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114th Congress, 1st Session

Economic Indicators
MAY 2015
(Includes data available as of June 5, 2015)

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

UNITED STATES
GOVERNMENT PUBLISHING OFFICE
WASHINGTON : 2015

JOINT ECONOMIC COMMITTEE

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

Dan Coats, Indiana, Chairman
Kevin Brady, Texas, Vice Chairman
Senate

House of Representatives

Mike Lee, Utah
Tom Cotton, Arkansas
Ben Sasse, Nebraska
Ted Cruz, Texas
Bill Cassidy, M.D., Louisiana
Amy Klobuchar, Minnesota
Robert P. Casey, Jr., Pennsylvania
Martin Heinrich, New Mexico
Gary C. Peters, Michigan

Justin Amash, Michigan
Erik Paulsen, Minnesota
Richard L. Hanna, New York
David Schweikert, Arizona
Glenn Grothman, Wisconsin
Carolyn B. Maloney, New York
John Delaney, Maryland
Alma S. Adams, Ph.D, North Carolina
Donald S. Beyer, Jr., Virginia

Viraj M. Mirani, Executive Director

COUNCIL OF ECONOMIC ADVISERS
Jason Furman, Chairman
Maurice Obstfeld, Member
Betsey Stevenson, Member
[Public Law 120—81st Congress; Chapter 237—1st Session]
JOINT RESOLUTION [S.J. R es. 55]
To print the monthly publication entitled “Economic Indicators”
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled “Economic Indicators,” and that a sufficient
quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the
Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House,
and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies
to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be
authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts prepared under the direction of the Mail and Multimedia Division,
Office of the Secretary, Department of Commerce.
Monthly issues of Economic Indicators in PDF form,
and tables in Excel, are available online at:

www.gpo.gov/economicindicators
To subscribe to the print edition, $58.00 per year ($81.20 outside the United States),
contact the U.S. Government Publishing Office
at 202-512-1800, www.gpo.gov/economicindicators, or:
SUPERINTENDENT OF DOCUMENTS
U.S. GOVERNMENT PUBLISHING OFFICE
MAIL STOP: IDCC
WASHINGTON, DC 20402-9328

ii

TOTAL OUTPUT, INCOME, AND SPENDING
Gross Domestic Product
In the first quarter of 2015, according to revised estimates, current dollar gross domestic product (GDP) fell 0.9
percent (annual rate), real GDP in chained (2009) dollars fell 0.7 percent, and the chained price index fell 0.1 percent.
BILLIONS OF DOLLARS (RATIO SCALE)

BILLIONS OF DOLLARS (RATIO SCALE)
18,400

18,400

SEASONALLY ADJUSTED ANNUAL RATES

18,000

18,000

17,600

17,600

17,200

17,200

16,800

16,800

16,400

16,400

16,000

16,000
GDP
IN CURRENT DOLLARS

15,600

15,600

15,200

15,200

14,800

14,800

GDP
IN CHAINED (2009) DOLLARS

14,400

14,400

14,000

14,000

13,600

13,600

13,200

13,200

12,800

12,800
2006

2007

2008

2009

2010

2011

2012

2013

SOURCE: DEPARTMENT OF COMMERCE

2014

2015

COUNCIL OF ECONOMIC ADVISERS

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

Period

2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2015: I r ��������������

Gross
domestic
product

13,093.7
13,855.9
14,477.6
14,718.6
14,418.7
14,964.4
15,517.9
16,163.2
16,768.1
17,418.9
15,956.5
16,094.7
16,268.9
16,332.5
16,502.4
16,619.2
16,872.3
17,078.3
17,044.0
17,328.2
17,599.8
17,703.7
17,665.0

Personal
consumption
expenditures

Gross
private
domestic
investment

8,794.1
9,304.0
9,750.5
10,013.6
9,847.0
10,202.2
10,689.3
11,083.1
11,484.3
11,930.3
10,959.7
11,030.6
11,119.8
11,222.6
11,351.1
11,414.3
11,518.7
11,653.3
11,728.5
11,870.7
12,002.0
12,120.2
12,112.7

2,527.1
2,680.6
2,643.7
2,424.8
1,878.1
2,100.8
2,239.9
2,479.2
2,648.0
2,851.6
2,445.4
2,489.3
2,500.4
2,481.5
2,543.3
2,594.6
2,708.9
2,745.2
2,714.4
2,843.6
2,905.1
2,943.3
2,947.2

Exports and imports of
goods and services
Net
exports
–721.2
–770.9
–718.5
–723.1
–395.4
–512.7
–580.0
–568.3
–508.2
–538.2
–614.8
–588.5
–541.7
–528.2
–528.0
–532.0
–509.9
–462.9
–538.0
–549.2
–516.5
–549.2
–563.1

Government consumption expenditures
and gross investment
Federal

Exports

1,308.9
1,476.3
1,664.6
1,841.9
1,587.7
1,852.3
2,106.4
2,194.2
2,262.2
2,337.0
2,162.4
2,192.5
2,203.2
2,218.5
2,219.4
2,236.4
2,268.4
2,324.6
2,284.7
2,344.3
2,366.5
2,352.3
2,247.4

Imports

2,030.1
2,247.3
2,383.2
2,565.0
1,983.2
2,365.0
2,686.4
2,762.5
2,770.4
2,875.2
2,777.1
2,781.1
2,745.0
2,746.7
2,747.4
2,768.4
2,778.3
2,787.5
2,822.7
2,893.5
2,883.0
2,901.5
2,810.5

Total

2,493.7
2,642.2
2,801.9
3,003.2
3,089.1
3,174.0
3,168.7
3,169.2
3,143.9
3,175.2
3,166.2
3,163.3
3,190.5
3,156.6
3,135.9
3,142.4
3,154.7
3,142.7
3,139.1
3,163.1
3,209.3
3,189.3
3,168.1

Total
946.3
1,002.0
1,049.8
1,155.6
1,217.7
1,303.9
1,303.5
1,291.4
1,231.5
1,219.2
1,291.4
1,290.0
1,314.3
1,269.9
1,241.9
1,234.1
1,233.9
1,216.2
1,208.1
1,210.5
1,241.3
1,216.7
1,216.5

National
defense

Nondefense

608.3
642.4
678.7
754.1
788.3
832.8
836.9
818.0
769.9
761.5
818.6
817.1
840.9
795.4
775.1
772.2
774.9
757.5
749.9
754.6
784.0
757.5
754.3

338.1
359.6
371.0
401.5
429.4
471.1
466.5
473.4
461.6
457.6
472.8
472.9
473.4
474.4
466.8
461.9
459.0
458.7
458.2
455.9
457.3
459.2
462.2

Chart 1 - May 2015

State
and
local
1,547.4
1,640.2
1,752.2
1,847.6
1,871.4
1,870.2
1,865.3
1,877.8
1,912.4
1,956.1
1,874.8
1,873.3
1,876.2
1,886.8
1,894.0
1,908.3
1,920.7
1,926.5
1,931.0
1,952.6
1,968.0
1,972.6
1,951.6

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

13,034.1
13,788.9
14,443.2
14,750.6
14,566.3
14,902.8
15,476.2
16,098.3
16,694.0
17,336.9
15,875.4
16,002.5
16,193.2
16,322.1
16,458.2
16,568.4
16,761.6
16,987.8
17,003.9
17,228.0
17,505.3
17,610.3
17,559.2

13,814.9
14,626.8
15,196.2
15,441.6
14,814.2
15,477.0
16,097.9
16,731.5
17,276.2
17,957.2
16,571.3
16,683.2
16,810.7
16,860.7
17,030.4
17,151.2
17,382.2
17,541.2
17,582.0
17,877.5
18,116.3
18,252.9
18,228.1

13,186.3
13,923.5
14,603.2
14,890.6
14,569.8
15,170.3
15,764.6
16,390.5
16,992.4
17,630.6
16,195.0
16,325.0
16,484.0
16,558.0
16,711.2
16,834.0
17,103.1
17,321.2
17,255.0
17,541.7
17,829.6
17,896.2
17,827.1

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

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

1

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

Period

2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2015: I r ��������������

Gross private
domestic investment
Personal
Gross
conChange
domestic sumption Nonresi- Resiin
product expendi- dential dential
fixed
fixed
private
tures
investinvestinvenment
ment
tories
14,234.2
14,613.8
14,873.7
14,830.4
14,418.7
14,783.8
15,020.6
15,369.2
15,710.3
16,085.6
15,275.0
15,336.7
15,431.3
15,433.7
15,538.4
15,606.6
15,779.9
15,916.2
15,831.7
16,010.4
16,205.6
16,294.7
16,264.1

9,531.8
9,821.7
10,041.6
10,007.2
9,847.0
10,036.3
10,263.5
10,449.7
10,699.7
10,969.0
10,387.6
10,420.2
10,470.4
10,520.6
10,613.7
10,660.4
10,713.3
10,811.4
10,844.3
10,912.6
10,999.5
11,119.6
11,169.6

1,717.4
1,839.6
1,948.4
1,934.4
1,633.4
1,673.8
1,802.3
1,931.8
1,990.6
2,116.4
1,910.1
1,930.6
1,934.5
1,951.9
1,959.0
1,966.8
1,993.3
2,043.3
2,051.5
2,099.6
2,144.8
2,169.8
2,154.3

872.6
806.6
654.8
497.7
392.2
382.4
384.5
436.5
488.4
496.2
420.8
425.3
439.5
460.3
469.0
489.8
503.0
491.9
485.3
495.6
499.6
504.3
510.4

64.3
71.6
35.5
–33.7
–147.6
58.2
37.6
57.0
63.5
70.6
70.9
78.9
71.2
7.2
33.4
43.4
95.6
81.8
35.2
84.8
82.2
80.0
95.0

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

Imports

Total

–782.3
–794.3
–712.6
–557.8
–395.4
–458.8
–459.4
–452.5
–420.4
–452.6
–465.7
–466.7
–453.0
–424.5
–427.2
–446.0
–424.6
–384.0
–447.2
–460.4
–431.4
–471.4
–548.4

1,381.9
1,506.8
1,646.4
1,740.8
1,587.7
1,776.6
1,898.3
1,960.1
2,019.8
2,084.7
1,936.0
1,958.9
1,969.1
1,976.5
1,972.3
2,002.8
2,027.7
2,076.5
2,026.9
2,080.7
2,104.0
2,127.1
2,085.5

2,164.2
2,301.0
2,359.0
2,298.6
1,983.2
2,235.4
2,357.7
2,412.6
2,440.3
2,537.3
2,401.7
2,425.5
2,422.1
2,401.0
2,399.5
2,448.8
2,452.3
2,460.5
2,474.1
2,541.1
2,535.3
2,598.5
2,633.9

2,826.2
2,869.3
2,914.4
2,994.8
3,089.1
3,091.4
2,997.4
2,953.9
2,894.5
2,889.7
2,957.8
2,954.9
2,974.4
2,928.7
2,899.8
2,901.2
2,902.4
2,874.5
2,868.5
2,880.6
2,911.9
2,897.9
2,890.0

National Nondefense defense

Total
1,034.8
1,060.9
1,078.7
1,152.3
1,217.7
1,270.7
1,236.4
1,214.4
1,145.3
1,123.5
1,216.0
1,213.1
1,235.4
1,193.0
1,162.5
1,152.2
1,148.7
1,117.8
1,117.4
1,114.9
1,141.6
1,120.1
1,120.5

665.5
678.8
695.6
748.1
788.3
813.5
795.0
768.7
717.7
702.4
770.4
767.9
789.8
746.7
725.5
721.8
722.6
701.0
693.9
695.4
721.7
698.7
696.9

369.4
382.1
383.1
404.2
429.4
457.1
441.4
445.7
427.5
421.0
445.6
445.2
445.6
446.3
436.9
430.4
426.1
416.7
423.4
419.4
419.8
421.3
423.5

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

State
and
local
1,792.3
1,808.8
1,836.1
1,842.4
1,871.4
1,820.8
1,761.0
1,739.5
1,748.4
1,765.2
1,741.7
1,741.7
1,739.2
1,735.5
1,736.8
1,748.3
1,753.0
1,755.7
1,750.2
1,764.7
1,769.5
1,776.6
1,768.4

14,168.8
14,542.3
14,836.2
14,865.7
14,566.3
14,722.2
14,979.0
15,304.3
15,636.7
15,996.9
15,195.6
15,248.2
15,350.9
15,422.6
15,499.6
15,555.5
15,671.0
15,820.7
15,782.6
15,905.9
16,102.8
16,196.2
16,152.4

15,040.3
15,431.6
15,606.8
15,399.9
14,814.2
15,244.9
15,483.9
15,824.6
16,131.0
16,539.9
15,744.7
15,807.6
15,887.2
15,859.0
15,966.0
16,054.5
16,205.0
16,298.6
16,280.4
16,473.2
16,637.7
16,768.3
16,815.1

14,338.4
14,688.6
15,005.7
15,004.8
14,569.8
14,970.8
15,241.0
15,567.3
15,902.4
16,263.4
15,484.6
15,538.1
15,617.5
15,629.1
15,717.2
15,790.6
15,977.6
16,124.3
16,009.8
16,189.8
16,399.3
16,454.7
16,396.9

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

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

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

Period

2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2015: I r ��������������

Gross
domestic
product

91.985
94.812
97.340
99.218
100.000
101.226
103.315
105.174
106.739
108.320
104.461
104.937
105.475
105.821
106.172
106.495
106.943
107.347
107.694
108.261
108.643
108.681
108.660

Personal consumption
expenditures

Total

92.261
94.729
97.102
100.065
100.000
101.653
104.149
106.062
107.333
108.764
105.510
105.860
106.204
106.675
106.951
107.074
107.520
107.789
108.156
108.782
109.116
109.001
108.446

Goods

Services

96.951
98.277
99.403
102.362
100.000
101.637
105.413
106.712
106.211
105.808
106.661
106.543
106.683
106.960
106.638
105.986
106.301
105.917
105.769
106.240
106.278
104.946
102.600

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

2

Gross private
domestic investment

89.933
92.976
95.981
98.947
100.000
101.661
103.524
105.745
107.919
110.294
104.941
105.526
105.973
106.541
107.122
107.641
108.154
108.759
109.390
110.097
110.584
111.105
111.486

Nonresidential
fixed
93.830
96.561
98.574
100.337
100.000
99.070
100.545
102.082
103.186
104.448
101.680
101.984
102.263
102.402
102.620
103.058
103.364
103.701
104.059
104.370
104.643
104.719
104.768

Residential
fixed
98.103
103.821
105.176
103.647
100.000
99.645
100.395
101.342
106.448
112.688
100.360
100.745
101.618
102.644
104.271
105.571
106.982
108.968
111.244
111.450
113.400
114.657
114.573

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Exports

94.717
97.979
101.107
105.809
100.000
104.263
110.960
111.940
112.001
112.109
111.696
111.931
111.889
112.244
112.528
111.663
111.868
111.945
112.716
112.665
112.473
110.583
107.759

Imports

93.802
97.663
101.024
111.588
100.000
105.800
113.942
114.501
113.529
113.327
115.633
114.656
113.323
114.393
114.496
113.048
113.287
113.286
114.082
113.862
113.709
111.655
106.699

Total
91.449
94.448
97.319
100.286
100.000
102.614
105.422
106.341
107.530
108.499
106.197
106.338
106.388
106.440
106.828
107.093
107.406
108.791
108.105
108.563
108.721
108.606
108.555

National
defense
91.395
94.633
97.572
100.809
100.000
102.365
105.274
106.415
107.275
108.407
106.262
106.406
106.474
106.518
106.829
106.983
107.238
108.052
108.067
108.514
108.633
108.412
108.230

Nondefense
91.529
94.101
96.849
99.321
100.000
103.064
105.691
106.218
107.966
108.684
106.092
106.226
106.244
106.312
106.833
107.286
107.699
110.047
108.199
108.675
108.899
108.962
109.127

State
and
local
86.333
90.677
95.426
100.279
100.000
102.714
105.923
107.947
109.377
110.809
107.641
107.556
107.876
108.715
109.052
109.154
109.572
109.729
110.332
110.653
111.216
111.037
110.362

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

2005 ����������������������
2006 ����������������������
2007 ����������������������
2008 ����������������������
2009 ����������������������
2010 ����������������������
2011 ����������������������
2012 ����������������������
2013 ����������������������
2014 ����������������������
2012: I ������������������
      II �����������������
      III ����������������
      IV ����������������
2013: I ������������������
      II �����������������
      III ����������������
      IV ����������������
2014: I ������������������
      II �����������������
      III ����������������
      IV ����������������
2015: I r ����������������

Real GDP
GDP
(chain-type chain-type
quantity
price
index)
index
98.720
101.353
103.156
102.855
100.000
102.532
104.174
106.592
108.957
111.560
105.939
106.367
107.023
107.039
107.766
108.238
109.440
110.386
109.799
111.039
112.393
113.011
112.799

GDP
implicit
price
deflator

91.985
94.812
97.340
99.218
100.000
101.226
103.315
105.174
106.739
108.320
104.461
104.937
105.475
105.821
106.172
106.495
106.943
107.347
107.694
108.261
108.643
108.681
108.660

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

91.988
94.814
97.337
99.246
100.000
101.221
103.311
105.166
106.733
108.289
104.461
104.942
105.428
105.824
106.204
106.488
106.923
107.301
107.658
108.231
108.603
108.647
108.613

92.261
94.729
97.102
100.065
100.000
101.653
104.149
106.062
107.333
108.764
105.510
105.860
106.204
106.675
106.951
107.074
107.520
107.789
108.156
108.782
109.116
109.001
108.446

92.711
94.786
96.832
98.827
100.000
101.286
102.800
104.678
106.084
107.575
104.063
104.546
104.871
105.230
105.606
105.875
106.252
106.603
106.922
107.447
107.821
108.111
108.327

Personal consumption
expenditures (PCE)

Gross domestic product (GDP)
Gross
domestic
purchases
price index

91.851
94.783
97.372
100.244
100.000
101.527
103.970
105.738
107.105
108.599
105.249
105.533
105.858
106.313
106.634
106.837
107.284
107.667
108.030
108.553
108.925
108.886
108.448

GDP
(current
dollars)

Real GDP
GDP
(chain-type chain-type
quantity
price
index)
index

6.7
5.8
4.5
1.7
–2.0
3.8
3.7
4.2
3.7
3.9
4.4
3.5
4.4
1.6
4.2
2.9
6.2
5.0
–.8
6.8
6.4
2.4
–.9

3.3
2.7
1.8
–.3
–2.8
2.5
1.6
2.3
2.2
2.4
2.3
1.6
2.5
.1
2.7
1.8
4.5
3.5
–2.1
4.6
5.0
2.2
–.7

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

GDP
implicit
price
deflator

3.2
3.1
2.7
1.9
.8
1.2
2.1
1.8
1.5
1.5
2.1
1.8
2.1
1.3
1.3
1.2
1.7
1.5
1.3
2.1
1.4
.1
–.1

3.2
3.1
2.7
2.0
.8
1.2
2.1
1.8
1.5
1.5
2.1
1.9
1.9
1.5
1.4
1.1
1.6
1.4
1.3
2.1
1.4
.2
–.1

2.9
2.7
2.5
3.1
–.1
1.7
2.5
1.8
1.2
1.3
2.1
1.3
1.3
1.8
1.0
.5
1.7
1.0
1.4
2.3
1.2
–.4
–2.0

2.2
2.2
2.2
2.1
1.2
1.3
1.5
1.8
1.3
1.4
2.1
1.9
1.2
1.4
1.4
1.0
1.4
1.3
1.2
2.0
1.4
1.1
.8

3.5
3.2
2.7
2.9
–.2
1.5
2.4
1.7
1.3
1.4
2.3
1.1
1.2
1.7
1.2
.8
1.7
1.4
1.4
2.0
1.4
–.1
–1.6

1 Quarterly percent changes are at annual rates.

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

Nonfinancial Corporate Business—
Gross Value Added and Price, Costs, and Profits
[Quarterly data at seasonally adjusted annual rates]

Period

Current
dollars
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 r ������������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I ����������������
      II ���������������
      III ��������������
      IV r ������������
2015: 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

6,532.1
6,988.0
7,203.9
7,256.8
6,859.8
7,238.7
7,592.3
8,030.3
8,287.0
8,607.8
7,942.9
8,016.8
8,007.9
8,153.6
8,190.5
8,283.2
8,314.2
8,360.1
8,385.6
8,554.9
8,683.3
8,807.4
8,795.4

Chained
(2009)
dollars
7,131.7
7,406.3
7,480.5
7,383.9
6,859.8
7,240.0
7,421.5
7,742.6
7,922.1
8,180.5
7,703.4
7,749.5
7,706.4
7,811.3
7,842.3
7,929.7
7,936.8
7,979.7
7,993.3
8,120.9
8,229.1
8,378.8
8,392.2

Total

0.916
.944
.963
.983
1.000
1.000
1.023
1.037
1.046
1.052
1.031
1.034
1.039
1.044
1.044
1.045
1.048
1.048
1.049
1.053
1.055
1.051
1.048

Compensation
of employees
(unit labor
cost)
0.551
.558
.576
.590
.596
.574
.588
.593
.600
.608
.591
.589
.594
.599
.599
.598
.600
.601
.612
.607
.607
.606
.613

Corporate profits with inventory valuation
and capital consumption adjustments 4

Unit nonlabor cost

Total
0.243
.249
.265
.283
.299
.290
.296
.293
.293
.292
.294
.293
.294
.291
.294
.291
.294
.295
.296
.291
.292
.288
.290

Consumption
of fixed
capital

Net interest
Taxes on
and
production miscellaneous
and imports 3
payments

0.128
.132
.139
.148
.159
.151
.154
.153
.155
.157
.152
.152
.154
.153
.154
.154
.156
.157
.158
.157
.157
.155
.156

0.091
.092
.093
.093
.099
.099
.103
.101
.101
.100
.103
.102
.101
.100
.102
.100
.101
.101
.101
.101
.101
.099
.098

0.024
.025
.033
.042
.041
.040
.039
.039
.037
.035
.039
.039
.039
.038
.038
.037
.037
.037
.037
.033
.034
.034
.036

Total
0.122
.137
.122
.110
.105
.136
.140
.151
.153
.152
.148
.153
.151
.153
.152
.155
.154
.152
.141
.155
.157
.156
.144

Taxes on
corporate
income
0.038
.042
.039
.031
.026
.030
.031
.035
.042
.048
.035
.034
.035
.036
.042
.041
.040
.043
.046
.049
.049
.047
.050

Profits
after
tax 5
0.084
.096
.083
.079
.079
.105
.109
.116
.112
.105
.113
.119
.116
.116
.110
.114
.114
.109
.095
.107
.108
.109
.094

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

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

3

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

Period

2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 r ������������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I ����������������
      II ���������������
      III ��������������
      IV r ������������
2015: I r ��������������

ComNational pensation
of
income employees

11,239.8
12,004.8
12,321.4
12,427.8
12,126.1
12,739.5
13,352.3
14,069.5
14,577.1
15,076.5
13,914.4
13,984.9
14,077.7
14,301.0
14,376.1
14,511.5
14,650.5
14,770.2
14,733.7
14,972.9
15,244.9
15,354.3
15,361.8

7,086.8
7,502.3
7,898.3
8,078.3
7,787.0
7,961.4
8,269.0
8,606.5
8,844.8
9,227.6
8,523.0
8,543.8
8,576.6
8,782.5
8,734.4
8,826.3
8,871.6
8,946.8
9,096.2
9,159.5
9,260.7
9,394.2
9,504.0

Rental
income
of
persons
with
capital
conNonfarm
sumption
adjustment

Farm

46.4
36.0
38.1
47.0
35.5
46.0
75.5
72.3
83.2
63.6
71.7
72.5
71.9
73.2
92.2
83.6
86.8
70.1
58.1
73.4
62.2
60.7
49.1

932.6
1,017.7
941.1
979.5
937.5
986.7
1,068.1
1,187.9
1,253.5
1,316.6
1,154.7
1,183.6
1,194.2
1,219.1
1,235.6
1,246.5
1,259.2
1,272.6
1,292.9
1,307.6
1,324.2
1,341.7
1,341.0

238.4
207.5
189.4
262.1
333.7
402.8
485.3
533.0
595.8
640.2
516.6
526.5
537.1
551.7
575.0
590.8
604.2
613.3
622.9
635.4
646.7
656.0
662.8

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

1,477.7
1,646.5
1,529.0
1,285.1
1,397.0
1,746.4
1,816.6
2,022.8
2,106.9
2,089.8
1,977.9
2,024.8
2,041.0
2,047.6
2,039.4
2,103.6
2,140.7
2,143.8
1,942.1
2,106.2
2,170.7
2,140.3
2,014.8

Total

Profits
before
tax

1,621.2
1,815.7
1,708.9
1,345.5
1,479.2
1,799.7
1,738.5
2,126.6
2,238.7
2,419.5
2,088.6
2,130.7
2,141.8
2,145.3
2,167.3
2,235.0
2,273.7
2,278.6
2,272.6
2,437.4
2,501.1
2,466.8
2,561.7

1,653.3
1,851.4
1,748.4
1,382.4
1,472.6
1,840.7
1,806.8
2,136.1
2,235.3
2,419.9
2,120.9
2,119.4
2,155.7
2,148.4
2,169.0
2,219.8
2,270.9
2,281.6
2,297.2
2,450.1
2,497.1
2,435.3
2,500.8

–32.1
–35.7
–39.5
–37.0
6.7
–41.0
–68.3
–9.5
3.3
–.5
–32.3
11.3
–13.9
–3.1
–1.7
15.2
2.8
–3.0
–24.6
–12.7
4.0
31.5
60.9

–143.5
–169.2
–179.9
–60.4
–82.2
–53.3
78.1
–103.8
–131.8
–329.6
–110.7
–106.0
–100.8
–97.8
–127.9
–131.4
–133.1
–134.8
–330.5
–331.3
–330.4
–326.5
–546.9

496.8
580.9
663.4
693.4
563.4
489.4
488.1
491.7
499.8
486.3
503.6
473.4
509.5
480.3
517.4
477.1
493.3
511.2
506.5
461.0
479.3
498.4
529.6

Business
Less:
current
Subsidies transfer
payments

934.5
991.9
1034.6
1041.9
1026.1
1057.1
1102.6
1132.0
1162.4
1203.2
1,129.5
1,132.0
1,127.7
1,138.9
1,154.8
1,152.2
1,167.1
1,175.7
1,184.5
1,197.9
1,212.4
1,217.9
1,214.6

60.9
51.5
54.6
52.6
58.3
55.9
60.1
58.0
60.2
57.4
57.9
58.0
56.8
59.4
60.0
61.1
60.6
58.9
57.7
57.5
57.4
57.0
57.2

93.9
82.6
98.6
114.4
124.9
128.5
131.5
106.7
120.6
140.6
119.2
110.8
102.0
94.6
115.1
122.3
118.4
126.6
119.2
123.0
182.4
137.8
137.6

Current
surplus
of
government
enterprises

–6.4
–9.3
–16.4
–21.2
–20.6
–22.9
–24.5
–25.3
–29.6
–34.2
–23.9
–24.5
–25.4
–27.3
–27.8
–29.6
–30.1
–31.0
–31.1
–33.6
–36.3
–35.7
–34.5

1 With inventory valuation and capital consumption adjustments.

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

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

Period

Total
personal
consumption
expenditures

2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2015: I r ��������������

9,531.8
9,821.7
10,041.6
10,007.2
9,847.0
10,036.3
10,263.5
10,449.7
10,699.7
10,969.0
10,387.6
10,420.2
10,470.4
10,520.6
10,613.7
10,660.4
10,713.3
10,811.4
10,844.3
10,912.6
10,999.5
11,119.6
11,169.6

Services

Durable
Total
goods

3,177.2
3,292.5
3,381.8
3,297.8
3,198.4
3,308.7
3,411.8
3,506.5
3,626.0
3,750.9
3,478.0
3,489.0
3,516.9
3,542.3
3,593.7
3,605.2
3,636.1
3,669.0
3,678.3
3,731.6
3,774.5
3,819.0
3,823.3

Total
durable
goods 1

1,046.9
1,091.5
1,141.7
1,083.2
1,023.3
1,085.7
1,151.5
1,235.7
1,319.0
1,410.0
1,212.0
1,218.8
1,242.4
1,269.7
1,295.7
1,310.0
1,325.9
1,344.5
1,355.0
1,400.4
1,431.5
1,453.3
1,457.4

Nondurable

Motor
vehicles
and
parts
400.0
385.1
392.8
340.8
317.1
323.4
333.8
357.9
376.0
405.0
351.4
351.7
359.5
369.1
374.1
374.0
375.5
380.5
385.7
402.9
413.7
417.6
413.5

Total
nondurable
goods 1
2,132.3
2,202.2
2,239.3
2,214.7
2,175.1
2,223.5
2,263.2
2,280.1
2,322.6
2,364.8
2,273.4
2,278.0
2,284.1
2,285.0
2,311.7
2,310.5
2,326.4
2,341.8
2,341.9
2,354.6
2,369.4
2,393.4
2,394.1

Food and
beverages
purchased
for offpremises
consumption

Gasoline
and
other
energy
goods

Total
services 1

Household
consumption
expenditures

757.6
780.8
791.3
781.9
770.0
786.5
795.1
801.6
809.4
809.6
797.6
800.9
803.3
804.7
810.2
804.6
808.9
814.0
811.9
809.2
809.0
808.3
805.7

298.0
297.4
296.8
283.4
284.5
282.2
274.3
269.2
271.7
274.5
267.4
271.7
270.9
266.7
270.5
270.4
272.9
272.9
274.4
272.1
272.7
278.7
281.7

6,353.4
6,526.6
6,656.4
6,708.6
6,648.5
6,727.6
6,851.4
6,942.4
7,073.1
7,218.6
6,908.8
6,930.5
6,952.8
6,977.5
7,019.3
7,054.5
7,076.6
7,141.9
7,165.4
7,181.4
7,225.9
7,301.7
7,346.5

6,147.3
6,291.8
6,415.2
6,435.1
6,372.5
6,449.3
6,575.9
6,653.4
6,772.5
6,905.9
6,630.2
6,642.5
6,663.1
6,677.7
6,723.4
6,757.7
6,775.4
6,833.4
6,857.1
6,870.3
6,908.9
6,987.2
7,039.7

Housing
and
utilities

1,788.4
1,823.2
1,840.8
1,860.1
1,881.0
1,904.3
1,928.0
1,940.4
1,965.7
1,981.7
1,924.3
1,942.1
1,951.7
1,943.3
1,967.2
1,966.9
1,959.6
1,969.1
1,996.0
1,979.5
1,970.9
1,980.5
2,003.4

Health
care

1,490.4
1,525.2
1,563.2
1,598.8
1,627.4
1,649.2
1,690.3
1,745.0
1,781.1
1,830.7
1,732.4
1,737.5
1,752.7
1,757.5
1,759.1
1,774.6
1,786.0
1,804.7
1,798.4
1,815.9
1,836.6
1,871.9
1,896.1

Financial
services
and
insurance

704.1
720.1
742.5
737.4
719.0
733.9
747.2
713.7
728.5
758.0
729.0
717.1
702.8
706.0
715.1
727.1
730.8
741.1
746.2
751.2
764.1
770.6
773.1

Addendum:
Personal
consumption
expenditures
excluding
food and
energy 2

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

8,253.9
8,528.1
8,734.2
8,730.5
8,577.4
8,746.1
8,980.4
9,175.7
9,411.6
9,679.4
9,128.9
9,138.7
9,183.2
9,252.1
9,317.1
9,375.5
9,432.7
9,521.0
9,530.7
9,626.3
9,726.0
9,834.6
9,864.8

16.9
16.5
16.1
13.2
10.4
11.6
12.7
14.4
15.5
16.4
14.2
14.2
14.4
14.9
15.3
15.5
15.6
15.6
15.7
16.5
16.7
16.7
16.6

1 Includes other items, not shown separately.
2 Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food.

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

4

Sources of Personal Income
Personal income rose $59.4 billion (annual rate) in April, following an increase of $4.0 billion in March. Wages and
salaries rose $17.7 billion in April, following an increase of $9.5 billion in March.
BILLIONS OF DOLLARS * (RATIO SCALE)
16,000

BILLIONS OF DOLLARS* (RATIO SCALE)
16,000

14,000

14,000

12,000

12,000

TOTAL PERSONAL INCOME

10,000

10,000

9,000

9,000

8,000

8,000

7,000

7,000

6,000

6,000

WAGES AND SALARIES

5,000

5,000
OTHER INCOME

4,000

4,000

3,000

3,000

PERSONAL CURRENT
TRANSFER RECEIPTS

2,000

2,000

1,000

1,000
2007

2008

2009

2010

2011

2012

2013

2014

*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

2015

COUNCIL OF ECONOMIC ADVISERS

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

2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 r ������������������
2014: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2015: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr p ���������

Total
personal
income

10,609.3
11,389.0
11,994.9
12,429.6
12,087.5
12,429.3
13,202.0
13,887.7
14,166.9
14,733.9
14,607.6
14,657.0
14,716.8
14,762.7
14,821.0
14,850.0
14,915.9
14,984.3
15,037.7
15,087.0
15,148.3
15,152.3
15,211.7

Total

7,086.8
7,502.3
7,898.3
8,078.3
7,787.0
7,961.4
8,269.0
8,606.5
8,844.8
9,227.6
9,147.9
9,156.0
9,174.6
9,214.5
9,271.2
9,296.3
9,338.6
9,412.7
9,431.2
9,482.3
9,508.3
9,521.4
9,543.5

Wages
and
salaries

Supplements to
wages
and
salaries

5,692.0
6,057.4
6,395.2
6,531.9
6,251.4
6,377.5
6,633.2
6,932.1
7,124.7
7,451.6
7,383.0
7,388.7
7,403.5
7,438.4
7,488.7
7,509.5
7,546.8
7,613.5
7,628.1
7,671.1
7,692.1
7,701.6
7,719.3

1,394.8
1,444.9
1,503.1
1,546.4
1,535.6
1,583.9
1,635.9
1,674.4
1,720.1
1,776.0
1,764.9
1,767.3
1,771.1
1,776.1
1,782.4
1,786.8
1,791.9
1,799.2
1,803.1
1,811.2
1,816.1
1,819.9
1,824.2

Proprietors’ income 1

Farm

46.4
36.0
38.1
47.0
35.5
46.0
75.5
72.3
83.2
63.6
64.8
73.4
81.9
72.0
62.2
52.3
56.5
60.7
65.0
57.0
49.1
41.1
44.0

Nonfarm

932.6
1,017.7
941.1
979.5
937.5
986.7
1,068.1
1,187.9
1,253.5
1,316.6
1,305.0
1,305.5
1,312.2
1,321.6
1,321.1
1,330.0
1,344.2
1,335.5
1,345.5
1,339.8
1,337.9
1,345.4
1,345.0

Personal income receipts on assets
Rental
income
of
persons 2

238.4
207.5
189.4
262.1
333.7
402.8
485.3
533.0
595.8
640.2
632.1
635.4
638.7
642.0
647.2
650.8
653.2
655.1
659.6
660.1
662.5
665.8
669.7

Total

1,666.5
1,938.4
2,166.6
2,167.1
1,818.0
1,739.6
1,913.9
2,088.6
2,079.7
2,125.3
2,115.6
2,126.0
2,139.5
2,139.2
2,137.8
2,137.8
2,141.2
2,146.3
2,149.1
2,142.7
2,172.8
2,141.9
2,168.5

Personal
interest
income
1,088.1
1,214.7
1,350.1
1,361.6
1,264.3
1,195.0
1,231.6
1,255.9
1,255.2
1,264.7
1,265.1
1,270.0
1,274.9
1,270.7
1,266.5
1,262.3
1,261.1
1,259.9
1,258.8
1,252.3
1,245.9
1,239.4
1,255.5

Personal
dividend
income
578.3
723.7
816.5
805.4
553.7
544.6
682.2
832.7
824.5
860.6
850.5
855.9
864.6
868.5
871.3
875.5
880.0
886.3
890.4
890.4
926.9
902.5
913.1

Personal
current
transfer
receipts 3

1,512.0
1,609.6
1,722.8
1,884.0
2,140.2
2,276.9
2,307.9
2,350.7
2,414.5
2,522.7
2,495.1
2,514.4
2,525.9
2,533.9
2,549.0
2,553.1
2,557.2
2,557.9
2,572.9
2,598.7
2,614.0
2,633.7
2,640.2

Less:
Chart
5 - May 2015
Contributions
for
government
social
insurance,
domestic
873.3
922.6
961.4
988.2
964.4
984.1
917.8
951.2
1,104.5
1,162.1
1,152.9
1,153.7
1,155.9
1,160.6
1,167.5
1,170.3
1,175.0
1,183.9
1,185.7
1,193.6
1,196.2
1,197.0
1,199.2

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

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

5

Disposition of Personal Income
According to revised estimates, per capita disposable personal income in chained (2009) dollars rose 4.7 percent
(annual rate) in the first quarter of 2015.
BILLIONS OF DOLLARS* (RATIO SCALE)
14,000
13,500

BILLIONS OF DOLLARS* (RATIO SCALE)
14,000
13,500

13,000

13,000

12,500

12,500
12,000

12,000
DISPOSABLE PERSONAL INCOME

11,500

11,500
11,000

11,000
SAVING

10,500
10,000

10,500
10,000

PERSONAL OUTLAYS

9,500

9,500

9,000

9,000

DOLLARS* (RATIO SCALE)
44,000
42,000

DOLLARS* (RATIO SCALE)
44,000

PER CAPITA DISPOSABLE PERSONAL INCOME

42,000

40,000

40,000

CURRENT DOLLARS

38,000

38,000

36,000

36,000
CHAINED (2009) DOLLARS

34,000

34,000

32,000

32,000

30,000

30,000
2006

2007

2008

2009

2010

2011

2012

2013

*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

Period

Personal
income

Less:
Personal
current
taxes

Equals:
Disposable
personal
income

10,609.3
11,389.0
11,994.9
12,429.6
12,087.5
12,429.3
13,202.0
13,887.7
14,166.9
14,733.9

1,208.5
1,352.1
1,487.9
1,435.2
1,144.9
1,191.5
1,400.6
1,503.7
1,661.8
1,743.9

9,400.8
10,036.9
10,507.0
10,994.4
10,942.5
11,237.9
11,801.4
12,384.0
12,505.1
12,990.0

2015

COUNCIL OF ECONOMIC ADVISERS

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
billions of
chained
(2009)
dollars

Per capita disposable
personal income
Current
dollars

Billions of dollars
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 r ������������������

2014

Chained
(2009)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(2009)
dollars

Dollars
9,162.9
9,707.4
10,196.7
10,452.2
10,270.5
10,609.8
11,090.2
11,487.9
11,897.1
12,357.5

237.9
329.5
310.3
542.2
672.0
628.0
711.1
896.2
608.1
632.6

10,189.4
10,595.4
10,820.6
10,987.3
10,942.5
11,055.1
11,331.2
11,676.2
11,650.8
11,943.3

31,760
33,589
34,826
36,101
35,616
36,274
37,804
39,377
39,468
40,699

Chart 6 - May 2015

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

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

34,424
35,458
35,866
36,078
35,616
35,684
36,298
37,126
36,772
37,420

29,711
31,136
32,319
32,881
32,050
32,931
34,242
35,241
36,247
37,379

32,203
32,868
33,284
32,860
32,050
32,395
32,878
33,226
33,770
34,367

0.6
3.0
1.2
.6
–1.3
.2
1.7
2.3
–1.0
1.8

2.5
3.3
3.0
4.9
6.1
5.6
6.0
7.2
4.9
4.9

295,993
298,818
301,696
304,543
307,240
309,808
312,172
314,499
316,839
319,173

36,827
36,976
36,863
37,832
36,519
36,800
36,911
36,856
37,105
37,325
37,469
37,778
38,210

34,945
35,112
35,324
35,579
35,926
36,064
36,321
36,673
36,849
37,232
37,568
37,864
37,779

33,121
33,169
33,261
33,353
33,592
33,682
33,781
34,023
34,071
34,227
34,431
34,738
34,837

6.1
1.6
–1.2
10.9
–13.2
3.1
1.2
–.6
2.7
2.4
1.6
3.3
4.7

6.7
7.0
6.5
8.6
4.7
5.2
5.2
4.4
4.9
5.1
4.8
4.7
5.5

313,623
314,155
314,790
315,430
315,957
316,499
317,136
317,765
318,288
318,833
319,470
320,100
320,623

Seasonally adjusted annual rates
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I ����������������
      II ���������������
      III ��������������
      IV r ������������
2015: I r ��������������

13,650.7
13,776.1
13,828.9
14,295.1
13,977.2
14,131.3
14,247.4
14,311.7
14,484.7
14,660.5
14,811.2
14,979.3
15,129.2

1,464.7
1,479.5
1,505.1
1,565.4
1,636.8
1,660.6
1,661.5
1,688.1
1,711.8
1,715.3
1,750.1
1,798.6
1,843.8

12,186.0
12,296.6
12,323.8
12,729.7
12,340.4
12,470.7
12,585.8
12,623.7
12,772.9
12,945.2
13,061.2
13,180.7
13,285.4

11,365.0
11,433.7
11,523.5
11,629.2
11,760.6
11,823.9
11,933.1
12,070.8
12,146.9
12,289.6
12,433.0
12,560.3
12,559.0

821.0
863.0
800.3
1,100.5
579.8
646.9
652.8
552.9
626.1
655.6
628.1
620.4
726.4

11,549.8
11,616.2
11,604.1
11,933.4
11,538.6
11,647.0
11,705.9
11,711.7
11,810.1
11,900.4
11,970.3
12,092.6
12,250.9

38,856
39,142
39,149
40,357
39,057
39,402
39,686
39,726
40,130
40,602
40,884
41,177
41,436

1 Includes personal consumption expenditures, personal interest payments (nonmortgage), and personal current transfer payments.
2 Annual data are averages of quarterly data, which are averages for the period.

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

6

Real Farm Income
According to the preliminary forecast for 2015, gross farm income in chained (2009) dollars is forecast to be $404.5
billion and net farm income to be $67.0 billion.
BILLIONS OF CHAINED (2009) DOLLARS (RATIO SCALE)

BILLIONS OF CHAINED (2009) DOLLARS (RATIO SCALE)

520
480
440

520
480
440

400

400

360

360

320

320

GROSS FARM INCOME

280

280

240

240

200

200

160

160

NET FARM INCOME

120

120

80

80

60

60

40

40
2006

2007

2009

2008

2010

2011

2012

2013

SOURCE: DEPARTMENT OF AGRICULTURE

2014

2015

COUNCIL OF ECONOMIC ADVISERS

[Billions of chained (2009) dollars]
Chart 7 - Feb 2015

Income of farm operators from farming 1
Gross farm income
Year

Value of agricultural sector production
Total

1992 ���������������������������������������������������
1993 ���������������������������������������������������
1994 ���������������������������������������������������
1995 ���������������������������������������������������
1996 ���������������������������������������������������
1997 ���������������������������������������������������
1998 ���������������������������������������������������
1999 ���������������������������������������������������
2000 ���������������������������������������������������
2001 ���������������������������������������������������
2002 ���������������������������������������������������
2003 ���������������������������������������������������
2004 ���������������������������������������������������
2005 ���������������������������������������������������
2006 ���������������������������������������������������
2007 ���������������������������������������������������
2008 ���������������������������������������������������
2009 ���������������������������������������������������
2010 ��������������������������������������������������
2011 ���������������������������������������������������
2012 ���������������������������������������������������
2013 ���������������������������������������������������
2014 ���������������������������������������������������
2015 ���������������������������������������������������

Crops 2, 3

Total
283.9
283.5
292.6
279.6
307.2
304.8
294.7
293.4
295.1
298.4
271.1
298.3
330.9
324.5
306.0
348.8
376.3
339.5
358.3
412.6
423.1
450.6
439.5
404.5

271.0
265.0
282.0
270.0
297.6
295.2
279.0
266.6
266.8
271.6
256.5
279.2
316.3
298.0
289.4
336.6
363.9
327.4
346.1
402.5
413.0
440.3
429.6
393.2

126.1
114.3
136.1
127.2
150.7
144.1
129.4
115.9
116.0
113.5
115.1
125.2
140.4
124.3
125.2
155.2
180.8
166.9
168.9
197.4
207.9
218.9
189.0
164.8

Livestock 3
123.4
127.2
121.5
116.4
119.9
123.3
119.3
118.9
121.0
127.0
109.9
121.1
139.4
137.5
125.9
142.2
140.9
117.8
138.2
158.2
159.2
170.6
193.8
182.5

Farm-related
income 4
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
47.0
45.9
50.8
46.7
45.9

Direct
Government
payments
13.0
18.5
10.7
9.7
9.6
9.6
15.7
26.9
28.4
26.8
14.6
19.1
14.6
26.5
16.7
12.2
12.3
12.2
12.2
10.1
10.1
10.3
9.9
11.3

Production
expenses

Net
farm
income

212.9
218.9
221.4
226.9
230.4
239.1
235.0
233.9
233.2
232.8
225.1
228.0
232.8
238.9
245.5
276.9
296.3
283.0
284.0
302.5
325.6
329.8
339.8
337.4

71.0
64.6
71.2
52.8
76.8
65.7
59.7
59.6
61.9
65.5
46.0
70.3
98.1
85.6
60.6
71.9
80.0
56.6
74.3
110.1
97.5
120.8
99.7
67.0

1 The GDP chain-type price index is used to convert the current-dollar statistics to 2009=100 equivalents.
2 Crop receipts include proceeds received from commodities placed under Commodity Credit Corporation loans.
3 The value of production equates to the sum of cash receipts, home consumption, and the value of the change in inventories.
4 Includes income from forest products sold, the gross imputed rental value of farm dwellings, machine hire and custom work, and other sources of farm income such as commodity insurance

indemnities.

Note: Data for 2014 and 2015 are forecasts.
Source: Department of Agriculture (Economic Research Service).

7

Corporate Profits
In the first quarter of 2015, according to current estimates, corporate profits before tax rose $65.5 billion (annual rate)
and profits after tax rose $56.3 billion.
BILLIONS OF DOLLARS
2,600
2,500

BILLIONS OF DOLLARS
2,600
2,500

SEASONALLY ADJUSTED ANNUAL RATES

2,400

2,400

2,300

2,300
2,200

2,200
2,100

2,100

PROFITS BEFORE TAX

2,000

2,000

1,900

1,900

1,800

1,800

1,700

1,700

1,600

1,600

1,500

1,500

1,400

1,400

1,300

1,300

PROFITS AFTER TAX

1,200

1,200

1,100

1,100

1,000

1,000

900

900

800

800
700

700
600

600

UNDISTRIBUTED PROFITS

500

500
400

400
300

300

TAXES ON
CORPORATE INCOME

200
100

200
100
0

0

–100
–200

–100
–200
2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

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

Profits after tax

Domestic industries
Period

2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2015: I p ��������������

Total 2

1,621.2
1,815.7
1,708.9
1,345.5
1,479.2
1,799.7
1,738.5
2,126.6
2,238.7
2,419.5
2,088.6
2,130.7
2,141.8
2,145.3
2,167.3
2,235.0
2,273.7
2,278.6
2,272.6
2,437.4
2,501.1
2,466.8
2,561.7

Profits
before
tax

Nonfinancial
Total

1,382.1
1,559.6
1,355.5
938.8
1,122.0
1,404.5
1,316.6
1,724.8
1,835.6
2,025.4
1,680.1
1,725.8
1,750.4
1,742.9
1,781.2
1,841.9
1,864.2
1,855.1
1,875.1
2,043.5
2,090.7
2,092.5
2,209.8

Financial

409.7
415.1
301.5
95.4
362.9
406.3
375.9
488.9
533.5
511.0
468.8
470.7
524.4
491.6
504.9
525.5
554.1
549.4
480.8
514.5
530.7
517.7
536.1

Total 3

Manufacturing

Utilities

Wholesale

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

8

Total

Net
dividends

Retail

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
998.2
287.6
30.3
102.4
118.6
940.7
298.1
9.8
94.4
114.3
1,235.9
404.2
12.9
136.6
157.2
1,302.1
402.4
20.9
154.5
171.2
1,514.5
497.1
47.5
165.5
178.3
1,211.3
402.7
21.0
123.6
153.2
1,255.1
419.8
11.6
142.1
155.8
1,226.0
392.6
12.1
134.4
149.2
1,251.2
401.5
6.9
146.4
170.8
1,276.3
388.4
6.8
158.1
166.2
1,316.4
383.7
31.1
157.1
179.1
1,310.1
392.3
30.0
154.8
175.4
1,305.7
445.4
15.8
147.9
164.2
1,394.2
432.5
42.3
152.0
168.1
1,528.9
504.4
50.4
157.6
176.7
1,560.0
523.7
54.5
174.4
175.8
1,574.7
527.9
42.9
178.1
192.6
1,673.7 ��������������� ��������������� ��������������� ���������������

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.

Taxes
on
corporate
income

1,653.3
1,851.4
1,748.4
1,382.4
1,472.6
1,840.7
1,806.8
2,136.1
2,235.3
2,419.9
2,120.9
2,119.4
2,155.7
2,148.4
2,169.0
2,219.8
2,270.9
2,281.6
2,297.2
2,450.1
2,497.1
2,435.3
2,500.8

412.4
473.4
445.5
309.1
269.4
370.6
379.1
454.8
474.3
592.6
451.3
473.5
440.6
453.8
474.9
459.2
467.5
495.4
562.3
608.0
602.5
597.7
607.0

1,240.9
1,378.1
1,302.9
1,073.3
1,203.1
1,470.1
1,427.7
1,681.3
1,761.1
1,827.3
1,669.7
1,645.9
1,715.1
1,694.6
1,694.1
1,760.7
1,803.4
1,786.1
1,734.9
1,842.2
1,894.6
1,837.5
1,893.8

580.5
726.0
818.9
808.6
574.6
564.0
703.7
857.1
959.6
905.1
774.9
803.7
817.3
1,032.7
835.5
1,098.7
911.7
992.3
902.8
902.3
898.4
917.0
r 922.1

Chart 8 - May 2015

Inventory
Undistrib- valuation
adjustment
uted
profits

660.4
652.1
484.0
264.7
628.5
906.2
724.0
824.2
801.5
922.2
894.8
842.2
897.8
662.0
858.6
661.9
891.7
793.8
832.1
939.9
996.2
920.5
971.7

–32.1
–35.7
–39.5
–37.0
6.7
–41.0
–68.3
–9.5
3.3
–.5
–32.3
11.3
–13.9
–3.1
–1.7
15.2
2.8
–3.0
–24.6
–12.7
4.0
31.5
60.9

Real Gross Private Domestic Investment
In the first quarter of 2015, according to revised estimates, nonresidential fixed investment in chained (2009) dollars
fell $15.5 billion (annual rate) and residential investment rose $6.1 billion. Inventories rose $95.0 billion, following
an increase of $80.0 billion in the fourth quarter.
BILLIONS OF CHAINED (2009) DOLLARS
3,000

BILLIONS OF CHAINED (2009) DOLLARS
3,000

SEASONALLY ADJUSTED ANNUAL RATES

2,800

2,800

2,600

2,600

2,400

2,400

GROSS PRIVATE DOMESTIC
INVESTMENT

2,200

2,200

2,000

2,000

1,800

1,800

1,600

1,600
NONRESIDENTIAL
FIXED INVESTMENT

1,400

1,400

1,200

1,200

1,000

1,000

800

800
RESIDENTIAL
FIXED INVESTMENT

600

600

400

400
CHANGE IN PRIVATE
INVENTORIES

200

200

0

0

–200

–200

–400

–400
2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Billions of chained (2009) dollars; quarterly data at seasonally adjusted annual rates]
Chart 9 - May 2015

Fixed investment
Period

2005 ���������������������������������������������������
2006 ���������������������������������������������������
2007 ���������������������������������������������������
2008 ���������������������������������������������������
2009 ���������������������������������������������������
2010 ���������������������������������������������������
2011 ���������������������������������������������������
2012 ���������������������������������������������������
2013 ���������������������������������������������������
2014 ���������������������������������������������������
2012: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2013: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2014: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2015: I r ���������������������������������������������

Gross
private
domestic
investment

2,672.6
2,730.0
2,644.1
2,396.0
1,878.1
2,120.4
2,230.4
2,435.9
2,556.2
2,704.7
2,413.7
2,448.0
2,457.7
2,424.3
2,469.0
2,510.7
2,610.3
2,634.7
2,588.2
2,703.7
2,750.8
2,776.1
2,781.0

Change in private inventories

Nonresidential
Total

2,611.0
2,662.5
2,609.6
2,432.6
2,025.7
2,056.2
2,186.7
2,368.0
2,479.2
2,611.7
2,330.7
2,355.6
2,373.7
2,412.0
2,428.0
2,457.0
2,496.8
2,535.0
2,536.1
2,594.5
2,643.3
2,672.8
2,664.2

Total
1,717.4
1,839.6
1,948.4
1,934.4
1,633.4
1,673.8
1,802.3
1,931.8
1,990.6
2,116.4
1,910.1
1,930.6
1,934.5
1,951.9
1,959.0
1,966.8
1,993.3
2,043.3
2,051.5
2,099.6
2,144.8
2,169.8
2,154.3

Structures
421.2
451.5
509.0
540.2
438.2
366.3
374.7
423.8
421.7
456.2
418.5
429.0
427.5
420.1
407.5
414.7
425.8
438.8
441.9
455.2
460.6
467.2
440.8

Equipment
801.6
870.8
898.3
836.1
644.3
746.7
847.9
905.6
947.2
1,008.2
898.7
900.9
902.5
920.4
931.3
934.8
945.6
977.2
974.8
1,001.1
1,027.6
1,029.2
1,036.1

Intellectual
property
products
495.0
517.5
542.4
558.8
550.9
561.3
581.3
603.7
624.1
654.2
594.4
601.8
605.6
613.2
622.8
619.8
624.1
629.6
636.8
645.4
659.2
675.5
681.5

Residential

872.6
806.6
654.8
497.7
392.2
382.4
384.5
436.5
488.4
496.2
420.8
425.3
439.5
460.3
469.0
489.8
503.0
491.9
485.3
495.6
499.6
504.3
510.4

Total

Nonfarm

64.3
71.6
35.5
–33.7
–147.6
58.2
37.6
57.0
63.5
70.6
70.9
78.9
71.2
7.2
33.4
43.4
95.6
81.8
35.2
84.8
82.2
80.0
95.0

63.9
75.4
36.5
–35.0
–146.0
65.9
36.6
65.9
55.2
65.2
71.8
85.3
88.8
17.8
30.1
36.4
84.0
70.4
33.3
80.7
73.7
73.3
90.3

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

9

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

Total
fixed
investment

Period

2005 ������������
2006 ������������
2007 ������������
2008 ������������
2009 ������������
2010 ������������
2011 ������������
2012 ������������
2013 ������������
2014 ������������
2012: I ��������
      II �������
      III ������
      IV ������
2013: I ��������
      II �������
      III ������
      IV ������
2014: I ��������
      II �������
      III ������
      IV ������
2015: I r ������

Residential

Total
nonresidential

2,611.0
2,662.5
2,609.6
2,432.6
2,025.7
2,056.2
2,186.7
2,368.0
2,479.2
2,611.7
2,330.7
2,355.6
2,373.7
2,412.0
2,428.0
2,457.0
2,496.8
2,535.0
2,536.1
2,594.5
2,643.3
2,672.8
2,664.2

Intellectual property products

Information processing equipment
Structures

1,717.4
1,839.6
1,948.4
1,934.4
1,633.4
1,673.8
1,802.3
1,931.8
1,990.6
2,116.4
1,910.1
1,930.6
1,934.5
1,951.9
1,959.0
1,966.8
1,993.3
2,043.3
2,051.5
2,099.6
2,144.8
2,169.8
2,154.3

Total 2

421.2
451.5
509.0
540.2
438.2
366.3
374.7
423.8
421.7
456.2
418.5
429.0
427.5
420.1
407.5
414.7
425.8
438.8
441.9
455.2
460.6
467.2
440.8

Computers
and
peripheral
equipment 1

Total

801.6
870.8
898.3
836.1
644.3
746.7
847.9
905.6
947.2
1,008.2
898.7
900.9
902.5
920.4
931.3
934.8
945.6
977.2
974.8
1,001.1
1,027.6
1,029.2
1,036.1

222.2
250.9
279.9
281.0
256.1
281.4
285.9
295.0
304.0
312.5
297.1
294.3
289.1
299.6
300.3
304.1
307.4
304.1
298.1
316.2
310.6
325.0
316.3

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

Other
172.6
187.5
207.9
204.2
179.3
196.8
202.8
208.1
217.0
227.3
208.4
206.9
207.1
210.1
213.4
219.6
221.5
213.7
217.6
230.8
223.3
237.6
236.6

Industrial Transportation
equipequipment
ment
183.6
199.1
205.3
195.5
152.1
151.3
183.3
190.3
197.7
223.3
188.9
190.0
189.7
192.5
193.5
193.6
201.5
202.3
209.0
222.0
235.9
226.2
226.6

Total 2

197.9
212.6
203.6
156.9
70.6
136.9
183.0
217.6
231.1
258.1
217.4
220.6
214.4
217.9
221.4
226.4
228.7
247.9
247.8
249.6
269.1
265.8
275.7

Structures

Software

Research
and
development 3

221.2
230.3
244.2
256.2
256.8
254.2
271.8
287.0
295.9
306.6
282.2
286.8
288.3
290.8
297.3
291.1
296.2
298.9
300.0
303.2
309.7
313.5
319.3

202.3
215.0
227.9
235.5
229.0
234.4
236.7
241.3
250.7
268.0
237.8
239.8
241.6
245.8
248.6
251.0
250.6
252.8
258.2
263.2
269.9
280.8
281.6

495.0
517.5
542.4
558.8
550.9
561.3
581.3
603.7
624.1
654.2
594.4
601.8
605.6
613.2
622.8
619.8
624.1
629.6
636.8
645.4
659.2
675.5
681.5

Total
residential 2

872.6
806.6
654.8
497.7
392.2
382.4
384.5
436.5
488.4
496.2
420.8
425.3
439.5
460.3
469.0
489.8
503.0
491.9
485.3
495.6
499.6
504.3
510.4

Total 2

862.5
796.3
644.9
488.4
383.9
373.6
375.3
427.1
478.3
485.7
411.5
416.0
430.1
450.8
459.2
479.7
492.8
481.7
475.1
485.1
488.9
493.5
499.5

Single
family

433.0
390.7
283.7
178.2
105.3
114.4
109.2
132.1
161.9
169.5
120.6
126.3
134.5
147.0
156.3
162.0
164.8
164.5
167.7
169.2
167.9
173.4
175.3

1 Because computers exhibit rapid changes in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance or its
contribution to the growth rate of more aggregate series. The quantity index for computers can be used to accurately measure the real growth rate of this series. For information on this component,
see Survey of Current Business Table 5.3.1 (for growth rates), Table 5.3.2 (for contributions), and Table 5.3.3 (for quantity indexes).
2 Includes other items, not shown separately.
3 Research and development investment excludes expenditures for software development.

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

Business Investment
[Billions of dollars]
Capital expenditures
By industry
Period

Total
capital
expenditures

Forestry,
Total
fishing,
by
and agri- Mining
industry cultural
services

ConManu- WholeUtilities struction
sale
facturing trade

Retail
trade

TransportaFinance
tion
Informaand
and
tion
insurwareance
housing

ProfesReal
sional,
estate
scienand
tific,
rental
and
and
technical
leasing services

Health
care
and
social
assistance

Other 1

For
companies
without
employees

For companies with employees
1999 ��������
2000 ��������
2001 ��������
2002 ��������
2003 ��������
2004 ��������
2005 ��������
2006 ��������
2007 ��������
2008 ��������
2009 ��������
2010 ��������
2011 ��������
2012 ��������
2013 p �������

1,047.0
1,161.0
1,109.0
997.9
975.0
1,042.1
1,144.8
1,309.9
1,354.7
1,374.2
1,090.7
1,105.7
1,243.0
1,423.6
1,488.2

974.6
1,089.9
1,052.3
917.5
886.8
953.2
1,062.5
1,217.1
1,270.5
1,294.5
1,015.3
1,036.2
1,169.6
1,334.4
1,397.8

1.7
1.5
1.5
1.9
1.9
2.1
2.7
2.7
2.1
2.3
2.2
3.3
3.1
3.1
3.0

30.6
42.5
51.3
42.5
50.5
51.3
66.7
99.3
120.7
149.3
100.6
115.7
165.7
196.7
198.1

42.8
61.3
82.8
65.5
54.6
50.4
58.0
69.8
85.4
98.7
103.0
94.5
98.0
125.0
111.7

23.1
25.0
24.8
24.8
23.2
28.6
30.1
30.3
36.7
40.8
19.8
17.9
21.8
23.6
27.6

196.4
214.8
192.8
157.2
149.1
156.7
165.6
192.4
197.3
213.1
155.2
160.8
192.4
203.1
219.8

32.4
33.6
30.0
26.8
26.0
32.3
40.6
36.6
30.8
32.4
25.3
31.1
35.7
40.9
38.3

64.1
69.8
66.9
59.3
65.9
72.2
73.5
86.7
82.5
73.2
58.4
65.3
68.1
77.6
77.5

57.3
59.9
57.8
47.1
44.5
46.1
56.9
68.0
67.4
79.6
55.7
59.0
72.7
81.8
93.4

122.8
160.2
144.8
88.2
80.5
83.5
91.4
104.4
106.1
103.3
88.4
97.2
100.1
106.5
123.1

130.1
133.7
131.1
128.4
120.8
153.6
161.4
163.1
173.4
132.9
99.5
103.1
109.2
130.2
139.9

100.6
92.5
82.7
94.5
88.0
91.6
103.0
132.1
117.5
106.9
72.9
81.3
91.1
115.7
113.9

29.5
34.1
30.5
25.9
24.7
26.7
33.1
30.3
31.8
33.0
28.2
28.2
28.1
31.6
35.6

51.3
52.2
52.9
59.3
61.2
64.6
73.8
75.3
84.2
90.2
79.4
78.4
83.1
88.9
93.3

91.8
108.9
102.5
96.1
96.2
93.6
105.6
126.3
134.8
138.7
127.0
100.6
100.4
110.0
122.7

72.3
71.2
56.7
80.4
88.2
88.9
82.2
92.8
84.2
79.7
75.4
69.5
73.4
89.2
90.4

1 Includes the following industries: Management of companies and enterprises; administrative and support and waste management; educational services; arts, entertainment, and recreation; accommodation and food services; and other services (except public administration). Also includes an item for structure and equipment expenditures serving multiple industry categories.

Note: Data from Annual Capital Expenditures. Industry data are based on the North American Industry Classification System (NAICS).
Data shown in this table are capital expenditures for both new and used structures and equipment.
Source: Department of Commerce (Bureau of the Census).

10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
In May, employment as measured by the household survey rose 272,000 and unemployment rose 125,000.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

162

162

SEASONALLY ADJUSTED

158

158

154

154
CIVILIAN LABOR FORCE

150

150

146

146

142

142

138

138

CIVILIAN
EMPLOYMENT

134

134
20

20
UNEMPLOYMENT

16

16

12

12

8

8

4

4

0

0
2007

2008

2009

2010

2011

2012

2013

2014

*16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR

2015

COUNCIL OF ECONOMIC ADVISERS

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

Period

2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2014: May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2015: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������

Civilian
noninstitutional
population
(NSA)
226,082
228,815
231,867
233,788
235,801
237,830
239,618
243,284
245,679
247,947
247,622
247,814
248,023
248,229
248,446
248,657
248,844
249,027
249,723
249,899
250,080
250,266
250,455

Civilian employment
Civilian
labor
force

Total

149,320
151,428
153,124
154,287
154,142
153,889
153,617
154,975
155,389
155,922
155,629
155,700
156,048
156,018
155,845
156,243
156,402
156,129
157,180
157,002
156,906
157,072
157,469

141,730
144,427
146,047
145,362
139,877
139,064
139,869
142,469
143,929
146,305
145,868
146,247
146,401
146,451
146,607
147,260
147,331
147,442
148,201
148,297
148,331
148,523
148,795

Men
20 years
and
over
73,050
74,431
75,337
74,750
71,341
71,230
72,182
73,403
74,176
75,471
75,159
75,504
75,631
75,668
75,889
75,928
75,675
76,026
76,496
76,588
76,653
76,805
76,833

Women
20 years
and
over
62,702
63,834
64,799
65,039
63,699
63,456
63,360
64,640
65,295
66,287
66,164
66,267
66,250
66,289
66,192
66,560
66,894
66,632
66,983
66,901
66,874
66,935
67,178

Percent 1

Chart 11 - May 2015

Unemployment
Both
sexes
16–19
years
5,978
6,162
5,911
5,573
4,837
4,378
4,327
4,426
4,458
4,548
4,545
4,476
4,520
4,495
4,527
4,772
4,762
4,784
4,722
4,808
4,804
4,784
4,784

Total

7,591
7,001
7,078
8,924
14,265
14,825
13,747
12,506
11,460
9,617
9,761
9,453
9,648
9,568
9,237
8,983
9,071
8,688
8,979
8,705
8,575
8,549
8,674

Men
20 years
and
over
3,392
3,131
3,259
4,297
7,555
7,763
6,898
5,984
5,568
4,585
4,677
4,552
4,543
4,543
4,273
4,094
4,354
4,245
4,308
4,243
4,099
4,079
4,082

Women
20 years
and
over
3,013
2,751
2,718
3,342
5,157
5,534
5,450
5,125
4,565
3,926
4,006
3,736
3,972
3,942
3,845
3,794
3,705
3,479
3,575
3,469
3,455
3,483
3,553

Both
sexes
16–19
years
1,186
1,119
1,101
1,285
1,552
1,528
1,400
1,397
1,327
1,106
1,078
1,165
1,132
1,083
1,119
1,094
1,013
963
1,096
993
1,021
986
1,039

Not
in
labor
force

76,762
77,387
78,743
79,501
81,659
83,941
86,001
88,310
90,290
92,025
91,993
92,114
91,975
92,210
92,601
92,414
92,442
92,898
92,544
92,898
93,175
93,194
92,986

Labor
Employ- Unemployforce
ment/
participa- population
ment
tion
rate
ratio
rate
66.0
66.2
66.0
66.0
65.4
64.7
64.1
63.7
63.2
62.9
62.8
62.8
62.9
62.9
62.7
62.8
62.9
62.7
62.9
62.8
62.7
62.8
62.9

62.7
63.1
63.0
62.2
59.3
58.5
58.4
58.6
58.6
59.0
58.9
59.0
59.0
59.0
59.0
59.2
59.2
59.2
59.3
59.3
59.3
59.3
59.4

5.1
4.6
4.6
5.8
9.3
9.6
8.9
8.1
7.4
6.2
6.3
6.1
6.2
6.1
5.9
5.7
5.8
5.6
5.7
5.5
5.5
5.4
5.5

1 Civilian labor force (or employment) as percent of civilian noninstitutional population; and unemployment as percent of civilian labor force.

Note: Beginning each January, data reflect revised population controls and are not strictly comparable with earlier data.
See Employment and Earnings for details on breaks in series.
Source: Department of Labor (Bureau of Labor Statistics).

11

Selected Unemployment Rates
In May, the unemployment rate rose to 5.5 percent.
PERCENT (SEASONALLY ADJUSTED)

PERCENT (SEASONALLY ADJUSTED)

30

30

TEENAGERS
(16-19)
25

25

20

20
BLACK OR
AFRICAN
AMERICAN1

15

15

10

5

WHITE1

MEN 20 YEARS
AND OVER

10

HISPANIC1,2

5
ALL CIVILIAN
WORKERS

WOMEN 20 YEARS
AND OVER

ASIAN1

0

0
2011

2012

2013

2014

2015

2011

2012

2013

2014

2015

1

SEE FOOTNOTE 1 TABLE BELOW.
HISPANIC OR LATINO ETHNICITY.
SOURCE: DEPARTMENT OF LABOR

2

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted by NSA]
Unemployment rate (percent of civilian labor force in group)
Chart 12 - May 2015

By race or ethnicity 1

By sex and age
Period

2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2014: May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2015: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������

All
civilian
workers

5.1
4.6
4.6
5.8
9.3
9.6
8.9
8.1
7.4
6.2
6.3
6.1
6.2
6.1
5.9
5.7
5.8
5.6
5.7
5.5
5.5
5.4
5.5

Men
20 years
and
over

Women
20 years
and
over

4.4
4.0
4.1
5.4
9.6
9.8
8.7
7.5
7.0
5.7
5.9
5.7
5.7
5.7
5.3
5.1
5.4
5.3
5.3
5.2
5.1
5.0
5.0

4.6
4.1
4.0
4.9
7.5
8.0
7.9
7.3
6.5
5.6
5.7
5.3
5.7
5.6
5.5
5.4
5.2
5.0
5.1
4.9
4.9
4.9
5.0

Both
sexes
16–19
years
16.6
15.4
15.7
18.7
24.3
25.9
24.4
24.0
22.9
19.6
19.2
20.7
20.0
19.4
19.8
18.7
17.5
16.8
18.8
17.1
17.5
17.1
17.9

White

4.4
4.0
4.1
5.2
8.5
8.7
7.9
7.2
6.5
5.3
5.4
5.3
5.3
5.3
5.1
4.9
4.9
4.8
4.9
4.7
4.7
4.7
4.7

Black
or
African
American
10.0
8.9
8.3
10.1
14.8
16.0
15.8
13.8
13.1
11.3
11.4
10.7
11.4
11.6
11.0
10.9
11.0
10.4
10.3
10.4
10.1
9.6
10.2

By selected groups
Hispanic
or
Latino
ethnicity

Asian

4.0
3.0
3.2
4.0
7.3
7.5
7.0
5.9
5.2
5.0
5.6
4.8
4.2
4.6
4.5
5.0
4.7
4.2
4.0
4.0
3.2
4.4
4.1

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

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

12

6.0
5.2
5.6
7.6
12.1
12.5
11.5
10.3
9.1
7.4
7.7
7.6
7.6
7.4
7.0
6.8
6.6
6.5
6.7
6.6
6.8
6.9
6.7

Married
men,
spouse
present
2.8
2.4
2.5
3.4
6.6
6.8
5.8
4.9
4.3
3.4
3.3
3.4
3.3
3.2
2.9
3.0
3.2
3.0
2.9
3.0
2.8
3.0
2.9

Women
who
maintain
families
(NSA)
7.8
7.1
6.5
8.0
11.5
12.3
12.4
11.4
10.2
8.6
8.4
8.1
9.1
9.3
8.3
8.7
8.2
7.8
8.1
7.7
8.1
7.0
6.8

Full-time
workers

5.0
4.5
4.6
5.8
10.0
10.4
9.6
8.5
7.7
6.4
6.4
6.2
6.4
6.2
6.0
6.0
6.0
5.7
5.9
5.7
5.6
5.5
5.6

Part-time
workers

5.4
5.1
4.9
5.5
6.0
6.3
6.3
6.1
5.9
5.4
5.5
5.5
5.5
5.5
5.7
5.0
5.1
5.0
4.9
4.9
4.9
4.9
4.9

Selected Measures of Unemployment and Unemployment Insurance Programs
In May, the percentages of the unemployed who had been out of work for less than 5 weeks and 27 weeks and over
fell, while the percentages for 5 to 14 weeks and 15 to 26 weeks rose. The mean duration of unemployment fell to
30.7 weeks and the median duration fell to 11.6 weeks.
PERCENT DISTRIBUTION*

PERCENT DISTRIBUTION*

70

70

DURATION OF UNEMPLOYMENT

60

REASON FOR UNEMPLOYMENT

60

50

50

JOB LOSERS

27 WEEKS
AND OVER
40

40

30

5-14
WEEKS

REENTRANTS

LESS THAN
5 WEEKS

30

20

20

NEW ENTRANTS
15-26
WEEKS

10

10
JOB LEAVERS

0

0
2011

2012

2013

2014

2015

2011

2012

2013

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR

2014

2015

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted by NSA]
Chart 13 - May 2015

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
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2014: May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2015: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������

7,591
7,001
7,078
8,924
14,265
14,825
13,747
12,506
11,460
9,617
9,761
9,453
9,648
9,568
9,237
8,983
9,071
8,688
8,979
8,705
8,575
8,549
8,674

35.1
37.3
35.9
32.8
22.2
18.7
19.5
21.1
22.5
25.7
26.2
25.7
26.9
27.4
25.7
27.0
27.5
27.2
26.8
27.9
28.9
31.4
27.6

30.4
30.3
31.5
31.4
26.8
22.0
21.8
22.9
24.1
25.3
24.6
25.6
25.3
25.7
27.0
25.5
26.1
26.3
26.1
25.6
26.8
26.5
29.0

14.9
14.7
15.0
16.0
19.5
16.0
15.0
14.9
15.8
15.6
14.9
16.1
14.8
15.8
15.4
15.6
15.4
14.6
15.5
15.4
14.5
13.1
14.8

19.6
17.6
17.6
19.7
31.5
43.3
43.8
41.1
37.6
33.5
34.3
32.6
33.0
31.2
31.9
31.9
31.0
31.9
31.5
31.1
29.8
29.0
28.6

18.4
16.8
16.8
17.9
24.4
33.0
39.3
39.4
36.5
33.7
34.3
33.3
32.5
31.9
31.8
32.9
33.0
32.8
32.3
31.7
30.7
30.8
30.7

8.9
8.3
8.5
9.4
15.1
21.4
21.4
19.3
17.0
14.0
14.5
13.2
13.5
13.3
13.3
13.5
12.8
12.6
13.4
13.1
12.2
11.7
11.6

48.3
47.4
49.7
53.7
64.2
62.4
59.0
55.0
53.0
50.7
50.8
51.0
50.2
50.3
49.0
48.1
49.1
49.2
47.4
48.1
48.9
48.6
49.1

11.5
11.8
11.2
10.0
6.2
6.0
7.0
7.7
8.1
8.6
8.9
9.0
8.9
8.9
8.8
8.6
9.2
9.1
9.5
10.2
10.2
9.7
9.5

31.4
32.0
30.3
27.7
22.3
23.4
24.7
26.7
28.0
29.4
29.4
28.7
29.7
29.7
30.4
31.6
30.3
30.7
31.6
30.5
31.4
31.5
30.1

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
10.9
2,947
342
4,605
11.3
2,574
305
2,658
10.9
2,517
295
2,573
11.3
2,738
329
2,793
11.2
2,673
329
2,729
11.1
2,545
266
2,603
11.8
2,328
259
2,376
11.7
2,129
297
2,176
11.5
2,277
317
2,323
11.0
2,814
434
2,866
r 2,958
11.5
2,912
398
r 2,757
r 2,799
11.2
296
9.5
3,120
282
3,166
10.2
2,400
288
2,438
11.2 ��������������� ��������������� �����������������

1 Beginning January 2011, includes unemployment durations of up to 5 years; prior data are for up to 2 years.
2 Includes State (50 States, District of Columbia, Puerto Rico, and the Virgin Islands), Federal (UCFE), ex-service members (UCX), and Federal and State extended benefit programs.

Emergency Unemployment Compensation (2008-2013) and Federal Additional Compensation (2009-2010).

Also includes

Note: Data relate to persons age 16 years and over (except for insured unemployment and initial claims).
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).

13

Nonagricultural Employment
Total nonagricultural employment as measured by the payroll survey rose by 280,000 in May.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

145

102
100
ALL NONAGRICULTURAL
ESTABLISHMENTS

140

PRIVATE
SERVICE-PROVIDING
INDUSTRIES

98
96

135

94
92

130

90

125

22

EDUCATION AND
HEALTH SERVICES

24

PROFESSIONAL AND
BUSINESS SERVICES

20
120

18
PRIVATE
INDUSTRIES

115

RETAIL TRADE

16
14
22

110

GOODS-PRODUCING

20
105

18
16

100

14

24

GOVERNMENT

MANUFACTURING

12

22
20

10
2011

2012

2013

2014

2015

2011

2012

2013

*SEASONALLY ADJUSTED

2014

2015

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[Thousands of wage and salary workers; 1 monthly data seasonally adjusted]
Chart 14 - May 2015

Private industries

Period

2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2014: May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2015: Jan �����������
      Feb �����������
      Mar r ��������
      Apr r ���������
      May p �������

Total
nonagricultural
employment

134,005
136,398
137,936
137,170
131,233
130,275
131,842
134,104
136,393
139,042
138,621
138,907
139,156
139,369
139,619
139,840
140,263
140,592
140,793
141,059
141,178
141,399
141,679

Goods-producing industries
Total
private

112,201
114,424
115,718
114,661
108,678
107,785
109,756
112,184
114,541
117,180
116,780
117,052
117,295
117,504
117,739
117,957
118,371
118,690
118,892
119,153
119,270
119,476
119,738

Total 2

Construc- Manufaction
turing

22,190
22,530
22,233
21,335
18,558
17,751
18,047
18,420
18,738
19,223
19,156
19,190
19,243
19,277
19,315
19,349
19,425
19,489
19,540
19,560
19,540
19,561
19,567

7,336
7,691
7,630
7,162
6,016
5,518
5,533
5,646
5,856
6,138
6,114
6,121
6,152
6,169
6,191
6,201
6,231
6,275
6,316
6,347
6,335
6,370
6,387

14,227
14,155
13,879
13,406
11,847
11,528
11,726
11,927
12,020
12,188
12,154
12,177
12,191
12,205
12,214
12,237
12,282
12,301
12,318
12,321
12,327
12,328
12,335

Private service-providing industries
Trade, transportation,
and utilities
Total
Total 3
90,010
91,894
93,485
93,326
90,121
90,034
91,708
93,763
95,803
97,957
97,624
97,862
98,052
98,227
98,424
98,608
98,946
99,201
99,352
99,593
99,730
99,915
100,171

25,959
26,276
26,630
26,293
24,906
24,636
25,065
25,476
25,862
26,384
26,297
26,362
26,413
26,427
26,467
26,517
26,615
26,669
26,704
26,748
26,787
26,810
26,860

Retail
trade
15,280
15,353
15,520
15,283
14,522
14,440
14,668
14,841
15,079
15,364
15,318
15,357
15,382
15,379
15,410
15,436
15,498
15,497
15,533
15,556
15,587
15,601
15,632

Information

Financial
activities

3,061
3,038
3,032
2,984
2,804
2,707
2,674
2,676
2,706
2,740
2,723
2,735
2,740
2,753
2,757
2,754
2,761
2,767
2,773
2,780
2,778
2,786
2,783

8,197
8,367
8,348
8,206
7,838
7,695
7,697
7,784
7,886
7,979
7,951
7,968
7,984
7,997
8,007
8,014
8,042
8,049
8,068
8,077
8,090
8,098
8,111

Profes- Education Leisure
sional
and
and
and
health
hospitalbusiness services
ity
services
16,954
17,566
17,942
17,735
16,579
16,728
17,332
17,932
18,515
19,096
19,005
19,079
19,124
19,180
19,231
19,271
19,367
19,439
19,459
19,508
19,547
19,613
19,676

17,630
18,099
18,613
19,156
19,550
19,889
20,228
20,698
21,097
21,475
21,409
21,452
21,497
21,539
21,585
21,613
21,664
21,718
21,760
21,821
21,863
21,927
22,001

12,816
13,110
13,427
13,436
13,077
13,049
13,353
13,768
14,254
14,710
14,667
14,698
14,721
14,746
14,795
14,850
14,892
14,948
14,972
15,033
15,039
15,049
15,106

Other
services

5,395
5,438
5,494
5,515
5,367
5,331
5,360
5,430
5,483
5,573
5,572
5,568
5,573
5,585
5,582
5,589
5,605
5,611
5,616
5,626
5,626
5,632
5,634

Government

21,804
21,974
22,218
22,509
22,555
22,490
22,086
21,920
21,853
21,863
21,841
21,855
21,861
21,865
21,880
21,883
21,892
21,902
21,901
21,906
21,908
21,923
21,941

1 Data from the establishment survey. Includes all full- and part-time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period that includes the
12th of the month. Excludes proprietors, self-employed persons, unpaid family workers, and private household workers. Data from the household survey shown on p. 11 include those workers and also
count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off. In the series shown here, persons who work at more
than one job are counted each time they appear on a payroll, in contrast to the series shown on p. 11 where persons are counted only once—as employed, unemployed, or not in the labor force. See
Employment and Earnings for details.
2 Includes mining and logging, not shown separately.
3 Includes wholesale trade, transportation and warehousing, and utilities, not shown separately.

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

14

Average Weekly Hours, Hourly Earnings, and Weekly Earnings—
Private Nonagricultural Industries
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Average weekly hours

Total
private
nonagricultural 1

Period

2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2014: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2015: Jan �����������
      Feb �����������
      Mar r ��������
      Apr r ���������
      May p �������

Average gross hourly earnings
Total private
nonagricultural 1

Manufacturing

Total

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

Overtime

40.7
41.1
41.2
40.8
39.8
41.1
41.4
41.7
41.8
42.0
41.9
42.2
42.1
42.0
42.0
42.1
42.1
42.2
42.1
42.1
41.9
41.8
41.8
41.8

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

Current
dollars

Manufacturing

1982-84
dollars 2

$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
20.61
8.85
20.52
8.83
20.55
8.81
20.59
8.82
20.63
8.83
20.68
8.86
20.68
8.85
20.72
8.87
20.77
8.93
20.72
8.95
20.81
9.07
20.82
9.05
20.88
9.05
20.91
9.06
20.97 �����������������

Average gross weekly earnings
Total private
nonagricultural 1
Current
dollars

$16.56
16.81
17.26
17.75
18.24
18.61
18.93
19.08
19.30
19.56
19.49
19.53
19.55
19.59
19.63
19.62
19.65
19.64
19.62
19.64
19.70
19.77
19.80
19.82

Percent change from
a year earlier,
total private
nonagricultural

Current dollars

1982-84
dollars 2

$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
694.89
298.53
691.52
297.47
692.54
297.06
693.88
297.10
695.23
297.45
696.92
298.50
696.92
298.22
698.26
298.84
702.03
301.78
700.34
302.48
701.30
305.74
703.72
306.00
703.66
305.08
702.58
304.39
706.69 �����������������

Manufacturing

Construction

$673.30
690.88
711.53
724.46
726.12
765.15
784.29
794.63
807.37
822.24
816.63
824.17
823.06
822.78
824.46
826.00
827.27
828.81
826.00
826.84
825.43
826.39
827.64
828.48

$750.37
781.59
816.23
842.61
851.76
891.83
921.84
942.14
958.72
977.05
979.48
978.61
979.00
984.33
982.26
982.97
982.48
985.75
988.72
982.64
988.72
988.94
990.12
990.36

Retail
trade

Current
dollars

$377.58
383.12
385.00
386.21
388.57
400.07
412.09
422.10
423.07
431.64
431.63
429.96
432.00
431.76
434.40
434.10
435.30
437.96
437.23
440.97
441.83
438.60
439.80
441.30

1982-84
dollars 2

2.9
–0.6
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
2.5
1.0
2.4
.4
2.4
.3
2.3
.3
3.0
1.1
2.8
1.2
2.3
.7
2.6
1.1
2.6
1.5
2.5
2.2
2.6
3.5
2.6
3.3
1.9
2.4
1.6
2.3
2.0 �������������������

1 Also includes other private industry groups shown on p. 14.
2 Current dollar earnings divided by the consumer price index for urban wage earners and clerical workers (CPI–W) (on a 1982-84=100 base).

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

Employment Cost Index—Private Industry
Index (December 2005 = 100)
Period

Total
compensation

Wages
and
salaries

Percent change from
3 months earlier

Benefits 1

Total
compensation

12 months earlier

Wages
and
salaries

Benefits 1

Total
compensation

Wages
and
salaries

Benefits 1

Not seasonally adjusted
2005:
2006:
2007:
2008:
2009:
2010:
2011:
2012:
2013:
2014:

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

100.0
103.2
106.3
108.9
110.2
112.5
115.0
117.1
119.4
122.2

100.0
103.2
106.6
109.4
110.8
112.8
114.6
116.6
119.0
121.6

100.0
103.1
105.6
107.7
108.7
111.9
115.9
118.2
120.5
123.5

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

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

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

Seasonally adjusted
2012: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2013: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2014: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2015: Mar �����������������������������������������

115.7
116.3
116.8
117.2
117.9
118.5
119.0
119.6
119.9
120.9
121.7
122.3
123.2

115.3
115.8
116.3
116.7
117.4
118.0
118.4
119.1
119.4
120.3
121.1
121.7
122.6

116.8
117.5
118.0
118.5
119.1
119.7
120.3
120.7
121.3
122.6
123.2
123.8
124.5

2.9
3.2
3.0
2.4
1.2
2.1
2.2
1.8
2.0
2.3

2.5
3.2
3.3
2.6
1.3
1.8
1.6
1.7
2.1
2.2

4.0
3.1
2.4
2.0
0.9
2.9
3.6
2.0
1.9
2.5

Not seasonally adjusted
0.5
.5
.4
.3
.6
.5
.4
.5
.3
.8
.7
.5
.7

0.5
.4
.4
.3
.6
.5
.3
.6
.3
.8
.7
.5
.7

0.6
.6
.4
.4
.5
.5
.5
.3
.5
1.1
.5
.5
.6

2.1
1.8
1.9
1.8
1.9
1.9
1.9
2.0
1.7
2.0
2.3
2.3
2.8

1.9
1.8
1.8
1.7
1.7
1.9
1.8
2.1
1.7
1.9
2.3
2.2
2.8

2.8
1.9
2.2
2.0
2.0
1.9
2.0
1.9
1.8
2.4
2.3
2.5
2.6

1 Employer costs for employee benefits.

Note: The employment cost index is a measure of the change in the cost of labor, free from the influence of employment shifts among occupations and industries.
Data exclude farm and household workers.
Source: Department of Labor (Bureau of Labor Statistics).

15

Productivity and Related Data, Business and Nonfarm Business Sectors
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

94.8
97.6
100.4
102.2
100.0
98.6
100.7
102.6
102.8
104.8
101.4
100.6
101.4
99.4
102.2
101.9
101.6
104.7
102.7
103.5
102.7
102.3
105.3
104.3
104.0
105.4
107.0

94.7
97.5
100.1
102.1
100.0
98.7
100.7
102.4
102.7
104.6
101.5
100.6
101.4
99.4
102.1
101.8
101.4
104.4
102.5
103.4
102.6
102.3
105.1
104.1
103.9
105.3
107.0

93.5
96.0
98.2
99.8
100.0
101.1
103.3
105.2
106.7
108.1
102.3
103.1
103.8
104.0
104.5
105.0
105.6
105.9
106.3
106.5
106.9
107.2
107.5
108.2
108.5
108.3
108.1

93.4
96.0
97.9
99.4
100.0
101.0
102.8
104.7
106.1
107.6
101.9
102.6
103.2
103.5
103.9
104.5
105.0
105.2
105.5
105.9
106.4
106.7
106.9
107.5
107.9
107.9
107.8

1.5
2.9
2.9
1.8
–2.2
–1.4
2.1
1.9
.2
1.9
10.6
–2.9
3.2
–7.7
11.7
–1.0
–1.3
13.0
–7.6
3.1
–3.1
–1.4
12.4
–3.9
–1.2
5.5
6.4

1.6
3.0
2.7
2.0
–2.0
–1.3
2.1
1.7
.2
1.8
11.0
–3.5
3.3
–7.7
11.4
–1.1
–1.8
12.7
–7.1
3.2
–2.9
–1.3
11.5
–3.7
–1.0
5.6
6.7

3.1
2.7
2.3
1.5
.2
1.1
2.2
1.8
1.4
1.3
1.7
3.1
2.7
.8
1.7
2.2
2.0
1.3
1.4
1.0
1.6
1.0
1.3
2.4
1.1
–.5
–.9

3.4
2.8
2.0
1.5
.6
1.0
1.8
1.8
1.4
1.4
.9
2.8
2.5
1.3
1.6
2.3
1.8
1.0
.9
1.5
1.9
1.4
.8
2.0
1.7
–.3
–.1

Indexes, 2009=100; quarterly data seasonally adjusted
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 r ������������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I ����������������
      II ���������������
      III ��������������
      IV r ������������
2015: I r * �����������

93.7
94.6
96.0
96.8
100.0
103.3
103.4
104.3
105.5
106.0
103.1
103.4
103.1
103.9
103.8
104.4
104.7
104.2
104.7
105.0
105.8
106.6
105.1
105.9
106.8
106.2
105.3

93.8
94.7
96.2
96.9
100.0
103.3
103.5
104.5
105.4
106.2
103.1
103.5
103.3
104.0
104.0
104.6
105.0
104.4
104.6
104.8
105.7
106.5
105.2
106.0
107.0
106.4
105.6

100.1
103.3
105.5
104.2
100.0
103.2
105.3
108.6
111.6
114.8
104.1
105.1
105.3
106.9
107.7
108.3
109.2
109.1
110.0
110.6
112.2
113.5
112.5
114.1
115.9
116.7
116.3

100.2
103.4
105.8
104.4
100.0
103.2
105.5
108.9
111.7
115.1
104.1
105.2
105.5
107.0
107.9
108.5
109.5
109.5
110.2
110.7
112.2
113.5
112.9
114.4
116.1
116.9
116.4

106.8
109.1
109.8
107.7
100.0
99.9
101.9
104.1
105.8
108.3
101.0
101.6
102.2
102.9
103.7
103.8
104.2
104.8
105.1
105.4
106.0
106.5
107.0
107.7
108.5
109.9
110.4

106.9
109.3
110.0
107.8
100.0
99.9
101.9
104.2
105.9
108.4
100.9
101.7
102.2
102.9
103.7
103.8
104.3
104.9
105.3
105.6
106.2
106.6
107.2
107.9
108.5
109.8
110.3

88.8
92.3
96.4
99.0
100.0
101.9
104.1
107.0
108.4
111.0
104.5
104.0
104.6
103.3
106.1
106.4
106.4
109.1
107.5
108.6
108.6
109.0
110.8
110.5
111.0
111.9
112.7

88.8
92.3
96.3
98.9
100.0
102.0
104.2
107.1
108.2
111.0
104.7
104.1
104.7
103.4
106.3
106.5
106.5
109.1
107.2
108.3
108.5
108.9
110.6
110.3
111.1
112.0
113.0

97.6
98.3
99.8
98.6
100.0
100.2
99.3
100.0
99.9
100.6
100.9
99.4
99.2
97.6
99.7
99.7
99.3
101.2
99.3
100.4
99.9
99.9
101.0
100.1
100.3
101.3
102.8

97.6
98.3
99.7
98.6
100.0
100.3
99.4
100.0
99.7
100.6
101.1
99.5
99.4
97.7
99.9
99.8
99.4
101.1
99.1
100.2
99.7
99.8
100.8
100.0
100.4
101.4
103.0

Percent change; quarterly data at seasonally adjusted annual rates
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 r ������������������
2011: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2012: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2013: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2014: I ����������������
      II ���������������
      III ��������������
      IV r ������������
2015: I r * �����������

2.1
1.0
1.5
.8
3.3
3.3
.1
.9
1.2
.5
–3.3
1.3
–1.0
3.2
–.3
2.0
1.4
–2.2
2.0
1.1
3.3
2.9
–5.2
2.9
3.3
–2.3
–3.1

2.1
.9
1.6
.8
3.2
3.3
.2
1.0
.9
.7
–3.3
1.5
–.9
3.0
.0
2.0
1.8
–2.3
.6
.9
3.4
3.0
–4.7
2.9
3.9
–2.1
–3.1

3.8
3.2
2.1
–1.2
–4.1
3.2
2.1
3.1
2.7
2.9
–2.2
3.8
1.1
6.1
3.1
2.3
3.1
–.1
3.2
2.1
5.9
4.6
–3.3
5.7
6.4
2.8
–1.3

3.8
3.2
2.3
–1.3
–4.3
3.2
2.2
3.2
2.6
3.0
–2.5
4.5
1.1
5.8
3.3
2.3
3.7
.1
2.4
2.0
5.6
4.7
–2.4
5.5
6.3
2.6
–1.6

1.7
2.2
.6
–2.0
–7.1
–.1
2.0
2.2
1.5
2.4
1.2
2.5
2.2
2.8
3.4
.2
1.7
2.1
1.3
1.0
2.6
1.7
2.0
2.7
2.9
5.2
1.9

1.7
2.2
.7
–2.0
–7.2
–.1
2.0
2.2
1.7
2.3
.9
2.9
2.0
2.8
3.3
.3
1.9
2.4
1.8
1.1
2.1
1.7
2.4
2.5
2.4
4.9
1.6

3.6
3.9
4.4
2.6
1.0
1.9
2.2
2.8
1.3
2.4
7.0
–1.7
2.1
–4.8
11.4
1.0
.1
10.5
–5.8
4.3
.1
1.4
6.6
–1.0
2.1
3.1
3.1

3.6
3.9
4.3
2.7
1.1
2.0
2.2
2.7
1.1
2.6
7.3
–2.0
2.4
–5.0
11.5
.9
–.1
10.1
–6.5
4.2
.4
1.7
6.3
–.9
2.8
3.4
3.3

0.2
.7
1.6
–1.2
1.4
.2
–1.0
.7
–.1
.8
2.5
–6.1
–.5
–6.4
9.0
.0
–1.6
7.7
–7.1
4.5
–2.2
.0
4.4
–3.4
.9
3.9
6.3

0.2
.7
1.4
–1.1
1.4
.3
–.9
.6
–.3
.9
2.9
–6.4
–.2
–6.6
9.0
–.1
–1.9
7.3
–7.8
4.4
–1.8
.2
4.2
–3.3
1.7
4.2
6.5

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 1978–2014 is based on the consumer price index research series
(CPI–U–RS).
5 Current dollar gross domestic output divided by the output index.
Note: Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here.
* Data based on GDP data released on May 29, 2015.
Source: Department of Labor (Bureau of Labor Statistics).

16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial production and capacity utilization fell in April.
INDEX, 2007 = 100* (RATIO SCALE)
120

INDEX, 2007 = 100* (RATIO SCALE)
140

110

130

100

120

90

110

80

100

TOTAL INDUSTRIAL PRODUCTION

120

MANUFACTURING

FINAL PRODUCTS

BUSINESS
EQUIPMENT

90

DURABLE

110

DEFENSE AND
SPACE EQUIPMENT

CONSUMER
GOODS

TOTAL1

100

80

90
70

NONDURABLE
80

PERCENT*
86
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
84

70

82

140

UTILITIES AND MINING

130

80
78

MINING

120

76
74

110

UTILITIES

72
70

100

68
66

90
2011

2012

2013

2014

2015

2011

2012

2013

2014

2015

1

SEE FOOTNOTE 1 TABLE BELOW
*SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]
Total industrial production 1
Period

2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 r ������������������
2014: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov r ���������
      Dec r ���������
2015: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr p ���������

Percent change 2
Index,
2007=100

95.5
97.6
100.0
96.6
85.7
90.6
93.6
97.1
99.9
104.1
103.2
103.7
104.1
104.5
104.5
105.2
105.1
106.3
106.2
105.9
105.8
105.5
105.2

From
preceding
month
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
0.1
.5
.4
.3
.0
.7
.0
1.1
–.1
–.3
–.1
–.3
–.3

Chart 17 - May 2015

Industry production indexes, 2007=100

Capacity utilization rate
(output as percent of
capacity) 1

Manufacturing

From
year
earlier
3.2
2.2
2.5
–3.4
–11.3
5.7
3.3
3.8
2.9
4.1
3.9
4.3
4.5
5.1
4.5
4.4
4.3
4.8
4.6
4.5
3.5
2.3
1.9

Total 1
95.0
97.4
100.0
95.3
82.4
87.3
90.3
94.0
96.5
99.8
99.1
99.5
99.9
100.8
100.4
100.6
100.8
102.0
101.9
101.3
101.1
101.5
101.5

Durable
91.2
95.4
100.0
96.6
78.6
87.2
93.2
100.0
104.4
109.8
108.4
109.7
110.3
111.9
110.9
111.1
111.5
112.8
112.5
111.6
110.9
111.1
111.2

Nondurable
98.3
98.8
100.0
94.1
86.9
88.7
88.9
90.0
91.2
93.1
93.0
92.5
92.7
93.0
93.4
93.8
93.7
94.9
95.2
94.8
95.0
95.4
95.3

Other
(non-NAICS) 1
107.4
106.1
100.0
93.5
80.7
76.4
74.3
72.8
68.9
65.8
66.9
67.1
67.4
66.5
65.5
64.2
63.8
63.4
62.5
62.8
63.4
64.5
64.3

Mining

97.0
99.2
100.0
101.2
95.7
100.7
106.8
113.5
118.9
129.6
127.7
129.0
131.1
131.3
132.5
133.8
132.3
131.5
135.0
133.3
130.6
130.4
129.3

Utilities

97.3
96.7
100.0
99.9
97.5
101.0
100.8
98.7
100.7
102.0
101.0
101.3
99.3
96.3
97.0
101.2
101.6
105.3
100.0
103.2
108.3
102.4
101.1

Total
industry

Total
manufacturing

79.9
80.2
80.5
77.6
68.7
73.8
76.3
77.3
77.9
79.1
79.0
79.1
79.2
79.3
79.1
79.4
79.2
79.8
79.5
79.2
78.9
78.6
78.2

78.2
78.4
78.7
74.6
65.6
71.1
73.9
75.5
76.1
77.2
77.0
77.1
77.3
77.8
77.4
77.4
77.4
78.1
78.0
77.4
77.2
77.3
77.2

1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industries—logging and newspaper,
periodical, book and directory-publishing—that have traditionally been included in manufacturing.
2 Percent changes based on unrounded indexes.

Note: Data based on NAICS except series as defined in footnote 1.
Source: Board of Governors of the Federal Reserve System.

17

Industrial Production—
Major Market Groups and Selected Manufactures
[2007=100; monthly data seasonally adjusted]
Products and nonindustrial supplies

Materials

Final products
Consumer goods

Period
Total

2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 r ������������������
2014: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov r ���������
      Dec r ���������
2015: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr p ���������

Nonindustrial supplies

Total

95.4
97.9
100.0
96.4
86.6
89.6
91.7
94.7
97.1
100.4
100.2
100.2
100.0
100.8
100.1
100.7
100.7
102.6
101.9
101.6
101.8
101.5
101.0

99.0
99.5
100.0
95.1
88.6
89.6
90.9
92.5
94.7
97.4
97.4
97.1
96.8
97.5
96.5
97.4
97.1
99.2
98.7
99.0
99.4
99.4
99.0

Durable
goods
97.9
98.3
100.0
88.8
74.0
79.4
83.3
90.0
96.9
102.7
100.7
102.2
102.9
107.5
103.6
103.3
103.1
106.9
106.4
105.4
103.3
105.6
106.6

Equipment
Nondurable
goods
99.3
99.9
100.0
97.2
93.4
92.9
93.4
93.5
94.5
96.3
96.8
96.0
95.5
95.1
94.9
96.2
95.8
97.5
97.0
97.6
98.7
98.0
97.3

Total 1
87.4
94.3
100.0
99.3
82.2
89.6
93.7
100.1
102.8
107.5
106.8
107.5
107.3
108.5
108.5
108.4
109.2
110.4
109.3
107.6
107.3
106.6
105.6

Business
87.7
95.8
100.0
97.7
80.1
86.7
91.5
98.3
101.9
107.0
106.3
107.2
106.9
108.2
108.0
107.6
108.8
110.4
109.0
108.0
108.7
109.1
108.7

Defense
and
space

Total

84.9
84.1
100.0
106.9
102.4
110.5
106.7
111.8
114.4
116.5
116.1
116.1
116.6
117.1
117.1
117.8
117.4
117.6
117.8
116.4
117.9
117.0
116.6

98.4
99.8
100.0
94.2
80.7
82.9
84.2
86.5
88.8
91.5
90.4
90.9
91.0
91.4
91.7
92.4
92.8
93.5
93.3
93.5
93.5
92.7
92.9

Construction

98.7
101.1
100.0
90.7
69.9
72.5
74.7
78.1
81.4
84.9
82.9
84.0
84.4
85.6
85.9
86.1
86.7
86.7
87.8
87.4
86.9
85.7
85.8

Business

98.2
99.2
100.0
96.0
86.0
88.0
88.9
90.5
92.4
94.7
94.0
94.3
94.2
94.1
94.5
95.4
95.8
96.7
95.9
96.4
96.7
96.0
96.3

Total 1

94.6
96.5
100.0
97.6
86.6
94.2
98.6
103.1
106.4
111.8
110.4
111.3
112.4
112.4
112.9
113.7
113.5
114.1
114.7
114.1
113.7
113.5
113.3

Energy

96.8
98.0
100.0
100.8
98.4
102.5
106.3
110.9
115.3
123.6
121.8
123.1
124.6
123.7
124.9
126.8
126.0
126.2
127.3
127.2
126.8
126.5
126.0

1 Includes other items, not shown separately.

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

Primary metals
Period
Total
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 r ������������������
2014: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov r ���������
      Dec r ���������
2015: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr p ���������

95.2
98.0
100.0
100.0
74.0
91.1
97.4
99.6
100.8
105.3
104.4
105.6
108.7
109.2
108.3
107.0
105.7
104.3
106.8
102.3
100.0
97.0
97.5

Iron
and
steel
products
94.3
98.4
100.0
106.4
68.5
89.4
97.5
101.2
100.2
102.6
100.4
101.6
103.9
106.8
103.5
105.6
107.4
104.2
104.1
95.6
90.3
84.6
86.3

Fabricated
metal
products

90.9
95.9
100.0
96.4
74.2
79.0
85.3
91.4
94.7
98.5
97.7
98.3
99.6
99.9
98.5
99.6
99.7
99.9
100.1
100.5
99.6
99.8
99.8

Nondurable manufactures

Machinery
Total
91.6
95.9
100.0
97.3
75.7
84.6
95.6
101.1
102.9
110.0
108.1
109.6
108.7
109.5
111.0
110.4
113.8
116.1
112.2
110.5
112.1
111.4
110.5

77.0
87.4
100.0
108.1
97.0
111.3
122.0
135.0
144.4
150.8
149.7
151.3
151.1
150.5
151.3
152.3
153.6
153.5
154.1
154.2
153.6
152.9
152.9

Selected
high-technology 1
71.1
84.9
100.0
115.5
103.0
127.6
146.4
164.7
180.5
191.3
189.7
194.1
194.4
193.5
192.8
193.9
195.7
195.8
194.7
193.3
191.7
190.8
191.1

Transportation
equipment
Total
93.0
94.2
100.0
89.6
73.4
85.0
89.0
99.3
104.7
110.9
108.9
110.9
111.4
116.8
112.5
112.0
111.6
114.9
114.3
113.3
112.4
114.8
115.2

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

Source: Board of Governors of the Federal Reserve System.

18

Motor
vehicles
and
parts
102.3
100.8
100.0
80.0
58.6
77.8
84.8
97.4
105.0
113.2
110.7
113.3
113.3
123.9
115.0
112.9
112.3
119.1
117.6
116.5
112.4
117.2
118.7

Apparel

128.8
125.2
100.0
77.7
55.7
54.3
51.1
49.2
50.5
51.1
50.9
50.2
49.9
50.3
49.7
51.4
51.3
52.4
53.6
54.6
52.7
52.4
52.2

Printing
and
support

98.6
97.8
100.0
93.8
78.8
78.8
78.0
76.1
75.7
77.4
76.6
76.8
77.5
77.7
77.4
77.3
77.6
78.1
78.7
78.2
77.8
78.8
79.1

Chemical

92.9
95.2
100.0
92.5
83.5
86.3
86.3
86.4
87.5
89.4
88.3
88.1
88.9
89.5
90.2
90.5
90.8
91.3
91.8
91.9
91.9
91.9
92.0

Food

98.6
99.5
100.0
98.8
98.2
98.6
98.5
102.8
104.5
106.5
106.9
106.4
106.2
105.7
105.4
105.7
106.3
108.3
108.4
108.6
108.5
109.3
109.2

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

2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2014: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2015: Jan �����������
      Feb r ���������
      Mar r ��������
      Apr p ���������

Total
new
construction
expenditures

Residential
Total

1,104.1
1,167.2
1,152.4
1,068.4
904.9
806.0
788.3
861.2
910.8
960.6
960.3
972.8
957.1
960.0
961.1
966.4
980.4
974.3
984.5
972.8
979.0
984.0
1,006.1

New
housing

Total 1

870.0
911.8
863.3
759.7
590.0
502.1
501.9
581.9
641.1
686.6
689.0
696.4
684.3
682.8
684.4
692.1
694.9
697.9
704.5
702.5
706.0
712.1
725.2

Federal
and
State
and
local

Nonresidential

611.9
613.7
493.2
350.3
245.9
238.8
244.1
280.6
336.2
349.0
360.8
357.0
350.6
348.9
346.2
346.4
347.9
346.9
349.6
354.0
354.7
351.1
353.1

Total

480.8
468.8
354.1
230.1
133.9
127.3
123.2
154.5
203.1
235.2
230.2
229.5
229.7
231.8
235.4
240.7
245.3
248.3
253.1
255.1
256.4
252.9
257.8

Lodging

258.1
298.1
370.0
409.4
344.1
263.3
257.8
301.4
304.9
337.6
328.2
339.4
333.7
334.0
338.2
345.7
346.9
351.0
354.8
348.4
351.3
361.0
372.1

Commercial
(including
farm)

Office

12.7
17.6
27.5
35.4
25.4
11.2
8.4
10.2
13.1
15.6
15.3
15.4
14.6
14.7
15.5
16.7
17.0
17.5
17.4
15.5
16.5
17.3
18.3

37.3
45.7
53.8
55.5
37.3
24.4
23.7
27.4
29.8
36.9
35.8
36.5
36.1
36.1
37.3
39.5
39.9
39.3
40.1
40.4
41.3
42.5
43.9

Manufacturing

66.6
73.4
85.9
82.7
51.1
37.2
39.2
44.3
48.7
55.4
51.9
52.6
53.9
54.9
56.0
58.6
59.1
60.1
61.0
59.8
58.7
59.2
61.0

Other 2

28.4
32.3
40.2
53.6
57.4
40.6
39.8
46.8
47.2
55.0
49.6
54.5
53.7
53.5
56.0
57.9
59.7
60.6
63.7
63.0
68.8
74.2
76.2

113.1
129.1
162.6
182.3
173.0
149.9
146.7
172.6
166.1
174.7
175.5
180.3
175.4
174.7
173.3
173.1
171.1
173.5
172.7
169.8
166.1
167.8
172.6

New
houses
sold

New
houses
for sale
at end
of period 3

234.2
255.4
289.1
308.7
314.9
304.0
286.4
279.3
269.6
273.9
271.3
276.5
272.9
277.2
276.7
274.3
285.6
276.4
280.0
270.3
273.0
271.9
280.9

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

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

New Private Housing and Vacancy Rates
[Thousands of units or houses, except as noted]
New housing units authorized 2

New housing units started
Type of structure

Period
Total
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 r ������������������

2,068.3
1,800.9
1,355.0
905.5
554.0
586.9
608.8
780.6
924.9
1,003.0

1 unit
1,715.8
1,465.4
1,046.0
622.0
445.1
471.2
430.6
535.3
617.6
647.9

Type of structure

2–4 units 1
41.1
42.7
31.7
17.5
11.6
11.4
10.9
11.4
13.6
13.7

5 units or
more

Total

311.4
292.8
277.3
266.0
97.3
104.3
167.3
233.9
293.7
341.7

2,155.3
1,838.9
1,398.4
905.4
583.0
604.6
624.1
829.7
990.8
1,052.1

1 unit
1,682.0
1,378.2
979.9
575.6
441.1
447.3
418.5
518.7
620.8
640.3

2–4 units

5 units or
more

New
housing
units
completed

Vacancy
rate for
rental
housing
units
(percent) 4

84.0
76.6
59.6
34.4
20.7
22.0
21.6
25.9
29.0
29.9

389.3
384.1
359.0
295.4
121.1
135.3
184.0
285.1
341.1
382.0

1,931.4
1,979.4
1,502.8
1,119.7
794.4
651.7
584.9
649.2
764.4
883.8

1,283
1,051
776
485
375
323
306
368
429
437

511
536
497
353
234
190
151
150
187
212

9.9
9.7
9.8
10.0
10.6
10.2
9.5
8.7
8.3
7.6

27
29
38
30
35
26
32
28
24
27
28
26
32

425
362
347
371
362
374
436
388
368
375
444
370
442

826
903
797
861
905
948
917
867
939
975
865
819
986

410
457
408
403
454
459
472
449
495
521
538
484
517

191
194
198
204
205
209
208
210
212
208
204
204
205

��������������������
��������������������
7.5
��������������������
��������������������
7.4
��������������������
��������������������
7.0
��������������������
��������������������
7.1
��������������������

Seasonally adjusted annual rates
2014: Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2015: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr p ���������

1,039
986
927
1,095
966
1,026
1,079
1,007
1,080
1,080
900
944
1,135

639
637
597
657
643
661
705
670
724
706
600
628
733

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

391
340
307
422
306
353
357
328
336
368
292
295
389

1,074
1,017
1,033
1,041
1,040
1,053
1,120
1,079
1,077
1,059
1,098
1,038
1,140

622
626
648
640
643
653
652
663
685
657
626
642
666

1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards.
2 Based on approximately 20,100 permit-issuing places beginning with 2014 and 19,300 beginning with 2004. Using the 2004 universe, the total for 2014 is 1,046.4.
3 Seasonally adjusted.
4 Quarterly data are three-month averages. Annual data are averages of quarterly data.

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 current estimates, manufacturing and trade sales rose 0.5 percent, while inventories rose
$1.7 billion. According to advance estimates, retail sales fell 0.1 percent in April. Retail and food services sales were
roughly unchanged.
BILLIONS OF DOLLARS* (RATIO SCALE)
1,900

BILLIONS OF DOLLARS* (RATIO SCALE)
600

1,800

550
RETAIL INVENTORIES

MANUFACTURING AND
TRADE INVENTORIES

1,700

500

1,600

RETAIL AND FOOD
SERVICES SALES

450

1,500
400
1,400

MANUFACTURING
AND TRADE SALES

350

RETAIL SALES

1,300
300

1,200

RATIO*
1.70

INVENTORY/SALES RATIO

1,100

1.60
1.50

1,000

RETAIL

1.40

MANUFACTURING
AND TRADE

1.30
1.20

900
2011

2012

2013

2014

2015

2011

2012

2013

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

2014

2015

COUNCIL OF ECONOMIC ADVISERS

[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

2005 r ������������������
1,005,821
1,313,394
1.27
303,208
368,070
1.17
2006 r ������������������
1,069,032
1,407,845
1.28
328,438
398,969
1.17
2007 r ������������������
1,128,176
1,486,057
1.28
351,956
424,318
1.17
2008 r ������������������
1,160,303
1,462,775
1.31
376,603
443,905
1.19
r
2009 ������������������
987,564
1,325,989
1.38
318,068
394,417
1.28
r
2010 ������������������
1,087,061
1,442,657
1.27
359,869
437,273
1.14
2011 r ������������������
1,204,161
1,555,262
1.26
405,214
480,931
1.14
2012 r ������������������
1,267,342
1,643,981
1.27
430,430
512,794
1.16
r
2013 ������������������
1,303,200
1,715,907
1.29
443,551
534,519
1.18
r
2014 ������������������
1,348,311
1,781,446
1.31
462,592
570,198
1.20
r
2014: Mar ��������
1,341,847
1,738,199
1.30
460,125
546,613
1.19
r
      Apr ���������
1,348,076
1,747,533
1.30
461,684
552,153
1.20
r
      May ��������
1,353,182
1,755,835
1.30
465,860
554,387
1.19
      June r �������
1,357,191
1,760,889
1.30
466,321
556,193
1.19
      July r ��������
1,365,564
1,766,790
1.29
468,699
556,636
1.19
r
      Aug ���������
1,361,942
1,769,533
1.30
466,534
560,382
1.20
r
      Sept ��������
1,358,331
1,774,039
1.31
466,414
561,836
1.20
      Oct r ����������
1,354,287
1,778,433
1.31
466,173
565,118
1.21
      Nov r ���������
1,352,373
1,780,173
1.32
465,997
569,479
1.22
r
      Dec ���������
1,339,038
1,781,446
1.33
461,666
570,198
1.24
2015: Jan r ���������
1,308,276
1,778,991
1.36
445,024
572,469
1.29
r
      Feb ���������
1,303,701
1,783,741
1.37
442,459
573,668
1.30
p
      Mar ��������
1,309,905
1,785,445
1.36
441,598
574,499
1.30
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.
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

Sales 2

Inventories 3

Chart 20 - May 2015

Retail and food
Inventory/sales services sales 2
4
ratio

307,440
471,658
1.51
322,631
486,439
1.49
332,932
500,625
1.49
328,026
477,449
1.52
301,204
429,453
1.47
318,405
455,051
1.39
342,166
470,989
1.35
358,853
505,169
1.38
372,419
543,511
1.41
386,024
558,321
1.43
382,356
545,210
1.43
385,728
546,956
1.42
386,644
547,944
1.42
387,651
550,434
1.42
388,196
556,180
1.43
390,353
554,795
1.42
388,462
556,747
1.43
389,672
557,744
1.43
391,741
554,624
1.42
387,188
558,321
1.44
383,889
558,296
1.45
381,432
561,001
1.47
r 385,875
562,573
1.46
385,517 ����������������������� �����������������������

340,479
357,863
369,978
366,063
338,902
357,362
383,482
402,594
417,645
434,037
429,358
432,969
434,241
435,371
436,183
438,710
437,311
439,189
441,444
437,590
434,225
431,921
r 436,776
436,772

Manufacturers’ Shipments, Inventories, and Orders
In April, manufacturers’ inventories rose, shipments were roughly unchanged, and new orders and unfilled orders
fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
580
540 SHIPMENTS
500
460
420
TOTAL
380
340

BILLIONS OF DOLLARS* (RATIO SCALE)
700
660
INVENTORIES
620
580
TOTAL
540
500
460
DURABLE GOODS
420

NONDURABLE GOODS

300

380
340

260

300

220

260

DURABLE GOODS

180

NONDURABLE GOODS

220

140

180

BILLIONS OF DOLLARS* (RATIO SCALE)
580
540 NEW ORDERS
500
460
420
TOTAL
380

140
RATIO*
1.60

340

INVENTORY/SHIPMENTS RATIO

1.50

300

DURABLE GOODS

260

1.40

220

1.30

180

1.20
1.10

140
2011

2012

2013

2014

2015

2011

2012

2013

2014

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1

Chart 21- May 2015

Durable goods
Period

Total

Durable
goods

2015

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
2005 r ������������������
2006 r ������������������
2007 r ������������������
2008 r ������������������
2009 r ������������������
2010 r ������������������
2011 r ������������������
2012 r ������������������
2013 r ������������������
2014 r ������������������
2014: Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2015: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr p ���������

395,173
417,963
443,288
455,675
368,292
408,787
456,781
478,059
487,231
499,695
500,664
500,678
503,219
508,669
505,055
503,455
498,442
494,635
490,184
479,363
479,810
482,432
482,428

202,070
213,516
223,919
218,328
171,886
190,900
207,780
221,518
225,593
236,532
232,635
233,566
235,294
243,305
241,202
240,834
239,888
237,558
242,029
239,765
237,047
240,599
240,125

193,103
204,447
219,369
237,347
196,406
217,887
249,001
256,542
261,638
263,162
268,029
267,112
267,925
265,364
263,853
262,621
258,554
257,077
248,155
239,598
242,763
241,833
242,303

473,666
522,437
561,114
541,421
502,119
550,333
603,342
626,018
637,877
652,927
648,424
653,504
654,262
653,974
654,356
655,456
655,571
656,070
652,927
648,226
649,072
648,373
648,988

283,663
317,440
334,597
330,120
295,112
321,953
353,150
366,644
375,526
398,295
382,412
385,849
387,540
389,252
390,907
392,885
394,605
396,418
398,295
399,540
400,588
400,745
401,574

190,003
204,997
226,517
211,301
207,007
228,380
250,192
259,374
262,351
254,632
266,012
267,655
266,722
264,722
263,449
262,571
260,966
259,652
254,632
248,686
248,484
247,628
247,414

397,015
424,150
449,779
453,919
349,269
406,314
456,739
478,182
487,654
504,584
509,166
501,954
510,052
565,232
505,642
500,812
496,308
493,017
474,894
472,969
468,026
478,504
476,690

203,913
219,703
230,410
216,572
152,863
188,426
207,738
221,640
226,016
241,422
241,137
234,842
242,127
299,868
241,789
238,191
237,754
235,940
226,739
233,371
225,263
236,671
234,387

67,867
74,127
79,817
73,134
48,358
61,656
70,941
78,887
80,976
86,432
81,933
80,546
84,621
139,590
87,448
83,139
80,128
81,725
73,440
80,376
75,521
81,074
80,443

654,688
798,211
947,045
996,124
825,118
869,235
950,208
1,021,440
1,087,229
1,210,631
1,123,491
1,130,082
1,142,235
1,204,617
1,210,827
1,213,630
1,216,967
1,220,658
1,210,631
1,209,242
1,202,563
1,203,506
1,202,445

1.17
1.20
1.22
1.26
1.39
1.28
1.28
1.29
1.30
1.31
1.30
1.31
1.30
1.29
1.30
1.30
1.32
1.33
1.33
1.35
1.35
1.34
1.35

1 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales.
2 Seasonally adjusted, end of period.
3 Annual data are averages of seasonally adjusted monthly ratios.

Note: Manufacturers’ nondurable new orders (not shown) are the same as nondurable shipments. Also, there are no unfilled nondurable orders; data shown for total unfilled orders are durable
unfilled orders.
Total and durable shipments and inventories include data on semiconductors; new and unfilled orders do not.
Data reflect benchmark and seasonal adjustment revisions released on May 14, 2015.
Source: Department of Commerce (Bureau of the Census).

21

PRICES
Producer Prices
The producer price index for final demand fell 0.4 percent in April. Prices for final demand goods fell 0.7 percent and
prices for final demand services fell 0.1 percent.
INDEX, NOV. 2009=100 (RATIO SCALE)

INDEX, NOV. 2009=100 (RATIO SCALE)
125

125
SEASONALLY ADJUSTED

FINAL DEMAND

120

120

FINAL DEMAND
GOODS

115

115

FINAL DEMAND
110

110

FINAL DEMAND
SERVICES

105

105

100

100

95

95
2009

2010

2011

2013

2012

2014

2015

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

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

Rel. imp. 4 �����������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 r ������������������
2014: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec r ���������
2015: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������

Total
final
demand 1

100.0
���������������
���������������
���������������
���������������
���������������
101.8
105.7
107.7
109.1
110.9
110.7
111.0
111.1
111.4
111.3
111.1
111.4
111.1
110.8
110.0
109.5
109.7
109.3

Final demand services

Total

Foods 2

Energy

Less
food
and
energy

Total

Trade 3

Transportation
and
warehousing

Other

34.693
�������������
�������������
�������������
�������������
�������������
102.8
109.9
111.7
112.6
114.0
114.5
114.6
114.9
114.8
114.5
114.4
113.9
113.0
111.6
109.4
109.0
109.3
108.5

5.794
�������������
�������������
�������������
�������������
�������������
103.7
112.5
115.9
117.8
121.6
122.5
122.4
122.5
122.2
121.9
121.8
122.5
122.6
122.5
121.3
119.4
118.5
117.4

6.320
�������������
�������������
�������������
�������������
�������������
107.2
126.2
126.3
125.3
124.2
126.7
127.2
128.1
127.1
125.8
124.7
121.5
117.0
109.3
98.4
98.4
99.9
97.0

22.579
�������������
�������������
�������������
�������������
�������������
101.4
104.9
106.8
107.9
109.5
109.3
109.4
109.5
109.7
109.7
109.9
109.8
109.7
109.7
109.7
109.6
109.8
109.7

63.288
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�������������
�������������
�������������
101.3
103.4
105.4
107.1
109.0
108.5
108.9
108.8
109.5
109.4
109.1
109.8
109.8
110.1
110.0
109.5
109.6
109.5

20.028
�������������
�������������
�������������
�������������
�������������
101.7
104.0
106.7
108.2
110.2
109.0
110.2
109.6
111.3
110.6
109.7
111.9
111.5
112.1
112.9
111.2
111.0
110.1

5.108
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���������������
���������������
���������������
���������������
103.2
110.0
114.2
115.3
117.7
117.3
117.7
118.2
118.4
118.6
118.4
117.9
118.3
118.3
117.1
115.4
115.2
115.1

38.152
�������������
�������������
�������������
�������������
�������������
100.9
102.5
103.9
105.8
107.5
107.3
107.2
107.5
107.6
107.9
107.9
107.9
108.0
108.2
107.8
108.1
108.4
108.6

Processed goods
Final
for intermediate
demand
demand (1982=100)
less
foods,
energy,
Less
and
food
trade
Total
and
(Aug. 2013
energy
=100) 2
67.858
����������������
����������������
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����������������
����������������
����������������
����������������
����������������
����������������
101.5
101.2
101.3
101.5
101.6
101.8
101.8
101.8
101.9
102.0
101.7
101.7
101.9
102.0

100.0
154.0
164.0
170.7
188.3
172.5
183.4
199.9
200.7
200.8
201.9
202.9
203.1
203.4
203.6
203.4
203.0
201.0
198.9
195.4
190.8
189.7
189.5
187.4

73.231
154.6
163.8
168.4
180.9
173.4
180.8
192.0
192.6
193.8
195.2
195.3
195.2
195.3
196.0
196.4
196.3
195.7
194.8
193.6
191.8
191.0
190.6
189.7

Unprocessed
goods
Chart 22 - May 2015
for intermediate
demand (1982=100)
Services
for
intermediNonfood
ate
materials demand
Total
less
energy
100.0
182.2
184.8
207.1
251.8
175.2
212.2
249.4
241.4
246.7
249.3
263.6
260.7
257.9
253.4
245.7
245.9
237.7
234.7
222.4
202.7
194.8
191.5
193.3

22.711
202.4
244.5
282.6
324.4
248.4
329.1
390.4
369.6
351.2
345.7
354.1
353.2
347.4
348.4
345.5
345.8
337.1
331.8
329.8
328.1
310.9
303.7
303.7

100.0
�����������������
�����������������
�����������������
�����������������
�����������������
101.1
103.2
105.3
107.2
108.9
108.4
108.4
108.5
109.2
109.2
109.1
109.5
109.5
109.7
109.4
109.5
109.7
110.3

1 Includes final demand construction, not shown separately.
2 Does not include food and beverages for immediate consumption, which are defined as the service of preparing meals, snacks, and beverages to customer order for immediate consumption.
3 Trade indexes measure changes in margins received by wholesalers and retailers.
4 Relative importance, December 2014.

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

22

Consumer Prices—All Urban Consumers
In April, the consumer price index for all urban consumers rose 0.1 percent; it rose 0.2 percent before seasonal
adjustment. The index fell 0.2 from its year earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE)
250

INDEX, 1982-84 = 100 (RATIO SCALE)
250
SEASONALLY ADJUSTED

240

240

CONSUMER PRICES—ALL ITEMS
230

230

220

220

210

210

200

200

190

190

180

180
2007

2008

2009

2010

2011

2012

2013

2014

SOURCE: DEPARTMENT OF LABOR

2015

COUNCIL OF ECONOMIC ADVISERS

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

Rel. imp. 4 �����������
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2014: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2015: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������

Not
seasonally Seasonally
adjusted
adjusted
(NSA)
100.0
195.3
201.6
207.342
215.303
214.537
218.056
224.939
229.594
232.957
236.736
237.072
237.900
238.343
238.250
237.852
238.031
237.433
236.151
234.812
233.707
234.722
236.119
236.599

�����������������
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�����������������
�����������������
236.240
236.950
237.348
237.596
237.409
237.626
237.753
237.067
236.284
234.677
235.186
235.740
235.982

All items less food and energy
Total 1

78.025
200.9
205.9
210.729
215.572
219.235
221.337
225.008
229.755
233.806
237.897
237.110
237.658
237.984
238.217
238.340
238.686
239.120
239.304
239.445
239.871
240.247
240.793
241.409

Shelter

32.859
224.4
232.1
240.611
246.666
249.354
248.396
251.646
257.083
263.056
270.513
268.848
269.667
270.160
270.869
271.489
272.186
272.833
273.501
274.016
274.759
275.431
276.163
276.925

Medical
care 2
7.748
323.2
336.2
351.054
364.065
375.613
388.436
400.258
414.924
425.134
435.292
433.217
434.453
435.138
435.803
436.047
436.872
437.686
439.419
441.370
441.362
441.385
442.735
445.800

Apparel

3.440
119.5
119.5
118.998
118.907
120.078
119.503
122.111
126.265
127.411
127.514
127.567
127.830
128.153
128.259
127.751
127.907
127.567
126.706
125.643
125.965
126.336
126.996
126.563

Food
New
vehicles
3.556
137.9
137.6
136.254
134.194
135.623
138.005
141.883
144.232
145.783
146.275
146.121
146.327
145.891
146.311
146.511
146.554
146.752
146.720
146.655
146.453
146.735
147.046
147.236

Energy

Total 1

At
home

Away
from
home

14.182
190.7
195.2
202.916
214.106
217.955
219.625
227.842
233.777
237.037
242.725
241.220
242.155
242.367
243.165
243.843
244.654
245.125
245.632
246.237
246.132
246.512
246.003
245.998

8.350
189.8
193.1
201.245
214.125
215.124
215.836
226.201
231.774
233.869
239.456
237.907
239.190
239.216
240.039
240.777
241.619
242.053
242.309
242.893
242.446
242.626
241.519
241.100

5.832
193.4
199.4
206.659
215.769
223.272
226.114
231.401
237.986
243.068
248.981
247.534
247.952
248.445
249.210
249.801
250.570
251.100
251.987
252.628
253.037
253.719
254.108
254.727

Total 1, 2

7.793
177.1
196.9
207.723
236.666
193.126
211.449
243.909
246.080
244.409
243.583
247.035
248.862
250.194
249.755
245.612
243.843
240.863
230.897
220.070
198.727
200.622
202.910
200.372

Chart 23 - May 2015

Gasoline

C-CPI-U
(NSA) 3

3.744 �������������������
194.7
113.7
219.9
117.0
237.959
119.957
277.457
124.433
201.555
123.850
238.594
125.615
301.694
129.453
311.470
131.976
302.577 �������������������
290.889 �������������������
299.610
135.810
301.128
136.248
304.358
136.462
303.044
136.385
294.814
136.132
292.119
136.229
286.208
135.843
265.500
135.014
240.998
134.094
195.938
133.167
200.557
133.819
208.324
134.755
204.717
135.019

1 Includes other items not shown separately.
2 Commodities and services.
3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices.
4 Relative importance, March 2015.

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

23

Changes in Producer Prices
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Processed goods Unprocessed goods
Change from year earlier
Final for intermediate for intermediate
(NSA)
demand
demand
demand
Services
less
for
foods,
intermeTransporLess
Nonfood
energy,
diate
tation
food
Total
Final
Final
materials
and
demand
Trade
and
Other
Total
and
Total
final demand demand
less
trade
wareenergy
demand goods services
energy
housing

Final demand goods
Period

Total
final
demand 1

Total

Foods

Energy

Final demand services
Less
food
and
energy

Total

Change, December to December, NSA
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 r ������������������

�����������
�����������
�����������
�����������
�����������
2.8
3.2
1.9
1.2
.9

����������
����������
����������
����������
����������
4.7
4.7
1.4
.8
–1.2

����������
����������
����������
����������
����������
5.3
5.7
4.1
–.8
4.4

����������
����������
����������
����������
����������
12.7
9.2
–1.3
.9
–13.2

�����������
�����������
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�����������
�����������
2.4
3.1
1.4
1.3
1.1

����������
����������
����������
����������
����������
1.7
2.3
2.2
1.3
2.1

����������
����������
����������
����������
����������
2.1
2.3
3.8
–.4
4.0

�������������
�������������
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�������������
�������������
4.3
6.7
2.7
2.0
.8

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

�����������
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�����������
�����������
�����������
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�����������
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1.3

8.6
2.8
7.1
–2.3
2.9
6.4
5.7
.4
.1
–2.6

4.8
4.5
3.3
2.9
–.1
4.7
3.8
.6
.7
–.1

21.1
–4.7
19.8
–24.6
13.3
16.1
6.6
1.4
–1.9
–8.7

5.2
17.0
15.6
–24.1
28.9
27.6
2.4
–1.6
–5.6
–5.3

��������������
��������������
��������������
��������������
��������������
1.4
2.0
2.9
1.0
1.8

�����������
�����������
�����������
�����������
�����������
�����������
3.8
1.9
1.3
1.6

�����������
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�����������
�����������
�����������
�����������
6.9
1.6
.8
1.2

������������
������������
������������
������������
������������
������������
2.1
1.9
1.6
1.8

0.1
.1
.2
.1
.2
.0
.0
.1
.1
–.3
.0
.2
.1

0.0
.1
.1
.1
–.1
–.2
–1.0
–1.0
–1.8
–2.4
–.6
–.1
–1.1

0.2
–.1
.1
.4
.2
–.1
–.3
–.5
–.6
–.9
–.4
–.2
–.5

1.1
–1.1
–1.1
–1.7
–3.0
.1
–3.3
–1.3
–5.2
–8.9
–3.9
–1.7
.9

1.4
–.3
–1.6
.3
–.8
.1
–2.5
–1.6
–.6
–.5
–5.2
–2.3
.0

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

1.8
2.1
1.8
1.9
1.9
1.6
1.5
1.3
.9
.0
–.6
–.8
–1.3

2.5
2.0
2.2
2.0
1.7
1.5
1.0
.4
–1.2
–3.7
–4.2
–4.4
–5.5

1.6
2.2
1.7
2.0
2.0
1.6
1.9
1.8
2.1
2.0
1.2
1.0
.9

Change, month to month
2014: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec r ���������
2015: Jan r ���������
      Feb �����������
      Mar ����������
      Apr �����������

0.1
.3
.1
.3
–.1
–.2
.3
–.3
–.3
–.7
–.5
.2
–.4

0.3
.1
.3
–.1
–.3
–.1
–.4
–.8
–1.2
–2.0
–.4
.3
–.7

1.8
–.1
.1
–.2
–.2
–.1
.6
.1
–.1
–1.0
–1.6
–.8
–.9

–0.5
.4
.7
–.8
–1.0
–.9
–2.6
–3.7
–6.6
–10.0
.0
1.5
–2.9

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

–0.1
.4
–.1
.6
–.1
–.3
.6
.0
.3
–.1
–.5
.1
–.1

–0.5
1.1
–.5
1.6
–.6
–.8
2.0
–.4
.5
.7
–1.5
–.2
–.8

0.5
.3
.4
.2
.2
–.2
–.4
.3
.0
–1.0
–1.5
–.2
–.1

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

1 Includes final demand construction, not shown separately.

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

Changes in Consumer Prices—All Urban Consumers
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
All items less food and energy
Period

All
items 1

Total 1

Shelter

Medical
care 2

Apparel

Food
New
vehicles

Total 1

At
home

Addendum: All items,
percent change (annual rate)

Energy
Away
from
home

Total 1, 2

Gasoline

C-CPI-U
(NSA) 3

From
previous
quarter 4

From
3
months
earlier

From
6
months
earlier

From
year
earlier
(NSA)

Change, December to December, NSA
2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������

3.4
2.5
4.1
.1
2.7
1.5
3.0
1.7
1.5
.8

2.2
2.6
2.4
1.8
1.8
.8
2.2
1.9
1.7
1.6

2.6
4.2
3.1
1.9
.3
.4
1.9
2.2
2.5
2.9

4.3
3.6
5.2
2.6
3.4
3.3
3.5
3.2
2.0
3.0

–1.1
.9
–.3
–1.0
1.9
–1.1
4.6
1.8
.6
–2.0

–0.4
–.9
–.3
–3.2
4.9
–.2
3.2
1.6
.4
.5

2.3
2.1
4.9
5.9
–.5
1.5
4.7
1.8
1.1
3.4

1.7
1.4
5.6
6.6
–2.4
1.7
6.0
1.3
.4
3.7

3.2
3.2
4.0
5.0
1.9
1.3
2.9
2.5
2.1
3.0

17.1
2.9
17.4
–21.3
18.2
7.7
6.6
.5
.5
–10.6

16.1
6.4
29.6
–43.1
53.5
13.8
9.9
1.7
–1.0
–21.0

2.9
2.3
3.7
.2
2.5
1.3
2.9
1.5
1.3
.5

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

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

0.4
.5
.0
.3
.3
.3
.2
.1
.2
–.2
.1
–.5
–.2

0.3
.2
.2
.3
.2
.3
.2
.4
.3
.2
.3
.2
.2

–0.1
.7
.5
–.2
–1.7
–.7
–1.2
–4.1
–4.7
–9.7
1.0
1.1
–1.3

1.8
.5
1.1
–.4
–2.7
–.9
–2.0
–7.2
–9.2
–18.7
2.4
3.9
–1.7

0.3
.3
.2
–.1
–.2
.1
–.3
–.6
–.7
–.7
.5
.7
.2

�������������
�������������
2.4
�������������
�������������
1.2
�������������
�������������
–.9
�������������
�������������
–3.1
�������������

1.9
2.7
2.7
2.3
.8
.5
.3
–.6
–2.2
–5.1
–3.1
–.9
2.2

2.0
2.5
2.3
2.1
1.8
1.6
1.3
.1
–.9
–2.4
–1.9
–1.6
–1.5

2.0
2.1
2.1
2.0
1.7
1.7
1.7
1.3
.8
–.1
.0
–.1
–.2

Change, month to month
2014: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2015: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������

0.2
.3
.2
.1
–.1
.1
.1
–.3
–.3
–.7
.2
.2
.1

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

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

0.3
.3
.2
.2
.1
.2
.2
.4
.4
.0
.0
.3
.7

0.0
.2
.3
.1
–.4
.1
–.3
–.7
–.8
.3
.3
.5
–.3

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

0.4
.4
.1
.3
.3
.3
.2
.2
.2
.0
.2
–.2
.0

1 Includes other items not shown separately.
2 Commodities and services.
3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices.
4 Quarterly changes are shown in the last month of the quarter.

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

24

Prices Received and Paid by Farmers
In April, prices received by farmers rose 2.0 percent and prices paid by farmers remained unchanged. (Data are not
seasonally adjusted.)
INDEX, 2011=100 (RATIO SCALE)
130

INDEX, 2011=100 (RATIO SCALE)
130
120

120

110

110

100

100
PRICES PAID

90

90

80

80
PRICES RECEIVED

70

70

60

60
1

RATIO1
140

RATIO
140

RATIO

120

120

100

100

80

80

60

60
2007

2008

2009

2010

2011

2013

2012

2015

2014

1RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.

SOURCE: DEPARTMENT OF AGRICULTURE

COUNCIL OF ECONOMIC ADVISERS

[2011=100; not seasonally adjusted]
Prices received by farmers 1

Period

2005 ���������������������������������������������������
2006 ���������������������������������������������������
2007 ���������������������������������������������������
2008 ���������������������������������������������������
2009 ���������������������������������������������������
2010 ���������������������������������������������������
2011 ���������������������������������������������������
2012 ���������������������������������������������������
2013 ���������������������������������������������������
2014 ���������������������������������������������������
2014: Apr ������������������������������������������
      May �����������������������������������������
      June ����������������������������������������
      July �����������������������������������������
      Aug �����������������������������������������
      Sept ����������������������������������������
      Oct ������������������������������������������
      Nov �����������������������������������������
      Dec ������������������������������������������
2015: Jan ������������������������������������������
      Feb r ����������������������������������������
      Mar r ���������������������������������������
      Apr ������������������������������������������

Agricultural
production

Crop
production

71
71
84
92
81
82
100
105
107
108
115
115
113
110
110
108
100
102
101
97
99
102
104

All commodities,
services, interest,
taxes, and wage
rates (PPITW) 2

Livestock
production

63
68
81
96
86
79
100
107
105
92
99
100
99
93
92
88
81
82
83
83
85
86
89

Chart 25 - May 2015

Prices paid by farmers

78
73
86
86
74
86
100
102
109
129
131
130
128
133
130
132
135
134
127
120
114
117
116

70
74
79
90
87
90
100
104
106
111
112
113
113
113
112
112
112
112
111
110
110
110
110

Production items,
interest, taxes, and
wage rates (PITW)

67
72
77
89
86
89
100
105
107
113
113
114
114
114
113
114
113
113
112
111
110
111
110

Ratio of prices
received by farmers
to PPITW 3

Production
items

65
69
75
88
85
88
100
105
107
114
114
115
116
115
114
115
114
114
114
111
111
111
111

101
96
106
102
93
92
100
100
100
97
103
102
100
97
98
96
89
91
91
88
90
93
95

1 Annual indexes for 2011 forward reflect revised methodology. See Agricultural Price Program Update, January 2015 for details.
2 Includes items not shown separately.
3 Annual data are averages of monthly ratios.

Note: These indexes are also available on a 1910-14=100 basis, as required by statute.
Source: Department of Agriculture (National Agricultural Statistics Service).

25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures
In April, M2 rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
12,400
11,600
10,800
10,000
9,200

BILLIONS OF DOLLARS* (RATIO SCALE)
12,400
11,600
10,800
10,000
9,200

8,400

8,400

M2

7,600

7,600

6,800

6,800

6,000

6,000

5,200

5,200

4,400

4,400

3,600

3,600

3,200

3,200

2,800

2,800

2,400

2,400

M1

2,000

2,000

1,600

1,600

1,200

1,200

2007

2008

2009

2010

2011

2012

2013

2014

*AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

2015

COUNCIL OF ECONOMIC ADVISERS

[Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted]
Chart 26 - May 2015

Period

2005: Dec ������������������������������������������
2006: Dec ������������������������������������������
2007: Dec ������������������������������������������
2008: Dec ������������������������������������������
2009: Dec ������������������������������������������
2010: Dec ������������������������������������������
2011: Dec ������������������������������������������
2012: Dec ������������������������������������������
2013: Dec ������������������������������������������
2014: Dec r ����������������������������������������
2014: Apr ������������������������������������������
      May �����������������������������������������
      June ����������������������������������������
      July �����������������������������������������
      Aug �����������������������������������������
      Sept ����������������������������������������
      Oct ������������������������������������������
      Nov �����������������������������������������
      Dec r ����������������������������������������
2015: Jan r ����������������������������������������
      Feb ������������������������������������������
      Mar r ���������������������������������������
      Apr ������������������������������������������

M1

M2

Debt

Sum of currency,
demand deposits,
travelers checks, and
other checkable deposits

M1 plus
savings deposits,
retail MMMF balances,
and small time deposits 1

Debt of
domestic
nonfinancial
sectors 2

1,374.8
1,368.3
1,376.6
1,607.1
1,698.4
1,841.8
2,168.2
2,457.7
2,654.5
2,910.3
2,771.4
2,784.6
2,813.0
2,839.5
2,816.0
2,856.9
2,862.4
2,876.5
2,910.3
2,927.9
2,992.3
2,987.7
2,994.5

6,654.1
7,046.0
7,452.4
8,177.0
8,482.4
8,782.9
9,635.9
10,423.6
10,984.9
11,630.5
11,217.4
11,282.6
11,330.7
11,405.8
11,443.6
11,481.4
11,521.7
11,564.7
11,630.5
11,706.5
11,826.3
11,845.7
11,895.1

27,179.7
29,514.0
31,903.6
33,756.2
34,470.5
35,619.0
36,758.2
38,423.0
39,766.9
41,416.9
���������������������������������������������
���������������������������������������������
40,509.0
���������������������������������������������
���������������������������������������������
40,944.4
���������������������������������������������
���������������������������������������������
41,416.9
���������������������������������������������
���������������������������������������������
���������������������������������������������
���������������������������������������������

Percent change
From
previous period 4

From year or 6 months earlier 3
M1

M2
–0.1
–.5
.6
16.7
5.7
8.4
17.7
13.4
8.0
9.6
11.5
12.4
11.9
11.7
7.2
8.2
6.6
6.6
6.9
6.2
12.5
9.2
9.2

Debt
4.2
5.9
5.8
9.7
3.7
3.5
9.7
8.2
5.4
5.9
5.4
6.5
6.3
6.7
5.8
5.7
5.4
5.0
5.3
5.3
6.7
6.3
6.5

9.0
8.4
8.2
6.2
3.3
4.1
3.6
5.0
3.8
4.3
�������������������������������
�������������������������������
3.4
�������������������������������
�������������������������������
4.4
�������������������������������
�������������������������������
4.7
�������������������������������
�������������������������������
�������������������������������
�������������������������������

1 Money market mutual fund (MMMF). Savings deposits include money market deposit accounts (MMDA).
2 Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts. Quarterly data shown in last

month of quarter. End-of-year data are for fourth quarter.
3 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate.
4 Annual changes are from fourth quarter to fourth quarter. Quarterly changes are from previous quarter at an annual rate.
Note: See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.

26

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

Period

2005: Dec �����������
2006: Dec �����������
2007: Dec �����������
2008: Dec �����������
2009: Dec �����������
2010: Dec �����������
2011: Dec �����������
2012: Dec �����������
2013: Dec �����������
2014: Dec �����������
2014: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct r ����������
      Nov r ���������
      Dec �����������
2015: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr �����������

Currency

724.6
750.2
760.6
816.2
863.7
918.8
1,001.5
1,090.5
1,160.3
1,252.2
1,198.4
1,204.7
1,211.4
1,217.5
1,223.3
1,228.0
1,232.7
1,242.0
1,252.2
1,266.3
1,271.9
1,279.2
1,284.1

Other checkable
deposits (OCDs)

Nonbank
travelers
checks

Demand
deposits

At
commercial
banks

Total

7.2
6.7
6.3
5.5
5.1
4.7
4.3
3.8
3.5
2.9
3.3
3.3
3.3
3.2
3.2
3.1
3.0
3.0
2.9
2.9
2.9
2.8
2.8

324.3
305.6
303.4
473.3
448.2
519.3
751.8
920.5
1,021.7
1,165.9
1,092.6
1,098.4
1,114.1
1,133.2
1,105.4
1,145.0
1,144.7
1,148.3
1,165.9
1,170.1
1,214.7
1,201.2
1,204.2

318.7
305.7
306.4
312.0
381.4
399.0
410.6
442.8
469.0
489.2
477.0
478.2
484.2
485.5
484.1
480.8
482.0
483.2
489.2
488.6
502.9
504.5
503.4

180.8
176.8
173.0
178.8
231.2
235.8
233.2
244.6
256.8
267.2
260.9
260.4
265.5
265.7
265.1
262.7
261.6
261.5
267.2
264.2
271.5
273.0
272.0

At
thrift
institutions
138.0
128.9
133.3
133.3
150.2
163.2
177.5
198.3
212.1
222.0
216.1
217.7
218.8
219.8
219.0
218.1
220.4
221.7
222.0
224.4
231.3
231.5
231.4

Savings deposits
(including MMDAs)

Small-denomination
time deposits 1

At
commercial
banks

At
commercial
banks

Total
3,603.4
3,695.5
3,869.6
4,091.4
4,815.5
5,333.7
6,033.3
6,686.0
7,131.8
7,584.3
7,269.1
7,323.3
7,350.9
7,404.8
7,468.2
7,472.8
7,508.9
7,545.3
7,584.3
7,644.7
7,708.4
7,748.0
7,802.1

2,774.6
2,911.8
3,042.1
3,322.1
3,979.2
4,410.0
5,034.2
5,727.0
6,108.0
6,502.6
6,218.8
6,257.9
6,282.8
6,337.5
6,394.7
6,397.7
6,431.4
6,469.2
6,502.6
6,555.2
6,612.0
6,649.2
6,695.0

At
thrift
institutions
828.9
783.7
827.5
769.3
836.4
923.6
999.0
959.0
1,023.8
1,081.7
1,050.3
1,065.4
1,068.0
1,067.3
1,073.5
1,075.1
1,077.5
1,076.1
1,081.7
1,089.6
1,096.4
1,098.8
1,107.1

Total
993.7
1,206.0
1,276.0
1,457.6
1,187.8
932.5
771.4
637.2
559.2
509.9
541.0
538.8
536.1
534.8
530.6
526.1
520.7
514.9
509.9
506.1
502.3
490.4
480.7

646.7
780.7
858.8
1,078.8
868.3
661.7
542.7
460.4
415.2
378.4
402.1
401.1
399.1
398.3
395.4
391.7
387.2
382.2
378.4
375.6
374.7
365.9
357.1

Institutional
money
funds 2

Retail
money
funds

At
thrift
institutions
347.0
425.4
417.2
378.8
319.6
270.8
228.7
176.7
144.0
131.5
138.9
137.6
137.0
136.6
135.3
134.4
133.5
132.7
131.5
130.5
127.5
124.5
123.6

682.0
776.2
930.2
1,020.9
780.6
675.0
663.0
642.7
639.4
625.9
636.0
636.0
630.7
626.8
628.9
625.6
629.7
628.1
625.9
627.8
623.3
619.6
617.7

1,177.0
1,391.5
1,961.4
2,459.2
2,254.8
1,894.4
1,762.7
1,741.1
1,776.2
1,803.5
1,739.5
1,746.9
1,743.8
1,751.7
1,748.5
1,753.6
1,775.5
1,787.0
1,803.5
1,789.3
1,783.7
1,807.8
1,785.1

1 Small-denomination deposits are those issued in amounts of less than $100,000.
2 Institutional money funds are not part of non-M1 M2.

Source: Board of Governors of the Federal Reserve System.

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

2005: Dec ������������
2006: Dec ������������
2007: Dec ������������
2008: Dec ������������
2009: Dec ������������
2010: Dec ������������
2011: Dec ������������
2012: Dec ������������
2013: Dec ������������
2014: Dec ������������
2014: Apr ������������
      May �����������
      June ����������
      July �����������
      Aug �����������
      Sept ����������
      Oct ������������
      Nov �����������
      Dec ������������
2015: Jan ������������
      Feb ������������
      Mar �����������
      Apr ������������

10,046
8,479
8,098
783,631
1,099,831
1,035,074
1,550,043
1,517,425
2,485,248
2,606,700
2,660,368
2,635,180
2,668,354
2,704,004
2,786,867
2,759,284
2,705,668
2,519,578
2,606,700
2,683,709
2,496,868
2,675,202
2,698,960

To satisfy
reserve
balance
requirements 2

That
exceed the
top of the
penalty-free
band

������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
75,713
90,852
88,014
90,873
89,357
92,840
95,348
89,839
93,260
94,838
90,852
99,273
97,853
100,477
101,495

������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
2,409,535
2,515,848
2,572,354
2,544,306
2,578,997
2,611,164
2,691,520
2,669,445
2,612,408
2,424,740
2,515,848
2,584,437
2,399,015
2,574,726
2,597,465

Reserve
balance
requirements 3

8,146
6,616
6,314
16,312
24,632
28,438
47,838
58,673
69,030
82,770
80,203
82,906
81,443
84,590
86,899
81,892
85,026
86,424
82,770
90,522
89,118
91,495
92,469

Borrowings from the Federal Reserve

Vault cash
used to
satisfy
required
reserves
35,337
34,803
35,365
37,245
40,619
42,927
48,672
52,959
55,771
59,236
54,532
53,204
53,914
55,019
55,173
55,203
54,648
55,521
59,236
61,875
59,203
57,660
57,779

Nonborrowed 4

45,214
43,091
28,033
167,311
970,523
1,032,512
1,589,189
1,569,589
2,540,849
2,665,835
2,714,784
2,688,244
2,722,088
2,758,793
2,841,761
2,814,187
2,760,096
2,574,969
2,665,835
2,745,518
2,556,053
2,732,842
2,756,687

Monetary
base 5

803,124
826,731
837,192
1,666,365
2,026,220
2,017,000
2,619,586
2,675,945
3,717,450
3,934,491
3,930,681
3,911,525
3,948,691
3,989,076
4,075,024
4,049,181
4,001,440
3,830,428
3,934,491
4,017,059
3,840,359
4,030,569
4,059,338

Total 6

169
191
15,430
653,565
169,927
45,488
9,526
795
170
102
117
139
179
231
278
300
221
130
102
66
18
20
52

Primary

Secondary

97
111
3,787
88,245
19,025
41
103
12
13
22
18
12
17
11
15
18
8
12
22
48
13
11
24

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

Seasonal

72
80
30
3
37
26
23
23
59
80
17
47
102
174
229
253
200
119
80
18
5
9
28

Term
assetbacked
securities
loan
facility 7
��������������������
��������������������
��������������������
��������������������
46,310
25,025
9,400
760
98
0
82
80
60
45
34
29
13
0
0
0
0
0
0

1 Data are prorated averages of biweekly (maintenance period) averages of daily figures.
2 Equals the sum of balances maintained up to the top of each institution’s penalty-free band.
3 Excludes vault cash used to satisfy required reserves.
4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve.
5 Equals total balances maintained plus currency in circulation (not shown).
6 Includes term auction credit (December 2007 to April 2010), primary dealer and other broker-dealer credit (March 2008 to February 2010), credit extended to American International Group, Inc.

(September 2008 to January 2011), asset-backed commercial paper money market mutual fund liquidity facility (September 2008 to February 2010), and other credit extensions, not shown separately.
7 Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility.
Note: Data reflect the creation of a penalty-free band around reserve balance requirements which took effect June 27, 2013. See H.3 release of July 11, 2013.
Source: Board of Governors of the Federal Reserve System.

27

Bank Credit at All Commercial Banks
Total commercial bank loans and leases rose 0.8 percent in April.
BILLIONS OF DOLLARS* (RATIO SCALE)
12,000

ALL COMMERCIAL BANKS

10,000
9,000
8,000

BILLIONS OF DOLLARS* (RATIO SCALE)
12,000

TOTAL

10,000
9,000
8,000
7,000

7,000
6,000

6,000

LOANS AND LEASES

5,000

5,000

4,000

4,000

3,000

3,000

U.S. TREASURY AND
AGENCY SECURITIES

2,000

2,000

1,600

1,600

1,200

1,200

800

800
OTHER SECURITIES

400

400
2007

2008

2009

2010

2011

2012

2013

2014

*SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

2015

COUNCIL OF ECONOMIC ADVISERS

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

2005: Dec �����������
2006: Dec �����������
2007: Dec �����������
2008: Dec �����������
2009: Dec �����������
2010: Dec �����������
2011: Dec �����������
2012: Dec �����������
2013: Dec �����������
2014: Dec r ���������
2014: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec r ���������
2015: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr �����������

Total
bank
credit

7,309.9
8,102.6
8,898.5
9,347.6
8,990.0
9,185.9
9,395.7
9,952.1
10,087.8
10,842.4
10,341.7
10,413.1
10,486.6
10,564.7
10,611.1
10,655.6
10,692.1
10,759.5
10,842.4
10,943.7
11,002.1
11,097.3
11,181.9

Total
securities

1,854.3
1,990.1
2,103.1
2,096.1
2,327.6
2,427.5
2,493.9
2,734.7
2,714.0
2,924.2
2,768.8
2,793.4
2,812.1
2,837.5
2,839.4
2,858.7
2,865.8
2,878.4
2,924.2
2,952.2
2,973.4
2,976.9
2,995.1

U.S.
Treasury
and
agency
securities
1,158.1
1,217.7
1,135.9
1,252.5
1,449.2
1,640.4
1,700.8
1,875.4
1,804.0
2,039.2
1,854.7
1,883.7
1,900.4
1,926.5
1,938.7
1,972.2
1,988.3
1,999.0
2,039.2
2,065.2
2,083.7
2,084.8
2,097.6

Loans and leases in bank credit

Other
securities

696.2
772.4
967.2
843.6
878.4
787.0
793.1
859.3
909.9
885.0
914.0
909.7
911.7
911.0
900.6
886.5
877.5
879.4
885.0
887.1
889.6
892.1
897.5

Total
loans
and
leases 3
5,455.6
6,112.5
6,795.4
7,251.5
6,662.5
6,758.4
6,901.8
7,217.3
7,373.9
7,918.2
7,573.0
7,619.7
7,674.5
7,727.2
7,771.7
7,796.9
7,826.3
7,881.1
7,918.2
7,991.4
8,028.7
8,120.4
8,186.8

Commercial
and
industrial
loans
1,035.5
1,181.9
1,417.1
1,558.1
1,264.7
1,191.8
1,302.7
1,474.2
1,574.9
1,773.9
1,655.7
1,668.4
1,681.2
1,701.1
1,718.0
1,729.1
1,736.1
1,755.1
1,773.9
1,790.6
1,808.1
1,840.0
1,856.0

Chart 28 - May 2015

Real estate loans
Total 4
2,926.3
3,370.8
3,597.5
3,817.0
3,774.4
3,611.1
3,491.7
3,546.8
3,527.5
3,632.5
3,569.2
3,577.9
3,595.4
3,604.8
3,613.9
3,616.8
3,619.1
3,622.8
3,632.5
3,643.9
3,661.9
3,699.0
3,704.9

Revolving
home equity
loans
443.2
468.1
484.6
588.0
602.8
581.7
549.2
514.9
473.4
457.5
467.4
466.3
465.0
463.7
461.8
460.4
459.9
458.9
457.5
456.0
454.9
453.8
452.5

Commercial
loans
1,269.0
1,458.0
1,586.0
1,727.3
1,639.8
1,499.3
1,416.7
1,426.4
1,496.4
1,601.5
1,532.6
1,540.8
1,550.7
1,560.9
1,570.3
1,577.4
1,584.9
1,592.2
1,601.5
1,611.5
1,623.4
1,648.4
1,655.1

Consumer
loans 5

703.4
737.6
798.3
875.4
835.4
1,113.3
1,090.6
1,114.8
1,140.5
1,197.6
1,158.5
1,165.5
1,171.7
1,179.7
1,183.2
1,188.0
1,191.9
1,196.6
1,197.6
1,198.5
1,199.7
1,202.1
1,212.1

Other
loans
and
leases 6
790.4
822.2
982.5
1,001.0
788.0
842.2
1,016.8
1,081.5
1,131.0
1,314.2
1,189.6
1,207.9
1,226.2
1,241.6
1,256.6
1,263.0
1,279.1
1,306.6
1,314.2
1,358.5
1,359.0
1,379.4
1,413.8

1 Data are prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, and Edge Act and agreement corporations.
2 Includes securities held in trading accounts, held-to-maturity, and available-for-sale. Excludes all non-security trading assets, such as derivatives with a positive fair value or loans held in trading

accounts.
3 Excludes unearned income. Includes the allowance for loan and lease losses. Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the
United States. Includes all loans held in trading accounts under a fair value option.
4 Includes closed-end residential loans, not shown separately.
5 Includes credit cards and other consumer loans.
6 Includes other items, not shown separately.
Source: Board of Governors of the Federal Reserve System.

28

Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources

Uses

External (Net increase in liabilities)
Funds raised in markets
Period

Total

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

Internal 1

2,300.8
2,202.2
2,633.4
1,732.0
1,185.0
2,164.3
2,622.8
2,746.1
2,923.7
2,658.6
2,635.8
2,793.6
2,874.2
2,680.5
2,934.0
2,815.5
3,044.7
2,900.4
2,253.3
2,912.7
2,813.9
2,654.4

1,335.4
1,363.1
1,352.5
1,393.1
1,433.7
1,676.7
1,728.5
1,761.0
1,804.6
1,756.8
1,771.7
1,810.1
1,767.7
1,694.3
1,766.5
1,802.9
1,804.2
1,844.6
1,650.4
1,762.2
1,832.0
1,782.6

Total
net
funds
raised

Total

965.4
839.1
1,280.9
338.9
–248.7
487.6
894.3
985.1
1,119.1
901.8
864.1
983.5
1,106.5
986.2
1,167.5
1,012.6
1,240.5
1,055.8
602.9
1,150.5
981.9
871.8

–33.3
–108.6
–60.5
–57.5
–411.1
–326.0
–197.6
44.2
54.0
26.2
118.3
–162.6
2.0
219.2
162.7
2.5
211.9
–161.0
39.8
18.8
–84.2
130.2

Net
new
equity
issues
–300.2
–496.9
–713.0
–319.6
–52.5
–255.1
–456.7
–359.5
–372.7
–422.9
–242.7
–480.9
–348.9
–365.5
–219.3
–375.1
–414.1
–482.2
–527.5
–275.3
–460.8
–427.9

Credit market instruments
Total

Securities
and
mortgages

Loans
and
short-term
paper

191.7
215.9
257.5
122.4
109.3
82.1
96.7
343.0
312.3
297.5
353.6
228.5
376.4
413.1
306.4
192.0
484.5
266.1
293.8
235.2
244.9
415.9

75.3
172.3
395.1
139.9
–467.9
–153.0
162.5
60.7
114.5
151.5
7.4
89.8
–25.6
171.6
75.7
185.5
141.4
55.0
273.6
59.0
131.6
142.0

266.9
388.3
652.5
262.1
–358.6
–70.9
259.2
403.7
426.7
449.0
361.0
318.3
350.9
584.7
382.1
377.5
626.0
321.2
567.4
294.2
376.6
558.0

Other 2

899.9
755.8
1,129.3
206.8
57.7
656.5
899.2
770.8
858.0
781.6
597.2
967.8
956.4
561.9
869.1
785.6
825.5
951.5
1,012.1
873.4
809.1
431.8

Total

2,136.2
2,037.4
2,467.2
751.2
1,320.6
1,868.1
1,825.3
1,984.2
2,423.7
2,360.3
1,882.2
2,174.4
2,015.5
1,864.5
2,519.4
2,368.4
2,340.9
2,466.0
1,975.4
2,687.9
2,274.7
2,503.1

Capital
expenditures 3

1,191.7
1,337.3
1,394.4
1,360.0
1,020.8
1,235.4
1,331.9
1,478.0
1,525.8
1,684.3
1,467.2
1,494.3
1,497.0
1,453.5
1,435.9
1,500.3
1,582.7
1,584.2
1,597.6
1,663.2
1,710.7
1,765.6

Increase
in
financial
assets

944.5
700.1
1,072.8
–608.8
299.8
632.7
493.4
506.2
897.9
676.0
415.0
680.1
518.5
411.0
1,083.5
868.1
758.2
881.8
377.8
1,024.7
564.0
737.5

Discrepancy
(sources
less
uses)

164.6
164.8
166.3
980.8
–135.6
296.1
797.5
761.9
499.9
298.3
753.6
619.2
858.7
816.0
414.5
447.1
703.8
434.4
278.0
224.8
539.2
151.4

1 Profits before tax (book) less taxes on corporate income, less net dividends, plus capital consumption allowance (consumption of fixed capital plus capital consumption adjustment), foreign earnings retained abroad, inventory valuation adjustment, and net capital transfers.
2 Includes trade payables, taxes payable, and miscellaneous liabilities (foreign direct investment in the U.S., pension fund contributions payable, and other).
3 Nonresidential fixed investment plus residential fixed investment, inventory change with inventory valuation adjustment, and nonproduced nonfinancial assets.

Source: Board of Governors of the Federal Reserve System.

Consumer Credit
[Billions of dollars; seasonally adjusted]
Net change in consumer credit outstanding 1

Consumer credit outstanding (end of period)
Period
Total
2005: Dec ������������������������������������������
2006: Dec ������������������������������������������
2007: Dec ������������������������������������������
2008: Dec ������������������������������������������
2009: Dec ������������������������������������������
2010: Dec ������������������������������������������
2011: Dec ������������������������������������������
2012: Dec ������������������������������������������
2013: Dec ������������������������������������������
2014: Dec r ����������������������������������������
2014: Apr ������������������������������������������
      May �����������������������������������������
      June ����������������������������������������
      July �����������������������������������������
      Aug �����������������������������������������
      Sept ����������������������������������������
      Oct r �����������������������������������������
      Nov r ����������������������������������������
      Dec r ����������������������������������������
2015: Jan r ����������������������������������������
      Feb r ����������������������������������������
      Mar r ���������������������������������������
      Apr p ����������������������������������������

Nonrevolving 2

Revolving
2,290.9
2,461.3
2,615.1
2,650.0
2,552.3
2,646.9
2,755.4
2,922.9
3,098.8
3,317.2
3,174.0
3,193.3
3,211.8
3,233.3
3,249.4
3,267.5
3,283.8
3,300.3
3,317.2
3,327.4
3,342.6
3,363.9
3,384.5

829.5
924.0
1,002.0
1,004.4
916.4
839.5
841.2
845.9
858.2
890.0
870.9
873.2
875.8
880.4
881.4
883.4
884.6
885.9
890.0
888.0
886.0
890.9
899.5

1,461.4
1,537.3
1,613.1
1,645.7
1,635.9
1,807.4
1,914.2
2,077.0
2,240.6
2,427.2
2,303.1
2,320.1
2,336.0
2,352.8
2,367.9
2,384.0
2,399.2
2,414.4
2,427.2
2,439.4
2,456.6
2,473.0
2,485.0

Total

Nonrevolving 2

Revolving
98.7
170.4
153.8
34.9
–97.7
94.6
108.5
167.5
175.9
218.4
26.7
19.3
18.5
21.5
16.1
18.1
16.3
16.5
16.9
10.2
15.2
21.3
20.6

29.9
94.5
78.0
2.4
–88.0
–76.9
1.7
4.7
12.3
31.8
10.0
2.3
2.6
4.6
1.0
2.0
1.2
1.3
4.1
–2.0
–2.0
4.9
8.6

68.7
75.9
75.8
32.6
–9.8
171.5
106.8
162.8
163.6
186.6
16.7
17.0
15.9
16.8
15.1
16.1
15.2
15.2
12.8
12.2
17.2
16.4
12.0

1 Change based on data in billions of dollars as shown here. For year-end data, change from preceding year-end; for monthly data, change from preceding month.
2 Includes automobile loans and all other loans not included in revolving credit, such as loans for mobile homes, education, boats, trailers, or vacations. These loans may be secured or unsecured.

Note: Data include student loans extended by the Federal Government and by SLM Holding Corporation.
Source: Board of Governors of the Federal Reserve System.

29

Interest Rates and Bond Yields
Interest rates were mixed in May.
PERCENT PER ANNUM
10

PERCENT PER ANNUM
10

8

8

CORPORATE Aaa BONDS
(MOODY'S)

6

6

4

4

FEDERAL FUNDS
RATE
2

2
TREASURY
BILLS

0

0
2007

2008

2009

2010

2011

2012

2013

2014

SOURCE: SEE TABLE BELOW

2015

COUNCIL OF ECONOMIC ADVISERS

[Percent per annum]
Chart 30 - May 2015

U.S. Treasury security yields
Period

2005 ��������������������
2006 ��������������������
2007 ��������������������
2008 ��������������������
2009 ��������������������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2014: May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2015: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
Week ended:
2015: May   9 �����
          16 �����
          23 �����
          30 �����
      June 6 �����

3-month bills
(at auction) 1

Constant maturities 2
3-year

10-year

30-year

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

Corporate
Aaa
bonds
(Moody’s)

Discount
window
primary credit
(N.Y. F.R.
Bank) 4

Prime
rate
charged
by
banks 4

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

3.93
4.77
4.35
2.24
1.43
1.11
.75
.38
.54
.90
.83
.90
.97
.93
1.05
.88
.96
1.06
.90
.99
1.02
.87
.98

4.29 �����������������������
4.80
4.91
4.63
4.84
3.66
4.28
3.26
4.08
3.22
4.25
2.78
3.91
1.80
2.92
2.35
3.45
2.54
3.34
2.56
3.39
2.60
3.42
2.54
3.33
2.42
3.20
2.53
3.26
2.30
3.04
2.33
3.04
2.21
2.83
1.88
2.46
1.98
2.57
2.04
2.63
1.94
2.59
2.20
2.96

4.29
4.42
4.42
4.80
4.64
4.16
4.29
3.14
3.96
3.78
3.80
3.72
3.75
3.53
3.55
3.35
3.49
3.39
3.16
3.26
3.29
3.40
3.77

5.24
5.59
5.56
5.63
5.31
4.94
4.64
3.67
4.24
4.16
4.16
4.25
4.16
4.08
4.11
3.92
3.92
3.79
3.46
3.61
3.64
3.52
3.98

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
.75

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
3.25

.02
.02
.02
.02
.01

.99
.96
.98
.98
1.05

2.19
2.24
2.23
2.13
2.31

3.77
3.79
3.86
3.77
3.79

3.91
4.02
4.07
3.95
4.13

.75
.75
.75
.75
.75

3.25
3.25
3.25
3.25
3.25

2.91
3.02
3.02
2.89
3.04

New-home
mortgage
yields
(FHFA) 6

Federal
funds
rate 5

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
.09
4.22
.09
4.01
.10
4.27
.09
4.25
.09
4.25
.09
4.23
.09
4.23
.09
4.16
.12
4.14
.11
4.05
.11
3.91
.11
3.93
.12
3.92
.12 �������������������������
.12
.13
.13
.13
.10

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

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. Series for 30-year constant maturity was discontinued on February 18, 2002 and reintroduced on February 6, 2006.
3 Weekly data are Wednesday figures.
4 Average effective rate for year; rate in effect at end of month or week.
5 Daily effective rate; weighted average of rates on brokered trades.
6 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years.

Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Agency, Moody’s Investors Service, and Standard & Poor’s.

30

Common Stock Prices and Yields
Stock prices were mixed in May.
INDEX, DEC. 31, 2002=5,000 (RATIO SCALE)
12,000

INDEX, DEC. 31, 2002=5,000 (RATIO SCALE)
12,000
11,000

11,000

10,000

10,000

COMPOSITE STOCK PRICE INDEX
(NYSE)

9,000

9,000

8,000

8,000

7,000

7,000

6,000

6,000

5,000

5,000

4,000
2007

2008

2010

2009

2011

4,000
2012

2013

2014

PERCENT
20

2015
PERCENT
20

15

15

EARNINGS/PRICE RATIO ON COMMON STOCKS
(S&P)

10

10

5

5

0

0
2007

2008

2009

2010

2011

2013

2012

SOURCES: NEW YORK STOCK EXCHANGE, STANDARD AND POOR'S, AND BLOOMBERG

2014

2015

COUNCIL OF ECONOMIC ADVISERS

Common stock yields
(percent) 6

Common stock prices 1

Chart 31 - May 2015

New York Stock Exchange indexes
(December 31, 2002=5,000) 2

Period
Composite
2005 ���������������������
2006 ���������������������
2007 ���������������������
2008 ���������������������
2009 ���������������������
2010 ���������������������
2011 ���������������������
2012 ���������������������
2013 ���������������������
2014 ���������������������
2014: May �����������
      June ����������
      July �����������
      Aug �����������
      Sept ����������
      Oct ������������
      Nov �����������
      Dec ������������
2015: Jan ������������
      Feb ������������
      Mar �����������
      Apr ������������
      May �����������
Week ended:
2015: May   9 ������
          16 ������
          23 ������
          30 ������
      June 6 ������

Financial

Energy

Health
Care

Dow Jones
industrial
average 3

Standard
& Poor’s
composite
index
(1941–43=10) 4

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

Dividend/price
ratio

Earnings/price
ratio

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
10,653.17
10,646.46
10,905.05
10,978.98
10,840.40
10,926.74
10,471.37
10,911.73
10,818.24
10,679.25
10,969.94
10,917.86
11,094.59
11,145.24

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
6,448.33
6,345.75
6,517.17
6,541.32
6,498.76
6,593.99
6,388.44
6,681.69
6,712.14
6,480.39
6,607.33
6,624.48
6,690.03
6,784.59

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
14,598.07
15,577.31
15,991.27
15,483.41
15,169.68
15,361.76
13,806.00
13,710.24
12,420.24
12,004.74
12,624.48
11,965.22
12,697.46
12,652.05

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
11,195.85
11,016.20
11,238.50
11,363.35
11,195.04
11,606.33
11,331.80
11,939.26
12,108.74
12,230.02
12,470.21
12,807.87
13,053.10
13,109.92

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
16,773.99
16,567.25
16,843.75
16,988.26
16,775.15
17,098.13
16,701.87
17,648.98
17,754.24
17,542.26
17,945.41
17,931.75
17,970.51
18,124.71

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
1,930.67
1,889.77
1,947.09
1,973.10
1,961.53
1,993.23
1,937.27
2,044.57
2,054.27
2,028.18
2,082.20
2,079.99
2,094.86
2,111.94

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
4,374.31
4,135.37
4,332.74
4,434.13
4,464.83
4,551.58
4,403.23
4,687.70
4,732.70
4,673.70
4,854.26
4,938.01
4,985.95
5,029.43

1.83
1.87
1.86
2.37
2.40
1.98
2.05
2.24
2.14
2.04
2.08
2.04
2.00
2.04
2.01
2.08
2.00
2.01
2.04
2.00
2.02
2.02
2.06

5.36
5.78
5.29
3.54
1.86
6.04
6.77
6.20
5.57
5.25
����������������������������
5.26
����������������������������
����������������������������
5.37
����������������������������
����������������������������
4.97
����������������������������
����������������������������
4.80
����������������������������
����������������������������

11,094.30
11,161.32
11,217.73
11,099.43
11,046.04

6,736.08
6,799.59
6,840.11
6,771.85
6,762.74

12,872.81
12,711.14
12,574.87
12,298.14
12,178.09

12,934.03
13,063.31
13,261.37
13,234.16
13,206.67

17,991.15
18,151.74
18,282.89
18,085.33
17,976.72

2,097.64
2,109.35
2,127.95
2,113.97
2,104.81

4,965.00
5,010.11
5,080.07
5,076.84
5,077.25

2.07
2.06
2.04
2.07
2.06

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

1 Annual data are averages of monthly figures. Monthly and weekly data are averages of daily closing prices.
2 Includes all the stocks (in 2015, over 3,200) listed on the NYSE.
3 Includes 30 stocks.
4 Includes 500 stocks.
5 Includes over 2,900 stocks in 2015.
6 Standard & Poor’s series. Dividend/price ratios based on Wednesday closing prices. Earnings/price ratios based on prices at end of quarter.

Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor’s, Nasdaq Stock Market, and Bloomberg.

31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
In the first seven months of fiscal year 2015, the deficit was $282.8 billion, compared with a deficit of $306.4 billion
a year earlier.
BILLIONS OF DOLLARS
4,200
4,000

RECEIPTS AND OUTLAYS

BILLIONS OF DOLLARS
4,200

1

4,000
OUTLAYS1

3,800

3,800

3,600

3,600

3,400

3,400

3,200

3,200

3,000

3,000

2,800

2,800

2,600

2,600

2,400

2,400

2,200

2,200

RECEIPTS1

2,000

2,000

1,800

1,800

1,600

1,600

400

SURPLUS OR DEFICIT (–)1

400

0

0

–400

–400

–800

–800

–1,200

–1,200

–1,600

–1,600

–2,000

–2,000
2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

FISCAL YEARS
1
INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Total
Fiscal year or period
Receipts
1997 ����������������������������������������������������
1998 ����������������������������������������������������
1999 ����������������������������������������������������
2000 ����������������������������������������������������
2001 ����������������������������������������������������
2002 ����������������������������������������������������
2003 ����������������������������������������������������
2004 ����������������������������������������������������
2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 ����������������������������������������������������
2012 ����������������������������������������������������
2013 ����������������������������������������������������
2014 ����������������������������������������������������
2015 (estimates) ���������������������������������
2016 (estimates) ���������������������������������
Cumulative total, first 7 months: 1
Fiscal year 2014 ����������������������������������
Fiscal year 2015 ����������������������������������

Outlays

Chart 32 - Jan 2015

On-budget
Surplus
or
deficit
(–)

Receipts

Outlays

Off-budget
Surplus
or
deficit
(–)

Receipts

Outlays

Surplus
or
deficit
(–)

Gross
Federal

Held by
the public

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
2,450.0
2,775.1
3,021.5
3,176.1
3,525.2

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
3,537.0
3,454.6
3,506.1
3,758.6
3,999.5

–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
–484.6
–582.5
–474.3

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
1,880.5
2,101.8
2,285.9
2,410.5
2,724.2

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
3,029.4
2,820.8
2,800.0
3,006.0
3,201.1

–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
–514.1
–595.5
–476.9

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
735.6
765.6
801.0

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
706.1
752.6
798.4

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
29.5
13.0
2.6

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
17,794.5
18,627.6
19,333.8

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
11,982.7
12,779.9
13,506.3
14,108.5

1,736.9
1,891.6

2,043.3
2,174.4

–306.4
–282.8

1,302.2
1,437.9

1,633.8
1,745.3

–331.5
–307.4

434.6
453.7

409.5
429.1

25.1
24.6

17,477.5
18,123.6

12,499.4
13,050.7

1 Data from current issue Monthly Treasury Statement.

Note: Data (except as noted) are from Budget of the United States Government, Fiscal Year 2016, issued February 2, 2015.
Sources: Department of the Treasury and Office of Management and Budget.

32

Federal debt
(end of period)

Federal Receipts by Source and Outlays by Function
In the first seven months of fiscal year 2015, receipts were $154.8 billion higher than a year earlier and outlays were
$131.1 billion higher.
BILLIONS OF DOLLARS
1,800
RECEIPTS1
1,600
1,400
1,200
1,000
800
600
400
200
OTHER RECEIPTS
0
3,600
3,400

BILLIONS OF DOLLARS
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0

INDIVIDUAL INCOME TAXES

CORPORATION
INCOME TAXES

SOCIAL INSURANCE
AND RETIREMENT RECEIPTS

3,600
3,400

OUTLAYS1

3,200

3,200

NONDEFENSE

3,000

3,000

2,800

2,800

2,600

2,600

2,400

2,400

2,200

2,200

2,000

2,000

1,800

1,800

1,600

1,600

NATIONAL DEFENSE

800

800

600

600

400

400
200

200
2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

FISCAL YEARS
1

INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]

Chart 33 - Jan 2015

On-budget and off-budget receipts

Fiscal year or period

1997 ����������������������������������������������������
1998 ����������������������������������������������������
1999 ����������������������������������������������������
2000 ����������������������������������������������������
2001 ����������������������������������������������������
2002 ����������������������������������������������������
2003 ����������������������������������������������������
2004 ����������������������������������������������������
2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 ����������������������������������������������������
2012 ����������������������������������������������������
2013 ����������������������������������������������������
2014 ����������������������������������������������������
2015 (estimates) ���������������������������������
2016 (estimates) ���������������������������������
Cumulative total, first 7 months: 1
Fiscal year 2014 ����������������������������������
Fiscal year 2015 ����������������������������������

On-budget and off-budget outlays
National defense

Indi- Corporavidual
tion
income income
taxes
taxes

Social
insurance
and
retirement
receipts

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
2,450.0
2,775.1
3,021.5
3,176.1
3,525.2

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
1,394.6
1,478.1
1,645.6

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
320.7
341.7
473.3

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
1,023.5
1,065.0
1,111.9

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
230.2
237.4
282.7
291.3
294.3

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
3,537.0
3,454.6
3,506.1
3,758.6
3,999.5

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
603.5
597.5
615.5

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
577.9
567.7
586.5

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
46.2
46.7
55.0
56.0

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
409.4
481.2
517.7

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
511.7
536.4
589.7

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
513.6
522.5
546.4

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
850.5
896.3
944.3

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
229.0
229.2
283.0

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
458.3
347.9
341.7
440.5
446.8

1,736.9
1,891.6

823.1
929.6

156.8
175.3

602.7
625.2

154.3
161.4

2,043.3
2,174.4

357.7
346.8

341.4
330.1

26.4
30.7

225.4
271.6

289.5
313.3

337.5
331.9

489.0
510.6

142.0
132.0

175.8
237.5

Total

Other

Total

Total

Depart- Internament
tional
of
affairs
Defense,
military

Health

Medicare

Income Social
Net
security security interest

Other

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

Note: Data (except as noted) are from Budget of the United States Government, Fiscal Year 2016, issued Febuary 2, 2015.
Sources: Department of the Treasury and Office of Management and Budget.

33

Federal Sector, National Income Accounts Basis
In the first quarter of 2015, according to revised estimates, Federal current receipts rose $52.3 billion (annual rate);
Federal current expenditures rose $5.9 billion.
BILLIONS OF DOLLARS
4,400

BILLIONS OF DOLLARS
4,400

SEASONALLY ADJUSTED ANNUAL RATES

4,000

4,000
3,600

3,600

CURRENT EXPENDITURES

3,200

3,200

2,800

2,800

2,400

2,400
CURRENT RECEIPTS

2,000

2,000

1,600

1,600

1,200

1,200

800

800

400

400

0

0

–400

–400

–800

–800

NET FEDERAL
GOVERNMENT SAVING

–1,200

–1,200

–1,600

–1,600
2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Chart 34 - May 2015

Federal Government current receipts

Federal Government current expenditures

Current tax receipts

Period

Calendar year:
2005 �������������
2006 �������������
2007 �������������
2008 �������������
2009 �������������
2010 �������������
2011 �������������
2012 �������������
2013 �������������
2014 r �����������
2012: I ���������������
      II ��������������
      III �������������
      IV �������������
2013: I ���������������
      II ��������������
      III �������������
      IV �������������
2014: I ���������������
      II ��������������
      III �������������
      IV r �����������
2015: I r �������������

Total

2,298.1
2,531.7
2,660.8
2,503.7
2,227.8
2,391.7
2,519.5
2,684.1
3,113.0
3,302.6
2,664.0
2,684.0
2,657.4
2,730.9
2,974.9
3,226.0
3,043.9
3,207.1
3,242.6
3,276.9
3,342.2
3,348.8
3,401.1

Total 1

1,384.5
1,558.5
1,637.1
1,448.1
1,163.7
1,305.0
1,501.3
1,651.6
1,811.8
2,025.6
1,626.2
1,653.6
1,633.5
1,693.1
1,777.8
1,789.2
1,814.5
1,865.6
1,962.7
2,020.8
2,044.3
2,074.3
2,131.7

Contributions
for
Income
Taxes
govern- receipts
Taxes
Personal
on
ment
on
on
current production corporate
social
assets
taxes
and
insurincome
imports
ance
932.1
1,049.6
1,164.4
1,101.7
857.2
893.8
1,076.6
1,149.0
1,286.8
1,375.2
1,125.4
1,133.3
1,145.7
1,191.8
1,253.5
1,278.9
1,295.5
1,319.3
1,340.3
1,356.2
1,383.6
1,420.8
1,467.0

99.4
99.2
94.6
94.0
91.4
96.8
108.6
115.0
120.9
134.1
115.0
115.0
114.3
116.0
119.2
120.0
120.9
123.5
132.0
133.4
135.0
136.0
134.8

341.0
395.0
362.8
233.7
200.4
298.7
299.4
369.5
384.9
497.3
369.2
388.0
356.2
364.7
386.5
371.8
378.2
403.2
470.0
513.5
506.4
499.4
508.6

853.4
905.7
947.2
974.4
950.8
970.9
904.0
938.1
1,092.3
1,150.1
930.7
931.6
933.9
956.0
1,078.4
1,089.8
1,095.6
1,105.2
1,134.5
1,142.1
1,154.2
1,169.7
1,184.0

Current
transfer
receipts

27.3
29.0
33.4
33.9
48.5
54.6
56.4
53.6
164.7
78.1
54.4
53.2
53.3
53.6
73.7
299.5
93.6
192.2
106.8
78.6
61.1
65.8
49.0

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

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

34

32.0
36.8
41.0
46.5
64.0
64.4
65.0
49.9
59.5
68.5
59.9
53.7
46.1
40.0
58.1
62.7
56.3
61.0
55.5
54.6
104.2
59.8
56.1

Current
surplus of
government
enterprises

0.9
1.8
2.0
.8
.8
–3.1
–7.1
–9.1
–15.3
–19.7
–7.2
–8.1
–9.4
–11.9
–13.0
–15.2
–16.0
–16.9
–16.9
–19.3
–21.7
–20.8
–19.7

Total 2

2,602.8
2,758.8
2,926.4
3,137.7
3,476.6
3,720.5
3,763.7
3,763.2
3,762.1
3,883.1
3,737.2
3,782.1
3,759.6
3,773.9
3,721.0
3,787.2
3,793.7
3,746.4
3,802.7
3,875.5
3,953.2
3,900.9
3,906.8

ConCurrent
sumption transfer Interest Subsidies
expendipaypayments
tures
ments 3

723.4
763.9
798.4
879.8
933.7
1,003.9
1,006.1
1,003.6
963.0
965.2
1,003.2
998.7
1,024.9
987.6
970.2
965.2
965.7
951.1
957.1
955.5
987.7
960.6
962.7

1,474.4
1,571.4
1,672.4
1,820.3
2,132.4
2,281.7
2,272.4
2,278.3
2,322.0
2,419.7
2,266.6
2,272.6
2,284.2
2,289.7
2,302.2
2,320.0
2,342.2
2,323.5
2,367.3
2,387.1
2,460.7
2,463.4
2,518.6

344.4
372.3
408.2
388.0
353.6
380.6
425.7
423.8
417.4
441.3
410.0
453.3
394.1
437.6
389.0
441.3
425.8
413.5
421.1
475.9
447.9
420.5
368.8

60.5
51.1
47.5
49.6
56.9
54.3
59.5
57.6
59.7
56.9
57.4
57.5
56.3
59.0
59.6
60.7
60.1
58.4
57.2
57.0
56.9
56.5
56.7

Net
Federal
Government
saving

–304.7
–227.0
–265.6
–634.0
–1,248.8
–1,328.7
–1,244.1
–1,079.1
–649.1
–580.5
–1,073.2
–1,098.0
–1,102.2
–1,043.1
–746.1
–561.2
–749.8
–539.4
–560.1
–598.6
–611.0
–552.2
–505.7

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

2005 ���������������
95.5
101.8
93.3
97.7
89.2
94.7
99.0
195.3
185.0
118.4
173.4
2006 ���������������
97.6
101.1
97.2
98.8
94.3
98.2
99.7
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
2008 ���������������
96.6
97.2
96.5
96.9
100.0
96.3
97.3
215.303
197.3
120.3
184.0
2009 ���������������
85.7
86.5
75.6
83.5
83.6
78.4
88.8
214.537
197.9
118.7
184.1
2010 ���������������
90.6
90.7
87.4
87.5
92.7
83.8
91.5
218.056
201.4
117.9
186.9
2011 ���������������
93.6
94.2
85.1
89.6
99.5
84.9
90.8
224.939
207.2
117.5
190.9
2012 ���������������
97.1
95.7
85.2
87.3
99.1
79.6
88.3
229.594
210.4
117.5
194.6
2013 ���������������
99.9
97.1
84.7
86.9
99.3
77.2
87.8
232.957
212.4
117.9
196.3
2014 ���������������
104.1
101.0
86.5
86.0
100.6
76.8
89.2
236.736
216.4
121.1
197.3
r
2014: Mar ���
103.1
100.5
88.6
85.8
101.1
76.6
89.3
236.293
215.8
119.0
197.8
      Apr r ����
103.2
100.1
86.6
86.4
100.7
77.3
89.4
237.072
216.5
121.5
197.8
      May r ���
103.7
100.8
86.9
84.7
99.8
76.3
89.1
237.900
217.5
122.0
197.8
      June r ��
104.1
101.7
85.2
86.1
100.1
77.0
89.1
238.343
217.7
121.9
197.8
r
      July ���
104.5
101.4
85.1
86.4
101.6
76.5
89.3
238.250
217.3
121.9
197.1
r
      Aug ����
104.5
100.4
84.4
86.2
98.6
76.7
89.1
237.852
217.3
122.1
198.0
      Sept r ���
105.2
101.9
85.6
86.2
100.4
76.2
89.6
238.031
217.5
122.5
197.2
      Oct r �����
105.1
102.4
86.0
85.4
100.7
76.3
89.5
237.433
217.7
122.1
197.3
r
      Nov ����
106.3
101.5
85.5
85.4
100.8
76.5
89.5
236.151
216.8
121.6
197.0
r
      Dec ����
106.2
102.1
85.6
86.5
101.8
76.9
89.4
234.812
215.3
121.8
197.1
r
2015: Jan ����
105.9
101.7
89.1
86.8
101.5
76.4
89.3
233.707
214.9
121.5
195.1
r
      Feb ����
105.8
101.1
86.3
87.2
101.6
76.9
89.4
234.722
216.8
121.3
196.4
r
      Mar ���
105.5
100.2
85.6
86.9
100.9
77.3
89.9
236.119
218.4
121.8
197.7
      Apr p ����
105.2 ���������������
86.5 ��������������� ��������������� ��������������� ���������������
236.599
218.2
122.2
198.0
      May p �� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������

153.7
156.2
159.7
163.9
164.5
166.3
169.7
173.1
175.7
177.3
177.4
177.1
176.9
177.4
177.9
177.9
177.9
177.4
177.4
177.4
175.6
177.1
177.9
177.9
178.1

Italy

United
Kingdom

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
307.9
300.8
307.8
299.4
308.4
300.4
308.1
300.7
308.4
301.1
308.1
300.8
308.7
301.9
307.5
302.7
307.8
302.8
307.2
302.1
307.2
302.5
306.1
300.1
307.2
301.6
307.5
302.1
308.1
303.1
308.7 �����������������

1 Data relate to all urban consumers.

Note: See Note, p. 17, for information on U.S. industrial production series.
Sources: As reported by each country, Board of Governors of the Federal Reserve System, and Department of Labor (Bureau of Labor Statistics).

U.S. International Trade in Goods and Services
[Billions of dollars; monthly data seasonally adjusted]
Goods: Exports (f.a.s. value)
Census basis (by end-use category)
Period

2005 ���������������
2006 ���������������
2007 ���������������
2008 ���������������
2009 ���������������
2010 ���������������
2011 ���������������
2012 r �������������
2013 r �������������
2014 r �������������
2014: Apr r ����
      May r ���
      June r ��
      July r ���
      Aug r ����
      Sept r ���
      Oct r �����
      Nov r ����
      Dec r ����
2015: Jan r ����
      Feb r ����
      Mar r ���
      Apr p ����

BOP
basis

913.0
1,040.9
1,165.2
1,308.8
1,070.3
1,290.3
1,499.2
1,562.6
1,592.0
1,632.6
135.6
137.3
136.3
138.4
138.2
136.4
138.1
136.5
134.5
129.3
126.3
127.1
129.0

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 bever- and
ages materials
901.1
1,026.0
1,148.2
1,287.4
1,056.0
1,278.5
1,482.5
1,545.8
1,578.4
1,620.5
134.4
136.0
135.1
137.2
137.4
135.7
137.2
135.5
134.1
128.5
125.6
126.1
128.2

59.0
66.0
84.3
108.3
93.9
107.7
126.2
133.0
136.2
143.8
12.2
12.3
11.9
11.6
10.9
12.1
12.0
12.1
11.9
11.0
10.8
11.0
10.8

233.0
276.0
316.4
388.0
296.5
391.7
501.1
501.2
508.1
505.1
41.9
42.3
42.2
43.1
44.0
42.3
41.9
42.3
39.5
37.6
36.3
36.3
36.9

98.4
107.3
121.3
121.5
81.7
112.0
133.0
146.2
152.7
159.7
12.9
13.5
13.5
14.8
13.4
13.5
13.6
13.2
13.6
12.8
11.8
12.4
12.5

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
358.4
404.0
433.0
457.7
391.2
447.5
494.0
527.2
534.2
551.1
45.9
45.7
45.6
46.1
46.9
46.0
47.7
45.7
46.4
45.9
44.4
45.3
47.3

Services
(BOP basis)

Goods: Imports (customs value)

115.3
129.1
146.0
161.3
149.5
165.2
175.3
181.7
189.1
198.9
16.4
16.7
16.9
16.5
16.9
16.6
17.0
16.6
16.7
16.7
17.8
16.1
16.0

BOP
basis

1,695.8
1,878.2
1,986.3
2,141.3
1,580.0
1,939.0
2,239.9
2,303.7
2,294.6
2,374.1
199.9
199.4
198.0
198.6
199.0
198.4
200.0
195.8
199.3
191.3
183.3
197.1
189.7

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 bever- and
ages materials
1,673.5
1,853.9
1,957.0
2,103.6
1,559.6
1,913.9
2,208.0
2,276.3
2,268.4
2,347.7
197.7
197.3
195.8
196.4
196.9
196.3
197.9
193.7
197.1
189.6
181.6
195.4
187.9

68.1
74.9
81.7
89.0
81.6
91.7
107.5
110.3
115.1
125.8
10.7
10.6
10.8
10.7
10.5
10.6
10.8
10.5
10.6
10.7
10.5
11.0
10.9

523.8
602.0
634.7
779.5
462.4
603.1
755.8
730.6
681.6
666.8
57.3
55.5
55.5
55.7
55.7
54.6
54.8
51.0
53.5
46.7
42.6
42.2
41.6

BOP basis

Auto- Consumer
Capital motive
vegoods Exports
goods hicles,
except parts (nonfood)
autoexcept
motive and
enautogines motive
379.3
418.3
444.5
453.7
370.5
449.4
510.8
548.7
554.6
591.1
48.6
49.6
49.5
49.3
50.7
50.1
50.6
50.4
50.2
50.4
48.7
52.1
51.5

239.4
256.6
256.7
231.2
157.7
225.1
254.6
297.8
308.8
327.7
27.0
28.3
27.5
28.5
27.5
27.2
28.0
27.5
28.2
28.1
26.6
29.0
28.6

407.2
442.6
474.6
481.6
427.3
483.2
514.1
516.9
532.8
557.8
47.1
46.8
46.0
45.5
46.0
47.2
47.3
47.9
47.8
47.2
46.3
53.8
49.0

373.0
416.7
488.4
532.8
512.7
563.3
627.8
656.4
687.9
710.6
59.5
60.0
59.3
58.5
59.1
58.7
59.7
59.7
60.4
60.2
60.4
60.9
60.9

Imports

Goods,
Census
basis Goods

Services

Goods
and
services

304.4
341.2
372.6
409.1
386.8
409.3
435.8
452.0
463.7
477.4
39.4
39.9
40.0
39.7
39.6
39.8
40.5
40.4
41.3
40.7
40.7
41.5
41.1

–772.4
–828.0
–808.8
–816.2
–503.6
–635.4
–725.4
–730.4
–689.9
–727.2
–63.2
–61.2
–60.6
–59.3
–59.4
–60.6
–60.7
–58.2
–63.1
–61.1
–55.9
–69.3
–59.6

68.6
75.6
115.8
123.8
125.9
154.0
192.0
204.4
224.2
233.1
20.1
20.0
19.3
18.8
19.5
18.9
19.2
19.3
19.2
19.5
19.8
19.4
19.8

–714.2
–761.7
–705.4
–708.7
–383.8
–494.7
–548.6
–536.8
–478.4
–508.3
–44.3
–42.1
–42.4
–41.4
–41.3
–43.2
–42.8
–40.0
–45.5
–42.4
–37.2
–50.6
–40.9

–782.8
–837.3
–821.2
–832.5
–509.7
–648.7
–740.6
–741.2
–702.6
–741.5
–64.3
–62.1
–61.7
–60.2
–60.8
–62.1
–61.9
–59.3
–64.7
–62.0
–57.0
–70.0
–60.7

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.
Data revised to reflect annual revisions. For details, see International Trade in Goods and Services, Annual Revision for 2014, released June 3, 2015.
Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis).

35

U.S. International Transactions
In the fourth quarter of 2014, the current account deficit rose to $113.5 billion from $98.9 billion in the third quarter.
The goods and services deficit rose to $127.0 billion in the fourth quarter from $123.9 billion in the third quarter.
BILLIONS OF DOLLARS
80

BILLIONS OF DOLLARS
80

SEASONALLY ADJUSTED

60

60

BALANCE ON
PRIMARY INCOME

40

40

20

20

0

0

–20

–20

–40

–40
BALANCE ON
SECONDARY INCOME

–60

–60

–80

–80
BALANCE ON
CURRENT ACCOUNT

–100

–100

–120

–120

–140

–140

–160

–160

BALANCE ON
GOODS AND SERVICES

–180

–180

–200

–200

–220

–220

–240

–240

2006

2005

2007

2008

2009

2010

2011

2012

SOURCE: DEPARTMENT OF COMMERCE

2014

2013

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted]

Chart 36 - Mar 2015

Current Account 1
Goods 2
Period

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

Services

Exports

Imports

Balance
on
goods

913,016
1,040,905
1,165,151
1,308,795
1,070,331
1,290,273
1,499,240
1,561,689
1,592,784
1,635,133
387,616
391,764
391,998
390,311
392,605
394,988
398,088
407,103
400,442
409,620
414,991
410,080

1,695,820
1,878,194
1,986,347
2,141,287
1,580,025
1,938,950
2,239,886
2,303,785
2,294,453
2,370,920
581,054
580,003
570,941
571,786
570,164
572,071
576,024
576,193
581,712
597,862
596,083
595,263

–782,804
–837,289
–821,196
–832,492
–509,694
–648,678
–740,646
–742,095
–701,669
–735,787
–193,439
–188,239
–178,943
–181,475
–177,560
–177,083
–177,936
–169,090
–181,269
–188,242
–181,092
–185,183

Exports
373,006
416,738
488,396
532,817
512,722
563,333
627,781
654,850
687,410
709,395
159,968
162,415
163,216
169,251
169,806
170,347
172,668
174,589
174,561
177,769
176,638
180,427

Imports
304,448
341,165
372,575
409,052
386,801
409,313
435,761
450,360
462,134
478,319
110,983
112,212
112,793
114,372
113,195
115,063
115,929
117,947
116,809
119,755
119,485
122,271

Balance
on
services
68,558
75,573
115,821
123,765
125,920
154,020
192,020
204,490
225,276
231,076
48,984
50,203
50,424
54,879
56,611
55,284
56,739
56,642
57,752
58,015
57,153
58,156

Balance
on
goods
and
services
–714,245
–761,716
–705,375
–708,726
–383,774
–494,658
–548,625
–537,605
–476,392
–504,711
–144,454
–138,036
–128,519
–126,596
–120,948
–121,799
–121,197
–112,448
–123,517
–130,228
–123,939
–127,028

Primary income receipts and payments
Receipts
543,982
693,089
844,033
823,707
614,379
684,915
759,727
762,885
780,120
819,705
193,149
188,807
188,749
192,180
190,175
193,497
196,002
200,446
200,290
204,701
211,683
203,032

Payments
476,349
649,752
743,429
677,561
490,794
507,254
538,766
559,892
580,466
601,801
139,618
137,316
141,069
141,889
144,192
145,990
144,478
145,806
147,770
149,785
151,837
152,410

Balance
on
primary
income
67,632
43,337
100,604
146,146
123,584
177,661
220,961
202,993
199,654
217,904
53,532
51,490
47,680
50,291
45,983
47,507
51,524
54,639
52,519
54,916
59,846
50,623

Balance
on
secondary
Income 3
–98,822
–88,347
–113,872
–124,061
–120,602
–126,934
–131,680
–126,138
–123,515
–123,821
–33,040
–32,329
–31,293
–29,477
–30,522
–31,854
–31,632
–29,508
–29,972
–21,977
–34,826
–37,046

Balance
on
current
account
–745,434
–806,726
–718,643
–686,641
–380,792
–443,930
–459,344
–460,749
–400,254
–410,628
–123,962
–118,875
–112,132
–105,781
–105,487
–106,146
–101,305
–87,317
–100,969
–97,288
–98,919
–113,451

Current
account
balance
as a
percentage
of GDP
–5.7
–5.8
–5.0
–4.7
–2.6
–3.0
–3.0
–2.9
–2.4
–2.4
–3.1
–3.0
–2.8
–2.6
–2.6
–2.6
–2.4
–2.0
–2.4
–2.2
–2.2
–2.6

1 Current and capital account statistics in the international transactions accounts differ slightly from statistics in the National Income and Product Accounts (NIPAs) because of adjustments made to
convert the international statistics to national accounting concepts. A reconciliation can be found in NIPA table 4.3B.
2 Adjusted from Census data to align with concepts and definitions used to prepare the international and national economic accounts. The adjustments are necessary to supplement coverage of
Census data, to eliminate duplication of transactions recorded elsewhere in the international accounts, to value transactions according to a standard definition, and for earlier years, to record transactions in the appropriate period.
3 Includes U.S. government and private transfers, such as U.S. government grants and pensions, fines and penalties, withholding taxes, personal transfers, insurance-related transfers, and other
current transfers.

See p. 37 for continuation of table.

36

U.S. International Transactions—Continued
In the financial account, U.S. net borrowing was $10.8 billion in the fourth quarter of 2014, resulting from a net
increase in U.S. financial assets of $77.2 billion plus a net decrease in transactions in financial derivatives of $31.7
billion, less a net increase in U.S. liabilities of $56.2 billion. U.S. net borrowing was down from $22.0 billion in the
third quarter.
BILLIONS OF DOLLARS
900

BILLIONS OF DOLLARS
900

SEASONALLY ADJUSTED

800

800

700

700

600

600
500

500
CHANGE IN
U.S. LIABILITIES

400

400

300

300

200

200

100

100
0

0
–100

–100

CHANGE IN
U.S. ASSETS ABROAD1

–200

–200

–300

–300

–400

–400
–500

–500

2006

2005

2007

2008

2009

2010

2011

2012

2013

2014

1

INCLUDES FINANCIAL DERIVATIVES, NET, BEGINNING 2006.
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted]
Chart 37 - Mar 2015

Financial account

Period

Balance
on
capital
account 1

Net U.S. acquisition of financial assets excluding
financial derivatives
[net increase in assets / financial outflow (+)]

Total

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

13,116
572,317
–1,788 1,336,866
384 1,572,509
6,010 –309,468
–140
132,204
–157
963,449
–1,186
496,320
6,904
171,418
–412
644,763
–44
820,488
–53 –74,077
–241 –184,459
–470
293,633
7,668
136,320
–40
221,653
–227
143,657
–146
83,999
0
195,454
–43
146,352
–2
243,944
0
352,996
0
77,195

Direct
investment
assets

Portfolio
investment
assets

Other
investment
assets

61,925 267,290 257,196
296,059 493,366 549,814
532,939 380,807 658,641
351,724 –284,269 –381,770
313,726 375,883 –609,662
354,575 199,620 407,420
440,405
85,365 –45,327
375,537 239,773 –448,352
408,243 489,877 –250,260
353,161 547,405 –76,496
110,579
1,416 –187,305
81,728
53,051 –322,526
87,078 128,276
77,446
96,152
57,030 –15,967
77,992 157,860 –15,074
120,947 115,004 –92,105
105,008
61,121 –81,129
104,296 155,892 –61,952
34,606 100,674
12,028
93,508 195,471 –45,809
96,775 161,457
95,653
128,272
89,803 –138,368

Net U.S. incurrence of liabilities excluding
financial derivatives
[net increase in liabilities / financial inflow (+)]

Reserve
assets 4

Total

–14,094
–2,373
122
4,848
52,256
1,835
15,877
4,460
–3,097
–3,583
1,233
3,289
833
–895
875
–189
–1,001
–2,782
–956
773
–889
–2,511

1,273,038
2,116,304
2,183,538
454,051
318,350
1,386,345
977,073
601,973
1,017,669
908,601
183,933
–151,218
298,348
270,910
285,407
224,716
165,707
341,838
240,406
261,284
350,703
56,208

Direct
investment
liabilities

Portfolio
investment
liabilities

138,328
832,037
294,289 1,126,735
340,066 1,156,612
332,734
523,683
153,787
357,352
259,345
820,434
257,411
311,626
217,777
746,996
294,972
490,943
93,054
692,541
40,210
249,732
67,418
7,962
44,111
222,638
66,038
266,664
44,526
155,583
82,156 –25,746
71,130
207,881
97,161
153,226
–121,051
237,867
78,021
67,750
86,358
241,138
49,726
145,786

Other
investment
liabilities

Financial
derivatives
other
than
reserves,
net transactions

302,673 ������������������
695,280
–29,710
686,860
–6,222
–402,367
32,947
–192,789
–44,816
306,566
–14,076
408,036
–35,006
–362,799
7,064
231,753
2,248
123,006
–53,531
–106,008
7,339
–226,598
–2,419
31,600
5,129
–61,793
–2,985
85,298
–3,948
168,307
–3,302
–113,303
6,569
91,451
2,929
123,590
5,277
115,513
–2,804
23,207
–24,267
–139,304
–31,737

Net lending
(+)
or net
borrowing
(–)
from
financial
account
transactions 5
–700,721
–809,148
–617,251
–730,572
–230,962
–436,972
–515,759
–423,492
–370,658
–141,644
–250,671
–35,660
414
–137,574
–67,702
–84,362
–75,140
–143,455
–88,777
–20,144
–21,973
–10,750

U.S. official
reserve
assets,
Statistical
net
discrep(unadancy
justed,
end of
period) 4

31,597
–634
101,008
–49,941
149,970
7,116
–55,229
30,353
30,008
269,027
–126,656
83,455
113,016
–39,461
37,825
22,011
26,311
–56,138
12,235
77,145
76,946
102,701

65,127
65,895
70,565
77,648
130,760
132,433
147,953
150,175
144,575
130,090
149,078
149,830
153,075
150,175
146,329
145,703
147,747
144,575
144,284
145,176
137,054
130,090

4 Consists of monetary gold, special drawing rights (SDRs), the U.S. reserve position in the International Monetary Fund (IMF), and other reserve assets, including foreign currencies.
5 Net lending means that U.S. residents are net suppliers of funds to foreign residents, and net borrowing means the opposite.

Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and the Board of Governors of the Federal Reserve System.

37

CONTENTS
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross Domestic Product ........................................................................................................................................................
1
Real Gross Domestic Product ................................................................................................................................................
2
Chained Price Indexes For Gross Domestic Product ............................................................................................................
2
Gross Domestic Product and Related Price Measures: Indexes and Percent Changes ...........................................................
3
Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits .......................................................... 3
National Income ....................................................................................................................................................................
4
Real Personal Consumption Expenditures ............................................................................................................................ 4
Sources of Personal Income ...................................................................................................................................................
5
Disposition of Personal Income .............................................................................................................................................
6
Real Farm Income ................................................................................................................................................................. 7
Corporate Profits ...................................................................................................................................................................
8
Real Gross Private Domestic Investment ............................................................................................................................... 9
Real Private Fixed Investment by Type .................................................................................................................................. 10
Business Investment ............................................................................................................................................................... 10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force .......................................................................................................................................................
Selected Unemployment Rates ..............................................................................................................................................
Selected Measures of Unemployment and Unemployment Insurance Programs ...................................................................
Nonagricultural Employment ................................................................................................................................................
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries ................................
Employment Cost Index—Private Industry ..........................................................................................................................
Productivity and Related Data, Business and Nonfarm Business Sectors ..............................................................................

11
12
13
14
15
15
16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization .................................................................................................................... 17
Industrial Production—Major Market Groups and Selected Manufactures .......................................................................... 18
New Construction ................................................................................................................................................................. 19
New Private Housing and Vacancy Rates .............................................................................................................................. 19
Business Sales and Inventories—Manufacturing and Trade .................................................................................................. 20
Manufacturers’ Shipments, Inventories, and Orders .............................................................................................................. 21
PRICES
Producer Prices ......................................................................................................................................................................
Consumer Prices—All Urban Consumers .............................................................................................................................
Changes in Producer Prices ...................................................................................................................................................
Changes in Consumer Prices—All Urban Consumers ..........................................................................................................
Prices Received and Paid by Farmers .....................................................................................................................................

22
23
24
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures ..........................................................................................................................................
Components of Money Stock ................................................................................................................................................
Aggregate Reserves and Monetary Base .................................................................................................................................
Bank Credit at All Commercial Banks ..................................................................................................................................
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business ..............................................................................
Consumer Credit ...................................................................................................................................................................
Interest Rates and Bond Yields ..............................................................................................................................................
Common Stock Prices and Yields ..........................................................................................................................................

26
27
27
28
29
29
30
31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt ..................................................................................................................................... 32
Federal Receipts by Source and Outlays by Function ............................................................................................................ 33
Federal Sector, National Income Accounts Basis ................................................................................................................... 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries ........................................................................... 35
U.S. International Trade in Goods and Services .................................................................................................................... 35
U.S. International Transactions ............................................................................................................................................. 36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p Preliminary.
r Revised.
c Corrected.
... Not available (also, not applicable).
NSA Not seasonally adjusted.

38

U.S. GOVERNMENT PUBLISHING OFFICE : 2015 94-858