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113th Congress, 2nd Session

Economic Indicators
MAY 2014
(Includes data available as of June 6, 2014)

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

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 2014

JOINT ECONOMIC COMMITTEE

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

Kevin Brady, Texas, Chairman
Amy Klobuchar, Minnesota, Vice Chair
House of Representatives

John Campbell, California
Sean P. Duffy, Wisconsin
Justin Amash, Michigan
Erik Paulsen, Minnesota
Richard L. Hanna, New York
Carolyn B. Maloney, New York
Loretta Sanchez, California
Elijah E. Cummings, Maryland
John Delaney, Maryland

Senate

Robert P. Casey, Jr., Pennsylvania
Bernard Sanders, Vermont
Christopher Murphy, Connecticut
Martin Heinrich, New Mexico
Mark L. Pryor, Arkansas
Dan Coats, Indiana
Mike Lee, Utah
Roger F. Wicker, Mississippi
Pat Toomey, Pennsylvania

Robert P. O’Quinn, Executive Director

COUNCIL OF ECONOMIC ADVISERS
Jason Furman, Chairman
Betsey Stevenson, Member
James Stock, 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 Printing Office
at 202-512-1800, www.gpo.gov/economicindicators, or:
SUPERINTENDENT OF DOCUMENTS
U.S. GOVERNMENT PRINTING OFFICE
MAIL STOP: IDCC
WASHINGTON, DC 20402-9328

ii

TOTAL OUTPUT, INCOME, AND SPENDING
Gross Domestic Product
In the first quarter of 2014, according to revised estimates, current dollar gross domestic product (GDP) rose 0.3
percent (annual rate), real GDP in chained (2009) dollars fell 1.0 percent, and the chained price index rose 1.3
percent.

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

Period

2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2010: III ��������������
      IV ��������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I r ��������������

Gross
domestic
product

12,277.0
13,095.4
13,857.9
14,480.3
14,720.3
14,417.9
14,958.3
15,533.8
16,244.6
16,799.7
15,049.8
15,231.7
15,242.9
15,461.9
15,611.8
15,818.7
16,041.6
16,160.4
16,356.0
16,420.3
16,535.3
16,661.0
16,912.9
17,089.6
17,101.3

Personal
consumption
expenditures

Gross
private
domestic
investment

8,257.8
8,790.3
9,297.5
9,744.4
10,005.5
9,842.9
10,201.9
10,711.8
11,149.6
11,501.5
10,234.3
10,396.3
10,527.1
10,662.6
10,778.6
10,878.9
11,019.1
11,100.2
11,193.6
11,285.5
11,379.2
11,427.1
11,537.7
11,662.2
11,792.1

2,276.7
2,527.1
2,680.6
2,643.7
2,424.8
1,878.1
2,100.8
2,232.1
2,475.2
2,670.0
2,164.6
2,156.5
2,120.4
2,199.9
2,222.2
2,385.7
2,453.6
2,454.0
2,493.3
2,499.9
2,555.1
2,621.0
2,738.0
2,766.0
2,694.8

Exports and imports of
goods and services
Net
exports
–614.8
–715.7
–762.4
–709.8
–713.2
–392.2
–518.5
–568.7
–547.2
–497.3
–543.8
–505.3
–554.7
–572.2
–553.7
–594.4
–590.8
–557.9
–524.4
–515.8
–523.1
–509.0
–500.2
–456.9
–501.8

Government consumption expenditures
and gross investment
Federal

Exports

1,183.1
1,310.4
1,478.5
1,665.7
1,843.1
1,583.8
1,843.5
2,101.2
2,195.9
2,259.9
1,860.3
1,960.4
2,029.5
2,095.5
2,143.4
2,136.2
2,173.4
2,197.4
2,199.2
2,213.7
2,214.2
2,238.9
2,265.8
2,320.6
2,300.1

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

Imports

1,797.9
2,026.1
2,240.9
2,375.5
2,556.4
1,976.0
2,362.0
2,669.9
2,743.1
2,757.2
2,404.0
2,465.7
2,584.1
2,667.7
2,697.1
2,730.7
2,764.2
2,755.3
2,723.5
2,729.5
2,737.3
2,747.9
2,766.0
2,777.5
2,801.9

Total

2,357.4
2,493.7
2,642.2
2,801.9
3,003.2
3,089.1
3,174.0
3,158.7
3,167.0
3,125.5
3,194.7
3,184.2
3,150.0
3,171.7
3,164.6
3,148.5
3,159.7
3,164.1
3,193.5
3,150.7
3,124.1
3,121.9
3,137.5
3,118.4
3,116.3

Total
892.4
946.3
1,002.0
1,049.8
1,155.6
1,217.7
1,303.9
1,304.1
1,295.7
1,245.9
1,321.6
1,320.1
1,297.4
1,315.4
1,308.5
1,294.9
1,291.8
1,293.8
1,322.1
1,275.2
1,255.0
1,252.6
1,251.2
1,224.7
1,221.1

National
defense

Nondefense

570.2
608.3
642.4
678.7
754.1
788.3
832.8
835.8
817.1
770.7
846.3
843.5
822.0
844.2
851.6
825.6
816.3
816.7
841.9
793.7
775.8
776.3
777.3
753.6
749.3

322.1
338.1
359.6
371.0
401.5
429.4
471.1
468.2
478.6
475.1
475.3
476.6
475.4
471.2
456.9
469.3
475.5
477.1
480.2
481.5
479.2
476.3
473.9
471.1
471.9

State
and
local
1,465.0
1,547.4
1,640.2
1,752.2
1,847.6
1,871.4
1,870.2
1,854.7
1,871.3
1,879.6
1,873.1
1,864.2
1,852.6
1,856.3
1,856.1
1,853.6
1,867.9
1,870.3
1,871.4
1,875.4
1,869.1
1,869.3
1,886.3
1,893.7
1,895.1

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

12,213.2
13,035.8
13,790.9
14,445.9
14,752.3
14,565.5
14,896.7
15,497.4
16,178.5
16,693.7
14,928.2
15,169.3
15,221.4
15,416.2
15,625.3
15,726.8
15,938.7
16,093.6
16,274.4
16,407.3
16,471.9
16,583.8
16,768.1
16,950.8
17,034.5

12,891.8
13,811.1
14,620.3
15,190.1
15,433.5
14,810.1
15,476.7
16,102.6
16,791.8
17,297.0
15,593.5
15,737.0
15,797.6
16,034.1
16,165.5
16,413.1
16,632.4
16,718.3
16,880.4
16,936.1
17,058.4
17,170.0
17,413.2
17,546.5
17,603.1

12,367.1
13,189.0
13,926.3
14,606.8
14,893.2
14,565.1
15,164.2
15,794.6
16,497.4
17,057.5
15,249.5
15,447.2
15,491.2
15,712.1
15,884.0
16,091.0
16,289.6
16,419.2
16,603.7
16,677.3
16,772.7
16,907.9
17,175.9
17,373.5
17,336.1

Source: Department of Commerce (Bureau of Economic Analysis).

1

Real Gross Domestic Product
[Billions of chained (2009) dollars; quarterly data at seasonally adjusted annual rates]

Period

2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2010: III ��������������
      IV ��������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I r ��������������

Gross private
domestic investment
Personal
Gross
conChange
domestic sumption Nonresi- Resiin
product expendi- dential dential
fixed
fixed
private
tures
investinvestinvenment
ment
tories
13,774.0
14,235.6
14,615.2
14,876.8
14,833.6
14,417.9
14,779.4
15,052.4
15,470.7
15,761.3
14,839.3
14,942.4
14,894.0
15,011.3
15,062.1
15,242.1
15,381.6
15,427.7
15,534.0
15,539.6
15,583.9
15,679.7
15,839.3
15,942.3
15,902.9

9,205.6
9,527.8
9,814.9
10,035.5
9,999.2
9,842.9
10,035.9
10,291.3
10,517.6
10,727.9
10,063.7
10,169.0
10,221.3
10,258.9
10,311.9
10,373.1
10,447.8
10,496.8
10,541.0
10,584.8
10,644.0
10,691.9
10,744.2
10,831.5
10,914.4

1,605.4
1,717.4
1,839.6
1,948.4
1,934.4
1,633.4
1,673.8
1,800.5
1,931.8
1,984.4
1,692.8
1,728.1
1,724.1
1,765.3
1,835.0
1,877.3
1,903.8
1,925.0
1,926.4
1,971.9
1,949.0
1,971.3
1,994.7
2,022.5
2,014.5

818.9
872.6
806.6
654.8
497.7
392.2
382.4
384.3
433.7
486.6
368.1
375.1
376.7
379.2
384.9
396.2
417.2
423.0
437.3
457.5
471.2
487.1
499.2
489.0
482.7

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

Imports

Total

–731.9
–777.1
–786.2
–703.6
–546.9
–392.2
–462.6
–445.9
–430.8
–412.3
–504.9
–457.5
–456.5
–438.3
–433.9
–454.7
–439.2
–435.3
–436.5
–412.1
–422.3
–424.4
–419.8
–382.8
–418.9

1,309.3
1,388.4
1,512.4
1,647.3
1,741.8
1,583.8
1,765.6
1,890.5
1,957.4
2,010.0
1,784.9
1,837.7
1,854.7
1,876.9
1,908.9
1,921.7
1,941.4
1,959.8
1,961.6
1,967.0
1,960.5
1,998.4
2,017.6
2,063.7
2,032.1

2,041.2
2,165.5
2,298.6
2,350.9
2,288.7
1,976.0
2,228.1
2,336.4
2,388.2
2,422.3
2,289.8
2,295.2
2,311.3
2,315.2
2,342.8
2,376.4
2,380.6
2,395.1
2,398.0
2,379.1
2,382.7
2,422.9
2,437.3
2,446.4
2,451.0

2,808.2
2,826.2
2,869.3
2,914.4
2,994.8
3,089.1
3,091.4
2,992.3
2,963.1
2,896.9
3,103.5
3,071.5
3,012.0
3,002.4
2,983.2
2,971.7
2,961.3
2,963.5
2,988.8
2,938.8
2,907.4
2,904.5
2,907.4
2,868.5
2,862.7

71.4
64.3
71.6
35.5
–33.7
–147.6
58.2
33.6
57.6
81.5
116.2
58.1
22.0
42.9
–11.0
80.6
89.2
56.8
77.2
7.3
42.2
56.6
115.7
111.7
49.0

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

National Nondefense defense

Total
1,017.1
1,034.8
1,060.9
1,078.7
1,152.3
1,217.7
1,270.7
1,237.9
1,220.3
1,157.4
1,285.0
1,276.4
1,241.6
1,247.0
1,236.4
1,226.7
1,219.1
1,218.5
1,244.6
1,198.9
1,172.8
1,168.2
1,163.9
1,124.8
1,126.8

652.7
665.5
678.8
695.6
748.1
788.3
813.5
794.6
769.1
715.0
825.9
818.6
787.8
800.8
805.6
784.2
770.7
768.8
791.8
745.0
723.1
722.0
721.2
693.6
689.4

364.5
369.4
382.1
383.1
404.2
429.4
457.1
443.3
451.2
442.5
459.1
457.7
453.7
446.2
430.8
442.5
448.3
449.7
452.8
453.9
449.8
446.2
442.7
431.2
437.5

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

State
and
local
1,792.8
1,792.3
1,808.8
1,836.1
1,842.4
1,871.4
1,820.8
1,754.5
1,742.8
1,739.2
1,818.5
1,795.2
1,770.5
1,755.5
1,746.9
1,745.0
1,742.2
1,745.0
1,744.3
1,739.8
1,734.3
1,736.0
1,743.2
1,743.3
1,735.6

13,702.7
14,170.1
14,543.6
14,839.2
14,868.9
14,565.5
14,717.7
15,014.4
15,403.2
15,669.7
14,718.3
14,881.8
14,871.9
14,961.8
15,072.7
15,151.3
15,278.9
15,360.8
15,444.9
15,528.3
15,536.4
15,616.2
15,711.1
15,815.0
15,840.2

14,529.1
15,036.2
15,424.8
15,600.8
15,392.0
14,810.1
15,244.5
15,501.1
15,902.3
16,172.7
15,348.5
15,402.5
15,354.0
15,451.6
15,498.4
15,700.5
15,822.4
15,864.4
15,971.4
15,950.8
16,005.8
16,104.1
16,258.5
16,322.4
16,321.2

13,879.0
14,340.8
14,690.9
15,009.7
15,009.0
14,565.1
14,966.5
15,286.7
15,693.1
15,985.0
15,020.5
15,137.8
15,119.2
15,235.6
15,306.4
15,485.7
15,600.2
15,656.2
15,751.1
15,764.8
15,789.7
15,893.9
16,067.4
16,188.9
16,102.9

Source: Department of Commerce (Bureau of Economic Analysis).

Note: Because of the formula used for calculating real GDP, the chained (2009) dollar
estimates for the detailed components do not add to the chained-dollar value of GDP or to any
intermediate aggregates.

Chained Price Indexes For Gross Domestic Product
[Index numbers, 2009=100; quarterly data are seasonally adjusted]

Period

2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2010: III ��������������
      IV ��������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I r ��������������

Gross
domestic
product

89.130
91.989
94.816
97.338
99.208
100.000
101.215
103.203
105.008
106.486
101.432
101.948
102.354
103.024
103.651
103.782
104.296
104.751
105.345
105.640
105.994
106.165
106.685
107.099
107.442

Personal consumption
expenditures

Total

89.703
92.260
94.728
97.099
100.063
100.000
101.654
104.086
106.009
107.211
101.698
102.239
102.996
103.938
104.529
104.880
105.471
105.750
106.193
106.622
106.909
106.878
107.387
107.671
108.044

Goods

95.030
96.951
98.277
99.403
102.362
100.000
101.637
105.345
106.666
106.189
101.307
102.308
103.804
105.395
106.068
106.112
106.681
106.366
106.718
106.900
106.641
105.740
106.326
106.049
105.929

Gross private
domestic investment

Services

87.056
89.930
92.974
95.977
98.943
100.000
101.663
103.463
105.689
107.751
101.890
102.204
102.596
103.217
103.768
104.271
104.872
105.450
105.939
106.493
107.060
107.477
107.946
108.522
109.150

Nonresidential
fixed
91.141
93.830
96.561
98.574
100.337
100.000
99.070
100.524
101.977
103.155
99.095
99.496
99.875
100.456
100.774
100.990
101.506
101.897
102.157
102.350
102.692
103.008
103.303
103.618
103.888

Residential
fixed
91.546
98.103
103.821
105.176
103.647
100.000
99.645
100.392
101.246
106.235
99.325
99.898
100.108
100.461
100.489
100.509
100.315
100.664
101.505
102.500
104.088
105.396
106.739
108.717
110.894

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Exports

90.364
94.379
97.759
101.119
105.815
100.000
104.415
111.140
112.185
112.433
104.261
106.710
109.444
111.659
112.293
111.165
111.955
112.127
112.114
112.543
112.944
112.034
112.303
112.450
113.193

Imports

88.084
93.560
97.491
101.050
111.695
100.000
106.008
114.273
114.862
113.823
104.985
107.426
111.811
115.233
115.132
114.915
116.117
115.038
113.570
114.725
114.873
113.411
113.480
113.528
114.314

Total
87.736
91.449
94.448
97.319
100.286
100.000
102.614
105.344
106.184
107.655
102.855
103.429
104.499
105.483
105.835
105.560
105.959
106.182
106.224
106.370
107.007
107.229
107.504
108.879
108.373

National
defense
87.371
91.395
94.633
97.572
100.809
100.000
102.365
105.191
106.252
107.805
102.480
103.043
104.346
105.416
105.718
105.283
105.914
106.229
106.322
106.542
107.283
107.512
107.784
108.640
108.689

Source: Department of Commerce (Bureau of Economic Analysis).

2

Nondefense
88.377
91.529
94.101
96.849
99.321
100.000
103.064
105.624
106.077
107.401
103.530
104.123
104.779
105.608
106.049
106.061
106.051
106.112
106.065
106.081
106.549
106.760
107.040
109.256
107.866

State
and
local
81.719
86.333
90.677
95.426
100.279
100.000
102.714
105.710
107.371
108.073
102.991
103.836
104.633
105.740
106.248
106.220
107.214
107.183
107.288
107.798
107.775
107.676
108.213
108.627
109.194

Gross Domestic Product and Related Price Measures:
Indexes and Percent Changes
[Quarterly data are seasonally adjusted]
Percent change from preceding period 1

Index numbers, 2009=100
Personal consumption
expenditures (PCE)

Gross domestic product (GDP)
Period

2004 ����������������������
2005 ����������������������
2006 ����������������������
2007 ����������������������
2008 ����������������������
2009 ����������������������
2010 ����������������������
2011 ����������������������
2012 ����������������������
2013 ����������������������
2010: III ����������������
      IV ����������������
2011: I ������������������
      II �����������������
      III ����������������
      IV ����������������
2012: I ������������������
      II �����������������
      III ����������������
      IV ����������������
2013: I ������������������
      II �����������������
      III ����������������
      IV ����������������
2014: I r ����������������

Real GDP
GDP
(chain-type chain-type
quantity
price
index)
index
95.534
98.735
101.368
103.182
102.883
100.000
102.507
104.400
107.302
109.317
102.923
103.638
103.302
104.115
104.468
105.716
106.683
107.003
107.741
107.780
108.087
108.751
109.859
110.572
110.300

GDP
implicit
price
deflator

89.130
91.989
94.816
97.338
99.208
100.000
101.215
103.203
105.008
106.486
101.432
101.948
102.354
103.024
103.651
103.782
104.296
104.751
105.345
105.640
105.994
106.165
106.685
107.099
107.442

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

89.132
91.991
94.818
97.335
99.236
100.000
101.211
103.199
105.002
106.588
101.418
101.936
102.343
103.002
103.650
103.783
104.291
104.750
105.292
105.667
106.105
106.259
106.778
107.197
107.536

89.703
92.260
94.728
97.099
100.063
100.000
101.654
104.086
106.009
107.211
101.698
102.239
102.996
103.938
104.529
104.880
105.471
105.750
106.193
106.622
106.909
106.878
107.387
107.671
108.044

90.751
92.710
94.785
96.829
98.824
100.000
101.287
102.743
104.632
105.936
101.427
101.632
101.959
102.522
103.039
103.452
104.010
104.482
104.849
105.187
105.542
105.711
106.077
106.415
106.738

Personal consumption
expenditures (PCE)

Gross domestic product (GDP)
Gross
domestic
purchases
price index

88.729
91.850
94.782
97.370
100.243
100.000
101.528
103.884
105.599
106.851
101.609
102.183
102.900
103.792
104.307
104.538
105.124
105.383
105.742
106.150
106.467
106.526
107.010
107.402
107.762

1 Quarterly percent changes are at annual rates.

GDP
(current
dollars)
6.6
6.7
5.8
4.5
1.7
–2.1
3.7
3.8
4.6
3.4
4.7
4.9
.3
5.9
3.9
5.4
5.8
3.0
4.9
1.6
2.8
3.1
6.2
4.2
.3

Real GDP
GDP
(chain-type chain-type
quantity
price
index)
index
3.8
3.4
2.7
1.8
–.3
–2.8
2.5
1.8
2.8
1.9
2.8
2.8
–1.3
3.2
1.4
4.9
3.7
1.2
2.8
.1
1.1
2.5
4.1
2.6
–1.0

GDP
implicit
price
deflator

2.7
3.2
3.1
2.7
1.9
.8
1.2
2.0
1.7
1.4
1.8
2.1
1.6
2.6
2.5
.5
2.0
1.8
2.3
1.1
1.3
.6
2.0
1.6
1.3

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

2.7
3.2
3.1
2.7
2.0
.8
1.2
2.0
1.7
1.5
1.8
2.1
1.6
2.6
2.5
.5
2.0
1.8
2.1
1.4
1.7
.6
2.0
1.6
1.3

2.4
2.9
2.7
2.5
3.1
–.1
1.7
2.4
1.8
1.1
1.2
2.1
3.0
3.7
2.3
1.3
2.3
1.1
1.7
1.6
1.1
–.1
1.9
1.1
1.4

1.9
2.2
2.2
2.2
2.1
1.2
1.3
1.4
1.8
1.2
1.0
.8
1.3
2.2
2.0
1.6
2.2
1.8
1.4
1.3
1.4
.6
1.4
1.3
1.2

2.9
3.5
3.2
2.7
3.0
–.2
1.5
2.3
1.7
1.2
1.3
2.3
2.8
3.5
2.0
.9
2.3
1.0
1.4
1.6
1.2
.2
1.8
1.5
1.3

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
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 r ������������������
2010: III ��������������
      IV ��������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV r ������������
2014: I 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

6,107.9
6,532.1
6,988.0
7,203.9
7,258.1
6,861.4
7,243.1
7,636.4
8,030.8
8,295.3
7,346.8
7,355.8
7,464.4
7,638.0
7,715.6
7,727.5
7,949.7
8,007.0
8,002.9
8,163.8
8,163.4
8,256.5
8,333.0
8,428.3
8,388.6

Chained
(2009)
dollars
6,904.1
7,131.7
7,406.3
7,480.5
7,385.3
6,861.4
7,244.4
7,464.6
7,743.2
7,902.7
7,314.7
7,257.2
7,365.1
7,479.5
7,465.6
7,548.1
7,710.0
7,740.1
7,701.5
7,821.0
7,795.6
7,889.9
7,921.2
8,004.1
7,960.4

Total

0.885
.916
.944
.963
.983
1.000
1.000
1.023
1.037
1.050
1.004
1.014
1.013
1.021
1.033
1.024
1.031
1.034
1.039
1.044
1.047
1.046
1.052
1.053
1.054

Compensation
of employees
(unit labor
cost)
0.545
.551
.558
.576
.590
.596
.575
.586
.594
.598
.574
.583
.589
.583
.590
.581
.590
.590
.596
.600
.597
.598
.600
.599
.608

Corporate profits with inventory valuation
and capital consumption adjustments 4

Unit nonlabor cost

Total
0.232
.243
.249
.265
.283
.299
.290
.291
.291
.296
.288
.292
.291
.290
.293
.292
.292
.292
.294
.291
.297
.293
.296
.297
.300

Consumption
of fixed
capital
0.123
.128
.132
.139
.148
.159
.151
.152
.153
.157
.150
.152
.151
.151
.153
.153
.152
.153
.155
.154
.156
.156
.157
.157
.160

Net interest
Taxes on
and
production miscellaneous
and imports 3
payments
0.086
.091
.092
.093
.093
.099
.099
.101
.100
.099
.099
.100
.101
.101
.101
.101
.102
.101
.100
.099
.100
.099
.099
.099
.099

0.023
.024
.025
.033
.042
.041
.040
.038
.038
.040
.039
.040
.039
.038
.039
.038
.038
.038
.039
.038
.041
.038
.040
.041
.041

Total
0.107
.122
.137
.122
.110
.105
.135
.145
.151
.156
.143
.139
.133
.148
.150
.151
.150
.152
.149
.153
.153
.156
.157
.157
.145

Taxes on
corporate
income
0.027
.038
.042
.039
.031
.026
.030
.030
.033
.034
.031
.031
.029
.030
.031
.029
.033
.033
.032
.034
.034
.033
.033
.034
.036

Profits
after
tax 5
0.080
.084
.096
.083
.079
.079
.105
.116
.118
.122
.111
.108
.103
.118
.120
.122
.117
.119
.117
.118
.118
.122
.123
.123
.109

1 Estimates for nonfinancial corporate business are based on the North American Industry Clas4 Unit profits from current production.
5 With inventory valuation and capital consumption adjustments.
sification System (NAICS).
2 The implicit price deflator for gross value added of nonfinancial corporate business divided by 100.
Source: Department of Commerce (Bureau of Economic Analysis).
3 Less subsidies plus business current transfer payments.

3

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

Period

2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 r ������������������
2010: III ��������������
      IV ��������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV r ������������
2014: I r ��������������

ComNational pensation
of
income employees

10,541.9
11,240.8
12,005.6
12,322.3
12,430.8
12,124.5
12,739.5
13,395.7
13,971.6
14,542.4
12,867.8
13,005.4
13,156.7
13,320.4
13,502.0
13,603.6
13,845.0
13,875.3
13,962.1
14,204.0
14,324.5
14,462.7
14,607.9
14,774.3
14,651.0

6,740.5
7,087.8
7,503.2
7,899.1
8,079.2
7,787.8
7,967.3
8,278.5
8,611.6
8,859.4
8,026.5
8,085.7
8,207.4
8,256.3
8,343.3
8,306.9
8,514.3
8,553.8
8,591.0
8,787.4
8,748.3
8,835.5
8,888.3
8,965.3
9,040.2

Rental
income
of
persons
with
capital
conNonfarm
sumption
adjustment

Farm

50.4
46.4
36.0
38.1
47.0
35.5
46.0
72.6
75.4
127.6
48.4
53.2
71.7
67.5
74.1
76.9
74.6
77.0
75.3
74.5
137.0
129.0
131.7
112.9
99.6

911.6
932.6
1,017.7
941.1
979.5
937.5
986.7
1,082.6
1,149.6
1,221.2
980.8
1,006.0
1,044.9
1,073.2
1,101.2
1,111.1
1,139.7
1,140.8
1,144.7
1,173.0
1,197.6
1,212.5
1,229.0
1,245.6
1,266.9

255.4
238.4
207.5
189.4
262.1
333.7
402.8
484.4
541.2
590.6
408.3
425.0
458.5
475.5
489.9
513.5
524.8
537.8
546.7
555.4
574.9
587.7
596.6
603.2
611.1

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

1,283.3
1,477.7
1,646.5
1,529.0
1,285.1
1,392.6
1,740.6
1,877.7
2,009.5
2,102.1
1,807.0
1,839.2
1,755.0
1,868.7
1,893.8
1,993.4
1,979.9
1,998.4
2,012.3
2,047.2
2,020.6
2,087.4
2,126.6
2,173.7
1,960.3

Total

Profits
before
tax

1,215.2
1,621.2
1,815.7
1,708.9
1,345.5
1,474.8
1,793.8
1,791.3
2,180.0
2,263.4
1,861.5
1,800.0
1,672.2
1,782.3
1,805.4
1,905.4
2,142.5
2,169.8
2,186.6
2,221.1
2,180.0
2,248.6
2,288.2
2,336.8
2,305.9

1,254.6
1,653.3
1,851.4
1,748.4
1,382.4
1,468.2
1,834.8
1,847.4
2,190.0
2,263.7
1,879.5
1,885.2
1,792.3
1,850.4
1,833.1
1,913.6
2,162.1
2,160.0
2,208.5
2,229.5
2,193.1
2,239.7
2,286.6
2,335.6
2,337.0

1 With inventory valuation and capital consumption adjustments.

–39.5
–32.1
–35.7
–39.5
–37.0
6.7
–41.0
–56.0
–10.0
–.3
–18.1
–85.3
–120.1
–68.2
–27.7
–8.2
–19.5
9.8
–22.0
–8.4
–13.0
8.9
1.7
1.2
–31.1

68.2
–143.5
–169.2
–179.9
–60.4
–82.2
–53.3
86.4
–170.5
–161.3
–54.4
39.2
82.9
86.4
88.4
88.0
–162.7
–171.4
–174.2
–173.9
–159.5
–161.1
–161.6
–163.1
–345.6

403.5
496.8
580.9
663.4
693.4
563.1
489.4
456.9
439.6
469.2
482.2
481.6
473.8
436.7
459.7
457.5
453.9
419.0
455.3
430.3
477.0
444.0
467.2
488.6
481.8

Business
Less:
current
Subsidies transfer
payments

863.9
934.5
991.9
1,034.6
1,041.9
1,026.1
1,057.1
1,097.1
1,122.9
1,146.7
1,063.1
1,069.0
1,085.2
1,099.9
1,095.9
1,107.5
1,124.4
1,122.2
1,118.8
1,126.3
1,140.7
1,138.8
1,149.0
1,158.3
1,172.6

46.4
60.9
51.5
54.6
52.6
58.3
55.9
60.0
57.3
58.7
56.2
56.9
58.7
59.9
60.5
60.6
57.8
57.6
56.0
57.7
58.0
58.9
59.1
58.7
56.8

81.4
93.9
82.6
98.6
116.4
127.2
128.5
129.6
106.9
124.4
131.1
127.0
142.6
125.6
128.3
121.8
115.7
110.0
102.6
99.5
121.9
125.8
120.1
129.9
120.8

Current
surplus
of
government
enterprises

–1.8
–6.4
–9.3
–16.4
–21.2
–20.6
–22.9
–23.8
–27.7
–40.1
–23.5
–24.3
–23.8
–23.1
–23.7
–24.4
–24.5
–26.1
–28.5
–31.8
–35.5
–39.0
–41.4
–44.3
–45.5

Source: Department of Commerce (Bureau of Economic Analysis).

Real Personal Consumption Expenditures
[Billions of chained (2009) dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Goods

Period

Total
personal
consumption
expenditures

2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2010: III ��������������
      IV ��������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I r ��������������

9,205.6
9,527.8
9,814.9
10,035.5
9,999.2
9,842.9
10,035.9
10,291.3
10,517.6
10,727.9
10,063.7
10,169.0
10,221.3
10,258.9
10,311.9
10,373.1
10,447.8
10,496.8
10,541.0
10,584.8
10,644.0
10,691.9
10,744.2
10,831.5
10,914.4

Services

Durable
Total
goods

3,051.9
3,177.2
3,292.5
3,381.8
3,297.8
3,198.4
3,308.7
3,419.9
3,534.1
3,659.4
3,319.1
3,380.5
3,402.8
3,404.6
3,415.2
3,457.0
3,495.8
3,514.7
3,546.7
3,579.2
3,611.9
3,639.6
3,680.0
3,706.1
3,712.7

Total
durable
goods 1

992.9
1,046.9
1,091.5
1,141.7
1,083.2
1,023.3
1,085.7
1,157.1
1,246.7
1,333.3
1,093.8
1,127.4
1,142.3
1,140.0
1,154.4
1,191.7
1,219.7
1,228.6
1,253.4
1,285.2
1,303.5
1,323.2
1,348.6
1,357.8
1,362.6

Nondurable

Motor
vehicles
and
parts
405.5
400.0
385.1
392.8
340.8
317.1
323.4
339.4
364.0
382.2
325.7
342.0
345.2
330.0
331.3
351.1
360.3
356.3
363.5
375.8
380.6
379.7
384.3
384.2
387.3

Total
nondurable
goods 1
2,063.7
2,132.3
2,202.2
2,239.3
2,214.7
2,175.1
2,223.5
2,266.0
2,296.8
2,342.0
2,226.0
2,254.5
2,262.6
2,266.5
2,263.8
2,271.0
2,283.6
2,293.9
2,303.0
2,306.7
2,322.2
2,331.7
2,348.6
2,365.5
2,367.7

Food and
beverages
purchased
for offpremises
consumption

Gasoline
and
other
energy
goods

Total
services 1

Household
consumption
expenditures

729.8
757.6
780.8
791.3
781.9
770.0
786.5
798.8
809.4
820.2
783.8
795.4
797.8
800.7
798.8
798.1
803.8
808.4
811.7
813.5
817.6
815.3
820.8
827.2
826.1

299.3
298.0
297.4
296.8
283.4
284.5
282.2
275.2
271.5
272.3
284.2
282.8
280.4
273.8
273.6
273.0
269.9
274.7
272.5
268.8
271.7
271.1
273.2
273.0
274.7

6,154.1
6,349.4
6,519.8
6,650.4
6,700.6
6,644.5
6,727.2
6,871.1
6,982.7
7,067.7
6,744.6
6,788.5
6,818.2
6,854.1
6,896.6
6,915.5
6,951.2
6,981.4
6,993.4
7,004.7
7,031.1
7,051.5
7,063.6
7,124.8
7,200.5

5,946.7
6,143.4
6,285.0
6,409.2
6,427.1
6,368.5
6,448.9
6,592.0
6,689.4
6,780.5
6,467.1
6,513.5
6,544.5
6,578.8
6,610.1
6,634.7
6,668.0
6,688.3
6,698.0
6,703.2
6,743.2
6,766.1
6,775.2
6,837.7
6,914.1

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.

4

Housing
and
utilities

1,717.9
1,788.4
1,823.2
1,840.8
1,860.1
1,881.0
1,904.3
1,928.4
1,943.6
1,960.6
1,906.5
1,916.8
1,918.9
1,925.1
1,937.3
1,932.4
1,927.8
1,949.2
1,955.5
1,941.9
1,964.5
1,964.8
1,952.6
1,960.5
1,991.1

Health
care

Financial
services
and
insurance

1,442.3
1,490.4
1,525.2
1,563.2
1,598.8
1,627.4
1,649.2
1,693.3
1,738.4
1,780.1
1,657.1
1,672.8
1,681.7
1,692.7
1,689.2
1,709.6
1,730.1
1,731.4
1,741.1
1,750.9
1,756.5
1,771.9
1,783.9
1,808.3
1,848.2

668.7
704.1
720.1
742.5
737.4
719.0
733.9
756.0
746.0
757.6
735.4
742.7
750.7
751.4
762.8
759.0
757.2
751.1
738.1
737.7
747.6
754.9
758.3
769.7
778.5

Addendum:
Personal
consumption
expenditures
excluding
food and
energy 2

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

7,960.6
8,249.9
8,521.2
8,728.1
8,722.5
8,573.3
8,745.6
9,004.1
9,233.5
9,424.1
8,773.0
8,865.4
8,925.1
8,971.7
9,022.7
9,096.8
9,181.3
9,203.2
9,243.7
9,305.9
9,336.0
9,388.8
9,446.9
9,524.5
9,580.1

16.9
16.9
16.5
16.1
13.2
10.4
11.6
12.7
14.4
15.5
11.7
12.2
12.7
12.3
12.6
13.4
14.2
14.2
14.4
14.9
15.3
15.5
15.7
15.6
15.6

Note: Because of the formula used for calculating real GDP, the chained (2009) dollar estimates
for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates.
Source: Department of Commerce (Bureau of Economic Analysis).

Sources of Personal Income
Personal income rose $43.7 billion (annual rate) in April, following an increase of $76.3 billion in March. Wages and
salaries rose $18.2 billion in April, following an increase of $45.7 billion in March.

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

2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 r ������������������
2013: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2014: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr p ���������

Total
personal
income

10,049.2
10,610.3
11,389.8
11,995.7
12,430.6
12,082.1
12,435.2
13,191.3
13,743.8
14,134.7
14,031.9
14,088.3
14,138.4
14,155.3
14,229.9
14,290.7
14,280.6
14,317.7
14,305.5
14,355.2
14,410.2
14,486.5
14,530.2

Total

6,740.5
7,087.8
7,503.2
7,899.1
8,079.2
7,787.8
7,967.3
8,278.5
8,611.6
8,859.4
8,803.2
8,830.4
8,872.9
8,846.0
8,895.8
8,923.1
8,938.4
8,984.0
8,973.5
9,005.9
9,031.9
9,082.7
9,104.1

Wages
and
salaries
5,422.9
5,692.9
6,058.2
6,396.0
6,532.8
6,252.2
6,377.5
6,638.7
6,926.8
7,137.5
7,088.6
7,112.9
7,151.4
7,125.0
7,169.9
7,193.6
7,205.9
7,246.7
7,234.8
7,261.8
7,284.2
7,329.9
7,348.1

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

Supplements to
wages
and
salaries
1,317.6
1,394.8
1,444.9
1,503.1
1,546.4
1,535.6
1,589.8
1,639.8
1,684.9
1,721.9
1,714.5
1,717.5
1,721.4
1,721.1
1,725.9
1,729.5
1,732.5
1,737.4
1,738.7
1,744.1
1,747.7
1,752.8
1,756.0

Proprietors’ income 1

Farm

50.4
46.4
36.0
38.1
47.0
35.5
46.0
72.6
75.4
127.6
148.9
129.0
109.0
118.7
128.3
148.1
125.4
112.9
100.3
100.0
99.6
99.3
101.5

Nonfarm

911.6
932.6
1,017.7
941.1
979.5
937.5
986.7
1,082.6
1,149.6
1,221.2
1,206.8
1,213.9
1,216.8
1,222.7
1,230.3
1,234.1
1,238.0
1,245.9
1,252.8
1,262.4
1,266.3
1,272.0
1,275.2

Personal income receipts on assets
Rental
income
of
persons 2

255.4
238.4
207.5
189.4
262.1
333.7
402.8
484.4
541.2
590.6
585.1
587.7
590.2
592.5
596.0
601.2
602.5
603.2
603.9
607.7
611.0
614.6
616.4

Total

1,503.7
1,666.5
1,938.4
2,166.6
2,167.1
1,811.8
1,739.6
1,884.6
1,958.5
1,997.7
1,971.5
1,995.2
2,015.2
2,031.3
2,028.7
2,032.2
2,029.1
2,031.0
2,030.3
2,022.5
2,029.8
2,037.8
2,053.1

Personal
interest
income
941.7
1,088.1
1,214.7
1,350.1
1,361.6
1,263.9
1,195.0
1,204.1
1,211.6
1,229.2
1,214.9
1,225.6
1,236.3
1,235.2
1,234.2
1,233.1
1,237.1
1,241.1
1,245.1
1,244.3
1,243.5
1,242.6
1,246.5

Personal
dividend
income
562.1
578.3
723.7
816.5
805.4
547.9
544.6
680.5
746.9
768.5
756.6
769.6
779.0
796.0
794.6
799.0
792.0
789.9
785.2
778.2
786.3
795.2
806.6

Personal
current
transfer
receipts 3

1,416.7
1,512.0
1,609.6
1,722.8
1,884.0
2,140.2
2,276.9
2,306.9
2,358.3
2,444.3
2,416.1
2,434.9
2,441.8
2,448.3
2,460.6
2,465.1
2,462.1
2,460.9
2,463.9
2,486.5
2,504.5
2,519.3
2,521.9

Less:
Contributions
for
government
social
insurance,
domestic
829.2
873.3
922.6
961.4
988.2
964.4
984.1
918.2
950.7
1,106.0
1,099.7
1,102.6
1,107.5
1,104.1
1,109.8
1,113.0
1,114.9
1,120.3
1,119.1
1,129.8
1,132.9
1,139.2
1,141.9

Source: Department of Commerce (Bureau of Economic Analysis).

5

Disposition of Personal Income
According to revised estimates, per capita disposable personal income in chained (2009) dollars rose 1.0 percent in
the first quarter of 2014.

Period

Personal
income

Less:
Personal
current
taxes

Equals:
Disposable
personal
income

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
billions of
chained
(2009)
dollars

Current
dollars

Billions of dollars
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 r ������������������

10,049.2
10,610.3
11,389.8
11,995.7
12,430.6
12,082.1
12,435.2
13,191.3
13,743.8
14,134.7

1,046.0
1,208.5
1,352.1
1,487.9
1,435.2
1,144.9
1,191.5
1,404.0
1,498.0
1,658.5

9,003.2
9,401.8
10,037.7
10,507.9
10,995.4
10,937.2
11,243.7
11,787.4
12,245.8
12,476.2

Per capita personal
consumption
expenditures

Per capita disposable
personal income
Chained
(2009)
dollars

Current
dollars

Chained
(2009)
dollars

Dollars
8,590.0
9,159.1
9,700.8
10,190.6
10,444.0
10,266.5
10,609.5
11,119.1
11,558.4
11,914.9

413.2
242.7
336.9
317.2
551.3
670.7
634.2
668.2
687.4
561.3

10,036.7
10,190.5
10,596.4
10,821.8
10,988.4
10,937.2
11,060.8
11,324.6
11,551.6
11,636.9

30,700
31,763
33,591
34,829
36,104
35,598
36,296
37,776
38,969
39,424

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

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

34,224
34,428
35,461
35,870
36,082
35,598
35,706
36,293
36,760
36,772

28,158
29,698
31,114
32,299
32,854
32,037
32,933
34,329
35,480
36,344

31,391
32,189
32,846
33,264
32,834
32,037
32,397
32,981
33,469
33,899

2.6
.6
3.0
1.2
.6
–1.3
.3
1.6
1.3
.0

4.6
2.6
3.4
3.0
5.0
6.1
5.6
5.7
5.6
4.5

293,262
295,993
298,818
301,696
304,543
307,240
309,776
312,034
314,246
316,465

35,813
35,977
36,362
36,264
36,336
36,215
36,563
36,666
36,542
37,265
36,444
36,751
36,948
36,943
37,038

33,007
33,463
33,828
34,207
34,511
34,766
35,159
35,360
35,588
35,813
36,053
36,146
36,425
36,749
37,100

32,457
32,731
32,846
32,912
33,017
33,150
33,336
33,438
33,513
33,589
33,724
33,820
33,920
34,131
34,339

1.1
1.8
4.3
–1.1
.8
–1.3
3.9
1.1
–1.3
8.2
–8.5
3.4
2.2
–.1
1.0

5.8
5.5
6.2
5.8
5.7
5.0
5.4
5.5
4.9
6.6
4.1
4.7
4.9
4.3
4.0

310,067
310,680
311,191
311,708
312,321
312,915
313,407
313,920
314,532
315,125
315,620
316,140
316,754
317,347
317,842

Seasonally adjusted annual rates
2010: III ��������������
      IV ��������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV r ������������
2014: I r ��������������

12,502.1
12,670.0
13,029.9
13,148.5
13,283.6
13,303.2
13,548.6
13,651.8
13,701.6
14,073.1
13,925.9
14,086.2
14,225.3
14,301.3
14,417.3

1,209.4
1,242.9
1,376.0
1,399.9
1,421.6
1,418.4
1,462.8
1,480.0
1,496.4
1,552.8
1,629.0
1,668.8
1,657.6
1,678.5
1,698.3

11,292.6
11,427.1
11,653.9
11,748.6
11,862.1
11,884.8
12,085.7
12,171.9
12,205.1
12,520.4
12,296.9
12,417.4
12,567.7
12,622.8
12,719.0

10,637.5
10,798.4
10,936.0
11,069.5
11,185.8
11,285.2
11,428.4
11,507.9
11,601.0
11,696.2
11,794.9
11,837.0
11,950.4
12,077.4
12,210.8

655.2
628.7
717.9
679.1
676.2
599.6
657.3
663.9
604.1
824.1
502.0
580.4
617.3
545.4
508.2

11,104.4
11,177.3
11,315.4
11,303.9
11,348.4
11,332.3
11,459.2
11,510.2
11,493.6
11,743.0
11,502.4
11,618.5
11,703.4
11,723.7
11,772.3

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.

6

36,420
36,781
37,449
37,691
37,980
37,981
38,562
38,774
38,804
39,731
38,961
39,278
39,677
39,776
40,017

Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).

Real Farm Income
According to the preliminary forecast for 2014, gross farm income in chained (2009) dollars is forecast to be $408.1
billion and net farm income to be $88.0 billion.

[Billions of chained (2009) dollars]
Income of farm operators from farming 1
Gross farm income
Year

Value of farm sector production
Total 2

1991 ���������������������������������������������������
1992 ���������������������������������������������������
1993 ���������������������������������������������������
1994 ���������������������������������������������������
1995 ���������������������������������������������������
1996 ���������������������������������������������������
1997 ���������������������������������������������������
1998 ���������������������������������������������������
1999 ���������������������������������������������������
2000 ���������������������������������������������������
2001 ���������������������������������������������������
2002 ���������������������������������������������������
2003 ���������������������������������������������������
2004 ���������������������������������������������������
2005 ���������������������������������������������������
2006 ���������������������������������������������������
2007 ���������������������������������������������������
2008 ���������������������������������������������������
2009 ���������������������������������������������������
2010 ���������������������������������������������������
2011 ���������������������������������������������������
2012 ���������������������������������������������������
2013 p �������������������������������������������������
2014 p �������������������������������������������������

278.1
283.9
283.5
292.6
279.6
307.1
304.8
294.6
293.4
295.1
298.3
271.1
298.2
330.8
324.5
306.0
348.8
380.7
343.3
361.1
417.1
433.2
453.0
408.1

Crops 3, 4

Total
266.2
270.9
265.0
281.9
270.0
297.6
295.2
278.9
266.5
266.7
271.5
256.5
279.2
316.3
298.0
289.4
336.6
368.3
331.2
348.9
407.0
423.1
442.5
402.4

117.6
126.1
114.3
136.0
127.2
150.7
144.1
129.3
115.9
116.0
113.4
115.1
125.2
140.4
124.3
125.2
155.2
184.5
168.6
170.7
200.5
206.6
216.0
178.9

1 The GDP chain-type price index is used to convert the current-dollar statistics to 2009=100
equivalents.
2 Value of production, Government payments, other farm-related cash income, and nonmoney
income produced by farms including imputed rent of farm dwellings.
3 Crop receipts include proceeds received from commodities placed under Commodity Credit
Corporation loans.

Livestock 4
126.3
123.4
127.2
121.5
116.4
119.9
123.3
119.3
118.9
121.0
127.0
109.9
121.0
139.4
137.5
125.8
142.2
141.5
119.8
139.1
159.5
162.3
169.9
169.6

Forestry and
services

Direct
Government
payments

22.3
21.5
23.5
24.4
26.4
27.0
27.8
30.3
31.8
29.8
31.1
31.5
33.0
36.5
36.1
38.3
39.2
42.3
42.7
39.0
47.1
54.2
56.6
53.9

Production
expenses

11.9
13.0
18.5
10.7
9.7
9.6
9.6
15.7
26.9
28.4
26.8
14.6
19.0
14.6
26.5
16.7
12.2
12.3
12.2
12.2
10.1
10.1
10.5
5.6

219.8
212.9
218.9
221.4
226.9
230.4
239.1
234.9
233.8
233.2
232.8
225.1
227.9
232.8
238.9
245.5
276.9
296.3
283.0
284.0
302.8
324.8
330.5
320.0

Net
farm
income

58.3
71.0
64.6
71.2
52.7
76.8
65.7
59.7
59.6
61.9
65.5
46.0
70.3
98.1
85.6
60.6
71.9
84.3
60.4
77.1
114.3
108.4
122.5
88.0

4 The value of production equates to the sum of cash receipts, home consumption, and the value
of the change in inventories.

Note: Data for 2013 and 2014 are forecasts.
Source: Department of Agriculture (Economic Research Service).

7

Corporate Profits
In the first quarter of 2014, according to preliminary estimates, corporate profits before tax rose $1.4 billion (annual
rate) and profits after tax fell $24.8 billion.

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment 1

Profits after tax

Domestic industries
Period

2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2010: III ��������������
      IV ��������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I p ��������������

Total 2

1,215.2
1,621.2
1,815.7
1,708.9
1,345.5
1,474.8
1,793.8
1,791.3
2,180.0
2,263.4
1,861.5
1,800.0
1,672.2
1,782.3
1,805.4
1,905.4
2,142.5
2,169.8
2,186.6
2,221.1
2,180.0
2,248.6
2,288.2
2,336.8
2,305.9

Nonfinancial
Total

1,010.1
1,382.1
1,559.6
1,355.5
938.8
1,122.0
1,398.6
1,354.8
1,761.1
1,847.4
1,476.8
1,395.9
1,244.3
1,354.9
1,354.6
1,465.2
1,726.7
1,740.5
1,774.0
1,803.0
1,781.5
1,845.5
1,868.4
1,894.0
1,903.5

Financial

349.4
409.7
415.1
301.5
95.4
362.9
405.3
384.1
477.4
512.0
415.6
456.0
377.8
364.6
348.8
445.1
462.5
447.7
507.2
492.1
486.9
511.9
521.6
527.7
474.6

Total 3

Manufacturing

Utilities

Wholesale

Taxes
on
corporate
income

Total

Net
dividends

Retail

660.7
182.7
20.5
74.7
93.2
972.4
277.7
30.8
96.2
121.7
1,144.4
349.7
55.1
105.9
132.5
1,054.0
321.9
49.5
103.2
119.0
843.4
240.6
30.1
90.6
80.3
759.2
171.4
23.8
89.3
108.7
993.3
284.9
29.8
102.2
118.3
970.7
303.9
11.1
96.3
116.1
1,283.7
404.3
37.1
137.8
149.2
1,335.3
400.6
42.9
152.2
161.2
1,061.2
324.3
35.3
114.5
118.0
939.9
303.0
24.8
77.2
115.4
866.5
278.1
3.9
74.4
112.2
990.3
291.5
29.7
94.7
109.1
1,005.8
314.5
3.2
110.3
114.9
1,020.1
331.7
7.9
105.9
128.2
1,264.2
408.7
34.5
128.8
149.9
1,292.8
410.5
39.4
146.5
145.3
1,266.8
387.8
40.8
131.6
142.5
1,310.9
410.1
33.6
144.4
159.0
1,294.6
389.7
38.3
150.2
148.9
1,333.6
381.8
47.2
151.1
169.9
1,346.8
392.4
50.2
154.7
166.0
1,366.3
438.8
36.1
152.7
160.1
1,428.9 ��������������� ��������������� ��������������� ���������������

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.

8

Profits
before
tax

1,254.6
1,653.3
1,851.4
1,748.4
1,382.4
1,468.2
1,834.8
1,847.4
2,190.0
2,263.7
1,879.5
1,885.2
1,792.3
1,850.4
1,833.1
1,913.6
2,162.1
2,160.0
2,208.5
2,229.5
2,193.1
2,239.7
2,286.6
2,335.6
2,337.0

306.1
412.4
473.4
445.5
309.1
269.4
370.6
374.2
434.8
418.9
387.5
398.3
393.0
384.3
351.0
368.6
437.2
429.7
439.1
433.2
408.2
418.2
417.8
431.1
457.3

948.5
1,240.9
1,378.1
1,302.9
1,073.3
1,198.7
1,464.3
1,473.1
1,755.2
1,844.9
1,492.1
1,486.9
1,399.2
1,466.1
1,482.1
1,545.1
1,724.9
1,730.3
1,769.4
1,796.4
1,784.8
1,821.4
1,868.7
1,904.5
1,879.7

564.1
580.5
726.0
818.9
808.6
568.7
563.9
701.6
770.3
902.0
576.0
615.2
668.3
692.9
717.5
727.6
727.4
739.6
746.7
867.6
763.8
1,037.3
858.3
948.8
r 859.8

Inventory
Undistrib- valuation
adjustment
uted
profits

384.4
660.4
652.1
484.0
264.7
630.0
900.3
771.6
984.9
942.8
916.0
871.7
731.0
773.2
764.6
817.5
997.5
990.7
1,022.7
928.7
1,021.0
784.2
1,010.4
955.7
1,019.9

–39.5
–32.1
–35.7
–39.5
–37.0
6.7
–41.0
–56.0
–10.0
–.3
–18.1
–85.3
–120.1
–68.2
–27.7
–8.2
–19.5
9.8
–22.0
–8.4
–13.0
8.9
1.7
1.2
–31.1

Note: Data by industry are based on the North American Industry Classification System (NAICS).
Source: Department of Commerce (Bureau of Economic Analysis).

Real Gross Private Domestic Investment
In the first quarter of 2014, according to revised estimates, nonresidential fixed investment in chained (2009) dollars
fell $8.0 billion (annual rate) and residential investment fell $6.3 billion. Inventories rose $49.0 billion, following an
increase of $111.7 billion in the fourth quarter of 2013.

[Billions of chained (2009) dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period

2004 ���������������������������������������������������
2005 ���������������������������������������������������
2006 ���������������������������������������������������
2007 ���������������������������������������������������
2008 ���������������������������������������������������
2009 ���������������������������������������������������
2010 ���������������������������������������������������
2011 ���������������������������������������������������
2012 ���������������������������������������������������
2013 ���������������������������������������������������
2010: III ���������������������������������������������
      IV ���������������������������������������������
2011: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2012: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2013: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2014: I r ���������������������������������������������

Gross
private
domestic
investment

2,511.3
2,672.6
2,730.0
2,644.1
2,396.0
1,878.1
2,120.4
2,224.6
2,436.0
2,566.4
2,185.7
2,166.1
2,124.3
2,196.1
2,209.9
2,368.2
2,427.8
2,418.0
2,456.5
2,441.8
2,470.1
2,524.9
2,627.2
2,643.3
2,562.4

Change in private inventories

Nonresidential
Total

2,443.9
2,611.0
2,662.5
2,609.6
2,432.6
2,025.7
2,056.2
2,184.6
2,365.3
2,470.9
2,060.8
2,103.1
2,100.7
2,144.4
2,219.8
2,273.4
2,320.8
2,347.9
2,363.5
2,429.1
2,420.0
2,458.4
2,494.0
2,511.2
2,496.6

Total
1,605.4
1,717.4
1,839.6
1,948.4
1,934.4
1,633.4
1,673.8
1,800.5
1,931.8
1,984.4
1,692.8
1,728.1
1,724.1
1,765.3
1,835.0
1,877.3
1,903.8
1,925.0
1,926.4
1,971.9
1,949.0
1,971.3
1,994.7
2,022.5
2,014.5

Note: See p. 10 for further detail on fixed investment by type.
Because of the formula used for calculating real GDP, the chained (2009) dollar estimates for
the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates.

Structures
414.1
421.2
451.5
509.0
540.2
438.2
366.3
374.1
421.6
426.9
364.4
371.2
339.8
365.3
388.9
402.2
409.0
416.0
422.0
439.4
407.9
424.8
438.4
436.4
428.0

Equipment
731.2
801.6
870.8
898.3
836.1
644.3
746.7
841.7
905.9
934.4
766.2
787.8
810.6
819.2
858.0
879.1
896.9
908.5
899.5
918.8
922.5
929.9
930.4
954.8
947.3

Intellectual
property
products
464.9
495.0
517.5
542.4
558.8
550.9
561.3
586.1
605.8
624.8
563.0
570.0
575.2
582.0
589.6
597.6
599.6
602.3
606.4
614.9
620.6
618.3
627.0
633.2
641.1

Residential

818.9
872.6
806.6
654.8
497.7
392.2
382.4
384.3
433.7
486.6
368.1
375.1
376.7
379.2
384.9
396.2
417.2
423.0
437.3
457.5
471.2
487.1
499.2
489.0
482.7

Total

71.4
64.3
71.6
35.5
–33.7
–147.6
58.2
33.6
57.6
81.5
116.2
58.1
22.0
42.9
–11.0
80.6
89.2
56.8
77.2
7.3
42.2
56.6
115.7
111.7
49.0

Nonfarm

62.4
63.9
75.4
36.5
–35.0
–146.0
65.9
39.7
68.7
58.3
126.8
69.1
28.7
51.1
–6.6
85.5
92.5
64.7
97.3
20.3
22.2
32.7
89.2
88.9
30.4

Source: Department of Commerce (Bureau of Economic Analysis).

9

Real Private Fixed Investment by Type
[Billions of chained (2009) dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential
Equipment

Total
fixed
investment

Period

2004 ������������
2005 ������������
2006 ������������
2007 ������������
2008 ������������
2009 ������������
2010 ������������
2011 ������������
2012 ������������
2013 ������������
2010: III ������
      IV ������
2011: I ��������
      II �������
      III ������
      IV ������
2012: I ��������
      II �������
      III ������
      IV ������
2013: I ��������
      II �������
      III ������
      IV ������
2014: I r ������

Residential

Total
nonresidential

2,443.9
2,611.0
2,662.5
2,609.6
2,432.6
2,025.7
2,056.2
2,184.6
2,365.3
2,470.9
2,060.8
2,103.1
2,100.7
2,144.4
2,219.8
2,273.4
2,320.8
2,347.9
2,363.5
2,429.1
2,420.0
2,458.4
2,494.0
2,511.2
2,496.6

1,605.4
1,717.4
1,839.6
1,948.4
1,934.4
1,633.4
1,673.8
1,800.5
1,931.8
1,984.4
1,692.8
1,728.1
1,724.1
1,765.3
1,835.0
1,877.3
1,903.8
1,925.0
1,926.4
1,971.9
1,949.0
1,971.3
1,994.7
2,022.5
2,014.5

Intellectual property products

Information processing equipment
Structures

414.1
421.2
451.5
509.0
540.2
438.2
366.3
374.1
421.6
426.9
364.4
371.2
339.8
365.3
388.9
402.2
409.0
416.0
422.0
439.4
407.9
424.8
438.4
436.4
428.0

Total 2

731.2
801.6
870.8
898.3
836.1
644.3
746.7
841.7
905.9
934.4
766.2
787.8
810.6
819.2
858.0
879.1
896.9
908.5
899.5
918.8
922.5
929.9
930.4
954.8
947.3

Computers
and
peripheral
equipment 1

Total
204.5
222.2
250.9
279.9
281.0
256.1
281.4
287.9
295.7
305.7
282.5
289.5
283.6
289.0
288.6
290.4
300.0
292.0
288.6
302.1
300.0
306.8
308.3
307.7
299.1

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Other
160.7
172.6
187.5
207.9
204.2
179.3
196.8
204.3
207.8
218.1
199.5
207.7
205.2
205.1
203.8
203.2
208.0
204.1
208.7
210.3
211.8
221.6
222.7
216.4
218.0

Industrial Transportation
equipequipment
ment
169.1
183.6
199.1
205.3
195.5
152.1
151.3
175.0
184.6
190.6
152.8
158.3
166.7
166.8
179.0
187.7
180.5
184.9
185.0
187.8
188.0
187.5
194.4
192.7
198.9

176.5
197.9
212.6
203.6
156.9
70.6
136.9
181.0
221.0
222.0
152.0
155.1
166.0
167.7
185.5
204.6
217.0
229.1
218.8
219.4
215.1
218.5
220.1
234.3
231.6

Total 2

Software

Research
and
development 3

207.9
221.2
230.3
244.2
256.2
256.8
254.2
269.8
285.9
298.8
253.3
256.7
261.8
266.7
272.2
278.6
279.7
284.0
286.6
293.1
298.6
294.1
300.2
302.3
303.6

191.0
202.3
215.0
227.9
235.5
229.0
234.4
241.8
245.7
250.8
235.6
237.8
239.0
241.2
242.9
244.1
245.3
244.1
245.7
247.6
247.4
248.8
251.9
255.1
261.5

464.9
495.0
517.5
542.4
558.8
550.9
561.3
586.1
605.8
624.8
563.0
570.0
575.2
582.0
589.6
597.6
599.6
602.3
606.4
614.9
620.6
618.3
627.0
633.2
641.1

Structures
Total
residential 2

818.9
872.6
806.6
654.8
497.7
392.2
382.4
384.3
433.7
486.6
368.1
375.1
376.7
379.2
384.9
396.2
417.2
423.0
437.3
457.5
471.2
487.1
499.2
489.0
482.7

Total 2

809.2
862.5
796.3
644.9
488.4
383.9
373.6
375.1
424.2
476.4
359.3
366.2
367.7
370.1
375.7
386.8
407.8
413.7
427.7
447.8
461.2
476.9
488.7
478.6
472.4

Single
family

405.7
433.0
390.7
283.7
178.2
105.3
114.4
109.2
132.1
160.1
112.6
107.7
108.2
107.2
109.5
111.7
120.8
126.6
134.6
146.4
155.8
160.5
162.0
161.9
167.6

1 Because computers exhibit rapid changes in prices relative to other prices in the economy, the
2 Includes other items, not shown separately.
3 Research and development investment excludes expenditures for software development.
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
Note: Because of the formula used for calculating real GDP, the chained (2009) dollar estimates
used to accurately measure the real growth rate of this series. For information on this component, for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
see Survey of Current Business Table 5.3.1 (for growth rates), Table 5.3.2 (for contributions), and
aggregates.
Table 5.3.3 (for quantity indexes).
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

ConUtilities struction

Manufacturing

Wholesale
trade

Retail
trade

Transportation Informa- Finance
and
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
1997 ��������
1998 ��������
1999 ��������
2000 ��������
2001 ��������
2002 ��������
2003 ��������
2004 ��������
2005 ��������
2006 ��������
2007 ��������
2008 ��������
2009 ��������
2010 ��������
2011 ��������
2012 p �������

871.8 ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ������������ ��������������
970.9
896.5
0.9
40.4
36.0
26.9
203.6
29.2
57.3
51.3
96.5
118.2
85.2
22.3
47.1
81.7
74.4
1,047.0
974.6
1.7
30.6
42.8
23.1
196.4
32.4
64.1
57.3
122.8
130.1
100.6
29.5
51.3
91.8
72.3
1,161.0 1,089.9
1.5
42.5
61.3
25.0
214.8
33.6
69.8
59.9
160.2
133.7
92.5
34.1
52.2
108.9
71.2
1,109.0 1,052.3
1.5
51.3
82.8
24.8
192.8
30.0
66.9
57.8
144.8
131.1
82.7
30.5
52.9
102.5
56.7
997.9
917.5
1.9
42.5
65.5
24.8
157.2
26.8
59.3
47.1
88.2
128.4
94.5
25.9
59.3
96.1
80.4
975.0
886.8
1.9
50.5
54.6
23.2
149.1
26.0
65.9
44.5
80.5
120.8
88.0
24.7
61.2
96.2
88.2
1,042.1
953.2
2.1
51.3
50.4
28.6
156.7
32.3
72.2
46.1
83.5
153.6
91.6
26.7
64.6
93.6
88.9
1,144.8 1,062.5
2.7
66.7
58.0
30.1
165.6
40.6
73.5
56.9
91.4
161.4
103.0
33.1
73.8
105.6
82.2
1,309.9 1,217.1
2.7
99.3
69.8
30.3
192.4
36.6
86.7
68.0
104.4
163.1
132.1
30.3
75.3
126.3
92.8
1,354.7 1,270.5
2.1
120.7
85.4
36.7
197.3
30.8
82.5
67.4
106.1
173.4
117.5
31.8
84.2
134.8
84.2
1,374.2 1,294.5
2.3
149.3
98.7
40.8
213.1
32.4
73.2
79.6
103.3
132.9
106.9
33.0
90.2
138.7
79.7
1,090.7 1,015.3
2.2
100.6
103.0
19.8
155.2
25.3
58.4
55.7
88.4
99.5
72.9
28.2
79.4
127.0
75.4
1,105.7 1,036.2
3.3
115.7
94.5
17.9
160.8
31.1
65.3
59.0
97.2
103.1
81.3
28.2
78.4
100.6
69.5
1,243.0 1,169.6
3.1
165.7
98.0
21.8
192.4
35.7
68.1
72.7
100.1
109.2
91.1
28.1
83.1
100.4
73.4
1,424.5 1,335.3
3.1
193.8
124.8
23.1
204.5
41.4
78.4
82.5
105.5
130.2
115.6
31.7
90.7
110.0
89.2

1 Includes the following industries: Management of companies and enterprises; administrative
Note: Data from Annual Capital Expenditures. Industry data are based on the North American
and support and waste management; educational services; arts, entertainment, and recreation;
Industry Classification System (NAICS).
accommodation and food services; and other services (except public administration). Also includes
Data shown in this table are capital expenditures for both new and used structures and
an item for structure and equipment expenditures serving multiple industry categories.
equipment.

Source: Department of Commerce (Bureau of the Census).

10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
In May, employment as measured by the household survey rose 145,000 and unemployment rose 46,000.

[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]

Period

2004 2 ������������������
2005 2 ������������������
2006 2 ������������������
2007 2 ������������������
2008 2 ������������������
2009 2 ������������������
2010 2 ������������������
2011 2 ������������������
2012 2 ������������������
2013 2 ������������������
2013: May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2014: Jan 2 ���������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������

Civilian
noninstitutional
population
(NSA)
223,357
226,082
228,815
231,867
233,788
235,801
237,830
239,618
243,284
245,679
245,363
245,552
245,756
245,959
246,168
246,381
246,567
246,745
246,915
247,085
247,258
247,439
247,622

Civilian employment
Civilian
labor
force

Total

147,401
149,320
151,428
153,124
154,287
154,142
153,889
153,617
154,975
155,389
155,609
155,822
155,693
155,435
155,473
154,625
155,284
154,937
155,460
155,724
156,227
155,421
155,613

139,252
141,730
144,427
146,047
145,362
139,877
139,064
139,869
142,469
143,929
143,919
144,075
144,285
144,179
144,270
143,485
144,443
144,586
145,224
145,266
145,742
145,669
145,814

Men
20 years
and
over
71,572
73,050
74,431
75,337
74,750
71,341
71,230
72,182
73,403
74,176
74,137
74,265
74,301
74,015
74,151
73,808
74,373
74,467
74,916
74,780
75,230
75,134
75,127

Women
20 years
and
over
61,773
62,702
63,834
64,799
65,039
63,699
63,456
63,360
64,640
65,295
65,323
65,340
65,514
65,743
65,539
65,229
65,547
65,617
65,909
66,183
66,008
66,057
66,137

Percent 1

Unemployment
Both
sexes
16–19
years
5,907
5,978
6,162
5,911
5,573
4,837
4,378
4,327
4,426
4,458
4,459
4,470
4,470
4,421
4,580
4,448
4,523
4,502
4,399
4,303
4,503
4,479
4,550

1 Civilian labor force (or employment) as percent of civilian noninstitutional population; and
unemployment as percent of civilian labor force.
2 Not strictly comparable with earlier data.

Total

8,149
7,591
7,001
7,078
8,924
14,265
14,825
13,747
12,506
11,460
11,690
11,747
11,408
11,256
11,203
11,140
10,841
10,351
10,236
10,459
10,486
9,753
9,799

Men
20 years
and
over
3,791
3,392
3,131
3,259
4,297
7,555
7,763
6,898
5,984
5,568
5,729
5,590
5,570
5,595
5,605
5,459
5,328
4,997
4,975
5,137
4,941
4,718
4,703

Women
20 years
and
over
3,150
3,013
2,751
2,718
3,342
5,157
5,534
5,450
5,125
4,565
4,548
4,760
4,473
4,372
4,359
4,423
4,323
4,214
4,114
4,148
4,352
3,980
4,016

Both
sexes
16–19
years
1,208
1,186
1,119
1,101
1,285
1,552
1,528
1,400
1,397
1,327
1,413
1,398
1,365
1,289
1,239
1,258
1,190
1,140
1,147
1,173
1,193
1,055
1,080

Not
in
labor
force

75,956
76,762
77,387
78,743
79,501
81,659
83,941
86,001
88,310
90,290
89,754
89,730
90,062
90,524
90,695
91,756
91,283
91,808
91,455
91,361
91,030
92,018
92,009

Labor
force
participation
rate
66.0
66.0
66.2
66.0
66.0
65.4
64.7
64.1
63.7
63.2
63.4
63.5
63.4
63.2
63.2
62.8
63.0
62.8
63.0
63.0
63.2
62.8
62.8

Employment/
population
ratio

Unemployment
rate

62.3
62.7
63.1
63.0
62.2
59.3
58.5
58.4
58.6
58.6
58.7
58.7
58.7
58.6
58.6
58.2
58.6
58.6
58.8
58.8
58.9
58.9
58.9

5.5
5.1
4.6
4.6
5.8
9.3
9.6
8.9
8.1
7.4
7.5
7.5
7.3
7.2
7.2
7.2
7.0
6.7
6.6
6.7
6.7
6.3
6.3

Note: Beginning January 2014, 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 May, the unemployment rate remained unchanged at 6.3 percent.

[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
By race or ethnicity 1

By sex and age
Period

2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2013: May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2014: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������

All
civilian
workers

5.5
5.1
4.6
4.6
5.8
9.3
9.6
8.9
8.1
7.4
7.5
7.5
7.3
7.2
7.2
7.2
7.0
6.7
6.6
6.7
6.7
6.3
6.3

Men
20 years
and
over
5.0
4.4
4.0
4.1
5.4
9.6
9.8
8.7
7.5
7.0
7.2
7.0
7.0
7.0
7.0
6.9
6.7
6.3
6.2
6.4
6.2
5.9
5.9

Women
20 years
and
over
4.9
4.6
4.1
4.0
4.9
7.5
8.0
7.9
7.3
6.5
6.5
6.8
6.4
6.2
6.2
6.4
6.2
6.0
5.9
5.9
6.2
5.7
5.7

Both
sexes
16–19
years
17.0
16.6
15.4
15.7
18.7
24.3
25.9
24.4
24.0
22.9
24.1
23.8
23.4
22.6
21.3
22.0
20.8
20.2
20.7
21.4
20.9
19.1
19.2

White

4.8
4.4
4.0
4.1
5.2
8.5
8.7
7.9
7.2
6.5
6.6
6.6
6.6
6.4
6.3
6.3
6.1
5.9
5.7
5.8
5.8
5.3
5.4

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

12

Black
or
African
American
10.4
10.0
8.9
8.3
10.1
14.8
16.0
15.8
13.8
13.1
13.5
13.5
12.6
12.9
13.0
13.0
12.4
11.9
12.1
12.0
12.4
11.6
11.5

By selected groups
Hispanic
or
Latino
ethnicity

Asian
(NSA)

4.4
4.0
3.0
3.2
4.0
7.3
7.5
7.0
5.9
5.2
4.3
5.0
5.7
5.1
5.3
5.2
5.3
4.1
4.8
6.0
5.4
5.7
5.3

7.0
6.0
5.2
5.6
7.6
12.1
12.5
11.5
10.3
9.1
9.1
9.1
9.5
9.3
8.9
9.0
8.7
8.3
8.4
8.1
7.9
7.3
7.7

Married
men,
spouse
present

Women
who
maintain
families
(NSA)

3.1
2.8
2.4
2.5
3.4
6.6
6.8
5.8
4.9
4.3
4.4
4.4
4.3
4.3
4.3
4.5
4.2
3.8
3.8
3.8
3.8
3.5
3.3

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

8.0
7.8
7.1
6.5
8.0
11.5
12.3
12.4
11.4
10.2
9.9
10.7
10.5
11.0
8.8
9.5
9.7
8.7
9.1
9.1
9.0
8.5
8.4

Full-time
workers

5.6
5.0
4.5
4.6
5.8
10.0
10.4
9.6
8.5
7.7
7.9
7.9
7.6
7.6
7.5
7.6
7.3
6.8
6.9
7.0
7.0
6.5
6.4

Part-time
workers

5.3
5.4
5.1
4.9
5.5
6.0
6.3
6.3
6.1
5.9
5.9
6.1
6.2
5.7
5.8
5.5
5.6
5.9
5.1
5.6
5.4
5.2
5.5

Selected Measures of Unemployment and Unemployment Insurance Programs
In May, the percentages of the unemployed who had been out of work for 15-26 weeks and 27 weeks and over fell,
while the percentages for less than 5 weeks and 5-14 weeks rose. The mean duration of unemployment fell to 34.5
weeks and the median duration fell to 14.6 weeks.

[Monthly data seasonally adjusted, except as noted by NSA]
Duration of unemployment
Period

Unemployment
(thousands)

Percent distribution
Less
than
5 weeks

5–14
weeks

15–26
weeks

Reason for unemployment: percent distribution
Number of weeks

27 weeks
and over

Average
(mean) 1

Median

Job
losers

Job
leavers

Reentrants

New
entrants

State programs
Insured
unemployment
(NSA)

Initial
claims
(NSA)

Insured
unemployment,
all
programs
(NSA) 2

Weekly average, thousands
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2013: May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2014: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������

8,149
7,591
7,001
7,078
8,924
14,265
14,825
13,747
12,506
11,460
11,690
11,747
11,408
11,256
11,203
11,140
10,841
10,351
10,236
10,459
10,486
9,753
9,799

33.1
35.1
37.3
35.9
32.8
22.2
18.7
19.5
21.1
22.5
23.2
22.7
22.3
22.5
23.0
24.8
22.6
21.9
23.9
22.8
23.5
25.0
26.2

29.2
30.4
30.3
31.5
31.4
26.8
22.0
21.8
22.9
24.1
22.7
24.3
24.8
24.4
24.0
23.4
23.9
24.4
23.8
24.7
24.7
24.1
24.5

15.9
14.9
14.7
15.0
16.0
19.5
16.0
15.0
14.9
15.8
16.6
16.1
15.7
15.2
16.1
15.8
16.1
16.0
16.6
15.5
16.0
15.7
14.8

21.8
19.6
17.6
17.6
19.7
31.5
43.3
43.8
41.1
37.6
37.4
36.9
37.2
38.0
36.9
36.0
37.4
37.7
35.8
37.0
35.8
35.3
34.6

19.6
18.4
16.8
16.8
17.9
24.4
33.0
39.3
39.4
36.5
36.9
35.7
36.7
37.0
36.8
36.0
37.1
37.1
35.4
37.1
35.6
35.1
34.5

1 Beginning January 2011, includes unemployment durations of up to 5 years; prior data are
for up to 2 years.
2 Includes State (50 States, District of Columbia, Puerto Rico, and the Virgin Islands), Federal
(UCFE), ex-service members (UCX), and Federal and State extended benefit programs. Also
includes Temporary Extended Unemployment Compensation (2002-2004), Emergency Unemployment Compensation (2008-2013), and Federal Additional Compensation (2009-2010).

9.8
8.9
8.3
8.5
9.4
15.1
21.4
21.4
19.3
17.0
16.9
16.2
15.8
16.5
16.4
16.5
17.0
17.1
16.0
16.4
16.3
16.0
14.6

51.5
48.3
47.4
49.7
53.7
64.2
62.4
59.0
55.0
53.0
52.4
52.4
52.0
52.6
52.0
54.4
52.8
51.3
52.3
51.9
52.2
54.1
51.1

10.5
11.5
11.8
11.2
10.0
6.2
6.0
7.0
7.7
8.1
8.1
8.9
8.5
8.0
8.8
7.4
8.2
8.2
7.9
7.8
7.8
8.1
8.9

29.5
31.4
32.0
30.3
27.7
22.3
23.4
24.7
26.7
28.0
28.6
27.9
28.5
27.9
28.4
27.4
28.2
29.0
28.4
28.5
28.9
27.1
29.1

8.4
2,950
345
3,103
8.8
2,661
328
2,709
8.8
2,476
313
2,521
8.9
2,572
324
2,612
8.6
3,306
424
3,899
7.3
5,724
568
9,123
8.2
4,487
454
9,732
9.3
3,679
406
7,630
10.5
3,297
374
6,048
r 3,989
r 453
r 5,699
10.9
10.8
2,933
346
4,829
10.8
2,955
341
4,816
11.0
3,358
391
5,183
11.6
2,878
305
4,446
10.9
2,811
269
4,423
10.7
2,644
380
4,164
10.8
2,584
360
3,987
11.5
3,502
498
5,163
r 3,588
r 468
r 3,979
11.4
r 3,347
r 326
r 3,480
11.7
11.1
3,567
306
3,651
10.8
2,934
334
3,008
10.8 ��������������� ��������������� �����������������

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 217,000 in May.

[Thousands of wage and salary workers; 1 monthly data seasonally adjusted]
Private industries

Period

2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2013: May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2014: Jan �����������
      Feb �����������
      Mar r ��������
      Apr r ���������
      May p �������

Total
nonagricultural
employment

131,749
134,005
136,398
137,936
137,170
131,233
130,275
131,842
134,104
136,368
136,084
136,285
136,434
136,636
136,800
137,037
137,311
137,395
137,539
137,761
137,964
138,246
138,463

Goods-producing industries
Total
private

110,128
112,201
114,424
115,718
114,661
108,678
107,785
109,756
112,184
114,504
114,232
114,433
114,603
114,783
114,936
115,183
115,455
115,541
115,707
115,908
116,108
116,378
116,594

Total 2

21,882
22,190
22,530
22,233
21,335
18,558
17,751
18,047
18,420
18,700
18,671
18,684
18,679
18,696
18,718
18,756
18,824
18,811
18,876
18,924
18,945
18,991
19,009

Construc- Manufaction
turing

6,976
7,336
7,691
7,630
7,162
6,016
5,518
5,533
5,646
5,827
5,816
5,829
5,830
5,836
5,849
5,864
5,896
5,876
5,927
5,951
5,964
5,998
6,004

14,315
14,227
14,155
13,879
13,406
11,847
11,528
11,726
11,927
12,006
11,994
11,991
11,982
11,990
11,993
12,011
12,046
12,053
12,061
12,081
12,085
12,089
12,099

Private service-providing industries
Trade, transportation,
and utilities
Total
Total 3
88,246
90,010
91,894
93,485
93,326
90,121
90,034
91,708
93,763
95,804
95,561
95,749
95,924
96,087
96,218
96,427
96,631
96,730
96,831
96,984
97,163
97,387
97,585

25,533
25,959
26,276
26,630
26,293
24,906
24,636
25,065
25,476
25,870
25,760
25,811
25,862
25,911
25,973
26,017
26,090
26,156
26,167
26,171
26,224
26,294
26,333

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.

14

Retail
trade
15,058
15,280
15,353
15,520
15,283
14,522
14,440
14,668
14,841
15,077
15,002
15,040
15,089
15,118
15,146
15,187
15,210
15,262
15,240
15,235
15,264
15,307
15,319

Information

Financial
activities

3,118
3,061
3,038
3,032
2,984
2,804
2,707
2,674
2,676
2,685
2,686
2,685
2,697
2,669
2,682
2,688
2,689
2,674
2,671
2,660
2,659
2,660
2,655

8,105
8,197
8,367
8,348
8,206
7,838
7,695
7,697
7,784
7,880
7,872
7,885
7,901
7,897
7,896
7,903
7,899
7,901
7,900
7,910
7,910
7,916
7,919

Profes- Education Leisure
sional
and
and
and
health
hospitalbusiness services
ity
services
16,394
16,954
17,566
17,942
17,735
16,579
16,728
17,332
17,932
18,560
18,511
18,570
18,621
18,663
18,700
18,753
18,826
18,842
18,891
18,973
19,020
19,091
19,146

17,192
17,630
18,099
18,613
19,156
19,550
19,889
20,228
20,698
21,102
21,069
21,084
21,108
21,172
21,181
21,212
21,237
21,242
21,258
21,290
21,330
21,369
21,432

12,493
12,816
13,110
13,427
13,436
13,077
13,049
13,353
13,768
14,242
14,198
14,249
14,272
14,306
14,315
14,380
14,417
14,435
14,460
14,495
14,526
14,550
14,589

Other
services

5,409
5,395
5,438
5,494
5,515
5,367
5,331
5,360
5,430
5,464
5,465
5,465
5,463
5,469
5,471
5,474
5,473
5,480
5,484
5,485
5,494
5,507
5,511

Government

21,621
21,804
21,974
22,218
22,509
22,555
22,490
22,086
21,920
21,864
21,852
21,852
21,831
21,853
21,864
21,854
21,856
21,854
21,832
21,853
21,856
21,868
21,869

2 Includes mining and logging, not shown separately.
3 Includes wholesale trade, transportation and warehousing, and utilities, not shown separately.

Note: Data classified by industry based on the 2012 North American Industry Classification
System (NAICS). For details see Employment and Earnings.
Source: Department of Labor (Bureau of Labor Statistics).

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

2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2013: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2014: Jan �����������
      Feb �����������
      Mar r ��������
      Apr r ���������
      May p �������

33.7
33.8
33.9
33.8
33.6
33.1
33.4
33.6
33.7
33.7
33.7
33.7
33.7
33.5
33.7
33.6
33.6
33.7
33.5
33.6
33.4
33.7
33.7
33.7

Average gross hourly earnings
Total private
nonagricultural 1

Manufacturing

Total

Overtime

40.8
40.7
41.1
41.2
40.8
39.8
41.1
41.4
41.7
41.8
41.8
41.8
41.9
41.7
41.9
41.9
41.9
42.0
41.9
41.7
41.5
42.0
41.9
42.1

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

Current
dollars

Average gross weekly earnings
Total private
nonagricultural 1

Manufacturing

1982-84
dollars 2

$15.69
$8.50
16.12
8.44
16.75
8.50
17.42
8.59
18.07
8.56
18.61
8.88
19.05
8.90
19.44
8.77
19.74
8.73
20.13
8.78
20.04
8.79
20.06
8.78
20.12
8.78
20.15
8.77
20.17
8.78
20.21
8.78
20.25
8.80
20.30
8.82
20.35
8.81
20.39
8.82
20.49
8.86
20.48
8.84
20.51
8.82
20.54 �����������������

Current
dollars
$16.14
16.56
16.81
17.26
17.75
18.24
18.61
18.93
19.08
19.30
19.21
19.25
19.28
19.27
19.33
19.35
19.37
19.42
19.45
19.44
19.48
19.53
19.49
19.53

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 cleri-

Percent change from
a year earlier,
total private
nonagricultural

Current dollars

1982-84
dollars 2

$528.89
$286.66
544.05
284.84
567.39
287.87
589.27
290.61
607.53
287.86
616.01
293.86
636.25
297.36
653.19
294.79
665.82
294.31
677.67
295.51
675.35
296.26
676.02
295.94
678.04
295.75
675.03
293.89
679.73
295.74
679.06
295.10
680.40
295.71
684.11
297.09
681.73
295.22
685.10
296.28
684.37
295.82
690.18
297.77
691.19
297.35
692.20 �����������������

Manufacturing

Construction

$658.52
673.30
690.88
711.53
724.46
726.12
765.15
784.29
794.63
807.51
802.98
804.65
807.83
803.56
809.93
810.77
811.60
815.64
814.96
810.65
808.42
820.26
816.63
822.21

$735.55
750.37
781.59
816.23
842.61
851.76
891.83
921.84
942.14
958.67
959.90
966.78
959.51
957.48
959.55
958.36
956.69
962.33
949.65
949.55
943.10
970.60
977.02
973.28

Retail
trade

Current
dollars

$371.13
377.58
383.12
385.00
386.21
388.57
400.07
412.09
422.10
423.00
419.59
422.86
423.10
420.60
426.82
424.41
424.41
424.80
424.20
422.56
421.21
426.67
429.60
429.07

1982-84
dollars 2

2.1
–0.5
2.9
–.6
4.3
1.1
3.9
1.0
3.1
–.9
1.4
2.1
3.3
1.2
2.7
–.9
1.9
–.2
1.8
.4
1.7
.8
2.2
.9
2.0
.3
1.4
–.6
2.4
1.0
2.2
1.2
2.3
1.5
2.3
1.1
1.7
.2
2.2
.6
1.2
.3
2.0
.5
2.3
.4
2.4 �������������������

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

cal workers (CPI–W) (on a 1982-84=100 base).

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
2004:
2005:
2006:
2007:
2008:
2009:
2010:
2011:
2012:
2013:

Dec ������������������������������������������
Dec ������������������������������������������
Dec ������������������������������������������
Dec ������������������������������������������
Dec ������������������������������������������
Dec ������������������������������������������
Dec ������������������������������������������
Dec ������������������������������������������
Dec ������������������������������������������
Dec ������������������������������������������

97.2
100.0
103.2
106.3
108.9
110.2
112.5
115.0
117.1
119.4

97.6
100.0
103.2
106.6
109.4
110.8
112.8
114.6
116.6
119.0

96.2
100.0
103.1
105.6
107.7
108.7
111.9
115.9
118.2
120.5

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

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

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

3.8
2.9
3.2
3.0
2.4
1.2
2.1
2.2
1.8
2.0

Seasonally adjusted
2011: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2012: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2013: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2014: Mar �����������������������������������������

113.3
114.1
114.6
115.1
115.7
116.3
116.8
117.3
117.8
118.4
119.0
119.6
119.9

113.2
113.7
114.2
114.7
115.3
115.8
116.3
116.8
117.3
118.0
118.5
119.1
119.3

113.6
115.2
115.4
116.2
116.8
117.4
117.9
118.6
119.1
119.6
120.3
120.8
121.2

1 Employer costs for employee benefits.

2.6
2.5
3.2
3.3
2.6
1.3
1.8
1.6
1.7
2.1

6.7
4.0
3.1
2.4
2.0
0.9
2.9
3.6
2.0
1.9

Not seasonally adjusted
0.5
.7
.4
.4
.5
.5
.4
.4
.4
.5
.5
.5
.3

0.3
.4
.4
.4
.5
.4
.4
.4
.4
.6
.4
.5
.2

1.2
1.4
.2
.7
.5
.5
.4
.6
.4
.4
.6
.4
.3

2.0
2.3
2.1
2.2
2.1
1.8
1.9
1.8
1.9
1.9
1.9
2.0
1.7

1.6
1.7
1.7
1.6
1.9
1.8
1.8
1.7
1.7
1.9
1.8
2.1
1.7

3.0
4.0
3.3
3.6
2.8
1.9
2.2
2.0
2.0
1.9
2.0
1.9
1.8

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

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.

15

Productivity and Related Data, Business and Nonfarm Business Sectors
Output per hour
of all persons
Period
Business
sector

Nonfarm
business
sector

Hours of
all persons 2

Output 1

Business
sector

Nonfarm
business
sector

Business
sector

Compensation
per hour 3

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Real
compensation
per hour 4
Business
sector

Nonfarm
business
sector

Unit labor
costs

Implicit price
deflator 5

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

93.4
94.8
97.5
100.4
102.2
100.0
98.8
100.8
102.0
102.8
98.2
99.0
98.9
99.0
101.4
100.8
101.5
99.5
101.3
101.4
101.1
104.0
102.7
103.2
102.7
102.5
104.1

93.3
94.7
97.5
100.1
102.0
100.0
98.8
100.8
102.0
103.1
98.2
99.1
99.0
99.0
101.5
100.7
101.5
99.6
101.3
101.5
101.1
103.9
103.0
103.5
103.0
102.8
104.2

90.7
93.5
96.1
98.2
99.7
100.0
101.1
103.3
105.1
106.7
100.5
100.9
101.3
101.9
102.4
103.0
103.8
103.9
104.4
104.9
105.5
105.8
106.3
106.4
106.9
107.2
107.5

90.3
93.4
96.0
97.9
99.4
100.0
101.0
102.7
104.6
105.9
100.4
100.8
101.2
101.6
101.9
102.5
103.2
103.4
103.8
104.4
105.0
105.2
105.4
105.6
106.2
106.6
106.9

1.4
1.5
2.9
2.9
1.8
–2.2
–1.2
2.0
1.2
.8
–4.1
3.1
–.1
.1
10.0
–2.3
2.7
–7.6
7.4
.6
–1.3
12.3
–4.9
1.9
–2.2
–.6
6.3

1.4
1.5
3.0
2.6
2.0
–2.0
–1.2
2.0
1.2
1.1
–4.4
3.5
–.1
–.1
10.2
–2.9
3.0
–7.3
7.4
.7
–1.8
11.8
–3.5
2.0
–2.1
–.6
5.7

2.3
3.1
2.7
2.3
1.5
.3
1.1
2.1
1.8
1.5
1.7
1.5
1.8
2.6
1.6
2.7
2.9
.7
1.6
2.0
2.5
1.2
1.8
.3
2.1
.9
1.3

2.1
3.4
2.8
2.0
1.5
.6
1.0
1.7
1.8
1.3
1.6
1.6
1.5
2.0
.9
2.4
2.7
1.1
1.5
2.1
2.2
.8
.7
.8
2.4
1.4
1.2

Indexes, 2009=100; quarterly data seasonally adjusted
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 r ������������������
2010: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2011: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2012: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2013: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2014: I r * �����������

91.8
93.7
94.7
96.1
96.9
100.0
103.3
103.7
105.1
106.1
102.6
102.9
103.6
104.0
103.2
103.6
103.5
104.4
104.8
105.1
105.5
105.1
105.2
105.7
106.5
107.1
106.1

91.9
93.8
94.7
96.2
97.0
100.0
103.3
103.8
105.3
105.8
102.6
102.9
103.5
104.0
103.3
103.7
103.6
104.5
104.9
105.2
105.8
105.4
104.9
105.3
106.2
106.8
106.0

96.5
100.2
103.3
105.5
104.3
100.0
103.1
105.6
109.5
112.2
101.5
102.7
103.7
104.7
104.2
105.2
105.7
107.3
108.6
109.1
110.0
110.1
110.5
111.4
112.9
113.9
113.4

96.6
100.3
103.5
105.8
104.5
100.0
103.2
105.7
109.7
112.1
101.5
102.7
103.7
104.8
104.2
105.4
105.9
107.4
108.7
109.2
110.3
110.5
110.4
111.3
112.8
113.8
113.5

105.1
106.8
109.1
109.8
107.7
100.0
99.9
101.9
104.1
105.7
98.9
99.8
100.2
100.7
100.9
101.6
102.2
102.8
103.7
103.8
104.3
104.7
105.0
105.4
106.0
106.4
106.9

105.1
106.9
109.3
110.0
107.8
100.0
99.9
101.9
104.1
105.9
98.9
99.7
100.2
100.7
100.9
101.7
102.2
102.8
103.6
103.8
104.3
104.8
105.3
105.6
106.1
106.5
107.1

85.8
88.8
92.3
96.4
99.0
100.0
102.0
104.5
107.2
109.1
100.7
101.8
102.5
102.9
104.6
104.4
105.0
103.8
106.1
106.6
106.7
109.4
108.1
109.1
109.3
109.7
110.5

85.7
88.8
92.3
96.3
98.9
100.0
102.1
104.6
107.4
109.1
100.8
102.0
102.5
103.0
104.8
104.5
105.2
104.0
106.3
106.8
106.9
109.5
108.0
109.0
109.4
109.8
110.5

97.4
97.6
98.2
99.8
98.6
100.0
100.3
99.6
100.1
100.4
99.4
100.5
100.8
100.5
101.1
99.6
99.6
98.1
99.7
99.8
99.5
101.4
99.9
100.8
100.5
100.5
100.7

97.3
97.6
98.2
99.6
98.6
100.0
100.4
99.8
100.3
100.4
99.5
100.6
100.9
100.6
101.3
99.7
99.7
98.3
100.0
100.1
99.7
101.5
99.9
100.7
100.5
100.6
100.7

Percent change; quarterly data at seasonally adjusted annual rates
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 r ������������������
2010: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2011: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2012: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2013: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2014: I r * �����������

3.2
2.1
1.0
1.5
.8
3.3
3.3
.4
1.4
.9
1.4
1.3
2.6
1.5
–2.8
1.3
–.4
3.6
1.5
1.2
1.7
–1.6
.3
1.9
3.2
2.1
–3.5

3.1
2.1
.9
1.6
.8
3.1
3.3
.5
1.5
.5
2.0
1.2
2.4
1.9
–2.7
1.6
–.3
3.2
1.7
1.1
2.1
–1.5
–1.8
1.8
3.5
2.3
–3.2

4.5
3.8
3.2
2.1
–1.2
–4.1
3.1
2.4
3.6
2.5
1.8
5.0
4.2
3.7
–1.9
4.1
1.8
6.4
4.9
1.6
3.6
.2
1.4
3.4
5.6
3.5
–1.7

4.5
3.8
3.2
2.3
–1.3
–4.3
3.2
2.5
3.7
2.2
2.0
4.7
4.2
4.2
–2.1
4.7
1.7
5.9
5.0
1.6
4.2
.7
–.3
3.3
5.4
3.8
–1.1

1.3
1.7
2.2
.6
–2.0
–7.1
–.1
2.0
2.2
1.5
.4
3.6
1.5
2.2
1.0
2.7
2.2
2.6
3.3
.4
1.8
1.9
1.1
1.4
2.3
1.5
1.8

1.3
1.7
2.2
.7
–2.0
–7.2
–.1
2.0
2.2
1.7
.1
3.4
1.8
2.2
.7
3.1
2.0
2.6
3.2
.5
2.0
2.2
1.6
1.5
1.9
1.4
2.2

1 Output refers to real gross domestic product originating in the sector.
2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family

workers. Estimates based primarily on establishment data.
3 Wages and salaries of employees plus employers’ contributions for social insurance and
private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments
for the self-employed.
4 Hourly compensation divided by the consumer price index for all urban consumers (CPI–U) for
recent quarters. The trend from 1978–2013 is based on the consumer price index research series
(CPI–U–RS).
5 Current dollar gross domestic output divided by the output index.

16

4.6
3.6
3.9
4.4
2.6
1.0
2.0
2.4
2.6
1.8
–2.8
4.5
2.5
1.7
6.9
–1.0
2.4
–4.2
9.0
1.8
.4
10.4
–4.7
3.9
.9
1.5
2.6

4.5
3.6
3.9
4.3
2.7
1.1
2.1
2.5
2.6
1.6
–2.5
4.7
2.3
1.9
7.2
–1.4
2.7
–4.3
9.2
1.8
.3
10.2
–5.3
3.8
1.3
1.7
2.3

1.9
.2
.6
1.6
–1.2
1.4
.3
–.7
.5
.3
–3.2
4.5
1.3
–1.4
2.6
–5.7
–.3
–5.6
6.7
.4
–1.3
7.8
–5.8
3.4
–1.1
.3
.7

1.8
.3
.6
1.4
–1.1
1.5
.4
–.7
.5
.1
–3.0
4.7
1.1
–1.2
2.9
–6.1
.0
–5.7
6.9
.4
–1.4
7.5
–6.4
3.3
–.7
.5
.4

Note: Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore
may differ slightly from percent changes based on indexes shown here.
* Data based on GDP data released on May 29, 2014.
Source: Department of Labor (Bureau of Labor Statistics).

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial production and capacity utilization fell in April.

[Monthly data seasonally adjusted]
Total industrial production 1
Period

2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2013: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov r ���������
      Dec r ���������
2014: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr p ���������

Industry production indexes, 2007=100

Percent change 2
Index,
2007=100

92.5
95.5
97.6
100.0
96.6
85.7
90.6
93.6
97.1
99.9
99.3
99.4
99.6
99.4
100.0
100.7
100.8
101.4
101.5
101.3
102.4
103.3
102.7

From
preceding
month
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
–0.2
.1
.2
–.2
.6
.7
.1
.6
.2
–.2
1.1
.9
–.6

Capacity utilization
rate
(output as percent
of capacity) 1

Manufacturing

From
year
earlier
2.3
3.2
2.2
2.5
–3.4
–11.3
5.7
3.3
3.8
2.9
2.6
2.4
2.5
1.8
3.0
3.4
3.6
3.2
3.2
3.0
3.4
3.9
3.5

Total 1

Durable

91.4
95.0
97.4
100.0
95.3
82.4
87.3
90.3
94.0
96.5
95.8
96.1
96.4
96.0
96.7
96.9
97.3
97.6
97.7
96.8
98.3
99.0
98.6

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.

86.2
91.2
95.4
100.0
96.6
78.6
87.2
93.2
100.0
104.4
103.4
103.7
104.0
103.5
104.9
105.5
106.1
106.8
106.2
105.3
107.4
108.2
107.9

Nondurable
95.9
98.3
98.8
100.0
94.1
86.9
88.7
88.9
90.0
91.2
90.8
91.1
91.3
91.0
91.1
90.9
91.2
91.2
92.1
91.2
92.1
92.7
92.4

Other
(non-NAICS) 1
107.8
107.4
106.1
100.0
93.5
80.7
76.4
74.3
72.8
68.9
68.4
68.7
68.4
69.1
69.6
70.6
68.9
67.8
67.8
67.8
68.5
68.0
67.3

Mining

98.2
97.0
99.2
100.0
101.2
95.7
100.7
106.8
113.5
118.9
117.0
117.7
118.7
120.2
120.6
122.6
120.2
121.3
121.5
122.6
122.5
125.0
126.7

Utilities

95.3
97.3
96.7
100.0
99.9
97.5
101.0
100.8
98.7
100.7
102.2
100.2
98.5
97.9
97.6
100.3
101.8
103.7
103.8
107.3
107.0
107.6
102.0

Total
industry
78.0
79.9
80.2
80.5
77.6
68.7
73.8
76.3
77.3
77.9
77.8
77.8
77.8
77.5
77.8
78.3
78.2
78.5
78.4
78.1
78.8
79.3
78.6

Total
manufacturing
76.2
78.2
78.4
78.7
74.6
65.6
71.1
73.9
75.5
76.1
75.8
75.9
76.1
75.6
76.1
76.2
76.3
76.4
76.4
75.5
76.5
76.9
76.4

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
[2007=100; monthly data seasonally adjusted]
Products and nonindustrial supplies

Materials

Final products
Consumer goods

Period
Total

2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 r ������������������
2013: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov r ���������
      Dec r ���������
2014: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr p ���������

Nonindustrial supplies

Total

91.7
95.4
97.9
100.0
96.4
86.6
89.6
91.7
94.7
97.1
96.9
96.7
97.0
96.2
96.8
97.7
98.1
98.3
98.7
98.3
100.1
100.8
99.8

96.4
99.0
99.5
100.0
95.1
88.6
89.6
90.9
92.5
94.7
94.6
94.2
94.4
93.7
94.1
94.9
95.4
95.8
96.6
96.0
97.8
98.2
96.9

Durable
goods
97.0
97.9
98.3
100.0
88.8
74.0
79.4
83.3
90.0
96.9
95.6
95.8
96.8
95.7
97.5
98.1
98.6
100.3
100.4
97.2
100.0
100.9
101.0

Equipment
Nondurable
goods
96.1
99.3
99.9
100.0
97.2
93.4
92.9
93.4
93.5
94.5
94.7
94.1
94.1
93.4
93.5
94.4
94.9
94.9
96.0
96.0
97.5
97.9
96.2

Total 1
81.3
87.4
94.3
100.0
99.3
82.2
89.6
93.7
100.1
102.8
102.4
102.4
102.9
102.0
103.3
104.4
104.2
104.1
103.6
103.5
105.6
106.7
106.5

Business
82.1
87.7
95.8
100.0
97.7
80.1
86.7
91.5
98.3
101.9
101.5
101.6
102.2
101.0
102.3
103.4
103.4
103.2
102.6
102.6
105.1
106.2
105.6

Defense
and
space

Total

77.2
84.9
84.1
100.0
106.9
102.4
110.5
106.7
111.8
114.4
113.5
113.5
114.0
113.1
115.0
116.1
115.7
115.3
115.4
114.8
115.8
116.9
117.6

94.8
98.4
99.8
100.0
94.2
80.7
82.9
84.2
86.5
88.8
88.2
88.2
88.3
88.5
88.7
89.4
89.7
90.0
90.1
90.0
90.7
91.0
90.6

Construction

Business

94.2
98.7
101.1
100.0
90.7
69.9
72.5
74.7
78.1
81.4
80.7
80.4
80.8
81.1
81.3
82.0
82.7
83.0
82.5
82.2
83.0
83.5
83.5

95.1
98.2
99.2
100.0
96.0
86.0
88.0
88.9
90.5
92.4
91.8
92.0
92.0
92.0
92.4
93.0
93.2
93.4
93.8
93.7
94.5
94.6
94.0

Total 1

92.4
94.6
96.5
100.0
97.6
86.6
94.2
98.6
103.1
106.4
105.4
105.9
106.0
106.3
106.9
107.4
107.3
108.2
108.1
108.2
108.6
110.0
109.7

Energy

97.9
96.8
98.0
100.0
100.8
98.4
102.5
106.3
110.9
115.3
114.1
114.4
114.6
115.6
115.8
117.6
116.3
118.1
117.8
119.7
118.8
121.2
121.2

1 Includes other items, not shown separately.

[2007=100; monthly data seasonally adjusted]
Durable manufactures
Computer and
electronic products

Primary metals
Period
Total
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 r ������������������
2013: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov r ���������
      Dec r ���������
2014: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr p ���������

97.7
95.2
98.0
100.0
100.0
74.0
91.1
97.4
99.6
100.8
99.7
99.9
98.7
100.9
100.7
100.8
103.6
103.2
102.8
100.3
102.6
102.2
100.5

Iron
and
steel
products
101.7
94.3
98.4
100.0
106.4
68.5
89.4
97.5
101.2
100.2
97.8
98.9
98.2
103.1
100.7
100.9
105.5
103.1
100.4
96.4
99.5
97.8
94.9

Fabricated
metal
products

86.9
90.9
95.9
100.0
96.4
74.2
79.0
85.3
91.4
94.7
93.8
93.5
93.8
94.1
94.6
94.9
95.6
97.1
96.6
96.0
97.1
97.2
97.2

Machinery
Total
86.3
91.6
95.9
100.0
97.3
75.7
84.6
95.6
101.1
102.9
101.8
101.7
102.7
101.6
103.5
104.6
105.3
105.6
102.9
105.3
108.6
108.9
107.1

68.3
77.0
87.4
100.0
108.1
97.0
111.3
122.0
135.0
144.4
143.0
144.5
143.9
144.3
146.1
146.3
147.0
146.5
145.9
147.2
148.2
149.6
149.0

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

18

Nondurable manufactures

Selected
high-technology 1
60.6
71.1
84.9
100.0
115.5
103.0
127.6
146.4
164.7
180.4
178.3
180.9
180.4
182.2
183.9
183.1
184.2
184.5
183.1
184.0
187.4
188.0
187.6

Transportation
equipment
Total
89.3
93.0
94.2
100.0
89.6
73.4
85.0
89.0
99.3
104.7
104.1
104.2
104.9
102.5
105.1
106.3
105.9
107.3
107.3
103.7
107.8
109.0
109.8

Motor
vehicles
and
parts
101.7
102.3
100.8
100.0
80.0
58.6
77.8
84.8
97.4
105.0
103.6
104.0
105.3
101.8
105.7
107.5
106.6
109.6
109.7
103.2
110.2
110.6
110.7

Apparel

Printing
and
support

134.5
128.8
125.2
100.0
77.7
55.7
54.3
51.1
49.2
50.5
47.7
49.4
50.3
50.0
50.6
51.9
51.8
51.6
52.7
51.8
50.3
51.7
51.4

Source: Board of Governors of the Federal Reserve System.

98.5
98.6
97.8
100.0
93.8
78.8
78.8
78.0
76.1
75.7
75.4
75.6
75.5
75.2
75.3
74.5
76.0
76.2
78.3
76.8
76.9
77.9
77.4

Chemical

90.0
92.9
95.2
100.0
92.5
83.5
86.3
86.3
86.4
87.5
87.4
87.9
88.0
87.7
87.6
87.2
87.3
87.3
88.5
87.3
88.6
89.0
89.0

Food

95.6
98.6
99.5
100.0
98.8
98.2
98.6
98.5
102.8
104.4
104.5
104.0
104.2
104.8
104.5
103.7
104.3
104.9
106.3
105.1
106.7
106.3
106.3

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

2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2013: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2014: Jan �����������
      Feb r ���������
      Mar r ��������
      Apr p ���������

Total
new
construction
expenditures

Residential
Total

991.4
1,104.1
1,167.2
1,152.4
1,067.6
903.2
804.6
788.0
857.0
899.9
878.4
896.1
897.1
902.9
903.8
916.5
922.9
928.3
946.7
942.5
946.1
951.6
953.5

New
housing

Total 1

771.2
870.0
911.8
863.3
758.8
588.3
500.6
501.6
577.9
628.5
614.6
627.0
624.2
627.0
626.4
644.7
646.3
654.9
677.7
677.7
682.1
686.8
686.5

Federal
and
State
and
local

Nonresidential

532.9
611.9
613.7
493.2
350.3
245.9
238.8
244.1
280.3
331.9
323.0
331.3
335.0
324.1
323.2
340.6
340.2
347.0
358.6
366.9
372.9
378.3
378.5

Total

417.5
480.8
468.8
354.1
230.1
133.9
127.3
123.2
154.2
201.0
196.3
198.9
199.8
199.8
203.9
206.2
207.2
211.9
217.4
222.6
224.0
226.4
229.9

Lodging

238.3
258.1
298.1
370.0
408.6
342.4
261.8
257.5
297.7
296.6
291.6
295.7
289.2
302.9
303.2
304.1
306.1
307.9
319.1
310.8
309.2
308.5
308.0

1 Includes residential improvements, not shown separately.
2 Includes health care, educational, communication, and power, among other categories not

Commercial
(including
farm)

Office

12.0
12.7
17.6
27.5
35.4
25.4
11.2
8.4
10.8
13.9
13.3
13.8
13.2
14.0
14.0
14.3
15.8
16.3
16.4
15.6
15.7
15.4
15.6

32.9
37.3
45.7
53.8
55.5
37.3
24.4
23.7
28.0
30.7
28.7
29.0
28.6
30.4
30.7
30.9
32.6
34.0
34.8
35.1
34.9
34.9
36.0

Manufacturing

63.2
66.6
73.4
85.9
82.7
50.5
36.5
38.9
43.2
46.8
44.5
45.9
44.1
46.2
46.1
47.3
50.3
51.7
51.6
49.8
48.5
47.8
48.2

Other 2

23.2
28.4
32.3
40.2
52.8
56.3
39.8
38.9
45.8
48.7
46.7
44.8
43.3
49.7
50.5
52.4
50.6
51.0
51.1
53.9
51.0
50.7
50.1

107.0
113.1
129.2
162.7
182.3
173.0
149.9
147.6
169.9
156.5
158.3
162.2
159.9
162.6
161.8
159.3
156.8
155.0
165.3
156.4
159.1
159.7
158.1

New
houses
sold

New
houses
for sale
at end
of period 3

220.2
234.2
255.4
289.1
308.7
314.9
304.0
286.4
279.0
271.4
263.8
269.2
273.0
275.8
277.4
271.8
276.6
273.4
269.0
264.8
264.0
264.8
267.0

Source: Department of Commerce (Bureau of the Census).

shown separately.

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
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 r ������������������

1,955.8
2,068.3
1,800.9
1,355.0
905.5
554.0
586.9
608.8
780.6
924.9

1 unit
1,610.5
1,715.8
1,465.4
1,046.0
622.0
445.1
471.2
430.6
535.3
617.6

Type of structure

2–4 units 1
42.3
41.1
42.7
31.7
17.5
11.6
11.4
10.9
11.4
13.6

5 units or
more

Total

303.0
311.4
292.8
277.3
266.0
97.3
104.3
167.3
233.9
293.7

2,070.1
2,155.3
1,838.9
1,398.4
905.4
583.0
604.6
624.1
829.7
990.8

1 unit
1,613.4
1,682.0
1,378.2
979.9
575.6
441.1
447.3
418.5
518.7
620.8

2–4 units

5 units or
more

New
housing
units
completed

Vacancy
rate for
rental
housing
units
(percent) 4

90.4
84.0
76.6
59.6
34.4
20.7
22.0
21.6
25.9
29.0

366.2
389.3
384.1
359.0
295.4
121.1
135.3
184.0
285.1
341.1

1,841.9
1,931.4
1,979.4
1,502.8
1,119.7
794.4
651.7
584.9
649.2
764.4

1,203
1,283
1,051
776
485
375
323
306
368
429

422
511
536
497
353
234
190
151
150
187

10.2
9.9
9.7
9.8
10.0
10.6
10.2
9.5
8.7
8.3

28
29
29
30
25
29
30
27
30
26
23
28
26

390
357
282
331
292
347
412
365
375
315
395
372
436

699
719
763
779
763
761
815
826
775
850
866
881
847

452
431
459
367
379
399
450
445
442
457
437
407
433

161
162
160
171
175
183
184
185
187
189
187
191
192

��������������������
��������������������
8.2
��������������������
��������������������
8.3
��������������������
��������������������
8.2
��������������������
��������������������
8.3
��������������������

Seasonally adjusted annual rates
2013: Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2014: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr p ���������

848
915
831
898
885
863
936
1,105
1,034
897
928
947
1,072

591
597
601
596
617
582
603
710
675
583
589
644
649

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

243
307
219
283
255
271
322
386
338
306
328
289
413

1,040
1,010
938
977
948
993
1,067
1,037
1,022
939
1,011
1,000
1,059

1 Monthly data do not meet publication standards because tests for identifiable and stable
seasonality do not meet reliability standards.
2 Based on 20,000 permit-issuing places.
3 Seasonally adjusted.

622
624
627
616
631
617
625
645
617
598
593
600
597

4 Quarterly data are three-month averages.

Annual data are averages of quarterly data.

Note: Data revised to reflect annual revisions.
Source: Department of Commerce (Bureau of the Census).

19

Business Sales and Inventories—Manufacturing and Trade
In March, according to preliminary estimates, manufacturing and trade sales rose 1.0 percent, while inventories rose
$6.7 billion. According to advance estimates, retail sales rose 0.2 percent in April. Retail and food services sales rose
0.1 percent.

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

Sales 2

Inventories 3

Inventory/sales
ratio 4

Wholesale

Sales 2

Inventories 3

Retail
Inventory/sales
ratio 4

2004 r ������������������
925,638
1,241,154
1.30
277,093
340,106
1.18
2005 r ������������������
1,005,130
1,313,456
1.27
302,444
368,041
1.17
2006 r ������������������
1,068,012
1,408,147
1.28
327,209
399,019
1.18
2007 r ������������������
1,126,709
1,486,714
1.29
350,149
424,444
1.17
r
2008 ������������������
1,156,187
1,461,437
1.32
371,646
441,148
1.21
r
2009 ������������������
981,328
1,321,409
1.38
310,502
387,337
1.30
2010 r ������������������
1,077,363
1,436,516
1.28
348,455
426,542
1.15
2011 r ������������������
1,193,423
1,549,957
1.26
390,790
466,475
1.15
r
2012 ������������������
1,250,334
1,625,484
1.28
410,549
492,045
1.18
r
2013 ������������������
1,291,562
1,695,688
1.29
427,944
511,757
1.17
2013: Mar r ��������
1,270,402
1,639,658
1.29
416,201
495,844
1.19
r
      Apr ���������
1,270,286
1,646,331
1.30
418,660
498,158
1.19
r
      May ��������
1,286,348
1,645,552
1.28
426,534
494,539
1.16
      June r �������
1,286,955
1,647,007
1.28
427,461
494,169
1.16
      July r ��������
1,292,544
1,652,195
1.28
426,862
494,616
1.16
r
      Aug ���������
1,296,030
1,658,156
1.28
428,733
498,573
1.16
r
      Sept ��������
1,297,888
1,668,143
1.29
430,933
501,058
1.16
      Oct r ����������
1,304,590
1,679,921
1.29
435,029
507,268
1.17
      Nov r ���������
1,315,856
1,688,127
1.28
439,230
510,536
1.16
r
      Dec ���������
1,315,708
1,695,688
1.29
441,151
511,757
1.16
2014: Jan r ���������
1,300,840
1,703,047
1.31
433,060
515,764
1.19
      Feb r ���������
1,312,915
1,710,798
1.30
437,118
519,479
1.19
p
      Mar ��������
1,326,682
1,717,508
1.29
443,358
525,157
1.18
p
      Apr ��������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� �����������������������
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.

Sales 2

Inventories 3

289,464
460,375
1.56
307,514
471,879
1.51
322,840
486,916
1.50
333,271
501,302
1.49
328,867
479,180
1.52
302,534
432,215
1.47
320,121
458,715
1.39
344,416
475,758
1.36
362,012
510,912
1.38
377,351
547,126
1.40
372,333
517,508
1.39
372,628
520,043
1.40
375,525
523,437
1.39
377,837
524,401
1.39
379,211
528,093
1.39
379,279
528,948
1.39
378,837
534,207
1.41
380,842
539,448
1.42
381,812
544,003
1.42
381,890
547,126
1.43
378,397
549,276
1.45
381,632
548,943
1.44
r 387,359
548,982
1.42
388,181 ����������������������� �����������������������

320,594
340,552
358,073
370,317
366,876
340,174
358,996
385,651
405,753
422,323
416,983
417,661
420,140
422,134
423,729
423,917
423,776
426,522
428,205
427,827
423,937
427,554
r 434,168
434,571

3 Seasonally adjusted, end of period.
4 Annual data are averages of seasonally adjusted monthly ratios.

Note: Total manufacturing and trade data reflect annual revisions for manufacturing (see page
21).
Source: Department of Commerce (Bureau of the Census).

20

Inventory/sales
ratio 4

Retail
and
food
services
sales 2

Manufacturers’ Shipments, Inventories, and Orders
In April, manufacturers’ shipments, inventories, new orders, and unfilled orders rose.

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1
Durable goods

Period

Total

Durable
goods

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
2004 r ������������������
2005 r ������������������
2006 r ������������������
2007 r ������������������
2008 r ������������������
2009 r ������������������
2010 r ������������������
2011 r ������������������
2012 r ������������������
2013 r ������������������
2013: Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2014: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr p ���������

359,081
395,173
417,963
443,288
455,675
368,292
408,787
458,217
477,774
486,267
478,998
484,289
481,657
486,471
488,018
488,118
488,719
494,814
492,667
489,383
494,165
495,965
497,642

188,722
202,070
213,516
223,919
218,328
171,886
190,900
208,551
222,630
230,270
226,793
230,110
229,662
228,525
231,272
232,236
233,290
238,455
233,310
232,234
234,785
237,969
237,767

170,359
193,103
204,447
219,369
237,347
196,406
217,887
249,666
255,144
255,997
252,205
254,179
251,995
257,946
256,746
255,882
255,429
256,359
259,357
257,149
259,380
257,996
259,875

440,673
473,536
522,212
560,968
541,109
501,857
551,259
607,724
622,527
636,805
628,130
627,576
628,437
629,486
630,635
632,878
633,205
633,588
636,805
638,007
642,376
643,369
645,753

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.

264,924
283,613
317,411
334,578
330,045
295,096
322,933
358,061
374,129
388,208
377,197
376,982
377,818
379,087
379,119
382,463
383,714
384,542
388,208
389,161
392,174
392,990
393,667

175,749
189,923
204,801
226,390
211,064
206,761
228,326
249,663
248,398
248,597
250,933
250,594
250,619
250,399
251,516
250,415
249,491
249,046
248,597
248,846
250,202
250,379
252,086

357,414
397,014
424,146
449,788
453,937
349,252
406,310
458,717
473,455
485,097
476,279
485,894
495,775
482,276
482,038
489,870
486,504
497,797
489,170
481,159
489,244
496,416
499,779

187,055
203,911
219,699
230,419
216,590
152,846
188,423
209,050
218,311
229,100
224,074
231,715
243,780
224,330
225,292
233,988
231,075
241,438
229,813
224,010
229,864
238,420
239,904

57,403
67,863
74,123
79,822
73,146
48,418
61,867
71,353
74,253
80,536
77,024
83,610
91,785
76,318
76,325
80,837
78,160
87,634
83,392
77,075
75,704
83,037
82,177

558,635
654,438
798,033
947,027
996,144
824,943
869,044
956,255
990,968
1,060,172
999,372
1,007,756
1,028,818
1,031,381
1,032,413
1,041,242
1,045,714
1,056,231
1,060,172
1,059,749
1,062,544
1,070,727
1,080,575

1.19
1.17
1.20
1.22
1.26
1.39
1.28
1.29
1.29
1.29
1.31
1.30
1.30
1.29
1.29
1.30
1.30
1.28
1.29
1.30
1.30
1.30
1.30

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.
Data reflect benchmark and seasonal adjustment revisions released on May 15, 2014.
Source: Department of Commerce (Bureau of the Census).

21

PRICES
Producer Prices
The producer price index for final demand rose 0.6 percent in April. Prices for final demand goods and final demand
services both rose 0.6 percent.

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

Rel. imp. 4 �����������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 r ������������������
2013: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec r ���������
2014: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������

Total
final
demand 1

100.0
���������������
���������������
���������������
���������������
���������������
���������������
101.8
105.7
107.7
109.1
108.7
108.6
109.1
109.4
109.3
109.4
109.7
109.7
109.7
109.9
109.8
110.3
111.0

Final demand services

Total

Foods 2

Energy

Less
food
and
energy

Total

Trade 3

Transportation
and
warehousing

Other

34.370
�������������
�������������
�������������
�������������
�������������
�������������
102.8
109.9
111.7
112.6
111.8
112.3
112.6
112.7
112.7
112.6
112.7
112.6
113.1
113.5
113.9
113.9
114.6

5.479
�������������
�������������
�������������
�������������
�������������
�������������
103.7
112.5
115.9
117.8
117.2
118.5
118.2
118.5
117.8
117.0
117.4
117.2
117.0
117.8
118.5
119.8
123.0

6.785
�������������
�������������
�������������
�������������
�������������
�������������
107.2
126.2
126.3
125.3
121.7
123.1
124.9
124.8
125.7
125.9
125.9
125.1
126.6
127.1
127.7
126.2
126.3

22.106
�������������
�������������
�������������
�������������
�������������
�������������
101.4
104.9
106.8
107.9
107.8
107.9
108.0
108.0
108.0
108.0
108.0
108.1
108.5
108.8
109.0
109.1
109.4

63.545
�������������
�������������
�������������
�������������
�������������
�������������
101.3
103.4
105.4
107.1
106.8
106.4
107.0
107.5
107.4
107.6
107.9
107.9
107.7
107.8
107.5
108.2
108.9

19.904
�������������
�������������
�������������
�������������
�������������
�������������
101.7
104.0
106.7
108.2
108.3
106.8
107.9
109.0
108.3
108.7
108.9
109.1
108.0
108.4
107.3
108.8
110.3

4.896
���������������
���������������
���������������
���������������
���������������
���������������
103.2
110.0
114.2
115.3
114.0
114.1
115.0
115.8
115.9
115.8
116.1
115.5
117.3
115.6
115.4
116.0
116.9

38.746
�������������
�������������
�������������
�������������
�������������
�������������
100.9
102.5
103.9
105.8
105.4
105.5
105.8
105.8
106.0
106.1
106.4
106.5
106.6
106.6
106.7
107.1
107.4

1 Includes final demand construction, not shown separately.
2 Does not include food and beverages for immediate consumption, which are defined as the

service of preparing meals, snacks, and beverages to customer order for immediate on-premises
and off-premises consumption.
3 Trade indexes measure changes in margins received by wholesalers and retailers.
4 Relative importance, December 2013.

22

Processed goods Unprocessed goods for
Final
for intermediate
intermediate demand
demand
demand (1982=100)
(1982=100)
less
Services
foods,
for
energy,
intermediLess
Nonfood
and
ate
food
materials demand
trade 2
Total
and
Total
less
(Aug. 2013
energy
energy
=100)
67.832
����������������
����������������
����������������
����������������
����������������
����������������
����������������
����������������
����������������
����������������
����������������
����������������
����������������
����������������
100.0
100.1
100.3
100.3
100.6
100.6
100.7
101.0
101.3

100.0
142.6
154.0
164.0
170.7
188.3
172.5
183.4
199.9
200.7
200.8
199.9
200.0
200.5
200.6
200.7
200.9
200.6
200.0
200.8
201.9
203.3
202.8
202.9

70.699
146.5
154.6
163.8
168.4
180.9
173.4
180.8
192.0
192.6
193.8
194.1
193.7
193.7
193.4
193.7
193.5
193.6
193.5
193.7
194.3
195.4
195.1
195.4

100.0
159.0
182.2
184.8
207.1
251.8
175.2
212.2
249.4
241.4
246.7
245.6
250.6
249.1
249.5
245.9
245.6
244.4
240.3
245.5
247.0
261.1
260.9
261.9

23.267
193.0
202.4
244.5
282.6
324.4
248.4
329.1
390.4
369.6
351.2
356.0
350.1
347.3
346.8
346.8
342.7
340.8
344.1
348.0
352.0
349.7
351.4
354.7

100.0
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
101.1
103.2
105.3
107.2
107.2
106.7
107.1
107.2
107.4
107.5
107.7
107.9
107.7
107.8
108.0
108.4
108.5

Note: With the release of data for January 2014, Bureau of Labor Statistics transitioned from the
Stage of Processing (SOP) to the Final Demand-Intermediate Demand (FD-ID) aggregation system.
The FD-ID system expands coverage in its aggregate measures beyond that of the SOP system
through the addition of services, construction, exports, and government purchases. For details, see
Producer Price Index release dated February 19, 2014.
Source: Department of Labor (Bureau of Labor Statistics).

Consumer Prices—All Urban Consumers
In April, the consumer price index for all urban consumers rose 0.3 percent; it also rose 0.3 percent before seasonal
adjustment. The index was 2.0 percent above its year earlier level.

[1982–84=100, except as noted; monthly data seasonally adjusted, except as noted by NSA]
All items 1

Housing

Transportation

Shelter
Period

Rel. imp. 4 �����������
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2013: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2014: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������

Not
seasonally Seasonally
adjusted adjusted
(NSA)

100.0
188.9
195.3
201.6
207.342
215.303
214.537
218.056
224.939
229.594
232.957
232.531
232.945
233.504
233.596
233.877
234.149
233.546
233.069
233.049
233.916
234.781
236.293
237.072

���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
231.707
232.124
232.860
233.252
233.433
233.743
233.782
234.033
234.594
234.933
235.169
235.640
236.254

Food

13.846
186.2
190.7
195.2
202.916
214.106
217.955
219.625
227.842
233.777
237.037
236.679
236.504
236.882
237.232
237.461
237.563
237.757
238.043
238.160
238.368
239.322
240.299
241.187

Total 1

41.429
189.5
195.7
203.2
209.586
216.264
217.057
216.256
219.102
222.715
227.351
226.377
227.019
227.300
227.449
227.755
228.323
228.595
229.132
229.628
230.650
231.169
232.171
232.079

Total 1

31.892
218.8
224.4
232.1
240.611
246.666
249.354
248.396
251.646
257.083
263.056
261.631
262.239
262.739
263.230
263.843
264.379
264.770
265.569
266.220
266.902
267.411
268.261
268.871

Owners’
Rent
equivalent
of
rent
primary
1982
residence (Dec.
=100) 2
6.927
211.0
217.3
225.1
234.679
243.271
248.812
249.385
253.638
260.367
267.725
265.978
266.779
267.403
267.951
268.854
269.446
269.950
270.499
271.211
271.820
272.333
273.180
274.094

1 Includes items not shown separately.
2 Beginning January 2010, includes expenditure weight for second homes. Prior data are for

primary residence only.
3 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel.

23.716
224.9
230.2
238.2
246.235
252.426
256.610
256.584
259.570
264.838
270.685
269.237
269.793
270.300
270.781
271.416
271.987
272.592
273.294
273.989
274.545
275.023
275.748
276.287

Fuels
and
utilities

5.330
161.9
179.0
194.7
200.632
220.018
210.696
214.187
220.367
218.986
225.207
224.724
226.507
225.895
225.106
224.561
226.183
226.571
226.936
227.704
232.295
234.420
237.967
234.109

Apparel

3.455
120.4
119.5
119.5
118.998
118.907
120.078
119.503
122.111
126.265
127.411
126.653
126.806
127.239
128.008
128.316
127.772
127.306
127.119
127.685
127.349
126.964
127.346
127.322

Total 1

Motor
fuel

16.612
163.1
173.9
180.9
184.682
195.549
179.252
193.396
212.366
217.337
217.412
214.331
215.041
217.589
218.454
217.818
217.977
217.186
216.839
218.348
217.313
216.351
215.406
217.711

5.375
160.4
195.7
221.0
239.070
279.652
201.978
239.178
302.619
312.660
303.850
292.074
294.523
305.079
307.387
305.909
305.431
300.542
297.979
305.562
302.825
297.680
292.589
299.382

Medical
care

7.557
310.1
323.2
336.2
351.054
364.065
375.613
388.436
400.258
414.924
425.134
423.014
422.603
424.197
424.921
427.098
428.151
428.472
428.659
428.782
429.972
431.263
432.019
433.238

Energy 3

9.530
151.4
177.1
196.9
207.723
236.666
193.126
211.449
243.909
246.080
244.409
238.860
240.972
245.412
245.926
244.917
245.566
243.374
242.301
246.189
247.575
246.389
246.045
246.782

All
items
less
food
and
energy

76.624
196.6
200.9
205.9
210.729
215.572
219.235
221.337
225.008
229.755
233.806
232.909
233.230
233.581
233.971
234.294
234.603
234.893
235.304
235.542
235.843
236.122
236.604
237.163

4 Relative importance, March 2014.

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
Final for intermediate goods for intermedemand
diate demand
demand
Services
less
for
foods,
intermeTransporLess
Nonfood
energy,
diate
tation
food
and
demand
Trade
and
Other
Total
and
Total materials
less
trade
wareenergy
energy
housing

Final demand goods
Period

Total
final
demand 1

Total

Foods

Energy

Final demand services
Less
food
and
energy

Total

Change from year earlier
(NSA)
Total
Final
Final
final demand demand
demand goods services

Change, December to December, NSA
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 r ������������������

�����������
�����������
�����������
�����������
�����������
�����������
2.8
3.2
1.9
1.2

����������
����������
����������
����������
����������
����������
4.7
4.7
1.4
.8

����������
����������
����������
����������
����������
����������
5.3
5.7
4.1
–.8

����������
����������
����������
����������
����������
����������
12.7
9.2
–1.3
.9

�����������
�����������
�����������
�����������
�����������
�����������
2.4
3.1
1.4
1.3

����������
����������
����������
����������
����������
����������
1.7
2.3
2.2
1.3

����������
����������
����������
����������
����������
����������
2.1
2.3
3.8
–.4

�������������
�������������
�������������
�������������
�������������
�������������
4.3
6.7
2.7
2.0

����������
����������
����������
����������
����������
����������
1.3
1.8
1.4
2.0

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

9.2
8.6
2.8
7.1
–2.3
2.9
6.4
5.7
.4
.1

8.3
4.8
4.5
3.3
2.9
–.1
4.7
3.8
.6
.7

17.4
21.1
–4.7
19.8
–24.6
13.3
16.1
6.6
1.4
–1.9

20.5
5.2
17.0
15.6
–24.1
28.9
27.6
2.4
–1.6
–5.6

��������������
��������������
��������������
��������������
��������������
��������������
1.4
2.0
2.9
1.0

�����������
�����������
�����������
�����������
�����������
�����������
�����������
3.8
1.9
1.3

�����������
�����������
�����������
�����������
�����������
�����������
�����������
6.9
1.6
.8

������������
������������
������������
������������
������������
������������
������������
2.1
1.9
1.6

�����������
�����������
�����������
�����������
�����������
0.1
.2
.0
.3
.0
.1
.3
.3

–0.6
.1
.3
.0
.0
.1
–.1
–.3
.4
.5
.7
–.2
.0

–0.2
–.2
.0
–.2
.2
–.1
.1
–.1
.1
.3
.6
–.2
.2

–0.3
2.0
–.6
.2
–1.4
–.1
–.5
–1.7
2.2
.6
5.7
–.1
.4

–2.4
–1.7
–.8
–.1
.0
–1.2
–.6
1.0
1.1
1.1
–.7
.5
.9

0.4
–.5
.4
.1
.2
.1
.2
.2
–.2
.1
.2
.4
.1

0.9
.9
1.7
2.0
1.7
1.1
1.3
1.1
1.2
1.2
.9
1.4
2.1

0.1
1.1
1.9
1.8
.7
–.2
–.2
.4
.7
.9
.6
1.1
2.5

1.4
.9
1.4
2.0
2.2
1.8
2.0
1.5
1.3
1.3
1.0
1.6
2.0

Change, month to month
2013: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec r ���������
2014: Jan r ���������
      Feb �����������
      Mar ����������
      Apr �����������

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

–0.7
.4
.3
.1
.0
–.1
.1
–.1
.4
.4
.4
.0
.6

–1.3
1.1
–.3
.3
–.6
–.7
.3
–.2
–.2
.7
.6
1.1
2.7

–2.4
1.2
1.5
–.1
.7
.2
.0
–.6
1.2
.4
.5
–1.2
.1

0.0
.1
.1
.0
.0
.0
.0
.1
.4
.3
.2
.1
.3

0.2
–.4
.6
.5
–.1
.2
.3
.0
–.2
.1
–.3
.7
.6

0.6
–1.4
1.0
1.0
–.6
.4
.2
.2
–1.0
.4
–1.0
1.4
1.4

–0.7
.1
.8
.7
.1
–.1
.3
–.5
1.6
–1.4
–.2
.5
.8

0.3
.1
.3
.0
.2
.1
.3
.1
.1
.0
.1
.4
.3

1 Includes final demand construction, not shown separately.

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

Note: See Note, p. 22.

Changes in Consumer Prices—All Urban Consumers
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing

Period

All
items 1

Shelter

Food
Total 1

Total 1

Addendum: All items,
percent change
(annual rate)

Transportation

Fuels
Rent
Ownand
of
ers’
primary equiva- utilities
resilent
dence
rent

Apparel
Total 1

New
cars

Motor
fuel

Medical
care

Energy 2

All
items
less
food
and
energy

From
previous
quarter 3

From
From
3
6
months months
earlier earlier

From
year
earlier
(NSA)

Change, December to December, NSA
2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������

3.3
3.4
2.5
4.1
.1
2.7
1.5
3.0
1.7
1.5

2.7
2.3
2.1
4.9
5.9
–.5
1.5
4.7
1.8
1.1

3.0
4.0
3.3
3.0
2.4
–.3
.3
1.9
1.7
2.2

2.7
2.6
4.2
3.1
1.9
.3
.4
1.9
2.2
2.5

2.9
3.1
4.3
4.0
3.4
.7
.8
2.5
2.7
2.9

2.3
2.5
4.3
2.8
2.1
.7
.3
1.8
2.1
2.5

7.9
15.6
.5
5.4
6.0
–3.0
1.8
2.4
.4
2.7

–0.2
–1.1
.9
–.3
–1.0
1.9
–1.1
4.6
1.8
.6

6.5
4.8
1.6
8.3
–13.3
14.4
5.3
5.2
1.6
.5

0.5
.8
.2
–.4
–1.1
3.6
–1.1
4.0
1.1
–.6

26.1
16.2
6.4
29.5
–42.2
50.7
13.9
10.3
1.7
–1.0

4.2
4.3
3.6
5.2
2.6
3.4
3.3
3.5
3.2
2.0

16.6
17.1
2.9
17.4
–21.3
18.2
7.7
6.6
.5
.5

2.2
2.2
2.6
2.4
1.8
1.8
.8
2.2
1.9
1.7

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

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

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

2.7
3.4
3.2
2.8
3.8
–.4
1.6
3.2
2.1
1.5

–1.6
.3
1.2
.4
–.3
.1
–.4
–.2
.7
–.5
–.4
–.4
1.1

0.0
–.2
.0
.0
.0
–.1
–.2
–.1
–.1
.0
.0
.0
.1

–4.7
.8
3.6
.8
–.5
–.2
–1.6
–.9
2.5
–.9
–1.7
–1.7
2.3

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

–2.3
.9
1.8
.2
–.4
.3
–.9
–.4
1.6
.6
–.5
–.1
.3

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

�����������
�����������
0.4
�����������
�����������
2.2
�����������
�����������
1.1
�����������
�����������
1.9
�����������

0.7
–.8
1.4
2.7
2.3
1.5
.9
1.0
1.5
2.0
2.0
1.8
2.3

0.0
.8
1.5
1.7
.7
1.4
1.8
1.7
1.5
1.4
1.5
1.6
2.1

1.1
1.4
1.8
2.0
1.5
1.2
1.0
1.2
1.5
1.6
1.1
1.5
2.0

Change, month to month
2013: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2014: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������

–0.2
.2
.3
.2
.1
.1
.0
.1
.2
.1
.1
.2
.3

0.2
–.1
.2
.1
.1
.0
.1
.1
.0
.1
.4
.4
.4

0.2
.3
.1
.1
.1
.2
.1
.2
.2
.4
.2
.4
.0

0.2
.2
.2
.2
.2
.2
.1
.3
.2
.3
.2
.3
.2

0.2
.3
.2
.2
.3
.2
.2
.2
.3
.2
.2
.3
.3

0.2
.2
.2
.2
.2
.2
.2
.3
.3
.2
.2
.3
.2

1 Includes items not shown separately.
2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel.

24

0.8
.8
–.3
–.3
–.2
.7
.2
.2
.3
2.0
.9
1.5
–1.6

–0.1
.1
.3
.6
.2
–.4
–.4
–.1
.4
–.3
–.3
.3
.0

3 Quarterly changes are shown in the last month of the quarter.

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

Prices Received and Paid by Farmers
In May, prices received by farmers fell 0.9 percent and prices paid by farmers rose 0.9 percent. (Data are not seasonally
adjusted.)

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

Period

2004 ���������������������������������������������������
2005 ���������������������������������������������������
2006 ���������������������������������������������������
2007 ���������������������������������������������������
2008 ���������������������������������������������������
2009 ���������������������������������������������������
2010 ���������������������������������������������������
2011 ���������������������������������������������������
2012 ���������������������������������������������������
2013 ���������������������������������������������������
2013: May �����������������������������������������
      June r ��������������������������������������
      July �����������������������������������������
      Aug �����������������������������������������
      Sept ����������������������������������������
      Oct ������������������������������������������
      Nov r ����������������������������������������
      Dec ������������������������������������������
2014: Jan ������������������������������������������
      Feb r ����������������������������������������
      Mar �����������������������������������������
      Apr r ����������������������������������������
      May p ��������������������������������������

All
farm
products

66
63
68
81
96
86
79
100
106
104
109
110
107
103
99
94
89
91
89
93
94
97
98

1 Includes items not shown separately.
2 Percentage ratio of index of prices received by farmers to index of prices paid, interest,

taxes, and wage rates.

All
commodities,
services, interest,
taxes, and wage
rates 1

Livestock
and
products

Crops

73
71
71
84
92
81
82
100
105
106
110
110
107
105
103
99
98
100
99
106
111
115
114

Prices paid by farmers

80
78
73
86
86
74
86
100
103
109
112
110
107
107
108
109
112
112
116
121
129
132
131

Production
items, interest,
taxes, and wage
rates

66
70
74
79
90
87
90
100
106
106
106
106
107
106
107
106
106
106
108
109
110
111
112

63
67
72
77
89
86
89
100
106
107
107
107
108
106
107
107
106
107
109
110
111
112
113

Ratio 2

Production
items

62
65
69
75
88
85
88
100
106
107
107
107
109
107
108
107
106
107
109
110
111
113
114

111
101
96
106
102
93
91
100
99
100
104
104
100
99
96
93
92
94
92
97
101
104
102

Note: The official indexes are published on a 1910–14 base as required by law. The indexes
have been converted to a 2011=100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.

25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures
In April, M2 rose.

[Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted]
M1

Period

2004: Dec r ����������������������������������������
2005: Dec r ����������������������������������������
2006: Dec r ����������������������������������������
2007: Dec r ����������������������������������������
2008: Dec r ����������������������������������������
2009: Dec r ����������������������������������������
2010: Dec r ����������������������������������������
2011: Dec r ����������������������������������������
2012: Dec r ����������������������������������������
2013: Dec r ����������������������������������������
2013: Apr ������������������������������������������
      May �����������������������������������������
      June r ��������������������������������������
      July �����������������������������������������
      Aug �����������������������������������������
      Sept r ���������������������������������������
      Oct ������������������������������������������
      Nov r ����������������������������������������
      Dec r ����������������������������������������
2014: Jan r ����������������������������������������
      Feb ������������������������������������������
      Mar r ���������������������������������������
      Apr ������������������������������������������

M2

Sum of currency,
demand deposits,
travelers checks,
and other
checkable
deposits (OCDs)
1,376.0
1,374.8
1,367.5
1,375.0
1,603.8
1,694.1
1,836.0
2,159.8
2,447.3
2,639.7
2,517.8
2,525.9
2,529.3
2,558.5
2,560.5
2,587.2
2,624.0
2,606.5
2,639.7
2,672.2
2,720.8
2,744.2
2,777.8

Debt

M1 plus retail
MMMF balances,
savings deposits
(including MMDAs),
and small time deposits
6,388.5
6,652.5
7,042.0
7,445.7
8,168.6
8,467.7
8,769.2
9,623.2
10,409.7
10,969.2
10,558.0
10,594.6
10,642.5
10,705.4
10,759.5
10,805.7
10,905.2
10,916.5
10,969.2
11,023.8
11,127.4
11,158.8
11,214.8

1 Quarterly data; shown in last month of quarter. End-of-year data are for fourth quarter.
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.
2 Annual changes are from December to December and monthly changes are from 6 months
earlier at a simple annual rate.

26

Debt of
domestic
nonfinancial
sectors 1
25,357.4
27,696.4
30,174.3
32,765.4
34,727.0
35,637.1
37,043.2
38,434.7
40,352.0
42,044.5
���������������������������������������������
���������������������������������������������
41,164.0
���������������������������������������������
���������������������������������������������
41,536.4
���������������������������������������������
���������������������������������������������
42,044.5
���������������������������������������������
���������������������������������������������
42,558.2
���������������������������������������������

Percent change
From year or
6 months
earlier 2
M1

From
previous
period 3
M2

5.4
–.1
–.5
.5
16.6
5.6
8.4
17.6
13.3
7.9
8.5
9.8
6.7
7.6
7.0
8.9
8.4
6.4
8.7
8.9
12.5
12.1
11.7

Debt
5.8
4.1
5.9
5.7
9.7
3.7
3.6
9.7
8.2
5.4
6.7
6.1
4.5
5.0
5.8
5.4
6.6
6.1
6.1
5.9
6.8
6.5
5.7

9.3
9.2
8.8
8.7
6.4
3.7
4.7
4.2
5.4
4.5
�������������������������������
�������������������������������
3.7
�������������������������������
�������������������������������
3.9
�������������������������������
�������������������������������
5.2
�������������������������������
�������������������������������
5.0
�������������������������������

3 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.

Components of Money Stock
[Averages of daily figures; billions of dollars, seasonally adjusted]

Period

2004: Dec �����������
2005: Dec �����������
2006: Dec �����������
2007: Dec �����������
2008: Dec �����������
2009: Dec �����������
2010: Dec �����������
2011: Dec �����������
2012: Dec �����������
2013: Dec r ���������
2013: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2014: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr �����������

Currency

697.8
724.6
750.2
760.6
816.2
863.7
918.7
1,001.2
1,090.0
1,159.5
1,110.6
1,117.4
1,123.8
1,131.3
1,137.7
1,144.5
1,150.4
1,153.2
1,159.5
1,165.0
1,171.5
1,190.4
1,199.8

Nonbank
travelers
checks

Other checkable
deposits (OCDs)
Demand
deposits

At
commercial
banks

Total

7.6
7.2
6.7
6.3
5.5
5.1
4.7
4.3
3.8
3.5
3.7
3.7
3.7
3.6
3.6
3.6
3.6
3.5
3.5
3.4
3.4
3.4
3.3

342.8
324.4
305.2
302.4
471.0
445.5
515.5
745.5
912.1
1,008.4
950.8
951.5
948.6
961.6
959.3
973.2
1,004.8
985.2
1,008.4
1,031.7
1,068.6
1,072.3
1,098.3

327.8
318.6
305.4
305.7
311.0
379.8
397.2
408.8
441.4
468.2
452.8
453.3
453.2
462.0
459.9
465.9
465.2
464.6
468.2
472.0
477.2
478.1
476.4

Savings
deposits 1
At
thrift
institutions

187.0
180.7
176.5
172.4
177.8
229.6
234.2
231.7
243.5
256.2
248.8
249.0
247.3
253.2
251.0
255.8
254.8
252.8
256.2
259.0
259.9
262.1
259.6

140.8
137.9
128.8
133.3
133.2
150.2
163.1
177.1
197.9
212.0
204.0
204.3
205.9
208.8
208.8
210.1
210.4
211.8
212.0
212.9
217.4
216.0
216.8

1 Savings deposits including money market deposit accounts (MMDAs).
2 Small-denomination deposits are those issued in amounts of less than $100,000.

Total
3,506.5
3,601.6
3,691.8
3,864.1
4,085.6
4,809.3
5,329.6
6,032.8
6,687.5
7,133.0
6,793.4
6,837.2
6,884.0
6,920.7
6,982.4
7,006.8
7,071.5
7,111.8
7,133.0
7,166.6
7,225.6
7,244.4
7,271.4

At
commercial
banks
2,630.9
2,773.2
2,908.9
3,037.8
3,317.5
3,974.2
4,406.8
5,034.0
5,728.5
6,109.3
5,794.4
5,825.8
5,869.7
5,904.9
5,962.3
5,986.8
6,048.0
6,089.2
6,109.3
6,136.0
6,185.2
6,198.1
6,220.0

Small-denomination
time deposits 2
At
thrift
institutions
875.6
828.5
782.9
826.3
768.1
835.1
922.8
998.9
959.1
1,023.7
999.0
1,011.4
1,014.3
1,015.7
1,020.1
1,020.0
1,023.4
1,022.6
1,023.7
1,030.6
1,040.4
1,046.3
1,051.4

At
commercial
banks

Total
828.4
993.7
1,206.0
1,276.0
1,457.6
1,183.1
927.9
767.0
633.0
555.6
606.0
596.1
582.7
573.1
567.3
560.6
557.3
554.3
555.6
546.6
540.9
533.4
527.4

551.9
646.7
780.7
858.8
1,078.8
863.5
657.1
538.1
456.0
411.3
440.3
433.8
424.0
418.9
416.9
412.0
410.3
409.0
411.3
403.6
399.8
395.7
390.4

Retail
money
funds

At
thrift
institutions
276.5
347.0
425.4
417.2
378.8
319.6
270.9
228.9
176.9
144.3
165.7
162.2
158.8
154.2
150.3
148.6
147.0
145.3
144.3
143.0
141.1
137.7
137.0

677.6
682.4
776.6
930.6
1,021.6
781.2
675.7
663.7
642.0
640.9
640.7
635.5
646.5
653.0
649.4
651.1
652.5
643.9
640.9
638.4
640.2
636.8
638.2

Institutional
money
funds 3

1,106.3
1,177.0
1,391.5
1,961.4
2,459.2
2,255.0
1,895.1
1,764.3
1,743.9
1,780.6
1,759.4
1,754.4
1,758.3
1,766.0
1,765.4
1,788.5
1,786.4
1,790.4
1,780.6
1,774.9
1,771.7
1,771.3
1,740.5

3 Institutional money funds are not part of non-M1 M2.

Source: Board of Governors of the Federal Reserve System.

Aggregate Reserves and Monetary Base
[Averages of daily figures 1; millions of dollars, not seasonally adjusted]
Reserves of depository institutions
Reserve balances maintained
Period
Total

2004: Dec ������������
2005: Dec ������������
2006: Dec ������������
2007: Dec ������������
2008: Dec ������������
2009: Dec ������������
2010: Dec ������������
2011: Dec ������������
2012: Dec ������������
2013: Dec ������������
2013: Apr ������������
      May �����������
      June ����������
      July �����������
      Aug �����������
      Sept ����������
      Oct ������������
      Nov �����������
      Dec ������������
2014: Jan ������������
      Feb ������������
      Mar �����������
      Apr r ����������

12,045
10,046
8,479
8,098
783,631
1,099,831
1,035,074
1,550,043
1,517,425
2,485,248
1,832,952
1,930,723
2,010,604
2,094,225
2,199,056
2,281,080
2,374,958
2,463,012
2,485,248
2,498,153
2,593,879
2,623,027
2,660,368

To satisfy
reserve
balance
requirements 2

That
exceed the
top of the
penalty-free
band

������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
75,714
������������������
������������������
������������������
69,338
71,408
73,695
73,111
77,246
75,714
83,188
84,858
86,124
88,014

������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
2,409,534
������������������
������������������
������������������
2,024,886
2,127,647
2,207,385
2,301,847
2,385,767
2,409,534
2,414,965
2,509,021
2,536,902
2,572,354

Reserve
balance
requirements 3

10,137
8,146
6,616
6,314
16,312
24,632
28,438
47,838
58,673
69,029
64,118
67,375
63,667
63,296
65,189
67,208
66,713
70,483
69,029
75,901
77,320
78,471
80,203

Borrowings from the Federal Reserve

Vault cash
used to
satisfy
required
reserves 4
34,802
35,337
34,803
35,365
37,245
40,619
42,927
48,672
52,959
55,771
51,737
51,262
52,302
53,481
53,575
52,771
52,839
54,040
55,771
58,248
56,248
53,674
54,532

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 The amount of vault cash held by institutions whose required reserves exceed their vault

Nonborrowed 5

46,784
45,214
43,091
28,033
167,311
970,523
1,032,512
1,589,189
1,569,589
2,540,848
1,884,288
1,981,574
2,062,555
2,147,346
2,252,314
2,333,577
2,427,559
2,516,872
2,540,848
2,556,273
2,650,023
2,676,596
2,714,784

Monetary
base 6

776,279
803,124
826,731
837,192
1,666,365
2,026,220
2,017,000
2,619,586
2,675,945
3,717,466
3,011,737
3,116,932
3,201,472
3,290,898
3,398,930
3,486,917
3,589,503
3,684,554
3,717,466
3,728,498
3,833,340
3,885,850
3,930,662

Total 7

63
169
191
15,430
653,565
169,927
45,488
9,526
795
170
401
410
351
359
317
274
238
180
170
127
104
105
117

Primary

Secondary

11
97
111
3,787
88,245
19,025
41
103
12
13
9
12
19
15
17
21
13
8
13
9
4
8
18

0
0
0
1
52
518
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Seasonal

52
72
80
30
3
37
26
23
23
59
11
42
65
109
142
151
124
72
59
22
5
7
17

Term
assetbacked
securities
loan
facility 8
��������������������
��������������������
��������������������
��������������������
��������������������
46,310
25,025
9,400
760
98
380
356
267
235
158
102
101
99
98
97
96
90
82

7 Includes term auction credit (December 2007 to April 2010), primary dealer and other brokerdealer 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.
8 Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through
the Term Asset-Backed Securities Loan Facility.

cash plus the amount of vault cash applied during the maintenance period to satisfy current
reserve requirements by institutions whose vault cash exceeds their required reserves.
5 Total reserve balances maintained plus vault cash used to satisfy required reserves less total
Note: Data on reserve balances maintained reflect the creation of a penalty-free band acround
borrowings from the Federal Reserve.
reserve balance requirements, which took effect on June 27, 2013. For more information on table
6 Equals total balances maintained plus currency in circulation (not shown).
changes, see H.3 release of July 11, 2013.
Source: Board of Governors of the Federal Reserve System.

27

Bank Credit at All Commercial Banks
Total commercial bank loans and leases rose 0.7 percent in April.

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

Period

2004: Dec �����������
2005: Dec �����������
2006: Dec �����������
2007: Dec �����������
2008: Dec �����������
2009: Dec �����������
2010: Dec �����������
2011: Dec �����������
2012: Dec �����������
2013: Dec r ���������
2013: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec r ���������
2014: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr �����������

Total
bank
credit

6,583.9
7,305.5
8,093.2
8,896.0
9,346.0
8,990.6
9,188.3
9,408.1
9,960.5
10,094.1
10,050.0
10,046.8
10,048.2
10,039.2
10,016.2
10,010.8
10,040.1
10,056.3
10,094.1
10,125.5
10,194.6
10,280.4
10,342.4

Total
securities

1,741.4
1,854.3
1,987.5
2,102.9
2,096.3
2,328.7
2,430.4
2,497.3
2,739.0
2,716.8
2,750.6
2,746.0
2,731.3
2,706.3
2,689.6
2,674.6
2,681.6
2,693.2
2,716.8
2,726.0
2,739.8
2,759.2
2,769.2

U.S.
Treasury
and
agency
securities
1,170.2
1,158.4
1,216.4
1,136.2
1,253.3
1,451.5
1,642.1
1,701.1
1,879.8
1,808.2
1,864.4
1,852.5
1,841.4
1,813.7
1,792.3
1,784.6
1,786.5
1,794.9
1,808.2
1,814.4
1,826.2
1,841.4
1,854.9

Loans and leases in bank credit
Real estate loans

Other
securities

571.2
695.9
771.2
966.7
843.0
877.1
788.2
796.2
859.2
908.6
886.2
893.5
890.0
892.6
897.2
890.0
895.1
898.4
908.6
911.6
913.6
917.8
914.2

Total
loans
and
leases 3
4,842.5
5,451.2
6,105.7
6,793.2
7,249.7
6,661.9
6,758.0
6,910.8
7,221.6
7,377.3
7,299.4
7,300.8
7,316.8
7,332.9
7,326.6
7,336.2
7,358.4
7,363.1
7,377.3
7,399.5
7,454.8
7,521.1
7,573.3

1 Data are prorated averages of Wednesday values for domestically chartered commercial banks,
branches and agencies of foreign banks, and Edge Act and agreement corporations.
2 Includes securities held in trading accounts, held-to-maturity, and available-for-sale. Excludes
all non-security trading assets, such as derivatives with a positive fair value or loans held in trading
accounts.
3 Excludes unearned income. Includes the allowance for loan and lease losses. Excludes Federal
funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the
United States. Includes all loans held in trading accounts under a fair value option.

28

Commercial
and
industrial
loans
913.7
1,044.2
1,192.1
1,431.6
1,572.9
1,279.3
1,210.3
1,323.3
1,494.9
1,604.4
1,528.9
1,533.1
1,547.6
1,561.5
1,564.0
1,569.7
1,585.2
1,590.2
1,604.4
1,613.1
1,648.9
1,669.2
1,686.4

Total 4

2,552.3
2,923.7
3,366.5
3,594.1
3,817.7
3,774.6
3,609.5
3,491.5
3,545.4
3,524.2
3,547.9
3,540.9
3,543.2
3,539.7
3,529.7
3,527.2
3,522.0
3,521.4
3,524.2
3,526.5
3,534.5
3,548.6
3,563.6

Revolving
home
equity
loans
395.2
443.1
467.8
484.6
588.0
602.9
581.5
549.3
515.0
473.8
499.0
494.5
491.2
488.1
485.7
482.8
480.3
476.5
473.8
471.1
468.6
467.5
467.1

Commercial
loans
1,081.9
1,272.6
1,460.3
1,584.6
1,728.1
1,639.5
1,497.3
1,416.4
1,425.7
1,493.9
1,434.3
1,441.4
1,447.4
1,455.1
1,464.1
1,470.7
1,478.8
1,487.0
1,493.9
1,500.7
1,508.8
1,516.1
1,527.3

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.

Consumer
loans 5

691.5
702.9
736.7
798.0
874.9
835.0
1,113.2
1,089.3
1,115.0
1,141.2
1,127.9
1,132.8
1,138.3
1,139.0
1,142.1
1,144.9
1,149.1
1,143.9
1,141.2
1,141.3
1,143.9
1,147.4
1,157.5

Other
loans
and
leases 6
685.1
780.4
810.4
969.4
984.2
773.0
825.0
1,006.6
1,066.2
1,107.4
1,094.7
1,094.0
1,087.7
1,092.7
1,090.9
1,094.4
1,102.1
1,107.6
1,107.4
1,118.5
1,127.6
1,155.9
1,165.8

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

2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 r ������������������
2008 r ������������������
2009 r ������������������
2010 r ������������������
2011 r ������������������
2012 r ������������������
2013 r ������������������
2012: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2013: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2014: I p ��������������

Internal 1

1,780.7
2,301.0
2,202.4
2,633.6
1,732.2
1,186.3
2,159.6
2,684.2
3,046.7
3,019.4
2,899.3
3,056.6
3,164.9
3,066.1
2,822.4
2,958.7
3,193.1
3,103.5
2,527.8

1,166.5
1,335.4
1,363.1
1,352.5
1,393.1
1,434.8
1,671.8
1,789.9
1,850.3
1,929.4
1,830.7
1,865.1
1,840.3
1,865.2
1,872.8
1,931.5
1,919.5
1,993.8
1,829.7

Total
net
funds
raised

Total

614.2
965.6
839.3
1,281.1
339.1
–248.5
487.8
894.3
1,196.4
1,090.0
1,068.6
1,191.5
1,324.6
1,200.9
949.6
1,027.2
1,273.6
1,109.7
698.1

126.6
30.0
–33.3
68.8
36.8
–212.7
–88.1
30.7
261.4
363.0
225.8
53.2
153.9
612.6
366.3
375.7
501.3
208.8
446.5

Net
new
equity
issues
–122.7
–341.8
–565.7
–786.8
–334.3
–62.1
–277.4
–472.2
–399.5
–408.6
–291.3
–507.8
–395.4
–403.4
–256.2
–423.3
–452.8
–502.1
–426.8

Credit market instruments
Total

Securities
and
mortgages

Loans
and
short-term
paper

178.9
296.5
360.0
460.5
231.3
317.3
342.2
340.5
600.1
674.1
520.7
455.7
575.6
848.6
559.5
598.3
805.1
733.9
649.3

70.4
75.4
172.4
395.2
139.8
–467.9
–152.9
162.5
60.7
97.4
–3.5
105.4
–26.4
167.5
63.0
200.7
149.0
–22.9
223.9

249.3
371.9
532.4
855.7
371.2
–150.6
189.3
502.9
660.9
771.6
517.1
561.1
549.3
1,016.0
622.4
798.9
954.2
710.9
873.2

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).

Other 2

487.6
935.5
872.5
1,212.3
302.2
–35.9
575.9
863.6
935.0
727.0
842.8
1,138.3
1,170.8
588.3
583.3
651.5
772.2
900.9
251.7

Total

Capital
expenditures 3

1,836.8
2,134.0
2,037.0
2,465.7
754.4
1,310.9
1,872.8
1,831.1
2,188.8
2,426.0
2,092.8
2,363.1
2,219.5
2,079.7
2,299.8
2,405.5
2,446.2
2,552.4
2,109.3

1,056.6
1,188.3
1,336.3
1,391.1
1,358.6
1,008.5
1,239.6
1,337.0
1,504.2
1,560.0
1,501.7
1,493.0
1,527.2
1,494.8
1,454.8
1,533.2
1,621.9
1,630.1
1,594.7

Increase
in
financial
assets

780.2
945.7
700.7
1,074.6
–604.2
302.4
633.2
494.1
684.6
866.0
591.1
870.1
692.3
584.9
845.0
872.3
824.3
922.3
514.6

Discrepancy
(sources
less
uses)

–56.2
166.9
165.5
167.9
977.8
–124.6
286.8
853.2
858.0
593.4
806.5
693.6
945.4
986.3
522.6
553.2
746.8
551.1
418.5

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
2004: Dec ������������������������������������������
2005: Dec ������������������������������������������
2006: Dec r ����������������������������������������
2007: Dec r ����������������������������������������
2008: Dec r ����������������������������������������
2009: Dec r ����������������������������������������
2010: Dec r ����������������������������������������
2011: Dec r ����������������������������������������
2012: Dec r ����������������������������������������
2013: Dec r ����������������������������������������
2013: Apr r ����������������������������������������
      May r ���������������������������������������
      June r ��������������������������������������
      July r ���������������������������������������
      Aug r ����������������������������������������
      Sept r ���������������������������������������
      Oct r �����������������������������������������
      Nov r ����������������������������������������
      Dec r ����������������������������������������
2014: Jan r ����������������������������������������
      Feb r ����������������������������������������
      Mar �����������������������������������������
      Apr p ����������������������������������������

Nonrevolving 2

Revolving
2,192.2
2,290.9
2,461.9
2,615.7
2,650.6
2,552.8
2,647.4
2,755.9
2,923.6
3,097.4
2,981.0
2,997.2
3,009.1
3,025.3
3,040.1
3,056.7
3,073.6
3,081.8
3,097.4
3,113.3
3,128.7
3,148.2
3,175.1

799.6
829.5
924.4
1,002.4
1,004.7
916.8
840.0
841.7
846.7
857.6
850.4
853.1
851.5
852.9
853.1
853.3
856.1
853.4
857.6
860.3
859.4
861.6
870.4

1,392.7
1,461.4
1,537.5
1,613.3
1,645.9
1,636.1
1,807.4
1,914.2
2,076.9
2,239.7
2,130.5
2,144.0
2,157.6
2,172.4
2,187.0
2,203.4
2,217.5
2,228.3
2,239.7
2,253.0
2,269.3
2,286.6
2,304.6

Total

Nonrevolving 2

Revolving
114.8
98.7
171.0
153.8
34.9
–97.8
94.6
108.5
167.7
173.8
12.6
16.2
11.9
16.2
14.8
16.6
16.9
8.2
15.6
15.9
15.4
19.5
26.9

31.3
29.9
94.9
78.0
2.3
–87.9
–76.8
1.7
5.0
10.9
1.0
2.7
–1.6
1.4
.2
.2
2.8
–2.7
4.2
2.7
–.9
2.2
8.8

83.6
68.7
76.1
75.8
32.6
–9.8
171.3
106.8
162.7
162.8
11.6
13.5
13.6
14.8
14.6
16.4
14.1
10.8
11.4
13.3
16.3
17.3
18.0

1 Change based on data in billions of dollars as shown here. For year-end data, change from
Note: Data include student loans extended by the Federal Government and by SLM Holding
preceding year-end; for monthly data, change from preceding month.
Corporation.
2 Includes automobile loans and all other loans not included in revolving credit, such as loans for
Source: Board of Governors of the Federal Reserve System.
mobile homes, education, boats, trailers, or vacations. These loans may be secured or unsecured.

29

Interest Rates and Bond Yields
Interest rates fell in May.

[Percent per annum]
U.S. Treasury security yields
Period

2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2013: May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2014: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
Week ended:
2014: May 10 �����
          17 �����
          24 �����
          31 �����
      June 7 �����

3-month
bills
(at auction) 1

Constant maturities 2
3-year

10-year

30-year

High-grade
municipal
bonds
(Standard
&
Poor’s) 3

Discount window
(N.Y. F.R. Bank) 4, 5
Primary
credit

Prime
rate
charged
by
banks 5

Discount
rate

1.38
3.16
4.73
4.41
1.48
.16
.14
.06
.09
.06
.05
.05
.04
.04
.02
.05
.07
.07
.05
.06
.05
.04
.03

2.78
3.93
4.77
4.35
2.24
1.43
1.11
.75
.38
.54
.40
.58
.64
.70
.78
.63
.58
.69
.78
.69
.82
.88
.83

4.27
4.29
4.80
4.63
3.66
3.26
3.22
2.78
1.80
2.35
1.93
2.30
2.58
2.74
2.81
2.62
2.72
2.90
2.86
2.71
2.72
2.71
2.56

*
*
4.91
4.84
4.28
4.08
4.25
3.91
2.92
3.45
3.11
3.40
3.61
3.76
3.79
3.68
3.80
3.89
3.77
3.66
3.62
3.52
3.39

4.63
4.29
4.42
4.42
4.80
4.64
4.16
4.29
3.14
3.96
3.39
4.02
4.51
4.77
4.74
4.50
4.51
4.55
4.38
4.25
4.16
4.02
3.80

5.63
5.24
5.59
5.56
5.63
5.31
4.94
4.64
3.67
4.24
3.89
4.27
4.34
4.54
4.64
4.53
4.63
4.62
4.49
4.45
4.38
4.24
4.16

2.34
4.19
5.96
5.86
2.39
.50
.72
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75
.75

*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*

4.34
6.19
7.96
8.05
5.09
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25

.03
.03
.03
.03
.04

.89
.82
.79
.78
.84

2.62
2.57
2.54
2.47
2.59

3.42
3.40
3.40
3.33
3.43

3.89
3.76
3.76
3.73
3.71

4.17
4.15
4.18
4.16
4.27

.75
.75
.75
.75
.75

*
*
*
*
*

3.25
3.25
3.25
3.25
3.25

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 Discount window borrowing for primary credit and discount rate (adjustment credit). The
rate for primary credit replaced the rate for adjustment credit.
5 Average effective rate for year; rate in effect at end of month or week.

30

Corporate
Aaa
bonds
(Moody’s)

New-home
mortgage
yields
(FHFA) 7

Federal
funds
rate 6

1.35
5.77
3.22
5.94
4.97
6.63
5.02
6.41
1.92
6.05
.16
5.14
.18
4.80
.10
4.56
.14
3.69
.11
4.00
.11
3.55
.09
3.64
.09
4.07
.08
4.33
.08
4.44
.09
4.47
.08
4.39
.09
4.37
.07
4.45
.07
4.04
.08
4.35
.09
4.33
.09 �����������������������
.09
.08
.09
.09
.09

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

6 Daily effective rate; weighted average of rates on brokered trades.
7 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.

* Discount rate (adjustment credit) series was discontinued after January 8, 2003. Series for
30-year constant maturity was discontinued on February 18, 2002, and reintroduced on February
9, 2006.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System,
Federal Housing Finance Agency, Moody’s Investors Service, and Standard & Poor’s.

Common Stock Prices and Yields
Stock prices rose in May.

Common stock yields
(percent) 7

Common stock prices 1
New York Stock Exchange indexes
(December 31, 2002=5,000) 2, 3

Period
Composite
2004 ���������������������
2005 ���������������������
2006 ���������������������
2007 ���������������������
2008 ���������������������
2009 ���������������������
2010 ���������������������
2011 ���������������������
2012 ���������������������
2013 ���������������������
2013: May �����������
      June ����������
      July �����������
      Aug �����������
      Sept ����������
      Oct ������������
      Nov �����������
      Dec ������������
2014: Jan ������������
      Feb ������������
      Mar �����������
      Apr ������������
      May �����������
Week ended:
2014: May 10 ������
          17 ������
          24 ������
          31 ������
      June 7 ������

Financial

Energy

Health
Care

Dow
Jones
industrial
average 4

Standard
& Poor’s
composite
index
(1941–43=10) 5

Nasdaq
composite
index
(Feb. 5,
1971=100) 6

Dividend/price
ratio

Earnings/price
ratio

6,612.63
7,349.01
8,357.99
9,648.82
8,036.88
6,091.02
7,230.42
7,871.41
8,011.65
9,426.77
9,440.35
9,204.10
9,463.58
9,496.64
9,639.34
9,840.99
10,102.04
10,146.83
10,236.47
10,177.00
10,414.24
10,511.31
10,646.46

6,822.18
7,383.70
8,654.40
9,321.33
6,278.38
3,987.04
4,744.05
4,641.01
4,616.63
5,805.54
5,842.60
5,697.29
5,908.95
5,897.94
5,988.46
6,124.56
6,204.38
6,212.42
6,287.83
6,185.35
6,325.41
6,302.14
6,345.75

6,952.36
9,377.84
11,206.94
13,339.92
13,258.42
10,020.30
10,943.85
12,880.35
12,512.31
13,490.83
13,456.16
13,064.60
13,394.54
13,404.11
13,715.91
13,990.65
14,292.65
14,189.23
14,135.73
14,016.02
14,399.33
15,105.85
15,577.31

5,924.80
6,283.96
6,685.06
7,191.91
6,171.19
5,456.63
6,230.62
6,847.80
7,503.05
9,250.02
9,271.60
9,199.64
9,394.52
9,466.69
9,473.98
9,647.71
9,987.18
10,065.11
10,334.12
10,555.32
10,845.66
10,815.84
11,016.20

10,317.39
10,547.67
11,408.67
13,169.98
11,252.61
8,876.15
10,662.80
11,966.36
12,967.08
14,999.67
15,172.18
15,035.75
15,390.21
15,195.35
15,269.84
15,289.29
15,870.83
16,095.77
16,243.72
15,958.44
16,308.63
16,399.50
16,567.25

1,130.59
1,207.06
1,310.67
1,476.66
1,220.89
946.73
1,139.31
1,268.89
1,379.56
1,642.51
1,639.84
1,618.77
1,668.68
1,670.09
1,687.17
1,720.03
1,783.54
1,807.78
1,822.36
1,817.03
1,863.52
1,864.26
1,889.77

1,987.30
2,099.03
2,265.17
2,577.12
2,162.46
1,841.03
2,347.70
2,680.42
2,965.77
3,537.69
3,440.38
3,416.74
3,559.71
3,639.93
3,731.26
3,848.20
3,957.53
4,075.89
4,154.36
4,199.45
4,276.36
4,119.31
4,135.37

1.72
1.83
1.87
1.86
2.37
2.40
1.98
2.05
2.24
2.14
2.12
2.18
2.14
2.15
2.13
2.10
2.03
2.04
2.02
2.07
2.04
2.06
2.08

4.89
5.36
5.78
5.29
3.54
1.86
6.04
6.77
6.20
5.57
����������������������������
5.66
����������������������������
����������������������������
5.61
����������������������������
����������������������������
5.42
����������������������������
����������������������������
5.38
����������������������������
����������������������������

10,608.60
10,646.81
10,621.49
10,732.95
10,814.21

6,321.56
6,337.51
6,320.76
6,415.80
6,482.02

15,624.19
15,574.05
15,538.85
15,592.36
15,683.85

10,974.22
11,010.40
11,005.07
11,074.79
11,147.61

16,516.88
16,592.60
16,513.72
16,681.15
16,792.78

1,876.94
1,886.27
1,887.79
1,916.32
1,933.40

4,081.97
4,106.91
4,138.88
4,238.18
4,268.11

2.10
2.07
2.10
2.05
2.05

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

1 Annual data are averages of monthly figures. Monthly and weekly data are averages of daily
5 Includes 500 stocks.
6 Includes over 2,700 stocks in 2014.
closing prices.
2 Includes all the stocks (in 2014, about 2,800) listed on the NYSE.
7 Standard & Poor’s series. Dividend/price ratios based on Wednesday closing prices. Earnings/
3 Effective January 8, 2004 new indexes for Financial, Energy, and Health Care were introduced price ratios based on prices at end of quarter.
by the NYSE.
Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor’s, Nasdaq
4 Includes 30 stocks.
Stock Market, and Bloomberg.

31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
In the first seven months of fiscal year 2014, the deficit was $306.4 billion, compared with a deficit of $487.6 billion
a year earlier.

[Billions of dollars]
Total
Fiscal year or period
Receipts
1996 ����������������������������������������������������
1997 ����������������������������������������������������
1998 ����������������������������������������������������
1999 ����������������������������������������������������
2000 ����������������������������������������������������
2001 ����������������������������������������������������
2002 ����������������������������������������������������
2003 ����������������������������������������������������
2004 ����������������������������������������������������
2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 ����������������������������������������������������
2012 ����������������������������������������������������
2013 ����������������������������������������������������
2014 (estimates) ���������������������������������
2015 (estimates) ���������������������������������
Cumulative total, first 7 months: 1
Fiscal year 2013 ����������������������������������
Fiscal year 2014 ����������������������������������

Outlays

On-budget
Surplus
or
deficit
(–)

Receipts

Outlays

Federal debt
(end of period)

Off-budget
Surplus
or
deficit
(–)

Receipts

Outlays

Surplus
or
deficit
(–)

Gross
Federal

1,453.1
1,579.2
1,721.7
1,827.5
2,025.2
1,991.1
1,853.1
1,782.3
1,880.1
2,153.6
2,406.9
2,568.0
2,524.0
2,105.0
2,162.7
2,303.5
2,450.2
2,775.1
3,001.7
3,337.4

1,560.5
1,601.1
1,652.5
1,701.8
1,789.0
1,862.8
2,010.9
2,159.9
2,292.8
2,472.0
2,655.1
2,728.7
2,982.5
3,517.7
3,457.1
3,603.1
3,537.1
3,454.6
3,650.5
3,901.0

–107.4
–21.9
69.3
125.6
236.2
128.2
–157.8
–377.6
–412.7
–318.3
–248.2
–160.7
–458.6
–1,412.7
–1,294.4
–1,299.6
–1,087.0
–679.5
–648.8
–563.6

1,085.6
1,187.2
1,305.9
1,383.0
1,544.6
1,483.6
1,337.8
1,258.5
1,345.4
1,576.1
1,798.5
1,932.9
1,865.9
1,451.0
1,531.0
1,737.7
1,880.7
2,101.8
2,269.4
2,579.5

1,259.6
1,290.5
1,335.9
1,381.1
1,458.2
1,516.0
1,655.2
1,796.9
1,913.3
2,069.7
2,233.0
2,275.0
2,507.8
3,000.7
2,902.4
3,104.5
3,029.5
2,820.8
2,939.3
3,143.4

–174.0
–103.2
–29.9
1.9
86.4
–32.4
–317.4
–538.4
–568.0
–493.6
–434.5
–342.2
–641.8
–1,549.7
–1,371.4
–1,366.8
–1,148.9
–719.0
–669.9
–563.8

367.5
392.0
415.8
444.5
480.6
507.5
515.3
523.8
534.7
577.5
608.4
635.1
658.0
654.0
631.7
565.8
569.5
673.3
732.3
757.9

300.9
310.6
316.6
320.8
330.8
346.8
355.7
363.0
379.5
402.2
422.1
453.6
474.8
517.0
554.7
498.6
507.6
633.8
711.2
757.6

66.6
81.4
99.2
123.7
149.8
160.7
159.7
160.8
155.2
175.3
186.3
181.5
183.3
137.0
77.0
67.2
61.9
39.5
21.1
0.3

5,181.5
5,369.2
5,478.2
5,605.5
5,628.7
5,769.9
6,198.4
6,760.0
7,354.7
7,905.3
8,451.4
8,950.7
9,986.1
11,875.9
13,528.8
14,764.2
16,050.9
16,719.4
17,892.6
18,713.5

3,734.1
3,772.3
3,721.1
3,632.4
3,409.8
3,319.6
3,540.4
3,913.4
4,295.5
4,592.2
4,829.0
5,035.1
5,803.1
7,544.7
9,018.9
10,128.2
11,281.1
11,982.6
12,902.7
13,591.8

1,603.3
1,735.0

2,090.9
2,041.4

–487.6
–306.4

1,221.5
1,300.4

1,738.3
1,631.9

–516.8
–331.5

381.8
434.6

352.6
409.5

29.2
25.1

16,815.6
17,477.5

11,958.0
12,499.4

1 Data from current issue Monthly Treasury Statement.

Note: Data (except as noted) are from Budget of the United States Government, Fiscal Year 2015,
issued March 4, 2014.
Sources: Department of the Treasury and Office of Management and Budget.

32

Held by
the public

Federal Receipts by Source and Outlays by Function
In the first seven months of fiscal year 2014, receipts were $131.7 billion higher than a year earlier and outlays were
$49.5 billion lower.

[Billions of dollars]
On-budget and off-budget receipts

Fiscal year or period

1996 ����������������������������������������������������
1997 ����������������������������������������������������
1998 ����������������������������������������������������
1999 ����������������������������������������������������
2000 ����������������������������������������������������
2001 ����������������������������������������������������
2002 ����������������������������������������������������
2003 ����������������������������������������������������
2004 ����������������������������������������������������
2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 ����������������������������������������������������
2012 ����������������������������������������������������
2013 ����������������������������������������������������
2014 (estimates) ���������������������������������
2015 (estimates) ���������������������������������
Cumulative total, first 7 months: 1
Fiscal year 2013 ����������������������������������
Fiscal year 2014 ����������������������������������

On-budget and off-budget outlays
National defense

Indi- Corporavidual
tion
income income
taxes
taxes

Social
insurance
and
retirement
receipts

1,453.1
1,579.2
1,721.7
1,827.5
2,025.2
1,991.1
1,853.1
1,782.3
1,880.1
2,153.6
2,406.9
2,568.0
2,524.0
2,105.0
2,162.7
2,303.5
2,450.2
2,775.1
3,001.7
3,337.4

656.4
737.5
828.6
879.5
1,004.5
994.3
858.3
793.7
809.0
927.2
1,043.9
1,163.5
1,145.7
915.3
898.5
1,091.5
1,132.2
1,316.4
1,386.1
1,533.9

171.8
182.3
188.7
184.7
207.3
151.1
148.0
131.8
189.4
278.3
353.9
370.2
304.3
138.2
191.4
181.1
242.3
273.5
332.7
449.0

509.4
539.4
571.8
611.8
652.9
694.0
700.8
713.0
733.4
794.1
837.8
869.6
900.2
890.9
864.8
818.8
845.3
947.8
1,021.1
1,055.7

115.4
120.1
132.6
151.5
160.6
151.7
146.0
143.9
148.4
154.0
171.2
164.7
173.7
160.5
207.9
212.1
230.4
237.4
261.8
298.7

1,560.5
1,601.1
1,652.5
1,701.8
1,789.0
1,862.8
2,010.9
2,159.9
2,292.8
2,472.0
2,655.1
2,728.7
2,982.5
3,517.7
3,457.1
3,603.1
3,537.1
3,454.6
3,650.5
3,901.0

265.7
270.5
268.2
274.8
294.4
304.7
348.5
404.7
455.8
495.3
521.8
551.3
616.1
661.0
693.5
705.6
677.9
633.4
620.6
631.3

253.1
258.3
255.8
261.2
281.0
290.2
331.8
387.1
436.4
474.1
499.3
528.5
594.6
636.7
666.7
678.1
650.9
607.8
593.3
584.3

13.5
15.2
13.1
15.2
17.2
16.5
22.3
21.2
26.9
34.6
29.5
28.5
28.9
37.5
45.2
45.7
47.2
46.4
48.5
50.1

119.4
123.8
131.4
141.0
154.5
172.2
196.5
219.5
240.1
250.5
252.7
266.4
280.6
334.3
369.1
372.5
346.7
358.3
450.8
512.2

174.2
190.0
192.8
190.4
197.1
217.4
230.9
249.4
269.4
298.6
329.9
375.4
390.8
430.1
451.6
485.7
471.8
497.8
519.0
532.3

229.7
235.0
237.8
242.5
253.7
269.8
312.7
334.6
333.1
345.8
352.5
366.0
431.3
533.2
622.2
597.4
541.3
536.5
542.2
536.0

349.7
365.3
379.2
390.0
409.4
433.0
456.0
474.7
495.5
523.3
548.5
586.2
617.0
683.0
706.7
730.8
773.3
813.6
857.3
903.2

241.1
244.0
241.1
229.8
222.9
206.2
170.9
153.1
160.2
184.0
226.6
237.1
252.8
186.9
196.2
230.0
220.4
220.9
223.5
251.9

167.2
157.3
188.9
218.1
239.7
243.1
273.1
302.6
311.8
339.8
393.5
317.9
365.2
651.6
372.6
435.5
458.5
347.7
388.7
484.1

1,603.3
1,735.0

795.4
823.1

136.4
156.8

537.5
602.7

134.1
152.4

2,090.9
2,041.4

377.5
357.7

361.1
341.4

24.3
26.4

206.2
226.4

287.8
289.5

349.7
337.5

466.8
489.0

147.8
142.0

230.8
172.9

Total

Other

1 Data from current issue Monthly Treasury Statement. Data for Department of Defense,
military, include a small amount that is classified and listed under international affairs, and not
included in national defense.

Total

Total

Depart- Internament
tional
of
affairs
Defense,
military

Health

Medicare

Income Social
Net
security security interest

Other

Note: Data (except as noted) are from Budget of the United States Government, Fiscal Year 2015,
issued March 4, 2014.
Sources: Department of the Treasury and Office of Management and Budget.

33

Federal Sector, National Income Accounts Basis
In the first quarter of 2014, according to current estimates, Federal current receipts fell $27.3 billion, while Federal
current expenditures rose $48.7 billion.

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government current receipts
Current tax receipts
Period

Calendar year:
2004 �������������
2005 �������������
2006 �������������
2007 �������������
2008 �������������
2009 �������������
2010 �������������
2011 �������������
2012 �������������
2013 r �����������
2010: III �������������
      IV �������������
2011: I ���������������
      II ��������������
      III �������������
      IV �������������
2012: I ���������������
      II ��������������
      III �������������
      IV �������������
2013: I ���������������
      II ��������������
      III �������������
      IV r �����������
2014: I r �������������

Total

2,022.2
2,298.1
2,531.7
2,660.8
2,505.7
2,230.1
2,391.7
2,516.7
2,663.0
3,040.6
2,429.9
2,465.0
2,506.3
2,523.1
2,515.7
2,521.6
2,645.4
2,641.1
2,656.6
2,709.0
2,900.1
3,166.9
2,975.8
3,119.5
3,092.2

Total 1

1,154.0
1,384.5
1,558.5
1,637.1
1,448.1
1,163.7
1,305.0
1,496.1
1,636.0
1,752.3
1,334.9
1,367.1
1,486.7
1,503.1
1,488.2
1,506.6
1,611.7
1,614.0
1,638.6
1,679.8
1,711.0
1,742.5
1,760.6
1,795.2
1,846.3

Personal
current
taxes

798.5
932.1
1,049.6
1,164.4
1,101.7
857.2
893.8
1,077.0
1,149.2
1,282.8
908.7
926.7
1,055.5
1,072.2
1,091.5
1,088.7
1,122.4
1,133.1
1,147.2
1,194.0
1,252.0
1,275.7
1,292.0
1,311.6
1,323.8

Taxes
on
production
and
imports
95.2
99.4
99.2
94.6
94.0
91.4
96.8
108.6
118.0
120.2
98.9
98.7
102.9
108.5
109.2
113.9
117.2
118.6
118.2
118.0
118.8
118.6
119.3
123.9
132.7

Contributions
Income
for
Taxes
govern- receipts
on
on
ment
assets
corporate social
income insurance

250.3
341.0
395.0
362.8
233.7
200.4
298.7
294.2
351.0
329.5
312.8
322.7
313.8
307.3
270.2
285.7
355.3
344.9
356.1
347.9
321.0
328.7
329.3
338.9
368.0

808.9
853.4
905.7
947.2
974.4
950.8
970.9
904.3
937.8
1,093.8
975.2
978.8
898.7
902.5
910.8
905.4
929.2
932.1
934.6
955.3
1,081.7
1,091.2
1,096.7
1,105.6
1,121.1

1 Includes taxes from the rest of the world, not shown separately.
2 Includes an item for the difference between wage accruals and disbursements, not shown

separately.

34

Federal Government current expenditures

25.3
27.3
29.0
33.4
33.9
48.5
54.6
57.4
52.9
164.5
57.8
58.7
59.3
58.2
57.5
54.8
53.9
52.2
52.2
53.3
74.1
299.6
93.4
191.0
104.2

Current
transfer
receipts

29.0
32.0
36.8
41.0
48.6
66.2
64.4
66.1
49.7
54.6
66.0
66.1
68.0
65.6
66.8
63.8
60.3
54.6
45.6
38.4
53.9
57.4
51.0
56.3
50.3

Current
surplus of
government
enterprises

4.9
.9
1.8
2.0
.8
.8
–3.1
–7.3
–13.4
–24.7
–3.9
–5.6
–6.2
–6.4
–7.6
–8.9
–9.7
–11.8
–14.4
–17.8
–20.6
–23.8
–25.9
–28.6
–29.6

Total 2

2,422.0
2,603.5
2,759.8
2,927.5
3,140.8
3,479.9
3,721.3
3,764.9
3,772.7
3,792.9
3,750.0
3,770.6
3,751.3
3,836.4
3,747.4
3,724.6
3,739.4
3,787.9
3,775.8
3,787.5
3,753.2
3,820.1
3,825.7
3,772.5
3,821.2

ConCurrent
sumption transfer Interest Subsidies
expendipaypayments
tures
ments 3

681.4
723.4
763.9
798.4
879.8
933.7
1,003.9
1,008.7
1,011.7
971.0
1,018.8
1,012.7
1,001.1
1,017.4
1,013.4
1,002.7
1,009.3
1,007.4
1,036.1
993.9
982.3
976.0
972.4
953.4
959.0

1,388.5
1,475.1
1,572.4
1,673.5
1,823.5
2,135.6
2,282.5
2,274.3
2,283.6
2,349.3
2,295.4
2,307.0
2,284.6
2,306.0
2,256.8
2,249.8
2,266.3
2,273.3
2,293.1
2,301.7
2,327.2
2,347.1
2,372.0
2,350.7
2,388.4

306.1
344.4
372.3
408.2
388.0
353.6
380.6
422.6
420.6
414.4
381.2
395.1
407.6
453.5
417.2
411.9
406.4
450.1
391.1
434.7
386.1
438.4
422.7
410.1
417.4

46.0
60.5
51.1
47.5
49.6
56.9
54.3
59.4
56.8
58.2
54.6
55.9
57.9
59.5
60.1
60.2
57.3
57.2
55.6
57.3
57.5
58.5
58.6
58.2
56.3

3 Includes Federal grants-in-aid to State and local governments, not shown separately.

Source: Department of Commerce (Bureau of Economic Analysis).

Net
Federal
Government
saving

–399.8
–305.4
–228.1
–266.7
–635.1
–1,249.8
–1,329.5
–1,248.3
–1,109.7
–752.3
–1,320.1
–1,305.7
–1,244.9
–1,313.4
–1,231.7
–1,203.0
–1,094.0
–1,146.9
–1,119.3
–1,078.5
–853.1
–653.1
–850.0
–653.0
–728.9

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
Industrial production (2007=100; seasonally adjusted)
Period

United
States

Canada

Japan

France

Germany

Consumer prices (1982–84=100; NSA)
United
Kingdom

Italy

United
States 1

Canada

Japan

France

Germany

2004 ���������������
92.5
99.9
91.8
97.8
86.2
95.2
100.1
188.9
181.0
118.7
170.4
2005 ���������������
95.5
101.8
93.3
98.0
89.2
94.7
99.3
195.3
185.0
118.4
173.4
2006 ���������������
97.6
101.1
97.2
99.0
94.3
98.2
99.6
201.6
188.7
118.6
176.3
2007 ���������������
100.0
100.0
100.0
100.0
100.0
100.0
100.0
207.342
192.7
118.7
178.9
r
2008 �������������
96.6
97.2
96.5
96.7
100.0
96.2
97.1
215.303
197.3
120.3
184.0
2009 ���������������
85.7
86.5
75.6
83.3
83.6
78.3
87.8
214.537
197.9
118.7
184.1
2010 ���������������
90.6
90.7
87.4
87.4
92.7
83.8
90.3
218.056
201.4
117.9
186.9
2011 ���������������
93.6
94.2
85.1
89.4
99.4
84.9
89.2
224.939
207.2
117.5
190.9
2012 ���������������
97.1
95.1
85.2
87.1
99.1
79.5
87.1
229.594
210.4
117.5
194.6
2013 r �������������
99.9
96.8
84.7
86.6
99.3
77.0
86.8
232.957
212.4
117.9
196.3
r
2013: Mar ���
99.5
96.8
83.0
86.6
99.2
76.9
86.3
232.773
212.5
117.2
196.7
      Apr r ����
99.3
96.2
83.5
88.0
99.6
76.8
86.2
232.531
212.2
117.5
196.4
      May r ���
99.4
95.4
85.3
87.3
97.9
76.9
86.2
232.945
212.7
117.6
196.5
      June r ��
99.6
95.6
82.9
86.5
100.0
77.3
87.4
233.504
212.7
117.6
196.8
r
      July ���
99.4
96.2
85.2
85.9
98.7
76.8
87.4
233.596
212.8
117.9
196.2
r
      Aug ����
100.0
96.5
84.8
86.6
100.3
76.6
86.6
233.877
212.8
118.2
197.1
      Sept r ���
100.7
97.3
86.1
86.1
99.9
76.8
87.3
234.149
213.2
118.6
196.7
      Oct r �����
100.8
98.3
86.6
85.9
99.1
77.3
87.5
233.546
212.7
118.7
196.4
r
      Nov ����
101.4
98.5
86.9
87.0
101.0
77.4
87.3
233.069
212.7
118.8
196.3
r
      Dec ����
101.5
98.3
87.3
86.7
100.9
76.8
87.8
233.049
212.2
118.9
197.0
2014: Jan r ����
101.3
98.4
90.7
86.4
101.1
77.6
87.8
233.916
212.8
118.7
195.9
r
      Feb ����
102.4
99.7
88.6
86.5
101.4
77.3
88.4
234.781
214.6
118.7
197.0
r
      Mar ���
103.3
100.3
89.2
85.9
101.0
76.8
88.3
236.293
215.8
119.0
197.8
      Apr p ����
102.7 ���������������
86.9 ���������������
101.4 ��������������� ���������������
237.072
216.5
121.5
197.8
      May p �� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������
1 Data relate to all urban consumers.

151.4
153.7
156.2
159.7
163.9
164.5
166.3
169.7
173.1
175.7
175.6
174.8
175.4
175.6
176.4
176.4
176.4
176.1
176.4
177.1
176.1
176.9
177.4
177.1
176.9

United
Kingdom

Italy

255.6
219.3
260.6
225.6
266.1
232.8
270.9
242.7
280.0
252.4
282.2
251.1
286.5
262.7
294.5
276.3
303.4
285.2
307.1
293.9
306.7
292.2
306.7
293.1
306.7
293.7
307.5
293.4
307.8
293.4
309.0
294.9
308.1
296.0
307.5
296.0
306.7
296.2
307.2
297.7
307.8
296.8
307.5
298.7
307.8
299.4
308.4
300.4
308.1 �����������������

Sources: As reported by each country, Board of Governors of the Federal Reserve System, and
Department of Labor (Bureau of Labor Statistics).

Note: See Note, p. 17, for information on U.S. industrial production series.

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

2004 r �������������
2005 r �������������
2006 r �������������
2007 r �������������
2008 r �������������
2009 r �������������
2010 r �������������
2011 r �������������
2012 r �������������
2013 r �������������
2013: Apr r ����
      May r ���
      June r ��
      July r ���
      Aug r ����
      Sept r ���
      Oct r �����
      Nov r ����
      Dec r ����
2014: Jan r ����
      Feb r ����
      Mar r ���
      Apr p ����

BOP
basis

823.6
913.0
1,040.9
1,165.2
1,308.8
1,070.3
1,290.3
1,499.2
1,561.7
1,592.8
131.3
130.3
133.3
132.8
132.8
132.4
136.1
136.8
134.2
133.6
130.4
135.7
135.1

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 bever- and
ages materials
814.9
901.1
1,026.0
1,148.2
1,287.4
1,056.0
1,278.5
1,482.5
1,545.7
1,579.6
130.3
129.4
132.7
131.7
131.5
131.3
135.2
135.4
133.1
132.0
130.2
134.4
134.0

56.6
59.0
66.0
84.3
108.3
93.9
107.7
126.2
132.9
136.2
10.4
10.2
10.6
10.8
10.5
12.0
12.5
12.6
12.7
11.8
11.8
12.2
11.9

203.9
233.0
276.0
316.4
388.0
296.5
391.7
501.1
501.2
509.3
41.7
40.8
42.3
43.3
42.9
41.3
43.4
43.4
43.3
43.6
40.8
41.8
42.0

89.2
98.4
107.3
121.3
121.5
81.7
112.0
133.0
146.2
152.6
12.7
13.0
12.7
12.5
13.1
13.1
13.0
13.1
12.5
12.2
12.2
12.9
12.7

Balance of trade
(exports minus imports)

Census basis (by end-use category)

Auto- Consumer
Capital motive
vegoods
goods hicles,
except parts (nonfood)
autoexcept
motive and
enautogines motive
327.5
358.4
404.0
433.0
457.7
391.2
447.5
494.0
527.2
534.2
44.2
44.9
45.6
44.6
44.7
44.6
45.1
45.3
44.5
44.5
43.8
46.1
45.8

Services
(BOP basis)

Goods: Imports (customs value)

103.2
115.3
129.1
146.0
161.3
149.5
165.2
175.3
181.7
189.1
16.7
15.6
16.4
15.8
15.6
15.6
16.4
15.8
15.4
15.4
16.7
16.4
16.3

BOP
basis

1,488.3
1,695.8
1,878.2
1,986.3
2,141.3
1,580.0
1,939.0
2,239.9
2,303.8
2,294.5
190.1
193.7
188.3
190.9
191.4
193.8
193.9
191.5
190.8
193.1
190.7
198.2
200.9

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 bever- and
ages materials
1,469.7
1,673.5
1,853.9
1,957.0
2,103.6
1,559.6
1,913.9
2,208.0
2,276.3
2,268.3
188.0
191.6
186.3
188.7
189.1
191.7
191.7
189.2
188.4
190.8
188.3
195.7
198.7

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.

62.1
68.1
74.9
81.7
89.0
81.6
91.7
107.5
110.3
115.1
9.6
9.8
9.6
9.6
9.6
9.6
9.8
9.6
9.5
9.7
9.5
10.6
10.8

412.8
523.8
602.0
634.7
779.5
462.4
603.1
755.8
730.7
681.6
56.7
57.5
55.2
56.5
56.6
57.2
57.2
54.4
54.5
57.5
57.3
58.0
57.7

BOP basis

Auto- Consumer
Capital motive
vegoods
goods hicles,
except parts (nonfood)
autoexcept
motive and
enautogines motive
343.6
379.3
418.3
444.5
453.7
370.5
449.4
510.8
548.7
554.5
45.5
45.7
46.0
45.6
46.8
46.9
46.9
47.4
47.0
47.7
46.5
47.8
48.6

228.2
239.4
256.6
256.7
231.2
157.7
225.1
254.6
297.8
308.8
25.2
26.1
25.6
26.1
26.1
26.8
26.2
27.1
26.3
25.4
25.6
26.3
27.2

372.9
407.2
442.6
474.6
481.6
427.3
483.2
514.1
516.9
532.7
44.3
45.5
43.7
44.5
43.8
45.0
45.1
45.0
45.0
44.6
43.5
46.4
47.5

Exports

Imports

Goods,
Census
basis

Goods

Ser- Goods
and
vices services

338.0
373.0
416.7
488.4
532.8
512.7
563.3
627.8
654.9
687.4
56.4
56.9
57.0
57.1
57.8
57.8
57.8
58.2
58.6
58.6
57.8
57.9
58.2

283.1
304.4
341.2
372.6
409.1
386.8
409.3
435.8
450.4
462.1
38.1
38.4
38.6
38.5
38.8
38.7
39.2
39.4
39.4
39.2
40.0
39.6
39.7

–654.8
–772.4
–828.0
–808.8
–816.2
–503.6
–635.4
–725.4
–730.6
–688.7
–57.6
–62.3
–53.6
–57.0
–57.6
–60.4
–56.5
–53.8
–55.3
–58.8
–58.1
–61.3
–64.8

–664.8
–782.8
–837.3
–821.2
–832.5
–509.7
–648.7
–740.6
–742.1
–701.7
–58.8
–63.4
–55.0
–58.0
–58.5
–61.4
–57.7
–54.8
–56.6
–59.5
–60.3
–62.5
–65.8

54.9
68.6
75.6
115.8
123.8
125.9
154.0
192.0
204.5
225.3
18.3
18.5
18.4
18.6
19.0
19.1
18.7
18.8
19.2
19.4
17.7
18.3
18.6

–609.9
–714.2
–761.7
–705.4
–708.7
–383.8
–494.7
–548.6
–537.6
–476.4
–40.4
–44.8
–36.6
–39.4
–39.5
–42.3
–39.1
–36.0
–37.4
–40.1
–42.6
–44.2
–47.2

Data revised to reflect annual revisions. For details, see International Trade in Goods and Services,
Annual Revision for 2013, released June 4, 2014.
Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis).

35

U.S. International Transactions
In the fourth quarter of 2013, the goods deficit decreased to $171.8 billion from $178.4 billion in the third quarter.
The current account deficit fell to $81.1 billion in the fourth quarter from $96.4 billion in the third quarter.

[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (–)]
Goods 1
Period

2004 ��������������������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 p ������������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV p �����������

Exports

821,986
911,686
1,039,406
1,163,605
1,307,329
1,069,475
1,288,795
1,495,853
1,561,239
1,589,664
360,094
371,315
381,584
382,860
387,559
391,867
391,474
390,339
391,293
395,241
397,775
405,356

Imports

–1,488,349
–1,695,820
–1,878,194
–1,986,347
–2,141,287
–1,580,025
–1,938,950
–2,239,991
–2,302,714
–2,293,574
–541,789
–558,987
–565,472
–573,745
–581,163
–578,355
–570,454
–572,742
–569,991
–570,219
–576,176
–577,189

Services
Balance
on
goods
–666,364
–784,133
–838,788
–822,743
–833,957
–510,550
–650,156
–744,139
–741,475
–703,910
–181,694
–187,672
–183,888
–190,885
–193,604
–186,487
–178,980
–182,403
–178,698
–174,978
–178,401
–171,833

Net
military
transactions 2
–15,374
–13,118
–9,535
–8,406
–11,294
–12,054
–13,520
–8,931
–6,214
–3,336
–2,628
–2,125
–1,994
–2,184
–1,901
–1,824
–1,591
–898
–826
–902
–929
–679

Net
travel
and
transportation
–16,225
–14,549
–11,276
2,599
16,365
14,527
21,156
31,444
35,879
43,862
6,472
7,628
9,001
8,343
7,883
8,759
9,359
9,878
10,992
10,944
10,907
11,019

Other
services,
net
93,065
103,885
107,199
129,486
126,585
124,419
143,140
164,789
177,154
188,520
41,467
41,617
42,192
39,513
44,675
44,252
42,183
46,046
46,574
47,487
46,881
47,578

Balance
on
goods
and
services
–604,897
–707,914
–752,399
–699,065
–702,302
–383,657
–499,379
–556,838
–534,656
–474,864
–136,385
–140,551
–134,689
–145,214
–142,947
–135,302
–129,029
–127,378
–121,958
–117,449
–121,541
–113,915

Income receipts and payments

Receipts

415,793
537,339
684,677
833,951
814,086
606,599
678,051
760,829
776,364
789,065
182,980
190,583
195,041
192,225
194,071
193,097
192,327
196,869
190,760
194,611
197,565
206,129

Payments

–351,664
–469,709
–641,338
–733,345
–667,941
–483,019
–500,392
–528,181
–552,437
–560,300
–127,895
–135,148
–133,973
–131,165
–139,195
–135,639
–137,697
–139,905
–140,707
–139,427
–138,429
–141,737

Balance
on
income
64,129
67,630
43,338
100,606
146,144
123,580
177,659
232,648
223,928
228,765
55,085
55,435
61,068
61,061
54,876
57,457
54,630
56,965
50,053
55,183
59,136
64,393

Unilateral
current
transfers,
net 3

–88,559
–99,512
–89,417
–114,929
–125,185
–121,559
–127,751
–133,535
–129,688
–133,179
–35,343
–33,788
–32,005
–32,401
–32,771
–32,668
–32,343
–31,906
–33,140
–34,484
–33,960
–31,595

Balance
on
current
account

–629,327
–739,796
–798,478
–713,389
–681,343
–381,636
–449,471
–457,725
–440,416
–379,278
–116,643
–118,903
–105,626
–116,554
–120,842
–110,513
–106,742
–102,320
–105,045
–96,750
–96,365
–81,118

1 Adjusted from Census data to align with concepts and definitions used to prepare the inter2 Transfers under U.S. military agency sales contracts (exports) minus direct defense expendinational and national economic accounts. The adjustments are necessary to supplement coverage tures (imports).
3 Includes transfers of goods and services under U.S. military grant programs.
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
See p. 37 for continuation of table.
transactions in the appropriate period.

36

U.S. International Transactions—Continued
In the financial account, U.S.-owned assets abroad increased $148.6 billion in the fourth quarter of 2013, following
an increase of $70.8 billion in the third quarter. Foreign-owned assets in the United States increased $325.0 billion
in the fourth quarter, following an increase of $145.6 billion in the third quarter.

[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (–)]
Financial account

Period

U.S.-owned assets abroad,
excluding financial derivatives
[increase/financial outflow (–)]

Capital
account
transactions,
net
Total

2004 ��������������������
3,049
2005 ��������������������
13,116
2006 ��������������������
–1,788
2007 ��������������������
384
2008 ��������������������
6,010
2009 ��������������������
–140
2010 ��������������������
–157
2011 ��������������������
–1,212
2012 ��������������������
6,956
2013 p ������������������
–412
2011: I ����������������
–29
      II ���������������
–829
      III ��������������
–300
      IV ��������������
–55
2012: I ����������������
–1
      II ���������������
–241
      III ��������������
–470
      IV ��������������
7,668
2013: I ����������������
–40
      II ���������������
–227
      III ��������������
–146
      IV p ����������� ������������������

–1,000,870
–546,631
–1,285,729
–1,453,604
332,109
–128,860
–909,953
–452,304
–97,469
–552,983
–355,433
20,385
–84,425
–32,831
93,519
192,062
–267,054
–115,996
–228,214
–105,353
–70,825
–148,591

U.S.
official
reserve
assets 4
2,805
14,096
2,374
–122
–4,848
–52,256
–1,834
–15,877
–4,460
3,098
–3,619
–6,267
–4,079
–1,912
–1,233
–3,289
–833
895
–876
191
1,001
2,782

Other
U.S.
Government
assets
1,710
5,539
5,346
–22,273
–529,615
541,342
7,540
–103,666
85,331
1,975
–547
–1,358
–1,137
–100,624
51,087
16,650
15,206
2,388
–446
3,115
–142
–553

Statistical discrepancy

Foreign-owned assets in the U.S.,
excluding financial derivatives
[increase/financial inflow (+)]
U.S.
Private
assets
–1,005,385
–566,266
–1,293,449
–1,431,209
866,571
–617,946
–915,659
–332,761
–178,341
–558,056
–351,267
28,009
–79,209
69,705
43,665
178,701
–281,428
–119,279
–226,892
–108,659
–71,684
–150,820

4 Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve position in the International Monetary Fund (IMF).

Total
1,533,201
1,247,347
2,065,169
2,064,642
431,406
315,063
1,333,921
969,006
543,884
906,066
560,627
112,919
256,164
39,296
177,381
–176,468
300,570
242,401
266,887
168,563
145,592
325,025

Foreign
official
assets
397,755
259,268
487,939
481,043
554,634
480,286
398,309
253,816
393,922
283,744
72,443
121,361
53,851
6,161
144,468
57,374
107,684
84,396
126,871
–6,577
66,070
97,380

Other
foreign
assets

Financial
derivatives,
net

1,135,446 ������������������
988,079 ������������������
1,577,230
29,710
1,583,599
6,222
–123,228
–32,947
–165,223
44,816
935,612
14,076
715,190
35,006
149,962
–7,064
622,322
–1,850
488,184
2,952
–8,442
9,806
202,313
–1,617
33,135
23,865
32,913
–7,339
–233,842
2,419
192,886
–5,129
158,005
2,985
140,016
3,948
175,140
3,511
79,522
–6,569
227,645
–2,740

Total
(sum of
the
items
with
sign
reversed)
93,947
25,964
–8,884
95,745
–55,235
150,757
11,585
–92,771
–5,891
28,456
–91,475
–23,377
–64,196
86,279
–142,718
92,741
78,825
–34,738
62,464
30,256
28,313
–92,577

Of which:
Seasonal
adjustment
discrepancy

������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
13,068
–15,466
–24,180
26,580
13,576
–16,117
–21,229
23,771
13,040
–13,910
–16,793
17,662

U.S. official
reserve
assets,
net
(unadjusted,
end of
period) 4

86,824
65,127
65,895
70,565
77,648
130,760
132,433
147,953
150,175
144,575
139,315
147,660
148,487
147,953
149,078
149,830
153,075
150,175
146,329
145,703
147,747
144,575

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

U.S. GOVERNMENT PRINTING OFFICE : 2014 88-155