195,168
197,252
201,293
203,977
207,828

Imports
409,052
386,801
409,313
435,761
452,013
461,087
480,761
491,966
509,838
542,471
121,395
122,113
124,022
124,436
125,727
125,922
128,214
129,975
131,781
134,004
137,261
139,426
142,936

Balance
on
services
123,765
125,920
153,446
191,300
203,711
239,404
260,333
263,343
249,050
255,219
67,617
66,965
64,513
64,249
61,179
63,196
63,546
61,129
63,387
63,248
64,032
64,551
64,892

Balance
on
goods
and
services
–708,726
–383,774
–495,225
–549,699
–537,408
–461,135
–489,584
–498,525
–502,001
–552,277
–125,708
–121,473
–127,531
–123,813
–125,261
–122,099
–121,770
–132,871
–134,959
–136,700
–132,791
–147,826
–155,626

Primary income receipts and payments
Receipts
815,567
613,249
680,169
755,937
767,972
792,819
824,543
810,073
830,174
928,118
201,600
206,389
206,188
195,896
199,946
207,929
206,389
215,911
217,567
223,979
237,632
248,940
258,786

Payments
685,918
498,089
511,948
544,853
560,497
586,842
606,152
606,464
637,151
706,386
149,222
157,237
157,172
142,834
154,498
160,387
162,480
159,787
164,962
175,444
179,410
186,569
196,775

Balance
on
primary
income
129,649
115,160
168,221
211,084
207,475
205,977
218,391
203,608
193,023
221,731
52,378
49,152
49,016
53,062
45,447
47,543
43,909
56,124
52,604
48,535
58,222
62,371
62,012

Balance
on
secondary
Income 3
–102,312
–103,907
–104,261
–107,047
–96,900
–93,643
–94,006
–112,848
–123,895
–118,597
–28,270
–24,677
–31,035
–28,865
–32,087
–28,501
–31,465
–31,842
–25,355
–33,672
–28,878
–30,692
–30,491

Balance
on
current
account
–681,389
–372,521
–431,265
–445,662
–426,832
–348,801
–365,199
–407,764
–432,873
–449,142
–101,600
–96,999
–109,550
–99,616
–111,901
–103,057
–109,327
–108,589
–107,709
–121,837
–103,447
–116,148
–124,105

Current
account
balance
as a
percentage
of GDP
–4.6
–2.6
–2.9
–2.9
–2.6
–2.1
–2.1
–2.3
–2.3
–2.3
–2.3
–2.1
–2.4
–2.2
–2.4
–2.2
–2.3
–2.3
–2.3
–2.5
–2.1
–2.4
–2.5

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 $180.6 billion in the first quarter of 2018, resulting from a net
increase in U.S. financial assets of $254.7 billion plus a net increase in financial derivatives of $28.7 billion, less a
net increase in U.S. liabilities of $464.1 billion. U.S. net borrowing was up from $31.3 billion in the fourth quarter.
BILLIONS OF DOLLARS
900

BILLIONS OF DOLLARS
900

SEASONALLY ADJUSTED

800

800

700

700

600

600

500

500

CHANGE IN
U.S. LIABILITIES

400

400

300

300

200

200

100

100
0

0
CHANGE IN
U.S. ASSETS ABROAD1

–100

–100

–200

–200

–300

–300

–400

–400
–500

–500

2010

2009

2011

2012

2013

2014

2015

2016

2017

2018

1

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

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted]
Chart 37 - Jun 2018

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

2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2015:  I  ���������������
      II ���������������
      III ��������������
      IV ��������������
2016:  I  ���������������
      II ���������������
      III ��������������
      IV ��������������
2017:  I  ���������������
      II ���������������
      III ��������������
      IV ��������������
2018: I p ��������������

Portfolio
Direct
investment investment
assets
assets

Other
investment
assets

6,010 –317,607 343,584 –284,269 –381,770
–140
131,074 312,597 375,883 –609,662
–157
958,703 349,829 199,620 407,420
–1,186
492,530 436,615
85,365 –45,327
6,904
176,764 377,239 248,760 –453,695
–412
649,587 392,796 481,298 –221,408
–45
866,523 387,528 582,676 –100,099
–42
202,208 307,058 160,410 –258,968
–59
348,625 312,975
36,283
–2,723
24,746 1,182,749 379,222 586,695 218,522
–22
348,283
88,547 221,847
42,049
–20
46,345
92,779 113,617 –159,175
–1 –74,432
51,137 –97,440 –27,863
0 –117,988
74,594 –77,613 –113,979
–58
39,781
76,062 –64,312
29,222
0
350,387 103,425 147,012
99,761
–1
40,432
95,894 –33,346 –23,759
0 –81,975
37,593 –13,071 –107,947
–1
366,101 135,054 141,783
89,505
0
315,922
49,976 180,700
85,095
24,787
373,591 102,936 175,910
94,804
–40
127,135
91,256
88,301 –50,883
0
254,728 –119,662 365,467
8,930

Reserve
assets 4

4,848
52,256
1,835
15,877
4,460
–3,099
–3,583
–6,292
2,090
–1,690
–4,159
–877
–266
–990
–1,191
189
1,642
1,450
–241
150
–61
–1,539
–7

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

Total

462,408
325,644
1,391,042
983,522
632,034
1,052,068
1,109,443
501,121
741,529
1,537,683
429,374
181,700
–37,175
–72,777
152,172
368,537
243,723
–22,901
429,098
445,338
504,082
159,164
464,054

Direct
investment
liabilities

Portfolio
investment
liabilities

Other
investment
liabilities

341,091
161,082
264,039
263,499
250,343
288,131
251,857
509,087
494,455
354,829
243,726
116,973
69,900
78,489
158,914
186,295
130,934
18,312
112,354
97,118
107,107
38,250
97,344

523,683
357,352
820,434
311,626
747,017
511,987
697,607
213,910
231,349
799,182
107,435
243,152
–146,760
10,083
–52,832
4,783
217,768
61,630
160,111
263,170
294,275
81,626
292,084

–402,367
–192,789
306,569
408,397
–365,327
251,949
159,979
–221,876
15,725
383,671
78,214
–178,425
39,685
–161,350
46,089
177,458
–104,979
–102,843
156,633
85,050
102,701
39,288
74,626

Financial
derivatives
other
than
reserves,
net transactions
32,947
–44,816
–14,076
–35,006
7,064
2,222
–54,335
–27,035
7,827
23,074
–40,197
1,701
722
10,739
10,782
608
3,437
–7,000
–5,609
9,306
18,600
777
28,678

Net lending
(+)
or net
borrowing
(–)
from
financial
account
transactions 5
–747,069
–239,386
–446,415
–525,998
–448,205
–400,259
–297,255
–325,948
–385,078
–331,860
–121,288
–133,654
–36,535
–34,471
–101,609
–17,541
–199,854
–66,073
–68,606
–120,111
–111,891
–31,252
–180,649

U.S. official
reserve
assets,
Statistical
net
discrep(unadancy
justed,
end of
period) 4

–71,690
133,275
–14,992
–79,150
–28,277
–51,046
67,989
81,859
47,855
92,536
–19,667
–36,635
73,016
65,145
10,350
85,516
–90,527
42,515
39,104
1,727
–33,231
84,936
–56,544

77,648
130,760
132,433
147,953
150,175
144,575
130,090
117,581
117,332
123,313
119,270
120,333
120,218
117,581
119,727
120,202
122,431
117,332
118,793
122,015
123,863
123,313
126,510

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  ....................................................................................................................................................... 	11
Selected Unemployment Rates  .............................................................................................................................................. 	12
Selected Measures of Unemployment and Unemployment Insurance Programs  ................................................................... 	13
Nonagricultural Employment  ................................................................................................................................................ 	14
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries  ................................ 	15
Employment Cost Index—Private Industry  .......................................................................................................................... 	15
Productivity and Related Data, Business and Nonfarm Business Sectors  .............................................................................. 	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  ...................................................................................................................................................................... 	22
Consumer Prices—All Urban Consumers  ............................................................................................................................. 	23
Changes in Producer Prices  ................................................................................................................................................... 	24
Changes in Consumer Prices—All Urban Consumers  .......................................................................................................... 	24
Prices Received and Paid by Farmers  ..................................................................................................................................... 	25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures  .......................................................................................................................................... 	26
Components of Money Stock  ................................................................................................................................................ 	27
Aggregate Reserves and Monetary Base  ................................................................................................................................. 	27
Bank Credit at All Commercial Banks  .................................................................................................................................. 	28
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business  .............................................................................. 	29
Consumer Credit  ................................................................................................................................................................... 	29
Interest Rates and Bond Yields  .............................................................................................................................................. 	30
Common Stock Prices and Yields  .......................................................................................................................................... 	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