Full text of Economic Indicators : June 2024
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118th Congress, 2nd Session Economic Indicators JUNE 2024 (Includes data available as of July 8, 2024) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PUBLISHING OFFICE WASHINGTON : 2024 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) Senator Martin Heinrich, New Mexico, Chairman Representative David Schweikert, Arizona, Vice Chairman Senate House of Representatives Amy Klobuchar, Minnesota Margaret Wood Hassan, New Hampshire Mark Kelly, Arizona Peter Welch, Vermont John Fetterman, Pennsylvania Mike Lee, Utah Tom Cotton, Arkansas Eric Schmitt, Missouri J.D. Vance, Ohio Jodey C. Arrington, Texas Ron Estes, Kansas A. Drew Ferguson IV, Georgia Lloyd K. Smucker, Pennsylvania Nicole Malliotakis, New York Donald S. Beyer, Jr., Virginia David Trone, Maryland Gwen Moore, Wisconsin Katie Porter, California COUNCIL OF ECONOMIC ADVISERS Jared Bernstein, Chair Heather M. Boushey, Member C. Kirabo Jackson, Member [Public Law 120—81st Congress; Chapter 237—1st Session] JOINT RESOLUTION [S.J. R es. 55] To print the monthly publication entitled “Economic Indicators” Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled “Economic Indicators,” and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts prepared under the direction of the Mail and Multimedia Division, Office of the Secretary, Department of Commerce. Monthly issues of Economic Indicators in PDF form, and tables in Excel, are available online at: www.gpo.gov/economicindicators To subscribe to the print edition, $58.00 per year ($81.20 outside the United States), contact the U.S. Government Publishing Office at 202-512-1800, www.gpo.gov/economicindicators, or: SUPERINTENDENT OF DOCUMENTS U.S. GOVERNMENT PUBLISHING OFFICE MAIL STOP: IDCC WASHINGTON, DC 20402-9328 ii TOTAL OUTPUT, INCOME, AND SPENDING Gross Domestic Product In the first quarter of 2024, according to revised estimates, real gross domestic product (GDP) in chained (2017) dollars rose 1.4 percent (annual rate), current dollar GDP rose 4.5 percent, and the chained price index rose 3.1 percent. BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE) 29,200 28,400 29,200 28,400 SEASONALLY ADJUSTED ANNUAL RATES 27,600 27,600 26,800 26,800 26,000 26,000 25,200 25,200 24,400 24,400 23,600 23,600 22,800 22,800 22,000 22,000 GDP IN CURRENT DOLLARS 21,200 21,200 20,400 20,400 19,600 19,600 GDP IN CHAINED (2017) DOLLARS 18,800 18,800 18,000 18,000 17,200 17,200 16,400 16,400 15,600 15,600 14,800 14,800 2015 2016 2017 2018 2019 2020 2021 2022 SOURCE: DEPARTMENT OF COMMERCE 2023 2024 COUNCIL OF ECONOMIC ADVISERS [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2023 �������������������� 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II ��������������� III �������������� IV �������������� 2023: I ���������������� II ��������������� III �������������� IV �������������� 2024: I r �������������� Gross domestic product 17,608.1 18,295.0 18,804.9 19,612.1 20,656.5 21,521.4 21,323.0 23,594.0 25,744.1 27,360.9 22,600.2 23,292.4 23,829.0 24,654.6 25,029.1 25,544.3 25,994.6 26,408.4 26,813.6 27,063.0 27,610.1 27,957.0 28,269.2 Personal consumption expenditures Gross private domestic investment 11,874.5 12,297.4 12,726.8 13,290.6 13,934.4 14,417.6 14,206.2 16,043.0 17,511.7 18,570.6 15,217.7 15,950.9 16,285.1 16,718.2 17,030.6 17,415.1 17,684.2 17,917.0 18,269.6 18,419.0 18,679.5 18,914.5 19,142.5 3,074.0 3,288.5 3,278.3 3,467.7 3,724.8 3,892.4 3,748.4 4,216.3 4,756.6 4,843.9 4,031.1 4,013.3 4,226.6 4,594.0 4,766.8 4,739.0 4,724.6 4,796.2 4,725.8 4,780.3 4,915.0 4,954.4 5,020.5 Exports and imports of goods and services Net exports –508.9 –524.3 –503.3 –543.3 –593.1 –578.5 –626.4 –858.2 –971.1 –798.7 –792.4 –832.0 –884.3 –924.3 –1,089.7 –1,025.6 –892.0 –877.2 –825.7 –806.1 –779.2 –783.7 –834.9 Federal Exports 2,378.5 2,270.6 2,235.6 2,388.3 2,538.1 2,538.5 2,150.1 2,550.0 2,995.0 3,027.2 2,382.8 2,498.3 2,566.0 2,753.1 2,837.6 3,044.3 3,084.5 3,013.8 3,064.8 2,961.8 3,030.8 3,051.7 3,084.8 Imports 2,887.4 2,794.9 2,738.8 2,931.6 3,131.2 3,117.0 2,776.5 3,408.3 3,966.2 3,825.9 3,175.2 3,330.2 3,450.2 3,677.4 3,927.3 4,069.8 3,976.5 3,891.0 3,890.5 3,767.9 3,810.0 3,835.4 3,919.7 Chart 1 - Jun 2024 Government consumption expenditures and gross investment Total 3,168.6 3,233.4 3,303.0 3,397.1 3,590.4 3,789.9 3,994.8 4,193.1 4,446.8 4,745.1 4,143.9 4,160.2 4,201.5 4,266.6 4,321.4 4,415.7 4,477.9 4,572.4 4,643.9 4,669.8 4,794.8 4,871.8 4,941.0 Total 1,217.1 1,222.8 1,237.4 1,266.1 1,346.3 1,422.2 1,523.4 1,594.3 1,635.5 1,771.7 1,609.9 1,588.5 1,576.4 1,602.5 1,601.7 1,612.3 1,636.3 1,691.8 1,730.6 1,744.3 1,791.9 1,820.0 1,837.4 National defense Nondefense 744.1 730.4 729.4 748.3 795.1 851.1 884.6 898.6 928.4 994.7 898.6 897.2 899.3 899.2 902.6 924.5 930.4 956.2 968.7 978.9 1,009.1 1,022.0 1,030.1 473.0 492.4 507.9 517.8 551.2 571.1 638.8 695.7 707.1 777.0 711.3 691.2 677.2 703.2 699.1 687.7 705.9 735.5 761.9 765.5 782.8 798.0 807.3 State and local 1,951.5 2,010.6 2,065.7 2,131.1 2,244.1 2,367.7 2,471.3 2,598.7 2,811.3 2,973.4 2,533.9 2,571.7 2,625.1 2,664.2 2,719.7 2,803.4 2,841.5 2,880.6 2,913.2 2,925.5 3,002.9 3,051.8 3,103.6 Final Addendum: Gross sales of Gross domestic domestic purchases national 1 product product 17,523.3 18,154.9 18,765.8 19,579.4 20,600.1 21,449.2 21,360.5 23,582.4 25,586.8 27,307.3 22,644.5 23,453.6 23,832.2 24,399.1 24,780.1 25,424.1 25,912.3 26,230.7 26,789.9 27,044.5 27,508.1 27,886.9 28,233.2 18,117.0 18,819.3 19,308.2 20,155.4 21,249.6 22,099.9 21,949.3 24,452.3 26,715.2 28,159.6 23,392.6 24,124.3 24,713.3 25,578.9 26,118.8 26,569.8 26,886.7 27,285.6 27,639.3 27,869.1 28,389.4 28,740.7 29,104.1 17,843.3 18,515.1 19,036.3 19,905.1 20,946.8 21,803.3 21,537.8 23,777.6 25,926.0 27,525.1 22,830.7 23,462.8 23,990.1 24,826.7 25,177.8 25,746.3 26,185.9 26,594.0 26,972.5 27,236.1 27,774.2 28,117.8 28,417.3 1 GDP less exports of goods and services plus imports of goods and services. Source: Department of Commerce (Bureau of Economic Analysis). 1 Real Gross Domestic Product [Billions of chained (2017) dollars; quarterly data at seasonally adjusted annual rates] Period 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2023 �������������������� 2021: I ��������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II ��������������� III �������������� IV �������������� 2023: I ���������������� II ��������������� III �������������� IV �������������� 2024: I r �������������� Gross private domestic investment Personal Gross conChange domestic sumption Nonresi- Resiin product expendi- dential dential fixed fixed private tures investinvestinvenment ment tories 18,261.7 18,799.6 19,141.7 19,612.1 20,193.9 20,692.1 20,234.1 21,407.7 21,822.0 22,376.9 20,990.5 21,309.5 21,483.1 21,847.6 21,738.9 21,708.2 21,851.1 21,990.0 22,112.3 22,225.4 22,490.7 22,679.3 22,758.8 12,226.4 12,638.8 12,949.0 13,290.6 13,654.9 13,928.3 13,577.0 14,718.2 15,090.8 15,426.1 14,282.6 14,745.6 14,848.8 14,995.6 14,995.2 15,069.2 15,127.4 15,171.4 15,312.9 15,343.6 15,461.4 15,586.7 15,643.0 2,421.1 2,498.9 2,544.8 2,661.1 2,844.3 2,950.1 2,810.6 2,975.5 3,131.6 3,271.7 2,923.9 2,992.4 2,982.8 3,002.7 3,080.0 3,120.0 3,156.3 3,170.0 3,214.5 3,272.7 3,284.5 3,314.9 3,351.1 626.8 693.2 742.2 773.9 768.5 761.3 816.2 903.8 822.6 735.3 915.0 904.7 898.4 897.3 893.1 859.9 796.3 741.2 731.1 727.1 738.9 744.1 772.2 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports 85.1 –347.6 133.6 –476.5 33.4 –505.8 32.7 –543.3 54.3 –593.5 71.3 –617.5 –29.9 –663.4 12.5 –933.8 128.1 –1,051.0 43.7 –928.1 –25.8 –863.1 –138.4 –910.0 7.3 –966.5 207.1 –995.6 197.0 –1,141.1 92.7 –1,116.2 70.7 –981.2 151.9 –965.6 27.2 –935.1 14.9 –928.2 77.8 –930.7 54.9 –918.5 28.6 –960.3 Exports Imports Total 2,275.8 2,283.1 2,293.9 2,388.3 2,456.4 2,469.0 2,144.8 2,280.9 2,439.6 2,503.9 2,237.0 2,248.1 2,256.4 2,382.0 2,354.1 2,414.1 2,506.2 2,484.1 2,525.4 2,464.7 2,497.3 2,528.2 2,538.1 2,623.4 2,759.5 2,799.7 2,931.6 3,050.0 3,086.5 2,808.3 3,214.7 3,490.6 3,432.0 3,100.0 3,158.1 3,223.0 3,377.6 3,495.2 3,530.3 3,487.4 3,449.6 3,460.5 3,392.9 3,428.0 3,446.8 3,498.4 3,247.3 3,313.6 3,378.5 3,397.1 3,465.0 3,601.4 3,715.5 3,704.7 3,670.4 3,819.7 3,743.1 3,701.8 3,688.2 3,685.8 3,658.8 3,641.2 3,667.0 3,714.8 3,758.8 3,789.8 3,843.4 3,887.0 3,904.3 Total 1,251.9 1,252.7 1,260.0 1,266.1 1,309.9 1,360.1 1,442.6 1,462.4 1,420.9 1,480.7 1,499.1 1,464.8 1,439.1 1,446.5 1,420.9 1,406.9 1,411.2 1,444.5 1,462.8 1,466.9 1,492.3 1,501.0 1,500.1 National Nondefense defense 760.4 744.9 741.1 748.3 774.6 815.9 838.8 823.0 800.1 827.5 836.3 826.3 819.7 809.7 795.3 797.1 796.6 811.5 815.4 820.1 836.8 837.8 835.9 491.3 507.8 518.8 517.8 535.3 544.3 603.7 639.3 620.6 653.2 662.7 638.3 619.3 636.8 625.6 609.6 614.5 633.0 647.4 646.7 655.5 663.2 664.2 State and local 1,995.3 2,060.8 2,118.5 2,131.1 2,155.2 2,241.3 2,273.8 2,244.3 2,249.6 2,339.2 2,247.0 2,239.2 2,250.1 2,240.9 2,238.4 2,234.1 2,255.1 2,270.8 2,296.5 2,323.0 2,351.4 2,385.9 2,403.7 AddenFinal Gross dum: sales of domestic Gross domestic purchases 1 national product product 18,185.6 18,669.0 19,108.4 19,579.4 20,137.6 20,620.5 20,260.8 21,380.6 21,661.2 22,290.3 21,017.9 21,442.8 21,461.1 21,600.6 21,497.3 21,579.0 21,758.5 21,809.9 22,054.3 22,167.1 22,362.5 22,577.5 22,680.5 18,602.0 19,276.0 19,647.5 20,155.4 20,787.5 21,310.1 20,899.8 22,333.3 22,854.4 23,291.1 21,846.9 22,212.9 22,442.5 22,830.9 22,865.7 22,805.4 22,809.8 22,936.7 23,028.5 23,140.9 23,409.0 23,586.2 23,704.0 18,499.7 19,021.2 19,372.9 19,905.1 20,490.9 20,977.3 20,451.9 21,590.4 21,992.7 22,528.5 21,219.8 21,481.2 21,644.3 22,016.4 21,884.3 21,896.5 22,028.6 22,161.3 22,260.3 22,384.6 22,641.8 22,827.2 22,895.5 1 GDP less exports of goods and services plus imports of goods and services. Note: Because of the formula used for calculating real GDP, the chained (2017) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce (Bureau of Economic Analysis). Chained Price Indexes For Gross Domestic Product [Index numbers, 2017=100; quarterly data are seasonally adjusted] Period 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2023 �������������������� 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II ��������������� III �������������� IV �������������� 2023: I ���������������� II ��������������� III �������������� IV �������������� 2024: I r �������������� Gross domestic product 96.436 97.277 98.208 100.000 102.290 104.008 105.407 110.220 117.996 122.283 107.731 109.332 110.957 112.858 115.182 117.704 118.980 120.115 121.264 121.789 122.792 123.289 124.227 Personal consumption expenditures Total 97.121 97.299 98.284 100.000 102.047 103.513 104.635 109.001 116.043 120.380 106.578 108.208 109.705 111.514 113.590 115.577 116.905 118.098 119.309 120.044 120.814 121.351 122.371 Goods Services 104.542 101.350 99.710 100.000 100.811 100.427 99.646 104.572 113.548 114.913 101.367 103.467 105.394 108.062 111.150 113.794 114.613 114.637 114.838 114.905 115.157 114.753 114.601 Source: Department of Commerce (Bureau of Economic Analysis). 2 Gross private domestic investment 93.795 95.462 97.629 100.000 102.626 104.972 107.054 111.103 117.066 122.977 109.118 110.480 111.738 113.076 114.595 116.220 117.818 119.631 121.377 122.468 123.513 124.552 126.195 Nonresidential fixed 100.170 100.345 99.380 100.000 100.427 101.457 102.092 103.458 109.624 113.604 102.380 102.436 103.564 105.451 107.151 109.088 110.693 111.566 113.299 113.355 113.602 114.159 114.674 Residential fixed 89.986 92.454 95.699 100.000 105.640 108.656 112.280 124.606 141.785 145.787 118.315 122.618 126.940 130.551 136.190 141.165 144.034 145.752 144.813 144.490 146.195 147.649 147.654 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Exports 104.515 99.455 97.457 100.000 103.325 102.814 100.247 111.801 122.767 120.898 106.637 111.204 113.760 115.602 120.553 126.113 123.078 121.326 121.359 120.169 121.362 120.703 121.539 Imports 110.067 101.283 97.825 100.000 102.662 100.987 98.870 106.025 113.623 111.467 102.524 105.536 107.118 108.923 112.390 115.293 114.023 112.788 112.419 111.045 111.137 111.268 112.036 Total 97.215 97.609 98.205 100.000 102.775 104.560 105.599 109.024 115.108 119.656 107.378 108.424 109.523 110.771 112.724 114.607 115.966 117.135 118.327 118.933 120.097 121.268 122.501 National defense 97.850 98.053 98.419 100.000 102.642 104.312 105.458 109.181 116.038 120.205 107.430 108.563 109.686 111.046 113.492 115.990 116.814 117.855 118.823 119.373 120.614 122.009 123.256 Nondefense 96.287 96.968 97.897 100.000 102.968 104.923 105.806 108.835 113.924 118.964 107.329 108.259 109.325 110.425 111.748 112.835 114.890 116.225 117.702 118.377 119.446 120.332 121.547 State and local 97.804 97.567 97.505 100.000 104.126 105.640 108.689 115.792 124.970 127.113 112.765 114.846 116.664 118.892 121.509 125.490 126.015 126.868 126.866 125.947 127.717 127.924 129.132 Gross Domestic Product and Related Price Measures: Indexes and Percent Changes [Quarterly data are seasonally adjusted] Percent change from preceding period 1 Index numbers, 2017=100 Personal consumption expenditures (PCE) Gross domestic product (GDP) Period 2014 ���������������������� 2015 ���������������������� 2016 ���������������������� 2017 ���������������������� 2018 ���������������������� 2019 ���������������������� 2020 ���������������������� 2021 ���������������������� 2022 ���������������������� 2023 ���������������������� 2021: I ������������������ II ����������������� III ���������������� IV ���������������� 2022: I ������������������ II ����������������� III ���������������� IV ���������������� 2023: I ������������������ II ����������������� III ���������������� IV ���������������� 2024: I r ���������������� Real GDP GDP (chain-type chain-type quantity price index) index 93.115 95.857 97.601 100.000 102.967 105.507 103.171 109.156 111.268 114.097 107.029 108.655 109.540 111.399 110.844 110.688 111.417 112.125 112.748 113.325 114.678 115.639 116.044 GDP implicit price deflator 96.436 97.277 98.208 100.000 102.290 104.008 105.407 110.220 117.996 122.283 107.731 109.332 110.957 112.858 115.182 117.704 118.980 120.115 121.264 121.789 122.792 123.289 124.227 PCE PCE less food (chain-type and price index) priceenergy index 96.421 97.316 98.241 100.000 102.291 104.008 105.381 110.213 117.973 122.273 107.668 109.305 110.920 112.848 115.135 117.671 118.962 120.093 121.261 121.766 122.762 123.271 124.212 97.121 97.299 98.284 100.000 102.047 103.513 104.635 109.001 116.043 120.380 106.578 108.208 109.705 111.514 113.590 115.577 116.905 118.098 119.309 120.044 120.814 121.351 122.371 95.697 96.874 98.426 100.000 101.897 103.577 104.942 108.736 114.437 119.125 106.570 108.139 109.420 110.814 112.430 113.734 115.126 116.457 117.874 118.938 119.541 120.147 121.256 Personal consumption expenditures (PCE) Gross domestic product (GDP) Gross domestic purchases price index 97.408 97.593 98.241 100.000 102.222 103.706 105.046 109.495 116.915 120.905 107.140 108.636 110.157 112.047 114.269 116.533 117.883 118.973 120.016 120.445 121.295 121.863 122.787 GDP (current dollars) Real GDP GDP (chain-type chain-type quantity price index) index 4.3 3.9 2.8 4.3 5.3 4.2 –.9 10.7 9.1 6.3 10.9 12.8 9.5 14.6 6.2 8.5 7.2 6.5 6.3 3.8 8.3 5.1 4.5 2.5 2.9 1.8 2.5 3.0 2.5 –2.2 5.8 1.9 2.5 5.2 6.2 3.3 7.0 –2.0 –.6 2.7 2.6 2.2 2.1 4.9 3.4 1.4 GDP implicit price deflator 1.7 .9 1.0 1.8 2.3 1.7 1.3 4.6 7.1 3.6 5.4 6.1 6.1 7.0 8.5 9.1 4.4 3.9 3.9 1.7 3.3 1.6 3.1 Gross domestic PCE purchases PCE food price index (chain-type lessenergy price index) and price index 1.7 .9 1.0 1.8 2.3 1.7 1.3 4.6 7.0 3.6 5.3 6.2 6.0 7.1 8.4 9.1 4.5 3.9 3.9 1.7 3.3 1.7 3.1 1.4 .2 1.0 1.7 2.0 1.4 1.1 4.2 6.5 3.7 4.8 6.3 5.6 6.8 7.7 7.2 4.7 4.1 4.2 2.5 2.6 1.8 3.4 1.5 1.2 1.6 1.6 1.9 1.6 1.3 3.6 5.2 4.1 3.6 6.0 4.8 5.2 6.0 4.7 5.0 4.7 5.0 3.7 2.0 2.0 3.7 1.6 .2 .7 1.8 2.2 1.5 1.3 4.2 6.8 3.4 4.8 5.7 5.7 7.0 8.2 8.2 4.7 3.8 3.6 1.4 2.9 1.9 3.1 1 Quarterly percent changes are at annual rates. Source: Department of Commerce (Bureau of Economic Analysis). Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits [Quarterly data at seasonally adjusted annual rates] Period Current dollars 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2023 �������������������� 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II ��������������� III �������������� IV �������������� 2023: I ���������������� II ��������������� III �������������� IV �������������� 2024: 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 8,851.7 9,222.3 9,346.4 9,771.4 10,337.8 10,801.0 10,500.0 11,995.9 13,300.8 13,957.7 11,432.2 11,849.6 12,157.6 12,544.1 12,884.3 13,250.4 13,517.2 13,551.4 13,693.2 13,841.3 14,041.6 14,254.5 14,344.5 Chained (2017) dollars 9,155.7 9,453.7 9,514.3 9,771.4 10,136.3 10,394.5 9,959.5 10,853.4 11,194.4 11,511.2 10,601.8 10,768.2 10,951.5 11,091.9 11,113.8 11,130.6 11,268.1 11,265.0 11,382.9 11,418.2 11,528.1 11,713.7 11,786.2 Total 0.967 .976 .982 1.000 1.020 1.039 1.054 1.105 1.188 1.213 1.078 1.100 1.110 1.131 1.159 1.190 1.200 1.203 1.203 1.212 1.218 1.217 1.217 Compensation of employees (unit labor cost) 0.550 .561 .573 .586 .597 .610 .637 .644 .677 .699 .629 .639 .648 .659 .667 .674 .682 .685 .694 .702 .705 .697 .701 Corporate profits with inventory valuation and capital consumption adjustments 4 Unit nonlabor cost Total 0.273 .275 .278 .285 .287 .294 .270 .280 .313 .315 .279 .270 .279 .292 .307 .314 .315 .316 .318 .316 .313 .312 .319 Consumption of fixed capital Net interest Taxes on and production miscellaneous and imports 3 payments 0.148 .149 .151 .154 .156 .160 .174 .168 .179 .188 .166 .167 .167 .170 .174 .178 .181 .184 .186 .189 .189 .189 .190 0.091 .092 .090 .094 .096 .098 .063 .084 .109 .109 .083 .075 .084 .095 .107 .110 .109 .109 .110 .109 .109 .108 .114 0.034 .034 .036 .036 .035 .036 .033 .028 .025 .018 .029 .028 .028 .027 .027 .026 .025 .023 .022 .019 .015 .015 .015 Total 0.144 .139 .132 .129 .136 .135 .147 .182 .198 .198 .171 .192 .183 .181 .186 .203 .203 .201 .191 .194 .200 .208 .197 Taxes on corporate income 0.032 .030 .028 .022 .021 .019 .021 .027 .037 .039 .025 .027 .028 .030 .038 .038 .036 .037 .038 .038 .038 .041 .041 Profits after tax 5 0.112 .109 .104 .107 .115 .116 .126 .154 .161 .160 .146 .165 .155 .150 .147 .165 .167 .164 .153 .156 .162 .168 .157 1 Estimates for nonfinancial corporate business are based on the North American Industry Classification System (NAICS). 2 The implicit price deflator for gross value added of nonfinancial corporate business divided by 100. 3 Less subsidies plus business current transfer payments. 4 Unit profits from current production. 5 With inventory valuation and capital consumption adjustments. Source: Department of Commerce (Bureau of Economic Analysis). 3 National Income [Billions of dollars; quarterly data at seasonally adjusted annual rates] Proprietors’ income 1 Period 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2023 �������������������� 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II ��������������� III �������������� IV �������������� 2023: I ���������������� II ��������������� III �������������� IV �������������� 2024: I r �������������� ComNational pensation of income employees 15,164.6 15,685.2 15,975.3 16,688.2 17,570.8 18,281.0 17,854.0 19,909.7 21,678.4 22,429.6 19,166.6 19,630.7 20,077.2 20,764.3 21,149.8 21,637.6 21,972.7 21,953.5 22,136.9 22,241.8 22,522.2 22,817.5 23,056.9 9,250.2 9,699.4 9,966.1 10,424.4 10,957.4 11,447.9 11,594.7 12,545.9 13,439.2 14,234.0 12,078.0 12,390.2 12,689.9 13,025.3 13,177.4 13,295.2 13,609.2 13,675.0 13,965.2 14,154.1 14,368.7 14,448.1 14,644.9 Rental income of persons with capital conNonfarm sumption adjustment Farm 68.5 55.5 36.0 41.0 32.1 32.1 44.4 72.2 81.7 54.3 48.4 93.7 85.6 61.3 73.0 86.0 84.0 84.0 71.2 58.2 49.9 38.0 35.6 1,301.5 1,292.3 1,313.2 1,387.6 1,463.2 1,522.1 1,539.4 1,676.8 1,709.1 1,794.1 1,601.9 1,690.4 1,707.2 1,707.9 1,683.4 1,688.4 1,723.4 1,741.4 1,756.2 1,765.9 1,809.6 1,844.6 1,854.8 598.5 601.4 618.7 642.0 671.5 684.5 756.1 814.2 878.3 967.3 791.6 807.2 822.4 835.5 837.2 875.3 893.1 907.5 945.8 961.1 974.4 988.1 1,023.9 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 2,212.8 2,173.1 2,144.3 2,225.2 2,365.2 2,470.3 2,383.3 2,922.8 3,208.7 3,258.0 2,752.8 2,988.5 2,959.0 2,990.6 3,027.1 3,260.0 3,299.3 3,248.4 3,165.1 3,172.1 3,280.7 3,414.2 3,367.1 Total Profits before tax 2,356.1 2,295.5 2,245.2 2,247.5 2,266.6 2,376.7 2,478.2 2,992.1 3,426.7 3,599.3 2,798.5 3,040.1 3,033.1 3,096.5 3,198.2 3,468.5 3,541.4 3,498.8 3,502.8 3,513.6 3,620.1 3,760.7 3,799.4 2,354.3 2,237.5 2,240.0 2,295.1 2,317.6 2,375.0 2,494.9 3,249.1 3,523.0 3,559.7 3,023.7 3,343.0 3,313.3 3,316.5 3,439.0 3,696.2 3,558.2 3,398.4 3,457.6 3,473.1 3,600.6 3,707.4 3,808.5 1.8 57.9 5.2 –47.6 –51.0 1.7 –16.7 –257.1 –96.2 39.6 –225.2 –302.9 –280.2 –220.0 –240.9 –227.7 –16.8 100.4 45.3 40.5 19.5 53.3 –9.1 –143.3 –122.3 –100.9 –22.3 98.6 93.6 –94.9 –69.3 –218.0 –341.3 –45.7 –51.6 –74.1 –105.9 –171.1 –208.5 –242.1 –250.4 –337.7 –341.5 –339.4 –346.4 –432.3 426.4 496.3 489.2 525.2 536.4 515.2 529.3 504.6 457.4 185.4 536.6 508.2 483.8 489.7 515.7 514.6 438.3 360.7 307.8 212.4 105.7 115.8 101.5 Business Less: current Subsidies transfer payments 1,237.7 1,273.5 1,309.1 1,364.0 1,457.1 1,533.1 1,520.5 1,671.9 1,810.2 1,832.6 1,581.7 1,675.1 1,685.4 1,745.5 1,784.0 1,812.3 1,824.0 1,820.6 1,831.1 1,821.6 1,830.7 1,847.2 1,859.5 58.1 57.2 61.7 59.9 63.3 73.0 656.9 482.7 127.4 101.1 388.0 701.3 547.8 293.9 152.0 130.1 118.4 109.2 101.4 99.9 103.1 100.0 97.2 135.5 153.9 162.5 142.9 155.8 160.8 145.0 189.0 216.8 214.5 170.9 187.4 196.5 201.2 196.1 228.2 215.4 227.6 203.1 206.4 216.7 231.7 276.6 Current surplus of government enterprises –8.5 –2.8 –2.2 –4.3 –4.6 –12.0 –1.8 –5.0 4.4 –9.7 –7.3 –8.9 –4.8 1.2 8.0 7.6 4.5 –2.3 –7.1 –10.0 –11.2 –10.3 –9.8 1 With inventory valuation and capital consumption adjustments. Source: Department of Commerce (Bureau of Economic Analysis). Real Personal Consumption Expenditures [Billions of chained (2017) dollars, except as noted; quarterly data at seasonally adjusted annual rates] Goods Period Total personal consumption expenditures 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2023 �������������������� 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II ��������������� III �������������� IV �������������� 2023: I ���������������� II ��������������� III �������������� IV �������������� 2024: I r �������������� 12,226.4 12,638.8 12,949.0 13,290.6 13,654.9 13,928.3 13,577.0 14,718.2 15,090.8 15,426.1 14,282.6 14,745.6 14,848.8 14,995.6 14,995.2 15,069.2 15,127.4 15,171.4 15,312.9 15,343.6 15,461.4 15,586.7 15,643.0 Services Durable Total goods 3,717.7 3,902.5 4,044.7 4,212.2 4,378.7 4,509.9 4,729.9 5,265.9 5,281.5 5,387.7 5,171.7 5,351.8 5,234.3 5,305.6 5,289.7 5,285.3 5,275.7 5,275.2 5,341.0 5,347.3 5,411.3 5,451.1 5,420.0 Total durable goods 1 1,168.2 1,257.7 1,325.5 1,415.9 1,509.5 1,558.9 1,683.1 1,964.9 1,960.0 2,041.9 1,966.7 2,033.6 1,904.3 1,955.0 1,962.3 1,957.8 1,962.3 1,957.5 2,022.5 2,020.9 2,053.9 2,070.1 2,046.7 Nondurable Motor vehicles and parts 443.6 481.3 498.1 529.4 549.9 540.6 533.5 613.4 572.6 601.7 641.0 664.0 568.5 580.1 580.3 571.2 566.5 572.5 614.1 599.6 597.8 595.3 573.2 Total nondurable goods 1 2,552.3 2,646.3 2,719.9 2,796.3 2,869.8 2,951.8 3,049.6 3,307.5 3,327.5 3,355.4 3,212.9 3,325.9 3,335.0 3,356.3 3,333.4 3,333.4 3,319.7 3,323.7 3,327.8 3,335.4 3,367.3 3,391.1 3,382.1 Food and beverages purchased for offpremises consumption Gasoline and other energy goods Total services 1 Household consumption expenditures 910.3 931.4 968.3 1,010.4 1,039.0 1,065.7 1,140.7 1,190.5 1,167.8 1,151.1 1,176.9 1,195.1 1,194.3 1,195.8 1,185.9 1,171.5 1,158.8 1,155.0 1,145.8 1,148.5 1,153.9 1,156.2 1,155.6 302.0 318.8 323.8 324.0 323.0 321.6 277.5 311.1 311.1 318.6 287.7 313.8 321.4 321.6 311.5 313.1 309.3 310.6 313.0 319.8 319.0 322.4 312.7 8,516.3 8,738.9 8,904.9 9,078.4 9,276.6 9,420.1 8,867.6 9,483.4 9,836.1 10,066.2 9,144.9 9,429.6 9,641.1 9,717.9 9,733.0 9,810.8 9,878.2 9,922.3 9,998.9 10,023.1 10,078.7 10,164.0 10,247.3 8,131.1 8,355.1 8,507.0 8,682.0 8,861.3 9,018.3 8,406.7 9,079.0 9,413.1 9,664.5 8,727.4 9,035.3 9,243.1 9,310.4 9,314.8 9,382.4 9,449.4 9,505.9 9,597.0 9,622.9 9,675.8 9,762.2 9,829.2 Housing and utilities 2,341.5 2,336.7 2,347.0 2,350.2 2,385.0 2,404.6 2,454.1 2,521.4 2,549.1 2,558.5 2,509.8 2,517.6 2,531.5 2,526.6 2,547.9 2,549.4 2,544.5 2,554.7 2,545.8 2,550.0 2,568.7 2,569.5 2,575.9 Health care 2,008.2 2,114.2 2,196.3 2,245.3 2,301.8 2,381.9 2,215.6 2,405.2 2,479.3 2,617.1 2,327.2 2,398.8 2,435.5 2,459.3 2,454.9 2,455.0 2,484.4 2,523.0 2,584.0 2,600.0 2,617.5 2,666.9 2,713.5 Financial services and insurance 1,047.9 1,073.6 1,046.5 1,073.2 1,073.4 1,048.4 1,050.4 1,049.7 1,031.4 1,047.0 1,059.1 1,048.8 1,044.7 1,045.9 1,033.2 1,026.4 1,033.2 1,032.8 1,037.3 1,048.7 1,052.2 1,049.8 1,064.1 Addendum: Personal consumption expenditures excluding food and energy 2 Retail sales of new passenger cars and light trucks (millions of units) 10,785.1 11,159.9 11,429.3 11,730.3 12,049.5 12,301.7 11,920.2 12,975.9 13,364.8 13,724.3 12,570.6 12,997.2 13,089.8 13,246.1 13,246.6 13,333.6 13,419.3 13,459.4 13,625.6 13,647.6 13,748.5 13,875.5 13,945.8 16.5 17.4 17.5 17.2 17.2 17.0 14.5 14.9 13.8 15.5 16.5 16.9 13.5 12.9 13.9 13.4 13.6 14.2 15.0 15.8 15.7 15.7 15.3 1 Includes other items, not shown separately. 2 Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. Note: Because of the formula used for calculating real GDP, the chained (2017) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce (Bureau of Economic Analysis). 4 Sources of Personal Income Personal income rose $114.1 billion (annual rate) in May, following an increase of $63.0 billion in April. Wages and salaries rose $83.5 billion in May, following an increase of $28.2 billion in April. BILLIONS OF DOLLARS * (RATIO SCALE) 26,000 24,000 22,000 BILLIONS OF DOLLARS* (RATIO SCALE) 26,000 24,000 22,000 TOTAL PERSONAL INCOME 20,000 20,000 18,000 18,000 16,000 16,000 14,000 14,000 12,000 12,000 WAGES AND SALARIES 10,000 10,000 9,000 9,000 8,000 8,000 7,000 7,000 OTHER INCOME 6,000 6,000 5,000 5,000 4,000 4,000 PERSONAL CURRENT TRANSFER RECEIPTS 3,000 3,000 2,000 2,000 2016 2017 2018 2019 2020 2021 2022 2023 *SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE 2024 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; monthly data at seasonally adjusted annual rates] Compensation of employees Period 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2023 �������������������� 2023: May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2024: Jan r ��������� Feb r ��������� Mar r �������� Apr r ��������� May p ������� Total personal income 14,784.1 15,473.7 15,887.7 16,662.8 17,528.2 18,356.2 19,629.0 21,407.7 21,840.8 22,961.3 22,876.6 22,921.4 22,986.4 23,094.5 23,176.2 23,189.4 23,241.5 23,311.6 23,560.0 23,626.3 23,746.6 23,809.6 23,923.7 Total 9,250.2 9,699.4 9,966.1 10,424.4 10,957.4 11,447.9 11,594.7 12,545.9 13,439.2 14,234.0 14,151.1 14,218.6 14,296.4 14,372.7 14,437.1 14,416.2 14,436.6 14,491.6 14,555.2 14,649.5 14,729.9 14,764.7 14,859.1 Wages and salaries Supplements to wages and salaries 7,476.3 7,859.5 8,091.2 8,474.4 8,899.8 9,325.0 9,464.6 10,312.6 11,116.0 11,798.1 11,730.8 11,788.9 11,855.6 11,921.2 11,975.7 11,950.9 11,965.4 12,011.8 12,059.7 12,143.3 12,213.8 12,242.0 12,325.5 1,773.9 1,839.9 1,874.9 1,950.0 2,057.6 2,123.0 2,130.0 2,233.2 2,323.2 2,436.0 2,420.3 2,429.6 2,440.8 2,451.5 2,461.4 2,465.3 2,471.2 2,479.8 2,495.5 2,506.2 2,516.2 2,522.7 2,533.6 Proprietors’ income 1 Farm 68.5 55.5 36.0 41.0 32.1 32.1 44.4 72.2 81.7 54.3 58.2 55.5 52.7 49.9 47.2 42.6 38.0 33.4 34.5 35.6 36.7 32.2 27.7 Nonfarm 1,301.5 1,292.3 1,313.2 1,387.6 1,463.2 1,522.1 1,539.4 1,676.8 1,709.1 1,794.1 1,763.1 1,774.4 1,787.0 1,811.2 1,830.6 1,837.6 1,848.2 1,848.1 1,850.6 1,856.3 1,857.7 1,862.5 1,866.7 Personal income receipts on assets Rental income of persons 2 598.5 601.4 618.7 642.0 671.5 684.5 756.1 814.2 878.3 967.3 960.8 961.8 967.2 974.5 981.5 985.3 988.1 991.0 1,007.5 1,024.2 1,040.2 1,040.4 1,041.5 Total 2,177.4 2,344.6 2,415.4 2,611.0 2,789.4 2,949.9 2,913.7 3,214.7 3,432.0 3,613.4 3,610.2 3,590.7 3,594.4 3,607.3 3,617.9 3,645.6 3,672.7 3,683.6 3,751.1 3,673.7 3,673.7 3,689.0 3,704.4 Personal interest income 1,260.4 1,347.7 1,388.0 1,466.7 1,554.5 1,603.4 1,510.3 1,515.5 1,627.5 1,772.8 1,754.7 1,756.1 1,766.1 1,776.3 1,786.7 1,801.0 1,815.5 1,830.2 1,821.9 1,813.9 1,806.8 1,812.4 1,817.8 Personal dividend income 917.0 996.9 1,027.4 1,144.3 1,234.9 1,346.5 1,403.5 1,699.2 1,804.5 1,840.6 1,855.5 1,834.7 1,828.3 1,831.0 1,831.2 1,844.6 1,857.2 1,853.4 1,929.2 1,859.8 1,866.9 1,876.6 1,886.6 Personal current transfer receipts 3 2,541.6 2,685.4 2,777.0 2,855.7 2,976.3 3,144.3 4,229.9 4,641.9 4,002.1 4,100.7 4,126.8 4,121.3 4,097.9 4,096.5 4,086.6 4,083.8 4,082.0 4,094.6 4,213.5 4,251.0 4,282.0 4,298.6 4,313.6 Less: Chart 5 - Jun 2024 Contributions for government social insurance, domestic 1,153.6 1,204.7 1,238.8 1,298.9 1,361.7 1,424.6 1,449.3 1,558.0 1,701.7 1,802.6 1,793.6 1,800.9 1,809.2 1,817.6 1,824.6 1,821.7 1,824.1 1,830.7 1,852.4 1,863.9 1,873.5 1,877.7 1,889.2 1 With inventory valuation and capital consumption adjustments. 2 With capital consumption adjustment. 3 Consists mainly of social insurance benefits to persons. Source: Department of Commerce (Bureau of Economic Analysis). 5 Disposition of Personal Income According to revised estimates, per capita disposable personal income in chained (2017) dollars rose 0.9 percent (annual rate) in the first quarter of 2024. BILLIONS OF DOLLARS* (RATIO SCALE) 22,000 21,000 20,000 19,000 18,000 DISPOSABLE PERSONAL INCOME 17,000 BILLIONS OF DOLLARS* (RATIO SCALE) 22,000 21,000 20,000 19,000 18,000 17,000 16,000 16,000 SAVING 15,000 14,000 15,000 14,000 PERSONAL OUTLAYS 13,000 13,000 12,000 12,000 11,000 11,000 10,000 10,000 DOLLARS* (RATIO SCALE) 64,000 60,000 64,000 PER CAPITA DISPOSABLE PERSONAL INCOME 56,000 54,000 52,000 50,000 48,000 46,000 44,000 42,000 40,000 38,000 36,000 34,000 60,000 56,000 54,000 52,000 50,000 48,000 46,000 44,000 42,000 40,000 38,000 36,000 34,000 CURRENT DOLLARS CHAINED (2017) DOLLARS 2015 2016 2017 2018 2019 2020 2021 2022 *SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE Period Personal income Less: Personal current taxes Equals: Disposable personal income 14,784.1 15,473.7 15,887.7 16,662.8 17,528.2 18,356.2 19,629.0 21,407.7 21,840.8 22,961.3 1,785.7 1,940.9 1,958.8 2,048.8 2,074.2 2,199.3 2,256.5 2,743.3 3,138.3 2,756.3 12,998.4 13,532.9 13,928.9 14,613.9 15,454.0 16,157.0 17,372.5 18,664.4 18,702.5 20,205.0 2024 COUNCIL OF ECONOMIC ADVISERS Less: Personal outlays 1 Equals: Personal saving Disposable personal income in billions of chained (2017) dollars Per capita disposable personal income Current dollars Billions of dollars 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2023 �������������������� 2023 Chained (2017) dollars Per capita personal consumption expenditures Current dollars Chained (2017) dollars Dollars 12,286.4 12,742.3 13,182.7 13,772.3 14,457.4 14,966.1 14,694.0 16,543.9 18,079.7 19,305.1 712.0 790.6 746.2 841.6 996.7 1,190.9 2,678.6 2,120.5 622.8 899.8 13,383.7 13,908.5 14,172.0 14,613.9 15,144.0 15,608.6 16,603.0 17,123.1 16,116.9 16,783.7 40,671 42,013 42,910 44,710 47,002 48,885 52,359 56,156 56,068 60,276 Chart 6 - Jun 2024 Percent Saving change as in real percent per capita of disposable disposable personal personal income income Population, including Armed Forces overseas (thousands) 2 Percent 41,876 43,179 43,659 44,710 46,059 47,225 50,039 51,519 48,317 50,069 37,154 38,177 39,207 40,662 42,380 43,622 42,816 48,269 52,498 55,400 38,255 39,237 39,891 40,662 41,530 42,141 40,919 44,283 45,240 46,019 2.6 3.1 1.1 2.4 3.0 2.5 6.0 3.0 –6.2 3.6 5.5 5.8 5.4 5.8 6.4 7.4 15.4 11.4 3.3 4.5 319,601 322,113 324,609 326,860 328,794 330,513 331,800 332,367 333,568 335,208 55,364 51,047 50,317 49,544 48,250 48,031 48,393 48,592 49,807 50,151 50,143 50,179 50,287 45,836 48,021 48,978 50,235 51,144 52,247 52,984 53,612 54,610 54,993 55,688 56,306 56,920 43,019 44,392 44,659 45,059 45,032 45,209 45,324 45,396 45,772 45,811 46,094 46,400 46,514 56.2 –27.7 –5.6 –6.0 –10.0 –1.8 3.0 1.7 10.4 2.8 –.1 .3 .9 19.9 10.3 8.5 6.3 3.9 3.0 3.2 3.2 4.8 5.1 4.3 3.7 3.8 332,005 332,166 332,497 332,802 332,991 333,320 333,762 334,201 334,547 334,934 335,430 335,923 336,308 Seasonally adjusted annual rates 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II ��������������� III �������������� IV �������������� 2023: I ���������������� II ��������������� III �������������� IV �������������� 2024: I r �������������� 22,162.2 21,046.1 21,138.3 21,284.0 21,410.5 21,659.7 22,018.8 22,274.1 22,643.9 22,868.0 23,085.7 23,247.5 23,644.3 2,577.6 2,703.9 2,789.9 2,901.6 3,162.8 3,157.8 3,137.0 3,095.7 2,763.7 2,703.8 2,765.3 2,792.5 2,949.1 19,584.6 18,342.2 18,348.5 18,382.4 18,247.8 18,501.9 18,881.7 19,178.4 19,880.2 20,164.2 20,320.4 20,455.0 20,695.2 15,694.9 16,453.5 16,796.3 17,230.8 17,544.0 17,949.5 18,269.1 18,556.0 18,932.0 19,136.6 19,456.5 19,695.3 19,917.9 3,889.7 1,888.6 1,552.1 1,151.6 703.7 552.4 612.6 622.4 948.2 1,027.6 863.9 759.8 777.3 18,381.1 16,956.2 16,730.2 16,488.4 16,066.9 16,009.6 16,151.8 16,239.5 16,662.8 16,797.3 16,819.6 16,856.2 16,911.9 58,989 55,220 55,184 55,235 54,800 55,508 56,572 57,386 59,424 60,203 60,580 60,892 61,537 1 Includes personal consumption expenditures, personal interest payments (nonmortgage), and personal current transfer payments. 2 Annual data are averages of quarterly data, which are averages for the period. Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). 6 Real Farm Income According to the preliminary forecast for 2024, gross farm income in chained (2024) dollars is forecast to be $571.2 billion and net farm income to be $116.1 billion. BILLIONS OF CHAINED (2024) DOLLARS (RATIO SCALE) BILLIONS OF CHAINED (2024) DOLLARS (RATIO SCALE) 700 640 600 560 520 480 440 400 700 640 600 560 520 480 440 400 GROSS FARM INCOME 360 360 320 320 280 280 240 240 200 200 160 160 120 120 NET FARM INCOME 80 80 60 60 40 40 2015 2016 2018 2017 2019 2020 2021 2022 SOURCE: DEPARTMENT OF AGRICULTURE 2023 2024 COUNCIL OF ECONOMIC ADVISERS [Billions of chained (2024) dollars] Chart 7 - Jan 2024 Income of farm operators from farming 1 Gross farm income Year Value of agricultural sector production Total 2000 ��������������������������������������������������� 2001 ��������������������������������������������������� 2002 ��������������������������������������������������� 2003 ��������������������������������������������������� 2004 ��������������������������������������������������� 2005 ��������������������������������������������������� 2006 ��������������������������������������������������� 2007 ��������������������������������������������������� 2008 ��������������������������������������������������� 2009 ��������������������������������������������������� 2010 ��������������������������������������������������� 2011 ��������������������������������������������������� 2012 ��������������������������������������������������� 2013 ��������������������������������������������������� 2014 ��������������������������������������������������� 2015 ��������������������������������������������������� 2016 ��������������������������������������������������� 2017 ��������������������������������������������������� 2018 ��������������������������������������������������� 2019 ��������������������������������������������������� 2020 ��������������������������������������������������� 2021 ��������������������������������������������������� 2022 ��������������������������������������������������� 2023 p ������������������������������������������������� 2024 p ������������������������������������������������� Crops 2, 3 Total 415.2 419.6 381.5 419.6 465.8 457.3 431.1 491.2 517.5 474.7 496.9 574.1 602.9 637.9 626.0 566.0 524.4 531.4 518.9 514.5 537.2 582.9 650.0 607.1 571.2 375.3 382.0 360.9 392.8 445.3 419.9 407.7 474.0 500.1 457.6 479.6 559.9 588.7 623.4 613.3 552.1 507.8 517.0 502.2 487.6 483.2 553.5 633.5 594.6 560.9 163.1 159.6 162.0 176.1 197.7 175.2 176.4 218.6 246.7 232.2 234.3 272.2 285.4 308.1 267.2 236.7 240.8 234.7 227.2 214.0 226.1 274.0 283.6 266.9 242.6 Animals and animal products 3 170.2 178.6 154.6 170.3 196.3 193.8 177.3 200.2 197.9 168.7 195.5 223.6 226.7 238.7 277.6 249.3 210.4 221.0 216.6 210.4 195.2 220.1 270.6 248.2 239.7 Farm-related income 4 42.0 43.8 44.3 46.4 51.3 50.9 54.0 55.2 55.5 56.7 49.9 64.1 76.6 76.7 68.5 66.2 56.7 61.3 58.4 63.2 61.9 59.4 79.3 79.6 78.6 Direct Federal Government payments 39.9 37.7 20.5 26.8 20.5 37.4 23.5 17.2 17.4 17.2 17.3 14.2 14.3 14.5 12.7 13.9 16.5 14.4 16.7 27.0 54.0 29.4 16.5 12.4 10.2 Production expenses Net farm income 328.1 327.5 316.7 320.7 327.7 336.6 345.8 389.9 406.8 387.0 389.4 419.1 473.7 474.9 506.5 461.2 445.1 437.6 419.0 417.7 423.4 421.6 453.6 447.8 455.1 87.1 92.2 64.8 98.9 138.1 120.7 85.3 101.3 110.7 87.7 107.5 155.1 129.2 163.0 119.5 104.9 79.3 93.8 100.0 96.8 113.8 161.3 196.4 159.2 116.1 1 The GDP chain-type price index is used to convert the current-dollar statistics to 2024=100 equivalents. 2 Crop receipts include proceeds received from commodities placed under Commodity Credit Corporation loans. 3 The value of production equates to the sum of cash receipts, home consumption, and the value of the change in inventories. 4 Includes income from forest products sold, the gross imputed rental value of farm dwellings, machine hire and custom work, and other sources of farm income such as commodity insurance indemnities. Note: Data for 2023 and 2024 are forecasts. Source: Department of Agriculture (Economic Research Service). 7 Corporate Profits In the first quarter of 2024, according to revised estimates, corporate profits before tax rose $101.1 billion (annual rate) and profits after tax rose $71.9 billion. BILLIONS OF DOLLARS 4,000 BILLIONS OF DOLLARS 4,000 SEASONALLY ADJUSTED ANNUAL RATES 3,800 3,800 3,600 3,600 3,400 3,400 3,200 3,200 3,000 3,000 2,800 2,800 2,600 2,600 PROFITS BEFORE TAX 2,400 2,400 2,200 2,200 2,000 2,000 PROFITS AFTER TAX 1,800 1,800 1,600 1,600 1,400 1,400 UNDISTRIBUTED PROFITS 1,200 1,200 1,000 1,000 800 800 600 600 TAXES ON CORPORATE INCOME 400 400 200 200 0 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 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 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2023 �������������������� 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II ��������������� III �������������� IV �������������� 2023: I ���������������� II ��������������� III �������������� IV �������������� 2024: I r �������������� Total 2 2,356.1 2,295.5 2,245.2 2,247.5 2,266.6 2,376.7 2,478.2 2,992.1 3,426.7 3,599.3 2,798.5 3,040.1 3,033.1 3,096.5 3,198.2 3,468.5 3,541.4 3,498.8 3,502.8 3,513.6 3,620.1 3,760.7 3,799.4 Profits before tax Nonfinancial Total 1,951.2 1,900.3 1,825.3 1,748.6 1,746.0 1,843.7 2,029.9 2,558.4 2,953.9 3,088.6 2,326.0 2,631.6 2,615.2 2,660.9 2,775.5 2,990.0 3,051.1 2,998.9 3,010.8 2,999.5 3,097.2 3,246.7 3,283.1 Financial 536.1 512.4 511.8 491.6 478.9 575.2 535.9 581.5 598.6 556.8 529.3 573.2 603.2 620.1 615.9 602.7 610.8 564.8 591.7 537.0 546.1 552.6 626.3 Total 3 1,415.1 1,387.9 1,313.5 1,257.0 1,267.1 1,268.5 1,493.9 1,977.0 2,355.3 2,531.7 1,796.7 2,058.4 2,012.0 2,040.8 2,159.6 2,387.3 2,440.2 2,434.1 2,419.2 2,462.5 2,551.1 2,694.0 2,656.8 Manufacturing 453.1 421.5 327.9 299.9 361.7 353.2 328.1 464.1 708.7 743.8 406.2 462.6 458.8 528.8 647.7 709.8 719.6 757.6 739.0 711.4 743.9 780.8 694.8 Utilities Wholesale 32.4 19.9 9.4 13.8 16.5 11.9 27.4 33.6 42.6 45.0 33.4 29.8 35.6 35.8 38.4 41.0 49.7 41.2 42.7 49.7 45.0 42.6 51.5 1 See p. 4 for profits with inventory valuation and capital consumption adjustments. 2 Includes rest of the world, not shown separately. 3 Includes industries not shown separately. Note: Data by industry are based on the North American Industry Classification System (NAICS). Source: Department of Commerce (Bureau of Economic Analysis). 8 151.2 153.9 130.0 127.4 108.2 125.9 157.8 171.6 226.1 236.8 142.6 168.3 185.8 189.6 173.7 196.7 268.5 265.5 233.4 227.8 233.5 252.4 233.2 Taxes on corporate income Total Net dividends Retail 157.8 170.4 176.6 151.7 145.6 150.3 243.3 276.3 285.1 359.2 278.1 314.5 261.1 251.5 260.9 291.5 286.6 301.6 315.1 353.3 374.3 393.9 386.4 2,354.3 2,237.5 2,240.0 2,295.1 2,317.6 2,375.0 2,494.9 3,249.1 3,523.0 3,559.7 3,023.7 3,343.0 3,313.3 3,316.5 3,439.0 3,696.2 3,558.2 3,398.4 3,457.6 3,473.1 3,600.6 3,707.4 3,808.5 406.9 396.1 376.0 297.2 297.4 297.4 307.5 404.6 542.4 585.2 351.8 392.2 405.7 468.7 529.1 547.4 544.7 548.3 576.5 570.3 582.8 611.1 640.3 1,947.4 1,841.4 1,863.9 1,998.0 2,020.1 2,077.6 2,187.4 2,844.5 2,980.5 2,974.5 2,671.9 2,950.8 2,907.6 2,847.8 2,909.9 3,148.7 3,013.5 2,850.1 2,881.0 2,902.9 3,017.8 3,096.3 3,168.2 1,059.9 1,128.7 1,139.4 1,253.9 1,319.9 1,416.8 1,496.7 1,814.7 1,887.3 1,848.8 1,658.8 1,789.6 1,878.6 1,931.9 1,932.9 1,920.7 1,855.6 1,839.8 1,840.2 1,855.8 1,837.6 1,861.4 1,894.0 Chart 8 - Jun 2024 Inventory Undistrib- valuation adjustment uted profits 887.5 712.7 724.5 744.1 700.2 660.8 690.7 1,029.8 1,093.3 1,125.8 1,013.0 1,161.2 1,029.0 915.9 977.0 1,228.1 1,157.9 1,010.2 1,040.8 1,047.1 1,180.2 1,234.9 1,274.2 1.8 57.9 5.2 –47.6 –51.0 1.7 –16.7 –257.1 –96.2 39.6 –225.2 –302.9 –280.2 –220.0 –240.9 –227.7 –16.8 100.4 45.3 40.5 19.5 53.3 –9.1 Real Gross Private Domestic Investment In the first quarter of 2024, according to revised estimates, nonresidential fixed investment in chained (2017) dollars rose $36.2 billion (annual rate) and residential fixed investment rose $28.1 billion. Inventories rose $28.6 billion, following an increase of $54.9 billion in the fourth quarter. BILLIONS OF CHAINED (2017) DOLLARS 4,400 4,200 BILLIONS OF CHAINED (2017) DOLLARS 4,400 4,200 SEASONALLY ADJUSTED ANNUAL RATES GROSS PRIVATE DOMESTIC INVESTMENT 4,000 3,800 4,000 3,800 3,600 3,600 3,400 3,400 3,200 3,200 3,000 3,000 2,800 2,800 NONRESIDENTIAL FIXED INVESTMENT 2,600 2,600 2,400 2,400 2,200 2,200 2,000 2,000 1,800 1,800 1,600 1,600 1,400 1,400 1,200 1,200 RESIDENTIAL FIXED INVESTMENT 1,000 1,000 800 800 600 600 CHANGE IN PRIVATE INVENTORIES 400 200 400 200 0 0 –200 –400 –200 –400 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of chained (2017) dollars; quarterly data at seasonally adjusted annual rates] Chart 9 - Jun 2024 Fixed investment Period 2014 ��������������������������������������������������� 2015 ��������������������������������������������������� 2016 ��������������������������������������������������� 2017 ��������������������������������������������������� 2018 ��������������������������������������������������� 2019 ��������������������������������������������������� 2020 ��������������������������������������������������� 2021 ��������������������������������������������������� 2022 ��������������������������������������������������� 2023 ��������������������������������������������������� 2021: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2022: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2023: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2024: I r ��������������������������������������������� Gross private domestic investment 3,129.0 3,323.4 3,320.2 3,467.7 3,668.1 3,780.3 3,602.5 3,914.4 4,102.8 4,051.9 3,820.4 3,767.3 3,910.8 4,159.1 4,222.4 4,105.5 4,024.8 4,058.5 3,963.7 4,014.1 4,111.1 4,118.7 4,163.2 Change in private inventories Nonresidential Total 3,052.6 3,193.6 3,286.9 3,435.0 3,611.7 3,708.5 3,630.1 3,887.3 3,939.3 3,964.8 3,849.1 3,904.3 3,888.8 3,907.1 3,976.0 3,974.0 3,930.9 3,876.5 3,905.9 3,955.9 3,981.3 4,016.0 4,084.2 Total 2,421.1 2,498.9 2,544.8 2,661.1 2,844.3 2,950.1 2,810.6 2,975.5 3,131.6 3,271.7 2,923.9 2,992.4 2,982.8 3,002.7 3,080.0 3,120.0 3,156.3 3,170.0 3,214.5 3,272.7 3,284.5 3,314.9 3,351.1 Structures 597.2 598.2 579.7 594.9 629.2 644.8 583.4 564.8 552.9 626.1 569.5 570.9 565.0 553.8 552.1 551.4 549.7 558.4 596.6 619.3 635.9 652.5 658.0 Equipment 1,086.0 1,127.2 1,117.5 1,160.0 1,228.6 1,241.7 1,116.3 1,187.4 1,249.2 1,245.9 1,176.2 1,205.9 1,181.0 1,186.5 1,233.5 1,248.5 1,265.5 1,249.5 1,236.4 1,259.6 1,245.5 1,242.1 1,247.1 Intellectual property products 739.1 774.0 847.6 906.2 986.5 1,063.5 1,111.0 1,226.6 1,338.7 1,398.7 1,180.5 1,218.9 1,239.9 1,267.1 1,301.8 1,329.1 1,351.9 1,372.1 1,384.9 1,394.0 1,400.4 1,415.3 1,441.8 Residential 626.8 693.2 742.2 773.9 768.5 761.3 816.2 903.8 822.6 735.3 915.0 904.7 898.4 897.3 893.1 859.9 796.3 741.2 731.1 727.1 738.9 744.1 772.2 Total Nonfarm 85.1 133.6 33.4 32.7 54.3 71.3 –29.9 12.5 128.1 43.7 –25.8 –138.4 7.3 207.1 197.0 92.7 70.7 151.9 27.2 14.9 77.8 54.9 28.6 89.0 133.7 38.6 38.4 61.6 86.3 –18.5 14.5 142.2 45.1 –33.9 –136.1 9.7 218.2 215.1 113.4 85.5 154.8 28.8 14.8 78.5 58.4 31.5 Note: See p. 10 for further detail on fixed investment by type. Because of the formula used for calculating real GDP, the chained (2017) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce (Bureau of Economic Analysis). 9 Real Private Fixed Investment by Type [Billions of chained (2017) dollars; quarterly data at seasonally adjusted annual rates] Nonresidential Residential Equipment Total fixed investment Period 2014 ��������������� 2015 ��������������� 2016 ��������������� 2017 ��������������� 2018 ��������������� 2019 ��������������� 2020 ��������������� 2021 ��������������� 2022 ��������������� 2023 ��������������� 2021: I ����������� II ���������� III ��������� IV ��������� 2022: I ����������� II ���������� III ��������� IV ��������� 2023: I ����������� II ���������� III ��������� IV ��������� 2024: I r ��������� Total nonresidential 3,052.6 3,193.6 3,286.9 3,435.0 3,611.7 3,708.5 3,630.1 3,887.3 3,939.3 3,964.8 3,849.1 3,904.3 3,888.8 3,907.1 3,976.0 3,974.0 3,930.9 3,876.5 3,905.9 3,955.9 3,981.3 4,016.0 4,084.2 Intellectual property products Information processing equipment Structures 2,421.1 2,498.9 2,544.8 2,661.1 2,844.3 2,950.1 2,810.6 2,975.5 3,131.6 3,271.7 2,923.9 2,992.4 2,982.8 3,002.7 3,080.0 3,120.0 3,156.3 3,170.0 3,214.5 3,272.7 3,284.5 3,314.9 3,351.1 597.2 598.2 579.7 594.9 629.2 644.8 583.4 564.8 552.9 626.1 569.5 570.9 565.0 553.8 552.1 551.4 549.7 558.4 596.6 619.3 635.9 652.5 658.0 Total 2 1,086.0 1,127.2 1,117.5 1,160.0 1,228.6 1,241.7 1,116.3 1,187.4 1,249.2 1,245.9 1,176.2 1,205.9 1,181.0 1,186.5 1,233.5 1,248.5 1,265.5 1,249.5 1,236.4 1,259.6 1,245.5 1,242.1 1,247.1 Computers and peripheral equipment 1 Total 312.9 336.7 356.1 386.0 416.8 429.2 432.2 473.8 509.9 482.8 468.6 468.7 463.0 494.8 520.2 511.1 517.4 490.7 489.6 482.0 473.3 486.3 494.4 100.4 100.4 99.7 105.8 119.6 121.3 132.1 147.2 156.5 142.2 468.6 468.7 463.0 494.8 520.2 511.1 517.4 490.7 489.6 482.0 473.3 486.3 494.4 Industrial Transporequiptation ment equipment Other 213.7 236.7 256.5 280.2 297.1 307.8 299.5 325.8 352.7 340.7 318.2 324.1 320.1 341.0 355.1 355.5 355.8 344.6 347.1 337.5 336.8 341.4 334.6 223.5 225.7 224.9 237.3 248.7 253.2 230.8 245.9 254.8 251.8 235.2 245.4 249.5 253.5 259.0 255.3 251.4 253.6 256.0 252.7 249.2 249.2 256.8 287.4 318.7 302.6 299.9 318.3 304.6 220.0 225.7 228.2 263.8 229.8 253.1 226.3 193.8 196.0 222.5 242.1 252.1 243.8 276.7 275.5 259.2 246.6 Total 2 Research Software and development 3 739.1 774.0 847.6 906.2 986.5 1,063.5 1,111.0 1,226.6 1,338.7 1,398.7 1,180.5 1,218.9 1,239.9 1,267.1 1,301.8 1,329.1 1,351.9 1,372.1 1,384.9 1,394.0 1,400.4 1,415.3 1,441.8 286.1 304.6 340.5 382.9 433.9 466.5 509.8 581.9 660.2 720.9 558.2 577.8 589.3 602.3 634.0 648.4 668.1 690.4 702.2 712.1 724.9 744.1 763.9 377.0 390.3 424.5 437.5 464.3 507.4 517.6 565.5 597.7 603.4 545.2 563.5 571.0 582.2 588.5 598.3 601.0 602.8 604.9 605.1 601.7 602.0 610.6 Structures Total residential 2 626.8 693.2 742.2 773.9 768.5 761.3 816.2 903.8 822.6 735.3 915.0 904.7 898.4 897.3 893.1 859.9 796.3 741.2 731.1 727.1 738.9 744.1 772.2 Total 2 Single family 616.2 681.1 728.6 758.9 753.4 746.1 800.4 886.6 805.9 718.1 897.5 886.9 881.6 880.5 876.3 843.0 779.5 724.8 714.2 710.0 721.5 726.6 754.7 216.1 240.8 253.2 270.2 277.7 260.1 276.1 338.3 310.6 259.2 333.9 339.5 342.4 337.3 345.5 337.5 296.8 262.7 248.7 249.5 265.0 273.7 284.5 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 includes expenditures for software. Note: Because of the formula used for calculating real GDP, the chained (2017) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce (Bureau of Economic Analysis). Business Investment [Billions of dollars] Capital expenditures By industry Period Total capital expenditures Forestry, Total fishing, by and agri- Mining industry cultural services ConManu- WholeUtilities struction sale facturing trade Retail trade TransportaFinance tion Informaand and tion insurwareance housing ProfesReal sional, estate scienand tific, rental and and technical leasing services Health care and social assistance Other 1 For companies without employees For companies with employees 2007 �������� 2008 �������� 2009 �������� 2010 �������� 2011 �������� 2012 �������� 2013 �������� 2014 �������� 2015 �������� 2016 �������� 2017 �������� 2018 �������� 2019 �������� 1,354.7 1,374.2 1,090.7 1,105.7 1,243.0 1,423.6 1,491.3 1,597.9 1,642.0 1,574.8 1,678.8 1,699.1 1,917.1 1,270.5 1,294.5 1,015.3 1,036.2 1,169.6 1,334.4 1,400.9 1,506.6 1,548.1 1,479.4 1,577.8 1,699.1 1,805.7 2.1 2.3 2.2 3.3 3.1 3.1 3.0 4.0 3.3 4.6 4.5 4.7 4.1 120.7 149.3 100.6 115.7 165.7 196.7 202.2 230.8 174.1 92.6 134.4 153.4 160.8 85.4 98.7 103.0 94.5 98.0 125.0 111.3 118.9 130.5 133.5 133.9 151.0 172.9 36.7 40.8 19.8 17.9 21.8 23.6 27.6 30.3 33.3 36.0 35.0 39.0 50.8 197.3 213.1 155.2 160.8 192.4 203.1 221.3 231.1 245.1 243.6 247.0 258.1 272.7 30.8 32.4 25.3 31.1 35.7 40.9 37.5 44.8 42.4 43.8 44.0 42.8 40.2 82.5 73.2 58.4 65.3 68.1 77.6 77.5 82.4 86.0 86.9 90.5 89.2 98.8 67.4 79.6 55.7 59.0 72.7 81.8 92.6 111.0 116.6 109.7 108.5 122.4 130.8 106.1 103.3 88.4 97.2 100.1 106.5 123.9 132.0 132.7 142.9 158.9 175.1 176.8 173.4 132.9 99.5 103.1 109.2 130.2 137.8 153.3 164.6 161.7 163.0 181.5 195.2 117.5 106.9 72.9 81.3 91.1 115.7 114.2 121.9 151.9 150.7 161.4 173.9 180.2 31.8 33.0 28.2 28.2 28.1 31.6 35.7 30.4 33.3 31.7 37.2 42.0 43.6 84.2 90.2 79.4 78.4 83.1 88.9 94.2 89.0 93.8 93.6 104.6 108.6 114.4 134.8 84.2 138.7 79.7 127.0 75.4 100.6 69.5 100.4 73.4 110.0 89.2 122.1 90.4 126.8 91.3 140.6 93.9 148.3 95.4 154.8 101.0 157.6 �������������� 164.5 111.4 2020 �������� 2021 p ������� 1,707.8 1,681.7 1,598.8 1,681.7 3.2 3.1 97.7 91.1 182.2 177.8 52.1 44.9 256.7 282.2 36.0 40.4 105.2 120.3 97.8 93.7 169.8 194.5 174.9 174.3 136.0 158.3 40.3 46.6 104.8 113.9 142.0 109.0 140.7 �������������� 1 Includes the following industries: Management of companies and enterprises; administrative and support and waste management; educational services; arts, entertainment, and recreation; accommodation and food services; and other services (except public administration). Also includes an item for structure and equipment expenditures serving multiple industry categories. Note: Data from Annual Capital Expenditures. Industry data are based on the North American Industry Classification System (NAICS). Data shown in this table are capital expenditures for both new and used structures and equipment. Source: Department of Commerce (Bureau of the Census). 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force In June, unemployment as measured by the household survey rose 162,000 to 6.8 million. MILLIONS OF PERSONS* MILLIONS OF PERSONS* 176 176 SEASONALLY ADJUSTED 172 168 172 168 CIVILIAN LABOR FORCE 164 164 160 160 156 156 152 152 148 148 144 144 CIVILIAN EMPLOYMENT 140 140 136 136 132 132 128 128 28 24 28 24 20 20 UNEMPLOYMENT 16 16 12 12 8 8 4 0 4 0 2016 2017 2018 2019 2020 2021 2022 2023 *16 YEARS OF AGE AND OVER SOURCE: DEPARTMENT OF LABOR 2024 COUNCIL OF ECONOMIC ADVISERS [Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA] Period Civilian noninsti- Civilian labor tutional force population (NSA) Civilian employment Total Men 20 years and over Women 20 years and over Percent 1 Chart 11 - Jun 2024 Unemployment Both sexes 16–19 years Total Men 20 years and over Women 20 years and over Both sexes 16–19 years Not in labor force Labor Employ- Unemployforce ment/ participa- population ment tion rate ratio rate 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2023 �������������������� 2023: June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 247,947 250,801 253,538 255,079 257,791 259,175 260,329 261,445 263,973 266,942 266,801 267,002 267,213 267,428 267,642 267,822 267,991 155,922 157,130 159,187 160,320 162,075 163,539 160,742 161,204 164,287 167,116 167,000 167,113 167,840 167,897 167,723 168,127 167,451 146,305 148,834 151,436 153,337 155,761 157,538 147,795 152,581 158,291 161,037 161,004 161,209 161,500 161,550 161,280 161,866 161,183 75,471 76,776 78,084 78,919 80,211 80,917 76,227 78,216 81,409 82,698 82,836 82,896 82,800 82,853 82,526 83,084 82,958 66,287 67,323 68,387 69,344 70,424 71,470 66,873 69,099 71,283 72,692 72,605 72,837 73,107 73,119 73,066 73,049 72,587 4,548 4,734 4,965 5,074 5,126 5,150 4,695 5,266 5,600 5,647 5,563 5,476 5,593 5,578 5,688 5,733 5,638 9,617 8,296 7,751 6,982 6,314 6,001 12,947 8,623 5,996 6,080 5,997 5,904 6,340 6,347 6,443 6,262 6,268 4,585 3,959 3,675 3,287 2,976 2,819 6,118 4,302 2,867 2,985 2,941 2,874 3,151 3,271 3,161 3,172 3,050 3,926 3,371 3,151 2,868 2,578 2,435 5,804 3,625 2,453 2,382 2,358 2,330 2,407 2,333 2,421 2,350 2,460 1,106 966 925 827 759 746 1,025 696 675 713 698 699 781 743 861 739 758 92,025 93,671 94,351 94,759 95,716 95,636 99,587 100,241 99,686 99,826 99,801 99,889 99,374 99,531 99,919 99,695 100,540 62.9 62.7 62.8 62.9 62.9 63.1 61.7 61.7 62.2 62.6 62.6 62.6 62.8 62.8 62.7 62.8 62.5 59.0 59.3 59.7 60.1 60.4 60.8 56.8 58.4 60.0 60.3 60.3 60.4 60.4 60.4 60.3 60.4 60.1 6.2 5.3 4.9 4.4 3.9 3.7 8.1 5.3 3.6 3.6 3.6 3.5 3.8 3.8 3.8 3.7 3.7 2024: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� 267,540 267,711 267,884 268,066 268,248 268,438 167,276 167,426 167,895 167,982 167,732 168,009 161,152 160,968 161,466 161,491 161,083 161,199 82,304 82,178 82,543 82,318 81,986 82,618 73,144 73,182 73,061 73,334 73,226 72,798 5,704 5,608 5,862 5,839 5,871 5,782 6,124 6,458 6,429 6,492 6,649 6,811 3,060 3,002 2,855 3,064 3,243 3,227 2,385 2,653 2,731 2,655 2,586 2,788 679 803 842 772 821 795 100,265 100,285 99,989 100,083 100,516 100,429 62.5 62.5 62.7 62.7 62.5 62.6 60.2 60.1 60.3 60.2 60.1 60.1 3.7 3.9 3.8 3.9 4.0 4.1 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 June, the unemployment rate rose to 4.1 percent. PERCENT (SEASONALLY ADJUSTED) PERCENT (SEASONALLY ADJUSTED) 35 35 30 30 25 25 20 20 15 15 BLACK OR AFRICAN AMERICAN1 10 TEENAGERS (16-19) 10 MEN 20 YEARS AND OVER 1,2 HISPANIC 5 5 WHITE1 ALL CIVILIAN WORKERS 0 2020 WOMEN 20 YEARS AND OVER ASIAN1 0 2021 2022 2023 2024 2020 2021 2022 2023 2024 1 SEE FOOTNOTE 1 TABLE BELOW. HISPANIC OR LATINO ETHNICITY. SOURCE: DEPARTMENT OF LABOR 2 COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted, except as noted by NSA] Unemployment rate (percent of civilian labor force in group) Period 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2023 �������������������� 2023: June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2024: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� All civilian workers 6.2 5.3 4.9 4.4 3.9 3.7 8.1 5.3 3.6 3.6 3.6 3.5 3.8 3.8 3.8 3.7 3.7 3.7 3.9 3.8 3.9 4.0 4.1 Men 20 years and over Women 20 years and over 5.7 4.9 4.5 4.0 3.6 3.4 7.4 5.2 3.4 3.5 3.4 3.4 3.7 3.8 3.7 3.7 3.5 3.6 3.5 3.3 3.6 3.8 3.8 5.6 4.8 4.4 4.0 3.5 3.3 8.0 5.0 3.3 3.2 3.1 3.1 3.2 3.1 3.2 3.1 3.3 3.2 3.5 3.6 3.5 3.4 3.7 Both sexes 16–19 years 19.6 16.9 15.7 14.0 12.9 12.7 17.9 11.7 10.8 11.2 11.2 11.3 12.3 11.8 13.1 11.4 11.9 10.6 12.5 12.6 11.7 12.3 12.1 Black or African American White 5.3 4.6 4.3 3.8 3.5 3.3 7.3 4.7 3.2 3.3 3.1 3.1 3.4 3.4 3.5 3.3 3.5 3.4 3.4 3.4 3.5 3.5 3.5 11.3 9.6 8.4 7.5 6.5 6.1 11.4 8.6 6.1 5.5 6.0 5.7 5.3 5.7 5.8 5.8 5.2 5.3 5.6 6.4 5.6 6.1 6.3 By selected groups Hispanic or Latino ethnicity Asian 5.0 3.8 3.6 3.4 3.0 2.7 8.7 5.0 2.8 3.0 3.1 2.3 3.2 2.9 3.1 3.5 3.1 2.9 3.4 2.5 2.8 3.1 4.1 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 Chart 12 - Jun 2024 By race or ethnicity 1 By sex and age 7.4 6.6 5.8 5.1 4.7 4.3 10.4 6.8 4.3 4.6 4.2 4.4 4.9 4.6 4.8 4.6 5.0 5.0 5.0 4.5 4.8 5.0 4.9 Married men, spouse present 3.4 2.8 2.7 2.4 2.0 1.8 4.9 3.2 1.9 1.9 1.8 1.7 2.0 2.1 2.0 2.0 2.1 2.1 1.9 1.8 2.1 1.9 1.9 Women who maintain families (NSA) 8.6 7.4 6.8 6.2 5.4 5.0 9.6 7.1 4.8 4.6 4.8 4.5 4.9 4.0 4.6 4.8 4.7 5.4 5.5 5.3 4.8 4.4 6.2 Full-time workers 6.4 5.4 4.9 4.3 3.8 3.6 7.7 5.4 3.6 3.6 3.5 3.4 3.7 3.6 3.7 3.7 3.8 3.6 3.9 3.7 3.8 3.9 4.0 Part-time workers 5.4 4.9 4.8 4.6 4.4 4.1 10.0 5.1 4.1 4.0 4.0 4.1 4.4 4.3 4.6 3.9 3.8 4.2 3.9 4.4 4.2 4.0 4.2 Selected Measures of Unemployment and Unemployment Insurance Programs In June, the percentage of the unemployed who had been out of work for less than 5 weeks fell, while the percentages for 5 to 14 weeks, for 15 to 26 weeks, and for 27 weeks and over rose. The mean duration of unemployment fell to 20.7 weeks and the median duration rose to 9.8 weeks. PERCENT DISTRIBUTION* PERCENT DISTRIBUTION* 100 100 DURATION OF UNEMPLOYMENT 80 80 60 60 REASON FOR UNEMPLOYMENT JOB LOSERS 27 WEEKS AND OVER LESS THAN 5 WEEKS 40 40 REENTRANTS 5-14 WEEKS 20 20 JOB LEAVERS 15-26 WEEKS NEW ENTRANTS 0 0 2020 2021 2022 2023 2024 2020 2021 2022 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF LABOR 2023 2024 COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted, except as noted by NSA] Chart 13 - Jun 2024 Duration of unemployment Period Unemployment (thousands) Percent distribution Less than 5 weeks 5–14 weeks 15–26 weeks Reason for unemployment: percent distribution Number of weeks 27 weeks and over Average (mean) 1 Median Job losers Job leavers Reentrants New entrants State programs Insured unemployment (NSA) Initial claims (NSA) Insured unemployment, all programs (NSA) 2 Weekly average, thousands 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2023 �������������������� 2023: June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2024: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� 9,617 8,296 7,751 6,982 6,314 6,001 12,947 8,623 5,996 6,080 5,997 5,904 6,340 6,347 6,443 6,262 6,268 6,124 6,458 6,429 6,492 6,649 6,811 25.7 28.9 30.5 32.5 34.4 34.8 28.6 24.8 37.0 34.7 34.8 34.0 34.6 32.2 35.0 33.0 34.6 34.9 36.1 34.2 35.5 35.3 31.1 25.3 27.7 28.7 28.8 29.7 29.8 36.5 23.0 28.5 30.7 31.2 29.5 29.7 32.0 28.4 32.8 28.3 30.1 30.0 30.9 31.2 29.4 30.8 15.6 15.3 14.9 14.6 14.5 14.3 19.4 13.5 12.6 15.2 15.2 16.2 15.1 15.4 16.7 14.8 17.4 14.1 15.1 15.3 13.6 14.6 15.9 33.5 28.1 25.9 24.2 21.4 21.1 15.4 38.7 21.9 19.4 18.8 20.4 20.6 20.4 19.9 19.4 19.7 20.8 18.7 19.5 19.6 20.7 22.2 33.7 29.2 27.5 25.0 22.7 21.6 16.5 28.7 22.6 20.6 20.7 20.6 20.4 21.4 21.6 19.5 22.3 20.8 20.9 21.6 19.9 21.2 20.7 14.0 11.6 10.6 10.0 9.3 9.1 9.7 16.5 8.7 8.9 8.8 8.9 8.8 9.1 8.6 9.0 9.7 9.6 9.3 9.5 8.7 8.9 9.8 50.7 49.0 48.2 49.2 47.4 46.4 75.5 59.1 46.1 47.2 47.1 45.4 47.0 45.7 48.8 49.1 49.0 48.8 49.6 47.1 49.6 48.7 47.2 8.6 9.9 11.1 11.1 12.6 13.6 5.3 9.3 14.3 13.5 13.4 14.3 12.8 12.7 12.5 13.2 13.4 12.8 11.0 12.7 12.0 10.8 11.2 29.4 30.6 30.1 29.8 30.5 30.2 15.2 25.6 31.5 30.1 30.0 31.3 30.8 32.3 29.2 28.4 27.9 29.5 30.0 29.7 29.5 30.9 31.1 11.3 2,574 304 2,657 10.6 2,237 275 2,274 10.6 2,099 259 2,128 9.9 1,948 240 1,971 9.5 1,755 219 1,774 9.8 1,684 217 1,702 4.1 10,093 1,377 19,081 6.0 3,191 547 12,034 8.0 1,503 221 1,657 9.1 1,760 231 1,801 9.4 1,735 278 1,778 9.0 2,122 265 2,157 9.4 1,902 235 1,932 9.3 1,637 188 1,665 9.4 1,859 222 1,886 9.3 1,709 256 1,734 9.8 2,039 290 2,068 8.9 2,387 312 2,416 9.4 2,131 220 2,159 10.5 2,209 211 2,235 8.8 1,953 222 1,977 9.5 ��������������� ��������������� ����������������� 10.5 ��������������� ��������������� ����������������� 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. Also includes Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation (2020-2021), Emergency Unemployment Compensation (2008-2013), and Federal Additional Compensation (2009-2010). Note: Data relate to persons age 16 years and over (except for insured unemployment and initial claims). Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 Nonagricultural Employment Total nonagricultural employment as measured by the payroll survey rose by 206,000 in June. MILLIONS OF PERSONS* 160 ALL NONAGRICULTURAL ESTABLISHMENTS 155 MILLIONS OF PERSONS* 114 112 110 108 106 104 102 100 98 96 94 92 90 88 150 145 140 PRIVATE INDUSTRIES 135 28 26 24 22 20 18 16 14 12 10 130 125 120 115 105 24 22 20 GOVERNMENT 2020 2021 EDUCATION AND HEALTH SERVICES PROFESSIONAL AND BUSINESS SERVICES RETAIL TRADE 24 22 20 18 16 14 12 10 110 2022 2023 GOODS-PRODUCING MANUFACTURING 2020 2024 PRIVATE SERVICE-PROVIDING INDUSTRIES 2021 2022 *SEASONALLY ADJUSTED 2023 2024 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR [Thousands of wage and salary workers; 1 monthly data seasonally adjusted] Chart 14 - Jun 2024 Private industries Period Total nonagricultural employment Goods-producing industries Total private Total 2 Construc- Manufaction turing Private service-providing industries Trade, transportation, and utilities Total Total 3 Retail trade Information Financial activities Profes- Education Leisure sional and and and health hospitalbusiness services ity services Other services Government 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2023 �������������������� 2023: June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 138,939 141,824 144,335 146,607 148,908 150,904 142,186 146,285 152,520 156,051 156,027 156,211 156,421 156,667 156,832 157,014 157,304 117,058 119,795 122,111 124,257 126,454 128,291 120,200 124,311 130,329 133,269 133,270 133,418 133,568 133,764 133,862 134,014 134,228 19,226 19,610 19,749 20,084 20,704 21,037 20,023 20,350 21,179 21,598 21,597 21,604 21,637 21,664 21,654 21,690 21,723 6,151 6,461 6,728 6,969 7,288 7,493 7,257 7,436 7,763 8,018 8,010 8,021 8,052 8,065 8,087 8,102 8,120 12,185 12,336 12,354 12,439 12,688 12,817 12,167 12,354 12,812 12,940 12,945 12,939 12,941 12,954 12,923 12,948 12,960 97,831 100,185 102,362 104,173 105,750 107,254 100,177 103,961 109,150 111,671 111,673 111,814 111,931 112,100 112,208 112,324 112,505 26,253 26,754 27,124 27,336 27,549 27,662 26,624 27,653 28,632 28,847 28,860 28,869 28,840 28,882 28,888 28,843 28,867 15,313 15,559 15,777 15,789 15,728 15,560 14,809 15,253 15,489 15,590 15,594 15,599 15,594 15,612 15,613 15,570 15,603 2,726 2,750 2,794 2,814 2,839 2,864 2,721 2,856 3,063 3,027 3,043 3,015 2,997 3,008 2,982 2,999 3,012 7,977 8,123 8,287 8,451 8,590 8,754 8,704 8,806 9,062 9,197 9,201 9,219 9,223 9,223 9,223 9,227 9,233 19,174 19,747 20,168 20,563 21,008 21,334 20,376 21,386 22,537 22,840 22,883 22,866 22,865 22,864 22,859 22,869 22,882 21,439 22,029 22,639 23,188 23,638 24,163 23,275 23,652 24,336 25,342 25,277 25,386 25,479 25,560 25,637 25,747 25,831 14,696 15,160 15,660 16,051 16,295 16,586 13,148 14,151 15,827 16,593 16,588 16,629 16,681 16,708 16,765 16,775 16,816 5,567 5,622 5,691 5,770 5,831 5,891 5,329 5,457 5,694 5,826 5,821 5,830 5,846 5,855 5,854 5,864 5,864 21,882 22,029 22,224 22,350 22,455 22,613 21,986 21,973 22,191 22,782 22,757 22,793 22,853 22,903 22,970 23,000 23,076 2024: Jan ����������� Feb ����������� Mar ���������� Apr r ��������� May r �������� June p ������� 157,560 157,796 158,106 158,214 158,432 158,638 134,424 134,605 134,837 134,945 135,138 135,274 21,753 21,768 21,801 21,798 21,810 21,829 8,146 8,170 8,207 8,202 8,218 8,245 12,966 12,957 12,951 12,958 12,958 12,950 112,671 112,837 113,036 113,147 113,328 113,445 28,874 28,928 28,962 29,003 29,025 29,039 15,619 15,643 15,662 15,676 15,683 15,675 3,020 3,017 3,019 3,016 3,021 3,027 9,229 9,222 9,226 9,223 9,235 9,244 22,930 22,936 22,953 22,936 22,967 22,950 25,931 26,011 26,087 26,185 26,266 26,348 16,813 16,839 16,893 16,884 16,906 16,913 5,874 5,884 5,896 5,900 5,908 5,924 23,136 23,191 23,269 23,269 23,294 23,364 1 Data from the establishment survey. Includes all full- and part-time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period that includes the 12th of the month. Excludes proprietors, self-employed persons, unpaid family workers, and private household workers. Data from the household survey shown on p. 11 include those workers and also count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off. In the series shown here, persons who work at more than one job are counted each time they appear on a payroll, in contrast to the series shown on p. 11 where persons are counted only once—as employed, unemployed, or not in the labor force. See Employment and Earnings for details. 2 Includes mining and logging, not shown separately. 3 Includes wholesale trade, transportation and warehousing, and utilities, not shown separately. Note: Data classified by industry based on the 2022 North American Industry Classification System (NAICS). For details see Employment and Earnings. Source: Department of Labor (Bureau of Labor Statistics). 14 Average Weekly Hours, Hourly Earnings, and Weekly Earnings— Private Nonagricultural Industries [For production or nonsupervisory workers; monthly data seasonally adjusted] Average weekly hours Total private nonagricultural 1 Period Average gross hourly earnings Total private nonagricultural 1 Manufacturing Total Current dollars Overtime 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2023 �������������������� 2023: May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 33.7 33.7 33.6 33.7 33.8 33.6 33.9 34.2 34.0 33.9 33.8 33.8 33.8 33.8 33.8 33.8 33.7 33.8 42.0 41.8 41.9 41.9 42.2 41.6 40.7 41.4 41.0 40.7 40.8 40.8 40.7 40.8 40.7 40.7 40.5 40.3 4.5 4.3 4.3 4.3 4.6 4.3 3.7 4.1 4.0 3.6 3.6 3.6 3.7 3.6 3.6 3.5 3.4 3.5 2024: Jan ����������� Feb ����������� Mar ���������� Apr r ��������� May r �������� June p ������� 33.6 33.7 33.8 33.7 33.8 33.7 40.2 40.5 40.7 40.6 40.9 41.0 3.5 3.6 3.5 3.6 3.6 3.6 Manufacturing 1982-84 dollars 2 $20.60 21.03 21.53 22.05 22.71 23.51 24.68 25.90 27.56 28.94 28.79 28.90 29.03 29.09 29.18 29.29 29.42 29.51 Average gross weekly earnings Total private nonagricultural 1 Current dollars $8.85 9.07 9.20 9.22 9.26 9.43 9.78 9.75 9.57 9.68 9.68 9.69 9.72 9.68 9.67 9.70 9.74 9.74 $19.56 19.90 20.44 20.90 21.54 22.15 22.80 23.81 25.07 26.38 26.14 26.36 26.47 26.48 26.62 26.65 26.89 27.13 29.64 9.76 29.70 9.73 29.79 9.72 29.83 9.70 29.95 9.75 30.05 ����������������� 27.21 27.35 27.46 27.55 27.65 27.79 1982-84 dollars 2 $694.74 708.73 723.20 742.42 767.01 790.64 837.39 886.54 937.44 979.95 973.10 976.82 981.21 983.24 986.28 990.00 991.45 997.44 Percent change from a year earlier, total private nonagricultural Current dollars Manufacturing Construction Retail trade Current dollars $298.47 305.74 308.96 310.57 312.88 317.24 331.97 333.90 325.52 327.75 327.05 327.56 328.46 327.11 326.95 327.99 328.07 329.26 $822.00 832.18 855.77 876.10 908.01 921.68 928.94 986.27 1,028.10 1,073.49 1,066.51 1,075.49 1,077.33 1,080.38 1,083.43 1,084.66 1,089.05 1,093.34 $977.11 998.02 1,031.88 1,061.98 1,108.59 1,135.73 1,145.52 1,203.43 1,278.22 1,367.03 1,338.81 1,349.96 1,353.67 1,372.70 1,368.18 1,379.87 1,405.39 1,392.20 $431.05 444.45 446.47 462.08 482.25 502.16 541.29 570.57 598.03 623.35 619.33 622.90 623.50 626.24 629.22 625.09 625.70 625.74 995.90 328.09 1,000.89 328.00 1,006.90 328.49 1,005.27 326.92 1,012.31 329.39 1,012.69 ����������������� 1,093.84 1,107.68 1,117.62 1,118.53 1,130.89 1,139.39 1,373.17 1,391.59 1,414.00 1,391.61 1,411.71 1,425.60 624.58 627.25 631.18 626.68 631.48 635.69 1982-84 dollars 2 2.5 2.0 2.0 2.7 3.3 3.1 5.9 5.9 5.7 4.5 4.2 4.1 4.3 4.2 4.1 4.0 4.0 4.5 1.0 2.4 1.1 .5 .7 1.4 4.6 .6 –2.5 .7 .5 1.5 1.5 .7 .5 .9 1.0 1.2 3.5 .5 3.9 .7 3.9 .4 3.7 .3 4.0 .7 3.7 ������������������� 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 2014: 2015: 2016: 2017: 2018: 2019: 2020: 2021: 2022: 2023: Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ 122.2 124.5 127.2 130.5 134.4 138.0 141.6 147.8 155.3 161.6 121.6 124.2 127.1 130.6 134.7 138.7 142.6 149.7 157.4 164.1 123.5 125.1 127.3 130.2 133.6 136.2 139.1 143.2 150.1 155.5 ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� Seasonally adjusted 2021: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� Dec ������������������������������������������ 2022: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� Dec ������������������������������������������ 2023: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� Dec ������������������������������������������ 2024: Mar ����������������������������������������� 143.2 144.2 146.3 148.0 150.0 152.2 153.8 155.5 157.3 158.9 160.4 161.9 163.7 144.5 145.8 148.0 149.9 151.7 154.0 155.8 157.6 159.4 161.1 162.7 164.4 166.2 140.1 140.6 142.1 143.6 146.0 147.8 149.2 150.6 152.3 153.7 155.0 156.1 157.7 2.3 1.9 2.2 2.6 3.0 2.7 2.6 4.4 5.1 4.1 2.2 2.1 2.3 2.8 3.1 3.0 2.8 5.0 5.1 4.3 2.5 1.3 1.8 2.3 2.6 1.9 2.1 2.9 4.8 3.6 Not seasonally adjusted 1.0 .7 1.5 1.2 1.4 1.5 1.1 1.1 1.2 1.0 .9 .9 1.1 1.2 .9 1.5 1.3 1.2 1.5 1.2 1.2 1.1 1.1 1.0 1.0 1.1 0.5 .4 1.1 1.1 1.7 1.2 .9 .9 1.1 .9 .8 .7 1.0 2.8 3.1 4.1 4.4 4.8 5.5 5.2 5.1 4.8 4.5 4.3 4.1 4.1 3.0 3.5 4.6 5.0 5.0 5.7 5.2 5.1 5.1 4.6 4.5 4.3 4.3 2.5 2.0 2.6 2.9 4.1 5.3 5.0 4.8 4.3 3.9 3.9 3.6 3.6 1 Employer costs for employee benefits. Note: The employment cost index is a measure of the change in the cost of labor, free from the influence of employment shifts among occupations and industries. Data exclude farm and household workers. Source: Department of Labor (Bureau of Labor Statistics). 15 Productivity and Related Data, Business and Nonfarm Business Sectors Labor productivity (output per hour) Period Business sector Nonfarm business sector Hours of all persons 2 Output 1 Business sector Nonfarm business sector Business sector Nonfarm business sector Compensation per hour 3 Business sector Nonfarm business sector Real compensation per hour 4 Business sector Unit labor costs Nonfarm business sector Value-added price deflator 5 Business sector Nonfarm business sector Business sector Nonfarm business sector 95.8 97.4 97.9 100.0 101.9 103.7 106.6 109.9 116.3 119.5 106.6 107.6 104.4 107.8 107.3 109.0 111.2 112.1 114.4 115.8 117.8 117.2 119.2 119.9 119.9 119.1 120.3 95.7 97.4 98.0 100.0 102.0 103.7 106.6 109.9 116.2 119.4 106.6 107.5 104.3 107.9 107.3 109.0 111.2 112.1 114.4 115.7 117.7 117.1 119.1 119.8 119.9 119.0 120.2 97.3 97.7 98.4 100.0 102.1 103.5 103.8 109.1 117.6 121.4 104.0 102.7 103.9 104.6 106.3 108.2 109.9 112.0 114.6 117.5 118.7 119.7 120.7 121.0 121.9 122.1 122.9 97.0 97.6 98.5 100.0 102.1 103.6 104.0 109.0 117.2 121.2 104.0 103.0 104.1 104.7 106.3 107.9 109.6 111.9 114.3 117.0 118.2 119.2 120.3 120.8 121.6 122.0 122.8 1.7 1.7 .6 2.1 1.9 1.8 2.8 3.1 5.8 2.7 11.6 4.0 –11.5 14.0 –2.1 6.5 8.2 3.5 8.5 5.0 7.0 –2.0 6.9 2.4 .2 –2.7 4.0 1.7 1.8 .6 2.1 2.0 1.7 2.8 3.2 5.7 2.8 11.8 3.7 –11.4 14.2 –1.9 6.5 8.1 3.4 8.3 4.7 7.1 –2.0 7.1 2.5 .1 –2.8 4.0 1.5 .4 .7 1.6 2.1 1.4 .3 5.1 7.8 3.2 .6 –4.7 4.7 2.7 6.6 7.3 6.6 8.0 9.6 10.5 4.0 3.5 3.3 1.1 2.8 .9 2.6 1.6 .7 .9 1.6 2.1 1.4 .4 4.8 7.5 3.4 .5 –4.1 4.4 2.3 6.5 6.3 6.4 8.4 9.0 9.9 3.9 3.5 3.9 1.4 3.0 1.2 2.7 Indexes, 2017=100; quarterly data seasonally adjusted 2014 ���������������� 2015 ���������������� 2016 ���������������� 2017 ���������������� 2018 ���������������� 2019 ���������������� 2020 ���������������� 2021 ���������������� 2022 ���������������� 2023 ���������������� 2020: I ������������ II ����������� III ���������� IV ���������� 2021: I ������������ II ����������� III ���������� IV ���������� 2022: I ������������ II ����������� III ���������� IV ���������� 2023: I ������������ II ����������� III ���������� IV ���������� 2024: I * ���������� 96.8 97.9 98.7 100.0 101.5 103.6 108.9 110.9 108.7 110.3 104.7 109.4 111.2 110.1 110.9 110.9 110.3 111.1 109.3 108.3 108.3 109.0 108.9 109.7 110.9 111.9 112.0 96.7 97.9 98.7 100.0 101.4 103.6 109.0 110.8 108.7 110.2 104.8 109.6 111.2 110.3 111.0 110.9 110.2 110.9 109.3 108.3 108.3 108.8 108.8 109.6 110.9 111.8 111.9 91.8 95.2 97.1 100.0 103.4 106.4 103.4 110.9 113.1 116.0 105.9 95.8 105.3 106.7 108.5 110.4 111.3 113.6 112.8 112.4 113.2 114.0 114.6 115.1 116.7 117.8 118.0 91.8 95.2 97.1 100.0 103.4 106.5 103.5 111.0 113.3 116.2 106.0 95.9 105.4 106.8 108.5 110.4 111.4 113.7 112.9 112.6 113.4 114.2 114.7 115.3 116.9 118.0 118.2 94.8 97.2 98.4 100.0 101.9 102.7 95.0 100.1 104.0 105.2 101.1 87.6 94.7 96.9 97.8 99.5 100.9 102.3 103.2 103.8 104.5 104.6 105.2 104.9 105.2 105.2 105.4 94.9 97.2 98.4 100.0 102.0 102.8 95.0 100.2 104.2 105.5 101.1 87.5 94.8 96.8 97.8 99.6 101.0 102.5 103.3 104.0 104.7 104.9 105.5 105.1 105.4 105.5 105.7 92.7 95.4 96.6 100.0 103.4 107.4 116.0 121.8 126.5 131.8 111.6 117.7 116.1 118.8 118.9 120.9 122.6 124.5 125.1 125.4 127.6 127.7 129.8 131.5 133.0 133.3 134.7 92.5 95.4 96.7 100.0 103.4 107.4 116.1 121.8 126.3 131.6 111.7 117.9 116.0 118.9 119.1 120.9 122.6 124.4 125.0 125.3 127.4 127.4 129.5 131.4 132.9 133.1 134.5 96.0 98.7 98.7 100.0 100.9 103.0 109.8 110.0 105.6 105.7 105.7 112.5 109.6 111.4 110.4 110.1 109.9 109.2 107.3 105.1 105.5 104.6 105.3 105.9 106.2 105.7 105.9 95.9 98.7 98.7 100.0 100.9 103.0 109.9 110.0 105.5 105.5 105.8 112.6 109.6 111.6 110.6 110.1 109.8 109.1 107.3 104.9 105.4 104.3 105.1 105.8 106.1 105.6 105.7 Percent change; quarterly data at seasonally adjusted annual rates 2014 ���������������� 2015 ���������������� 2016 ���������������� 2017 ���������������� 2018 ���������������� 2019 ���������������� 2020 ���������������� 2021 ���������������� 2022 ���������������� 2023 ���������������� 2020: I ������������ II ����������� III ���������� IV ���������� 2021: I ������������ II ����������� III ���������� IV ���������� 2022: I ������������ II ����������� III ���������� IV ���������� 2023: I ������������ II ����������� III ���������� IV ���������� 2024: I * ���������� 0.8 1.2 .8 1.3 1.5 2.1 5.1 1.8 –1.9 1.4 –1.0 19.2 6.8 –3.7 2.6 .2 –2.2 2.7 –6.2 –3.6 .0 2.5 –.1 3.1 4.4 3.6 .3 0.9 1.3 .8 1.3 1.4 2.2 5.2 1.7 –1.9 1.4 –.9 19.9 5.8 –3.3 2.5 –.1 –2.5 2.6 –5.7 –3.7 .0 2.1 –.3 3.3 4.6 3.5 .2 3.3 3.7 2.1 2.9 3.4 2.8 –2.8 7.2 1.9 2.6 –7.2 –32.9 46.0 5.4 6.7 7.2 3.3 8.8 –3.0 –1.3 2.7 2.9 2.1 2.0 5.6 3.7 .9 3.4 3.7 2.0 3.0 3.4 3.0 –2.8 7.2 2.1 2.6 –7.3 –32.8 45.8 5.4 6.5 7.3 3.4 8.9 –2.8 –1.1 2.8 2.8 1.8 2.0 5.8 3.8 .9 2.6 2.5 1.3 1.6 1.9 .8 –7.5 5.3 3.9 1.2 –6.3 –43.7 36.7 9.5 3.9 6.9 5.6 5.9 3.4 2.4 2.7 .4 2.2 –1.0 1.1 .1 .6 2.4 2.4 1.2 1.6 2.0 .8 –7.6 5.5 4.0 1.2 –6.4 –44.0 37.7 9.0 4.0 7.4 6.0 6.1 3.1 2.7 2.8 .8 2.1 –1.3 1.1 .2 .6 2.5 2.9 1.3 3.5 3.4 3.9 8.0 5.0 3.8 4.2 10.4 24.0 –5.5 9.7 .5 6.8 5.8 6.3 1.8 1.2 7.1 .4 6.7 5.5 4.6 .8 4.3 2.6 3.1 1.3 3.4 3.4 3.9 8.2 4.9 3.7 4.2 10.7 24.3 –6.2 10.4 .5 6.4 5.4 6.0 2.0 .8 7.1 .0 6.8 5.9 4.6 .6 4.2 0.8 2.7 .0 1.3 .9 2.0 6.6 .2 –4.0 .1 8.9 28.4 –9.8 6.8 –3.6 –1.3 –.7 –2.3 –6.9 –8.1 1.7 –3.5 2.8 2.4 1.1 –1.8 .5 0.9 2.9 .1 1.3 .9 2.0 6.7 .1 –4.1 .1 9.2 28.8 –10.5 7.5 –3.6 –1.7 –1.0 –2.5 –6.6 –8.5 1.7 –3.9 2.9 2.8 1.1 –2.0 .4 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 1978-2023 is based on the consumer price index retroactive series (R-CPI-U-RS). The change for recent quarters is based on the consumer price index for all urban consumers (CPI-U). 5 Current dollar gross domestic output divided by the output index. Note: Data relate to all persons engaged in the sector. Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. * Data based on GDP data released on May 30, 2024. 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 May. INDEX, 2017 = 100* (RATIO SCALE) 120 INDEX, 2017 = 100* (RATIO SCALE) 150 110 140 TOTAL INDUSTRIAL PRODUCTION 100 130 90 120 FINAL PRODUCTS DEFENSE AND SPACE EQUIPMENT 110 80 100 70 CONSUMER GOODS 90 120 MANUFACTURING 110 80 NONDURABLE 100 TOTAL1 90 BUSINESS EQUIPMENT 70 DURABLE 80 60 70 140 PERCENT* 86 UTILITIES AND MINING 130 CAPACITY UTILIZATION RATE (TOTAL INDUSTRY) 82 120 UTILITIES 78 110 74 100 70 MINING 90 66 62 80 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 1 SEE FOOTNOTE 1 TABLE BELOW *SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted] Total industrial production 1 Period 2014 r ������������������ 2015 r ������������������ 2016 r ������������������ 2017 r ������������������ 2018 r ������������������ 2019 r ������������������ 2020 r ������������������ 2021 r ������������������ 2022 r ������������������ 2023 r ������������������ 2023: May r �������� June r ������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 2024: Jan r ��������� Feb r ��������� Mar r �������� Apr r ��������� May p ������� Percent change 2 Index, 2017=100 102.3 100.9 98.7 100.0 103.2 102.4 95.1 99.3 102.7 102.9 103.0 102.4 103.1 103.1 103.3 102.6 102.9 102.6 101.7 102.7 102.5 102.4 103.1 From preceding month ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� –0.2 –.6 .7 .0 .2 –.7 .3 –.2 –.9 1.0 –.2 –.1 .7 Chart 17 - Jun 2024 Industry production indexes, 2017=100 Capacity utilization rate (output as percent of capacity) 1 Manufacturing From year earlier 3.0 –1.4 –2.1 1.3 3.2 –.7 –7.1 4.4 3.4 .2 .0 –.4 .0 –.1 –.2 –.8 –.2 .8 –1.0 –.1 –.3 –.8 .1 Total 1 100.7 100.2 99.4 100.0 101.3 99.3 92.8 97.4 100.0 99.5 99.8 99.2 99.4 99.5 99.6 98.9 99.3 99.2 98.2 99.3 99.5 98.9 99.5 Durable 101.5 100.4 98.4 100.0 103.1 100.2 91.3 96.8 100.7 100.9 101.5 100.9 101.5 101.0 101.0 99.6 101.0 100.6 99.6 100.9 101.1 100.6 101.1 Nondurable 99.3 99.7 100.5 100.0 99.6 98.7 94.9 98.5 100.0 99.1 99.1 98.5 98.4 99.0 99.2 99.1 98.8 99.1 97.8 98.8 99.0 98.3 99.0 Other (non-NAICS) 1 109.2 105.2 102.5 100.0 96.7 92.5 85.3 87.7 88.3 82.4 81.6 81.4 80.6 80.9 82.2 83.0 79.9 78.0 80.0 80.3 80.2 80.2 80.1 Mining 111.3 104.6 91.5 100.0 113.3 120.8 103.1 106.4 114.4 119.9 119.5 120.1 120.4 119.9 120.9 120.0 119.8 120.5 115.5 120.5 119.8 118.7 118.8 Utilities 102.0 101.2 100.8 100.0 104.9 104.0 101.0 103.0 106.2 104.1 103.3 101.7 105.9 106.2 106.2 105.8 105.6 103.1 107.5 103.6 101.1 105.8 107.6 Total industry Total manufacturing 78.9 77.3 75.6 76.8 79.8 78.6 72.9 77.7 80.7 79.0 79.2 78.6 79.0 78.9 78.9 78.3 78.4 78.1 77.4 78.1 77.8 77.7 78.2 76.0 76.4 75.7 76.6 78.4 77.2 72.7 77.2 79.4 78.2 78.5 78.0 78.1 78.1 78.1 77.4 77.7 77.6 76.7 77.4 77.5 76.9 77.3 1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industries—logging and newspaper, periodical, book and directory-publishing—that have traditionally been included in manufacturing. 2 Percent changes based on unrounded indexes. Note: Data based on NAICS except series as defined in footnote 1. Data revised to reflect annual revisions. See release G.17 (419) Industrial Production and Capacity Utilization: 2024 Annual Revision, released June 28, 2024, for details on the revisions. Source: Board of Governors of the Federal Reserve System. 17 Industrial Production— Major Market Groups and Selected Manufactures Industrial Production—Major Market Groups [2017=100; monthly data seasonally adjusted] Products and nonindustrial supplies Materials Final products Period Nonindustrial supplies Consumer goods Total 2014 r.����������������� 2015 r ������������������ 2016 r ������������������ 2017 �������������������� 2018 r ������������������ 2019 r ������������������ 2020 r ������������������ 2021 r ������������������ 2022 r ������������������ 2023 r ������������������ 2023: May r �������� June r ������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 2024: Jan r ��������� Feb r ��������� Mar r �������� Apr r ��������� May p ������� Total 101.8 101.1 99.2 100.0 101.9 100.3 93.9 98.3 101.3 101.0 101.4 100.2 101.2 101.3 101.1 100.4 101.1 100.8 100.3 100.9 100.6 100.3 101.1 99.4 100.8 101.3 100.0 100.6 100.2 96.9 101.1 102.7 102.0 102.3 100.7 101.9 102.2 102.1 101.4 102.1 102.0 101.5 101.9 101.4 101.2 102.2 Durable goods 95.6 99.3 101.1 100.0 102.6 100.9 95.4 104.9 106.6 106.1 108.2 104.9 107.9 106.1 106.7 102.2 106.8 107.8 105.2 108.4 109.3 107.5 108.2 Equipment Nondurable goods 100.5 101.2 101.3 100.0 100.1 100.0 97.3 100.1 101.6 100.8 100.6 99.5 100.3 101.1 100.9 101.2 100.8 100.4 100.5 100.1 99.2 99.5 100.6 Total 1 106.8 101.8 94.9 100.0 104.7 100.5 87.3 92.0 98.7 99.4 99.7 99.6 100.0 99.9 99.1 98.5 99.2 98.7 97.9 99.0 99.2 98.7 99.0 Business 102.9 100.7 95.4 100.0 103.5 96.1 83.7 88.5 95.8 95.4 95.7 95.6 96.0 95.8 94.9 94.1 95.0 94.5 93.5 94.9 94.9 94.4 94.7 Defense and space Total 104.3 101.3 97.7 100.0 103.7 114.1 107.7 109.3 107.3 114.5 113.6 114.9 116.0 116.7 116.3 116.8 117.3 116.9 117.4 117.6 118.1 119.0 119.9 100.0 99.3 99.7 100.0 101.8 99.9 94.7 99.1 102.9 101.0 100.8 100.6 100.7 100.9 101.1 101.0 100.6 100.3 99.9 101.2 100.8 100.8 101.0 Construction 97.1 97.8 98.7 100.0 101.7 100.3 96.4 100.9 103.7 101.1 101.2 100.8 100.7 100.3 101.0 100.8 100.7 100.3 99.0 101.3 101.1 100.1 99.5 Business 101.2 99.9 100.1 100.0 101.9 99.8 94.0 98.3 102.7 101.0 100.7 100.6 100.7 101.2 101.3 101.2 100.7 100.4 100.4 101.2 100.8 101.3 101.8 Total 1 103.4 101.1 97.9 100.0 104.8 105.3 96.3 100.2 103.8 105.1 105.1 104.8 105.5 105.3 106.0 105.0 105.2 104.9 103.5 104.8 104.7 104.8 105.6 Energy 106.2 102.8 95.2 100.0 110.3 115.7 103.2 106.1 112.7 117.1 116.5 116.3 118.0 118.2 118.8 118.2 117.9 117.3 115.7 117.2 116.7 117.6 118.2 1 Includes other items, not shown separately Note: See Note, p. 17. Industrial Production—Selected Manufactures [2017=100; monthly data seasonally adjusted] Durable manufactures Computer and electronic products Primary metals Period Total 2014 r.����������������� 2015 r ������������������ 2016 r ������������������ 2017 �������������������� 2018 r ������������������ 2019 r ������������������ 2020 r ������������������ 2021 r ������������������ 2022 r ������������������ 2023 r ������������������ 2023: May r �������� June r ������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 2024: Jan r ��������� Feb r ��������� Mar r �������� Apr r ��������� May p ������� 113.5 105.7 101.0 100.0 103.2 97.3 86.6 96.1 94.6 94.8 95.1 95.7 94.4 94.1 96.1 93.4 94.7 94.9 92.8 93.1 93.6 92.5 93.4 Iron and steel products 112.2 101.5 96.8 100.0 103.4 95.2 87.1 102.1 95.7 96.8 97.8 98.0 96.7 96.6 96.9 95.9 96.4 96.0 93.2 93.9 93.7 91.8 92.7 Fabricated metal products 106.1 102.6 98.8 100.0 104.5 102.4 93.1 96.7 100.4 99.6 100.0 100.0 99.8 99.3 99.4 99.3 99.2 98.7 99.4 100.0 99.6 99.4 99.9 Nondurable manufactures Machinery Total 112.7 103.7 95.8 100.0 104.6 101.5 90.6 97.6 102.9 100.9 101.0 99.0 100.0 100.9 100.2 99.1 99.9 98.8 98.1 100.0 98.5 97.7 98.8 90.1 90.9 93.2 100.0 104.7 106.4 105.7 110.2 112.8 114.3 113.9 114.6 115.6 115.1 114.3 115.9 116.3 115.8 116.6 116.5 116.8 117.4 118.0 Selected high-technology 1 82.6 85.7 91.4 100.0 108.5 114.3 116.2 126.5 134.7 142.4 142.4 142.4 144.5 143.7 144.0 146.5 147.4 147.8 148.1 147.6 148.5 150.0 150.8 Transportation equipment Total 98.2 100.9 98.4 100.0 102.1 97.2 82.3 88.0 93.4 98.2 100.6 98.8 101.5 99.3 99.0 94.0 99.2 99.7 97.2 99.8 101.7 100.8 101.4 1 Computers and peripheral equipment, communications equipment, and semiconductors and related electronic components Note: See Note, p. 17. Source: Board of Governors of the Federal Reserve System. 18 Motor vehicles and parts 94.7 99.7 101.0 100.0 104.1 102.3 88.1 94.4 101.2 106.4 110.7 107.1 111.6 107.5 107.2 98.6 107.3 108.7 104.3 109.3 112.3 110.2 110.8 Apparel 115.8 110.0 103.3 100.0 95.5 96.8 80.7 89.5 84.2 80.3 83.7 80.5 79.7 77.9 75.8 74.6 73.1 71.5 70.8 69.8 67.8 70.1 70.0 Printing and related support activities 100.0 99.0 100.6 100.0 99.8 93.6 84.8 85.8 89.3 83.3 84.6 81.8 82.5 83.4 81.4 80.6 80.9 80.6 81.7 82.9 83.7 84.6 83.7 Chemicals 102.3 101.9 101.4 100.0 98.6 97.2 95.3 99.7 102.2 103.7 103.7 103.9 103.6 104.1 104.4 103.5 103.1 103.7 101.8 103.7 103.5 102.9 104.2 Food 96.1 97.5 99.6 100.0 100.3 101.1 102.6 103.0 104.8 103.1 103.9 102.3 101.4 102.2 102.1 102.7 102.4 102.4 101.6 102.1 101.4 101.8 102.0 New Construction [Billions of dollars; monthly data at seasonally adjusted annual rates] Private Period 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 r ������������������ 2023 r ������������������ 2023: May r �������� June r ������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 2024: Jan r ��������� Feb r ��������� Mar r �������� Apr r ��������� May p ������� Total new construction expenditures 1,015.3 1,132.1 1,213.1 1,279.8 1,333.2 1,391.0 1,499.6 1,653.4 1,902.7 2,023.7 2,011.8 2,023.0 2,027.4 2,047.4 2,055.2 2,071.1 2,090.7 2,101.3 2,122.2 2,133.8 2,135.8 2,142.1 2,139.8 Residential Total New housing Total 1 739.2 838.3 916.2 983.3 1,023.0 1,046.7 1,130.4 1,295.8 1,519.2 1,573.0 1,567.2 1,572.0 1,579.6 1,593.3 1,592.4 1,595.1 1,610.8 1,618.4 1,644.0 1,653.4 1,650.3 1,656.7 1,652.1 Federal and State and local Nonresidential 377.5 431.8 479.4 539.0 557.6 546.6 634.7 799.2 922.8 866.9 862.0 864.8 874.2 876.6 877.6 877.6 879.1 886.4 904.2 914.1 911.9 920.3 918.2 Total 242.8 283.3 315.8 344.2 367.1 362.2 401.1 530.0 568.0 536.2 520.8 532.5 543.6 549.5 553.5 552.9 560.4 565.3 567.9 571.8 571.9 570.5 567.5 Lodging 361.7 406.6 436.8 444.3 465.5 500.1 495.6 496.6 596.5 706.1 705.3 707.2 705.5 716.7 714.8 717.5 731.7 732.0 739.8 739.3 738.4 736.5 733.9 Commercial (including farm) Office 16.3 21.4 26.6 28.1 30.5 32.3 27.4 18.6 19.7 24.3 24.8 25.5 24.9 25.4 24.8 24.5 23.9 23.8 23.0 22.9 22.6 22.4 22.4 38.9 47.9 59.8 59.9 66.8 77.5 80.5 77.5 82.4 84.3 83.8 83.3 82.0 83.5 83.8 83.8 85.6 84.4 85.0 85.5 84.7 83.8 82.4 Manufacturing 60.9 64.5 75.5 84.5 82.8 80.3 85.6 93.7 127.2 137.1 140.8 140.2 140.1 139.6 139.9 133.4 130.7 127.7 126.4 125.4 124.7 122.6 121.8 Other 2 60.1 82.4 78.9 70.0 72.0 80.5 75.1 81.6 124.5 193.1 194.1 197.1 196.4 200.9 194.9 202.1 211.5 212.5 222.5 223.8 224.8 230.3 233.3 185.5 190.4 196.0 201.9 213.4 229.5 227.1 225.2 242.8 267.3 261.7 261.1 262.1 267.3 271.4 273.7 280.0 283.6 283.0 281.6 281.6 277.5 274.1 New houses sold New houses for sale at end of period 3 276.1 293.8 297.0 296.5 310.2 344.3 369.2 357.6 383.5 450.7 444.6 451.0 447.8 454.1 462.8 476.1 479.9 482.9 478.2 480.4 485.5 485.4 487.6 1 Includes residential improvements, not shown separately. 2 Includes health care, educational, communication, and power, among other categories not shown separately. Note: Data revised to reflect annual revisions. Source: Department of Commerce (Bureau of the Census). New Private Housing and Vacancy Rates [Thousands of units or houses, except as noted] New housing units authorized 2 New housing units started Type of structure Period Total 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2023 �������������������� 1,003.3 1,111.8 1,173.8 1,203.0 1,249.9 1,290.0 1,379.6 1,601.0 1,552.6 1,420.0 1 unit 647.9 714.5 781.5 848.9 875.8 887.7 990.5 1,127.2 1,005.2 947.7 Type of structure 2–4 units 1 13.7 11.5 11.5 11.4 13.9 13.4 12.3 11.7 16.4 13.4 5 units or more Total 341.7 385.8 380.8 342.7 360.3 388.9 376.8 462.1 531.0 458.8 1,052.1 1,182.6 1,206.6 1,282.0 1,328.8 1,386.0 1,471.1 1,737.0 1,680.4 1,511.1 1 unit 640.3 696.0 750.8 820.0 855.3 862.1 979.4 1,115.4 973.9 920.0 2–4 units 5 units or more New housing units completed Vacancy rate for rental housing units (percent) 4 29.9 32.1 34.8 37.2 39.7 42.6 47.2 52.9 55.2 54.7 382.0 454.5 421.1 424.8 433.8 481.4 444.5 568.8 651.3 536.4 883.8 968.2 1,059.7 1,152.9 1,184.9 1,255.1 1,286.9 1,341.0 1,390.5 1,448.8 437 501 561 613 617 683 822 771 641 666 210 232 254 293 346 321 297 386 451 449 7.6 7.1 6.9 7.2 6.9 6.8 6.3 6.1 5.8 6.5 57 55 49 64 51 51 50 51 51 57 52 56 57 557 492 499 542 482 497 459 462 426 479 449 407 386 1,499 1,480 1,343 1,373 1,466 1,382 1,466 1,557 1,504 1,698 1,491 1,652 1,514 741 666 700 652 694 673 611 654 664 643 684 698 619 426 428 427 428 435 442 450 449 461 465 469 474 481 �������������������� 6.3 �������������������� �������������������� 6.6 �������������������� �������������������� 6.6 �������������������� �������������������� 6.6 �������������������� �������������������� Seasonally adjusted annual rates 2023: May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2024: Jan ����������� Feb r ��������� Mar r �������� Apr r ��������� May p ������� 1,583 1,415 1,473 1,305 1,363 1,365 1,510 1,568 1,376 1,546 1,299 1,352 1,277 999 930 999 943 973 975 1,126 1,078 1,011 1,134 1,041 1,036 982 ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 575 470 464 355 376 373 371 471 347 396 251 310 278 1,532 1,493 1,501 1,578 1,515 1,534 1,508 1,530 1,508 1,563 1,485 1,440 1,399 918 946 953 972 982 986 999 1,017 1,031 1,027 984 977 956 1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards. 2 Beginning with January 2023, an annually updated universe based on approximately 20,100 permit-issuing places. 3 Seasonally adjusted. 4 Quarterly data are three-month averages. Annual data are averages of quarterly data. Source: Department of Commerce (Bureau of the Census). 19 Business Sales and Inventories—Manufacturing and Trade In April, according to preliminary estimates, manufacturing and trade sales rose 0.2 percent. In May, manufacturing and trade inventories rose $12.2 billion and retail inventories rose $5.4 billion. In May, retail sales rose 0.2 percent and retail and food services sales rose 0.1 percent. BILLIONS OF DOLLARS* (RATIO SCALE) 2,800 2,700 2,600 BILLIONS OF DOLLARS* (RATIO SCALE) 850 800 RETAIL INVENTORIES 750 2,500 700 2,400 650 2,300 MANUFACTURING AND TRADE INVENTORIES 2,200 2,100 RETAIL AND FOOD SERVICES SALES 600 550 2,000 RETAIL SALES 500 1,900 450 1,800 MANUFACTURING AND TRADE SALES 1,700 400 1,600 350 1,500 1,400 1,300 1,200 1,100 1,000 2020 2021 2022 2023 2024 RATIO* 2.00 1.90 INVENTORY/SALES RATIO 1.80 1.70 1.60 1.50 MANUFACTURING 1.40 AND TRADE 1.30 1.20 RETAIL 1.10 1.00 2020 2021 2022 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE 2023 2024 COUNCIL OF ECONOMIC ADVISERS [Millions of dollars, except ratios; seasonally adjusted, except as noted] Manufacturing and trade 1 Period 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2023 �������������������� 2023: Apr r ��������� May r �������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� Sales 2 1,346,111 1,303,168 1,295,591 1,357,499 1,437,439 1,434,972 1,381,734 1,633,429 1,834,935 1,837,800 1,822,598 1,824,199 1,814,826 1,827,974 1,851,786 1,870,783 1,850,769 1,849,411 1,855,254 2024: Jan ����������� 1,834,816 Feb ����������� 1,860,134 Mar r �������� 1,857,124 r Apr ��������� 1,861,221 p May ������� ����������������������� Inventories 3 Wholesale Inventory/sales ratio 4 1,789,576 1,822,793 1,857,230 1,917,272 2,001,961 2,042,803 1,991,890 2,257,524 2,529,366 2,534,336 2,520,942 2,518,203 2,515,746 2,513,472 2,523,756 2,530,833 2,528,517 2,523,556 2,534,336 1.32 1.39 1.42 1.39 1.36 1.42 1.44 1.29 1.34 1.37 1.38 1.38 1.39 1.38 1.36 1.35 1.37 1.36 1.37 Sales 2 468,666 448,277 444,712 475,081 508,768 506,978 484,270 583,475 671,342 660,152 654,353 653,729 645,257 652,076 663,590 676,535 667,754 664,096 667,789 2,533,958 1.38 658,352 2,540,743 1.37 671,529 2,537,490 1.37 662,797 2,546,401 1.37 663,752 2,558,558 ����������������������� ����������������������� Inventories 3 585,479 596,937 611,409 632,608 671,067 679,805 666,011 785,340 922,988 898,541 911,195 906,527 902,016 899,541 899,169 899,500 896,495 894,166 898,541 Retail Inventory/sales ratio 4 20 Inventories 3 1.22 1.33 1.36 1.31 1.28 1.35 1.37 1.23 1.31 1.37 1.39 1.39 1.40 1.38 1.36 1.33 1.34 1.35 1.35 386,694 393,805 403,913 420,018 437,782 450,123 463,809 543,320 586,750 600,011 594,962 597,315 596,128 599,037 603,784 608,307 606,596 606,035 608,730 561,265 587,627 610,018 625,639 653,345 655,336 623,463 663,693 747,278 779,613 754,730 758,968 761,976 761,675 769,415 774,984 775,813 773,633 779,613 1.43 1.46 1.50 1.47 1.45 1.46 1.34 1.15 1.24 1.27 1.27 1.27 1.28 1.27 1.27 1.27 1.28 1.28 1.28 434,766 445,849 458,743 477,739 498,707 514,480 518,310 613,705 668,429 691,185 683,698 687,470 686,757 690,408 695,476 701,286 699,977 700,707 703,256 896,497 1.36 898,704 1.34 894,435 1.35 896,630 1.35 901,581 ����������������������� 601,921 606,720 610,060 608,440 609,474 782,409 784,754 785,658 791,467 796,844 1.30 1.29 1.29 1.30 1.31 695,631 700,519 703,738 702,458 703,088 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). Sales 2 Chart 20 - Jun 2024 Retail and food Inventory/sales services sales 2 4 ratio Manufacturers’ Shipments, Inventories, and Orders In May, manufacturers’ shipments and new orders fell, while inventories and unfilled orders rose. BILLIONS OF DOLLARS* (RATIO SCALE) 640 580 SHIPMENTS 540 TOTAL 500 460 420 380 NONDURABLE GOODS 340 BILLIONS OF DOLLARS* (RATIO SCALE) 940 INVENTORIES 880 820 760 TOTAL 700 660 620 580 DURABLE GOODS 540 500 460 420 300 260 380 DURABLE GOODS 220 340 180 300 NONDURABLE GOODS 260 140 220 BILLIONS OF DOLLARS* (RATIO SCALE) 640 580 NEW ORDERS 540 500 TOTAL 460 420 380 180 RATIO* 2.00 1.90 340 1.80 300 1.70 260 1.60 DURABLE GOODS 220 INVENTORY/SHIPMENTS RATIO 1.50 1.40 180 1.30 1.20 140 2021 2020 2023 2022 2024 2020 2021 2023 2022 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Manufacturers’ shipments 1 Manufacturers’ inventories 2 Manufacturers’ new orders 1 Chart 21- Jun 2024 Durable goods Period Total Durable goods 2024 Nondurable goods Total Durable goods Nondurable goods Total Total Capital goods industries, nondefense Manufacturers’ unfilled orders 2 Manufacturers’ inventory/ shipments ratio 3 Millions of dollars, seasonally adjusted, except as noted 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2023 �������������������� 2023: May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 490,751 461,086 446,966 462,400 490,889 477,871 433,655 506,634 576,843 577,637 573,155 573,441 576,861 584,412 585,941 576,419 579,280 578,735 233,108 231,822 226,344 230,618 244,005 238,376 218,622 246,071 272,620 281,052 282,679 282,829 283,129 284,398 282,905 279,075 282,224 280,897 257,643 229,264 220,623 231,782 246,884 239,496 215,033 260,563 304,222 296,585 290,476 290,612 293,732 300,014 303,036 297,344 297,056 297,838 642,832 638,229 635,803 659,025 677,549 707,662 702,416 808,491 859,100 856,182 852,708 851,754 852,256 855,172 856,349 856,209 855,757 856,182 389,717 393,017 380,261 389,605 408,687 430,767 429,342 492,958 520,147 525,831 522,269 522,540 522,076 523,084 523,370 524,220 524,087 525,831 253,115 245,212 255,542 269,420 268,862 276,895 273,074 315,533 338,953 330,351 330,439 329,214 330,180 332,088 332,979 331,989 331,670 330,351 496,046 452,778 441,331 457,693 485,141 463,440 429,282 513,660 578,385 582,843 577,769 585,469 579,559 585,331 593,919 576,365 597,695 585,235 238,403 223,515 220,708 225,912 238,257 223,944 214,249 253,097 274,163 286,258 287,293 294,857 285,827 285,317 290,883 279,021 300,639 287,397 83,765 70,382 69,092 72,832 70,998 60,616 61,108 76,216 83,782 91,803 91,942 99,644 90,739 88,789 96,830 86,154 107,388 95,548 1,251,037 1,200,531 1,183,458 1,179,941 1,165,561 1,045,883 1,046,684 1,190,351 1,269,711 1,388,697 1,305,751 1,322,733 1,330,381 1,336,174 1,349,113 1,353,995 1,377,332 1,388,697 1.31 1.40 1.42 1.39 1.37 1.46 1.62 1.49 1.47 1.48 1.49 1.49 1.48 1.46 1.46 1.49 1.48 1.48 2024: Jan ����������� Feb ����������� Mar ���������� Apr r ��������� May p ������� 574,543 581,885 584,267 589,029 584,805 279,424 282,084 282,410 285,652 284,592 295,119 299,801 301,857 303,377 300,213 855,052 857,285 857,397 858,304 860,133 526,529 528,154 527,903 528,539 529,930 328,523 329,131 329,494 329,765 330,203 571,657 579,666 583,953 586,114 583,134 276,538 279,865 282,096 282,737 282,921 82,898 85,806 86,859 84,376 83,562 1,390,645 1,393,319 1,397,856 1,399,682 1,402,769 1.49 1.47 1.47 1.46 1.47 1 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales. 2 Seasonally adjusted, end of period. 3 Annual data are averages of seasonally adjusted monthly ratios. Note: Manufacturers’ nondurable new orders (not shown) are the same as nondurable shipments. Also, there are no unfilled nondurable orders; data shown for total unfilled orders are durable unfilled orders. Total and durable shipments and inventories include data on semiconductors; new and unfilled orders do not. Source: Department of Commerce (Bureau of the Census). 21 PRICES Producer Prices The producer price index for final demand fell 0.2 percent in May. Prices for final demand goods fell 0.8 percent and prices for final demand services were flat. INDEX, NOV. 2009=100 (RATIO SCALE) INDEX, NOV. 2009=100 (RATIO SCALE) 150 SEASONALLY ADJUSTED FINAL DEMAND 145 140 135 130 125 FINAL DEMAND SERVICES FINAL DEMAND 120 115 110 FINAL DEMAND GOODS 105 100 2016 2017 2018 2019 2021 2020 2022 2023 2024 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR [November 2009=100, except as noted; monthly data seasonally adjusted] Final demand goods Period Total final demand 1 Final demand services Total Foods 2 Energy Less food and energy Total Trade 3 Transportation and warehousing Other Processed goods Final for intermediate demand demand (1982=100) less foods, energy, Less and food trade Total and (Aug. 2013 energy =100) 2 Unprocessed goods Chart 22 - Jun 2024 for intermediate demand (1982=100) Services for intermediNonfood ate materials demand Total less energy Rel. imp. 4 ����������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2023 �������������������� 2023: May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 100.0 110.9 109.9 110.4 113.0 116.2 118.2 118.4 126.710 138.753 141.549 140.664 140.672 141.461 142.353 142.658 142.191 142.267 142.170 30.162 114.0 109.1 107.6 111.2 115.0 115.5 113.8 125.828 142.595 142.991 141.171 141.078 141.389 143.773 145.037 143.233 142.960 142.811 5.633 121.6 118.4 115.1 116.5 116.7 118.9 120.4 130.989 149.299 150.536 149.533 149.005 149.444 148.916 149.456 149.798 150.798 150.780 5.517 124.2 98.6 90.4 99.8 110.0 105.0 91.5 119.522 156.168 143.783 135.406 135.983 137.020 149.155 153.943 144.051 141.212 140.056 19.012 109.5 109.9 110.7 113.2 116.0 117.6 118.5 126.218 136.802 140.747 140.747 140.567 140.615 140.768 141.135 141.257 141.429 141.558 67.184 109.0 110.0 111.5 113.5 116.5 119.1 120.2 126.657 135.932 139.702 139.173 139.225 140.321 140.566 140.449 140.580 140.824 140.746 19.195 110.2 111.6 113.1 114.8 116.9 119.7 121.7 130.682 148.779 151.455 151.927 150.682 153.298 153.087 151.396 151.414 152.081 150.323 4.931 117.7 115.3 113.5 115.9 122.0 125.5 121.2 130.894 154.323 150.584 148.976 148.475 148.772 148.781 149.372 150.058 149.708 149.481 43.059 107.5 108.7 110.6 112.8 115.8 118.2 119.5 124.466 128.299 133.215 132.398 133.029 133.591 134.044 134.487 134.604 134.739 135.353 69.655 101.5 102.1 103.3 105.4 108.4 110.6 111.4 117.081 124.167 128.131 127.580 127.879 128.182 128.493 128.885 129.015 129.107 129.490 100.0 201.9 188.0 182.2 190.7 200.9 198.1 192.5 229.979 267.939 258.108 255.775 254.438 253.608 258.663 259.969 257.498 255.588 254.490 72.451 195.2 189.4 186.9 193.3 201.8 201.1 198.9 232.983 261.127 257.092 258.627 257.598 256.291 255.773 255.860 255.709 255.045 255.497 100.0 249.3 189.1 173.4 190.8 200.1 185.9 167.6 242.264 316.821 255.504 245.079 242.227 248.175 253.449 260.916 256.642 251.309 241.012 24.801 345.7 296.0 288.0 324.1 340.7 323.4 346.0 462.581 490.668 445.707 453.543 447.375 434.553 433.754 432.037 431.979 434.930 436.349 100.0 108.9 110.2 112.1 115.0 118.6 121.4 121.9 130.683 139.795 145.955 145.468 145.484 146.456 146.296 146.741 146.753 147.485 148.164 2024: Jan r ��������� Feb r ��������� Mar r �������� Apr r ��������� May p ������� 142.683 143.522 143.429 144.179 143.822 142.643 144.263 144.051 144.645 143.511 150.285 151.851 152.491 151.556 151.398 138.482 143.814 141.975 144.766 137.875 141.921 142.411 142.467 142.805 143.187 141.562 142.077 142.031 142.865 142.846 150.510 150.997 149.774 150.706 150.965 149.192 150.983 151.317 150.603 148.537 136.533 136.924 137.315 138.265 138.347 130.276 130.740 131.009 131.619 131.634 254.209 257.788 256.459 257.861 254.048 256.307 257.485 256.599 257.307 257.591 244.751 243.936 240.295 246.236 241.878 430.833 423.296 424.173 426.927 434.788 149.437 149.411 149.753 150.220 150.414 1 Includes final demand construction, not shown separately. 2 Does not include food and beverages for immediate consumption, which are defined as the service of preparing meals, snacks, and beverages to customer order for immediate consumption. 3 Trade indexes measure changes in margins received by wholesalers and retailers. 4 Relative importance, December 2023. Source: Department of Labor (Bureau of Labor Statistics). 22 Consumer Prices—All Urban Consumers In May, the consumer price index for all urban consumers was flat; it rose 0.2 percent before seasonal adjustment. The index rose 3.3 percent from its year-earlier level. INDEX, 1982-84 = 100 (RATIO SCALE) 320 INDEX, 1982-84 = 100 (RATIO SCALE) 320 SEASONALLY ADJUSTED 310 310 300 300 290 290 280 280 CONSUMER PRICES—ALL ITEMS 270 270 260 260 250 250 240 240 230 230 220 220 210 210 200 200 2016 2017 2018 2019 2020 2021 2022 2023 SOURCE: DEPARTMENT OF LABOR 2024 COUNCIL OF ECONOMIC ADVISERS [1982–84=100, except as noted; monthly data seasonally adjusted, except as noted by NSA] All items Period Rel. imp. 4 ����������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2023 �������������������� 2023: May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2024: Jan r ��������� Feb r ��������� Mar r �������� Apr ����������� May ���������� Not seasonally Seasonally adjusted adjusted (NSA) 100.0 236.736 237.017 240.007 245.120 251.107 255.657 258.811 270.970 292.655 304.702 304.127 305.109 305.691 307.026 307.789 307.671 307.051 306.746 308.417 310.326 312.332 313.548 314.069 ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 303.365 304.003 304.628 306.187 307.288 307.531 308.024 308.742 309.685 311.054 312.230 313.207 313.225 All items less food and energy Total 1 79.578 237.897 242.247 247.602 252.169 257.565 263.211 267.693 277.255 294.307 308.381 307.646 308.245 308.945 309.656 310.644 311.390 312.349 313.209 314.438 315.565 316.698 317.622 318.140 Shelter 36.143 270.513 278.803 288.230 297.803 307.663 318.053 325.886 334.575 354.235 380.643 378.464 380.032 381.850 383.185 385.370 386.675 388.398 389.979 392.452 394.126 395.772 397.268 398.867 Medical care 2 7.946 435.292 446.752 463.675 475.322 484.707 498.413 518.876 525.276 546.554 549.084 547.889 547.832 546.959 547.354 548.158 549.491 552.182 554.295 556.811 556.668 559.368 561.860 564.732 Apparel 2.608 127.514 125.903 126.045 125.612 125.654 124.052 118.079 120.993 127.081 130.579 130.890 131.085 131.256 131.458 130.998 131.008 130.174 130.168 129.261 129.975 130.823 132.394 131.945 Food New vehicles 3.604 146.275 147.135 147.358 146.992 146.287 146.834 147.600 156.240 172.480 178.899 178.688 178.602 178.541 178.927 179.361 179.247 179.222 179.551 179.485 179.311 179.000 178.200 177.322 Energy Total 1 At home Away from home 13.395 242.725 247.235 247.931 250.065 253.558 258.316 267.219 277.756 305.388 322.965 321.824 322.347 322.969 323.754 324.356 325.312 325.870 326.545 327.813 327.880 328.212 328.267 328.721 8.061 239.456 242.250 239.065 238.589 239.661 241.775 250.233 258.892 288.451 302.929 301.912 302.030 302.645 303.209 303.416 304.176 304.245 304.667 305.788 305.700 305.687 305.071 305.062 5.334 248.981 256.101 262.695 268.826 275.893 284.410 293.944 307.296 330.822 354.256 352.892 354.245 354.862 356.083 357.488 358.824 360.383 361.564 363.249 363.596 364.546 365.813 367.099 Total 1, 2 7.027 243.583 202.895 189.535 204.540 219.941 215.294 196.949 238.325 298.266 283.286 275.071 276.411 276.352 288.392 291.710 285.488 281.042 280.443 277.897 284.175 287.399 290.631 284.742 Chart 23 - Jun 2024 Gasoline 3.670 290.889 212.007 187.602 211.770 240.599 232.003 194.130 264.017 347.747 311.574 300.042 302.412 301.784 326.825 332.019 317.678 304.982 303.242 293.287 304.302 309.587 318.186 306.599 C-CPI-U (Dec. 1999=100, NSA) 3 ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� 169.774 170.303 170.566 171.315 171.701 171.620 171.243 171.040 171.937 173.045 174.190 174.868 175.123 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, April 2024. Source: Department of Labor (Bureau of Labor Statistics). 23 Changes in Producer Prices [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Processed goods Unprocessed goods Change from year earlier Final for intermediate for intermediate (NSA) demand demand demand Services less for foods, intermeTransporLess Nonfood energy, diate tation food Total Final Final materials and demand Trade and Other Total and Total final demand demand less trade wareenergy demand goods services energy housing Final demand goods Period Total final demand 1 Total Foods Energy Final demand services Less food and energy Total Change, December to December, NSA 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2023 �������������������� 0.9 –1.1 1.7 2.5 2.6 1.4 .8 10.0 6.4 1.1 –1.2 –3.8 1.9 3.5 1.6 1.0 .0 13.4 7.9 –.5 4.4 –5.2 –1.6 2.0 2.8 1.2 –.2 13.1 14.3 –4.1 –13.2 –16.4 6.3 10.1 –3.1 2.4 –6.8 31.6 9.4 –4.7 1.1 –.1 1.7 2.2 2.6 .6 1.7 9.3 5.8 1.9 2.1 .2 1.6 2.1 3.0 1.4 1.3 8.4 5.3 1.8 4.0 .0 1.0 1.8 3.1 .8 1.9 14.2 9.2 –1.5 0.8 –3.5 1.1 2.3 6.5 2.2 –5.9 17.0 10.8 –4.4 1.4 ����������� .8 0.3 2.0 1.8 2.3 2.3 2.6 2.8 1.8 1.5 1.7 1.3 4.8 7.0 2.8 4.7 4.1 2.7 –2.6 –6.6 1.8 5.0 2.8 –1.7 1.5 24.4 4.8 –2.8 –0.1 –3.8 1.6 3.6 3.5 –1.8 2.3 23.3 2.4 –1.0 –8.7 –25.3 13.0 5.0 3.7 –7.3 1.3 40.0 10.7 –18.7 –5.3 –18.5 13.7 8.5 2.9 –5.0 20.5 23.1 –6.3 –3.3 1.8 .5 2.6 2.9 3.1 1.7 2.1 8.3 6.0 3.7 1.6 –.9 .5 2.4 2.8 1.7 .2 7.0 9.5 2.0 1.2 –4.3 –1.4 3.3 3.4 .4 –1.5 10.6 13.3 .3 1.8 .9 1.4 1.8 2.6 2.2 .9 5.4 7.3 2.8 Change, month to month 2023: May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� –0.2 .0 .6 .6 .2 –.3 .1 –.1 –1.2 –.1 .2 1.7 .9 –1.2 –.2 –.1 –0.8 –.4 .3 –.4 .4 .2 .7 .0 –5.4 .4 .8 8.9 3.2 –6.4 –2.0 –.8 0.1 –.1 .0 .1 .3 .1 .1 .1 0.2 .0 .8 .2 –.1 .1 .2 –.1 0.7 –.8 1.7 –.1 –1.1 .0 .4 –1.2 –0.7 –.3 .2 .0 .4 .5 –.2 –.2 0.1 .5 .4 .3 .3 .1 .1 .5 .0 .2 .2 .2 .3 .1 .1 .3 –1.4 –.5 –.3 2.0 .5 –1.0 –.7 –.4 –0.1 –.4 –.5 –.2 .0 –.1 –.3 .2 –4.9 –1.2 2.5 2.1 2.9 –1.6 –2.1 –4.1 –1.7 –1.4 –2.9 –.2 –.4 .0 .7 .3 0.1 .0 .7 –.1 .3 .0 .5 .5 1.1 .3 1.1 1.9 1.8 1.1 .8 1.1 –2.3 –4.3 –2.4 .4 .8 –1.1 –1.6 –.5 2.6 2.5 3.0 2.7 2.4 2.2 2.0 1.8 2024: Jan r ��������� Feb r ��������� Mar r �������� Apr r ��������� May p ������� .4 .6 –.1 .5 –.2 –.1 1.1 –.1 .4 –.8 –.3 1.0 .4 –.6 –.1 –1.1 3.9 –1.3 2.0 –4.8 .3 .3 .0 .2 .3 .6 .4 .0 .6 .0 .1 .3 –.8 .6 .2 –.2 1.2 .2 –.5 –1.4 .9 .3 .3 .7 .1 .6 .4 .2 .5 .0 –.1 1.4 –.5 .5 –1.5 .3 .5 –.3 .3 .1 1.6 –.3 –1.5 2.5 –1.8 –1.3 –1.7 .2 .6 1.8 .9 .0 .2 .3 .1 1.0 1.6 1.9 2.3 2.2 –1.5 .2 .8 1.2 1.6 2.3 2.4 2.5 2.8 2.6 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 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2023 �������������������� 0.8 .7 2.1 2.1 1.9 2.3 1.4 7.0 6.5 3.4 1.6 2.1 2.2 1.8 2.2 2.3 1.6 5.5 5.7 3.9 2.9 3.2 3.6 3.2 3.2 3.2 1.8 4.1 7.5 6.2 3.0 2.6 4.1 1.8 2.0 4.6 1.8 2.2 4.0 .5 –2.0 –.9 –.1 –1.6 –.1 –1.2 –3.9 5.8 2.9 1.0 2023: May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2024: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� 0.1 .2 .2 .5 .4 .1 .2 .2 .3 .4 .4 .3 .0 0.4 .2 .2 .2 .3 .2 .3 .3 .4 .4 .4 .3 .2 0.5 .4 .5 .3 .6 .3 .4 .4 .6 .4 .4 .4 .4 0.1 .0 –.2 .1 .1 .2 .5 .4 .5 .0 .5 .4 .5 0.2 .1 .1 .2 –.3 .0 –.6 .0 –.7 .6 .7 1.2 –.3 0.5 .2 .3 –.5 –.3 .1 2.0 11.8 5.9 1.0 3.4 .8 –.2 1.6 1.6 1.8 3.9 6.3 10.4 2.7 3.7 –.4 –2.0 .9 .6 .7 3.9 6.5 11.8 1.3 3.0 2.6 2.3 2.5 2.8 3.1 3.9 6.0 8.3 5.2 –10.6 –12.6 5.4 6.9 –.3 3.4 –7.0 29.3 7.3 –2.0 –21.0 –19.7 9.1 10.7 –2.1 7.9 –15.2 49.6 –1.5 –1.9 0.5 .4 1.8 1.7 1.5 1.8 1.5 6.5 6.4 3.1 ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� �������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� 1.6 .1 1.3 2.1 2.4 1.8 1.2 4.7 8.0 4.1 0.1 .0 .2 .2 .1 .3 .0 .1 .4 .0 .0 –.2 .0 0.5 .4 .2 .3 .4 .4 .4 .3 .5 .1 .3 .3 .4 –3.0 .5 .0 4.4 1.2 –2.1 –1.6 –.2 –.9 2.3 1.1 1.1 –2.0 –4.5 .8 –.2 8.3 1.6 –4.3 –4.0 –.6 –3.3 3.8 1.7 2.8 –3.6 0.2 .3 .2 .4 .2 .0 –.2 –.1 .5 .6 .7 .4 .1 ������������� 3.0 ������������� ������������� 3.4 ������������� ������������� 2.7 ������������� ������������� 3.8 ������������� ������������� 2.5 3.0 2.1 3.8 4.4 3.9 2.4 1.9 2.8 4.0 4.6 4.6 2.8 3.2 3.5 2.9 3.1 3.7 3.0 3.1 3.1 3.3 3.2 3.2 3.7 3.4 4.0 3.0 3.2 3.7 3.7 3.2 3.1 3.4 3.1 3.2 3.5 3.4 3.3 Change, month to month –0.1 .0 .0 .2 .2 –.1 .0 .2 .0 –.1 –.2 –.4 –.5 0.2 .2 .2 .2 .2 .3 .2 .2 .4 .0 .1 .0 .1 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 May, prices received by farmers rose 0.9 percent and prices paid by farmers fell 0.2 percent. (Data are not seasonally adjusted.) INDEX, 2011=100 (RATIO SCALE) 150 INDEX, 2011=100 (RATIO SCALE) 150 140 140 130 130 120 120 PRICES PAID 110 110 100 100 90 90 80 80 PRICES RECEIVED 70 70 60 60 1 RATIO1 140 RATIO 140 120 120 RATIO 100 100 80 80 60 60 2016 2018 2017 2019 2020 2022 2021 2024 2023 1RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID. SOURCE: DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS [2011=100; not seasonally adjusted] Prices received by farmers 1 Period 2014 ��������������������������������������������������� 2015 ��������������������������������������������������� 2016 ��������������������������������������������������� 2017 ��������������������������������������������������� 2018 ��������������������������������������������������� 2019 ��������������������������������������������������� 2020 ��������������������������������������������������� 2021 ��������������������������������������������������� 2022 ��������������������������������������������������� 2023 ��������������������������������������������������� 2023: May ����������������������������������������� June ���������������������������������������� July ����������������������������������������� Aug ����������������������������������������� Sept ���������������������������������������� Oct ������������������������������������������ Nov r ���������������������������������������� Dec ������������������������������������������ 2024: Jan ������������������������������������������ Feb ������������������������������������������ Mar ����������������������������������������� Apr r ���������������������������������������� May p �������������������������������������� Agricultural production 107.9 99.2 90.2 93.4 90.5 89.9 94.9 109.9 130.2 118.5 127.0 127.4 125.0 125.6 121.8 114.0 114.0 113.1 111.9 120.4 122.2 122.5 123.6 Crop production 92.3 87.0 85.5 86.2 85.8 84.8 100.5 114.4 123.5 106.9 120.9 120.9 119.8 118.3 113.1 104.2 101.5 101.5 98.0 101.0 99.8 101.4 103.2 Chart 25 - Jun 2024 Prices paid by farmers Livestock production 128.7 113.4 94.4 100.1 94.4 95.6 88.7 105.1 138.9 133.5 133.0 134.4 131.7 133.7 132.4 132.5 133.5 129.2 136.5 141.3 144.5 142.6 143.0 All commodities, services, interest, taxes, and wage rates (PPITW) 2 112.0 110.7 105.8 106.5 109.6 110.3 110.2 119.9 137.4 140.4 140.2 139.8 139.9 140.1 140.0 140.2 139.6 139.0 139.1 139.8 140.6 140.2 139.9 Production items, interest, taxes, and wage rates (PITW) 113.1 111.6 105.7 106.1 109.3 109.8 109.4 119.7 138.7 141.2 141.0 140.4 140.6 140.6 140.5 140.7 140.1 139.4 139.4 140.1 140.9 140.3 140.0 Production items 114.1 112.0 104.7 104.5 107.1 106.8 105.8 116.8 136.6 137.9 138.1 137.3 137.1 137.1 137.0 137.1 136.4 135.6 135.2 135.9 136.8 136.6 136.2 Ratio of prices received by farmers to PPITW 96 90 85 87 83 82 80 87 94 88 91 91 89 90 87 81 81 81 81 86 87 88 89 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 May, M2 rose. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 24,000 24,000 20,000 20,000 18,000 18,000 16,000 16,000 14,000 14,000 M2 12,000 12,000 10,000 10,000 8,400 8,400 7,600 7,600 6,800 6,800 6,000 6,000 5,200 4,800 4,400 5,200 4,800 4,400 M1 4,000 4,000 3,600 3,600 3,200 3,200 2,800 2,800 2,400 2,400 2,000 2,000 1,600 1,600 2016 2017 2018 2019 2020 2021 2022 2023 *AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 2024 COUNCIL OF ECONOMIC ADVISERS [Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted] Period 2014: Dec ������������������������������������������ 2015: Dec ������������������������������������������ 2016: Dec ������������������������������������������ 2017: Dec ������������������������������������������ 2018: Dec ������������������������������������������ 2019: Dec r ���������������������������������������� 2020: Dec r ���������������������������������������� 2021: Dec r ���������������������������������������� 2022: Dec r ���������������������������������������� 2023: Dec r ���������������������������������������� 2023: May r ��������������������������������������� June r �������������������������������������� July r ��������������������������������������� Aug r ���������������������������������������� Sept r ��������������������������������������� Oct r ����������������������������������������� Nov r ���������������������������������������� Dec r ���������������������������������������� 2024: Jan r ���������������������������������������� Feb r ���������������������������������������� Mar r ��������������������������������������� Apr r ���������������������������������������� May p �������������������������������������� M1 M2 Debt Sum of currency, demand deposits, travelers checks, and other checkable deposits; includes savings deposits beginning May 2020 1 M1 plus savings deposits, retail MMMF balances, and small time deposits 2 Debt of domestic nonfinancial sectors 3 2,955.8 3,104.1 3,345.1 3,613.3 3,764.3 4,008.4 17,803.0 20,436.2 19,765.0 18,012.3 18,596.4 18,485.8 18,381.7 18,271.6 18,151.7 18,070.1 18,009.0 18,012.3 17,977.0 17,935.2 17,998.2 17,990.0 18,036.4 11,692.0 12,350.6 13,212.5 13,853.0 14,355.3 15,313.7 19,097.3 21,500.5 21,309.3 20,754.0 20,837.5 20,820.4 20,793.3 20,765.3 20,710.9 20,691.7 20,705.1 20,754.0 20,754.4 20,748.6 20,842.1 20,870.2 20,963.4 Percent change From previous period 5 From year or 6 months earlier 4 M1 44,089.4 10.5 45,909.3 5.0 47,875.9 7.8 50,041.2 8.0 52,722.0 4.2 55,176.2 6.5 61,978.1 ����������������������������� 66,459.6 14.8 70,161.8 –3.3 73,753.1 –8.9 ��������������������������������������������� –13.8 71,936.3 –12.9 ��������������������������������������������� –12.0 ��������������������������������������������� –11.3 72,898.9 –8.6 ��������������������������������������������� –6.2 ��������������������������������������������� –6.3 73,753.1 –5.1 ��������������������������������������������� –4.4 ��������������������������������������������� –3.7 74,586.9 –1.7 ��������������������������������������������� –.9 ��������������������������������������������� .3 Chart 26 - Jun 2024 M2 Debt 6.0 5.6 7.0 4.8 3.6 6.7 24.7 12.6 –.9 –2.6 –5.3 –4.6 –4.0 –3.6 –1.8 –.5 –1.3 –.6 –.4 –.2 1.3 1.7 2.5 3.9 4.5 4.4 4.3 4.7 4.7 12.3 6.3 5.6 5.1 ������������������������������� 6.3 ������������������������������� ������������������������������� 5.4 ������������������������������� ������������������������������� 4.7 ������������������������������� ������������������������������� 4.5 ������������������������������� ������������������������������� 1 Beginning May 2020, M1 includes savings deposits. Prior to May 2020, savings deposits were not included in M1. See the H.6 statistical release for additional details. 2 Money market mutual fund (MMMF). Savings deposits include money market deposit accounts (MMDA). 3 Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts. Quarterly data shown in last month of quarter. End-of-year data are for fourth quarter. 4 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate. 5 Debt growth of domestic nonfinancial sectors is the seasonally adjusted borrowing flow divided by the seasonally adjusted level of debt outstanding in the previous period. Annual changes are from fourth quarter to fourth quarter; quarterly changes are from previous quarter at an annual rate. Note: See p. 27 for components. Source: Board of Governors of the Federal Reserve System. 26 Components of Money Stock [Averages of daily figures; billions of dollars, seasonally adjusted] Period 2014: Dec ����������� 2015: Dec ����������� 2016: Dec ����������� 2017: Dec ����������� 2018: Dec ����������� 2019: Dec ����������� 2020: Dec ����������� 2021: Dec r ��������� 2022: Dec r ��������� 2023: Dec r ��������� 2023: May r �������� June r ������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 2024: Jan r ��������� Feb r ��������� Mar r �������� Apr r ��������� May p ������� Nonbank travelers checks Currency 1,253.4 1,339.7 1,421.1 1,525.3 1,625.0 1,712.3 1,974.2 2,130.5 2,210.6 2,249.8 2,235.4 2,240.6 2,240.6 2,241.9 2,241.5 2,243.6 2,246.6 2,249.8 2,253.2 2,253.2 2,256.1 2,257.9 2,253.3 Other checkable deposits (OCDs) Demand deposits 2.9 2.5 2.2 1.9 1.7 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 1,214.9 1,247.2 1,375.0 1,492.6 1,507.8 1,620.7 3,315.4 4,765.9 5,110.6 5,008.5 4,959.3 4,940.7 4,959.8 4,930.6 4,929.1 4,950.7 4,949.2 5,008.5 4,958.7 4,941.6 5,033.4 5,161.0 5,151.9 Savings deposits (including MMDAs) Small-denomination time deposits 1 At thrift institutions Total At commercial banks At thrift institutions 1,076.5 1,143.1 1,258.7 1,297.5 1,330.8 1,331.9 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 525.2 426.6 368.9 433.5 555.4 605.8 251.7 90.8 390.3 1,082.6 810.6 867.8 912.3 953.0 984.6 1,013.9 1,053.6 1,082.6 1,102.4 1,102.3 1,100.9 1,095.7 1,090.6 392.8 316.0 267.2 321.9 447.8 483.8 200.7 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 132.4 110.7 101.7 111.6 107.7 121.9 51.0 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� Total At commercial banks At thrift institutions Total At commercial banks 484.6 514.7 546.8 593.5 629.8 675.3 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 265.1 276.3 288.1 306.5 334.5 370.2 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 219.5 238.4 258.7 287.0 295.3 305.2 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 7,567.0 8,154.6 8,801.2 9,093.3 9,230.9 9,724.3 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 6,490.5 7,011.5 7,542.5 7,795.8 7,900.0 8,392.5 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� Retail money funds 644.0 665.3 697.4 712.9 804.7 975.2 1,042.6 973.5 1,153.9 1,659.1 1,430.5 1,466.8 1,499.2 1,540.7 1,574.7 1,607.7 1,642.5 1,659.1 1,674.9 1,711.0 1,743.0 1,784.5 1,836.4 Institutional money funds 2 1,794.3 1,825.4 1,751.9 1,839.0 1,890.7 2,287.9 2,857.0 ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 1 Small-denomination deposits are those issued in amounts of less than $100,000. 2 Institutional money funds are not part of non-M1 M2. Note: See the H.6 statistical release for additional details on changes. Source: Board of Governors of the Federal Reserve System. Aggregate Reserves and Monetary Base [Averages of daily figures 1; millions of dollars, not seasonally adjusted] Reserves of depository institutions Reserve balances maintained Period 2014: Dec ������������ 2015: Dec ������������ 2016: Dec ������������ 2017: Dec ������������ 2018: Dec ������������ 2019: Dec ������������ 2020: Dec ������������ 2021: Dec ������������ 2022: Dec ������������ 2023: Dec ������������ 2023: May ����������� June ���������� July ����������� Aug ����������� Sept ���������� Oct ������������ Nov ����������� Dec ������������ 2024: Jan ������������ Feb ������������ Mar ����������� Apr ������������ May ����������� Total To satisfy reserve balance requirements 2 That exceed the top of the penalty-free band 2,606,700 2,419,774 2,031,007 2,244,274 1,691,394 1,630,090 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 90,852 97,981 116,285 135,719 135,698 152,562 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 2,515,848 2,321,793 1,914,722 2,108,555 1,555,696 1,477,528 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ Borrowings from the Federal Reserve Reserve balance requirements 3 Vault cash used to satisfy required reserves Nonborrowed 4 82,770 89,313 105,944 123,720 123,703 138,984 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 59,236 61,413 64,280 65,549 68,462 68,255 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 2,665,835 2,481,082 2,095,247 2,309,747 1,759,780 1,698,323 3,076,300 4,149,900 3,090,000 3,358,500 2,928,400 2,974,300 2,906,800 2,971,200 3,017,400 3,104,600 3,250,100 3,358,500 3,346,900 3,397,500 3,382,600 3,293,500 3,255,800 Monetary base 5 3,934,455 3,835,810 3,531,565 3,850,969 3,400,747 3,426,464 5,206,500 6,413,100 5,406,000 5,827,400 5,569,600 5,608,500 5,517,800 5,559,100 5,567,300 5,601,300 5,731,500 5,827,400 5,843,700 5,896,900 5,883,000 5,775,200 5,725,300 Total 6 102 106 39 75 76 21 58,685 38,082 17,300 133,490 307,190 291,303 271,937 256,759 222,201 171,891 153,339 133,490 160,073 170,207 160,502 135,938 120,410 Primary Secondary Seasonal Term assetbacked securities loan facility 7 22 38 13 43 18 10 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 0 0 0 0 0 0 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 80 67 25 33 58 11 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 0 0 0 0 0 0 �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� �������������������� 1 Data are prorated averages of biweekly (maintenance period) averages of daily figures. 2 Equals the sum of balances maintained up to the top of each institution’s penalty-free band. 3 Excludes vault cash used to satisfy required reserves. 4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve. 5 Equals total balances maintained plus currency in circulation (not shown). 6 Includes term auction credit (December 2007 to April 2010), primary dealer and other broker-dealer credit (March 2008 to February 2010), credit extended to American International Group, Inc. (September 2008 to January 2011), asset-backed commercial paper money market mutual fund liquidity facility (September 2008 to February 2010), and other credit extensions, not shown separately. 7 Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility. Note: Data reflect the creation of a penalty-free band around reserve balance requirements which took effect June 27, 2013. See H.3 release of July 11, 2013. The last H.3 statistical release was published on September 17, 2020. For more information, see the announcements on August 20, 2020 and September 24, 2020. Source: Board of Governors of the Federal Reserve System. 27 Bank Credit at All Commercial Banks Total commercial bank loans and leases rose 0.2 percent in May. BILLIONS OF DOLLARS* (RATIO SCALE) 20,000 ALL COMMERCIAL BANKS 18,000 16,000 14,000 BILLIONS OF DOLLARS* (RATIO SCALE) 20,000 18,000 16,000 14,000 TOTAL 12,000 12,000 10,000 9,000 8,000 7,000 10,000 9,000 8,000 7,000 LOANS AND LEASES 6,000 6,000 5,000 5,000 4,000 4,000 3,000 3,000 U.S. TREASURY AND AGENCY SECURITIES 2,000 2,000 1,600 1,600 1,200 1,200 800 800 OTHER SECURITIES 400 400 2016 2017 2018 2019 2020 2021 2022 2023 *SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 2024 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars, seasonally adjusted 1] Securities in bank credit 2 Period 2014: Dec r ��������� 2015: Dec r ��������� 2016: Dec r ��������� 2017: Dec r ��������� 2018: Dec r ��������� 2019: Dec r ��������� 2020: Dec r ��������� 2021: Dec r ��������� 2022: Dec r ��������� 2023: Dec r ��������� 2023: May r �������� June r ������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 2024: Jan r ��������� Feb r ��������� Mar r �������� Apr r ��������� May p ������� Total bank credit 10,539.5 11,342.1 12,074.4 12,534.4 13,062.1 13,845.4 15,034.8 16,402.1 17,507.9 17,348.9 17,329.1 17,288.0 17,277.8 17,280.0 17,286.3 17,278.7 17,273.2 17,348.9 17,390.7 17,434.0 17,549.6 17,531.5 17,569.8 Total securities 2,932.3 3,110.3 3,310.8 3,432.8 3,495.0 3,827.6 4,699.7 5,696.1 5,524.5 5,092.1 5,211.4 5,184.1 5,160.6 5,113.3 5,087.1 5,039.0 5,024.8 5,092.1 5,112.6 5,112.4 5,208.4 5,160.8 5,171.9 U.S. Treasury and agency securities 2,040.2 2,224.4 2,409.1 2,520.7 2,662.6 2,997.9 3,755.6 4,575.5 4,389.9 4,071.0 4,102.8 4,088.1 4,064.8 4,045.5 4,053.1 4,013.4 4,006.9 4,071.0 4,082.2 4,086.2 4,196.1 4,162.2 4,173.8 Loans and leases in bank credit Other securities 892.1 885.9 901.6 912.2 832.4 829.7 944.1 1,120.5 1,134.7 1,021.1 1,108.6 1,096.0 1,095.7 1,067.8 1,034.0 1,025.5 1,018.0 1,021.1 1,030.5 1,026.1 1,012.3 998.6 998.1 Total loans and leases 3 7,607.2 8,231.8 8,763.6 9,101.5 9,567.1 10,017.8 10,335.1 10,706.0 11,983.3 12,256.8 12,117.7 12,103.8 12,117.2 12,166.7 12,199.2 12,239.8 12,248.4 12,256.8 12,278.1 12,321.7 12,341.2 12,370.6 12,397.9 Commercial and industrial loans 1,773.4 1,953.1 2,083.9 2,103.4 2,301.5 2,355.4 2,590.0 2,474.1 2,804.1 2,761.3 2,764.3 2,758.1 2,754.7 2,756.5 2,759.3 2,770.6 2,763.6 2,761.3 2,756.0 2,763.0 2,748.2 2,752.6 2,760.0 Chart 28 - Jun 2024 Real estate loans Total 4 3,638.6 3,871.2 4,114.9 4,284.8 4,408.8 4,608.1 4,640.9 4,789.6 5,347.0 5,525.7 5,450.6 5,440.3 5,449.0 5,478.4 5,492.3 5,499.5 5,512.6 5,525.7 5,547.2 5,567.1 5,585.4 5,597.5 5,598.1 Revolving home equity loans 458.1 441.1 406.5 382.1 349.6 321.4 282.4 249.3 255.8 254.4 254.1 253.7 253.3 253.5 253.4 253.8 254.2 254.4 254.8 255.3 255.5 256.1 255.8 Commercial loans 1,605.5 1,781.0 1,962.7 2,086.1 2,182.5 2,317.9 2,405.1 2,529.1 2,869.4 2,958.3 2,907.4 2,915.0 2,922.5 2,935.1 2,939.0 2,945.7 2,952.9 2,958.3 2,969.2 2,980.8 2,993.5 3,000.7 3,001.1 Consumer loans 5 1,186.5 1,258.9 1,355.9 1,427.4 1,497.3 1,588.6 1,522.8 1,653.3 1,834.5 1,897.6 1,883.5 1,886.8 1,881.6 1,888.8 1,895.0 1,896.9 1,902.1 1,897.6 1,899.0 1,907.4 1,914.6 1,912.1 1,914.7 All other loans and leases 6 1,008.7 1,148.7 1,208.9 1,286.0 1,359.4 1,465.7 1,581.3 1,789.0 1,997.7 2,072.2 2,019.3 2,018.5 2,031.9 2,043.0 2,052.6 2,072.9 2,070.1 2,072.2 2,076.0 2,084.2 2,093.0 2,108.4 2,125.1 1 Data are prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, and Edge Act and agreement corporations. 2 Includes securities held in trading accounts, held-to-maturity, and available-for-sale. Excludes all non-security trading assets, such as derivatives with a positive fair value or loans held in trading accounts. 3 Excludes unearned income. Includes the allowance for loan and lease losses. Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the United States. Includes all loans held in trading accounts under a fair value option. 4 Includes closed-end residential loans, not shown separately. 5 Includes credit cards and other consumer loans. 6 Includes other items, not shown separately. Source: Board of Governors of the Federal Reserve System. 28 Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business [Billions of dollars; quarterly data at seasonally adjusted annual rates] Sources Uses External (Net increase in liabilities) Funds raised in markets Period Total 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2023 �������������������� 2021: I ���������������� II ��������������� III �������������� IV �������������� 2022: I ���������������� II ��������������� III �������������� IV �������������� 2023: I ���������������� II ��������������� III �������������� IV �������������� 2024: I p �������������� Internal 1 3,221.9 3,373.2 3,003.5 2,149.4 3,458.5 4,569.1 2,488.5 3,523.4 5,639.6 3,870.7 3,415.3 3,418.5 3,050.0 4,209.5 5,623.2 5,076.6 6,158.4 5,700.4 3,733.5 3,945.6 4,033.8 3,769.6 4,721.4 1,965.0 1,955.5 1,901.4 1,835.0 2,148.3 2,257.5 2,243.7 2,471.8 2,656.0 2,997.4 2,418.6 2,530.5 2,491.8 2,446.0 2,336.5 2,557.6 2,882.1 2,848.0 2,836.5 2,929.0 3,060.5 3,163.5 3,018.4 Total 1,256.9 1,417.7 1,102.1 314.4 1,310.2 2,311.6 244.8 1,051.6 2,983.6 873.3 996.7 888.0 558.2 1,763.5 3,286.7 2,519.0 3,276.3 2,852.4 897.0 1,016.6 973.3 606.1 1,703.0 Total net funds raised Net new equity issues 271.2 198.4 –103.3 126.6 –199.0 294.4 902.5 266.3 75.2 ����������������� 469.3 101.7 444.2 50.0 468.4 184.1 –43.3 –308.4 155.2 –162.6 ����������������� ����������������� ����������������� –268.5 –446.6 –393.3 –284.6 –569.5 –341.1 –133.4 –275.1 –604.6 ����������������� –44.9 –209.2 –237.5 –609.0 –579.7 –746.0 –544.8 –547.8 –491.5 –371.1 ����������������� ����������������� ����������������� Credit market instruments Total Securities and mortgages Loans and short-term paper 284.3 513.8 299.1 276.7 245.2 448.8 719.3 288.2 142.2 30.6 485.3 205.7 431.4 30.0 372.0 –5.2 151.3 51.2 669.2 109.4 41.3 –9.5 59.9 227.1 100.7 –33.7 96.6 107.6 150.6 274.1 220.6 517.5 8.5 –1.2 53.8 240.3 589.3 665.1 908.1 353.1 143.5 –72.0 75.0 82.4 –51.3 151.1 539.7 645.0 290.0 411.1 370.5 635.5 1035.9 541.4 679.8 249.3 514.2 310.9 681.7 658.9 1,048.1 930.1 501.5 239.5 646.7 208.5 158.1 –15.9 657.9 Capital expenditures 3 Total Other 2 662.0 732.6 814.4 –88.2 1,012.6 1,683.2 –725.6 511.4 2,234.3 621.2 465.5 650.0 –203.1 1,132.7 2,195.8 1,540.1 2,654.4 2,546.7 277.4 799.1 808.8 599.0 1,036.3 2,530.0 3,094.3 2,830.9 2,529.8 2,987.5 4,602.0 2,454.3 3,566.2 5,422.1 3,395.7 3,306.3 2,936.5 4,595.1 3,426.9 5,715.2 5,203.0 5,763.2 5,007.0 2,888.6 3,577.7 4,580.7 2,535.8 3,859.4 1,843.9 1,951.0 1,870.7 1,951.3 2,132.2 2,197.4 2,021.7 2,231.6 2,731.6 2,719.4 2,120.6 2,066.9 2,241.0 2,498.1 2,932.1 2,590.7 2,693.9 2,709.6 2,637.2 2,674.9 2,771.7 2,793.7 2,786.9 Increase in financial assets 686.1 1,143.3 960.2 578.5 855.3 2,404.6 432.6 1,334.6 2,690.5 676.3 1,185.7 869.6 2,354.1 928.8 2,783.1 2,612.3 3,069.3 2,297.4 251.4 902.8 1,809.0 –257.9 1,072.5 Discrepancy (sources less uses) 526.6 148.4 144.2 –409.9 79.1 –145.4 115.7 208.9 –74.1 148.2 515.8 792.2 –1,343.6 871.3 –317.0 –380.3 144.6 256.1 877.2 217.1 –722.6 221.1 441.4 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 Nonrevolving 2 Revolving Total Nonrevolving 2 Revolving 2014: Dec ������������������������������������������ 2015: Dec ������������������������������������������ 2016: Dec ������������������������������������������ 2017: Dec ������������������������������������������ 2018: Dec ������������������������������������������ 2019: Dec ������������������������������������������ 2020: Dec ������������������������������������������ 2021: Dec ������������������������������������������ 2022: Dec ������������������������������������������ 2023: Dec ������������������������������������������ 2023: May ����������������������������������������� June ���������������������������������������� July ����������������������������������������� Aug ����������������������������������������� Sept ���������������������������������������� Oct r ����������������������������������������� Nov r ���������������������������������������� Dec r ���������������������������������������� 3,309.5 3,400.2 3,636.4 3,830.8 4,007.0 4,192.2 4,184.9 4,548.5 4,894.2 5,023.7 4,963.0 4,986.5 4,999.0 4,982.7 4,991.3 5,000.7 5,019.0 5,023.7 887.4 898.1 960.1 1,016.8 1,053.8 1,092.0 974.6 1,053.5 1,212.6 1,318.8 1,260.3 1,266.3 1,275.7 1,288.8 1,294.5 1,300.2 1,314.6 1,318.8 2,422.2 2,502.1 2,676.3 2,813.9 2,953.2 3,100.2 3,210.3 3,495.0 3,681.6 3,704.9 3,702.7 3,720.2 3,723.3 3,693.9 3,696.8 3,700.6 3,704.4 3,704.9 219.0 90.7 236.2 194.4 176.2 185.2 –7.3 363.6 345.7 129.5 5.6 23.5 12.5 –16.3 8.6 9.4 18.3 4.7 33.3 10.7 62.0 56.7 37.0 38.2 –117.4 78.9 159.1 106.2 8.0 6.0 9.4 13.1 5.7 5.7 14.4 4.2 185.9 79.9 174.2 137.6 139.3 147.0 110.1 284.7 186.6 23.3 –2.5 17.5 3.1 –29.4 2.9 3.8 3.8 .5 2024: Jan r ���������������������������������������� Feb r ���������������������������������������� Mar r ��������������������������������������� Apr p ���������������������������������������� May p �������������������������������������� 5,036.5 5,048.1 5,046.9 5,053.4 5,064.7 1,325.5 1,337.2 1,339.0 1,338.1 1,345.1 3,711.0 3,710.9 3,707.9 3,715.2 3,719.6 12.8 11.6 –1.2 6.5 11.3 6.7 11.7 1.8 –.9 7.0 6.1 –.1 –3.0 7.3 4.4 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 June. PERCENT PER ANNUM 10 PERCENT PER ANNUM 10 8 8 6 6 CORPORATE Aaa BONDS (MOODY'S) 4 4 TREASURY BILLS 2 2 FEDERAL FUNDS RATE 0 0 2016 2017 2018 2019 2020 2021 2022 2023 SOURCE: SEE TABLE BELOW 2024 COUNCIL OF ECONOMIC ADVISERS [Percent per annum] Chart 30 - Jun 2024 U.S. Treasury security yields Period 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2021 �������������������� 2022 �������������������� 2023 �������������������� 2023: June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2024: Jan ����������� Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� Week ended: 2024: June 8 ������ 15 ������ 22 ������ 29 ������ July 6 ����� 3-month bills (at auction) 1 Constant maturities 2 3-year 10-year 30-year High-grade municipal bonds (Standard & Poor’s) 3 Corporate Aaa bonds (Moody’s) Discount window primary credit (N.Y. F.R. Bank) 4 Prime rate charged by banks 4 Federal funds rate 5 New-home mortgage yields (FHFA) 6 0.03 .06 .33 .94 1.94 2.08 .38 .04 2.04 5.08 5.20 5.25 5.30 5.32 5.33 5.29 5.26 5.23 5.23 5.24 5.24 5.25 5.25 0.90 1.02 1.00 1.58 2.63 1.94 .42 .46 3.05 4.30 4.27 4.47 4.59 4.74 4.89 4.64 4.19 4.11 4.33 4.38 4.71 4.66 4.50 2.54 2.14 1.84 2.33 2.91 2.14 0.89 1.45 2.95 3.96 3.75 3.90 4.17 4.38 4.80 4.50 4.02 4.06 4.21 4.21 4.54 4.48 4.31 3.34 2.84 2.59 2.89 3.11 2.58 1.56 2.06 3.11 4.09 3.87 3.96 4.28 4.47 4.95 4.66 4.14 4.26 4.38 4.36 4.66 4.62 4.44 3.78 3.48 3.07 3.36 3.53 3.38 2.41 2.00 3.85 4.31 4.14 4.19 4.43 4.58 4.99 4.62 4.09 4.24 4.16 4.17 4.36 4.28 4.21 4.16 3.89 3.67 3.74 3.93 3.39 2.47 2.70 4.07 4.81 4.65 4.66 4.95 5.13 5.61 5.28 4.74 4.87 5.03 5.01 5.28 5.25 5.13 0.75 .76 1.01 1.60 2.41 2.78 .64 .25 1.86 5.20 5.25 5.50 5.50 5.50 5.50 5.50 5.50 5.50 5.50 5.50 5.50 5.50 5.50 3.25 3.26 3.51 4.10 4.91 5.28 3.54 3.25 4.86 8.20 8.25 8.50 8.50 8.50 8.50 8.50 8.50 8.50 8.50 8.50 8.50 8.50 8.50 0.09 .13 .39 1.00 1.83 2.16 .37 .08 1.69 5.03 5.08 5.12 5.33 5.33 5.33 5.33 5.33 5.33 5.33 5.33 5.33 5.33 5.33 4.22 4.01 3.76 3.97 4.53 ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� 5.25 5.25 5.25 5.24 5.24 4.56 4.50 4.46 4.49 4.50 4.35 4.32 4.25 4.29 4.39 4.49 4.47 4.39 4.43 4.56 4.24 4.19 4.16 4.21 4.29 5.15 5.13 5.10 5.13 5.22 5.50 5.50 5.50 5.50 5.50 8.50 8.50 8.50 8.50 8.50 5.33 5.33 5.33 5.33 5.33 ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� 1 High bill rate at auction, issue date within period, bank-discount basis. Data are stop yields from uniform-price auctions. 2 Yields on actively traded issues adjusted to constant maturities. 3 Weekly data are Wednesday figures. 4 Average effective rate for year; rate in effect at end of month or week. 5 Beginning March 1, 2016, the daily effective federal funds rate is a volume-weighted median of transaction-level data collected from depository institutions in the Report of Selected Money Market Rates (FR 2420). Prior to that date, the daily effective rate was a volume-weighted mean of rates on brokered trades. 6 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Agency, Moody’s Investors Service, Bloomberg, and Standard & Poor’s. 30 Common Stock Prices and Yields Stock prices were mixed in June. INDEX, DEC. 31, 2002=5,000 (RATIO SCALE) 20,000 INDEX, DEC. 31, 2002=5,000 (RATIO SCALE) 20,000 18,000 18,000 16,000 16,000 COMPOSITE STOCK PRICE INDEX (NYSE) 14,000 14,000 12,000 12,000 10,000 10,000 9,000 9,000 8,000 8,000 7,000 7,000 6,000 2016 2017 2019 2018 2020 2021 2022 2023 6,000 2024 PERCENT 20 PERCENT 20 15 15 EARNINGS/PRICE RATIO ON COMMON STOCKS (S&P) 10 10 5 5 0 0 2016 2017 2018 2019 2020 2022 2021 SOURCES: NEW YORK STOCK EXCHANGE, STANDARD AND POOR'S, AND BLOOMBERG 2023 2024 COUNCIL OF ECONOMIC ADVISERS Common stock yields (percent) 6 Common stock prices 1 Chart 31 - Jun 2024 New York Stock Exchange indexes (December 31, 2002=5,000) 2 Period Composite 2014 ��������������������� 2015 ��������������������� 2016 ��������������������� 2017 ��������������������� 2018 ��������������������� 2019 ��������������������� 2020 ��������������������� 2021 ��������������������� 2022 ��������������������� 2023 ��������������������� 2023: June ���������� July ����������� Aug ����������� Sept ���������� Oct ������������ Nov ����������� Dec ������������ 2024: Jan ������������ Feb ������������ Mar ����������� Apr ������������ May ����������� June ���������� Week ended: 2024: June 8 ������� 15 ������� 22 ������� 29 ������� July 6 ������ Financial Energy Health Care Dow Jones industrial average 3 Standard & Poor’s composite index (1941–43=10) 4 Nasdaq composite index (Feb. 5, 1971=100) 5 Dividend/price ratio Earnings/price ratio 10,653.17 10,676.70 10,380.08 11,843.74 12,647.54 12,864.17 12,634.01 16,243.57 15,463.89 15,675.01 15,560.38 16,105.00 15,980.95 15,786.03 15,149.39 15,647.28 16,524.90 16,801.41 17,341.69 17,968.70 17,802.53 18,070.13 17,991.12 6,448.33 6,559.24 6,124.93 7,509.81 7,963.02 7,982.51 7,230.70 9,716.03 9,067.21 8,906.24 8,720.80 9,143.63 9,008.09 8,921.06 8,482.12 8,892.03 9,636.28 9,826.31 10,042.51 10,452.77 10,343.33 10,568.92 10,526.12 14,598.07 11,332.43 10,204.95 10,699.23 11,440.86 10,016.30 6,528.64 8,385.44 12,005.37 12,997.48 12,291.45 12,780.36 13,296.51 13,876.55 13,599.60 13,237.16 13,132.05 13,056.94 13,166.32 13,828.47 14,682.86 14,406.83 13,883.82 11,195.85 12,718.18 12,182.85 13,366.56 15,054.70 16,162.10 18,045.78 21,801.65 22,796.83 23,108.19 22,990.87 23,288.69 23,719.17 23,446.19 22,900.07 22,960.21 23,733.83 24,765.24 25,897.55 26,306.39 25,429.81 25,903.58 26,420.29 16,773.99 17,590.61 17,908.08 21,741.91 25,045.75 26,378.41 26,906.89 34,009.89 32,911.74 34,140.79 33,904.98 34,777.20 34,880.66 34,318.89 33,319.49 34,704.50 36,947.93 37,763.95 38,720.52 39,105.52 38,401.22 39,129.39 38,903.73 1,930.67 2,061.20 2,092.39 2,448.22 2,744.68 2,912.50 3,218.50 4,266.80 4,100.70 4,284.25 4,345.37 4,508.08 4,457.36 4,409.10 4,269.40 4,460.06 4,685.05 4,804.49 5,011.96 5,170.57 5,112.49 5,235.23 5,415.14 4,374.31 4,943.49 4,982.49 6,231.28 7,419.27 7,936.85 10,192.67 14,358.18 12,242.17 12,965.43 13,463.78 14,033.09 13,743.21 13,585.84 13,199.43 13,913.16 14,690.47 15,081.39 15,808.94 16,216.30 15,950.86 16,532.16 17,495.89 1.94 2.05 2.18 1.97 1.90 1.93 1.89 1.38 1.57 1.62 1.59 1.54 1.55 1.57 1.62 1.56 1.50 �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� 5.25 4.59 4.17 4.22 4.66 4.53 3.28 3.79 4.79 4.17 4.07 ���������������������������� ���������������������������� 4.30 ���������������������������� ���������������������������� 4.03 ���������������������������� ���������������������������� 3.64 ���������������������������� ���������������������������� ���������������������������� 18,007.83 17,940.65 17,970.44 18,041.41 18,043.94 10,572.88 10,452.57 10,509.63 10,566.09 10,663.56 13,965.46 13,802.28 13,689.02 14,039.57 14,127.50 26,344.81 26,474.73 26,365.42 26,485.22 26,158.37 38,754.96 38,712.79 38,974.51 39,186.82 39,296.31 5,325.74 5,404.50 5,474.51 5,467.68 5,522.08 17,035.97 17,500.19 17,782.55 17,722.18 18,112.28 �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� ���������������������������� ���������������������������� ���������������������������� ���������������������������� ���������������������������� 1 Annual data are averages of monthly figures. Monthly and weekly data are averages of daily closing prices. 2 Includes all the stocks (in 2023, over 2,270) listed on the NYSE. 3 Includes 30 stocks. 4 Includes 500 stocks. 5 Includes over 3,400 stocks in 2023. 6 Dividend/price ratios based on end of period closing prices. Earnings/price ratios based on prices at end of quarter. Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor’s, Nasdaq Stock Market, and Bloomberg. 31 FEDERAL FINANCE. Federal Receipts, Outlays, and Debt In the first eight months of fiscal year 2024, the deficit was $1.2 trillion, compared with a deficit of $1.2 trillion a year earlier. BILLIONS OF DOLLARS 7,600 RECEIPTS AND OUTLAYS1 7,200 BILLIONS OF DOLLARS 7,600 7,200 6,800 6,800 6,400 6,400 OUTLAYS1 6,000 6,000 5,600 5,600 5,200 5,200 4,800 4,800 4,400 4,400 4,000 4,000 3,600 3,600 RECEIPTS1 3,200 3,200 2,800 2,800 2,400 2,400 2,000 1,600 2,000 1,600 400 0 –400 –800 –1,200 –1,600 –2,000 –2,400 –2,800 –3,200 –3,600 –4,000 400 0 –400 –800 –1,200 –1,600 –2,000 –2,400 –2,800 –3,200 –3,600 –4,000 SURPLUS OR DEFICIT (–)1 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 2006 ���������������������������������������������������� 2007 ���������������������������������������������������� 2008 ���������������������������������������������������� 2009 ���������������������������������������������������� 2010 ���������������������������������������������������� 2011 ���������������������������������������������������� 2012 ���������������������������������������������������� 2013 ���������������������������������������������������� 2014 ���������������������������������������������������� 2015 ���������������������������������������������������� 2016 ���������������������������������������������������� 2017 ���������������������������������������������������� 2018 ���������������������������������������������������� 2019 ���������������������������������������������������� 2020 ���������������������������������������������������� 2021 ���������������������������������������������������� 2022 ���������������������������������������������������� 2023 ���������������������������������������������������� 2024 (estimates) ��������������������������������� 2025 (estimates) ��������������������������������� Cumulative total, first 8 months: 1 Fiscal year 2023 ���������������������������������� Fiscal year 2024 ���������������������������������� Outlays Chart 32 - Mar 2024 On-budget Surplus or deficit (–) Receipts Outlays Surplus or deficit (–) Receipts Outlays Surplus or deficit (–) Gross Federal Held by the public 2,406.9 2,568.0 2,524.0 2,105.0 2,162.7 2,303.5 2,450.0 2,775.1 3,021.5 3,249.9 3,268.0 3,316.2 3,329.9 3,463.4 3,421.2 4,047.1 4,897.3 4,440.9 5,081.5 5,484.9 2,655.1 2,728.7 2,982.5 3,517.7 3,457.1 3,603.1 3,526.6 3,454.9 3,506.3 3,691.9 3,852.6 3,981.6 4,109.0 4,447.0 6,553.6 6,822.5 6,273.3 6,134.7 6,940.9 7,266.0 –248.2 –160.7 –458.6 –1,412.7 –1,294.4 –1,299.6 –1,076.6 –679.8 –484.8 –442.0 –584.7 –665.5 –779.1 –983.6 –3,132.5 –2,775.4 –1,375.9 –1,693.7 –1,859.4 –1,781.0 1,798.5 1,932.9 1,865.9 1,451.0 1,531.0 1,737.7 1,880.5 2,101.8 2,285.9 2,479.5 2,457.8 2,465.6 2,475.2 2,549.1 2,455.7 3,094.8 3,831.4 3,247.2 3,841.5 4,200.6 2,233.0 2,275.0 2,507.8 3,000.7 2,902.4 3,104.5 3,019.0 2,821.1 2,800.2 2,948.8 3,077.9 3,180.4 3,260.4 3,540.3 5,598.0 5,818.6 5,192.1 4,913.6 5,629.0 5,870.0 –434.5 –342.2 –641.8 –1,549.7 –1,371.4 –1,366.8 –1,138.5 –719.2 –514.3 –469.3 –620.2 –714.9 –785.2 –991.3 –3,142.3 –2,723.8 –1,360.7 –1,666.4 –1,787.5 –1,669.4 608.4 635.1 658.0 654.0 631.7 565.8 569.5 673.3 735.6 770.4 810.2 850.6 854.7 914.3 965.4 952.3 1,066.0 1,193.8 1,240.0 1,284.4 422.1 453.6 474.8 517.0 554.7 498.6 507.6 633.8 706.1 743.1 774.7 801.2 848.6 906.6 955.6 1,003.8 1,081.2 1,221.1 1,311.9 1,396.0 186.3 181.5 183.3 137.0 77.0 67.2 61.9 39.5 29.5 27.3 35.5 49.4 6.2 7.7 9.8 –51.5 –15.2 –27.3 –71.8 –111.6 8,451.4 8,950.7 9,986.1 11,875.9 13,528.8 14,764.2 16,050.9 16,719.4 17,794.5 18,120.1 19,539.5 20,205.7 21,462.3 22,669.5 26,902.5 28,385.6 30,838.6 32,989.0 35,107.9 37,096.4 4,829.0 5,035.1 5,803.1 7,544.7 9,018.9 10,128.2 11,281.1 11,982.7 12,779.9 13,116.7 14,167.6 14,665.4 15,749.6 16,800.7 21,016.7 22,284.0 24,253.4 26,235.6 28,156.2 29,983.8 2,994.2 3,287.9 4,159.4 4,490.2 –1,165.2 –1,202.3 2,219.7 2,464.7 3,355.2 3,620.5 –1,135.5 –1,155.7 774.5 823.2 804.2 869.8 –29.7 –46.6 31,305.6 34,423.5 24,559.8 27,489.8 1 Data from current issue Monthly Treasury Statement. Note: Data (except as noted) are from Budget of the United States Government, Fiscal Year 2025, issued March 11, 2024. Sources: Department of the Treasury and Office of Management and Budget. 32 Federal debt (end of period) Off-budget Federal Receipts by Source and Outlays by Function In the first eight months of fiscal year 2024, receipts were $293.7 billion higher than a year earlier and outlays were $330.8 billion higher. BILLIONS OF DOLLARS 2,800 RECEIPTS1 2,400 BILLIONS OF DOLLARS 2,800 2,400 INDIVIDUAL INCOME TAXES 2,000 2,000 1,600 1,600 1,200 1,200 800 CORPORATION INCOME TAXES SOCIAL INSURANCE AND RETIREMENT RECEIPTS 400 0 6,800 6,400 OTHER RECEIPTS 800 400 0 6,800 6,400 OUTLAYS1 6,000 6,000 5,600 5,600 5,200 5,200 4,800 4,800 4,400 4,400 NONDEFENSE 4,000 4,000 3,600 3,600 3,200 3,200 2,800 2,800 2,400 2,000 2,400 2,000 1,000 800 600 400 200 1,000 800 600 400 200 NATIONAL DEFENSE 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 FISCAL YEARS 1 INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS. SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS Chart 33 - Mar 2024 [Billions of dollars] On-budget and off-budget receipts Fiscal year or period 2006 ���������������������������������������������������� 2007 ���������������������������������������������������� 2008 ���������������������������������������������������� 2009 ���������������������������������������������������� 2010 ���������������������������������������������������� 2011 ���������������������������������������������������� 2012 ���������������������������������������������������� 2013 ���������������������������������������������������� 2014 ���������������������������������������������������� 2015 ���������������������������������������������������� 2016 ���������������������������������������������������� 2017 ���������������������������������������������������� 2018 ���������������������������������������������������� 2019 ���������������������������������������������������� 2020 ���������������������������������������������������� 2021 ���������������������������������������������������� 2022 ���������������������������������������������������� 2023 ���������������������������������������������������� 2024 (estimates) ��������������������������������� 2025 (estimates) ��������������������������������� Cumulative total, first 8 months: 1 Fiscal year 2023 ���������������������������������� Fiscal year 2024 ���������������������������������� On-budget and off-budget outlays National defense Indi- Corporavidual tion income income taxes taxes Social insurance and retirement receipts 2,406.9 2,568.0 2,524.0 2,105.0 2,162.7 2,303.5 2,450.0 2,775.1 3,021.5 3,249.9 3,268.0 3,316.2 3,329.9 3,463.4 3,421.2 4,047.1 4,897.3 4,440.9 5,081.5 5,484.9 1,043.9 1,163.5 1,145.7 915.3 898.5 1,091.5 1,132.2 1,316.4 1,394.6 1,540.8 1,546.1 1,587.1 1,683.5 1,717.9 1,608.7 2,044.4 2,632.1 2,176.5 2,503.4 2,679.2 353.9 370.2 304.3 138.2 191.4 181.1 242.3 273.5 320.7 343.8 299.6 297.0 204.7 230.2 211.8 371.8 424.9 419.6 612.8 668.1 837.8 869.6 900.2 890.9 864.8 818.8 845.3 947.8 1,023.5 1,065.3 1,115.1 1,161.9 1,170.7 1,243.1 1,310.0 1,314.1 1,483.5 1,614.5 1,720.5 1,896.8 171.2 164.7 173.7 160.5 207.9 212.1 230.2 237.4 282.7 300.0 307.3 270.1 270.9 272.1 290.7 316.8 356.8 230.4 244.9 240.8 2,655.1 2,728.7 2,982.5 3,517.7 3,457.1 3,603.1 3,526.6 3,454.9 3,506.3 3,691.9 3,852.6 3,981.6 4,109.0 4,447.0 6,553.6 6,822.5 6,273.3 6,134.7 6,940.9 7,266.0 521.8 551.3 616.1 661.0 693.5 705.6 677.9 633.4 603.5 589.7 593.4 598.7 631.3 685.7 724.6 753.9 765.6 820.3 907.7 926.8 499.3 528.5 594.6 636.7 666.7 678.1 650.9 607.8 577.9 562.5 565.4 568.9 600.8 653.7 690.4 717.6 726.5 775.9 859.5 878.5 29.5 28.5 28.9 37.5 45.2 45.7 36.8 46.5 46.9 52.0 45.3 46.3 48.9 53.0 67.7 47.0 71.9 69.3 69.8 66.5 252.8 266.4 280.6 334.4 369.1 372.5 346.8 358.3 409.5 482.3 511.3 533.2 551.2 584.8 747.6 796.5 914.1 888.6 858.0 888.9 2,994.2 3,287.9 1,544.5 1,700.8 234.4 311.3 1,063.1 1,127.0 152.3 148.7 4,159.4 4,490.2 531.0 576.1 501.6 545.2 47.9 42.4 595.3 594.8 Total Other Total Total Depart- Internament tional of affairs Defense, military Health Medicare Income Social Net security security interest Other 329.9 375.4 390.8 430.1 451.6 485.7 471.8 497.8 511.7 546.2 594.5 597.3 588.7 651.0 776.2 696.5 755.1 847.5 847.4 946.0 352.4 365.9 431.2 533.1 622.1 597.3 541.2 536.4 513.6 508.8 514.1 503.4 495.3 514.8 1,263.6 1,647.7 866.1 774.7 760.5 936.8 548.5 586.2 617.0 683.0 706.7 730.8 773.3 813.6 850.5 887.8 916.1 944.9 987.8 1,044.4 1,095.8 1,134.6 1,218.7 1,354.3 1,458.0 1,549.7 226.6 237.1 252.8 186.9 196.2 230.0 220.4 220.9 229.0 223.2 240.0 262.6 325.0 375.2 345.5 352.3 475.9 658.3 888.6 965.5 393.5 317.9 365.2 651.7 372.6 435.7 458.4 348.0 341.7 402.0 437.9 495.3 480.9 538.0 1,532.6 1,394.1 1,205.9 721.8 1,150.8 985.7 498.2 607.2 559.7 475.3 885.6 960.1 424.3 601.3 617.3 633.1 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 (except as noted) are from Budget of the United States Government, Fiscal Year 2025, issued March 11, 2024. Sources: Department of the Treasury and Office of Management and Budget. 33 Federal Sector, National Income Accounts Basis In the first quarter of 2024, according to revised estimates, Federal current receipts rose $207.4 billion (annual rate), while Federal current expenditures rose $133.6 billion. BILLIONS OF DOLLARS 10,400 BILLIONS OF DOLLARS 10,400 SEASONALLY ADJUSTED ANNUAL RATES 9,600 9,600 8,800 8,800 8,000 8,000 7,200 7,200 6,400 6,400 CURRENT EXPENDITURES 5,600 5,600 4,800 4,800 4,000 4,000 3,200 3,200 CURRENT RECEIPTS 2,400 2,400 1,600 1,600 800 800 NET FEDERAL GOVERNMENT SAVING 0 0 –800 –800 –1,600 –1,600 –2,400 –2,400 –3,200 –3,200 –4,000 –4,000 –4,800 –4,800 –5,600 –5,600 –6,400 –6,400 –7,200 –7,200 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 CALENDAR YEARS SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Chart 34 - Jun 2024 Federal Government current receipts Federal Government current expenditures Current tax receipts Period Calendar year: 2014 ������������� 2015 ������������� 2016 ������������� 2017 ������������� 2018 ������������� 2019 ������������� 2020 ������������� 2021 ������������� 2022 ������������� 2023 ������������� 2021: I ��������������� II �������������� III ������������� IV ������������� 2022: I ��������������� II �������������� III ������������� IV ������������� 2023: I ��������������� II �������������� III ������������� IV ������������� 2024: I r ������������� Total 3,294.4 3,448.4 3,460.7 3,503.7 3,583.1 3,704.2 3,775.2 4,388.6 4,976.3 4,720.1 4,123.3 4,333.0 4,470.7 4,627.6 4,954.1 5,025.0 4,991.7 4,934.5 4,651.1 4,680.6 4,736.3 4,812.3 5,019.7 Total 1 1,900.5 2,025.7 2,021.1 1,999.8 2,028.4 2,113.2 2,158.2 2,638.9 3,102.3 2,804.1 2,456.9 2,612.7 2,693.3 2,792.6 3,071.6 3,128.4 3,131.1 3,077.9 2,781.1 2,788.7 2,812.7 2,834.1 3,026.0 Contributions for Income Taxes govern- receipts Taxes Personal on ment on on current production corporate social assets taxes and insurincome imports ance 1,403.7 1,532.6 1,547.9 1,613.1 1,614.3 1,701.3 1,753.5 2,149.3 2,505.4 2,186.1 2,013.4 2,118.4 2,200.0 2,265.3 2,506.9 2,502.6 2,521.9 2,490.1 2,181.0 2,175.1 2,188.7 2,199.8 2,364.7 136.7 141.9 137.3 131.4 163.5 174.9 155.3 178.6 194.2 173.4 160.9 180.5 182.1 191.0 200.9 202.8 192.2 180.9 177.0 175.4 171.6 169.6 171.5 339.6 329.1 311.9 230.3 225.0 210.5 221.8 279.9 368.9 409.9 252.3 283.6 279.8 303.9 329.8 388.8 383.6 373.6 388.6 403.3 418.0 429.4 453.8 1,140.1 1,190.8 1,224.4 1,284.3 1,346.6 1,409.3 1,434.6 1,541.1 1,685.0 1,786.9 1,484.6 1,519.7 1,556.8 1,603.4 1,645.9 1,667.8 1,709.6 1,716.7 1,758.5 1,778.7 1,801.4 1,808.9 1,845.3 1 Includes taxes from the rest of the world, not shown separately. 2 Includes Federal grants-in-aid to State and local governments, not shown separately. Source: Department of Commerce (Bureau of Economic Analysis). 34 172.7 161.2 140.7 138.9 121.7 110.0 118.6 139.9 114.8 48.9 108.1 134.0 154.2 163.2 170.5 149.3 82.9 56.5 43.0 41.9 47.3 63.5 64.5 Current transfer receipts 85.8 71.6 73.8 77.6 83.0 70.4 58.5 60.4 66.7 72.3 65.7 58.1 57.7 60.0 58.1 71.9 60.7 75.9 60.6 63.3 67.1 98.2 75.7 Current surplus of government enterprises –4.6 –.9 .7 3.1 3.3 1.3 5.3 8.4 7.6 7.8 8.0 8.5 8.6 8.4 8.0 7.6 7.4 7.5 7.8 8.0 7.8 7.6 8.1 Total 3,888.4 4,005.8 4,128.0 4,240.5 4,489.5 4,748.6 6,669.6 7,128.6 6,038.5 6,384.3 8,171.3 7,603.7 6,660.1 6,079.1 5,928.4 5,985.5 6,064.4 6,175.7 6,324.8 6,346.3 6,400.4 6,465.6 6,599.2 ConCurrent sumption transfer Interest Subsidies expendipaypayments tures ments 2 950.3 951.7 962.3 978.5 1,034.4 1,089.7 1,158.6 1,216.4 1,229.0 1,329.1 1,241.0 1,215.5 1,196.2 1,212.7 1,206.3 1,209.4 1,232.4 1,267.9 1,303.0 1,307.2 1,346.3 1,360.1 1,375.8 2,441.5 2,568.1 2,650.1 2,726.0 2,851.7 3,009.1 4,333.4 4,858.0 3,957.0 4,007.1 6,009.8 5,133.3 4,327.8 3,961.1 3,935.2 3,962.8 3,960.5 3,969.6 4,047.3 4,030.4 3,970.5 3,980.5 4,067.7 439.1 429.3 454.3 476.7 540.6 577.4 521.4 574.6 725.7 947.6 535.0 562.2 588.9 612.2 635.6 683.8 753.8 829.6 873.8 909.6 981.3 1,025.8 1,059.2 57.6 56.7 61.2 59.3 62.7 72.4 656.2 479.6 126.8 100.4 385.5 692.7 547.1 293.2 151.4 129.5 117.7 108.6 100.7 99.2 102.4 99.3 96.5 Net Federal Government saving –594.0 –557.4 –667.3 –736.8 –906.4 –1,044.4 –2,894.4 –2,739.9 –1,062.2 –1,664.2 –4,048.0 –3,270.7 –2,189.4 –1,451.6 –974.4 –960.5 –1,072.7 –1,241.2 –1,673.7 –1,665.7 –1,664.1 –1,653.3 –1,579.5 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries Industrial production (2017=100; seasonally adjusted) Period United States Canada Japan France Germany Consumer prices (1982–84=100; NSA) United Kingdom Italy United States 1 Canada Japan France 2014 ��������������� 102.3 97.0 98.1 96.0 95.4 93.4 95.1 236.736 216.4 121.1 2015 ��������������� 100.9 96.6 97.1 97.3 96.2 94.5 99.6 237.017 218.8 122.1 2016 ��������������� 98.7 96.4 97.2 97.7 96.9 96.4 99.6 240.007 222.0 121.9 2017 ��������������� 100.0 100.0 100.0 100.0 100.0 100.0 100.0 245.120 225.5 122.5 2018 ��������������� 103.2 103.4 100.6 100.7 101.0 100.9 103.1 251.107 230.6 123.7 2019 ��������������� 102.4 103.3 98.2 101.3 97.7 99.7 104.9 255.657 235.1 124.3 2020 ��������������� 95.1 95.3 87.5 90.3 88.3 88.7 107.3 258.811 236.8 124.3 r 2021 ������������� 99.3 100.0 92.6 95.1 92.4 99.1 103.2 270.970 244.8 124.0 r 2022 ������������� 102.7 103.9 92.6 95.1 92.1 99.5 99.6 292.655 261.5 127.1 2023 r ������������� 102.9 103.8 91.3 95.6 90.3 97.4 99.2 304.702 271.6 131.2 r 2023: Apr ���� 103.2 104.1 92.4 94.8 91.5 96.6 99.4 303.363 270.4 130.6 May r ��� 103.0 103.5 91.4 96.8 92.2 97.6 98.5 304.127 271.5 130.6 June r �� 102.4 103.9 92.2 95.8 90.4 97.9 101.1 305.109 271.8 130.8 July r ��� 103.1 103.7 90.9 95.7 89.4 97.0 100.1 305.691 273.4 131.4 r Aug ���� 103.1 103.5 90.5 96.1 89.2 97.0 99.7 307.026 274.4 131.6 r Sept ��� 103.3 103.0 90.6 95.8 88.5 97.2 99.4 307.789 274.1 132.0 Oct r ����� 102.6 103.2 91.7 95.3 88.3 97.1 98.1 307.671 274.2 133.1 Nov r ���� 102.9 104.6 91.1 95.9 88.6 95.7 98.6 307.051 274.6 132.9 r Dec ���� 102.6 104.0 92.2 96.2 86.7 96.9 99.2 306.746 273.7 132.7 2024: Jan r ���� 101.7 103.3 86.0 95.1 87.6 95.4 98.7 308.417 273.7 132.9 Feb r ���� 102.7 103.5 85.5 95.4 88.2 95.4 99.7 310.326 274.6 132.9 r Mar ��� 102.5 103.0 89.3 95.2 87.9 94.9 99.9 312.332 276.3 133.2 p Apr ���� 102.4 103.7 88.5 95.8 88.3 93.9 99.0 313.548 277.7 133.9 May p �� 103.1 ��������������� 91.0 93.8 86.2 ��������������� ��������������� 314.069 279.2 134.4 June p �� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� Germany 197.2 197.3 197.7 199.7 203.4 205.7 206.7 210.0 221.0 231.8 231.9 231.7 232.2 232.3 234.6 233.4 233.7 233.3 233.6 233.2 235.2 235.7 236.9 237.0 237.1 Italy 176.6 177.6 178.4 181.1 184.3 186.9 187.9 193.7 207.0 219.3 219.1 218.9 219.5 220.0 220.8 221.3 221.3 220.4 220.6 221.0 221.9 222.8 224.0 224.2 224.3 United Kingdom 307.9 300.8 308.0 303.8 307.7 309.1 311.5 320.1 315.0 330.8 317.0 339.3 316.5 344.4 322.5 358.3 348.9 399.9 368.5 438.6 367.6 438.0 368.8 440.9 368.8 442.2 368.8 439.6 370.0 442.5 370.7 444.6 370.0 443.9 368.2 443.3 368.8 445.3 370.0 444.1 370.4 447.6 370.4 450.0 370.7 452.3 371.6 454.0 371.9 ����������������� 1 Data relate to all urban consumers. Note: See Note, p. 17, for information on U.S. industrial production series. Sources: As reported by each country, Board of Governors of the Federal Reserve System, and Department of Labor (Bureau of Labor Statistics). U.S. International Trade in Goods and Services [Billions of dollars; monthly data seasonally adjusted] Goods: Exports (f.a.s. value) Census basis (by end-use category) Period 2014 ��������������� 2015 ��������������� 2016 ��������������� 2017 ��������������� 2018 ��������������� 2019 ��������������� 2020 r ������������� 2021 ��������������� 2022 ��������������� 2023 ��������������� 2023: May ����� June ���� July ����� Aug ����� Sept ���� Oct ������ Nov ����� Dec ������ 2024: Jan ������ Feb ������ Mar ����� Apr r ���� May p �� BOP basis 1,635.6 1,511.4 1,457.4 1,557.0 1,676.9 1,655.1 1,433.9 1,765.9 2,090.3 2,045.2 165.4 165.4 168.4 172.5 175.0 173.4 168.8 171.6 170.2 175.4 170.5 172.5 169.6 IndusFoods, trial Total, feeds, supCensus and plies basis 1 beverand ages materials 1,621.9 1,503.3 1,451.5 1,547.2 1,665.8 1,645.9 1,430.0 1,757.7 2,066.5 2,018.1 162.7 163.0 165.6 170.1 172.3 171.2 166.2 170.2 168.9 174.1 169.1 171.1 168.0 143.7 127.7 130.5 132.8 133.1 131.0 139.3 164.5 179.9 161.9 12.6 12.5 12.6 12.8 13.4 13.5 13.6 13.9 13.6 14.8 13.7 12.9 12.7 505.8 427.0 397.3 465.2 541.2 529.5 466.5 637.4 829.4 729.7 57.8 57.1 58.7 61.6 61.9 63.1 59.2 62.2 60.6 64.0 62.1 60.8 58.7 159.8 151.9 150.4 157.9 158.8 163.1 129.4 146.4 163.0 180.0 15.3 15.2 16.2 15.4 15.7 15.1 14.6 14.2 14.9 14.1 14.2 14.9 14.4 Balance of trade (exports minus imports) Census basis (by end-use category) Auto- ConCapital motive sumer goods goods veexcept hicles, (nonauto- parts food) motive and en- except autogines motive 551.5 539.5 519.7 533.4 563.2 550.5 463.2 521.3 572.9 602.2 49.0 49.9 50.0 51.1 51.3 51.2 51.3 51.1 51.4 52.8 50.8 52.7 52.3 Services (BOP basis) Goods: Imports (customs value) 199.0 197.7 193.7 197.7 206.0 205.6 175.0 222.3 245.1 259.5 21.5 21.2 21.2 22.2 22.2 20.9 20.5 21.4 21.4 21.2 21.0 22.2 22.5 BOP basis 2,385.5 2,273.2 2,207.2 2,356.3 2,555.7 2,512.4 2,346.7 2,849.0 3,270.3 3,108.5 255.2 253.8 256.8 256.2 260.8 261.2 257.2 260.1 261.4 268.6 263.8 271.8 269.7 IndusFoods, trial Total, feeds, supCensus and plies basis 1 beverand ages materials 2,356.4 2,248.8 2,186.8 2,339.6 2,536.1 2,491.7 2,331.5 2,828.5 3,239.9 3,080.2 253.0 251.7 254.7 253.8 258.4 258.8 254.8 257.7 258.7 265.9 261.3 269.3 267.4 125.9 127.8 130.0 137.8 147.3 150.5 154.3 182.1 208.3 200.2 16.1 16.4 16.8 16.7 16.7 16.7 16.8 16.7 16.8 18.1 17.6 17.5 17.5 667.0 486.0 443.3 507.0 574.6 520.6 478.7 649.1 809.7 675.4 56.2 54.0 52.5 54.9 55.9 55.2 54.6 55.7 54.6 54.9 54.0 55.3 56.7 BOP basis Auto- ConGoods, Capital motive sumer goods Exports Imports Census goods ve(nonbasis except hicles, food) auto- parts motive and en- except autogines motive 594.1 602.5 589.7 639.8 690.9 674.8 643.4 760.0 864.5 859.1 71.7 70.2 71.7 70.7 71.5 72.8 72.0 72.0 74.5 75.3 75.7 78.1 78.0 328.6 349.2 349.9 358.2 371.1 374.5 309.2 345.5 397.9 458.2 37.2 38.6 39.0 38.5 40.0 39.5 39.6 39.4 40.4 42.0 37.7 41.7 40.2 557.1 757.1 594.2 769.4 583.1 783.4 601.4 837.5 645.4 865.5 653.0 891.2 639.6 726.3 767.3 804.9 838.2 949.1 757.7 1,026.6 60.7 85.5 61.9 85.7 63.7 85.5 62.3 86.0 63.5 86.6 63.8 87.4 60.9 87.7 63.1 88.3 61.9 89.1 64.5 90.8 65.9 91.1 65.7 90.9 63.7 92.1 Goods Ser- Goods and vices services 491.1 –734.5 –749.9 266.0 498.3 –745.5 –761.9 271.1 513.1 –735.3 –749.8 270.3 555.1 –792.4 –799.3 282.4 565.4 –870.4 –878.7 300.2 593.3 –845.8 –857.3 297.9 467.1 –901.5 –912.9 259.2 569.8 –1,070.8 –1,083.2 235.1 713.9 –1,173.4 –1,179.9 235.2 748.2 –1,062.1 –1,063.3 278.4 61.7 –90.3 –89.8 23.7 62.1 –88.7 –88.4 23.6 61.7 –89.1 –88.4 23.8 61.9 –83.7 –83.7 24.1 63.1 –86.1 –85.7 23.5 63.9 –87.6 –87.8 23.5 64.1 –88.6 –88.3 23.6 64.7 –87.6 –88.4 23.5 64.9 –89.8 –91.2 24.3 66.6 –91.8 –93.2 24.2 66.4 –92.2 –93.3 24.8 66.1 –98.2 –99.3 24.8 67.0 –99.4 –100.2 25.1 –484.0 –490.8 –479.5 –516.9 –578.6 –559.4 –653.7 –848.1 –944.8 –784.9 –66.1 –64.8 –64.6 –59.6 –62.2 –64.3 –64.8 –64.9 –66.9 –69.0 –68.6 –74.5 –75.1 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 2024, the current account deficit widened to $237.6 billion from $221.8 billion in the fourth quarter. The goods and services deficit rose to $204.5 billion from $194.0 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 –80 –80 –100 –100 –120 –120 –140 –140 –160 BALANCE ON GOODS AND SERVICES –180 BALANCE ON CURRENT ACCOUNT –160 –180 –200 –200 –220 –220 –240 –240 –260 –260 –280 –280 –300 –300 –320 –320 2015 2016 2018 2017 2019 2020 2021 2022 SOURCE: DEPARTMENT OF COMMERCE 2023 2024 COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted] Current Account 1 Goods 2 Period Services Balance on goods Exports Imports 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 r ������������������ 2021 r ������������������ 2022 r ������������������ 2023 r ������������������ 2021: I r �������������� II r ������������� III r ������������ IV r ������������ 2022: I r �������������� II r ������������� III r ������������ IV r ������������ 2023: I r �������������� II r ������������� III r ������������ IV r ������������ 1,635,563 1,511,381 1,457,393 1,557,003 1,676,913 1,655,098 1,433,852 1,765,853 2,090,339 2,045,221 411,870 434,365 441,784 477,833 489,628 536,202 546,427 518,082 518,316 497,038 515,998 513,869 2,385,480 –749,917 2,273,249 –761,868 2,207,195 –749,801 2,356,345 –799,343 2,555,662 –878,749 2,512,358 –857,260 2,346,727 –912,875 2,849,043 –1,083,190 3,270,281 –1,179,941 3,108,509 –1,063,288 672,346 –260,476 701,135 –266,769 713,466 –271,682 762,096 –284,263 821,627 –331,999 845,281 –309,079 812,460 –266,033 790,913 –272,831 785,166 –266,851 771,030 –273,992 773,827 –257,829 778,485 –264,616 2024: I p��������������� 516,144 793,871 –277,727 Exports Imports Balance on services Balance on goods and services Chart 36 - Jan 2024 Primary income receipts and payments Receipts Payments Balance on primary income Balance on secondary Income 3 Balance on current account Current account balance as a percentage of GDP 757,051 769,397 783,431 837,474 865,549 891,177 726,296 804,948 949,065 1,026,596 189,042 196,006 203,524 216,377 224,073 236,736 239,704 248,552 249,316 255,875 258,072 263,332 491,086 498,305 513,088 555,070 565,395 593,313 467,111 569,829 713,886 748,198 123,849 133,875 152,103 160,001 166,624 178,503 184,449 184,310 183,267 185,511 186,703 192,717 265,965 271,092 270,343 282,404 300,155 297,865 259,185 235,120 235,179 278,398 65,193 62,131 51,421 56,375 57,450 58,233 55,255 64,242 66,049 70,364 71,369 70,616 –483,952 –490,776 –479,458 –516,939 –578,594 –559,395 –653,691 –848,070 –944,762 –784,890 –195,283 –204,639 –220,261 –227,887 –274,549 –250,846 –210,778 –208,589 –200,801 –203,628 –186,461 –194,001 845,858 824,929 857,240 995,442 1,102,964 1,139,310 954,005 1,048,567 1,184,423 1,376,721 254,021 255,188 266,642 272,716 273,035 289,846 305,686 315,857 328,098 338,467 355,262 354,894 645,623 639,724 660,798 737,501 847,689 891,911 776,288 929,509 1,068,464 1,309,692 216,575 231,097 241,179 240,658 251,980 257,941 269,864 288,679 311,356 320,540 338,382 339,413 200,235 185,205 196,442 257,942 255,275 247,400 177,717 119,058 115,959 67,029 37,446 24,092 25,463 32,058 21,055 31,905 35,822 27,177 16,742 17,926 16,880 15,481 –86,339 –102,882 –113,199 –108,618 –116,530 –129,756 –125,227 –138,968 –183,295 –187,515 –31,666 –30,688 –40,196 –36,418 –38,325 –44,158 –55,573 –45,239 –46,271 –46,901 –51,078 –43,264 –370,056 –408,453 –396,216 –367,616 –439,849 –441,751 –601,201 –867,980 –905,376 –189,504 –211,235 –234,993 –232,248 –291,819 –263,099 –230,529 –226,651 –230,330 –232,603 –220,659 –221,784 –2.1 –2.2 –2.1 –1.9 –2.1 –2.1 –2.8 –3.7 –3.9 –3.3 –3.4 –3.6 –3.9 –3.8 –4.7 –4.1 –3.5 –3.4 –3.4 –3.4 –3.2 –3.2 271,034 197,824 73,210 –204,516 364,615 352,287 12,327 –45,456 –237,645 –3.4 1 Current and capital account statistics in the international transactions accounts differ slightly from statistics in the National Income and Product Accounts (NIPAs) because of adjustments made to convert the international statistics to national accounting concepts. A reconciliation can be found in NIPA table 4.3B. 2 Adjusted from Census data to align with concepts and definitions used to prepare the international and national economic accounts. The adjustments are necessary to supplement coverage of Census data, to eliminate duplication of transactions recorded elsewhere in the international accounts, to value transactions according to a standard definition, and for earlier years, to record transactions in the appropriate period. 3 Includes U.S. government and private transfers, such as U.S. government grants and pensions, fines and penalties, withholding taxes, personal transfers, insurance-related transfers, and other current transfers. See p. 37 for continuation of table. 36 U.S. International Transactions—Continued In the financial account, U.S. net borrowing was $197.3 billion in the first quarter of 2024, resulting from a net increase in U.S. financial assets of $321.2 billion plus a net decrease in financial derivatives of $2.9 billion, less a net increase in U.S. liabilities of $515.6 billion. U.S. net borrowing was down from $235.9 billion in the fourth quarter. BILLIONS OF DOLLARS 1,100 BILLIONS OF DOLLARS 1,100 SEASONALLY ADJUSTED 1,000 1,000 900 900 800 800 700 700 600 600 500 500 CHANGE IN U.S. LIABILITIES 400 400 300 300 200 200 100 100 0 0 CHANGE IN U.S. ASSETS ABROAD1 –100 –100 –200 –200 –300 –300 –400 –400 2016 2015 2017 2018 2019 2020 2021 2022 2023 2024 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 2024 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 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 r ������������������ 2021 r ������������������ 2022 r ������������������ 2023 r ������������������ 2021: I r �������������� II r ������������� III r ������������ IV r ������������ 2022: I r �������������� II r ������������� III r ������������ IV r ������������ 2023: I r �������������� II r ������������� III r ������������ IV r ������������ 2024: I p��������������� Direct investment assets Portfolio investment assets Other investment assets –6,535 865,694 387,528 581,668 –99,920 –7,940 144,104 302,072 107,154 –258,831 –6,606 336,438 299,814 37,489 –2,955 12,394 1,161,984 409,413 540,728 213,533 –4,261 429,710 –130,720 381,863 173,578 –6,456 315,580 114,924 –11,453 207,450 –5,610 954,808 282,333 406,368 257,133 –1,423 1,191,028 341,955 711,540 23,541 –181 747,109 388,510 322,719 30,066 –6,320 978,604 454,085 81,562 442,916 –2,343 435,739 65,307 337,343 35,189 –649 240,110 121,535 175,898 –57,800 3,231 460,634 82,927 303,444 –38,339 –1,662 54,545 72,185 –105,144 84,491 –1,367 395,757 144,052 191,983 58,790 –2,462 364,634 96,648 236,902 29,903 6,272 295,807 34,770 270,789 –10,549 –2,624 –309,090 113,039 –376,955 –48,077 –2,520 199,533 89,192 18,614 90,948 –1,061 209,246 78,657 53,042 77,276 –994 270,003 119,890 48,595 101,118 –1,745 299,822 166,346 –38,689 173,574 –1,837 321,182 118,344 164,075 36,253 Net U.S. incurrence of liabilities excluding financial derivatives [net increase in liabilities / financial inflow (+)] Reserve assets 4 Total –3,583 –6,292 2,090 –1,690 4,989 4,659 8,974 113,993 5,814 41 –2,100 477 112,603 3,013 932 1,181 797 2,903 778 272 400 –1,408 2,509 1,109,443 503,468 706,693 1,559,219 712,178 832,266 1,621,666 1,975,626 1,535,516 1,887,085 630,216 443,865 677,733 223,811 681,897 451,649 526,270 –124,300 585,035 309,433 467,099 525,518 515,595 Direct investment liabilities Portfolio investment liabilities Other investment liabilities 251,857 697,607 511,434 213,910 474,388 231,265 380,823 790,810 214,716 303,075 315,983 233,469 137,068 946,560 475,803 614,103 408,982 760,384 348,784 1,231,077 56,963 393,559 124,861 146,867 162,914 200,792 131,065 –127,115 136,221 264,368 71,867 384,377 127,356 262,003 73,537 –150,364 93,218 349,775 88,890 392,385 66,740 261,558 99,936 227,358 81,203 389,473 159,979 –221,876 1,040 387,586 194,387 282,814 538,038 885,720 366,150 307,224 179,694 172,138 314,027 219,861 281,307 –4,595 136,912 –47,474 142,042 –171,842 138,801 198,223 44,919 Financial derivatives other than reserves, net transactions –54,335 –27,035 7,827 23,998 –20,404 –41,670 –5,107 –39,028 –80,698 –15,642 –2,216 –7,319 –6,796 –22,697 6,102 –45,911 –33,940 –6,949 –1,727 –4,741 1,068 –10,242 –2,865 Net lending (+) Statistical or net discrepancy borrowing (–) from financial account transactions 5 –298,084 –386,400 –362,427 –373,237 –302,872 –558,356 –671,965 –823,625 –869,105 –924,123 –196,693 –211,075 –223,895 –191,962 –280,037 –132,925 –264,404 –191,739 –387,229 –104,928 –196,028 –235,937 –197,278 78,506 29,993 40,394 –18,016 141,238 –110,149 –65,154 45,778 143,174 –12,427 –4,846 809 7,867 41,948 13,149 132,636 –40,147 37,535 –154,379 128,736 25,624 –12,408 42,204 U.S. official reserve assets, net (unadjusted, end of period) 4 130,090 117,581 117,332 123,313 125,798 129,479 144,890 251,238 243,758 245,152 139,048 140,185 250,080 251,238 248,224 238,575 230,153 243,758 246,990 244,008 240,990 245,152 243,802 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. Note: Data revised to reflect annual revisions. Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and the Board of Governors of the Federal Reserve System. 37 CONTENTS TOTAL OUTPUT, INCOME, AND SPENDING Page Gross Domestic Product ........................................................................................................................................................ 1 Real Gross Domestic Product ................................................................................................................................................ 2 Chained Price Indexes For Gross Domestic Product ............................................................................................................ 2 Gross Domestic Product and Related Price Measures: Indexes and Percent Changes ........................................................... 3 Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits .......................................................... 3 National Income .................................................................................................................................................................... 4 Real Personal Consumption Expenditures ............................................................................................................................ 4 Sources of Personal Income ................................................................................................................................................... 5 Disposition of Personal Income ............................................................................................................................................. 6 Real Farm Income ................................................................................................................................................................. 7 Corporate Profits ................................................................................................................................................................... 8 Real Gross Private Domestic Investment ............................................................................................................................... 9 Real Private Fixed Investment by Type .................................................................................................................................. 10 Business Investment ............................................................................................................................................................... 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force ....................................................................................................................................................... Selected Unemployment Rates .............................................................................................................................................. Selected Measures of Unemployment and Unemployment Insurance Programs ................................................................... Nonagricultural Employment ................................................................................................................................................ Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries ................................ Employment Cost Index—Private Industry .......................................................................................................................... Productivity and Related Data, Business and Nonfarm Business Sectors .............................................................................. 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization .................................................................................................................... 17 Industrial Production—Major Market Groups and Selected Manufactures .......................................................................... 18 New Construction ................................................................................................................................................................. 19 New Private Housing and Vacancy Rates .............................................................................................................................. 19 Business Sales and Inventories—Manufacturing and Trade .................................................................................................. 20 Manufacturers’ Shipments, Inventories, and Orders .............................................................................................................. 21 PRICES Producer Prices ...................................................................................................................................................................... Consumer Prices—All Urban Consumers ............................................................................................................................. Changes in Producer Prices ................................................................................................................................................... Changes in Consumer Prices—All Urban Consumers .......................................................................................................... Prices Received and Paid by Farmers ..................................................................................................................................... 22 23 24 24 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock and Debt Measures .......................................................................................................................................... Components of Money Stock ................................................................................................................................................ Aggregate Reserves and Monetary Base ................................................................................................................................. Bank Credit at All Commercial Banks .................................................................................................................................. Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business .............................................................................. Consumer Credit ................................................................................................................................................................... Interest Rates and Bond Yields .............................................................................................................................................. Common Stock Prices and Yields .......................................................................................................................................... 26 27 27 28 29 29 30 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt ..................................................................................................................................... 32 Federal Receipts by Source and Outlays by Function ............................................................................................................ 33 Federal Sector, National Income Accounts Basis ................................................................................................................... 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries ........................................................................... 35 U.S. International Trade in Goods and Services .................................................................................................................... 35 U.S. International Transactions ............................................................................................................................................. 36 General Notes Detail in these tables may not add to totals because of rounding. Unless otherwise noted, all dollar figures are in current dollars. Symbols used: p Preliminary. r Revised. c Corrected. ... Not available (also, not applicable). NSA Not seasonally adjusted. 38