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117th Congress, 2nd Session

Economic Indicators
SEPTEMBER 2022
(Includes data available as of October 7, 2022)

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

UNITED STATES
GOVERNMENT PUBLISHING OFFICE
WASHINGTON : 2022

JOINT ECONOMIC COMMITTEE

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

Representative Donald S. Beyer, Jr., Virginia, Chairman
Senator Martin Heinrich, New Mexico, Vice Chairman
House of Representatives
David Trone, Maryland
Joyce Beatty, Ohio
Mark Pocan, Wisconsin
Scott Peters, California
Sharice L. Davids, Kansas
David Schweikert, Arizona
Jaime Herrera Beutler, Washington
Jodey C. Arrington, Texas
Ron Estes, Kansas

Senate
Amy Klobuchar, Minnesota
Margaret Wood Hassan, New Hampshire
Mark Kelly, Arizona
Raphael G. Warnock, Georgia
Mike Lee, Utah, Ranking
Tom Cotton, Arkansas
Rob Portman, Ohio
Bill Cassidy, M.D., Louisiana
Ted Cruz, Texas

Tamara L. Fucile, Executive Director

COUNCIL OF ECONOMIC ADVISERS
Cecilia E. Rouse, Chair
Jared Bernstein, Member
Heather M. Boushey, 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 second quarter of 2022, according to revised estimates, real gross domestic product (GDP) in chained (2012)
dollars fell 0.6 percent (annual rate), current dollar GDP rose 8.5 percent, and the chained price index rose 9.0 percent.
BILLIONS OF DOLLARS (RATIO SCALE)

BILLIONS OF DOLLARS (RATIO SCALE)
25,600
25,200
24,800
24,400
24,000
23,600
23,200
22,800
22,400
22,000
21,600
21,200
20,800
20,400

25,600
25,200
24,800
24,400
24,000
23,600
23,200
22,800
22,400
22,000
21,600
21,200
20,800
20,400

SEASONALLY ADJUSTED ANNUAL RATES

GDP
IN CURRENT DOLLARS

20,000
19,600
19,200

20,000
19,600
19,200

18,800

18,800

18,400

18,400
18,000

18,000
GDP
IN CHAINED (2012) DOLLARS

17,600
17,200

17,600
17,200

16,800

16,800

16,400

16,400

16,000

16,000

15,600

15,600

15,200

15,200
14,800

14,800
2013

2014

2015

2016

2017

2018

2019

2020

SOURCE: DEPARTMENT OF COMMERCE

2021

2022

COUNCIL OF ECONOMIC ADVISERS

[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Chart 1 - Sep 2022

Period

2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 r ������������������
2018 r ������������������
2019 r ������������������
2020 r ������������������
2021 r ������������������
2020: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2021: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2022: I r ��������������
      II r �������������

Gross
domestic
product

16,254.0
16,843.2
17,550.7
18,206.0
18,695.1
19,477.3
20,533.1
21,381.0
21,060.5
23,315.1
21,538.0
19,636.7
21,362.4
21,704.7
22,313.9
23,046.9
23,550.4
24,349.1
24,740.5
25,248.5

Personal
consumption
expenditures

Gross
private
domestic
investment

11,047.4
11,363.5
11,847.7
12,263.5
12,693.3
13,233.6
13,905.0
14,392.7
14,116.2
15,902.6
14,440.2
13,049.8
14,388.7
14,586.0
15,131.5
15,813.5
16,147.3
16,518.0
16,874.8
17,261.3

2,621.8
2,826.0
3,044.2
3,237.2
3,205.0
3,385.6
3,642.4
3,807.1
3,642.9
4,113.5
3,737.6
3,161.4
3,743.3
3,929.4
3,902.3
3,943.4
4,109.1
4,499.2
4,671.0
4,609.9

Exports and imports of
goods and services
Net
exports
–551.6
–479.4
–510.0
–526.2
–506.3
–536.7
–593.1
–578.8
–627.5
–861.7
–522.7
–526.3
–692.4
–768.6
–808.6
–834.4
–889.1
–914.7
–1,116.7
–1,035.6

Government consumption expenditures
and gross investment
Federal

Exports

2,217.7
2,287.0
2,377.4
2,268.7
2,232.1
2,388.3
2,538.1
2,538.5
2,148.6
2,539.6
2,412.7
1,817.5
2,106.6
2,257.8
2,369.1
2,503.1
2,553.3
2,733.0
2,811.2
3,038.8

Imports

2,769.3
2,766.4
2,887.4
2,794.9
2,738.4
2,925.0
3,131.2
3,117.2
2,776.1
3,401.4
2,935.4
2,343.7
2,799.0
3,026.4
3,177.7
3,337.5
3,442.5
3,647.7
3,927.9
4,074.4

Total

3,136.5
3,133.0
3,168.8
3,231.6
3,303.1
3,394.8
3,578.8
3,759.9
3,928.9
4,160.7
3,883.0
3,951.8
3,922.9
3,957.8
4,088.7
4,124.4
4,183.1
4,246.7
4,311.4
4,412.8

Total
1,287.0
1,227.2
1,216.0
1,221.8
1,234.5
1,262.4
1,337.9
1,415.4
1,520.6
1,609.2
1,455.6
1,560.0
1,525.3
1,541.3
1,620.3
1,608.0
1,595.5
1,612.8
1,613.1
1,622.7

National
defense

Nondefense

814.2
764.2
743.4
729.7
727.9
746.1
792.3
847.8
882.4
904.0
869.0
870.6
879.9
910.3
900.7
904.3
906.8
904.4
898.7
918.3

472.8
462.9
472.6
492.0
506.6
516.3
545.6
567.6
638.1
705.1
586.6
689.4
645.4
631.0
719.6
703.7
688.8
708.4
714.4
704.4

State
and
local
1,849.5
1,905.9
1,952.8
2,009.8
2,068.5
2,132.4
2,240.8
2,344.5
2,408.3
2,551.6
2,427.4
2,391.8
2,397.6
2,416.5
2,468.4
2,516.4
2,587.6
2,633.9
2,698.2
2,790.0

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

16,182.8
16,738.7
17,466.7
18,069.2
18,658.8
19,445.1
20,474.0
21,308.2
21,116.3
23,334.2
21,551.7
19,934.3
21,325.6
21,653.6
22,415.6
23,206.4
23,605.6
24,109.1
24,483.1
25,103.1

16,805.6
17,322.6
18,060.7
18,732.2
19,201.4
20,014.1
21,126.1
21,959.8
21,688.0
24,176.8
22,060.8
20,163.0
22,054.8
22,473.3
23,122.5
23,881.3
24,439.6
25,263.8
25,857.2
26,284.0

16,486.7
17,073.5
17,785.9
18,426.4
18,927.1
19,770.3
20,823.4
21,659.0
21,257.4
23,488.2
21,794.0
19,806.0
21,562.4
21,867.4
22,511.2
23,192.7
23,718.3
24,530.6
24,929.2
25,456.4

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

Note: GDP and related data reflect the annual revision released on September 29, 2022. See Survey of Current Business, October 2022 for details.
Source: Department of Commerce (Bureau of Economic Analysis).

1

Real Gross Domestic Product
[Billions of chained (2012) dollars; quarterly data at seasonally adjusted annual rates]

Period

2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 r ������������������
2018 r ������������������
2019 r ������������������
2020 r ������������������
2021 r ������������������
2020: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2021: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2022: I r ��������������
      II r �������������

Gross private
domestic investment
Personal
Gross
conChange
domestic sumption Nonresi- Resiin
product expendi- dential dential
fixed
fixed
private
tures
investinvestinvenment
ment
tories
16,254.0
16,553.3
16,932.1
17,390.3
17,680.3
18,076.7
18,609.1
19,036.1
18,509.1
19,609.8
18,989.9
17,378.7
18,743.7
18,924.3
19,216.2
19,544.2
19,672.6
20,006.2
19,924.1
19,895.3

11,047.4
11,211.7
11,515.3
11,892.9
12,187.7
12,478.2
12,837.3
13,092.3
12,700.7
13,754.1
13,016.8
11,817.1
12,922.4
13,046.6
13,386.8
13,773.7
13,874.4
13,981.5
14,028.4
14,099.5

2,118.5
2,206.0
2,365.3
2,420.3
2,442.0
2,542.5
2,708.3
2,804.6
2,666.0
2,835.4
2,760.6
2,530.6
2,649.9
2,723.0
2,781.4
2,847.7
2,852.2
2,860.2
2,915.0
2,915.5

432.0
485.5
504.1
555.4
592.1
615.8
612.3
606.2
649.8
719.4
636.8
587.8
662.7
712.2
732.0
723.0
712.2
710.3
704.7
671.0

71.2
108.7
86.3
137.6
35.7
36.3
66.1
73.1
–54.6
–19.4
–34.4
–279.1
36.8
58.3
–83.0
–143.6
–48.6
197.6
214.5
110.2

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Net
exports

Exports

Imports

Total

–551.6
–519.3
–575.3
–721.7
–757.1
–796.9
–865.4
–892.6
–922.6
–1,233.4
–828.2
–767.3
–991.1
–1,104.0
–1,164.5
–1,203.9
–1,267.5
–1,297.6
–1,488.7
–1,430.5

2,217.7
2,283.6
2,372.3
2,378.7
2,388.4
2,490.3
2,560.1
2,572.1
2,231.7
2,366.8
2,467.3
1,951.4
2,193.0
2,315.0
2,317.5
2,345.1
2,338.8
2,465.7
2,436.9
2,516.9

2,769.3
2,802.9
2,947.6
3,100.4
3,145.4
3,287.2
3,425.5
3,464.7
3,154.3
3,600.2
3,295.5
2,718.6
3,184.2
3,419.0
3,482.0
3,549.0
3,606.3
3,763.3
3,925.6
3,947.5

3,136.5
3,060.7
3,033.2
3,088.4
3,148.8
3,162.3
3,215.3
3,321.7
3,406.7
3,426.3
3,387.9
3,448.0
3,395.9
3,394.8
3,448.7
3,422.4
3,421.0
3,412.9
3,393.4
3,379.5

Total
1,287.0
1,215.8
1,184.7
1,184.5
1,190.5
1,195.5
1,231.3
1,279.3
1,358.9
1,390.5
1,307.9
1,400.5
1,360.6
1,366.6
1,422.1
1,397.1
1,371.4
1,371.5
1,353.0
1,341.3

National Nondefense defense
814.2
759.6
728.4
713.1
709.1
715.6
739.5
778.5
801.1
791.3
791.6
795.2
797.6
820.2
801.2
795.8
789.5
778.8
761.7
764.5

472.8
456.2
456.1
471.0
480.8
479.4
491.4
500.7
556.6
597.0
516.0
603.0
561.7
545.8
618.5
599.1
580.0
590.5
588.9
574.8

State
and
local
1,849.5
1,844.4
1,847.6
1,902.2
1,956.3
1,964.8
1,982.5
2,041.1
2,048.5
2,037.9
2,078.7
2,049.3
2,036.2
2,029.6
2,030.2
2,028.0
2,050.7
2,042.7
2,040.7
2,037.8

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

16,182.8
16,444.1
16,842.3
17,248.3
17,630.6
18,025.6
18,530.8
18,948.5
18,527.2
19,581.3
18,977.9
17,606.7
18,677.0
18,847.1
19,264.2
19,633.3
19,668.6
19,759.2
19,669.8
19,735.9

16,805.6
17,073.1
17,505.4
18,100.1
18,423.5
18,852.7
19,446.0
19,901.7
19,415.5
20,774.8
19,812.9
18,162.1
19,711.4
19,975.5
20,321.7
20,686.1
20,870.2
21,221.1
21,297.3
21,208.9

16,486.7
16,780.3
17,159.2
17,602.5
17,901.9
18,350.7
18,874.8
19,286.8
18,685.4
19,759.3
19,218.8
17,531.1
18,922.3
19,069.4
19,389.7
19,671.6
19,816.7
20,159.3
20,080.4
20,063.7

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

Note: Because of the formula used for calculating real GDP, the chained (2012) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates.
See Note, p.1.
Source: Department of Commerce (Bureau of Economic Analysis).

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

Period

Gross
domestic
product

2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 r ������������������
2018 r ������������������
2019 r ������������������
2020 r ������������������
2021 r ������������������
2020: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2021: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2022: I r ��������������
      II r �������������

100.000
101.769
103.662
104.662
105.703
107.743
110.344
112.303
113.814
118.924
113.427
113.053
114.032
114.744
116.199
117.974
119.763
121.758
124.209
126.914

Personal consumption
expenditures

Total

100.000
101.354
102.887
103.116
104.148
106.054
108.317
109.933
111.145
115.621
110.946
110.445
111.366
111.821
113.059
114.838
116.413
118.173
120.323
122.459

Goods

Services

100.000
99.407
98.920
95.896
94.332
94.621
95.334
94.948
94.237
98.824
94.727
93.416
94.345
94.461
95.803
97.882
99.688
101.923
104.987
107.670

Note: See Note, p.1.
Source: Department of Commerce (Bureau of Economic Analysis).

2

Gross private
domestic investment

100.000
102.322
104.880
106.796
109.197
111.966
115.070
117.791
120.133
124.458
119.509
119.511
120.416
121.095
122.248
123.791
125.185
126.607
128.126
129.875

Nonresidential
fixed
100.000
100.251
101.469
101.909
101.119
101.992
102.824
104.155
104.948
106.688
104.481
104.994
104.978
105.338
105.513
105.612
106.818
108.811
110.646
112.932

Residential
fixed
100.000
105.054
111.118
114.114
118.127
123.454
130.417
134.144
138.622
153.963
136.277
136.613
139.674
141.926
146.120
151.487
156.862
161.384
168.513
174.587

Exports and imports of
goods and services

Government consumption expenditures
and gross investment
Federal

Exports

100.000
100.148
100.216
95.373
93.458
95.903
99.142
98.692
96.278
107.304
97.908
93.295
96.228
97.680
102.334
106.803
109.210
110.868
115.384
120.763

Imports

100.000
98.697
97.961
90.144
87.058
88.980
91.408
89.972
88.010
94.481
89.139
86.295
87.998
88.608
91.336
94.102
95.510
96.977
100.107
103.266

Total
100.000
100.933
102.643
103.143
103.695
105.592
108.662
110.639
111.898
115.724
111.301
111.393
112.109
112.788
113.922
115.079
116.325
117.568
119.203
120.951

National
defense
100.000
100.609
102.056
102.334
102.650
104.260
107.147
108.903
110.148
114.240
109.788
109.496
110.314
110.993
112.410
113.612
114.838
116.100
117.965
120.108

Nondefense
100.000
101.482
103.621
104.466
105.370
107.697
111.044
113.360
114.640
118.111
113.693
114.338
114.926
115.605
116.345
117.444
118.718
119.938
121.279
122.515

State
and
local
100.000
103.332
105.698
105.656
105.739
108.534
113.028
114.864
117.568
125.206
116.772
116.705
117.738
119.056
121.585
124.087
126.195
128.957
132.234
136.930

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

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

Gross domestic product (GDP)
Period

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

2012 ����������������������
2013 ����������������������
2014 ����������������������
2015 ����������������������
2016 ����������������������
2017 r ��������������������
2018 r ��������������������
2019 r ��������������������
2020 r ��������������������
2021 r ��������������������
2020: I r ����������������
      II r ���������������
      III r ��������������
      IV r ��������������
2021: I r ����������������
      II r ���������������
      III r ��������������
      IV r ��������������
2022: I r ����������������
      II r ���������������

100.000
101.842
104.172
106.991
108.775
111.214
114.489
117.116
113.875
120.646
116.832
106.920
115.318
116.429
118.225
120.243
121.033
123.085
122.580
122.403

GDP
implicit
price
deflator

100.000
101.769
103.662
104.662
105.703
107.743
110.344
112.303
113.814
118.924
113.427
113.053
114.032
114.744
116.199
117.974
119.763
121.758
124.209
126.914

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

100.000
101.751
103.654
104.691
105.740
107.749
110.339
112.318
113.784
118.895
113.418
112.993
113.971
114.692
116.120
117.922
119.712
121.708
124.174
126.907

100.000
101.354
102.887
103.116
104.148
106.054
108.317
109.933
111.145
115.621
110.946
110.445
111.366
111.821
113.059
114.838
116.413
118.173
120.323
122.459

100.000
101.535
103.187
104.487
106.138
107.938
110.095
111.973
113.464
117.388
113.119
112.846
113.729
114.163
115.072
116.774
118.152
119.555
121.206
122.592

Personal consumption
expenditures (PCE)

Gross domestic product (GDP)
Gross
domestic
purchases
price index

100.000
101.478
103.181
103.464
104.187
106.155
108.645
110.326
111.733
116.403
111.354
111.075
111.948
112.555
113.859
115.498
117.155
119.101
121.447
123.940

GDP
(current
dollars)
4.2
3.6
4.2
3.7
2.7
4.2
5.4
4.1
–1.5
10.7
–3.1
–30.9
40.1
6.6
11.7
13.8
9.0
14.3
6.6
8.5

Real GDP
GDP
(chain-type chain-type
quantity
price
index)
index
2.3
1.8
2.3
2.7
1.7
2.2
2.9
2.3
–2.8
5.9
–4.6
–29.9
35.3
3.9
6.3
7.0
2.7
7.0
–1.6
–.6

GDP
implicit
price
deflator

1.9
1.8
1.9
1.0
1.0
1.9
2.4
1.8
1.3
4.5
1.8
–1.3
3.5
2.5
5.2
6.3
6.2
6.8
8.3
9.0

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

1.9
1.8
1.9
1.0
1.0
1.9
2.4
1.8
1.3
4.5
1.6
–1.5
3.5
2.6
5.1
6.4
6.2
6.8
8.4
9.1

1.9
1.4
1.5
.2
1.0
1.8
2.1
1.5
1.1
4.0
1.5
–1.8
3.4
1.6
4.5
6.4
5.6
6.2
7.5
7.3

1.8
1.5
1.6
1.3
1.6
1.7
2.0
1.7
1.3
3.5
1.9
–1.0
3.2
1.5
3.2
6.0
4.8
4.8
5.6
4.7

1.8
1.5
1.7
.3
.7
1.9
2.3
1.5
1.3
4.2
1.8
–1.0
3.2
2.2
4.7
5.9
5.9
6.8
8.1
8.5

1 Quarterly percent changes are at annual rates.

Note: See Note, p.1.
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
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 r ������������������
2018 r ������������������
2019 r ������������������
2020 r ������������������
2021 r ������������������
2020: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2021: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2022: I r ��������������
      II r �������������

Price per unit of real gross value added of nonfinancial corporate business (dollars) 1, 2

Gross value added
of nonfinancial
corporate business
(billions of dollars) 1

8,060.4
8,378.0
8,785.5
9,128.5
9,238.2
9,659.7
10,188.6
10,641.4
10,351.0
11,774.6
10,739.3
9,477.6
10,288.8
10,898.2
11,213.7
11,568.1
11,954.8
12,362.0
12,684.9
13,062.1

Chained
(2012)
dollars
8,060.4
8,265.4
8,522.2
8,775.8
8,819.5
9,059.2
9,359.1
9,596.6
9,210.3
9,976.6
9,653.5
8,458.9
9,109.8
9,618.7
9,790.2
9,902.9
10,035.0
10,165.8
10,134.7
10,132.1

Total

1.000
1.014
1.031
1.040
1.047
1.066
1.089
1.109
1.124
1.180
1.112
1.120
1.129
1.133
1.145
1.168
1.191
1.216
1.252
1.289

Compensation
of employees
(unit labor
cost)
0.572
.577
.590
.603
.616
.630
.644
.658
.687
.697
.668
.706
.693
.684
.677
.690
.704
.718
.733
.747

Corporate profits with inventory valuation
and capital consumption adjustments 4

Unit nonlabor cost

Total
0.285
.289
.292
.294
.296
.303
.302
.309
.286
.298
.310
.278
.261
.293
.295
.287
.299
.311
.329
.338

Consumption
of fixed
capital

Net interest
Taxes on
and
production miscellaneous
and imports 3
payments

0.153
.155
.158
.160
.162
.165
.167
.171
.186
.181
.175
.201
.188
.180
.178
.179
.181
.184
.190
.196

0.096
.100
.099
.099
.098
.102
.105
.107
.069
.089
.105
.043
.041
.084
.088
.079
.089
.099
.110
.114

0.036
.034
.034
.035
.037
.037
.030
.031
.031
.029
.031
.034
.031
.029
.029
.029
.028
.028
.029
.028

Total
0.143
.148
.149
.143
.135
.133
.143
.141
.151
.185
.134
.136
.176
.156
.173
.191
.189
.187
.190
.205

Taxes on
corporate
income
0.030
.032
.034
.032
.030
.024
.023
.020
.022
.028
.018
.020
.025
.025
.026
.028
.027
.031
.039
.039

Profits
after
tax 5
0.112
.116
.115
.111
.106
.110
.120
.121
.128
.157
.116
.116
.150
.131
.147
.163
.161
.157
.151
.165

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.

Note: See Note, p.1.
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

2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 r ������������������
2018 r ������������������
2019 r ������������������
2020 r ������������������
2021 r ������������������
2020: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2021: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2022: I r ��������������
      II r �������������

ComNational pensation
of
income employees

14,099.6
14,507.1
15,228.1
15,749.5
16,033.4
16,766.8
17,661.7
18,327.9
17,894.6
19,785.5
18,610.9
16,506.6
17,772.9
18,688.0
19,054.5
19,441.6
19,976.1
20,669.9
21,092.6
21,537.4

8,567.4
8,835.0
9,250.2
9,699.4
9,966.1
10,424.4
10,957.9
11,448.1
11,592.7
12,538.5
11,781.8
11,053.4
11,563.4
11,972.4
12,058.5
12,369.8
12,681.3
13,044.4
13,259.7
13,469.0

Rental
income
of
persons
with
capital
conNonfarm
sumption
adjustment

Farm

59.9
87.0
67.7
54.1
34.1
39.1
29.2
29.1
45.2
51.3
38.2
25.3
42.5
74.7
26.4
71.2
63.8
43.9
74.4
95.7

1,286.4
1,315.3
1,377.9
1,366.7
1,389.2
1,465.5
1,539.5
1,572.3
1,597.9
1,702.2
1,605.0
1,450.3
1,709.2
1,627.3
1,628.6
1,705.7
1,728.9
1,745.9
1,737.0
1,739.7

534.5
577.4
602.7
609.5
626.6
650.6
680.0
698.2
719.8
723.8
722.6
717.9
722.6
716.3
719.4
713.5
722.7
739.6
744.9
775.9

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

Taxes
on
production
and
imports

Profits with inventory valuation
adjustment and without
capital consumption adjustment
Total

1,997.4
2,010.7
2,120.2
2,060.5
2,037.7
2,128.6
2,311.9
2,402.2
2,260.1
2,771.1
2,230.0
2,001.5
2,466.3
2,342.6
2,588.2
2,786.8
2,843.5
2,865.9
2,869.6
3,001.3

Total

Profits
before
tax

2,144.7
2,165.9
2,266.6
2,184.6
2,138.8
2,148.2
2,210.1
2,306.2
2,373.5
2,881.2
2,285.5
2,114.1
2,606.8
2,487.4
2,688.6
2,883.1
2,951.8
3,001.4
3,081.6
3,252.7

2,156.1
2,151.5
2,264.5
2,128.3
2,134.2
2,194.6
2,257.7
2,304.8
2,399.8
3,138.1
2,202.7
2,078.1
2,702.7
2,615.9
2,938.0
3,209.4
3,214.2
3,190.7
3,328.5
3,521.8

–11.4
14.4
2.1
56.3
4.5
–46.4
–47.6
1.4
–26.4
–256.9
82.9
36.1
–95.9
–128.5
–249.4
–326.3
–262.4
–189.4
–246.9
–269.1

–147.2
–155.2
–146.4
–124.1
–101.1
–19.6
101.8
95.9
–113.4
–110.1
–55.5
–112.6
–140.5
–144.8
–100.4
–96.3
–108.3
–135.5
–212.0
–251.4

494.0
459.2
504.8
591.1
567.3
609.0
594.1
571.2
665.8
644.1
611.6
671.4
684.1
696.2
681.1
651.6
622.0
621.5
630.2
608.2

Business
Less:
current
Subsidies transfer
payments

1,136.1
1,188.7
1,240.8
1,275.2
1,311.6
1,367.4
1,461.4
1,530.0
1,526.3
1,663.4
1,565.8
1,426.5
1,546.5
1,566.4
1,583.7
1,676.7
1,680.0
1,713.2
1,750.1
1,775.5

58.0
59.7
58.1
57.2
61.7
59.9
63.3
73.0
657.3
481.9
80.6
976.3
1,109.4
462.8
390.0
702.5
546.3
289.0
145.2
123.5

97.3
109.5
132.7
155.6
166.9
148.7
158.9
164.0
144.1
171.0
138.6
136.8
150.3
150.5
158.8
169.6
176.9
178.8
170.1
198.7

Current
surplus
of
government
enterprises

–15.4
–15.9
–11.0
–5.3
–4.4
–6.5
–7.9
–14.2
–0.1
2.1
–2.1
–0.4
–2.4
4.3
–0.1
–0.7
3.3
5.8
1.8
–3.0

1 With inventory valuation and capital consumption adjustments.

Note: See Note, p. 1.
Source: Department of Commerce (Bureau of Economic Analysis).

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

Period

Total
personal
consumption
expenditures

2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 r ������������������
2018 r ������������������
2019 r ������������������
2020 r ������������������
2021 r ������������������
2020: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2021: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2022: I r ��������������
      II r �������������

11,047.4
11,211.7
11,515.3
11,892.9
12,187.7
12,478.2
12,837.3
13,092.3
12,700.7
13,754.1
13,016.8
11,817.1
12,922.4
13,046.6
13,386.8
13,773.7
13,874.4
13,981.5
14,028.4
14,099.5

Services

Durable
Total
goods

3,637.7
3,752.2
3,905.1
4,090.9
4,231.7
4,395.8
4,568.4
4,711.6
4,955.7
5,561.9
4,785.0
4,651.1
5,191.3
5,195.5
5,496.5
5,649.9
5,534.6
5,566.7
5,565.7
5,529.6

Total
durable
goods 1

1,144.2
1,214.1
1,301.6
1,400.6
1,476.0
1,569.9
1,677.0
1,740.1
1,914.2
2,268.8
1,742.3
1,744.2
2,083.5
2,086.6
2,288.6
2,347.0
2,206.0
2,233.5
2,275.1
2,259.2

Nondurable

Motor
vehicles
and
parts
396.6
415.3
439.4
472.8
487.2
511.0
530.1
522.0
530.3
614.0
485.3
480.1
576.8
579.0
649.5
668.9
563.8
573.6
594.7
578.7

Total
nondurable
goods 1
2,493.5
2,538.5
2,605.3
2,693.7
2,760.5
2,833.4
2,903.7
2,985.4
3,066.7
3,336.2
3,053.5
2,924.1
3,144.1
3,145.1
3,256.1
3,351.4
3,365.5
3,371.7
3,334.1
3,313.5

Food and
beverages
purchased
for offpremises
consumption

Gasoline
and
other
energy
goods

Total
services 1

Household
consumption
expenditures

846.2
855.5
871.4
884.8
913.2
945.8
966.8
987.1
1,043.1
1,082.0
1,054.5
1,036.5
1,042.6
1,038.7
1,078.1
1,084.7
1,081.8
1,083.3
1,062.7
1,035.3

421.9
429.7
430.0
450.0
453.0
450.7
448.3
447.0
387.9
433.0
419.4
340.8
400.9
390.3
401.1
434.8
445.9
450.2
438.4
436.0

7,409.6
7,460.3
7,613.2
7,809.8
7,968.5
8,104.4
8,299.1
8,421.0
7,863.0
8,361.1
8,290.7
7,284.5
7,883.0
7,993.9
8,072.4
8,309.5
8,494.3
8,568.2
8,613.0
8,709.6

7,068.1
7,114.7
7,267.9
7,471.7
7,614.8
7,753.1
7,932.8
8,068.3
7,460.9
8,023.2
7,886.5
6,837.0
7,500.6
7,619.5
7,715.1
7,978.1
8,164.9
8,234.9
8,270.4
8,359.0

Housing
and
utilities

2,014.7
2,033.6
2,039.3
2,039.6
2,049.4
2,053.2
2,083.5
2,103.2
2,123.1
2,146.7
2,103.3
2,126.0
2,129.9
2,133.0
2,142.4
2,143.7
2,151.7
2,149.1
2,165.9
2,170.5

Health
care

1,821.3
1,832.6
1,892.8
1,994.6
2,070.0
2,113.9
2,168.3
2,244.5
2,079.1
2,231.5
2,186.2
1,824.3
2,119.1
2,186.7
2,168.8
2,226.4
2,254.9
2,276.1
2,273.5
2,276.0

Financial
services
and
insurance

830.9
826.0
828.7
848.8
830.7
843.7
855.2
828.4
841.3
874.1
832.4
829.3
844.3
859.4
865.4
867.4
875.4
888.4
884.8
888.9

Addendum:
Personal
consumption
expenditures
excluding
food and
energy 2

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

9,571.6
9,712.4
9,996.8
10,343.3
10,605.2
10,863.8
11,182.0
11,417.7
11,018.0
11,985.3
11,311.7
10,177.9
11,224.2
11,358.4
11,644.3
12,000.9
12,092.8
12,203.1
12,266.2
12,367.9

14.4
15.5
16.5
17.4
17.5
17.2
17.2
17.0
14.5
14.9
14.9
11.2
15.4
16.4
16.7
16.7
13.3
13.0
14.1
13.3

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

Note: Because of the formula used for calculating real GDP, the chained (2012) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate aggregates.
See Note, p.1.
Source: Department of Commerce (Bureau of Economic Analysis).

4

Sources of Personal Income
Personal income rose $71.6 billion (annual rate) in August, following an increase of $75.2 billion in July. Wages and
salaries rose $39.1 billion in August, following an increase of $93.2 billion in July.
BILLIONS OF DOLLARS * (RATIO SCALE)
26,000
24,000
22,000

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

20,000

20,000

18,000

18,000

16,000

16,000

14,000

14,000

12,000

12,000
WAGES AND SALARIES

10,000

10,000

9,000

9,000

8,000

8,000

7,000

7,000
OTHER INCOME

6,000

6,000

5,000

5,000

4,000

4,000

PERSONAL CURRENT
TRANSFER RECEIPTS

3,000

3,000

2,000

2,000
2014

2015

2016

2017

2018

2019

2020

2021

*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

2022

COUNCIL OF ECONOMIC ADVISERS

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

2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 r ������������������
2018 r ������������������
2019 r ������������������
2020 r ������������������
2021 r ������������������
2021: Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2021: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug p ��������

Total
personal
income

14,014.3
14,193.6
14,976.6
15,685.2
16,096.9
16,839.8
17,683.8
18,587.0
19,832.3
21,294.8
21,082.7
20,909.7
21,073.0
21,176.6
21,236.8
21,205.7
21,319.5
21,434.3
21,503.6
21,624.3
21,748.7
21,823.9
21,895.5

Total

8,567.4
8,835.0
9,250.2
9,699.4
9,966.1
10,424.4
10,957.9
11,448.1
11,592.7
12,538.5
12,667.9
12,766.4
12,930.9
13,050.4
13,151.7
13,174.5
13,269.4
13,335.3
13,396.5
13,471.4
13,539.0
13,643.7
13,690.5

Wages
and
salaries

Supplements to
wages
and
salaries

6,928.1
7,114.0
7,476.3
7,859.5
8,091.2
8,474.4
8,900.0
9,324.6
9,457.4
10,290.1
10,410.1
10,498.2
10,647.7
10,754.3
10,843.2
10,851.2
10,933.6
10,991.7
11,045.0
11,110.6
11,169.7
11,262.9
11,302.0

1,639.2
1,721.0
1,773.9
1,839.9
1,874.9
1,950.0
2,057.9
2,123.5
2,135.4
2,248.4
2,257.8
2,268.2
2,283.2
2,296.1
2,308.5
2,323.3
2,335.7
2,343.6
2,351.5
2,360.8
2,369.2
2,380.9
2,388.5

Proprietors’ income 1

Farm

59.9
87.0
67.7
54.1
34.1
39.1
29.2
29.1
45.2
51.3
67.3
50.0
48.8
45.9
37.0
51.2
71.1
100.9
97.7
95.7
93.7
92.9
92.1

Nonfarm

1,286.4
1,315.3
1,377.9
1,366.7
1,389.2
1,465.5
1,539.5
1,572.3
1,597.9
1,702.2
1,727.1
1,736.0
1,748.1
1,755.1
1,734.4
1,729.6
1,737.5
1,743.9
1,729.6
1,740.5
1,749.0
1,746.2
1,768.4

Personal income receipts on assets
Rental
income
of
persons 2

534.5
577.4
602.7
609.5
626.6
650.6
680.0
698.2
719.8
723.8
721.9
733.8
738.8
741.1
739.0
739.2
743.3
752.1
759.9
775.8
792.0
794.0
797.3

Total

2,153.7
2,058.9
2,290.0
2,474.9
2,542.6
2,703.5
2,862.2
3,119.0
3,095.4
3,202.4
3,219.9
3,228.8
3,250.1
3,256.8
3,268.5
3,265.4
3,267.6
3,276.5
3,296.5
3,324.2
3,348.4
3,348.0
3,345.7

Personal
interest
income
1,318.6
1,265.6
1,336.8
1,441.8
1,465.2
1,549.0
1,608.9
1,658.1
1,647.3
1,658.6
1,654.7
1,654.2
1,656.4
1,657.8
1,658.2
1,664.6
1,670.8
1,676.9
1,692.6
1,708.5
1,724.6
1,721.6
1,718.9

Personal
dividend
income
835.1
793.3
953.2
1,033.1
1,077.4
1,154.6
1,253.4
1,460.9
1,448.1
1,543.9
1,565.1
1,574.6
1,593.7
1,599.0
1,610.2
1,600.8
1,596.8
1,599.6
1,603.8
1,615.6
1,623.8
1,626.4
1,626.8

Personal
current
transfer
receipts 3

2,363.0
2,424.3
2,541.5
2,685.4
2,777.0
2,855.7
2,976.6
3,144.8
4,231.2
4,617.3
4,230.8
3,957.9
3,938.7
3,923.8
3,914.7
3,869.5
3,866.5
3,870.2
3,875.3
3,877.8
3,896.4
3,881.7
3,890.0

Less:
Chart
5 - Sep 2022
Contributions
for
government
social
insurance,
domestic
950.5
1,104.3
1,153.6
1,204.7
1,238.8
1,298.9
1,361.6
1,424.6
1,450.0
1,540.8
1,552.2
1,563.2
1,582.4
1,596.5
1,608.6
1,623.6
1,635.9
1,644.7
1,651.8
1,661.2
1,669.7
1,682.6
1,688.4

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

Note: Data reflect annual revisions released on September 30, 2022. For details, see Survey of Current Business, October 2022.
Source: Department of Commerce (Bureau of Economic Analysis).

5

Disposition of Personal Income
According to revised estimates, per capita disposable personal income in chained (2012) dollars fell 1.7 percent
(annual rate) in the second quarter of 2022.
BILLIONS OF DOLLARS* (RATIO SCALE)
22,000
21,000
20,000
19,000
18,000
17,000

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

DISPOSABLE PERSONAL INCOME

16,000

16,000

15,000

15,000

14,000

14,000

SAVING

13,000

13,000

PERSONAL OUTLAYS

12,000

12,000

11,000

11,000

10,000

10,000
DOLLARS* (RATIO SCALE)

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

62,000

PER CAPITA DISPOSABLE PERSONAL INCOME

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

CURRENT DOLLARS

CHAINED (2012) DOLLARS

38,000

38,000

36,000
34,000

36,000
34,000
2013

2014

2015

2016

2017

2018

2019

2020

*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

Period

Personal
income

Less:
Personal
current
taxes

Equals:
Disposable
personal
income

14,014.3
14,193.6
14,976.6
15,685.2
16,096.9
16,839.8
17,683.8
18,587.0
19,832.3
21,294.8

1,509.5
1,676.4
1,784.6
1,939.9
1,958.2
2,048.6
2,074.9
2,198.4
2,236.4
2,661.7

12,504.8
12,517.3
13,192.0
13,745.3
14,138.7
14,791.2
15,608.9
16,388.6
17,595.9
18,633.1

2022

COUNCIL OF ECONOMIC ADVISERS

Less:
Personal
outlays 1

Equals:
Personal
saving

Disposable
personal
income in
billions of
chained
(2012)
dollars

Per capita disposable
personal income
Current
dollars

Billions of dollars
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 r ������������������
2018 r ������������������
2019 r ������������������
2020 r ������������������
2021 r ������������������

2021

Chained
(2012)
dollars

Per capita personal
consumption
expenditures
Current
dollars

Chained
(2012)
dollars

Dollars
11,431.8
11,751.3
12,261.1
12,710.4
13,150.8
13,717.5
14,428.6
14,942.0
14,603.6
16,389.8

1,073.1
766.0
930.9
1,034.9
987.8
1,073.8
1,180.3
1,446.6
2,992.3
2,243.4

12,504.8
12,350.0
12,821.9
13,330.0
13,575.5
13,946.9
14,410.4
14,907.8
15,831.6
16,115.7

39,732
39,474
41,276
42,672
43,556
45,252
47,473
49,585
53,038
56,088

Chart 6 - Sep 2022

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

Population,
including
Armed
Forces
overseas
(thousands) 2

Percent

39,732
38,947
40,118
41,383
41,821
42,669
43,828
45,105
47,720
48,510

35,102
35,836
37,070
38,072
39,103
40,487
42,291
43,547
42,549
47,869

35,102
35,357
36,030
36,922
37,546
38,176
39,044
39,612
38,283
41,401

2.5
–2.0
3.0
3.2
1.1
2.0
2.7
2.9
5.8
1.7

8.6
6.1
7.1
7.5
7.0
7.3
7.6
8.8
17.0
12.0

314,725
317,099
319,601
322,113
324,609
326,860
328,794
330,513
331,761
332,213

45,637
50,182
48,124
46,979
52,201
47,949
47,351
46,717
45,406
45,210

43,556
39,343
43,360
43,937
45,584
47,628
48,593
49,666
50,713
51,845

39,262
35,627
38,941
39,300
40,328
41,484
41,753
42,039
42,159
42,348

2.0
46.2
–15.4
–9.2
52.4
–28.8
–4.9
–5.2
–10.8
–1.7

10.7
26.4
16.4
13.7
20.4
10.8
9.1
7.3
4.3
3.4

331,534
331,692
331,841
331,978
331,949
332,021
332,297
332,584
332,749
332,940

Seasonally adjusted annual rates
2020: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2021: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2022: I r ��������������
      II r �������������

19,033.7
20,479.4
20,019.2
19,796.9
22,095.5
20,916.4
21,005.2
21,162.1
21,319.8
21,625.5

2,249.1
2,098.2
2,237.5
2,360.7
2,509.0
2,638.5
2,693.2
2,806.1
3,145.5
3,197.9

16,784.6
18,381.2
17,781.7
17,436.2
19,586.5
18,277.8
18,312.0
18,356.1
18,174.4
18,427.6

14,983.4
13,529.1
14,857.8
15,044.1
15,597.8
16,299.3
16,643.0
17,019.0
17,389.5
17,798.7

1,801.2
4,852.1
2,923.9
2,392.1
3,988.7
1,978.6
1,669.1
1,337.1
784.9
629.0

15,130.1
16,645.0
15,969.6
15,596.0
17,328.1
15,920.1
15,734.4
15,537.3
15,108.8
15,052.1

50,627
55,417
53,585
52,522
59,005
55,050
55,107
55,192
54,619
55,348

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.

Note: See Note, p.1.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).

6

Real Farm Income
According to the current forecast for 2022, gross farm income in chained (2022) dollars is forecast to be $585.0
billion and net farm income to be $147.7 billion.
BILLIONS OF CHAINED (2022) DOLLARS (RATIO SCALE)

BILLIONS OF CHAINED (2022) DOLLARS (RATIO SCALE)

700
640
600
560
520
480
440
400

700
640
600
560
520
480
440
400

GROSS FARM INCOME

360

360

320

320

280

280

240

240

200

200

160

160

120

120
NET FARM INCOME

80

80

60

60

40

40
2013

2014

2016

2015

2017

2018

2019

2020

SOURCE: DEPARTMENT OF AGRICULTURE

2021

2022

COUNCIL OF ECONOMIC ADVISERS

[Billions of chained (2022) dollars]
Chart 7 - May 2022

Income of farm operators from farming 1
Gross farm income
Year

Value of agricultural sector production
Total

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

Crops 2, 3

Total
388.6
392.8
357.0
392.7
436.0
428.0
403.5
459.7
484.4
444.3
465.1
537.3
564.2
596.7
584.8
528.3
489.3
495.3
483.1
477.8
498.8
541.6
585.0

351.2
357.5
337.8
367.7
416.8
393.0
381.5
443.6
468.1
428.3
448.9
524.0
550.9
583.1
573.0
515.4
473.8
481.9
467.5
452.7
448.5
514.3
572.0

152.7
149.4
151.6
164.8
185.0
164.0
165.1
204.6
230.9
217.3
219.3
254.7
267.0
288.1
249.7
220.9
224.7
218.8
211.5
198.3
209.1
253.5
261.6

Animals
and animal
products 3
159.3
167.2
144.7
159.4
183.7
181.4
165.9
187.4
185.2
157.9
182.9
209.3
212.1
223.2
259.4
232.7
196.3
206.0
201.7
195.6
181.8
205.2
248.7

Farm-related
income 4
39.3
41.0
41.5
43.4
48.1
47.7
50.5
51.6
52.0
53.0
46.7
60.0
71.7
71.7
64.0
61.7
52.9
57.1
54.4
58.8
57.6
55.5
61.7

Direct
Federal
Government
payments
37.3
35.3
19.2
25.1
19.2
35.0
22.0
16.1
16.3
16.1
16.2
13.3
13.3
13.6
11.8
13.0
15.4
13.4
15.5
25.1
50.2
27.3
13.0

Production
expenses

Net
farm
income

307.1
306.5
296.4
300.2
306.7
315.1
323.6
364.9
380.7
362.2
364.5
392.2
443.3
444.2
473.2
430.4
415.3
407.8
390.9
389.3
394.5
393.0
437.3

81.5
86.3
60.6
92.6
129.3
112.9
79.9
94.8
103.6
82.1
100.6
145.1
120.9
152.5
111.6
97.9
74.0
87.5
92.2
88.5
104.2
148.6
147.7

1 The GDP chain-type price index is used to convert the current-dollar statistics to 2022=100 equivalents.
2 Crop receipts include proceeds received from commodities placed under Commodity Credit Corporation loans.
3 The value of production equates to the sum of cash receipts, home consumption, and the value of the change in inventories.
4 Includes income from forest products sold, the gross imputed rental value of farm dwellings, machine hire and custom work, and other sources of farm income such as commodity insurance

indemnities.

Note: Data for 2022 are forecasts.
Source: Department of Agriculture (Economic Research Service).

7

Corporate Profits
In the second quarter of 2022, according to revised estimates, corporate profits before tax rose $193.3 billion (annual
rate) and profits after tax rose $209.7 billion.
BILLIONS OF DOLLARS
3,600

BILLIONS OF DOLLARS
3,600

SEASONALLY ADJUSTED ANNUAL RATES

3,400

3,400

3,200

3,200

3,000

3,000

2,800

2,800
2,600

2,600
PROFITS BEFORE TAX

2,400

2,400

2,200

2,200

2,000

2,000
1,800

1,800
PROFITS AFTER TAX

1,600

1,600

1,400

1,400

1,200

1,200
1,000

1,000
UNDISTRIBUTED PROFITS

800

800
600

600

400

400
TAXES ON
CORPORATE INCOME

200
0
2013

2014

2015

2016

200
0
2017

2018

2019

2020

2021

2022

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

2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 r ������������������
2018 r ������������������
2019 r ������������������
2020 r ������������������
2021 r ������������������
2020: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2021: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2022: I r ��������������
      II r �������������

Total 2

2,144.7
2,165.9
2,266.6
2,184.6
2,138.8
2,148.2
2,210.1
2,306.2
2,373.5
2,881.2
2,285.5
2,114.1
2,606.8
2,487.4
2,688.6
2,883.1
2,951.8
3,001.4
3,081.6
3,252.7

Profits
before
tax

Nonfinancial
Total

1,739.3
1,767.1
1,861.7
1,789.4
1,718.9
1,649.3
1,689.6
1,777.5
1,943.8
2,468.8
1,791.8
1,709.7
2,181.6
2,092.2
2,253.2
2,503.4
2,540.1
2,578.6
2,644.7
2,790.4

Financial

482.4
430.7
483.1
447.2
457.4
440.4
453.6
540.9
514.6
585.0
501.2
514.6
515.7
526.9
530.4
587.5
608.3
613.6
593.4
552.4

Total 3
1,256.9
1,336.3
1,378.6
1,342.1
1,261.5
1,208.9
1,236.0
1,236.7
1,429.2
1,883.9
1,290.6
1,195.1
1,665.9
1,565.3
1,722.8
1,915.9
1,931.8
1,965.0
2,051.3
2,237.9

Manufacturing
403.0
446.9
458.7
427.2
336.8
314.8
345.8
351.5
329.5
447.0
348.0
250.6
361.8
357.4
387.8
427.6
457.7
514.9
548.1
616.9

Utilities

Wholesale

13.8
28.3
32.8
20.2
9.4
11.1
21.2
17.6
25.6
23.6
17.3
27.3
25.3
32.4
28.7
17.4
24.6
23.6
26.2
27.9

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

Note: Data by industry are based on the North American Industry Classification System (NAICS).
See Note, p. 1.
Source: Department of Commerce (Bureau of Economic Analysis).

8

137.9
146.4
150.6
152.4
127.9
123.3
114.0
123.3
142.2
159.3
147.5
121.8
146.4
153.2
136.7
154.1
170.3
176.0
190.3
184.9

Taxes
on
corporate
income

Total

Net
dividends

Retail
155.7
153.3
157.3
169.3
175.2
151.7
149.9
155.6
230.2
311.3
172.3
220.5
269.4
258.5
308.9
336.3
301.5
298.5
297.3
307.4

2,156.1
2,151.5
2,264.5
2,128.3
2,134.2
2,194.6
2,257.7
2,304.8
2,399.8
3,138.1
2,202.7
2,078.1
2,702.7
2,615.9
2,938.0
3,209.4
3,214.2
3,190.7
3,328.5
3,521.8

334.6
362.6
407.1
396.3
376.2
297.3
297.7
297.4
288.9
388.2
264.1
255.5
312.0
324.2
350.8
385.1
387.1
430.0
495.1
478.7

1,821.5
1,788.9
1,857.4
1,732.0
1,758.1
1,897.3
1,960.0
2,007.4
2,110.9
2,749.8
1,938.6
1,822.6
2,390.7
2,291.7
2,587.2
2,824.3
2,827.1
2,760.8
2,833.4
3,043.1

948.7
1,009.0
1,096.1
1,164.9
1,189.4
1,264.1
1,338.4
1,531.2
1,541.3
1,659.3
1,566.0
1,527.2
1,508.1
1,564.0
1,567.5
1,645.6
1,693.8
1,730.2
1,743.6
1,740.4

Chart 8 - Sep 2022

Inventory
Undistrib- valuation
adjustment
uted
profits

872.8
779.9
761.3
567.1
568.7
633.1
621.7
476.2
569.6
1,090.6
372.6
295.4
882.7
727.7
1,019.7
1,178.6
1,133.3
1,030.6
1,089.8
1,302.7

–11.4
14.4
2.1
56.3
4.5
–46.4
–47.6
1.4
–26.4
–256.9
82.9
36.1
–95.9
–128.5
–249.4
–326.3
–262.4
–189.4
–246.9
–269.1

Real Gross Private Domestic Investment
In the second quarter of 2022, according to revised estimates, nonresidential fixed investment in chained (2012)
dollars rose $0.5 billion (annual rate) and residential fixed investment fell $33.7 billion. Inventories rose $110.2
billion, following an increase of $214.5 billion in the first quarter.
BILLIONS OF CHAINED (2012) DOLLARS
4,200
4,000

BILLIONS OF CHAINED (2012) DOLLARS
4,200
4,000

SEASONALLY ADJUSTED ANNUAL RATES

3,800

3,800

3,600

3,600
GROSS PRIVATE DOMESTIC
INVESTMENT

3,400
3,200

3,400
3,200

3,000

3,000

2,800

2,800

2,600

2,600

2,400

2,400

NONRESIDENTIAL
FIXED INVESTMENT

2,200

2,200

2,000

2,000

1,800

1,800

1,600

1,600

1,400

1,400
1,200

1,200
1,000

1,000

RESIDENTIAL
FIXED INVESTMENT

800

800

600

600

400

400

200

200

0

0

CHANGE IN PRIVATE
INVENTORIES

–200
–400
2013

2014

2015

–200
–400
2016

2017

2018

2019

2020

2021

2022

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

[Billions of chained (2012) dollars; quarterly data at seasonally adjusted annual rates]
Chart 9 - Sep 2022

Fixed investment
Period

2012 ���������������������������������������������������
2013 ���������������������������������������������������
2014 ���������������������������������������������������
2015 ���������������������������������������������������
2016 ���������������������������������������������������
2017 r �������������������������������������������������
2018 r �������������������������������������������������
2019 r �������������������������������������������������
2020 r �������������������������������������������������
2021 r �������������������������������������������������
2020: I r ���������������������������������������������
      II r ��������������������������������������������
      III r �������������������������������������������
      IV r �������������������������������������������
2021: I r ���������������������������������������������
      II r ��������������������������������������������
      III r �������������������������������������������
      IV r �������������������������������������������
2022: I r ���������������������������������������������
      II r ��������������������������������������������

Gross
private
domestic
investment

2,621.8
2,801.5
2,959.2
3,121.8
3,089.9
3,216.0
3,398.9
3,492.7
3,306.5
3,603.0
3,409.9
2,884.2
3,394.1
3,537.6
3,489.3
3,496.9
3,584.1
3,841.8
3,892.5
3,747.0

Change in private inventories

Nonresidential
Total

2,550.5
2,692.1
2,869.2
2,979.0
3,041.0
3,165.4
3,320.0
3,404.2
3,326.8
3,574.6
3,399.5
3,121.3
3,327.4
3,459.2
3,540.4
3,590.9
3,581.1
3,586.2
3,628.6
3,581.9

Total
2,118.5
2,206.0
2,365.3
2,420.3
2,442.0
2,542.5
2,708.3
2,804.6
2,666.0
2,835.4
2,760.6
2,530.6
2,649.9
2,723.0
2,781.4
2,847.7
2,852.2
2,860.2
2,915.0
2,915.5

Structures
479.4
485.5
538.8
534.1
511.0
533.3
555.2
567.9
510.4
477.5
573.1
498.1
484.6
485.7
488.0
484.9
476.6
460.7
455.6
440.4

Equipment
983.4
1,029.2
1,101.1
1,134.6
1,114.6
1,146.0
1,221.2
1,236.5
1,107.3
1,221.8
1,129.1
1,001.8
1,121.7
1,176.6
1,194.3
1,234.0
1,227.1
1,232.0
1,265.7
1,259.1

Intellectual
property
products
655.7
691.4
724.8
752.4
818.8
864.9
935.2
1,003.2
1,051.2
1,153.0
1,053.3
1,027.8
1,051.3
1,072.4
1,112.0
1,145.4
1,166.0
1,188.8
1,219.6
1,245.9

Residential

432.0
485.5
504.1
555.4
592.1
615.8
612.3
606.2
649.8
719.4
636.8
587.8
662.7
712.2
732.0
723.0
712.2
710.3
704.7
671.0

Total

Nonfarm

71.2
108.7
86.3
137.6
35.7
36.3
66.1
73.1
–54.6
–19.4
–34.4
–279.1
36.8
58.3
–83.0
–143.6
–48.6
197.6
214.5
110.2

89.9
98.2
90.1
136.5
41.2
41.7
73.8
88.3
–46.9
–16.0
–19.5
–268.4
38.7
61.7
–83.4
–137.9
–44.8
202.2
223.6
123.6

Note: See p. 10 for further detail on fixed investment by type.
Because of the formula used for calculating real GDP, the chained (2012) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates.
See Note, p. 1.
Source: Department of Commerce (Bureau of Economic Analysis).

9

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

Residential

Equipment
Total
fixed
investment

Period

2012 ���������������
2013 ���������������
2014 ���������������
2015 ���������������
2016 ���������������
2017 r �������������
2018 r �������������
2019 r �������������
2020 r �������������
2021 r �������������
2020: I r ���������
      II r ��������
      III r �������
      IV r �������
2021: I r ���������
      II r ��������
      III r �������
      IV r �������
2022: I r ���������
      II r ��������

Total
nonresidential

2,550.5
2,692.1
2,869.2
2,979.0
3,041.0
3,165.4
3,320.0
3,404.2
3,326.8
3,574.6
3,399.5
3,121.3
3,327.4
3,459.2
3,540.4
3,590.9
3,581.1
3,586.2
3,628.6
3,581.9

Intellectual property products

Information processing equipment
Structures

2,118.5
2,206.0
2,365.3
2,420.3
2,442.0
2,542.5
2,708.3
2,804.6
2,666.0
2,835.4
2,760.6
2,530.6
2,649.9
2,723.0
2,781.4
2,847.7
2,852.2
2,860.2
2,915.0
2,915.5

479.4
485.5
538.8
534.1
511.0
533.3
555.2
567.9
510.4
477.5
573.1
498.1
484.6
485.7
488.0
484.9
476.6
460.7
455.6
440.4

Total 2

983.4
1,029.2
1,101.1
1,134.6
1,114.6
1,146.0
1,221.2
1,236.5
1,107.3
1,221.8
1,129.1
1,001.8
1,121.7
1,176.6
1,194.3
1,234.0
1,227.1
1,232.0
1,265.7
1,259.1

Computers
and
peripheral
equipment 1

Total
331.2
351.8
370.2
393.3
410.5
439.6
473.7
486.1
492.4
540.4
452.7
477.8
514.9
524.1
536.4
536.7
531.7
556.7
579.0
569.6

103.5
103.0
102.9
103.4
103.0
109.9
124.8
127.1
141.8
152.6
452.7
477.8
514.9
524.1
536.4
536.7
531.7
556.7
579.0
569.6

Industrial Transporequiptation
ment
equipment

Other
227.7
248.8
267.7
291.0
309.3
331.8
349.7
360.1
348.7
386.3
330.3
332.6
363.0
368.7
375.7
386.8
380.9
401.8
415.8
418.2

211.2
208.4
216.5
216.7
213.4
223.0
236.2
244.2
224.3
251.0
228.4
212.6
223.5
232.8
234.8
250.0
256.2
263.0
270.9
266.7

215.3
238.5
265.0
292.8
276.3
272.5
286.5
277.3
192.5
222.7
232.4
139.9
185.1
212.4
215.8
237.7
229.2
208.2
206.3
212.1

Total 2

Research
Software and development 3

655.7
691.4
724.8
752.4
818.8
864.9
935.2
1,003.2
1,051.2
1,153.0
1,053.3
1,027.8
1,051.3
1,072.4
1,112.0
1,145.4
1,166.0
1,188.8
1,219.6
1,245.9

272.1
287.2
305.3
320.2
354.0
392.2
437.7
468.1
509.0
574.2
502.2
499.1
511.3
523.6
553.5
571.0
582.8
589.7
615.7
630.9

313.4
333.8
346.9
357.1
387.1
394.6
418.9
455.4
470.9
511.9
473.6
457.8
471.6
480.8
494.4
509.7
516.2
527.3
534.3
541.7

Structures
Total
residential 2

432.0
485.5
504.1
555.4
592.1
615.8
612.3
606.2
649.8
719.4
636.8
587.8
662.7
712.2
732.0
723.0
712.2
710.3
704.7
671.0

Total 2

Single
family

421.5
474.1
491.8
542.0
577.7
600.6
596.9
590.8
633.3
701.2
620.8
572.1
645.3
695.0
713.6
704.5
694.2
692.6
687.1
653.6

132.0
161.8
171.8
191.5
201.3
214.8
220.7
206.8
219.7
268.9
219.7
201.4
211.8
245.8
264.4
273.5
272.5
265.4
268.8
262.2

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

Note: Because of the formula used for calculating real GDP, the chained (2012) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates.
See Note, p. 1.
Source: Department of Commerce (Bureau of Economic Analysis).

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

Total
capital
expenditures

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

ConManu- WholeUtilities struction
sale
facturing trade

Retail
trade

TransportaFinance
tion
Informaand
and
tion
insurwareance
housing

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

Health
care
and
social
assistance

Other 1

For
companies
without
employees

For companies with employees
2006 ��������
2007 ��������
2008 ��������
2009 ��������
2010 ��������
2011 ��������
2012 ��������
2013 ��������
2014 ��������
2015 ��������
2016 ��������
2017 ��������
2018 ��������
2019 ��������
2020 p �������

1,309.9
1,354.7
1,374.2
1,090.7
1,105.7
1,243.0
1,423.6
1,491.3
1,597.9
1,642.0
1,574.8
1,678.8
1,699.1
1,917.1
1,706.4

1,217.1
1,270.5
1,294.5
1,015.3
1,036.2
1,169.6
1,334.4
1,400.9
1,506.6
1,548.1
1,479.4
1,577.8
1,699.1
1,805.7
1,597.4

2.7
2.1
2.3
2.2
3.3
3.1
3.1
3.0
4.0
3.3
4.6
4.5
4.7
4.1
3.2

99.3
120.7
149.3
100.6
115.7
165.7
196.7
202.2
230.8
174.1
92.6
134.4
153.4
160.8
97.1

69.8
85.4
98.7
103.0
94.5
98.0
125.0
111.3
118.9
130.5
133.5
133.9
151.0
172.9
182.2

30.3
36.7
40.8
19.8
17.9
21.8
23.6
27.6
30.3
33.3
36.0
35.0
39.0
50.8
53.2

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

36.6
30.8
32.4
25.3
31.1
35.7
40.9
37.5
44.8
42.4
43.8
44.0
42.8
40.2
36.0

86.7
82.5
73.2
58.4
65.3
68.1
77.6
77.5
82.4
86.0
86.9
90.5
89.2
98.8
105.5

68.0
67.4
79.6
55.7
59.0
72.7
81.8
92.6
111.0
116.6
109.7
108.5
122.4
130.8
98.3

104.4
106.1
103.3
88.4
97.2
100.1
106.5
123.9
132.0
132.7
142.9
158.9
175.1
176.8
169.7

163.1
173.4
132.9
99.5
103.1
109.2
130.2
137.8
153.3
164.6
161.7
163.0
181.5
195.2
173.6

132.1
117.5
106.9
72.9
81.3
91.1
115.7
114.2
121.9
151.9
150.7
161.4
173.9
180.2
134.2

30.3
31.8
33.0
28.2
28.2
28.1
31.6
35.7
30.4
33.3
31.7
37.2
42.0
43.6
40.4

75.3
84.2
90.2
79.4
78.4
83.1
88.9
94.2
89.0
93.8
93.6
104.6
108.6
114.4
104.7

126.3
92.8
134.8
84.2
138.7
79.7
127.0
75.4
100.6
69.5
100.4
73.4
110.0
89.2
122.1
90.4
126.8
91.3
140.6
93.9
148.3
95.4
154.8
101.0
157.6 ��������������
164.5
111.4
141.2
109.0

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 September, unemployment as measured by the household survey fell 261,000 to 5.8 million.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS*

168

168

SEASONALLY ADJUSTED

164

164

160

160

CIVILIAN LABOR FORCE

156

156

152

152

CIVILIAN
EMPLOYMENT

148

148

144

144

140

140

136

136

132

132

128

128

28
24

28
24

20

20
16

16
12

12

UNEMPLOYMENT

8

8

4
0

4
0
2014

2015

2016

2017

2018

2019

2020

2021

*16 YEARS OF AGE AND OVER

SOURCE: DEPARTMENT OF LABOR

2022

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

2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2021: Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2022: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������

Civilian
noninsti- Civilian labor
tutional
force
population
(NSA)
243,284
245,679
247,947
250,801
253,538
255,079
257,791
259,175
260,329
261,445
261,766
261,908
262,029
262,136
263,202
263,324
263,444
263,559
263,679
263,835
264,012
264,184
264,356

154,975
155,389
155,922
157,130
159,187
160,320
162,075
163,539
160,742
161,204
161,471
161,610
162,126
162,294
163,687
163,991
164,409
164,046
164,376
164,023
163,960
164,746
164,689

Civilian employment

Total

Men
20 years
and
over

142,469
143,929
146,305
148,834
151,436
153,337
155,761
157,538
147,795
152,581
153,806
154,234
155,324
155,975
157,174
157,722
158,458
158,105
158,426
158,111
158,290
158,732
158,936

73,403
74,176
75,471
76,776
78,084
78,919
80,211
80,917
76,227
78,216
78,952
79,164
79,736
79,892
80,767
81,473
81,554
81,334
81,422
81,242
81,164
81,225
81,878

Women
20 years
and
over
64,640
65,295
66,287
67,323
68,387
69,344
70,424
71,470
66,873
69,099
69,555
69,790
70,257
70,795
70,857
70,775
71,244
71,170
71,432
71,311
71,710
71,729
71,493

1 11 - Sep 2022
PercentChart

Unemployment
Both
sexes
16–19
years
4,426
4,458
4,548
4,734
4,965
5,074
5,126
5,150
4,695
5,266
5,298
5,281
5,331
5,287
5,550
5,474
5,660
5,601
5,571
5,558
5,415
5,778
5,565

Total

12,506
11,460
9,617
8,296
7,751
6,982
6,314
6,001
12,947
8,623
7,666
7,375
6,802
6,319
6,513
6,270
5,952
5,941
5,950
5,912
5,670
6,014
5,753

Men
20 years
and
over
5,984
5,568
4,585
3,959
3,675
3,287
2,976
2,819
6,118
4,302
3,899
3,539
3,272
3,010
3,199
2,973
2,872
2,961
2,827
2,797
2,692
2,934
2,783

Women
20 years
and
over

Both
sexes
16–19
years

5,125
4,565
3,926
3,371
3,151
2,868
2,578
2,435
5,804
3,625
3,089
3,139
2,876
2,660
2,637
2,671
2,451
2,344
2,479
2,430
2,278
2,411
2,258

1,397
1,327
1,106
966
925
827
759
746
1,025
696
678
697
654
649
676
626
629
636
645
685
700
669
713

Not
in
labor
force

88,310
90,290
92,025
93,671
94,351
94,759
95,716
95,636
99,587
100,241
100,294
100,298
99,902
99,842
99,516
99,333
99,035
99,513
99,302
99,812
100,051
99,438
99,667

Labor
Employ- Unemployforce
ment/
participa- population
ment
tion
rate
ratio
rate
63.7
63.2
62.9
62.7
62.8
62.9
62.9
63.1
61.7
61.7
61.7
61.7
61.9
61.9
62.2
62.3
62.4
62.2
62.3
62.2
62.1
62.4
62.3

58.6
58.6
59.0
59.3
59.7
60.1
60.4
60.8
56.8
58.4
58.8
58.9
59.3
59.5
59.7
59.9
60.1
60.0
60.1
59.9
60.0
60.1
60.1

8.1
7.4
6.2
5.3
4.9
4.4
3.9
3.7
8.1
5.3
4.7
4.6
4.2
3.9
4.0
3.8
3.6
3.6
3.6
3.6
3.5
3.7
3.5

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

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

11

Selected Unemployment Rates
In September, the unemployment rate fell to 3.5 percent.
PERCENT (SEASONALLY ADJUSTED)

PERCENT (SEASONALLY ADJUSTED)

35

35

30

30

25

25

20

20

BLACK OR
AFRICAN
AMERICAN1

15

10

TEENAGERS
(16-19)

15

10

HISPANIC1,2

MEN 20 YEARS
AND OVER

5

5
WHITE1

WOMEN 20 YEARS
AND OVER

ALL CIVILIAN
WORKERS

1

ASIAN
0

0
2018

2019

2020

2021

2022

2018

2019

2020

2021

2022

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 - Sep 2022

By race or ethnicity 1

By sex and age
Period

2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2021: Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2022: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������

All
civilian
workers

8.1
7.4
6.2
5.3
4.9
4.4
3.9
3.7
8.1
5.3
4.7
4.6
4.2
3.9
4.0
3.8
3.6
3.6
3.6
3.6
3.5
3.7
3.5

Men
20 years
and
over

Women
20 years
and
over

7.5
7.0
5.7
4.9
4.5
4.0
3.6
3.4
7.4
5.2
4.7
4.3
3.9
3.6
3.8
3.5
3.4
3.5
3.4
3.3
3.2
3.5
3.3

7.3
6.5
5.6
4.8
4.4
4.0
3.5
3.3
8.0
5.0
4.3
4.3
3.9
3.6
3.6
3.6
3.3
3.2
3.4
3.3
3.1
3.3
3.1

Both
sexes
16–19
years
24.0
22.9
19.6
16.9
15.7
14.0
12.9
12.7
17.9
11.7
11.3
11.7
10.9
10.9
10.9
10.3
10.0
10.2
10.4
11.0
11.5
10.4
11.4

Black
or
African
American

White

7.2
6.5
5.3
4.6
4.3
3.8
3.5
3.3
7.3
4.7
4.2
3.9
3.7
3.2
3.4
3.3
3.2
3.2
3.2
3.3
3.1
3.2
3.1

13.8
13.1
11.3
9.6
8.4
7.5
6.5
6.1
11.4
8.6
7.8
7.8
6.5
7.1
6.9
6.6
6.2
5.9
6.2
5.8
6.0
6.4
5.8

By selected groups
Hispanic
or
Latino
ethnicity

Asian

5.9
5.2
5.0
3.8
3.6
3.4
3.0
2.7
8.7
5.0
4.2
4.2
3.9
3.8
3.6
3.1
2.8
3.1
2.4
3.0
2.6
2.8
2.5

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

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

12

10.3
9.1
7.4
6.6
5.8
5.1
4.7
4.3
10.4
6.8
6.1
5.7
5.2
4.9
4.9
4.4
4.2
4.1
4.3
4.3
3.9
4.5
3.8

Married
men,
spouse
present
4.9
4.3
3.4
2.8
2.7
2.4
2.0
1.8
4.9
3.2
2.8
2.5
2.3
1.9
2.0
1.9
1.7
1.9
2.0
2.0
1.8
2.0
1.8

Women
who
maintain
families
(NSA)
11.4
10.2
8.6
7.4
6.8
6.2
5.4
5.0
9.6
7.1
6.8
5.9
4.8
5.6
5.0
5.3
4.8
4.0
5.0
4.5
4.7
5.1
4.7

Full-time
workers

8.5
7.7
6.4
5.4
4.9
4.3
3.8
3.6
7.7
5.4
4.8
4.6
4.2
3.9
3.9
3.8
3.5
3.5
3.4
3.5
3.3
3.6
3.5

Part-time
workers

6.1
5.9
5.4
4.9
4.8
4.6
4.4
4.1
10.0
5.1
4.2
4.7
4.1
4.2
4.4
4.0
4.2
4.4
4.3
3.9
4.2
4.1
3.7

Selected Measures of Unemployment and Unemployment Insurance Programs
In September, the percentages of the unemployed who had been out of work for less than 5 weeks and for 15 to
26 weeks rose, while the percentages for 5 to 14 weeks and for 27 weeks and over fell. The mean duration of
unemployment fell to 20.2 weeks and the median duration fell to 8.3 weeks.
PERCENT DISTRIBUTION*

PERCENT DISTRIBUTION*

100

100

DURATION OF UNEMPLOYMENT

80

80

60

60

REASON FOR UNEMPLOYMENT

JOB LOSERS

27 WEEKS
AND OVER
40

40

REENTRANTS

LESS THAN
5 WEEKS
5-14
WEEKS
20

20

JOB LEAVERS

15-26
WEEKS

NEW ENTRANTS

0

0
2018

2019

2020

2021

2022

2018

2019

2020

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR

2021

2022

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted by NSA]
Chart 13 - Sep 2022

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
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2021: Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2022: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������

12,506
11,460
9,617
8,296
7,751
6,982
6,314
6,001
12,947
8,623
7,666
7,375
6,802
6,319
6,513
6,270
5,952
5,941
5,950
5,912
5,670
6,014
5,753

21.1
22.5
25.7
28.9
30.5
32.5
34.4
34.8
28.6
24.8
29.1
28.2
29.4
31.2
37.0
33.5
38.3
37.9
35.3
38.3
36.9
36.7
37.4

22.9
24.1
25.3
27.7
28.7
28.8
29.7
29.8
36.5
23.0
22.5
25.8
25.2
24.8
24.6
28.3
28.2
27.5
30.2
26.3
31.4
29.9
28.5

14.9
15.8
15.6
15.3
14.9
14.6
14.5
14.3
19.4
13.5
13.7
13.8
12.9
12.3
12.5
11.5
9.6
9.4
11.3
12.8
12.7
14.6
15.6

41.1
37.6
33.5
28.1
25.9
24.2
21.4
21.1
15.4
38.7
34.8
32.2
32.5
31.7
25.9
26.7
23.9
25.2
23.2
22.6
18.9
18.8
18.5

39.4
36.5
33.7
29.2
27.5
25.0
22.7
21.6
16.5
28.7
28.3
26.9
29.1
28.6
24.6
26.6
24.2
25.0
22.5
22.3
22.1
22.3
20.2

19.3
17.0
14.0
11.6
10.6
10.0
9.3
9.1
9.7
16.5
13.7
13.0
13.4
12.9
10.1
9.6
7.5
7.5
9.6
8.5
8.5
8.5
8.3

55.0
53.0
50.7
49.0
48.2
49.2
47.4
46.4
75.5
59.1
52.9
50.8
49.4
48.6
49.1
47.8
46.7
47.1
45.8
44.6
44.9
46.2
43.9

7.7
8.1
8.6
9.9
11.1
11.1
12.6
13.6
5.3
9.3
10.5
11.6
12.3
11.4
14.5
15.1
13.0
13.1
12.8
14.0
14.8
15.2
15.9

26.7
28.0
29.4
30.6
30.1
29.8
30.5
30.2
15.2
25.6
30.1
30.3
31.6
32.0
29.8
30.6
32.7
31.2
32.5
33.6
32.2
31.2
32.4

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
2,274
10.6
2,099
259
2,128
9.9
1,948
240
1,971
9.5
1,755
219
1,774
9.8
1,684
217
1,702
4.1
10,093
1,377
19,088
6.0
3,192
548
12,028
6.5
2,511
352
6,862
7.4
2,214
303
3,306
6.6
1,962
288
2,647
8.1
1,918
312
2,373
6.6
2,289
353
2,637
6.6
1,922
226
2,187
7.6
1,888
223
2,160
8.5
1,511
219
1,701
8.9
1,499
215
1,673
7.8
1,382
234
1,516
8.1
1,460
240
1,579
7.5 ��������������� ��������������� �����������������
7.9 ��������������� ��������������� �����������������

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

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

13

Nonagricultural Employment
Total nonagricultural employment as measured by the payroll survey rose by 263,000 in September.
MILLIONS OF PERSONS*
155

MILLIONS OF PERSONS*
112
110
108
106
PRIVATE
104
SERVICE-PROVIDING
102
INDUSTRIES
100
98
96
94
92
90
88

150
145

ALL NONAGRICULTURAL
ESTABLISHMENTS

140
135
130

26
24
22
20
18
16
14
12
10

PRIVATE
INDUSTRIES

125
120
115

105
GOVERNMENT

2018

2019

2020

2021

PROFESSIONAL AND
BUSINESS SERVICES

RETAIL TRADE

22
20
18
16
14
12
10

110

24
22
20

EDUCATION AND
HEALTH SERVICES

2022

GOODS-PRODUCING
MANUFACTURING

2018

2019

2020

*SEASONALLY ADJUSTED

2021

2022

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

[Thousands of wage and salary workers; 1 monthly data seasonally adjusted]
Chart 14 - Sep 2022

Private industries

Period

2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2021: Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2022: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July r ��������
      Aug r ���������
      Sept p �������

Total
nonagricultural
employment

134,157
136,364
138,940
141,825
144,336
146,608
148,908
150,905
142,186
146,124
147,328
148,005
148,652
149,240
149,744
150,458
150,856
151,224
151,610
151,903
152,440
152,755
153,018

Goods-producing industries
Total
private

112,237
114,511
117,058
119,796
122,112
124,258
126,454
128,292
120,200
124,119
125,217
125,911
126,538
127,099
127,591
128,295
128,680
129,048
129,379
129,725
130,173
130,448
130,736

Total 2

Construc- Manufaction
turing

18,420
18,738
19,226
19,610
19,750
20,084
20,704
21,037
20,023
20,325
20,416
20,499
20,598
20,691
20,723
20,837
20,922
20,986
21,047
21,090
21,153
21,188
21,232

5,646
5,856
6,151
6,461
6,728
6,969
7,288
7,493
7,257
7,413
7,427
7,455
7,502
7,546
7,552
7,606
7,628
7,623
7,658
7,668
7,689
7,700
7,719

11,927
12,020
12,185
12,336
12,354
12,439
12,688
12,817
12,167
12,346
12,413
12,466
12,514
12,555
12,581
12,631
12,689
12,750
12,769
12,794
12,831
12,858
12,880

Private service-providing industries
Trade, transportation,
and utilities
Total
Total 3
93,817
95,773
97,832
100,186
102,362
104,174
105,750
107,254
100,177
103,794
104,801
105,412
105,940
106,408
106,868
107,458
107,758
108,062
108,332
108,635
109,020
109,260
109,504

25,399
25,783
26,303
26,806
27,179
27,393
27,607
27,723
26,687
27,707
27,907
28,013
28,084
28,163
28,351
28,562
28,569
28,647
28,655
28,704
28,754
28,819
28,822

Retail
trade
14,847
15,085
15,363
15,611
15,832
15,846
15,786
15,620
14,871
15,396
15,494
15,537
15,557
15,595
15,717
15,828
15,805
15,805
15,762
15,784
15,800
15,843
15,842

Information

Financial
activities

2,676
2,706
2,726
2,750
2,794
2,814
2,839
2,864
2,720
2,831
2,874
2,886
2,904
2,913
2,918
2,918
2,936
2,957
2,983
3,009
3,025
3,030
3,043

7,784
7,886
7,977
8,123
8,287
8,451
8,590
8,754
8,704
8,777
8,794
8,817
8,849
8,863
8,865
8,894
8,905
8,936
8,946
8,951
8,958
8,965
8,957

Profes- Education Leisure
sional
and
and
and
health
hospitalbusiness services
ity
services
17,992
18,575
19,124
19,695
20,114
20,508
20,950
21,274
20,314
21,250
21,383
21,619
21,730
21,821
21,909
21,996
22,090
22,130
22,199
22,289
22,373
22,427
22,473

20,769
21,086
21,439
22,029
22,639
23,188
23,638
24,163
23,275
23,673
23,737
23,805
23,874
23,939
23,972
24,073
24,124
24,186
24,264
24,358
24,480
24,555
24,645

13,768
14,254
14,696
15,160
15,660
16,051
16,295
16,586
13,148
14,101
14,587
14,728
14,919
15,105
15,243
15,367
15,471
15,530
15,599
15,642
15,731
15,762
15,845

Other
services

5,430
5,483
5,567
5,622
5,691
5,770
5,831
5,891
5,329
5,456
5,519
5,544
5,580
5,604
5,610
5,648
5,663
5,676
5,686
5,682
5,699
5,702
5,719

Government

21,920
21,853
21,882
22,029
22,224
22,350
22,455
22,613
21,986
22,005
22,111
22,094
22,114
22,141
22,153
22,163
22,176
22,176
22,231
22,178
22,267
22,307
22,282

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

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

14

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

Total
private
nonagricultural 1

Period

2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2021: Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2022: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July r ��������
      Aug r ���������
      Sept p �������

Average gross hourly earnings
Total private
nonagricultural 1

Manufacturing

Total

33.7
33.7
33.7
33.7
33.6
33.7
33.8
33.6
33.9
34.2
34.2
34.3
34.2
34.2
34.1
34.0
34.2
34.1
34.1
34.0
34.0
34.0
33.9
34.0

Overtime

41.7
41.8
42.0
41.8
41.9
41.9
42.2
41.6
40.7
41.4
41.4
41.4
41.3
41.4
41.4
41.2
41.6
41.5
41.2
41.2
41.0
41.1
41.0
41.1

4.2
4.3
4.5
4.3
4.3
4.3
4.6
4.3
3.7
4.1
4.1
4.1
4.0
4.1
4.1
4.2
4.4
4.2
4.1
4.2
4.1
4.0
3.9
3.9

Current
dollars

Manufacturing

1982-84
dollars 2

$19.73
$8.72
20.13
8.78
20.60
8.85
21.03
9.07
21.53
9.20
22.05
9.22
22.71
9.26
23.51
9.43
24.68
9.78
25.89
9.75
26.10
9.74
26.26
9.76
26.42
9.73
26.55
9.70
26.74
9.71
26.87
9.69
26.95
9.64
27.06
9.55
27.18
9.57
27.32
9.52
27.45
9.42
27.57
9.47
27.67
9.51
27.77 �����������������

Average gross weekly earnings
Total private
nonagricultural 1
Current
dollars

$19.08
19.30
19.56
19.91
20.44
20.90
21.54
22.15
22.80
23.80
24.03
24.10
24.17
24.24
24.38
24.51
24.56
24.74
24.82
24.94
24.96
25.05
25.11
25.22

Percent change from
a year earlier,
total private
nonagricultural

Current dollars

1982-84
dollars 2

Manufacturing

$665.54
$294.19
677.62
295.49
694.74
298.47
708.70
305.72
723.20
308.96
742.48
310.59
766.99
312.87
790.44
317.16
837.39
331.97
886.06
333.72
892.62
333.27
900.72
334.86
903.56
332.76
908.01
331.77
911.83
331.11
913.58
329.55
921.69
329.63
922.75
325.51
926.84
326.33
928.88
323.61
933.30
320.29
937.38
322.09
938.01
322.37
944.18 �����������������

$794.67
807.41
822.03
832.22
855.77
876.10
908.01
921.87
928.94
985.92
994.84
997.74
998.22
1,003.54
1,009.33
1,009.81
1,021.70
1,026.71
1,022.58
1,027.53
1,023.36
1,029.56
1,029.51
1,036.54

Construction

Retail
trade

$942.14
958.72
977.11
998.02
1,031.88
1,061.98
1,108.59
1,135.73
1,145.52
1,203.77
1,211.94
1,242.70
1,222.53
1,232.29
1,246.88
1,245.02
1,282.96
1,246.60
1,254.13
1,279.17
1,274.67
1,280.20
1,288.49
1,296.79

Current
dollars

$422.35
423.44
431.97
446.01
447.69
463.10
483.03
503.06
542.14
571.02
571.33
574.09
582.74
582.99
586.60
584.18
597.52
592.31
593.23
591.58
592.50
593.58
592.83
597.66

1982-84
dollars 2

2.0
–0.1
1.8
.4
2.5
1.0
2.0
2.4
2.0
1.1
2.7
.5
3.3
.7
3.1
1.4
5.9
4.7
5.8
.5
5.2
–.5
6.2
.2
6.1
–.8
6.2
–1.3
5.9
–1.9
5.5
–2.6
7.0
–1.5
5.8
–3.3
5.7
–2.9
5.5
–3.4
5.4
–3.9
5.3
–3.5
5.1
–3.3
4.8 �������������������

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
2012:
2013:
2014:
2015:
2016:
2017:
2018:
2019:
2020:
2021:

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

117.1
119.4
122.2
124.5
127.2
130.5
134.4
138.0
141.6
147.8

116.6
119.0
121.6
124.2
127.1
130.6
134.7
138.7
142.6
149.7

118.2
120.5
123.5
125.1
127.3
130.2
133.6
136.2
139.1
143.2

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

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

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

Seasonally adjusted
2020: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2021: Mar �����������������������������������������
      June ����������������������������������������
      Sept ����������������������������������������
      Dec ������������������������������������������
2022: Mar �����������������������������������������
      June ����������������������������������������

139.3
139.9
140.7
141.7
143.2
144.3
146.3
147.9
150.0
152.3

140.3
140.8
141.6
142.8
144.5
145.8
148.1
149.8
151.7
154.1

136.8
137.8
138.5
139.3
140.2
140.7
142.1
143.4
146.1
148.0

1.8
2.0
2.3
1.9
2.2
2.6
3.0
2.7
2.6
4.4

1.7
2.1
2.2
2.1
2.3
2.8
3.1
3.0
2.8
5.0

2.0
1.9
2.5
1.3
1.8
2.3
2.6
1.9
2.1
2.9

Not seasonally adjusted
0.9
.4
.6
.7
1.1
.8
1.4
1.1
1.4
1.5

1.0
.4
.6
.8
1.2
.9
1.6
1.1
1.3
1.6

0.3
.7
.5
.6
.6
.4
1.0
.9
1.9
1.3

2.8
2.7
2.4
2.6
2.8
3.1
4.1
4.4
4.8
5.5

3.3
2.9
2.7
2.8
3.0
3.5
4.6
5.0
5.0
5.7

1.6
2.0
2.0
2.1
2.5
2.0
2.6
2.9
4.1
5.3

1 Employer costs for employee benefits.

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

15

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

Nonfarm
business
sector

Hours of
all persons 2

Output 1
Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

Compensation
per hour 3
Business
sector

Nonfarm
business
sector

Real
compensation
per hour 4
Business
sector

Unit labor
costs

Nonfarm
business
sector

Implicit price
deflator 5

Business
sector

Nonfarm
business
sector

Business
sector

Nonfarm
business
sector

100.0
100.5
102.6
104.5
105.2
107.7
109.7
111.7
116.5
120.9
112.1
111.3
111.1
112.1
115.0
117.9
114.7
118.5
117.7
119.5
122.6
123.8
127.6
130.7

100.0
100.7
102.9
104.8
105.6
108.0
110.1
112.0
117.1
121.4
112.5
111.7
111.5
112.5
115.6
118.5
115.3
119.1
118.3
119.9
123.0
124.2
128.0
131.1

100.0
101.5
103.2
103.7
104.5
106.3
108.6
110.2
110.6
115.6
109.4
110.2
110.4
110.8
110.8
109.5
110.8
111.3
112.6
114.6
116.4
118.5
121.1
124.0

100.0
101.4
103.3
104.1
105.0
106.8
109.1
110.8
111.3
115.8
110.1
110.8
111.0
111.4
111.4
110.3
111.6
111.8
113.1
114.8
116.5
118.7
121.1
123.8

1.8
.5
2.1
1.8
.7
2.4
1.9
1.8
4.3
3.8
6.1
–2.7
–.8
3.7
10.6
10.6
–10.4
13.8
–2.5
6.0
10.8
4.1
12.8
10.1

1.6
.7
2.1
1.9
.7
2.3
1.9
1.8
4.5
3.7
5.7
–2.8
–.9
3.8
11.5
10.3
–10.3
13.8
–2.7
5.8
10.6
3.9
12.7
10.2

1.8
1.5
1.7
.5
.7
1.8
2.1
1.5
.4
4.5
.7
2.7
.8
1.4
.0
–4.6
5.1
1.6
5.1
7.3
6.2
7.5
9.0
10.1

1.8
1.4
1.8
.8
.9
1.7
2.2
1.5
.4
4.0
.7
2.7
.7
1.3
.2
–3.9
4.7
.9
4.6
6.1
6.0
7.8
8.3
9.3

Indexes, 2012=100; quarterly data seasonally adjusted
2012 ����������������
2013 ����������������
2014 ����������������
2015 ����������������
2016 ����������������
2017 ����������������
2018 ����������������
2019 ����������������
2020 ����������������
2021 ����������������
2019: I ������������
      II �����������
      III ����������
      IV ����������
2020: I ������������
      II �����������
      III ����������
      IV ����������
2021: I ������������
      II �����������
      III ����������
      IV ����������
2022: I ������������
      II p * ������

100.0
100.9
101.4
102.5
102.9
104.0
105.7
107.7
110.4
112.5
106.8
107.7
108.0
108.4
107.9
110.3
112.3
111.3
111.9
112.8
111.8
113.5
111.2
110.2

100.0
100.5
101.1
102.3
102.7
103.8
105.3
107.5
110.1
112.2
106.5
107.5
107.8
108.2
107.5
110.2
111.8
111.1
111.7
112.6
111.4
113.2
111.0
109.9

100.0
102.5
105.5
109.1
111.1
114.1
118.1
121.2
116.0
124.4
119.8
120.8
121.8
122.3
120.2
107.2
117.5
119.3
121.6
124.1
124.6
127.3
126.5
126.0

100.0
102.2
105.3
108.8
110.8
113.8
117.8
121.0
115.7
124.2
119.6
120.7
121.6
122.2
119.9
106.9
117.2
118.9
121.4
123.9
124.5
127.2
126.4
125.9

100.0
101.6
104.0
106.5
108.0
109.7
111.7
112.5
105.1
110.6
112.2
112.2
112.7
112.9
111.4
97.2
104.7
107.2
108.7
110.0
111.5
112.2
113.7
114.4

100.0
101.7
104.1
106.4
107.9
109.7
111.8
112.6
105.1
110.7
112.3
112.3
112.8
112.9
111.5
97.0
104.8
107.1
108.7
110.0
111.7
112.4
113.9
114.6

100.0
101.4
104.0
107.0
108.2
112.0
115.9
120.3
128.6
136.0
119.7
120.0
120.0
121.5
124.1
130.1
128.8
131.9
131.7
134.8
137.0
140.5
141.9
144.1

100.0
101.2
104.0
107.2
108.4
112.1
116.0
120.5
128.9
136.2
119.9
120.1
120.2
121.7
124.3
130.5
129.0
132.2
132.1
135.0
137.1
140.6
142.1
144.0

100.0
99.9
100.8
103.5
103.3
104.7
105.7
107.8
113.9
115.1
108.3
107.7
107.3
108.0
109.9
116.2
113.8
115.8
114.6
115.0
115.0
115.7
114.3
113.2

100.0
99.8
100.8
103.7
103.5
104.8
105.9
108.0
114.1
115.2
108.4
107.8
107.5
108.2
110.2
116.7
113.9
116.2
114.8
115.2
115.0
115.7
114.4
113.2

Percent change; quarterly data at seasonally adjusted annual rates
2012 ����������������
2013 ����������������
2014 ����������������
2015 ����������������
2016 ����������������
2017 ����������������
2018 ����������������
2019 ����������������
2020 ����������������
2021 ����������������
2019: I ������������
      II �����������
      III ����������
      IV ����������
2020: I ������������
      II �����������
      III ����������
      IV ����������
2021: I ������������
      II �����������
      III ����������
      IV ����������
2022: I ������������
      II p * ������

0.9
.9
.5
1.1
.4
1.1
1.6
2.0
2.5
1.9
3.2
3.7
1.0
1.4
–1.8
9.3
7.3
–3.4
2.1
3.4
–3.7
6.3
–7.7
–3.6

1.0
.5
.6
1.2
.3
1.1
1.5
2.1
2.4
1.9
3.4
3.7
1.3
1.4
–2.5
10.3
6.2
–2.8
2.2
3.2
–3.9
6.3
–7.4
–4.1

3.2
2.5
2.9
3.4
1.9
2.7
3.5
2.6
–4.2
7.2
3.1
3.5
3.1
1.8
–6.8
–36.8
44.7
6.1
8.2
8.2
1.8
8.9
–2.5
–1.4

3.3
2.2
3.0
3.4
1.8
2.7
3.5
2.7
–4.4
7.4
3.4
3.6
3.2
1.8
–7.4
–36.9
44.6
6.2
8.4
8.5
2.0
9.0
–2.5
–1.4

2.3
1.6
2.4
2.3
1.5
1.5
1.9
.7
–6.6
5.2
–.2
–.1
2.1
.4
–5.1
–42.2
34.9
9.8
5.9
4.6
5.7
2.4
5.6
2.3

2.3
1.7
2.3
2.2
1.5
1.6
2.0
.7
–6.7
5.4
.0
–.1
1.9
.4
–5.0
–42.7
36.2
9.2
6.1
5.1
6.2
2.5
5.3
2.7

2.8
1.4
2.6
2.9
1.1
3.5
3.5
3.8
6.9
5.8
9.5
.8
.2
5.1
8.6
20.8
–3.8
9.9
–.4
9.6
6.7
10.7
4.2
6.1

2.7
1.2
2.8
3.1
1.1
3.5
3.4
3.9
7.0
5.6
9.3
.8
.4
5.2
8.7
21.6
–4.7
10.6
–.6
9.2
6.3
10.5
4.4
5.7

0.6
–.1
.9
2.7
–.2
1.3
1.0
2.0
5.6
1.1
8.5
–2.3
–1.3
2.7
7.2
25.0
–8.2
7.5
–4.3
1.4
.0
2.6
–4.6
–4.0

0.5
–.2
1.1
2.9
–.2
1.3
1.0
2.0
5.7
.9
8.3
–2.3
–1.1
2.7
7.3
25.8
–9.1
8.2
–4.5
1.1
–.4
2.4
–4.4
–4.4

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 1978-2021 is based on the consumer price index retroactive series (R-CPI-U-RS). The change for recent quarters is based on the
consumer price index for all urban consumers (CPI-U).
5 Current dollar gross domestic output divided by the output index.
Note: Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here.
* Data based on GDP data released on August 25, 2022.
Source: Department of Labor (Bureau of Labor Statistics).

16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial production and capacity utilization fell in August.
INDEX, 2017 = 100* (RATIO SCALE)
120

INDEX, 2017 = 100* (RATIO SCALE)
150

110

140

TOTAL INDUSTRIAL PRODUCTION

100

130

90

120

FINAL PRODUCTS

DEFENSE AND
SPACE EQUIPMENT
CONSUMER
GOODS

110

80

100

70

90

120

BUSINESS
EQUIPMENT

MANUFACTURING

110

80

100
90

70

NONDURABLE

80
DURABLE

TOTAL1

60

70
140

PERCENT*
86

UTILITIES AND MINING

130

CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)

82

120

78

MINING

110

74

100

70

UTILITIES
90

66
62

80
2018

2019

2020

2021

2022

2018

2019

2020

2021

2022

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

2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2021: Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2022: Jan �����������
      Feb �����������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug p ��������

Percent change 2
Index,
2017=100

97.4
99.3
102.3
100.8
98.7
100.0
103.2
102.5
95.3
100.0
100.8
99.8
101.4
102.0
101.8
102.1
102.9
103.6
104.3
104.2
104.2
104.7
104.5

From
preceding
month

Capacity utilization rate
(output as percent of
capacity) 1

Manufacturing

From
year
earlier

���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
���������������������
0.0
–1.0
1.5
.6
–.2
.4
.7
.7
.7
–.1
.0
.5
–.2

Chart 17 - Sep 2022

Industry production indexes, 2017=100

3.0
2.0
3.0
–1.4
–2.2
1.4
3.2
–.7
–7.0
4.9
4.9
3.9
4.7
5.0
3.7
2.9
6.9
4.8
5.3
4.4
4.0
3.8
3.7

Total 1
98.7
99.6
100.7
100.2
99.4
100.0
101.3
99.4
93.1
98.4
98.9
98.2
99.8
100.4
100.3
100.0
101.2
102.0
102.4
102.0
101.5
102.1
102.2

Durable
96.6
98.7
101.6
100.5
98.4
100.0
103.1
100.2
91.5
98.7
99.3
98.4
100.3
101.0
101.0
101.0
102.3
103.1
104.2
103.2
102.6
103.6
103.6

Nondurable
100.0
100.0
99.3
99.7
100.5
100.0
99.7
98.8
95.2
98.8
99.3
98.7
100.2
100.6
100.6
99.9
101.1
101.7
101.5
101.7
101.2
101.5
101.7

Other
(non-NAICS) 1
116.4
110.0
108.3
103.9
101.0
100.0
96.7
92.6
85.2
85.0
84.4
85.0
85.6
84.7
81.7
82.9
84.4
86.7
84.2
85.2
85.3
86.1
86.0

Mining

94.7
100.6
111.3
104.6
91.5
100.0
113.3
120.8
102.7
105.9
107.6
105.9
109.8
110.2
110.3
109.1
108.5
111.9
112.0
113.2
115.4
116.6
116.6

Utilities

98.5
100.7
102.0
101.2
100.8
100.0
104.9
104.0
101.0
102.9
105.3
103.3
100.4
101.9
100.4
108.4
107.5
103.1
106.8
107.0
107.4
106.1
103.6

Total
industry

Total
manufacturing

76.8
77.1
78.7
77.1
75.3
76.5
79.5
78.3
72.6
77.4
78.2
77.4
78.6
79.0
78.7
78.9
79.4
79.8
80.2
80.0
79.9
80.2
80.0

74.3
74.5
75.8
76.1
75.4
76.2
78.1
76.9
72.4
77.1
77.7
77.1
78.3
78.7
78.6
78.3
79.2
79.8
80.0
79.7
79.2
79.6
79.6

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

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

17

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

Materials

Final products

Nonindustrial supplies

Period
Consumer goods

Equipment

Total
Total
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2021: Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2022: Jan �����������
      Feb �����������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug p ��������

100.3
100.6
101.6
100.9
99.1
100.0
102.0
100.5
94.8
100.6
101.2
100.5
101.3
101.9
101.8
102.8
103.6
104.1
105.5
104.8
104.4
104.9
105.1

97.6
98.2
99.0
100.5
101.1
100.0
100.8
100.5
97.9
102.3
102.5
101.6
102.4
103.0
102.6
104.2
104.5
104.7
106.1
105.3
104.5
104.9
104.7

Durable
goods
85.0
89.7
94.2
98.0
100.3
100.0
103.2
102.2
98.7
108.7
108.6
104.7
109.7
110.8
110.2
112.4
110.3
113.5
116.0
112.9
111.4
113.4
113.7

Nondurable
goods
101.3
100.7
100.5
101.2
101.3
100.0
100.1
100.0
97.7
100.4
100.8
100.7
100.3
100.8
100.5
102.0
102.8
102.2
103.3
103.1
102.6
102.5
102.2

Total 1
106.0
105.4
106.9
101.9
94.9
100.0
104.7
100.5
88.0
96.9
98.5
98.0
99.1
99.7
100.2
99.7
101.8
102.8
104.2
104.1
104.2
105.1
106.2

Business
101.2
101.2
103.1
100.8
95.5
100.0
103.9
95.8
83.3
91.4
92.7
92.2
92.9
93.4
94.2
93.4
95.3
96.4
97.3
97.0
96.8
97.4
98.1

Total 1
Defense
and
space

Total

111.8
108.2
104.3
101.3
97.7
100.0
102.3
115.6
113.1
125.0
127.1
126.1
127.6
128.1
127.0
126.1
128.9
128.4
131.1
129.7
129.1
131.0
133.4

96.7
98.6
100.0
99.2
99.5
100.0
101.9
100.2
95.0
98.8
99.3
99.5
100.5
101.5
101.0
101.3
102.8
102.8
103.1
103.1
102.4
102.9
102.8

Construction

91.3
94.2
97.1
97.8
98.8
100.0
101.7
100.4
96.5
101.0
100.6
101.9
103.3
104.8
105.0
103.7
105.8
105.2
105.0
105.2
104.1
104.9
104.3

Energy

Business

98.9
100.3
101.1
99.8
99.9
100.0
102.0
100.1
94.3
97.8
98.8
98.3
99.1
99.9
99.1
100.1
101.4
101.7
102.2
102.2
101.6
102.1
102.2

95.6
98.8
103.7
101.3
98.0
100.0
104.7
105.1
95.7
99.8
100.9
99.4
101.6
102.1
101.9
101.8
102.3
103.4
103.6
103.9
104.5
105.1
104.6

93.2
98.1
106.2
102.8
95.2
100.0
110.3
115.6
103.0
105.6
107.4
105.1
107.9
108.6
108.2
108.9
107.7
109.8
109.7
111.2
113.2
113.3
112.8

1 Includes other items, not shown separately.

[2017=100; monthly data seasonally adjusted]
Durable manufactures
Computer and
electronic products

Primary metals
Period
Total

2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2021: Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2022: Jan �����������
      Feb �����������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug p ��������

109.2
112.7
113.5
105.7
101.0
100.0
103.2
97.3
86.2
96.6
98.1
98.3
99.8
99.1
97.1
94.5
97.0
95.4
97.2
97.9
97.4
97.8
97.4

Iron
and
steel
products
110.7
113.1
112.2
101.5
96.8
100.0
103.4
95.2
86.5
101.8
103.7
106.5
106.0
103.9
100.2
96.5
95.3
93.7
96.1
98.5
97.1
97.2
96.9

Fabricated
metal
products

102.4
104.2
106.1
102.6
98.8
100.0
104.5
102.4
93.2
95.8
96.1
96.2
97.5
99.0
98.5
97.9
100.3
100.7
101.3
100.4
98.8
100.5
99.6

Nondurable manufactures

Machinery
Total

116.5
111.2
112.7
103.7
95.8
100.0
104.6
101.5
90.2
98.7
100.2
100.2
100.8
100.4
102.9
104.9
105.7
104.8
106.8
103.4
101.6
102.3
103.3

84.3
87.1
90.7
91.2
93.2
100.0
104.9
106.3
106.1
112.2
115.1
114.4
115.1
115.6
115.8
114.0
115.3
115.1
114.7
114.6
115.1
114.3
115.8

Selected
high-technology 1
68.1
75.4
83.7
86.4
91.4
100.0
109.0
113.8
118.3
132.6
132.9
134.4
136.4
138.0
138.0
136.3
138.4
139.3
137.3
137.6
139.5
140.3
140.6

Transportation
equipment

Total

87.7
92.2
98.2
100.9
98.4
100.0
102.1
97.2
83.1
93.7
93.2
89.5
94.5
95.5
95.0
95.3
94.0
98.8
101.8
100.1
99.4
102.1
102.1

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
80.9
86.8
94.7
99.7
101.0
100.0
104.1
102.3
88.4
96.4
95.6
89.1
98.3
99.5
98.7
99.1
95.3
103.9
107.0
104.9
103.5
106.8
105.3

Apparel

130.5
120.8
115.8
110.0
103.3
100.0
95.5
96.8
81.0
90.1
91.2
93.0
93.8
93.4
90.2
86.8
89.5
89.6
87.8
88.2
94.3
94.0
94.5

Printing
and
related
support
activities
101.1
101.4
99.6
98.6
100.3
100.0
100.4
96.5
88.2
89.1
89.6
90.3
92.0
92.5
91.5
89.6
92.4
92.5
92.9
92.7
92.3
90.9
90.6

Chemicals

107.1
103.5
102.4
102.0
101.5
100.0
98.6
97.2
95.4
99.8
101.5
100.1
102.3
102.6
103.0
101.9
102.2
103.1
103.0
103.6
103.6
104.2
104.5

Food

93.4
95.2
96.1
97.5
99.6
100.0
100.3
101.1
102.8
103.3
102.1
102.2
102.8
103.7
103.9
104.4
106.2
105.9
105.6
105.2
104.6
104.2
103.2

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

2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2021: Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2022: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June r �������
      July r ��������
      Aug p ��������

Total
new
construction
expenditures

854.4
914.6
1,015.3
1,140.2
1,223.7
1,279.8
1,333.2
1,391.0
1,499.6
1,626.4
1,641.6
1,632.9
1,644.3
1,665.2
1,681.0
1,726.6
1,753.1
1,768.2
1,780.9
1,793.8
1,803.8
1,793.5
1,781.3

Residential
Total

New
housing

Total 1

575.1
643.9
739.2
846.4
926.7
983.3
1,023.0
1,046.7
1,130.4
1,279.5
1,297.7
1,296.0
1,303.7
1,319.9
1,338.5
1,381.7
1,406.6
1,420.6
1,431.1
1,446.3
1,452.0
1,435.2
1,426.0

Federal
and
State
and
local

Nonresidential

273.7
329.6
377.5
431.8
479.4
539.0
557.6
546.6
634.7
793.7
811.5
814.3
816.9
824.0
842.9
881.9
903.4
920.0
931.5
945.2
937.7
921.6
912.9

Total

158.5
208.5
242.8
283.3
315.8
344.2
367.1
362.2
401.1
524.5
537.8
535.4
534.5
539.5
550.2
558.6
569.1
575.0
581.5
581.4
570.9
550.0
537.6

Lodging

301.4
314.3
361.7
414.6
447.3
444.3
465.5
500.1
495.6
485.8
486.2
481.7
486.8
495.9
495.5
499.8
503.2
500.6
499.5
501.1
514.3
513.6
513.1

Commercial
(including
farm)

Office

10.2
13.0
16.3
21.4
26.6
28.1
30.5
32.3
27.4
17.6
16.0
15.4
15.3
15.2
15.4
15.4
16.2
15.9
16.4
16.6
17.3
17.3
17.6

27.4
30.1
38.9
47.9
59.8
59.9
66.8
77.5
80.5
74.9
74.7
73.9
74.3
73.5
72.5
72.5
72.5
72.3
73.3
73.1
73.6
73.6
73.8

Manufacturing

44.3
50.9
60.9
64.5
75.5
84.5
82.8
80.3
85.6
90.9
91.1
90.8
92.6
96.7
99.9
99.5
101.1
100.8
100.9
103.5
109.1
108.9
108.9

Other 2

46.8
51.8
60.1
82.4
78.9
70.0
72.0
80.5
75.1
78.5
79.5
78.7
83.2
87.4
85.6
90.6
91.3
90.4
92.4
94.2
97.1
97.1
96.6

172.6
168.3
185.5
198.5
206.5
201.9
213.4
229.5
227.1
224.0
224.8
222.9
221.3
223.1
222.1
221.8
222.1
221.2
216.5
213.8
217.2
216.7
216.2

New
houses
sold

New
houses
for sale
at end
of period 3

279.3
270.7
276.1
293.8
297.0
296.5
310.2
344.3
369.2
347.0
343.9
336.9
340.7
345.3
342.6
344.9
346.5
347.5
349.8
347.5
351.8
358.3
355.3

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
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������

780.6
924.9
1,003.3
1,111.8
1,173.8
1,203.0
1,249.9
1,290.0
1,379.6
1,601.0

1 unit
535.3
617.6
647.9
714.5
781.5
848.9
875.8
887.7
990.5
1,127.2

Type of structure

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

5 units or
more

Total

233.9
293.7
341.7
385.8
380.8
342.7
360.3
388.9
376.8
462.1

829.7
990.8
1,052.1
1,182.6
1,206.6
1,282.0
1,328.8
1,386.0
1,471.1
1,737.0

1 unit
518.7
620.8
640.3
696.0
750.8
820.0
855.3
862.1
979.4
1,115.4

2–4 units

5 units or
more

New
housing
units
completed

Vacancy
rate for
rental
housing
units
(percent) 4

25.9
29.0
29.9
32.1
34.8
37.2
39.7
42.6
47.2
52.9

285.1
341.1
382.0
454.5
421.1
424.8
433.8
481.4
444.5
568.8

649.2
764.4
883.8
968.2
1,059.7
1,152.9
1,184.9
1,255.1
1,286.9
1,341.0

368
429
437
501
561
613
617
683
822
771

150
186
210
232
254
293
346
323
300
389

8.7
8.3
7.6
7.1
6.9
7.2
6.9
6.8
6.3
6.1

43
48
52
48
68
57
54
56
56
55
50
52
47

668
513
569
570
710
587
599
660
658
589
676
701
595

1,302
1,233
1,256
1,406
1,326
1,247
1,380
1,366
1,339
1,440
1,391
1,419
1,342

686
732
671
756
839
831
790
707
619
636
582
532
685

374
375
387
390
389
394
396
411
432
438
446
459
461

��������������������
5.8
��������������������
��������������������
5.6
��������������������
��������������������
5.8
��������������������
��������������������
5.6
��������������������
��������������������

Seasonally adjusted annual rates
2021: Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2022: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May r ��������
      June r �������
      July r ��������
      Aug p ��������

1,576
1,559
1,563
1,706
1,768
1,666
1,777
1,716
1,805
1,562
1,575
1,404
1,575

1,095
1,094
1,079
1,220
1,212
1,157
1,213
1,191
1,173
1,073
1,013
904
935

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

474
455
474
469
553
499
532
511
619
459
554
483
621

1,772
1,615
1,698
1,729
1,896
1,841
1,857
1,879
1,823
1,695
1,696
1,685
1,542

1,061
1,054
1,077
1,111
1,118
1,197
1,204
1,163
1,109
1,051
970
932
900

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 preliminary estimates, manufacturing and trade sales rose 0.2 percent, manufacturing and
trade inventories rose $20.6 billion and retail inventories rose $10.1 billion. In August, retail sales rose 0.2 percent
and retail and food services sales rose 0.3 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,500
2,400

BILLIONS OF DOLLARS* (RATIO SCALE)
750
700

2,300

RETAIL INVENTORIES

650

2,200

600

2,100

RETAIL AND FOOD
SERVICES SALES

550

2,000
1,900

500
MANUFACTURING AND
TRADE INVENTORIES

1,800

RETAIL SALES

450

1,700
1,600

400

1,500

350

1,400

RATIO*
1.80
INVENTORY/SALES RATIO
1.70

MANUFACTURING
AND TRADE SALES

1,300

1.60

RETAIL

1.50

1,200

1.40
MANUFACTURING
AND TRADE

1.30

1,100

1.20
1.10
1.00

1,000
2018

2019

2020

2021

2022

2018

2019

2020

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

2021

2022

COUNCIL OF ECONOMIC ADVISERS

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

2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2021: July r ��������
      Aug r ���������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2022: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June r �������
      July r ��������
      Aug p ��������

Sales 2
1,267,540
1,306,460
1,346,596
1,303,865
1,295,948
1,357,499
1,437,066
1,434,006
1,382,228
1,622,196
1,634,914
1,637,816
1,654,403
1,685,517
1,703,928
1,698,187
1,756,481
1,776,578
1,805,838
1,817,211
1,834,718
1,856,573
1,838,676
1,843,114

Inventories 3

Wholesale

Inventory/sales
ratio 4

1,658,270
1,727,460
1,790,353
1,823,840
1,859,432
1,917,746
2,001,842
2,043,172
1,986,925
2,197,539
2,056,143
2,074,734
2,093,351
2,116,674
2,148,625
2,197,539
2,224,580
2,263,268
2,317,441
2,348,268
2,386,601
2,420,090
2,433,221
2,453,784

1.28
1.29
1.32
1.39
1.42
1.39
1.36
1.42
1.44
1.28
1.26
1.27
1.27
1.26
1.26
1.29
1.27
1.27
1.28
1.29
1.30
1.30
1.32
1.33

Sales 2
434,294
450,346
469,124
448,936
444,974
475,081
508,225
505,946
482,919
591,963
605,229
601,118
609,626
622,134
632,425
633,158
664,740
674,911
687,088
692,466
697,250
708,222
697,323
698,040

Inventories 3
525,749
550,594
586,084
597,666
612,125
633,371
671,681
680,181
667,974
789,049
720,017
729,988
740,256
756,562
770,056
789,049
798,566
821,111
843,644
862,896
879,642
895,439
900,964
912,611

Retail
Inventory/sales
ratio 4
1.18
1.19
1.22
1.33
1.36
1.31
1.28
1.35
1.38
1.22
1.19
1.21
1.21
1.22
1.22
1.25
1.20
1.22
1.23
1.25
1.26
1.26
1.29
1.31

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
358,519
371,603
386,721
393,843
404,008
420,018
437,952
450,189
464,199
547,087
541,721
548,310
552,617
562,296
565,690
556,810
576,000
581,768
587,570
590,238
591,793
598,145
596,071
597,130

Inventories 3
507,468
545,124
561,614
587,997
611,482
625,389
652,689
653,710
622,240
649,163
606,343
609,200
609,602
610,365
622,331
649,163
660,783
671,252
692,095
697,403
708,756
723,116
730,876
740,984

Chart 20 - Sep 2022

Retail and food
Inventory/sales services sales 2
ratio 4
1.38
1.41
1.43
1.46
1.50
1.48
1.46
1.47
1.34
1.13
1.12
1.11
1.10
1.09
1.10
1.17
1.15
1.15
1.18
1.18
1.20
1.21
1.23
1.24

402,199
416,895
434,775
445,857
458,830
477,739
498,954
514,585
518,301
620,116
619,014
626,026
630,905
640,899
644,741
634,393
651,557
662,321
669,958
674,719
677,115
684,084
681,300
683,291

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

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

SHIPMENTS

TOTAL

340
300

DURABLE GOODS

260

380

220

340
NONDURABLE GOODS

300

180

260
140

540
500
460
420
380

NONDURABLE GOODS

220

BILLIONS OF DOLLARS* (RATIO SCALE)
620

180

NEW ORDERS

RATIO*
2.00
1.90

TOTAL

340

INVENTORY/SHIPMENTS RATIO

1.80

300

1.70
DURABLE GOODS

260

1.60

220

1.50
1.40

180

1.30
1.20

140
2018

2019

2020

2021

2022

2018

2019

2020

*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

2021

COUNCIL OF ECONOMIC ADVISERS

Manufacturers’ shipments 1

Manufacturers’ inventories 2

Manufacturers’ new orders 1

Chart 21- Sep 2022

Durable goods
Period

Total

Durable
goods

2022

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
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2021: Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2022: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July r ��������
      Aug p ��������

474,727
484,511
490,751
461,086
446,966
462,400
490,889
477,871
435,110
483,146
488,388
492,160
501,087
505,813
508,219
515,741
519,899
531,180
534,507
545,675
550,206
545,282
547,944

218,965
224,903
233,108
231,822
226,344
230,618
244,005
238,376
219,316
243,604
245,585
247,098
250,719
253,596
255,903
259,566
260,275
264,026
264,912
268,814
269,545
270,036
272,224

255,762
259,608
257,643
229,264
220,623
231,782
246,884
239,496
215,795
239,542
242,803
245,062
250,368
252,217
252,316
256,175
259,624
267,154
269,595
276,861
280,661
275,246
275,720

625,053
631,742
642,655
638,177
635,825
658,986
677,472
709,281
696,711
759,327
735,546
743,493
749,747
756,238
759,327
765,231
770,905
781,702
787,969
798,203
801,535
801,381
800,189

367,239
371,896
389,626
393,021
380,414
389,862
408,998
433,093
428,088
466,676
451,303
456,128
458,915
462,817
466,676
468,928
471,327
475,761
480,051
482,970
485,143
486,343
487,488

257,814
259,846
253,029
245,156
255,411
269,124
268,474
276,188
268,623
292,651
284,243
287,365
290,832
293,421
292,651
296,303
299,578
305,941
307,918
315,233
316,392
315,038
312,701

475,809
491,578
496,046
452,778
441,331
457,693
485,141
461,516
428,448
484,873
493,380
491,911
500,871
506,291
508,780
520,531
522,118
531,412
534,971
544,394
554,232
548,449
548,419

220,047
231,970
238,403
223,515
220,708
225,912
238,257
222,020
212,653
245,331
250,577
246,849
250,503
254,074
256,464
264,356
262,494
264,258
265,376
267,533
273,571
273,203
272,699

77,674
86,333
83,765
70,382
69,092
72,832
70,998
58,799
60,573
75,969
80,322
76,768
77,973
80,981
80,389
87,017
83,414
83,064
83,294
84,070
84,937
87,100
84,785

1,013,511
1,142,454
1,252,331
1,201,974
1,184,562
1,181,179
1,166,296
1,024,141
999,281
1,078,952
1,059,290
1,063,898
1,068,436
1,073,584
1,078,952
1,088,546
1,095,638
1,100,794
1,106,112
1,109,739
1,118,721
1,126,755
1,132,082

1.30
1.30
1.31
1.40
1.42
1.39
1.37
1.46
1.61
1.51
1.51
1.51
1.50
1.50
1.49
1.48
1.48
1.47
1.47
1.46
1.46
1.47
1.46

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

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

21

PRICES
Producer Prices
The producer price index for final demand fell 0.1 percent in August. Prices for final demand goods fell 1.2 percent
and prices for final demand services rose 0.4 percent.
INDEX, NOV. 2009=100 (RATIO SCALE)

INDEX, NOV. 2009=100 (RATIO SCALE)

150
SEASONALLY ADJUSTED

FINAL DEMAND
145
140
135
130

125

FINAL DEMAND
SERVICES

120
FINAL DEMAND
115
FINAL DEMAND
GOODS

110

105

100
2014

2015

2016

2017

2019

2018

2020

2021

2022

COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF LABOR

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

Rel. imp. 4 �����������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2021: Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2022: Jan �����������
      Feb �����������
      Mar ����������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug p ��������

Total
final
demand 1

100.0
107.7
109.1
110.9
109.9
110.4
113.0
116.2
118.2
118.4
126.710
128.564
129.167
130.025
131.264
131.999
133.538
134.957
137.241
137.954
139.082
140.448
139.921
139.738

Final demand services

Total

Foods 2

Energy

Less
food
and
energy

Total

Trade 3

33.128
111.7
112.6
114.0
109.1
107.6
111.2
115.0
115.5
113.8
125.828
127.778
129.285
130.997
132.180
132.111
134.256
137.220
140.527
142.305
144.460
147.603
145.026
143.333

5.743
115.9
117.8
121.6
118.4
115.1
116.5
116.7
118.9
120.4
130.989
132.989
135.801
135.598
137.325
137.064
139.554
142.211
145.610
147.864
148.513
148.340
150.281
150.294

5.972
126.3
125.3
124.2
98.6
90.4
99.8
110.0
105.0
91.5
119.522
122.154
125.230
131.514
132.648
130.766
136.170
145.930
155.512
157.834
165.390
180.064
163.857
153.960

21.412
106.8
107.9
109.5
109.9
110.7
113.2
116.0
117.6
118.5
126.218
127.956
128.670
129.547
130.602
131.110
132.218
133.285
134.742
136.238
137.211
137.845
138.084
138.344

65.132
105.4
107.1
109.0
110.0
111.5
113.5
116.5
119.1
120.2
126.657
128.499
128.648
128.896
130.179
131.332
132.478
133.123
134.915
134.969
135.587
136.060
136.373
136.946

20.434
106.7
108.2
110.2
111.6
113.1
114.8
116.9
119.7
121.7
130.682
134.590
134.531
135.242
137.059
139.678
141.487
143.932
147.253
147.446
148.485
149.340
150.674
151.867

Transportation
and
warehousing
4.396
114.2
115.3
117.7
115.3
113.5
115.9
122.0
125.5
121.2
130.894
134.575
133.211
134.677
138.395
140.631
140.667
143.479
151.519
154.655
158.593
160.060
158.838
158.561

Other

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

40.301
67.851
103.9 ����������������
105.8 ����������������
107.5
101.5
108.7
102.1
110.6
103.3
112.8
105.4
115.8
108.4
118.2
110.6
119.5
111.4
124.466
117.081
125.179
118.193
125.571
118.553
125.487
119.013
126.285
119.987
126.659
120.474
127.609
121.439
127.213
121.698
127.691
122.855
127.378
123.403
127.478
123.970
127.680
124.367
127.683
124.538
128.059
124.820

100.0
200.7
200.8
201.9
188.0
182.2
190.7
200.9
198.1
192.5
229.979
236.608
239.389
245.129
248.784
248.616
254.038
257.949
263.846
269.254
275.464
280.938
274.808
270.050

73.343
192.6
193.8
195.2
189.4
186.9
193.3
201.8
201.1
198.9
232.983
240.630
242.821
246.801
250.197
251.768
255.493
256.392
258.698
261.821
266.453
266.612
266.030
263.770

Unprocessed
goods
Chart 22 - Sep 2022
for intermediate
demand (1982=100)
Services
for
intermediNonfood
ate
materials demand
Total
less
energy
100.0
241.4
246.7
249.3
189.1
173.4
190.8
200.1
185.9
167.6
242.264
250.692
257.634
273.095
279.279
265.799
274.052
301.001
309.685
326.852
344.409
360.882
322.404
340.680

25.267
369.6
351.2
345.7
296.0
288.0
324.1
340.7
323.4
346.0
462.581
488.737
479.728
472.529
488.506
479.665
485.042
492.420
540.087
546.970
523.875
511.948
476.295
481.068

100.0
105.3
107.2
108.9
110.2
112.1
115.0
118.6
121.4
121.9
130.683
132.532
132.971
132.945
133.707
134.840
135.899
136.219
137.980
139.153
139.788
139.229
139.556
140.902

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 2021.

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

22

Consumer Prices—All Urban Consumers
In August, the consumer price index for all urban consumers rose 0.1 percent; it was unchanged before seasonal
adjustment. The index rose 8.3 percent from its year-earlier level.
INDEX, 1982-84 = 100 (RATIO SCALE)
300

INDEX, 1982-84 = 100 (RATIO SCALE)
300
SEASONALLY ADJUSTED

290

290

280

280

270

270

260

260

CONSUMER PRICES—ALL ITEMS

250

250

240

240

230

230

220

220

210

210

200

200
2014

2015

2016

2017

2018

2019

2020

2021

SOURCE: DEPARTMENT OF LABOR

2022

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 �����������
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2021: Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2022: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������

Not
seasonally Seasonally
adjusted
adjusted
(NSA)
100.0
229.594
232.957
236.736
237.017
240.007
245.120
251.107
255.657
258.811
270.970
273.567
274.310
276.589
277.948
278.802
281.148
283.716
287.504
289.109
292.296
296.311
296.276
296.171

�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
273.092
274.214
276.590
278.524
280.126
281.933
284.182
287.708
288.663
291.474
295.328
295.271
295.620

All items less food and energy
Total 1

77.691
229.755
233.806
237.897
242.247
247.602
252.169
257.565
263.211
267.693
277.255
279.306
280.017
281.705
283.179
284.770
286.431
287.878
288.811
290.455
292.289
294.354
295.275
296.950

Shelter

32.247
257.083
263.056
270.513
278.803
288.230
297.803
307.663
318.053
325.886
334.575
335.888
337.298
338.865
340.475
341.963
342.974
344.758
346.516
348.290
350.418
352.550
354.449
356.894

Medical
care 2
8.281
414.924
425.134
435.292
446.752
463.675
475.322
484.707
498.413
518.876
525.276
524.845
525.861
528.134
529.754
531.268
534.798
535.732
538.665
541.057
543.220
546.861
549.282
553.006

Apparel

2.391
126.265
127.411
127.514
125.903
126.045
125.612
125.654
124.052
118.079
120.993
121.956
121.105
121.850
122.760
124.117
125.433
126.342
127.044
126.087
126.927
127.929
127.818
128.091

Food
New
vehicles
4.024
144.232
145.783
146.275
147.135
147.358
146.992
146.287
146.834
147.600
156.240
158.919
160.927
163.028
164.906
166.848
166.875
167.398
167.705
169.624
171.254
172.369
173.432
174.891

Energy

Total 1

At
home

Away
from
home

13.527
233.777
237.037
242.725
247.235
247.931
250.065
253.558
258.316
267.219
277.756
278.969
281.468
283.912
286.050
287.440
289.959
292.912
295.809
298.379
301.879
304.867
308.220
310.664

8.414
231.774
233.869
239.456
242.250
239.065
238.589
239.661
241.775
250.233
258.892
259.544
262.631
264.983
267.303
268.356
270.996
274.747
278.735
281.653
285.711
288.618
292.495
294.684

5.113
237.986
243.068
248.981
256.101
262.695
268.826
275.893
284.410
293.944
307.296
309.336
310.996
313.592
315.481
317.372
319.471
320.880
321.689
323.559
325.952
329.033
331.342
334.212

Total 1, 2

8.782
246.080
244.409
243.583
202.895
189.535
204.540
219.941
215.294
196.949
238.325
242.958
245.847
255.010
261.257
263.553
265.929
275.170
305.469
297.233
308.839
332.087
316.955
301.045

Chart 23 - Sep 2022

Gasoline

4.824
311.470
302.577
290.889
212.007
187.602
211.770
240.599
232.003
194.130
264.017
271.710
274.721
287.303
300.351
304.315
301.791
321.849
380.763
357.377
372.063
413.606
381.710
341.383

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

�������������������
131.976
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
�������������������
153.301
153.734
154.973
155.687
156.116
157.414
158.807
160.688
161.573
163.151
165.118
165.310
165.509

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, July 2022.

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

23

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

Final demand goods
Period

Total
final
demand 1

Total

Foods

Energy

Final demand services
Less
food
and
energy

Total

Change, December to December, NSA
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������

1.9
1.2
.9
–1.1
1.7
2.5
2.6
1.4
.8
10.0

1.4
.8
–1.2
–3.8
1.9
3.5
1.6
1.0
.0
13.4

4.1
–.8
4.4
–5.2
–1.6
2.0
2.8
1.2
–.2
13.1

–1.3
.9
–13.2
–16.4
6.3
10.1
–3.1
2.4
–6.8
31.6

1.4
1.3
1.1
–.1
1.7
2.2
2.6
.6
1.7
9.3

2.2
1.3
2.1
.2
1.6
2.1
3.0
1.4
1.3
8.4

3.8
–.4
4.0
.0
1.0
1.8
3.1
.8
1.9
14.2

2.7
2.0
.8
–3.5
1.1
2.3
6.5
2.2
–5.9
17.0

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

0.4
.1
–2.6
–6.6
1.8
5.0
2.8
–1.7
1.5
24.4

0.6
.7
–.1
–3.8
1.6
3.6
3.5
–1.8
2.3
23.3

1.4
–1.9
–8.7
–25.3
13.0
5.0
3.7
–7.3
1.3
40.0

–1.6
–5.6
–5.3
–18.5
13.7
8.5
2.9
–5.0
20.5
23.1

2.9
1.0
1.8
.5
2.6
2.9
3.1
1.7
2.1
8.3

1.9
1.3
1.6
–.9
.5
2.4
2.8
1.7
.2
7.0

1.6
.8
1.2
–4.3
–1.4
3.3
3.4
.4
–1.5
10.6

1.9
1.6
1.8
.9
1.4
1.8
2.6
2.2
.9
5.4

1.0
1.2
2.4
1.5
–.1
2.2
1.5
2.3
2.0
2.3
2.0
–2.2
–1.7

1.1
.9
1.6
1.4
.6
1.5
.4
.9
1.2
1.8
.1
–.2
–.8

1.4
2.8
6.0
2.3
–4.8
3.1
9.8
2.9
5.5
5.4
4.8
–10.7
5.7

1.4
–1.8
–1.5
3.4
–1.8
1.1
1.5
9.7
1.3
–4.2
–2.3
–7.0
1.0

0.4
.3
.0
.6
.8
.8
.2
1.3
.9
.5
–.4
.2
1.0

8.7
8.8
8.9
9.9
10.0
10.1
10.4
11.7
11.2
11.1
11.3
9.8
8.7

12.7
13.4
14.3
14.9
13.4
13.6
14.4
15.8
16.4
16.7
17.7
14.7
12.2

6.8
6.7
6.2
7.5
8.4
8.2
8.4
9.4
8.3
8.0
7.9
7.0
6.6

Change, month to month
2021: Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2022: Jan �����������
      Feb �����������
      Mar ����������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug p ��������

0.9
.5
.7
1.0
.6
1.2
1.1
1.7
.5
.8
1.0
–.4
–.1

1.0
1.2
1.3
.9
–.1
1.6
2.2
2.4
1.3
1.5
2.2
–1.7
–1.2

2.1
2.1
–.1
1.3
–.2
1.8
1.9
2.4
1.5
.4
–.1
1.3
.0

1.3
2.5
5.0
.9
–1.4
4.1
7.2
6.6
1.5
4.8
8.9
–9.0
–6.0

0.6
.6
.7
.8
.4
.8
.8
1.1
1.1
.7
.5
.2
.2

0.8
.1
.2
1.0
.9
.9
.5
1.3
.0
.5
.3
.2
.4

2.1
.0
.5
1.3
1.9
1.3
1.7
2.3
.1
.7
.6
.9
.8

0.8
–1.0
1.1
2.8
1.6
.0
2.0
5.6
2.1
2.5
.9
–.8
–.2

0.2
.3
–.1
.6
.3
.8
–.3
.4
–.2
.1
.2
.0
.3

0.4
.3
.4
.8
.4
.8
.2
1.0
.4
.5
.3
.1
.2

1 Includes final demand construction, not shown separately.

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

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

All
items 1

Total 1

Shelter

Medical
care 2

Apparel

Food
New
vehicles

Total 1

At
home

Addendum: All items,
percent change (annual rate)

Energy
Away
from
home

Total 1, 2 Gasoline

C-CPI-U
(NSA) 3

From
previous
quarter 4

From
3
months
earlier

From
6
months
earlier

From
year
earlier
(NSA)

Change, December to December, NSA
2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������

1.7
1.5
.8
.7
2.1
2.1
1.9
2.3
1.4
7.0

1.9
1.7
1.6
2.1
2.2
1.8
2.2
2.3
1.6
5.5

2.2
2.5
2.9
3.2
3.6
3.2
3.2
3.2
1.8
4.1

3.2
2.0
3.0
2.6
4.1
1.8
2.0
4.6
1.8
2.2

1.8
.6
–2.0
–.9
–.1
–1.6
–.1
–1.2
–3.9
5.8

2021: Aug ����������
      Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2022: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������

0.3
.4
.9
.7
.6
.6
.8
1.2
.3
1.0
1.3
.0
.1

0.2
.3
.6
.5
.6
.6
.5
.3
.6
.6
.7
.3
.6

0.2
.4
.5
.5
.4
.3
.5
.5
.5
.6
.6
.5
.7

0.2
.2
.4
.3
.3
.7
.2
.5
.4
.4
.7
.4
.7

0.3
–.7
.6
.7
1.1
1.1
.7
.6
–.8
.7
.8
–.1
.2

1.6
.4
.5
.2
.3
–.5
–.3
.1
2.0
11.8

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

1.3
.4
3.7
–.4
–2.0
.9
.6
.7
3.9
6.5

2.5
2.1
3.0
2.6
2.3
2.5
2.8
3.1
3.9
6.0

0.5
.5
–10.6
–12.6
5.4
6.9
–.3
3.4
–7.0
29.3

1.7
–1.0
–21.0
–19.7
9.1
10.7
–2.1
7.9
–15.2
49.6

1.5
1.3
.5
.4
1.8
1.7
1.5
1.8
1.5
6.6

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

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

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

2.1
1.5
1.6
.1
1.3
2.1
2.4
1.8
1.2
4.7

0.4
1.2
.9
.9
.4
1.0
1.4
1.5
1.0
1.4
1.0
1.3
.7

0.4
.5
.8
.6
.6
.7
.4
.3
.6
.7
.9
.7
.9

1.9
1.2
3.7
2.4
.9
.9
3.5
11.0
–2.7
3.9
7.5
–4.6
–5.0

2.5
1.1
4.6
4.5
1.3
–.8
6.6
18.3
–6.1
4.1
11.2
–7.7
–10.6

0.1
.3
.8
.5
.3
.8
.9
1.2
.6
1.0
1.2
.1
.1

�������������
6.7
�������������
�������������
7.9
�������������
�������������
9.2
�������������
�������������
10.5
�������������
�������������

6.9
4.9
6.6
8.2
8.9
8.0
8.4
11.3
9.9
10.7
11.0
9.5
5.8

7.5
7.1
7.5
7.5
6.9
7.3
8.3
10.1
8.9
9.5
11.1
9.7
8.2

5.3
5.4
6.2
6.8
7.0
7.5
7.9
8.5
8.3
8.6
9.1
8.5
8.3

Change, month to month
1.2
1.3
1.3
1.2
1.2
.0
.3
.2
1.1
1.0
.7
.6
.8

0.4
.9
.9
.8
.5
.9
1.0
1.0
.9
1.2
1.0
1.1
.8

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 August, prices received by farmers fell 1.8 percent and prices paid by farmers rose 0.1 percent. (Data are not
seasonally adjusted.)
INDEX, 2011=100 (RATIO SCALE)
130

INDEX, 2011=100 (RATIO SCALE)
140
130

120

120

PRICES PAID

110

110
100
100
90
90
PRICES RECEIVED

80

80

70

70

60

60
1

RATIO1
140

RATIO
140
120

120
RATIO

100

100

80

80

60

60
2014

2016

2015

2017

2018

2020

2019

2022

2021

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

2012 ���������������������������������������������������
2013 ���������������������������������������������������
2014 ���������������������������������������������������
2015 ���������������������������������������������������
2016 ���������������������������������������������������
2017 ���������������������������������������������������
2018 ���������������������������������������������������
2019 ���������������������������������������������������
2020 ���������������������������������������������������
2021 r �������������������������������������������������
2021: Aug r ����������������������������������������
      Sept r ���������������������������������������
      Oct r �����������������������������������������
      Nov r ����������������������������������������
      Dec r ����������������������������������������
2022: Jan r ����������������������������������������
      Feb r ����������������������������������������
      Mar r ���������������������������������������
      Apr r ����������������������������������������
      May r ���������������������������������������
      June r ��������������������������������������
      July r ���������������������������������������
      Aug p ���������������������������������������

Agricultural
production

105.0
107.0
107.9
99.2
90.2
93.4
90.5
89.9
95.0
105.2
109.5
108.6
106.8
108.6
112.5
111.6
119.7
127.3
133.7
134.6
134.9
133.8
131.4

Crop
production

107.0
105.7
92.3
87.0
85.5
86.2
85.8
84.6
100.6
105.2
110.3
108.5
106.1
107.2
106.0
104.5
113.9
120.5
122.3
123.0
125.8
124.4
128.4

Chart 25 - Sep 2022

Prices paid by farmers

Livestock
production

102.5
108.5
128.7
113.4
94.4
100.1
94.4
95.8
88.8
105.1
108.7
108.7
107.8
110.3
120.1
124.3
126.1
134.4
145.1
146.0
144.9
145.8
134.6

All commodities,
services, interest,
taxes, and wage
rates (PPITW) 2
104.4
106.3
112.0
110.7
105.8
106.5
109.6
110.3
110.2
119.4
121.0
121.3
122.7
123.7
125.2
128.7
130.7
132.7
135.1
135.1
135.6
135.8
136.0

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

104.8
106.7
113.1
111.6
105.7
106.1
109.3
109.8
109.4
119.2
120.8
121.2
122.6
123.8
125.4
129.3
131.5
133.5
136.2
135.9
136.3
136.5
136.7

Production
items

105.4
107.4
114.1
112.0
104.7
104.5
107.1
106.8
105.8
116.3
118.0
118.4
120.0
121.4
123.3
126.5
129.1
131.4
135.0
134.7
135.1
135.4
135.6

Ratio of prices
received by farmers
to PPITW

100
100
96
90
85
87
83
82
80
88
91
90
87
88
90
87
92
95
99
100
99
99
96

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 August, M2 was unchanged.
BILLIONS OF DOLLARS* (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)

24,000

24,000

20,000

20,000

18,000

18,000

16,000

16,000
14,000

14,000

M2

12,000

12,000

10,000

10,000

8,400

8,400

7,600

7,600

6,800

6,800

6,000

6,000

5,200
4,800
4,400

5,200
4,800
4,400

M1

4,000

4,000

3,600

3,600

3,200

3,200

2,800

2,800

2,400

2,400

2,000

2,000
1,600

1,600

2014

2015

2016

2017

2018

2019

2020

2021

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

2022

COUNCIL OF ECONOMIC ADVISERS

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

Period

2012: Dec r ����������������������������������������
2013: Dec r ����������������������������������������
2014: Dec r ����������������������������������������
2015: Dec r ����������������������������������������
2016: Dec r ����������������������������������������
2017: Dec r ����������������������������������������
2018: Dec r ����������������������������������������
2019: Dec r ����������������������������������������
2020: Dec r ����������������������������������������
2021: Dec r ����������������������������������������
2021: Aug r ����������������������������������������
      Sept r ���������������������������������������
      Oct r �����������������������������������������
      Nov r ����������������������������������������
      Dec r ����������������������������������������
2022: Jan r ����������������������������������������
      Feb r ����������������������������������������
      Mar r ���������������������������������������
      Apr r ����������������������������������������
      May r ���������������������������������������
      June r ��������������������������������������
      July r ���������������������������������������
      Aug p ���������������������������������������

M1

M2

Debt

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

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

Debt of
domestic
nonfinancial
sectors 3

2,460.7
2,664.3
2,940.9
3,095.8
3,340.9
3,610.6
3,763.4
4,007.1
17,834.4
20,430.8
19,746.5
19,899.0
20,063.5
20,279.9
20,430.8
20,585.6
20,661.3
20,699.2
20,615.3
20,620.8
20,545.0
20,516.0
20,452.9

10,459.7
11,028.8
11,681.5
12,344.0
13,209.6
13,852.3
14,358.8
15,319.1
19,124.8
21,490.1
20,853.4
20,992.4
21,143.9
21,349.4
21,490.1
21,649.8
21,708.6
21,739.8
21,655.6
21,684.5
21,667.3
21,709.6
21,711.4

Percent change

From
previous period 5

From year or 6 months earlier 4
M1

40,548.4
13.6
42,146.1
8.3
43,697.9
10.4
45,422.2
5.3
47,360.1
7.9
49,466.3
8.1
52,123.8
4.2
54,546.6
6.5
61,332.0 �����������������������������
65,164.9
14.6
���������������������������������������������
15.0
63,781.2
13.5
���������������������������������������������
12.0
���������������������������������������������
10.6
65,164.9
11.5
���������������������������������������������
11.2
���������������������������������������������
9.3
66,520.0
8.0
���������������������������������������������
5.5
���������������������������������������������
3.4
67,612.8
1.1
���������������������������������������������
–0.7
���������������������������������������������
–2.0

Chart 26 - Sep 2022

M2

Debt
8.3
5.4
5.9
5.7
7.0
4.9
3.7
6.7
24.8
12.4
12.6
11.5
10.3
9.1
10.1
10.0
8.2
7.1
4.8
3.1
1.6
0.6
.0

4.7
4.2
3.8
4.4
4.4
4.2
4.8
4.7
12.5
6.3
�������������������������������
3.4
�������������������������������
�������������������������������
8.8
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�������������������������������
8.3
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�������������������������������
6.5
�������������������������������
�������������������������������

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

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

26

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

Period

2012: Dec �����������
2013: Dec �����������
2014: Dec �����������
2015: Dec �����������
2016: Dec �����������
2017: Dec �����������
2018: Dec �����������
2019: Dec �����������
2020: Dec �����������
2021: Dec �����������
2021: Aug ����������
      Sept ���������
      Oct �����������
      Nov r ���������
      Dec �����������
2022: Jan �����������
      Feb r ���������
      Mar ����������
      Apr �����������
      May ����������
      June r �������
      July r ��������
      Aug p ��������

Nonbank
travelers
checks

Currency

1,090.3
1,160.2
1,252.9
1,339.6
1,421.2
1,525.4
1,625.5
1,712.9
1,976.0
2,133.2
2,084.9
2,092.8
2,104.2
2,118.2
2,133.2
2,144.3
2,158.4
2,174.9
2,178.3
2,174.2
2,172.6
2,172.3
2,178.5

Other checkable
deposits (OCDs)
Demand
deposits

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

927.2
1,034.6
1,200.6
1,238.9
1,370.4
1,489.2
1,504.4
1,615.0
3,296.9
4,696.7
4,489.6
4,502.9
4,595.1
4,676.8
4,696.7
4,800.0
4,772.4
4,768.3
4,731.9
4,908.0
4,924.6
4,951.2
5,231.3

Savings deposits
(including MMDAs)

Small-denomination
time deposits 1

At
thrift
institutions

At
commercial
banks

At
thrift
institutions

956.1
1,020.3
1,077.4
1,143.5
1,259.0
1,298.0
1,331.8
1,333.2
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���������������
���������������
���������������
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���������������
���������������
���������������
���������������

470.4
426.2
391.3
315.1
267.2
322.1
448.9
484.9
201.4
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

177.3
144.5
131.9
110.4
101.6
111.7
107.9
122.2
51.2
���������������
���������������
���������������
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���������������
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���������������
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Total

At
commercial
banks

At
thrift
institutions

Total

At
commercial
banks

439.4
465.9
484.5
514.8
547.1
594.1
631.8
679.2
���������������
���������������
���������������
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���������������
���������������
���������������
���������������
���������������
���������������
���������������

243.6
255.9
264.9
276.2
288.5
307.3
336.2
372.9
���������������
���������������
���������������
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���������������
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���������������
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���������������
���������������
���������������
���������������
���������������
���������������

195.8
210.1
219.5
238.5
258.6
286.7
295.6
306.3
���������������
���������������
���������������
���������������
���������������
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���������������
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���������������
���������������
���������������
���������������
���������������
���������������

6,684.4
7,129.0
7,573.3
8,157.7
8,803.3
9,097.0
9,237.2
9,734.5
���������������
���������������
���������������
���������������
���������������
���������������
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���������������
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���������������
���������������
���������������
���������������
���������������
���������������

5,728.4
6,108.6
6,495.9
7,014.2
7,544.3
7,799.0
7,905.4
8,401.2
���������������
���������������
���������������
���������������
���������������
���������������
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���������������
���������������
���������������
���������������
���������������
���������������
���������������
���������������

Total
647.7
570.7
523.2
425.5
368.8
433.8
556.8
607.1
252.6
87.8
128.9
117.3
107.4
98.6
87.8
77.2
59.1
46.8
43.7
55.1
81.0
112.9
162.2

Retail
money
funds

666.9
664.8
644.1
665.0
696.6
710.9
801.4
970.4
1,037.7
971.6
977.9
976.2
973.0
971.0
971.6
987.0
988.2
993.8
996.5
1,008.7
1,041.3
1,080.7
1,096.3

Institutional
money
funds 2

1,727.4
1,762.5
1,790.7
1,821.2
1,747.3
1,835.8
1,891.9
2,295.3
2,873.5
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
�����������������
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1 Small-denomination deposits are those issued in amounts of less than $100,000.
2 Institutional money funds are not part of non-M1 M2.

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

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

Total

To satisfy
reserve
balance
requirements 2

That
exceed the
top of the
penalty-free
band

1,517,425
2,485,248
2,606,700
2,419,774
2,031,007
2,244,274
1,691,394
1,630,090
������������������
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������������������
������������������
������������������
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������������������
������������������
������������������
������������������
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������������������
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������������������
75,713
90,852
97,981
116,285
135,719
135,698
152,562
������������������
������������������
������������������
������������������
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������������������
������������������
������������������

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

Period

2012: Dec ������������
2013: Dec ������������
2014: Dec ������������
2015: Dec ������������
2016: Dec ������������
2017: Dec ������������
2018: Dec ������������
2019: Dec ������������
2020: Dec ������������
2021: Dec ������������
2021: Aug �����������
      Sept ����������
      Oct ������������
      Nov �����������
      Dec ������������
2022: Jan ������������
      Feb ������������
      Mar �����������
      Apr ������������
      May �����������
      June ����������
      July �����������
      Aug �����������

Borrowings from the Federal Reserve

Reserve
balance
requirements 3

Vault cash
used to
satisfy
required
reserves

Nonborrowed 4

58,675
69,030
82,770
89,313
105,944
123,720
123,703
138,984
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������

52,959
55,771
59,236
61,413
64,280
65,549
68,462
68,255
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
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������������������
������������������

1,569,588
2,540,849
2,665,835
2,481,082
2,095,247
2,309,747
1,759,780
1,698,323
3,076,300
4,149,900
4,059,300
4,124,600
4,073,500
4,135,300
4,149,900
3,839,100
3,775,800
3,848,500
3,591,400
3,296,000
3,207,000
3,239,100
3,287,200

Monetary
base 5

2,675,945
3,717,450
3,934,455
3,835,810
3,531,565
3,850,969
3,400,747
3,426,464
5,206,500
6,413,100
6,328,700
6,388,800
6,330,900
6,394,700
6,413,100
6,103,900
6,040,000
6,134,500
5,885,200
5,591,600
5,506,500
5,537,200
5,582,300

Total 6

795
170
102
106
39
75
76
21
58,685
38,082
80,767
68,568
54,559
45,318
38,082
32,055
28,715
26,206
23,960
21,883
21,423
19,541
18,755

Primary

Secondary

Seasonal

Term
assetbacked
securities
loan
facility 7

12
13
22
38
13
43
18
10
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0
0
0
0
0
0
0
0
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������������������
������������������

23
59
80
67
25
33
58
11
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������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
������������������
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760
98
0
0
0
0
0
0
��������������������
��������������������
��������������������
��������������������
��������������������
��������������������
��������������������
��������������������
��������������������
��������������������
��������������������
��������������������
��������������������
��������������������
��������������������

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

(September 2008 to January 2011), asset-backed commercial paper money market mutual fund liquidity facility (September 2008 to February 2010), and other credit extensions, not shown separately.
7 Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility.
Note: Data reflect the creation of a penalty-free band around reserve balance requirements which took effect June 27, 2013. See H.3 release of July 11, 2013.
The last H.3 statistical release was published on September 17, 2020. For more information, see the announcements on August 20, 2020 and September 24, 2020.
Source: Board of Governors of the Federal Reserve System.

27

Bank Credit at All Commercial Banks
Total commercial bank loans and leases rose 0.8 percent in August.
BILLIONS OF DOLLARS* (RATIO SCALE)
20,000
ALL COMMERCIAL BANKS
18,000
16,000
14,000

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

TOTAL

12,000

12,000

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

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

LOANS AND LEASES

6,000

6,000

5,000

5,000

4,000

4,000
U.S. TREASURY AND
AGENCY SECURITIES

3,000

3,000

2,000

2,000

1,600

1,600

1,200

1,200

800

800
OTHER SECURITIES

400

400
2014

2015

2016

2017

2018

2019

2020

2021

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

2022

COUNCIL OF ECONOMIC ADVISERS

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

2012: Dec r ���������
2013: Dec r ���������
2014: Dec r ���������
2015: Dec r ���������
2016: Dec r ���������
2017: Dec r ���������
2018: Dec r ���������
2019: Dec r ���������
2020: Dec r ���������
2021: Dec r ���������
2021: Aug r ���������
      Sept r ��������
      Oct r ����������
      Nov r ���������
      Dec r ���������
2022: Jan r ���������
      Feb r ���������
      Mar r ��������
      Apr r ���������
      May r ��������
      June r �������
      July r ��������
      Aug p ��������

Total
bank
credit

9,626.5
9,828.0
10,539.7
11,342.1
12,074.1
12,535.1
13,061.5
13,844.8
15,029.9
16,390.0
15,776.0
15,880.3
16,045.0
16,199.3
16,390.0
16,554.7
16,655.4
16,785.3
16,900.3
17,005.9
17,137.9
17,247.7
17,318.4

Total
securities

2,734.0
2,722.2
2,932.5
3,110.2
3,310.1
3,432.5
3,492.7
3,823.7
4,689.1
5,677.8
5,366.8
5,431.6
5,538.3
5,609.0
5,677.8
5,771.0
5,809.4
5,811.9
5,806.7
5,788.7
5,774.8
5,776.7
5,754.4

U.S.
Treasury
and
agency
securities
1,872.8
1,809.2
2,040.2
2,224.3
2,408.8
2,520.6
2,661.5
2,996.3
3,749.0
4,565.1
4,306.5
4,359.8
4,456.5
4,514.2
4,565.1
4,653.4
4,692.9
4,676.9
4,667.0
4,653.0
4,641.1
4,640.9
4,619.2

Loans and leases in bank credit

Other
securities

861.2
913.0
892.3
885.9
901.3
911.9
831.3
827.4
940.1
1,112.8
1,060.3
1,071.8
1,081.8
1,094.8
1,112.8
1,117.5
1,116.5
1,134.9
1,139.8
1,135.7
1,133.7
1,135.8
1,135.2

Total
loans
and
leases 3
6,892.5
7,105.8
7,607.2
8,231.9
8,764.0
9,102.6
9,568.8
10,021.1
10,340.9
10,712.2
10,409.1
10,448.7
10,506.7
10,590.3
10,712.2
10,783.7
10,846.0
10,973.4
11,093.5
11,217.2
11,363.1
11,471.0
11,564.0

Commercial
and
industrial
loans
1,474.5
1,574.3
1,773.3
1,953.0
2,083.8
2,103.5
2,301.6
2,356.1
2,594.2
2,470.3
2,421.0
2,407.8
2,413.4
2,430.0
2,470.3
2,483.5
2,490.9
2,532.5
2,561.8
2,601.4
2,659.3
2,693.5
2,721.4

Chart 28 - Sep 2022

Real estate loans
Total 4
3,550.8
3,531.7
3,638.6
3,871.2
4,115.0
4,284.9
4,409.1
4,609.1
4,642.4
4,791.0
4,683.8
4,704.0
4,728.4
4,758.9
4,791.0
4,816.3
4,844.2
4,875.4
4,924.6
4,970.4
5,015.0
5,053.3
5,096.3

Revolving
home equity
loans
515.3
473.8
458.1
441.1
406.5
382.1
349.6
321.6
282.8
250.1
255.5
253.5
251.9
251.2
250.1
248.5
247.9
247.5
247.4
247.7
248.0
247.9
247.4

Commercial
loans
1,428.3
1,498.3
1,605.5
1,781.1
1,962.7
2,086.3
2,182.8
2,318.2
2,405.7
2,529.6
2,464.8
2,479.7
2,489.9
2,507.9
2,529.6
2,547.4
2,565.3
2,584.5
2,611.4
2,632.0
2,655.7
2,680.9
2,710.9

Consumer
loans 5

1,102.6
1,128.0
1,186.6
1,258.9
1,356.0
1,427.6
1,497.5
1,588.7
1,523.0
1,652.2
1,592.2
1,602.8
1,619.2
1,636.3
1,652.2
1,665.3
1,683.5
1,709.0
1,730.6
1,744.9
1,763.3
1,778.1
1,789.6

All other
loans
and
leases 6
764.7
871.7
1,008.7
1,148.8
1,209.1
1,286.6
1,360.6
1,467.1
1,581.3
1,798.7
1,712.1
1,734.1
1,745.8
1,765.0
1,798.7
1,818.7
1,827.4
1,856.6
1,876.5
1,900.6
1,925.5
1,946.1
1,956.8

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

2012 r ������������������
2013 r ������������������
2014 r ������������������
2015 r ������������������
2016 r ������������������
2017 r ������������������
2018 r ������������������
2019 r ������������������
2020 r ������������������
2021 r ������������������
2020: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2021: I r ��������������
      II r �������������
      III r ������������
      IV r ������������
2022: I r ��������������
      II p �������������

Internal 1

2,634.7
2,622.1
3,105.2
3,248.4
2,886.1
2,141.5
3,377.4
4,344.1
2,362.0
3,491.4
3,429.6
1,868.2
1,849.7
2,300.5
2,949.6
2,458.9
3,977.0
4,580.4
4,776.1
4,347.0

1,820.8
1,927.5
1,940.1
1,935.4
1,866.5
1,812.6
2,148.4
2,141.6
2,147.6
2,652.3
2,025.5
1,857.3
2,402.2
2,305.5
2,436.3
2,622.2
2,762.4
2,788.4
2,753.4
2,921.1

Total
net
funds
raised

Total

813.9
694.6
1,165.1
1,313.0
1,019.6
328.9
1,229.0
2,202.5
214.4
839.1
1,404.1
10.9
–552.5
–5.0
513.3
–163.3
1,214.6
1,792.0
2,022.7
1,425.9

108.6
143.3
185.2
147.6
–224.3
38.6
–251.9
188.2
899.2
–7.6
2,446.4
1669.9
–301.6
–217.9
480.2
–270.9
–57.2
–182.6
58.8
436.8

Net
new
equity
issues
–300.0
–277.3
–301.9
–453.5
–495.9
–325.6
–617.3
–457.0
–170.9
–619.6
–383.8
–59.8
29.6
–269.8
–121.6
–532.8
–873.2
–950.7
–911.5
–540.3

Credit market instruments
Total

Securities
and
mortgages

Loans
and
short-term
paper

272.2
266.2
266.3
507.5
296.0
271.0
261.0
489.6
791.5
339.9
895.4
1,859.2
317.0
94.3
588.3
279.9
477.1
14.6
352.5
–21.4

136.4
154.4
220.9
93.5
–24.4
93.2
104.4
155.7
278.8
272.0
1,934.8
–129.5
–648.1
–42.4
13.7
–18.1
338.9
753.4
617.9
998.5

408.6
420.6
487.1
601.1
271.6
364.1
365.4
645.2
1070.2
612.0
2,830.2
1,729.7
–331.1
51.9
601.9
262.0
816.0
768.1
970.3
977.1

Capital
expenditures 3

Total

Other 2

402.6
262.0
622.7
671.8
750.2
–26.8
936.4
1,564.5
–791.9
207.4
–1,347.0
–1,671.3
–208.4
58.7
–109.6
–364.6
334.4
969.8
1,031.7
479.3

1,918.3
2,383.7
2,495.4
3,075.9
2,748.3
2,440.5
2,931.1
4,581.0
2,387.1
3,510.8
4,144.9
692.3
3,069.5
1,641.5
3,225.5
2,754.1
4,513.4
3,550.3
4,896.5
4,202.9

1,611.3
1,676.0
1,822.0
1,935.9
1,802.5
1,898.0
2,065.2
2,184.6
1,960.9
2,193.8
2,064.9
1,667.0
2,015.6
2,096.0
2,064.5
2,035.5
2,186.9
2,488.5
2,915.5
2,582.6

Increase
in
financial
assets

307.0
707.7
673.4
1,140.0
945.8
542.5
865.9
2,396.4
426.2
1,317.0
2,080.0
–974.7
1,053.9
–454.5
1,161.0
718.6
2,326.5
1,061.8
1,981.0
1,620.3

Discrepancy
(sources
less
uses)

603.5
136.8
438.1
94.7
55.3
–326.1
64.9
–463.1
–38.6
–278.4
–949.9
1,234.1
–1,055.4
616.7
–110.0
–482.9
–1,025.0
504.2
–796.7
–175.8

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
2012: Dec ������������������������������������������
2013: Dec ������������������������������������������
2014: Dec ������������������������������������������
2015: Dec ������������������������������������������
2016: Dec ������������������������������������������
2017: Dec ������������������������������������������
2018: Dec ������������������������������������������
2019: Dec ������������������������������������������
2020: Dec ������������������������������������������
2021: Dec ������������������������������������������
2021: Aug r ����������������������������������������
      Sept r ���������������������������������������
      Oct r �����������������������������������������
      Nov r ����������������������������������������
      Dec r ����������������������������������������
2022: Jan r ����������������������������������������
      Feb r ����������������������������������������
      Mar r ���������������������������������������
      Apr r ����������������������������������������
      May r ���������������������������������������
      June r ��������������������������������������
      July �����������������������������������������
      Aug p ���������������������������������������

Nonrevolving 2

Revolving
2,912.9
3,090.5
3,309.5
3,400.2
3,636.4
3,830.8
4,007.0
4,192.2
4,184.9
4,430.8
4,331.5
4,355.2
4,376.0
4,407.6
4,430.8
4,445.2
4,478.7
4,524.0
4,555.2
4,582.2
4,621.9
4,648.0
4,680.2

840.0
854.1
887.4
898.1
960.1
1,016.8
1,053.8
1,092.0
974.6
1,041.7
1,000.7
1,009.7
1,018.5
1,033.6
1,041.7
1,050.0
1,060.1
1,086.1
1,102.8
1,110.2
1,125.8
1,136.8
1,153.9

2,072.9
2,236.3
2,422.2
2,502.1
2,676.3
2,813.9
2,953.2
3,100.2
3,210.3
3,389.1
3,330.8
3,345.5
3,357.6
3,374.1
3,389.1
3,395.1
3,418.6
3,437.9
3,452.4
3,472.0
3,496.1
3,511.2
3,526.3

Total

Revolving
156.7
177.6
219.0
90.7
236.2
194.4
176.2
185.2
–7.3
245.9
18.2
23.7
20.8
31.6
23.2
14.4
33.5
45.3
31.2
27.0
39.7
26.1
32.2

–0.2
14.1
33.3
10.7
62.0
56.7
37.0
38.2
–117.4
67.1
6.1
9.0
8.8
15.1
8.1
8.3
10.1
26.0
16.7
7.4
15.6
11.0
17.1

Nonrevolving 2
156.8
163.4
185.9
79.9
174.2
137.6
139.3
147.0
110.1
178.8
12.1
14.7
12.1
16.5
15.0
6.0
23.5
19.3
14.5
19.6
24.1
15.1
15.1

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 rose in September.
PERCENT PER ANNUM
10

PERCENT PER ANNUM
10

8

8

6

6

CORPORATE Aaa BONDS
(MOODY'S)
4

4

TREASURY
BILLS
2

2
FEDERAL FUNDS
RATE

0

0
2014

2015

2016

2017

2018

2019

2020

2021

SOURCE: SEE TABLE BELOW

2022

COUNCIL OF ECONOMIC ADVISERS

[Percent per annum]
Chart 30 - Sep 2022

U.S. Treasury security yields
Period

2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2021: Sept ���������
      Oct �����������
      Nov ����������
      Dec �����������
2022: Jan �����������
      Feb �����������
      Mar ����������
      Apr �����������
      May ����������
      June ���������
      July ����������
      Aug ����������
      Sept ���������
Week ended:
2022: Sept 10 ����
           17 ����
           24 ����
      Oct   1 ����
            8 ����

3-month bills
(at auction) 1

Constant maturities 2
3-year

10-year

30-year

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

Corporate
Aaa
bonds
(Moody’s)

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

Prime
rate
charged
by
banks 4

Federal
funds
rate 5

New-home
mortgage
yields
(FHFA) 6

0.09
.06
.03
.06
.33
.94
1.94
2.08
.38
.04
.04
.05
.05
.06
.14
.34
.46
.80
.98
1.48
2.24
2.61
3.09

0.38
.54
.90
1.02
1.00
1.58
2.63
1.94
.42
.46
.47
.67
.82
.95
1.25
1.65
2.09
2.72
2.79
3.15
3.03
3.23
3.88

1.80
2.35
2.54
2.14
1.84
2.33
2.91
2.14
0.89
1.45
1.37
1.58
1.56
1.47
1.76
1.93
2.13
2.75
2.90
3.14
2.90
2.90
3.52

2.92
3.45
3.34
2.84
2.59
2.89
3.11
2.58
1.56
2.06
1.94
2.06
1.94
1.85
2.10
2.25
2.41
2.81
3.07
3.25
3.10
3.13
3.56

3.14
3.96
3.78
3.48
3.07
3.36
3.53
3.38
2.41
2.00
2.30
2.43
2.30
2.24
2.47
2.78
3.22
3.74
4.06
4.01
3.96
3.99
4.53

3.67
4.24
4.16
3.89
3.67
3.74
3.93
3.39
2.47
2.70
2.53
2.68
2.62
2.65
2.93
3.25
3.43
3.76
4.13
4.24
4.06
4.07
4.59

0.75
.75
.75
.76
1.01
1.60
2.41
2.78
.64
.25
.25
.25
.25
.25
.25
.25
.50
.50
1.00
1.75
2.50
2.50
3.25

3.25
3.25
3.25
3.26
3.51
4.10
4.91
5.28
3.54
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.50
3.50
4.00
4.75
5.50
5.50
6.25

0.14
.11
.09
.13
.39
1.00
1.83
2.16
.37
.08
.08
.08
.08
.08
.08
.08
.20
.33
.77
1.21
1.68
2.33
2.56

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

2.97
3.08
3.27
3.27
3.34

3.55
3.76
4.03
4.26
4.19

3.31
3.42
3.59
3.83
3.75

3.46
3.50
3.57
3.76
3.78

4.39
4.46
4.57
4.80
4.57

4.48
4.48
4.59
4.85
4.86

2.50
2.50
3.25
3.25
3.25

5.50
5.50
6.25
6.25
6.25

2.33
2.33
2.33
3.08
3.08

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

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

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

16,000

16,000
COMPOSITE STOCK PRICE INDEX
(NYSE)

14,000

14,000

12,000

12,000

10,000

10,000

9,000

9,000

8,000

8,000

7,000

7,000

6,000
2014

2015

2017

2016

2018

2019

2020

2021

6,000

2022

PERCENT
20

PERCENT
20
15

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

10

10

5

5

0

0
2014

2015

2016

2017

2018

2020

2019

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

2021

2022

COUNCIL OF ECONOMIC ADVISERS

Common stock yields
(percent) 6

Common stock prices 1

Chart 31 - Sep 2022

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

Period
Composite
2012 ���������������������
2013 ���������������������
2014 ���������������������
2015 ���������������������
2016 ���������������������
2017 ���������������������
2018 ���������������������
2019 ���������������������
2020 ���������������������
2021 ���������������������
2021: Sept ����������
      Oct ������������
      Nov �����������
      Dec ������������
2022: Jan ������������
      Feb ������������
      Mar �����������
      Apr ������������
      May �����������
      June ����������
      July �����������
      Aug �����������
      Sept ����������
Week ended:
2022: Sept 10 �����
           17 �����
           24 �����
      Oct   1 �����
            8 �����

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

8,011.65
9,426.77
10,653.17
10,676.70
10,380.08
11,843.74
12,647.54
12,864.17
12,634.01
16,243.57
16,546.07
16,747.65
17,076.10
16,791.89
16,863.79
16,588.70
16,331.41
16,393.95
15,394.96
14,958.37
14,681.97
15,398.63
14,416.04

4,616.63
5,805.54
6,448.33
6,559.24
6,124.93
7,509.81
7,963.02
7,982.51
7,230.70
9,716.03
10,025.20
10,356.66
10,324.18
10,014.35
10,253.53
10,202.13
9,773.92
9,691.84
8,949.90
8,620.36
8,499.39
8,956.54
8,372.29

12,512.31
13,490.83
14,598.07
11,332.43
10,204.95
10,699.23
11,440.86
10,016.30
6,528.64
8,385.44
8,307.32
9,463.50
9,317.41
9,076.03
10,248.18
11,006.89
11,754.98
12,213.27
12,596.09
12,469.41
11,127.88
12,156.80
11,721.42

7,503.05
9,250.02
11,195.85
12,718.18
12,182.85
13,366.56
15,054.70
16,162.10
18,045.78
21,801.65
22,677.32
22,270.66
23,072.15
23,495.17
23,107.43
22,811.82
23,272.27
23,993.08
22,811.66
22,324.17
22,845.20
22,782.78
21,719.29

12,967.08
14,999.67
16,773.99
17,590.61
17,908.08
21,741.91
25,045.75
26,378.41
26,906.89
34,009.89
34,688.42
35,055.52
35,848.57
35,641.33
35,456.15
34,648.48
34,029.74
34,314.99
32,379.46
31,446.71
31,535.32
33,009.56
30,649.56

1,379.56
1,642.51
1,930.67
2,061.20
2,092.39
2,448.22
2,744.68
2,912.50
3,218.50
4,266.80
4,445.54
4,460.71
4,667.39
4,674.77
4,573.82
4,435.98
4,391.27
4,391.30
4,040.36
3,898.95
3,911.73
4,158.56
3,850.52

2,965.77
3,537.69
4,374.31
4,943.49
4,982.49
6,231.28
7,419.27
7,936.85
10,192.67
14,358.18
15,023.54
14,879.01
15,814.93
15,474.43
14,531.38
13,898.73
13,623.26
13,394.16
11,829.73
11,418.92
11,622.63
12,570.26
11,402.85

2.09
2.08
1.94
2.05
2.18
1.97
1.90
1.93
1.89
1.38
1.33
1.33
1.29
1.29
1.33
1.38
��������������������������
��������������������������
��������������������������
��������������������������
��������������������������
��������������������������
��������������������������

6.20
5.57
5.25
4.59
4.17
4.22
4.66
4.53
3.28
3.79
4.07
����������������������������
����������������������������
4.15
����������������������������
����������������������������
4.37
����������������������������
����������������������������
5.08
����������������������������
����������������������������
����������������������������

14,907.16
14,862.42
14,259.87
13,607.05
14,064.58

8,693.12
8,674.21
8,303.93
7,816.39
8,030.27

12,091.76
12,230.27
11,574.02
10,884.51
12,134.65

22,154.97
22,186.15
21,493.76
21,091.09
21,569.59

31,663.20
31,281.13
30,315.36
29,206.13
29,860.96

3,990.40
3,952.76
3,799.39
3,649.49
3,727.36

11,827.81
11,724.08
11,223.00
10,799.44
10,973.24

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

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

1 Annual data are averages of monthly figures. Monthly and weekly data are averages of daily closing prices.
2 Includes all the stocks (in 2021, over 2,800) listed on the NYSE.
3 Includes 30 stocks.
4 Includes 500 stocks.
5 Includes over 3,600 stocks in 2021.
6 Dividend/price ratios based on end of period closing prices. Earnings/price ratios based on prices at end of quarter.

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

31

FEDERAL FINANCE.
Federal Receipts, Outlays, and Debt
In the first 11 months of fiscal year 2022, the deficit was $945.7 billion, compared with a deficit of $2.7 trillion a
year earlier.
BILLIONS OF DOLLARS
7,600
RECEIPTS AND OUTLAYS1
7,200

BILLIONS OF DOLLARS
7,600
7,200

6,800

6,800

6,400

6,400

6,000

6,000

5,600

5,600

5,200

5,200

4,800

4,800

OUTLAYS1

4,400

4,400

4,000

4,000

3,600

3,600

3,200

3,200

RECEIPTS1

2,800

2,800

2,400

2,400

2,000
1,600

2,000
1,600

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

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

SURPLUS OR DEFICIT (–)1

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

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
2004 ����������������������������������������������������
2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 ����������������������������������������������������
2012 ����������������������������������������������������
2013 ����������������������������������������������������
2014 ����������������������������������������������������
2015 ����������������������������������������������������
2016 ����������������������������������������������������
2017 ����������������������������������������������������
2018 ����������������������������������������������������
2019 ����������������������������������������������������
2020 ����������������������������������������������������
2021 ����������������������������������������������������
2022 (estimates) ���������������������������������
2023 (estimates) ���������������������������������
Cumulative total, first 11 months: 1
Fiscal year 2021 ����������������������������������
Fiscal year 2022 ����������������������������������

Outlays

Chart 32 - Aug 2022

On-budget
Surplus
or
deficit
(–)

Receipts

Outlays

Federal debt
(end of period)

Off-budget
Surplus
or
deficit
(–)

Receipts

Outlays

Surplus
or
deficit
(–)

Gross
Federal

Held by
the public

1,880.1
2,153.6
2,406.9
2,568.0
2,524.0
2,105.0
2,162.7
2,303.5
2,450.0
2,775.1
3,021.5
3,249.9
3,268.0
3,316.2
3,329.9
3,463.4
3,421.2
4,047.1
4,940.7
4,732.7

2,292.8
2,472.0
2,655.1
2,728.7
2,982.5
3,517.7
3,457.1
3,603.1
3,526.6
3,454.9
3,506.3
3,691.9
3,852.6
3,981.6
4,109.0
4,447.0
6,553.6
6,822.4
5,972.2
6,032.4

–412.7
–318.3
–248.2
–160.7
–458.6
–1,412.7
–1,294.4
–1,299.6
–1,076.6
–679.8
–484.8
–442.0
–584.7
–665.4
–779.1
–983.6
–3,132.4
–2,775.3
–1,031.6
–1,299.7

1,345.4
1,576.1
1,798.5
1,932.9
1,865.9
1,451.0
1,531.0
1,737.7
1,880.5
2,101.8
2,285.9
2,479.5
2,457.8
2,465.6
2,475.2
2,549.1
2,455.7
3,094.8
3,873.9
3,596.2

1,913.3
2,069.7
2,233.0
2,275.0
2,507.8
3,000.7
2,902.4
3,104.5
3,019.0
2,821.1
2,800.2
2,948.8
3,077.9
3,180.4
3,260.5
3,540.3
5,598.0
5,818.6
4,887.5
4,826.4

–568.0
–493.6
–434.5
–342.2
–641.8
–1,549.7
–1,371.4
–1,366.8
–1,138.5
–719.2
–514.3
–469.3
–620.2
–714.9
–785.3
–991.3
–3,142.3
–2,723.8
–1,013.6
–1,230.2

534.7
577.5
608.4
635.1
658.0
654.0
631.7
565.8
569.5
673.3
735.6
770.4
810.2
850.6
854.7
914.3
965.4
952.3
1,066.8
1,136.5

379.5
402.2
422.1
453.6
474.8
517.0
554.7
498.6
507.6
633.8
706.1
743.1
774.7
801.2
848.6
906.6
955.6
1,003.8
1,084.7
1,206.0

155.2
175.3
186.3
181.5
183.3
137.0
77.0
67.2
61.9
39.5
29.5
27.3
35.5
49.4
6.2
7.7
9.8
–51.5
–17.9
–69.5

7,354.7
7,905.3
8,451.4
8,950.7
9,986.1
11,875.9
13,528.8
14,764.2
16,050.9
16,719.4
17,794.5
18,120.1
19,539.5
20,205.7
21,462.3
22,669.5
26,902.5
28,385.6
30,933.2
32,469.7

4,295.5
4,592.2
4,829.0
5,035.1
5,803.1
7,544.7
9,018.9
10,128.2
11,281.1
11,982.7
12,779.9
13,116.7
14,167.6
14,665.4
15,749.6
16,800.7
21,016.7
22,284.0
24,347.0
25,714.4

3,586.5
4,408.5

6,297.1
5,354.2

–2,710.6
–945.7

2,721.5
3,436.0

5,385.8
4,373.0

–2,664.3
–937.0

864.9
972.4

911.3
981.2

–46.3
–8.7

28,381.6
30,853.6

22,257.1
24,234.5

1 Data from current issue Monthly Treasury Statement.

Note: Data for fiscal year 2022 and fiscal year 2023 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2023, issued August 23, 2022. Other data (except as noted) are from
Budget of the United States Government, Fiscal Year 2023, issued March 31, 2022.
Sources: Department of the Treasury and Office of Management and Budget.

32

Federal Receipts by Source and Outlays by Function
In the first 11 months of fiscal year 2022, receipts were $822.0 billion higher than a year earlier and outlays were
$942.9 billion lower.
BILLIONS OF DOLLARS
2,800
1

BILLIONS OF DOLLARS
2,800

RECEIPTS

2,400

2,400

INDIVIDUAL INCOME TAXES

2,000

2,000

1,600

1,600

1,200

1,200
SOCIAL INSURANCE
AND RETIREMENT RECEIPTS

CORPORATION
INCOME TAXES

800
400
0
6,800
6,400

800

OTHER RECEIPTS

400
0
6,800
6,400

OUTLAYS1

6,000

6,000

5,600

5,600

5,200

5,200

4,800

4,800

4,400

4,400
NONDEFENSE

4,000

4,000

3,600

3,600

3,200

3,200

2,800

2,800

2,400
2,000

2,400
2,000

1,000
800
600
400
200

1,000
800
600
400
200

NATIONAL DEFENSE

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

FISCAL YEARS
1

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

COUNCIL OF ECONOMIC ADVISERS

Chart 33 - Aug 2022

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

Fiscal year or period

2004 ����������������������������������������������������
2005 ����������������������������������������������������
2006 ����������������������������������������������������
2007 ����������������������������������������������������
2008 ����������������������������������������������������
2009 ����������������������������������������������������
2010 ����������������������������������������������������
2011 ����������������������������������������������������
2012 ����������������������������������������������������
2013 ����������������������������������������������������
2014 ����������������������������������������������������
2015 ����������������������������������������������������
2016 ����������������������������������������������������
2017 ����������������������������������������������������
2018 ����������������������������������������������������
2019 ����������������������������������������������������
2020 ����������������������������������������������������
2021 ����������������������������������������������������
2022 (estimates) ���������������������������������
2023 (estimates) ���������������������������������
Cumulative total, first 11 months: 1
Fiscal year 2021 ����������������������������������
Fiscal year 2022 ����������������������������������

On-budget and off-budget outlays
National defense

Indi- Corporavidual
tion
income income
taxes
taxes

Social
insurance
and
retirement
receipts

1,880.1
2,153.6
2,406.9
2,568.0
2,524.0
2,105.0
2,162.7
2,303.5
2,450.0
2,775.1
3,021.5
3,249.9
3,268.0
3,316.2
3,329.9
3,463.4
3,421.2
4,047.1
4,940.7
4,732.7

809.0
927.2
1,043.9
1,163.5
1,145.7
915.3
898.5
1,091.5
1,132.2
1,316.4
1,394.6
1,540.8
1,546.1
1,587.1
1,683.5
1,717.9
1,608.7
2,044.4
2,701.5
2,444.0

189.4
278.3
353.9
370.2
304.3
138.2
191.4
181.1
242.3
273.5
320.7
343.8
299.6
297.0
204.7
230.2
211.8
371.8
404.2
509.3

733.4
794.1
837.8
869.6
900.2
890.9
864.8
818.8
845.3
947.8
1,023.5
1,065.3
1,115.1
1,161.9
1,170.7
1,243.1
1,310.0
1,314.1
1,466.4
1,561.9

148.4
154.0
171.2
164.7
173.7
160.5
207.9
212.1
230.2
237.4
282.7
300.0
307.3
270.1
270.9
272.1
290.7
316.8
368.7
217.6

2,292.8
2,472.0
2,655.1
2,728.7
2,982.5
3,517.7
3,457.1
3,603.1
3,526.6
3,454.9
3,506.3
3,691.9
3,852.6
3,981.6
4,109.0
4,447.0
6,553.6
6,822.4
5,972.2
6,032.4

455.8
495.3
521.8
551.3
616.1
661.0
693.5
705.6
677.9
633.4
603.5
589.7
593.4
598.7
631.1
686.0
724.6
753.9
758.1
821.9

436.4
474.1
499.3
528.5
594.6
636.7
666.7
678.1
650.9
607.8
577.9
562.5
565.4
568.9
600.7
654.0
690.4
717.6
719.5
781.1

26.9
34.6
29.5
28.5
28.9
37.5
45.2
45.7
36.8
46.5
46.9
52.0
45.3
46.3
49.0
52.7
67.7
46.9
76.4
72.2

240.1
250.6
252.8
266.4
280.6
334.4
369.1
372.5
346.8
358.3
409.5
482.3
511.3
533.2
551.2
584.8
747.6
796.5
915.7
804.8

3,586.5
4,408.5

1,829.6
2,404.4

285.1
318.9

1,190.6
1,356.6

281.1
328.5

6,297.1
5,354.2

687.7
685.5

653.9
649.3

40.5
63.8

725.2
837.1

Total

Other

Total

Total

Depart- Internament
tional
of
affairs
Defense,
military

Health

Medicare

Income Social
Net
security security interest

Other

269.4
298.6
329.9
375.4
390.8
430.1
451.6
485.7
471.8
497.8
511.7
546.2
594.5
597.3
588.7
651.0
776.2
696.5
759.5
849.2

333.0
345.8
352.4
365.9
431.2
533.1
622.1
597.3
541.2
536.4
513.6
508.8
514.1
503.4
495.3
514.8
1,263.6
1,647.7
949.3
704.1

495.5
523.3
548.5
586.2
617.0
683.0
706.7
730.8
773.3
813.6
850.5
887.8
916.1
944.9
987.8
1,044.4
1,095.8
1,134.6
1,216.6
1,345.7

160.2
184.0
226.6
237.1
252.8
186.9
196.2
230.0
220.4
220.9
229.0
223.2
240.0
262.6
325.0
375.2
345.5
352.3
440.8
559.8

311.8
339.8
393.5
317.9
365.2
651.7
372.6
435.7
458.4
348.0
341.7
402.0
437.9
495.3
480.9
538.0
1,532.6
1,394.0
855.9
874.8

636.8
651.1

1,568.9
807.1

1,039.7
1,115.2

358.2
471.5

1,240.2
722.9

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

Note: Data for fiscal year 2022 and fiscal year 2023 are from Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2023, issued August 23, 2022. Other data (except as noted) are from
Budget of the United States Government, Fiscal Year 2023, issued March 31, 2022.
Sources: Department of the Treasury and Office of Management and Budget.

33

Federal Sector, National Income Accounts Basis
In the second quarter of 2022, according to revised estimates, Federal current receipts rose $85.1 billion (annual rate),
while Federal current expenditures rose $71.3 billion.
BILLIONS OF DOLLARS
10,400

BILLIONS OF DOLLARS
10,400

SEASONALLY ADJUSTED ANNUAL RATES

9,600

9,600

8,800

8,800

8,000

8,000

7,200

7,200

6,400

6,400

5,600

5,600

CURRENT EXPENDITURES

4,800

4,800
4,000

4,000

3,200

3,200
CURRENT RECEIPTS

2,400

2,400
1,600

1,600
800

800

NET FEDERAL
GOVERNMENT SAVING

0

0
–800

–800
–1,600

–1,600

–2,400

–2,400

–3,200

–3,200

–4,000

–4,000

–4,800

–4,800

–5,600

–5,600

–6,400

–6,400
–7,200

–7,200
2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Chart 34 - Sep 2022

Federal Government current receipts

Federal Government current expenditures

Current tax receipts

Period

Calendar year:
2012 �������������
2013 �������������
2014 �������������
2015 �������������
2016 �������������
2017 r �����������
2018 r �����������
2019 r �����������
2020 r �����������
2021 r �����������
2020: I r �������������
      II r ������������
      III r �����������
      IV r �����������
2021: I r �������������
      II r ������������
      III r �����������
      IV r �����������
2022: I r �������������
      II r ������������

Total

2,700.8
3,139.6
3,293.0
3,449.0
3,463.8
3,510.2
3,586.9
3,706.3
3,734.1
4,319.0
3,785.7
3,508.0
3,743.6
3,899.1
4,058.6
4,266.9
4,394.8
4,555.8
4,962.6
5,071.2

Total 1

1,573.0
1,744.9
1,900.1
2,024.2
2,020.4
1,999.9
2,029.5
2,113.6
2,115.4
2,591.6
2,149.6
1,946.8
2,116.3
2,249.0
2,401.7
2,560.6
2,644.9
2,759.3
3,113.9
3,206.0

Contributions
for
Income
Taxes
govern- receipts
Taxes
Personal
on
ment
on
on
current production corporate
social
assets
taxes
and
insurincome
imports
ance
1,166.4
1,302.9
1,403.7
1,532.6
1,547.9
1,613.1
1,615.0
1,701.8
1,730.4
2,107.8
1,751.6
1,610.2
1,722.1
1,837.8
1,965.4
2,071.9
2,158.8
2,235.2
2,564.1
2,608.1

115.2
125.5
136.3
140.3
136.5
131.5
163.8
174.8
155.8
174.6
186.6
132.6
149.1
155.0
156.6
177.3
176.8
187.6
202.4
209.4

274.7
298.4
339.6
329.1
311.9
230.3
225.0
210.5
201.4
278.6
183.1
177.8
218.4
226.5
249.6
281.4
278.4
304.8
313.8
353.2

938.0
1,091.8
1,140.1
1,190.8
1,224.4
1,284.3
1,346.5
1,409.2
1,434.4
1,523.4
1,455.1
1,385.3
1,432.2
1,465.0
1,474.8
1,504.3
1,536.3
1,578.1
1,617.1
1,643.2

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.

Note: See Note, p. 1.
Source: Department of Commerce (Bureau of Economic Analysis).

34

141.6
243.7
172.7
161.1
140.8
139.6
123.3
109.9
115.9
135.3
117.6
108.3
126.1
111.7
109.6
134.4
146.3
150.9
169.7
151.0

Current
transfer
receipts

56.1
69.3
87.3
76.2
79.7
85.5
88.2
76.2
67.2
67.2
63.0
66.4
67.3
72.2
71.0
66.4
65.3
66.3
63.7
75.8

Current
surplus of
government
enterprises

–7.8
–10.1
–7.1
–3.2
–1.4
.9
–.6
–2.6
1.1
1.5
.4
1.2
1.6
1.3
1.5
1.3
2.0
1.2
–1.8
–4.9

Total

3,773.5
3,771.3
3,890.4
4,009.2
4,131.4
4,244.6
4,494.2
4,758.5
6,691.5
7,154.4
4,875.9
8,896.4
7,116.0
5,877.5
8,179.0
7,649.6
6,709.2
6,079.8
5,891.6
5,935.2

ConCurrent
sumption transfer Interest Subsidies
expendipaypayments
tures
ments 2

999.7
957.5
952.2
955.1
965.7
982.5
1,038.0
1,094.8
1,169.6
1,246.8
1,121.2
1,211.1
1,167.4
1,178.7
1,263.9
1,249.0
1,230.6
1,243.7
1,243.5
1,248.3

2,293.6
2,338.3
2,441.5
2,568.1
2,650.1
2,726.0
2,851.8
3,009.1
4,336.6
4,849.2
3,125.6
6,189.1
4,323.7
3,707.9
5,977.8
5,131.7
4,340.1
3,947.3
3,900.3
3,915.6

422.6
416.3
439.1
429.3
454.3
476.7
541.6
582.3
528.6
579.5
549.1
520.5
516.1
528.8
549.8
575.0
592.9
600.4
603.3
648.5

57.6
59.2
57.6
56.7
61.2
59.3
62.7
72.4
656.7
478.8
80.0
975.7
1,108.8
462.2
387.4
693.9
545.6
288.3
144.5
122.9

Net
Federal
Government
saving

–1,072.7
–631.8
–597.4
–560.2
–667.6
–734.4
–907.3
–1,052.2
–2,957.4
–2,835.3
–1,090.2
–5,388.5
–3,372.5
–1,978.4
–4,120.3
–3,382.7
–2,314.4
–1,524.0
–929.0
–864.0

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
Industrial production (2017=100; seasonally adjusted)
Period

United
States

Canada

Japan

France

Germany

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

Italy

United
States 1

Canada

Japan

France

2012 ���������������
97.4
89.7
96.4
97.2
94.0
97.1
91.6
229.594
210.4
117.5
2013 ���������������
99.3
91.3
96.2
97.1
94.1
94.1
93.8
232.957
212.4
117.9
2014 ���������������
102.3
95.8
98.1
96.0
95.4
93.5
95.3
236.736
216.4
121.1
r
2015 �������������
100.8
95.4
97.0
97.4
96.2
94.4
99.7
237.017
218.8
122.1
2016 ���������������
98.7
95.4
97.2
97.8
96.9
96.4
99.9
240.007
222.0
121.9
2017 ���������������
100.0
100.0
100.0
100.0
100.0
100.0
100.0
245.120
225.5
122.5
2018 ���������������
103.2
103.9
101.0
100.7
101.0
100.9
103.5
251.107
230.6
123.7
2019 ���������������
102.5
103.8
98.3
101.2
97.6
99.7
107.2
255.657
235.1
124.3
2020 ���������������
95.3
96.0
87.9
90.4
88.3
88.7
98.2
258.811
236.8
124.3
2021 r �������������
100.0
100.3
92.8
95.5
92.4
99.0
103.2
270.970
244.8
124.0
r
2021: July ���
100.9
100.5
95.2
95.9
93.0
100.5
103.6
273.003
246.0
123.9
      Aug r ����
100.8
100.7
93.4
95.9
89.1
99.0
103.9
273.567
246.6
123.9
      Sept r ���
99.8
100.6
87.2
94.8
89.1
99.7
103.3
274.310
247.1
124.4
      Oct r �����
101.4
102.5
89.1
95.8
91.9
99.1
102.6
276.589
248.8
124.2
r
      Nov ����
102.0
101.8
93.6
95.1
92.6
101.0
103.7
277.948
249.3
124.4
r
      Dec ����
101.8
102.2
93.7
95.2
93.6
100.0
104.0
278.802
249.0
124.4
2022: Jan r ����
102.1
101.6
91.5
96.9
93.8
96.7
104.9
281.148
251.2
124.7
r
      Feb ����
102.9
102.5
93.4
95.6
94.2
100.5
104.4
283.716
253.8
125.2
r
      Mar ���
103.6
103.7
93.7
95.1
89.7
100.6
104.7
287.504
257.5
125.7
      Apr r ����
104.3
105.3
92.3
94.8
91.3
101.9
104.6
289.109
259.0
126.2
      May r ���
104.2
104.4
85.4
95.1
91.4
100.8
106.0
292.296
262.6
126.5
r
      June ��
104.2
104.6
93.3
96.3
92.6
98.9
105.1
296.311
264.4
126.5
p
      July ���
104.7
105.1
94.0
94.8
92.2
99.3
104.7
296.276
264.7
127.1
      Aug p ���
104.5 ���������������
96.6
97.1
91.7
101.6 ���������������
296.171
263.8
127.6
      Sept p �� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ��������������� ���������������

Germany

194.6
196.3
197.2
197.3
197.7
199.7
203.4
205.7
206.7
210.0
210.0
211.2
210.8
211.6
212.4
212.8
213.3
215.0
218.0
219.0
220.5
222.1
222.7
223.7
222.5

United
Kingdom

Italy

173.0
175.6
177.2
178.2
179.1
181.8
184.9
187.6
188.5
194.5
196.2
196.2
196.2
197.3
196.9
198.0
198.7
200.5
205.5
207.1
209.1
209.2
211.0
211.7
215.8

303.5
285.2
307.1
293.9
307.9
300.8
308.0
303.8
307.7
309.1
311.5
320.1
315.0
330.8
317.0
339.3
316.5
344.4
322.5
358.3
322.6
358.9
323.8
361.2
323.2
362.6
325.4
366.6
327.2
369.3
328.4
373.3
333.7
373.3
336.8
376.2
340.2
380.1
339.8
393.1
342.6
396.1
346.6
399.5
348.2
403.2
350.9
405.6
351.9 �����������������

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

2012 ���������������
2013 ���������������
2014 ���������������
2015 ���������������
2016 ���������������
2017 ���������������
2018 ���������������
2019 ���������������
2020 ���������������
2021 ���������������
2021: Aug �����
      Sept ����
      Oct ������
      Nov �����
      Dec ������
2022: Jan ������
      Feb ������
      Mar �����
      Apr ������
      May �����
      June ����
      July r ���
      Aug p ���

BOP
basis

1,562.6
1,593.7
1,635.6
1,511.4
1,457.4
1,557.0
1,676.9
1,655.1
1,432.2
1,761.4
149.5
144.5
157.6
156.5
159.4
156.9
160.6
170.4
176.8
179.8
183.3
183.2
182.5

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 beverand
ages materials
1,545.8
1,578.5
1,621.9
1,503.3
1,451.5
1,547.2
1,665.8
1,645.9
1,428.5
1,754.3
148.9
143.9
156.9
155.7
158.6
156.1
159.5
168.6
174.5
177.6
180.9
181.7
180.4

133.0
136.2
143.7
127.7
130.5
132.8
133.1
131.0
139.3
164.7
12.6
12.6
14.8
15.0
14.3
14.1
14.9
15.3
17.5
15.9
16.8
15.6
15.8

501.2
508.2
505.8
427.0
397.3
465.2
541.2
529.5
466.2
636.9
57.1
52.3
57.6
57.6
58.9
58.5
60.0
67.3
69.6
73.5
77.7
76.8
74.6

146.2
152.7
159.8
151.9
150.4
157.9
158.8
163.1
128.8
144.1
11.3
11.0
12.3
12.1
12.7
12.4
12.2
12.9
13.0
13.4
12.9
13.7
12.7

Balance of trade
(exports minus imports)

Census basis (by end-use category)

Auto- ConCapital motive sumer
goods
goods
veexcept hicles, (nonauto- parts food)
motive and en- except
autogines motive
527.2
534.4
551.5
539.5
519.7
533.4
563.2
550.5
462.7
520.6
43.7
42.7
45.1
44.4
45.2
46.3
46.1
46.2
47.5
47.2
46.1
48.2
48.5

Services
(BOP basis)

Goods: Imports (customs value)

181.7
188.8
199.0
197.7
193.7
197.7
206.0
205.6
174.8
222.2
18.9
20.1
20.8
20.7
21.9
19.0
20.5
20.3
20.7
21.3
21.0
20.4
21.7

BOP
basis

2,303.7
2,294.2
2,385.5
2,273.2
2,207.2
2,356.3
2,555.7
2,512.4
2,346.1
2,851.7
238.2
240.6
243.9
254.8
259.9
265.3
267.5
296.8
283.9
284.0
282.6
274.2
270.1

IndusFoods, trial
Total, feeds, supCensus and
plies
basis 1 beverand
ages materials
2,276.3
2,268.0
2,356.4
2,248.8
2,186.8
2,339.6
2,536.1
2,491.7
2,330.8
2,831.1
236.2
239.0
242.2
252.8
258.1
263.3
265.3
294.3
281.3
281.1
279.9
271.8
267.7

110.3
115.1
125.9
127.8
130.0
137.8
147.3
150.5
154.3
182.1
15.6
15.6
15.9
16.4
15.8
17.1
16.8
17.8
18.3
18.1
17.9
17.0
17.4

730.6
681.5
667.0
486.0
443.3
507.0
574.6
520.6
478.8
649.8
56.4
57.9
58.1
63.7
61.1
62.3
65.3
76.0
70.7
72.5
73.1
71.4
66.7

BOP basis

Auto- ConGoods,
Capital motive sumer
goods Exports Imports Census
goods
ve(nonbasis
except hicles, food)
auto- parts
motive and en- except
autogines motive
548.7
555.7
594.1
602.5
589.7
639.8
690.9
674.8
643.5
761.1
63.2
65.3
65.0
65.9
67.4
69.0
70.3
74.3
71.7
71.4
72.3
72.8
71.7

297.8
308.8
328.6
349.2
349.9
358.2
371.1
374.5
309.2
347.1
28.1
26.1
27.4
28.5
30.3
32.5
29.7
32.4
33.7
34.1
31.4
33.3
34.4

516.9
531.7
557.1
594.2
583.1
601.4
645.4
653.0
638.8
766.3
62.9
62.8
64.1
66.3
71.7
72.4
72.6
82.7
76.4
74.9
75.3
67.9
68.0

684.8
719.4
757.1
769.4
783.4
837.5
865.5
891.2
726.4
795.3
66.4
67.1
68.3
71.6
73.1
70.8
72.2
73.8
75.0
74.8
75.5
76.4
76.4

Goods

469.6 –730.4 –741.1
465.7 –689.5 –700.5
491.1 –734.5 –749.9
498.3 –745.5 –761.9
513.1 –735.3 –749.8
548.5 –792.4 –799.3
565.4 –870.4 –878.7
593.6 –845.8 –857.3
466.5 –902.3 –913.9
550.0 –1,076.8 –1,090.3
49.1
–87.4
–88.7
49.3
–95.1
–96.2
50.2
–85.3
–86.2
51.3
–97.2
–98.3
51.4
–99.4 –100.5
50.5 –107.3 –108.4
53.1 –105.9 –106.9
54.4 –125.7 –126.4
54.7 –106.8 –107.0
56.4 –103.5 –104.2
57.1
–99.1
–99.3
55.8
–90.2
–91.1
56.2
–87.3
–87.6

Ser- Goods
and
vices services

215.2
253.7
266.0
271.1
270.3
289.0
300.2
297.6
259.9
245.2
17.3
17.8
18.1
20.3
21.7
20.3
19.1
19.5
20.3
18.4
18.4
20.6
20.2

–525.9
–446.9
–484.0
–490.8
–479.5
–510.3
–578.6
–559.7
–654.0
–845.0
–71.4
–78.3
–68.2
–78.0
–78.9
–88.0
–87.8
–106.9
–86.7
–85.9
–80.9
–70.5
–67.4

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 2022, the current account deficit narrowed to $251.1 billion from $282.5 billion in the first
quarter. The goods and services deficit fell to $253.4 billion from $282.8 billion in the first quarter.
BILLIONS OF DOLLARS
80

BILLIONS OF DOLLARS
80

SEASONALLY ADJUSTED

60

60
40

40

BALANCE ON
PRIMARY INCOME

20

20
0

0

–20

–20
–40

–40

BALANCE ON
SECONDARY INCOME

–60

–60
BALANCE ON
CURRENT ACCOUNT

–80

–80

–100

–100

–120

–120

–140

–140
–160

–160
BALANCE ON
GOODS AND SERVICES

–180

–180

–200

–200

–220

–220

–240

–240

–260

–260

–280

–280

–300

–300
–320

–320

2014

2013

2016

2015

2017

2018

2019

2020

SOURCE: DEPARTMENT OF COMMERCE

2021

2022

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted]
Current Account 1
Goods 2
Period

2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2020: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2021: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2022: I r ��������������
      II p �������������

Services
Balance
on
goods

Exports

Imports

1,562,630
1,593,708
1,635,563
1,511,381
1,457,393
1,557,003
1,676,913
1,655,098
1,432,218
1,761,364
400,424
288,969
357,652
385,173
410,395
435,556
441,893
473,521
487,899
539,866

2,303,749
–741,119
2,294,247
–700,539
2,385,480
–749,917
2,273,249
–761,868
2,207,195
–749,801
2,356,345
–799,343
2,555,662
–878,749
2,512,358
–857,260
2,346,103
–913,885
2,851,660 –1,090,296
597,750
–197,327
511,718
–222,749
600,719
–243,067
635,915
–250,743
675,663
–265,268
702,985
–267,429
714,472
–272,579
758,540
–285,019
829,575
–341,676
850,396
–310,529

Exports
684,823
719,413
757,051
769,397
783,431
837,474
865,549
891,177
726,433
795,273
203,550
168,227
172,092
182,564
187,935
194,691
199,688
212,959
216,829
225,240

Imports
469,610
465,736
491,086
498,305
513,088
548,475
565,395
593,594
466,537
550,025
135,929
101,064
108,063
121,482
119,858
130,977
146,251
152,939
157,904
168,151

Balance
on
services
215,213
253,678
265,965
271,092
270,343
288,999
300,155
297,584
259,896
245,248
67,621
67,163
64,030
61,082
68,077
63,714
53,437
60,020
58,925
57,090

Balance
on
goods
and
services
–525,906
–446,861
–483,952
–490,776
–479,458
–510,344
–578,594
–559,676
–653,989
–845,047
–129,705
–155,586
–179,037
–189,661
–197,191
–203,715
–219,142
–225,000
–282,751
–253,440

Chart 36 - Sep 2022

Primary income receipts and payments
Receipts
791,613
811,501
845,858
824,929
857,240
995,442
1,102,964
1,136,799
936,236
1,052,080
255,495
209,064
234,068
237,610
255,625
256,960
267,976
271,520
278,059
299,119

Payments
593,754
616,041
645,623
639,724
660,798
737,501
847,689
893,244
773,146
912,587
200,009
175,235
192,517
205,386
214,719
228,932
234,408
234,527
239,239
255,475

Balance
on
primary
income
197,859
195,460
200,235
185,205
196,442
257,942
255,275
243,555
163,090
139,493
55,486
33,829
41,551
32,224
40,906
28,027
33,568
36,993
38,819
43,644

Balance
on
secondary
Income 3
–90,134
–88,115
–86,339
–102,882
–113,199
–108,618
–116,530
–129,836
–128,799
–140,800
–33,200
–30,527
–33,806
–31,266
–32,455
–30,714
–40,800
–36,831
–38,608
–41,295

Balance
on
current
account
–418,181
–339,516
–370,056
–408,453
–396,216
–361,021
–439,850
–445,957
–619,698
–846,354
–107,420
–152,283
–171,293
–188,702
–188,740
–206,402
–226,375
–224,837
–282,540
–251,090

Current
account
balance
as a
percentage
of GDP
–2.6
–2.0
–2.1
–2.2
–2.1
–1.9
–2.1
–2.1
–2.9
–3.6
–2.0
–3.1
–3.2
–3.5
–3.4
–3.6
–3.8
–3.7
–4.6
–4.0

1 Current and capital account statistics in the international transactions accounts differ slightly from statistics in the National Income and Product Accounts (NIPAs) because of adjustments made to
convert the international statistics to national accounting concepts. A reconciliation can be found in NIPA table 4.3B.
2 Adjusted from Census data to align with concepts and definitions used to prepare the international and national economic accounts. The adjustments are necessary to supplement coverage of
Census data, to eliminate duplication of transactions recorded elsewhere in the international accounts, to value transactions according to a standard definition, and for earlier years, to record transactions in the appropriate period.
3 Includes U.S. government and private transfers, such as U.S. government grants and pensions, fines and penalties, withholding taxes, personal transfers, insurance-related transfers, and other
current transfers.

See p. 37 for continuation of table.

36

U.S. International Transactions—Continued
In the financial account, U.S. net borrowing was $159.5 billion in the second quarter of 2022, resulting from a net
increase in U.S. financial assets of $386.2 billion plus a net decrease in financial derivatives of $45.9 billion, less a net
increase in U.S. liabilities of $499.8 billion. U.S. net borrowing was down from $235.7 billion in the first quarter.
BILLIONS OF DOLLARS
1,100

BILLIONS OF DOLLARS
1,100

SEASONALLY ADJUSTED

1,000

1,000

900

900

800

800

700

700

600

600

CHANGE IN
U.S. LIABILITIES

500

500

400

400

300

300

200

200

100

100

0

0

–100

–100
CHANGE IN
U.S. ASSETS ABROAD1

–200

–200

–300

–300

–400

–400

2014

2013

2015

2016

2017

2018

2019

2020

2021

2022

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 2022

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

2012 ��������������������
2013 ��������������������
2014 ��������������������
2015 ��������������������
2016 ��������������������
2017 ��������������������
2018 ��������������������
2019 ��������������������
2020 ��������������������
2021 ��������������������
2020: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2021: I ����������������
      II ���������������
      III ��������������
      IV ��������������
2022: I r ��������������
      II p �������������

Direct
investment
assets

Portfolio
investment
assets

931
171,359 377,239 243,182
–6,559
626,189 392,796 457,734
–6,535
865,694 387,528 581,668
–7,940
144,104 302,072 107,154
–6,606
336,438 299,814
37,489
12,394 1,161,984 409,413 540,728
–4,261
429,710 –130,720 381,863
–6,456
307,192 105,677 –11,453
–5,532
943,091 271,798 406,364
–2,474 1,278,599 421,749 719,095
–2,878
860,256
35,047 104,831
–957 –222,493
59,130
35,817
–561
55,475 133,765 137,090
–1,136
249,853
43,855 128,627
–2,740
466,636
88,583 346,286
–881
296,073 180,545 173,874
2,990
466,485
87,710 305,649
–1,844
49,404
64,912 –106,715
–1,888
414,584 134,008 227,966
–3,806
386,235
99,122 279,806

Net U.S. incurrence of liabilities excluding
financial derivatives
[net increase in liabilities / financial inflow (+)]

Other
investment
assets

Reserve
assets 4

Total

–453,522
–221,242
–99,920
–258,831
–2,955
213,533
173,578
208,310
255,956
23,763
720,622
–322,400
–217,200
74,933
33,867
–58,823
–39,476
88,194
51,678
6,127

4,460
–3,099
–3,583
–6,292
2,090
–1,690
4,989
4,659
8,974
113,993
–245
4,960
1,820
2,438
–2,100
477
112,603
3,013
932
1,181

632,034
1,052,068
1,109,443
503,468
706,693
1,559,219
712,178
831,045
1,634,965
1,977,294
984,920
–147,569
255,526
542,088
642,074
428,362
676,601
230,257
656,055
499,848

Direct
investment
liabilities

Portfolio
investment
liabilities

Other
investment
liabilities

250,343
288,131
251,857
511,434
474,388
380,823
214,716
314,743
148,914
448,325
37,217
–58,227
109,797
60,127
72,763
116,823
161,484
97,255
125,653
67,028

747,017
511,987
697,607
213,910
231,265
790,810
303,075
233,469
946,560
676,112
29,069
324,300
170,786
422,405
390,072
146,867
200,804
–61,631
246,077
433,482

–365,327
251,949
159,979
–221,876
1,040
387,586
194,387
282,834
539,490
852,857
918,633
–413,642
–25,057
59,556
179,240
164,672
314,312
194,633
284,325
–661

Financial
derivatives
other
than
reserves,
net transactions
7,064
2,222
–54,335
–27,035
7,827
23,998
–20,404
–41,670
–5,107
–41,902
–25,136
–11,702
28,425
3,306
–2,216
–8,611
–7,980
–23,095
5,762
–45,911

Net lending
(+)
Statistical
or net
discrepancy
borrowing (–)
from financial
account
transactions 5
–453,611
–423,657
–298,084
–386,400
–362,427
–373,237
–302,872
–565,524
–696,980
–740,597
–149,799
–86,626
–171,626
–288,929
–177,654
–140,900
–218,096
–203,948
–235,710
–159,524

–36,361
–77,582
78,506
29,993
40,394
–24,610
141,238
–113,111
–71,751
108,231
–39,502
66,614
228
–99,091
13,826
66,382
5,289
22,734
48,718
95,372

U.S. official
reserve
assets,
net
(unadjusted,
end of
period) 4

150,175
144,575
130,090
117,581
117,332
123,313
125,798
129,479
144,890
251,238
127,910
133,890
138,961
144,890
139,048
140,185
250,080
251,238
248,224
238,575

4 Consists of monetary gold, special drawing rights (SDRs), the U.S. reserve position in the International Monetary Fund (IMF), and other reserve assets, including foreign currencies.
5 Net lending means that U.S. residents are net suppliers of funds to foreign residents, and net borrowing means the opposite.

Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and the Board of Governors of the Federal Reserve System.

37

CONTENTS
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross Domestic Product ........................................................................................................................................................
1
Real Gross Domestic Product ................................................................................................................................................
2
Chained Price Indexes For Gross Domestic Product ............................................................................................................
2
Gross Domestic Product and Related Price Measures: Indexes and Percent Changes ...........................................................
3
Nonfinancial Corporate Business—Gross Value Added and Price, Costs, and Profits .......................................................... 3
National Income ....................................................................................................................................................................
4
Real Personal Consumption Expenditures ............................................................................................................................ 4
Sources of Personal Income ...................................................................................................................................................
5
Disposition of Personal Income .............................................................................................................................................
6
Real Farm Income ................................................................................................................................................................. 7
Corporate Profits ...................................................................................................................................................................
8
Real Gross Private Domestic Investment ............................................................................................................................... 9
Real Private Fixed Investment by Type .................................................................................................................................. 10
Business Investment ............................................................................................................................................................... 10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force .......................................................................................................................................................
Selected Unemployment Rates ..............................................................................................................................................
Selected Measures of Unemployment and Unemployment Insurance Programs ...................................................................
Nonagricultural Employment ................................................................................................................................................
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries ................................
Employment Cost Index—Private Industry ..........................................................................................................................
Productivity and Related Data, Business and Nonfarm Business Sectors ..............................................................................

11
12
13
14
15
15
16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization .................................................................................................................... 17
Industrial Production—Major Market Groups and Selected Manufactures .......................................................................... 18
New Construction ................................................................................................................................................................. 19
New Private Housing and Vacancy Rates .............................................................................................................................. 19
Business Sales and Inventories—Manufacturing and Trade .................................................................................................. 20
Manufacturers’ Shipments, Inventories, and Orders .............................................................................................................. 21
PRICES
Producer Prices ......................................................................................................................................................................
Consumer Prices—All Urban Consumers .............................................................................................................................
Changes in Producer Prices ...................................................................................................................................................
Changes in Consumer Prices—All Urban Consumers ..........................................................................................................
Prices Received and Paid by Farmers .....................................................................................................................................

22
23
24
24
25

MONEY, CREDIT, AND SECURITY MARKETS
Money Stock and Debt Measures ..........................................................................................................................................
Components of Money Stock ................................................................................................................................................
Aggregate Reserves and Monetary Base .................................................................................................................................
Bank Credit at All Commercial Banks ..................................................................................................................................
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business ..............................................................................
Consumer Credit ...................................................................................................................................................................
Interest Rates and Bond Yields ..............................................................................................................................................
Common Stock Prices and Yields ..........................................................................................................................................

26
27
27
28
29
29
30
31

FEDERAL FINANCE
Federal Receipts, Outlays, and Debt ..................................................................................................................................... 32
Federal Receipts by Source and Outlays by Function ............................................................................................................ 33
Federal Sector, National Income Accounts Basis ................................................................................................................... 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries ........................................................................... 35
U.S. International Trade in Goods and Services .................................................................................................................... 35
U.S. International Transactions ............................................................................................................................................. 36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p Preliminary.
r Revised.
c Corrected.
... Not available (also, not applicable).
NSA Not seasonally adjusted.

38