Full text of Economic Indicators : October 2017
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
115th Congress, 1st Session Economic Indicators OCTOBER 2017 (Includes data available as of November 3, 2017) Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PUBLISHING OFFICE WASHINGTON : 2017 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) Representative Patrick J. Tiberi, Ohio, Chairman Senator Mike Lee, Utah, Vice Chairman House of Representatives Erik Paulsen, Minnesota David Schweikert, Arizona Barbara Comstock, Virginia Darin LaHood, Illinois Francis Rooney, Florida Carolyn B. Maloney, New York John Delaney, Maryland Alma S. Adams, Ph.D., North Carolina Donald S. Beyer, Jr., Virginia Senate Tom Cotton, Arkansas Ben Sasse, Nebraska Rob Portman, Ohio Ted Cruz, Texas Bill Cassidy, M.D., Louisiana Martin Heinrich, New Mexico, Ranking Amy Klobuchar, Minnesota Gary Peters, Michigan Margaret Wood Hassan, New Hampshire Whitney K. Daffner, Executive Director COUNCIL OF ECONOMIC ADVISERS Kevin A. Hassett, Chairman Richard V. Burkhauser, Member Tomas J. Philipson, 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 2017, according to advance estimates, real gross domestic product (GDP) in chained (2009) dollars rose 3.0 percent (annual rate), current dollar GDP rose 5.2 percent, and the chained price index rose 2.2 percent. BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE) 20,000 20,000 SEASONALLY ADJUSTED ANNUAL RATES 19,600 19,600 19,200 19,200 18,800 18,800 18,400 18,400 18,000 18,000 17,600 17,600 17,200 17,200 16,800 16,800 GDP IN CURRENT DOLLARS 16,400 16,400 16,000 16,000 15,600 15,600 GDP IN CHAINED (2009) DOLLARS 15,200 15,200 14,800 14,800 14,400 14,400 14,000 14,000 13,600 13,600 2008 2009 2010 2011 2012 2013 2014 2015 SOURCE: DEPARTMENT OF COMMERCE 2016 2017 COUNCIL OF ECONOMIC ADVISERS [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2015: I ��������������� � ��������������� II �������������� III �������������� IV 2016: I ��������������� � ��������������� II �������������� III �������������� IV 2017: I ��������������� � ��������������� II p ������������ III Gross domestic product 14,477.6 14,718.6 14,418.7 14,964.4 15,517.9 16,155.3 16,691.5 17,427.6 18,120.7 18,624.5 17,874.7 18,093.2 18,227.7 18,287.2 18,325.2 18,538.0 18,729.1 18,905.5 19,057.7 19,250.0 19,495.5 Personal consumption expenditures Gross private domestic investment 9,750.5 10,013.6 9,847.0 10,202.2 10,689.3 11,050.6 11,361.2 11,863.7 12,332.3 12,820.7 12,142.2 12,284.2 12,407.8 12,494.9 12,571.5 12,755.0 12,899.4 13,056.9 13,191.6 13,307.0 13,434.7 2,643.7 2,424.8 1,878.1 2,100.8 2,239.9 2,511.7 2,706.3 2,916.4 3,093.6 3,057.2 3,094.6 3,096.3 3,115.7 3,067.7 3,031.6 3,023.1 3,048.0 3,126.2 3,128.7 3,178.1 3,241.0 Exports and imports of goods and services Net exports –718.5 –723.1 –395.4 –512.7 –580.0 –565.7 –492.0 –509.5 –524.0 –521.2 –538.2 –507.1 –530.8 –520.1 –526.2 –501.6 –492.8 –564.3 –582.8 –567.2 –531.7 Federal Exports 1,664.6 1,841.9 1,587.7 1,852.3 2,106.4 2,198.2 2,276.6 2,373.6 2,264.9 2,214.6 2,289.0 2,303.9 2,256.6 2,210.1 2,166.5 2,201.8 2,248.4 2,241.5 2,295.6 2,314.9 2,347.7 Imports 2,383.2 2,565.0 1,983.2 2,365.0 2,686.4 2,763.8 2,768.6 2,883.2 2,789.0 2,735.8 2,827.3 2,811.0 2,787.4 2,730.2 2,692.8 2,703.4 2,741.3 2,805.8 2,878.4 2,882.1 2,879.4 Chart 1 - Oct 2017 Government consumption expenditures and gross investment Total 2,801.9 3,003.2 3,089.1 3,174.0 3,168.7 3,158.6 3,116.1 3,157.0 3,218.9 3,267.8 3,176.2 3,219.8 3,235.0 3,244.7 3,248.3 3,261.5 3,274.6 3,286.8 3,320.2 3,332.1 3,351.5 Total 1,049.8 1,155.6 1,217.7 1,303.9 1,303.5 1,292.5 1,229.5 1,218.1 1,224.0 1,231.5 1,218.7 1,224.9 1,222.6 1,229.9 1,227.9 1,228.2 1,234.6 1,235.4 1,244.3 1,255.8 1,263.7 National defense Nondefense 678.7 754.1 788.3 832.8 836.9 817.8 767.0 745.6 731.6 728.9 731.7 735.0 726.8 732.8 728.9 726.9 732.3 727.6 730.2 741.4 746.7 371.0 401.5 429.4 471.1 466.5 474.7 462.5 472.5 492.4 502.6 487.0 489.9 495.8 497.1 499.0 501.3 502.3 507.8 514.1 514.5 517.0 State and local 1,752.2 1,847.6 1,871.4 1,870.2 1,865.3 1,866.1 1,886.6 1,938.9 1,994.9 2,036.3 1,957.5 1,994.8 2,012.5 2,014.8 2,020.4 2,033.3 2,040.0 2,051.4 2,075.9 2,076.2 2,087.8 Final Addendum: Gross sales of Gross domestic domestic purchases 1 national product product 14,443.2 14,750.6 14,566.3 14,902.8 15,476.2 16,093.5 16,599.1 17,349.6 18,008.8 18,589.4 17,726.1 17,975.1 18,122.0 18,211.8 18,283.0 18,525.9 18,712.7 18,836.1 19,057.8 19,245.2 19,457.1 15,196.2 14,603.2 15,441.6 14,890.6 14,814.2 14,569.8 15,477.0 15,170.3 16,097.9 15,764.6 16,720.9 16,392.8 17,183.5 16,935.8 17,937.1 17,662.1 18,644.8 18,325.2 19,145.7 18,821.6 18,412.9 18,091.6 18,600.3 18,285.9 18,758.5 18,419.3 18,807.3 18,504.1 18,851.4 18,501.3 19,039.6 18,733.0 19,222.0 18,917.5 19,469.9 19,134.5 19,640.5 19,272.0 19,817.2 19,452.4 20,027.2 ����������������� 1 GDP less exports of goods and services plus imports of goods and services. Source: Department of Commerce (Bureau of Economic Analysis). 1 Real Gross Domestic Product [Billions of chained (2009) dollars; quarterly data at seasonally adjusted annual rates] Period 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2015: I ��������������� � ��������������� II �������������� III �������������� IV 2016: I ��������������� � ��������������� II �������������� III �������������� IV 2017: I ��������������� � ��������������� II p ������������ III Gross private domestic investment Personal Gross conChange domestic sumption Nonresi- Resiin product expendi- dential dential fixed fixed private tures investinvestinvenment ment tories 14,873.7 14,830.4 14,418.7 14,783.8 15,020.6 15,354.6 15,612.2 16,013.3 16,471.5 16,716.2 16,350.0 16,460.9 16,527.6 16,547.6 16,571.6 16,663.5 16,778.1 16,851.4 16,903.2 17,031.1 17,156.9 10,041.6 10,007.2 9,847.0 10,036.3 10,263.5 10,413.2 10,565.4 10,868.4 11,264.3 11,572.1 11,145.3 11,227.9 11,304.6 11,379.3 11,430.5 11,537.7 11,618.1 11,702.1 11,758.0 11,853.0 11,922.1 1,948.4 1,934.4 1,633.4 1,673.8 1,802.3 1,964.1 2,032.9 2,172.7 2,223.5 2,210.4 2,214.7 2,230.7 2,238.8 2,209.9 2,187.5 2,205.3 2,224.0 2,224.9 2,263.6 2,300.6 2,322.7 654.8 497.7 392.2 382.4 384.5 436.5 488.3 505.2 556.9 587.4 536.1 551.1 565.2 575.3 593.7 586.5 579.8 589.8 605.5 594.1 585.0 35.5 –33.7 –147.6 58.2 37.6 54.7 78.7 67.8 100.5 33.4 132.2 105.6 96.2 68.2 40.6 12.2 17.6 63.1 1.2 5.5 35.8 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Net exports Exports Imports Total –712.6 –557.8 –395.4 –458.8 –459.4 –447.1 –404.9 –427.7 –545.3 –586.3 –524.1 –526.2 –559.3 –571.5 –584.2 –572.4 –557.3 –631.1 –622.2 –613.6 –595.5 1,646.4 1,740.8 1,587.7 1,776.6 1,898.3 1,963.2 2,031.5 2,118.4 2,127.1 2,120.1 2,126.4 2,145.8 2,124.1 2,111.9 2,098.1 2,112.5 2,145.3 2,124.4 2,162.3 2,181.1 2,193.7 2,359.0 2,298.6 1,983.2 2,235.4 2,357.7 2,410.2 2,436.4 2,546.1 2,672.4 2,706.3 2,650.5 2,672.0 2,683.4 2,683.5 2,682.3 2,684.9 2,702.6 2,755.5 2,784.5 2,794.8 2,789.2 2,914.4 2,994.8 3,089.1 3,091.4 2,997.4 2,941.6 2,857.6 2,839.1 2,878.5 2,900.2 2,855.7 2,879.9 2,888.3 2,890.2 2,903.2 2,896.3 2,899.9 2,901.2 2,896.6 2,895.2 2,894.4 National Nondefense defense Total 1,078.7 1,152.3 1,217.7 1,270.7 1,236.4 1,213.5 1,142.8 1,115.0 1,114.1 1,114.6 1,110.3 1,115.1 1,112.0 1,118.9 1,114.6 1,112.1 1,116.5 1,115.2 1,108.4 1,113.7 1,116.9 695.6 748.1 788.3 813.5 795.0 768.2 715.7 686.8 672.0 667.0 671.8 675.2 667.4 673.4 668.9 665.4 669.6 664.1 658.6 666.2 670.0 383.1 404.2 429.4 457.1 441.4 445.3 427.0 427.9 441.6 447.0 438.0 439.5 444.0 445.0 445.1 446.1 446.4 450.3 449.0 446.9 446.3 AddenFinal Gross dum: sales of domestic Gross domestic purchases 1 national product product State and local 1,836.1 1,842.4 1,871.4 1,820.8 1,761.0 1,728.1 1,714.1 1,723.0 1,762.8 1,783.6 1,743.9 1,763.1 1,774.4 1,769.7 1,786.6 1,782.3 1,781.6 1,784.1 1,786.2 1,779.6 1,775.7 14,836.2 14,865.7 14,566.3 14,722.2 14,979.0 15,292.3 15,521.1 15,932.9 16,354.3 16,664.1 16,202.3 16,338.6 16,414.1 16,462.1 16,512.7 16,632.6 16,741.1 16,770.0 16,883.5 17,006.6 17,101.7 15,606.8 15,005.7 15,399.9 15,004.8 14,814.2 14,569.8 15,244.9 14,970.8 15,483.9 15,241.0 15,804.3 15,562.1 16,016.9 15,822.2 16,441.8 16,211.5 17,017.2 16,642.8 17,301.6 16,879.0 16,875.2 16,533.7 16,988.0 16,621.7 17,086.9 16,686.7 17,118.7 16,729.2 17,154.8 16,717.1 17,236.2 16,825.0 17,336.7 16,932.8 17,478.6 17,041.1 17,521.6 17,081.0 17,641.8 17,198.0 17,751.5 �������������� 1 GDP less exports of goods and services plus imports of goods and services. Note: Because of the formula used for calculating real GDP, the chained (2009) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce (Bureau of Economic Analysis). Chained Price Indexes For Gross Domestic Product [Index numbers, 2009=100; quarterly data are seasonally adjusted] Period 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2015: I ��������������� � ��������������� II �������������� III �������������� IV 2016: I ��������������� � ��������������� II �������������� III �������������� IV 2017: I ��������������� � ��������������� II p ������������ III Gross domestic product 97.340 99.218 100.000 101.226 103.315 105.220 106.917 108.839 110.012 111.419 109.322 109.921 110.298 110.507 110.588 111.257 111.641 112.190 112.752 113.037 113.646 Personal consumption expenditures Total 97.102 100.065 100.000 101.653 104.149 106.121 107.532 109.157 109.481 110.789 108.947 109.410 109.761 109.807 109.985 110.555 111.034 111.583 112.198 112.273 112.693 Goods Services 99.403 102.362 100.000 101.637 105.413 106.701 106.116 105.780 102.695 101.209 102.786 103.051 102.912 102.030 101.161 101.217 101.067 101.392 102.062 101.127 101.296 Source: Department of Commerce (Bureau of Economic Analysis). 2 Gross private domestic investment 95.981 98.947 100.000 101.661 103.524 105.840 108.276 110.929 113.065 115.878 112.195 112.763 113.378 113.923 114.665 115.512 116.332 117.002 117.585 118.213 118.770 Nonresidential fixed 98.574 100.337 100.000 99.070 100.545 102.216 103.023 104.399 105.069 104.790 105.143 105.045 105.122 104.967 104.739 104.801 104.726 104.893 105.292 105.780 106.135 Residential fixed 105.176 103.647 100.000 99.645 100.395 101.324 106.393 112.854 115.883 120.157 115.204 115.239 116.174 116.918 117.609 119.293 121.144 122.580 123.102 124.503 126.046 Exports and imports of goods and services Government consumption expenditures and gross investment Federal Exports 101.107 105.809 100.000 104.263 110.960 111.970 112.064 112.051 106.481 104.458 107.651 107.376 106.245 104.654 103.269 104.233 104.813 105.516 106.168 106.136 107.026 Imports 101.024 111.588 100.000 105.800 113.942 114.671 113.634 113.240 104.364 101.090 106.653 105.193 103.869 101.739 100.393 100.693 101.439 101.835 103.381 103.134 103.244 Total 97.319 100.286 100.000 102.614 105.422 106.512 107.581 109.252 109.866 110.488 109.765 109.845 109.939 109.916 110.162 110.438 110.571 110.782 112.266 112.763 113.141 National defense 97.572 100.809 100.000 102.365 105.274 106.466 107.167 108.560 108.872 109.285 108.919 108.857 108.890 108.821 108.977 109.235 109.368 109.562 110.882 111.280 111.449 Nondefense 96.849 99.321 100.000 103.064 105.691 106.600 108.296 110.424 111.511 112.448 111.180 111.481 111.669 111.713 112.095 112.397 112.532 112.768 114.494 115.139 115.830 State and local 95.426 100.279 100.000 102.714 105.923 107.985 110.063 112.533 113.168 114.164 112.250 113.147 113.421 113.854 113.087 114.083 114.506 114.979 116.220 116.664 117.574 Gross Domestic Product and Related Price Measures: Indexes and Percent Changes [Quarterly data are seasonally adjusted] Percent change from preceding period 1 Index numbers, 2009=100 Personal consumption expenditures (PCE) Gross domestic product (GDP) Period 2007 ���������������������� 2008 ���������������������� 2009 ���������������������� 2010 ���������������������� 2011 ���������������������� 2012 ���������������������� 2013 ���������������������� 2014 ���������������������� 2015 ���������������������� 2016 ���������������������� 2015: I ����������������� � ����������������� II ���������������� III ���������������� IV 2016: I ����������������� � ����������������� II ���������������� III ���������������� IV 2017: I ����������������� � ����������������� II p �������������� III Real GDP GDP (chain-type chain-type quantity price index) index 103.156 102.855 100.000 102.532 104.174 106.491 108.277 111.059 114.237 115.934 113.394 114.163 114.626 114.765 114.931 115.568 116.363 116.872 117.231 118.118 118.991 GDP implicit price deflator 97.340 99.218 100.000 101.226 103.315 105.220 106.917 108.839 110.012 111.419 109.322 109.921 110.298 110.507 110.588 111.257 111.641 112.190 112.752 113.037 113.646 PCE PCE less food (chain-type and energy price index) price index 97.337 99.246 100.000 101.221 103.311 105.214 106.913 108.832 110.012 111.416 109.326 109.916 110.286 110.513 110.582 111.249 111.628 112.190 112.746 113.029 113.630 97.102 100.065 100.000 101.653 104.149 106.121 107.532 109.157 109.481 110.789 108.947 109.410 109.761 109.807 109.985 110.555 111.034 111.583 112.198 112.273 112.693 96.832 98.827 100.000 101.286 102.800 104.741 106.323 108.021 109.453 111.391 108.820 109.273 109.689 110.030 110.613 111.157 111.710 112.084 112.590 112.847 113.217 Personal consumption expenditures (PCE) Gross domestic product (GDP) Gross domestic purchases price index 97.372 100.244 100.000 101.527 103.970 105.805 107.287 109.101 109.564 110.661 109.109 109.495 109.794 109.858 109.896 110.470 110.887 111.393 112.100 112.340 112.836 GDP (current dollars) Real GDP GDP (chain-type chain-type quantity price index) index 4.5 1.7 –2.0 3.8 3.7 4.1 3.3 4.4 4.0 2.8 3.2 5.0 3.0 1.3 .8 4.7 4.2 3.8 3.3 4.1 5.2 1.8 –.3 –2.8 2.5 1.6 2.2 1.7 2.6 2.9 1.5 3.2 2.7 1.6 .5 .6 2.2 2.8 1.8 1.2 3.1 3.0 GDP implicit price deflator 2.7 1.9 .8 1.2 2.1 1.8 1.6 1.8 1.1 1.3 –.1 2.2 1.4 .8 .3 2.4 1.4 2.0 2.0 1.0 2.2 Gross domestic PCE purchases PCE (chain-type less food price index price index) and energy price index 2.7 2.0 .8 1.2 2.1 1.8 1.6 1.8 1.1 1.3 –.1 2.2 1.4 .8 .2 2.4 1.4 2.0 2.0 1.0 2.1 2.5 3.1 –.1 1.7 2.5 1.9 1.3 1.5 .3 1.2 –1.6 1.7 1.3 .2 .6 2.1 1.7 2.0 2.2 .3 1.5 2.2 2.1 1.2 1.3 1.5 1.9 1.5 1.6 1.3 1.8 .9 1.7 1.5 1.2 2.1 2.0 2.0 1.3 1.8 .9 1.3 2.7 2.9 –.2 1.5 2.4 1.8 1.4 1.7 .4 1.0 –1.3 1.4 1.1 .2 .1 2.1 1.5 1.8 2.6 .9 1.8 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 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2015: I ��������������� � ��������������� II �������������� III �������������� IV 2016: I ��������������� � ��������������� II �������������� III �������������� IV 2017: I ��������������� � ��������������� II Price per unit of real gross value added of nonfinancial corporate business (dollars) 1, 2 Gross value added of nonfinancial corporate business (billions of dollars) 1 7,203.9 7,256.8 6,859.8 7,238.7 7,592.3 8,011.9 8,305.2 8,716.9 9,059.3 9,165.4 8,975.1 9,036.1 9,106.2 9,120.1 9,145.2 9,112.4 9,217.3 9,186.7 9,294.5 9,449.9 Chained (2009) dollars 7,454.8 7,358.5 6,859.8 7,156.3 7,333.4 7,580.6 7,752.5 8,064.8 8,358.1 8,471.7 8,338.2 8,319.5 8,371.3 8,403.3 8,426.8 8,413.3 8,565.5 8,481.3 8,566.1 8,722.6 Total 0.966 .986 1.000 1.012 1.035 1.057 1.071 1.081 1.084 1.082 1.076 1.086 1.088 1.085 1.085 1.083 1.076 1.083 1.085 1.083 Compensation of employees (unit labor cost) 0.578 .592 .596 .581 .595 .606 .613 .620 .630 .638 .623 .631 .630 .638 .634 .643 .637 .639 .642 .638 Corporate profits with inventory valuation and capital consumption adjustments 4 Unit nonlabor cost Total 0.266 .283 .300 .293 .299 .299 .300 .300 .301 .299 .296 .299 .299 .309 .298 .300 .296 .303 .302 .300 Consumption of fixed capital Net interest Taxes on and production miscellaneous and imports 3 payments 0.140 .149 .159 .153 .155 .156 .158 .159 .160 .161 .159 .160 .160 .160 .161 .162 .160 .162 .163 .162 0.093 .093 .099 .100 .104 .103 .105 .104 .104 .103 .101 .102 .101 .112 .102 .102 .101 .105 .102 .101 0.033 .042 .041 .040 .040 .039 .036 .036 .037 .036 .037 .037 .037 .037 .036 .036 .035 .035 .036 .036 Total 0.123 .111 .105 .137 .142 .152 .159 .161 .153 .144 .157 .157 .159 .139 .153 .140 .143 .142 .141 .145 Taxes on corporate income 0.039 .031 .026 .031 .031 .035 .037 .036 .034 .032 .036 .037 .034 .028 .031 .032 .032 .033 .032 .034 Profits after tax 5 0.083 .080 .079 .107 .110 .116 .122 .125 .119 .112 .121 .119 .125 .111 .122 .108 .110 .108 .109 .111 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 ComNational pensation of income employees 2007 �������������������� 12,321.4 2008 �������������������� 12,427.8 2009 �������������������� 12,126.1 2010 �������������������� 12,739.5 2011 �������������������� 13,352.3 2012 �������������������� 14,061.9 2013 �������������������� 14,444.8 2014 �������������������� 15,144.0 2015 �������������������� 15,739.6 2016 �������������������� 16,052.0 2015: I ��������������� 15,552.9 � ��������������� 15,719.8 II �������������� 15,784.5 III �������������� 15,901.3 IV 2016: I ��������������� 15,846.5 � ��������������� 15,957.6 II �������������� 16,185.1 III �������������� 16,218.9 IV 2017: I ��������������� 16,388.2 � ��������������� 16,527.1 II p ������������ �������������� III 7,898.3 8,078.3 7,787.0 7,961.4 8,269.0 8,609.9 8,842.4 9,256.5 9,708.3 9,978.6 9,541.6 9,655.9 9,730.0 9,905.5 9,838.6 9,979.6 10,081.4 10,014.9 10,166.3 10,271.4 10,373.2 Rental income of persons with capital conNonfarm sumption adjustment Farm 38.1 47.0 35.5 46.0 75.5 61.6 87.8 68.1 53.7 43.2 52.0 53.0 58.7 51.0 46.8 46.7 41.4 37.8 41.9 37.0 32.3 941.1 979.5 937.5 986.7 1,068.1 1,179.8 1,197.0 1,247.7 1,265.1 1,298.7 1,260.7 1,260.9 1,264.5 1,274.3 1,280.8 1,292.8 1,304.6 1,316.7 1,338.4 1,341.6 1,349.5 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 Total Profits before tax 189.4 1,529.0 1,708.9 1,748.4 –39.5 262.1 1,285.1 1,345.5 1,382.4 –37.0 333.7 1,397.0 1,479.2 1,472.6 6.7 402.8 1,746.4 1,799.7 1,840.7 –41.0 485.3 1,816.6 1,738.5 1,806.8 –68.3 525.3 1,998.2 2,116.6 2,130.8 –14.2 567.1 2,032.9 2,159.4 2,156.1 3.3 611.7 2,140.6 2,253.2 2,249.1 4.1 662.5 2,117.5 2,210.9 2,158.5 52.4 707.3 2,073.5 2,161.6 2,158.9 2.7 639.3 2,175.5 2,275.7 2,201.2 74.5 658.4 2,175.1 2,270.4 2,260.8 9.6 670.9 2,135.9 2,228.7 2,171.7 57.1 681.4 1,983.3 2,068.8 2,000.5 68.3 697.6 2,040.8 2,132.7 2,075.6 57.2 704.8 1,996.6 2,087.5 2,123.6 –36.1 708.1 2,101.2 2,187.0 2,179.6 7.3 718.9 2,155.2 2,239.4 2,256.8 –17.5 730.8 2,109.0 2,201.8 2,276.8 –75.0 740.3 2,123.4 2,220.8 2,254.3 –33.6 745.9 �������������� �������������� �������������� �������������� –179.9 –60.4 –82.2 –53.3 78.1 –118.5 –126.6 –112.6 –93.5 –88.2 –100.2 –95.3 –92.9 –85.5 –92.0 –90.9 –85.7 –84.2 –92.8 –97.4 –98.4 663.4 693.4 563.4 489.4 488.1 527.7 504.6 535.0 583.4 570.6 576.1 587.7 591.8 578.0 574.1 568.0 573.7 566.5 588.2 598.3 602.2 Business Less: current Subsidies transfer payments 1,034.6 1,041.9 1,026.1 1,057.1 1,102.6 1,132.1 1,174.9 1,221.6 1,255.8 1,288.0 1,241.8 1,253.0 1,258.2 1,270.2 1,274.9 1,276.4 1,296.6 1,304.1 1,309.2 1,321.3 1,336.4 54.6 52.6 58.3 55.9 60.1 58.0 59.3 58.1 57.3 61.8 56.2 56.5 57.7 58.6 60.4 62.1 63.0 61.6 61.0 60.1 61.6 98.6 114.4 124.9 128.5 131.5 104.7 118.4 138.9 165.0 164.0 137.5 147.4 146.4 228.6 163.2 165.0 151.2 176.6 176.5 164.6 154.9 Current surplus of government enterprises –16.4 –21.2 –20.6 –22.9 –24.5 –19.3 –20.9 –17.9 –14.3 –10.1 –15.6 –15.1 –14.1 –12.4 –9.7 –10.3 –10.1 –10.2 –11.0 –10.7 –10.6 1 With inventory valuation and capital consumption adjustments. Source: Department of Commerce (Bureau of Economic Analysis). Real Personal Consumption Expenditures [Billions of chained (2009) dollars, except as noted; quarterly data at seasonally adjusted annual rates] Goods Period Total personal consumption expenditures 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2015: I ��������������� � ��������������� II �������������� III �������������� IV 2016: I ��������������� � ��������������� II �������������� III �������������� IV 2017: I ��������������� � ��������������� II p ������������ III 10,041.6 10,007.2 9,847.0 10,036.3 10,263.5 10,413.2 10,565.4 10,868.4 11,264.3 11,572.1 11,145.3 11,227.9 11,304.6 11,379.3 11,430.5 11,537.7 11,618.1 11,702.1 11,758.0 11,853.0 11,922.1 Services Durable Total goods 3,381.8 3,297.8 3,198.4 3,308.7 3,411.8 3,504.3 3,613.5 3,753.5 3,927.3 4,072.2 3,867.2 3,910.2 3,952.0 3,979.9 4,000.4 4,059.1 4,090.8 4,138.4 4,145.4 4,199.9 4,243.4 Total durable goods 1 1,141.7 1,083.2 1,023.3 1,085.7 1,151.5 1,236.2 1,312.7 1,403.1 1,511.8 1,595.1 1,475.6 1,506.3 1,524.9 1,540.6 1,544.4 1,576.2 1,611.9 1,647.9 1,647.3 1,677.8 1,711.5 Nondurable Motor vehicles and parts 392.8 340.8 317.1 323.4 333.8 359.1 375.7 398.7 426.0 438.5 418.6 430.3 429.9 425.4 421.6 429.2 444.5 458.4 447.0 447.9 463.5 Total nondurable goods 1 2,239.3 2,214.7 2,175.1 2,223.5 2,263.2 2,277.5 2,316.1 2,373.0 2,446.8 2,514.3 2,420.2 2,435.2 2,459.2 2,472.5 2,488.6 2,517.5 2,517.9 2,533.2 2,540.2 2,566.6 2,580.1 Food and beverages purchased for offpremises consumption Gasoline and other energy goods Total services 1 Household consumption expenditures 791.3 781.9 770.0 786.5 795.1 795.7 795.2 805.8 810.2 832.4 809.5 808.8 810.6 812.1 818.9 831.5 835.2 844.1 846.6 846.9 853.7 296.8 283.4 284.5 282.2 274.3 270.0 275.5 273.2 285.6 289.0 282.2 283.7 288.1 288.6 293.5 289.5 287.3 285.8 281.5 287.1 283.6 6,656.4 6,708.6 6,648.5 6,727.6 6,851.4 6,908.1 6,951.3 7,115.5 7,340.1 7,507.3 7,279.6 7,320.6 7,356.7 7,403.7 7,434.7 7,485.7 7,534.9 7,573.8 7,621.0 7,664.4 7,692.9 6,415.2 6,435.1 6,372.5 6,449.3 6,575.9 6,614.3 6,651.4 6,818.2 7,039.8 7,191.1 6,989.7 7,025.1 7,053.6 7,090.9 7,122.5 7,172.0 7,215.2 7,254.6 7,299.2 7,344.1 7,371.3 Housing and utilities 1,840.8 1,860.1 1,881.0 1,904.3 1,928.0 1,929.1 1,937.9 1,965.3 1,998.8 2,025.2 1,997.1 1,993.0 2,002.6 2,002.4 2,010.4 2,024.5 2,035.3 2,030.7 2,028.9 2,045.9 2,046.8 Health care 1,563.2 1,598.8 1,627.4 1,649.2 1,690.3 1,727.0 1,734.9 1,787.5 1,878.5 1,949.1 1,859.0 1,868.7 1,886.7 1,899.7 1,920.5 1,946.4 1,951.7 1,977.9 1,988.1 1,994.6 2,002.2 Financial services and insurance 742.5 737.4 719.0 733.9 747.2 706.4 707.4 719.3 740.6 728.7 736.7 744.0 740.7 741.0 728.9 724.8 729.3 731.8 745.5 750.3 755.5 Addendum: Personal consumption expenditures excluding food and energy 2 Retail sales of new passenger cars and light trucks (millions of units) 8,734.2 8,730.5 8,577.4 8,746.1 8,980.4 9,143.9 9,284.6 9,580.9 9,961.0 10,244.1 9,834.9 9,929.9 9,999.1 10,080.0 10,119.2 10,208.5 10,281.4 10,367.5 10,432.4 10,510.0 10,580.0 16.1 13.2 10.4 11.6 12.7 14.4 15.5 16.5 17.4 17.5 16.9 17.3 17.7 17.7 17.3 17.2 17.5 17.8 17.1 16.8 17.1 1 Includes other items, not shown separately. 2 Food consists of food and beverages purchased for off-premises consumption; food services, which include purchased meals and beverages, are not classified as food. Note: Because of the formula used for calculating real GDP, the chained (2009) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce (Bureau of Economic Analysis). 4 Sources of Personal Income Personal income rose $67.0 billion (annual rate) in September, following an increase of $29.2 billion in August. Wages and salaries rose $37.5 billion in September, following an increase of $5.1 billion in August. BILLIONS OF DOLLARS * (RATIO SCALE) 18,000 16,000 BILLIONS OF DOLLARS* (RATIO SCALE) 18,000 16,000 14,000 14,000 12,000 12,000 TOTAL PERSONAL INCOME 10,000 10,000 9,000 9,000 WAGES AND SALARIES 8,000 8,000 7,000 7,000 6,000 6,000 5,000 5,000 OTHER INCOME 4,000 4,000 PERSONAL CURRENT TRANSFER RECEIPTS 3,000 3,000 2,000 2,000 1,000 1,000 2009 2010 2011 2012 2013 2014 2015 2016 *SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE 2017 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; monthly data at seasonally adjusted annual rates] Compensation of employees Period 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2016: Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2017: Jan ���������� � ����������� Feb ���������� Mar ����������� Apr May ��������� � June �������� � r �������� July r ��������� Aug Sept p ������� Total personal income 12,000.2 12,502.2 12,094.8 12,477.1 13,254.5 13,915.1 14,073.7 14,818.2 15,553.0 15,928.7 16,043.4 16,035.4 16,014.4 16,027.3 16,173.5 16,257.3 16,304.9 16,328.1 16,380.8 16,384.2 16,436.3 16,465.5 16,532.5 Total 7,898.3 8,078.3 7,787.0 7,961.4 8,269.0 8,609.9 8,842.4 9,256.5 9,708.3 9,978.6 10,077.6 10,034.9 10,001.2 10,008.7 10,117.6 10,185.7 10,195.7 10,247.9 10,261.8 10,304.6 10,353.3 10,361.5 10,404.9 Wages and salaries Supplements to wages and salaries 6,395.2 6,531.9 6,251.4 6,377.5 6,633.2 6,930.3 7,116.7 7,476.8 7,858.9 8,085.2 8,172.1 8,129.1 8,095.0 8,099.4 8,189.9 8,250.0 8,256.3 8,302.6 8,312.7 8,349.8 8,392.7 8,397.8 8,435.3 1,503.1 1,546.4 1,535.6 1,583.9 1,635.9 1,679.6 1,725.8 1,779.7 1,849.4 1,893.4 1,905.5 1,905.9 1,906.2 1,909.3 1,927.7 1,935.7 1,939.4 1,945.4 1,949.1 1,954.8 1,960.6 1,963.8 1,969.6 Proprietors’ income 1 Farm 38.1 47.0 35.5 46.0 75.5 61.6 87.8 68.1 53.7 43.2 42.4 40.9 38.2 34.3 38.1 41.9 45.6 41.3 37.0 32.7 32.5 32.3 32.1 Nonfarm 941.1 979.5 937.5 986.7 1,068.1 1,179.8 1,197.0 1,247.7 1,265.1 1,298.7 1,310.6 1,309.7 1,320.1 1,320.5 1,339.4 1,336.4 1,339.4 1,334.5 1,343.3 1,347.0 1,344.0 1,348.1 1,356.3 Personal income receipts on assets Rental income of persons 2 189.4 262.1 333.7 402.8 485.3 525.3 567.1 611.7 662.5 707.3 711.1 716.1 719.3 721.2 725.7 730.6 736.1 737.1 739.7 744.1 743.3 745.2 749.3 Total 2,166.6 2,167.1 1,818.0 1,739.6 1,913.9 2,123.8 2,056.1 2,245.1 2,387.1 2,377.8 2,377.7 2,388.0 2,392.7 2,394.1 2,404.1 2,419.7 2,436.5 2,426.9 2,459.8 2,416.7 2,426.8 2,434.1 2,446.6 Personal interest income 1,350.1 1,361.6 1,264.3 1,195.0 1,231.6 1,288.8 1,261.6 1,303.3 1,367.3 1,415.3 1,420.8 1,430.1 1,438.8 1,446.8 1,461.7 1,476.6 1,491.5 1,478.3 1,465.1 1,451.9 1,456.5 1,461.1 1,465.7 Personal dividend income 816.5 805.4 553.7 544.6 682.2 834.9 794.4 941.9 1,019.8 962.5 956.9 957.9 954.0 947.3 942.4 943.1 944.9 948.6 994.7 964.9 970.4 973.0 981.0 Personal current transfer receipts 3 1,728.1 1,956.6 2,147.5 2,324.7 2,360.5 2,366.3 2,428.0 2,544.4 2,684.4 2,768.4 2,781.6 2,798.6 2,791.3 2,797.9 2,826.8 2,829.5 2,839.3 2,834.8 2,835.5 2,840.5 2,844.5 2,853.5 2,858.0 Less: Chart 5 - Oct 2017 Contributions for government social insurance, domestic 961.4 988.2 964.4 984.1 917.8 951.6 1,104.6 1,155.3 1,208.0 1,245.3 1,257.6 1,252.8 1,248.5 1,249.3 1,278.1 1,286.5 1,287.7 1,294.4 1,296.3 1,301.6 1,308.0 1,309.2 1,314.8 1 With inventory valuation and capital consumption adjustments. 2 With capital consumption adjustment. 3 Consists mainly of social insurance benefits to persons. Source: Department of Commerce (Bureau of Economic Analysis). 5 Disposition of Personal Income According to advance estimates, per capita disposable personal income in chained (2009) dollars fell 0.2 percent (annual rate) in the third quarter of 2017. BILLIONS OF DOLLARS* (RATIO SCALE) 15,000 14,500 BILLIONS OF DOLLARS* (RATIO SCALE) 15,000 14,500 14,000 14,000 13,500 13,500 DISPOSABLE PERSONAL INCOME 13,000 13,000 12,500 12,500 12,000 12,000 11,500 11,500 SAVING 11,000 11,000 PERSONAL OUTLAYS 10,500 10,500 10,000 10,000 9,500 9,500 DOLLARS* (RATIO SCALE) 46,000 44,000 DOLLARS* (RATIO SCALE) 46,000 PER CAPITA DISPOSABLE PERSONAL INCOME 44,000 42,000 42,000 CURRENT DOLLARS 40,000 40,000 38,000 38,000 36,000 36,000 CHAINED (2009) DOLLARS 34,000 34,000 32,000 32,000 2008 2009 2010 2011 2012 2013 2014 2015 *SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE Period Personal income Less: Personal current taxes Equals: Disposable personal income 12,000.2 12,502.2 12,094.8 12,477.1 13,254.5 13,915.1 14,073.7 14,818.2 15,553.0 15,928.7 1,493.2 1,507.8 1,152.3 1,239.3 1,453.2 1,511.4 1,677.8 1,785.6 1,937.9 1,960.1 10,507.0 10,994.4 10,942.5 11,237.9 11,801.4 12,403.7 12,395.8 13,032.6 13,615.0 13,968.6 2017 COUNCIL OF ECONOMIC ADVISERS Less: Personal outlays 1 Equals: Personal saving Disposable personal income in billions of chained (2009) dollars Per capita disposable personal income Current dollars Billions of dollars 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2016 Chained (2009) dollars Per capita personal consumption expenditures Current dollars Chained (2009) dollars Dollars 10,197.2 10,457.7 10,275.1 10,607.9 11,091.2 11,457.0 11,775.7 12,293.8 12,786.7 13,288.0 309.8 536.7 667.4 630.0 710.1 946.7 620.1 738.8 828.4 680.6 10,820.6 10,987.3 10,942.5 11,055.1 11,331.2 11,688.3 11,527.6 11,939.3 12,436.0 12,608.2 34,826 36,101 35,616 36,274 37,811 39,455 39,157 40,869 42,392 43,194 Chart 6 - Oct 2017 Percent Saving change as in real percent per capita of disposable disposable personal personal income income Population, including Armed Forces overseas (thousands) 2 Percent 35,866 36,078 35,616 35,685 36,305 37,179 36,414 37,441 38,720 38,988 32,319 32,881 32,050 32,931 34,248 35,151 35,888 37,203 38,398 39,645 33,284 32,860 32,050 32,396 32,884 33,123 33,375 34,082 35,072 35,784 1.2 .6 –1.3 .2 1.7 2.4 –2.1 2.8 3.4 .7 2.9 4.9 6.1 5.6 6.0 7.6 5.0 5.7 6.1 4.9 301,696 304,543 307,240 309,801 312,114 314,377 316,569 318,887 321,173 323,391 38,391 38,692 38,794 39,003 38,964 39,086 39,080 38,828 39,045 39,299 39,280 37,905 38,287 38,598 38,797 38,975 39,481 39,853 40,265 40,619 40,909 41,224 34,793 34,995 35,167 35,333 35,438 35,713 35,894 36,087 36,205 36,439 36,583 3.6 3.2 1.1 2.2 –.4 1.3 –.1 –2.6 2.3 2.6 –.2 6.0 6.2 6.0 6.1 5.7 5.3 4.8 3.6 3.9 3.8 3.4 320,328 320,846 321,458 322,058 322,549 323,064 323,675 324,275 324,765 325,281 325,892 Seasonally adjusted annual rates 2015: I ��������������� ��������������� II �������������� III �������������� IV 2016: I ��������������� ��������������� II �������������� III �������������� IV 2017: I ��������������� � ��������������� II p ������������ III 15,301.0 15,516.1 15,625.5 15,769.2 15,751.0 15,910.1 16,028.0 16,025.7 16,245.2 16,364.4 16,478.1 1,903.4 1,934.1 1,937.7 1,976.5 1,928.9 1,950.7 1,983.8 1,977.2 2,018.8 2,012.9 2,053.0 13,397.6 13,582.0 13,687.8 13,792.7 13,822.1 13,959.4 14,044.3 14,048.5 14,226.4 14,351.5 14,425.1 12,587.9 12,737.7 12,865.8 12,955.2 13,034.3 13,214.2 13,366.6 13,537.0 13,671.8 13,805.9 13,930.3 809.7 844.4 822.0 837.5 787.8 745.2 677.7 511.5 554.6 545.6 494.8 12,297.6 12,414.2 12,470.8 12,561.2 12,567.7 12,627.2 12,649.2 12,590.8 12,680.4 12,783.3 12,801.0 41,825 42,332 42,580 42,827 42,853 43,209 43,390 43,323 43,805 44,120 44,263 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 2017, gross farm income in chained (2017) dollars is forecast to be $418.5 billion and net farm income to be $63.4 billion. BILLIONS OF CHAINED (2017) DOLLARS (RATIO SCALE) BILLIONS OF CHAINED (2017) DOLLARS (RATIO SCALE) 560 520 480 440 400 560 520 480 440 400 GROSS FARM INCOME 360 360 320 320 280 280 240 240 200 200 160 160 NET FARM INCOME 120 120 80 80 60 60 40 40 2008 2009 2011 2010 2012 2013 2014 2015 SOURCE: DEPARTMENT OF AGRICULTURE 2016 2017 COUNCIL OF ECONOMIC ADVISERS [Billions of chained (2017) dollars] Chart 7 - Oct 2017 Income of farm operators from farming 1 Gross farm income Year Value of agricultural sector production Total 1998 ��������������������������������������������������� 1999 ��������������������������������������������������� 2000 ��������������������������������������������������� 2001 ��������������������������������������������������� 2002 ��������������������������������������������������� 2003 ��������������������������������������������������� 2004 ��������������������������������������������������� 2005 ��������������������������������������������������� 2006 ��������������������������������������������������� 2007 ��������������������������������������������������� 2008 ��������������������������������������������������� 2009 ��������������������������������������������������� 2010 ��������������������������������������������������� 2011 ��������������������������������������������������� 2012 ��������������������������������������������������� 2013 ��������������������������������������������������� 2014 ��������������������������������������������������� 2015 ��������������������������������������������������� 2016 ��������������������������������������������������� 2017 ��������������������������������������������������� Crops 2, 3 Total 333.6 332.2 334.1 337.7 306.9 337.6 374.5 367.3 346.4 394.9 415.9 381.0 398.7 460.7 483.9 512.2 502.5 453.1 418.6 418.5 315.8 301.7 302.0 307.4 290.4 316.1 358.1 337.3 327.6 381.0 401.9 367.2 384.9 449.2 472.5 500.6 492.3 442.0 405.4 405.5 146.4 131.2 131.3 128.4 130.3 141.7 158.9 140.7 141.7 175.7 198.3 186.4 188.0 218.4 229.1 247.4 214.3 189.2 192.0 180.5 Animals and animal products 3 Farm-related income 4 135.0 134.6 136.9 143.8 124.4 137.0 157.8 155.7 142.5 161.0 159.0 135.4 156.8 179.4 181.9 191.6 223.0 199.8 168.1 177.5 34.3 36.0 33.8 35.2 35.7 37.3 41.3 40.9 43.4 44.4 44.6 45.5 40.0 51.4 61.5 61.6 55.0 53.0 45.3 47.5 Direct Federal Government payments 17.8 30.4 32.1 30.3 16.5 21.6 16.5 30.0 18.9 13.8 14.0 13.8 13.9 11.4 11.4 11.7 10.2 11.1 13.2 13.0 Production expenses Net farm income 266.0 264.7 264.0 263.6 254.8 258.1 263.5 270.4 277.9 313.5 326.9 310.6 312.4 336.2 380.1 381.2 406.3 369.4 356.1 355.1 67.6 67.4 70.1 74.2 52.1 79.6 111.0 96.9 68.6 81.4 89.0 70.4 86.3 124.5 103.8 131.0 96.1 83.7 62.5 63.4 1 The GDP chain-type price index is used to convert the current-dollar statistics to 2017=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: With this latest release, the series was revised to use 2017 as the base year rather than 2009 as it had in previous releases. Source: Department of Agriculture (Economic Research Service). 7 Corporate Profits In the second quarter of 2017, according to current estimates, corporate profits before tax fell $22.5 billion (annual rate) and profits after tax fell $35.8 billion. BILLIONS OF DOLLARS 2,600 2,500 BILLIONS OF DOLLARS 2,600 2,500 SEASONALLY ADJUSTED ANNUAL RATES 2,400 2,400 2,300 2,300 PROFITS BEFORE TAX 2,200 2,200 2,100 2,100 2,000 2,000 1,900 1,900 1,800 1,800 1,700 1,700 1,600 1,600 1,500 1,500 PROFITS AFTER TAX 1,400 1,400 1,300 1,300 1,200 1,200 1,100 1,100 UNDISTRIBUTED PROFITS 1,000 1,000 900 900 800 800 700 700 600 600 500 500 400 400 300 300 TAXES ON CORPORATE INCOME 200 200 100 100 0 0 –100 –200 –100 –200 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 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 Total 2 Profits before tax Nonfinancial Total Financial Total 3 Manufacturing Utilities Wholesale Taxes on corporate income Total Retail 2007 �������������������� 1,708.9 1,355.5 301.5 1,054.0 321.9 49.5 103.2 119.0 1,748.4 445.5 1,302.9 2008 �������������������� 1,345.5 938.8 95.4 843.4 240.6 30.1 90.6 80.3 1,382.4 309.1 1,073.3 2009 �������������������� 1,479.2 1,122.0 362.9 759.2 171.4 23.8 89.3 108.7 1,472.6 269.4 1,203.1 2010 �������������������� 1,799.7 1,404.5 406.3 998.2 287.6 30.3 102.4 118.6 1,840.7 370.6 1,470.1 2011 �������������������� 1,738.5 1,316.6 375.9 940.7 298.1 9.8 94.4 114.3 1,806.8 379.1 1,427.7 2012 �������������������� 2,116.6 1,706.3 479.0 1,227.2 395.7 12.5 135.3 154.1 2,130.8 447.6 1,683.2 2013 �������������������� 2,159.4 1,747.6 429.4 1,318.2 429.6 26.9 142.7 154.5 2,156.1 467.7 1,688.4 2014 �������������������� 2,253.2 1,855.6 483.9 1,371.7 452.0 31.5 149.8 159.8 2,249.1 505.3 1,743.8 2015 �������������������� 2,210.9 1,826.0 497.9 1,328.1 417.1 21.8 147.6 171.8 2,158.5 507.4 1,651.1 2016 �������������������� 2,161.6 1,766.9 501.8 1,265.1 392.6 19.3 125.4 179.1 2,158.9 471.0 1,687.9 2015: I ��������������� � 2,275.7 1,886.6 516.1 1,370.5 466.0 35.7 145.3 181.0 2,201.2 521.9 1,679.4 ��������������� II 2,270.4 1,897.8 540.6 1,357.2 449.0 27.4 140.4 168.7 2,260.8 516.7 1,744.2 �������������� III 2,228.7 1,852.2 474.2 1,378.0 450.5 20.1 146.2 169.6 2,171.7 485.6 1,686.1 �������������� IV 2,068.8 1,667.2 460.5 1,206.7 303.1 4.0 158.6 168.1 2,000.5 505.6 1,494.9 2016: I ��������������� � 2,132.7 1,766.9 432.2 1,334.6 424.3 22.8 144.3 176.1 2,075.6 455.9 1,619.6 ��������������� II 2,087.5 1,698.5 473.4 1,225.0 374.0 17.1 116.9 171.4 2,123.6 471.5 1,652.1 �������������� III 2,187.0 1,798.6 536.8 1,261.8 385.4 16.1 141.9 185.1 2,179.6 487.2 1,692.4 �������������� IV 2,239.4 1,803.7 564.8 1,238.9 386.8 21.2 98.3 183.8 2,256.8 469.5 1,787.4 2017: I ��������������� � 2,201.8 1,775.5 523.7 1,251.8 370.4 27.6 90.3 179.6 2,276.8 466.3 1,810.5 ��������������� II 2,220.8 1,805.2 489.9 1,315.3 389.6 28.2 107.8 183.9 2,254.3 479.6 1,774.7 �������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� III 1 See p. 4 for profits with inventory valuation and capital consumption adjustments. 2 Includes rest of the world, not shown separately. 3 Includes industries not shown separately. Note: Data by industry are based on the North American Industry Classification System (NAICS). Source: Department of Commerce (Bureau of Economic Analysis). 8 Net dividends Chart 8 - Oct 2017 Inventory Undistrib- valuation adjustment uted profits 818.9 484.0 –39.5 808.6 264.7 –37.0 574.6 628.5 6.7 564.0 906.2 –41.0 703.7 724.0 –68.3 859.4 823.8 –14.2 929.4 759.0 3.3 986.4 757.4 4.1 1,039.9 611.2 52.4 981.9 706.0 2.7 1,062.0 617.4 74.5 1,036.3 707.8 9.6 1,048.1 638.0 57.1 1,013.3 481.6 68.3 1,000.7 618.9 57.2 971.3 680.9 –36.1 976.3 716.1 7.3 979.1 808.3 –17.5 988.1 822.4 –75.0 994.2 780.5 –33.6 p 1,000.2 ��������������� ����������������� Real Gross Private Domestic Investment In the third quarter of 2017, according to advance estimates, nonresidential fixed investment in chained (2009) dollars rose $22.1 billion (annual rate) and residential fixed investment fell $9.1 billion. Inventories rose $35.8 billion, following an increase of $5.5 billion in the second quarter. BILLIONS OF CHAINED (2009) DOLLARS 3,200 BILLIONS OF CHAINED (2009) DOLLARS 3,200 SEASONALLY ADJUSTED ANNUAL RATES 3,000 3,000 2,800 2,800 2,600 2,600 GROSS PRIVATE DOMESTIC INVESTMENT 2,400 2,400 2,200 2,200 2,000 2,000 NONRESIDENTIAL FIXED INVESTMENT 1,800 1,800 1,600 1,600 1,400 1,400 1,200 1,200 1,000 1,000 800 800 RESIDENTIAL FIXED INVESTMENT 600 600 400 400 200 200 0 0 CHANGE IN PRIVATE INVENTORIES –200 –200 –400 –400 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of chained (2009) dollars; quarterly data at seasonally adjusted annual rates] Chart 9 - Oct 2017 Fixed investment Period 2007 ��������������������������������������������������� 2008 ��������������������������������������������������� 2009 ��������������������������������������������������� 2010 ��������������������������������������������������� 2011 ��������������������������������������������������� 2012 ��������������������������������������������������� 2013 ��������������������������������������������������� 2014 ��������������������������������������������������� 2015 ��������������������������������������������������� 2016 ��������������������������������������������������� 2015: I ���������������������������������������������� � ���������������������������������������������� II ��������������������������������������������� III ��������������������������������������������� IV 2016: I ���������������������������������������������� � ���������������������������������������������� II ��������������������������������������������� III ��������������������������������������������� IV 2017: I ���������������������������������������������� � ���������������������������������������������� II p ������������������������������������������� III Gross private domestic investment 2,644.1 2,396.0 1,878.1 2,120.4 2,230.4 2,465.7 2,616.5 2,761.7 2,905.4 2,858.3 2,905.4 2,911.3 2,925.5 2,879.2 2,849.8 2,830.2 2,847.2 2,905.7 2,897.0 2,924.7 2,967.5 Change in private inventories Nonresidential Total 2,609.6 2,432.6 2,025.7 2,056.2 2,186.7 2,400.4 2,521.4 2,677.3 2,782.7 2,803.4 2,751.5 2,783.4 2,806.6 2,789.4 2,787.8 2,797.5 2,808.2 2,820.3 2,875.7 2,898.5 2,909.4 Total 1,948.4 1,934.4 1,633.4 1,673.8 1,802.3 1,964.1 2,032.9 2,172.7 2,223.5 2,210.4 2,214.7 2,230.7 2,238.8 2,209.9 2,187.5 2,205.3 2,224.0 2,224.9 2,263.6 2,300.6 2,322.7 Structures 509.0 540.2 438.2 366.3 374.7 423.1 428.8 474.0 465.4 446.4 477.9 483.3 463.8 436.7 439.1 439.7 454.6 452.1 468.0 476.0 469.7 Equipment 898.3 836.1 644.3 746.7 847.9 939.2 982.3 1,047.4 1,084.5 1,047.8 1,073.2 1,075.3 1,101.3 1,088.3 1,050.7 1,049.0 1,043.4 1,048.0 1,059.4 1,082.0 1,104.5 Intellectual property products 542.4 558.8 550.9 561.3 581.3 603.8 624.5 653.1 677.8 720.4 666.1 674.1 678.9 692.2 702.8 721.5 729.0 728.3 738.6 745.3 753.2 Residential 654.8 497.7 392.2 382.4 384.5 436.5 488.3 505.2 556.9 587.4 536.1 551.1 565.2 575.3 593.7 586.5 579.8 589.8 605.5 594.1 585.0 Total Nonfarm 35.5 –33.7 –147.6 58.2 37.6 54.7 78.7 67.8 100.5 33.4 132.2 105.6 96.2 68.2 40.6 12.2 17.6 63.1 1.2 5.5 35.8 36.5 –35.0 –146.0 65.9 36.6 72.7 73.0 74.0 102.8 34.5 133.0 107.8 97.7 72.5 44.6 9.4 17.1 66.8 –1.8 4.2 31.7 Note: See p. 10 for further detail on fixed investment by type. Because of the formula used for calculating real GDP, the chained (2009) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce (Bureau of Economic Analysis). 9 Real Private Fixed Investment by Type [Billions of chained (2009) dollars; quarterly data at seasonally adjusted annual rates] Nonresidential Equipment Total fixed investment Period 2007 ������������ 2008 ������������ 2009 ������������ 2010 ������������ 2011 ������������ 2012 ������������ 2013 ������������ 2014 ������������ 2015 ������������ 2016 ������������ 2015: I ������� � ������� II ������ III ������ IV 2016: I ������� � ������� II ������ III ������ IV 2017: I ������� � ������� II p ���� III Residential Total nonresidential 2,609.6 2,432.6 2,025.7 2,056.2 2,186.7 2,400.4 2,521.4 2,677.3 2,782.7 2,803.4 2,751.5 2,783.4 2,806.6 2,789.4 2,787.8 2,797.5 2,808.2 2,820.3 2,875.7 2,898.5 2,909.4 Intellectual property products Information processing equipment Structures 1,948.4 1,934.4 1,633.4 1,673.8 1,802.3 1,964.1 2,032.9 2,172.7 2,223.5 2,210.4 2,214.7 2,230.7 2,238.8 2,209.9 2,187.5 2,205.3 2,224.0 2,224.9 2,263.6 2,300.6 2,322.7 Total 2 509.0 540.2 438.2 366.3 374.7 423.1 428.8 474.0 465.4 446.4 477.9 483.3 463.8 436.7 439.1 439.7 454.6 452.1 468.0 476.0 469.7 Computers and peripheral equipment 1 Total 898.3 836.1 644.3 746.7 847.9 939.2 982.3 1,047.4 1,084.5 1,047.8 1,073.2 1,075.3 1,101.3 1,088.3 1,050.7 1,049.0 1,043.4 1,048.0 1,059.4 1,082.0 1,104.5 279.9 281.0 256.1 281.4 285.9 303.1 317.7 329.6 343.9 350.2 334.9 338.5 350.1 352.2 343.7 347.9 353.4 355.9 362.9 372.2 383.7 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ Other 207.9 204.2 179.3 196.8 202.8 214.5 228.9 238.9 256.2 265.6 247.8 250.6 259.6 266.8 259.3 262.8 268.5 271.7 278.0 279.1 283.2 Industrial Transportation equipequipment ment 205.3 195.5 152.1 151.3 183.3 199.8 196.7 205.0 207.3 212.1 203.0 208.1 207.2 210.8 208.1 211.7 212.9 215.8 219.9 226.0 229.1 Software Total 2 203.6 156.9 70.6 136.9 183.0 218.9 243.0 271.3 299.5 277.6 296.0 293.3 309.7 299.1 282.8 283.4 273.3 270.8 268.9 269.6 274.1 Structures Research and development 3 244.2 256.2 256.8 254.2 271.8 286.6 295.5 318.8 336.7 360.4 331.7 335.0 337.1 342.8 350.6 359.3 364.9 366.8 371.1 377.3 383.4 Total residential 2 227.9 235.5 229.0 234.4 236.7 242.9 254.1 260.5 264.2 281.5 259.1 262.6 264.2 271.1 274.3 284.5 285.2 282.2 287.6 288.4 290.1 542.4 558.8 550.9 561.3 581.3 603.8 624.5 653.1 677.8 720.4 666.1 674.1 678.9 692.2 702.8 721.5 729.0 728.3 738.6 745.3 753.2 654.8 497.7 392.2 382.4 384.5 436.5 488.3 505.2 556.9 587.4 536.1 551.1 565.2 575.3 593.7 586.5 579.8 589.8 605.5 594.1 585.0 Total 2 644.9 488.4 383.9 373.6 375.3 427.1 478.1 494.3 545.1 574.8 524.6 539.4 553.2 563.1 581.2 574.0 567.1 576.9 592.4 581.0 571.9 Single family 283.7 178.2 105.3 114.4 109.2 132.1 161.9 170.9 190.5 199.9 183.6 186.9 193.7 197.6 204.2 201.0 193.9 200.4 205.5 206.7 207.3 1 Because computers exhibit rapid changes in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance or its contribution to the growth rate of more aggregate series. The quantity index for computers can be used to accurately measure the real growth rate of this series. For information on this component, see Survey of Current Business Table 5.3.1 (for growth rates), Table 5.3.2 (for contributions), and Table 5.3.3 (for quantity indexes). 2 Includes other items, not shown separately. 3 Research and development investment excludes expenditures for software development. Note: Because of the formula used for calculating real GDP, the chained (2009) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates. Source: Department of Commerce (Bureau of Economic Analysis). Business Investment [Billions of dollars] Capital expenditures By industry Period Total capital expenditures Forestry, Total fishing, by and agri- Mining industry cultural services ConManu- WholeUtilities struction facturing sale 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 2001 �������� 2002 �������� 2003 �������� 2004 �������� 2005 �������� 2006 �������� 2007 �������� 2008 �������� 2009 �������� 2010 �������� 2011 �������� 2012 �������� 2013 �������� 2014 �������� 2015 p ������� 1,109.0 997.9 975.0 1,042.1 1,144.8 1,309.9 1,354.7 1,374.2 1,090.7 1,105.7 1,243.0 1,423.6 1,491.3 1,597.9 1,638.6 1,052.3 917.5 886.8 953.2 1,062.5 1,217.1 1,270.5 1,294.5 1,015.3 1,036.2 1,169.6 1,334.4 1,400.9 1,506.6 1,544.7 1.5 1.9 1.9 2.1 2.7 2.7 2.1 2.3 2.2 3.3 3.1 3.1 3.0 4.0 3.4 51.3 42.5 50.5 51.3 66.7 99.3 120.7 149.3 100.6 115.7 165.7 196.7 202.2 230.8 174.7 82.8 65.5 54.6 50.4 58.0 69.8 85.4 98.7 103.0 94.5 98.0 125.0 111.3 118.9 130.2 24.8 24.8 23.2 28.6 30.1 30.3 36.7 40.8 19.8 17.9 21.8 23.6 27.6 30.3 33.5 192.8 157.2 149.1 156.7 165.6 192.4 197.3 213.1 155.2 160.8 192.4 203.1 221.3 231.1 239.6 30.0 26.8 26.0 32.3 40.6 36.6 30.8 32.4 25.3 31.1 35.7 40.9 37.5 44.8 42.8 66.9 59.3 65.9 72.2 73.5 86.7 82.5 73.2 58.4 65.3 68.1 77.6 77.5 82.4 85.8 57.8 47.1 44.5 46.1 56.9 68.0 67.4 79.6 55.7 59.0 72.7 81.8 92.6 111.0 116.7 144.8 88.2 80.5 83.5 91.4 104.4 106.1 103.3 88.4 97.2 100.1 106.5 123.9 132.0 135.6 131.1 128.4 120.8 153.6 161.4 163.1 173.4 132.9 99.5 103.1 109.2 130.2 137.8 153.3 164.5 82.7 94.5 88.0 91.6 103.0 132.1 117.5 106.9 72.9 81.3 91.1 115.7 114.2 121.9 152.3 30.5 25.9 24.7 26.7 33.1 30.3 31.8 33.0 28.2 28.2 28.1 31.6 35.7 30.4 33.6 52.9 59.3 61.2 64.6 73.8 75.3 84.2 90.2 79.4 78.4 83.1 88.9 94.2 89.0 93.6 102.5 96.1 96.2 93.6 105.6 126.3 134.8 138.7 127.0 100.6 100.4 110.0 122.1 126.8 138.3 56.7 80.4 88.2 88.9 82.2 92.8 84.2 79.7 75.4 69.5 73.4 89.2 90.4 91.3 93.9 1 Includes the following industries: Management of companies and enterprises; administrative and support and waste management; educational services; arts, entertainment, and recreation; accommodation and food services; and other services (except public administration). Also includes an item for structure and equipment expenditures serving multiple industry categories. Note: Data from Annual Capital Expenditures. Industry data are based on the North American Industry Classification System (NAICS). Data shown in this table are capital expenditures for both new and used structures and equipment. Source: Department of Commerce (Bureau of the Census). 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force In October, unemployment as measured by the household survey fell 281,000 to 6.5 million. MILLIONS OF PERSONS* MILLIONS OF PERSONS* 162 162 SEASONALLY ADJUSTED 158 158 154 154 CIVILIAN LABOR FORCE 150 150 146 146 142 142 CIVILIAN EMPLOYMENT 138 138 134 134 20 20 16 16 UNEMPLOYMENT 12 12 8 8 4 4 0 0 2009 2010 2011 2012 2013 2014 2015 2016 *16 YEARS OF AGE AND OVER SOURCE: DEPARTMENT OF LABOR 2017 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 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2016: Oct ����������� ���������� Nov ����������� Dec 2017: Jan ���������� � ����������� Feb ���������� Mar ����������� Apr May ��������� � June �������� � ���������� July ���������� Aug Sept ��������� ����������� Oct Civilian noninstitutional population (NSA) 231,867 233,788 235,801 237,830 239,618 243,284 245,679 247,947 250,801 253,538 254,321 254,540 254,742 254,082 254,246 254,414 254,588 254,767 254,957 255,151 255,357 255,562 255,766 Civilian employment Civilian labor force Total 153,124 154,287 154,142 153,889 153,617 154,975 155,389 155,922 157,130 159,187 159,643 159,456 159,640 159,716 160,056 160,201 160,213 159,784 160,145 160,494 160,571 161,146 160,381 146,047 145,362 139,877 139,064 139,869 142,469 143,929 146,305 148,834 151,436 151,902 152,048 152,111 152,081 152,528 153,000 153,156 152,923 153,168 153,513 153,439 154,345 153,861 Men 20 years and over 75,337 74,750 71,341 71,230 72,182 73,403 74,176 75,471 76,776 78,084 78,232 78,330 78,379 78,503 78,573 78,556 78,838 78,801 78,707 78,830 78,847 79,377 79,231 Women 20 years and over 64,799 65,039 63,699 63,456 63,360 64,640 65,295 66,287 67,323 68,387 68,698 68,712 68,760 68,550 68,932 69,271 69,213 69,105 69,241 69,599 69,500 69,737 69,592 Percent 1 Unemployment Both sexes 16–19 years 5,911 5,573 4,837 4,378 4,327 4,426 4,458 4,548 4,734 4,965 4,972 5,006 4,972 5,028 5,023 5,173 5,105 5,017 5,220 5,084 5,092 5,230 5,039 Total 7,078 8,924 14,265 14,825 13,747 12,506 11,460 9,617 8,296 7,751 7,740 7,409 7,529 7,635 7,528 7,202 7,056 6,861 6,977 6,981 7,132 6,801 6,520 Men 20 years and over 3,259 4,297 7,555 7,763 6,898 5,984 5,568 4,585 3,959 3,675 3,735 3,486 3,605 3,609 3,564 3,491 3,253 3,141 3,268 3,278 3,405 3,192 3,109 Women 20 years and over 2,718 3,342 5,157 5,534 5,450 5,125 4,565 3,926 3,371 3,151 3,085 3,025 3,071 3,136 3,079 2,890 2,922 2,883 2,907 2,927 2,925 2,831 2,615 Both sexes 16–19 years 1,101 1,285 1,552 1,528 1,400 1,397 1,327 1,106 966 925 920 897 854 890 884 822 881 837 801 775 803 778 797 Not in labor force 78,743 79,501 81,659 83,941 86,001 88,310 90,290 92,025 93,671 94,351 94,678 95,084 95,102 94,366 94,190 94,213 94,375 94,983 94,813 94,657 94,785 94,417 95,385 Chart 11 - Oct 2017 Labor Employ- Unemployforce ment/ participa- population ment tion rate ratio rate 66.0 66.0 65.4 64.7 64.1 63.7 63.2 62.9 62.7 62.8 62.8 62.6 62.7 62.9 63.0 63.0 62.9 62.7 62.8 62.9 62.9 63.1 62.7 63.0 62.2 59.3 58.5 58.4 58.6 58.6 59.0 59.3 59.7 59.7 59.7 59.7 59.9 60.0 60.1 60.2 60.0 60.1 60.2 60.1 60.4 60.2 4.6 5.8 9.3 9.6 8.9 8.1 7.4 6.2 5.3 4.9 4.8 4.6 4.7 4.8 4.7 4.5 4.4 4.3 4.4 4.3 4.4 4.2 4.1 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 October, the unemployment rate fell to 4.1 percent. PERCENT (SEASONALLY ADJUSTED) PERCENT (SEASONALLY ADJUSTED) 30 30 25 25 TEENAGERS (16-19) 20 20 15 15 BLACK OR AFRICAN AMERICAN1 10 10 HISPANIC1,2 MEN 20 YEARS AND OVER 5 5 WHITE1 ALL CIVILIAN WORKERS WOMEN 20 YEARS AND OVER ASIAN1 0 0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 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 - Oct 2017 By race or ethnicity 1 By sex and age Period 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2016: Oct ����������� ���������� Nov ����������� Dec 2017: Jan ���������� � ����������� Feb ���������� Mar ����������� Apr May ��������� � June �������� � ���������� July ���������� Aug Sept ��������� ����������� Oct All civilian workers 4.6 5.8 9.3 9.6 8.9 8.1 7.4 6.2 5.3 4.9 4.8 4.6 4.7 4.8 4.7 4.5 4.4 4.3 4.4 4.3 4.4 4.2 4.1 Men 20 years and over Women 20 years and over 4.1 5.4 9.6 9.8 8.7 7.5 7.0 5.7 4.9 4.5 4.6 4.3 4.4 4.4 4.3 4.3 4.0 3.8 4.0 4.0 4.1 3.9 3.8 4.0 4.9 7.5 8.0 7.9 7.3 6.5 5.6 4.8 4.4 4.3 4.2 4.3 4.4 4.3 4.0 4.1 4.0 4.0 4.0 4.0 3.9 3.6 Both sexes 16–19 years 15.7 18.7 24.3 25.9 24.4 24.0 22.9 19.6 16.9 15.7 15.6 15.2 14.7 15.0 15.0 13.7 14.7 14.3 13.3 13.2 13.6 12.9 13.7 White 4.1 5.2 8.5 8.7 7.9 7.2 6.5 5.3 4.6 4.3 4.3 4.2 4.3 4.3 4.1 3.9 3.8 3.7 3.8 3.8 3.9 3.7 3.5 Black or African American 8.3 10.1 14.8 16.0 15.8 13.8 13.1 11.3 9.6 8.4 8.6 8.0 7.8 7.7 8.1 8.0 7.9 7.5 7.1 7.4 7.7 7.0 7.5 By selected groups Hispanic or Latino ethnicity Asian 3.2 4.0 7.3 7.5 7.0 5.9 5.2 5.0 3.8 3.6 3.4 3.0 2.6 3.7 3.4 3.3 3.2 3.6 3.6 3.8 4.0 3.7 3.1 1 Persons who selected this race group only. Persons whose ethnicity is identified as Hispanic or Latino may be of any race. Note: Data relate to persons age 16 years and over. Source: Department of Labor (Bureau of Labor Statistics). 12 5.6 7.6 12.1 12.5 11.5 10.3 9.1 7.4 6.6 5.8 5.7 5.7 5.9 5.9 5.6 5.1 5.2 5.2 4.8 5.1 5.2 5.1 4.8 Married men, spouse present 2.5 3.4 6.6 6.8 5.8 4.9 4.3 3.4 2.8 2.7 2.8 2.7 2.7 2.7 2.6 2.6 2.4 2.3 2.2 2.4 2.6 2.3 2.0 Women who maintain families (NSA) 6.5 8.0 11.5 12.3 12.4 11.4 10.2 8.6 7.4 6.8 6.1 6.2 5.8 6.3 6.5 5.5 6.0 6.8 6.9 6.8 7.2 6.5 5.6 Full-time workers 4.6 5.8 10.0 10.4 9.6 8.5 7.7 6.4 5.4 4.9 4.8 4.7 4.7 4.8 4.6 4.4 4.3 4.2 4.4 4.3 4.5 4.2 4.0 Part-time workers 4.9 5.5 6.0 6.3 6.3 6.1 5.9 5.4 4.9 4.8 5.0 4.5 4.9 4.8 5.1 4.9 5.0 4.8 4.2 4.5 4.4 4.3 4.5 Selected Measures of Unemployment and Unemployment Insurance Programs In October, the percentage of the unemployed who had been out of work for 5 to 14 weeks rose, while the percentages for less than 5 weeks, 15 to 26 weeks, and 27 weeks and over fell. The mean duration of unemployment fell to 26.0 weeks and the median duration fell to 9.9 weeks. PERCENT DISTRIBUTION* PERCENT DISTRIBUTION* 70 70 DURATION OF UNEMPLOYMENT 60 60 50 REASON FOR UNEMPLOYMENT 50 JOB LOSERS 27 WEEKS AND OVER 40 40 LESS THAN 5 WEEKS REENTRANTS 30 30 5-14 WEEKS 20 20 NEW ENTRANTS 10 10 15-26 WEEKS JOB LEAVERS 0 0 2013 2014 2015 2016 2017 2013 2014 2015 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF LABOR 2016 2017 COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted, except as noted by NSA] Chart 13 - Oct 2017 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 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2016: Oct ����������� ���������� Nov ����������� Dec 2017: Jan ���������� � ����������� Feb ���������� Mar ����������� Apr May ��������� � June �������� � ���������� July ���������� Aug Sept ��������� ����������� Oct 7,078 8,924 14,265 14,825 13,747 12,506 11,460 9,617 8,296 7,751 7,740 7,409 7,529 7,635 7,528 7,202 7,056 6,861 6,977 6,981 7,132 6,801 6,520 35.9 32.8 22.2 18.7 19.5 21.1 22.5 25.7 28.9 30.5 30.7 32.3 31.4 32.5 33.9 32.2 32.4 31.1 33.6 30.9 31.6 32.8 32.5 31.5 31.4 26.8 22.0 21.8 22.9 24.1 25.3 27.7 28.7 29.2 28.5 28.5 27.5 28.3 29.1 29.6 28.3 28.2 29.3 28.7 27.6 29.7 15.0 16.0 19.5 16.0 15.0 14.9 15.8 15.6 15.3 14.9 15.0 14.4 15.8 15.7 14.0 15.4 15.4 16.7 13.8 13.9 15.0 14.2 13.0 17.6 19.7 31.5 43.3 43.8 41.1 37.6 33.5 28.1 25.9 25.2 24.8 24.2 24.4 23.8 23.3 22.6 24.0 24.3 25.9 24.7 25.5 24.8 16.8 17.9 24.4 33.0 39.3 39.4 36.5 33.7 29.2 27.5 27.0 26.2 26.0 25.1 25.1 25.3 24.1 24.7 24.7 24.9 24.4 26.8 26.0 8.5 9.4 15.1 21.4 21.4 19.3 17.0 14.0 11.6 10.6 10.2 10.2 10.3 10.2 10.0 10.3 10.2 10.4 9.6 10.6 10.5 10.3 9.9 49.7 53.7 64.2 62.4 59.0 55.0 53.0 50.7 49.0 48.2 47.9 47.4 48.2 49.1 49.6 49.1 50.0 48.3 49.3 48.8 49.5 49.1 48.9 11.2 10.0 6.2 6.0 7.0 7.7 8.1 8.6 9.9 11.1 12.1 12.5 12.0 11.4 10.7 11.1 11.2 11.7 11.7 10.9 11.3 10.8 11.2 30.3 27.7 22.3 23.4 24.7 26.7 28.0 29.4 30.6 30.1 29.9 30.3 29.4 28.7 29.4 28.8 28.7 30.5 29.2 30.1 30.0 30.4 30.4 8.9 2,572 324 2,612 8.6 3,306 424 3,899 7.3 5,724 568 9,123 8.2 4,487 454 9,732 9.3 3,679 406 7,630 10.5 3,297 374 6,048 10.9 2,947 342 4,605 11.3 2,574 304 2,657 10.6 2,237 275 2,272 10.6 2,099 259 2,127 10.1 1,965 255 1,996 9.7 1,911 293 1,943 10.4 2,136 352 2,165 r 2,943 10.8 2,909 360 10.3 2,403 235 2,431 r 2,400 11.0 2,372 245 10.1 2,160 230 2,185 9.5 1,965 241 1,989 r 1,852 r 1,873 9.8 257 r 2,234 10.2 255 2,257 9.2 1,969 231 1,991 9.8 1,663 219 1,682 9.5 ��������������� ��������������� ����������������� 1 Beginning January 2011, includes unemployment durations of up to 5 years; prior data are for up to 2 years. 2 Includes State (50 States, District of Columbia, Puerto Rico, and the Virgin Islands), Federal (UCFE), ex-service members (UCX), and Federal and State extended benefit programs. Emergency Unemployment Compensation (2008-2013) and Federal Additional Compensation (2009-2010). Also includes Note: Data relate to persons age 16 years and over (except for insured unemployment and initial claims). Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 Nonagricultural Employment Total nonagricultural employment as measured by the payroll survey rose by 261,000 in October. MILLIONS OF PERSONS* MILLIONS OF PERSONS* 150 108 106 ALL NONAGRICULTURAL ESTABLISHMENTS 145 PRIVATE SERVICE-PROVIDING INDUSTRIES 104 102 100 140 98 135 96 94 130 24 22 EDUCATION AND HEALTH SERVICES PROFESSIONAL AND BUSINESS SERVICES 20 125 PRIVATE INDUSTRIES 18 RETAIL TRADE 16 120 14 22 115 GOODS-PRODUCING 20 110 18 16 105 14 24 GOVERNMENT MANUFACTURING 12 22 20 10 2013 2014 2015 2016 2017 2013 2014 2015 *SEASONALLY ADJUSTED 2016 2017 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR [Thousands of wage and salary workers; 1 monthly data seasonally adjusted] Chart 14 - Oct 2017 Private industries Period 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2016: Oct ����������� ���������� Nov ����������� Dec 2017: Jan ���������� � ����������� Feb ���������� Mar ����������� Apr May ��������� � June �������� � ���������� July r ��������� Aug Sept r �������� p ��������� Oct Total nonagricultural employment 137,999 137,242 131,313 130,361 131,932 134,175 136,381 138,958 141,843 144,306 145,006 145,170 145,325 145,541 145,773 145,823 146,030 146,175 146,385 146,523 146,731 146,749 147,010 Goods-producing industries Total private 115,781 114,732 108,758 107,871 109,845 112,255 114,529 117,076 119,814 122,083 122,698 122,876 123,026 123,230 123,452 123,511 123,705 123,858 124,065 124,198 124,382 124,397 124,649 Total 2 Construc- Manufaction turing 22,233 21,335 18,558 17,751 18,047 18,420 18,738 19,226 19,610 19,736 19,727 19,762 19,794 19,845 19,933 19,950 19,969 19,982 20,024 20,004 20,077 20,095 20,128 7,630 7,162 6,016 5,518 5,533 5,646 5,856 6,151 6,461 6,711 6,743 6,771 6,783 6,817 6,871 6,871 6,871 6,878 6,893 6,884 6,908 6,919 6,930 13,879 13,406 11,847 11,528 11,726 11,927 12,020 12,185 12,336 12,348 12,325 12,325 12,343 12,355 12,377 12,388 12,397 12,397 12,418 12,407 12,451 12,457 12,481 Private service-providing industries Trade, transportation, and utilities Total Total 3 93,548 93,398 90,201 90,120 91,798 93,834 95,791 97,850 100,204 102,346 102,971 103,114 103,232 103,385 103,519 103,561 103,736 103,876 104,041 104,194 104,305 104,302 104,521 26,630 26,293 24,906 24,636 25,065 25,476 25,862 26,383 26,887 27,233 27,331 27,346 27,374 27,402 27,391 27,352 27,362 27,362 27,377 27,377 27,386 27,428 27,434 Retail trade 15,520 15,283 14,522 14,440 14,668 14,841 15,079 15,357 15,605 15,820 15,881 15,868 15,881 15,916 15,888 15,848 15,844 15,834 15,830 15,819 15,817 15,824 15,815 Information Financial activities 3,032 2,984 2,804 2,707 2,674 2,676 2,706 2,726 2,750 2,772 2,780 2,768 2,762 2,754 2,748 2,740 2,729 2,724 2,723 2,720 2,720 2,717 2,716 8,348 8,206 7,838 7,695 7,697 7,784 7,886 7,977 8,123 8,285 8,330 8,342 8,364 8,394 8,399 8,403 8,419 8,429 8,444 8,455 8,465 8,478 8,483 Profes- Education Leisure sional and and and health business services hospitality services 17,942 17,735 16,579 16,728 17,332 17,932 18,515 19,062 19,633 20,136 20,334 20,380 20,416 20,475 20,510 20,568 20,614 20,664 20,708 20,751 20,798 20,820 20,870 18,676 19,228 19,630 19,975 20,318 20,769 21,086 21,439 22,029 22,616 22,790 22,821 22,871 22,888 22,956 22,972 23,017 23,054 23,094 23,145 23,191 23,213 23,254 13,427 13,436 13,077 13,049 13,353 13,768 14,254 14,696 15,160 15,620 15,695 15,739 15,744 15,759 15,792 15,803 15,863 15,896 15,934 15,984 15,975 15,873 15,979 Other services 5,494 5,515 5,367 5,331 5,360 5,430 5,483 5,567 5,622 5,685 5,711 5,718 5,701 5,713 5,723 5,723 5,732 5,747 5,761 5,762 5,770 5,773 5,785 Government 22,218 22,509 22,555 22,490 22,086 21,920 21,853 21,882 22,029 22,223 22,308 22,294 22,299 22,311 22,321 22,312 22,325 22,317 22,320 22,325 22,349 22,352 22,361 1 Data from the establishment survey. Includes all full- and part-time wage and salary workers in nonagricultural establishments who received pay for any part of the pay period that includes the 12th of the month. Excludes proprietors, self-employed persons, unpaid family workers, and private household workers. Data from the household survey shown on p. 11 include those workers and also count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off. In the series shown here, persons who work at more than one job are counted each time they appear on a payroll, in contrast to the series shown on p. 11 where persons are counted only once—as employed, unemployed, or not in the labor force. See Employment and Earnings for details. 2 Includes mining and logging, not shown separately. 3 Includes wholesale trade, transportation and warehousing, and utilities, not shown separately. Note: Data classified by industry based on the 2012 North American Industry Classification System (NAICS). For details see Employment and Earnings. Source: Department of Labor (Bureau of Labor Statistics). 14 Average Weekly Hours, Hourly Earnings, and Weekly Earnings— Private Nonagricultural Industries [For production or nonsupervisory workers; monthly data seasonally adjusted] Average weekly hours Total private nonagricultural 1 Period 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2016: Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2017: Jan ���������� � ����������� Feb ���������� Mar ����������� Apr May ��������� � June �������� � ���������� July r ��������� Aug Sept r �������� p ��������� Oct Average gross hourly earnings Total private nonagricultural 1 Manufacturing Total 33.8 33.6 33.1 33.4 33.6 33.7 33.7 33.7 33.7 33.6 33.6 33.6 33.6 33.6 33.6 33.6 33.6 33.7 33.7 33.7 33.7 33.6 33.6 33.7 Overtime 41.2 40.8 39.8 41.1 41.4 41.7 41.8 42.0 41.8 41.9 41.8 42.0 41.8 41.9 41.9 41.9 41.8 41.9 41.9 42.0 42.0 42.0 41.9 42.0 4.2 3.7 2.9 3.8 4.1 4.2 4.3 4.5 4.3 4.3 4.3 4.4 4.3 4.3 4.2 4.2 4.2 4.2 4.2 4.3 4.4 4.4 4.4 4.5 Current dollars Manufacturing 1982-84 dollars 2 $17.42 $8.59 18.06 8.56 18.61 8.88 19.05 8.90 19.44 8.77 19.74 8.73 20.13 8.78 20.61 8.85 21.03 9.07 21.54 9.20 21.68 9.23 21.72 9.21 21.74 9.20 21.80 9.20 21.83 9.16 21.86 9.17 21.90 9.22 21.96 9.22 21.99 9.26 22.03 9.28 22.09 9.29 22.14 9.27 22.23 9.25 22.22 ����������������� Average gross weekly earnings Total private nonagricultural 1 Current dollars $17.26 17.75 18.24 18.61 18.93 19.08 19.30 19.56 19.91 20.43 20.55 20.61 20.60 20.63 20.63 20.64 20.70 20.77 20.80 20.80 20.87 20.93 20.99 21.06 Percent change from a year earlier, total private nonagricultural Current dollars 1982-84 dollars 2 Manufacturing $711.50 724.46 726.12 765.18 784.29 794.63 807.37 822.03 832.05 855.69 858.99 865.62 861.08 864.40 864.40 864.82 865.26 870.26 871.52 873.60 876.54 879.06 879.48 884.52 $589.18 $290.57 607.42 287.80 615.96 293.83 636.19 297.33 652.89 294.66 665.65 294.24 677.70 295.52 694.85 298.51 708.90 305.81 723.69 309.17 728.45 310.01 729.79 309.58 730.46 309.20 732.48 309.17 733.49 307.72 734.50 307.95 735.84 309.64 740.05 310.86 741.06 311.91 742.41 312.62 744.43 313.16 743.90 311.50 746.93 310.71 748.81 ����������������� Construction Retail trade $816.23 842.61 851.76 891.83 921.84 942.14 958.72 977.11 998.02 1,031.16 1,037.92 1,040.69 1,044.35 1,028.22 1,034.77 1,046.34 1,037.52 1,052.16 1,058.15 1,057.21 1,060.09 1,061.28 1,064.98 1,059.07 Current dollars $385.00 386.21 388.57 400.07 412.09 422.10 423.07 431.82 445.52 447.62 444.89 444.59 450.85 455.34 453.56 456.60 457.52 461.77 460.85 463.59 464.20 461.73 464.78 467.55 1982-84 dollars 2 3.9 1.0 3.1 –1.0 1.4 2.1 3.3 1.2 2.6 –.9 2.0 –.1 1.8 .4 2.5 1.0 2.0 2.4 2.1 1.1 2.3 1.1 2.2 .7 2.2 .7 1.9 –.1 2.1 –.5 2.5 –.4 2.3 .0 2.6 .5 2.7 .9 2.6 1.1 2.3 .7 2.4 .5 2.5 .2 2.6 ������������������� 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 2007: Dec ����������������������������������������� � 2008: Dec ����������������������������������������� � 2009: Dec ����������������������������������������� � 2010: Dec ����������������������������������������� � 2011: Dec ����������������������������������������� � 2012: Dec ����������������������������������������� � 2013: Dec ����������������������������������������� � 2014: Dec ����������������������������������������� � 2015: Dec ����������������������������������������� � 2016: Dec ����������������������������������������� � 106.3 108.9 110.2 112.5 115.0 117.1 119.4 122.2 124.5 127.2 106.6 109.4 110.8 112.8 114.6 116.6 119.0 121.6 124.2 127.1 105.6 107.7 108.7 111.9 115.9 118.2 120.5 123.5 125.1 127.3 ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� ����������������������� Seasonally adjusted 2015: Mar ����������������������������������������� June ��������������������������������������� � Sept ���������������������������������������� ������������������������������������������ Dec 2016: Mar ����������������������������������������� June ��������������������������������������� � Sept ���������������������������������������� ������������������������������������������ Dec 2017: Mar ����������������������������������������� June ��������������������������������������� � Sept ���������������������������������������� 123.2 123.2 124.0 124.6 125.4 126.1 126.7 127.3 128.3 129.0 130.0 122.6 122.8 123.6 124.3 125.1 126.0 126.6 127.2 128.3 129.0 129.9 124.5 124.2 124.8 125.3 125.9 126.4 127.0 127.5 128.3 129.1 130.0 3.0 2.4 1.2 2.1 2.2 1.8 2.0 2.3 1.9 2.2 3.3 2.6 1.3 1.8 1.6 1.7 2.1 2.2 2.1 2.3 2.4 2.0 0.9 2.9 3.6 2.0 1.9 2.5 1.3 1.8 Not seasonally adjusted 0.7 .0 .6 .5 .6 .6 .5 .5 .8 .5 .8 0.7 .2 .7 .6 .6 .7 .5 .5 .9 .5 .7 0.6 –.2 .5 .4 .5 .4 .5 .4 .6 .6 .7 2.8 1.9 1.9 1.9 1.8 2.4 2.3 2.2 2.3 2.4 2.5 2.8 2.2 2.1 2.1 2.0 2.6 2.4 2.3 2.6 2.4 2.6 2.6 1.4 1.4 1.3 1.2 1.7 1.8 1.8 1.9 2.2 2.4 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 Compensation per hour 3 Nonfarm business sector Business sector Nonfarm business sector Real compensation per hour 4 Business sector Nonfarm business sector Unit labor costs Implicit price deflator 5 Business sector Nonfarm business sector Business sector Nonfarm business sector 100.4 102.2 100.0 98.6 100.7 102.7 103.4 105.3 107.1 108.2 102.5 104.0 103.7 103.3 106.0 104.7 104.4 106.1 106.3 106.9 106.7 108.6 107.8 108.8 108.9 107.3 108.7 108.8 108.9 100.1 102.1 100.0 98.7 100.7 102.5 103.3 105.3 107.2 108.4 102.3 103.9 103.8 103.3 105.9 104.7 104.4 106.2 106.3 106.9 106.9 108.7 108.0 109.1 109.1 107.5 108.7 108.8 109.0 98.2 99.8 100.0 101.1 103.3 105.3 106.9 108.6 109.3 110.4 106.4 106.6 107.1 107.5 107.9 108.5 109.0 108.9 108.7 109.3 109.6 109.5 109.7 110.2 110.5 111.2 111.6 111.7 112.3 97.9 99.4 100.0 101.0 102.8 104.7 106.3 108.2 109.1 110.5 105.6 105.9 106.5 107.1 107.5 108.0 108.6 108.6 108.6 109.1 109.4 109.5 109.7 110.3 110.7 111.3 111.5 111.7 112.3 2.9 1.8 –2.2 –1.4 2.1 2.0 .6 1.9 1.7 1.0 –10.4 5.9 –.9 –1.9 10.8 –4.6 –1.2 6.8 .5 2.3 –.4 7.2 –2.8 3.7 .1 –5.5 5.1 .4 .4 2.7 2.0 –2.0 –1.3 2.1 1.7 .9 1.9 1.8 1.1 –9.7 6.5 –.5 –1.9 10.5 –4.7 –1.2 7.1 .6 2.3 –.2 7.2 –2.7 3.9 .1 –5.7 4.8 .3 .5 2.3 1.5 .2 1.1 2.2 1.9 1.5 1.6 .6 1.0 1.5 .5 1.9 1.7 1.4 2.5 1.6 –.1 –.7 2.0 1.1 –.2 .5 2.1 1.1 2.2 1.5 .6 2.0 2.0 1.5 .6 1.0 1.8 1.9 1.5 1.8 .9 1.2 1.1 1.1 2.3 2.3 1.2 2.1 2.1 .0 .0 1.9 1.2 .1 .9 2.2 1.3 2.3 .9 .6 2.1 Indexes, 2009=100; quarterly data seasonally adjusted 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2013: I ��������������� � ��������������� II �������������� III �������������� IV 2014: I ��������������� � ��������������� II �������������� III �������������� IV 2015: I ��������������� � ��������������� II �������������� III �������������� IV 2016: I ��������������� � ��������������� II �������������� III �������������� IV 2017: I ��������������� � r ������������� II p * �������� III 96.0 96.8 100.0 103.3 103.3 104.0 104.8 105.7 106.9 106.9 104.3 104.3 104.7 105.7 104.8 105.4 106.4 105.9 106.5 106.9 107.3 106.6 106.3 106.5 107.2 107.7 107.5 107.9 108.8 96.2 97.0 100.0 103.3 103.4 104.3 104.7 105.7 107.1 107.0 104.3 104.1 104.5 105.7 104.8 105.4 106.5 106.0 106.7 107.1 107.4 106.7 106.4 106.6 107.3 107.6 107.7 108.1 108.9 105.5 104.2 100.0 103.2 105.3 108.4 110.8 114.4 118.4 120.3 109.7 110.0 111.1 112.6 112.1 113.7 115.5 116.3 117.4 118.4 118.8 118.9 119.0 119.8 120.8 121.4 121.8 123.0 124.1 105.8 104.4 100.0 103.2 105.5 108.8 110.9 114.6 118.5 120.2 109.9 110.1 111.1 112.6 112.2 113.8 115.7 116.4 117.6 118.5 118.9 119.0 119.0 119.8 120.8 121.4 122.0 123.1 124.3 109.8 107.6 100.0 99.9 102.0 104.2 105.8 108.3 110.7 112.5 105.1 105.5 106.1 106.4 106.9 107.8 108.6 109.8 110.3 110.7 110.7 111.5 112.0 112.5 112.7 112.7 113.3 114.0 114.0 110.0 107.7 100.0 99.9 102.0 104.2 106.0 108.4 110.7 112.4 105.4 105.7 106.3 106.6 107.1 108.0 108.7 109.8 110.1 110.7 110.7 111.5 111.9 112.3 112.5 112.8 113.3 113.9 114.2 96.4 99.0 100.0 101.8 104.0 106.8 108.3 111.3 114.5 115.7 106.9 108.4 108.6 109.2 111.1 110.4 111.0 112.3 113.1 114.2 114.6 115.8 114.6 115.9 116.7 115.6 116.8 117.4 118.5 96.3 99.0 100.0 101.9 104.2 106.9 108.2 111.3 114.8 116.0 106.7 108.2 108.5 109.2 111.0 110.3 111.2 112.6 113.5 114.5 114.8 116.1 114.9 116.3 117.0 115.7 117.1 117.6 118.6 99.8 98.7 100.0 100.2 99.2 99.8 99.7 100.8 103.7 103.4 98.7 100.3 99.9 100.0 101.1 100.0 100.3 101.7 103.1 103.5 103.4 104.4 103.3 103.9 104.1 102.4 102.7 103.2 103.7 99.6 98.6 100.0 100.3 99.3 99.9 99.6 100.9 103.9 103.7 98.6 100.1 99.8 100.0 101.0 99.9 100.5 101.9 103.4 103.7 103.6 104.6 103.6 104.2 104.4 102.4 102.9 103.4 103.8 Percent change; quarterly data at seasonally adjusted annual rates 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2013: I ��������������� � ��������������� II �������������� III �������������� IV 2014: I ��������������� � ��������������� II �������������� III �������������� IV 2015: I ��������������� � ��������������� II �������������� III �������������� IV 2016: I ��������������� � ��������������� II �������������� III �������������� IV 2017: I ��������������� � r ������������� II p * �������� III 1.4 .8 3.3 3.3 .0 .7 .7 .9 1.2 .0 2.2 –.1 1.5 4.1 –3.3 2.2 3.7 –1.9 2.4 1.6 1.6 –2.7 –1.1 .6 2.7 2.0 –.8 1.4 3.6 1.6 .8 3.1 3.3 .1 .9 .3 1.0 1.3 –.1 .9 –.7 1.6 4.4 –3.4 2.4 4.4 –1.8 2.7 1.3 1.3 –2.6 –1.2 .8 2.5 1.3 .1 1.5 3.0 2.1 –1.2 –4.1 3.2 2.1 2.9 2.2 3.2 3.5 1.6 3.7 1.1 4.1 5.4 –1.7 5.8 6.8 2.5 4.0 3.3 1.6 .2 .4 2.6 3.3 2.2 1.4 3.7 3.8 2.3 –1.3 –4.3 3.2 2.2 3.1 2.0 3.3 3.4 1.5 2.8 .6 3.8 5.6 –1.4 5.8 6.9 2.3 4.0 3.3 1.3 .3 .2 2.5 3.3 2.2 1.8 3.9 3.8 0.6 –2.0 –7.1 –.1 2.1 2.2 1.5 2.3 2.3 1.6 1.4 1.2 2.6 1.2 1.7 3.6 2.9 4.5 1.5 1.7 .0 3.0 1.5 2.0 .6 .2 2.1 2.3 .1 0.7 –2.1 –7.2 –.1 2.1 2.2 1.7 2.2 2.1 1.6 1.9 1.3 2.1 1.1 2.1 3.4 2.4 4.2 1.2 2.0 .0 2.9 1.4 1.7 .8 1.0 1.6 2.4 .8 4.4 2.7 1.0 1.8 2.1 2.7 1.3 2.7 2.9 1.0 –8.4 5.8 .6 2.2 7.2 –2.6 2.4 4.7 3.0 3.9 1.2 4.3 –3.8 4.4 2.8 –3.7 4.3 1.9 4.1 4.3 2.8 1.0 1.9 2.2 2.6 1.2 2.9 3.1 1.0 –9.0 5.8 1.1 2.4 6.8 –2.5 3.2 5.1 3.3 3.6 1.1 4.5 –3.8 4.8 2.5 –4.5 4.9 1.8 3.5 1.5 –1.1 1.3 .2 –1.0 .7 –.1 1.1 2.8 –.2 –9.9 6.4 –1.5 .7 4.4 –4.4 1.3 5.5 5.6 1.5 –.3 3.9 –3.9 2.0 1.0 –6.5 1.1 2.2 2.0 1.4 –1.0 1.4 .3 –1.0 .6 –.3 1.3 3.0 –.2 –10.4 6.3 –1.1 .9 4.1 –4.2 2.1 5.8 6.0 1.2 –.4 4.1 –3.9 2.4 .7 –7.3 1.7 2.1 1.5 1 Output refers to real gross domestic product originating in the sector. 2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family workers. Estimates based primarily on establishment data. 3 Wages and salaries of employees plus employers’ contributions for social insurance and private benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the self-employed. 4 Hourly compensation divided by consumer price series. The trend for 1978-2016 is based on the consumer price index research series (CPI-U-RS). The change for recent quarters is based on the consumer price index for all urban consumers (CPI-U). 5 Current dollar gross domestic output divided by the output index. Note: Data relate to all persons engaged in the sector. Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. * Data based on GDP data released on October 27, 2017. Source: Department of Labor (Bureau of Labor Statistics). 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial production and capacity utilization rose in September. INDEX, 2012 = 100* (RATIO SCALE) 120 INDEX, 2012 = 100* (RATIO SCALE) 130 TOTAL INDUSTRIAL PRODUCTION FINAL PRODUCTS 110 120 100 CONSUMER GOODS BUSINESS EQUIPMENT 110 90 80 100 120 MANUFACTURING 1 TOTAL 110 DURABLE 90 100 DEFENSE AND SPACE EQUIPMENT NONDURABLE 90 80 80 140 PERCENT* 86 CAPACITY UTILIZATION RATE (TOTAL INDUSTRY) 84 UTILITIES AND MINING 130 82 MINING 120 80 78 110 76 100 74 UTILITIES 72 90 70 80 68 66 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 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 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2016: Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2017: Jan ���������� � ����������� Feb ���������� Mar r ��������� Apr May r �������� June r ������� r �������� July r ��������� Aug Sept p ������� Percent change 2 Index, 2012=100 104.6 100.9 89.3 94.2 97.1 100.0 102.0 105.1 104.4 103.1 103.0 103.2 102.9 103.8 103.5 103.7 103.9 105.0 105.0 105.2 105.1 104.3 104.6 From preceding month ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� ��������������������� –0.2 .2 –.2 .8 –.3 .2 .2 1.1 .0 .2 –.1 –.7 .3 Chart 17 - Oct 2017 Industry production indexes, 2012=100 Capacity utilization rate (output as percent of capacity) 1 Manufacturing From year earlier 2.5 –3.5 –11.5 5.5 3.1 2.9 2.0 3.1 –.7 –1.2 –1.2 –.8 –.4 .8 .0 .4 1.4 2.1 2.2 2.1 1.8 1.2 1.6 Total 1 109.2 103.9 89.6 94.8 97.5 100.0 100.9 102.1 102.2 102.2 102.0 102.2 102.4 102.6 103.0 103.3 102.6 103.9 103.4 103.5 103.2 102.9 103.0 Durable 103.0 99.4 80.7 89.3 94.8 100.0 102.2 105.1 104.3 104.1 104.1 104.4 104.5 105.1 105.4 105.7 105.0 106.8 105.5 105.5 104.5 104.8 105.8 Nondurable 112.5 105.8 97.7 99.8 99.9 100.0 100.0 99.3 100.7 101.3 101.1 101.2 101.6 101.4 101.9 102.2 101.6 102.5 102.6 103.0 103.3 102.6 101.7 Other (non-NAICS) 1 158.3 144.3 120.6 111.4 106.1 100.0 95.0 94.0 90.3 84.2 83.3 82.8 82.4 81.9 81.5 83.5 82.2 81.3 80.7 81.1 80.8 79.5 79.5 Mining 87.0 88.1 83.0 87.6 93.0 100.0 106.0 117.3 112.2 102.1 100.3 102.3 102.3 101.9 103.3 107.0 106.6 107.2 108.1 109.5 110.0 109.7 110.1 Utilities 102.0 101.7 98.8 102.6 102.3 100.0 102.3 103.7 103.1 102.8 104.6 102.7 99.3 106.2 98.5 93.8 101.5 101.6 104.4 103.4 104.0 98.9 100.4 Total industry Total manufacturing 80.7 77.7 68.5 73.6 76.3 77.2 77.3 78.6 76.8 75.7 75.6 75.7 75.5 76.0 75.7 75.8 75.9 76.6 76.5 76.6 76.5 75.8 76.0 78.8 74.7 65.5 70.7 73.7 74.8 74.7 75.4 75.5 75.1 74.9 75.0 75.1 75.2 75.4 75.6 75.1 76.0 75.5 75.6 75.3 75.1 75.1 1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industries—logging and newspaper, periodical, book and directory-publishing—that have traditionally been included in manufacturing. 2 Percent changes based on unrounded indexes. Note: Data based on NAICS except series as defined in footnote 1. Source: Board of Governors of the Federal Reserve System. 17 Industrial Production— Major Market Groups and Selected Manufactures [2012=100; monthly data seasonally adjusted] Products and nonindustrial supplies Materials Final products Consumer goods Period Total 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2016: Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2017: Jan ���������� � ����������� Feb ���������� Mar r ��������� Apr May r �������� June r ������� r �������� July r ��������� Aug Sept p ������� Nonindustrial supplies Total 108.1 104.0 93.1 96.2 98.4 100.0 100.1 101.1 101.0 100.4 100.5 100.5 99.8 101.1 100.3 99.8 100.2 102.0 102.0 101.9 101.5 101.1 101.6 113.2 107.2 99.2 100.3 101.4 100.0 100.7 101.5 103.9 104.5 104.9 104.7 103.6 105.1 104.0 103.3 103.6 105.0 105.4 105.2 105.2 104.5 105.1 Durable goods 121.0 106.7 86.0 94.2 97.7 100.0 105.5 110.8 115.3 118.5 119.8 120.7 119.7 120.7 120.7 120.8 118.2 121.1 119.1 119.3 117.0 117.8 118.9 Equipment Nondurable goods 110.7 107.2 102.9 101.9 102.3 100.0 99.5 99.2 101.0 101.0 101.1 100.7 99.6 101.2 99.8 98.9 99.9 100.9 101.9 101.6 102.1 101.2 101.6 Total 1 98.4 97.8 81.5 88.4 92.7 100.0 99.0 100.2 95.5 92.4 92.0 92.3 92.4 93.2 93.3 93.2 93.7 96.3 95.5 95.6 94.6 94.5 95.1 Business 99.5 97.0 80.2 86.2 91.2 100.0 99.9 101.8 100.9 99.1 98.7 99.0 98.9 99.7 99.6 99.3 99.7 103.1 101.9 101.5 100.3 100.0 100.8 Defense and space Total 91.1 98.3 94.0 101.0 98.1 100.0 97.2 94.0 91.0 89.7 89.4 88.9 89.9 89.6 89.8 88.7 88.8 88.6 88.5 89.3 89.4 90.1 90.3 117.4 110.3 93.6 96.6 98.0 100.0 102.2 104.0 103.6 104.3 104.1 104.2 104.6 104.8 104.9 105.4 105.4 105.8 105.6 105.3 105.3 104.1 105.2 Construction 129.4 117.4 90.3 93.6 95.8 100.0 103.0 106.5 107.0 108.4 107.5 108.2 109.2 109.0 110.5 112.4 111.0 111.6 110.7 110.4 110.3 109.1 111.2 Business 112.1 107.2 95.0 98.0 99.0 100.0 101.8 102.8 102.0 102.3 102.5 102.3 102.3 102.9 102.2 101.9 102.6 102.9 103.1 102.9 102.9 101.6 102.2 Total 1 98.0 95.6 84.9 91.9 95.9 100.0 103.4 108.7 107.2 104.7 104.3 104.8 104.8 105.3 105.3 106.2 106.3 107.0 107.0 107.7 107.7 106.8 106.6 Energy 88.5 89.3 86.7 90.6 94.1 100.0 105.3 114.3 112.8 106.2 105.8 106.2 105.4 107.1 105.6 107.0 108.7 108.6 109.7 110.6 111.2 110.0 110.8 1 Includes other items, not shown separately. [2012=100; monthly data seasonally adjusted] Durable manufactures Computer and electronic products Primary metals Period Total 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2016: Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2017: Jan ���������� � ����������� Feb ���������� Mar r ��������� Apr May r �������� June r ������� r �������� July r ��������� Aug Sept p ������� 103.9 104.1 77.5 95.0 102.0 100.0 103.3 104.1 96.8 93.7 91.6 90.9 93.0 94.5 96.0 97.8 96.6 96.9 94.0 95.2 94.0 95.1 95.3 Iron and steel products 102.6 109.2 70.4 91.8 100.1 100.0 102.1 101.4 91.6 90.2 85.8 84.2 89.3 91.9 96.5 97.1 94.9 95.0 94.1 93.7 91.4 94.5 93.3 Fabricated metal products 114.9 110.7 85.2 90.7 97.1 100.0 101.8 103.6 100.6 97.6 97.6 98.2 97.7 97.8 98.4 99.5 99.0 99.5 99.7 99.3 99.7 100.0 100.7 Nondurable manufactures Machinery Total 97.1 94.5 73.5 82.1 92.5 100.0 95.4 96.7 90.6 87.7 87.8 88.0 87.8 89.4 89.5 89.4 90.0 94.6 94.5 94.1 92.6 90.6 93.3 79.6 85.7 76.2 86.0 92.8 100.0 103.2 107.8 109.0 110.5 110.8 112.3 112.7 113.0 113.2 111.9 113.1 114.9 113.5 113.1 112.6 113.0 114.0 Selected high-technology 1 67.0 76.8 67.5 81.5 91.4 100.0 110.7 123.5 125.8 131.0 132.7 134.7 135.6 136.3 135.0 132.5 132.6 135.3 135.5 135.2 133.1 133.6 135.8 Transportation equipment Total 101.6 91.0 74.6 86.5 90.5 100.0 105.1 112.0 115.2 116.6 117.0 117.4 116.7 117.4 116.6 116.9 114.2 116.8 115.1 115.0 112.0 114.3 114.2 1 Computers and peripheral equipment, communications equipment, and semiconductors and related electronic components. Source: Board of Governors of the Federal Reserve System. 18 Motor vehicles and parts 106.2 85.0 62.3 82.7 90.4 100.0 107.3 117.2 123.3 128.4 130.2 131.2 129.4 131.0 129.5 131.1 126.4 131.7 128.6 127.6 121.4 125.9 126.0 Apparel 202.2 157.2 112.7 109.5 102.9 100.0 92.6 88.8 87.9 78.2 78.1 78.4 77.7 77.7 76.2 75.7 72.4 70.5 71.0 69.8 70.1 70.0 69.0 Printing and related support activities 132.2 123.7 103.6 103.5 101.8 100.0 100.3 98.5 99.6 98.6 97.8 98.0 99.0 99.6 98.9 100.0 98.5 99.8 98.6 98.6 98.2 98.8 97.8 Chemicals 117.5 108.6 98.1 101.3 101.4 100.0 96.6 95.6 97.3 98.0 97.3 97.4 98.4 98.5 98.1 97.2 97.6 97.7 99.0 99.9 100.7 98.3 95.8 Food 101.9 100.6 99.9 100.4 100.2 100.0 102.0 102.9 104.8 107.6 108.0 107.5 107.3 107.7 109.7 111.0 109.6 111.8 111.0 111.0 112.2 113.0 113.4 New Construction [Billions of dollars; monthly data at seasonally adjusted annual rates] Private Period 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2016: Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2017: Jan ���������� � ����������� Feb ���������� Mar ����������� Apr May ��������� � June �������� � r �������� July r ��������� Aug Sept p ������� Total new construction expenditures Residential Total 1,148.0 1,077.4 906.5 809.3 788.3 850.5 906.4 1,005.6 1,113.6 1,185.7 1,195.6 1,206.6 1,227.0 1,221.6 1,223.5 1,235.7 1,239.6 1,217.7 1,236.7 1,226.4 1,215.4 1,216.0 1,219.5 New housing Total 1 858.9 768.6 591.6 505.3 501.9 571.1 635.7 729.5 823.3 898.7 914.3 920.1 939.5 943.8 946.3 949.3 950.8 942.6 954.5 955.7 947.5 946.2 942.7 Federal and State and local Nonresidential 488.8 359.2 247.5 242.0 244.1 269.8 323.4 369.8 422.1 466.6 470.1 482.0 492.0 495.4 502.0 505.7 509.9 507.8 511.4 517.7 513.8 515.6 515.4 Total 354.1 230.1 133.9 127.3 123.2 154.5 202.3 235.2 273.7 303.0 298.7 307.6 313.2 314.8 317.9 320.6 322.6 325.3 323.1 324.4 325.1 326.7 327.6 Lodging 370.0 409.4 344.1 263.3 257.8 301.4 312.3 359.7 401.2 432.1 444.2 438.1 447.5 448.4 444.3 443.6 440.9 434.8 443.1 438.0 433.7 430.6 427.3 Commercial (including farm) Office 27.5 35.4 25.4 11.2 8.4 10.2 13.0 16.3 21.3 26.5 28.1 26.5 28.0 28.1 27.6 27.1 27.8 26.9 28.4 27.0 27.6 28.3 28.5 53.8 55.5 37.3 24.4 23.7 27.4 30.1 38.9 47.4 59.3 63.5 63.6 65.0 65.0 64.2 63.0 62.6 61.2 62.0 62.2 60.6 59.4 58.8 Manufacturing 85.9 82.7 51.1 37.2 39.2 44.3 50.9 60.9 63.4 73.5 74.2 75.8 78.5 81.6 80.3 80.8 81.1 82.8 84.8 85.1 84.5 83.7 82.9 Other 2 40.2 53.6 57.4 40.6 39.8 46.8 49.9 58.1 79.3 74.7 73.3 71.4 71.7 68.6 71.5 70.8 71.3 69.2 70.1 64.3 63.3 60.4 58.2 162.7 182.3 173.0 149.9 146.7 172.6 168.3 185.5 189.7 198.2 205.1 200.7 204.3 205.0 200.7 201.8 198.1 194.7 197.8 199.4 197.7 198.8 199.0 New houses sold New houses for sale at end of period 3 289.1 308.7 314.9 304.0 286.4 279.3 270.7 276.1 290.3 287.0 281.4 286.5 287.6 277.8 277.2 286.4 288.7 275.1 282.2 270.7 267.8 269.8 276.8 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 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 1,355.0 905.5 554.0 586.9 608.8 780.6 924.9 1,003.3 1,111.8 1,173.8 1 unit 1,046.0 622.0 445.1 471.2 430.6 535.3 617.6 647.9 714.5 781.5 Type of structure 2–4 units 1 31.7 17.5 11.6 11.4 10.9 11.4 13.6 13.7 11.5 11.5 5 units or more Total 277.3 266.0 97.3 104.3 167.3 233.9 293.7 341.7 385.8 380.8 1,398.4 905.4 583.0 604.6 624.1 829.7 990.8 1,052.1 1,182.6 1,206.6 1 unit 979.9 575.6 441.1 447.3 418.5 518.7 620.8 640.3 696.0 750.8 2–4 units 5 units or more New housing units completed Vacancy rate for rental housing units (percent) 4 59.6 34.4 20.7 22.0 21.6 25.9 29.0 29.9 32.1 34.8 359.0 295.4 121.1 135.3 184.0 285.1 341.1 382.0 454.5 421.1 1,502.8 1,119.7 794.4 651.7 584.9 649.2 764.4 883.8 968.2 1,059.7 776 485 375 323 306 368 429 437 501 561 497 353 234 190 151 150 187 211 234 256 9.8 10.0 10.6 10.2 9.5 8.7 8.3 7.6 7.1 6.9 39 32 41 39 29 45 37 36 32 35 40 36 35 482 474 428 397 465 340 397 398 357 429 378 436 367 1,005 1,067 1,203 1,096 1,083 1,161 1,194 1,098 1,180 1,230 1,194 1,097 1,109 570 577 579 548 599 615 638 590 606 619 582 561 667 242 248 248 256 261 263 266 266 271 272 274 279 279 6.8 �������������������� �������������������� 6.9 �������������������� �������������������� 7.0 �������������������� �������������������� 7.3 �������������������� �������������������� 7.5 Seasonally adjusted annual rates 2016: Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2017: Jan ���������� � ����������� Feb ���������� Mar ����������� Apr May ��������� � June r ������� r �������� July r ��������� Aug Sept p ������� 1,062 1,328 1,149 1,268 1,236 1,288 1,189 1,154 1,129 1,217 1,185 1,183 1,127 783 871 823 808 815 877 824 823 795 857 841 869 829 ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 265 447 323 449 418 392 355 314 320 354 333 305 286 1,270 1,285 1,255 1,266 1,300 1,219 1,260 1,228 1,168 1,275 1,230 1,272 1,225 749 779 786 830 806 834 826 794 779 811 812 800 823 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 August, according to current estimates, manufacturing and trade sales rose 0.8 percent. In September, according to preliminary estimates, manufacturing and trade inventories fell $0.2 billion, retail sales rose 1.7 percent, and retail inventories fell $6.4 billion. Retail and food services sales rose 1.6 percent. BILLIONS OF DOLLARS* (RATIO SCALE) 2,000 BILLIONS OF DOLLARS* (RATIO SCALE) 650 1,900 600 1,800 MANUFACTURING AND TRADE INVENTORIES RETAIL INVENTORIES 550 1,700 500 1,600 450 1,500 400 RETAIL AND FOOD SERVICES SALES RETAIL SALES 1,400 MANUFACTURING AND TRADE SALES 350 1,300 300 RATIO* 1.70 1,200 INVENTORY/SALES RATIO 1.60 1,100 1.50 RETAIL 1.40 1,000 MANUFACTURING AND TRADE 1.30 1.20 900 2013 2014 2015 2016 2017 2013 2014 2015 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE 2016 2017 COUNCIL OF ECONOMIC ADVISERS [Millions of dollars, except ratios; seasonally adjusted, except as noted] Manufacturing and trade 1 Period Sales 2 2007 �������������������� 1,128,176 2008 �������������������� 1,160,722 2009 �������������������� 988,802 2010 �������������������� 1,088,890 2011 �������������������� 1,206,660 2012 �������������������� 1,267,248 2013 �������������������� 1,303,229 2014 �������������������� 1,340,376 2015 �������������������� 1,303,295 2016 �������������������� 1,290,994 r ��������� 2016: Aug 1,298,300 r �������� Sept 1,306,971 ����������� Oct 1,317,267 ���������� Nov 1,318,895 ����������� Dec 1,345,818 2017: Jan ���������� � 1,349,436 ����������� Feb 1,353,209 ���������� Mar 1,351,861 ����������� Apr 1,352,436 May ��������� � 1,353,265 June �������� � 1,356,076 r �������� July 1,359,499 r ��������� Aug 1,369,719 p ������� ����������������������� Sept Inventories 3 Inventory/sales ratio 4 Wholesale Sales 2 1,485,642 1.28 351,956 1,464,235 1.31 377,030 1,329,206 1.38 319,115 1,447,533 1.27 361,447 1,561,395 1.26 407,090 1,649,412 1.28 434,002 1,712,763 1.29 447,546 1,770,586 1.31 463,682 1,803,103 1.37 441,036 1,844,183 1.38 439,376 1,822,844 1.40 441,518 1,825,439 1.40 443,150 1,821,040 1.38 448,362 1,836,476 1.39 450,064 1,844,183 1.37 460,860 1,850,185 1.37 462,325 1,855,129 1.37 465,442 1,858,322 1.37 464,367 1,854,646 1.37 463,101 1,860,380 1.37 462,466 1,869,426 1.38 465,292 1,875,856 1.38 465,485 1,888,017 1.38 473,383 1,887,806 ����������������������� ����������������������� Inventories 3 Retail Inventory/sales ratio 4 424,428 1.17 444,849 1.20 396,388 1.28 440,159 1.14 485,044 1.14 520,338 1.17 540,671 1.18 572,083 1.21 578,774 1.32 592,996 1.33 581,910 1.32 582,351 1.31 582,183 1.30 588,360 1.31 592,996 1.29 591,807 1.28 593,506 1.28 594,108 1.28 591,612 1.28 595,136 1.29 598,648 1.29 602,377 1.29 607,354 1.28 609,071 ����������������������� 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 2 332,932 327,943 301,039 318,171 341,913 358,519 371,538 386,620 393,952 405,238 404,897 407,742 411,043 410,981 415,639 417,141 416,196 416,718 418,413 418,381 418,025 420,258 419,884 426,849 Inventories 3 500,489 477,148 429,159 454,511 470,493 504,818 542,324 558,570 584,802 606,741 602,868 605,105 601,300 606,974 606,741 611,722 613,536 615,016 613,784 617,200 620,640 620,820 624,340 617,983 Chart 20 - Oct 2017 Retail and food Inventory/sales services sales 2 4 ratio 1.49 1.52 1.47 1.39 1.35 1.37 1.41 1.43 1.45 1.48 1.49 1.48 1.46 1.48 1.46 1.47 1.47 1.48 1.47 1.48 1.48 1.48 1.49 1.45 369,978 365,982 338,747 357,149 378,137 401,664 416,851 434,291 445,612 458,951 460,198 463,305 466,393 466,974 470,996 473,464 472,513 472,991 474,547 474,760 474,488 476,752 476,479 483,895 Manufacturers’ Shipments, Inventories, and Orders In September, manufacturers’ shipments, inventories and new and unfilled orders rose. BILLIONS OF DOLLARS* (RATIO SCALE) 580 540 SHIPMENTS 500 460 420 TOTAL 380 340 BILLIONS OF DOLLARS* (RATIO SCALE) 700 INVENTORIES 660 620 580 TOTAL 540 500 DURABLE GOODS 460 420 380 NONDURABLE GOODS 300 340 260 300 220 260 DURABLE GOODS 180 220 140 NONDURABLE GOODS 180 BILLIONS OF DOLLARS* (RATIO SCALE) 580 540 NEW ORDERS 500 460 420 TOTAL 380 140 RATIO* 1.60 340 INVENTORY/SHIPMENTS RATIO 1.50 300 260 1.40 DURABLE GOODS 220 1.30 180 1.20 1.10 140 2013 2015 2014 2016 2017 2014 2013 2015 *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE 2016 COUNCIL OF ECONOMIC ADVISERS Manufacturers’ shipments 1 Manufacturers’ inventories 2 Manufacturers’ new orders 1 Chart 21- Oct 2017 Durable goods Period Total Durable goods 2017 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 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2016: Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2017: Jan ���������� � ����������� Feb ���������� Mar ����������� Apr May ��������� � June �������� � ���������� July r ��������� Aug Sept p ������� 443,288 455,750 368,648 409,273 457,658 474,727 484,145 490,630 462,250 453,915 456,079 457,862 457,850 469,319 469,970 471,571 470,776 470,922 472,418 472,759 473,756 476,452 480,390 223,919 218,056 171,402 190,059 206,591 218,965 224,651 233,077 231,581 228,495 229,071 229,215 229,176 233,300 233,029 233,895 233,738 233,336 236,344 236,311 236,492 238,196 240,339 219,369 237,694 197,246 219,214 251,067 255,762 259,495 257,553 230,669 225,420 227,008 228,647 228,674 236,019 236,941 237,676 237,038 237,586 236,074 236,448 237,264 238,256 240,051 560,725 542,238 503,659 552,863 605,858 624,256 629,768 639,933 639,527 644,446 637,983 637,557 641,142 644,446 646,656 648,087 649,198 649,250 648,044 650,138 652,659 656,323 660,752 334,537 329,802 294,660 321,456 352,766 367,491 370,441 387,776 394,158 391,248 390,574 389,979 391,244 391,248 391,767 392,721 393,902 394,856 395,544 397,479 399,312 401,323 403,920 226,188 212,436 208,999 231,407 253,092 256,765 259,327 252,157 245,369 253,198 247,409 247,578 249,898 253,198 254,889 255,366 255,296 254,394 252,500 252,659 253,347 255,000 256,832 449,752 454,344 350,478 407,992 459,305 475,809 485,611 494,271 456,354 447,828 447,341 462,386 451,753 459,700 461,336 465,137 469,855 468,572 467,050 482,153 466,245 471,965 478,455 230,383 216,650 153,232 188,778 208,238 220,047 226,116 236,719 225,686 222,408 220,333 233,739 223,079 223,681 224,395 227,461 232,817 230,986 230,976 245,705 228,981 233,709 238,404 79,790 73,286 48,926 62,309 71,753 77,674 80,844 81,649 72,304 67,370 65,315 78,150 61,494 64,526 67,593 70,423 71,771 70,041 69,976 84,540 67,861 70,600 75,132 946,612 995,050 825,970 871,268 954,423 1,014,371 1,075,872 1,164,968 1,142,191 1,122,589 1,119,324 1,128,435 1,127,271 1,122,589 1,118,973 1,117,110 1,120,560 1,122,428 1,121,504 1,135,546 1,132,365 1,132,326 1,134,990 1.22 1.26 1.39 1.28 1.29 1.30 1.30 1.31 1.39 1.41 1.40 1.39 1.40 1.37 1.38 1.37 1.38 1.38 1.37 1.38 1.38 1.38 1.38 1 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month. Shipments are the same as sales. 2 Seasonally adjusted, end of period. 3 Annual data are averages of seasonally adjusted monthly ratios. Note: Manufacturers’ nondurable new orders (not shown) are the same as nondurable shipments. Also, there are no unfilled nondurable orders; data shown for total unfilled orders are durable unfilled orders. Total and durable shipments and inventories include data on semiconductors; new and unfilled orders do not. Source: Department of Commerce (Bureau of the Census). 21 PRICES Producer Prices The producer price index for final demand rose 0.4 percent in September. Prices for final demand goods rose 0.7 percent and prices for final demand services rose 0.4 percent. INDEX, NOV. 2009=100 (RATIO SCALE) INDEX, NOV. 2009=100 (RATIO SCALE) 125 125 SEASONALLY ADJUSTED FINAL DEMAND 120 120 FINAL DEMAND GOODS 115 115 FINAL DEMAND 110 110 FINAL DEMAND SERVICES 105 105 100 100 95 95 2011 2012 2013 2015 2014 2016 2017 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR [November 2009=100, except as noted; monthly data seasonally adjusted] Final demand goods Period Total final demand 1 Total Foods 2 Energy Final demand services Less food and energy Total Trade 3 Transportation and warehousing Other Rel. imp. 4 ����������� 100.0 33.810 5.399 5.505 22.906 64.117 20.264 4.986 38.867 2007 �������������������� ��������������� ������������� ������������� ������������� ������������� ������������� ������������� ��������������� ������������� 2008 �������������������� ��������������� ������������� ������������� ������������� ������������� ������������� ������������� ��������������� ������������� 2009 �������������������� ��������������� ������������� ������������� ������������� ������������� ������������� ������������� ��������������� ������������� 2010 �������������������� 101.8 102.8 103.7 107.2 101.4 101.3 101.7 103.2 100.9 2011 �������������������� 105.7 109.9 112.5 126.2 104.9 103.4 104.0 110.0 102.5 2012 �������������������� 107.7 111.7 115.9 126.3 106.8 105.4 106.7 114.2 103.9 2013 �������������������� 109.1 112.6 117.8 125.3 107.9 107.1 108.2 115.3 105.8 2014 �������������������� 110.9 114.0 121.6 124.2 109.5 109.0 110.2 117.7 107.5 2015 �������������������� 109.9 109.1 118.4 98.6 109.9 110.0 111.6 115.3 108.7 2016 �������������������� 110.4 107.6 115.1 90.4 110.7 111.5 113.1 113.5 110.6 2016: Sept ��������� 110.6 108.1 114.6 91.9 111.1 111.7 112.9 112.4 111.1 ����������� Oct 110.9 108.4 113.7 94.4 111.1 111.8 113.3 113.3 111.1 ���������� Nov 111.1 108.5 113.0 94.6 111.4 112.1 113.5 113.8 111.3 ����������� Dec 111.3 109.2 113.9 96.4 111.7 112.1 113.1 115.1 111.4 2017: Jan ���������� � 112.0 110.3 114.6 100.3 112.1 112.6 114.5 115.1 111.5 ����������� Feb 112.0 110.7 115.4 101.2 112.3 112.3 113.1 115.6 111.7 ���������� Mar 112.0 110.6 116.3 98.3 112.7 112.5 113.6 114.5 111.8 ����������� Apr 112.6 111.1 117.7 98.8 113.0 113.1 114.1 115.5 112.4 May r �������� 112.6 110.5 116.9 96.2 113.0 113.4 114.9 115.2 112.6 June �������� � 112.8 110.5 117.5 95.5 113.1 113.7 115.1 115.6 112.8 ���������� July 112.7 110.4 117.5 95.2 113.0 113.5 114.5 114.7 113.0 ���������� Aug 112.9 110.9 116.0 98.3 113.2 113.6 114.5 115.1 113.1 Sept ��������� 113.4 111.7 116.0 101.6 113.5 114.0 115.4 116.2 113.2 Processed goods Final for intermediate demand demand (1982=100) less foods, energy, Less and food trade Total and (Aug. 2013 energy =100) 2 68.832 ���������������� ���������������� ���������������� ���������������� ���������������� ���������������� ���������������� 101.5 102.1 103.3 103.6 103.7 103.9 104.2 104.3 104.6 104.6 105.2 105.2 105.4 105.4 105.6 105.8 100.0 170.7 188.3 172.5 183.4 199.9 200.7 200.8 201.9 188.0 182.2 183.5 184.1 184.5 185.6 187.9 189.2 188.7 189.7 189.5 189.6 189.5 190.3 191.3 75.297 168.4 180.9 173.4 180.8 192.0 192.6 193.8 195.2 189.4 186.9 187.6 187.9 188.7 189.4 190.0 191.4 192.2 193.0 192.9 193.0 192.5 193.2 193.5 Unprocessed goods2017 Chart 22 - Oct for intermediate demand (1982=100) Services for intermediNonfood ate materials demand Total less energy 100.0 207.1 251.8 175.2 212.2 249.4 241.4 246.7 249.3 189.1 173.4 174.8 173.5 174.6 187.4 194.5 194.4 187.7 190.7 188.7 189.7 189.0 187.7 187.0 24.993 100.0 282.6 ����������������� 324.4 ����������������� 248.4 ����������������� 329.1 101.1 390.4 103.2 369.6 105.3 351.2 107.2 345.7 108.9 296.0 110.2 288.0 112.1 291.2 112.2 287.3 112.3 294.4 112.8 304.5 113.0 314.4 113.4 317.5 113.9 323.8 113.9 321.8 114.5 319.5 114.5 321.5 115.3 325.4 115.0 328.2 115.2 334.8 115.3 1 Includes final demand construction, not shown separately. 2 Does not include food and beverages for immediate consumption, which are defined as the service of preparing meals, snacks, and beverages to customer order for immediate consumption. 3 Trade indexes measure changes in margins received by wholesalers and retailers. 4 Relative importance, December 2016. Source: Department of Labor (Bureau of Labor Statistics). 22 Consumer Prices—All Urban Consumers In September, the consumer price index for all urban consumers rose 0.5 percent; it rose 0.5 percent before seasonal adjustment. The index rose 2.2 percent from its year-earlier level. INDEX, 1982-84 = 100 (RATIO SCALE) 250 INDEX, 1982-84 = 100 (RATIO SCALE) 250 SEASONALLY ADJUSTED 240 240 CONSUMER PRICES—ALL ITEMS 230 230 220 220 210 210 200 200 190 190 180 180 2009 2010 2011 2012 2013 2014 2015 2016 SOURCE: DEPARTMENT OF LABOR 2017 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 ����������� 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2016: Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2017: Jan ���������� � ����������� Feb ���������� Mar ����������� Apr May ��������� � June �������� � ���������� July ���������� Aug Sept ��������� Not seasonally Seasonally adjusted adjusted (NSA) 100.0 207.342 215.303 214.537 218.056 224.939 229.594 232.957 236.736 237.017 240.007 241.428 241.729 241.353 241.432 242.839 243.603 243.801 244.524 244.733 244.955 244.786 245.519 246.819 ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� ����������������� 241.006 241.694 242.199 242.821 244.158 244.456 243.752 244.158 243.846 243.790 244.048 245.030 246.373 All items less food and energy Total 1 78.985 210.729 215.572 219.235 221.337 225.008 229.755 233.806 237.897 242.247 247.602 248.646 249.011 249.464 250.013 250.783 251.299 250.993 251.172 251.329 251.627 251.914 252.540 252.860 Shelter 33.832 240.611 246.666 249.354 248.396 251.646 257.083 263.056 270.513 278.803 288.230 290.347 291.321 292.184 293.107 293.779 294.571 294.927 295.812 296.481 297.178 297.589 298.955 299.745 Medical care 2 8.530 351.054 364.065 375.613 388.436 400.258 414.924 425.134 435.292 446.752 463.675 469.359 470.001 470.244 471.337 472.251 472.738 473.415 472.664 472.614 474.368 476.383 477.016 476.696 Apparel 3.020 118.998 118.907 120.078 119.503 122.111 126.265 127.411 127.514 125.903 126.045 125.786 126.098 125.694 125.218 126.915 127.719 126.824 126.414 125.381 125.241 125.579 125.654 125.508 Food New vehicles 3.578 136.254 134.194 135.623 138.005 141.883 144.232 145.783 146.275 147.135 147.358 147.205 147.447 147.394 147.518 148.792 148.462 148.019 147.790 147.510 147.040 146.332 146.272 145.736 Energy Total 1 At home Away from home 13.643 202.916 214.106 217.955 219.625 227.842 233.777 237.037 242.725 247.235 247.931 247.782 247.675 247.583 247.494 247.816 248.417 249.268 249.767 250.161 250.042 250.470 250.596 250.857 7.846 201.245 214.125 215.124 215.836 226.201 231.774 233.869 239.456 242.250 239.065 237.896 237.486 237.175 236.763 236.659 237.298 238.426 238.863 239.206 238.945 239.377 239.015 238.903 5.797 206.659 215.769 223.272 226.114 231.401 237.986 243.068 248.981 256.101 262.695 264.102 264.459 264.699 265.104 266.079 266.626 267.055 267.652 268.128 268.225 268.649 269.522 270.353 Total 1, 2 7.372 207.723 236.666 193.126 211.449 243.909 246.080 244.409 243.583 202.895 189.535 192.003 196.813 198.730 201.148 209.138 207.102 200.478 202.761 197.250 194.187 193.964 199.477 211.550 Chart 23 - Oct 2017 Gasoline 3.365 237.959 277.457 201.555 238.594 301.694 311.470 302.577 290.889 212.007 187.602 190.511 200.157 204.265 209.218 225.577 218.910 205.367 207.819 194.470 188.998 189.058 200.963 227.239 C-CPI-U (Dec. 1999=100, NSA) 3 ������������������� 119.957 124.433 123.850 125.615 129.453 131.976 ������������������� ������������������� ������������������� ������������������� 137.328 137.514 137.237 137.282 138.151 138.551 138.646 139.088 139.170 139.241 139.075 139.519 140.371 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, August 2017. 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 demand and 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 2007 �������������������� ����������� ���������� ���������� ���������� ����������� ���������� ���������� ������������� ���������� ����������� 2008 �������������������� ����������� ���������� ���������� ���������� ����������� ���������� ���������� ������������� ���������� ����������� 2009 �������������������� ����������� ���������� ���������� ���������� ����������� ���������� ���������� ������������� ���������� ����������� 2010 �������������������� 2.8 4.7 5.3 12.7 2.4 1.7 2.1 4.3 1.3 ����������� 2011 �������������������� 3.2 4.7 5.7 9.2 3.1 2.3 2.3 6.7 1.8 ����������� 2012 �������������������� 1.9 1.4 4.1 –1.3 1.4 2.2 3.8 2.7 1.4 ����������� 2013 �������������������� 1.2 .8 –.8 .9 1.3 1.3 –.4 2.0 2.0 ����������� 2014 �������������������� .9 –1.2 4.4 –13.2 1.1 2.1 4.0 .8 1.4 1.3 2015 �������������������� –1.1 –3.8 –5.2 –16.4 –.1 .2 .0 –3.5 .8 .3 2016 �������������������� 1.7 1.9 –1.6 6.3 1.7 1.6 1.0 1.1 2.0 1.8 7.1 –2.3 2.9 6.4 5.7 .4 .1 –2.6 –6.6 1.8 3.3 2.9 –.1 4.7 3.8 .6 .7 –.1 –3.8 1.6 19.8 –24.6 13.3 16.1 6.6 1.4 –1.9 –8.7 –25.3 13.0 0.3 .3 .2 .6 1.2 .7 –.3 .5 –.1 .1 –.1 .4 .5 0.1 .2 .4 .4 .3 .7 .4 .4 –.1 .1 –.3 .4 .2 –0.6 –.7 .6 7.3 3.8 –.1 –3.4 1.6 –1.0 .5 –.4 –.7 –.4 15.6 �������������� ����������� ����������� ������������ –24.1 �������������� ����������� ����������� ������������ 28.9 �������������� ����������� ����������� ������������ 27.6 1.4 ����������� ����������� ������������ 2.4 2.0 3.8 6.9 2.1 –1.6 2.9 1.9 1.6 1.9 –5.6 1.0 1.3 .8 1.6 –5.3 1.8 1.6 1.2 1.8 –18.5 .5 –.9 –4.3 .9 13.7 2.6 .5 –1.4 1.4 Change, month to month 2016: Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2017: Jan ���������� � ����������� Feb ���������� Mar ����������� Apr May r �������� June r ������� ���������� July ���������� Aug Sept ��������� 0.3 .3 .2 .2 .6 .0 .0 .5 .0 .2 –.1 .2 .4 0.5 .3 .1 .6 1.0 .4 –.1 .5 –.5 .0 –.1 .5 .7 0.5 –.8 –.6 .8 .6 .7 .8 1.2 –.7 .5 .0 –1.3 .0 1.5 2.7 .2 1.9 4.0 .9 –2.9 .5 –2.6 –.7 –.3 3.3 3.4 0.1 .0 .3 .3 .4 .2 .4 .3 .0 .1 –.1 .2 .3 0.3 .1 .3 .0 .4 –.3 .2 .5 .3 .3 –.2 .1 .4 0.7 .4 .2 –.4 1.2 –1.2 .4 .4 .7 .2 –.5 .0 .8 –0.7 .8 .4 1.1 .0 .4 –1.0 .9 –.3 .3 –.8 .3 1.0 0.2 .0 .2 .1 .1 .2 .1 .5 .2 .2 .2 .1 .1 0.1 .1 .2 .3 .1 .3 .0 .6 .0 .2 .0 .2 .2 –2.0 –1.3 2.5 3.4 3.3 1.0 2.0 –.6 –.7 .6 1.2 .9 2.0 –0.1 .1 .4 .2 .4 .4 .0 .5 .0 .7 –.3 .2 .1 0.6 1.1 1.3 1.7 1.7 2.0 2.2 2.5 2.3 2.0 1.9 2.4 2.6 –0.4 .4 .5 1.9 3.1 4.0 4.1 4.1 2.9 2.2 2.3 3.1 3.3 1.4 1.6 1.7 1.6 1.1 1.0 1.3 1.7 2.0 1.9 1.8 2.1 2.1 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) Change, December to December, NSA 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 4.1 .1 2.7 1.5 3.0 1.7 1.5 .8 .7 2.1 2.4 1.8 1.8 .8 2.2 1.9 1.7 1.6 2.1 2.2 3.1 1.9 .3 .4 1.9 2.2 2.5 2.9 3.2 3.6 5.2 2.6 3.4 3.3 3.5 3.2 2.0 3.0 2.6 4.1 –0.3 –1.0 1.9 –1.1 4.6 1.8 .6 –2.0 –.9 –.1 2016: Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2017: Jan ���������� � ����������� Feb ���������� Mar ����������� Apr May ��������� � June �������� � ���������� July ���������� Aug Sept ��������� 0.3 .3 .2 .3 .6 .1 –.3 .2 –.1 .0 .1 .4 .5 0.1 .1 .2 .2 .3 .2 –.1 .1 .1 .1 .1 .2 .1 0.3 .3 .3 .3 .2 .3 .1 .3 .2 .2 .1 .5 .3 0.2 .1 .1 .2 .2 .1 .1 –.2 .0 .4 .4 .1 –.1 –0.5 .2 –.3 –.4 1.4 .6 –.7 –.3 –.8 –.1 .3 .1 –.1 –0.3 –3.2 4.9 –.2 3.2 1.6 .4 .5 .2 .3 4.9 5.9 –.5 1.5 4.7 1.8 1.1 3.4 .8 –.2 5.6 6.6 –2.4 1.7 6.0 1.3 .4 3.7 –.4 –2.0 4.0 5.0 1.9 1.3 2.9 2.5 2.1 3.0 2.6 2.3 17.4 –21.3 18.2 7.7 6.6 .5 .5 –10.6 –12.6 5.4 29.6 –43.1 53.5 13.8 9.9 1.7 –1.0 –21.0 –19.7 9.1 3.7 .2 2.5 1.3 2.9 1.5 1.3 .5 .4 1.9 ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� �������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� ������������� 2.8 3.8 –.4 1.6 3.2 2.1 1.5 1.6 .1 1.3 –0.2 –.2 –.1 –.2 .0 .3 .5 .2 .1 –.1 .2 –.2 .0 0.2 .1 .1 .2 .4 .2 .2 .2 .2 .0 .2 .3 .3 2.4 2.5 1.0 1.2 4.0 –1.0 –3.2 1.1 –2.7 –1.6 –.1 2.8 6.1 4.6 5.1 2.1 2.4 7.8 –3.0 –6.2 1.2 –6.4 –2.8 .0 6.3 13.1 0.2 .1 –.2 .0 .6 .3 .1 .3 .1 .1 –.1 .3 .6 1.8 ������������� ������������� 3.0 ������������� ������������� 3.1 ������������� ������������� –.3 ������������� ������������� 2.0 2.0 3.0 3.0 3.0 4.1 3.8 1.5 .0 –1.0 .1 –.2 2.0 4.3 2.5 2.3 2.4 2.5 3.6 3.4 2.3 2.0 1.4 .8 –.1 .5 2.2 1.5 1.6 1.7 2.1 2.5 2.7 2.4 2.2 1.9 1.6 1.7 1.9 2.2 Change, month to month 0.0 .2 .0 .1 .9 –.2 –.3 –.2 –.2 –.3 –.5 .0 –.4 0.0 .0 .0 .0 .1 .2 .3 .2 .2 .0 .2 .1 .1 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 September, prices received by farmers fell 1.7 percent and prices paid by farmers rose 0.3 percent. (Data are not seasonally adjusted.) INDEX, 2011=100 (RATIO SCALE) 130 INDEX, 2011=100 (RATIO SCALE) 130 120 120 PRICES RECEIVED 110 110 100 100 PRICES PAID 90 90 80 80 70 70 60 60 RATIO1 RATIO1 140 140 RATIO 120 120 100 100 80 80 60 60 2009 2011 2010 2012 2013 2015 2014 2017 2016 1 RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID. SOURCE: DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS [2011=100; not seasonally adjusted] Prices received by farmers 1 Period 2007 ��������������������������������������������������� 2008 ��������������������������������������������������� 2009 ��������������������������������������������������� 2010 ��������������������������������������������������� 2011 ��������������������������������������������������� 2012 ��������������������������������������������������� 2013 ��������������������������������������������������� 2014 ��������������������������������������������������� 2015 ��������������������������������������������������� 2016 ��������������������������������������������������� 2016: Sept ���������������������������������������� ������������������������������������������ Oct r ���������������������������������������� Nov ������������������������������������������ Dec 2017: Jan ����������������������������������������� � ������������������������������������������ Feb r ��������������������������������������� Mar ������������������������������������������ Apr May r ��������������������������������������� June ��������������������������������������� � r ��������������������������������������� July ����������������������������������������� Aug Sept p �������������������������������������� Agricultural production 83.6 91.7 80.6 86.8 100.0 105.0 107.0 107.9 99.0 90.5 86.4 80.6 83.4 87.8 85.9 91.1 94.2 95.9 98.2 98.1 95.3 93.4 91.8 Crop production 81.0 95.9 85.7 87.0 100.0 107.0 105.7 92.3 86.5 85.9 83.8 79.3 80.5 80.7 77.5 85.3 86.2 91.2 86.9 87.2 86.4 87.5 88.6 Chart 25 - Oct 2017 Prices paid by farmers Livestock production 85.7 86.1 73.8 85.7 100.0 102.5 108.5 128.7 113.4 94.5 88.6 82.2 86.3 94.5 96.6 96.1 100.6 99.5 106.7 107.3 104.0 98.5 94.8 All commodities, services, interest, taxes, and wage rates (PPITW) 2 79.0 90.0 87.3 90.0 100.0 104.4 106.3 112.0 109.9 105.2 103.5 102.9 103.2 104.0 105.9 106.4 106.5 106.8 107.0 107.0 107.0 106.4 106.7 Production items, interest, taxes, and wage rates (PITW) 77.2 89.5 86.4 89.0 100.0 104.8 106.7 113.1 110.6 105.0 102.9 102.2 102.6 103.5 105.6 106.1 106.3 106.6 106.8 106.7 106.7 105.9 106.3 Production items 74.6 88.3 84.8 87.7 100.0 105.4 107.4 114.1 110.4 103.4 101.0 100.0 100.5 101.5 103.4 104.0 104.2 104.7 104.9 104.9 104.9 104.0 104.4 Ratio of prices received by farmers to PPITW 106 102 92 96 100 100 100 96 90 85 83 79 81 85 81 86 88 90 92 92 89 88 86 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 September, M2 rose. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 14,800 14,000 13,200 12,400 11,600 10,800 10,000 14,800 14,000 13,200 12,400 11,600 10,800 10,000 M2 9,200 9,200 8,400 8,400 7,600 7,600 6,800 6,800 6,000 6,000 5,200 5,200 4,400 4,400 3,600 3,600 3,200 3,200 M1 2,800 2,800 2,400 2,400 2,000 2,000 1,600 1,600 1,200 1,200 2009 2010 2011 2012 2013 2014 2015 2016 *AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 2017 COUNCIL OF ECONOMIC ADVISERS [Averages of daily figures, except debt end-of-period basis; billions of dollars, seasonally adjusted] M1 Period 2007: Dec r ���������������������������������������� 2008: Dec r ���������������������������������������� 2009: Dec r ���������������������������������������� 2010: Dec r ���������������������������������������� 2011: Dec r ���������������������������������������� 2012: Dec r ���������������������������������������� 2013: Dec r ���������������������������������������� 2014: Dec r ���������������������������������������� 2015: Dec r ���������������������������������������� 2016: Dec r ���������������������������������������� 2016: Sept r ��������������������������������������� r ����������������������������������������� Oct r ���������������������������������������� Nov r ���������������������������������������� Dec 2017: Jan r ���������������������������������������� r ���������������������������������������� Feb r ��������������������������������������� Mar r ���������������������������������������� Apr May r ��������������������������������������� June r �������������������������������������� r ��������������������������������������� July r ���������������������������������������� Aug Sept p �������������������������������������� M2 Debt Sum of currency, demand deposits, travelers checks, and other checkable deposits M1 plus savings deposits, retail MMMF balances, and small time deposits 1 Debt of domestic nonfinancial sectors 2 1,374.7 1,603.6 1,694.1 1,837.5 2,164.6 2,460.7 2,662.3 2,935.6 3,086.4 3,329.2 3,326.9 3,335.6 3,344.5 3,329.2 3,393.3 3,370.7 3,439.9 3,430.3 3,504.4 3,496.3 3,527.2 3,564.7 3,553.2 7,456.7 8,180.5 8,482.7 8,789.0 9,651.3 10,446.9 11,015.7 11,668.7 12,330.8 13,199.5 13,038.1 13,087.5 13,164.7 13,199.5 13,278.1 13,317.6 13,400.4 13,452.7 13,517.8 13,544.0 13,620.4 13,664.4 13,703.3 33,287.6 35,071.8 35,950.6 37,288.3 38,451.9 40,192.3 41,630.5 43,375.6 45,179.0 47,212.5 46,864.7 ��������������������������������������������� ��������������������������������������������� 47,212.5 ��������������������������������������������� ��������������������������������������������� 47,470.9 ��������������������������������������������� ��������������������������������������������� 47,916.3 ��������������������������������������������� ��������������������������������������������� ��������������������������������������������� Percent change From previous period 4 From year or 6 months earlier 3 M1 M2 0.5 16.7 5.6 8.5 17.8 13.7 8.2 10.3 5.1 7.9 10.5 8.3 5.9 5.0 9.1 2.7 6.8 5.7 9.6 10.0 7.9 11.5 6.6 Chart 26 - Oct 2017 Debt 5.7 9.7 3.7 3.6 9.8 8.2 5.4 5.9 5.7 7.0 6.9 6.3 6.3 5.8 5.9 5.2 5.6 5.6 5.4 5.2 5.2 5.2 4.5 7.1 3.4 2.3 4.4 4.3 4.7 5.3 3.7 8.1 3.1 5.1 ������������������������������� ������������������������������� 3.1 ������������������������������� ������������������������������� 1.7 ������������������������������� ������������������������������� 3.8 ������������������������������� ������������������������������� ������������������������������� 1 Money market mutual fund (MMMF). Savings deposits include money market deposit accounts (MMDA). 2 Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts. Quarterly data shown in last month of quarter. End-of-year data are for fourth quarter. 3 Annual changes are from December to December and monthly changes are from 6 months earlier at a simple annual rate. 4 Debt growth of domestic nonfinancial sectors is the seasonally adjusted borrowing flow divided by the seasonally adjusted level of debt outstanding in the previous period. Annual changes are from fourth quarter to fourth quarter; quarterly changes are from previous quarter at an annual rate. Note: See p. 27 for components. Source: Board of Governors of the Federal Reserve System. 26 Components of Money Stock [Averages of daily figures; billions of dollars, seasonally adjusted] Period 2007: Dec r ��������� 2008: Dec r ��������� 2009: Dec r ��������� 2010: Dec r ��������� 2011: Dec r ��������� 2012: Dec r ��������� 2013: Dec r ��������� 2014: Dec r ��������� 2015: Dec r ��������� 2016: Dec r ��������� 2016: Sept r �������� r ���������� Oct r ��������� Nov r ��������� Dec 2017: Jan r ��������� r ��������� Feb r �������� Mar r ��������� Apr May r �������� June r ������� r �������� July r ��������� Aug Sept p ������� Currency 760.6 816.2 863.7 918.8 1,001.5 1,090.6 1,160.5 1,252.7 1,338.6 1,419.7 1,401.7 1,407.6 1,414.1 1,419.7 1,431.3 1,433.4 1,446.2 1,458.1 1,468.8 1,478.3 1,486.5 1,494.5 1,503.9 Nonbank travelers checks Other checkable deposits (OCDs) Demand deposits At commercial banks Total 6.3 5.5 5.1 4.7 4.3 3.8 3.5 2.9 2.5 2.2 2.2 2.2 2.2 2.2 2.1 2.1 2.1 2.1 2.1 2.0 2.0 2.0 1.9 303.0 472.0 447.8 518.2 752.8 927.6 1,033.4 1,196.4 1,232.5 1,362.1 1,381.4 1,381.3 1,380.9 1,362.1 1,408.1 1,387.6 1,431.9 1,414.0 1,463.5 1,453.0 1,473.6 1,494.9 1,472.9 304.7 309.8 377.5 395.8 405.9 438.7 464.9 483.5 512.8 545.2 541.6 544.5 547.4 545.2 551.7 547.6 559.7 556.1 570.0 563.0 565.1 573.3 574.4 Savings deposits (including MMDAs) At thrift institutions 171.8 176.9 228.8 233.1 230.8 243.0 255.5 264.9 275.9 288.0 288.3 288.0 289.1 288.0 290.9 286.4 293.8 287.3 301.6 295.2 293.7 301.0 301.0 133.0 132.9 148.7 162.8 175.1 195.7 209.4 218.6 236.9 257.2 253.3 256.5 258.2 257.2 260.8 261.1 265.9 268.9 268.4 267.8 271.4 272.3 273.4 Small-denomination time deposits 1 At commercial banks At commercial banks Total 3,864.4 4,085.9 4,810.0 5,330.7 6,033.8 6,685.5 7,132.1 7,580.4 8,180.2 8,827.8 8,675.4 8,715.4 8,768.6 8,827.8 8,853.6 8,916.0 8,921.2 8,971.4 8,956.6 8,987.1 9,025.5 9,018.1 9,055.8 3,041.0 3,320.7 3,977.0 4,411.2 5,037.4 5,729.0 6,111.0 6,501.7 7,034.9 7,567.3 7,442.4 7,471.1 7,518.6 7,567.3 7,579.8 7,628.1 7,618.0 7,663.9 7,636.5 7,661.9 7,699.5 7,694.4 7,736.9 At thrift institutions 823.4 765.2 833.0 919.4 996.4 956.5 1,021.1 1,078.7 1,145.3 1,260.5 1,233.0 1,244.3 1,250.0 1,260.5 1,273.8 1,287.9 1,303.2 1,307.6 1,320.1 1,325.2 1,326.0 1,323.7 1,318.9 Total 1,276.0 1,457.6 1,187.6 934.3 776.7 645.5 569.4 521.2 410.1 349.8 370.0 363.6 357.2 349.8 346.9 348.4 350.1 355.8 361.4 369.4 376.6 383.9 394.2 859.5 1,079.6 868.6 663.9 548.2 468.8 425.1 389.7 300.3 249.1 264.1 259.0 254.4 249.1 247.7 250.8 253.9 260.0 263.8 270.1 277.2 284.4 292.6 Retail money funds At thrift institutions 416.5 378.0 319.0 270.4 228.5 176.7 144.2 131.5 109.9 100.7 105.9 104.6 102.8 100.7 99.2 97.6 96.2 95.8 97.6 99.3 99.4 99.5 101.6 941.7 1,033.4 791.0 686.5 676.1 655.2 651.9 631.5 654.2 692.7 665.8 672.9 694.3 692.7 684.3 682.5 689.1 695.2 695.5 691.2 691.2 697.8 700.2 Institutional money funds 2 1,951.6 2,448.6 2,245.9 1,884.4 1,750.5 1,729.9 1,765.7 1,796.4 1,827.2 1,747.0 1,802.0 1,751.9 1,747.8 1,747.0 1,697.3 1,701.0 1,697.9 1,711.6 1,733.6 1,731.8 1,718.1 1,766.5 1,806.1 1 Small-denomination deposits are those issued in amounts of less than $100,000. 2 Institutional money funds are not part of non-M1 M2. Source: Board of Governors of the Federal Reserve System. Aggregate Reserves and Monetary Base [Averages of daily figures 1; millions of dollars, not seasonally adjusted] Reserves of depository institutions Reserve balances maintained Period Total 2007: Dec ����������� � 2008: Dec ����������� � 2009: Dec ����������� � 2010: Dec ����������� � 2011: Dec ����������� � 2012: Dec ����������� � 2013: Dec ����������� � 2014: Dec ����������� � 2015: Dec ����������� � 2016: Dec ����������� � 2016: Sept ���������� ������������ Oct ����������� Nov ������������ Dec 2017: Jan ����������� � ������������ Feb ����������� Mar r ���������� Apr May r ��������� June r �������� r ��������� July r ���������� Aug Sept p �������� 8,098 783,631 1,099,831 1,035,074 1,550,043 1,517,425 2,485,248 2,606,700 2,419,774 2,031,007 2,265,320 2,095,127 2,140,315 2,031,007 2,092,776 2,237,980 2,326,253 2,281,420 2,225,769 2,206,547 2,233,323 2,344,015 2,295,735 To satisfy reserve balance requirements 2 That exceed the top of the penalty-free band ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 75,713 90,852 97,981 116,285 118,285 116,011 117,875 116,285 121,169 118,775 118,757 124,219 126,547 129,695 132,296 131,641 133,950 ������������������ ������������������ ������������������ ������������������ ������������������ ������������������ 2,409,535 2,515,848 2,321,793 1,914,722 2,147,036 1,979,116 2,022,440 1,914,722 1,971,607 2,119,205 2,207,497 2,157,202 2,099,222 2,076,852 2,101,027 2,212,375 2,161,785 Reserve balance requirements 3 6,313 16,312 24,632 28,438 47,838 58,675 69,030 82,770 89,313 105,944 107,825 105,688 107,345 105,944 110,483 108,252 108,174 113,224 115,464 118,187 120,636 120,091 122,109 Borrowings from the Federal Reserve Vault cash used to satisfy required reserves 35,365 37,245 40,619 42,927 48,672 52,959 55,771 59,236 61,413 64,280 59,787 60,933 61,355 64,280 65,766 64,956 61,525 63,392 63,167 63,137 63,606 63,158 62,140 Nonborrowed 4 28,033 167,311 970,523 1,032,512 1,589,189 1,569,588 2,540,849 2,665,835 2,481,082 2,095,247 2,324,901 2,155,936 2,201,631 2,095,247 2,158,526 2,302,916 2,387,767 2,344,767 2,288,880 2,269,588 2,296,763 2,406,953 2,357,651 Monetary base 5 837,192 1,666,365 2,026,220 2,017,000 2,619,586 2,675,945 3,717,450 3,934,455 3,835,810 3,531,565 3,735,888 3,572,132 3,629,770 3,531,565 3,595,455 3,746,408 3,856,287 3,821,697 3,774,412 3,762,780 3,795,430 3,910,022 3,874,483 Total 6 15,430 653,565 169,927 45,488 9,526 795 170 102 106 39 206 125 39 39 16 21 12 45 56 95 166 220 224 Primary Secondary 3,787 88,245 19,025 41 103 12 13 22 38 13 12 5 8 13 11 17 7 21 11 15 12 7 10 1 52 518 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Seasonal Term assetbacked securities loan facility 7 30 �������������������� 3 �������������������� 37 46,310 26 25,025 23 9,400 23 760 59 98 80 0 67 0 25 0 195 0 119 0 30 0 25 0 5 0 4 0 5 0 24 0 44 0 80 0 154 0 213 0 214 0 1 Data are prorated averages of biweekly (maintenance period) averages of daily figures. 2 Equals the sum of balances maintained up to the top of each institution’s penalty-free band. 3 Excludes vault cash used to satisfy required reserves. 4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve. 5 Equals total balances maintained plus currency in circulation (not shown). 6 Includes term auction credit (December 2007 to April 2010), primary dealer and other broker-dealer credit (March 2008 to February 2010), credit extended to American International Group, Inc. (September 2008 to January 2011), asset-backed commercial paper money market mutual fund liquidity facility (September 2008 to February 2010), and other credit extensions, not shown separately. 7 Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility. Note: Data reflect the creation of a penalty-free band around reserve balance requirements which took effect June 27, 2013. See H.3 release of July 11, 2013. Source: Board of Governors of the Federal Reserve System. 27 Bank Credit at All Commercial Banks Total commercial bank loans and leases rose 0.4 percent in September. BILLIONS OF DOLLARS* (RATIO SCALE) 14,000 ALL COMMERCIAL BANKS 12,000 BILLIONS OF DOLLARS* (RATIO SCALE) 14,000 12,000 TOTAL 10,000 9,000 8,000 10,000 9,000 8,000 7,000 7,000 6,000 6,000 LOANS AND LEASES 5,000 5,000 4,000 4,000 3,000 3,000 U.S. TREASURY AND AGENCY SECURITIES 2,000 2,000 1,600 1,600 1,200 1,200 800 800 OTHER SECURITIES 400 400 2009 2010 2011 2012 2013 2014 2015 2016 *SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 2017 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars, seasonally adjusted 1] Securities in bank credit 2 Period 2007: Dec ���������� � 2008: Dec ���������� � 2009: Dec ���������� � 2010: Dec ���������� � 2011: Dec ���������� � 2012: Dec ���������� � 2013: Dec ���������� � 2014: Dec ���������� � 2015: Dec ���������� � 2016: Dec ���������� � 2016: Sept ��������� ����������� Oct ���������� Nov ����������� Dec 2017: Jan ���������� � ����������� Feb ���������� Mar ����������� Apr May ��������� � June r ������� r �������� July r ��������� Aug Sept p ������� Total bank credit 8,898.5 9,346.8 8,989.5 9,180.3 9,393.8 9,951.0 10,100.8 10,855.3 11,686.5 12,451.3 12,366.7 12,436.5 12,455.8 12,451.3 12,475.6 12,490.5 12,497.7 12,554.6 12,613.7 12,636.1 12,687.4 12,719.1 12,763.1 Total securities 2,099.7 2,091.3 2,323.3 2,425.0 2,492.4 2,733.7 2,722.4 2,934.0 3,112.2 3,325.0 3,303.2 3,331.3 3,332.8 3,325.0 3,342.3 3,349.1 3,356.6 3,359.7 3,374.9 3,375.5 3,382.6 3,386.0 3,393.8 U.S. Treasury and agency securities 1,132.4 1,247.6 1,444.9 1,637.1 1,698.0 1,872.6 1,809.6 2,041.7 2,226.9 2,423.4 2,389.0 2,422.0 2,429.8 2,423.4 2,439.9 2,442.8 2,443.8 2,448.1 2,461.8 2,463.5 2,475.2 2,478.6 2,487.2 Loans and leases in bank credit Other securities 967.3 843.7 878.4 787.9 794.4 861.1 912.9 892.4 885.3 901.6 914.2 909.4 903.0 901.6 902.4 906.3 912.7 911.6 913.1 912.0 907.4 907.4 906.6 Total loans and leases 3 6,798.8 7,255.4 6,666.1 6,755.3 6,901.4 7,217.3 7,378.4 7,921.3 8,574.3 9,126.4 9,063.5 9,105.2 9,123.1 9,126.4 9,133.3 9,141.5 9,141.1 9,194.9 9,238.7 9,260.6 9,304.9 9,333.0 9,369.3 Commercial and industrial loans 1,417.6 1,558.7 1,265.1 1,192.4 1,303.8 1,474.4 1,574.1 1,772.9 1,955.1 2,098.1 2,083.4 2,098.4 2,102.5 2,098.1 2,099.7 2,098.3 2,085.4 2,095.4 2,098.6 2,102.7 2,107.2 2,113.4 2,124.9 Chart 28 - Oct 2017 Real estate loans Total 4 3,598.8 3,819.0 3,776.8 3,613.5 3,495.0 3,550.6 3,531.5 3,638.2 3,868.4 4,113.7 4,069.6 4,094.9 4,105.5 4,113.7 4,127.7 4,136.6 4,149.4 4,165.1 4,182.8 4,195.8 4,216.2 4,224.8 4,232.0 Revolving home equity loans 484.8 588.3 603.2 581.6 549.6 515.4 472.7 456.8 435.8 405.9 415.2 412.3 409.2 405.9 403.2 400.3 398.0 395.8 393.4 391.0 389.6 386.7 384.6 Commercial loans 1,587.2 1,728.4 1,641.0 1,500.5 1,418.3 1,428.2 1,498.1 1,605.1 1,779.6 1,960.8 1,925.1 1,941.1 1,952.8 1,960.8 1,975.3 1,987.6 2,000.8 2,014.3 2,026.4 2,036.0 2,048.1 2,054.8 2,053.5 Consumer loans 5 799.3 876.3 836.0 1,107.5 1,086.3 1,102.6 1,128.1 1,186.7 1,258.7 1,354.6 1,336.4 1,343.1 1,349.0 1,354.6 1,358.4 1,362.4 1,365.3 1,368.5 1,371.7 1,373.7 1,378.1 1,382.1 1,391.6 Other loans and leases 6 983.1 1,001.4 788.1 841.9 1,016.4 1,089.7 1,144.7 1,323.5 1,492.1 1,560.0 1,574.1 1,568.8 1,566.1 1,560.0 1,547.6 1,544.2 1,541.1 1,565.9 1,585.6 1,588.4 1,603.3 1,612.8 1,620.8 1 Data are prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, and Edge Act and agreement corporations. 2 Includes securities held in trading accounts, held-to-maturity, and available-for-sale. Excludes all non-security trading assets, such as derivatives with a positive fair value or loans held in trading accounts. 3 Excludes unearned income. Includes the allowance for loan and lease losses. Excludes Federal funds sold to, reverse repurchase agreements (RPs) with, and loans to commercial banks in the United States. Includes all loans held in trading accounts under a fair value option. 4 Includes closed-end residential loans, not shown separately. 5 Includes credit cards and other consumer loans. 6 Includes other items, not shown separately. Source: Board of Governors of the Federal Reserve System. 28 Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business [Billions of dollars; quarterly data at seasonally adjusted annual rates] Sources Uses External (Net increase in liabilities) Funds raised in markets Period Total 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2015: I ��������������� � ��������������� II �������������� III �������������� IV 2016: I ��������������� � ��������������� II �������������� III �������������� IV 2017: I ��������������� � p ������������� II Internal 1 2,635.3 1,734.0 1,186.6 2,165.7 2,624.2 2,742.9 2,800.6 3,290.6 3,204.9 2,947.3 3,452.0 3,206.3 2,956.4 3,204.8 2,854.8 3,143.9 3,056.4 2,734.0 2,759.8 2,901.5 1,354.4 1,395.1 1,435.3 1,678.1 1,729.9 1,757.4 1,874.1 1,908.5 1,887.4 1,826.7 1,914.6 1,876.7 1,922.0 1,836.2 1,888.7 1,784.9 1,816.6 1,816.5 1,853.2 1,902.5 Total net funds raised Total 1,280.9 338.9 –248.7 487.6 894.3 985.5 926.5 1,382.1 1,317.5 1,120.6 1,537.4 1,329.6 1,034.4 1,368.6 966.1 1,359.0 1,239.8 917.5 906.6 999.0 –46.6 –61.6 –382.4 –298.3 –128.6 –55.7 41.8 11.2 –40.1 –179.9 55.1 190.7 –195.9 –210.3 218.5 –401.6 –160.1 –376.5 175.5 56.3 Net new equity issues –706.3 –315.6 –51.2 –250.7 –454.6 –344.9 –352.9 –394.5 –549.6 –581.4 –573.9 –473.8 –615.8 –535.0 –617.9 –639.6 –672.7 –395.6 –436.5 –382.2 Credit market instruments Total Securities and mortgages Loans and short-term paper 264.6 114.2 136.7 105.4 80.3 207.3 265.1 234.9 454.4 333.0 497.3 683.2 364.3 272.9 548.4 360.9 447.6 –25.2 450.1 295.5 395.1 139.9 –467.9 –153.0 245.7 81.9 129.7 170.8 55.2 68.6 131.8 –18.6 55.5 51.8 288.0 –122.9 64.9 44.3 161.8 143.0 659.8 254.0 –331.2 –47.6 326.0 289.2 394.7 405.6 509.5 401.5 629.0 664.5 419.9 324.7 836.4 238.0 512.5 19.2 612.0 438.5 Other 2 1,108.9 202.5 21.7 624.1 824.1 851.9 697.5 1,185.8 921.4 913.7 535.8 785.9 1,006.6 1,357.4 378.1 1,161.2 996.4 1,119.3 468.9 704.7 Total 2,467.2 751.2 1,320.6 1,868.1 1,828.7 2,007.5 2,554.6 2,622.6 3,255.3 2,975.1 3,296.4 3,548.9 3,198.1 2,978.2 2,853.9 3,173.6 3,058.8 2,813.7 2,681.8 2,925.4 Capital expenditures 3 1,394.4 1,360.0 1,020.8 1,235.4 1,331.9 1,501.2 1,565.0 1,699.9 1,800.3 1,673.9 1,789.3 1,894.1 1,792.2 1,725.8 1,665.3 1,671.3 1,658.6 1,700.2 1,685.5 1,718.0 Increase in financial assets 1,072.8 –608.8 299.8 632.7 496.8 506.3 989.6 922.7 1,455.0 1,301.2 1,507.1 1,654.8 1,405.9 1,252.4 1,188.6 1,502.3 1,400.2 1,113.5 996.3 1,207.4 Discrepancy (sources less uses) 168.2 982.8 –134.0 297.6 795.6 735.4 246.0 668.2 –50.5 –27.7 155.6 –342.5 –241.7 226.6 0.9 –29.6 –2.5 –79.7 78.1 –23.8 1 Profits before tax (book) less taxes on corporate income, less net dividends, plus capital consumption allowance (consumption of fixed capital plus capital consumption adjustment), foreign earnings retained abroad, inventory valuation adjustment, and net capital transfers. 2 Includes trade payables, taxes payable, and miscellaneous liabilities (foreign direct investment in the U.S., pension fund contributions payable, and other). 3 Nonresidential fixed investment plus residential fixed investment, inventory change with inventory valuation adjustment, and nonproduced nonfinancial assets. Source: Board of Governors of the Federal Reserve System. Consumer Credit [Billions of dollars; seasonally adjusted] Net change in consumer credit outstanding 1 Consumer credit outstanding (end of period) Period Total 2007: Dec ����������������������������������������� � 2008: Dec ����������������������������������������� � 2009: Dec ����������������������������������������� � 2010: Dec ����������������������������������������� � 2011: Dec ����������������������������������������� � 2012: Dec ����������������������������������������� � 2013: Dec ����������������������������������������� � 2014: Dec ����������������������������������������� � 2015: Dec ����������������������������������������� � 2016: Dec ����������������������������������������� � 2016: Aug ����������������������������������������� Sept ���������������������������������������� ������������������������������������������ Oct ����������������������������������������� Nov ������������������������������������������ Dec 2017: Jan ����������������������������������������� � ������������������������������������������ Feb ����������������������������������������� Mar ������������������������������������������ Apr May ���������������������������������������� � June ��������������������������������������� � ����������������������������������������� July p ��������������������������������������� Aug Nonrevolving 2 Revolving 2,609.5 2,643.8 2,555.0 2,646.8 2,757.8 2,919.7 3,095.6 3,317.4 3,417.2 3,645.2 3,570.1 3,588.0 3,608.9 3,633.5 3,645.2 3,660.4 3,678.9 3,692.9 3,705.7 3,723.8 3,735.4 3,753.1 3,766.2 1,001.6 1,004.0 916.1 839.1 841.1 845.2 857.1 891.1 909.6 969.6 948.3 952.3 955.3 967.6 969.6 970.5 975.5 979.9 980.7 987.4 991.9 994.0 999.7 1,607.9 1,639.8 1,638.9 1,807.7 1,916.7 2,074.5 2,238.5 2,426.4 2,507.6 2,675.6 2,621.8 2,635.7 2,653.6 2,665.8 2,675.6 2,689.9 2,703.4 2,713.0 2,725.1 2,736.4 2,743.5 2,759.1 2,766.4 Total Nonrevolving 2 Revolving 152.8 34.3 –88.8 91.8 111.0 161.9 175.9 221.8 99.8 228.0 24.3 17.9 20.9 24.6 11.7 15.2 18.5 14.0 12.8 18.1 11.6 17.7 13.1 77.7 2.4 –87.9 –77.0 2.0 4.1 11.9 34.0 18.5 60.0 5.6 4.0 3.0 12.3 2.0 .9 5.0 4.4 .8 6.7 4.5 2.1 5.7 75.1 31.9 –.9 168.8 109.0 157.8 164.0 187.9 81.2 168.0 18.7 13.9 17.9 12.2 9.8 14.3 13.5 9.6 12.1 11.3 7.1 15.6 7.3 1 Change based on data in billions of dollars as shown here. For year-end data, change from preceding year-end; for monthly data, change from preceding month. 2 Includes automobile loans and all other loans not included in revolving credit, such as loans for mobile homes, education, boats, trailers, or vacations. These loans may be secured or unsecured. Note: Data include student loans extended by the Federal Government and by SLM Holding Corporation. Source: Board of Governors of the Federal Reserve System. 29 Interest Rates and Bond Yields Interest rates were mixed in October. PERCENT PER ANNUM 10 PERCENT PER ANNUM 10 8 8 6 6 CORPORATE Aaa BONDS (MOODY'S) 4 4 2 2 FEDERAL FUNDS RATE TREASURY BILLS 0 0 2009 2010 2011 2012 2013 2014 2015 2016 SOURCE: SEE TABLE BELOW 2017 COUNCIL OF ECONOMIC ADVISERS [Percent per annum] Chart 30 - Oct 2017 U.S. Treasury security yields Period 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2016: Oct ����������� ���������� Nov ����������� Dec 2017: Jan ���������� � ����������� Feb ���������� Mar ����������� Apr May ��������� � June �������� � ���������� July ���������� Aug Sept ��������� ����������� Oct Week ended: 2017: Oct 7 ������� 4 ������ 1 � 1 ������ 2 � 8 ������ 2 � Nov 4 ������� 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 4.41 1.48 .16 .14 .06 .09 .06 .03 .06 .33 .34 .44 .52 .52 .53 .72 .81 .89 .99 1.08 1.03 1.04 1.08 4.35 2.24 1.43 1.11 .75 .38 .54 .90 1.02 1.00 .99 1.22 1.49 1.48 1.47 1.59 1.44 1.48 1.49 1.54 1.48 1.51 1.68 4.63 3.66 3.26 3.22 2.78 1.80 2.35 2.54 2.14 1.84 1.76 2.14 2.49 2.43 2.42 2.48 2.30 2.30 2.19 2.32 2.21 2.20 2.36 4.84 4.28 4.08 4.25 3.91 2.92 3.45 3.34 2.84 2.59 2.50 2.86 3.11 3.02 3.03 3.08 2.94 2.96 2.80 2.88 2.80 2.78 2.88 4.42 4.80 4.64 4.16 4.29 3.14 3.96 3.78 3.48 3.07 3.13 3.36 3.81 3.68 3.74 3.78 3.54 3.47 3.06 3.03 3.23 3.27 3.31 5.56 5.63 5.31 4.94 4.64 3.67 4.24 4.16 3.89 3.67 3.51 3.86 4.06 3.92 3.95 4.01 3.87 3.85 3.68 3.70 3.63 3.63 3.60 5.86 2.39 .50 .72 .75 .75 .75 .75 .76 1.01 1.00 1.00 1.25 1.25 1.25 1.50 1.50 1.50 1.75 1.75 1.75 1.75 1.75 8.05 5.09 3.25 3.25 3.25 3.25 3.25 3.25 3.26 3.51 3.50 3.50 3.75 3.75 3.75 4.00 4.00 4.00 4.25 4.25 4.25 4.25 4.25 5.02 6.41 1.92 6.05 .16 5.14 .18 4.80 .10 4.56 .14 3.69 .11 4.00 .09 4.22 .13 4.01 .39 3.76 .40 3.57 .41 3.63 .54 3.74 .65 4.06 .66 4.21 .79 4.16 .90 4.10 .91 4.04 1.04 4.00 1.15 3.88 1.16 3.97 1.15 3.89 1.15 ������������������������� 1.05 1.09 1.09 1.11 1.13 1.63 1.65 1.70 1.73 1.73 2.34 2.33 2.33 2.42 2.36 2.88 2.86 2.84 2.93 2.85 3.35 3.33 3.23 3.34 3.05 3.61 3.59 3.57 3.63 3.56 1.75 1.75 1.75 1.75 1.75 4.25 4.25 4.25 4.25 4.25 1.12 1.16 1.16 1.16 1.15 ������������������������� ������������������������� ������������������������� ������������������������� ������������������������� 1 High bill rate at auction, issue date within period, bank-discount basis. Data are stop yields from uniform-price auctions. 2 Yields on actively traded issues adjusted to constant maturities. 3 Weekly data are Wednesday figures. 4 Average effective rate for year; rate in effect at end of month or week. 5 Beginning March 1, 2016, the daily effective federal funds rate is a volume-weighted median of transaction-level data collected from depository institutions in the Report of Selected Money Market Rates (FR 2420). Prior to that date, the daily effective rate was a volume-weighted mean of rates on brokered trades. 6 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Agency, Moody’s Investors Service, Bloomberg, and Standard & Poor’s. 30 Common Stock Prices and Yields Stock prices rose in October. INDEX, DEC. 31, 2002=5,000 (RATIO SCALE) 13,000 12,000 INDEX, DEC. 31, 2002=5,000 (RATIO SCALE) 13,000 12,000 11,000 11,000 10,000 10,000 COMPOSITE STOCK PRICE INDEX (NYSE) 9,000 9,000 8,000 8,000 7,000 7,000 6,000 6,000 5,000 5,000 4,000 2009 2010 2012 2011 2013 4,000 2014 2015 2016 PERCENT 20 2017 PERCENT 20 15 15 EARNINGS/PRICE RATIO ON COMMON STOCKS (S&P) 10 10 5 5 0 0 2009 2010 2011 2012 2013 2015 2014 SOURCES: NEW YORK STOCK EXCHANGE, STANDARD AND POOR'S, AND BLOOMBERG 2016 2017 COUNCIL OF ECONOMIC ADVISERS Common stock yields (percent) 6 Common stock prices 1 Chart 31 - Oct 2017 New York Stock Exchange indexes (December 31, 2002=5,000) 2 Period Composite 2007 ��������������������� 2008 ��������������������� 2009 ��������������������� 2010 ��������������������� 2011 ��������������������� 2012 ��������������������� 2013 ��������������������� 2014 ��������������������� 2015 ��������������������� 2016 ��������������������� 2016: Oct ������������ ����������� Nov ������������ Dec 2017: Jan ����������� � ������������ Feb ����������� Mar ������������ Apr May ���������� � June ��������� � ����������� July ����������� Aug Sept ���������� ������������ Oct Week ended: 2017: Oct 7 �������� 4 ������� 1 � 1 ������� 2 � 8 ������� 2 � Nov 4 �������� 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 9,648.82 8,036.88 6,091.02 7,230.42 7,871.41 8,011.65 9,426.77 10,653.17 10,676.70 10,380.08 10,575.98 10,653.35 11,085.65 11,220.74 11,417.21 11,509.82 11,460.72 11,570.13 11,737.05 11,873.22 11,846.65 12,057.14 12,346.31 9,321.33 6,278.38 3,987.04 4,744.05 4,641.01 4,616.63 5,805.54 6,448.33 6,559.24 6,124.93 6,237.51 6,531.62 6,982.17 7,072.53 7,252.24 7,286.42 7,171.30 7,213.99 7,351.11 7,572.96 7,572.45 7,611.03 7,891.70 13,339.92 13,258.42 10,020.30 10,943.85 12,880.35 12,512.31 13,490.83 14,598.07 11,332.43 10,204.95 10,810.45 10,712.59 11,515.42 11,477.93 11,064.04 10,752.93 10,730.91 10,521.12 10,150.98 10,181.75 10,061.50 10,535.38 10,823.03 7,191.91 6,171.19 5,456.63 6,230.62 6,847.80 7,503.05 9,250.02 11,195.85 12,718.18 12,182.85 12,171.12 11,785.15 11,815.03 12,032.39 12,447.07 12,805.79 12,741.57 13,152.23 13,642.37 13,731.48 13,514.12 13,920.43 14,136.06 13,169.98 11,252.61 8,876.15 10,662.80 11,966.36 12,967.08 14,999.67 16,773.99 17,590.61 17,908.08 18,184.55 18,697.33 19,712.42 19,908.15 20,424.14 20,823.06 20,684.69 20,936.81 21,317.80 21,581.25 21,914.08 22,173.41 23,036.24 1,476.66 1,220.89 946.73 1,139.31 1,268.89 1,379.56 1,642.51 1,930.67 2,061.20 2,092.39 2,143.02 2,164.99 2,246.63 2,275.12 2,329.91 2,366.82 2,359.31 2,395.35 2,433.99 2,454.10 2,456.22 2,492.84 2,557.00 2,577.12 2,162.46 1,841.03 2,347.70 2,680.42 2,965.77 3,537.69 4,374.31 4,943.49 4,982.49 5,255.99 5,260.57 5,413.12 5,561.42 5,764.70 5,864.96 5,912.17 6,124.88 6,224.29 6,294.67 6,311.40 6,428.08 6,603.01 1.86 2.37 2.40 1.98 2.05 2.24 2.14 2.04 2.10 2.19 2.16 2.15 2.08 2.08 2.04 2.02 2.03 2.02 2.01 �������������������������� �������������������������� �������������������������� �������������������������� 5.29 3.54 1.86 6.04 6.77 6.20 5.57 5.25 4.59 4.17 ���������������������������� ���������������������������� 4.22 ���������������������������� ���������������������������� 4.24 ���������������������������� ���������������������������� 4.29 ���������������������������� ���������������������������� p 4.25 ���������������������������� 12,305.77 12,338.67 12,378.27 12,368.97 12,353.88 7,838.18 7,875.10 7,898.81 7,940.22 7,947.85 10,892.07 10,871.03 10,818.15 10,698.73 10,942.05 14,121.61 14,083.73 14,223.26 14,185.20 13,988.03 22,681.99 22,835.47 23,120.73 23,376.05 23,443.29 2,540.57 2,550.94 2,563.11 2,566.55 2,579.03 6,551.72 6,593.57 6,621.20 6,601.44 6,724.51 �������������������������� �������������������������� �������������������������� �������������������������� �������������������������� ���������������������������� ���������������������������� ���������������������������� ���������������������������� ���������������������������� 1 Annual data are averages of monthly figures. Monthly and weekly data are averages of daily closing prices. 2 Includes all the stocks (in 2016, over 3,200) listed on the NYSE. 3 Includes 30 stocks. 4 Includes 500 stocks. 5 Includes over 3,100 stocks in 2016. 6 Standard & Poor’s series. Dividend/price ratios based on Wednesday closing prices. Earnings/price ratios based on prices at end of quarter. Sources: New York Stock Exchange, Dow Jones & Company, Inc., Standard & Poor’s, Nasdaq Stock Market, and Bloomberg. 31 FEDERAL FINANCE. Federal Receipts, Outlays, and Debt In fiscal year 2017, the deficit was $665.7 billion, compared with a deficit of $584.7 billion a year earlier. BILLIONS OF DOLLARS 4,400 4,200 RECEIPTS AND OUTLAYS BILLIONS OF DOLLARS 4,400 1 4,200 4,000 4,000 3,800 3,800 OUTLAYS1 3,600 3,600 3,400 3,400 3,200 3,200 3,000 3,000 2,800 2,800 RECEIPTS1 2,600 2,600 2,400 2,400 2,200 2,200 2,000 2,000 1,800 1,600 1,800 1,600 400 SURPLUS OR DEFICIT (–)1 400 0 0 –400 –400 –800 –800 –1,200 –1,200 –1,600 –1,600 –2,000 –2,000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 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 1999 ���������������������������������������������������� 2000 ���������������������������������������������������� 2001 ���������������������������������������������������� 2002 ���������������������������������������������������� 2003 ���������������������������������������������������� 2004 ���������������������������������������������������� 2005 ���������������������������������������������������� 2006 ���������������������������������������������������� 2007 ���������������������������������������������������� 2008 ���������������������������������������������������� 2009 ���������������������������������������������������� 2010 ���������������������������������������������������� 2011 ���������������������������������������������������� 2012 ���������������������������������������������������� 2013 ���������������������������������������������������� 2014 ���������������������������������������������������� 2015 ���������������������������������������������������� 2016 ���������������������������������������������������� 2017 1 r ������������������������������������������������ 2018 (estimates) r ������������������������������� 1,827.5 2,025.2 1,991.1 1,853.1 1,782.3 1,880.1 2,153.6 2,406.9 2,568.0 2,524.0 2,105.0 2,162.7 2,303.5 2,450.0 2,775.1 3,021.5 3,249.9 3,268.0 3,314.9 3,514.5 Outlays 1,701.8 1,789.0 1,862.8 2,010.9 2,159.9 2,292.8 2,472.0 2,655.1 2,728.7 2,982.5 3,517.7 3,457.1 3,603.1 3,536.9 3,454.6 3,506.1 3,688.4 3,852.6 3,980.6 4,104.0 Chart 32 - Oct 2017 On-budget Surplus or deficit (–) 125.6 236.2 128.2 –157.8 –377.6 –412.7 –318.3 –248.2 –160.7 –458.6 –1,412.7 –1,294.4 –1,299.6 –1,087.0 –679.5 –484.6 –438.5 –584.7 –665.7 –589.5 Receipts 1,383.0 1,544.6 1,483.6 1,337.8 1,258.5 1,345.4 1,576.1 1,798.5 1,932.9 1,865.9 1,451.0 1,531.0 1,737.7 1,880.5 2,101.8 2,285.9 2,479.5 2,457.8 2,464.3 2,630.4 Outlays 1,381.1 1,458.2 1,516.0 1,655.2 1,796.9 1,913.3 2,069.7 2,233.0 2,275.0 2,507.8 3,000.7 2,902.4 3,104.5 3,029.4 2,820.8 2,800.0 2,945.3 3,077.9 3,179.4 3,244.7 Federal debt (end of period) Off-budget Surplus or deficit (–) 1.9 86.4 –32.4 –317.4 –538.4 –568.0 –493.6 –434.5 –342.2 –641.8 –1,549.7 –1,371.4 –1,366.8 –1,148.9 –719.0 –514.1 –465.8 –620.2 –715.1 –614.3 Receipts 444.5 480.6 507.5 515.3 523.8 534.7 577.5 608.4 635.1 658.0 654.0 631.7 565.8 569.5 673.3 735.6 770.4 810.2 850.6 884.1 Outlays 320.8 330.8 346.8 355.7 363.0 379.5 402.2 422.1 453.6 474.8 517.0 554.7 498.6 507.6 633.8 706.1 743.1 774.7 801.2 859.3 Surplus or deficit (–) 123.7 149.8 160.7 159.7 160.8 155.2 175.3 186.3 181.5 183.3 137.0 77.0 67.2 61.9 39.5 29.5 27.3 35.5 49.4 24.8 Gross Federal 5,605.5 5,628.7 5,769.9 6,198.4 6,760.0 7,354.7 7,905.3 8,451.4 8,950.7 9,986.1 11,875.9 13,528.8 14,764.2 16,050.9 16,719.4 17,794.5 18,120.1 19,539.4 20,203.9 21,327.2 Held by the public 3,632.4 3,409.8 3,319.6 3,540.4 3,913.4 4,295.5 4,592.2 4,829.0 5,035.1 5,803.1 7,544.7 9,018.9 10,128.2 11,281.1 11,982.7 12,779.9 13,116.7 14,167.7 14,666.7 15,599.6 1 Data for fiscal year 2017 are from Final Monthly Treasury Statement issued October 20, 2017 . Note: Data for fiscal year 2018 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2018, issued July 14, 2017. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 2018, issued May 23 , 2017. Sources: Department of the Treasury and Office of Management and Budget. 32 Federal Receipts by Source and Outlays by Function In fiscal year 2017, receipts were $46.9 billion higher than a year earlier and outlays were $128.0 billion higher. BILLIONS OF DOLLARS 2,000 BILLIONS OF DOLLARS 2,000 1 RECEIPTS INDIVIDUAL INCOME TAXES 1,600 1,600 1,200 1,200 CORPORATION INCOME TAXES 800 400 SOCIAL INSURANCE AND RETIREMENT RECEIPTS OTHER RECEIPTS 800 400 0 0 3,800 3,600 3,800 3,600 OUTLAYS1 3,400 3,400 3,200 3,200 NONDEFENSE 3,000 3,000 2,800 2,800 2,600 2,600 2,400 2,400 2,200 2,200 2,000 2,000 1,800 1,600 1,800 1,600 800 800 600 600 NATIONAL DEFENSE 400 400 200 200 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 FISCAL YEARS 1 INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS. SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Chart 33 - Oct 2017 On-budget and off-budget receipts Fiscal year or period 1999 ���������������������������������������������������� 2000 ���������������������������������������������������� 2001 ���������������������������������������������������� 2002 ���������������������������������������������������� 2003 ���������������������������������������������������� 2004 ���������������������������������������������������� 2005 ���������������������������������������������������� 2006 ���������������������������������������������������� 2007 ���������������������������������������������������� 2008 ���������������������������������������������������� 2009 ���������������������������������������������������� 2010 ���������������������������������������������������� 2011 ���������������������������������������������������� 2012 ���������������������������������������������������� 2013 ���������������������������������������������������� 2014 ���������������������������������������������������� 2015 ���������������������������������������������������� 2016 ���������������������������������������������������� 2017 1 r ������������������������������������������������ 2018 (estimates) r ������������������������������� Total 1,827.5 2,025.2 1,991.1 1,853.1 1,782.3 1,880.1 2,153.6 2,406.9 2,568.0 2,524.0 2,105.0 2,162.7 2,303.5 2,450.0 2,775.1 3,021.5 3,249.9 3,268.0 3,314.9 3,514.5 Social Indi- Corpora- insurance vidual tion and income income retiretaxes taxes ment receipts 879.5 1,004.5 994.3 858.3 793.7 809.0 927.2 1,043.9 1,163.5 1,145.7 915.3 898.5 1,091.5 1,132.2 1,316.4 1,394.6 1,540.8 1,546.1 1,587.1 1,745.9 184.7 207.3 151.1 148.0 131.8 189.4 278.3 353.9 370.2 304.3 138.2 191.4 181.1 242.3 273.5 320.7 343.8 299.6 297.0 319.8 611.8 652.9 694.0 700.8 713.0 733.4 794.1 837.8 869.6 900.2 890.9 864.8 818.8 845.3 947.8 1,023.5 1,065.3 1,115.1 1,161.9 1,212.7 On-budget and off-budget outlays National defense Other 151.5 160.6 151.7 146.0 143.9 148.4 154.0 171.2 164.7 173.7 160.5 207.9 212.1 230.2 237.4 282.7 300.0 307.3 268.8 236.2 Total 1,701.8 1,789.0 1,862.8 2,010.9 2,159.9 2,292.8 2,472.0 2,655.1 2,728.7 2,982.5 3,517.7 3,457.1 3,603.1 3,536.9 3,454.6 3,506.1 3,688.4 3,852.6 3,980.6 4,104.0 Total 274.8 294.4 304.7 348.5 404.7 455.8 495.3 521.8 551.3 616.1 661.0 693.5 705.6 677.9 633.4 603.5 589.7 593.4 600.3 661.6 Depart- Internament tional of affairs Defense, military 261.2 281.0 290.2 331.8 387.1 436.4 474.1 499.3 528.5 594.6 636.7 666.7 678.1 650.9 607.8 577.9 562.5 565.4 568.9 630.2 15.2 17.2 16.5 22.3 21.2 26.9 34.6 29.5 28.5 28.9 37.5 45.2 45.7 47.2 46.2 46.7 48.6 45.3 46.3 56.5 Health 141.0 154.5 172.2 196.5 219.5 240.1 250.5 252.7 266.4 280.6 334.3 369.1 372.5 346.7 358.3 409.4 482.2 511.3 533.1 533.2 Medicare 190.4 197.1 217.4 230.9 249.4 269.4 298.6 329.9 375.4 390.8 430.1 451.6 485.7 471.8 497.8 511.7 546.2 594.5 597.3 592.1 Income Social Net security security interest 242.5 253.7 269.8 312.7 334.6 333.1 345.8 352.5 366.0 431.3 533.2 622.2 597.3 541.3 536.5 513.6 508.8 514.1 504.0 490.7 390.0 409.4 433.0 456.0 474.7 495.5 523.3 548.5 586.2 617.0 683.0 706.7 730.8 773.3 813.6 850.5 887.8 916.1 944.9 1,000.9 229.8 222.9 206.2 170.9 153.1 160.2 184.0 226.6 237.1 252.8 186.9 196.2 230.0 220.4 220.9 229.0 223.2 240.0 262.8 313.0 Other 218.1 239.7 243.1 273.1 302.6 311.8 339.8 393.5 317.9 365.2 651.6 372.6 435.5 458.3 347.9 341.7 401.9 437.8 492.0 456.0 1 Data for fiscal year 2017 are from Final Monthly Treasury Statement issued October 20, 2017. Note: Data for fiscal year 2018 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2018, issued July 14, 2017. Other data (except as noted) are from Budget of the United States Government, Fiscal Year 2018, issued May 23, 2017. Sources: Department of the Treasury and Office of Management and Budget. 33 Federal Sector, National Income Accounts Basis In the third quarter of 2017, according to advance estimates, Federal current expenditures data rose $36.4 billion (annual rate); Federal current receipts data are incomplete. BILLIONS OF DOLLARS 4,400 BILLIONS OF DOLLARS 4,400 SEASONALLY ADJUSTED ANNUAL RATES 4,000 4,000 3,600 3,600 CURRENT EXPENDITURES 3,200 3,200 2,800 2,800 2,400 2,400 CURRENT RECEIPTS 2,000 2,000 1,600 1,600 1,200 1,200 800 800 400 400 0 0 NET FEDERAL GOVERNMENT SAVING –400 –400 –800 –800 –1,200 –1,200 –1,600 –1,600 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 CALENDAR YEARS SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Chart 34 - Oct 2017 Federal Government current receipts Federal Government current expenditures Current tax receipts Period Total Total 1 Calendar year: 2007 ������������� 2,667.2 1,642.4 2008 ������������� 2,579.5 1,520.7 2009 ������������� 2,238.4 1,171.1 2010 ������������� 2,443.3 1,352.7 2011 ������������� 2,574.1 1,553.8 2012 ������������� 2,699.1 1,661.1 2013 ������������� 3,138.4 1,824.3 2014 ������������� 3,291.2 1,995.4 2015 ������������� 3,441.4 2,126.9 2016 ������������� 3,452.1 2,100.2 2015: I �������������� 3,399.8 � 2,113.5 �������������� 3,440.4 II 2,131.0 ������������� 3,430.6 III 2,106.0 ������������� 3,494.7 IV 2,157.1 2016: I �������������� 3,400.9 � 2,060.1 �������������� 3,441.7 II 2,096.3 ������������� 3,486.3 III 2,131.6 ������������� 3,479.4 IV 2,113.0 2017: I �������������� 3,589.2 � 2,133.4 �������������� 3,564.9 II 2,155.6 p ����������� ������������ �������������� III Contributions for Income Taxes govern- receipts Taxes Personal on ment on on current production corporate social assets taxes and insurincome imports ance 1,169.7 1,174.3 864.5 941.6 1,129.1 1,164.7 1,302.0 1,403.0 1,528.5 1,540.5 1,502.5 1,521.8 1,531.1 1,558.7 1,514.4 1,537.9 1,557.9 1,552.0 1,574.0 1,591.4 1,608.5 94.6 362.8 94.0 233.7 91.4 200.4 96.8 298.7 108.6 299.4 115.1 363.1 124.8 378.1 135.4 436.6 140.2 437.1 137.0 401.2 138.9 451.3 142.9 445.5 137.6 415.2 141.4 436.5 137.4 386.1 135.5 401.9 136.7 416.1 138.5 400.8 128.8 408.8 131.6 410.4 132.9 �������������� 947.2 974.4 950.8 970.9 904.0 938.1 1,091.3 1,140.9 1,193.4 1,230.2 1,173.8 1,187.1 1,195.5 1,217.0 1,212.4 1,230.2 1,243.1 1,235.1 1,269.2 1,282.5 1,295.6 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 33.4 33.9 48.5 54.6 56.4 52.6 163.3 75.1 48.9 46.8 44.5 43.3 67.1 40.7 48.7 35.1 47.6 55.9 76.5 59.9 59.4 Current transfer receipts 42.0 49.7 67.2 68.1 67.1 56.1 70.7 87.8 77.0 78.3 73.4 84.0 66.6 84.0 82.6 84.0 67.8 78.9 113.5 70.7 92.8 Current surplus of government enterprises 2.0 .8 .8 –3.1 –7.1 –8.9 –11.1 –8.0 –4.7 –3.5 –5.5 –5.0 –4.5 –4.0 –2.8 –4.0 –3.8 –3.5 –3.4 –3.8 –4.0 Total 2,932.8 3,213.5 3,487.2 3,772.0 3,818.3 3,789.1 3,782.2 3,901.4 4,028.0 4,149.4 3,953.8 4,031.4 4,064.2 4,062.8 4,108.5 4,130.3 4,165.3 4,193.3 4,242.0 4,198.3 4,234.7 ConCurrent sumption transfer Interest Subsidies expendipaypayments tures ments 2 798.4 879.8 933.7 1,003.9 1,006.1 1,007.8 961.0 954.5 960.0 964.5 957.3 960.2 959.1 963.6 961.5 962.5 968.2 965.9 968.0 970.8 980.9 1,678.8 1,896.1 2,142.9 2,333.2 2,327.0 2,300.8 2,346.2 2,448.7 2,572.8 2,648.4 2,548.0 2,560.1 2,584.5 2,598.7 2,626.8 2,634.2 2,663.4 2,669.3 2,700.9 2,685.6 2,717.5 408.2 388.0 353.6 380.6 425.7 422.9 416.2 440.6 438.4 475.1 392.8 455.1 463.4 442.5 460.2 472.1 471.1 497.0 512.7 482.3 475.3 Net Federal Government saving 47.5 –265.7 49.6 –634.0 56.9 –1,248.8 54.3 –1,328.7 59.5 –1,244.1 57.6 –1,090.1 58.8 –643.8 57.6 –610.2 56.7 –586.7 61.3 –697.3 55.7 –554.0 56.0 –591.0 57.2 –633.5 58.1 –568.1 59.9 –707.5 61.5 –688.5 62.5 –679.1 61.1 –714.0 60.5 –652.8 59.6 –633.4 61.1 ���������������� INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries Industrial production (2012=100; seasonally adjusted) Period United States Canada Japan France Germany Consumer prices (1982–84=100; NSA) United Kingdom Italy United States 1 Canada Japan France 2007 r ������������� 104.6 106.3 117.4 113.8 100.9 125.5 112.8 207.342 192.7 118.7 2008 r ������������� 100.9 102.7 113.2 110.0 100.9 120.9 110.0 215.303 197.3 120.3 2009 r ������������� 89.3 91.0 88.7 95.7 84.4 98.4 100.3 214.537 197.9 118.7 2010 ��������������� 94.2 95.4 102.6 99.5 93.5 105.2 103.4 218.056 201.4 117.8 2011 ��������������� 97.1 100.0 99.8 102.2 100.3 106.6 102.8 224.939 207.2 117.5 2012 ��������������� 100.0 100.0 100.0 100.0 100.0 100.0 100.0 229.594 210.4 117.5 2013 ��������������� 102.0 101.5 99.4 99.5 100.1 97.0 99.3 232.957 212.4 117.9 2014 ��������������� 105.1 105.7 101.5 98.6 101.5 96.4 100.8 236.736 216.4 121.1 2015 ��������������� 104.4 104.9 100.2 100.4 102.4 97.3 102.0 237.017 218.8 122.1 2016 r ������������� 103.1 105.4 100.0 100.6 103.4 99.1 103.3 240.007 222.0 121.9 r ���� 2016: Aug 103.1 106.5 100.7 101.4 104.4 99.6 103.4 240.849 222.5 121.7 Sept r ��� 103.0 107.4 101.0 100.1 103.8 99.2 103.3 241.428 222.7 121.8 r ����� Oct 103.2 106.4 101.3 100.2 103.9 99.3 102.3 241.729 223.2 122.6 r ���� Nov 102.9 107.3 102.3 102.7 104.5 100.1 104.5 241.353 222.4 122.6 r ���� Dec 103.8 107.1 103.1 101.3 102.5 101.7 105.6 241.432 222.0 122.2 2017: Jan r ���� 103.5 108.4 100.9 101.5 104.1 99.5 105.2 242.839 223.9 122.1 r ���� Feb 103.7 107.9 104.2 99.8 104.7 100.6 104.4 243.603 224.3 121.8 r ��� Mar 103.9 108.9 102.2 102.1 104.8 101.1 103.7 243.801 224.6 122.0 r ���� Apr 105.0 109.2 106.3 101.5 105.7 100.8 103.9 244.524 225.5 122.5 May r ��� 105.0 111.8 102.6 103.3 107.2 101.5 104.1 244.733 225.6 122.6 June r �� 105.2 111.6 104.8 102.0 106.1 102.8 104.5 244.955 225.5 122.3 r ��� July 105.1 111.5 104.0 102.8 106.0 102.9 104.9 244.786 225.5 122.2 r ���� Aug 104.3 110.6 106.0 102.5 109.2 104.2 105.0 245.519 225.6 122.5 Sept p �� 104.6 ��������������� 104.9 ��������������� ��������������� ��������������� ��������������� 246.819 226.2 122.7 p ���� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� Oct Germany 178.9 183.9 184.1 186.9 190.8 194.6 196.3 197.2 197.3 197.7 198.5 198.0 198.1 198.0 198.6 198.1 198.4 199.6 199.8 199.9 199.9 199.2 200.3 199.9 200.2 Italy 159.7 163.9 164.5 166.3 169.7 173.1 175.7 177.3 177.7 178.6 178.9 179.1 179.4 179.6 180.9 179.8 180.9 181.3 181.3 180.9 181.3 181.9 182.1 182.3 182.3 United Kingdom 271.0 242.7 280.0 252.4 282.2 251.1 286.5 262.7 294.5 276.3 303.5 285.2 307.1 293.9 307.9 300.8 308.0 303.8 307.7 309.1 309.0 310.6 308.4 311.2 308.1 311.1 307.8 311.9 309.0 313.8 310.0 311.9 311.2 315.3 311.2 316.4 312.4 317.9 311.8 319.2 311.5 319.9 311.8 320.6 312.7 322.7 311.8 323.2 311.2 ����������������� 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 2007 ��������������� 2008 ��������������� 2009 ��������������� 2010 ��������������� 2011 ��������������� 2012 ��������������� 2013 ��������������� 2014 ��������������� 2015 ��������������� 2016 ��������������� 2016: Sept ���� ������ Oct ����� Nov ������ Dec 2017: Jan ����� � ������ Feb ����� Mar ������ Apr May ���� � June ��� � ����� July r ���� Aug Sept p �� BOP basis 1,165.2 1,308.8 1,070.3 1,290.3 1,499.2 1,562.6 1,592.0 1,634.0 1,510.8 1,455.7 124.7 122.5 121.7 126.3 128.0 128.1 127.5 126.8 127.1 129.0 128.6 128.8 130.6 IndusFoods, trial Total, feeds, supCensus and plies basis 1 bever- and ages materials 1,148.2 1,287.4 1,056.0 1,278.5 1,482.5 1,545.8 1,578.5 1,621.9 1,503.1 1,451.0 124.3 122.4 121.2 126.1 127.1 127.4 127.0 126.7 126.8 129.0 128.6 128.3 130.3 84.3 108.3 93.9 107.7 126.2 133.0 136.2 143.7 127.7 130.6 11.8 10.9 10.8 10.8 11.4 10.6 11.3 11.9 11.2 11.8 12.2 11.8 11.9 316.4 388.0 296.5 391.7 501.1 501.2 508.2 505.8 426.3 396.4 34.7 33.6 34.8 35.7 37.7 38.4 37.1 37.6 37.4 37.6 37.5 36.5 38.4 121.3 121.5 81.7 112.0 133.0 146.2 152.7 159.8 151.9 150.3 12.5 12.5 12.2 12.3 13.6 13.6 13.1 12.6 13.2 13.6 13.0 13.0 12.9 Balance of trade (exports minus imports) Census basis (by end-use category) Auto- ConCapital motive sumer vegoods goods except hicles, (nonauto- parts food) motive and except enautogines motive 433.0 457.7 391.2 447.5 494.0 527.2 534.4 551.5 539.5 519.6 43.6 43.8 42.1 45.1 43.5 42.8 43.5 43.6 43.1 43.9 44.9 45.3 45.1 Services (BOP basis) Goods: Imports (customs value) 146.0 161.3 149.5 165.2 175.3 181.7 188.8 199.0 197.8 193.8 16.8 16.0 16.4 16.4 16.5 17.1 16.6 15.9 16.7 16.4 15.7 16.8 16.5 BOP basis 1,986.3 2,141.3 1,580.0 1,939.0 2,239.9 2,303.7 2,294.2 2,385.5 2,272.6 2,208.2 184.2 185.9 188.5 191.2 197.1 193.5 193.6 195.3 194.7 194.4 193.9 193.6 196.0 IndusFoods, trial Total, feeds, supCensus and plies basis 1 bever- and ages materials 1,957.0 2,103.6 1,559.6 1,913.9 2,208.0 2,276.3 2,268.0 2,356.4 2,248.2 2,187.8 182.6 184.4 186.9 189.5 195.4 191.8 191.9 193.8 193.1 192.9 192.4 192.0 194.4 81.7 89.0 81.6 91.7 107.5 110.3 115.1 125.9 127.8 130.0 10.9 10.9 11.2 11.3 11.2 11.3 11.1 11.4 11.4 11.5 11.7 11.6 11.8 634.7 779.5 462.4 603.1 755.8 730.6 681.5 667.0 485.7 443.3 38.0 37.6 39.8 40.3 41.9 44.2 43.6 42.2 42.2 41.3 40.5 40.0 41.1 BOP basis Auto- ConCapital motive sumer vegoods Exports goods except hicles, (nonauto- parts food) motive and except enautogines motive 444.5 453.7 370.5 449.4 510.8 548.7 555.7 594.1 602.1 590.0 48.8 49.6 49.7 50.4 51.1 51.0 50.6 51.5 52.8 52.9 54.2 53.7 55.1 256.7 231.2 157.7 225.1 254.6 297.8 308.8 328.6 349.1 350.1 29.8 29.1 29.2 30.4 31.3 29.1 30.6 29.9 29.2 30.2 29.4 30.0 29.5 474.6 481.6 427.3 483.2 514.1 516.9 531.7 557.1 594.3 583.6 47.4 49.3 49.3 49.5 52.1 48.6 49.0 50.9 49.5 48.8 48.8 48.9 49.2 488.4 532.8 512.7 563.3 627.8 656.4 701.5 741.9 753.2 752.4 63.4 63.1 63.2 63.2 63.7 64.2 64.7 64.7 65.2 65.9 65.9 66.0 66.2 Imports Goods, Census basis Goods Services Goods and services 372.6 409.1 386.8 409.3 435.8 452.0 461.1 480.8 491.7 504.7 42.4 42.8 42.7 43.0 43.4 43.3 43.4 43.6 44.0 44.1 44.1 43.9 44.3 –808.8 –816.2 –503.6 –635.4 –725.4 –730.4 –689.5 –734.5 –745.1 –736.8 –58.4 –62.0 –65.7 –63.4 –68.2 –64.4 –64.9 –67.1 –66.3 –63.9 –63.8 –63.7 –64.1 115.8 123.8 125.9 154.0 192.0 204.4 240.4 261.2 261.4 247.7 21.0 20.3 20.5 20.2 20.3 20.9 21.3 21.1 21.2 21.8 21.7 22.0 21.9 –705.4 –708.7 –383.8 –494.7 –548.6 –536.8 –461.9 –490.3 –500.4 –504.8 –38.5 –43.1 –46.4 –44.6 –48.8 –44.5 –44.8 –47.4 –46.4 –43.5 –43.6 –42.8 –43.5 –821.2 –832.5 –509.7 –648.7 –740.6 –741.2 –702.2 –751.5 –761.9 –752.5 –59.4 –63.4 –66.8 –64.8 –69.1 –65.4 –66.1 –68.5 –67.6 –65.4 –65.3 –64.8 –65.4 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 2017, the current account deficit rose to $123.1 billion from $113.5 billion in the first quarter. The goods and services deficit fell to $137.3 billion from $138.1 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 BALANCE ON GOODS AND SERVICES –160 –160 –180 –180 –200 –200 –220 –220 –240 –240 2009 2008 2011 2010 2012 2013 2014 2015 SOURCE: DEPARTMENT OF COMMERCE 2016 2017 COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted] Chart 36 - Sep 2017 Current Account 1 Goods 2 Period Services Exports 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2015: I ��������������� � ��������������� II �������������� III �������������� IV 2016: I ��������������� � ��������������� II �������������� III �������������� IV 2017: I ��������������� � p ������������� II Imports Balance on goods 1,165,151 1,308,795 1,070,331 1,290,273 1,499,240 1,562,578 1,592,002 1,633,986 1,510,757 1,455,704 384,534 385,090 376,412 364,722 353,770 360,399 371,043 370,493 383,601 382,979 1,986,347 2,141,287 1,580,025 1,938,950 2,239,886 2,303,749 2,294,247 2,385,480 2,272,612 2,208,211 578,674 574,525 567,301 552,112 541,377 546,845 554,438 565,551 584,160 584,384 –821,196 –832,492 –509,694 –648,678 –740,646 –741,171 –702,244 –751,494 –761,855 –752,507 –194,140 –189,435 –190,889 –187,390 –187,608 –186,446 –183,395 –195,058 –200,559 –201,406 Exports 488,396 532,817 512,722 563,333 627,781 656,411 701,455 741,919 753,150 752,368 188,402 189,159 188,037 187,552 185,680 187,433 189,794 189,461 192,625 195,844 Imports 372,575 409,052 386,801 409,313 435,761 452,013 461,087 480,761 491,740 504,654 121,321 122,704 123,904 123,811 124,151 124,763 127,289 128,451 130,160 131,751 Balance on services 115,821 123,765 125,920 154,020 192,020 204,398 240,368 261,157 261,410 247,714 67,081 66,456 64,132 63,741 61,529 62,670 62,505 61,010 62,465 64,093 Balance on goods and services –705,375 –708,726 –383,774 –494,658 –548,625 –536,773 –461,876 –490,336 –500,445 –504,793 –127,059 –122,980 –126,757 –123,649 –126,079 –123,777 –120,889 –134,048 –138,094 –137,313 Primary income receipts and payments Receipts 834,983 815,567 613,249 680,169 755,937 767,972 792,819 817,348 782,985 813,977 196,209 198,324 198,016 190,437 193,140 203,360 204,524 212,953 219,326 224,081 Payments 749,977 685,918 498,089 511,948 544,853 560,497 586,842 606,573 602,023 640,751 147,834 156,022 156,003 142,164 155,082 160,614 163,400 161,656 169,264 176,880 Balance on primary income 85,005 129,649 115,160 168,221 211,084 207,475 205,977 210,774 180,962 173,225 48,375 42,302 42,013 48,272 38,059 42,746 41,123 51,297 50,062 47,201 Balance on secondary Income 3 –90,665 –102,312 –103,907 –104,261 –107,047 –96,900 –93,643 –94,238 –115,116 –120,117 –29,345 –25,819 –31,819 –28,133 –31,189 –27,169 –30,504 –31,255 –25,501 –33,025 Balance on current account –711,035 –681,389 –372,521 –430,698 –444,589 –426,198 –349,543 –373,800 –434,598 –451,685 –108,029 –106,496 –116,563 –103,509 –119,210 –108,200 –110,270 –114,006 –113,533 –123,137 Current account balance as a percentage of GDP –4.9 –4.6 –2.6 –2.9 –2.9 –2.6 –2.1 –2.1 –2.4 –2.4 –2.4 –2.4 –2.6 –2.3 –2.6 –2.3 –2.4 –2.4 –2.4 –2.6 1 Current and capital account statistics in the international transactions accounts differ slightly from statistics in the National Income and Product Accounts (NIPAs) because of adjustments made to convert the international statistics to national accounting concepts. A reconciliation can be found in NIPA table 4.3B. 2 Adjusted from Census data to align with concepts and definitions used to prepare the international and national economic accounts. The adjustments are necessary to supplement coverage of Census data, to eliminate duplication of transactions recorded elsewhere in the international accounts, to value transactions according to a standard definition, and for earlier years, to record transactions in the appropriate period. 3 Includes U.S. government and private transfers, such as U.S. government grants and pensions, fines and penalties, withholding taxes, personal transfers, insurance-related transfers, and other current transfers. See p. 37 for continuation of table. 36 U.S. International Transactions—Continued In the financial account, U.S. net borrowing was $112.5 billion in the second quarter of 2017, resulting from a net increase in U.S. financial assets of $350.7 billion plus a net increase in financial derivatives of $9.3 billion, less a net increase in U.S. liabilities of $472.5 billion. U.S. net borrowing was up from $93.5 billion in the first quarter. BILLIONS OF DOLLARS 900 BILLIONS OF DOLLARS 900 SEASONALLY ADJUSTED 800 800 700 700 CHANGE IN U.S. LIABILITIES 600 600 500 500 400 400 300 300 200 200 100 100 0 0 –100 –100 –200 –200 CHANGE IN U.S. ASSETS ABROAD1 –300 –300 –400 –400 –500 –500 2009 2008 2010 2011 2012 2013 2014 2015 2016 2017 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 2017 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 2007 �������������������� 2008 �������������������� 2009 �������������������� 2010 �������������������� 2011 �������������������� 2012 �������������������� 2013 �������������������� 2014 �������������������� 2015 �������������������� 2016 �������������������� 2015: I ��������������� � ��������������� II �������������� III �������������� IV 2016: I ��������������� � ��������������� II �������������� III �������������� IV 2017: I ��������������� � p ������������� II 384 1,563,459 6,010 –317,607 –140 131,074 –157 958,703 –1,186 492,530 6,904 176,764 –412 649,587 –45 818,784 –42 194,205 –59 347,891 –22 336,553 –20 41,109 –1 –82,032 0 –101,424 –58 39,498 0 341,713 –1 51,184 0 –84,504 –1 326,126 0 350,682 Direct investment assets Portfolio investment assets Other investment assets 523,889 380,807 658,641 343,584 –284,269 –381,770 312,597 375,883 –609,662 349,829 199,620 407,420 436,615 85,365 –45,327 377,239 248,760 –453,695 392,796 481,298 –221,408 338,853 582,677 –99,162 311,139 160,410 –271,052 311,581 40,638 –6,418 78,020 221,647 41,045 87,600 113,617 –159,231 44,691 –97,440 –29,017 100,829 –77,413 –123,850 71,637 –64,073 33,126 95,913 148,656 96,955 100,743 –30,565 –20,636 43,289 –13,379 –115,864 117,457 140,446 68,464 99,528 181,728 69,275 Reserve assets 4 122 4,848 52,256 1,835 15,877 4,460 –3,099 –3,583 –6,292 2,090 –4,159 –877 –266 –990 –1,191 189 1,642 1,450 –241 150 Net U.S. incurrence of liabilities excluding financial derivatives [net increase in liabilities / financial inflow (+)] Total 2,190,087 462,408 325,644 1,391,039 983,160 632,685 1,055,789 1,091,350 502,112 741,393 432,245 179,473 –40,575 –69,032 137,808 387,164 233,155 –16,734 417,307 472,526 Direct investment liabilities Portfolio investment liabilities Other investment liabilities 346,615 1,156,612 341,091 523,683 161,082 357,352 264,039 820,434 263,499 311,626 250,343 747,017 288,131 511,987 237,655 703,480 506,161 213,977 479,415 237,367 246,004 107,502 118,679 243,152 65,071 –146,760 76,407 10,084 143,954 –45,760 186,316 3,516 131,547 217,189 17,597 62,422 97,250 164,522 80,993 307,548 686,860 –402,367 –192,789 306,566 408,036 –364,675 255,670 150,214 –218,027 24,612 78,740 –182,358 41,114 –155,523 39,614 197,332 –115,582 –96,753 155,535 83,984 Financial derivatives other than reserves, net transactions –6,222 32,947 –44,816 –14,076 –35,006 7,064 2,222 –54,270 –25,248 15,817 –40,197 1,701 722 12,526 12,947 3,177 6,676 –6,983 –2,320 9,306 Net lending (+) or net borrowing (–) from financial account transactions 5 –632,850 –747,069 –239,386 –446,411 –525,636 –448,857 –403,979 –326,836 –333,155 –377,685 –135,889 –136,663 –40,736 –19,866 –85,363 –42,274 –175,295 –74,753 –93,501 –112,538 U.S. official reserve assets, Statistical net discrep(unadancy justed, end of period) 4 77,801 –71,690 133,275 –15,557 –79,862 –29,563 –54,025 47,009 101,486 74,059 –27,839 –30,147 75,828 83,643 33,905 65,925 –65,024 39,253 20,033 10,599 70,565 77,648 130,760 132,433 147,953 150,175 144,575 130,090 117,581 117,332 119,270 120,333 120,218 117,581 119,727 120,202 122,431 117,332 118,793 122,015 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 ....................................................................................................................................................... 11 Selected Unemployment Rates .............................................................................................................................................. 12 Selected Measures of Unemployment and Unemployment Insurance Programs ................................................................... 13 Nonagricultural Employment ................................................................................................................................................ 14 Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries ................................ 15 Employment Cost Index—Private Industry .......................................................................................................................... 15 Productivity and Related Data, Business and Nonfarm Business Sectors .............................................................................. 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 ...................................................................................................................................................................... 22 Consumer Prices—All Urban Consumers ............................................................................................................................. 23 Changes in Producer Prices ................................................................................................................................................... 24 Changes in Consumer Prices—All Urban Consumers .......................................................................................................... 24 Prices Received and Paid by Farmers ..................................................................................................................................... 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock and Debt Measures .......................................................................................................................................... 26 Components of Money Stock ................................................................................................................................................ 27 Aggregate Reserves and Monetary Base ................................................................................................................................. 27 Bank Credit at All Commercial Banks .................................................................................................................................. 28 Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business .............................................................................. 29 Consumer Credit ................................................................................................................................................................... 29 Interest Rates and Bond Yields .............................................................................................................................................. 30 Common Stock Prices and Yields .......................................................................................................................................... 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