Full text of Economic Indicators : March 2021
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117th Congress, 1st Session Economic Indicators MARCH 2021 (Includes data available as of April 7, 2021) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PUBLISHING OFFICE WASHINGTON : 2021 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) Representative Donald S. Beyer, Jr., Virginia, Chairman Senator Martin Heinrich, New Mexico, Vice Chairman House of Representatives David Trone, Maryland Joyce Beatty, Ohio Mark Pocan, Wisconsin Scott Peters, California Sharice Davids, Kansas David Schweikert, Arizona Jaime Herrera Beutler, Washington Ron Estes, Kansas Jodey Arrington, Texas Senate Amy Klobuchar, Minnesota Margaret Wood Hassan, New Hampshire Mark Kelly, Arizona Raphael Warnock, Georgia Mike Lee, Utah, Ranking Tom Cotton, Arkansas Rob Portman, Ohio Bill Cassidy, M.D., Louisiana Ted Cruz, Texas COUNCIL OF ECONOMIC ADVISERS Cecilia E. Rouse, Chair Jared Bernstein, Member Heather M. Boushey, Member [Public Law 120—81st Congress; Chapter 237—1st Session] JOINT RESOLUTION [S.J. R es. 55] To print the monthly publication entitled “Economic Indicators” Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled “Economic Indicators,” and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts prepared under the direction of the Mail and Multimedia Division, Office of the Secretary, Department of Commerce. Monthly issues of Economic Indicators in PDF form, and tables in Excel, are available online at: www.gpo.gov/economicindicators To subscribe to the print edition, $58.00 per year ($81.20 outside the United States), contact the U.S. Government Publishing Office at 202-512-1800, www.gpo.gov/economicindicators, or: SUPERINTENDENT OF DOCUMENTS U.S. GOVERNMENT PUBLISHING OFFICE MAIL STOP: IDCC WASHINGTON, DC 20402-9328 ii TOTAL OUTPUT, INCOME, AND SPENDING Gross Domestic Product In the fourth quarter of 2020, according to revised estimates, real gross domestic product (GDP) in chained (2012) dollars rose 4.3 percent (annual rate), current dollar GDP rose 6.3 percent, and the chained price index rose 2.0 percent. BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE) 22,800 22,400 22,800 22,400 SEASONALLY ADJUSTED ANNUAL RATES 22,000 22,000 21,600 21,600 21,200 21,200 20,800 20,800 20,400 20,400 20,000 20,000 19,600 19,600 19,200 19,200 GDP IN CURRENT DOLLARS 18,800 18,800 18,400 18,400 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 2011 2012 2013 2014 2015 2016 2017 2018 SOURCE: DEPARTMENT OF COMMERCE 2019 2020 COUNCIL OF ECONOMIC ADVISERS [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 r ������������������ 2018: I ��������������� II ��������������� III �������������� IV �������������� 2019: I ��������������� II ��������������� III �������������� IV �������������� 2020: I ���������������� II ��������������� III �������������� IV r ������������ Gross domestic product 15,542.6 16,197.0 16,784.9 17,527.3 18,238.3 18,745.1 19,543.0 20,611.9 21,433.2 20,936.6 20,242.2 20,552.7 20,742.7 20,909.9 21,115.3 21,329.9 21,540.3 21,747.4 21,561.1 19,520.1 21,170.3 21,494.7 Personal consumption expenditures Gross private domestic investment 10,641.1 11,006.8 11,317.2 11,822.8 12,297.5 12,770.0 13,340.4 13,993.3 14,544.6 14,145.3 13,755.5 13,939.9 14,086.3 14,191.4 14,276.6 14,497.3 14,645.3 14,759.2 14,545.5 13,097.3 14,401.5 14,537.0 2,332.6 2,621.8 2,826.0 3,044.2 3,237.2 3,188.3 3,351.1 3,632.9 3,751.2 3,604.7 3,555.0 3,580.9 3,671.7 3,723.9 3,772.8 3,739.7 3,759.8 3,732.6 3,675.9 3,128.6 3,688.2 3,926.3 Exports and imports of goods and services Net exports –579.5 –568.6 –490.8 –507.7 –526.6 –512.5 –555.5 –609.5 –610.5 –644.8 –589.8 –548.1 –646.4 –653.4 –615.5 –644.7 –631.8 –549.8 –494.3 –545.2 –736.1 –803.7 Federal Exports 2,103.0 2,191.3 2,273.4 2,371.7 2,265.9 2,227.2 2,374.6 2,528.7 2,514.8 2,127.1 2,507.2 2,550.3 2,523.9 2,533.4 2,523.5 2,514.6 2,505.2 2,515.7 2,438.7 1,788.2 2,071.6 2,210.1 Imports 2,682.5 2,759.9 2,764.2 2,879.4 2,792.4 2,739.7 2,930.1 3,138.2 3,125.2 2,772.0 3,097.0 3,098.4 3,170.3 3,186.9 3,139.0 3,159.4 3,137.1 3,065.4 2,933.0 2,333.3 2,807.7 3,013.8 Chart 1 - Mar 2021 Government consumption expenditures and gross investment Total 3,148.4 3,137.0 3,132.4 3,168.0 3,230.2 3,299.3 3,407.0 3,595.2 3,747.9 3,831.3 3,521.5 3,580.0 3,631.2 3,648.0 3,681.5 3,737.6 3,767.1 3,805.3 3,834.1 3,839.3 3,816.6 3,835.2 Total 1,298.9 1,286.5 1,226.6 1,215.0 1,220.8 1,234.7 1,263.9 1,339.4 1,419.2 1,484.5 1,308.1 1,329.3 1,352.0 1,368.4 1,388.8 1,410.6 1,429.3 1,447.9 1,452.6 1,504.8 1,487.0 1,493.4 National defense Nondefense 834.0 814.2 764.2 743.4 729.7 728.7 747.2 794.3 852.4 885.6 770.2 786.8 802.0 818.4 833.0 844.3 857.7 874.7 873.8 876.5 887.7 904.4 465.0 472.4 462.4 471.6 491.0 506.0 516.6 545.1 566.7 598.9 537.9 542.5 550.1 550.0 555.8 566.4 571.6 573.3 578.8 628.3 599.3 589.0 State and local 1,849.4 1,850.5 1,905.8 1,953.0 2,009.4 2,064.6 2,143.2 2,255.7 2,328.7 2,346.9 2,213.4 2,250.7 2,279.1 2,279.6 2,292.7 2,327.0 2,337.8 2,357.4 2,381.6 2,334.5 2,329.6 2,341.7 Final Addendum: Gross sales of Gross domestic domestic purchases national 1 product product 15,496.3 16,125.8 16,680.3 17,443.3 18,101.5 18,716.7 19,526.7 20,554.1 21,384.1 21,009.4 20,197.7 20,541.9 20,664.4 20,812.5 21,016.7 21,276.8 21,499.0 21,744.0 21,613.3 19,818.5 21,171.1 21,434.7 16,122.0 16,765.6 17,275.6 18,034.9 18,764.9 19,257.6 20,098.5 21,221.3 22,043.7 21,581.4 20,832.0 21,100.8 21,389.2 21,563.3 21,730.9 21,974.6 22,172.2 22,297.2 22,055.4 20,065.3 21,906.4 22,298.5 15,779.0 16,429.3 17,015.6 17,768.3 18,458.7 18,977.1 19,835.3 20,896.6 21,702.9 21,140.6 20,556.8 20,844.2 21,002.7 21,182.6 21,361.8 21,601.0 21,820.1 22,028.5 21,804.3 19,672.0 21,381.6 21,704.6 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 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 r ������������������ 2018: I ��������������� II ��������������� III �������������� IV �������������� 2019: I ��������������� II ��������������� III �������������� IV �������������� 2020: 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 15,840.7 16,197.0 16,495.4 16,912.0 17,432.2 17,730.5 18,144.1 18,687.8 19,091.7 18,426.1 18,530.5 18,654.4 18,752.4 18,813.9 18,950.3 19,020.6 19,141.7 19,254.0 19,010.8 17,302.5 18,596.5 18,794.4 10,843.8 11,006.8 11,166.9 11,497.4 11,934.3 12,264.6 12,587.2 12,928.1 13,240.2 12,725.6 12,798.1 12,898.1 12,983.0 13,033.4 13,093.2 13,212.8 13,301.3 13,353.7 13,118.4 11,860.3 12,924.7 12,999.1 1,935.4 2,118.5 2,206.0 2,365.3 2,420.3 2,433.0 2,524.2 2,698.9 2,776.8 2,665.1 2,651.5 2,691.9 2,709.5 2,742.6 2,770.8 2,771.0 2,783.9 2,781.5 2,733.8 2,525.5 2,659.0 2,742.0 382.5 432.0 485.5 504.1 555.4 592.1 615.7 612.0 601.5 638.1 620.3 617.6 609.1 601.0 598.4 595.2 601.9 610.5 637.6 571.3 645.5 697.9 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports 46.7 –568.1 71.2 –568.6 108.7 –532.8 86.3 –577.2 137.6 –719.5 24.5 –763.6 15.8 –816.8 53.4 –877.7 48.5 –917.6 –77.4 –926.0 47.3 –833.0 –4.9 –820.2 79.1 –920.3 92.3 –937.3 101.7 –907.4 49.4 –951.4 44.0 –950.2 –1.1 –861.5 –80.9 –788.0 –287.0 –775.1 –3.7 –1,019.0 62.1 –1,122.0 Exports Imports Total 2,119.0 2,191.3 2,269.6 2,365.3 2,375.2 2,382.3 2,475.5 2,549.5 2,546.6 2,216.9 2,553.2 2,565.2 2,531.0 2,548.8 2,560.4 2,531.4 2,536.6 2,557.8 2,495.1 1,927.4 2,166.5 2,278.5 2,687.1 2,759.9 2,802.4 2,942.5 3,094.8 3,145.9 3,292.4 3,427.2 3,464.2 3,142.9 3,386.1 3,385.4 3,451.3 3,486.0 3,467.8 3,482.9 3,486.8 3,419.3 3,283.1 2,702.5 3,185.5 3,400.5 3,203.3 3,137.0 3,061.0 3,033.4 3,088.2 3,144.4 3,172.3 3,229.8 3,303.9 3,341.0 3,204.3 3,227.3 3,247.4 3,240.2 3,260.0 3,300.3 3,317.7 3,337.5 3,347.9 3,368.7 3,327.2 3,320.4 Total 1,311.1 1,286.5 1,215.3 1,183.8 1,183.8 1,190.5 1,194.1 1,227.8 1,277.2 1,332.6 1,211.7 1,222.3 1,235.8 1,241.6 1,245.8 1,273.6 1,288.5 1,301.1 1,306.1 1,356.8 1,335.1 1,332.2 National Nondefense defense 842.9 814.2 759.6 728.4 713.1 709.6 715.4 739.1 780.2 807.7 723.8 733.9 743.5 755.1 765.5 773.7 784.4 797.1 796.5 804.0 810.3 819.8 468.3 472.4 455.6 455.2 470.2 480.4 478.2 488.4 497.1 524.7 487.3 488.0 491.9 486.4 480.5 499.7 504.0 504.1 509.6 551.9 524.7 512.6 State and local 1,892.2 1,850.5 1,845.3 1,848.6 1,902.9 1,952.0 1,976.2 2,000.2 2,025.5 2,009.1 1,990.7 2,003.0 2,009.9 1,997.1 2,012.7 2,025.5 2,028.3 2,035.6 2,041.0 2,013.1 1,993.1 1,989.2 AddenFinal Gross dum: sales of domestic Gross domestic purchases 1 national product product 15,796.5 16,125.8 16,386.2 16,822.3 17,290.1 17,686.9 18,107.2 18,613.8 19,021.1 18,471.0 18,463.4 18,630.7 18,655.1 18,705.9 18,833.1 18,949.6 19,075.2 19,226.6 19,049.0 17,540.5 18,580.0 18,714.6 16,408.8 16,765.6 17,028.6 17,487.7 18,141.1 18,480.6 18,939.0 19,537.1 19,981.0 19,330.0 19,339.5 19,453.6 19,640.0 19,715.2 19,827.8 19,937.4 20,059.1 20,099.6 19,797.8 18,087.5 19,580.0 19,854.7 16,081.7 16,429.3 16,722.3 17,146.5 17,647.6 17,955.4 18,421.0 18,951.9 19,338.4 18,612.0 18,823.9 18,925.0 18,993.2 19,065.5 19,177.9 19,269.0 19,397.0 19,509.6 19,232.1 17,442.9 18,788.6 18,984.5 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 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 r ������������������ 2018: I ��������������� II ��������������� III �������������� IV �������������� 2019: I ��������������� II ��������������� III �������������� IV �������������� 2020: I ���������������� II ��������������� III �������������� IV r ������������ Gross domestic product 98.112 100.000 101.773 103.647 104.639 105.736 107.751 110.322 112.318 113.623 109.292 110.165 110.671 111.159 111.497 112.181 112.602 112.989 113.380 112.860 113.838 114.415 Personal consumption expenditures Total 98.131 100.000 101.346 102.830 103.043 104.121 105.984 108.239 109.851 111.146 107.485 108.081 108.501 108.889 109.042 109.726 110.108 110.529 110.882 110.435 111.431 111.835 Goods Services 98.773 100.000 99.407 98.920 95.896 94.325 94.597 95.244 94.785 94.212 95.232 95.419 95.317 95.009 94.571 94.985 94.766 94.817 94.599 93.248 94.489 94.511 Source: Department of Commerce (Bureau of Economic Analysis). 2 Gross private domestic investment 97.814 100.000 102.316 104.804 106.694 109.160 111.868 114.991 117.744 120.105 113.832 114.650 115.356 116.125 116.605 117.436 118.154 118.781 119.456 119.560 120.380 121.024 Nonresidential fixed 98.559 100.000 100.251 101.469 101.909 101.131 101.994 102.882 104.256 104.775 102.442 102.754 103.073 103.257 103.885 104.341 104.457 104.342 104.589 104.800 104.828 104.884 Residential fixed 99.049 100.000 105.054 111.118 114.114 118.134 123.497 130.470 134.182 138.618 128.032 130.203 131.433 132.212 132.981 133.615 134.663 135.468 136.256 136.583 139.703 141.928 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Exports 99.242 100.000 100.168 100.272 95.395 93.490 95.921 99.183 98.751 95.781 98.203 99.416 99.718 99.394 98.554 99.335 98.763 98.350 97.739 92.774 95.617 96.995 Imports 99.826 100.000 98.636 97.854 90.001 86.867 88.771 91.334 89.986 87.891 91.232 91.292 91.626 91.186 90.291 90.485 89.745 89.426 89.113 86.125 87.919 88.407 Total 99.070 100.000 100.931 102.632 103.128 103.711 105.843 109.089 111.110 111.396 107.962 108.763 109.413 110.218 111.479 110.761 110.921 111.281 111.205 110.901 111.373 112.102 National defense 98.946 100.000 100.609 102.056 102.334 102.696 104.449 107.477 109.256 109.647 106.419 107.222 107.874 108.394 108.822 109.118 109.345 109.741 109.701 109.014 109.555 110.317 Nondefense 99.289 100.000 101.478 103.593 104.428 105.342 108.040 111.619 114.014 114.119 110.386 111.184 111.832 113.073 115.643 113.332 113.390 113.691 113.561 113.834 114.203 114.880 State and local 97.739 100.000 103.279 105.645 105.598 105.770 108.450 112.775 114.969 116.818 111.190 112.365 113.398 114.148 113.914 114.890 115.262 115.811 116.688 115.969 116.889 117.727 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 2011 ���������������������� 2012 ���������������������� 2013 ���������������������� 2014 ���������������������� 2015 ���������������������� 2016 ���������������������� 2017 ���������������������� 2018 ���������������������� 2019 ���������������������� 2020 r �������������������� 2018: I ����������������� II ����������������� III ���������������� IV ���������������� 2019: I ����������������� II ����������������� III ���������������� IV ���������������� 2020: I ����������������� II ����������������� III ���������������� IV r �������������� Real GDP GDP (chain-type chain-type quantity price index) index 97.800 100.000 101.842 104.415 107.626 109.468 112.021 115.378 117.872 113.762 114.407 115.172 115.777 116.157 116.999 117.433 118.181 118.874 117.373 106.825 114.815 116.036 GDP implicit price deflator 98.112 100.000 101.773 103.647 104.639 105.736 107.751 110.322 112.318 113.623 109.292 110.165 110.671 111.159 111.497 112.181 112.602 112.989 113.380 112.860 113.838 114.415 PCE PCE less food (chain-type and price index) priceenergy index 98.118 100.000 101.755 103.638 104.624 105.722 107.710 110.296 112.265 113.625 109.237 110.176 110.614 111.140 111.424 112.141 112.531 112.950 113.415 112.817 113.840 114.368 98.131 100.000 101.346 102.830 103.043 104.121 105.984 108.239 109.851 111.146 107.485 108.081 108.501 108.889 109.042 109.726 110.108 110.529 110.882 110.435 111.431 111.835 98.139 100.000 101.526 103.122 104.404 106.102 107.855 110.005 111.875 113.432 109.212 109.834 110.232 110.743 111.074 111.666 112.192 112.568 113.027 112.809 113.768 114.123 Personal consumption expenditures (PCE) Gross domestic product (GDP) Gross domestic purchases price index 98.246 100.000 101.468 103.138 103.411 104.175 106.119 108.602 110.329 111.599 107.727 108.414 108.918 109.348 109.623 110.211 110.557 110.925 111.324 110.930 111.834 112.307 GDP (current dollars) 3.7 4.2 3.6 4.4 4.1 2.8 4.3 5.5 4.0 –2.3 6.2 6.3 3.8 3.3 4.0 4.1 4.0 3.9 –3.4 –32.8 38.3 6.3 Real GDP GDP (chain-type chain-type quantity price index) index 1.6 2.2 1.8 2.5 3.1 1.7 2.3 3.0 2.2 –3.5 3.8 2.7 2.1 1.3 2.9 1.5 2.6 2.4 –5.0 –31.4 33.4 4.3 GDP implicit price deflator 2.1 1.9 1.8 1.8 1.0 1.0 1.9 2.4 1.8 1.2 2.4 3.2 1.8 1.8 1.2 2.5 1.5 1.4 1.4 –1.8 3.5 2.0 Gross domestic PCE purchases PCE food price index (chain-type lessenergy price index) and price index 2.1 1.9 1.8 1.9 1.0 1.0 1.9 2.4 1.8 1.2 2.4 3.5 1.6 1.9 1.0 2.6 1.4 1.5 1.7 –2.1 3.7 1.9 2.5 1.9 1.3 1.5 .2 1.0 1.8 2.1 1.5 1.2 2.7 2.2 1.6 1.4 .6 2.5 1.4 1.5 1.3 –1.6 3.7 1.5 1.6 1.9 1.5 1.6 1.2 1.6 1.7 2.0 1.7 1.4 2.4 2.3 1.5 1.9 1.2 2.1 1.9 1.3 1.6 –.8 3.4 1.3 2.4 1.8 1.5 1.6 .3 .7 1.9 2.3 1.6 1.2 2.9 2.6 1.9 1.6 1.0 2.2 1.3 1.3 1.4 –1.4 3.3 1.7 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 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 p ������������������ 2018: I ���������������� II ��������������� III �������������� IV �������������� 2019: I ���������������� II ��������������� III �������������� IV �������������� 2020: I ���������������� II ��������������� III �������������� IV p������������ Price per unit of real gross value added of nonfinancial corporate business (dollars) 1, 2 Gross value added of nonfinancial corporate business (billions of dollars) 1 7,615.7 8,059.5 8,374.5 8,787.3 9,129.2 9,222.7 9,635.8 10,100.8 10,458.2 10,044.0 9,958.5 10,042.2 10,174.9 10,227.5 10,345.5 10,434.8 10,473.3 10,579.3 10,487.3 9,192.0 9,968.5 10,528.3 Chained (2012) dollars 7,774.4 8,059.5 8,261.9 8,524.0 8,776.5 8,796.6 9,026.1 9,260.6 9,405.1 8,977.9 9,214.6 9,219.0 9,302.2 9,305.8 9,373.4 9,397.8 9,394.4 9,454.3 9,358.0 8,292.6 8,889.1 9,363.3 Total 0.980 1.000 1.014 1.031 1.040 1.048 1.068 1.091 1.112 1.119 1.081 1.089 1.094 1.099 1.104 1.110 1.115 1.119 1.121 1.108 1.121 1.124 Compensation of employees (unit labor cost) 0.562 .572 .577 .590 .603 .617 .632 .650 .670 .704 .646 .650 .651 .653 .668 .669 .670 .672 .685 .724 .714 .696 Corporate profits with inventory valuation and capital consumption adjustments 4 Unit nonlabor cost Total 0.283 .285 .289 .292 .294 .297 .303 .300 .306 .278 .300 .300 .299 .300 .303 .304 .309 .307 .315 .266 .247 .282 Consumption of fixed capital Net interest Taxes on and production miscellaneous and imports 3 payments 0.150 .153 .155 .158 .160 .162 .165 .168 .174 .190 .166 .168 .168 .170 .172 .174 .176 .176 .180 .205 .192 .184 0.097 .096 .100 .099 .099 .097 .101 .103 .105 .061 .103 .103 .103 .104 .105 .104 .107 .105 .109 .031 .027 .071 0.036 .036 .034 .034 .035 .037 .037 .028 .026 .028 .031 .029 .027 .026 .026 .026 .026 .026 .026 .030 .028 .027 Total 0.134 .143 .148 .149 .143 .134 .133 .141 .136 .137 .135 .140 .145 .145 .133 .138 .136 .140 .121 .119 .160 .147 Taxes on corporate income 0.027 .030 .032 .034 .032 .030 .025 .021 .023 .023 .020 .021 .022 .022 .023 .023 .021 .023 .020 .019 .025 .027 Profits after tax 5 0.107 .112 .116 .115 .111 .104 .108 .120 .114 .114 .115 .118 .122 .124 .110 .114 .115 .116 .101 .099 .135 .120 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 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 r ������������������ 2018: I ��������������� II ��������������� III �������������� IV �������������� 2019: I ��������������� II ��������������� III �������������� IV �������������� 2020: I ���������������� II ��������������� III �������������� IV r ������������ ComNational pensation of income employees 13,361.3 14,093.1 14,491.3 15,239.9 15,784.6 16,082.7 16,853.9 17,689.6 18,269.1 17,566.4 17,429.5 17,576.2 17,820.5 17,932.0 18,032.7 18,214.0 18,301.8 18,527.8 18,405.5 16,151.0 17,442.1 18,267.0 8,225.9 8,566.7 8,834.2 9,249.1 9,699.4 9,963.9 10,422.5 10,950.1 11,432.4 11,448.5 10,776.1 10,882.3 11,034.1 11,107.8 11,335.3 11,391.7 11,438.0 11,564.8 11,674.4 10,949.5 11,466.2 11,704.1 Rental income of persons with capital conNonfarm sumption adjustment Farm 64.9 60.9 88.3 69.8 56.2 36.0 41.5 43.0 49.7 64.7 40.8 42.3 34.0 55.0 44.2 36.9 58.9 58.7 56.4 38.9 62.8 100.5 1,164.4 1,286.4 1,315.3 1,377.9 1,366.7 1,388.7 1,467.4 1,542.9 1,608.0 1,630.5 1,516.9 1,528.4 1,554.4 1,572.0 1,583.4 1,591.6 1,618.1 1,639.0 1,649.6 1,473.0 1,740.2 1,659.1 478.6 518.0 557.0 604.6 649.0 682.7 721.9 759.3 787.1 801.8 745.3 752.4 768.2 771.2 776.6 786.7 789.7 795.5 802.3 796.1 804.4 804.3 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 1,809.8 1,997.4 2,010.7 2,120.2 2,060.5 2,023.7 2,114.5 2,243.0 2,250.5 2,120.3 2,206.0 2,225.3 2,258.1 2,282.5 2,181.2 2,263.2 2,246.5 2,311.3 2,035.0 1,826.1 2,325.7 2,294.3 Total Profits before tax 1,750.2 2,144.7 2,165.9 2,266.6 2,184.6 2,124.3 2,130.5 2,132.0 2,232.0 2,138.3 2,088.9 2,112.5 2,149.9 2,176.8 2,154.9 2,246.4 2,231.7 2,294.9 2,053.5 1,844.3 2,342.0 2,313.5 1,818.2 2,156.1 2,151.5 2,264.5 2,128.3 2,125.0 2,183.2 2,186.7 2,237.3 2,160.0 2,156.0 2,185.3 2,195.7 2,209.7 2,188.9 2,243.8 2,203.4 2,313.1 1,994.7 1,793.8 2,426.1 2,425.3 –68.0 –11.4 14.4 2.1 56.3 –.7 –52.7 –54.7 –5.3 –21.7 –67.1 –72.8 –45.9 –32.9 –34.0 2.6 28.4 –18.1 58.9 50.4 –84.1 –111.8 59.6 –147.2 –155.2 –146.4 –124.1 –100.6 –16.0 111.0 18.5 –18.0 117.1 112.9 108.2 105.7 26.3 16.8 14.7 16.3 –18.5 –18.1 –16.3 –19.2 461.7 503.7 465.9 516.1 585.8 577.3 636.4 619.1 573.4 619.1 640.0 628.0 613.0 595.3 564.4 572.3 571.0 586.0 588.9 619.3 617.2 651.2 Business Less: current Subsidies transfer payments 1,103.7 1,136.1 1,188.7 1,240.8 1,275.2 1,311.8 1,364.0 1,444.8 1,491.4 1,481.6 1,418.3 1,433.1 1,448.7 1,479.0 1,473.8 1,480.7 1,501.6 1,509.6 1,530.0 1,395.8 1,489.2 1,511.6 60.0 58.0 59.7 58.1 57.2 61.7 59.9 63.3 73.9 746.4 58.2 57.8 57.9 79.5 71.3 61.1 82.0 81.1 75.1 1,086.5 1,213.5 610.4 131.7 97.3 106.9 130.4 154.2 164.6 150.7 156.6 158.0 164.6 149.2 147.5 173.9 155.6 152.1 159.7 168.1 152.0 156.8 160.4 169.3 171.9 Current surplus of government enterprises –19.4 –15.4 –15.9 –11.0 –5.3 –4.3 –5.3 –5.8 –7.6 –18.3 –4.9 –5.3 –6.1 –7.0 –6.9 –7.7 –8.0 –7.9 –12.8 –21.4 –19.5 –19.7 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 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 r ������������������ 2018: I ��������������� II ��������������� III �������������� IV �������������� 2019: I ��������������� II ��������������� III �������������� IV �������������� 2020: I ��������������� II ��������������� III �������������� IV r ������������ 10,843.8 11,006.8 11,166.9 11,497.4 11,934.3 12,264.6 12,587.2 12,928.1 13,240.2 12,725.6 12,798.1 12,898.1 12,983.0 13,033.4 13,093.2 13,212.8 13,301.3 13,353.7 13,118.4 11,860.3 12,924.7 12,999.1 Services Durable Total goods 3,561.8 3,637.7 3,752.2 3,905.1 4,090.9 4,238.9 4,410.6 4,590.2 4,760.5 4,944.3 4,531.6 4,578.5 4,610.7 4,639.8 4,668.6 4,756.3 4,805.2 4,811.8 4,812.9 4,677.4 5,152.4 5,134.3 Total durable goods 1 1,079.7 1,144.2 1,214.1 1,301.6 1,400.6 1,481.9 1,584.6 1,692.7 1,774.6 1,886.9 1,661.9 1,690.6 1,703.9 1,714.3 1,718.3 1,770.5 1,797.8 1,811.7 1,752.0 1,744.6 2,028.2 2,022.6 Nondurable Motor vehicles and parts 370.1 396.6 415.3 439.4 472.8 488.7 513.0 535.1 532.4 535.1 531.0 536.4 535.7 537.1 520.6 534.6 535.1 539.2 495.9 497.3 574.1 573.3 Total nondurable goods 1 2,482.9 2,493.5 2,538.5 2,605.3 2,693.7 2,762.0 2,834.0 2,910.3 3,001.5 3,078.8 2,881.2 2,900.9 2,920.1 2,938.9 2,962.9 3,001.0 3,023.9 3,018.2 3,070.6 2,947.9 3,154.5 3,142.1 Food and beverages purchased for offpremises consumption Gasoline and other energy goods Total services 1 Household consumption expenditures 839.0 846.2 855.5 871.4 884.8 912.4 943.1 965.9 982.0 1,050.0 961.6 964.3 967.1 970.4 969.6 979.9 991.6 987.1 1,055.9 1,040.9 1,055.0 1,048.4 427.8 421.9 429.7 430.0 450.0 452.1 449.5 447.0 444.9 389.0 447.6 448.3 445.1 446.8 446.6 446.7 444.8 441.6 421.3 342.0 400.7 392.0 7,282.1 7,369.1 7,415.5 7,594.9 7,849.0 8,035.6 8,195.5 8,367.1 8,520.5 7,898.6 8,293.2 8,348.5 8,401.7 8,425.1 8,457.5 8,498.3 8,541.5 8,584.9 8,365.3 7,306.9 7,919.6 8,002.5 6,969.3 7,027.5 7,069.8 7,249.6 7,511.1 7,682.2 7,841.8 8,002.5 8,167.8 7,481.9 7,938.2 7,986.4 8,039.5 8,045.9 8,100.1 8,145.6 8,188.4 8,237.0 7,949.2 6,832.2 7,525.1 7,621.0 Housing and utilities 1,993.0 1,996.3 2,006.4 2,039.9 2,089.3 2,121.4 2,139.0 2,167.3 2,193.0 2,217.6 2,156.1 2,166.4 2,168.7 2,177.7 2,183.0 2,190.4 2,199.5 2,199.1 2,197.4 2,220.6 2,224.5 2,227.8 Health care 1,788.7 1,821.3 1,832.6 1,892.8 1,994.6 2,074.9 2,123.5 2,174.1 2,232.9 2,051.5 2,154.1 2,165.1 2,193.3 2,183.8 2,208.0 2,229.4 2,234.0 2,260.2 2,161.7 1,782.7 2,095.2 2,166.4 Financial services and insurance 831.4 820.1 815.2 817.9 837.7 820.9 838.0 840.3 857.9 869.0 838.6 837.4 840.7 844.3 853.8 853.7 858.2 865.8 861.4 859.0 871.8 883.9 Addendum: Personal consumption expenditures excluding food and energy 2 Retail sales of new passenger cars and light trucks (millions of units) 9,363.2 9,531.1 9,667.6 9,978.8 10,384.1 10,682.3 10,973.3 11,275.5 11,567.3 11,032.5 11,155.8 11,243.7 11,330.3 11,372.2 11,433.9 11,541.4 11,615.1 11,678.9 11,405.3 10,212.1 11,212.7 11,299.7 12.7 14.4 15.5 16.5 17.4 17.5 17.2 17.2 17.0 14.4 17.2 17.3 17.0 17.5 16.9 17.0 17.0 16.9 15.0 11.3 15.3 16.1 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 fell $1.5 trillion (annual rate) in February, following an increase $2.0 trillion in January. Wages and salaries fell $0.2 billion in February, following an increase of $67.4 billion in January. BILLIONS OF DOLLARS * (RATIO SCALE) 26,000 24,000 22,000 BILLIONS OF DOLLARS* (RATIO SCALE) 26,000 24,000 22,000 20,000 20,000 TOTAL PERSONAL INCOME 18,000 18,000 16,000 16,000 14,000 14,000 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 2013 2014 2015 2016 2017 2018 2019 2020 *SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE 2021 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; monthly data at seasonally adjusted annual rates] Compensation of employees Period Total personal income Total Wages and salaries Supplements to wages and salaries Proprietors’ income 1 Farm Nonfarm Personal income receipts on assets Rental income of persons 2 Total Personal interest income Personal dividend income Personal current transfer receipts 3 Less: Chart 5 - Mar 2021 Contributions for government social insurance, domestic 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 r ������������������ 2020: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct r ���������� Nov r ��������� Dec r ��������� 13,326.8 14,010.1 14,181.1 14,991.7 15,724.2 16,160.7 16,948.6 17,851.8 18,551.5 19,691.0 19,116.2 18,763.5 21,093.1 20,246.1 20,032.7 20,173.9 19,624.3 19,762.2 19,628.7 19,386.3 19,491.3 8,225.9 8,566.7 8,834.2 9,249.1 9,699.4 9,963.9 10,422.5 10,950.1 11,432.4 11,448.5 11,824.6 11,483.9 10,660.5 10,962.1 11,225.8 11,354.1 11,479.5 11,564.9 11,646.2 11,704.6 11,761.7 6,625.9 6,927.5 7,113.2 7,475.2 7,859.5 8,089.1 8,471.5 8,894.2 9,309.3 9,331.1 9,659.3 9,358.1 8,661.9 8,925.4 9,139.1 9,246.2 9,354.8 9,428.9 9,500.0 9,546.9 9,591.2 1,600.0 1,639.2 1,721.0 1,773.9 1,839.9 1,874.7 1,951.1 2,055.9 2,123.1 2,117.5 2,165.3 2,125.8 1,998.7 2,036.6 2,086.8 2,107.9 2,124.7 2,135.9 2,146.2 2,157.7 2,170.5 64.9 60.9 88.3 69.8 56.2 36.0 41.5 43.0 49.7 64.7 79.8 44.9 33.7 22.9 60.2 47.4 71.7 69.3 150.7 79.6 71.3 1,164.4 1,286.4 1,315.3 1,377.9 1,366.7 1,388.7 1,467.4 1,542.9 1,608.0 1,630.5 1,682.5 1,591.7 1,410.7 1,470.0 1,538.2 1,653.2 1,736.2 1,831.3 1,767.7 1,640.0 1,569.8 478.6 518.0 557.0 604.6 649.0 682.7 721.9 759.3 787.1 801.8 802.3 803.9 799.9 796.6 791.7 797.9 803.7 811.6 807.4 804.3 801.3 1,950.9 2,165.6 2,066.3 2,302.2 2,472.2 2,551.7 2,738.5 2,946.7 2,967.9 2,912.8 2,984.1 2,978.8 2,945.1 2,908.9 2,876.6 2,870.5 2,847.9 2,838.6 2,858.3 2,894.7 2,959.9 1,269.4 1,330.5 1,273.0 1,349.0 1,439.1 1,474.3 1,577.6 1,641.6 1,677.4 1,640.2 1,679.8 1,671.0 1,654.0 1,637.0 1,619.9 1,628.4 1,619.1 1,611.8 1,622.0 1,624.2 1,626.6 681.5 835.1 793.3 953.2 1,033.1 1,077.4 1,160.8 1,305.1 1,290.4 1,272.6 1,304.4 1,307.8 1,291.1 1,271.8 1,256.7 1,242.0 1,228.8 1,226.8 1,236.4 1,270.5 1,333.2 2,358.7 2,363.0 2,424.3 2,541.5 2,685.4 2,776.8 2,855.1 2,970.3 3,125.2 4,268.7 3,211.2 3,291.4 6,597.8 5,478.0 4,958.3 4,882.0 4,128.2 4,097.5 3,855.4 3,725.0 3,795.8 916.7 950.5 1,104.3 1,153.6 1,204.7 1,239.1 1,298.4 1,360.4 1,418.8 1,436.0 1,468.2 1,431.1 1,354.6 1,392.3 1,418.1 1,431.1 1,442.8 1,451.0 1,457.0 1,461.9 1,468.3 2021: Jan r ��������� Feb p ��������� 21,462.2 19,945.6 11,845.5 11,849.4 9,658.6 9,658.4 2,186.9 2,191.0 55.2 56.5 1,584.4 1,620.9 811.9 822.3 2,877.0 2,892.6 1,633.2 1,639.8 1,243.8 1,252.8 5,777.6 4,193.8 1,489.5 1,489.8 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 fell 10.6 percent (annual rate) in the fourth quarter of 2020. BILLIONS OF DOLLARS* (RATIO SCALE) 20,000 19,000 BILLIONS OF DOLLARS* (RATIO SCALE) 20,000 19,000 18,000 18,000 17,000 17,000 16,000 16,000 15,000 15,000 DISPOSABLE PERSONAL INCOME 14,000 14,000 SAVING 13,000 12,000 13,000 12,000 PERSONAL OUTLAYS 11,000 11,000 10,000 10,000 DOLLARS* (RATIO SCALE) 60,000 58,000 56,000 54,000 52,000 50,000 48,000 46,000 44,000 60,000 58,000 56,000 54,000 52,000 50,000 48,000 46,000 44,000 PER CAPITA DISPOSABLE PERSONAL INCOME CURRENT DOLLARS 42,000 42,000 40,000 40,000 CHAINED (2012) DOLLARS 38,000 38,000 36,000 36,000 34,000 34,000 2011 2012 2013 2014 2015 2016 2017 2018 *SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE Period Personal income Less: Personal current taxes Equals: Disposable personal income 13,326.8 14,010.1 14,181.1 14,991.7 15,724.2 16,160.7 16,948.6 17,851.8 18,551.5 19,691.0 1,453.7 1,509.5 1,676.4 1,784.6 1,939.9 1,957.9 2,046.7 2,085.3 2,202.9 2,195.7 11,873.1 12,500.6 12,504.7 13,207.1 13,784.3 14,202.8 14,901.9 15,766.5 16,348.6 17,495.3 2020 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 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 r ������������������ 2019 Chained (2012) dollars Per capita personal consumption expenditures Current dollars Chained (2012) dollars Dollars 11,024.0 11,394.0 11,705.0 12,236.2 12,745.6 13,227.8 13,830.9 14,529.2 15,117.4 14,648.2 849.1 1,106.6 799.7 970.9 1,038.7 975.0 1,071.0 1,237.3 1,231.2 2,847.1 12,099.3 12,500.6 12,338.6 12,843.7 13,377.2 13,640.8 14,060.5 14,566.4 14,882.5 15,739.3 38,054 39,784 39,527 41,450 42,953 43,946 45,821 48,223 49,763 52,992 Chart 6 - Mar 2021 Percent Saving change as in real percent per capita of disposable disposable personal personal income income Population, including Armed Forces overseas (thousands) 2 Percent 38,778 39,784 39,002 40,309 41,684 42,207 43,234 44,553 45,301 47,673 34,105 35,030 35,774 37,105 38,320 39,513 41,019 42,800 44,272 42,845 34,755 35,030 35,298 36,084 37,188 37,949 38,703 39,542 40,302 38,545 1.6 2.6 –2.0 3.4 3.4 1.3 2.4 3.1 1.7 5.2 7.2 8.9 6.4 7.4 7.5 6.9 7.2 7.8 7.5 16.3 312,010 314,212 316,357 318,631 320,918 323,186 325,220 326,949 328,527 330,152 44,087 44,424 44,725 44,970 45,296 45,139 45,312 45,459 45,702 50,399 47,979 46,654 42,153 42,668 43,055 43,319 43,536 44,163 44,551 44,835 44,140 39,701 43,592 43,943 39,219 39,480 39,683 39,784 39,927 40,250 40,463 40,566 39,810 35,951 39,122 39,294 4.7 3.1 2.7 2.2 2.9 –1.4 1.5 1.3 2.2 47.9 –17.9 –10.6 7.7 7.8 7.9 8.1 8.4 7.3 7.2 7.3 9.6 26.0 15.7 13.0 326,325 326,703 327,167 327,602 327,923 328,270 328,730 329,186 329,529 329,898 330,368 330,815 Seasonally adjusted annual rates 2018: I ��������������� II ��������������� III �������������� IV �������������� 2019: I ��������������� II ��������������� III �������������� IV �������������� 2020: I ���������������� II ��������������� III �������������� IV r ������������ 17,548.6 17,750.3 17,976.5 18,132.0 18,366.7 18,480.9 18,597.6 18,760.8 18,951.0 20,457.3 19,853.5 19,502.1 2,085.6 2,064.4 2,100.5 2,090.7 2,170.7 2,222.5 2,197.1 2,221.2 2,252.4 2,096.5 2,191.6 2,242.3 15,463.0 15,685.9 15,876.1 16,041.3 16,196.0 16,258.4 16,400.5 16,539.6 16,698.6 18,360.8 17,661.9 17,259.8 14,274.1 14,467.9 14,628.2 14,746.8 14,841.5 15,072.3 15,219.9 15,335.8 15,103.3 13,590.0 14,887.1 15,012.4 1,188.8 1,218.0 1,247.9 1,294.5 1,354.5 1,186.1 1,180.6 1,203.8 1,595.3 4,770.8 2,774.8 2,247.3 14,386.7 14,513.6 14,632.6 14,732.3 14,853.5 14,817.8 14,895.4 14,964.5 15,060.3 16,626.5 15,850.8 15,433.8 47,385 48,013 48,526 48,966 49,390 49,528 49,890 50,244 50,674 55,656 53,461 52,174 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 2021, gross farm income in chained (2021) dollars is forecast to be $465.1 billion and net farm income to be $111.4 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 2012 2013 2015 2014 2016 2017 2018 2019 SOURCE: DEPARTMENT OF AGRICULTURE 2020 2021 COUNCIL OF ECONOMIC ADVISERS [Billions of chained (2021) dollars] Chart 7 - Feb 2021 Income of farm operators from farming 1 Gross farm income Year Value of agricultural sector production Total 2000 ��������������������������������������������������� 2001 ��������������������������������������������������� 2002 ��������������������������������������������������� 2003 ��������������������������������������������������� 2004 ��������������������������������������������������� 2005 ��������������������������������������������������� 2006 ��������������������������������������������������� 2007 ��������������������������������������������������� 2008 ��������������������������������������������������� 2009 ��������������������������������������������������� 2010 ��������������������������������������������������� 2011 ��������������������������������������������������� 2012 ��������������������������������������������������� 2013 ��������������������������������������������������� 2014 ��������������������������������������������������� 2015 ��������������������������������������������������� 2016 ��������������������������������������������������� 2017 ��������������������������������������������������� 2018 ��������������������������������������������������� 2019 ��������������������������������������������������� 2020 ��������������������������������������������������� 2021 p ������������������������������������������������� Crops 2, 3 Total 357.9 361.9 328.9 362.2 402.1 394.8 372.4 424.4 447.0 409.5 428.8 495.3 519.9 549.8 539.0 487.0 450.7 456.4 445.5 444.5 474.9 465.1 323.5 329.4 311.2 339.1 384.4 362.5 352.1 409.5 432.0 394.7 413.9 483.1 507.6 537.3 528.1 475.0 436.5 444.0 431.1 421.4 427.8 439.8 140.6 137.6 139.7 152.0 170.6 151.2 152.3 188.8 213.1 200.3 202.2 234.8 246.1 265.5 230.1 203.6 207.0 201.6 195.1 185.8 203.3 208.4 Animals and animal products 3 146.7 154.0 133.3 147.0 169.4 167.3 153.1 173.0 170.9 145.5 168.7 192.9 195.5 205.7 239.1 214.5 180.9 189.8 185.9 181.4 170.1 175.8 Farm-related income 4 36.2 37.8 38.2 40.1 44.3 44.0 46.7 47.7 48.0 48.9 43.0 55.3 66.1 66.1 59.0 56.9 48.7 52.6 50.1 54.1 54.4 55.5 Direct Federal Government payments 34.4 32.5 17.7 23.1 17.7 32.3 20.3 14.9 15.0 14.8 14.9 12.3 12.3 12.5 10.9 11.9 14.2 12.4 14.3 23.1 47.1 25.3 Production expenses Net farm income 282.8 282.4 273.1 276.9 282.9 290.6 298.7 336.9 351.3 333.9 336.1 361.5 408.5 409.3 436.1 396.8 382.6 375.8 360.3 358.9 351.6 353.7 75.1 79.5 55.8 85.4 119.2 104.2 73.7 87.5 95.6 75.7 92.7 133.8 111.4 140.5 102.9 90.2 68.1 80.6 85.2 85.6 123.4 111.4 1 The GDP chain-type price index is used to convert the current-dollar statistics to 2021=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 2021 are forecasts. Source: Department of Agriculture (Economic Research Service). 7 Corporate Profits In the fourth quarter of 2020, according to current estimates, corporate profits before tax fell $0.8 billion (annual rate) and profits after tax fell $36.4 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 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 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 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2018: I ���������������� II ��������������� III �������������� IV �������������� 2019: I ���������������� II ��������������� III �������������� IV �������������� 2020: I ���������������� II ��������������� III �������������� IV �������������� Total 2 1,750.2 2,144.7 2,165.9 2,266.6 2,184.6 2,124.3 2,130.5 2,132.0 2,232.0 2,138.3 2,088.9 2,112.5 2,149.9 2,176.8 2,154.9 2,246.4 2,231.7 2,294.9 2,053.5 1,844.3 2,342.0 2,313.5 Profits before tax Nonfinancial Total 1,337.7 1,739.3 1,767.1 1,861.7 1,789.4 1,704.4 1,633.3 1,619.5 1,726.5 1,706.9 1,552.9 1,599.8 1,657.4 1,667.8 1,670.5 1,740.2 1,717.2 1,778.3 1,580.4 1,460.7 1,907.1 1,879.3 Financial 378.4 482.4 430.7 483.1 447.2 455.8 435.6 418.2 470.5 475.3 423.2 419.6 414.6 415.3 460.1 472.3 466.7 482.9 444.7 471.1 483.4 502.1 Total 3 959.3 1,256.9 1,336.3 1,378.6 1,342.1 1,248.6 1,197.7 1,201.3 1,256.0 1,231.6 1,129.7 1,180.2 1,242.8 1,252.5 1,210.4 1,267.8 1,250.5 1,295.4 1,135.7 989.6 1,423.8 1,377.3 Manufacturing 296.0 403.0 446.9 458.7 427.2 332.7 304.7 337.6 336.5 284.7 276.2 348.1 365.3 360.9 324.5 344.9 341.0 335.7 302.2 197.6 308.4 330.5 Utilities Wholesale 10.2 13.8 28.3 32.8 20.2 9.4 14.0 21.7 27.2 27.5 22.7 23.3 22.3 18.6 26.2 28.2 27.1 27.3 22.5 29.0 25.7 32.6 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 97.2 137.9 146.4 150.6 152.4 126.6 122.0 105.7 111.3 108.7 111.3 94.9 103.9 112.9 103.9 110.5 113.4 117.4 108.3 101.4 116.7 108.3 Taxes on corporate income Total Net dividends Retail 115.1 155.7 153.3 157.3 169.3 170.5 149.1 146.5 168.0 215.0 149.5 137.7 157.5 141.2 155.5 165.6 166.8 184.2 167.1 205.1 245.4 242.4 1,818.2 2,156.1 2,151.5 2,264.5 2,128.3 2,125.0 2,183.2 2,186.7 2,237.3 2,160.0 2,156.0 2,185.3 2,195.7 2,209.7 2,188.9 2,243.8 2,203.4 2,313.1 1,994.7 1,793.8 2,426.1 2,425.3 280.8 334.6 362.6 407.1 396.3 376.2 311.3 282.9 298.7 285.6 255.8 277.4 288.2 310.1 294.6 304.9 283.0 312.3 255.6 236.8 307.2 342.9 1,537.5 1,821.5 1,788.9 1,857.4 1,732.0 1,748.9 1,871.9 1,903.8 1,938.6 1,874.4 1,900.2 1,907.8 1,907.5 1,899.6 1,894.4 1,938.9 1,920.3 2,000.7 1,739.1 1,557.1 2,118.9 2,082.5 779.1 948.7 1,009.0 1,096.1 1,164.9 1,189.4 1,270.4 1,390.1 1,360.8 r 1,366.1 1,339.9 1,377.0 1,413.0 1,430.4 1,369.3 1,369.3 1,348.5 1,356.3 1,379.5 1,364.5 1,345.0 r 1,375.4 Chart 8 - Mar 2021 Inventory Undistrib- valuation adjustment uted profits 758.4 872.8 779.9 761.3 567.1 559.4 601.5 513.7 577.7 508.3 560.3 530.8 494.5 469.2 525.0 569.6 571.9 644.5 359.6 192.6 773.8 707.0 –68.0 –11.4 14.4 2.1 56.3 –.7 –52.7 –54.7 –5.3 –21.7 –67.1 –72.8 –45.9 –32.9 –34.0 2.6 28.4 –18.1 58.9 50.4 –84.1 –111.8 Real Gross Private Domestic Investment In the fourth quarter of 2020, according to revised estimates, nonresidential fixed investment in chained (2012) dollars rose $83.0 billion (annual rate) and residential fixed investment rose $52.4 billion. Inventories rose $62.1 billion, following a decline of $3.7 billion in the third quarter. BILLIONS OF CHAINED (2012) DOLLARS 4,000 BILLIONS OF CHAINED (2012) DOLLARS 4,000 SEASONALLY ADJUSTED ANNUAL RATES 3,800 3,800 3,600 3,600 3,400 3,400 GROSS PRIVATE DOMESTIC INVESTMENT 3,200 3,200 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 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of chained (2012) dollars; quarterly data at seasonally adjusted annual rates] Chart 9 - Mar 2021 Fixed investment Period 2011 ��������������������������������������������������� 2012 ��������������������������������������������������� 2013 ��������������������������������������������������� 2014 ��������������������������������������������������� 2015 ��������������������������������������������������� 2016 ��������������������������������������������������� 2017 ��������������������������������������������������� 2018 ��������������������������������������������������� 2019 ��������������������������������������������������� 2020 r ������������������������������������������������� 2018: I ���������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2019: I ���������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV ��������������������������������������������� 2020: I ����������������������������������������������� II ���������������������������������������������� III ��������������������������������������������� IV r ������������������������������������������� Gross private domestic investment Change in private inventories Nonresidential Total 2,362.1 2,621.8 2,801.5 2,959.2 3,121.8 3,074.8 3,183.4 3,384.9 3,442.6 3,263.3 3,342.5 3,333.3 3,415.4 3,448.3 3,481.3 3,429.9 3,445.7 3,413.3 3,334.0 2,849.8 3,329.6 3,539.9 2,317.8 2,550.5 2,692.1 2,869.2 2,979.0 3,032.2 3,147.4 3,310.4 3,371.7 3,311.3 3,275.2 3,310.6 3,317.0 3,338.7 3,362.3 3,358.6 3,378.9 3,387.2 3,375.4 3,096.3 3,314.7 3,458.9 Total 1,935.4 2,118.5 2,206.0 2,365.3 2,420.3 2,433.0 2,524.2 2,698.9 2,776.8 2,665.1 2,651.5 2,691.9 2,709.5 2,742.6 2,770.8 2,771.0 2,783.9 2,781.5 2,733.8 2,525.5 2,659.0 2,742.0 Structures 424.1 479.4 485.5 538.8 534.1 510.5 531.7 551.1 547.7 487.4 554.8 561.6 553.2 534.9 545.5 547.8 552.6 545.1 540.0 487.5 464.7 457.3 Equipment 886.2 983.4 1,029.2 1,101.1 1,134.6 1,115.1 1,150.3 1,242.2 1,267.7 1,204.8 1,220.3 1,227.7 1,245.9 1,274.8 1,281.1 1,268.6 1,263.3 1,258.0 1,207.1 1,080.1 1,230.1 1,301.8 Intellectual property products 624.8 655.7 691.4 724.8 752.4 809.8 844.2 910.2 968.2 984.9 879.3 905.2 914.9 941.5 951.9 961.5 974.0 985.2 991.1 961.5 981.1 1,005.8 Residential 382.5 432.0 485.5 504.1 555.4 592.1 615.7 612.0 601.5 638.1 620.3 617.6 609.1 601.0 598.4 595.2 601.9 610.5 637.6 571.3 645.5 697.9 Total Nonfarm 46.7 71.2 108.7 86.3 137.6 24.5 15.8 53.4 48.5 –77.4 47.3 –4.9 79.1 92.3 101.7 49.4 44.0 –1.1 –80.9 –287.0 –3.7 62.1 48.4 89.9 98.2 90.1 136.5 30.2 21.0 59.3 62.2 –75.1 50.7 .1 85.5 100.8 114.4 63.2 59.8 11.5 –70.9 –280.8 –6.8 57.9 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 2011 ��������������� 2012 ��������������� 2013 ��������������� 2014 ��������������� 2015 ��������������� 2016 ��������������� 2017 ��������������� 2018 ��������������� 2019 ��������������� 2020 r ������������� 2018: I ���������� II ���������� III ��������� IV ��������� 2019: I ���������� II ���������� III ��������� IV ��������� 2020: I ����������� II ���������� III ��������� IV r ������� Total nonresidential 2,317.8 2,550.5 2,692.1 2,869.2 2,979.0 3,032.2 3,147.4 3,310.4 3,371.7 3,311.3 3,275.2 3,310.6 3,317.0 3,338.7 3,362.3 3,358.6 3,378.9 3,387.2 3,375.4 3,096.3 3,314.7 3,458.9 Intellectual property products Information processing equipment Structures 1,935.4 2,118.5 2,206.0 2,365.3 2,420.3 2,433.0 2,524.2 2,698.9 2,776.8 2,665.1 2,651.5 2,691.9 2,709.5 2,742.6 2,770.8 2,771.0 2,783.9 2,781.5 2,733.8 2,525.5 2,659.0 2,742.0 424.1 479.4 485.5 538.8 534.1 510.5 531.7 551.1 547.7 487.4 554.8 561.6 553.2 534.9 545.5 547.8 552.6 545.1 540.0 487.5 464.7 457.3 Total 2 886.2 983.4 1,029.2 1,101.1 1,134.6 1,115.1 1,150.3 1,242.2 1,267.7 1,204.8 1,220.3 1,227.7 1,245.9 1,274.8 1,281.1 1,268.6 1,263.3 1,258.0 1,207.1 1,080.1 1,230.1 1,301.8 Computers and peripheral equipment 1 Total 303.2 331.2 351.8 370.2 393.3 410.8 441.2 479.3 493.9 530.0 474.2 474.1 484.8 483.9 493.5 494.8 494.3 492.9 475.8 507.4 559.6 577.0 93.9 103.5 103.0 102.9 103.4 102.6 110.5 124.0 130.7 151.3 474.2 474.1 484.8 483.9 493.5 494.8 494.3 492.9 475.8 507.4 559.6 577.0 Industrial Transporequiptation ment equipment Other 209.3 227.7 248.8 267.7 291.0 310.1 332.7 356.6 363.8 377.0 354.3 350.3 359.9 361.8 368.6 362.4 365.7 358.3 348.1 355.8 394.7 409.4 194.9 211.2 208.4 216.5 216.7 213.7 225.4 243.9 249.1 238.5 239.6 240.0 244.2 251.7 249.7 250.2 251.4 245.3 241.8 226.5 236.1 249.4 Total 2 Research Software and development 3 181.8 624.8 215.3 655.7 238.5 691.4 265.0 724.8 292.8 752.4 275.7 809.8 271.4 844.2 287.0 910.2 285.7 968.2 222.9 984.9 284.0 879.3 281.8 905.2 284.1 914.9 298.0 941.5 299.1 951.9 283.7 961.5 277.1 974.0 283.0 985.2 257.8 991.1 160.6 961.5 220.2 981.1 252.9 1,005.8 245.2 272.1 287.2 305.3 320.2 345.9 374.6 416.4 449.3 475.5 399.0 413.2 420.8 432.6 438.8 443.6 452.9 461.8 472.5 465.4 476.4 487.8 311.0 313.4 333.8 346.9 357.1 386.7 392.3 416.0 440.5 440.7 403.1 414.4 416.5 430.0 434.4 439.4 442.7 445.3 443.6 428.3 439.5 451.3 Structures Total residential 2 382.5 432.0 485.5 504.1 555.4 592.1 615.7 612.0 601.5 638.1 620.3 617.6 609.1 601.0 598.4 595.2 601.9 610.5 637.6 571.3 645.5 697.9 Total 2 Single family 372.4 421.5 474.1 491.8 542.0 577.6 600.3 596.6 586.0 621.6 604.6 602.0 593.8 585.9 583.2 580.0 586.4 594.6 621.4 555.7 628.5 680.8 109.1 132.0 161.8 171.8 191.5 201.3 214.8 220.7 206.8 214.2 225.4 225.3 220.6 211.6 204.7 203.9 206.3 212.3 222.5 194.3 202.6 237.5 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 2005 �������� 2006 �������� 2007 �������� 2008 �������� 2009 �������� 2010 �������� 2011 �������� 2012 �������� 2013 �������� 2014 �������� 2015 �������� 2016 �������� 2017 �������� 2018 r ������ 2019 p ������� 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 1,699.1 1,919.2 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 1,699.1 1,807.8 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 4.1 66.7 99.3 120.7 149.3 100.6 115.7 165.7 196.7 202.2 230.8 174.1 92.6 134.4 153.4 158.1 58.0 69.8 85.4 98.7 103.0 94.5 98.0 125.0 111.3 118.9 130.5 133.5 133.9 151.0 172.6 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 50.4 165.6 192.4 197.3 213.1 155.2 160.8 192.4 203.1 221.3 231.1 245.1 243.6 247.0 258.1 272.9 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 42.8 40.6 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 89.2 98.6 56.9 68.0 67.4 79.6 55.7 59.0 72.7 81.8 92.6 111.0 116.6 109.7 108.5 122.4 128.5 91.4 104.4 106.1 103.3 88.4 97.2 100.1 106.5 123.9 132.0 132.7 142.9 158.9 175.1 176.8 161.4 163.1 173.4 132.9 99.5 103.1 109.2 130.2 137.8 153.3 164.6 161.7 163.0 181.5 195.3 103.0 132.1 117.5 106.9 72.9 81.3 91.1 115.7 114.2 121.9 151.9 150.7 161.4 173.9 181.2 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 42.0 43.5 73.8 75.3 84.2 90.2 79.4 78.4 83.1 88.9 94.2 89.0 93.8 93.6 104.6 108.6 116.7 105.6 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 95.4 154.8 101.0 157.6 �������������� 168.7 111.4 1 Includes the following industries: Management of companies and enterprises; administrative and support and waste management; educational services; arts, entertainment, and recreation; accommodation and food services; and other services (except public administration). Also includes an item for structure and equipment expenditures serving multiple industry categories. Note: Data from Annual Capital Expenditures. Industry data are based on the North American Industry Classification System (NAICS). Data shown in this table are capital expenditures for both new and used structures and equipment. Source: Department of Commerce (Bureau of the Census). 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force In March, unemployment as measured by the household survey fell 262,000 to 9.7 million. MILLIONS OF PERSONS* MILLIONS OF PERSONS* 168 168 SEASONALLY ADJUSTED 164 164 160 160 CIVILIAN LABOR FORCE 156 156 152 152 CIVILIAN EMPLOYMENT 148 148 144 144 140 140 136 136 132 132 128 128 28 24 28 24 20 20 16 16 UNEMPLOYMENT 12 12 8 8 4 0 4 0 2013 2014 2015 2016 2017 2018 2019 2020 *16 YEARS OF AGE AND OVER SOURCE: DEPARTMENT OF LABOR 2021 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 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2020: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2021: Jan ����������� Feb ����������� Mar ���������� Civilian noninsti- Civilian labor tutional force population (NSA) 239,618 243,284 245,679 247,947 250,801 253,538 255,079 257,791 259,175 260,329 259,758 259,896 260,047 260,204 260,373 260,558 260,742 260,925 261,085 261,230 260,851 260,918 261,003 153,617 154,975 155,389 155,922 157,130 159,187 160,320 162,075 163,539 160,742 162,721 156,478 158,200 159,797 160,085 160,818 160,078 160,718 160,536 160,567 160,161 160,211 160,558 Civilian employment Total 139,869 142,469 143,929 146,305 148,834 151,436 153,337 155,761 157,538 147,795 155,536 133,370 137,224 142,100 143,777 147,276 147,543 149,669 149,809 149,830 150,031 150,239 150,848 Men 20 years and over 72,182 73,403 74,176 75,471 76,776 78,084 78,919 80,211 80,917 76,227 79,785 69,975 71,668 73,605 74,173 75,903 76,258 77,013 76,777 77,004 77,204 77,193 77,194 Women 20 years and over 63,360 64,640 65,295 66,287 67,323 68,387 69,344 70,424 71,470 66,873 70,691 59,938 61,630 64,321 65,270 66,667 66,328 67,534 67,941 67,872 67,851 67,928 68,513 1 11 - Mar 2021 PercentChart Unemployment Both sexes 16–19 years 4,327 4,426 4,458 4,548 4,734 4,965 5,074 5,126 5,150 4,695 5,060 3,457 3,926 4,174 4,333 4,706 4,957 5,122 5,091 4,955 4,975 5,118 5,142 Total 13,747 12,506 11,460 9,617 8,296 7,751 6,982 6,314 6,001 12,947 7,185 23,109 20,975 17,697 16,308 13,542 12,535 11,049 10,728 10,736 10,130 9,972 9,710 Men 20 years and over 6,898 5,984 5,568 4,585 3,959 3,675 3,287 2,976 2,819 6,118 3,385 10,515 9,405 8,317 7,688 6,558 6,036 5,492 5,449 5,240 4,969 4,902 4,784 Women 20 years and over Both sexes 16–19 years 5,450 5,125 4,565 3,926 3,371 3,151 2,868 2,578 2,435 5,804 2,966 10,958 9,918 8,158 7,596 6,061 5,537 4,721 4,453 4,551 4,296 4,245 4,155 1,400 1,397 1,327 1,106 966 925 827 759 746 1,025 834 1,636 1,653 1,222 1,024 924 963 836 825 946 865 825 771 Not in labor force 86,001 88,310 90,290 92,025 93,671 94,351 94,759 95,716 95,636 99,587 97,037 103,418 101,847 100,407 100,288 99,740 100,664 100,207 100,548 100,663 100,690 100,708 100,445 Labor Employ- Unemployforce ment/ participa- population ment tion rate ratio rate 64.1 63.7 63.2 62.9 62.7 62.8 62.9 62.9 63.1 61.7 62.6 60.2 60.8 61.4 61.5 61.7 61.4 61.6 61.5 61.5 61.4 61.4 61.5 58.4 58.6 58.6 59.0 59.3 59.7 60.1 60.4 60.8 56.8 59.9 51.3 52.8 54.6 55.2 56.5 56.6 57.4 57.4 57.4 57.5 57.6 57.8 8.9 8.1 7.4 6.2 5.3 4.9 4.4 3.9 3.7 8.1 4.4 14.8 13.3 11.1 10.2 8.4 7.8 6.9 6.7 6.7 6.3 6.2 6.0 1 Civilian labor force (or employment) as percent of civilian noninstitutional population; and unemployment as percent of civilian labor force. Note: Beginning each January, data reflect revised population controls and are not strictly comparable with earlier data. See Employment and Earnings for details on breaks in series. Source: Department of Labor (Bureau of Labor Statistics). 11 Selected Unemployment Rates In March, the unemployment rate fell to 6.0 percent. PERCENT (SEASONALLY ADJUSTED) PERCENT (SEASONALLY ADJUSTED) 35 35 30 30 25 25 20 20 15 15 BLACK OR AFRICAN AMERICAN1 10 TEENAGERS (16-19) 10 MEN 20 YEARS AND OVER HISPANIC1,2 5 5 ALL CIVILIAN WORKERS 0 WOMEN 20 YEARS AND OVER ASIAN1 WHITE1 0 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 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 2021 By race or ethnicity 1 By sex and age Period All civilian workers Men 20 years and over Women 20 years and over Both sexes 16–19 years White Black or African American By selected groups Hispanic or Latino ethnicity Asian Married men, spouse present Women who maintain families (NSA) Full-time workers Part-time workers 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2020: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 8.9 8.1 7.4 6.2 5.3 4.9 4.4 3.9 3.7 8.1 4.4 14.8 13.3 11.1 10.2 8.4 7.8 6.9 6.7 6.7 8.7 7.5 7.0 5.7 4.9 4.5 4.0 3.6 3.4 7.4 4.1 13.1 11.6 10.2 9.4 8.0 7.3 6.7 6.6 6.4 7.9 7.3 6.5 5.6 4.8 4.4 4.0 3.5 3.3 8.0 4.0 15.5 13.9 11.3 10.4 8.3 7.7 6.5 6.2 6.3 24.4 24.0 22.9 19.6 16.9 15.7 14.0 12.9 12.7 17.9 14.1 32.1 29.6 22.6 19.1 16.4 16.3 14.0 13.9 16.0 7.9 7.2 6.5 5.3 4.6 4.3 3.8 3.5 3.3 7.3 3.9 14.1 12.3 10.1 9.2 7.4 7.0 6.0 5.9 6.0 15.8 13.8 13.1 11.3 9.6 8.4 7.5 6.5 6.1 11.4 6.8 16.7 16.7 15.3 14.4 12.8 12.0 10.8 10.3 9.9 7.0 5.9 5.2 5.0 3.8 3.6 3.4 3.0 2.7 8.7 4.1 14.5 14.9 13.9 11.9 10.6 8.8 7.6 6.7 5.9 11.5 10.3 9.1 7.4 6.6 5.8 5.1 4.7 4.3 10.4 6.0 18.9 17.6 14.5 12.7 10.5 10.3 8.8 8.4 9.3 5.8 4.9 4.3 3.4 2.8 2.7 2.4 2.0 1.8 4.9 2.3 9.6 8.2 6.9 6.1 5.0 4.8 4.1 4.1 4.0 12.4 11.4 10.2 8.6 7.4 6.8 6.2 5.4 5.0 9.6 5.3 15.9 15.8 13.1 12.4 10.4 10.0 8.6 7.7 7.2 9.6 8.5 7.7 6.4 5.4 4.9 4.3 3.8 3.6 7.7 4.1 12.8 11.9 10.3 9.7 8.3 7.8 6.9 6.9 6.7 6.3 6.1 5.9 5.4 4.9 4.8 4.6 4.4 4.1 10.0 6.0 24.5 19.6 14.7 12.6 9.0 8.4 6.7 6.0 7.0 2021: Jan ����������� Feb ����������� Mar ���������� 6.3 6.2 6.0 6.0 6.0 5.8 6.0 5.9 5.7 14.8 13.9 13.0 5.7 5.6 5.4 9.2 9.9 9.6 6.6 5.1 6.0 8.6 8.5 7.9 3.9 3.8 3.2 8.3 7.7 8.0 6.4 6.3 6.1 6.4 6.0 5.8 1 Persons who selected this race group only. Persons whose ethnicity is identified as Hispanic or Latino may be of any race. Note: Data relate to persons age 16 years and over. Source: Department of Labor (Bureau of Labor Statistics). 12 Selected Measures of Unemployment and Unemployment Insurance Programs In March, the percentages of the unemployed who had been out of work for less than 5 weeks, for 15 to 26 weeks, and for 27 weeks and over rose, while the percentage for 5 to 14 weeks fell. The mean duration of unemployment rose to 29.7 weeks and the median duration rose to 19.7 weeks. PERCENT DISTRIBUTION* PERCENT DISTRIBUTION* 100 100 DURATION OF UNEMPLOYMENT 80 80 60 60 REASON FOR UNEMPLOYMENT JOB LOSERS LESS THAN 5 WEEKS 40 40 REENTRANTS 5-14 WEEKS 20 27 WEEKS AND OVER JOB LEAVERS 20 15-26 WEEKS NEW ENTRANTS 0 0 2017 2018 2019 2020 2021 2017 2018 2019 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF LABOR 2020 2021 COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted, except as noted by NSA] Chart 13 - Mar 2021 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 9.3 10.5 10.9 11.3 10.6 10.6 9.9 9.5 9.8 4.1 7.3 1.8 2.6 3.1 3.1 4.1 4.3 4.8 5.2 4.7 State programs Insured unemployment (NSA) Initial claims (NSA) Insured unemployment, all programs (NSA) 2 Weekly average, thousands 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2020: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 13,747 12,506 11,460 9,617 8,296 7,751 6,982 6,314 6,001 12,947 7,185 23,109 20,975 17,697 16,308 13,542 12,535 11,049 10,728 10,736 19.5 21.1 22.5 25.7 28.9 30.5 32.5 34.4 34.8 28.6 47.7 62.0 18.6 16.2 19.5 16.9 20.2 22.6 23.0 27.3 21.8 22.9 24.1 25.3 27.7 28.7 28.8 29.7 29.8 36.5 24.9 30.3 70.9 65.4 31.7 23.5 21.8 21.2 22.5 20.9 15.0 14.9 15.8 15.6 15.3 14.9 14.6 14.5 14.3 19.4 10.9 3.3 4.8 10.8 39.7 47.9 39.0 24.1 17.6 14.8 43.8 41.1 37.6 33.5 28.1 25.9 24.2 21.4 21.1 15.4 16.5 4.4 5.8 7.7 9.1 11.7 19.0 32.1 36.8 37.1 39.3 39.4 36.5 33.7 29.2 27.5 25.0 22.7 21.6 16.5 16.7 6.1 10.4 15.5 17.3 20.0 21.0 21.4 23.0 23.4 21.4 19.3 17.0 14.0 11.6 10.6 10.0 9.3 9.1 9.7 5.8 1.9 7.5 13.4 15.1 16.7 17.8 19.0 18.9 16.8 59.0 55.0 53.0 50.7 49.0 48.2 49.2 47.4 46.4 75.5 58.2 89.2 87.1 80.5 79.1 75.9 72.3 69.9 69.9 67.3 7.0 7.7 8.1 8.6 9.9 11.1 11.1 12.6 13.6 5.3 9.9 2.5 2.7 3.2 3.6 4.4 6.5 6.9 6.5 6.9 24.7 26.7 28.0 29.4 30.6 30.1 29.8 30.5 30.2 15.2 24.6 6.5 7.7 13.2 14.2 15.6 17.0 18.3 18.4 21.0 2021: Jan ����������� Feb ����������� Mar ���������� 10,130 9,972 9,710 22.4 21.9 22.4 24.8 22.6 20.0 13.2 14.1 14.3 39.5 41.5 43.4 26.0 27.6 29.7 15.3 18.3 19.7 68.9 65.9 63.8 6.4 7.0 8.0 19.3 21.3 23.1 3,679 3,297 2,947 2,574 2,237 2,099 1,948 1,755 1,684 10,105 3,727 16,531 21,758 19,380 17,151 15,805 12,302 8,031 6,615 5,763 406 374 342 304 275 259 240 219 217 1,379 2,942 4,408 2,321 1,663 1,488 939 875 864 859 1,057 7,630 6,048 4,605 2,657 2,272 2,127 1,971 1,774 1,702 18,547 3,752 18,121 30,613 33,559 32,226 31,463 24,864 20,675 21,568 19,924 5.3 5,551 1,133 17,438 5.8 ��������������� ��������������� ����������������� 5.1 ��������������� ��������������� ����������������� 1 Beginning January 2011, includes unemployment durations of up to 5 years; prior data are for up to 2 years. 2 Includes State (50 States, District of Columbia, Puerto Rico, and the Virgin Islands), Federal (UCFE), ex-service members (UCX), and Federal and State extended benefit programs. Also includes Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation (2020-2021), Emergency Unemployment Compensation (2008-2013), and Federal Additional Compensation (2009-2010). Note: Data relate to persons age 16 years and over (except for insured unemployment and initial claims). Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 Nonagricultural Employment Total nonagricultural employment as measured by the payroll survey rose by 916,000 in March. MILLIONS OF PERSONS* 155 ALL NONAGRICULTURAL ESTABLISHMENTS 150 MILLIONS OF PERSONS* 112 110 108 106 104 PRIVATE SERVICE-PROVIDING 102 INDUSTRIES 100 98 96 94 92 90 88 145 140 135 PRIVATE INDUSTRIES 130 26 24 22 20 18 16 14 12 10 125 120 115 105 GOVERNMENT 2017 2018 PROFESSIONAL AND BUSINESS SERVICES RETAIL TRADE 22 20 18 16 14 12 10 110 24 22 20 EDUCATION AND HEALTH SERVICES 2019 2020 2021 GOODS-PRODUCING MANUFACTURING 2017 2018 2019 *SEASONALLY ADJUSTED 2020 2021 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR [Thousands of wage and salary workers; 1 monthly data seasonally adjusted] Chart 14 - Mar 2021 Private industries Period 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2020: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2021: Jan r ��������� Feb r ��������� Mar p �������� Total nonagricultural employment 131,914 134,157 136,364 138,940 141,825 144,336 146,608 148,908 150,905 142,185 150,840 130,161 132,994 137,840 139,566 141,149 141,865 142,545 142,809 142,503 142,736 143,204 144,120 Goods-producing industries Total private 109,828 112,237 114,511 117,058 119,796 122,112 124,258 126,454 128,292 120,276 128,066 108,335 111,680 116,487 118,010 119,076 120,008 120,962 121,321 121,047 121,169 121,727 122,507 Total 2 Construc- Manufaction turing 18,047 18,420 18,738 19,226 19,610 19,750 20,084 20,704 21,037 20,068 20,949 18,571 19,262 19,767 19,827 19,880 19,971 20,078 20,146 20,228 20,221 20,177 20,360 5,533 5,646 5,856 6,151 6,461 6,728 6,969 7,288 7,493 7,269 7,557 6,535 7,004 7,171 7,197 7,223 7,256 7,329 7,353 7,400 7,412 7,356 7,466 11,726 11,927 12,020 12,185 12,336 12,354 12,439 12,688 12,817 12,179 12,718 11,414 11,657 11,999 12,037 12,068 12,123 12,155 12,196 12,231 12,213 12,231 12,284 Private service-providing industries Trade, transportation, and utilities Total Total 3 91,781 93,817 95,773 97,832 100,186 102,362 104,174 105,750 107,254 100,209 107,117 89,764 92,418 96,720 98,183 99,196 100,037 100,884 101,175 100,819 100,948 101,550 102,147 24,990 25,399 25,783 26,303 26,806 27,179 27,393 27,607 27,723 26,590 27,729 24,513 24,934 25,934 26,205 26,553 26,662 26,847 26,983 26,984 27,023 27,093 27,187 Retail trade 14,674 14,847 15,085 15,363 15,611 15,832 15,846 15,786 15,620 14,853 15,484 13,235 13,644 14,503 14,743 14,996 15,025 15,132 15,130 15,160 15,178 15,206 15,229 Information Financial activities 2,674 2,676 2,706 2,726 2,750 2,794 2,814 2,839 2,864 2,694 2,898 2,633 2,594 2,602 2,592 2,617 2,659 2,650 2,650 2,659 2,672 2,675 2,673 7,697 7,784 7,886 7,977 8,123 8,287 8,451 8,590 8,754 8,724 8,850 8,596 8,613 8,634 8,646 8,674 8,712 8,746 8,756 8,774 8,781 8,772 8,788 Profes- Education Leisure sional and and and health hospitalbusiness services ity services 17,389 17,992 18,575 19,124 19,695 20,114 20,508 20,950 21,274 20,246 21,318 19,082 19,247 19,568 19,715 19,915 20,055 20,296 20,391 20,550 20,640 20,718 20,784 20,318 20,769 21,086 21,439 22,029 22,639 23,188 23,638 24,163 23,235 24,347 21,722 22,107 22,671 22,885 23,084 23,152 23,235 23,278 23,249 23,235 23,292 23,393 13,353 13,768 14,254 14,696 15,160 15,660 16,051 16,295 16,586 13,327 16,133 8,691 10,146 12,158 12,824 12,963 13,357 13,622 13,632 13,134 13,117 13,501 13,781 Other services 5,360 5,430 5,483 5,567 5,622 5,691 5,770 5,831 5,891 5,394 5,842 4,527 4,777 5,153 5,316 5,390 5,440 5,488 5,485 5,469 5,480 5,499 5,541 Government 22,086 21,920 21,853 21,882 22,029 22,224 22,350 22,455 22,613 21,909 22,774 21,826 21,314 21,353 21,556 22,073 21,857 21,583 21,488 21,456 21,567 21,477 21,613 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 Average gross hourly earnings Total private nonagricultural 1 Manufacturing Total Current dollars Overtime 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2020: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 33.6 33.7 33.7 33.7 33.7 33.6 33.7 33.8 33.6 33.9 33.7 33.4 33.5 34.1 33.9 34.0 34.0 34.1 34.2 34.2 34.2 41.4 41.7 41.8 42.0 41.8 41.9 41.9 42.2 41.6 40.7 41.7 41.3 38.5 39.4 39.9 40.7 41.1 41.2 41.3 41.3 41.3 4.1 4.2 4.3 4.5 4.3 4.3 4.3 4.6 4.3 3.7 4.0 3.9 2.8 3.1 3.3 3.7 3.8 3.8 3.9 4.0 4.1 2021: Jan r ��������� Feb r ��������� Mar p �������� 34.4 34.0 34.3 41.6 41.4 41.6 4.1 4.2 4.3 Manufacturing 1982-84 dollars 2 $19.43 19.73 20.13 20.60 21.03 21.53 22.05 22.71 23.51 24.67 23.96 24.15 25.16 25.01 24.77 24.67 24.81 24.79 24.83 24.93 25.15 Average gross weekly earnings Total private nonagricultural 1 Current dollars $8.77 8.72 8.78 8.85 9.07 9.20 9.22 9.26 9.43 9.78 9.50 9.61 10.09 10.04 9.89 9.79 9.80 9.77 9.77 9.79 9.85 $18.93 19.08 19.30 19.56 19.91 20.44 20.90 21.54 22.15 22.79 22.50 22.58 22.72 22.76 22.62 22.84 22.87 23.01 22.99 23.10 23.12 25.14 9.82 25.19 9.80 25.21 ����������������� 23.20 23.25 23.28 Percent change from a year earlier, total private nonagricultural Current dollars Manufacturing Construction $294.58 294.20 295.49 298.47 305.72 308.96 310.59 312.87 317.16 331.65 320.18 320.98 338.11 342.53 335.26 332.76 333.24 333.02 334.09 334.90 336.94 $784.29 794.67 807.37 822.03 832.08 855.77 876.10 908.01 921.68 928.28 938.25 932.55 874.72 896.74 902.54 929.59 939.96 948.01 949.49 954.03 954.86 $921.84 942.14 958.72 977.11 998.02 1,031.88 1,061.98 1,108.59 1,135.73 1,145.96 1,143.92 1,147.87 1,098.83 1,141.81 1,151.88 1,151.49 1,152.09 1,143.24 1,149.54 1,161.32 1,179.67 $412.29 422.35 423.44 431.97 446.01 447.69 463.10 483.03 503.06 542.15 516.19 522.34 537.72 558.71 559.91 540.75 548.48 549.40 553.97 555.52 549.58 864.82 337.76 856.46 333.12 864.70 ����������������� 965.12 962.55 968.45 1,193.54 1,146.03 1,193.78 554.90 553.42 559.18 $652.72 665.56 677.62 694.74 708.70 723.20 742.48 766.99 790.44 836.58 807.45 806.61 842.86 852.84 839.70 838.78 843.54 845.34 849.19 852.61 860.13 1982-84 dollars 2 Retail trade Current dollars 2.6 2.0 1.8 2.5 2.0 2.0 2.7 3.3 3.1 5.8 3.6 2.8 7.2 8.4 6.5 6.0 6.2 6.2 6.3 6.9 7.7 1982-84 dollars 2 –0.9 –.1 .4 1.0 2.4 1.1 .5 .7 1.4 4.6 1.3 1.4 7.1 8.4 5.8 5.0 4.7 4.6 5.0 5.6 6.2 7.8 6.2 6.1 4.0 7.2 ������������������� 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 2011: 2012: 2013: 2014: 2015: 2016: 2017: 2018: 2019: 2020: Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ Dec ������������������������������������������ 115.0 117.1 119.4 122.2 124.5 127.2 130.5 134.4 138.0 141.6 114.6 116.6 119.0 121.6 124.2 127.1 130.6 134.7 138.7 142.6 115.9 118.2 120.5 123.5 125.1 127.3 130.2 133.6 136.2 139.1 ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� Seasonally adjusted 2018: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� Dec ������������������������������������������ 2019: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� Dec ������������������������������������������ 2020: Mar ����������������������������������������� June ���������������������������������������� Sept ���������������������������������������� Dec ������������������������������������������ 131.9 132.8 133.7 134.6 135.5 136.3 137.3 138.2 139.3 139.9 140.6 141.8 132.0 132.8 133.9 134.9 135.9 136.8 137.9 138.9 140.3 140.8 141.5 142.8 131.5 132.7 133.2 133.9 134.6 135.1 135.8 136.5 136.8 137.8 138.5 139.4 2.2 1.8 2.0 2.3 1.9 2.2 2.6 3.0 2.7 2.6 1.6 1.7 2.1 2.2 2.1 2.3 2.8 3.1 3.0 2.8 3.6 2.0 1.9 2.5 1.3 1.8 2.3 2.6 1.9 2.1 Not seasonally adjusted 0.9 .7 .7 .7 .7 .6 .7 .7 .8 .4 .5 .9 1.0 .6 .8 .7 .7 .7 .8 .7 1.0 .4 .5 .9 0.8 .9 .4 .5 .5 .4 .5 .5 .2 .7 .5 .6 2.8 2.9 2.9 3.0 2.8 2.6 2.7 2.7 2.8 2.7 2.4 2.6 2.9 2.9 3.1 3.1 3.0 3.0 3.0 3.0 3.3 2.9 2.7 2.8 2.5 2.8 2.5 2.6 2.4 1.8 2.0 1.9 1.6 2.0 2.0 2.1 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 Hours of all persons 2 Output 1 Nonfarm business sector Compensation per hour 3 Business sector Nonfarm business sector Business sector Nonfarm business sector Business sector 2011 ���������������� 2012 ���������������� 2013 ���������������� 2014 ���������������� 2015 ���������������� 2016 ���������������� 2017 ���������������� 2018 ���������������� 2019 ���������������� 2020 ���������������� 99.3 100.0 100.9 101.6 103.1 103.5 104.8 106.4 108.3 110.9 99.2 100.0 100.5 101.4 102.9 103.3 104.6 106.1 108.0 110.6 97.1 100.0 102.4 105.6 109.6 111.6 114.7 118.7 121.6 116.6 96.9 100.0 102.2 105.4 109.4 111.3 114.4 118.4 121.3 116.2 97.8 100.0 101.5 104.0 106.3 107.9 109.4 111.5 112.3 105.1 97.8 100.0 101.7 104.0 106.2 107.8 109.4 111.6 112.4 105.0 97.3 100.0 101.4 104.1 107.2 108.3 112.2 116.0 120.3 127.8 97.4 100.0 101.3 104.1 107.4 108.6 112.4 116.1 120.4 128.1 99.4 100.0 100.0 100.9 103.7 103.5 104.9 105.9 107.8 113.1 2017: I ������������ II ����������� III ���������� IV ���������� 2018: I ������������ II ����������� III ���������� IV ���������� 2019: I ������������ II ����������� III ���������� IV ���������� 2020: I ������������ II ����������� III ���������� IV * ������� 104.5 104.2 105.1 105.5 106.1 106.4 106.6 106.7 107.7 108.3 108.3 108.7 108.6 111.3 112.8 111.3 104.2 104.0 104.8 105.3 105.8 106.0 106.3 106.4 107.4 107.9 108.1 108.5 108.2 111.1 112.3 111.1 113.4 114.0 115.0 116.3 117.6 118.5 119.1 119.6 120.6 121.0 121.9 122.7 120.8 107.7 118.1 119.6 113.1 113.7 114.8 116.1 117.3 118.2 118.9 119.3 120.4 120.8 121.6 122.5 120.5 107.4 117.7 119.3 108.6 109.4 109.4 110.3 110.9 111.4 111.8 112.0 112.0 111.8 112.5 112.9 111.3 96.8 104.7 107.5 108.5 109.3 109.5 110.3 110.9 111.5 111.8 112.1 112.1 111.9 112.6 112.9 111.3 96.7 104.8 107.4 110.7 111.2 112.7 114.2 115.0 115.3 116.6 117.1 119.8 120.1 120.1 121.1 123.6 130.4 128.8 129.0 110.8 111.4 112.8 114.4 115.1 115.4 116.8 117.3 119.9 120.3 120.2 121.2 123.8 130.8 128.8 129.3 104.0 104.5 105.3 105.9 105.7 105.5 106.1 106.2 108.4 107.9 107.4 107.6 109.5 116.4 113.6 113.2 2011 ���������������� 2012 ���������������� 2013 ���������������� 2014 ���������������� 2015 ���������������� 2016 ���������������� 2017 ���������������� 2018 ���������������� 2019 ���������������� 2020 ���������������� 2017: I ������������ II ����������� III ���������� IV ���������� 2018: I ������������ II ����������� III ���������� IV ���������� 2019: I ������������ II ����������� III ���������� IV ���������� 2020: I ������������ II ����������� III ���������� IV *������� –0.1 .8 .9 .7 1.5 .4 1.2 1.6 1.7 2.5 .3 –1.2 3.6 1.4 2.4 1.2 .7 .6 3.8 2.0 .3 1.4 –.4 10.1 5.5 -4.9 .0 .8 .5 .9 1.6 .4 1.2 1.4 1.8 2.5 .8 –1.0 3.2 1.8 1.9 .7 1.2 .4 3.9 1.9 .5 1.5 –.8 11.1 4.2 -4.2 1.9 3.0 2.4 3.1 3.8 1.9 2.7 3.5 2.4 –4.1 2.5 1.9 3.6 4.6 4.5 3.0 2.3 1.5 3.6 1.3 2.9 2.8 –6.0 –36.8 44.2 5.5 2.0 3.1 2.2 3.2 3.7 1.8 2.8 3.5 2.5 –4.2 2.4 2.1 3.8 4.7 4.3 3.0 2.3 1.4 3.8 1.2 2.9 2.8 –6.4 –36.8 44.1 5.5 Business sector Nonfarm business sector Real compensation per hour 4 Business sector Unit labor costs Nonfarm business sector Implicit price deflator 5 Business sector Nonfarm business sector Business sector Nonfarm business sector 99.5 100.0 99.8 100.9 103.9 103.7 105.1 106.0 107.9 113.3 98.0 100.0 100.6 102.5 103.9 104.7 107.1 109.0 111.1 115.2 98.2 100.0 100.8 102.7 104.3 105.1 107.5 109.5 111.5 115.8 98.2 100.0 101.5 103.1 103.6 104.4 106.3 108.6 110.2 110.9 98.2 100.0 101.5 103.3 104.0 105.0 106.8 109.2 110.8 111.6 104.2 104.7 105.4 106.1 105.8 105.5 106.3 106.4 108.5 108.0 107.5 107.8 109.7 116.8 113.7 113.5 105.9 106.8 107.3 108.3 108.4 108.4 109.4 109.7 111.2 111.0 110.8 111.3 113.8 117.2 114.2 115.9 106.3 107.2 107.6 108.7 108.8 108.9 109.9 110.2 111.6 111.4 111.3 111.8 114.4 117.7 114.7 116.4 105.6 105.9 106.4 107.1 107.6 108.5 108.9 109.3 109.4 110.2 110.4 110.8 111.0 109.8 111.0 111.6 106.2 106.4 107.0 107.6 108.2 109.1 109.5 109.9 110.0 110.8 111.1 111.4 111.7 110.6 111.8 112.2 2.2 2.0 .6 1.9 1.5 .7 2.3 1.8 1.9 3.7 3.1 3.3 1.8 3.9 .3 .1 3.9 .9 5.5 –.7 –.5 1.9 9.3 12.3 –9.7 6.0 2.2 1.8 .8 1.9 1.6 .7 2.3 1.9 1.9 3.8 3.2 3.2 1.8 3.9 .4 .4 3.9 1.0 5.2 –.7 –.6 1.9 9.8 11.9 –9.6 6.0 2.3 1.9 1.5 1.6 .4 .8 1.7 2.2 1.5 .6 2.0 1.0 1.9 2.5 2.0 3.6 1.1 1.4 .4 3.0 1.1 1.2 .8 –4.3 4.6 2.0 1.9 1.9 1.5 1.8 .7 1.0 1.7 2.2 1.5 .7 1.5 1.0 2.0 2.5 2.1 3.6 1.4 1.4 .4 3.0 1.0 1.2 .8 –3.6 4.3 1.5 Indexes, 2012=100; quarterly data seasonally adjusted Percent change; quarterly data at seasonally adjusted annual rates 2.0 2.3 1.5 2.4 2.3 1.4 1.5 1.9 .7 –6.4 2.2 3.1 .0 3.2 2.0 1.8 1.6 .9 –.2 –.7 2.6 1.4 –5.7 –42.6 36.7 10.9 2.0 2.3 1.7 2.3 2.1 1.4 1.5 2.0 .7 –6.5 1.6 3.0 .6 2.9 2.4 2.2 1.1 1.0 .0 –.7 2.4 1.3 –5.6 –43.2 38.3 10.1 2.1 2.8 1.4 2.6 2.9 1.1 3.6 3.4 3.7 6.3 3.4 2.1 5.5 5.3 2.7 1.3 4.6 1.5 9.5 1.3 –.2 3.3 8.8 23.6 –4.8 .8 2.2 2.7 1.3 2.8 3.1 1.1 3.5 3.3 3.7 6.4 4.0 2.2 5.1 5.7 2.3 1.1 5.1 1.5 9.3 1.2 –.2 3.5 8.9 24.3 –5.8 1.5 –1.0 .6 .0 .9 2.8 –.2 1.4 .9 1.8 4.9 .5 1.7 3.2 2.2 –.6 –.9 2.4 .2 8.5 –1.7 –2.0 .9 7.3 27.5 –9.1 -1.6 –0.9 .5 –.2 1.1 3.0 –.2 1.3 .9 1.8 5.0 1.1 1.9 2.9 2.6 –1.0 –1.1 2.9 .2 8.3 –1.8 –1.9 1.0 7.4 28.3 –10.0 -.9 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 1978-2019 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 March 25, 2021. Source: Department of Labor (Bureau of Labor Statistics). 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial production and capacity utilization fell in February. INDEX, 2012 = 100* (RATIO SCALE) 120 INDEX, 2012 = 100* (RATIO SCALE) 130 TOTAL INDUSTRIAL PRODUCTION 110 FINAL PRODUCTS 120 100 CONSUMER GOODS 110 90 100 80 90 70 120 TOTAL1 MANUFACTURING 110 DURABLE DEFENSE AND SPACE EQUIPMENT 80 BUSINESS EQUIPMENT 100 NONDURABLE 90 70 80 60 70 140 PERCENT* 86 UTILITIES AND MINING 130 CAPACITY UTILIZATION RATE (TOTAL INDUSTRY) 82 MINING 120 78 110 74 100 70 UTILITIES 90 66 62 80 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 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 Percent change 2 Index, 2012=100 From preceding month Chart 17 - Mar 2021 Industry production indexes, 2012=100 Capacity utilization rate (output as percent of capacity) 1 Manufacturing From year earlier Total 1 Durable Nondurable Other (non-NAICS) 1 Mining Utilities Total industry Total manufacturing 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 r ������������������ 2020: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 97.1 100.0 102.0 105.2 104.1 102.1 104.4 108.6 109.4 101.9 109.3 104.5 91.3 92.1 97.8 101.9 102.9 102.8 103.8 104.8 105.8 ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� 0.1 –4.4 –12.7 .9 6.2 4.2 1.0 –.1 1.0 .9 1.0 3.1 3.0 2.0 3.1 –1.0 –2.0 2.3 3.9 .8 –6.9 –.2 –4.7 –16.3 –15.7 –10.5 –6.6 –6.3 –6.1 –4.8 –4.8 –3.5 97.5 100.0 100.9 102.0 101.5 100.7 102.7 105.0 104.8 97.7 104.9 99.6 83.9 87.0 93.8 97.7 99.4 99.4 100.9 101.8 102.6 94.7 100.0 102.1 105.1 103.9 101.7 104.0 107.5 108.2 98.4 108.1 99.7 77.8 83.1 93.6 100.3 101.7 101.8 103.1 104.5 105.0 99.9 100.0 100.0 99.3 99.6 100.4 102.3 104.3 103.5 99.3 104.0 101.8 92.0 93.1 96.4 97.7 99.6 99.4 100.9 101.7 102.9 106.1 100.0 95.0 93.8 90.4 88.0 87.5 78.9 73.2 63.6 71.8 66.8 56.3 57.2 58.5 59.6 62.9 65.3 67.2 65.1 62.3 92.6 100.0 106.3 117.8 113.9 102.6 110.1 123.8 132.7 118.9 133.0 130.7 121.8 108.0 110.7 114.5 113.3 114.3 112.2 116.1 116.6 102.4 100.0 102.2 103.5 102.7 102.3 101.5 105.9 104.8 101.6 102.2 99.1 100.9 100.2 101.5 106.7 104.9 102.6 104.2 101.6 105.4 76.1 76.9 77.2 78.6 76.9 75.0 76.5 78.7 77.8 72.0 76.9 73.6 64.2 64.8 68.9 71.8 72.5 72.5 73.2 73.9 74.6 73.5 74.5 74.4 75.2 75.3 74.2 75.1 76.6 75.6 70.3 75.2 71.4 60.1 62.4 67.2 70.1 71.3 71.4 72.4 73.1 73.7 2021: Jan r ��������� Feb p ��������� 107.1 104.7 1.1 –2.2 –2.0 –4.2 103.8 100.7 106.5 103.8 104.0 100.2 61.5 61.2 119.0 112.6 104.8 112.5 75.5 73.8 74.6 72.3 1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industries—logging and newspaper, periodical, book and directory-publishing—that have traditionally been included in manufacturing. 2 Percent changes based on unrounded indexes. Note: Data based on NAICS except series as defined in footnote 1. 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 Period Nonindustrial supplies Consumer goods Equipment Total Total Total Durable goods Nondurable goods Total 1 Business Construction Business Total 1 Energy Defense and space 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 r ������������������ 98.2 100.0 100.3 101.3 100.8 99.0 100.8 103.4 103.2 96.2 101.4 100.0 100.7 101.5 102.9 103.5 104.1 106.3 105.3 100.9 97.7 100.0 105.5 110.7 115.0 117.5 119.3 122.0 120.1 109.3 102.3 100.0 99.5 99.2 99.9 100.0 100.3 102.3 101.5 98.8 92.2 100.0 99.6 101.0 96.6 90.3 94.4 97.8 99.4 86.9 91.1 100.0 99.9 101.7 99.6 94.4 97.8 101.0 101.4 88.2 98.0 100.0 97.2 93.9 91.7 89.1 90.9 93.1 101.7 100.0 98.0 100.0 102.2 103.9 103.3 104.0 106.8 108.4 108.3 101.3 95.9 100.0 103.1 106.4 107.1 108.1 111.8 114.9 116.5 111.2 99.0 100.0 101.8 102.8 101.4 102.0 104.3 105.2 104.1 96.2 95.9 100.0 103.3 108.5 106.9 103.7 106.5 112.8 115.0 106.7 94.1 100.0 105.1 114.0 112.6 105.9 110.1 121.3 127.8 117.7 2020: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 102.7 96.7 82.3 86.0 93.6 98.2 99.6 98.8 99.5 100.1 101.3 105.8 100.0 87.7 91.5 99.4 104.1 105.1 104.0 104.5 104.8 106.4 123.6 102.1 60.9 73.8 104.9 122.9 121.9 120.1 121.0 123.3 123.9 101.3 99.4 94.3 95.9 98.0 99.4 100.8 100.0 100.3 100.2 102.0 96.9 90.4 71.4 74.9 81.9 86.6 88.7 88.4 89.6 91.0 91.4 98.0 90.2 69.3 74.0 83.2 89.0 91.3 90.9 91.8 93.4 93.9 104.7 102.2 89.9 95.0 97.3 99.1 101.5 101.5 103.6 104.3 103.4 109.8 104.6 91.9 93.6 96.7 99.2 100.7 101.3 103.7 104.1 105.4 120.1 115.5 101.2 104.3 106.3 107.9 110.2 111.2 114.0 114.8 116.1 104.5 98.9 87.0 88.1 91.7 94.8 95.8 96.2 98.4 98.4 99.9 114.6 111.2 99.0 96.7 101.5 105.5 106.0 106.3 107.3 108.6 109.5 127.2 124.5 117.2 107.3 112.2 117.1 115.4 115.0 114.0 115.7 117.0 2021: Jan r ��������� Feb p��������� 102.6 101.4 107.4 106.8 126.0 120.1 102.8 103.5 93.0 90.9 95.3 92.3 105.3 105.0 105.7 104.2 117.0 114.4 99.9 98.9 111.0 107.1 118.6 116.2 1 Includes other items, not shown separately. [2012=100; monthly data seasonally adjusted] Durable manufactures Computer and electronic products Primary metals Period Total Nondurable manufactures Iron and steel products Fabricated metal products Machinery Total Selected high–technology 1 Transportation equipment Total Motor vehicles and parts Apparel Printing and related support activities Chemicals Food 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 r ������������������ 102.0 100.0 103.3 104.0 96.8 92.5 93.7 97.6 96.9 82.5 100.1 100.0 102.1 101.3 91.6 87.4 91.7 96.6 96.8 80.4 97.1 100.0 101.8 103.6 100.2 96.5 97.9 102.5 103.5 95.5 92.5 100.0 95.4 96.7 89.0 82.2 87.9 92.6 92.2 83.8 92.6 100.0 103.2 107.4 108.1 110.4 115.2 120.9 127.2 130.5 91.1 100.0 110.7 122.7 126.7 133.9 137.4 146.1 153.6 159.7 90.4 100.0 105.1 111.9 115.0 112.2 112.4 115.1 114.5 95.4 90.4 100.0 107.2 117.1 123.2 124.8 124.7 129.9 127.0 106.9 102.9 100.0 92.6 88.8 84.3 79.2 71.0 69.0 60.6 49.9 101.8 100.0 100.3 98.5 97.5 99.2 99.8 97.6 93.7 81.9 101.4 100.0 96.6 95.6 95.2 94.7 96.6 100.4 100.5 97.3 100.2 100.0 102.0 102.9 104.4 106.6 110.8 113.9 115.1 113.2 2020: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 94.5 90.7 70.4 66.9 71.4 75.1 79.2 83.7 85.2 89.1 88.7 95.1 90.5 66.1 62.0 66.4 70.1 75.0 81.8 82.0 86.8 89.0 104.0 99.9 88.5 90.7 92.5 92.3 93.8 96.1 96.0 97.0 97.2 90.2 87.3 70.3 75.0 78.8 83.2 86.0 86.6 88.4 87.7 89.0 133.0 131.8 126.1 124.0 130.3 131.9 133.9 131.0 131.7 132.8 132.5 156.3 158.3 154.7 153.5 156.9 160.1 160.9 163.3 166.4 166.6 166.0 111.6 89.1 43.3 58.5 88.6 108.1 107.7 107.0 107.6 110.6 110.2 130.9 92.7 21.6 45.4 102.3 134.0 128.8 125.6 125.2 130.3 130.2 57.4 52.8 34.2 42.4 47.7 46.3 51.3 50.6 54.4 52.5 54.0 96.2 87.9 66.1 72.7 75.9 78.7 79.7 81.4 84.6 84.0 84.6 99.5 99.8 93.7 93.3 94.0 95.6 96.9 96.6 98.7 99.6 100.5 117.0 115.9 104.7 106.8 112.3 112.4 114.1 114.2 114.9 116.0 117.1 2021: Jan r ��������� Feb p��������� 89.4 90.1 90.9 91.7 99.5 96.6 91.3 89.2 133.8 131.7 169.2 168.7 111.3 106.1 130.3 119.6 55.0 56.0 83.5 82.0 101.6 94.4 118.3 116.3 1 Computers and peripheral equipment, communications equipment, and semiconductors and related electronic components. Source: Board of Governors of the Federal Reserve System. 18 New Construction [Billions of dollars; monthly data at seasonally adjusted annual rates] Private Period 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 r ������������������ 2020: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec r ��������� 2021: Jan r ��������� Feb p ��������� Total new construction expenditures 791.2 854.4 914.6 1,015.3 1,140.2 1,223.7 1,279.8 1,333.2 1,365.1 1,432.3 1,441.1 1,436.7 1,387.9 1,369.4 1,383.6 1,399.0 1,426.9 1,424.0 1,459.0 1,479.6 1,510.4 1,529.0 1,516.9 Residential Total New housing Total 1 504.8 575.1 643.9 739.2 846.4 926.7 983.3 1,023.0 1,030.7 1,081.3 1,088.8 1,076.3 1,036.6 1,010.7 1,028.3 1,049.7 1,083.2 1,081.3 1,107.6 1,124.3 1,154.4 1,171.6 1,165.7 Federal and State and local Nonresidential 247.0 273.7 329.6 377.5 431.8 479.4 539.0 557.6 544.4 609.3 593.0 588.1 562.3 539.6 553.7 575.5 615.4 620.9 650.5 670.4 704.1 719.3 717.9 Total 126.1 158.5 208.5 242.8 283.3 315.8 344.2 367.1 360.1 387.4 392.8 389.3 361.4 345.5 343.6 360.2 377.4 396.8 417.1 436.2 458.5 470.9 470.0 Lodging 257.8 301.4 314.3 361.7 414.6 447.3 444.3 465.5 486.3 472.0 495.8 488.2 474.3 471.1 474.6 474.2 467.8 460.4 457.1 453.9 450.3 452.3 447.8 Commercial (including farm) Office 8.4 10.2 13.0 16.3 21.4 26.6 28.1 30.5 31.9 27.5 30.4 29.2 28.3 28.0 28.2 27.4 26.5 25.6 25.3 25.8 23.6 23.9 23.1 23.7 27.4 30.1 38.9 47.9 59.8 59.9 66.8 73.9 70.0 72.1 71.3 70.3 69.8 70.1 69.6 69.6 69.6 68.7 69.0 68.9 68.8 68.4 Manufacturing 39.2 44.3 50.9 60.9 64.5 75.5 84.5 82.8 76.4 79.8 80.6 80.8 79.7 80.0 79.8 80.1 79.6 79.0 79.5 78.1 76.5 75.8 74.9 Other 2 39.8 46.8 51.8 60.1 82.4 78.9 70.0 72.0 79.8 71.5 76.6 75.0 71.6 72.8 74.3 72.9 71.6 69.5 67.7 66.6 65.2 68.5 68.7 146.7 172.6 168.3 185.5 198.5 206.5 201.9 213.4 224.2 223.1 236.1 231.8 224.5 220.5 222.2 224.3 220.5 216.7 215.9 214.4 216.1 215.3 212.7 New houses sold New houses for sale at end of period 3 286.4 279.3 270.7 276.1 293.8 297.0 296.5 310.2 334.4 351.1 352.4 360.4 351.3 358.7 355.4 349.3 343.7 342.7 351.4 355.3 356.0 357.4 351.2 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 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 r ������������������ 608.8 780.6 924.9 1,003.3 1,111.8 1,173.8 1,203.0 1,249.9 1,290.0 1,379.6 1 unit 430.6 535.3 617.6 647.9 714.5 781.5 848.9 875.8 887.7 990.5 Type of structure 2–4 units 1 10.9 11.4 13.6 13.7 11.5 11.5 11.4 13.9 13.4 12.3 5 units or more Total 167.3 233.9 293.7 341.7 385.8 380.8 342.7 360.3 388.9 376.8 624.1 829.7 990.8 1,052.1 1,182.6 1,206.6 1,282.0 1,328.8 1,386.0 1,451.6 1 unit 418.5 518.7 620.8 640.3 696.0 750.8 820.0 855.3 862.1 977.9 2–4 units 5 units or more New housing units completed Vacancy rate for rental housing units (percent) 4 21.6 25.9 29.0 29.9 32.1 34.8 37.2 39.7 42.6 46.2 184.0 285.1 341.1 382.0 454.5 421.1 424.8 433.8 481.4 427.6 584.9 649.2 764.4 883.8 968.2 1,059.7 1,152.9 1,184.9 1,255.1 1,286.9 306 368 429 437 501 561 613 617 683 820 151 150 186 210 232 254 293 346 322 299 9.5 8.7 8.3 7.6 7.1 6.9 7.2 6.9 6.8 6.3 45 46 33 42 40 45 52 44 57 52 46 56 47 399 426 367 428 378 461 386 388 359 446 435 560 527 1,297 1,280 1,212 1,180 1,245 1,338 1,216 1,411 1,343 1,227 1,376 1,324 1,362 716 612 570 698 840 979 977 965 965 857 919 948 775 327 330 323 311 300 291 285 287 285 291 299 304 312 �������������������� 6.6 �������������������� �������������������� 5.7 �������������������� �������������������� 6.4 �������������������� �������������������� 6.5 �������������������� �������������������� Seasonally adjusted annual rates 2020: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov r ��������� Dec r ��������� 2021: Jan r ��������� Feb p ��������� 1,567 1,269 934 1,038 1,265 1,487 1,373 1,437 1,530 1,553 1,670 1,584 1,421 1,034 880 679 728 891 992 1,022 1,097 1,179 1,181 1,322 1,136 1,040 ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 514 376 240 302 367 485 330 335 336 356 338 435 372 1,438 1,356 1,066 1,216 1,258 1,483 1,476 1,545 1,544 1,635 1,704 1,886 1,720 994 884 666 746 840 977 1,038 1,113 1,128 1,137 1,223 1,270 1,146 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 4.6 percent. In February, manufacturing and trade inventories rose $8.9 billion and retail inventories rose $0.1 billion. In February, retail sales fell 3.1 percent and retail and food services sales fell 3.0 percent. BILLIONS OF DOLLARS* (RATIO SCALE) 2,100 BILLIONS OF DOLLARS* (RATIO SCALE) 700 RETAIL INVENTORIES 2,000 650 MANUFACTURING AND TRADE INVENTORIES 1,900 600 1,800 550 1,700 500 1,600 450 RETAIL AND FOOD SERVICES SALES RETAIL SALES 1,500 400 1,400 MANUFACTURING AND TRADE SALES 350 RATIO* 1.80 1,300 INVENTORY/SALES RATIO 1.70 1,200 1.60 RETAIL 1.50 1,100 1.40 MANUFACTURING AND TRADE 1.30 1.20 1,000 2017 2018 2019 2020 2021 2017 2018 2019 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE 2020 2021 COUNCIL OF ECONOMIC ADVISERS [Millions of dollars, except ratios; seasonally adjusted, except as noted] Manufacturing and trade 1 Period Sales 2 2011 r ������������������ 1,206,873 2012 r ������������������ 1,267,540 r 2013 ������������������ 1,306,014 2014 r ������������������ 1,346,339 2015 r ������������������ 1,302,627 r 2016 ������������������ 1,295,486 r 2017 ������������������ 1,361,841 2018 r ������������������ 1,444,447 2019 r ������������������ 1,463,107 r 2020 ������������������ 1,451,351 2020: Jan r ��������� 1,474,679 r Feb ��������� 1,465,999 r Mar �������� 1,388,678 r Apr ��������� 1,187,627 May r �������� 1,289,123 June r ������� 1,401,920 r July �������� 1,452,436 r Aug ��������� 1,465,840 Sept r �������� 1,477,550 Oct r ���������� 1,495,866 r Nov ��������� 1,497,661 r Dec ��������� 1,511,002 r 2021: Jan ��������� 1,580,122 p Feb ��������� ����������������������� Inventories 3 Inventory/sales ratio 4 Wholesale Sales 2 1,566,381 1.26 407,302 1,656,205 1.28 434,294 1,723,713 1.29 450,331 1,787,435 1.31 469,089 1,821,323 1.39 448,876 1,854,222 1.42 444,848 1,916,577 1.38 475,081 2,008,785 1.36 508,329 2,042,950 1.40 507,326 1,991,868 1.39 508,241 2,035,954 1.38 511,747 2,025,241 1.38 505,204 2,023,037 1.46 480,074 1,994,323 1.68 400,349 1,948,787 1.51 423,762 1,928,870 1.38 463,822 1,930,346 1.33 488,848 1,936,546 1.32 495,626 1,950,578 1.32 496,735 1,965,915 1.31 509,720 1,977,435 1.32 512,500 1,991,868 1.32 519,893 2,000,558 1.27 543,910 2,009,453 ����������������������� ����������������������� Inventories 3 Retail Inventory/sales ratio 4 488,255 1.15 524,721 1.17 549,169 1.19 584,584 1.22 595,716 1.33 610,731 1.35 632,013 1.30 671,212 1.28 680,387 1.35 668,675 1.34 674,481 1.32 669,096 1.32 664,718 1.38 664,598 1.66 657,994 1.55 650,768 1.40 649,348 1.33 652,766 1.32 657,361 1.32 665,365 1.31 666,483 1.30 668,675 1.29 677,837 1.25 681,064 ����������������������� 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, 2021. Source: Department of Commerce (Bureau of the Census). 20 Sales 2 341,913 358,519 371,538 386,620 393,833 404,413 421,096 439,122 454,351 469,727 463,338 463,251 438,221 382,734 448,788 479,823 483,699 488,998 497,072 496,660 491,713 487,393 523,540 507,489 Inventories 3 471,186 506,218 544,749 562,395 590,050 613,159 627,767 656,915 662,542 627,525 662,593 659,717 669,293 643,856 603,858 587,749 594,599 597,301 607,118 612,732 617,325 627,525 625,807 625,948 Chart 20 - Mar 2021 Retail and food Inventory/sales services sales 2 ratio 4 1.35 1.38 1.41 1.43 1.46 1.50 1.48 1.46 1.47 1.34 1.43 1.42 1.53 1.68 1.35 1.22 1.23 1.22 1.22 1.23 1.26 1.29 1.20 1.23 383,192 402,199 416,814 434,638 445,791 459,182 478,734 500,135 518,167 521,105 528,822 528,541 483,949 412,766 488,218 529,962 535,923 543,404 552,767 552,193 545,248 538,338 579,123 561,685 Manufacturers’ Shipments, Inventories, and Orders In February, manufacturers’ shipments and new orders fell, while inventories and unfilled orders rose. BILLIONS OF DOLLARS* (RATIO SCALE) 620 540 500 460 420 380 BILLIONS OF DOLLARS* (RATIO SCALE) 740 INVENTORIES 700 660 620 TOTAL 580 540 500 DURABLE GOODS 460 SHIPMENTS TOTAL 340 300 420 DURABLE GOODS 260 380 340 220 NONDURABLE GOODS 300 180 260 NONDURABLE GOODS 140 220 BILLIONS OF DOLLARS* (RATIO SCALE) 620 540 500 460 420 380 180 NEW ORDERS RATIO* 1.80 TOTAL 1.70 340 INVENTORY/SHIPMENTS RATIO 1.60 300 DURABLE GOODS 260 1.50 1.40 220 1.30 180 1.20 1.10 140 2018 2017 2020 2019 2021 2017 2018 2020 2019 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Manufacturers’ shipments 1 Manufacturers’ inventories 2 Manufacturers’ new orders 1 Chart 21- Mar 2021 Durable goods Period Total Durable goods 2021 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 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2020: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2021: Jan r ��������� Feb p ��������� 457,658 474,727 484,145 490,630 459,918 446,225 465,664 496,996 501,430 473,383 497,544 470,383 404,544 416,573 458,275 479,889 481,216 483,743 489,486 493,448 503,716 512,672 502,400 206,591 218,965 224,651 233,077 231,002 226,090 231,210 247,019 248,483 236,136 247,276 233,588 189,742 197,483 227,502 244,876 244,347 245,600 249,356 250,388 255,701 260,178 250,802 251,067 255,762 259,495 257,553 228,916 220,135 234,454 249,977 252,947 237,247 250,268 236,795 214,802 219,090 230,773 235,013 236,869 238,143 240,130 243,060 248,015 252,494 251,598 606,940 625,266 629,795 640,456 635,557 630,332 656,797 680,658 700,021 695,668 696,428 689,026 685,869 686,935 690,353 686,399 686,479 686,099 687,818 693,627 695,668 696,914 702,441 352,820 367,542 370,683 388,025 391,580 373,597 386,217 406,409 423,216 425,699 422,492 424,651 424,744 424,813 424,468 420,990 420,373 421,434 422,634 426,531 425,699 424,520 427,334 254,120 257,724 259,112 252,431 243,977 256,735 270,580 274,249 276,805 269,969 273,936 264,375 261,125 262,122 265,885 265,409 266,106 264,665 265,184 267,096 269,969 272,394 275,107 459,305 475,809 485,611 493,833 453,290 439,112 463,743 495,928 494,705 462,226 496,463 441,815 382,304 411,695 438,247 466,927 469,802 475,929 482,228 488,307 496,322 509,736 505,680 208,238 220,047 226,116 236,280 224,374 218,977 229,289 245,951 241,759 224,979 246,195 205,020 167,502 192,605 207,474 231,914 232,933 237,786 242,098 245,247 248,307 257,242 254,082 71,753 77,674 80,844 81,410 71,502 66,659 71,885 75,740 70,547 63,307 71,483 46,151 49,398 62,334 52,665 58,475 63,333 70,641 71,107 71,862 71,022 75,502 79,596 953,635 1,014,225 1,075,752 1,160,052 1,128,338 1,091,433 1,122,263 1,165,974 1,144,546 1,071,624 1,149,055 1,125,179 1,107,812 1,107,813 1,092,630 1,084,809 1,078,431 1,075,902 1,073,816 1,073,795 1,071,624 1,073,780 1,082,297 1.29 1.30 1.29 1.31 1.39 1.41 1.38 1.35 1.38 1.47 1.40 1.46 1.70 1.65 1.51 1.43 1.43 1.42 1.41 1.41 1.38 1.36 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 rose 0.5 percent in February. Prices for final demand goods rose 1.4 percent and prices for final demand services rose 0.1 percent. INDEX, NOV. 2009=100 (RATIO SCALE) INDEX, NOV. 2009=100 (RATIO SCALE) 130 SEASONALLY ADJUSTED FINAL DEMAND 125 120 115 FINAL DEMAND SERVICES FINAL DEMAND 110 FINAL DEMAND GOODS 105 100 2013 2014 2015 2016 2018 2017 2019 2020 2021 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 ����������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 p ������������������ 2020: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct r ���������� Nov ���������� Dec ����������� 2021: Jan ����������� Feb p ��������� Total final demand 1 100.0 105.7 107.7 109.1 110.9 109.9 110.4 113.0 116.2 118.2 118.4 118.6 118.0 116.7 117.2 117.6 118.2 118.4 118.7 119.4 119.4 119.7 121.3 121.9 Total 32.216 109.9 111.7 112.6 114.0 109.1 107.6 111.2 115.0 115.5 113.9 115.6 113.6 110.4 112.0 112.5 113.1 113.5 113.9 114.5 115.0 116.2 117.8 119.5 Foods 2 5.671 112.5 115.9 117.8 121.6 118.4 115.1 116.5 116.7 118.9 120.6 119.2 119.1 118.7 125.5 119.3 118.2 117.9 119.9 122.4 122.9 122.6 122.9 124.5 Energy 4.984 126.2 126.3 125.3 124.2 98.6 90.4 99.8 110.0 105.0 91.5 103.1 92.6 76.6 79.4 87.0 90.6 91.5 91.2 91.7 93.1 97.7 102.7 108.9 Final demand services Less food and energy 21.562 104.9 106.8 107.9 109.5 109.9 110.7 113.2 116.0 117.6 118.5 118.2 118.2 117.9 117.8 117.9 118.3 118.6 118.9 118.9 119.3 119.9 120.8 121.2 Total 66.077 103.4 105.4 107.1 109.0 110.0 111.5 113.5 116.5 119.1 120.2 119.6 119.8 119.3 119.4 119.6 120.2 120.4 120.6 121.4 121.0 120.9 122.5 122.6 Trade 3 19.659 104.0 106.7 108.2 110.2 111.6 113.1 114.8 116.9 119.7 121.8 119.3 120.5 121.8 121.5 121.4 122.5 122.4 122.0 123.8 122.9 121.9 123.1 123.2 Transportation and warehousing 4.122 110.0 114.2 115.3 117.7 115.3 113.5 115.9 122.0 125.5 121.0 126.0 122.0 117.8 119.4 120.9 120.2 119.2 119.9 121.2 119.7 120.0 121.6 122.9 Other Processed goods Final for intermediate demand demand (1982=100) less foods, energy, Less and food trade Total and (Aug. 2013 energy =100) 2 42.296 69.686 102.5 ���������������� 103.9 ���������������� 105.8 ���������������� 107.5 101.5 108.7 102.1 110.6 103.3 112.8 105.4 115.8 108.4 118.2 110.6 119.4 111.3 119.2 111.4 119.3 111.2 118.3 110.3 118.4 110.4 118.7 110.7 119.2 111.1 119.6 111.3 120.1 111.7 120.2 111.9 120.4 112.0 120.7 112.4 122.4 113.7 122.4 113.9 100.0 199.9 200.7 200.8 201.9 188.0 182.2 190.7 200.9 198.1 192.4 195.3 192.2 185.5 185.5 187.8 190.4 192.2 193.4 195.1 196.6 199.3 202.6 208.1 73.852 192.0 192.6 193.8 195.2 189.4 186.9 193.3 201.8 201.1 198.8 199.4 199.0 196.1 195.0 195.9 197.1 198.6 200.2 200.8 201.0 203.4 207.0 210.8 Unprocessed goods Chart 22 - Mar 2021 for intermediate demand (1982=100) Services for intermediNonfood ate materials demand Total less energy 100.0 249.4 241.4 246.7 249.3 189.1 173.4 190.8 200.1 185.9 167.3 173.6 159.5 137.7 149.3 157.4 158.4 164.8 173.3 175.5 186.7 190.9 198.1 206.7 27.415 390.4 369.6 351.2 345.7 296.0 288.0 324.1 340.7 323.4 346.7 334.9 338.9 326.7 328.3 331.1 332.8 343.7 358.6 359.7 372.4 389.0 423.7 418.2 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 2020. Source: Department of Labor (Bureau of Labor Statistics). 22 100.0 103.2 105.3 107.2 108.9 110.2 112.1 115.0 118.6 121.4 121.8 121.9 122.0 120.0 119.6 120.0 120.6 121.6 122.9 123.7 123.5 124.0 125.6 126.5 Consumer Prices—All Urban Consumers In February, the consumer price index for all urban consumers rose 0.4 percent; it rose 0.5 percent before seasonal adjustment. The index rose 1.7 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 2013 2014 2015 2016 2017 2018 2019 2020 SOURCE: DEPARTMENT OF LABOR 2021 COUNCIL OF ECONOMIC ADVISERS [1982–84=100, except as noted; monthly data seasonally adjusted, except as noted by NSA] All items Period Not seasonally Seasonally adjusted adjusted (NSA) All items less food and energy Total 1 Shelter Medical care 2 Apparel Food New vehicles Energy Total 1 At home Away from home Total 1, 2 Chart 23 - Mar 2021 Gasoline C-CPI-U (Dec. 1999=100, NSA) 3 Rel. imp. 4 ����������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2020: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 100.0 224.939 229.594 232.957 236.736 237.017 240.007 245.120 251.107 255.657 258.811 258.678 258.115 256.389 256.394 257.797 259.101 259.918 260.280 260.388 260.229 260.474 ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 258.824 257.989 256.192 255.942 257.282 258.604 259.511 260.149 260.462 260.927 261.560 79.544 225.008 229.755 233.806 237.897 242.247 247.602 252.169 257.565 263.211 267.693 266.876 266.820 265.836 265.637 266.282 267.722 268.654 269.155 269.350 269.819 269.940 33.233 251.646 257.083 263.056 270.513 278.803 288.230 297.803 307.663 318.053 325.886 324.294 324.500 324.515 325.156 325.605 326.264 326.696 326.969 327.360 327.805 328.210 8.889 400.258 414.924 425.134 435.292 446.752 463.675 475.322 484.707 498.413 518.876 512.730 514.565 516.484 518.877 520.802 522.898 523.770 523.289 521.370 520.401 519.664 2.730 122.111 126.265 127.411 127.514 125.903 126.045 125.612 125.654 124.052 118.079 123.701 121.943 117.071 114.423 115.996 116.782 117.223 116.788 115.757 116.528 117.577 3.748 141.883 144.232 145.783 146.275 147.135 147.358 146.992 146.287 146.834 147.600 146.885 146.364 146.393 146.785 146.949 147.931 147.983 148.360 148.858 148.834 149.385 14.107 227.842 233.777 237.037 242.725 247.235 247.931 250.065 253.558 258.316 267.219 261.832 262.530 266.322 268.093 269.543 268.734 269.044 269.325 269.833 269.746 270.656 7.765 226.201 231.774 233.869 239.456 242.250 239.065 238.589 239.661 241.775 250.233 243.979 244.861 250.982 253.242 254.657 252.344 252.293 251.643 251.945 251.551 252.324 6.342 231.401 237.986 243.068 248.981 256.101 262.695 268.826 275.893 284.410 293.944 289.781 290.216 290.639 291.709 293.219 294.599 295.437 297.080 297.893 298.253 299.369 6.349 243.909 246.080 244.409 243.583 202.895 189.535 204.540 219.941 215.294 196.949 213.963 202.995 183.788 179.610 187.591 191.566 193.362 195.995 197.157 198.576 203.716 2.993 301.694 311.470 302.577 290.889 212.007 187.602 211.770 240.599 232.003 194.130 229.906 207.911 167.940 159.690 176.235 184.682 188.637 191.794 193.213 194.136 204.217 ������������������� 129.453 131.976 ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� ������������������� 145.193 144.913 143.756 143.709 144.559 145.313 145.760 145.979 146.023 145.914 146.039 2021: Jan ����������� Feb ����������� 261.582 263.014 262.231 263.161 270.025 270.299 328.483 329.028 521.652 522.978 120.178 119.287 148.611 148.587 270.880 271.327 252.007 252.656 300.382 300.540 210.822 218.946 219.338 233.399 146.683 147.505 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 2021. 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 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 p ������������������ 3.2 1.9 1.2 .9 –1.1 1.7 2.5 2.6 1.4 .8 4.7 1.4 .8 –1.2 –3.8 1.9 3.5 1.6 1.0 .2 5.7 4.1 –.8 4.4 –5.2 –1.6 2.0 2.8 1.2 1.2 9.2 –1.3 .9 –13.2 –16.4 6.3 10.1 –3.1 2.4 –7.1 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 1.4 1.1 2.3 3.8 –.4 4.0 .0 1.0 1.8 3.1 .8 1.7 6.7 2.7 2.0 .8 –3.5 1.1 2.3 6.5 2.2 –6.2 1.8 ����������� 1.4 ����������� 2.0 ����������� 1.4 1.3 .8 .3 2.0 1.8 2.3 2.3 2.6 2.8 1.8 1.5 1.5 1.1 5.7 .4 .1 –2.6 –6.6 1.8 5.0 2.8 –1.7 1.3 3.8 .6 .7 –.1 –3.8 1.6 3.6 3.5 –1.8 2.0 6.6 1.4 –1.9 –8.7 –25.3 13.0 5.0 3.7 –7.3 1.5 2.4 –1.6 –5.6 –5.3 –18.5 13.7 8.5 2.9 –5.0 20.3 2.0 2.9 1.0 1.8 .5 2.6 2.9 3.1 1.7 1.6 3.8 1.9 1.3 1.6 –.9 .5 2.4 2.8 1.7 .2 6.9 1.6 .8 1.2 –4.3 –1.4 3.3 3.4 .4 –1.4 2.1 1.9 1.6 1.8 .9 1.4 1.8 2.6 2.2 .9 Change, month to month 2020: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct r ���������� Nov r ��������� Dec ����������� –0.5 –.5 –1.1 .4 .3 .5 .2 .3 .6 .0 .3 –0.7 –1.7 –2.8 1.4 .4 .5 .4 .4 .5 .4 1.0 –1.7 –.1 –.3 5.7 –4.9 –.9 –.3 1.7 2.1 .4 –.2 –2.6 –10.2 –17.3 3.7 9.6 4.1 1.0 –.3 .5 1.5 4.9 0.1 .0 –.3 –.1 .1 .3 .3 .3 .0 .3 .5 –0.5 .2 –.4 .1 .2 .5 .2 .2 .7 –.3 –.1 –0.8 1.0 1.1 –.2 –.1 .9 –.1 –.3 1.5 –.7 –.8 –0.4 –3.2 –3.4 1.4 1.3 –.6 –.8 .6 1.1 –1.2 .3 –0.3 .1 –.8 .1 .3 .4 .3 .4 .1 .2 .2 –0.2 –.2 –.8 .1 .3 .4 .2 .4 .2 .1 .4 –0.7 –1.6 –3.5 .0 1.2 1.4 .9 .6 .9 .8 1.4 –0.1 –.2 –1.5 –.6 .5 .6 .8 .8 .3 .1 1.2 –6.5 –8.1 –13.7 8.4 5.4 .6 4.0 5.2 1.3 6.4 2.2 –1.3 1.2 –3.6 .5 .9 .5 3.3 4.3 .3 3.5 4.5 –0.2 .1 –1.6 –.3 .3 .5 .8 1.1 .7 –.2 .4 1.1 .3 –1.5 –1.1 –.7 –.3 –.3 .3 .6 .8 .8 .6 –1.7 –5.2 –3.6 –2.6 –2.2 –1.6 –1.0 –1.0 –.8 .2 1.4 1.3 .3 .2 .3 .7 .3 .9 1.3 1.5 1.1 2021: Jan ����������� Feb ����������� 1.3 .5 1.4 1.4 .2 1.3 5.1 6.0 .8 .3 1.3 .1 1.0 .1 1.3 1.1 1.4 .0 1.2 .2 1.7 2.7 1.8 1.8 3.8 4.3 8.9 –1.3 1.3 .7 1.7 2.8 1.3 3.4 2.0 2.5 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 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 3.0 1.7 1.5 .8 .7 2.1 2.1 1.9 2.3 1.4 2.2 1.9 1.7 1.6 2.1 2.2 1.8 2.2 2.3 1.6 1.9 2.2 2.5 2.9 3.2 3.6 3.2 3.2 3.2 1.8 3.5 3.2 2.0 3.0 2.6 4.1 1.8 2.0 4.6 1.8 4.6 1.8 .6 –2.0 –.9 –.1 –1.6 –.1 –1.2 –3.9 2020: Feb ����������� Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 2021: Jan ����������� Feb ����������� 0.1 –.3 –.7 –.1 .5 .5 .4 .2 .1 .2 .2 .3 .4 0.2 .0 –.4 –.1 .2 .5 .3 .2 .1 .2 .0 .0 .1 0.3 .1 .0 .2 .1 .2 .1 .1 .1 .1 .1 .1 .2 0.2 .4 .4 .5 .4 .4 .2 –.1 –.4 –.2 –.1 .4 .3 0.3 –1.4 –4.0 –2.3 1.4 .7 .4 –.4 –.9 .7 .9 2.2 –.7 3.2 1.6 .4 .5 .2 .3 –.5 –.3 .1 2.0 4.7 1.8 1.1 3.4 .8 –.2 1.6 1.6 1.8 3.9 6.0 1.3 .4 3.7 –.4 –2.0 .9 .6 .7 3.9 2.9 2.5 2.1 3.0 2.6 2.3 2.5 2.8 3.1 3.9 6.6 .5 .5 –10.6 –12.6 5.4 6.9 –.3 3.4 –7.0 9.9 1.7 –1.0 –21.0 –19.7 9.1 10.7 –2.1 7.9 –15.2 2.9 1.5 1.3 .5 .4 1.8 1.7 1.5 1.8 1.2 ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� �������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� 3.2 2.1 1.5 1.6 .1 1.3 2.1 2.4 1.8 1.2 0.4 .4 2.5 .9 .6 –.9 .0 –.3 .1 –.2 .3 –.1 .3 0.2 .2 .1 .4 .5 .5 .3 .6 .3 .1 .4 .3 .1 –2.4 –5.1 –9.5 –2.3 4.4 2.1 .9 1.4 .6 .7 2.6 3.5 3.9 –4.2 –9.6 –19.2 –4.9 10.4 4.8 2.1 1.7 .7 .5 5.2 7.4 6.4 0.3 –.2 –.8 .0 .6 .5 .3 .2 .0 –.1 .1 .4 .6 ������������� 1.0 ������������� ������������� –3.1 ������������� ������������� 4.7 ������������� ������������� 2.4 ������������� ������������� 1.3 –.3 –3.8 –4.4 –1.1 3.8 5.7 4.5 2.9 2.2 2.2 2.7 3.5 2.1 1.1 –.9 –1.6 –.7 –.1 .5 1.7 3.4 3.9 3.4 2.8 2.8 2.3 1.5 .3 .1 .6 1.0 1.3 1.4 1.2 1.2 1.4 1.4 1.7 Change, month to month 0.3 –.4 .0 .3 .1 .7 .0 .3 .3 .0 .4 –.5 .0 0.3 .3 1.4 .7 .5 –.3 .1 .1 .2 .0 .3 .1 .2 1 Includes other items not shown separately. 2 Commodities and services. 3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices. 4 Quarterly changes are shown in the last month of the quarter. Source: Department of Labor (Bureau of Labor Statistics). 24 Prices Received and Paid by Farmers In February, prices received by farmers rose 6.3 percent and prices paid by farmers rose 1.2 percent. (Data are not seasonally adjusted.) INDEX, 2011=100 (RATIO SCALE) 130 INDEX, 2011=100 (RATIO SCALE) 130 120 120 PRICES PAID 110 110 100 100 90 90 PRICES RECEIVED 80 80 70 70 60 60 1 RATIO1 140 RATIO 140 120 120 RATIO 100 100 80 80 60 60 2013 2015 2014 2016 2017 2019 2018 2021 2020 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 Agricultural production Crop production Chart 25 - Mar 2021 Prices paid by farmers All commodities, services, interest, taxes, and wage rates (PPITW) 2 Livestock production Production items, interest, taxes, and wage rates (PITW) Production items Ratio of prices received by farmers to PPITW 2011 ��������������������������������������������������� 2012 ��������������������������������������������������� 2013 ��������������������������������������������������� 2014 ��������������������������������������������������� 2015 ��������������������������������������������������� 2016 ��������������������������������������������������� 2017 ��������������������������������������������������� 2018 ��������������������������������������������������� 2019 ��������������������������������������������������� 2020 ��������������������������������������������������� 2020: Feb ������������������������������������������ Mar r ��������������������������������������� Apr ������������������������������������������ May r ��������������������������������������� June r �������������������������������������� July ����������������������������������������� Aug r ���������������������������������������� Sept ���������������������������������������� Oct ������������������������������������������ Nov ����������������������������������������� Dec ������������������������������������������ 100.0 105.0 107.0 107.9 99.2 90.2 93.4 90.5 90.3 90.0 90.6 92.5 81.9 84.4 88.0 86.5 87.4 89.2 89.1 93.0 91.3 100.0 107.0 105.7 92.3 87.0 85.5 86.2 85.8 85.4 91.0 86.3 87.1 86.0 86.5 89.3 88.4 90.9 93.9 88.2 92.1 91.6 100.0 102.5 108.5 128.7 113.4 94.4 100.1 94.4 95.7 89.0 94.7 97.4 78.4 82.6 86.7 84.5 83.9 84.1 90.6 94.2 90.9 100.0 104.4 106.3 112.0 110.7 105.8 106.5 109.1 110.5 110.0 110.6 109.6 108.4 108.5 108.7 109.2 109.5 109.9 110.6 111.4 112.2 100.0 104.8 106.7 113.1 111.6 105.7 106.1 108.7 110.0 109.2 109.9 108.8 107.5 107.6 107.8 108.2 108.5 109.0 109.8 110.7 111.7 100.0 105.4 107.4 114.1 112.0 104.7 104.5 106.4 107.2 106.4 107.1 105.8 104.5 104.6 104.8 105.3 105.6 106.3 107.2 108.3 109.4 100 100 100 96 90 85 87 83 82 81 82 85 76 78 81 80 80 81 80 84 81 2021: Jan r ���������������������������������������� Feb p ���������������������������������������� 90.0 95.7 88.8 98.1 91.8 93.4 113.1 114.5 112.6 114.2 110.4 112.2 80 83 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) 24,000 24,000 20,000 20,000 18,000 18,000 16,000 16,000 14,000 14,000 12,000 12,000 M2 10,000 10,000 8,400 8,400 7,600 7,600 6,800 6,800 6,000 6,000 5,200 4,800 4,400 5,200 4,800 4,400 M1 4,000 4,000 3,600 3,600 3,200 3,200 2,800 2,800 2,400 2,400 2,000 2,000 1,600 1,600 2013 2014 2015 2016 2017 2017 2019 2020 *AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 2021 COUNCIL OF ECONOMIC ADVISERS [Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted] Period 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 ���������������������������������������� 2020: Dec r ���������������������������������������� 2020: Feb r ���������������������������������������� Mar r ��������������������������������������� Apr r ���������������������������������������� May r ��������������������������������������� June r �������������������������������������� July r ��������������������������������������� Aug r ���������������������������������������� Sept r ��������������������������������������� Oct r ����������������������������������������� Nov r ���������������������������������������� Dec r ���������������������������������������� 2021: Jan r ���������������������������������������� Feb p ���������������������������������������� M1 M2 Debt Sum of currency, demand deposits, travelers checks, and other checkable deposits; includes savings deposits beginning May 2020 1 M1 plus savings deposits, retail MMMF balances, and small time deposits 2 Debt of domestic nonfinancial sectors 3 2,165.7 2,459.4 2,662.9 2,939.4 3,096.3 3,345.4 3,618.9 3,771.2 4,011.2 17,840.5 4,027.6 4,280.2 4,773.3 16,275.9 16,601.8 16,795.0 16,911.1 17,184.0 17,376.3 17,620.1 17,840.5 18,120.6 18,412.0 9,661.9 10,455.8 11,023.6 11,677.5 12,344.3 13,220.3 13,858.7 14,377.2 15,329.1 19,145.8 15,473.4 16,014.3 17,042.9 17,893.0 18,179.8 18,321.5 18,384.8 18,609.6 18,759.3 18,974.4 19,145.8 19,400.1 19,669.8 38,759.6 40,433.3 41,970.1 43,498.8 45,211.7 47,185.8 49,310.6 51,937.4 54,389.0 61,167.0 ��������������������������������������������� 55,863.1 ��������������������������������������������� ��������������������������������������������� 59,418.3 ��������������������������������������������� ��������������������������������������������� 60,226.0 ��������������������������������������������� ��������������������������������������������� 61,167.0 ��������������������������������������������� ��������������������������������������������� Percent change Chart 26 - Mar 2021 From previous period 5 From year or 6 months earlier 4 M1 17.9 13.6 8.3 10.4 5.3 8.0 8.2 4.2 6.4 ����������������������������� 9.6 20.2 43.2 ����������������������������� ����������������������������� ����������������������������� ����������������������������� ����������������������������� ����������������������������� 16.5 14.9 15.8 17.8 M2 Debt 9.8 8.2 5.4 5.9 5.7 7.1 4.8 3.7 6.6 24.9 7.2 13.1 24.9 34.6 37.2 37.8 37.6 32.4 20.1 12.1 10.6 11.8 14.0 3.7 4.7 4.1 3.8 4.4 4.5 4.3 4.7 4.8 12.5 ������������������������������� 10.8 ������������������������������� ������������������������������� 25.5 ������������������������������� ������������������������������� 5.5 ������������������������������� ������������������������������� 6.3 ������������������������������� ������������������������������� 1 Beginning May 2020, M1 includes savings deposits. Prior to May 2020, savings deposits were not included in M1 because they were nonreservable. See the H.6 statistical release for additional details. 2 Money market mutual fund (MMMF). Savings deposits include money market deposit accounts (MMDA). 3 Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts. Quarterly data shown in last month of quarter. End-of-year data are for fourth quarter. 4 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate. 5 Debt growth of domestic nonfinancial sectors is the seasonally adjusted borrowing flow divided by the seasonally adjusted level of debt outstanding in the previous period. Annual changes are from fourth quarter to fourth quarter; quarterly changes are from previous quarter at an annual rate. Note: See p. 27 for components. Source: Board of Governors of the Federal Reserve System. 26 Components of Money Stock [Averages of daily figures; billions of dollars, seasonally adjusted] Period 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 ��������� 2020: Dec r ��������� 2020: Feb r ��������� Mar r �������� Apr r ��������� May r �������� June r ������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 2021: Jan r ��������� Feb p ��������� Nonbank travelers checks Currency 1,001.9 1,090.6 1,160.3 1,252.4 1,339.2 1,421.3 1,525.1 1,624.2 1,709.7 1,969.8 1,724.2 1,746.1 1,781.6 1,820.0 1,856.6 1,885.9 1,911.2 1,928.1 1,944.3 1,957.0 1,969.8 1,993.7 2,008.1 Other checkable deposits (OCDs) Demand deposits 4.3 3.8 3.5 2.9 2.5 2.2 1.9 1.7 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 751.6 925.4 1,033.0 1,199.8 1,239.9 1,375.0 1,497.9 1,516.0 1,627.1 3,317.8 1,627.7 1,841.9 2,006.0 2,108.3 2,177.1 2,216.2 2,262.3 2,386.6 2,419.5 2,789.5 3,317.8 3,457.4 3,676.5 Savings deposits (including MMDAs) Small-denomination time deposits 1 At thrift institutions At commercial banks 995.6 955.8 1,019.8 1,076.9 1,143.3 1,258.9 1,297.1 1,330.5 1,332.2 ��������������� 1,356.5 1,397.3 1,197.5 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� Total At commercial banks At thrift institutions Total At commercial banks 407.9 439.6 466.1 484.3 514.7 547.0 594.0 629.3 674.3 ��������������� 675.7 692.2 985.7 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 232.2 243.8 255.9 264.9 276.2 288.1 306.1 333.0 367.5 ��������������� 367.6 376.2 372.7 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 175.7 195.8 210.2 219.4 238.5 258.8 287.9 296.3 306.9 ��������������� 308.0 315.9 612.9 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 6,030.9 6,683.1 7,126.1 7,570.8 8,169.5 8,817.6 9,109.4 9,250.8 9,744.6 ��������������� 9,913.5 10,185.5 10,672.7 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 5,035.3 5,727.3 6,106.3 6,494.0 7,026.3 7,558.7 7,812.3 7,920.3 8,412.4 ��������������� 8,557.0 8,788.3 9,475.2 ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� Total Retail money funds At thrift institutions 777.9 548.9 229.0 645.9 468.9 177.0 569.7 425.3 144.4 522.7 390.7 132.0 412.1 301.6 110.5 353.4 251.7 101.7 414.6 302.9 111.7 532.5 424.7 107.8 581.7 459.5 122.1 237.6 183.4 54.3 538.9 429.1 109.8 510.3 408.0 102.3 484.6 390.8 93.8 463.3 373.6 89.7 427.1 343.5 83.6 392.6 314.0 78.7 356.3 282.4 73.9 324.4 256.5 67.9 293.6 231.8 61.8 262.7 204.5 58.2 237.6 183.4 54.3 216.5 164.9 51.7 190.9 ��������������� ��������������� Institutional money funds 2 687.5 1,749.2 667.5 1,729.7 664.8 1,764.8 644.5 1,792.0 666.4 1,821.3 703.9 1,741.5 715.8 1,832.2 822.7 1,870.6 991.6 2,273.1 1,067.7 2,842.2 993.4 2,282.2 1,038.3 2,505.1 1,112.3 3,099.2 1,153.8 3,296.3 1,150.8 3,204.4 1,133.9 3,114.9 1,117.5 3,050.9 1,101.2 2,972.5 1,089.4 2,912.6 1,091.6 2,862.5 1,067.7 2,842.2 1,063.0 2,825.5 1,066.9 ����������������� 1 Small-denomination deposits are those issued in amounts of less than $100,000. 2 Institutional money funds are not part of non-M1 M2. Note: See the H.6 statistical release for additional details on changes. Source: Board of Governors of the Federal Reserve System. Aggregate Reserves and Monetary Base [Averages of daily figures 1; millions of dollars, not seasonally adjusted] Reserves of depository institutions Reserve balances maintained Period Reserve balance requirements 3 Vault cash used to satisfy required reserves Nonborrowed 4 ������������������ ������������������ 2,409,535 2,515,848 2,321,793 1,914,722 2,108,555 1,555,696 1,477,528 ������������������ 1,505,377 1,921,000 2,953,586 3,217,635 3,043,556 2,718,529 2,799,719 ������������������ ������������������ ������������������ ������������������ 47,838 58,675 69,030 82,770 89,313 105,944 123,720 123,703 138,984 ������������������ 138,370 113,139 0 0 0 0 0 ������������������ ������������������ ������������������ ������������������ 48,672 52,959 55,771 59,236 61,413 64,280 65,549 68,462 68,255 ������������������ 69,954 54,222 0 0 0 0 0 ������������������ ������������������ ������������������ ������������������ 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 3,076,300 1,726,939 2,058,816 2,829,125 3,105,791 2,945,885 2,625,585 2,716,593 2,774,400 2,802,600 2,968,100 3,076,300 2,619,586 2,675,945 3,717,450 3,934,455 3,835,810 3,531,565 3,850,969 3,400,747 3,426,464 5,206,600 3,454,474 3,883,155 4,844,940 5,149,527 5,001,978 4,700,365 4,807,394 4,880,300 4,917,100 5,093,000 5,206,600 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 3,101,200 3,292,500 5,248,000 5,446,900 Total To satisfy reserve balance requirements 2 That exceed the top of the penalty-free band 1,550,043 1,517,425 2,485,248 2,606,700 2,419,774 2,031,007 2,244,274 1,691,394 1,630,090 ������������������ 1,656,989 2,045,148 2,953,586 3,217,635 3,043,556 2,718,529 2,799,719 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 75,713 90,852 97,981 116,285 135,719 135,698 152,562 ������������������ 151,612 124,147 0 0 0 0 0 ������������������ ������������������ ������������������ ������������������ 2021: Jan ������������ ������������������ Feb ������������ ������������������ ������������������ ������������������ 2011: Dec ������������ 2012: Dec ������������ 2013: Dec ������������ 2014: Dec ������������ 2015: Dec ������������ 2016: Dec ������������ 2017: Dec ������������ 2018: Dec ������������ 2019: Dec ������������ 2020: Dec ������������ 2020: Feb ������������ Mar ����������� Apr ������������ May ����������� June ���������� July ����������� Aug ����������� Sept ���������� Oct ������������ Nov ����������� Dec ������������ Borrowings from the Federal Reserve Monetary base 5 Primary Secondary Seasonal Term assetbacked securities loan facility 7 103 12 13 22 38 13 43 18 10 ������������������ 3 19,538 38,299 22,180 8,456 4,670 2,851 ������������������ ������������������ ������������������ ������������������ 0 0 0 0 0 0 0 0 0 ������������������ 0 0 0 0 0 0 0 ������������������ ������������������ ������������������ ������������������ 23 23 59 80 67 25 33 58 11 ������������������ 0 0 0 2 11 26 38 ������������������ ������������������ ������������������ ������������������ 9,400 760 98 0 0 0 0 0 0 �������������������� 0 0 0 0 55 668 2,071 �������������������� �������������������� �������������������� �������������������� 52,591 ������������������ 53,476 ������������������ ������������������ ������������������ ������������������ ������������������ �������������������� �������������������� Total 6 9,526 795 170 102 106 39 75 76 21 58,685 3 40,554 124,461 111,845 97,671 92,943 83,126 78,387 74,059 66,598 58,685 1 Data are prorated averages of biweekly (maintenance period) averages of daily figures. 2 Equals the sum of balances maintained up to the top of each institution’s penalty-free band. 3 Excludes vault cash used to satisfy required reserves. 4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve. 5 Equals total balances maintained plus currency in circulation (not shown). 6 Includes term auction credit (December 2007 to April 2010), primary dealer and other broker-dealer credit (March 2008 to February 2010), credit extended to American International Group, Inc. (September 2008 to January 2011), asset-backed commercial paper money market mutual fund liquidity facility (September 2008 to February 2010), and other credit extensions, not shown separately. 7 Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility. Note: Data reflect the creation of a penalty-free band around reserve balance requirements which took effect June 27, 2013. See H.3 release of July 11, 2013. The last H.3 statistical release was published on September 17, 2020. For more information, see the announcements on August 20, 2020 and September 24, 2020. Source: Board of Governors of the Federal Reserve System. 27 Bank Credit at All Commercial Banks Total commercial bank loans and leases rose 0.1 percent in February. BILLIONS OF DOLLARS* (RATIO SCALE) 20,000 ALL COMMERCIAL BANKS 18,000 16,000 14,000 BILLIONS OF DOLLARS* (RATIO SCALE) 20,000 18,000 16,000 14,000 TOTAL 12,000 12,000 10,000 9,000 8,000 7,000 10,000 9,000 8,000 7,000 LOANS AND LEASES 6,000 6,000 5,000 5,000 4,000 4,000 U.S. TREASURY AND AGENCY SECURITIES 3,000 3,000 2,000 2,000 1,600 1,600 1,200 1,200 800 800 OTHER SECURITIES 400 400 2013 2014 2015 2016 2017 2018 2019 2020 *SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 2021 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars, seasonally adjusted 1] Securities in bank credit 2 Period 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 ��������� 2020: Dec r ��������� 2020: Feb r ��������� Mar r �������� Apr r ��������� May r �������� June r ������� July r �������� Aug r ��������� Sept r �������� Oct r ���������� Nov r ��������� Dec r ��������� 2021: Jan r ��������� Feb p ��������� Total bank credit 9,108.4 9,626.8 9,828.4 10,540.4 11,343.7 12,076.3 12,538.2 13,071.0 13,859.7 15,040.5 13,941.9 14,405.9 14,773.9 14,849.8 14,851.2 14,903.3 14,916.2 14,924.5 14,942.9 15,006.8 15,040.5 15,108.3 15,184.7 Total securities 2,493.4 2,733.9 2,722.1 2,932.6 3,110.5 3,310.4 3,432.3 3,492.4 3,824.3 4,672.0 3,864.6 3,988.4 3,994.1 4,028.4 4,175.8 4,305.4 4,367.9 4,425.5 4,505.4 4,609.7 4,672.0 4,754.2 4,815.2 U.S. Treasury and agency securities 1,699.0 1,872.8 1,809.3 2,040.3 2,224.7 2,409.5 2,521.7 2,663.2 3,000.3 3,735.0 3,030.1 3,145.1 3,140.1 3,175.8 3,302.3 3,410.4 3,474.3 3,525.4 3,589.5 3,681.3 3,735.0 3,816.8 3,869.5 Loans and leases in bank credit Other securities 794.3 861.1 912.9 892.3 885.8 900.9 910.6 829.2 824.1 937.0 834.4 843.3 853.9 852.6 873.5 895.0 893.6 900.1 915.9 928.4 937.0 937.4 945.7 Total loans and leases 3 6,615.0 6,892.9 7,106.2 7,607.8 8,233.2 8,765.9 9,105.9 9,578.7 10,035.4 10,368.6 10,077.3 10,417.5 10,779.8 10,821.4 10,675.5 10,597.9 10,548.3 10,499.0 10,437.5 10,397.1 10,368.6 10,354.1 10,369.5 Commercial and industrial loans 1,303.8 1,474.5 1,574.3 1,773.3 1,953.1 2,083.9 2,105.8 2,304.2 2,363.1 2,617.2 2,359.6 2,576.3 2,937.6 3,040.0 2,926.3 2,858.7 2,812.1 2,756.3 2,696.6 2,649.1 2,617.2 2,582.1 2,602.6 Chart 28 - Mar 2021 Real estate loans Total 4 3,495.3 3,551.0 3,532.0 3,639.1 3,872.0 4,116.4 4,287.4 4,418.8 4,622.0 4,659.2 4,645.0 4,665.6 4,682.8 4,675.5 4,671.7 4,685.7 4,686.0 4,682.2 4,680.5 4,667.6 4,659.2 4,676.1 4,653.3 Revolving home equity loans 549.6 515.3 473.9 458.4 441.6 407.0 382.7 350.3 322.8 284.1 317.5 316.6 314.6 310.3 306.2 302.9 299.0 295.2 291.4 287.7 284.1 280.9 275.8 Commercial loans 1,418.4 1,428.3 1,498.3 1,605.6 1,781.2 1,963.1 2,087.0 2,189.4 2,325.4 2,414.8 2,347.6 2,361.0 2,376.1 2,381.9 2,384.9 2,390.2 2,397.7 2,402.5 2,405.9 2,410.8 2,414.8 2,423.4 2,415.6 Consumer loans 5 1,086.3 1,102.7 1,128.2 1,186.7 1,259.1 1,356.0 1,427.5 1,497.4 1,588.6 1,522.5 1,601.8 1,604.6 1,550.6 1,520.7 1,517.0 1,519.3 1,516.4 1,516.6 1,518.8 1,520.5 1,522.5 1,521.5 1,525.0 All other loans and leases 6 729.6 764.7 871.7 1,008.7 1,149.1 1,209.6 1,285.1 1,358.3 1,461.6 1,569.7 1,471.0 1,570.9 1,608.8 1,585.2 1,560.5 1,534.3 1,533.9 1,543.9 1,541.6 1,560.0 1,569.7 1,574.5 1,588.6 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 2011 r ������������������ 2012 r ������������������ 2013 r ������������������ 2014 r ������������������ 2015 r ������������������ 2016 r ������������������ 2017 r ������������������ 2018 r ������������������ 2019 r ������������������ 2020 p ������������������ 2018: I r �������������� II r ������������� III r ������������ IV r ������������ 2019: I r �������������� II r ������������� III r ������������ IV r ������������ 2020: I r �������������� II r ������������� III r ������������ IV p.����������� Internal 1 2,667.0 2,805.8 2,851.4 3,323.7 3,347.0 3,024.1 2,482.4 2,500.1 ����������������� ����������������� 2,466.2 2,183.0 2,874.0 2,477.1 2,746.7 ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 1,773.1 1,820.9 1,925.6 1,942.2 1,934.0 1,852.8 1,789.9 2,066.0 2,105.7 2,017.8 2,103.4 2,066.4 2,034.4 2,059.7 1,991.5 2,111.2 2,107.5 2,212.3 1,942.1 1,754.3 2,260.6 2,114.1 Total net funds raised Total 893.9 984.9 925.8 1,381.5 1,413.0 1,171.3 692.5 434.1 ����������������� ����������������� 362.8 116.6 839.6 417.4 755.2 ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� –72.5 104.2 93.5 165.0 143.2 –185.6 65.3 –231.1 14.0 827.0 –127.4 –647.1 218.4 –368.3 51.2 262.7 171.4 –429.4 2,089.7 1576.4 –207.2 -151.0 Net new equity issues –382.6 –300.0 –277.3 –301.9 –453.5 –495.9 –325.6 –548.3 –452.7 –191.5 –398.5 –837.0 –194.2 –763.6 –699.2 –168.7 –448.2 –494.9 –384.0 –74.4 32.4 -340.1 Credit market instruments Total Securities and mortgages Loans and short-term paper 70.0 269.3 265.2 266.0 503.9 296.2 264.9 228.6 318.4 799.8 261.1 176.1 275.4 201.9 432.9 344.9 461.1 34.3 834.1 1,792.4 406.3 166.5 240.0 134.9 105.6 200.9 92.8 14.1 125.9 88.5 148.5 218.7 9.9 13.8 137.1 193.4 317.4 86.5 158.4 31.3 1,639.6 –141.6 –645.8 22.6 310.1 404.2 370.8 466.9 596.7 310.2 390.8 317.2 466.7 1018.5 271.0 189.9 412.6 395.3 750.3 431.4 619.6 65.5 2,473.7 1,650.8 –239.6 189.1 Other 2 259.0 404.4 371.6 634.2 667.6 650.6 –81.4 1,049.2 1,011.2 225.7 954.6 1,150.6 1,313.5 778.2 1,176.8 659.7 574.5 1,633.6 154.1 –336.1 848.4 236.4 Total 1,793.6 1,918.5 2,383.9 2,495.6 3,075.9 2,741.1 2,431.0 2,938.7 2,904.9 3,446.6 3,369.1 2,745.2 2,874.1 2,766.3 2,226.4 2,967.1 3,452.0 2,974.1 5,048.5 3,157.5 3,650.4 1,930.0 Increase in financial assets Capital expenditures 3 1,425.0 1,611.3 1,676.0 1,822.0 1,935.9 1,789.3 1,883.2 2,068.2 2,147.7 1,963.6 2,004.4 2,018.0 2,100.9 2,149.4 2,185.6 2,151.1 2,147.4 2,106.6 2,025.9 1,669.6 2,028.2 2,130.7 368.6 307.2 707.9 673.6 1,140.0 951.8 547.8 870.5 757.2 1,483.0 1,364.7 727.2 773.2 616.9 40.8 816.0 1,304.6 867.5 3,022.6 1,487.9 1,622.2 -200.7 Discrepancy (sources less uses) 365.5 600.8 194.6 431.4 84.6 –12.2 –375.7 130.0 479.5 –202.4 –259.0 –237.0 1,026.9 –10.8 1,289.7 334.7 –425.4 719.2 –705.2 –77.9 –577.4 550.8 1 Profits before tax (book) less taxes on corporate income, less net dividends, plus capital consumption allowance (consumption of fixed capital plus capital consumption adjustment), foreign earnings retained abroad, inventory valuation adjustment, and net capital transfers. 2 Includes trade payables, taxes payable, and miscellaneous liabilities (foreign direct investment in the U.S., pension fund contributions payable, and other). 3 Nonresidential fixed investment plus residential fixed investment, inventory change with inventory valuation adjustment, and nonproduced nonfinancial assets. Source: Board of Governors of the Federal Reserve System. Consumer Credit [Billions of dollars; seasonally adjusted] Net change in consumer credit outstanding 1 Consumer credit outstanding (end of period) Period Total Nonrevolving 2 Revolving Total Nonrevolving 2 Revolving 2011: Dec ������������������������������������������ 2012: Dec ������������������������������������������ 2013: Dec ������������������������������������������ 2014: Dec ������������������������������������������ 2015: Dec ������������������������������������������ 2016: Dec ������������������������������������������ 2017: Dec ������������������������������������������ 2018: Dec ������������������������������������������ 2019: Dec ������������������������������������������ 2020: Dec ������������������������������������������ 2020: Feb ������������������������������������������ Mar ����������������������������������������� Apr ������������������������������������������ May ����������������������������������������� June ���������������������������������������� July ����������������������������������������� Aug ����������������������������������������� Sept ���������������������������������������� Oct r ����������������������������������������� Nov r ���������������������������������������� Dec r ���������������������������������������� 2,756.2 2,912.9 3,090.5 3,311.3 3,389.9 3,620.0 3,809.9 3,995.1 4,176.9 4,178.1 4,205.9 4,191.9 4,127.8 4,114.9 4,133.4 4,146.2 4,137.2 4,154.3 4,156.8 4,169.0 4,178.1 840.2 840.0 854.1 887.4 898.2 960.0 1,017.2 1,054.1 1,093.2 974.9 1,097.5 1,076.6 1,019.4 996.1 993.4 991.7 980.9 983.5 978.6 977.5 974.9 1,916.1 2,072.9 2,236.3 2,423.9 2,491.7 2,660.0 2,792.7 2,941.0 3,083.8 3,203.2 3,108.4 3,115.3 3,108.4 3,118.7 3,140.0 3,154.5 3,156.3 3,170.8 3,178.2 3,191.5 3,203.2 109.4 156.7 177.6 220.8 78.6 230.1 189.9 185.2 181.8 1.2 19.4 –14.0 –64.1 –12.9 18.5 12.8 –9.0 17.1 2.5 12.2 9.1 1.1 –.2 14.1 33.3 10.8 61.8 57.2 36.9 39.1 –118.3 5.9 –20.9 –57.2 –23.3 –2.7 –1.7 –10.8 2.6 –4.9 –1.1 –2.6 108.4 156.8 163.4 187.6 67.8 168.3 132.7 148.3 142.8 119.4 13.5 6.9 –6.9 10.3 21.3 14.5 1.8 14.5 7.4 13.3 11.7 2021: Jan r ���������������������������������������� Feb p ���������������������������������������� 4,178.2 4,205.8 966.3 974.4 3,211.9 3,231.4 .1 27.6 –8.6 8.1 8.7 19.5 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 2013 2014 2015 2016 2017 2018 2019 2020 SOURCE: SEE TABLE BELOW 2021 COUNCIL OF ECONOMIC ADVISERS [Percent per annum] Chart 30 - Mar 2021 U.S. Treasury security yields Period 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 New-home mortgage yields (FHFA) 6 Federal funds rate 5 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 �������������������� 2020: Mar ���������� Apr ����������� May ���������� June ��������� July ���������� Aug ���������� Sept ��������� Oct ����������� Nov ���������� Dec ����������� 0.06 .09 .06 .03 .06 .33 .94 1.94 2.08 .38 .46 .15 .12 .16 .13 .10 .11 .10 .09 .09 0.75 .38 .54 .90 1.02 1.00 1.58 2.63 1.94 .42 .50 .28 .22 .22 .17 .16 .16 .19 .22 .19 2.78 1.80 2.35 2.54 2.14 1.84 2.33 2.91 2.14 0.89 .87 .66 .67 .73 .62 .65 .68 .79 .87 .93 3.91 2.92 3.45 3.34 2.84 2.59 2.89 3.11 2.58 1.56 1.46 1.27 1.38 1.49 1.31 1.36 1.42 1.57 1.62 1.67 4.29 3.14 3.96 3.78 3.48 3.07 3.36 3.53 3.38 2.41 3.07 2.86 2.69 2.69 1.75 1.88 2.10 2.15 2.10 1.97 4.64 3.67 4.24 4.16 3.89 3.67 3.74 3.93 3.39 2.47 3.02 2.43 2.49 2.41 2.14 2.25 2.31 2.35 2.30 2.26 0.75 .75 .75 .75 .76 1.01 1.60 2.41 2.78 .64 .25 .25 .25 .25 .25 .25 .25 .25 .25 .25 3.25 3.25 3.25 3.25 3.26 3.51 4.10 4.91 5.28 3.54 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 3.25 0.10 .14 .11 .09 .13 .39 1.00 1.83 2.16 .37 .65 .05 .05 .08 .09 .10 .09 .09 .09 .09 4.56 3.69 4.00 4.22 4.01 3.76 3.97 4.53 ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� 2021: Jan ����������� Feb ����������� Mar ���������� Week ended: 2021: Mar 6 ������� 13 ������������� 20 ������������� 27 ������������� Apr 3 �������� .09 .04 .03 .20 .21 .32 1.08 1.26 1.61 1.82 2.04 2.34 1.61 1.13 1.74 2.45 2.70 3.04 .25 .25 .25 3.25 3.25 3.25 .09 ������������������������� .08 ������������������������� .07 ������������������������� .04 .05 .03 .02 .02 .29 .33 .32 .31 .35 1.49 1.57 1.66 1.65 1.72 2.25 2.30 2.41 2.35 2.38 1.78 1.70 1.72 1.74 1.74 2.93 3.02 3.14 3.04 3.02 .25 .25 .25 .25 .25 3.25 3.25 3.25 3.25 3.25 .07 .07 .07 .07 .07 ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� 1 High bill rate at auction, issue date within period, bank-discount basis. Data are stop yields from uniform-price auctions. 2 Yields on actively traded issues adjusted to constant maturities. 3 Weekly data are Wednesday figures. 4 Average effective rate for year; rate in effect at end of month or week. 5 Beginning March 1, 2016, the daily effective federal funds rate is a volume-weighted median of transaction-level data collected from depository institutions in the Report of Selected Money Market Rates (FR 2420). Prior to that date, the daily effective rate was a volume-weighted mean of rates on brokered trades. 6 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Agency, Moody’s Investors Service, Bloomberg, and Standard & Poor’s. 30 Common Stock Prices and Yields Stock prices were mixed in March. INDEX, DEC. 31, 2002=5,000 (RATIO SCALE) 18,000 INDEX, DEC. 31, 2002=5,000 (RATIO SCALE) 18,000 16,000 16,000 14,000 14,000 COMPOSITE STOCK PRICE INDEX (NYSE) 12,000 12,000 10,000 10,000 9,000 9,000 8,000 8,000 7,000 7,000 6,000 2013 2014 2016 2015 2017 2018 2019 2020 PERCENT 20 6,000 2021 PERCENT 20 15 15 EARNINGS/PRICE RATIO ON COMMON STOCKS (S&P) 10 10 5 5 0 0 2013 2014 2015 2016 2017 2019 2018 SOURCES: NEW YORK STOCK EXCHANGE, STANDARD AND POOR'S, AND BLOOMBERG 2020 2021 COUNCIL OF ECONOMIC ADVISERS Common stock yields (percent) 6 Common stock prices 1 Chart 31 - Mar 2021 New York Stock Exchange indexes (December 31, 2002=5,000) 2 Period Composite 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 2011 ��������������������� 2012 ��������������������� 2013 ��������������������� 2014 ��������������������� 2015 ��������������������� 2016 ��������������������� 2017 ��������������������� 2018 ��������������������� 2019 ��������������������� 2020 ��������������������� 2020: Mar ����������� Apr ������������ May ����������� June ���������� July ����������� Aug ����������� Sept ���������� Oct ������������ Nov ����������� Dec ������������ 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 12,634.01 10,726.12 10,857.14 11,278.53 12,083.01 12,302.39 12,880.78 12,779.22 12,969.73 13,668.40 14,370.38 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 7,230.70 6,418.29 6,159.48 6,268.92 6,914.00 6,833.77 7,076.99 6,977.73 7,033.13 7,636.66 8,119.63 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 6,528.64 5,624.82 5,750.08 6,106.12 6,578.11 6,194.85 6,226.99 5,576.24 5,146.48 5,875.93 6,654.26 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 18,045.78 15,431.91 16,813.62 17,528.77 17,589.04 18,141.29 18,677.89 18,436.22 18,683.42 19,278.02 19,746.77 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 26,906.89 22,637.42 23,293.90 24,271.02 26,062.27 26,385.83 27,821.37 27,733.40 28,005.11 29,124.04 30,148.58 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 3,218.50 2,652.39 2,761.98 2,919.62 3,104.66 3,207.62 3,391.71 3,365.52 3,418.70 3,548.99 3,695.31 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 10,192.67 �������������������������� 3.26 7,772.21 2.30 4.50 8,292.41 2.20 ���������������������������� 9,105.66 2.08 ���������������������������� 9,839.97 1.95 3.20 10,499.86 1.89 ���������������������������� 11,212.29 1.78 ���������������������������� 11,088.68 1.79 2.92 11,435.23 1.76 ���������������������������� 11,794.46 1.69 ���������������������������� p 2.42 12,619.05 �������������������������� 2021: Jan ������������ Feb ������������ Mar ����������� Week ended: 2021: Mar 6 �������� 13 �������������� 20 �������������� 27 �������������� Apr 3 ��������� 14,835.82 15,189.24 15,478.21 8,398.07 8,745.09 9,235.06 7,113.92 7,438.99 8,199.56 20,540.41 20,227.16 20,101.94 30,821.35 31,283.91 32,373.29 3,793.75 3,883.43 3,910.51 13,186.61 �������������������������� ���������������������������� 13,737.40 �������������������������� ���������������������������� 13,168.81 �������������������������� ���������������������������� 15,203.04 15,509.81 15,665.47 15,453.51 15,647.99 9,041.53 9,300.88 9,372.80 9,199.32 9,300.04 8,099.81 8,488.81 8,288.93 8,006.74 8,084.18 19,807.64 19,976.40 20,171.03 20,242.74 20,426.61 31,323.51 32,239.29 32,857.01 32,653.35 33,093.27 3,840.45 3,895.66 3,946.87 3,924.86 3,980.60 13,117.80 13,094.07 13,357.58 13,136.71 13,208.01 �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� ���������������������������� ���������������������������� ���������������������������� ���������������������������� ���������������������������� 1 Annual data are averages of monthly figures. Monthly and weekly data are averages of daily closing prices. 2 Includes all the stocks (in 2020, over 2,800) listed on the NYSE. 3 Includes 30 stocks. 4 Includes 500 stocks. 5 Includes over 2,900 stocks in 2020. 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 2021, the deficit was $1.0 trillion, compared with a deficit of $624.5 billion a year earlier. BILLIONS OF DOLLARS 7,200 RECEIPTS AND OUTLAYS1 6,800 BILLIONS OF DOLLARS 7,200 6,800 6,400 6,400 6,000 6,000 5,600 5,600 5,200 5,200 4,800 4,800 OUTLAYS1 4,400 4,400 4,000 4,000 3,600 3,600 3,200 3,200 RECEIPTS1 2,800 2,800 2,400 2,400 2,000 1,600 2,000 1,600 400 0 –400 –800 –1,200 –1,600 –2,000 –2,400 –2,800 –3,200 –3,600 400 0 –400 –800 –1,200 –1,600 –2,000 –2,400 –2,800 –3,200 –3,600 SURPLUS OR DEFICIT (–)1 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 1 �������������������������������������������������� 2021 (estimates) ��������������������������������� Cumulative total, first 5 months: 2 Fiscal year 2020 ���������������������������������� Fiscal year 2021 ���������������������������������� Outlays Chart 32 - Oct 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 3,420.0 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 6,551.9 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 –3,131.9 –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 2,454.5 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 5,596.3 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 –3,141.8 –958.9 515.3 523.8 534.7 577.5 608.4 635.1 658.0 654.0 631.7 565.8 569.5 673.3 735.6 770.4 810.2 850.6 854.7 914.3 965.4 1,011.0 355.7 363.0 379.5 402.2 422.1 453.6 474.8 517.0 554.7 498.6 507.6 633.8 706.1 743.1 774.7 801.2 848.6 906.6 955.6 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 9.8 –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 26,901.1 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 21,019.1 18,912.1 1,366.8 1,436.3 1,991.2 2,483.0 –624.5 –1,046.7 990.1 1,046.2 1,609.7 2,080.1 –619.6 –1,034.0 376.7 390.2 381.6 402.9 –4.9 –12.7 23,348.5 27,856.8 17,395.9 21,754.8 1 Data for fiscal year 2020 are from Final Monthly Treasury Statement issued October 16, 2020. 2 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 2021, receipts were $69.5 billion higher than a year earlier and outlays were $491.8 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 6,400 6,000 6,400 6,000 OUTLAYS1 5,600 5,600 5,200 5,200 4,800 4,800 4,400 4,400 4,000 4,000 NONDEFENSE 3,600 3,600 3,200 3,200 2,800 2,800 2,400 2,000 2,400 2,000 1,000 800 600 400 200 1,000 800 600 400 200 NATIONAL DEFENSE 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 Chart 33 - Oct 2020 [Billions of dollars] 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 1 �������������������������������������������������� 2021 (estimates) �������������������������������� Cumulative total, first 5 months: 2 Fiscal year 2020 ���������������������������������� Fiscal year 2021 ���������������������������������� 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 3,420.0 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 1,608.7 1,931.7 148.0 131.8 189.4 278.3 353.9 370.2 304.3 138.2 191.4 181.1 242.3 273.5 320.7 343.8 299.6 297.0 204.7 230.2 211.8 284.1 700.8 713.0 733.4 794.1 837.8 869.6 900.2 890.9 864.8 818.8 845.3 947.8 1,023.5 1,065.3 1,115.1 1,161.9 1,170.7 1,243.4 1,310.0 1,373.6 146.0 143.9 148.4 154.0 171.2 164.7 173.7 160.5 207.9 212.1 230.2 237.4 282.7 300.0 307.3 270.1 270.9 272.7 289.5 273.9 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 6,551.9 4,829.4 348.5 404.7 455.8 495.3 521.8 551.3 616.1 661.0 693.5 705.6 677.9 633.4 603.5 589.7 593.4 598.7 631.1 686.0 726.2 767.1 331.8 387.1 436.4 474.1 499.3 528.5 594.6 636.7 666.7 678.1 650.9 607.8 577.9 562.5 565.4 568.9 600.7 654.0 690.4 729.3 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 67.7 60.7 196.5 219.6 240.1 250.6 252.8 266.4 280.6 334.4 369.1 372.5 346.8 358.3 409.5 482.3 511.3 533.2 551.2 584.8 748.3 648.6 1,366.8 1,436.3 671.1 704.4 73.9 89.1 510.6 534.5 111.1 108.3 1,991.2 2,483.0 304.6 311.5 290.3 296.8 20.8 22.8 250.4 314.6 Total Other Total Total Depart- Internament tional of affairs Defense, military Health Medicare Income Social Net security security interest Other 230.9 249.4 269.4 298.6 329.9 375.4 390.8 430.1 451.6 485.7 471.8 497.8 511.7 546.2 594.5 597.3 588.7 651.0 776.2 728.5 312.7 334.6 333.0 345.8 352.4 365.9 431.2 533.1 622.1 597.3 541.2 536.4 513.6 508.8 514.1 503.4 495.3 514.8 1,262.6 523.8 456.0 474.7 495.5 523.3 548.5 586.2 617.0 683.0 706.7 730.8 773.3 813.6 850.5 887.8 916.1 944.9 987.8 1,044.4 1,095.8 1,156.2 170.9 153.1 160.2 184.0 226.6 237.1 252.8 186.9 196.2 230.0 220.4 220.9 229.0 223.2 240.0 262.6 325.0 375.2 344.7 378.2 273.2 302.6 311.8 339.8 393.5 317.9 365.2 651.7 372.6 435.7 458.4 348.0 341.7 402.0 437.9 495.3 480.9 539.4 1,530.5 566.3 304.6 286.9 247.3 556.6 447.6 466.0 161.7 138.1 254.2 386.5 1 Data for fiscal year 2020 are from Final Monthly Treasury Statement issued October 16, 2020. 2 Data from current issue Monthly Treasury Statement. Data for Department of Defense, military, include a small amount that is classified and listed under international affairs, and not included in national defense. Note: Data (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 2020, according to revised estimates, Federal current receipts rose $79.0 billion (annual rate), while Federal current expenditures fell $1.2 trillion. BILLIONS OF DOLLARS 10,400 BILLIONS OF DOLLARS 10,400 SEASONALLY ADJUSTED ANNUAL RATES 9,600 9,600 8,800 8,800 8,000 8,000 7,200 7,200 6,400 6,400 5,600 5,600 CURRENT EXPENDITURES 4,800 4,800 4,000 4,000 3,200 3,200 CURRENT RECEIPTS 2,400 2,400 1,600 1,600 800 800 NET FEDERAL GOVERNMENT SAVING 0 0 –800 –800 –1,600 –1,600 –2,400 –2,400 –3,200 –3,200 –4,000 –4,000 –4,800 –4,800 –5,600 –5,600 –6,400 –6,400 –7,200 –7,200 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 CALENDAR YEARS SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Chart 34 - Mar 2021 Federal Government current receipts Federal Government current expenditures Current tax receipts Period Calendar year: 2011 ������������� 2012 ������������� 2013 ������������� 2014 ������������� 2015 ������������� 2016 ������������� 2017 ������������� 2018 ������������� 2019 ������������� 2020 r ����������� 2018: I ��������������� II �������������� III ������������� IV ������������� 2019: I ��������������� II �������������� III ������������� IV ������������� 2020: I ��������������� II �������������� III ������������� IV r ����������� Total 2,572.8 2,700.3 3,139.0 3,292.0 3,448.0 3,463.3 3,524.3 3,567.6 3,711.2 3,663.8 3,492.4 3,527.5 3,617.6 3,633.0 3,674.1 3,704.5 3,702.4 3,763.7 3,753.1 3,468.8 3,677.1 3,756.1 Total 1 1,478.4 1,573.0 1,744.9 1,900.1 2,024.2 2,020.3 2,015.5 2,017.1 2,131.7 2,069.5 1,962.9 1,995.0 2,030.5 2,080.0 2,108.5 2,123.4 2,117.7 2,177.1 2,150.0 1,929.7 2,064.0 2,134.4 Contributions for Income Taxes govern- receipts Taxes Personal on ment on on current production corporate social assets taxes and insurincome imports ance 1,130.8 1,166.4 1,302.9 1,403.7 1,532.6 1,548.0 1,614.6 1,617.5 1,713.0 1,689.9 1,598.6 1,608.9 1,628.3 1,634.2 1,695.5 1,703.1 1,713.2 1,740.2 1,756.6 1,600.1 1,685.0 1,717.7 108.6 115.2 125.5 136.3 140.3 136.4 130.9 162.8 173.7 152.7 150.1 155.2 162.1 183.5 172.1 168.3 175.1 179.2 183.8 131.4 144.7 150.8 224.0 274.7 298.4 339.6 329.1 311.9 245.4 210.6 217.3 199.0 188.7 204.7 214.2 234.7 213.8 224.2 201.6 229.7 180.5 171.5 207.0 236.9 903.2 938.0 1,091.8 1,140.1 1,190.8 1,224.6 1,283.7 1,344.6 1,402.2 1,420.8 1,327.8 1,337.2 1,353.1 1,360.3 1,391.9 1,397.8 1,402.3 1,416.9 1,436.4 1,374.2 1,426.6 1,445.8 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). 34 130.4 141.1 243.1 171.7 160.2 140.2 139.1 122.7 111.3 114.6 119.2 113.8 129.9 127.7 110.3 122.2 101.6 111.2 112.8 107.4 127.7 110.4 Current transfer receipts 67.1 56.1 69.3 87.3 76.2 79.7 85.2 83.9 67.8 59.2 81.9 81.7 105.2 66.9 64.9 63.0 82.9 60.5 54.8 57.9 58.5 65.5 Current surplus of government enterprises –6.3 –7.8 –10.1 –7.1 –3.2 –1.4 .9 –.6 –1.9 –.3 .5 –.1 –1.0 –1.9 –1.6 –1.9 –2.1 –2.0 –1.0 –.4 .3 .0 Total 3,806.9 3,773.0 3,770.8 3,889.4 4,008.3 4,132.5 4,246.8 4,499.3 4,758.1 6,810.6 4,409.6 4,469.8 4,524.8 4,593.0 4,690.1 4,737.5 4,786.4 4,818.6 4,903.9 9,107.1 7,205.6 6,025.9 ConCurrent sumption transfer Interest Subsidies expendipaypayments tures ments 2 1,003.3 999.3 956.9 951.2 954.2 966.6 985.1 1,043.5 1,097.3 1,142.5 1,021.4 1,038.3 1,054.1 1,060.1 1,076.0 1,094.9 1,104.6 1,113.7 1,118.0 1,168.1 1,141.0 1,142.9 2,318.7 2,293.6 2,338.3 2,441.5 2,568.1 2,650.5 2,726.4 2,852.5 3,006.0 4,365.9 2,821.8 2,841.3 2,861.5 2,885.5 2,968.9 2,998.5 3,016.5 3,039.9 3,129.7 6,293.9 4,305.3 3,734.8 425.4 422.6 416.3 439.1 429.3 454.1 475.9 540.5 581.6 556.4 508.8 533.0 551.8 568.6 574.5 583.6 583.9 584.5 581.7 559.1 546.5 538.5 59.5 57.6 59.2 57.6 56.7 61.2 59.3 62.7 73.3 745.8 57.6 57.2 57.3 78.9 70.7 60.5 81.4 80.5 74.5 1,085.9 1,212.9 609.8 Net Federal Government saving –1,234.1 –1,072.7 –631.8 –597.4 –560.2 –669.1 –722.4 –931.7 –1,047.0 –3,146.9 –917.2 –942.3 –907.2 –960.0 –1,016.0 –1,033.0 –1,084.1 –1,054.9 –1,150.8 –5,638.3 –3,528.6 –2,269.8 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries Industrial production (2012=100; seasonally adjusted) Period 2011 ��������������� 2012 ��������������� 2013 r ������������� 2014 r ������������� 2015 r ������������� 2016 r ������������� 2017 r ������������� 2018 r ������������� 2019 r ������������� 2020 r ������������� 2020: Jan r ���� Feb r ���� Mar r ��� Apr r ���� May r ��� June r �� July r ��� Aug r ���� Sept r ��� Oct r ����� Nov r ���� Dec r ���� United States Canada 97.1 100.0 102.0 105.2 104.1 102.1 104.4 108.6 109.4 101.9 109.2 109.3 104.5 91.3 92.1 97.8 101.9 102.9 102.8 103.8 104.8 105.8 Japan 100.1 100.0 101.7 106.7 106.3 106.3 111.4 116.4 116.3 107.3 115.0 115.8 110.2 94.8 98.7 103.7 106.8 105.7 107.5 107.6 110.0 111.2 99.8 100.0 99.8 101.8 100.6 100.8 103.7 104.8 102.0 91.5 100.4 100.1 96.4 87.0 79.2 80.7 87.8 88.7 92.1 95.8 95.3 94.4 France Germany 102.5 100.0 99.9 98.8 100.2 100.6 103.0 103.6 104.1 92.9 101.7 103.2 85.4 68.0 81.0 91.4 94.8 95.6 97.3 99.2 98.9 98.3 100.3 100.0 100.1 101.5 102.3 103.6 107.0 108.1 103.4 92.7 102.6 103.0 92.0 73.7 80.5 89.2 91.0 91.8 93.6 97.1 98.4 99.6 Consumer prices (1982–84=100; NSA) United Kingdom Italy 106.1 100.0 97.0 96.3 97.3 99.3 103.0 103.7 102.5 91.3 101.7 100.7 72.7 58.2 82.3 89.1 96.0 102.7 97.6 99.0 97.6 97.8 102.5 100.0 99.0 100.4 100.7 101.8 103.6 104.6 103.3 94.5 101.8 101.9 96.5 77.5 82.3 90.9 95.8 96.3 97.0 97.8 98.1 98.3 United States 1 224.939 229.594 232.957 236.736 237.017 240.007 245.120 251.107 255.657 258.811 257.971 258.678 258.115 256.389 256.394 257.797 259.101 259.918 260.280 260.388 260.229 260.474 Canada Japan 207.2 210.4 212.4 216.4 218.8 222.0 225.5 230.6 235.1 236.8 236.5 237.6 236.2 234.6 235.3 237.2 237.2 236.9 236.7 237.7 238.1 237.6 France Germany United Kingdom Italy 117.5 117.5 117.9 121.1 122.1 121.9 122.5 123.7 124.3 124.3 124.8 124.5 124.4 124.4 124.3 124.2 124.4 124.5 124.5 124.3 123.7 123.4 190.8 194.6 196.3 197.2 197.3 197.7 199.7 203.4 205.7 206.7 206.3 206.3 206.4 206.3 206.6 206.8 207.6 207.4 206.3 206.2 206.7 207.1 169.6 173.0 175.6 177.2 178.2 179.1 181.8 184.9 187.6 188.5 187.5 188.2 188.4 189.1 188.9 190.0 189.1 188.9 188.6 188.7 187.1 188.0 294.5 303.5 307.1 307.9 308.0 307.7 311.5 315.0 317.0 316.5 317.0 316.7 317.0 317.4 316.7 317.0 316.4 317.4 315.2 315.8 315.5 316.1 276.3 285.2 293.9 300.8 303.8 309.1 320.1 330.8 339.3 344.4 341.4 343.1 343.8 343.8 343.3 343.9 345.7 344.6 345.8 345.8 344.8 347.1 2021: Jan p ���� 107.1 113.2 98.4 101.5 99.2 98.8 96.9 261.582 239.0 124.0 Feb p ���� 104.7 ��������������� 96.3 ��������������� ��������������� ��������������� ��������������� 263.014 240.2 124.0 p Mar ��� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� 207.4 207.4 208.7 189.5 190.7 191.6 318.3 346.1 318.6 347.8 319.5 ����������������� 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 BOP basis IndusFoods, trial Total, feeds, supCensus and plies basis 1 beverand ages materials Services (BOP basis) Goods: Imports (customs value) Balance of trade (exports minus imports) Census basis (by end-use category) Auto- ConCapital motive sumer goods goods veexcept hicles, (nonauto- parts food) motive and en- except autogines motive BOP basis IndusFoods, trial Total, feeds, supCensus and plies basis 1 beverand ages materials BOP basis Auto- ConGoods, Capital motive sumer goods Exports Imports Census goods ve(nonbasis Goods except hicles, food) auto- parts motive and en- except autogines motive Goods Serand vices services 2011 ��������������� 2012 ��������������� 2013 ��������������� 2014 ��������������� 2015 ��������������� 2016 ��������������� 2017 ��������������� 2018 ��������������� 2019 ��������������� 2020 ��������������� 2020: Feb ������ Mar ����� Apr ������ May ����� June ���� July ����� Aug ����� Sept ���� Oct ������ Nov ����� Dec ������ 1,498.9 1,562.6 1,593.7 1,635.6 1,511.4 1,457.4 1,557.0 1,677.0 1,652.4 1,435.1 138.3 127.6 95.5 89.8 102.8 115.3 118.8 122.5 126.3 127.6 133.6 1,482.5 1,545.8 1,578.5 1,621.9 1,503.3 1,451.5 1,547.2 1,665.7 1,643.2 1,431.6 137.5 127.4 95.5 89.8 102.7 115.1 118.5 122.3 126.0 127.4 133.2 126.2 133.0 136.2 143.7 127.7 130.5 132.8 133.1 131.1 139.7 11.2 10.9 10.9 10.6 10.1 10.4 11.4 13.0 12.5 13.1 14.4 501.1 501.2 508.2 505.8 427.0 397.3 465.2 541.2 529.8 470.6 46.5 42.9 33.7 29.8 32.7 35.2 39.0 39.2 40.8 41.7 43.5 494.0 527.2 534.4 551.5 539.5 519.7 533.4 563.1 547.9 460.4 44.7 42.4 32.3 31.5 35.2 37.7 36.3 37.7 39.1 38.9 40.0 133.0 146.2 152.7 159.8 151.9 150.4 157.9 158.8 162.5 127.2 13.3 11.1 3.7 3.3 8.2 12.0 12.1 12.4 12.5 12.4 13.3 175.3 181.7 188.8 199.0 197.7 193.7 197.7 206.0 205.7 174.9 15.9 14.7 10.4 10.9 12.2 14.8 15.0 15.2 16.1 16.3 16.7 2,239.9 2,303.7 2,294.2 2,385.5 2,273.2 2,207.2 2,356.3 2,557.3 2,516.8 2,350.7 198.7 194.1 167.8 166.5 175.3 196.9 203.3 203.9 208.2 214.5 217.7 2,208.0 2,276.3 2,268.0 2,356.4 2,248.8 2,186.8 2,339.6 2,537.7 2,497.5 2,336.6 197.0 193.0 166.8 165.8 174.3 195.8 202.3 202.3 207.0 213.5 216.4 107.5 110.3 115.1 125.9 127.8 130.0 137.8 147.3 150.5 154.4 12.5 12.8 12.1 12.1 12.4 12.8 13.5 13.5 13.3 13.4 13.0 755.8 730.6 681.5 667.0 486.0 443.3 507.0 575.1 521.5 479.2 40.8 41.1 41.4 43.6 35.3 39.7 38.1 36.8 38.1 39.7 42.4 510.8 548.7 555.7 594.1 602.5 589.7 639.8 691.3 677.8 646.5 52.2 54.1 48.4 47.7 50.0 54.0 54.9 55.7 57.1 58.3 58.9 254.6 297.8 308.8 328.6 349.2 349.9 358.2 371.5 375.9 310.7 30.6 27.9 13.4 9.0 18.6 26.4 28.0 31.2 32.2 31.2 33.1 514.1 516.9 531.7 557.1 594.2 583.1 601.4 646.1 653.6 639.3 51.1 47.2 44.1 46.0 50.8 54.4 58.1 56.1 57.5 61.5 59.6 644.7 684.8 719.5 756.7 768.4 780.5 830.4 862.4 875.8 692.1 69.8 57.5 53.3 53.9 54.6 54.5 54.6 55.2 55.3 56.2 56.5 458.2 469.6 465.8 490.9 497.8 511.9 544.8 562.1 588.4 458.3 47.4 38.2 33.6 33.5 33.9 35.1 36.2 37.0 37.4 38.4 39.4 –725.4 –730.4 –689.5 –734.5 –745.5 –735.3 –792.4 –872.0 –854.4 –905.0 –59.5 –65.6 –71.4 –76.0 –71.6 –80.7 –83.7 –80.0 –81.0 –86.1 –83.2 –741.0 –741.1 –700.5 –749.9 –761.9 –749.8 –799.3 –880.3 –864.3 –915.6 –60.4 –66.5 –72.3 –76.7 –72.4 –81.5 –84.5 –81.4 –81.9 –86.9 –84.1 186.5 215.2 253.7 265.8 270.6 268.6 285.6 300.4 287.5 233.9 22.4 19.3 19.7 20.4 20.7 19.4 18.5 18.2 18.0 17.9 17.2 –554.5 –525.9 –446.8 –484.1 –491.3 –481.2 –513.8 –579.9 –576.9 –681.7 –38.0 –47.2 –52.6 –56.3 –51.8 –62.1 –66.1 –63.2 –64.0 –69.0 –67.0 2021: Jan r ���� Feb p ���� 135.9 131.1 135.5 130.7 13.9 13.2 46.1 46.4 41.5 39.1 12.6 11.9 16.0 15.1 221.1 219.1 219.9 217.7 13.8 13.1 43.1 46.6 59.5 59.7 31.6 28.2 63.3 60.7 56.3 56.1 38.9 39.2 –84.4 –87.1 –85.2 –88.0 17.4 16.9 –67.8 –71.1 1 Total includes ‘‘other’’ exports or imports, not shown separately. Note: BOP refers to balance of payments on international transactions basis. BOP data shown here are consistent with figures shown on pp. 36 and 37. Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis). 35 U.S. International Transactions In the fourth quarter of 2020, the current account deficit widened to $188.5 billion from $180.9 billion in the third quarter. The goods and services deficit widened to $200.0 billion from $191.4 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 2012 2011 2014 2013 2015 2016 2017 2018 SOURCE: DEPARTMENT OF COMMERCE 2019 2020 COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted] Chart 36 - Mar 2021 Current Account 1 Goods 2 Period 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 p ������������������ 2018: I ��������������� II ��������������� III �������������� IV �������������� 2019: I ���������������� II ��������������� III �������������� IV �������������� 2020: I r �������������� II r ������������� III r ������������ IV p������������ Services Exports Imports Balance on goods 1,498,887 1,562,630 1,593,708 1,635,563 1,511,381 1,457,393 1,557,003 1,676,950 1,652,437 1,435,128 412,989 426,060 419,341 418,561 419,048 411,069 410,930 411,390 402,910 288,103 356,613 387,502 2,239,886 2,303,749 2,294,247 2,385,480 2,273,249 2,207,195 2,356,345 2,557,251 2,516,767 2,350,698 630,894 630,865 646,224 649,269 635,180 635,641 632,059 613,887 596,591 509,581 604,067 640,459 –740,999 –741,119 –700,539 –749,917 –761,868 –749,801 –799,343 –880,301 –864,331 –915,570 –217,905 –204,805 –226,883 –230,708 –216,133 –224,572 –221,129 –202,497 –193,681 –221,478 –247,454 -252,957 Exports 644,665 684,823 719,529 756,705 768,362 780,530 830,388 862,433 875,825 692,126 217,360 213,617 215,287 216,170 215,162 220,326 219,259 221,079 197,934 161,796 164,315 168,081 Imports 458,188 469,610 465,819 490,932 497,755 511,898 544,836 562,069 588,359 458,256 138,310 139,042 140,810 143,907 144,267 147,964 147,788 148,341 133,883 101,005 108,258 115,109 Balance on services 186,477 215,213 253,710 265,773 270,607 268,632 285,552 300,364 287,466 233,870 79,050 74,575 74,477 72,263 70,895 72,362 71,471 72,738 64,051 60,791 56,056 52,972 Balance on goods and services –554,522 –525,906 –446,829 –484,144 –491,261 –481,169 –513,791 –579,937 –576,865 –681,700 –138,855 –130,230 –152,406 –158,445 –145,237 –152,210 –149,658 –129,759 –129,630 –160,687 –191,398 -199,985 Primary income receipts and payments Receipts 791,469 791,679 811,561 845,926 825,100 857,819 997,524 1,108,472 1,135,691 958,314 270,402 279,752 273,725 284,593 278,452 287,535 286,761 282,943 256,618 212,032 241,270 248,394 Payments 589,038 593,754 616,041 645,623 639,724 660,798 739,731 857,298 899,347 776,740 200,215 215,258 217,087 224,738 225,153 228,069 225,140 220,985 204,466 178,690 193,051 200,533 Balance on primary income 202,431 197,925 195,520 200,303 185,376 197,021 257,793 251,174 236,344 181,574 70,187 64,494 56,638 59,855 53,298 59,467 61,621 61,958 52,152 33,342 48,218 47,861 Balance on secondary Income 3 –103,211 –90,134 –85,545 –83,978 –101,470 –110,716 –109,272 –120,931 –139,705 –147,084 –27,918 –29,678 –29,473 –33,861 –34,677 –34,948 –33,556 –36,524 –37,083 –35,903 –37,737 -36,361 Balance on current account –455,302 –418,115 –336,854 –367,819 –407,355 –394,865 –365,269 –449,693 –480,226 –647,210 –96,587 –95,414 –125,241 –132,452 –126,616 –127,691 –121,594 –104,324 –114,561 –163,248 –180,917 -188,484 Current account balance as a percentage of GDP –2.9 –2.6 –2.0 –2.1 –2.2 –2.1 –1.9 –2.2 –2.2 –3.1 –1.9 –1.9 –2.4 –2.5 –2.4 –2.4 –2.3 –1.9 –2.1 –3.3 –3.4 -3.5 1 Current and capital account statistics in the international transactions accounts differ slightly from statistics in the National Income and Product Accounts (NIPAs) because of adjustments made to convert the international statistics to national accounting concepts. A reconciliation can be found in NIPA table 4.3B. 2 Adjusted from Census data to align with concepts and definitions used to prepare the international and national economic accounts. The adjustments are necessary to supplement coverage of Census data, to eliminate duplication of transactions recorded elsewhere in the international accounts, to value transactions according to a standard definition, and for earlier years, to record transactions in the appropriate period. 3 Includes U.S. government and private transfers, such as U.S. government grants and pensions, fines and penalties, withholding taxes, personal transfers, insurance-related transfers, and other current transfers. See p. 37 for continuation of table. 36 U.S. International Transactions—Continued In the financial account, U.S. net borrowing was $262.4 billion in the fourth quarter of 2020, resulting from a net increase in U.S. financial assets of $149.8 billion plus a net increase in financial derivatives of $2.6 billion, less a net increase in U.S. liabilities of $414.8 billion. U.S. net borrowing was up from $129.4 billion in the third quarter. BILLIONS OF DOLLARS 1,000 BILLIONS OF DOLLARS 1,000 SEASONALLY ADJUSTED 900 900 800 800 700 700 600 600 CHANGE IN U.S. LIABILITIES 500 500 400 400 300 300 200 200 100 100 0 0 –100 –100 CHANGE IN U.S. ASSETS ABROAD1 –200 –200 –300 –300 –400 –400 2012 2011 2013 2014 2015 2016 2017 2018 2019 2020 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 2021 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 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2017 �������������������� 2018 �������������������� 2019 �������������������� 2020 p ������������������ 2018: I ��������������� II ��������������� III �������������� IV �������������� 2019: I ���������������� II ��������������� III �������������� IV �������������� 2020: I r �������������� II r ������������� III r ������������ IV p.����������� Direct investment assets –9,020 492,556 436,615 931 176,937 377,239 –6,559 649,753 392,796 –6,535 866,702 387,528 –7,940 197,359 302,072 –6,606 335,233 299,814 12,394 1,188,188 405,375 –4,196 358,971 –151,298 –6,244 440,751 188,469 –6,030 763,477 153,257 –1,406 320,758 –58,184 –2,912 –223,399 –105,044 –455 109,691 74,289 576 151,921 –62,359 –2,542 84,497 –11,846 –848 158,966 115,561 –835 142,221 25,574 –2,019 55,067 59,180 –2,971 830,146 –9,777 –1,054 –258,224 41,894 –672 41,768 103,631 -1,333 149,788 17,509 Portfolio investment assets Other investment assets 85,365 248,760 481,298 582,676 160,410 36,283 569,375 335,263 46,570 350,213 289,989 –17,704 83,451 –20,473 –40,720 45,025 20,460 21,806 115,814 –947 153,270 82,077 –45,301 –453,522 –221,242 –99,920 –258,831 –2,955 215,127 170,017 201,053 251,033 88,959 –103,719 –47,872 232,649 136,855 –3,980 94,305 –26,128 724,354 –304,131 –216,953 47,764 Reserve assets 4 15,877 4,460 –3,099 –3,583 –6,292 2,090 –1,690 4,989 4,659 8,974 –7 3,068 –177 2,105 208 2,359 1,882 210 –245 4,960 1,820 2,438 Net U.S. incurrence of liabilities excluding financial derivatives [net increase in liabilities / financial inflow (+)] Total 983,522 632,034 1,052,068 1,109,443 503,468 706,693 1,546,281 758,291 797,960 1,503,746 446,162 –135,152 114,982 332,299 158,290 317,227 238,964 83,479 952,851 –63,529 199,620 414,804 Direct investment liabilities Portfolio investment liabilities Other investment liabilities 263,499 250,343 288,131 251,857 511,434 474,388 366,996 261,480 351,629 212,396 65,445 9,475 137,899 48,662 117,543 99,461 78,119 56,506 52,746 –191 88,521 71,319 311,626 747,017 511,987 697,607 213,910 231,265 790,796 303,075 179,980 759,972 301,122 –18,368 12,157 8,164 –18,569 146,049 105,660 –53,160 –20,547 342,240 136,924 301,354 408,397 –365,327 251,949 159,979 –221,876 1,040 388,489 193,736 266,350 531,379 79,595 –126,259 –35,075 275,474 59,315 71,717 55,185 80,133 920,653 –405,578 –25,825 42,130 Financial derivatives other than reserves, net transactions –35,006 7,064 2,222 –54,335 –27,035 7,827 23,998 –20,404 –38,340 –3,297 29,139 –15,723 –11,505 –22,315 –21,383 –9,642 –6,382 –933 –21,611 –12,744 28,425 2,633 Net lending (+) Statistical or net discrepancy borrowing (–) from financial account transactions 5 –525,972 –448,032 –400,093 –297,076 –333,144 –363,633 –334,095 –419,724 –395,549 –743,566 –96,265 –103,970 –16,796 –202,693 –95,175 –167,903 –103,125 –29,345 –144,317 –207,440 –129,427 -262,383 –61,650 –30,849 –56,681 77,278 82,151 37,838 18,779 34,165 90,921 –90,326 1,727 –5,644 108,900 –70,817 33,983 –39,364 19,303 76,998 –26,784 –43,137 52,161 -72,566 U.S. official reserve assets, net (unadjusted, end of period) 4 147,953 150,175 144,575 130,090 117,581 117,332 123,313 125,798 129,479 144,890 126,510 125,099 123,729 125,798 125,175 128,338 127,595 129,479 127,910 133,890 138,961 144,890 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