Full text of Economic Indicators : March 2020
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116th Congress, 2nd Session Economic Indicators MARCH 2020 (Includes data available as of April 7, 2020) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PUBLISHING OFFICE WASHINGTON : 2020 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) Senator Mike Lee, Utah, Chairman Representative Donald S. Beyer, Jr., Virginia, Vice Chair Senate House of Representatives Tom Cotton, Arkansas Rob Portman, Ohio Bill Cassidy, M.D., Louisiana Ted Cruz, Texas Kelly Loeffler, Georgia Martin Heinrich, New Mexico Amy Klobuchar, Minnesota Gary C. Peters, Michigan Margaret Wood Hassan, New Hampshire Carolyn B. Maloney, New York Denny Heck, Washington David Trone, Maryland Joyce Beatty, Ohio Lois Frankel, Florida David Schweikert, Arizona Darin LaHood, Illinois Kenny Marchant, Texas Jaime Herrera Beutler, Washington Scott Winship, Executive Director COUNCIL OF ECONOMIC ADVISERS Tomas J. Philipson, Acting Chairman Tyler B. Goodspeed, Member [Public Law 120—81st Congress; Chapter 237—1st Session] JOINT RESOLUTION [S.J. R es. 55] To print the monthly publication entitled “Economic Indicators” Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled “Economic Indicators,” and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts prepared under the direction of the Mail and Multimedia Division, Office of the Secretary, Department of Commerce. Monthly issues of Economic Indicators in PDF form, and tables in Excel, are available online at: www.gpo.gov/economicindicators To subscribe to the print edition, $58.00 per year ($81.20 outside the United States), contact the U.S. Government Publishing Office at 202-512-1800, www.gpo.gov/economicindicators, or: SUPERINTENDENT OF DOCUMENTS U.S. GOVERNMENT PUBLISHING OFFICE MAIL STOP: IDCC WASHINGTON, DC 20402-9328 ii TOTAL OUTPUT, INCOME, AND SPENDING Gross Domestic Product In the fourth quarter of 2019, according to revised estimates, real gross domestic product (GDP) in chained (2012) dollars rose 2.1 percent (annual rate), current dollar GDP rose 3.5 percent, and the chained price index rose 1.3 percent. BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE) 22,000 21,600 22,000 21,600 SEASONALLY ADJUSTED ANNUAL RATES 21,200 21,200 20,800 20,800 20,400 20,400 20,000 20,000 19,600 19,600 19,200 19,200 18,800 18,800 18,400 18,400 GDP IN CURRENT DOLLARS 18,000 18,000 17,600 17,600 17,200 17,200 GDP IN CHAINED (2012) DOLLARS 16,800 16,800 16,400 16,400 16,000 16,000 15,600 15,600 15,200 15,200 14,800 14,800 14,400 14,400 14,000 14,000 2010 2011 2012 2013 2014 2015 2016 2017 SOURCE: DEPARTMENT OF COMMERCE 2018 2019 COUNCIL OF ECONOMIC ADVISERS [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 r ������������������ 2017: I ��������������� II ��������������� III �������������� IV �������������� 2018: I ��������������� II ��������������� III �������������� IV �������������� 2019: I ��������������� II ��������������� III �������������� IV r ������������ Gross domestic product 14,992.1 15,542.6 16,197.0 16,784.9 17,527.3 18,224.8 18,715.0 19,519.4 20,580.2 21,427.7 19,190.4 19,356.6 19,611.7 19,918.9 20,163.2 20,510.2 20,749.8 20,897.8 21,098.8 21,340.3 21,542.5 21,729.1 Personal consumption expenditures Gross private domestic investment 10,185.8 10,641.1 11,006.8 11,317.2 11,822.8 12,284.3 12,748.5 13,312.1 13,998.7 14,562.7 13,104.4 13,212.5 13,345.1 13,586.3 13,728.4 13,939.8 14,114.6 14,211.9 14,266.3 14,511.2 14,678.2 14,795.0 2,165.5 2,332.6 2,621.8 2,826.0 3,044.2 3,223.1 3,178.7 3,370.7 3,628.3 3,743.9 3,288.2 3,335.0 3,401.8 3,457.7 3,542.4 3,561.6 3,684.0 3,725.2 3,783.4 3,749.5 3,744.6 3,698.3 Exports and imports of goods and services Net exports –513.9 –579.5 –568.6 –490.8 –507.7 –519.8 –518.8 –575.3 –638.2 –631.9 –570.9 –583.7 –550.6 –596.1 –629.0 –568.4 –671.4 –684.1 –633.8 –662.7 –653.0 –577.9 Federal Exports 1,846.3 2,103.0 2,191.3 2,273.4 2,371.7 2,266.8 2,220.6 2,356.7 2,510.3 2,504.3 2,303.3 2,313.2 2,360.1 2,450.3 2,476.6 2,543.6 2,510.3 2,510.5 2,520.3 2,504.0 2,495.1 2,497.7 Imports 2,360.2 2,682.5 2,759.9 2,764.2 2,879.4 2,786.6 2,739.4 2,932.1 3,148.5 3,136.1 2,874.2 2,896.9 2,910.7 3,046.5 3,105.6 3,112.0 3,181.6 3,194.7 3,154.1 3,166.7 3,148.2 3,075.6 Chart 1 - Mar 2020 Government consumption expenditures and gross investment Total 3,154.6 3,148.4 3,137.0 3,132.4 3,168.0 3,237.3 3,306.7 3,412.0 3,591.5 3,753.0 3,368.7 3,392.9 3,415.4 3,471.0 3,521.4 3,577.1 3,622.6 3,644.8 3,683.1 3,742.3 3,772.8 3,813.7 Total 1,297.9 1,298.9 1,286.5 1,226.6 1,215.0 1,221.5 1,234.1 1,269.3 1,347.3 1,423.0 1,248.4 1,263.6 1,270.2 1,295.1 1,318.2 1,340.4 1,358.6 1,371.8 1,394.7 1,415.2 1,432.2 1,449.8 National defense Nondefense 828.0 834.0 814.2 764.2 743.4 730.1 728.4 746.2 793.6 846.2 732.1 746.2 746.2 760.4 769.9 789.5 800.6 814.4 831.8 841.6 849.3 862.1 469.9 465.0 472.4 462.4 471.6 491.4 505.7 523.1 553.7 576.8 516.3 517.4 524.0 534.8 548.3 550.9 558.0 557.4 562.9 573.5 583.0 587.7 State and local 1,856.7 1,849.4 1,850.5 1,905.8 1,953.0 2,015.7 2,072.6 2,142.7 2,244.2 2,330.0 2,120.3 2,129.3 2,145.2 2,175.9 2,203.2 2,236.7 2,263.9 2,273.0 2,288.4 2,327.1 2,340.5 2,363.9 Final Addendum: Gross sales of Gross domestic domestic purchases national 1 product product 14,938.1 15,496.3 16,125.8 16,680.3 17,443.3 18,092.9 18,688.0 19,489.2 20,525.5 21,359.4 19,177.0 19,337.8 19,554.9 19,887.2 20,121.7 20,520.1 20,662.4 20,797.7 20,985.5 21,265.5 21,475.5 21,711.1 15,506.0 16,122.0 16,765.6 17,275.6 18,034.9 18,744.6 19,233.8 20,094.8 21,218.4 22,059.5 19,761.4 19,940.4 20,162.3 20,515.0 20,792.1 21,078.6 21,421.1 21,582.0 21,732.7 22,002.9 22,195.6 22,307.0 15,187.8 15,779.0 16,429.3 17,015.6 17,768.3 18,449.4 18,933.2 19,762.7 20,848.1 21,723.2 19,423.6 19,573.1 19,867.9 20,186.2 20,444.1 20,775.8 21,022.1 21,150.4 21,356.7 21,641.3 21,851.5 22,043.4 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 (2012) dollars; quarterly data at seasonally adjusted annual rates] Period 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 r ������������������ 2017: I ��������������� II ��������������� III �������������� IV �������������� 2018: I ��������������� II ��������������� III �������������� IV �������������� 2019: 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 15,598.8 15,840.7 16,197.0 16,495.4 16,912.0 17,403.8 17,688.9 18,108.1 18,638.2 19,073.1 17,925.3 18,021.0 18,163.6 18,322.5 18,438.3 18,598.1 18,732.7 18,783.5 18,927.3 19,021.9 19,121.1 19,222.0 10,643.0 10,843.8 11,006.8 11,166.9 11,497.4 11,921.2 12,247.5 12,566.9 12,944.6 13,280.1 12,438.9 12,512.9 12,586.3 12,729.7 12,782.9 12,909.2 13,019.8 13,066.3 13,103.3 13,250.0 13,353.1 13,413.8 1,781.0 1,935.4 2,118.5 2,206.0 2,365.3 2,408.2 2,425.3 2,531.2 2,692.3 2,748.1 2,490.5 2,517.4 2,532.6 2,584.2 2,639.5 2,689.9 2,703.9 2,735.8 2,765.6 2,758.5 2,742.7 2,725.7 383.0 382.5 432.0 485.5 504.1 555.3 591.2 611.9 602.9 593.8 612.4 608.9 605.9 620.4 612.1 606.3 600.1 593.0 591.4 587.0 593.7 603.1 57.3 46.7 71.2 108.7 86.3 132.4 23.0 31.7 48.1 67.0 8.7 16.6 70.2 31.1 40.5 –28.0 87.2 93.0 116.0 69.4 69.4 13.1 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports Exports Imports Total –565.9 –568.1 –568.6 –532.8 –577.2 –721.6 –783.7 –849.8 –920.0 –953.9 –831.5 –850.0 –833.7 –883.8 –884.2 –850.5 –962.4 –983.0 –944.0 –980.7 –990.1 –900.7 1,977.9 2,119.0 2,191.3 2,269.6 2,365.3 2,376.5 2,376.1 2,458.8 2,532.9 2,532.9 2,423.5 2,432.9 2,459.5 2,519.2 2,524.0 2,559.9 2,519.3 2,528.5 2,554.4 2,517.5 2,523.4 2,536.4 2,543.8 2,687.1 2,759.9 2,802.4 2,942.5 3,098.1 3,159.8 3,308.5 3,453.0 3,486.8 3,255.0 3,282.9 3,293.2 3,403.0 3,408.2 3,410.4 3,481.8 3,511.6 3,498.3 3,498.2 3,513.6 3,437.1 3,307.2 3,203.3 3,137.0 3,061.0 3,033.4 3,091.8 3,147.7 3,169.6 3,223.9 3,299.0 3,157.3 3,168.0 3,167.1 3,186.1 3,201.1 3,221.4 3,238.0 3,234.9 3,258.1 3,296.6 3,310.4 3,331.1 National Nondefense defense Total 1,346.1 1,311.1 1,286.5 1,215.3 1,183.8 1,182.7 1,187.8 1,197.0 1,232.2 1,275.5 1,186.4 1,195.9 1,196.1 1,209.8 1,218.1 1,229.9 1,238.7 1,242.1 1,248.8 1,273.9 1,284.4 1,295.1 861.3 842.9 814.2 759.6 728.4 713.0 708.7 714.0 737.5 773.4 704.7 716.4 713.4 721.4 722.5 735.7 741.2 750.6 764.5 770.8 775.0 783.3 484.8 468.3 472.4 455.6 455.2 469.3 478.5 482.4 494.2 502.0 480.9 479.0 482.0 487.7 494.9 493.6 497.0 491.3 484.5 502.9 509.1 511.5 AddenFinal Gross dum: sales of domestic Gross domestic purchases 1 national product product State and local 1,961.3 1,892.2 1,850.5 1,845.3 1,848.6 1,907.5 1,957.9 1,970.6 1,990.0 2,022.3 1,968.9 1,970.1 1,969.0 1,974.5 1,981.2 1,989.9 1,997.7 1,991.4 2,007.9 2,021.4 2,024.9 2,035.0 15,546.6 15,796.5 16,125.8 16,386.2 16,822.3 17,267.1 17,647.6 18,058.4 18,571.3 18,987.9 17,895.1 17,985.3 18,082.5 18,270.7 18,380.4 18,595.6 18,630.9 18,678.3 18,797.5 18,935.2 19,035.7 19,183.2 16,164.7 16,408.8 16,765.6 17,028.6 17,487.7 18,114.2 18,455.9 18,931.2 19,523.2 19,994.6 18,732.7 18,844.8 18,974.1 19,173.1 19,290.7 19,422.1 19,656.0 19,724.2 19,836.1 19,965.4 20,073.7 20,103.1 15,803.9 16,081.7 16,429.3 16,722.3 17,146.5 17,624.7 17,902.2 18,344.6 18,897.8 19,351.3 18,153.1 18,232.8 18,411.6 18,580.7 18,711.6 18,855.9 18,995.6 19,028.0 19,173.6 19,305.2 19,410.8 19,515.5 1 GDP less exports of goods and services plus imports of goods and services. Note: Because of the formula used for calculating real GDP, the chained (2012) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce (Bureau of Economic Analysis). Chained Price Indexes For Gross Domestic Product [Index numbers, 2012=100; quarterly data are seasonally adjusted] Period 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 r ������������������ 2017: I ��������������� II ��������������� III �������������� IV �������������� 2018: I ��������������� II ��������������� III �������������� IV �������������� 2019: I ��������������� II ��������������� III �������������� IV r ������������ Gross domestic product 96.109 98.112 100.000 101.773 103.647 104.688 105.770 107.795 110.382 112.348 107.040 107.394 108.032 108.715 109.341 110.209 110.765 111.212 111.504 112.173 112.679 113.036 Personal consumption expenditures Total 95.705 98.131 100.000 101.346 102.830 103.045 104.091 105.929 108.143 109.658 105.355 105.596 106.033 106.733 107.401 107.988 108.413 108.772 108.879 109.522 109.928 110.301 Goods Services 95.183 98.773 100.000 99.407 98.920 95.885 94.318 94.586 95.232 94.749 94.898 94.264 94.425 94.759 95.228 95.400 95.319 94.982 94.590 94.955 94.772 94.678 Source: Department of Commerce (Bureau of Economic Analysis). 2 Gross private domestic investment 95.957 97.814 100.000 102.316 104.804 106.704 109.120 111.793 114.851 117.459 110.745 111.452 112.038 112.935 113.707 114.520 115.220 115.958 116.339 117.133 117.865 118.497 Nonresidential fixed 97.416 98.559 100.000 100.251 101.469 102.042 101.146 102.116 103.515 104.736 101.633 101.989 102.333 102.509 102.950 103.428 103.841 103.839 104.241 104.770 104.911 105.022 Residential fixed 98.317 99.049 100.000 105.054 111.118 114.129 118.148 123.510 130.488 134.277 121.452 122.970 124.348 125.270 128.031 130.203 131.450 132.267 133.108 133.655 134.780 135.567 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Exports 93.348 99.242 100.000 100.168 100.272 95.385 93.455 95.850 99.104 98.869 95.054 95.094 95.974 97.277 98.129 99.364 99.640 99.284 98.663 99.463 98.876 98.474 Imports 92.783 99.826 100.000 98.636 97.854 89.947 86.696 88.622 91.181 89.939 88.312 88.251 88.394 89.529 91.124 91.250 91.378 90.972 90.158 90.521 89.597 89.480 Total 96.421 99.070 100.000 100.931 102.632 103.282 103.900 106.040 109.336 111.565 105.230 105.667 106.201 107.063 108.219 108.992 109.685 110.450 111.691 111.096 111.517 111.957 National defense 96.128 98.946 100.000 100.609 102.056 102.402 102.776 104.518 107.609 109.419 103.893 104.165 104.601 105.411 106.576 107.317 108.027 108.517 108.804 109.207 109.595 110.069 Nondefense 96.942 99.289 100.000 101.478 103.593 104.718 105.701 108.435 112.040 114.911 107.347 108.032 108.710 109.651 110.795 111.617 112.284 113.464 116.187 114.042 114.513 114.900 State and local 94.669 97.739 100.000 103.279 105.645 105.677 105.854 108.731 112.772 115.212 107.694 108.081 108.949 110.200 111.204 112.408 113.332 114.142 113.973 115.125 115.589 116.162 Gross Domestic Product and Related Price Measures: Indexes and Percent Changes [Quarterly data are seasonally adjusted] Percent change from preceding period 1 Index numbers, 2012=100 Personal consumption expenditures (PCE) Gross domestic product (GDP) Period 2010 ���������������������� 2011 ���������������������� 2012 ���������������������� 2013 ���������������������� 2014 ���������������������� 2015 ���������������������� 2016 ���������������������� 2017 ���������������������� 2018 ���������������������� 2019 r �������������������� 2017: I ����������������� II ����������������� III ���������������� IV ���������������� 2018: I ����������������� II ����������������� III ���������������� IV ���������������� 2019: I ����������������� II ����������������� III ���������������� IV r �������������� Real GDP GDP (chain-type chain-type quantity price index) index 96.306 97.800 100.000 101.842 104.415 107.451 109.211 111.799 115.072 117.757 110.670 111.262 112.141 113.123 113.837 114.825 115.655 115.969 116.857 117.441 118.053 118.676 GDP implicit price deflator 96.109 98.112 100.000 101.773 103.647 104.688 105.770 107.795 110.382 112.348 107.040 107.394 108.032 108.715 109.341 110.209 110.765 111.212 111.504 112.173 112.679 113.036 PCE PCE less food (chain-type and price index) priceenergy index 96.111 98.118 100.000 101.755 103.638 104.717 105.801 107.794 110.420 112.345 107.058 107.411 107.973 108.713 109.355 110.281 110.767 111.256 111.473 112.188 112.664 113.043 95.705 98.131 100.000 101.346 102.830 103.045 104.091 105.929 108.143 109.658 105.355 105.596 106.033 106.733 107.401 107.988 108.413 108.772 108.879 109.522 109.928 110.301 96.608 98.139 100.000 101.526 103.122 104.407 106.070 107.795 109.897 111.667 107.189 107.540 107.934 108.516 109.131 109.707 110.136 110.612 110.902 111.414 111.997 112.355 Personal consumption expenditures (PCE) Gross domestic product (GDP) Gross domestic purchases price index 95.923 98.246 100.000 101.468 103.138 103.453 104.185 106.148 108.647 110.331 105.474 105.797 106.319 107.001 107.770 108.461 108.978 109.378 109.591 110.192 110.585 110.957 GDP (current dollars) Real GDP GDP (chain-type chain-type quantity price index) index 3.8 3.7 4.2 3.6 4.4 4.0 2.7 4.3 5.4 4.1 4.2 3.5 5.4 6.4 5.0 7.1 4.8 2.9 3.9 4.7 3.8 3.5 2.6 1.6 2.2 1.8 2.5 2.9 1.6 2.4 2.9 2.3 2.3 2.2 3.2 3.5 2.5 3.5 2.9 1.1 3.1 2.0 2.1 2.1 GDP implicit price deflator 1.2 2.1 1.9 1.8 1.8 1.0 1.0 1.9 2.4 1.8 1.9 1.3 2.4 2.6 2.3 3.2 2.0 1.6 1.1 2.4 1.8 1.3 Gross domestic PCE purchases PCE food price index (chain-type lessenergy price index) and price index 1.2 2.1 1.9 1.8 1.9 1.0 1.0 1.9 2.4 1.7 1.9 1.3 2.1 2.8 2.4 3.4 1.8 1.8 .8 2.6 1.7 1.4 1.7 2.5 1.9 1.3 1.5 .2 1.0 1.8 2.1 1.4 2.1 .9 1.7 2.7 2.5 2.2 1.6 1.3 .4 2.4 1.5 1.4 1.4 1.6 1.9 1.5 1.6 1.2 1.6 1.6 1.9 1.6 1.7 1.3 1.5 2.2 2.3 2.1 1.6 1.7 1.1 1.9 2.1 1.3 1.4 2.4 1.8 1.5 1.6 .3 .7 1.9 2.4 1.5 2.2 1.2 2.0 2.6 2.9 2.6 1.9 1.5 .8 2.2 1.4 1.4 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 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2017: I ��������������� II ��������������� III �������������� IV �������������� 2018: I ��������������� II ��������������� III �������������� IV �������������� 2019: I ���������������� II ��������������� III �������������� IV �������������� 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 7,243.2 7,615.3 8,059.1 8,374.1 8,786.9 9,139.0 9,238.0 9,607.3 10,063.1 10,415.7 9,498.7 9,596.2 9,617.8 9,716.5 9,924.3 10,002.3 10,127.2 10,198.7 10,287.7 10,378.8 10,440.3 10,556.1 Chained (2012) dollars 7,568.0 7,774.1 8,059.1 8,261.5 8,523.6 8,812.5 8,841.0 9,014.2 9,188.5 9,444.7 8,973.7 9,049.2 8,997.6 9,036.2 9,110.8 9,101.9 9,242.8 9,298.6 9,381.5 9,407.6 9,446.9 9,542.1 Total 0.957 .980 1.000 1.014 1.031 1.037 1.045 1.066 1.095 1.103 1.059 1.060 1.069 1.075 1.089 1.099 1.096 1.097 1.097 1.103 1.105 1.106 Compensation of employees (unit labor cost) 0.551 .562 .572 .577 .590 .600 .614 .632 .654 .664 .626 .626 .635 .641 .654 .658 .653 .651 .663 .665 .664 .663 Corporate profits with inventory valuation and capital consumption adjustments 4 Unit nonlabor cost Total 0.279 .283 .285 .289 .292 .295 .298 .305 .314 .319 .301 .302 .306 .310 .311 .315 .313 .316 .317 .318 .322 .319 Consumption of fixed capital Net interest Taxes on and production miscellaneous and imports 3 payments 0.148 .150 .153 .155 .158 .160 .162 .166 .171 .176 .164 .164 .167 .169 .169 .172 .172 .173 .174 .176 .177 .177 0.094 .096 .096 .100 .099 .100 .098 .103 .104 .106 .101 .102 .104 .105 .105 .105 .103 .104 .105 .104 .108 .106 0.037 .036 .036 .034 .034 .035 .038 .035 .038 .037 .036 .035 .035 .036 .037 .038 .038 .038 .038 .037 .036 .036 Total 0.127 .134 .143 .148 .149 .142 .133 .129 .128 .120 .132 .133 .127 .125 .125 .126 .130 .130 .117 .121 .120 .124 Taxes on corporate income 0.027 .027 .030 .032 .034 .032 .030 .026 .017 .017 .027 .025 .027 .024 .015 .017 .018 .017 .017 .018 .016 .017 Profits after tax 5 0.100 .107 .112 .116 .115 .110 .103 .103 .111 .103 .105 .108 .100 .100 .109 .109 .112 .113 .100 .103 .104 .107 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 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 r ������������������ 2017: I ��������������� II ��������������� III �������������� IV �������������� 2018: I ��������������� II ��������������� III �������������� IV �������������� 2019: I ���������������� II ��������������� III �������������� IV r ������������ ComNational pensation of income employees 12,735.8 13,357.7 14,094.7 14,494.7 15,242.5 15,787.9 16,053.6 16,708.8 17,545.9 18,155.2 16,475.3 16,611.7 16,753.1 16,995.2 17,313.0 17,454.0 17,673.5 17,743.1 17,912.4 18,092.3 18,216.2 18,399.8 7,924.9 8,225.9 8,566.7 8,834.2 9,249.1 9,698.2 9,960.3 10,411.6 10,928.5 11,420.9 10,227.6 10,334.2 10,456.7 10,628.0 10,786.0 10,876.1 10,994.3 11,057.4 11,306.6 11,386.9 11,441.7 11,548.2 Rental income of persons with capital conNonfarm sumption adjustment Farm 39.0 64.9 60.9 88.3 69.8 56.0 35.6 38.1 27.2 32.0 44.5 42.1 34.1 31.8 28.1 27.5 17.4 35.9 24.8 19.2 41.8 42.1 1,069.7 1,164.4 1,286.4 1,315.3 1,377.9 1,366.2 1,388.1 1,480.1 1,561.6 1,626.3 1,450.3 1,470.1 1,489.0 1,511.1 1,539.4 1,545.8 1,572.6 1,588.4 1,596.3 1,613.7 1,641.5 1,653.5 394.2 478.6 518.0 557.0 604.6 648.1 681.4 718.8 756.8 777.9 707.4 709.9 722.0 736.0 743.8 754.0 765.2 764.1 767.0 777.2 779.7 787.7 Corporate profits with inventory valuation and capital consumption adjustments Net interest and Capital miscelconsumption laneous Inventory adjust- payments valuation ment adjustment Taxes on production and imports Profits with inventory valuation adjustment and without capital consumption adjustment Total 1,728.7 1,809.8 1,997.4 2,010.7 2,120.2 2,061.5 2,011.5 2,005.9 2,074.6 2,074.6 1,995.4 2,008.0 2,019.0 2,001.4 2,052.3 2,056.4 2,104.2 2,085.6 2,006.9 2,082.7 2,078.0 2,131.0 Total Profits before tax 1,786.4 1,750.2 2,144.7 2,165.9 2,266.6 2,190.0 2,116.5 2,084.1 2,011.9 2,069.4 2,128.9 2,151.4 2,171.5 1,884.5 1,979.9 1,991.5 2,045.0 2,031.3 1,999.9 2,080.5 2,073.9 2,123.3 1,834.0 1,818.2 2,156.1 2,151.5 2,264.5 2,136.9 2,117.4 2,133.0 2,063.5 2,068.2 2,187.9 2,168.9 2,204.6 1,970.4 2,043.9 2,076.4 2,087.1 2,046.5 2,015.5 2,084.9 2,046.0 2,126.5 –47.6 –68.0 –11.4 14.4 2.1 53.1 –0.9 –48.9 –51.5 1.2 –59.0 –17.5 –33.1 –86.0 –64.0 –84.8 –42.1 –15.2 –15.5 –4.4 27.9 –3.2 –57.7 59.6 –147.2 –155.2 –146.4 –128.5 –105.0 –78.1 62.7 5.2 –133.6 –143.4 –152.5 116.9 72.4 64.9 59.2 54.3 6.9 2.2 4.1 7.7 465.2 461.7 503.7 465.9 516.1 586.8 560.0 608.0 672.6 644.9 607.7 603.6 596.3 624.5 666.4 678.6 677.0 668.4 657.2 644.7 636.4 641.5 Business Less: current Subsidies transfer payments 1,063.1 1,103.7 1,136.1 1,188.7 1,240.8 1,277.1 1,312.8 1,364.5 1,441.8 1,494.8 1,340.8 1,355.1 1,371.4 1,390.6 1,415.8 1,433.9 1,442.3 1,475.2 1,472.3 1,479.3 1,507.6 1,520.0 55.8 60.0 58.0 59.7 58.1 57.3 61.8 61.1 64.4 74.7 59.9 58.7 63.2 62.8 59.3 58.6 58.4 81.3 72.6 61.9 82.6 82.0 126.8 128.1 98.8 110.3 132.9 156.7 168.2 145.4 153.7 170.7 163.6 149.5 130.5 138.0 144.0 145.4 166.1 159.2 165.4 163.3 184.6 169.6 Current surplus of government enterprises –20.1 –19.4 –15.4 –15.9 –11.0 –5.5 –2.6 –2.5 –6.5 –12.2 –2.0 –2.2 –2.6 –3.1 –3.5 –5.2 –7.3 –9.9 –11.5 –12.9 –12.6 –11.7 1 With inventory valuation and capital consumption adjustments. Source: Department of Commerce (Bureau of Economic Analysis). Real Personal Consumption Expenditures [Billions of chained (2012) dollars, except as noted; quarterly data at seasonally adjusted annual rates] Goods Period Total personal consumption expenditures 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 r ������������������ 2017: I ��������������� II ��������������� III �������������� IV �������������� 2018: I ��������������� II ��������������� III �������������� IV �������������� 2019: I ��������������� II ��������������� III �������������� IV r ������������ 10,643.0 10,843.8 11,006.8 11,166.9 11,497.4 11,921.2 12,247.5 12,566.9 12,944.6 13,280.1 12,438.9 12,512.9 12,586.3 12,729.7 12,782.9 12,909.2 13,019.8 13,066.3 13,103.3 13,250.0 13,353.1 13,413.8 Services Durable Total goods 3,485.7 3,561.8 3,637.7 3,752.2 3,905.1 4,088.6 4,236.6 4,403.4 4,583.3 4,754.6 4,318.2 4,375.9 4,419.7 4,499.8 4,513.9 4,573.5 4,614.0 4,631.8 4,649.2 4,746.4 4,808.0 4,814.7 Total durable goods 1 1,027.3 1,079.7 1,144.2 1,214.1 1,301.6 1,398.8 1,484.2 1,586.4 1,685.7 1,766.4 1,538.3 1,567.0 1,596.9 1,643.5 1,652.8 1,685.1 1,699.8 1,705.2 1,706.3 1,759.3 1,793.9 1,806.1 Nondurable Motor vehicles and parts 360.0 370.1 396.6 415.3 439.4 471.7 486.3 511.1 533.1 542.7 496.8 501.9 513.2 532.6 524.7 534.2 534.8 538.5 524.2 544.1 547.5 554.8 Total nondurable goods 1 2,461.3 2,482.9 2,493.5 2,538.5 2,605.3 2,693.2 2,757.5 2,825.2 2,909.6 3,002.9 2,786.4 2,816.1 2,831.3 2,866.7 2,872.0 2,900.8 2,926.6 2,938.9 2,954.6 3,001.3 3,030.0 3,025.7 Food and beverages purchased for offpremises consumption Gasoline and other energy goods Total services 1 Household consumption expenditures 837.7 839.0 846.2 855.5 871.4 884.0 910.5 940.5 970.4 988.4 929.2 933.3 942.4 957.2 962.9 967.5 973.8 977.2 973.1 985.8 999.0 995.8 437.9 427.8 421.9 429.7 430.0 450.1 452.1 448.2 447.4 448.6 444.3 451.5 448.8 448.0 445.7 449.2 446.3 448.5 449.0 450.1 448.9 446.5 7,157.4 7,282.1 7,369.1 7,415.5 7,594.9 7,838.5 8,021.1 8,182.2 8,388.1 8,562.9 8,133.0 8,154.1 8,186.6 8,254.9 8,293.5 8,362.9 8,433.6 8,462.6 8,483.1 8,541.4 8,587.9 8,639.1 6,859.0 6,969.3 7,027.5 7,069.8 7,249.6 7,500.8 7,671.0 7,831.4 8,019.7 8,201.2 7,777.2 7,803.5 7,838.6 7,906.2 7,940.3 7,999.1 8,064.3 8,075.1 8,119.9 8,177.2 8,224.7 8,283.2 Housing and utilities 1,966.8 1,993.0 1,996.3 2,006.4 2,039.9 2,087.3 2,118.6 2,134.9 2,164.2 2,184.3 2,118.9 2,134.5 2,136.0 2,150.0 2,152.2 2,164.5 2,167.7 2,172.7 2,173.1 2,179.1 2,191.4 2,193.4 Health care 1,761.7 1,788.7 1,821.3 1,832.6 1,892.8 1,995.0 2,070.7 2,119.4 2,181.6 2,249.3 2,102.5 2,101.2 2,127.0 2,146.9 2,156.2 2,174.7 2,203.2 2,192.4 2,227.0 2,245.5 2,248.7 2,275.9 Financial services and insurance 810.5 831.4 820.1 815.2 817.9 836.3 817.8 832.9 841.5 856.7 829.9 829.4 833.4 838.8 840.9 839.2 841.1 844.9 850.7 852.7 857.6 865.6 Addendum: Personal consumption expenditures excluding food and energy 2 Retail sales of new passenger cars and light trucks (millions of units) 9,151.3 9,363.2 9,531.1 9,667.6 9,978.8 10,372.0 10,667.2 10,956.6 11,287.2 11,598.0 10,854.6 10,905.7 10,974.2 11,091.8 11,142.8 11,251.9 11,357.5 11,396.5 11,441.8 11,572.9 11,654.9 11,722.5 11.6 12.7 14.4 15.5 16.5 17.4 17.5 17.1 17.2 16.9 17.1 16.8 17.1 17.5 17.1 17.3 17.0 17.4 16.8 17.0 17.0 16.7 1 Includes other items, not shown separately. 2 Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. Note: Because of the formula used for calculating real GDP, the chained (2012) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce (Bureau of Economic Analysis). 4 Sources of Personal Income Personal income rose $106.8 billion (annual rate) in February, following an increase of $115.8 billion in January. Wages and salaries rose $49.5 billion in February, following an increase of $45.2 billion in January. BILLIONS OF DOLLARS * (RATIO SCALE) 20,000 BILLIONS OF DOLLARS* (RATIO SCALE) 20,000 18,000 18,000 16,000 16,000 14,000 14,000 TOTAL PERSONAL INCOME 12,000 12,000 10,000 10,000 WAGES AND SALARIES 9,000 9,000 8,000 8,000 7,000 7,000 6,000 6,000 OTHER INCOME 5,000 5,000 4,000 4,000 PERSONAL CURRENT TRANSFER RECEIPTS 3,000 3,000 2,000 2,000 2012 2013 2014 2015 2016 2017 2018 2019 *SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE 2020 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; monthly data at seasonally adjusted annual rates] Compensation of employees Period 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 r ������������������ 2019: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct r ���������� Nov r ��������� Dec r ��������� 2020: Jan r ��������� Feb p ��������� Total personal income 12,551.6 13,326.8 14,010.1 14,181.1 14,991.7 15,717.8 16,121.2 16,878.8 17,819.2 18,602.3 18,363.5 18,445.5 18,505.7 18,546.5 18,615.4 18,613.4 18,688.2 18,729.1 18,752.1 18,838.4 18,872.5 18,988.3 19,095.1 Total 7,924.9 8,225.9 8,566.7 8,834.2 9,249.1 9,698.2 9,960.3 10,411.6 10,928.5 11,420.9 11,308.8 11,394.7 11,380.9 11,369.0 11,410.9 11,411.7 11,457.0 11,456.4 11,507.8 11,555.9 11,580.9 11,634.4 11,691.9 Wages and salaries Supplements to wages and salaries 6,372.1 6,625.9 6,927.5 7,113.2 7,475.2 7,856.7 8,083.5 8,462.1 8,888.5 9,297.8 9,213.7 9,290.3 9,272.8 9,257.1 9,290.8 9,286.2 9,323.7 9,318.8 9,362.6 9,403.5 9,422.7 9,467.9 9,517.4 1,552.9 1,600.0 1,639.2 1,721.0 1,773.9 1,841.5 1,876.8 1,949.5 2,040.0 2,123.1 2,095.1 2,104.5 2,108.0 2,111.9 2,120.1 2,125.4 2,133.2 2,137.5 2,145.2 2,152.4 2,158.2 2,166.5 2,174.5 Proprietors’ income 1 Farm 39.0 64.9 60.9 88.3 69.8 56.0 35.6 38.1 27.2 32.0 31.5 14.7 16.7 19.1 21.8 22.1 45.6 57.8 34.9 62.9 28.4 25.1 59.2 Nonfarm 1,069.7 1,164.4 1,286.4 1,315.3 1,377.9 1,366.2 1,388.1 1,480.1 1,561.6 1,626.3 1,593.9 1,599.2 1,606.4 1,615.5 1,619.1 1,633.2 1,649.6 1,641.8 1,647.7 1,650.6 1,662.3 1,679.9 1,693.3 Personal income receipts on assets Rental income of persons 2 394.2 478.6 518.0 557.0 604.6 648.1 681.4 718.8 756.8 777.9 766.9 770.1 773.3 777.0 781.4 780.4 779.6 779.0 783.4 787.7 791.8 795.3 798.8 Total 1,782.3 1,950.9 2,165.6 2,066.3 2,302.2 2,470.8 2,521.4 2,681.6 2,930.1 2,992.9 2,956.3 2,957.9 3,000.5 3,021.7 3,027.3 2,999.0 2,983.5 3,010.5 2,989.1 2,993.9 3,023.7 3,035.0 3,028.9 Personal interest income 1,238.5 1,269.4 1,330.5 1,273.0 1,349.0 1,437.9 1,457.4 1,551.6 1,702.7 1,720.6 1,696.5 1,700.7 1,735.3 1,755.4 1,760.9 1,724.0 1,703.2 1,723.2 1,701.2 1,709.4 1,736.2 1,732.9 1,723.7 Personal dividend income 543.9 681.5 835.1 793.3 953.2 1,032.9 1,064.0 1,130.0 1,227.5 1,272.3 1,259.8 1,257.2 1,265.2 1,266.4 1,266.4 1,275.0 1,280.4 1,287.3 1,287.9 1,284.5 1,287.5 1,302.1 1,305.2 Personal current transfer receipts 3 2,325.2 2,358.7 2,363.0 2,424.3 2,541.5 2,683.3 2,774.2 2,848.1 2,971.5 3,171.9 3,113.9 3,127.1 3,144.0 3,158.3 3,173.4 3,185.2 3,196.0 3,206.1 3,217.7 3,221.3 3,221.8 3,272.5 3,283.6 Less: Chart 5 - Mar 2020 Contributions for government social insurance, domestic 983.7 916.7 950.5 1,104.3 1,153.6 1,204.7 1,239.9 1,299.6 1,356.5 1,419.5 1,407.8 1,418.2 1,416.1 1,414.2 1,418.7 1,418.1 1,423.1 1,422.6 1,428.5 1,433.9 1,436.5 1,454.0 1,460.6 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 (2012) dollars rose 1.1 percent (annual rate) in the fourth quarter of 2019. BILLIONS OF DOLLARS* (RATIO SCALE) 17,000 BILLIONS OF DOLLARS* (RATIO SCALE) 17,000 16,000 16,000 15,000 15,000 DISPOSABLE PERSONAL INCOME 14,000 14,000 13,000 13,000 SAVING 12,000 12,000 PERSONAL OUTLAYS 11,000 11,000 10,000 10,000 DOLLARS* (RATIO SCALE) 52,000 50,000 52,000 50,000 PER CAPITA DISPOSABLE PERSONAL INCOME 48,000 48,000 46,000 46,000 CURRENT DOLLARS 44,000 44,000 42,000 42,000 40,000 40,000 CHAINED (2012) DOLLARS 38,000 38,000 36,000 36,000 34,000 34,000 2010 2011 2012 2013 2014 2015 2016 2017 *SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE Period Personal income Less: Personal current taxes Equals: Disposable personal income 12,551.6 13,326.8 14,010.1 14,181.1 14,991.7 15,717.8 16,121.2 16,878.8 17,819.2 18,602.3 1,237.3 1,453.2 1,508.9 1,675.8 1,784.0 1,937.8 1,956.1 2,045.8 2,077.6 2,182.0 11,314.3 11,873.6 12,501.2 12,505.3 13,207.7 13,780.0 14,165.1 14,833.0 15,741.5 16,420.3 2019 COUNCIL OF ECONOMIC ADVISERS Less: Personal outlays 1 Equals: Personal saving Disposable personal income in billions of chained (2012) dollars Per capita disposable personal income Current dollars Billions of dollars 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 r ������������������ 2018 Chained (2012) dollars Per capita personal consumption expenditures Current dollars Chained (2012) dollars Dollars 10,573.5 11,023.7 11,393.6 11,703.9 12,237.0 12,731.2 13,206.3 13,802.1 14,531.1 15,122.3 740.9 849.8 1,107.6 801.4 970.8 1,048.8 958.8 1,030.9 1,210.4 1,297.9 11,822.1 12,099.8 12,501.2 12,339.1 12,844.3 13,372.7 13,608.4 14,002.8 14,556.2 14,974.1 36,524 38,055 39,786 39,529 41,451 42,939 43,829 45,609 48,147 49,981 Chart 6 - Mar 2020 Percent Saving change as in real percent per capita of disposable disposable personal personal income income Population, including Armed Forces overseas (thousands) 2 Percent 38,164 38,780 39,786 39,004 40,311 41,670 42,107 43,056 44,521 45,579 32,881 34,105 35,030 35,774 37,105 38,279 39,446 40,932 42,816 44,327 34,357 34,755 35,030 35,298 36,084 37,147 37,896 38,641 39,592 40,423 1.2 1.6 2.6 –2.0 3.4 3.4 1.0 2.3 3.4 2.4 6.5 7.2 8.9 6.4 7.3 7.6 6.8 7.0 7.7 7.9 309,774 312,010 314,212 316,357 318,631 320,918 323,186 325,220 326,949 328,527 42,715 42,940 43,120 43,448 44,129 44,370 44,666 44,918 45,371 45,494 45,666 45,789 40,384 40,660 41,002 41,680 42,070 42,668 43,142 43,382 43,505 44,205 44,651 44,944 38,333 38,507 38,670 39,053 39,172 39,514 39,796 39,885 39,958 40,363 40,620 40,748 4.3 2.1 1.7 3.1 6.4 2.2 2.7 2.3 4.1 1.1 1.5 1.1 7.0 7.0 7.0 6.8 7.9 7.6 7.5 7.8 8.5 7.8 7.7 7.6 324,496 324,948 325,475 325,963 326,325 326,703 327,167 327,602 327,923 328,270 328,730 329,186 Seasonally adjusted annual rates 2017: I ��������������� II ��������������� III �������������� IV �������������� 2018: I ��������������� II ��������������� III �������������� IV �������������� 2019: I ���������������� II ��������������� III �������������� IV r ������������ 16,604.1 16,749.6 16,930.4 17,231.2 17,540.3 17,725.0 17,928.5 18,082.8 18,355.4 18,555.9 18,676.9 18,821.0 2,001.5 2,016.0 2,049.8 2,115.8 2,074.9 2,071.7 2,086.5 2,077.4 2,156.9 2,200.1 2,175.3 2,195.7 14,602.6 14,733.5 14,880.6 15,115.4 15,465.4 15,653.3 15,842.0 16,005.4 16,198.5 16,355.7 16,501.6 16,625.3 13,576.8 13,699.7 13,841.8 14,090.2 14,245.2 14,465.9 14,655.6 14,757.8 14,823.0 15,073.1 15,237.2 15,356.0 1,025.8 1,033.9 1,038.8 1,025.2 1,220.2 1,187.4 1,186.4 1,247.6 1,375.5 1,282.6 1,264.3 1,269.3 13,860.9 13,953.4 14,034.5 14,162.4 14,400.3 14,495.9 14,613.3 14,715.2 14,878.1 14,934.3 15,011.9 15,073.2 45,001 45,341 45,720 46,372 47,393 47,913 48,422 48,856 49,397 49,824 50,198 50,504 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 2020, gross farm income in chained (2020) dollars is forecast to be $451.3 billion and net farm income to be $96.7 billion. BILLIONS OF CHAINED (2020) DOLLARS (RATIO SCALE) BILLIONS OF CHAINED (2020) DOLLARS (RATIO SCALE) 600 560 520 480 440 400 600 560 520 480 440 400 GROSS FARM INCOME 360 360 320 320 280 280 240 240 200 200 160 160 120 120 NET FARM INCOME 80 80 60 60 40 40 2011 2012 2014 2013 2015 2016 2017 2018 SOURCE: DEPARTMENT OF AGRICULTURE 2019 2020 COUNCIL OF ECONOMIC ADVISERS [Billions of chained (2020) dollars] Chart 7 - Jan 2020 Income of farm operators from farming 1 Gross farm income Year Value of agricultural sector production Total 2000 ��������������������������������������������������� 2001 ��������������������������������������������������� 2002 ��������������������������������������������������� 2003 ��������������������������������������������������� 2004 ��������������������������������������������������� 2005 ��������������������������������������������������� 2006 ��������������������������������������������������� 2007 ��������������������������������������������������� 2008 ��������������������������������������������������� 2009 ��������������������������������������������������� 2010 ��������������������������������������������������� 2011 ��������������������������������������������������� 2012 ��������������������������������������������������� 2013 ��������������������������������������������������� 2014 ��������������������������������������������������� 2015 ��������������������������������������������������� 2016 ��������������������������������������������������� 2017 ��������������������������������������������������� 2018 ��������������������������������������������������� 2019 ��������������������������������������������������� 2020 p ������������������������������������������������� Crops 2, 3 Total 354.3 358.4 325.7 358.7 398.1 390.9 368.8 420.2 442.6 405.5 424.6 490.5 514.8 544.4 533.7 482.0 446.1 451.7 443.4 446.0 451.3 320.3 326.2 308.1 335.8 380.6 359.0 348.7 405.5 427.7 390.9 409.8 478.3 502.6 532.1 523.0 470.2 432.1 439.5 429.2 421.9 436.3 139.2 136.3 138.3 150.5 168.9 149.8 150.9 187.0 211.0 198.3 200.2 232.5 243.7 262.9 227.8 201.5 204.9 199.6 195.6 185.6 198.2 Animals and animal products 3 145.3 152.5 132.0 145.6 167.8 165.7 151.6 171.3 169.2 144.1 167.0 191.0 193.6 203.7 236.7 212.3 179.0 187.8 184.1 181.4 186.3 Farm-related income 4 35.8 37.4 37.8 39.7 43.9 43.5 46.2 47.2 47.5 48.4 42.6 54.8 65.4 65.4 58.4 56.3 48.2 52.1 49.6 54.9 51.8 Direct Federal Government payments 34.0 32.2 17.5 22.9 17.5 31.9 20.1 14.7 14.9 14.7 14.8 12.2 12.2 12.4 10.8 11.8 14.0 12.2 14.2 24.1 15.0 Production expenses Net farm income 280.0 279.6 270.4 274.1 280.1 287.8 295.8 333.6 347.9 330.6 332.8 358.0 404.5 405.3 431.9 392.8 378.8 372.0 356.5 350.7 354.7 74.3 78.7 55.3 84.5 118.0 103.1 73.0 86.6 94.7 74.9 91.8 132.5 110.3 139.1 101.9 89.2 67.4 79.7 86.9 95.3 96.7 1 The GDP chain-type price index is used to convert the current-dollar statistics to 2020=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 2019 and 2020 are forecasts. Source: Department of Agriculture (Economic Research Service). 7 Corporate Profits In the fourth quarter of 2019, according to current estimates, corporate profits before tax rose $80.5 billion (annual rate) and profits after tax rose $67.2 billion. BILLIONS OF DOLLARS 2,600 BILLIONS OF DOLLARS 2,600 SEASONALLY ADJUSTED ANNUAL RATES 2,400 2,400 PROFITS BEFORE TAX 2,200 2,200 2,000 2,000 1,800 1,800 PROFITS AFTER TAX 1,600 1,600 1,400 1,400 1,200 1,200 1,000 1,000 800 800 UNDISTRIBUTED PROFITS 600 600 400 400 TAXES ON CORPORATE INCOME 200 200 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 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 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2017: I ��������������� II ��������������� III �������������� IV �������������� 2018: I ��������������� II ��������������� III �������������� IV �������������� 2019: I ��������������� II ��������������� III �������������� IV �������������� Total 2 1,786.4 1,750.2 2,144.7 2,165.9 2,266.6 2,190.0 2,116.5 2,084.1 2,011.9 2,069.4 2,128.9 2,151.4 2,171.5 1,884.5 1,979.9 1,991.5 2,045.0 2,031.3 1,999.9 2,080.5 2,073.9 2,123.3 Profits before tax Nonfinancial Total 1,400.6 1,337.7 1,739.3 1,767.1 1,861.7 1,787.5 1,704.6 1,630.0 1,510.3 1,538.4 1,692.3 1,728.1 1,703.8 1,395.8 1,472.1 1,496.5 1,533.4 1,539.1 1,500.4 1,542.3 1,530.1 1,580.9 Financial 405.8 378.4 482.4 430.7 483.1 448.1 456.8 413.5 405.0 419.1 409.8 417.0 440.9 386.3 413.3 418.4 397.4 390.8 419.0 422.4 417.7 417.2 Total 3 994.8 959.3 1,256.9 1,336.3 1,378.6 1,339.4 1,247.8 1,216.5 1,105.3 1,119.4 1,282.5 1,311.1 1,262.9 1,009.5 1,058.8 1,078.2 1,136.1 1,148.2 1,081.4 1,120.0 1,112.4 1,163.7 Manufacturing 281.8 296.0 403.0 446.9 458.7 424.8 332.2 315.5 283.7 272.8 306.5 337.1 348.8 269.6 246.0 287.0 298.9 303.0 260.1 265.5 274.8 290.6 Utilities Wholesale 30.6 10.2 13.8 28.3 32.8 20.1 9.4 11.6 –4.0 –2.5 13.5 14.2 11.7 6.8 1.7 –1.6 –5.4 –10.7 –4.2 –1.4 –2.0 –2.4 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 99.3 97.2 137.9 146.4 150.6 152.0 126.6 124.2 108.9 120.4 132.7 140.0 127.8 96.4 109.3 92.3 110.9 122.9 116.1 120.6 120.7 124.4 Taxes on corporate income Total Net dividends Retail 115.9 115.1 155.7 153.3 157.3 169.3 170.5 156.9 133.1 163.9 174.5 168.1 161.9 123.2 137.7 122.8 141.8 130.0 151.2 161.5 164.3 178.6 1,834.0 1,818.2 2,156.1 2,151.5 2,264.5 2,136.9 2,117.4 2,133.0 2,063.5 2,068.2 2,187.9 2,168.9 2,204.6 1,970.4 2,043.9 2,076.4 2,087.1 2,046.5 2,015.5 2,084.9 2,046.0 2,126.5 272.5 281.1 334.9 362.8 407.3 396.6 377.6 319.4 219.8 218.2 322.8 314.1 335.3 305.4 207.6 222.6 230.3 218.5 215.4 225.2 209.3 222.8 1,561.5 1,537.2 1,821.2 1,788.7 1,857.2 1,740.3 1,739.8 1,813.6 1,843.7 1,850.0 1,865.1 1,854.8 1,869.3 1,665.0 1,836.3 1,853.7 1,856.8 1,828.1 1,800.0 1,859.7 1,836.6 1,903.8 643.2 779.1 948.7 1,009.0 1,096.1 1,164.9 1,175.9 1,239.6 1,312.6 r 1,340.9 1,219.5 1,246.8 1,242.7 1,249.5 1,266.3 1,291.9 1,329.7 1,362.5 1,324.6 1,346.9 1,339.6 r 1,352.4 Chart 8 - Mar 2020 Inventory Undistrib- valuation adjustment uted profits 918.3 758.1 872.6 779.7 761.1 575.5 563.9 573.9 531.1 509.2 645.6 608.0 626.6 415.5 570.0 561.9 527.1 465.6 475.4 512.9 497.1 551.3 –47.6 –68.0 –11.4 14.4 2.1 53.1 –.9 –48.9 –51.5 1.2 –59.0 –17.5 –33.1 –86.0 –64.0 –84.8 –42.1 –15.2 –15.5 –4.4 27.9 –3.2 Real Gross Private Domestic Investment In the fourth quarter of 2019, according to revised estimates, nonresidential fixed investment in chained (2012) dollars fell $17.0 billion (annual rate) and residential fixed investment rose $9.4 billion. Inventories rose $13.1 billion, following an increase of $69.4 billion in the third quarter. BILLIONS OF CHAINED (2012) DOLLARS 3,600 3,400 3,200 BILLIONS OF CHAINED (2012) DOLLARS 3,600 SEASONALLY ADJUSTED ANNUAL RATES 3,400 3,200 GROSS PRIVATE DOMESTIC INVESTMENT 3,000 3,000 2,800 2,800 2,600 2,600 2,400 2,400 2,200 2,200 NONRESIDENTIAL FIXED INVESTMENT 2,000 2,000 1,800 1,800 1,600 1,600 1,400 1,400 1,200 1,200 1,000 1,000 RESIDENTIAL FIXED INVESTMENT 800 800 600 600 400 400 200 200 0 0 CHANGE IN PRIVATE INVENTORIES –200 –200 –400 –400 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of chained (2012) dollars; quarterly data at seasonally adjusted annual rates] Chart 9 - Mar 2020 Fixed investment Period 2010 ��������������������������������������������������� 2011 ��������������������������������������������������� 2012 ��������������������������������������������������� 2013 ��������������������������������������������������� 2014 ��������������������������������������������������� 2015 ��������������������������������������������������� 2016 ��������������������������������������������������� 2017 ��������������������������������������������������� 2018 ��������������������������������������������������� 2019 r ������������������������������������������������� 2017: I ���������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2018: I ���������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2019: I ���������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV r ������������������������������������������� Gross private domestic investment Change in private inventories Nonresidential Total 2,216.5 2,362.1 2,621.8 2,801.5 2,959.2 3,104.3 3,064.0 3,198.9 3,360.5 3,421.3 3,140.3 3,167.9 3,225.2 3,262.1 3,311.8 3,296.6 3,404.2 3,429.5 3,481.1 3,424.7 3,416.2 3,363.4 2,164.2 2,317.8 2,550.5 2,692.1 2,869.2 2,967.0 3,023.6 3,149.7 3,293.4 3,335.8 3,111.1 3,133.0 3,144.1 3,210.7 3,254.0 3,295.4 3,301.3 3,323.0 3,349.4 3,337.4 3,330.5 3,325.9 Total 1,781.0 1,935.4 2,118.5 2,206.0 2,365.3 2,408.2 2,425.3 2,531.2 2,692.3 2,748.1 2,490.5 2,517.4 2,532.6 2,584.2 2,639.5 2,689.9 2,703.9 2,735.8 2,765.6 2,758.5 2,742.7 2,725.7 Structures 412.8 424.1 479.4 485.5 538.8 522.4 496.4 519.5 540.9 517.8 521.1 523.7 513.3 519.9 534.9 549.1 546.2 533.4 538.6 523.0 509.6 500.1 Equipment 781.2 886.2 983.4 1,029.2 1,101.1 1,136.6 1,122.3 1,175.6 1,255.3 1,271.3 1,139.3 1,163.8 1,181.4 1,217.8 1,237.5 1,247.8 1,256.7 1,279.2 1,278.9 1,281.5 1,269.3 1,255.6 Intellectual property products 588.1 624.8 655.7 691.4 724.8 750.7 810.0 839.6 901.6 969.2 831.8 832.3 842.3 852.0 872.0 896.9 905.9 931.3 955.6 964.2 975.2 982.0 Residential 383.0 382.5 432.0 485.5 504.1 555.3 591.2 611.9 602.9 593.8 612.4 608.9 605.9 620.4 612.1 606.3 600.1 593.0 591.4 587.0 593.7 603.1 Total Nonfarm 57.3 46.7 71.2 108.7 86.3 132.4 23.0 31.7 48.1 67.0 8.7 16.6 70.2 31.1 40.5 –28.0 87.2 93.0 116.0 69.4 69.4 13.1 70.2 48.4 89.9 98.2 90.1 131.3 28.5 35.3 55.2 75.3 12.5 20.0 73.8 34.9 44.8 –21.7 94.6 103.0 126.6 77.9 77.6 19.0 Note: See p. 10 for further detail on fixed investment by type. Because of the formula used for calculating real GDP, the chained (2012) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce (Bureau of Economic Analysis). 9 Real Private Fixed Investment by Type [Billions of chained (2012) dollars; quarterly data at seasonally adjusted annual rates] Nonresidential Residential Equipment Total fixed investment Period 2010 ��������������� 2011 ��������������� 2012 ��������������� 2013 ��������������� 2014 ��������������� 2015 ��������������� 2016 ��������������� 2017 ��������������� 2018 ��������������� 2019 r ������������� 2017: I ���������� II ���������� III ��������� IV ��������� 2018: I ���������� II ���������� III ��������� IV ��������� 2019: I ���������� II ���������� III ��������� IV r ������� Total nonresidential 2,164.2 2,317.8 2,550.5 2,692.1 2,869.2 2,967.0 3,023.6 3,149.7 3,293.4 3,335.8 3,111.1 3,133.0 3,144.1 3,210.7 3,254.0 3,295.4 3,301.3 3,323.0 3,349.4 3,337.4 3,330.5 3,325.9 Intellectual property products Structures Information processing equipment Structures 1,781.0 1,935.4 2,118.5 2,206.0 2,365.3 2,408.2 2,425.3 2,531.2 2,692.3 2,748.1 2,490.5 2,517.4 2,532.6 2,584.2 2,639.5 2,689.9 2,703.9 2,735.8 2,765.6 2,758.5 2,742.7 2,725.7 412.8 424.1 479.4 485.5 538.8 522.4 496.4 519.5 540.9 517.8 521.1 523.7 513.3 519.9 534.9 549.1 546.2 533.4 538.6 523.0 509.6 500.1 Total 2 781.2 886.2 983.4 1,029.2 1,101.1 1,136.6 1,122.3 1,175.6 1,255.3 1,271.3 1,139.3 1,163.8 1,181.4 1,217.8 1,237.5 1,247.8 1,256.7 1,279.2 1,278.9 1,281.5 1,269.3 1,255.6 Computers and peripheral equipment 1 Total 289.1 303.2 331.2 351.8 370.2 394.6 415.5 456.3 498.5 517.9 436.4 451.2 460.6 477.2 489.3 493.9 506.6 504.2 515.4 524.1 515.5 516.5 94.1 93.9 103.5 103.0 102.9 103.7 103.2 112.3 123.5 129.3 436.4 451.2 460.6 477.2 489.3 493.9 506.6 504.2 515.4 524.1 515.5 516.5 Industrial TransporResearch equiptation Total 2 Software and develment equipment opment 3 Other 195.1 209.3 227.7 248.8 267.7 291.9 314.2 346.5 377.5 391.0 331.9 341.0 346.1 366.8 370.0 371.0 384.4 384.5 393.1 390.2 394.9 385.7 162.5 194.9 211.2 208.4 216.5 217.0 214.6 228.2 238.5 241.1 220.8 227.3 230.0 234.4 237.7 235.2 238.7 242.5 240.4 241.4 245.3 237.2 141.5 181.8 215.3 238.5 265.0 293.2 277.0 263.3 280.1 277.2 263.2 259.7 260.4 269.9 275.4 279.4 275.9 289.6 286.6 279.7 271.5 271.1 588.1 624.8 655.7 691.4 724.8 750.7 810.0 839.6 901.6 969.2 831.8 832.3 842.3 852.0 872.0 896.9 905.9 931.3 955.6 964.2 975.2 982.0 220.9 245.2 272.1 287.2 305.3 319.8 346.0 373.8 413.5 455.6 364.5 369.3 378.1 383.5 399.2 409.2 417.4 428.0 443.0 449.3 460.0 470.3 Total residential 2 298.5 311.0 313.4 333.8 346.9 355.9 386.9 388.5 409.2 434.5 389.6 385.9 387.5 390.9 395.4 409.0 409.6 422.7 432.6 435.5 436.2 433.7 383.0 382.5 432.0 485.5 504.1 555.3 591.2 611.9 602.9 593.8 612.4 608.9 605.9 620.4 612.1 606.3 600.1 593.0 591.4 587.0 593.7 603.1 Total 2 373.8 372.4 421.5 474.1 491.8 541.9 576.7 596.6 587.5 578.5 597.2 593.8 590.6 604.7 596.4 590.9 584.9 578.0 576.3 571.9 578.3 587.4 Single family 114.3 109.1 132.0 161.8 171.8 191.4 201.3 214.7 216.6 201.1 208.7 213.1 216.5 220.6 222.4 219.9 216.6 207.6 199.5 197.7 199.8 207.5 1 Because computers exhibit rapid changes in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance or its contribution to the growth rate of more aggregate series. The quantity index for computers can be used to accurately measure the real growth rate of this series. For information on this component, see Survey of Current Business Table 5.3.1 (for growth rates), Table 5.3.2 (for contributions), and Table 5.3.3 (for quantity indexes). 2 Includes other items, not shown separately. 3 Research and development investment includes expenditures for software. Note: Because of the formula used for calculating real GDP, the chained (2012) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce (Bureau of Economic Analysis). Business Investment [Billions of dollars] Capital expenditures By industry Period Total capital expenditures Forestry, Total fishing, by and agri- Mining industry cultural services ConManu- WholeUtilities struction sale facturing trade Retail trade TransportaFinance tion Informaand and tion insurwareance housing ProfesReal sional, estate scienand tific, rental and and technical leasing services Health care and social assistance Other 1 For companies without employees For companies with employees 2004 �������� 2005 �������� 2006 �������� 2007 �������� 2008 �������� 2009 �������� 2010 �������� 2011 �������� 2012 �������� 2013 �������� 2014 �������� 2015 �������� 2016 �������� 2017 �������� 2018 p ������� 1,042.1 1,144.8 1,309.9 1,354.7 1,374.2 1,090.7 1,105.7 1,243.0 1,423.6 1,491.3 1,597.9 1,642.0 1,574.8 1,678.8 1,697.9 953.2 1,062.5 1,217.1 1,270.5 1,294.5 1,015.3 1,036.2 1,169.6 1,334.4 1,400.9 1,506.6 1,548.1 1,479.4 1,577.8 1,697.9 2.1 2.7 2.7 2.1 2.3 2.2 3.3 3.1 3.1 3.0 4.0 3.3 4.6 4.5 4.7 51.3 66.7 99.3 120.7 149.3 100.6 115.7 165.7 196.7 202.2 230.8 174.1 92.6 134.4 153.4 50.4 58.0 69.8 85.4 98.7 103.0 94.5 98.0 125.0 111.3 118.9 130.5 133.5 133.9 146.5 28.6 30.1 30.3 36.7 40.8 19.8 17.9 21.8 23.6 27.6 30.3 33.3 36.0 35.0 39.0 156.7 165.6 192.4 197.3 213.1 155.2 160.8 192.4 203.1 221.3 231.1 245.1 243.6 247.0 259.2 32.3 40.6 36.6 30.8 32.4 25.3 31.1 35.7 40.9 37.5 44.8 42.4 43.8 44.0 42.5 72.2 73.5 86.7 82.5 73.2 58.4 65.3 68.1 77.6 77.5 82.4 86.0 86.9 90.5 89.3 46.1 56.9 68.0 67.4 79.6 55.7 59.0 72.7 81.8 92.6 111.0 116.6 109.7 108.5 122.4 83.5 91.4 104.4 106.1 103.3 88.4 97.2 100.1 106.5 123.9 132.0 132.7 142.9 158.9 175.7 153.6 161.4 163.1 173.4 132.9 99.5 103.1 109.2 130.2 137.8 153.3 164.6 161.7 163.0 181.6 91.6 103.0 132.1 117.5 106.9 72.9 81.3 91.1 115.7 114.2 121.9 151.9 150.7 161.4 174.0 26.7 33.1 30.3 31.8 33.0 28.2 28.2 28.1 31.6 35.7 30.4 33.3 31.7 37.2 42.5 64.6 73.8 75.3 84.2 90.2 79.4 78.4 83.1 88.9 94.2 89.0 93.8 93.6 104.6 108.4 93.6 88.9 105.6 82.2 126.3 92.8 134.8 84.2 138.7 79.7 127.0 75.4 100.6 69.5 100.4 73.4 110.0 89.2 122.1 90.4 126.8 91.3 140.6 93.9 148.3 95.4 154.8 101.0 158.9 �������������� 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 rose 1,353,000 to 7.1 million. MILLIONS OF PERSONS* MILLIONS OF PERSONS* 166 166 SEASONALLY ADJUSTED 162 162 158 158 CIVILIAN LABOR FORCE 154 154 150 150 CIVILIAN EMPLOYMENT 146 146 142 142 138 138 134 134 20 20 16 16 12 12 UNEMPLOYMENT 8 8 4 4 0 0 2012 2013 2014 2015 2016 2017 2018 2019 *16 YEARS OF AGE AND OVER SOURCE: DEPARTMENT OF LABOR 2020 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 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2019: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2020: Jan ����������� Feb ����������� Mar ���������� Civilian noninsti- Civilian labor tutional force population (NSA) 237,830 239,618 243,284 245,679 247,947 250,801 253,538 255,079 257,791 259,175 258,537 258,693 258,861 259,037 259,225 259,432 259,638 259,845 260,020 260,181 259,502 259,628 259,758 153,889 153,617 154,975 155,389 155,922 157,130 159,187 160,320 162,075 163,539 162,935 162,546 162,782 163,133 163,373 163,894 164,051 164,401 164,347 164,556 164,606 164,546 162,913 Civilian employment Total 139,064 139,869 142,469 143,929 146,305 148,834 151,436 153,337 155,761 157,538 156,741 156,696 156,844 157,148 157,346 157,895 158,298 158,544 158,536 158,803 158,714 158,759 155,772 Men 20 years and over 71,230 72,182 73,403 74,176 75,471 76,776 78,084 78,919 80,211 80,917 80,570 80,609 80,761 80,780 80,975 81,046 81,146 81,196 81,377 81,390 81,345 81,202 79,832 Women 20 years and over 63,456 63,360 64,640 65,295 66,287 67,323 68,387 69,344 70,424 71,470 71,056 71,136 71,038 71,209 71,120 71,665 71,990 72,130 71,881 72,200 72,097 72,179 70,886 Percent 1 Chart 11 - Mar 2020 Unemployment Both sexes 16–19 years 4,378 4,327 4,426 4,458 4,548 4,734 4,965 5,074 5,126 5,150 5,115 4,951 5,044 5,159 5,250 5,184 5,162 5,218 5,278 5,213 5,273 5,378 5,054 Total 14,825 13,747 12,506 11,460 9,617 8,296 7,751 6,982 6,314 6,001 6,194 5,850 5,938 5,985 6,027 5,999 5,753 5,857 5,811 5,753 5,892 5,787 7,140 Men 20 years and over 7,763 6,898 5,984 5,568 4,585 3,959 3,675 3,287 2,976 2,819 2,995 2,812 2,808 2,788 2,796 2,806 2,695 2,715 2,679 2,618 2,743 2,799 3,344 Women 20 years and over Both sexes 16–19 years 5,534 5,450 5,125 4,565 3,926 3,371 3,151 2,868 2,578 2,435 2,451 2,304 2,401 2,447 2,465 2,451 2,323 2,411 2,411 2,383 2,415 2,323 2,954 1,528 1,400 1,397 1,327 1,106 966 925 827 759 746 747 734 730 751 767 742 735 730 721 752 734 665 843 Not in labor force 83,941 86,001 88,310 90,290 92,025 93,671 94,351 94,759 95,716 95,636 95,602 96,147 96,079 95,905 95,852 95,538 95,587 95,444 95,673 95,625 94,896 95,082 96,845 Labor Employ- Unemployforce ment/ participa- population ment tion rate ratio rate 64.7 64.1 63.7 63.2 62.9 62.7 62.8 62.9 62.9 63.1 63.0 62.8 62.9 63.0 63.0 63.2 63.2 63.3 63.2 63.2 63.4 63.4 62.7 58.5 58.4 58.6 58.6 59.0 59.3 59.7 60.1 60.4 60.8 60.6 60.6 60.6 60.7 60.7 60.9 61.0 61.0 61.0 61.0 61.2 61.1 60.0 9.6 8.9 8.1 7.4 6.2 5.3 4.9 4.4 3.9 3.7 3.8 3.6 3.6 3.7 3.7 3.7 3.5 3.6 3.5 3.5 3.6 3.5 4.4 1 Civilian labor force (or employment) as percent of civilian noninstitutional population; and unemployment as percent of civilian labor force. Note: Beginning each January, data reflect revised population controls and are not strictly comparable with earlier data. See Employment and Earnings for details on breaks in series. Source: Department of Labor (Bureau of Labor Statistics). 11 Selected Unemployment Rates In March, the unemployment rate rose to 4.4 percent. PERCENT (SEASONALLY ADJUSTED) PERCENT (SEASONALLY ADJUSTED) 25 25 20 20 TEENAGERS (16-19) 15 15 BLACK OR AFRICAN AMERICAN1 10 10 HISPANIC1,2 5 MEN 20 YEARS AND OVER 5 ALL CIVILIAN WORKERS WHITE1 WOMEN 20 YEARS AND OVER ASIAN1 0 0 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 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 2020 By race or ethnicity 1 By sex and age Period 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2019: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2020: Jan ����������� Feb ����������� Mar ���������� All civilian workers 9.6 8.9 8.1 7.4 6.2 5.3 4.9 4.4 3.9 3.7 3.8 3.6 3.6 3.7 3.7 3.7 3.5 3.6 3.5 3.5 3.6 3.5 4.4 Men 20 years and over Women 20 years and over 9.8 8.7 7.5 7.0 5.7 4.9 4.5 4.0 3.6 3.4 3.6 3.4 3.4 3.3 3.3 3.3 3.2 3.2 3.2 3.1 3.3 3.3 4.0 8.0 7.9 7.3 6.5 5.6 4.8 4.4 4.0 3.5 3.3 3.3 3.1 3.3 3.3 3.3 3.3 3.1 3.2 3.2 3.2 3.2 3.1 4.0 Both sexes 16–19 years 25.9 24.4 24.0 22.9 19.6 16.9 15.7 14.0 12.9 12.7 12.7 12.9 12.6 12.7 12.7 12.5 12.5 12.3 12.0 12.6 12.2 11.0 14.3 White 8.7 7.9 7.2 6.5 5.3 4.6 4.3 3.8 3.5 3.3 3.4 3.1 3.3 3.3 3.3 3.4 3.2 3.2 3.2 3.2 3.1 3.1 4.0 Black or African American 16.0 15.8 13.8 13.1 11.3 9.6 8.4 7.5 6.5 6.1 6.6 6.6 6.2 6.0 5.9 5.4 5.5 5.5 5.6 5.9 6.0 5.8 6.7 By selected groups Hispanic or Latino ethnicity Asian 7.5 7.0 5.9 5.2 5.0 3.8 3.6 3.4 3.0 2.7 3.1 2.2 2.5 2.1 2.8 2.8 2.5 2.8 2.6 2.5 3.0 2.5 4.1 1 Persons who selected this race group only. Persons whose ethnicity is identified as Hispanic or Latino may be of any race. Note: Data relate to persons age 16 years and over. Source: Department of Labor (Bureau of Labor Statistics). 12 12.5 11.5 10.3 9.1 7.4 6.6 5.8 5.1 4.7 4.3 4.7 4.2 4.2 4.3 4.5 4.2 3.9 4.1 4.2 4.2 4.3 4.4 6.0 Married men, spouse present 6.8 5.8 4.9 4.3 3.4 2.8 2.7 2.4 2.0 1.8 1.9 1.8 1.7 1.8 1.8 1.8 1.7 1.7 1.9 1.6 1.7 2.0 2.3 Women who maintain families (NSA) 12.3 12.4 11.4 10.2 8.6 7.4 6.8 6.2 5.4 5.0 4.7 4.9 4.7 5.1 6.0 5.1 4.7 5.4 4.8 4.2 5.4 4.1 5.3 Full-time workers 10.4 9.6 8.5 7.7 6.4 5.4 4.9 4.3 3.8 3.6 3.7 3.5 3.6 3.5 3.6 3.5 3.4 3.5 3.5 3.4 3.5 3.5 4.1 Part-time workers 6.3 6.3 6.1 5.9 5.4 4.9 4.8 4.6 4.4 4.1 4.4 4.2 4.2 4.4 4.3 4.4 3.9 3.8 3.8 3.9 4.1 3.7 6.1 Selected Measures of Unemployment and Unemployment Insurance Programs In March, the percentage of the unemployed who had been out of work for less than 5 weeks rose, while the percentages for 5 to 14, for 15 to 26, and for 27 weeks and over fell. The mean duration of unemployment fell to 17.1 weeks and the median duration fell to 7.0 weeks. PERCENT DISTRIBUTION* PERCENT DISTRIBUTION* 70 70 DURATION OF UNEMPLOYMENT 60 60 50 50 JOB LOSERS LESS THAN 5 WEEKS 40 REASON FOR UNEMPLOYMENT 40 REENTRANTS 30 30 5-14 WEEKS 27 WEEKS AND OVER 20 20 15-26 WEEKS 10 JOB LEAVERS 10 NEW ENTRANTS 0 0 2016 2017 2018 2019 2020 2016 2017 2018 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF LABOR 2019 2020 COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted, except as noted by NSA] Chart 13 - Mar 2020 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 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2019: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2020: Jan ����������� Feb ����������� Mar ���������� 14,825 13,747 12,506 11,460 9,617 8,296 7,751 6,982 6,314 6,001 6,194 5,850 5,938 5,985 6,027 5,999 5,753 5,857 5,811 5,753 5,892 5,787 7,140 18.7 19.5 21.1 22.5 25.7 28.9 30.5 32.5 34.4 34.8 34.3 32.7 36.9 32.6 36.4 36.7 32.4 33.7 34.6 35.6 35.1 35.1 48.5 22.0 21.8 22.9 24.1 25.3 27.7 28.7 28.8 29.7 29.8 29.4 31.5 26.9 30.7 29.5 28.9 30.8 29.8 29.9 29.9 29.9 31.4 24.5 16.0 15.0 14.9 15.8 15.6 15.3 14.9 14.6 14.5 14.3 15.2 14.8 14.0 13.0 14.9 13.7 14.0 15.1 14.7 14.0 15.1 14.4 11.1 43.3 43.8 41.1 37.6 33.5 28.1 25.9 24.2 21.4 21.1 21.2 21.1 22.2 23.7 19.2 20.7 22.8 21.5 20.8 20.5 19.9 19.2 15.9 33.0 39.3 39.4 36.5 33.7 29.2 27.5 25.0 22.7 21.6 22.2 22.8 24.1 22.1 19.7 22.1 21.7 21.6 20.2 20.8 21.9 20.9 17.1 21.4 21.4 19.3 17.0 14.0 11.6 10.6 10.0 9.3 9.1 9.5 9.3 9.1 9.4 9.0 9.0 9.4 9.2 9.2 9.0 9.3 9.1 7.0 62.4 59.0 55.0 53.0 50.7 49.0 48.2 49.2 47.4 46.4 45.5 45.7 45.1 45.6 46.5 47.7 44.7 45.9 48.1 46.9 45.2 46.9 56.7 6.0 7.0 7.7 8.1 8.6 9.9 11.1 11.1 12.6 13.6 12.6 12.5 13.6 14.8 13.8 13.0 14.6 14.4 13.3 14.5 14.2 13.4 10.5 23.4 24.7 26.7 28.0 29.4 30.6 30.1 29.8 30.5 30.2 32.2 32.6 31.2 30.7 29.8 29.7 29.0 29.0 28.6 28.9 31.2 31.0 25.5 8.2 4,487 454 9,732 9.3 3,679 406 7,630 10.5 3,297 374 6,048 10.9 2,947 342 4,605 11.3 2,574 304 2,657 10.6 2,237 275 2,272 10.6 2,099 259 2,127 9.9 1,948 240 1,971 9.5 1,755 219 1,774 9.8 1,684 217 1,702 9.7 2,172 205 2,193 9.2 1,853 223 1,872 10.1 1,581 212 1,598 8.9 1,681 223 1,697 9.9 1,857 235 1,874 9.6 1,638 190 1,653 11.7 1,634 182 1,651 10.6 1,473 220 1,489 10.0 1,490 241 1,507 9.6 2,165 342 2,187 9.4 2,209 301 2,231 8.7 ��������������� ��������������� ����������������� 7.3 ��������������� ��������������� ����������������� 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 fell by 701,000 in March. MILLIONS OF PERSONS* 155 MILLIONS OF PERSONS* 110 108 ALL NONAGRICULTURAL ESTABLISHMENTS PRIVATE SERVICE-PROVIDING INDUSTRIES 106 150 104 102 145 100 140 98 96 135 26 24 EDUCATION AND HEALTH SERVICES PROFESSIONAL AND BUSINESS SERVICES 22 PRIVATE INDUSTRIES 130 20 18 RETAIL TRADE 16 14 125 22 120 GOODS-PRODUCING 20 115 18 16 110 14 24 GOVERNMENT MANUFACTURING 12 22 20 10 2016 2017 2018 2019 2020 2016 2017 2018 *SEASONALLY ADJUSTED 2019 2020 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR [Thousands of wage and salary workers; 1 monthly data seasonally adjusted] Chart 14 - Mar 2020 Private industries Period 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2019: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2020: Jan r ��������� Feb r ��������� Mar p �������� Total nonagricultural employment 130,345 131,914 134,157 136,364 138,940 141,825 144,336 146,608 148,908 150,939 150,282 150,492 150,577 150,759 150,953 151,160 151,368 151,553 151,814 151,998 152,212 152,487 151,786 Goods-producing industries Total private 107,855 109,828 112,237 114,511 117,058 119,796 122,112 124,258 126,454 128,346 127,754 127,939 128,026 128,206 128,366 128,523 128,718 128,908 129,155 129,319 129,498 129,740 129,027 Total 2 Construc- Manufaction turing 17,751 18,047 18,420 18,738 19,226 19,610 19,750 20,084 20,704 21,067 21,011 21,039 21,050 21,076 21,085 21,087 21,106 21,086 21,131 21,136 21,149 21,206 21,152 5,518 5,533 5,646 5,856 6,151 6,461 6,728 6,969 7,288 7,492 7,443 7,469 7,478 7,497 7,504 7,508 7,524 7,541 7,539 7,555 7,593 7,634 7,605 11,528 11,726 11,927 12,020 12,185 12,336 12,354 12,439 12,688 12,840 12,827 12,829 12,829 12,838 12,845 12,848 12,851 12,810 12,868 12,866 12,844 12,857 12,839 Private service-providing industries Trade, transportation, and utilities Total Total 3 90,104 91,781 93,817 95,773 97,832 100,186 102,362 104,174 105,750 107,279 106,743 106,900 106,976 107,130 107,281 107,436 107,612 107,822 108,024 108,183 108,349 108,534 107,875 24,565 24,990 25,399 25,783 26,303 26,806 27,179 27,393 27,607 27,715 27,665 27,671 27,667 27,686 27,692 27,688 27,712 27,750 27,762 27,809 27,832 27,830 27,781 Retail trade 14,446 14,674 14,847 15,085 15,363 15,611 15,832 15,846 15,786 15,644 15,643 15,631 15,619 15,613 15,614 15,614 15,623 15,645 15,631 15,672 15,669 15,670 15,624 Information Financial activities 2,707 2,674 2,676 2,706 2,726 2,750 2,794 2,814 2,839 2,860 2,851 2,845 2,853 2,865 2,862 2,861 2,866 2,865 2,874 2,883 2,894 2,897 2,899 7,695 7,697 7,784 7,886 7,977 8,123 8,287 8,451 8,590 8,746 8,707 8,721 8,727 8,732 8,753 8,768 8,771 8,792 8,804 8,814 8,823 8,854 8,853 Profes- Education Leisure sional and and and health hospitalbusiness services ity services 16,783 17,389 17,992 18,575 19,124 19,695 20,114 20,508 20,950 21,313 21,176 21,226 21,253 21,294 21,337 21,377 21,402 21,444 21,481 21,503 21,523 21,559 21,507 19,975 20,318 20,769 21,086 21,439 22,029 22,639 23,188 23,638 24,177 23,981 24,046 24,076 24,131 24,204 24,262 24,323 24,363 24,436 24,465 24,534 24,599 24,523 13,049 13,353 13,768 14,254 14,696 15,160 15,660 16,051 16,295 16,576 16,494 16,507 16,519 16,526 16,528 16,570 16,631 16,701 16,744 16,784 16,808 16,852 16,393 Other services 5,331 5,360 5,430 5,483 5,567 5,622 5,691 5,770 5,831 5,893 5,869 5,884 5,881 5,896 5,905 5,910 5,907 5,907 5,923 5,925 5,935 5,943 5,919 Government 22,490 22,086 21,920 21,853 21,882 22,029 22,224 22,350 22,455 22,594 22,528 22,553 22,551 22,553 22,587 22,637 22,650 22,645 22,659 22,679 22,714 22,747 22,759 1 Data from the establishment survey. Includes all full- and part-time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period that includes the 12th of the month. Excludes proprietors, self-employed persons, unpaid family workers, and private household workers. Data from the household survey shown on p. 11 include those workers and also count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off. In the series shown here, persons who work at more than one job are counted each time they appear on a payroll, in contrast to the series shown on p. 11 where persons are counted only once—as employed, unemployed, or not in the labor force. See Employment and Earnings for details. 2 Includes mining and logging, not shown separately. 3 Includes wholesale trade, transportation and warehousing, and utilities, not shown separately. Note: Data classified by industry based on the 2017 North American Industry Classification System (NAICS). For details see Employment and Earnings. Source: Department of Labor (Bureau of Labor Statistics). 14 Average Weekly Hours, Hourly Earnings, and Weekly Earnings— Private Nonagricultural Industries [For production or nonsupervisory workers; monthly data seasonally adjusted] Average weekly hours Total private nonagricultural 1 Period 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2019: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2020: Jan r ��������� Feb r ��������� Mar p �������� Average gross hourly earnings Total private nonagricultural 1 Manufacturing Total 33.4 33.6 33.7 33.7 33.7 33.7 33.6 33.7 33.8 33.6 33.6 33.7 33.7 33.6 33.6 33.5 33.6 33.6 33.6 33.5 33.6 33.6 33.7 33.4 Overtime 41.1 41.4 41.7 41.8 42.0 41.8 41.9 41.9 42.2 41.6 41.7 41.7 41.6 41.5 41.6 41.5 41.5 41.5 41.4 41.4 41.4 41.3 41.7 41.4 3.8 4.1 4.2 4.3 4.5 4.3 4.3 4.3 4.6 4.3 4.4 4.4 4.3 4.2 4.2 4.2 4.2 4.2 4.1 4.1 4.1 4.0 4.0 3.9 Current dollars Manufacturing 1982-84 dollars 2 $19.04 $8.90 19.43 8.77 19.73 8.72 20.13 8.78 20.60 8.85 21.03 9.07 21.53 9.20 22.05 9.22 22.71 9.26 23.51 9.43 23.19 9.40 23.28 9.40 23.33 9.38 23.42 9.41 23.47 9.43 23.54 9.43 23.64 9.46 23.70 9.48 23.76 9.47 23.81 9.47 23.84 9.46 23.88 9.47 23.97 9.50 24.07 ����������������� Average gross weekly earnings Total private nonagricultural 1 Current dollars $18.61 18.93 19.08 19.30 19.56 19.91 20.44 20.90 21.54 22.15 21.91 21.96 21.96 22.04 22.14 22.19 22.22 22.26 22.30 22.39 22.44 22.42 22.53 22.58 Percent change from a year earlier, total private nonagricultural Current dollars 1982-84 dollars 2 $636.02 $297.25 652.72 294.58 665.54 294.19 677.62 295.49 694.74 298.47 708.70 305.72 723.20 308.96 742.48 310.59 766.99 312.87 790.67 317.26 779.18 315.77 784.54 316.70 786.22 316.14 786.91 316.23 788.59 316.78 788.59 315.88 794.30 317.98 796.32 318.47 798.34 318.35 797.64 317.41 801.02 317.83 802.37 318.08 807.79 320.04 803.94 ����������������� Manufacturing Construction $765.18 784.29 794.67 807.37 822.03 832.25 855.77 876.10 908.01 921.66 913.65 915.73 913.54 914.66 921.02 920.89 922.13 923.79 923.22 926.95 929.02 925.95 939.50 934.81 $891.83 921.84 942.14 958.72 977.11 998.02 1,031.88 1,061.98 1,108.59 1,135.17 1,098.63 1,130.37 1,132.31 1,131.05 1,134.30 1,126.62 1,140.34 1,148.06 1,138.60 1,131.57 1,137.87 1,156.80 1,147.61 1,154.08 Retail trade Current dollars $400.38 412.29 422.35 423.44 431.97 446.01 447.69 463.10 483.03 503.07 493.89 498.86 502.95 502.23 502.98 502.53 506.62 507.22 508.13 504.11 511.46 513.15 516.67 520.81 1982-84 dollars 2 3.3 1.2 2.6 –.9 2.0 –.1 1.8 .4 2.5 1.0 2.0 2.4 2.0 1.1 2.7 .5 3.3 .7 3.1 1.4 2.9 1.6 3.5 1.7 3.2 1.2 3.0 1.3 2.9 1.4 2.7 1.0 3.1 1.6 3.4 1.8 3.4 1.9 2.9 1.0 2.9 .6 2.7 .2 3.7 1.4 2.5 ������������������� 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 2010: 2011: 2012: 2013: 2014: 2015: 2016: 2017: 2018: 2019: Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ 112.5 115.0 117.1 119.4 122.2 124.5 127.2 130.5 134.4 138.0 112.8 114.6 116.6 119.0 121.6 124.2 127.1 130.6 134.7 138.7 111.9 115.9 118.2 120.5 123.5 125.1 127.3 130.2 133.6 136.2 ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� Seasonally adjusted 2017: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� Dec ������������������������������������������ 2018: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� Dec ������������������������������������������ 2019: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� Dec ������������������������������������������ 128.2 129.0 130.0 130.7 131.9 132.7 133.7 134.6 135.5 136.2 137.3 138.2 128.2 129.0 130.0 130.8 132.0 132.8 133.9 134.9 135.9 136.7 137.9 138.9 128.3 129.1 130.0 130.5 131.5 132.7 133.2 133.9 134.6 135.1 135.8 136.5 2.1 2.2 1.8 2.0 2.3 1.9 2.2 2.6 3.0 2.7 1.8 1.6 1.7 2.1 2.2 2.1 2.3 2.8 3.1 3.0 2.9 3.6 2.0 1.9 2.5 1.3 1.8 2.3 2.6 1.9 Not seasonally adjusted 0.6 .6 .8 .5 .9 .6 .8 .7 .7 .5 .8 .7 0.7 .6 .8 .6 .9 .6 .8 .7 .7 .6 .9 .7 0.6 .6 .7 .4 .8 .9 .4 .5 .5 .4 .5 .5 2.3 2.4 2.5 2.6 2.8 2.9 2.9 3.0 2.8 2.6 2.7 2.7 2.6 2.4 2.6 2.8 2.9 2.9 3.1 3.1 3.0 3.0 3.0 3.0 1.9 2.2 2.4 2.3 2.5 2.8 2.5 2.6 2.4 1.8 2.0 1.9 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 Real compensation per hour 4 Compensation per hour 3 Nonfarm business sector Business sector Nonfarm business sector Business sector Unit labor costs Nonfarm business sector Implicit price deflator 5 Business sector Nonfarm business sector Business sector Nonfarm business sector 95.9 98.1 100.0 100.6 102.5 104.1 105.0 107.2 109.2 111.1 104.6 104.7 104.9 105.6 106.4 106.8 107.2 108.3 109.2 108.8 109.3 109.4 111.0 111.0 111.1 111.3 96.1 98.2 100.0 100.8 102.7 104.5 105.4 107.6 109.5 111.4 105.0 105.2 105.3 106.0 106.8 107.2 107.6 108.7 109.6 109.1 109.6 109.8 111.3 111.3 111.4 111.6 96.0 98.2 100.0 101.5 103.1 103.7 104.5 106.3 108.7 110.2 103.7 104.4 104.8 105.2 105.6 105.9 106.5 107.2 107.7 108.7 109.1 109.4 109.4 110.2 110.5 110.8 96.3 98.2 100.0 101.5 103.3 104.1 105.1 106.9 109.3 110.9 104.2 105.0 105.4 105.9 106.2 106.5 107.0 107.8 108.3 109.3 109.7 110.0 110.0 110.9 111.2 111.4 –1.5 2.2 2.0 .6 1.9 1.6 .8 2.1 1.9 1.7 –.7 .4 .5 2.8 2.9 1.7 1.5 4.3 3.4 –1.6 1.8 .6 5.7 .1 .3 .9 –1.5 2.2 1.8 .8 1.9 1.7 .8 2.1 1.8 1.7 –.9 .6 .6 2.5 3.2 1.6 1.4 4.3 3.2 –1.5 1.6 .7 5.7 .1 .2 .9 1.2 2.3 1.9 1.5 1.6 .6 .8 1.7 2.3 1.4 –.9 3.0 1.3 1.6 1.7 1.1 2.1 2.7 2.0 3.6 1.5 1.2 –.1 3.0 1.2 .9 1.0 1.9 1.9 1.5 1.8 .8 1.0 1.6 2.3 1.4 –.5 3.1 1.5 1.7 1.2 1.1 2.2 2.7 2.0 3.6 1.7 1.2 .0 3.1 1.2 .9 Indexes, 2012=100; quarterly data seasonally adjusted 2010 ���������������� 2011 ���������������� 2012 ���������������� 2013 ���������������� 2014 ���������������� 2015 ���������������� 2016 ���������������� 2017 ���������������� 2018 ���������������� 2019 ���������������� 2016: I ������������ II ����������� III ���������� IV ���������� 2017: I ������������ II ����������� III ���������� IV ���������� 2018: I ������������ II ����������� III ���������� IV ���������� 2019: I ������������ II ����������� III ���������� IV * ������� 99.3 99.2 100.0 100.9 101.6 102.9 103.2 104.6 106.1 108.1 102.7 102.9 103.3 103.9 104.1 104.2 105.0 105.0 105.4 106.1 106.4 106.5 107.5 108.3 108.2 108.4 99.2 99.2 100.0 100.5 101.4 102.7 103.0 104.4 105.8 107.8 102.6 102.8 103.1 103.5 103.8 104.0 104.7 104.9 105.2 105.7 106.1 106.3 107.2 107.9 107.8 108.2 95.2 97.1 100.0 102.4 105.6 109.4 111.3 114.4 118.3 121.6 110.3 110.9 111.6 112.3 113.1 113.8 114.9 116.1 116.9 118.0 119.0 119.4 120.6 121.2 121.9 122.6 95.0 96.9 100.0 102.2 105.4 109.1 111.0 114.2 118.1 121.3 110.1 110.6 111.3 112.0 112.7 113.5 114.7 115.8 116.7 117.8 118.8 119.2 120.4 120.9 121.6 122.4 95.9 97.8 100.0 101.5 103.9 106.3 107.9 109.4 111.6 112.5 107.4 107.9 108.1 108.1 108.6 109.2 109.4 110.5 110.9 111.3 111.9 112.1 112.2 111.9 112.7 113.1 95.9 97.8 100.0 101.7 104.0 106.2 107.8 109.4 111.7 112.6 107.3 107.6 108.0 108.2 108.6 109.2 109.5 110.4 111.0 111.5 112.0 112.2 112.2 112.1 112.8 113.1 95.3 97.3 100.0 101.5 104.1 107.1 108.3 112.1 115.8 120.1 107.4 107.7 108.3 109.7 110.7 111.3 112.6 113.8 115.1 115.4 116.3 116.5 119.3 120.1 120.1 120.7 95.3 97.4 100.0 101.3 104.1 107.4 108.5 112.3 115.9 120.1 107.7 108.1 108.6 109.7 110.9 111.5 112.6 114.1 115.2 115.4 116.3 116.6 119.4 120.1 120.1 120.7 100.4 99.4 100.0 100.0 100.9 103.6 103.4 104.8 105.7 107.6 103.6 103.1 103.2 103.8 104.0 104.5 105.2 105.5 105.9 105.5 105.8 105.6 107.9 107.9 107.4 107.2 100.4 99.5 100.0 99.8 100.9 103.8 103.6 105.0 105.8 107.6 103.8 103.4 103.4 103.8 104.2 104.7 105.2 105.7 106.0 105.5 105.8 105.7 108.0 107.9 107.4 107.3 Percent change; quarterly data at seasonally adjusted annual rates 2010 ���������������� 2011 ���������������� 2012 ���������������� 2013 ���������������� 2014 ���������������� 2015 ���������������� 2016 ���������������� 2017 ���������������� 2018 ���������������� 2019 ���������������� 2016: I ������������ II ����������� III ���������� IV ���������� 2017: I ������������ II ����������� III ���������� IV ���������� 2018: I ������������ II ����������� III ���������� IV ���������� 2019: I ������������ II ����������� III ���������� IV * ������� 3.3 –.1 .8 .9 .7 1.2 .3 1.4 1.4 1.9 .6 .6 1.6 2.4 .7 .5 3.3 .1 1.3 2.6 1.2 .4 3.9 2.9 –.4 1.0 3.4 .0 .9 .5 .9 1.3 .3 1.3 1.4 1.9 .8 .8 1.3 1.8 1.2 .5 2.9 .8 .9 2.0 1.6 .5 3.8 2.6 –.3 1.2 3.2 1.9 3.0 2.4 3.1 3.5 1.8 2.8 3.4 2.7 2.3 2.1 2.6 2.5 2.6 2.6 4.0 4.1 2.9 4.0 3.4 1.2 3.9 2.0 2.4 2.4 3.3 2.0 3.1 2.2 3.2 3.5 1.7 2.9 3.5 2.7 2.3 2.0 2.4 2.7 2.5 2.7 4.2 4.2 2.9 4.0 3.5 1.2 3.9 1.9 2.3 2.4 –0.1 2.0 2.3 1.5 2.4 2.3 1.5 1.4 1.9 .8 1.7 1.5 .9 .2 1.9 2.1 .6 4.1 1.6 1.3 2.2 .9 .1 –.8 2.7 1.4 –0.1 2.0 2.3 1.7 2.3 2.1 1.5 1.5 2.0 .8 1.6 1.2 1.2 .9 1.3 2.2 1.3 3.3 2.0 1.9 1.8 .7 .2 –.7 2.7 1.2 1.8 2.1 2.8 1.5 2.6 2.9 1.1 3.5 3.3 3.7 –.1 1.0 2.2 5.2 3.7 2.2 4.8 4.4 4.7 1.0 3.0 .9 9.8 2.9 –.1 1.9 1.9 2.2 2.7 1.3 2.8 3.1 1.1 3.5 3.2 3.6 –.1 1.4 1.9 4.3 4.3 2.1 4.3 5.1 4.1 .5 3.3 1.2 9.7 2.7 –.1 2.1 0.1 –1.0 .6 .0 .9 2.7 –.2 1.3 .9 1.8 .0 –1.8 .2 2.5 .9 1.7 2.7 1.2 1.4 –1.2 1.0 –.6 8.8 –.1 –1.9 –.5 0.2 –.9 .5 –.2 1.1 2.9 –.2 1.3 .8 1.8 .0 –1.4 –.1 1.7 1.5 1.7 2.1 1.9 .9 –1.7 1.3 –.4 8.6 –.3 –1.9 –.2 1 Output refers to real gross domestic product originating in the sector. 2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family workers. Estimates based primarily on establishment data. 3 Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the self-employed. 4 Hourly compensation divided by consumer price series. The trend for 1978-2018 is based on the consumer price index research series (CPI-U-RS). The change for recent quarters is based on the consumer price index for all urban consumers (CPI-U). 5 Current dollar gross domestic output divided by the output index. Note: Data relate to all persons engaged in the sector. Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. * Data based on GDP data released on February 27, 2020. Source: Department of Labor (Bureau of Labor Statistics). 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial production and capacity utilization rose in February. INDEX, 2012 = 100* (RATIO SCALE) 120 INDEX, 2012 = 100* (RATIO SCALE) 130 TOTAL INDUSTRIAL PRODUCTION FINAL PRODUCTS 110 120 100 CONSUMER GOODS 110 90 80 100 120 MANUFACTURING DURABLE 1 TOTAL 110 BUSINESS EQUIPMENT DEFENSE AND SPACE EQUIPMENT 90 100 NONDURABLE 90 80 80 140 PERCENT* 86 CAPACITY UTILIZATION RATE (TOTAL INDUSTRY) 84 UTILITIES AND MINING 130 82 120 80 MINING 78 110 76 100 74 UTILITIES 72 90 70 80 68 66 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 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 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 r ������������������ 2019: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 2020: Jan r ��������� Feb p ��������� Percent change 2 Index, 2012=100 94.1 97.1 100.0 102.0 105.2 104.1 102.1 104.4 108.6 109.4 109.6 109.7 109.0 109.2 109.3 109.1 109.9 109.5 109.0 110.0 109.6 109.0 109.6 From preceding month Capacity utilization rate (output as percent of capacity) 1 Manufacturing From year earlier ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� –0.5 .1 –.6 .2 .0 –.2 .7 –.3 –.4 .9 –.4 –.5 .6 Chart 17 - Mar 2020 Industry production indexes, 2012=100 5.5 3.1 3.0 2.0 3.1 –1.0 –2.0 2.3 3.9 .8 2.7 2.3 .7 1.7 1.0 .4 .3 –.2 –.8 –.4 –.9 –1.0 .0 Total 1 94.7 97.5 100.0 100.9 102.0 101.5 100.7 102.7 105.0 104.8 105.3 105.2 104.3 104.4 105.0 104.6 105.2 104.5 103.9 104.9 105.0 104.8 104.9 Durable 89.2 94.7 100.0 102.1 105.1 103.9 101.7 104.0 107.5 108.2 108.5 108.5 107.6 108.0 108.4 108.4 108.9 107.8 106.6 108.9 108.6 107.7 108.0 Nondurable 99.8 99.9 100.0 100.0 99.3 99.6 100.4 102.3 104.3 103.4 104.0 103.9 103.0 102.9 103.6 102.8 103.6 103.3 103.4 103.2 103.8 104.2 104.1 Other (non-NAICS) 1 111.3 106.1 100.0 95.0 93.8 90.4 88.0 87.5 78.9 73.3 76.3 75.2 74.7 73.5 73.8 73.0 72.6 72.4 72.1 70.3 69.6 70.1 69.5 Mining 87.2 92.6 100.0 106.3 117.8 113.9 102.6 110.1 123.8 132.7 130.3 130.1 133.4 133.1 133.6 130.7 133.7 133.6 133.5 132.6 133.7 135.0 133.0 Utilities 102.8 102.4 100.0 102.2 103.5 102.7 102.3 101.5 105.9 104.8 105.0 106.8 103.3 105.2 100.9 105.3 104.6 106.1 106.5 109.7 103.4 98.4 105.4 Total industry Total manufacturing 73.5 76.1 76.9 77.2 78.6 76.9 75.0 76.5 78.7 77.8 78.5 78.4 77.8 77.8 77.7 77.4 77.8 77.4 77.0 77.6 77.1 76.6 77.0 70.7 73.5 74.5 74.4 75.2 75.3 74.2 75.1 76.6 75.6 76.3 76.2 75.4 75.4 75.7 75.3 75.7 75.1 74.6 75.2 75.2 75.0 75.0 1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industries—logging and newspaper, periodical, book and directory-publishing—that have traditionally been included in manufacturing. 2 Percent changes based on unrounded indexes. Note: Data based on NAICS except series as defined in footnote 1. Source: Board of Governors of the Federal Reserve System. 17 Industrial Production— Major Market Groups and Selected Manufactures [2012=100; monthly data seasonally adjusted] Products and nonindustrial supplies Materials Final products Consumer goods Period Total 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 r ������������������ 2019: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 2020: Jan r ��������� Feb p ��������� Nonindustrial supplies Total 96.0 98.2 100.0 100.3 101.3 100.8 99.0 100.8 103.4 103.2 103.6 104.3 102.5 102.9 103.5 103.3 103.4 102.6 102.3 104.2 103.2 101.7 102.9 100.3 101.4 100.0 100.7 101.5 102.9 103.5 104.1 106.3 105.3 105.8 106.5 104.5 105.0 105.5 105.6 105.5 104.7 104.6 106.8 105.4 104.2 106.0 Durable goods 94.2 97.7 100.0 105.5 110.7 115.0 117.5 119.3 122.0 120.1 121.0 119.2 118.2 120.2 121.7 122.5 122.2 118.7 115.1 122.9 120.0 120.5 123.3 Equipment Nondurable goods 101.9 102.3 100.0 99.5 99.2 99.9 100.0 100.3 102.3 101.5 102.0 103.2 101.0 101.2 101.5 101.3 101.2 101.2 101.9 102.7 101.7 100.1 101.7 Total 1 87.8 92.2 100.0 99.6 101.0 96.6 90.3 94.4 97.8 99.4 99.6 100.5 99.0 99.2 99.8 99.2 99.8 98.8 98.1 99.6 99.4 96.9 96.9 Business 86.1 91.1 100.0 99.9 101.7 99.6 94.4 97.8 101.0 101.4 101.8 102.7 100.7 101.0 101.6 100.9 101.7 100.5 99.7 101.8 101.4 98.4 98.0 Defense and space Total 100.9 98.0 100.0 97.2 93.9 91.7 89.1 90.9 93.1 101.7 98.8 99.9 100.2 100.6 101.9 102.0 102.4 103.3 103.5 104.1 105.3 104.1 105.3 96.6 98.0 100.0 102.2 103.9 103.3 104.0 106.8 108.4 108.3 108.4 108.2 107.6 108.2 108.1 107.9 108.5 108.5 108.2 108.4 108.4 109.0 109.1 Construction 93.6 95.9 100.0 103.1 106.4 107.1 108.1 111.8 114.9 116.4 115.9 116.1 115.2 115.9 117.0 116.0 117.0 117.1 116.4 116.2 117.0 118.7 118.2 Business 98.0 99.0 100.0 101.8 102.8 101.4 102.0 104.3 105.2 104.1 104.7 104.3 103.8 104.4 103.6 103.9 104.2 104.2 104.1 104.5 104.1 104.0 104.5 Total 1 91.9 95.9 100.0 103.3 108.5 106.9 103.7 106.5 112.8 115.0 114.8 114.5 114.8 114.8 114.4 114.2 115.6 115.5 114.9 115.3 115.2 115.2 115.4 Energy 90.6 94.1 100.0 105.1 114.0 112.6 105.9 110.1 121.3 127.8 125.5 125.9 127.5 127.6 126.7 126.6 128.9 129.6 129.1 129.6 128.0 127.8 128.9 1 Includes other items, not shown separately. [2012=100; monthly data seasonally adjusted] Durable manufactures Computer and electronic products Primary metals Period Total 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 r ������������������ 2019: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 2020: Jan r ��������� Feb p ��������� 95.1 102.0 100.0 103.3 104.0 96.8 92.5 93.7 97.6 96.9 97.5 97.8 98.9 96.6 94.5 95.4 97.1 96.8 95.1 96.4 98.4 98.1 96.5 Iron and steel products 91.8 100.1 100.0 102.1 101.3 91.6 87.4 91.7 96.6 96.8 97.3 97.7 99.2 95.6 92.1 95.7 96.3 96.4 95.3 97.7 99.9 101.2 96.9 Fabricated metal products 90.7 97.1 100.0 101.8 103.6 100.2 96.5 97.9 102.5 103.5 104.6 104.5 103.6 103.0 103.6 102.7 103.5 103.5 103.1 103.2 102.8 102.8 103.9 Nondurable manufactures Machinery Total 82.1 92.5 100.0 95.4 96.7 89.0 82.2 87.9 92.6 92.2 92.9 93.8 90.6 92.6 92.3 90.6 92.6 90.8 90.9 91.6 92.3 90.5 89.6 85.6 92.6 100.0 103.2 107.4 108.1 110.4 115.2 120.9 127.2 124.8 125.5 125.5 125.5 127.1 127.1 127.5 129.4 128.7 130.1 131.0 132.1 133.5 Selected high-technology 1 80.9 91.1 100.0 110.7 122.7 126.7 133.9 137.4 146.1 153.6 150.9 152.1 150.3 149.7 151.6 152.9 155.4 155.5 155.6 159.1 160.7 161.7 161.4 Transportation equipment Total 86.5 90.4 100.0 105.1 111.9 115.0 112.2 112.4 115.1 114.5 115.7 115.2 113.2 114.0 115.9 116.9 116.3 112.3 108.8 116.7 113.9 110.3 111.5 1 Computers and peripheral equipment, communications equipment, and semiconductors and related electronic components. Source: Board of Governors of the Federal Reserve System. 18 Motor vehicles and parts 82.7 90.4 100.0 107.2 117.1 123.2 124.8 124.7 129.9 127.0 128.6 126.9 124.7 127.7 131.2 132.4 130.8 123.1 115.8 130.4 124.3 126.0 130.3 Apparel 109.5 102.9 100.0 92.6 88.8 84.3 79.2 71.0 69.0 60.6 60.1 61.4 62.3 61.7 61.7 60.6 60.0 60.6 59.7 58.5 58.6 57.2 58.4 Printing and related support activities 103.5 101.8 100.0 100.3 98.5 97.5 99.2 99.8 97.6 93.7 94.8 93.7 93.5 93.9 93.3 93.1 93.2 93.4 93.4 93.7 92.7 94.1 95.3 Chemicals 101.3 101.4 100.0 96.6 95.6 95.2 94.7 96.6 100.4 100.5 101.5 101.3 100.4 99.8 99.5 99.9 101.3 100.7 100.5 100.1 99.8 100.0 98.9 Food 100.4 100.2 100.0 102.0 102.9 104.4 106.6 110.8 113.9 115.1 115.3 115.5 115.2 114.3 116.5 115.1 114.4 114.4 115.7 115.4 116.8 116.5 117.4 New Construction [Billions of dollars; monthly data at seasonally adjusted annual rates] Private Period 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 r ������������������ 2019: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec r ��������� 2020: Jan r ��������� Feb p ��������� Total new construction expenditures 809.3 788.3 850.5 908.3 1,007.6 1,130.7 1,211.4 1,265.8 1,307.2 1,306.9 1,289.0 1,299.1 1,307.1 1,297.5 1,285.3 1,291.3 1,306.0 1,315.2 1,320.8 1,342.5 1,347.3 1,384.5 1,366.7 Residential Total New housing Total 1 505.3 501.9 571.1 637.6 731.5 836.9 914.4 969.3 1,000.2 978.5 971.7 976.6 967.7 962.7 959.2 962.7 976.7 980.0 986.3 1,006.8 1,013.0 1,038.5 1,025.8 Federal and State and local Nonresidential 242.0 244.1 269.8 323.4 369.8 422.3 467.1 525.0 539.6 515.4 507.0 505.9 505.7 503.6 499.6 504.6 518.5 522.5 525.3 535.8 546.5 567.6 564.3 Total 127.3 123.2 154.5 202.3 235.2 273.8 303.5 330.2 349.2 333.4 330.4 331.5 331.6 329.0 327.1 330.9 332.2 334.1 336.7 340.4 348.4 358.1 370.0 Lodging 263.3 257.8 301.4 314.3 361.7 414.6 447.3 444.3 460.5 463.0 464.7 470.7 462.0 459.1 459.6 458.1 458.2 457.4 461.1 471.0 466.4 471.0 461.5 Commercial (including farm) Office 11.2 8.4 10.2 13.0 16.3 21.4 26.6 28.1 30.5 32.5 32.4 33.2 33.1 33.2 34.4 32.9 32.6 31.4 32.2 31.0 30.8 30.0 28.9 24.4 23.7 27.4 30.1 38.9 47.9 59.8 59.9 64.6 68.5 67.8 68.6 68.3 68.4 68.1 68.6 68.9 68.9 68.7 68.6 68.6 68.7 68.2 Manufacturing 37.2 39.2 44.3 50.9 60.9 64.5 75.5 84.5 91.8 81.1 78.6 82.0 80.1 79.3 81.2 79.8 79.3 81.1 81.7 84.1 84.2 86.8 84.1 Other 2 40.6 39.8 46.8 51.8 60.1 82.4 78.9 70.0 70.3 74.0 75.0 75.4 72.7 70.0 70.5 73.3 72.7 72.1 75.9 81.1 75.8 76.1 72.9 149.9 146.7 172.6 168.3 185.5 198.5 206.5 201.9 203.4 206.9 210.7 211.5 207.8 208.3 205.3 203.4 204.7 204.0 202.5 206.2 207.1 209.4 207.4 New houses sold New houses for sale at end of period 3 304.0 286.4 279.3 270.7 276.1 293.8 297.0 296.5 307.1 328.4 317.3 322.5 339.4 334.8 326.1 328.6 329.3 335.3 334.5 335.7 334.4 345.9 340.9 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 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 r ������������������ 586.9 608.8 780.6 924.9 1,003.3 1,111.8 1,173.8 1,203.0 1,249.9 1,290.0 1 unit 471.2 430.6 535.3 617.6 647.9 714.5 781.5 848.9 875.8 887.7 Type of structure 2–4 units 1 11.4 10.9 11.4 13.6 13.7 11.5 11.5 11.4 13.9 13.4 5 units or more Total 104.3 167.3 233.9 293.7 341.7 385.8 380.8 342.7 360.3 388.9 604.6 624.1 829.7 990.8 1,052.1 1,182.6 1,206.6 1,282.0 1,328.8 1,370.3 1 unit 447.3 418.5 518.7 620.8 640.3 696.0 750.8 820.0 855.3 854.2 2–4 units 5 units or more New housing units completed Vacancy rate for rental housing units (percent) 4 22.0 21.6 25.9 29.0 29.9 32.1 34.8 37.2 39.7 41.7 135.3 184.0 285.1 341.1 382.0 454.5 421.1 424.8 433.8 474.4 651.7 584.9 649.2 764.4 883.8 968.2 1,059.7 1,152.9 1,184.9 1,255.1 323 306 368 429 437 501 561 613 617 681 190 151 150 186 210 232 253 292 346 323 10.2 9.5 8.7 8.3 7.6 7.1 6.9 7.2 6.9 6.8 36 36 45 35 46 45 42 34 48 38 39 43 45 437 439 459 454 363 443 508 476 502 515 453 520 402 1,332 1,348 1,330 1,228 1,170 1,245 1,253 1,129 1,276 1,218 1,319 1,319 1,316 669 693 656 598 729 660 708 725 707 700 724 800 765 342 337 336 336 329 328 325 321 321 321 323 322 319 �������������������� 7.0 �������������������� �������������������� 6.8 �������������������� �������������������� 6.8 �������������������� �������������������� 6.4 �������������������� �������������������� Seasonally adjusted annual rates 2019: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov r ��������� Dec r ��������� 2020: Jan r ��������� Feb p ��������� 1,149 1,199 1,270 1,264 1,233 1,204 1,375 1,266 1,340 1,381 1,601 1,624 1,599 792 833 862 814 864 871 909 902 914 940 1,057 1,005 1,072 ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 352 361 385 438 358 322 451 353 414 422 524 612 508 1,287 1,288 1,290 1,299 1,232 1,317 1,425 1,391 1,461 1,474 1,420 1,550 1,452 814 813 786 810 823 829 875 881 911 921 928 987 1,005 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 January, according to preliminary estimates, manufacturing and trade sales rose 0.5 percent. In February, manufacturing and trade inventories fell $8.1 billion and retail inventories fell $2.0 billion. In February, retail sales fell 0.5 percent and retail and food services sales fell 0.5 percent. BILLIONS OF DOLLARS* (RATIO SCALE) 2,100 MANUFACTURING AND TRADE INVENTORIES 2,000 BILLIONS OF DOLLARS* (RATIO SCALE) 700 RETAIL INVENTORIES 650 1,900 600 1,800 550 1,700 500 1,600 450 1,500 RETAIL AND FOOD SERVICES SALES RETAIL SALES 400 1,400 MANUFACTURING AND TRADE SALES 350 RATIO* 1.70 1,300 INVENTORY/SALES RATIO 1.60 1,200 RETAIL 1.50 1.40 1,100 1.30 MANUFACTURING AND TRADE 1.20 1,000 2016 2017 2018 2019 2020 2016 2017 2018 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE 2019 2020 COUNCIL OF ECONOMIC ADVISERS [Millions of dollars, except ratios; seasonally adjusted, except as noted] Manufacturing and trade 1 Period Sales 2 2010 r ������������������ 1,088,891 2011 r ������������������ 1,206,661 r 2012 ������������������ 1,267,248 2013 r ������������������ 1,303,229 2014 r ������������������ 1,340,932 r 2015 ������������������ 1,294,787 r 2016 ������������������ 1,285,708 2017 r ������������������ 1,350,070 2018 r ������������������ 1,435,191 r 2019 ������������������ 1,455,772 2019: Jan r ��������� 1,439,478 r Feb ��������� 1,443,437 r Mar �������� 1,457,876 r Apr ��������� 1,454,018 May r �������� 1,457,658 June r ������� 1,458,818 r July �������� 1,461,624 r Aug ��������� 1,462,828 Sept r �������� 1,457,571 Oct r ���������� 1,456,014 r Nov ��������� 1,464,552 r Dec ��������� 1,464,513 r 2020: Jan ��������� 1,472,089 p Feb ��������� ����������������������� Inventories 3 Inventory/sales ratio 4 Wholesale Sales 2 1,450,534 1.27 361,447 1,564,979 1.26 407,090 1,653,367 1.28 434,002 1,717,687 1.29 447,546 1,777,036 1.31 463,682 1,807,130 1.39 441,036 1,837,478 1.42 435,168 1,897,530 1.38 462,419 1,989,341 1.35 494,954 2,028,455 1.39 497,530 2,005,485 1.39 491,466 2,013,911 1.40 494,092 2,011,403 1.38 500,344 2,021,950 1.39 497,905 2,026,626 1.39 499,266 2,026,238 1.39 498,320 2,031,804 1.39 499,033 2,030,396 1.39 498,758 2,028,924 1.39 498,259 2,030,449 1.39 494,479 2,026,902 1.38 500,216 2,028,455 1.39 498,316 2,022,194 1.37 506,105 2,014,074 ����������������������� ����������������������� Inventories 3 Retail Inventory/sales ratio 4 441,609 1.15 487,381 1.15 523,147 1.17 544,044 1.19 576,183 1.22 583,909 1.33 595,265 1.35 613,124 1.30 653,268 1.28 664,316 1.34 660,917 1.34 664,023 1.34 662,742 1.32 667,835 1.34 669,194 1.34 668,942 1.34 669,153 1.34 669,353 1.34 664,751 1.33 664,657 1.34 664,584 1.33 664,316 1.33 660,835 1.31 657,299 ����������������������� 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 trade series released on March 24, 2020. Source: Department of Commerce (Bureau of the Census). 20 Sales 2 318,171 341,913 358,519 371,538 386,620 393,833 404,315 420,575 440,273 455,368 443,937 443,542 450,752 452,232 454,135 455,546 458,974 461,893 459,191 461,047 462,513 462,031 464,818 462,301 Inventories 3 454,597 470,759 505,315 543,376 560,416 587,438 610,966 624,988 653,418 660,202 658,347 661,554 657,520 661,386 663,185 662,015 666,447 665,372 666,261 666,768 660,935 660,202 659,351 657,370 Chart 20 - Mar 2020 Retail and food Inventory/sales services sales 2 ratio 4 1.39 1.35 1.37 1.41 1.43 1.46 1.49 1.47 1.45 1.45 1.48 1.49 1.46 1.46 1.46 1.45 1.45 1.44 1.45 1.45 1.43 1.43 1.42 1.42 357,081 383,192 402,199 416,814 434,638 445,791 459,110 478,384 501,758 519,602 505,843 506,107 513,608 515,545 518,131 520,055 523,922 526,862 524,651 526,420 527,518 527,646 530,930 528,113 Manufacturers’ Shipments, Inventories, and Orders In February, manufacturers’ shipments, inventories and new orders fell, while unfilled orders rose. BILLIONS OF DOLLARS* (RATIO SCALE) 620 580 SHIPMENTS 540 500 460 TOTAL 420 380 BILLIONS OF DOLLARS* (RATIO SCALE) 740 INVENTORIES 700 660 620 TOTAL 580 540 500 DURABLE GOODS 460 340 420 380 300 DURABLE GOODS 260 340 300 220 NONDURABLE GOODS 260 180 NONDURABLE GOODS 220 BILLIONS OF DOLLARS* (RATIO SCALE) 620 580 NEW ORDERS 540 500 460 TOTAL 420 180 RATIO* 1.60 INVENTORY/SHIPMENTS RATIO 1.50 380 340 1.40 300 DURABLE GOODS 260 1.30 220 1.20 1.10 180 2016 2018 2017 2019 2020 2017 2016 2018 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE 2019 COUNCIL OF ECONOMIC ADVISERS Manufacturers’ shipments 1 Manufacturers’ inventories 2 Manufacturers’ new orders 1 Chart 21- Mar 2020 Durable goods Period Total Durable goods 2020 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 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2019: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2020: Jan r ��������� Feb p ��������� 409,273 457,658 474,727 484,145 490,630 459,918 446,225 467,076 499,964 502,874 505,803 506,780 503,881 504,257 504,952 503,617 502,177 500,121 500,488 501,823 504,166 501,166 500,349 190,059 206,591 218,965 224,651 233,077 231,002 226,090 234,463 251,433 253,620 258,592 257,319 253,324 254,487 256,832 253,792 253,325 251,606 251,286 250,832 250,345 250,236 252,429 219,214 251,067 255,762 259,495 257,553 228,916 220,135 232,614 248,531 249,254 247,211 249,461 250,557 249,770 248,120 249,825 248,852 248,515 249,202 250,991 253,821 250,930 247,920 554,328 606,839 624,905 630,267 640,437 635,783 631,247 659,418 682,655 703,937 688,334 691,141 692,729 694,247 695,281 696,204 695,671 697,912 699,024 701,383 703,937 702,008 699,405 321,441 352,710 367,518 370,693 388,039 391,485 379,561 396,648 415,881 435,295 419,350 420,796 422,595 424,560 425,643 427,196 428,293 430,595 432,095 433,799 435,295 434,608 434,498 232,887 254,129 257,387 259,574 252,398 244,298 251,686 262,770 266,774 268,642 268,984 270,345 270,134 269,687 269,638 269,008 267,378 267,317 266,929 267,584 268,642 267,400 264,907 407,992 459,305 475,809 485,611 493,833 453,290 441,061 464,953 499,538 496,511 496,780 503,295 497,166 490,693 493,351 500,153 499,585 495,574 496,644 490,709 500,196 497,488 497,428 188,778 208,238 220,047 226,116 236,280 224,374 220,926 232,339 251,007 247,257 249,569 253,834 246,609 240,923 245,231 250,328 250,733 247,059 247,442 239,718 246,375 246,558 249,508 62,309 71,753 77,674 80,844 81,410 71,502 67,510 73,549 77,915 72,490 75,890 77,840 72,419 68,774 72,246 75,994 73,584 71,028 72,456 68,898 64,484 72,744 73,085 870,922 954,483 1,014,422 1,075,850 1,160,717 1,129,060 1,116,291 1,138,054 1,182,129 1,156,915 1,179,211 1,179,904 1,177,382 1,168,212 1,160,974 1,161,801 1,163,471 1,163,245 1,163,622 1,156,728 1,156,915 1,157,237 1,158,604 1.28 1.29 1.30 1.29 1.31 1.39 1.41 1.37 1.35 1.38 1.36 1.36 1.37 1.38 1.38 1.38 1.39 1.40 1.40 1.40 1.40 1.40 1.40 1 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales. 2 Seasonally adjusted, end of period. 3 Annual data are averages of seasonally adjusted monthly ratios. Note: Manufacturers’ nondurable new orders (not shown) are the same as nondurable shipments. Also, there are no unfilled nondurable orders; data shown for total unfilled orders are durable unfilled orders. Total and durable shipments and inventories include data on semiconductors; new and unfilled orders do not. Source: Department of Commerce (Bureau of the Census). 21 PRICES Producer Prices The producer price index for final demand fell 0.6 percent in February. Prices for final demand goods fell 0.9 percent and prices for final demand services fell 0.3 percent. INDEX, NOV. 2009=100 (RATIO SCALE) INDEX, NOV. 2009=100 (RATIO SCALE) 125 125 SEASONALLY ADJUSTED FINAL DEMAND 120 120 FINAL DEMAND SERVICES 115 115 110 110 FINAL DEMAND FINAL DEMAND GOODS 105 105 100 100 95 95 2014 2015 2016 2018 2017 2019 2020 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR [November 2009=100, except as noted; monthly data seasonally adjusted] Final demand goods Period Rel. imp. 4 ����������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 p ������������������ 2019: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct r ���������� Nov ���������� Dec ����������� 2020: Jan ����������� Feb ����������� Total final demand 1 100.0 101.8 105.7 107.7 109.1 110.9 109.9 110.4 113.0 116.2 118.2 117.2 117.7 118.2 118.4 118.2 118.5 118.6 118.3 118.7 118.6 118.8 119.4 118.7 Total 32.794 102.8 109.9 111.7 112.6 114.0 109.1 107.6 111.2 115.0 115.5 114.7 115.7 116.1 115.9 115.3 115.6 115.3 115.1 115.7 116.1 116.4 116.5 115.4 Foods 2 5.733 103.7 112.5 115.9 117.8 121.6 118.4 115.1 116.5 116.7 118.8 118.0 118.4 118.2 117.8 118.4 118.6 117.9 118.4 120.0 121.4 121.0 121.3 119.3 Energy 5.382 107.2 126.2 126.3 125.3 124.2 98.6 90.4 99.8 110.0 105.1 102.1 106.7 108.7 108.2 104.9 106.0 104.5 103.0 104.9 105.4 107.0 106.2 102.4 Final demand services Less food and energy 21.679 101.4 104.9 106.8 107.9 109.5 109.9 110.7 113.2 116.0 117.6 117.5 117.6 117.7 117.6 117.5 117.7 117.7 117.6 117.7 117.7 117.9 118.2 118.1 Total 65.476 101.3 103.4 105.4 107.1 109.0 110.0 111.5 113.5 116.5 119.1 118.1 118.3 118.9 119.2 119.2 119.4 119.8 119.5 119.7 119.5 119.5 120.3 119.9 Trade 3 20.213 101.7 104.0 106.7 108.2 110.2 111.6 113.1 114.8 116.9 119.7 118.6 118.9 119.7 119.7 119.9 120.1 121.2 120.1 120.7 120.0 119.6 121.0 120.1 Transportation and warehousing 4.727 103.2 110.0 114.2 115.3 117.7 115.3 113.5 115.9 122.0 125.5 124.4 124.2 124.8 125.6 125.7 126.0 125.7 125.5 126.0 125.1 128.2 126.2 125.5 Other 40.536 100.9 102.5 103.9 105.8 107.5 108.7 110.6 112.8 115.8 118.2 117.3 117.5 117.9 118.4 118.3 118.5 118.7 118.7 118.7 118.7 118.7 119.4 119.3 Processed goods Final for intermediate demand demand (1982=100) less foods, energy, Less and food trade Total and (Aug. 2013 energy =100) 2 68.672 ���������������� ���������������� ���������������� ���������������� 101.5 102.1 103.3 105.4 108.4 110.6 109.9 110.0 110.4 110.7 110.6 110.8 110.9 110.9 110.9 110.9 111.1 111.5 111.4 100.0 183.4 199.9 200.7 200.8 201.9 188.0 182.2 190.7 200.9 198.2 199.2 200.3 200.5 199.5 197.5 197.6 196.6 196.4 196.9 197.3 197.4 196.9 195.1 72.828 180.8 192.0 192.6 193.8 195.2 189.4 186.9 193.3 201.8 201.0 202.7 202.4 202.2 201.7 201.1 200.7 200.0 199.7 200.2 199.4 199.1 199.6 199.2 Unprocessed goods Chart 22 - Mar 2020 for intermediate demand (1982=100) Services for intermediNonfood ate materials demand Total less energy 100.0 212.2 249.4 241.4 246.7 249.3 189.1 173.4 190.8 200.1 185.5 189.0 188.9 192.0 186.3 180.8 183.3 180.4 180.4 181.0 186.0 189.0 187.9 173.5 22.073 329.1 390.4 369.6 351.2 345.7 296.0 288.0 324.1 340.7 323.0 333.2 338.5 331.0 318.7 316.9 321.6 319.6 316.6 314.1 312.7 322.5 340.7 335.7 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 2019. Source: Department of Labor (Bureau of Labor Statistics). 22 100.0 101.1 103.2 105.3 107.2 108.9 110.2 112.1 115.0 118.6 121.5 120.3 120.9 121.4 121.5 121.5 121.6 122.1 122.3 121.6 121.7 122.2 122.2 122.1 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 2.3 percent from its year-earlier level. INDEX, 1982-84 = 100 (RATIO SCALE) 280 INDEX, 1982-84 = 100 (RATIO SCALE) 280 SEASONALLY ADJUSTED 270 270 260 260 250 250 CONSUMER PRICES—ALL ITEMS 240 240 230 230 220 220 210 210 200 200 2012 2013 2014 2015 2016 2017 2018 2019 SOURCE: DEPARTMENT OF LABOR 2020 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 ����������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2019: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2020: Jan ����������� Feb ����������� Not seasonally Seasonally adjusted adjusted (NSA) 100.0 218.056 224.939 229.594 232.957 236.736 237.017 240.007 245.120 251.107 255.657 252.776 254.202 255.548 256.092 256.143 256.571 256.558 256.759 257.346 257.208 256.974 257.971 258.678 ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 253.181 254.095 254.943 255.167 255.402 256.087 256.294 256.593 257.229 257.824 258.444 258.820 259.050 All items less food and energy Total 1 79.536 221.337 225.008 229.755 233.806 237.897 242.247 247.602 252.169 257.565 263.211 260.898 261.317 261.835 262.199 262.925 263.587 264.180 264.682 264.987 265.501 265.832 266.476 267.070 Shelter 33.162 248.396 251.646 257.083 263.056 270.513 278.803 288.230 297.803 307.663 318.053 314.047 315.086 316.186 316.988 317.963 318.806 319.406 320.381 320.817 321.622 322.262 323.414 324.439 Medical care 2 8.841 388.436 400.258 414.924 425.134 435.292 446.752 463.675 475.322 484.707 498.413 489.509 491.040 492.660 494.630 495.947 498.223 501.174 502.455 506.695 508.362 510.679 511.579 512.118 Apparel 2.840 119.503 122.111 126.265 127.411 127.514 125.903 126.045 125.612 125.654 124.052 125.671 123.984 123.296 123.338 124.494 124.674 124.783 124.450 122.381 123.075 123.173 123.985 124.524 Food New vehicles 3.746 138.005 141.883 144.232 145.783 146.275 147.135 147.358 146.992 146.287 146.834 146.324 146.948 147.053 147.106 147.052 147.129 146.975 146.858 146.776 146.558 146.690 146.736 146.898 Energy Total 1 At home Away from home 13.783 219.625 227.842 233.777 237.037 242.725 247.235 247.931 250.065 253.558 258.316 257.041 257.610 257.469 258.086 258.337 258.356 258.463 258.930 259.454 259.799 260.199 260.738 261.696 7.593 215.836 226.201 231.774 233.869 239.456 242.250 239.065 238.589 239.661 241.775 241.746 242.360 241.467 242.103 241.876 241.500 241.244 241.521 242.034 242.296 242.399 242.572 243.749 6.190 226.114 231.401 237.986 243.068 248.981 256.101 262.695 268.826 275.893 284.410 281.373 281.887 282.798 283.394 284.316 284.891 285.507 286.246 286.791 287.255 288.078 289.137 289.781 Total 1, 2 6.682 211.449 243.909 246.080 244.409 243.583 202.895 189.535 204.540 219.941 215.294 209.381 215.149 220.374 218.845 214.878 216.806 213.866 212.215 215.917 217.639 221.132 219.561 215.139 Chart 23 - Mar 2020 Gasoline 3.322 238.594 301.694 311.470 302.577 290.889 212.007 187.602 211.770 240.599 232.003 219.133 230.748 241.861 239.600 232.527 236.115 230.488 226.972 233.134 236.012 243.442 239.525 231.454 C-CPI-U (Dec. 1999=100, NSA) 3 ������������������� 125.615 129.453 131.976 ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� 142.571 143.297 144.005 144.288 144.319 144.538 144.535 144.632 144.928 144.818 144.642 145.200 145.596 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 2020. 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 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 p ������������������ 2.8 3.2 1.9 1.2 .9 –1.1 1.7 2.5 2.6 1.3 4.7 4.7 1.4 .8 –1.2 –3.8 1.9 3.5 1.6 1.1 5.3 5.7 4.1 –.8 4.4 –5.2 –1.6 2.0 2.8 .9 12.7 9.2 –1.3 .9 –13.2 –16.4 6.3 10.1 –3.1 3.3 2.4 3.1 1.4 1.3 1.1 –.1 1.7 2.2 2.6 .6 1.7 2.3 2.2 1.3 2.1 .2 1.6 2.1 3.0 1.3 2.1 2.3 3.8 –.4 4.0 .0 1.0 1.8 3.1 .4 4.3 6.7 2.7 2.0 .8 –3.5 1.1 2.3 6.5 2.6 1.3 1.8 1.4 2.0 1.4 .8 2.0 2.3 2.6 1.6 ����������� ����������� ����������� ����������� 1.3 .3 1.8 2.3 2.8 1.5 6.4 5.7 .4 .1 –2.6 –6.6 1.8 5.0 2.8 –1.7 4.7 3.8 .6 .7 –.1 –3.8 1.6 3.6 3.5 –1.9 16.1 6.6 1.4 –1.9 –8.7 –25.3 13.0 5.0 3.7 –7.3 27.6 2.4 –1.6 –5.6 –5.3 –18.5 13.7 8.5 2.9 –5.3 0.2 .1 .4 .3 –.1 .2 .1 .0 .0 .0 .2 .4 –.1 0.2 .6 .1 –.5 –1.0 .1 –.5 –.1 .3 .2 .1 –.3 –.9 –0.2 –.1 –.1 –.2 –.3 –.2 –.3 –.2 .3 –.4 –.2 .3 –.2 –2.5 –.1 1.6 –3.0 –3.0 1.4 –1.6 .0 .3 2.8 1.6 –.6 –7.7 –0.2 1.6 –2.2 –3.7 –.6 1.5 –.6 –.9 –.8 –.4 3.1 5.6 –1.5 1.4 ����������� ����������� ������������ 2.0 3.8 6.9 2.1 2.9 1.9 1.6 1.9 1.0 1.3 .8 1.6 1.8 1.6 1.2 1.8 .5 –.9 –4.3 .9 2.6 .5 –1.4 1.4 2.9 2.4 3.3 1.8 3.1 2.8 3.4 2.6 1.8 1.7 .4 2.2 Change, month to month 2019: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct r ���������� Nov r ��������� Dec ����������� 2020: Jan ����������� Feb p ��������� 0.2 .4 .4 .2 –.2 .3 .1 –.3 .3 –.1 .2 .5 –.6 0.3 .9 .3 –.2 –.5 .3 –.3 –.2 .5 .3 .3 .1 –.9 –0.2 .3 –.2 –.3 .5 .2 –.6 .4 1.4 1.2 –.3 .2 –1.6 2.3 4.5 1.9 –.5 –3.0 1.0 –1.4 –1.4 1.8 .5 1.5 –.7 –3.6 0.1 .1 .1 –.1 –.1 .2 .0 –.1 .1 .0 .2 .3 –.1 0.2 .2 .5 .3 .0 .2 .3 –.3 .2 –.2 .0 .7 –.3 0.0 .3 .7 .0 .2 .2 .9 –.9 .5 –.6 –.3 1.2 –.7 –0.6 –.2 .5 .6 .1 .2 –.2 –.2 .4 –.7 2.5 –1.6 –.6 0.3 .2 .3 .4 –.1 .2 .2 .0 .0 .0 .0 .6 –.1 0.0 .5 .4 .1 .0 .1 .4 .2 –.6 .1 .4 .0 –.1 1.9 2.0 2.4 2.1 1.6 1.6 1.9 1.5 1.0 1.1 1.3 2.1 1.3 .7 1.2 1.7 .8 .0 .3 –.1 –.5 –.6 .2 1.1 1.8 .5 2.4 2.3 2.7 2.7 2.3 2.3 2.7 2.3 1.9 1.4 1.3 2.0 1.5 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 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 1.5 3.0 1.7 1.5 .8 .7 2.1 2.1 1.9 2.3 0.8 2.2 1.9 1.7 1.6 2.1 2.2 1.8 2.2 2.3 0.4 1.9 2.2 2.5 2.9 3.2 3.6 3.2 3.2 3.2 3.3 3.5 3.2 2.0 3.0 2.6 4.1 1.8 2.0 4.6 –1.1 4.6 1.8 .6 –2.0 –.9 –.1 –1.6 –.1 –1.2 2019: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2020: Jan ����������� Feb ����������� 0.2 .4 .3 .1 .1 .3 .1 .1 .2 .2 .2 .1 .1 0.1 .2 .2 .1 .3 .3 .2 .2 .1 .2 .1 .2 .2 0.3 .3 .3 .3 .3 .3 .2 .3 .1 .3 .2 .4 .3 0.0 .3 .3 .4 .3 .5 .6 .3 .8 .3 .5 .2 .1 0.1 –1.3 –.6 .0 .9 .1 .1 –.3 –1.7 .6 .1 .7 .4 –0.2 3.2 1.6 .4 .5 .2 .3 –.5 –.3 .1 1.5 4.7 1.8 1.1 3.4 .8 –.2 1.6 1.6 1.8 1.7 6.0 1.3 .4 3.7 –.4 –2.0 .9 .6 .7 1.3 2.9 2.5 2.1 3.0 2.6 2.3 2.5 2.8 3.1 7.7 6.6 .5 .5 –10.6 –12.6 5.4 6.9 –.3 3.4 13.8 9.9 1.7 –1.0 –21.0 –19.7 9.1 10.7 –2.1 7.9 1.3 2.9 1.5 1.3 .5 .4 1.8 1.7 1.5 2.1 ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� �������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� 1.6 3.2 2.1 1.5 1.6 .1 1.3 2.1 2.4 1.8 0.4 .3 –.4 .3 –.1 –.2 –.1 .1 .2 .1 .0 .1 .5 0.4 .2 .3 .2 .3 .2 .2 .3 .2 .2 .3 .4 .2 1.4 2.8 2.4 –.7 –1.8 .9 –1.4 –.8 1.7 .8 1.6 –.7 –2.0 3.2 5.3 4.8 –.9 –3.0 1.5 –2.4 –1.5 2.7 1.2 3.1 –1.6 –3.4 0.4 .5 .5 .2 .0 .2 .0 .1 .2 –.1 –.1 .4 .3 ������������� 0.9 ������������� ������������� 3.0 ������������� ������������� 1.8 ������������� ������������� 2.4 ������������� ������������� 0.8 2.3 3.8 3.2 2.1 1.8 1.8 1.9 1.8 2.4 2.9 2.5 1.9 1.0 1.5 1.7 2.0 2.2 2.8 2.5 2.0 1.8 2.1 2.4 2.1 2.2 1.5 1.9 2.0 1.8 1.6 1.8 1.7 1.7 1.8 2.1 2.3 2.5 2.3 Change, month to month –0.1 .4 .1 .0 .0 .1 –.1 –.1 –.1 –.1 .1 .0 .1 0.4 .2 –.1 .2 .1 .0 .0 .2 .2 .1 .2 .2 .4 1 Includes other items not shown separately. 2 Commodities and services. 3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices. 4 Quarterly changes are shown in the last month of the quarter. Source: Department of Labor (Bureau of Labor Statistics). 24 Prices Received and Paid by Farmers In February, prices received by farmers rose 1.8 percent and prices paid by farmers fell 0.3 percent. (Data are not seasonally adjusted.) INDEX, 2011=100 (RATIO SCALE) 130 INDEX, 2011=100 (RATIO SCALE) 130 120 120 PRICES PAID 110 110 100 100 90 90 80 80 PRICES RECEIVED 70 70 60 60 RATIO1 RATIO1 140 140 120 120 RATIO 100 100 80 80 60 60 2012 2014 2013 2015 2016 2018 2017 2020 2019 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 2010 ��������������������������������������������������� 2011 ��������������������������������������������������� 2012 ��������������������������������������������������� 2013 ��������������������������������������������������� 2014 ��������������������������������������������������� 2015 ��������������������������������������������������� 2016 ��������������������������������������������������� 2017 ��������������������������������������������������� 2018 ��������������������������������������������������� 2019 r ������������������������������������������������� 2019: Feb r ���������������������������������������� Mar r ��������������������������������������� Apr r ���������������������������������������� May r ��������������������������������������� June r �������������������������������������� July r ��������������������������������������� Aug r ���������������������������������������� Sept r ��������������������������������������� Oct r ����������������������������������������� Nov r ���������������������������������������� Dec r ���������������������������������������� 2020: Jan r ���������������������������������������� Feb p ���������������������������������������� Agricultural production 86.8 100.0 105.0 107.0 107.9 99.2 90.2 93.5 90.5 90.9 90.3 93.2 93.7 92.7 93.8 91.4 91.8 88.1 85.9 90.3 90.7 88.8 90.4 Crop production 87.0 100.0 107.0 105.7 92.3 87.0 85.5 86.4 86.1 86.5 85.1 87.7 85.8 85.0 89.9 89.3 89.8 88.9 83.1 85.1 85.3 82.3 85.9 Chart 25 - Mar 2020 Prices paid by farmers Livestock production 85.7 100.0 102.5 108.5 128.7 113.4 94.4 100.1 94.1 95.7 95.2 98.0 100.5 99.2 97.4 93.7 93.8 87.4 90.4 97.1 97.2 98.4 94.8 All commodities, services, interest, taxes, and wage rates (PPITW) 2 90.0 100.0 104.4 106.3 112.0 110.7 105.8 106.5 109.1 110.2 110.6 110.7 111.3 110.7 110.2 110.3 109.5 109.1 109.8 110.0 110.1 110.3 110.0 Production items, interest, taxes, and wage rates (PITW) 89.0 100.0 104.8 106.7 113.1 111.6 105.7 106.2 108.7 109.7 110.3 110.4 110.9 110.2 109.6 109.7 108.7 108.3 109.0 109.3 109.5 109.6 109.2 Production items 87.7 100.0 105.4 107.4 114.1 112.0 104.7 104.5 106.4 106.8 107.5 107.6 108.4 107.6 106.9 106.8 105.7 105.1 105.9 106.2 106.5 106.4 105.9 Ratio of prices received by farmers to PPITW 96 100 100 100 96 90 85 87 83 82 81 84 85 84 85 83 84 81 78 82 83 81 82 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) BILLIONS OF DOLLARS* (RATIO SCALE) 16,400 16,400 14,800 14,000 13,200 12,400 11,600 10,800 10,000 14,800 14,000 13,200 12,400 11,600 10,800 10,000 M2 9,200 9,200 8,400 8,400 7,600 7,600 6,800 6,800 6,000 6,000 5,200 5,200 4,400 4,400 4,000 4,000 M1 3,600 3,600 3,200 3,200 2,800 2,800 2,400 2,400 2,000 2,000 1,600 1,600 2012 2013 2014 2015 2016 2017 2018 2019 *AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 2020 COUNCIL OF ECONOMIC ADVISERS [Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted] Period 2010: Dec r ���������������������������������������� 2011: Dec r ���������������������������������������� 2012: Dec r ���������������������������������������� 2013: Dec r ���������������������������������������� 2014: Dec r ���������������������������������������� 2015: Dec r ���������������������������������������� 2016: Dec r ���������������������������������������� 2017: Dec r ���������������������������������������� 2018: Dec r ���������������������������������������� 2019: Dec r ���������������������������������������� 2019: Feb ������������������������������������������ Mar r ��������������������������������������� Apr ������������������������������������������ May ����������������������������������������� June r �������������������������������������� July ����������������������������������������� Aug ����������������������������������������� Sept r ��������������������������������������� Oct r ����������������������������������������� Nov r ���������������������������������������� Dec r ���������������������������������������� 2020: 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 1,836.7 2,164.2 2,461.2 2,664.5 2,940.3 3,093.8 3,339.8 3,607.3 3,746.5 3,978.6 3,759.7 3,730.0 3,781.0 3,792.5 3,832.9 3,858.3 3,853.5 3,903.5 3,923.5 3,948.5 3,978.6 3,982.4 4,019.7 8,789.3 9,651.1 10,445.7 11,015.0 11,668.0 12,330.1 13,198.9 13,835.6 14,351.7 15,318.5 14,464.4 14,511.8 14,558.3 14,653.2 14,780.7 14,860.9 14,933.8 15,025.1 15,154.8 15,259.3 15,318.5 15,438.8 15,536.0 37,487.1 38,694.9 40,380.1 41,788.2 43,466.1 45,195.5 47,176.0 49,268.8 51,873.7 54,347.3 ��������������������������������������������� 52,646.4 ��������������������������������������������� ��������������������������������������������� 53,052.4 ��������������������������������������������� ��������������������������������������������� 53,887.7 ��������������������������������������������� ��������������������������������������������� 54,347.3 ��������������������������������������������� ��������������������������������������������� Percent change Chart 26 - Mar 2020 From previous period 4 From year or 6 months earlier 3 M1 M2 8.5 17.8 13.7 8.3 10.4 5.2 8.0 8.0 3.9 6.2 4.0 1.4 3.3 5.1 4.6 6.3 5.0 9.3 7.5 8.2 7.6 6.4 8.6 Debt 3.6 9.8 8.2 5.5 5.9 5.7 7.0 4.8 3.7 6.7 3.8 4.0 4.5 5.7 6.0 5.9 6.5 7.1 8.2 8.3 7.3 7.8 8.1 4.4 3.6 4.8 3.8 4.1 4.4 4.5 4.2 4.7 4.8 ������������������������������� 6.0 ������������������������������� ������������������������������� 3.1 ������������������������������� ������������������������������� 6.3 ������������������������������� ������������������������������� 3.4 ������������������������������� ������������������������������� 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 2010: Dec ����������� 2011: Dec ����������� 2012: Dec ����������� 2013: Dec ����������� 2014: Dec ����������� 2015: Dec ����������� 2016: Dec ����������� 2017: Dec ����������� 2018: Dec ����������� 2019: Dec r ��������� 2019: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 2020: Jan r ��������� Feb p ��������� Currency 918.8 1,001.6 1,090.7 1,160.7 1,253.2 1,339.5 1,420.9 1,525.0 1,624.8 1,710.8 1,633.5 1,637.2 1,645.2 1,650.8 1,657.8 1,666.6 1,674.2 1,685.0 1,693.4 1,703.3 1,710.8 1,720.4 1,722.8 Nonbank travelers checks Other checkable deposits (OCDs) Demand deposits At commercial banks Total 4.7 4.3 3.8 3.5 2.9 2.5 2.2 1.9 1.7 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 516.5 751.3 926.8 1,033.8 1,199.3 1,237.1 1,369.6 1,487.0 1,492.9 1,592.5 1,498.2 1,458.4 1,487.9 1,493.8 1,527.1 1,534.6 1,521.0 1,553.5 1,562.7 1,579.7 1,592.5 1,587.5 1,619.1 396.7 407.1 439.8 466.4 484.9 514.8 547.2 593.4 627.1 675.3 628.0 634.4 647.9 647.9 648.0 657.1 658.2 664.9 667.4 665.4 675.3 674.5 677.7 At thrift institutions 233.3 231.1 243.2 255.6 265.2 276.6 288.8 306.4 333.4 367.4 341.9 342.8 353.6 353.8 351.7 361.5 358.1 364.4 365.1 362.7 367.4 363.8 365.4 163.4 176.0 196.7 210.7 219.7 238.2 258.4 287.0 293.7 307.9 286.2 291.6 294.3 294.1 296.3 295.6 300.1 300.5 302.3 302.7 307.9 310.7 312.4 Savings deposits (including MMDAs) Small-denomination time deposits 1 At commercial banks At commercial banks Total 5,331.5 6,033.6 6,683.3 7,128.2 7,573.0 8,169.7 8,814.5 9,110.3 9,260.9 9,768.9 9,277.4 9,325.4 9,298.4 9,373.2 9,441.1 9,477.3 9,542.0 9,568.6 9,657.2 9,726.4 9,768.9 9,882.4 9,934.9 4,412.3 5,037.6 5,727.5 6,108.1 6,495.8 7,026.4 7,556.1 7,813.1 7,926.4 8,420.7 7,947.3 7,981.3 7,961.5 8,029.7 8,100.0 8,138.8 8,203.7 8,229.1 8,309.1 8,379.9 8,420.7 8,532.8 8,575.6 At thrift institutions 919.2 996.0 955.8 1,020.1 1,077.2 1,143.3 1,258.4 1,297.2 1,334.6 1,348.2 1,330.1 1,344.1 1,336.9 1,343.5 1,341.1 1,338.5 1,338.3 1,339.5 1,348.2 1,346.5 1,348.2 1,349.6 1,359.3 Total 934.4 776.9 645.8 570.4 523.4 413.2 353.3 414.1 532.9 591.1 570.6 587.3 597.8 598.8 605.8 605.9 605.8 603.9 600.6 596.7 591.1 585.6 577.5 663.9 548.3 469.0 425.9 391.4 302.6 251.5 302.4 425.3 463.6 457.6 470.4 479.1 479.6 484.5 483.1 481.6 478.2 473.6 469.1 463.6 461.0 454.0 Retail money funds At thrift institutions 270.5 228.6 176.8 144.5 132.0 110.6 101.8 111.7 107.6 127.5 112.9 116.9 118.7 119.2 121.3 122.8 124.2 125.7 127.0 127.6 127.5 124.5 123.6 686.7 676.3 655.4 652.0 631.3 653.3 691.3 703.8 811.5 979.9 856.7 869.2 881.0 888.7 900.9 919.4 932.5 949.1 973.4 987.7 979.9 988.5 1,003.9 Institutional money funds 2 1,885.1 1,751.2 1,730.4 1,764.7 1,793.4 1,822.5 1,742.3 1,829.4 1,861.9 2,251.8 1,906.4 1,929.5 1,942.1 1,974.4 2,024.3 2,084.8 2,125.5 2,159.6 2,203.7 2,240.5 2,251.8 2,270.0 2,262.3 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 2010: Dec ������������ 2011: Dec ������������ 2012: Dec ������������ 2013: Dec ������������ 2014: Dec ������������ 2015: Dec ������������ 2016: Dec ������������ 2017: Dec ������������ 2018: Dec ������������ 2019: Dec ������������ 2019: Feb ������������ Mar ����������� Apr ������������ May ����������� June ���������� July ����������� Aug ����������� Sept ���������� Oct ������������ Nov ����������� Dec ������������ 2020: Jan ������������ Feb p ���������� To satisfy reserve balance requirements 2 That exceed the top of the penalty-free band 1,035,074 ������������������ ������������������ 1,550,043 ������������������ ������������������ 1,517,425 ������������������ ������������������ 2,485,248 75,713 2,409,535 2,606,700 90,852 2,515,848 2,419,774 97,981 2,321,793 2,031,007 116,285 1,914,722 2,244,274 135,719 2,108,555 1,691,394 135,698 1,555,696 1,630,090 152,562 1,477,528 1,645,233 137,128 1,508,105 1,661,297 140,926 1,520,371 1,559,450 142,641 1,416,809 1,511,285 147,792 1,363,493 1,535,857 148,025 1,387,832 1,513,550 148,191 1,365,359 1,520,876 147,555 1,373,321 1,439,771 147,498 1,292,273 1,481,513 148,050 1,333,462 1,529,341 154,256 1,375,085 1,630,090 152,562 1,477,528 1,645,384 158,765 1,486,619 1,656,989 151,612 1,505,377 Reserve balance requirements 3 28,438 47,838 58,675 69,030 82,770 89,313 105,944 123,720 123,703 138,984 125,129 128,423 130,120 134,717 134,908 135,103 134,639 134,707 134,998 140,705 138,984 144,816 138,370 Borrowings from the Federal Reserve Vault cash used to satisfy required reserves 42,927 48,672 52,959 55,771 59,236 61,413 64,280 65,549 68,462 68,255 68,450 64,640 64,455 65,024 65,452 65,065 65,969 65,035 65,623 65,881 68,255 69,835 69,954 Nonborrowed 4 1,032,512 1,589,189 1,569,588 2,540,849 2,665,835 2,481,082 2,095,247 2,309,747 1,759,780 1,698,323 1,713,664 1,725,923 1,623,875 1,576,254 1,601,229 1,578,495 1,586,727 1,504,704 1,547,073 1,595,196 1,698,323 1,715,213 1,726,939 Monetary base 5 2,017,000 2,619,586 2,675,945 3,717,450 3,934,455 3,835,810 3,531,565 3,850,969 3,400,747 3,426,483 3,353,467 3,381,455 3,286,650 3,244,460 3,274,825 3,260,316 3,271,378 3,202,668 3,252,807 3,315,551 3,426,483 3,442,603 3,454,504 Total 6 45,488 9,526 795 170 102 106 39 75 76 21 19 15 30 56 80 120 117 101 63 26 21 6 3 Primary Secondary 41 103 12 13 22 38 13 43 18 10 7 7 14 18 20 9 16 15 4 4 10 5 3 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Seasonal 26 23 23 59 80 67 25 33 58 11 12 8 15 38 60 111 101 86 59 22 11 1 0 Term assetbacked securities loan facility 7 25,025 9,400 760 98 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 Data are prorated averages of biweekly (maintenance period) averages of daily figures. 2 Equals the sum of balances maintained up to the top of each institution’s penalty-free band. 3 Excludes vault cash used to satisfy required reserves. 4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve. 5 Equals total balances maintained plus currency in circulation (not shown). 6 Includes term auction credit (December 2007 to April 2010), primary dealer and other broker-dealer credit (March 2008 to February 2010), credit extended to American International Group, Inc. (September 2008 to January 2011), asset-backed commercial paper money market mutual fund liquidity facility (September 2008 to February 2010), and other credit extensions, not shown separately. 7 Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility. Note: Data reflect the creation of a penalty-free band around reserve balance requirements which took effect June 27, 2013. See H.3 release of July 11, 2013. Source: Board of Governors of the Federal Reserve System. 27 Bank Credit at All Commercial Banks Total commercial bank loans and leases rose 0.4 percent in February. BILLIONS OF DOLLARS* (RATIO SCALE) 16,000 ALL COMMERCIAL BANKS 14,000 BILLIONS OF DOLLARS* (RATIO SCALE) 16,000 14,000 TOTAL 12,000 12,000 10,000 9,000 8,000 10,000 9,000 8,000 LOANS AND LEASES 7,000 7,000 6,000 6,000 5,000 5,000 4,000 4,000 U.S. TREASURY AND AGENCY SECURITIES 3,000 3,000 2,000 2,000 1,600 1,600 1,200 1,200 800 800 OTHER SECURITIES 400 400 2012 2013 2014 2015 2016 2017 2018 2019 *SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 2020 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars, seasonally adjusted 1] Securities in bank credit 2 Period 2010: Dec r ��������� 2011: Dec r ��������� 2012: Dec r ��������� 2013: Dec r ��������� 2014: Dec r ��������� 2015: Dec r ��������� 2016: Dec r ��������� 2017: Dec r ��������� 2018: Dec r ��������� 2019: Dec r ��������� 2019: Feb r ��������� Mar r �������� Apr r ��������� May r �������� June r ������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 2020: Jan r ��������� Feb p ��������� Total bank credit 8,982.9 9,108.1 9,626.4 9,828.0 10,539.7 11,342.4 12,075.8 12,535.9 13,063.4 13,847.2 13,213.7 13,276.0 13,343.1 13,401.0 13,468.9 13,519.9 13,610.9 13,694.3 13,732.4 13,807.1 13,847.2 13,872.4 13,947.7 Total securities 2,426.9 2,493.4 2,733.9 2,722.1 2,932.4 3,110.5 3,310.7 3,433.3 3,494.6 3,827.0 3,543.4 3,565.1 3,609.6 3,626.1 3,656.2 3,681.7 3,727.8 3,789.8 3,799.3 3,833.3 3,827.0 3,835.7 3,869.8 U.S. Treasury and agency securities 1,641.0 1,699.1 1,872.8 1,809.2 2,040.2 2,224.6 2,409.5 2,521.7 2,663.8 3,001.5 2,713.7 2,736.3 2,771.3 2,792.6 2,825.8 2,856.5 2,905.1 2,967.8 2,982.8 3,011.4 3,001.5 3,011.5 3,035.9 Loans and leases in bank credit Other securities 785.9 794.4 861.1 912.9 892.2 885.9 901.2 911.6 830.8 825.5 829.6 828.8 838.3 833.4 830.4 825.2 822.7 822.0 816.4 821.9 825.5 824.2 833.8 Total loans and leases 3 6,556.0 6,614.7 6,892.5 7,105.9 7,607.2 8,231.9 8,765.1 9,102.5 9,568.8 10,020.2 9,670.3 9,710.9 9,733.5 9,774.9 9,812.7 9,838.2 9,883.1 9,904.5 9,933.2 9,973.8 10,020.2 10,036.8 10,078.0 Commercial and industrial loans 1,192.5 1,303.8 1,474.5 1,574.3 1,773.3 1,953.0 2,083.0 2,103.3 2,299.2 2,356.3 2,330.2 2,343.2 2,342.7 2,344.7 2,350.6 2,357.7 2,371.2 2,363.7 2,356.4 2,360.0 2,356.3 2,354.8 2,359.1 Chart 28 - Mar 2020 Real estate loans Total 4 3,613.5 3,495.0 3,550.7 3,531.8 3,638.7 3,871.2 4,117.1 4,287.5 4,414.1 4,611.9 4,444.9 4,461.0 4,475.6 4,494.2 4,506.3 4,515.2 4,527.2 4,541.3 4,558.3 4,579.1 4,611.9 4,623.7 4,638.5 Revolving home equity loans 581.6 549.6 515.2 473.7 457.8 440.6 410.7 381.5 349.2 321.1 347.1 344.6 342.4 339.7 337.1 334.2 331.8 329.0 326.0 323.7 321.1 318.8 316.0 Commercial loans 1,500.5 1,418.4 1,428.4 1,498.3 1,605.4 1,781.0 1,962.4 2,085.3 2,186.6 2,315.7 2,204.9 2,213.3 2,223.1 2,236.7 2,242.1 2,246.4 2,256.8 2,269.3 2,279.3 2,292.1 2,315.7 2,327.5 2,339.5 Consumer loans 5 1,107.3 1,086.3 1,102.6 1,128.1 1,186.6 1,258.7 1,355.5 1,427.1 1,497.5 1,589.5 1,513.4 1,520.7 1,529.1 1,537.1 1,543.3 1,550.5 1,557.8 1,563.5 1,575.0 1,583.2 1,589.5 1,596.1 1,604.0 All other loans and leases 6 642.7 729.6 764.7 871.7 1,008.6 1,149.1 1,209.4 1,284.7 1,357.9 1,462.4 1,381.9 1,386.0 1,386.1 1,398.9 1,412.5 1,414.8 1,427.0 1,436.1 1,443.5 1,451.6 1,462.4 1,462.2 1,476.4 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 2010 r ������������������ 2011 r ������������������ 2012 r ������������������ 2013 r ������������������ 2014 r ������������������ 2015 r ������������������ 2016 r ������������������ 2017 r ������������������ 2018 r ������������������ 2019 p ������������������ 2017: I r �������������� II r ������������� III r ������������ IV r ������������ 2018: I r �������������� II r ������������� III r ������������ IV r ������������ 2019: I r �������������� II r ������������� III r ������������ IV p ����������� Internal 1 2,180.6 2,666.8 2,805.5 2,851.3 3,323.5 3,349.9 3,027.2 2,460.0 2,539.5 ����������������� 2,059.8 2,436.1 2,875.9 2,468.1 2,508.8 2,191.4 2,915.1 2,542.5 2,845.3 ����������������� ����������������� ����������������� 1,693.3 1,772.9 1,820.6 1,925.5 1,942.0 1,936.9 1,855.9 1,767.5 2,105.4 2,168.3 1,921.8 1,949.7 2,018.8 1,179.6 2,146.0 2,074.8 2,075.5 2,125.1 2,090.1 2,175.0 2,176.1 2,232.0 Total net funds raised Total 487.3 893.9 984.9 925.8 1,381.5 1,413.0 1,171.3 692.5 434.1 ����������������� 138.0 486.4 857.1 1,288.5 362.8 116.6 839.6 417.4 755.2 ����������������� ����������������� ����������������� –306.7 –135.5 –5.0 19.5 54.7 26.6 –284.4 222.9 –252.2 50.0 253.2 389.7 168.0 80.7 –44.7 –691.6 269.5 –542.3 77.6 290.5 105.6 –273.9 Net new equity issues –250.7 –454.6 –344.9 –352.9 –394.5 –549.6 –576.8 –320.8 –529.7 –408.5 –359.3 –220.5 –474.4 –229.1 –376.3 –805.3 –185.6 –751.4 –690.5 –147.0 –470.7 –326.0 Credit market instruments Total Securities and mortgages Loans and short-term paper 112.3 78.7 206.7 268.0 250.9 483.8 274.3 334.5 206.9 309.0 476.4 277.3 353.7 230.1 283.4 109.7 262.5 172.1 442.0 336.7 455.0 2.5 –168.4 240.3 133.3 104.5 198.3 92.5 18.2 209.4 70.5 149.5 136.1 332.9 288.7 79.6 48.2 4.1 192.5 37.1 326.2 100.8 121.3 49.6 –56.1 319.1 339.9 372.4 449.2 576.2 292.4 543.7 277.4 458.5 612.5 610.3 642.4 309.8 331.6 113.8 455.1 209.2 768.1 437.5 576.3 52.0 Other 2 342.9 250.0 468.8 370.0 652.0 687.9 637.4 10.0 319.5 669.4 –694.6 –311.8 691.7 354.8 50.8 356.6 358.7 512.0 1,009.2 548.7 544.2 575.7 Total 1,855.7 1,793.6 1,918.5 2,383.9 2,495.6 3,062.2 2,730.8 2,436.3 2,369.8 2,836.8 1,981.6 2,349.2 3,608.1 1,806.5 2,775.9 2,186.1 2,252.0 2,265.4 2,109.8 2,953.8 3,317.9 2,965.5 Capital expenditures 3 1,300.4 1,425.0 1,611.3 1,676.0 1,822.0 1,925.1 1,779.7 1,887.4 2,051.0 2,130.9 1,831.9 1,857.3 1,927.4 1,932.9 1,984.7 1,988.5 2,094.0 2,136.8 2,176.2 2,145.2 2,127.2 2,074.9 Increase in financial assets 555.3 368.6 307.2 707.9 673.6 1,137.1 951.1 548.9 318.8 705.9 149.7 491.9 1,680.7 –126.4 791.2 197.6 158.0 128.6 –66.4 808.6 1,190.7 890.6 Discrepancy (sources less uses) 36.1 293.2 555.7 118.9 338.7 2.6 –112.7 –187.1 34.5 253.8 –183.8 –50.8 –488.0 –25.6 –414.6 –490.4 906.0 136.8 1,387.9 335.6 –379.0 –329.4 1 Profits before tax (book) less taxes on corporate income, less net dividends, plus capital consumption allowance (consumption of fixed capital plus capital consumption adjustment), foreign earnings retained abroad, inventory valuation adjustment, and net capital transfers. 2 Includes trade payables, taxes payable, and miscellaneous liabilities (foreign direct investment in the U.S., pension fund contributions payable, and other). 3 Nonresidential fixed investment plus residential fixed investment, inventory change with inventory valuation adjustment, and nonproduced nonfinancial assets. Source: Board of Governors of the Federal Reserve System. Consumer Credit [Billions of dollars; seasonally adjusted] Net change in consumer credit outstanding 1 Consumer credit outstanding (end of period) Period Total 2010: Dec r ���������������������������������������� 2011: Dec r ���������������������������������������� 2012: Dec r ���������������������������������������� 2013: Dec r ���������������������������������������� 2014: Dec r ���������������������������������������� 2015: Dec r ���������������������������������������� 2016: Dec r ���������������������������������������� 2017: Dec r ���������������������������������������� 2018: Dec r ���������������������������������������� 2019: Dec r ���������������������������������������� 2019: Feb r ���������������������������������������� Mar r ��������������������������������������� Apr r ���������������������������������������� May r ��������������������������������������� June r �������������������������������������� July r ��������������������������������������� Aug r ���������������������������������������� Sept r ��������������������������������������� Oct r ����������������������������������������� Nov r ���������������������������������������� Dec r ���������������������������������������� 2020: Jan r ���������������������������������������� Feb p ���������������������������������������� Nonrevolving 2 Revolving 2,646.8 2,756.4 2,913.2 3,090.9 3,311.9 3,410.3 3,643.4 3,829.0 4,010.7 4,191.1 4,044.2 4,056.4 4,073.7 4,088.3 4,100.1 4,123.1 4,138.6 4,149.3 4,162.7 4,170.1 4,191.1 4,203.2 4,225.5 839.1 840.3 840.2 854.4 887.7 907.2 968.5 1,022.9 1,054.6 1,094.3 1,062.3 1,061.2 1,067.9 1,072.3 1,073.5 1,084.8 1,084.8 1,085.0 1,088.0 1,082.9 1,094.3 1,091.9 1,096.1 1,807.7 1,916.1 2,073.1 2,236.5 2,424.2 2,503.1 2,674.9 2,806.1 2,956.1 3,096.8 2,982.0 2,995.1 3,005.8 3,016.0 3,026.6 3,038.3 3,053.8 3,064.3 3,074.7 3,087.2 3,096.8 3,111.3 3,129.4 Total Nonrevolving 2 Revolving 91.8 109.6 156.8 177.7 221.0 98.4 233.1 185.6 181.7 180.4 16.2 12.2 17.3 14.6 11.8 23.0 15.5 10.7 13.4 7.4 21.0 12.1 22.3 –77.0 1.2 –.1 14.2 33.3 19.5 61.3 54.4 31.7 39.7 3.8 –1.1 6.7 4.4 1.2 11.3 .0 .2 3.0 –5.1 11.4 –2.4 4.2 168.8 108.4 157.0 163.4 187.7 78.9 171.8 131.2 150.0 140.7 12.5 13.1 10.7 10.2 10.6 11.7 15.5 10.5 10.4 12.5 9.6 14.5 18.1 1 Change based on data in billions of dollars as shown here. For year-end data, change from preceding year-end; for monthly data, change from preceding month. 2 Includes automobile loans and all other loans not included in revolving credit, such as loans for mobile homes, education, boats, trailers, or vacations. These loans may be secured or unsecured. Note: Data include student loans extended by the Federal Government and by SLM Holding Corporation. Source: Board of Governors of the Federal Reserve System. 29 Interest Rates and Bond Yields Interest rates were mixed in March. PERCENT PER ANNUM 10 PERCENT PER ANNUM 10 8 8 6 6 CORPORATE Aaa BONDS (MOODY'S) 4 4 TREASURY BILLS 2 2 FEDERAL FUNDS RATE 0 0 2012 2013 2014 2015 2016 2017 2018 2019 SOURCE: SEE TABLE BELOW 2020 COUNCIL OF ECONOMIC ADVISERS [Percent per annum] Chart 30 - Mar 2020 U.S. Treasury security yields Period 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2019: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2020: Jan ����������� Feb ����������� Mar ���������� Week ended: 2020: Mar 7 ������� 14 ������� 21 ������� 28 ������� Apr 4 ������� 3-month bills (at auction) 1 Constant maturities 2 3-year 10-year 30-year High-grade municipal bonds (Standard & Poor’s) 3 Corporate Aaa bonds (Moody’s) Discount window primary credit (N.Y. F.R. Bank) 4 Prime rate charged by banks 4 Federal funds rate 5 New-home mortgage yields (FHFA) 6 0.14 .06 .09 .06 .03 .06 .33 .94 1.94 2.08 2.41 2.38 2.35 2.20 2.13 1.97 1.93 1.68 1.55 1.54 1.53 1.54 .46 1.11 .75 .38 .54 .90 1.02 1.00 1.58 2.63 1.94 2.37 2.31 2.16 1.78 1.80 1.51 1.59 1.53 1.61 1.63 1.52 1.31 .50 3.22 2.78 1.80 2.35 2.54 2.14 1.84 2.33 2.91 2.14 2.57 2.53 2.40 2.07 2.06 1.63 1.70 1.71 1.81 1.86 1.76 1.50 .87 4.25 3.91 2.92 3.45 3.34 2.84 2.59 2.89 3.11 2.58 2.98 2.94 2.82 2.57 2.57 2.12 2.16 2.19 2.28 2.30 2.22 1.97 1.46 4.16 4.29 3.14 3.96 3.78 3.48 3.07 3.36 3.53 3.38 3.43 3.27 3.11 2.87 3.32 3.61 3.57 3.67 3.26 3.26 3.00 2.66 3.07 4.94 4.64 3.67 4.24 4.16 3.89 3.67 3.74 3.93 3.39 3.77 3.69 3.67 3.42 3.29 2.98 3.03 3.01 3.06 3.01 2.94 2.78 3.02 0.72 .75 .75 .75 .75 .76 1.01 1.60 2.41 2.78 3.00 3.00 3.00 3.00 3.00 2.75 2.50 2.25 2.25 2.25 2.25 2.25 .25 3.25 3.25 3.25 3.25 3.25 3.26 3.51 4.10 4.91 5.28 5.50 5.50 5.50 5.50 5.50 5.25 5.00 4.75 4.75 4.75 4.75 4.75 3.25 0.18 .10 .14 .11 .09 .13 .39 1.00 1.83 2.16 2.41 2.42 2.39 2.38 2.40 2.13 2.04 1.83 1.55 1.55 1.55 1.58 .65 4.80 4.56 3.69 4.00 4.22 4.01 3.76 3.97 4.53 ������������������������� 4.51 4.34 ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� 1.16 .39 .29 .00 .09 .68 .54 .51 .36 .29 .96 .79 .99 .81 .65 1.56 1.32 1.61 1.38 1.29 2.53 2.79 3.44 3.25 3.22 2.53 2.75 3.64 3.27 2.69 1.75 1.75 .25 .25 .25 4.25 4.25 3.25 3.25 3.25 1.51 1.09 .74 .15 .09 ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� 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 fell in March. INDEX, DEC. 31, 2002=5,000 (RATIO SCALE) 15,000 14,000 INDEX, DEC. 31, 2002=5,000 (RATIO SCALE) 15,000 14,000 COMPOSITE STOCK PRICE INDEX (NYSE) 13,000 12,000 13,000 12,000 11,000 11,000 10,000 10,000 9,000 9,000 8,000 8,000 7,000 7,000 6,000 6,000 5,000 2012 2013 2015 2014 2016 5,000 2017 2018 2019 PERCENT 20 2020 PERCENT 20 15 15 EARNINGS/PRICE RATIO ON COMMON STOCKS (S&P) 10 10 5 5 0 0 2012 2013 2014 2015 2016 2018 2017 SOURCES: NEW YORK STOCK EXCHANGE, STANDARD AND POOR'S, AND BLOOMBERG 2019 2020 COUNCIL OF ECONOMIC ADVISERS Common stock yields (percent) 6 Common stock prices 1 Chart 31 - Mar 2020 New York Stock Exchange indexes (December 31, 2002=5,000) 2 Period Composite 2010 ��������������������� 2011 ��������������������� 2012 ��������������������� 2013 ��������������������� 2014 ��������������������� 2015 ��������������������� 2016 ��������������������� 2017 ��������������������� 2018 ��������������������� 2019 ��������������������� 2019: Mar ����������� Apr ������������ May ����������� June ���������� July ����������� Aug ����������� Sept ���������� Oct ������������ Nov ����������� Dec ������������ 2020: Jan ������������ Feb ������������ Mar ����������� Week ended: 2020: Mar 7 �������� 14 �������� 21 �������� 28 �������� Apr 4 �������� Financial Energy Health Care Dow Jones industrial average 3 Standard & Poor’s composite index (1941–43=10) 4 Nasdaq composite index (Feb. 5, 1971=100) 5 Dividend/price ratio Earnings/price ratio 7,230.42 7,871.41 8,011.65 9,426.77 10,653.17 10,676.70 10,380.08 11,843.74 12,647.54 12,864.17 12,629.33 12,923.50 12,671.64 12,831.18 13,176.12 12,629.44 13,013.64 12,956.90 13,432.91 13,714.16 13,970.27 13,722.13 10,726.12 4,744.05 4,641.01 4,616.63 5,805.54 6,448.33 6,559.24 6,124.93 7,509.81 7,963.02 7,982.51 7,729.97 7,953.04 7,895.78 7,945.69 8,175.83 7,787.16 8,085.56 8,130.36 8,446.55 8,587.12 8,701.60 8,628.17 6,418.29 10,943.85 12,880.35 12,512.31 13,490.83 14,598.07 11,332.43 10,204.95 10,699.23 11,440.86 10,016.30 10,654.58 10,872.95 10,232.32 10,067.50 10,193.34 9,186.28 9,608.08 9,382.09 9,679.49 9,741.43 9,796.29 8,813.46 5,624.82 6,230.62 6,847.80 7,503.05 9,250.02 11,195.85 12,718.18 12,182.85 13,366.56 15,054.70 16,162.10 16,033.24 15,707.83 15,592.73 16,119.85 16,389.26 16,064.03 16,106.87 16,088.92 16,981.52 17,771.28 18,220.69 18,001.72 15,431.91 10,662.80 11,966.36 12,967.08 14,999.67 16,773.99 17,590.61 17,908.08 21,741.91 25,045.75 26,378.41 25,722.62 26,401.58 25,744.79 26,160.10 27,089.19 26,058.23 26,900.21 26,736.80 27,797.05 28,167.01 28,879.99 28,519.73 22,637.42 1,139.31 1,268.89 1,379.56 1,642.51 1,930.67 2,061.20 2,092.39 2,448.22 2,744.68 2,912.50 2,803.98 2,903.80 2,854.71 2,890.17 2,996.11 2,897.50 2,982.16 2,977.68 3,104.90 3,176.75 3,278.20 3,277.31 2,652.39 2,347.70 1.97 6.04 2,680.42 1.99 6.77 2,965.77 2.09 6.20 3,537.69 2.08 5.57 4,374.31 1.94 5.25 4,943.49 2.05 4.59 4,982.49 2.18 4.17 6,231.28 1.97 4.22 7,419.27 1.90 4.66 7,936.85 1.93 4.53 7,629.37 1.96 4.74 7,993.15 1.90 ���������������������������� 7,804.82 1.95 ���������������������������� 7,825.46 1.94 4.60 8,205.60 1.88 ���������������������������� 7,910.93 1.96 ���������������������������� 8,087.70 1.92 4.46 8,079.28 1.93 ���������������������������� 8,517.58 1.87 ���������������������������� 8,778.59 1.84 4.32 9,233.36 1.80 ���������������������������� 9,418.85 �������������������������� ���������������������������� 7,772.21 �������������������������� ���������������������������� 12,665.15 11,036.35 9,521.99 9,824.12 10,104.89 7,791.09 6,645.49 5,610.28 5,773.34 5,795.03 7,721.40 5,594.20 4,391.28 4,946.28 5,335.26 17,140.37 15,979.05 14,289.81 14,264.50 15,347.89 26,339.53 23,361.73 20,117.20 20,937.27 21,530.82 3,044.01 2,712.37 2,405.55 2,466.37 2,539.46 8,793.71 7,864.73 7,051.86 7,392.55 7,539.05 �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� ���������������������������� ���������������������������� ���������������������������� ���������������������������� ���������������������������� 1 Annual data are averages of monthly figures. Monthly and weekly data are averages of daily closing prices. 2 Includes all the stocks (in 2018, over 2,700) listed on the NYSE. 3 Includes 30 stocks. 4 Includes 500 stocks. 5 Includes over 3,000 stocks in 2018. 6 Dividend/price ratios based on end of period closing prices. Earnings/price ratios based on prices at end of quarter. Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor’s, Nasdaq Stock Market, and Bloomberg. 31 FEDERAL FINANCE. Federal Receipts, Outlays, and Debt In the first five months of fiscal year 2020, the deficit was $624.5 billion, compared with a deficit of $544.2 billion a year earlier. BILLIONS OF DOLLARS 5,200 RECEIPTS AND OUTLAYS1 5,000 4,800 4,600 4,400 4,200 4,000 3,800 3,600 3,400 3,200 3,000 2,800 2,600 2,400 2,200 2,000 1,800 1,600 400 BILLIONS OF DOLLARS 5,200 5,000 4,800 4,600 4,400 4,200 4,000 3,800 3,600 3,400 3,200 3,000 2,800 2,600 2,400 2,200 2,000 1,800 1,600 OUTLAYS1 RECEIPTS1 SURPLUS OR DEFICIT (–)1 400 0 0 –400 –400 –800 –800 –1,200 –1,200 –1,600 –1,600 –2,000 –2,000 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 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 2002 ���������������������������������������������������� 2003 ���������������������������������������������������� 2004 ���������������������������������������������������� 2005 ���������������������������������������������������� 2006 ���������������������������������������������������� 2007 ���������������������������������������������������� 2008 ���������������������������������������������������� 2009 ���������������������������������������������������� 2010 ���������������������������������������������������� 2011 ���������������������������������������������������� 2012 ���������������������������������������������������� 2013 ���������������������������������������������������� 2014 ���������������������������������������������������� 2015 ���������������������������������������������������� 2016 ���������������������������������������������������� 2017 ���������������������������������������������������� 2018 ���������������������������������������������������� 2019 ���������������������������������������������������� 2020 (estimates) ��������������������������������� 2021 (estimates) ��������������������������������� Cumulative total, first 5 months: 1 Fiscal year 2019 ���������������������������������� Fiscal year 2020 ���������������������������������� Outlays Chart 32 - Feb 2020 On-budget Surplus or deficit (–) Receipts Outlays Surplus or deficit (–) Receipts Outlays Surplus or deficit (–) Gross Federal Held by the public 1,853.1 1,782.3 1,880.1 2,153.6 2,406.9 2,568.0 2,524.0 2,105.0 2,162.7 2,303.5 2,450.0 2,775.1 3,021.5 3,249.9 3,268.0 3,316.2 3,329.9 3,464.2 3,706.3 3,863.3 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 3,526.6 3,454.9 3,506.3 3,691.9 3,852.6 3,981.6 4,109.0 4,448.3 4,789.7 4,829.4 –157.8 –377.6 –412.7 –318.3 –248.2 –160.7 –458.6 –1,412.7 –1,294.4 –1,299.6 –1,076.6 –679.8 –484.8 –442.0 –584.7 –665.4 –779.1 –984.2 –1,083.4 –966.1 1,337.8 1,258.5 1,345.4 1,576.1 1,798.5 1,932.9 1,865.9 1,451.0 1,531.0 1,737.7 1,880.5 2,101.8 2,285.9 2,479.5 2,457.8 2,465.6 2,475.2 2,549.9 2,739.3 2,852.3 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 3,019.0 2,821.1 2,800.2 2,948.8 3,077.9 3,180.4 3,260.5 3,541.7 3,829.9 3,811.1 –317.4 –538.4 –568.0 –493.6 –434.5 –342.2 –641.8 –1,549.7 –1,371.4 –1,366.8 –1,138.5 –719.2 –514.3 –469.3 –620.2 –714.9 –785.3 –991.8 –1,090.7 –958.9 515.3 523.8 534.7 577.5 608.4 635.1 658.0 654.0 631.7 565.8 569.5 673.3 735.6 770.4 810.2 850.6 854.7 914.3 967.1 1,011.0 355.7 363.0 379.5 402.2 422.1 453.6 474.8 517.0 554.7 498.6 507.6 633.8 706.1 743.1 774.7 801.2 848.6 906.6 959.8 1,018.2 159.7 160.8 155.2 175.3 186.3 181.5 183.3 137.0 77.0 67.2 61.9 39.5 29.5 27.3 35.5 49.4 6.2 7.7 7.3 –7.2 6,198.4 6,760.0 7,354.7 7,905.3 8,451.4 8,950.7 9,986.1 11,875.9 13,528.8 14,764.2 16,050.9 16,719.4 17,794.5 18,120.1 19,539.5 20,205.7 21,462.3 22,669.5 23,900.2 25,077.4 3,540.4 3,913.4 4,295.5 4,592.2 4,829.0 5,035.1 5,803.1 7,544.7 9,018.9 10,128.2 11,281.1 11,982.7 12,779.9 13,116.7 14,167.6 14,665.4 15,749.6 16,800.7 17,881.2 18,912.1 1,278.5 1,366.8 1,822.7 1,991.3 –544.2 –624.5 922.5 990.1 1,464.6 1,609.7 –542.1 –619.6 356.0 376.7 358.2 381.6 –2.2 –4.9 22,056.1 23,348.5 16,240.5 17,395.9 1 Data from current issue Monthly Treasury Statement. Note: Data (except as noted) are from Budget of the United States Government, Fiscal Year 2021, issued February 10, 2020. Sources: Department of the Treasury and Office of Management and Budget. 32 Federal debt (end of period) Off-budget Federal Receipts by Source and Outlays by Function In the first five months of fiscal year 2020, receipts were $88.3 billion higher than a year earlier and outlays were $168.6 billion higher. BILLIONS OF DOLLARS 2,000 1 RECEIPTS BILLIONS OF DOLLARS 2,000 INDIVIDUAL INCOME TAXES 1,600 1,600 1,200 1,200 SOCIAL INSURANCE AND RETIREMENT RECEIPTS 800 CORPORATION INCOME TAXES 400 800 OTHER RECEIPTS 400 0 0 4,200 4,000 3,800 3,600 3,400 3,200 3,000 2,800 2,600 2,400 2,200 2,000 1,800 1,600 4,200 4,000 3,800 3,600 3,400 3,200 3,000 2,800 2,600 2,400 2,200 2,000 1,800 1,600 OUTLAYS1 NONDEFENSE 800 800 600 600 NATIONAL DEFENSE 400 400 200 200 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 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 - Feb 2020 On-budget and off-budget receipts Fiscal year or period 2002 ���������������������������������������������������� 2003 ���������������������������������������������������� 2004 ���������������������������������������������������� 2005 ���������������������������������������������������� 2006 ���������������������������������������������������� 2007 ���������������������������������������������������� 2008 ���������������������������������������������������� 2009 ���������������������������������������������������� 2010 ���������������������������������������������������� 2011 ���������������������������������������������������� 2012 ���������������������������������������������������� 2013 ���������������������������������������������������� 2014 ���������������������������������������������������� 2015 ���������������������������������������������������� 2016 ���������������������������������������������������� 2017 ���������������������������������������������������� 2018 ���������������������������������������������������� 2019 ���������������������������������������������������� 2020 (estimates) ��������������������������������� 2021 (estimates) �������������������������������� Cumulative total, first 5 months: 1 Fiscal year 2019 ���������������������������������� Fiscal year 2020 ���������������������������������� On-budget and off-budget outlays National defense Indi- Corporavidual tion income income taxes taxes Social insurance and retirement receipts 1,853.1 1,782.3 1,880.1 2,153.6 2,406.9 2,568.0 2,524.0 2,105.0 2,162.7 2,303.5 2,450.0 2,775.1 3,021.5 3,249.9 3,268.0 3,316.2 3,329.9 3,464.2 3,706.3 3,863.3 858.3 793.7 809.0 927.2 1,043.9 1,163.5 1,145.7 915.3 898.5 1,091.5 1,132.2 1,316.4 1,394.6 1,540.8 1,546.1 1,587.1 1,683.5 1,717.9 1,812.0 1,931.7 148.0 131.8 189.4 278.3 353.9 370.2 304.3 138.2 191.4 181.1 242.3 273.5 320.7 343.8 299.6 297.0 204.7 230.2 263.6 284.1 700.8 713.0 733.4 794.1 837.8 869.6 900.2 890.9 864.8 818.8 845.3 947.8 1,023.5 1,065.3 1,115.1 1,161.9 1,170.7 1,243.4 1,312.0 1,373.6 146.0 143.9 148.4 154.0 171.2 164.7 173.7 160.5 207.9 212.1 230.2 237.4 282.7 300.0 307.3 270.1 270.9 272.7 318.6 273.9 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 3,526.6 3,454.9 3,506.3 3,691.9 3,852.6 3,981.6 4,109.0 4,448.3 4,789.7 4,829.4 348.5 404.7 455.8 495.3 521.8 551.3 616.1 661.0 693.5 705.6 677.9 633.4 603.5 589.7 593.4 598.7 631.1 686.0 724.5 767.1 331.8 387.1 436.4 474.1 499.3 528.5 594.6 636.7 666.7 678.1 650.9 607.8 577.9 562.5 565.4 568.9 600.7 654.0 689.6 729.3 22.3 21.2 26.9 34.6 29.5 28.5 28.9 37.5 45.2 45.7 36.8 46.5 46.9 52.0 45.3 46.3 49.0 52.7 58.3 60.7 196.5 219.6 240.1 250.6 252.8 266.4 280.6 334.4 369.1 372.5 346.8 358.3 409.5 482.3 511.3 533.2 551.2 584.8 640.9 648.6 230.9 249.4 269.4 298.6 329.9 375.4 390.8 430.1 451.6 485.7 471.8 497.8 511.7 546.2 594.5 597.3 588.7 651.0 699.3 728.5 312.7 334.6 333.0 345.8 352.4 365.9 431.2 533.1 622.1 597.3 541.2 536.4 513.6 508.8 514.1 503.4 495.3 514.8 529.3 523.8 456.0 474.7 495.5 523.3 548.5 586.2 617.0 683.0 706.7 730.8 773.3 813.6 850.5 887.8 916.1 944.9 987.8 1,044.4 1,097.2 1,156.2 170.9 153.1 160.2 184.0 226.6 237.1 252.8 186.9 196.2 230.0 220.4 220.9 229.0 223.2 240.0 262.6 325.0 375.2 376.2 378.2 273.2 302.6 311.8 339.8 393.5 317.9 365.2 651.7 372.6 435.7 458.4 348.0 341.7 402.0 437.9 495.3 480.9 539.4 664.1 566.3 1,278.5 1,366.8 626.6 671.1 59.2 73.9 484.4 510.6 108.3 111.1 1,822.7 1,991.3 283.9 304.6 270.1 290.3 18.7 20.8 237.3 250.4 256.5 304.6 232.9 247.3 424.6 447.6 153.6 161.7 215.3 254.3 Total Other Total Total Depart- Internament tional of affairs Defense, military Health Medicare Income Social Net security security interest Other 1 Data from current issue Monthly Treasury Statement. Data for Department of Defense, military, include a small amount that is classified and listed under international affairs, and not included in national defense. Note: Data (except as noted) are from Budget of the United States Government, Fiscal Year 2021, issued February 10, 2020. Sources: Department of the Treasury and Office of Management and Budget. 33 Federal Sector, National Income Accounts Basis In the fourth quarter of 2019, according to revised estimates, Federal current receipts rose $33.4 billion (annual rate), while Federal current expenditures rose $40.3 billion. BILLIONS OF DOLLARS 5,200 BILLIONS OF DOLLARS 5,200 SEASONALLY ADJUSTED ANNUAL RATES 4,800 4,800 4,400 4,400 CURRENT EXPENDITURES 4,000 4,000 3,600 3,600 3,200 3,200 CURRENT RECEIPTS 2,800 2,800 2,400 2,400 2,000 2,000 1,600 1,600 1,200 1,200 800 800 400 400 0 0 NET FEDERAL GOVERNMENT SAVING –400 –400 –800 –800 –1,200 –1,200 –1,600 –1,600 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 CALENDAR YEARS SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Chart 34 - Mar 2020 Federal Government current receipts Federal Government current expenditures Current tax receipts Period Calendar year: 2010 ������������� 2011 ������������� 2012 ������������� 2013 ������������� 2014 ������������� 2015 ������������� 2016 ������������� 2017 ������������� 2018 ������������� 2019 r ����������� 2017: I ��������������� II �������������� III ������������� IV ������������� 2018: I ��������������� II �������������� III ������������� IV ������������� 2019: I ��������������� II �������������� III ������������� IV r ����������� Total 2,444.0 2,572.8 2,700.3 3,139.0 3,292.0 3,446.0 3,460.3 3,526.4 3,497.7 3,608.2 3,532.2 3,496.2 3,535.8 3,541.5 3,446.9 3,469.3 3,545.4 3,529.0 3,576.7 3,606.3 3,608.3 3,641.7 Total 1 1,273.6 1,478.4 1,573.0 1,744.9 1,900.1 2,023.1 2,019.4 2,019.2 1,956.1 2,035.0 1,987.6 2,003.7 2,042.9 2,042.4 1,921.5 1,943.5 1,971.4 1,987.9 2,018.6 2,027.6 2,028.4 2,065.4 Contributions for Income Taxes govern- receipts Taxes Personal on ment on on current production corporate social assets taxes and insurincome imports ance 943.2 1,130.3 1,165.8 1,302.3 1,403.1 1,530.6 1,546.5 1,613.1 1,620.2 1,699.1 1,581.6 1,601.8 1,622.1 1,647.0 1,605.3 1,613.5 1,628.3 1,633.9 1,688.0 1,691.3 1,698.4 1,718.9 96.8 108.6 115.2 125.5 136.3 140.3 136.4 128.7 160.8 169.1 125.5 127.9 129.5 132.0 150.1 153.1 159.7 180.3 166.1 161.7 171.5 177.1 219.4 224.0 274.7 298.4 339.6 329.1 311.9 251.5 147.4 138.3 255.6 248.5 265.4 236.5 139.2 149.2 156.2 144.9 136.6 146.0 130.1 140.7 970.9 903.2 938.0 1,091.8 1,140.1 1,190.8 1,224.9 1,283.8 1,339.4 1,402.2 1,264.6 1,276.5 1,288.7 1,305.5 1,327.3 1,333.9 1,345.1 1,351.4 1,390.4 1,399.2 1,404.0 1,415.4 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). 34 133.8 130.4 141.1 243.1 171.7 159.5 138.0 137.8 118.6 107.1 161.3 141.2 128.5 120.4 115.7 109.2 124.6 125.0 106.3 119.7 97.7 104.6 Current transfer receipts 68.1 67.1 56.1 69.3 87.3 76.1 79.6 84.6 86.0 71.6 117.9 73.5 74.6 72.6 82.2 84.0 107.5 70.3 68.5 68.2 86.3 63.5 Current surplus of government enterprises –2.4 –6.3 –7.8 –10.1 –7.1 –3.5 –1.6 1.0 –2.5 –7.7 .8 1.3 1.2 .6 .2 –1.3 –3.2 –5.6 –7.2 –8.3 –8.1 –7.2 Total 3,769.1 3,814.7 3,779.0 3,776.9 3,896.3 4,016.0 4,137.4 4,251.1 4,507.4 4,800.3 4,217.2 4,195.4 4,242.9 4,349.1 4,423.2 4,483.1 4,526.8 4,596.6 4,699.6 4,794.2 4,833.5 4,873.8 ConCurrent sumption transfer Interest Subsidies expendipaypayments tures ments 2 1,000.7 1,003.3 999.3 956.9 951.2 956.3 968.6 992.6 1,056.9 1,114.0 978.2 987.2 993.0 1,011.9 1,033.9 1,052.5 1,068.1 1,073.1 1,091.6 1,110.5 1,121.1 1,132.8 2,332.7 2,326.6 2,299.5 2,344.4 2,448.4 2,573.7 2,653.4 2,722.0 2,846.0 3,033.8 2,699.8 2,694.8 2,728.6 2,765.0 2,809.5 2,841.9 2,851.3 2,881.3 2,992.7 3,017.4 3,045.7 3,079.7 381.5 425.4 422.6 416.3 439.1 429.3 454.1 475.9 540.7 578.3 479.9 455.2 458.7 509.9 521.1 530.6 549.5 561.4 543.4 605.1 584.8 580.0 54.2 59.5 57.6 59.2 57.6 56.7 61.3 60.6 63.8 74.1 59.3 58.1 62.6 62.3 58.8 58.0 57.8 80.7 72.0 61.3 82.0 81.4 Net Federal Government saving –1,325.1 –1,242.0 –1,078.6 –637.9 –604.3 –570.1 –677.0 –724.7 –1,009.8 –1,192.0 –685.0 –699.2 –707.1 –807.6 –976.3 –1,013.8 –981.3 –1,067.6 –1,122.9 –1,188.0 –1,225.2 –1,232.1 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 2010 r ������������� 94.1 95.6 102.5 99.7 93.5 105.2 102.4 218.056 201.4 117.8 2011 ��������������� 97.1 100.1 99.8 102.5 100.3 106.1 102.4 224.939 207.2 117.5 2012 ��������������� 100.0 100.0 100.0 100.0 100.0 100.0 100.0 229.594 210.4 117.5 2013 ��������������� 102.0 101.7 99.8 99.6 100.1 96.9 99.0 232.957 212.4 117.9 r 2014 ������������� 105.2 106.7 101.8 98.4 101.5 96.3 100.5 236.736 216.4 121.1 2015 ��������������� 104.1 106.3 100.6 99.9 102.3 97.3 101.5 237.017 218.8 122.1 2016 r ������������� 102.1 106.3 100.8 100.4 103.5 99.3 102.7 240.007 222.0 121.9 r 2017 ������������� 104.4 112.1 103.7 102.9 107.0 103.0 104.5 245.120 225.5 122.5 r 2018 ������������� 108.6 116.5 104.8 103.3 108.0 103.6 105.3 251.107 230.6 123.7 2019 r ������������� 109.4 115.6 102.2 103.7 103.0 102.1 103.9 255.657 235.1 124.3 r 2019: Jan ���� 110.1 115.3 102.8 105.0 105.2 102.9 105.3 251.712 231.0 123.9 Feb r ���� 109.6 114.3 103.5 104.7 105.1 104.0 105.5 252.776 232.6 123.9 Mar r ��� 109.7 116.0 102.9 103.4 106.0 102.9 106.5 254.202 234.1 123.9 Apr r ���� 109.0 117.5 103.5 104.1 103.4 102.2 103.0 255.548 235.1 124.3 r May ��� 109.2 117.7 105.6 105.9 104.1 103.0 103.9 256.092 236.2 124.3 r June �� 109.3 117.3 102.0 103.2 102.9 102.7 104.0 256.143 235.7 124.0 July r ��� 109.1 115.4 103.4 103.7 102.4 101.9 103.9 256.571 236.9 124.0 Aug r ���� 109.9 115.4 102.1 102.8 103.0 102.2 103.2 256.558 236.5 124.3 r Sept ��� 109.5 114.7 103.9 103.2 102.0 101.8 103.4 256.759 235.5 124.4 r Oct ����� 109.0 114.8 99.2 103.7 100.7 101.5 103.5 257.346 236.2 124.8 Nov r ���� 110.0 114.6 98.2 103.4 101.9 101.5 102.3 257.208 235.8 124.9 Dec r ���� 109.6 114.6 99.4 100.9 99.7 98.9 102.4 256.974 235.8 124.9 2020: Jan p ���� 109.0 114.8 100.4 102.1 102.4 102.5 102.3 257.971 236.5 124.8 Feb p ���� 109.6 ��������������� 100.8 ��������������� 102.9 ��������������� ��������������� 258.678 237.6 124.5 Mar p ��� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� Germany 186.9 190.8 194.6 196.3 197.2 197.3 197.7 199.7 203.4 205.7 203.3 203.4 205.0 205.7 205.9 206.4 206.0 206.9 206.2 206.1 206.2 207.2 206.3 206.3 206.3 Italy 166.2 169.6 173.0 175.6 177.2 178.2 179.1 181.8 184.9 187.6 184.3 185.0 185.7 187.5 187.9 188.4 189.3 188.9 188.9 189.1 187.7 188.6 187.5 188.2 188.4 United Kingdom 286.5 262.7 294.5 276.3 303.5 285.2 307.1 293.9 307.9 300.8 308.0 303.8 307.7 309.1 311.5 320.1 315.0 330.8 317.0 339.3 315.5 332.5 315.8 334.8 316.7 335.0 317.4 338.6 317.4 339.8 317.7 340.3 317.7 340.1 318.9 342.7 317.0 341.9 316.7 341.2 316.1 341.9 316.7 343.0 317.0 341.4 316.7 343.1 317.0 ����������������� 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 2010 ��������������� 2011 ��������������� 2012 ��������������� 2013 ��������������� 2014 ��������������� 2015 ��������������� 2016 ��������������� 2017 ��������������� 2018 ��������������� 2019 ��������������� 2019: Feb ������ Mar ����� Apr ������ May ����� June ���� July ����� Aug ����� Sept ���� Oct ������ Nov ����� Dec ������ 2020: Jan r ���� Feb p ���� BOP basis 1,290.3 1,498.9 1,562.6 1,593.7 1,635.6 1,511.4 1,457.4 1,553.6 1,674.3 1,652.8 139.2 140.8 136.3 140.4 136.5 137.8 138.2 136.2 135.6 136.4 137.8 136.3 137.2 IndusFoods, trial Total, feeds, supCensus and plies basis 1 bever- and ages materials 1,278.5 1,482.5 1,545.8 1,578.5 1,621.9 1,503.3 1,451.5 1,546.5 1,666.0 1,645.6 138.5 140.1 135.6 139.7 136.0 137.2 137.6 135.7 135.1 135.9 137.2 135.7 136.7 107.7 126.2 133.0 136.2 143.7 127.7 130.5 132.7 133.2 131.1 10.3 10.8 10.9 11.7 11.7 11.5 12.0 10.5 10.2 10.4 10.5 11.0 10.9 391.7 501.1 501.2 508.2 505.8 427.0 397.3 464.7 541.7 530.7 43.1 44.6 44.5 44.3 44.5 42.8 44.3 44.0 44.5 44.3 46.1 45.1 45.8 112.0 133.0 146.2 152.7 159.8 151.9 150.4 157.9 158.8 161.8 13.9 13.9 13.2 13.8 13.3 13.9 14.3 13.3 13.0 13.4 12.4 13.2 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 447.5 494.0 527.2 534.4 551.5 539.5 519.7 533.2 562.9 547.1 48.2 47.3 44.6 46.0 44.8 45.6 44.2 45.0 44.6 45.2 45.4 44.4 44.6 Services (BOP basis) Goods: Imports (customs value) 165.2 175.3 181.7 188.8 199.0 197.7 193.7 197.7 206.0 206.3 17.6 17.8 17.2 18.1 16.1 17.7 16.8 17.3 16.6 17.1 16.4 16.5 15.9 BOP basis 1,939.0 2,239.9 2,303.7 2,294.2 2,385.5 2,273.2 2,207.2 2,358.8 2,561.7 2,519.0 210.6 214.0 208.7 216.8 212.2 211.9 212.9 208.4 203.9 201.2 207.4 203.4 198.4 IndusFoods, trial Total, feeds, supCensus and plies basis 1 bever- and ages materials 1,913.9 2,208.0 2,276.3 2,268.0 2,356.4 2,248.8 2,186.8 2,339.9 2,540.8 2,498.4 208.8 212.3 207.0 215.0 210.6 210.0 211.1 206.8 202.2 199.6 205.7 201.8 196.6 91.7 107.5 110.3 115.1 125.9 127.8 130.0 137.8 147.4 150.5 11.9 13.0 12.8 12.8 12.7 12.8 12.6 12.8 12.4 12.2 12.3 12.9 12.5 603.1 755.8 730.6 681.5 667.0 486.0 443.3 507.1 575.6 521.9 42.8 45.2 44.6 46.4 43.2 44.0 42.6 42.0 41.4 40.9 44.8 42.4 40.8 BOP basis Auto- Consumer Capital motive vegoods Exports goods hicles, except parts (nonfood) autoexcept motive and enautogines motive 449.4 510.8 548.7 555.7 594.1 602.5 589.7 639.9 692.6 678.2 57.1 57.4 55.6 57.2 56.9 55.4 57.3 56.2 56.6 55.4 56.1 55.4 51.7 225.1 254.6 297.8 308.8 328.6 349.2 349.9 358.3 372.2 376.1 31.6 31.8 30.9 33.2 32.6 32.7 31.9 30.8 29.0 30.1 29.8 29.1 30.5 483.2 514.1 516.9 531.7 557.1 594.2 583.1 601.5 646.8 653.9 56.1 55.3 54.2 55.6 54.7 55.3 57.2 54.7 52.2 51.2 51.9 52.5 51.3 562.8 627.1 655.7 700.5 741.1 755.3 758.4 799.0 827.0 845.2 69.2 70.0 70.2 71.1 70.9 70.3 70.3 70.5 70.9 71.3 71.7 72.1 70.3 Imports Goods, Census basis Goods Services Goods and services 409.3 435.8 452.0 461.1 480.8 492.0 511.6 543.9 567.3 595.4 49.1 49.4 49.2 49.4 49.5 49.4 49.6 49.7 50.0 50.3 50.7 50.4 49.1 –635.4 –725.4 –730.4 –689.5 –734.5 –745.5 –735.3 –793.4 –874.8 –852.8 –70.3 –72.2 –71.4 –75.2 –74.6 –72.8 –73.5 –71.1 –67.1 –63.7 –68.5 –66.0 –59.9 153.4 191.3 203.7 239.4 260.3 263.3 246.8 255.1 259.7 249.8 20.1 20.6 21.1 21.7 21.4 20.9 20.7 20.8 20.9 21.0 21.0 21.6 21.3 –495.2 –549.7 –537.4 –461.1 –489.6 –498.5 –503.0 –550.1 –627.7 –616.4 –51.3 –52.7 –51.3 –54.8 –54.3 –53.2 –53.9 –51.3 –47.4 –43.8 –48.6 –45.5 –39.9 –648.7 –741.0 –741.1 –700.5 –749.9 –761.9 –749.8 –805.2 –887.3 –866.2 –71.4 –73.2 –72.4 –76.5 –75.7 –74.1 –74.7 –72.2 –68.3 –64.8 –69.7 –67.1 –61.2 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 2019, the current account deficit narrowed to $109.8 billion from $125.4 billion in the third quarter. The goods and services deficit narrowed to $139.9 billion from $158.4 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 –60 BALANCE ON CURRENT ACCOUNT –80 –80 –100 –100 –120 –120 –140 –140 BALANCE ON GOODS AND SERVICES –160 –160 –180 –180 –200 –200 –220 –220 –240 –240 2011 2010 2013 2012 2014 2015 2016 2017 SOURCE: DEPARTMENT OF COMMERCE 2018 2019 COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted] Chart 36 - Mar 2020 Current Account 1 Goods 2 Period 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 p ������������������ 2017: I ��������������� II ��������������� III �������������� IV �������������� 2018: I ��������������� II ��������������� III �������������� IV �������������� 2019: I r �������������� II r ������������� III r ������������ IV p ����������� Services Exports Imports Balance on goods 1,290,279 1,498,887 1,562,630 1,593,708 1,635,563 1,511,381 1,457,393 1,553,589 1,674,330 1,652,806 381,680 381,677 387,127 403,106 410,732 427,088 419,545 416,964 417,623 413,217 412,244 409,722 1,938,950 2,239,886 2,303,749 2,294,247 2,385,480 2,273,249 2,207,195 2,358,789 2,561,667 2,519,049 578,875 582,901 582,711 614,303 631,449 633,485 647,447 649,288 635,666 637,734 633,142 612,506 –648,671 –740,999 –741,119 –700,539 –749,917 –761,868 –749,801 –805,200 –887,338 –866,244 –197,195 –201,224 –195,584 –211,197 –220,716 –206,396 –227,902 –232,323 –218,044 –224,517 –220,899 –202,784 Exports 562,759 627,061 655,724 700,491 741,094 755,310 758,446 798,957 826,980 845,228 195,426 196,368 201,350 205,812 207,387 206,103 206,694 206,797 207,865 212,258 211,169 213,936 Imports 409,313 435,761 452,013 461,087 480,761 491,966 511,627 543,880 567,322 595,409 132,281 134,821 137,188 139,589 139,778 139,707 142,216 145,620 147,579 148,131 148,694 151,006 Balance on services 153,446 191,300 203,711 239,404 260,333 263,343 246,819 255,077 259,659 249,819 63,145 61,547 64,162 66,223 67,608 66,396 64,478 61,177 60,286 64,128 62,476 62,930 Balance on goods and services –495,225 –549,699 –537,408 –461,135 –489,584 –498,525 –502,982 –550,123 –627,679 –616,425 –134,050 –139,677 –131,422 –144,974 –153,108 –140,001 –163,424 –171,146 –157,758 –160,390 –158,423 –139,854 Primary income receipts and payments Receipts 680,169 755,937 767,972 792,819 824,543 810,073 835,509 933,307 1,084,183 1,123,101 218,217 224,980 239,396 250,714 261,844 272,285 273,570 276,483 278,151 286,155 280,808 277,987 Payments 511,948 544,853 560,497 586,842 606,152 606,464 636,855 707,508 830,198 866,105 164,608 175,374 179,703 187,823 195,472 209,456 208,846 216,424 221,112 219,385 214,903 210,704 Balance on primary income 168,221 211,084 207,475 205,977 218,391 203,608 198,654 225,799 253,985 256,997 53,609 49,606 59,693 62,890 66,372 62,829 64,724 60,059 57,039 66,769 65,905 67,283 Balance on secondary Income 3 –104,261 –107,047 –96,900 –93,643 –94,006 –112,848 –124,022 –115,322 –117,284 –138,923 –23,854 –32,804 –27,979 –30,686 –27,264 –30,139 –27,039 –32,841 –36,180 –32,632 –32,860 –37,251 Balance on current account –431,265 –445,662 –426,832 –348,801 –365,199 –407,764 –428,349 –439,646 –490,978 –498,351 –104,295 –122,874 –99,708 –112,769 –114,001 –107,311 –125,739 –143,927 –136,898 –126,252 –125,378 –109,822 Current account balance as a percentage of GDP –2.9 –2.9 –2.6 –2.1 –2.1 –2.2 –2.3 –2.3 –2.4 –2.3 –2.2 –2.5 –2.0 –2.3 –2.3 –2.1 –2.4 –2.8 –2.6 –2.4 –2.3 –2.0 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 $71.8 billion in the fourth quarter of 2019, resulting from a net increase in U.S. financial assets of $1.0 billion plus a net decrease in financial derivatives of $0.9 billion, less a net increase in U.S. liabilities of $71.9 billion. U.S. net borrowing was down from $76.4 billion in the third quarter. BILLIONS OF DOLLARS 900 BILLIONS OF DOLLARS 900 SEASONALLY ADJUSTED 800 800 700 700 600 600 CHANGE IN U.S. LIABILITIES 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 2011 2010 2012 2013 2014 2015 2016 2017 2018 2019 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 2020 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 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 p ������������������ 2017: I ��������������� II ��������������� III �������������� IV �������������� 2018: I ��������������� II ��������������� III �������������� IV �������������� 2019: I r �������������� II r ������������� III r ������������ IV p ����������� Portfolio Direct investment investment assets assets –157 958,703 349,829 –1,186 492,530 436,615 6,904 176,764 377,239 –412 649,587 392,796 –45 866,523 387,528 –42 202,208 307,058 –152 353,036 318,317 18,950 1,167,447 384,574 3,235 310,827 –78,457 –10 426,912 197,670 –58 366,412 135,715 –96 293,237 51,002 19,144 372,237 104,782 –40 135,562 93,075 –2 325,143 –46,718 –5 –243,468 –110,279 521 81,893 52,845 2,721 147,259 25,696 0 111,706 8,617 0 142,647 111,767 –10 171,561 42,085 0 998 35,202 199,620 85,365 248,760 481,298 582,676 160,410 36,283 569,376 334,033 35,875 141,588 154,279 175,975 97,534 290,488 –17,660 83,415 –22,210 –41,876 26,706 32,106 18,939 Other investment assets 407,420 –45,327 –453,695 –221,408 –100,099 –258,968 –3,654 215,187 50,262 188,709 89,350 87,805 91,541 –53,508 81,379 –118,596 –54,189 141,668 144,757 1,815 95,488 –53,352 Reserve assets 4 1,835 15,877 4,460 –3,099 –3,583 –6,292 2,090 –1,690 4,989 4,659 –241 150 –61 –1,539 –7 3,068 –177 2,105 208 2,359 1,882 210 Net U.S. incurrence of liabilities excluding financial derivatives [net increase in liabilities / financial inflow (+)] Total 1,391,042 983,522 632,034 1,052,068 1,109,443 501,121 742,905 1,549,024 735,583 784,440 428,036 454,247 507,154 159,587 447,658 –126,092 127,770 286,247 125,661 345,328 241,596 71,855 Direct investment liabilities Portfolio investment liabilities Other investment liabilities 264,039 263,499 250,343 288,131 251,857 509,087 494,438 354,651 258,392 310,811 111,483 98,070 106,739 38,358 62,143 16,603 126,925 52,720 109,459 92,686 65,171 43,495 820,434 311,626 747,017 511,987 697,607 213,910 231,349 792,523 315,676 231,617 160,111 259,536 294,395 78,481 301,127 –12,609 12,274 14,884 –42,822 181,016 121,606 –28,183 306,569 408,397 –365,327 251,949 159,979 –221,876 17,118 401,851 161,515 242,012 156,442 96,641 106,021 42,748 84,388 –130,087 –11,430 218,644 59,023 71,626 54,820 56,543 Financial derivatives other than reserves, net transactions –14,076 –35,006 7,064 2,222 –54,335 –27,035 7,827 23,998 –20,721 –38,378 –5,609 9,306 18,600 1,701 29,139 –15,723 –11,505 –22,632 –21,421 –9,642 –6,382 –933 Net lending (+) or net borrowing (–) from financial account transactions 5 –446,415 –525,998 –448,205 –400,259 –297,255 –325,948 –382,042 –357,579 –445,477 –395,906 –67,234 –151,704 –116,317 –22,324 –93,376 –133,098 –57,381 –161,621 –35,376 –212,323 –76,417 –71,790 U.S. official reserve assets, Statistical net discrep(unadancy justed, end of period) 4 –14,992 –79,150 –28,277 –51,046 67,989 81,859 46,460 63,117 42,266 102,456 37,119 –28,734 –35,754 90,486 20,626 –25,783 67,837 –20,414 101,523 –86,071 48,972 38,032 132,433 147,953 150,175 144,575 130,090 117,581 117,332 123,313 125,798 129,479 118,793 122,015 123,863 123,313 126,510 125,099 123,729 125,798 125,175 128,338 127,595 129,479 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