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118th Congress, 1st Session

Economic Indicators
NOVEMBER 2023
(Includes data available as of December 8, 2023)

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

UNITED STATES
GOVERNMENT PUBLISHING OFFICE
WASHINGTON : 2023

JOINT ECONOMIC COMMITTEE

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

Senator Martin Heinrich, New Mexico, Chairman
Representative David Schweikert, Arizona, Vice Chairman
Senate

House of Representatives

Amy Klobuchar, Minnesota
Margaret Wood Hassan, New Hampshire
Mark Kelly, Arizona
Peter Welch, Vermont
John Fetterman, Pennsylvania
Mike Lee, Utah
Tom Cotton, Arkansas
Eric Schmitt, Missouri
J.D. Vance, Ohio

Jodey C. Arrington, Texas
Ron Estes, Kansas
A. Drew Ferguson IV, Georgia
Lloyd K. Smucker, Pennsylvania
Nicole Malliotakis, New York
Donald S. Beyer, Jr., Virginia
David Trone, Maryland
Gwen Moore, Wisconsin
Katie Porter, California

COUNCIL OF ECONOMIC ADVISERS
Jared Bernstein, Chair
Heather M. Boushey, Member
C. Kirabo Jackson, 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 third quarter of 2023, according to revised estimates, real gross domestic product (GDP) in chained (2017)
dollars rose 5.2 percent (annual rate), current dollar GDP rose 8.9 percent, and the chained price index rose 3.6
percent.
BILLIONS OF DOLLARS (RATIO SCALE)

BILLIONS OF DOLLARS (RATIO SCALE)
28,400

28,400

SEASONALLY ADJUSTED ANNUAL RATES

27,600

27,600

26,800

26,800

26,000

26,000

25,200

25,200

24,400

24,400

23,600

23,600

22,800

22,800

22,000

22,000

GDP
IN CURRENT DOLLARS

21,200

21,200

20,400

20,400

19,600

19,600

GDP
IN CHAINED (2017) DOLLARS

18,800

18,800

18,000

18,000

17,200

17,200

16,400

16,400

15,600

15,600

14,800

14,800
2014

2015

2016

2017

2018

2019

2020

2021

SOURCE: DEPARTMENT OF COMMERCE

2022

2023

COUNCIL OF ECONOMIC ADVISERS

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

Period

2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2021: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2022: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2023: I ����������������
      II ���������������
      III r ������������

Gross
domestic
product

16,880.7
17,608.1
18,295.0
18,804.9
19,612.1
20,656.5
21,521.4
21,323.0
23,594.0
25,744.1
22,600.2
23,292.4
23,829.0
24,654.6
25,029.1
25,544.3
25,994.6
26,408.4
26,813.6
27,063.0
27,644.5

Personal
consumption
expenditures

Gross
private
domestic
investment

11,388.2
11,874.5
12,297.4
12,726.8
13,290.6
13,934.4
14,417.6
14,206.2
16,043.0
17,511.7
15,217.7
15,950.9
16,285.1
16,718.2
17,030.6
17,415.1
17,684.2
17,917.0
18,269.6
18,419.0
18,711.6

2,838.3
3,074.0
3,288.5
3,278.3
3,467.7
3,724.8
3,892.4
3,748.4
4,216.3
4,756.6
4,031.1
4,013.3
4,226.6
4,594.0
4,766.8
4,739.0
4,724.6
4,796.2
4,725.8
4,780.3
4,922.1

Exports and imports of
goods and services
Net
exports
–478.5
–508.9
–524.3
–503.3
–543.3
–593.1
–578.5
–626.4
–858.2
–971.1
–792.4
–832.0
–884.3
–924.3
–1,089.7
–1,025.6
–892.0
–877.2
–825.7
–806.1
–781.6

Federal
Exports

2,287.9
2,378.5
2,270.6
2,235.6
2,388.3
2,538.1
2,538.5
2,150.1
2,550.0
2,995.0
2,382.8
2,498.3
2,566.0
2,753.1
2,837.6
3,044.3
3,084.5
3,013.8
3,064.8
2,961.8
3,037.7

Imports

2,766.4
2,887.4
2,794.9
2,738.8
2,931.6
3,131.2
3,117.0
2,776.5
3,408.3
3,966.2
3,175.2
3,330.2
3,450.2
3,677.4
3,927.3
4,069.8
3,976.5
3,891.0
3,890.5
3,767.9
3,819.3

Chart 1 - Nov 2023

Government consumption expenditures
and gross investment

Total

3,132.6
3,168.6
3,233.4
3,303.0
3,397.1
3,590.4
3,789.9
3,994.8
4,193.1
4,446.8
4,143.9
4,160.2
4,201.5
4,266.6
4,321.4
4,415.7
4,477.9
4,572.4
4,643.9
4,669.8
4,792.5

Total
1,227.4
1,217.1
1,222.8
1,237.4
1,266.1
1,346.3
1,422.2
1,523.4
1,594.3
1,635.5
1,609.9
1,588.5
1,576.4
1,602.5
1,601.7
1,612.3
1,636.3
1,691.8
1,730.6
1,744.3
1,791.6

National
defense

Nondefense

764.3
744.1
730.4
729.4
748.3
795.1
851.1
884.6
898.6
928.4
898.6
897.2
899.3
899.2
902.6
924.5
930.4
956.2
968.7
978.9
1,008.8

463.1
473.0
492.4
507.9
517.8
551.2
571.1
638.8
695.7
707.1
711.3
691.2
677.2
703.2
699.1
687.7
705.9
735.5
761.9
765.5
782.8

State
and
local
1,905.2
1,951.5
2,010.6
2,065.7
2,131.1
2,244.1
2,367.7
2,471.3
2,598.7
2,811.3
2,533.9
2,571.7
2,625.1
2,664.2
2,719.7
2,803.4
2,841.5
2,880.6
2,913.2
2,925.5
3,000.9

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

16,775.2
17,523.3
18,154.9
18,765.8
19,579.4
20,600.1
21,449.2
21,360.5
23,582.4
25,586.8
22,644.5
23,453.6
23,832.2
24,399.1
24,780.1
25,424.1
25,912.3
26,230.7
26,789.9
27,044.5
27,533.8

17,359.1
18,117.0
18,819.3
19,308.2
20,155.4
21,249.6
22,099.9
21,949.3
24,452.3
26,715.2
23,392.6
24,124.3
24,713.3
25,578.9
26,118.8
26,569.8
26,886.7
27,285.6
27,639.3
27,869.1
28,426.1

17,110.9
17,843.3
18,515.1
19,036.3
19,905.1
20,946.8
21,803.3
21,537.8
23,777.6
25,926.0
22,830.7
23,462.8
23,990.1
24,826.7
25,177.8
25,746.3
26,185.9
26,594.0
26,972.5
27,236.1
27,812.4

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

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

1

Real Gross Domestic Product
[Billions of chained (2017) dollars; quarterly data at seasonally adjusted annual rates]

Period

2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2021: I ���������������
      II ���������������
      III ��������������
      IV ��������������
2022: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2023: I ����������������
      II ���������������
      III r ������������

Gross private
domestic investment
Personal
Gross
conChange
domestic sumption Nonresi- Resiin
product expendi- dential dential
fixed
fixed
private
tures
investinvestinvenment
ment
tories
17,812.2
18,261.7
18,799.6
19,141.7
19,612.1
20,193.9
20,692.1
20,234.1
21,407.7
21,822.0
20,990.5
21,309.5
21,483.1
21,847.6
21,738.9
21,708.2
21,851.1
21,990.0
22,112.3
22,225.4
22,506.4

11,889.9
12,226.4
12,638.8
12,949.0
13,290.6
13,654.9
13,928.3
13,577.0
14,718.2
15,090.8
14,282.6
14,745.6
14,848.8
14,995.6
14,995.2
15,069.2
15,127.4
15,171.4
15,312.9
15,343.6
15,479.5

2,238.6
2,421.1
2,498.9
2,544.8
2,661.1
2,844.3
2,950.1
2,810.6
2,975.5
3,131.6
2,923.9
2,992.4
2,982.8
3,002.7
3,080.0
3,120.0
3,156.3
3,170.0
3,214.5
3,272.7
3,283.1

601.1
626.8
693.2
742.2
773.9
768.5
761.3
816.2
903.8
822.6
915.0
904.7
898.4
897.3
893.1
859.9
796.3
741.2
731.1
727.1
738.1

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports

103.5
–304.3
85.1
–347.6
133.6
–476.5
33.4
–505.8
32.7
–543.3
54.3
–593.5
71.3
–617.5
–29.9
–663.4
12.5
–933.8
128.1 –1,051.0
–25.8
–863.1
–138.4
–910.0
7.3
–966.5
207.1
–995.6
197.0 –1,141.1
92.7 –1,116.2
70.7
–981.2
151.9
–965.6
27.2
–935.1
14.9
–928.2
83.9
–935.4

Exports

Imports

Total

2,190.3
2,275.8
2,283.1
2,293.9
2,388.3
2,456.4
2,469.0
2,144.8
2,280.9
2,439.6
2,237.0
2,248.1
2,256.4
2,382.0
2,354.1
2,414.1
2,506.2
2,484.1
2,525.4
2,464.7
2,500.7

2,494.6
2,623.4
2,759.5
2,799.7
2,931.6
3,050.0
3,086.5
2,808.3
3,214.7
3,490.6
3,100.0
3,158.1
3,223.0
3,377.6
3,495.2
3,530.3
3,487.4
3,449.6
3,460.5
3,392.9
3,436.2

3,275.6
3,247.3
3,313.6
3,378.5
3,397.1
3,465.0
3,601.4
3,715.5
3,704.7
3,670.4
3,743.1
3,701.8
3,688.2
3,685.8
3,658.8
3,641.2
3,667.0
3,714.8
3,758.8
3,789.8
3,840.9

Total
1,283.9
1,251.9
1,252.7
1,260.0
1,266.1
1,309.9
1,360.1
1,442.6
1,462.4
1,420.9
1,499.1
1,464.8
1,439.1
1,446.5
1,420.9
1,406.9
1,411.2
1,444.5
1,462.8
1,466.9
1,491.8

National Nondefense defense
792.4
760.4
744.9
741.1
748.3
774.6
815.9
838.8
823.0
800.1
836.3
826.3
819.7
809.7
795.3
797.1
796.6
811.5
815.4
820.1
836.4

491.0
491.3
507.8
518.8
517.8
535.3
544.3
603.7
639.3
620.6
662.7
638.3
619.3
636.8
625.6
609.6
614.5
633.0
647.4
646.7
655.4

State
and
local
1,991.8
1,995.3
2,060.8
2,118.5
2,131.1
2,155.2
2,241.3
2,273.8
2,244.3
2,249.6
2,247.0
2,239.2
2,250.1
2,240.9
2,238.4
2,234.1
2,255.1
2,270.8
2,296.5
2,323.0
2,349.5

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

17,715.9
18,185.6
18,669.0
19,108.4
19,579.4
20,137.6
20,620.5
20,260.8
21,380.6
21,661.2
21,017.9
21,442.8
21,461.1
21,600.6
21,497.3
21,579.0
21,758.5
21,809.9
22,054.3
22,167.1
22,371.6

18,102.6
18,602.0
19,276.0
19,647.5
20,155.4
20,787.5
21,310.1
20,899.8
22,333.3
22,854.4
21,846.9
22,212.9
22,442.5
22,830.9
22,865.7
22,805.4
22,809.8
22,936.7
23,028.5
23,140.9
23,429.0

18,049.2
18,499.7
19,021.2
19,372.9
19,905.1
20,490.9
20,977.3
20,451.9
21,590.4
21,992.7
21,219.8
21,481.2
21,644.3
22,016.4
21,884.3
21,896.5
22,028.6
22,161.3
22,260.3
22,384.6
22,660.6

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 (2017) 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, 2017=100; quarterly data are seasonally adjusted]

Period

2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2021: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2022: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2023: I ����������������
      II ���������������
      III r ������������

Gross
domestic
product

94.786
96.436
97.277
98.208
100.000
102.290
104.008
105.407
110.220
117.996
107.731
109.332
110.957
112.858
115.182
117.704
118.980
120.115
121.264
121.789
122.857

Personal consumption
expenditures

Total

95.781
97.121
97.299
98.284
100.000
102.047
103.513
104.635
109.001
116.043
106.578
108.208
109.705
111.514
113.590
115.577
116.905
118.098
119.309
120.044
120.880

Goods

Services

105.049
104.542
101.350
99.710
100.000
100.811
100.427
99.646
104.572
113.548
101.367
103.467
105.394
108.062
111.150
113.794
114.613
114.637
114.838
114.905
115.150

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

2

Gross private
domestic investment

91.659
93.795
95.462
97.629
100.000
102.626
104.972
107.054
111.103
117.066
109.118
110.480
111.738
113.076
114.595
116.220
117.818
119.631
121.377
122.468
123.616

Nonresidential
fixed
99.229
100.170
100.345
99.380
100.000
100.427
101.457
102.092
103.458
109.624
102.380
102.436
103.564
105.451
107.151
109.088
110.693
111.566
113.299
113.355
113.611

Residential
fixed
85.095
89.986
92.454
95.699
100.000
105.640
108.656
112.280
124.606
141.785
118.315
122.618
126.940
130.551
136.190
141.165
144.034
145.752
144.813
144.490
146.322

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Exports

104.457
104.515
99.455
97.457
100.000
103.325
102.814
100.247
111.801
122.767
106.637
111.204
113.760
115.602
120.553
126.113
123.078
121.326
121.359
120.169
121.472

Imports

110.894
110.067
101.283
97.825
100.000
102.662
100.987
98.870
106.025
113.623
102.524
105.536
107.118
108.923
112.390
115.293
114.023
112.788
112.419
111.045
111.143

Total
95.597
97.215
97.609
98.205
100.000
102.775
104.560
105.599
109.024
115.108
107.378
108.424
109.523
110.771
112.724
114.607
115.966
117.135
118.327
118.933
120.113

National
defense
96.459
97.850
98.053
98.419
100.000
102.642
104.312
105.458
109.181
116.038
107.430
108.563
109.686
111.046
113.492
115.990
116.814
117.855
118.823
119.373
120.629

Nondefense
94.308
96.287
96.968
97.897
100.000
102.968
104.923
105.806
108.835
113.924
107.329
108.259
109.325
110.425
111.748
112.835
114.890
116.225
117.702
118.377
119.462

State
and
local
95.654
97.804
97.567
97.505
100.000
104.126
105.640
108.689
115.792
124.970
112.765
114.846
116.664
118.892
121.509
125.490
126.015
126.868
126.866
125.947
127.734

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

Index numbers, 2017=100
Personal consumption
expenditures (PCE)

Gross domestic product (GDP)
Period

2013 ����������������������
2014 ����������������������
2015 ����������������������
2016 ����������������������
2017 ����������������������
2018 ����������������������
2019 ����������������������
2020 ����������������������
2021 ����������������������
2022 ����������������������
2021: I ������������������
      II �����������������
      III ����������������
      IV ����������������
2022: I ������������������
      II �����������������
      III ����������������
      IV ����������������
2023: I ������������������
      II �����������������
      III r ��������������

Real GDP
GDP
(chain-type chain-type
quantity
price
index)
index
90.822
93.115
95.857
97.601
100.000
102.967
105.507
103.171
109.156
111.268
107.029
108.655
109.540
111.399
110.844
110.688
111.417
112.125
112.748
113.325
114.758

GDP
implicit
price
deflator

94.786
96.436
97.277
98.208
100.000
102.290
104.008
105.407
110.220
117.996
107.731
109.332
110.957
112.858
115.182
117.704
118.980
120.115
121.264
121.789
122.857

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

94.771
96.421
97.316
98.241
100.000
102.291
104.008
105.381
110.213
117.973
107.668
109.305
110.920
112.848
115.135
117.671
118.962
120.093
121.261
121.766
122.830

95.781
97.121
97.299
98.284
100.000
102.047
103.513
104.635
109.001
116.043
106.578
108.208
109.705
111.514
113.590
115.577
116.905
118.098
119.309
120.044
120.880

94.285
95.697
96.874
98.426
100.000
101.897
103.577
104.942
108.736
114.437
106.570
108.139
109.420
110.814
112.430
113.734
115.126
116.457
117.874
118.938
119.618

Personal consumption
expenditures (PCE)

Gross domestic product (GDP)
Gross
domestic
purchases
price index

95.908
97.408
97.593
98.241
100.000
102.222
103.706
105.046
109.495
116.915
107.140
108.636
110.157
112.047
114.269
116.533
117.883
118.973
120.016
120.445
121.347

GDP
(current
dollars)

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

3.9
4.3
3.9
2.8
4.3
5.3
4.2
–.9
10.7
9.1
10.9
12.8
9.5
14.6
6.2
8.5
7.2
6.5
6.3
3.8
8.9

2.1
2.5
2.9
1.8
2.5
3.0
2.5
–2.2
5.8
1.9
5.2
6.2
3.3
7.0
–2.0
–.6
2.7
2.6
2.2
2.1
5.2

GDP
implicit
price
deflator

1.7
1.7
.9
1.0
1.8
2.3
1.7
1.3
4.6
7.1
5.4
6.1
6.1
7.0
8.5
9.1
4.4
3.9
3.9
1.7
3.6

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

1.7
1.7
.9
1.0
1.8
2.3
1.7
1.3
4.6
7.0
5.3
6.2
6.0
7.1
8.4
9.1
4.5
3.9
3.9
1.7
3.5

1.3
1.4
.2
1.0
1.7
2.0
1.4
1.1
4.2
6.5
4.8
6.3
5.6
6.8
7.7
7.2
4.7
4.1
4.2
2.5
2.8

1.5
1.5
1.2
1.6
1.6
1.9
1.6
1.3
3.6
5.2
3.6
6.0
4.8
5.2
6.0
4.7
5.0
4.7
5.0
3.7
2.3

1.4
1.6
.2
.7
1.8
2.2
1.5
1.3
4.2
6.8
4.8
5.7
5.7
7.0
8.2
8.2
4.7
3.8
3.6
1.4
3.0

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
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2021: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2022: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2023: I ����������������
      II r �������������
      III 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

8,417.8
8,851.7
9,222.3
9,346.4
9,771.4
10,337.8
10,801.0
10,500.0
11,995.9
13,300.8
11,432.2
11,849.6
12,157.6
12,544.1
12,884.3
13,250.4
13,517.2
13,551.4
13,693.2
13,841.3
14,013.9

Chained
(2017)
dollars
8,855.1
9,155.7
9,453.7
9,514.3
9,771.4
10,136.3
10,394.5
9,959.5
10,853.4
11,194.4
10,601.8
10,768.2
10,951.5
11,091.9
11,113.8
11,130.6
11,268.1
11,265.0
11,382.9
11,418.2
11,504.4

Total

0.951
.967
.976
.982
1.000
1.020
1.039
1.054
1.105
1.188
1.078
1.100
1.110
1.131
1.159
1.190
1.200
1.203
1.203
1.212
1.218

Compensation
of employees
(unit labor
cost)
0.539
.550
.561
.573
.586
.597
.610
.637
.644
.677
.629
.639
.648
.659
.667
.674
.682
.685
.694
.702
.705

Corporate profits with inventory valuation
and capital consumption adjustments 4

Unit nonlabor cost

Total
0.270
.273
.275
.278
.285
.287
.294
.270
.280
.313
.279
.270
.279
.292
.307
.314
.315
.316
.318
.316
.314

Consumption
of fixed
capital

Net interest
Taxes on
and
production miscellaneous
and imports 3
payments

0.145
.148
.149
.151
.154
.156
.160
.174
.168
.179
.166
.167
.167
.170
.174
.178
.181
.184
.186
.189
.189

0.092
.091
.092
.090
.094
.096
.098
.063
.084
.109
.083
.075
.084
.095
.107
.110
.109
.109
.110
.109
.109

0.034
.034
.034
.036
.036
.035
.036
.033
.028
.025
.029
.028
.028
.027
.027
.026
.025
.023
.022
.019
.016

Total
0.141
.144
.139
.132
.129
.136
.135
.147
.182
.198
.171
.192
.183
.181
.186
.203
.203
.201
.191
.194
.199

Taxes on
corporate
income
0.030
.032
.030
.028
.022
.021
.019
.021
.027
.037
.025
.027
.028
.030
.038
.038
.036
.037
.038
.038
.037

Profits
after
tax 5
0.111
.112
.109
.104
.107
.115
.116
.126
.154
.161
.146
.165
.155
.150
.147
.165
.167
.164
.153
.156
.162

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

2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2021: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2022: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2023: I ����������������
      II r �������������
      III r ������������

ComNational pensation
of
income employees

14,459.1
15,164.6
15,685.2
15,975.3
16,688.2
17,570.8
18,281.0
17,854.0
19,909.7
21,678.4
19,166.6
19,630.7
20,077.2
20,764.3
21,149.8
21,637.6
21,972.7
21,953.5
22,136.9
22,241.8
22,512.1

8,835.0
9,250.2
9,699.4
9,966.1
10,424.4
10,957.4
11,447.9
11,594.7
12,545.9
13,439.2
12,078.0
12,390.2
12,689.9
13,025.3
13,177.4
13,295.2
13,609.2
13,675.0
13,965.2
14,154.1
14,348.9

Rental
income
of
persons
with
capital
conNonfarm
sumption
adjustment

Farm

87.5
68.5
55.5
36.0
41.0
32.1
32.1
44.4
72.2
81.7
48.4
93.7
85.6
61.3
73.0
86.0
84.0
84.0
71.2
58.2
52.3

1,264.2
1,301.5
1,292.3
1,313.2
1,387.6
1,463.2
1,522.1
1,539.4
1,676.8
1,709.1
1,601.9
1,690.4
1,707.2
1,707.9
1,683.4
1,688.4
1,723.4
1,741.4
1,756.2
1,765.9
1,810.7

578.7
598.5
601.4
618.7
642.0
671.5
684.5
756.1
814.2
878.3
791.6
807.2
822.4
835.5
837.2
875.3
893.1
907.5
945.8
961.1
973.9

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

2,081.1
2,212.8
2,173.1
2,144.3
2,225.2
2,365.2
2,470.3
2,383.3
2,922.8
3,208.7
2,752.8
2,988.5
2,959.0
2,990.6
3,027.1
3,260.0
3,299.3
3,248.4
3,165.1
3,172.1
3,277.7

Total

Profits
before
tax

2,234.1
2,356.1
2,295.5
2,245.2
2,247.5
2,266.6
2,376.7
2,478.2
2,992.1
3,426.7
2,798.5
3,040.1
3,033.1
3,096.5
3,198.2
3,468.5
3,541.4
3,498.8
3,502.8
3,513.6
3,617.4

2,220.2
2,354.3
2,237.5
2,240.0
2,295.1
2,317.6
2,375.0
2,494.9
3,249.1
3,523.0
3,023.7
3,343.0
3,313.3
3,316.5
3,439.0
3,696.2
3,558.2
3,398.4
3,457.6
3,473.1
3,597.9

13.9
1.8
57.9
5.2
–47.6
–51.0
1.7
–16.7
–257.1
–96.2
–225.2
–302.9
–280.2
–220.0
–240.9
–227.7
–16.8
100.4
45.3
40.5
19.6

–152.9
–143.3
–122.3
–100.9
–22.3
98.6
93.6
–94.9
–69.3
–218.0
–45.7
–51.6
–74.1
–105.9
–171.1
–208.5
–242.1
–250.4
–337.7
–341.5
–339.7

392.7
426.4
496.3
489.2
525.2
536.4
515.2
529.3
504.6
457.4
536.6
508.2
483.8
489.7
515.7
514.6
438.3
360.7
307.8
212.4
114.0

Business
Less:
current
Subsidies transfer
payments

1,185.8
1,237.7
1,273.5
1,309.1
1,364.0
1,457.1
1,533.1
1,520.5
1,671.9
1,810.2
1,581.7
1,675.1
1,685.4
1,745.5
1,784.0
1,812.3
1,824.0
1,820.6
1,831.1
1,821.6
1,833.7

59.7
58.1
57.2
61.7
59.9
63.3
73.0
656.9
482.7
127.4
388.0
701.3
547.8
293.9
152.0
130.1
118.4
109.2
101.4
99.9
103.7

107.3
135.5
153.9
162.5
142.9
155.8
160.8
145.0
189.0
216.8
170.9
187.4
196.5
201.2
196.1
228.2
215.4
227.6
203.1
206.4
215.7

Current
surplus
of
government
enterprises

–13.6
–8.5
–2.8
–2.2
–4.3
–4.6
–12.0
–1.8
–5.0
4.4
–7.3
–8.9
–4.8
1.2
8.0
7.6
4.5
–2.3
–7.1
–10.0
–11.2

1 With inventory valuation and capital consumption adjustments.

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

Real Personal Consumption Expenditures
[Billions of chained (2017) dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Goods

Period

Total
personal
consumption
expenditures

2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2021: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2022: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2023: I ����������������
      II ���������������
      III r ������������

11,889.9
12,226.4
12,638.8
12,949.0
13,290.6
13,654.9
13,928.3
13,577.0
14,718.2
15,090.8
14,282.6
14,745.6
14,848.8
14,995.6
14,995.2
15,069.2
15,127.4
15,171.4
15,312.9
15,343.6
15,479.5

Services

Durable
Total
goods

3,562.3
3,717.7
3,902.5
4,044.7
4,212.2
4,378.7
4,509.9
4,729.9
5,265.9
5,281.5
5,171.7
5,351.8
5,234.3
5,305.6
5,289.7
5,285.3
5,275.7
5,275.2
5,341.0
5,347.3
5,409.0

Total
durable
goods 1

1,087.9
1,168.2
1,257.7
1,325.5
1,415.9
1,509.5
1,558.9
1,683.1
1,964.9
1,960.0
1,966.7
2,033.6
1,904.3
1,955.0
1,962.3
1,957.8
1,962.3
1,957.5
2,022.5
2,020.9
2,054.5

Nondurable

Motor
vehicles
and
parts
415.2
443.6
481.3
498.1
529.4
549.9
540.6
533.5
613.4
572.6
641.0
664.0
568.5
580.1
580.3
571.2
566.5
572.5
614.1
599.6
598.3

Total
nondurable
goods 1
2,478.6
2,552.3
2,646.3
2,719.9
2,796.3
2,869.8
2,951.8
3,049.6
3,307.5
3,327.5
3,212.9
3,325.9
3,335.0
3,356.3
3,333.4
3,333.4
3,319.7
3,323.7
3,327.8
3,335.4
3,364.5

Food and
beverages
purchased
for offpremises
consumption

Gasoline
and
other
energy
goods

Total
services 1

Household
consumption
expenditures

887.0
910.3
931.4
968.3
1,010.4
1,039.0
1,065.7
1,140.7
1,190.5
1,167.8
1,176.9
1,195.1
1,194.3
1,195.8
1,185.9
1,171.5
1,158.8
1,155.0
1,145.8
1,148.5
1,154.1

298.8
302.0
318.8
323.8
324.0
323.0
321.6
277.5
311.1
311.1
287.7
313.8
321.4
321.6
311.5
313.1
309.3
310.6
313.0
319.8
315.8

8,341.9
8,516.3
8,738.9
8,904.9
9,078.4
9,276.6
9,420.1
8,867.6
9,483.4
9,836.1
9,144.9
9,429.6
9,641.1
9,717.9
9,733.0
9,810.8
9,878.2
9,922.3
9,998.9
10,023.1
10,098.6

7,956.1
8,131.1
8,355.1
8,507.0
8,682.0
8,861.3
9,018.3
8,406.7
9,079.0
9,413.1
8,727.4
9,035.3
9,243.1
9,310.4
9,314.8
9,382.4
9,449.4
9,505.9
9,597.0
9,622.9
9,699.9

Housing
and
utilities

2,343.2
2,341.5
2,336.7
2,347.0
2,350.2
2,385.0
2,404.6
2,454.1
2,521.4
2,549.1
2,509.8
2,517.6
2,531.5
2,526.6
2,547.9
2,549.4
2,544.5
2,554.7
2,545.8
2,550.0
2,569.7

Health
care

1,945.6
2,008.2
2,114.2
2,196.3
2,245.3
2,301.8
2,381.9
2,215.6
2,405.2
2,479.3
2,327.2
2,398.8
2,435.5
2,459.3
2,454.9
2,455.0
2,484.4
2,523.0
2,584.0
2,600.0
2,618.8

Financial
services
and
insurance

1,037.2
1,047.9
1,073.6
1,046.5
1,073.2
1,073.4
1,048.4
1,050.4
1,049.7
1,031.4
1,059.1
1,048.8
1,044.7
1,045.9
1,033.2
1,026.4
1,033.2
1,032.8
1,037.3
1,048.7
1,057.6

Addendum:
Personal
consumption
expenditures
excluding
food and
energy 2

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

10,474.9
10,785.1
11,159.9
11,429.3
11,730.3
12,049.5
12,301.7
11,920.2
12,975.9
13,364.8
12,570.6
12,997.2
13,089.8
13,246.1
13,246.6
13,333.6
13,419.3
13,459.4
13,625.6
13,647.6
13,769.6

15.5
16.5
17.4
17.5
17.2
17.2
17.0
14.5
14.9
13.8
16.5
16.9
13.5
12.9
13.9
13.4
13.6
14.2
15.0
15.8
15.6

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

Note: Because of the formula used for calculating real GDP, the chained (2017) 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 $57.0 billion (annual rate) in October, following an increase of $96.8 billion in September.
Wages and salaries rose $17.0 billion in October, following an increase of $61.8 billion in September.
BILLIONS OF DOLLARS * (RATIO SCALE)
26,000
24,000
22,000

BILLIONS OF DOLLARS* (RATIO SCALE)
26,000
24,000
22,000

TOTAL PERSONAL INCOME

20,000

20,000

18,000

18,000

16,000

16,000

14,000

14,000

12,000

12,000
WAGES AND SALARIES

10,000

10,000

9,000

9,000

8,000

8,000

7,000

7,000
OTHER INCOME

6,000

6,000

5,000

5,000

4,000

4,000

PERSONAL CURRENT
TRANSFER RECEIPTS

3,000

3,000

2,000

2,000
2015

2016

2017

2018

2019

2020

2021

2022

*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

2023

COUNCIL OF ECONOMIC ADVISERS

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

2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2022: Oct �����������
      Nov ����������
      Dec �����������
2023: Jan �����������
      Feb �����������
      Mar ����������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct p ���������

Total
personal
income

14,068.8
14,784.1
15,473.7
15,887.7
16,662.8
17,528.2
18,356.2
19,629.0
21,407.7
21,840.8
22,242.2
22,267.7
22,312.3
22,525.3
22,648.4
22,757.9
22,806.1
22,876.6
22,921.4
22,984.0
23,089.1
23,185.9
23,242.9

Total

8,835.0
9,250.2
9,699.4
9,966.1
10,424.4
10,957.4
11,447.9
11,594.7
12,545.9
13,439.2
13,677.9
13,667.9
13,679.2
13,885.2
13,968.7
14,041.7
14,092.7
14,151.1
14,218.6
14,280.7
14,346.9
14,419.1
14,442.9

Wages
and
salaries

Supplements to
wages
and
salaries

7,114.0
7,476.3
7,859.5
8,091.2
8,474.4
8,899.8
9,325.0
9,464.6
10,312.6
11,116.0
11,325.7
11,310.5
11,314.9
11,494.7
11,568.5
11,633.1
11,680.1
11,730.8
11,788.9
11,840.9
11,897.1
11,958.9
11,975.9

1,721.0
1,773.9
1,839.9
1,874.9
1,950.0
2,057.6
2,123.0
2,130.0
2,233.2
2,323.2
2,352.2
2,357.3
2,364.3
2,390.6
2,400.2
2,408.6
2,412.6
2,420.3
2,429.6
2,439.8
2,449.8
2,460.2
2,467.0

Proprietors’ income 1

Farm

87.5
68.5
55.5
36.0
41.0
32.1
32.1
44.4
72.2
81.7
82.4
83.3
86.2
78.7
71.2
63.8
61.0
58.2
55.5
53.9
52.3
50.7
49.3

Nonfarm

1,264.2
1,301.5
1,292.3
1,313.2
1,387.6
1,463.2
1,522.1
1,539.4
1,676.8
1,709.1
1,736.9
1,741.6
1,745.6
1,753.5
1,757.4
1,757.7
1,760.1
1,763.1
1,774.4
1,788.3
1,811.1
1,832.7
1,842.0

Personal income receipts on assets
Rental
income
of
persons 2

578.7
598.5
601.4
618.7
642.0
671.5
684.5
756.1
814.2
878.3
900.3
906.5
915.7
930.9
945.7
960.7
960.6
960.8
961.8
967.0
974.0
980.8
986.1

Total

1,983.2
2,177.4
2,344.6
2,415.4
2,611.0
2,789.4
2,949.9
2,913.7
3,214.7
3,432.0
3,515.5
3,527.0
3,533.6
3,559.3
3,570.9
3,600.9
3,606.8
3,610.2
3,590.7
3,602.0
3,620.7
3,637.5
3,665.2

Personal
interest
income
1,201.6
1,260.4
1,347.7
1,388.0
1,466.7
1,554.5
1,603.4
1,510.3
1,515.5
1,627.5
1,684.4
1,707.4
1,728.2
1,736.2
1,744.3
1,752.6
1,753.6
1,754.7
1,756.1
1,772.4
1,788.9
1,805.5
1,818.3

Personal
dividend
income
781.6
917.0
996.9
1,027.4
1,144.3
1,234.9
1,346.5
1,403.5
1,699.2
1,804.5
1,831.1
1,819.6
1,805.4
1,823.1
1,826.6
1,848.3
1,853.3
1,855.5
1,834.7
1,829.6
1,831.8
1,831.9
1,846.9

Personal
current
transfer
receipts 3

2,424.3
2,541.6
2,685.4
2,777.0
2,855.7
2,976.3
3,144.3
4,229.9
4,641.9
4,002.1
4,063.5
4,073.5
4,084.1
4,083.3
4,108.8
4,115.1
4,112.3
4,126.8
4,121.3
4,099.5
4,098.4
4,087.7
4,082.5

Less:
Chart
5 - Nov 2023
Contributions
for
government
social
insurance,
domestic
1,104.3
1,153.6
1,204.7
1,238.8
1,298.9
1,361.7
1,424.6
1,449.3
1,558.0
1,701.7
1,734.3
1,732.0
1,732.0
1,765.5
1,774.3
1,782.0
1,787.4
1,793.6
1,800.9
1,807.3
1,814.4
1,822.5
1,824.9

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 (2017) dollars fell 0.5 percent
(annual rate) in the third quarter of 2023.
BILLIONS OF DOLLARS* (RATIO SCALE)
22,000
21,000
20,000
19,000
18,000
17,000

BILLIONS OF DOLLARS* (RATIO SCALE)
22,000
21,000
20,000
19,000
18,000
17,000

DISPOSABLE PERSONAL INCOME

16,000

16,000

15,000

15,000

14,000

14,000
SAVING

PERSONAL OUTLAYS

13,000

13,000

12,000

12,000

11,000

11,000

10,000

10,000
DOLLARS* (RATIO SCALE)

62,000
58,000
56,000
54,000
52,000
50,000
48,000
46,000
44,000
42,000
40,000

62,000

PER CAPITA DISPOSABLE PERSONAL INCOME

58,000
56,000
54,000
52,000
50,000
48,000
46,000
44,000
42,000
40,000

CURRENT DOLLARS

CHAINED (2017) DOLLARS

38,000

38,000

36,000
34,000

36,000
34,000
2014

2015

2016

2017

2018

2019

2020

2021

*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

Period

Personal
income

Less:
Personal
current
taxes

Equals:
Disposable
personal
income

14,068.8
14,784.1
15,473.7
15,887.7
16,662.8
17,528.2
18,356.2
19,629.0
21,407.7
21,840.8

1,677.5
1,785.7
1,940.9
1,958.8
2,048.8
2,074.2
2,199.3
2,256.5
2,743.3
3,138.3

12,391.2
12,998.4
13,532.9
13,928.9
14,613.9
15,454.0
16,157.0
17,372.5
18,664.4
18,702.5

2023

COUNCIL OF ECONOMIC ADVISERS

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
billions of
chained
(2017)
dollars

Per capita disposable
personal income
Current
dollars

Billions of dollars
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������

2022

Chained
(2017)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(2017)
dollars

Dollars
11,775.5
12,286.4
12,742.3
13,182.7
13,772.3
14,457.4
14,966.1
14,694.0
16,543.9
18,079.7

615.7
712.0
790.6
746.2
841.6
996.7
1,190.9
2,678.6
2,120.5
622.8

12,937.1
13,383.7
13,908.5
14,172.0
14,613.9
15,144.0
15,608.6
16,603.0
17,123.1
16,116.9

39,077
40,671
42,013
42,910
44,710
47,002
48,885
52,360
56,159
56,063

Chart 6 - Nov 2023

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

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

40,798
41,876
43,179
43,659
44,710
46,059
47,225
50,041
51,521
48,313

35,914
37,154
38,177
39,207
40,662
42,380
43,622
42,817
48,271
52,494

37,496
38,255
39,237
39,891
40,662
41,530
42,141
40,921
44,285
45,237

–2.2
2.6
3.1
1.1
2.4
3.0
2.5
6.0
3.0
–6.2

5.0
5.5
5.8
5.4
5.8
6.4
7.4
15.4
11.4
3.3

317,099
319,601
322,113
324,609
326,860
328,794
330,513
331,788
332,351
333,595

55,367
51,050
50,319
49,546
48,252
48,031
48,388
48,580
49,793
50,138
50,075

45,838
48,023
48,981
50,237
51,146
52,247
52,979
53,599
54,595
54,979
55,772

43,021
44,394
44,661
45,061
45,034
45,209
45,319
45,385
45,759
45,799
46,139

56.2
–27.7
–5.6
–6.0
–10.0
–1.8
3.0
1.6
10.4
2.8
–.5

19.9
10.3
8.5
6.3
3.9
3.0
3.2
3.2
4.8
5.1
4.0

331,989
332,149
332,480
332,786
332,978
333,321
333,799
334,282
334,641
335,019
335,501

Seasonally adjusted annual rates
2021: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2022: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2023: I ����������������
      II r �������������
      III r ������������

22,162.2
21,046.1
21,138.3
21,284.0
21,410.5
21,659.7
22,018.8
22,274.1
22,643.9
22,868.0
23,086.3

2,577.6
2,703.9
2,789.9
2,901.6
3,162.8
3,157.8
3,137.0
3,095.7
2,763.7
2,703.8
2,778.1

19,584.6
18,342.2
18,348.5
18,382.4
18,247.8
18,501.9
18,881.7
19,178.4
19,880.2
20,164.2
20,308.2

15,694.9
16,453.5
16,796.3
17,230.8
17,544.0
17,949.5
18,269.1
18,556.0
18,932.0
19,136.6
19,492.8

3,889.7
1,888.6
1,552.1
1,151.6
703.7
552.4
612.6
622.4
948.2
1,027.6
815.4

18,381.1
16,956.2
16,730.2
16,488.4
16,066.9
16,009.6
16,151.8
16,239.5
16,662.8
16,797.3
16,800.4

58,992
55,223
55,187
55,238
54,802
55,508
56,566
57,372
59,408
60,188
60,531

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 current forecast for 2023, gross farm income in chained (2023) dollars is forecast to be $594.4
billion and net farm income to be $151.1 billion.
BILLIONS OF CHAINED (2023) DOLLARS (RATIO SCALE)

BILLIONS OF CHAINED (2023) DOLLARS (RATIO SCALE)

700
640
600
560
520
480
440
400

700
640
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
2014

2015

2017

2016

2018

2019

2020

2021

SOURCE: DEPARTMENT OF AGRICULTURE

2022

2023

COUNCIL OF ECONOMIC ADVISERS

[Billions of chained (2023) dollars]
Chart 7 - Nov 2023

Income of farm operators from farming 1
Gross farm income
Year

Value of agricultural sector production
Total

2000 r �������������������������������������������������
2001 r �������������������������������������������������
2002 r �������������������������������������������������
2003 r �������������������������������������������������
2004 r �������������������������������������������������
2005 r �������������������������������������������������
2006 r �������������������������������������������������
2007 r �������������������������������������������������
2008 r �������������������������������������������������
2009 r �������������������������������������������������
2010 r �������������������������������������������������
2011 r �������������������������������������������������
2012 r �������������������������������������������������
2013 r �������������������������������������������������
2014 r �������������������������������������������������
2015 r �������������������������������������������������
2016 r �������������������������������������������������
2017 r �������������������������������������������������
2018 r �������������������������������������������������
2019 r �������������������������������������������������
2020 r �������������������������������������������������
2021 r �������������������������������������������������
2022 r �������������������������������������������������
2023 r �������������������������������������������������

Crops 2, 3

Total
405.3
409.6
372.4
409.6
454.7
446.4
420.8
479.5
505.2
463.4
485.1
560.5
588.6
622.7
611.1
552.5
511.9
518.7
506.5
501.4
522.8
566.9
631.7
594.4

366.3
372.9
352.3
383.5
434.7
409.9
397.9
462.7
488.2
446.7
468.2
546.6
574.7
608.6
598.7
539.0
495.7
504.7
490.2
475.1
470.0
538.2
615.6
582.3

159.2
155.8
158.1
171.9
193.0
171.0
172.2
213.4
240.8
226.7
228.7
265.7
278.6
300.7
260.9
231.1
235.0
229.1
221.7
208.1
218.9
265.5
274.0
261.8

Animals
and animal
products 3
166.1
174.4
150.9
166.2
191.6
189.2
173.1
195.5
193.2
164.7
190.8
218.3
221.3
233.0
271.0
243.4
205.4
215.7
211.5
205.3
190.7
214.8
264.2
243.6

Farm-related
income 4
41.0
42.7
43.3
45.3
50.1
49.7
52.7
53.9
54.2
55.3
48.7
62.6
74.8
74.9
66.8
64.6
55.3
59.8
57.0
61.7
60.4
58.0
77.4
76.9

Direct
Federal
Government
payments
38.9
36.8
20.1
26.2
20.0
36.5
22.9
16.8
17.0
16.8
16.9
13.9
13.9
14.2
12.3
13.5
16.1
14.1
16.3
26.3
52.7
28.7
16.1
12.1

Production
expenses

Net
farm
income

320.3
319.7
309.2
313.1
319.9
328.6
337.5
380.6
397.1
377.8
380.2
409.1
462.5
463.6
494.5
450.2
434.5
427.1
409.0
407.8
413.3
411.5
442.8
443.4

85.0
90.0
63.2
96.5
134.8
117.8
83.3
98.9
108.1
85.6
104.9
151.4
126.1
159.1
116.6
102.4
77.4
91.6
97.5
93.6
109.5
155.4
188.9
151.1

1 The GDP chain-type price index is used to convert the current-dollar statistics to 2023=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 2023 are forecasts.
Source: Department of Agriculture (Economic Research Service).

7

Corporate Profits
In the third quarter of 2023, according to preliminary estimates, corporate profits before tax rose $124.8 billion
(annual rate) and profits after tax rose $126.2 billion.
BILLIONS OF DOLLARS
3,800

BILLIONS OF DOLLARS
3,800

SEASONALLY ADJUSTED ANNUAL RATES

3,600

3,600

3,400

3,400

3,200

3,200

3,000

3,000

2,800

2,800

2,600

2,600

PROFITS BEFORE TAX

2,400

2,400

2,200

2,200

2,000

2,000
PROFITS AFTER TAX

1,800

1,800

1,600

1,600

1,400

1,400

1,200

1,200

1,000

1,000

UNDISTRIBUTED PROFITS

800

800

600

600

400

400
TAXES ON
CORPORATE INCOME

200
0
2014

2015

2016

2017

200
0
2018

2019

2020

2021

2022

2023

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

2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2021: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2022: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2023: I ����������������
      II ���������������
      III p ������������

Total 2

2,234.1
2,356.1
2,295.5
2,245.2
2,247.5
2,266.6
2,376.7
2,478.2
2,992.1
3,426.7
2,798.5
3,040.1
3,033.1
3,096.5
3,198.2
3,468.5
3,541.4
3,498.8
3,502.8
3,513.6
3,617.4

Profits
before
tax

Nonfinancial
Total

1,835.2
1,951.2
1,900.3
1,825.3
1,748.6
1,746.0
1,843.7
2,029.9
2,558.4
2,953.9
2,326.0
2,631.6
2,615.2
2,660.9
2,775.5
2,990.0
3,051.1
2,998.9
3,010.8
2,999.5
3,092.7

Financial

480.7
536.1
512.4
511.8
491.6
478.9
575.2
535.9
581.5
598.6
529.3
573.2
603.2
620.1
615.9
602.7
610.8
564.8
591.7
537.0
555.9

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

1,354.5
440.0
27.8
146.3
153.3
1,415.1
453.1
32.4
151.2
157.8
1,387.9
421.5
19.9
153.9
170.4
1,313.5
327.9
9.4
130.0
176.6
1,257.0
299.9
13.8
127.4
151.7
1,267.1
361.7
16.5
108.2
145.6
1,268.5
353.2
11.9
125.9
150.3
1,493.9
328.1
27.4
157.8
243.3
1,977.0
464.1
33.6
171.6
276.3
2,355.3
708.7
42.6
226.1
285.1
1,796.7
406.2
33.4
142.6
278.1
2,058.4
462.6
29.8
168.3
314.5
2,012.0
458.8
35.6
185.8
261.1
2,040.8
528.8
35.8
189.6
251.5
2,159.6
647.7
38.4
173.7
260.9
2,387.3
709.8
41.0
196.7
291.5
2,440.2
719.6
49.7
268.5
286.6
2,434.1
757.6
41.2
265.5
301.6
2,419.2
739.0
42.7
233.4
315.1
2,462.5
711.4
49.7
227.8
353.3
2,536.7 ��������������� ��������������� ��������������� ���������������

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

Taxes
on
corporate
income

2,220.2
2,354.3
2,237.5
2,240.0
2,295.1
2,317.6
2,375.0
2,494.9
3,249.1
3,523.0
3,023.7
3,343.0
3,313.3
3,316.5
3,439.0
3,696.2
3,558.2
3,398.4
3,457.6
3,473.1
3,597.9

362.4
406.9
396.1
376.0
297.2
297.4
297.4
307.5
404.6
542.4
351.8
392.2
405.7
468.7
529.1
547.4
544.7
548.3
576.5
570.3
568.8

1,857.7
1,947.4
1,841.4
1,863.9
1,998.0
2,020.1
2,077.6
2,187.4
2,844.5
2,980.5
2,671.9
2,950.8
2,907.6
2,847.8
2,909.9
3,148.7
3,013.5
2,850.1
2,881.0
2,902.9
3,029.1

997.3
1,059.9
1,128.7
1,139.4
1,253.9
1,319.9
1,416.8
1,496.7
1,814.7
1,887.3
1,658.8
1,789.6
1,878.6
1,931.9
1,932.9
1,920.7
1,855.6
1,839.8
1,840.2
1,855.8
r 1,838.3

Chart 8 - Nov 2023

Inventory
Undistrib- valuation
adjustment
uted
profits

860.4
887.5
712.7
724.5
744.1
700.2
660.8
690.7
1,029.8
1,093.3
1,013.0
1,161.2
1,029.0
915.9
977.0
1,228.1
1,157.9
1,010.2
1,040.8
1,047.1
1,190.7

13.9
1.8
57.9
5.2
–47.6
–51.0
1.7
–16.7
–257.1
–96.2
–225.2
–302.9
–280.2
–220.0
–240.9
–227.7
–16.8
100.4
45.3
40.5
19.6

Real Gross Private Domestic Investment
In the third quarter of 2023, according to revised estimates, nonresidential fixed investment in chained (2017) dollars
fell $10.4 billion (annual rate) and residential fixed investment rose $11.0 billion. Inventories rose $83.9 billion,
following an increase of $14.9 billion in the second quarter.
BILLIONS OF CHAINED (2017) DOLLARS
4,400
4,200

BILLIONS OF CHAINED (2017) DOLLARS
4,400
4,200

SEASONALLY ADJUSTED ANNUAL RATES

4,000

4,000
GROSS PRIVATE DOMESTIC
INVESTMENT

3,800

3,800

3,600

3,600

3,400

3,400

3,200

3,200

3,000

3,000

2,800

2,800

2,600

2,600

NONRESIDENTIAL
FIXED INVESTMENT

2,400

2,400

2,200

2,200

2,000

2,000

1,800

1,800

1,600

1,600

1,400

1,400

1,200

1,200

RESIDENTIAL
FIXED INVESTMENT

1,000

1,000

800

800

600

600
CHANGE IN PRIVATE
INVENTORIES

400
200

400
200

0

0

–200
–400

–200
–400
2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Billions of chained (2017) dollars; quarterly data at seasonally adjusted annual rates]
Chart 9 - Nov 2023

Fixed investment
Period

2013 ���������������������������������������������������
2014 ���������������������������������������������������
2015 ���������������������������������������������������
2016 ���������������������������������������������������
2017 ���������������������������������������������������
2018 ���������������������������������������������������
2019 ���������������������������������������������������
2020 ���������������������������������������������������
2021 ���������������������������������������������������
2022 ���������������������������������������������������
2021: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2022: I �����������������������������������������������
      II ����������������������������������������������
      III ���������������������������������������������
      IV ���������������������������������������������
2023: I �����������������������������������������������
      II ����������������������������������������������
      III r �������������������������������������������

Gross
private
domestic
investment

2,938.7
3,129.0
3,323.4
3,320.2
3,467.7
3,668.1
3,780.3
3,602.5
3,914.4
4,102.8
3,820.4
3,767.3
3,910.8
4,159.1
4,222.4
4,105.5
4,024.8
4,058.5
3,963.7
4,014.1
4,115.5

Change in private inventories

Nonresidential
Total

2,842.0
3,052.6
3,193.6
3,286.9
3,435.0
3,611.7
3,708.5
3,630.1
3,887.3
3,939.3
3,849.1
3,904.3
3,888.8
3,907.1
3,976.0
3,974.0
3,930.9
3,876.5
3,905.9
3,955.9
3,979.0

Total
2,238.6
2,421.1
2,498.9
2,544.8
2,661.1
2,844.3
2,950.1
2,810.6
2,975.5
3,131.6
2,923.9
2,992.4
2,982.8
3,002.7
3,080.0
3,120.0
3,156.3
3,170.0
3,214.5
3,272.7
3,283.1

Structures
537.3
597.2
598.2
579.7
594.9
629.2
644.8
583.4
564.8
552.9
569.5
570.9
565.0
553.8
552.1
551.4
549.7
558.4
596.6
619.3
629.7

Equipment
1,006.5
1,086.0
1,127.2
1,117.5
1,160.0
1,228.6
1,241.7
1,116.3
1,187.4
1,249.2
1,176.2
1,205.9
1,181.0
1,186.5
1,233.5
1,248.5
1,265.5
1,249.5
1,236.4
1,259.6
1,248.3

Intellectual
property
products
695.0
739.1
774.0
847.6
906.2
986.5
1,063.5
1,111.0
1,226.6
1,338.7
1,180.5
1,218.9
1,239.9
1,267.1
1,301.8
1,329.1
1,351.9
1,372.1
1,384.9
1,394.0
1,403.7

Residential

601.1
626.8
693.2
742.2
773.9
768.5
761.3
816.2
903.8
822.6
915.0
904.7
898.4
897.3
893.1
859.9
796.3
741.2
731.1
727.1
738.1

Total

Nonfarm

103.5
85.1
133.6
33.4
32.7
54.3
71.3
–29.9
12.5
128.1
–25.8
–138.4
7.3
207.1
197.0
92.7
70.7
151.9
27.2
14.9
83.9

94.6
89.0
133.7
38.6
38.4
61.6
86.3
–18.5
14.5
142.2
–33.9
–136.1
9.7
218.2
215.1
113.4
85.5
154.8
28.8
14.8
84.0

Note: See p. 10 for further detail on fixed investment by type.
Because of the formula used for calculating real GDP, the chained (2017) 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 (2017) dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential

Residential

Equipment
Total
fixed
investment

Period

2013 ���������������
2014 ���������������
2015 ���������������
2016 ���������������
2017 ���������������
2018 ���������������
2019 ���������������
2020 ���������������
2021 ���������������
2022 ���������������
2021: I �����������
      II ����������
      III ���������
      IV ���������
2022: I �����������
      II ����������
      III ���������
      IV ���������
2023: I �����������
      II ����������
      III r �������

Total
nonresidential

2,842.0
3,052.6
3,193.6
3,286.9
3,435.0
3,611.7
3,708.5
3,630.1
3,887.3
3,939.3
3,849.1
3,904.3
3,888.8
3,907.1
3,976.0
3,974.0
3,930.9
3,876.5
3,905.9
3,955.9
3,979.0

Intellectual property products

Information processing equipment
Structures

2,238.6
2,421.1
2,498.9
2,544.8
2,661.1
2,844.3
2,950.1
2,810.6
2,975.5
3,131.6
2,923.9
2,992.4
2,982.8
3,002.7
3,080.0
3,120.0
3,156.3
3,170.0
3,214.5
3,272.7
3,283.1

537.3
597.2
598.2
579.7
594.9
629.2
644.8
583.4
564.8
552.9
569.5
570.9
565.0
553.8
552.1
551.4
549.7
558.4
596.6
619.3
629.7

Total 2

1,006.5
1,086.0
1,127.2
1,117.5
1,160.0
1,228.6
1,241.7
1,116.3
1,187.4
1,249.2
1,176.2
1,205.9
1,181.0
1,186.5
1,233.5
1,248.5
1,265.5
1,249.5
1,236.4
1,259.6
1,248.3

Computers
and
peripheral
equipment 1

Total
293.9
312.9
336.7
356.1
386.0
416.8
429.2
432.2
473.8
509.9
468.6
468.7
463.0
494.8
520.2
511.1
517.4
490.7
489.6
482.0
475.6

100.6
100.4
100.4
99.7
105.8
119.6
121.3
132.1
147.2
156.5
468.6
468.7
463.0
494.8
520.2
511.1
517.4
490.7
489.6
482.0
475.6

Industrial Transporequiptation
ment
equipment

Other
195.5
213.7
236.7
256.5
280.2
297.1
307.8
299.5
325.8
352.7
318.2
324.1
320.1
341.0
355.1
355.5
355.8
344.6
347.1
337.5
336.8

212.8
223.5
225.7
224.9
237.3
248.7
253.2
230.8
245.9
254.8
235.2
245.4
249.5
253.5
259.0
255.3
251.4
253.6
256.0
252.7
249.2

257.7
287.4
318.7
302.6
299.9
318.3
304.6
220.0
225.7
228.2
229.8
253.1
226.3
193.8
196.0
222.5
242.1
252.1
243.8
276.7
276.3

Total 2

Research
Software and development 3

695.0
739.1
774.0
847.6
906.2
986.5
1,063.5
1,111.0
1,226.6
1,338.7
1,180.5
1,218.9
1,239.9
1,267.1
1,301.8
1,329.1
1,351.9
1,372.1
1,384.9
1,394.0
1,403.7

264.3
286.1
304.6
340.5
382.9
433.9
466.5
509.8
581.9
660.2
558.2
577.8
589.3
602.3
634.0
648.4
668.1
690.4
702.2
712.1
725.7

357.7
377.0
390.3
424.5
437.5
464.3
507.4
517.6
565.5
597.7
545.2
563.5
571.0
582.2
588.5
598.3
601.0
602.8
604.9
605.1
603.4

Structures
Total
residential 2

601.1
626.8
693.2
742.2
773.9
768.5
761.3
816.2
903.8
822.6
915.0
904.7
898.4
897.3
893.1
859.9
796.3
741.2
731.1
727.1
738.1

Total 2

Single
family

592.1
616.2
681.1
728.6
758.9
753.4
746.1
800.4
886.6
805.9
897.5
886.9
881.6
880.5
876.3
843.0
779.5
724.8
714.2
710.0
720.7

203.6
216.1
240.8
253.2
270.2
277.7
260.1
276.1
338.3
310.6
333.9
339.5
342.4
337.3
345.5
337.5
296.8
262.7
248.7
249.5
263.8

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 (2017) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates.
Source: Department of Commerce (Bureau of Economic Analysis).

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

Total
capital
expenditures

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

ConManu- WholeUtilities struction
sale
facturing trade

Retail
trade

TransportaFinance
tion
Informaand
and
tion
insurwareance
housing

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

Health
care
and
social
assistance

Other 1

For
companies
without
employees

For companies with employees
2007 ��������
2008 ��������
2009 ��������
2010 ��������
2011 ��������
2012 ��������
2013 ��������
2014 ��������
2015 ��������
2016 ��������
2017 ��������
2018 ��������
2019 ��������
2020 ��������
2021 p �������

1,354.7
1,374.2
1,090.7
1,105.7
1,243.0
1,423.6
1,491.3
1,597.9
1,642.0
1,574.8
1,678.8
1,699.1
1,917.1
1,707.8
1,681.7

1,270.5
1,294.5
1,015.3
1,036.2
1,169.6
1,334.4
1,400.9
1,506.6
1,548.1
1,479.4
1,577.8
1,699.1
1,805.7
1,598.8
1,681.7

2.1
2.3
2.2
3.3
3.1
3.1
3.0
4.0
3.3
4.6
4.5
4.7
4.1
3.2
3.1

120.7
149.3
100.6
115.7
165.7
196.7
202.2
230.8
174.1
92.6
134.4
153.4
160.8
97.7
91.1

85.4
98.7
103.0
94.5
98.0
125.0
111.3
118.9
130.5
133.5
133.9
151.0
172.9
182.2
177.8

36.7
40.8
19.8
17.9
21.8
23.6
27.6
30.3
33.3
36.0
35.0
39.0
50.8
52.1
44.9

197.3
213.1
155.2
160.8
192.4
203.1
221.3
231.1
245.1
243.6
247.0
258.1
272.7
256.7
282.2

30.8
32.4
25.3
31.1
35.7
40.9
37.5
44.8
42.4
43.8
44.0
42.8
40.2
36.0
40.4

82.5
73.2
58.4
65.3
68.1
77.6
77.5
82.4
86.0
86.9
90.5
89.2
98.8
105.2
120.3

67.4
79.6
55.7
59.0
72.7
81.8
92.6
111.0
116.6
109.7
108.5
122.4
130.8
97.8
93.7

106.1
103.3
88.4
97.2
100.1
106.5
123.9
132.0
132.7
142.9
158.9
175.1
176.8
169.8
194.5

173.4
132.9
99.5
103.1
109.2
130.2
137.8
153.3
164.6
161.7
163.0
181.5
195.2
174.9
174.3

117.5
106.9
72.9
81.3
91.1
115.7
114.2
121.9
151.9
150.7
161.4
173.9
180.2
136.0
158.3

31.8
33.0
28.2
28.2
28.1
31.6
35.7
30.4
33.3
31.7
37.2
42.0
43.6
40.3
46.6

84.2
90.2
79.4
78.4
83.1
88.9
94.2
89.0
93.8
93.6
104.6
108.6
114.4
104.8
113.9

134.8
84.2
138.7
79.7
127.0
75.4
100.6
69.5
100.4
73.4
110.0
89.2
122.1
90.4
126.8
91.3
140.6
93.9
148.3
95.4
154.8
101.0
157.6 ��������������
164.5
111.4
142.0
109.0
140.7 ��������������

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 November, unemployment as measured by the household survey fell 215,000 to 6.3 million.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

176

176

SEASONALLY ADJUSTED

172
168

172
168

CIVILIAN LABOR FORCE

164

164

160

160

156

156
CIVILIAN
EMPLOYMENT

152
148

152
148

144

144

140

140

136

136

132

132

128

128

28
24

28
24

20

20
16

16
12

12

UNEMPLOYMENT

8

8

4
0

4
0
2015

2016

2017

2018

2019

2020

2021

2022

*16 YEARS OF AGE AND OVER

SOURCE: DEPARTMENT OF LABOR

2023

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

2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2022: Nov ����������
      Dec �����������
2023: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������

Civilian
noninsti- Civilian labor
tutional
force
population
(NSA)
245,679
247,947
250,801
253,538
255,079
257,791
259,175
260,329
261,445
263,973
264,708
264,844
265,962
266,112
266,272
266,443
266,618
266,801
267,002
267,213
267,428
267,642
267,822

155,389
155,922
157,130
159,187
160,320
162,075
163,539
160,742
161,204
164,287
164,527
164,966
165,832
166,251
166,731
166,688
166,818
166,951
167,103
167,839
167,929
167,728
168,260

Civilian employment

Total

143,929
146,305
148,834
151,436
153,337
155,761
157,538
147,795
152,581
158,291
158,527
159,244
160,138
160,315
160,892
161,031
160,721
160,994
161,262
161,484
161,570
161,222
161,969

Men
20 years
and
over
74,176
75,471
76,776
78,084
78,919
80,211
80,917
76,227
78,216
81,409
81,698
82,033
82,324
82,407
82,816
82,661
82,526
82,868
82,922
82,777
82,837
82,423
83,114

Women
20 years
and
over
65,295
66,287
67,323
68,387
69,344
70,424
71,470
66,873
69,099
71,283
71,088
71,531
72,104
72,189
72,284
72,575
72,518
72,567
72,877
73,121
73,163
73,115
73,122

1 11 - Nov 2023
PercentChart

Unemployment
Both
sexes
16–19
years
4,458
4,548
4,734
4,965
5,074
5,126
5,150
4,695
5,266
5,600
5,740
5,680
5,710
5,719
5,792
5,796
5,676
5,559
5,462
5,586
5,570
5,685
5,733

Total

11,460
9,617
8,296
7,751
6,982
6,314
6,001
12,947
8,623
5,996
6,000
5,722
5,694
5,936
5,839
5,657
6,097
5,957
5,841
6,355
6,360
6,506
6,291

Men
20 years
and
over
5,568
4,585
3,959
3,675
3,287
2,976
2,819
6,118
4,302
2,867
2,827
2,661
2,760
2,803
2,880
2,778
2,961
2,906
2,817
3,157
3,293
3,174
3,179

Women
20 years
and
over

Both
sexes
16–19
years

4,565
3,926
3,371
3,151
2,868
2,578
2,435
5,804
3,625
2,453
2,444
2,398
2,275
2,417
2,328
2,293
2,486
2,360
2,328
2,419
2,334
2,469
2,371

1,327
1,106
966
925
827
759
746
1,025
696
675
729
662
658
716
631
586
650
691
696
779
733
863
740

Not
in
labor
force

90,290
92,025
93,671
94,351
94,759
95,716
95,636
99,587
100,241
99,686
100,181
99,878
100,130
99,861
99,541
99,755
99,800
99,850
99,899
99,374
99,498
99,914
99,562

Labor
Employ- Unemployforce
ment/
participa- population
ment
tion
rate
ratio
rate
63.2
62.9
62.7
62.8
62.9
62.9
63.1
61.7
61.7
62.2
62.2
62.3
62.4
62.5
62.6
62.6
62.6
62.6
62.6
62.8
62.8
62.7
62.8

58.6
59.0
59.3
59.7
60.1
60.4
60.8
56.8
58.4
60.0
59.9
60.1
60.2
60.2
60.4
60.4
60.3
60.3
60.4
60.4
60.4
60.2
60.5

7.4
6.2
5.3
4.9
4.4
3.9
3.7
8.1
5.3
3.6
3.6
3.5
3.4
3.6
3.5
3.4
3.7
3.6
3.5
3.8
3.8
3.9
3.7

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 November, the unemployment rate fell to 3.7 percent.
PERCENT (SEASONALLY ADJUSTED)

PERCENT (SEASONALLY ADJUSTED)

35

35

30

30

25

25

20

20
TEENAGERS
(16-19)
BLACK OR
AFRICAN
AMERICAN1

15

15

10

10

HISPANIC1,2

MEN 20 YEARS
AND OVER

5

5
WHITE1
1

ASIAN

WOMEN 20 YEARS
AND OVER

ALL CIVILIAN
WORKERS

0

0
2019

2020

2021

2022

2023

2019

2020

2021

2022

2023

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 - Nov 2023

By race or ethnicity 1

By sex and age
Period

2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2022: Nov ����������
      Dec �����������
2023: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������

All
civilian
workers

7.4
6.2
5.3
4.9
4.4
3.9
3.7
8.1
5.3
3.6
3.6
3.5
3.4
3.6
3.5
3.4
3.7
3.6
3.5
3.8
3.8
3.9
3.7

Men
20 years
and
over

Women
20 years
and
over

7.0
5.7
4.9
4.5
4.0
3.6
3.4
7.4
5.2
3.4
3.3
3.1
3.2
3.3
3.4
3.3
3.5
3.4
3.3
3.7
3.8
3.7
3.7

6.5
5.6
4.8
4.4
4.0
3.5
3.3
8.0
5.0
3.3
3.3
3.2
3.1
3.2
3.1
3.1
3.3
3.1
3.1
3.2
3.1
3.3
3.1

Both
sexes
16–19
years
22.9
19.6
16.9
15.7
14.0
12.9
12.7
17.9
11.7
10.8
11.3
10.4
10.3
11.1
9.8
9.2
10.3
11.0
11.3
12.2
11.6
13.2
11.4

Black
or
African
American

White

6.5
5.3
4.6
4.3
3.8
3.5
3.3
7.3
4.7
3.2
3.3
3.0
3.1
3.2
3.2
3.1
3.3
3.1
3.1
3.4
3.4
3.5
3.3

13.1
11.3
9.6
8.4
7.5
6.5
6.1
11.4
8.6
6.1
5.7
5.7
5.4
5.7
5.0
4.7
5.6
6.0
5.8
5.3
5.7
5.8
5.8

By selected groups
Hispanic
or
Latino
ethnicity

Asian

5.2
5.0
3.8
3.6
3.4
3.0
2.7
8.7
5.0
2.8
2.6
2.4
2.8
3.4
2.8
2.8
2.9
3.2
2.3
3.1
2.8
3.1
3.5

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

9.1
7.4
6.6
5.8
5.1
4.7
4.3
10.4
6.8
4.3
4.0
4.1
4.5
5.3
4.6
4.4
4.0
4.3
4.4
4.9
4.6
4.8
4.6

Married
men,
spouse
present
4.3
3.4
2.8
2.7
2.4
2.0
1.8
4.9
3.2
1.9
2.0
1.8
1.8
1.9
1.9
1.7
2.0
1.8
1.7
2.0
2.1
2.0
2.0

Women
who
maintain
families
(NSA)
10.2
8.6
7.4
6.8
6.2
5.4
5.0
9.6
7.1
4.8
4.9
3.6
3.8
5.0
4.6
4.8
4.6
4.8
4.5
4.9
4.0
4.6
4.8

Full-time
workers

7.7
6.4
5.4
4.9
4.3
3.8
3.6
7.7
5.4
3.6
3.5
3.4
3.4
3.5
3.4
3.3
3.6
3.5
3.4
3.7
3.7
3.7
3.7

Part-time
workers

5.9
5.4
4.9
4.8
4.6
4.4
4.1
10.0
5.1
4.1
4.4
3.9
3.8
4.0
3.9
3.6
4.0
4.0
4.1
4.4
4.3
4.6
4.0

Selected Measures of Unemployment and Unemployment Insurance Programs
In November, the percentages of the unemployed who had been out of work for less than 5 weeks, for 15 to 26 weeks,
and for 27 weeks and over fell, while the percentage for 5 to 14 weeks rose. The mean duration of unemployment fell
to 19.4 weeks and the median duration rose to 9.2 weeks.
PERCENT DISTRIBUTION*

PERCENT DISTRIBUTION*

100

100

DURATION OF UNEMPLOYMENT

REASON FOR UNEMPLOYMENT

80

80

JOB LOSERS
60

60
27 WEEKS
AND OVER

40

40
LESS THAN
5 WEEKS

REENTRANTS

5-14
WEEKS
20

20

JOB LEAVERS
15-26
WEEKS
0

NEW ENTRANTS

0
2019

2020

2021

2022

2023

2019

2020

2021

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR

2022

2023

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted by NSA]
Chart 13 - Nov 2023

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
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2022: Nov ����������
      Dec �����������
2023: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������

11,460
9,617
8,296
7,751
6,982
6,314
6,001
12,947
8,623
5,996
6,000
5,722
5,694
5,936
5,839
5,657
6,097
5,957
5,841
6,355
6,360
6,506
6,291

22.5
25.7
28.9
30.5
32.5
34.4
34.8
28.6
24.8
37.0
37.6
38.7
33.9
38.2
38.9
33.2
34.8
34.6
34.2
34.7
32.1
35.1
32.9

24.1
25.3
27.7
28.7
28.8
29.7
29.8
36.5
23.0
28.5
28.4
28.4
31.1
30.8
29.7
34.1
31.1
31.6
29.0
29.3
32.0
28.4
33.1

15.8
15.6
15.3
14.9
14.6
14.5
14.3
19.4
13.5
12.6
13.7
14.3
15.5
13.4
12.6
12.1
14.3
15.3
17.0
15.7
16.8
16.7
15.8

37.6
33.5
28.1
25.9
24.2
21.4
21.1
15.4
38.7
21.9
20.3
18.5
19.4
17.6
18.9
20.6
19.8
18.5
19.9
20.3
19.1
19.8
18.3

36.5
33.7
29.2
27.5
25.0
22.7
21.6
16.5
28.7
22.6
21.4
19.5
20.4
19.3
19.5
20.9
21.2
20.7
20.6
20.4
21.5
21.6
19.4

17.0
14.0
11.6
10.6
10.0
9.3
9.1
9.7
16.5
8.7
8.8
8.9
9.1
8.3
8.1
8.4
8.6
8.7
8.7
8.7
9.2
8.9
9.2

53.0
50.7
49.0
48.2
49.2
47.4
46.4
75.5
59.1
46.1
46.4
46.0
43.9
45.8
49.6
46.2
48.9
48.4
44.9
46.7
45.6
48.1
49.4

8.1
8.6
9.9
11.1
11.1
12.6
13.6
5.3
9.3
14.3
13.9
14.4
15.3
14.8
14.2
13.8
12.6
13.2
14.6
12.8
12.7
12.6
13.1

28.0
29.4
30.6
30.1
29.8
30.5
30.2
15.2
25.6
31.5
30.2
30.9
31.5
30.8
28.0
30.8
30.1
29.1
31.8
30.9
32.6
29.6
28.4

10.9
2,947
342
4,605
11.3
2,574
304
2,657
10.6
2,237
275
2,274
10.6
2,099
259
2,128
9.9
1,948
240
1,971
9.5
1,755
219
1,774
9.8
1,684
217
1,702
4.1
10,093
1,377
19,077
6.0
3,191
548
12,031
8.0
1,503
221
1,656
9.4
1,427
252
1,506
8.7
1,644
290
1,732
9.2
2,246
306
2,335
8.6
1,943
225
2,015
8.3
1,993
247
2,058
9.3
1,903
238
1,942
8.4
1,797
251
1,836
9.3
1,734
278
1,778
8.6
2,121
265
2,157
9.6
1,902
235
1,931
9.1
1,637
188
1,663
9.6 ��������������� ��������������� �����������������
9.1 ��������������� ��������������� �����������������

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

Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation (2020-2021), Emergency Unemployment Compensation (2008-2013), and Federal Additional Compensation (2009-2010).
Note: Data relate to persons age 16 years and over (except for insured unemployment and initial claims).
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).

13

Nonagricultural Employment
Total nonagricultural employment as measured by the payroll survey rose by 199,000 in November.
MILLIONS OF PERSONS*
160

MILLIONS OF PERSONS*
114
112
110
108
106
104
102
100
98
96
94
92
90
88

155
ALL NONAGRICULTURAL
ESTABLISHMENTS

150
145
140
135

28
26
24
22
20
18
16
14
12
10

PRIVATE
INDUSTRIES

130
125
120
115

105
24
22
20

GOVERNMENT

2019

2020

2021

2022

EDUCATION AND
HEALTH SERVICES

PROFESSIONAL AND
BUSINESS SERVICES

RETAIL TRADE

24
22
20
18
16
14
12
10

110

GOODS-PRODUCING
MANUFACTURING

2019

2023

PRIVATE
SERVICE-PROVIDING
INDUSTRIES

2020

2021

*SEASONALLY ADJUSTED

2022

2023

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[Thousands of wage and salary workers; 1 monthly data seasonally adjusted]
Chart 14 - Nov 2023

Private industries

Period

2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2022: Nov ����������
      Dec �����������
2023: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept r ��������
      Oct r ����������
      Nov p ��������

Total
nonagricultural
employment

136,363
138,939
141,824
144,335
146,607
148,908
150,904
142,186
146,285
152,575
154,296
154,535
155,007
155,255
155,472
155,689
155,970
156,075
156,311
156,476
156,738
156,888
157,087

Goods-producing industries
Total
private

114,511
117,058
119,795
122,111
124,257
126,454
128,291
120,200
124,311
130,404
131,972
132,204
132,557
132,750
132,907
133,086
133,341
133,427
133,572
133,686
133,885
133,970
134,120

Total 2

Construc- Manufaction
turing

18,738
19,226
19,610
19,749
20,084
20,704
21,037
20,023
20,350
21,178
21,425
21,461
21,502
21,520
21,501
21,526
21,550
21,582
21,594
21,622
21,643
21,633
21,662

5,856
6,151
6,461
6,728
6,969
7,288
7,493
7,257
7,436
7,748
7,833
7,859
7,885
7,899
7,890
7,901
7,926
7,955
7,967
7,997
8,006
8,031
8,033

12,020
12,185
12,336
12,354
12,439
12,688
12,817
12,167
12,354
12,825
12,968
12,974
12,985
12,988
12,976
12,985
12,981
12,985
12,983
12,981
12,992
12,957
12,985

Private service-providing industries
Trade, transportation,
and utilities
Total
Total 3
95,773
97,831
100,185
102,362
104,173
105,750
107,254
100,177
103,961
109,226
110,547
110,743
111,055
111,230
111,406
111,560
111,791
111,845
111,978
112,064
112,242
112,337
112,458

25,735
26,253
26,754
27,124
27,336
27,549
27,662
26,624
27,653
28,643
28,731
28,767
28,828
28,864
28,867
28,850
28,898
28,850
28,870
28,842
28,873
28,868
28,833

Retail
trade
15,037
15,313
15,559
15,777
15,789
15,728
15,560
14,809
15,253
15,475
15,451
15,478
15,500
15,548
15,529
15,527
15,548
15,525
15,538
15,532
15,534
15,529
15,491

Information

Financial
activities

2,706
2,726
2,750
2,794
2,814
2,839
2,864
2,721
2,856
3,074
3,129
3,120
3,097
3,089
3,092
3,095
3,091
3,081
3,062
3,040
3,034
3,015
3,025

7,886
7,977
8,123
8,287
8,451
8,590
8,754
8,704
8,806
9,045
9,097
9,101
9,100
9,100
9,095
9,122
9,135
9,137
9,152
9,153
9,153
9,148
9,152

Profes- Education Leisure
sional
and
and
and
health
hospitalbusiness services
ity
services
18,623
19,174
19,747
20,168
20,563
21,008
21,334
20,376
21,386
22,572
22,791
22,814
22,858
22,879
22,924
22,972
23,017
23,016
22,987
22,995
22,978
22,980
22,971

21,086
21,439
22,029
22,639
23,188
23,638
24,163
23,275
23,652
24,350
24,756
24,827
24,938
25,002
25,072
25,149
25,237
25,316
25,420
25,525
25,611
25,694
25,793

14,254
14,696
15,160
15,660
16,051
16,295
16,586
13,148
14,151
15,835
16,258
16,316
16,415
16,472
16,518
16,529
16,557
16,583
16,621
16,629
16,705
16,747
16,787

Other
services

5,483
5,567
5,622
5,691
5,770
5,831
5,891
5,329
5,457
5,708
5,785
5,798
5,819
5,824
5,838
5,843
5,856
5,862
5,866
5,880
5,888
5,885
5,897

Government

21,853
21,882
22,029
22,224
22,350
22,455
22,613
21,986
21,973
22,171
22,324
22,331
22,450
22,505
22,565
22,603
22,629
22,648
22,739
22,790
22,853
22,918
22,967

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 2022 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

2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2022: Oct �����������
      Nov ����������
      Dec �����������
2023: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept r ��������
      Oct r ����������
      Nov p ��������

Average gross hourly earnings
Total private
nonagricultural 1

Manufacturing

Total

33.7
33.7
33.7
33.6
33.7
33.8
33.6
33.9
34.2
34.0
34.0
33.9
33.8
34.1
33.9
33.9
33.8
33.8
33.8
33.8
33.8
33.8
33.7
33.8

Overtime

41.8
42.0
41.8
41.9
41.9
42.2
41.6
40.7
41.4
41.0
41.0
40.8
40.6
40.9
40.7
40.6
40.7
40.7
40.8
40.7
40.8
40.7
40.7
40.6

4.3
4.5
4.3
4.3
4.3
4.6
4.3
3.7
4.1
4.0
3.9
3.7
3.6
3.8
3.6
3.7
3.6
3.6
3.7
3.7
3.6
3.6
3.4
3.4

Current
dollars

Manufacturing

1982-84
dollars 2

$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
24.68
9.78
25.90
9.75
27.56
9.57
27.96
9.54
28.09
9.57
28.21
9.61
28.29
9.59
28.41
9.60
28.52
9.64
28.61
9.62
28.72
9.66
28.82
9.67
28.94
9.70
29.00
9.64
29.08
9.63
29.18
9.66
29.30 �����������������

Average gross weekly earnings
Total private
nonagricultural 1
Current
dollars

$19.30
19.56
19.90
20.44
20.90
21.54
22.15
22.80
23.81
25.07
25.38
25.60
25.67
25.82
25.81
25.95
26.04
26.15
26.40
26.49
26.50
26.64
26.67
26.87

Percent change from
a year earlier,
total private
nonagricultural

Current dollars

1982-84
dollars 2

Manufacturing

$677.62
$295.49
694.74
298.47
708.73
305.74
723.20
308.96
742.42
310.57
767.01
312.88
790.64
317.24
837.39
331.97
886.54
333.90
937.25
325.45
950.64
324.46
952.25
324.50
953.50
324.86
964.69
326.89
963.10
325.33
966.83
326.63
967.02
325.31
970.74
326.42
974.12
326.91
978.17
327.78
980.20
325.92
982.90
325.55
983.37
325.63
990.34 �����������������

$807.37
822.00
832.01
855.77
876.10
908.01
921.65
928.94
986.27
1,028.21
1,040.58
1,044.48
1,042.20
1,056.04
1,050.47
1,053.57
1,059.83
1,064.31
1,077.12
1,078.14
1,081.20
1,084.25
1,085.47
1,090.92

Construction

Retail
trade

$958.72
977.11
998.02
1,031.88
1,061.98
1,108.59
1,135.73
1,145.52
1,203.43
1,277.79
1,308.62
1,293.60
1,305.55
1,334.26
1,341.04
1,334.71
1,339.05
1,341.82
1,347.98
1,351.69
1,367.67
1,371.24
1,384.13
1,398.40

Current
dollars

$422.23
431.05
444.45
446.47
462.08
482.25
502.16
541.29
570.57
597.95
609.09
611.22
606.72
622.78
620.37
616.00
615.17
616.08
620.24
622.06
625.63
629.22
624.48
629.83

1982-84
dollars 2

1.8
0.4
2.5
1.0
2.0
2.4
2.0
1.1
2.7
.5
3.3
.7
3.1
1.4
5.9
4.6
5.9
.6
5.7
–2.5
5.1
–2.6
4.8
–2.2
4.5
–1.7
5.6
–.6
4.4
–1.2
4.5
.0
4.0
–.6
3.9
.2
3.8
1.2
4.1
1.2
3.9
.4
3.8
.2
3.4
.4
4.0 �������������������

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

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

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

Total
compensation

Wages
and
salaries

Percent change from
3 months earlier

Benefits 1

Total
compensation

12 months earlier

Wages
and
salaries

Benefits 1

Total
compensation

Wages
and
salaries

Benefits 1

Not seasonally adjusted
2013:
2014:
2015:
2016:
2017:
2018:
2019:
2020:
2021:
2022:

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

119.4
122.2
124.5
127.2
130.5
134.4
138.0
141.6
147.8
155.3

119.0
121.6
124.2
127.1
130.6
134.7
138.7
142.6
149.7
157.4

120.5
123.5
125.1
127.3
130.2
133.6
136.2
139.1
143.2
150.1

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

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

Seasonally adjusted
2021: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2022: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2023: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������

143.2
144.2
146.3
148.0
150.1
152.1
153.8
155.5
157.3
158.9
160.5

144.5
145.7
148.0
149.9
151.8
154.0
155.8
157.6
159.5
161.1
162.8

140.1
140.6
142.1
143.6
146.0
147.9
149.2
150.6
152.3
153.7
155.0

2.0
2.3
1.9
2.2
2.6
3.0
2.7
2.6
4.4
5.1

2.1
2.2
2.1
2.3
2.8
3.1
3.0
2.8
5.0
5.1

1.9
2.5
1.3
1.8
2.3
2.6
1.9
2.1
2.9
4.8

Not seasonally adjusted
1.0
.7
1.5
1.2
1.4
1.3
1.1
1.1
1.2
1.0
1.0

1.2
.8
1.6
1.3
1.3
1.4
1.2
1.2
1.2
1.0
1.1

0.5
.4
1.1
1.1
1.7
1.3
.9
.9
1.1
.9
.8

2.8
3.1
4.1
4.4
4.8
5.5
5.2
5.1
4.8
4.5
4.3

3.0
3.5
4.6
5.0
5.0
5.7
5.2
5.1
5.1
4.6
4.5

2.5
2.0
2.6
2.9
4.1
5.3
5.0
4.8
4.3
3.9
3.9

1 Employer costs for employee benefits.

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

15

Productivity and Related Data, Business and Nonfarm Business Sectors
Labor productivity
(output per hour)
Period
Business
sector

Nonfarm
business
sector

Hours of
all persons 2

Output 1
Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Compensation
per hour 3
Business
sector

Nonfarm
business
sector

Real
compensation
per hour 4
Business
sector

Unit labor
costs

Nonfarm
business
sector

Value-added
price deflator 5

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

94.2
95.8
97.3
97.9
100.0
101.9
103.6
106.6
109.8
116.2
106.5
107.5
104.4
107.9
107.3
108.9
111.1
112.0
114.2
115.7
117.6
117.0
119.1
119.8
119.4

94.1
95.7
97.3
97.9
100.0
102.0
103.6
106.5
109.9
116.0
106.5
107.4
104.3
107.9
107.3
109.0
111.1
112.0
114.1
115.6
117.5
116.9
119.0
119.7
119.4

95.9
97.3
97.7
98.4
100.0
102.1
103.5
103.8
109.1
117.6
104.0
102.7
103.9
104.6
106.3
108.2
109.9
112.0
114.6
117.5
118.7
119.7
120.7
121.0
121.9

95.4
97.0
97.6
98.5
100.0
102.1
103.6
104.0
109.0
117.2
104.0
103.0
104.1
104.7
106.3
107.9
109.6
111.9
114.3
117.0
118.2
119.2
120.3
120.8
121.7

0.3
1.8
1.6
.6
2.1
1.9
1.7
2.9
3.1
5.7
11.3
4.0
–11.2
14.1
–2.2
6.2
8.3
3.2
8.2
5.4
6.7
–2.0
7.1
2.4
–1.2

0.4
1.8
1.7
.6
2.1
2.0
1.6
2.9
3.1
5.6
11.6
3.6
–11.1
14.3
–2.0
6.1
8.2
3.1
8.0
5.3
6.6
–2.0
7.4
2.6
–1.2

1.4
1.5
.4
.7
1.6
2.1
1.4
.3
5.1
7.8
.6
–4.7
4.7
2.7
6.6
7.3
6.6
8.0
9.6
10.5
4.0
3.5
3.3
1.1
3.1

1.3
1.6
.7
.9
1.6
2.1
1.4
.4
4.8
7.5
.5
–4.1
4.4
2.3
6.5
6.3
6.4
8.4
9.0
9.9
3.9
3.5
3.9
1.4
3.2

Indexes, 2017=100; quarterly data seasonally adjusted
2013 ����������������
2014 ����������������
2015 ����������������
2016 ����������������
2017 ����������������
2018 ����������������
2019 ����������������
2020 ����������������
2021 ����������������
2022 ����������������
2020: I ������������
      II �����������
      III ����������
      IV ����������
2021: I ������������
      II �����������
      III ����������
      IV ����������
2022: I ������������
      II �����������
      III ����������
      IV ����������
2023: I ������������
      II r ���������
      III r * ������

96.1
96.7
98.0
98.7
100.0
101.5
103.7
108.9
110.9
108.8
104.7
109.5
111.3
110.2
110.7
111.0
110.4
111.2
109.3
108.4
108.4
108.9
108.8
109.7
111.1

95.9
96.7
98.0
98.7
100.0
101.4
103.7
109.0
110.9
108.8
104.7
109.8
111.3
110.3
110.8
111.0
110.3
111.1
109.3
108.3
108.4
108.8
108.6
109.6
111.0

88.8
91.8
95.2
97.1
100.0
103.4
106.4
103.4
110.9
113.1
105.9
95.8
105.3
106.7
108.5
110.4
111.3
113.6
112.8
112.4
113.2
114.0
114.6
115.1
116.8

88.8
91.8
95.2
97.1
100.0
103.4
106.5
103.5
111.0
113.3
106.0
95.9
105.4
106.8
108.5
110.4
111.4
113.7
112.9
112.6
113.4
114.2
114.7
115.3
117.0

92.4
94.9
97.1
98.4
100.0
101.9
102.6
95.0
100.0
103.9
101.1
87.5
94.7
96.9
98.0
99.4
100.7
102.2
103.2
103.7
104.4
104.6
105.3
104.9
105.1

92.6
94.9
97.1
98.3
100.0
102.0
102.7
94.9
100.1
104.1
101.2
87.4
94.7
96.8
98.0
99.5
100.9
102.4
103.3
104.0
104.6
104.9
105.6
105.2
105.4

90.5
92.7
95.4
96.6
100.0
103.4
107.4
116.1
121.8
126.4
111.5
117.7
116.2
118.9
118.8
120.9
122.7
124.5
124.8
125.4
127.5
127.5
129.5
131.4
132.7

90.2
92.5
95.4
96.7
100.0
103.4
107.4
116.2
121.8
126.3
111.5
117.9
116.1
119.0
118.9
120.9
122.6
124.4
124.8
125.2
127.4
127.2
129.2
131.2
132.5

95.3
96.0
98.6
98.7
100.0
100.9
103.0
109.8
109.9
105.6
105.5
112.4
109.7
111.5
110.2
110.1
109.9
109.3
107.1
105.1
105.5
104.4
105.0
105.8
105.9

95.0
95.9
98.7
98.7
100.0
100.9
103.0
109.9
109.9
105.4
105.6
112.7
109.6
111.7
110.4
110.1
109.9
109.1
107.0
105.0
105.3
104.1
104.8
105.7
105.8

Percent change; quarterly data at seasonally adjusted annual rates
2013 ����������������
2014 ����������������
2015 ����������������
2016 ����������������
2017 ����������������
2018 ����������������
2019 ����������������
2020 ����������������
2021 ����������������
2022 ����������������
2020: I ������������
      II �����������
      III ����������
      IV ����������
2021: I ������������
      II �����������
      III ����������
      IV ����������
2022: I ������������
      II �����������
      III ����������
      IV ����������
2023: I ������������
      II r ���������
      III r * ������

1.1
.7
1.3
.7
1.3
1.5
2.2
5.1
1.8
–1.8
–1.1
19.5
6.8
–3.9
1.9
1.1
–2.0
2.8
–6.7
–3.4
.2
2.0
–.6
3.4
5.2

0.8
.9
1.4
.7
1.3
1.4
2.3
5.2
1.7
–1.9
–1.2
20.7
5.7
–3.4
1.6
.8
–2.4
2.8
–6.3
–3.6
.4
1.6
–.8
3.6
5.2

2.8
3.3
3.7
2.1
2.9
3.4
2.8
–2.8
7.2
1.9
–7.2
–32.9
46.0
5.4
6.7
7.2
3.3
8.8
–3.0
–1.3
2.7
2.9
2.1
2.0
6.0

2.6
3.4
3.7
2.0
3.0
3.4
3.0
–2.8
7.2
2.1
–7.3
–32.8
45.8
5.4
6.5
7.3
3.4
8.9
–2.8
–1.1
2.8
2.8
1.8
2.0
6.1

1.6
2.6
2.4
1.3
1.6
1.9
.7
–7.5
5.3
3.8
–6.2
–43.8
36.7
9.7
4.6
6.0
5.4
5.8
4.0
2.1
2.5
.9
2.7
–1.4
.8

1.8
2.5
2.2
1.3
1.7
2.0
.7
–7.6
5.5
4.0
–6.2
–44.4
38.0
9.1
4.9
6.4
5.9
5.9
3.7
2.6
2.4
1.3
2.6
–1.5
.9

1.4
2.5
2.9
1.3
3.5
3.4
3.9
8.1
4.9
3.8
10.1
24.3
–5.2
9.6
–.3
7.3
6.1
6.1
.9
1.9
6.9
–.1
6.5
5.8
4.0

1.3
2.6
3.1
1.3
3.4
3.4
3.9
8.2
4.9
3.7
10.3
25.1
–6.0
10.4
–.4
7.0
5.6
6.0
1.1
1.5
7.1
–.5
6.5
6.2
3.9

–0.1
.8
2.7
.0
1.3
.9
2.0
6.6
.1
–4.0
8.6
28.8
–9.5
6.7
–4.5
–.6
–.5
–2.4
–7.7
–7.2
1.3
–4.1
2.7
3.1
.4

–0.2
.9
2.9
.0
1.3
.9
2.1
6.7
.0
–4.1
8.7
29.6
–10.3
7.5
–4.6
–.8
–.9
–2.6
–7.5
–7.6
1.4
–4.5
2.7
3.4
.3

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 1978-2022 is based on the consumer price index retroactive series (R-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 November 29, 2023.
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 October.
INDEX, 2017 = 100* (RATIO SCALE)
120

INDEX, 2017 = 100* (RATIO SCALE)
150

110

140

TOTAL INDUSTRIAL PRODUCTION

100

130

90

120

FINAL PRODUCTS

DEFENSE AND
SPACE EQUIPMENT

110

80

100

70

CONSUMER
GOODS

90

120

MANUFACTURING

110

90

70

TOTAL1

80

DURABLE

60

70
140

PERCENT*
86

UTILITIES AND MINING

130

BUSINESS
EQUIPMENT

80

NONDURABLE

100

CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)

82

120

78

UTILITIES

110

74

100

70

90

66

MINING

62

80
2019

2020

2021

2022

2023

2019

2020

2021

2022

2023

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

2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2022: Oct �����������
      Nov ����������
      Dec �����������
2023: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct p ���������

Percent change 2
Index,
2017=100

99.3
102.3
100.9
98.7
100.0
103.2
102.4
95.1
99.2
102.6
103.4
103.1
101.5
102.5
102.6
102.7
103.2
102.9
102.3
103.3
103.3
103.4
102.7

From
preceding
month

Capacity utilization rate
(output as percent of
capacity) 1

Manufacturing

From
year
earlier

���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
–0.1
–.3
–1.5
1.0
.0
.1
.5
–.2
–.6
.9
.0
.1
–.6

Chart 17 - Nov 2023

Industry production indexes, 2017=100

2.0
3.0
–1.4
–2.2
1.3
3.2
–.7
–7.2
4.4
3.4
3.1
1.9
.6
1.5
.9
.2
.3
.1
–.4
.1
.1
–.2
–.7

Total 1
99.6
100.8
100.2
99.4
100.0
101.3
99.3
92.8
97.4
100.0
100.8
100.0
97.9
99.5
99.9
99.1
99.9
99.8
99.1
99.5
99.5
99.7
99.0

Durable
98.7
101.5
100.4
98.4
100.0
103.1
100.2
91.2
96.8
101.0
102.2
101.1
99.8
100.8
101.0
100.0
101.6
101.8
101.3
102.1
101.8
102.0
100.6

Nondurable
100.0
99.3
99.7
100.5
100.0
99.6
98.7
94.9
98.5
100.0
100.3
99.9
96.9
99.1
99.6
99.1
99.4
98.9
98.1
98.0
98.3
98.6
98.5

Other
(non-NAICS) 1
110.6
109.2
105.2
102.5
100.0
96.7
92.5
85.3
87.4
83.8
84.0
83.5
83.9
86.2
86.6
83.9
79.3
78.9
79.3
80.4
80.0
79.8
80.2

Mining

100.6
111.3
104.6
91.5
100.0
113.3
120.8
102.9
106.1
113.4
117.4
116.6
114.3
118.7
117.5
118.0
118.7
118.4
119.0
120.3
119.6
119.5
120.0

Utilities

100.7
102.0
101.2
100.8
100.0
104.9
104.0
101.0
103.0
106.2
102.4
105.8
109.2
101.3
100.5
106.8
104.3
103.7
102.0
107.0
107.7
107.1
105.4

Total
industry

Total
manufacturing

77.1
78.7
77.1
75.4
76.6
79.7
78.6
72.8
77.6
80.3
80.6
80.3
78.9
79.6
79.5
79.5
79.8
79.5
78.9
79.6
79.5
79.5
78.9

74.4
75.7
76.1
75.4
76.3
78.3
77.1
72.6
77.1
79.2
79.5
78.9
77.1
78.3
78.5
77.8
78.4
78.2
77.6
77.8
77.7
77.8
77.2

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

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

17

Industrial Production—
Major Market Groups and Selected Manufactures
[2017=100; monthly data seasonally adjusted]
Products and nonindustrial supplies

Materials

Final products
Period

Consumer goods
Total

2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2022: Oct �����������
      Nov ����������
      Dec �����������
2023: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct p ���������

Nonindustrial supplies

Total

100.8
101.9
101.2
99.2
100.0
101.9
100.3
93.9
98.3
101.7
102.6
102.2
101.3
101.4
101.2
101.2
102.5
101.8
100.6
101.8
102.0
101.7
100.8

98.6
99.4
100.8
101.3
100.0
100.6
100.2
96.9
101.1
103.0
103.2
103.1
102.4
102.2
102.2
102.4
103.7
102.8
101.0
102.4
102.6
102.4
101.2

Durable
goods
91.3
95.7
99.4
101.1
100.0
102.6
100.9
95.4
104.8
107.2
108.1
105.7
104.6
105.4
105.4
104.3
108.4
109.2
105.4
108.9
107.1
108.0
101.8

Equipment
Nondurable
goods
100.7
100.5
101.2
101.3
100.0
100.1
100.0
97.3
100.1
101.8
101.9
102.3
101.7
101.2
101.3
101.9
102.3
101.0
99.8
100.6
101.3
100.9
101.0

Total 1
105.3
106.9
101.9
94.9
100.0
104.6
100.4
87.3
91.9
99.2
101.7
100.8
99.4
100.2
99.5
98.9
100.1
100.0
100.1
101.0
101.2
100.5
100.5

Business
101.1
103.0
100.8
95.5
100.0
103.6
95.9
83.9
88.2
96.0
98.6
97.5
95.9
97.2
96.5
95.4
96.6
96.2
96.1
97.0
97.0
96.1
95.6

Defense
and
space

Total

108.2
104.3
101.3
97.7
100.0
102.9
114.5
106.7
110.3
113.3
114.4
114.2
113.5
113.7
114.1
115.4
116.1
118.4
120.7
122.3
123.6
123.9
126.0

98.6
100.0
99.3
99.7
100.0
101.8
99.9
94.6
99.1
102.1
102.2
102.1
100.0
101.2
100.9
100.6
100.2
100.0
99.9
100.1
100.2
100.5
100.3

Construction

94.2
97.1
97.8
98.7
100.0
101.7
100.2
96.3
100.9
103.7
103.4
102.9
101.0
103.9
102.8
101.0
101.8
101.8
101.2
101.2
100.5
101.3
101.5

Business

100.4
101.2
99.9
100.1
100.0
101.9
99.8
93.9
98.3
101.5
101.7
101.7
99.5
99.9
100.1
100.4
99.5
99.3
99.3
99.7
100.2
100.2
99.8

Total 1

98.6
103.5
101.1
97.9
100.0
104.8
105.3
96.2
100.2
103.5
104.5
104.1
102.1
104.0
104.2
104.6
104.7
104.9
104.6
105.6
105.5
105.8
105.1

Energy

98.1
106.2
102.8
95.2
100.0
110.3
115.7
103.1
106.1
112.5
114.6
114.7
114.1
115.1
114.6
117.2
116.1
116.3
115.9
118.7
118.9
118.3
118.2

1 Includes other items, not shown separately.

[2017=100; monthly data seasonally adjusted]

Durable manufactures

Period

Total
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2022: Oct �����������
      Nov ����������
      Dec �����������
2023: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct p ���������

Computer and
electronic products

Primary metals

112.7
113.5
105.7
101.0
100.0
103.2
97.3
86.6
96.1
94.9
95.2
92.0
90.2
92.0
93.5
92.7
95.6
95.3
96.3
94.7
94.9
96.0
94.4

Iron
and
steel
products
113.1
112.2
101.5
96.7
100.0
103.4
95.2
87.1
102.1
95.7
94.9
92.6
90.8
91.0
94.2
93.2
97.0
98.3
98.9
98.0
97.6
99.1
98.4

Fabricated
metal
products

Transportation
equipment

Machinery
Total

104.2
106.1
102.6
98.8
100.0
104.5
102.4
93.1
96.7
100.1
100.8
100.4
99.7
99.8
100.3
99.5
99.0
99.6
99.7
99.2
98.6
99.0
98.9

Nondurable manufactures

111.2
112.7
103.7
95.8
100.0
104.6
101.5
90.6
97.6
104.2
105.6
105.1
102.8
104.6
104.4
102.4
102.7
101.1
99.4
100.2
101.3
100.9
100.3

86.8
90.5
91.2
93.2
100.0
104.6
106.5
105.1
110.0
110.8
111.1
111.2
108.5
108.6
109.6
109.6
111.7
111.6
113.2
114.9
115.4
115.1
117.3

Selected
high-technology 1
75.0
83.4
86.3
91.4
100.0
108.3
114.5
114.8
125.9
129.0
130.0
131.1
128.0
126.3
128.4
130.7
135.4
136.6
139.2
142.4
144.7
146.8
148.8

Total
92.2
98.2
100.9
98.4
100.0
102.1
97.2
82.3
88.0
94.3
97.5
95.9
95.5
96.5
96.1
95.1
100.5
102.1
99.6
103.5
101.3
101.1
95.0

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
86.8
94.7
99.7
101.0
100.0
104.1
102.3
88.1
94.4
101.7
105.6
103.4
102.9
104.5
104.4
102.4
111.9
113.3
108.1
114.7
110.2
109.7
98.7

Apparel

120.8
115.8
110.0
103.3
100.0
95.5
96.8
80.7
89.5
87.9
91.0
91.4
92.2
95.6
91.1
93.0
91.6
89.3
84.9
84.3
82.4
80.9
79.9

Printing
and
related
support
activities

101.8
100.0
99.0
100.6
100.0
99.8
93.6
84.8
85.8
88.6
89.2
90.6
86.8
87.3
86.7
86.6
86.1
85.5
82.2
83.0
83.9
81.6
81.5

Chemicals

103.4
102.3
101.9
101.4
100.0
98.6
97.2
95.3
99.7
101.9
102.6
102.2
98.0
101.9
104.3
103.4
103.6
103.5
104.2
103.2
103.6
104.5
103.9

Food

95.2
96.1
97.5
99.6
100.0
100.3
101.1
102.6
103.0
104.9
105.4
104.8
103.5
105.6
105.6
104.2
104.6
104.3
102.1
101.2
102.0
102.0
101.8

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

2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2022: Oct �����������
      Nov ����������
      Dec �����������
2023: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug r ���������
      Sept r ��������
      Oct p ���������

Total
new
construction
expenditures

914.6
1,015.3
1,132.1
1,213.1
1,279.8
1,333.2
1,391.0
1,499.6
1,653.4
1,848.7
1,830.5
1,842.2
1,840.9
1,882.2
1,889.6
1,901.4
1,907.8
1,946.7
1,956.2
1,969.0
2,010.1
2,014.7
2,027.1

Residential
Total

New
housing

Total 1

643.9
739.2
838.3
916.2
983.3
1,023.0
1,046.7
1,130.4
1,295.8
1,472.4
1,445.8
1,450.5
1,448.3
1,483.3
1,483.5
1,491.5
1,490.6
1,524.0
1,526.5
1,534.2
1,568.2
1,567.9
1,579.3

Federal
and
State
and
local

Nonresidential

329.6
377.5
431.8
479.4
539.0
557.6
546.6
634.7
799.2
917.9
878.0
865.2
853.7
856.0
847.5
846.9
824.7
853.9
860.9
855.4
875.1
873.6
884.4

Total

208.5
242.8
283.3
315.8
344.2
367.1
362.2
401.1
530.0
563.1
530.9
519.8
510.2
506.9
500.1
496.4
493.9
502.4
513.3
525.2
534.8
540.2
544.3

Lodging

314.3
361.7
406.6
436.8
444.3
465.5
500.1
495.6
496.6
554.5
567.8
585.3
594.6
627.2
636.0
644.7
665.9
670.1
665.6
678.7
693.1
694.2
694.8

Commercial
(including
farm)

Office

13.0
16.3
21.4
26.6
28.1
30.5
32.3
27.4
18.6
19.3
21.6
21.7
22.3
22.2
22.4
22.4
22.6
22.9
23.2
23.8
24.3
24.1
24.0

30.1
38.9
47.9
59.8
59.9
66.8
77.5
80.5
77.5
78.5
79.8
81.6
82.8
82.1
82.5
81.5
82.4
82.8
84.0
84.3
85.3
85.6
85.6

Manufacturing

50.9
60.9
64.5
75.5
84.5
82.8
80.3
85.6
93.7
117.2
121.7
122.1
126.8
122.3
123.0
122.7
123.9
123.1
125.2
130.3
131.1
130.4
128.4

Other 2

51.8
60.1
82.4
78.9
70.0
72.0
80.5
75.1
81.6
114.2
120.2
131.3
132.7
164.2
168.5
176.9
194.4
199.7
192.4
196.7
203.9
204.5
206.3

168.3
185.5
190.4
196.0
201.9
213.4
229.5
227.1
225.2
225.3
224.4
228.6
229.9
236.3
239.5
241.1
242.6
241.5
240.8
243.8
248.6
249.7
250.4

New
houses
sold

New
houses
for sale
at end
of period 3

270.7
276.1
293.8
297.0
296.5
310.2
344.3
369.2
357.6
376.3
384.6
391.7
392.6
398.9
406.0
409.9
417.2
422.8
429.7
434.8
442.0
446.9
447.8

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
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������

924.9
1,003.3
1,111.8
1,173.8
1,203.0
1,249.9
1,290.0
1,379.6
1,601.0
1,552.6

1 unit
617.6
647.9
714.5
781.5
848.9
875.8
887.7
990.5
1,127.2
1,005.2

Type of structure

2–4 units 1
13.6
13.7
11.5
11.5
11.4
13.9
13.4
12.3
11.7
16.4

5 units or
more

Total

293.7
341.7
385.8
380.8
342.7
360.3
388.9
376.8
462.1
531.0

990.8
1,052.1
1,182.6
1,206.6
1,282.0
1,328.8
1,386.0
1,471.1
1,737.0
1,665.1

1 unit
620.8
640.3
696.0
750.8
820.0
855.3
862.1
979.4
1,115.4
975.6

2–4 units

5 units or
more

New
housing
units
completed

Vacancy
rate for
rental
housing
units
(percent) 4

29.0
29.9
32.1
34.8
37.2
39.7
42.6
47.2
52.9
54.8

341.1
382.0
454.5
421.1
424.8
433.8
481.4
444.5
568.8
634.7

764.4
883.8
968.2
1,059.7
1,152.9
1,184.9
1,255.1
1,286.9
1,341.0
1,390.5

429
437
501
561
613
617
683
822
771
641

186
210
232
254
293
346
323
299
387
451

8.3
7.6
7.1
6.9
7.2
6.9
6.8
6.3
6.1
5.8

55
54
49
54
48
52
58
54
52
47
59
49
48

650
553
612
552
638
556
503
540
465
466
534
459
481

1,348
1,543
1,390
1,377
1,577
1,528
1,416
1,534
1,492
1,334
1,370
1,478
1,410

577
582
636
649
625
640
679
710
683
728
662
719
679

466
455
451
439
437
433
430
426
429
429
430
433
439

��������������������
��������������������
5.8
��������������������
��������������������
6.4
��������������������
��������������������
6.3
��������������������
��������������������
6.6
��������������������

Seasonally adjusted annual rates
2022: Oct �����������
      Nov ����������
      Dec �����������
2023: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct p ���������

1,432
1,427
1,357
1,340
1,436
1,380
1,348
1,583
1,418
1,451
1,305
1,346
1,372

858
804
887
823
835
843
847
1,012
930
988
948
968
970

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

560
609
461
506
588
515
489
563
473
454
350
364
382

1,555
1,402
1,409
1,354
1,482
1,437
1,417
1,496
1,441
1,443
1,541
1,471
1,498

850
795
748
748
796
829
856
902
924
930
948
963
969

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

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

19

Business Sales and Inventories—Manufacturing and Trade
In October, according to preliminary estimates, manufacturing and trade sales fell 1.0 percent, manufacturing and
trade inventories fell $2.9 billion and retail inventories fell $0.3 billion. In October, retail sales fell 0.2 percent and
retail and food services sales fell 0.1 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,600
2,500

BILLIONS OF DOLLARS* (RATIO SCALE)
850
800

2,400

750

2,300

700
MANUFACTURING AND
TRADE INVENTORIES

2,200
2,100

RETAIL INVENTORIES

650
600

2,000

550

1,900

RETAIL AND FOOD
SERVICES SALES

500

1,800
450

1,700

RETAIL SALES

400

1,600
1,500

350

MANUFACTURING
AND TRADE SALES

1,400
1,300
1,200

1,100

1,000
2019

2020

2021

2022

2023

RATIO*
2.00
1.90 INVENTORY/SALES RATIO
1.80
1.70
MANUFACTURING
1.60
AND TRADE
1.50
1.40
1.30
1.20
RETAIL
1.10
1.00
2019
2020
2021

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

2022

2023

COUNCIL OF ECONOMIC ADVISERS

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

2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2022: Sept r ��������
      Oct r ����������
      Nov ����������
      Dec �����������
2023: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug r ���������
      Sept r ��������
      Oct p ���������

Sales 2
1,306,287
1,346,243
1,303,366
1,295,792
1,357,499
1,437,077
1,434,242
1,381,767
1,633,167
1,837,375
1,850,231
1,860,325
1,842,417
1,830,079
1,851,731
1,848,051
1,820,425
1,819,130
1,821,163
1,817,784
1,832,603
1,858,079
1,875,884
1,857,687

Inventories 3

Wholesale

Inventory/sales
ratio 4

1,727,487
1,790,144
1,823,618
1,858,223
1,918,490
2,003,231
2,044,039
1,992,749
2,261,369
2,545,624
2,527,512
2,533,830
2,536,365
2,545,624
2,544,079
2,545,762
2,539,799
2,541,956
2,540,827
2,537,207
2,539,181
2,548,843
2,553,571
2,550,660

1.29
1.32
1.39
1.42
1.39
1.36
1.42
1.44
1.29
1.34
1.37
1.36
1.38
1.39
1.37
1.38
1.40
1.40
1.40
1.40
1.39
1.37
1.36
1.37

Sales 2
450,177
468,779
448,448
444,791
475,081
508,551
506,655
483,776
582,982
669,280
671,790
670,584
666,026
663,918
666,800
669,258
651,407
651,292
648,024
642,750
650,541
663,717
676,890
667,863

Inventories 3
550,651
585,989
597,488
612,169
633,488
671,552
680,098
666,591
787,304
923,476
912,421
918,419
923,621
923,476
918,368
918,818
916,687
913,713
909,919
903,730
901,379
900,267
900,294
897,111

Retail
Inventory/sales
ratio 4
1.19
1.22
1.33
1.36
1.31
1.28
1.35
1.37
1.24
1.31
1.36
1.37
1.39
1.39
1.38
1.37
1.41
1.40
1.40
1.41
1.39
1.36
1.33
1.34

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.

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

20

Sales 2
371,599
386,713
393,832
404,035
420,018
437,637
449,716
464,336
543,551
591,252
594,142
602,356
593,090
588,540
603,211
600,669
594,281
596,809
599,958
600,736
603,792
608,386
613,076
612,059

Inventories 3
544,866
561,251
587,748
610,037
625,859
653,901
656,066
623,609
665,335
762,808
758,597
755,739
753,761
762,808
765,352
767,101
770,540
772,795
777,594
781,572
785,168
793,256
796,814
796,562

Chart 20 - Nov 2023

Retail and food
Inventory/sales services sales 2
4
ratio
1.41
1.43
1.46
1.50
1.47
1.46
1.47
1.34
1.15
1.24
1.28
1.25
1.27
1.30
1.27
1.28
1.30
1.29
1.30
1.30
1.30
1.30
1.30
1.30

416,910
434,807
445,910
458,848
477,739
498,594
514,094
518,608
613,851
672,579
678,202
687,871
678,482
673,619
692,501
687,942
681,673
684,636
689,158
690,518
694,415
699,540
705,701
704,954

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

BILLIONS OF DOLLARS* (RATIO SCALE)
940
INVENTORIES
880
820
760
700
660
TOTAL
620
580
540
DURABLE GOODS
500
460
420

SHIPMENTS

TOTAL

340
300

DURABLE GOODS

260

380

220

NONDURABLE GOODS

340

180

300
260

140
BILLIONS OF DOLLARS* (RATIO SCALE)
620
540
500
460
420
380

180

NEW ORDERS

RATIO*
2.00

TOTAL

1.90

340

1.80

300

1.70

260

1.60

220

NONDURABLE GOODS

220

INVENTORY/SHIPMENTS RATIO

1.50

DURABLE GOODS

1.40

180

1.30
1.20

140
2019

2021

2020

2022

2023

2020

2019

2021

2022

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1

Chart 21- Nov 2023

Durable goods
Period

Total

Durable
goods

2023

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
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2022: Oct �����������
      Nov ����������
      Dec �����������
2023: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept r ��������
      Oct p ���������

484,511
490,751
461,086
446,966
462,400
490,889
477,871
433,655
506,634
576,843
587,385
583,301
577,621
581,720
578,124
574,737
571,029
573,181
574,298
578,270
585,976
585,918
577,765

224,903
233,108
231,822
226,344
230,618
244,005
238,376
218,622
246,071
272,620
276,815
278,177
278,669
279,043
277,684
279,659
277,924
283,412
283,448
283,138
284,490
282,688
280,439

259,608
257,643
229,264
220,623
231,782
246,884
239,496
215,033
260,563
304,222
310,570
305,124
298,952
302,677
300,440
295,078
293,105
289,769
290,850
295,132
301,486
303,230
297,326

631,970
642,904
638,382
636,017
659,143
677,778
707,875
702,549
808,730
859,340
859,672
858,983
859,340
860,359
859,843
852,572
855,448
853,314
851,905
852,634
855,320
856,463
856,987

372,107
389,841
393,199
380,542
389,770
408,980
431,003
429,495
493,211
520,399
519,235
518,988
520,399
521,279
521,701
516,694
521,711
522,669
522,478
522,327
523,105
523,496
524,829

259,863
253,063
245,183
255,475
269,373
268,798
276,872
273,054
315,519
338,941
340,437
339,995
338,941
339,080
338,142
335,878
333,737
330,645
329,427
330,307
332,215
332,967
332,158

491,578
496,046
452,778
441,331
457,693
485,141
463,440
429,282
513,660
578,385
589,082
574,907
580,918
581,049
571,265
574,915
576,416
578,626
592,112
579,414
585,403
598,595
576,757

231,970
238,403
223,515
220,708
225,912
238,257
223,944
214,249
253,097
274,163
278,512
269,783
281,966
278,372
270,825
279,837
283,311
288,857
301,262
284,282
283,917
295,365
279,431

86,333
83,765
70,382
69,092
72,832
70,998
60,616
61,108
76,216
83,782
87,156
77,458
90,167
84,527
77,659
85,285
85,450
91,113
106,376
88,653
85,849
101,003
85,052

1,141,960
1,251,711
1,201,473
1,184,411
1,181,191
1,165,909
1,046,150
1,047,469
1,191,723
1,272,201
1,266,440
1,263,436
1,272,201
1,276,988
1,275,522
1,280,943
1,291,462
1,301,975
1,324,777
1,330,875
1,335,197
1,352,860
1,356,813

1.30
1.31
1.40
1.42
1.39
1.37
1.45
1.62
1.49
1.47
1.46
1.47
1.49
1.48
1.49
1.48
1.50
1.49
1.48
1.47
1.46
1.46
1.48

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

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

21

PRICES
Producer Prices
The producer price index for final demand fell 0.5 percent in October. Prices for final demand goods fell 1.4 percent
and prices for final demand services were flat.
INDEX, NOV. 2009=100 (RATIO SCALE)

INDEX, NOV. 2009=100 (RATIO SCALE)

150
SEASONALLY ADJUSTED

FINAL DEMAND
145
140
135
130

125
FINAL DEMAND

FINAL DEMAND
SERVICES

120

115
FINAL DEMAND
GOODS

110

105

100
2015

2016

2017

2018

2020

2019

2021

2022

2023

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 �����������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2022: Oct �����������
      Nov ����������
      Dec �����������
2023: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct p ���������

Total
final
demand 1

100.0
109.1
110.9
109.9
110.4
113.0
116.2
118.2
118.4
126.710
138.753
140.640
141.175
140.721
141.326
141.290
140.746
141.023
140.561
140.668
141.526
142.632
143.196
142.536

Final demand services

Total

Foods 2

Energy

Less
food
and
energy

Total

Trade 3

30.653
112.6
114.0
109.1
107.6
111.2
115.0
115.5
113.8
125.828
142.595
144.785
145.193
143.188
145.005
144.417
142.855
143.056
140.921
140.888
141.241
143.960
145.178
143.194

5.940
117.8
121.6
118.4
115.1
116.5
116.7
118.9
120.4
130.989
149.299
153.199
158.287
156.904
154.842
151.240
151.612
150.979
149.463
149.025
149.556
149.038
150.044
149.731

5.853
125.3
124.2
98.6
90.4
99.8
110.0
105.0
91.5
119.522
156.168
159.156
155.464
145.646
153.549
152.341
143.097
144.045
134.044
135.050
136.152
149.973
154.548
144.426

18.859
107.9
109.5
109.9
110.7
113.2
116.0
117.6
118.5
126.218
136.802
138.317
138.709
138.813
139.699
140.148
140.444
140.646
140.794
140.550
140.619
140.777
141.006
141.095

66.677
107.1
109.0
110.0
111.5
113.5
116.5
119.1
120.2
126.657
135.932
137.471
138.079
138.402
138.439
138.648
138.537
138.867
139.132
139.304
140.482
140.894
141.178
141.113

19.700
108.2
110.2
111.6
113.1
114.8
116.9
119.7
121.7
130.682
148.779
151.384
152.166
152.566
151.282
150.998
150.163
150.740
151.931
150.844
153.246
153.681
153.602
152.597

Transportation
and
warehousing
5.213
115.3
117.7
115.3
113.5
115.9
122.0
125.5
121.2
130.894
154.323
157.122
156.445
156.424
155.624
154.394
153.260
149.485
148.690
148.694
149.096
148.942
149.175
151.398

Other

Processed goods
Final
for intermediate
demand
demand (1982=100)
less
foods,
energy,
Less
and
food
trade
Total
and
(Aug. 2013
energy
=100) 2

41.763
68.507
105.8 ����������������
107.5
101.5
108.7
102.1
110.6
103.3
112.8
105.4
115.8
108.4
118.2
110.6
119.5
111.4
124.466
117.081
128.299
124.167
129.225
125.493
129.880
125.941
130.202
126.154
130.863
126.816
131.420
127.183
131.707
127.363
132.362
127.559
132.364
127.555
133.060
127.907
133.821
128.338
134.280
128.646
134.715
128.977
134.790
129.161

100.0
200.8
201.9
188.0
182.2
190.7
200.9
198.1
192.5
229.979
267.939
269.694
268.344
261.622
264.488
263.476
260.873
259.507
255.354
254.075
253.245
258.694
260.085
257.820

71.138
193.8
195.2
189.4
186.9
193.3
201.8
201.1
198.9
232.983
261.127
259.766
259.214
258.136
258.409
258.918
258.360
258.964
258.711
257.620
256.184
255.772
255.765
255.944

Unprocessed
goods
Chart 22 - Nov 2023
for intermediate
demand (1982=100)
Services
for
intermediNonfood
ate
materials demand
Total
less
energy
100.0
246.7
249.3
189.1
173.4
190.8
200.1
185.9
167.6
242.264
316.821
300.637
291.398
295.882
282.034
268.293
255.668
258.407
244.914
242.560
248.452
253.876
263.150
259.576

20.319
351.2
345.7
296.0
288.0
324.1
340.7
323.4
346.0
462.581
490.668
460.814
457.406
449.759
459.408
460.923
456.898
465.233
455.375
447.947
434.149
434.322
431.738
430.187

100.0
107.2
108.9
110.2
112.1
115.0
118.6
121.4
121.9
130.683
139.795
141.787
142.922
142.892
144.295
144.760
144.280
145.264
145.505
145.652
146.577
146.716
146.757
146.819

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 2022.

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

22

Consumer Prices—All Urban Consumers
In October, the consumer price index for all urban consumers was unchanged; it was unchanged before seasonal
adjustment. The index rose 3.2 percent from its year-earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE)
320

INDEX, 1982-84 = 100 (RATIO SCALE)
320
SEASONALLY ADJUSTED

310

310

300

300

290

290

280

280
CONSUMER PRICES—ALL ITEMS

270

270

260

260

250

250

240

240

230

230

220

220

210

210

200

200
2015

2016

2017

2018

2019

2020

2021

2022

SOURCE: DEPARTMENT OF LABOR

2023

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 �����������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2022: Oct r ����������
      Nov r ���������
      Dec r ���������
2023: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct �����������

Not
seasonally Seasonally
adjusted
adjusted
(NSA)
100.0
232.957
236.736
237.017
240.007
245.120
251.107
255.657
258.811
270.970
292.655
298.012
297.711
296.797
299.170
300.840
301.836
303.363
304.127
305.109
305.691
307.026
307.789
307.671

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�����������������
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�����������������
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�����������������
�����������������
�����������������
�����������������
�����������������
297.987
298.598
298.990
300.536
301.648
301.808
302.918
303.294
303.841
304.348
306.269
307.481
307.619

All items less food and energy
Total 1

79.443
233.806
237.897
242.247
247.602
252.169
257.565
263.211
267.693
277.255
294.307
299.333
300.261
301.460
302.702
304.070
305.240
306.489
307.824
308.309
308.801
309.661
310.661
311.365

Shelter

34.863
263.056
270.513
278.803
288.230
297.803
307.663
318.053
325.886
334.575
354.235
362.160
364.480
367.355
370.070
372.869
374.946
376.528
378.622
380.006
381.681
382.782
385.259
386.536

Medical
care 2
7.782
425.134
435.292
446.752
463.675
475.322
484.707
498.413
518.876
525.276
546.554
554.213
552.185
553.680
551.634
548.634
546.988
546.849
547.273
547.357
546.117
546.954
548.079
549.927

Apparel

2.555
127.411
127.514
125.903
126.045
125.612
125.654
124.052
118.079
120.993
127.081
127.620
127.746
128.012
129.072
130.116
130.459
130.811
131.195
131.608
131.567
131.835
130.833
130.960

Food
New
vehicles
4.237
145.783
146.275
147.135
147.358
146.992
146.287
146.834
147.600
156.240
172.480
175.981
176.805
177.825
178.226
178.538
179.222
178.833
178.616
178.556
178.411
178.895
179.424
179.266

Energy

Total 1

At
home

Away
from
home

13.372
237.037
242.725
247.235
247.931
250.065
253.558
258.316
267.219
277.756
305.388
314.950
316.694
318.109
319.716
320.954
321.000
321.078
321.729
322.071
322.837
323.620
324.374
325.343

8.552
233.869
239.456
242.250
239.065
238.589
239.661
241.775
250.233
258.892
288.451
297.831
299.563
301.028
302.284
303.046
302.120
301.613
301.774
301.626
302.452
303.012
303.443
304.220

4.820
243.068
248.981
256.101
262.695
268.826
275.893
284.410
293.944
307.296
330.822
340.532
342.266
343.559
345.677
347.869
349.944
351.237
352.892
354.245
354.862
356.083
357.488
358.824

Total 1, 2

7.185
244.409
243.583
202.895
189.535
204.540
219.941
215.294
196.949
238.325
298.266
300.477
296.248
287.176
292.844
291.212
280.955
282.536
272.401
274.044
274.353
289.671
294.087
286.877

Chart 23 - Nov 2023

Gasoline

3.628
302.577
290.889
212.007
187.602
211.770
240.599
232.003
194.130
264.017
347.747
339.083
331.198
308.155
315.662
318.945
304.332
313.479
295.962
298.985
299.508
331.147
338.021
321.063

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

�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
166.609
166.498
165.974
167.253
168.206
168.739
169.571
169.978
170.519
170.782
171.533
171.919
171.838

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, September 2023.

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
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������

1.2
.9
–1.1
1.7
2.5
2.6
1.4
.8
10.0
6.4

0.8
–1.2
–3.8
1.9
3.5
1.6
1.0
.0
13.4
7.9

–0.8
4.4
–5.2
–1.6
2.0
2.8
1.2
–.2
13.1
14.3

0.9
–13.2
–16.4
6.3
10.1
–3.1
2.4
–6.8
31.6
9.4

1.3
1.1
–.1
1.7
2.2
2.6
.6
1.7
9.3
5.8

1.3
2.1
.2
1.6
2.1
3.0
1.4
1.3
8.4
5.3

–0.4
4.0
.0
1.0
1.8
3.1
.8
1.9
14.2
9.2

2.0
.8
–3.5
1.1
2.3
6.5
2.2
–5.9
17.0
10.8

2.0 �����������
1.4
1.3
.8
.3
2.0
1.8
2.3
2.3
2.6
2.8
1.8
1.5
1.7
1.3
4.8
7.0
2.8
4.7

0.1
–2.6
–6.6
1.8
5.0
2.8
–1.7
1.5
24.4
4.8

0.7
–.1
–3.8
1.6
3.6
3.5
–1.8
2.3
23.3
2.4

–1.9
–8.7
–25.3
13.0
5.0
3.7
–7.3
1.3
40.0
10.7

–5.6
–5.3
–18.5
13.7
8.5
2.9
–5.0
20.5
23.1
–6.3

1.0
1.8
.5
2.6
2.9
3.1
1.7
2.1
8.3
6.0

1.3
1.6
–.9
.5
2.4
2.8
1.7
.2
7.0
9.5

0.8
1.2
–4.3
–1.4
3.3
3.4
.4
–1.5
10.6
13.3

1.6
1.8
.9
1.4
1.8
2.6
2.2
.9
5.4
7.3

–0.2
–.5
–2.5
1.1
–.4
–1.0
–.5
–1.6
–.5
–.3
2.2
.5
–.9

–0.8
–.2
–.4
.1
.2
–.2
.2
–.1
–.4
–.6
–.2
.0
.1

–9.7
–3.1
1.5
–4.7
–4.9
–4.7
1.1
–5.2
–1.0
2.4
2.2
3.7
–1.4

–4.1
–.7
–1.7
2.1
.3
–.9
1.8
–2.1
–1.6
–3.1
.0
–.6
–.4

0.4
.8
.0
1.0
.3
–.3
.7
.2
.1
.6
.1
.0
.0

8.2
7.4
6.4
5.7
4.7
2.7
2.3
1.1
.3
1.2
2.1
2.2
1.3

10.5
9.6
7.9
7.7
5.3
1.9
.7
–2.3
–4.3
–2.4
.4
.7
–1.1

6.7
6.0
5.3
4.5
4.2
2.7
2.8
2.6
2.5
3.1
2.9
2.9
2.6

Change, month to month
2022: Oct �����������
      Nov ����������
      Dec �����������
2023: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct p ���������

0.3
.4
–.3
.4
.0
–.4
.2
–.3
.1
.6
.8
.4
–.5

0.4
.3
–1.4
1.3
–.4
–1.1
.1
–1.5
.0
.3
1.9
.8
–1.4

0.7
3.3
–.9
–1.3
–2.3
.2
–.4
–1.0
–.3
.4
–.3
.7
–.2

1.5
–2.3
–6.3
5.4
–.8
–6.1
.7
–6.9
.8
.8
10.2
3.1
–6.5

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

0.2
.4
.2
.0
.2
–.1
.2
.2
.1
.8
.3
.2
.0

0.2
.5
.3
–.8
–.2
–.6
.4
.8
–.7
1.6
.3
–.1
–.7

0.0
–.4
.0
–.5
–.8
–.7
–2.5
–.5
.0
.3
–.1
.2
1.5

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

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

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)

�������������
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��������������

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

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

1.5
1.6
.1
1.3
2.1
2.4
1.8
1.2
4.7
8.0

�������������
–.1 �������������
4.2
.8 �������������
.6 �������������
.3
3.8
.5 �������������
.2 �������������
.3
2.7
.2 �������������
.4 �������������
.2
3.6
.0 �������������

4.6
4.5
3.3
3.5
4.1
3.8
3.2
2.2
2.7
1.9
4.0
4.9
4.4

6.6
5.1
2.9
4.1
4.3
3.6
3.3
3.2
3.3
2.6
3.1
3.8
3.1

7.7
7.1
6.5
6.4
6.0
5.0
4.9
4.0
3.0
3.2
3.7
3.7
3.2

Change, December to December, NSA
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������

1.5
.8
.7
2.1
2.1
1.9
2.3
1.4
7.0
6.5

1.7
1.6
2.1
2.2
1.8
2.2
2.3
1.6
5.5
5.7

2.5
2.9
3.2
3.6
3.2
3.2
3.2
1.8
4.1
7.5

2.0
3.0
2.6
4.1
1.8
2.0
4.6
1.8
2.2
4.0

0.6
–2.0
–.9
–.1
–1.6
–.1
–1.2
–3.9
5.8
2.9

2022: Oct �����������
      Nov ����������
      Dec �����������
2023: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������

0.5
.2
.1
.5
.4
.1
.4
.1
.2
.2
.6
.4
.0

0.3
.3
.4
.4
.5
.4
.4
.4
.2
.2
.3
.3
.2

0.7
.6
.8
.7
.8
.6
.4
.6
.4
.4
.3
.6
.3

–0.3
–.4
.3
–.4
–.5
–.3
.0
.1
.0
–.2
.2
.2
.3

–0.2
.1
.2
.8
.8
.3
.3
.3
.3
.0
.2
–.8
.1

0.4
.5
.2
.3
–.5
–.3
.1
2.0
11.8
5.9

1.1
3.4
.8
–.2
1.6
1.6
1.8
3.9
6.3
10.4

0.4
3.7
–.4
–2.0
.9
.6
.7
3.9
6.5
11.8

2.1
3.0
2.6
2.3
2.5
2.8
3.1
3.9
6.0
8.3

0.5
–10.6
–12.6
5.4
6.9
–.3
3.4
–7.0
29.3
7.3

–1.0
–21.0
–19.7
9.1
10.7
–2.1
7.9
–15.2
49.6
–1.5

0.5
.6
.5
.4
.3
–.3
–.2
.1
.0
.3
.2
.1
.3

0.9
.5
.4
.6
.6
.6
.4
.5
.4
.2
.3
.4
.4

1.7
–1.4
–3.1
2.0
–.6
–3.5
.6
–3.6
.6
.1
5.6
1.5
–2.5

3.4
–2.3
–7.0
2.4
1.0
–4.6
3.0
–5.6
1.0
.2
10.6
2.1
–5.0

1.3
.5
.4
1.8
1.7
1.5
1.8
1.5
6.5
6.4

Change, month to month
0.6
.5
.6
.2
.2
.4
–.2
–.1
.0
–.1
.3
.3
–.1

0.7
.6
.4
.5
.4
.0
.0
.2
.1
.2
.2
.2
.3

r 0.5
r –.3

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 October, prices received by farmers fell 6.3 percent and prices paid by farmers rose 0.1 percent. (Data are not
seasonally adjusted.)
INDEX, 2011=100 (RATIO SCALE)
150

INDEX, 2011=100 (RATIO SCALE)
150
140

140

130

130

120

120

PRICES PAID

110

110

100

100

90

90
PRICES RECEIVED

80

80

70

70

60

60
1

RATIO1
140

RATIO
140
120

120
RATIO

100

100

80

80

60

60
2015

2017

2016

2018

2019

2021

2020

2023

2022

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

2013 ���������������������������������������������������
2014 ���������������������������������������������������
2015 ���������������������������������������������������
2016 ���������������������������������������������������
2017 ���������������������������������������������������
2018 ���������������������������������������������������
2019 ���������������������������������������������������
2020 r �������������������������������������������������
2021 r �������������������������������������������������
2022 r �������������������������������������������������
2022: Oct r �����������������������������������������
      Nov r ����������������������������������������
      Dec r ����������������������������������������
2023: Jan r ����������������������������������������
      Feb r ����������������������������������������
      Mar r ���������������������������������������
      Apr r ����������������������������������������
      May r ���������������������������������������
      June r ��������������������������������������
      July r ���������������������������������������
      Aug r ����������������������������������������
      Sept p ��������������������������������������
      Oct p ����������������������������������������

Agricultural
production

107.0
107.9
99.2
90.2
93.4
90.5
89.9
94.9
110.0
130.1
127.5
133.4
137.9
124.5
126.6
128.4
131.0
127.2
127.6
125.0
125.5
121.8
114.1

Crop
production

105.7
92.3
87.0
85.5
86.2
85.8
84.8
100.4
114.5
123.3
121.5
126.8
128.7
118.0
120.5
118.7
126.2
120.6
120.6
119.3
117.5
112.5
104.0

Chart 25 - Nov 2023

Prices paid by farmers

Livestock
production

108.5
128.7
113.4
94.4
100.1
94.4
95.6
88.8
105.1
138.9
139.2
143.6
150.8
136.4
133.3
138.3
135.7
133.7
135.1
132.4
134.3
133.1
133.5

All commodities,
services, interest,
taxes, and wage
rates (PPITW) 2
106.3
112.0
110.7
105.8
106.5
109.6
110.3
110.2
119.9
137.1
138.6
138.8
138.4
140.3
140.3
140.3
139.7
138.9
138.5
138.6
138.8
138.7
138.8

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

106.7
113.1
111.6
105.7
106.1
109.3
109.8
109.4
119.7
138.3
139.6
139.9
139.5
141.4
141.3
141.3
140.5
139.5
138.9
139.0
139.1
139.0
139.1

Production
items

107.4
114.1
112.0
104.7
104.5
107.1
106.8
105.8
116.8
136.6
138.0
138.3
137.9
138.9
138.8
138.8
138.3
137.1
136.4
136.1
136.2
136.1
136.0

Ratio of prices
received by farmers
to PPITW

100
96
90
85
87
83
82
80
87
95
93
97
100
89
91
91
94
91
93
90
91
88
82

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

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

25

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

BILLIONS OF DOLLARS* (RATIO SCALE)

24,000

24,000

20,000

20,000

18,000

18,000

16,000

16,000
14,000

14,000

M2

12,000

12,000

10,000

10,000

8,400

8,400

7,600

7,600

6,800

6,800

6,000

6,000

5,200
4,800
4,400

5,200
4,800
4,400

M1

4,000

4,000

3,600

3,600

3,200

3,200

2,800

2,800

2,400

2,400

2,000

2,000
1,600

1,600

2015

2016

2017

2018

2019

2020

2021

2022

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

2023

COUNCIL OF ECONOMIC ADVISERS

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

Period

2013: Dec r ����������������������������������������
2014: Dec r ����������������������������������������
2015: Dec r ����������������������������������������
2016: Dec r ����������������������������������������
2017: Dec r ����������������������������������������
2018: Dec r ����������������������������������������
2019: Dec r ����������������������������������������
2020: Dec r ����������������������������������������
2021: Dec r ����������������������������������������
2022: Dec r ����������������������������������������
2022: Oct r �����������������������������������������
      Nov r ����������������������������������������
      Dec r ����������������������������������������
2023: Jan r ����������������������������������������
      Feb r ����������������������������������������
      Mar r ���������������������������������������
      Apr r ����������������������������������������
      May r ���������������������������������������
      June r ��������������������������������������
      July r ���������������������������������������
      Aug r ����������������������������������������
      Sept r ���������������������������������������
      Oct p ����������������������������������������

M1

M2

Debt

Sum of currency, demand
deposits, travelers checks,
and other checkable deposits; includes savings deposits
beginning May 2020 1

M1 plus
savings deposits,
retail MMMF balances,
and small time deposits 2

Debt of
domestic
nonfinancial
sectors 3

2,674.2
2,947.3
3,100.0
3,345.6
3,618.8
3,773.0
4,021.2
17,827.3
20,494.8
19,820.9
20,099.4
19,965.0
19,820.9
19,555.5
19,313.5
18,938.9
18,591.8
18,559.7
18,490.0
18,428.1
18,303.5
18,171.7
18,081.2

11,035.0
11,684.9
12,346.8
13,213.4
13,857.9
14,362.7
15,320.7
19,114.4
21,549.4
21,358.3
21,433.3
21,399.3
21,358.3
21,222.2
21,100.7
20,876.2
20,705.6
20,820.3
20,854.3
20,863.7
20,825.3
20,755.1
20,725.6

Percent change

Chart 26 - Nov 2023

From
previous period 5

From year or 6 months earlier 4
M1

42,481.6
8.7
44,074.0
10.2
45,892.0
5.2
47,857.5
7.9
50,020.0
8.2
52,698.7
4.3
55,148.2
6.6
61,948.1 �����������������������������
66,426.4
15.0
70,235.4
–3.3
���������������������������������������������
–5.3
���������������������������������������������
–6.5
70,235.4
–7.6
���������������������������������������������
–10.0
���������������������������������������������
–11.4
70,897.9
–13.2
���������������������������������������������
–15.0
���������������������������������������������
–14.1
72,008.4
–13.4
���������������������������������������������
–11.5
���������������������������������������������
–10.5
72,950.3
–8.1
���������������������������������������������
–5.5

M2

Debt
5.5
5.9
5.7
7.0
4.9
3.6
6.7
24.8
12.7
–.9
–2.3
–2.5
–2.8
–4.4
–5.2
–6.0
–6.8
–5.4
–4.7
–3.4
–2.6
–1.2
.2

4.3
3.8
4.5
4.4
4.3
4.7
4.7
12.3
6.3
5.7
�������������������������������
�������������������������������
3.2
�������������������������������
�������������������������������
3.8
�������������������������������
�������������������������������
6.3
�������������������������������
�������������������������������
5.2
�������������������������������

1 Beginning May 2020, M1 includes savings deposits. Prior to May 2020, savings deposits were not included in M1. See the H.6 statistical release for additional details.
2 Money market mutual fund (MMMF). Savings deposits include money market deposit accounts (MMDA).
3 Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts. Quarterly data shown in last

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

26

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

Period

2013: Dec �����������
2014: Dec �����������
2015: Dec �����������
2016: Dec �����������
2017: Dec �����������
2018: Dec �����������
2019: Dec �����������
2020: Dec �����������
2021: Dec r ���������
2022: Dec r ���������
2022: Oct r ����������
      Nov ����������
      Dec r ���������
2023: Jan r ���������
      Feb �����������
      Mar ����������
      Apr �����������
      May r ��������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct p ���������

Nonbank
travelers
checks

Currency

1,162.2
1,254.0
1,339.9
1,421.5
1,525.3
1,625.0
1,712.1
1,974.4
2,131.7
2,212.1
2,199.8
2,205.6
2,212.1
2,187.6
2,216.0
2,216.0
2,224.4
2,236.9
2,245.0
2,244.4
2,244.5
2,242.1
2,243.0

Other checkable
deposits (OCDs)
Demand
deposits

3.5
2.9
2.5
2.2
1.9
1.7
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

1,041.9
1,205.7
1,242.8
1,375.2
1,497.4
1,515.4
1,631.0
3,338.5
4,752.7
5,135.7
5,125.1
5,133.4
5,135.7
5,181.2
5,025.6
5,041.0
4,938.9
4,956.8
4,943.0
4,919.9
4,899.6
4,924.2
4,981.6

Savings deposits
(including MMDAs)

Small-denomination
time deposits 1

At
thrift
institutions

At
commercial
banks

At
thrift
institutions

1,019.5
1,076.8
1,143.3
1,258.9
1,297.7
1,331.1
1,331.8
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

426.8
391.6
315.2
267.1
322.0
448.9
485.4
201.7
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

144.7
132.0
110.4
101.6
111.7
108.0
122.3
51.2
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

Total

At
commercial
banks

At
thrift
institutions

Total

At
commercial
banks

466.6
484.6
514.8
546.9
594.2
630.9
678.0
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

256.1
265.1
276.3
288.2
306.6
334.8
371.1
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

210.4
219.5
238.4
258.7
287.6
296.1
307.0
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

7,123.5
7,569.3
8,156.1
8,802.7
9,095.1
9,232.6
9,723.6
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

6,104.0
6,492.5
7,012.8
7,543.7
7,797.3
7,901.5
8,391.8
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

Total
571.5
523.6
425.6
368.8
433.7
556.9
607.7
253.0
87.8
384.3
234.4
306.1
384.3
129.3
527.9
615.4
720.8
801.2
864.8
906.4
940.9
966.1
990.2

Retail
money
funds

665.8
644.7
665.2
696.3
710.3
800.3
968.2
1,034.1
966.8
1,153.1
1,099.6
1,128.3
1,153.1
1,050.7
1,259.2
1,322.0
1,393.0
1,459.4
1,499.5
1,529.3
1,581.0
1,617.3
1,654.2

Institutional
money
funds 2

1,761.7
1,791.7
1,822.8
1,750.1
1,838.2
1,892.6
2,293.6
2,869.3
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������

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

Note: See the H.6 statistical release for additional details on changes.
Source: Board of Governors of the Federal Reserve System.

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

2013: Dec ������������
2014: Dec ������������
2015: Dec ������������
2016: Dec ������������
2017: Dec ������������
2018: Dec ������������
2019: Dec ������������
2020: Dec ������������
2021: Dec ������������
2022: Dec ������������
2022: Oct ������������
      Nov �����������
      Dec ������������
2023: Jan ������������
      Feb ������������
      Mar �����������
      Apr ������������
      May �����������
      June ����������
      July �����������
      Aug �����������
      Sept ����������
      Oct ������������

Total

To satisfy
reserve
balance
requirements 2

That
exceed the
top of the
penalty-free
band

2,485,248
2,606,700
2,419,774
2,031,007
2,244,274
1,691,394
1,630,090
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������

75,713
90,852
97,981
116,285
135,719
135,698
152,562
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������

2,409,535
2,515,848
2,321,793
1,914,722
2,108,555
1,555,696
1,477,528
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������

Borrowings from the Federal Reserve

Reserve
balance
requirements 3

Vault cash
used to
satisfy
required
reserves

Nonborrowed 4

69,030
82,770
89,313
105,944
123,720
123,703
138,984
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������

55,771
59,236
61,413
64,280
65,549
68,462
68,255
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������

2,540,849
2,665,835
2,481,082
2,095,247
2,309,747
1,759,780
1,698,323
3,076,300
4,149,900
3,090,000
3,035,900
3,107,000
3,090,000
3,014,200
3,006,200
3,043,100
2,939,800
2,928,400
2,974,300
2,906,800
2,971,200
3,017,400
3,104,600

Monetary
base 5

3,717,450
3,934,455
3,835,810
3,531,565
3,850,969
3,400,747
3,426,464
5,206,500
6,413,100
5,406,000
5,340,200
5,419,400
5,406,000
5,329,000
5,321,600
5,571,500
5,593,100
5,569,600
5,608,500
5,517,800
5,559,100
5,567,300
5,601,300

Total 6

170
102
106
39
75
76
21
58,685
38,082
17,300
19,828
19,178
17,300
15,719
15,606
215,338
329,662
307,190
291,303
271,937
256,759
222,201
171,891

Primary

Secondary

Seasonal

Term
assetbacked
securities
loan
facility 7

13
22
38
13
43
18
10
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������������������
������������������
������������������
������������������
������������������
������������������
������������������

0
0
0
0
0
0
0
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������

59
80
67
25
33
58
11
������������������
������������������
������������������
������������������
������������������
������������������
������������������
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98
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.
The last H.3 statistical release was published on September 17, 2020. For more information, see the announcements on August 20, 2020 and September 24, 2020.
Source: Board of Governors of the Federal Reserve System.

27

Bank Credit at All Commercial Banks
Total commercial bank loans and leases rose 0.3 percent in October.
BILLIONS OF DOLLARS* (RATIO SCALE)
20,000
ALL COMMERCIAL BANKS
18,000
16,000
14,000

BILLIONS OF DOLLARS* (RATIO SCALE)
20,000
18,000
16,000
14,000

TOTAL

12,000

12,000

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

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

LOANS AND LEASES

6,000

6,000

5,000

5,000

4,000

4,000

U.S. TREASURY AND
AGENCY SECURITIES

3,000

3,000

2,000

2,000

1,600

1,600

1,200

1,200

800

800
OTHER SECURITIES

400

400
2015

2016

2017

2018

2019

2020

2021

2022

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

2023

COUNCIL OF ECONOMIC ADVISERS

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

2013: Dec �����������
2014: Dec �����������
2015: Dec �����������
2016: Dec �����������
2017: Dec �����������
2018: Dec �����������
2019: Dec �����������
2020: Dec �����������
2021: Dec �����������
2022: Dec �����������
2022: Oct �����������
      Nov ����������
      Dec �����������
2023: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June r �������
      July r ��������
      Aug r ���������
      Sept r ��������
      Oct p ���������

Total
bank
credit

9,827.6
10,539.5
11,342.0
12,074.1
12,533.8
13,060.9
13,843.2
15,026.5
16,389.1
17,498.1
17,356.7
17,387.1
17,498.1
17,530.4
17,568.2
17,452.3
17,331.3
17,326.8
17,298.7
17,296.3
17,284.8
17,274.9
17,248.0

Total
securities

2,721.9
2,932.4
3,110.2
3,310.4
3,432.1
3,493.8
3,825.9
4,693.1
5,686.7
5,515.1
5,565.7
5,515.0
5,515.1
5,505.8
5,489.4
5,360.9
5,243.8
5,210.2
5,188.6
5,164.1
5,107.9
5,069.2
5,009.4

U.S.
Treasury
and
agency
securities
1,808.9
2,040.2
2,224.3
2,409.0
2,520.4
2,662.0
2,997.6
3,751.6
4,570.8
4,426.8
4,474.9
4,430.5
4,426.8
4,385.6
4,379.2
4,272.2
4,170.9
4,146.3
4,135.3
4,116.2
4,089.5
4,092.0
4,047.3

Loans and leases in bank credit

Other
securities

912.9
892.2
885.9
901.4
911.8
831.8
828.4
941.5
1,115.9
1,088.3
1,090.9
1,084.5
1,088.3
1,120.2
1,110.2
1,088.7
1,072.8
1,063.9
1,053.3
1,047.9
1,018.4
977.1
962.1

Total
loans
and
leases 3
7,105.7
7,607.1
8,231.8
8,763.7
9,101.7
9,567.1
10,017.3
10,333.4
10,702.4
11,983.0
11,791.0
11,872.1
11,983.0
12,024.6
12,078.8
12,091.4
12,087.6
12,116.6
12,110.2
12,132.2
12,176.9
12,205.8
12,238.6

Commercial
and
industrial
loans
1,574.3
1,773.3
1,953.0
2,083.9
2,103.4
2,301.4
2,355.0
2,590.2
2,473.1
2,806.7
2,777.4
2,794.9
2,806.7
2,814.0
2,807.2
2,795.4
2,774.9
2,769.1
2,764.1
2,762.3
2,760.5
2,759.3
2,774.0

Chart 28 - Nov 2023

Real estate loans
Total 4
3,531.6
3,638.5
3,871.1
4,114.7
4,284.5
4,408.4
4,607.5
4,639.5
4,787.3
5,341.9
5,209.1
5,248.9
5,341.9
5,368.4
5,403.9
5,413.5
5,421.1
5,448.7
5,442.8
5,455.9
5,482.5
5,495.7
5,498.0

Revolving
home equity
loans
473.8
458.1
441.1
406.5
382.1
349.5
321.4
282.4
249.2
255.6
253.7
254.1
255.6
255.6
255.4
254.8
254.6
254.2
253.6
252.7
252.8
252.4
253.1

Commercial
loans
1,498.3
1,605.4
1,781.0
1,962.5
2,085.8
2,182.1
2,317.1
2,403.8
2,526.9
2,865.3
2,772.7
2,795.0
2,865.3
2,877.7
2,899.1
2,897.7
2,893.8
2,907.0
2,918.6
2,929.6
2,940.5
2,942.6
2,945.2

Consumer
loans 5

1,128.0
1,186.5
1,259.0
1,356.0
1,427.4
1,497.4
1,588.6
1,522.9
1,652.0
1,836.1
1,821.6
1,829.4
1,836.1
1,846.7
1,856.3
1,867.8
1,876.7
1,886.1
1,890.2
1,885.3
1,895.1
1,902.1
1,902.4

All other
loans
and
leases 6
871.7
1,008.7
1,148.7
1,209.1
1,286.4
1,360.0
1,466.1
1,580.9
1,790.1
1,998.4
1,983.0
1,998.9
1,998.4
1,995.6
2,011.4
2,014.8
2,014.9
2,012.7
2,013.0
2,028.7
2,038.8
2,048.7
2,064.2

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

2013 r ������������������
2014 r ������������������
2015 r ������������������
2016 r ������������������
2017 r ������������������
2018 r ������������������
2019 r ������������������
2020 r ������������������
2021 r ������������������
2022 r ������������������
2021: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2022: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2023: I r ��������������
      II r �������������
      III p ������������

Internal 1

2,818.3
3,221.9
3,373.2
3,003.5
2,149.4
3,458.5
4,569.1
2,488.5
3,523.4
3,762.7
3,413.0
3,416.5
3,050.1
4,213.7
4,563.6
3,497.5
3,301.6
3,688.0
3,671.8
3,899.5
3,889.9

1,941.6
1,965.0
1,955.5
1,901.4
1,835.0
2,148.3
2,257.5
2,243.7
2,471.8
2,656.0
2,418.6
2,530.5
2,491.8
2,446.0
2,336.5
2,557.6
2,882.1
2,848.0
2,836.5
2,929.0
3,055.3

Total
net
funds
raised

Total

Net
new
equity
issues

876.7
276.3
–200.3
1,256.9
263.6
–268.5
1,417.7
197.2
–446.6
1,102.1
–104.8
–393.3
314.4
125.6
–284.6
1,310.2
–200.7
–569.5
2,311.6
292.4
–341.1
244.8
922.2
–133.4
1,051.6
270.0
–275.1
1,106.7
100.3
–604.6
994.4
483.0
–44.9
886.0
67.4
–209.2
558.3
407.6
–237.5
1,767.7
122.2
–609.0
2,227.1
480.4
–579.7
939.9
196.3
–746.0
419.5
–22.8
–544.8
840.0
–252.8
–547.8
835.3
174.1
–491.5
970.5
–96.2
–371.1
834.6 ����������������� �����������������

Credit market instruments
Total

Securities
and
mortgages

Loans
and
short-term
paper

288.2
276.1
512.6
297.0
276.0
243.9
446.9
738.4
291.4
155.8
486.8
212.0
433.6
33.1
383.9
6.6
166.2
66.4
699.8
151.8
67.7

154.4
227.1
100.7
–33.7
96.6
107.6
150.6
274.1
220.8
527.0
10.3
13.0
201.5
658.4
665.2
908.2
350.3
184.4
–89.3
97.6
88.8

476.6
532.1
643.9
288.5
410.2
368.7
633.4
1055.6
545.2
704.8
527.9
276.7
645.0
731.1
1,060.0
942.3
522.0
295.0
665.6
274.9
191.3

Capital
expenditures 3

Total

Other 2

388.2
669.6
733.8
815.9
–87.3
1,014.4
1,685.3
–745.3
507.6
332.3
449.6
682.3
–166.3
1,064.7
1,124.3
–51.1
–222.8
478.7
196.1
696.1
693.7

2,403.8
2,530.0
3,094.3
2,830.9
2,529.8
2,987.5
4,602.0
2,454.4
3,566.2
3,901.0
3,306.3
2,936.5
4,595.1
3,427.0
5,736.4
4,249.9
3,059.8
2,557.7
2,935.6
3,553.0
4,821.3

1,676.2
1,843.9
1,951.0
1,870.7
1,951.3
2,132.2
2,197.4
2,021.7
2,231.6
2,731.6
2,120.6
2,066.9
2,241.0
2,498.1
2,932.1
2,590.7
2,693.9
2,709.6
2,637.2
2,674.9
2,777.1

Increase
in
financial
assets

727.6
686.1
1,143.3
960.2
578.5
855.3
2,404.6
432.7
1,334.6
1,169.4
1,185.7
869.6
2,354.1
928.9
2,804.3
1,659.2
365.9
–151.9
298.4
878.1
2,044.2

Discrepancy
(sources
less
uses)

441.6
585.1
248.2
248.8
–320.8
165.7
–104.4
171.1
176.7
–389.3
330.6
834.4
–1,257.8
799.8
–1,439.0
–1,192.0
8.2
1,065.5
795.4
236.4
–915.4

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
2013: Dec ������������������������������������������
2014: Dec ������������������������������������������
2015: Dec ������������������������������������������
2016: Dec ������������������������������������������
2017: Dec ������������������������������������������
2018: Dec ������������������������������������������
2019: Dec ������������������������������������������
2020: Dec ������������������������������������������
2021: Dec ������������������������������������������
2022: Dec r ����������������������������������������
2022:Oct r �������������������������������������������
      Nov r ����������������������������������������
      Dec r ����������������������������������������
2023: Jan r ����������������������������������������
      Feb r ����������������������������������������
      Mar r ���������������������������������������
      Apr r ����������������������������������������
      May r ���������������������������������������
      June r ��������������������������������������
      July r ���������������������������������������
      Aug r ����������������������������������������
      Sept r ���������������������������������������
      Oct p ����������������������������������������

Nonrevolving 2

Revolving
3,090.5
3,309.5
3,400.2
3,636.4
3,830.8
4,007.0
4,192.2
4,184.9
4,548.5
4,894.0
4,841.9
4,874.7
4,894.0
4,915.0
4,926.3
4,945.9
4,959.6
4,958.8
4,971.6
4,984.9
4,972.5
4,984.7
4,989.9

854.1
887.4
898.1
960.1
1,016.8
1,053.8
1,092.0
974.6
1,053.5
1,212.6
1,185.5
1,201.1
1,212.6
1,223.0
1,226.4
1,240.1
1,253.6
1,261.5
1,260.5
1,271.2
1,288.1
1,292.6
1,295.4

2,236.3
2,422.2
2,502.1
2,676.3
2,813.9
2,953.2
3,100.2
3,210.3
3,495.0
3,681.4
3,656.4
3,673.6
3,681.4
3,692.0
3,699.9
3,705.8
3,706.0
3,697.3
3,711.1
3,713.7
3,684.4
3,692.2
3,694.4

Total

Revolving
177.6
219.0
90.7
236.2
194.4
176.2
185.2
–7.3
363.6
345.5
35.1
32.8
19.3
21.0
11.3
19.6
13.7
–.8
12.8
13.3
–12.4
12.2
5.2

14.1
33.3
10.7
62.0
56.7
37.0
38.2
–117.4
78.9
159.1
14.0
15.6
11.5
10.4
3.4
13.7
13.5
7.9
–1.0
10.7
16.9
4.5
2.8

Nonrevolving 2
163.4
185.9
79.9
174.2
137.6
139.3
147.0
110.1
284.7
186.4
21.1
17.2
7.8
10.6
7.9
5.9
.2
–8.7
13.8
2.6
–29.3
7.8
2.2

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 fell in November.
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
2015

2016

2017

2018

2019

2020

2021

2022

SOURCE: SEE TABLE BELOW

2023

COUNCIL OF ECONOMIC ADVISERS

[Percent per annum]
Chart 30 - Nov 2023

U.S. Treasury security yields
Period

2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2022: Nov ����������
      Dec �����������
2023: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
Week ended:
2023: Nov 11������
           18 �����
           25 �����
      Dec    2 �����
           9 �����

3-month bills
(at auction) 1

Constant maturities 2
3-year

10-year

30-year

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

Corporate
Aaa
bonds
(Moody’s)

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

Prime
rate
charged
by
banks 4

Federal
funds
rate 5

New-home
mortgage
yields
(FHFA) 6

0.06
.03
.06
.33
.94
1.94
2.08
.38
.04
2.04
4.14
4.29
4.53
4.65
4.72
4.98
5.14
5.20
5.25
5.30
5.32
5.33
5.29

0.54
.90
1.02
1.00
1.58
2.63
1.94
.42
.46
3.05
4.34
4.05
3.91
4.23
4.09
3.76
3.82
4.27
4.47
4.59
4.74
4.89
4.64

2.35
2.54
2.14
1.84
2.33
2.91
2.14
0.89
1.45
2.95
3.89
3.62
3.53
3.75
3.66
3.46
3.57
3.75
3.90
4.17
4.38
4.80
4.50

3.45
3.34
2.84
2.59
2.89
3.11
2.58
1.56
2.06
3.11
4.00
3.66
3.66
3.80
3.77
3.68
3.86
3.87
3.96
4.28
4.47
4.95
4.66

3.96
3.78
3.48
3.07
3.36
3.53
3.38
2.41
2.00
3.85
4.52
4.19
4.03
4.18
4.19
4.06
4.20
4.14
4.19
4.43
4.58
4.99
4.62

4.24
4.16
3.89
3.67
3.74
3.93
3.39
2.47
2.70
4.07
4.90
4.43
4.40
4.56
4.60
4.47
4.67
4.65
4.66
4.95
5.13
5.61
5.28

0.75
.75
.76
1.01
1.60
2.41
2.78
.64
.25
1.86
4.00
4.50
4.50
4.75
5.00
5.00
5.25
5.25
5.50
5.50
5.50
5.50
5.50

3.25
3.25
3.26
3.51
4.10
4.91
5.28
3.54
3.25
4.86
7.00
7.50
7.50
7.75
8.00
8.00
8.25
8.25
8.50
8.50
8.50
8.50
8.50

0.11
.09
.13
.39
1.00
1.83
2.16
.37
.08
1.69
3.78
4.10
4.33
4.57
4.65
4.83
5.06
5.08
5.12
5.33
5.33
5.33
5.33

4.00
4.22
4.01
3.76
3.97
4.53
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������
�������������������������

5.29
5.29
5.27
5.28
5.25

4.72
4.65
4.63
4.46
4.36

4.59
4.50
4.43
4.32
4.19

4.75
4.65
4.57
4.49
4.30

4.72
4.60
4.46
4.32
4.16

5.42
5.28
5.17
5.01
p 4.86

5.50
5.50
5.50
5.50
5.50

8.50
8.50
8.50
8.50
8.50

5.33
5.33
5.33
5.33
5.33

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

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

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

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

30

Common Stock Prices and Yields
Stock prices were mixed in November.
INDEX, DEC. 31, 2002=5,000 (RATIO SCALE)
18,000

INDEX, DEC. 31, 2002=5,000 (RATIO SCALE)
18,000

16,000

16,000

COMPOSITE STOCK PRICE INDEX
(NYSE)

14,000

14,000

12,000

12,000

10,000

10,000

9,000

9,000

8,000

8,000

7,000

7,000

6,000
2015

2016

2018

2017

2019

2020

2021

2022

PERCENT
20

6,000

2023

PERCENT
20

15

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

10

10

5

5

0

0
2015

2016

2017

2018

2019

2021

2020

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

2022

2023

COUNCIL OF ECONOMIC ADVISERS

Common stock yields
(percent) 6

Common stock prices 1

Chart 31 - Nov 2023

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

Period
Composite
2013 ���������������������
2014 ���������������������
2015 ���������������������
2016 ���������������������
2017 ���������������������
2018 ���������������������
2019 ���������������������
2020 ���������������������
2021 ���������������������
2022 ���������������������
2022: Nov �����������
      Dec ������������
2023: Jan ������������
      Feb ������������
      Mar �����������
      Apr ������������
      May �����������
      June ����������
      July �����������
      Aug �����������
      Sept ����������
      Oct ������������
      Nov �����������
Week ended:
2023: Nov 11�������
           18 ������
           25 ������
      Dec    2 ������
             9 p ���

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

9,426.77
10,653.17
10,676.70
10,380.08
11,843.74
12,647.54
12,864.17
12,634.01
16,243.57
15,463.89
15,153.53
15,293.81
15,712.04
15,827.17
15,069.24
15,507.16
15,230.54
15,560.38
16,105.00
15,980.95
15,786.03
15,149.39
15,647.28

5,805.54
6,448.33
6,559.24
6,124.93
7,509.81
7,963.02
7,982.51
7,230.70
9,716.03
9,067.21
8,735.24
8,698.43
9,127.60
9,336.73
8,529.51
8,597.13
8,479.86
8,720.80
9,143.63
9,008.09
8,921.06
8,482.12
8,892.03

13,490.83
14,598.07
11,332.43
10,204.95
10,699.23
11,440.86
10,016.30
6,528.64
8,385.44
12,005.37
13,468.24
12,842.11
13,238.73
13,063.53
12,330.11
12,973.47
12,150.22
12,291.45
12,780.36
13,296.51
13,876.55
13,599.60
13,237.16

9,250.02
11,195.85
12,718.18
12,182.85
13,366.56
15,054.70
16,162.10
18,045.78
21,801.65
22,796.83
22,695.25
23,532.41
23,150.22
22,720.40
21,999.05
23,315.45
23,074.16
22,990.87
23,288.69
23,719.17
23,446.19
22,900.07
22,960.21

14,999.67
16,773.99
17,590.61
17,908.08
21,741.91
25,045.75
26,378.41
26,906.89
34,009.89
32,911.74
33,417.96
33,482.26
33,656.00
33,648.26
32,483.48
33,731.28
33,316.80
33,904.98
34,777.20
34,880.66
34,318.89
33,319.49
34,704.50

1,642.51
1,930.67
2,061.20
2,092.39
2,448.22
2,744.68
2,912.50
3,218.50
4,266.80
4,100.70
3,917.49
3,912.38
3,960.66
4,079.68
3,968.56
4,121.47
4,146.17
4,345.37
4,508.08
4,457.36
4,409.10
4,269.40
4,460.06

3,537.69
4,374.31
4,943.49
4,982.49
6,231.28
7,419.27
7,936.85
10,192.67
14,358.18
12,242.17
10,973.64
10,839.00
11,013.99
11,785.07
11,637.09
12,073.46
12,446.53
13,463.78
14,033.09
13,743.21
13,585.84
13,199.43
13,913.16

2.08
1.94
2.05
2.18
1.97
1.90
1.93
1.89
1.38
1.57
1.70
1.72
��������������������������
��������������������������
��������������������������
��������������������������
��������������������������
��������������������������
��������������������������
��������������������������
��������������������������
��������������������������
��������������������������

5.57
5.25
4.59
4.17
4.22
4.66
4.53
3.28
3.79
4.79
����������������������������
4.50
����������������������������
����������������������������
4.26
����������������������������
����������������������������
4.07
����������������������������
����������������������������
r 4.30
����������������������������
����������������������������

15,360.96
15,686.17
15,908.73
16,035.12
16,158.57

8,671.25
8,923.31
9,084.34
9,202.93
9,348.53

13,090.43
13,189.63
13,277.41
13,248.68
12,897.97

22,770.90
22,854.06
23,277.40
23,345.17
23,446.50

34,107.15
34,809.91
35,225.63
35,675.45
36,149.74

4,377.95
4,486.48
4,550.38
4,563.67
4,575.25

13,625.72
14,041.02
14,250.31
14,262.50
14,261.21

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

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

1 Annual data are averages of monthly figures. Monthly and weekly data are averages of daily closing prices.
2 Includes all the stocks (in 2022, over 3,000) listed on the NYSE.
3 Includes 30 stocks.
4 Includes 500 stocks.
5 Includes over 3,600 stocks in 2022.
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 month of fiscal year 2024, the deficit was $66.6 billion, compared with a deficit of $87.9 billion a year
earlier.
BILLIONS OF DOLLARS
7,600
RECEIPTS AND OUTLAYS1
7,200

BILLIONS OF DOLLARS
7,600
7,200

6,800

6,800

6,400

6,400

6,000

6,000

OUTLAYS1

5,600

5,600

5,200

5,200

4,800

4,800

4,400

4,400

4,000

4,000

3,600

3,600

3,200

3,200

1

RECEIPTS

2,800

2,800

2,400

2,400

2,000
1,600

2,000
1,600

400
0
–400
–800
–1,200
–1,600
–2,000
–2,400
–2,800
–3,200
–3,600
–4,000

400
0
–400
–800
–1,200
–1,600
–2,000
–2,400
–2,800
–3,200
–3,600
–4,000

SURPLUS OR DEFICIT (–)1

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

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

Outlays

Chart 32 - Oct 2023

On-budget
Surplus
or
deficit
(–)

Receipts

Outlays

Federal debt
(end of period)

Off-budget
Surplus
or
deficit
(–)

Receipts

Outlays

Surplus
or
deficit
(–)

Gross
Federal

Held by
the public

2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������

2,153.6
2,406.9
2,568.0
2,524.0
2,105.0

2,472.0
2,655.1
2,728.7
2,982.5
3,517.7

–318.3
–248.2
–160.7
–458.6
–1,412.7

1,576.1
1,798.5
1,932.9
1,865.9
1,451.0

2,069.7
2,233.0
2,275.0
2,507.8
3,000.7

–493.6
–434.5
–342.2
–641.8
–1,549.7

577.5
608.4
635.1
658.0
654.0

402.2
422.1
453.6
474.8
517.0

175.3
186.3
181.5
183.3
137.0

7,905.3
8,451.4
8,950.7
9,986.1
11,875.9

4,592.2
4,829.0
5,035.1
5,803.1
7,544.7

2010 ����������������������������������������������������
2011 ����������������������������������������������������
2012 ����������������������������������������������������
2013 ����������������������������������������������������
2014 ����������������������������������������������������
2015 ����������������������������������������������������
2016 ����������������������������������������������������
2017 ����������������������������������������������������
2018 ����������������������������������������������������
2019 ����������������������������������������������������
2020 ����������������������������������������������������
2021 ����������������������������������������������������
2022 ����������������������������������������������������
2023 1 ��������������������������������������������������
2024 (estimates) ���������������������������������
First month: 2
Fiscal year 2023 ����������������������������������
Fiscal year 2024 ����������������������������������

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
3,463.4
3,421.2
4,047.1
4,897.4
4,439.3
5,027.6

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
4,447.0
6,553.6
6,822.5
6,273.3
6,134.4
6,904.8

–1,294.4
–1,299.6
–1,076.6
–679.8
–484.8
–442.0
–584.7
–665.5
–779.1
–983.6
–3,132.5
–2,775.4
–1,375.9
–1,695.1
–1,877.2

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
2,549.1
2,455.7
3,094.8
3,831.4
3,245.5
3,820.2

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
3,540.3
5,598.0
5,818.6
5,192.2
4,913.7
5,593.8

–1,371.4
–1,366.8
–1,138.5
–719.2
–514.3
–469.3
–620.2
–714.9
–785.3
–991.3
–3,142.3
–2,723.8
–1,360.7
–1,668.2
–1,773.6

631.7
565.8
569.5
673.3
735.6
770.4
810.2
850.6
854.7
914.3
965.4
952.3
1,066.0
1,193.8
1,207.3

554.7
498.6
507.6
633.8
706.1
743.1
774.7
801.2
848.6
906.6
955.6
1,003.8
1,081.2
1,220.7
1,310.9

77.0
67.2
61.9
39.5
29.5
27.3
35.5
49.4
6.2
7.7
9.8
–51.5
–15.2
–27.0
–103.6

13,528.8
14,764.2
16,050.9
16,719.4
17,794.5
18,120.1
19,539.5
20,205.7
21,462.3
22,669.5
26,902.5
28,385.6
30,838.6
32,988.0
33,996.6

9,018.9
10,128.2
11,281.1
11,982.7
12,779.9
13,116.7
14,167.6
14,665.4
15,749.6
16,800.7
21,016.7
22,282.8
24,252.4
26,239.5
27,008.3

318.5
403.4

406.4
470.0

–87.9
–66.6

242.6
321.8

315.9
367.0

–73.2
–45.1

75.9
81.6

90.5
103.0

–14.6
–21.4

31,100.5
33,462.3

24,300.1
26,465.6

1 Data for fiscal year 2023 are from Final Monthly Treasury Statement issued October 20, 2023.
2 Data from current issue Monthly Treasury Statement.

Note: Data for fiscal year 2024 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2024, issued July 28, 2023. Other data (except as noted) are from Budget of the United
States Government, Fiscal Year 2024, issued March 9, 2023.
Sources: Department of the Treasury and Office of Management and Budget .

32

Federal Receipts by Source and Outlays by Function
In the first month of fiscal year 2024, receipts were $84.9 billion higher than a year earlier and outlays were $63.6
billion higher.
BILLIONS OF DOLLARS
2,800
RECEIPTS1
2,400

BILLIONS OF DOLLARS
2,800
2,400

INDIVIDUAL INCOME TAXES

2,000

2,000
1,600

1,600

1,200

1,200
SOCIAL INSURANCE
AND RETIREMENT RECEIPTS

CORPORATION
INCOME TAXES

800
400
0
6,800
6,400

OTHER RECEIPTS

800
400
0
6,800
6,400

OUTLAYS1

6,000

6,000

5,600

5,600

5,200

5,200

4,800

4,800

4,400

4,400

NONDEFENSE

4,000

4,000

3,600

3,600

3,200

3,200

2,800

2,800

2,400
2,000

2,400
2,000

1,000
800
600
400
200

1,000
800
600
400
200

NATIONAL DEFENSE

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

FISCAL YEARS
1

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

COUNCIL OF ECONOMIC ADVISERS

Chart 33 - Oct 2023

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

Fiscal year or period

Total

Indi- Corporavidual
tion
income income
taxes
taxes

Social
insurance
and
retirement
receipts

On-budget and off-budget outlays
National defense
Other

Total

Total

Depart- Internament
tional
of
affairs
Defense,
military

Health

Medicare

Income Social
Net
security security interest

Other

2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������

2,153.6
2,406.9
2,568.0
2,524.0
2,105.0

927.2
1,043.9
1,163.5
1,145.7
915.3

278.3
353.9
370.2
304.3
138.2

794.1
837.8
869.6
900.2
890.9

154.0
171.2
164.7
173.7
160.5

2,472.0
2,655.1
2,728.7
2,982.5
3,517.7

495.3
521.8
551.3
616.1
661.0

474.1
499.3
528.5
594.6
636.7

34.6
29.5
28.5
28.9
37.5

250.6
252.8
266.4
280.6
334.4

298.6
329.9
375.4
390.8
430.1

345.8
352.4
365.9
431.2
533.1

523.3
548.5
586.2
617.0
683.0

184.0
226.6
237.1
252.8
186.9

339.8
393.5
317.9
365.2
651.7

2010 ����������������������������������������������������
2011 ����������������������������������������������������
2012 ����������������������������������������������������
2013 ����������������������������������������������������
2014 ����������������������������������������������������
2015 ����������������������������������������������������
2016 ����������������������������������������������������
2017 ����������������������������������������������������
2018 ����������������������������������������������������
2019 ����������������������������������������������������
2020 ����������������������������������������������������
2021 ����������������������������������������������������
2022 ����������������������������������������������������
2023 1 ��������������������������������������������������
2024 (estimates) ���������������������������������
First month: 2
Fiscal year 2023 ����������������������������������
Fiscal year 2024 ����������������������������������

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
3,463.4
3,421.2
4,047.1
4,897.4
4,439.3
5,027.6

898.5
1,091.5
1,132.2
1,316.4
1,394.6
1,540.8
1,546.1
1,587.1
1,683.5
1,717.9
1,608.7
2,044.4
2,632.1
2,176.5
2,355.2

191.4
181.1
242.3
273.5
320.7
343.8
299.6
297.0
204.7
230.2
211.8
371.8
424.9
419.6
663.6

864.8
818.8
845.3
947.8
1,023.5
1,065.3
1,115.1
1,161.9
1,170.7
1,243.1
1,310.0
1,314.1
1,483.5
1,614.5
1,773.6

207.9
212.1
230.2
237.4
282.7
300.0
307.3
270.1
270.9
272.1
290.7
316.8
356.9
228.8
235.2

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
4,447.0
6,553.6
6,822.5
6,273.3
6,134.4
6,904.8

693.5
705.6
677.9
633.4
603.5
589.7
593.4
598.7
631.1
686.0
724.6
753.9
765.8
820.7
897.0

666.7
678.1
650.9
607.8
577.9
562.5
565.4
568.9
600.7
654.0
690.4
717.6
726.6
775.9
848.6

45.2
45.7
36.8
46.5
46.9
52.0
45.3
46.3
49.0
52.7
67.7
46.9
71.7
69.3
70.8

369.1
372.5
346.8
358.3
409.5
482.3
511.3
533.2
551.2
584.8
747.6
796.5
914.1
889.3
877.0

451.6
485.7
471.8
497.8
511.7
546.2
594.5
597.3
588.7
651.0
776.2
696.5
755.1
847.5
853.5

622.1
597.3
541.2
536.4
513.6
508.8
514.1
503.4
495.3
514.8
1,263.6
1,647.7
866.1
774.2
974.1

706.7
730.8
773.3
813.6
850.5
887.8
916.1
944.9
987.8
1,044.4
1,095.8
1,134.6
1,218.7
1,354.3
1,456.7

196.2
230.0
220.4
220.9
229.0
223.2
240.0
262.6
325.0
375.2
345.5
352.3
475.9
659.2
800.3

372.6
435.7
458.4
348.0
341.7
402.0
437.9
495.3
480.9
538.1
1,532.6
1,394.1
1,206.0
719.9
975.3

318.5
403.4

175.3
219.9

14.6
48.2

108.0
114.2

20.5
21.1

406.4
470.0

76.5
87.4

73.1
83.4

6.3
6.0

70.5
70.5

18.7
23.5

42.2
32.9

104.4
117.3

43.0
76.0

44.7
56.5

1 Data for fiscal year 2023 are from Final Monthly Treasury Statement issued October 20, 2023.
2 Data from current issue Monthly Treasury Statement. Data for Department of Defense, military, include a small amount that is classified and listed under international affairs, and not included in
national defense.

Note: Data for fiscal year 2024 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2024, issued July 28, 2023. Other data (except as noted) are from Budget of the United
States Government, Fiscal Year 2024, issued March 9, 2023.
Sources: Department of the Treasury and Office of Management and Budget.

33

Federal Sector, National Income Accounts Basis
In the third quarter of 2023, according to current estimates, Federal current receipts rose $32.0 billion (annual rate),
while Federal current expenditures rose $54.6 billion.
BILLIONS OF DOLLARS
10,400

BILLIONS OF DOLLARS
10,400

SEASONALLY ADJUSTED ANNUAL RATES

9,600

9,600

8,800

8,800

8,000

8,000

7,200

7,200
6,400

6,400
5,600

5,600

CURRENT EXPENDITURES

4,800

4,800

4,000

4,000
3,200

3,200
CURRENT RECEIPTS

2,400

2,400
1,600

1,600
800

800

NET FEDERAL
GOVERNMENT SAVING

0

0
–800

–800
–1,600

–1,600

–2,400

–2,400

–3,200

–3,200

–4,000

–4,000

–4,800

–4,800

–5,600

–5,600

–6,400

–6,400
–7,200

–7,200
2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Chart 34 - Nov 2023

Federal Government current receipts

Federal Government current expenditures

Current tax receipts

Period

Calendar year:
2013 �������������
2014 �������������
2015 �������������
2016 �������������
2017 �������������
2018 �������������
2019 �������������
2020 �������������
2021 �������������
2022 �������������
2021: I ���������������
      II ��������������
      III �������������
      IV �������������
2022: I ���������������
      II ��������������
      III �������������
      IV �������������
2023: I ���������������
      II r ������������
      III r �����������

Total

3,136.3
3,294.4
3,448.4
3,460.7
3,503.7
3,583.1
3,704.2
3,775.2
4,388.6
4,976.3
4,123.3
4,333.0
4,470.7
4,627.6
4,954.1
5,025.0
4,991.7
4,934.5
4,651.1
4,680.6
4,712.6

Total 1

1,744.9
1,900.5
2,025.7
2,021.1
1,999.8
2,028.4
2,113.2
2,158.2
2,638.9
3,102.3
2,456.9
2,612.7
2,693.3
2,792.6
3,071.6
3,128.4
3,131.1
3,077.9
2,781.1
2,788.7
2,792.6

Contributions
for
Income
Taxes
govern- receipts
Taxes
Personal
on
ment
on
on
current production corporate
social
assets
taxes
and
insurincome
imports
ance
1,302.9
1,403.7
1,532.6
1,547.9
1,613.1
1,614.3
1,701.3
1,753.5
2,149.3
2,505.4
2,013.4
2,118.4
2,200.0
2,265.3
2,506.9
2,502.6
2,521.9
2,490.1
2,181.0
2,175.1
2,180.5

125.5
136.7
141.9
137.3
131.4
163.5
174.9
155.3
178.6
194.2
160.9
180.5
182.1
191.0
200.9
202.8
192.2
180.9
177.0
175.4
171.5

298.4
339.6
329.1
311.9
230.3
225.0
210.5
221.8
279.9
368.9
252.3
283.6
279.8
303.9
329.8
388.8
383.6
373.6
388.6
403.3
406.1

1,091.8
1,140.1
1,190.8
1,224.4
1,284.3
1,346.6
1,409.3
1,434.6
1,541.1
1,685.0
1,484.6
1,519.7
1,556.8
1,603.4
1,645.9
1,667.8
1,709.6
1,716.7
1,758.5
1,778.7
1,799.0

1 Includes taxes from the rest of the world, not shown separately.
2 Includes Federal grants-in-aid to State and local governments, not shown separately.

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

34

243.7
172.7
161.2
140.7
138.9
121.7
110.0
118.6
139.9
114.8
108.1
134.0
154.2
163.2
170.5
149.3
82.9
56.5
43.0
41.9
47.2

Current
transfer
receipts

63.7
85.8
71.6
73.8
77.6
83.0
70.4
58.5
60.4
66.7
65.7
58.1
57.7
60.0
58.1
71.9
60.7
75.9
60.6
63.3
65.9

Current
surplus of
government
enterprises

–7.8
–4.6
–.9
.7
3.1
3.3
1.3
5.3
8.4
7.6
8.0
8.5
8.6
8.4
8.0
7.6
7.4
7.5
7.8
8.0
7.9

Total

3,770.3
3,888.4
4,005.8
4,128.0
4,240.5
4,489.5
4,748.6
6,669.6
7,128.6
6,038.5
8,171.3
7,603.7
6,660.1
6,079.1
5,928.4
5,985.5
6,064.4
6,175.7
6,324.8
6,346.3
6,400.9

ConCurrent
sumption transfer Interest Subsidies
expendipaypayments
tures
ments 2

956.4
950.3
951.7
962.3
978.5
1,034.4
1,089.7
1,158.6
1,216.4
1,229.0
1,241.0
1,215.5
1,196.2
1,212.7
1,206.3
1,209.4
1,232.4
1,267.9
1,303.0
1,307.2
1,346.1

2,338.3
2,441.5
2,568.1
2,650.1
2,726.0
2,851.7
3,009.1
4,333.4
4,858.0
3,957.0
6,009.8
5,133.3
4,327.8
3,961.1
3,935.2
3,962.8
3,960.5
3,969.6
4,047.3
4,030.4
3,970.5

416.3
439.1
429.3
454.3
476.7
540.6
577.4
521.4
574.6
725.7
535.0
562.2
588.9
612.2
635.6
683.8
753.8
829.6
873.8
909.6
981.3

59.2
57.6
56.7
61.2
59.3
62.7
72.4
656.2
479.6
126.8
385.5
692.7
547.1
293.2
151.4
129.5
117.7
108.6
100.7
99.2
103.0

Net
Federal
Government
saving

–633.9
–594.0
–557.4
–667.3
–736.8
–906.4
–1,044.4
–2,894.4
–2,739.9
–1,062.2
–4,048.0
–3,270.7
–2,189.4
–1,451.6
–974.4
–960.5
–1,072.7
–1,241.2
–1,673.7
–1,665.7
–1,688.3

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
Industrial production (2017=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

2013 r �������������
99.3
92.4
96.2
97.1
94.1
94.1
93.2
232.957
212.4
117.9
2014 r �������������
102.3
97.0
98.1
96.1
95.4
93.5
95.1
236.736
216.4
121.1
2015 r �������������
100.9
96.6
97.1
97.4
96.2
94.5
99.6
237.017
218.8
122.1
r
2016 �������������
98.7
96.4
97.2
97.8
97.0
96.4
99.6
240.007
222.0
121.9
2017 ���������������
100.0
100.0
100.0
100.0
100.0
100.0
100.0
245.120
225.5
122.5
2018 r �������������
103.2
103.4
100.6
100.7
101.0
100.9
103.1
251.107
230.6
123.7
2019 r �������������
102.4
103.3
98.2
101.3
97.7
99.7
104.9
255.657
235.1
124.3
r
2020 �������������
95.1
95.3
87.5
90.5
88.3
88.7
107.3
258.811
236.8
124.3
r
2021 �������������
99.2
100.0
92.6
95.6
92.4
99.1
103.2
270.970
244.8
124.0
2022 r �������������
102.6
103.9
92.6
95.5
92.0
99.5
99.6
292.655
261.5
127.1
r
2022: Sept ���
103.5
104.6
94.2
96.1
92.9
99.1
98.3
296.808
264.0
128.1
      Oct r �����
103.4
103.4
92.6
93.8
91.8
97.9
98.6
298.012
265.9
128.9
      Nov r ����
103.1
103.6
92.6
95.4
92.7
97.8
98.5
297.711
266.3
129.1
      Dec r ����
101.5
102.5
92.1
96.8
90.9
98.9
98.5
296.797
264.7
129.4
2023: Jan r ����
102.5
103.3
88.5
94.8
92.3
98.2
98.5
299.170
266.1
130.1
      Feb r ����
102.6
104.0
91.7
96.2
94.0
98.1
98.4
300.840
267.1
129.3
      Mar r ���
102.7
104.7
92.0
95.2
92.0
97.6
99.1
301.836
268.5
129.8
r
      Apr ����
103.2
104.7
92.6
95.8
92.0
95.6
99.3
303.363
270.4
130.6
r
      May ���
102.9
104.6
90.6
96.9
91.9
97.2
98.8
304.127
271.5
130.6
      June r ��
102.3
104.8
92.8
96.1
90.8
97.7
101.3
305.109
271.8
130.8
      July r ���
103.3
104.6
91.1
96.6
89.7
96.8
100.2
305.691
273.4
131.4
r
      Aug ����
103.3
104.0
90.5
96.4
90.1
97.0
99.7
307.026
274.4
131.6
p
      Sept ��
103.4
103.9
91.0
95.9
88.5
97.1
99.8
307.789
274.1
132.0
p
      Oct ����
102.7 ���������������
91.8
95.6
88.4
96.9 ���������������
307.671
274.2
133.1
      Nov p ��� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������

Germany

196.3
197.2
197.3
197.7
199.7
203.4
205.7
206.7
210.0
221.0
222.5
224.8
225.5
225.3
226.1
228.5
230.5
231.9
231.7
232.2
232.3
234.6
233.4
233.7
233.2

United
Kingdom

Italy

175.0
176.6
177.6
178.4
181.1
184.3
186.9
187.9
193.7
207.0
211.8
213.3
213.6
212.7
214.8
216.5
218.1
219.1
218.9
219.5
220.0
220.8
221.3
221.3
220.4

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
316.5
344.4
322.5
358.3
348.9
399.9
351.9
408.4
363.9
418.5
365.7
421.0
366.7
423.4
367.0
423.3
367.6
428.2
366.0
431.4
367.6
438.0
368.8
440.9
368.8
442.2
368.8
439.6
370.0
442.5
370.7
444.6
370.0
443.9
368.5 �����������������

1 Data relate to all urban consumers.

Note: See Note, p. 17, for information on U.S. industrial production series.
Sources: As reported by each country, Board of Governors of the Federal Reserve System, and Department of Labor (Bureau of Labor Statistics).

U.S. International Trade in Goods and Services
[Billions of dollars; monthly data seasonally adjusted]
Goods: Exports (f.a.s. value)
Census basis (by end-use category)
Period

2013 ���������������
2014 ���������������
2015 ���������������
2016 ���������������
2017 ���������������
2018 ���������������
2019 ���������������
2020 ���������������
2021 ���������������
2022 ���������������
2022: Oct ������
      Nov �����
      Dec ������
2023: Jan ������
      Feb ������
      Mar �����
      Apr r ����
      May r ���
      June r ��
      July r ���
      Aug r ����
      Sept r ���
      Oct p ����

BOP
basis

1,593.7
1,635.6
1,511.4
1,457.4
1,557.0
1,676.9
1,655.1
1,433.9
1,765.9
2,089.9
175.6
172.5
169.6
178.1
172.1
176.4
167.3
165.1
164.9
168.4
171.3
176.7
173.5

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 beverand
ages materials
1,578.5
1,621.9
1,503.3
1,451.5
1,547.2
1,665.8
1,645.9
1,430.0
1,757.8
2,065.2
173.6
170.8
168.0
175.8
169.2
173.0
163.5
162.5
162.5
165.3
168.9
173.8
171.3

136.2
143.7
127.7
130.5
132.8
133.1
131.0
139.3
164.5
179.9
14.2
13.6
14.3
14.9
15.1
14.3
14.3
12.4
12.4
12.4
12.4
13.8
13.5

508.2
505.8
427.0
397.3
465.2
541.2
529.5
466.5
637.6
830.8
69.7
67.2
64.1
64.9
61.8
64.8
58.5
57.1
56.4
57.7
60.4
62.0
63.2

152.7
159.8
151.9
150.4
157.9
158.8
163.1
129.4
146.4
159.7
13.7
13.9
14.3
15.6
13.7
14.2
14.2
15.2
15.2
16.9
15.5
16.0
15.1

Balance of trade
(exports minus imports)

Census basis (by end-use category)

Auto- ConCapital motive sumer
goods
goods
veexcept hicles, (nonauto- parts food)
motive and en- except
autogines motive
534.4
551.5
539.5
519.7
533.4
563.2
550.5
463.2
521.2
572.7
49.5
48.5
48.7
49.8
49.1
49.5
49.1
49.0
49.8
49.9
51.0
51.1
51.2

Services
(BOP basis)

Goods: Imports (customs value)

188.8
199.0
197.7
193.7
197.7
206.0
205.6
175.0
222.3
245.7
19.4
21.0
19.7
23.5
22.3
22.5
20.8
21.6
21.2
21.2
22.3
22.9
20.8

BOP
basis

2,294.2
2,385.5
2,273.2
2,207.2
2,356.3
2,555.7
2,512.4
2,346.7
2,849.4
3,272.9
273.8
256.5
261.5
268.8
263.0
258.1
263.4
256.3
253.1
258.3
256.0
263.0
263.3

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 beverand
ages materials
2,268.0
2,356.4
2,248.8
2,186.8
2,339.6
2,536.1
2,491.7
2,331.5
2,828.9
3,242.5
271.4
254.0
259.1
266.2
260.4
255.5
261.0
254.1
251.0
256.2
253.7
260.6
260.9

115.1
125.9
127.8
130.0
137.8
147.3
150.5
154.3
182.1
208.3
17.6
17.1
17.0
17.5
17.1
16.8
16.4
15.9
16.2
16.9
16.8
16.7
16.9

681.5
667.0
486.0
443.3
507.0
574.6
520.6
478.7
649.1
808.7
65.1
62.5
60.6
60.5
59.8
57.7
59.6
56.3
53.9
52.5
55.2
56.4
56.1

BOP basis

Auto- ConGoods,
Capital motive sumer
goods Exports Imports Census
goods
ve(nonbasis
except hicles, food)
auto- parts
motive and en- except
autogines motive
555.7
594.1
602.5
589.7
639.8
690.9
674.8
643.4
760.0
863.7
74.5
71.9
72.0
72.6
73.0
70.7
70.9
71.7
69.4
71.7
69.9
71.5
73.2

308.8
328.6
349.2
349.9
358.2
371.1
374.5
309.2
345.7
398.9
35.4
32.7
35.3
37.9
36.3
35.2
37.1
37.4
38.7
39.4
38.7
40.5
39.6

531.7
557.1
594.2
583.1
601.4
645.4
653.0
639.6
767.4
841.6
68.3
60.0
64.1
67.1
63.2
64.5
66.3
61.5
61.9
64.5
62.6
64.6
64.3

719.4
757.1
769.4
783.4
837.5
865.5
891.2
726.3
801.1
928.5
79.9
80.3
80.7
80.5
80.9
81.3
82.6
83.5
83.5
83.3
84.2
84.7
85.3

Goods

465.7 –689.5 –700.5
491.1 –734.5 –749.9
498.3 –745.5 –761.9
513.1 –735.3 –749.8
555.1 –792.4 –799.3
565.4 –870.4 –878.7
593.3 –845.8 –857.3
466.3 –901.5 –912.9
559.2 –1,071.1 –1,083.5
696.7 –1,177.4 –1,183.0
60.0
–97.7
–98.2
60.1
–83.2
–84.0
60.2
–91.1
–91.9
60.5
–90.4
–90.7
60.6
–91.2
–90.9
60.1
–82.5
–81.6
59.3
–97.5
–96.1
59.2
–91.6
–91.2
59.3
–88.5
–88.2
58.4
–90.9
–89.9
58.1
–84.7
–84.7
59.5
–86.8
–86.3
59.8
–89.6
–89.8

Ser- Goods
and
vices services

253.7
266.0
271.1
270.3
282.4
300.2
297.9
260.0
241.9
231.8
19.9
20.2
20.5
19.9
20.3
21.2
23.2
24.3
24.2
25.0
26.1
25.2
25.5

–446.9
–484.0
–490.8
–479.5
–516.9
–578.6
–559.4
–652.9
–841.6
–951.2
–78.3
–63.8
–71.4
–70.8
–70.6
–60.4
–72.9
–66.9
–64.0
–65.0
–58.6
–61.2
–64.3

1 Total includes ‘‘other’’ exports or imports, not shown separately.

Note: BOP refers to balance of payments on international transactions basis. BOP data shown here are consistent with figures shown on pp. 36 and 37.
Source: Department of Commerce (Bureau of the Census and Bureau of Economic Analysis).

35

U.S. International Transactions
In the second quarter of 2023, the current account deficit narrowed to $212.1 billion from $214.5 billion in the first
quarter. The goods and services deficit rose to $203.5 billion from $201.8 billion in the first 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

–160

–160

BALANCE ON
GOODS AND SERVICES

–180

–180

–200

–200

–220

–220

–240

–240

–260

–260

–280

–280

–300

–300
–320

–320

2015

2014

2017

2016

2018

2019

2020

2021

SOURCE: DEPARTMENT OF COMMERCE

2022

2023

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted]
Current Account 1
Goods 2
Period

2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2021: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2022: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2023: I ����������������
      II p �������������

Services
Balance
on
goods

Exports

Imports

1,593,708
1,635,563
1,511,381
1,457,393
1,557,003
1,676,913
1,655,098
1,433,852
1,765,884
2,089,925
412,953
433,608
441,989
477,335
490,438
534,973
546,789
517,725
526,548
497,580

2,294,247
–700,539
2,385,480
–749,917
2,273,249
–761,868
2,207,195
–749,801
2,356,345
–799,343
2,555,662
–878,749
2,512,358
–857,260
2,346,727
–912,875
2,849,395 –1,083,511
3,272,935 –1,183,010
673,259
–260,306
700,001
–266,393
713,752
–271,763
762,383
–285,048
823,225
–332,786
843,880
–308,907
813,966
–267,176
791,865
–274,140
789,815
–263,268
772,752
–275,173

Exports
719,413
757,051
769,397
783,431
837,474
865,549
891,177
726,296
801,143
928,530
188,791
195,434
202,751
214,166
220,887
231,489
235,318
240,836
242,671
247,321

Imports
465,736
491,086
498,305
513,088
555,070
565,395
593,313
466,301
559,205
696,707
121,628
132,150
148,914
156,513
164,101
173,524
178,855
180,228
181,201
175,662

Balance
on
services
253,678
265,965
271,092
270,343
282,404
300,155
297,865
259,995
241,938
231,822
67,163
63,285
53,837
57,653
56,787
57,965
56,463
60,608
61,470
71,659

Balance
on
goods
and
services
–446,861
–483,952
–490,776
–479,458
–516,939
–578,594
–559,395
–652,881
–841,573
–951,188
–193,144
–203,109
–217,926
–227,395
–276,000
–250,942
–210,713
–213,532
–201,798
–203,514

Chart 36 - Sep 2023

Primary income receipts and payments
Receipts
811,501
845,858
824,929
857,240
995,442
1,102,964
1,139,310
957,891
1,077,227
1,217,853
264,323
264,149
272,509
276,246
280,000
298,649
312,696
326,508
339,004
354,525

Payments
616,041
645,623
639,724
660,798
737,501
847,689
891,911
776,923
927,297
1,069,300
215,123
229,940
240,627
241,607
251,196
256,486
273,204
288,414
307,558
319,521

Balance
on
primary
income
195,460
200,235
185,205
196,442
257,942
255,275
247,400
180,968
149,930
148,553
49,199
34,209
31,882
34,639
28,804
42,163
39,492
38,094
31,446
35,004

Balance
on
secondary
Income 3
–88,115
–86,339
–102,882
–113,199
–108,618
–116,530
–129,756
–125,227
–139,802
–168,960
–31,605
–31,319
–40,682
–36,195
–36,704
–40,005
–51,536
–40,716
–44,120
–43,595

Balance
on
current
account
–339,516
–370,056
–408,453
–396,216
–367,616
–439,849
–441,751
–597,140
–831,445
–971,595
–175,550
–200,219
–226,725
–228,951
–283,899
–248,784
–222,757
–216,154
–214,472
–212,104

Current
account
balance
as a
percentage
of GDP
–2.0
–2.1
–2.2
–2.1
–1.9
–2.1
–2.1
–2.8
–3.5
–3.8
–3.1
–3.4
–3.8
–3.7
–4.5
–3.9
–3.4
–3.3
–3.2
–3.1

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 $109.0 billion in the second quarter of 2023, resulting from a net
increase in U.S. financial assets of $238.2 billion plus a net decrease in financial derivatives of $4.7 billion, less a net
increase in U.S. liabilities of $342.6 billion. U.S. net borrowing was down from $350.1 billion in the first quarter.
BILLIONS OF DOLLARS
1,100

BILLIONS OF DOLLARS
1,100

SEASONALLY ADJUSTED

1,000

1,000

900

900

800

800

700

700

600

600

500

500
CHANGE IN
U.S. LIABILITIES

400

400

300

300

200

200

100

100

0

0

CHANGE IN
U.S. ASSETS ABROAD1

–100

–100

–200

–200

–300

–300

–400

–400

2015

2014

2016

2017

2018

2019

2020

2021

2022

2023

1

INCLUDES FINANCIAL DERIVATIVES, NET, BEGINNING 2006.
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted]
Chart 37 - Sep 2023

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

2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2022 ��������������������
2021: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2022: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2023: I ����������������
      II p �������������

Direct
investment
assets

Portfolio
investment
assets

Other
investment
assets

–6,559
626,189 392,796 457,734 –221,242
–6,535
865,694 387,528 581,668 –99,920
–7,940
144,104 302,072 107,154 –258,831
–6,606
336,438 299,814
37,489
–2,955
12,394 1,161,984 409,413 540,728 213,533
–4,261
429,710 –130,720 381,863 173,578
–6,456
315,580 114,924 –11,453 207,450
–5,610
959,138 286,663 406,368 257,133
–2,511 1,242,954 394,069 711,511
23,381
–4,603
840,582 426,251 372,494
36,023
–2,729
455,994
85,464 337,324
35,307
–869
252,456 133,861 175,898 –57,781
3,001
473,479
95,865 303,444 –38,432
–1,914
61,024
78,879 –105,155
84,287
–2,048
397,478 146,201 191,963
58,381
–3,292
367,359
99,520 239,508
27,150
4,158
336,063
74,788 271,824 –11,346
–3,421 –260,318 105,743 –330,802 –38,162
–5,913
208,346 108,734
8,109
90,725
–2,749
238,206
88,444
40,295 109,195

Net U.S. incurrence of liabilities excluding
financial derivatives
[net increase in liabilities / financial inflow (+)]

Reserve
assets 4

Total

–3,099
–3,583
–6,292
2,090
–1,690
4,989
4,659
8,974
113,993
5,814
–2,100
477
112,603
3,013
932
1,181
797
2,903
778
272

1,052,068
1,109,443
503,468
706,693
1,559,219
712,178
832,266
1,622,963
1,992,760
1,564,676
632,398
465,779
679,479
215,103
672,370
454,494
518,520
–80,707
556,677
342,471

Direct
investment
liabilities

Portfolio
investment
liabilities

Other
investment
liabilities

288,131
251,857
511,434
474,388
380,823
214,716
315,983
138,364
493,086
388,078
59,130
133,256
174,252
126,448
126,531
73,273
121,427
66,847
112,094
100,480

511,987
697,607
213,910
231,265
790,810
303,075
233,469
946,560
614,250
810,154
393,559
160,388
191,447
–131,143
264,362
384,377
262,475
–101,060
299,510
387,142

251,949
159,979
–221,876
1,040
387,586
194,387
282,814
538,038
885,424
366,445
179,710
172,136
313,780
219,798
281,476
–3,155
134,618
–46,494
145,073
–145,151

Financial
derivatives
other
than
reserves,
net transactions
2,222
–54,335
–27,035
7,827
23,998
–20,404
–41,670
–5,107
–39,028
–80,698
–2,216
–7,319
–6,796
–22,697
6,102
–45,911
–33,940
–6,949
–1,727
–4,741

Net lending
(+)
Statistical
or net
discrepancy
borrowing (–)
from financial
account
transactions 5
–423,657
–298,084
–386,400
–362,427
–373,237
–302,872
–558,356
–668,932
–788,834
–804,792
–178,620
–220,643
–212,796
–176,776
–268,790
–133,046
–216,396
–186,560
–350,058
–109,006

–77,582
78,506
29,993
40,394
–18,016
141,238
–110,149
–66,182
45,122
171,406
–341
–19,555
10,928
54,089
17,158
119,030
2,203
33,015
–129,673
105,848

U.S. official
reserve
assets,
net
(unadjusted,
end of
period) 4

144,575
130,090
117,581
117,332
123,313
125,798
129,479
144,890
251,238
243,758
139,048
140,185
250,080
251,238
248,224
238,575
230,153
243,758
246,990
244,008

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