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116th Congress, 2nd Session

Economic Indicators
MAY 2020
(Includes data available as of June 5, 2020)

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

UNITED STATES
GOVERNMENT PUBLISHING OFFICE
WASHINGTON : 2020

JOINT ECONOMIC COMMITTEE

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

Senator Mike Lee, Utah, Chairman
Representative Donald S. Beyer, Jr., Virginia, Vice Chair
Senate

House of Representatives

Tom Cotton, Arkansas
Rob Portman, Ohio
Bill Cassidy, M.D., Louisiana
Ted Cruz, Texas
Kelly Loeffler, Georgia
Martin Heinrich, New Mexico
Amy Klobuchar, Minnesota
Gary C. Peters, Michigan
Margaret Wood Hassan, New Hampshire

Carolyn B. Maloney, New York
Denny Heck, Washington
David Trone, Maryland
Joyce Beatty, Ohio
Lois Frankel, Florida
David Schweikert, Arizona
Darin LaHood, Illinois
Kenny Marchant, Texas
Jaime Herrera Beutler, Washington

Scott Winship, Executive Director

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

Monthly issues of Economic Indicators in PDF form,
and tables in Excel, are available online at:

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

ii

TOTAL OUTPUT, INCOME, AND SPENDING
Gross Domestic Product
In the first quarter of 2020, according to revised estimates, real gross domestic product (GDP) in chained (2012)
dollars fell 5.0 percent (annual rate), current dollar GDP fell 3.5 percent, and the chained price index rose 1.4 percent.
BILLIONS OF DOLLARS (RATIO SCALE)

BILLIONS OF DOLLARS (RATIO SCALE)
22,000
21,600

22,000
21,600

SEASONALLY ADJUSTED ANNUAL RATES

21,200

21,200

20,800

20,800

20,400

20,400

20,000

20,000

19,600

19,600

19,200

19,200

GDP
IN CURRENT DOLLARS

18,800

18,800

18,400

18,400

18,000

18,000

17,600

17,600

17,200

17,200
GDP
IN CHAINED (2012) DOLLARS

16,800

16,800

16,400

16,400

16,000

16,000

15,600

15,600

15,200

15,200

14,800

14,800

14,400

14,400

14,000

14,000
2011

2012

2013

2014

2015

2016

2017

2018

SOURCE: DEPARTMENT OF COMMERCE

2019

2020

COUNCIL OF ECONOMIC ADVISERS

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

Period

2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2017: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2018: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2019: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2020: I r ��������������

Gross
domestic
product

14,992.1
15,542.6
16,197.0
16,784.9
17,527.3
18,224.8
18,715.0
19,519.4
20,580.2
21,427.7
19,190.4
19,356.6
19,611.7
19,918.9
20,163.2
20,510.2
20,749.8
20,897.8
21,098.8
21,340.3
21,542.5
21,729.1
21,534.9

Personal
consumption
expenditures

Gross
private
domestic
investment

10,185.8
10,641.1
11,006.8
11,317.2
11,822.8
12,284.3
12,748.5
13,312.1
13,998.7
14,562.7
13,104.4
13,212.5
13,345.1
13,586.3
13,728.4
13,939.8
14,114.6
14,211.9
14,266.3
14,511.2
14,678.2
14,795.0
14,584.1

2,165.5
2,332.6
2,621.8
2,826.0
3,044.2
3,223.1
3,178.7
3,370.7
3,628.3
3,743.9
3,288.2
3,335.0
3,401.8
3,457.7
3,542.4
3,561.6
3,684.0
3,725.2
3,783.4
3,749.5
3,744.6
3,698.3
3,626.3

Exports and imports of
goods and services
Net
exports
–513.9
–579.5
–568.6
–490.8
–507.7
–519.8
–518.8
–575.3
–638.2
–631.9
–570.9
–583.7
–550.6
–596.1
–629.0
–568.4
–671.4
–684.1
–633.8
–662.7
–653.0
–577.9
–526.2

Federal
Exports

1,846.3
2,103.0
2,191.3
2,273.4
2,371.7
2,266.8
2,220.6
2,356.7
2,510.3
2,504.3
2,303.3
2,313.2
2,360.1
2,450.3
2,476.6
2,543.6
2,510.3
2,510.5
2,520.3
2,504.0
2,495.1
2,497.7
2,421.7

Imports

2,360.2
2,682.5
2,759.9
2,764.2
2,879.4
2,786.6
2,739.4
2,932.1
3,148.5
3,136.1
2,874.2
2,896.9
2,910.7
3,046.5
3,105.6
3,112.0
3,181.6
3,194.7
3,154.1
3,166.7
3,148.2
3,075.6
2,947.8

Chart 1 - May 2020

Government consumption expenditures
and gross investment

Total

3,154.6
3,148.4
3,137.0
3,132.4
3,168.0
3,237.3
3,306.7
3,412.0
3,591.5
3,753.0
3,368.7
3,392.9
3,415.4
3,471.0
3,521.4
3,577.1
3,622.6
3,644.8
3,683.1
3,742.3
3,772.8
3,813.7
3,850.7

Total
1,297.9
1,298.9
1,286.5
1,226.6
1,215.0
1,221.5
1,234.1
1,269.3
1,347.3
1,423.0
1,248.4
1,263.6
1,270.2
1,295.1
1,318.2
1,340.4
1,358.6
1,371.8
1,394.7
1,415.2
1,432.2
1,449.8
1,460.0

National
defense

Nondefense

828.0
834.0
814.2
764.2
743.4
730.1
728.4
746.2
793.6
846.2
732.1
746.2
746.2
760.4
769.9
789.5
800.6
814.4
831.8
841.6
849.3
862.1
866.3

469.9
465.0
472.4
462.4
471.6
491.4
505.7
523.1
553.7
576.8
516.3
517.4
524.0
534.8
548.3
550.9
558.0
557.4
562.9
573.5
583.0
587.7
593.8

State
and
local
1,856.7
1,849.4
1,850.5
1,905.8
1,953.0
2,015.7
2,072.6
2,142.7
2,244.2
2,330.0
2,120.3
2,129.3
2,145.2
2,175.9
2,203.2
2,236.7
2,263.9
2,273.0
2,288.4
2,327.1
2,340.5
2,363.9
2,390.6

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

14,938.1
15,496.3
16,125.8
16,680.3
17,443.3
18,092.9
18,688.0
19,489.2
20,525.5
21,359.4
19,177.0
19,337.8
19,554.9
19,887.2
20,121.7
20,520.1
20,662.4
20,797.7
20,985.5
21,265.5
21,475.5
21,711.1
21,578.0

15,506.0
16,122.0
16,765.6
17,275.6
18,034.9
18,744.6
19,233.8
20,094.8
21,218.4
22,059.5
19,761.4
19,940.4
20,162.3
20,515.0
20,792.1
21,078.6
21,421.1
21,582.0
21,732.7
22,002.9
22,195.6
22,307.0
22,061.1

15,187.8
15,779.0
16,429.3
17,015.6
17,768.3
18,449.4
18,933.2
19,762.7
20,848.1
21,723.2
19,423.6
19,573.1
19,867.9
20,186.2
20,444.1
20,775.8
21,022.1
21,150.4
21,356.7
21,641.3
21,851.5
22,043.4
21,787.1

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 (2012) dollars; quarterly data at seasonally adjusted annual rates]

Period

2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2017: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2018: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2019: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2020: I r ��������������

Gross private
domestic investment
Personal
Gross
conChange
domestic sumption Nonresi- Resiin
product expendi- dential dential
fixed
fixed
private
tures
investinvestinvenment
ment
tories
15,598.8
15,840.7
16,197.0
16,495.4
16,912.0
17,403.8
17,688.9
18,108.1
18,638.2
19,073.1
17,925.3
18,021.0
18,163.6
18,322.5
18,438.3
18,598.1
18,732.7
18,783.5
18,927.3
19,021.9
19,121.1
19,222.0
18,974.7

10,643.0
10,843.8
11,006.8
11,166.9
11,497.4
11,921.2
12,247.5
12,566.9
12,944.6
13,280.1
12,438.9
12,512.9
12,586.3
12,729.7
12,782.9
12,909.2
13,019.8
13,066.3
13,103.3
13,250.0
13,353.1
13,413.8
13,180.8

1,781.0
1,935.4
2,118.5
2,206.0
2,365.3
2,408.2
2,425.3
2,531.2
2,692.3
2,748.1
2,490.5
2,517.4
2,532.6
2,584.2
2,639.5
2,689.9
2,703.9
2,735.8
2,765.6
2,758.5
2,742.7
2,725.7
2,670.5

383.0
382.5
432.0
485.5
504.1
555.3
591.2
611.9
602.9
593.8
612.4
608.9
605.9
620.4
612.1
606.3
600.1
593.0
591.4
587.0
593.7
603.1
629.2

57.3
46.7
71.2
108.7
86.3
132.4
23.0
31.7
48.1
67.0
8.7
16.6
70.2
31.1
40.5
–28.0
87.2
93.0
116.0
69.4
69.4
13.1
–67.2

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

Imports

Total

–565.9
–568.1
–568.6
–532.8
–577.2
–721.6
–783.7
–849.8
–920.0
–953.9
–831.5
–850.0
–833.7
–883.8
–884.2
–850.5
–962.4
–983.0
–944.0
–980.7
–990.1
–900.7
–816.0

1,977.9
2,119.0
2,191.3
2,269.6
2,365.3
2,376.5
2,376.1
2,458.8
2,532.9
2,532.9
2,423.5
2,432.9
2,459.5
2,519.2
2,524.0
2,559.9
2,519.3
2,528.5
2,554.4
2,517.5
2,523.4
2,536.4
2,479.4

2,543.8
2,687.1
2,759.9
2,802.4
2,942.5
3,098.1
3,159.8
3,308.5
3,453.0
3,486.8
3,255.0
3,282.9
3,293.2
3,403.0
3,408.2
3,410.4
3,481.8
3,511.6
3,498.3
3,498.2
3,513.6
3,437.1
3,295.5

3,307.2
3,203.3
3,137.0
3,061.0
3,033.4
3,091.8
3,147.7
3,169.6
3,223.9
3,299.0
3,157.3
3,168.0
3,167.1
3,186.1
3,201.1
3,221.4
3,238.0
3,234.9
3,258.1
3,296.6
3,310.4
3,331.1
3,338.0

National Nondefense defense

Total
1,346.1
1,311.1
1,286.5
1,215.3
1,183.8
1,182.7
1,187.8
1,197.0
1,232.2
1,275.5
1,186.4
1,195.9
1,196.1
1,209.8
1,218.1
1,229.9
1,238.7
1,242.1
1,248.8
1,273.9
1,284.4
1,295.1
1,301.0

861.3
842.9
814.2
759.6
728.4
713.0
708.7
714.0
737.5
773.4
704.7
716.4
713.4
721.4
722.5
735.7
741.2
750.6
764.5
770.8
775.0
783.3
785.3

484.8
468.3
472.4
455.6
455.2
469.3
478.5
482.4
494.2
502.0
480.9
479.0
482.0
487.7
494.9
493.6
497.0
491.3
484.5
502.9
509.1
511.5
515.4

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

State
and
local
1,961.3
1,892.2
1,850.5
1,845.3
1,848.6
1,907.5
1,957.9
1,970.6
1,990.0
2,022.3
1,968.9
1,970.1
1,969.0
1,974.5
1,981.2
1,989.9
1,997.7
1,991.4
2,007.9
2,021.4
2,024.9
2,035.0
2,036.1

15,546.6
15,796.5
16,125.8
16,386.2
16,822.3
17,267.1
17,647.6
18,058.4
18,571.3
18,987.9
17,895.1
17,985.3
18,082.5
18,270.7
18,380.4
18,595.6
18,630.9
18,678.3
18,797.5
18,935.2
19,035.7
19,183.2
19,005.8

16,164.7
16,408.8
16,765.6
17,028.6
17,487.7
18,114.2
18,455.9
18,931.2
19,523.2
19,994.6
18,732.7
18,844.8
18,974.1
19,173.1
19,290.7
19,422.1
19,656.0
19,724.2
19,836.1
19,965.4
20,073.7
20,103.1
19,787.5

15,803.9
16,081.7
16,429.3
16,722.3
17,146.5
17,624.7
17,902.2
18,344.6
18,897.8
19,351.3
18,153.1
18,232.8
18,411.6
18,580.7
18,711.6
18,855.9
18,995.6
19,028.0
19,173.6
19,305.2
19,410.8
19,515.5
19,212.1

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

Note: Because of the formula used for calculating real GDP, the chained (2012) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates.
Source: Department of Commerce (Bureau of Economic Analysis).

Chained Price Indexes For Gross Domestic Product
[Index numbers, 2012=100; quarterly data are seasonally adjusted]

Period

2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2017: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2018: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2019: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2020: I r ��������������

Gross
domestic
product

96.109
98.112
100.000
101.773
103.647
104.688
105.770
107.795
110.382
112.348
107.040
107.394
108.032
108.715
109.341
110.209
110.765
111.212
111.504
112.173
112.679
113.036
113.422

Personal consumption
expenditures

Total

95.705
98.131
100.000
101.346
102.830
103.045
104.091
105.929
108.143
109.658
105.355
105.596
106.033
106.733
107.401
107.988
108.413
108.772
108.879
109.522
109.928
110.301
110.650

Goods

Services

95.183
98.773
100.000
99.407
98.920
95.885
94.318
94.586
95.232
94.749
94.898
94.264
94.425
94.759
95.228
95.400
95.319
94.982
94.590
94.955
94.772
94.678
94.459

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

2

Gross private
domestic investment

95.957
97.814
100.000
102.316
104.804
106.704
109.120
111.793
114.851
117.459
110.745
111.452
112.038
112.935
113.707
114.520
115.220
115.958
116.339
117.133
117.865
118.497
119.165

Nonresidential
fixed
97.416
98.559
100.000
100.251
101.469
102.042
101.146
102.116
103.515
104.736
101.633
101.989
102.333
102.509
102.950
103.428
103.841
103.839
104.241
104.770
104.911
105.022
105.309

Residential
fixed
98.317
99.049
100.000
105.054
111.118
114.129
118.148
123.510
130.488
134.277
121.452
122.970
124.348
125.270
128.031
130.203
131.450
132.267
133.108
133.655
134.780
135.567
136.233

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Exports

93.348
99.242
100.000
100.168
100.272
95.385
93.455
95.850
99.104
98.869
95.054
95.094
95.974
97.277
98.129
99.364
99.640
99.284
98.663
99.463
98.876
98.474
97.668

Imports

92.783
99.826
100.000
98.636
97.854
89.947
86.696
88.622
91.181
89.939
88.312
88.251
88.394
89.529
91.124
91.250
91.378
90.972
90.158
90.521
89.597
89.480
89.449

Total
96.421
99.070
100.000
100.931
102.632
103.282
103.900
106.040
109.336
111.565
105.230
105.667
106.201
107.063
108.219
108.992
109.685
110.450
111.691
111.096
111.517
111.957
112.227

National
defense
96.128
98.946
100.000
100.609
102.056
102.402
102.776
104.518
107.609
109.419
103.893
104.165
104.601
105.411
106.576
107.317
108.027
108.517
108.804
109.207
109.595
110.069
110.320

Nondefense
96.942
99.289
100.000
101.478
103.593
104.718
105.701
108.435
112.040
114.911
107.347
108.032
108.710
109.651
110.795
111.617
112.284
113.464
116.187
114.042
114.513
114.900
115.200

State
and
local
94.669
97.739
100.000
103.279
105.645
105.677
105.854
108.731
112.772
115.212
107.694
108.081
108.949
110.200
111.204
112.408
113.332
114.142
113.973
115.125
115.589
116.162
117.416

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

Index numbers, 2012=100
Personal consumption
expenditures (PCE)

Gross domestic product (GDP)
Period

2010 ����������������������
2011 ����������������������
2012 ����������������������
2013 ����������������������
2014 ����������������������
2015 ����������������������
2016 ����������������������
2017 ����������������������
2018 ����������������������
2019 ����������������������
2017: I �����������������
      II �����������������
      III ����������������
      IV ����������������
2018: I �����������������
      II �����������������
      III ����������������
      IV ����������������
2019: I �����������������
      II �����������������
      III ����������������
      IV ����������������
2020: I r ����������������

Real GDP
GDP
(chain-type chain-type
quantity
price
index)
index
96.306
97.800
100.000
101.842
104.415
107.451
109.211
111.799
115.072
117.757
110.670
111.262
112.141
113.123
113.837
114.825
115.655
115.969
116.857
117.441
118.053
118.676
117.149

GDP
implicit
price
deflator

96.109
98.112
100.000
101.773
103.647
104.688
105.770
107.795
110.382
112.348
107.040
107.394
108.032
108.715
109.341
110.209
110.765
111.212
111.504
112.173
112.679
113.036
113.422

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

96.111
98.118
100.000
101.755
103.638
104.717
105.801
107.794
110.420
112.345
107.058
107.411
107.973
108.713
109.355
110.281
110.767
111.256
111.473
112.188
112.664
113.043
113.493

95.705
98.131
100.000
101.346
102.830
103.045
104.091
105.929
108.143
109.658
105.355
105.596
106.033
106.733
107.401
107.988
108.413
108.772
108.879
109.522
109.928
110.301
110.650

96.608
98.139
100.000
101.526
103.122
104.407
106.070
107.795
109.897
111.667
107.189
107.540
107.934
108.516
109.131
109.707
110.136
110.612
110.902
111.414
111.997
112.355
112.815

Personal consumption
expenditures (PCE)

Gross domestic product (GDP)
Gross
domestic
purchases
price index

95.923
98.246
100.000
101.468
103.138
103.453
104.185
106.148
108.647
110.331
105.474
105.797
106.319
107.001
107.770
108.461
108.978
109.378
109.591
110.192
110.585
110.957
111.422

GDP
(current
dollars)

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

3.8
3.7
4.2
3.6
4.4
4.0
2.7
4.3
5.4
4.1
4.2
3.5
5.4
6.4
5.0
7.1
4.8
2.9
3.9
4.7
3.8
3.5
–3.5

2.6
1.6
2.2
1.8
2.5
2.9
1.6
2.4
2.9
2.3
2.3
2.2
3.2
3.5
2.5
3.5
2.9
1.1
3.1
2.0
2.1
2.1
–5.0

GDP
implicit
price
deflator

1.2
2.1
1.9
1.8
1.8
1.0
1.0
1.9
2.4
1.8
1.9
1.3
2.4
2.6
2.3
3.2
2.0
1.6
1.1
2.4
1.8
1.3
1.4

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

1.2
2.1
1.9
1.8
1.9
1.0
1.0
1.9
2.4
1.7
1.9
1.3
2.1
2.8
2.4
3.4
1.8
1.8
.8
2.6
1.7
1.4
1.6

1.7
2.5
1.9
1.3
1.5
.2
1.0
1.8
2.1
1.4
2.1
.9
1.7
2.7
2.5
2.2
1.6
1.3
.4
2.4
1.5
1.4
1.3

1.4
1.6
1.9
1.5
1.6
1.2
1.6
1.6
1.9
1.6
1.7
1.3
1.5
2.2
2.3
2.1
1.6
1.7
1.1
1.9
2.1
1.3
1.6

1.4
2.4
1.8
1.5
1.6
.3
.7
1.9
2.4
1.5
2.2
1.2
2.0
2.6
2.9
2.6
1.9
1.5
.8
2.2
1.4
1.4
1.7

1 Quarterly percent changes are at annual rates.

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

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

Period

Current
dollars
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 r ������������������
2017: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2018: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2019: I ����������������
      II ���������������
      III ��������������
      IV r ������������
2020: 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

7,243.2
7,615.3
8,059.1
8,374.1
8,786.9
9,139.0
9,238.0
9,607.3
10,063.1
10,421.0
9,498.7
9,596.2
9,617.8
9,716.5
9,924.3
10,002.3
10,127.2
10,198.7
10,287.7
10,378.8
10,440.3
10,577.4
10,440.8

Chained
(2012)
dollars
7,568.0
7,774.1
8,059.1
8,261.5
8,523.6
8,812.5
8,841.0
9,014.2
9,188.5
9,449.5
8,973.7
9,049.2
8,997.6
9,036.2
9,110.8
9,101.9
9,242.8
9,298.6
9,381.5
9,407.6
9,446.9
9,561.3
9,440.2

Total

0.957
.980
1.000
1.014
1.031
1.037
1.045
1.066
1.095
1.103
1.059
1.060
1.069
1.075
1.089
1.099
1.096
1.097
1.097
1.103
1.105
1.106
1.106

Compensation
of employees
(unit labor
cost)
0.551
.562
.572
.577
.590
.600
.614
.632
.654
.664
.626
.626
.635
.641
.654
.658
.653
.651
.663
.665
.664
.664
.673

Corporate profits with inventory valuation
and capital consumption adjustments 4

Unit nonlabor cost

Total
0.279
.283
.285
.289
.292
.295
.298
.305
.314
.319
.301
.302
.306
.310
.311
.315
.313
.316
.317
.318
.322
.319
.326

Consumption
of fixed
capital

Net interest
Taxes on
and
production miscellaneous
and imports 3
payments

0.148
.150
.153
.155
.158
.160
.162
.166
.171
.176
.164
.164
.167
.169
.169
.172
.172
.173
.174
.176
.177
.177
.181

0.094
.096
.096
.100
.099
.100
.098
.103
.104
.106
.101
.102
.104
.105
.105
.105
.103
.104
.105
.104
.108
.106
.108

0.037
.036
.036
.034
.034
.035
.038
.035
.038
.037
.036
.035
.035
.036
.037
.038
.038
.038
.038
.037
.036
.036
.036

Total
0.127
.134
.143
.148
.149
.142
.133
.129
.128
.120
.132
.133
.127
.125
.125
.126
.130
.130
.117
.121
.120
.124
.107

Taxes on
corporate
income
0.027
.027
.030
.032
.034
.032
.030
.026
.017
.017
.027
.025
.027
.024
.015
.017
.018
.017
.017
.018
.016
.017
.016

Profits
after
tax 5
0.100
.107
.112
.116
.115
.110
.103
.103
.111
.103
.105
.108
.100
.100
.109
.109
.112
.113
.100
.103
.104
.107
.092

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

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

3

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

Period

2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 r ������������������
2017: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2018: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2019: I ����������������
      II ���������������
      III ��������������
      IV r ������������
2020: I r ��������������

ComNational pensation
of
income employees

12,735.8
13,357.7
14,094.7
14,494.7
15,242.5
15,787.9
16,053.6
16,708.8
17,545.9
18,162.0
16,475.3
16,611.7
16,753.1
16,995.2
17,313.0
17,454.0
17,673.5
17,743.1
17,912.4
18,092.3
18,216.2
18,427.2
18,183.0

7,924.9
8,225.9
8,566.7
8,834.2
9,249.1
9,698.2
9,960.3
10,411.6
10,928.5
11,427.7
10,227.6
10,334.2
10,456.7
10,628.0
10,786.0
10,876.1
10,994.3
11,057.4
11,306.6
11,386.9
11,441.7
11,575.6
11,586.9

Rental
income
of
persons
with
capital
conNonfarm
sumption
adjustment

Farm

39.0
64.9
60.9
88.3
69.8
56.0
35.6
38.1
27.2
32.0
44.5
42.1
34.1
31.8
28.1
27.5
17.4
35.9
24.8
19.2
41.8
42.1
38.0

1,069.7
1,164.4
1,286.4
1,315.3
1,377.9
1,366.2
1,388.1
1,480.1
1,561.6
1,626.3
1,450.3
1,470.1
1,489.0
1,511.1
1,539.4
1,545.8
1,572.6
1,588.4
1,596.3
1,613.7
1,641.5
1,653.5
1,664.1

394.2
478.6
518.0
557.0
604.6
648.1
681.4
718.8
756.8
777.9
707.4
709.9
722.0
736.0
743.8
754.0
765.2
764.1
767.0
777.2
779.7
787.7
797.7

Corporate profits with inventory valuation
and capital consumption adjustments
Net
interest
and
Capital
miscelconsumption laneous
Inventory adjust- payments
valuation
ment
adjustment

Taxes
on
production
and
imports

Profits with inventory valuation
adjustment and without
capital consumption adjustment
Total

1,728.7
1,809.8
1,997.4
2,010.7
2,120.2
2,061.5
2,011.5
2,005.9
2,074.6
2,074.6
1,995.4
2,008.0
2,019.0
2,001.4
2,052.3
2,056.4
2,104.2
2,085.6
2,006.9
2,082.7
2,078.0
2,131.0
1,835.6

Total

Profits
before
tax

1,786.4
1,750.2
2,144.7
2,165.9
2,266.6
2,190.0
2,116.5
2,084.1
2,011.9
2,069.4
2,128.9
2,151.4
2,171.5
1,884.5
1,979.9
1,991.5
2,045.0
2,031.3
1,999.9
2,080.5
2,073.9
2,123.3
1,863.9

1,834.0
1,818.2
2,156.1
2,151.5
2,264.5
2,136.9
2,117.4
2,133.0
2,063.5
2,068.2
2,187.9
2,168.9
2,204.6
1,970.4
2,043.9
2,076.4
2,087.1
2,046.5
2,015.5
2,084.9
2,046.0
2,126.5
1,798.9

–47.6
–68.0
–11.4
14.4
2.1
53.1
–0.9
–48.9
–51.5
1.2
–59.0
–17.5
–33.1
–86.0
–64.0
–84.8
–42.1
–15.2
–15.5
–4.4
27.9
–3.2
64.9

–57.7
59.6
–147.2
–155.2
–146.4
–128.5
–105.0
–78.1
62.7
5.2
–133.6
–143.4
–152.5
116.9
72.4
64.9
59.2
54.3
6.9
2.2
4.1
7.7
–28.3

465.2
461.7
503.7
465.9
516.1
586.8
560.0
608.0
672.6
644.9
607.7
603.6
596.3
624.5
666.4
678.6
677.0
668.4
657.2
644.7
636.4
641.5
642.7

Business
Less:
current
Subsidies transfer
payments

1,063.1
1,103.7
1,136.1
1,188.7
1,240.8
1,277.1
1,312.8
1,364.5
1,441.8
1,494.8
1,340.8
1,355.1
1,371.4
1,390.6
1,415.8
1,433.9
1,442.3
1,475.2
1,472.3
1,479.3
1,507.6
1,520.0
1,536.8

55.8
60.0
58.0
59.7
58.1
57.3
61.8
61.1
64.4
74.7
59.9
58.7
63.2
62.8
59.3
58.6
58.4
81.3
72.6
61.9
82.6
82.0
75.9

126.8
128.1
98.8
110.3
132.9
156.7
168.2
145.4
153.7
170.7
163.6
149.5
130.5
138.0
144.0
145.4
166.1
159.2
165.4
163.3
184.6
169.6
175.7

Current
surplus
of
government
enterprises

–20.1
–19.4
–15.4
–15.9
–11.0
–5.5
–2.6
–2.5
–6.5
–12.2
–2.0
–2.2
–2.6
–3.1
–3.5
–5.2
–7.3
–9.9
–11.5
–12.9
–12.6
–11.7
–18.6

1 With inventory valuation and capital consumption adjustments.

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

Real Personal Consumption Expenditures
[Billions of chained (2012) dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Goods

Period

Total
personal
consumption
expenditures

2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2017: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2018: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2019: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2020: I r ��������������

10,643.0
10,843.8
11,006.8
11,166.9
11,497.4
11,921.2
12,247.5
12,566.9
12,944.6
13,280.1
12,438.9
12,512.9
12,586.3
12,729.7
12,782.9
12,909.2
13,019.8
13,066.3
13,103.3
13,250.0
13,353.1
13,413.8
13,180.8

Services

Durable
Total
goods

3,485.7
3,561.8
3,637.7
3,752.2
3,905.1
4,088.6
4,236.6
4,403.4
4,583.3
4,754.6
4,318.2
4,375.9
4,419.7
4,499.8
4,513.9
4,573.5
4,614.0
4,631.8
4,649.2
4,746.4
4,808.0
4,814.7
4,817.3

Total
durable
goods 1

1,027.3
1,079.7
1,144.2
1,214.1
1,301.6
1,398.8
1,484.2
1,586.4
1,685.7
1,766.4
1,538.3
1,567.0
1,596.9
1,643.5
1,652.8
1,685.1
1,699.8
1,705.2
1,706.3
1,759.3
1,793.9
1,806.1
1,743.4

Nondurable

Motor
vehicles
and
parts
360.0
370.1
396.6
415.3
439.4
471.7
486.3
511.1
533.1
542.7
496.8
501.9
513.2
532.6
524.7
534.2
534.8
538.5
524.2
544.1
547.5
554.8
509.1

Total
nondurable
goods 1
2,461.3
2,482.9
2,493.5
2,538.5
2,605.3
2,693.2
2,757.5
2,825.2
2,909.6
3,002.9
2,786.4
2,816.1
2,831.3
2,866.7
2,872.0
2,900.8
2,926.6
2,938.9
2,954.6
3,001.3
3,030.0
3,025.7
3,082.1

Food and
beverages
purchased
for offpremises
consumption

Gasoline
and
other
energy
goods

Total
services 1

Household
consumption
expenditures

837.7
839.0
846.2
855.5
871.4
884.0
910.5
940.5
970.4
988.4
929.2
933.3
942.4
957.2
962.9
967.5
973.8
977.2
973.1
985.8
999.0
995.8
1,062.5

437.9
427.8
421.9
429.7
430.0
450.1
452.1
448.2
447.4
448.6
444.3
451.5
448.8
448.0
445.7
449.2
446.3
448.5
449.0
450.1
448.9
446.5
430.1

7,157.4
7,282.1
7,369.1
7,415.5
7,594.9
7,838.5
8,021.1
8,182.2
8,388.1
8,562.9
8,133.0
8,154.1
8,186.6
8,254.9
8,293.5
8,362.9
8,433.6
8,462.6
8,483.1
8,541.4
8,587.9
8,639.1
8,420.5

6,859.0
6,969.3
7,027.5
7,069.8
7,249.6
7,500.8
7,671.0
7,831.4
8,019.7
8,201.2
7,777.2
7,803.5
7,838.6
7,906.2
7,940.3
7,999.1
8,064.3
8,075.1
8,119.9
8,177.2
8,224.7
8,283.2
8,014.5

Housing
and
utilities

1,966.8
1,993.0
1,996.3
2,006.4
2,039.9
2,087.3
2,118.6
2,134.9
2,164.2
2,184.3
2,118.9
2,134.5
2,136.0
2,150.0
2,152.2
2,164.5
2,167.7
2,172.7
2,173.1
2,179.1
2,191.4
2,193.4
2,194.9

Health
care

1,761.7
1,788.7
1,821.3
1,832.6
1,892.8
1,995.0
2,070.7
2,119.4
2,181.6
2,249.3
2,102.5
2,101.2
2,127.0
2,146.9
2,156.2
2,174.7
2,203.2
2,192.4
2,227.0
2,245.5
2,248.7
2,275.9
2,170.2

Financial
services
and
insurance

810.5
831.4
820.1
815.2
817.9
836.3
817.8
832.9
841.5
856.7
829.9
829.4
833.4
838.8
840.9
839.2
841.1
844.9
850.7
852.7
857.6
865.6
872.8

Addendum:
Personal
consumption
expenditures
excluding
food and
energy 2

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

9,151.3
9,363.2
9,531.1
9,667.6
9,978.8
10,372.0
10,667.2
10,956.6
11,287.2
11,598.0
10,854.6
10,905.7
10,974.2
11,091.8
11,142.8
11,251.9
11,357.5
11,396.5
11,441.8
11,572.9
11,654.9
11,722.5
11,447.2

11.6
12.7
14.4
15.5
16.5
17.4
17.5
17.1
17.2
16.9
17.1
16.8
17.1
17.5
17.1
17.3
17.0
17.4
16.8
17.0
17.0
16.7
15.0

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

Note: Because of the formula used for calculating real GDP, the chained (2012) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates.
Source: Department of Commerce (Bureau of Economic Analysis).

4

Sources of Personal Income
Personal income rose $2.0 trillion (annual rate) in April, following a decline of $413.8 billion in March. Wages and
salaries fell $740.2 billion in April, following a decline of $332.2 billion in March.
BILLIONS OF DOLLARS * (RATIO SCALE)
22,000
20,000

BILLIONS OF DOLLARS* (RATIO SCALE)
22,000
20,000

18,000

18,000

16,000

16,000
TOTAL PERSONAL INCOME

14,000

14,000
12,000

12,000
10,000

10,000

WAGES AND SALARIES

9,000

9,000

8,000

8,000

7,000

7,000
6,000

6,000
OTHER INCOME
5,000

5,000

4,000

4,000
PERSONAL CURRENT
TRANSFER RECEIPTS

3,000

3,000

2,000

2,000
2012

2013

2014

2015

2016

2017

2018

2019

*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

2020

COUNCIL OF ECONOMIC ADVISERS

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

2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 r ������������������
2019: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2020: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr p ���������

Total
personal
income

12,551.6
13,326.8
14,010.1
14,181.1
14,991.7
15,717.8
16,121.2
16,878.8
17,819.2
18,608.3
18,505.7
18,546.5
18,615.4
18,613.4
18,688.2
18,729.1
18,763.6
18,865.0
18,906.6
19,018.3
19,122.4
18,708.6
20,674.5

Total

7,924.9
8,225.9
8,566.7
8,834.2
9,249.1
9,698.2
9,960.3
10,411.6
10,928.5
11,427.7
11,380.9
11,369.0
11,410.9
11,411.7
11,457.0
11,456.4
11,520.8
11,586.2
11,619.8
11,673.2
11,731.0
11,356.4
10,477.9

Wages
and
salaries

Supplements to
wages
and
salaries

6,372.1
6,625.9
6,927.5
7,113.2
7,475.2
7,856.7
8,083.5
8,462.1
8,888.5
9,304.2
9,272.8
9,257.1
9,290.8
9,286.2
9,323.7
9,318.8
9,374.8
9,431.9
9,459.1
9,504.4
9,554.4
9,222.2
8,482.0

1,552.9
1,600.0
1,639.2
1,721.0
1,773.9
1,841.5
1,876.8
1,949.5
2,040.0
2,123.5
2,108.0
2,111.9
2,120.1
2,125.4
2,133.2
2,137.5
2,146.0
2,154.3
2,160.7
2,168.9
2,176.7
2,134.3
1,995.9

Proprietors’ income 1

Farm

39.0
64.9
60.9
88.3
69.8
56.0
35.6
38.1
27.2
32.0
16.7
19.1
21.8
22.1
45.6
57.8
34.9
62.9
28.4
26.3
61.6
26.2
21.5

Nonfarm

1,069.7
1,164.4
1,286.4
1,315.3
1,377.9
1,366.2
1,388.1
1,480.1
1,561.6
1,626.3
1,606.4
1,615.5
1,619.1
1,633.2
1,649.6
1,641.8
1,647.7
1,650.6
1,662.3
1,687.3
1,708.9
1,596.0
1,403.0

Personal income receipts on assets
Rental
income
of
persons 2

394.2
478.6
518.0
557.0
604.6
648.1
681.4
718.8
756.8
777.9
773.3
777.0
781.4
780.4
779.6
779.0
783.4
787.7
791.8
794.8
797.7
800.7
800.8

Total

1,782.3
1,950.9
2,165.6
2,066.3
2,302.2
2,470.8
2,521.4
2,681.6
2,930.1
2,992.9
3,000.5
3,021.7
3,027.3
2,999.0
2,983.5
3,010.5
2,989.1
2,993.9
3,023.7
3,025.7
3,011.1
3,005.0
2,959.8

Personal
interest
income
1,238.5
1,269.4
1,330.5
1,273.0
1,349.0
1,437.9
1,457.4
1,551.6
1,702.7
1,720.6
1,735.3
1,755.4
1,760.9
1,724.0
1,703.2
1,723.2
1,701.2
1,709.4
1,736.2
1,723.4
1,705.5
1,696.3
1,667.9

Personal
dividend
income
543.9
681.5
835.1
793.3
953.2
1,032.9
1,064.0
1,130.0
1,227.5
1,272.3
1,265.2
1,266.4
1,266.4
1,275.0
1,280.4
1,287.3
1,287.9
1,284.5
1,287.5
1,302.3
1,305.6
1,308.7
1,291.9

Personal
current
transfer
receipts 3

2,325.2
2,358.7
2,363.0
2,424.3
2,541.5
2,683.3
2,774.2
2,848.1
2,971.5
3,171.9
3,144.0
3,158.3
3,173.4
3,185.2
3,196.0
3,206.1
3,217.7
3,221.3
3,221.8
3,269.8
3,277.6
3,348.0
6,347.1

Less:
Chart
5 - May 2020
Contributions
for
government
social
insurance,
domestic
983.7
916.7
950.5
1,104.3
1,153.6
1,204.7
1,239.9
1,299.6
1,356.5
1,420.4
1,416.1
1,414.2
1,418.7
1,418.1
1,423.1
1,422.6
1,430.0
1,437.6
1,441.2
1,458.8
1,465.5
1,423.7
1,335.6

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

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

5

Disposition of Personal Income
According to revised estimates, per capita disposable personal income in chained (2012) dollars rose 0.5 percent
(annual rate) in the first quarter of 2020.
BILLIONS OF DOLLARS* (RATIO SCALE)
17,000

BILLIONS OF DOLLARS* (RATIO SCALE)
17,000

16,000

16,000

15,000

15,000

DISPOSABLE PERSONAL INCOME

14,000

14,000
SAVING

13,000

13,000

PERSONAL OUTLAYS

12,000

12,000

11,000

11,000

10,000

10,000
DOLLARS* (RATIO SCALE)

52,000
50,000

52,000
50,000

PER CAPITA DISPOSABLE PERSONAL INCOME

48,000

48,000
CURRENT DOLLARS

46,000

46,000

44,000

44,000

42,000

42,000

40,000

40,000

CHAINED (2012) DOLLARS

38,000

38,000

36,000

36,000

34,000

34,000
2011

2012

2013

2014

2015

2016

2017

2018

*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

Period

Personal
income

Less:
Personal
current
taxes

Equals:
Disposable
personal
income

12,551.6
13,326.8
14,010.1
14,181.1
14,991.7
15,717.8
16,121.2
16,878.8
17,819.2
18,608.3

1,237.3
1,453.2
1,508.9
1,675.8
1,784.0
1,937.8
1,956.1
2,045.8
2,077.6
2,183.2

11,314.3
11,873.6
12,501.2
12,505.3
13,207.7
13,780.0
14,165.1
14,833.0
15,741.5
16,425.2

2020

COUNCIL OF ECONOMIC ADVISERS

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
billions of
chained
(2012)
dollars

Per capita disposable
personal income
Current
dollars

Billions of dollars
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 r ������������������

2019

Chained
(2012)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(2012)
dollars

Dollars
10,573.5
11,023.7
11,393.6
11,703.9
12,237.0
12,731.2
13,206.3
13,802.1
14,531.1
15,122.3

740.9
849.8
1,107.6
801.4
970.8
1,048.8
958.8
1,030.9
1,210.4
1,302.8

11,822.1
12,099.8
12,501.2
12,339.1
12,844.3
13,372.7
13,608.4
14,002.8
14,556.2
14,978.5

36,524
38,055
39,786
39,529
41,451
42,939
43,829
45,609
48,147
49,996

Chart 6 - May 2020

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

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

38,164
38,780
39,786
39,004
40,311
41,670
42,107
43,056
44,521
45,593

32,881
34,105
35,030
35,774
37,105
38,279
39,446
40,932
42,816
44,327

34,357
34,755
35,030
35,298
36,084
37,147
37,896
38,641
39,592
40,423

1.2
1.6
2.6
–2.0
3.4
3.4
1.0
2.3
3.4
2.4

6.5
7.2
8.9
6.4
7.3
7.6
6.8
7.0
7.7
7.9

309,774
312,010
314,212
316,357
318,631
320,918
323,186
325,220
326,949
328,527

42,715
42,940
43,120
43,448
44,129
44,370
44,666
44,918
45,371
45,494
45,666
45,843
45,900

40,384
40,660
41,002
41,680
42,070
42,668
43,142
43,382
43,505
44,205
44,651
44,944
44,257

38,333
38,507
38,670
39,053
39,172
39,514
39,796
39,885
39,958
40,363
40,620
40,748
39,999

4.3
2.1
1.7
3.1
6.4
2.2
2.7
2.3
4.1
1.1
1.5
1.6
.5

7.0
7.0
7.0
6.8
7.9
7.6
7.5
7.8
8.5
7.8
7.7
7.7
9.6

324,496
324,948
325,475
325,963
326,325
326,703
327,167
327,602
327,923
328,270
328,730
329,186
329,529

Seasonally adjusted annual rates
2017: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2018: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2019: I ����������������
      II ���������������
      III ��������������
      IV r ������������
2020: I r ��������������

16,604.1
16,749.6
16,930.4
17,231.2
17,540.3
17,725.0
17,928.5
18,082.8
18,355.4
18,555.9
18,676.9
18,845.1
18,949.8

2,001.5
2,016.0
2,049.8
2,115.8
2,074.9
2,071.7
2,086.5
2,077.4
2,156.9
2,200.1
2,175.3
2,200.3
2,214.1

14,602.6
14,733.5
14,880.6
15,115.4
15,465.4
15,653.3
15,842.0
16,005.4
16,198.5
16,355.7
16,501.6
16,644.8
16,735.7

13,576.8
13,699.7
13,841.8
14,090.2
14,245.2
14,465.9
14,655.6
14,757.8
14,823.0
15,073.1
15,237.2
15,356.0
15,125.9

1,025.8
1,033.9
1,038.8
1,025.2
1,220.2
1,187.4
1,186.4
1,247.6
1,375.5
1,282.6
1,264.3
1,288.8
1,609.8

13,860.9
13,953.4
14,034.5
14,162.4
14,400.3
14,495.9
14,613.3
14,715.2
14,878.1
14,934.3
15,011.9
15,090.9
15,125.5

45,001
45,341
45,720
46,372
47,393
47,913
48,422
48,856
49,397
49,824
50,198
50,563
50,787

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

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

6

Real Farm Income
According to the preliminary forecast for 2020, gross farm income in chained (2020) dollars is forecast to be $451.3
billion and net farm income to be $96.7 billion.
BILLIONS OF CHAINED (2020) DOLLARS (RATIO SCALE)

BILLIONS OF CHAINED (2020) DOLLARS (RATIO SCALE)

600
560
520
480
440
400

600
560
520
480
440
400

GROSS FARM INCOME

360

360

320

320

280

280

240

240

200

200

160

160

120

120
NET FARM INCOME

80

80

60

60

40

40
2011

2012

2014

2013

2015

2016

2017

2018

SOURCE: DEPARTMENT OF AGRICULTURE

2019

2020

COUNCIL OF ECONOMIC ADVISERS

[Billions of chained (2020) dollars]
Chart 7 - Jan 2020

Income of farm operators from farming 1
Gross farm income
Year

Value of agricultural sector production
Total

2000 ���������������������������������������������������
2001 ���������������������������������������������������
2002 ���������������������������������������������������
2003 ���������������������������������������������������
2004 ���������������������������������������������������
2005 ���������������������������������������������������
2006 ���������������������������������������������������
2007 ���������������������������������������������������
2008 ���������������������������������������������������
2009 ���������������������������������������������������
2010 ���������������������������������������������������
2011 ���������������������������������������������������
2012 ���������������������������������������������������
2013 ���������������������������������������������������
2014 ���������������������������������������������������
2015 ���������������������������������������������������
2016 ���������������������������������������������������
2017 ���������������������������������������������������
2018 ���������������������������������������������������
2019 ���������������������������������������������������
2020 p �������������������������������������������������

Crops 2, 3

Total
354.3
358.4
325.7
358.7
398.1
390.9
368.8
420.2
442.6
405.5
424.6
490.5
514.8
544.4
533.7
482.0
446.1
451.7
443.4
446.0
451.3

320.3
326.2
308.1
335.8
380.6
359.0
348.7
405.5
427.7
390.9
409.8
478.3
502.6
532.1
523.0
470.2
432.1
439.5
429.2
421.9
436.3

139.2
136.3
138.3
150.5
168.9
149.8
150.9
187.0
211.0
198.3
200.2
232.5
243.7
262.9
227.8
201.5
204.9
199.6
195.6
185.6
198.2

Animals
and animal
products 3
145.3
152.5
132.0
145.6
167.8
165.7
151.6
171.3
169.2
144.1
167.0
191.0
193.6
203.7
236.7
212.3
179.0
187.8
184.1
181.4
186.3

Farm-related
income 4
35.8
37.4
37.8
39.7
43.9
43.5
46.2
47.2
47.5
48.4
42.6
54.8
65.4
65.4
58.4
56.3
48.2
52.1
49.6
54.9
51.8

Direct
Federal
Government
payments
34.0
32.2
17.5
22.9
17.5
31.9
20.1
14.7
14.9
14.7
14.8
12.2
12.2
12.4
10.8
11.8
14.0
12.2
14.2
24.1
15.0

Production
expenses

Net
farm
income

280.0
279.6
270.4
274.1
280.1
287.8
295.8
333.6
347.9
330.6
332.8
358.0
404.5
405.3
431.9
392.8
378.8
372.0
356.5
350.7
354.7

74.3
78.7
55.3
84.5
118.0
103.1
73.0
86.6
94.7
74.9
91.8
132.5
110.3
139.1
101.9
89.2
67.4
79.7
86.9
95.3
96.7

1 The GDP chain-type price index is used to convert the current-dollar statistics to 2020=100 equivalents.
2 Crop receipts include proceeds received from commodities placed under Commodity Credit Corporation loans.
3 The value of production equates to the sum of cash receipts, home consumption, and the value of the change in inventories.
4 Includes income from forest products sold, the gross imputed rental value of farm dwellings, machine hire and custom work, and other sources of farm income such as commodity insurance

indemnities.

Note: Data for 2019 and 2020 are forecasts.
Source: Department of Agriculture (Economic Research Service).

7

Corporate Profits
In the first quarter of 2020, according to preliminary estimates, corporate profits before tax fell $327.6 billion
(annual rate) and profits after tax fell $303.7 billion.
BILLIONS OF DOLLARS
2,600

BILLIONS OF DOLLARS
2,600

SEASONALLY ADJUSTED ANNUAL RATES

2,400

2,400
PROFITS BEFORE TAX
2,200

2,200

2,000

2,000
1,800

1,800
PROFITS AFTER TAX
1,600

1,600

1,400

1,400

1,200

1,200

1,000

1,000

800

800

UNDISTRIBUTED PROFITS

600

600

400

400
TAXES ON
CORPORATE INCOME

200

200
0

0
2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

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

Profits after tax

Domestic industries
Period

2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2017: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2018: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2019: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2020: I p ��������������

Total 2

1,786.4
1,750.2
2,144.7
2,165.9
2,266.6
2,190.0
2,116.5
2,084.1
2,011.9
2,069.4
2,128.9
2,151.4
2,171.5
1,884.5
1,979.9
1,991.5
2,045.0
2,031.3
1,999.9
2,080.5
2,073.9
2,123.3
1,863.9

Profits
before
tax

Nonfinancial
Total

1,400.6
1,337.7
1,739.3
1,767.1
1,861.7
1,787.5
1,704.6
1,630.0
1,510.3
1,538.4
1,692.3
1,728.1
1,703.8
1,395.8
1,472.1
1,496.5
1,533.4
1,539.1
1,500.4
1,542.3
1,530.1
1,580.9
1,380.1

Financial

405.8
378.4
482.4
430.7
483.1
448.1
456.8
413.5
405.0
419.1
409.8
417.0
440.9
386.3
413.3
418.4
397.4
390.8
419.0
422.4
417.7
417.2
354.5

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

994.8
281.8
30.6
99.3
115.9
959.3
296.0
10.2
97.2
115.1
1,256.9
403.0
13.8
137.9
155.7
1,336.3
446.9
28.3
146.4
153.3
1,378.6
458.7
32.8
150.6
157.3
1,339.4
424.8
20.1
152.0
169.3
1,247.8
332.2
9.4
126.6
170.5
1,216.5
315.5
11.6
124.2
156.9
1,105.3
283.7
–4.0
108.9
133.1
1,119.4
272.8
–2.5
120.4
163.9
1,282.5
306.5
13.5
132.7
174.5
1,311.1
337.1
14.2
140.0
168.1
1,262.9
348.8
11.7
127.8
161.9
1,009.5
269.6
6.8
96.4
123.2
1,058.8
246.0
1.7
109.3
137.7
1,078.2
287.0
–1.6
92.3
122.8
1,136.1
298.9
–5.4
110.9
141.8
1,148.2
303.0
–10.7
122.9
130.0
1,081.4
260.1
–4.2
116.1
151.2
1,120.0
265.5
–1.4
120.6
161.5
1,112.4
274.8
–2.0
120.7
164.3
1,163.7
290.6
–2.4
124.4
178.6
1,025.6 ��������������� ��������������� ��������������� ���������������

1 See p. 4 for profits with inventory valuation and capital consumption adjustments.
2 Includes rest of the world, not shown separately.
3 Includes industries not shown separately.

Taxes
on
corporate
income

1,834.0
1,818.2
2,156.1
2,151.5
2,264.5
2,136.9
2,117.4
2,133.0
2,063.5
2,068.2
2,187.9
2,168.9
2,204.6
1,970.4
2,043.9
2,076.4
2,087.1
2,046.5
2,015.5
2,084.9
2,046.0
2,126.5
1,798.9

272.5
281.1
334.9
362.8
407.3
396.6
377.6
319.4
219.8
218.2
322.8
314.1
335.3
305.4
207.6
222.6
230.3
218.5
215.4
225.2
209.3
222.8
198.8

1,561.5
1,537.2
1,821.2
1,788.7
1,857.2
1,740.3
1,739.8
1,813.6
1,843.7
1,850.0
1,865.1
1,854.8
1,869.3
1,665.0
1,836.3
1,853.7
1,856.8
1,828.1
1,800.0
1,859.7
1,836.6
1,903.8
1,600.1

643.2
779.1
948.7
1,009.0
1,096.1
1,164.9
1,175.9
1,239.6
1,312.6
1,340.9
1,219.5
1,246.8
1,242.7
1,249.5
1,266.3
1,291.9
1,329.7
1,362.5
1,324.6
1,346.9
1,339.6
1,352.4
r 1,371.6

Chart 8 - May 2020

Inventory
Undistrib- valuation
adjustment
uted
profits

918.3
758.1
872.6
779.7
761.1
575.5
563.9
573.9
531.1
509.2
645.6
608.0
626.6
415.5
570.0
561.9
527.1
465.6
475.4
512.9
497.1
551.3
228.5

–47.6
–68.0
–11.4
14.4
2.1
53.1
–.9
–48.9
–51.5
1.2
–59.0
–17.5
–33.1
–86.0
–64.0
–84.8
–42.1
–15.2
–15.5
–4.4
27.9
–3.2
64.9

Real Gross Private Domestic Investment
In the first quarter of 2020, according to revised estimates, nonresidential fixed investment in chained (2012) dollars
fell $55.2 billion (annual rate) and residential fixed investment rose $26.1 billion. Inventories fell $67.2 billion,
following an increase of $13.1 billion in the fourth quarter.
BILLIONS OF CHAINED (2012) DOLLARS
3,600

BILLIONS OF CHAINED (2012) DOLLARS
3,600

SEASONALLY ADJUSTED ANNUAL RATES

3,400

3,400

GROSS PRIVATE DOMESTIC
INVESTMENT

3,200

3,200

3,000

3,000

2,800

2,800

2,600

2,600

2,400

2,400

2,200

2,200

NONRESIDENTIAL
FIXED INVESTMENT

2,000

2,000

1,800

1,800

1,600

1,600

1,400

1,400

1,200

1,200

1,000

1,000

RESIDENTIAL
FIXED INVESTMENT

800

800

600

600

400

400

200

200

0

0
CHANGE IN PRIVATE
INVENTORIES

–200

–200

–400

–400
2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Billions of chained (2012) dollars; quarterly data at seasonally adjusted annual rates]
Chart 9 - May 2020

Fixed investment
Period

2010 ���������������������������������������������������
2011 ���������������������������������������������������
2012 ���������������������������������������������������
2013 ���������������������������������������������������
2014 ���������������������������������������������������
2015 ���������������������������������������������������
2016 ���������������������������������������������������
2017 ���������������������������������������������������
2018 ���������������������������������������������������
2019 ���������������������������������������������������
2017: I ����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2018: I ����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2019: I ����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2020: I r ���������������������������������������������

Gross
private
domestic
investment

Change in private inventories

Nonresidential
Total

2,216.5
2,362.1
2,621.8
2,801.5
2,959.2
3,104.3
3,064.0
3,198.9
3,360.5
3,421.3
3,140.3
3,167.9
3,225.2
3,262.1
3,311.8
3,296.6
3,404.2
3,429.5
3,481.1
3,424.7
3,416.2
3,363.4
3,271.3

2,164.2
2,317.8
2,550.5
2,692.1
2,869.2
2,967.0
3,023.6
3,149.7
3,293.4
3,335.8
3,111.1
3,133.0
3,144.1
3,210.7
3,254.0
3,295.4
3,301.3
3,323.0
3,349.4
3,337.4
3,330.5
3,325.9
3,305.5

Total
1,781.0
1,935.4
2,118.5
2,206.0
2,365.3
2,408.2
2,425.3
2,531.2
2,692.3
2,748.1
2,490.5
2,517.4
2,532.6
2,584.2
2,639.5
2,689.9
2,703.9
2,735.8
2,765.6
2,758.5
2,742.7
2,725.7
2,670.5

Structures
412.8
424.1
479.4
485.5
538.8
522.4
496.4
519.5
540.9
517.8
521.1
523.7
513.3
519.9
534.9
549.1
546.2
533.4
538.6
523.0
509.6
500.1
495.2

Equipment
781.2
886.2
983.4
1,029.2
1,101.1
1,136.6
1,122.3
1,175.6
1,255.3
1,271.3
1,139.3
1,163.8
1,181.4
1,217.8
1,237.5
1,247.8
1,256.7
1,279.2
1,278.9
1,281.5
1,269.3
1,255.6
1,199.7

Intellectual
property
products
588.1
624.8
655.7
691.4
724.8
750.7
810.0
839.6
901.6
969.2
831.8
832.3
842.3
852.0
872.0
896.9
905.9
931.3
955.6
964.2
975.2
982.0
984.4

Residential

383.0
382.5
432.0
485.5
504.1
555.3
591.2
611.9
602.9
593.8
612.4
608.9
605.9
620.4
612.1
606.3
600.1
593.0
591.4
587.0
593.7
603.1
629.2

Total

Nonfarm

57.3
46.7
71.2
108.7
86.3
132.4
23.0
31.7
48.1
67.0
8.7
16.6
70.2
31.1
40.5
–28.0
87.2
93.0
116.0
69.4
69.4
13.1
–67.2

70.2
48.4
89.9
98.2
90.1
131.3
28.5
35.3
55.2
75.3
12.5
20.0
73.8
34.9
44.8
–21.7
94.6
103.0
126.6
77.9
77.6
19.0
–65.1

Note: See p. 10 for further detail on fixed investment by type.
Because of the formula used for calculating real GDP, the chained (2012) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates.
Source: Department of Commerce (Bureau of Economic Analysis).

9

Real Private Fixed Investment by Type
[Billions of chained (2012) dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential

Residential

Equipment
Total
fixed
investment

Period

2010 ���������������
2011 ���������������
2012 ���������������
2013 ���������������
2014 ���������������
2015 ���������������
2016 ���������������
2017 ���������������
2018 ���������������
2019 ���������������
2017: I ����������
      II ����������
      III ���������
      IV ���������
2018: I ����������
      II ����������
      III ���������
      IV ���������
2019: I ����������
      II ����������
      III ���������
      IV ���������
2020: I r ���������

Total
nonresidential

2,164.2
2,317.8
2,550.5
2,692.1
2,869.2
2,967.0
3,023.6
3,149.7
3,293.4
3,335.8
3,111.1
3,133.0
3,144.1
3,210.7
3,254.0
3,295.4
3,301.3
3,323.0
3,349.4
3,337.4
3,330.5
3,325.9
3,305.5

Intellectual property products

Information processing equipment
Structures

1,781.0
1,935.4
2,118.5
2,206.0
2,365.3
2,408.2
2,425.3
2,531.2
2,692.3
2,748.1
2,490.5
2,517.4
2,532.6
2,584.2
2,639.5
2,689.9
2,703.9
2,735.8
2,765.6
2,758.5
2,742.7
2,725.7
2,670.5

412.8
424.1
479.4
485.5
538.8
522.4
496.4
519.5
540.9
517.8
521.1
523.7
513.3
519.9
534.9
549.1
546.2
533.4
538.6
523.0
509.6
500.1
495.2

Total 2

781.2
886.2
983.4
1,029.2
1,101.1
1,136.6
1,122.3
1,175.6
1,255.3
1,271.3
1,139.3
1,163.8
1,181.4
1,217.8
1,237.5
1,247.8
1,256.7
1,279.2
1,278.9
1,281.5
1,269.3
1,255.6
1,199.7

Computers
and
peripheral
equipment 1

Total
289.1
303.2
331.2
351.8
370.2
394.6
415.5
456.3
498.5
517.9
436.4
451.2
460.6
477.2
489.3
493.9
506.6
504.2
515.4
524.1
515.5
516.5
494.4

94.1
93.9
103.5
103.0
102.9
103.7
103.2
112.3
123.5
129.3
436.4
451.2
460.6
477.2
489.3
493.9
506.6
504.2
515.4
524.1
515.5
516.5
494.4

Industrial TransporResearch
equiptation
Total 2 Software and develment
equipment
opment 3

Other
195.1
209.3
227.7
248.8
267.7
291.9
314.2
346.5
377.5
391.0
331.9
341.0
346.1
366.8
370.0
371.0
384.4
384.5
393.1
390.2
394.9
385.7
371.7

162.5
194.9
211.2
208.4
216.5
217.0
214.6
228.2
238.5
241.1
220.8
227.3
230.0
234.4
237.7
235.2
238.7
242.5
240.4
241.4
245.3
237.2
232.8

141.5
181.8
215.3
238.5
265.0
293.2
277.0
263.3
280.1
277.2
263.2
259.7
260.4
269.9
275.4
279.4
275.9
289.6
286.6
279.7
271.5
271.1
246.6

588.1
624.8
655.7
691.4
724.8
750.7
810.0
839.6
901.6
969.2
831.8
832.3
842.3
852.0
872.0
896.9
905.9
931.3
955.6
964.2
975.2
982.0
984.4

220.9
245.2
272.1
287.2
305.3
319.8
346.0
373.8
413.5
455.6
364.5
369.3
378.1
383.5
399.2
409.2
417.4
428.0
443.0
449.3
460.0
470.3
480.8

Structures
Total
residential 2

298.5
311.0
313.4
333.8
346.9
355.9
386.9
388.5
409.2
434.5
389.6
385.9
387.5
390.9
395.4
409.0
409.6
422.7
432.6
435.5
436.2
433.7
429.2

383.0
382.5
432.0
485.5
504.1
555.3
591.2
611.9
602.9
593.8
612.4
608.9
605.9
620.4
612.1
606.3
600.1
593.0
591.4
587.0
593.7
603.1
629.2

Total 2

373.8
372.4
421.5
474.1
491.8
541.9
576.7
596.6
587.5
578.5
597.2
593.8
590.6
604.7
596.4
590.9
584.9
578.0
576.3
571.9
578.3
587.4
613.3

Single
family

114.3
109.1
132.0
161.8
171.8
191.4
201.3
214.7
216.6
201.1
208.7
213.1
216.5
220.6
222.4
219.9
216.6
207.6
199.5
197.7
199.8
207.5
218.4

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

Note: Because of the formula used for calculating real GDP, the chained (2012) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates.

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

Total
capital
expenditures

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

ConManu- WholeUtilities struction
sale
facturing trade

Retail
trade

TransportaFinance
tion
Informaand
and
tion
insurwareance
housing

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

Health
care
and
social
assistance

Other 1

For
companies
without
employees

For companies with employees
2004 ��������
2005 ��������
2006 ��������
2007 ��������
2008 ��������
2009 ��������
2010 ��������
2011 ��������
2012 ��������
2013 ��������
2014 ��������
2015 ��������
2016 ��������
2017 ��������
2018 p �������

1,042.1
1,144.8
1,309.9
1,354.7
1,374.2
1,090.7
1,105.7
1,243.0
1,423.6
1,491.3
1,597.9
1,642.0
1,574.8
1,678.8
1,697.9

953.2
1,062.5
1,217.1
1,270.5
1,294.5
1,015.3
1,036.2
1,169.6
1,334.4
1,400.9
1,506.6
1,548.1
1,479.4
1,577.8
1,697.9

2.1
2.7
2.7
2.1
2.3
2.2
3.3
3.1
3.1
3.0
4.0
3.3
4.6
4.5
4.7

51.3
66.7
99.3
120.7
149.3
100.6
115.7
165.7
196.7
202.2
230.8
174.1
92.6
134.4
153.4

50.4
58.0
69.8
85.4
98.7
103.0
94.5
98.0
125.0
111.3
118.9
130.5
133.5
133.9
146.5

28.6
30.1
30.3
36.7
40.8
19.8
17.9
21.8
23.6
27.6
30.3
33.3
36.0
35.0
39.0

156.7
165.6
192.4
197.3
213.1
155.2
160.8
192.4
203.1
221.3
231.1
245.1
243.6
247.0
259.2

32.3
40.6
36.6
30.8
32.4
25.3
31.1
35.7
40.9
37.5
44.8
42.4
43.8
44.0
42.5

72.2
73.5
86.7
82.5
73.2
58.4
65.3
68.1
77.6
77.5
82.4
86.0
86.9
90.5
89.3

46.1
56.9
68.0
67.4
79.6
55.7
59.0
72.7
81.8
92.6
111.0
116.6
109.7
108.5
122.4

83.5
91.4
104.4
106.1
103.3
88.4
97.2
100.1
106.5
123.9
132.0
132.7
142.9
158.9
175.7

153.6
161.4
163.1
173.4
132.9
99.5
103.1
109.2
130.2
137.8
153.3
164.6
161.7
163.0
181.6

91.6
103.0
132.1
117.5
106.9
72.9
81.3
91.1
115.7
114.2
121.9
151.9
150.7
161.4
174.0

26.7
33.1
30.3
31.8
33.0
28.2
28.2
28.1
31.6
35.7
30.4
33.3
31.7
37.2
42.5

64.6
73.8
75.3
84.2
90.2
79.4
78.4
83.1
88.9
94.2
89.0
93.8
93.6
104.6
108.4

93.6
88.9
105.6
82.2
126.3
92.8
134.8
84.2
138.7
79.7
127.0
75.4
100.6
69.5
100.4
73.4
110.0
89.2
122.1
90.4
126.8
91.3
140.6
93.9
148.3
95.4
154.8
101.0
158.9 ��������������

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

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

10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
In May, unemployment as measured by the household survey fell 2.1 million to 21.0 million.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

168

168

SEASONALLY ADJUSTED

164

164

160

160

156

156

CIVILIAN LABOR FORCE

152

152

148

148

CIVILIAN
EMPLOYMENT

144

144

140

140

136

136

132

132

128

128

28
24

28
24

20

20
16

16
UNEMPLOYMENT

12

12

8

8

4
0

4
0
2012

2013

2014

2015

2016

2017

2018

2019

*16 YEARS OF AGE AND OVER

SOURCE: DEPARTMENT OF LABOR

2020

COUNCIL OF ECONOMIC ADVISERS

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

Period

2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2019: May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2020: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������

Civilian
noninsti- Civilian labor
tutional
force
population
(NSA)
237,830
239,618
243,284
245,679
247,947
250,801
253,538
255,079
257,791
259,175
258,861
259,037
259,225
259,432
259,638
259,845
260,020
260,181
259,502
259,628
259,758
259,896
260,047

153,889
153,617
154,975
155,389
155,922
157,130
159,187
160,320
162,075
163,539
162,782
163,133
163,373
163,894
164,051
164,401
164,347
164,556
164,606
164,546
162,913
156,481
158,227

Civilian employment

Total

139,064
139,869
142,469
143,929
146,305
148,834
151,436
153,337
155,761
157,538
156,844
157,148
157,346
157,895
158,298
158,544
158,536
158,803
158,714
158,759
155,772
133,403
137,242

Men
20 years
and
over
71,230
72,182
73,403
74,176
75,471
76,776
78,084
78,919
80,211
80,917
80,761
80,780
80,975
81,046
81,146
81,196
81,377
81,390
81,345
81,202
79,832
69,977
71,672

Women
20 years
and
over
63,456
63,360
64,640
65,295
66,287
67,323
68,387
69,344
70,424
71,470
71,038
71,209
71,120
71,665
71,990
72,130
71,881
72,200
72,097
72,179
70,886
59,947
61,638

1 11 - May 2020
PercentChart

Unemployment
Both
sexes
16–19
years
4,378
4,327
4,426
4,458
4,548
4,734
4,965
5,074
5,126
5,150
5,044
5,159
5,250
5,184
5,162
5,218
5,278
5,213
5,273
5,378
5,054
3,479
3,932

Total

14,825
13,747
12,506
11,460
9,617
8,296
7,751
6,982
6,314
6,001
5,938
5,985
6,027
5,999
5,753
5,857
5,811
5,753
5,892
5,787
7,140
23,078
20,985

Men
20 years
and
over
7,763
6,898
5,984
5,568
4,585
3,959
3,675
3,287
2,976
2,819
2,808
2,788
2,796
2,806
2,695
2,715
2,679
2,618
2,743
2,799
3,344
10,483
9,385

Women
20 years
and
over

Both
sexes
16–19
years

5,534
5,450
5,125
4,565
3,926
3,371
3,151
2,868
2,578
2,435
2,401
2,447
2,465
2,451
2,323
2,411
2,411
2,383
2,415
2,323
2,954
10,966
9,920

1,528
1,400
1,397
1,327
1,106
966
925
827
759
746
730
751
767
742
735
730
721
752
734
665
843
1,628
1,681

Not
in
labor
force

83,941
86,001
88,310
90,290
92,025
93,671
94,351
94,759
95,716
95,636
96,079
95,905
95,852
95,538
95,587
95,444
95,673
95,625
94,896
95,082
96,845
103,415
101,820

Labor
Employ- Unemployforce
ment/
participa- population
ment
tion
rate
ratio
rate
64.7
64.1
63.7
63.2
62.9
62.7
62.8
62.9
62.9
63.1
62.9
63.0
63.0
63.2
63.2
63.3
63.2
63.2
63.4
63.4
62.7
60.2
60.8

58.5
58.4
58.6
58.6
59.0
59.3
59.7
60.1
60.4
60.8
60.6
60.7
60.7
60.9
61.0
61.0
61.0
61.0
61.2
61.1
60.0
51.3
52.8

9.6
8.9
8.1
7.4
6.2
5.3
4.9
4.4
3.9
3.7
3.6
3.7
3.7
3.7
3.5
3.6
3.5
3.5
3.6
3.5
4.4
14.7
13.3

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 fell to 13.3 percent.
PERCENT (SEASONALLY ADJUSTED)

PERCENT (SEASONALLY ADJUSTED)

35

35

30

30

25

25

20

20

15

15

BLACK OR
AFRICAN
AMERICAN1

10

TEENAGERS
(16-19)

10

HISPANIC1,2
5

MEN 20 YEARS
AND OVER

5
ALL CIVILIAN
WORKERS

0
2016

WHITE1

WOMEN 20 YEARS
AND OVER

ASIAN1
0

2017

2018

2019

2020

2016

2017

2018

2019

2020

1

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

2

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted by NSA]
Unemployment rate (percent of civilian labor force in group)
Chart 12 - May 2020

By race or ethnicity 1

By sex and age
Period

2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2019: May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2020: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������

All
civilian
workers

9.6
8.9
8.1
7.4
6.2
5.3
4.9
4.4
3.9
3.7
3.6
3.7
3.7
3.7
3.5
3.6
3.5
3.5
3.6
3.5
4.4
14.7
13.3

Men
20 years
and
over

Women
20 years
and
over

9.8
8.7
7.5
7.0
5.7
4.9
4.5
4.0
3.6
3.4
3.4
3.3
3.3
3.3
3.2
3.2
3.2
3.1
3.3
3.3
4.0
13.0
11.6

8.0
7.9
7.3
6.5
5.6
4.8
4.4
4.0
3.5
3.3
3.3
3.3
3.3
3.3
3.1
3.2
3.2
3.2
3.2
3.1
4.0
15.5
13.9

Both
sexes
16–19
years
25.9
24.4
24.0
22.9
19.6
16.9
15.7
14.0
12.9
12.7
12.6
12.7
12.7
12.5
12.5
12.3
12.0
12.6
12.2
11.0
14.3
31.9
29.9

White

8.7
7.9
7.2
6.5
5.3
4.6
4.3
3.8
3.5
3.3
3.3
3.3
3.3
3.4
3.2
3.2
3.2
3.2
3.1
3.1
4.0
14.2
12.4

Black
or
African
American
16.0
15.8
13.8
13.1
11.3
9.6
8.4
7.5
6.5
6.1
6.2
6.0
5.9
5.4
5.5
5.5
5.6
5.9
6.0
5.8
6.7
16.7
16.8

Asian

7.5
7.0
5.9
5.2
5.0
3.8
3.6
3.4
3.0
2.7
2.5
2.1
2.8
2.8
2.5
2.8
2.6
2.5
3.0
2.5
4.1
14.5
15.0

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

By selected groups
Hispanic
or
Latino
ethnicity
12.5
11.5
10.3
9.1
7.4
6.6
5.8
5.1
4.7
4.3
4.2
4.3
4.5
4.2
3.9
4.1
4.2
4.2
4.3
4.4
6.0
18.9
17.6

Married
men,
spouse
present
6.8
5.8
4.9
4.3
3.4
2.8
2.7
2.4
2.0
1.8
1.7
1.8
1.8
1.8
1.7
1.7
1.9
1.6
1.7
2.0
2.3
9.7
8.3

Women
who
maintain
families
(NSA)
12.3
12.4
11.4
10.2
8.6
7.4
6.8
6.2
5.4
5.0
4.7
5.1
6.0
5.1
4.7
5.4
4.8
4.2
5.4
4.1
5.3
15.9
15.8

Full-time
workers

10.4
9.6
8.5
7.7
6.4
5.4
4.9
4.3
3.8
3.6
3.6
3.5
3.6
3.5
3.4
3.5
3.5
3.4
3.5
3.5
4.1
12.9
12.0

Part-time
workers

6.3
6.3
6.1
5.9
5.4
4.9
4.8
4.6
4.4
4.1
4.2
4.4
4.3
4.4
3.9
3.8
3.8
3.9
4.1
3.7
6.1
24.5
19.7

Selected Measures of Unemployment and Unemployment Insurance Programs
In May, the percentage of the unemployed who had been out of work for less than 5 weeks fell, while the percentages
for 5 to 14 weeks, for 15 to 26 weeks, and for 27 weeks and over rose. The mean duration of unemployment rose to
9.9 weeks and the median duration rose to 7.7 weeks.
PERCENT DISTRIBUTION*

PERCENT DISTRIBUTION*

100

100

DURATION OF UNEMPLOYMENT

80

80

60

60

LESS THAN
5 WEEKS

40

REASON FOR UNEMPLOYMENT

JOB LOSERS
40
REENTRANTS

5-14
WEEKS
27 WEEKS
AND OVER

20

JOB LEAVERS

20

15-26
WEEKS

NEW ENTRANTS

0

0
2016

2017

2018

2019

2020

2016

2017

2018

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR

2019

2020

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted by NSA]
Chart 13 - May 2020

Duration of unemployment
Period

Unemployment
(thousands)

Percent distribution
Less
than
5 weeks

5–14
weeks

15–26
weeks

Reason for unemployment: percent distribution
Number of weeks

27 weeks
and over

Average
(mean) 1

Median

Job
losers

Job
leavers

Reentrants

New
entrants

State programs
Insured
unemployment
(NSA)

Initial
claims
(NSA)

Insured
unemployment,
all
programs
(NSA) 2

Weekly average, thousands
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2019: May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2020: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������

14,825
13,747
12,506
11,460
9,617
8,296
7,751
6,982
6,314
6,001
5,938
5,985
6,027
5,999
5,753
5,857
5,811
5,753
5,892
5,787
7,140
23,078
20,985

18.7
19.5
21.1
22.5
25.7
28.9
30.5
32.5
34.4
34.8
36.9
32.6
36.4
36.7
32.4
33.7
34.6
35.6
35.1
35.1
48.5
61.9
18.5

22.0
21.8
22.9
24.1
25.3
27.7
28.7
28.8
29.7
29.8
26.9
30.7
29.5
28.9
30.8
29.8
29.9
29.9
29.9
31.4
24.5
30.4
70.8

16.0
15.0
14.9
15.8
15.6
15.3
14.9
14.6
14.5
14.3
14.0
13.0
14.9
13.7
14.0
15.1
14.7
14.0
15.1
14.4
11.1
3.6
5.2

43.3
43.8
41.1
37.6
33.5
28.1
25.9
24.2
21.4
21.1
22.2
23.7
19.2
20.7
22.8
21.5
20.8
20.5
19.9
19.2
15.9
4.1
5.6

33.0
39.3
39.4
36.5
33.7
29.2
27.5
25.0
22.7
21.6
24.1
22.1
19.7
22.1
21.7
21.6
20.2
20.8
21.9
20.9
17.1
6.1
9.9

21.4
21.4
19.3
17.0
14.0
11.6
10.6
10.0
9.3
9.1
9.1
9.4
9.0
9.0
9.4
9.2
9.2
9.0
9.3
9.1
7.0
2.0
7.7

62.4
59.0
55.0
53.0
50.7
49.0
48.2
49.2
47.4
46.4
45.1
45.6
46.5
47.7
44.7
45.9
48.1
46.9
45.2
46.9
56.7
89.4
87.0

6.0
7.0
7.7
8.1
8.6
9.9
11.1
11.1
12.6
13.6
13.6
14.8
13.8
13.0
14.6
14.4
13.3
14.5
14.2
13.4
10.5
2.5
2.6

23.4
24.7
26.7
28.0
29.4
30.6
30.1
29.8
30.5
30.2
31.2
30.7
29.8
29.7
29.0
29.0
28.6
28.9
31.2
31.0
25.5
6.4
7.8

8.2
4,487
454
9,732
9.3
3,679
406
7,630
10.5
3,297
374
6,048
10.9
2,947
342
4,605
11.3
2,574
304
2,657
10.6
2,237
275
2,272
10.6
2,099
259
2,127
9.9
1,948
240
1,971
9.5
1,755
219
1,774
9.8
1,684
217
1,702
10.1
1,581
212
1,598
8.9
1,681
223
1,697
9.9
1,857
235
1,874
9.6
1,638
190
1,653
11.7
1,634
182
1,651
10.6
1,473
220
1,489
10.0
1,490
241
1,507
9.6
2,165
342
2,187
9.4
2,228
304
2,250
8.7
2,073
211
2,093
7.3
3,727
2,937
3,750
1.7 ��������������� ��������������� �����������������
2.5 ��������������� ��������������� �����������������

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

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 2.5 million in May.
MILLIONS OF PERSONS*
155

MILLIONS OF PERSONS*
110
108
106
104
102
100
98
96
94
92
90
88
86

ALL NONAGRICULTURAL
ESTABLISHMENTS

150
145
140
135
PRIVATE
INDUSTRIES

130

26
24
22
20
18
16
14
12
10

125
120
115

105
GOVERNMENT

2016

2017

EDUCATION AND
HEALTH SERVICES

2018

2019

2020

PROFESSIONAL AND
BUSINESS SERVICES

RETAIL TRADE

22
20
18
16
14
12
10

110

24
22
20

PRIVATE
SERVICE-PROVIDING
INDUSTRIES

GOODS-PRODUCING
MANUFACTURING

2016

2017

2018

*SEASONALLY ADJUSTED

2019

2020

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[Thousands of wage and salary workers; 1 monthly data seasonally adjusted]
Chart 14 - May 2020

Private industries

Period

2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2019: May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2020: Jan �����������
      Feb �����������
      Mar r ��������
      Apr r ���������
      May p �������

Total
nonagricultural
employment

130,345
131,914
134,157
136,364
138,940
141,825
144,336
146,608
148,908
150,939
150,577
150,759
150,953
151,160
151,368
151,553
151,814
151,998
152,212
152,463
151,090
130,403
132,912

Goods-producing industries
Total
private

107,855
109,828
112,237
114,511
117,058
119,796
122,112
124,258
126,454
128,346
128,026
128,206
128,366
128,523
128,718
128,908
129,155
129,319
129,498
129,718
128,362
108,638
111,732

Total 2

Construc- Manufaction
turing

17,751
18,047
18,420
18,738
19,226
19,610
19,750
20,084
20,704
21,067
21,050
21,076
21,085
21,087
21,106
21,086
21,131
21,136
21,149
21,205
21,086
18,713
19,382

5,518
5,533
5,646
5,856
6,151
6,461
6,728
6,969
7,288
7,492
7,478
7,497
7,504
7,508
7,524
7,541
7,539
7,555
7,593
7,639
7,574
6,579
7,043

11,528
11,726
11,927
12,020
12,185
12,336
12,354
12,439
12,688
12,840
12,829
12,838
12,845
12,848
12,851
12,810
12,868
12,866
12,844
12,852
12,806
11,482
11,707

Private service-providing industries
Trade, transportation,
and utilities
Total
Total 3
90,104
91,781
93,817
95,773
97,832
100,186
102,362
104,174
105,750
107,279
106,976
107,130
107,281
107,436
107,612
107,822
108,024
108,183
108,349
108,513
107,276
89,925
92,350

24,565
24,990
25,399
25,783
26,303
26,806
27,179
27,393
27,607
27,715
27,667
27,686
27,692
27,688
27,712
27,750
27,762
27,809
27,832
27,830
27,723
24,498
24,866

Retail
trade
14,446
14,674
14,847
15,085
15,363
15,611
15,832
15,846
15,786
15,644
15,619
15,613
15,614
15,614
15,623
15,645
15,631
15,672
15,669
15,672
15,587
13,301
13,669

Information

Financial
activities

2,707
2,674
2,676
2,706
2,726
2,750
2,794
2,814
2,839
2,860
2,853
2,865
2,862
2,861
2,866
2,865
2,874
2,883
2,894
2,894
2,888
2,616
2,578

7,695
7,697
7,784
7,886
7,977
8,123
8,287
8,451
8,590
8,746
8,727
8,732
8,753
8,768
8,771
8,792
8,804
8,814
8,823
8,845
8,827
8,563
8,596

Profes- Education Leisure
sional
and
and
and
health
hospitalbusiness services
ity
services
16,783
17,389
17,992
18,575
19,124
19,695
20,114
20,508
20,950
21,313
21,253
21,294
21,337
21,377
21,402
21,444
21,481
21,503
21,523
21,550
21,456
19,267
19,394

19,975
20,318
20,769
21,086
21,439
22,029
22,639
23,188
23,638
24,177
24,076
24,131
24,204
24,262
24,323
24,363
24,436
24,465
24,534
24,586
24,408
21,818
22,242

13,049
13,353
13,768
14,254
14,696
15,160
15,660
16,051
16,295
16,576
16,519
16,526
16,528
16,570
16,631
16,701
16,744
16,784
16,808
16,867
16,124
8,585
9,824

Other
services

5,331
5,360
5,430
5,483
5,567
5,622
5,691
5,770
5,831
5,893
5,881
5,896
5,905
5,910
5,907
5,907
5,923
5,925
5,935
5,941
5,850
4,578
4,850

Government

22,490
22,086
21,920
21,853
21,882
22,029
22,224
22,350
22,455
22,594
22,551
22,553
22,587
22,637
22,650
22,645
22,659
22,679
22,714
22,745
22,728
21,765
21,180

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

Note: Data classified by industry based on the 2017 North American Industry Classification System (NAICS). For details see Employment and Earnings.
Source: Department of Labor (Bureau of Labor Statistics).

14

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

Total
private
nonagricultural 1

Period

2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2019: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2020: Jan �����������
      Feb �����������
      Mar r ��������
      Apr r ���������
      May p �������

Average gross hourly earnings
Total private
nonagricultural 1

Manufacturing

Total

33.4
33.6
33.7
33.7
33.7
33.7
33.6
33.7
33.8
33.6
33.7
33.6
33.6
33.5
33.6
33.6
33.6
33.5
33.6
33.6
33.7
33.4
33.5
34.1

Overtime

41.1
41.4
41.7
41.8
42.0
41.8
41.9
41.9
42.2
41.6
41.6
41.5
41.6
41.5
41.5
41.5
41.4
41.4
41.4
41.3
41.6
41.3
38.5
39.4

3.8
4.1
4.2
4.3
4.5
4.3
4.3
4.3
4.6
4.3
4.3
4.2
4.2
4.2
4.2
4.2
4.1
4.1
4.1
4.0
4.0
3.9
2.8
3.2

Current
dollars

Manufacturing

1982-84
dollars 2

$19.04
$8.90
19.43
8.77
19.73
8.72
20.13
8.78
20.60
8.85
21.03
9.07
21.53
9.20
22.05
9.22
22.71
9.26
23.51
9.43
23.33
9.38
23.42
9.41
23.47
9.43
23.54
9.43
23.64
9.46
23.70
9.48
23.76
9.47
23.81
9.47
23.84
9.46
23.88
9.47
23.96
9.49
24.10
9.59
25.14
10.10
25.00 �����������������

Average gross weekly earnings
Total private
nonagricultural 1
Current
dollars

$18.61
18.93
19.08
19.30
19.56
19.91
20.44
20.90
21.54
22.15
21.96
22.04
22.14
22.19
22.22
22.26
22.30
22.39
22.44
22.42
22.52
22.60
22.78
22.71

Percent change from
a year earlier,
total private
nonagricultural

Current dollars

1982-84
dollars 2

$636.02
$297.25
652.72
294.58
665.54
294.19
677.62
295.49
694.74
298.47
708.70
305.72
723.20
308.96
742.48
310.59
766.99
312.87
790.67
317.26
786.22
316.14
786.91
316.23
788.59
316.78
788.59
315.88
794.30
317.98
796.32
318.47
798.34
318.35
797.64
317.41
801.02
317.83
802.37
318.08
807.45
319.90
804.94
320.38
842.19
338.23
852.50 �����������������

Manufacturing

Construction

$765.18
784.29
794.67
807.37
822.03
832.25
855.77
876.10
908.01
921.66
913.54
914.66
921.02
920.89
922.13
923.79
923.22
926.95
929.02
925.95
936.83
933.38
877.03
894.77

$891.83
921.84
942.14
958.72
977.11
998.02
1,031.88
1,061.98
1,108.59
1,135.17
1,132.31
1,131.05
1,134.30
1,126.62
1,140.34
1,148.06
1,138.60
1,131.57
1,137.87
1,156.80
1,147.21
1,149.19
1,093.67
1,144.71

Retail
trade

Current
dollars

$400.38
412.29
422.35
423.44
431.97
446.01
447.69
463.10
483.03
503.07
502.95
502.23
502.98
502.53
506.62
507.22
508.13
504.11
511.46
513.15
518.36
518.81
537.72
563.94

1982-84
dollars 2

3.3
1.2
2.6
–.9
2.0
–.1
1.8
.4
2.5
1.0
2.0
2.4
2.0
1.1
2.7
.5
3.3
.7
3.1
1.4
3.2
1.2
3.0
1.3
2.9
1.4
2.7
1.0
3.1
1.6
3.4
1.8
3.4
1.9
2.9
1.0
2.9
.6
2.7
.2
3.6
1.3
2.6
1.2
7.1
7.0
8.3 �������������������

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

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

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

Total
compensation

Wages
and
salaries

Percent change from
3 months earlier

Benefits 1

Total
compensation

12 months earlier

Wages
and
salaries

Benefits 1

Total
compensation

Wages
and
salaries

Benefits 1

Not seasonally adjusted
2010:
2011:
2012:
2013:
2014:
2015:
2016:
2017:
2018:
2019:

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

112.5
115.0
117.1
119.4
122.2
124.5
127.2
130.5
134.4
138.0

112.8
114.6
116.6
119.0
121.6
124.2
127.1
130.6
134.7
138.7

111.9
115.9
118.2
120.5
123.5
125.1
127.3
130.2
133.6
136.2

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

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

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

Seasonally adjusted
2017: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2018: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2019: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2020: Mar �����������������������������������������

128.2
129.0
129.9
130.7
131.9
132.8
133.7
134.6
135.5
136.3
137.3
138.2
139.3

128.2
129.0
129.9
130.7
132.0
132.8
133.9
134.9
135.9
136.8
137.9
138.9
140.3

128.3
129.1
130.0
130.5
131.5
132.7
133.2
133.9
134.6
135.1
135.8
136.5
136.8

2.1
2.2
1.8
2.0
2.3
1.9
2.2
2.6
3.0
2.7

1.8
1.6
1.7
2.1
2.2
2.1
2.3
2.8
3.1
3.0

2.9
3.6
2.0
1.9
2.5
1.3
1.8
2.3
2.6
1.9

Not seasonally adjusted
0.7
.6
.7
.6
.9
.7
.7
.7
.7
.6
.7
.7
.8

0.7
.6
.7
.6
1.0
.6
.8
.7
.7
.7
.8
.7
1.0

0.6
.6
.7
.4
.8
.9
.4
.5
.5
.4
.5
.5
.2

2.3
2.4
2.5
2.6
2.8
2.9
2.9
3.0
2.8
2.6
2.7
2.7
2.8

2.6
2.4
2.6
2.8
2.9
2.9
3.1
3.1
3.0
3.0
3.0
3.0
3.3

1.9
2.2
2.4
2.3
2.5
2.8
2.5
2.6
2.4
1.8
2.0
1.9
1.6

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
Labor productivity
(output per hour)
Period
Business
sector

Nonfarm
business
sector

Hours of
all persons 2

Output 1
Business
sector

Nonfarm
business
sector

Business
sector

Real
compensation
per hour 4

Compensation
per hour 3

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Business
sector

Unit labor
costs

Nonfarm
business
sector

Implicit price
deflator 5

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

95.9
98.1
100.0
100.6
102.5
104.1
105.0
107.2
109.2
111.2
104.6
104.7
104.9
105.6
106.4
106.8
107.2
108.3
109.2
108.8
109.3
109.4
111.0
111.0
111.1
111.7
113.0

96.1
98.2
100.0
100.8
102.7
104.5
105.4
107.6
109.5
111.5
105.0
105.2
105.3
106.0
106.8
107.2
107.6
108.7
109.6
109.1
109.6
109.8
111.3
111.3
111.4
112.0
113.4

96.0
98.2
100.0
101.5
103.1
103.7
104.5
106.3
108.7
110.2
103.7
104.4
104.8
105.2
105.6
105.9
106.5
107.2
107.7
108.7
109.1
109.4
109.4
110.2
110.5
110.8
111.0

96.3
98.2
100.0
101.5
103.3
104.1
105.1
106.9
109.3
110.9
104.2
105.0
105.4
105.9
106.2
106.5
107.0
107.8
108.3
109.3
109.7
110.0
110.0
110.9
111.2
111.4
111.7

–1.5
2.2
2.0
.6
1.9
1.6
.8
2.1
1.9
1.8
–.7
.4
.5
2.8
2.9
1.7
1.5
4.3
3.4
–1.6
1.8
.6
5.7
.1
.3
2.2
4.7

–1.5
2.2
1.8
.8
1.9
1.7
.8
2.1
1.8
1.8
–.9
.6
.6
2.5
3.2
1.6
1.4
4.3
3.2
–1.5
1.6
.7
5.7
.1
.2
2.2
5.1

1.2
2.3
1.9
1.5
1.6
.6
.8
1.7
2.3
1.4
–.9
3.0
1.3
1.6
1.7
1.1
2.1
2.7
2.0
3.6
1.5
1.2
–.1
3.0
1.2
1.0
.9

1.0
1.9
1.9
1.5
1.8
.8
1.0
1.6
2.3
1.4
–.5
3.1
1.5
1.7
1.2
1.1
2.2
2.7
2.0
3.6
1.7
1.2
.0
3.1
1.2
.9
1.0

Indexes, 2012=100; quarterly data seasonally adjusted
2010 ����������������
2011 ����������������
2012 ����������������
2013 ����������������
2014 ����������������
2015 ����������������
2016 ����������������
2017 ����������������
2018 ����������������
2019 r ��������������
2016: I ������������
      II �����������
      III ����������
      IV ����������
2017: I ������������
      II �����������
      III ����������
      IV ����������
2018: I ������������
      II �����������
      III ����������
      IV ����������
2019: I ������������
      II �����������
      III ����������
      IV r ��������
2020: I r * �������

99.3
99.2
100.0
100.9
101.6
102.9
103.2
104.6
106.1
108.2
102.7
102.9
103.3
103.9
104.1
104.2
105.0
105.0
105.4
106.1
106.4
106.5
107.6
108.4
108.3
108.5
108.3

99.2
99.2
100.0
100.5
101.4
102.7
103.0
104.4
105.8
107.9
102.6
102.8
103.1
103.5
103.8
104.0
104.7
104.9
105.2
105.7
106.2
106.3
107.3
108.0
108.0
108.3
108.0

95.2
97.1
100.0
102.4
105.6
109.4
111.3
114.4
118.3
121.6
110.3
110.9
111.6
112.3
113.1
113.8
114.9
116.1
116.9
118.0
119.0
119.4
120.6
121.2
121.9
122.6
120.6

95.0
96.9
100.0
102.2
105.4
109.1
111.0
114.2
118.1
121.3
110.1
110.6
111.3
112.0
112.7
113.5
114.7
115.8
116.7
117.8
118.8
119.2
120.4
120.9
121.6
122.4
120.3

95.9
97.8
100.0
101.5
103.9
106.3
107.9
109.4
111.5
112.3
107.4
107.8
108.1
108.2
108.7
109.2
109.4
110.5
110.9
111.3
111.8
112.1
112.1
111.8
112.6
113.0
111.3

95.9
97.8
100.0
101.7
104.0
106.2
107.8
109.4
111.6
112.4
107.3
107.6
108.0
108.2
108.6
109.2
109.5
110.4
110.9
111.4
111.9
112.1
112.1
111.9
112.7
113.0
111.4

95.3
97.3
100.0
101.5
104.1
107.1
108.3
112.1
115.9
120.3
107.4
107.7
108.3
109.7
110.7
111.3
112.6
113.8
115.1
115.4
116.3
116.6
119.4
120.3
120.3
121.2
122.4

95.3
97.4
100.0
101.3
104.1
107.4
108.5
112.3
115.9
120.3
107.7
108.1
108.6
109.7
110.9
111.5
112.6
114.1
115.2
115.4
116.3
116.7
119.5
120.3
120.3
121.3
122.5

100.4
99.4
100.0
100.0
100.9
103.6
103.4
104.8
105.7
107.8
103.6
103.1
103.2
103.8
104.0
104.5
105.2
105.5
105.9
105.6
105.8
105.7
108.0
108.0
107.5
107.7
108.5

100.4
99.5
100.0
99.8
100.9
103.8
103.6
105.0
105.8
107.9
103.8
103.4
103.4
103.9
104.2
104.7
105.2
105.7
106.0
105.5
105.9
105.8
108.1
108.0
107.5
107.8
108.6

Percent change; quarterly data at seasonally adjusted annual rates
2010 ����������������
2011 ����������������
2012 ����������������
2013 ����������������
2014 ����������������
2015 ����������������
2016 ����������������
2017 ����������������
2018 ����������������
2019 r ��������������
2016: I ������������
      II �����������
      III ����������
      IV ����������
2017: I ������������
      II �����������
      III ����������
      IV ����������
2018: I ������������
      II �����������
      III ����������
      IV ����������
2019: I ������������
      II �����������
      III ����������
      IV r ��������
2020: I r * �������

3.3
–.1
.8
.9
.7
1.2
.3
1.4
1.5
2.0
.6
.6
1.6
2.4
.7
.5
3.3
.1
1.3
2.7
1.3
.4
4.0
3.0
–.4
1.0
–.7

3.4
.0
.9
.5
.9
1.3
.3
1.3
1.4
1.9
.8
.8
1.3
1.8
1.1
.5
2.9
.9
.9
2.1
1.7
.6
3.9
2.7
–.3
1.2
–.9

3.2
1.9
3.0
2.4
3.1
3.5
1.8
2.8
3.4
2.7
2.3
2.1
2.6
2.5
2.6
2.6
4.0
4.1
2.9
4.0
3.4
1.2
3.9
2.0
2.4
2.4
–6.3

3.3
2.0
3.1
2.2
3.2
3.5
1.7
2.9
3.5
2.7
2.3
2.0
2.4
2.7
2.5
2.7
4.2
4.2
2.9
4.0
3.5
1.2
3.9
1.9
2.3
2.4
–6.5

–0.1
2.0
2.3
1.5
2.4
2.3
1.5
1.4
1.9
.7
1.7
1.5
.9
.2
1.9
2.1
.6
4.0
1.6
1.3
2.1
.8
.0
–.9
2.7
1.4
–5.6

–0.1
2.0
2.3
1.7
2.3
2.1
1.5
1.5
2.0
.7
1.6
1.2
1.2
.9
1.3
2.2
1.3
3.3
2.0
1.8
1.8
.7
.1
–.7
2.6
1.2
–5.6

1.8
2.1
2.8
1.5
2.6
2.9
1.1
3.5
3.4
3.8
–.1
1.0
2.2
5.2
3.7
2.2
4.9
4.4
4.7
1.0
3.1
1.0
9.9
3.0
.0
3.2
3.9

1.9
2.2
2.7
1.3
2.8
3.1
1.1
3.5
3.3
3.8
–.1
1.4
1.9
4.3
4.3
2.1
4.3
5.2
4.2
.5
3.4
1.2
9.8
2.7
–.1
3.4
4.2

0.1
–1.0
.6
.0
.9
2.7
–.2
1.3
.9
2.0
–.1
–1.8
.2
2.6
.8
1.8
2.6
1.3
1.4
–1.2
.9
–.2
8.9
.0
–1.8
.8
2.7

0.2
–.9
.5
–.2
1.1
2.9
–.2
1.3
.8
1.9
.0
–1.5
–.1
1.7
1.4
1.8
2.1
2.0
.9
–1.6
1.2
.0
8.8
–.3
–1.8
1.0
2.9

1 Output refers to real gross domestic product originating in the sector.
2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family workers. Estimates based primarily on establishment data.
3 Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the

self-employed.
4 Hourly compensation divided by consumer price series. The trend for 1978-2018 is based on the consumer price index research series (CPI-U-RS). The change for recent quarters is based on the
consumer price index for all urban consumers (CPI-U).
5 Current dollar gross domestic output divided by the output index.
Note: Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here.
* Data based on GDP data released on May 28, 2020.
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, 2012 = 100* (RATIO SCALE)
120

INDEX, 2012 = 100* (RATIO SCALE)
130

TOTAL INDUSTRIAL PRODUCTION

110

FINAL PRODUCTS

120

100
90

CONSUMER
GOODS

110

80

100
BUSINESS
EQUIPMENT

70
120

TOTAL1

MANUFACTURING

110

DURABLE

DEFENSE AND
SPACE EQUIPMENT

90

100
80

NONDURABLE

90
80

70

70
140

PERCENT*
86
CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)
84
82
80
78

UTILITIES AND MINING

130
120

MINING
110
100

76
74
72
70
68
66
64

UTILITIES

90
80
2016

2017

2018

2019

2020

2016

2017

2018

2019

2020

1

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

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]
Total industrial production 1
Period

2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 r ������������������
2019: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov r ���������
      Dec r ���������
2020: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr p ���������

Percent change 2
Index,
2012=100

94.1
97.1
100.0
102.0
105.2
104.1
102.1
104.4
108.6
109.4
109.0
109.2
109.3
109.1
109.9
109.5
109.0
110.0
109.6
109.1
109.3
104.3
92.6

From
preceding
month
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
–0.6
.2
.0
–.2
.7
–.3
–.4
.9
–.4
–.5
.1
–4.5
–11.2

Chart 17 - May 2020

Industry production indexes, 2012=100

Capacity utilization rate
(output as percent of
capacity) 1

Manufacturing

From
year
earlier
5.5
3.1
3.0
2.0
3.1
–1.0
–2.0
2.3
3.9
.8
.7
1.7
1.0
.4
.3
–.2
–.8
–.4
–.8
–.9
–.3
–4.9
–15.0

Total 1
94.7
97.5
100.0
100.9
102.0
101.5
100.7
102.7
105.0
104.8
104.3
104.4
105.0
104.6
105.2
104.5
103.9
104.9
105.1
104.9
104.9
99.1
85.5

Durable
89.2
94.7
100.0
102.1
105.1
103.9
101.7
104.0
107.5
108.2
107.6
108.0
108.4
108.4
108.9
107.8
106.6
108.8
108.5
107.9
108.2
99.3
80.1

Nondurable
99.8
99.9
100.0
100.0
99.3
99.6
100.4
102.3
104.3
103.5
103.0
102.9
103.6
102.8
103.6
103.3
103.4
103.2
104.0
104.3
103.8
101.0
92.7

Other
(non-NAICS) 1
111.3
106.1
100.0
95.0
93.8
90.4
88.0
87.5
78.9
73.2
74.7
73.5
73.8
73.0
72.6
72.4
72.2
70.3
69.2
71.0
72.1
69.0
61.9

Mining

87.2
92.6
100.0
106.3
117.8
113.9
102.6
110.1
123.8
132.7
133.4
133.1
133.6
130.7
133.7
133.6
133.4
132.6
133.8
134.9
133.0
131.5
123.4

Utilities

102.8
102.4
100.0
102.2
103.5
102.7
102.3
101.5
105.9
104.8
103.3
105.2
100.9
105.3
104.6
106.1
106.5
109.7
103.4
98.6
102.2
100.2
99.3

Total
industry

Total
manufacturing

73.5
76.1
76.9
77.2
78.6
76.9
75.0
76.5
78.7
77.8
77.8
77.8
77.7
77.4
77.8
77.4
77.0
77.6
77.2
76.7
76.7
73.2
64.9

70.7
73.5
74.5
74.4
75.2
75.3
74.2
75.1
76.6
75.6
75.4
75.4
75.7
75.3
75.7
75.1
74.6
75.2
75.2
75.1
75.0
70.8
61.1

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

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

17

Industrial Production—
Major Market Groups and Selected Manufactures
[2012=100; monthly data seasonally adjusted]
Products and nonindustrial supplies

Materials

Final products

Nonindustrial supplies

Consumer goods

Period

Equipment

Total

Total
Total

2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 r ������������������
2019: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov r ���������
      Dec r ���������
2020: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr p ���������

96.0
98.2
100.0
100.3
101.3
100.8
99.0
100.8
103.4
103.2
102.5
102.9
103.5
103.3
103.4
102.6
102.3
104.2
103.3
101.8
102.6
96.5
84.0

100.3
101.4
100.0
100.7
101.5
102.9
103.5
104.1
106.3
105.3
104.5
105.0
105.5
105.6
105.5
104.7
104.7
106.7
105.5
104.5
105.7
99.6
87.9

Durable
goods
94.2
97.7
100.0
105.5
110.7
115.0
117.5
119.3
122.0
120.1
118.2
120.2
121.7
122.5
122.2
118.7
115.4
122.5
119.3
120.7
123.5
101.9
65.2

Nondurable
goods
101.9
102.3
100.0
99.5
99.2
99.9
100.0
100.3
102.3
101.5
101.0
101.2
101.5
101.3
101.2
101.2
101.9
102.7
102.0
100.4
101.1
99.0
93.5

Total 1
87.8
92.2
100.0
99.6
101.0
96.6
90.3
94.4
97.8
99.4
99.0
99.2
99.8
99.2
99.8
98.8
98.1
99.5
99.3
96.8
97.0
90.6
76.1

Business
86.1
91.1
100.0
99.9
101.7
99.6
94.4
97.8
101.0
101.4
100.7
101.0
101.6
100.9
101.7
100.5
99.7
101.8
101.3
98.4
98.0
90.2
74.6

Construction

Business

Total 1

Energy

Defense
and space
100.9
98.0
100.0
97.2
93.9
91.7
89.1
90.9
93.1
101.7
100.2
100.6
101.9
102.0
102.4
103.3
103.6
104.1
105.3
103.4
105.2
102.8
93.7

96.6
98.0
100.0
102.2
103.9
103.3
104.0
106.8
108.4
108.3
107.6
108.2
108.1
107.9
108.5
108.5
108.2
108.5
108.6
109.2
109.4
104.3
92.8

93.6
95.9
100.0
103.1
106.4
107.1
108.1
111.8
114.9
116.5
115.2
115.9
117.0
116.0
117.0
117.1
116.4
116.3
117.5
119.6
119.4
114.1
99.8

98.0
99.0
100.0
101.8
102.8
101.4
102.0
104.3
105.2
104.1
103.8
104.4
103.6
103.9
104.2
104.2
104.1
104.5
104.1
103.8
104.2
99.1
89.3

91.9
95.9
100.0
103.3
108.5
106.9
103.7
106.5
112.8
115.0
114.8
114.8
114.4
114.2
115.6
115.5
114.9
115.3
115.2
115.3
114.7
111.1
100.1

90.6
94.1
100.0
105.1
114.0
112.6
105.9
110.1
121.3
127.8
127.5
127.6
126.7
126.6
128.9
129.6
129.1
129.5
128.1
127.9
127.5
125.5
119.1

1 Includes other items, not shown separately.

[2012=100; monthly data seasonally adjusted]
Durable manufactures
Computer and
electronic products

Primary metals
Period
Total
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 r ������������������
2019: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov r ���������
      Dec r ���������
2020: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr p ���������

95.1
102.0
100.0
103.3
104.0
96.8
92.5
93.7
97.6
96.9
98.9
96.6
94.5
95.4
97.1
96.8
94.9
96.4
98.4
97.9
94.3
90.6
72.1

Iron
and
steel
products
91.8
100.1
100.0
102.1
101.3
91.6
87.4
91.7
96.6
96.8
99.2
95.6
92.1
95.7
96.3
96.4
95.3
97.7
100.0
101.2
95.0
90.5
65.8

Fabricated
metal
products

90.7
97.1
100.0
101.8
103.6
100.2
96.5
97.9
102.5
103.5
103.6
103.0
103.6
102.7
103.5
103.5
103.1
103.1
102.7
102.8
103.8
99.5
88.2

Nondurable manufactures

Machinery
Total
82.1
92.5
100.0
95.4
96.7
89.0
82.2
87.9
92.6
92.1
90.6
92.6
92.3
90.6
92.6
90.8
90.9
91.5
92.1
90.4
89.8
87.1
77.5

85.6
92.6
100.0
103.2
107.4
108.1
110.4
115.2
120.9
127.2
125.5
125.5
127.1
127.1
127.5
129.4
128.9
130.1
130.9
132.6
134.1
132.4
125.8

Selected
high-technology 1
80.9
91.1
100.0
110.7
122.7
126.7
133.9
137.4
146.1
153.6
150.3
149.7
151.6
152.9
155.4
155.5
156.1
159.1
160.2
163.1
161.3
161.4
156.6

Transportation
equipment
Total
86.5
90.4
100.0
105.1
111.9
115.0
112.2
112.4
115.1
114.5
113.2
114.0
115.9
116.9
116.3
112.3
109.0
116.4
113.5
110.4
111.9
87.8
45.4

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

Source: Board of Governors of the Federal Reserve System.

18

Motor
vehicles
and
parts
82.7
90.4
100.0
107.2
117.1
123.2
124.8
124.7
129.9
127.0
124.7
127.7
131.2
132.4
130.8
123.1
116.2
130.4
124.0
126.2
130.5
91.4
25.9

Apparel

109.5
102.9
100.0
92.6
88.8
84.3
79.2
71.0
69.0
60.6
62.3
61.7
61.7
60.6
60.0
60.6
59.7
58.5
58.6
57.0
57.7
49.4
31.8

Printing
and
related
support
activities
103.5
101.8
100.0
100.3
98.5
97.5
99.2
99.8
97.6
93.7
93.5
93.9
93.3
93.1
93.2
93.4
93.4
93.7
92.8
94.4
96.3
85.9
67.7

Chemicals

101.3
101.4
100.0
96.6
95.6
95.2
94.7
96.6
100.4
100.5
100.4
99.8
99.5
99.9
101.3
100.7
100.6
100.3
100.0
100.0
99.2
97.7
92.7

Food

100.4
100.2
100.0
102.0
102.9
104.4
106.6
110.8
113.9
115.1
115.2
114.3
116.5
115.1
114.4
114.4
115.7
115.6
117.1
116.8
116.9
116.2
107.4

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

2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2019: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2020: Jan �����������
      Feb r ���������
      Mar r ��������
      Apr p ���������

Total
new
construction
expenditures

809.3
788.3
850.5
908.3
1,007.6
1,130.7
1,211.4
1,265.8
1,307.2
1,306.9
1,307.1
1,297.5
1,285.3
1,291.3
1,306.0
1,315.2
1,320.8
1,342.5
1,347.3
1,383.0
1,386.3
1,386.6
1,346.2

Residential
Total

New
housing

Total 1

505.3
501.9
571.1
637.6
731.5
836.9
914.4
969.3
1,000.2
978.5
967.7
962.7
959.2
962.7
976.7
980.0
986.3
1,006.8
1,013.0
1,038.3
1,042.7
1,035.6
1,004.1

Federal
and
State
and
local

Nonresidential

242.0
244.1
269.8
323.4
369.8
422.3
467.1
525.0
539.6
515.4
505.7
503.6
499.6
504.6
518.5
522.5
525.3
535.8
546.5
564.6
563.1
561.9
536.8

Total

127.3
123.2
154.5
202.3
235.2
273.8
303.5
330.2
349.2
333.4
331.6
329.0
327.1
330.9
332.2
334.1
336.7
340.4
348.4
355.6
364.4
359.8
334.6

Lodging

263.3
257.8
301.4
314.3
361.7
414.6
447.3
444.3
460.5
463.0
462.0
459.1
459.6
458.1
458.2
457.4
461.1
471.0
466.4
473.7
479.7
473.6
467.3

Commercial
(including
farm)

Office

11.2
8.4
10.2
13.0
16.3
21.4
26.6
28.1
30.5
32.5
33.1
33.2
34.4
32.9
32.6
31.4
32.2
31.0
30.8
30.4
29.9
29.3
29.2

24.4
23.7
27.4
30.1
38.9
47.9
59.8
59.9
64.6
68.5
68.3
68.4
68.1
68.6
68.9
68.9
68.7
68.6
68.6
68.6
68.1
68.2
68.1

Manufacturing

37.2
39.2
44.3
50.9
60.9
64.5
75.5
84.5
91.8
81.1
80.1
79.3
81.2
79.8
79.3
81.1
81.7
84.1
84.2
87.6
88.0
87.0
85.0

Other 2

40.6
39.8
46.8
51.8
60.1
82.4
78.9
70.0
70.3
74.0
72.7
70.0
70.5
73.3
72.7
72.1
75.9
81.1
75.8
74.5
75.0
73.7
73.9

149.9
146.7
172.6
168.3
185.5
198.5
206.5
201.9
203.4
206.9
207.8
208.3
205.3
203.4
204.7
204.0
202.5
206.2
207.1
212.7
218.6
215.5
211.2

New
houses
sold

New
houses
for sale
at end
of period 3

304.0
286.4
279.3
270.7
276.1
293.8
297.0
296.5
307.1
328.4
339.4
334.8
326.1
328.6
329.3
335.3
334.5
335.7
334.4
344.7
343.5
351.0
342.1

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

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

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

New housing units started
Type of structure

Period
Total
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 r ������������������
2017 r ������������������
2018 r ������������������
2019 r ������������������

586.9
608.8
780.6
924.9
1,003.3
1,111.8
1,173.8
1,203.0
1,249.9
1,290.0

1 unit
471.2
430.6
535.3
617.6
647.9
714.5
781.5
848.9
875.8
887.7

Type of structure

2–4 units 1
11.4
10.9
11.4
13.6
13.7
11.5
11.5
11.4
13.9
13.4

5 units or
more

Total

104.3
167.3
233.9
293.7
341.7
385.8
380.8
342.7
360.3
388.9

604.6
624.1
829.7
990.8
1,052.1
1,182.6
1,206.6
1,282.0
1,328.8
1,386.0

1 unit
447.3
418.5
518.7
620.8
640.3
696.0
750.8
820.0
855.3
862.1

2–4 units

5 units or
more

New
housing
units
completed

Vacancy
rate for
rental
housing
units
(percent) 4

22.0
21.6
25.9
29.0
29.9
32.1
34.8
37.2
39.7
42.6

135.3
184.0
285.1
341.1
382.0
454.5
421.1
424.8
433.8
481.4

651.7
584.9
649.2
764.4
883.8
968.2
1,059.7
1,152.9
1,184.9
1,255.1

323
306
368
429
437
501
561
613
617
683

190
151
150
186
210
232
254
293
346
322

10.2
9.5
8.7
8.3
7.6
7.1
6.9
7.2
6.9
6.8

48
37
46
46
42
36
48
41
43
43
45
46
33

482
474
384
469
533
501
526
534
474
516
399
426
367

1,334
1,230
1,166
1,258
1,263
1,123
1,274
1,222
1,312
1,305
1,297
1,279
1,176

664
600
726
661
706
726
706
696
731
774
717
619
623

335
336
330
328
325
321
321
322
322
325
327
331
325

��������������������
��������������������
6.8
��������������������
��������������������
6.8
��������������������
��������������������
6.4
��������������������
��������������������
6.6
��������������������

Seasonally adjusted annual rates
2019: Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2020: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr p ���������

1,267
1,268
1,235
1,212
1,377
1,274
1,340
1,371
1,587
1,617
1,567
1,276
891

864
821
865
875
911
906
911
933
1,047
989
1,034
871
650

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

381
435
359
326
451
357
417
419
520
619
514
392
234

1,330
1,338
1,273
1,366
1,471
1,437
1,503
1,510
1,457
1,536
1,438
1,356
1,066

800
827
843
851
896
900
929
935
940
977
994
884
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 preliminary estimates, manufacturing and trade sales fell 5.3 percent. In April,
manufacturing and trade inventories fell $24.3 billion and retail inventories fell $24.4 billion. In April, retail sales
fell 15.1 percent and retail and food services sales fell 16.4 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,100
MANUFACTURING AND
TRADE INVENTORIES
2,000

BILLIONS OF DOLLARS* (RATIO SCALE)
700
RETAIL INVENTORIES

1,900

600

1,800

550

1,700

500

1,600

450

650

1,500

RETAIL AND FOOD
SERVICES SALES

RETAIL SALES

400

1,400

MANUFACTURING
AND TRADE SALES

350
RATIO*
1.80

1,300

INVENTORY/SALES RATIO

1.70
1,200

1.60
RETAIL

1.50
1,100

1.40
MANUFACTURING
AND TRADE

1.30
1.20

1,000
2016

2017

2018

2019

2020

2016

2017

2018

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

2019

2020

COUNCIL OF ECONOMIC ADVISERS

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

Sales 2

2010 r ������������������
1,088,891
2011 r ������������������
1,206,661
r
2012 ������������������
1,267,248
2013 r ������������������
1,303,229
2014 r ������������������
1,340,932
r
2015 ������������������
1,294,787
r
2016 ������������������
1,285,806
2017 r ������������������
1,349,179
2018 r ������������������
1,431,072
r
2019 ������������������
1,453,311
2019: Mar r ��������
1,456,358
r
      Apr ���������
1,451,894
r
      May ��������
1,455,116
r
      June �������
1,456,403
      July r ��������
1,458,302
      Aug r ���������
1,459,418
r
      Sept ��������
1,454,669
r
      Oct ����������
1,453,569
      Nov r ���������
1,460,383
      Dec r ���������
1,460,174
2020: Jan r ���������
1,468,389
      Feb r ���������
1,460,413
      Mar r ��������
1,382,918
p
      Apr ��������� �����������������������

Inventories 3

Inventory/sales
ratio 4

Wholesale
Sales 2

Inventories 3

1,449,943
1.27
361,447
1,565,507
1.26
407,090
1,654,631
1.28
434,002
1,718,588
1.29
447,546
1,779,034
1.31
463,682
1,809,516
1.39
441,036
1,838,756
1.42
435,168
1,897,688
1.38
462,419
1,990,841
1.36
494,954
2,028,040
1.39
497,530
2,016,658
1.38
500,950
2,025,551
1.40
497,905
2,028,926
1.39
499,266
2,027,020
1.39
498,320
2,032,238
1.39
499,033
2,029,250
1.39
498,758
2,027,535
1.39
498,259
2,029,703
1.40
494,479
2,026,330
1.39
500,216
2,028,040
1.39
498,316
2,022,853
1.38
504,733
2,013,829
1.38
500,955
2,007,266
1.45
474,974
1,982,928 ����������������������� �����������������������

Retail
Inventory/sales
ratio 4

441,609
1.15
487,381
1.15
523,147
1.17
544,044
1.19
576,183
1.22
583,909
1.33
595,265
1.35
613,124
1.30
653,268
1.28
664,316
1.34
663,989
1.33
668,804
1.34
669,194
1.34
668,942
1.34
669,153
1.34
669,353
1.34
664,751
1.33
664,657
1.34
664,584
1.33
664,316
1.33
660,230
1.31
655,712
1.31
648,908
1.37
651,508 �����������������������

1 See page 21 for manufacturing.
2 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month.
3 Seasonally adjusted, end of period.
4 Annual data are averages of seasonally adjusted monthly ratios.

Note: Data revised to reflect annual revisions to manufacturers’ series released on May 15, 2020.
Source: Department of Commerce (Bureau of the Census).

20

Sales 2
318,171
341,913
358,519
371,538
386,620
393,833
404,413
421,096
439,122
454,351
449,925
452,220
453,522
454,847
457,485
459,938
457,277
459,978
460,760
460,512
464,062
461,914
437,561
371,585

Inventories 3
454,562
471,186
506,218
544,749
562,395
590,050
613,159
627,767
656,915
663,703
662,837
665,832
667,691
664,655
668,769
666,385
667,492
669,043
663,932
663,703
663,743
661,689
669,332
644,944

Chart 20 - May 2020

Retail and food
Inventory/sales services sales 2
ratio 4
1.39
1.35
1.38
1.41
1.43
1.46
1.50
1.48
1.46
1.47
1.47
1.47
1.47
1.46
1.46
1.45
1.46
1.45
1.44
1.44
1.43
1.43
1.53
1.74

357,081
383,192
402,199
416,814
434,638
445,791
459,182
478,734
500,135
518,167
512,602
515,296
517,236
519,205
522,198
524,547
522,261
524,853
525,014
525,467
529,616
527,273
483,476
403,946

Manufacturers’ Shipments, Inventories, and Orders
In April, manufacturers’ shipments, inventories, and new and unfilled orders fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
620
540
500
460
420
380

BILLIONS OF DOLLARS* (RATIO SCALE)
740
INVENTORIES
700
660
620
TOTAL
580
540
500
460
DURABLE GOODS
420

SHIPMENTS

TOTAL

340
300

NONDURABLE GOODS

380

260

340

220

DURABLE GOODS

300

180
260
NONDURABLE GOODS

140

220

BILLIONS OF DOLLARS* (RATIO SCALE)
620
540
500
460
420
380

180

NEW ORDERS

RATIO*
1.80

TOTAL

1.70

340

INVENTORY/SHIPMENTS RATIO

1.60

300

DURABLE GOODS

1.50

260

1.40

220

1.30

180

1.20
1.10

140
2017

2016

2019

2018

2020

2016

2017

2019

2018

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1

Chart 21- May 2020

Durable goods
Period

Total

Durable
goods

2020

Nondurable
goods

Total

Durable
goods

Nondurable
goods

Total

Total

Capital
goods
industries,
nondefense

Manufacturers’
unfilled
orders 2

Manufacturers’
inventory/
shipments
ratio 3

Millions of dollars, seasonally adjusted, except as noted
2010 r ������������������
2011 r ������������������
2012 r ������������������
2013 r ������������������
2014 r ������������������
2015 r ������������������
2016 r ������������������
2017 r ������������������
2018 r ������������������
2019 r ������������������
2019: Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2020: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr p ���������

409,273
457,658
474,727
484,145
490,630
459,918
446,225
465,664
496,996
501,430
501,769
502,328
503,236
501,784
500,722
499,133
499,112
499,407
501,346
499,594
497,544
470,383
406,763

190,059
206,591
218,965
224,651
233,077
231,002
226,090
231,210
247,019
248,483
247,208
248,496
251,007
247,856
247,740
246,406
245,932
245,475
245,495
245,405
247,276
233,588
191,180

219,214
251,067
255,762
259,495
257,553
228,916
220,135
234,454
249,977
252,947
254,561
253,832
252,229
253,928
252,982
252,727
253,180
253,932
255,851
254,189
250,268
236,795
215,583

553,772
606,940
625,266
629,795
640,456
635,557
630,332
656,797
680,658
700,021
690,915
692,041
693,423
694,316
693,512
695,292
696,003
697,814
700,021
698,880
696,428
689,026
686,476

321,393
352,820
367,542
370,683
388,025
391,580
373,597
386,217
406,409
423,216
412,272
413,893
415,163
416,309
417,459
419,315
420,484
421,928
423,216
422,892
422,492
424,651
425,292

232,379
254,120
257,724
259,112
252,431
243,977
256,735
270,580
274,249
276,805
278,643
278,148
278,260
278,007
276,053
275,977
275,519
275,886
276,805
275,988
273,936
264,375
261,184

407,992
459,305
475,809
485,611
493,833
453,290
439,112
463,743
495,928
494,705
494,829
490,552
489,113
496,770
497,000
494,440
494,737
489,169
497,703
495,606
496,463
441,815
384,306

188,778
208,238
220,047
226,116
236,280
224,374
218,977
229,289
245,951
241,759
240,268
236,720
236,884
242,842
244,018
241,713
241,557
235,237
241,852
241,417
246,195
205,020
168,723

62,309
71,753
77,674
80,844
81,410
71,502
66,659
71,885
75,740
70,547
70,910
66,686
69,214
72,280
70,504
68,551
70,376
68,696
63,364
70,455
71,483
46,151
49,750

870,463
953,635
1,014,225
1,075,752
1,160,052
1,128,338
1,091,433
1,122,263
1,165,974
1,144,546
1,162,862
1,156,256
1,147,136
1,146,938
1,148,225
1,148,432
1,149,040
1,143,494
1,144,546
1,145,310
1,149,055
1,125,179
1,107,595

1.28
1.29
1.30
1.29
1.31
1.39
1.41
1.38
1.35
1.38
1.38
1.38
1.38
1.38
1.39
1.39
1.39
1.40
1.40
1.40
1.40
1.46
1.69

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 revised to reflect annual revisions released on May 15, 2020.
Source: Department of Commerce (Bureau of the Census).

21

PRICES
Producer Prices
The producer price index for final demand fell 1.3 percent in April. Prices for final demand goods fell 3.3 percent and
prices for final demand services fell 0.2 percent.
INDEX, NOV. 2009=100 (RATIO SCALE)

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

125
SEASONALLY ADJUSTED

FINAL DEMAND

120

120

FINAL DEMAND
SERVICES

115

115

110

110
FINAL DEMAND

FINAL DEMAND
GOODS

105

105

100

100

95

95
2014

2015

2016

2018

2017

2019

2020

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

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

Rel. imp. 4 �����������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 r ������������������
2019: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec r ���������
2020: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������

Total
final
demand 1

100.0
101.8
105.7
107.7
109.1
110.9
109.9
110.4
113.0
116.2
118.2
118.2
118.4
118.2
118.5
118.6
118.3
118.7
118.6
118.9
119.4
118.7
118.5
117.0

Total

32.726
102.8
109.9
111.7
112.6
114.0
109.1
107.6
111.2
115.0
115.5
116.1
115.9
115.3
115.6
115.3
115.1
115.7
116.0
116.2
116.5
115.4
114.3
110.5

Foods 2

5.742
103.7
112.5
115.9
117.8
121.6
118.4
115.1
116.5
116.7
118.9
118.2
117.8
118.4
118.6
117.9
118.4
120.0
121.6
121.3
121.3
119.3
119.3
118.7

Energy

5.343
107.2
126.2
126.3
125.3
124.2
98.6
90.4
99.8
110.0
105.0
108.7
108.2
104.9
106.0
104.5
103.0
104.9
104.8
106.0
106.2
102.4
95.5
77.4

Final demand services
Less
food
and
energy
21.641
101.4
104.9
106.8
107.9
109.5
109.9
110.7
113.2
116.0
117.6
117.7
117.6
117.5
117.7
117.7
117.6
117.7
117.8
117.8
118.2
118.1
118.3
117.8

Total

65.540
101.3
103.4
105.4
107.1
109.0
110.0
111.5
113.5
116.5
119.1
118.9
119.2
119.2
119.4
119.8
119.5
119.7
119.4
119.8
120.3
119.9
120.1
119.8

Trade 3

20.290
101.7
104.0
106.7
108.2
110.2
111.6
113.1
114.8
116.9
119.7
119.7
119.7
119.9
120.1
121.2
120.1
120.7
119.3
120.0
121.0
120.1
121.8
123.8

Transportation
and
warehousing
4.707
103.2
110.0
114.2
115.3
117.7
115.3
113.5
115.9
122.0
125.5
124.8
125.6
125.7
126.0
125.7
125.5
126.0
125.7
127.7
126.2
125.5
121.3
117.1

Other

40.543
100.9
102.5
103.9
105.8
107.5
108.7
110.6
112.8
115.8
118.2
117.9
118.4
118.3
118.5
118.7
118.7
118.7
118.8
118.9
119.4
119.3
119.3
118.2

Processed goods
Final
for intermediate
demand
demand (1982=100)
less
foods,
energy,
Less
and
food
trade
Total
and
(Aug. 2013
energy
=100) 2
68.625
����������������
����������������
����������������
����������������
101.5
102.1
103.3
105.4
108.4
110.6
110.4
110.7
110.6
110.8
110.9
110.9
110.9
111.0
111.2
111.5
111.4
111.2
110.2

100.0
183.4
199.9
200.7
200.8
201.9
188.0
182.2
190.7
200.9
198.1
200.5
199.5
197.5
197.6
196.6
196.4
196.9
197.3
197.2
196.9
195.1
192.9
185.8

73.010
180.8
192.0
192.6
193.8
195.2
189.4
186.9
193.3
201.8
201.1
202.2
201.7
201.1
200.7
200.0
199.7
200.2
199.8
199.4
199.6
199.2
199.1
196.2

Unprocessed
goods
Chart 22 - May 2020
for intermediate
demand (1982=100)
Services
for
intermediNonfood
ate
materials demand
Total
less
energy
100.0
212.2
249.4
241.4
246.7
249.3
189.1
173.4
190.8
200.1
185.9
192.0
186.3
180.8
183.3
180.4
180.4
181.0
186.6
188.9
187.9
173.5
159.7
137.8

22.164
329.1
390.4
369.6
351.2
345.7
296.0
288.0
324.1
340.7
323.4
331.0
318.7
316.9
321.6
319.6
316.6
314.1
313.9
323.6
340.7
335.7
339.9
325.3

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 2019.

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

22

100.0
101.1
103.2
105.3
107.2
108.9
110.2
112.1
115.0
118.6
121.4
121.4
121.5
121.5
121.6
122.1
122.3
121.6
121.5
122.1
122.2
122.1
122.0
120.0

Consumer Prices—All Urban Consumers
In April, the consumer price index for all urban consumers fell 0.8 percent; it fell 0.7 percent before seasonal
adjustment. The index rose 0.3 percent from its year-earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE)
280

INDEX, 1982-84 = 100 (RATIO SCALE)
280
SEASONALLY ADJUSTED

270

270

260

260

250

250
CONSUMER PRICES—ALL ITEMS

240

240

230

230

220

220

210

210

200

200
2012

2013

2014

2015

2016

2017

2018

2019

SOURCE: DEPARTMENT OF LABOR

2020

COUNCIL OF ECONOMIC ADVISERS

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

Rel. imp. 4 �����������
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2019: Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2020: Jan r ���������
      Feb r ���������
      Mar ����������
      Apr �����������

Not
seasonally Seasonally
adjusted
adjusted
(NSA)
100.0
218.056
224.939
229.594
232.957
236.736
237.017
240.007
245.120
251.107
255.657
255.548
256.092
256.143
256.571
256.558
256.759
257.346
257.208
256.974
257.971
258.678
258.115
256.389

�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
254.943
255.167
255.402
256.087
256.294
256.593
257.229
257.824
258.444
258.820
259.050
257.953
255.902

All items less food and energy
Total 1

79.882
221.337
225.008
229.755
233.806
237.897
242.247
247.602
252.169
257.565
263.211
261.835
262.199
262.925
263.587
264.180
264.682
264.987
265.501
265.832
266.476
267.070
266.795
265.601

Shelter

33.303
248.396
251.646
257.083
263.056
270.513
278.803
288.230
297.803
307.663
318.053
316.186
316.988
317.963
318.806
319.406
320.381
320.817
321.622
322.262
323.414
324.439
324.570
324.471

Medical
care 2
8.896
388.436
400.258
414.924
425.134
435.292
446.752
463.675
475.322
484.707
498.413
492.660
494.630
495.947
498.223
501.174
502.455
506.695
508.362
510.679
511.579
512.118
514.275
516.350

Apparel

2.908
119.503
122.111
126.265
127.411
127.514
125.903
126.045
125.612
125.654
124.052
123.296
123.338
124.494
124.674
124.783
124.450
122.381
123.075
123.173
123.985
124.524
121.990
116.266

Food
New
vehicles
3.741
138.005
141.883
144.232
145.783
146.275
147.135
147.358
146.992
146.287
146.834
147.053
147.106
147.052
147.129
146.975
146.858
146.776
146.558
146.690
146.736
146.898
146.287
146.225

Energy

Total 1

At
home

Away
from
home

13.862
219.625
227.842
233.777
237.037
242.725
247.235
247.931
250.065
253.558
258.316
257.469
258.086
258.337
258.356
258.463
258.930
259.454
259.799
260.199
260.738
261.696
262.588
266.493

7.652
215.836
226.201
231.774
233.869
239.456
242.250
239.065
238.589
239.661
241.775
241.467
242.103
241.876
241.500
241.244
241.521
242.034
242.296
242.399
242.572
243.749
244.960
251.271

6.210
226.114
231.401
237.986
243.068
248.981
256.101
262.695
268.826
275.893
284.410
282.798
283.394
284.316
284.891
285.507
286.246
286.791
287.255
288.078
289.137
289.781
290.216
290.639

Total 1, 2

6.256
211.449
243.909
246.080
244.409
243.583
202.895
189.535
204.540
219.941
215.294
220.374
218.845
214.878
216.806
213.866
212.215
215.917
217.639
221.132
219.561
215.139
202.700
182.148

Chart 23 - Apr 2020

Gasoline

2.957
238.594
301.694
311.470
302.577
290.889
212.007
187.602
211.770
240.599
232.003
241.861
239.600
232.527
236.115
230.488
226.972
233.134
236.012
243.442
239.525
231.454
207.111
164.379

C-CPI-U
(Dec.
1999=100,
NSA) 3

�������������������
125.615
129.453
131.976
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
143.926
144.183
144.243
144.462
144.459
144.556
144.851
144.742
144.566
145.124
145.520
145.134
143.976

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 2020.

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

23

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

Final demand goods
Period

Total
final
demand 1

Total

Foods

Energy

Final demand services
Less
food
and
energy

Total

Change, December to December, NSA
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 r ������������������

2.8
3.2
1.9
1.2
.9
–1.1
1.7
2.5
2.6
1.4

4.7
4.7
1.4
.8
–1.2
–3.8
1.9
3.5
1.6
1.0

5.3
5.7
4.1
–.8
4.4
–5.2
–1.6
2.0
2.8
1.2

12.7
9.2
–1.3
.9
–13.2
–16.4
6.3
10.1
–3.1
2.4

2.4
3.1
1.4
1.3
1.1
–.1
1.7
2.2
2.6
.6

1.7
2.3
2.2
1.3
2.1
.2
1.6
2.1
3.0
1.4

2.1
2.3
3.8
–.4
4.0
.0
1.0
1.8
3.1
.8

4.3
6.7
2.7
2.0
.8
–3.5
1.1
2.3
6.5
2.2

1.3
1.8
1.4
2.0
1.4
.8
2.0
2.3
2.6
1.8

�����������
�����������
�����������
�����������
1.3
.3
1.8
2.3
2.8
1.5

6.4
5.7
.4
.1
–2.6
–6.6
1.8
5.0
2.8
–1.7

4.7
3.8
.6
.7
–.1
–3.8
1.6
3.6
3.5
–1.8

16.1
6.6
1.4
–1.9
–8.7
–25.3
13.0
5.0
3.7
–7.3

27.6
2.4
–1.6
–5.6
–5.3
–18.5
13.7
8.5
2.9
–5.0

0.4
.3
–.1
.2
.1
.0
.0
.1
.2
.3
–.1
–.2
–.9

0.1
–.5
–1.0
.1
–.5
–.1
.3
.2
–.1
–.2
–.9
–1.1
–3.7

–0.1
–.2
–.3
–.2
–.3
–.2
.3
–.2
–.2
.1
–.2
–.1
–1.5

1.6
–3.0
–3.0
1.4
–1.6
.0
.3
3.1
1.2
–.5
–7.7
–8.0
–13.7

–2.2
–3.7
–.6
1.5
–.6
–.9
–.8
–.1
3.1
5.3
–1.5
1.3
–4.3

1.4 ����������� ����������� ������������
2.0
3.8
6.9
2.1
2.9
1.9
1.6
1.9
1.0
1.3
.8
1.6
1.8
1.6
1.2
1.8
.5
–.9
–4.3
.9
2.6
.5
–1.4
1.4
2.9
2.4
3.3
1.8
3.1
2.8
3.4
2.6
1.7
1.7
.4
2.2

Change, month to month
2019: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec r ���������
2020: Jan r ���������
      Feb �����������
      Mar ����������
      Apr p ���������

0.4
.2
–.2
.3
.1
–.3
.3
–.1
.3
.4
–.6
–.2
–1.3

0.3
–.2
–.5
.3
–.3
–.2
.5
.3
.2
.3
–.9
–1.0
–3.3

–0.2
–.3
.5
.2
–.6
.4
1.4
1.3
–.2
.0
–1.6
.0
–.5

1.9
–.5
–3.0
1.0
–1.4
–1.4
1.8
–.1
1.1
.2
–3.6
–6.7
–19.0

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

0.5
.3
.0
.2
.3
–.3
.2
–.3
.3
.4
–.3
.2
–.2

0.7
.0
.2
.2
.9
–.9
.5
–1.2
.6
.8
–.7
1.4
1.6

0.5
.6
.1
.2
–.2
–.2
.4
–.2
1.6
–1.2
–.6
–3.3
–3.5

0.3
.4
–.1
.2
.2
.0
.0
.1
.1
.4
–.1
.0
–.9

0.4
.1
.0
.1
.4
.2
–.6
–.1
.5
.1
–.1
–.1
–1.6

2.4
2.1
1.6
1.6
1.9
1.5
1.0
1.0
1.4
2.1
1.3
.7
–1.2

1.7
.8
.0
.3
–.1
–.5
–.6
.2
1.0
1.8
.5
–1.2
–5.0

2.7
2.7
2.3
2.3
2.7
2.3
1.9
1.4
1.4
2.0
1.5
1.5
.8

1 Includes final demand construction, not shown separately.

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

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

All
items 1

Total 1

Shelter

Medical
care 2

Apparel

Food
New
vehicles

Total 1

At
home

Addendum: All items,
percent change (annual rate)

Energy
Away
from
home

Total 1, 2 Gasoline

C-CPI-U
(NSA) 3

From
previous
quarter 4

From
3
months
earlier

From
6
months
earlier

From
year
earlier
(NSA)

Change, December to December, NSA
2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������

1.5
3.0
1.7
1.5
.8
.7
2.1
2.1
1.9
2.3

0.8
2.2
1.9
1.7
1.6
2.1
2.2
1.8
2.2
2.3

0.4
1.9
2.2
2.5
2.9
3.2
3.6
3.2
3.2
3.2

3.3
3.5
3.2
2.0
3.0
2.6
4.1
1.8
2.0
4.6

–1.1
4.6
1.8
.6
–2.0
–.9
–.1
–1.6
–.1
–1.2

2019: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2020: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������

0.3
.1
.1
.3
.1
.1
.2
.2
.2
.1
.1
–.4
–.8

0.2
.1
.3
.3
.2
.2
.1
.2
.1
.2
.2
–.1
–.4

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

0.3
.4
.3
.5
.6
.3
.8
.3
.5
.2
.1
.4
.4

–0.6
.0
.9
.1
.1
–.3
–1.7
.6
.1
.7
.4
–2.0
–4.7

–0.2
3.2
1.6
.4
.5
.2
.3
–.5
–.3
.1

1.5
4.7
1.8
1.1
3.4
.8
–.2
1.6
1.6
1.8

1.7
6.0
1.3
.4
3.7
–.4
–2.0
.9
.6
.7

1.3
2.9
2.5
2.1
3.0
2.6
2.3
2.5
2.8
3.1

7.7
6.6
.5
.5
–10.6
–12.6
5.4
6.9
–.3
3.4

13.8
9.9
1.7
–1.0
–21.0
–19.7
9.1
10.7
–2.1
7.9

1.3
2.9
1.5
1.3
.5
.4
1.8
1.7
1.5
r 2.0

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1.6
3.2
2.1
1.5
1.6
.1
1.3
2.1
2.4
1.8

–0.4
.3
–.1
–.2
–.1
.1
.2
.1
.0
.1
.5
.5
2.6

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

2.4
–.7
–1.8
.9
–1.4
–.8
1.7
.8
1.6
–.7
–2.0
–5.8
–10.1

4.8
–.9
–3.0
1.5
–2.4
–1.5
2.7
1.2
3.1
–1.6
–3.4
–10.5
–20.6

0.4
.2
.0
.2
.0
.1
.2
–.1
–.1
.4
.3
–.3
–.8

�������������
�������������
3.0
�������������
�������������
1.8
�������������
�������������
2.4
�������������
�������������
1.2
�������������

3.8
3.2
2.1
1.8
1.8
1.9
1.8
2.4
2.9
2.5
1.9
–.8
–4.4

1.7
2.0
2.2
2.8
2.5
2.0
1.8
2.1
2.4
2.1
2.2
1.1
–1.0

2.0
1.8
1.6
1.8
1.7
1.7
1.8
2.1
2.3
2.5
2.3
1.5
.3

Change, month to month
0.1
.0
.0
.1
–.1
–.1
–.1
–.1
.1
.0
.1
–.4
.0

–0.1
.2
.1
.0
.0
.2
.2
.1
.2
.2
.4
.3
1.5

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 fell 9.0 percent and prices paid by farmers fell 1.1 percent. (Data are not seasonally
adjusted.)
INDEX, 2011=100 (RATIO SCALE)
130

INDEX, 2011=100 (RATIO SCALE)
130

120

120
PRICES PAID

110

110

100

100

90

90

80

80
PRICES RECEIVED

70

70

60

60

RATIO1

RATIO1
140

140
120

120
RATIO

100

100

80

80

60

60
2012

2014

2013

2015

2016

2018

2017

2020

2019

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

2010 ���������������������������������������������������
2011 ���������������������������������������������������
2012 ���������������������������������������������������
2013 ���������������������������������������������������
2014 ���������������������������������������������������
2015 ���������������������������������������������������
2016 ���������������������������������������������������
2017 ���������������������������������������������������
2018 ���������������������������������������������������
2019 ���������������������������������������������������
2019: Apr ������������������������������������������
      May r ���������������������������������������
      June r ��������������������������������������
      July �����������������������������������������
      Aug �����������������������������������������
      Sept ����������������������������������������
      Oct ������������������������������������������
      Nov r ����������������������������������������
      Dec ������������������������������������������
2020: Jan r ����������������������������������������
      Feb ������������������������������������������
      Mar �����������������������������������������
      Apr p ����������������������������������������

Agricultural
production

86.8
100.0
105.0
107.0
107.9
99.2
90.2
93.5
90.5
90.9
93.7
92.6
93.7
91.4
91.8
88.1
86.0
90.4
90.7
88.8
90.5
93.3
84.9

Crop
production

87.0
100.0
107.0
105.7
92.3
87.0
85.5
86.4
86.1
86.5
85.8
85.0
89.9
89.3
89.8
88.9
83.1
85.1
85.3
82.3
86.0
88.7
92.4

Chart 25 - May 2020

Prices paid by farmers

Livestock
production

85.7
100.0
102.5
108.5
128.7
113.4
94.4
100.1
94.2
95.8
100.5
99.2
97.4
93.7
93.8
87.4
90.6
97.1
97.2
98.5
94.7
97.4
78.3

All commodities,
services, interest,
taxes, and wage
rates (PPITW) 2
90.0
100.0
104.4
106.3
112.0
110.7
105.8
106.5
109.1
110.5
111.3
110.9
110.4
110.7
109.9
109.6
110.3
110.6
110.9
111.2
110.9
109.9
108.7

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

89.0
100.0
104.8
106.7
113.1
111.6
105.7
106.2
108.7
110.0
110.9
110.4
109.9
110.1
109.2
108.8
109.7
110.0
110.3
110.6
110.2
109.1
107.8

Production
items

87.7
100.0
105.4
107.4
114.1
112.0
104.7
104.5
106.4
107.2
108.4
107.8
107.2
107.3
106.2
105.8
106.7
107.1
107.4
107.6
107.1
105.8
104.3

Ratio of prices
received by farmers
to PPITW

96
100
100
100
96
90
85
87
83
82
85
84
85
82
84
80
78
81
82
80
81
85
78

1 Annual indexes for 2011 forward reflect revised methodology. See Agricultural Price Program Update, January 2015 for details.
2 Includes items not shown separately.

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

25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures
In April, M2 rose.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)

18,000
16,400
15,600
14,800
14,000
13,200
12,400
11,600
10,800
10,000

18,000
16,400
15,600
14,800
14,000
13,200
12,400
11,600
10,800
10,000

M2

9,200

9,200

8,400

8,400

7,600

7,600

6,800

6,800

6,000

6,000

5,200

5,200

4,800

4,800

4,400

4,400

4,000

4,000

M1

3,600

3,600

3,200

3,200

2,800

2,800

2,400

2,400

2,000

2,000

1,600

1,600

2012

2013

2014

2015

2016

2017

2018

2019

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

2020

COUNCIL OF ECONOMIC ADVISERS

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

Period

2010: Dec ������������������������������������������
2011: Dec ������������������������������������������
2012: Dec ������������������������������������������
2013: Dec ������������������������������������������
2014: Dec ������������������������������������������
2015: Dec ������������������������������������������
2016: Dec ������������������������������������������
2017: Dec ������������������������������������������
2018: Dec ������������������������������������������
2019: Dec r ����������������������������������������
2019: Apr ������������������������������������������
      May �����������������������������������������
      June ����������������������������������������
      July �����������������������������������������
      Aug �����������������������������������������
      Sept r ���������������������������������������
      Oct r �����������������������������������������
      Nov r ����������������������������������������
      Dec r ����������������������������������������
2020: Jan r ����������������������������������������
      Feb r ����������������������������������������
      Mar r ���������������������������������������
      Apr p ����������������������������������������

M1

M2

Debt

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

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

Debt of
domestic
nonfinancial
sectors 2

1,836.7
2,164.2
2,461.2
2,664.5
2,940.3
3,093.8
3,339.8
3,607.3
3,746.4
3,977.0
3,781.0
3,792.4
3,832.8
3,858.2
3,853.3
3,903.2
3,923.0
3,947.5
3,977.0
3,977.1
4,009.9
4,268.3
4,819.2

8,789.3
9,651.1
10,445.7
11,015.0
11,668.0
12,330.1
13,198.9
13,835.7
14,351.8
15,302.4
14,558.3
14,653.2
14,780.7
14,859.9
14,931.2
15,020.8
15,147.1
15,247.5
15,302.4
15,417.9
15,511.6
16,103.8
17,177.0

37,487.1
38,694.9
40,380.1
41,788.2
43,466.1
45,195.5
47,176.0
49,268.8
51,873.7
54,347.3
���������������������������������������������
���������������������������������������������
53,052.4
���������������������������������������������
���������������������������������������������
53,887.7
���������������������������������������������
���������������������������������������������
54,347.3
���������������������������������������������
���������������������������������������������
���������������������������������������������
���������������������������������������������

Percent change

Chart 26 - May 2020

From
previous period 4

From year or 6 months earlier 3
M1

M2
8.5
17.8
13.7
8.3
10.4
5.2
8.0
8.0
3.9
6.2
3.3
5.1
4.6
6.3
5.0
9.3
7.5
8.2
7.5
6.2
8.1
18.7
45.7

Debt
3.6
9.8
8.2
5.5
5.9
5.7
7.0
4.8
3.7
6.6
4.5
5.7
6.0
5.9
6.5
7.0
8.1
8.1
7.1
7.5
7.8
14.4
26.8

4.4
3.6
4.8
3.8
4.1
4.4
4.5
4.2
4.7
4.8
�������������������������������
�������������������������������
3.1
�������������������������������
�������������������������������
6.3
�������������������������������
�������������������������������
3.4
�������������������������������
�������������������������������
�������������������������������
�������������������������������

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

month of quarter. End-of-year data are for fourth quarter.
3 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate.
4 Debt growth of domestic nonfinancial sectors is the seasonally adjusted borrowing flow divided by the seasonally adjusted level of debt outstanding in the previous period. Annual changes are
from fourth quarter to fourth quarter; quarterly changes are from previous quarter at an annual rate.
Note: See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.

26

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

Period

2010: Dec �����������
2011: Dec �����������
2012: Dec �����������
2013: Dec �����������
2014: Dec �����������
2015: Dec �����������
2016: Dec �����������
2017: Dec �����������
2018: Dec �����������
2019: Dec r ���������
2019: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2020: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr p ���������

Currency

918.8
1,001.6
1,090.7
1,160.7
1,253.2
1,339.5
1,420.9
1,525.0
1,624.8
1,710.9
1,645.2
1,650.8
1,657.8
1,666.6
1,674.3
1,685.0
1,693.4
1,703.4
1,710.9
1,720.7
1,723.5
1,744.8
1,780.4

Nonbank
travelers
checks

Other checkable
deposits (OCDs)
Demand
deposits

At
commercial
banks

Total

4.7
4.3
3.8
3.5
2.9
2.5
2.2
1.9
1.7
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

516.5
751.3
926.8
1,033.8
1,199.3
1,237.1
1,369.6
1,487.0
1,492.9
1,591.9
1,487.9
1,493.8
1,527.1
1,534.6
1,521.1
1,553.8
1,562.8
1,579.6
1,591.9
1,582.5
1,608.9
1,824.8
2,047.0

396.7
407.1
439.8
466.4
484.9
514.8
547.2
593.4
627.1
674.2
647.9
647.9
647.9
657.0
658.0
664.5
666.7
664.5
674.2
673.9
677.5
698.8
991.8

At
thrift
institutions

233.3
231.1
243.2
255.6
265.2
276.6
288.8
306.4
333.4
367.2
353.6
353.7
351.6
361.5
358.1
364.4
365.0
362.5
367.2
364.7
367.7
377.3
373.3

163.4
176.0
196.7
210.7
219.7
238.2
258.4
287.0
293.7
307.0
294.3
294.1
296.3
295.5
299.8
300.1
301.7
302.0
307.0
309.1
309.7
321.5
618.5

Savings deposits
(including MMDAs)

Small-denomination
time deposits 1

At
commercial
banks

At
commercial
banks

Total
5,331.5
6,033.6
6,683.3
7,128.2
7,573.0
8,169.7
8,814.5
9,110.3
9,260.9
9,765.6
9,298.4
9,373.2
9,441.1
9,477.3
9,541.9
9,568.5
9,656.4
9,724.5
9,765.6
9,874.8
9,922.7
10,199.8
10,638.0

4,412.3
5,037.6
5,727.5
6,108.1
6,495.8
7,026.4
7,556.1
7,813.1
7,926.4
8,418.1
7,961.5
8,029.7
8,100.0
8,138.7
8,203.3
8,228.6
8,308.0
8,378.2
8,418.1
8,527.1
8,566.4
8,802.6
9,446.2

At
thrift
institutions
919.2
996.0
955.8
1,020.1
1,077.2
1,143.3
1,258.4
1,297.2
1,334.6
1,347.5
1,336.9
1,343.5
1,341.1
1,338.6
1,338.6
1,339.9
1,348.4
1,346.4
1,347.5
1,347.7
1,356.2
1,397.3
1,191.9

Total
934.4
776.9
645.8
570.4
523.4
413.2
353.4
414.2
532.9
579.9
597.9
598.9
605.9
605.0
603.4
600.0
594.4
587.8
579.9
577.5
575.1
571.5
566.7

663.9
548.3
469.0
425.9
391.4
302.6
251.6
302.5
425.4
458.7
479.2
479.7
484.6
482.8
480.8
476.8
471.2
465.2
458.7
459.8
458.2
455.3
453.7

Retail
money
funds

At
thrift
institutions
270.5
228.6
176.8
144.5
132.0
110.6
101.8
111.7
107.6
121.3
118.7
119.2
121.3
122.2
122.6
123.1
123.2
122.6
121.3
117.8
116.9
116.1
113.0

686.7
676.3
655.4
652.0
631.3
653.3
691.3
703.8
811.5
979.9
881.0
888.7
900.9
919.4
932.5
949.1
973.4
987.7
979.9
988.5
1,003.9
1,064.2
1,153.1

Institutional
money
funds 2

1,885.1
1,751.2
1,730.4
1,764.7
1,793.4
1,822.5
1,742.3
1,829.4
1,861.9
2,251.8
1,942.1
1,974.4
2,024.3
2,084.8
2,125.5
2,159.6
2,203.7
2,240.5
2,251.8
2,270.0
2,262.3
2,489.1
3,101.2

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

Source: Board of Governors of the Federal Reserve System.

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

2010: Dec ������������
2011: Dec ������������
2012: Dec ������������
2013: Dec ������������
2014: Dec ������������
2015: Dec ������������
2016: Dec ������������
2017: Dec ������������
2018: Dec ������������
2019: Dec ������������
2019: May �����������
      June ����������
      July �����������
      Aug �����������
      Sept ����������
      Oct ������������
      Nov �����������
      Dec ������������
2020: Jan ������������
      Feb ������������
      Mar p ���������
      Apr p ����������
      May p ��������

To satisfy
reserve
balance
requirements 2

That
exceed the
top of the
penalty-free
band

1,035,074 ������������������ ������������������
1,550,043 ������������������ ������������������
1,517,425 ������������������ ������������������
2,485,248
75,713
2,409,535
2,606,700
90,852
2,515,848
2,419,774
97,981
2,321,793
2,031,007
116,285
1,914,722
2,244,274
135,719
2,108,555
1,691,394
135,698
1,555,696
1,630,090
152,562
1,477,528
1,511,285
147,792
1,363,493
1,535,857
148,025
1,387,832
1,513,550
148,191
1,365,359
1,520,876
147,555
1,373,321
1,439,771
147,498
1,292,273
1,481,513
148,050
1,333,462
1,529,341
154,256
1,375,085
1,630,090
152,562
1,477,528
1,645,384
158,765
1,486,619
1,656,989
151,612
1,505,377
2,045,148
124,147
1,921,000
2,953,586
0
2,953,586
3,217,635
0
3,217,635

Reserve
balance
requirements 3

28,438
47,838
58,675
69,030
82,770
89,313
105,944
123,720
123,703
138,984
134,717
134,908
135,103
134,639
134,707
134,998
140,705
138,984
144,816
138,370
113,139
0
0

Borrowings from the Federal Reserve

Vault cash
used to
satisfy
required
reserves
42,927
48,672
52,959
55,771
59,236
61,413
64,280
65,549
68,462
68,255
65,024
65,452
65,065
65,969
65,035
65,623
65,881
68,255
69,835
69,954
54,222
0
0

Nonborrowed 4

1,032,512
1,589,189
1,569,588
2,540,849
2,665,835
2,481,082
2,095,247
2,309,747
1,759,780
1,698,323
1,576,254
1,601,229
1,578,495
1,586,727
1,504,704
1,547,073
1,595,196
1,698,323
1,715,213
1,726,939
2,058,816
2,829,125
3,105,791

Monetary
base 5

2,017,000
2,619,586
2,675,945
3,717,450
3,934,455
3,835,810
3,531,565
3,850,969
3,400,747
3,426,464
3,244,460
3,274,825
3,260,316
3,271,378
3,202,668
3,252,807
3,315,551
3,426,464
3,442,569
3,454,474
3,883,155
4,844,940
5,149,527

Total 6

45,488
9,526
795
170
102
106
39
75
76
21
56
80
120
117
101
63
26
21
6
3
40,554
124,461
111,845

Primary

Secondary

41
103
12
13
22
38
13
43
18
10
18
20
9
16
15
4
4
10
5
3
19,538
38,299
22,180

3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Seasonal

26
23
23
59
80
67
25
33
58
11
38
60
111
101
86
59
22
11
1
0
0
0
2

Term
assetbacked
securities
loan
facility 7
25,025
9,400
760
98
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

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

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

27

Bank Credit at All Commercial Banks
Total commercial bank loans and leases rose 3.6 percent in April.
BILLIONS OF DOLLARS* (RATIO SCALE)
16,000
ALL COMMERCIAL BANKS
14,000

BILLIONS OF DOLLARS* (RATIO SCALE)
16,000
14,000

TOTAL

12,000

12,000

10,000
9,000
8,000

10,000
9,000
8,000
LOANS AND LEASES

7,000

7,000

6,000

6,000

5,000

5,000

4,000

4,000
U.S. TREASURY AND
AGENCY SECURITIES

3,000

3,000

2,000

2,000

1,600

1,600

1,200

1,200

800

800

OTHER SECURITIES

400

400
2012

2013

2014

2015

2016

2017

2018

2019

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

2020

COUNCIL OF ECONOMIC ADVISERS

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

2010: Dec �����������
2011: Dec �����������
2012: Dec �����������
2013: Dec �����������
2014: Dec �����������
2015: Dec �����������
2016: Dec �����������
2017: Dec �����������
2018: Dec �����������
2019: Dec r ���������
2019: Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec r ���������
2020: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr p ���������

Total
bank
credit

8,982.9
9,108.1
9,626.4
9,828.0
10,539.7
11,342.4
12,075.8
12,535.9
13,063.4
13,847.2
13,343.1
13,401.0
13,468.9
13,519.9
13,610.9
13,694.3
13,732.4
13,807.1
13,847.2
13,872.4
13,948.1
14,434.1
14,814.3

Total
securities

2,426.9
2,493.4
2,733.9
2,722.1
2,932.4
3,110.5
3,310.7
3,433.3
3,494.6
3,827.0
3,609.6
3,626.1
3,656.2
3,681.7
3,727.8
3,789.8
3,799.3
3,833.3
3,827.0
3,835.7
3,868.9
3,988.2
3,996.5

U.S.
Treasury
and
agency
securities
1,641.0
1,699.1
1,872.8
1,809.2
2,040.2
2,224.6
2,409.5
2,521.7
2,663.8
3,001.6
2,771.3
2,792.6
2,825.8
2,856.5
2,905.1
2,967.8
2,982.8
3,011.4
3,001.6
3,011.6
3,036.1
3,150.3
3,144.7

Loans and leases in bank credit

Other
securities

785.9
794.4
861.1
912.9
892.2
885.9
901.2
911.6
830.8
825.5
838.3
833.4
830.4
825.2
822.7
822.0
816.4
821.9
825.5
824.1
832.9
837.9
851.8

Total
loans
and
leases 3
6,556.0
6,614.7
6,892.5
7,105.9
7,607.2
8,231.9
8,765.1
9,102.5
9,568.8
10,020.2
9,733.5
9,774.9
9,812.7
9,838.2
9,883.1
9,904.5
9,933.2
9,973.8
10,020.2
10,036.6
10,079.1
10,446.0
10,817.7

Commercial
and
industrial
loans
1,192.5
1,303.8
1,474.5
1,574.3
1,773.3
1,953.0
2,083.0
2,103.3
2,299.2
2,356.2
2,342.7
2,344.7
2,350.6
2,357.7
2,371.2
2,363.7
2,356.4
2,360.0
2,356.2
2,353.9
2,359.9
2,591.0
2,960.3

Chart 28 - May 2020

Real estate loans
Total 4
3,613.5
3,495.0
3,550.7
3,531.8
3,638.7
3,871.2
4,117.1
4,287.5
4,414.1
4,612.0
4,475.6
4,494.2
4,506.3
4,515.2
4,527.2
4,541.3
4,558.3
4,579.1
4,612.0
4,623.6
4,638.6
4,665.9
4,685.6

Revolving
home equity
loans
581.6
549.6
515.2
473.7
457.8
440.6
410.7
381.5
349.2
321.1
342.4
339.7
337.1
334.2
331.8
329.0
326.0
323.7
321.1
318.8
316.0
316.7
314.7

Commercial
loans
1,500.5
1,418.4
1,428.4
1,498.3
1,605.4
1,781.0
1,962.4
2,085.3
2,186.6
2,315.8
2,223.1
2,236.7
2,242.1
2,246.4
2,256.8
2,269.3
2,279.3
2,292.1
2,315.8
2,327.5
2,339.5
2,355.1
2,375.0

Consumer
loans 5

1,107.3
1,086.3
1,102.6
1,128.1
1,186.6
1,258.7
1,355.5
1,427.1
1,497.5
1,589.5
1,529.1
1,537.1
1,543.3
1,550.5
1,557.8
1,563.5
1,575.0
1,583.2
1,589.5
1,596.1
1,604.1
1,607.0
1,551.6

All other
loans
and
leases 6
642.7
729.6
764.7
871.7
1,008.6
1,149.1
1,209.4
1,284.7
1,357.9
1,462.5
1,386.1
1,398.9
1,412.5
1,414.8
1,427.0
1,436.1
1,443.5
1,451.6
1,462.5
1,463.1
1,476.5
1,582.1
1,620.3

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

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

28

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

Uses

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

Total

2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 p ������������������
2017: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2018: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2019: I ����������������
      II ���������������
      III ��������������
      IV p �����������

Internal 1

2,180.6
2,666.8
2,805.5
2,851.3
3,323.5
3,349.9
3,027.2
2,460.0
2,539.5
�����������������
2,059.8
2,436.1
2,875.9
2,468.1
2,508.8
2,191.4
2,915.1
2,542.5
2,845.3
�����������������
�����������������
�����������������

1,693.3
1,772.9
1,820.6
1,925.5
1,942.0
1,936.9
1,855.9
1,767.5
2,105.4
2,168.3
1,921.8
1,949.7
2,018.8
1,179.6
2,146.0
2,074.8
2,075.5
2,125.1
2,090.1
2,175.0
2,176.1
2,232.0

Total
net
funds
raised

Total

487.3
893.9
984.9
925.8
1,381.5
1,413.0
1,171.3
692.5
434.1
�����������������
138.0
486.4
857.1
1,288.5
362.8
116.6
839.6
417.4
755.2
�����������������
�����������������
�����������������

–306.7
–135.5
–5.0
19.5
54.7
26.6
–284.4
222.9
–252.2
50.0
253.2
389.7
168.0
80.7
–44.7
–691.6
269.5
–542.3
77.6
290.5
105.6
–273.9

Net
new
equity
issues
–250.7
–454.6
–344.9
–352.9
–394.5
–549.6
–576.8
–320.8
–529.7
–408.5
–359.3
–220.5
–474.4
–229.1
–376.3
–805.3
–185.6
–751.4
–690.5
–147.0
–470.7
–326.0

Credit market instruments
Total

Securities
and
mortgages

Loans
and
short-term
paper

112.3
78.7
206.7
268.0
250.9
483.8
274.3
334.5
206.9
309.0
476.4
277.3
353.7
230.1
283.4
109.7
262.5
172.1
442.0
336.7
455.0
2.5

–168.4
240.3
133.3
104.5
198.3
92.5
18.2
209.4
70.5
149.5
136.1
332.9
288.7
79.6
48.2
4.1
192.5
37.1
326.2
100.8
121.3
49.6

–56.1
319.1
339.9
372.4
449.2
576.2
292.4
543.7
277.4
458.5
612.5
610.3
642.4
309.8
331.6
113.8
455.1
209.2
768.1
437.5
576.3
52.0

Other 2

342.9
250.0
468.8
370.0
652.0
687.9
637.4
10.0
319.5
669.4
–694.6
–311.8
691.7
354.8
50.8
356.6
358.7
512.0
1,009.2
548.7
544.2
575.7

Total

1,855.7
1,793.6
1,918.5
2,383.9
2,495.6
3,062.2
2,730.8
2,436.3
2,369.8
2,836.8
1,981.6
2,349.2
3,608.1
1,806.5
2,775.9
2,186.1
2,252.0
2,265.4
2,109.8
2,953.8
3,317.9
2,965.5

Capital
expenditures 3

1,300.4
1,425.0
1,611.3
1,676.0
1,822.0
1,925.1
1,779.7
1,887.4
2,051.0
2,130.9
1,831.9
1,857.3
1,927.4
1,932.9
1,984.7
1,988.5
2,094.0
2,136.8
2,176.2
2,145.2
2,127.2
2,074.9

Increase
in
financial
assets

555.3
368.6
307.2
707.9
673.6
1,137.1
951.1
548.9
318.8
705.9
149.7
491.9
1,680.7
–126.4
791.2
197.6
158.0
128.6
–66.4
808.6
1,190.7
890.6

Discrepancy
(sources
less
uses)

36.1
293.2
555.7
118.9
338.7
2.6
–112.7
–187.1
34.5
253.8
–183.8
–50.8
–488.0
–25.6
–414.6
–490.4
906.0
136.8
1,387.9
335.6
–379.0
–329.4

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

Source: Board of Governors of the Federal Reserve System.

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

Consumer credit outstanding (end of period)
Period
Total
2010: Dec ������������������������������������������
2011: Dec ������������������������������������������
2012: Dec ������������������������������������������
2013: Dec ������������������������������������������
2014: Dec ������������������������������������������
2015: Dec r ����������������������������������������
2016: Dec r ����������������������������������������
2017: Dec r ����������������������������������������
2018: Dec r ����������������������������������������
2019: Dec r ����������������������������������������
2019: Apr r ����������������������������������������
      May r ���������������������������������������
      June r ��������������������������������������
      July r ���������������������������������������
      Aug r ����������������������������������������
      Sept r ���������������������������������������
      Oct r �����������������������������������������
      Nov r ����������������������������������������
      Dec r ����������������������������������������
2020: Jan r ����������������������������������������
      Feb r ����������������������������������������
      Mar r ���������������������������������������
      Apr p ����������������������������������������

Nonrevolving 2

Revolving
2,646.8
2,756.4
2,913.2
3,090.9
3,311.9
3,390.6
3,620.8
3,813.0
3,998.3
4,180.9
4,061.8
4,076.5
4,088.4
4,111.6
4,127.2
4,138.1
4,151.9
4,159.6
4,180.9
4,189.4
4,208.9
4,202.0
4,133.3

839.1
840.3
840.2
854.4
887.7
898.7
960.3
1,018.1
1,054.6
1,094.2
1,067.8
1,072.2
1,073.4
1,084.7
1,084.7
1,084.9
1,088.0
1,082.7
1,094.2
1,093.1
1,099.6
1,078.1
1,019.8

1,807.7
1,916.1
2,073.1
2,236.5
2,424.2
2,492.0
2,660.4
2,795.0
2,943.7
3,086.7
2,994.0
3,004.3
3,015.1
3,026.9
3,042.5
3,053.2
3,063.9
3,076.8
3,086.7
3,096.3
3,109.3
3,124.0
3,113.5

Total

Nonrevolving 2

Revolving
91.8
109.6
156.8
177.7
221.0
78.7
230.2
192.2
185.3
182.6
17.5
14.7
11.9
23.2
15.6
10.9
13.8
7.7
21.3
8.5
19.5
–6.9
–68.7

–77.0
1.2
–.1
14.2
33.3
11.0
61.6
57.8
36.5
39.6
6.7
4.4
1.2
11.3
.0
.2
3.1
–5.3
11.5
–1.1
6.5
–21.5
–58.3

168.8
108.4
157.0
163.4
187.7
67.8
168.4
134.6
148.7
143.0
10.8
10.3
10.8
11.8
15.6
10.7
10.7
12.9
9.9
9.6
13.0
14.7
–10.5

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

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

29

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

PERCENT PER ANNUM
10

8

8

6

6

CORPORATE Aaa BONDS
(MOODY'S)
4

4

TREASURY
BILLS
2

2
FEDERAL FUNDS
RATE

0

0
2012

2013

2014

2015

2016

2017

2018

2019

SOURCE: SEE TABLE BELOW

2020

COUNCIL OF ECONOMIC ADVISERS

[Percent per annum]
Chart 30 - May 2020

U.S. Treasury security yields
Period

2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2019: May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2020: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
Week ended:
2020: 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

New-home
mortgage
yields
(FHFA) 6

Federal
funds
rate 5

0.14
.06
.09
.06
.03
.06
.33
.94
1.94
2.08
2.35
2.20
2.13
1.97
1.93
1.68
1.55
1.54
1.53
1.54
.46
.15
.12

1.11
.75
.38
.54
.90
1.02
1.00
1.58
2.63
1.94
2.16
1.78
1.80
1.51
1.59
1.53
1.61
1.63
1.52
1.31
.50
.28
.22

3.22
2.78
1.80
2.35
2.54
2.14
1.84
2.33
2.91
2.14
2.40
2.07
2.06
1.63
1.70
1.71
1.81
1.86
1.76
1.50
.87
.66
.67

4.25
3.91
2.92
3.45
3.34
2.84
2.59
2.89
3.11
2.58
2.82
2.57
2.57
2.12
2.16
2.19
2.28
2.30
2.22
1.97
1.46
1.27
1.38

4.16
4.29
3.14
3.96
3.78
3.48
3.07
3.36
3.53
3.38
3.11
2.87
3.32
3.61
3.57
3.67
3.26
3.26
3.00
2.66
3.07
2.86
2.69

4.94
4.64
3.67
4.24
4.16
3.89
3.67
3.74
3.93
3.39
3.67
3.42
3.29
2.98
3.03
3.01
3.06
3.01
2.94
2.78
3.02
2.43
2.49

0.72
.75
.75
.75
.75
.76
1.01
1.60
2.41
2.78
3.00
3.00
3.00
2.75
2.50
2.25
2.25
2.25
2.25
2.25
.25
.25
.25

3.25
3.25
3.25
3.25
3.25
3.26
3.51
4.10
4.91
5.28
5.50
5.50
5.50
5.25
5.00
4.75
4.75
4.75
4.75
4.75
3.25
3.25
3.25

0.18
.10
.14
.11
.09
.13
.39
1.00
1.83
2.16
2.39
2.38
2.40
2.13
2.04
1.83
1.55
1.55
1.55
1.58
.65
.05
.05

4.80
4.56
3.69
4.00
4.22
4.01
3.76
3.97
4.53
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������

.11
.13
.13
.13
.15

.22
.21
.22
.21
.24

.67
.67
.69
.68
.77

1.34
1.36
1.41
1.44
1.56

2.74
2.74
2.67
2.61
2.70

2.49
2.58
2.48
2.41
2.41

.25
.25
.25
.25
.25

3.25
3.25
3.25
3.25
3.25

.05
.05
.05
.05
.05

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

1 High bill rate at auction, issue date within period, bank-discount basis. Data are stop yields from uniform-price auctions.
2 Yields on actively traded issues adjusted to constant maturities.
3 Weekly data are Wednesday figures.
4 Average effective rate for year; rate in effect at end of month or week.
5 Beginning March 1, 2016, the daily effective federal funds rate is a volume-weighted median of transaction-level data collected from depository institutions in the Report of Selected Money

Market Rates (FR 2420). Prior to that date, the daily effective rate was a volume-weighted mean of rates on brokered trades.
6 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years.

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

30

Common Stock Prices and Yields
Stock prices rose in May.
INDEX, DEC. 31, 2002=5,000 (RATIO SCALE)
15,000
14,000

INDEX, DEC. 31, 2002=5,000 (RATIO SCALE)
15,000
14,000

COMPOSITE STOCK PRICE INDEX
(NYSE)

13,000
12,000

13,000
12,000

11,000

11,000

10,000

10,000

9,000

9,000

8,000

8,000

7,000

7,000

6,000

6,000

5,000
2012

2013

2015

2014

2016

5,000
2017

2018

2019

PERCENT
20

2020
PERCENT
20

15

15
EARNINGS/PRICE RATIO ON COMMON STOCKS
(S&P)

10

10

5

5
0

0
2012

2013

2014

2015

2016

2018

2017

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

2019

2020

COUNCIL OF ECONOMIC ADVISERS

Common stock yields
(percent) 6

Common stock prices 1

Chart 31 - May 2020

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

Period
Composite
2010 ���������������������
2011 ���������������������
2012 ���������������������
2013 ���������������������
2014 ���������������������
2015 ���������������������
2016 ���������������������
2017 ���������������������
2018 ���������������������
2019 ���������������������
2019: May �����������
      June ����������
      July �����������
      Aug �����������
      Sept ����������
      Oct ������������
      Nov �����������
      Dec ������������
2020: Jan ������������
      Feb ������������
      Mar �����������
      Apr ������������
      May �����������
Week ended:
2020: 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

7,230.42
7,871.41
8,011.65
9,426.77
10,653.17
10,676.70
10,380.08
11,843.74
12,647.54
12,864.17
12,671.64
12,831.18
13,176.12
12,629.44
13,013.64
12,956.90
13,432.91
13,714.16
13,970.27
13,722.13
10,726.12
10,857.14
11,278.53

4,744.05
4,641.01
4,616.63
5,805.54
6,448.33
6,559.24
6,124.93
7,509.81
7,963.02
7,982.51
7,895.78
7,945.69
8,175.83
7,787.16
8,085.56
8,130.36
8,446.55
8,587.12
8,701.60
8,628.17
6,418.29
6,159.48
6,268.92

10,943.85
12,880.35
12,512.31
13,490.83
14,598.07
11,332.43
10,204.95
10,699.23
11,440.86
10,016.30
10,232.32
10,067.50
10,193.34
9,186.28
9,608.08
9,382.09
9,679.49
9,741.43
9,796.29
8,813.46
5,624.82
5,750.08
6,106.12

6,230.62
6,847.80
7,503.05
9,250.02
11,195.85
12,718.18
12,182.85
13,366.56
15,054.70
16,162.10
15,592.73
16,119.85
16,389.26
16,064.03
16,106.87
16,088.92
16,981.52
17,771.28
18,220.69
18,001.72
15,431.91
16,813.62
17,528.77

10,662.80
11,966.36
12,967.08
14,999.67
16,773.99
17,590.61
17,908.08
21,741.91
25,045.75
26,378.41
25,744.79
26,160.10
27,089.19
26,058.23
26,900.21
26,736.80
27,797.05
28,167.01
28,879.99
28,519.73
22,637.42
23,293.90
24,271.02

1,139.31
1,268.89
1,379.56
1,642.51
1,930.67
2,061.20
2,092.39
2,448.22
2,744.68
2,912.50
2,854.71
2,890.17
2,996.11
2,897.50
2,982.16
2,977.68
3,104.90
3,176.75
3,278.20
3,277.31
2,652.39
2,761.98
2,919.62

2,347.70
2,680.42
2,965.77
3,537.69
4,374.31
4,943.49
4,982.49
6,231.28
7,419.27
7,936.85
7,804.82
7,825.46
8,205.60
7,910.93
8,087.70
8,079.28
8,517.58
8,778.59
9,233.36
9,418.85
7,772.21
8,292.41
9,105.66

1.97
1.99
2.09
2.08
1.94
2.05
2.18
1.97
1.90
1.93
1.95
1.94
1.88
1.96
1.92
1.93
1.87
1.84
1.80
��������������������������
��������������������������
��������������������������
��������������������������

6.04
6.77
6.20
5.57
5.25
4.59
4.17
4.22
4.66
4.53
����������������������������
4.60
����������������������������
����������������������������
4.46
����������������������������
����������������������������
4.32
����������������������������
����������������������������
r 4.50
����������������������������
����������������������������

11,133.54
11,008.22
11,350.96
11,762.10
12,235.45

6,222.84
6,033.40
6,244.73
6,654.50
7,015.16

6,056.86
5,931.79
6,209.83
6,318.93
6,748.73

17,377.23
17,500.93
17,604.18
17,742.98
17,937.01

23,900.94
23,709.10
24,463.88
25,331.78
26,176.07

2,874.12
2,867.33
2,950.48
3,025.49
3,113.14

8,895.04
9,003.27
9,281.04
9,402.86
9,654.65

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

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

1 Annual data are averages of monthly figures. Monthly and weekly data are averages of daily closing prices.
2 Includes all the stocks (in 2018, over 2,700) listed on the NYSE.
3 Includes 30 stocks.
4 Includes 500 stocks.
5 Includes over 3,000 stocks in 2018.
6 Dividend/price ratios based on end of period closing prices. Earnings/price ratios based on prices at end of quarter.

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

31

FEDERAL FINANCE.
Federal Receipts, Outlays, and Debt
In the first seven months of fiscal year 2020, the deficit was $1.5 trillion, compared with a deficit of $530.9 billion a
year earlier.
BILLIONS OF DOLLARS
5,200
RECEIPTS AND OUTLAYS1
5,000
4,800
4,600
4,400
4,200
4,000
3,800
3,600
3,400
3,200
3,000
2,800
2,600
2,400
2,200
2,000
1,800
1,600
400

BILLIONS OF DOLLARS
5,200
5,000
4,800
4,600
4,400
4,200
4,000
3,800
3,600
3,400
3,200
3,000
2,800
2,600
2,400
2,200
2,000
1,800
1,600

OUTLAYS1

RECEIPTS1

SURPLUS OR DEFICIT (–)1

400

0

0

–400

–400

–800

–800

–1,200

–1,200

–1,600

–1,600

–2,000

–2,000
2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

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

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]
Total
Fiscal year or period
Receipts
2002 ����������������������������������������������������
2003 ����������������������������������������������������
2004 ����������������������������������������������������
2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 ����������������������������������������������������
2012 ����������������������������������������������������
2013 ����������������������������������������������������
2014 ����������������������������������������������������
2015 ����������������������������������������������������
2016 ����������������������������������������������������
2017 ����������������������������������������������������
2018 ����������������������������������������������������
2019 ����������������������������������������������������
2020 (estimates) ���������������������������������
2021 (estimates) ���������������������������������
Cumulative total, first 7 months: 1
Fiscal year 2019 ����������������������������������
Fiscal year 2020 ����������������������������������

Outlays

Chart 32 - Feb 2020

On-budget
Surplus
or
deficit
(–)

Receipts

Outlays

Surplus
or
deficit
(–)

Receipts

Outlays

Surplus
or
deficit
(–)

Gross
Federal

Held by
the public

1,853.1
1,782.3
1,880.1
2,153.6
2,406.9
2,568.0
2,524.0
2,105.0
2,162.7
2,303.5
2,450.0
2,775.1
3,021.5
3,249.9
3,268.0
3,316.2
3,329.9
3,464.2
3,706.3
3,863.3

2,010.9
2,159.9
2,292.8
2,472.0
2,655.1
2,728.7
2,982.5
3,517.7
3,457.1
3,603.1
3,526.6
3,454.9
3,506.3
3,691.9
3,852.6
3,981.6
4,109.0
4,448.3
4,789.7
4,829.4

–157.8
–377.6
–412.7
–318.3
–248.2
–160.7
–458.6
–1,412.7
–1,294.4
–1,299.6
–1,076.6
–679.8
–484.8
–442.0
–584.7
–665.4
–779.1
–984.2
–1,083.4
–966.1

1,337.8
1,258.5
1,345.4
1,576.1
1,798.5
1,932.9
1,865.9
1,451.0
1,531.0
1,737.7
1,880.5
2,101.8
2,285.9
2,479.5
2,457.8
2,465.6
2,475.2
2,549.9
2,739.3
2,852.3

1,655.2
1,796.9
1,913.3
2,069.7
2,233.0
2,275.0
2,507.8
3,000.7
2,902.4
3,104.5
3,019.0
2,821.1
2,800.2
2,948.8
3,077.9
3,180.4
3,260.5
3,541.7
3,829.9
3,811.1

–317.4
–538.4
–568.0
–493.6
–434.5
–342.2
–641.8
–1,549.7
–1,371.4
–1,366.8
–1,138.5
–719.2
–514.3
–469.3
–620.2
–714.9
–785.3
–991.8
–1,090.7
–958.9

515.3
523.8
534.7
577.5
608.4
635.1
658.0
654.0
631.7
565.8
569.5
673.3
735.6
770.4
810.2
850.6
854.7
914.3
967.1
1,011.0

355.7
363.0
379.5
402.2
422.1
453.6
474.8
517.0
554.7
498.6
507.6
633.8
706.1
743.1
774.7
801.2
848.6
906.6
959.8
1,018.2

159.7
160.8
155.2
175.3
186.3
181.5
183.3
137.0
77.0
67.2
61.9
39.5
29.5
27.3
35.5
49.4
6.2
7.7
7.3
–7.2

6,198.4
6,760.0
7,354.7
7,905.3
8,451.4
8,950.7
9,986.1
11,875.9
13,528.8
14,764.2
16,050.9
16,719.4
17,794.5
18,120.1
19,539.5
20,205.7
21,462.3
22,669.5
23,900.2
25,077.4

3,540.4
3,913.4
4,295.5
4,592.2
4,829.0
5,035.1
5,803.1
7,544.7
9,018.9
10,128.2
11,281.1
11,982.7
12,779.9
13,116.7
14,167.6
14,665.4
15,749.6
16,800.7
17,881.2
18,912.1

2,042.8
1,845.4

2,573.7
3,326.7

–530.9
–1,481.3

1,511.6
1,285.2

2,054.3
2,776.7

–542.6
–1,491.5

531.2
560.2

519.4
549.9

11.8
10.2

21,970.7
24,926.3

16,182.4
19,050.4

1 Data from current issue Monthly Treasury Statement.

Note: Data (except as noted) are from Budget of the United States Government, Fiscal Year 2021, issued February 10, 2020.
Sources: Department of the Treasury and Office of Management and Budget.

32

Federal debt
(end of period)

Off-budget

Federal Receipts by Source and Outlays by Function
In the first seven months of fiscal year 2020, receipts were $197.4 billion lower than a year earlier and outlays were
$753.0 billion higher.
BILLIONS OF DOLLARS
2,000
1

RECEIPTS

BILLIONS OF DOLLARS
2,000

INDIVIDUAL INCOME TAXES

1,600

1,600

1,200

1,200
SOCIAL INSURANCE
AND RETIREMENT RECEIPTS

800
CORPORATION
INCOME TAXES

400

800
OTHER RECEIPTS
400

0

0

4,200
4,000
3,800
3,600
3,400
3,200
3,000
2,800
2,600
2,400
2,200
2,000
1,800
1,600

4,200
4,000
3,800
3,600
3,400
3,200
3,000
2,800
2,600
2,400
2,200
2,000
1,800
1,600

OUTLAYS1
NONDEFENSE

800

800
600

600
NATIONAL DEFENSE

400

400
200

200
2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

FISCAL YEARS
1

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

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars]

Chart 33 - Feb 2020

On-budget and off-budget receipts

Fiscal year or period

2002 ����������������������������������������������������
2003 ����������������������������������������������������
2004 ����������������������������������������������������
2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 ����������������������������������������������������
2012 ����������������������������������������������������
2013 ����������������������������������������������������
2014 ����������������������������������������������������
2015 ����������������������������������������������������
2016 ����������������������������������������������������
2017 ����������������������������������������������������
2018 ����������������������������������������������������
2019 ����������������������������������������������������
2020 (estimates) ���������������������������������
2021 (estimates) ��������������������������������
Cumulative total, first 7 months: 1
Fiscal year 2019 ����������������������������������
Fiscal year 2020 ����������������������������������

On-budget and off-budget outlays
National defense

Indi- Corporavidual
tion
income income
taxes
taxes

Social
insurance
and
retirement
receipts

1,853.1
1,782.3
1,880.1
2,153.6
2,406.9
2,568.0
2,524.0
2,105.0
2,162.7
2,303.5
2,450.0
2,775.1
3,021.5
3,249.9
3,268.0
3,316.2
3,329.9
3,464.2
3,706.3
3,863.3

858.3
793.7
809.0
927.2
1,043.9
1,163.5
1,145.7
915.3
898.5
1,091.5
1,132.2
1,316.4
1,394.6
1,540.8
1,546.1
1,587.1
1,683.5
1,717.9
1,812.0
1,931.7

148.0
131.8
189.4
278.3
353.9
370.2
304.3
138.2
191.4
181.1
242.3
273.5
320.7
343.8
299.6
297.0
204.7
230.2
263.6
284.1

700.8
713.0
733.4
794.1
837.8
869.6
900.2
890.9
864.8
818.8
845.3
947.8
1,023.5
1,065.3
1,115.1
1,161.9
1,170.7
1,243.4
1,312.0
1,373.6

146.0
143.9
148.4
154.0
171.2
164.7
173.7
160.5
207.9
212.1
230.2
237.4
282.7
300.0
307.3
270.1
270.9
272.7
318.6
273.9

2,010.9
2,159.9
2,292.8
2,472.0
2,655.1
2,728.7
2,982.5
3,517.7
3,457.1
3,603.1
3,526.6
3,454.9
3,506.3
3,691.9
3,852.6
3,981.6
4,109.0
4,448.3
4,789.7
4,829.4

348.5
404.7
455.8
495.3
521.8
551.3
616.1
661.0
693.5
705.6
677.9
633.4
603.5
589.7
593.4
598.7
631.1
686.0
724.5
767.1

331.8
387.1
436.4
474.1
499.3
528.5
594.6
636.7
666.7
678.1
650.9
607.8
577.9
562.5
565.4
568.9
600.7
654.0
689.6
729.3

22.3
21.2
26.9
34.6
29.5
28.5
28.9
37.5
45.2
45.7
36.8
46.5
46.9
52.0
45.3
46.3
49.0
52.7
58.3
60.7

196.5
219.6
240.1
250.6
252.8
266.4
280.6
334.4
369.1
372.5
346.8
358.3
409.5
482.3
511.3
533.2
551.2
584.8
640.9
648.6

230.9
249.4
269.4
298.6
329.9
375.4
390.8
430.1
451.6
485.7
471.8
497.8
511.7
546.2
594.5
597.3
588.7
651.0
699.3
728.5

312.7
334.6
333.0
345.8
352.4
365.9
431.2
533.1
622.1
597.3
541.2
536.4
513.6
508.8
514.1
503.4
495.3
514.8
529.3
523.8

456.0
474.7
495.5
523.3
548.5
586.2
617.0
683.0
706.7
730.8
773.3
813.6
850.5
887.8
916.1
944.9
987.8
1,044.4
1,097.2
1,156.2

170.9
153.1
160.2
184.0
226.6
237.1
252.8
186.9
196.2
230.0
220.4
220.9
229.0
223.2
240.0
262.6
325.0
375.2
376.2
378.2

273.2
302.6
311.8
339.8
393.5
317.9
365.2
651.7
372.6
435.7
458.4
348.0
341.7
402.0
437.9
495.3
480.9
539.4
664.1
566.3

2,042.8
1,845.4

1,056.6
844.7

112.7
88.2

722.0
757.9

151.6
154.5

2,573.7
3,326.7

396.8
424.3

377.5
403.5

25.6
44.4

334.2
400.2

364.4
482.0

336.2
601.1

599.4
630.9

228.3
235.4

288.7
508.4

Total

Other

Total

Total

Depart- Internament
tional
of
affairs
Defense,
military

Health

Medicare

Income Social
Net
security security interest

Other

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

Note: Data (except as noted) are from Budget of the United States Government, Fiscal Year 2021, issued February 10, 2020.
Sources: Department of the Treasury and Office of Management and Budget.

33

Federal Sector, National Income Accounts Basis
In the first quarter of 2020, according to revised estimates, Federal current receipts fell $13.0 billion (annual rate),
while Federal current expenditures rose $107.0 billion.
BILLIONS OF DOLLARS
5,200

BILLIONS OF DOLLARS
5,200

SEASONALLY ADJUSTED ANNUAL RATES

4,800

4,800
4,400

4,400

CURRENT EXPENDITURES

4,000

4,000

3,600

3,600

3,200

3,200

CURRENT RECEIPTS

2,800

2,800

2,400

2,400

2,000

2,000

1,600

1,600

1,200

1,200

800

800

400

400

0

0

NET FEDERAL
GOVERNMENT SAVING

–400

–400
–800

–800

–1,200

–1,200

–1,600

–1,600
2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Chart 34 - May 2020

Federal Government current receipts

Federal Government current expenditures

Current tax receipts

Period

Calendar year:
2010 �������������
2011 �������������
2012 �������������
2013 �������������
2014 �������������
2015 �������������
2016 �������������
2017 �������������
2018 �������������
2019 r �����������
2017: I ���������������
      II ��������������
      III �������������
      IV �������������
2018: I ���������������
      II ��������������
      III �������������
      IV �������������
2019: I ���������������
      II ��������������
      III �������������
      IV r �����������
2020: I r �������������

Total

2,444.0
2,572.8
2,700.3
3,139.0
3,292.0
3,446.0
3,460.3
3,526.4
3,497.7
3,610.2
3,532.2
3,496.2
3,535.8
3,541.5
3,446.9
3,469.3
3,545.4
3,529.0
3,576.7
3,606.3
3,608.3
3,649.6
3,636.6

Total 1

1,273.6
1,478.4
1,573.0
1,744.9
1,900.1
2,023.1
2,019.4
2,019.2
1,956.1
2,036.1
1,987.6
2,003.7
2,042.9
2,042.4
1,921.5
1,943.5
1,971.4
1,987.9
2,018.6
2,027.6
2,028.4
2,070.0
2,052.8

Contributions
for
Income
Taxes
govern- receipts
Taxes
Personal
on
ment
on
on
current production corporate
social
assets
taxes
and
insurincome
imports
ance
943.2
1,130.3
1,165.8
1,302.3
1,403.1
1,530.6
1,546.5
1,613.1
1,620.2
1,700.3
1,581.6
1,601.8
1,622.1
1,647.0
1,605.3
1,613.5
1,628.3
1,633.9
1,688.0
1,691.3
1,698.4
1,723.4
1,723.4

96.8
108.6
115.2
125.5
136.3
140.3
136.4
128.7
160.8
169.1
125.5
127.9
129.5
132.0
150.1
153.1
159.7
180.3
166.1
161.7
171.5
177.1
181.5

1 Includes taxes from the rest of the world, not shown separately.

219.4
224.0
274.7
298.4
339.6
329.1
311.9
251.5
147.4
138.3
255.6
248.5
265.4
236.5
139.2
149.2
156.2
144.9
136.6
146.0
130.1
140.7
118.1

970.9
903.2
938.0
1,091.8
1,140.1
1,190.8
1,224.9
1,283.8
1,339.4
1,403.1
1,264.6
1,276.5
1,288.7
1,305.5
1,327.3
1,333.9
1,345.1
1,351.4
1,390.4
1,399.2
1,404.0
1,418.7
1,431.5

2 Includes Federal grants-in-aid to State and local governments, not shown separately.
Source: Department of Commerce (Bureau of Economic Analysis).

34

133.8
130.4
141.1
243.1
171.7
159.5
138.0
137.8
118.6
107.1
161.3
141.2
128.5
120.4
115.7
109.2
124.6
125.0
106.3
119.7
97.7
104.6
98.8

Current
transfer
receipts

68.1
67.1
56.1
69.3
87.3
76.1
79.6
84.6
86.0
71.6
117.9
73.5
74.6
72.6
82.2
84.0
107.5
70.3
68.5
68.2
86.3
63.5
59.2

Current
surplus of
government
enterprises

–2.4
–6.3
–7.8
–10.1
–7.1
–3.5
–1.6
1.0
–2.5
–7.7
.8
1.3
1.2
.6
.2
–1.3
–3.2
–5.6
–7.2
–8.3
–8.1
–7.2
–5.7

Total

3,769.1
3,814.7
3,779.0
3,776.9
3,896.3
4,016.0
4,137.4
4,251.1
4,507.4
4,800.3
4,217.2
4,195.4
4,242.9
4,349.1
4,423.2
4,483.1
4,526.8
4,596.6
4,699.6
4,794.2
4,833.5
4,873.8
4,980.8

ConCurrent
sumption transfer Interest Subsidies
expendipaypayments
tures
ments 2

1,000.7
1,003.3
999.3
956.9
951.2
956.3
968.6
992.6
1,056.9
1,114.0
978.2
987.2
993.0
1,011.9
1,033.9
1,052.5
1,068.1
1,073.1
1,091.6
1,110.5
1,121.1
1,132.8
1,146.5

2,332.7
2,326.6
2,299.5
2,344.4
2,448.4
2,573.7
2,653.4
2,722.0
2,846.0
3,033.8
2,699.8
2,694.8
2,728.6
2,765.0
2,809.5
2,841.9
2,851.3
2,881.3
2,992.7
3,017.4
3,045.7
3,079.7
3,171.8

381.5
425.4
422.6
416.3
439.1
429.3
454.1
475.9
540.7
578.3
479.9
455.2
458.7
509.9
521.1
530.6
549.5
561.4
543.4
605.1
584.8
580.0
587.2

54.2
59.5
57.6
59.2
57.6
56.7
61.3
60.6
63.8
74.1
59.3
58.1
62.6
62.3
58.8
58.0
57.8
80.7
72.0
61.3
82.0
81.4
75.3

Net
Federal
Government
saving

–1,325.1
–1,242.0
–1,078.6
–637.9
–604.3
–570.1
–677.0
–724.7
–1,009.8
–1,190.1
–685.0
–699.2
–707.1
–807.6
–976.3
–1,013.8
–981.3
–1,067.6
–1,122.9
–1,188.0
–1,225.2
–1,224.2
–1,344.2

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
Industrial production (2012=100; seasonally adjusted)
Period

United
States

Canada

Japan

France

Germany

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

Italy

United
States 1

Canada

Japan

France

2010 ���������������
94.1
95.6
102.5
99.7
93.5
105.3
102.4
218.056
201.4
117.8
2011 ���������������
97.1
100.1
99.8
102.5
100.3
106.1
102.4
224.939
207.2
117.5
2012 ���������������
100.0
100.0
100.0
100.0
100.0
100.0
100.0
229.594
210.4
117.5
2013 ���������������
102.0
101.7
99.8
99.6
100.1
96.9
99.0
232.957
212.4
117.9
2014 ���������������
105.2
106.7
101.8
98.5
101.5
96.3
100.5
236.736
216.4
121.1
2015 ���������������
104.1
106.3
100.6
99.9
102.3
97.3
101.5
237.017
218.8
122.1
2016 ���������������
102.1
106.3
100.8
100.4
103.6
99.3
102.7
240.007
222.0
121.9
2017 ���������������
104.4
112.1
103.7
102.9
107.0
103.0
104.5
245.120
225.5
122.5
2018 ���������������
108.6
116.5
104.8
103.3
108.1
103.7
105.3
251.107
230.6
123.7
2019 ���������������
109.4
115.9
102.0
103.7
103.4
102.5
103.7
255.657
235.1
124.3
r
2019: Mar ���
109.7
116.5
103.5
104.0
106.4
103.3
106.3
254.202
234.1
123.9
      Apr r ����
109.0
117.9
103.4
104.3
103.6
102.5
102.8
255.548
235.1
124.3
      May r ���
109.2
118.1
104.9
106.0
104.4
103.4
103.8
256.092
236.2
124.3
      June r ��
109.3
117.7
102.1
103.3
103.0
102.9
103.8
256.143
235.7
124.0
r
      July ���
109.1
115.6
102.9
103.8
102.8
102.2
103.7
256.571
236.9
124.0
r
      Aug ����
109.9
115.7
101.1
102.7
103.0
102.6
103.1
256.558
236.5
124.3
      Sept r ���
109.5
115.2
103.1
103.3
102.2
102.2
103.2
256.759
235.5
124.4
      Oct r �����
109.0
115.1
98.9
103.7
101.2
101.9
103.4
257.346
236.2
124.8
r
      Nov ����
110.0
114.8
98.3
103.3
102.1
102.1
102.3
257.208
235.8
124.9
r
      Dec ����
109.6
115.0
98.5
101.0
100.4
99.4
102.0
256.974
235.8
124.9
2020: Jan r ����
109.1
115.1
100.4
101.9
102.3
103.0
101.9
257.971
236.5
124.8
r
      Feb ����
109.3
115.3
100.1
102.7
102.7
101.9
101.8
258.678
237.6
124.5
p
      Mar ���
104.3
110.7
96.4
86.1
91.2
73.0
97.5
258.115
236.2
124.4
      Apr p ����
92.6 ���������������
87.7 ��������������� ��������������� ��������������� ���������������
256.389
234.6
124.4
      May p �� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������

Germany

186.9
190.8
194.6
196.3
197.2
197.3
197.7
199.7
203.4
205.7
205.0
205.7
205.9
206.4
206.0
206.9
206.2
206.1
206.2
207.2
206.3
206.3
206.4
206.3
206.2

Italy

166.2
169.6
173.0
175.6
177.2
178.2
179.1
181.8
184.9
187.6
185.7
187.5
187.9
188.4
189.3
188.9
188.9
189.1
187.7
188.6
187.5
188.2
188.4
189.1
188.9

United
Kingdom

286.5
262.7
294.5
276.3
303.5
285.2
307.1
293.9
307.9
300.8
308.0
303.8
307.7
309.1
311.5
320.1
315.0
330.8
317.0
339.3
316.7
335.0
317.4
338.6
317.4
339.8
317.7
340.3
317.7
340.1
318.9
342.7
317.0
341.9
316.7
341.2
316.1
341.9
316.7
343.0
317.0
341.4
316.7
343.1
317.0
343.8
317.4
343.8
317.0 �����������������

1 Data relate to all urban consumers.

Note: See Note, p. 17, for information on U.S. industrial production series.
Sources: As reported by each country, Board of Governors of the Federal Reserve System, and Department of Labor (Bureau of Labor Statistics).

U.S. International Trade in Goods and Services
[Billions of dollars; monthly data seasonally adjusted]
Goods: Exports (f.a.s. value)
Census basis (by end-use category)
Period

2010 r �������������
2011 r �������������
2012 r �������������
2013 r �������������
2014 r �������������
2015 r �������������
2016 r �������������
2017 r �������������
2018 r �������������
2019 r �������������
2019: Apr r ����
      May r ���
      June r ��
      July r ���
      Aug r ����
      Sept r ���
      Oct r �����
      Nov r ����
      Dec r ����
2020: Jan r ����
      Feb r ����
      Mar r ���
      Apr p ����

BOP
basis

1,290.3
1,498.9
1,562.6
1,593.7
1,635.6
1,511.4
1,457.4
1,557.0
1,677.0
1,652.4
136.4
139.1
135.5
137.5
137.4
136.1
136.9
136.9
137.7
137.0
138.3
127.7
95.5

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 bever- and
ages materials
1,278.5
1,482.5
1,545.8
1,578.5
1,621.9
1,503.3
1,451.5
1,547.2
1,665.7
1,643.2
135.5
138.3
134.8
136.7
136.6
135.4
136.1
136.2
136.9
136.4
137.7
127.6
95.6

107.7
126.2
133.0
136.2
143.7
127.7
130.5
132.8
133.1
131.1
11.2
11.2
11.1
11.1
11.6
10.6
10.5
10.8
10.9
10.9
11.1
10.8
10.7

391.7
501.1
501.2
508.2
505.8
427.0
397.3
465.2
541.2
529.8
44.3
44.2
43.8
43.0
43.9
43.8
44.8
44.2
45.3
45.7
46.6
43.0
33.9

112.0
133.0
146.2
152.7
159.8
151.9
150.4
157.9
158.8
162.5
13.2
13.7
13.5
13.9
14.1
13.4
13.3
13.5
13.0
13.2
13.5
11.2
3.8

Balance of trade
(exports minus imports)

Census basis (by end-use category)

Auto- Consumer
Capital motive
vegoods
goods hicles,
except parts (nonfood)
autoexcept
motive and
enautogines motive
447.5
494.0
527.2
534.4
551.5
539.5
519.7
533.4
563.1
547.9
44.7
45.9
44.8
45.6
44.3
45.0
44.9
45.4
45.1
44.6
44.7
42.5
32.3

Services
(BOP basis)

Goods: Imports (customs value)

165.2
175.3
181.7
188.8
199.0
197.7
193.7
197.7
206.0
205.7
17.2
17.9
16.2
17.6
17.0
17.0
16.8
16.8
16.5
16.5
15.9
14.8
10.4

BOP
basis

1,939.0
2,239.9
2,303.7
2,294.2
2,385.5
2,273.2
2,207.2
2,356.3
2,557.3
2,516.8
209.7
215.1
210.8
212.1
212.0
208.0
204.0
202.3
207.6
203.3
198.2
193.7
167.4

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 bever- and
ages materials
1,913.9
2,208.0
2,276.3
2,268.0
2,356.4
2,248.8
2,186.8
2,339.6
2,537.7
2,497.5
208.1
213.3
209.3
210.3
210.2
206.5
202.5
200.9
206.2
201.9
196.6
192.5
166.3

91.7
107.5
110.3
115.1
125.9
127.8
130.0
137.8
147.3
150.5
12.8
12.7
12.6
12.7
12.6
12.7
12.5
12.3
12.3
13.0
12.5
12.8
12.1

603.1
755.8
730.6
681.5
667.0
486.0
443.3
507.0
575.1
521.5
44.5
46.0
42.7
44.1
42.8
42.1
41.9
41.2
44.4
42.3
40.9
41.1
41.4

BOP basis

Auto- Consumer
Capital motive
vegoods Exports
goods hicles,
except parts (nonfood)
autoexcept
motive and
enautogines motive
449.4
510.8
548.7
555.7
594.1
602.5
589.7
639.8
691.3
677.8
55.8
56.9
56.9
55.7
57.0
56.0
56.1
55.4
55.9
55.2
52.0
53.9
48.2

225.1
254.6
297.8
308.8
328.6
349.2
349.9
358.2
371.5
375.9
31.0
32.7
32.3
32.4
31.8
31.0
29.2
30.2
30.1
29.2
30.6
27.9
13.3

483.2
514.1
516.9
531.7
557.1
594.2
583.1
601.4
646.1
653.6
54.9
55.3
54.3
55.5
56.4
54.5
52.3
51.9
52.7
52.6
50.7
46.9
43.8

582.0
644.7
684.8
719.5
756.7
768.4
780.5
830.4
862.4
875.8
72.9
73.8
73.7
73.0
73.2
73.1
73.6
73.7
73.8
73.5
73.5
62.5
55.8

Imports

Goods,
Census
basis Goods

Services

Goods
and
services

436.5
458.2
469.6
465.8
490.9
497.8
511.9
544.8
562.1
588.4
48.7
49.1
50.2
49.4
49.3
49.0
49.4
49.3
49.5
49.1
48.2
38.8
33.3

–635.4
–725.4
–730.4
–689.5
–734.5
–745.5
–735.3
–792.4
–872.0
–854.4
–72.5
–74.9
–74.5
–73.6
–73.7
–71.1
–66.3
–64.7
–69.2
–65.5
–58.9
–64.9
–70.7

145.6
186.5
215.2
253.7
265.8
270.6
268.6
285.6
300.4
287.5
24.1
24.7
23.5
23.6
23.8
24.1
24.1
24.3
24.3
24.3
25.3
23.7
22.4

–503.1
–554.5
–525.9
–446.8
–484.1
–491.3
–481.2
–513.8
–579.9
–576.9
–49.2
–51.3
–51.7
–51.0
–50.8
–47.8
–43.0
–41.1
–45.7
–42.0
–34.7
–42.3
–49.4

–648.7
–741.0
–741.1
–700.5
–749.9
–761.9
–749.8
–799.3
–880.3
–864.3
–73.3
–76.0
–75.3
–74.6
–74.6
–71.9
–67.1
–65.4
–70.0
–66.4
–59.9
–66.0
–71.8

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 2019, released June 4, 2020.
Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis).

35

U.S. International Transactions
In the fourth quarter of 2019, the current account deficit narrowed to $109.8 billion from $125.4 billion in the third
quarter. The goods and services deficit narrowed to $139.9 billion from $158.4 billion in the third quarter.
BILLIONS OF DOLLARS
80

BILLIONS OF DOLLARS
80

SEASONALLY ADJUSTED

60

60

40

40

BALANCE ON
PRIMARY INCOME

20

20

0

0

–20

–20

–40

–40

BALANCE ON
SECONDARY INCOME

–60

–60
BALANCE ON
CURRENT ACCOUNT

–80

–80

–100

–100

–120

–120

–140

–140
BALANCE ON
GOODS AND SERVICES

–160

–160

–180

–180

–200

–200

–220

–220

–240

–240

2011

2010

2013

2012

2014

2015

2016

2017

SOURCE: DEPARTMENT OF COMMERCE

2018

2019

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted]
Chart 36 - Mar 2020

Current Account 1
Goods 2
Period

2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 p ������������������
2017: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2018: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2019: I ����������������
      II ���������������
      III ��������������
      IV p �����������

Services

Exports

Imports

Balance
on
goods

1,290,279
1,498,887
1,562,630
1,593,708
1,635,563
1,511,381
1,457,393
1,553,589
1,674,330
1,652,806
381,680
381,677
387,127
403,106
410,732
427,088
419,545
416,964
417,623
413,217
412,244
409,722

1,938,950
2,239,886
2,303,749
2,294,247
2,385,480
2,273,249
2,207,195
2,358,789
2,561,667
2,519,049
578,875
582,901
582,711
614,303
631,449
633,485
647,447
649,288
635,666
637,734
633,142
612,506

–648,671
–740,999
–741,119
–700,539
–749,917
–761,868
–749,801
–805,200
–887,338
–866,244
–197,195
–201,224
–195,584
–211,197
–220,716
–206,396
–227,902
–232,323
–218,044
–224,517
–220,899
–202,784

Exports
562,759
627,061
655,724
700,491
741,094
755,310
758,446
798,957
826,980
845,228
195,426
196,368
201,350
205,812
207,387
206,103
206,694
206,797
207,865
212,258
211,169
213,936

Imports
409,313
435,761
452,013
461,087
480,761
491,966
511,627
543,880
567,322
595,409
132,281
134,821
137,188
139,589
139,778
139,707
142,216
145,620
147,579
148,131
148,694
151,006

Balance
on
services
153,446
191,300
203,711
239,404
260,333
263,343
246,819
255,077
259,659
249,819
63,145
61,547
64,162
66,223
67,608
66,396
64,478
61,177
60,286
64,128
62,476
62,930

Balance
on
goods
and
services
–495,225
–549,699
–537,408
–461,135
–489,584
–498,525
–502,982
–550,123
–627,679
–616,425
–134,050
–139,677
–131,422
–144,974
–153,108
–140,001
–163,424
–171,146
–157,758
–160,390
–158,423
–139,854

Primary income receipts and payments
Receipts
680,169
755,937
767,972
792,819
824,543
810,073
835,509
933,307
1,084,183
1,123,101
218,217
224,980
239,396
250,714
261,844
272,285
273,570
276,483
278,151
286,155
280,808
277,987

Payments
511,948
544,853
560,497
586,842
606,152
606,464
636,855
707,508
830,198
866,105
164,608
175,374
179,703
187,823
195,472
209,456
208,846
216,424
221,112
219,385
214,903
210,704

Balance
on
primary
income
168,221
211,084
207,475
205,977
218,391
203,608
198,654
225,799
253,985
256,997
53,609
49,606
59,693
62,890
66,372
62,829
64,724
60,059
57,039
66,769
65,905
67,283

Balance
on
secondary
Income 3
–104,261
–107,047
–96,900
–93,643
–94,006
–112,848
–124,022
–115,322
–117,284
–138,923
–23,854
–32,804
–27,979
–30,686
–27,264
–30,139
–27,039
–32,841
–36,180
–32,632
–32,860
–37,251

Balance
on
current
account
–431,265
–445,662
–426,832
–348,801
–365,199
–407,764
–428,349
–439,646
–490,978
–498,351
–104,295
–122,874
–99,708
–112,769
–114,001
–107,311
–125,739
–143,927
–136,898
–126,252
–125,378
–109,822

Current
account
balance
as a
percentage
of GDP
–2.9
–2.9
–2.6
–2.1
–2.1
–2.2
–2.3
–2.3
–2.4
–2.3
–2.2
–2.5
–2.0
–2.3
–2.3
–2.1
–2.4
–2.8
–2.6
–2.4
–2.3
–2.0

1 Current and capital account statistics in the international transactions accounts differ slightly from statistics in the National Income and Product Accounts (NIPAs) because of adjustments made to
convert the international statistics to national accounting concepts. A reconciliation can be found in NIPA table 4.3B.
2 Adjusted from Census data to align with concepts and definitions used to prepare the international and national economic accounts. The adjustments are necessary to supplement coverage of
Census data, to eliminate duplication of transactions recorded elsewhere in the international accounts, to value transactions according to a standard definition, and for earlier years, to record transactions in the appropriate period.
3 Includes U.S. government and private transfers, such as U.S. government grants and pensions, fines and penalties, withholding taxes, personal transfers, insurance-related transfers, and other
current transfers.

See p. 37 for continuation of table.

36

U.S. International Transactions—Continued
In the financial account, U.S. net borrowing was $71.8 billion in the fourth quarter of 2019, resulting from a net
increase in U.S. financial assets of $1.0 billion plus a net decrease in financial derivatives of $0.9 billion, less a net
increase in U.S. liabilities of $71.9 billion. U.S. net borrowing was down from $76.4 billion in the third quarter.
BILLIONS OF DOLLARS
900

BILLIONS OF DOLLARS
900

SEASONALLY ADJUSTED

800

800

700

700
600

600
CHANGE IN
U.S. LIABILITIES

500

500

400

400

300

300

200

200

100

100

0

0

CHANGE IN
U.S. ASSETS ABROAD1

–100

–100

–200

–200

–300

–300

–400

–400
–500

–500

2011

2010

2012

2013

2014

2015

2016

2017

2018

2019

1

INCLUDES FINANCIAL DERIVATIVES, NET, BEGINNING 2006.
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted]
Chart 37 - Mar 2020

Financial account

Period

Balance
on
capital
account 1

Net U.S. acquisition of financial assets excluding
financial derivatives
[net increase in assets / financial outflow (+)]

Total

2010 ��������������������
2011 ��������������������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 p ������������������
2017: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2018: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2019: I ����������������
      II ���������������
      III ��������������
      IV p �����������

Portfolio
Direct
investment investment
assets
assets

–157
958,703 349,829
–1,186
492,530 436,615
6,904
176,764 377,239
–412
649,587 392,796
–45
866,523 387,528
–42
202,208 307,058
–152
353,036 318,317
18,950 1,167,447 384,574
3,235
310,827 –78,457
–10
426,912 197,670
–58
366,412 135,715
–96
293,237
51,002
19,144
372,237 104,782
–40
135,562
93,075
–2
325,143 –46,718
–5 –243,468 –110,279
521
81,893
52,845
2,721
147,259
25,696
0
111,706
8,617
0
142,647 111,767
–10
171,561
42,085
0
998
35,202

199,620
85,365
248,760
481,298
582,676
160,410
36,283
569,376
334,033
35,875
141,588
154,279
175,975
97,534
290,488
–17,660
83,415
–22,210
–41,876
26,706
32,106
18,939

Other
investment
assets
407,420
–45,327
–453,695
–221,408
–100,099
–258,968
–3,654
215,187
50,262
188,709
89,350
87,805
91,541
–53,508
81,379
–118,596
–54,189
141,668
144,757
1,815
95,488
–53,352

Reserve
assets 4

1,835
15,877
4,460
–3,099
–3,583
–6,292
2,090
–1,690
4,989
4,659
–241
150
–61
–1,539
–7
3,068
–177
2,105
208
2,359
1,882
210

Net U.S. incurrence of liabilities excluding
financial derivatives
[net increase in liabilities / financial inflow (+)]

Total

1,391,042
983,522
632,034
1,052,068
1,109,443
501,121
742,905
1,549,024
735,583
784,440
428,036
454,247
507,154
159,587
447,658
–126,092
127,770
286,247
125,661
345,328
241,596
71,855

Direct
investment
liabilities

Portfolio
investment
liabilities

Other
investment
liabilities

264,039
263,499
250,343
288,131
251,857
509,087
494,438
354,651
258,392
310,811
111,483
98,070
106,739
38,358
62,143
16,603
126,925
52,720
109,459
92,686
65,171
43,495

820,434
311,626
747,017
511,987
697,607
213,910
231,349
792,523
315,676
231,617
160,111
259,536
294,395
78,481
301,127
–12,609
12,274
14,884
–42,822
181,016
121,606
–28,183

306,569
408,397
–365,327
251,949
159,979
–221,876
17,118
401,851
161,515
242,012
156,442
96,641
106,021
42,748
84,388
–130,087
–11,430
218,644
59,023
71,626
54,820
56,543

Financial
derivatives
other
than
reserves,
net transactions
–14,076
–35,006
7,064
2,222
–54,335
–27,035
7,827
23,998
–20,721
–38,378
–5,609
9,306
18,600
1,701
29,139
–15,723
–11,505
–22,632
–21,421
–9,642
–6,382
–933

Net lending
(+)
or net
borrowing
(–)
from
financial
account
transactions 5
–446,415
–525,998
–448,205
–400,259
–297,255
–325,948
–382,042
–357,579
–445,477
–395,906
–67,234
–151,704
–116,317
–22,324
–93,376
–133,098
–57,381
–161,621
–35,376
–212,323
–76,417
–71,790

U.S. official
reserve
assets,
Statistical
net
discrep(unadancy
justed,
end of
period) 4

–14,992
–79,150
–28,277
–51,046
67,989
81,859
46,460
63,117
42,266
102,456
37,119
–28,734
–35,754
90,486
20,626
–25,783
67,837
–20,414
101,523
–86,071
48,972
38,032

132,433
147,953
150,175
144,575
130,090
117,581
117,332
123,313
125,798
129,479
118,793
122,015
123,863
123,313
126,510
125,099
123,729
125,798
125,175
128,338
127,595
129,479

4 Consists of monetary gold, special drawing rights (SDRs), the U.S. reserve position in the International Monetary Fund (IMF), and other reserve assets, including foreign currencies.
5 Net lending means that U.S. residents are net suppliers of funds to foreign residents, and net borrowing means the opposite.

Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and the Board of Governors of the Federal Reserve System.

37

CONTENTS
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross Domestic Product ........................................................................................................................................................
1
Real Gross Domestic Product ................................................................................................................................................
2
Chained Price Indexes For Gross Domestic Product ............................................................................................................
2
Gross Domestic Product and Related Price Measures: Indexes and Percent Changes ...........................................................
3
Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits .......................................................... 3
National Income ....................................................................................................................................................................
4
Real Personal Consumption Expenditures ............................................................................................................................ 4
Sources of Personal Income ...................................................................................................................................................
5
Disposition of Personal Income .............................................................................................................................................
6
Real Farm Income ................................................................................................................................................................. 7
Corporate Profits ...................................................................................................................................................................
8
Real Gross Private Domestic Investment ............................................................................................................................... 9
Real Private Fixed Investment by Type .................................................................................................................................. 10
Business Investment ............................................................................................................................................................... 10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force .......................................................................................................................................................
Selected Unemployment Rates ..............................................................................................................................................
Selected Measures of Unemployment and Unemployment Insurance Programs ...................................................................
Nonagricultural Employment ................................................................................................................................................
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries ................................
Employment Cost Index—Private Industry ..........................................................................................................................
Productivity and Related Data, Business and Nonfarm Business Sectors ..............................................................................

11
12
13
14
15
15
16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization .................................................................................................................... 17
Industrial Production—Major Market Groups and Selected Manufactures .......................................................................... 18
New Construction ................................................................................................................................................................. 19
New Private Housing and Vacancy Rates .............................................................................................................................. 19
Business Sales and Inventories—Manufacturing and Trade .................................................................................................. 20
Manufacturers’ Shipments, Inventories, and Orders .............................................................................................................. 21
PRICES
Producer Prices ......................................................................................................................................................................
Consumer Prices—All Urban Consumers .............................................................................................................................
Changes in Producer Prices ...................................................................................................................................................
Changes in Consumer Prices—All Urban Consumers ..........................................................................................................
Prices Received and Paid by Farmers .....................................................................................................................................

22
23
24
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures ..........................................................................................................................................
Components of Money Stock ................................................................................................................................................
Aggregate Reserves and Monetary Base .................................................................................................................................
Bank Credit at All Commercial Banks ..................................................................................................................................
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business ..............................................................................
Consumer Credit ...................................................................................................................................................................
Interest Rates and Bond Yields ..............................................................................................................................................
Common Stock Prices and Yields ..........................................................................................................................................

26
27
27
28
29
29
30
31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt ..................................................................................................................................... 32
Federal Receipts by Source and Outlays by Function ............................................................................................................ 33
Federal Sector, National Income Accounts Basis ................................................................................................................... 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries ........................................................................... 35
U.S. International Trade in Goods and Services .................................................................................................................... 35
U.S. International Transactions ............................................................................................................................................. 36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p Preliminary.
r Revised.
c Corrected.
... Not available (also, not applicable).
NSA Not seasonally adjusted.

38