EI_201505.pdf

114th Congress, 1st Session

Economic IndicatorsMAY 2015

(Includes data available as of June 5, 2015)

Prepared for the Joint Economic Committee by the

Council of Economic Advisers

UNITED STATESGOVERNMENT PUBLISHING OFFICE

WASHINGTON : 2015

ii

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

Dan Coats, Indiana, ChairmanKevin Brady, Texas, Vice Chairman

Senate House of Representatives

Mike Lee, Utah Justin Amash, Michigan Tom Cotton, Arkansas Erik Paulsen, Minnesota Ben Sasse, Nebraska Richard L. Hanna, New York Ted Cruz, Texas David Schweikert, Arizona Bill Cassidy, M.D., Louisiana Glenn Grothman, Wisconsin Amy Klobuchar, Minnesota Carolyn B. Maloney, New York Robert P. Casey, Jr., Pennsylvania John Delaney, Maryland Martin Heinrich, New Mexico Alma S. Adams, Ph.D, North Carolina Gary C. Peters, Michigan Donald S. Beyer, Jr., Virginia

Viraj M. Mirani, Executive Director

COUNCIL OF ECONOMIC ADVISERS

Jason Furman, ChairmanMaurice Obstfeld, MemberBetsey Stevenson, Member

[Public Law 12081st Congress; Chapter 2371st Session]

JOINT RESOLUTION [S.J. ReS. 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

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SUPERINTENDENT OF DOCUMENTSU.S. GOVERNMENT PUBLISHING OFFICE

MAIL STOP: IDCCWASHINGTON, DC 20402-9328

1Gross Domestic Product

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

PeriodGross

domestic product

Personal con-

sumption expendi-

tures

Gross private

domestic invest-ment

Exports and imports of goods and services

Government consumption expenditures and gross investment

Final sales of

domestic product

Gross domestic

purchases 1

Addendum: Gross

national product Net exports Exports Imports Total

Federal State and localTotal National defense

Non-defense

2005 13,0937 8,7941 2,5271 7212 1,3089 2,0301 2,4937 9463 6083 3381 1,5474 13,0341 13,8149 13,18632006 13,8559 9,3040 2,6806 7709 1,4763 2,2473 2,6422 1,0020 6424 3596 1,6402 13,7889 14,6268 13,92352007 14,4776 9,7505 2,6437 7185 1,6646 2,3832 2,8019 1,0498 6787 3710 1,7522 14,4432 15,1962 14,60322008 14,7186 10,0136 2,4248 7231 1,8419 2,5650 3,0032 1,1556 7541 4015 1,8476 14,7506 15,4416 14,89062009 14,4187 9,8470 1,8781 3954 1,5877 1,9832 3,0891 1,2177 7883 4294 1,8714 14,5663 14,8142 14,56982010 14,9644 10,2022 2,1008 5127 1,8523 2,3650 3,1740 1,3039 8328 4711 1,8702 14,9028 15,4770 15,17032011 15,5179 10,6893 2,2399 5800 2,1064 2,6864 3,1687 1,3035 8369 4665 1,8653 15,4762 16,0979 15,76462012 16,1632 11,0831 2,4792 5683 2,1942 2,7625 3,1692 1,2914 8180 4734 1,8778 16,0983 16,7315 16,39052013 16,7681 11,4843 2,6480 5082 2,2622 2,7704 3,1439 1,2315 7699 4616 1,9124 16,6940 17,2762 16,99242014 17,4189 11,9303 2,8516 5382 2,3370 2,8752 3,1752 1,2192 7615 4576 1,9561 17,3369 17,9572 17,63062012: I 15,9565 10,9597 2,4454 6148 2,1624 2,7771 3,1662 1,2914 8186 4728 1,8748 15,8754 16,5713 16,1950 II 16,0947 11,0306 2,4893 5885 2,1925 2,7811 3,1633 1,2900 8171 4729 1,8733 16,0025 16,6832 16,3250 III 16,2689 11,1198 2,5004 5417 2,2032 2,7450 3,1905 1,3143 8409 4734 1,8762 16,1932 16,8107 16,4840 IV 16,3325 11,2226 2,4815 5282 2,2185 2,7467 3,1566 1,2699 7954 4744 1,8868 16,3221 16,8607 16,55802013: I 16,5024 11,3511 2,5433 5280 2,2194 2,7474 3,1359 1,2419 7751 4668 1,8940 16,4582 17,0304 16,7112 II 16,6192 11,4143 2,5946 5320 2,2364 2,7684 3,1424 1,2341 7722 4619 1,9083 16,5684 17,1512 16,8340 III 16,8723 11,5187 2,7089 5099 2,2684 2,7783 3,1547 1,2339 7749 4590 1,9207 16,7616 17,3822 17,1031 IV 17,0783 11,6533 2,7452 4629 2,3246 2,7875 3,1427 1,2162 7575 4587 1,9265 16,9878 17,5412 17,32122014: I 17,0440 11,7285 2,7144 5380 2,2847 2,8227 3,1391 1,2081 7499 4582 1,9310 17,0039 17,5820 17,2550 II 17,3282 11,8707 2,8436 5492 2,3443 2,8935 3,1631 1,2105 7546 4559 1,9526 17,2280 17,8775 17,5417 III 17,5998 12,0020 2,9051 5165 2,3665 2,8830 3,2093 1,2413 7840 4573 1,9680 17,5053 18,1163 17,8296 IV 17,7037 12,1202 2,9433 5492 2,3523 2,9015 3,1893 1,2167 7575 4592 1,9726 17,6103 18,2529 17,89622015: I r 17,6650 12,1127 2,9472 5631 2,2474 2,8105 3,1681 1,2165 7543 4622 1,9516 17,5592 18,2281 17,8271

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

Source: Department of Commerce (Bureau of Economic Analysis)

BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)

SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS

GDPIN CHAINED (2009) DOLLARS

GDPIN CURRENT DOLLARS

2015201420132012201120102009200820072006

Chart 1 - May 2015

SEASONALLY ADJUSTED ANNUAL RATES

12,800

15,600

16,400

13,200

13,600

14,400

15,200

16,800

18,400

17,600

18,000

17,200

16,000

14,800

14,000

12,800

15,600

16,400

13,200

13,600

14,400

15,200

16,800

18,400

17,600

18,000

17,200

16,000

14,800

14,000

TOTAL OUTPUT, INCOME, AND SPENDING

In the first quarter of 2015, according to revised estimates, current dollar gross domestic product (GDP) fell 0.9 percent (annual rate), real GDP in chained (2009) dollars fell 0.7 percent, and the chained price index fell 0.1 percent.

2Real Gross Domestic Product[Billions of chained (2009) dollars; quarterly data at seasonally adjusted annual rates]

PeriodGross

domestic product

Personal con-

sumption expendi-

tures

Gross private domestic investment



Final sales of

domestic product

Gross domestic

purchases 1

Adden-dum: Gross

national product

Nonresi-dential fixed

invest-ment

Resi-dential fixed

invest-ment

Change in

private inven-tories

Net exports Exports Imports Total

FederalState and localTotal National defense

Non-defense

2005 14,2342 9,5318 1,7174 8726 643 7823 1,3819 2,1642 2,8262 1,0348 6655 3694 1,7923 14,1688 15,0403 14,33842006 14,6138 9,8217 1,8396 8066 716 7943 1,5068 2,3010 2,8693 1,0609 6788 3821 1,8088 14,5423 15,4316 14,68862007 14,8737 10,0416 1,9484 6548 355 7126 1,6464 2,3590 2,9144 1,0787 6956 3831 1,8361 14,8362 15,6068 15,00572008 14,8304 10,0072 1,9344 4977 337 5578 1,7408 2,2986 2,9948 1,1523 7481 4042 1,8424 14,8657 15,3999 15,00482009 14,4187 9,8470 1,6334 3922 1476 3954 1,5877 1,9832 3,0891 1,2177 7883 4294 1,8714 14,5663 14,8142 14,56982010 14,7838 10,0363 1,6738 3824 582 4588 1,7766 2,2354 3,0914 1,2707 8135 4571 1,8208 14,7222 15,2449 14,97082011 15,0206 10,2635 1,8023 3845 376 4594 1,8983 2,3577 2,9974 1,2364 7950 4414 1,7610 14,9790 15,4839 15,24102012 15,3692 10,4497 1,9318 4365 570 4525 1,9601 2,4126 2,9539 1,2144 7687 4457 1,7395 15,3043 15,8246 15,56732013 15,7103 10,6997 1,9906 4884 635 4204 2,0198 2,4403 2,8945 1,1453 7177 4275 1,7484 15,6367 16,1310 15,90242014 16,0856 10,9690 2,1164 4962 706 4526 2,0847 2,5373 2,8897 1,1235 7024 4210 1,7652 15,9969 16,5399 16,26342012: I 15,2750 10,3876 1,9101 4208 709 4657 1,9360 2,4017 2,9578 1,2160 7704 4456 1,7417 15,1956 15,7447 15,4846 II 15,3367 10,4202 1,9306 4253 789 4667 1,9589 2,4255 2,9549 1,2131 7679 4452 1,7417 15,2482 15,8076 15,5381 III 15,4313 10,4704 1,9345 4395 712 4530 1,9691 2,4221 2,9744 1,2354 7898 4456 1,7392 15,3509 15,8872 15,6175 IV 15,4337 10,5206 1,9519 4603 72 4245 1,9765 2,4010 2,9287 1,1930 7467 4463 1,7355 15,4226 15,8590 15,62912013: I 15,5384 10,6137 1,9590 4690 334 4272 1,9723 2,3995 2,8998 1,1625 7255 4369 1,7368 15,4996 15,9660 15,7172 II 15,6066 10,6604 1,9668 4898 434 4460 2,0028 2,4488 2,9012 1,1522 7218 4304 1,7483 15,5555 16,0545 15,7906 III 15,7799 10,7133 1,9933 5030 956 4246 2,0277 2,4523 2,9024 1,1487 7226 4261 1,7530 15,6710 16,2050 15,9776 IV 15,9162 10,8114 2,0433 4919 818 3840 2,0765 2,4605 2,8745 1,1178 7010 4167 1,7557 15,8207 16,2986 16,12432014: I 15,8317 10,8443 2,0515 4853 352 4472 2,0269 2,4741 2,8685 1,1174 6939 4234 1,7502 15,7826 16,2804 16,0098 II 16,0104 10,9126 2,0996 4956 848 4604 2,0807 2,5411 2,8806 1,1149 6954 4194 1,7647 15,9059 16,4732 16,1898 III 16,2056 10,9995 2,1448 4996 822 4314 2,1040 2,5353 2,9119 1,1416 7217 4198 1,7695 16,1028 16,6377 16,3993 IV 16,2947 11,1196 2,1698 5043 800 4714 2,1271 2,5985 2,8979 1,1201 6987 4213 1,7766 16,1962 16,7683 16,45472015: I r 16,2641 11,1696 2,1543 5104 950 5484 2,0855 2,6339 2,8900 1,1205 6969 4235 1,7684 16,1524 16,8151 16,3969

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

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


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

PeriodGross

domestic product

Personal consumption expenditures

Gross private domestic investment



Total Goods ServicesNonresi-dential fixed

Residential fixed Exports Imports

Federal State and localTotal National defense

Non-defense

2005 91985 92261 96951 89933 93830 98103 94717 93802 91449 91395 91529 863332006 94812 94729 98277 92976 96561 103821 97979 97663 94448 94633 94101 906772007 97340 97102 99403 95981 98574 105176 101107 101024 97319 97572 96849 954262008 99218 100065 102362 98947 100337 103647 105809 111588 100286 100809 99321 1002792009 100000 100000 100000 100000 100000 100000 100000 100000 100000 100000 100000 1000002010 101226 101653 101637 101661 99070 99645 104263 105800 102614 102365 103064 1027142011 103315 104149 105413 103524 100545 100395 110960 113942 105422 105274 105691 1059232012 105174 106062 106712 105745 102082 101342 111940 114501 106341 106415 106218 1079472013 106739 107333 106211 107919 103186 106448 112001 113529 107530 107275 107966 1093772014 108320 108764 105808 110294 104448 112688 112109 113327 108499 108407 108684 1108092012: I 104461 105510 106661 104941 101680 100360 111696 115633 106197 106262 106092 107641 II 104937 105860 106543 105526 101984 100745 111931 114656 106338 106406 106226 107556 III 105475 106204 106683 105973 102263 101618 111889 113323 106388 106474 106244 107876 IV 105821 106675 106960 106541 102402 102644 112244 114393 106440 106518 106312 1087152013: I 106172 106951 106638 107122 102620 104271 112528 114496 106828 106829 106833 109052 II 106495 107074 105986 107641 103058 105571 111663 113048 107093 106983 107286 109154 III 106943 107520 106301 108154 103364 106982 111868 113287 107406 107238 107699 109572 IV 107347 107789 105917 108759 103701 108968 111945 113286 108791 108052 110047 1097292014: I 107694 108156 105769 109390 104059 111244 112716 114082 108105 108067 108199 110332 II 108261 108782 106240 110097 104370 111450 112665 113862 108563 108514 108675 110653 III 108643 109116 106278 110584 104643 113400 112473 113709 108721 108633 108899 111216 IV 108681 109001 104946 111105 104719 114657 110583 111655 108606 108412 108962 1110372015: I r 108660 108446 102600 111486 104768 114573 107759 106699 108555 108230 109127 110362


3Gross Domestic Product and Related Price Measures: Indexes and Percent Changes

[Quarterly data are seasonally adjusted]

Period

Index numbers, 2009=100 Percent change from preceding period 1

Gross domestic product (GDP) Personal consumption expenditures (PCE)Gross

domestic purchases price index

Gross domestic product (GDP) Personal consumption expenditures (PCE)Gross

domestic purchases price index

Real GDP (chain-type

quantity index)

GDP chain-type

price index

GDP implicit

price deflator

PCE (chain-type price index)

PCE less food

and energy price index

GDP (current dollars)

Real GDP (chain-type

quantity index)

GDP chain-type

price index

GDP implicit

price deflator

PCE (chain-type price index)

PCE less food

and energy price index

2005 98720 91985 91988 92261 92711 91851 67 33 32 32 29 22 352006 101353 94812 94814 94729 94786 94783 58 27 31 31 27 22 322007 103156 97340 97337 97102 96832 97372 45 18 27 27 25 22 272008 102855 99218 99246 100065 98827 100244 17 3 19 20 31 21 292009 100000 100000 100000 100000 100000 100000 20 28 8 8 1 12 22010 102532 101226 101221 101653 101286 101527 38 25 12 12 17 13 152011 104174 103315 103311 104149 102800 103970 37 16 21 21 25 15 242012 106592 105174 105166 106062 104678 105738 42 23 18 18 18 18 172013 108957 106739 106733 107333 106084 107105 37 22 15 15 12 13 132014 111560 108320 108289 108764 107575 108599 39 24 15 15 13 14 142012: I 105939 104461 104461 105510 104063 105249 44 23 21 21 21 21 23 II 106367 104937 104942 105860 104546 105533 35 16 18 19 13 19 11 III 107023 105475 105428 106204 104871 105858 44 25 21 19 13 12 12 IV 107039 105821 105824 106675 105230 106313 16 1 13 15 18 14 172013: I 107766 106172 106204 106951 105606 106634 42 27 13 14 10 14 12 II 108238 106495 106488 107074 105875 106837 29 18 12 11 5 10 8 III 109440 106943 106923 107520 106252 107284 62 45 17 16 17 14 17 IV 110386 107347 107301 107789 106603 107667 50 35 15 14 10 13 142014: I 109799 107694 107658 108156 106922 108030 8 21 13 13 14 12 14 II 111039 108261 108231 108782 107447 108553 68 46 21 21 23 20 20 III 112393 108643 108603 109116 107821 108925 64 50 14 14 12 14 14 IV 113011 108681 108647 109001 108111 108886 24 22 1 2 4 11 12015: I r 112799 108660 108613 108446 108327 108448 9 7 1 1 20 8 16

1 Quarterly percent changes are at annual rates


Nonfinancial Corporate Business Gross Value Added and Price, Costs, and Profits

[Quarterly data at seasonally adjusted annual rates]

Period

Gross value added of nonfinancial

corporate business (billions of dollars) 1

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

TotalCompensation of employees

(unit labor cost)

Unit nonlabor cost Corporate profits with inventory valuation and capital consumption adjustments 4

Current dollars

Chained (2009) dollars

TotalConsumption

of fixed capital

Taxes on production

and imports 3

Net interest and

miscellaneous payments

TotalTaxes on corporate income

Profits after tax 5

2005 6,5321 7,1317 0916 0551 0243 0128 0091 0024 0122 0038 00842006 6,9880 7,4063 944 558 249 132 092 025 137 042 0962007 7,2039 7,4805 963 576 265 139 093 033 122 039 0832008 7,2568 7,3839 983 590 283 148 093 042 110 031 0792009 6,8598 6,8598 1000 596 299 159 099 041 105 026 0792010 7,2387 7,2400 1000 574 290 151 099 040 136 030 1052011 7,5923 7,4215 1023 588 296 154 103 039 140 031 1092012 8,0303 7,7426 1037 593 293 153 101 039 151 035 1162013 8,2870 7,9221 1046 600 293 155 101 037 153 042 1122014 r 8,6078 8,1805 1052 608 292 157 100 035 152 048 1052012: I 7,9429 7,7034 1031 591 294 152 103 039 148 035 113 II 8,0168 7,7495 1034 589 293 152 102 039 153 034 119 III 8,0079 7,7064 1039 594 294 154 101 039 151 035 116 IV 8,1536 7,8113 1044 599 291 153 100 038 153 036 1162013: I 8,1905 7,8423 1044 599 294 154 102 038 152 042 110 II 8,2832 7,9297 1045 598 291 154 100 037 155 041 114 III 8,3142 7,9368 1048 600 294 156 101 037 154 040 114 IV 8,3601 7,9797 1048 601 295 157 101 037 152 043 1092014: I 8,3856 7,9933 1049 612 296 158 101 037 141 046 095 II 8,5549 8,1209 1053 607 291 157 101 033 155 049 107 III 8,6833 8,2291 1055 607 292 157 101 034 157 049 108 IV r 8,8074 8,3788 1051 606 288 155 099 034 156 047 1092015: I p 8,7954 8,3922 1048 613 290 156 098 036 144 050 094

1 Estimates for nonfinancial corporate business are based on the North American Industry Classification System (NAICS)2 The implicit price deflator for gross value added of nonfinancial corporate business divided by 1003 Less subsidies plus business current transfer payments4 Unit profits from current production5 With inventory valuation and capital consumption adjustments


4Real Personal Consumption Expenditures[Billions of chained (2009) dollars, except as noted; quarterly data at seasonally adjusted annual rates]

Period

Total personal

con-sumption expendi-

tures

Goods ServicesAdden-dum:

Personal con-

sumption expendi-

tures excluding food and energy 2

Retail sales of

new passenger cars and

light trucks

(millions of units)

Total goods

Durable Nondurable

Total services 1

Household con-

sumption expendi-

tures

Housing and

utilitiesHealth care

Financial services

and insurance

Total durable goods 1

Motor vehicles

and parts

Total non-

durable goods 1

Food and beverages purchased

for off-premises

con-sumption

Gasoline and

other energy goods

2005 9,5318 3,1772 1,0469 4000 2,1323 7576 2980 6,3534 6,1473 1,7884 1,4904 7041 8,2539 1692006 9,8217 3,2925 1,0915 3851 2,2022 7808 2974 6,5266 6,2918 1,8232 1,5252 7201 8,5281 1652007 10,0416 3,3818 1,1417 3928 2,2393 7913 2968 6,6564 6,4152 1,8408 1,5632 7425 8,7342 1612008 10,0072 3,2978 1,0832 3408 2,2147 7819 2834 6,7086 6,4351 1,8601 1,5988 7374 8,7305 1322009 9,8470 3,1984 1,0233 3171 2,1751 7700 2845 6,6485 6,3725 1,8810 1,6274 7190 8,5774 1042010 10,0363 3,3087 1,0857 3234 2,2235 7865 2822 6,7276 6,4493 1,9043 1,6492 7339 8,7461 1162011 10,2635 3,4118 1,1515 3338 2,2632 7951 2743 6,8514 6,5759 1,9280 1,6903 7472 8,9804 1272012 10,4497 3,5065 1,2357 3579 2,2801 8016 2692 6,9424 6,6534 1,9404 1,7450 7137 9,1757 1442013 10,6997 3,6260 1,3190 3760 2,3226 8094 2717 7,0731 6,7725 1,9657 1,7811 7285 9,4116 1552014 10,9690 3,7509 1,4100 4050 2,3648 8096 2745 7,2186 6,9059 1,9817 1,8307 7580 9,6794 1642012: I 10,3876 3,4780 1,2120 3514 2,2734 7976 2674 6,9088 6,6302 1,9243 1,7324 7290 9,1289 142 II 10,4202 3,4890 1,2188 3517 2,2780 8009 2717 6,9305 6,6425 1,9421 1,7375 7171 9,1387 142 III 10,4704 3,5169 1,2424 3595 2,2841 8033 2709 6,9528 6,6631 1,9517 1,7527 7028 9,1832 144 IV 10,5206 3,5423 1,2697 3691 2,2850 8047 2667 6,9775 6,6777 1,9433 1,7575 7060 9,2521 1492013: I 10,6137 3,5937 1,2957 3741 2,3117 8102 2705 7,0193 6,7234 1,9672 1,7591 7151 9,3171 153 II 10,6604 3,6052 1,3100 3740 2,3105 8046 2704 7,0545 6,7577 1,9669 1,7746 7271 9,3755 155 III 10,7133 3,6361 1,3259 3755 2,3264 8089 2729 7,0766 6,7754 1,9596 1,7860 7308 9,4327 156 IV 10,8114 3,6690 1,3445 3805 2,3418 8140 2729 7,1419 6,8334 1,9691 1,8047 7411 9,5210 1562014: I 10,8443 3,6783 1,3550 3857 2,3419 8119 2744 7,1654 6,8571 1,9960 1,7984 7462 9,5307 157 II 10,9126 3,7316 1,4004 4029 2,3546 8092 2721 7,1814 6,8703 1,9795 1,8159 7512 9,6263 165 III 10,9995 3,7745 1,4315 4137 2,3694 8090 2727 7,2259 6,9089 1,9709 1,8366 7641 9,7260 167 IV 11,1196 3,8190 1,4533 4176 2,3934 8083 2787 7,3017 6,9872 1,9805 1,8719 7706 9,8346 1672015: I r 11,1696 3,8233 1,4574 4135 2,3941 8057 2817 7,3465 7,0397 2,0034 1,8961 7731 9,8648 166

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



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

Period National income

Com-pensation

of employ-

ees

Proprietors income 1 Rental

income of

persons with

capital con-

sumption adjust-ment

Corporate profits with inventory valuation and capital consumption adjustments

Net interest

and miscel-laneous

payments

Taxes on

produc-tion and

imports

Less: Subsidies

Business current transfer

payments

Current surplus

of govern-ment enter-prises

Farm Nonfarm Total

Profits with inventory valuation adjustment and without

capital consumption adjustment Capital con-sumption adjust-mentTotal

Profits before

tax

Inventory valuation adjust-ment

2005 11,2398 7,0868 464 9326 2384 1,4777 1,6212 1,6533 321 1435 4968 9345 609 939 642006 12,0048 7,5023 360 1,0177 2075 1,6465 1,8157 1,8514 357 1692 5809 9919 515 826 932007 12,3214 7,8983 381 9411 1894 1,5290 1,7089 1,7484 395 1799 6634 10346 546 986 1642008 12,4278 8,0783 470 9795 2621 1,2851 1,3455 1,3824 370 604 6934 10419 526 1144 2122009 12,1261 7,7870 355 9375 3337 1,3970 1,4792 1,4726 67 822 5634 10261 583 1249 2062010 12,7395 7,9614 460 9867 4028 1,7464 1,7997 1,8407 410 533 4894 10571 559 1285 2292011 13,3523 8,2690 755 1,0681 4853 1,8166 1,7385 1,8068 683 781 4881 11026 601 1315 2452012 14,0695 8,6065 723 1,1879 5330 2,0228 2,1266 2,1361 95 1038 4917 11320 580 1067 2532013 14,5771 8,8448 832 1,2535 5958 2,1069 2,2387 2,2353 33 1318 4998 11624 602 1206 2962014 r 15,0765 9,2276 636 1,3166 6402 2,0898 2,4195 2,4199 5 3296 4863 12032 574 1406 3422012: I 13,9144 8,5230 717 1,1547 5166 1,9779 2,0886 2,1209 323 1107 5036 1,1295 579 1192 239 II 13,9849 8,5438 725 1,1836 5265 2,0248 2,1307 2,1194 113 1060 4734 1,1320 580 1108 245 III 14,0777 8,5766 719 1,1942 5371 2,0410 2,1418 2,1557 139 1008 5095 1,1277 568 1020 254 IV 14,3010 8,7825 732 1,2191 5517 2,0476 2,1453 2,1484 31 978 4803 1,1389 594 946 2732013: I 14,3761 8,7344 922 1,2356 5750 2,0394 2,1673 2,1690 17 1279 5174 1,1548 600 1151 278 II 14,5115 8,8263 836 1,2465 5908 2,1036 2,2350 2,2198 152 1314 4771 1,1522 611 1223 296 III 14,6505 8,8716 868 1,2592 6042 2,1407 2,2737 2,2709 28 1331 4933 1,1671 606 1184 301 IV 14,7702 8,9468 701 1,2726 6133 2,1438 2,2786 2,2816 30 1348 5112 1,1757 589 1266 3102014: I 14,7337 9,0962 581 1,2929 6229 1,9421 2,2726 2,2972 246 3305 5065 1,1845 577 1192 311 II 14,9729 9,1595 734 1,3076 6354 2,1062 2,4374 2,4501 127 3313 4610 1,1979 575 1230 336 III 15,2449 9,2607 622 1,3242 6467 2,1707 2,5011 2,4971 40 3304 4793 1,2124 574 1824 363 IV r 15,3543 9,3942 607 1,3417 6560 2,1403 2,4668 2,4353 315 3265 4984 1,2179 570 1378 3572015: I r 15,3618 9,5040 491 1,3410 6628 2,0148 2,5617 2,5008 609 5469 5296 1,2146 572 1376 345

1 With inventory valuation and capital consumption adjustments


5Sources of Personal Income

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

PeriodTotal

personal income

Compensation of employees Proprietors income 1

Rental income

of persons 2

Personal income receipts on assets

Personal current transfer

receipts 3

Less: Contributions

for government

social insurance, domestic

TotalWages

and salaries

Supple-ments to wages

and salaries

Farm Nonfarm TotalPersonal interest income

Personal dividend income

2005 10,6093 7,0868 5,6920 1,3948 464 9326 2384 1,6665 1,0881 5783 1,5120 87332006 11,3890 7,5023 6,0574 1,4449 360 1,0177 2075 1,9384 1,2147 7237 1,6096 92262007 11,9949 7,8983 6,3952 1,5031 381 9411 1894 2,1666 1,3501 8165 1,7228 96142008 12,4296 8,0783 6,5319 1,5464 470 9795 2621 2,1671 1,3616 8054 1,8840 98822009 12,0875 7,7870 6,2514 1,5356 355 9375 3337 1,8180 1,2643 5537 2,1402 96442010 12,4293 7,9614 6,3775 1,5839 460 9867 4028 1,7396 1,1950 5446 2,2769 98412011 13,2020 8,2690 6,6332 1,6359 755 1,0681 4853 1,9139 1,2316 6822 2,3079 91782012 13,8877 8,6065 6,9321 1,6744 723 1,1879 5330 2,0886 1,2559 8327 2,3507 95122013 14,1669 8,8448 7,1247 1,7201 832 1,2535 5958 2,0797 1,2552 8245 2,4145 1,10452014 r 14,7339 9,2276 7,4516 1,7760 636 1,3166 6402 2,1253 1,2647 8606 2,5227 1,16212014: Apr 14,6076 9,1479 7,3830 1,7649 648 1,3050 6321 2,1156 1,2651 8505 2,4951 1,1529 May 14,6570 9,1560 7,3887 1,7673 734 1,3055 6354 2,1260 1,2700 8559 2,5144 1,1537 June 14,7168 9,1746 7,4035 1,7711 819 1,3122 6387 2,1395 1,2749 8646 2,5259 1,1559 July 14,7627 9,2145 7,4384 1,7761 720 1,3216 6420 2,1392 1,2707 8685 2,5339 1,1606 Aug 14,8210 9,2712 7,4887 1,7824 622 1,3211 6472 2,1378 1,2665 8713 2,5490 1,1675 Sept 14,8500 9,2963 7,5095 1,7868 523 1,3300 6508 2,1378 1,2623 8755 2,5531 1,1703 Oct r 14,9159 9,3386 7,5468 1,7919 565 1,3442 6532 2,1412 1,2611 8800 2,5572 1,1750 Nov r 14,9843 9,4127 7,6135 1,7992 607 1,3355 6551 2,1463 1,2599 8863 2,5579 1,1839 Dec r 15,0377 9,4312 7,6281 1,8031 650 1,3455 6596 2,1491 1,2588 8904 2,5729 1,18572015: Jan r 15,0870 9,4823 7,6711 1,8112 570 1,3398 6601 2,1427 1,2523 8904 2,5987 1,1936 Feb r 15,1483 9,5083 7,6921 1,8161 491 1,3379 6625 2,1728 1,2459 9269 2,6140 1,1962 Mar r 15,1523 9,5214 7,7016 1,8199 411 1,3454 6658 2,1419 1,2394 9025 2,6337 1,1970 Apr p 15,2117 9,5435 7,7193 1,8242 440 1,3450 6697 2,1685 1,2555 9131 2,6402 1,1992

1 With inventory valuation and capital consumption adjustments2 With capital consumption adjustment3 Consists mainly of social insurance benefits to persons


16,000

12,000

14,000

10,000

9,000

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

16,000

12,000

14,000

10,000

9,000

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE)


Chart 5 - May 2015

*SEASONALLY ADJUSTED ANNUAL RATESSOURCE: DEPARTMENT OF COMMERCE

2007 2008 2009 2010 2011 2012 2013 2014 2015

PERSONAL CURRENTTRANSFER RECEIPTS

OTHER INCOME

WAGES AND SALARIES

TOTAL PERSONAL INCOME

Personal income rose $59.4 billion (annual rate) in April, following an increase of $4.0 billion in March. Wages and salaries rose $17.7 billion in April, following an increase of $9.5 billion in March.

6 Disposition of Personal Income

Period Personal income

Less: Personal current taxes

Equals: Disposable

personal income

Less: Personal outlays 1

Equals: Personal saving

Disposable personal income in billions of chained (2009) dollars

Per capita disposable personal income

Per capita personal consumption expenditures

Percent change in real

per capita disposable personal income

Saving as

percent of

disposable personal income

Population, including Armed Forces

overseas (thousands) 2

Current dollars


Current dollars


Billions of dollars Dollars Percent

2005 10,6093 1,2085 9,4008 9,1629 2379 10,1894 31,760 34,424 29,711 32,203 06 25 295,9932006 11,3890 1,3521 10,0369 9,7074 3295 10,5954 33,589 35,458 31,136 32,868 30 33 298,8182007 11,9949 1,4879 10,5070 10,1967 3103 10,8206 34,826 35,866 32,319 33,284 12 30 301,6962008 12,4296 1,4352 10,9944 10,4522 5422 10,9873 36,101 36,078 32,881 32,860 6 49 304,5432009 12,0875 1,1449 10,9425 10,2705 6720 10,9425 35,616 35,616 32,050 32,050 13 61 307,2402010 12,4293 1,1915 11,2379 10,6098 6280 11,0551 36,274 35,684 32,931 32,395 2 56 309,8082011 13,2020 1,4006 11,8014 11,0902 7111 11,3312 37,804 36,298 34,242 32,878 17 60 312,1722012 13,8877 1,5037 12,3840 11,4879 8962 11,6762 39,377 37,126 35,241 33,226 23 72 314,4992013 14,1669 1,6618 12,5051 11,8971 6081 11,6508 39,468 36,772 36,247 33,770 10 49 316,8392014 r 14,7339 1,7439 12,9900 12,3575 6326 11,9433 40,699 37,420 37,379 34,367 18 49 319,173

Seasonally adjusted annual rates

2012: I 13,6507 1,4647 12,1860 11,3650 8210 11,5498 38,856 36,827 34,945 33,121 61 67 313,623 II 13,7761 1,4795 12,2966 11,4337 8630 11,6162 39,142 36,976 35,112 33,169 16 70 314,155 III 13,8289 1,5051 12,3238 11,5235 8003 11,6041 39,149 36,863 35,324 33,261 12 65 314,790 IV 14,2951 1,5654 12,7297 11,6292 1,1005 11,9334 40,357 37,832 35,579 33,353 109 86 315,4302013: I 13,9772 1,6368 12,3404 11,7606 5798 11,5386 39,057 36,519 35,926 33,592 132 47 315,957 II 14,1313 1,6606 12,4707 11,8239 6469 11,6470 39,402 36,800 36,064 33,682 31 52 316,499 III 14,2474 1,6615 12,5858 11,9331 6528 11,7059 39,686 36,911 36,321 33,781 12 52 317,136 IV 14,3117 1,6881 12,6237 12,0708 5529 11,7117 39,726 36,856 36,673 34,023 6 44 317,7652014: I 14,4847 1,7118 12,7729 12,1469 6261 11,8101 40,130 37,105 36,849 34,071 27 49 318,288 II 14,6605 1,7153 12,9452 12,2896 6556 11,9004 40,602 37,325 37,232 34,227 24 51 318,833 III 14,8112 1,7501 13,0612 12,4330 6281 11,9703 40,884 37,469 37,568 34,431 16 48 319,470 IV r 14,9793 1,7986 13,1807 12,5603 6204 12,0926 41,177 37,778 37,864 34,738 33 47 320,1002015: I r 15,1292 1,8438 13,2854 12,5590 7264 12,2509 41,436 38,210 37,779 34,837 47 55 320,623

1 Includes personal consumption expenditures, personal interest payments (nonmortgage), and personal current transfer payments2 Annual data are averages of quarterly data, which are averages for the period

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

BILLIONS OF DOLLARS* (RATIO SCALE)

PER CAPITA DISPOSABLE PERSONAL INCOME

BILLIONS OF DOLLARS* (RATIO SCALE)


2006 2007 20102009 20112008 2012 2013 2014 2015

*SEASONALLY ADJUSTED ANNUAL RATESSOURCE: DEPARTMENT OF COMMERCE

DOLLARS* (RATIO SCALE)44,000

40,000

42,000

38,000

36,000

34,000

32,000

30,000

44,000

40,000

42,000

38,000

36,000

34,000

32,000

30,000

DOLLARS* (RATIO SCALE)

DISPOSABLE PERSONAL INCOME

PERSONAL OUTLAYS

SAVING

CHAINED (2009) DOLLARS

CURRENT DOLLARS

Chart 6 - May 2015

11,500

11,000

10,000

10,500

9,000

12,000

12,500

14,000

13,000

13,500

9,500

11,500

11,000

10,000

10,500

9,000

12,000

12,500

14,000

13,000

13,500

9,500

According to revised estimates, per capita disposable personal income in chained (2009) dollars rose 4.7 percent (annual rate) in the first quarter of 2015.

7Real Farm Income

[Billions of chained (2009) dollars]

Year

Income of farm operators from farming 1

Gross farm income

Production expenses

Net farm

incomeTotal

Value of agricultural sector productionDirect

Government paymentsTotal Crops 2, 3 Livestock 3 Farm-related income 4

1992 2839 2710 1261 1234 215 130 2129 7101993 2835 2650 1143 1272 235 185 2189 6461994 2926 2820 1361 1215 244 107 2214 7121995 2796 2700 1272 1164 264 97 2269 5281996 3072 2976 1507 1199 270 96 2304 7681997 3048 2952 1441 1233 278 96 2391 6571998 2947 2790 1294 1193 303 157 2350 5971999 2934 2666 1159 1189 318 269 2339 5962000 2951 2668 1160 1210 298 284 2332 6192001 2984 2716 1135 1270 311 268 2328 6552002 2711 2565 1151 1099 315 146 2251 4602003 2983 2792 1252 1211 330 191 2280 7032004 3309 3163 1404 1394 365 146 2328 9812005 3245 2980 1243 1375 361 265 2389 8562006 3060 2894 1252 1259 383 167 2455 6062007 3488 3366 1552 1422 392 122 2769 7192008 3763 3639 1808 1409 423 123 2963 8002009 3395 3274 1669 1178 427 122 2830 5662010 3583 3461 1689 1382 390 122 2840 7432011 4126 4025 1974 1582 470 101 3025 11012012 4231 4130 2079 1592 459 101 3256 9752013 4506 4403 2189 1706 508 103 3298 12082014 4395 4296 1890 1938 467 99 3398 9972015 4045 3932 1648 1825 459 113 3374 670

1 The GDP chain-type price index is used to convert the current-dollar statistics to 2009=100 equivalents2 Crop receipts include proceeds received from commodities placed under Commodity Credit Corporation loans3 The value of production equates to the sum of cash receipts, home consumption, and the value of the change in inventories4 Includes income from forest products sold, the gross imputed rental value of farm dwellings, machine hire and custom work, and other sources of farm income such as commodity insurance

indemnities

Note: Data for 2014 and 2015 are forecasts

Source: Department of Agriculture (Economic Research Service)

BILLIONS OF CHAINED (2009) DOLLARS (RATIO SCALE)


Chart 7 - Feb 2015

BILLIONS OF CHAINED (2009) DOLLARS (RATIO SCALE)

SOURCE: DEPARTMENT OF AGRICULTURE

40

60

80

120

160

440480

400

240

280

320

360

200

520

40

60

80

120

160

440480

400

240

280

320

360

200

520

2006 2007 2008 2009 2010 2011

GROSS FARM INCOME

NET FARM INCOME

2012 2013 20152014

According to the preliminary forecast for 2015, gross farm income in chained (2009) dollars is forecast to be $404.5 billion and net farm income to be $67.0 billion.

8Corporate Profits

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

Period

Profits (before tax) with inventory valuation adjustment 1

Profits before

tax

Taxes on

corporate income

Profits after tax

Inventory valuation

adjustmentTotal 2

Domestic industries

Total Net dividendsUndistrib-

uted profitsTotal Financial

Nonfinancial

Total 3 Manufac-turing Utilities Wholesale Retail

2005 1,6212 1,3821 4097 9724 2777 308 962 1217 1,6533 4124 1,2409 5805 6604 3212006 1,8157 1,5596 4151 1,1444 3497 551 1059 1325 1,8514 4734 1,3781 7260 6521 3572007 1,7089 1,3555 3015 1,0540 3219 495 1032 1190 1,7484 4455 1,3029 8189 4840 3952008 1,3455 9388 954 8434 2406 301 906 803 1,3824 3091 1,0733 8086 2647 3702009 1,4792 1,1220 3629 7592 1714 238 893 1087 1,4726 2694 1,2031 5746 6285 672010 1,7997 1,4045 4063 9982 2876 303 1024 1186 1,8407 3706 1,4701 5640 9062 4102011 1,7385 1,3166 3759 9407 2981 98 944 1143 1,8068 3791 1,4277 7037 7240 6832012 2,1266 1,7248 4889 1,2359 4042 129 1366 1572 2,1361 4548 1,6813 8571 8242 952013 2,2387 1,8356 5335 1,3021 4024 209 1545 1712 2,2353 4743 1,7611 9596 8015 332014 2,4195 2,0254 5110 1,5145 4971 475 1655 1783 2,4199 5926 1,8273 9051 9222 52012: I 2,0886 1,6801 4688 1,2113 4027 210 1236 1532 2,1209 4513 1,6697 7749 8948 323 II 2,1307 1,7258 4707 1,2551 4198 116 1421 1558 2,1194 4735 1,6459 8037 8422 113 III 2,1418 1,7504 5244 1,2260 3926 121 1344 1492 2,1557 4406 1,7151 8173 8978 139 IV 2,1453 1,7429 4916 1,2512 4015 69 1464 1708 2,1484 4538 1,6946 1,0327 6620 312013: I 2,1673 1,7812 5049 1,2763 3884 68 1581 1662 2,1690 4749 1,6941 8355 8586 17 II 2,2350 1,8419 5255 1,3164 3837 311 1571 1791 2,2198 4592 1,7607 1,0987 6619 152 III 2,2737 1,8642 5541 1,3101 3923 300 1548 1754 2,2709 4675 1,8034 9117 8917 28 IV 2,2786 1,8551 5494 1,3057 4454 158 1479 1642 2,2816 4954 1,7861 9923 7938 302014: I 2,2726 1,8751 4808 1,3942 4325 423 1520 1681 2,2972 5623 1,7349 9028 8321 246 II 2,4374 2,0435 5145 1,5289 5044 504 1576 1767 2,4501 6080 1,8422 9023 9399 127 III 2,5011 2,0907 5307 1,5600 5237 545 1744 1758 2,4971 6025 1,8946 8984 9962 40 IV 2,4668 2,0925 5177 1,5747 5279 429 1781 1926 2,4353 5977 1,8375 9170 9205 3152015: I p 2,5617 2,2098 5361 1,6737 2,5008 6070 1,8938 r 9221 9717 609

1 See p 4 for profits with inventory valuation and capital consumption adjustments2 Includes rest of the world, not shown separately3 Includes industries not shown separately

Note: Data by industry are based on the North American Industry Classification System (NAICS)


PROFITS BEFORE TAX


2006 2007 20102009 2011 20152008 2012 2013 2014

SOURCE: DEPARTMENT OF COMMERCE


Chart 8 - May 2015

PROFITS AFTER TAX

UNDISTRIBUTED PROFITS

TAXES ONCORPORATE INCOME

BILLIONS OF DOLLARS

0

200

2,600

2,400

2,500

2,300

2,200

2,100

2,000

1,900

1,800

1,200

1,100

1,000

1,300

1,400

1,500

900

800

700

600

500

400

300

200

100

100

1,700

1,600

0

200

2,600

2,400

2,500

2,300

2,200

2,100

2,000

1,900

1,800

1,200

1,100

1,000

1,300

1,400

1,500

900

800

700

600

500

400

300

200

100

100

1,700

1,600

BILLIONS OF DOLLARS

In the first quarter of 2015, according to current estimates, corporate profits before tax rose $65.5 billion (annual rate) and profits after tax rose $56.3 billion.

9Real Gross Private Domestic Investment

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

PeriodGross private

domestic investment

Fixed investment Change in private inventories

Total

Nonresidential

Residential Total NonfarmTotal Structures Equipment

Intellectual property products

2005 2,6726 2,6110 1,7174 4212 8016 4950 8726 643 6392006 2,7300 2,6625 1,8396 4515 8708 5175 8066 716 7542007 2,6441 2,6096 1,9484 5090 8983 5424 6548 355 3652008 2,3960 2,4326 1,9344 5402 8361 5588 4977 337 3502009 1,8781 2,0257 1,6334 4382 6443 5509 3922 1476 14602010 2,1204 2,0562 1,6738 3663 7467 5613 3824 582 6592011 2,2304 2,1867 1,8023 3747 8479 5813 3845 376 3662012 2,4359 2,3680 1,9318 4238 9056 6037 4365 570 6592013 2,5562 2,4792 1,9906 4217 9472 6241 4884 635 5522014 2,7047 2,6117 2,1164 4562 1,0082 6542 4962 706 6522012: I 2,4137 2,3307 1,9101 4185 8987 5944 4208 709 718 II 2,4480 2,3556 1,9306 4290 9009 6018 4253 789 853 III 2,4577 2,3737 1,9345 4275 9025 6056 4395 712 888 IV 2,4243 2,4120 1,9519 4201 9204 6132 4603 72 1782013: I 2,4690 2,4280 1,9590 4075 9313 6228 4690 334 301 II 2,5107 2,4570 1,9668 4147 9348 6198 4898 434 364 III 2,6103 2,4968 1,9933 4258 9456 6241 5030 956 840 IV 2,6347 2,5350 2,0433 4388 9772 6296 4919 818 7042014: I 2,5882 2,5361 2,0515 4419 9748 6368 4853 352 333 II 2,7037 2,5945 2,0996 4552 1,0011 6454 4956 848 807 III 2,7508 2,6433 2,1448 4606 1,0276 6592 4996 822 737 IV 2,7761 2,6728 2,1698 4672 1,0292 6755 5043 800 7332015: I r 2,7810 2,6642 2,1543 4408 1,0361 6815 5104 950 903

Note: See p 10 for further detail on fixed investment by typeBecause of the formula used for calculating real GDP, the chained (2009) dollar estimates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate

aggregates


BILLIONS OF CHAINED (2009) DOLLARS BILLIONS OF CHAINED (2009) DOLLARS

GROSS PRIVATE DOMESTICINVESTMENT

CHANGE IN PRIVATEINVENTORIES

NONRESIDENTIALFIXED INVESTMENT


2006 2007 20102009 2011 20152008 2012 2013 2014

SOURCE: DEPARTMENT OF COMMERCE


0

3,000

2,200

2,400

2,600

2,800

2,000

1,800

1,600

1,400

1,200

1,000

800

600

400

200

400

200

0

3,000

2,200

2,400

2,600

2,800

2,000

1,800

1,600

1,400

1,200

1,000

800

600

400

200

400

200

Chart 9 - May 2015

RESIDENTIALFIXED INVESTMENT

In the first quarter of 2015, according to revised estimates, nonresidential fixed investment in chained (2009) dollars fell $15.5 billion (annual rate) and residential investment rose $6.1 billion. Inventories rose $95.0 billion, following an increase of $80.0 billion in the fourth quarter.

10

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

PeriodTotal fixed

invest-ment

Nonresidential Residential

Total nonresi-dential

Structures

Equipment Intellectual property products

Total resi-

dential 2

Structures

Total 2

Information processing equipment

Industrial equip-ment

Transpor-tation equip-ment

Total 2 SoftwareResearch

and develop-ment 3

Total 2 Single familyTotalComputers

and peripheral

equipment 1Other

2005 2,6110 1,7174 4212 8016 2222 1726 1836 1979 4950 2212 2023 8726 8625 43302006 2,6625 1,8396 4515 8708 2509 1875 1991 2126 5175 2303 2150 8066 7963 39072007 2,6096 1,9484 5090 8983 2799 2079 2053 2036 5424 2442 2279 6548 6449 28372008 2,4326 1,9344 5402 8361 2810 2042 1955 1569 5588 2562 2355 4977 4884 17822009 2,0257 1,6334 4382 6443 2561 1793 1521 706 5509 2568 2290 3922 3839 10532010 2,0562 1,6738 3663 7467 2814 1968 1513 1369 5613 2542 2344 3824 3736 11442011 2,1867 1,8023 3747 8479 2859 2028 1833 1830 5813 2718 2367 3845 3753 10922012 2,3680 1,9318 4238 9056 2950 2081 1903 2176 6037 2870 2413 4365 4271 13212013 2,4792 1,9906 4217 9472 3040 2170 1977 2311 6241 2959 2507 4884 4783 16192014 2,6117 2,1164 4562 1,0082 3125 2273 2233 2581 6542 3066 2680 4962 4857 16952012: I 2,3307 1,9101 4185 8987 2971 2084 1889 2174 5944 2822 2378 4208 4115 1206 II 2,3556 1,9306 4290 9009 2943 2069 1900 2206 6018 2868 2398 4253 4160 1263 III 2,3737 1,9345 4275 9025 2891 2071 1897 2144 6056 2883 2416 4395 4301 1345 IV 2,4120 1,9519 4201 9204 2996 2101 1925 2179 6132 2908 2458 4603 4508 14702013: I 2,4280 1,9590 4075 9313 3003 2134 1935 2214 6228 2973 2486 4690 4592 1563 II 2,4570 1,9668 4147 9348 3041 2196 1936 2264 6198 2911 2510 4898 4797 1620 III 2,4968 1,9933 4258 9456 3074 2215 2015 2287 6241 2962 2506 5030 4928 1648 IV 2,5350 2,0433 4388 9772 3041 2137 2023 2479 6296 2989 2528 4919 4817 16452014: I 2,5361 2,0515 4419 9748 2981 2176 2090 2478 6368 3000 2582 4853 4751 1677 II 2,5945 2,0996 4552 1,0011 3162 2308 2220 2496 6454 3032 2632 4956 4851 1692 III 2,6433 2,1448 4606 1,0276 3106 2233 2359 2691 6592 3097 2699 4996 4889 1679 IV 2,6728 2,1698 4672 1,0292 3250 2376 2262 2658 6755 3135 2808 5043 4935 17342015: I r 2,6642 2,1543 4408 1,0361 3163 2366 2266 2757 6815 3193 2816 5104 4995 1753

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 components 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 531 (for growth rates), Table 532 (for contributions), and Table 533 (for quantity indexes)

2 Includes other items, not shown separately3 Research and development investment excludes expenditures for software development



Business Investment[Billions of dollars]

Period

Capital expenditures

Total capital

expendi-tures

By industry

For compa-

nies without employ-

ees

Total by

industry

Forestry, fishing,

and agri-cultural services

Mining Utilities Con-structionManu-

facturingWhole-

sale trade

Retail trade

Trans-porta-tion and

ware-housing

Informa-tion

Finance and

insur-ance

Real estate

and rental and

leasing

Profes-sional, scien-tific, and

technical services

Health care and

social assis-tance

Other 1

For companies with employees

1999 1,0470 9746 17 306 428 231 1964 324 641 573 1228 1301 1006 295 513 918 7232000 1,1610 1,0899 15 425 613 250 2148 336 698 599 1602 1337 925 341 522 1089 7122001 1,1090 1,0523 15 513 828 248 1928 300 669 578 1448 1311 827 305 529 1025 5672002 9979 9175 19 425 655 248 1572 268 593 471 882 1284 945 259 593 961 8042003 9750 8868 19 505 546 232 1491 260 659 445 805 1208 880 247 612 962 8822004 1,0421 9532 21 513 504 286 1567 323 722 461 835 1536 916 267 646 936 8892005 1,1448 1,0625 27 667 580 301 1656 406 735 569 914 1614 1030 331 738 1056 8222006 1,3099 1,2171 27 993 698 303 1924 366 867 680 1044 1631 1321 303 753 1263 9282007 1,3547 1,2705 21 1207 854 367 1973 308 825 674 1061 1734 1175 318 842 1348 8422008 1,3742 1,2945 23 1493 987 408 2131 324 732 796 1033 1329 1069 330 902 1387 7972009 1,0907 1,0153 22 1006 1030 198 1552 253 584 557 884 995 729 282 794 1270 7542010 1,1057 1,0362 33 1157 945 179 1608 311 653 590 972 1031 813 282 784 1006 6952011 1,2430 1,1696 31 1657 980 218 1924 357 681 727 1001 1092 911 281 831 1004 7342012 1,4236 1,3344 31 1967 1250 236 2031 409 776 818 1065 1302 1157 316 889 1100 8922013 p 1,4882 1,3978 30 1981 1117 276 2198 383 775 934 1231 1399 1139 356 933 1227 904

1 Includes the following industries: Management of companies and enterprises; administrative and support and waste management; educational services; arts, entertainment, and recreation; ac-commodation 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)

11

Status of the Labor Force

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

Period

Civilian noninsti-tutional

population (NSA)

Civilian labor force

Civilian employment Unemployment

Not in

labor force

Percent 1

TotalMen

20 years and over

Women 20 years

and over

Both sexes 1619 years

TotalMen

20 years and over

Women 20 years

and over


Labor force

participa-tion rate

Employ-ment/

population ratio

Unemploy-ment rate

2005 226,082 149,320 141,730 73,050 62,702 5,978 7,591 3,392 3,013 1,186 76,762 660 627 512006 228,815 151,428 144,427 74,431 63,834 6,162 7,001 3,131 2,751 1,119 77,387 662 631 462007 231,867 153,124 146,047 75,337 64,799 5,911 7,078 3,259 2,718 1,101 78,743 660 630 462008 233,788 154,287 145,362 74,750 65,039 5,573 8,924 4,297 3,342 1,285 79,501 660 622 582009 235,801 154,142 139,877 71,341 63,699 4,837 14,265 7,555 5,157 1,552 81,659 654 593 932010 237,830 153,889 139,064 71,230 63,456 4,378 14,825 7,763 5,534 1,528 83,941 647 585 962011 239,618 153,617 139,869 72,182 63,360 4,327 13,747 6,898 5,450 1,400 86,001 641 584 892012 243,284 154,975 142,469 73,403 64,640 4,426 12,506 5,984 5,125 1,397 88,310 637 586 812013 245,679 155,389 143,929 74,176 65,295 4,458 11,460 5,568 4,565 1,327 90,290 632 586 742014 247,947 155,922 146,305 75,471 66,287 4,548 9,617 4,585 3,926 1,106 92,025 629 590 622014: May 247,622 155,629 145,868 75,159 66,164 4,545 9,761 4,677 4,006 1,078 91,993 628 589 63 June 247,814 155,700 146,247 75,504 66,267 4,476 9,453 4,552 3,736 1,165 92,114 628 590 61 July 248,023 156,048 146,401 75,631 66,250 4,520 9,648 4,543 3,972 1,132 91,975 629 590 62 Aug 248,229 156,018 146,451 75,668 66,289 4,495 9,568 4,543 3,942 1,083 92,210 629 590 61 Sept 248,446 155,845 146,607 75,889 66,192 4,527 9,237 4,273 3,845 1,119 92,601 627 590 59 Oct 248,657 156,243 147,260 75,928 66,560 4,772 8,983 4,094 3,794 1,094 92,414 628 592 57 Nov 248,844 156,402 147,331 75,675 66,894 4,762 9,071 4,354 3,705 1,013 92,442 629 592 58 Dec 249,027 156,129 147,442 76,026 66,632 4,784 8,688 4,245 3,479 963 92,898 627 592 562015: Jan 249,723 157,180 148,201 76,496 66,983 4,722 8,979 4,308 3,575 1,096 92,544 629 593 57 Feb 249,899 157,002 148,297 76,588 66,901 4,808 8,705 4,243 3,469 993 92,898 628 593 55 Mar 250,080 156,906 148,331 76,653 66,874 4,804 8,575 4,099 3,455 1,021 93,175 627 593 55 Apr 250,266 157,072 148,523 76,805 66,935 4,784 8,549 4,079 3,483 986 93,194 628 593 54 May 250,455 157,469 148,795 76,833 67,178 4,784 8,674 4,082 3,553 1,039 92,986 629 594 55

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 dataSee Employment and Earnings for details on breaks in series

Source: Department of Labor (Bureau of Labor Statistics)

*16 YEARS OF AGE AND OVERSOURCE: DEPARTMENT OF LABOR

SEASONALLY ADJUSTED


2007

16

12

20

8

4

0

16

12

20

8

4

0

MILLIONS OF PERSONS*MILLIONS OF PERSONS*

2009 2011 20132012 2014 20152008 2010

CIVILIAN LABOR FORCE

146

154

150

142

138

134

158

162

Chart 11 - May 2015

UNEMPLOYMENT

CIVILIANEMPLOYMENT

146

154

150

142

138

134

158

162

EMPLOYMENT, UNEMPLOYMENT, AND WAGES

In May, employment as measured by the household survey rose 272,000 and unemployment rose 125,000.

12

Selected Unemployment Rates

[Monthly data seasonally adjusted, except as noted by NSA]

Period

Unemployment rate (percent of civilian labor force in group)

All civilian workers

By sex and age By race or ethnicity 1 By selected groups

Men 20 years

and over

Women 20 years

and over


WhiteBlack

or African

AmericanAsian

Hispanic or

Latino ethnicity

Married men,

spouse present

Women who

maintain families (NSA)

Full-time workers

Part-time workers

2005 51 44 46 166 44 100 40 60 28 78 50 542006 46 40 41 154 40 89 30 52 24 71 45 512007 46 41 40 157 41 83 32 56 25 65 46 492008 58 54 49 187 52 101 40 76 34 80 58 552009 93 96 75 243 85 148 73 121 66 115 100 602010 96 98 80 259 87 160 75 125 68 123 104 632011 89 87 79 244 79 158 70 115 58 124 96 632012 81 75 73 240 72 138 59 103 49 114 85 612013 74 70 65 229 65 131 52 91 43 102 77 592014 62 57 56 196 53 113 50 74 34 86 64 542014: May 63 59 57 192 54 114 56 77 33 84 64 55 June 61 57 53 207 53 107 48 76 34 81 62 55 July 62 57 57 200 53 114 42 76 33 91 64 55 Aug 61 57 56 194 53 116 46 74 32 93 62 55 Sept 59 53 55 198 51 110 45 70 29 83 60 57 Oct 57 51 54 187 49 109 50 68 30 87 60 50 Nov 58 54 52 175 49 110 47 66 32 82 60 51 Dec 56 53 50 168 48 104 42 65 30 78 57 502015: Jan 57 53 51 188 49 103 40 67 29 81 59 49 Feb 55 52 49 171 47 104 40 66 30 77 57 49 Mar 55 51 49 175 47 101 32 68 28 81 56 49 Apr 54 50 49 171 47 96 44 69 30 70 55 49 May 55 50 50 179 47 102 41 67 29 68 56 49

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


PERCENT (SEASONALLY ADJUSTED) PERCENT (SEASONALLY ADJUSTED)

1SEE FOOTNOTE 1 TABLE BELOW.2HISPANIC OR LATINO ETHNICITY.SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS

Chart 12 - May 2015

2012 2013 201520142011 2012 2013 2014 2015 2011

30

25

15

20

5

0

10

30

25

15

20

5

0

10

ALL CIVILIANWORKERS

MEN 20 YEARSAND OVER

BLACK ORAFRICAN

AMERICAN1

TEENAGERS(16-19)

HISPANIC1,2

WHITE1 WOMEN 20 YEARSAND OVER

ASIAN1

In May, the unemployment rate rose to 5.5 percent.

13

Selected Measures of Unemployment and Unemployment Insurance Programs

[Monthly data seasonally adjusted, except as noted by NSA]

PeriodUnemploy-

ment (thou-sands)

Duration of unemployment Reason for unemployment: percent distribution State programsInsured

unemploy-ment,

all programs (NSA) 2

Percent distribution Number of weeks

Job losers

Job leavers Reentrants

New entrants

Insured unemploy-

ment (NSA)

Initial claims (NSA)

Less than

5 weeks514

weeks1526 weeks

27 weeks and over

Average (mean) 1 Median

Weekly average, thousands

2005 7,591 351 304 149 196 184 89 483 115 314 88 2,661 328 2,7092006 7,001 373 303 147 176 168 83 474 118 320 88 2,476 313 2,5212007 7,078 359 315 150 176 168 85 497 112 303 89 2,572 324 2,6122008 8,924 328 314 160 197 179 94 537 100 277 86 3,306 424 3,8992009 14,265 222 268 195 315 244 151 642 62 223 73 5,724 568 9,1232010 14,825 187 220 160 433 330 214 624 60 234 82 4,487 454 9,7322011 13,747 195 218 150 438 393 214 590 70 247 93 3,679 406 7,6302012 12,506 211 229 149 411 394 193 550 77 267 105 3,297 374 6,0482013 11,460 225 241 158 376 365 170 530 81 280 109 2,947 342 4,6052014 9,617 257 253 156 335 337 140 507 86 294 113 2,574 305 2,6582014: May 9,761 262 246 149 343 343 145 508 89 294 109 2,517 295 2,573 June 9,453 257 256 161 326 333 132 510 90 287 113 2,738 329 2,793 July 9,648 269 253 148 330 325 135 502 89 297 112 2,673 329 2,729 Aug 9,568 274 257 158 312 319 133 503 89 297 111 2,545 266 2,603 Sept 9,237 257 270 154 319 318 133 490 88 304 118 2,328 259 2,376 Oct 8,983 270 255 156 319 329 135 481 86 316 117 2,129 297 2,176 Nov 9,071 275 261 154 310 330 128 491 92 303 115 2,277 317 2,323 Dec 8,688 272 263 146 319 328 126 492 91 307 110 2,814 434 2,8662015: Jan 8,979 268 261 155 315 323 134 474 95 316 115 2,912 398 r 2,958 Feb 8,705 279 256 154 311 317 131 481 102 305 112 r 2,757 296 r 2,799 Mar 8,575 289 268 145 298 307 122 489 102 314 95 3,120 282 3,166 Apr 8,549 314 265 131 290 308 117 486 97 315 102 2,400 288 2,438 May 8,674 276 290 148 286 307 116 491 95 301 112

1 Beginning January 2011, includes unemployment durations of up to 5 years; prior data are for up to 2 years2 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

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)

PERCENT DISTRIBUTION* PERCENT DISTRIBUTION*

REASON FOR UNEMPLOYMENTDURATION OF UNEMPLOYMENT7070

60

50

40

30

02011 2012 2013 2014 20152011 2012 2013 2014 2015

0

20

30

40

60

50

*SEASONALLY ADJUSTEDSOURCE: DEPARTMENT OF LABOR

20


Chart 13 - May 2015

NEW ENTRANTS

5-14WEEKS

15-26WEEKS

JOB LEAVERS

REENTRANTS

10 10

LESS THAN5 WEEKS

27 WEEKSAND OVER

JOB LOSERS

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

14

Nonagricultural Employment

[Thousands of wage and salary workers; 1 monthly data seasonally adjusted]

Period

Total nonagri-cultural employ-

ment

Private industries

Govern-mentTotal

private

Goods-producing industries Private service-providing industries

Total 2 Construc-tionManufac-

turing Total

Trade, transportation, and utilities

Informa-tion

Financial activities

Profes-sional and

business services

Education and

health services

Leisure and

hospital-ity

Other services

Total 3 Retail trade

2005 134,005 112,201 22,190 7,336 14,227 90,010 25,959 15,280 3,061 8,197 16,954 17,630 12,816 5,395 21,8042006 136,398 114,424 22,530 7,691 14,155 91,894 26,276 15,353 3,038 8,367 17,566 18,099 13,110 5,438 21,9742007 137,936 115,718 22,233 7,630 13,879 93,485 26,630 15,520 3,032 8,348 17,942 18,613 13,427 5,494 22,2182008 137,170 114,661 21,335 7,162 13,406 93,326 26,293 15,283 2,984 8,206 17,735 19,156 13,436 5,515 22,5092009 131,233 108,678 18,558 6,016 11,847 90,121 24,906 14,522 2,804 7,838 16,579 19,550 13,077 5,367 22,5552010 130,275 107,785 17,751 5,518 11,528 90,034 24,636 14,440 2,707 7,695 16,728 19,889 13,049 5,331 22,4902011 131,842 109,756 18,047 5,533 11,726 91,708 25,065 14,668 2,674 7,697 17,332 20,228 13,353 5,360 22,0862012 134,104 112,184 18,420 5,646 11,927 93,763 25,476 14,841 2,676 7,784 17,932 20,698 13,768 5,430 21,9202013 136,393 114,541 18,738 5,856 12,020 95,803 25,862 15,079 2,706 7,886 18,515 21,097 14,254 5,483 21,8532014 139,042 117,180 19,223 6,138 12,188 97,957 26,384 15,364 2,740 7,979 19,096 21,475 14,710 5,573 21,8632014: May 138,621 116,780 19,156 6,114 12,154 97,624 26,297 15,318 2,723 7,951 19,005 21,409 14,667 5,572 21,841 June 138,907 117,052 19,190 6,121 12,177 97,862 26,362 15,357 2,735 7,968 19,079 21,452 14,698 5,568 21,855 July 139,156 117,295 19,243 6,152 12,191 98,052 26,413 15,382 2,740 7,984 19,124 21,497 14,721 5,573 21,861 Aug 139,369 117,504 19,277 6,169 12,205 98,227 26,427 15,379 2,753 7,997 19,180 21,539 14,746 5,585 21,865 Sept 139,619 117,739 19,315 6,191 12,214 98,424 26,467 15,410 2,757 8,007 19,231 21,585 14,795 5,582 21,880 Oct 139,840 117,957 19,349 6,201 12,237 98,608 26,517 15,436 2,754 8,014 19,271 21,613 14,850 5,589 21,883 Nov 140,263 118,371 19,425 6,231 12,282 98,946 26,615 15,498 2,761 8,042 19,367 21,664 14,892 5,605 21,892 Dec 140,592 118,690 19,489 6,275 12,301 99,201 26,669 15,497 2,767 8,049 19,439 21,718 14,948 5,611 21,9022015: Jan 140,793 118,892 19,540 6,316 12,318 99,352 26,704 15,533 2,773 8,068 19,459 21,760 14,972 5,616 21,901 Feb 141,059 119,153 19,560 6,347 12,321 99,593 26,748 15,556 2,780 8,077 19,508 21,821 15,033 5,626 21,906 Mar r 141,178 119,270 19,540 6,335 12,327 99,730 26,787 15,587 2,778 8,090 19,547 21,863 15,039 5,626 21,908 Apr r 141,399 119,476 19,561 6,370 12,328 99,915 26,810 15,601 2,786 8,098 19,613 21,927 15,049 5,632 21,923 May p 141,679 119,738 19,567 6,387 12,335 100,171 26,860 15,632 2,783 8,111 19,676 22,001 15,106 5,634 21,941

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

2 Includes mining and logging, not shown separately3 Includes wholesale trade, transportation and warehousing, and utilities, not shown separately

Note: Data classified by industry based on the 2012 North American Industry Classification System (NAICS) For details see Employment and Earnings


MILLIONS OF PERSONS*

*SEASONALLY ADJUSTEDSOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS

Chart 14 - May 2015

MILLIONS OF PERSONS*

GOODS-PRODUCING

20

22

2011 2012 2013 2014 2015

12

10

20

22

16

14

18

20

90

24

94

96

98

92

2011 20142012 2013 2015

24

100

120

130

110

PRIVATEINDUSTRIES

102

100

ALL NONAGRICULTURALESTABLISHMENTS

145

140

135

125

115

105 18

22

16

14

PROFESSIONAL ANDBUSINESS SERVICES

GOVERNMENT

RETAIL TRADE

MANUFACTURING

PRIVATE SERVICE-PROVIDING

INDUSTRIES

EDUCATION ANDHEALTH SERVICES

Total nonagricultural employment as measured by the payroll survey rose by 280,000 in May.

15

Employment Cost IndexPrivate Industry

Period

Index (December 2005 = 100) Percent change from

Total compensation

Wages and

salariesBenefits 1

3 months earlier 12 months earlier

Total compensation

Wages and

salariesBenefits 1 Total compensation

Wages and

salariesBenefits 1

Not seasonally adjusted

2005: Dec 1000 1000 1000 29 25 402006: Dec 1032 1032 1031 32 32 312007: Dec 1063 1066 1056 30 33 242008: Dec 1089 1094 1077 24 26 202009: Dec 1102 1108 1087 12 13 092010: Dec 1125 1128 1119 21 18 292011: Dec 1150 1146 1159 22 16 362012: Dec 1171 1166 1182 18 17 202013: Dec 1194 1190 1205 20 21 192014: Dec 1222 1216 1235 23 22 25

Seasonally adjusted Not seasonally adjusted

2012: Mar 1157 1153 1168 05 05 06 21 19 28 June 1163 1158 1175 5 4 6 18 18 19 Sept 1168 1163 1180 4 4 4 19 18 22 Dec 1172 1167 1185 3 3 4 18 17 202013: Mar 1179 1174 1191 6 6 5 19 17 20 June 1185 1180 1197 5 5 5 19 19 19 Sept 1190 1184 1203 4 3 5 19 18 20 Dec 1196 1191 1207 5 6 3 20 21 192014: Mar 1199 1194 1213 3 3 5 17 17 18 June 1209 1203 1226 8 8 11 20 19 24 Sept 1217 1211 1232 7 7 5 23 23 23 Dec 1223 1217 1238 5 5 5 23 22 252015: Mar 1232 1226 1245 7 7 6 28 28 26

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 industriesData exclude farm and household workers


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

Period

Average weekly hours Average gross hourly earnings Average gross weekly earnings

Total private

nonagricul-tural 1

Manufacturing Total private nonagricultural 1 Manufac-turing

Total private nonagricultural 1 Current dollars

Percent change from a year earlier, total private

nonagricultural

Total Overtime Current dollars1982-84 dollars 2

Current dollars

1982-84 dollars 2

Manufac-turing

Construc-tion

Retail trade

Current dollars

1982-84 dollars 2

2005 338 407 46 $1612 $844 $1656 $54405 $28484 $67330 $75037 $37758 29 062006 339 411 44 1675 850 1681 56739 28787 69088 78159 38312 43 112007 338 412 42 1742 859 1726 58927 29061 71153 81623 38500 39 102008 336 408 37 1807 856 1775 60753 28786 72446 84261 38621 31 92009 331 398 29 1861 888 1824 61601 29386 72612 85176 38857 14 212010 334 411 38 1905 890 1861 63625 29736 76515 89183 40007 33 122011 336 414 41 1944 877 1893 65319 29479 78429 92184 41209 27 92012 337 417 42 1974 873 1908 66582 29431 79463 94214 42210 19 22013 337 418 43 2013 878 1930 67767 29551 80737 95872 42307 18 42014 337 420 45 2061 885 1956 69489 29853 82224 97705 43164 25 102014: Apr 337 419 44 2052 883 1949 69152 29747 81663 97948 43163 24 4 May 337 422 46 2055 881 1953 69254 29706 82417 97861 42996 24 3 June 337 421 45 2059 882 1955 69388 29710 82306 97900 43200 23 3 July 337 420 44 2063 883 1959 69523 29745 82278 98433 43176 30 11 Aug 337 420 44 2068 886 1963 69692 29850 82446 98226 43440 28 12 Sept 337 421 45 2068 885 1962 69692 29822 82600 98297 43410 23 7 Oct 337 421 44 2072 887 1965 69826 29884 82727 98248 43530 26 11 Nov 338 422 46 2077 893 1964 70203 30178 82881 98575 43796 26 15 Dec 338 421 46 2072 895 1962 70034 30248 82600 98872 43723 25 222015: Jan 337 421 44 2081 907 1964 70130 30574 82684 98264 44097 26 35 Feb 338 419 43 2082 905 1970 70372 30600 82543 98872 44183 26 33 Mar r 337 418 43 2088 905 1977 70366 30508 82639 98894 43860 19 24 Apr r 336 418 42 2091 906 1980 70258 30439 82764 99012 43980 16 23 May p 337 418 42 2097 1982 70669 82848 99036 44130 20

1 Also includes other private industry groups shown on p 142 Current dollar earnings divided by the consumer price index for urban wage earners and clerical workers (CPIW) (on a 1982-84=100 base)


16

Productivity and Related Data, Business and Nonfarm Business Sectors

Period

Output per hour of all persons Output

1 Hours of all persons 2

Compensation per hour 3

Real compensation

per hour 4Unit labor

costsImplicit price

deflator 5

Business sector

Nonfarm business

sectorBusiness

sectorNonfarm business

sectorBusiness


sectorBusiness


sectorBusiness


sectorBusiness


sectorBusiness


sector

Indexes, 2009=100; quarterly data seasonally adjusted

2005 937 938 1001 1002 1068 1069 888 888 976 976 948 947 935 9342006 946 947 1033 1034 1091 1093 923 923 983 983 976 975 960 9602007 960 962 1055 1058 1098 1100 964 963 998 997 1004 1001 982 9792008 968 969 1042 1044 1077 1078 990 989 986 986 1022 1021 998 9942009 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002010 1033 1033 1032 1032 999 999 1019 1020 1002 1003 986 987 1011 10102011 1034 1035 1053 1055 1019 1019 1041 1042 993 994 1007 1007 1033 10282012 1043 1045 1086 1089 1041 1042 1070 1071 1000 1000 1026 1024 1052 10472013 1055 1054 1116 1117 1058 1059 1084 1082 999 997 1028 1027 1067 10612014 r 1060 1062 1148 1151 1083 1084 1110 1110 1006 1006 1048 1046 1081 10762011: I 1031 1031 1041 1041 1010 1009 1045 1047 1009 1011 1014 1015 1023 1019 II 1034 1035 1051 1052 1016 1017 1040 1041 994 995 1006 1006 1031 1026 III 1031 1033 1053 1055 1022 1022 1046 1047 992 994 1014 1014 1038 1032 IV 1039 1040 1069 1070 1029 1029 1033 1034 976 977 994 994 1040 10352012: I 1038 1040 1077 1079 1037 1037 1061 1063 997 999 1022 1021 1045 1039 II 1044 1046 1083 1085 1038 1038 1064 1065 997 998 1019 1018 1050 1045 III 1047 1050 1092 1095 1042 1043 1064 1065 993 994 1016 1014 1056 1050 IV 1042 1044 1091 1095 1048 1049 1091 1091 1012 1011 1047 1044 1059 10522013: I 1047 1046 1100 1102 1051 1053 1075 1072 993 991 1027 1025 1063 1055 II 1050 1048 1106 1107 1054 1056 1086 1083 1004 1002 1035 1034 1065 1059 III 1058 1057 1122 1122 1060 1062 1086 1085 999 997 1027 1026 1069 1064 IV 1066 1065 1135 1135 1065 1066 1090 1089 999 998 1023 1023 1072 10672014: I 1051 1052 1125 1129 1070 1072 1108 1106 1010 1008 1053 1051 1075 1069 II 1059 1060 1141 1144 1077 1079 1105 1103 1001 1000 1043 1041 1082 1075 III 1068 1070 1159 1161 1085 1085 1110 1111 1003 1004 1040 1039 1085 1079 IV r 1062 1064 1167 1169 1099 1098 1119 1120 1013 1014 1054 1053 1083 10792015: I r * 1053 1056 1163 1164 1104 1103 1127 1130 1028 1030 1070 1070 1081 1078

Percent change; quarterly data at seasonally adjusted annual rates

2005 21 21 38 38 17 17 36 36 02 02 15 16 31 342006 10 9 32 32 22 22 39 39 7 7 29 30 27 282007 15 16 21 23 6 7 44 43 16 14 29 27 23 202008 8 8 12 13 20 20 26 27 12 11 18 20 15 152009 33 32 41 43 71 72 10 11 14 14 22 20 2 62010 33 33 32 32 1 1 19 20 2 3 14 13 11 102011 1 2 21 22 20 20 22 22 10 9 21 21 22 182012 9 10 31 32 22 22 28 27 7 6 19 17 18 182013 12 9 27 26 15 17 13 11 1 3 2 2 14 142014 r 5 7 29 30 24 23 24 26 8 9 19 18 13 142011: I 33 33 22 25 12 9 70 73 25 29 106 110 17 9 II 13 15 38 45 25 29 17 20 61 64 29 35 31 28 III 10 9 11 11 22 20 21 24 5 2 32 33 27 25 IV 32 30 61 58 28 28 48 50 64 66 77 77 8 132012: I 3 0 31 33 34 33 114 115 90 90 117 114 17 16 II 20 20 23 23 2 3 10 9 0 1 10 11 22 23 III 14 18 31 37 17 19 1 1 16 19 13 18 20 18 IV 22 23 1 1 21 24 105 101 77 73 130 127 13 102013: I 20 6 32 24 13 18 58 65 71 78 76 71 14 9 II 11 9 21 20 10 11 43 42 45 44 31 32 10 15 III 33 34 59 56 26 21 1 4 22 18 31 29 16 19 IV 29 30 46 47 17 17 14 17 0 2 14 13 10 142014: I 52 47 33 24 20 24 66 63 44 42 124 115 13 8 II 29 29 57 55 27 25 10 9 34 33 39 37 24 20 III 33 39 64 63 29 24 21 28 9 17 12 10 11 17 IV r 23 21 28 26 52 49 31 34 39 42 55 56 5 32015: I r * 31 31 13 16 19 16 31 33 63 65 64 67 9 1

1 Output refers to real gross domestic product originating in the sector2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family workers Estimates based primarily on establishment data3 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-employed4 Hourly compensation divided by the consumer price index for all urban consumers (CPIU) for recent quarters The trend from 19782014 is based on the consumer price index research series

(CPIURS)5 Current dollar gross domestic output divided by the output index

Note: Data relate to all persons engaged in the sectorPercent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here

* Data based on GDP data released on May 29, 2015


17

Industrial Production and Capacity Utilization

[Monthly data seasonally adjusted]

Period

Total industrial production 1 Industry production indexes, 2007=100 Capacity utilization rate (output as percent of

capacity) 1

Index, 2007=100

Percent change 2 Manufacturing

Mining UtilitiesFrom preceding

month

From year

earlierTotal 1 Durable Nondurable Other (non-NAICS) 1

Total industry

Total manufacturing

2005 955 32 950 912 983 1074 970 973 799 7822006 976 22 974 954 988 1061 992 967 802 7842007 1000 25 1000 1000 1000 1000 1000 1000 805 7872008 966 34 953 966 941 935 1012 999 776 7462009 857 113 824 786 869 807 957 975 687 6562010 906 57 873 872 887 764 1007 1010 738 7112011 936 33 903 932 889 743 1068 1008 763 7392012 971 38 940 1000 900 728 1135 987 773 7552013 999 29 965 1044 912 689 1189 1007 779 7612014 r 1041 41 998 1098 931 658 1296 1020 791 7722014: Apr 1032 01 39 991 1084 930 669 1277 1010 790 770 May 1037 5 43 995 1097 925 671 1290 1013 791 771 June 1041 4 45 999 1103 927 674 1311 993 792 773 July 1045 3 51 1008 1119 930 665 1313 963 793 778 Aug 1045 0 45 1004 1109 934 655 1325 970 791 774 Sept 1052 7 44 1006 1111 938 642 1338 1012 794 774 Oct 1051 0 43 1008 1115 937 638 1323 1016 792 774 Nov r 1063 11 48 1020 1128 949 634 1315 1053 798 781 Dec r 1062 1 46 1019 1125 952 625 1350 1000 795 7802015: Jan r 1059 3 45 1013 1116 948 628 1333 1032 792 774 Feb r 1058 1 35 1011 1109 950 634 1306 1083 789 772 Mar r 1055 3 23 1015 1111 954 645 1304 1024 786 773 Apr p 1052 3 19 1015 1112 953 643 1293 1011 782 772

1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industrieslogging and newspaper, periodical, book and directory-publishingthat 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

INDEX, 2007 = 100* (RATIO SCALE)

BUSINESSEQUIPMENT

CONSUMERGOODS

DEFENSE ANDSPACE EQUIPMENT

UTILITIES

2011 2012 2013 2014 2015 2011 2012 2013 2014 2015

MINING

1SEE FOOTNOTE 1 TABLE BELOW*SEASONALLY ADJUSTEDSOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS

TOTAL INDUSTRIAL PRODUCTION FINAL PRODUCTS

CAPACITY UTILIZATION RATE (TOTAL INDUSTRY)

UTILITIES AND MINING

120INDEX, 2007 = 100* (RATIO SCALE)

PERCENT*

140

130

120

110

100

70

80

90

8684

82

80

78

76

74

72

70

6668

110

100

90

80

70

140

130

120

110

100

90

Chart 17 - May 2015

DURABLE

NONDURABLE

TOTAL1

MANUFACTURING120

110

100

90

80

PRODUCTION AND BUSINESS ACTIVITY

Industrial production and capacity utilization fell in April.

18

Industrial Production Major Market Groups and Selected Manufactures

[2007=100; monthly data seasonally adjusted]

Period

Products and nonindustrial supplies Materials

Final products Nonindustrial supplies

Total 1 EnergyTotal

Consumer goods Equipment

Total Construction BusinessTotal Durable goods

Nondurable goods Total

1 BusinessDefense

and space

2005 954 990 979 993 874 877 849 984 987 982 946 9682006 979 995 983 999 943 958 841 998 1011 992 965 9802007 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002008 964 951 888 972 993 977 1069 942 907 960 976 10082009 866 886 740 934 822 801 1024 807 699 860 866 9842010 896 896 794 929 896 867 1105 829 725 880 942 10252011 917 909 833 934 937 915 1067 842 747 889 986 10632012 947 925 900 935 1001 983 1118 865 781 905 1031 11092013 971 947 969 945 1028 1019 1144 888 814 924 1064 11532014 r 1004 974 1027 963 1075 1070 1165 915 849 947 1118 12362014: Apr 1002 974 1007 968 1068 1063 1161 904 829 940 1104 1218 May 1002 971 1022 960 1075 1072 1161 909 840 943 1113 1231 June 1000 968 1029 955 1073 1069 1166 910 844 942 1124 1246 July 1008 975 1075 951 1085 1082 1171 914 856 941 1124 1237 Aug 1001 965 1036 949 1085 1080 1171 917 859 945 1129 1249 Sept 1007 974 1033 962 1084 1076 1178 924 861 954 1137 1268 Oct 1007 971 1031 958 1092 1088 1174 928 867 958 1135 1260 Nov r 1026 992 1069 975 1104 1104 1176 935 867 967 1141 1262 Dec r 1019 987 1064 970 1093 1090 1178 933 878 959 1147 12732015: Jan r 1016 990 1054 976 1076 1080 1164 935 874 964 1141 1272 Feb r 1018 994 1033 987 1073 1087 1179 935 869 967 1137 1268 Mar r 1015 994 1056 980 1066 1091 1170 927 857 960 1135 1265 Apr p 1010 990 1066 973 1056 1087 1166 929 858 963 1133 1260

1 Includes other items, not shown separately

[2007=100; monthly data seasonally adjusted]

Period

Durable manufactures Nondurable manufactures

Primary metals

Fabricated metal

productsMachinery

Computer and electronic products

Transportation equipment

ApparelPrinting

and support

Chemical Food

TotalIron and

steel products

TotalSelected

high-tech-nology 1

TotalMotor

vehicles and

parts

2005 952 943 909 916 770 711 930 1023 1288 986 929 9862006 980 984 959 959 874 849 942 1008 1252 978 952 9952007 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 10002008 1000 1064 964 973 1081 1155 896 800 777 938 925 9882009 740 685 742 757 970 1030 734 586 557 788 835 9822010 911 894 790 846 1113 1276 850 778 543 788 863 9862011 974 975 853 956 1220 1464 890 848 511 780 863 9852012 996 1012 914 1011 1350 1647 993 974 492 761 864 10282013 1008 1002 947 1029 1444 1805 1047 1050 505 757 875 10452014 r 1053 1026 985 1100 1508 1913 1109 1132 511 774 894 10652014: Apr 1044 1004 977 1081 1497 1897 1089 1107 509 766 883 1069 May 1056 1016 983 1096 1513 1941 1109 1133 502 768 881 1064 June 1087 1039 996 1087 1511 1944 1114 1133 499 775 889 1062 July 1092 1068 999 1095 1505 1935 1168 1239 503 777 895 1057 Aug 1083 1035 985 1110 1513 1928 1125 1150 497 774 902 1054 Sept 1070 1056 996 1104 1523 1939 1120 1129 514 773 905 1057 Oct 1057 1074 997 1138 1536 1957 1116 1123 513 776 908 1063 Nov r 1043 1042 999 1161 1535 1958 1149 1191 524 781 913 1083 Dec r 1068 1041 1001 1122 1541 1947 1143 1176 536 787 918 10842015: Jan r 1023 956 1005 1105 1542 1933 1133 1165 546 782 919 1086 Feb r 1000 903 996 1121 1536 1917 1124 1124 527 778 919 1085 Mar r 970 846 998 1114 1529 1908 1148 1172 524 788 919 1093 Apr p 975 863 998 1105 1529 1911 1152 1187 522 791 920 1092

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

Source: Board of Governors of the Federal Reserve System

19

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

Period

New housing units started New housing units authorized 2New

housing units

completed

New houses

sold

New houses for sale at end

of period 3

Vacancy rate for rental

housing units

(percent) 4

Type of structure Type of structure

Total 1 unit 24 units 1 5 units or more Total 1 unit 24 units5 units or

more

2005 2,0683 1,7158 411 3114 2,1553 1,6820 840 3893 1,9314 1,283 511 992006 1,8009 1,4654 427 2928 1,8389 1,3782 766 3841 1,9794 1,051 536 972007 1,3550 1,0460 317 2773 1,3984 9799 596 3590 1,5028 776 497 982008 9055 6220 175 2660 9054 5756 344 2954 1,1197 485 353 1002009 5540 4451 116 973 5830 4411 207 1211 7944 375 234 1062010 5869 4712 114 1043 6046 4473 220 1353 6517 323 190 1022011 6088 4306 109 1673 6241 4185 216 1840 5849 306 151 952012 7806 5353 114 2339 8297 5187 259 2851 6492 368 150 872013 9249 6176 136 2937 9908 6208 290 3411 7644 429 187 832014 r 1,0030 6479 137 3417 1,0521 6403 299 3820 8838 437 212 76

Seasonally adjusted annual rates

2014: Apr r 1,039 639 391 1,074 622 27 425 826 410 191 May r 986 637 340 1,017 626 29 362 903 457 194 June r 927 597 307 1,033 648 38 347 797 408 198 75 July r 1,095 657 422 1,041 640 30 371 861 403 204 Aug r 966 643 306 1,040 643 35 362 905 454 205 Sept r 1,026 661 353 1,053 653 26 374 948 459 209 74 Oct r 1,079 705 357 1,120 652 32 436 917 472 208 Nov r 1,007 670 328 1,079 663 28 388 867 449 210 Dec r 1,080 724 336 1,077 685 24 368 939 495 212 702015: Jan r 1,080 706 368 1,059 657 27 375 975 521 208 Feb r 900 600 292 1,098 626 28 444 865 538 204 Mar r 944 628 295 1,038 642 26 370 819 484 204 71 Apr p 1,135 733 389 1,140 666 32 442 986 517 205

1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards2 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 1,04643 Seasonally adjusted4 Quarterly data are three-month averages Annual data are averages of quarterly data

Note: Data revised to reflect annual revisions


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

PeriodTotal new

construction expenditures

PrivateFederal

and State and local

Total

Residential Nonresidential

Total 1 New housing Total Lodging OfficeCommercial (including

farm)Manufactur-

ing Other 2

2005 1,1041 8700 6119 4808 2581 127 373 666 284 1131 23422006 1,1672 9118 6137 4688 2981 176 457 734 323 1291 25542007 1,1524 8633 4932 3541 3700 275 538 859 402 1626 28912008 1,0684 7597 3503 2301 4094 354 555 827 536 1823 30872009 9049 5900 2459 1339 3441 254 373 511 574 1730 31492010 8060 5021 2388 1273 2633 112 244 372 406 1499 30402011 7883 5019 2441 1232 2578 84 237 392 398 1467 28642012 8612 5819 2806 1545 3014 102 274 443 468 1726 27932013 9108 6411 3362 2031 3049 131 298 487 472 1661 26962014 9606 6866 3490 2352 3376 156 369 554 550 1747 27392014: Apr 9603 6890 3608 2302 3282 153 358 519 496 1755 2713 May 9728 6964 3570 2295 3394 154 365 526 545 1803 2765 June 9571 6843 3506 2297 3337 146 361 539 537 1754 2729 July 9600 6828 3489 2318 3340 147 361 549 535 1747 2772 Aug 9611 6844 3462 2354 3382 155 373 560 560 1733 2767 Sept 9664 6921 3464 2407 3457 167 395 586 579 1731 2743 Oct 9804 6949 3479 2453 3469 170 399 591 597 1711 2856 Nov 9743 6979 3469 2483 3510 175 393 601 606 1735 2764 Dec 9845 7045 3496 2531 3548 174 401 610 637 1727 28002015: Jan 9728 7025 3540 2551 3484 155 404 598 630 1698 2703 Feb r 9790 7060 3547 2564 3513 165 413 587 688 1661 2730 Mar r 9840 7121 3511 2529 3610 173 425 592 742 1678 2719 Apr p 1,0061 7252 3531 2578 3721 183 439 610 762 1726 2809

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


20

Business Sales and InventoriesManufacturing and Trade

[Millions of dollars, except ratios; seasonally adjusted, except as noted]

Period

Manufacturing and trade 1 Wholesale RetailRetail and food services sales 2Sales 2 Inventories 3 Inventory/sales ratio 4 Sales

2 Inventories 3 Inventory/sales ratio 4 Sales 2 Inventories 3 Inventory/sales ratio 4

2005 r 1,005,821 1,313,394 127 303,208 368,070 117 307,440 471,658 151 340,4792006 r 1,069,032 1,407,845 128 328,438 398,969 117 322,631 486,439 149 357,8632007 r 1,128,176 1,486,057 128 351,956 424,318 117 332,932 500,625 149 369,9782008 r 1,160,303 1,462,775 131 376,603 443,905 119 328,026 477,449 152 366,0632009 r 987,564 1,325,989 138 318,068 394,417 128 301,204 429,453 147 338,9022010 r 1,087,061 1,442,657 127 359,869 437,273 114 318,405 455,051 139 357,3622011 r 1,204,161 1,555,262 126 405,214 480,931 114 342,166 470,989 135 383,4822012 r 1,267,342 1,643,981 127 430,430 512,794 116 358,853 505,169 138 402,5942013 r 1,303,200 1,715,907 129 443,551 534,519 118 372,419 543,511 141 417,6452014 r 1,348,311 1,781,446 131 462,592 570,198 120 386,024 558,321 143 434,0372014: Mar r 1,341,847 1,738,199 130 460,125 546,613 119 382,356 545,210 143 429,358 Apr r 1,348,076 1,747,533 130 461,684 552,153 120 385,728 546,956 142 432,969 May r 1,353,182 1,755,835 130 465,860 554,387 119 386,644 547,944 142 434,241 June r 1,357,191 1,760,889 130 466,321 556,193 119 387,651 550,434 142 435,371 July r 1,365,564 1,766,790 129 468,699 556,636 119 388,196 556,180 143 436,183 Aug r 1,361,942 1,769,533 130 466,534 560,382 120 390,353 554,795 142 438,710 Sept r 1,358,331 1,774,039 131 466,414 561,836 120 388,462 556,747 143 437,311 Oct r 1,354,287 1,778,433 131 466,173 565,118 121 389,672 557,744 143 439,189 Nov r 1,352,373 1,780,173 132 465,997 569,479 122 391,741 554,624 142 441,444 Dec r 1,339,038 1,781,446 133 461,666 570,198 124 387,188 558,321 144 437,5902015: Jan r 1,308,276 1,778,991 136 445,024 572,469 129 383,889 558,296 145 434,225 Feb r 1,303,701 1,783,741 137 442,459 573,668 130 381,432 561,001 147 431,921 Mar p 1,309,905 1,785,445 136 441,598 574,499 130 r 385,875 562,573 146 r 436,776 Apr p 385,517 436,772

1 See page 21 for manufacturing2 Annual data are averages of monthly not seasonally adjusted figures; monthly data are seasonally adjusted totals for month3 Seasonally adjusted, end of period4 Annual data are averages of seasonally adjusted monthly ratios

Note: Total manufacturing and trade data reflect annual revisions for manufacturing (see page 21)


Chart 20 - May 2015

BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE)

*SEASONALLY ADJUSTEDSOURCE: DEPARTMENT OF COMMERCE

2011 2012 2013 2014 2015 2011 2012 2013 2014 2015900

1,000

1,100

1,200

1,300

1,600

MANUFACTURING ANDTRADE INVENTORIES

MANUFACTURINGAND TRADE SALES 350

400

450

RETAIL SALES

RETAIL INVENTORIES

300

1.40

1.30

1.20

1.60

1.50

INVENTORY/SALES RATIO

1,500

1,400

MANUFAC

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