Full text of Economic Indicators : March 2017
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115th Congress, 1st Session Economic Indicators MARCH 2017 (Includes data available as of April 7, 2017) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PUBLISHING OFFICE WASHINGTON : 2017 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) Representative Patrick J. Tiberi, Ohio, Chairman Senator Mike Lee, Utah, Vice Chairman House of Representatives Erik Paulsen, Minnesota David Schweikert, Arizona Barbara Comstock, Virginia Darin LaHood, Illinois Francis Rooney, Florida Carolyn B. Maloney, New York John Delaney, Maryland Alma S. Adams, Ph.D., North Carolina Donald S. Beyer, Jr., Virginia Senate Tom Cotton, Arkansas Ben Sasse, Nebraska Rob Portman, Ohio Ted Cruz, Texas Bill Cassidy, M.D., Louisiana Martin Heinrich, New Mexico, Ranking Amy Klobuchar, Minnesota Gary Peters, Michigan Margaret Wood Hassan, New Hampshire Whitney K. Daffner, Executive Director COUNCIL OF ECONOMIC ADVISERS [Public Law 120—81st Congress; Chapter 237—1st Session] JOINT RESOLUTION [S.J. R es. 55] To print the monthly publication entitled “Economic Indicators” Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled “Economic Indicators,” and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts prepared under the direction of the Mail and Multimedia Division, Office of the Secretary, Department of Commerce. Monthly issues of Economic Indicators in PDF form, and tables in Excel, are available online at: www.gpo.gov/economicindicators To subscribe to the print edition, $58.00 per year ($81.20 outside the United States), contact the U.S. Government Publishing Office at 202-512-1800, www.gpo.gov/economicindicators, or: SUPERINTENDENT OF DOCUMENTS U.S. GOVERNMENT PUBLISHING OFFICE MAIL STOP: IDCC WASHINGTON, DC 20402-9328 ii TOTAL OUTPUT, INCOME, AND SPENDING Gross Domestic Product In the fourth quarter of 2016, according to revised estimates, real gross domestic product (GDP) in chained (2009) dollars rose 2.1 percent (annual rate), current dollar GDP rose 4.2 percent, and the chained price index rose 2.1 percent. BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE) 19,200 19,200 SEASONALLY ADJUSTED ANNUAL RATES 18,800 18,800 18,400 18,400 18,000 18,000 17,600 17,600 17,200 17,200 16,800 16,800 GDP IN CURRENT DOLLARS 16,400 16,400 16,000 16,000 15,600 15,600 15,200 15,200 GDP IN CHAINED (2009) DOLLARS 14,800 14,800 14,400 14,400 14,000 14,000 13,600 13,600 2007 2008 2009 2010 2011 2012 2013 2014 SOURCE: DEPARTMENT OF COMMERCE 2015 2016 COUNCIL OF ECONOMIC ADVISERS [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 r ������������������ 2014: I ���������������� II ��������������� III �������������� IV �������������� 2015: I ���������������� II ��������������� III �������������� IV �������������� 2016: I ���������������� II ��������������� III �������������� IV r ������������ Gross domestic product 14,477.6 14,718.6 14,418.7 14,964.4 15,517.9 16,155.3 16,691.5 17,393.1 18,036.6 18,569.1 17,025.2 17,285.6 17,569.4 17,692.2 17,783.6 17,998.3 18,141.9 18,222.8 18,281.6 18,450.1 18,675.3 18,869.4 Personal consumption expenditures Gross private domestic investment 9,750.5 10,013.6 9,847.0 10,202.2 10,689.3 11,050.6 11,361.2 11,863.4 12,283.7 12,757.9 11,636.1 11,800.6 11,941.0 12,075.8 12,098.9 12,240.2 12,356.9 12,438.8 12,498.0 12,692.7 12,832.2 13,008.9 2,643.7 2,424.8 1,878.1 2,100.8 2,239.9 2,511.7 2,706.3 2,886.5 3,056.6 3,035.7 2,774.0 2,861.6 2,939.8 2,970.4 3,044.6 3,049.9 3,072.1 3,059.9 3,036.8 2,987.5 3,017.2 3,101.4 Exports and imports of goods and services Net exports –718.5 –723.1 –395.4 –512.7 –580.0 –565.7 –492.0 –508.8 –522.0 –501.3 –508.4 –515.6 –485.6 –525.5 –534.7 –508.9 –523.4 –520.9 –507.4 –492.4 –460.0 –545.2 Government consumption expenditures and gross investment Federal Exports 1,664.6 1,841.9 1,587.7 1,852.3 2,106.4 2,198.2 2,276.6 2,375.3 2,264.3 2,232.4 2,339.1 2,388.4 2,394.7 2,379.0 2,287.8 2,298.6 2,259.1 2,211.7 2,179.0 2,209.7 2,276.3 2,264.8 Imports 2,383.2 2,565.0 1,983.2 2,365.0 2,686.4 2,763.8 2,768.6 2,884.1 2,786.3 2,733.7 2,847.4 2,904.0 2,880.3 2,904.6 2,822.4 2,807.5 2,782.5 2,732.6 2,686.3 2,702.2 2,736.2 2,810.0 Total 2,801.9 3,003.2 3,089.1 3,174.0 3,168.7 3,158.6 3,116.1 3,152.1 3,218.3 3,276.7 3,123.6 3,139.0 3,174.2 3,171.4 3,174.7 3,217.2 3,236.3 3,245.0 3,254.3 3,262.3 3,285.9 3,304.3 Total 1,049.8 1,155.6 1,217.7 1,303.9 1,303.5 1,292.5 1,229.5 1,218.9 1,225.0 1,244.5 1,218.1 1,214.3 1,230.6 1,212.5 1,218.8 1,222.1 1,225.0 1,234.0 1,233.8 1,239.2 1,251.8 1,253.2 National defense Nondefense 678.7 754.1 788.3 832.8 836.9 817.8 767.0 746.0 732.0 732.2 750.0 746.0 755.5 732.5 731.2 731.8 729.3 735.6 731.4 729.3 736.0 732.0 371.0 401.5 429.4 471.1 466.5 474.7 462.5 472.9 493.0 512.3 468.0 468.3 475.1 480.0 487.6 490.3 495.7 498.4 502.4 509.9 515.8 521.2 Chart 1 - Mar 2017 State and local 1,752.2 1,847.6 1,871.4 1,870.2 1,865.3 1,866.1 1,886.6 1,933.2 1,993.3 2,032.2 1,905.5 1,924.7 1,943.6 1,958.9 1,955.9 1,995.1 2,011.3 2,011.0 2,020.5 2,023.1 2,034.1 2,051.1 Final Addendum: Gross sales of Gross domestic domestic purchases 1 national product product 14,443.2 14,750.6 14,566.3 14,902.8 15,476.2 16,093.5 16,599.1 17,327.7 17,943.3 18,548.2 16,989.9 17,220.7 17,493.2 17,606.9 17,654.7 17,893.1 18,065.1 18,160.1 18,239.7 18,465.0 18,671.2 18,817.0 15,196.2 15,441.6 14,814.2 15,477.0 16,097.9 16,720.9 17,183.5 17,901.9 18,558.6 19,070.4 17,533.6 17,801.2 18,055.0 18,217.7 18,318.3 18,507.2 18,665.3 18,743.7 18,789.0 18,942.5 19,135.2 19,414.6 14,603.2 14,890.6 14,569.8 15,170.3 15,764.6 16,392.8 16,935.8 17,641.2 18,242.4 18,776.0 17,276.8 17,528.3 17,830.6 17,929.0 18,000.7 18,202.0 18,332.5 18,434.1 18,454.2 18,657.9 18,879.3 19,112.4 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 (2009) dollars; quarterly data at seasonally adjusted annual rates] Period 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 r ������������������ 2014: I ���������������� II ��������������� III �������������� IV �������������� 2015: I ���������������� II ��������������� III �������������� IV �������������� 2016: I ���������������� II ��������������� III �������������� IV r ������������ Gross private domestic investment Personal Gross conChange domestic sumption Nonresi- Resiin product expendi- dential dential fixed fixed private tures investinvestinvenment ment tories 14,873.7 14,830.4 14,418.7 14,783.8 15,020.6 15,354.6 15,612.2 15,982.3 16,397.2 16,662.1 15,747.0 15,900.8 16,094.5 16,186.7 16,269.0 16,374.2 16,454.9 16,490.7 16,525.0 16,583.1 16,727.0 16,813.3 10,041.6 10,007.2 9,847.0 10,036.3 10,263.5 10,413.2 10,565.4 10,868.9 11,214.7 11,522.2 10,712.8 10,813.3 10,912.9 11,036.4 11,102.4 11,181.3 11,255.9 11,319.3 11,365.2 11,484.9 11,569.0 11,669.8 1,948.4 1,934.4 1,633.4 1,673.8 1,802.3 1,964.1 2,032.9 2,155.6 2,200.2 2,188.6 2,111.8 2,143.4 2,186.7 2,180.6 2,187.9 2,196.6 2,217.5 2,198.8 2,179.7 2,185.0 2,192.5 2,197.2 654.8 497.7 392.2 382.4 384.5 436.5 488.3 505.4 564.5 591.9 489.4 503.1 507.6 521.4 538.0 556.9 573.7 589.5 600.7 588.7 582.5 596.0 35.5 –33.7 –147.6 58.2 37.6 54.7 78.7 57.7 84.0 22.0 31.7 55.2 66.8 76.9 114.4 93.8 70.9 56.9 40.7 –9.5 7.1 49.6 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports Exports Imports Total –712.6 –557.8 –395.4 –458.8 –459.4 –447.1 –404.9 –425.7 –540.0 –563.0 –412.0 –427.5 –409.4 –454.0 –521.2 –524.9 –547.1 –566.6 –566.3 –558.5 –522.2 –605.0 1,646.4 1,740.8 1,587.7 1,776.6 1,898.3 1,963.2 2,031.5 2,118.3 2,120.6 2,128.2 2,074.1 2,118.0 2,128.7 2,152.3 2,120.6 2,135.5 2,120.4 2,105.8 2,102.0 2,111.3 2,162.0 2,137.4 2,359.0 2,298.6 1,983.2 2,235.4 2,357.7 2,410.2 2,436.4 2,544.0 2,660.5 2,691.2 2,486.1 2,545.5 2,538.1 2,606.2 2,641.8 2,660.5 2,667.6 2,672.4 2,668.2 2,669.7 2,684.3 2,742.4 2,914.4 2,994.8 3,089.1 3,091.4 2,997.4 2,941.6 2,857.6 2,833.0 2,883.7 2,907.0 2,824.3 2,825.1 2,842.6 2,840.0 2,858.0 2,880.7 2,894.4 2,901.7 2,913.2 2,900.9 2,906.4 2,907.6 National Nondefense defense Total 1,078.7 1,152.3 1,217.7 1,270.7 1,236.4 1,213.5 1,142.8 1,113.8 1,113.8 1,120.5 1,118.6 1,110.8 1,121.5 1,104.4 1,109.6 1,110.1 1,112.7 1,123.0 1,118.7 1,117.7 1,124.4 1,121.0 695.6 748.1 788.3 813.5 795.0 768.2 715.7 686.3 672.0 667.0 692.5 686.8 693.5 672.5 671.8 671.0 669.0 676.3 670.9 665.5 668.9 662.8 383.1 404.2 429.4 457.1 441.4 445.3 427.0 427.3 441.3 452.6 425.9 423.8 427.8 431.6 437.3 438.6 443.1 446.2 447.2 451.4 454.7 457.3 AddenFinal Gross dum: sales of domestic Gross domestic purchases 1 national product product State and local 1,836.1 1,842.4 1,871.4 1,820.8 1,761.0 1,728.1 1,714.1 1,718.1 1,768.2 1,784.8 1,704.8 1,713.2 1,720.1 1,734.1 1,746.9 1,768.9 1,779.9 1,777.1 1,792.6 1,781.4 1,780.4 1,784.9 14,836.2 14,865.7 14,566.3 14,722.2 14,979.0 15,292.3 15,521.1 15,912.9 16,300.6 16,626.1 15,703.8 15,833.0 16,015.6 16,099.3 16,140.9 16,267.5 16,371.7 16,422.4 16,473.5 16,579.5 16,703.6 16,747.7 15,606.8 15,399.9 14,814.2 15,244.9 15,483.9 15,804.3 16,016.9 16,408.9 16,937.8 17,225.8 16,159.6 16,329.7 16,504.1 16,642.1 16,791.3 16,900.1 17,002.6 17,057.2 17,091.5 17,142.6 17,252.6 17,416.4 15,005.7 15,004.8 14,569.8 14,970.8 15,241.0 15,562.1 15,822.2 16,192.5 16,570.4 16,835.2 15,961.5 16,106.1 16,316.0 16,386.4 16,453.3 16,545.7 16,614.0 16,668.4 16,668.3 16,757.6 16,897.4 17,017.6 1 GDP less exports of goods and services plus imports of goods and services. Note: Because of the formula used for calculating real GDP, the chained (2009) 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, 2009=100; quarterly data are seasonally adjusted] Period 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 r ������������������ 2014: I ���������������� II ��������������� III �������������� IV �������������� 2015: I ���������������� II ��������������� III �������������� IV �������������� 2016: I ���������������� II ��������������� III �������������� IV r ������������ Gross domestic product 97.340 99.218 100.000 101.226 103.315 105.220 106.917 108.838 109.999 111.451 108.140 108.714 109.178 109.321 109.307 109.922 110.268 110.498 110.635 111.268 111.662 112.238 Personal consumption expenditures Total 97.102 100.065 100.000 101.653 104.149 106.121 107.532 109.150 109.532 110.721 108.621 109.133 109.425 109.422 108.979 109.472 109.784 109.892 109.969 110.519 110.921 111.477 Goods Services 99.403 102.362 100.000 101.637 105.413 106.701 106.116 105.727 102.680 101.237 106.047 106.111 105.845 104.905 102.728 103.043 102.806 102.144 101.109 101.301 101.083 101.454 Source: Department of Commerce (Bureau of Economic Analysis). 2 Gross private domestic investment 95.981 98.947 100.000 101.661 103.524 105.840 108.276 110.946 113.149 115.752 109.969 110.716 111.303 111.797 112.275 112.863 113.469 113.990 114.663 115.405 116.142 116.798 Nonresidential fixed 98.574 100.337 100.000 99.070 100.545 102.216 103.023 104.423 105.051 105.489 103.920 104.303 104.618 104.853 105.014 104.932 105.141 105.116 105.172 105.476 105.532 105.778 Residential fixed 105.176 103.647 100.000 99.645 100.395 101.324 106.393 112.795 115.479 119.303 111.212 111.575 113.517 114.874 114.920 114.898 115.726 116.371 116.952 118.553 120.070 121.637 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Exports 101.107 105.809 100.000 104.263 110.960 111.970 112.064 112.134 106.778 104.899 112.767 112.755 112.483 110.529 107.885 107.639 106.548 105.039 103.669 104.671 105.292 105.965 Imports 101.024 111.588 100.000 105.800 113.942 114.671 113.634 113.368 104.726 101.569 114.517 114.064 113.462 111.429 106.829 105.520 104.304 102.252 100.675 101.211 101.933 102.459 Total 97.319 100.286 100.000 102.614 105.422 106.512 107.581 109.431 109.979 111.069 108.888 109.320 109.726 109.790 109.845 110.093 110.096 109.881 110.286 110.869 111.331 111.791 National defense 97.572 100.809 100.000 102.365 105.274 106.466 107.167 108.699 108.923 109.768 108.310 108.619 108.941 108.927 108.853 109.062 109.010 108.765 109.015 109.585 110.034 110.438 Nondefense 96.849 99.321 100.000 103.064 105.691 106.600 108.296 110.668 111.724 113.186 109.879 110.509 111.050 111.235 111.493 111.800 111.888 111.717 112.356 112.961 113.443 113.983 State and local 95.426 100.279 100.000 102.714 105.923 107.985 110.063 112.522 112.732 113.864 111.773 112.349 112.999 112.966 111.969 112.787 113.003 113.169 112.715 113.570 114.254 114.916 Gross Domestic Product and Related Price Measures: Indexes and Percent Changes [Quarterly data are seasonally adjusted] Percent change from preceding period 1 Index numbers, 2009=100 Personal consumption expenditures (PCE) Gross domestic product (GDP) Period 2007 ���������������������� 2008 ���������������������� 2009 ���������������������� 2010 ���������������������� 2011 ���������������������� 2012 ���������������������� 2013 ���������������������� 2014 ���������������������� 2015 ���������������������� 2016 r �������������������� 2014: I ������������������ II ����������������� III ���������������� IV ���������������� 2015: I ������������������ II ����������������� III ���������������� IV ���������������� 2016: I ������������������ II ����������������� III ���������������� IV r �������������� Real GDP GDP (chain-type chain-type quantity price index) index 103.156 102.855 100.000 102.532 104.174 106.491 108.277 110.844 113.721 115.559 109.212 110.279 111.622 112.262 112.832 113.562 114.121 114.370 114.608 115.011 116.009 116.607 GDP implicit price deflator 97.340 99.218 100.000 101.226 103.315 105.220 106.917 108.838 109.999 111.451 108.140 108.714 109.178 109.321 109.307 109.922 110.268 110.498 110.635 111.268 111.662 112.238 PCE PCE less food (chain-type and price index) priceenergy index 97.337 99.246 100.000 101.221 103.311 105.214 106.913 108.828 109.998 111.445 108.117 108.709 109.165 109.300 109.310 109.919 110.253 110.504 110.630 111.258 111.648 112.229 97.102 100.065 100.000 101.653 104.149 106.121 107.532 109.150 109.532 110.721 108.621 109.133 109.425 109.422 108.979 109.472 109.784 109.892 109.969 110.519 110.921 111.477 96.832 98.827 100.000 101.286 102.800 104.741 106.323 108.048 109.540 111.356 107.365 107.910 108.308 108.608 108.908 109.385 109.770 110.095 110.657 111.150 111.626 111.991 Personal consumption expenditures (PCE) Gross domestic product (GDP) Gross domestic purchases price index 97.372 100.244 100.000 101.527 103.970 105.805 107.287 109.109 109.569 110.713 108.525 109.015 109.411 109.487 109.090 109.512 109.793 109.881 109.936 110.509 110.925 111.481 GDP (current dollars) Real GDP GDP (chain-type chain-type quantity price index) index 4.5 1.7 –2.0 3.8 3.7 4.1 3.3 4.2 3.7 3.0 .6 6.3 6.7 2.8 2.1 4.9 3.2 1.8 1.3 3.7 5.0 4.2 1.8 –.3 –2.8 2.5 1.6 2.2 1.7 2.4 2.6 1.6 –1.2 4.0 5.0 2.3 2.0 2.6 2.0 .9 .8 1.4 3.5 2.1 GDP implicit price deflator 2.7 1.9 .8 1.2 2.1 1.8 1.6 1.8 1.1 1.3 1.7 2.1 1.7 .5 –.1 2.3 1.3 .8 .5 2.3 1.4 2.1 Gross domestic PCE purchases PCE food price index (chain-type lessenergy price index) and price index 2.7 2.0 .8 1.2 2.1 1.8 1.6 1.8 1.1 1.3 1.8 2.2 1.7 .5 .0 2.2 1.2 .9 .5 2.3 1.4 2.1 2.5 3.1 –.1 1.7 2.5 1.9 1.3 1.5 .3 1.1 2.0 1.9 1.1 .0 –1.6 1.8 1.1 .4 .3 2.0 1.5 2.0 2.2 2.1 1.2 1.3 1.5 1.9 1.5 1.6 1.4 1.7 1.6 2.0 1.5 1.1 1.1 1.8 1.4 1.2 2.1 1.8 1.7 1.3 2.7 2.9 –.2 1.5 2.4 1.8 1.4 1.7 .4 1.0 2.1 1.8 1.5 .3 –1.4 1.6 1.0 .3 .2 2.1 1.5 2.0 1 Quarterly percent changes are at annual rates. Source: Department of Commerce (Bureau of Economic Analysis). Nonfinancial Corporate Business— Gross Value Added and Price, Costs, and Profits [Quarterly data at seasonally adjusted annual rates] Period Current dollars 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 p ������������������ 2014: I ���������������� II ��������������� III �������������� IV �������������� 2015: I ���������������� II ��������������� III �������������� IV �������������� 2016: I ���������������� II ��������������� III �������������� IV p ����������� Price per unit of real gross value added of nonfinancial corporate business (dollars) 1, 2 Gross value added of nonfinancial corporate business (billions of dollars) 1 7,203.9 7,256.8 6,859.8 7,238.7 7,592.3 8,011.9 8,305.2 8,703.9 9,008.8 9,199.2 8,476.9 8,648.2 8,804.3 8,886.1 8,944.7 8,968.6 9,041.9 9,080.2 9,076.9 9,121.5 9,285.6 9,312.6 Chained (2009) dollars 7,454.8 7,358.5 6,859.8 7,156.3 7,333.4 7,580.6 7,752.5 7,987.9 8,225.5 8,395.9 7,826.6 7,937.1 8,051.5 8,136.4 8,206.9 8,180.8 8,240.9 8,273.5 8,312.3 8,316.3 8,481.1 8,474.0 Total 0.966 .986 1.000 1.012 1.035 1.057 1.071 1.090 1.095 1.096 1.083 1.090 1.093 1.092 1.090 1.096 1.097 1.098 1.092 1.097 1.095 1.099 Compensation of employees (unit labor cost) 0.578 .592 .596 .581 .595 .606 .613 .626 .639 .650 .630 .625 .624 .625 .630 .640 .641 .647 .642 .653 .649 .656 Corporate profits with inventory valuation and capital consumption adjustments 4 Unit nonlabor cost Total 0.266 .283 .300 .293 .299 .299 .300 .301 .304 .303 .303 .302 .301 .300 .299 .302 .302 .313 .303 .304 .300 .304 Consumption of fixed capital Net interest Taxes on and production miscellaneous and imports 3 payments 0.140 .149 .159 .153 .155 .156 .158 .161 .162 .163 .161 .161 .160 .160 .160 .162 .162 .163 .163 .164 .162 .163 0.093 .093 .099 .100 .104 .103 .105 .104 .104 .102 .105 .104 .103 .103 .102 .102 .102 .112 .102 .102 .101 .104 0.033 .042 .041 .040 .040 .039 .036 .037 .038 .037 .037 .037 .037 .037 .037 .038 .038 .038 .038 .038 .037 .037 Total 0.123 .111 .105 .137 .142 .152 .159 .162 .152 .143 .150 .163 .169 .167 .161 .155 .155 .138 .148 .141 .146 .139 Taxes on corporate income 0.039 .031 .026 .031 .031 .035 .037 .039 .037 .038 .039 .040 .040 .038 .040 .039 .037 .034 .038 .039 .039 .038 Profits after tax 5 0.083 .080 .079 .107 .110 .116 .122 .123 .114 .105 .111 .122 .129 .129 .121 .115 .117 .104 .110 .102 .107 .101 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 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 r ������������������ 2014: I ���������������� II ��������������� III �������������� IV �������������� 2015: I ���������������� II ��������������� III �������������� IV �������������� 2016: I ���������������� II ��������������� III �������������� IV r ������������ ComNational pensation of income employees 12,321.4 12,427.8 12,126.1 12,739.5 13,352.3 14,061.9 14,444.8 15,153.9 15,665.3 16,130.4 14,773.8 15,063.0 15,317.1 15,461.9 15,501.1 15,599.2 15,724.4 15,836.2 15,844.9 15,990.1 16,262.3 16,424.5 7,898.3 8,078.3 7,787.0 7,961.4 8,269.0 8,609.9 8,842.4 9,253.4 9,693.1 10,101.3 9,108.3 9,173.8 9,299.6 9,432.1 9,502.3 9,637.6 9,740.0 9,892.4 9,892.6 10,046.5 10,186.8 10,279.5 Rental income of persons with capital conNonfarm sumption adjustment Farm 38.1 47.0 35.5 46.0 75.5 61.6 87.8 68.5 39.9 27.8 70.0 78.9 64.1 61.0 38.4 38.7 44.6 38.1 32.3 29.8 28.3 20.6 941.1 979.5 937.5 986.7 1,068.1 1,179.8 1,197.0 1,269.2 1,336.8 1,389.7 1,234.0 1,257.6 1,280.8 1,304.5 1,312.7 1,327.4 1,344.4 1,362.8 1,371.6 1,378.0 1,392.4 1,416.8 189.4 262.1 333.7 402.8 485.3 525.3 567.1 606.1 659.6 704.7 590.1 599.6 611.3 623.3 636.5 656.6 668.1 677.3 692.8 700.6 705.9 719.6 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 1,529.0 1,285.1 1,397.0 1,746.4 1,816.6 1,998.2 2,032.9 2,152.1 2,088.1 2,085.8 2,024.6 2,174.3 2,193.6 2,215.8 2,177.0 2,112.4 2,095.4 1,967.5 2,033.5 2,021.0 2,138.8 2,150.0 Total Profits before tax 1,708.9 1,345.5 1,479.2 1,799.7 1,738.5 2,116.6 2,159.4 2,265.9 2,192.4 2,189.6 2,136.5 2,287.0 2,308.9 2,331.2 2,284.5 2,214.9 2,200.5 2,069.8 2,139.2 2,127.1 2,240.8 2,251.1 1,748.4 1,382.4 1,472.6 1,840.7 1,806.8 2,130.8 2,156.1 2,262.9 2,137.6 2,195.3 2,190.0 2,291.8 2,286.1 2,283.6 2,203.1 2,208.1 2,140.8 1,998.4 2,078.0 2,180.6 2,242.8 2,279.8 –39.5 –37.0 6.7 –41.0 –68.3 –14.2 3.3 3.0 54.8 –5.7 –53.5 –4.8 22.8 47.6 81.4 6.8 59.7 71.4 61.2 –53.5 –2.0 –28.7 –179.9 –60.4 –82.2 –53.3 78.1 –118.5 –126.6 –113.9 –104.3 –103.8 –111.9 –112.7 –115.3 –115.5 –107.5 –102.5 –105.2 –102.2 –105.7 –106.1 –102.0 –101.2 663.4 693.4 563.4 489.4 488.1 527.7 504.6 533.7 524.1 485.3 515.7 529.6 547.5 542.0 546.2 521.5 525.2 503.7 493.1 485.5 485.5 477.1 Business Less: current Subsidies transfer payments 1,034.6 1,041.9 1,026.1 1,057.1 1,102.6 1,132.1 1,174.9 1,210.2 1,237.6 1,256.2 1,192.2 1,206.0 1,217.0 1,225.7 1,227.6 1,235.8 1,239.9 1,247.3 1,249.8 1,246.7 1,260.9 1,267.3 54.6 52.6 58.3 55.9 60.1 58.0 59.3 56.7 56.6 59.2 57.4 56.9 56.7 55.9 55.6 56.2 57.4 57.3 58.3 59.4 60.1 59.0 98.6 114.4 124.9 128.5 131.5 104.7 118.4 137.6 161.4 161.2 116.3 120.5 180.1 133.6 134.0 143.7 143.2 224.5 158.1 164.6 146.9 175.2 Current surplus of government enterprises –16.4 –21.2 –20.6 –22.9 –24.5 –19.3 –20.9 –20.2 –18.8 –22.4 –20.0 –20.4 –20.3 –20.3 –18.0 –18.2 –18.9 –20.1 –20.5 –23.3 –23.2 –22.7 1 With inventory valuation and capital consumption adjustments. Source: Department of Commerce (Bureau of Economic Analysis). Real Personal Consumption Expenditures [Billions of chained (2009) dollars, except as noted; quarterly data at seasonally adjusted annual rates] Goods Period Total personal consumption expenditures 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 r ������������������ 2014: I ���������������� II ��������������� III �������������� IV �������������� 2015: I ���������������� II ��������������� III �������������� IV �������������� 2016: I ���������������� II ��������������� III �������������� IV r ������������ 10,041.6 10,007.2 9,847.0 10,036.3 10,263.5 10,413.2 10,565.4 10,868.9 11,214.7 11,522.2 10,712.8 10,813.3 10,912.9 11,036.4 11,102.4 11,181.3 11,255.9 11,319.3 11,365.2 11,484.9 11,569.0 11,669.8 Services Durable Total goods 3,381.8 3,297.8 3,198.4 3,308.7 3,411.8 3,504.3 3,613.5 3,755.4 3,907.4 4,048.2 3,678.2 3,738.7 3,778.6 3,826.2 3,851.5 3,892.1 3,932.6 3,953.4 3,964.7 4,032.9 4,067.8 4,127.5 Total durable goods 1 1,141.7 1,083.2 1,023.3 1,085.7 1,151.5 1,236.2 1,312.7 1,401.1 1,498.1 1,584.6 1,347.8 1,389.7 1,418.8 1,448.1 1,462.9 1,489.8 1,512.4 1,527.3 1,524.9 1,560.9 1,604.4 1,648.2 Nondurable Motor vehicles and parts 392.8 340.8 317.1 323.4 333.8 359.1 375.7 399.5 419.4 432.6 383.2 396.6 405.2 413.0 413.6 419.9 422.9 421.1 411.8 420.8 440.4 457.2 Total nondurable goods 1 2,239.3 2,214.7 2,175.1 2,223.5 2,263.2 2,277.5 2,316.1 2,376.4 2,439.3 2,500.4 2,347.7 2,370.0 2,383.5 2,404.3 2,415.8 2,431.8 2,451.3 2,458.4 2,471.1 2,505.4 2,502.5 2,522.8 Food and beverages purchased for offpremises consumption Gasoline and other energy goods Total services 1 Household consumption expenditures 791.3 781.9 770.0 786.5 795.1 795.7 795.2 811.7 811.3 834.0 808.4 812.3 813.0 812.9 812.2 811.9 810.8 810.5 816.8 831.6 836.9 850.5 296.8 283.4 284.5 282.2 274.3 270.0 275.5 276.5 286.3 290.5 276.5 274.8 275.3 279.5 284.7 284.2 288.4 287.7 291.8 291.6 289.8 288.6 6,656.4 6,708.6 6,648.5 6,727.6 6,851.4 6,908.1 6,951.3 7,114.2 7,310.3 7,481.0 7,034.4 7,075.4 7,135.3 7,211.4 7,252.4 7,291.8 7,327.2 7,369.8 7,403.9 7,458.5 7,508.5 7,552.9 6,415.2 6,435.1 6,372.5 6,449.3 6,575.9 6,614.3 6,651.4 6,817.3 7,013.3 7,173.2 6,734.0 6,777.6 6,839.5 6,918.3 6,960.9 7,000.2 7,027.7 7,064.4 7,098.2 7,156.2 7,196.7 7,241.7 Housing and utilities 1,840.8 1,860.1 1,881.0 1,904.3 1,928.0 1,929.1 1,937.9 1,964.8 1,997.0 2,020.1 1,962.6 1,960.1 1,960.2 1,976.0 1,991.8 1,996.0 2,004.5 1,995.5 1,999.0 2,020.9 2,033.9 2,026.8 Health care 1,563.2 1,598.8 1,627.4 1,649.2 1,690.3 1,727.0 1,734.9 1,790.6 1,886.1 1,972.9 1,746.4 1,774.0 1,803.0 1,839.2 1,859.3 1,877.4 1,895.2 1,912.4 1,938.7 1,973.3 1,976.2 2,003.2 Financial services and insurance 742.5 737.4 719.0 733.9 747.2 706.4 707.4 717.0 718.8 720.9 712.1 714.4 721.4 719.9 718.2 718.8 717.2 720.9 716.7 715.8 723.6 727.5 Addendum: Personal consumption expenditures excluding food and energy 2 Retail sales of new passenger cars and light trucks (millions of units) 8,734.2 8,730.5 8,577.4 8,746.1 8,980.4 9,143.9 9,284.6 9,570.8 9,908.7 10,187.6 9,406.2 9,516.3 9,623.9 9,736.7 9,791.5 9,875.1 9,944.6 10,023.7 10,061.0 10,148.2 10,220.2 10,321.1 16.1 13.2 10.4 11.6 12.7 14.4 15.5 16.5 17.4 17.5 15.9 16.5 16.6 16.7 16.9 17.2 17.7 17.9 17.3 17.1 17.5 18.0 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 (2009) 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 $57.7 billion (annual rate) in February, following an increase of $74.4 billion in January. Wages and salaries rose $40.6 billion in February, following an increase of $34.1 billion in January. BILLIONS OF DOLLARS * (RATIO SCALE) 18,000 16,000 BILLIONS OF DOLLARS* (RATIO SCALE) 18,000 16,000 14,000 14,000 12,000 12,000 TOTAL PERSONAL INCOME 10,000 10,000 9,000 9,000 WAGES AND SALARIES 8,000 8,000 7,000 7,000 6,000 6,000 5,000 5,000 OTHER INCOME 4,000 4,000 3,000 3,000 PERSONAL CURRENT TRANSFER RECEIPTS 2,000 2,000 1,000 1,000 2009 2010 2011 2012 2013 2014 2015 2016 *SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE 2017 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; monthly data at seasonally adjusted annual rates] Compensation of employees Period 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 r ������������������ 2016: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct r ���������� Nov r ��������� Dec r ��������� 2017: Jan r ��������� Feb p ��������� Total personal income 12,000.2 12,502.2 12,094.8 12,477.1 13,254.5 13,915.1 14,073.7 14,809.7 15,458.5 16,011.6 15,719.9 15,761.4 15,868.2 15,931.4 15,988.4 16,062.7 16,101.5 16,169.1 16,231.4 16,259.2 16,306.4 16,380.8 16,438.5 Total 7,898.3 8,078.3 7,787.0 7,961.4 8,269.0 8,609.9 8,842.4 9,253.4 9,693.1 10,101.3 9,875.1 9,883.2 9,990.0 10,047.5 10,101.9 10,160.8 10,174.1 10,225.3 10,257.5 10,273.7 10,307.4 10,351.9 10,398.4 Wages and salaries Supplements to wages and salaries 6,395.2 6,531.9 6,251.4 6,377.5 6,633.2 6,930.3 7,116.7 7,476.3 7,854.8 8,189.2 7,995.0 7,998.5 8,094.2 8,143.8 8,190.7 8,241.8 8,250.2 8,294.9 8,322.2 8,334.7 8,363.7 8,397.8 8,438.4 1,503.1 1,546.4 1,535.6 1,583.9 1,635.9 1,679.6 1,725.8 1,777.1 1,838.2 1,912.2 1,880.2 1,884.8 1,895.9 1,903.7 1,911.2 1,919.1 1,923.9 1,930.5 1,935.3 1,939.0 1,943.7 1,954.2 1,959.9 Proprietors’ income 1 Farm 38.1 47.0 35.5 46.0 75.5 61.6 87.8 68.5 39.9 27.8 32.3 31.5 30.6 29.8 28.9 28.6 28.3 28.0 24.3 20.6 16.9 16.3 15.7 Nonfarm 941.1 979.5 937.5 986.7 1,068.1 1,179.8 1,197.0 1,269.2 1,336.8 1,389.7 1,370.3 1,371.8 1,376.0 1,375.2 1,382.9 1,388.2 1,388.8 1,400.3 1,407.4 1,419.9 1,423.1 1,435.4 1,437.7 Personal income receipts on assets Rental income of persons 2 189.4 262.1 333.7 402.8 485.3 525.3 567.1 606.1 659.6 704.7 692.8 699.9 699.3 700.1 702.4 703.1 705.7 708.9 713.6 719.2 726.1 732.0 737.9 Total 2,166.6 2,167.1 1,818.0 1,739.6 1,913.9 2,123.8 2,056.1 2,227.0 2,253.8 2,262.9 2,230.0 2,246.7 2,250.9 2,259.7 2,256.7 2,262.0 2,272.3 2,276.5 2,286.5 2,290.9 2,291.8 2,290.7 2,294.7 Personal interest income 1,350.1 1,361.6 1,264.3 1,195.0 1,231.6 1,288.8 1,261.6 1,300.9 1,302.7 1,314.5 1,296.1 1,304.9 1,307.6 1,310.2 1,312.8 1,315.3 1,317.8 1,320.3 1,327.0 1,333.8 1,340.6 1,344.6 1,348.6 Personal dividend income 816.5 805.4 553.7 544.6 682.2 834.9 794.4 926.1 951.1 948.4 934.0 941.7 943.3 949.5 943.8 946.7 954.5 956.3 959.5 957.1 951.2 946.1 946.0 Personal current transfer receipts 3 1,728.1 1,956.6 2,147.5 2,324.7 2,360.5 2,366.3 2,428.0 2,540.4 2,678.6 2,775.4 2,746.2 2,754.9 2,760.2 2,764.2 2,766.3 2,776.7 2,789.8 2,793.0 2,808.4 2,802.4 2,812.1 2,846.3 2,851.1 Less: Chart 5 - Mar 2017 Contributions for government social insurance, domestic 961.4 988.2 964.4 984.1 917.8 951.6 1,104.6 1,154.9 1,203.5 1,250.3 1,226.9 1,226.7 1,238.8 1,245.0 1,250.7 1,256.9 1,257.6 1,262.9 1,266.3 1,267.6 1,271.1 1,291.8 1,296.9 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 (2009) dollars rose 1.3 percent (annual rate) in the fourth quarter of 2016. BILLIONS OF DOLLARS* (RATIO SCALE) 14,500 14,000 BILLIONS OF DOLLARS* (RATIO SCALE) 14,500 14,000 13,500 13,500 13,000 13,000 12,500 12,500 DISPOSABLE PERSONAL INCOME 12,000 12,000 11,500 11,500 SAVING 11,000 10,500 11,000 10,500 PERSONAL OUTLAYS 10,000 10,000 9,500 9,500 DOLLARS* (RATIO SCALE) 46,000 44,000 DOLLARS* (RATIO SCALE) 46,000 PER CAPITA DISPOSABLE PERSONAL INCOME 44,000 42,000 42,000 40,000 40,000 CURRENT DOLLARS 38,000 38,000 36,000 36,000 CHAINED (2009) DOLLARS 34,000 34,000 32,000 32,000 2007 2008 2009 2010 2011 2012 2013 2014 *SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE Period Personal income Less: Personal current taxes Equals: Disposable personal income 12,000.2 12,502.2 12,094.8 12,477.1 13,254.5 13,915.1 14,073.7 14,809.7 15,458.5 16,011.6 1,493.2 1,507.8 1,152.3 1,239.3 1,453.2 1,511.4 1,677.8 1,787.0 1,938.7 1,965.6 10,507.0 10,994.4 10,942.5 11,237.9 11,801.4 12,403.7 12,395.8 13,022.7 13,519.8 14,045.9 2016 COUNCIL OF ECONOMIC ADVISERS Less: Personal outlays 1 Equals: Personal saving Disposable personal income in billions of chained (2009) dollars Per capita disposable personal income Current dollars Billions of dollars 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 r ������������������ 2015 Chained (2009) dollars Per capita personal consumption expenditures Current dollars Chained (2009) dollars Dollars 10,197.2 10,457.7 10,275.1 10,607.9 11,091.2 11,457.0 11,775.7 12,296.7 12,736.2 13,227.1 309.8 536.7 667.4 630.0 710.1 946.7 620.1 726.0 783.6 818.8 10,820.6 10,987.3 10,942.5 11,055.1 11,331.2 11,688.3 11,527.6 11,931.0 12,343.3 12,685.5 34,826 36,101 35,616 36,274 37,811 39,455 39,157 40,838 42,095 43,433 Chart 6 - Mar 2017 Percent Saving change as in real percent per capita of disposable disposable personal personal income income Population, including Armed Forces overseas (thousands) 2 Percent 35,866 36,078 35,616 35,685 36,305 37,179 36,414 37,415 38,432 39,226 32,319 32,881 32,050 32,931 34,248 35,151 35,888 37,202 38,246 39,451 33,284 32,860 32,050 32,396 32,884 33,123 33,375 34,084 34,918 35,629 1.2 .6 –1.3 .2 1.7 2.4 –2.1 2.7 2.7 2.1 2.9 4.9 6.1 5.6 6.0 7.6 5.0 5.6 5.8 5.8 301,696 304,543 307,240 309,801 312,114 314,377 316,569 318,887 321,173 323,391 36,872 37,289 37,587 37,907 38,033 38,336 38,571 38,785 38,927 39,148 39,354 39,477 36,591 37,045 37,411 37,759 37,770 38,150 38,440 38,623 38,747 39,288 39,645 40,117 33,688 33,946 34,190 34,508 34,659 34,850 35,015 35,147 35,236 35,550 35,743 35,987 3.8 4.6 3.2 3.4 1.3 3.2 2.5 2.2 1.5 2.3 2.1 1.3 5.3 5.7 5.7 5.6 5.5 5.7 5.9 6.0 6.1 5.9 5.9 5.5 318,003 318,543 319,183 319,817 320,328 320,846 321,458 322,058 322,549 323,064 323,675 324,275 Seasonally adjusted annual rates 2014: I ���������������� II ��������������� III �������������� IV �������������� 2015: I ��������������� II ��������������� III �������������� IV �������������� 2016: I ��������������� II ��������������� III �������������� IV r ������������ 14,487.2 14,718.1 14,927.5 15,106.2 15,185.9 15,401.9 15,556.1 15,690.2 15,740.1 15,929.4 16,111.1 16,265.7 1,751.4 1,755.6 1,800.0 1,840.9 1,909.4 1,937.2 1,944.4 1,963.8 1,932.7 1,952.1 1,982.4 1,995.4 12,735.8 12,962.4 13,127.4 13,265.3 13,276.5 13,464.7 13,611.7 13,726.4 13,807.4 13,977.3 14,128.7 14,270.3 12,059.7 12,228.2 12,375.0 12,524.0 12,540.9 12,691.2 12,813.2 12,899.6 12,961.9 13,154.5 13,300.7 13,491.4 676.1 734.2 752.5 741.2 735.6 773.5 798.5 826.8 845.5 822.8 828.0 778.9 11,725.3 11,878.0 11,997.2 12,123.4 12,183.0 12,299.9 12,398.9 12,491.0 12,556.0 12,647.2 12,737.9 12,801.4 40,049 40,693 41,128 41,478 41,447 41,966 42,343 42,621 42,807 43,265 43,651 44,007 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 2017, gross farm income in chained (2009) dollars is forecast to be $362.5 billion and net farm income to be $54.8 billion. BILLIONS OF CHAINED (2009) DOLLARS (RATIO SCALE) BILLIONS OF CHAINED (2009) DOLLARS (RATIO SCALE) 520 480 440 520 480 440 400 400 GROSS FARM INCOME 360 360 320 320 280 280 240 240 200 200 160 160 NET FARM INCOME 120 120 80 80 60 60 40 40 2008 2009 2011 2010 2012 2013 2014 2015 SOURCE: DEPARTMENT OF AGRICULTURE 2016 2017 COUNCIL OF ECONOMIC ADVISERS [Billions of chained (2009) dollars] Chart 7 - Mar 2017 Income of farm operators from farming 1 Gross farm income Year Value of agricultural sector production Total 1998 ��������������������������������������������������� 1999 ��������������������������������������������������� 2000 ��������������������������������������������������� 2001 ��������������������������������������������������� 2002 ��������������������������������������������������� 2003 ��������������������������������������������������� 2004 ��������������������������������������������������� 2005 ��������������������������������������������������� 2006 ��������������������������������������������������� 2007 ��������������������������������������������������� 2008 ��������������������������������������������������� 2009 ��������������������������������������������������� 2010 ��������������������������������������������������� 2011 ��������������������������������������������������� 2012 ��������������������������������������������������� 2013 ��������������������������������������������������� 2014 ��������������������������������������������������� 2015 ��������������������������������������������������� 2016 ��������������������������������������������������� 2017 p ������������������������������������������������� Crops 2, 3 Total 294.7 293.4 295.1 298.4 271.1 298.3 330.9 324.5 306.0 348.8 367.5 336.5 352.2 406.9 427.5 452.5 443.8 399.7 375.1 362.5 279.0 266.6 266.8 271.6 256.5 279.2 316.3 298.0 289.4 336.6 355.1 324.4 339.9 396.8 417.4 442.2 434.9 389.9 363.5 351.6 129.4 115.9 116.0 113.5 115.1 125.2 140.4 124.3 125.2 155.2 175.2 164.7 166.1 192.9 202.3 218.5 189.2 166.2 166.8 155.4 Animals and animal products 3 119.3 118.9 121.0 127.0 109.9 121.1 139.4 137.5 125.9 142.2 140.5 119.5 138.5 158.4 160.7 169.3 197.0 176.9 152.9 149.0 Farm-related income 4 30.3 31.8 29.8 31.1 31.5 33.0 36.5 36.1 38.3 39.2 39.4 40.2 35.3 45.4 54.3 54.4 48.6 46.8 43.8 47.2 Direct Federal Government payments 15.7 26.9 28.4 26.8 14.6 19.1 14.6 26.5 16.7 12.2 12.3 12.2 12.2 10.1 10.1 10.3 9.0 9.8 11.7 11.0 Production expenses Net farm income 235.0 233.9 233.2 232.8 225.1 228.0 232.8 238.9 245.5 276.9 288.7 274.4 276.0 297.0 335.8 336.8 358.8 326.2 313.9 307.7 59.7 59.6 61.9 65.5 46.0 70.3 98.1 85.6 60.6 71.9 78.7 62.2 76.2 109.9 91.7 115.7 85.1 73.5 61.3 54.8 1 The GDP chain-type price index is used to convert the current-dollar statistics to 2009=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 2017 are forecasts. Source: Department of Agriculture (Economic Research Service). 7 Corporate Profits In the fourth quarter of 2016, according to current estimates, corporate profits before tax rose $37.0 billion (annual rate) and profits after tax rose $61.8 billion. BILLIONS OF DOLLARS 2,600 2,500 BILLIONS OF DOLLARS 2,600 2,500 SEASONALLY ADJUSTED ANNUAL RATES 2,400 2,400 PROFITS BEFORE TAX 2,300 2,300 2,200 2,200 2,100 2,100 2,000 2,000 1,900 1,900 1,800 1,800 1,700 1,700 1,600 1,600 1,500 1,500 PROFITS AFTER TAX 1,400 1,400 1,300 1,300 1,200 1,200 1,100 1,100 1,000 1,000 900 900 800 800 700 700 600 600 UNDISTRIBUTED PROFITS 500 500 400 400 300 300 TAXES ON CORPORATE INCOME 200 200 100 100 0 0 –100 –200 –100 –200 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 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 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2014: I ���������������� II ��������������� III �������������� IV �������������� 2015: I ���������������� II ��������������� III �������������� IV �������������� 2016: I ���������������� II ��������������� III �������������� IV �������������� Total 2 1,708.9 1,345.5 1,479.2 1,799.7 1,738.5 2,116.6 2,159.4 2,265.9 2,192.4 2,189.6 2,136.5 2,287.0 2,308.9 2,331.2 2,284.5 2,214.9 2,200.5 2,069.8 2,139.2 2,127.1 2,240.8 2,251.1 Profits before tax Nonfinancial Total 1,355.5 938.8 1,122.0 1,404.5 1,316.6 1,706.3 1,747.6 1,854.9 1,806.6 1,779.5 1,722.9 1,885.5 1,886.5 1,924.9 1,895.0 1,832.3 1,826.0 1,673.3 1,769.6 1,719.5 1,831.9 1,797.2 Financial 301.5 95.4 362.9 406.3 375.9 479.0 429.4 480.3 493.2 514.5 469.2 515.7 446.7 489.4 507.9 504.2 489.1 471.8 479.1 484.6 534.0 560.5 Total 3 1,054.0 843.4 759.2 998.2 940.7 1,227.2 1,318.2 1,374.7 1,313.4 1,265.0 1,253.7 1,369.8 1,439.8 1,435.4 1,387.1 1,328.1 1,336.9 1,201.5 1,290.5 1,234.9 1,297.8 1,236.7 Manufacturing 321.9 240.6 171.4 287.6 298.1 395.7 429.6 449.8 412.7 383.0 384.7 474.6 464.4 475.4 456.6 436.4 447.0 310.8 394.4 384.0 387.3 366.1 Utilities Wholesale 49.5 30.1 23.8 30.3 9.8 12.5 26.9 33.3 6.7 5.5 40.3 28.9 31.1 33.0 24.1 9.4 4.7 –11.2 4.1 2.5 7.5 8.0 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). 8 103.2 90.6 89.3 102.4 94.4 135.3 142.7 146.5 150.0 131.5 121.7 139.4 170.1 155.1 148.3 142.6 150.3 158.7 153.9 116.1 144.4 111.4 Taxes on corporate income Total Net dividends Retail 119.0 80.3 108.7 118.6 114.3 154.1 154.5 167.8 178.7 187.1 152.2 164.0 169.2 185.7 188.7 173.5 177.3 175.5 185.3 181.5 193.0 188.4 1,748.4 1,382.4 1,472.6 1,840.7 1,806.8 2,130.8 2,156.1 2,262.9 2,137.6 2,195.3 2,190.0 2,291.8 2,286.1 2,283.6 2,203.1 2,208.1 2,140.8 1,998.4 2,078.0 2,180.6 2,242.8 2,279.8 445.5 309.1 269.4 370.6 379.1 447.6 467.7 532.7 553.8 543.3 532.2 558.4 528.2 512.2 566.4 543.8 530.0 574.9 527.5 543.9 563.4 538.6 1,302.9 1,073.3 1,203.1 1,470.1 1,427.7 1,683.2 1,688.4 1,730.1 1,583.8 1,652.0 1,657.8 1,733.3 1,758.0 1,771.5 1,636.7 1,664.3 1,610.8 1,423.4 1,550.5 1,636.7 1,679.4 1,741.2 818.9 808.6 574.6 564.0 703.7 859.4 929.4 970.6 971.4 r 968.0 938.7 970.0 979.8 993.8 989.7 963.0 976.8 956.0 963.3 954.0 972.5 r 982.0 Chart 8 - Mar 2017 Inventory Undistrib- valuation adjustment uted profits 484.0 264.7 628.5 906.2 724.0 823.8 759.0 759.6 612.4 684.0 719.1 763.4 778.1 777.6 646.9 701.2 634.0 467.5 587.2 682.7 706.9 759.2 –39.5 –37.0 6.7 –41.0 –68.3 –14.2 3.3 3.0 54.8 –5.7 –53.5 –4.8 22.8 47.6 81.4 6.8 59.7 71.4 61.2 –53.5 –2.0 –28.7 Real Gross Private Domestic Investment In the fourth quarter of 2016, according to revised estimates, nonresidential fixed investment in chained (2009) dollars rose $4.7 billion (annual rate) and residential fixed investment rose $13.5 billion. Inventories rose $49.6 billion, following an increase of $7.1 billion in the third quarter. BILLIONS OF CHAINED (2009) DOLLARS 3,000 BILLIONS OF CHAINED (2009) DOLLARS 3,000 SEASONALLY ADJUSTED ANNUAL RATES 2,800 2,800 2,600 2,600 GROSS PRIVATE DOMESTIC INVESTMENT 2,400 2,400 2,200 2,200 2,000 2,000 1,800 1,800 NONRESIDENTIAL FIXED INVESTMENT 1,600 1,600 1,400 1,400 1,200 1,200 1,000 1,000 800 800 RESIDENTIAL FIXED INVESTMENT 600 600 400 400 200 200 CHANGE IN PRIVATE INVENTORIES 0 0 –200 –200 –400 –400 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of chained (2009) dollars; quarterly data at seasonally adjusted annual rates] Chart 9 - Mar 2017 Fixed investment Period 2007 ��������������������������������������������������� 2008 ��������������������������������������������������� 2009 ��������������������������������������������������� 2010 ��������������������������������������������������� 2011 ��������������������������������������������������� 2012 ��������������������������������������������������� 2013 ��������������������������������������������������� 2014 ��������������������������������������������������� 2015 ��������������������������������������������������� 2016 r ������������������������������������������������� 2014: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2015: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2016: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV r ������������������������������������������� Gross private domestic investment 2,644.1 2,396.0 1,878.1 2,120.4 2,230.4 2,465.7 2,616.5 2,733.6 2,869.0 2,824.6 2,646.4 2,717.5 2,776.3 2,794.1 2,860.8 2,867.7 2,882.2 2,865.4 2,841.5 2,783.8 2,804.7 2,868.2 Change in private inventories Nonresidential Total 2,609.6 2,432.6 2,025.7 2,056.2 2,186.7 2,400.4 2,521.4 2,660.6 2,767.8 2,785.9 2,600.5 2,646.1 2,693.4 2,702.3 2,727.2 2,756.0 2,794.5 2,793.3 2,786.7 2,778.8 2,779.3 2,798.9 Total 1,948.4 1,934.4 1,633.4 1,673.8 1,802.3 1,964.1 2,032.9 2,155.6 2,200.2 2,188.6 2,111.8 2,143.4 2,186.7 2,180.6 2,187.9 2,196.6 2,217.5 2,198.8 2,179.7 2,185.0 2,192.5 2,197.2 Structures 509.0 540.2 438.2 366.3 374.7 423.1 428.8 472.9 452.1 439.2 467.0 475.4 472.2 477.0 461.5 458.4 453.4 435.1 435.2 432.9 445.3 443.2 Equipment 898.3 836.1 644.3 746.7 847.9 939.2 982.3 1,035.7 1,072.5 1,041.4 1,011.3 1,027.4 1,064.4 1,039.9 1,063.2 1,062.3 1,085.7 1,078.6 1,052.0 1,044.1 1,032.2 1,037.2 Intellectual property products 542.4 558.8 550.9 561.3 581.3 603.8 624.5 648.6 680.0 711.9 634.7 641.7 652.8 665.1 666.5 679.5 683.1 690.7 697.1 712.2 717.9 720.2 Residential 654.8 497.7 392.2 382.4 384.5 436.5 488.3 505.4 564.5 591.9 489.4 503.1 507.6 521.4 538.0 556.9 573.7 589.5 600.7 588.7 582.5 596.0 Total Nonfarm 35.5 –33.7 –147.6 58.2 37.6 54.7 78.7 57.7 84.0 22.0 31.7 55.2 66.8 76.9 114.4 93.8 70.9 56.9 40.7 –9.5 7.1 49.6 36.5 –35.0 –146.0 65.9 36.6 72.7 73.0 62.2 88.1 26.0 36.4 59.5 70.3 82.4 117.7 98.0 73.9 62.9 47.5 –6.6 7.2 55.8 Note: See p. 10 for further detail on fixed investment by type. Because of the formula used for calculating real GDP, the chained (2009) 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 (2009) dollars; quarterly data at seasonally adjusted annual rates] Nonresidential Equipment Total fixed investment Period 2007 ������������ 2008 ������������ 2009 ������������ 2010 ������������ 2011 ������������ 2012 ������������ 2013 ������������ 2014 ������������ 2015 ������������ 2016 r ���������� 2014: I �������� II ������� III ������ IV ������ 2015: I �������� II ������� III ������ IV ������ 2016: I �������� II ������� III ������ IV r ���� Residential Total nonresidential 2,609.6 2,432.6 2,025.7 2,056.2 2,186.7 2,400.4 2,521.4 2,660.6 2,767.8 2,785.9 2,600.5 2,646.1 2,693.4 2,702.3 2,727.2 2,756.0 2,794.5 2,793.3 2,786.7 2,778.8 2,779.3 2,798.9 Intellectual property products Information processing equipment Structures 1,948.4 1,934.4 1,633.4 1,673.8 1,802.3 1,964.1 2,032.9 2,155.6 2,200.2 2,188.6 2,111.8 2,143.4 2,186.7 2,180.6 2,187.9 2,196.6 2,217.5 2,198.8 2,179.7 2,185.0 2,192.5 2,197.2 Total 2 509.0 540.2 438.2 366.3 374.7 423.1 428.8 472.9 452.1 439.2 467.0 475.4 472.2 477.0 461.5 458.4 453.4 435.1 435.2 432.9 445.3 443.2 Computers and peripheral equipment 1 Total 898.3 836.1 644.3 746.7 847.9 939.2 982.3 1,035.7 1,072.5 1,041.4 1,011.3 1,027.4 1,064.4 1,039.9 1,063.2 1,062.3 1,085.7 1,078.6 1,052.0 1,044.1 1,032.2 1,037.2 279.9 281.0 256.1 281.4 285.9 303.1 317.7 326.0 338.7 346.9 318.9 332.0 320.7 332.4 332.1 327.7 347.1 348.1 345.5 341.2 348.7 352.3 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ Other 207.9 204.2 179.3 196.8 202.8 214.5 228.9 236.3 249.2 258.2 231.8 242.2 230.2 241.0 244.6 237.4 253.8 261.1 257.6 251.2 259.3 264.8 Industrial Transportation equipequipment ment 205.3 195.5 152.1 151.3 183.3 199.8 196.7 203.5 207.3 212.9 199.2 204.4 208.2 202.4 202.7 208.9 206.3 211.5 209.4 214.2 212.8 215.3 Total 2 203.6 156.9 70.6 136.9 183.0 218.9 243.0 270.9 302.2 283.9 258.3 263.6 283.7 278.1 298.2 297.5 308.9 304.0 293.7 289.7 276.5 275.7 Structures Software Research and development 3 244.2 256.2 256.8 254.2 271.8 286.6 295.5 313.1 333.1 348.1 303.5 309.5 316.8 322.5 329.2 334.0 333.3 336.0 342.2 346.0 351.6 352.4 227.9 235.5 229.0 234.4 236.7 242.9 254.1 261.2 270.2 285.5 256.9 258.3 262.0 267.5 262.4 269.5 272.4 276.6 277.5 288.6 287.6 288.3 542.4 558.8 550.9 561.3 581.3 603.8 624.5 648.6 680.0 711.9 634.7 641.7 652.8 665.1 666.5 679.5 683.1 690.7 697.1 712.2 717.9 720.2 Total residential 2 654.8 497.7 392.2 382.4 384.5 436.5 488.3 505.4 564.5 591.9 489.4 503.1 507.6 521.4 538.0 556.9 573.7 589.5 600.7 588.7 582.5 596.0 Total 2 644.9 488.4 383.9 373.6 375.3 427.1 478.1 494.5 552.8 579.5 478.9 492.3 496.6 510.2 526.5 545.2 561.8 577.4 588.3 576.3 570.1 583.3 Single family 283.7 178.2 105.3 114.4 109.2 132.1 161.9 170.9 200.7 201.9 165.8 170.1 169.1 178.6 185.7 196.0 207.2 214.1 211.0 201.3 195.3 200.0 1 Because computers exhibit rapid changes in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance or its contribution to the growth rate of more aggregate series. The quantity index for computers can be used to accurately measure the real growth rate of this series. For information on this component, see Survey of Current Business Table 5.3.1 (for growth rates), Table 5.3.2 (for contributions), and Table 5.3.3 (for quantity indexes). 2 Includes other items, not shown separately. 3 Research and development investment excludes expenditures for software development. Note: Because of the formula used for calculating real GDP, the chained (2009) 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 2001 �������� 2002 �������� 2003 �������� 2004 �������� 2005 �������� 2006 �������� 2007 �������� 2008 �������� 2009 �������� 2010 �������� 2011 �������� 2012 �������� 2013 �������� 2014 �������� 2015 p ������� 1,109.0 997.9 975.0 1,042.1 1,144.8 1,309.9 1,354.7 1,374.2 1,090.7 1,105.7 1,243.0 1,423.6 1,491.3 1,597.9 1,638.6 1,052.3 917.5 886.8 953.2 1,062.5 1,217.1 1,270.5 1,294.5 1,015.3 1,036.2 1,169.6 1,334.4 1,400.9 1,506.6 1,544.7 1.5 1.9 1.9 2.1 2.7 2.7 2.1 2.3 2.2 3.3 3.1 3.1 3.0 4.0 3.4 51.3 42.5 50.5 51.3 66.7 99.3 120.7 149.3 100.6 115.7 165.7 196.7 202.2 230.8 174.7 82.8 65.5 54.6 50.4 58.0 69.8 85.4 98.7 103.0 94.5 98.0 125.0 111.3 118.9 130.2 24.8 24.8 23.2 28.6 30.1 30.3 36.7 40.8 19.8 17.9 21.8 23.6 27.6 30.3 33.5 192.8 157.2 149.1 156.7 165.6 192.4 197.3 213.1 155.2 160.8 192.4 203.1 221.3 231.1 239.6 30.0 26.8 26.0 32.3 40.6 36.6 30.8 32.4 25.3 31.1 35.7 40.9 37.5 44.8 42.8 66.9 59.3 65.9 72.2 73.5 86.7 82.5 73.2 58.4 65.3 68.1 77.6 77.5 82.4 85.8 57.8 47.1 44.5 46.1 56.9 68.0 67.4 79.6 55.7 59.0 72.7 81.8 92.6 111.0 116.7 144.8 88.2 80.5 83.5 91.4 104.4 106.1 103.3 88.4 97.2 100.1 106.5 123.9 132.0 135.6 131.1 128.4 120.8 153.6 161.4 163.1 173.4 132.9 99.5 103.1 109.2 130.2 137.8 153.3 164.5 82.7 94.5 88.0 91.6 103.0 132.1 117.5 106.9 72.9 81.3 91.1 115.7 114.2 121.9 152.3 30.5 25.9 24.7 26.7 33.1 30.3 31.8 33.0 28.2 28.2 28.1 31.6 35.7 30.4 33.6 52.9 59.3 61.2 64.6 73.8 75.3 84.2 90.2 79.4 78.4 83.1 88.9 94.2 89.0 93.6 102.5 96.1 96.2 93.6 105.6 126.3 134.8 138.7 127.0 100.6 100.4 110.0 122.1 126.8 138.3 56.7 80.4 88.2 88.9 82.2 92.8 84.2 79.7 75.4 69.5 73.4 89.2 90.4 91.3 93.9 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 March, unemployment as measured by the household survey fell 326,000 to 7.2 million. MILLIONS OF PERSONS* MILLIONS OF PERSONS* 162 162 SEASONALLY ADJUSTED 158 158 154 154 CIVILIAN LABOR FORCE 150 150 146 146 142 142 CIVILIAN EMPLOYMENT 138 138 134 134 20 20 16 16 UNEMPLOYMENT 12 12 8 8 4 4 0 0 2009 2010 2011 2012 2013 2014 2015 2016 *16 YEARS OF AGE AND OVER SOURCE: DEPARTMENT OF LABOR 2017 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 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2016: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2017: Jan ����������� Feb ����������� Mar ���������� Civilian noninstitutional population (NSA) 231,867 233,788 235,801 237,830 239,618 243,284 245,679 247,947 250,801 253,538 252,768 252,969 253,174 253,397 253,620 253,854 254,091 254,321 254,540 254,742 254,082 254,246 254,414 Civilian employment Civilian labor force Total 153,124 154,287 154,142 153,889 153,617 154,975 155,389 155,922 157,130 159,187 159,278 158,938 158,510 158,889 159,295 159,508 159,830 159,643 159,456 159,640 159,716 160,056 160,201 146,047 145,362 139,877 139,064 139,869 142,469 143,929 146,305 148,834 151,436 151,301 151,028 151,058 151,090 151,546 151,655 151,926 151,902 152,048 152,111 152,081 152,528 153,000 Men 20 years and over 75,337 74,750 71,341 71,230 72,182 73,403 74,176 75,471 76,776 78,084 78,066 77,993 77,926 78,098 78,042 78,142 78,191 78,232 78,330 78,379 78,503 78,573 78,556 Women 20 years and over 64,799 65,039 63,699 63,456 63,360 64,640 65,295 66,287 67,323 68,387 68,303 68,099 68,218 68,116 68,534 68,452 68,702 68,698 68,712 68,760 68,550 68,932 69,271 Percent 1 Unemployment Both sexes 16–19 years 5,911 5,573 4,837 4,378 4,327 4,426 4,458 4,548 4,734 4,965 4,931 4,936 4,914 4,877 4,969 5,062 5,034 4,972 5,006 4,972 5,028 5,023 5,173 Total 7,078 8,924 14,265 14,825 13,747 12,506 11,460 9,617 8,296 7,751 7,977 7,910 7,451 7,799 7,749 7,853 7,904 7,740 7,409 7,529 7,635 7,528 7,202 Men 20 years and over 3,259 4,297 7,555 7,763 6,898 5,984 5,568 4,585 3,959 3,675 3,734 3,750 3,493 3,684 3,775 3,693 3,798 3,735 3,486 3,605 3,609 3,564 3,491 Women 20 years and over 2,718 3,342 5,157 5,534 5,450 5,125 4,565 3,926 3,371 3,151 3,314 3,218 3,008 3,194 3,054 3,223 3,154 3,085 3,025 3,071 3,136 3,079 2,890 Both sexes 16–19 years 1,101 1,285 1,552 1,528 1,400 1,397 1,327 1,106 966 925 929 943 950 921 920 937 953 920 897 854 890 884 822 Not in labor force 78,743 79,501 81,659 83,941 86,001 88,310 90,290 92,025 93,671 94,351 93,490 94,031 94,665 94,508 94,325 94,346 94,261 94,678 95,084 95,102 94,366 94,190 94,213 Chart 11 - Mar 2017 Labor Employ- Unemployforce ment/ participa- population ment tion rate ratio rate 66.0 66.0 65.4 64.7 64.1 63.7 63.2 62.9 62.7 62.8 63.0 62.8 62.6 62.7 62.8 62.8 62.9 62.8 62.6 62.7 62.9 63.0 63.0 63.0 62.2 59.3 58.5 58.4 58.6 58.6 59.0 59.3 59.7 59.9 59.7 59.7 59.6 59.8 59.7 59.8 59.7 59.7 59.7 59.9 60.0 60.1 4.6 5.8 9.3 9.6 8.9 8.1 7.4 6.2 5.3 4.9 5.0 5.0 4.7 4.9 4.9 4.9 4.9 4.8 4.6 4.7 4.8 4.7 4.5 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 March, the unemployment rate fell to 4.5 percent. PERCENT (SEASONALLY ADJUSTED) PERCENT (SEASONALLY ADJUSTED) 30 30 25 25 TEENAGERS (16-19) 20 20 15 15 BLACK OR AFRICAN AMERICAN1 10 10 HISPANIC1,2 MEN 20 YEARS AND OVER 5 5 WOMEN 20 YEARS AND OVER 1 WHITE ASIAN1 ALL CIVILIAN WORKERS 0 0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 1 SEE FOOTNOTE 1 TABLE BELOW. HISPANIC OR LATINO ETHNICITY. SOURCE: DEPARTMENT OF LABOR 2 COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted, except as noted by NSA] Unemployment rate (percent of civilian labor force in group) Chart 12 - Mar 2017 By race or ethnicity 1 By sex and age Period 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2016: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2017: Jan ����������� Feb ����������� Mar ���������� All civilian workers 4.6 5.8 9.3 9.6 8.9 8.1 7.4 6.2 5.3 4.9 5.0 5.0 4.7 4.9 4.9 4.9 4.9 4.8 4.6 4.7 4.8 4.7 4.5 Men 20 years and over Women 20 years and over 4.1 5.4 9.6 9.8 8.7 7.5 7.0 5.7 4.9 4.5 4.6 4.6 4.3 4.5 4.6 4.5 4.6 4.6 4.3 4.4 4.4 4.3 4.3 4.0 4.9 7.5 8.0 7.9 7.3 6.5 5.6 4.8 4.4 4.6 4.5 4.2 4.5 4.3 4.5 4.4 4.3 4.2 4.3 4.4 4.3 4.0 Both sexes 16–19 years 15.7 18.7 24.3 25.9 24.4 24.0 22.9 19.6 16.9 15.7 15.9 16.0 16.2 15.9 15.6 15.6 15.9 15.6 15.2 14.7 15.0 15.0 13.7 White 4.1 5.2 8.5 8.7 7.9 7.2 6.5 5.3 4.6 4.3 4.3 4.3 4.1 4.4 4.3 4.4 4.4 4.3 4.2 4.3 4.3 4.1 3.9 Black or African American 8.3 10.1 14.8 16.0 15.8 13.8 13.1 11.3 9.6 8.4 8.9 8.8 8.2 8.6 8.4 8.1 8.3 8.6 8.0 7.8 7.7 8.1 8.0 By selected groups Hispanic or Latino ethnicity Asian 3.2 4.0 7.3 7.5 7.0 5.9 5.2 5.0 3.8 3.6 4.0 3.8 4.1 3.5 3.8 4.2 3.9 3.4 3.0 2.6 3.7 3.4 3.3 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 5.6 7.6 12.1 12.5 11.5 10.3 9.1 7.4 6.6 5.8 5.6 6.1 5.6 5.8 5.4 5.7 6.4 5.7 5.7 5.9 5.9 5.6 5.1 Married men, spouse present 2.5 3.4 6.6 6.8 5.8 4.9 4.3 3.4 2.8 2.7 2.9 2.7 2.6 2.7 2.6 2.7 2.9 2.8 2.7 2.7 2.7 2.6 2.6 Women who maintain families (NSA) 6.5 8.0 11.5 12.3 12.4 11.4 10.2 8.6 7.4 6.8 6.8 6.7 6.6 7.3 7.2 7.9 6.4 6.1 6.2 5.8 6.3 6.5 5.5 Full-time workers 4.6 5.8 10.0 10.4 9.6 8.5 7.7 6.4 5.4 4.9 5.1 5.1 4.7 4.9 4.9 4.9 5.0 4.8 4.7 4.7 4.8 4.6 4.4 Part-time workers 4.9 5.5 6.0 6.3 6.3 6.1 5.9 5.4 4.9 4.8 4.8 4.5 4.6 4.9 5.0 5.0 4.9 5.0 4.5 4.9 4.8 5.1 4.9 Selected Measures of Unemployment and Unemployment Insurance Programs In March, the percentages of the unemployed who had been out of work for 5 to 14 weeks and 15 to 26 weeks rose, while the percentages for less than 5 weeks and 27 weeks and over fell. The mean duration of unemployment rose to 25.3 weeks and the median duration rose to 10.3 weeks. PERCENT DISTRIBUTION* PERCENT DISTRIBUTION* 70 70 DURATION OF UNEMPLOYMENT 60 60 50 50 REASON FOR UNEMPLOYMENT JOB LOSERS 27 WEEKS AND OVER 40 40 LESS THAN 5 WEEKS REENTRANTS 30 30 5-14 WEEKS 20 20 NEW ENTRANTS 15-26 WEEKS 10 10 JOB LEAVERS 0 0 2013 2014 2015 2016 2017 2013 2014 2015 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF LABOR 2016 2017 COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted, except as noted by NSA] Chart 13 - Mar 2017 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 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2016: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2017: Jan ����������� Feb ����������� Mar ���������� 7,078 8,924 14,265 14,825 13,747 12,506 11,460 9,617 8,296 7,751 7,977 7,910 7,451 7,799 7,749 7,853 7,904 7,740 7,409 7,529 7,635 7,528 7,202 35.9 32.8 22.2 18.7 19.5 21.1 22.5 25.7 28.9 30.5 30.2 31.9 29.2 31.4 28.3 30.1 32.6 30.7 32.3 31.4 32.5 33.9 32.2 31.5 31.4 26.8 22.0 21.8 22.9 24.1 25.3 27.7 28.7 27.6 26.7 30.0 28.0 29.9 30.0 28.0 29.2 28.5 28.5 27.5 28.3 29.1 15.0 16.0 19.5 16.0 15.0 14.9 15.8 15.6 15.3 14.9 14.6 15.9 15.6 14.8 15.2 14.0 14.7 15.0 14.4 15.8 15.7 14.0 15.4 17.6 19.7 31.5 43.3 43.8 41.1 37.6 33.5 28.1 25.9 27.6 25.5 25.2 25.8 26.6 25.9 24.7 25.2 24.8 24.2 24.4 23.8 23.3 16.8 17.9 24.4 33.0 39.3 39.4 36.5 33.7 29.2 27.5 28.3 27.7 26.7 27.7 28.0 27.4 27.3 27.0 26.2 26.0 25.1 25.1 25.3 8.5 9.4 15.1 21.4 21.4 19.3 17.0 14.0 11.6 10.6 11.4 11.2 10.6 10.2 11.5 10.9 10.3 10.2 10.2 10.3 10.2 10.0 10.3 49.7 53.7 64.2 62.4 59.0 55.0 53.0 50.7 49.0 48.2 48.4 48.8 48.0 48.5 48.4 48.4 49.4 47.9 47.4 48.2 49.1 49.6 49.1 11.2 10.0 6.2 6.0 7.0 7.7 8.1 8.6 9.9 11.1 10.5 10.9 10.8 10.8 10.9 11.4 11.3 12.1 12.5 12.0 11.4 10.7 11.1 30.3 27.7 22.3 23.4 24.7 26.7 28.0 29.4 30.6 30.1 31.2 29.5 29.7 29.3 30.0 29.3 29.2 29.9 30.3 29.4 28.7 29.4 28.8 8.9 2,572 324 2,612 8.6 3,306 424 3,899 7.3 5,724 568 9,123 8.2 4,487 454 9,732 9.3 3,679 406 7,630 10.5 3,297 374 6,048 10.9 2,947 342 4,605 11.3 2,574 304 2,657 10.6 2,237 275 2,272 10.6 2,098 259 2,126 9.8 2,594 267 2,626 10.7 2,189 259 2,217 11.6 2,337 267 2,367 11.5 2,061 282 2,088 10.7 2,292 269 2,319 10.9 2,265 252 2,294 10.1 1,815 214 1,841 10.1 1,963 255 1,995 9.7 1,907 293 1,938 10.4 2,136 352 2,165 10.8 2,891 361 2,924 10.3 ��������������� ��������������� ����������������� 11.0 ��������������� ��������������� ����������������� 1 Beginning January 2011, includes unemployment durations of up to 5 years; prior data are for up to 2 years. 2 Includes State (50 States, District of Columbia, Puerto Rico, and the Virgin Islands), Federal (UCFE), ex-service members (UCX), and Federal and State extended benefit programs. Emergency Unemployment Compensation (2008-2013) and Federal Additional Compensation (2009-2010). Also includes Note: Data relate to persons age 16 years and over (except for insured unemployment and initial claims). Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 Nonagricultural Employment Total nonagricultural employment as measured by the payroll survey rose by 98,000 in March. MILLIONS OF PERSONS* MILLIONS OF PERSONS* 150 104 102 ALL NONAGRICULTURAL ESTABLISHMENTS 145 PRIVATE SERVICE-PROVIDING INDUSTRIES 100 98 96 140 94 135 92 90 130 24 22 EDUCATION AND HEALTH SERVICES PROFESSIONAL AND BUSINESS SERVICES 20 125 PRIVATE INDUSTRIES 18 RETAIL TRADE 16 120 14 22 115 GOODS-PRODUCING 20 110 18 16 105 14 24 GOVERNMENT MANUFACTURING 12 22 20 10 2013 2014 2015 2016 2017 2013 2014 2015 *SEASONALLY ADJUSTED 2016 2017 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR [Thousands of wage and salary workers; 1 monthly data seasonally adjusted] Chart 14 - Mar 2017 Private industries Period 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2016: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2017: Jan r ��������� Feb r ��������� Mar p �������� Total nonagricultural employment 137,999 137,242 131,313 130,361 131,932 134,175 136,381 138,958 141,843 144,306 143,673 143,826 143,869 144,166 144,457 144,633 144,882 145,006 145,170 145,325 145,541 145,760 145,858 Goods-producing industries Total private 115,781 114,732 108,758 107,871 109,845 112,255 114,529 117,076 119,814 122,083 121,507 121,665 121,682 121,951 122,200 122,343 122,566 122,698 122,876 123,026 123,230 123,451 123,540 Total 2 Construc- Manufaction turing 22,233 21,335 18,558 17,751 18,047 18,420 18,738 19,226 19,610 19,736 19,752 19,743 19,699 19,705 19,731 19,707 19,718 19,727 19,762 19,794 19,845 19,941 19,969 7,630 7,162 6,016 5,518 5,533 5,646 5,856 6,151 6,461 6,711 6,705 6,704 6,690 6,690 6,708 6,704 6,727 6,743 6,771 6,783 6,817 6,876 6,882 13,879 13,406 11,847 11,528 11,726 11,927 12,020 12,185 12,336 12,348 12,355 12,356 12,335 12,347 12,359 12,342 12,330 12,325 12,325 12,343 12,355 12,381 12,392 Private service-providing industries Trade, transportation, and utilities Total Total 3 93,548 93,398 90,201 90,120 91,798 93,834 95,791 97,850 100,204 102,346 101,755 101,922 101,983 102,246 102,469 102,636 102,848 102,971 103,114 103,232 103,385 103,510 103,571 26,630 26,293 24,906 24,636 25,065 25,476 25,862 26,383 26,887 27,233 27,167 27,177 27,187 27,209 27,245 27,282 27,322 27,331 27,346 27,374 27,402 27,386 27,359 Retail trade 15,520 15,283 14,522 14,440 14,668 14,841 15,079 15,357 15,605 15,820 15,797 15,792 15,800 15,825 15,843 15,860 15,887 15,881 15,868 15,881 15,916 15,885 15,856 Information Financial activities 3,032 2,984 2,804 2,707 2,674 2,676 2,706 2,726 2,750 2,772 2,779 2,781 2,739 2,780 2,778 2,778 2,786 2,780 2,768 2,762 2,754 2,750 2,747 8,348 8,206 7,838 7,695 7,697 7,784 7,886 7,977 8,123 8,285 8,231 8,249 8,263 8,280 8,300 8,315 8,324 8,330 8,342 8,364 8,394 8,400 8,409 Profes- Education Leisure sional and and and health hospitalbusiness services ity services 17,942 17,735 16,579 16,728 17,332 17,932 18,515 19,062 19,633 20,136 19,928 19,994 20,022 20,081 20,165 20,196 20,279 20,334 20,380 20,416 20,475 20,511 20,567 18,676 19,228 19,630 19,975 20,318 20,769 21,086 21,439 22,029 22,616 22,443 22,495 22,544 22,603 22,644 22,697 22,745 22,790 22,821 22,871 22,888 22,954 22,970 13,427 13,436 13,077 13,049 13,353 13,768 14,254 14,696 15,160 15,620 15,537 15,552 15,561 15,610 15,652 15,673 15,684 15,695 15,739 15,744 15,759 15,786 15,795 Other services 5,494 5,515 5,367 5,331 5,360 5,430 5,483 5,567 5,622 5,685 5,670 5,674 5,667 5,683 5,685 5,695 5,708 5,711 5,718 5,701 5,713 5,723 5,724 Government 22,218 22,509 22,555 22,490 22,086 21,920 21,853 21,882 22,029 22,223 22,166 22,161 22,187 22,215 22,257 22,290 22,316 22,308 22,294 22,299 22,311 22,309 22,318 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 2012 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 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2016: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2017: Jan r ��������� Feb r ��������� Mar p �������� Average gross hourly earnings Total private nonagricultural 1 Manufacturing Total 33.8 33.6 33.1 33.4 33.6 33.7 33.7 33.7 33.7 33.6 33.6 33.6 33.6 33.6 33.6 33.7 33.6 33.6 33.6 33.6 33.6 33.6 33.6 33.5 Overtime 41.2 40.8 39.8 41.1 41.4 41.7 41.8 42.0 41.8 41.9 41.8 41.7 41.8 41.9 41.8 42.0 41.8 41.8 42.0 41.8 41.9 41.9 42.0 41.8 4.2 3.7 2.9 3.8 4.1 4.2 4.3 4.5 4.3 4.3 4.3 4.3 4.3 4.2 4.3 4.3 4.3 4.3 4.4 4.3 4.3 4.2 4.2 4.2 Current dollars Manufacturing 1982-84 dollars 2 $17.42 $8.59 18.06 8.56 18.61 8.88 19.05 8.90 19.44 8.77 19.74 8.73 20.13 8.78 20.61 8.85 21.03 9.07 21.54 9.20 21.33 9.20 21.40 9.22 21.46 9.21 21.48 9.20 21.53 9.20 21.59 9.23 21.62 9.23 21.68 9.23 21.72 9.21 21.74 9.20 21.80 9.20 21.83 9.16 21.86 9.17 21.90 ����������������� Average gross weekly earnings Total private nonagricultural 1 Current dollars $17.26 17.75 18.24 18.61 18.93 19.08 19.30 19.56 19.91 20.43 20.20 20.27 20.39 20.41 20.42 20.47 20.56 20.55 20.61 20.60 20.63 20.63 20.64 20.69 Percent change from a year earlier, total private nonagricultural Current dollars 1982-84 dollars 2 $589.18 $290.57 607.42 287.80 615.96 293.83 636.19 297.33 652.89 294.66 665.65 294.24 677.70 295.52 694.85 298.51 708.90 305.81 723.69 309.17 716.69 309.16 719.04 309.68 721.06 309.34 721.73 309.17 723.41 309.22 727.58 311.09 726.43 310.04 728.45 310.01 729.79 309.58 730.46 309.20 732.48 309.17 733.49 307.72 734.50 307.95 733.65 ����������������� Manufacturing Construction $711.50 724.46 726.12 765.18 784.29 794.63 807.37 822.03 832.05 855.69 844.36 845.26 852.30 855.18 853.56 859.74 859.41 858.99 865.62 861.08 864.40 864.40 866.88 864.84 $816.23 842.61 851.76 891.83 921.84 942.14 958.72 977.11 998.02 1,031.16 1,006.24 1,012.19 1,015.94 1,024.06 1,034.19 1,036.96 1,027.16 1,037.92 1,040.69 1,044.35 1,028.22 1,034.77 1,046.74 1,039.77 Retail trade Current dollars $385.00 386.21 388.57 400.07 412.09 422.10 423.07 431.82 445.52 447.62 447.90 446.39 447.89 446.39 446.70 447.89 445.80 444.89 444.59 450.85 455.34 453.56 455.08 455.68 1982-84 dollars 2 3.9 1.0 3.1 –1.0 1.4 2.1 3.3 1.2 2.6 –.9 2.0 –.1 1.8 .4 2.5 1.0 2.0 2.4 2.1 1.1 2.1 1.5 2.1 1.6 2.6 1.7 2.3 1.6 2.2 1.5 2.6 2.2 2.2 1.5 2.3 1.1 2.2 .7 2.2 .7 1.9 –.1 2.1 –.5 2.5 –.4 2.0 ������������������� 1 Also includes other private industry groups shown on p. 14. 2 Current dollar earnings divided by the consumer price index for urban wage earners and clerical workers (CPI–W) (on a 1982-84=100 base). Source: Department of Labor (Bureau of Labor Statistics). Employment Cost Index—Private Industry Index (December 2005 = 100) Period Total compensation Wages and salaries Percent change from 3 months earlier Benefits 1 Total compensation 12 months earlier Wages and salaries Benefits 1 Total compensation Wages and salaries Benefits 1 Not seasonally adjusted 2007: 2008: 2009: 2010: 2011: 2012: 2013: 2014: 2015: 2016: Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ 106.3 108.9 110.2 112.5 115.0 117.1 119.4 122.2 124.5 127.2 106.6 109.4 110.8 112.8 114.6 116.6 119.0 121.6 124.2 127.1 105.6 107.7 108.7 111.9 115.9 118.2 120.5 123.5 125.1 127.3 ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� Seasonally adjusted 2014: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� Dec ������������������������������������������ 2015: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� Dec ������������������������������������������ 2016: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� Dec ������������������������������������������ 119.9 120.9 121.7 122.3 123.2 123.2 124.0 124.6 125.4 126.1 126.7 127.3 119.4 120.2 121.1 121.7 122.6 122.8 123.6 124.3 125.2 126.0 126.6 127.2 121.2 122.6 123.2 123.8 124.4 124.2 124.8 125.3 125.9 126.4 127.0 127.5 3.0 2.4 1.2 2.1 2.2 1.8 2.0 2.3 1.9 2.2 3.3 2.6 1.3 1.8 1.6 1.7 2.1 2.2 2.1 2.3 2.4 2.0 0.9 2.9 3.6 2.0 1.9 2.5 1.3 1.8 Not seasonally adjusted 0.3 .8 .7 .5 .7 .0 .6 .5 .6 .6 .5 .5 0.3 .7 .7 .5 .7 .2 .7 .6 .7 .6 .5 .5 0.3 1.2 .5 .5 .5 –.2 .5 .4 .5 .4 .5 .4 1.7 2.0 2.3 2.3 2.8 1.9 1.9 1.9 1.8 2.4 2.3 2.2 1.7 1.9 2.3 2.2 2.8 2.2 2.1 2.1 2.0 2.6 2.4 2.3 1.8 2.4 2.3 2.5 2.6 1.4 1.4 1.3 1.2 1.7 1.8 1.8 1 Employer costs for employee benefits. Note: The employment cost index is a measure of the change in the cost of labor, free from the influence of employment shifts among occupations and industries. Data exclude farm and household workers. Source: Department of Labor (Bureau of Labor Statistics). 15 Productivity and Related Data, Business and Nonfarm Business Sectors Labor productivity (output per hour) Period Business sector Nonfarm business sector Hours of all persons 2 Output 1 Business sector Nonfarm business sector Business sector Compensation per hour 3 Nonfarm business sector Business sector Nonfarm business sector Real compensation per hour 4 Business sector Nonfarm business sector Unit labor costs Implicit price deflator 5 Business sector Nonfarm business sector Business sector Nonfarm business sector 100.4 102.2 100.0 98.6 100.7 102.7 103.4 105.4 107.5 110.3 102.5 104.0 103.7 103.3 105.8 104.9 104.8 106.1 106.4 107.3 107.5 108.9 108.8 110.4 110.6 111.1 100.1 102.1 100.0 98.7 100.7 102.5 103.3 105.4 107.5 110.4 102.3 103.9 103.8 103.3 105.9 104.9 104.8 106.1 106.3 107.3 107.5 109.0 108.9 110.6 110.8 111.2 98.2 99.8 100.0 101.1 103.3 105.3 106.9 108.5 109.3 110.4 106.4 106.6 107.1 107.5 107.9 108.5 108.9 108.9 108.7 109.3 109.5 109.6 109.7 110.3 110.5 111.0 97.9 99.4 100.0 101.0 102.8 104.7 106.3 108.1 109.2 110.5 105.6 105.9 106.5 107.1 107.5 108.0 108.5 108.5 108.6 109.1 109.4 109.5 109.7 110.3 110.6 111.1 2.9 1.8 –2.2 –1.4 2.1 2.0 .6 2.0 2.0 2.5 –10.4 5.9 –.8 –1.9 10.4 –3.6 –.2 5.1 .9 3.6 .6 5.6 –.4 6.0 .6 1.9 2.7 2.0 –2.0 –1.3 2.1 1.7 .9 2.0 2.0 2.6 –9.7 6.5 –.5 –1.9 10.2 –3.7 –.2 5.2 .7 3.5 .8 5.7 –.3 6.2 .7 1.7 2.3 1.5 .2 1.1 2.2 1.9 1.5 1.6 .7 1.0 1.5 .5 1.9 1.7 1.5 2.3 1.3 –.1 –.4 2.1 .9 .1 .4 2.1 .8 1.7 2.0 1.5 .6 1.0 1.8 1.9 1.5 1.7 1.0 1.2 1.1 1.1 2.3 2.3 1.4 1.9 1.8 .1 .4 2.0 1.0 .5 .7 2.3 1.1 1.8 Indexes, 2009=100; quarterly data seasonally adjusted 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2013: I ���������������� II ��������������� III �������������� IV �������������� 2014: I ���������������� II ��������������� III �������������� IV �������������� 2015: I ���������������� II ��������������� III �������������� IV �������������� 2016: I ���������������� II ��������������� III �������������� IV * ����������� 96.0 96.8 100.0 103.3 103.3 104.0 104.8 105.4 106.2 106.5 104.3 104.3 104.7 105.7 104.8 105.2 106.0 105.6 105.8 106.2 106.7 106.2 106.0 105.9 106.9 107.4 96.2 97.0 100.0 103.3 103.4 104.3 104.7 105.5 106.4 106.7 104.3 104.1 104.5 105.7 104.7 105.1 106.2 105.8 106.1 106.4 106.9 106.3 106.2 106.1 107.0 107.4 105.5 104.2 100.0 103.2 105.3 108.4 110.8 114.1 117.6 119.7 109.7 110.0 111.1 112.6 112.0 113.4 115.1 115.9 116.6 117.5 118.1 118.3 118.6 119.1 120.3 121.0 105.8 104.4 100.0 103.2 105.5 108.8 110.9 114.3 117.8 119.8 109.9 110.1 111.1 112.6 112.1 113.5 115.3 116.1 116.8 117.7 118.2 118.5 118.7 119.1 120.4 121.1 109.8 107.6 100.0 99.9 102.0 104.2 105.8 108.3 110.7 112.4 105.2 105.5 106.1 106.4 106.9 107.8 108.6 109.8 110.2 110.7 110.6 111.5 111.9 112.4 112.6 112.7 110.0 107.7 100.0 99.9 102.0 104.2 106.0 108.4 110.7 112.3 105.4 105.7 106.3 106.6 107.1 108.0 108.6 109.7 110.1 110.6 110.6 111.4 111.8 112.2 112.5 112.8 96.4 99.0 100.0 101.8 104.0 106.8 108.3 111.1 114.2 117.5 106.9 108.4 108.6 109.2 110.9 110.3 111.2 112.1 112.6 113.9 114.7 115.7 115.3 116.9 118.2 119.3 96.3 99.0 100.0 101.9 104.2 106.9 108.2 111.2 114.5 117.7 106.7 108.2 108.5 109.2 110.8 110.2 111.3 112.3 112.9 114.1 114.9 115.9 115.6 117.3 118.5 119.4 99.8 98.7 100.0 100.2 99.2 99.8 99.7 100.7 103.4 105.0 98.7 100.2 99.9 100.0 101.0 99.9 100.5 101.4 102.6 103.2 103.6 104.2 104.0 104.8 105.5 105.6 99.6 98.6 100.0 100.3 99.4 99.9 99.6 100.8 103.6 105.2 98.5 100.1 99.8 100.0 100.9 99.9 100.6 101.6 102.9 103.4 103.7 104.4 104.3 105.2 105.8 105.7 Percent change; quarterly data at seasonally adjusted annual rates 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2013: I ���������������� II ��������������� III �������������� IV �������������� 2014: I ���������������� II ��������������� III �������������� IV �������������� 2015: I ���������������� II ��������������� III �������������� IV �������������� 2016: I ���������������� II ��������������� III �������������� IV * ����������� 1.4 .8 3.3 3.3 .0 .7 .7 .6 .8 .3 2.2 –.1 1.5 4.2 –3.6 1.5 3.4 –1.6 .8 1.3 2.1 –2.1 –.7 –.3 3.7 2.0 1.6 .8 3.1 3.3 .1 .9 .3 .8 .9 .2 .9 –.7 1.7 4.5 –3.7 1.7 4.1 –1.4 1.2 1.0 1.8 –2.0 –.6 –.1 3.3 1.3 2.1 –1.2 –4.1 3.2 2.1 2.9 2.2 3.0 3.1 1.8 3.7 1.1 4.1 5.4 –2.0 5.0 6.4 2.8 2.3 3.0 2.1 .8 .8 1.6 4.3 2.3 2.3 –1.3 –4.3 3.2 2.2 3.1 2.0 3.0 3.1 1.7 2.8 .6 3.8 5.6 –1.8 5.1 6.5 2.7 2.4 3.1 1.8 .8 .7 1.6 4.2 2.4 0.7 –2.0 –7.1 –.1 2.1 2.2 1.5 2.3 2.3 1.5 1.5 1.2 2.6 1.1 1.6 3.5 2.9 4.5 1.5 1.7 –.1 3.0 1.5 2.0 .6 .3 0.7 –2.1 –7.2 –.1 2.1 2.2 1.7 2.2 2.1 1.5 2.0 1.3 2.1 1.1 2.0 3.3 2.3 4.2 1.2 2.0 .0 2.9 1.4 1.7 .8 1.0 4.4 2.7 1.0 1.8 2.1 2.7 1.3 2.6 2.8 2.8 –8.4 5.8 .7 2.2 6.4 –2.2 3.1 3.4 1.7 5.0 2.8 3.3 –1.1 5.7 4.3 3.9 4.3 2.8 1.0 1.9 2.2 2.6 1.2 2.8 2.9 2.9 –9.0 5.8 1.1 2.5 6.1 –2.1 3.9 3.7 1.9 4.6 2.7 3.6 –1.0 6.1 4.1 3.0 1.5 –1.1 1.3 .2 –1.0 .6 –.1 1.0 2.7 1.6 –9.8 6.4 –1.4 .4 4.1 –4.1 2.3 3.7 4.7 2.4 1.4 2.5 –.8 3.1 2.7 .4 1.4 –1.0 1.4 .3 –.9 .5 –.3 1.1 2.8 1.6 –10.4 6.3 –1.0 .7 3.8 –4.0 3.0 4.1 4.9 2.1 1.3 2.7 –.7 3.5 2.4 –.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 1978-2015 is based on the consumer price index research series (CPI-U-RS). The change for 2016 and recent quarters is based on the consumer price index for all urban consumers (CPI-U). 5 Current dollar gross domestic output divided by the output index. Note: Data relate to all persons engaged in the sector. Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. * Data based on GDP data released on February 28, 2017. Source: Department of Labor (Bureau of Labor Statistics). 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial production rose and capacity utilization remained flat in February. INDEX, 2012 = 100* (RATIO SCALE) 120 INDEX, 2012 = 100* (RATIO SCALE) 130 TOTAL INDUSTRIAL PRODUCTION FINAL PRODUCTS 110 120 100 CONSUMER GOODS BUSINESS EQUIPMENT 110 90 80 100 120 MANUFACTURING TOTAL1 110 DURABLE 90 100 DEFENSE AND SPACE EQUIPMENT NONDURABLE 90 80 80 140 PERCENT* 86 CAPACITY UTILIZATION RATE (TOTAL INDUSTRY) 84 UTILITIES AND MINING 130 82 MINING 120 80 78 110 76 100 74 UTILITIES 72 90 70 80 68 66 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 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 2007 r ������������������ 2008 r ������������������ 2009 r ������������������ 2010 r ������������������ 2011 r ������������������ 2012 r ������������������ 2013 r ������������������ 2014 r ������������������ 2015 r ������������������ 2016 r ������������������ 2016: Feb r ��������� Mar r �������� Apr r ��������� May r �������� June r ������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 2017: Jan r ��������� Feb p ��������� Percent change 2 Index, 2012=100 104.6 100.9 89.3 94.2 97.1 100.0 102.0 105.1 104.4 103.1 103.3 102.5 102.9 102.8 103.1 103.2 103.1 103.0 103.2 103.0 103.8 103.6 103.7 From preceding month ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� –0.2 –.7 .3 –.1 .4 .1 –.1 –.2 .2 –.2 .7 –.1 .1 Chart 17 - Mar 2017 Industry production indexes, 2012=100 Capacity utilization rate (output as percent of capacity) 1 Manufacturing From year earlier 2.5 –3.5 –11.5 5.5 3.1 2.9 2.0 3.1 –.7 –1.2 –2.1 –2.4 –1.7 –1.5 –.8 –1.2 –1.3 –1.2 –.8 –.4 .8 .1 .4 Total 1 109.2 103.9 89.6 94.8 97.5 100.0 100.9 102.1 102.2 102.2 102.3 102.1 102.1 101.9 102.1 102.1 101.8 102.0 102.2 102.4 102.5 103.1 103.6 Durable 103.0 99.4 80.7 89.3 94.8 100.0 102.2 105.1 104.3 104.1 104.0 103.5 103.9 103.5 104.2 104.4 104.0 104.1 104.4 104.5 105.0 105.3 105.9 Nondurable 112.5 105.8 97.7 99.8 99.9 100.0 100.0 99.3 100.7 101.3 101.6 101.8 101.2 101.3 101.1 101.1 100.8 101.1 101.2 101.6 101.2 102.2 102.7 Other (non-NAICS) 1 158.3 144.3 120.6 111.4 106.1 100.0 95.0 94.0 90.3 84.3 87.0 85.6 85.3 84.9 83.7 83.3 82.9 83.3 83.3 83.2 82.6 82.1 81.6 Mining 87.0 88.1 83.0 87.6 93.0 100.0 106.0 117.3 112.2 102.2 105.0 103.1 100.8 101.3 101.0 100.7 100.6 100.3 102.7 102.8 102.3 103.5 106.1 Utilities 102.0 101.7 98.8 102.6 102.3 100.0 102.3 103.7 103.1 102.8 100.1 96.8 102.7 102.5 104.8 105.4 107.6 104.6 102.7 99.3 106.1 99.2 93.3 Total industry Total manufacturing 80.7 77.7 68.5 73.6 76.3 77.2 77.3 78.6 76.8 75.8 75.9 75.4 75.6 75.6 75.8 75.9 75.8 75.6 75.8 75.6 76.0 75.9 75.9 78.8 74.7 65.5 70.7 73.7 74.8 74.7 75.4 75.5 75.1 75.4 75.2 75.1 75.0 75.1 75.1 74.7 74.9 75.0 75.1 75.1 75.5 75.8 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: The 2017 Annual Revision, released March 31, 2017, for details on the revisions. Source: Board of Governors of the Federal Reserve System. 17 Industrial Production— Major Market Groups and Selected Manufactures [2012=100; monthly data seasonally adjusted] Products and nonindustrial supplies Materials Final products Nonindustrial supplies Consumer goods Period Total 2007 r ������������������ 2008 r ������������������ 2009 r ������������������ 2010 r ������������������ 2011 r ������������������ 2012 �������������������� 2013 r ������������������ 2014 r ������������������ 2015 r ������������������ 2016 r ������������������ 2016: Feb r ��������� Mar r �������� Apr r ��������� May r �������� June r ������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 2017: Jan r ��������� Feb p ��������� Total 108.1 104.0 93.1 96.2 98.4 100.0 100.1 101.1 101.0 100.4 100.4 99.5 100.3 100.1 100.6 100.5 100.6 100.5 100.5 99.9 101.0 100.7 100.7 113.2 107.2 99.2 100.3 101.4 100.0 100.7 101.5 103.9 104.5 104.5 103.3 104.5 104.2 104.9 104.9 105.1 104.9 104.8 103.8 105.1 104.5 104.2 Durable goods 121.0 106.7 86.0 94.2 97.7 100.0 105.5 110.8 115.3 118.5 117.9 116.6 117.8 115.8 118.3 118.6 118.7 119.8 120.7 119.6 120.7 120.7 121.1 Equipment Nondurable goods 110.7 107.2 102.9 101.9 102.3 100.0 99.5 99.2 101.0 101.0 101.1 100.0 101.1 101.2 101.5 101.4 101.6 101.1 100.7 99.8 101.2 100.5 100.0 Total 1 98.4 97.8 81.5 88.4 92.7 100.0 99.0 100.2 95.5 92.4 92.6 92.1 92.4 92.2 92.4 92.2 92.0 92.0 92.3 92.4 93.2 93.3 94.0 Business 99.5 97.0 80.2 86.2 91.2 100.0 99.9 101.8 100.9 99.1 99.3 98.8 99.4 99.0 99.3 99.1 98.6 98.7 99.0 98.9 99.7 99.7 100.1 Defense and space Total 91.1 98.3 94.0 101.0 98.1 100.0 97.2 94.0 91.0 89.7 89.7 89.5 89.4 90.4 90.0 89.5 89.8 89.4 88.9 89.8 89.4 89.4 89.3 117.4 110.3 93.6 96.6 98.0 100.0 102.2 104.0 103.6 104.3 104.6 103.9 104.2 104.0 103.9 104.4 103.9 104.1 104.2 104.5 104.8 104.8 104.9 Construction 129.4 117.4 90.3 93.6 95.8 100.0 103.0 106.5 107.0 108.5 109.6 108.8 108.9 108.1 107.5 108.2 107.1 107.5 108.2 109.4 109.1 110.7 112.0 Business 112.1 107.2 95.0 98.0 99.0 100.0 101.8 102.8 102.0 102.3 102.3 101.5 101.8 102.0 102.2 102.6 102.4 102.5 102.2 102.2 102.7 102.0 101.4 Total 1 98.0 95.6 84.9 91.9 95.9 100.0 103.4 108.7 107.2 104.7 104.9 104.3 104.2 104.2 104.6 104.7 104.7 104.3 104.8 104.9 105.3 105.4 105.6 Energy 88.5 89.3 86.7 90.6 94.1 100.0 105.3 114.3 112.8 106.3 106.8 105.3 105.3 105.4 106.4 106.4 107.0 105.8 106.5 105.8 107.4 106.0 105.6 1 Includes other items, not shown separately. Note: See Note, p. 17. [2012=100; monthly data seasonally adjusted] Durable manufactures Computer and electronic products Primary metals Period Total 2007 r ������������������ 2008 r ������������������ 2009 r ������������������ 2010 r ������������������ 2011 r ������������������ 2012 �������������������� 2013 r ������������������ 2014 r ������������������ 2015 r ������������������ 2016 r ������������������ 2016: Feb r ��������� Mar r �������� Apr r ��������� May r �������� June r ������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 2017: Jan r ��������� Feb p ��������� 103.9 104.1 77.5 95.0 102.0 100.0 103.3 104.1 96.8 93.7 94.9 95.1 94.8 95.7 94.5 92.4 92.5 91.6 90.8 93.0 94.2 95.5 96.0 Iron and steel products 102.6 109.2 70.4 91.8 100.1 100.0 102.1 101.4 91.6 90.2 91.8 93.1 92.6 93.9 93.2 88.8 88.8 85.8 84.2 89.2 91.8 95.2 95.1 Fabricated metal products 114.9 110.7 85.2 90.7 97.1 100.0 101.8 103.6 100.6 97.6 98.1 97.0 97.3 97.2 97.0 97.3 97.0 97.6 98.2 97.7 97.7 98.3 99.4 Nondurable manufactures Machinery Total 97.1 94.5 73.5 82.1 92.5 100.0 95.4 96.7 90.6 87.6 85.7 85.9 87.5 86.8 88.8 89.5 88.3 87.8 88.0 87.8 89.3 89.8 90.3 79.6 85.7 76.2 86.0 92.8 100.0 103.2 107.8 109.0 110.5 109.3 109.6 109.5 109.9 109.5 109.7 110.5 110.8 112.3 113.0 113.3 113.8 114.6 Selected high-technology 1 67.0 76.8 67.5 81.5 91.4 100.0 110.7 123.5 125.8 131.1 127.8 128.3 128.5 129.2 129.5 130.5 131.0 132.7 134.8 136.2 137.0 137.2 137.6 Transportation equipment Total 101.6 91.0 74.6 86.5 90.5 100.0 105.1 112.0 115.2 116.5 116.5 115.3 116.2 114.8 116.8 117.2 117.3 117.0 117.3 116.7 117.3 116.4 116.9 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 106.2 85.0 62.3 82.7 90.4 100.0 107.3 117.2 123.3 128.3 127.6 125.5 127.7 123.6 128.4 129.4 129.6 130.2 131.2 129.4 130.8 129.4 130.9 Apparel 202.2 157.2 112.7 109.5 102.9 100.0 92.6 88.8 87.9 78.2 80.4 79.8 77.5 77.1 77.0 77.0 77.1 78.1 78.4 77.7 77.7 76.2 76.8 Printing and related support activities 132.2 123.7 103.6 103.5 101.8 100.0 100.3 98.5 99.6 98.6 100.3 99.2 98.6 97.2 97.8 97.5 96.9 97.8 98.0 99.0 99.6 98.9 99.7 Chemicals 117.5 108.6 98.1 101.3 101.4 100.0 96.6 95.6 97.3 97.9 98.2 99.2 98.2 98.3 97.3 97.3 96.7 97.3 97.3 98.2 98.2 99.2 98.9 Food 101.9 100.6 99.9 100.4 100.2 100.0 102.0 102.9 104.8 107.6 106.7 107.1 106.8 107.8 108.4 108.5 108.5 108.0 107.5 107.3 107.7 109.5 110.7 New Construction [Billions of dollars; monthly data at seasonally adjusted annual rates] Private Period 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 r ������������������ 2016: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec r ��������� 2017: Jan r ��������� Feb p ��������� Total new construction expenditures Residential Total 1,148.0 1,077.4 906.5 809.3 788.3 850.5 906.4 1,005.6 1,112.4 1,164.5 1,157.7 1,176.4 1,142.5 1,143.8 1,154.1 1,160.4 1,166.5 1,164.4 1,173.7 1,191.5 1,188.9 1,183.8 1,192.8 New housing Total 1 858.9 768.6 591.6 505.3 501.9 571.1 635.7 729.5 823.5 879.0 858.1 879.0 854.6 860.3 867.9 884.9 888.4 883.6 886.2 904.7 909.7 910.0 917.3 Federal and State and local Nonresidential 488.8 359.2 247.5 242.0 244.1 269.8 323.4 369.8 433.7 457.8 455.7 468.4 445.5 444.4 448.1 456.6 456.2 451.0 459.5 470.8 475.2 476.1 484.7 Total 354.1 230.1 133.9 127.3 123.2 154.5 202.3 235.2 285.2 303.4 307.2 308.3 302.2 300.4 299.1 298.3 298.0 298.1 306.3 310.8 312.4 317.7 322.0 Lodging 370.0 409.4 344.1 263.3 257.8 301.4 312.3 359.7 389.9 421.1 402.4 410.6 409.1 415.9 419.8 428.3 432.2 432.6 426.6 433.9 434.5 433.8 432.7 Commercial (including farm) Office 27.5 35.4 25.4 11.2 8.4 10.2 13.0 16.3 21.2 26.9 24.3 25.8 25.9 27.5 27.4 27.2 27.8 28.7 27.0 28.6 28.0 28.1 27.9 53.8 55.5 37.3 24.4 23.7 27.4 30.1 38.9 47.2 61.2 54.6 55.8 56.4 56.6 61.2 62.7 64.0 66.5 66.5 67.0 68.1 67.8 68.2 Manufacturing 85.9 82.7 51.1 37.2 39.2 44.3 50.9 60.9 64.3 71.3 68.3 68.8 68.0 69.4 68.5 70.1 71.4 71.4 73.3 76.0 78.5 78.2 77.6 Other 2 40.2 53.6 57.4 40.6 39.8 46.8 49.9 58.1 77.5 74.4 74.0 76.4 74.1 74.9 72.8 78.0 78.4 75.6 72.6 72.9 67.9 67.9 66.8 162.7 182.3 173.0 149.9 146.7 172.6 168.3 185.5 179.7 187.3 181.3 183.8 184.7 187.5 189.9 190.4 190.5 190.5 187.2 189.4 192.0 191.8 192.3 New houses sold New houses for sale at end of period 3 289.1 308.7 314.9 304.0 286.4 279.3 270.7 276.1 288.9 285.5 299.6 297.4 287.9 283.5 286.2 275.6 278.1 280.8 287.6 286.8 279.3 273.9 275.5 1 Includes residential improvements, not shown separately. 2 Includes health care, educational, communication, and power, among other categories not shown separately. Source: Department of Commerce (Bureau of the Census). New Private Housing and Vacancy Rates [Thousands of units or houses, except as noted] New housing units authorized 2 New housing units started Type of structure Period Total 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 r ������������������ 1,355.0 905.5 554.0 586.9 608.8 780.6 924.9 1,003.3 1,111.8 1,173.8 1 unit 1,046.0 622.0 445.1 471.2 430.6 535.3 617.6 647.9 714.5 781.5 Type of structure 2–4 units 1 31.7 17.5 11.6 11.4 10.9 11.4 13.6 13.7 11.5 11.5 5 units or more Total 277.3 266.0 97.3 104.3 167.3 233.9 293.7 341.7 385.8 380.8 1,398.4 905.4 583.0 604.6 624.1 829.7 990.8 1,052.1 1,182.6 1,190.2 1 unit 979.9 575.6 441.1 447.3 418.5 518.7 620.8 640.3 696.0 745.5 2–4 units 5 units or more New housing units completed Vacancy rate for rental housing units (percent) 4 59.6 34.4 20.7 22.0 21.6 25.9 29.0 29.9 32.1 34.1 359.0 295.4 121.1 135.3 184.0 285.1 341.1 382.0 454.5 410.5 1,502.8 1,119.7 794.4 651.7 584.9 649.2 764.4 883.8 968.2 1,059.7 776 485 375 323 306 368 429 437 501 560 497 353 234 190 151 150 187 211 235 255 9.8 10.0 10.6 10.2 9.5 8.7 8.3 7.6 7.1 6.9 33 34 32 28 29 29 33 36 30 37 37 29 45 396 318 357 377 386 404 383 447 456 395 361 457 339 1,025 1,063 952 1,015 1,129 1,070 1,034 992 1,059 1,213 1,101 1,057 1,114 525 537 570 566 558 622 559 568 568 573 530 558 592 242 244 241 240 242 236 240 242 247 249 255 262 266 �������������������� 7.0 �������������������� �������������������� 6.7 �������������������� �������������������� 6.8 �������������������� �������������������� 6.9 �������������������� �������������������� Seasonally adjusted annual rates 2016: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov r ��������� Dec r ��������� 2017: Jan r ��������� Feb p ��������� 1,213 1,113 1,155 1,128 1,195 1,218 1,164 1,052 1,320 1,149 1,275 1,251 1,288 845 751 764 737 763 769 724 781 868 826 809 819 872 ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 356 353 378 386 414 442 422 257 442 320 454 429 396 1,162 1,077 1,130 1,136 1,153 1,144 1,152 1,225 1,260 1,212 1,228 1,293 1,216 733 725 741 731 738 711 736 742 774 780 830 807 832 1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards. 2 Based on approximately 20,100 permit-issuing places beginning with 2014 and 19,300 beginning with 2004. Using the 2004 universe, the total for 2014 is 1,046.4. 3 Seasonally adjusted. 4 Quarterly data are three-month averages. Annual data are averages of quarterly data. Source: Department of Commerce (Bureau of the Census). 19 Business Sales and Inventories—Manufacturing and Trade In February, according to preliminary estimates, manufacturing and trade sales rose 0.3 percent, manufacturing and trade inventories rose $6.0 billion, retail sales rose 0.1 percent, and retail inventories rose $2.4 billion. Retail and food services sales rose 0.1 percent. BILLIONS OF DOLLARS* (RATIO SCALE) 1,900 MANUFACTURING AND TRADE INVENTORIES 1,800 BILLIONS OF DOLLARS* (RATIO SCALE) 650 RETAIL INVENTORIES 600 550 1,700 500 1,600 RETAIL AND FOOD SERVICES SALES 450 1,500 400 1,400 MANUFACTURING AND TRADE SALES RETAIL SALES 350 1,300 300 1,200 RATIO* 1.70 INVENTORY/SALES RATIO 1,100 1.60 1.50 1,000 RETAIL 1.40 MANUFACTURING AND TRADE 1.30 1.20 900 2013 2014 2015 2016 2017 2013 2014 2015 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE 2016 2017 COUNCIL OF ECONOMIC ADVISERS [Millions of dollars, except ratios; seasonally adjusted, except as noted] Manufacturing and trade 1 Period 2007 r ������������������ 2008 r ������������������ 2009 r ������������������ 2010 r ������������������ 2011 r ������������������ 2012 r ������������������ 2013 r ������������������ 2014 r ������������������ 2015 r ������������������ 2016 r ������������������ 2016: Jan r ��������� Feb r ��������� Mar r �������� Apr r ��������� May r �������� June r ������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 2017: Jan r ��������� Feb p ��������� Sales 2 1,128,176 1,160,786 988,963 1,089,143 1,206,723 1,267,248 1,302,966 1,339,701 1,303,996 1,292,866 1,274,156 1,270,419 1,275,024 1,285,770 1,289,394 1,303,834 1,299,964 1,303,765 1,313,099 1,322,576 1,325,665 1,353,386 1,358,268 1,362,645 Inventories 3 Wholesale Inventory/sales ratio 4 1,485,827 1,464,020 1,328,945 1,447,069 1,561,157 1,649,977 1,714,270 1,773,672 1,793,250 1,828,232 1,793,145 1,790,560 1,797,177 1,799,477 1,801,919 1,805,839 1,805,967 1,809,763 1,810,310 1,807,227 1,822,058 1,828,232 1,834,287 1,840,260 1.28 1.31 1.38 1.27 1.26 1.27 1.29 1.31 1.38 1.39 1.41 1.41 1.41 1.40 1.40 1.39 1.39 1.39 1.38 1.37 1.37 1.35 1.35 1.35 Sales 2 Inventories 3 351,956 377,078 319,236 361,634 407,217 434,002 447,237 463,265 443,332 442,657 424,509 422,933 426,709 430,308 432,917 441,502 438,859 441,959 443,150 448,362 450,064 460,860 462,325 464,911 424,428 444,849 396,388 440,159 485,044 520,338 540,671 572,083 578,774 592,996 579,126 575,784 576,941 580,813 581,287 583,030 582,967 582,338 583,135 582,183 588,360 592,996 591,807 594,194 Retail Inventory/sales ratio 4 1.17 1.20 1.28 1.14 1.15 1.17 1.18 1.21 1.32 1.34 1.36 1.36 1.35 1.35 1.34 1.32 1.33 1.32 1.32 1.30 1.31 1.29 1.28 1.28 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. Note: Data revised to reflect annual revisions to wholesale series released on March 24, 2017. Source: Department of Commerce (Bureau of the Census). 20 Sales 2 332,932 327,959 301,079 318,237 341,849 358,519 371,584 386,362 392,359 403,828 393,874 394,366 393,775 399,134 399,588 402,608 403,103 402,695 406,879 410,119 410,174 415,321 417,362 417,775 Inventories 3 500,341 476,899 428,900 454,246 470,144 504,651 542,192 558,626 588,432 608,383 589,922 593,021 598,925 598,209 600,965 603,337 602,047 605,873 606,047 603,333 608,687 608,383 613,674 616,100 Chart 20 - Mar 2017 Retail and food Inventory/sales services sales 2 4 ratio 1.49 1.52 1.47 1.39 1.35 1.37 1.41 1.43 1.46 1.49 1.50 1.50 1.52 1.50 1.50 1.50 1.49 1.50 1.49 1.47 1.48 1.46 1.47 1.47 369,978 365,982 338,747 357,149 383,131 402,199 416,770 434,295 443,997 457,423 446,757 448,591 447,907 453,397 454,135 457,409 457,849 457,722 462,284 465,321 466,028 470,616 473,614 473,991 Manufacturers’ Shipments, Inventories, and Orders In February, manufacturers’ shipments, inventories, and new and unfilled orders rose. BILLIONS OF DOLLARS* (RATIO SCALE) 580 540 SHIPMENTS 500 460 420 TOTAL 380 340 BILLIONS OF DOLLARS* (RATIO SCALE) 700 INVENTORIES 660 620 580 TOTAL 540 500 DURABLE GOODS 460 420 380 NONDURABLE GOODS 300 340 260 300 220 DURABLE GOODS 260 180 220 140 NONDURABLE GOODS 180 BILLIONS OF DOLLARS* (RATIO SCALE) 580 540 NEW ORDERS 500 460 420 TOTAL 380 140 RATIO* 1.60 340 INVENTORY/SHIPMENTS RATIO 1.50 300 DURABLE GOODS 260 1.40 220 1.30 180 1.20 1.10 140 2013 2015 2014 2016 2017 2014 2013 2015 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE 2016 COUNCIL OF ECONOMIC ADVISERS Manufacturers’ shipments 1 Manufacturers’ inventories 2 Manufacturers’ new orders 1 Chart 21- Mar 2017 Durable goods Period Total Durable goods 2017 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 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2016: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2017: Jan r ��������� Feb p ��������� 443,288 455,750 368,648 409,273 457,658 474,727 484,145 490,074 468,306 461,251 453,120 454,540 456,328 456,889 459,724 458,002 459,111 463,070 464,095 465,427 477,205 478,581 479,959 223,919 218,056 171,402 190,059 206,591 218,965 224,651 232,628 235,052 233,895 232,924 231,225 232,208 231,421 232,448 232,559 232,525 234,367 233,989 234,824 238,722 238,622 239,430 219,369 237,694 197,246 219,214 251,067 255,762 259,495 257,447 233,254 227,356 220,196 223,315 224,120 225,468 227,276 225,443 226,586 228,703 230,106 230,603 238,483 239,959 240,529 561,058 542,272 503,657 552,664 605,969 624,988 631,407 642,963 626,044 626,853 621,755 621,311 620,455 619,667 619,472 620,953 621,552 621,128 621,711 625,011 626,853 628,806 629,966 334,520 329,751 294,639 321,356 352,642 367,396 370,943 390,237 388,040 383,830 385,682 385,062 383,677 382,258 381,715 383,221 383,467 383,629 383,424 384,178 383,830 384,321 385,154 226,538 212,521 209,018 231,308 253,327 257,592 260,464 252,726 238,004 243,023 236,073 236,249 236,778 237,409 237,757 237,732 238,085 237,499 238,287 240,833 243,023 244,485 244,812 449,752 454,344 350,478 407,992 459,305 475,809 485,281 494,123 462,797 456,251 444,277 451,814 459,849 454,295 446,331 452,391 454,056 456,907 469,636 458,795 464,722 471,711 476,493 230,383 216,650 153,232 188,778 208,238 220,047 225,786 236,676 229,543 228,896 224,081 228,499 235,729 228,827 219,055 226,948 227,470 228,204 239,530 228,192 226,239 231,752 235,964 79,790 73,286 48,926 62,309 71,753 77,674 80,831 81,975 73,726 70,075 68,288 68,490 74,184 72,920 64,987 70,020 67,265 69,877 80,210 64,293 66,512 70,061 72,986 946,680 995,368 826,011 871,124 954,457 1,014,065 1,071,455 1,163,928 1,135,712 1,118,115 1,130,286 1,130,702 1,137,162 1,137,551 1,127,237 1,124,837 1,123,085 1,120,287 1,129,422 1,126,644 1,118,115 1,115,125 1,115,261 1.22 1.27 1.39 1.28 1.29 1.30 1.30 1.31 1.36 1.35 1.37 1.37 1.36 1.36 1.35 1.36 1.35 1.34 1.34 1.34 1.31 1.31 1.31 1 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales. 2 Seasonally adjusted, end of period. 3 Annual data are averages of seasonally adjusted monthly ratios. Note: Manufacturers’ nondurable new orders (not shown) are the same as nondurable shipments. Also, there are no unfilled nondurable orders; data shown for total unfilled orders are durable unfilled orders. Total and durable shipments and inventories include data on semiconductors; new and unfilled orders do not. Source: Department of Commerce (Bureau of the Census). 21 PRICES Producer Prices The producer price index for final demand rose 0.3 percent in February. Prices for final demand goods rose 0.3 percent and prices for final demand services rose 0.4 percent. INDEX, NOV. 2009=100 (RATIO SCALE) INDEX, NOV. 2009=100 (RATIO SCALE) 125 125 SEASONALLY ADJUSTED FINAL DEMAND 120 120 FINAL DEMAND GOODS 115 115 FINAL DEMAND 110 110 FINAL DEMAND SERVICES 105 105 100 100 95 95 2011 2012 2013 2015 2014 2016 2017 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR [November 2009=100, except as noted; monthly data seasonally adjusted] Final demand goods Period Total final demand 1 Total Foods 2 Energy Final demand services Less food and energy Total Trade 3 Transportation and warehousing Other Rel. imp. 4 ����������� 100.0 33.837 5.430 5.488 22.919 64.086 20.278 4.935 38.873 2007 �������������������� ��������������� ������������� ������������� ������������� ������������� ������������� ������������� ��������������� ������������� 2008 �������������������� ��������������� ������������� ������������� ������������� ������������� ������������� ������������� ��������������� ������������� 2009 �������������������� ��������������� ������������� ������������� ������������� ������������� ������������� ������������� ��������������� ������������� 2010 �������������������� 101.8 102.8 103.7 107.2 101.4 101.3 101.7 103.2 100.9 2011 �������������������� 105.7 109.9 112.5 126.2 104.9 103.4 104.0 110.0 102.5 2012 �������������������� 107.7 111.7 115.9 126.3 106.8 105.4 106.7 114.2 103.9 2013 �������������������� 109.1 112.6 117.8 125.3 107.9 107.1 108.2 115.3 105.8 2014 �������������������� 110.9 114.0 121.6 124.2 109.5 109.0 110.2 117.7 107.5 2015 �������������������� 109.9 109.1 118.4 98.6 109.9 110.0 111.6 115.3 108.7 p 2016 ������������������ 110.3 107.6 115.1 90.3 110.8 111.4 112.9 113.7 110.6 2016: Feb ����������� 109.8 106.3 117.0 84.4 110.0 111.3 113.5 113.7 110.0 Mar ���������� 109.6 106.3 115.6 85.2 110.1 111.0 112.6 113.7 110.0 Apr ����������� 109.9 106.7 115.1 86.7 110.4 111.2 112.8 113.6 110.3 May ���������� 110.1 107.4 115.6 89.2 110.6 111.2 113.0 113.0 110.2 June ��������� 110.6 108.1 116.1 91.6 110.8 111.6 113.8 113.1 110.4 July ���������� 110.5 107.9 115.3 91.3 110.8 111.6 112.9 113.5 110.8 Aug ���������� 110.3 107.6 114.0 90.5 111.0 111.4 112.1 113.2 110.9 Sept ��������� 110.6 108.1 114.6 91.9 111.1 111.7 112.9 112.4 111.1 Oct r ���������� 110.9 108.4 113.7 94.4 111.1 111.8 113.3 113.3 111.1 Nov ���������� 111.0 108.6 113.9 94.3 111.4 111.9 113.1 114.2 111.2 Dec ����������� 111.2 109.2 114.5 96.0 111.7 112.0 113.1 113.9 111.3 2017: Jan ����������� 111.9 110.3 114.5 100.5 112.1 112.3 114.1 115.2 111.2 Feb ����������� 112.2 110.6 114.9 101.1 112.2 112.8 114.5 115.5 111.8 Processed goods Final for intermediate demand demand (1982=100) less foods, energy, Less and food trade Total and (Aug. 2013 energy =100) 2 68.804 ���������������� ���������������� ���������������� ���������������� ���������������� ���������������� ���������������� 101.5 102.1 103.3 102.8 102.8 103.1 103.0 103.2 103.4 103.5 103.6 103.7 103.9 104.0 104.2 104.5 100.0 170.7 188.3 172.5 183.4 199.9 200.7 200.8 201.9 188.0 182.3 179.3 179.2 179.9 181.3 182.7 183.0 182.9 183.5 184.1 184.8 185.6 187.7 188.5 75.238 168.4 180.9 173.4 180.8 192.0 192.6 193.8 195.2 189.4 186.9 185.3 185.3 185.8 186.3 186.6 186.8 187.4 187.6 187.9 188.9 189.3 189.8 190.7 Unprocessed goods Chart 22 - Mar 2017 for intermediate demand (1982=100) Services for intermediNonfood ate materials demand Total less energy 100.0 207.1 251.8 175.2 212.2 249.4 241.4 246.7 249.3 189.1 173.3 163.1 165.3 168.9 173.8 178.2 179.6 175.8 174.8 173.5 173.2 187.7 194.9 194.6 24.937 100.0 282.6 ����������������� 324.4 ����������������� 248.4 ����������������� 329.1 101.1 390.4 103.2 369.6 105.3 351.2 107.2 345.7 108.9 296.0 110.2 287.9 112.1 268.3 111.7 275.4 111.7 285.3 111.7 294.9 111.6 294.4 112.1 296.1 112.5 297.1 112.3 291.2 112.2 287.3 112.3 293.8 112.4 304.1 112.9 313.9 113.2 318.4 113.8 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 2016. Source: Department of Labor (Bureau of Labor Statistics). 22 Consumer Prices—All Urban Consumers In February, the consumer price index for all urban consumers rose 0.1 percent; it rose 0.3 percent before seasonal adjustment. The index rose 2.7 percent from its year-earlier level. INDEX, 1982-84 = 100 (RATIO SCALE) 250 INDEX, 1982-84 = 100 (RATIO SCALE) 250 SEASONALLY ADJUSTED 240 240 CONSUMER PRICES—ALL ITEMS 230 230 220 220 210 210 200 200 190 190 180 180 2009 2010 2011 2012 2013 2014 2015 2016 SOURCE: DEPARTMENT OF LABOR 2017 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 ����������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2016: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2017: Jan ����������� Feb ����������� Not seasonally Seasonally adjusted adjusted (NSA) 100.0 207.342 215.303 214.537 218.056 224.939 229.594 232.957 236.736 237.017 240.007 237.111 238.132 239.261 240.229 241.018 240.628 240.849 241.428 241.729 241.353 241.432 242.839 243.603 ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 237.808 238.078 238.908 239.362 239.842 239.898 240.389 241.006 241.694 242.199 242.821 244.158 244.456 All items less food and energy Total 1 79.104 210.729 215.572 219.235 221.337 225.008 229.755 233.806 237.897 242.247 247.602 245.845 246.062 246.517 247.026 247.389 247.705 248.351 248.646 249.011 249.464 250.013 250.783 251.299 Shelter 33.565 240.611 246.666 249.354 248.396 251.646 257.083 263.056 270.513 278.803 288.230 284.561 285.080 285.939 286.900 287.789 288.424 289.398 290.347 291.321 292.184 293.107 293.779 294.571 Medical care 2 8.530 351.054 364.065 375.613 388.436 400.258 414.924 425.134 435.292 446.752 463.675 456.546 457.511 459.103 460.352 462.084 464.416 468.525 469.359 470.001 470.244 471.337 472.251 472.738 Apparel 3.028 118.998 118.907 120.078 119.503 122.111 126.265 127.411 127.514 125.903 126.045 127.177 126.015 125.837 126.555 126.079 126.126 126.378 125.786 126.098 125.694 125.218 126.915 127.719 Food New vehicles 3.695 136.254 134.194 135.623 138.005 141.883 144.232 145.783 146.275 147.135 147.358 147.739 147.704 147.231 147.124 147.023 147.262 147.277 147.205 147.447 147.394 147.518 148.792 148.462 Energy Total 1 At home Away from home 13.669 202.916 214.106 217.955 219.625 227.842 233.777 237.037 242.725 247.235 247.931 248.402 248.080 248.446 248.012 247.873 247.802 247.818 247.782 247.675 247.583 247.494 247.816 248.417 7.883 201.245 214.125 215.124 215.836 226.201 231.774 233.869 239.456 242.250 239.065 241.401 240.499 240.690 239.607 239.079 238.619 238.254 237.896 237.486 237.175 236.763 236.659 237.298 5.786 206.659 215.769 223.272 226.114 231.401 237.986 243.068 248.981 256.101 262.695 260.319 260.883 261.517 262.074 262.529 263.051 263.649 264.102 264.459 264.699 265.104 266.079 266.626 Total 1, 2 7.226 207.723 236.666 193.126 211.449 243.909 246.080 244.409 243.583 202.895 189.535 179.166 180.818 185.734 187.108 189.603 187.595 187.504 192.003 196.813 198.730 201.148 209.138 207.102 Chart 23 - Mar 2017 Gasoline 3.359 237.959 277.457 201.555 238.594 301.694 311.470 302.577 290.889 212.007 187.602 167.538 171.316 181.779 183.858 189.732 183.485 182.093 190.511 200.157 204.265 209.218 225.577 218.910 C-CPI-U (Dec. 1999=100, NSA) 3 ������������������� 119.957 124.433 123.850 125.615 129.453 131.976 ������������������� ������������������� ������������������� ������������������� 134.953 135.655 136.425 137.054 137.532 137.210 137.273 137.626 137.812 137.535 137.581 138.451 138.852 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, January 2017. 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 2007 �������������������� ����������� ���������� ���������� ���������� ����������� ���������� ���������� ������������� ���������� ����������� 2008 �������������������� ����������� ���������� ���������� ���������� ����������� ���������� ���������� ������������� ���������� ����������� 2009 �������������������� ����������� ���������� ���������� ���������� ����������� ���������� ���������� ������������� ���������� ����������� 2010 �������������������� 2.8 4.7 5.3 12.7 2.4 1.7 2.1 4.3 1.3 ����������� 2011 �������������������� 3.2 4.7 5.7 9.2 3.1 2.3 2.3 6.7 1.8 ����������� 2012 �������������������� 1.9 1.4 4.1 –1.3 1.4 2.2 3.8 2.7 1.4 ����������� 2013 �������������������� 1.2 .8 –.8 .9 1.3 1.3 –.4 2.0 2.0 ����������� 2014 �������������������� .9 –1.2 4.4 –13.2 1.1 2.1 4.0 .8 1.4 1.3 2015 �������������������� –1.1 –3.8 –5.2 –16.4 –.1 .2 .0 –3.5 .8 .3 p 2016 ������������������ 1.6 1.9 –1.1 5.9 1.7 1.5 1.0 .0 2.0 1.7 7.1 –2.3 2.9 6.4 5.7 .4 .1 –2.6 –6.6 1.8 3.3 2.9 –.1 4.7 3.8 .6 .7 –.1 –3.8 1.5 19.8 –24.6 13.3 16.1 6.6 1.4 –1.9 –8.7 –25.3 13.2 –0.8 –.1 .4 .8 .8 .2 –.1 .3 .3 .4 .4 1.1 .4 –0.3 .0 .3 .3 .2 .1 .3 .1 .2 .5 .2 .3 .5 –1.7 1.3 2.2 2.9 2.5 .8 –2.1 –.6 –.7 –.2 8.4 3.8 –.2 15.6 �������������� ����������� ����������� ������������ –24.1 �������������� ����������� ����������� ������������ 28.9 �������������� ����������� ����������� ������������ 27.6 1.4 ����������� ����������� ������������ 2.4 2.0 3.8 6.9 2.1 –1.6 2.9 1.9 1.6 1.9 –5.6 1.0 1.3 .8 1.6 –5.3 1.8 1.6 1.2 1.8 –18.5 .5 –.9 –4.3 .9 13.6 2.5 .4 –1.4 1.3 Change, month to month 2016: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct r ���������� Nov r ��������� Dec ����������� 2017: Jan ����������� Feb ����������� –0.2 –.2 .3 .2 .5 –.1 –.2 .3 .3 .1 .2 .6 .3 –0.6 .0 .4 .7 .7 –.2 –.3 .5 .3 .2 .6 1.0 .3 –0.1 –1.2 –.4 .4 .4 –.7 –1.1 .5 –.8 .2 .5 .0 .3 –3.9 .9 1.8 2.9 2.7 –.3 –.9 1.5 2.7 –.1 1.8 4.7 .6 0.1 .1 .3 .2 .2 .0 .2 .1 .0 .3 .3 .4 .1 0.0 –.3 .2 .0 .4 .0 –.2 .3 .1 .1 .1 .3 .4 –0.4 –.8 .2 .2 .7 –.8 –.7 .7 .4 –.2 .0 .9 .4 –0.3 .0 –.1 –.5 .1 .4 –.3 –.7 .8 .8 –.3 1.1 .3 0.2 .0 .3 –.1 .2 .4 .1 .2 .0 .1 .1 –.1 .5 0.1 .0 .3 –.1 .2 .2 .1 .1 .1 .2 .1 .2 .3 0.7 2.6 3.6 3.4 –.2 .6 .3 –2.0 –1.3 2.3 3.5 3.2 1.4 0.2 .0 .0 –.1 .4 .4 –.2 –.1 .1 .1 .4 .3 .5 0.1 –.1 .2 .0 .2 .0 .0 .6 1.1 1.3 1.6 1.6 2.2 –2.8 –2.8 –2.0 –2.5 –2.2 –2.2 –1.9 –.4 .4 .6 1.9 3.1 3.9 1.6 1.3 1.2 1.4 1.5 1.1 1.0 1.4 1.6 1.5 1.5 .8 1.4 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 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 4.1 .1 2.7 1.5 3.0 1.7 1.5 .8 .7 2.1 2.4 1.8 1.8 .8 2.2 1.9 1.7 1.6 2.1 2.2 3.1 1.9 .3 .4 1.9 2.2 2.5 2.9 3.2 3.6 5.2 2.6 3.4 3.3 3.5 3.2 2.0 3.0 2.6 4.1 –0.3 –1.0 1.9 –1.1 4.6 1.8 .6 –2.0 –.9 –.1 2016: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2017: Jan ����������� Feb ����������� –0.1 .1 .3 .2 .2 .0 .2 .3 .3 .2 .3 .6 .1 0.2 .1 .2 .2 .1 .1 .3 .1 .1 .2 .2 .3 .2 0.3 .2 .3 .3 .3 .2 .3 .3 .3 .3 .3 .2 .3 0.4 .2 .3 .3 .4 .5 .9 .2 .1 .1 .2 .2 .1 1.2 –.9 –.1 .6 –.4 .0 .2 –.5 .2 –.3 –.4 1.4 .6 –0.3 –3.2 4.9 –.2 3.2 1.6 .4 .5 .2 .3 4.9 5.9 –.5 1.5 4.7 1.8 1.1 3.4 .8 –.2 5.6 6.6 –2.4 1.7 6.0 1.3 .4 3.7 –.4 –2.0 4.0 5.0 1.9 1.3 2.9 2.5 2.1 3.0 2.6 2.3 17.4 –21.3 18.2 7.7 6.6 .5 .5 –10.6 –12.6 5.4 29.6 –43.1 53.5 13.8 9.9 1.7 –1.0 –21.0 –19.7 9.1 3.7 .2 2.5 1.3 2.9 1.5 1.3 .5 .4 2.1 ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� �������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� 2.8 3.8 –.4 1.6 3.2 2.1 1.5 1.6 .1 1.3 0.1 –.4 .1 –.4 –.2 –.2 –.2 –.2 –.2 –.1 –.2 .0 .3 0.1 .2 .2 .2 .2 .2 .2 .2 .1 .1 .2 .4 .2 –4.8 .9 2.7 .7 1.3 –1.1 .0 2.4 2.5 1.0 1.2 4.0 –1.0 –10.7 2.3 6.1 1.1 3.2 –3.3 –.8 4.6 5.1 2.1 2.4 7.8 –3.0 .0 .5 .6 .5 .3 –.2 .0 .3 .1 –.2 .0 .6 .3 ������������� 0.1 ������������� ������������� 2.3 ������������� ������������� 1.8 ������������� ������������� 3.0 ������������� ������������� –0.6 .4 1.4 2.6 3.0 1.7 1.7 2.0 3.0 3.0 3.0 4.1 3.8 0.0 .5 .9 1.0 1.7 1.5 2.2 2.5 2.3 2.4 2.5 3.6 3.4 1.0 .9 1.1 1.0 1.0 .8 1.1 1.5 1.6 1.7 2.1 2.5 2.7 Change, month to month 0.2 .0 –.3 –.1 –.1 .2 .0 .0 .2 .0 .1 .9 –.2 0.1 –.1 .1 –.2 –.1 .0 .0 .0 .0 .0 .0 .1 .2 1 Includes other items not shown separately. 2 Commodities and services. 3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices. 4 Quarterly changes are shown in the last month of the quarter. Source: Department of Labor (Bureau of Labor Statistics). 24 Prices Received and Paid by Farmers In February, prices received by farmers rose 6.1 percent and prices paid by farmers rose 0.1 percent. (Data are not seasonally adjusted.) INDEX, 2011=100 (RATIO SCALE) 130 INDEX, 2011=100 (RATIO SCALE) 130 120 120 PRICES RECEIVED 110 110 100 100 PRICES PAID 90 90 80 80 70 70 60 60 1 RATIO1 140 RATIO 140 RATIO 120 120 100 100 80 80 60 60 2009 2011 2010 2012 2013 2015 2014 2017 2016 1 RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID. SOURCE: DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS [2011=100; not seasonally adjusted] Prices received by farmers 1 Period 2007 ��������������������������������������������������� 2008 ��������������������������������������������������� 2009 ��������������������������������������������������� 2010 ��������������������������������������������������� 2011 ��������������������������������������������������� 2012 ��������������������������������������������������� 2013 ��������������������������������������������������� 2014 ��������������������������������������������������� 2015 ��������������������������������������������������� 2016 ��������������������������������������������������� 2016: Feb r ���������������������������������������� Mar ����������������������������������������� Apr r ���������������������������������������� May ����������������������������������������� June r �������������������������������������� July ����������������������������������������� Aug ����������������������������������������� Sept ���������������������������������������� Oct r ����������������������������������������� Nov r ���������������������������������������� Dec r ���������������������������������������� 2017: Jan r ���������������������������������������� Feb p ���������������������������������������� Agricultural production 83.6 91.7 80.6 86.8 100.0 105.0 107.0 107.9 98.8 89.3 92.5 92.7 92.7 94.2 93.0 89.6 89.4 85.9 80.3 83.1 87.8 86.4 91.7 Crop production 81.0 95.9 85.7 87.0 100.0 107.0 105.7 92.3 86.2 83.2 83.7 82.1 85.7 89.3 86.4 82.4 83.6 82.6 78.6 79.8 80.9 78.4 86.6 Chart 25 - Mar 2017 Prices paid by farmers Livestock production 85.7 86.1 73.8 85.7 100.0 102.5 108.5 128.8 113.4 94.7 99.3 100.2 97.5 97.5 98.2 96.3 94.1 88.7 82.4 86.3 94.4 96.6 96.1 All commodities, services, interest, taxes, and wage rates (PPITW) 2 79.0 90.0 87.3 90.0 100.0 104.4 106.3 112.0 109.9 105.4 106.3 106.5 106.1 106.4 106.8 105.8 105.2 103.9 103.3 103.8 104.5 106.5 106.6 Production items, interest, taxes, and wage rates (PITW) 77.2 89.5 86.4 89.0 100.0 104.8 106.7 113.1 110.6 105.3 106.4 106.6 106.1 106.3 106.8 105.6 104.9 103.4 102.7 103.3 104.0 106.2 106.4 Production items 74.6 88.3 84.8 87.7 100.0 105.4 107.4 114.1 110.4 103.7 105.2 105.3 104.9 105.1 105.6 104.1 103.3 101.6 100.6 101.2 102.1 104.3 104.5 Ratio of prices received by farmers to PPITW 106 102 92 96 100 100 100 96 90 85 88 88 88 89 87 85 85 83 78 80 85 81 86 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 February, M2 rose. BILLIONS OF DOLLARS* (RATIO SCALE) 14,000 13,200 12,400 11,600 10,800 10,000 9,200 BILLIONS OF DOLLARS* (RATIO SCALE) 14,000 13,200 12,400 11,600 10,800 10,000 9,200 M2 8,400 8,400 7,600 7,600 6,800 6,800 6,000 6,000 5,200 5,200 4,400 4,400 3,600 3,600 3,200 3,200 M1 2,800 2,800 2,400 2,400 2,000 2,000 1,600 1,600 1,200 1,200 2009 2010 2011 2012 2013 2014 2015 2016 *AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 2017 COUNCIL OF ECONOMIC ADVISERS [Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted] Chart 26 - Mar 2017 Period 2007: Dec ������������������������������������������ 2008: Dec ������������������������������������������ 2009: Dec ������������������������������������������ 2010: Dec ������������������������������������������ 2011: Dec ������������������������������������������ 2012: Dec ������������������������������������������ 2013: Dec ������������������������������������������ 2014: Dec ������������������������������������������ 2015: Dec ������������������������������������������ 2016: Dec ������������������������������������������ 2016: Feb ������������������������������������������ Mar ����������������������������������������� Apr ������������������������������������������ May ����������������������������������������� June ���������������������������������������� July ����������������������������������������� Aug ����������������������������������������� Sept ���������������������������������������� Oct ������������������������������������������ Nov ����������������������������������������� Dec ������������������������������������������ 2017: Jan r ���������������������������������������� Feb p ���������������������������������������� M1 M2 Debt Sum of currency, demand deposits, travelers checks, and other checkable deposits M1 plus savings deposits, retail MMMF balances, and small time deposits 1 Debt of domestic nonfinancial sectors 2 1,374.7 1,603.6 1,694.1 1,837.5 2,164.6 2,460.7 2,660.7 2,932.9 3,082.8 3,328.8 3,119.5 3,158.1 3,200.0 3,245.7 3,246.4 3,242.6 3,320.0 3,322.7 3,333.5 3,343.1 3,328.8 3,394.4 3,372.1 7,438.4 8,159.8 8,463.3 8,769.2 9,632.3 10,428.1 10,995.7 11,649.2 12,311.9 13,185.1 12,510.4 12,582.3 12,668.1 12,742.0 12,811.1 12,872.2 12,955.4 13,015.6 13,070.6 13,147.9 13,185.1 13,268.3 13,311.2 33,259.7 35,064.7 35,937.8 37,272.2 38,432.6 40,185.8 41,620.2 43,373.6 45,252.1 47,307.3 ��������������������������������������������� 45,846.3 ��������������������������������������������� ��������������������������������������������� 46,334.2 ��������������������������������������������� ��������������������������������������������� 46,977.0 ��������������������������������������������� ��������������������������������������������� 47,307.3 ��������������������������������������������� ��������������������������������������������� Percent change From previous period 4 From year or 6 months earlier 3 M1 M2 0.5 16.7 5.6 8.5 17.8 13.7 8.1 10.2 5.1 8.0 5.9 7.9 12.5 11.2 10.6 9.0 12.9 10.4 8.3 6.0 5.1 9.4 3.1 Debt 5.7 9.7 3.7 3.6 9.8 8.3 5.4 5.9 5.7 7.1 7.1 7.3 8.5 8.0 8.1 6.9 7.1 6.9 6.4 6.4 5.8 6.2 5.5 7.1 3.5 2.3 4.4 4.2 4.8 5.2 3.5 7.8 2.9 ������������������������������� 5.3 ������������������������������� ������������������������������� 4.3 ������������������������������� ������������������������������� 5.8 ������������������������������� ������������������������������� 2.9 ������������������������������� ������������������������������� 1 Money market mutual fund (MMMF). Savings deposits include money market deposit accounts (MMDA). 2 Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts. Quarterly data shown in last month of quarter. End-of-year data are for fourth quarter. 3 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate. 4 Debt growth of domestic nonfinancial sectors is the seasonally adjusted borrowing flow divided by the seasonally adjusted level of debt outstanding in the previous period. Annual changes are from fourth quarter to fourth quarter; quarterly changes are from previous quarter at an annual rate. Note: See p. 27 for components. Source: Board of Governors of the Federal Reserve System. 26 Components of Money Stock [Averages of daily figures; billions of dollars, seasonally adjusted] Period 2007: Dec ����������� 2008: Dec ����������� 2009: Dec ����������� 2010: Dec ����������� 2011: Dec ����������� 2012: Dec ����������� 2013: Dec ����������� 2014: Dec ����������� 2015: Dec ����������� 2016: Dec r ��������� 2016: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec r ��������� 2017: Jan ����������� Feb p ��������� Currency 760.6 816.2 863.7 918.8 1,001.5 1,090.6 1,160.5 1,252.7 1,338.6 1,419.8 1,351.4 1,359.5 1,366.4 1,375.4 1,382.6 1,388.9 1,395.8 1,401.7 1,407.6 1,414.2 1,419.8 1,431.4 1,433.4 Nonbank travelers checks Other checkable deposits (OCDs) Demand deposits At commercial banks Total 6.3 5.5 5.1 4.7 4.3 3.8 3.5 2.9 2.5 2.2 2.4 2.4 2.4 2.4 2.3 2.3 2.3 2.2 2.2 2.2 2.2 2.1 2.1 303.0 472.0 447.8 518.2 752.2 927.0 1,031.1 1,193.2 1,227.8 1,355.1 1,248.5 1,276.9 1,311.7 1,342.6 1,332.0 1,320.3 1,380.4 1,373.2 1,374.0 1,373.6 1,355.1 1,402.4 1,384.6 304.7 309.8 377.5 395.8 406.6 439.2 465.6 484.1 513.9 551.8 517.1 519.3 519.5 525.3 529.5 531.1 541.6 545.6 549.6 553.1 551.8 558.4 552.0 At thrift institutions 171.8 176.9 228.8 233.1 231.5 243.6 256.2 265.5 277.0 293.8 279.3 279.4 278.2 282.7 283.9 283.7 291.0 292.3 292.6 294.4 293.8 297.3 291.3 133.0 132.9 148.7 162.8 175.1 195.7 209.4 218.6 236.9 258.0 237.8 240.0 241.3 242.7 245.5 247.4 250.6 253.3 257.0 258.8 258.0 261.1 260.7 Savings deposits (including MMDAs) Small-denomination time deposits 1 At commercial banks At commercial banks Total 3,864.4 4,085.9 4,810.0 5,330.7 6,033.8 6,685.2 7,131.9 7,580.1 8,179.9 8,828.5 8,262.7 8,315.5 8,371.7 8,405.9 8,488.4 8,565.6 8,594.0 8,673.2 8,715.3 8,768.8 8,828.5 8,855.3 8,920.6 3,041.0 3,320.7 3,977.0 4,411.2 5,037.4 5,728.7 6,110.8 6,501.4 7,034.7 7,567.0 7,089.9 7,131.6 7,176.8 7,195.6 7,273.0 7,342.4 7,365.6 7,440.9 7,471.0 7,518.3 7,567.0 7,579.6 7,629.4 At thrift institutions 823.4 765.2 833.0 919.4 996.4 956.5 1,021.1 1,078.7 1,145.2 1,261.5 1,172.9 1,183.9 1,194.8 1,210.3 1,215.4 1,223.2 1,228.4 1,232.3 1,244.3 1,250.6 1,261.5 1,275.7 1,291.2 Total 1,276.0 1,457.6 1,187.8 932.7 775.3 643.5 567.3 519.1 408.5 354.1 399.8 393.9 389.4 385.7 382.7 378.7 371.8 366.3 362.0 358.2 354.1 353.9 355.2 859.5 1,079.6 868.9 662.3 546.8 466.8 423.1 387.5 298.6 251.1 291.3 285.4 281.0 278.2 275.9 272.2 265.4 260.6 257.0 254.1 251.1 251.3 253.6 Retail money funds At thrift institutions 416.5 378.0 319.0 270.4 228.5 176.7 144.2 131.5 109.9 103.0 108.5 108.5 108.4 107.5 106.8 106.5 106.4 105.7 105.0 104.1 103.0 102.6 101.6 923.3 1,012.6 771.3 668.2 658.5 638.6 635.8 617.1 640.6 673.7 728.4 714.7 707.0 704.7 693.6 685.4 669.6 653.4 659.8 677.7 673.7 664.7 663.3 Institutional money funds 2 1,969.7 2,469.1 2,265.4 1,902.6 1,767.9 1,746.3 1,781.6 1,810.7 1,840.6 1,760.4 1,761.4 1,799.4 1,802.4 1,812.2 1,822.8 1,822.1 1,840.3 1,815.2 1,764.5 1,761.2 1,760.4 1,710.4 1,713.5 1 Small-denomination deposits are those issued in amounts of less than $100,000. 2 Institutional money funds are not part of non-M1 M2. Source: Board of Governors of the Federal Reserve System. Aggregate Reserves and Monetary Base [Averages of daily figures 1; millions of dollars, not seasonally adjusted] Reserves of depository institutions Reserve balances maintained Period Total 2007: Dec ������������ 2008: Dec ������������ 2009: Dec ������������ 2010: Dec ������������ 2011: Dec ������������ 2012: Dec ������������ 2013: Dec ������������ 2014: Dec ������������ 2015: Dec ������������ 2016: Dec ������������ 2016: Feb ������������ Mar ����������� Apr ������������ May ����������� June ���������� July ����������� Aug ����������� Sept ���������� Oct ������������ Nov ����������� Dec ������������ 2017: Jan ������������ Feb ������������ 8,098 783,631 1,099,831 1,035,074 1,550,043 1,517,425 2,485,248 2,606,700 2,419,774 2,031,007 2,448,797 2,460,382 2,427,737 2,384,089 2,367,024 2,309,659 2,352,298 2,265,320 2,095,127 2,140,315 2,031,007 2,092,776 2,237,980 To satisfy reserve balance requirements 2 That exceed the top of the penalty-free band ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 75,713 90,852 97,981 116,285 99,391 101,702 106,587 110,769 109,284 111,795 112,997 118,285 116,011 117,875 116,285 121,169 118,775 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 2,409,535 2,515,848 2,321,793 1,914,722 2,349,406 2,358,680 2,321,150 2,273,320 2,257,741 2,197,864 2,239,301 2,147,036 1,979,116 2,022,440 1,914,722 1,971,607 2,119,205 Reserve balance requirements 3 6,313 16,312 24,632 28,438 47,838 58,675 69,030 82,770 89,313 105,944 90,677 92,787 97,241 101,151 99,675 102,003 102,950 107,825 105,688 107,345 105,944 110,483 108,252 Borrowings from the Federal Reserve Vault cash used to satisfy required reserves 35,365 37,245 40,619 42,927 48,672 52,959 55,771 59,236 61,413 64,280 62,053 59,303 59,274 59,699 60,455 61,524 61,232 59,787 60,933 61,355 64,280 65,766 64,956 Nonborrowed 4 28,033 167,311 970,523 1,032,512 1,589,189 1,569,588 2,540,849 2,665,835 2,481,082 2,095,247 2,510,816 2,519,664 2,486,949 2,443,710 2,427,350 2,370,978 2,413,323 2,324,901 2,155,936 2,201,631 2,095,247 2,158,526 2,302,916 Monetary base 5 837,192 1,666,365 2,026,220 2,017,000 2,619,586 2,675,945 3,717,450 3,934,455 3,835,810 3,531,581 3,872,483 3,898,431 3,872,940 3,836,529 3,825,451 3,772,544 3,816,726 3,735,888 3,572,132 3,629,778 3,531,581 3,595,447 3,746,400 Total 6 15,430 653,565 169,927 45,488 9,526 795 170 102 106 39 34 21 63 79 130 204 207 206 125 39 39 16 21 Primary Secondary 3,787 88,245 19,025 41 103 12 13 22 38 13 23 9 20 10 25 37 6 12 5 8 13 11 17 1 52 518 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Seasonal Term assetbacked securities loan facility 7 30 �������������������� 3 �������������������� 37 46,310 26 25,025 23 9,400 23 760 59 98 80 0 67 0 25 0 10 0 13 0 42 0 69 0 105 0 167 0 201 0 195 0 119 0 30 0 25 0 5 0 4 0 1 Data are prorated averages of biweekly (maintenance period) averages of daily figures. 2 Equals the sum of balances maintained up to the top of each institution’s penalty-free band. 3 Excludes vault cash used to satisfy required reserves. 4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve. 5 Equals total balances maintained plus currency in circulation (not shown). 6 Includes term auction credit (December 2007 to April 2010), primary dealer and other broker-dealer credit (March 2008 to February 2010), credit extended to American International Group, Inc. (September 2008 to January 2011), asset-backed commercial paper money market mutual fund liquidity facility (September 2008 to February 2010), and other credit extensions, not shown separately. 7 Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility. Note: Data reflect the creation of a penalty-free band around reserve balance requirements which took effect June 27, 2013. See H.3 release of July 11, 2013. Source: Board of Governors of the Federal Reserve System. 27 Bank Credit at All Commercial Banks Total commercial bank loans and leases were flat in February. BILLIONS OF DOLLARS* (RATIO SCALE) 14,000 ALL COMMERCIAL BANKS 12,000 BILLIONS OF DOLLARS* (RATIO SCALE) 14,000 12,000 TOTAL 10,000 9,000 8,000 10,000 9,000 8,000 7,000 7,000 6,000 6,000 LOANS AND LEASES 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 2009 2010 2011 2012 2013 2014 2015 2016 *SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 2017 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars, seasonally adjusted 1] Securities in bank credit 2 Period 2007: Dec ����������� 2008: Dec ����������� 2009: Dec r ��������� 2010: Dec r ��������� 2011: Dec r ��������� 2012: Dec r ��������� 2013: Dec r ��������� 2014: Dec r ��������� 2015: Dec r ��������� 2016: Dec r ��������� 2016: Feb r ��������� Mar r �������� Apr r ��������� May r �������� June r ������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 2017: Jan r ��������� Feb r ��������� Total bank credit 8,899.5 9,347.0 8,989.4 9,180.2 9,393.6 9,951.2 10,101.6 10,857.6 11,691.7 12,462.4 11,850.0 11,920.1 11,994.9 12,070.4 12,140.8 12,237.1 12,290.3 12,366.7 12,439.6 12,463.5 12,462.4 12,488.4 12,488.4 Total securities 2,099.7 2,091.3 2,323.3 2,424.9 2,492.3 2,733.7 2,722.6 2,934.8 3,113.3 3,329.7 3,143.3 3,146.1 3,173.5 3,197.5 3,217.8 3,255.5 3,274.7 3,304.4 3,333.7 3,336.2 3,329.7 3,344.8 3,347.8 U.S. Treasury and agency securities 1,132.5 1,247.6 1,444.9 1,637.2 1,698.1 1,872.9 1,810.2 2,043.0 2,228.8 2,428.1 2,251.5 2,250.1 2,276.5 2,298.0 2,309.5 2,343.8 2,364.3 2,391.7 2,425.2 2,433.5 2,428.1 2,443.0 2,440.8 Loans and leases in bank credit Other securities 967.3 843.7 878.4 787.8 794.2 860.8 912.4 891.8 884.5 901.6 891.8 896.0 897.0 899.5 908.3 911.7 910.4 912.7 908.4 902.8 901.6 901.9 907.0 Total loans and leases 3 6,799.7 7,255.6 6,666.1 6,755.3 6,901.4 7,217.5 7,379.1 7,922.8 8,578.4 9,132.7 8,706.7 8,774.0 8,821.3 8,872.9 8,923.1 8,981.6 9,015.6 9,062.2 9,105.9 9,127.3 9,132.7 9,143.6 9,140.6 Commercial and industrial loans 1,417.6 1,558.7 1,265.2 1,192.4 1,303.7 1,474.4 1,574.3 1,773.3 1,956.9 2,099.8 1,991.9 2,023.9 2,041.4 2,056.0 2,060.7 2,067.6 2,063.4 2,082.2 2,097.9 2,103.3 2,099.8 2,101.6 2,099.3 Chart 28 - Mar 2017 Real estate loans Total 4 3,600.1 3,819.5 3,776.9 3,613.6 3,495.1 3,550.8 3,532.0 3,639.2 3,868.4 4,114.8 3,913.1 3,941.1 3,957.0 3,984.3 4,004.0 4,029.7 4,051.0 4,069.5 4,094.4 4,106.2 4,114.8 4,129.1 4,134.9 Revolving home equity loans 484.8 588.3 603.2 581.6 549.6 515.4 472.7 457.0 436.1 406.3 431.2 429.2 426.6 424.5 422.5 420.3 417.9 415.2 412.3 409.4 406.3 403.6 399.9 Commercial loans 1,587.2 1,728.4 1,641.0 1,500.5 1,418.4 1,428.3 1,498.3 1,605.5 1,778.7 1,960.6 1,814.5 1,833.4 1,848.9 1,865.0 1,880.5 1,895.9 1,910.1 1,924.2 1,939.2 1,951.9 1,960.6 1,976.1 1,987.5 Consumer loans 5 799.3 876.3 836.0 1,107.5 1,086.3 1,102.7 1,128.1 1,186.7 1,259.2 1,356.3 1,276.9 1,285.4 1,292.1 1,298.6 1,311.7 1,324.5 1,331.7 1,336.4 1,343.6 1,350.0 1,356.3 1,359.6 1,365.2 Other loans and leases 6 982.7 1,001.2 788.0 841.8 1,016.3 1,089.6 1,144.6 1,323.6 1,493.9 1,561.8 1,524.9 1,523.6 1,530.9 1,534.1 1,546.6 1,559.7 1,569.6 1,574.2 1,570.0 1,567.8 1,561.8 1,553.3 1,541.2 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 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 p ������������������ 2014: I ���������������� II ��������������� III �������������� IV �������������� 2015: I ���������������� II ��������������� III �������������� IV �������������� 2016: I ���������������� II ��������������� III �������������� IV p ����������� Internal 1 2,633.4 1,732.0 1,185.0 2,164.3 2,622.8 2,741.9 2,799.7 3,301.9 2,762.1 2,664.1 3,099.8 3,184.2 3,377.8 3,545.4 2,818.1 2,791.1 2,670.7 2,768.4 2,821.1 2,903.4 2,654.3 2,277.7 1,352.5 1,393.1 1,433.7 1,676.7 1,728.5 1,756.4 1,873.2 1,919.8 1,882.8 1,843.3 1,791.0 1,888.3 2,009.7 1,990.1 1,941.2 1,877.4 1,892.3 1,820.1 1,851.0 1,819.3 1,878.3 1,824.6 Total net funds raised Total 1,280.9 338.9 –248.7 487.6 894.3 985.5 926.5 1,382.1 879.3 820.8 1,308.8 1,295.9 1,368.1 1,555.3 876.9 913.7 778.4 948.3 970.1 1,084.1 776.0 453.1 –52.9 –49.5 –384.9 –299.9 –129.7 –49.7 37.8 12.9 –52.9 –146.0 –94.0 15.5 32.9 97.1 43.3 153.1 –187.0 –220.9 247.4 –422.3 –154.6 –254.4 Net new equity issues –706.3 –315.6 –51.2 –250.7 –454.6 –344.9 –352.9 –394.5 –560.9 –565.7 –510.9 –276.1 –434.7 –356.3 –591.4 –489.0 –627.2 –536.2 –620.6 –652.4 –666.8 –322.9 Credit market instruments Total Securities and mortgages Loans and short-term paper 258.3 126.4 134.2 103.7 79.3 213.3 261.1 236.6 452.8 333.1 187.5 199.1 221.6 338.4 493.0 682.8 373.2 262.2 546.6 370.6 431.9 –16.6 395.1 139.9 –467.9 –153.0 245.7 81.9 129.7 170.7 55.3 86.5 229.4 92.4 246.0 115.1 141.8 –40.6 67.0 53.0 321.4 –140.5 80.2 85.1 653.4 266.1 –333.8 –49.2 324.9 295.2 390.7 407.4 508.1 419.7 416.9 291.6 467.6 453.4 634.7 642.0 440.2 315.4 868.0 230.1 512.2 68.5 Other 2 1,121.8 198.7 31.6 630.4 831.3 853.3 712.7 1,217.0 612.1 628.1 1,782.9 1,006.1 924.1 1,154.8 69.9 472.6 802.7 1,103.4 543.7 975.7 647.3 345.7 Total 2,467.2 751.2 1,320.6 1,868.1 1,828.7 2,007.5 2,554.6 2,601.1 2,677.0 2,625.9 2,469.9 2,582.0 2,722.6 2,629.9 2,686.8 2,945.7 2,515.4 2,559.8 2,683.5 2,865.5 2,612.7 2,341.9 Capital expenditures 3 1,394.4 1,360.0 1,020.8 1,235.4 1,331.9 1,501.2 1,565.0 1,677.4 1,765.7 1,667.3 1,619.8 1,652.4 1,718.2 1,719.2 1,745.4 1,854.5 1,752.8 1,710.0 1,678.0 1,655.9 1,649.4 1,685.9 Increase in financial assets 1,072.8 –608.8 299.8 632.7 496.8 506.3 989.6 923.7 911.3 958.6 850.1 929.6 1,004.4 910.7 941.4 1,091.2 762.6 849.8 1,005.5 1,209.6 963.3 656.0 Discrepancy (sources less uses) 166.3 980.8 –135.6 296.1 794.2 734.4 245.2 700.8 85.1 38.2 629.8 602.2 655.4 915.6 131.3 –154.6 155.3 208.6 137.6 37.9 41.6 –64.1 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 2007: Dec r ���������������������������������������� 2008: Dec r ���������������������������������������� 2009: Dec r ���������������������������������������� 2010: Dec r ���������������������������������������� 2011: Dec r ���������������������������������������� 2012: Dec r ���������������������������������������� 2013: Dec r ���������������������������������������� 2014: Dec r ���������������������������������������� 2015: Dec r ���������������������������������������� 2016: Dec r ���������������������������������������� 2016: Feb r ���������������������������������������� Mar r ��������������������������������������� Apr r ���������������������������������������� May r ��������������������������������������� June r �������������������������������������� July r ��������������������������������������� Aug r ���������������������������������������� Sept r ��������������������������������������� Oct r ����������������������������������������� Nov r ���������������������������������������� Dec r ���������������������������������������� 2017: Jan r ���������������������������������������� Feb p ���������������������������������������� Nonrevolving 2 Revolving 2,609.5 2,643.8 2,555.0 2,646.8 2,757.8 2,919.7 3,095.6 3,317.4 3,536.7 3,765.7 3,566.8 3,590.8 3,610.0 3,630.9 3,645.4 3,662.1 3,686.9 3,704.8 3,726.3 3,751.8 3,765.7 3,776.6 3,791.8 1,001.6 1,004.0 916.1 839.1 841.1 845.2 857.1 891.1 938.8 1,000.1 942.2 953.2 955.9 960.3 968.1 971.2 976.8 980.7 984.4 997.5 1,000.1 997.4 1,000.4 1,607.9 1,639.8 1,638.9 1,807.7 1,916.7 2,074.5 2,238.5 2,426.4 2,597.9 2,765.7 2,624.6 2,637.6 2,654.1 2,670.6 2,677.3 2,690.9 2,710.1 2,724.1 2,741.9 2,754.3 2,765.7 2,779.2 2,791.5 Total Nonrevolving 2 Revolving 152.8 34.3 –88.8 91.8 111.0 161.9 175.9 221.8 219.3 229.0 13.4 24.0 19.2 20.9 14.5 16.7 24.8 17.9 21.5 25.5 13.9 10.9 15.2 77.7 2.4 –87.9 –77.0 2.0 4.1 11.9 34.0 47.7 61.3 1.3 11.0 2.7 4.4 7.8 3.1 5.6 3.9 3.7 13.1 2.6 –2.7 3.0 75.1 31.9 –.9 168.8 109.0 157.8 164.0 187.9 171.5 167.8 12.1 13.0 16.5 16.5 6.7 13.6 19.2 14.0 17.8 12.4 11.4 13.5 12.3 1 Change based on data in billions of dollars as shown here. For year-end data, change from preceding year-end; for monthly data, change from preceding month. 2 Includes automobile loans and all other loans not included in revolving credit, such as loans for mobile homes, education, boats, trailers, or vacations. These loans may be secured or unsecured. Note: Data include student loans extended by the Federal Government and by SLM Holding Corporation. Source: Board of Governors of the Federal Reserve System. 29 Interest Rates and Bond Yields Interest rates rose in March. PERCENT PER ANNUM 10 PERCENT PER ANNUM 10 8 8 6 6 CORPORATE Aaa BONDS (MOODY'S) 4 4 2 2 FEDERAL FUNDS RATE TREASURY BILLS 0 0 2009 2010 2011 2012 2013 2014 2015 2016 SOURCE: SEE TABLE BELOW 2017 COUNCIL OF ECONOMIC ADVISERS [Percent per annum] Chart 30 - Mar 2017 U.S. Treasury security yields Period 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2016: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2017: Jan ����������� Feb ����������� Mar ���������� Week ended: 2017: Mar 11 ����� 18 ����� 25 ����� Apr 1 ����� 8 ����� 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 4.41 1.48 .16 .14 .06 .09 .06 .03 .06 .33 .32 .23 .27 .29 .31 .30 .32 .34 .44 .52 .52 .53 .72 4.35 2.24 1.43 1.11 .75 .38 .54 .90 1.02 1.00 1.04 .92 .97 .86 .79 .85 .90 .99 1.22 1.49 1.48 1.47 1.59 4.63 3.66 3.26 3.22 2.78 1.80 2.35 2.54 2.14 1.84 1.89 1.81 1.81 1.64 1.50 1.56 1.63 1.76 2.14 2.49 2.43 2.42 2.48 4.84 4.28 4.08 4.25 3.91 2.92 3.45 3.34 2.84 2.59 2.68 2.62 2.63 2.45 2.23 2.26 2.35 2.50 2.86 3.11 3.02 3.03 3.08 4.42 4.80 4.64 4.16 4.29 3.14 3.96 3.78 3.48 3.07 3.28 3.04 2.95 2.84 2.57 2.77 2.86 3.13 3.36 3.81 3.68 3.74 3.78 5.56 5.63 5.31 4.94 4.64 3.67 4.24 4.16 3.89 3.67 3.82 3.62 3.65 3.50 3.28 3.32 3.41 3.51 3.86 4.06 3.92 3.95 4.01 5.86 2.39 .50 .72 .75 .75 .75 .75 .76 1.01 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.25 1.25 1.25 1.50 8.05 5.09 3.25 3.25 3.25 3.25 3.25 3.25 3.26 3.51 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.75 3.75 3.75 4.00 .75 .78 .76 .78 .79 1.64 1.64 1.53 1.53 1.47 2.55 2.55 2.42 2.40 2.35 3.14 3.15 3.03 3.01 2.99 3.87 3.85 3.72 3.65 3.61 4.05 4.09 3.98 3.93 3.93 1.25 1.50 1.50 1.50 1.50 3.75 4.00 4.00 4.00 4.00 New-home mortgage yields (FHFA) 6 Federal funds rate 5 5.02 6.41 1.92 6.05 .16 5.14 .18 4.80 .10 4.56 .14 3.69 .11 4.00 .09 4.22 .13 4.01 .39 3.76 .36 3.92 .37 3.86 .37 3.82 .38 3.81 .39 3.74 .40 3.68 .40 3.58 .40 3.57 .41 3.63 .54 3.74 .65 4.06 .66 4.21 .79 ������������������������� .66 .66 .91 .91 .87 ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� 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 March. INDEX, DEC. 31, 2002=5,000 (RATIO SCALE) 12,000 INDEX, DEC. 31, 2002=5,000 (RATIO SCALE) 12,000 11,000 11,000 10,000 10,000 COMPOSITE STOCK PRICE INDEX (NYSE) 9,000 9,000 8,000 8,000 7,000 7,000 6,000 6,000 5,000 5,000 4,000 2009 2010 2012 2011 2013 4,000 2014 2015 2016 PERCENT 20 2017 PERCENT 20 15 15 EARNINGS/PRICE RATIO ON COMMON STOCKS (S&P) 10 10 5 5 0 0 2009 2010 2011 2012 2013 2015 2014 SOURCES: NEW YORK STOCK EXCHANGE, STANDARD AND POOR'S, AND BLOOMBERG 2016 2017 COUNCIL OF ECONOMIC ADVISERS Common stock yields (percent) 6 Common stock prices 1 Chart 31 - Mar 2017 New York Stock Exchange indexes (December 31, 2002=5,000) 2 Period Composite 2007 ��������������������� 2008 ��������������������� 2009 ��������������������� 2010 ��������������������� 2011 ��������������������� 2012 ��������������������� 2013 ��������������������� 2014 ��������������������� 2015 ��������������������� 2016 ��������������������� 2016: Mar ����������� Apr ������������ May ����������� June ���������� July ����������� Aug ����������� Sept ���������� Oct ������������ Nov ����������� Dec ������������ 2017: Jan ������������ Feb ������������ Mar ����������� Week ended: 2017: Mar 11 ������ 18 ������ 25 ������ Apr 1 ������ 8 ������ Financial Energy Health Care Dow Jones industrial average 3 Standard & Poor’s composite index (1941–43=10) 4 Nasdaq composite index (Feb. 5, 1971=100) 5 Dividend/price ratio Earnings/price ratio 9,648.82 8,036.88 6,091.02 7,230.42 7,871.41 8,011.65 9,426.77 10,653.17 10,676.70 10,380.08 10,056.09 10,339.55 10,333.26 10,412.91 10,685.20 10,789.11 10,694.40 10,575.98 10,653.35 11,085.65 11,220.74 11,417.21 11,509.82 9,321.33 6,278.38 3,987.04 4,744.05 4,641.01 4,616.63 5,805.54 6,448.33 6,559.24 6,124.93 5,880.50 6,037.54 6,067.03 5,995.46 6,020.68 6,222.11 6,278.06 6,237.51 6,531.62 6,982.17 7,072.53 7,252.24 7,286.42 13,339.92 13,258.42 10,020.30 10,943.85 12,880.35 12,512.31 13,490.83 14,598.07 11,332.43 10,204.95 9,590.44 10,079.48 10,235.66 10,458.20 10,673.50 10,554.91 10,495.14 10,810.45 10,712.59 11,515.42 11,477.93 11,064.04 10,752.93 7,191.91 6,171.19 5,456.63 6,230.62 6,847.80 7,503.05 9,250.02 11,195.85 12,718.18 12,182.85 11,781.39 12,199.13 12,223.79 12,468.57 12,993.53 12,877.26 12,580.67 12,171.12 11,785.15 11,815.03 12,032.39 12,447.07 12,805.79 13,169.98 11,252.61 8,876.15 10,662.80 11,966.36 12,967.08 14,999.67 16,773.99 17,590.61 17,908.08 17,302.14 17,844.37 17,692.32 17,754.87 18,341.18 18,495.19 18,267.40 18,184.55 18,697.33 19,712.42 19,908.15 20,424.14 20,823.06 1,476.66 1,220.89 946.73 1,139.31 1,268.89 1,379.56 1,642.51 1,930.67 2,061.20 2,092.39 2,021.95 2,075.54 2,065.55 2,083.89 2,148.90 2,177.48 2,157.69 2,143.02 2,164.99 2,246.63 2,275.12 2,329.91 2,366.82 2,577.12 2,162.46 1,841.03 2,347.70 2,680.42 2,965.77 3,537.69 4,374.31 4,943.49 4,982.49 4,754.48 4,892.17 4,788.24 4,856.23 5,023.99 5,217.04 5,254.15 5,255.99 5,260.57 5,413.12 5,561.42 5,764.70 5,864.96 1.86 2.37 2.40 1.98 2.05 2.24 2.14 2.04 2.10 2.19 2.23 2.18 2.19 2.19 2.14 2.12 2.14 2.16 2.15 2.08 2.08 2.04 2.02 5.29 3.54 1.86 6.04 6.77 6.20 5.57 5.25 4.59 4.17 4.20 ���������������������������� ���������������������������� 4.14 ���������������������������� ���������������������������� 4.12 ���������������������������� ���������������������������� 4.22 ���������������������������� ���������������������������� ���������������������������� 11,492.14 11,551.66 11,450.77 11,483.51 11,452.14 7,332.19 7,346.55 7,184.83 7,206.50 7,167.64 10,761.85 10,704.84 10,652.11 10,759.39 10,869.39 12,787.76 12,880.68 12,762.49 12,772.62 12,722.62 20,899.20 20,903.62 20,697.69 20,660.70 20,661.33 2,368.83 2,376.76 2,351.18 2,358.41 2,357.00 5,844.24 5,886.88 5,832.69 5,887.83 5,882.91 2.01 2.02 2.04 2.03 2.03 ���������������������������� ���������������������������� ���������������������������� ���������������������������� ���������������������������� 1 Annual data are averages of monthly figures. Monthly and weekly data are averages of daily closing prices. 2 Includes all the stocks (in 2016, over 3,200) listed on the NYSE. 3 Includes 30 stocks. 4 Includes 500 stocks. 5 Includes over 3,100 stocks in 2016. 6 Standard & Poor’s series. Dividend/price ratios based on Wednesday closing prices. Earnings/price ratios based on prices at end of quarter. Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor’s, Nasdaq Stock Market, and Bloomberg. 31 FEDERAL FINANCE. Federal Receipts, Outlays, and Debt In the first five months of fiscal year 2017, the deficit was $349.0 billion, compared with a deficit of $351.3 billion a year earlier. BILLIONS OF DOLLARS 4,400 4,200 RECEIPTS AND OUTLAYS BILLIONS OF DOLLARS 4,400 1 4,200 4,000 4,000 3,800 3,800 OUTLAYS1 3,600 3,600 3,400 3,400 3,200 3,200 3,000 3,000 2,800 2,800 2,600 2,600 2,400 2,400 RECEIPTS1 2,200 2,200 2,000 2,000 1,800 1,600 1,800 1,600 400 SURPLUS OR DEFICIT (–)1 400 0 0 –400 –400 –800 –800 –1,200 –1,200 –1,600 –1,600 –2,000 –2,000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 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 1998 ���������������������������������������������������� 1999 ���������������������������������������������������� 2000 ���������������������������������������������������� 2001 ���������������������������������������������������� 2002 ���������������������������������������������������� 2003 ���������������������������������������������������� 2004 ���������������������������������������������������� 2005 ���������������������������������������������������� 2006 ���������������������������������������������������� 2007 ���������������������������������������������������� 2008 ���������������������������������������������������� 2009 ���������������������������������������������������� 2010 ���������������������������������������������������� 2011 ���������������������������������������������������� 2012 ���������������������������������������������������� 2013 ���������������������������������������������������� 2014 ���������������������������������������������������� 2015 ���������������������������������������������������� 2016 1 �������������������������������������������������� 2017 (estimates) ��������������������������������� Cumulative total, first 5 months: 2 Fiscal year 2016 ���������������������������������� Fiscal year 2017 ���������������������������������� Outlays Chart 32 - Mar 2017 On-budget Surplus or deficit (–) Receipts Outlays Federal debt (end of period) Off-budget Surplus or deficit (–) Receipts Outlays Surplus or deficit (–) Gross Federal Held by the public 1,721.7 1,827.5 2,025.2 1,991.1 1,853.1 1,782.3 1,880.1 2,153.6 2,406.9 2,568.0 2,524.0 2,105.0 2,162.7 2,303.5 2,450.0 2,775.1 3,021.5 3,249.9 3,266.7 3,632.2 1,652.5 1,701.8 1,789.0 1,862.8 2,010.9 2,159.9 2,292.8 2,472.0 2,655.1 2,728.7 2,982.5 3,517.7 3,457.1 3,603.1 3,537.0 3,454.6 3,506.1 3,688.3 3,854.1 4,073.2 69.3 125.6 236.2 128.2 –157.8 –377.6 –412.7 –318.3 –248.2 –160.7 –458.6 –1,412.7 –1,294.4 –1,299.6 –1,087.0 –679.5 –484.6 –438.4 –587.4 –440.9 1,305.9 1,383.0 1,544.6 1,483.6 1,337.8 1,258.5 1,345.4 1,576.1 1,798.5 1,932.9 1,865.9 1,451.0 1,531.0 1,737.7 1,880.5 2,101.8 2,285.9 2,479.5 2,456.5 2,791.4 1,335.9 1,381.1 1,458.2 1,516.0 1,655.2 1,796.9 1,913.3 2,069.7 2,233.0 2,275.0 2,507.8 3,000.7 2,902.4 3,104.5 3,029.4 2,820.8 2,800.1 2,945.2 3,077.7 3,259.6 –29.9 1.9 86.4 –32.4 –317.4 –538.4 –568.0 –493.6 –434.5 –342.2 –641.8 –1,549.7 –1,371.4 –1,366.8 –1,148.9 –719.0 –514.1 –465.7 –621.2 –468.2 415.8 444.5 480.6 507.5 515.3 523.8 534.7 577.5 608.4 635.1 658.0 654.0 631.7 565.8 569.5 673.3 735.6 770.4 810.2 840.9 316.6 320.8 330.8 346.8 355.7 363.0 379.5 402.2 422.1 453.6 474.8 517.0 554.7 498.6 507.6 633.8 706.1 743.1 776.4 813.5 99.2 123.7 149.8 160.7 159.7 160.8 155.2 175.3 186.3 181.5 183.3 137.0 77.0 67.2 61.9 39.5 29.5 27.3 33.8 27.3 5,478.2 5,605.5 5,628.7 5,769.9 6,198.4 6,760.0 7,354.7 7,905.3 8,451.4 8,950.7 9,986.1 11,875.9 13,528.8 14,764.2 16,050.9 16,719.4 17,794.5 18,120.1 19,537.4 20,143.6 3,721.1 3,632.4 3,409.8 3,319.6 3,540.4 3,913.4 4,295.5 4,592.2 4,829.0 5,035.1 5,803.1 7,544.7 9,018.9 10,128.2 11,281.1 11,982.7 12,779.9 13,116.7 14,168.4 14,699.8 1,248.4 1,256.6 1,599.7 1,605.5 –351.3 –349.0 938.9 927.6 1,290.2 1,288.8 –351.3 –361.2 309.5 328.9 309.5 316.7 .0 12.2 19,089.3 19,919.9 13,781.1 14,402.9 1 Data for fiscal year 2016 are from Final Monthly Treasury Statement issued October 14, 2016. 2 Data from current issue Monthly Treasury Statement. Note: Data for fiscal year 2017 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2017, issued July 15, 2016. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 2017, issued February 9 , 2016. Sources: Department of the Treasury and Office of Management and Budget. 32 Federal Receipts by Source and Outlays by Function In the first five months of fiscal year 2017, receipts were $8.2 billion higher than a year earlier and outlays were $5.8 billion higher. BILLIONS OF DOLLARS 2,000 1 BILLIONS OF DOLLARS 2,000 RECEIPTS 1,600 1,600 INDIVIDUAL INCOME TAXES 1,200 1,200 CORPORATION INCOME TAXES 800 400 SOCIAL INSURANCE AND RETIREMENT RECEIPTS OTHER RECEIPTS 800 400 0 0 3,800 3,600 3,800 3,600 OUTLAYS1 3,400 3,400 3,200 3,200 NONDEFENSE 3,000 3,000 2,800 2,800 2,600 2,600 2,400 2,400 2,200 2,200 2,000 2,000 1,800 1,600 1,800 1,600 NATIONAL DEFENSE 800 800 600 600 400 400 200 200 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 FISCAL YEARS 1 INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS. SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Chart 33 - Mar 2017 On-budget and off-budget receipts Fiscal year or period 1998 ���������������������������������������������������� 1999 ���������������������������������������������������� 2000 ���������������������������������������������������� 2001 ���������������������������������������������������� 2002 ���������������������������������������������������� 2003 ���������������������������������������������������� 2004 ���������������������������������������������������� 2005 ���������������������������������������������������� 2006 ���������������������������������������������������� 2007 ���������������������������������������������������� 2008 ���������������������������������������������������� 2009 ���������������������������������������������������� 2010 ���������������������������������������������������� 2011 ���������������������������������������������������� 2012 ���������������������������������������������������� 2013 ���������������������������������������������������� 2014 ���������������������������������������������������� 2015 ���������������������������������������������������� 2016 1 �������������������������������������������������� 2017 (estimates) ��������������������������������� Cumulative total, first 5 months: 2 Fiscal year 2016 ���������������������������������� Fiscal year 2017 ���������������������������������� On-budget and off-budget outlays National defense Indi- Corporavidual tion income income taxes taxes Social insurance and retirement receipts 1,721.7 1,827.5 2,025.2 1,991.1 1,853.1 1,782.3 1,880.1 2,153.6 2,406.9 2,568.0 2,524.0 2,105.0 2,162.7 2,303.5 2,450.0 2,775.1 3,021.5 3,249.9 3,266.7 3,632.2 828.6 879.5 1,004.5 994.3 858.3 793.7 809.0 927.2 1,043.9 1,163.5 1,145.7 915.3 898.5 1,091.5 1,132.2 1,316.4 1,394.6 1,540.8 1,546.1 1,746.6 188.7 184.7 207.3 151.1 148.0 131.8 189.4 278.3 353.9 370.2 304.3 138.2 191.4 181.1 242.3 273.5 320.7 343.8 299.6 409.9 571.8 611.8 652.9 694.0 700.8 713.0 733.4 794.1 837.8 869.6 900.2 890.9 864.8 818.8 845.3 947.8 1,023.5 1,065.3 1,115.1 1,158.5 132.6 151.5 160.6 151.7 146.0 143.9 148.4 154.0 171.2 164.7 173.7 160.5 207.9 212.1 230.2 237.4 282.7 300.0 306.0 317.2 1,652.5 1,701.8 1,789.0 1,862.8 2,010.9 2,159.9 2,292.8 2,472.0 2,655.1 2,728.7 2,982.5 3,517.7 3,457.1 3,603.1 3,537.0 3,454.6 3,506.1 3,688.3 3,854.1 4,073.2 268.2 274.8 294.4 304.7 348.5 404.7 455.8 495.3 521.8 551.3 616.1 661.0 693.5 705.6 677.9 633.4 603.5 589.6 595.3 618.6 255.8 261.2 281.0 290.2 331.8 387.1 436.4 474.1 499.3 528.5 594.6 636.7 666.7 678.1 650.9 607.8 577.9 562.5 565.4 588.0 13.1 15.2 17.2 16.5 22.3 21.2 26.9 34.6 29.5 28.5 28.9 37.5 45.2 45.7 47.2 46.2 46.7 48.6 45.3 57.0 131.4 141.0 154.5 172.2 196.5 219.5 240.1 250.5 252.7 266.4 280.6 334.3 369.1 372.5 346.7 358.3 409.4 482.2 511.3 552.3 192.8 190.4 197.1 217.4 230.9 249.4 269.4 298.6 329.9 375.4 390.8 430.1 451.6 485.7 471.8 497.8 511.7 546.2 594.5 598.4 237.8 242.5 253.7 269.8 312.7 334.6 333.1 345.8 352.5 366.0 431.3 533.2 622.2 597.3 541.3 536.5 513.6 508.8 514.6 533.0 379.2 390.0 409.4 433.0 456.0 474.7 495.5 523.3 548.5 586.2 617.0 683.0 706.7 730.8 773.3 813.6 850.5 887.8 916.1 954.1 241.1 229.8 222.9 206.2 170.9 153.1 160.2 184.0 226.6 237.1 252.8 186.9 196.2 230.0 220.4 220.9 229.0 223.2 240.7 265.8 188.9 218.1 239.7 243.1 273.1 302.6 311.8 339.8 393.5 317.9 365.2 651.6 372.6 435.5 458.3 347.9 341.7 402.0 436.3 494.1 1,248.4 1,256.6 597.5 611.3 88.6 87.4 428.2 451.4 134.0 106.4 1,599.7 1,605.5 244.6 243.2 233.2 230.5 18.5 21.3 202.1 220.1 232.4 218.4 233.5 219.4 376.6 387.5 102.4 115.5 189.6 180.1 Total Other Total Total Depart- Internament tional of affairs Defense, military Health Medicare Income Social Net security security interest Other 1 Data for fiscal year 2016 are from Final Monthly Treasury Statement issued October 14, 2016. 2 Data from current issue Monthly Treasury Statement. Data for Department of Defense, military, include a small amount that is classified and listed under international affairs, and not included in national defense. Note: Data for fiscal year 2017 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2017, issued July 15, 2016. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 2017, issued February 9, 2016. Sources: Department of the Treasury and Office of Management and Budget. 33 Federal Sector, National Income Accounts Basis In the fourth quarter of 2016, according to revised estimates, Federal current receipts rose $24.2 billion (annual rate) and Federal current expenditures rose $26.5 billion. BILLIONS OF DOLLARS 4,400 BILLIONS OF DOLLARS 4,400 SEASONALLY ADJUSTED ANNUAL RATES 4,000 4,000 3,600 3,600 CURRENT EXPENDITURES 3,200 3,200 2,800 2,800 2,400 2,400 CURRENT RECEIPTS 2,000 2,000 1,600 1,600 1,200 1,200 800 800 400 400 0 0 –400 –400 NET FEDERAL GOVERNMENT SAVING –800 –800 –1,200 –1,200 –1,600 –1,600 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 CALENDAR YEARS SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Chart 34 - Mar 2017 Federal Government current receipts Federal Government current expenditures Current tax receipts Period Calendar year: 2007 ������������� 2008 ������������� 2009 ������������� 2010 ������������� 2011 ������������� 2012 ������������� 2013 ������������� 2014 ������������� 2015 ������������� 2016 r ����������� 2014: I ��������������� II �������������� III ������������� IV ������������� 2015: I ��������������� II �������������� III ������������� IV ������������� 2016: I ��������������� II �������������� III ������������� IV r ����������� Total 2,667.2 2,579.5 2,238.4 2,443.3 2,574.1 2,699.1 3,138.4 3,288.4 3,453.3 3,506.1 3,254.1 3,290.7 3,309.5 3,299.4 3,410.0 3,439.4 3,447.8 3,515.9 3,442.5 3,484.7 3,536.6 3,560.8 Total 1 1,642.4 1,520.7 1,171.1 1,352.7 1,553.8 1,661.1 1,824.3 1,995.0 2,149.2 2,158.3 1,960.6 2,003.8 2,001.5 2,014.0 2,134.5 2,138.9 2,130.5 2,193.0 2,106.7 2,147.7 2,193.1 2,185.8 Contributions for Income Taxes govern- receipts Taxes Personal on ment on on current production corporate social assets taxes and insurincome imports ance 1,169.7 1,174.3 864.5 941.6 1,129.1 1,164.7 1,302.0 1,402.3 1,532.7 1,553.2 1,366.5 1,385.9 1,412.7 1,444.3 1,506.8 1,530.6 1,539.9 1,553.2 1,520.7 1,544.3 1,566.9 1,580.8 94.6 94.0 91.4 96.8 108.6 115.1 124.8 134.6 139.4 137.9 133.2 133.3 135.7 136.0 138.0 141.8 136.9 140.8 138.1 136.8 137.5 139.4 362.8 233.7 200.4 298.7 299.4 363.1 378.1 436.6 455.1 444.1 438.1 464.4 431.0 412.9 468.1 444.9 430.6 477.0 425.3 444.7 465.3 441.0 947.2 974.4 950.8 970.9 904.0 938.1 1,091.3 1,140.9 1,189.5 1,236.1 1,126.2 1,131.7 1,145.3 1,160.3 1,169.4 1,184.3 1,194.4 1,210.1 1,214.9 1,230.7 1,244.9 1,253.9 1 Includes taxes from the rest of the world, not shown separately. 2 Includes Federal grants-in-aid to State and local governments, not shown separately. Source: Department of Commerce (Bureau of Economic Analysis). 34 33.4 33.9 48.5 54.6 56.4 52.6 163.3 74.8 49.2 49.2 104.2 75.6 57.8 61.5 43.3 42.7 67.6 43.0 51.3 38.3 50.0 57.4 Current transfer receipts 42.0 49.7 67.2 68.1 67.1 56.1 70.7 86.1 72.7 73.4 71.5 88.2 112.9 71.7 68.9 80.2 62.9 79.0 79.1 80.1 60.3 74.2 Current surplus of government enterprises 2.0 .8 .8 –3.1 –7.1 –8.9 –11.1 –8.3 –7.4 –11.0 –8.5 –8.5 –8.1 –8.1 –6.3 –6.7 –7.6 –9.2 –9.7 –12.1 –11.7 –10.6 Total 2,932.8 3,213.5 3,487.2 3,772.0 3,818.3 3,789.1 3,782.2 3,901.3 4,022.9 4,163.1 3,846.2 3,893.9 3,942.6 3,922.5 3,944.5 4,018.2 4,070.2 4,058.9 4,110.8 4,137.1 4,189.0 4,215.5 ConCurrent sumption transfer Interest Subsidies expendipaypayments tures ments 2 798.4 879.8 933.7 1,003.9 1,006.1 1,007.8 961.0 955.9 963.7 978.1 957.4 949.9 967.6 948.8 960.1 961.7 965.1 968.0 969.0 974.6 984.9 983.7 1,678.8 1,896.1 2,142.9 2,333.2 2,327.0 2,300.8 2,346.2 2,448.6 2,564.9 2,652.3 2,391.4 2,438.6 2,477.3 2,487.2 2,540.9 2,545.5 2,579.7 2,593.5 2,629.8 2,632.0 2,668.4 2,679.0 408.2 388.0 353.6 380.6 425.7 422.9 416.2 440.5 438.2 474.1 440.5 449.0 441.5 431.1 388.3 455.3 468.5 440.7 454.2 471.7 476.1 494.2 47.5 49.6 56.9 54.3 59.5 57.6 58.8 56.2 56.1 58.7 56.9 56.4 56.2 55.4 55.1 55.7 56.9 56.8 57.7 58.8 59.5 58.5 Net Federal Government saving –265.7 –634.0 –1,248.8 –1,328.7 –1,244.1 –1,090.1 –643.8 –612.9 –569.7 –656.9 –592.1 –603.2 –633.1 –623.1 –534.5 –578.9 –622.3 –543.1 –668.3 –652.4 –652.4 –654.7 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries Industrial production (2012=100; seasonally adjusted) Period United States Canada Japan France Germany Consumer prices (1982–84=100; NSA) United Kingdom Italy United States 1 Canada Japan France 2007 r ������������� 104.6 106.3 117.4 113.8 100.9 125.5 112.6 207.342 192.7 118.7 2008 r ������������� 100.9 102.7 113.2 110.0 100.9 120.9 109.7 215.303 197.3 120.3 2009 r ������������� 89.3 91.0 88.7 95.7 84.4 98.4 100.2 214.537 197.9 118.7 r 2010 ������������� 94.2 95.4 102.6 99.5 93.5 105.2 103.4 218.056 201.4 117.8 r 2011 ������������� 97.1 100.0 99.8 102.2 100.3 106.6 102.8 224.939 207.2 117.5 2012 ��������������� 100.0 100.0 100.0 100.0 100.0 100.0 100.0 229.594 210.4 117.5 2013 r ������������� 102.0 101.5 99.4 99.5 100.1 97.0 99.3 232.957 212.4 117.9 r 2014 ������������� 105.1 105.7 101.5 98.6 101.5 96.4 100.8 236.736 216.4 121.1 r 2015 ������������� 104.4 104.9 100.2 100.4 102.4 97.2 102.0 237.017 218.8 122.1 2016 r ������������� 103.1 105.3 99.8 100.6 103.4 99.1 103.2 240.007 222.0 121.9 r 2016: Jan ���� 103.5 105.8 100.7 101.3 104.7 99.4 101.6 236.916 219.2 121.5 Feb r ���� 103.3 105.0 95.5 100.2 103.6 98.0 101.4 237.111 219.8 121.6 Mar r ��� 102.5 104.5 99.1 100.0 102.7 98.0 101.9 238.132 221.1 121.7 Apr r ���� 102.9 104.0 99.6 100.9 103.6 98.6 104.3 239.261 221.8 122.0 r May ��� 102.8 101.2 97.0 100.6 102.4 98.0 103.7 240.229 222.7 122.1 r June �� 103.1 103.6 99.3 99.7 103.6 97.7 103.7 241.018 223.2 122.0 July r ��� 103.2 105.6 98.9 98.9 101.7 98.3 103.8 240.628 222.9 121.6 Aug r ���� 103.1 106.6 100.2 101.8 105.1 100.2 103.5 240.849 222.5 121.7 r Sept ��� 103.0 107.4 100.8 100.0 103.6 99.4 103.2 241.428 222.7 121.8 r Oct ����� 103.2 106.2 100.8 100.1 104.0 99.4 102.0 241.729 223.2 122.6 Nov r ���� 103.0 107.2 102.3 102.5 104.3 100.1 104.4 241.353 222.4 122.6 Dec r ���� 103.8 106.8 103.1 101.3 101.8 101.5 105.3 241.432 222.0 122.2 2017: Jan r ���� 103.6 108.5 102.7 101.1 104.2 99.2 105.0 242.839 223.9 122.1 Feb p ���� 103.7 ��������������� 104.7 99.5 105.1 ��������������� 104.3 243.603 224.3 121.8 Mar p ��� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� Germany 178.9 183.9 184.1 186.9 190.8 194.6 196.3 197.2 197.3 197.7 195.5 196.0 197.4 197.5 198.3 198.6 197.8 198.5 198.0 198.1 198.0 198.6 198.1 198.4 199.6 Italy 159.7 163.9 164.5 166.3 169.7 173.1 175.7 177.3 177.7 178.6 176.4 177.1 178.4 177.8 178.3 178.4 178.9 178.9 179.1 179.4 179.6 180.9 179.8 180.9 181.3 United Kingdom 271.0 242.7 280.0 252.4 282.2 251.1 286.5 262.7 294.5 276.3 303.5 285.2 307.1 293.9 307.9 300.8 308.0 303.8 307.7 309.1 306.9 304.1 306.3 305.5 306.9 306.8 306.6 307.1 307.5 307.9 307.8 309.1 308.4 309.5 309.0 310.6 308.4 311.2 308.1 311.1 307.8 311.9 309.0 313.8 310.0 311.9 311.2 315.3 311.2 ����������������� 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 2007 ��������������� 2008 ��������������� 2009 ��������������� 2010 ��������������� 2011 ��������������� 2012 ��������������� 2013 ��������������� 2014 ��������������� 2015 ��������������� 2016 ��������������� 2016: Feb ������ Mar ����� Apr ������ May ����� June ���� July ����� Aug ����� Sept ���� Oct ������ Nov ����� Dec ������ 2017: Jan r ���� Feb p ���� BOP basis 1,165.2 1,308.8 1,070.3 1,290.3 1,499.2 1,562.6 1,592.0 1,633.3 1,510.3 1,459.7 119.4 117.0 119.9 119.3 120.3 123.8 125.0 126.3 122.8 122.1 126.9 128.1 128.5 IndusFoods, trial Total, feeds, supCensus and plies basis 1 bever- and ages materials 1,148.2 1,287.4 1,056.0 1,278.5 1,482.5 1,545.8 1,578.5 1,621.2 1,502.6 1,454.6 118.9 116.6 119.2 118.9 119.8 123.5 124.5 125.8 122.6 121.6 126.6 127.2 127.7 84.3 108.3 93.9 107.7 126.2 133.0 136.2 143.7 127.7 130.7 9.6 9.1 9.5 10.0 10.6 14.3 14.0 12.3 10.9 10.7 10.6 11.2 10.6 316.4 388.0 296.5 391.7 501.1 501.2 508.2 505.5 426.0 397.8 31.4 30.7 32.5 32.5 32.4 32.9 34.2 34.7 33.7 35.1 35.9 38.0 38.4 121.3 121.5 81.7 112.0 133.0 146.2 152.7 159.8 151.9 150.0 13.1 12.1 12.9 12.6 12.2 12.5 12.9 12.5 12.4 12.1 12.3 13.6 13.8 Balance of trade (exports minus imports) Census basis (by end-use category) Auto- Consumer Capital motive vegoods goods hicles, except parts (nonfood) autoexcept motive and enautogines motive 433.0 457.7 391.2 447.5 494.0 527.2 534.4 551.5 539.4 519.4 43.2 43.5 43.6 42.8 43.1 42.9 42.2 43.8 43.8 42.0 45.4 43.5 42.9 Services (BOP basis) Goods: Imports (customs value) 146.0 161.3 149.5 165.2 175.3 181.7 188.8 198.6 197.7 193.6 16.8 15.7 15.8 15.6 16.0 16.0 16.1 16.8 15.9 16.4 16.5 16.5 17.1 BOP basis 1,986.3 2,141.3 1,580.0 1,939.0 2,239.9 2,303.7 2,294.2 2,385.5 2,272.9 2,209.6 185.0 174.7 178.6 182.1 186.5 184.5 185.6 183.7 186.3 189.0 192.6 197.7 193.4 IndusFoods, trial Total, feeds, supCensus and plies basis 1 bever- and ages materials 1,957.0 2,103.6 1,559.6 1,913.9 2,208.0 2,276.3 2,268.0 2,356.4 2,248.2 2,188.9 183.2 172.9 177.0 180.3 184.5 182.6 183.8 182.2 184.7 187.2 190.9 195.8 191.7 81.7 89.0 81.6 91.7 107.5 110.3 115.1 125.9 127.8 130.3 11.3 10.5 10.7 10.8 10.4 10.7 10.9 10.9 10.9 11.1 11.3 11.3 11.5 634.7 779.5 462.4 603.1 755.8 730.6 681.5 667.1 485.8 443.8 34.0 32.9 33.9 36.2 38.5 38.9 38.1 38.1 37.7 39.9 41.0 42.0 43.4 BOP basis Auto- Consumer Capital motive vegoods Exports goods hicles, except parts (nonfood) autoexcept motive and enautogines motive 444.5 453.7 370.5 449.4 510.8 548.7 555.7 594.1 602.0 590.0 49.4 47.1 49.6 48.7 49.8 49.0 50.2 48.5 49.6 49.4 50.4 51.1 51.2 256.7 231.2 157.7 225.1 254.6 297.8 308.8 328.6 349.2 350.3 29.4 28.3 28.7 29.0 28.4 28.3 28.6 29.8 29.1 29.2 30.9 31.8 29.1 474.6 481.6 427.3 483.2 514.1 516.9 531.7 557.1 594.3 583.8 52.2 46.3 46.7 48.0 49.8 48.4 48.1 47.2 49.6 49.5 49.7 52.1 49.0 488.4 532.8 512.7 563.3 627.8 656.4 701.5 743.3 750.9 752.4 61.4 61.5 61.7 62.0 62.4 62.7 63.3 63.9 63.6 63.9 64.2 64.4 64.4 Imports Goods, Census basis Goods Services Goods and services 372.6 409.1 386.8 409.3 435.8 452.0 461.1 481.3 488.7 503.0 41.3 41.2 41.5 41.4 41.3 41.7 43.2 42.5 42.7 42.5 42.7 43.0 43.0 –808.8 –816.2 –503.6 –635.4 –725.4 –730.4 –689.5 –735.2 –745.7 –734.3 –64.3 –56.3 –57.8 –61.4 –64.7 –59.1 –59.4 –56.3 –62.1 –65.6 –64.4 –68.6 –63.9 115.8 123.8 125.9 154.0 192.0 204.4 240.4 262.0 262.2 249.4 20.0 20.4 20.2 20.6 21.1 21.0 20.0 21.4 21.0 21.4 21.4 21.4 21.4 –705.4 –708.7 –383.8 –494.7 –548.6 –536.8 –461.9 –490.2 –500.4 –500.6 –45.6 –37.3 –38.5 –42.2 –45.1 –39.7 –40.5 –36.0 –42.6 –45.5 –44.3 –48.2 –43.6 –821.2 –832.5 –509.7 –648.7 –740.6 –741.2 –702.2 –752.2 –762.6 –749.9 –65.6 –57.7 –58.8 –62.8 –66.2 –60.7 –60.6 –57.4 –63.5 –66.9 –65.7 –69.5 –65.0 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 fourth quarter of 2016, the current account deficit fell to $112.4 billion from $116.0 billion in the third quarter. The goods and services deficit rose to $132.3 billion from $116.2 billion in the third 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 BALANCE ON CURRENT ACCOUNT –60 –80 –80 –100 –100 –120 –120 –140 –140 BALANCE ON GOODS AND SERVICES –160 –160 –180 –180 –200 –200 –220 –220 –240 –240 2008 2007 2010 2009 2011 2012 2013 2014 SOURCE: DEPARTMENT OF COMMERCE 2015 2016 COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted] Chart 36 - Mar 2017 Current Account 1 Goods 2 Period 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 p ������������������ 2014: I ���������������� II ��������������� III �������������� IV �������������� 2015: I ���������������� II ��������������� III �������������� IV �������������� 2016: I r �������������� II r ������������� III r ������������ IV p ����������� Services Exports Imports Balance on goods 1,165,151 1,308,795 1,070,331 1,290,273 1,499,240 1,562,578 1,592,002 1,633,320 1,510,303 1,459,667 403,365 409,701 412,087 408,167 383,936 383,935 377,157 365,275 353,355 359,440 375,146 371,725 1,986,347 2,141,287 1,580,025 1,938,950 2,239,886 2,303,749 2,294,247 2,385,489 2,272,868 2,209,592 589,078 601,537 596,763 598,111 577,452 574,812 566,925 553,678 540,698 547,229 553,798 567,867 –821,196 –832,492 –509,694 –648,678 –740,646 –741,171 –702,244 –752,169 –762,565 –749,926 –185,712 –191,836 –184,677 –189,944 –193,517 –190,876 –189,768 –188,404 –187,343 –187,789 –178,652 –196,142 Exports 488,396 532,817 512,722 563,333 627,781 656,411 701,455 743,257 750,860 752,412 183,220 186,211 185,735 188,091 188,332 188,448 187,118 186,962 184,748 186,149 189,834 191,680 Imports 372,575 409,052 386,801 409,313 435,761 452,013 461,087 481,264 488,657 503,047 118,022 120,209 120,474 122,560 121,329 121,599 122,961 122,767 123,609 124,167 127,412 127,859 Balance on services 115,821 123,765 125,920 154,020 192,020 204,398 240,368 261,993 262,203 249,365 65,199 66,002 65,262 65,531 67,003 66,848 64,157 64,195 61,139 61,983 62,422 63,822 Balance on goods and services –705,375 –708,726 –383,774 –494,658 –548,625 –536,773 –461,876 –490,176 –500,361 –500,560 –120,514 –125,834 –119,415 –124,414 –126,514 –124,028 –125,611 –124,209 –126,204 –125,806 –116,230 –132,320 Primary income receipts and payments Receipts 844,033 823,707 614,379 684,915 759,727 768,956 794,658 821,807 782,915 801,923 202,351 204,485 209,622 205,349 194,716 199,359 196,752 192,089 188,282 202,250 203,478 207,914 Payments 743,429 677,561 490,794 507,254 538,766 553,163 575,689 597,802 600,531 621,333 145,604 149,862 150,297 152,039 146,365 154,288 154,903 144,974 154,523 158,459 161,894 146,458 Balance on primary income 100,604 146,146 123,584 177,661 220,961 215,792 218,970 224,005 182,385 180,591 56,746 54,623 59,325 53,310 48,351 45,071 41,848 47,115 33,759 43,791 41,585 61,457 Balance on secondary Income 3 –113,872 –128,209 –123,833 –124,964 –132,690 –125,547 –123,515 –125,888 –144,988 –161,237 –30,887 –22,849 –35,529 –36,623 –36,386 –32,947 –39,343 –36,312 –40,627 –37,730 –41,361 –41,519 Balance on current account –718,643 –690,789 –384,023 –441,961 –460,354 –446,527 –366,422 –392,060 –462,965 –481,206 –94,654 –94,060 –95,619 –107,726 –114,549 –111,904 –123,106 –113,406 –133,072 –119,745 –116,007 –112,382 Current account balance as a percentage of GDP –5.0 –4.7 –2.7 –3.0 –3.0 –2.8 –2.2 –2.3 –2.6 –2.6 –2.2 –2.2 –2.2 –2.4 –2.6 –2.5 –2.7 –2.5 –2.9 –2.6 –2.5 –2.4 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 $92.0 billion in the fourth quarter of 2016, resulting from a net decrease in U.S. financial assets of $79.1 billion plus a net decrease in financial derivatives of $0.4 billion, less a net increase in U.S. liabilities of $12.4 billion. U.S. net borrowing was down from $224.4 billion in the third quarter. BILLIONS OF DOLLARS 900 BILLIONS OF DOLLARS 900 SEASONALLY ADJUSTED 800 800 700 700 CHANGE IN U.S. LIABILITIES 600 600 500 500 400 400 300 300 200 200 100 100 0 0 CHANGE IN U.S. ASSETS ABROAD1 –100 –100 –200 –200 –300 –300 –400 –400 –500 –500 2008 2007 2009 2010 2011 2012 2013 2014 2015 2016 1 INCLUDES FINANCIAL DERIVATIVES, NET, BEGINNING 2006. SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted] Chart 37 - Mar 2017 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 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 p ������������������ 2014: I ���������������� II ��������������� III �������������� IV �������������� 2015: I ���������������� II ��������������� III �������������� IV �������������� 2016: I r �������������� II r ������������� III r ������������ IV p ����������� 384 1,572,509 6,010 –309,468 –140 132,204 –157 963,449 –1,186 496,320 6,904 177,747 –412 651,427 –45 823,343 –42 225,398 –59 330,956 –43 153,627 –2 229,606 –1 330,098 0 110,012 –22 357,562 –20 104,122 –1 –83,824 0 –152,461 –58 59,062 0 322,678 –1 28,343 0 –79,128 Direct investment assets Portfolio investment assets Other investment assets 532,939 380,807 658,641 351,724 –284,269 –381,770 313,726 375,883 –609,662 354,575 199,620 407,420 440,405 85,365 –45,327 378,222 248,760 –453,695 394,635 481,298 –221,408 343,441 582,688 –99,203 348,646 153,968 –270,924 347,528 20,682 –39,344 54,287 102,090 –1,794 69,849 204,484 –45,500 101,811 128,515 100,661 117,494 147,598 –152,569 86,576 233,068 42,077 114,779 140,675 –150,455 51,322 –97,468 –37,412 95,969 –122,306 –125,134 66,612 –57,326 50,968 105,525 146,397 70,566 94,663 –35,268 –32,694 80,728 –33,121 –128,184 Reserve assets 4 122 4,848 52,256 1,835 15,877 4,460 –3,099 –3,583 –6,292 2,090 –956 773 –889 –2,511 –4,159 –877 –266 –990 –1,191 189 1,642 1,450 Net U.S. incurrence of liabilities excluding financial derivatives [net increase in liabilities / financial inflow (+)] Total 2,183,538 454,051 318,350 1,386,345 977,073 625,352 1,044,635 1,056,374 395,234 759,370 289,054 293,401 371,787 102,132 348,004 205,435 –39,884 –118,322 119,117 368,588 259,245 12,420 Direct investment liabilities Portfolio investment liabilities Other investment liabilities 340,066 1,156,612 332,734 523,683 153,787 357,352 259,345 820,434 257,411 311,626 243,010 747,017 276,978 511,987 207,368 701,861 379,435 250,936 425,256 270,924 –86,791 248,214 69,348 99,475 118,119 230,476 106,691 123,696 194,067 102,922 108,005 256,154 50,590 –126,250 26,773 18,109 92,245 –21,197 175,271 11,934 124,741 218,594 33,000 61,593 686,860 –402,367 –192,789 306,566 408,036 –364,675 255,670 147,145 –235,137 63,190 127,631 124,578 23,192 –128,255 51,015 –158,723 35,775 –163,204 48,069 181,383 –84,090 –82,173 Financial derivatives other than reserves, net transactions –6,222 32,947 –44,816 –14,076 –35,006 7,064 2,222 –54,347 –25,392 21,951 6,105 –4,423 –24,304 –31,725 –40,199 1,708 746 12,353 12,994 2,904 6,500 –447 Net lending (+) or net borrowing (–) from financial account transactions 5 –617,251 –730,572 –230,962 –436,972 –515,759 –440,540 –390,987 –287,378 –195,227 –406,463 –129,322 –68,218 –65,993 –23,845 –30,642 –99,605 –43,194 –21,786 –47,061 –43,006 –224,402 –91,995 U.S. official reserve assets, Statistical net discrep(unadancy justed, end of period) 4 101,008 –45,793 153,201 5,146 –54,219 –917 –24,153 104,727 267,780 74,802 –34,625 25,843 29,627 83,881 83,929 12,318 79,913 91,620 86,069 76,739 –108,394 20,387 70,565 77,648 130,760 132,433 147,953 150,175 144,575 130,090 117,581 117,332 144,284 145,176 137,054 130,090 119,270 120,333 120,218 117,581 119,727 120,202 122,431 117,332 4 Consists of monetary gold, special drawing rights (SDRs), the U.S. reserve position in the International Monetary Fund (IMF), and other reserve assets, including foreign currencies. 5 Net lending means that U.S. residents are net suppliers of funds to foreign residents, and net borrowing means the opposite. Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and the Board of Governors of the Federal Reserve System. 37 CONTENTS TOTAL OUTPUT, INCOME, AND SPENDING Page Gross Domestic Product ........................................................................................................................................................ 1 Real Gross Domestic Product ................................................................................................................................................ 2 Chained Price Indexes For Gross Domestic Product ............................................................................................................ 2 Gross Domestic Product and Related Price Measures: Indexes and Percent Changes ........................................................... 3 Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits .......................................................... 3 National Income .................................................................................................................................................................... 4 Real Personal Consumption Expenditures ............................................................................................................................ 4 Sources of Personal Income ................................................................................................................................................... 5 Disposition of Personal Income ............................................................................................................................................. 6 Real Farm Income ................................................................................................................................................................. 7 Corporate Profits ................................................................................................................................................................... 8 Real Gross Private Domestic Investment ............................................................................................................................... 9 Real Private Fixed Investment by Type .................................................................................................................................. 10 Business Investment ............................................................................................................................................................... 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force ....................................................................................................................................................... Selected Unemployment Rates .............................................................................................................................................. Selected Measures of Unemployment and Unemployment Insurance Programs ................................................................... Nonagricultural Employment ................................................................................................................................................ Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries ................................ Employment Cost Index—Private Industry .......................................................................................................................... Productivity and Related Data, Business and Nonfarm Business Sectors .............................................................................. 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization .................................................................................................................... 17 Industrial Production—Major Market Groups and Selected Manufactures .......................................................................... 18 New Construction ................................................................................................................................................................. 19 New Private Housing and Vacancy Rates .............................................................................................................................. 19 Business Sales and Inventories—Manufacturing and Trade .................................................................................................. 20 Manufacturers’ Shipments, Inventories, and Orders .............................................................................................................. 21 PRICES Producer Prices ...................................................................................................................................................................... Consumer Prices—All Urban Consumers ............................................................................................................................. Changes in Producer Prices ................................................................................................................................................... Changes in Consumer Prices—All Urban Consumers .......................................................................................................... Prices Received and Paid by Farmers ..................................................................................................................................... 22 23 24 24 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock and Debt Measures .......................................................................................................................................... Components of Money Stock ................................................................................................................................................ Aggregate Reserves and Monetary Base ................................................................................................................................. Bank Credit at All Commercial Banks .................................................................................................................................. Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business .............................................................................. Consumer Credit ................................................................................................................................................................... Interest Rates and Bond Yields .............................................................................................................................................. Common Stock Prices and Yields .......................................................................................................................................... 26 27 27 28 29 29 30 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt ..................................................................................................................................... 32 Federal Receipts by Source and Outlays by Function ............................................................................................................ 33 Federal Sector, National Income Accounts Basis ................................................................................................................... 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries ........................................................................... 35 U.S. International Trade in Goods and Services .................................................................................................................... 35 U.S. International Transactions ............................................................................................................................................. 36 General Notes Detail in these tables may not add to totals because of rounding. Unless otherwise noted, all dollar figures are in current dollars. Symbols used: p Preliminary. r Revised. c Corrected. ... Not available (also, not applicable). NSA Not seasonally adjusted. 38