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114th Congress 1st Session
Economic Indicators
SEPTEMBER 2015(Includes data available as of October 2 2015)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PUBLISHING OFFICE
WASHINGTON 2015
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JOINT ECONOMIC COMMITTEE(Created pursuant to Sec 5(a) of Public Law 304 79th Cong)
D C Indiana ChairmanK B exas Vice Chairman
S H R
M L Utah J A Michigan C Arkansas E P Minnesota B S Nebraska R L H New York C exas D S Arizona B C MD Louisiana G G Wisconsin A K Minnesota C B M New York
R P C J Pennsylvania J D Maryland M H New Mexico A S A PD North Carolina G C P Michigan D S B J Virginia
V M M Executive Director
COUNCIL OF ECONOMIC ADVISERS
J F ChairmanS B Member
J S Member
[P L 120mdash81 C C 237mdash1 S]
JOINT RESOLUTION [SJ R ES 55]
o print the monthly publication entitled ldquoEconomic Indicatorsrdquo
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled Tat the Joint
Economic Committee be authorized to issue a monthly publication entitled ldquoEconomic Indicatorsrdquo and that a sufficientquantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate theClerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and Houseand the Congressional Library seven hundred copies to the Joint Economic Committee and the required numbers of copiesto the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents beauthorized to have copies printed for sale to the public
Approved June 23 1949
Charts prepared under the direction of the Mail and Multimedia DivisionOffice of the Secretary Department of Commerce
Monthly issues of Economic Indicators in PDF form
and tables in Excel are available online atwwwgpogoveconomicindicators
o subscribe to the print edition $5800 per year ($8120 outside the United States)contact the US Government Publishing Office
at 202-512-1800 wwwgpogoveconomicindicators or
SUPERINENDEN OF DOCUMENSUS GOVERNMEN PUBLISHING OFFICE
MAIL SOP IDCC WASHINGON DC 204029830859328
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Gross Domestic Product
[Billions of current dollars quarterly data at seasonally adjusted annual rates]
PeriodGross
domesticproduct
Personalcon-
sumptionexpendi-
tures
Grossprivate
domesticinvest-ment
Exports and imports ofgoods and services
Government consumption expendituresand gross investment
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
SEASONALLY ADJUSTED ANNUAL RATES
12800
15600
16400
13200
13600
14400
15200
16800
18400
17600
18000
17200
16000
14800
14000
12800
15600
16400
13200
13600
14400
15200
16800
18400
17600
18000
17200
16000
14800
14000
TOTAL OUTPUT INCOME AND SPENDING
In the second quarter of 2015 according to revised estimates current dollar gross domestic product (GDP) rose61 percent (annual rate) real GDP in chained (2009) dollars rose 39 percent and the chained price index rose 21percent
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Real Gross Domestic Product[Billions of chained (2009) dollars quarterly dat a at seasonally adjusted annual rates]
PeriodGross
domesticproduct
Personalcon-
sumptionexpendi-
tures
Gross privatedomestic investment
Exports and imports ofgoods and services
Government consumption expendituresand gross investment
GDP less exports of goods and services plus imports of goods and servicesNote Because of the formula used for calculatin g real GDP the chained (2009) dollar est imates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates
Source Department of Commerce (Bureau of Economic Analysis)
Chained Price Indexes For Gross Domestic Product[Index numbers 2009=100 quarterly data are seasonally adjusted]
Period
Gross
domesticproduct
Personal consumptionexpenditures
Gross privatedomestic investment
Exports and imports ofgoods and services
Government consumption expendituresand gross investment
2015 I 87777 83946 1046 609 287 156 099 032 150 041 109 II r 88287 83941 1052 613 286 157 099 030 153 043 110
1 Estimates for nonfinancial corporate business are based on the North American Industry Classification System (NAICS)2 The implicit price deflator for gr oss value added of nonfinancial corporat e business divided by 1003 Less subsidies plus business current transfer payments4 Unit profits from current production5 With inventory valuation and capital consumption adjustments
Source Department of Commerce (Bureau of Economic Analysis)
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Real Personal Consumption Expenditures[Billions of chained (2009) dollars except as noted quarterly data at seasonally adjusted annual rates]
1 Includes other items not shown separately2 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 calculatin g real GDP the chained (2009) dollar esti mates for the detailed components do not add to the chained-dollar value of GDP or to any intermediateaggregates
Source Department of Commerce (Bureau of Economic Analysis)
National Income[Billions of dollars quarterly data at seasonally adjusted annual rates]
PeriodNationalincome
Com-pensation
ofemploy-
ees
Proprietorsrsquoincome 1 Rental
incomeof
personswith
capitalcon-
sumptionadjust-ment
Corporate profits with inventory valuationand capital consumption adjustments
Netinterest
andmiscel-laneous
payments
Taxeson
produc-tionand
imports
LessSubsidies
Businesscurrenttransfer
payments
Currentsurplus
ofgovern-
mententer-prises
Farm Nonfarm Total
Profits with inventory valuationadjustment and without
2015 Jan 150481 94822 76802 18020 685 13071 6332 21328 12868 8460 26103 11860 Feb 150958 94884 76829 18055 605 13069 6369 21658 12826 8832 26232 11859 Mar 150956 94932 76843 18089 525 13128 6408 21380 12783 8597 26439 11855 Apr r 151558 95166 77031 18135 540 13142 6470 21654 12959 8696 26460 11874 May r 152207 95551 77358 18193 569 13199 6542 21743 13134 8608 26517 11913 June r 152816 95759 77517 18241 597 13263 6611 21953 13310 8643 26563 11929 July r 153513 96263 77955 18308 597 13372 6635 21961 13317 8644 26667 11983 Aug p 154038 96683 78311 18372 597 13356 6666 22012 13324 8689 26750 12027
1 With inventory valuation and capital consumption adjustments2 With capital consumption adjustment3 Consists mainly of social insurance benefits to persons
Source Department of Commerce (Bureau of Economic Analysis)
16000
12000
14000
10000
9000
8000
7000
6000
5000
4000
3000
2000
1000
16000
12000
14000
10000
9000
8000
7000
6000
5000
4000
3000
2000
1000
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
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 $525 billion (annual rate) in August following an increase of $697 billion in July Wages andsalaries rose $356 billion in August following an increase of $438 billion in July
2015 I 150798 19001 131798 124922 6876 121147 41107 37785 37600 34562 33 52 320623 II r 152194 19274 132920 126745 6175 121513 41386 37835 38075 34807 5 46 321167
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)
COUNCIL OF ECONOMIC ADVISERS
2006 2007 20102009 20112008 2012 2013 2014 2015
SEASONALLY ADJUSTED ANNUAL RATESSOURCE DEPARTMENT OF COMMERCE
DOLLARS (RATIO SCALE)
44000
40000
42000
38000
36000
34000
32000
30000
44000
40000
42000
38000
36000
34000
32000
30000
DOLLARS (RATIO SCALE)
DISPOSABLE PERSONAL INCOME
PERSONAL OUTLAYS
SAVING
CHAINED (2009) DOLLARS
CURRENT DOLLARS
11500
11000
10000
10500
9000
12000
12500
14000
13000
13500
9500
11500
11000
10000
10500
9000
12000
12500
14000
13000
13500
9500
According to revised estimates per capita disposable personal income in chained (2009) dollars rose 05 percent(annual rate) in the second quarter of 2015
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 equat es to the sum of cash receipts home consumption and the value of the change in invent ories4 Includes income from fores t products sold the gros s imputed rental value of farm dwellings machine hire and custom work and other s ources of farm income such as commodity insur ance
indemnities
Note Data for 2015 are forecasts
Source Department of Agriculture (Economic Research Service)
BILLIONS OF CHAINED (2009) DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF CHAINED (2009) DOLLARS (RATIO SCALE)
SOURCE DEPARTMENT OF AGRICULTURE
40
60
80
120
160
440
480
400
240
280
320
360
200
520
40
60
80
120
160
440
480
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 current forecast for 2015 gross farm income in chained (2009) dollars is forecast to be $4060billion and net farm income to be $530 billion
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Corporate Profits
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Profits (before tax) with inventory valuation adjustment 1
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)
Source Department of Commerce (Bureau of Economic Analysis)
PROFITS BEFORE TAX
COUNCIL OF ECONOMIC ADVISERS
2006 2007 20102009 2011 20152008 2012 2013 2014
SOURCE DEPARTMENT OF COMMERCE
SEASONALLY ADJUSTED ANNUAL RATES
PROFITS AFTER TAX
UNDISTRIBUTED PROFITS
TAXES ONCORPORATE INCOME
BILLIONS OF DOLLARS
0
ndash200
2600
2400
2500
2300
2200
21002000
1900
1800
1200
1100
1000
1300
1400
1500
900
800
700
600500
400
300
200
100
ndash100
1700
1600
0
ndash200
2600
2400
2500
2300
2200
21002000
1900
1800
1200
1100
1000
1300
1400
1500
900
800
700
600500
400
300
200
100
ndash100
1700
1600
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates corporate profits before tax rose $1414 billion (annualrate) and profits after tax rose $1101 billion
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Real Gross Private Domestic Investment
[Billions of chained (2009) dollars quarterly dat a at seasonally adjusted annual rates]
Period
Grossprivate
domesticinvestment
Fixed investment Change in private inventories
Total
Nonresidential
Residential Total NonfarmTotal Structures Equipment
2015 I 28302 27014 21886 4582 10460 6871 5124 1128 1068 II r 28648 27355 22106 4652 10469 7010 5240 1135 1110
Note See p 10 for further detail on fixed investment by typeBecause of the formula used for calculating r eal GDP the chained (2009) dollar estimat es for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF CHAINED (2009) DOLLARS BILLIONS OF CHAINED (2009) DOLLARS
GROSS PRIVATE DOMESTICINVESTMENT
CHANGE IN PRIVATEINVENTORIES
NONRESIDENTIALFIXED INVESTMENT
COUNCIL OF ECONOMIC ADVISERS
2006 2007 20102009 2011 20152008 2012 2013 2014
SOURCE DEPARTMENT OF COMMERCE
SEASONALLY ADJUSTED ANNUAL RATES
0
3000
2200
2400
2600
2800
2000
1800
1600
1400
1200
1000
800
600
400
200
ndash400
ndash200
0
3000
2200
2400
2600
2800
2000
1800
1600
1400
1200
1000
800
600
400
200
ndash400
ndash200
RESIDENTIALFIXED INVESTMENT
In the second quarter of 2015 according to revised estimates nonresidential fixed investment in chained (2009)dollars rose $220 billion (annual rate) and residential investment rose $116 billion Inventories rose $1135 billionfollowing an increase of $1128 billion in the first quarter
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Real Private Fixed Investment by Type[Billions of chained (2009) dollars quarterly data at seasonally adjusted annual rates]
II r 27355 22106 4652 10469 3305 2403 2209 2851 7010 3354 2857 5240 5128 1845
1 Because computers ex hibit rapid changes in prices relativ e to other prices in the economy the chained-dollar est imates should not be used to measure the componentrsquos relative impor tance or itscontribution 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 componentsee Survey of Current Business Table 531 (for growth rates) Table 532 (for contribu tions) and Table 533 (for quantity indexes)
2 Includes other items not shown separately3 Research and development investment excludes expenditures for software development
Note Because of the formula used for calculat ing real GDP the chained (2009) dollar est imates for the detailed components do not add to the chained-dollar value of GDP or to any intermediateaggregates
Source Department of Commerce (Bureau of Economic Analysis)
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)
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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]
1 Civilian labor force (or employment) as per cent of civilian noninstitution al population and unemployment as percent of civilian labor for ce
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 OVER SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
2007
16
12
20
8
4
0
16
12
20
8
4
0
MILLIONS OF PERSONSMILLIONS OF PERSONS
2009 2011 20132012 2014 20152008 2010
CIVILIAN LABOR FORCE
146
154
150
142
138
134
158
162
UNEMPLOYMENT
CIVILIANEMPLOYMENT
146
154
150
142
138
134
158
162
EMPLOYMENT UNEMPLOYMENT AND WAGES
In September employment as measured by the household survey fell by 236000 and unemployment fell 114000
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Selected Unemployment Rates
[Monthly data seasonally adjusted except as noted by NSA]
Period
Unemployment rate (percent of civilian labor force in group)
Allcivilianworkers
By sex and age By race or ethnicity 1 By selected groups
2015 Jan 8979 268 261 155 315 323 134 474 95 316 115 2912 399 2958 Feb 8705 279 256 154 311 317 131 481 102 305 112 r 2759 296 r 2801 Mar 8575 289 268 145 298 307 122 489 102 314 95 3120 282 r 3166 Apr 8549 314 265 131 290 308 117 486 97 315 102 2400 r 289 r 2438 May 8674 276 290 148 286 307 116 491 95 301 112 2224 r 254 r 2260 June 8299 286 287 169 258 281 113 492 93 303 112 r 2311 r 300 r 2346 July 8266 307 278 146 269 283 113 502 102 296 100 2325 298 2359 Aug 8029 265 300 158 277 284 121 505 98 291 106 2461 246 2498 Sept 7915 299 281 154 266 263 114 491 98 306 105
1 Beginning January 2011 includes unemployment durations of up to 5 years prior data are for up to 2 year s2 Includes State (50 States Distri ct of Columbia Puerto Rico and the Virgin Islands) Federal (UCFE) ex-service members (UCX) and Federal and State ext ended benefit programs Also includes
Emergency Unemployment Compensation (2008-2013) and Federal Additional Compensation (2009-2010)
Note Data relate to perso ns 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
0
2011 2012 2013 2014 20152011 2012 2013 2014 2015
0
20
30
40
60
50
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF LABOR
20
COUNCIL OF ECONOMIC ADVISERS
NEW ENTRANTS
5-14 WEEKS
15-26 WEEKS
JOB LEAVERS
REENTRANTS
10 10
LESS THAN5 WEEKS
27 WEEKS AND OVER
JOB LOSERS
In September the percentage of the unemployed who had been out of work for less than 5 weeks rose while thepercentages for 5 to 14 weeks 15 to 26 weeks and 27 weeks and over fell Te mean duration of unemployment fellto 263 weeks and the median duration fell to 114 weeks
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Nonagricultural Employment
[Thousands of wage and salary workers 1 monthly data seasonally adjusted]
1 Data from the est ablishment survey Includes all full- and part-time wage and salary wor kers in nonagricultural est ablishments who received pay for any par t of the pay period that includes the12th of the month Excludes propr ietors self-employed per sons unpaid family workers and private hous ehold workers Data from the household sur vey shown on p 11 include those workers and alsocount persons as employed when they are not at work be cause of industrial disputes bad weat her etc even if they are not paid for the time off In the ser ies shown here persons who work at morethan one job are counted each time they appear on a payroll in cont rast to the series shown on p 11 where persons are counted only onc emdashas employed unemployed or not in the labor for ce SeeEmployment 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
Source Department of Labor (Bureau of Labor Statistics)
MILLIONS OF PERSONS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS
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
PRIVATESERVICE-PROVIDING
INDUSTRIES
EDUCATION ANDHEALTH SERVICES
otal nonagricultural employment as measured by the payroll survey rose by 142000 in September
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Employment Cost IndexmdashPrivate Industry
Period
Index (December 2005 = 100) Percent change from
Totalcompensation
Wagesand
salaries
Benefits 1
3 months earlier 12 months earlier
Totalcompensation
Wages
andsalaries Benefits 1 Total
compensation
Wages
andsalaries Benefits 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
Note The employment cost index is a measure of the change in the cos t of labor free from the influence of employment shif ts among occupations and industries Data exclude farm and household workers
Source Department of Labor (Bureau of Labor Statistics)
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries[For production or nonsupervisory workers monthly data seasonally adjusted]
Period
Average weekly hours Average gross hourly earnings Average gross weekly earnings
1 Also includes other private industry groups shown on p 142 Current dollar earnings divided by t he consumer price index for urban wage earners and cleric al workers (CPIndash W) (on a 1982-84=100 base)
Source Department of Labor (Bureau of Labor Statistics)
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Productivity and Related Data Business and Nonfarm Business Sectors
Period
Output per hourof all persons
Output 1Hours of
all persons 2Compensation
per hour 3
Realcompensation
per hour 4Unit labor
costsImplicit price
deflator 5
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Indexes 2009=100 quarterly data seasonally adjusted
1 Output refers to real gross domestic product originating in the sector2 Hours of all persons engaged in the sect or including hours of proprietors and unpaid family workers Es timates based primarily on est ablishment data3 Wages and salaries of employees plus employersrsquo contri butions for social insurance and priva te benefit plans Also includes an estimate of wages salar ies and supplemental payments for th e
self-employed4 Hourly compensation divided by the consumer price index for all urban consumers (CPIndashU) for recent quarters The trend from 1978ndash2014 is based on the consumer price index research series
(CPIndashUndashRS)5 Current dollar gross domestic output divided by the output index
Note Data relate to all persons engaged in the se ctorPercent 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 da ta released on Augus t 27 2015
Source Department of Labor (Bureau of Labor Statistics)
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Industrial Production and Capacity Utilization
[Monthly data seasonally adjusted]
Period
Total industrial production 1 Industry production indexes 2012=100 Capacity utilization rate(output as percent of
2015 Jan 1076 ndash3 45 1049 1074 1038 860 1221 1046 787 761 Feb 1074 ndash2 35 1045 1068 1037 861 1201 1082 784 757 Mar r 1072 ndash2 25 1048 1068 1041 865 1195 1055 782 758 Apr r 1070 ndash2 21 1052 1071 1046 865 1179 1027 779 760 May r 1066 ndash4 13 1050 1075 1039 860 1153 1021 775 759 June r 1066 0 8 1049 1073 1039 851 1154 1031 774 757 July r 1075 9 13 1058 1085 1045 852 1175 1030 780 762 Aug p 1071 ndash4 9 1053 1076 1045 850 1167 1036 776 758
1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industriesmdashlogging and newspaperperiodical book and directory-publishingmdashthat have traditionally been included in manufacturing
2 Percent changes based on unrounded indexes
Note Data based on NAICS exc ept series as defined in footnote 1
Source Board of Governors of the Federal Reserve System
INDEX 2012 = 100 (RATIO SCALE)
BUSINESSEQUIPMENT
CONSUMER GOODS
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 2012 = 100 (RATIO SCALE)
PERCENT
130
120
110
100
80
90
86
84
82
80
78
76
74
72
70
66
68
110
100
90
80
140
130
120
110
100
80
90
DURABLE
NONDURABLE
TOTAL1MANUFACTURING120
110
100
90
80
PRODUCTION AND BUSINESS ACTIVITY
Industrial production and capacity utilization fell in August
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Industrial ProductionmdashMajor Market Groups and Selected Manufactures
Apr 1190 735 436 1140 666 32 442 999 508 207 May r 1072 697 366 1250 681 34 535 1010 513 210 June r 1211 687 510 1337 692 34 611 959 466 215 68
July r 1161 762 390 1130 680 28 422 996 522 215 Aug p 1126 739 381 1161 699 30 432 935 552 216
1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards2 Based on approximately 20100 permit-issuing places beginning wit h 2014 and 19300 beginning with 2004 Using the 20 04 universe the tot al for 2014 is 104643 Seasonally adjusted4 Quarterly data are three-month averages Annual data are averages of quarterly data
Source Department of Commerce (Bureau of the Census)
New Construction[Billions of dollars monthly data at seasonally adjusted annual rates]
2015 Jan 9901 7162 3589 2616 3572 170 420 640 736 1607 2739 Feb 9935 7208 3606 2607 3602 176 418 620 768 1621 2726 Mar 10064 7297 3575 2562 3722 180 446 622 810 1664 2766 Apr 10446 7572 3668 2599 3904 192 463 653 840 1756 2874 May 10684 7765 3731 2632 4034 208 482 663 896 1784 2920 June r 10743 7735 3761 2659 3974 223 493 626 862 1770 3008 July r 10791 7823 3785 2683 4038 218 493 632 906 1789 2968 Aug p 10862 7880 3833 2723 4047 225 492 622 920 1789 2982
1 Includes residential improvements not shown separately2 Includes health care educa tional communication and power among other categories not shown separ ately
Source Department of Commerce (Bureau of the Census)
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Business Sales and InventoriesmdashManufacturing and Trade
[Millions of dollars except ratios seasonally adjusted except as noted]
Period
Manufacturing and trade 1 Wholesale RetailRetail and foodservices sales 2
2015 Jan 1308276 1778991 136 445024 572469 129 383889 558296 145 434225 Feb 1303701 1783741 137 442459 573668 130 381432 561001 147 431921 Mar 1311121 1785855 136 441024 574661 130 387665 562821 145 438572 Apr 1318016 1792837 136 448458 576998 129 387235 566270 146 438717 May 1322962 1798172 136 449347 580710 129 392268 567490 145 443913 June r 1327245 1809917 136 450927 584986 130 391955 573180 146 443734 July p 1327773 1811191 136 449492 584281 130 r 394919 576881 146 r 446872 Aug p 395401 447715
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
Source Department of Commerce (Bureau of the Census)
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
900
1000
1100
1200
1300
1600
MANUFACTURING ANDTRADE INVENTORIES
MANUFACTURING AND TRADE SALES 350
400
450
RETAIL SALES
RETAIL INVENTORIES
300
140
130
120
160
150
INVENTORYSALES RATIO
1500
1400
MANUFACTURING AND TRADE
1700
1900
1800
RATIO
500
600
550
170
RETAIL AND FOODSERVICES SALES
RETAIL
COUNCIL OF ECONOMIC ADVISERS
In July according to current estimates manufacturing and trade sales were roughly unchanged while inventoriesrose $13 billion According to advance estimates retail sales rose 01 percent in August Retail and food servicessales rose 02 percent
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Manufacturersrsquo Shipments Inventories and Orders
Period
Manufacturersrsquo shipments 1 Manufacturersrsquo inventories 2 Manufacturersrsquo new orders 1
Manu-
facturersrsquounfilledorders 2
Manu-facturersrsquo
inventoryshipments
ratio 3Total
Durablegoods
Nondurablegoods
TotalDurablegoods
Nondurablegoods
Total
Durable goods
Total
Capitalgoods
industriesnondefense
Millions of dollars seasonally adjusted except as noted
1 Annual data are averages of mont hly not seasonally adjusted figures monthly dat a are seasonally adjusted totals for month Shipment s are the same as sales2 Seasonally adjusted end of period3 Annual data are averages of seasonally adjusted monthly ratios
Note Manufacturersrsquo 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 durableunfilled orders
Total and durable shipments and inventories include data on semiconductor s new and unfilled orders do not
Source Department of Commerce (Bureau of the Census)
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
140
180
220
260
300
420
380
340
140
180
220
260300
340
140
180
220
260
300
340380
420
460
500
110
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL
NEW ORDERS
SHIPMENTS INVENTORIES
INVENTORYSHIPMENTS RATIO
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
2014 20152012 2011 2014 2015
DURABLE GOODS
NONDURABLE GOODS
160
140
150
120
130
NONDURABLE GOODS
DURABLE GOODS
TOTAL
20132011 2012 2013
DURABLE GOODS
RATIO
540460
500540
380
420
460500540
TOTAL
580
580 700
580620660
In August manufacturersrsquo shipments inventories and new and unfilled orders all fell
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Producer Prices
[November 2009 =100 except as noted monthly data seasonally adjusted]
1 Includes final demand construction not shown separately2 Does not include food and beverages for immediate con sumption which are defined as the servic e of preparing meals snacks and beverages to cust omer order for immediate consumption3 Trade indexes measure changes in margins received by wholesalers and re tailers4 Relative importance December 2014
Source Department of Labor (Bureau of Labor Statistics)
INDEX NOV 2009=100 (RATIO SCALE) INDEX NOV 2009=100 (RATIO SCALE)
2009 2010 2011 2012 2013 2014 2015
SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTEDFINAL DEMAND
COUNCIL OF ECONOMIC ADVISERS
FINAL DEMANDSERVICES
100
95
115
125
110
105
120
100
95
115
125
110
105
120
FINAL DEMAND
FINAL DEMANDGOODS
PRICES
Te producer price index for final demand was unchanged in August Prices for final demand goods fell 06 percentand prices for final demand services rose 04 percent
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In August the consumer price index for all urban consumers fell 01 percent it also fell 01 percent before seasonaladjustment Te index rose 02 percent from its year earlier level
Consumer PricesmdashAll Urban Consumers
[1982ndash84=100 except as noted monthly data seasonally adjusted except as noted by NSA]
Period
All items All items less food and energy Food Energy
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Relative importance July 2015
Source Department of Labor (Bureau of Labor Statistics)
INDEX 1982-84 = 100 (RATIO SCALE)
SEASONALLY ADJUSTED
INDEX 1982-84 = 100 (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF LABOR
2007 2008 2009 2010 2011 2012 2013 2014 2015
CONSUMER PRICESmdashALL ITEMS
250
240
230
220
210
200
190
180
250
240
230
220
210
200
190
180
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Changes in Consumer PricesmdashAll Urban Consumers[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Quarterly chan ges are shown in the last month of the quart er
Source Department of Labor (Bureau of Labor Statistics)
Changes in Producer Prices[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
Period
Totalfinalde-
mand 1
Final demand goods Final demand services Finaldemand
Sept r 107 87 132 112 114 115 96 Oct 100 81 135 112 113 114 89 Nov r 102 82 134 112 113 114 91 Dec r 101 83 127 111 112 114 91
2015 Jan 97 82 120 110 111 111 88 Feb 99 84 114 110 110 111 90 Mar 102 85 117 110 111 111 93 Apr r 103 89 116 110 111 111 94 May r 107 90 122 110 110 111 97 June 105 88 121 109 110 110 96 July 99 86 115 109 110 110 91 Aug 102 88 117 108 109 109 94
1 Annual indexes for 2011 forward reflect revised methodology See Agricultural Price Program Update January 2015 for details2 Includes items not shown separately3 Annual data are averages of monthly ratios
Note These indexes are also available on a 1910-14=100 basis as required by stat ute
Source Department of Agriculture (National Agricultural Statistics Service)
1RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID
SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
2010 20152007 2008 2009 20122011 2013 2014
PRICES RECEIVED
RATIO
PRICES PAID
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
90
80
60
70
130
120
110
100
90
80
60
70
130
120
110
100
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
In August prices received by farmers rose 30 percent and prices paid by farmers fell 09 percent (Data are notseasonally adjusted)
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Money Stock and Debt Measures
[Averages of daily figures except debt end-of-period basis billions of dollars seasonally adjusted]
Period
M1 M2 Debt Percent change
Sum of currencydemand depositstravelers checks and
other checkable deposits
M1 plussavings depositsretail MMMF balances
and small time deposits 1
Debt ofdomesticnonfinancial
sectors 2
From year or 6 months earlier
3 From
previous period 4
M1 M2 Debt
2005 Dec r 13748 66508 282945 ndash01 42 862006 Dec r 13683 70427 307233 ndash5 59 842007 Dec r 13766 74488 331796 6 58 812008 Dec r 16071 81740 349342 167 97 572009 Dec r 16984 84801 357496 57 37 342010 Dec r 18418 87814 370390 84 36 432011 Dec r 21682 96346 382033 177 97 352012 Dec r 24577 104225 399658 134 82 502013 Dec r 26545 109840 414596 80 54 402014 Dec r 29145 116292 432554 98 59 44
2014 Aug 28160 114420 72 58 Sept r 28571 114795 427494 82 57 45 Oct 28638 115206 67 54 Nov 28795 115640 68 50
Dec r
29145 116292 432554 72 53 482015 Jan 29318 117049 65 53 Feb 29950 118250 127 67 Mar r 29890 118448 435061 92 64 25 Apr r 29946 118949 91 65 May r 29846 119364 73 64 June r 30077 119820 439790 64 61 44 July r 30355 120596 71 61 Aug 30499 121385 37 53
1 Money market mutual fund (MMMF) Savings deposits include money market deposit accounts (MMDA)2 Consists of outstanding credit market debt of the US 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 quarter3 Annual changes are from December to Decemb er and monthly changes are from 6 months earlier at a simple annual rate4 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
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
M2
BILLIONS OF DOLLARS (RATIO SCALE)
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
BILLIONS OF DOLLARS (RATIO SCALE)
M1
MONEY CREDIT AND SECURITY MARKETS
In August M2 rose
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Components of Money Stock[Averages of daily figures billions of dollars seasonally adjusted]
2015 Jan r 12663 29 11742 4885 2640 2244 76444 65552 10892 5068 3758 1311 6219 17890 Feb r 12720 29 12174 5027 2713 2314 77076 66120 10956 5049 3758 1291 6174 17834 Mar 12794 28 12025 5042 2727 2315 77468 66493 10975 4949 3678 1272 6141 18075 Apr r 12843 28 12044 5030 2715 2315 78005 66950 11055 4864 3595 1269 6134 17848 May r 12884 27 11928 5007 2706 2301 78618 67441 11176 4792 3529 1262 6108 17990 June r 12934 27 12057 5059 2768 2291 78881 67664 11217 4727 3469 1257 6136 18154 July r 12999 27 12266 5063 2769 2294 79389 68179 11210 4664 3411 1253 6188 18438
Aug 13090 26 12313 5070 2753 2317 80069 68822 11247 4606 3355 1250 6212 187411 Small-denomination deposits are those issued in amounts of less than $1000002 Institutional money funds are not part of non-M1 M2
Source Board of Governors of the Federal Reserve System
Aggregate Reserves and Monetary Base[Averages of daily figures 1 millions of dollars not seasonally adjusted]
1 Data are prorated averages of biweekly (maintenance period) averages of daily figures2 Equals the sum of balances maintained up to the top of each institu tionrsquos penalty-free band3 Excludes vault cash used to satisfy required reserves4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve5 Equals total balances maintained plus currenc y 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 separately7 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 cr eation of a penalty-fr ee band around reserve balanc e requirements which took effe ct June 27 2013 See H3 release of July 11 2013
Source Board of Governors of the Federal Reserve System
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Bank Credit at All Commercial Banks
[Billions of dollars seasonally adjusted 1]
Period
Total
bankcredit
Securities in bank credit 2 Loans and leases in bank credit
Totalsecurities
US
Treasuryand
agencysecurities
Othersecurities
Totalloansand
leases 3
Commercialandindustrial
loans
Real estate loans
Consumerloans 5
Otherloansand
leases 6Total 4Revolving
home equityloans
Commercialloans
2005 Dec r 73156 18554 11593 6961 54602 10361 29289 4435 12701 7045 79062006 Dec r 81084 19913 12190 7723 61172 11826 33736 4683 14593 7386 82242007 Dec r 89042 21046 11375 9670 67997 14177 36002 4848 15872 7992 98272008 Dec r 93532 20976 12541 8435 72556 15588 38195 5882 17284 8762 100122009 Dec r 89955 23295 14509 8786 66660 12652 37767 6031 16409 8360 78812010 Dec r 91917 24299 16425 7874 67618 11923 36133 5819 15004 11138 84232011 Dec r 94020 24955 17020 7935 69065 13037 34948 5495 14183 10911 101702012 Dec r 99593 27358 18762 8596 72235 14756 35504 5152 14282 11155 108202013 Dec r 100964 27148 18047 9100 73816 15767 35317 4737 14986 11414 113182014 Dec r 108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 13155
2014 Aug r 106144 28436 19406 9029 77709 17174 36158 4623 15702 11822 12556 Sept r 106591 28605 19731 8874 77985 17290 36196 4608 15781 11873 12626 Oct r 106989 28683 19896 8787 78306 17366 36227 4603 15867 11919 12793 Nov r 107682 28801 20001 8800 78881 17565 36270 4594 15948 11973 13073
Dec r
108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 131552015 Jan r 109576 29525 20663 8862 80052 17932 36503 4564 16156 12008 13608 Feb r 110253 29732 20847 8885 80521 18116 36713 4553 16299 12041 13652 Mar r 111116 29771 20859 8912 81345 18392 37056 4545 16522 12066 13831 Apr r 111838 29954 20996 8958 81884 18500 37131 4527 16606 12127 14126 May r 112422 30248 21321 8927 82174 18665 37241 4509 16705 12179 14088 June r 112912 30267 21343 8924 82644 18842 37410 4487 16831 12227 14165 July r 113449 30219 21337 8882 83229 18939 37574 4468 16984 12289 14428 Aug 113955 30352 21489 8863 83603 19068 37702 4441 17118 12360 14473
1 Data are prorated averages of Wednesday values for domestically chartered commercial banks branches and agencies of foreign banks and Edge Act and agreement corporations2 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
accounts3 Excludes unearned inco me Includes the allowance for loan and lease losses Exclude s Federal funds sold to reverse r epurchase agreements (RPs) wit h and loans to commercial banks in the
United States Includes all loans held in trading acc ounts under a fair value option4 Includes closed-end residential loans not shown separately5 Includes credit cards and other consumer loans6 Includes other items not shown separately
Source Board of Governors of the Federal Reserve System
BILLIONS OF DOLLARS (RATIO SCALE)
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000TOTAL
LOANS AND LEASES
US TREASURY AND AGENCY SECURITIES
OTHER SECURITIES
otal commercial bank loans and leases rose 04 percent in August
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Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business[Billions of dollars quarterly data at seasonally adjusted annual rates]
2013 I r 28407 18324 10083 1750 ndash2137 3887 3161 727 7291 26861 14534 12327 1546 II r 27501 18870 8631 242 ndash3712 3953 2089 1866 6274 25223 15186 10037 2278 III r 29700 18725 10975 3049 ndash3441 6490 4794 1696 5918 25132 15917 9215 4569 IV r 30024 19526 10498 ndash1864 ndash4827 2964 2556 408 10129 27122 15941 11181 2902
2014 I r 23994 17883 6111 1149 ndash5018 6168 3033 3135 9213 20136 16114 4022 3857 II r 30269 18769 11500 707 ndash2731 3438 2539 899 8365 26528 16471 10057 3741 III r 30145 19916 10229 789 ndash4343 5132 2239 2894 5738 22768 17045 5723 7377
IV r 28679 19758 8921 1419 ndash3410 4828 3523 1305 5494 24169 17063 7106 45112015 I r 30105 19004 11101 443 ndash5920 6363 5297 1065 3035 23722 17387 6335 6383 II p 29302 18836 10466 836 ndash5910 6746 7004 ndash257 7179 25768 18870 6898 3533
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 earn-ings retained abroad inventory valuation adjustment and net capital transfers
2 Includes trade payables taxes payable and miscellaneous liabilities (foreign direct investment in the US 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]
Period
Consumer credit outstanding (end of period) Net change in consumer credit outstanding 1
Total Revolving Nonrevolving 2 Total Revolving Nonrevolving 2
2005 Dec 22909 8295 14614 987 299 6872006 Dec 24613 9240 15373 1704 945 7592007 Dec 26151 10020 16131 1538 780 7582008 Dec 26500 10044 16457 349 24 3262009 Dec 25523 9164 16359 ndash977 ndash880 ndash982010 Dec 26469 8395 18074 946 ndash769 17152011 Dec 27554 8412 19142 1085 17 10682012 Dec 29229 8459 20770 1675 47 16282013 Dec 30988 8582 22406 1759 123 16362014 Dec 33172 8900 24272 2184 318 1866
2014 July 32332 8803 23528 214 45 168 Aug 32493 8814 23679 161 11 151 Sept 32675 8834 23840 182 20 161 Oct 32841 8848 23993 166 14 153 Nov 33005 8861 24145 164 13 152
Dec 33172 8900 24272 167 39 1272015 Jan 33276 8883 24393 104 ndash17 121 Feb 33426 8860 24566 150 ndash23 173 Mar r 33634 8908 24726 208 48 160 Apr r 33876 9003 24873 242 95 147 May r 34073 9028 25045 197 25 172 June r 34343 9103 25240 270 75 195 July p 34534 9146 25388 191 43 148
1 Change based on data in billions of dollars as shown here For year-end data ch ange from preceding year-end for monthl y data change from preceding month2 Includes automobile loans and all other loans not included in revolving cr edit such as loans for mobile homes education boats t railers or vacations The se 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
1 High bill rate at auction issue date within period bank-discount basis Data are stop yields from uniform-price auctions2 Yields on actively traded issues adjusted to constant maturities Series for 30-year constant maturity was discontinued on February 18 2002 and reintroduced on February 6 20063 Weekly data are Wednesday figures4 Average effective rate for year rate in effect at end of month or week5 Daily effective rate weighted average of rates on brokered trades6 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 Moodyrsquos Investors Service and Standard amp Poorrsquos
Interest Rates and Bond Yields
2007 2008 2009 2010 2011 2012 2013 2014 2015
10
PERCENT PER ANNUM
4
2
0
6
8
10
PERCENT PER ANNUM
4
2
0
6
8
FEDERAL FUNDSRATE
TREASURYBILLS
CORPORATE Aaa BONDS(MOODYS)
COUNCIL OF ECONOMIC ADVISERSSOURCE SEE TABLE BELOW
Interest rates were mixed in September
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Common Stock Prices and Yields
Period
Common stock prices 1 Common stock yields(percent) 6
New York Stock Exchange indexes(December 31 2002=5000) 2 Dow Jones
1 Annual data are averages of mont hly figures Monthly and weekly dat a are averages of daily closing prices2 Includes all the stocks (in 2015 over 320 0) listed on the NYSE3 Includes 30 stocks4 Includes 500 stocks5 Includes over 2900 stocks in 20156 Standard amp Poorrsquos series Dividendprice ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter
Sources New York Stock Exchange Dow Jones amp Company Inc Standar d amp Poorrsquos Nasdaq Stock Market and Bloomberg
5
INDEX DEC 31 2002=5000 (RATIO SCALE)
SOURCES NEW YORK STOCK EXCHANGE STANDARD AND POORS AND BLOOMBERG COUNCIL OF ECONOMIC ADVISERS
1 Data from current issue Monthly Treasury Statement
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fisc al Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
RECEIPTS AND OUTLAYS1
SURPLUS OR DEFICIT (ndash)1
2007 2008 2009 2010 2011 2012
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF DOLLARSBILLIONS OF DOLLARS
OUTLAYS1
RECEIPTS1
2014 2015 20162013
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
FEDERAL FINANCE
In the first eleven months of fiscal year 2015 the deficit was $5300 billion compared with a deficit of $5892 billiona year earlier
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In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
b l d
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JOINT ECONOMIC COMMITTEE(Created pursuant to Sec 5(a) of Public Law 304 79th Cong)
D C Indiana ChairmanK B exas Vice Chairman
S H R
M L Utah J A Michigan C Arkansas E P Minnesota B S Nebraska R L H New York C exas D S Arizona B C MD Louisiana G G Wisconsin A K Minnesota C B M New York
R P C J Pennsylvania J D Maryland M H New Mexico A S A PD North Carolina G C P Michigan D S B J Virginia
V M M Executive Director
COUNCIL OF ECONOMIC ADVISERS
J F ChairmanS B Member
J S Member
[P L 120mdash81 C C 237mdash1 S]
JOINT RESOLUTION [SJ R ES 55]
o print the monthly publication entitled ldquoEconomic Indicatorsrdquo
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled Tat the Joint
Economic Committee be authorized to issue a monthly publication entitled ldquoEconomic Indicatorsrdquo and that a sufficientquantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate theClerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and Houseand the Congressional Library seven hundred copies to the Joint Economic Committee and the required numbers of copiesto the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents beauthorized to have copies printed for sale to the public
Approved June 23 1949
Charts prepared under the direction of the Mail and Multimedia DivisionOffice of the Secretary Department of Commerce
Monthly issues of Economic Indicators in PDF form
and tables in Excel are available online atwwwgpogoveconomicindicators
o subscribe to the print edition $5800 per year ($8120 outside the United States)contact the US Government Publishing Office
at 202-512-1800 wwwgpogoveconomicindicators or
SUPERINENDEN OF DOCUMENSUS GOVERNMEN PUBLISHING OFFICE
MAIL SOP IDCC WASHINGON DC 204029830859328
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Gross Domestic Product
[Billions of current dollars quarterly data at seasonally adjusted annual rates]
PeriodGross
domesticproduct
Personalcon-
sumptionexpendi-
tures
Grossprivate
domesticinvest-ment
Exports and imports ofgoods and services
Government consumption expendituresand gross investment
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
SEASONALLY ADJUSTED ANNUAL RATES
12800
15600
16400
13200
13600
14400
15200
16800
18400
17600
18000
17200
16000
14800
14000
12800
15600
16400
13200
13600
14400
15200
16800
18400
17600
18000
17200
16000
14800
14000
TOTAL OUTPUT INCOME AND SPENDING
In the second quarter of 2015 according to revised estimates current dollar gross domestic product (GDP) rose61 percent (annual rate) real GDP in chained (2009) dollars rose 39 percent and the chained price index rose 21percent
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Real Gross Domestic Product[Billions of chained (2009) dollars quarterly dat a at seasonally adjusted annual rates]
PeriodGross
domesticproduct
Personalcon-
sumptionexpendi-
tures
Gross privatedomestic investment
Exports and imports ofgoods and services
Government consumption expendituresand gross investment
GDP less exports of goods and services plus imports of goods and servicesNote Because of the formula used for calculatin g real GDP the chained (2009) dollar est imates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates
Source Department of Commerce (Bureau of Economic Analysis)
Chained Price Indexes For Gross Domestic Product[Index numbers 2009=100 quarterly data are seasonally adjusted]
Period
Gross
domesticproduct
Personal consumptionexpenditures
Gross privatedomestic investment
Exports and imports ofgoods and services
Government consumption expendituresand gross investment
2015 I 87777 83946 1046 609 287 156 099 032 150 041 109 II r 88287 83941 1052 613 286 157 099 030 153 043 110
1 Estimates for nonfinancial corporate business are based on the North American Industry Classification System (NAICS)2 The implicit price deflator for gr oss value added of nonfinancial corporat e business divided by 1003 Less subsidies plus business current transfer payments4 Unit profits from current production5 With inventory valuation and capital consumption adjustments
Source Department of Commerce (Bureau of Economic Analysis)
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Real Personal Consumption Expenditures[Billions of chained (2009) dollars except as noted quarterly data at seasonally adjusted annual rates]
1 Includes other items not shown separately2 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 calculatin g real GDP the chained (2009) dollar esti mates for the detailed components do not add to the chained-dollar value of GDP or to any intermediateaggregates
Source Department of Commerce (Bureau of Economic Analysis)
National Income[Billions of dollars quarterly data at seasonally adjusted annual rates]
PeriodNationalincome
Com-pensation
ofemploy-
ees
Proprietorsrsquoincome 1 Rental
incomeof
personswith
capitalcon-
sumptionadjust-ment
Corporate profits with inventory valuationand capital consumption adjustments
Netinterest
andmiscel-laneous
payments
Taxeson
produc-tionand
imports
LessSubsidies
Businesscurrenttransfer
payments
Currentsurplus
ofgovern-
mententer-prises
Farm Nonfarm Total
Profits with inventory valuationadjustment and without
2015 Jan 150481 94822 76802 18020 685 13071 6332 21328 12868 8460 26103 11860 Feb 150958 94884 76829 18055 605 13069 6369 21658 12826 8832 26232 11859 Mar 150956 94932 76843 18089 525 13128 6408 21380 12783 8597 26439 11855 Apr r 151558 95166 77031 18135 540 13142 6470 21654 12959 8696 26460 11874 May r 152207 95551 77358 18193 569 13199 6542 21743 13134 8608 26517 11913 June r 152816 95759 77517 18241 597 13263 6611 21953 13310 8643 26563 11929 July r 153513 96263 77955 18308 597 13372 6635 21961 13317 8644 26667 11983 Aug p 154038 96683 78311 18372 597 13356 6666 22012 13324 8689 26750 12027
1 With inventory valuation and capital consumption adjustments2 With capital consumption adjustment3 Consists mainly of social insurance benefits to persons
Source Department of Commerce (Bureau of Economic Analysis)
16000
12000
14000
10000
9000
8000
7000
6000
5000
4000
3000
2000
1000
16000
12000
14000
10000
9000
8000
7000
6000
5000
4000
3000
2000
1000
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
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 $525 billion (annual rate) in August following an increase of $697 billion in July Wages andsalaries rose $356 billion in August following an increase of $438 billion in July
2015 I 150798 19001 131798 124922 6876 121147 41107 37785 37600 34562 33 52 320623 II r 152194 19274 132920 126745 6175 121513 41386 37835 38075 34807 5 46 321167
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)
COUNCIL OF ECONOMIC ADVISERS
2006 2007 20102009 20112008 2012 2013 2014 2015
SEASONALLY ADJUSTED ANNUAL RATESSOURCE DEPARTMENT OF COMMERCE
DOLLARS (RATIO SCALE)
44000
40000
42000
38000
36000
34000
32000
30000
44000
40000
42000
38000
36000
34000
32000
30000
DOLLARS (RATIO SCALE)
DISPOSABLE PERSONAL INCOME
PERSONAL OUTLAYS
SAVING
CHAINED (2009) DOLLARS
CURRENT DOLLARS
11500
11000
10000
10500
9000
12000
12500
14000
13000
13500
9500
11500
11000
10000
10500
9000
12000
12500
14000
13000
13500
9500
According to revised estimates per capita disposable personal income in chained (2009) dollars rose 05 percent(annual rate) in the second quarter of 2015
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 equat es to the sum of cash receipts home consumption and the value of the change in invent ories4 Includes income from fores t products sold the gros s imputed rental value of farm dwellings machine hire and custom work and other s ources of farm income such as commodity insur ance
indemnities
Note Data for 2015 are forecasts
Source Department of Agriculture (Economic Research Service)
BILLIONS OF CHAINED (2009) DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF CHAINED (2009) DOLLARS (RATIO SCALE)
SOURCE DEPARTMENT OF AGRICULTURE
40
60
80
120
160
440
480
400
240
280
320
360
200
520
40
60
80
120
160
440
480
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 current forecast for 2015 gross farm income in chained (2009) dollars is forecast to be $4060billion and net farm income to be $530 billion
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Corporate Profits
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Profits (before tax) with inventory valuation adjustment 1
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)
Source Department of Commerce (Bureau of Economic Analysis)
PROFITS BEFORE TAX
COUNCIL OF ECONOMIC ADVISERS
2006 2007 20102009 2011 20152008 2012 2013 2014
SOURCE DEPARTMENT OF COMMERCE
SEASONALLY ADJUSTED ANNUAL RATES
PROFITS AFTER TAX
UNDISTRIBUTED PROFITS
TAXES ONCORPORATE INCOME
BILLIONS OF DOLLARS
0
ndash200
2600
2400
2500
2300
2200
21002000
1900
1800
1200
1100
1000
1300
1400
1500
900
800
700
600500
400
300
200
100
ndash100
1700
1600
0
ndash200
2600
2400
2500
2300
2200
21002000
1900
1800
1200
1100
1000
1300
1400
1500
900
800
700
600500
400
300
200
100
ndash100
1700
1600
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates corporate profits before tax rose $1414 billion (annualrate) and profits after tax rose $1101 billion
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Real Gross Private Domestic Investment
[Billions of chained (2009) dollars quarterly dat a at seasonally adjusted annual rates]
Period
Grossprivate
domesticinvestment
Fixed investment Change in private inventories
Total
Nonresidential
Residential Total NonfarmTotal Structures Equipment
2015 I 28302 27014 21886 4582 10460 6871 5124 1128 1068 II r 28648 27355 22106 4652 10469 7010 5240 1135 1110
Note See p 10 for further detail on fixed investment by typeBecause of the formula used for calculating r eal GDP the chained (2009) dollar estimat es for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF CHAINED (2009) DOLLARS BILLIONS OF CHAINED (2009) DOLLARS
GROSS PRIVATE DOMESTICINVESTMENT
CHANGE IN PRIVATEINVENTORIES
NONRESIDENTIALFIXED INVESTMENT
COUNCIL OF ECONOMIC ADVISERS
2006 2007 20102009 2011 20152008 2012 2013 2014
SOURCE DEPARTMENT OF COMMERCE
SEASONALLY ADJUSTED ANNUAL RATES
0
3000
2200
2400
2600
2800
2000
1800
1600
1400
1200
1000
800
600
400
200
ndash400
ndash200
0
3000
2200
2400
2600
2800
2000
1800
1600
1400
1200
1000
800
600
400
200
ndash400
ndash200
RESIDENTIALFIXED INVESTMENT
In the second quarter of 2015 according to revised estimates nonresidential fixed investment in chained (2009)dollars rose $220 billion (annual rate) and residential investment rose $116 billion Inventories rose $1135 billionfollowing an increase of $1128 billion in the first quarter
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Real Private Fixed Investment by Type[Billions of chained (2009) dollars quarterly data at seasonally adjusted annual rates]
II r 27355 22106 4652 10469 3305 2403 2209 2851 7010 3354 2857 5240 5128 1845
1 Because computers ex hibit rapid changes in prices relativ e to other prices in the economy the chained-dollar est imates should not be used to measure the componentrsquos relative impor tance or itscontribution 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 componentsee Survey of Current Business Table 531 (for growth rates) Table 532 (for contribu tions) and Table 533 (for quantity indexes)
2 Includes other items not shown separately3 Research and development investment excludes expenditures for software development
Note Because of the formula used for calculat ing real GDP the chained (2009) dollar est imates for the detailed components do not add to the chained-dollar value of GDP or to any intermediateaggregates
Source Department of Commerce (Bureau of Economic Analysis)
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)
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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]
1 Civilian labor force (or employment) as per cent of civilian noninstitution al population and unemployment as percent of civilian labor for ce
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 OVER SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
2007
16
12
20
8
4
0
16
12
20
8
4
0
MILLIONS OF PERSONSMILLIONS OF PERSONS
2009 2011 20132012 2014 20152008 2010
CIVILIAN LABOR FORCE
146
154
150
142
138
134
158
162
UNEMPLOYMENT
CIVILIANEMPLOYMENT
146
154
150
142
138
134
158
162
EMPLOYMENT UNEMPLOYMENT AND WAGES
In September employment as measured by the household survey fell by 236000 and unemployment fell 114000
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Selected Unemployment Rates
[Monthly data seasonally adjusted except as noted by NSA]
Period
Unemployment rate (percent of civilian labor force in group)
Allcivilianworkers
By sex and age By race or ethnicity 1 By selected groups
2015 Jan 8979 268 261 155 315 323 134 474 95 316 115 2912 399 2958 Feb 8705 279 256 154 311 317 131 481 102 305 112 r 2759 296 r 2801 Mar 8575 289 268 145 298 307 122 489 102 314 95 3120 282 r 3166 Apr 8549 314 265 131 290 308 117 486 97 315 102 2400 r 289 r 2438 May 8674 276 290 148 286 307 116 491 95 301 112 2224 r 254 r 2260 June 8299 286 287 169 258 281 113 492 93 303 112 r 2311 r 300 r 2346 July 8266 307 278 146 269 283 113 502 102 296 100 2325 298 2359 Aug 8029 265 300 158 277 284 121 505 98 291 106 2461 246 2498 Sept 7915 299 281 154 266 263 114 491 98 306 105
1 Beginning January 2011 includes unemployment durations of up to 5 years prior data are for up to 2 year s2 Includes State (50 States Distri ct of Columbia Puerto Rico and the Virgin Islands) Federal (UCFE) ex-service members (UCX) and Federal and State ext ended benefit programs Also includes
Emergency Unemployment Compensation (2008-2013) and Federal Additional Compensation (2009-2010)
Note Data relate to perso ns 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
0
2011 2012 2013 2014 20152011 2012 2013 2014 2015
0
20
30
40
60
50
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF LABOR
20
COUNCIL OF ECONOMIC ADVISERS
NEW ENTRANTS
5-14 WEEKS
15-26 WEEKS
JOB LEAVERS
REENTRANTS
10 10
LESS THAN5 WEEKS
27 WEEKS AND OVER
JOB LOSERS
In September the percentage of the unemployed who had been out of work for less than 5 weeks rose while thepercentages for 5 to 14 weeks 15 to 26 weeks and 27 weeks and over fell Te mean duration of unemployment fellto 263 weeks and the median duration fell to 114 weeks
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Nonagricultural Employment
[Thousands of wage and salary workers 1 monthly data seasonally adjusted]
1 Data from the est ablishment survey Includes all full- and part-time wage and salary wor kers in nonagricultural est ablishments who received pay for any par t of the pay period that includes the12th of the month Excludes propr ietors self-employed per sons unpaid family workers and private hous ehold workers Data from the household sur vey shown on p 11 include those workers and alsocount persons as employed when they are not at work be cause of industrial disputes bad weat her etc even if they are not paid for the time off In the ser ies shown here persons who work at morethan one job are counted each time they appear on a payroll in cont rast to the series shown on p 11 where persons are counted only onc emdashas employed unemployed or not in the labor for ce SeeEmployment 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
Source Department of Labor (Bureau of Labor Statistics)
MILLIONS OF PERSONS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS
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
PRIVATESERVICE-PROVIDING
INDUSTRIES
EDUCATION ANDHEALTH SERVICES
otal nonagricultural employment as measured by the payroll survey rose by 142000 in September
7172019 EI_201509pdf
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Employment Cost IndexmdashPrivate Industry
Period
Index (December 2005 = 100) Percent change from
Totalcompensation
Wagesand
salaries
Benefits 1
3 months earlier 12 months earlier
Totalcompensation
Wages
andsalaries Benefits 1 Total
compensation
Wages
andsalaries Benefits 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
Note The employment cost index is a measure of the change in the cos t of labor free from the influence of employment shif ts among occupations and industries Data exclude farm and household workers
Source Department of Labor (Bureau of Labor Statistics)
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries[For production or nonsupervisory workers monthly data seasonally adjusted]
Period
Average weekly hours Average gross hourly earnings Average gross weekly earnings
1 Also includes other private industry groups shown on p 142 Current dollar earnings divided by t he consumer price index for urban wage earners and cleric al workers (CPIndash W) (on a 1982-84=100 base)
Source Department of Labor (Bureau of Labor Statistics)
7172019 EI_201509pdf
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Productivity and Related Data Business and Nonfarm Business Sectors
Period
Output per hourof all persons
Output 1Hours of
all persons 2Compensation
per hour 3
Realcompensation
per hour 4Unit labor
costsImplicit price
deflator 5
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Indexes 2009=100 quarterly data seasonally adjusted
1 Output refers to real gross domestic product originating in the sector2 Hours of all persons engaged in the sect or including hours of proprietors and unpaid family workers Es timates based primarily on est ablishment data3 Wages and salaries of employees plus employersrsquo contri butions for social insurance and priva te benefit plans Also includes an estimate of wages salar ies and supplemental payments for th e
self-employed4 Hourly compensation divided by the consumer price index for all urban consumers (CPIndashU) for recent quarters The trend from 1978ndash2014 is based on the consumer price index research series
(CPIndashUndashRS)5 Current dollar gross domestic output divided by the output index
Note Data relate to all persons engaged in the se ctorPercent 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 da ta released on Augus t 27 2015
Source Department of Labor (Bureau of Labor Statistics)
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Industrial Production and Capacity Utilization
[Monthly data seasonally adjusted]
Period
Total industrial production 1 Industry production indexes 2012=100 Capacity utilization rate(output as percent of
2015 Jan 1076 ndash3 45 1049 1074 1038 860 1221 1046 787 761 Feb 1074 ndash2 35 1045 1068 1037 861 1201 1082 784 757 Mar r 1072 ndash2 25 1048 1068 1041 865 1195 1055 782 758 Apr r 1070 ndash2 21 1052 1071 1046 865 1179 1027 779 760 May r 1066 ndash4 13 1050 1075 1039 860 1153 1021 775 759 June r 1066 0 8 1049 1073 1039 851 1154 1031 774 757 July r 1075 9 13 1058 1085 1045 852 1175 1030 780 762 Aug p 1071 ndash4 9 1053 1076 1045 850 1167 1036 776 758
1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industriesmdashlogging and newspaperperiodical book and directory-publishingmdashthat have traditionally been included in manufacturing
2 Percent changes based on unrounded indexes
Note Data based on NAICS exc ept series as defined in footnote 1
Source Board of Governors of the Federal Reserve System
INDEX 2012 = 100 (RATIO SCALE)
BUSINESSEQUIPMENT
CONSUMER GOODS
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 2012 = 100 (RATIO SCALE)
PERCENT
130
120
110
100
80
90
86
84
82
80
78
76
74
72
70
66
68
110
100
90
80
140
130
120
110
100
80
90
DURABLE
NONDURABLE
TOTAL1MANUFACTURING120
110
100
90
80
PRODUCTION AND BUSINESS ACTIVITY
Industrial production and capacity utilization fell in August
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Industrial ProductionmdashMajor Market Groups and Selected Manufactures
Apr 1190 735 436 1140 666 32 442 999 508 207 May r 1072 697 366 1250 681 34 535 1010 513 210 June r 1211 687 510 1337 692 34 611 959 466 215 68
July r 1161 762 390 1130 680 28 422 996 522 215 Aug p 1126 739 381 1161 699 30 432 935 552 216
1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards2 Based on approximately 20100 permit-issuing places beginning wit h 2014 and 19300 beginning with 2004 Using the 20 04 universe the tot al for 2014 is 104643 Seasonally adjusted4 Quarterly data are three-month averages Annual data are averages of quarterly data
Source Department of Commerce (Bureau of the Census)
New Construction[Billions of dollars monthly data at seasonally adjusted annual rates]
2015 Jan 9901 7162 3589 2616 3572 170 420 640 736 1607 2739 Feb 9935 7208 3606 2607 3602 176 418 620 768 1621 2726 Mar 10064 7297 3575 2562 3722 180 446 622 810 1664 2766 Apr 10446 7572 3668 2599 3904 192 463 653 840 1756 2874 May 10684 7765 3731 2632 4034 208 482 663 896 1784 2920 June r 10743 7735 3761 2659 3974 223 493 626 862 1770 3008 July r 10791 7823 3785 2683 4038 218 493 632 906 1789 2968 Aug p 10862 7880 3833 2723 4047 225 492 622 920 1789 2982
1 Includes residential improvements not shown separately2 Includes health care educa tional communication and power among other categories not shown separ ately
Source Department of Commerce (Bureau of the Census)
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Business Sales and InventoriesmdashManufacturing and Trade
[Millions of dollars except ratios seasonally adjusted except as noted]
Period
Manufacturing and trade 1 Wholesale RetailRetail and foodservices sales 2
2015 Jan 1308276 1778991 136 445024 572469 129 383889 558296 145 434225 Feb 1303701 1783741 137 442459 573668 130 381432 561001 147 431921 Mar 1311121 1785855 136 441024 574661 130 387665 562821 145 438572 Apr 1318016 1792837 136 448458 576998 129 387235 566270 146 438717 May 1322962 1798172 136 449347 580710 129 392268 567490 145 443913 June r 1327245 1809917 136 450927 584986 130 391955 573180 146 443734 July p 1327773 1811191 136 449492 584281 130 r 394919 576881 146 r 446872 Aug p 395401 447715
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
Source Department of Commerce (Bureau of the Census)
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
900
1000
1100
1200
1300
1600
MANUFACTURING ANDTRADE INVENTORIES
MANUFACTURING AND TRADE SALES 350
400
450
RETAIL SALES
RETAIL INVENTORIES
300
140
130
120
160
150
INVENTORYSALES RATIO
1500
1400
MANUFACTURING AND TRADE
1700
1900
1800
RATIO
500
600
550
170
RETAIL AND FOODSERVICES SALES
RETAIL
COUNCIL OF ECONOMIC ADVISERS
In July according to current estimates manufacturing and trade sales were roughly unchanged while inventoriesrose $13 billion According to advance estimates retail sales rose 01 percent in August Retail and food servicessales rose 02 percent
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Manufacturersrsquo Shipments Inventories and Orders
Period
Manufacturersrsquo shipments 1 Manufacturersrsquo inventories 2 Manufacturersrsquo new orders 1
Manu-
facturersrsquounfilledorders 2
Manu-facturersrsquo
inventoryshipments
ratio 3Total
Durablegoods
Nondurablegoods
TotalDurablegoods
Nondurablegoods
Total
Durable goods
Total
Capitalgoods
industriesnondefense
Millions of dollars seasonally adjusted except as noted
1 Annual data are averages of mont hly not seasonally adjusted figures monthly dat a are seasonally adjusted totals for month Shipment s are the same as sales2 Seasonally adjusted end of period3 Annual data are averages of seasonally adjusted monthly ratios
Note Manufacturersrsquo 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 durableunfilled orders
Total and durable shipments and inventories include data on semiconductor s new and unfilled orders do not
Source Department of Commerce (Bureau of the Census)
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
140
180
220
260
300
420
380
340
140
180
220
260300
340
140
180
220
260
300
340380
420
460
500
110
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL
NEW ORDERS
SHIPMENTS INVENTORIES
INVENTORYSHIPMENTS RATIO
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
2014 20152012 2011 2014 2015
DURABLE GOODS
NONDURABLE GOODS
160
140
150
120
130
NONDURABLE GOODS
DURABLE GOODS
TOTAL
20132011 2012 2013
DURABLE GOODS
RATIO
540460
500540
380
420
460500540
TOTAL
580
580 700
580620660
In August manufacturersrsquo shipments inventories and new and unfilled orders all fell
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Producer Prices
[November 2009 =100 except as noted monthly data seasonally adjusted]
1 Includes final demand construction not shown separately2 Does not include food and beverages for immediate con sumption which are defined as the servic e of preparing meals snacks and beverages to cust omer order for immediate consumption3 Trade indexes measure changes in margins received by wholesalers and re tailers4 Relative importance December 2014
Source Department of Labor (Bureau of Labor Statistics)
INDEX NOV 2009=100 (RATIO SCALE) INDEX NOV 2009=100 (RATIO SCALE)
2009 2010 2011 2012 2013 2014 2015
SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTEDFINAL DEMAND
COUNCIL OF ECONOMIC ADVISERS
FINAL DEMANDSERVICES
100
95
115
125
110
105
120
100
95
115
125
110
105
120
FINAL DEMAND
FINAL DEMANDGOODS
PRICES
Te producer price index for final demand was unchanged in August Prices for final demand goods fell 06 percentand prices for final demand services rose 04 percent
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In August the consumer price index for all urban consumers fell 01 percent it also fell 01 percent before seasonaladjustment Te index rose 02 percent from its year earlier level
Consumer PricesmdashAll Urban Consumers
[1982ndash84=100 except as noted monthly data seasonally adjusted except as noted by NSA]
Period
All items All items less food and energy Food Energy
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Relative importance July 2015
Source Department of Labor (Bureau of Labor Statistics)
INDEX 1982-84 = 100 (RATIO SCALE)
SEASONALLY ADJUSTED
INDEX 1982-84 = 100 (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF LABOR
2007 2008 2009 2010 2011 2012 2013 2014 2015
CONSUMER PRICESmdashALL ITEMS
250
240
230
220
210
200
190
180
250
240
230
220
210
200
190
180
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Changes in Consumer PricesmdashAll Urban Consumers[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Quarterly chan ges are shown in the last month of the quart er
Source Department of Labor (Bureau of Labor Statistics)
Changes in Producer Prices[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
Period
Totalfinalde-
mand 1
Final demand goods Final demand services Finaldemand
Sept r 107 87 132 112 114 115 96 Oct 100 81 135 112 113 114 89 Nov r 102 82 134 112 113 114 91 Dec r 101 83 127 111 112 114 91
2015 Jan 97 82 120 110 111 111 88 Feb 99 84 114 110 110 111 90 Mar 102 85 117 110 111 111 93 Apr r 103 89 116 110 111 111 94 May r 107 90 122 110 110 111 97 June 105 88 121 109 110 110 96 July 99 86 115 109 110 110 91 Aug 102 88 117 108 109 109 94
1 Annual indexes for 2011 forward reflect revised methodology See Agricultural Price Program Update January 2015 for details2 Includes items not shown separately3 Annual data are averages of monthly ratios
Note These indexes are also available on a 1910-14=100 basis as required by stat ute
Source Department of Agriculture (National Agricultural Statistics Service)
1RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID
SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
2010 20152007 2008 2009 20122011 2013 2014
PRICES RECEIVED
RATIO
PRICES PAID
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
90
80
60
70
130
120
110
100
90
80
60
70
130
120
110
100
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
In August prices received by farmers rose 30 percent and prices paid by farmers fell 09 percent (Data are notseasonally adjusted)
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Money Stock and Debt Measures
[Averages of daily figures except debt end-of-period basis billions of dollars seasonally adjusted]
Period
M1 M2 Debt Percent change
Sum of currencydemand depositstravelers checks and
other checkable deposits
M1 plussavings depositsretail MMMF balances
and small time deposits 1
Debt ofdomesticnonfinancial
sectors 2
From year or 6 months earlier
3 From
previous period 4
M1 M2 Debt
2005 Dec r 13748 66508 282945 ndash01 42 862006 Dec r 13683 70427 307233 ndash5 59 842007 Dec r 13766 74488 331796 6 58 812008 Dec r 16071 81740 349342 167 97 572009 Dec r 16984 84801 357496 57 37 342010 Dec r 18418 87814 370390 84 36 432011 Dec r 21682 96346 382033 177 97 352012 Dec r 24577 104225 399658 134 82 502013 Dec r 26545 109840 414596 80 54 402014 Dec r 29145 116292 432554 98 59 44
2014 Aug 28160 114420 72 58 Sept r 28571 114795 427494 82 57 45 Oct 28638 115206 67 54 Nov 28795 115640 68 50
Dec r
29145 116292 432554 72 53 482015 Jan 29318 117049 65 53 Feb 29950 118250 127 67 Mar r 29890 118448 435061 92 64 25 Apr r 29946 118949 91 65 May r 29846 119364 73 64 June r 30077 119820 439790 64 61 44 July r 30355 120596 71 61 Aug 30499 121385 37 53
1 Money market mutual fund (MMMF) Savings deposits include money market deposit accounts (MMDA)2 Consists of outstanding credit market debt of the US 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 quarter3 Annual changes are from December to Decemb er and monthly changes are from 6 months earlier at a simple annual rate4 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
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
M2
BILLIONS OF DOLLARS (RATIO SCALE)
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
BILLIONS OF DOLLARS (RATIO SCALE)
M1
MONEY CREDIT AND SECURITY MARKETS
In August M2 rose
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Components of Money Stock[Averages of daily figures billions of dollars seasonally adjusted]
2015 Jan r 12663 29 11742 4885 2640 2244 76444 65552 10892 5068 3758 1311 6219 17890 Feb r 12720 29 12174 5027 2713 2314 77076 66120 10956 5049 3758 1291 6174 17834 Mar 12794 28 12025 5042 2727 2315 77468 66493 10975 4949 3678 1272 6141 18075 Apr r 12843 28 12044 5030 2715 2315 78005 66950 11055 4864 3595 1269 6134 17848 May r 12884 27 11928 5007 2706 2301 78618 67441 11176 4792 3529 1262 6108 17990 June r 12934 27 12057 5059 2768 2291 78881 67664 11217 4727 3469 1257 6136 18154 July r 12999 27 12266 5063 2769 2294 79389 68179 11210 4664 3411 1253 6188 18438
Aug 13090 26 12313 5070 2753 2317 80069 68822 11247 4606 3355 1250 6212 187411 Small-denomination deposits are those issued in amounts of less than $1000002 Institutional money funds are not part of non-M1 M2
Source Board of Governors of the Federal Reserve System
Aggregate Reserves and Monetary Base[Averages of daily figures 1 millions of dollars not seasonally adjusted]
1 Data are prorated averages of biweekly (maintenance period) averages of daily figures2 Equals the sum of balances maintained up to the top of each institu tionrsquos penalty-free band3 Excludes vault cash used to satisfy required reserves4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve5 Equals total balances maintained plus currenc y 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 separately7 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 cr eation of a penalty-fr ee band around reserve balanc e requirements which took effe ct June 27 2013 See H3 release of July 11 2013
Source Board of Governors of the Federal Reserve System
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Bank Credit at All Commercial Banks
[Billions of dollars seasonally adjusted 1]
Period
Total
bankcredit
Securities in bank credit 2 Loans and leases in bank credit
Totalsecurities
US
Treasuryand
agencysecurities
Othersecurities
Totalloansand
leases 3
Commercialandindustrial
loans
Real estate loans
Consumerloans 5
Otherloansand
leases 6Total 4Revolving
home equityloans
Commercialloans
2005 Dec r 73156 18554 11593 6961 54602 10361 29289 4435 12701 7045 79062006 Dec r 81084 19913 12190 7723 61172 11826 33736 4683 14593 7386 82242007 Dec r 89042 21046 11375 9670 67997 14177 36002 4848 15872 7992 98272008 Dec r 93532 20976 12541 8435 72556 15588 38195 5882 17284 8762 100122009 Dec r 89955 23295 14509 8786 66660 12652 37767 6031 16409 8360 78812010 Dec r 91917 24299 16425 7874 67618 11923 36133 5819 15004 11138 84232011 Dec r 94020 24955 17020 7935 69065 13037 34948 5495 14183 10911 101702012 Dec r 99593 27358 18762 8596 72235 14756 35504 5152 14282 11155 108202013 Dec r 100964 27148 18047 9100 73816 15767 35317 4737 14986 11414 113182014 Dec r 108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 13155
2014 Aug r 106144 28436 19406 9029 77709 17174 36158 4623 15702 11822 12556 Sept r 106591 28605 19731 8874 77985 17290 36196 4608 15781 11873 12626 Oct r 106989 28683 19896 8787 78306 17366 36227 4603 15867 11919 12793 Nov r 107682 28801 20001 8800 78881 17565 36270 4594 15948 11973 13073
Dec r
108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 131552015 Jan r 109576 29525 20663 8862 80052 17932 36503 4564 16156 12008 13608 Feb r 110253 29732 20847 8885 80521 18116 36713 4553 16299 12041 13652 Mar r 111116 29771 20859 8912 81345 18392 37056 4545 16522 12066 13831 Apr r 111838 29954 20996 8958 81884 18500 37131 4527 16606 12127 14126 May r 112422 30248 21321 8927 82174 18665 37241 4509 16705 12179 14088 June r 112912 30267 21343 8924 82644 18842 37410 4487 16831 12227 14165 July r 113449 30219 21337 8882 83229 18939 37574 4468 16984 12289 14428 Aug 113955 30352 21489 8863 83603 19068 37702 4441 17118 12360 14473
1 Data are prorated averages of Wednesday values for domestically chartered commercial banks branches and agencies of foreign banks and Edge Act and agreement corporations2 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
accounts3 Excludes unearned inco me Includes the allowance for loan and lease losses Exclude s Federal funds sold to reverse r epurchase agreements (RPs) wit h and loans to commercial banks in the
United States Includes all loans held in trading acc ounts under a fair value option4 Includes closed-end residential loans not shown separately5 Includes credit cards and other consumer loans6 Includes other items not shown separately
Source Board of Governors of the Federal Reserve System
BILLIONS OF DOLLARS (RATIO SCALE)
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000TOTAL
LOANS AND LEASES
US TREASURY AND AGENCY SECURITIES
OTHER SECURITIES
otal commercial bank loans and leases rose 04 percent in August
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Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business[Billions of dollars quarterly data at seasonally adjusted annual rates]
2013 I r 28407 18324 10083 1750 ndash2137 3887 3161 727 7291 26861 14534 12327 1546 II r 27501 18870 8631 242 ndash3712 3953 2089 1866 6274 25223 15186 10037 2278 III r 29700 18725 10975 3049 ndash3441 6490 4794 1696 5918 25132 15917 9215 4569 IV r 30024 19526 10498 ndash1864 ndash4827 2964 2556 408 10129 27122 15941 11181 2902
2014 I r 23994 17883 6111 1149 ndash5018 6168 3033 3135 9213 20136 16114 4022 3857 II r 30269 18769 11500 707 ndash2731 3438 2539 899 8365 26528 16471 10057 3741 III r 30145 19916 10229 789 ndash4343 5132 2239 2894 5738 22768 17045 5723 7377
IV r 28679 19758 8921 1419 ndash3410 4828 3523 1305 5494 24169 17063 7106 45112015 I r 30105 19004 11101 443 ndash5920 6363 5297 1065 3035 23722 17387 6335 6383 II p 29302 18836 10466 836 ndash5910 6746 7004 ndash257 7179 25768 18870 6898 3533
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 earn-ings retained abroad inventory valuation adjustment and net capital transfers
2 Includes trade payables taxes payable and miscellaneous liabilities (foreign direct investment in the US 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]
Period
Consumer credit outstanding (end of period) Net change in consumer credit outstanding 1
Total Revolving Nonrevolving 2 Total Revolving Nonrevolving 2
2005 Dec 22909 8295 14614 987 299 6872006 Dec 24613 9240 15373 1704 945 7592007 Dec 26151 10020 16131 1538 780 7582008 Dec 26500 10044 16457 349 24 3262009 Dec 25523 9164 16359 ndash977 ndash880 ndash982010 Dec 26469 8395 18074 946 ndash769 17152011 Dec 27554 8412 19142 1085 17 10682012 Dec 29229 8459 20770 1675 47 16282013 Dec 30988 8582 22406 1759 123 16362014 Dec 33172 8900 24272 2184 318 1866
2014 July 32332 8803 23528 214 45 168 Aug 32493 8814 23679 161 11 151 Sept 32675 8834 23840 182 20 161 Oct 32841 8848 23993 166 14 153 Nov 33005 8861 24145 164 13 152
Dec 33172 8900 24272 167 39 1272015 Jan 33276 8883 24393 104 ndash17 121 Feb 33426 8860 24566 150 ndash23 173 Mar r 33634 8908 24726 208 48 160 Apr r 33876 9003 24873 242 95 147 May r 34073 9028 25045 197 25 172 June r 34343 9103 25240 270 75 195 July p 34534 9146 25388 191 43 148
1 Change based on data in billions of dollars as shown here For year-end data ch ange from preceding year-end for monthl y data change from preceding month2 Includes automobile loans and all other loans not included in revolving cr edit such as loans for mobile homes education boats t railers or vacations The se 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
1 High bill rate at auction issue date within period bank-discount basis Data are stop yields from uniform-price auctions2 Yields on actively traded issues adjusted to constant maturities Series for 30-year constant maturity was discontinued on February 18 2002 and reintroduced on February 6 20063 Weekly data are Wednesday figures4 Average effective rate for year rate in effect at end of month or week5 Daily effective rate weighted average of rates on brokered trades6 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 Moodyrsquos Investors Service and Standard amp Poorrsquos
Interest Rates and Bond Yields
2007 2008 2009 2010 2011 2012 2013 2014 2015
10
PERCENT PER ANNUM
4
2
0
6
8
10
PERCENT PER ANNUM
4
2
0
6
8
FEDERAL FUNDSRATE
TREASURYBILLS
CORPORATE Aaa BONDS(MOODYS)
COUNCIL OF ECONOMIC ADVISERSSOURCE SEE TABLE BELOW
Interest rates were mixed in September
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Common Stock Prices and Yields
Period
Common stock prices 1 Common stock yields(percent) 6
New York Stock Exchange indexes(December 31 2002=5000) 2 Dow Jones
1 Annual data are averages of mont hly figures Monthly and weekly dat a are averages of daily closing prices2 Includes all the stocks (in 2015 over 320 0) listed on the NYSE3 Includes 30 stocks4 Includes 500 stocks5 Includes over 2900 stocks in 20156 Standard amp Poorrsquos series Dividendprice ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter
Sources New York Stock Exchange Dow Jones amp Company Inc Standar d amp Poorrsquos Nasdaq Stock Market and Bloomberg
5
INDEX DEC 31 2002=5000 (RATIO SCALE)
SOURCES NEW YORK STOCK EXCHANGE STANDARD AND POORS AND BLOOMBERG COUNCIL OF ECONOMIC ADVISERS
1 Data from current issue Monthly Treasury Statement
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fisc al Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
RECEIPTS AND OUTLAYS1
SURPLUS OR DEFICIT (ndash)1
2007 2008 2009 2010 2011 2012
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF DOLLARSBILLIONS OF DOLLARS
OUTLAYS1
RECEIPTS1
2014 2015 20162013
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
FEDERAL FINANCE
In the first eleven months of fiscal year 2015 the deficit was $5300 billion compared with a deficit of $5892 billiona year earlier
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In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
b l d
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Gross Domestic Product
[Billions of current dollars quarterly data at seasonally adjusted annual rates]
PeriodGross
domesticproduct
Personalcon-
sumptionexpendi-
tures
Grossprivate
domesticinvest-ment
Exports and imports ofgoods and services
Government consumption expendituresand gross investment
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
SEASONALLY ADJUSTED ANNUAL RATES
12800
15600
16400
13200
13600
14400
15200
16800
18400
17600
18000
17200
16000
14800
14000
12800
15600
16400
13200
13600
14400
15200
16800
18400
17600
18000
17200
16000
14800
14000
TOTAL OUTPUT INCOME AND SPENDING
In the second quarter of 2015 according to revised estimates current dollar gross domestic product (GDP) rose61 percent (annual rate) real GDP in chained (2009) dollars rose 39 percent and the chained price index rose 21percent
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Real Gross Domestic Product[Billions of chained (2009) dollars quarterly dat a at seasonally adjusted annual rates]
PeriodGross
domesticproduct
Personalcon-
sumptionexpendi-
tures
Gross privatedomestic investment
Exports and imports ofgoods and services
Government consumption expendituresand gross investment
GDP less exports of goods and services plus imports of goods and servicesNote Because of the formula used for calculatin g real GDP the chained (2009) dollar est imates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates
Source Department of Commerce (Bureau of Economic Analysis)
Chained Price Indexes For Gross Domestic Product[Index numbers 2009=100 quarterly data are seasonally adjusted]
Period
Gross
domesticproduct
Personal consumptionexpenditures
Gross privatedomestic investment
Exports and imports ofgoods and services
Government consumption expendituresand gross investment
2015 I 87777 83946 1046 609 287 156 099 032 150 041 109 II r 88287 83941 1052 613 286 157 099 030 153 043 110
1 Estimates for nonfinancial corporate business are based on the North American Industry Classification System (NAICS)2 The implicit price deflator for gr oss value added of nonfinancial corporat e business divided by 1003 Less subsidies plus business current transfer payments4 Unit profits from current production5 With inventory valuation and capital consumption adjustments
Source Department of Commerce (Bureau of Economic Analysis)
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Real Personal Consumption Expenditures[Billions of chained (2009) dollars except as noted quarterly data at seasonally adjusted annual rates]
1 Includes other items not shown separately2 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 calculatin g real GDP the chained (2009) dollar esti mates for the detailed components do not add to the chained-dollar value of GDP or to any intermediateaggregates
Source Department of Commerce (Bureau of Economic Analysis)
National Income[Billions of dollars quarterly data at seasonally adjusted annual rates]
PeriodNationalincome
Com-pensation
ofemploy-
ees
Proprietorsrsquoincome 1 Rental
incomeof
personswith
capitalcon-
sumptionadjust-ment
Corporate profits with inventory valuationand capital consumption adjustments
Netinterest
andmiscel-laneous
payments
Taxeson
produc-tionand
imports
LessSubsidies
Businesscurrenttransfer
payments
Currentsurplus
ofgovern-
mententer-prises
Farm Nonfarm Total
Profits with inventory valuationadjustment and without
2015 Jan 150481 94822 76802 18020 685 13071 6332 21328 12868 8460 26103 11860 Feb 150958 94884 76829 18055 605 13069 6369 21658 12826 8832 26232 11859 Mar 150956 94932 76843 18089 525 13128 6408 21380 12783 8597 26439 11855 Apr r 151558 95166 77031 18135 540 13142 6470 21654 12959 8696 26460 11874 May r 152207 95551 77358 18193 569 13199 6542 21743 13134 8608 26517 11913 June r 152816 95759 77517 18241 597 13263 6611 21953 13310 8643 26563 11929 July r 153513 96263 77955 18308 597 13372 6635 21961 13317 8644 26667 11983 Aug p 154038 96683 78311 18372 597 13356 6666 22012 13324 8689 26750 12027
1 With inventory valuation and capital consumption adjustments2 With capital consumption adjustment3 Consists mainly of social insurance benefits to persons
Source Department of Commerce (Bureau of Economic Analysis)
16000
12000
14000
10000
9000
8000
7000
6000
5000
4000
3000
2000
1000
16000
12000
14000
10000
9000
8000
7000
6000
5000
4000
3000
2000
1000
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
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 $525 billion (annual rate) in August following an increase of $697 billion in July Wages andsalaries rose $356 billion in August following an increase of $438 billion in July
2015 I 150798 19001 131798 124922 6876 121147 41107 37785 37600 34562 33 52 320623 II r 152194 19274 132920 126745 6175 121513 41386 37835 38075 34807 5 46 321167
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)
COUNCIL OF ECONOMIC ADVISERS
2006 2007 20102009 20112008 2012 2013 2014 2015
SEASONALLY ADJUSTED ANNUAL RATESSOURCE DEPARTMENT OF COMMERCE
DOLLARS (RATIO SCALE)
44000
40000
42000
38000
36000
34000
32000
30000
44000
40000
42000
38000
36000
34000
32000
30000
DOLLARS (RATIO SCALE)
DISPOSABLE PERSONAL INCOME
PERSONAL OUTLAYS
SAVING
CHAINED (2009) DOLLARS
CURRENT DOLLARS
11500
11000
10000
10500
9000
12000
12500
14000
13000
13500
9500
11500
11000
10000
10500
9000
12000
12500
14000
13000
13500
9500
According to revised estimates per capita disposable personal income in chained (2009) dollars rose 05 percent(annual rate) in the second quarter of 2015
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 equat es to the sum of cash receipts home consumption and the value of the change in invent ories4 Includes income from fores t products sold the gros s imputed rental value of farm dwellings machine hire and custom work and other s ources of farm income such as commodity insur ance
indemnities
Note Data for 2015 are forecasts
Source Department of Agriculture (Economic Research Service)
BILLIONS OF CHAINED (2009) DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF CHAINED (2009) DOLLARS (RATIO SCALE)
SOURCE DEPARTMENT OF AGRICULTURE
40
60
80
120
160
440
480
400
240
280
320
360
200
520
40
60
80
120
160
440
480
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 current forecast for 2015 gross farm income in chained (2009) dollars is forecast to be $4060billion and net farm income to be $530 billion
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Corporate Profits
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Profits (before tax) with inventory valuation adjustment 1
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)
Source Department of Commerce (Bureau of Economic Analysis)
PROFITS BEFORE TAX
COUNCIL OF ECONOMIC ADVISERS
2006 2007 20102009 2011 20152008 2012 2013 2014
SOURCE DEPARTMENT OF COMMERCE
SEASONALLY ADJUSTED ANNUAL RATES
PROFITS AFTER TAX
UNDISTRIBUTED PROFITS
TAXES ONCORPORATE INCOME
BILLIONS OF DOLLARS
0
ndash200
2600
2400
2500
2300
2200
21002000
1900
1800
1200
1100
1000
1300
1400
1500
900
800
700
600500
400
300
200
100
ndash100
1700
1600
0
ndash200
2600
2400
2500
2300
2200
21002000
1900
1800
1200
1100
1000
1300
1400
1500
900
800
700
600500
400
300
200
100
ndash100
1700
1600
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates corporate profits before tax rose $1414 billion (annualrate) and profits after tax rose $1101 billion
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Real Gross Private Domestic Investment
[Billions of chained (2009) dollars quarterly dat a at seasonally adjusted annual rates]
Period
Grossprivate
domesticinvestment
Fixed investment Change in private inventories
Total
Nonresidential
Residential Total NonfarmTotal Structures Equipment
2015 I 28302 27014 21886 4582 10460 6871 5124 1128 1068 II r 28648 27355 22106 4652 10469 7010 5240 1135 1110
Note See p 10 for further detail on fixed investment by typeBecause of the formula used for calculating r eal GDP the chained (2009) dollar estimat es for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF CHAINED (2009) DOLLARS BILLIONS OF CHAINED (2009) DOLLARS
GROSS PRIVATE DOMESTICINVESTMENT
CHANGE IN PRIVATEINVENTORIES
NONRESIDENTIALFIXED INVESTMENT
COUNCIL OF ECONOMIC ADVISERS
2006 2007 20102009 2011 20152008 2012 2013 2014
SOURCE DEPARTMENT OF COMMERCE
SEASONALLY ADJUSTED ANNUAL RATES
0
3000
2200
2400
2600
2800
2000
1800
1600
1400
1200
1000
800
600
400
200
ndash400
ndash200
0
3000
2200
2400
2600
2800
2000
1800
1600
1400
1200
1000
800
600
400
200
ndash400
ndash200
RESIDENTIALFIXED INVESTMENT
In the second quarter of 2015 according to revised estimates nonresidential fixed investment in chained (2009)dollars rose $220 billion (annual rate) and residential investment rose $116 billion Inventories rose $1135 billionfollowing an increase of $1128 billion in the first quarter
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Real Private Fixed Investment by Type[Billions of chained (2009) dollars quarterly data at seasonally adjusted annual rates]
II r 27355 22106 4652 10469 3305 2403 2209 2851 7010 3354 2857 5240 5128 1845
1 Because computers ex hibit rapid changes in prices relativ e to other prices in the economy the chained-dollar est imates should not be used to measure the componentrsquos relative impor tance or itscontribution 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 componentsee Survey of Current Business Table 531 (for growth rates) Table 532 (for contribu tions) and Table 533 (for quantity indexes)
2 Includes other items not shown separately3 Research and development investment excludes expenditures for software development
Note Because of the formula used for calculat ing real GDP the chained (2009) dollar est imates for the detailed components do not add to the chained-dollar value of GDP or to any intermediateaggregates
Source Department of Commerce (Bureau of Economic Analysis)
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)
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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]
1 Civilian labor force (or employment) as per cent of civilian noninstitution al population and unemployment as percent of civilian labor for ce
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 OVER SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
2007
16
12
20
8
4
0
16
12
20
8
4
0
MILLIONS OF PERSONSMILLIONS OF PERSONS
2009 2011 20132012 2014 20152008 2010
CIVILIAN LABOR FORCE
146
154
150
142
138
134
158
162
UNEMPLOYMENT
CIVILIANEMPLOYMENT
146
154
150
142
138
134
158
162
EMPLOYMENT UNEMPLOYMENT AND WAGES
In September employment as measured by the household survey fell by 236000 and unemployment fell 114000
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Selected Unemployment Rates
[Monthly data seasonally adjusted except as noted by NSA]
Period
Unemployment rate (percent of civilian labor force in group)
Allcivilianworkers
By sex and age By race or ethnicity 1 By selected groups
2015 Jan 8979 268 261 155 315 323 134 474 95 316 115 2912 399 2958 Feb 8705 279 256 154 311 317 131 481 102 305 112 r 2759 296 r 2801 Mar 8575 289 268 145 298 307 122 489 102 314 95 3120 282 r 3166 Apr 8549 314 265 131 290 308 117 486 97 315 102 2400 r 289 r 2438 May 8674 276 290 148 286 307 116 491 95 301 112 2224 r 254 r 2260 June 8299 286 287 169 258 281 113 492 93 303 112 r 2311 r 300 r 2346 July 8266 307 278 146 269 283 113 502 102 296 100 2325 298 2359 Aug 8029 265 300 158 277 284 121 505 98 291 106 2461 246 2498 Sept 7915 299 281 154 266 263 114 491 98 306 105
1 Beginning January 2011 includes unemployment durations of up to 5 years prior data are for up to 2 year s2 Includes State (50 States Distri ct of Columbia Puerto Rico and the Virgin Islands) Federal (UCFE) ex-service members (UCX) and Federal and State ext ended benefit programs Also includes
Emergency Unemployment Compensation (2008-2013) and Federal Additional Compensation (2009-2010)
Note Data relate to perso ns 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
0
2011 2012 2013 2014 20152011 2012 2013 2014 2015
0
20
30
40
60
50
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF LABOR
20
COUNCIL OF ECONOMIC ADVISERS
NEW ENTRANTS
5-14 WEEKS
15-26 WEEKS
JOB LEAVERS
REENTRANTS
10 10
LESS THAN5 WEEKS
27 WEEKS AND OVER
JOB LOSERS
In September the percentage of the unemployed who had been out of work for less than 5 weeks rose while thepercentages for 5 to 14 weeks 15 to 26 weeks and 27 weeks and over fell Te mean duration of unemployment fellto 263 weeks and the median duration fell to 114 weeks
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Nonagricultural Employment
[Thousands of wage and salary workers 1 monthly data seasonally adjusted]
1 Data from the est ablishment survey Includes all full- and part-time wage and salary wor kers in nonagricultural est ablishments who received pay for any par t of the pay period that includes the12th of the month Excludes propr ietors self-employed per sons unpaid family workers and private hous ehold workers Data from the household sur vey shown on p 11 include those workers and alsocount persons as employed when they are not at work be cause of industrial disputes bad weat her etc even if they are not paid for the time off In the ser ies shown here persons who work at morethan one job are counted each time they appear on a payroll in cont rast to the series shown on p 11 where persons are counted only onc emdashas employed unemployed or not in the labor for ce SeeEmployment 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
Source Department of Labor (Bureau of Labor Statistics)
MILLIONS OF PERSONS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS
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
PRIVATESERVICE-PROVIDING
INDUSTRIES
EDUCATION ANDHEALTH SERVICES
otal nonagricultural employment as measured by the payroll survey rose by 142000 in September
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Employment Cost IndexmdashPrivate Industry
Period
Index (December 2005 = 100) Percent change from
Totalcompensation
Wagesand
salaries
Benefits 1
3 months earlier 12 months earlier
Totalcompensation
Wages
andsalaries Benefits 1 Total
compensation
Wages
andsalaries Benefits 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
Note The employment cost index is a measure of the change in the cos t of labor free from the influence of employment shif ts among occupations and industries Data exclude farm and household workers
Source Department of Labor (Bureau of Labor Statistics)
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries[For production or nonsupervisory workers monthly data seasonally adjusted]
Period
Average weekly hours Average gross hourly earnings Average gross weekly earnings
1 Also includes other private industry groups shown on p 142 Current dollar earnings divided by t he consumer price index for urban wage earners and cleric al workers (CPIndash W) (on a 1982-84=100 base)
Source Department of Labor (Bureau of Labor Statistics)
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Productivity and Related Data Business and Nonfarm Business Sectors
Period
Output per hourof all persons
Output 1Hours of
all persons 2Compensation
per hour 3
Realcompensation
per hour 4Unit labor
costsImplicit price
deflator 5
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Indexes 2009=100 quarterly data seasonally adjusted
1 Output refers to real gross domestic product originating in the sector2 Hours of all persons engaged in the sect or including hours of proprietors and unpaid family workers Es timates based primarily on est ablishment data3 Wages and salaries of employees plus employersrsquo contri butions for social insurance and priva te benefit plans Also includes an estimate of wages salar ies and supplemental payments for th e
self-employed4 Hourly compensation divided by the consumer price index for all urban consumers (CPIndashU) for recent quarters The trend from 1978ndash2014 is based on the consumer price index research series
(CPIndashUndashRS)5 Current dollar gross domestic output divided by the output index
Note Data relate to all persons engaged in the se ctorPercent 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 da ta released on Augus t 27 2015
Source Department of Labor (Bureau of Labor Statistics)
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Industrial Production and Capacity Utilization
[Monthly data seasonally adjusted]
Period
Total industrial production 1 Industry production indexes 2012=100 Capacity utilization rate(output as percent of
2015 Jan 1076 ndash3 45 1049 1074 1038 860 1221 1046 787 761 Feb 1074 ndash2 35 1045 1068 1037 861 1201 1082 784 757 Mar r 1072 ndash2 25 1048 1068 1041 865 1195 1055 782 758 Apr r 1070 ndash2 21 1052 1071 1046 865 1179 1027 779 760 May r 1066 ndash4 13 1050 1075 1039 860 1153 1021 775 759 June r 1066 0 8 1049 1073 1039 851 1154 1031 774 757 July r 1075 9 13 1058 1085 1045 852 1175 1030 780 762 Aug p 1071 ndash4 9 1053 1076 1045 850 1167 1036 776 758
1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industriesmdashlogging and newspaperperiodical book and directory-publishingmdashthat have traditionally been included in manufacturing
2 Percent changes based on unrounded indexes
Note Data based on NAICS exc ept series as defined in footnote 1
Source Board of Governors of the Federal Reserve System
INDEX 2012 = 100 (RATIO SCALE)
BUSINESSEQUIPMENT
CONSUMER GOODS
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 2012 = 100 (RATIO SCALE)
PERCENT
130
120
110
100
80
90
86
84
82
80
78
76
74
72
70
66
68
110
100
90
80
140
130
120
110
100
80
90
DURABLE
NONDURABLE
TOTAL1MANUFACTURING120
110
100
90
80
PRODUCTION AND BUSINESS ACTIVITY
Industrial production and capacity utilization fell in August
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Industrial ProductionmdashMajor Market Groups and Selected Manufactures
Apr 1190 735 436 1140 666 32 442 999 508 207 May r 1072 697 366 1250 681 34 535 1010 513 210 June r 1211 687 510 1337 692 34 611 959 466 215 68
July r 1161 762 390 1130 680 28 422 996 522 215 Aug p 1126 739 381 1161 699 30 432 935 552 216
1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards2 Based on approximately 20100 permit-issuing places beginning wit h 2014 and 19300 beginning with 2004 Using the 20 04 universe the tot al for 2014 is 104643 Seasonally adjusted4 Quarterly data are three-month averages Annual data are averages of quarterly data
Source Department of Commerce (Bureau of the Census)
New Construction[Billions of dollars monthly data at seasonally adjusted annual rates]
2015 Jan 9901 7162 3589 2616 3572 170 420 640 736 1607 2739 Feb 9935 7208 3606 2607 3602 176 418 620 768 1621 2726 Mar 10064 7297 3575 2562 3722 180 446 622 810 1664 2766 Apr 10446 7572 3668 2599 3904 192 463 653 840 1756 2874 May 10684 7765 3731 2632 4034 208 482 663 896 1784 2920 June r 10743 7735 3761 2659 3974 223 493 626 862 1770 3008 July r 10791 7823 3785 2683 4038 218 493 632 906 1789 2968 Aug p 10862 7880 3833 2723 4047 225 492 622 920 1789 2982
1 Includes residential improvements not shown separately2 Includes health care educa tional communication and power among other categories not shown separ ately
Source Department of Commerce (Bureau of the Census)
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Business Sales and InventoriesmdashManufacturing and Trade
[Millions of dollars except ratios seasonally adjusted except as noted]
Period
Manufacturing and trade 1 Wholesale RetailRetail and foodservices sales 2
2015 Jan 1308276 1778991 136 445024 572469 129 383889 558296 145 434225 Feb 1303701 1783741 137 442459 573668 130 381432 561001 147 431921 Mar 1311121 1785855 136 441024 574661 130 387665 562821 145 438572 Apr 1318016 1792837 136 448458 576998 129 387235 566270 146 438717 May 1322962 1798172 136 449347 580710 129 392268 567490 145 443913 June r 1327245 1809917 136 450927 584986 130 391955 573180 146 443734 July p 1327773 1811191 136 449492 584281 130 r 394919 576881 146 r 446872 Aug p 395401 447715
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
Source Department of Commerce (Bureau of the Census)
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
900
1000
1100
1200
1300
1600
MANUFACTURING ANDTRADE INVENTORIES
MANUFACTURING AND TRADE SALES 350
400
450
RETAIL SALES
RETAIL INVENTORIES
300
140
130
120
160
150
INVENTORYSALES RATIO
1500
1400
MANUFACTURING AND TRADE
1700
1900
1800
RATIO
500
600
550
170
RETAIL AND FOODSERVICES SALES
RETAIL
COUNCIL OF ECONOMIC ADVISERS
In July according to current estimates manufacturing and trade sales were roughly unchanged while inventoriesrose $13 billion According to advance estimates retail sales rose 01 percent in August Retail and food servicessales rose 02 percent
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Manufacturersrsquo Shipments Inventories and Orders
Period
Manufacturersrsquo shipments 1 Manufacturersrsquo inventories 2 Manufacturersrsquo new orders 1
Manu-
facturersrsquounfilledorders 2
Manu-facturersrsquo
inventoryshipments
ratio 3Total
Durablegoods
Nondurablegoods
TotalDurablegoods
Nondurablegoods
Total
Durable goods
Total
Capitalgoods
industriesnondefense
Millions of dollars seasonally adjusted except as noted
1 Annual data are averages of mont hly not seasonally adjusted figures monthly dat a are seasonally adjusted totals for month Shipment s are the same as sales2 Seasonally adjusted end of period3 Annual data are averages of seasonally adjusted monthly ratios
Note Manufacturersrsquo 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 durableunfilled orders
Total and durable shipments and inventories include data on semiconductor s new and unfilled orders do not
Source Department of Commerce (Bureau of the Census)
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
140
180
220
260
300
420
380
340
140
180
220
260300
340
140
180
220
260
300
340380
420
460
500
110
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL
NEW ORDERS
SHIPMENTS INVENTORIES
INVENTORYSHIPMENTS RATIO
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
2014 20152012 2011 2014 2015
DURABLE GOODS
NONDURABLE GOODS
160
140
150
120
130
NONDURABLE GOODS
DURABLE GOODS
TOTAL
20132011 2012 2013
DURABLE GOODS
RATIO
540460
500540
380
420
460500540
TOTAL
580
580 700
580620660
In August manufacturersrsquo shipments inventories and new and unfilled orders all fell
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Producer Prices
[November 2009 =100 except as noted monthly data seasonally adjusted]
1 Includes final demand construction not shown separately2 Does not include food and beverages for immediate con sumption which are defined as the servic e of preparing meals snacks and beverages to cust omer order for immediate consumption3 Trade indexes measure changes in margins received by wholesalers and re tailers4 Relative importance December 2014
Source Department of Labor (Bureau of Labor Statistics)
INDEX NOV 2009=100 (RATIO SCALE) INDEX NOV 2009=100 (RATIO SCALE)
2009 2010 2011 2012 2013 2014 2015
SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTEDFINAL DEMAND
COUNCIL OF ECONOMIC ADVISERS
FINAL DEMANDSERVICES
100
95
115
125
110
105
120
100
95
115
125
110
105
120
FINAL DEMAND
FINAL DEMANDGOODS
PRICES
Te producer price index for final demand was unchanged in August Prices for final demand goods fell 06 percentand prices for final demand services rose 04 percent
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In August the consumer price index for all urban consumers fell 01 percent it also fell 01 percent before seasonaladjustment Te index rose 02 percent from its year earlier level
Consumer PricesmdashAll Urban Consumers
[1982ndash84=100 except as noted monthly data seasonally adjusted except as noted by NSA]
Period
All items All items less food and energy Food Energy
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Relative importance July 2015
Source Department of Labor (Bureau of Labor Statistics)
INDEX 1982-84 = 100 (RATIO SCALE)
SEASONALLY ADJUSTED
INDEX 1982-84 = 100 (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF LABOR
2007 2008 2009 2010 2011 2012 2013 2014 2015
CONSUMER PRICESmdashALL ITEMS
250
240
230
220
210
200
190
180
250
240
230
220
210
200
190
180
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Changes in Consumer PricesmdashAll Urban Consumers[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Quarterly chan ges are shown in the last month of the quart er
Source Department of Labor (Bureau of Labor Statistics)
Changes in Producer Prices[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
Period
Totalfinalde-
mand 1
Final demand goods Final demand services Finaldemand
Sept r 107 87 132 112 114 115 96 Oct 100 81 135 112 113 114 89 Nov r 102 82 134 112 113 114 91 Dec r 101 83 127 111 112 114 91
2015 Jan 97 82 120 110 111 111 88 Feb 99 84 114 110 110 111 90 Mar 102 85 117 110 111 111 93 Apr r 103 89 116 110 111 111 94 May r 107 90 122 110 110 111 97 June 105 88 121 109 110 110 96 July 99 86 115 109 110 110 91 Aug 102 88 117 108 109 109 94
1 Annual indexes for 2011 forward reflect revised methodology See Agricultural Price Program Update January 2015 for details2 Includes items not shown separately3 Annual data are averages of monthly ratios
Note These indexes are also available on a 1910-14=100 basis as required by stat ute
Source Department of Agriculture (National Agricultural Statistics Service)
1RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID
SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
2010 20152007 2008 2009 20122011 2013 2014
PRICES RECEIVED
RATIO
PRICES PAID
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
90
80
60
70
130
120
110
100
90
80
60
70
130
120
110
100
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
In August prices received by farmers rose 30 percent and prices paid by farmers fell 09 percent (Data are notseasonally adjusted)
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Money Stock and Debt Measures
[Averages of daily figures except debt end-of-period basis billions of dollars seasonally adjusted]
Period
M1 M2 Debt Percent change
Sum of currencydemand depositstravelers checks and
other checkable deposits
M1 plussavings depositsretail MMMF balances
and small time deposits 1
Debt ofdomesticnonfinancial
sectors 2
From year or 6 months earlier
3 From
previous period 4
M1 M2 Debt
2005 Dec r 13748 66508 282945 ndash01 42 862006 Dec r 13683 70427 307233 ndash5 59 842007 Dec r 13766 74488 331796 6 58 812008 Dec r 16071 81740 349342 167 97 572009 Dec r 16984 84801 357496 57 37 342010 Dec r 18418 87814 370390 84 36 432011 Dec r 21682 96346 382033 177 97 352012 Dec r 24577 104225 399658 134 82 502013 Dec r 26545 109840 414596 80 54 402014 Dec r 29145 116292 432554 98 59 44
2014 Aug 28160 114420 72 58 Sept r 28571 114795 427494 82 57 45 Oct 28638 115206 67 54 Nov 28795 115640 68 50
Dec r
29145 116292 432554 72 53 482015 Jan 29318 117049 65 53 Feb 29950 118250 127 67 Mar r 29890 118448 435061 92 64 25 Apr r 29946 118949 91 65 May r 29846 119364 73 64 June r 30077 119820 439790 64 61 44 July r 30355 120596 71 61 Aug 30499 121385 37 53
1 Money market mutual fund (MMMF) Savings deposits include money market deposit accounts (MMDA)2 Consists of outstanding credit market debt of the US 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 quarter3 Annual changes are from December to Decemb er and monthly changes are from 6 months earlier at a simple annual rate4 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
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
M2
BILLIONS OF DOLLARS (RATIO SCALE)
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
BILLIONS OF DOLLARS (RATIO SCALE)
M1
MONEY CREDIT AND SECURITY MARKETS
In August M2 rose
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Components of Money Stock[Averages of daily figures billions of dollars seasonally adjusted]
2015 Jan r 12663 29 11742 4885 2640 2244 76444 65552 10892 5068 3758 1311 6219 17890 Feb r 12720 29 12174 5027 2713 2314 77076 66120 10956 5049 3758 1291 6174 17834 Mar 12794 28 12025 5042 2727 2315 77468 66493 10975 4949 3678 1272 6141 18075 Apr r 12843 28 12044 5030 2715 2315 78005 66950 11055 4864 3595 1269 6134 17848 May r 12884 27 11928 5007 2706 2301 78618 67441 11176 4792 3529 1262 6108 17990 June r 12934 27 12057 5059 2768 2291 78881 67664 11217 4727 3469 1257 6136 18154 July r 12999 27 12266 5063 2769 2294 79389 68179 11210 4664 3411 1253 6188 18438
Aug 13090 26 12313 5070 2753 2317 80069 68822 11247 4606 3355 1250 6212 187411 Small-denomination deposits are those issued in amounts of less than $1000002 Institutional money funds are not part of non-M1 M2
Source Board of Governors of the Federal Reserve System
Aggregate Reserves and Monetary Base[Averages of daily figures 1 millions of dollars not seasonally adjusted]
1 Data are prorated averages of biweekly (maintenance period) averages of daily figures2 Equals the sum of balances maintained up to the top of each institu tionrsquos penalty-free band3 Excludes vault cash used to satisfy required reserves4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve5 Equals total balances maintained plus currenc y 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 separately7 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 cr eation of a penalty-fr ee band around reserve balanc e requirements which took effe ct June 27 2013 See H3 release of July 11 2013
Source Board of Governors of the Federal Reserve System
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Bank Credit at All Commercial Banks
[Billions of dollars seasonally adjusted 1]
Period
Total
bankcredit
Securities in bank credit 2 Loans and leases in bank credit
Totalsecurities
US
Treasuryand
agencysecurities
Othersecurities
Totalloansand
leases 3
Commercialandindustrial
loans
Real estate loans
Consumerloans 5
Otherloansand
leases 6Total 4Revolving
home equityloans
Commercialloans
2005 Dec r 73156 18554 11593 6961 54602 10361 29289 4435 12701 7045 79062006 Dec r 81084 19913 12190 7723 61172 11826 33736 4683 14593 7386 82242007 Dec r 89042 21046 11375 9670 67997 14177 36002 4848 15872 7992 98272008 Dec r 93532 20976 12541 8435 72556 15588 38195 5882 17284 8762 100122009 Dec r 89955 23295 14509 8786 66660 12652 37767 6031 16409 8360 78812010 Dec r 91917 24299 16425 7874 67618 11923 36133 5819 15004 11138 84232011 Dec r 94020 24955 17020 7935 69065 13037 34948 5495 14183 10911 101702012 Dec r 99593 27358 18762 8596 72235 14756 35504 5152 14282 11155 108202013 Dec r 100964 27148 18047 9100 73816 15767 35317 4737 14986 11414 113182014 Dec r 108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 13155
2014 Aug r 106144 28436 19406 9029 77709 17174 36158 4623 15702 11822 12556 Sept r 106591 28605 19731 8874 77985 17290 36196 4608 15781 11873 12626 Oct r 106989 28683 19896 8787 78306 17366 36227 4603 15867 11919 12793 Nov r 107682 28801 20001 8800 78881 17565 36270 4594 15948 11973 13073
Dec r
108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 131552015 Jan r 109576 29525 20663 8862 80052 17932 36503 4564 16156 12008 13608 Feb r 110253 29732 20847 8885 80521 18116 36713 4553 16299 12041 13652 Mar r 111116 29771 20859 8912 81345 18392 37056 4545 16522 12066 13831 Apr r 111838 29954 20996 8958 81884 18500 37131 4527 16606 12127 14126 May r 112422 30248 21321 8927 82174 18665 37241 4509 16705 12179 14088 June r 112912 30267 21343 8924 82644 18842 37410 4487 16831 12227 14165 July r 113449 30219 21337 8882 83229 18939 37574 4468 16984 12289 14428 Aug 113955 30352 21489 8863 83603 19068 37702 4441 17118 12360 14473
1 Data are prorated averages of Wednesday values for domestically chartered commercial banks branches and agencies of foreign banks and Edge Act and agreement corporations2 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
accounts3 Excludes unearned inco me Includes the allowance for loan and lease losses Exclude s Federal funds sold to reverse r epurchase agreements (RPs) wit h and loans to commercial banks in the
United States Includes all loans held in trading acc ounts under a fair value option4 Includes closed-end residential loans not shown separately5 Includes credit cards and other consumer loans6 Includes other items not shown separately
Source Board of Governors of the Federal Reserve System
BILLIONS OF DOLLARS (RATIO SCALE)
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000TOTAL
LOANS AND LEASES
US TREASURY AND AGENCY SECURITIES
OTHER SECURITIES
otal commercial bank loans and leases rose 04 percent in August
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Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business[Billions of dollars quarterly data at seasonally adjusted annual rates]
2013 I r 28407 18324 10083 1750 ndash2137 3887 3161 727 7291 26861 14534 12327 1546 II r 27501 18870 8631 242 ndash3712 3953 2089 1866 6274 25223 15186 10037 2278 III r 29700 18725 10975 3049 ndash3441 6490 4794 1696 5918 25132 15917 9215 4569 IV r 30024 19526 10498 ndash1864 ndash4827 2964 2556 408 10129 27122 15941 11181 2902
2014 I r 23994 17883 6111 1149 ndash5018 6168 3033 3135 9213 20136 16114 4022 3857 II r 30269 18769 11500 707 ndash2731 3438 2539 899 8365 26528 16471 10057 3741 III r 30145 19916 10229 789 ndash4343 5132 2239 2894 5738 22768 17045 5723 7377
IV r 28679 19758 8921 1419 ndash3410 4828 3523 1305 5494 24169 17063 7106 45112015 I r 30105 19004 11101 443 ndash5920 6363 5297 1065 3035 23722 17387 6335 6383 II p 29302 18836 10466 836 ndash5910 6746 7004 ndash257 7179 25768 18870 6898 3533
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 earn-ings retained abroad inventory valuation adjustment and net capital transfers
2 Includes trade payables taxes payable and miscellaneous liabilities (foreign direct investment in the US 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]
Period
Consumer credit outstanding (end of period) Net change in consumer credit outstanding 1
Total Revolving Nonrevolving 2 Total Revolving Nonrevolving 2
2005 Dec 22909 8295 14614 987 299 6872006 Dec 24613 9240 15373 1704 945 7592007 Dec 26151 10020 16131 1538 780 7582008 Dec 26500 10044 16457 349 24 3262009 Dec 25523 9164 16359 ndash977 ndash880 ndash982010 Dec 26469 8395 18074 946 ndash769 17152011 Dec 27554 8412 19142 1085 17 10682012 Dec 29229 8459 20770 1675 47 16282013 Dec 30988 8582 22406 1759 123 16362014 Dec 33172 8900 24272 2184 318 1866
2014 July 32332 8803 23528 214 45 168 Aug 32493 8814 23679 161 11 151 Sept 32675 8834 23840 182 20 161 Oct 32841 8848 23993 166 14 153 Nov 33005 8861 24145 164 13 152
Dec 33172 8900 24272 167 39 1272015 Jan 33276 8883 24393 104 ndash17 121 Feb 33426 8860 24566 150 ndash23 173 Mar r 33634 8908 24726 208 48 160 Apr r 33876 9003 24873 242 95 147 May r 34073 9028 25045 197 25 172 June r 34343 9103 25240 270 75 195 July p 34534 9146 25388 191 43 148
1 Change based on data in billions of dollars as shown here For year-end data ch ange from preceding year-end for monthl y data change from preceding month2 Includes automobile loans and all other loans not included in revolving cr edit such as loans for mobile homes education boats t railers or vacations The se 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
1 High bill rate at auction issue date within period bank-discount basis Data are stop yields from uniform-price auctions2 Yields on actively traded issues adjusted to constant maturities Series for 30-year constant maturity was discontinued on February 18 2002 and reintroduced on February 6 20063 Weekly data are Wednesday figures4 Average effective rate for year rate in effect at end of month or week5 Daily effective rate weighted average of rates on brokered trades6 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 Moodyrsquos Investors Service and Standard amp Poorrsquos
Interest Rates and Bond Yields
2007 2008 2009 2010 2011 2012 2013 2014 2015
10
PERCENT PER ANNUM
4
2
0
6
8
10
PERCENT PER ANNUM
4
2
0
6
8
FEDERAL FUNDSRATE
TREASURYBILLS
CORPORATE Aaa BONDS(MOODYS)
COUNCIL OF ECONOMIC ADVISERSSOURCE SEE TABLE BELOW
Interest rates were mixed in September
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Common Stock Prices and Yields
Period
Common stock prices 1 Common stock yields(percent) 6
New York Stock Exchange indexes(December 31 2002=5000) 2 Dow Jones
1 Annual data are averages of mont hly figures Monthly and weekly dat a are averages of daily closing prices2 Includes all the stocks (in 2015 over 320 0) listed on the NYSE3 Includes 30 stocks4 Includes 500 stocks5 Includes over 2900 stocks in 20156 Standard amp Poorrsquos series Dividendprice ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter
Sources New York Stock Exchange Dow Jones amp Company Inc Standar d amp Poorrsquos Nasdaq Stock Market and Bloomberg
5
INDEX DEC 31 2002=5000 (RATIO SCALE)
SOURCES NEW YORK STOCK EXCHANGE STANDARD AND POORS AND BLOOMBERG COUNCIL OF ECONOMIC ADVISERS
1 Data from current issue Monthly Treasury Statement
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fisc al Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
RECEIPTS AND OUTLAYS1
SURPLUS OR DEFICIT (ndash)1
2007 2008 2009 2010 2011 2012
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF DOLLARSBILLIONS OF DOLLARS
OUTLAYS1
RECEIPTS1
2014 2015 20162013
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
FEDERAL FINANCE
In the first eleven months of fiscal year 2015 the deficit was $5300 billion compared with a deficit of $5892 billiona year earlier
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In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
7172019 EI_201509pdf
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
b l d
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Real Gross Domestic Product[Billions of chained (2009) dollars quarterly dat a at seasonally adjusted annual rates]
PeriodGross
domesticproduct
Personalcon-
sumptionexpendi-
tures
Gross privatedomestic investment
Exports and imports ofgoods and services
Government consumption expendituresand gross investment
GDP less exports of goods and services plus imports of goods and servicesNote Because of the formula used for calculatin g real GDP the chained (2009) dollar est imates for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates
Source Department of Commerce (Bureau of Economic Analysis)
Chained Price Indexes For Gross Domestic Product[Index numbers 2009=100 quarterly data are seasonally adjusted]
Period
Gross
domesticproduct
Personal consumptionexpenditures
Gross privatedomestic investment
Exports and imports ofgoods and services
Government consumption expendituresand gross investment
2015 I 87777 83946 1046 609 287 156 099 032 150 041 109 II r 88287 83941 1052 613 286 157 099 030 153 043 110
1 Estimates for nonfinancial corporate business are based on the North American Industry Classification System (NAICS)2 The implicit price deflator for gr oss value added of nonfinancial corporat e business divided by 1003 Less subsidies plus business current transfer payments4 Unit profits from current production5 With inventory valuation and capital consumption adjustments
Source Department of Commerce (Bureau of Economic Analysis)
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Real Personal Consumption Expenditures[Billions of chained (2009) dollars except as noted quarterly data at seasonally adjusted annual rates]
1 Includes other items not shown separately2 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 calculatin g real GDP the chained (2009) dollar esti mates for the detailed components do not add to the chained-dollar value of GDP or to any intermediateaggregates
Source Department of Commerce (Bureau of Economic Analysis)
National Income[Billions of dollars quarterly data at seasonally adjusted annual rates]
PeriodNationalincome
Com-pensation
ofemploy-
ees
Proprietorsrsquoincome 1 Rental
incomeof
personswith
capitalcon-
sumptionadjust-ment
Corporate profits with inventory valuationand capital consumption adjustments
Netinterest
andmiscel-laneous
payments
Taxeson
produc-tionand
imports
LessSubsidies
Businesscurrenttransfer
payments
Currentsurplus
ofgovern-
mententer-prises
Farm Nonfarm Total
Profits with inventory valuationadjustment and without
2015 Jan 150481 94822 76802 18020 685 13071 6332 21328 12868 8460 26103 11860 Feb 150958 94884 76829 18055 605 13069 6369 21658 12826 8832 26232 11859 Mar 150956 94932 76843 18089 525 13128 6408 21380 12783 8597 26439 11855 Apr r 151558 95166 77031 18135 540 13142 6470 21654 12959 8696 26460 11874 May r 152207 95551 77358 18193 569 13199 6542 21743 13134 8608 26517 11913 June r 152816 95759 77517 18241 597 13263 6611 21953 13310 8643 26563 11929 July r 153513 96263 77955 18308 597 13372 6635 21961 13317 8644 26667 11983 Aug p 154038 96683 78311 18372 597 13356 6666 22012 13324 8689 26750 12027
1 With inventory valuation and capital consumption adjustments2 With capital consumption adjustment3 Consists mainly of social insurance benefits to persons
Source Department of Commerce (Bureau of Economic Analysis)
16000
12000
14000
10000
9000
8000
7000
6000
5000
4000
3000
2000
1000
16000
12000
14000
10000
9000
8000
7000
6000
5000
4000
3000
2000
1000
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
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 $525 billion (annual rate) in August following an increase of $697 billion in July Wages andsalaries rose $356 billion in August following an increase of $438 billion in July
2015 I 150798 19001 131798 124922 6876 121147 41107 37785 37600 34562 33 52 320623 II r 152194 19274 132920 126745 6175 121513 41386 37835 38075 34807 5 46 321167
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)
COUNCIL OF ECONOMIC ADVISERS
2006 2007 20102009 20112008 2012 2013 2014 2015
SEASONALLY ADJUSTED ANNUAL RATESSOURCE DEPARTMENT OF COMMERCE
DOLLARS (RATIO SCALE)
44000
40000
42000
38000
36000
34000
32000
30000
44000
40000
42000
38000
36000
34000
32000
30000
DOLLARS (RATIO SCALE)
DISPOSABLE PERSONAL INCOME
PERSONAL OUTLAYS
SAVING
CHAINED (2009) DOLLARS
CURRENT DOLLARS
11500
11000
10000
10500
9000
12000
12500
14000
13000
13500
9500
11500
11000
10000
10500
9000
12000
12500
14000
13000
13500
9500
According to revised estimates per capita disposable personal income in chained (2009) dollars rose 05 percent(annual rate) in the second quarter of 2015
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 equat es to the sum of cash receipts home consumption and the value of the change in invent ories4 Includes income from fores t products sold the gros s imputed rental value of farm dwellings machine hire and custom work and other s ources of farm income such as commodity insur ance
indemnities
Note Data for 2015 are forecasts
Source Department of Agriculture (Economic Research Service)
BILLIONS OF CHAINED (2009) DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF CHAINED (2009) DOLLARS (RATIO SCALE)
SOURCE DEPARTMENT OF AGRICULTURE
40
60
80
120
160
440
480
400
240
280
320
360
200
520
40
60
80
120
160
440
480
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 current forecast for 2015 gross farm income in chained (2009) dollars is forecast to be $4060billion and net farm income to be $530 billion
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Corporate Profits
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Profits (before tax) with inventory valuation adjustment 1
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)
Source Department of Commerce (Bureau of Economic Analysis)
PROFITS BEFORE TAX
COUNCIL OF ECONOMIC ADVISERS
2006 2007 20102009 2011 20152008 2012 2013 2014
SOURCE DEPARTMENT OF COMMERCE
SEASONALLY ADJUSTED ANNUAL RATES
PROFITS AFTER TAX
UNDISTRIBUTED PROFITS
TAXES ONCORPORATE INCOME
BILLIONS OF DOLLARS
0
ndash200
2600
2400
2500
2300
2200
21002000
1900
1800
1200
1100
1000
1300
1400
1500
900
800
700
600500
400
300
200
100
ndash100
1700
1600
0
ndash200
2600
2400
2500
2300
2200
21002000
1900
1800
1200
1100
1000
1300
1400
1500
900
800
700
600500
400
300
200
100
ndash100
1700
1600
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates corporate profits before tax rose $1414 billion (annualrate) and profits after tax rose $1101 billion
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Real Gross Private Domestic Investment
[Billions of chained (2009) dollars quarterly dat a at seasonally adjusted annual rates]
Period
Grossprivate
domesticinvestment
Fixed investment Change in private inventories
Total
Nonresidential
Residential Total NonfarmTotal Structures Equipment
2015 I 28302 27014 21886 4582 10460 6871 5124 1128 1068 II r 28648 27355 22106 4652 10469 7010 5240 1135 1110
Note See p 10 for further detail on fixed investment by typeBecause of the formula used for calculating r eal GDP the chained (2009) dollar estimat es for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF CHAINED (2009) DOLLARS BILLIONS OF CHAINED (2009) DOLLARS
GROSS PRIVATE DOMESTICINVESTMENT
CHANGE IN PRIVATEINVENTORIES
NONRESIDENTIALFIXED INVESTMENT
COUNCIL OF ECONOMIC ADVISERS
2006 2007 20102009 2011 20152008 2012 2013 2014
SOURCE DEPARTMENT OF COMMERCE
SEASONALLY ADJUSTED ANNUAL RATES
0
3000
2200
2400
2600
2800
2000
1800
1600
1400
1200
1000
800
600
400
200
ndash400
ndash200
0
3000
2200
2400
2600
2800
2000
1800
1600
1400
1200
1000
800
600
400
200
ndash400
ndash200
RESIDENTIALFIXED INVESTMENT
In the second quarter of 2015 according to revised estimates nonresidential fixed investment in chained (2009)dollars rose $220 billion (annual rate) and residential investment rose $116 billion Inventories rose $1135 billionfollowing an increase of $1128 billion in the first quarter
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Real Private Fixed Investment by Type[Billions of chained (2009) dollars quarterly data at seasonally adjusted annual rates]
II r 27355 22106 4652 10469 3305 2403 2209 2851 7010 3354 2857 5240 5128 1845
1 Because computers ex hibit rapid changes in prices relativ e to other prices in the economy the chained-dollar est imates should not be used to measure the componentrsquos relative impor tance or itscontribution 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 componentsee Survey of Current Business Table 531 (for growth rates) Table 532 (for contribu tions) and Table 533 (for quantity indexes)
2 Includes other items not shown separately3 Research and development investment excludes expenditures for software development
Note Because of the formula used for calculat ing real GDP the chained (2009) dollar est imates for the detailed components do not add to the chained-dollar value of GDP or to any intermediateaggregates
Source Department of Commerce (Bureau of Economic Analysis)
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)
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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]
1 Civilian labor force (or employment) as per cent of civilian noninstitution al population and unemployment as percent of civilian labor for ce
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 OVER SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
2007
16
12
20
8
4
0
16
12
20
8
4
0
MILLIONS OF PERSONSMILLIONS OF PERSONS
2009 2011 20132012 2014 20152008 2010
CIVILIAN LABOR FORCE
146
154
150
142
138
134
158
162
UNEMPLOYMENT
CIVILIANEMPLOYMENT
146
154
150
142
138
134
158
162
EMPLOYMENT UNEMPLOYMENT AND WAGES
In September employment as measured by the household survey fell by 236000 and unemployment fell 114000
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Selected Unemployment Rates
[Monthly data seasonally adjusted except as noted by NSA]
Period
Unemployment rate (percent of civilian labor force in group)
Allcivilianworkers
By sex and age By race or ethnicity 1 By selected groups
2015 Jan 8979 268 261 155 315 323 134 474 95 316 115 2912 399 2958 Feb 8705 279 256 154 311 317 131 481 102 305 112 r 2759 296 r 2801 Mar 8575 289 268 145 298 307 122 489 102 314 95 3120 282 r 3166 Apr 8549 314 265 131 290 308 117 486 97 315 102 2400 r 289 r 2438 May 8674 276 290 148 286 307 116 491 95 301 112 2224 r 254 r 2260 June 8299 286 287 169 258 281 113 492 93 303 112 r 2311 r 300 r 2346 July 8266 307 278 146 269 283 113 502 102 296 100 2325 298 2359 Aug 8029 265 300 158 277 284 121 505 98 291 106 2461 246 2498 Sept 7915 299 281 154 266 263 114 491 98 306 105
1 Beginning January 2011 includes unemployment durations of up to 5 years prior data are for up to 2 year s2 Includes State (50 States Distri ct of Columbia Puerto Rico and the Virgin Islands) Federal (UCFE) ex-service members (UCX) and Federal and State ext ended benefit programs Also includes
Emergency Unemployment Compensation (2008-2013) and Federal Additional Compensation (2009-2010)
Note Data relate to perso ns 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
0
2011 2012 2013 2014 20152011 2012 2013 2014 2015
0
20
30
40
60
50
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF LABOR
20
COUNCIL OF ECONOMIC ADVISERS
NEW ENTRANTS
5-14 WEEKS
15-26 WEEKS
JOB LEAVERS
REENTRANTS
10 10
LESS THAN5 WEEKS
27 WEEKS AND OVER
JOB LOSERS
In September the percentage of the unemployed who had been out of work for less than 5 weeks rose while thepercentages for 5 to 14 weeks 15 to 26 weeks and 27 weeks and over fell Te mean duration of unemployment fellto 263 weeks and the median duration fell to 114 weeks
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Nonagricultural Employment
[Thousands of wage and salary workers 1 monthly data seasonally adjusted]
1 Data from the est ablishment survey Includes all full- and part-time wage and salary wor kers in nonagricultural est ablishments who received pay for any par t of the pay period that includes the12th of the month Excludes propr ietors self-employed per sons unpaid family workers and private hous ehold workers Data from the household sur vey shown on p 11 include those workers and alsocount persons as employed when they are not at work be cause of industrial disputes bad weat her etc even if they are not paid for the time off In the ser ies shown here persons who work at morethan one job are counted each time they appear on a payroll in cont rast to the series shown on p 11 where persons are counted only onc emdashas employed unemployed or not in the labor for ce SeeEmployment 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
Source Department of Labor (Bureau of Labor Statistics)
MILLIONS OF PERSONS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS
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
PRIVATESERVICE-PROVIDING
INDUSTRIES
EDUCATION ANDHEALTH SERVICES
otal nonagricultural employment as measured by the payroll survey rose by 142000 in September
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Employment Cost IndexmdashPrivate Industry
Period
Index (December 2005 = 100) Percent change from
Totalcompensation
Wagesand
salaries
Benefits 1
3 months earlier 12 months earlier
Totalcompensation
Wages
andsalaries Benefits 1 Total
compensation
Wages
andsalaries Benefits 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
Note The employment cost index is a measure of the change in the cos t of labor free from the influence of employment shif ts among occupations and industries Data exclude farm and household workers
Source Department of Labor (Bureau of Labor Statistics)
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries[For production or nonsupervisory workers monthly data seasonally adjusted]
Period
Average weekly hours Average gross hourly earnings Average gross weekly earnings
1 Also includes other private industry groups shown on p 142 Current dollar earnings divided by t he consumer price index for urban wage earners and cleric al workers (CPIndash W) (on a 1982-84=100 base)
Source Department of Labor (Bureau of Labor Statistics)
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Productivity and Related Data Business and Nonfarm Business Sectors
Period
Output per hourof all persons
Output 1Hours of
all persons 2Compensation
per hour 3
Realcompensation
per hour 4Unit labor
costsImplicit price
deflator 5
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Indexes 2009=100 quarterly data seasonally adjusted
1 Output refers to real gross domestic product originating in the sector2 Hours of all persons engaged in the sect or including hours of proprietors and unpaid family workers Es timates based primarily on est ablishment data3 Wages and salaries of employees plus employersrsquo contri butions for social insurance and priva te benefit plans Also includes an estimate of wages salar ies and supplemental payments for th e
self-employed4 Hourly compensation divided by the consumer price index for all urban consumers (CPIndashU) for recent quarters The trend from 1978ndash2014 is based on the consumer price index research series
(CPIndashUndashRS)5 Current dollar gross domestic output divided by the output index
Note Data relate to all persons engaged in the se ctorPercent 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 da ta released on Augus t 27 2015
Source Department of Labor (Bureau of Labor Statistics)
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Industrial Production and Capacity Utilization
[Monthly data seasonally adjusted]
Period
Total industrial production 1 Industry production indexes 2012=100 Capacity utilization rate(output as percent of
2015 Jan 1076 ndash3 45 1049 1074 1038 860 1221 1046 787 761 Feb 1074 ndash2 35 1045 1068 1037 861 1201 1082 784 757 Mar r 1072 ndash2 25 1048 1068 1041 865 1195 1055 782 758 Apr r 1070 ndash2 21 1052 1071 1046 865 1179 1027 779 760 May r 1066 ndash4 13 1050 1075 1039 860 1153 1021 775 759 June r 1066 0 8 1049 1073 1039 851 1154 1031 774 757 July r 1075 9 13 1058 1085 1045 852 1175 1030 780 762 Aug p 1071 ndash4 9 1053 1076 1045 850 1167 1036 776 758
1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industriesmdashlogging and newspaperperiodical book and directory-publishingmdashthat have traditionally been included in manufacturing
2 Percent changes based on unrounded indexes
Note Data based on NAICS exc ept series as defined in footnote 1
Source Board of Governors of the Federal Reserve System
INDEX 2012 = 100 (RATIO SCALE)
BUSINESSEQUIPMENT
CONSUMER GOODS
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 2012 = 100 (RATIO SCALE)
PERCENT
130
120
110
100
80
90
86
84
82
80
78
76
74
72
70
66
68
110
100
90
80
140
130
120
110
100
80
90
DURABLE
NONDURABLE
TOTAL1MANUFACTURING120
110
100
90
80
PRODUCTION AND BUSINESS ACTIVITY
Industrial production and capacity utilization fell in August
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Industrial ProductionmdashMajor Market Groups and Selected Manufactures
Apr 1190 735 436 1140 666 32 442 999 508 207 May r 1072 697 366 1250 681 34 535 1010 513 210 June r 1211 687 510 1337 692 34 611 959 466 215 68
July r 1161 762 390 1130 680 28 422 996 522 215 Aug p 1126 739 381 1161 699 30 432 935 552 216
1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards2 Based on approximately 20100 permit-issuing places beginning wit h 2014 and 19300 beginning with 2004 Using the 20 04 universe the tot al for 2014 is 104643 Seasonally adjusted4 Quarterly data are three-month averages Annual data are averages of quarterly data
Source Department of Commerce (Bureau of the Census)
New Construction[Billions of dollars monthly data at seasonally adjusted annual rates]
2015 Jan 9901 7162 3589 2616 3572 170 420 640 736 1607 2739 Feb 9935 7208 3606 2607 3602 176 418 620 768 1621 2726 Mar 10064 7297 3575 2562 3722 180 446 622 810 1664 2766 Apr 10446 7572 3668 2599 3904 192 463 653 840 1756 2874 May 10684 7765 3731 2632 4034 208 482 663 896 1784 2920 June r 10743 7735 3761 2659 3974 223 493 626 862 1770 3008 July r 10791 7823 3785 2683 4038 218 493 632 906 1789 2968 Aug p 10862 7880 3833 2723 4047 225 492 622 920 1789 2982
1 Includes residential improvements not shown separately2 Includes health care educa tional communication and power among other categories not shown separ ately
Source Department of Commerce (Bureau of the Census)
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Business Sales and InventoriesmdashManufacturing and Trade
[Millions of dollars except ratios seasonally adjusted except as noted]
Period
Manufacturing and trade 1 Wholesale RetailRetail and foodservices sales 2
2015 Jan 1308276 1778991 136 445024 572469 129 383889 558296 145 434225 Feb 1303701 1783741 137 442459 573668 130 381432 561001 147 431921 Mar 1311121 1785855 136 441024 574661 130 387665 562821 145 438572 Apr 1318016 1792837 136 448458 576998 129 387235 566270 146 438717 May 1322962 1798172 136 449347 580710 129 392268 567490 145 443913 June r 1327245 1809917 136 450927 584986 130 391955 573180 146 443734 July p 1327773 1811191 136 449492 584281 130 r 394919 576881 146 r 446872 Aug p 395401 447715
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
Source Department of Commerce (Bureau of the Census)
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
900
1000
1100
1200
1300
1600
MANUFACTURING ANDTRADE INVENTORIES
MANUFACTURING AND TRADE SALES 350
400
450
RETAIL SALES
RETAIL INVENTORIES
300
140
130
120
160
150
INVENTORYSALES RATIO
1500
1400
MANUFACTURING AND TRADE
1700
1900
1800
RATIO
500
600
550
170
RETAIL AND FOODSERVICES SALES
RETAIL
COUNCIL OF ECONOMIC ADVISERS
In July according to current estimates manufacturing and trade sales were roughly unchanged while inventoriesrose $13 billion According to advance estimates retail sales rose 01 percent in August Retail and food servicessales rose 02 percent
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Manufacturersrsquo Shipments Inventories and Orders
Period
Manufacturersrsquo shipments 1 Manufacturersrsquo inventories 2 Manufacturersrsquo new orders 1
Manu-
facturersrsquounfilledorders 2
Manu-facturersrsquo
inventoryshipments
ratio 3Total
Durablegoods
Nondurablegoods
TotalDurablegoods
Nondurablegoods
Total
Durable goods
Total
Capitalgoods
industriesnondefense
Millions of dollars seasonally adjusted except as noted
1 Annual data are averages of mont hly not seasonally adjusted figures monthly dat a are seasonally adjusted totals for month Shipment s are the same as sales2 Seasonally adjusted end of period3 Annual data are averages of seasonally adjusted monthly ratios
Note Manufacturersrsquo 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 durableunfilled orders
Total and durable shipments and inventories include data on semiconductor s new and unfilled orders do not
Source Department of Commerce (Bureau of the Census)
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
140
180
220
260
300
420
380
340
140
180
220
260300
340
140
180
220
260
300
340380
420
460
500
110
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL
NEW ORDERS
SHIPMENTS INVENTORIES
INVENTORYSHIPMENTS RATIO
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
2014 20152012 2011 2014 2015
DURABLE GOODS
NONDURABLE GOODS
160
140
150
120
130
NONDURABLE GOODS
DURABLE GOODS
TOTAL
20132011 2012 2013
DURABLE GOODS
RATIO
540460
500540
380
420
460500540
TOTAL
580
580 700
580620660
In August manufacturersrsquo shipments inventories and new and unfilled orders all fell
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Producer Prices
[November 2009 =100 except as noted monthly data seasonally adjusted]
1 Includes final demand construction not shown separately2 Does not include food and beverages for immediate con sumption which are defined as the servic e of preparing meals snacks and beverages to cust omer order for immediate consumption3 Trade indexes measure changes in margins received by wholesalers and re tailers4 Relative importance December 2014
Source Department of Labor (Bureau of Labor Statistics)
INDEX NOV 2009=100 (RATIO SCALE) INDEX NOV 2009=100 (RATIO SCALE)
2009 2010 2011 2012 2013 2014 2015
SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTEDFINAL DEMAND
COUNCIL OF ECONOMIC ADVISERS
FINAL DEMANDSERVICES
100
95
115
125
110
105
120
100
95
115
125
110
105
120
FINAL DEMAND
FINAL DEMANDGOODS
PRICES
Te producer price index for final demand was unchanged in August Prices for final demand goods fell 06 percentand prices for final demand services rose 04 percent
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In August the consumer price index for all urban consumers fell 01 percent it also fell 01 percent before seasonaladjustment Te index rose 02 percent from its year earlier level
Consumer PricesmdashAll Urban Consumers
[1982ndash84=100 except as noted monthly data seasonally adjusted except as noted by NSA]
Period
All items All items less food and energy Food Energy
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Relative importance July 2015
Source Department of Labor (Bureau of Labor Statistics)
INDEX 1982-84 = 100 (RATIO SCALE)
SEASONALLY ADJUSTED
INDEX 1982-84 = 100 (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF LABOR
2007 2008 2009 2010 2011 2012 2013 2014 2015
CONSUMER PRICESmdashALL ITEMS
250
240
230
220
210
200
190
180
250
240
230
220
210
200
190
180
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Changes in Consumer PricesmdashAll Urban Consumers[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Quarterly chan ges are shown in the last month of the quart er
Source Department of Labor (Bureau of Labor Statistics)
Changes in Producer Prices[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
Period
Totalfinalde-
mand 1
Final demand goods Final demand services Finaldemand
Sept r 107 87 132 112 114 115 96 Oct 100 81 135 112 113 114 89 Nov r 102 82 134 112 113 114 91 Dec r 101 83 127 111 112 114 91
2015 Jan 97 82 120 110 111 111 88 Feb 99 84 114 110 110 111 90 Mar 102 85 117 110 111 111 93 Apr r 103 89 116 110 111 111 94 May r 107 90 122 110 110 111 97 June 105 88 121 109 110 110 96 July 99 86 115 109 110 110 91 Aug 102 88 117 108 109 109 94
1 Annual indexes for 2011 forward reflect revised methodology See Agricultural Price Program Update January 2015 for details2 Includes items not shown separately3 Annual data are averages of monthly ratios
Note These indexes are also available on a 1910-14=100 basis as required by stat ute
Source Department of Agriculture (National Agricultural Statistics Service)
1RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID
SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
2010 20152007 2008 2009 20122011 2013 2014
PRICES RECEIVED
RATIO
PRICES PAID
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
90
80
60
70
130
120
110
100
90
80
60
70
130
120
110
100
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
In August prices received by farmers rose 30 percent and prices paid by farmers fell 09 percent (Data are notseasonally adjusted)
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Money Stock and Debt Measures
[Averages of daily figures except debt end-of-period basis billions of dollars seasonally adjusted]
Period
M1 M2 Debt Percent change
Sum of currencydemand depositstravelers checks and
other checkable deposits
M1 plussavings depositsretail MMMF balances
and small time deposits 1
Debt ofdomesticnonfinancial
sectors 2
From year or 6 months earlier
3 From
previous period 4
M1 M2 Debt
2005 Dec r 13748 66508 282945 ndash01 42 862006 Dec r 13683 70427 307233 ndash5 59 842007 Dec r 13766 74488 331796 6 58 812008 Dec r 16071 81740 349342 167 97 572009 Dec r 16984 84801 357496 57 37 342010 Dec r 18418 87814 370390 84 36 432011 Dec r 21682 96346 382033 177 97 352012 Dec r 24577 104225 399658 134 82 502013 Dec r 26545 109840 414596 80 54 402014 Dec r 29145 116292 432554 98 59 44
2014 Aug 28160 114420 72 58 Sept r 28571 114795 427494 82 57 45 Oct 28638 115206 67 54 Nov 28795 115640 68 50
Dec r
29145 116292 432554 72 53 482015 Jan 29318 117049 65 53 Feb 29950 118250 127 67 Mar r 29890 118448 435061 92 64 25 Apr r 29946 118949 91 65 May r 29846 119364 73 64 June r 30077 119820 439790 64 61 44 July r 30355 120596 71 61 Aug 30499 121385 37 53
1 Money market mutual fund (MMMF) Savings deposits include money market deposit accounts (MMDA)2 Consists of outstanding credit market debt of the US 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 quarter3 Annual changes are from December to Decemb er and monthly changes are from 6 months earlier at a simple annual rate4 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
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
M2
BILLIONS OF DOLLARS (RATIO SCALE)
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
BILLIONS OF DOLLARS (RATIO SCALE)
M1
MONEY CREDIT AND SECURITY MARKETS
In August M2 rose
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Components of Money Stock[Averages of daily figures billions of dollars seasonally adjusted]
2015 Jan r 12663 29 11742 4885 2640 2244 76444 65552 10892 5068 3758 1311 6219 17890 Feb r 12720 29 12174 5027 2713 2314 77076 66120 10956 5049 3758 1291 6174 17834 Mar 12794 28 12025 5042 2727 2315 77468 66493 10975 4949 3678 1272 6141 18075 Apr r 12843 28 12044 5030 2715 2315 78005 66950 11055 4864 3595 1269 6134 17848 May r 12884 27 11928 5007 2706 2301 78618 67441 11176 4792 3529 1262 6108 17990 June r 12934 27 12057 5059 2768 2291 78881 67664 11217 4727 3469 1257 6136 18154 July r 12999 27 12266 5063 2769 2294 79389 68179 11210 4664 3411 1253 6188 18438
Aug 13090 26 12313 5070 2753 2317 80069 68822 11247 4606 3355 1250 6212 187411 Small-denomination deposits are those issued in amounts of less than $1000002 Institutional money funds are not part of non-M1 M2
Source Board of Governors of the Federal Reserve System
Aggregate Reserves and Monetary Base[Averages of daily figures 1 millions of dollars not seasonally adjusted]
1 Data are prorated averages of biweekly (maintenance period) averages of daily figures2 Equals the sum of balances maintained up to the top of each institu tionrsquos penalty-free band3 Excludes vault cash used to satisfy required reserves4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve5 Equals total balances maintained plus currenc y 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 separately7 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 cr eation of a penalty-fr ee band around reserve balanc e requirements which took effe ct June 27 2013 See H3 release of July 11 2013
Source Board of Governors of the Federal Reserve System
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Bank Credit at All Commercial Banks
[Billions of dollars seasonally adjusted 1]
Period
Total
bankcredit
Securities in bank credit 2 Loans and leases in bank credit
Totalsecurities
US
Treasuryand
agencysecurities
Othersecurities
Totalloansand
leases 3
Commercialandindustrial
loans
Real estate loans
Consumerloans 5
Otherloansand
leases 6Total 4Revolving
home equityloans
Commercialloans
2005 Dec r 73156 18554 11593 6961 54602 10361 29289 4435 12701 7045 79062006 Dec r 81084 19913 12190 7723 61172 11826 33736 4683 14593 7386 82242007 Dec r 89042 21046 11375 9670 67997 14177 36002 4848 15872 7992 98272008 Dec r 93532 20976 12541 8435 72556 15588 38195 5882 17284 8762 100122009 Dec r 89955 23295 14509 8786 66660 12652 37767 6031 16409 8360 78812010 Dec r 91917 24299 16425 7874 67618 11923 36133 5819 15004 11138 84232011 Dec r 94020 24955 17020 7935 69065 13037 34948 5495 14183 10911 101702012 Dec r 99593 27358 18762 8596 72235 14756 35504 5152 14282 11155 108202013 Dec r 100964 27148 18047 9100 73816 15767 35317 4737 14986 11414 113182014 Dec r 108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 13155
2014 Aug r 106144 28436 19406 9029 77709 17174 36158 4623 15702 11822 12556 Sept r 106591 28605 19731 8874 77985 17290 36196 4608 15781 11873 12626 Oct r 106989 28683 19896 8787 78306 17366 36227 4603 15867 11919 12793 Nov r 107682 28801 20001 8800 78881 17565 36270 4594 15948 11973 13073
Dec r
108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 131552015 Jan r 109576 29525 20663 8862 80052 17932 36503 4564 16156 12008 13608 Feb r 110253 29732 20847 8885 80521 18116 36713 4553 16299 12041 13652 Mar r 111116 29771 20859 8912 81345 18392 37056 4545 16522 12066 13831 Apr r 111838 29954 20996 8958 81884 18500 37131 4527 16606 12127 14126 May r 112422 30248 21321 8927 82174 18665 37241 4509 16705 12179 14088 June r 112912 30267 21343 8924 82644 18842 37410 4487 16831 12227 14165 July r 113449 30219 21337 8882 83229 18939 37574 4468 16984 12289 14428 Aug 113955 30352 21489 8863 83603 19068 37702 4441 17118 12360 14473
1 Data are prorated averages of Wednesday values for domestically chartered commercial banks branches and agencies of foreign banks and Edge Act and agreement corporations2 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
accounts3 Excludes unearned inco me Includes the allowance for loan and lease losses Exclude s Federal funds sold to reverse r epurchase agreements (RPs) wit h and loans to commercial banks in the
United States Includes all loans held in trading acc ounts under a fair value option4 Includes closed-end residential loans not shown separately5 Includes credit cards and other consumer loans6 Includes other items not shown separately
Source Board of Governors of the Federal Reserve System
BILLIONS OF DOLLARS (RATIO SCALE)
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000TOTAL
LOANS AND LEASES
US TREASURY AND AGENCY SECURITIES
OTHER SECURITIES
otal commercial bank loans and leases rose 04 percent in August
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Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business[Billions of dollars quarterly data at seasonally adjusted annual rates]
2013 I r 28407 18324 10083 1750 ndash2137 3887 3161 727 7291 26861 14534 12327 1546 II r 27501 18870 8631 242 ndash3712 3953 2089 1866 6274 25223 15186 10037 2278 III r 29700 18725 10975 3049 ndash3441 6490 4794 1696 5918 25132 15917 9215 4569 IV r 30024 19526 10498 ndash1864 ndash4827 2964 2556 408 10129 27122 15941 11181 2902
2014 I r 23994 17883 6111 1149 ndash5018 6168 3033 3135 9213 20136 16114 4022 3857 II r 30269 18769 11500 707 ndash2731 3438 2539 899 8365 26528 16471 10057 3741 III r 30145 19916 10229 789 ndash4343 5132 2239 2894 5738 22768 17045 5723 7377
IV r 28679 19758 8921 1419 ndash3410 4828 3523 1305 5494 24169 17063 7106 45112015 I r 30105 19004 11101 443 ndash5920 6363 5297 1065 3035 23722 17387 6335 6383 II p 29302 18836 10466 836 ndash5910 6746 7004 ndash257 7179 25768 18870 6898 3533
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 earn-ings retained abroad inventory valuation adjustment and net capital transfers
2 Includes trade payables taxes payable and miscellaneous liabilities (foreign direct investment in the US 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]
Period
Consumer credit outstanding (end of period) Net change in consumer credit outstanding 1
Total Revolving Nonrevolving 2 Total Revolving Nonrevolving 2
2005 Dec 22909 8295 14614 987 299 6872006 Dec 24613 9240 15373 1704 945 7592007 Dec 26151 10020 16131 1538 780 7582008 Dec 26500 10044 16457 349 24 3262009 Dec 25523 9164 16359 ndash977 ndash880 ndash982010 Dec 26469 8395 18074 946 ndash769 17152011 Dec 27554 8412 19142 1085 17 10682012 Dec 29229 8459 20770 1675 47 16282013 Dec 30988 8582 22406 1759 123 16362014 Dec 33172 8900 24272 2184 318 1866
2014 July 32332 8803 23528 214 45 168 Aug 32493 8814 23679 161 11 151 Sept 32675 8834 23840 182 20 161 Oct 32841 8848 23993 166 14 153 Nov 33005 8861 24145 164 13 152
Dec 33172 8900 24272 167 39 1272015 Jan 33276 8883 24393 104 ndash17 121 Feb 33426 8860 24566 150 ndash23 173 Mar r 33634 8908 24726 208 48 160 Apr r 33876 9003 24873 242 95 147 May r 34073 9028 25045 197 25 172 June r 34343 9103 25240 270 75 195 July p 34534 9146 25388 191 43 148
1 Change based on data in billions of dollars as shown here For year-end data ch ange from preceding year-end for monthl y data change from preceding month2 Includes automobile loans and all other loans not included in revolving cr edit such as loans for mobile homes education boats t railers or vacations The se 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
1 High bill rate at auction issue date within period bank-discount basis Data are stop yields from uniform-price auctions2 Yields on actively traded issues adjusted to constant maturities Series for 30-year constant maturity was discontinued on February 18 2002 and reintroduced on February 6 20063 Weekly data are Wednesday figures4 Average effective rate for year rate in effect at end of month or week5 Daily effective rate weighted average of rates on brokered trades6 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 Moodyrsquos Investors Service and Standard amp Poorrsquos
Interest Rates and Bond Yields
2007 2008 2009 2010 2011 2012 2013 2014 2015
10
PERCENT PER ANNUM
4
2
0
6
8
10
PERCENT PER ANNUM
4
2
0
6
8
FEDERAL FUNDSRATE
TREASURYBILLS
CORPORATE Aaa BONDS(MOODYS)
COUNCIL OF ECONOMIC ADVISERSSOURCE SEE TABLE BELOW
Interest rates were mixed in September
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Common Stock Prices and Yields
Period
Common stock prices 1 Common stock yields(percent) 6
New York Stock Exchange indexes(December 31 2002=5000) 2 Dow Jones
1 Annual data are averages of mont hly figures Monthly and weekly dat a are averages of daily closing prices2 Includes all the stocks (in 2015 over 320 0) listed on the NYSE3 Includes 30 stocks4 Includes 500 stocks5 Includes over 2900 stocks in 20156 Standard amp Poorrsquos series Dividendprice ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter
Sources New York Stock Exchange Dow Jones amp Company Inc Standar d amp Poorrsquos Nasdaq Stock Market and Bloomberg
5
INDEX DEC 31 2002=5000 (RATIO SCALE)
SOURCES NEW YORK STOCK EXCHANGE STANDARD AND POORS AND BLOOMBERG COUNCIL OF ECONOMIC ADVISERS
1 Data from current issue Monthly Treasury Statement
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fisc al Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
RECEIPTS AND OUTLAYS1
SURPLUS OR DEFICIT (ndash)1
2007 2008 2009 2010 2011 2012
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF DOLLARSBILLIONS OF DOLLARS
OUTLAYS1
RECEIPTS1
2014 2015 20162013
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
FEDERAL FINANCE
In the first eleven months of fiscal year 2015 the deficit was $5300 billion compared with a deficit of $5892 billiona year earlier
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In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
7172019 EI_201509pdf
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
b l d
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Gross Domestic Product and Related Price MeasuresIndexes and Percent Changes
[Quarterly data are seasonally adjusted]
Period
Index numbers 2009=100 Percent change from preceding period 1
2015 I 87777 83946 1046 609 287 156 099 032 150 041 109 II r 88287 83941 1052 613 286 157 099 030 153 043 110
1 Estimates for nonfinancial corporate business are based on the North American Industry Classification System (NAICS)2 The implicit price deflator for gr oss value added of nonfinancial corporat e business divided by 1003 Less subsidies plus business current transfer payments4 Unit profits from current production5 With inventory valuation and capital consumption adjustments
Source Department of Commerce (Bureau of Economic Analysis)
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Real Personal Consumption Expenditures[Billions of chained (2009) dollars except as noted quarterly data at seasonally adjusted annual rates]
1 Includes other items not shown separately2 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 calculatin g real GDP the chained (2009) dollar esti mates for the detailed components do not add to the chained-dollar value of GDP or to any intermediateaggregates
Source Department of Commerce (Bureau of Economic Analysis)
National Income[Billions of dollars quarterly data at seasonally adjusted annual rates]
PeriodNationalincome
Com-pensation
ofemploy-
ees
Proprietorsrsquoincome 1 Rental
incomeof
personswith
capitalcon-
sumptionadjust-ment
Corporate profits with inventory valuationand capital consumption adjustments
Netinterest
andmiscel-laneous
payments
Taxeson
produc-tionand
imports
LessSubsidies
Businesscurrenttransfer
payments
Currentsurplus
ofgovern-
mententer-prises
Farm Nonfarm Total
Profits with inventory valuationadjustment and without
2015 Jan 150481 94822 76802 18020 685 13071 6332 21328 12868 8460 26103 11860 Feb 150958 94884 76829 18055 605 13069 6369 21658 12826 8832 26232 11859 Mar 150956 94932 76843 18089 525 13128 6408 21380 12783 8597 26439 11855 Apr r 151558 95166 77031 18135 540 13142 6470 21654 12959 8696 26460 11874 May r 152207 95551 77358 18193 569 13199 6542 21743 13134 8608 26517 11913 June r 152816 95759 77517 18241 597 13263 6611 21953 13310 8643 26563 11929 July r 153513 96263 77955 18308 597 13372 6635 21961 13317 8644 26667 11983 Aug p 154038 96683 78311 18372 597 13356 6666 22012 13324 8689 26750 12027
1 With inventory valuation and capital consumption adjustments2 With capital consumption adjustment3 Consists mainly of social insurance benefits to persons
Source Department of Commerce (Bureau of Economic Analysis)
16000
12000
14000
10000
9000
8000
7000
6000
5000
4000
3000
2000
1000
16000
12000
14000
10000
9000
8000
7000
6000
5000
4000
3000
2000
1000
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
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 $525 billion (annual rate) in August following an increase of $697 billion in July Wages andsalaries rose $356 billion in August following an increase of $438 billion in July
2015 I 150798 19001 131798 124922 6876 121147 41107 37785 37600 34562 33 52 320623 II r 152194 19274 132920 126745 6175 121513 41386 37835 38075 34807 5 46 321167
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)
COUNCIL OF ECONOMIC ADVISERS
2006 2007 20102009 20112008 2012 2013 2014 2015
SEASONALLY ADJUSTED ANNUAL RATESSOURCE DEPARTMENT OF COMMERCE
DOLLARS (RATIO SCALE)
44000
40000
42000
38000
36000
34000
32000
30000
44000
40000
42000
38000
36000
34000
32000
30000
DOLLARS (RATIO SCALE)
DISPOSABLE PERSONAL INCOME
PERSONAL OUTLAYS
SAVING
CHAINED (2009) DOLLARS
CURRENT DOLLARS
11500
11000
10000
10500
9000
12000
12500
14000
13000
13500
9500
11500
11000
10000
10500
9000
12000
12500
14000
13000
13500
9500
According to revised estimates per capita disposable personal income in chained (2009) dollars rose 05 percent(annual rate) in the second quarter of 2015
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 equat es to the sum of cash receipts home consumption and the value of the change in invent ories4 Includes income from fores t products sold the gros s imputed rental value of farm dwellings machine hire and custom work and other s ources of farm income such as commodity insur ance
indemnities
Note Data for 2015 are forecasts
Source Department of Agriculture (Economic Research Service)
BILLIONS OF CHAINED (2009) DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF CHAINED (2009) DOLLARS (RATIO SCALE)
SOURCE DEPARTMENT OF AGRICULTURE
40
60
80
120
160
440
480
400
240
280
320
360
200
520
40
60
80
120
160
440
480
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 current forecast for 2015 gross farm income in chained (2009) dollars is forecast to be $4060billion and net farm income to be $530 billion
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Corporate Profits
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Profits (before tax) with inventory valuation adjustment 1
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)
Source Department of Commerce (Bureau of Economic Analysis)
PROFITS BEFORE TAX
COUNCIL OF ECONOMIC ADVISERS
2006 2007 20102009 2011 20152008 2012 2013 2014
SOURCE DEPARTMENT OF COMMERCE
SEASONALLY ADJUSTED ANNUAL RATES
PROFITS AFTER TAX
UNDISTRIBUTED PROFITS
TAXES ONCORPORATE INCOME
BILLIONS OF DOLLARS
0
ndash200
2600
2400
2500
2300
2200
21002000
1900
1800
1200
1100
1000
1300
1400
1500
900
800
700
600500
400
300
200
100
ndash100
1700
1600
0
ndash200
2600
2400
2500
2300
2200
21002000
1900
1800
1200
1100
1000
1300
1400
1500
900
800
700
600500
400
300
200
100
ndash100
1700
1600
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates corporate profits before tax rose $1414 billion (annualrate) and profits after tax rose $1101 billion
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Real Gross Private Domestic Investment
[Billions of chained (2009) dollars quarterly dat a at seasonally adjusted annual rates]
Period
Grossprivate
domesticinvestment
Fixed investment Change in private inventories
Total
Nonresidential
Residential Total NonfarmTotal Structures Equipment
2015 I 28302 27014 21886 4582 10460 6871 5124 1128 1068 II r 28648 27355 22106 4652 10469 7010 5240 1135 1110
Note See p 10 for further detail on fixed investment by typeBecause of the formula used for calculating r eal GDP the chained (2009) dollar estimat es for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF CHAINED (2009) DOLLARS BILLIONS OF CHAINED (2009) DOLLARS
GROSS PRIVATE DOMESTICINVESTMENT
CHANGE IN PRIVATEINVENTORIES
NONRESIDENTIALFIXED INVESTMENT
COUNCIL OF ECONOMIC ADVISERS
2006 2007 20102009 2011 20152008 2012 2013 2014
SOURCE DEPARTMENT OF COMMERCE
SEASONALLY ADJUSTED ANNUAL RATES
0
3000
2200
2400
2600
2800
2000
1800
1600
1400
1200
1000
800
600
400
200
ndash400
ndash200
0
3000
2200
2400
2600
2800
2000
1800
1600
1400
1200
1000
800
600
400
200
ndash400
ndash200
RESIDENTIALFIXED INVESTMENT
In the second quarter of 2015 according to revised estimates nonresidential fixed investment in chained (2009)dollars rose $220 billion (annual rate) and residential investment rose $116 billion Inventories rose $1135 billionfollowing an increase of $1128 billion in the first quarter
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Real Private Fixed Investment by Type[Billions of chained (2009) dollars quarterly data at seasonally adjusted annual rates]
II r 27355 22106 4652 10469 3305 2403 2209 2851 7010 3354 2857 5240 5128 1845
1 Because computers ex hibit rapid changes in prices relativ e to other prices in the economy the chained-dollar est imates should not be used to measure the componentrsquos relative impor tance or itscontribution 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 componentsee Survey of Current Business Table 531 (for growth rates) Table 532 (for contribu tions) and Table 533 (for quantity indexes)
2 Includes other items not shown separately3 Research and development investment excludes expenditures for software development
Note Because of the formula used for calculat ing real GDP the chained (2009) dollar est imates for the detailed components do not add to the chained-dollar value of GDP or to any intermediateaggregates
Source Department of Commerce (Bureau of Economic Analysis)
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)
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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]
1 Civilian labor force (or employment) as per cent of civilian noninstitution al population and unemployment as percent of civilian labor for ce
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 OVER SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
2007
16
12
20
8
4
0
16
12
20
8
4
0
MILLIONS OF PERSONSMILLIONS OF PERSONS
2009 2011 20132012 2014 20152008 2010
CIVILIAN LABOR FORCE
146
154
150
142
138
134
158
162
UNEMPLOYMENT
CIVILIANEMPLOYMENT
146
154
150
142
138
134
158
162
EMPLOYMENT UNEMPLOYMENT AND WAGES
In September employment as measured by the household survey fell by 236000 and unemployment fell 114000
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Selected Unemployment Rates
[Monthly data seasonally adjusted except as noted by NSA]
Period
Unemployment rate (percent of civilian labor force in group)
Allcivilianworkers
By sex and age By race or ethnicity 1 By selected groups
2015 Jan 8979 268 261 155 315 323 134 474 95 316 115 2912 399 2958 Feb 8705 279 256 154 311 317 131 481 102 305 112 r 2759 296 r 2801 Mar 8575 289 268 145 298 307 122 489 102 314 95 3120 282 r 3166 Apr 8549 314 265 131 290 308 117 486 97 315 102 2400 r 289 r 2438 May 8674 276 290 148 286 307 116 491 95 301 112 2224 r 254 r 2260 June 8299 286 287 169 258 281 113 492 93 303 112 r 2311 r 300 r 2346 July 8266 307 278 146 269 283 113 502 102 296 100 2325 298 2359 Aug 8029 265 300 158 277 284 121 505 98 291 106 2461 246 2498 Sept 7915 299 281 154 266 263 114 491 98 306 105
1 Beginning January 2011 includes unemployment durations of up to 5 years prior data are for up to 2 year s2 Includes State (50 States Distri ct of Columbia Puerto Rico and the Virgin Islands) Federal (UCFE) ex-service members (UCX) and Federal and State ext ended benefit programs Also includes
Emergency Unemployment Compensation (2008-2013) and Federal Additional Compensation (2009-2010)
Note Data relate to perso ns 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
0
2011 2012 2013 2014 20152011 2012 2013 2014 2015
0
20
30
40
60
50
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF LABOR
20
COUNCIL OF ECONOMIC ADVISERS
NEW ENTRANTS
5-14 WEEKS
15-26 WEEKS
JOB LEAVERS
REENTRANTS
10 10
LESS THAN5 WEEKS
27 WEEKS AND OVER
JOB LOSERS
In September the percentage of the unemployed who had been out of work for less than 5 weeks rose while thepercentages for 5 to 14 weeks 15 to 26 weeks and 27 weeks and over fell Te mean duration of unemployment fellto 263 weeks and the median duration fell to 114 weeks
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Nonagricultural Employment
[Thousands of wage and salary workers 1 monthly data seasonally adjusted]
1 Data from the est ablishment survey Includes all full- and part-time wage and salary wor kers in nonagricultural est ablishments who received pay for any par t of the pay period that includes the12th of the month Excludes propr ietors self-employed per sons unpaid family workers and private hous ehold workers Data from the household sur vey shown on p 11 include those workers and alsocount persons as employed when they are not at work be cause of industrial disputes bad weat her etc even if they are not paid for the time off In the ser ies shown here persons who work at morethan one job are counted each time they appear on a payroll in cont rast to the series shown on p 11 where persons are counted only onc emdashas employed unemployed or not in the labor for ce SeeEmployment 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
Source Department of Labor (Bureau of Labor Statistics)
MILLIONS OF PERSONS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS
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
PRIVATESERVICE-PROVIDING
INDUSTRIES
EDUCATION ANDHEALTH SERVICES
otal nonagricultural employment as measured by the payroll survey rose by 142000 in September
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Employment Cost IndexmdashPrivate Industry
Period
Index (December 2005 = 100) Percent change from
Totalcompensation
Wagesand
salaries
Benefits 1
3 months earlier 12 months earlier
Totalcompensation
Wages
andsalaries Benefits 1 Total
compensation
Wages
andsalaries Benefits 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
Note The employment cost index is a measure of the change in the cos t of labor free from the influence of employment shif ts among occupations and industries Data exclude farm and household workers
Source Department of Labor (Bureau of Labor Statistics)
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries[For production or nonsupervisory workers monthly data seasonally adjusted]
Period
Average weekly hours Average gross hourly earnings Average gross weekly earnings
1 Also includes other private industry groups shown on p 142 Current dollar earnings divided by t he consumer price index for urban wage earners and cleric al workers (CPIndash W) (on a 1982-84=100 base)
Source Department of Labor (Bureau of Labor Statistics)
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Productivity and Related Data Business and Nonfarm Business Sectors
Period
Output per hourof all persons
Output 1Hours of
all persons 2Compensation
per hour 3
Realcompensation
per hour 4Unit labor
costsImplicit price
deflator 5
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Indexes 2009=100 quarterly data seasonally adjusted
1 Output refers to real gross domestic product originating in the sector2 Hours of all persons engaged in the sect or including hours of proprietors and unpaid family workers Es timates based primarily on est ablishment data3 Wages and salaries of employees plus employersrsquo contri butions for social insurance and priva te benefit plans Also includes an estimate of wages salar ies and supplemental payments for th e
self-employed4 Hourly compensation divided by the consumer price index for all urban consumers (CPIndashU) for recent quarters The trend from 1978ndash2014 is based on the consumer price index research series
(CPIndashUndashRS)5 Current dollar gross domestic output divided by the output index
Note Data relate to all persons engaged in the se ctorPercent 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 da ta released on Augus t 27 2015
Source Department of Labor (Bureau of Labor Statistics)
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Industrial Production and Capacity Utilization
[Monthly data seasonally adjusted]
Period
Total industrial production 1 Industry production indexes 2012=100 Capacity utilization rate(output as percent of
2015 Jan 1076 ndash3 45 1049 1074 1038 860 1221 1046 787 761 Feb 1074 ndash2 35 1045 1068 1037 861 1201 1082 784 757 Mar r 1072 ndash2 25 1048 1068 1041 865 1195 1055 782 758 Apr r 1070 ndash2 21 1052 1071 1046 865 1179 1027 779 760 May r 1066 ndash4 13 1050 1075 1039 860 1153 1021 775 759 June r 1066 0 8 1049 1073 1039 851 1154 1031 774 757 July r 1075 9 13 1058 1085 1045 852 1175 1030 780 762 Aug p 1071 ndash4 9 1053 1076 1045 850 1167 1036 776 758
1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industriesmdashlogging and newspaperperiodical book and directory-publishingmdashthat have traditionally been included in manufacturing
2 Percent changes based on unrounded indexes
Note Data based on NAICS exc ept series as defined in footnote 1
Source Board of Governors of the Federal Reserve System
INDEX 2012 = 100 (RATIO SCALE)
BUSINESSEQUIPMENT
CONSUMER GOODS
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 2012 = 100 (RATIO SCALE)
PERCENT
130
120
110
100
80
90
86
84
82
80
78
76
74
72
70
66
68
110
100
90
80
140
130
120
110
100
80
90
DURABLE
NONDURABLE
TOTAL1MANUFACTURING120
110
100
90
80
PRODUCTION AND BUSINESS ACTIVITY
Industrial production and capacity utilization fell in August
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Industrial ProductionmdashMajor Market Groups and Selected Manufactures
Apr 1190 735 436 1140 666 32 442 999 508 207 May r 1072 697 366 1250 681 34 535 1010 513 210 June r 1211 687 510 1337 692 34 611 959 466 215 68
July r 1161 762 390 1130 680 28 422 996 522 215 Aug p 1126 739 381 1161 699 30 432 935 552 216
1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards2 Based on approximately 20100 permit-issuing places beginning wit h 2014 and 19300 beginning with 2004 Using the 20 04 universe the tot al for 2014 is 104643 Seasonally adjusted4 Quarterly data are three-month averages Annual data are averages of quarterly data
Source Department of Commerce (Bureau of the Census)
New Construction[Billions of dollars monthly data at seasonally adjusted annual rates]
2015 Jan 9901 7162 3589 2616 3572 170 420 640 736 1607 2739 Feb 9935 7208 3606 2607 3602 176 418 620 768 1621 2726 Mar 10064 7297 3575 2562 3722 180 446 622 810 1664 2766 Apr 10446 7572 3668 2599 3904 192 463 653 840 1756 2874 May 10684 7765 3731 2632 4034 208 482 663 896 1784 2920 June r 10743 7735 3761 2659 3974 223 493 626 862 1770 3008 July r 10791 7823 3785 2683 4038 218 493 632 906 1789 2968 Aug p 10862 7880 3833 2723 4047 225 492 622 920 1789 2982
1 Includes residential improvements not shown separately2 Includes health care educa tional communication and power among other categories not shown separ ately
Source Department of Commerce (Bureau of the Census)
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Business Sales and InventoriesmdashManufacturing and Trade
[Millions of dollars except ratios seasonally adjusted except as noted]
Period
Manufacturing and trade 1 Wholesale RetailRetail and foodservices sales 2
2015 Jan 1308276 1778991 136 445024 572469 129 383889 558296 145 434225 Feb 1303701 1783741 137 442459 573668 130 381432 561001 147 431921 Mar 1311121 1785855 136 441024 574661 130 387665 562821 145 438572 Apr 1318016 1792837 136 448458 576998 129 387235 566270 146 438717 May 1322962 1798172 136 449347 580710 129 392268 567490 145 443913 June r 1327245 1809917 136 450927 584986 130 391955 573180 146 443734 July p 1327773 1811191 136 449492 584281 130 r 394919 576881 146 r 446872 Aug p 395401 447715
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
Source Department of Commerce (Bureau of the Census)
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
900
1000
1100
1200
1300
1600
MANUFACTURING ANDTRADE INVENTORIES
MANUFACTURING AND TRADE SALES 350
400
450
RETAIL SALES
RETAIL INVENTORIES
300
140
130
120
160
150
INVENTORYSALES RATIO
1500
1400
MANUFACTURING AND TRADE
1700
1900
1800
RATIO
500
600
550
170
RETAIL AND FOODSERVICES SALES
RETAIL
COUNCIL OF ECONOMIC ADVISERS
In July according to current estimates manufacturing and trade sales were roughly unchanged while inventoriesrose $13 billion According to advance estimates retail sales rose 01 percent in August Retail and food servicessales rose 02 percent
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Manufacturersrsquo Shipments Inventories and Orders
Period
Manufacturersrsquo shipments 1 Manufacturersrsquo inventories 2 Manufacturersrsquo new orders 1
Manu-
facturersrsquounfilledorders 2
Manu-facturersrsquo
inventoryshipments
ratio 3Total
Durablegoods
Nondurablegoods
TotalDurablegoods
Nondurablegoods
Total
Durable goods
Total
Capitalgoods
industriesnondefense
Millions of dollars seasonally adjusted except as noted
1 Annual data are averages of mont hly not seasonally adjusted figures monthly dat a are seasonally adjusted totals for month Shipment s are the same as sales2 Seasonally adjusted end of period3 Annual data are averages of seasonally adjusted monthly ratios
Note Manufacturersrsquo 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 durableunfilled orders
Total and durable shipments and inventories include data on semiconductor s new and unfilled orders do not
Source Department of Commerce (Bureau of the Census)
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
140
180
220
260
300
420
380
340
140
180
220
260300
340
140
180
220
260
300
340380
420
460
500
110
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL
NEW ORDERS
SHIPMENTS INVENTORIES
INVENTORYSHIPMENTS RATIO
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
2014 20152012 2011 2014 2015
DURABLE GOODS
NONDURABLE GOODS
160
140
150
120
130
NONDURABLE GOODS
DURABLE GOODS
TOTAL
20132011 2012 2013
DURABLE GOODS
RATIO
540460
500540
380
420
460500540
TOTAL
580
580 700
580620660
In August manufacturersrsquo shipments inventories and new and unfilled orders all fell
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Producer Prices
[November 2009 =100 except as noted monthly data seasonally adjusted]
1 Includes final demand construction not shown separately2 Does not include food and beverages for immediate con sumption which are defined as the servic e of preparing meals snacks and beverages to cust omer order for immediate consumption3 Trade indexes measure changes in margins received by wholesalers and re tailers4 Relative importance December 2014
Source Department of Labor (Bureau of Labor Statistics)
INDEX NOV 2009=100 (RATIO SCALE) INDEX NOV 2009=100 (RATIO SCALE)
2009 2010 2011 2012 2013 2014 2015
SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTEDFINAL DEMAND
COUNCIL OF ECONOMIC ADVISERS
FINAL DEMANDSERVICES
100
95
115
125
110
105
120
100
95
115
125
110
105
120
FINAL DEMAND
FINAL DEMANDGOODS
PRICES
Te producer price index for final demand was unchanged in August Prices for final demand goods fell 06 percentand prices for final demand services rose 04 percent
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In August the consumer price index for all urban consumers fell 01 percent it also fell 01 percent before seasonaladjustment Te index rose 02 percent from its year earlier level
Consumer PricesmdashAll Urban Consumers
[1982ndash84=100 except as noted monthly data seasonally adjusted except as noted by NSA]
Period
All items All items less food and energy Food Energy
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Relative importance July 2015
Source Department of Labor (Bureau of Labor Statistics)
INDEX 1982-84 = 100 (RATIO SCALE)
SEASONALLY ADJUSTED
INDEX 1982-84 = 100 (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF LABOR
2007 2008 2009 2010 2011 2012 2013 2014 2015
CONSUMER PRICESmdashALL ITEMS
250
240
230
220
210
200
190
180
250
240
230
220
210
200
190
180
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Changes in Consumer PricesmdashAll Urban Consumers[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Quarterly chan ges are shown in the last month of the quart er
Source Department of Labor (Bureau of Labor Statistics)
Changes in Producer Prices[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
Period
Totalfinalde-
mand 1
Final demand goods Final demand services Finaldemand
Sept r 107 87 132 112 114 115 96 Oct 100 81 135 112 113 114 89 Nov r 102 82 134 112 113 114 91 Dec r 101 83 127 111 112 114 91
2015 Jan 97 82 120 110 111 111 88 Feb 99 84 114 110 110 111 90 Mar 102 85 117 110 111 111 93 Apr r 103 89 116 110 111 111 94 May r 107 90 122 110 110 111 97 June 105 88 121 109 110 110 96 July 99 86 115 109 110 110 91 Aug 102 88 117 108 109 109 94
1 Annual indexes for 2011 forward reflect revised methodology See Agricultural Price Program Update January 2015 for details2 Includes items not shown separately3 Annual data are averages of monthly ratios
Note These indexes are also available on a 1910-14=100 basis as required by stat ute
Source Department of Agriculture (National Agricultural Statistics Service)
1RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID
SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
2010 20152007 2008 2009 20122011 2013 2014
PRICES RECEIVED
RATIO
PRICES PAID
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
90
80
60
70
130
120
110
100
90
80
60
70
130
120
110
100
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
In August prices received by farmers rose 30 percent and prices paid by farmers fell 09 percent (Data are notseasonally adjusted)
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Money Stock and Debt Measures
[Averages of daily figures except debt end-of-period basis billions of dollars seasonally adjusted]
Period
M1 M2 Debt Percent change
Sum of currencydemand depositstravelers checks and
other checkable deposits
M1 plussavings depositsretail MMMF balances
and small time deposits 1
Debt ofdomesticnonfinancial
sectors 2
From year or 6 months earlier
3 From
previous period 4
M1 M2 Debt
2005 Dec r 13748 66508 282945 ndash01 42 862006 Dec r 13683 70427 307233 ndash5 59 842007 Dec r 13766 74488 331796 6 58 812008 Dec r 16071 81740 349342 167 97 572009 Dec r 16984 84801 357496 57 37 342010 Dec r 18418 87814 370390 84 36 432011 Dec r 21682 96346 382033 177 97 352012 Dec r 24577 104225 399658 134 82 502013 Dec r 26545 109840 414596 80 54 402014 Dec r 29145 116292 432554 98 59 44
2014 Aug 28160 114420 72 58 Sept r 28571 114795 427494 82 57 45 Oct 28638 115206 67 54 Nov 28795 115640 68 50
Dec r
29145 116292 432554 72 53 482015 Jan 29318 117049 65 53 Feb 29950 118250 127 67 Mar r 29890 118448 435061 92 64 25 Apr r 29946 118949 91 65 May r 29846 119364 73 64 June r 30077 119820 439790 64 61 44 July r 30355 120596 71 61 Aug 30499 121385 37 53
1 Money market mutual fund (MMMF) Savings deposits include money market deposit accounts (MMDA)2 Consists of outstanding credit market debt of the US 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 quarter3 Annual changes are from December to Decemb er and monthly changes are from 6 months earlier at a simple annual rate4 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
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
M2
BILLIONS OF DOLLARS (RATIO SCALE)
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
BILLIONS OF DOLLARS (RATIO SCALE)
M1
MONEY CREDIT AND SECURITY MARKETS
In August M2 rose
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Components of Money Stock[Averages of daily figures billions of dollars seasonally adjusted]
2015 Jan r 12663 29 11742 4885 2640 2244 76444 65552 10892 5068 3758 1311 6219 17890 Feb r 12720 29 12174 5027 2713 2314 77076 66120 10956 5049 3758 1291 6174 17834 Mar 12794 28 12025 5042 2727 2315 77468 66493 10975 4949 3678 1272 6141 18075 Apr r 12843 28 12044 5030 2715 2315 78005 66950 11055 4864 3595 1269 6134 17848 May r 12884 27 11928 5007 2706 2301 78618 67441 11176 4792 3529 1262 6108 17990 June r 12934 27 12057 5059 2768 2291 78881 67664 11217 4727 3469 1257 6136 18154 July r 12999 27 12266 5063 2769 2294 79389 68179 11210 4664 3411 1253 6188 18438
Aug 13090 26 12313 5070 2753 2317 80069 68822 11247 4606 3355 1250 6212 187411 Small-denomination deposits are those issued in amounts of less than $1000002 Institutional money funds are not part of non-M1 M2
Source Board of Governors of the Federal Reserve System
Aggregate Reserves and Monetary Base[Averages of daily figures 1 millions of dollars not seasonally adjusted]
1 Data are prorated averages of biweekly (maintenance period) averages of daily figures2 Equals the sum of balances maintained up to the top of each institu tionrsquos penalty-free band3 Excludes vault cash used to satisfy required reserves4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve5 Equals total balances maintained plus currenc y 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 separately7 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 cr eation of a penalty-fr ee band around reserve balanc e requirements which took effe ct June 27 2013 See H3 release of July 11 2013
Source Board of Governors of the Federal Reserve System
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Bank Credit at All Commercial Banks
[Billions of dollars seasonally adjusted 1]
Period
Total
bankcredit
Securities in bank credit 2 Loans and leases in bank credit
Totalsecurities
US
Treasuryand
agencysecurities
Othersecurities
Totalloansand
leases 3
Commercialandindustrial
loans
Real estate loans
Consumerloans 5
Otherloansand
leases 6Total 4Revolving
home equityloans
Commercialloans
2005 Dec r 73156 18554 11593 6961 54602 10361 29289 4435 12701 7045 79062006 Dec r 81084 19913 12190 7723 61172 11826 33736 4683 14593 7386 82242007 Dec r 89042 21046 11375 9670 67997 14177 36002 4848 15872 7992 98272008 Dec r 93532 20976 12541 8435 72556 15588 38195 5882 17284 8762 100122009 Dec r 89955 23295 14509 8786 66660 12652 37767 6031 16409 8360 78812010 Dec r 91917 24299 16425 7874 67618 11923 36133 5819 15004 11138 84232011 Dec r 94020 24955 17020 7935 69065 13037 34948 5495 14183 10911 101702012 Dec r 99593 27358 18762 8596 72235 14756 35504 5152 14282 11155 108202013 Dec r 100964 27148 18047 9100 73816 15767 35317 4737 14986 11414 113182014 Dec r 108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 13155
2014 Aug r 106144 28436 19406 9029 77709 17174 36158 4623 15702 11822 12556 Sept r 106591 28605 19731 8874 77985 17290 36196 4608 15781 11873 12626 Oct r 106989 28683 19896 8787 78306 17366 36227 4603 15867 11919 12793 Nov r 107682 28801 20001 8800 78881 17565 36270 4594 15948 11973 13073
Dec r
108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 131552015 Jan r 109576 29525 20663 8862 80052 17932 36503 4564 16156 12008 13608 Feb r 110253 29732 20847 8885 80521 18116 36713 4553 16299 12041 13652 Mar r 111116 29771 20859 8912 81345 18392 37056 4545 16522 12066 13831 Apr r 111838 29954 20996 8958 81884 18500 37131 4527 16606 12127 14126 May r 112422 30248 21321 8927 82174 18665 37241 4509 16705 12179 14088 June r 112912 30267 21343 8924 82644 18842 37410 4487 16831 12227 14165 July r 113449 30219 21337 8882 83229 18939 37574 4468 16984 12289 14428 Aug 113955 30352 21489 8863 83603 19068 37702 4441 17118 12360 14473
1 Data are prorated averages of Wednesday values for domestically chartered commercial banks branches and agencies of foreign banks and Edge Act and agreement corporations2 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
accounts3 Excludes unearned inco me Includes the allowance for loan and lease losses Exclude s Federal funds sold to reverse r epurchase agreements (RPs) wit h and loans to commercial banks in the
United States Includes all loans held in trading acc ounts under a fair value option4 Includes closed-end residential loans not shown separately5 Includes credit cards and other consumer loans6 Includes other items not shown separately
Source Board of Governors of the Federal Reserve System
BILLIONS OF DOLLARS (RATIO SCALE)
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000TOTAL
LOANS AND LEASES
US TREASURY AND AGENCY SECURITIES
OTHER SECURITIES
otal commercial bank loans and leases rose 04 percent in August
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Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business[Billions of dollars quarterly data at seasonally adjusted annual rates]
2013 I r 28407 18324 10083 1750 ndash2137 3887 3161 727 7291 26861 14534 12327 1546 II r 27501 18870 8631 242 ndash3712 3953 2089 1866 6274 25223 15186 10037 2278 III r 29700 18725 10975 3049 ndash3441 6490 4794 1696 5918 25132 15917 9215 4569 IV r 30024 19526 10498 ndash1864 ndash4827 2964 2556 408 10129 27122 15941 11181 2902
2014 I r 23994 17883 6111 1149 ndash5018 6168 3033 3135 9213 20136 16114 4022 3857 II r 30269 18769 11500 707 ndash2731 3438 2539 899 8365 26528 16471 10057 3741 III r 30145 19916 10229 789 ndash4343 5132 2239 2894 5738 22768 17045 5723 7377
IV r 28679 19758 8921 1419 ndash3410 4828 3523 1305 5494 24169 17063 7106 45112015 I r 30105 19004 11101 443 ndash5920 6363 5297 1065 3035 23722 17387 6335 6383 II p 29302 18836 10466 836 ndash5910 6746 7004 ndash257 7179 25768 18870 6898 3533
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 earn-ings retained abroad inventory valuation adjustment and net capital transfers
2 Includes trade payables taxes payable and miscellaneous liabilities (foreign direct investment in the US 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]
Period
Consumer credit outstanding (end of period) Net change in consumer credit outstanding 1
Total Revolving Nonrevolving 2 Total Revolving Nonrevolving 2
2005 Dec 22909 8295 14614 987 299 6872006 Dec 24613 9240 15373 1704 945 7592007 Dec 26151 10020 16131 1538 780 7582008 Dec 26500 10044 16457 349 24 3262009 Dec 25523 9164 16359 ndash977 ndash880 ndash982010 Dec 26469 8395 18074 946 ndash769 17152011 Dec 27554 8412 19142 1085 17 10682012 Dec 29229 8459 20770 1675 47 16282013 Dec 30988 8582 22406 1759 123 16362014 Dec 33172 8900 24272 2184 318 1866
2014 July 32332 8803 23528 214 45 168 Aug 32493 8814 23679 161 11 151 Sept 32675 8834 23840 182 20 161 Oct 32841 8848 23993 166 14 153 Nov 33005 8861 24145 164 13 152
Dec 33172 8900 24272 167 39 1272015 Jan 33276 8883 24393 104 ndash17 121 Feb 33426 8860 24566 150 ndash23 173 Mar r 33634 8908 24726 208 48 160 Apr r 33876 9003 24873 242 95 147 May r 34073 9028 25045 197 25 172 June r 34343 9103 25240 270 75 195 July p 34534 9146 25388 191 43 148
1 Change based on data in billions of dollars as shown here For year-end data ch ange from preceding year-end for monthl y data change from preceding month2 Includes automobile loans and all other loans not included in revolving cr edit such as loans for mobile homes education boats t railers or vacations The se 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
1 High bill rate at auction issue date within period bank-discount basis Data are stop yields from uniform-price auctions2 Yields on actively traded issues adjusted to constant maturities Series for 30-year constant maturity was discontinued on February 18 2002 and reintroduced on February 6 20063 Weekly data are Wednesday figures4 Average effective rate for year rate in effect at end of month or week5 Daily effective rate weighted average of rates on brokered trades6 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 Moodyrsquos Investors Service and Standard amp Poorrsquos
Interest Rates and Bond Yields
2007 2008 2009 2010 2011 2012 2013 2014 2015
10
PERCENT PER ANNUM
4
2
0
6
8
10
PERCENT PER ANNUM
4
2
0
6
8
FEDERAL FUNDSRATE
TREASURYBILLS
CORPORATE Aaa BONDS(MOODYS)
COUNCIL OF ECONOMIC ADVISERSSOURCE SEE TABLE BELOW
Interest rates were mixed in September
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Common Stock Prices and Yields
Period
Common stock prices 1 Common stock yields(percent) 6
New York Stock Exchange indexes(December 31 2002=5000) 2 Dow Jones
1 Annual data are averages of mont hly figures Monthly and weekly dat a are averages of daily closing prices2 Includes all the stocks (in 2015 over 320 0) listed on the NYSE3 Includes 30 stocks4 Includes 500 stocks5 Includes over 2900 stocks in 20156 Standard amp Poorrsquos series Dividendprice ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter
Sources New York Stock Exchange Dow Jones amp Company Inc Standar d amp Poorrsquos Nasdaq Stock Market and Bloomberg
5
INDEX DEC 31 2002=5000 (RATIO SCALE)
SOURCES NEW YORK STOCK EXCHANGE STANDARD AND POORS AND BLOOMBERG COUNCIL OF ECONOMIC ADVISERS
1 Data from current issue Monthly Treasury Statement
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fisc al Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
RECEIPTS AND OUTLAYS1
SURPLUS OR DEFICIT (ndash)1
2007 2008 2009 2010 2011 2012
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF DOLLARSBILLIONS OF DOLLARS
OUTLAYS1
RECEIPTS1
2014 2015 20162013
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
FEDERAL FINANCE
In the first eleven months of fiscal year 2015 the deficit was $5300 billion compared with a deficit of $5892 billiona year earlier
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In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
7172019 EI_201509pdf
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
b l d
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Real Personal Consumption Expenditures[Billions of chained (2009) dollars except as noted quarterly data at seasonally adjusted annual rates]
1 Includes other items not shown separately2 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 calculatin g real GDP the chained (2009) dollar esti mates for the detailed components do not add to the chained-dollar value of GDP or to any intermediateaggregates
Source Department of Commerce (Bureau of Economic Analysis)
National Income[Billions of dollars quarterly data at seasonally adjusted annual rates]
PeriodNationalincome
Com-pensation
ofemploy-
ees
Proprietorsrsquoincome 1 Rental
incomeof
personswith
capitalcon-
sumptionadjust-ment
Corporate profits with inventory valuationand capital consumption adjustments
Netinterest
andmiscel-laneous
payments
Taxeson
produc-tionand
imports
LessSubsidies
Businesscurrenttransfer
payments
Currentsurplus
ofgovern-
mententer-prises
Farm Nonfarm Total
Profits with inventory valuationadjustment and without
2015 Jan 150481 94822 76802 18020 685 13071 6332 21328 12868 8460 26103 11860 Feb 150958 94884 76829 18055 605 13069 6369 21658 12826 8832 26232 11859 Mar 150956 94932 76843 18089 525 13128 6408 21380 12783 8597 26439 11855 Apr r 151558 95166 77031 18135 540 13142 6470 21654 12959 8696 26460 11874 May r 152207 95551 77358 18193 569 13199 6542 21743 13134 8608 26517 11913 June r 152816 95759 77517 18241 597 13263 6611 21953 13310 8643 26563 11929 July r 153513 96263 77955 18308 597 13372 6635 21961 13317 8644 26667 11983 Aug p 154038 96683 78311 18372 597 13356 6666 22012 13324 8689 26750 12027
1 With inventory valuation and capital consumption adjustments2 With capital consumption adjustment3 Consists mainly of social insurance benefits to persons
Source Department of Commerce (Bureau of Economic Analysis)
16000
12000
14000
10000
9000
8000
7000
6000
5000
4000
3000
2000
1000
16000
12000
14000
10000
9000
8000
7000
6000
5000
4000
3000
2000
1000
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
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 $525 billion (annual rate) in August following an increase of $697 billion in July Wages andsalaries rose $356 billion in August following an increase of $438 billion in July
2015 I 150798 19001 131798 124922 6876 121147 41107 37785 37600 34562 33 52 320623 II r 152194 19274 132920 126745 6175 121513 41386 37835 38075 34807 5 46 321167
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)
COUNCIL OF ECONOMIC ADVISERS
2006 2007 20102009 20112008 2012 2013 2014 2015
SEASONALLY ADJUSTED ANNUAL RATESSOURCE DEPARTMENT OF COMMERCE
DOLLARS (RATIO SCALE)
44000
40000
42000
38000
36000
34000
32000
30000
44000
40000
42000
38000
36000
34000
32000
30000
DOLLARS (RATIO SCALE)
DISPOSABLE PERSONAL INCOME
PERSONAL OUTLAYS
SAVING
CHAINED (2009) DOLLARS
CURRENT DOLLARS
11500
11000
10000
10500
9000
12000
12500
14000
13000
13500
9500
11500
11000
10000
10500
9000
12000
12500
14000
13000
13500
9500
According to revised estimates per capita disposable personal income in chained (2009) dollars rose 05 percent(annual rate) in the second quarter of 2015
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 equat es to the sum of cash receipts home consumption and the value of the change in invent ories4 Includes income from fores t products sold the gros s imputed rental value of farm dwellings machine hire and custom work and other s ources of farm income such as commodity insur ance
indemnities
Note Data for 2015 are forecasts
Source Department of Agriculture (Economic Research Service)
BILLIONS OF CHAINED (2009) DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF CHAINED (2009) DOLLARS (RATIO SCALE)
SOURCE DEPARTMENT OF AGRICULTURE
40
60
80
120
160
440
480
400
240
280
320
360
200
520
40
60
80
120
160
440
480
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 current forecast for 2015 gross farm income in chained (2009) dollars is forecast to be $4060billion and net farm income to be $530 billion
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Corporate Profits
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Profits (before tax) with inventory valuation adjustment 1
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)
Source Department of Commerce (Bureau of Economic Analysis)
PROFITS BEFORE TAX
COUNCIL OF ECONOMIC ADVISERS
2006 2007 20102009 2011 20152008 2012 2013 2014
SOURCE DEPARTMENT OF COMMERCE
SEASONALLY ADJUSTED ANNUAL RATES
PROFITS AFTER TAX
UNDISTRIBUTED PROFITS
TAXES ONCORPORATE INCOME
BILLIONS OF DOLLARS
0
ndash200
2600
2400
2500
2300
2200
21002000
1900
1800
1200
1100
1000
1300
1400
1500
900
800
700
600500
400
300
200
100
ndash100
1700
1600
0
ndash200
2600
2400
2500
2300
2200
21002000
1900
1800
1200
1100
1000
1300
1400
1500
900
800
700
600500
400
300
200
100
ndash100
1700
1600
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates corporate profits before tax rose $1414 billion (annualrate) and profits after tax rose $1101 billion
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Real Gross Private Domestic Investment
[Billions of chained (2009) dollars quarterly dat a at seasonally adjusted annual rates]
Period
Grossprivate
domesticinvestment
Fixed investment Change in private inventories
Total
Nonresidential
Residential Total NonfarmTotal Structures Equipment
2015 I 28302 27014 21886 4582 10460 6871 5124 1128 1068 II r 28648 27355 22106 4652 10469 7010 5240 1135 1110
Note See p 10 for further detail on fixed investment by typeBecause of the formula used for calculating r eal GDP the chained (2009) dollar estimat es for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF CHAINED (2009) DOLLARS BILLIONS OF CHAINED (2009) DOLLARS
GROSS PRIVATE DOMESTICINVESTMENT
CHANGE IN PRIVATEINVENTORIES
NONRESIDENTIALFIXED INVESTMENT
COUNCIL OF ECONOMIC ADVISERS
2006 2007 20102009 2011 20152008 2012 2013 2014
SOURCE DEPARTMENT OF COMMERCE
SEASONALLY ADJUSTED ANNUAL RATES
0
3000
2200
2400
2600
2800
2000
1800
1600
1400
1200
1000
800
600
400
200
ndash400
ndash200
0
3000
2200
2400
2600
2800
2000
1800
1600
1400
1200
1000
800
600
400
200
ndash400
ndash200
RESIDENTIALFIXED INVESTMENT
In the second quarter of 2015 according to revised estimates nonresidential fixed investment in chained (2009)dollars rose $220 billion (annual rate) and residential investment rose $116 billion Inventories rose $1135 billionfollowing an increase of $1128 billion in the first quarter
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Real Private Fixed Investment by Type[Billions of chained (2009) dollars quarterly data at seasonally adjusted annual rates]
II r 27355 22106 4652 10469 3305 2403 2209 2851 7010 3354 2857 5240 5128 1845
1 Because computers ex hibit rapid changes in prices relativ e to other prices in the economy the chained-dollar est imates should not be used to measure the componentrsquos relative impor tance or itscontribution 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 componentsee Survey of Current Business Table 531 (for growth rates) Table 532 (for contribu tions) and Table 533 (for quantity indexes)
2 Includes other items not shown separately3 Research and development investment excludes expenditures for software development
Note Because of the formula used for calculat ing real GDP the chained (2009) dollar est imates for the detailed components do not add to the chained-dollar value of GDP or to any intermediateaggregates
Source Department of Commerce (Bureau of Economic Analysis)
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)
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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]
1 Civilian labor force (or employment) as per cent of civilian noninstitution al population and unemployment as percent of civilian labor for ce
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 OVER SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
2007
16
12
20
8
4
0
16
12
20
8
4
0
MILLIONS OF PERSONSMILLIONS OF PERSONS
2009 2011 20132012 2014 20152008 2010
CIVILIAN LABOR FORCE
146
154
150
142
138
134
158
162
UNEMPLOYMENT
CIVILIANEMPLOYMENT
146
154
150
142
138
134
158
162
EMPLOYMENT UNEMPLOYMENT AND WAGES
In September employment as measured by the household survey fell by 236000 and unemployment fell 114000
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Selected Unemployment Rates
[Monthly data seasonally adjusted except as noted by NSA]
Period
Unemployment rate (percent of civilian labor force in group)
Allcivilianworkers
By sex and age By race or ethnicity 1 By selected groups
2015 Jan 8979 268 261 155 315 323 134 474 95 316 115 2912 399 2958 Feb 8705 279 256 154 311 317 131 481 102 305 112 r 2759 296 r 2801 Mar 8575 289 268 145 298 307 122 489 102 314 95 3120 282 r 3166 Apr 8549 314 265 131 290 308 117 486 97 315 102 2400 r 289 r 2438 May 8674 276 290 148 286 307 116 491 95 301 112 2224 r 254 r 2260 June 8299 286 287 169 258 281 113 492 93 303 112 r 2311 r 300 r 2346 July 8266 307 278 146 269 283 113 502 102 296 100 2325 298 2359 Aug 8029 265 300 158 277 284 121 505 98 291 106 2461 246 2498 Sept 7915 299 281 154 266 263 114 491 98 306 105
1 Beginning January 2011 includes unemployment durations of up to 5 years prior data are for up to 2 year s2 Includes State (50 States Distri ct of Columbia Puerto Rico and the Virgin Islands) Federal (UCFE) ex-service members (UCX) and Federal and State ext ended benefit programs Also includes
Emergency Unemployment Compensation (2008-2013) and Federal Additional Compensation (2009-2010)
Note Data relate to perso ns 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
0
2011 2012 2013 2014 20152011 2012 2013 2014 2015
0
20
30
40
60
50
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF LABOR
20
COUNCIL OF ECONOMIC ADVISERS
NEW ENTRANTS
5-14 WEEKS
15-26 WEEKS
JOB LEAVERS
REENTRANTS
10 10
LESS THAN5 WEEKS
27 WEEKS AND OVER
JOB LOSERS
In September the percentage of the unemployed who had been out of work for less than 5 weeks rose while thepercentages for 5 to 14 weeks 15 to 26 weeks and 27 weeks and over fell Te mean duration of unemployment fellto 263 weeks and the median duration fell to 114 weeks
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Nonagricultural Employment
[Thousands of wage and salary workers 1 monthly data seasonally adjusted]
1 Data from the est ablishment survey Includes all full- and part-time wage and salary wor kers in nonagricultural est ablishments who received pay for any par t of the pay period that includes the12th of the month Excludes propr ietors self-employed per sons unpaid family workers and private hous ehold workers Data from the household sur vey shown on p 11 include those workers and alsocount persons as employed when they are not at work be cause of industrial disputes bad weat her etc even if they are not paid for the time off In the ser ies shown here persons who work at morethan one job are counted each time they appear on a payroll in cont rast to the series shown on p 11 where persons are counted only onc emdashas employed unemployed or not in the labor for ce SeeEmployment 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
Source Department of Labor (Bureau of Labor Statistics)
MILLIONS OF PERSONS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS
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
PRIVATESERVICE-PROVIDING
INDUSTRIES
EDUCATION ANDHEALTH SERVICES
otal nonagricultural employment as measured by the payroll survey rose by 142000 in September
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Employment Cost IndexmdashPrivate Industry
Period
Index (December 2005 = 100) Percent change from
Totalcompensation
Wagesand
salaries
Benefits 1
3 months earlier 12 months earlier
Totalcompensation
Wages
andsalaries Benefits 1 Total
compensation
Wages
andsalaries Benefits 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
Note The employment cost index is a measure of the change in the cos t of labor free from the influence of employment shif ts among occupations and industries Data exclude farm and household workers
Source Department of Labor (Bureau of Labor Statistics)
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries[For production or nonsupervisory workers monthly data seasonally adjusted]
Period
Average weekly hours Average gross hourly earnings Average gross weekly earnings
1 Also includes other private industry groups shown on p 142 Current dollar earnings divided by t he consumer price index for urban wage earners and cleric al workers (CPIndash W) (on a 1982-84=100 base)
Source Department of Labor (Bureau of Labor Statistics)
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Productivity and Related Data Business and Nonfarm Business Sectors
Period
Output per hourof all persons
Output 1Hours of
all persons 2Compensation
per hour 3
Realcompensation
per hour 4Unit labor
costsImplicit price
deflator 5
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Indexes 2009=100 quarterly data seasonally adjusted
1 Output refers to real gross domestic product originating in the sector2 Hours of all persons engaged in the sect or including hours of proprietors and unpaid family workers Es timates based primarily on est ablishment data3 Wages and salaries of employees plus employersrsquo contri butions for social insurance and priva te benefit plans Also includes an estimate of wages salar ies and supplemental payments for th e
self-employed4 Hourly compensation divided by the consumer price index for all urban consumers (CPIndashU) for recent quarters The trend from 1978ndash2014 is based on the consumer price index research series
(CPIndashUndashRS)5 Current dollar gross domestic output divided by the output index
Note Data relate to all persons engaged in the se ctorPercent 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 da ta released on Augus t 27 2015
Source Department of Labor (Bureau of Labor Statistics)
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Industrial Production and Capacity Utilization
[Monthly data seasonally adjusted]
Period
Total industrial production 1 Industry production indexes 2012=100 Capacity utilization rate(output as percent of
2015 Jan 1076 ndash3 45 1049 1074 1038 860 1221 1046 787 761 Feb 1074 ndash2 35 1045 1068 1037 861 1201 1082 784 757 Mar r 1072 ndash2 25 1048 1068 1041 865 1195 1055 782 758 Apr r 1070 ndash2 21 1052 1071 1046 865 1179 1027 779 760 May r 1066 ndash4 13 1050 1075 1039 860 1153 1021 775 759 June r 1066 0 8 1049 1073 1039 851 1154 1031 774 757 July r 1075 9 13 1058 1085 1045 852 1175 1030 780 762 Aug p 1071 ndash4 9 1053 1076 1045 850 1167 1036 776 758
1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industriesmdashlogging and newspaperperiodical book and directory-publishingmdashthat have traditionally been included in manufacturing
2 Percent changes based on unrounded indexes
Note Data based on NAICS exc ept series as defined in footnote 1
Source Board of Governors of the Federal Reserve System
INDEX 2012 = 100 (RATIO SCALE)
BUSINESSEQUIPMENT
CONSUMER GOODS
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 2012 = 100 (RATIO SCALE)
PERCENT
130
120
110
100
80
90
86
84
82
80
78
76
74
72
70
66
68
110
100
90
80
140
130
120
110
100
80
90
DURABLE
NONDURABLE
TOTAL1MANUFACTURING120
110
100
90
80
PRODUCTION AND BUSINESS ACTIVITY
Industrial production and capacity utilization fell in August
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Industrial ProductionmdashMajor Market Groups and Selected Manufactures
Apr 1190 735 436 1140 666 32 442 999 508 207 May r 1072 697 366 1250 681 34 535 1010 513 210 June r 1211 687 510 1337 692 34 611 959 466 215 68
July r 1161 762 390 1130 680 28 422 996 522 215 Aug p 1126 739 381 1161 699 30 432 935 552 216
1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards2 Based on approximately 20100 permit-issuing places beginning wit h 2014 and 19300 beginning with 2004 Using the 20 04 universe the tot al for 2014 is 104643 Seasonally adjusted4 Quarterly data are three-month averages Annual data are averages of quarterly data
Source Department of Commerce (Bureau of the Census)
New Construction[Billions of dollars monthly data at seasonally adjusted annual rates]
2015 Jan 9901 7162 3589 2616 3572 170 420 640 736 1607 2739 Feb 9935 7208 3606 2607 3602 176 418 620 768 1621 2726 Mar 10064 7297 3575 2562 3722 180 446 622 810 1664 2766 Apr 10446 7572 3668 2599 3904 192 463 653 840 1756 2874 May 10684 7765 3731 2632 4034 208 482 663 896 1784 2920 June r 10743 7735 3761 2659 3974 223 493 626 862 1770 3008 July r 10791 7823 3785 2683 4038 218 493 632 906 1789 2968 Aug p 10862 7880 3833 2723 4047 225 492 622 920 1789 2982
1 Includes residential improvements not shown separately2 Includes health care educa tional communication and power among other categories not shown separ ately
Source Department of Commerce (Bureau of the Census)
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Business Sales and InventoriesmdashManufacturing and Trade
[Millions of dollars except ratios seasonally adjusted except as noted]
Period
Manufacturing and trade 1 Wholesale RetailRetail and foodservices sales 2
2015 Jan 1308276 1778991 136 445024 572469 129 383889 558296 145 434225 Feb 1303701 1783741 137 442459 573668 130 381432 561001 147 431921 Mar 1311121 1785855 136 441024 574661 130 387665 562821 145 438572 Apr 1318016 1792837 136 448458 576998 129 387235 566270 146 438717 May 1322962 1798172 136 449347 580710 129 392268 567490 145 443913 June r 1327245 1809917 136 450927 584986 130 391955 573180 146 443734 July p 1327773 1811191 136 449492 584281 130 r 394919 576881 146 r 446872 Aug p 395401 447715
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
Source Department of Commerce (Bureau of the Census)
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
900
1000
1100
1200
1300
1600
MANUFACTURING ANDTRADE INVENTORIES
MANUFACTURING AND TRADE SALES 350
400
450
RETAIL SALES
RETAIL INVENTORIES
300
140
130
120
160
150
INVENTORYSALES RATIO
1500
1400
MANUFACTURING AND TRADE
1700
1900
1800
RATIO
500
600
550
170
RETAIL AND FOODSERVICES SALES
RETAIL
COUNCIL OF ECONOMIC ADVISERS
In July according to current estimates manufacturing and trade sales were roughly unchanged while inventoriesrose $13 billion According to advance estimates retail sales rose 01 percent in August Retail and food servicessales rose 02 percent
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Manufacturersrsquo Shipments Inventories and Orders
Period
Manufacturersrsquo shipments 1 Manufacturersrsquo inventories 2 Manufacturersrsquo new orders 1
Manu-
facturersrsquounfilledorders 2
Manu-facturersrsquo
inventoryshipments
ratio 3Total
Durablegoods
Nondurablegoods
TotalDurablegoods
Nondurablegoods
Total
Durable goods
Total
Capitalgoods
industriesnondefense
Millions of dollars seasonally adjusted except as noted
1 Annual data are averages of mont hly not seasonally adjusted figures monthly dat a are seasonally adjusted totals for month Shipment s are the same as sales2 Seasonally adjusted end of period3 Annual data are averages of seasonally adjusted monthly ratios
Note Manufacturersrsquo 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 durableunfilled orders
Total and durable shipments and inventories include data on semiconductor s new and unfilled orders do not
Source Department of Commerce (Bureau of the Census)
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
140
180
220
260
300
420
380
340
140
180
220
260300
340
140
180
220
260
300
340380
420
460
500
110
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL
NEW ORDERS
SHIPMENTS INVENTORIES
INVENTORYSHIPMENTS RATIO
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
2014 20152012 2011 2014 2015
DURABLE GOODS
NONDURABLE GOODS
160
140
150
120
130
NONDURABLE GOODS
DURABLE GOODS
TOTAL
20132011 2012 2013
DURABLE GOODS
RATIO
540460
500540
380
420
460500540
TOTAL
580
580 700
580620660
In August manufacturersrsquo shipments inventories and new and unfilled orders all fell
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Producer Prices
[November 2009 =100 except as noted monthly data seasonally adjusted]
1 Includes final demand construction not shown separately2 Does not include food and beverages for immediate con sumption which are defined as the servic e of preparing meals snacks and beverages to cust omer order for immediate consumption3 Trade indexes measure changes in margins received by wholesalers and re tailers4 Relative importance December 2014
Source Department of Labor (Bureau of Labor Statistics)
INDEX NOV 2009=100 (RATIO SCALE) INDEX NOV 2009=100 (RATIO SCALE)
2009 2010 2011 2012 2013 2014 2015
SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTEDFINAL DEMAND
COUNCIL OF ECONOMIC ADVISERS
FINAL DEMANDSERVICES
100
95
115
125
110
105
120
100
95
115
125
110
105
120
FINAL DEMAND
FINAL DEMANDGOODS
PRICES
Te producer price index for final demand was unchanged in August Prices for final demand goods fell 06 percentand prices for final demand services rose 04 percent
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In August the consumer price index for all urban consumers fell 01 percent it also fell 01 percent before seasonaladjustment Te index rose 02 percent from its year earlier level
Consumer PricesmdashAll Urban Consumers
[1982ndash84=100 except as noted monthly data seasonally adjusted except as noted by NSA]
Period
All items All items less food and energy Food Energy
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Relative importance July 2015
Source Department of Labor (Bureau of Labor Statistics)
INDEX 1982-84 = 100 (RATIO SCALE)
SEASONALLY ADJUSTED
INDEX 1982-84 = 100 (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF LABOR
2007 2008 2009 2010 2011 2012 2013 2014 2015
CONSUMER PRICESmdashALL ITEMS
250
240
230
220
210
200
190
180
250
240
230
220
210
200
190
180
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Changes in Consumer PricesmdashAll Urban Consumers[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Quarterly chan ges are shown in the last month of the quart er
Source Department of Labor (Bureau of Labor Statistics)
Changes in Producer Prices[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
Period
Totalfinalde-
mand 1
Final demand goods Final demand services Finaldemand
Sept r 107 87 132 112 114 115 96 Oct 100 81 135 112 113 114 89 Nov r 102 82 134 112 113 114 91 Dec r 101 83 127 111 112 114 91
2015 Jan 97 82 120 110 111 111 88 Feb 99 84 114 110 110 111 90 Mar 102 85 117 110 111 111 93 Apr r 103 89 116 110 111 111 94 May r 107 90 122 110 110 111 97 June 105 88 121 109 110 110 96 July 99 86 115 109 110 110 91 Aug 102 88 117 108 109 109 94
1 Annual indexes for 2011 forward reflect revised methodology See Agricultural Price Program Update January 2015 for details2 Includes items not shown separately3 Annual data are averages of monthly ratios
Note These indexes are also available on a 1910-14=100 basis as required by stat ute
Source Department of Agriculture (National Agricultural Statistics Service)
1RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID
SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
2010 20152007 2008 2009 20122011 2013 2014
PRICES RECEIVED
RATIO
PRICES PAID
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
90
80
60
70
130
120
110
100
90
80
60
70
130
120
110
100
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
In August prices received by farmers rose 30 percent and prices paid by farmers fell 09 percent (Data are notseasonally adjusted)
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Money Stock and Debt Measures
[Averages of daily figures except debt end-of-period basis billions of dollars seasonally adjusted]
Period
M1 M2 Debt Percent change
Sum of currencydemand depositstravelers checks and
other checkable deposits
M1 plussavings depositsretail MMMF balances
and small time deposits 1
Debt ofdomesticnonfinancial
sectors 2
From year or 6 months earlier
3 From
previous period 4
M1 M2 Debt
2005 Dec r 13748 66508 282945 ndash01 42 862006 Dec r 13683 70427 307233 ndash5 59 842007 Dec r 13766 74488 331796 6 58 812008 Dec r 16071 81740 349342 167 97 572009 Dec r 16984 84801 357496 57 37 342010 Dec r 18418 87814 370390 84 36 432011 Dec r 21682 96346 382033 177 97 352012 Dec r 24577 104225 399658 134 82 502013 Dec r 26545 109840 414596 80 54 402014 Dec r 29145 116292 432554 98 59 44
2014 Aug 28160 114420 72 58 Sept r 28571 114795 427494 82 57 45 Oct 28638 115206 67 54 Nov 28795 115640 68 50
Dec r
29145 116292 432554 72 53 482015 Jan 29318 117049 65 53 Feb 29950 118250 127 67 Mar r 29890 118448 435061 92 64 25 Apr r 29946 118949 91 65 May r 29846 119364 73 64 June r 30077 119820 439790 64 61 44 July r 30355 120596 71 61 Aug 30499 121385 37 53
1 Money market mutual fund (MMMF) Savings deposits include money market deposit accounts (MMDA)2 Consists of outstanding credit market debt of the US 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 quarter3 Annual changes are from December to Decemb er and monthly changes are from 6 months earlier at a simple annual rate4 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
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
M2
BILLIONS OF DOLLARS (RATIO SCALE)
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
BILLIONS OF DOLLARS (RATIO SCALE)
M1
MONEY CREDIT AND SECURITY MARKETS
In August M2 rose
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Components of Money Stock[Averages of daily figures billions of dollars seasonally adjusted]
2015 Jan r 12663 29 11742 4885 2640 2244 76444 65552 10892 5068 3758 1311 6219 17890 Feb r 12720 29 12174 5027 2713 2314 77076 66120 10956 5049 3758 1291 6174 17834 Mar 12794 28 12025 5042 2727 2315 77468 66493 10975 4949 3678 1272 6141 18075 Apr r 12843 28 12044 5030 2715 2315 78005 66950 11055 4864 3595 1269 6134 17848 May r 12884 27 11928 5007 2706 2301 78618 67441 11176 4792 3529 1262 6108 17990 June r 12934 27 12057 5059 2768 2291 78881 67664 11217 4727 3469 1257 6136 18154 July r 12999 27 12266 5063 2769 2294 79389 68179 11210 4664 3411 1253 6188 18438
Aug 13090 26 12313 5070 2753 2317 80069 68822 11247 4606 3355 1250 6212 187411 Small-denomination deposits are those issued in amounts of less than $1000002 Institutional money funds are not part of non-M1 M2
Source Board of Governors of the Federal Reserve System
Aggregate Reserves and Monetary Base[Averages of daily figures 1 millions of dollars not seasonally adjusted]
1 Data are prorated averages of biweekly (maintenance period) averages of daily figures2 Equals the sum of balances maintained up to the top of each institu tionrsquos penalty-free band3 Excludes vault cash used to satisfy required reserves4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve5 Equals total balances maintained plus currenc y 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 separately7 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 cr eation of a penalty-fr ee band around reserve balanc e requirements which took effe ct June 27 2013 See H3 release of July 11 2013
Source Board of Governors of the Federal Reserve System
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Bank Credit at All Commercial Banks
[Billions of dollars seasonally adjusted 1]
Period
Total
bankcredit
Securities in bank credit 2 Loans and leases in bank credit
Totalsecurities
US
Treasuryand
agencysecurities
Othersecurities
Totalloansand
leases 3
Commercialandindustrial
loans
Real estate loans
Consumerloans 5
Otherloansand
leases 6Total 4Revolving
home equityloans
Commercialloans
2005 Dec r 73156 18554 11593 6961 54602 10361 29289 4435 12701 7045 79062006 Dec r 81084 19913 12190 7723 61172 11826 33736 4683 14593 7386 82242007 Dec r 89042 21046 11375 9670 67997 14177 36002 4848 15872 7992 98272008 Dec r 93532 20976 12541 8435 72556 15588 38195 5882 17284 8762 100122009 Dec r 89955 23295 14509 8786 66660 12652 37767 6031 16409 8360 78812010 Dec r 91917 24299 16425 7874 67618 11923 36133 5819 15004 11138 84232011 Dec r 94020 24955 17020 7935 69065 13037 34948 5495 14183 10911 101702012 Dec r 99593 27358 18762 8596 72235 14756 35504 5152 14282 11155 108202013 Dec r 100964 27148 18047 9100 73816 15767 35317 4737 14986 11414 113182014 Dec r 108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 13155
2014 Aug r 106144 28436 19406 9029 77709 17174 36158 4623 15702 11822 12556 Sept r 106591 28605 19731 8874 77985 17290 36196 4608 15781 11873 12626 Oct r 106989 28683 19896 8787 78306 17366 36227 4603 15867 11919 12793 Nov r 107682 28801 20001 8800 78881 17565 36270 4594 15948 11973 13073
Dec r
108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 131552015 Jan r 109576 29525 20663 8862 80052 17932 36503 4564 16156 12008 13608 Feb r 110253 29732 20847 8885 80521 18116 36713 4553 16299 12041 13652 Mar r 111116 29771 20859 8912 81345 18392 37056 4545 16522 12066 13831 Apr r 111838 29954 20996 8958 81884 18500 37131 4527 16606 12127 14126 May r 112422 30248 21321 8927 82174 18665 37241 4509 16705 12179 14088 June r 112912 30267 21343 8924 82644 18842 37410 4487 16831 12227 14165 July r 113449 30219 21337 8882 83229 18939 37574 4468 16984 12289 14428 Aug 113955 30352 21489 8863 83603 19068 37702 4441 17118 12360 14473
1 Data are prorated averages of Wednesday values for domestically chartered commercial banks branches and agencies of foreign banks and Edge Act and agreement corporations2 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
accounts3 Excludes unearned inco me Includes the allowance for loan and lease losses Exclude s Federal funds sold to reverse r epurchase agreements (RPs) wit h and loans to commercial banks in the
United States Includes all loans held in trading acc ounts under a fair value option4 Includes closed-end residential loans not shown separately5 Includes credit cards and other consumer loans6 Includes other items not shown separately
Source Board of Governors of the Federal Reserve System
BILLIONS OF DOLLARS (RATIO SCALE)
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000TOTAL
LOANS AND LEASES
US TREASURY AND AGENCY SECURITIES
OTHER SECURITIES
otal commercial bank loans and leases rose 04 percent in August
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Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business[Billions of dollars quarterly data at seasonally adjusted annual rates]
2013 I r 28407 18324 10083 1750 ndash2137 3887 3161 727 7291 26861 14534 12327 1546 II r 27501 18870 8631 242 ndash3712 3953 2089 1866 6274 25223 15186 10037 2278 III r 29700 18725 10975 3049 ndash3441 6490 4794 1696 5918 25132 15917 9215 4569 IV r 30024 19526 10498 ndash1864 ndash4827 2964 2556 408 10129 27122 15941 11181 2902
2014 I r 23994 17883 6111 1149 ndash5018 6168 3033 3135 9213 20136 16114 4022 3857 II r 30269 18769 11500 707 ndash2731 3438 2539 899 8365 26528 16471 10057 3741 III r 30145 19916 10229 789 ndash4343 5132 2239 2894 5738 22768 17045 5723 7377
IV r 28679 19758 8921 1419 ndash3410 4828 3523 1305 5494 24169 17063 7106 45112015 I r 30105 19004 11101 443 ndash5920 6363 5297 1065 3035 23722 17387 6335 6383 II p 29302 18836 10466 836 ndash5910 6746 7004 ndash257 7179 25768 18870 6898 3533
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 earn-ings retained abroad inventory valuation adjustment and net capital transfers
2 Includes trade payables taxes payable and miscellaneous liabilities (foreign direct investment in the US 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]
Period
Consumer credit outstanding (end of period) Net change in consumer credit outstanding 1
Total Revolving Nonrevolving 2 Total Revolving Nonrevolving 2
2005 Dec 22909 8295 14614 987 299 6872006 Dec 24613 9240 15373 1704 945 7592007 Dec 26151 10020 16131 1538 780 7582008 Dec 26500 10044 16457 349 24 3262009 Dec 25523 9164 16359 ndash977 ndash880 ndash982010 Dec 26469 8395 18074 946 ndash769 17152011 Dec 27554 8412 19142 1085 17 10682012 Dec 29229 8459 20770 1675 47 16282013 Dec 30988 8582 22406 1759 123 16362014 Dec 33172 8900 24272 2184 318 1866
2014 July 32332 8803 23528 214 45 168 Aug 32493 8814 23679 161 11 151 Sept 32675 8834 23840 182 20 161 Oct 32841 8848 23993 166 14 153 Nov 33005 8861 24145 164 13 152
Dec 33172 8900 24272 167 39 1272015 Jan 33276 8883 24393 104 ndash17 121 Feb 33426 8860 24566 150 ndash23 173 Mar r 33634 8908 24726 208 48 160 Apr r 33876 9003 24873 242 95 147 May r 34073 9028 25045 197 25 172 June r 34343 9103 25240 270 75 195 July p 34534 9146 25388 191 43 148
1 Change based on data in billions of dollars as shown here For year-end data ch ange from preceding year-end for monthl y data change from preceding month2 Includes automobile loans and all other loans not included in revolving cr edit such as loans for mobile homes education boats t railers or vacations The se 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
1 High bill rate at auction issue date within period bank-discount basis Data are stop yields from uniform-price auctions2 Yields on actively traded issues adjusted to constant maturities Series for 30-year constant maturity was discontinued on February 18 2002 and reintroduced on February 6 20063 Weekly data are Wednesday figures4 Average effective rate for year rate in effect at end of month or week5 Daily effective rate weighted average of rates on brokered trades6 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 Moodyrsquos Investors Service and Standard amp Poorrsquos
Interest Rates and Bond Yields
2007 2008 2009 2010 2011 2012 2013 2014 2015
10
PERCENT PER ANNUM
4
2
0
6
8
10
PERCENT PER ANNUM
4
2
0
6
8
FEDERAL FUNDSRATE
TREASURYBILLS
CORPORATE Aaa BONDS(MOODYS)
COUNCIL OF ECONOMIC ADVISERSSOURCE SEE TABLE BELOW
Interest rates were mixed in September
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Common Stock Prices and Yields
Period
Common stock prices 1 Common stock yields(percent) 6
New York Stock Exchange indexes(December 31 2002=5000) 2 Dow Jones
1 Annual data are averages of mont hly figures Monthly and weekly dat a are averages of daily closing prices2 Includes all the stocks (in 2015 over 320 0) listed on the NYSE3 Includes 30 stocks4 Includes 500 stocks5 Includes over 2900 stocks in 20156 Standard amp Poorrsquos series Dividendprice ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter
Sources New York Stock Exchange Dow Jones amp Company Inc Standar d amp Poorrsquos Nasdaq Stock Market and Bloomberg
5
INDEX DEC 31 2002=5000 (RATIO SCALE)
SOURCES NEW YORK STOCK EXCHANGE STANDARD AND POORS AND BLOOMBERG COUNCIL OF ECONOMIC ADVISERS
1 Data from current issue Monthly Treasury Statement
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fisc al Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
RECEIPTS AND OUTLAYS1
SURPLUS OR DEFICIT (ndash)1
2007 2008 2009 2010 2011 2012
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF DOLLARSBILLIONS OF DOLLARS
OUTLAYS1
RECEIPTS1
2014 2015 20162013
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
FEDERAL FINANCE
In the first eleven months of fiscal year 2015 the deficit was $5300 billion compared with a deficit of $5892 billiona year earlier
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In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
b l d
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Sources of Personal Income
[Billions of dollars monthly data at seasonally adjusted annual rates]
PeriodTotal
personalincome
Compensation of employees Proprietorsrsquo income 1
2015 Jan 150481 94822 76802 18020 685 13071 6332 21328 12868 8460 26103 11860 Feb 150958 94884 76829 18055 605 13069 6369 21658 12826 8832 26232 11859 Mar 150956 94932 76843 18089 525 13128 6408 21380 12783 8597 26439 11855 Apr r 151558 95166 77031 18135 540 13142 6470 21654 12959 8696 26460 11874 May r 152207 95551 77358 18193 569 13199 6542 21743 13134 8608 26517 11913 June r 152816 95759 77517 18241 597 13263 6611 21953 13310 8643 26563 11929 July r 153513 96263 77955 18308 597 13372 6635 21961 13317 8644 26667 11983 Aug p 154038 96683 78311 18372 597 13356 6666 22012 13324 8689 26750 12027
1 With inventory valuation and capital consumption adjustments2 With capital consumption adjustment3 Consists mainly of social insurance benefits to persons
Source Department of Commerce (Bureau of Economic Analysis)
16000
12000
14000
10000
9000
8000
7000
6000
5000
4000
3000
2000
1000
16000
12000
14000
10000
9000
8000
7000
6000
5000
4000
3000
2000
1000
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
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 $525 billion (annual rate) in August following an increase of $697 billion in July Wages andsalaries rose $356 billion in August following an increase of $438 billion in July
2015 I 150798 19001 131798 124922 6876 121147 41107 37785 37600 34562 33 52 320623 II r 152194 19274 132920 126745 6175 121513 41386 37835 38075 34807 5 46 321167
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)
COUNCIL OF ECONOMIC ADVISERS
2006 2007 20102009 20112008 2012 2013 2014 2015
SEASONALLY ADJUSTED ANNUAL RATESSOURCE DEPARTMENT OF COMMERCE
DOLLARS (RATIO SCALE)
44000
40000
42000
38000
36000
34000
32000
30000
44000
40000
42000
38000
36000
34000
32000
30000
DOLLARS (RATIO SCALE)
DISPOSABLE PERSONAL INCOME
PERSONAL OUTLAYS
SAVING
CHAINED (2009) DOLLARS
CURRENT DOLLARS
11500
11000
10000
10500
9000
12000
12500
14000
13000
13500
9500
11500
11000
10000
10500
9000
12000
12500
14000
13000
13500
9500
According to revised estimates per capita disposable personal income in chained (2009) dollars rose 05 percent(annual rate) in the second quarter of 2015
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 equat es to the sum of cash receipts home consumption and the value of the change in invent ories4 Includes income from fores t products sold the gros s imputed rental value of farm dwellings machine hire and custom work and other s ources of farm income such as commodity insur ance
indemnities
Note Data for 2015 are forecasts
Source Department of Agriculture (Economic Research Service)
BILLIONS OF CHAINED (2009) DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF CHAINED (2009) DOLLARS (RATIO SCALE)
SOURCE DEPARTMENT OF AGRICULTURE
40
60
80
120
160
440
480
400
240
280
320
360
200
520
40
60
80
120
160
440
480
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 current forecast for 2015 gross farm income in chained (2009) dollars is forecast to be $4060billion and net farm income to be $530 billion
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Corporate Profits
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Profits (before tax) with inventory valuation adjustment 1
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)
Source Department of Commerce (Bureau of Economic Analysis)
PROFITS BEFORE TAX
COUNCIL OF ECONOMIC ADVISERS
2006 2007 20102009 2011 20152008 2012 2013 2014
SOURCE DEPARTMENT OF COMMERCE
SEASONALLY ADJUSTED ANNUAL RATES
PROFITS AFTER TAX
UNDISTRIBUTED PROFITS
TAXES ONCORPORATE INCOME
BILLIONS OF DOLLARS
0
ndash200
2600
2400
2500
2300
2200
21002000
1900
1800
1200
1100
1000
1300
1400
1500
900
800
700
600500
400
300
200
100
ndash100
1700
1600
0
ndash200
2600
2400
2500
2300
2200
21002000
1900
1800
1200
1100
1000
1300
1400
1500
900
800
700
600500
400
300
200
100
ndash100
1700
1600
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates corporate profits before tax rose $1414 billion (annualrate) and profits after tax rose $1101 billion
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Real Gross Private Domestic Investment
[Billions of chained (2009) dollars quarterly dat a at seasonally adjusted annual rates]
Period
Grossprivate
domesticinvestment
Fixed investment Change in private inventories
Total
Nonresidential
Residential Total NonfarmTotal Structures Equipment
2015 I 28302 27014 21886 4582 10460 6871 5124 1128 1068 II r 28648 27355 22106 4652 10469 7010 5240 1135 1110
Note See p 10 for further detail on fixed investment by typeBecause of the formula used for calculating r eal GDP the chained (2009) dollar estimat es for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF CHAINED (2009) DOLLARS BILLIONS OF CHAINED (2009) DOLLARS
GROSS PRIVATE DOMESTICINVESTMENT
CHANGE IN PRIVATEINVENTORIES
NONRESIDENTIALFIXED INVESTMENT
COUNCIL OF ECONOMIC ADVISERS
2006 2007 20102009 2011 20152008 2012 2013 2014
SOURCE DEPARTMENT OF COMMERCE
SEASONALLY ADJUSTED ANNUAL RATES
0
3000
2200
2400
2600
2800
2000
1800
1600
1400
1200
1000
800
600
400
200
ndash400
ndash200
0
3000
2200
2400
2600
2800
2000
1800
1600
1400
1200
1000
800
600
400
200
ndash400
ndash200
RESIDENTIALFIXED INVESTMENT
In the second quarter of 2015 according to revised estimates nonresidential fixed investment in chained (2009)dollars rose $220 billion (annual rate) and residential investment rose $116 billion Inventories rose $1135 billionfollowing an increase of $1128 billion in the first quarter
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Real Private Fixed Investment by Type[Billions of chained (2009) dollars quarterly data at seasonally adjusted annual rates]
II r 27355 22106 4652 10469 3305 2403 2209 2851 7010 3354 2857 5240 5128 1845
1 Because computers ex hibit rapid changes in prices relativ e to other prices in the economy the chained-dollar est imates should not be used to measure the componentrsquos relative impor tance or itscontribution 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 componentsee Survey of Current Business Table 531 (for growth rates) Table 532 (for contribu tions) and Table 533 (for quantity indexes)
2 Includes other items not shown separately3 Research and development investment excludes expenditures for software development
Note Because of the formula used for calculat ing real GDP the chained (2009) dollar est imates for the detailed components do not add to the chained-dollar value of GDP or to any intermediateaggregates
Source Department of Commerce (Bureau of Economic Analysis)
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)
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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]
1 Civilian labor force (or employment) as per cent of civilian noninstitution al population and unemployment as percent of civilian labor for ce
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 OVER SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
2007
16
12
20
8
4
0
16
12
20
8
4
0
MILLIONS OF PERSONSMILLIONS OF PERSONS
2009 2011 20132012 2014 20152008 2010
CIVILIAN LABOR FORCE
146
154
150
142
138
134
158
162
UNEMPLOYMENT
CIVILIANEMPLOYMENT
146
154
150
142
138
134
158
162
EMPLOYMENT UNEMPLOYMENT AND WAGES
In September employment as measured by the household survey fell by 236000 and unemployment fell 114000
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Selected Unemployment Rates
[Monthly data seasonally adjusted except as noted by NSA]
Period
Unemployment rate (percent of civilian labor force in group)
Allcivilianworkers
By sex and age By race or ethnicity 1 By selected groups
2015 Jan 8979 268 261 155 315 323 134 474 95 316 115 2912 399 2958 Feb 8705 279 256 154 311 317 131 481 102 305 112 r 2759 296 r 2801 Mar 8575 289 268 145 298 307 122 489 102 314 95 3120 282 r 3166 Apr 8549 314 265 131 290 308 117 486 97 315 102 2400 r 289 r 2438 May 8674 276 290 148 286 307 116 491 95 301 112 2224 r 254 r 2260 June 8299 286 287 169 258 281 113 492 93 303 112 r 2311 r 300 r 2346 July 8266 307 278 146 269 283 113 502 102 296 100 2325 298 2359 Aug 8029 265 300 158 277 284 121 505 98 291 106 2461 246 2498 Sept 7915 299 281 154 266 263 114 491 98 306 105
1 Beginning January 2011 includes unemployment durations of up to 5 years prior data are for up to 2 year s2 Includes State (50 States Distri ct of Columbia Puerto Rico and the Virgin Islands) Federal (UCFE) ex-service members (UCX) and Federal and State ext ended benefit programs Also includes
Emergency Unemployment Compensation (2008-2013) and Federal Additional Compensation (2009-2010)
Note Data relate to perso ns 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
0
2011 2012 2013 2014 20152011 2012 2013 2014 2015
0
20
30
40
60
50
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF LABOR
20
COUNCIL OF ECONOMIC ADVISERS
NEW ENTRANTS
5-14 WEEKS
15-26 WEEKS
JOB LEAVERS
REENTRANTS
10 10
LESS THAN5 WEEKS
27 WEEKS AND OVER
JOB LOSERS
In September the percentage of the unemployed who had been out of work for less than 5 weeks rose while thepercentages for 5 to 14 weeks 15 to 26 weeks and 27 weeks and over fell Te mean duration of unemployment fellto 263 weeks and the median duration fell to 114 weeks
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Nonagricultural Employment
[Thousands of wage and salary workers 1 monthly data seasonally adjusted]
1 Data from the est ablishment survey Includes all full- and part-time wage and salary wor kers in nonagricultural est ablishments who received pay for any par t of the pay period that includes the12th of the month Excludes propr ietors self-employed per sons unpaid family workers and private hous ehold workers Data from the household sur vey shown on p 11 include those workers and alsocount persons as employed when they are not at work be cause of industrial disputes bad weat her etc even if they are not paid for the time off In the ser ies shown here persons who work at morethan one job are counted each time they appear on a payroll in cont rast to the series shown on p 11 where persons are counted only onc emdashas employed unemployed or not in the labor for ce SeeEmployment 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
Source Department of Labor (Bureau of Labor Statistics)
MILLIONS OF PERSONS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS
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
PRIVATESERVICE-PROVIDING
INDUSTRIES
EDUCATION ANDHEALTH SERVICES
otal nonagricultural employment as measured by the payroll survey rose by 142000 in September
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Employment Cost IndexmdashPrivate Industry
Period
Index (December 2005 = 100) Percent change from
Totalcompensation
Wagesand
salaries
Benefits 1
3 months earlier 12 months earlier
Totalcompensation
Wages
andsalaries Benefits 1 Total
compensation
Wages
andsalaries Benefits 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
Note The employment cost index is a measure of the change in the cos t of labor free from the influence of employment shif ts among occupations and industries Data exclude farm and household workers
Source Department of Labor (Bureau of Labor Statistics)
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries[For production or nonsupervisory workers monthly data seasonally adjusted]
Period
Average weekly hours Average gross hourly earnings Average gross weekly earnings
1 Also includes other private industry groups shown on p 142 Current dollar earnings divided by t he consumer price index for urban wage earners and cleric al workers (CPIndash W) (on a 1982-84=100 base)
Source Department of Labor (Bureau of Labor Statistics)
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Productivity and Related Data Business and Nonfarm Business Sectors
Period
Output per hourof all persons
Output 1Hours of
all persons 2Compensation
per hour 3
Realcompensation
per hour 4Unit labor
costsImplicit price
deflator 5
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Indexes 2009=100 quarterly data seasonally adjusted
1 Output refers to real gross domestic product originating in the sector2 Hours of all persons engaged in the sect or including hours of proprietors and unpaid family workers Es timates based primarily on est ablishment data3 Wages and salaries of employees plus employersrsquo contri butions for social insurance and priva te benefit plans Also includes an estimate of wages salar ies and supplemental payments for th e
self-employed4 Hourly compensation divided by the consumer price index for all urban consumers (CPIndashU) for recent quarters The trend from 1978ndash2014 is based on the consumer price index research series
(CPIndashUndashRS)5 Current dollar gross domestic output divided by the output index
Note Data relate to all persons engaged in the se ctorPercent 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 da ta released on Augus t 27 2015
Source Department of Labor (Bureau of Labor Statistics)
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Industrial Production and Capacity Utilization
[Monthly data seasonally adjusted]
Period
Total industrial production 1 Industry production indexes 2012=100 Capacity utilization rate(output as percent of
2015 Jan 1076 ndash3 45 1049 1074 1038 860 1221 1046 787 761 Feb 1074 ndash2 35 1045 1068 1037 861 1201 1082 784 757 Mar r 1072 ndash2 25 1048 1068 1041 865 1195 1055 782 758 Apr r 1070 ndash2 21 1052 1071 1046 865 1179 1027 779 760 May r 1066 ndash4 13 1050 1075 1039 860 1153 1021 775 759 June r 1066 0 8 1049 1073 1039 851 1154 1031 774 757 July r 1075 9 13 1058 1085 1045 852 1175 1030 780 762 Aug p 1071 ndash4 9 1053 1076 1045 850 1167 1036 776 758
1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industriesmdashlogging and newspaperperiodical book and directory-publishingmdashthat have traditionally been included in manufacturing
2 Percent changes based on unrounded indexes
Note Data based on NAICS exc ept series as defined in footnote 1
Source Board of Governors of the Federal Reserve System
INDEX 2012 = 100 (RATIO SCALE)
BUSINESSEQUIPMENT
CONSUMER GOODS
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 2012 = 100 (RATIO SCALE)
PERCENT
130
120
110
100
80
90
86
84
82
80
78
76
74
72
70
66
68
110
100
90
80
140
130
120
110
100
80
90
DURABLE
NONDURABLE
TOTAL1MANUFACTURING120
110
100
90
80
PRODUCTION AND BUSINESS ACTIVITY
Industrial production and capacity utilization fell in August
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Industrial ProductionmdashMajor Market Groups and Selected Manufactures
Apr 1190 735 436 1140 666 32 442 999 508 207 May r 1072 697 366 1250 681 34 535 1010 513 210 June r 1211 687 510 1337 692 34 611 959 466 215 68
July r 1161 762 390 1130 680 28 422 996 522 215 Aug p 1126 739 381 1161 699 30 432 935 552 216
1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards2 Based on approximately 20100 permit-issuing places beginning wit h 2014 and 19300 beginning with 2004 Using the 20 04 universe the tot al for 2014 is 104643 Seasonally adjusted4 Quarterly data are three-month averages Annual data are averages of quarterly data
Source Department of Commerce (Bureau of the Census)
New Construction[Billions of dollars monthly data at seasonally adjusted annual rates]
2015 Jan 9901 7162 3589 2616 3572 170 420 640 736 1607 2739 Feb 9935 7208 3606 2607 3602 176 418 620 768 1621 2726 Mar 10064 7297 3575 2562 3722 180 446 622 810 1664 2766 Apr 10446 7572 3668 2599 3904 192 463 653 840 1756 2874 May 10684 7765 3731 2632 4034 208 482 663 896 1784 2920 June r 10743 7735 3761 2659 3974 223 493 626 862 1770 3008 July r 10791 7823 3785 2683 4038 218 493 632 906 1789 2968 Aug p 10862 7880 3833 2723 4047 225 492 622 920 1789 2982
1 Includes residential improvements not shown separately2 Includes health care educa tional communication and power among other categories not shown separ ately
Source Department of Commerce (Bureau of the Census)
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Business Sales and InventoriesmdashManufacturing and Trade
[Millions of dollars except ratios seasonally adjusted except as noted]
Period
Manufacturing and trade 1 Wholesale RetailRetail and foodservices sales 2
2015 Jan 1308276 1778991 136 445024 572469 129 383889 558296 145 434225 Feb 1303701 1783741 137 442459 573668 130 381432 561001 147 431921 Mar 1311121 1785855 136 441024 574661 130 387665 562821 145 438572 Apr 1318016 1792837 136 448458 576998 129 387235 566270 146 438717 May 1322962 1798172 136 449347 580710 129 392268 567490 145 443913 June r 1327245 1809917 136 450927 584986 130 391955 573180 146 443734 July p 1327773 1811191 136 449492 584281 130 r 394919 576881 146 r 446872 Aug p 395401 447715
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
Source Department of Commerce (Bureau of the Census)
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
900
1000
1100
1200
1300
1600
MANUFACTURING ANDTRADE INVENTORIES
MANUFACTURING AND TRADE SALES 350
400
450
RETAIL SALES
RETAIL INVENTORIES
300
140
130
120
160
150
INVENTORYSALES RATIO
1500
1400
MANUFACTURING AND TRADE
1700
1900
1800
RATIO
500
600
550
170
RETAIL AND FOODSERVICES SALES
RETAIL
COUNCIL OF ECONOMIC ADVISERS
In July according to current estimates manufacturing and trade sales were roughly unchanged while inventoriesrose $13 billion According to advance estimates retail sales rose 01 percent in August Retail and food servicessales rose 02 percent
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Manufacturersrsquo Shipments Inventories and Orders
Period
Manufacturersrsquo shipments 1 Manufacturersrsquo inventories 2 Manufacturersrsquo new orders 1
Manu-
facturersrsquounfilledorders 2
Manu-facturersrsquo
inventoryshipments
ratio 3Total
Durablegoods
Nondurablegoods
TotalDurablegoods
Nondurablegoods
Total
Durable goods
Total
Capitalgoods
industriesnondefense
Millions of dollars seasonally adjusted except as noted
1 Annual data are averages of mont hly not seasonally adjusted figures monthly dat a are seasonally adjusted totals for month Shipment s are the same as sales2 Seasonally adjusted end of period3 Annual data are averages of seasonally adjusted monthly ratios
Note Manufacturersrsquo 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 durableunfilled orders
Total and durable shipments and inventories include data on semiconductor s new and unfilled orders do not
Source Department of Commerce (Bureau of the Census)
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
140
180
220
260
300
420
380
340
140
180
220
260300
340
140
180
220
260
300
340380
420
460
500
110
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL
NEW ORDERS
SHIPMENTS INVENTORIES
INVENTORYSHIPMENTS RATIO
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
2014 20152012 2011 2014 2015
DURABLE GOODS
NONDURABLE GOODS
160
140
150
120
130
NONDURABLE GOODS
DURABLE GOODS
TOTAL
20132011 2012 2013
DURABLE GOODS
RATIO
540460
500540
380
420
460500540
TOTAL
580
580 700
580620660
In August manufacturersrsquo shipments inventories and new and unfilled orders all fell
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Producer Prices
[November 2009 =100 except as noted monthly data seasonally adjusted]
1 Includes final demand construction not shown separately2 Does not include food and beverages for immediate con sumption which are defined as the servic e of preparing meals snacks and beverages to cust omer order for immediate consumption3 Trade indexes measure changes in margins received by wholesalers and re tailers4 Relative importance December 2014
Source Department of Labor (Bureau of Labor Statistics)
INDEX NOV 2009=100 (RATIO SCALE) INDEX NOV 2009=100 (RATIO SCALE)
2009 2010 2011 2012 2013 2014 2015
SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTEDFINAL DEMAND
COUNCIL OF ECONOMIC ADVISERS
FINAL DEMANDSERVICES
100
95
115
125
110
105
120
100
95
115
125
110
105
120
FINAL DEMAND
FINAL DEMANDGOODS
PRICES
Te producer price index for final demand was unchanged in August Prices for final demand goods fell 06 percentand prices for final demand services rose 04 percent
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In August the consumer price index for all urban consumers fell 01 percent it also fell 01 percent before seasonaladjustment Te index rose 02 percent from its year earlier level
Consumer PricesmdashAll Urban Consumers
[1982ndash84=100 except as noted monthly data seasonally adjusted except as noted by NSA]
Period
All items All items less food and energy Food Energy
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Relative importance July 2015
Source Department of Labor (Bureau of Labor Statistics)
INDEX 1982-84 = 100 (RATIO SCALE)
SEASONALLY ADJUSTED
INDEX 1982-84 = 100 (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF LABOR
2007 2008 2009 2010 2011 2012 2013 2014 2015
CONSUMER PRICESmdashALL ITEMS
250
240
230
220
210
200
190
180
250
240
230
220
210
200
190
180
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Changes in Consumer PricesmdashAll Urban Consumers[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Quarterly chan ges are shown in the last month of the quart er
Source Department of Labor (Bureau of Labor Statistics)
Changes in Producer Prices[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
Period
Totalfinalde-
mand 1
Final demand goods Final demand services Finaldemand
Sept r 107 87 132 112 114 115 96 Oct 100 81 135 112 113 114 89 Nov r 102 82 134 112 113 114 91 Dec r 101 83 127 111 112 114 91
2015 Jan 97 82 120 110 111 111 88 Feb 99 84 114 110 110 111 90 Mar 102 85 117 110 111 111 93 Apr r 103 89 116 110 111 111 94 May r 107 90 122 110 110 111 97 June 105 88 121 109 110 110 96 July 99 86 115 109 110 110 91 Aug 102 88 117 108 109 109 94
1 Annual indexes for 2011 forward reflect revised methodology See Agricultural Price Program Update January 2015 for details2 Includes items not shown separately3 Annual data are averages of monthly ratios
Note These indexes are also available on a 1910-14=100 basis as required by stat ute
Source Department of Agriculture (National Agricultural Statistics Service)
1RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID
SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
2010 20152007 2008 2009 20122011 2013 2014
PRICES RECEIVED
RATIO
PRICES PAID
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
90
80
60
70
130
120
110
100
90
80
60
70
130
120
110
100
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
In August prices received by farmers rose 30 percent and prices paid by farmers fell 09 percent (Data are notseasonally adjusted)
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Money Stock and Debt Measures
[Averages of daily figures except debt end-of-period basis billions of dollars seasonally adjusted]
Period
M1 M2 Debt Percent change
Sum of currencydemand depositstravelers checks and
other checkable deposits
M1 plussavings depositsretail MMMF balances
and small time deposits 1
Debt ofdomesticnonfinancial
sectors 2
From year or 6 months earlier
3 From
previous period 4
M1 M2 Debt
2005 Dec r 13748 66508 282945 ndash01 42 862006 Dec r 13683 70427 307233 ndash5 59 842007 Dec r 13766 74488 331796 6 58 812008 Dec r 16071 81740 349342 167 97 572009 Dec r 16984 84801 357496 57 37 342010 Dec r 18418 87814 370390 84 36 432011 Dec r 21682 96346 382033 177 97 352012 Dec r 24577 104225 399658 134 82 502013 Dec r 26545 109840 414596 80 54 402014 Dec r 29145 116292 432554 98 59 44
2014 Aug 28160 114420 72 58 Sept r 28571 114795 427494 82 57 45 Oct 28638 115206 67 54 Nov 28795 115640 68 50
Dec r
29145 116292 432554 72 53 482015 Jan 29318 117049 65 53 Feb 29950 118250 127 67 Mar r 29890 118448 435061 92 64 25 Apr r 29946 118949 91 65 May r 29846 119364 73 64 June r 30077 119820 439790 64 61 44 July r 30355 120596 71 61 Aug 30499 121385 37 53
1 Money market mutual fund (MMMF) Savings deposits include money market deposit accounts (MMDA)2 Consists of outstanding credit market debt of the US 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 quarter3 Annual changes are from December to Decemb er and monthly changes are from 6 months earlier at a simple annual rate4 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
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
M2
BILLIONS OF DOLLARS (RATIO SCALE)
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
BILLIONS OF DOLLARS (RATIO SCALE)
M1
MONEY CREDIT AND SECURITY MARKETS
In August M2 rose
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Components of Money Stock[Averages of daily figures billions of dollars seasonally adjusted]
2015 Jan r 12663 29 11742 4885 2640 2244 76444 65552 10892 5068 3758 1311 6219 17890 Feb r 12720 29 12174 5027 2713 2314 77076 66120 10956 5049 3758 1291 6174 17834 Mar 12794 28 12025 5042 2727 2315 77468 66493 10975 4949 3678 1272 6141 18075 Apr r 12843 28 12044 5030 2715 2315 78005 66950 11055 4864 3595 1269 6134 17848 May r 12884 27 11928 5007 2706 2301 78618 67441 11176 4792 3529 1262 6108 17990 June r 12934 27 12057 5059 2768 2291 78881 67664 11217 4727 3469 1257 6136 18154 July r 12999 27 12266 5063 2769 2294 79389 68179 11210 4664 3411 1253 6188 18438
Aug 13090 26 12313 5070 2753 2317 80069 68822 11247 4606 3355 1250 6212 187411 Small-denomination deposits are those issued in amounts of less than $1000002 Institutional money funds are not part of non-M1 M2
Source Board of Governors of the Federal Reserve System
Aggregate Reserves and Monetary Base[Averages of daily figures 1 millions of dollars not seasonally adjusted]
1 Data are prorated averages of biweekly (maintenance period) averages of daily figures2 Equals the sum of balances maintained up to the top of each institu tionrsquos penalty-free band3 Excludes vault cash used to satisfy required reserves4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve5 Equals total balances maintained plus currenc y 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 separately7 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 cr eation of a penalty-fr ee band around reserve balanc e requirements which took effe ct June 27 2013 See H3 release of July 11 2013
Source Board of Governors of the Federal Reserve System
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Bank Credit at All Commercial Banks
[Billions of dollars seasonally adjusted 1]
Period
Total
bankcredit
Securities in bank credit 2 Loans and leases in bank credit
Totalsecurities
US
Treasuryand
agencysecurities
Othersecurities
Totalloansand
leases 3
Commercialandindustrial
loans
Real estate loans
Consumerloans 5
Otherloansand
leases 6Total 4Revolving
home equityloans
Commercialloans
2005 Dec r 73156 18554 11593 6961 54602 10361 29289 4435 12701 7045 79062006 Dec r 81084 19913 12190 7723 61172 11826 33736 4683 14593 7386 82242007 Dec r 89042 21046 11375 9670 67997 14177 36002 4848 15872 7992 98272008 Dec r 93532 20976 12541 8435 72556 15588 38195 5882 17284 8762 100122009 Dec r 89955 23295 14509 8786 66660 12652 37767 6031 16409 8360 78812010 Dec r 91917 24299 16425 7874 67618 11923 36133 5819 15004 11138 84232011 Dec r 94020 24955 17020 7935 69065 13037 34948 5495 14183 10911 101702012 Dec r 99593 27358 18762 8596 72235 14756 35504 5152 14282 11155 108202013 Dec r 100964 27148 18047 9100 73816 15767 35317 4737 14986 11414 113182014 Dec r 108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 13155
2014 Aug r 106144 28436 19406 9029 77709 17174 36158 4623 15702 11822 12556 Sept r 106591 28605 19731 8874 77985 17290 36196 4608 15781 11873 12626 Oct r 106989 28683 19896 8787 78306 17366 36227 4603 15867 11919 12793 Nov r 107682 28801 20001 8800 78881 17565 36270 4594 15948 11973 13073
Dec r
108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 131552015 Jan r 109576 29525 20663 8862 80052 17932 36503 4564 16156 12008 13608 Feb r 110253 29732 20847 8885 80521 18116 36713 4553 16299 12041 13652 Mar r 111116 29771 20859 8912 81345 18392 37056 4545 16522 12066 13831 Apr r 111838 29954 20996 8958 81884 18500 37131 4527 16606 12127 14126 May r 112422 30248 21321 8927 82174 18665 37241 4509 16705 12179 14088 June r 112912 30267 21343 8924 82644 18842 37410 4487 16831 12227 14165 July r 113449 30219 21337 8882 83229 18939 37574 4468 16984 12289 14428 Aug 113955 30352 21489 8863 83603 19068 37702 4441 17118 12360 14473
1 Data are prorated averages of Wednesday values for domestically chartered commercial banks branches and agencies of foreign banks and Edge Act and agreement corporations2 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
accounts3 Excludes unearned inco me Includes the allowance for loan and lease losses Exclude s Federal funds sold to reverse r epurchase agreements (RPs) wit h and loans to commercial banks in the
United States Includes all loans held in trading acc ounts under a fair value option4 Includes closed-end residential loans not shown separately5 Includes credit cards and other consumer loans6 Includes other items not shown separately
Source Board of Governors of the Federal Reserve System
BILLIONS OF DOLLARS (RATIO SCALE)
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000TOTAL
LOANS AND LEASES
US TREASURY AND AGENCY SECURITIES
OTHER SECURITIES
otal commercial bank loans and leases rose 04 percent in August
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Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business[Billions of dollars quarterly data at seasonally adjusted annual rates]
2013 I r 28407 18324 10083 1750 ndash2137 3887 3161 727 7291 26861 14534 12327 1546 II r 27501 18870 8631 242 ndash3712 3953 2089 1866 6274 25223 15186 10037 2278 III r 29700 18725 10975 3049 ndash3441 6490 4794 1696 5918 25132 15917 9215 4569 IV r 30024 19526 10498 ndash1864 ndash4827 2964 2556 408 10129 27122 15941 11181 2902
2014 I r 23994 17883 6111 1149 ndash5018 6168 3033 3135 9213 20136 16114 4022 3857 II r 30269 18769 11500 707 ndash2731 3438 2539 899 8365 26528 16471 10057 3741 III r 30145 19916 10229 789 ndash4343 5132 2239 2894 5738 22768 17045 5723 7377
IV r 28679 19758 8921 1419 ndash3410 4828 3523 1305 5494 24169 17063 7106 45112015 I r 30105 19004 11101 443 ndash5920 6363 5297 1065 3035 23722 17387 6335 6383 II p 29302 18836 10466 836 ndash5910 6746 7004 ndash257 7179 25768 18870 6898 3533
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 earn-ings retained abroad inventory valuation adjustment and net capital transfers
2 Includes trade payables taxes payable and miscellaneous liabilities (foreign direct investment in the US 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]
Period
Consumer credit outstanding (end of period) Net change in consumer credit outstanding 1
Total Revolving Nonrevolving 2 Total Revolving Nonrevolving 2
2005 Dec 22909 8295 14614 987 299 6872006 Dec 24613 9240 15373 1704 945 7592007 Dec 26151 10020 16131 1538 780 7582008 Dec 26500 10044 16457 349 24 3262009 Dec 25523 9164 16359 ndash977 ndash880 ndash982010 Dec 26469 8395 18074 946 ndash769 17152011 Dec 27554 8412 19142 1085 17 10682012 Dec 29229 8459 20770 1675 47 16282013 Dec 30988 8582 22406 1759 123 16362014 Dec 33172 8900 24272 2184 318 1866
2014 July 32332 8803 23528 214 45 168 Aug 32493 8814 23679 161 11 151 Sept 32675 8834 23840 182 20 161 Oct 32841 8848 23993 166 14 153 Nov 33005 8861 24145 164 13 152
Dec 33172 8900 24272 167 39 1272015 Jan 33276 8883 24393 104 ndash17 121 Feb 33426 8860 24566 150 ndash23 173 Mar r 33634 8908 24726 208 48 160 Apr r 33876 9003 24873 242 95 147 May r 34073 9028 25045 197 25 172 June r 34343 9103 25240 270 75 195 July p 34534 9146 25388 191 43 148
1 Change based on data in billions of dollars as shown here For year-end data ch ange from preceding year-end for monthl y data change from preceding month2 Includes automobile loans and all other loans not included in revolving cr edit such as loans for mobile homes education boats t railers or vacations The se 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
1 High bill rate at auction issue date within period bank-discount basis Data are stop yields from uniform-price auctions2 Yields on actively traded issues adjusted to constant maturities Series for 30-year constant maturity was discontinued on February 18 2002 and reintroduced on February 6 20063 Weekly data are Wednesday figures4 Average effective rate for year rate in effect at end of month or week5 Daily effective rate weighted average of rates on brokered trades6 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 Moodyrsquos Investors Service and Standard amp Poorrsquos
Interest Rates and Bond Yields
2007 2008 2009 2010 2011 2012 2013 2014 2015
10
PERCENT PER ANNUM
4
2
0
6
8
10
PERCENT PER ANNUM
4
2
0
6
8
FEDERAL FUNDSRATE
TREASURYBILLS
CORPORATE Aaa BONDS(MOODYS)
COUNCIL OF ECONOMIC ADVISERSSOURCE SEE TABLE BELOW
Interest rates were mixed in September
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Common Stock Prices and Yields
Period
Common stock prices 1 Common stock yields(percent) 6
New York Stock Exchange indexes(December 31 2002=5000) 2 Dow Jones
1 Annual data are averages of mont hly figures Monthly and weekly dat a are averages of daily closing prices2 Includes all the stocks (in 2015 over 320 0) listed on the NYSE3 Includes 30 stocks4 Includes 500 stocks5 Includes over 2900 stocks in 20156 Standard amp Poorrsquos series Dividendprice ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter
Sources New York Stock Exchange Dow Jones amp Company Inc Standar d amp Poorrsquos Nasdaq Stock Market and Bloomberg
5
INDEX DEC 31 2002=5000 (RATIO SCALE)
SOURCES NEW YORK STOCK EXCHANGE STANDARD AND POORS AND BLOOMBERG COUNCIL OF ECONOMIC ADVISERS
1 Data from current issue Monthly Treasury Statement
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fisc al Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
RECEIPTS AND OUTLAYS1
SURPLUS OR DEFICIT (ndash)1
2007 2008 2009 2010 2011 2012
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF DOLLARSBILLIONS OF DOLLARS
OUTLAYS1
RECEIPTS1
2014 2015 20162013
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
FEDERAL FINANCE
In the first eleven months of fiscal year 2015 the deficit was $5300 billion compared with a deficit of $5892 billiona year earlier
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In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
2015 I 150798 19001 131798 124922 6876 121147 41107 37785 37600 34562 33 52 320623 II r 152194 19274 132920 126745 6175 121513 41386 37835 38075 34807 5 46 321167
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)
COUNCIL OF ECONOMIC ADVISERS
2006 2007 20102009 20112008 2012 2013 2014 2015
SEASONALLY ADJUSTED ANNUAL RATESSOURCE DEPARTMENT OF COMMERCE
DOLLARS (RATIO SCALE)
44000
40000
42000
38000
36000
34000
32000
30000
44000
40000
42000
38000
36000
34000
32000
30000
DOLLARS (RATIO SCALE)
DISPOSABLE PERSONAL INCOME
PERSONAL OUTLAYS
SAVING
CHAINED (2009) DOLLARS
CURRENT DOLLARS
11500
11000
10000
10500
9000
12000
12500
14000
13000
13500
9500
11500
11000
10000
10500
9000
12000
12500
14000
13000
13500
9500
According to revised estimates per capita disposable personal income in chained (2009) dollars rose 05 percent(annual rate) in the second quarter of 2015
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 equat es to the sum of cash receipts home consumption and the value of the change in invent ories4 Includes income from fores t products sold the gros s imputed rental value of farm dwellings machine hire and custom work and other s ources of farm income such as commodity insur ance
indemnities
Note Data for 2015 are forecasts
Source Department of Agriculture (Economic Research Service)
BILLIONS OF CHAINED (2009) DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF CHAINED (2009) DOLLARS (RATIO SCALE)
SOURCE DEPARTMENT OF AGRICULTURE
40
60
80
120
160
440
480
400
240
280
320
360
200
520
40
60
80
120
160
440
480
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 current forecast for 2015 gross farm income in chained (2009) dollars is forecast to be $4060billion and net farm income to be $530 billion
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Corporate Profits
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Profits (before tax) with inventory valuation adjustment 1
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)
Source Department of Commerce (Bureau of Economic Analysis)
PROFITS BEFORE TAX
COUNCIL OF ECONOMIC ADVISERS
2006 2007 20102009 2011 20152008 2012 2013 2014
SOURCE DEPARTMENT OF COMMERCE
SEASONALLY ADJUSTED ANNUAL RATES
PROFITS AFTER TAX
UNDISTRIBUTED PROFITS
TAXES ONCORPORATE INCOME
BILLIONS OF DOLLARS
0
ndash200
2600
2400
2500
2300
2200
21002000
1900
1800
1200
1100
1000
1300
1400
1500
900
800
700
600500
400
300
200
100
ndash100
1700
1600
0
ndash200
2600
2400
2500
2300
2200
21002000
1900
1800
1200
1100
1000
1300
1400
1500
900
800
700
600500
400
300
200
100
ndash100
1700
1600
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates corporate profits before tax rose $1414 billion (annualrate) and profits after tax rose $1101 billion
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Real Gross Private Domestic Investment
[Billions of chained (2009) dollars quarterly dat a at seasonally adjusted annual rates]
Period
Grossprivate
domesticinvestment
Fixed investment Change in private inventories
Total
Nonresidential
Residential Total NonfarmTotal Structures Equipment
2015 I 28302 27014 21886 4582 10460 6871 5124 1128 1068 II r 28648 27355 22106 4652 10469 7010 5240 1135 1110
Note See p 10 for further detail on fixed investment by typeBecause of the formula used for calculating r eal GDP the chained (2009) dollar estimat es for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF CHAINED (2009) DOLLARS BILLIONS OF CHAINED (2009) DOLLARS
GROSS PRIVATE DOMESTICINVESTMENT
CHANGE IN PRIVATEINVENTORIES
NONRESIDENTIALFIXED INVESTMENT
COUNCIL OF ECONOMIC ADVISERS
2006 2007 20102009 2011 20152008 2012 2013 2014
SOURCE DEPARTMENT OF COMMERCE
SEASONALLY ADJUSTED ANNUAL RATES
0
3000
2200
2400
2600
2800
2000
1800
1600
1400
1200
1000
800
600
400
200
ndash400
ndash200
0
3000
2200
2400
2600
2800
2000
1800
1600
1400
1200
1000
800
600
400
200
ndash400
ndash200
RESIDENTIALFIXED INVESTMENT
In the second quarter of 2015 according to revised estimates nonresidential fixed investment in chained (2009)dollars rose $220 billion (annual rate) and residential investment rose $116 billion Inventories rose $1135 billionfollowing an increase of $1128 billion in the first quarter
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Real Private Fixed Investment by Type[Billions of chained (2009) dollars quarterly data at seasonally adjusted annual rates]
II r 27355 22106 4652 10469 3305 2403 2209 2851 7010 3354 2857 5240 5128 1845
1 Because computers ex hibit rapid changes in prices relativ e to other prices in the economy the chained-dollar est imates should not be used to measure the componentrsquos relative impor tance or itscontribution 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 componentsee Survey of Current Business Table 531 (for growth rates) Table 532 (for contribu tions) and Table 533 (for quantity indexes)
2 Includes other items not shown separately3 Research and development investment excludes expenditures for software development
Note Because of the formula used for calculat ing real GDP the chained (2009) dollar est imates for the detailed components do not add to the chained-dollar value of GDP or to any intermediateaggregates
Source Department of Commerce (Bureau of Economic Analysis)
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)
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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]
1 Civilian labor force (or employment) as per cent of civilian noninstitution al population and unemployment as percent of civilian labor for ce
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 OVER SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
2007
16
12
20
8
4
0
16
12
20
8
4
0
MILLIONS OF PERSONSMILLIONS OF PERSONS
2009 2011 20132012 2014 20152008 2010
CIVILIAN LABOR FORCE
146
154
150
142
138
134
158
162
UNEMPLOYMENT
CIVILIANEMPLOYMENT
146
154
150
142
138
134
158
162
EMPLOYMENT UNEMPLOYMENT AND WAGES
In September employment as measured by the household survey fell by 236000 and unemployment fell 114000
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Selected Unemployment Rates
[Monthly data seasonally adjusted except as noted by NSA]
Period
Unemployment rate (percent of civilian labor force in group)
Allcivilianworkers
By sex and age By race or ethnicity 1 By selected groups
2015 Jan 8979 268 261 155 315 323 134 474 95 316 115 2912 399 2958 Feb 8705 279 256 154 311 317 131 481 102 305 112 r 2759 296 r 2801 Mar 8575 289 268 145 298 307 122 489 102 314 95 3120 282 r 3166 Apr 8549 314 265 131 290 308 117 486 97 315 102 2400 r 289 r 2438 May 8674 276 290 148 286 307 116 491 95 301 112 2224 r 254 r 2260 June 8299 286 287 169 258 281 113 492 93 303 112 r 2311 r 300 r 2346 July 8266 307 278 146 269 283 113 502 102 296 100 2325 298 2359 Aug 8029 265 300 158 277 284 121 505 98 291 106 2461 246 2498 Sept 7915 299 281 154 266 263 114 491 98 306 105
1 Beginning January 2011 includes unemployment durations of up to 5 years prior data are for up to 2 year s2 Includes State (50 States Distri ct of Columbia Puerto Rico and the Virgin Islands) Federal (UCFE) ex-service members (UCX) and Federal and State ext ended benefit programs Also includes
Emergency Unemployment Compensation (2008-2013) and Federal Additional Compensation (2009-2010)
Note Data relate to perso ns 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
0
2011 2012 2013 2014 20152011 2012 2013 2014 2015
0
20
30
40
60
50
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF LABOR
20
COUNCIL OF ECONOMIC ADVISERS
NEW ENTRANTS
5-14 WEEKS
15-26 WEEKS
JOB LEAVERS
REENTRANTS
10 10
LESS THAN5 WEEKS
27 WEEKS AND OVER
JOB LOSERS
In September the percentage of the unemployed who had been out of work for less than 5 weeks rose while thepercentages for 5 to 14 weeks 15 to 26 weeks and 27 weeks and over fell Te mean duration of unemployment fellto 263 weeks and the median duration fell to 114 weeks
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Nonagricultural Employment
[Thousands of wage and salary workers 1 monthly data seasonally adjusted]
1 Data from the est ablishment survey Includes all full- and part-time wage and salary wor kers in nonagricultural est ablishments who received pay for any par t of the pay period that includes the12th of the month Excludes propr ietors self-employed per sons unpaid family workers and private hous ehold workers Data from the household sur vey shown on p 11 include those workers and alsocount persons as employed when they are not at work be cause of industrial disputes bad weat her etc even if they are not paid for the time off In the ser ies shown here persons who work at morethan one job are counted each time they appear on a payroll in cont rast to the series shown on p 11 where persons are counted only onc emdashas employed unemployed or not in the labor for ce SeeEmployment 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
Source Department of Labor (Bureau of Labor Statistics)
MILLIONS OF PERSONS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS
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
PRIVATESERVICE-PROVIDING
INDUSTRIES
EDUCATION ANDHEALTH SERVICES
otal nonagricultural employment as measured by the payroll survey rose by 142000 in September
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Employment Cost IndexmdashPrivate Industry
Period
Index (December 2005 = 100) Percent change from
Totalcompensation
Wagesand
salaries
Benefits 1
3 months earlier 12 months earlier
Totalcompensation
Wages
andsalaries Benefits 1 Total
compensation
Wages
andsalaries Benefits 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
Note The employment cost index is a measure of the change in the cos t of labor free from the influence of employment shif ts among occupations and industries Data exclude farm and household workers
Source Department of Labor (Bureau of Labor Statistics)
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries[For production or nonsupervisory workers monthly data seasonally adjusted]
Period
Average weekly hours Average gross hourly earnings Average gross weekly earnings
1 Also includes other private industry groups shown on p 142 Current dollar earnings divided by t he consumer price index for urban wage earners and cleric al workers (CPIndash W) (on a 1982-84=100 base)
Source Department of Labor (Bureau of Labor Statistics)
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Productivity and Related Data Business and Nonfarm Business Sectors
Period
Output per hourof all persons
Output 1Hours of
all persons 2Compensation
per hour 3
Realcompensation
per hour 4Unit labor
costsImplicit price
deflator 5
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Indexes 2009=100 quarterly data seasonally adjusted
1 Output refers to real gross domestic product originating in the sector2 Hours of all persons engaged in the sect or including hours of proprietors and unpaid family workers Es timates based primarily on est ablishment data3 Wages and salaries of employees plus employersrsquo contri butions for social insurance and priva te benefit plans Also includes an estimate of wages salar ies and supplemental payments for th e
self-employed4 Hourly compensation divided by the consumer price index for all urban consumers (CPIndashU) for recent quarters The trend from 1978ndash2014 is based on the consumer price index research series
(CPIndashUndashRS)5 Current dollar gross domestic output divided by the output index
Note Data relate to all persons engaged in the se ctorPercent 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 da ta released on Augus t 27 2015
Source Department of Labor (Bureau of Labor Statistics)
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Industrial Production and Capacity Utilization
[Monthly data seasonally adjusted]
Period
Total industrial production 1 Industry production indexes 2012=100 Capacity utilization rate(output as percent of
2015 Jan 1076 ndash3 45 1049 1074 1038 860 1221 1046 787 761 Feb 1074 ndash2 35 1045 1068 1037 861 1201 1082 784 757 Mar r 1072 ndash2 25 1048 1068 1041 865 1195 1055 782 758 Apr r 1070 ndash2 21 1052 1071 1046 865 1179 1027 779 760 May r 1066 ndash4 13 1050 1075 1039 860 1153 1021 775 759 June r 1066 0 8 1049 1073 1039 851 1154 1031 774 757 July r 1075 9 13 1058 1085 1045 852 1175 1030 780 762 Aug p 1071 ndash4 9 1053 1076 1045 850 1167 1036 776 758
1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industriesmdashlogging and newspaperperiodical book and directory-publishingmdashthat have traditionally been included in manufacturing
2 Percent changes based on unrounded indexes
Note Data based on NAICS exc ept series as defined in footnote 1
Source Board of Governors of the Federal Reserve System
INDEX 2012 = 100 (RATIO SCALE)
BUSINESSEQUIPMENT
CONSUMER GOODS
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 2012 = 100 (RATIO SCALE)
PERCENT
130
120
110
100
80
90
86
84
82
80
78
76
74
72
70
66
68
110
100
90
80
140
130
120
110
100
80
90
DURABLE
NONDURABLE
TOTAL1MANUFACTURING120
110
100
90
80
PRODUCTION AND BUSINESS ACTIVITY
Industrial production and capacity utilization fell in August
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Industrial ProductionmdashMajor Market Groups and Selected Manufactures
Apr 1190 735 436 1140 666 32 442 999 508 207 May r 1072 697 366 1250 681 34 535 1010 513 210 June r 1211 687 510 1337 692 34 611 959 466 215 68
July r 1161 762 390 1130 680 28 422 996 522 215 Aug p 1126 739 381 1161 699 30 432 935 552 216
1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards2 Based on approximately 20100 permit-issuing places beginning wit h 2014 and 19300 beginning with 2004 Using the 20 04 universe the tot al for 2014 is 104643 Seasonally adjusted4 Quarterly data are three-month averages Annual data are averages of quarterly data
Source Department of Commerce (Bureau of the Census)
New Construction[Billions of dollars monthly data at seasonally adjusted annual rates]
2015 Jan 9901 7162 3589 2616 3572 170 420 640 736 1607 2739 Feb 9935 7208 3606 2607 3602 176 418 620 768 1621 2726 Mar 10064 7297 3575 2562 3722 180 446 622 810 1664 2766 Apr 10446 7572 3668 2599 3904 192 463 653 840 1756 2874 May 10684 7765 3731 2632 4034 208 482 663 896 1784 2920 June r 10743 7735 3761 2659 3974 223 493 626 862 1770 3008 July r 10791 7823 3785 2683 4038 218 493 632 906 1789 2968 Aug p 10862 7880 3833 2723 4047 225 492 622 920 1789 2982
1 Includes residential improvements not shown separately2 Includes health care educa tional communication and power among other categories not shown separ ately
Source Department of Commerce (Bureau of the Census)
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Business Sales and InventoriesmdashManufacturing and Trade
[Millions of dollars except ratios seasonally adjusted except as noted]
Period
Manufacturing and trade 1 Wholesale RetailRetail and foodservices sales 2
2015 Jan 1308276 1778991 136 445024 572469 129 383889 558296 145 434225 Feb 1303701 1783741 137 442459 573668 130 381432 561001 147 431921 Mar 1311121 1785855 136 441024 574661 130 387665 562821 145 438572 Apr 1318016 1792837 136 448458 576998 129 387235 566270 146 438717 May 1322962 1798172 136 449347 580710 129 392268 567490 145 443913 June r 1327245 1809917 136 450927 584986 130 391955 573180 146 443734 July p 1327773 1811191 136 449492 584281 130 r 394919 576881 146 r 446872 Aug p 395401 447715
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
Source Department of Commerce (Bureau of the Census)
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
900
1000
1100
1200
1300
1600
MANUFACTURING ANDTRADE INVENTORIES
MANUFACTURING AND TRADE SALES 350
400
450
RETAIL SALES
RETAIL INVENTORIES
300
140
130
120
160
150
INVENTORYSALES RATIO
1500
1400
MANUFACTURING AND TRADE
1700
1900
1800
RATIO
500
600
550
170
RETAIL AND FOODSERVICES SALES
RETAIL
COUNCIL OF ECONOMIC ADVISERS
In July according to current estimates manufacturing and trade sales were roughly unchanged while inventoriesrose $13 billion According to advance estimates retail sales rose 01 percent in August Retail and food servicessales rose 02 percent
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Manufacturersrsquo Shipments Inventories and Orders
Period
Manufacturersrsquo shipments 1 Manufacturersrsquo inventories 2 Manufacturersrsquo new orders 1
Manu-
facturersrsquounfilledorders 2
Manu-facturersrsquo
inventoryshipments
ratio 3Total
Durablegoods
Nondurablegoods
TotalDurablegoods
Nondurablegoods
Total
Durable goods
Total
Capitalgoods
industriesnondefense
Millions of dollars seasonally adjusted except as noted
1 Annual data are averages of mont hly not seasonally adjusted figures monthly dat a are seasonally adjusted totals for month Shipment s are the same as sales2 Seasonally adjusted end of period3 Annual data are averages of seasonally adjusted monthly ratios
Note Manufacturersrsquo 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 durableunfilled orders
Total and durable shipments and inventories include data on semiconductor s new and unfilled orders do not
Source Department of Commerce (Bureau of the Census)
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
140
180
220
260
300
420
380
340
140
180
220
260300
340
140
180
220
260
300
340380
420
460
500
110
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL
NEW ORDERS
SHIPMENTS INVENTORIES
INVENTORYSHIPMENTS RATIO
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
2014 20152012 2011 2014 2015
DURABLE GOODS
NONDURABLE GOODS
160
140
150
120
130
NONDURABLE GOODS
DURABLE GOODS
TOTAL
20132011 2012 2013
DURABLE GOODS
RATIO
540460
500540
380
420
460500540
TOTAL
580
580 700
580620660
In August manufacturersrsquo shipments inventories and new and unfilled orders all fell
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Producer Prices
[November 2009 =100 except as noted monthly data seasonally adjusted]
1 Includes final demand construction not shown separately2 Does not include food and beverages for immediate con sumption which are defined as the servic e of preparing meals snacks and beverages to cust omer order for immediate consumption3 Trade indexes measure changes in margins received by wholesalers and re tailers4 Relative importance December 2014
Source Department of Labor (Bureau of Labor Statistics)
INDEX NOV 2009=100 (RATIO SCALE) INDEX NOV 2009=100 (RATIO SCALE)
2009 2010 2011 2012 2013 2014 2015
SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTEDFINAL DEMAND
COUNCIL OF ECONOMIC ADVISERS
FINAL DEMANDSERVICES
100
95
115
125
110
105
120
100
95
115
125
110
105
120
FINAL DEMAND
FINAL DEMANDGOODS
PRICES
Te producer price index for final demand was unchanged in August Prices for final demand goods fell 06 percentand prices for final demand services rose 04 percent
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In August the consumer price index for all urban consumers fell 01 percent it also fell 01 percent before seasonaladjustment Te index rose 02 percent from its year earlier level
Consumer PricesmdashAll Urban Consumers
[1982ndash84=100 except as noted monthly data seasonally adjusted except as noted by NSA]
Period
All items All items less food and energy Food Energy
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Relative importance July 2015
Source Department of Labor (Bureau of Labor Statistics)
INDEX 1982-84 = 100 (RATIO SCALE)
SEASONALLY ADJUSTED
INDEX 1982-84 = 100 (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF LABOR
2007 2008 2009 2010 2011 2012 2013 2014 2015
CONSUMER PRICESmdashALL ITEMS
250
240
230
220
210
200
190
180
250
240
230
220
210
200
190
180
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Changes in Consumer PricesmdashAll Urban Consumers[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Quarterly chan ges are shown in the last month of the quart er
Source Department of Labor (Bureau of Labor Statistics)
Changes in Producer Prices[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
Period
Totalfinalde-
mand 1
Final demand goods Final demand services Finaldemand
Sept r 107 87 132 112 114 115 96 Oct 100 81 135 112 113 114 89 Nov r 102 82 134 112 113 114 91 Dec r 101 83 127 111 112 114 91
2015 Jan 97 82 120 110 111 111 88 Feb 99 84 114 110 110 111 90 Mar 102 85 117 110 111 111 93 Apr r 103 89 116 110 111 111 94 May r 107 90 122 110 110 111 97 June 105 88 121 109 110 110 96 July 99 86 115 109 110 110 91 Aug 102 88 117 108 109 109 94
1 Annual indexes for 2011 forward reflect revised methodology See Agricultural Price Program Update January 2015 for details2 Includes items not shown separately3 Annual data are averages of monthly ratios
Note These indexes are also available on a 1910-14=100 basis as required by stat ute
Source Department of Agriculture (National Agricultural Statistics Service)
1RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID
SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
2010 20152007 2008 2009 20122011 2013 2014
PRICES RECEIVED
RATIO
PRICES PAID
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
90
80
60
70
130
120
110
100
90
80
60
70
130
120
110
100
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
In August prices received by farmers rose 30 percent and prices paid by farmers fell 09 percent (Data are notseasonally adjusted)
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Money Stock and Debt Measures
[Averages of daily figures except debt end-of-period basis billions of dollars seasonally adjusted]
Period
M1 M2 Debt Percent change
Sum of currencydemand depositstravelers checks and
other checkable deposits
M1 plussavings depositsretail MMMF balances
and small time deposits 1
Debt ofdomesticnonfinancial
sectors 2
From year or 6 months earlier
3 From
previous period 4
M1 M2 Debt
2005 Dec r 13748 66508 282945 ndash01 42 862006 Dec r 13683 70427 307233 ndash5 59 842007 Dec r 13766 74488 331796 6 58 812008 Dec r 16071 81740 349342 167 97 572009 Dec r 16984 84801 357496 57 37 342010 Dec r 18418 87814 370390 84 36 432011 Dec r 21682 96346 382033 177 97 352012 Dec r 24577 104225 399658 134 82 502013 Dec r 26545 109840 414596 80 54 402014 Dec r 29145 116292 432554 98 59 44
2014 Aug 28160 114420 72 58 Sept r 28571 114795 427494 82 57 45 Oct 28638 115206 67 54 Nov 28795 115640 68 50
Dec r
29145 116292 432554 72 53 482015 Jan 29318 117049 65 53 Feb 29950 118250 127 67 Mar r 29890 118448 435061 92 64 25 Apr r 29946 118949 91 65 May r 29846 119364 73 64 June r 30077 119820 439790 64 61 44 July r 30355 120596 71 61 Aug 30499 121385 37 53
1 Money market mutual fund (MMMF) Savings deposits include money market deposit accounts (MMDA)2 Consists of outstanding credit market debt of the US 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 quarter3 Annual changes are from December to Decemb er and monthly changes are from 6 months earlier at a simple annual rate4 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
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
M2
BILLIONS OF DOLLARS (RATIO SCALE)
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
BILLIONS OF DOLLARS (RATIO SCALE)
M1
MONEY CREDIT AND SECURITY MARKETS
In August M2 rose
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Components of Money Stock[Averages of daily figures billions of dollars seasonally adjusted]
2015 Jan r 12663 29 11742 4885 2640 2244 76444 65552 10892 5068 3758 1311 6219 17890 Feb r 12720 29 12174 5027 2713 2314 77076 66120 10956 5049 3758 1291 6174 17834 Mar 12794 28 12025 5042 2727 2315 77468 66493 10975 4949 3678 1272 6141 18075 Apr r 12843 28 12044 5030 2715 2315 78005 66950 11055 4864 3595 1269 6134 17848 May r 12884 27 11928 5007 2706 2301 78618 67441 11176 4792 3529 1262 6108 17990 June r 12934 27 12057 5059 2768 2291 78881 67664 11217 4727 3469 1257 6136 18154 July r 12999 27 12266 5063 2769 2294 79389 68179 11210 4664 3411 1253 6188 18438
Aug 13090 26 12313 5070 2753 2317 80069 68822 11247 4606 3355 1250 6212 187411 Small-denomination deposits are those issued in amounts of less than $1000002 Institutional money funds are not part of non-M1 M2
Source Board of Governors of the Federal Reserve System
Aggregate Reserves and Monetary Base[Averages of daily figures 1 millions of dollars not seasonally adjusted]
1 Data are prorated averages of biweekly (maintenance period) averages of daily figures2 Equals the sum of balances maintained up to the top of each institu tionrsquos penalty-free band3 Excludes vault cash used to satisfy required reserves4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve5 Equals total balances maintained plus currenc y 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 separately7 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 cr eation of a penalty-fr ee band around reserve balanc e requirements which took effe ct June 27 2013 See H3 release of July 11 2013
Source Board of Governors of the Federal Reserve System
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Bank Credit at All Commercial Banks
[Billions of dollars seasonally adjusted 1]
Period
Total
bankcredit
Securities in bank credit 2 Loans and leases in bank credit
Totalsecurities
US
Treasuryand
agencysecurities
Othersecurities
Totalloansand
leases 3
Commercialandindustrial
loans
Real estate loans
Consumerloans 5
Otherloansand
leases 6Total 4Revolving
home equityloans
Commercialloans
2005 Dec r 73156 18554 11593 6961 54602 10361 29289 4435 12701 7045 79062006 Dec r 81084 19913 12190 7723 61172 11826 33736 4683 14593 7386 82242007 Dec r 89042 21046 11375 9670 67997 14177 36002 4848 15872 7992 98272008 Dec r 93532 20976 12541 8435 72556 15588 38195 5882 17284 8762 100122009 Dec r 89955 23295 14509 8786 66660 12652 37767 6031 16409 8360 78812010 Dec r 91917 24299 16425 7874 67618 11923 36133 5819 15004 11138 84232011 Dec r 94020 24955 17020 7935 69065 13037 34948 5495 14183 10911 101702012 Dec r 99593 27358 18762 8596 72235 14756 35504 5152 14282 11155 108202013 Dec r 100964 27148 18047 9100 73816 15767 35317 4737 14986 11414 113182014 Dec r 108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 13155
2014 Aug r 106144 28436 19406 9029 77709 17174 36158 4623 15702 11822 12556 Sept r 106591 28605 19731 8874 77985 17290 36196 4608 15781 11873 12626 Oct r 106989 28683 19896 8787 78306 17366 36227 4603 15867 11919 12793 Nov r 107682 28801 20001 8800 78881 17565 36270 4594 15948 11973 13073
Dec r
108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 131552015 Jan r 109576 29525 20663 8862 80052 17932 36503 4564 16156 12008 13608 Feb r 110253 29732 20847 8885 80521 18116 36713 4553 16299 12041 13652 Mar r 111116 29771 20859 8912 81345 18392 37056 4545 16522 12066 13831 Apr r 111838 29954 20996 8958 81884 18500 37131 4527 16606 12127 14126 May r 112422 30248 21321 8927 82174 18665 37241 4509 16705 12179 14088 June r 112912 30267 21343 8924 82644 18842 37410 4487 16831 12227 14165 July r 113449 30219 21337 8882 83229 18939 37574 4468 16984 12289 14428 Aug 113955 30352 21489 8863 83603 19068 37702 4441 17118 12360 14473
1 Data are prorated averages of Wednesday values for domestically chartered commercial banks branches and agencies of foreign banks and Edge Act and agreement corporations2 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
accounts3 Excludes unearned inco me Includes the allowance for loan and lease losses Exclude s Federal funds sold to reverse r epurchase agreements (RPs) wit h and loans to commercial banks in the
United States Includes all loans held in trading acc ounts under a fair value option4 Includes closed-end residential loans not shown separately5 Includes credit cards and other consumer loans6 Includes other items not shown separately
Source Board of Governors of the Federal Reserve System
BILLIONS OF DOLLARS (RATIO SCALE)
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000TOTAL
LOANS AND LEASES
US TREASURY AND AGENCY SECURITIES
OTHER SECURITIES
otal commercial bank loans and leases rose 04 percent in August
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Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business[Billions of dollars quarterly data at seasonally adjusted annual rates]
2013 I r 28407 18324 10083 1750 ndash2137 3887 3161 727 7291 26861 14534 12327 1546 II r 27501 18870 8631 242 ndash3712 3953 2089 1866 6274 25223 15186 10037 2278 III r 29700 18725 10975 3049 ndash3441 6490 4794 1696 5918 25132 15917 9215 4569 IV r 30024 19526 10498 ndash1864 ndash4827 2964 2556 408 10129 27122 15941 11181 2902
2014 I r 23994 17883 6111 1149 ndash5018 6168 3033 3135 9213 20136 16114 4022 3857 II r 30269 18769 11500 707 ndash2731 3438 2539 899 8365 26528 16471 10057 3741 III r 30145 19916 10229 789 ndash4343 5132 2239 2894 5738 22768 17045 5723 7377
IV r 28679 19758 8921 1419 ndash3410 4828 3523 1305 5494 24169 17063 7106 45112015 I r 30105 19004 11101 443 ndash5920 6363 5297 1065 3035 23722 17387 6335 6383 II p 29302 18836 10466 836 ndash5910 6746 7004 ndash257 7179 25768 18870 6898 3533
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 earn-ings retained abroad inventory valuation adjustment and net capital transfers
2 Includes trade payables taxes payable and miscellaneous liabilities (foreign direct investment in the US 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]
Period
Consumer credit outstanding (end of period) Net change in consumer credit outstanding 1
Total Revolving Nonrevolving 2 Total Revolving Nonrevolving 2
2005 Dec 22909 8295 14614 987 299 6872006 Dec 24613 9240 15373 1704 945 7592007 Dec 26151 10020 16131 1538 780 7582008 Dec 26500 10044 16457 349 24 3262009 Dec 25523 9164 16359 ndash977 ndash880 ndash982010 Dec 26469 8395 18074 946 ndash769 17152011 Dec 27554 8412 19142 1085 17 10682012 Dec 29229 8459 20770 1675 47 16282013 Dec 30988 8582 22406 1759 123 16362014 Dec 33172 8900 24272 2184 318 1866
2014 July 32332 8803 23528 214 45 168 Aug 32493 8814 23679 161 11 151 Sept 32675 8834 23840 182 20 161 Oct 32841 8848 23993 166 14 153 Nov 33005 8861 24145 164 13 152
Dec 33172 8900 24272 167 39 1272015 Jan 33276 8883 24393 104 ndash17 121 Feb 33426 8860 24566 150 ndash23 173 Mar r 33634 8908 24726 208 48 160 Apr r 33876 9003 24873 242 95 147 May r 34073 9028 25045 197 25 172 June r 34343 9103 25240 270 75 195 July p 34534 9146 25388 191 43 148
1 Change based on data in billions of dollars as shown here For year-end data ch ange from preceding year-end for monthl y data change from preceding month2 Includes automobile loans and all other loans not included in revolving cr edit such as loans for mobile homes education boats t railers or vacations The se 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
1 High bill rate at auction issue date within period bank-discount basis Data are stop yields from uniform-price auctions2 Yields on actively traded issues adjusted to constant maturities Series for 30-year constant maturity was discontinued on February 18 2002 and reintroduced on February 6 20063 Weekly data are Wednesday figures4 Average effective rate for year rate in effect at end of month or week5 Daily effective rate weighted average of rates on brokered trades6 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 Moodyrsquos Investors Service and Standard amp Poorrsquos
Interest Rates and Bond Yields
2007 2008 2009 2010 2011 2012 2013 2014 2015
10
PERCENT PER ANNUM
4
2
0
6
8
10
PERCENT PER ANNUM
4
2
0
6
8
FEDERAL FUNDSRATE
TREASURYBILLS
CORPORATE Aaa BONDS(MOODYS)
COUNCIL OF ECONOMIC ADVISERSSOURCE SEE TABLE BELOW
Interest rates were mixed in September
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Common Stock Prices and Yields
Period
Common stock prices 1 Common stock yields(percent) 6
New York Stock Exchange indexes(December 31 2002=5000) 2 Dow Jones
1 Annual data are averages of mont hly figures Monthly and weekly dat a are averages of daily closing prices2 Includes all the stocks (in 2015 over 320 0) listed on the NYSE3 Includes 30 stocks4 Includes 500 stocks5 Includes over 2900 stocks in 20156 Standard amp Poorrsquos series Dividendprice ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter
Sources New York Stock Exchange Dow Jones amp Company Inc Standar d amp Poorrsquos Nasdaq Stock Market and Bloomberg
5
INDEX DEC 31 2002=5000 (RATIO SCALE)
SOURCES NEW YORK STOCK EXCHANGE STANDARD AND POORS AND BLOOMBERG COUNCIL OF ECONOMIC ADVISERS
1 Data from current issue Monthly Treasury Statement
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fisc al Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
RECEIPTS AND OUTLAYS1
SURPLUS OR DEFICIT (ndash)1
2007 2008 2009 2010 2011 2012
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF DOLLARSBILLIONS OF DOLLARS
OUTLAYS1
RECEIPTS1
2014 2015 20162013
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
FEDERAL FINANCE
In the first eleven months of fiscal year 2015 the deficit was $5300 billion compared with a deficit of $5892 billiona year earlier
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In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
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 equat es to the sum of cash receipts home consumption and the value of the change in invent ories4 Includes income from fores t products sold the gros s imputed rental value of farm dwellings machine hire and custom work and other s ources of farm income such as commodity insur ance
indemnities
Note Data for 2015 are forecasts
Source Department of Agriculture (Economic Research Service)
BILLIONS OF CHAINED (2009) DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF CHAINED (2009) DOLLARS (RATIO SCALE)
SOURCE DEPARTMENT OF AGRICULTURE
40
60
80
120
160
440
480
400
240
280
320
360
200
520
40
60
80
120
160
440
480
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 current forecast for 2015 gross farm income in chained (2009) dollars is forecast to be $4060billion and net farm income to be $530 billion
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Corporate Profits
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Profits (before tax) with inventory valuation adjustment 1
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)
Source Department of Commerce (Bureau of Economic Analysis)
PROFITS BEFORE TAX
COUNCIL OF ECONOMIC ADVISERS
2006 2007 20102009 2011 20152008 2012 2013 2014
SOURCE DEPARTMENT OF COMMERCE
SEASONALLY ADJUSTED ANNUAL RATES
PROFITS AFTER TAX
UNDISTRIBUTED PROFITS
TAXES ONCORPORATE INCOME
BILLIONS OF DOLLARS
0
ndash200
2600
2400
2500
2300
2200
21002000
1900
1800
1200
1100
1000
1300
1400
1500
900
800
700
600500
400
300
200
100
ndash100
1700
1600
0
ndash200
2600
2400
2500
2300
2200
21002000
1900
1800
1200
1100
1000
1300
1400
1500
900
800
700
600500
400
300
200
100
ndash100
1700
1600
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates corporate profits before tax rose $1414 billion (annualrate) and profits after tax rose $1101 billion
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Real Gross Private Domestic Investment
[Billions of chained (2009) dollars quarterly dat a at seasonally adjusted annual rates]
Period
Grossprivate
domesticinvestment
Fixed investment Change in private inventories
Total
Nonresidential
Residential Total NonfarmTotal Structures Equipment
2015 I 28302 27014 21886 4582 10460 6871 5124 1128 1068 II r 28648 27355 22106 4652 10469 7010 5240 1135 1110
Note See p 10 for further detail on fixed investment by typeBecause of the formula used for calculating r eal GDP the chained (2009) dollar estimat es for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF CHAINED (2009) DOLLARS BILLIONS OF CHAINED (2009) DOLLARS
GROSS PRIVATE DOMESTICINVESTMENT
CHANGE IN PRIVATEINVENTORIES
NONRESIDENTIALFIXED INVESTMENT
COUNCIL OF ECONOMIC ADVISERS
2006 2007 20102009 2011 20152008 2012 2013 2014
SOURCE DEPARTMENT OF COMMERCE
SEASONALLY ADJUSTED ANNUAL RATES
0
3000
2200
2400
2600
2800
2000
1800
1600
1400
1200
1000
800
600
400
200
ndash400
ndash200
0
3000
2200
2400
2600
2800
2000
1800
1600
1400
1200
1000
800
600
400
200
ndash400
ndash200
RESIDENTIALFIXED INVESTMENT
In the second quarter of 2015 according to revised estimates nonresidential fixed investment in chained (2009)dollars rose $220 billion (annual rate) and residential investment rose $116 billion Inventories rose $1135 billionfollowing an increase of $1128 billion in the first quarter
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Real Private Fixed Investment by Type[Billions of chained (2009) dollars quarterly data at seasonally adjusted annual rates]
II r 27355 22106 4652 10469 3305 2403 2209 2851 7010 3354 2857 5240 5128 1845
1 Because computers ex hibit rapid changes in prices relativ e to other prices in the economy the chained-dollar est imates should not be used to measure the componentrsquos relative impor tance or itscontribution 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 componentsee Survey of Current Business Table 531 (for growth rates) Table 532 (for contribu tions) and Table 533 (for quantity indexes)
2 Includes other items not shown separately3 Research and development investment excludes expenditures for software development
Note Because of the formula used for calculat ing real GDP the chained (2009) dollar est imates for the detailed components do not add to the chained-dollar value of GDP or to any intermediateaggregates
Source Department of Commerce (Bureau of Economic Analysis)
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)
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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]
1 Civilian labor force (or employment) as per cent of civilian noninstitution al population and unemployment as percent of civilian labor for ce
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 OVER SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
2007
16
12
20
8
4
0
16
12
20
8
4
0
MILLIONS OF PERSONSMILLIONS OF PERSONS
2009 2011 20132012 2014 20152008 2010
CIVILIAN LABOR FORCE
146
154
150
142
138
134
158
162
UNEMPLOYMENT
CIVILIANEMPLOYMENT
146
154
150
142
138
134
158
162
EMPLOYMENT UNEMPLOYMENT AND WAGES
In September employment as measured by the household survey fell by 236000 and unemployment fell 114000
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Selected Unemployment Rates
[Monthly data seasonally adjusted except as noted by NSA]
Period
Unemployment rate (percent of civilian labor force in group)
Allcivilianworkers
By sex and age By race or ethnicity 1 By selected groups
2015 Jan 8979 268 261 155 315 323 134 474 95 316 115 2912 399 2958 Feb 8705 279 256 154 311 317 131 481 102 305 112 r 2759 296 r 2801 Mar 8575 289 268 145 298 307 122 489 102 314 95 3120 282 r 3166 Apr 8549 314 265 131 290 308 117 486 97 315 102 2400 r 289 r 2438 May 8674 276 290 148 286 307 116 491 95 301 112 2224 r 254 r 2260 June 8299 286 287 169 258 281 113 492 93 303 112 r 2311 r 300 r 2346 July 8266 307 278 146 269 283 113 502 102 296 100 2325 298 2359 Aug 8029 265 300 158 277 284 121 505 98 291 106 2461 246 2498 Sept 7915 299 281 154 266 263 114 491 98 306 105
1 Beginning January 2011 includes unemployment durations of up to 5 years prior data are for up to 2 year s2 Includes State (50 States Distri ct of Columbia Puerto Rico and the Virgin Islands) Federal (UCFE) ex-service members (UCX) and Federal and State ext ended benefit programs Also includes
Emergency Unemployment Compensation (2008-2013) and Federal Additional Compensation (2009-2010)
Note Data relate to perso ns 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
0
2011 2012 2013 2014 20152011 2012 2013 2014 2015
0
20
30
40
60
50
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF LABOR
20
COUNCIL OF ECONOMIC ADVISERS
NEW ENTRANTS
5-14 WEEKS
15-26 WEEKS
JOB LEAVERS
REENTRANTS
10 10
LESS THAN5 WEEKS
27 WEEKS AND OVER
JOB LOSERS
In September the percentage of the unemployed who had been out of work for less than 5 weeks rose while thepercentages for 5 to 14 weeks 15 to 26 weeks and 27 weeks and over fell Te mean duration of unemployment fellto 263 weeks and the median duration fell to 114 weeks
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Nonagricultural Employment
[Thousands of wage and salary workers 1 monthly data seasonally adjusted]
1 Data from the est ablishment survey Includes all full- and part-time wage and salary wor kers in nonagricultural est ablishments who received pay for any par t of the pay period that includes the12th of the month Excludes propr ietors self-employed per sons unpaid family workers and private hous ehold workers Data from the household sur vey shown on p 11 include those workers and alsocount persons as employed when they are not at work be cause of industrial disputes bad weat her etc even if they are not paid for the time off In the ser ies shown here persons who work at morethan one job are counted each time they appear on a payroll in cont rast to the series shown on p 11 where persons are counted only onc emdashas employed unemployed or not in the labor for ce SeeEmployment 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
Source Department of Labor (Bureau of Labor Statistics)
MILLIONS OF PERSONS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS
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
PRIVATESERVICE-PROVIDING
INDUSTRIES
EDUCATION ANDHEALTH SERVICES
otal nonagricultural employment as measured by the payroll survey rose by 142000 in September
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Employment Cost IndexmdashPrivate Industry
Period
Index (December 2005 = 100) Percent change from
Totalcompensation
Wagesand
salaries
Benefits 1
3 months earlier 12 months earlier
Totalcompensation
Wages
andsalaries Benefits 1 Total
compensation
Wages
andsalaries Benefits 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
Note The employment cost index is a measure of the change in the cos t of labor free from the influence of employment shif ts among occupations and industries Data exclude farm and household workers
Source Department of Labor (Bureau of Labor Statistics)
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries[For production or nonsupervisory workers monthly data seasonally adjusted]
Period
Average weekly hours Average gross hourly earnings Average gross weekly earnings
1 Also includes other private industry groups shown on p 142 Current dollar earnings divided by t he consumer price index for urban wage earners and cleric al workers (CPIndash W) (on a 1982-84=100 base)
Source Department of Labor (Bureau of Labor Statistics)
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Productivity and Related Data Business and Nonfarm Business Sectors
Period
Output per hourof all persons
Output 1Hours of
all persons 2Compensation
per hour 3
Realcompensation
per hour 4Unit labor
costsImplicit price
deflator 5
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Indexes 2009=100 quarterly data seasonally adjusted
1 Output refers to real gross domestic product originating in the sector2 Hours of all persons engaged in the sect or including hours of proprietors and unpaid family workers Es timates based primarily on est ablishment data3 Wages and salaries of employees plus employersrsquo contri butions for social insurance and priva te benefit plans Also includes an estimate of wages salar ies and supplemental payments for th e
self-employed4 Hourly compensation divided by the consumer price index for all urban consumers (CPIndashU) for recent quarters The trend from 1978ndash2014 is based on the consumer price index research series
(CPIndashUndashRS)5 Current dollar gross domestic output divided by the output index
Note Data relate to all persons engaged in the se ctorPercent 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 da ta released on Augus t 27 2015
Source Department of Labor (Bureau of Labor Statistics)
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Industrial Production and Capacity Utilization
[Monthly data seasonally adjusted]
Period
Total industrial production 1 Industry production indexes 2012=100 Capacity utilization rate(output as percent of
2015 Jan 1076 ndash3 45 1049 1074 1038 860 1221 1046 787 761 Feb 1074 ndash2 35 1045 1068 1037 861 1201 1082 784 757 Mar r 1072 ndash2 25 1048 1068 1041 865 1195 1055 782 758 Apr r 1070 ndash2 21 1052 1071 1046 865 1179 1027 779 760 May r 1066 ndash4 13 1050 1075 1039 860 1153 1021 775 759 June r 1066 0 8 1049 1073 1039 851 1154 1031 774 757 July r 1075 9 13 1058 1085 1045 852 1175 1030 780 762 Aug p 1071 ndash4 9 1053 1076 1045 850 1167 1036 776 758
1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industriesmdashlogging and newspaperperiodical book and directory-publishingmdashthat have traditionally been included in manufacturing
2 Percent changes based on unrounded indexes
Note Data based on NAICS exc ept series as defined in footnote 1
Source Board of Governors of the Federal Reserve System
INDEX 2012 = 100 (RATIO SCALE)
BUSINESSEQUIPMENT
CONSUMER GOODS
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 2012 = 100 (RATIO SCALE)
PERCENT
130
120
110
100
80
90
86
84
82
80
78
76
74
72
70
66
68
110
100
90
80
140
130
120
110
100
80
90
DURABLE
NONDURABLE
TOTAL1MANUFACTURING120
110
100
90
80
PRODUCTION AND BUSINESS ACTIVITY
Industrial production and capacity utilization fell in August
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Industrial ProductionmdashMajor Market Groups and Selected Manufactures
Apr 1190 735 436 1140 666 32 442 999 508 207 May r 1072 697 366 1250 681 34 535 1010 513 210 June r 1211 687 510 1337 692 34 611 959 466 215 68
July r 1161 762 390 1130 680 28 422 996 522 215 Aug p 1126 739 381 1161 699 30 432 935 552 216
1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards2 Based on approximately 20100 permit-issuing places beginning wit h 2014 and 19300 beginning with 2004 Using the 20 04 universe the tot al for 2014 is 104643 Seasonally adjusted4 Quarterly data are three-month averages Annual data are averages of quarterly data
Source Department of Commerce (Bureau of the Census)
New Construction[Billions of dollars monthly data at seasonally adjusted annual rates]
2015 Jan 9901 7162 3589 2616 3572 170 420 640 736 1607 2739 Feb 9935 7208 3606 2607 3602 176 418 620 768 1621 2726 Mar 10064 7297 3575 2562 3722 180 446 622 810 1664 2766 Apr 10446 7572 3668 2599 3904 192 463 653 840 1756 2874 May 10684 7765 3731 2632 4034 208 482 663 896 1784 2920 June r 10743 7735 3761 2659 3974 223 493 626 862 1770 3008 July r 10791 7823 3785 2683 4038 218 493 632 906 1789 2968 Aug p 10862 7880 3833 2723 4047 225 492 622 920 1789 2982
1 Includes residential improvements not shown separately2 Includes health care educa tional communication and power among other categories not shown separ ately
Source Department of Commerce (Bureau of the Census)
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Business Sales and InventoriesmdashManufacturing and Trade
[Millions of dollars except ratios seasonally adjusted except as noted]
Period
Manufacturing and trade 1 Wholesale RetailRetail and foodservices sales 2
2015 Jan 1308276 1778991 136 445024 572469 129 383889 558296 145 434225 Feb 1303701 1783741 137 442459 573668 130 381432 561001 147 431921 Mar 1311121 1785855 136 441024 574661 130 387665 562821 145 438572 Apr 1318016 1792837 136 448458 576998 129 387235 566270 146 438717 May 1322962 1798172 136 449347 580710 129 392268 567490 145 443913 June r 1327245 1809917 136 450927 584986 130 391955 573180 146 443734 July p 1327773 1811191 136 449492 584281 130 r 394919 576881 146 r 446872 Aug p 395401 447715
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
Source Department of Commerce (Bureau of the Census)
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
900
1000
1100
1200
1300
1600
MANUFACTURING ANDTRADE INVENTORIES
MANUFACTURING AND TRADE SALES 350
400
450
RETAIL SALES
RETAIL INVENTORIES
300
140
130
120
160
150
INVENTORYSALES RATIO
1500
1400
MANUFACTURING AND TRADE
1700
1900
1800
RATIO
500
600
550
170
RETAIL AND FOODSERVICES SALES
RETAIL
COUNCIL OF ECONOMIC ADVISERS
In July according to current estimates manufacturing and trade sales were roughly unchanged while inventoriesrose $13 billion According to advance estimates retail sales rose 01 percent in August Retail and food servicessales rose 02 percent
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Manufacturersrsquo Shipments Inventories and Orders
Period
Manufacturersrsquo shipments 1 Manufacturersrsquo inventories 2 Manufacturersrsquo new orders 1
Manu-
facturersrsquounfilledorders 2
Manu-facturersrsquo
inventoryshipments
ratio 3Total
Durablegoods
Nondurablegoods
TotalDurablegoods
Nondurablegoods
Total
Durable goods
Total
Capitalgoods
industriesnondefense
Millions of dollars seasonally adjusted except as noted
1 Annual data are averages of mont hly not seasonally adjusted figures monthly dat a are seasonally adjusted totals for month Shipment s are the same as sales2 Seasonally adjusted end of period3 Annual data are averages of seasonally adjusted monthly ratios
Note Manufacturersrsquo 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 durableunfilled orders
Total and durable shipments and inventories include data on semiconductor s new and unfilled orders do not
Source Department of Commerce (Bureau of the Census)
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
140
180
220
260
300
420
380
340
140
180
220
260300
340
140
180
220
260
300
340380
420
460
500
110
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL
NEW ORDERS
SHIPMENTS INVENTORIES
INVENTORYSHIPMENTS RATIO
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
2014 20152012 2011 2014 2015
DURABLE GOODS
NONDURABLE GOODS
160
140
150
120
130
NONDURABLE GOODS
DURABLE GOODS
TOTAL
20132011 2012 2013
DURABLE GOODS
RATIO
540460
500540
380
420
460500540
TOTAL
580
580 700
580620660
In August manufacturersrsquo shipments inventories and new and unfilled orders all fell
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Producer Prices
[November 2009 =100 except as noted monthly data seasonally adjusted]
1 Includes final demand construction not shown separately2 Does not include food and beverages for immediate con sumption which are defined as the servic e of preparing meals snacks and beverages to cust omer order for immediate consumption3 Trade indexes measure changes in margins received by wholesalers and re tailers4 Relative importance December 2014
Source Department of Labor (Bureau of Labor Statistics)
INDEX NOV 2009=100 (RATIO SCALE) INDEX NOV 2009=100 (RATIO SCALE)
2009 2010 2011 2012 2013 2014 2015
SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTEDFINAL DEMAND
COUNCIL OF ECONOMIC ADVISERS
FINAL DEMANDSERVICES
100
95
115
125
110
105
120
100
95
115
125
110
105
120
FINAL DEMAND
FINAL DEMANDGOODS
PRICES
Te producer price index for final demand was unchanged in August Prices for final demand goods fell 06 percentand prices for final demand services rose 04 percent
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In August the consumer price index for all urban consumers fell 01 percent it also fell 01 percent before seasonaladjustment Te index rose 02 percent from its year earlier level
Consumer PricesmdashAll Urban Consumers
[1982ndash84=100 except as noted monthly data seasonally adjusted except as noted by NSA]
Period
All items All items less food and energy Food Energy
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Relative importance July 2015
Source Department of Labor (Bureau of Labor Statistics)
INDEX 1982-84 = 100 (RATIO SCALE)
SEASONALLY ADJUSTED
INDEX 1982-84 = 100 (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF LABOR
2007 2008 2009 2010 2011 2012 2013 2014 2015
CONSUMER PRICESmdashALL ITEMS
250
240
230
220
210
200
190
180
250
240
230
220
210
200
190
180
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Changes in Consumer PricesmdashAll Urban Consumers[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Quarterly chan ges are shown in the last month of the quart er
Source Department of Labor (Bureau of Labor Statistics)
Changes in Producer Prices[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
Period
Totalfinalde-
mand 1
Final demand goods Final demand services Finaldemand
Sept r 107 87 132 112 114 115 96 Oct 100 81 135 112 113 114 89 Nov r 102 82 134 112 113 114 91 Dec r 101 83 127 111 112 114 91
2015 Jan 97 82 120 110 111 111 88 Feb 99 84 114 110 110 111 90 Mar 102 85 117 110 111 111 93 Apr r 103 89 116 110 111 111 94 May r 107 90 122 110 110 111 97 June 105 88 121 109 110 110 96 July 99 86 115 109 110 110 91 Aug 102 88 117 108 109 109 94
1 Annual indexes for 2011 forward reflect revised methodology See Agricultural Price Program Update January 2015 for details2 Includes items not shown separately3 Annual data are averages of monthly ratios
Note These indexes are also available on a 1910-14=100 basis as required by stat ute
Source Department of Agriculture (National Agricultural Statistics Service)
1RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID
SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
2010 20152007 2008 2009 20122011 2013 2014
PRICES RECEIVED
RATIO
PRICES PAID
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
90
80
60
70
130
120
110
100
90
80
60
70
130
120
110
100
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
In August prices received by farmers rose 30 percent and prices paid by farmers fell 09 percent (Data are notseasonally adjusted)
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Money Stock and Debt Measures
[Averages of daily figures except debt end-of-period basis billions of dollars seasonally adjusted]
Period
M1 M2 Debt Percent change
Sum of currencydemand depositstravelers checks and
other checkable deposits
M1 plussavings depositsretail MMMF balances
and small time deposits 1
Debt ofdomesticnonfinancial
sectors 2
From year or 6 months earlier
3 From
previous period 4
M1 M2 Debt
2005 Dec r 13748 66508 282945 ndash01 42 862006 Dec r 13683 70427 307233 ndash5 59 842007 Dec r 13766 74488 331796 6 58 812008 Dec r 16071 81740 349342 167 97 572009 Dec r 16984 84801 357496 57 37 342010 Dec r 18418 87814 370390 84 36 432011 Dec r 21682 96346 382033 177 97 352012 Dec r 24577 104225 399658 134 82 502013 Dec r 26545 109840 414596 80 54 402014 Dec r 29145 116292 432554 98 59 44
2014 Aug 28160 114420 72 58 Sept r 28571 114795 427494 82 57 45 Oct 28638 115206 67 54 Nov 28795 115640 68 50
Dec r
29145 116292 432554 72 53 482015 Jan 29318 117049 65 53 Feb 29950 118250 127 67 Mar r 29890 118448 435061 92 64 25 Apr r 29946 118949 91 65 May r 29846 119364 73 64 June r 30077 119820 439790 64 61 44 July r 30355 120596 71 61 Aug 30499 121385 37 53
1 Money market mutual fund (MMMF) Savings deposits include money market deposit accounts (MMDA)2 Consists of outstanding credit market debt of the US 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 quarter3 Annual changes are from December to Decemb er and monthly changes are from 6 months earlier at a simple annual rate4 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
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
M2
BILLIONS OF DOLLARS (RATIO SCALE)
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
BILLIONS OF DOLLARS (RATIO SCALE)
M1
MONEY CREDIT AND SECURITY MARKETS
In August M2 rose
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Components of Money Stock[Averages of daily figures billions of dollars seasonally adjusted]
2015 Jan r 12663 29 11742 4885 2640 2244 76444 65552 10892 5068 3758 1311 6219 17890 Feb r 12720 29 12174 5027 2713 2314 77076 66120 10956 5049 3758 1291 6174 17834 Mar 12794 28 12025 5042 2727 2315 77468 66493 10975 4949 3678 1272 6141 18075 Apr r 12843 28 12044 5030 2715 2315 78005 66950 11055 4864 3595 1269 6134 17848 May r 12884 27 11928 5007 2706 2301 78618 67441 11176 4792 3529 1262 6108 17990 June r 12934 27 12057 5059 2768 2291 78881 67664 11217 4727 3469 1257 6136 18154 July r 12999 27 12266 5063 2769 2294 79389 68179 11210 4664 3411 1253 6188 18438
Aug 13090 26 12313 5070 2753 2317 80069 68822 11247 4606 3355 1250 6212 187411 Small-denomination deposits are those issued in amounts of less than $1000002 Institutional money funds are not part of non-M1 M2
Source Board of Governors of the Federal Reserve System
Aggregate Reserves and Monetary Base[Averages of daily figures 1 millions of dollars not seasonally adjusted]
1 Data are prorated averages of biweekly (maintenance period) averages of daily figures2 Equals the sum of balances maintained up to the top of each institu tionrsquos penalty-free band3 Excludes vault cash used to satisfy required reserves4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve5 Equals total balances maintained plus currenc y 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 separately7 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 cr eation of a penalty-fr ee band around reserve balanc e requirements which took effe ct June 27 2013 See H3 release of July 11 2013
Source Board of Governors of the Federal Reserve System
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Bank Credit at All Commercial Banks
[Billions of dollars seasonally adjusted 1]
Period
Total
bankcredit
Securities in bank credit 2 Loans and leases in bank credit
Totalsecurities
US
Treasuryand
agencysecurities
Othersecurities
Totalloansand
leases 3
Commercialandindustrial
loans
Real estate loans
Consumerloans 5
Otherloansand
leases 6Total 4Revolving
home equityloans
Commercialloans
2005 Dec r 73156 18554 11593 6961 54602 10361 29289 4435 12701 7045 79062006 Dec r 81084 19913 12190 7723 61172 11826 33736 4683 14593 7386 82242007 Dec r 89042 21046 11375 9670 67997 14177 36002 4848 15872 7992 98272008 Dec r 93532 20976 12541 8435 72556 15588 38195 5882 17284 8762 100122009 Dec r 89955 23295 14509 8786 66660 12652 37767 6031 16409 8360 78812010 Dec r 91917 24299 16425 7874 67618 11923 36133 5819 15004 11138 84232011 Dec r 94020 24955 17020 7935 69065 13037 34948 5495 14183 10911 101702012 Dec r 99593 27358 18762 8596 72235 14756 35504 5152 14282 11155 108202013 Dec r 100964 27148 18047 9100 73816 15767 35317 4737 14986 11414 113182014 Dec r 108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 13155
2014 Aug r 106144 28436 19406 9029 77709 17174 36158 4623 15702 11822 12556 Sept r 106591 28605 19731 8874 77985 17290 36196 4608 15781 11873 12626 Oct r 106989 28683 19896 8787 78306 17366 36227 4603 15867 11919 12793 Nov r 107682 28801 20001 8800 78881 17565 36270 4594 15948 11973 13073
Dec r
108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 131552015 Jan r 109576 29525 20663 8862 80052 17932 36503 4564 16156 12008 13608 Feb r 110253 29732 20847 8885 80521 18116 36713 4553 16299 12041 13652 Mar r 111116 29771 20859 8912 81345 18392 37056 4545 16522 12066 13831 Apr r 111838 29954 20996 8958 81884 18500 37131 4527 16606 12127 14126 May r 112422 30248 21321 8927 82174 18665 37241 4509 16705 12179 14088 June r 112912 30267 21343 8924 82644 18842 37410 4487 16831 12227 14165 July r 113449 30219 21337 8882 83229 18939 37574 4468 16984 12289 14428 Aug 113955 30352 21489 8863 83603 19068 37702 4441 17118 12360 14473
1 Data are prorated averages of Wednesday values for domestically chartered commercial banks branches and agencies of foreign banks and Edge Act and agreement corporations2 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
accounts3 Excludes unearned inco me Includes the allowance for loan and lease losses Exclude s Federal funds sold to reverse r epurchase agreements (RPs) wit h and loans to commercial banks in the
United States Includes all loans held in trading acc ounts under a fair value option4 Includes closed-end residential loans not shown separately5 Includes credit cards and other consumer loans6 Includes other items not shown separately
Source Board of Governors of the Federal Reserve System
BILLIONS OF DOLLARS (RATIO SCALE)
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000TOTAL
LOANS AND LEASES
US TREASURY AND AGENCY SECURITIES
OTHER SECURITIES
otal commercial bank loans and leases rose 04 percent in August
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Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business[Billions of dollars quarterly data at seasonally adjusted annual rates]
2013 I r 28407 18324 10083 1750 ndash2137 3887 3161 727 7291 26861 14534 12327 1546 II r 27501 18870 8631 242 ndash3712 3953 2089 1866 6274 25223 15186 10037 2278 III r 29700 18725 10975 3049 ndash3441 6490 4794 1696 5918 25132 15917 9215 4569 IV r 30024 19526 10498 ndash1864 ndash4827 2964 2556 408 10129 27122 15941 11181 2902
2014 I r 23994 17883 6111 1149 ndash5018 6168 3033 3135 9213 20136 16114 4022 3857 II r 30269 18769 11500 707 ndash2731 3438 2539 899 8365 26528 16471 10057 3741 III r 30145 19916 10229 789 ndash4343 5132 2239 2894 5738 22768 17045 5723 7377
IV r 28679 19758 8921 1419 ndash3410 4828 3523 1305 5494 24169 17063 7106 45112015 I r 30105 19004 11101 443 ndash5920 6363 5297 1065 3035 23722 17387 6335 6383 II p 29302 18836 10466 836 ndash5910 6746 7004 ndash257 7179 25768 18870 6898 3533
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 earn-ings retained abroad inventory valuation adjustment and net capital transfers
2 Includes trade payables taxes payable and miscellaneous liabilities (foreign direct investment in the US 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]
Period
Consumer credit outstanding (end of period) Net change in consumer credit outstanding 1
Total Revolving Nonrevolving 2 Total Revolving Nonrevolving 2
2005 Dec 22909 8295 14614 987 299 6872006 Dec 24613 9240 15373 1704 945 7592007 Dec 26151 10020 16131 1538 780 7582008 Dec 26500 10044 16457 349 24 3262009 Dec 25523 9164 16359 ndash977 ndash880 ndash982010 Dec 26469 8395 18074 946 ndash769 17152011 Dec 27554 8412 19142 1085 17 10682012 Dec 29229 8459 20770 1675 47 16282013 Dec 30988 8582 22406 1759 123 16362014 Dec 33172 8900 24272 2184 318 1866
2014 July 32332 8803 23528 214 45 168 Aug 32493 8814 23679 161 11 151 Sept 32675 8834 23840 182 20 161 Oct 32841 8848 23993 166 14 153 Nov 33005 8861 24145 164 13 152
Dec 33172 8900 24272 167 39 1272015 Jan 33276 8883 24393 104 ndash17 121 Feb 33426 8860 24566 150 ndash23 173 Mar r 33634 8908 24726 208 48 160 Apr r 33876 9003 24873 242 95 147 May r 34073 9028 25045 197 25 172 June r 34343 9103 25240 270 75 195 July p 34534 9146 25388 191 43 148
1 Change based on data in billions of dollars as shown here For year-end data ch ange from preceding year-end for monthl y data change from preceding month2 Includes automobile loans and all other loans not included in revolving cr edit such as loans for mobile homes education boats t railers or vacations The se 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
1 High bill rate at auction issue date within period bank-discount basis Data are stop yields from uniform-price auctions2 Yields on actively traded issues adjusted to constant maturities Series for 30-year constant maturity was discontinued on February 18 2002 and reintroduced on February 6 20063 Weekly data are Wednesday figures4 Average effective rate for year rate in effect at end of month or week5 Daily effective rate weighted average of rates on brokered trades6 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 Moodyrsquos Investors Service and Standard amp Poorrsquos
Interest Rates and Bond Yields
2007 2008 2009 2010 2011 2012 2013 2014 2015
10
PERCENT PER ANNUM
4
2
0
6
8
10
PERCENT PER ANNUM
4
2
0
6
8
FEDERAL FUNDSRATE
TREASURYBILLS
CORPORATE Aaa BONDS(MOODYS)
COUNCIL OF ECONOMIC ADVISERSSOURCE SEE TABLE BELOW
Interest rates were mixed in September
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Common Stock Prices and Yields
Period
Common stock prices 1 Common stock yields(percent) 6
New York Stock Exchange indexes(December 31 2002=5000) 2 Dow Jones
1 Annual data are averages of mont hly figures Monthly and weekly dat a are averages of daily closing prices2 Includes all the stocks (in 2015 over 320 0) listed on the NYSE3 Includes 30 stocks4 Includes 500 stocks5 Includes over 2900 stocks in 20156 Standard amp Poorrsquos series Dividendprice ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter
Sources New York Stock Exchange Dow Jones amp Company Inc Standar d amp Poorrsquos Nasdaq Stock Market and Bloomberg
5
INDEX DEC 31 2002=5000 (RATIO SCALE)
SOURCES NEW YORK STOCK EXCHANGE STANDARD AND POORS AND BLOOMBERG COUNCIL OF ECONOMIC ADVISERS
1 Data from current issue Monthly Treasury Statement
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fisc al Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
RECEIPTS AND OUTLAYS1
SURPLUS OR DEFICIT (ndash)1
2007 2008 2009 2010 2011 2012
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF DOLLARSBILLIONS OF DOLLARS
OUTLAYS1
RECEIPTS1
2014 2015 20162013
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
FEDERAL FINANCE
In the first eleven months of fiscal year 2015 the deficit was $5300 billion compared with a deficit of $5892 billiona year earlier
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In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
b l d
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Corporate Profits
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Profits (before tax) with inventory valuation adjustment 1
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)
Source Department of Commerce (Bureau of Economic Analysis)
PROFITS BEFORE TAX
COUNCIL OF ECONOMIC ADVISERS
2006 2007 20102009 2011 20152008 2012 2013 2014
SOURCE DEPARTMENT OF COMMERCE
SEASONALLY ADJUSTED ANNUAL RATES
PROFITS AFTER TAX
UNDISTRIBUTED PROFITS
TAXES ONCORPORATE INCOME
BILLIONS OF DOLLARS
0
ndash200
2600
2400
2500
2300
2200
21002000
1900
1800
1200
1100
1000
1300
1400
1500
900
800
700
600500
400
300
200
100
ndash100
1700
1600
0
ndash200
2600
2400
2500
2300
2200
21002000
1900
1800
1200
1100
1000
1300
1400
1500
900
800
700
600500
400
300
200
100
ndash100
1700
1600
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates corporate profits before tax rose $1414 billion (annualrate) and profits after tax rose $1101 billion
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Real Gross Private Domestic Investment
[Billions of chained (2009) dollars quarterly dat a at seasonally adjusted annual rates]
Period
Grossprivate
domesticinvestment
Fixed investment Change in private inventories
Total
Nonresidential
Residential Total NonfarmTotal Structures Equipment
2015 I 28302 27014 21886 4582 10460 6871 5124 1128 1068 II r 28648 27355 22106 4652 10469 7010 5240 1135 1110
Note See p 10 for further detail on fixed investment by typeBecause of the formula used for calculating r eal GDP the chained (2009) dollar estimat es for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF CHAINED (2009) DOLLARS BILLIONS OF CHAINED (2009) DOLLARS
GROSS PRIVATE DOMESTICINVESTMENT
CHANGE IN PRIVATEINVENTORIES
NONRESIDENTIALFIXED INVESTMENT
COUNCIL OF ECONOMIC ADVISERS
2006 2007 20102009 2011 20152008 2012 2013 2014
SOURCE DEPARTMENT OF COMMERCE
SEASONALLY ADJUSTED ANNUAL RATES
0
3000
2200
2400
2600
2800
2000
1800
1600
1400
1200
1000
800
600
400
200
ndash400
ndash200
0
3000
2200
2400
2600
2800
2000
1800
1600
1400
1200
1000
800
600
400
200
ndash400
ndash200
RESIDENTIALFIXED INVESTMENT
In the second quarter of 2015 according to revised estimates nonresidential fixed investment in chained (2009)dollars rose $220 billion (annual rate) and residential investment rose $116 billion Inventories rose $1135 billionfollowing an increase of $1128 billion in the first quarter
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Real Private Fixed Investment by Type[Billions of chained (2009) dollars quarterly data at seasonally adjusted annual rates]
II r 27355 22106 4652 10469 3305 2403 2209 2851 7010 3354 2857 5240 5128 1845
1 Because computers ex hibit rapid changes in prices relativ e to other prices in the economy the chained-dollar est imates should not be used to measure the componentrsquos relative impor tance or itscontribution 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 componentsee Survey of Current Business Table 531 (for growth rates) Table 532 (for contribu tions) and Table 533 (for quantity indexes)
2 Includes other items not shown separately3 Research and development investment excludes expenditures for software development
Note Because of the formula used for calculat ing real GDP the chained (2009) dollar est imates for the detailed components do not add to the chained-dollar value of GDP or to any intermediateaggregates
Source Department of Commerce (Bureau of Economic Analysis)
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)
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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]
1 Civilian labor force (or employment) as per cent of civilian noninstitution al population and unemployment as percent of civilian labor for ce
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 OVER SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
2007
16
12
20
8
4
0
16
12
20
8
4
0
MILLIONS OF PERSONSMILLIONS OF PERSONS
2009 2011 20132012 2014 20152008 2010
CIVILIAN LABOR FORCE
146
154
150
142
138
134
158
162
UNEMPLOYMENT
CIVILIANEMPLOYMENT
146
154
150
142
138
134
158
162
EMPLOYMENT UNEMPLOYMENT AND WAGES
In September employment as measured by the household survey fell by 236000 and unemployment fell 114000
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Selected Unemployment Rates
[Monthly data seasonally adjusted except as noted by NSA]
Period
Unemployment rate (percent of civilian labor force in group)
Allcivilianworkers
By sex and age By race or ethnicity 1 By selected groups
2015 Jan 8979 268 261 155 315 323 134 474 95 316 115 2912 399 2958 Feb 8705 279 256 154 311 317 131 481 102 305 112 r 2759 296 r 2801 Mar 8575 289 268 145 298 307 122 489 102 314 95 3120 282 r 3166 Apr 8549 314 265 131 290 308 117 486 97 315 102 2400 r 289 r 2438 May 8674 276 290 148 286 307 116 491 95 301 112 2224 r 254 r 2260 June 8299 286 287 169 258 281 113 492 93 303 112 r 2311 r 300 r 2346 July 8266 307 278 146 269 283 113 502 102 296 100 2325 298 2359 Aug 8029 265 300 158 277 284 121 505 98 291 106 2461 246 2498 Sept 7915 299 281 154 266 263 114 491 98 306 105
1 Beginning January 2011 includes unemployment durations of up to 5 years prior data are for up to 2 year s2 Includes State (50 States Distri ct of Columbia Puerto Rico and the Virgin Islands) Federal (UCFE) ex-service members (UCX) and Federal and State ext ended benefit programs Also includes
Emergency Unemployment Compensation (2008-2013) and Federal Additional Compensation (2009-2010)
Note Data relate to perso ns 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
0
2011 2012 2013 2014 20152011 2012 2013 2014 2015
0
20
30
40
60
50
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF LABOR
20
COUNCIL OF ECONOMIC ADVISERS
NEW ENTRANTS
5-14 WEEKS
15-26 WEEKS
JOB LEAVERS
REENTRANTS
10 10
LESS THAN5 WEEKS
27 WEEKS AND OVER
JOB LOSERS
In September the percentage of the unemployed who had been out of work for less than 5 weeks rose while thepercentages for 5 to 14 weeks 15 to 26 weeks and 27 weeks and over fell Te mean duration of unemployment fellto 263 weeks and the median duration fell to 114 weeks
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Nonagricultural Employment
[Thousands of wage and salary workers 1 monthly data seasonally adjusted]
1 Data from the est ablishment survey Includes all full- and part-time wage and salary wor kers in nonagricultural est ablishments who received pay for any par t of the pay period that includes the12th of the month Excludes propr ietors self-employed per sons unpaid family workers and private hous ehold workers Data from the household sur vey shown on p 11 include those workers and alsocount persons as employed when they are not at work be cause of industrial disputes bad weat her etc even if they are not paid for the time off In the ser ies shown here persons who work at morethan one job are counted each time they appear on a payroll in cont rast to the series shown on p 11 where persons are counted only onc emdashas employed unemployed or not in the labor for ce SeeEmployment 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
Source Department of Labor (Bureau of Labor Statistics)
MILLIONS OF PERSONS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS
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
PRIVATESERVICE-PROVIDING
INDUSTRIES
EDUCATION ANDHEALTH SERVICES
otal nonagricultural employment as measured by the payroll survey rose by 142000 in September
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Employment Cost IndexmdashPrivate Industry
Period
Index (December 2005 = 100) Percent change from
Totalcompensation
Wagesand
salaries
Benefits 1
3 months earlier 12 months earlier
Totalcompensation
Wages
andsalaries Benefits 1 Total
compensation
Wages
andsalaries Benefits 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
Note The employment cost index is a measure of the change in the cos t of labor free from the influence of employment shif ts among occupations and industries Data exclude farm and household workers
Source Department of Labor (Bureau of Labor Statistics)
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries[For production or nonsupervisory workers monthly data seasonally adjusted]
Period
Average weekly hours Average gross hourly earnings Average gross weekly earnings
1 Also includes other private industry groups shown on p 142 Current dollar earnings divided by t he consumer price index for urban wage earners and cleric al workers (CPIndash W) (on a 1982-84=100 base)
Source Department of Labor (Bureau of Labor Statistics)
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Productivity and Related Data Business and Nonfarm Business Sectors
Period
Output per hourof all persons
Output 1Hours of
all persons 2Compensation
per hour 3
Realcompensation
per hour 4Unit labor
costsImplicit price
deflator 5
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Indexes 2009=100 quarterly data seasonally adjusted
1 Output refers to real gross domestic product originating in the sector2 Hours of all persons engaged in the sect or including hours of proprietors and unpaid family workers Es timates based primarily on est ablishment data3 Wages and salaries of employees plus employersrsquo contri butions for social insurance and priva te benefit plans Also includes an estimate of wages salar ies and supplemental payments for th e
self-employed4 Hourly compensation divided by the consumer price index for all urban consumers (CPIndashU) for recent quarters The trend from 1978ndash2014 is based on the consumer price index research series
(CPIndashUndashRS)5 Current dollar gross domestic output divided by the output index
Note Data relate to all persons engaged in the se ctorPercent 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 da ta released on Augus t 27 2015
Source Department of Labor (Bureau of Labor Statistics)
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Industrial Production and Capacity Utilization
[Monthly data seasonally adjusted]
Period
Total industrial production 1 Industry production indexes 2012=100 Capacity utilization rate(output as percent of
2015 Jan 1076 ndash3 45 1049 1074 1038 860 1221 1046 787 761 Feb 1074 ndash2 35 1045 1068 1037 861 1201 1082 784 757 Mar r 1072 ndash2 25 1048 1068 1041 865 1195 1055 782 758 Apr r 1070 ndash2 21 1052 1071 1046 865 1179 1027 779 760 May r 1066 ndash4 13 1050 1075 1039 860 1153 1021 775 759 June r 1066 0 8 1049 1073 1039 851 1154 1031 774 757 July r 1075 9 13 1058 1085 1045 852 1175 1030 780 762 Aug p 1071 ndash4 9 1053 1076 1045 850 1167 1036 776 758
1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industriesmdashlogging and newspaperperiodical book and directory-publishingmdashthat have traditionally been included in manufacturing
2 Percent changes based on unrounded indexes
Note Data based on NAICS exc ept series as defined in footnote 1
Source Board of Governors of the Federal Reserve System
INDEX 2012 = 100 (RATIO SCALE)
BUSINESSEQUIPMENT
CONSUMER GOODS
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 2012 = 100 (RATIO SCALE)
PERCENT
130
120
110
100
80
90
86
84
82
80
78
76
74
72
70
66
68
110
100
90
80
140
130
120
110
100
80
90
DURABLE
NONDURABLE
TOTAL1MANUFACTURING120
110
100
90
80
PRODUCTION AND BUSINESS ACTIVITY
Industrial production and capacity utilization fell in August
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Industrial ProductionmdashMajor Market Groups and Selected Manufactures
Apr 1190 735 436 1140 666 32 442 999 508 207 May r 1072 697 366 1250 681 34 535 1010 513 210 June r 1211 687 510 1337 692 34 611 959 466 215 68
July r 1161 762 390 1130 680 28 422 996 522 215 Aug p 1126 739 381 1161 699 30 432 935 552 216
1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards2 Based on approximately 20100 permit-issuing places beginning wit h 2014 and 19300 beginning with 2004 Using the 20 04 universe the tot al for 2014 is 104643 Seasonally adjusted4 Quarterly data are three-month averages Annual data are averages of quarterly data
Source Department of Commerce (Bureau of the Census)
New Construction[Billions of dollars monthly data at seasonally adjusted annual rates]
2015 Jan 9901 7162 3589 2616 3572 170 420 640 736 1607 2739 Feb 9935 7208 3606 2607 3602 176 418 620 768 1621 2726 Mar 10064 7297 3575 2562 3722 180 446 622 810 1664 2766 Apr 10446 7572 3668 2599 3904 192 463 653 840 1756 2874 May 10684 7765 3731 2632 4034 208 482 663 896 1784 2920 June r 10743 7735 3761 2659 3974 223 493 626 862 1770 3008 July r 10791 7823 3785 2683 4038 218 493 632 906 1789 2968 Aug p 10862 7880 3833 2723 4047 225 492 622 920 1789 2982
1 Includes residential improvements not shown separately2 Includes health care educa tional communication and power among other categories not shown separ ately
Source Department of Commerce (Bureau of the Census)
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Business Sales and InventoriesmdashManufacturing and Trade
[Millions of dollars except ratios seasonally adjusted except as noted]
Period
Manufacturing and trade 1 Wholesale RetailRetail and foodservices sales 2
2015 Jan 1308276 1778991 136 445024 572469 129 383889 558296 145 434225 Feb 1303701 1783741 137 442459 573668 130 381432 561001 147 431921 Mar 1311121 1785855 136 441024 574661 130 387665 562821 145 438572 Apr 1318016 1792837 136 448458 576998 129 387235 566270 146 438717 May 1322962 1798172 136 449347 580710 129 392268 567490 145 443913 June r 1327245 1809917 136 450927 584986 130 391955 573180 146 443734 July p 1327773 1811191 136 449492 584281 130 r 394919 576881 146 r 446872 Aug p 395401 447715
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
Source Department of Commerce (Bureau of the Census)
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
900
1000
1100
1200
1300
1600
MANUFACTURING ANDTRADE INVENTORIES
MANUFACTURING AND TRADE SALES 350
400
450
RETAIL SALES
RETAIL INVENTORIES
300
140
130
120
160
150
INVENTORYSALES RATIO
1500
1400
MANUFACTURING AND TRADE
1700
1900
1800
RATIO
500
600
550
170
RETAIL AND FOODSERVICES SALES
RETAIL
COUNCIL OF ECONOMIC ADVISERS
In July according to current estimates manufacturing and trade sales were roughly unchanged while inventoriesrose $13 billion According to advance estimates retail sales rose 01 percent in August Retail and food servicessales rose 02 percent
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Manufacturersrsquo Shipments Inventories and Orders
Period
Manufacturersrsquo shipments 1 Manufacturersrsquo inventories 2 Manufacturersrsquo new orders 1
Manu-
facturersrsquounfilledorders 2
Manu-facturersrsquo
inventoryshipments
ratio 3Total
Durablegoods
Nondurablegoods
TotalDurablegoods
Nondurablegoods
Total
Durable goods
Total
Capitalgoods
industriesnondefense
Millions of dollars seasonally adjusted except as noted
1 Annual data are averages of mont hly not seasonally adjusted figures monthly dat a are seasonally adjusted totals for month Shipment s are the same as sales2 Seasonally adjusted end of period3 Annual data are averages of seasonally adjusted monthly ratios
Note Manufacturersrsquo 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 durableunfilled orders
Total and durable shipments and inventories include data on semiconductor s new and unfilled orders do not
Source Department of Commerce (Bureau of the Census)
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
140
180
220
260
300
420
380
340
140
180
220
260300
340
140
180
220
260
300
340380
420
460
500
110
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL
NEW ORDERS
SHIPMENTS INVENTORIES
INVENTORYSHIPMENTS RATIO
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
2014 20152012 2011 2014 2015
DURABLE GOODS
NONDURABLE GOODS
160
140
150
120
130
NONDURABLE GOODS
DURABLE GOODS
TOTAL
20132011 2012 2013
DURABLE GOODS
RATIO
540460
500540
380
420
460500540
TOTAL
580
580 700
580620660
In August manufacturersrsquo shipments inventories and new and unfilled orders all fell
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Producer Prices
[November 2009 =100 except as noted monthly data seasonally adjusted]
1 Includes final demand construction not shown separately2 Does not include food and beverages for immediate con sumption which are defined as the servic e of preparing meals snacks and beverages to cust omer order for immediate consumption3 Trade indexes measure changes in margins received by wholesalers and re tailers4 Relative importance December 2014
Source Department of Labor (Bureau of Labor Statistics)
INDEX NOV 2009=100 (RATIO SCALE) INDEX NOV 2009=100 (RATIO SCALE)
2009 2010 2011 2012 2013 2014 2015
SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTEDFINAL DEMAND
COUNCIL OF ECONOMIC ADVISERS
FINAL DEMANDSERVICES
100
95
115
125
110
105
120
100
95
115
125
110
105
120
FINAL DEMAND
FINAL DEMANDGOODS
PRICES
Te producer price index for final demand was unchanged in August Prices for final demand goods fell 06 percentand prices for final demand services rose 04 percent
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In August the consumer price index for all urban consumers fell 01 percent it also fell 01 percent before seasonaladjustment Te index rose 02 percent from its year earlier level
Consumer PricesmdashAll Urban Consumers
[1982ndash84=100 except as noted monthly data seasonally adjusted except as noted by NSA]
Period
All items All items less food and energy Food Energy
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Relative importance July 2015
Source Department of Labor (Bureau of Labor Statistics)
INDEX 1982-84 = 100 (RATIO SCALE)
SEASONALLY ADJUSTED
INDEX 1982-84 = 100 (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF LABOR
2007 2008 2009 2010 2011 2012 2013 2014 2015
CONSUMER PRICESmdashALL ITEMS
250
240
230
220
210
200
190
180
250
240
230
220
210
200
190
180
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Changes in Consumer PricesmdashAll Urban Consumers[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Quarterly chan ges are shown in the last month of the quart er
Source Department of Labor (Bureau of Labor Statistics)
Changes in Producer Prices[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
Period
Totalfinalde-
mand 1
Final demand goods Final demand services Finaldemand
Sept r 107 87 132 112 114 115 96 Oct 100 81 135 112 113 114 89 Nov r 102 82 134 112 113 114 91 Dec r 101 83 127 111 112 114 91
2015 Jan 97 82 120 110 111 111 88 Feb 99 84 114 110 110 111 90 Mar 102 85 117 110 111 111 93 Apr r 103 89 116 110 111 111 94 May r 107 90 122 110 110 111 97 June 105 88 121 109 110 110 96 July 99 86 115 109 110 110 91 Aug 102 88 117 108 109 109 94
1 Annual indexes for 2011 forward reflect revised methodology See Agricultural Price Program Update January 2015 for details2 Includes items not shown separately3 Annual data are averages of monthly ratios
Note These indexes are also available on a 1910-14=100 basis as required by stat ute
Source Department of Agriculture (National Agricultural Statistics Service)
1RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID
SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
2010 20152007 2008 2009 20122011 2013 2014
PRICES RECEIVED
RATIO
PRICES PAID
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
90
80
60
70
130
120
110
100
90
80
60
70
130
120
110
100
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
In August prices received by farmers rose 30 percent and prices paid by farmers fell 09 percent (Data are notseasonally adjusted)
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Money Stock and Debt Measures
[Averages of daily figures except debt end-of-period basis billions of dollars seasonally adjusted]
Period
M1 M2 Debt Percent change
Sum of currencydemand depositstravelers checks and
other checkable deposits
M1 plussavings depositsretail MMMF balances
and small time deposits 1
Debt ofdomesticnonfinancial
sectors 2
From year or 6 months earlier
3 From
previous period 4
M1 M2 Debt
2005 Dec r 13748 66508 282945 ndash01 42 862006 Dec r 13683 70427 307233 ndash5 59 842007 Dec r 13766 74488 331796 6 58 812008 Dec r 16071 81740 349342 167 97 572009 Dec r 16984 84801 357496 57 37 342010 Dec r 18418 87814 370390 84 36 432011 Dec r 21682 96346 382033 177 97 352012 Dec r 24577 104225 399658 134 82 502013 Dec r 26545 109840 414596 80 54 402014 Dec r 29145 116292 432554 98 59 44
2014 Aug 28160 114420 72 58 Sept r 28571 114795 427494 82 57 45 Oct 28638 115206 67 54 Nov 28795 115640 68 50
Dec r
29145 116292 432554 72 53 482015 Jan 29318 117049 65 53 Feb 29950 118250 127 67 Mar r 29890 118448 435061 92 64 25 Apr r 29946 118949 91 65 May r 29846 119364 73 64 June r 30077 119820 439790 64 61 44 July r 30355 120596 71 61 Aug 30499 121385 37 53
1 Money market mutual fund (MMMF) Savings deposits include money market deposit accounts (MMDA)2 Consists of outstanding credit market debt of the US 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 quarter3 Annual changes are from December to Decemb er and monthly changes are from 6 months earlier at a simple annual rate4 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
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
M2
BILLIONS OF DOLLARS (RATIO SCALE)
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
BILLIONS OF DOLLARS (RATIO SCALE)
M1
MONEY CREDIT AND SECURITY MARKETS
In August M2 rose
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Components of Money Stock[Averages of daily figures billions of dollars seasonally adjusted]
2015 Jan r 12663 29 11742 4885 2640 2244 76444 65552 10892 5068 3758 1311 6219 17890 Feb r 12720 29 12174 5027 2713 2314 77076 66120 10956 5049 3758 1291 6174 17834 Mar 12794 28 12025 5042 2727 2315 77468 66493 10975 4949 3678 1272 6141 18075 Apr r 12843 28 12044 5030 2715 2315 78005 66950 11055 4864 3595 1269 6134 17848 May r 12884 27 11928 5007 2706 2301 78618 67441 11176 4792 3529 1262 6108 17990 June r 12934 27 12057 5059 2768 2291 78881 67664 11217 4727 3469 1257 6136 18154 July r 12999 27 12266 5063 2769 2294 79389 68179 11210 4664 3411 1253 6188 18438
Aug 13090 26 12313 5070 2753 2317 80069 68822 11247 4606 3355 1250 6212 187411 Small-denomination deposits are those issued in amounts of less than $1000002 Institutional money funds are not part of non-M1 M2
Source Board of Governors of the Federal Reserve System
Aggregate Reserves and Monetary Base[Averages of daily figures 1 millions of dollars not seasonally adjusted]
1 Data are prorated averages of biweekly (maintenance period) averages of daily figures2 Equals the sum of balances maintained up to the top of each institu tionrsquos penalty-free band3 Excludes vault cash used to satisfy required reserves4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve5 Equals total balances maintained plus currenc y 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 separately7 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 cr eation of a penalty-fr ee band around reserve balanc e requirements which took effe ct June 27 2013 See H3 release of July 11 2013
Source Board of Governors of the Federal Reserve System
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Bank Credit at All Commercial Banks
[Billions of dollars seasonally adjusted 1]
Period
Total
bankcredit
Securities in bank credit 2 Loans and leases in bank credit
Totalsecurities
US
Treasuryand
agencysecurities
Othersecurities
Totalloansand
leases 3
Commercialandindustrial
loans
Real estate loans
Consumerloans 5
Otherloansand
leases 6Total 4Revolving
home equityloans
Commercialloans
2005 Dec r 73156 18554 11593 6961 54602 10361 29289 4435 12701 7045 79062006 Dec r 81084 19913 12190 7723 61172 11826 33736 4683 14593 7386 82242007 Dec r 89042 21046 11375 9670 67997 14177 36002 4848 15872 7992 98272008 Dec r 93532 20976 12541 8435 72556 15588 38195 5882 17284 8762 100122009 Dec r 89955 23295 14509 8786 66660 12652 37767 6031 16409 8360 78812010 Dec r 91917 24299 16425 7874 67618 11923 36133 5819 15004 11138 84232011 Dec r 94020 24955 17020 7935 69065 13037 34948 5495 14183 10911 101702012 Dec r 99593 27358 18762 8596 72235 14756 35504 5152 14282 11155 108202013 Dec r 100964 27148 18047 9100 73816 15767 35317 4737 14986 11414 113182014 Dec r 108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 13155
2014 Aug r 106144 28436 19406 9029 77709 17174 36158 4623 15702 11822 12556 Sept r 106591 28605 19731 8874 77985 17290 36196 4608 15781 11873 12626 Oct r 106989 28683 19896 8787 78306 17366 36227 4603 15867 11919 12793 Nov r 107682 28801 20001 8800 78881 17565 36270 4594 15948 11973 13073
Dec r
108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 131552015 Jan r 109576 29525 20663 8862 80052 17932 36503 4564 16156 12008 13608 Feb r 110253 29732 20847 8885 80521 18116 36713 4553 16299 12041 13652 Mar r 111116 29771 20859 8912 81345 18392 37056 4545 16522 12066 13831 Apr r 111838 29954 20996 8958 81884 18500 37131 4527 16606 12127 14126 May r 112422 30248 21321 8927 82174 18665 37241 4509 16705 12179 14088 June r 112912 30267 21343 8924 82644 18842 37410 4487 16831 12227 14165 July r 113449 30219 21337 8882 83229 18939 37574 4468 16984 12289 14428 Aug 113955 30352 21489 8863 83603 19068 37702 4441 17118 12360 14473
1 Data are prorated averages of Wednesday values for domestically chartered commercial banks branches and agencies of foreign banks and Edge Act and agreement corporations2 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
accounts3 Excludes unearned inco me Includes the allowance for loan and lease losses Exclude s Federal funds sold to reverse r epurchase agreements (RPs) wit h and loans to commercial banks in the
United States Includes all loans held in trading acc ounts under a fair value option4 Includes closed-end residential loans not shown separately5 Includes credit cards and other consumer loans6 Includes other items not shown separately
Source Board of Governors of the Federal Reserve System
BILLIONS OF DOLLARS (RATIO SCALE)
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000TOTAL
LOANS AND LEASES
US TREASURY AND AGENCY SECURITIES
OTHER SECURITIES
otal commercial bank loans and leases rose 04 percent in August
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Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business[Billions of dollars quarterly data at seasonally adjusted annual rates]
2013 I r 28407 18324 10083 1750 ndash2137 3887 3161 727 7291 26861 14534 12327 1546 II r 27501 18870 8631 242 ndash3712 3953 2089 1866 6274 25223 15186 10037 2278 III r 29700 18725 10975 3049 ndash3441 6490 4794 1696 5918 25132 15917 9215 4569 IV r 30024 19526 10498 ndash1864 ndash4827 2964 2556 408 10129 27122 15941 11181 2902
2014 I r 23994 17883 6111 1149 ndash5018 6168 3033 3135 9213 20136 16114 4022 3857 II r 30269 18769 11500 707 ndash2731 3438 2539 899 8365 26528 16471 10057 3741 III r 30145 19916 10229 789 ndash4343 5132 2239 2894 5738 22768 17045 5723 7377
IV r 28679 19758 8921 1419 ndash3410 4828 3523 1305 5494 24169 17063 7106 45112015 I r 30105 19004 11101 443 ndash5920 6363 5297 1065 3035 23722 17387 6335 6383 II p 29302 18836 10466 836 ndash5910 6746 7004 ndash257 7179 25768 18870 6898 3533
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 earn-ings retained abroad inventory valuation adjustment and net capital transfers
2 Includes trade payables taxes payable and miscellaneous liabilities (foreign direct investment in the US 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]
Period
Consumer credit outstanding (end of period) Net change in consumer credit outstanding 1
Total Revolving Nonrevolving 2 Total Revolving Nonrevolving 2
2005 Dec 22909 8295 14614 987 299 6872006 Dec 24613 9240 15373 1704 945 7592007 Dec 26151 10020 16131 1538 780 7582008 Dec 26500 10044 16457 349 24 3262009 Dec 25523 9164 16359 ndash977 ndash880 ndash982010 Dec 26469 8395 18074 946 ndash769 17152011 Dec 27554 8412 19142 1085 17 10682012 Dec 29229 8459 20770 1675 47 16282013 Dec 30988 8582 22406 1759 123 16362014 Dec 33172 8900 24272 2184 318 1866
2014 July 32332 8803 23528 214 45 168 Aug 32493 8814 23679 161 11 151 Sept 32675 8834 23840 182 20 161 Oct 32841 8848 23993 166 14 153 Nov 33005 8861 24145 164 13 152
Dec 33172 8900 24272 167 39 1272015 Jan 33276 8883 24393 104 ndash17 121 Feb 33426 8860 24566 150 ndash23 173 Mar r 33634 8908 24726 208 48 160 Apr r 33876 9003 24873 242 95 147 May r 34073 9028 25045 197 25 172 June r 34343 9103 25240 270 75 195 July p 34534 9146 25388 191 43 148
1 Change based on data in billions of dollars as shown here For year-end data ch ange from preceding year-end for monthl y data change from preceding month2 Includes automobile loans and all other loans not included in revolving cr edit such as loans for mobile homes education boats t railers or vacations The se 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
1 High bill rate at auction issue date within period bank-discount basis Data are stop yields from uniform-price auctions2 Yields on actively traded issues adjusted to constant maturities Series for 30-year constant maturity was discontinued on February 18 2002 and reintroduced on February 6 20063 Weekly data are Wednesday figures4 Average effective rate for year rate in effect at end of month or week5 Daily effective rate weighted average of rates on brokered trades6 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 Moodyrsquos Investors Service and Standard amp Poorrsquos
Interest Rates and Bond Yields
2007 2008 2009 2010 2011 2012 2013 2014 2015
10
PERCENT PER ANNUM
4
2
0
6
8
10
PERCENT PER ANNUM
4
2
0
6
8
FEDERAL FUNDSRATE
TREASURYBILLS
CORPORATE Aaa BONDS(MOODYS)
COUNCIL OF ECONOMIC ADVISERSSOURCE SEE TABLE BELOW
Interest rates were mixed in September
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Common Stock Prices and Yields
Period
Common stock prices 1 Common stock yields(percent) 6
New York Stock Exchange indexes(December 31 2002=5000) 2 Dow Jones
1 Annual data are averages of mont hly figures Monthly and weekly dat a are averages of daily closing prices2 Includes all the stocks (in 2015 over 320 0) listed on the NYSE3 Includes 30 stocks4 Includes 500 stocks5 Includes over 2900 stocks in 20156 Standard amp Poorrsquos series Dividendprice ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter
Sources New York Stock Exchange Dow Jones amp Company Inc Standar d amp Poorrsquos Nasdaq Stock Market and Bloomberg
5
INDEX DEC 31 2002=5000 (RATIO SCALE)
SOURCES NEW YORK STOCK EXCHANGE STANDARD AND POORS AND BLOOMBERG COUNCIL OF ECONOMIC ADVISERS
1 Data from current issue Monthly Treasury Statement
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fisc al Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
RECEIPTS AND OUTLAYS1
SURPLUS OR DEFICIT (ndash)1
2007 2008 2009 2010 2011 2012
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF DOLLARSBILLIONS OF DOLLARS
OUTLAYS1
RECEIPTS1
2014 2015 20162013
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
FEDERAL FINANCE
In the first eleven months of fiscal year 2015 the deficit was $5300 billion compared with a deficit of $5892 billiona year earlier
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In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
b l d
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Real Gross Private Domestic Investment
[Billions of chained (2009) dollars quarterly dat a at seasonally adjusted annual rates]
Period
Grossprivate
domesticinvestment
Fixed investment Change in private inventories
Total
Nonresidential
Residential Total NonfarmTotal Structures Equipment
2015 I 28302 27014 21886 4582 10460 6871 5124 1128 1068 II r 28648 27355 22106 4652 10469 7010 5240 1135 1110
Note See p 10 for further detail on fixed investment by typeBecause of the formula used for calculating r eal GDP the chained (2009) dollar estimat es for the detailed components do not add to the chained-dollar value of GDP or to any intermediate
aggregates
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF CHAINED (2009) DOLLARS BILLIONS OF CHAINED (2009) DOLLARS
GROSS PRIVATE DOMESTICINVESTMENT
CHANGE IN PRIVATEINVENTORIES
NONRESIDENTIALFIXED INVESTMENT
COUNCIL OF ECONOMIC ADVISERS
2006 2007 20102009 2011 20152008 2012 2013 2014
SOURCE DEPARTMENT OF COMMERCE
SEASONALLY ADJUSTED ANNUAL RATES
0
3000
2200
2400
2600
2800
2000
1800
1600
1400
1200
1000
800
600
400
200
ndash400
ndash200
0
3000
2200
2400
2600
2800
2000
1800
1600
1400
1200
1000
800
600
400
200
ndash400
ndash200
RESIDENTIALFIXED INVESTMENT
In the second quarter of 2015 according to revised estimates nonresidential fixed investment in chained (2009)dollars rose $220 billion (annual rate) and residential investment rose $116 billion Inventories rose $1135 billionfollowing an increase of $1128 billion in the first quarter
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Real Private Fixed Investment by Type[Billions of chained (2009) dollars quarterly data at seasonally adjusted annual rates]
II r 27355 22106 4652 10469 3305 2403 2209 2851 7010 3354 2857 5240 5128 1845
1 Because computers ex hibit rapid changes in prices relativ e to other prices in the economy the chained-dollar est imates should not be used to measure the componentrsquos relative impor tance or itscontribution 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 componentsee Survey of Current Business Table 531 (for growth rates) Table 532 (for contribu tions) and Table 533 (for quantity indexes)
2 Includes other items not shown separately3 Research and development investment excludes expenditures for software development
Note Because of the formula used for calculat ing real GDP the chained (2009) dollar est imates for the detailed components do not add to the chained-dollar value of GDP or to any intermediateaggregates
Source Department of Commerce (Bureau of Economic Analysis)
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)
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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]
1 Civilian labor force (or employment) as per cent of civilian noninstitution al population and unemployment as percent of civilian labor for ce
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 OVER SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
2007
16
12
20
8
4
0
16
12
20
8
4
0
MILLIONS OF PERSONSMILLIONS OF PERSONS
2009 2011 20132012 2014 20152008 2010
CIVILIAN LABOR FORCE
146
154
150
142
138
134
158
162
UNEMPLOYMENT
CIVILIANEMPLOYMENT
146
154
150
142
138
134
158
162
EMPLOYMENT UNEMPLOYMENT AND WAGES
In September employment as measured by the household survey fell by 236000 and unemployment fell 114000
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Selected Unemployment Rates
[Monthly data seasonally adjusted except as noted by NSA]
Period
Unemployment rate (percent of civilian labor force in group)
Allcivilianworkers
By sex and age By race or ethnicity 1 By selected groups
2015 Jan 8979 268 261 155 315 323 134 474 95 316 115 2912 399 2958 Feb 8705 279 256 154 311 317 131 481 102 305 112 r 2759 296 r 2801 Mar 8575 289 268 145 298 307 122 489 102 314 95 3120 282 r 3166 Apr 8549 314 265 131 290 308 117 486 97 315 102 2400 r 289 r 2438 May 8674 276 290 148 286 307 116 491 95 301 112 2224 r 254 r 2260 June 8299 286 287 169 258 281 113 492 93 303 112 r 2311 r 300 r 2346 July 8266 307 278 146 269 283 113 502 102 296 100 2325 298 2359 Aug 8029 265 300 158 277 284 121 505 98 291 106 2461 246 2498 Sept 7915 299 281 154 266 263 114 491 98 306 105
1 Beginning January 2011 includes unemployment durations of up to 5 years prior data are for up to 2 year s2 Includes State (50 States Distri ct of Columbia Puerto Rico and the Virgin Islands) Federal (UCFE) ex-service members (UCX) and Federal and State ext ended benefit programs Also includes
Emergency Unemployment Compensation (2008-2013) and Federal Additional Compensation (2009-2010)
Note Data relate to perso ns 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
0
2011 2012 2013 2014 20152011 2012 2013 2014 2015
0
20
30
40
60
50
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF LABOR
20
COUNCIL OF ECONOMIC ADVISERS
NEW ENTRANTS
5-14 WEEKS
15-26 WEEKS
JOB LEAVERS
REENTRANTS
10 10
LESS THAN5 WEEKS
27 WEEKS AND OVER
JOB LOSERS
In September the percentage of the unemployed who had been out of work for less than 5 weeks rose while thepercentages for 5 to 14 weeks 15 to 26 weeks and 27 weeks and over fell Te mean duration of unemployment fellto 263 weeks and the median duration fell to 114 weeks
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Nonagricultural Employment
[Thousands of wage and salary workers 1 monthly data seasonally adjusted]
1 Data from the est ablishment survey Includes all full- and part-time wage and salary wor kers in nonagricultural est ablishments who received pay for any par t of the pay period that includes the12th of the month Excludes propr ietors self-employed per sons unpaid family workers and private hous ehold workers Data from the household sur vey shown on p 11 include those workers and alsocount persons as employed when they are not at work be cause of industrial disputes bad weat her etc even if they are not paid for the time off In the ser ies shown here persons who work at morethan one job are counted each time they appear on a payroll in cont rast to the series shown on p 11 where persons are counted only onc emdashas employed unemployed or not in the labor for ce SeeEmployment 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
Source Department of Labor (Bureau of Labor Statistics)
MILLIONS OF PERSONS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS
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
PRIVATESERVICE-PROVIDING
INDUSTRIES
EDUCATION ANDHEALTH SERVICES
otal nonagricultural employment as measured by the payroll survey rose by 142000 in September
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Employment Cost IndexmdashPrivate Industry
Period
Index (December 2005 = 100) Percent change from
Totalcompensation
Wagesand
salaries
Benefits 1
3 months earlier 12 months earlier
Totalcompensation
Wages
andsalaries Benefits 1 Total
compensation
Wages
andsalaries Benefits 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
Note The employment cost index is a measure of the change in the cos t of labor free from the influence of employment shif ts among occupations and industries Data exclude farm and household workers
Source Department of Labor (Bureau of Labor Statistics)
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries[For production or nonsupervisory workers monthly data seasonally adjusted]
Period
Average weekly hours Average gross hourly earnings Average gross weekly earnings
1 Also includes other private industry groups shown on p 142 Current dollar earnings divided by t he consumer price index for urban wage earners and cleric al workers (CPIndash W) (on a 1982-84=100 base)
Source Department of Labor (Bureau of Labor Statistics)
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Productivity and Related Data Business and Nonfarm Business Sectors
Period
Output per hourof all persons
Output 1Hours of
all persons 2Compensation
per hour 3
Realcompensation
per hour 4Unit labor
costsImplicit price
deflator 5
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Indexes 2009=100 quarterly data seasonally adjusted
1 Output refers to real gross domestic product originating in the sector2 Hours of all persons engaged in the sect or including hours of proprietors and unpaid family workers Es timates based primarily on est ablishment data3 Wages and salaries of employees plus employersrsquo contri butions for social insurance and priva te benefit plans Also includes an estimate of wages salar ies and supplemental payments for th e
self-employed4 Hourly compensation divided by the consumer price index for all urban consumers (CPIndashU) for recent quarters The trend from 1978ndash2014 is based on the consumer price index research series
(CPIndashUndashRS)5 Current dollar gross domestic output divided by the output index
Note Data relate to all persons engaged in the se ctorPercent 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 da ta released on Augus t 27 2015
Source Department of Labor (Bureau of Labor Statistics)
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Industrial Production and Capacity Utilization
[Monthly data seasonally adjusted]
Period
Total industrial production 1 Industry production indexes 2012=100 Capacity utilization rate(output as percent of
2015 Jan 1076 ndash3 45 1049 1074 1038 860 1221 1046 787 761 Feb 1074 ndash2 35 1045 1068 1037 861 1201 1082 784 757 Mar r 1072 ndash2 25 1048 1068 1041 865 1195 1055 782 758 Apr r 1070 ndash2 21 1052 1071 1046 865 1179 1027 779 760 May r 1066 ndash4 13 1050 1075 1039 860 1153 1021 775 759 June r 1066 0 8 1049 1073 1039 851 1154 1031 774 757 July r 1075 9 13 1058 1085 1045 852 1175 1030 780 762 Aug p 1071 ndash4 9 1053 1076 1045 850 1167 1036 776 758
1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industriesmdashlogging and newspaperperiodical book and directory-publishingmdashthat have traditionally been included in manufacturing
2 Percent changes based on unrounded indexes
Note Data based on NAICS exc ept series as defined in footnote 1
Source Board of Governors of the Federal Reserve System
INDEX 2012 = 100 (RATIO SCALE)
BUSINESSEQUIPMENT
CONSUMER GOODS
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 2012 = 100 (RATIO SCALE)
PERCENT
130
120
110
100
80
90
86
84
82
80
78
76
74
72
70
66
68
110
100
90
80
140
130
120
110
100
80
90
DURABLE
NONDURABLE
TOTAL1MANUFACTURING120
110
100
90
80
PRODUCTION AND BUSINESS ACTIVITY
Industrial production and capacity utilization fell in August
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Industrial ProductionmdashMajor Market Groups and Selected Manufactures
Apr 1190 735 436 1140 666 32 442 999 508 207 May r 1072 697 366 1250 681 34 535 1010 513 210 June r 1211 687 510 1337 692 34 611 959 466 215 68
July r 1161 762 390 1130 680 28 422 996 522 215 Aug p 1126 739 381 1161 699 30 432 935 552 216
1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards2 Based on approximately 20100 permit-issuing places beginning wit h 2014 and 19300 beginning with 2004 Using the 20 04 universe the tot al for 2014 is 104643 Seasonally adjusted4 Quarterly data are three-month averages Annual data are averages of quarterly data
Source Department of Commerce (Bureau of the Census)
New Construction[Billions of dollars monthly data at seasonally adjusted annual rates]
2015 Jan 9901 7162 3589 2616 3572 170 420 640 736 1607 2739 Feb 9935 7208 3606 2607 3602 176 418 620 768 1621 2726 Mar 10064 7297 3575 2562 3722 180 446 622 810 1664 2766 Apr 10446 7572 3668 2599 3904 192 463 653 840 1756 2874 May 10684 7765 3731 2632 4034 208 482 663 896 1784 2920 June r 10743 7735 3761 2659 3974 223 493 626 862 1770 3008 July r 10791 7823 3785 2683 4038 218 493 632 906 1789 2968 Aug p 10862 7880 3833 2723 4047 225 492 622 920 1789 2982
1 Includes residential improvements not shown separately2 Includes health care educa tional communication and power among other categories not shown separ ately
Source Department of Commerce (Bureau of the Census)
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Business Sales and InventoriesmdashManufacturing and Trade
[Millions of dollars except ratios seasonally adjusted except as noted]
Period
Manufacturing and trade 1 Wholesale RetailRetail and foodservices sales 2
2015 Jan 1308276 1778991 136 445024 572469 129 383889 558296 145 434225 Feb 1303701 1783741 137 442459 573668 130 381432 561001 147 431921 Mar 1311121 1785855 136 441024 574661 130 387665 562821 145 438572 Apr 1318016 1792837 136 448458 576998 129 387235 566270 146 438717 May 1322962 1798172 136 449347 580710 129 392268 567490 145 443913 June r 1327245 1809917 136 450927 584986 130 391955 573180 146 443734 July p 1327773 1811191 136 449492 584281 130 r 394919 576881 146 r 446872 Aug p 395401 447715
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
Source Department of Commerce (Bureau of the Census)
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
900
1000
1100
1200
1300
1600
MANUFACTURING ANDTRADE INVENTORIES
MANUFACTURING AND TRADE SALES 350
400
450
RETAIL SALES
RETAIL INVENTORIES
300
140
130
120
160
150
INVENTORYSALES RATIO
1500
1400
MANUFACTURING AND TRADE
1700
1900
1800
RATIO
500
600
550
170
RETAIL AND FOODSERVICES SALES
RETAIL
COUNCIL OF ECONOMIC ADVISERS
In July according to current estimates manufacturing and trade sales were roughly unchanged while inventoriesrose $13 billion According to advance estimates retail sales rose 01 percent in August Retail and food servicessales rose 02 percent
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Manufacturersrsquo Shipments Inventories and Orders
Period
Manufacturersrsquo shipments 1 Manufacturersrsquo inventories 2 Manufacturersrsquo new orders 1
Manu-
facturersrsquounfilledorders 2
Manu-facturersrsquo
inventoryshipments
ratio 3Total
Durablegoods
Nondurablegoods
TotalDurablegoods
Nondurablegoods
Total
Durable goods
Total
Capitalgoods
industriesnondefense
Millions of dollars seasonally adjusted except as noted
1 Annual data are averages of mont hly not seasonally adjusted figures monthly dat a are seasonally adjusted totals for month Shipment s are the same as sales2 Seasonally adjusted end of period3 Annual data are averages of seasonally adjusted monthly ratios
Note Manufacturersrsquo 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 durableunfilled orders
Total and durable shipments and inventories include data on semiconductor s new and unfilled orders do not
Source Department of Commerce (Bureau of the Census)
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
140
180
220
260
300
420
380
340
140
180
220
260300
340
140
180
220
260
300
340380
420
460
500
110
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL
NEW ORDERS
SHIPMENTS INVENTORIES
INVENTORYSHIPMENTS RATIO
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
2014 20152012 2011 2014 2015
DURABLE GOODS
NONDURABLE GOODS
160
140
150
120
130
NONDURABLE GOODS
DURABLE GOODS
TOTAL
20132011 2012 2013
DURABLE GOODS
RATIO
540460
500540
380
420
460500540
TOTAL
580
580 700
580620660
In August manufacturersrsquo shipments inventories and new and unfilled orders all fell
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Producer Prices
[November 2009 =100 except as noted monthly data seasonally adjusted]
1 Includes final demand construction not shown separately2 Does not include food and beverages for immediate con sumption which are defined as the servic e of preparing meals snacks and beverages to cust omer order for immediate consumption3 Trade indexes measure changes in margins received by wholesalers and re tailers4 Relative importance December 2014
Source Department of Labor (Bureau of Labor Statistics)
INDEX NOV 2009=100 (RATIO SCALE) INDEX NOV 2009=100 (RATIO SCALE)
2009 2010 2011 2012 2013 2014 2015
SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTEDFINAL DEMAND
COUNCIL OF ECONOMIC ADVISERS
FINAL DEMANDSERVICES
100
95
115
125
110
105
120
100
95
115
125
110
105
120
FINAL DEMAND
FINAL DEMANDGOODS
PRICES
Te producer price index for final demand was unchanged in August Prices for final demand goods fell 06 percentand prices for final demand services rose 04 percent
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In August the consumer price index for all urban consumers fell 01 percent it also fell 01 percent before seasonaladjustment Te index rose 02 percent from its year earlier level
Consumer PricesmdashAll Urban Consumers
[1982ndash84=100 except as noted monthly data seasonally adjusted except as noted by NSA]
Period
All items All items less food and energy Food Energy
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Relative importance July 2015
Source Department of Labor (Bureau of Labor Statistics)
INDEX 1982-84 = 100 (RATIO SCALE)
SEASONALLY ADJUSTED
INDEX 1982-84 = 100 (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF LABOR
2007 2008 2009 2010 2011 2012 2013 2014 2015
CONSUMER PRICESmdashALL ITEMS
250
240
230
220
210
200
190
180
250
240
230
220
210
200
190
180
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Changes in Consumer PricesmdashAll Urban Consumers[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Quarterly chan ges are shown in the last month of the quart er
Source Department of Labor (Bureau of Labor Statistics)
Changes in Producer Prices[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
Period
Totalfinalde-
mand 1
Final demand goods Final demand services Finaldemand
Sept r 107 87 132 112 114 115 96 Oct 100 81 135 112 113 114 89 Nov r 102 82 134 112 113 114 91 Dec r 101 83 127 111 112 114 91
2015 Jan 97 82 120 110 111 111 88 Feb 99 84 114 110 110 111 90 Mar 102 85 117 110 111 111 93 Apr r 103 89 116 110 111 111 94 May r 107 90 122 110 110 111 97 June 105 88 121 109 110 110 96 July 99 86 115 109 110 110 91 Aug 102 88 117 108 109 109 94
1 Annual indexes for 2011 forward reflect revised methodology See Agricultural Price Program Update January 2015 for details2 Includes items not shown separately3 Annual data are averages of monthly ratios
Note These indexes are also available on a 1910-14=100 basis as required by stat ute
Source Department of Agriculture (National Agricultural Statistics Service)
1RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID
SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
2010 20152007 2008 2009 20122011 2013 2014
PRICES RECEIVED
RATIO
PRICES PAID
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
90
80
60
70
130
120
110
100
90
80
60
70
130
120
110
100
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
In August prices received by farmers rose 30 percent and prices paid by farmers fell 09 percent (Data are notseasonally adjusted)
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Money Stock and Debt Measures
[Averages of daily figures except debt end-of-period basis billions of dollars seasonally adjusted]
Period
M1 M2 Debt Percent change
Sum of currencydemand depositstravelers checks and
other checkable deposits
M1 plussavings depositsretail MMMF balances
and small time deposits 1
Debt ofdomesticnonfinancial
sectors 2
From year or 6 months earlier
3 From
previous period 4
M1 M2 Debt
2005 Dec r 13748 66508 282945 ndash01 42 862006 Dec r 13683 70427 307233 ndash5 59 842007 Dec r 13766 74488 331796 6 58 812008 Dec r 16071 81740 349342 167 97 572009 Dec r 16984 84801 357496 57 37 342010 Dec r 18418 87814 370390 84 36 432011 Dec r 21682 96346 382033 177 97 352012 Dec r 24577 104225 399658 134 82 502013 Dec r 26545 109840 414596 80 54 402014 Dec r 29145 116292 432554 98 59 44
2014 Aug 28160 114420 72 58 Sept r 28571 114795 427494 82 57 45 Oct 28638 115206 67 54 Nov 28795 115640 68 50
Dec r
29145 116292 432554 72 53 482015 Jan 29318 117049 65 53 Feb 29950 118250 127 67 Mar r 29890 118448 435061 92 64 25 Apr r 29946 118949 91 65 May r 29846 119364 73 64 June r 30077 119820 439790 64 61 44 July r 30355 120596 71 61 Aug 30499 121385 37 53
1 Money market mutual fund (MMMF) Savings deposits include money market deposit accounts (MMDA)2 Consists of outstanding credit market debt of the US 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 quarter3 Annual changes are from December to Decemb er and monthly changes are from 6 months earlier at a simple annual rate4 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
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
M2
BILLIONS OF DOLLARS (RATIO SCALE)
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
BILLIONS OF DOLLARS (RATIO SCALE)
M1
MONEY CREDIT AND SECURITY MARKETS
In August M2 rose
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Components of Money Stock[Averages of daily figures billions of dollars seasonally adjusted]
2015 Jan r 12663 29 11742 4885 2640 2244 76444 65552 10892 5068 3758 1311 6219 17890 Feb r 12720 29 12174 5027 2713 2314 77076 66120 10956 5049 3758 1291 6174 17834 Mar 12794 28 12025 5042 2727 2315 77468 66493 10975 4949 3678 1272 6141 18075 Apr r 12843 28 12044 5030 2715 2315 78005 66950 11055 4864 3595 1269 6134 17848 May r 12884 27 11928 5007 2706 2301 78618 67441 11176 4792 3529 1262 6108 17990 June r 12934 27 12057 5059 2768 2291 78881 67664 11217 4727 3469 1257 6136 18154 July r 12999 27 12266 5063 2769 2294 79389 68179 11210 4664 3411 1253 6188 18438
Aug 13090 26 12313 5070 2753 2317 80069 68822 11247 4606 3355 1250 6212 187411 Small-denomination deposits are those issued in amounts of less than $1000002 Institutional money funds are not part of non-M1 M2
Source Board of Governors of the Federal Reserve System
Aggregate Reserves and Monetary Base[Averages of daily figures 1 millions of dollars not seasonally adjusted]
1 Data are prorated averages of biweekly (maintenance period) averages of daily figures2 Equals the sum of balances maintained up to the top of each institu tionrsquos penalty-free band3 Excludes vault cash used to satisfy required reserves4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve5 Equals total balances maintained plus currenc y 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 separately7 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 cr eation of a penalty-fr ee band around reserve balanc e requirements which took effe ct June 27 2013 See H3 release of July 11 2013
Source Board of Governors of the Federal Reserve System
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Bank Credit at All Commercial Banks
[Billions of dollars seasonally adjusted 1]
Period
Total
bankcredit
Securities in bank credit 2 Loans and leases in bank credit
Totalsecurities
US
Treasuryand
agencysecurities
Othersecurities
Totalloansand
leases 3
Commercialandindustrial
loans
Real estate loans
Consumerloans 5
Otherloansand
leases 6Total 4Revolving
home equityloans
Commercialloans
2005 Dec r 73156 18554 11593 6961 54602 10361 29289 4435 12701 7045 79062006 Dec r 81084 19913 12190 7723 61172 11826 33736 4683 14593 7386 82242007 Dec r 89042 21046 11375 9670 67997 14177 36002 4848 15872 7992 98272008 Dec r 93532 20976 12541 8435 72556 15588 38195 5882 17284 8762 100122009 Dec r 89955 23295 14509 8786 66660 12652 37767 6031 16409 8360 78812010 Dec r 91917 24299 16425 7874 67618 11923 36133 5819 15004 11138 84232011 Dec r 94020 24955 17020 7935 69065 13037 34948 5495 14183 10911 101702012 Dec r 99593 27358 18762 8596 72235 14756 35504 5152 14282 11155 108202013 Dec r 100964 27148 18047 9100 73816 15767 35317 4737 14986 11414 113182014 Dec r 108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 13155
2014 Aug r 106144 28436 19406 9029 77709 17174 36158 4623 15702 11822 12556 Sept r 106591 28605 19731 8874 77985 17290 36196 4608 15781 11873 12626 Oct r 106989 28683 19896 8787 78306 17366 36227 4603 15867 11919 12793 Nov r 107682 28801 20001 8800 78881 17565 36270 4594 15948 11973 13073
Dec r
108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 131552015 Jan r 109576 29525 20663 8862 80052 17932 36503 4564 16156 12008 13608 Feb r 110253 29732 20847 8885 80521 18116 36713 4553 16299 12041 13652 Mar r 111116 29771 20859 8912 81345 18392 37056 4545 16522 12066 13831 Apr r 111838 29954 20996 8958 81884 18500 37131 4527 16606 12127 14126 May r 112422 30248 21321 8927 82174 18665 37241 4509 16705 12179 14088 June r 112912 30267 21343 8924 82644 18842 37410 4487 16831 12227 14165 July r 113449 30219 21337 8882 83229 18939 37574 4468 16984 12289 14428 Aug 113955 30352 21489 8863 83603 19068 37702 4441 17118 12360 14473
1 Data are prorated averages of Wednesday values for domestically chartered commercial banks branches and agencies of foreign banks and Edge Act and agreement corporations2 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
accounts3 Excludes unearned inco me Includes the allowance for loan and lease losses Exclude s Federal funds sold to reverse r epurchase agreements (RPs) wit h and loans to commercial banks in the
United States Includes all loans held in trading acc ounts under a fair value option4 Includes closed-end residential loans not shown separately5 Includes credit cards and other consumer loans6 Includes other items not shown separately
Source Board of Governors of the Federal Reserve System
BILLIONS OF DOLLARS (RATIO SCALE)
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000TOTAL
LOANS AND LEASES
US TREASURY AND AGENCY SECURITIES
OTHER SECURITIES
otal commercial bank loans and leases rose 04 percent in August
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Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business[Billions of dollars quarterly data at seasonally adjusted annual rates]
2013 I r 28407 18324 10083 1750 ndash2137 3887 3161 727 7291 26861 14534 12327 1546 II r 27501 18870 8631 242 ndash3712 3953 2089 1866 6274 25223 15186 10037 2278 III r 29700 18725 10975 3049 ndash3441 6490 4794 1696 5918 25132 15917 9215 4569 IV r 30024 19526 10498 ndash1864 ndash4827 2964 2556 408 10129 27122 15941 11181 2902
2014 I r 23994 17883 6111 1149 ndash5018 6168 3033 3135 9213 20136 16114 4022 3857 II r 30269 18769 11500 707 ndash2731 3438 2539 899 8365 26528 16471 10057 3741 III r 30145 19916 10229 789 ndash4343 5132 2239 2894 5738 22768 17045 5723 7377
IV r 28679 19758 8921 1419 ndash3410 4828 3523 1305 5494 24169 17063 7106 45112015 I r 30105 19004 11101 443 ndash5920 6363 5297 1065 3035 23722 17387 6335 6383 II p 29302 18836 10466 836 ndash5910 6746 7004 ndash257 7179 25768 18870 6898 3533
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 earn-ings retained abroad inventory valuation adjustment and net capital transfers
2 Includes trade payables taxes payable and miscellaneous liabilities (foreign direct investment in the US 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]
Period
Consumer credit outstanding (end of period) Net change in consumer credit outstanding 1
Total Revolving Nonrevolving 2 Total Revolving Nonrevolving 2
2005 Dec 22909 8295 14614 987 299 6872006 Dec 24613 9240 15373 1704 945 7592007 Dec 26151 10020 16131 1538 780 7582008 Dec 26500 10044 16457 349 24 3262009 Dec 25523 9164 16359 ndash977 ndash880 ndash982010 Dec 26469 8395 18074 946 ndash769 17152011 Dec 27554 8412 19142 1085 17 10682012 Dec 29229 8459 20770 1675 47 16282013 Dec 30988 8582 22406 1759 123 16362014 Dec 33172 8900 24272 2184 318 1866
2014 July 32332 8803 23528 214 45 168 Aug 32493 8814 23679 161 11 151 Sept 32675 8834 23840 182 20 161 Oct 32841 8848 23993 166 14 153 Nov 33005 8861 24145 164 13 152
Dec 33172 8900 24272 167 39 1272015 Jan 33276 8883 24393 104 ndash17 121 Feb 33426 8860 24566 150 ndash23 173 Mar r 33634 8908 24726 208 48 160 Apr r 33876 9003 24873 242 95 147 May r 34073 9028 25045 197 25 172 June r 34343 9103 25240 270 75 195 July p 34534 9146 25388 191 43 148
1 Change based on data in billions of dollars as shown here For year-end data ch ange from preceding year-end for monthl y data change from preceding month2 Includes automobile loans and all other loans not included in revolving cr edit such as loans for mobile homes education boats t railers or vacations The se 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
1 High bill rate at auction issue date within period bank-discount basis Data are stop yields from uniform-price auctions2 Yields on actively traded issues adjusted to constant maturities Series for 30-year constant maturity was discontinued on February 18 2002 and reintroduced on February 6 20063 Weekly data are Wednesday figures4 Average effective rate for year rate in effect at end of month or week5 Daily effective rate weighted average of rates on brokered trades6 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 Moodyrsquos Investors Service and Standard amp Poorrsquos
Interest Rates and Bond Yields
2007 2008 2009 2010 2011 2012 2013 2014 2015
10
PERCENT PER ANNUM
4
2
0
6
8
10
PERCENT PER ANNUM
4
2
0
6
8
FEDERAL FUNDSRATE
TREASURYBILLS
CORPORATE Aaa BONDS(MOODYS)
COUNCIL OF ECONOMIC ADVISERSSOURCE SEE TABLE BELOW
Interest rates were mixed in September
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Common Stock Prices and Yields
Period
Common stock prices 1 Common stock yields(percent) 6
New York Stock Exchange indexes(December 31 2002=5000) 2 Dow Jones
1 Annual data are averages of mont hly figures Monthly and weekly dat a are averages of daily closing prices2 Includes all the stocks (in 2015 over 320 0) listed on the NYSE3 Includes 30 stocks4 Includes 500 stocks5 Includes over 2900 stocks in 20156 Standard amp Poorrsquos series Dividendprice ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter
Sources New York Stock Exchange Dow Jones amp Company Inc Standar d amp Poorrsquos Nasdaq Stock Market and Bloomberg
5
INDEX DEC 31 2002=5000 (RATIO SCALE)
SOURCES NEW YORK STOCK EXCHANGE STANDARD AND POORS AND BLOOMBERG COUNCIL OF ECONOMIC ADVISERS
1 Data from current issue Monthly Treasury Statement
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fisc al Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
RECEIPTS AND OUTLAYS1
SURPLUS OR DEFICIT (ndash)1
2007 2008 2009 2010 2011 2012
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF DOLLARSBILLIONS OF DOLLARS
OUTLAYS1
RECEIPTS1
2014 2015 20162013
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
FEDERAL FINANCE
In the first eleven months of fiscal year 2015 the deficit was $5300 billion compared with a deficit of $5892 billiona year earlier
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In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
b l d
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Real Private Fixed Investment by Type[Billions of chained (2009) dollars quarterly data at seasonally adjusted annual rates]
II r 27355 22106 4652 10469 3305 2403 2209 2851 7010 3354 2857 5240 5128 1845
1 Because computers ex hibit rapid changes in prices relativ e to other prices in the economy the chained-dollar est imates should not be used to measure the componentrsquos relative impor tance or itscontribution 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 componentsee Survey of Current Business Table 531 (for growth rates) Table 532 (for contribu tions) and Table 533 (for quantity indexes)
2 Includes other items not shown separately3 Research and development investment excludes expenditures for software development
Note Because of the formula used for calculat ing real GDP the chained (2009) dollar est imates for the detailed components do not add to the chained-dollar value of GDP or to any intermediateaggregates
Source Department of Commerce (Bureau of Economic Analysis)
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)
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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]
1 Civilian labor force (or employment) as per cent of civilian noninstitution al population and unemployment as percent of civilian labor for ce
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 OVER SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
2007
16
12
20
8
4
0
16
12
20
8
4
0
MILLIONS OF PERSONSMILLIONS OF PERSONS
2009 2011 20132012 2014 20152008 2010
CIVILIAN LABOR FORCE
146
154
150
142
138
134
158
162
UNEMPLOYMENT
CIVILIANEMPLOYMENT
146
154
150
142
138
134
158
162
EMPLOYMENT UNEMPLOYMENT AND WAGES
In September employment as measured by the household survey fell by 236000 and unemployment fell 114000
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Selected Unemployment Rates
[Monthly data seasonally adjusted except as noted by NSA]
Period
Unemployment rate (percent of civilian labor force in group)
Allcivilianworkers
By sex and age By race or ethnicity 1 By selected groups
2015 Jan 8979 268 261 155 315 323 134 474 95 316 115 2912 399 2958 Feb 8705 279 256 154 311 317 131 481 102 305 112 r 2759 296 r 2801 Mar 8575 289 268 145 298 307 122 489 102 314 95 3120 282 r 3166 Apr 8549 314 265 131 290 308 117 486 97 315 102 2400 r 289 r 2438 May 8674 276 290 148 286 307 116 491 95 301 112 2224 r 254 r 2260 June 8299 286 287 169 258 281 113 492 93 303 112 r 2311 r 300 r 2346 July 8266 307 278 146 269 283 113 502 102 296 100 2325 298 2359 Aug 8029 265 300 158 277 284 121 505 98 291 106 2461 246 2498 Sept 7915 299 281 154 266 263 114 491 98 306 105
1 Beginning January 2011 includes unemployment durations of up to 5 years prior data are for up to 2 year s2 Includes State (50 States Distri ct of Columbia Puerto Rico and the Virgin Islands) Federal (UCFE) ex-service members (UCX) and Federal and State ext ended benefit programs Also includes
Emergency Unemployment Compensation (2008-2013) and Federal Additional Compensation (2009-2010)
Note Data relate to perso ns 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
0
2011 2012 2013 2014 20152011 2012 2013 2014 2015
0
20
30
40
60
50
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF LABOR
20
COUNCIL OF ECONOMIC ADVISERS
NEW ENTRANTS
5-14 WEEKS
15-26 WEEKS
JOB LEAVERS
REENTRANTS
10 10
LESS THAN5 WEEKS
27 WEEKS AND OVER
JOB LOSERS
In September the percentage of the unemployed who had been out of work for less than 5 weeks rose while thepercentages for 5 to 14 weeks 15 to 26 weeks and 27 weeks and over fell Te mean duration of unemployment fellto 263 weeks and the median duration fell to 114 weeks
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Nonagricultural Employment
[Thousands of wage and salary workers 1 monthly data seasonally adjusted]
1 Data from the est ablishment survey Includes all full- and part-time wage and salary wor kers in nonagricultural est ablishments who received pay for any par t of the pay period that includes the12th of the month Excludes propr ietors self-employed per sons unpaid family workers and private hous ehold workers Data from the household sur vey shown on p 11 include those workers and alsocount persons as employed when they are not at work be cause of industrial disputes bad weat her etc even if they are not paid for the time off In the ser ies shown here persons who work at morethan one job are counted each time they appear on a payroll in cont rast to the series shown on p 11 where persons are counted only onc emdashas employed unemployed or not in the labor for ce SeeEmployment 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
Source Department of Labor (Bureau of Labor Statistics)
MILLIONS OF PERSONS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS
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
PRIVATESERVICE-PROVIDING
INDUSTRIES
EDUCATION ANDHEALTH SERVICES
otal nonagricultural employment as measured by the payroll survey rose by 142000 in September
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Employment Cost IndexmdashPrivate Industry
Period
Index (December 2005 = 100) Percent change from
Totalcompensation
Wagesand
salaries
Benefits 1
3 months earlier 12 months earlier
Totalcompensation
Wages
andsalaries Benefits 1 Total
compensation
Wages
andsalaries Benefits 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
Note The employment cost index is a measure of the change in the cos t of labor free from the influence of employment shif ts among occupations and industries Data exclude farm and household workers
Source Department of Labor (Bureau of Labor Statistics)
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries[For production or nonsupervisory workers monthly data seasonally adjusted]
Period
Average weekly hours Average gross hourly earnings Average gross weekly earnings
1 Also includes other private industry groups shown on p 142 Current dollar earnings divided by t he consumer price index for urban wage earners and cleric al workers (CPIndash W) (on a 1982-84=100 base)
Source Department of Labor (Bureau of Labor Statistics)
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Productivity and Related Data Business and Nonfarm Business Sectors
Period
Output per hourof all persons
Output 1Hours of
all persons 2Compensation
per hour 3
Realcompensation
per hour 4Unit labor
costsImplicit price
deflator 5
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Indexes 2009=100 quarterly data seasonally adjusted
1 Output refers to real gross domestic product originating in the sector2 Hours of all persons engaged in the sect or including hours of proprietors and unpaid family workers Es timates based primarily on est ablishment data3 Wages and salaries of employees plus employersrsquo contri butions for social insurance and priva te benefit plans Also includes an estimate of wages salar ies and supplemental payments for th e
self-employed4 Hourly compensation divided by the consumer price index for all urban consumers (CPIndashU) for recent quarters The trend from 1978ndash2014 is based on the consumer price index research series
(CPIndashUndashRS)5 Current dollar gross domestic output divided by the output index
Note Data relate to all persons engaged in the se ctorPercent 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 da ta released on Augus t 27 2015
Source Department of Labor (Bureau of Labor Statistics)
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Industrial Production and Capacity Utilization
[Monthly data seasonally adjusted]
Period
Total industrial production 1 Industry production indexes 2012=100 Capacity utilization rate(output as percent of
2015 Jan 1076 ndash3 45 1049 1074 1038 860 1221 1046 787 761 Feb 1074 ndash2 35 1045 1068 1037 861 1201 1082 784 757 Mar r 1072 ndash2 25 1048 1068 1041 865 1195 1055 782 758 Apr r 1070 ndash2 21 1052 1071 1046 865 1179 1027 779 760 May r 1066 ndash4 13 1050 1075 1039 860 1153 1021 775 759 June r 1066 0 8 1049 1073 1039 851 1154 1031 774 757 July r 1075 9 13 1058 1085 1045 852 1175 1030 780 762 Aug p 1071 ndash4 9 1053 1076 1045 850 1167 1036 776 758
1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industriesmdashlogging and newspaperperiodical book and directory-publishingmdashthat have traditionally been included in manufacturing
2 Percent changes based on unrounded indexes
Note Data based on NAICS exc ept series as defined in footnote 1
Source Board of Governors of the Federal Reserve System
INDEX 2012 = 100 (RATIO SCALE)
BUSINESSEQUIPMENT
CONSUMER GOODS
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 2012 = 100 (RATIO SCALE)
PERCENT
130
120
110
100
80
90
86
84
82
80
78
76
74
72
70
66
68
110
100
90
80
140
130
120
110
100
80
90
DURABLE
NONDURABLE
TOTAL1MANUFACTURING120
110
100
90
80
PRODUCTION AND BUSINESS ACTIVITY
Industrial production and capacity utilization fell in August
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Industrial ProductionmdashMajor Market Groups and Selected Manufactures
Apr 1190 735 436 1140 666 32 442 999 508 207 May r 1072 697 366 1250 681 34 535 1010 513 210 June r 1211 687 510 1337 692 34 611 959 466 215 68
July r 1161 762 390 1130 680 28 422 996 522 215 Aug p 1126 739 381 1161 699 30 432 935 552 216
1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards2 Based on approximately 20100 permit-issuing places beginning wit h 2014 and 19300 beginning with 2004 Using the 20 04 universe the tot al for 2014 is 104643 Seasonally adjusted4 Quarterly data are three-month averages Annual data are averages of quarterly data
Source Department of Commerce (Bureau of the Census)
New Construction[Billions of dollars monthly data at seasonally adjusted annual rates]
2015 Jan 9901 7162 3589 2616 3572 170 420 640 736 1607 2739 Feb 9935 7208 3606 2607 3602 176 418 620 768 1621 2726 Mar 10064 7297 3575 2562 3722 180 446 622 810 1664 2766 Apr 10446 7572 3668 2599 3904 192 463 653 840 1756 2874 May 10684 7765 3731 2632 4034 208 482 663 896 1784 2920 June r 10743 7735 3761 2659 3974 223 493 626 862 1770 3008 July r 10791 7823 3785 2683 4038 218 493 632 906 1789 2968 Aug p 10862 7880 3833 2723 4047 225 492 622 920 1789 2982
1 Includes residential improvements not shown separately2 Includes health care educa tional communication and power among other categories not shown separ ately
Source Department of Commerce (Bureau of the Census)
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Business Sales and InventoriesmdashManufacturing and Trade
[Millions of dollars except ratios seasonally adjusted except as noted]
Period
Manufacturing and trade 1 Wholesale RetailRetail and foodservices sales 2
2015 Jan 1308276 1778991 136 445024 572469 129 383889 558296 145 434225 Feb 1303701 1783741 137 442459 573668 130 381432 561001 147 431921 Mar 1311121 1785855 136 441024 574661 130 387665 562821 145 438572 Apr 1318016 1792837 136 448458 576998 129 387235 566270 146 438717 May 1322962 1798172 136 449347 580710 129 392268 567490 145 443913 June r 1327245 1809917 136 450927 584986 130 391955 573180 146 443734 July p 1327773 1811191 136 449492 584281 130 r 394919 576881 146 r 446872 Aug p 395401 447715
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
Source Department of Commerce (Bureau of the Census)
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
900
1000
1100
1200
1300
1600
MANUFACTURING ANDTRADE INVENTORIES
MANUFACTURING AND TRADE SALES 350
400
450
RETAIL SALES
RETAIL INVENTORIES
300
140
130
120
160
150
INVENTORYSALES RATIO
1500
1400
MANUFACTURING AND TRADE
1700
1900
1800
RATIO
500
600
550
170
RETAIL AND FOODSERVICES SALES
RETAIL
COUNCIL OF ECONOMIC ADVISERS
In July according to current estimates manufacturing and trade sales were roughly unchanged while inventoriesrose $13 billion According to advance estimates retail sales rose 01 percent in August Retail and food servicessales rose 02 percent
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Manufacturersrsquo Shipments Inventories and Orders
Period
Manufacturersrsquo shipments 1 Manufacturersrsquo inventories 2 Manufacturersrsquo new orders 1
Manu-
facturersrsquounfilledorders 2
Manu-facturersrsquo
inventoryshipments
ratio 3Total
Durablegoods
Nondurablegoods
TotalDurablegoods
Nondurablegoods
Total
Durable goods
Total
Capitalgoods
industriesnondefense
Millions of dollars seasonally adjusted except as noted
1 Annual data are averages of mont hly not seasonally adjusted figures monthly dat a are seasonally adjusted totals for month Shipment s are the same as sales2 Seasonally adjusted end of period3 Annual data are averages of seasonally adjusted monthly ratios
Note Manufacturersrsquo 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 durableunfilled orders
Total and durable shipments and inventories include data on semiconductor s new and unfilled orders do not
Source Department of Commerce (Bureau of the Census)
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
140
180
220
260
300
420
380
340
140
180
220
260300
340
140
180
220
260
300
340380
420
460
500
110
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL
NEW ORDERS
SHIPMENTS INVENTORIES
INVENTORYSHIPMENTS RATIO
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
2014 20152012 2011 2014 2015
DURABLE GOODS
NONDURABLE GOODS
160
140
150
120
130
NONDURABLE GOODS
DURABLE GOODS
TOTAL
20132011 2012 2013
DURABLE GOODS
RATIO
540460
500540
380
420
460500540
TOTAL
580
580 700
580620660
In August manufacturersrsquo shipments inventories and new and unfilled orders all fell
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Producer Prices
[November 2009 =100 except as noted monthly data seasonally adjusted]
1 Includes final demand construction not shown separately2 Does not include food and beverages for immediate con sumption which are defined as the servic e of preparing meals snacks and beverages to cust omer order for immediate consumption3 Trade indexes measure changes in margins received by wholesalers and re tailers4 Relative importance December 2014
Source Department of Labor (Bureau of Labor Statistics)
INDEX NOV 2009=100 (RATIO SCALE) INDEX NOV 2009=100 (RATIO SCALE)
2009 2010 2011 2012 2013 2014 2015
SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTEDFINAL DEMAND
COUNCIL OF ECONOMIC ADVISERS
FINAL DEMANDSERVICES
100
95
115
125
110
105
120
100
95
115
125
110
105
120
FINAL DEMAND
FINAL DEMANDGOODS
PRICES
Te producer price index for final demand was unchanged in August Prices for final demand goods fell 06 percentand prices for final demand services rose 04 percent
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In August the consumer price index for all urban consumers fell 01 percent it also fell 01 percent before seasonaladjustment Te index rose 02 percent from its year earlier level
Consumer PricesmdashAll Urban Consumers
[1982ndash84=100 except as noted monthly data seasonally adjusted except as noted by NSA]
Period
All items All items less food and energy Food Energy
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Relative importance July 2015
Source Department of Labor (Bureau of Labor Statistics)
INDEX 1982-84 = 100 (RATIO SCALE)
SEASONALLY ADJUSTED
INDEX 1982-84 = 100 (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF LABOR
2007 2008 2009 2010 2011 2012 2013 2014 2015
CONSUMER PRICESmdashALL ITEMS
250
240
230
220
210
200
190
180
250
240
230
220
210
200
190
180
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Changes in Consumer PricesmdashAll Urban Consumers[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Quarterly chan ges are shown in the last month of the quart er
Source Department of Labor (Bureau of Labor Statistics)
Changes in Producer Prices[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
Period
Totalfinalde-
mand 1
Final demand goods Final demand services Finaldemand
Sept r 107 87 132 112 114 115 96 Oct 100 81 135 112 113 114 89 Nov r 102 82 134 112 113 114 91 Dec r 101 83 127 111 112 114 91
2015 Jan 97 82 120 110 111 111 88 Feb 99 84 114 110 110 111 90 Mar 102 85 117 110 111 111 93 Apr r 103 89 116 110 111 111 94 May r 107 90 122 110 110 111 97 June 105 88 121 109 110 110 96 July 99 86 115 109 110 110 91 Aug 102 88 117 108 109 109 94
1 Annual indexes for 2011 forward reflect revised methodology See Agricultural Price Program Update January 2015 for details2 Includes items not shown separately3 Annual data are averages of monthly ratios
Note These indexes are also available on a 1910-14=100 basis as required by stat ute
Source Department of Agriculture (National Agricultural Statistics Service)
1RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID
SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
2010 20152007 2008 2009 20122011 2013 2014
PRICES RECEIVED
RATIO
PRICES PAID
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
90
80
60
70
130
120
110
100
90
80
60
70
130
120
110
100
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
In August prices received by farmers rose 30 percent and prices paid by farmers fell 09 percent (Data are notseasonally adjusted)
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Money Stock and Debt Measures
[Averages of daily figures except debt end-of-period basis billions of dollars seasonally adjusted]
Period
M1 M2 Debt Percent change
Sum of currencydemand depositstravelers checks and
other checkable deposits
M1 plussavings depositsretail MMMF balances
and small time deposits 1
Debt ofdomesticnonfinancial
sectors 2
From year or 6 months earlier
3 From
previous period 4
M1 M2 Debt
2005 Dec r 13748 66508 282945 ndash01 42 862006 Dec r 13683 70427 307233 ndash5 59 842007 Dec r 13766 74488 331796 6 58 812008 Dec r 16071 81740 349342 167 97 572009 Dec r 16984 84801 357496 57 37 342010 Dec r 18418 87814 370390 84 36 432011 Dec r 21682 96346 382033 177 97 352012 Dec r 24577 104225 399658 134 82 502013 Dec r 26545 109840 414596 80 54 402014 Dec r 29145 116292 432554 98 59 44
2014 Aug 28160 114420 72 58 Sept r 28571 114795 427494 82 57 45 Oct 28638 115206 67 54 Nov 28795 115640 68 50
Dec r
29145 116292 432554 72 53 482015 Jan 29318 117049 65 53 Feb 29950 118250 127 67 Mar r 29890 118448 435061 92 64 25 Apr r 29946 118949 91 65 May r 29846 119364 73 64 June r 30077 119820 439790 64 61 44 July r 30355 120596 71 61 Aug 30499 121385 37 53
1 Money market mutual fund (MMMF) Savings deposits include money market deposit accounts (MMDA)2 Consists of outstanding credit market debt of the US 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 quarter3 Annual changes are from December to Decemb er and monthly changes are from 6 months earlier at a simple annual rate4 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
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
M2
BILLIONS OF DOLLARS (RATIO SCALE)
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
BILLIONS OF DOLLARS (RATIO SCALE)
M1
MONEY CREDIT AND SECURITY MARKETS
In August M2 rose
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Components of Money Stock[Averages of daily figures billions of dollars seasonally adjusted]
2015 Jan r 12663 29 11742 4885 2640 2244 76444 65552 10892 5068 3758 1311 6219 17890 Feb r 12720 29 12174 5027 2713 2314 77076 66120 10956 5049 3758 1291 6174 17834 Mar 12794 28 12025 5042 2727 2315 77468 66493 10975 4949 3678 1272 6141 18075 Apr r 12843 28 12044 5030 2715 2315 78005 66950 11055 4864 3595 1269 6134 17848 May r 12884 27 11928 5007 2706 2301 78618 67441 11176 4792 3529 1262 6108 17990 June r 12934 27 12057 5059 2768 2291 78881 67664 11217 4727 3469 1257 6136 18154 July r 12999 27 12266 5063 2769 2294 79389 68179 11210 4664 3411 1253 6188 18438
Aug 13090 26 12313 5070 2753 2317 80069 68822 11247 4606 3355 1250 6212 187411 Small-denomination deposits are those issued in amounts of less than $1000002 Institutional money funds are not part of non-M1 M2
Source Board of Governors of the Federal Reserve System
Aggregate Reserves and Monetary Base[Averages of daily figures 1 millions of dollars not seasonally adjusted]
1 Data are prorated averages of biweekly (maintenance period) averages of daily figures2 Equals the sum of balances maintained up to the top of each institu tionrsquos penalty-free band3 Excludes vault cash used to satisfy required reserves4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve5 Equals total balances maintained plus currenc y 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 separately7 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 cr eation of a penalty-fr ee band around reserve balanc e requirements which took effe ct June 27 2013 See H3 release of July 11 2013
Source Board of Governors of the Federal Reserve System
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Bank Credit at All Commercial Banks
[Billions of dollars seasonally adjusted 1]
Period
Total
bankcredit
Securities in bank credit 2 Loans and leases in bank credit
Totalsecurities
US
Treasuryand
agencysecurities
Othersecurities
Totalloansand
leases 3
Commercialandindustrial
loans
Real estate loans
Consumerloans 5
Otherloansand
leases 6Total 4Revolving
home equityloans
Commercialloans
2005 Dec r 73156 18554 11593 6961 54602 10361 29289 4435 12701 7045 79062006 Dec r 81084 19913 12190 7723 61172 11826 33736 4683 14593 7386 82242007 Dec r 89042 21046 11375 9670 67997 14177 36002 4848 15872 7992 98272008 Dec r 93532 20976 12541 8435 72556 15588 38195 5882 17284 8762 100122009 Dec r 89955 23295 14509 8786 66660 12652 37767 6031 16409 8360 78812010 Dec r 91917 24299 16425 7874 67618 11923 36133 5819 15004 11138 84232011 Dec r 94020 24955 17020 7935 69065 13037 34948 5495 14183 10911 101702012 Dec r 99593 27358 18762 8596 72235 14756 35504 5152 14282 11155 108202013 Dec r 100964 27148 18047 9100 73816 15767 35317 4737 14986 11414 113182014 Dec r 108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 13155
2014 Aug r 106144 28436 19406 9029 77709 17174 36158 4623 15702 11822 12556 Sept r 106591 28605 19731 8874 77985 17290 36196 4608 15781 11873 12626 Oct r 106989 28683 19896 8787 78306 17366 36227 4603 15867 11919 12793 Nov r 107682 28801 20001 8800 78881 17565 36270 4594 15948 11973 13073
Dec r
108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 131552015 Jan r 109576 29525 20663 8862 80052 17932 36503 4564 16156 12008 13608 Feb r 110253 29732 20847 8885 80521 18116 36713 4553 16299 12041 13652 Mar r 111116 29771 20859 8912 81345 18392 37056 4545 16522 12066 13831 Apr r 111838 29954 20996 8958 81884 18500 37131 4527 16606 12127 14126 May r 112422 30248 21321 8927 82174 18665 37241 4509 16705 12179 14088 June r 112912 30267 21343 8924 82644 18842 37410 4487 16831 12227 14165 July r 113449 30219 21337 8882 83229 18939 37574 4468 16984 12289 14428 Aug 113955 30352 21489 8863 83603 19068 37702 4441 17118 12360 14473
1 Data are prorated averages of Wednesday values for domestically chartered commercial banks branches and agencies of foreign banks and Edge Act and agreement corporations2 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
accounts3 Excludes unearned inco me Includes the allowance for loan and lease losses Exclude s Federal funds sold to reverse r epurchase agreements (RPs) wit h and loans to commercial banks in the
United States Includes all loans held in trading acc ounts under a fair value option4 Includes closed-end residential loans not shown separately5 Includes credit cards and other consumer loans6 Includes other items not shown separately
Source Board of Governors of the Federal Reserve System
BILLIONS OF DOLLARS (RATIO SCALE)
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000TOTAL
LOANS AND LEASES
US TREASURY AND AGENCY SECURITIES
OTHER SECURITIES
otal commercial bank loans and leases rose 04 percent in August
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Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business[Billions of dollars quarterly data at seasonally adjusted annual rates]
2013 I r 28407 18324 10083 1750 ndash2137 3887 3161 727 7291 26861 14534 12327 1546 II r 27501 18870 8631 242 ndash3712 3953 2089 1866 6274 25223 15186 10037 2278 III r 29700 18725 10975 3049 ndash3441 6490 4794 1696 5918 25132 15917 9215 4569 IV r 30024 19526 10498 ndash1864 ndash4827 2964 2556 408 10129 27122 15941 11181 2902
2014 I r 23994 17883 6111 1149 ndash5018 6168 3033 3135 9213 20136 16114 4022 3857 II r 30269 18769 11500 707 ndash2731 3438 2539 899 8365 26528 16471 10057 3741 III r 30145 19916 10229 789 ndash4343 5132 2239 2894 5738 22768 17045 5723 7377
IV r 28679 19758 8921 1419 ndash3410 4828 3523 1305 5494 24169 17063 7106 45112015 I r 30105 19004 11101 443 ndash5920 6363 5297 1065 3035 23722 17387 6335 6383 II p 29302 18836 10466 836 ndash5910 6746 7004 ndash257 7179 25768 18870 6898 3533
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 earn-ings retained abroad inventory valuation adjustment and net capital transfers
2 Includes trade payables taxes payable and miscellaneous liabilities (foreign direct investment in the US 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]
Period
Consumer credit outstanding (end of period) Net change in consumer credit outstanding 1
Total Revolving Nonrevolving 2 Total Revolving Nonrevolving 2
2005 Dec 22909 8295 14614 987 299 6872006 Dec 24613 9240 15373 1704 945 7592007 Dec 26151 10020 16131 1538 780 7582008 Dec 26500 10044 16457 349 24 3262009 Dec 25523 9164 16359 ndash977 ndash880 ndash982010 Dec 26469 8395 18074 946 ndash769 17152011 Dec 27554 8412 19142 1085 17 10682012 Dec 29229 8459 20770 1675 47 16282013 Dec 30988 8582 22406 1759 123 16362014 Dec 33172 8900 24272 2184 318 1866
2014 July 32332 8803 23528 214 45 168 Aug 32493 8814 23679 161 11 151 Sept 32675 8834 23840 182 20 161 Oct 32841 8848 23993 166 14 153 Nov 33005 8861 24145 164 13 152
Dec 33172 8900 24272 167 39 1272015 Jan 33276 8883 24393 104 ndash17 121 Feb 33426 8860 24566 150 ndash23 173 Mar r 33634 8908 24726 208 48 160 Apr r 33876 9003 24873 242 95 147 May r 34073 9028 25045 197 25 172 June r 34343 9103 25240 270 75 195 July p 34534 9146 25388 191 43 148
1 Change based on data in billions of dollars as shown here For year-end data ch ange from preceding year-end for monthl y data change from preceding month2 Includes automobile loans and all other loans not included in revolving cr edit such as loans for mobile homes education boats t railers or vacations The se 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
1 High bill rate at auction issue date within period bank-discount basis Data are stop yields from uniform-price auctions2 Yields on actively traded issues adjusted to constant maturities Series for 30-year constant maturity was discontinued on February 18 2002 and reintroduced on February 6 20063 Weekly data are Wednesday figures4 Average effective rate for year rate in effect at end of month or week5 Daily effective rate weighted average of rates on brokered trades6 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 Moodyrsquos Investors Service and Standard amp Poorrsquos
Interest Rates and Bond Yields
2007 2008 2009 2010 2011 2012 2013 2014 2015
10
PERCENT PER ANNUM
4
2
0
6
8
10
PERCENT PER ANNUM
4
2
0
6
8
FEDERAL FUNDSRATE
TREASURYBILLS
CORPORATE Aaa BONDS(MOODYS)
COUNCIL OF ECONOMIC ADVISERSSOURCE SEE TABLE BELOW
Interest rates were mixed in September
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Common Stock Prices and Yields
Period
Common stock prices 1 Common stock yields(percent) 6
New York Stock Exchange indexes(December 31 2002=5000) 2 Dow Jones
1 Annual data are averages of mont hly figures Monthly and weekly dat a are averages of daily closing prices2 Includes all the stocks (in 2015 over 320 0) listed on the NYSE3 Includes 30 stocks4 Includes 500 stocks5 Includes over 2900 stocks in 20156 Standard amp Poorrsquos series Dividendprice ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter
Sources New York Stock Exchange Dow Jones amp Company Inc Standar d amp Poorrsquos Nasdaq Stock Market and Bloomberg
5
INDEX DEC 31 2002=5000 (RATIO SCALE)
SOURCES NEW YORK STOCK EXCHANGE STANDARD AND POORS AND BLOOMBERG COUNCIL OF ECONOMIC ADVISERS
1 Data from current issue Monthly Treasury Statement
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fisc al Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
RECEIPTS AND OUTLAYS1
SURPLUS OR DEFICIT (ndash)1
2007 2008 2009 2010 2011 2012
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF DOLLARSBILLIONS OF DOLLARS
OUTLAYS1
RECEIPTS1
2014 2015 20162013
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
FEDERAL FINANCE
In the first eleven months of fiscal year 2015 the deficit was $5300 billion compared with a deficit of $5892 billiona year earlier
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In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
b l d
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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]
1 Civilian labor force (or employment) as per cent of civilian noninstitution al population and unemployment as percent of civilian labor for ce
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 OVER SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
2007
16
12
20
8
4
0
16
12
20
8
4
0
MILLIONS OF PERSONSMILLIONS OF PERSONS
2009 2011 20132012 2014 20152008 2010
CIVILIAN LABOR FORCE
146
154
150
142
138
134
158
162
UNEMPLOYMENT
CIVILIANEMPLOYMENT
146
154
150
142
138
134
158
162
EMPLOYMENT UNEMPLOYMENT AND WAGES
In September employment as measured by the household survey fell by 236000 and unemployment fell 114000
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Selected Unemployment Rates
[Monthly data seasonally adjusted except as noted by NSA]
Period
Unemployment rate (percent of civilian labor force in group)
Allcivilianworkers
By sex and age By race or ethnicity 1 By selected groups
2015 Jan 8979 268 261 155 315 323 134 474 95 316 115 2912 399 2958 Feb 8705 279 256 154 311 317 131 481 102 305 112 r 2759 296 r 2801 Mar 8575 289 268 145 298 307 122 489 102 314 95 3120 282 r 3166 Apr 8549 314 265 131 290 308 117 486 97 315 102 2400 r 289 r 2438 May 8674 276 290 148 286 307 116 491 95 301 112 2224 r 254 r 2260 June 8299 286 287 169 258 281 113 492 93 303 112 r 2311 r 300 r 2346 July 8266 307 278 146 269 283 113 502 102 296 100 2325 298 2359 Aug 8029 265 300 158 277 284 121 505 98 291 106 2461 246 2498 Sept 7915 299 281 154 266 263 114 491 98 306 105
1 Beginning January 2011 includes unemployment durations of up to 5 years prior data are for up to 2 year s2 Includes State (50 States Distri ct of Columbia Puerto Rico and the Virgin Islands) Federal (UCFE) ex-service members (UCX) and Federal and State ext ended benefit programs Also includes
Emergency Unemployment Compensation (2008-2013) and Federal Additional Compensation (2009-2010)
Note Data relate to perso ns 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
0
2011 2012 2013 2014 20152011 2012 2013 2014 2015
0
20
30
40
60
50
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF LABOR
20
COUNCIL OF ECONOMIC ADVISERS
NEW ENTRANTS
5-14 WEEKS
15-26 WEEKS
JOB LEAVERS
REENTRANTS
10 10
LESS THAN5 WEEKS
27 WEEKS AND OVER
JOB LOSERS
In September the percentage of the unemployed who had been out of work for less than 5 weeks rose while thepercentages for 5 to 14 weeks 15 to 26 weeks and 27 weeks and over fell Te mean duration of unemployment fellto 263 weeks and the median duration fell to 114 weeks
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Nonagricultural Employment
[Thousands of wage and salary workers 1 monthly data seasonally adjusted]
1 Data from the est ablishment survey Includes all full- and part-time wage and salary wor kers in nonagricultural est ablishments who received pay for any par t of the pay period that includes the12th of the month Excludes propr ietors self-employed per sons unpaid family workers and private hous ehold workers Data from the household sur vey shown on p 11 include those workers and alsocount persons as employed when they are not at work be cause of industrial disputes bad weat her etc even if they are not paid for the time off In the ser ies shown here persons who work at morethan one job are counted each time they appear on a payroll in cont rast to the series shown on p 11 where persons are counted only onc emdashas employed unemployed or not in the labor for ce SeeEmployment 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
Source Department of Labor (Bureau of Labor Statistics)
MILLIONS OF PERSONS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS
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
PRIVATESERVICE-PROVIDING
INDUSTRIES
EDUCATION ANDHEALTH SERVICES
otal nonagricultural employment as measured by the payroll survey rose by 142000 in September
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Employment Cost IndexmdashPrivate Industry
Period
Index (December 2005 = 100) Percent change from
Totalcompensation
Wagesand
salaries
Benefits 1
3 months earlier 12 months earlier
Totalcompensation
Wages
andsalaries Benefits 1 Total
compensation
Wages
andsalaries Benefits 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
Note The employment cost index is a measure of the change in the cos t of labor free from the influence of employment shif ts among occupations and industries Data exclude farm and household workers
Source Department of Labor (Bureau of Labor Statistics)
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries[For production or nonsupervisory workers monthly data seasonally adjusted]
Period
Average weekly hours Average gross hourly earnings Average gross weekly earnings
1 Also includes other private industry groups shown on p 142 Current dollar earnings divided by t he consumer price index for urban wage earners and cleric al workers (CPIndash W) (on a 1982-84=100 base)
Source Department of Labor (Bureau of Labor Statistics)
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Productivity and Related Data Business and Nonfarm Business Sectors
Period
Output per hourof all persons
Output 1Hours of
all persons 2Compensation
per hour 3
Realcompensation
per hour 4Unit labor
costsImplicit price
deflator 5
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Indexes 2009=100 quarterly data seasonally adjusted
1 Output refers to real gross domestic product originating in the sector2 Hours of all persons engaged in the sect or including hours of proprietors and unpaid family workers Es timates based primarily on est ablishment data3 Wages and salaries of employees plus employersrsquo contri butions for social insurance and priva te benefit plans Also includes an estimate of wages salar ies and supplemental payments for th e
self-employed4 Hourly compensation divided by the consumer price index for all urban consumers (CPIndashU) for recent quarters The trend from 1978ndash2014 is based on the consumer price index research series
(CPIndashUndashRS)5 Current dollar gross domestic output divided by the output index
Note Data relate to all persons engaged in the se ctorPercent 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 da ta released on Augus t 27 2015
Source Department of Labor (Bureau of Labor Statistics)
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Industrial Production and Capacity Utilization
[Monthly data seasonally adjusted]
Period
Total industrial production 1 Industry production indexes 2012=100 Capacity utilization rate(output as percent of
2015 Jan 1076 ndash3 45 1049 1074 1038 860 1221 1046 787 761 Feb 1074 ndash2 35 1045 1068 1037 861 1201 1082 784 757 Mar r 1072 ndash2 25 1048 1068 1041 865 1195 1055 782 758 Apr r 1070 ndash2 21 1052 1071 1046 865 1179 1027 779 760 May r 1066 ndash4 13 1050 1075 1039 860 1153 1021 775 759 June r 1066 0 8 1049 1073 1039 851 1154 1031 774 757 July r 1075 9 13 1058 1085 1045 852 1175 1030 780 762 Aug p 1071 ndash4 9 1053 1076 1045 850 1167 1036 776 758
1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industriesmdashlogging and newspaperperiodical book and directory-publishingmdashthat have traditionally been included in manufacturing
2 Percent changes based on unrounded indexes
Note Data based on NAICS exc ept series as defined in footnote 1
Source Board of Governors of the Federal Reserve System
INDEX 2012 = 100 (RATIO SCALE)
BUSINESSEQUIPMENT
CONSUMER GOODS
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 2012 = 100 (RATIO SCALE)
PERCENT
130
120
110
100
80
90
86
84
82
80
78
76
74
72
70
66
68
110
100
90
80
140
130
120
110
100
80
90
DURABLE
NONDURABLE
TOTAL1MANUFACTURING120
110
100
90
80
PRODUCTION AND BUSINESS ACTIVITY
Industrial production and capacity utilization fell in August
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Industrial ProductionmdashMajor Market Groups and Selected Manufactures
Apr 1190 735 436 1140 666 32 442 999 508 207 May r 1072 697 366 1250 681 34 535 1010 513 210 June r 1211 687 510 1337 692 34 611 959 466 215 68
July r 1161 762 390 1130 680 28 422 996 522 215 Aug p 1126 739 381 1161 699 30 432 935 552 216
1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards2 Based on approximately 20100 permit-issuing places beginning wit h 2014 and 19300 beginning with 2004 Using the 20 04 universe the tot al for 2014 is 104643 Seasonally adjusted4 Quarterly data are three-month averages Annual data are averages of quarterly data
Source Department of Commerce (Bureau of the Census)
New Construction[Billions of dollars monthly data at seasonally adjusted annual rates]
2015 Jan 9901 7162 3589 2616 3572 170 420 640 736 1607 2739 Feb 9935 7208 3606 2607 3602 176 418 620 768 1621 2726 Mar 10064 7297 3575 2562 3722 180 446 622 810 1664 2766 Apr 10446 7572 3668 2599 3904 192 463 653 840 1756 2874 May 10684 7765 3731 2632 4034 208 482 663 896 1784 2920 June r 10743 7735 3761 2659 3974 223 493 626 862 1770 3008 July r 10791 7823 3785 2683 4038 218 493 632 906 1789 2968 Aug p 10862 7880 3833 2723 4047 225 492 622 920 1789 2982
1 Includes residential improvements not shown separately2 Includes health care educa tional communication and power among other categories not shown separ ately
Source Department of Commerce (Bureau of the Census)
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Business Sales and InventoriesmdashManufacturing and Trade
[Millions of dollars except ratios seasonally adjusted except as noted]
Period
Manufacturing and trade 1 Wholesale RetailRetail and foodservices sales 2
2015 Jan 1308276 1778991 136 445024 572469 129 383889 558296 145 434225 Feb 1303701 1783741 137 442459 573668 130 381432 561001 147 431921 Mar 1311121 1785855 136 441024 574661 130 387665 562821 145 438572 Apr 1318016 1792837 136 448458 576998 129 387235 566270 146 438717 May 1322962 1798172 136 449347 580710 129 392268 567490 145 443913 June r 1327245 1809917 136 450927 584986 130 391955 573180 146 443734 July p 1327773 1811191 136 449492 584281 130 r 394919 576881 146 r 446872 Aug p 395401 447715
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
Source Department of Commerce (Bureau of the Census)
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
900
1000
1100
1200
1300
1600
MANUFACTURING ANDTRADE INVENTORIES
MANUFACTURING AND TRADE SALES 350
400
450
RETAIL SALES
RETAIL INVENTORIES
300
140
130
120
160
150
INVENTORYSALES RATIO
1500
1400
MANUFACTURING AND TRADE
1700
1900
1800
RATIO
500
600
550
170
RETAIL AND FOODSERVICES SALES
RETAIL
COUNCIL OF ECONOMIC ADVISERS
In July according to current estimates manufacturing and trade sales were roughly unchanged while inventoriesrose $13 billion According to advance estimates retail sales rose 01 percent in August Retail and food servicessales rose 02 percent
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Manufacturersrsquo Shipments Inventories and Orders
Period
Manufacturersrsquo shipments 1 Manufacturersrsquo inventories 2 Manufacturersrsquo new orders 1
Manu-
facturersrsquounfilledorders 2
Manu-facturersrsquo
inventoryshipments
ratio 3Total
Durablegoods
Nondurablegoods
TotalDurablegoods
Nondurablegoods
Total
Durable goods
Total
Capitalgoods
industriesnondefense
Millions of dollars seasonally adjusted except as noted
1 Annual data are averages of mont hly not seasonally adjusted figures monthly dat a are seasonally adjusted totals for month Shipment s are the same as sales2 Seasonally adjusted end of period3 Annual data are averages of seasonally adjusted monthly ratios
Note Manufacturersrsquo 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 durableunfilled orders
Total and durable shipments and inventories include data on semiconductor s new and unfilled orders do not
Source Department of Commerce (Bureau of the Census)
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
140
180
220
260
300
420
380
340
140
180
220
260300
340
140
180
220
260
300
340380
420
460
500
110
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL
NEW ORDERS
SHIPMENTS INVENTORIES
INVENTORYSHIPMENTS RATIO
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
2014 20152012 2011 2014 2015
DURABLE GOODS
NONDURABLE GOODS
160
140
150
120
130
NONDURABLE GOODS
DURABLE GOODS
TOTAL
20132011 2012 2013
DURABLE GOODS
RATIO
540460
500540
380
420
460500540
TOTAL
580
580 700
580620660
In August manufacturersrsquo shipments inventories and new and unfilled orders all fell
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Producer Prices
[November 2009 =100 except as noted monthly data seasonally adjusted]
1 Includes final demand construction not shown separately2 Does not include food and beverages for immediate con sumption which are defined as the servic e of preparing meals snacks and beverages to cust omer order for immediate consumption3 Trade indexes measure changes in margins received by wholesalers and re tailers4 Relative importance December 2014
Source Department of Labor (Bureau of Labor Statistics)
INDEX NOV 2009=100 (RATIO SCALE) INDEX NOV 2009=100 (RATIO SCALE)
2009 2010 2011 2012 2013 2014 2015
SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTEDFINAL DEMAND
COUNCIL OF ECONOMIC ADVISERS
FINAL DEMANDSERVICES
100
95
115
125
110
105
120
100
95
115
125
110
105
120
FINAL DEMAND
FINAL DEMANDGOODS
PRICES
Te producer price index for final demand was unchanged in August Prices for final demand goods fell 06 percentand prices for final demand services rose 04 percent
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In August the consumer price index for all urban consumers fell 01 percent it also fell 01 percent before seasonaladjustment Te index rose 02 percent from its year earlier level
Consumer PricesmdashAll Urban Consumers
[1982ndash84=100 except as noted monthly data seasonally adjusted except as noted by NSA]
Period
All items All items less food and energy Food Energy
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Relative importance July 2015
Source Department of Labor (Bureau of Labor Statistics)
INDEX 1982-84 = 100 (RATIO SCALE)
SEASONALLY ADJUSTED
INDEX 1982-84 = 100 (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF LABOR
2007 2008 2009 2010 2011 2012 2013 2014 2015
CONSUMER PRICESmdashALL ITEMS
250
240
230
220
210
200
190
180
250
240
230
220
210
200
190
180
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Changes in Consumer PricesmdashAll Urban Consumers[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Quarterly chan ges are shown in the last month of the quart er
Source Department of Labor (Bureau of Labor Statistics)
Changes in Producer Prices[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
Period
Totalfinalde-
mand 1
Final demand goods Final demand services Finaldemand
Sept r 107 87 132 112 114 115 96 Oct 100 81 135 112 113 114 89 Nov r 102 82 134 112 113 114 91 Dec r 101 83 127 111 112 114 91
2015 Jan 97 82 120 110 111 111 88 Feb 99 84 114 110 110 111 90 Mar 102 85 117 110 111 111 93 Apr r 103 89 116 110 111 111 94 May r 107 90 122 110 110 111 97 June 105 88 121 109 110 110 96 July 99 86 115 109 110 110 91 Aug 102 88 117 108 109 109 94
1 Annual indexes for 2011 forward reflect revised methodology See Agricultural Price Program Update January 2015 for details2 Includes items not shown separately3 Annual data are averages of monthly ratios
Note These indexes are also available on a 1910-14=100 basis as required by stat ute
Source Department of Agriculture (National Agricultural Statistics Service)
1RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID
SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
2010 20152007 2008 2009 20122011 2013 2014
PRICES RECEIVED
RATIO
PRICES PAID
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
90
80
60
70
130
120
110
100
90
80
60
70
130
120
110
100
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
In August prices received by farmers rose 30 percent and prices paid by farmers fell 09 percent (Data are notseasonally adjusted)
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Money Stock and Debt Measures
[Averages of daily figures except debt end-of-period basis billions of dollars seasonally adjusted]
Period
M1 M2 Debt Percent change
Sum of currencydemand depositstravelers checks and
other checkable deposits
M1 plussavings depositsretail MMMF balances
and small time deposits 1
Debt ofdomesticnonfinancial
sectors 2
From year or 6 months earlier
3 From
previous period 4
M1 M2 Debt
2005 Dec r 13748 66508 282945 ndash01 42 862006 Dec r 13683 70427 307233 ndash5 59 842007 Dec r 13766 74488 331796 6 58 812008 Dec r 16071 81740 349342 167 97 572009 Dec r 16984 84801 357496 57 37 342010 Dec r 18418 87814 370390 84 36 432011 Dec r 21682 96346 382033 177 97 352012 Dec r 24577 104225 399658 134 82 502013 Dec r 26545 109840 414596 80 54 402014 Dec r 29145 116292 432554 98 59 44
2014 Aug 28160 114420 72 58 Sept r 28571 114795 427494 82 57 45 Oct 28638 115206 67 54 Nov 28795 115640 68 50
Dec r
29145 116292 432554 72 53 482015 Jan 29318 117049 65 53 Feb 29950 118250 127 67 Mar r 29890 118448 435061 92 64 25 Apr r 29946 118949 91 65 May r 29846 119364 73 64 June r 30077 119820 439790 64 61 44 July r 30355 120596 71 61 Aug 30499 121385 37 53
1 Money market mutual fund (MMMF) Savings deposits include money market deposit accounts (MMDA)2 Consists of outstanding credit market debt of the US 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 quarter3 Annual changes are from December to Decemb er and monthly changes are from 6 months earlier at a simple annual rate4 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
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
M2
BILLIONS OF DOLLARS (RATIO SCALE)
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
BILLIONS OF DOLLARS (RATIO SCALE)
M1
MONEY CREDIT AND SECURITY MARKETS
In August M2 rose
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Components of Money Stock[Averages of daily figures billions of dollars seasonally adjusted]
2015 Jan r 12663 29 11742 4885 2640 2244 76444 65552 10892 5068 3758 1311 6219 17890 Feb r 12720 29 12174 5027 2713 2314 77076 66120 10956 5049 3758 1291 6174 17834 Mar 12794 28 12025 5042 2727 2315 77468 66493 10975 4949 3678 1272 6141 18075 Apr r 12843 28 12044 5030 2715 2315 78005 66950 11055 4864 3595 1269 6134 17848 May r 12884 27 11928 5007 2706 2301 78618 67441 11176 4792 3529 1262 6108 17990 June r 12934 27 12057 5059 2768 2291 78881 67664 11217 4727 3469 1257 6136 18154 July r 12999 27 12266 5063 2769 2294 79389 68179 11210 4664 3411 1253 6188 18438
Aug 13090 26 12313 5070 2753 2317 80069 68822 11247 4606 3355 1250 6212 187411 Small-denomination deposits are those issued in amounts of less than $1000002 Institutional money funds are not part of non-M1 M2
Source Board of Governors of the Federal Reserve System
Aggregate Reserves and Monetary Base[Averages of daily figures 1 millions of dollars not seasonally adjusted]
1 Data are prorated averages of biweekly (maintenance period) averages of daily figures2 Equals the sum of balances maintained up to the top of each institu tionrsquos penalty-free band3 Excludes vault cash used to satisfy required reserves4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve5 Equals total balances maintained plus currenc y 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 separately7 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 cr eation of a penalty-fr ee band around reserve balanc e requirements which took effe ct June 27 2013 See H3 release of July 11 2013
Source Board of Governors of the Federal Reserve System
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Bank Credit at All Commercial Banks
[Billions of dollars seasonally adjusted 1]
Period
Total
bankcredit
Securities in bank credit 2 Loans and leases in bank credit
Totalsecurities
US
Treasuryand
agencysecurities
Othersecurities
Totalloansand
leases 3
Commercialandindustrial
loans
Real estate loans
Consumerloans 5
Otherloansand
leases 6Total 4Revolving
home equityloans
Commercialloans
2005 Dec r 73156 18554 11593 6961 54602 10361 29289 4435 12701 7045 79062006 Dec r 81084 19913 12190 7723 61172 11826 33736 4683 14593 7386 82242007 Dec r 89042 21046 11375 9670 67997 14177 36002 4848 15872 7992 98272008 Dec r 93532 20976 12541 8435 72556 15588 38195 5882 17284 8762 100122009 Dec r 89955 23295 14509 8786 66660 12652 37767 6031 16409 8360 78812010 Dec r 91917 24299 16425 7874 67618 11923 36133 5819 15004 11138 84232011 Dec r 94020 24955 17020 7935 69065 13037 34948 5495 14183 10911 101702012 Dec r 99593 27358 18762 8596 72235 14756 35504 5152 14282 11155 108202013 Dec r 100964 27148 18047 9100 73816 15767 35317 4737 14986 11414 113182014 Dec r 108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 13155
2014 Aug r 106144 28436 19406 9029 77709 17174 36158 4623 15702 11822 12556 Sept r 106591 28605 19731 8874 77985 17290 36196 4608 15781 11873 12626 Oct r 106989 28683 19896 8787 78306 17366 36227 4603 15867 11919 12793 Nov r 107682 28801 20001 8800 78881 17565 36270 4594 15948 11973 13073
Dec r
108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 131552015 Jan r 109576 29525 20663 8862 80052 17932 36503 4564 16156 12008 13608 Feb r 110253 29732 20847 8885 80521 18116 36713 4553 16299 12041 13652 Mar r 111116 29771 20859 8912 81345 18392 37056 4545 16522 12066 13831 Apr r 111838 29954 20996 8958 81884 18500 37131 4527 16606 12127 14126 May r 112422 30248 21321 8927 82174 18665 37241 4509 16705 12179 14088 June r 112912 30267 21343 8924 82644 18842 37410 4487 16831 12227 14165 July r 113449 30219 21337 8882 83229 18939 37574 4468 16984 12289 14428 Aug 113955 30352 21489 8863 83603 19068 37702 4441 17118 12360 14473
1 Data are prorated averages of Wednesday values for domestically chartered commercial banks branches and agencies of foreign banks and Edge Act and agreement corporations2 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
accounts3 Excludes unearned inco me Includes the allowance for loan and lease losses Exclude s Federal funds sold to reverse r epurchase agreements (RPs) wit h and loans to commercial banks in the
United States Includes all loans held in trading acc ounts under a fair value option4 Includes closed-end residential loans not shown separately5 Includes credit cards and other consumer loans6 Includes other items not shown separately
Source Board of Governors of the Federal Reserve System
BILLIONS OF DOLLARS (RATIO SCALE)
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000TOTAL
LOANS AND LEASES
US TREASURY AND AGENCY SECURITIES
OTHER SECURITIES
otal commercial bank loans and leases rose 04 percent in August
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Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business[Billions of dollars quarterly data at seasonally adjusted annual rates]
2013 I r 28407 18324 10083 1750 ndash2137 3887 3161 727 7291 26861 14534 12327 1546 II r 27501 18870 8631 242 ndash3712 3953 2089 1866 6274 25223 15186 10037 2278 III r 29700 18725 10975 3049 ndash3441 6490 4794 1696 5918 25132 15917 9215 4569 IV r 30024 19526 10498 ndash1864 ndash4827 2964 2556 408 10129 27122 15941 11181 2902
2014 I r 23994 17883 6111 1149 ndash5018 6168 3033 3135 9213 20136 16114 4022 3857 II r 30269 18769 11500 707 ndash2731 3438 2539 899 8365 26528 16471 10057 3741 III r 30145 19916 10229 789 ndash4343 5132 2239 2894 5738 22768 17045 5723 7377
IV r 28679 19758 8921 1419 ndash3410 4828 3523 1305 5494 24169 17063 7106 45112015 I r 30105 19004 11101 443 ndash5920 6363 5297 1065 3035 23722 17387 6335 6383 II p 29302 18836 10466 836 ndash5910 6746 7004 ndash257 7179 25768 18870 6898 3533
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 earn-ings retained abroad inventory valuation adjustment and net capital transfers
2 Includes trade payables taxes payable and miscellaneous liabilities (foreign direct investment in the US 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]
Period
Consumer credit outstanding (end of period) Net change in consumer credit outstanding 1
Total Revolving Nonrevolving 2 Total Revolving Nonrevolving 2
2005 Dec 22909 8295 14614 987 299 6872006 Dec 24613 9240 15373 1704 945 7592007 Dec 26151 10020 16131 1538 780 7582008 Dec 26500 10044 16457 349 24 3262009 Dec 25523 9164 16359 ndash977 ndash880 ndash982010 Dec 26469 8395 18074 946 ndash769 17152011 Dec 27554 8412 19142 1085 17 10682012 Dec 29229 8459 20770 1675 47 16282013 Dec 30988 8582 22406 1759 123 16362014 Dec 33172 8900 24272 2184 318 1866
2014 July 32332 8803 23528 214 45 168 Aug 32493 8814 23679 161 11 151 Sept 32675 8834 23840 182 20 161 Oct 32841 8848 23993 166 14 153 Nov 33005 8861 24145 164 13 152
Dec 33172 8900 24272 167 39 1272015 Jan 33276 8883 24393 104 ndash17 121 Feb 33426 8860 24566 150 ndash23 173 Mar r 33634 8908 24726 208 48 160 Apr r 33876 9003 24873 242 95 147 May r 34073 9028 25045 197 25 172 June r 34343 9103 25240 270 75 195 July p 34534 9146 25388 191 43 148
1 Change based on data in billions of dollars as shown here For year-end data ch ange from preceding year-end for monthl y data change from preceding month2 Includes automobile loans and all other loans not included in revolving cr edit such as loans for mobile homes education boats t railers or vacations The se 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
1 High bill rate at auction issue date within period bank-discount basis Data are stop yields from uniform-price auctions2 Yields on actively traded issues adjusted to constant maturities Series for 30-year constant maturity was discontinued on February 18 2002 and reintroduced on February 6 20063 Weekly data are Wednesday figures4 Average effective rate for year rate in effect at end of month or week5 Daily effective rate weighted average of rates on brokered trades6 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 Moodyrsquos Investors Service and Standard amp Poorrsquos
Interest Rates and Bond Yields
2007 2008 2009 2010 2011 2012 2013 2014 2015
10
PERCENT PER ANNUM
4
2
0
6
8
10
PERCENT PER ANNUM
4
2
0
6
8
FEDERAL FUNDSRATE
TREASURYBILLS
CORPORATE Aaa BONDS(MOODYS)
COUNCIL OF ECONOMIC ADVISERSSOURCE SEE TABLE BELOW
Interest rates were mixed in September
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Common Stock Prices and Yields
Period
Common stock prices 1 Common stock yields(percent) 6
New York Stock Exchange indexes(December 31 2002=5000) 2 Dow Jones
1 Annual data are averages of mont hly figures Monthly and weekly dat a are averages of daily closing prices2 Includes all the stocks (in 2015 over 320 0) listed on the NYSE3 Includes 30 stocks4 Includes 500 stocks5 Includes over 2900 stocks in 20156 Standard amp Poorrsquos series Dividendprice ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter
Sources New York Stock Exchange Dow Jones amp Company Inc Standar d amp Poorrsquos Nasdaq Stock Market and Bloomberg
5
INDEX DEC 31 2002=5000 (RATIO SCALE)
SOURCES NEW YORK STOCK EXCHANGE STANDARD AND POORS AND BLOOMBERG COUNCIL OF ECONOMIC ADVISERS
1 Data from current issue Monthly Treasury Statement
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fisc al Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
RECEIPTS AND OUTLAYS1
SURPLUS OR DEFICIT (ndash)1
2007 2008 2009 2010 2011 2012
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF DOLLARSBILLIONS OF DOLLARS
OUTLAYS1
RECEIPTS1
2014 2015 20162013
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
FEDERAL FINANCE
In the first eleven months of fiscal year 2015 the deficit was $5300 billion compared with a deficit of $5892 billiona year earlier
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In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
7172019 EI_201509pdf
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
b l d
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Selected Unemployment Rates
[Monthly data seasonally adjusted except as noted by NSA]
Period
Unemployment rate (percent of civilian labor force in group)
Allcivilianworkers
By sex and age By race or ethnicity 1 By selected groups
2015 Jan 8979 268 261 155 315 323 134 474 95 316 115 2912 399 2958 Feb 8705 279 256 154 311 317 131 481 102 305 112 r 2759 296 r 2801 Mar 8575 289 268 145 298 307 122 489 102 314 95 3120 282 r 3166 Apr 8549 314 265 131 290 308 117 486 97 315 102 2400 r 289 r 2438 May 8674 276 290 148 286 307 116 491 95 301 112 2224 r 254 r 2260 June 8299 286 287 169 258 281 113 492 93 303 112 r 2311 r 300 r 2346 July 8266 307 278 146 269 283 113 502 102 296 100 2325 298 2359 Aug 8029 265 300 158 277 284 121 505 98 291 106 2461 246 2498 Sept 7915 299 281 154 266 263 114 491 98 306 105
1 Beginning January 2011 includes unemployment durations of up to 5 years prior data are for up to 2 year s2 Includes State (50 States Distri ct of Columbia Puerto Rico and the Virgin Islands) Federal (UCFE) ex-service members (UCX) and Federal and State ext ended benefit programs Also includes
Emergency Unemployment Compensation (2008-2013) and Federal Additional Compensation (2009-2010)
Note Data relate to perso ns 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
0
2011 2012 2013 2014 20152011 2012 2013 2014 2015
0
20
30
40
60
50
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF LABOR
20
COUNCIL OF ECONOMIC ADVISERS
NEW ENTRANTS
5-14 WEEKS
15-26 WEEKS
JOB LEAVERS
REENTRANTS
10 10
LESS THAN5 WEEKS
27 WEEKS AND OVER
JOB LOSERS
In September the percentage of the unemployed who had been out of work for less than 5 weeks rose while thepercentages for 5 to 14 weeks 15 to 26 weeks and 27 weeks and over fell Te mean duration of unemployment fellto 263 weeks and the median duration fell to 114 weeks
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Nonagricultural Employment
[Thousands of wage and salary workers 1 monthly data seasonally adjusted]
1 Data from the est ablishment survey Includes all full- and part-time wage and salary wor kers in nonagricultural est ablishments who received pay for any par t of the pay period that includes the12th of the month Excludes propr ietors self-employed per sons unpaid family workers and private hous ehold workers Data from the household sur vey shown on p 11 include those workers and alsocount persons as employed when they are not at work be cause of industrial disputes bad weat her etc even if they are not paid for the time off In the ser ies shown here persons who work at morethan one job are counted each time they appear on a payroll in cont rast to the series shown on p 11 where persons are counted only onc emdashas employed unemployed or not in the labor for ce SeeEmployment 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
Source Department of Labor (Bureau of Labor Statistics)
MILLIONS OF PERSONS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS
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
PRIVATESERVICE-PROVIDING
INDUSTRIES
EDUCATION ANDHEALTH SERVICES
otal nonagricultural employment as measured by the payroll survey rose by 142000 in September
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Employment Cost IndexmdashPrivate Industry
Period
Index (December 2005 = 100) Percent change from
Totalcompensation
Wagesand
salaries
Benefits 1
3 months earlier 12 months earlier
Totalcompensation
Wages
andsalaries Benefits 1 Total
compensation
Wages
andsalaries Benefits 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
Note The employment cost index is a measure of the change in the cos t of labor free from the influence of employment shif ts among occupations and industries Data exclude farm and household workers
Source Department of Labor (Bureau of Labor Statistics)
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries[For production or nonsupervisory workers monthly data seasonally adjusted]
Period
Average weekly hours Average gross hourly earnings Average gross weekly earnings
1 Also includes other private industry groups shown on p 142 Current dollar earnings divided by t he consumer price index for urban wage earners and cleric al workers (CPIndash W) (on a 1982-84=100 base)
Source Department of Labor (Bureau of Labor Statistics)
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Productivity and Related Data Business and Nonfarm Business Sectors
Period
Output per hourof all persons
Output 1Hours of
all persons 2Compensation
per hour 3
Realcompensation
per hour 4Unit labor
costsImplicit price
deflator 5
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Indexes 2009=100 quarterly data seasonally adjusted
1 Output refers to real gross domestic product originating in the sector2 Hours of all persons engaged in the sect or including hours of proprietors and unpaid family workers Es timates based primarily on est ablishment data3 Wages and salaries of employees plus employersrsquo contri butions for social insurance and priva te benefit plans Also includes an estimate of wages salar ies and supplemental payments for th e
self-employed4 Hourly compensation divided by the consumer price index for all urban consumers (CPIndashU) for recent quarters The trend from 1978ndash2014 is based on the consumer price index research series
(CPIndashUndashRS)5 Current dollar gross domestic output divided by the output index
Note Data relate to all persons engaged in the se ctorPercent 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 da ta released on Augus t 27 2015
Source Department of Labor (Bureau of Labor Statistics)
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Industrial Production and Capacity Utilization
[Monthly data seasonally adjusted]
Period
Total industrial production 1 Industry production indexes 2012=100 Capacity utilization rate(output as percent of
2015 Jan 1076 ndash3 45 1049 1074 1038 860 1221 1046 787 761 Feb 1074 ndash2 35 1045 1068 1037 861 1201 1082 784 757 Mar r 1072 ndash2 25 1048 1068 1041 865 1195 1055 782 758 Apr r 1070 ndash2 21 1052 1071 1046 865 1179 1027 779 760 May r 1066 ndash4 13 1050 1075 1039 860 1153 1021 775 759 June r 1066 0 8 1049 1073 1039 851 1154 1031 774 757 July r 1075 9 13 1058 1085 1045 852 1175 1030 780 762 Aug p 1071 ndash4 9 1053 1076 1045 850 1167 1036 776 758
1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industriesmdashlogging and newspaperperiodical book and directory-publishingmdashthat have traditionally been included in manufacturing
2 Percent changes based on unrounded indexes
Note Data based on NAICS exc ept series as defined in footnote 1
Source Board of Governors of the Federal Reserve System
INDEX 2012 = 100 (RATIO SCALE)
BUSINESSEQUIPMENT
CONSUMER GOODS
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 2012 = 100 (RATIO SCALE)
PERCENT
130
120
110
100
80
90
86
84
82
80
78
76
74
72
70
66
68
110
100
90
80
140
130
120
110
100
80
90
DURABLE
NONDURABLE
TOTAL1MANUFACTURING120
110
100
90
80
PRODUCTION AND BUSINESS ACTIVITY
Industrial production and capacity utilization fell in August
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Industrial ProductionmdashMajor Market Groups and Selected Manufactures
Apr 1190 735 436 1140 666 32 442 999 508 207 May r 1072 697 366 1250 681 34 535 1010 513 210 June r 1211 687 510 1337 692 34 611 959 466 215 68
July r 1161 762 390 1130 680 28 422 996 522 215 Aug p 1126 739 381 1161 699 30 432 935 552 216
1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards2 Based on approximately 20100 permit-issuing places beginning wit h 2014 and 19300 beginning with 2004 Using the 20 04 universe the tot al for 2014 is 104643 Seasonally adjusted4 Quarterly data are three-month averages Annual data are averages of quarterly data
Source Department of Commerce (Bureau of the Census)
New Construction[Billions of dollars monthly data at seasonally adjusted annual rates]
2015 Jan 9901 7162 3589 2616 3572 170 420 640 736 1607 2739 Feb 9935 7208 3606 2607 3602 176 418 620 768 1621 2726 Mar 10064 7297 3575 2562 3722 180 446 622 810 1664 2766 Apr 10446 7572 3668 2599 3904 192 463 653 840 1756 2874 May 10684 7765 3731 2632 4034 208 482 663 896 1784 2920 June r 10743 7735 3761 2659 3974 223 493 626 862 1770 3008 July r 10791 7823 3785 2683 4038 218 493 632 906 1789 2968 Aug p 10862 7880 3833 2723 4047 225 492 622 920 1789 2982
1 Includes residential improvements not shown separately2 Includes health care educa tional communication and power among other categories not shown separ ately
Source Department of Commerce (Bureau of the Census)
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Business Sales and InventoriesmdashManufacturing and Trade
[Millions of dollars except ratios seasonally adjusted except as noted]
Period
Manufacturing and trade 1 Wholesale RetailRetail and foodservices sales 2
2015 Jan 1308276 1778991 136 445024 572469 129 383889 558296 145 434225 Feb 1303701 1783741 137 442459 573668 130 381432 561001 147 431921 Mar 1311121 1785855 136 441024 574661 130 387665 562821 145 438572 Apr 1318016 1792837 136 448458 576998 129 387235 566270 146 438717 May 1322962 1798172 136 449347 580710 129 392268 567490 145 443913 June r 1327245 1809917 136 450927 584986 130 391955 573180 146 443734 July p 1327773 1811191 136 449492 584281 130 r 394919 576881 146 r 446872 Aug p 395401 447715
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
Source Department of Commerce (Bureau of the Census)
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
900
1000
1100
1200
1300
1600
MANUFACTURING ANDTRADE INVENTORIES
MANUFACTURING AND TRADE SALES 350
400
450
RETAIL SALES
RETAIL INVENTORIES
300
140
130
120
160
150
INVENTORYSALES RATIO
1500
1400
MANUFACTURING AND TRADE
1700
1900
1800
RATIO
500
600
550
170
RETAIL AND FOODSERVICES SALES
RETAIL
COUNCIL OF ECONOMIC ADVISERS
In July according to current estimates manufacturing and trade sales were roughly unchanged while inventoriesrose $13 billion According to advance estimates retail sales rose 01 percent in August Retail and food servicessales rose 02 percent
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Manufacturersrsquo Shipments Inventories and Orders
Period
Manufacturersrsquo shipments 1 Manufacturersrsquo inventories 2 Manufacturersrsquo new orders 1
Manu-
facturersrsquounfilledorders 2
Manu-facturersrsquo
inventoryshipments
ratio 3Total
Durablegoods
Nondurablegoods
TotalDurablegoods
Nondurablegoods
Total
Durable goods
Total
Capitalgoods
industriesnondefense
Millions of dollars seasonally adjusted except as noted
1 Annual data are averages of mont hly not seasonally adjusted figures monthly dat a are seasonally adjusted totals for month Shipment s are the same as sales2 Seasonally adjusted end of period3 Annual data are averages of seasonally adjusted monthly ratios
Note Manufacturersrsquo 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 durableunfilled orders
Total and durable shipments and inventories include data on semiconductor s new and unfilled orders do not
Source Department of Commerce (Bureau of the Census)
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
140
180
220
260
300
420
380
340
140
180
220
260300
340
140
180
220
260
300
340380
420
460
500
110
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL
NEW ORDERS
SHIPMENTS INVENTORIES
INVENTORYSHIPMENTS RATIO
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
2014 20152012 2011 2014 2015
DURABLE GOODS
NONDURABLE GOODS
160
140
150
120
130
NONDURABLE GOODS
DURABLE GOODS
TOTAL
20132011 2012 2013
DURABLE GOODS
RATIO
540460
500540
380
420
460500540
TOTAL
580
580 700
580620660
In August manufacturersrsquo shipments inventories and new and unfilled orders all fell
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Producer Prices
[November 2009 =100 except as noted monthly data seasonally adjusted]
1 Includes final demand construction not shown separately2 Does not include food and beverages for immediate con sumption which are defined as the servic e of preparing meals snacks and beverages to cust omer order for immediate consumption3 Trade indexes measure changes in margins received by wholesalers and re tailers4 Relative importance December 2014
Source Department of Labor (Bureau of Labor Statistics)
INDEX NOV 2009=100 (RATIO SCALE) INDEX NOV 2009=100 (RATIO SCALE)
2009 2010 2011 2012 2013 2014 2015
SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTEDFINAL DEMAND
COUNCIL OF ECONOMIC ADVISERS
FINAL DEMANDSERVICES
100
95
115
125
110
105
120
100
95
115
125
110
105
120
FINAL DEMAND
FINAL DEMANDGOODS
PRICES
Te producer price index for final demand was unchanged in August Prices for final demand goods fell 06 percentand prices for final demand services rose 04 percent
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In August the consumer price index for all urban consumers fell 01 percent it also fell 01 percent before seasonaladjustment Te index rose 02 percent from its year earlier level
Consumer PricesmdashAll Urban Consumers
[1982ndash84=100 except as noted monthly data seasonally adjusted except as noted by NSA]
Period
All items All items less food and energy Food Energy
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Relative importance July 2015
Source Department of Labor (Bureau of Labor Statistics)
INDEX 1982-84 = 100 (RATIO SCALE)
SEASONALLY ADJUSTED
INDEX 1982-84 = 100 (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF LABOR
2007 2008 2009 2010 2011 2012 2013 2014 2015
CONSUMER PRICESmdashALL ITEMS
250
240
230
220
210
200
190
180
250
240
230
220
210
200
190
180
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Changes in Consumer PricesmdashAll Urban Consumers[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Quarterly chan ges are shown in the last month of the quart er
Source Department of Labor (Bureau of Labor Statistics)
Changes in Producer Prices[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
Period
Totalfinalde-
mand 1
Final demand goods Final demand services Finaldemand
Sept r 107 87 132 112 114 115 96 Oct 100 81 135 112 113 114 89 Nov r 102 82 134 112 113 114 91 Dec r 101 83 127 111 112 114 91
2015 Jan 97 82 120 110 111 111 88 Feb 99 84 114 110 110 111 90 Mar 102 85 117 110 111 111 93 Apr r 103 89 116 110 111 111 94 May r 107 90 122 110 110 111 97 June 105 88 121 109 110 110 96 July 99 86 115 109 110 110 91 Aug 102 88 117 108 109 109 94
1 Annual indexes for 2011 forward reflect revised methodology See Agricultural Price Program Update January 2015 for details2 Includes items not shown separately3 Annual data are averages of monthly ratios
Note These indexes are also available on a 1910-14=100 basis as required by stat ute
Source Department of Agriculture (National Agricultural Statistics Service)
1RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID
SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
2010 20152007 2008 2009 20122011 2013 2014
PRICES RECEIVED
RATIO
PRICES PAID
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
90
80
60
70
130
120
110
100
90
80
60
70
130
120
110
100
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
In August prices received by farmers rose 30 percent and prices paid by farmers fell 09 percent (Data are notseasonally adjusted)
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Money Stock and Debt Measures
[Averages of daily figures except debt end-of-period basis billions of dollars seasonally adjusted]
Period
M1 M2 Debt Percent change
Sum of currencydemand depositstravelers checks and
other checkable deposits
M1 plussavings depositsretail MMMF balances
and small time deposits 1
Debt ofdomesticnonfinancial
sectors 2
From year or 6 months earlier
3 From
previous period 4
M1 M2 Debt
2005 Dec r 13748 66508 282945 ndash01 42 862006 Dec r 13683 70427 307233 ndash5 59 842007 Dec r 13766 74488 331796 6 58 812008 Dec r 16071 81740 349342 167 97 572009 Dec r 16984 84801 357496 57 37 342010 Dec r 18418 87814 370390 84 36 432011 Dec r 21682 96346 382033 177 97 352012 Dec r 24577 104225 399658 134 82 502013 Dec r 26545 109840 414596 80 54 402014 Dec r 29145 116292 432554 98 59 44
2014 Aug 28160 114420 72 58 Sept r 28571 114795 427494 82 57 45 Oct 28638 115206 67 54 Nov 28795 115640 68 50
Dec r
29145 116292 432554 72 53 482015 Jan 29318 117049 65 53 Feb 29950 118250 127 67 Mar r 29890 118448 435061 92 64 25 Apr r 29946 118949 91 65 May r 29846 119364 73 64 June r 30077 119820 439790 64 61 44 July r 30355 120596 71 61 Aug 30499 121385 37 53
1 Money market mutual fund (MMMF) Savings deposits include money market deposit accounts (MMDA)2 Consists of outstanding credit market debt of the US 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 quarter3 Annual changes are from December to Decemb er and monthly changes are from 6 months earlier at a simple annual rate4 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
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
M2
BILLIONS OF DOLLARS (RATIO SCALE)
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
BILLIONS OF DOLLARS (RATIO SCALE)
M1
MONEY CREDIT AND SECURITY MARKETS
In August M2 rose
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Components of Money Stock[Averages of daily figures billions of dollars seasonally adjusted]
2015 Jan r 12663 29 11742 4885 2640 2244 76444 65552 10892 5068 3758 1311 6219 17890 Feb r 12720 29 12174 5027 2713 2314 77076 66120 10956 5049 3758 1291 6174 17834 Mar 12794 28 12025 5042 2727 2315 77468 66493 10975 4949 3678 1272 6141 18075 Apr r 12843 28 12044 5030 2715 2315 78005 66950 11055 4864 3595 1269 6134 17848 May r 12884 27 11928 5007 2706 2301 78618 67441 11176 4792 3529 1262 6108 17990 June r 12934 27 12057 5059 2768 2291 78881 67664 11217 4727 3469 1257 6136 18154 July r 12999 27 12266 5063 2769 2294 79389 68179 11210 4664 3411 1253 6188 18438
Aug 13090 26 12313 5070 2753 2317 80069 68822 11247 4606 3355 1250 6212 187411 Small-denomination deposits are those issued in amounts of less than $1000002 Institutional money funds are not part of non-M1 M2
Source Board of Governors of the Federal Reserve System
Aggregate Reserves and Monetary Base[Averages of daily figures 1 millions of dollars not seasonally adjusted]
1 Data are prorated averages of biweekly (maintenance period) averages of daily figures2 Equals the sum of balances maintained up to the top of each institu tionrsquos penalty-free band3 Excludes vault cash used to satisfy required reserves4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve5 Equals total balances maintained plus currenc y 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 separately7 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 cr eation of a penalty-fr ee band around reserve balanc e requirements which took effe ct June 27 2013 See H3 release of July 11 2013
Source Board of Governors of the Federal Reserve System
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Bank Credit at All Commercial Banks
[Billions of dollars seasonally adjusted 1]
Period
Total
bankcredit
Securities in bank credit 2 Loans and leases in bank credit
Totalsecurities
US
Treasuryand
agencysecurities
Othersecurities
Totalloansand
leases 3
Commercialandindustrial
loans
Real estate loans
Consumerloans 5
Otherloansand
leases 6Total 4Revolving
home equityloans
Commercialloans
2005 Dec r 73156 18554 11593 6961 54602 10361 29289 4435 12701 7045 79062006 Dec r 81084 19913 12190 7723 61172 11826 33736 4683 14593 7386 82242007 Dec r 89042 21046 11375 9670 67997 14177 36002 4848 15872 7992 98272008 Dec r 93532 20976 12541 8435 72556 15588 38195 5882 17284 8762 100122009 Dec r 89955 23295 14509 8786 66660 12652 37767 6031 16409 8360 78812010 Dec r 91917 24299 16425 7874 67618 11923 36133 5819 15004 11138 84232011 Dec r 94020 24955 17020 7935 69065 13037 34948 5495 14183 10911 101702012 Dec r 99593 27358 18762 8596 72235 14756 35504 5152 14282 11155 108202013 Dec r 100964 27148 18047 9100 73816 15767 35317 4737 14986 11414 113182014 Dec r 108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 13155
2014 Aug r 106144 28436 19406 9029 77709 17174 36158 4623 15702 11822 12556 Sept r 106591 28605 19731 8874 77985 17290 36196 4608 15781 11873 12626 Oct r 106989 28683 19896 8787 78306 17366 36227 4603 15867 11919 12793 Nov r 107682 28801 20001 8800 78881 17565 36270 4594 15948 11973 13073
Dec r
108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 131552015 Jan r 109576 29525 20663 8862 80052 17932 36503 4564 16156 12008 13608 Feb r 110253 29732 20847 8885 80521 18116 36713 4553 16299 12041 13652 Mar r 111116 29771 20859 8912 81345 18392 37056 4545 16522 12066 13831 Apr r 111838 29954 20996 8958 81884 18500 37131 4527 16606 12127 14126 May r 112422 30248 21321 8927 82174 18665 37241 4509 16705 12179 14088 June r 112912 30267 21343 8924 82644 18842 37410 4487 16831 12227 14165 July r 113449 30219 21337 8882 83229 18939 37574 4468 16984 12289 14428 Aug 113955 30352 21489 8863 83603 19068 37702 4441 17118 12360 14473
1 Data are prorated averages of Wednesday values for domestically chartered commercial banks branches and agencies of foreign banks and Edge Act and agreement corporations2 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
accounts3 Excludes unearned inco me Includes the allowance for loan and lease losses Exclude s Federal funds sold to reverse r epurchase agreements (RPs) wit h and loans to commercial banks in the
United States Includes all loans held in trading acc ounts under a fair value option4 Includes closed-end residential loans not shown separately5 Includes credit cards and other consumer loans6 Includes other items not shown separately
Source Board of Governors of the Federal Reserve System
BILLIONS OF DOLLARS (RATIO SCALE)
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000TOTAL
LOANS AND LEASES
US TREASURY AND AGENCY SECURITIES
OTHER SECURITIES
otal commercial bank loans and leases rose 04 percent in August
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Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business[Billions of dollars quarterly data at seasonally adjusted annual rates]
2013 I r 28407 18324 10083 1750 ndash2137 3887 3161 727 7291 26861 14534 12327 1546 II r 27501 18870 8631 242 ndash3712 3953 2089 1866 6274 25223 15186 10037 2278 III r 29700 18725 10975 3049 ndash3441 6490 4794 1696 5918 25132 15917 9215 4569 IV r 30024 19526 10498 ndash1864 ndash4827 2964 2556 408 10129 27122 15941 11181 2902
2014 I r 23994 17883 6111 1149 ndash5018 6168 3033 3135 9213 20136 16114 4022 3857 II r 30269 18769 11500 707 ndash2731 3438 2539 899 8365 26528 16471 10057 3741 III r 30145 19916 10229 789 ndash4343 5132 2239 2894 5738 22768 17045 5723 7377
IV r 28679 19758 8921 1419 ndash3410 4828 3523 1305 5494 24169 17063 7106 45112015 I r 30105 19004 11101 443 ndash5920 6363 5297 1065 3035 23722 17387 6335 6383 II p 29302 18836 10466 836 ndash5910 6746 7004 ndash257 7179 25768 18870 6898 3533
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 earn-ings retained abroad inventory valuation adjustment and net capital transfers
2 Includes trade payables taxes payable and miscellaneous liabilities (foreign direct investment in the US 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]
Period
Consumer credit outstanding (end of period) Net change in consumer credit outstanding 1
Total Revolving Nonrevolving 2 Total Revolving Nonrevolving 2
2005 Dec 22909 8295 14614 987 299 6872006 Dec 24613 9240 15373 1704 945 7592007 Dec 26151 10020 16131 1538 780 7582008 Dec 26500 10044 16457 349 24 3262009 Dec 25523 9164 16359 ndash977 ndash880 ndash982010 Dec 26469 8395 18074 946 ndash769 17152011 Dec 27554 8412 19142 1085 17 10682012 Dec 29229 8459 20770 1675 47 16282013 Dec 30988 8582 22406 1759 123 16362014 Dec 33172 8900 24272 2184 318 1866
2014 July 32332 8803 23528 214 45 168 Aug 32493 8814 23679 161 11 151 Sept 32675 8834 23840 182 20 161 Oct 32841 8848 23993 166 14 153 Nov 33005 8861 24145 164 13 152
Dec 33172 8900 24272 167 39 1272015 Jan 33276 8883 24393 104 ndash17 121 Feb 33426 8860 24566 150 ndash23 173 Mar r 33634 8908 24726 208 48 160 Apr r 33876 9003 24873 242 95 147 May r 34073 9028 25045 197 25 172 June r 34343 9103 25240 270 75 195 July p 34534 9146 25388 191 43 148
1 Change based on data in billions of dollars as shown here For year-end data ch ange from preceding year-end for monthl y data change from preceding month2 Includes automobile loans and all other loans not included in revolving cr edit such as loans for mobile homes education boats t railers or vacations The se 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
1 High bill rate at auction issue date within period bank-discount basis Data are stop yields from uniform-price auctions2 Yields on actively traded issues adjusted to constant maturities Series for 30-year constant maturity was discontinued on February 18 2002 and reintroduced on February 6 20063 Weekly data are Wednesday figures4 Average effective rate for year rate in effect at end of month or week5 Daily effective rate weighted average of rates on brokered trades6 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 Moodyrsquos Investors Service and Standard amp Poorrsquos
Interest Rates and Bond Yields
2007 2008 2009 2010 2011 2012 2013 2014 2015
10
PERCENT PER ANNUM
4
2
0
6
8
10
PERCENT PER ANNUM
4
2
0
6
8
FEDERAL FUNDSRATE
TREASURYBILLS
CORPORATE Aaa BONDS(MOODYS)
COUNCIL OF ECONOMIC ADVISERSSOURCE SEE TABLE BELOW
Interest rates were mixed in September
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Common Stock Prices and Yields
Period
Common stock prices 1 Common stock yields(percent) 6
New York Stock Exchange indexes(December 31 2002=5000) 2 Dow Jones
1 Annual data are averages of mont hly figures Monthly and weekly dat a are averages of daily closing prices2 Includes all the stocks (in 2015 over 320 0) listed on the NYSE3 Includes 30 stocks4 Includes 500 stocks5 Includes over 2900 stocks in 20156 Standard amp Poorrsquos series Dividendprice ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter
Sources New York Stock Exchange Dow Jones amp Company Inc Standar d amp Poorrsquos Nasdaq Stock Market and Bloomberg
5
INDEX DEC 31 2002=5000 (RATIO SCALE)
SOURCES NEW YORK STOCK EXCHANGE STANDARD AND POORS AND BLOOMBERG COUNCIL OF ECONOMIC ADVISERS
1 Data from current issue Monthly Treasury Statement
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fisc al Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
RECEIPTS AND OUTLAYS1
SURPLUS OR DEFICIT (ndash)1
2007 2008 2009 2010 2011 2012
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF DOLLARSBILLIONS OF DOLLARS
OUTLAYS1
RECEIPTS1
2014 2015 20162013
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
FEDERAL FINANCE
In the first eleven months of fiscal year 2015 the deficit was $5300 billion compared with a deficit of $5892 billiona year earlier
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In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
b l d
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Selected Measures of Unemployment and Unemployment Insurance Programs
[Monthly data seasonally adjusted except as noted by NSA]
Period
Unemploy-ment(thou-sands)
Duration of unemployment Reason for unemployment percent distribution State programsInsured
2015 Jan 8979 268 261 155 315 323 134 474 95 316 115 2912 399 2958 Feb 8705 279 256 154 311 317 131 481 102 305 112 r 2759 296 r 2801 Mar 8575 289 268 145 298 307 122 489 102 314 95 3120 282 r 3166 Apr 8549 314 265 131 290 308 117 486 97 315 102 2400 r 289 r 2438 May 8674 276 290 148 286 307 116 491 95 301 112 2224 r 254 r 2260 June 8299 286 287 169 258 281 113 492 93 303 112 r 2311 r 300 r 2346 July 8266 307 278 146 269 283 113 502 102 296 100 2325 298 2359 Aug 8029 265 300 158 277 284 121 505 98 291 106 2461 246 2498 Sept 7915 299 281 154 266 263 114 491 98 306 105
1 Beginning January 2011 includes unemployment durations of up to 5 years prior data are for up to 2 year s2 Includes State (50 States Distri ct of Columbia Puerto Rico and the Virgin Islands) Federal (UCFE) ex-service members (UCX) and Federal and State ext ended benefit programs Also includes
Emergency Unemployment Compensation (2008-2013) and Federal Additional Compensation (2009-2010)
Note Data relate to perso ns 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
0
2011 2012 2013 2014 20152011 2012 2013 2014 2015
0
20
30
40
60
50
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF LABOR
20
COUNCIL OF ECONOMIC ADVISERS
NEW ENTRANTS
5-14 WEEKS
15-26 WEEKS
JOB LEAVERS
REENTRANTS
10 10
LESS THAN5 WEEKS
27 WEEKS AND OVER
JOB LOSERS
In September the percentage of the unemployed who had been out of work for less than 5 weeks rose while thepercentages for 5 to 14 weeks 15 to 26 weeks and 27 weeks and over fell Te mean duration of unemployment fellto 263 weeks and the median duration fell to 114 weeks
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Nonagricultural Employment
[Thousands of wage and salary workers 1 monthly data seasonally adjusted]
1 Data from the est ablishment survey Includes all full- and part-time wage and salary wor kers in nonagricultural est ablishments who received pay for any par t of the pay period that includes the12th of the month Excludes propr ietors self-employed per sons unpaid family workers and private hous ehold workers Data from the household sur vey shown on p 11 include those workers and alsocount persons as employed when they are not at work be cause of industrial disputes bad weat her etc even if they are not paid for the time off In the ser ies shown here persons who work at morethan one job are counted each time they appear on a payroll in cont rast to the series shown on p 11 where persons are counted only onc emdashas employed unemployed or not in the labor for ce SeeEmployment 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
Source Department of Labor (Bureau of Labor Statistics)
MILLIONS OF PERSONS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS
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
PRIVATESERVICE-PROVIDING
INDUSTRIES
EDUCATION ANDHEALTH SERVICES
otal nonagricultural employment as measured by the payroll survey rose by 142000 in September
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Employment Cost IndexmdashPrivate Industry
Period
Index (December 2005 = 100) Percent change from
Totalcompensation
Wagesand
salaries
Benefits 1
3 months earlier 12 months earlier
Totalcompensation
Wages
andsalaries Benefits 1 Total
compensation
Wages
andsalaries Benefits 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
Note The employment cost index is a measure of the change in the cos t of labor free from the influence of employment shif ts among occupations and industries Data exclude farm and household workers
Source Department of Labor (Bureau of Labor Statistics)
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries[For production or nonsupervisory workers monthly data seasonally adjusted]
Period
Average weekly hours Average gross hourly earnings Average gross weekly earnings
1 Also includes other private industry groups shown on p 142 Current dollar earnings divided by t he consumer price index for urban wage earners and cleric al workers (CPIndash W) (on a 1982-84=100 base)
Source Department of Labor (Bureau of Labor Statistics)
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Productivity and Related Data Business and Nonfarm Business Sectors
Period
Output per hourof all persons
Output 1Hours of
all persons 2Compensation
per hour 3
Realcompensation
per hour 4Unit labor
costsImplicit price
deflator 5
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Indexes 2009=100 quarterly data seasonally adjusted
1 Output refers to real gross domestic product originating in the sector2 Hours of all persons engaged in the sect or including hours of proprietors and unpaid family workers Es timates based primarily on est ablishment data3 Wages and salaries of employees plus employersrsquo contri butions for social insurance and priva te benefit plans Also includes an estimate of wages salar ies and supplemental payments for th e
self-employed4 Hourly compensation divided by the consumer price index for all urban consumers (CPIndashU) for recent quarters The trend from 1978ndash2014 is based on the consumer price index research series
(CPIndashUndashRS)5 Current dollar gross domestic output divided by the output index
Note Data relate to all persons engaged in the se ctorPercent 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 da ta released on Augus t 27 2015
Source Department of Labor (Bureau of Labor Statistics)
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Industrial Production and Capacity Utilization
[Monthly data seasonally adjusted]
Period
Total industrial production 1 Industry production indexes 2012=100 Capacity utilization rate(output as percent of
2015 Jan 1076 ndash3 45 1049 1074 1038 860 1221 1046 787 761 Feb 1074 ndash2 35 1045 1068 1037 861 1201 1082 784 757 Mar r 1072 ndash2 25 1048 1068 1041 865 1195 1055 782 758 Apr r 1070 ndash2 21 1052 1071 1046 865 1179 1027 779 760 May r 1066 ndash4 13 1050 1075 1039 860 1153 1021 775 759 June r 1066 0 8 1049 1073 1039 851 1154 1031 774 757 July r 1075 9 13 1058 1085 1045 852 1175 1030 780 762 Aug p 1071 ndash4 9 1053 1076 1045 850 1167 1036 776 758
1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industriesmdashlogging and newspaperperiodical book and directory-publishingmdashthat have traditionally been included in manufacturing
2 Percent changes based on unrounded indexes
Note Data based on NAICS exc ept series as defined in footnote 1
Source Board of Governors of the Federal Reserve System
INDEX 2012 = 100 (RATIO SCALE)
BUSINESSEQUIPMENT
CONSUMER GOODS
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 2012 = 100 (RATIO SCALE)
PERCENT
130
120
110
100
80
90
86
84
82
80
78
76
74
72
70
66
68
110
100
90
80
140
130
120
110
100
80
90
DURABLE
NONDURABLE
TOTAL1MANUFACTURING120
110
100
90
80
PRODUCTION AND BUSINESS ACTIVITY
Industrial production and capacity utilization fell in August
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Industrial ProductionmdashMajor Market Groups and Selected Manufactures
Apr 1190 735 436 1140 666 32 442 999 508 207 May r 1072 697 366 1250 681 34 535 1010 513 210 June r 1211 687 510 1337 692 34 611 959 466 215 68
July r 1161 762 390 1130 680 28 422 996 522 215 Aug p 1126 739 381 1161 699 30 432 935 552 216
1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards2 Based on approximately 20100 permit-issuing places beginning wit h 2014 and 19300 beginning with 2004 Using the 20 04 universe the tot al for 2014 is 104643 Seasonally adjusted4 Quarterly data are three-month averages Annual data are averages of quarterly data
Source Department of Commerce (Bureau of the Census)
New Construction[Billions of dollars monthly data at seasonally adjusted annual rates]
2015 Jan 9901 7162 3589 2616 3572 170 420 640 736 1607 2739 Feb 9935 7208 3606 2607 3602 176 418 620 768 1621 2726 Mar 10064 7297 3575 2562 3722 180 446 622 810 1664 2766 Apr 10446 7572 3668 2599 3904 192 463 653 840 1756 2874 May 10684 7765 3731 2632 4034 208 482 663 896 1784 2920 June r 10743 7735 3761 2659 3974 223 493 626 862 1770 3008 July r 10791 7823 3785 2683 4038 218 493 632 906 1789 2968 Aug p 10862 7880 3833 2723 4047 225 492 622 920 1789 2982
1 Includes residential improvements not shown separately2 Includes health care educa tional communication and power among other categories not shown separ ately
Source Department of Commerce (Bureau of the Census)
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Business Sales and InventoriesmdashManufacturing and Trade
[Millions of dollars except ratios seasonally adjusted except as noted]
Period
Manufacturing and trade 1 Wholesale RetailRetail and foodservices sales 2
2015 Jan 1308276 1778991 136 445024 572469 129 383889 558296 145 434225 Feb 1303701 1783741 137 442459 573668 130 381432 561001 147 431921 Mar 1311121 1785855 136 441024 574661 130 387665 562821 145 438572 Apr 1318016 1792837 136 448458 576998 129 387235 566270 146 438717 May 1322962 1798172 136 449347 580710 129 392268 567490 145 443913 June r 1327245 1809917 136 450927 584986 130 391955 573180 146 443734 July p 1327773 1811191 136 449492 584281 130 r 394919 576881 146 r 446872 Aug p 395401 447715
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
Source Department of Commerce (Bureau of the Census)
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
900
1000
1100
1200
1300
1600
MANUFACTURING ANDTRADE INVENTORIES
MANUFACTURING AND TRADE SALES 350
400
450
RETAIL SALES
RETAIL INVENTORIES
300
140
130
120
160
150
INVENTORYSALES RATIO
1500
1400
MANUFACTURING AND TRADE
1700
1900
1800
RATIO
500
600
550
170
RETAIL AND FOODSERVICES SALES
RETAIL
COUNCIL OF ECONOMIC ADVISERS
In July according to current estimates manufacturing and trade sales were roughly unchanged while inventoriesrose $13 billion According to advance estimates retail sales rose 01 percent in August Retail and food servicessales rose 02 percent
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Manufacturersrsquo Shipments Inventories and Orders
Period
Manufacturersrsquo shipments 1 Manufacturersrsquo inventories 2 Manufacturersrsquo new orders 1
Manu-
facturersrsquounfilledorders 2
Manu-facturersrsquo
inventoryshipments
ratio 3Total
Durablegoods
Nondurablegoods
TotalDurablegoods
Nondurablegoods
Total
Durable goods
Total
Capitalgoods
industriesnondefense
Millions of dollars seasonally adjusted except as noted
1 Annual data are averages of mont hly not seasonally adjusted figures monthly dat a are seasonally adjusted totals for month Shipment s are the same as sales2 Seasonally adjusted end of period3 Annual data are averages of seasonally adjusted monthly ratios
Note Manufacturersrsquo 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 durableunfilled orders
Total and durable shipments and inventories include data on semiconductor s new and unfilled orders do not
Source Department of Commerce (Bureau of the Census)
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
140
180
220
260
300
420
380
340
140
180
220
260300
340
140
180
220
260
300
340380
420
460
500
110
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL
NEW ORDERS
SHIPMENTS INVENTORIES
INVENTORYSHIPMENTS RATIO
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
2014 20152012 2011 2014 2015
DURABLE GOODS
NONDURABLE GOODS
160
140
150
120
130
NONDURABLE GOODS
DURABLE GOODS
TOTAL
20132011 2012 2013
DURABLE GOODS
RATIO
540460
500540
380
420
460500540
TOTAL
580
580 700
580620660
In August manufacturersrsquo shipments inventories and new and unfilled orders all fell
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Producer Prices
[November 2009 =100 except as noted monthly data seasonally adjusted]
1 Includes final demand construction not shown separately2 Does not include food and beverages for immediate con sumption which are defined as the servic e of preparing meals snacks and beverages to cust omer order for immediate consumption3 Trade indexes measure changes in margins received by wholesalers and re tailers4 Relative importance December 2014
Source Department of Labor (Bureau of Labor Statistics)
INDEX NOV 2009=100 (RATIO SCALE) INDEX NOV 2009=100 (RATIO SCALE)
2009 2010 2011 2012 2013 2014 2015
SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTEDFINAL DEMAND
COUNCIL OF ECONOMIC ADVISERS
FINAL DEMANDSERVICES
100
95
115
125
110
105
120
100
95
115
125
110
105
120
FINAL DEMAND
FINAL DEMANDGOODS
PRICES
Te producer price index for final demand was unchanged in August Prices for final demand goods fell 06 percentand prices for final demand services rose 04 percent
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In August the consumer price index for all urban consumers fell 01 percent it also fell 01 percent before seasonaladjustment Te index rose 02 percent from its year earlier level
Consumer PricesmdashAll Urban Consumers
[1982ndash84=100 except as noted monthly data seasonally adjusted except as noted by NSA]
Period
All items All items less food and energy Food Energy
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Relative importance July 2015
Source Department of Labor (Bureau of Labor Statistics)
INDEX 1982-84 = 100 (RATIO SCALE)
SEASONALLY ADJUSTED
INDEX 1982-84 = 100 (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF LABOR
2007 2008 2009 2010 2011 2012 2013 2014 2015
CONSUMER PRICESmdashALL ITEMS
250
240
230
220
210
200
190
180
250
240
230
220
210
200
190
180
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Changes in Consumer PricesmdashAll Urban Consumers[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Quarterly chan ges are shown in the last month of the quart er
Source Department of Labor (Bureau of Labor Statistics)
Changes in Producer Prices[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
Period
Totalfinalde-
mand 1
Final demand goods Final demand services Finaldemand
Sept r 107 87 132 112 114 115 96 Oct 100 81 135 112 113 114 89 Nov r 102 82 134 112 113 114 91 Dec r 101 83 127 111 112 114 91
2015 Jan 97 82 120 110 111 111 88 Feb 99 84 114 110 110 111 90 Mar 102 85 117 110 111 111 93 Apr r 103 89 116 110 111 111 94 May r 107 90 122 110 110 111 97 June 105 88 121 109 110 110 96 July 99 86 115 109 110 110 91 Aug 102 88 117 108 109 109 94
1 Annual indexes for 2011 forward reflect revised methodology See Agricultural Price Program Update January 2015 for details2 Includes items not shown separately3 Annual data are averages of monthly ratios
Note These indexes are also available on a 1910-14=100 basis as required by stat ute
Source Department of Agriculture (National Agricultural Statistics Service)
1RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID
SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
2010 20152007 2008 2009 20122011 2013 2014
PRICES RECEIVED
RATIO
PRICES PAID
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
90
80
60
70
130
120
110
100
90
80
60
70
130
120
110
100
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
In August prices received by farmers rose 30 percent and prices paid by farmers fell 09 percent (Data are notseasonally adjusted)
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Money Stock and Debt Measures
[Averages of daily figures except debt end-of-period basis billions of dollars seasonally adjusted]
Period
M1 M2 Debt Percent change
Sum of currencydemand depositstravelers checks and
other checkable deposits
M1 plussavings depositsretail MMMF balances
and small time deposits 1
Debt ofdomesticnonfinancial
sectors 2
From year or 6 months earlier
3 From
previous period 4
M1 M2 Debt
2005 Dec r 13748 66508 282945 ndash01 42 862006 Dec r 13683 70427 307233 ndash5 59 842007 Dec r 13766 74488 331796 6 58 812008 Dec r 16071 81740 349342 167 97 572009 Dec r 16984 84801 357496 57 37 342010 Dec r 18418 87814 370390 84 36 432011 Dec r 21682 96346 382033 177 97 352012 Dec r 24577 104225 399658 134 82 502013 Dec r 26545 109840 414596 80 54 402014 Dec r 29145 116292 432554 98 59 44
2014 Aug 28160 114420 72 58 Sept r 28571 114795 427494 82 57 45 Oct 28638 115206 67 54 Nov 28795 115640 68 50
Dec r
29145 116292 432554 72 53 482015 Jan 29318 117049 65 53 Feb 29950 118250 127 67 Mar r 29890 118448 435061 92 64 25 Apr r 29946 118949 91 65 May r 29846 119364 73 64 June r 30077 119820 439790 64 61 44 July r 30355 120596 71 61 Aug 30499 121385 37 53
1 Money market mutual fund (MMMF) Savings deposits include money market deposit accounts (MMDA)2 Consists of outstanding credit market debt of the US 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 quarter3 Annual changes are from December to Decemb er and monthly changes are from 6 months earlier at a simple annual rate4 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
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
M2
BILLIONS OF DOLLARS (RATIO SCALE)
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
BILLIONS OF DOLLARS (RATIO SCALE)
M1
MONEY CREDIT AND SECURITY MARKETS
In August M2 rose
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Components of Money Stock[Averages of daily figures billions of dollars seasonally adjusted]
2015 Jan r 12663 29 11742 4885 2640 2244 76444 65552 10892 5068 3758 1311 6219 17890 Feb r 12720 29 12174 5027 2713 2314 77076 66120 10956 5049 3758 1291 6174 17834 Mar 12794 28 12025 5042 2727 2315 77468 66493 10975 4949 3678 1272 6141 18075 Apr r 12843 28 12044 5030 2715 2315 78005 66950 11055 4864 3595 1269 6134 17848 May r 12884 27 11928 5007 2706 2301 78618 67441 11176 4792 3529 1262 6108 17990 June r 12934 27 12057 5059 2768 2291 78881 67664 11217 4727 3469 1257 6136 18154 July r 12999 27 12266 5063 2769 2294 79389 68179 11210 4664 3411 1253 6188 18438
Aug 13090 26 12313 5070 2753 2317 80069 68822 11247 4606 3355 1250 6212 187411 Small-denomination deposits are those issued in amounts of less than $1000002 Institutional money funds are not part of non-M1 M2
Source Board of Governors of the Federal Reserve System
Aggregate Reserves and Monetary Base[Averages of daily figures 1 millions of dollars not seasonally adjusted]
1 Data are prorated averages of biweekly (maintenance period) averages of daily figures2 Equals the sum of balances maintained up to the top of each institu tionrsquos penalty-free band3 Excludes vault cash used to satisfy required reserves4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve5 Equals total balances maintained plus currenc y 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 separately7 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 cr eation of a penalty-fr ee band around reserve balanc e requirements which took effe ct June 27 2013 See H3 release of July 11 2013
Source Board of Governors of the Federal Reserve System
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Bank Credit at All Commercial Banks
[Billions of dollars seasonally adjusted 1]
Period
Total
bankcredit
Securities in bank credit 2 Loans and leases in bank credit
Totalsecurities
US
Treasuryand
agencysecurities
Othersecurities
Totalloansand
leases 3
Commercialandindustrial
loans
Real estate loans
Consumerloans 5
Otherloansand
leases 6Total 4Revolving
home equityloans
Commercialloans
2005 Dec r 73156 18554 11593 6961 54602 10361 29289 4435 12701 7045 79062006 Dec r 81084 19913 12190 7723 61172 11826 33736 4683 14593 7386 82242007 Dec r 89042 21046 11375 9670 67997 14177 36002 4848 15872 7992 98272008 Dec r 93532 20976 12541 8435 72556 15588 38195 5882 17284 8762 100122009 Dec r 89955 23295 14509 8786 66660 12652 37767 6031 16409 8360 78812010 Dec r 91917 24299 16425 7874 67618 11923 36133 5819 15004 11138 84232011 Dec r 94020 24955 17020 7935 69065 13037 34948 5495 14183 10911 101702012 Dec r 99593 27358 18762 8596 72235 14756 35504 5152 14282 11155 108202013 Dec r 100964 27148 18047 9100 73816 15767 35317 4737 14986 11414 113182014 Dec r 108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 13155
2014 Aug r 106144 28436 19406 9029 77709 17174 36158 4623 15702 11822 12556 Sept r 106591 28605 19731 8874 77985 17290 36196 4608 15781 11873 12626 Oct r 106989 28683 19896 8787 78306 17366 36227 4603 15867 11919 12793 Nov r 107682 28801 20001 8800 78881 17565 36270 4594 15948 11973 13073
Dec r
108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 131552015 Jan r 109576 29525 20663 8862 80052 17932 36503 4564 16156 12008 13608 Feb r 110253 29732 20847 8885 80521 18116 36713 4553 16299 12041 13652 Mar r 111116 29771 20859 8912 81345 18392 37056 4545 16522 12066 13831 Apr r 111838 29954 20996 8958 81884 18500 37131 4527 16606 12127 14126 May r 112422 30248 21321 8927 82174 18665 37241 4509 16705 12179 14088 June r 112912 30267 21343 8924 82644 18842 37410 4487 16831 12227 14165 July r 113449 30219 21337 8882 83229 18939 37574 4468 16984 12289 14428 Aug 113955 30352 21489 8863 83603 19068 37702 4441 17118 12360 14473
1 Data are prorated averages of Wednesday values for domestically chartered commercial banks branches and agencies of foreign banks and Edge Act and agreement corporations2 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
accounts3 Excludes unearned inco me Includes the allowance for loan and lease losses Exclude s Federal funds sold to reverse r epurchase agreements (RPs) wit h and loans to commercial banks in the
United States Includes all loans held in trading acc ounts under a fair value option4 Includes closed-end residential loans not shown separately5 Includes credit cards and other consumer loans6 Includes other items not shown separately
Source Board of Governors of the Federal Reserve System
BILLIONS OF DOLLARS (RATIO SCALE)
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000TOTAL
LOANS AND LEASES
US TREASURY AND AGENCY SECURITIES
OTHER SECURITIES
otal commercial bank loans and leases rose 04 percent in August
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Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business[Billions of dollars quarterly data at seasonally adjusted annual rates]
2013 I r 28407 18324 10083 1750 ndash2137 3887 3161 727 7291 26861 14534 12327 1546 II r 27501 18870 8631 242 ndash3712 3953 2089 1866 6274 25223 15186 10037 2278 III r 29700 18725 10975 3049 ndash3441 6490 4794 1696 5918 25132 15917 9215 4569 IV r 30024 19526 10498 ndash1864 ndash4827 2964 2556 408 10129 27122 15941 11181 2902
2014 I r 23994 17883 6111 1149 ndash5018 6168 3033 3135 9213 20136 16114 4022 3857 II r 30269 18769 11500 707 ndash2731 3438 2539 899 8365 26528 16471 10057 3741 III r 30145 19916 10229 789 ndash4343 5132 2239 2894 5738 22768 17045 5723 7377
IV r 28679 19758 8921 1419 ndash3410 4828 3523 1305 5494 24169 17063 7106 45112015 I r 30105 19004 11101 443 ndash5920 6363 5297 1065 3035 23722 17387 6335 6383 II p 29302 18836 10466 836 ndash5910 6746 7004 ndash257 7179 25768 18870 6898 3533
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 earn-ings retained abroad inventory valuation adjustment and net capital transfers
2 Includes trade payables taxes payable and miscellaneous liabilities (foreign direct investment in the US 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]
Period
Consumer credit outstanding (end of period) Net change in consumer credit outstanding 1
Total Revolving Nonrevolving 2 Total Revolving Nonrevolving 2
2005 Dec 22909 8295 14614 987 299 6872006 Dec 24613 9240 15373 1704 945 7592007 Dec 26151 10020 16131 1538 780 7582008 Dec 26500 10044 16457 349 24 3262009 Dec 25523 9164 16359 ndash977 ndash880 ndash982010 Dec 26469 8395 18074 946 ndash769 17152011 Dec 27554 8412 19142 1085 17 10682012 Dec 29229 8459 20770 1675 47 16282013 Dec 30988 8582 22406 1759 123 16362014 Dec 33172 8900 24272 2184 318 1866
2014 July 32332 8803 23528 214 45 168 Aug 32493 8814 23679 161 11 151 Sept 32675 8834 23840 182 20 161 Oct 32841 8848 23993 166 14 153 Nov 33005 8861 24145 164 13 152
Dec 33172 8900 24272 167 39 1272015 Jan 33276 8883 24393 104 ndash17 121 Feb 33426 8860 24566 150 ndash23 173 Mar r 33634 8908 24726 208 48 160 Apr r 33876 9003 24873 242 95 147 May r 34073 9028 25045 197 25 172 June r 34343 9103 25240 270 75 195 July p 34534 9146 25388 191 43 148
1 Change based on data in billions of dollars as shown here For year-end data ch ange from preceding year-end for monthl y data change from preceding month2 Includes automobile loans and all other loans not included in revolving cr edit such as loans for mobile homes education boats t railers or vacations The se 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
1 High bill rate at auction issue date within period bank-discount basis Data are stop yields from uniform-price auctions2 Yields on actively traded issues adjusted to constant maturities Series for 30-year constant maturity was discontinued on February 18 2002 and reintroduced on February 6 20063 Weekly data are Wednesday figures4 Average effective rate for year rate in effect at end of month or week5 Daily effective rate weighted average of rates on brokered trades6 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 Moodyrsquos Investors Service and Standard amp Poorrsquos
Interest Rates and Bond Yields
2007 2008 2009 2010 2011 2012 2013 2014 2015
10
PERCENT PER ANNUM
4
2
0
6
8
10
PERCENT PER ANNUM
4
2
0
6
8
FEDERAL FUNDSRATE
TREASURYBILLS
CORPORATE Aaa BONDS(MOODYS)
COUNCIL OF ECONOMIC ADVISERSSOURCE SEE TABLE BELOW
Interest rates were mixed in September
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Common Stock Prices and Yields
Period
Common stock prices 1 Common stock yields(percent) 6
New York Stock Exchange indexes(December 31 2002=5000) 2 Dow Jones
1 Annual data are averages of mont hly figures Monthly and weekly dat a are averages of daily closing prices2 Includes all the stocks (in 2015 over 320 0) listed on the NYSE3 Includes 30 stocks4 Includes 500 stocks5 Includes over 2900 stocks in 20156 Standard amp Poorrsquos series Dividendprice ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter
Sources New York Stock Exchange Dow Jones amp Company Inc Standar d amp Poorrsquos Nasdaq Stock Market and Bloomberg
5
INDEX DEC 31 2002=5000 (RATIO SCALE)
SOURCES NEW YORK STOCK EXCHANGE STANDARD AND POORS AND BLOOMBERG COUNCIL OF ECONOMIC ADVISERS
1 Data from current issue Monthly Treasury Statement
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fisc al Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
RECEIPTS AND OUTLAYS1
SURPLUS OR DEFICIT (ndash)1
2007 2008 2009 2010 2011 2012
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF DOLLARSBILLIONS OF DOLLARS
OUTLAYS1
RECEIPTS1
2014 2015 20162013
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
FEDERAL FINANCE
In the first eleven months of fiscal year 2015 the deficit was $5300 billion compared with a deficit of $5892 billiona year earlier
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In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
b l d
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Nonagricultural Employment
[Thousands of wage and salary workers 1 monthly data seasonally adjusted]
1 Data from the est ablishment survey Includes all full- and part-time wage and salary wor kers in nonagricultural est ablishments who received pay for any par t of the pay period that includes the12th of the month Excludes propr ietors self-employed per sons unpaid family workers and private hous ehold workers Data from the household sur vey shown on p 11 include those workers and alsocount persons as employed when they are not at work be cause of industrial disputes bad weat her etc even if they are not paid for the time off In the ser ies shown here persons who work at morethan one job are counted each time they appear on a payroll in cont rast to the series shown on p 11 where persons are counted only onc emdashas employed unemployed or not in the labor for ce SeeEmployment 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
Source Department of Labor (Bureau of Labor Statistics)
MILLIONS OF PERSONS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS
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
PRIVATESERVICE-PROVIDING
INDUSTRIES
EDUCATION ANDHEALTH SERVICES
otal nonagricultural employment as measured by the payroll survey rose by 142000 in September
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Employment Cost IndexmdashPrivate Industry
Period
Index (December 2005 = 100) Percent change from
Totalcompensation
Wagesand
salaries
Benefits 1
3 months earlier 12 months earlier
Totalcompensation
Wages
andsalaries Benefits 1 Total
compensation
Wages
andsalaries Benefits 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
Note The employment cost index is a measure of the change in the cos t of labor free from the influence of employment shif ts among occupations and industries Data exclude farm and household workers
Source Department of Labor (Bureau of Labor Statistics)
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries[For production or nonsupervisory workers monthly data seasonally adjusted]
Period
Average weekly hours Average gross hourly earnings Average gross weekly earnings
1 Also includes other private industry groups shown on p 142 Current dollar earnings divided by t he consumer price index for urban wage earners and cleric al workers (CPIndash W) (on a 1982-84=100 base)
Source Department of Labor (Bureau of Labor Statistics)
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Productivity and Related Data Business and Nonfarm Business Sectors
Period
Output per hourof all persons
Output 1Hours of
all persons 2Compensation
per hour 3
Realcompensation
per hour 4Unit labor
costsImplicit price
deflator 5
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Indexes 2009=100 quarterly data seasonally adjusted
1 Output refers to real gross domestic product originating in the sector2 Hours of all persons engaged in the sect or including hours of proprietors and unpaid family workers Es timates based primarily on est ablishment data3 Wages and salaries of employees plus employersrsquo contri butions for social insurance and priva te benefit plans Also includes an estimate of wages salar ies and supplemental payments for th e
self-employed4 Hourly compensation divided by the consumer price index for all urban consumers (CPIndashU) for recent quarters The trend from 1978ndash2014 is based on the consumer price index research series
(CPIndashUndashRS)5 Current dollar gross domestic output divided by the output index
Note Data relate to all persons engaged in the se ctorPercent 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 da ta released on Augus t 27 2015
Source Department of Labor (Bureau of Labor Statistics)
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Industrial Production and Capacity Utilization
[Monthly data seasonally adjusted]
Period
Total industrial production 1 Industry production indexes 2012=100 Capacity utilization rate(output as percent of
2015 Jan 1076 ndash3 45 1049 1074 1038 860 1221 1046 787 761 Feb 1074 ndash2 35 1045 1068 1037 861 1201 1082 784 757 Mar r 1072 ndash2 25 1048 1068 1041 865 1195 1055 782 758 Apr r 1070 ndash2 21 1052 1071 1046 865 1179 1027 779 760 May r 1066 ndash4 13 1050 1075 1039 860 1153 1021 775 759 June r 1066 0 8 1049 1073 1039 851 1154 1031 774 757 July r 1075 9 13 1058 1085 1045 852 1175 1030 780 762 Aug p 1071 ndash4 9 1053 1076 1045 850 1167 1036 776 758
1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industriesmdashlogging and newspaperperiodical book and directory-publishingmdashthat have traditionally been included in manufacturing
2 Percent changes based on unrounded indexes
Note Data based on NAICS exc ept series as defined in footnote 1
Source Board of Governors of the Federal Reserve System
INDEX 2012 = 100 (RATIO SCALE)
BUSINESSEQUIPMENT
CONSUMER GOODS
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 2012 = 100 (RATIO SCALE)
PERCENT
130
120
110
100
80
90
86
84
82
80
78
76
74
72
70
66
68
110
100
90
80
140
130
120
110
100
80
90
DURABLE
NONDURABLE
TOTAL1MANUFACTURING120
110
100
90
80
PRODUCTION AND BUSINESS ACTIVITY
Industrial production and capacity utilization fell in August
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Industrial ProductionmdashMajor Market Groups and Selected Manufactures
Apr 1190 735 436 1140 666 32 442 999 508 207 May r 1072 697 366 1250 681 34 535 1010 513 210 June r 1211 687 510 1337 692 34 611 959 466 215 68
July r 1161 762 390 1130 680 28 422 996 522 215 Aug p 1126 739 381 1161 699 30 432 935 552 216
1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards2 Based on approximately 20100 permit-issuing places beginning wit h 2014 and 19300 beginning with 2004 Using the 20 04 universe the tot al for 2014 is 104643 Seasonally adjusted4 Quarterly data are three-month averages Annual data are averages of quarterly data
Source Department of Commerce (Bureau of the Census)
New Construction[Billions of dollars monthly data at seasonally adjusted annual rates]
2015 Jan 9901 7162 3589 2616 3572 170 420 640 736 1607 2739 Feb 9935 7208 3606 2607 3602 176 418 620 768 1621 2726 Mar 10064 7297 3575 2562 3722 180 446 622 810 1664 2766 Apr 10446 7572 3668 2599 3904 192 463 653 840 1756 2874 May 10684 7765 3731 2632 4034 208 482 663 896 1784 2920 June r 10743 7735 3761 2659 3974 223 493 626 862 1770 3008 July r 10791 7823 3785 2683 4038 218 493 632 906 1789 2968 Aug p 10862 7880 3833 2723 4047 225 492 622 920 1789 2982
1 Includes residential improvements not shown separately2 Includes health care educa tional communication and power among other categories not shown separ ately
Source Department of Commerce (Bureau of the Census)
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Business Sales and InventoriesmdashManufacturing and Trade
[Millions of dollars except ratios seasonally adjusted except as noted]
Period
Manufacturing and trade 1 Wholesale RetailRetail and foodservices sales 2
2015 Jan 1308276 1778991 136 445024 572469 129 383889 558296 145 434225 Feb 1303701 1783741 137 442459 573668 130 381432 561001 147 431921 Mar 1311121 1785855 136 441024 574661 130 387665 562821 145 438572 Apr 1318016 1792837 136 448458 576998 129 387235 566270 146 438717 May 1322962 1798172 136 449347 580710 129 392268 567490 145 443913 June r 1327245 1809917 136 450927 584986 130 391955 573180 146 443734 July p 1327773 1811191 136 449492 584281 130 r 394919 576881 146 r 446872 Aug p 395401 447715
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
Source Department of Commerce (Bureau of the Census)
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
900
1000
1100
1200
1300
1600
MANUFACTURING ANDTRADE INVENTORIES
MANUFACTURING AND TRADE SALES 350
400
450
RETAIL SALES
RETAIL INVENTORIES
300
140
130
120
160
150
INVENTORYSALES RATIO
1500
1400
MANUFACTURING AND TRADE
1700
1900
1800
RATIO
500
600
550
170
RETAIL AND FOODSERVICES SALES
RETAIL
COUNCIL OF ECONOMIC ADVISERS
In July according to current estimates manufacturing and trade sales were roughly unchanged while inventoriesrose $13 billion According to advance estimates retail sales rose 01 percent in August Retail and food servicessales rose 02 percent
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Manufacturersrsquo Shipments Inventories and Orders
Period
Manufacturersrsquo shipments 1 Manufacturersrsquo inventories 2 Manufacturersrsquo new orders 1
Manu-
facturersrsquounfilledorders 2
Manu-facturersrsquo
inventoryshipments
ratio 3Total
Durablegoods
Nondurablegoods
TotalDurablegoods
Nondurablegoods
Total
Durable goods
Total
Capitalgoods
industriesnondefense
Millions of dollars seasonally adjusted except as noted
1 Annual data are averages of mont hly not seasonally adjusted figures monthly dat a are seasonally adjusted totals for month Shipment s are the same as sales2 Seasonally adjusted end of period3 Annual data are averages of seasonally adjusted monthly ratios
Note Manufacturersrsquo 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 durableunfilled orders
Total and durable shipments and inventories include data on semiconductor s new and unfilled orders do not
Source Department of Commerce (Bureau of the Census)
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
140
180
220
260
300
420
380
340
140
180
220
260300
340
140
180
220
260
300
340380
420
460
500
110
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL
NEW ORDERS
SHIPMENTS INVENTORIES
INVENTORYSHIPMENTS RATIO
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
2014 20152012 2011 2014 2015
DURABLE GOODS
NONDURABLE GOODS
160
140
150
120
130
NONDURABLE GOODS
DURABLE GOODS
TOTAL
20132011 2012 2013
DURABLE GOODS
RATIO
540460
500540
380
420
460500540
TOTAL
580
580 700
580620660
In August manufacturersrsquo shipments inventories and new and unfilled orders all fell
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Producer Prices
[November 2009 =100 except as noted monthly data seasonally adjusted]
1 Includes final demand construction not shown separately2 Does not include food and beverages for immediate con sumption which are defined as the servic e of preparing meals snacks and beverages to cust omer order for immediate consumption3 Trade indexes measure changes in margins received by wholesalers and re tailers4 Relative importance December 2014
Source Department of Labor (Bureau of Labor Statistics)
INDEX NOV 2009=100 (RATIO SCALE) INDEX NOV 2009=100 (RATIO SCALE)
2009 2010 2011 2012 2013 2014 2015
SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTEDFINAL DEMAND
COUNCIL OF ECONOMIC ADVISERS
FINAL DEMANDSERVICES
100
95
115
125
110
105
120
100
95
115
125
110
105
120
FINAL DEMAND
FINAL DEMANDGOODS
PRICES
Te producer price index for final demand was unchanged in August Prices for final demand goods fell 06 percentand prices for final demand services rose 04 percent
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In August the consumer price index for all urban consumers fell 01 percent it also fell 01 percent before seasonaladjustment Te index rose 02 percent from its year earlier level
Consumer PricesmdashAll Urban Consumers
[1982ndash84=100 except as noted monthly data seasonally adjusted except as noted by NSA]
Period
All items All items less food and energy Food Energy
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Relative importance July 2015
Source Department of Labor (Bureau of Labor Statistics)
INDEX 1982-84 = 100 (RATIO SCALE)
SEASONALLY ADJUSTED
INDEX 1982-84 = 100 (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF LABOR
2007 2008 2009 2010 2011 2012 2013 2014 2015
CONSUMER PRICESmdashALL ITEMS
250
240
230
220
210
200
190
180
250
240
230
220
210
200
190
180
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Changes in Consumer PricesmdashAll Urban Consumers[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Quarterly chan ges are shown in the last month of the quart er
Source Department of Labor (Bureau of Labor Statistics)
Changes in Producer Prices[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
Period
Totalfinalde-
mand 1
Final demand goods Final demand services Finaldemand
Sept r 107 87 132 112 114 115 96 Oct 100 81 135 112 113 114 89 Nov r 102 82 134 112 113 114 91 Dec r 101 83 127 111 112 114 91
2015 Jan 97 82 120 110 111 111 88 Feb 99 84 114 110 110 111 90 Mar 102 85 117 110 111 111 93 Apr r 103 89 116 110 111 111 94 May r 107 90 122 110 110 111 97 June 105 88 121 109 110 110 96 July 99 86 115 109 110 110 91 Aug 102 88 117 108 109 109 94
1 Annual indexes for 2011 forward reflect revised methodology See Agricultural Price Program Update January 2015 for details2 Includes items not shown separately3 Annual data are averages of monthly ratios
Note These indexes are also available on a 1910-14=100 basis as required by stat ute
Source Department of Agriculture (National Agricultural Statistics Service)
1RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID
SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
2010 20152007 2008 2009 20122011 2013 2014
PRICES RECEIVED
RATIO
PRICES PAID
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
90
80
60
70
130
120
110
100
90
80
60
70
130
120
110
100
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
In August prices received by farmers rose 30 percent and prices paid by farmers fell 09 percent (Data are notseasonally adjusted)
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Money Stock and Debt Measures
[Averages of daily figures except debt end-of-period basis billions of dollars seasonally adjusted]
Period
M1 M2 Debt Percent change
Sum of currencydemand depositstravelers checks and
other checkable deposits
M1 plussavings depositsretail MMMF balances
and small time deposits 1
Debt ofdomesticnonfinancial
sectors 2
From year or 6 months earlier
3 From
previous period 4
M1 M2 Debt
2005 Dec r 13748 66508 282945 ndash01 42 862006 Dec r 13683 70427 307233 ndash5 59 842007 Dec r 13766 74488 331796 6 58 812008 Dec r 16071 81740 349342 167 97 572009 Dec r 16984 84801 357496 57 37 342010 Dec r 18418 87814 370390 84 36 432011 Dec r 21682 96346 382033 177 97 352012 Dec r 24577 104225 399658 134 82 502013 Dec r 26545 109840 414596 80 54 402014 Dec r 29145 116292 432554 98 59 44
2014 Aug 28160 114420 72 58 Sept r 28571 114795 427494 82 57 45 Oct 28638 115206 67 54 Nov 28795 115640 68 50
Dec r
29145 116292 432554 72 53 482015 Jan 29318 117049 65 53 Feb 29950 118250 127 67 Mar r 29890 118448 435061 92 64 25 Apr r 29946 118949 91 65 May r 29846 119364 73 64 June r 30077 119820 439790 64 61 44 July r 30355 120596 71 61 Aug 30499 121385 37 53
1 Money market mutual fund (MMMF) Savings deposits include money market deposit accounts (MMDA)2 Consists of outstanding credit market debt of the US 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 quarter3 Annual changes are from December to Decemb er and monthly changes are from 6 months earlier at a simple annual rate4 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
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
M2
BILLIONS OF DOLLARS (RATIO SCALE)
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
BILLIONS OF DOLLARS (RATIO SCALE)
M1
MONEY CREDIT AND SECURITY MARKETS
In August M2 rose
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Components of Money Stock[Averages of daily figures billions of dollars seasonally adjusted]
2015 Jan r 12663 29 11742 4885 2640 2244 76444 65552 10892 5068 3758 1311 6219 17890 Feb r 12720 29 12174 5027 2713 2314 77076 66120 10956 5049 3758 1291 6174 17834 Mar 12794 28 12025 5042 2727 2315 77468 66493 10975 4949 3678 1272 6141 18075 Apr r 12843 28 12044 5030 2715 2315 78005 66950 11055 4864 3595 1269 6134 17848 May r 12884 27 11928 5007 2706 2301 78618 67441 11176 4792 3529 1262 6108 17990 June r 12934 27 12057 5059 2768 2291 78881 67664 11217 4727 3469 1257 6136 18154 July r 12999 27 12266 5063 2769 2294 79389 68179 11210 4664 3411 1253 6188 18438
Aug 13090 26 12313 5070 2753 2317 80069 68822 11247 4606 3355 1250 6212 187411 Small-denomination deposits are those issued in amounts of less than $1000002 Institutional money funds are not part of non-M1 M2
Source Board of Governors of the Federal Reserve System
Aggregate Reserves and Monetary Base[Averages of daily figures 1 millions of dollars not seasonally adjusted]
1 Data are prorated averages of biweekly (maintenance period) averages of daily figures2 Equals the sum of balances maintained up to the top of each institu tionrsquos penalty-free band3 Excludes vault cash used to satisfy required reserves4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve5 Equals total balances maintained plus currenc y 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 separately7 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 cr eation of a penalty-fr ee band around reserve balanc e requirements which took effe ct June 27 2013 See H3 release of July 11 2013
Source Board of Governors of the Federal Reserve System
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Bank Credit at All Commercial Banks
[Billions of dollars seasonally adjusted 1]
Period
Total
bankcredit
Securities in bank credit 2 Loans and leases in bank credit
Totalsecurities
US
Treasuryand
agencysecurities
Othersecurities
Totalloansand
leases 3
Commercialandindustrial
loans
Real estate loans
Consumerloans 5
Otherloansand
leases 6Total 4Revolving
home equityloans
Commercialloans
2005 Dec r 73156 18554 11593 6961 54602 10361 29289 4435 12701 7045 79062006 Dec r 81084 19913 12190 7723 61172 11826 33736 4683 14593 7386 82242007 Dec r 89042 21046 11375 9670 67997 14177 36002 4848 15872 7992 98272008 Dec r 93532 20976 12541 8435 72556 15588 38195 5882 17284 8762 100122009 Dec r 89955 23295 14509 8786 66660 12652 37767 6031 16409 8360 78812010 Dec r 91917 24299 16425 7874 67618 11923 36133 5819 15004 11138 84232011 Dec r 94020 24955 17020 7935 69065 13037 34948 5495 14183 10911 101702012 Dec r 99593 27358 18762 8596 72235 14756 35504 5152 14282 11155 108202013 Dec r 100964 27148 18047 9100 73816 15767 35317 4737 14986 11414 113182014 Dec r 108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 13155
2014 Aug r 106144 28436 19406 9029 77709 17174 36158 4623 15702 11822 12556 Sept r 106591 28605 19731 8874 77985 17290 36196 4608 15781 11873 12626 Oct r 106989 28683 19896 8787 78306 17366 36227 4603 15867 11919 12793 Nov r 107682 28801 20001 8800 78881 17565 36270 4594 15948 11973 13073
Dec r
108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 131552015 Jan r 109576 29525 20663 8862 80052 17932 36503 4564 16156 12008 13608 Feb r 110253 29732 20847 8885 80521 18116 36713 4553 16299 12041 13652 Mar r 111116 29771 20859 8912 81345 18392 37056 4545 16522 12066 13831 Apr r 111838 29954 20996 8958 81884 18500 37131 4527 16606 12127 14126 May r 112422 30248 21321 8927 82174 18665 37241 4509 16705 12179 14088 June r 112912 30267 21343 8924 82644 18842 37410 4487 16831 12227 14165 July r 113449 30219 21337 8882 83229 18939 37574 4468 16984 12289 14428 Aug 113955 30352 21489 8863 83603 19068 37702 4441 17118 12360 14473
1 Data are prorated averages of Wednesday values for domestically chartered commercial banks branches and agencies of foreign banks and Edge Act and agreement corporations2 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
accounts3 Excludes unearned inco me Includes the allowance for loan and lease losses Exclude s Federal funds sold to reverse r epurchase agreements (RPs) wit h and loans to commercial banks in the
United States Includes all loans held in trading acc ounts under a fair value option4 Includes closed-end residential loans not shown separately5 Includes credit cards and other consumer loans6 Includes other items not shown separately
Source Board of Governors of the Federal Reserve System
BILLIONS OF DOLLARS (RATIO SCALE)
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000TOTAL
LOANS AND LEASES
US TREASURY AND AGENCY SECURITIES
OTHER SECURITIES
otal commercial bank loans and leases rose 04 percent in August
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Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business[Billions of dollars quarterly data at seasonally adjusted annual rates]
2013 I r 28407 18324 10083 1750 ndash2137 3887 3161 727 7291 26861 14534 12327 1546 II r 27501 18870 8631 242 ndash3712 3953 2089 1866 6274 25223 15186 10037 2278 III r 29700 18725 10975 3049 ndash3441 6490 4794 1696 5918 25132 15917 9215 4569 IV r 30024 19526 10498 ndash1864 ndash4827 2964 2556 408 10129 27122 15941 11181 2902
2014 I r 23994 17883 6111 1149 ndash5018 6168 3033 3135 9213 20136 16114 4022 3857 II r 30269 18769 11500 707 ndash2731 3438 2539 899 8365 26528 16471 10057 3741 III r 30145 19916 10229 789 ndash4343 5132 2239 2894 5738 22768 17045 5723 7377
IV r 28679 19758 8921 1419 ndash3410 4828 3523 1305 5494 24169 17063 7106 45112015 I r 30105 19004 11101 443 ndash5920 6363 5297 1065 3035 23722 17387 6335 6383 II p 29302 18836 10466 836 ndash5910 6746 7004 ndash257 7179 25768 18870 6898 3533
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 earn-ings retained abroad inventory valuation adjustment and net capital transfers
2 Includes trade payables taxes payable and miscellaneous liabilities (foreign direct investment in the US 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]
Period
Consumer credit outstanding (end of period) Net change in consumer credit outstanding 1
Total Revolving Nonrevolving 2 Total Revolving Nonrevolving 2
2005 Dec 22909 8295 14614 987 299 6872006 Dec 24613 9240 15373 1704 945 7592007 Dec 26151 10020 16131 1538 780 7582008 Dec 26500 10044 16457 349 24 3262009 Dec 25523 9164 16359 ndash977 ndash880 ndash982010 Dec 26469 8395 18074 946 ndash769 17152011 Dec 27554 8412 19142 1085 17 10682012 Dec 29229 8459 20770 1675 47 16282013 Dec 30988 8582 22406 1759 123 16362014 Dec 33172 8900 24272 2184 318 1866
2014 July 32332 8803 23528 214 45 168 Aug 32493 8814 23679 161 11 151 Sept 32675 8834 23840 182 20 161 Oct 32841 8848 23993 166 14 153 Nov 33005 8861 24145 164 13 152
Dec 33172 8900 24272 167 39 1272015 Jan 33276 8883 24393 104 ndash17 121 Feb 33426 8860 24566 150 ndash23 173 Mar r 33634 8908 24726 208 48 160 Apr r 33876 9003 24873 242 95 147 May r 34073 9028 25045 197 25 172 June r 34343 9103 25240 270 75 195 July p 34534 9146 25388 191 43 148
1 Change based on data in billions of dollars as shown here For year-end data ch ange from preceding year-end for monthl y data change from preceding month2 Includes automobile loans and all other loans not included in revolving cr edit such as loans for mobile homes education boats t railers or vacations The se 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
1 High bill rate at auction issue date within period bank-discount basis Data are stop yields from uniform-price auctions2 Yields on actively traded issues adjusted to constant maturities Series for 30-year constant maturity was discontinued on February 18 2002 and reintroduced on February 6 20063 Weekly data are Wednesday figures4 Average effective rate for year rate in effect at end of month or week5 Daily effective rate weighted average of rates on brokered trades6 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 Moodyrsquos Investors Service and Standard amp Poorrsquos
Interest Rates and Bond Yields
2007 2008 2009 2010 2011 2012 2013 2014 2015
10
PERCENT PER ANNUM
4
2
0
6
8
10
PERCENT PER ANNUM
4
2
0
6
8
FEDERAL FUNDSRATE
TREASURYBILLS
CORPORATE Aaa BONDS(MOODYS)
COUNCIL OF ECONOMIC ADVISERSSOURCE SEE TABLE BELOW
Interest rates were mixed in September
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Common Stock Prices and Yields
Period
Common stock prices 1 Common stock yields(percent) 6
New York Stock Exchange indexes(December 31 2002=5000) 2 Dow Jones
1 Annual data are averages of mont hly figures Monthly and weekly dat a are averages of daily closing prices2 Includes all the stocks (in 2015 over 320 0) listed on the NYSE3 Includes 30 stocks4 Includes 500 stocks5 Includes over 2900 stocks in 20156 Standard amp Poorrsquos series Dividendprice ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter
Sources New York Stock Exchange Dow Jones amp Company Inc Standar d amp Poorrsquos Nasdaq Stock Market and Bloomberg
5
INDEX DEC 31 2002=5000 (RATIO SCALE)
SOURCES NEW YORK STOCK EXCHANGE STANDARD AND POORS AND BLOOMBERG COUNCIL OF ECONOMIC ADVISERS
1 Data from current issue Monthly Treasury Statement
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fisc al Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
RECEIPTS AND OUTLAYS1
SURPLUS OR DEFICIT (ndash)1
2007 2008 2009 2010 2011 2012
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF DOLLARSBILLIONS OF DOLLARS
OUTLAYS1
RECEIPTS1
2014 2015 20162013
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
FEDERAL FINANCE
In the first eleven months of fiscal year 2015 the deficit was $5300 billion compared with a deficit of $5892 billiona year earlier
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In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
b l d
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Employment Cost IndexmdashPrivate Industry
Period
Index (December 2005 = 100) Percent change from
Totalcompensation
Wagesand
salaries
Benefits 1
3 months earlier 12 months earlier
Totalcompensation
Wages
andsalaries Benefits 1 Total
compensation
Wages
andsalaries Benefits 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
Note The employment cost index is a measure of the change in the cos t of labor free from the influence of employment shif ts among occupations and industries Data exclude farm and household workers
Source Department of Labor (Bureau of Labor Statistics)
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries[For production or nonsupervisory workers monthly data seasonally adjusted]
Period
Average weekly hours Average gross hourly earnings Average gross weekly earnings
1 Also includes other private industry groups shown on p 142 Current dollar earnings divided by t he consumer price index for urban wage earners and cleric al workers (CPIndash W) (on a 1982-84=100 base)
Source Department of Labor (Bureau of Labor Statistics)
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Productivity and Related Data Business and Nonfarm Business Sectors
Period
Output per hourof all persons
Output 1Hours of
all persons 2Compensation
per hour 3
Realcompensation
per hour 4Unit labor
costsImplicit price
deflator 5
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Indexes 2009=100 quarterly data seasonally adjusted
1 Output refers to real gross domestic product originating in the sector2 Hours of all persons engaged in the sect or including hours of proprietors and unpaid family workers Es timates based primarily on est ablishment data3 Wages and salaries of employees plus employersrsquo contri butions for social insurance and priva te benefit plans Also includes an estimate of wages salar ies and supplemental payments for th e
self-employed4 Hourly compensation divided by the consumer price index for all urban consumers (CPIndashU) for recent quarters The trend from 1978ndash2014 is based on the consumer price index research series
(CPIndashUndashRS)5 Current dollar gross domestic output divided by the output index
Note Data relate to all persons engaged in the se ctorPercent 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 da ta released on Augus t 27 2015
Source Department of Labor (Bureau of Labor Statistics)
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Industrial Production and Capacity Utilization
[Monthly data seasonally adjusted]
Period
Total industrial production 1 Industry production indexes 2012=100 Capacity utilization rate(output as percent of
2015 Jan 1076 ndash3 45 1049 1074 1038 860 1221 1046 787 761 Feb 1074 ndash2 35 1045 1068 1037 861 1201 1082 784 757 Mar r 1072 ndash2 25 1048 1068 1041 865 1195 1055 782 758 Apr r 1070 ndash2 21 1052 1071 1046 865 1179 1027 779 760 May r 1066 ndash4 13 1050 1075 1039 860 1153 1021 775 759 June r 1066 0 8 1049 1073 1039 851 1154 1031 774 757 July r 1075 9 13 1058 1085 1045 852 1175 1030 780 762 Aug p 1071 ndash4 9 1053 1076 1045 850 1167 1036 776 758
1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industriesmdashlogging and newspaperperiodical book and directory-publishingmdashthat have traditionally been included in manufacturing
2 Percent changes based on unrounded indexes
Note Data based on NAICS exc ept series as defined in footnote 1
Source Board of Governors of the Federal Reserve System
INDEX 2012 = 100 (RATIO SCALE)
BUSINESSEQUIPMENT
CONSUMER GOODS
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 2012 = 100 (RATIO SCALE)
PERCENT
130
120
110
100
80
90
86
84
82
80
78
76
74
72
70
66
68
110
100
90
80
140
130
120
110
100
80
90
DURABLE
NONDURABLE
TOTAL1MANUFACTURING120
110
100
90
80
PRODUCTION AND BUSINESS ACTIVITY
Industrial production and capacity utilization fell in August
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Industrial ProductionmdashMajor Market Groups and Selected Manufactures
Apr 1190 735 436 1140 666 32 442 999 508 207 May r 1072 697 366 1250 681 34 535 1010 513 210 June r 1211 687 510 1337 692 34 611 959 466 215 68
July r 1161 762 390 1130 680 28 422 996 522 215 Aug p 1126 739 381 1161 699 30 432 935 552 216
1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards2 Based on approximately 20100 permit-issuing places beginning wit h 2014 and 19300 beginning with 2004 Using the 20 04 universe the tot al for 2014 is 104643 Seasonally adjusted4 Quarterly data are three-month averages Annual data are averages of quarterly data
Source Department of Commerce (Bureau of the Census)
New Construction[Billions of dollars monthly data at seasonally adjusted annual rates]
2015 Jan 9901 7162 3589 2616 3572 170 420 640 736 1607 2739 Feb 9935 7208 3606 2607 3602 176 418 620 768 1621 2726 Mar 10064 7297 3575 2562 3722 180 446 622 810 1664 2766 Apr 10446 7572 3668 2599 3904 192 463 653 840 1756 2874 May 10684 7765 3731 2632 4034 208 482 663 896 1784 2920 June r 10743 7735 3761 2659 3974 223 493 626 862 1770 3008 July r 10791 7823 3785 2683 4038 218 493 632 906 1789 2968 Aug p 10862 7880 3833 2723 4047 225 492 622 920 1789 2982
1 Includes residential improvements not shown separately2 Includes health care educa tional communication and power among other categories not shown separ ately
Source Department of Commerce (Bureau of the Census)
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Business Sales and InventoriesmdashManufacturing and Trade
[Millions of dollars except ratios seasonally adjusted except as noted]
Period
Manufacturing and trade 1 Wholesale RetailRetail and foodservices sales 2
2015 Jan 1308276 1778991 136 445024 572469 129 383889 558296 145 434225 Feb 1303701 1783741 137 442459 573668 130 381432 561001 147 431921 Mar 1311121 1785855 136 441024 574661 130 387665 562821 145 438572 Apr 1318016 1792837 136 448458 576998 129 387235 566270 146 438717 May 1322962 1798172 136 449347 580710 129 392268 567490 145 443913 June r 1327245 1809917 136 450927 584986 130 391955 573180 146 443734 July p 1327773 1811191 136 449492 584281 130 r 394919 576881 146 r 446872 Aug p 395401 447715
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
Source Department of Commerce (Bureau of the Census)
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
900
1000
1100
1200
1300
1600
MANUFACTURING ANDTRADE INVENTORIES
MANUFACTURING AND TRADE SALES 350
400
450
RETAIL SALES
RETAIL INVENTORIES
300
140
130
120
160
150
INVENTORYSALES RATIO
1500
1400
MANUFACTURING AND TRADE
1700
1900
1800
RATIO
500
600
550
170
RETAIL AND FOODSERVICES SALES
RETAIL
COUNCIL OF ECONOMIC ADVISERS
In July according to current estimates manufacturing and trade sales were roughly unchanged while inventoriesrose $13 billion According to advance estimates retail sales rose 01 percent in August Retail and food servicessales rose 02 percent
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Manufacturersrsquo Shipments Inventories and Orders
Period
Manufacturersrsquo shipments 1 Manufacturersrsquo inventories 2 Manufacturersrsquo new orders 1
Manu-
facturersrsquounfilledorders 2
Manu-facturersrsquo
inventoryshipments
ratio 3Total
Durablegoods
Nondurablegoods
TotalDurablegoods
Nondurablegoods
Total
Durable goods
Total
Capitalgoods
industriesnondefense
Millions of dollars seasonally adjusted except as noted
1 Annual data are averages of mont hly not seasonally adjusted figures monthly dat a are seasonally adjusted totals for month Shipment s are the same as sales2 Seasonally adjusted end of period3 Annual data are averages of seasonally adjusted monthly ratios
Note Manufacturersrsquo 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 durableunfilled orders
Total and durable shipments and inventories include data on semiconductor s new and unfilled orders do not
Source Department of Commerce (Bureau of the Census)
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
140
180
220
260
300
420
380
340
140
180
220
260300
340
140
180
220
260
300
340380
420
460
500
110
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL
NEW ORDERS
SHIPMENTS INVENTORIES
INVENTORYSHIPMENTS RATIO
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
2014 20152012 2011 2014 2015
DURABLE GOODS
NONDURABLE GOODS
160
140
150
120
130
NONDURABLE GOODS
DURABLE GOODS
TOTAL
20132011 2012 2013
DURABLE GOODS
RATIO
540460
500540
380
420
460500540
TOTAL
580
580 700
580620660
In August manufacturersrsquo shipments inventories and new and unfilled orders all fell
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Producer Prices
[November 2009 =100 except as noted monthly data seasonally adjusted]
1 Includes final demand construction not shown separately2 Does not include food and beverages for immediate con sumption which are defined as the servic e of preparing meals snacks and beverages to cust omer order for immediate consumption3 Trade indexes measure changes in margins received by wholesalers and re tailers4 Relative importance December 2014
Source Department of Labor (Bureau of Labor Statistics)
INDEX NOV 2009=100 (RATIO SCALE) INDEX NOV 2009=100 (RATIO SCALE)
2009 2010 2011 2012 2013 2014 2015
SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTEDFINAL DEMAND
COUNCIL OF ECONOMIC ADVISERS
FINAL DEMANDSERVICES
100
95
115
125
110
105
120
100
95
115
125
110
105
120
FINAL DEMAND
FINAL DEMANDGOODS
PRICES
Te producer price index for final demand was unchanged in August Prices for final demand goods fell 06 percentand prices for final demand services rose 04 percent
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In August the consumer price index for all urban consumers fell 01 percent it also fell 01 percent before seasonaladjustment Te index rose 02 percent from its year earlier level
Consumer PricesmdashAll Urban Consumers
[1982ndash84=100 except as noted monthly data seasonally adjusted except as noted by NSA]
Period
All items All items less food and energy Food Energy
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Relative importance July 2015
Source Department of Labor (Bureau of Labor Statistics)
INDEX 1982-84 = 100 (RATIO SCALE)
SEASONALLY ADJUSTED
INDEX 1982-84 = 100 (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF LABOR
2007 2008 2009 2010 2011 2012 2013 2014 2015
CONSUMER PRICESmdashALL ITEMS
250
240
230
220
210
200
190
180
250
240
230
220
210
200
190
180
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Changes in Consumer PricesmdashAll Urban Consumers[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Quarterly chan ges are shown in the last month of the quart er
Source Department of Labor (Bureau of Labor Statistics)
Changes in Producer Prices[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
Period
Totalfinalde-
mand 1
Final demand goods Final demand services Finaldemand
Sept r 107 87 132 112 114 115 96 Oct 100 81 135 112 113 114 89 Nov r 102 82 134 112 113 114 91 Dec r 101 83 127 111 112 114 91
2015 Jan 97 82 120 110 111 111 88 Feb 99 84 114 110 110 111 90 Mar 102 85 117 110 111 111 93 Apr r 103 89 116 110 111 111 94 May r 107 90 122 110 110 111 97 June 105 88 121 109 110 110 96 July 99 86 115 109 110 110 91 Aug 102 88 117 108 109 109 94
1 Annual indexes for 2011 forward reflect revised methodology See Agricultural Price Program Update January 2015 for details2 Includes items not shown separately3 Annual data are averages of monthly ratios
Note These indexes are also available on a 1910-14=100 basis as required by stat ute
Source Department of Agriculture (National Agricultural Statistics Service)
1RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID
SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
2010 20152007 2008 2009 20122011 2013 2014
PRICES RECEIVED
RATIO
PRICES PAID
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
90
80
60
70
130
120
110
100
90
80
60
70
130
120
110
100
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
In August prices received by farmers rose 30 percent and prices paid by farmers fell 09 percent (Data are notseasonally adjusted)
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Money Stock and Debt Measures
[Averages of daily figures except debt end-of-period basis billions of dollars seasonally adjusted]
Period
M1 M2 Debt Percent change
Sum of currencydemand depositstravelers checks and
other checkable deposits
M1 plussavings depositsretail MMMF balances
and small time deposits 1
Debt ofdomesticnonfinancial
sectors 2
From year or 6 months earlier
3 From
previous period 4
M1 M2 Debt
2005 Dec r 13748 66508 282945 ndash01 42 862006 Dec r 13683 70427 307233 ndash5 59 842007 Dec r 13766 74488 331796 6 58 812008 Dec r 16071 81740 349342 167 97 572009 Dec r 16984 84801 357496 57 37 342010 Dec r 18418 87814 370390 84 36 432011 Dec r 21682 96346 382033 177 97 352012 Dec r 24577 104225 399658 134 82 502013 Dec r 26545 109840 414596 80 54 402014 Dec r 29145 116292 432554 98 59 44
2014 Aug 28160 114420 72 58 Sept r 28571 114795 427494 82 57 45 Oct 28638 115206 67 54 Nov 28795 115640 68 50
Dec r
29145 116292 432554 72 53 482015 Jan 29318 117049 65 53 Feb 29950 118250 127 67 Mar r 29890 118448 435061 92 64 25 Apr r 29946 118949 91 65 May r 29846 119364 73 64 June r 30077 119820 439790 64 61 44 July r 30355 120596 71 61 Aug 30499 121385 37 53
1 Money market mutual fund (MMMF) Savings deposits include money market deposit accounts (MMDA)2 Consists of outstanding credit market debt of the US 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 quarter3 Annual changes are from December to Decemb er and monthly changes are from 6 months earlier at a simple annual rate4 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
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
M2
BILLIONS OF DOLLARS (RATIO SCALE)
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
BILLIONS OF DOLLARS (RATIO SCALE)
M1
MONEY CREDIT AND SECURITY MARKETS
In August M2 rose
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Components of Money Stock[Averages of daily figures billions of dollars seasonally adjusted]
2015 Jan r 12663 29 11742 4885 2640 2244 76444 65552 10892 5068 3758 1311 6219 17890 Feb r 12720 29 12174 5027 2713 2314 77076 66120 10956 5049 3758 1291 6174 17834 Mar 12794 28 12025 5042 2727 2315 77468 66493 10975 4949 3678 1272 6141 18075 Apr r 12843 28 12044 5030 2715 2315 78005 66950 11055 4864 3595 1269 6134 17848 May r 12884 27 11928 5007 2706 2301 78618 67441 11176 4792 3529 1262 6108 17990 June r 12934 27 12057 5059 2768 2291 78881 67664 11217 4727 3469 1257 6136 18154 July r 12999 27 12266 5063 2769 2294 79389 68179 11210 4664 3411 1253 6188 18438
Aug 13090 26 12313 5070 2753 2317 80069 68822 11247 4606 3355 1250 6212 187411 Small-denomination deposits are those issued in amounts of less than $1000002 Institutional money funds are not part of non-M1 M2
Source Board of Governors of the Federal Reserve System
Aggregate Reserves and Monetary Base[Averages of daily figures 1 millions of dollars not seasonally adjusted]
1 Data are prorated averages of biweekly (maintenance period) averages of daily figures2 Equals the sum of balances maintained up to the top of each institu tionrsquos penalty-free band3 Excludes vault cash used to satisfy required reserves4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve5 Equals total balances maintained plus currenc y 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 separately7 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 cr eation of a penalty-fr ee band around reserve balanc e requirements which took effe ct June 27 2013 See H3 release of July 11 2013
Source Board of Governors of the Federal Reserve System
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Bank Credit at All Commercial Banks
[Billions of dollars seasonally adjusted 1]
Period
Total
bankcredit
Securities in bank credit 2 Loans and leases in bank credit
Totalsecurities
US
Treasuryand
agencysecurities
Othersecurities
Totalloansand
leases 3
Commercialandindustrial
loans
Real estate loans
Consumerloans 5
Otherloansand
leases 6Total 4Revolving
home equityloans
Commercialloans
2005 Dec r 73156 18554 11593 6961 54602 10361 29289 4435 12701 7045 79062006 Dec r 81084 19913 12190 7723 61172 11826 33736 4683 14593 7386 82242007 Dec r 89042 21046 11375 9670 67997 14177 36002 4848 15872 7992 98272008 Dec r 93532 20976 12541 8435 72556 15588 38195 5882 17284 8762 100122009 Dec r 89955 23295 14509 8786 66660 12652 37767 6031 16409 8360 78812010 Dec r 91917 24299 16425 7874 67618 11923 36133 5819 15004 11138 84232011 Dec r 94020 24955 17020 7935 69065 13037 34948 5495 14183 10911 101702012 Dec r 99593 27358 18762 8596 72235 14756 35504 5152 14282 11155 108202013 Dec r 100964 27148 18047 9100 73816 15767 35317 4737 14986 11414 113182014 Dec r 108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 13155
2014 Aug r 106144 28436 19406 9029 77709 17174 36158 4623 15702 11822 12556 Sept r 106591 28605 19731 8874 77985 17290 36196 4608 15781 11873 12626 Oct r 106989 28683 19896 8787 78306 17366 36227 4603 15867 11919 12793 Nov r 107682 28801 20001 8800 78881 17565 36270 4594 15948 11973 13073
Dec r
108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 131552015 Jan r 109576 29525 20663 8862 80052 17932 36503 4564 16156 12008 13608 Feb r 110253 29732 20847 8885 80521 18116 36713 4553 16299 12041 13652 Mar r 111116 29771 20859 8912 81345 18392 37056 4545 16522 12066 13831 Apr r 111838 29954 20996 8958 81884 18500 37131 4527 16606 12127 14126 May r 112422 30248 21321 8927 82174 18665 37241 4509 16705 12179 14088 June r 112912 30267 21343 8924 82644 18842 37410 4487 16831 12227 14165 July r 113449 30219 21337 8882 83229 18939 37574 4468 16984 12289 14428 Aug 113955 30352 21489 8863 83603 19068 37702 4441 17118 12360 14473
1 Data are prorated averages of Wednesday values for domestically chartered commercial banks branches and agencies of foreign banks and Edge Act and agreement corporations2 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
accounts3 Excludes unearned inco me Includes the allowance for loan and lease losses Exclude s Federal funds sold to reverse r epurchase agreements (RPs) wit h and loans to commercial banks in the
United States Includes all loans held in trading acc ounts under a fair value option4 Includes closed-end residential loans not shown separately5 Includes credit cards and other consumer loans6 Includes other items not shown separately
Source Board of Governors of the Federal Reserve System
BILLIONS OF DOLLARS (RATIO SCALE)
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000TOTAL
LOANS AND LEASES
US TREASURY AND AGENCY SECURITIES
OTHER SECURITIES
otal commercial bank loans and leases rose 04 percent in August
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Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business[Billions of dollars quarterly data at seasonally adjusted annual rates]
2013 I r 28407 18324 10083 1750 ndash2137 3887 3161 727 7291 26861 14534 12327 1546 II r 27501 18870 8631 242 ndash3712 3953 2089 1866 6274 25223 15186 10037 2278 III r 29700 18725 10975 3049 ndash3441 6490 4794 1696 5918 25132 15917 9215 4569 IV r 30024 19526 10498 ndash1864 ndash4827 2964 2556 408 10129 27122 15941 11181 2902
2014 I r 23994 17883 6111 1149 ndash5018 6168 3033 3135 9213 20136 16114 4022 3857 II r 30269 18769 11500 707 ndash2731 3438 2539 899 8365 26528 16471 10057 3741 III r 30145 19916 10229 789 ndash4343 5132 2239 2894 5738 22768 17045 5723 7377
IV r 28679 19758 8921 1419 ndash3410 4828 3523 1305 5494 24169 17063 7106 45112015 I r 30105 19004 11101 443 ndash5920 6363 5297 1065 3035 23722 17387 6335 6383 II p 29302 18836 10466 836 ndash5910 6746 7004 ndash257 7179 25768 18870 6898 3533
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 earn-ings retained abroad inventory valuation adjustment and net capital transfers
2 Includes trade payables taxes payable and miscellaneous liabilities (foreign direct investment in the US 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]
Period
Consumer credit outstanding (end of period) Net change in consumer credit outstanding 1
Total Revolving Nonrevolving 2 Total Revolving Nonrevolving 2
2005 Dec 22909 8295 14614 987 299 6872006 Dec 24613 9240 15373 1704 945 7592007 Dec 26151 10020 16131 1538 780 7582008 Dec 26500 10044 16457 349 24 3262009 Dec 25523 9164 16359 ndash977 ndash880 ndash982010 Dec 26469 8395 18074 946 ndash769 17152011 Dec 27554 8412 19142 1085 17 10682012 Dec 29229 8459 20770 1675 47 16282013 Dec 30988 8582 22406 1759 123 16362014 Dec 33172 8900 24272 2184 318 1866
2014 July 32332 8803 23528 214 45 168 Aug 32493 8814 23679 161 11 151 Sept 32675 8834 23840 182 20 161 Oct 32841 8848 23993 166 14 153 Nov 33005 8861 24145 164 13 152
Dec 33172 8900 24272 167 39 1272015 Jan 33276 8883 24393 104 ndash17 121 Feb 33426 8860 24566 150 ndash23 173 Mar r 33634 8908 24726 208 48 160 Apr r 33876 9003 24873 242 95 147 May r 34073 9028 25045 197 25 172 June r 34343 9103 25240 270 75 195 July p 34534 9146 25388 191 43 148
1 Change based on data in billions of dollars as shown here For year-end data ch ange from preceding year-end for monthl y data change from preceding month2 Includes automobile loans and all other loans not included in revolving cr edit such as loans for mobile homes education boats t railers or vacations The se 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
1 High bill rate at auction issue date within period bank-discount basis Data are stop yields from uniform-price auctions2 Yields on actively traded issues adjusted to constant maturities Series for 30-year constant maturity was discontinued on February 18 2002 and reintroduced on February 6 20063 Weekly data are Wednesday figures4 Average effective rate for year rate in effect at end of month or week5 Daily effective rate weighted average of rates on brokered trades6 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 Moodyrsquos Investors Service and Standard amp Poorrsquos
Interest Rates and Bond Yields
2007 2008 2009 2010 2011 2012 2013 2014 2015
10
PERCENT PER ANNUM
4
2
0
6
8
10
PERCENT PER ANNUM
4
2
0
6
8
FEDERAL FUNDSRATE
TREASURYBILLS
CORPORATE Aaa BONDS(MOODYS)
COUNCIL OF ECONOMIC ADVISERSSOURCE SEE TABLE BELOW
Interest rates were mixed in September
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Common Stock Prices and Yields
Period
Common stock prices 1 Common stock yields(percent) 6
New York Stock Exchange indexes(December 31 2002=5000) 2 Dow Jones
1 Annual data are averages of mont hly figures Monthly and weekly dat a are averages of daily closing prices2 Includes all the stocks (in 2015 over 320 0) listed on the NYSE3 Includes 30 stocks4 Includes 500 stocks5 Includes over 2900 stocks in 20156 Standard amp Poorrsquos series Dividendprice ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter
Sources New York Stock Exchange Dow Jones amp Company Inc Standar d amp Poorrsquos Nasdaq Stock Market and Bloomberg
5
INDEX DEC 31 2002=5000 (RATIO SCALE)
SOURCES NEW YORK STOCK EXCHANGE STANDARD AND POORS AND BLOOMBERG COUNCIL OF ECONOMIC ADVISERS
1 Data from current issue Monthly Treasury Statement
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fisc al Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
RECEIPTS AND OUTLAYS1
SURPLUS OR DEFICIT (ndash)1
2007 2008 2009 2010 2011 2012
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF DOLLARSBILLIONS OF DOLLARS
OUTLAYS1
RECEIPTS1
2014 2015 20162013
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
FEDERAL FINANCE
In the first eleven months of fiscal year 2015 the deficit was $5300 billion compared with a deficit of $5892 billiona year earlier
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In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
b l d
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Productivity and Related Data Business and Nonfarm Business Sectors
Period
Output per hourof all persons
Output 1Hours of
all persons 2Compensation
per hour 3
Realcompensation
per hour 4Unit labor
costsImplicit price
deflator 5
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Businesssector
Nonfarmbusiness
sector
Indexes 2009=100 quarterly data seasonally adjusted
1 Output refers to real gross domestic product originating in the sector2 Hours of all persons engaged in the sect or including hours of proprietors and unpaid family workers Es timates based primarily on est ablishment data3 Wages and salaries of employees plus employersrsquo contri butions for social insurance and priva te benefit plans Also includes an estimate of wages salar ies and supplemental payments for th e
self-employed4 Hourly compensation divided by the consumer price index for all urban consumers (CPIndashU) for recent quarters The trend from 1978ndash2014 is based on the consumer price index research series
(CPIndashUndashRS)5 Current dollar gross domestic output divided by the output index
Note Data relate to all persons engaged in the se ctorPercent 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 da ta released on Augus t 27 2015
Source Department of Labor (Bureau of Labor Statistics)
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Industrial Production and Capacity Utilization
[Monthly data seasonally adjusted]
Period
Total industrial production 1 Industry production indexes 2012=100 Capacity utilization rate(output as percent of
2015 Jan 1076 ndash3 45 1049 1074 1038 860 1221 1046 787 761 Feb 1074 ndash2 35 1045 1068 1037 861 1201 1082 784 757 Mar r 1072 ndash2 25 1048 1068 1041 865 1195 1055 782 758 Apr r 1070 ndash2 21 1052 1071 1046 865 1179 1027 779 760 May r 1066 ndash4 13 1050 1075 1039 860 1153 1021 775 759 June r 1066 0 8 1049 1073 1039 851 1154 1031 774 757 July r 1075 9 13 1058 1085 1045 852 1175 1030 780 762 Aug p 1071 ndash4 9 1053 1076 1045 850 1167 1036 776 758
1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industriesmdashlogging and newspaperperiodical book and directory-publishingmdashthat have traditionally been included in manufacturing
2 Percent changes based on unrounded indexes
Note Data based on NAICS exc ept series as defined in footnote 1
Source Board of Governors of the Federal Reserve System
INDEX 2012 = 100 (RATIO SCALE)
BUSINESSEQUIPMENT
CONSUMER GOODS
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 2012 = 100 (RATIO SCALE)
PERCENT
130
120
110
100
80
90
86
84
82
80
78
76
74
72
70
66
68
110
100
90
80
140
130
120
110
100
80
90
DURABLE
NONDURABLE
TOTAL1MANUFACTURING120
110
100
90
80
PRODUCTION AND BUSINESS ACTIVITY
Industrial production and capacity utilization fell in August
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Industrial ProductionmdashMajor Market Groups and Selected Manufactures
Apr 1190 735 436 1140 666 32 442 999 508 207 May r 1072 697 366 1250 681 34 535 1010 513 210 June r 1211 687 510 1337 692 34 611 959 466 215 68
July r 1161 762 390 1130 680 28 422 996 522 215 Aug p 1126 739 381 1161 699 30 432 935 552 216
1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards2 Based on approximately 20100 permit-issuing places beginning wit h 2014 and 19300 beginning with 2004 Using the 20 04 universe the tot al for 2014 is 104643 Seasonally adjusted4 Quarterly data are three-month averages Annual data are averages of quarterly data
Source Department of Commerce (Bureau of the Census)
New Construction[Billions of dollars monthly data at seasonally adjusted annual rates]
2015 Jan 9901 7162 3589 2616 3572 170 420 640 736 1607 2739 Feb 9935 7208 3606 2607 3602 176 418 620 768 1621 2726 Mar 10064 7297 3575 2562 3722 180 446 622 810 1664 2766 Apr 10446 7572 3668 2599 3904 192 463 653 840 1756 2874 May 10684 7765 3731 2632 4034 208 482 663 896 1784 2920 June r 10743 7735 3761 2659 3974 223 493 626 862 1770 3008 July r 10791 7823 3785 2683 4038 218 493 632 906 1789 2968 Aug p 10862 7880 3833 2723 4047 225 492 622 920 1789 2982
1 Includes residential improvements not shown separately2 Includes health care educa tional communication and power among other categories not shown separ ately
Source Department of Commerce (Bureau of the Census)
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Business Sales and InventoriesmdashManufacturing and Trade
[Millions of dollars except ratios seasonally adjusted except as noted]
Period
Manufacturing and trade 1 Wholesale RetailRetail and foodservices sales 2
2015 Jan 1308276 1778991 136 445024 572469 129 383889 558296 145 434225 Feb 1303701 1783741 137 442459 573668 130 381432 561001 147 431921 Mar 1311121 1785855 136 441024 574661 130 387665 562821 145 438572 Apr 1318016 1792837 136 448458 576998 129 387235 566270 146 438717 May 1322962 1798172 136 449347 580710 129 392268 567490 145 443913 June r 1327245 1809917 136 450927 584986 130 391955 573180 146 443734 July p 1327773 1811191 136 449492 584281 130 r 394919 576881 146 r 446872 Aug p 395401 447715
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
Source Department of Commerce (Bureau of the Census)
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
900
1000
1100
1200
1300
1600
MANUFACTURING ANDTRADE INVENTORIES
MANUFACTURING AND TRADE SALES 350
400
450
RETAIL SALES
RETAIL INVENTORIES
300
140
130
120
160
150
INVENTORYSALES RATIO
1500
1400
MANUFACTURING AND TRADE
1700
1900
1800
RATIO
500
600
550
170
RETAIL AND FOODSERVICES SALES
RETAIL
COUNCIL OF ECONOMIC ADVISERS
In July according to current estimates manufacturing and trade sales were roughly unchanged while inventoriesrose $13 billion According to advance estimates retail sales rose 01 percent in August Retail and food servicessales rose 02 percent
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Manufacturersrsquo Shipments Inventories and Orders
Period
Manufacturersrsquo shipments 1 Manufacturersrsquo inventories 2 Manufacturersrsquo new orders 1
Manu-
facturersrsquounfilledorders 2
Manu-facturersrsquo
inventoryshipments
ratio 3Total
Durablegoods
Nondurablegoods
TotalDurablegoods
Nondurablegoods
Total
Durable goods
Total
Capitalgoods
industriesnondefense
Millions of dollars seasonally adjusted except as noted
1 Annual data are averages of mont hly not seasonally adjusted figures monthly dat a are seasonally adjusted totals for month Shipment s are the same as sales2 Seasonally adjusted end of period3 Annual data are averages of seasonally adjusted monthly ratios
Note Manufacturersrsquo 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 durableunfilled orders
Total and durable shipments and inventories include data on semiconductor s new and unfilled orders do not
Source Department of Commerce (Bureau of the Census)
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
140
180
220
260
300
420
380
340
140
180
220
260300
340
140
180
220
260
300
340380
420
460
500
110
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL
NEW ORDERS
SHIPMENTS INVENTORIES
INVENTORYSHIPMENTS RATIO
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
2014 20152012 2011 2014 2015
DURABLE GOODS
NONDURABLE GOODS
160
140
150
120
130
NONDURABLE GOODS
DURABLE GOODS
TOTAL
20132011 2012 2013
DURABLE GOODS
RATIO
540460
500540
380
420
460500540
TOTAL
580
580 700
580620660
In August manufacturersrsquo shipments inventories and new and unfilled orders all fell
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Producer Prices
[November 2009 =100 except as noted monthly data seasonally adjusted]
1 Includes final demand construction not shown separately2 Does not include food and beverages for immediate con sumption which are defined as the servic e of preparing meals snacks and beverages to cust omer order for immediate consumption3 Trade indexes measure changes in margins received by wholesalers and re tailers4 Relative importance December 2014
Source Department of Labor (Bureau of Labor Statistics)
INDEX NOV 2009=100 (RATIO SCALE) INDEX NOV 2009=100 (RATIO SCALE)
2009 2010 2011 2012 2013 2014 2015
SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTEDFINAL DEMAND
COUNCIL OF ECONOMIC ADVISERS
FINAL DEMANDSERVICES
100
95
115
125
110
105
120
100
95
115
125
110
105
120
FINAL DEMAND
FINAL DEMANDGOODS
PRICES
Te producer price index for final demand was unchanged in August Prices for final demand goods fell 06 percentand prices for final demand services rose 04 percent
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In August the consumer price index for all urban consumers fell 01 percent it also fell 01 percent before seasonaladjustment Te index rose 02 percent from its year earlier level
Consumer PricesmdashAll Urban Consumers
[1982ndash84=100 except as noted monthly data seasonally adjusted except as noted by NSA]
Period
All items All items less food and energy Food Energy
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Relative importance July 2015
Source Department of Labor (Bureau of Labor Statistics)
INDEX 1982-84 = 100 (RATIO SCALE)
SEASONALLY ADJUSTED
INDEX 1982-84 = 100 (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF LABOR
2007 2008 2009 2010 2011 2012 2013 2014 2015
CONSUMER PRICESmdashALL ITEMS
250
240
230
220
210
200
190
180
250
240
230
220
210
200
190
180
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Changes in Consumer PricesmdashAll Urban Consumers[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Quarterly chan ges are shown in the last month of the quart er
Source Department of Labor (Bureau of Labor Statistics)
Changes in Producer Prices[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
Period
Totalfinalde-
mand 1
Final demand goods Final demand services Finaldemand
Sept r 107 87 132 112 114 115 96 Oct 100 81 135 112 113 114 89 Nov r 102 82 134 112 113 114 91 Dec r 101 83 127 111 112 114 91
2015 Jan 97 82 120 110 111 111 88 Feb 99 84 114 110 110 111 90 Mar 102 85 117 110 111 111 93 Apr r 103 89 116 110 111 111 94 May r 107 90 122 110 110 111 97 June 105 88 121 109 110 110 96 July 99 86 115 109 110 110 91 Aug 102 88 117 108 109 109 94
1 Annual indexes for 2011 forward reflect revised methodology See Agricultural Price Program Update January 2015 for details2 Includes items not shown separately3 Annual data are averages of monthly ratios
Note These indexes are also available on a 1910-14=100 basis as required by stat ute
Source Department of Agriculture (National Agricultural Statistics Service)
1RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID
SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
2010 20152007 2008 2009 20122011 2013 2014
PRICES RECEIVED
RATIO
PRICES PAID
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
90
80
60
70
130
120
110
100
90
80
60
70
130
120
110
100
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
In August prices received by farmers rose 30 percent and prices paid by farmers fell 09 percent (Data are notseasonally adjusted)
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Money Stock and Debt Measures
[Averages of daily figures except debt end-of-period basis billions of dollars seasonally adjusted]
Period
M1 M2 Debt Percent change
Sum of currencydemand depositstravelers checks and
other checkable deposits
M1 plussavings depositsretail MMMF balances
and small time deposits 1
Debt ofdomesticnonfinancial
sectors 2
From year or 6 months earlier
3 From
previous period 4
M1 M2 Debt
2005 Dec r 13748 66508 282945 ndash01 42 862006 Dec r 13683 70427 307233 ndash5 59 842007 Dec r 13766 74488 331796 6 58 812008 Dec r 16071 81740 349342 167 97 572009 Dec r 16984 84801 357496 57 37 342010 Dec r 18418 87814 370390 84 36 432011 Dec r 21682 96346 382033 177 97 352012 Dec r 24577 104225 399658 134 82 502013 Dec r 26545 109840 414596 80 54 402014 Dec r 29145 116292 432554 98 59 44
2014 Aug 28160 114420 72 58 Sept r 28571 114795 427494 82 57 45 Oct 28638 115206 67 54 Nov 28795 115640 68 50
Dec r
29145 116292 432554 72 53 482015 Jan 29318 117049 65 53 Feb 29950 118250 127 67 Mar r 29890 118448 435061 92 64 25 Apr r 29946 118949 91 65 May r 29846 119364 73 64 June r 30077 119820 439790 64 61 44 July r 30355 120596 71 61 Aug 30499 121385 37 53
1 Money market mutual fund (MMMF) Savings deposits include money market deposit accounts (MMDA)2 Consists of outstanding credit market debt of the US 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 quarter3 Annual changes are from December to Decemb er and monthly changes are from 6 months earlier at a simple annual rate4 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
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
M2
BILLIONS OF DOLLARS (RATIO SCALE)
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
BILLIONS OF DOLLARS (RATIO SCALE)
M1
MONEY CREDIT AND SECURITY MARKETS
In August M2 rose
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Components of Money Stock[Averages of daily figures billions of dollars seasonally adjusted]
2015 Jan r 12663 29 11742 4885 2640 2244 76444 65552 10892 5068 3758 1311 6219 17890 Feb r 12720 29 12174 5027 2713 2314 77076 66120 10956 5049 3758 1291 6174 17834 Mar 12794 28 12025 5042 2727 2315 77468 66493 10975 4949 3678 1272 6141 18075 Apr r 12843 28 12044 5030 2715 2315 78005 66950 11055 4864 3595 1269 6134 17848 May r 12884 27 11928 5007 2706 2301 78618 67441 11176 4792 3529 1262 6108 17990 June r 12934 27 12057 5059 2768 2291 78881 67664 11217 4727 3469 1257 6136 18154 July r 12999 27 12266 5063 2769 2294 79389 68179 11210 4664 3411 1253 6188 18438
Aug 13090 26 12313 5070 2753 2317 80069 68822 11247 4606 3355 1250 6212 187411 Small-denomination deposits are those issued in amounts of less than $1000002 Institutional money funds are not part of non-M1 M2
Source Board of Governors of the Federal Reserve System
Aggregate Reserves and Monetary Base[Averages of daily figures 1 millions of dollars not seasonally adjusted]
1 Data are prorated averages of biweekly (maintenance period) averages of daily figures2 Equals the sum of balances maintained up to the top of each institu tionrsquos penalty-free band3 Excludes vault cash used to satisfy required reserves4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve5 Equals total balances maintained plus currenc y 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 separately7 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 cr eation of a penalty-fr ee band around reserve balanc e requirements which took effe ct June 27 2013 See H3 release of July 11 2013
Source Board of Governors of the Federal Reserve System
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Bank Credit at All Commercial Banks
[Billions of dollars seasonally adjusted 1]
Period
Total
bankcredit
Securities in bank credit 2 Loans and leases in bank credit
Totalsecurities
US
Treasuryand
agencysecurities
Othersecurities
Totalloansand
leases 3
Commercialandindustrial
loans
Real estate loans
Consumerloans 5
Otherloansand
leases 6Total 4Revolving
home equityloans
Commercialloans
2005 Dec r 73156 18554 11593 6961 54602 10361 29289 4435 12701 7045 79062006 Dec r 81084 19913 12190 7723 61172 11826 33736 4683 14593 7386 82242007 Dec r 89042 21046 11375 9670 67997 14177 36002 4848 15872 7992 98272008 Dec r 93532 20976 12541 8435 72556 15588 38195 5882 17284 8762 100122009 Dec r 89955 23295 14509 8786 66660 12652 37767 6031 16409 8360 78812010 Dec r 91917 24299 16425 7874 67618 11923 36133 5819 15004 11138 84232011 Dec r 94020 24955 17020 7935 69065 13037 34948 5495 14183 10911 101702012 Dec r 99593 27358 18762 8596 72235 14756 35504 5152 14282 11155 108202013 Dec r 100964 27148 18047 9100 73816 15767 35317 4737 14986 11414 113182014 Dec r 108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 13155
2014 Aug r 106144 28436 19406 9029 77709 17174 36158 4623 15702 11822 12556 Sept r 106591 28605 19731 8874 77985 17290 36196 4608 15781 11873 12626 Oct r 106989 28683 19896 8787 78306 17366 36227 4603 15867 11919 12793 Nov r 107682 28801 20001 8800 78881 17565 36270 4594 15948 11973 13073
Dec r
108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 131552015 Jan r 109576 29525 20663 8862 80052 17932 36503 4564 16156 12008 13608 Feb r 110253 29732 20847 8885 80521 18116 36713 4553 16299 12041 13652 Mar r 111116 29771 20859 8912 81345 18392 37056 4545 16522 12066 13831 Apr r 111838 29954 20996 8958 81884 18500 37131 4527 16606 12127 14126 May r 112422 30248 21321 8927 82174 18665 37241 4509 16705 12179 14088 June r 112912 30267 21343 8924 82644 18842 37410 4487 16831 12227 14165 July r 113449 30219 21337 8882 83229 18939 37574 4468 16984 12289 14428 Aug 113955 30352 21489 8863 83603 19068 37702 4441 17118 12360 14473
1 Data are prorated averages of Wednesday values for domestically chartered commercial banks branches and agencies of foreign banks and Edge Act and agreement corporations2 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
accounts3 Excludes unearned inco me Includes the allowance for loan and lease losses Exclude s Federal funds sold to reverse r epurchase agreements (RPs) wit h and loans to commercial banks in the
United States Includes all loans held in trading acc ounts under a fair value option4 Includes closed-end residential loans not shown separately5 Includes credit cards and other consumer loans6 Includes other items not shown separately
Source Board of Governors of the Federal Reserve System
BILLIONS OF DOLLARS (RATIO SCALE)
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000TOTAL
LOANS AND LEASES
US TREASURY AND AGENCY SECURITIES
OTHER SECURITIES
otal commercial bank loans and leases rose 04 percent in August
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Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business[Billions of dollars quarterly data at seasonally adjusted annual rates]
2013 I r 28407 18324 10083 1750 ndash2137 3887 3161 727 7291 26861 14534 12327 1546 II r 27501 18870 8631 242 ndash3712 3953 2089 1866 6274 25223 15186 10037 2278 III r 29700 18725 10975 3049 ndash3441 6490 4794 1696 5918 25132 15917 9215 4569 IV r 30024 19526 10498 ndash1864 ndash4827 2964 2556 408 10129 27122 15941 11181 2902
2014 I r 23994 17883 6111 1149 ndash5018 6168 3033 3135 9213 20136 16114 4022 3857 II r 30269 18769 11500 707 ndash2731 3438 2539 899 8365 26528 16471 10057 3741 III r 30145 19916 10229 789 ndash4343 5132 2239 2894 5738 22768 17045 5723 7377
IV r 28679 19758 8921 1419 ndash3410 4828 3523 1305 5494 24169 17063 7106 45112015 I r 30105 19004 11101 443 ndash5920 6363 5297 1065 3035 23722 17387 6335 6383 II p 29302 18836 10466 836 ndash5910 6746 7004 ndash257 7179 25768 18870 6898 3533
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 earn-ings retained abroad inventory valuation adjustment and net capital transfers
2 Includes trade payables taxes payable and miscellaneous liabilities (foreign direct investment in the US 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]
Period
Consumer credit outstanding (end of period) Net change in consumer credit outstanding 1
Total Revolving Nonrevolving 2 Total Revolving Nonrevolving 2
2005 Dec 22909 8295 14614 987 299 6872006 Dec 24613 9240 15373 1704 945 7592007 Dec 26151 10020 16131 1538 780 7582008 Dec 26500 10044 16457 349 24 3262009 Dec 25523 9164 16359 ndash977 ndash880 ndash982010 Dec 26469 8395 18074 946 ndash769 17152011 Dec 27554 8412 19142 1085 17 10682012 Dec 29229 8459 20770 1675 47 16282013 Dec 30988 8582 22406 1759 123 16362014 Dec 33172 8900 24272 2184 318 1866
2014 July 32332 8803 23528 214 45 168 Aug 32493 8814 23679 161 11 151 Sept 32675 8834 23840 182 20 161 Oct 32841 8848 23993 166 14 153 Nov 33005 8861 24145 164 13 152
Dec 33172 8900 24272 167 39 1272015 Jan 33276 8883 24393 104 ndash17 121 Feb 33426 8860 24566 150 ndash23 173 Mar r 33634 8908 24726 208 48 160 Apr r 33876 9003 24873 242 95 147 May r 34073 9028 25045 197 25 172 June r 34343 9103 25240 270 75 195 July p 34534 9146 25388 191 43 148
1 Change based on data in billions of dollars as shown here For year-end data ch ange from preceding year-end for monthl y data change from preceding month2 Includes automobile loans and all other loans not included in revolving cr edit such as loans for mobile homes education boats t railers or vacations The se 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
1 High bill rate at auction issue date within period bank-discount basis Data are stop yields from uniform-price auctions2 Yields on actively traded issues adjusted to constant maturities Series for 30-year constant maturity was discontinued on February 18 2002 and reintroduced on February 6 20063 Weekly data are Wednesday figures4 Average effective rate for year rate in effect at end of month or week5 Daily effective rate weighted average of rates on brokered trades6 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 Moodyrsquos Investors Service and Standard amp Poorrsquos
Interest Rates and Bond Yields
2007 2008 2009 2010 2011 2012 2013 2014 2015
10
PERCENT PER ANNUM
4
2
0
6
8
10
PERCENT PER ANNUM
4
2
0
6
8
FEDERAL FUNDSRATE
TREASURYBILLS
CORPORATE Aaa BONDS(MOODYS)
COUNCIL OF ECONOMIC ADVISERSSOURCE SEE TABLE BELOW
Interest rates were mixed in September
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Common Stock Prices and Yields
Period
Common stock prices 1 Common stock yields(percent) 6
New York Stock Exchange indexes(December 31 2002=5000) 2 Dow Jones
1 Annual data are averages of mont hly figures Monthly and weekly dat a are averages of daily closing prices2 Includes all the stocks (in 2015 over 320 0) listed on the NYSE3 Includes 30 stocks4 Includes 500 stocks5 Includes over 2900 stocks in 20156 Standard amp Poorrsquos series Dividendprice ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter
Sources New York Stock Exchange Dow Jones amp Company Inc Standar d amp Poorrsquos Nasdaq Stock Market and Bloomberg
5
INDEX DEC 31 2002=5000 (RATIO SCALE)
SOURCES NEW YORK STOCK EXCHANGE STANDARD AND POORS AND BLOOMBERG COUNCIL OF ECONOMIC ADVISERS
1 Data from current issue Monthly Treasury Statement
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fisc al Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
RECEIPTS AND OUTLAYS1
SURPLUS OR DEFICIT (ndash)1
2007 2008 2009 2010 2011 2012
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF DOLLARSBILLIONS OF DOLLARS
OUTLAYS1
RECEIPTS1
2014 2015 20162013
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
FEDERAL FINANCE
In the first eleven months of fiscal year 2015 the deficit was $5300 billion compared with a deficit of $5892 billiona year earlier
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In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
b l d
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Industrial Production and Capacity Utilization
[Monthly data seasonally adjusted]
Period
Total industrial production 1 Industry production indexes 2012=100 Capacity utilization rate(output as percent of
2015 Jan 1076 ndash3 45 1049 1074 1038 860 1221 1046 787 761 Feb 1074 ndash2 35 1045 1068 1037 861 1201 1082 784 757 Mar r 1072 ndash2 25 1048 1068 1041 865 1195 1055 782 758 Apr r 1070 ndash2 21 1052 1071 1046 865 1179 1027 779 760 May r 1066 ndash4 13 1050 1075 1039 860 1153 1021 775 759 June r 1066 0 8 1049 1073 1039 851 1154 1031 774 757 July r 1075 9 13 1058 1085 1045 852 1175 1030 780 762 Aug p 1071 ndash4 9 1053 1076 1045 850 1167 1036 776 758
1 Total industry and total manufacturing series include manufacturing as defined in the North American Industry Classification System (NAICS) plus those industriesmdashlogging and newspaperperiodical book and directory-publishingmdashthat have traditionally been included in manufacturing
2 Percent changes based on unrounded indexes
Note Data based on NAICS exc ept series as defined in footnote 1
Source Board of Governors of the Federal Reserve System
INDEX 2012 = 100 (RATIO SCALE)
BUSINESSEQUIPMENT
CONSUMER GOODS
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 2012 = 100 (RATIO SCALE)
PERCENT
130
120
110
100
80
90
86
84
82
80
78
76
74
72
70
66
68
110
100
90
80
140
130
120
110
100
80
90
DURABLE
NONDURABLE
TOTAL1MANUFACTURING120
110
100
90
80
PRODUCTION AND BUSINESS ACTIVITY
Industrial production and capacity utilization fell in August
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Industrial ProductionmdashMajor Market Groups and Selected Manufactures
Apr 1190 735 436 1140 666 32 442 999 508 207 May r 1072 697 366 1250 681 34 535 1010 513 210 June r 1211 687 510 1337 692 34 611 959 466 215 68
July r 1161 762 390 1130 680 28 422 996 522 215 Aug p 1126 739 381 1161 699 30 432 935 552 216
1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards2 Based on approximately 20100 permit-issuing places beginning wit h 2014 and 19300 beginning with 2004 Using the 20 04 universe the tot al for 2014 is 104643 Seasonally adjusted4 Quarterly data are three-month averages Annual data are averages of quarterly data
Source Department of Commerce (Bureau of the Census)
New Construction[Billions of dollars monthly data at seasonally adjusted annual rates]
2015 Jan 9901 7162 3589 2616 3572 170 420 640 736 1607 2739 Feb 9935 7208 3606 2607 3602 176 418 620 768 1621 2726 Mar 10064 7297 3575 2562 3722 180 446 622 810 1664 2766 Apr 10446 7572 3668 2599 3904 192 463 653 840 1756 2874 May 10684 7765 3731 2632 4034 208 482 663 896 1784 2920 June r 10743 7735 3761 2659 3974 223 493 626 862 1770 3008 July r 10791 7823 3785 2683 4038 218 493 632 906 1789 2968 Aug p 10862 7880 3833 2723 4047 225 492 622 920 1789 2982
1 Includes residential improvements not shown separately2 Includes health care educa tional communication and power among other categories not shown separ ately
Source Department of Commerce (Bureau of the Census)
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Business Sales and InventoriesmdashManufacturing and Trade
[Millions of dollars except ratios seasonally adjusted except as noted]
Period
Manufacturing and trade 1 Wholesale RetailRetail and foodservices sales 2
2015 Jan 1308276 1778991 136 445024 572469 129 383889 558296 145 434225 Feb 1303701 1783741 137 442459 573668 130 381432 561001 147 431921 Mar 1311121 1785855 136 441024 574661 130 387665 562821 145 438572 Apr 1318016 1792837 136 448458 576998 129 387235 566270 146 438717 May 1322962 1798172 136 449347 580710 129 392268 567490 145 443913 June r 1327245 1809917 136 450927 584986 130 391955 573180 146 443734 July p 1327773 1811191 136 449492 584281 130 r 394919 576881 146 r 446872 Aug p 395401 447715
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
Source Department of Commerce (Bureau of the Census)
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
900
1000
1100
1200
1300
1600
MANUFACTURING ANDTRADE INVENTORIES
MANUFACTURING AND TRADE SALES 350
400
450
RETAIL SALES
RETAIL INVENTORIES
300
140
130
120
160
150
INVENTORYSALES RATIO
1500
1400
MANUFACTURING AND TRADE
1700
1900
1800
RATIO
500
600
550
170
RETAIL AND FOODSERVICES SALES
RETAIL
COUNCIL OF ECONOMIC ADVISERS
In July according to current estimates manufacturing and trade sales were roughly unchanged while inventoriesrose $13 billion According to advance estimates retail sales rose 01 percent in August Retail and food servicessales rose 02 percent
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Manufacturersrsquo Shipments Inventories and Orders
Period
Manufacturersrsquo shipments 1 Manufacturersrsquo inventories 2 Manufacturersrsquo new orders 1
Manu-
facturersrsquounfilledorders 2
Manu-facturersrsquo
inventoryshipments
ratio 3Total
Durablegoods
Nondurablegoods
TotalDurablegoods
Nondurablegoods
Total
Durable goods
Total
Capitalgoods
industriesnondefense
Millions of dollars seasonally adjusted except as noted
1 Annual data are averages of mont hly not seasonally adjusted figures monthly dat a are seasonally adjusted totals for month Shipment s are the same as sales2 Seasonally adjusted end of period3 Annual data are averages of seasonally adjusted monthly ratios
Note Manufacturersrsquo 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 durableunfilled orders
Total and durable shipments and inventories include data on semiconductor s new and unfilled orders do not
Source Department of Commerce (Bureau of the Census)
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
140
180
220
260
300
420
380
340
140
180
220
260300
340
140
180
220
260
300
340380
420
460
500
110
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL
NEW ORDERS
SHIPMENTS INVENTORIES
INVENTORYSHIPMENTS RATIO
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
2014 20152012 2011 2014 2015
DURABLE GOODS
NONDURABLE GOODS
160
140
150
120
130
NONDURABLE GOODS
DURABLE GOODS
TOTAL
20132011 2012 2013
DURABLE GOODS
RATIO
540460
500540
380
420
460500540
TOTAL
580
580 700
580620660
In August manufacturersrsquo shipments inventories and new and unfilled orders all fell
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Producer Prices
[November 2009 =100 except as noted monthly data seasonally adjusted]
1 Includes final demand construction not shown separately2 Does not include food and beverages for immediate con sumption which are defined as the servic e of preparing meals snacks and beverages to cust omer order for immediate consumption3 Trade indexes measure changes in margins received by wholesalers and re tailers4 Relative importance December 2014
Source Department of Labor (Bureau of Labor Statistics)
INDEX NOV 2009=100 (RATIO SCALE) INDEX NOV 2009=100 (RATIO SCALE)
2009 2010 2011 2012 2013 2014 2015
SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTEDFINAL DEMAND
COUNCIL OF ECONOMIC ADVISERS
FINAL DEMANDSERVICES
100
95
115
125
110
105
120
100
95
115
125
110
105
120
FINAL DEMAND
FINAL DEMANDGOODS
PRICES
Te producer price index for final demand was unchanged in August Prices for final demand goods fell 06 percentand prices for final demand services rose 04 percent
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In August the consumer price index for all urban consumers fell 01 percent it also fell 01 percent before seasonaladjustment Te index rose 02 percent from its year earlier level
Consumer PricesmdashAll Urban Consumers
[1982ndash84=100 except as noted monthly data seasonally adjusted except as noted by NSA]
Period
All items All items less food and energy Food Energy
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Relative importance July 2015
Source Department of Labor (Bureau of Labor Statistics)
INDEX 1982-84 = 100 (RATIO SCALE)
SEASONALLY ADJUSTED
INDEX 1982-84 = 100 (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF LABOR
2007 2008 2009 2010 2011 2012 2013 2014 2015
CONSUMER PRICESmdashALL ITEMS
250
240
230
220
210
200
190
180
250
240
230
220
210
200
190
180
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Changes in Consumer PricesmdashAll Urban Consumers[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Quarterly chan ges are shown in the last month of the quart er
Source Department of Labor (Bureau of Labor Statistics)
Changes in Producer Prices[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
Period
Totalfinalde-
mand 1
Final demand goods Final demand services Finaldemand
Sept r 107 87 132 112 114 115 96 Oct 100 81 135 112 113 114 89 Nov r 102 82 134 112 113 114 91 Dec r 101 83 127 111 112 114 91
2015 Jan 97 82 120 110 111 111 88 Feb 99 84 114 110 110 111 90 Mar 102 85 117 110 111 111 93 Apr r 103 89 116 110 111 111 94 May r 107 90 122 110 110 111 97 June 105 88 121 109 110 110 96 July 99 86 115 109 110 110 91 Aug 102 88 117 108 109 109 94
1 Annual indexes for 2011 forward reflect revised methodology See Agricultural Price Program Update January 2015 for details2 Includes items not shown separately3 Annual data are averages of monthly ratios
Note These indexes are also available on a 1910-14=100 basis as required by stat ute
Source Department of Agriculture (National Agricultural Statistics Service)
1RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID
SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
2010 20152007 2008 2009 20122011 2013 2014
PRICES RECEIVED
RATIO
PRICES PAID
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
90
80
60
70
130
120
110
100
90
80
60
70
130
120
110
100
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
In August prices received by farmers rose 30 percent and prices paid by farmers fell 09 percent (Data are notseasonally adjusted)
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Money Stock and Debt Measures
[Averages of daily figures except debt end-of-period basis billions of dollars seasonally adjusted]
Period
M1 M2 Debt Percent change
Sum of currencydemand depositstravelers checks and
other checkable deposits
M1 plussavings depositsretail MMMF balances
and small time deposits 1
Debt ofdomesticnonfinancial
sectors 2
From year or 6 months earlier
3 From
previous period 4
M1 M2 Debt
2005 Dec r 13748 66508 282945 ndash01 42 862006 Dec r 13683 70427 307233 ndash5 59 842007 Dec r 13766 74488 331796 6 58 812008 Dec r 16071 81740 349342 167 97 572009 Dec r 16984 84801 357496 57 37 342010 Dec r 18418 87814 370390 84 36 432011 Dec r 21682 96346 382033 177 97 352012 Dec r 24577 104225 399658 134 82 502013 Dec r 26545 109840 414596 80 54 402014 Dec r 29145 116292 432554 98 59 44
2014 Aug 28160 114420 72 58 Sept r 28571 114795 427494 82 57 45 Oct 28638 115206 67 54 Nov 28795 115640 68 50
Dec r
29145 116292 432554 72 53 482015 Jan 29318 117049 65 53 Feb 29950 118250 127 67 Mar r 29890 118448 435061 92 64 25 Apr r 29946 118949 91 65 May r 29846 119364 73 64 June r 30077 119820 439790 64 61 44 July r 30355 120596 71 61 Aug 30499 121385 37 53
1 Money market mutual fund (MMMF) Savings deposits include money market deposit accounts (MMDA)2 Consists of outstanding credit market debt of the US 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 quarter3 Annual changes are from December to Decemb er and monthly changes are from 6 months earlier at a simple annual rate4 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
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
M2
BILLIONS OF DOLLARS (RATIO SCALE)
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
BILLIONS OF DOLLARS (RATIO SCALE)
M1
MONEY CREDIT AND SECURITY MARKETS
In August M2 rose
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Components of Money Stock[Averages of daily figures billions of dollars seasonally adjusted]
2015 Jan r 12663 29 11742 4885 2640 2244 76444 65552 10892 5068 3758 1311 6219 17890 Feb r 12720 29 12174 5027 2713 2314 77076 66120 10956 5049 3758 1291 6174 17834 Mar 12794 28 12025 5042 2727 2315 77468 66493 10975 4949 3678 1272 6141 18075 Apr r 12843 28 12044 5030 2715 2315 78005 66950 11055 4864 3595 1269 6134 17848 May r 12884 27 11928 5007 2706 2301 78618 67441 11176 4792 3529 1262 6108 17990 June r 12934 27 12057 5059 2768 2291 78881 67664 11217 4727 3469 1257 6136 18154 July r 12999 27 12266 5063 2769 2294 79389 68179 11210 4664 3411 1253 6188 18438
Aug 13090 26 12313 5070 2753 2317 80069 68822 11247 4606 3355 1250 6212 187411 Small-denomination deposits are those issued in amounts of less than $1000002 Institutional money funds are not part of non-M1 M2
Source Board of Governors of the Federal Reserve System
Aggregate Reserves and Monetary Base[Averages of daily figures 1 millions of dollars not seasonally adjusted]
1 Data are prorated averages of biweekly (maintenance period) averages of daily figures2 Equals the sum of balances maintained up to the top of each institu tionrsquos penalty-free band3 Excludes vault cash used to satisfy required reserves4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve5 Equals total balances maintained plus currenc y 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 separately7 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 cr eation of a penalty-fr ee band around reserve balanc e requirements which took effe ct June 27 2013 See H3 release of July 11 2013
Source Board of Governors of the Federal Reserve System
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Bank Credit at All Commercial Banks
[Billions of dollars seasonally adjusted 1]
Period
Total
bankcredit
Securities in bank credit 2 Loans and leases in bank credit
Totalsecurities
US
Treasuryand
agencysecurities
Othersecurities
Totalloansand
leases 3
Commercialandindustrial
loans
Real estate loans
Consumerloans 5
Otherloansand
leases 6Total 4Revolving
home equityloans
Commercialloans
2005 Dec r 73156 18554 11593 6961 54602 10361 29289 4435 12701 7045 79062006 Dec r 81084 19913 12190 7723 61172 11826 33736 4683 14593 7386 82242007 Dec r 89042 21046 11375 9670 67997 14177 36002 4848 15872 7992 98272008 Dec r 93532 20976 12541 8435 72556 15588 38195 5882 17284 8762 100122009 Dec r 89955 23295 14509 8786 66660 12652 37767 6031 16409 8360 78812010 Dec r 91917 24299 16425 7874 67618 11923 36133 5819 15004 11138 84232011 Dec r 94020 24955 17020 7935 69065 13037 34948 5495 14183 10911 101702012 Dec r 99593 27358 18762 8596 72235 14756 35504 5152 14282 11155 108202013 Dec r 100964 27148 18047 9100 73816 15767 35317 4737 14986 11414 113182014 Dec r 108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 13155
2014 Aug r 106144 28436 19406 9029 77709 17174 36158 4623 15702 11822 12556 Sept r 106591 28605 19731 8874 77985 17290 36196 4608 15781 11873 12626 Oct r 106989 28683 19896 8787 78306 17366 36227 4603 15867 11919 12793 Nov r 107682 28801 20001 8800 78881 17565 36270 4594 15948 11973 13073
Dec r
108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 131552015 Jan r 109576 29525 20663 8862 80052 17932 36503 4564 16156 12008 13608 Feb r 110253 29732 20847 8885 80521 18116 36713 4553 16299 12041 13652 Mar r 111116 29771 20859 8912 81345 18392 37056 4545 16522 12066 13831 Apr r 111838 29954 20996 8958 81884 18500 37131 4527 16606 12127 14126 May r 112422 30248 21321 8927 82174 18665 37241 4509 16705 12179 14088 June r 112912 30267 21343 8924 82644 18842 37410 4487 16831 12227 14165 July r 113449 30219 21337 8882 83229 18939 37574 4468 16984 12289 14428 Aug 113955 30352 21489 8863 83603 19068 37702 4441 17118 12360 14473
1 Data are prorated averages of Wednesday values for domestically chartered commercial banks branches and agencies of foreign banks and Edge Act and agreement corporations2 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
accounts3 Excludes unearned inco me Includes the allowance for loan and lease losses Exclude s Federal funds sold to reverse r epurchase agreements (RPs) wit h and loans to commercial banks in the
United States Includes all loans held in trading acc ounts under a fair value option4 Includes closed-end residential loans not shown separately5 Includes credit cards and other consumer loans6 Includes other items not shown separately
Source Board of Governors of the Federal Reserve System
BILLIONS OF DOLLARS (RATIO SCALE)
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000TOTAL
LOANS AND LEASES
US TREASURY AND AGENCY SECURITIES
OTHER SECURITIES
otal commercial bank loans and leases rose 04 percent in August
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Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business[Billions of dollars quarterly data at seasonally adjusted annual rates]
2013 I r 28407 18324 10083 1750 ndash2137 3887 3161 727 7291 26861 14534 12327 1546 II r 27501 18870 8631 242 ndash3712 3953 2089 1866 6274 25223 15186 10037 2278 III r 29700 18725 10975 3049 ndash3441 6490 4794 1696 5918 25132 15917 9215 4569 IV r 30024 19526 10498 ndash1864 ndash4827 2964 2556 408 10129 27122 15941 11181 2902
2014 I r 23994 17883 6111 1149 ndash5018 6168 3033 3135 9213 20136 16114 4022 3857 II r 30269 18769 11500 707 ndash2731 3438 2539 899 8365 26528 16471 10057 3741 III r 30145 19916 10229 789 ndash4343 5132 2239 2894 5738 22768 17045 5723 7377
IV r 28679 19758 8921 1419 ndash3410 4828 3523 1305 5494 24169 17063 7106 45112015 I r 30105 19004 11101 443 ndash5920 6363 5297 1065 3035 23722 17387 6335 6383 II p 29302 18836 10466 836 ndash5910 6746 7004 ndash257 7179 25768 18870 6898 3533
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 earn-ings retained abroad inventory valuation adjustment and net capital transfers
2 Includes trade payables taxes payable and miscellaneous liabilities (foreign direct investment in the US 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]
Period
Consumer credit outstanding (end of period) Net change in consumer credit outstanding 1
Total Revolving Nonrevolving 2 Total Revolving Nonrevolving 2
2005 Dec 22909 8295 14614 987 299 6872006 Dec 24613 9240 15373 1704 945 7592007 Dec 26151 10020 16131 1538 780 7582008 Dec 26500 10044 16457 349 24 3262009 Dec 25523 9164 16359 ndash977 ndash880 ndash982010 Dec 26469 8395 18074 946 ndash769 17152011 Dec 27554 8412 19142 1085 17 10682012 Dec 29229 8459 20770 1675 47 16282013 Dec 30988 8582 22406 1759 123 16362014 Dec 33172 8900 24272 2184 318 1866
2014 July 32332 8803 23528 214 45 168 Aug 32493 8814 23679 161 11 151 Sept 32675 8834 23840 182 20 161 Oct 32841 8848 23993 166 14 153 Nov 33005 8861 24145 164 13 152
Dec 33172 8900 24272 167 39 1272015 Jan 33276 8883 24393 104 ndash17 121 Feb 33426 8860 24566 150 ndash23 173 Mar r 33634 8908 24726 208 48 160 Apr r 33876 9003 24873 242 95 147 May r 34073 9028 25045 197 25 172 June r 34343 9103 25240 270 75 195 July p 34534 9146 25388 191 43 148
1 Change based on data in billions of dollars as shown here For year-end data ch ange from preceding year-end for monthl y data change from preceding month2 Includes automobile loans and all other loans not included in revolving cr edit such as loans for mobile homes education boats t railers or vacations The se 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
1 High bill rate at auction issue date within period bank-discount basis Data are stop yields from uniform-price auctions2 Yields on actively traded issues adjusted to constant maturities Series for 30-year constant maturity was discontinued on February 18 2002 and reintroduced on February 6 20063 Weekly data are Wednesday figures4 Average effective rate for year rate in effect at end of month or week5 Daily effective rate weighted average of rates on brokered trades6 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 Moodyrsquos Investors Service and Standard amp Poorrsquos
Interest Rates and Bond Yields
2007 2008 2009 2010 2011 2012 2013 2014 2015
10
PERCENT PER ANNUM
4
2
0
6
8
10
PERCENT PER ANNUM
4
2
0
6
8
FEDERAL FUNDSRATE
TREASURYBILLS
CORPORATE Aaa BONDS(MOODYS)
COUNCIL OF ECONOMIC ADVISERSSOURCE SEE TABLE BELOW
Interest rates were mixed in September
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Common Stock Prices and Yields
Period
Common stock prices 1 Common stock yields(percent) 6
New York Stock Exchange indexes(December 31 2002=5000) 2 Dow Jones
1 Annual data are averages of mont hly figures Monthly and weekly dat a are averages of daily closing prices2 Includes all the stocks (in 2015 over 320 0) listed on the NYSE3 Includes 30 stocks4 Includes 500 stocks5 Includes over 2900 stocks in 20156 Standard amp Poorrsquos series Dividendprice ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter
Sources New York Stock Exchange Dow Jones amp Company Inc Standar d amp Poorrsquos Nasdaq Stock Market and Bloomberg
5
INDEX DEC 31 2002=5000 (RATIO SCALE)
SOURCES NEW YORK STOCK EXCHANGE STANDARD AND POORS AND BLOOMBERG COUNCIL OF ECONOMIC ADVISERS
1 Data from current issue Monthly Treasury Statement
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fisc al Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
RECEIPTS AND OUTLAYS1
SURPLUS OR DEFICIT (ndash)1
2007 2008 2009 2010 2011 2012
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF DOLLARSBILLIONS OF DOLLARS
OUTLAYS1
RECEIPTS1
2014 2015 20162013
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
FEDERAL FINANCE
In the first eleven months of fiscal year 2015 the deficit was $5300 billion compared with a deficit of $5892 billiona year earlier
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In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
b l d
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Industrial ProductionmdashMajor Market Groups and Selected Manufactures
Apr 1190 735 436 1140 666 32 442 999 508 207 May r 1072 697 366 1250 681 34 535 1010 513 210 June r 1211 687 510 1337 692 34 611 959 466 215 68
July r 1161 762 390 1130 680 28 422 996 522 215 Aug p 1126 739 381 1161 699 30 432 935 552 216
1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards2 Based on approximately 20100 permit-issuing places beginning wit h 2014 and 19300 beginning with 2004 Using the 20 04 universe the tot al for 2014 is 104643 Seasonally adjusted4 Quarterly data are three-month averages Annual data are averages of quarterly data
Source Department of Commerce (Bureau of the Census)
New Construction[Billions of dollars monthly data at seasonally adjusted annual rates]
2015 Jan 9901 7162 3589 2616 3572 170 420 640 736 1607 2739 Feb 9935 7208 3606 2607 3602 176 418 620 768 1621 2726 Mar 10064 7297 3575 2562 3722 180 446 622 810 1664 2766 Apr 10446 7572 3668 2599 3904 192 463 653 840 1756 2874 May 10684 7765 3731 2632 4034 208 482 663 896 1784 2920 June r 10743 7735 3761 2659 3974 223 493 626 862 1770 3008 July r 10791 7823 3785 2683 4038 218 493 632 906 1789 2968 Aug p 10862 7880 3833 2723 4047 225 492 622 920 1789 2982
1 Includes residential improvements not shown separately2 Includes health care educa tional communication and power among other categories not shown separ ately
Source Department of Commerce (Bureau of the Census)
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Business Sales and InventoriesmdashManufacturing and Trade
[Millions of dollars except ratios seasonally adjusted except as noted]
Period
Manufacturing and trade 1 Wholesale RetailRetail and foodservices sales 2
2015 Jan 1308276 1778991 136 445024 572469 129 383889 558296 145 434225 Feb 1303701 1783741 137 442459 573668 130 381432 561001 147 431921 Mar 1311121 1785855 136 441024 574661 130 387665 562821 145 438572 Apr 1318016 1792837 136 448458 576998 129 387235 566270 146 438717 May 1322962 1798172 136 449347 580710 129 392268 567490 145 443913 June r 1327245 1809917 136 450927 584986 130 391955 573180 146 443734 July p 1327773 1811191 136 449492 584281 130 r 394919 576881 146 r 446872 Aug p 395401 447715
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
Source Department of Commerce (Bureau of the Census)
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
900
1000
1100
1200
1300
1600
MANUFACTURING ANDTRADE INVENTORIES
MANUFACTURING AND TRADE SALES 350
400
450
RETAIL SALES
RETAIL INVENTORIES
300
140
130
120
160
150
INVENTORYSALES RATIO
1500
1400
MANUFACTURING AND TRADE
1700
1900
1800
RATIO
500
600
550
170
RETAIL AND FOODSERVICES SALES
RETAIL
COUNCIL OF ECONOMIC ADVISERS
In July according to current estimates manufacturing and trade sales were roughly unchanged while inventoriesrose $13 billion According to advance estimates retail sales rose 01 percent in August Retail and food servicessales rose 02 percent
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Manufacturersrsquo Shipments Inventories and Orders
Period
Manufacturersrsquo shipments 1 Manufacturersrsquo inventories 2 Manufacturersrsquo new orders 1
Manu-
facturersrsquounfilledorders 2
Manu-facturersrsquo
inventoryshipments
ratio 3Total
Durablegoods
Nondurablegoods
TotalDurablegoods
Nondurablegoods
Total
Durable goods
Total
Capitalgoods
industriesnondefense
Millions of dollars seasonally adjusted except as noted
1 Annual data are averages of mont hly not seasonally adjusted figures monthly dat a are seasonally adjusted totals for month Shipment s are the same as sales2 Seasonally adjusted end of period3 Annual data are averages of seasonally adjusted monthly ratios
Note Manufacturersrsquo 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 durableunfilled orders
Total and durable shipments and inventories include data on semiconductor s new and unfilled orders do not
Source Department of Commerce (Bureau of the Census)
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
140
180
220
260
300
420
380
340
140
180
220
260300
340
140
180
220
260
300
340380
420
460
500
110
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL
NEW ORDERS
SHIPMENTS INVENTORIES
INVENTORYSHIPMENTS RATIO
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
2014 20152012 2011 2014 2015
DURABLE GOODS
NONDURABLE GOODS
160
140
150
120
130
NONDURABLE GOODS
DURABLE GOODS
TOTAL
20132011 2012 2013
DURABLE GOODS
RATIO
540460
500540
380
420
460500540
TOTAL
580
580 700
580620660
In August manufacturersrsquo shipments inventories and new and unfilled orders all fell
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Producer Prices
[November 2009 =100 except as noted monthly data seasonally adjusted]
1 Includes final demand construction not shown separately2 Does not include food and beverages for immediate con sumption which are defined as the servic e of preparing meals snacks and beverages to cust omer order for immediate consumption3 Trade indexes measure changes in margins received by wholesalers and re tailers4 Relative importance December 2014
Source Department of Labor (Bureau of Labor Statistics)
INDEX NOV 2009=100 (RATIO SCALE) INDEX NOV 2009=100 (RATIO SCALE)
2009 2010 2011 2012 2013 2014 2015
SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTEDFINAL DEMAND
COUNCIL OF ECONOMIC ADVISERS
FINAL DEMANDSERVICES
100
95
115
125
110
105
120
100
95
115
125
110
105
120
FINAL DEMAND
FINAL DEMANDGOODS
PRICES
Te producer price index for final demand was unchanged in August Prices for final demand goods fell 06 percentand prices for final demand services rose 04 percent
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In August the consumer price index for all urban consumers fell 01 percent it also fell 01 percent before seasonaladjustment Te index rose 02 percent from its year earlier level
Consumer PricesmdashAll Urban Consumers
[1982ndash84=100 except as noted monthly data seasonally adjusted except as noted by NSA]
Period
All items All items less food and energy Food Energy
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Relative importance July 2015
Source Department of Labor (Bureau of Labor Statistics)
INDEX 1982-84 = 100 (RATIO SCALE)
SEASONALLY ADJUSTED
INDEX 1982-84 = 100 (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF LABOR
2007 2008 2009 2010 2011 2012 2013 2014 2015
CONSUMER PRICESmdashALL ITEMS
250
240
230
220
210
200
190
180
250
240
230
220
210
200
190
180
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Changes in Consumer PricesmdashAll Urban Consumers[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Quarterly chan ges are shown in the last month of the quart er
Source Department of Labor (Bureau of Labor Statistics)
Changes in Producer Prices[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
Period
Totalfinalde-
mand 1
Final demand goods Final demand services Finaldemand
Sept r 107 87 132 112 114 115 96 Oct 100 81 135 112 113 114 89 Nov r 102 82 134 112 113 114 91 Dec r 101 83 127 111 112 114 91
2015 Jan 97 82 120 110 111 111 88 Feb 99 84 114 110 110 111 90 Mar 102 85 117 110 111 111 93 Apr r 103 89 116 110 111 111 94 May r 107 90 122 110 110 111 97 June 105 88 121 109 110 110 96 July 99 86 115 109 110 110 91 Aug 102 88 117 108 109 109 94
1 Annual indexes for 2011 forward reflect revised methodology See Agricultural Price Program Update January 2015 for details2 Includes items not shown separately3 Annual data are averages of monthly ratios
Note These indexes are also available on a 1910-14=100 basis as required by stat ute
Source Department of Agriculture (National Agricultural Statistics Service)
1RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID
SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
2010 20152007 2008 2009 20122011 2013 2014
PRICES RECEIVED
RATIO
PRICES PAID
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
90
80
60
70
130
120
110
100
90
80
60
70
130
120
110
100
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
In August prices received by farmers rose 30 percent and prices paid by farmers fell 09 percent (Data are notseasonally adjusted)
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Money Stock and Debt Measures
[Averages of daily figures except debt end-of-period basis billions of dollars seasonally adjusted]
Period
M1 M2 Debt Percent change
Sum of currencydemand depositstravelers checks and
other checkable deposits
M1 plussavings depositsretail MMMF balances
and small time deposits 1
Debt ofdomesticnonfinancial
sectors 2
From year or 6 months earlier
3 From
previous period 4
M1 M2 Debt
2005 Dec r 13748 66508 282945 ndash01 42 862006 Dec r 13683 70427 307233 ndash5 59 842007 Dec r 13766 74488 331796 6 58 812008 Dec r 16071 81740 349342 167 97 572009 Dec r 16984 84801 357496 57 37 342010 Dec r 18418 87814 370390 84 36 432011 Dec r 21682 96346 382033 177 97 352012 Dec r 24577 104225 399658 134 82 502013 Dec r 26545 109840 414596 80 54 402014 Dec r 29145 116292 432554 98 59 44
2014 Aug 28160 114420 72 58 Sept r 28571 114795 427494 82 57 45 Oct 28638 115206 67 54 Nov 28795 115640 68 50
Dec r
29145 116292 432554 72 53 482015 Jan 29318 117049 65 53 Feb 29950 118250 127 67 Mar r 29890 118448 435061 92 64 25 Apr r 29946 118949 91 65 May r 29846 119364 73 64 June r 30077 119820 439790 64 61 44 July r 30355 120596 71 61 Aug 30499 121385 37 53
1 Money market mutual fund (MMMF) Savings deposits include money market deposit accounts (MMDA)2 Consists of outstanding credit market debt of the US 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 quarter3 Annual changes are from December to Decemb er and monthly changes are from 6 months earlier at a simple annual rate4 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
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
M2
BILLIONS OF DOLLARS (RATIO SCALE)
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
BILLIONS OF DOLLARS (RATIO SCALE)
M1
MONEY CREDIT AND SECURITY MARKETS
In August M2 rose
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Components of Money Stock[Averages of daily figures billions of dollars seasonally adjusted]
2015 Jan r 12663 29 11742 4885 2640 2244 76444 65552 10892 5068 3758 1311 6219 17890 Feb r 12720 29 12174 5027 2713 2314 77076 66120 10956 5049 3758 1291 6174 17834 Mar 12794 28 12025 5042 2727 2315 77468 66493 10975 4949 3678 1272 6141 18075 Apr r 12843 28 12044 5030 2715 2315 78005 66950 11055 4864 3595 1269 6134 17848 May r 12884 27 11928 5007 2706 2301 78618 67441 11176 4792 3529 1262 6108 17990 June r 12934 27 12057 5059 2768 2291 78881 67664 11217 4727 3469 1257 6136 18154 July r 12999 27 12266 5063 2769 2294 79389 68179 11210 4664 3411 1253 6188 18438
Aug 13090 26 12313 5070 2753 2317 80069 68822 11247 4606 3355 1250 6212 187411 Small-denomination deposits are those issued in amounts of less than $1000002 Institutional money funds are not part of non-M1 M2
Source Board of Governors of the Federal Reserve System
Aggregate Reserves and Monetary Base[Averages of daily figures 1 millions of dollars not seasonally adjusted]
1 Data are prorated averages of biweekly (maintenance period) averages of daily figures2 Equals the sum of balances maintained up to the top of each institu tionrsquos penalty-free band3 Excludes vault cash used to satisfy required reserves4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve5 Equals total balances maintained plus currenc y 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 separately7 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 cr eation of a penalty-fr ee band around reserve balanc e requirements which took effe ct June 27 2013 See H3 release of July 11 2013
Source Board of Governors of the Federal Reserve System
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Bank Credit at All Commercial Banks
[Billions of dollars seasonally adjusted 1]
Period
Total
bankcredit
Securities in bank credit 2 Loans and leases in bank credit
Totalsecurities
US
Treasuryand
agencysecurities
Othersecurities
Totalloansand
leases 3
Commercialandindustrial
loans
Real estate loans
Consumerloans 5
Otherloansand
leases 6Total 4Revolving
home equityloans
Commercialloans
2005 Dec r 73156 18554 11593 6961 54602 10361 29289 4435 12701 7045 79062006 Dec r 81084 19913 12190 7723 61172 11826 33736 4683 14593 7386 82242007 Dec r 89042 21046 11375 9670 67997 14177 36002 4848 15872 7992 98272008 Dec r 93532 20976 12541 8435 72556 15588 38195 5882 17284 8762 100122009 Dec r 89955 23295 14509 8786 66660 12652 37767 6031 16409 8360 78812010 Dec r 91917 24299 16425 7874 67618 11923 36133 5819 15004 11138 84232011 Dec r 94020 24955 17020 7935 69065 13037 34948 5495 14183 10911 101702012 Dec r 99593 27358 18762 8596 72235 14756 35504 5152 14282 11155 108202013 Dec r 100964 27148 18047 9100 73816 15767 35317 4737 14986 11414 113182014 Dec r 108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 13155
2014 Aug r 106144 28436 19406 9029 77709 17174 36158 4623 15702 11822 12556 Sept r 106591 28605 19731 8874 77985 17290 36196 4608 15781 11873 12626 Oct r 106989 28683 19896 8787 78306 17366 36227 4603 15867 11919 12793 Nov r 107682 28801 20001 8800 78881 17565 36270 4594 15948 11973 13073
Dec r
108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 131552015 Jan r 109576 29525 20663 8862 80052 17932 36503 4564 16156 12008 13608 Feb r 110253 29732 20847 8885 80521 18116 36713 4553 16299 12041 13652 Mar r 111116 29771 20859 8912 81345 18392 37056 4545 16522 12066 13831 Apr r 111838 29954 20996 8958 81884 18500 37131 4527 16606 12127 14126 May r 112422 30248 21321 8927 82174 18665 37241 4509 16705 12179 14088 June r 112912 30267 21343 8924 82644 18842 37410 4487 16831 12227 14165 July r 113449 30219 21337 8882 83229 18939 37574 4468 16984 12289 14428 Aug 113955 30352 21489 8863 83603 19068 37702 4441 17118 12360 14473
1 Data are prorated averages of Wednesday values for domestically chartered commercial banks branches and agencies of foreign banks and Edge Act and agreement corporations2 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
accounts3 Excludes unearned inco me Includes the allowance for loan and lease losses Exclude s Federal funds sold to reverse r epurchase agreements (RPs) wit h and loans to commercial banks in the
United States Includes all loans held in trading acc ounts under a fair value option4 Includes closed-end residential loans not shown separately5 Includes credit cards and other consumer loans6 Includes other items not shown separately
Source Board of Governors of the Federal Reserve System
BILLIONS OF DOLLARS (RATIO SCALE)
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000TOTAL
LOANS AND LEASES
US TREASURY AND AGENCY SECURITIES
OTHER SECURITIES
otal commercial bank loans and leases rose 04 percent in August
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Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business[Billions of dollars quarterly data at seasonally adjusted annual rates]
2013 I r 28407 18324 10083 1750 ndash2137 3887 3161 727 7291 26861 14534 12327 1546 II r 27501 18870 8631 242 ndash3712 3953 2089 1866 6274 25223 15186 10037 2278 III r 29700 18725 10975 3049 ndash3441 6490 4794 1696 5918 25132 15917 9215 4569 IV r 30024 19526 10498 ndash1864 ndash4827 2964 2556 408 10129 27122 15941 11181 2902
2014 I r 23994 17883 6111 1149 ndash5018 6168 3033 3135 9213 20136 16114 4022 3857 II r 30269 18769 11500 707 ndash2731 3438 2539 899 8365 26528 16471 10057 3741 III r 30145 19916 10229 789 ndash4343 5132 2239 2894 5738 22768 17045 5723 7377
IV r 28679 19758 8921 1419 ndash3410 4828 3523 1305 5494 24169 17063 7106 45112015 I r 30105 19004 11101 443 ndash5920 6363 5297 1065 3035 23722 17387 6335 6383 II p 29302 18836 10466 836 ndash5910 6746 7004 ndash257 7179 25768 18870 6898 3533
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 earn-ings retained abroad inventory valuation adjustment and net capital transfers
2 Includes trade payables taxes payable and miscellaneous liabilities (foreign direct investment in the US 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]
Period
Consumer credit outstanding (end of period) Net change in consumer credit outstanding 1
Total Revolving Nonrevolving 2 Total Revolving Nonrevolving 2
2005 Dec 22909 8295 14614 987 299 6872006 Dec 24613 9240 15373 1704 945 7592007 Dec 26151 10020 16131 1538 780 7582008 Dec 26500 10044 16457 349 24 3262009 Dec 25523 9164 16359 ndash977 ndash880 ndash982010 Dec 26469 8395 18074 946 ndash769 17152011 Dec 27554 8412 19142 1085 17 10682012 Dec 29229 8459 20770 1675 47 16282013 Dec 30988 8582 22406 1759 123 16362014 Dec 33172 8900 24272 2184 318 1866
2014 July 32332 8803 23528 214 45 168 Aug 32493 8814 23679 161 11 151 Sept 32675 8834 23840 182 20 161 Oct 32841 8848 23993 166 14 153 Nov 33005 8861 24145 164 13 152
Dec 33172 8900 24272 167 39 1272015 Jan 33276 8883 24393 104 ndash17 121 Feb 33426 8860 24566 150 ndash23 173 Mar r 33634 8908 24726 208 48 160 Apr r 33876 9003 24873 242 95 147 May r 34073 9028 25045 197 25 172 June r 34343 9103 25240 270 75 195 July p 34534 9146 25388 191 43 148
1 Change based on data in billions of dollars as shown here For year-end data ch ange from preceding year-end for monthl y data change from preceding month2 Includes automobile loans and all other loans not included in revolving cr edit such as loans for mobile homes education boats t railers or vacations The se 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
1 High bill rate at auction issue date within period bank-discount basis Data are stop yields from uniform-price auctions2 Yields on actively traded issues adjusted to constant maturities Series for 30-year constant maturity was discontinued on February 18 2002 and reintroduced on February 6 20063 Weekly data are Wednesday figures4 Average effective rate for year rate in effect at end of month or week5 Daily effective rate weighted average of rates on brokered trades6 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 Moodyrsquos Investors Service and Standard amp Poorrsquos
Interest Rates and Bond Yields
2007 2008 2009 2010 2011 2012 2013 2014 2015
10
PERCENT PER ANNUM
4
2
0
6
8
10
PERCENT PER ANNUM
4
2
0
6
8
FEDERAL FUNDSRATE
TREASURYBILLS
CORPORATE Aaa BONDS(MOODYS)
COUNCIL OF ECONOMIC ADVISERSSOURCE SEE TABLE BELOW
Interest rates were mixed in September
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Common Stock Prices and Yields
Period
Common stock prices 1 Common stock yields(percent) 6
New York Stock Exchange indexes(December 31 2002=5000) 2 Dow Jones
1 Annual data are averages of mont hly figures Monthly and weekly dat a are averages of daily closing prices2 Includes all the stocks (in 2015 over 320 0) listed on the NYSE3 Includes 30 stocks4 Includes 500 stocks5 Includes over 2900 stocks in 20156 Standard amp Poorrsquos series Dividendprice ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter
Sources New York Stock Exchange Dow Jones amp Company Inc Standar d amp Poorrsquos Nasdaq Stock Market and Bloomberg
5
INDEX DEC 31 2002=5000 (RATIO SCALE)
SOURCES NEW YORK STOCK EXCHANGE STANDARD AND POORS AND BLOOMBERG COUNCIL OF ECONOMIC ADVISERS
1 Data from current issue Monthly Treasury Statement
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fisc al Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
RECEIPTS AND OUTLAYS1
SURPLUS OR DEFICIT (ndash)1
2007 2008 2009 2010 2011 2012
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF DOLLARSBILLIONS OF DOLLARS
OUTLAYS1
RECEIPTS1
2014 2015 20162013
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
FEDERAL FINANCE
In the first eleven months of fiscal year 2015 the deficit was $5300 billion compared with a deficit of $5892 billiona year earlier
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In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
b l d
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New Private Housing and Vacancy Rates[Thousands of units or houses except as noted]
Period
New housing units started New housing units authorized 2
Apr 1190 735 436 1140 666 32 442 999 508 207 May r 1072 697 366 1250 681 34 535 1010 513 210 June r 1211 687 510 1337 692 34 611 959 466 215 68
July r 1161 762 390 1130 680 28 422 996 522 215 Aug p 1126 739 381 1161 699 30 432 935 552 216
1 Monthly data do not meet publication standards because tests for identifiable and stable seasonality do not meet reliability standards2 Based on approximately 20100 permit-issuing places beginning wit h 2014 and 19300 beginning with 2004 Using the 20 04 universe the tot al for 2014 is 104643 Seasonally adjusted4 Quarterly data are three-month averages Annual data are averages of quarterly data
Source Department of Commerce (Bureau of the Census)
New Construction[Billions of dollars monthly data at seasonally adjusted annual rates]
2015 Jan 9901 7162 3589 2616 3572 170 420 640 736 1607 2739 Feb 9935 7208 3606 2607 3602 176 418 620 768 1621 2726 Mar 10064 7297 3575 2562 3722 180 446 622 810 1664 2766 Apr 10446 7572 3668 2599 3904 192 463 653 840 1756 2874 May 10684 7765 3731 2632 4034 208 482 663 896 1784 2920 June r 10743 7735 3761 2659 3974 223 493 626 862 1770 3008 July r 10791 7823 3785 2683 4038 218 493 632 906 1789 2968 Aug p 10862 7880 3833 2723 4047 225 492 622 920 1789 2982
1 Includes residential improvements not shown separately2 Includes health care educa tional communication and power among other categories not shown separ ately
Source Department of Commerce (Bureau of the Census)
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Business Sales and InventoriesmdashManufacturing and Trade
[Millions of dollars except ratios seasonally adjusted except as noted]
Period
Manufacturing and trade 1 Wholesale RetailRetail and foodservices sales 2
2015 Jan 1308276 1778991 136 445024 572469 129 383889 558296 145 434225 Feb 1303701 1783741 137 442459 573668 130 381432 561001 147 431921 Mar 1311121 1785855 136 441024 574661 130 387665 562821 145 438572 Apr 1318016 1792837 136 448458 576998 129 387235 566270 146 438717 May 1322962 1798172 136 449347 580710 129 392268 567490 145 443913 June r 1327245 1809917 136 450927 584986 130 391955 573180 146 443734 July p 1327773 1811191 136 449492 584281 130 r 394919 576881 146 r 446872 Aug p 395401 447715
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
Source Department of Commerce (Bureau of the Census)
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
900
1000
1100
1200
1300
1600
MANUFACTURING ANDTRADE INVENTORIES
MANUFACTURING AND TRADE SALES 350
400
450
RETAIL SALES
RETAIL INVENTORIES
300
140
130
120
160
150
INVENTORYSALES RATIO
1500
1400
MANUFACTURING AND TRADE
1700
1900
1800
RATIO
500
600
550
170
RETAIL AND FOODSERVICES SALES
RETAIL
COUNCIL OF ECONOMIC ADVISERS
In July according to current estimates manufacturing and trade sales were roughly unchanged while inventoriesrose $13 billion According to advance estimates retail sales rose 01 percent in August Retail and food servicessales rose 02 percent
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Manufacturersrsquo Shipments Inventories and Orders
Period
Manufacturersrsquo shipments 1 Manufacturersrsquo inventories 2 Manufacturersrsquo new orders 1
Manu-
facturersrsquounfilledorders 2
Manu-facturersrsquo
inventoryshipments
ratio 3Total
Durablegoods
Nondurablegoods
TotalDurablegoods
Nondurablegoods
Total
Durable goods
Total
Capitalgoods
industriesnondefense
Millions of dollars seasonally adjusted except as noted
1 Annual data are averages of mont hly not seasonally adjusted figures monthly dat a are seasonally adjusted totals for month Shipment s are the same as sales2 Seasonally adjusted end of period3 Annual data are averages of seasonally adjusted monthly ratios
Note Manufacturersrsquo 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 durableunfilled orders
Total and durable shipments and inventories include data on semiconductor s new and unfilled orders do not
Source Department of Commerce (Bureau of the Census)
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
140
180
220
260
300
420
380
340
140
180
220
260300
340
140
180
220
260
300
340380
420
460
500
110
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL
NEW ORDERS
SHIPMENTS INVENTORIES
INVENTORYSHIPMENTS RATIO
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
2014 20152012 2011 2014 2015
DURABLE GOODS
NONDURABLE GOODS
160
140
150
120
130
NONDURABLE GOODS
DURABLE GOODS
TOTAL
20132011 2012 2013
DURABLE GOODS
RATIO
540460
500540
380
420
460500540
TOTAL
580
580 700
580620660
In August manufacturersrsquo shipments inventories and new and unfilled orders all fell
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Producer Prices
[November 2009 =100 except as noted monthly data seasonally adjusted]
1 Includes final demand construction not shown separately2 Does not include food and beverages for immediate con sumption which are defined as the servic e of preparing meals snacks and beverages to cust omer order for immediate consumption3 Trade indexes measure changes in margins received by wholesalers and re tailers4 Relative importance December 2014
Source Department of Labor (Bureau of Labor Statistics)
INDEX NOV 2009=100 (RATIO SCALE) INDEX NOV 2009=100 (RATIO SCALE)
2009 2010 2011 2012 2013 2014 2015
SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTEDFINAL DEMAND
COUNCIL OF ECONOMIC ADVISERS
FINAL DEMANDSERVICES
100
95
115
125
110
105
120
100
95
115
125
110
105
120
FINAL DEMAND
FINAL DEMANDGOODS
PRICES
Te producer price index for final demand was unchanged in August Prices for final demand goods fell 06 percentand prices for final demand services rose 04 percent
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In August the consumer price index for all urban consumers fell 01 percent it also fell 01 percent before seasonaladjustment Te index rose 02 percent from its year earlier level
Consumer PricesmdashAll Urban Consumers
[1982ndash84=100 except as noted monthly data seasonally adjusted except as noted by NSA]
Period
All items All items less food and energy Food Energy
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Relative importance July 2015
Source Department of Labor (Bureau of Labor Statistics)
INDEX 1982-84 = 100 (RATIO SCALE)
SEASONALLY ADJUSTED
INDEX 1982-84 = 100 (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF LABOR
2007 2008 2009 2010 2011 2012 2013 2014 2015
CONSUMER PRICESmdashALL ITEMS
250
240
230
220
210
200
190
180
250
240
230
220
210
200
190
180
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Changes in Consumer PricesmdashAll Urban Consumers[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Quarterly chan ges are shown in the last month of the quart er
Source Department of Labor (Bureau of Labor Statistics)
Changes in Producer Prices[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
Period
Totalfinalde-
mand 1
Final demand goods Final demand services Finaldemand
Sept r 107 87 132 112 114 115 96 Oct 100 81 135 112 113 114 89 Nov r 102 82 134 112 113 114 91 Dec r 101 83 127 111 112 114 91
2015 Jan 97 82 120 110 111 111 88 Feb 99 84 114 110 110 111 90 Mar 102 85 117 110 111 111 93 Apr r 103 89 116 110 111 111 94 May r 107 90 122 110 110 111 97 June 105 88 121 109 110 110 96 July 99 86 115 109 110 110 91 Aug 102 88 117 108 109 109 94
1 Annual indexes for 2011 forward reflect revised methodology See Agricultural Price Program Update January 2015 for details2 Includes items not shown separately3 Annual data are averages of monthly ratios
Note These indexes are also available on a 1910-14=100 basis as required by stat ute
Source Department of Agriculture (National Agricultural Statistics Service)
1RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID
SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
2010 20152007 2008 2009 20122011 2013 2014
PRICES RECEIVED
RATIO
PRICES PAID
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
90
80
60
70
130
120
110
100
90
80
60
70
130
120
110
100
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
In August prices received by farmers rose 30 percent and prices paid by farmers fell 09 percent (Data are notseasonally adjusted)
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Money Stock and Debt Measures
[Averages of daily figures except debt end-of-period basis billions of dollars seasonally adjusted]
Period
M1 M2 Debt Percent change
Sum of currencydemand depositstravelers checks and
other checkable deposits
M1 plussavings depositsretail MMMF balances
and small time deposits 1
Debt ofdomesticnonfinancial
sectors 2
From year or 6 months earlier
3 From
previous period 4
M1 M2 Debt
2005 Dec r 13748 66508 282945 ndash01 42 862006 Dec r 13683 70427 307233 ndash5 59 842007 Dec r 13766 74488 331796 6 58 812008 Dec r 16071 81740 349342 167 97 572009 Dec r 16984 84801 357496 57 37 342010 Dec r 18418 87814 370390 84 36 432011 Dec r 21682 96346 382033 177 97 352012 Dec r 24577 104225 399658 134 82 502013 Dec r 26545 109840 414596 80 54 402014 Dec r 29145 116292 432554 98 59 44
2014 Aug 28160 114420 72 58 Sept r 28571 114795 427494 82 57 45 Oct 28638 115206 67 54 Nov 28795 115640 68 50
Dec r
29145 116292 432554 72 53 482015 Jan 29318 117049 65 53 Feb 29950 118250 127 67 Mar r 29890 118448 435061 92 64 25 Apr r 29946 118949 91 65 May r 29846 119364 73 64 June r 30077 119820 439790 64 61 44 July r 30355 120596 71 61 Aug 30499 121385 37 53
1 Money market mutual fund (MMMF) Savings deposits include money market deposit accounts (MMDA)2 Consists of outstanding credit market debt of the US 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 quarter3 Annual changes are from December to Decemb er and monthly changes are from 6 months earlier at a simple annual rate4 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
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
M2
BILLIONS OF DOLLARS (RATIO SCALE)
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
BILLIONS OF DOLLARS (RATIO SCALE)
M1
MONEY CREDIT AND SECURITY MARKETS
In August M2 rose
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Components of Money Stock[Averages of daily figures billions of dollars seasonally adjusted]
2015 Jan r 12663 29 11742 4885 2640 2244 76444 65552 10892 5068 3758 1311 6219 17890 Feb r 12720 29 12174 5027 2713 2314 77076 66120 10956 5049 3758 1291 6174 17834 Mar 12794 28 12025 5042 2727 2315 77468 66493 10975 4949 3678 1272 6141 18075 Apr r 12843 28 12044 5030 2715 2315 78005 66950 11055 4864 3595 1269 6134 17848 May r 12884 27 11928 5007 2706 2301 78618 67441 11176 4792 3529 1262 6108 17990 June r 12934 27 12057 5059 2768 2291 78881 67664 11217 4727 3469 1257 6136 18154 July r 12999 27 12266 5063 2769 2294 79389 68179 11210 4664 3411 1253 6188 18438
Aug 13090 26 12313 5070 2753 2317 80069 68822 11247 4606 3355 1250 6212 187411 Small-denomination deposits are those issued in amounts of less than $1000002 Institutional money funds are not part of non-M1 M2
Source Board of Governors of the Federal Reserve System
Aggregate Reserves and Monetary Base[Averages of daily figures 1 millions of dollars not seasonally adjusted]
1 Data are prorated averages of biweekly (maintenance period) averages of daily figures2 Equals the sum of balances maintained up to the top of each institu tionrsquos penalty-free band3 Excludes vault cash used to satisfy required reserves4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve5 Equals total balances maintained plus currenc y 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 separately7 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 cr eation of a penalty-fr ee band around reserve balanc e requirements which took effe ct June 27 2013 See H3 release of July 11 2013
Source Board of Governors of the Federal Reserve System
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Bank Credit at All Commercial Banks
[Billions of dollars seasonally adjusted 1]
Period
Total
bankcredit
Securities in bank credit 2 Loans and leases in bank credit
Totalsecurities
US
Treasuryand
agencysecurities
Othersecurities
Totalloansand
leases 3
Commercialandindustrial
loans
Real estate loans
Consumerloans 5
Otherloansand
leases 6Total 4Revolving
home equityloans
Commercialloans
2005 Dec r 73156 18554 11593 6961 54602 10361 29289 4435 12701 7045 79062006 Dec r 81084 19913 12190 7723 61172 11826 33736 4683 14593 7386 82242007 Dec r 89042 21046 11375 9670 67997 14177 36002 4848 15872 7992 98272008 Dec r 93532 20976 12541 8435 72556 15588 38195 5882 17284 8762 100122009 Dec r 89955 23295 14509 8786 66660 12652 37767 6031 16409 8360 78812010 Dec r 91917 24299 16425 7874 67618 11923 36133 5819 15004 11138 84232011 Dec r 94020 24955 17020 7935 69065 13037 34948 5495 14183 10911 101702012 Dec r 99593 27358 18762 8596 72235 14756 35504 5152 14282 11155 108202013 Dec r 100964 27148 18047 9100 73816 15767 35317 4737 14986 11414 113182014 Dec r 108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 13155
2014 Aug r 106144 28436 19406 9029 77709 17174 36158 4623 15702 11822 12556 Sept r 106591 28605 19731 8874 77985 17290 36196 4608 15781 11873 12626 Oct r 106989 28683 19896 8787 78306 17366 36227 4603 15867 11919 12793 Nov r 107682 28801 20001 8800 78881 17565 36270 4594 15948 11973 13073
Dec r
108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 131552015 Jan r 109576 29525 20663 8862 80052 17932 36503 4564 16156 12008 13608 Feb r 110253 29732 20847 8885 80521 18116 36713 4553 16299 12041 13652 Mar r 111116 29771 20859 8912 81345 18392 37056 4545 16522 12066 13831 Apr r 111838 29954 20996 8958 81884 18500 37131 4527 16606 12127 14126 May r 112422 30248 21321 8927 82174 18665 37241 4509 16705 12179 14088 June r 112912 30267 21343 8924 82644 18842 37410 4487 16831 12227 14165 July r 113449 30219 21337 8882 83229 18939 37574 4468 16984 12289 14428 Aug 113955 30352 21489 8863 83603 19068 37702 4441 17118 12360 14473
1 Data are prorated averages of Wednesday values for domestically chartered commercial banks branches and agencies of foreign banks and Edge Act and agreement corporations2 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
accounts3 Excludes unearned inco me Includes the allowance for loan and lease losses Exclude s Federal funds sold to reverse r epurchase agreements (RPs) wit h and loans to commercial banks in the
United States Includes all loans held in trading acc ounts under a fair value option4 Includes closed-end residential loans not shown separately5 Includes credit cards and other consumer loans6 Includes other items not shown separately
Source Board of Governors of the Federal Reserve System
BILLIONS OF DOLLARS (RATIO SCALE)
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000TOTAL
LOANS AND LEASES
US TREASURY AND AGENCY SECURITIES
OTHER SECURITIES
otal commercial bank loans and leases rose 04 percent in August
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Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business[Billions of dollars quarterly data at seasonally adjusted annual rates]
2013 I r 28407 18324 10083 1750 ndash2137 3887 3161 727 7291 26861 14534 12327 1546 II r 27501 18870 8631 242 ndash3712 3953 2089 1866 6274 25223 15186 10037 2278 III r 29700 18725 10975 3049 ndash3441 6490 4794 1696 5918 25132 15917 9215 4569 IV r 30024 19526 10498 ndash1864 ndash4827 2964 2556 408 10129 27122 15941 11181 2902
2014 I r 23994 17883 6111 1149 ndash5018 6168 3033 3135 9213 20136 16114 4022 3857 II r 30269 18769 11500 707 ndash2731 3438 2539 899 8365 26528 16471 10057 3741 III r 30145 19916 10229 789 ndash4343 5132 2239 2894 5738 22768 17045 5723 7377
IV r 28679 19758 8921 1419 ndash3410 4828 3523 1305 5494 24169 17063 7106 45112015 I r 30105 19004 11101 443 ndash5920 6363 5297 1065 3035 23722 17387 6335 6383 II p 29302 18836 10466 836 ndash5910 6746 7004 ndash257 7179 25768 18870 6898 3533
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 earn-ings retained abroad inventory valuation adjustment and net capital transfers
2 Includes trade payables taxes payable and miscellaneous liabilities (foreign direct investment in the US 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]
Period
Consumer credit outstanding (end of period) Net change in consumer credit outstanding 1
Total Revolving Nonrevolving 2 Total Revolving Nonrevolving 2
2005 Dec 22909 8295 14614 987 299 6872006 Dec 24613 9240 15373 1704 945 7592007 Dec 26151 10020 16131 1538 780 7582008 Dec 26500 10044 16457 349 24 3262009 Dec 25523 9164 16359 ndash977 ndash880 ndash982010 Dec 26469 8395 18074 946 ndash769 17152011 Dec 27554 8412 19142 1085 17 10682012 Dec 29229 8459 20770 1675 47 16282013 Dec 30988 8582 22406 1759 123 16362014 Dec 33172 8900 24272 2184 318 1866
2014 July 32332 8803 23528 214 45 168 Aug 32493 8814 23679 161 11 151 Sept 32675 8834 23840 182 20 161 Oct 32841 8848 23993 166 14 153 Nov 33005 8861 24145 164 13 152
Dec 33172 8900 24272 167 39 1272015 Jan 33276 8883 24393 104 ndash17 121 Feb 33426 8860 24566 150 ndash23 173 Mar r 33634 8908 24726 208 48 160 Apr r 33876 9003 24873 242 95 147 May r 34073 9028 25045 197 25 172 June r 34343 9103 25240 270 75 195 July p 34534 9146 25388 191 43 148
1 Change based on data in billions of dollars as shown here For year-end data ch ange from preceding year-end for monthl y data change from preceding month2 Includes automobile loans and all other loans not included in revolving cr edit such as loans for mobile homes education boats t railers or vacations The se 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
1 High bill rate at auction issue date within period bank-discount basis Data are stop yields from uniform-price auctions2 Yields on actively traded issues adjusted to constant maturities Series for 30-year constant maturity was discontinued on February 18 2002 and reintroduced on February 6 20063 Weekly data are Wednesday figures4 Average effective rate for year rate in effect at end of month or week5 Daily effective rate weighted average of rates on brokered trades6 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 Moodyrsquos Investors Service and Standard amp Poorrsquos
Interest Rates and Bond Yields
2007 2008 2009 2010 2011 2012 2013 2014 2015
10
PERCENT PER ANNUM
4
2
0
6
8
10
PERCENT PER ANNUM
4
2
0
6
8
FEDERAL FUNDSRATE
TREASURYBILLS
CORPORATE Aaa BONDS(MOODYS)
COUNCIL OF ECONOMIC ADVISERSSOURCE SEE TABLE BELOW
Interest rates were mixed in September
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Common Stock Prices and Yields
Period
Common stock prices 1 Common stock yields(percent) 6
New York Stock Exchange indexes(December 31 2002=5000) 2 Dow Jones
1 Annual data are averages of mont hly figures Monthly and weekly dat a are averages of daily closing prices2 Includes all the stocks (in 2015 over 320 0) listed on the NYSE3 Includes 30 stocks4 Includes 500 stocks5 Includes over 2900 stocks in 20156 Standard amp Poorrsquos series Dividendprice ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter
Sources New York Stock Exchange Dow Jones amp Company Inc Standar d amp Poorrsquos Nasdaq Stock Market and Bloomberg
5
INDEX DEC 31 2002=5000 (RATIO SCALE)
SOURCES NEW YORK STOCK EXCHANGE STANDARD AND POORS AND BLOOMBERG COUNCIL OF ECONOMIC ADVISERS
1 Data from current issue Monthly Treasury Statement
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fisc al Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
RECEIPTS AND OUTLAYS1
SURPLUS OR DEFICIT (ndash)1
2007 2008 2009 2010 2011 2012
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF DOLLARSBILLIONS OF DOLLARS
OUTLAYS1
RECEIPTS1
2014 2015 20162013
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
FEDERAL FINANCE
In the first eleven months of fiscal year 2015 the deficit was $5300 billion compared with a deficit of $5892 billiona year earlier
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In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
7172019 EI_201509pdf
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
b l d
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Business Sales and InventoriesmdashManufacturing and Trade
[Millions of dollars except ratios seasonally adjusted except as noted]
Period
Manufacturing and trade 1 Wholesale RetailRetail and foodservices sales 2
2015 Jan 1308276 1778991 136 445024 572469 129 383889 558296 145 434225 Feb 1303701 1783741 137 442459 573668 130 381432 561001 147 431921 Mar 1311121 1785855 136 441024 574661 130 387665 562821 145 438572 Apr 1318016 1792837 136 448458 576998 129 387235 566270 146 438717 May 1322962 1798172 136 449347 580710 129 392268 567490 145 443913 June r 1327245 1809917 136 450927 584986 130 391955 573180 146 443734 July p 1327773 1811191 136 449492 584281 130 r 394919 576881 146 r 446872 Aug p 395401 447715
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
Source Department of Commerce (Bureau of the Census)
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
2011 2012 2013 2014 2015 2011 2012 2013 2014 2015
900
1000
1100
1200
1300
1600
MANUFACTURING ANDTRADE INVENTORIES
MANUFACTURING AND TRADE SALES 350
400
450
RETAIL SALES
RETAIL INVENTORIES
300
140
130
120
160
150
INVENTORYSALES RATIO
1500
1400
MANUFACTURING AND TRADE
1700
1900
1800
RATIO
500
600
550
170
RETAIL AND FOODSERVICES SALES
RETAIL
COUNCIL OF ECONOMIC ADVISERS
In July according to current estimates manufacturing and trade sales were roughly unchanged while inventoriesrose $13 billion According to advance estimates retail sales rose 01 percent in August Retail and food servicessales rose 02 percent
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Manufacturersrsquo Shipments Inventories and Orders
Period
Manufacturersrsquo shipments 1 Manufacturersrsquo inventories 2 Manufacturersrsquo new orders 1
Manu-
facturersrsquounfilledorders 2
Manu-facturersrsquo
inventoryshipments
ratio 3Total
Durablegoods
Nondurablegoods
TotalDurablegoods
Nondurablegoods
Total
Durable goods
Total
Capitalgoods
industriesnondefense
Millions of dollars seasonally adjusted except as noted
1 Annual data are averages of mont hly not seasonally adjusted figures monthly dat a are seasonally adjusted totals for month Shipment s are the same as sales2 Seasonally adjusted end of period3 Annual data are averages of seasonally adjusted monthly ratios
Note Manufacturersrsquo 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 durableunfilled orders
Total and durable shipments and inventories include data on semiconductor s new and unfilled orders do not
Source Department of Commerce (Bureau of the Census)
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
140
180
220
260
300
420
380
340
140
180
220
260300
340
140
180
220
260
300
340380
420
460
500
110
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL
NEW ORDERS
SHIPMENTS INVENTORIES
INVENTORYSHIPMENTS RATIO
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
2014 20152012 2011 2014 2015
DURABLE GOODS
NONDURABLE GOODS
160
140
150
120
130
NONDURABLE GOODS
DURABLE GOODS
TOTAL
20132011 2012 2013
DURABLE GOODS
RATIO
540460
500540
380
420
460500540
TOTAL
580
580 700
580620660
In August manufacturersrsquo shipments inventories and new and unfilled orders all fell
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Producer Prices
[November 2009 =100 except as noted monthly data seasonally adjusted]
1 Includes final demand construction not shown separately2 Does not include food and beverages for immediate con sumption which are defined as the servic e of preparing meals snacks and beverages to cust omer order for immediate consumption3 Trade indexes measure changes in margins received by wholesalers and re tailers4 Relative importance December 2014
Source Department of Labor (Bureau of Labor Statistics)
INDEX NOV 2009=100 (RATIO SCALE) INDEX NOV 2009=100 (RATIO SCALE)
2009 2010 2011 2012 2013 2014 2015
SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTEDFINAL DEMAND
COUNCIL OF ECONOMIC ADVISERS
FINAL DEMANDSERVICES
100
95
115
125
110
105
120
100
95
115
125
110
105
120
FINAL DEMAND
FINAL DEMANDGOODS
PRICES
Te producer price index for final demand was unchanged in August Prices for final demand goods fell 06 percentand prices for final demand services rose 04 percent
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In August the consumer price index for all urban consumers fell 01 percent it also fell 01 percent before seasonaladjustment Te index rose 02 percent from its year earlier level
Consumer PricesmdashAll Urban Consumers
[1982ndash84=100 except as noted monthly data seasonally adjusted except as noted by NSA]
Period
All items All items less food and energy Food Energy
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Relative importance July 2015
Source Department of Labor (Bureau of Labor Statistics)
INDEX 1982-84 = 100 (RATIO SCALE)
SEASONALLY ADJUSTED
INDEX 1982-84 = 100 (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF LABOR
2007 2008 2009 2010 2011 2012 2013 2014 2015
CONSUMER PRICESmdashALL ITEMS
250
240
230
220
210
200
190
180
250
240
230
220
210
200
190
180
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Changes in Consumer PricesmdashAll Urban Consumers[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Quarterly chan ges are shown in the last month of the quart er
Source Department of Labor (Bureau of Labor Statistics)
Changes in Producer Prices[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
Period
Totalfinalde-
mand 1
Final demand goods Final demand services Finaldemand
Sept r 107 87 132 112 114 115 96 Oct 100 81 135 112 113 114 89 Nov r 102 82 134 112 113 114 91 Dec r 101 83 127 111 112 114 91
2015 Jan 97 82 120 110 111 111 88 Feb 99 84 114 110 110 111 90 Mar 102 85 117 110 111 111 93 Apr r 103 89 116 110 111 111 94 May r 107 90 122 110 110 111 97 June 105 88 121 109 110 110 96 July 99 86 115 109 110 110 91 Aug 102 88 117 108 109 109 94
1 Annual indexes for 2011 forward reflect revised methodology See Agricultural Price Program Update January 2015 for details2 Includes items not shown separately3 Annual data are averages of monthly ratios
Note These indexes are also available on a 1910-14=100 basis as required by stat ute
Source Department of Agriculture (National Agricultural Statistics Service)
1RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID
SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
2010 20152007 2008 2009 20122011 2013 2014
PRICES RECEIVED
RATIO
PRICES PAID
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
90
80
60
70
130
120
110
100
90
80
60
70
130
120
110
100
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
In August prices received by farmers rose 30 percent and prices paid by farmers fell 09 percent (Data are notseasonally adjusted)
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Money Stock and Debt Measures
[Averages of daily figures except debt end-of-period basis billions of dollars seasonally adjusted]
Period
M1 M2 Debt Percent change
Sum of currencydemand depositstravelers checks and
other checkable deposits
M1 plussavings depositsretail MMMF balances
and small time deposits 1
Debt ofdomesticnonfinancial
sectors 2
From year or 6 months earlier
3 From
previous period 4
M1 M2 Debt
2005 Dec r 13748 66508 282945 ndash01 42 862006 Dec r 13683 70427 307233 ndash5 59 842007 Dec r 13766 74488 331796 6 58 812008 Dec r 16071 81740 349342 167 97 572009 Dec r 16984 84801 357496 57 37 342010 Dec r 18418 87814 370390 84 36 432011 Dec r 21682 96346 382033 177 97 352012 Dec r 24577 104225 399658 134 82 502013 Dec r 26545 109840 414596 80 54 402014 Dec r 29145 116292 432554 98 59 44
2014 Aug 28160 114420 72 58 Sept r 28571 114795 427494 82 57 45 Oct 28638 115206 67 54 Nov 28795 115640 68 50
Dec r
29145 116292 432554 72 53 482015 Jan 29318 117049 65 53 Feb 29950 118250 127 67 Mar r 29890 118448 435061 92 64 25 Apr r 29946 118949 91 65 May r 29846 119364 73 64 June r 30077 119820 439790 64 61 44 July r 30355 120596 71 61 Aug 30499 121385 37 53
1 Money market mutual fund (MMMF) Savings deposits include money market deposit accounts (MMDA)2 Consists of outstanding credit market debt of the US 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 quarter3 Annual changes are from December to Decemb er and monthly changes are from 6 months earlier at a simple annual rate4 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
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
M2
BILLIONS OF DOLLARS (RATIO SCALE)
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
BILLIONS OF DOLLARS (RATIO SCALE)
M1
MONEY CREDIT AND SECURITY MARKETS
In August M2 rose
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Components of Money Stock[Averages of daily figures billions of dollars seasonally adjusted]
2015 Jan r 12663 29 11742 4885 2640 2244 76444 65552 10892 5068 3758 1311 6219 17890 Feb r 12720 29 12174 5027 2713 2314 77076 66120 10956 5049 3758 1291 6174 17834 Mar 12794 28 12025 5042 2727 2315 77468 66493 10975 4949 3678 1272 6141 18075 Apr r 12843 28 12044 5030 2715 2315 78005 66950 11055 4864 3595 1269 6134 17848 May r 12884 27 11928 5007 2706 2301 78618 67441 11176 4792 3529 1262 6108 17990 June r 12934 27 12057 5059 2768 2291 78881 67664 11217 4727 3469 1257 6136 18154 July r 12999 27 12266 5063 2769 2294 79389 68179 11210 4664 3411 1253 6188 18438
Aug 13090 26 12313 5070 2753 2317 80069 68822 11247 4606 3355 1250 6212 187411 Small-denomination deposits are those issued in amounts of less than $1000002 Institutional money funds are not part of non-M1 M2
Source Board of Governors of the Federal Reserve System
Aggregate Reserves and Monetary Base[Averages of daily figures 1 millions of dollars not seasonally adjusted]
1 Data are prorated averages of biweekly (maintenance period) averages of daily figures2 Equals the sum of balances maintained up to the top of each institu tionrsquos penalty-free band3 Excludes vault cash used to satisfy required reserves4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve5 Equals total balances maintained plus currenc y 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 separately7 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 cr eation of a penalty-fr ee band around reserve balanc e requirements which took effe ct June 27 2013 See H3 release of July 11 2013
Source Board of Governors of the Federal Reserve System
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Bank Credit at All Commercial Banks
[Billions of dollars seasonally adjusted 1]
Period
Total
bankcredit
Securities in bank credit 2 Loans and leases in bank credit
Totalsecurities
US
Treasuryand
agencysecurities
Othersecurities
Totalloansand
leases 3
Commercialandindustrial
loans
Real estate loans
Consumerloans 5
Otherloansand
leases 6Total 4Revolving
home equityloans
Commercialloans
2005 Dec r 73156 18554 11593 6961 54602 10361 29289 4435 12701 7045 79062006 Dec r 81084 19913 12190 7723 61172 11826 33736 4683 14593 7386 82242007 Dec r 89042 21046 11375 9670 67997 14177 36002 4848 15872 7992 98272008 Dec r 93532 20976 12541 8435 72556 15588 38195 5882 17284 8762 100122009 Dec r 89955 23295 14509 8786 66660 12652 37767 6031 16409 8360 78812010 Dec r 91917 24299 16425 7874 67618 11923 36133 5819 15004 11138 84232011 Dec r 94020 24955 17020 7935 69065 13037 34948 5495 14183 10911 101702012 Dec r 99593 27358 18762 8596 72235 14756 35504 5152 14282 11155 108202013 Dec r 100964 27148 18047 9100 73816 15767 35317 4737 14986 11414 113182014 Dec r 108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 13155
2014 Aug r 106144 28436 19406 9029 77709 17174 36158 4623 15702 11822 12556 Sept r 106591 28605 19731 8874 77985 17290 36196 4608 15781 11873 12626 Oct r 106989 28683 19896 8787 78306 17366 36227 4603 15867 11919 12793 Nov r 107682 28801 20001 8800 78881 17565 36270 4594 15948 11973 13073
Dec r
108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 131552015 Jan r 109576 29525 20663 8862 80052 17932 36503 4564 16156 12008 13608 Feb r 110253 29732 20847 8885 80521 18116 36713 4553 16299 12041 13652 Mar r 111116 29771 20859 8912 81345 18392 37056 4545 16522 12066 13831 Apr r 111838 29954 20996 8958 81884 18500 37131 4527 16606 12127 14126 May r 112422 30248 21321 8927 82174 18665 37241 4509 16705 12179 14088 June r 112912 30267 21343 8924 82644 18842 37410 4487 16831 12227 14165 July r 113449 30219 21337 8882 83229 18939 37574 4468 16984 12289 14428 Aug 113955 30352 21489 8863 83603 19068 37702 4441 17118 12360 14473
1 Data are prorated averages of Wednesday values for domestically chartered commercial banks branches and agencies of foreign banks and Edge Act and agreement corporations2 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
accounts3 Excludes unearned inco me Includes the allowance for loan and lease losses Exclude s Federal funds sold to reverse r epurchase agreements (RPs) wit h and loans to commercial banks in the
United States Includes all loans held in trading acc ounts under a fair value option4 Includes closed-end residential loans not shown separately5 Includes credit cards and other consumer loans6 Includes other items not shown separately
Source Board of Governors of the Federal Reserve System
BILLIONS OF DOLLARS (RATIO SCALE)
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000TOTAL
LOANS AND LEASES
US TREASURY AND AGENCY SECURITIES
OTHER SECURITIES
otal commercial bank loans and leases rose 04 percent in August
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Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business[Billions of dollars quarterly data at seasonally adjusted annual rates]
2013 I r 28407 18324 10083 1750 ndash2137 3887 3161 727 7291 26861 14534 12327 1546 II r 27501 18870 8631 242 ndash3712 3953 2089 1866 6274 25223 15186 10037 2278 III r 29700 18725 10975 3049 ndash3441 6490 4794 1696 5918 25132 15917 9215 4569 IV r 30024 19526 10498 ndash1864 ndash4827 2964 2556 408 10129 27122 15941 11181 2902
2014 I r 23994 17883 6111 1149 ndash5018 6168 3033 3135 9213 20136 16114 4022 3857 II r 30269 18769 11500 707 ndash2731 3438 2539 899 8365 26528 16471 10057 3741 III r 30145 19916 10229 789 ndash4343 5132 2239 2894 5738 22768 17045 5723 7377
IV r 28679 19758 8921 1419 ndash3410 4828 3523 1305 5494 24169 17063 7106 45112015 I r 30105 19004 11101 443 ndash5920 6363 5297 1065 3035 23722 17387 6335 6383 II p 29302 18836 10466 836 ndash5910 6746 7004 ndash257 7179 25768 18870 6898 3533
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 earn-ings retained abroad inventory valuation adjustment and net capital transfers
2 Includes trade payables taxes payable and miscellaneous liabilities (foreign direct investment in the US 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]
Period
Consumer credit outstanding (end of period) Net change in consumer credit outstanding 1
Total Revolving Nonrevolving 2 Total Revolving Nonrevolving 2
2005 Dec 22909 8295 14614 987 299 6872006 Dec 24613 9240 15373 1704 945 7592007 Dec 26151 10020 16131 1538 780 7582008 Dec 26500 10044 16457 349 24 3262009 Dec 25523 9164 16359 ndash977 ndash880 ndash982010 Dec 26469 8395 18074 946 ndash769 17152011 Dec 27554 8412 19142 1085 17 10682012 Dec 29229 8459 20770 1675 47 16282013 Dec 30988 8582 22406 1759 123 16362014 Dec 33172 8900 24272 2184 318 1866
2014 July 32332 8803 23528 214 45 168 Aug 32493 8814 23679 161 11 151 Sept 32675 8834 23840 182 20 161 Oct 32841 8848 23993 166 14 153 Nov 33005 8861 24145 164 13 152
Dec 33172 8900 24272 167 39 1272015 Jan 33276 8883 24393 104 ndash17 121 Feb 33426 8860 24566 150 ndash23 173 Mar r 33634 8908 24726 208 48 160 Apr r 33876 9003 24873 242 95 147 May r 34073 9028 25045 197 25 172 June r 34343 9103 25240 270 75 195 July p 34534 9146 25388 191 43 148
1 Change based on data in billions of dollars as shown here For year-end data ch ange from preceding year-end for monthl y data change from preceding month2 Includes automobile loans and all other loans not included in revolving cr edit such as loans for mobile homes education boats t railers or vacations The se 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
1 High bill rate at auction issue date within period bank-discount basis Data are stop yields from uniform-price auctions2 Yields on actively traded issues adjusted to constant maturities Series for 30-year constant maturity was discontinued on February 18 2002 and reintroduced on February 6 20063 Weekly data are Wednesday figures4 Average effective rate for year rate in effect at end of month or week5 Daily effective rate weighted average of rates on brokered trades6 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 Moodyrsquos Investors Service and Standard amp Poorrsquos
Interest Rates and Bond Yields
2007 2008 2009 2010 2011 2012 2013 2014 2015
10
PERCENT PER ANNUM
4
2
0
6
8
10
PERCENT PER ANNUM
4
2
0
6
8
FEDERAL FUNDSRATE
TREASURYBILLS
CORPORATE Aaa BONDS(MOODYS)
COUNCIL OF ECONOMIC ADVISERSSOURCE SEE TABLE BELOW
Interest rates were mixed in September
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Common Stock Prices and Yields
Period
Common stock prices 1 Common stock yields(percent) 6
New York Stock Exchange indexes(December 31 2002=5000) 2 Dow Jones
1 Annual data are averages of mont hly figures Monthly and weekly dat a are averages of daily closing prices2 Includes all the stocks (in 2015 over 320 0) listed on the NYSE3 Includes 30 stocks4 Includes 500 stocks5 Includes over 2900 stocks in 20156 Standard amp Poorrsquos series Dividendprice ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter
Sources New York Stock Exchange Dow Jones amp Company Inc Standar d amp Poorrsquos Nasdaq Stock Market and Bloomberg
5
INDEX DEC 31 2002=5000 (RATIO SCALE)
SOURCES NEW YORK STOCK EXCHANGE STANDARD AND POORS AND BLOOMBERG COUNCIL OF ECONOMIC ADVISERS
1 Data from current issue Monthly Treasury Statement
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fisc al Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
RECEIPTS AND OUTLAYS1
SURPLUS OR DEFICIT (ndash)1
2007 2008 2009 2010 2011 2012
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF DOLLARSBILLIONS OF DOLLARS
OUTLAYS1
RECEIPTS1
2014 2015 20162013
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
FEDERAL FINANCE
In the first eleven months of fiscal year 2015 the deficit was $5300 billion compared with a deficit of $5892 billiona year earlier
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In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
b l d
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Manufacturersrsquo Shipments Inventories and Orders
Period
Manufacturersrsquo shipments 1 Manufacturersrsquo inventories 2 Manufacturersrsquo new orders 1
Manu-
facturersrsquounfilledorders 2
Manu-facturersrsquo
inventoryshipments
ratio 3Total
Durablegoods
Nondurablegoods
TotalDurablegoods
Nondurablegoods
Total
Durable goods
Total
Capitalgoods
industriesnondefense
Millions of dollars seasonally adjusted except as noted
1 Annual data are averages of mont hly not seasonally adjusted figures monthly dat a are seasonally adjusted totals for month Shipment s are the same as sales2 Seasonally adjusted end of period3 Annual data are averages of seasonally adjusted monthly ratios
Note Manufacturersrsquo 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 durableunfilled orders
Total and durable shipments and inventories include data on semiconductor s new and unfilled orders do not
Source Department of Commerce (Bureau of the Census)
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTEDSOURCE DEPARTMENT OF COMMERCE
140
180
220
260
300
420
380
340
140
180
220
260300
340
140
180
220
260
300
340380
420
460
500
110
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL
NEW ORDERS
SHIPMENTS INVENTORIES
INVENTORYSHIPMENTS RATIO
BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE)
2014 20152012 2011 2014 2015
DURABLE GOODS
NONDURABLE GOODS
160
140
150
120
130
NONDURABLE GOODS
DURABLE GOODS
TOTAL
20132011 2012 2013
DURABLE GOODS
RATIO
540460
500540
380
420
460500540
TOTAL
580
580 700
580620660
In August manufacturersrsquo shipments inventories and new and unfilled orders all fell
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Producer Prices
[November 2009 =100 except as noted monthly data seasonally adjusted]
1 Includes final demand construction not shown separately2 Does not include food and beverages for immediate con sumption which are defined as the servic e of preparing meals snacks and beverages to cust omer order for immediate consumption3 Trade indexes measure changes in margins received by wholesalers and re tailers4 Relative importance December 2014
Source Department of Labor (Bureau of Labor Statistics)
INDEX NOV 2009=100 (RATIO SCALE) INDEX NOV 2009=100 (RATIO SCALE)
2009 2010 2011 2012 2013 2014 2015
SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTEDFINAL DEMAND
COUNCIL OF ECONOMIC ADVISERS
FINAL DEMANDSERVICES
100
95
115
125
110
105
120
100
95
115
125
110
105
120
FINAL DEMAND
FINAL DEMANDGOODS
PRICES
Te producer price index for final demand was unchanged in August Prices for final demand goods fell 06 percentand prices for final demand services rose 04 percent
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In August the consumer price index for all urban consumers fell 01 percent it also fell 01 percent before seasonaladjustment Te index rose 02 percent from its year earlier level
Consumer PricesmdashAll Urban Consumers
[1982ndash84=100 except as noted monthly data seasonally adjusted except as noted by NSA]
Period
All items All items less food and energy Food Energy
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Relative importance July 2015
Source Department of Labor (Bureau of Labor Statistics)
INDEX 1982-84 = 100 (RATIO SCALE)
SEASONALLY ADJUSTED
INDEX 1982-84 = 100 (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF LABOR
2007 2008 2009 2010 2011 2012 2013 2014 2015
CONSUMER PRICESmdashALL ITEMS
250
240
230
220
210
200
190
180
250
240
230
220
210
200
190
180
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Changes in Consumer PricesmdashAll Urban Consumers[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Quarterly chan ges are shown in the last month of the quart er
Source Department of Labor (Bureau of Labor Statistics)
Changes in Producer Prices[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
Period
Totalfinalde-
mand 1
Final demand goods Final demand services Finaldemand
Sept r 107 87 132 112 114 115 96 Oct 100 81 135 112 113 114 89 Nov r 102 82 134 112 113 114 91 Dec r 101 83 127 111 112 114 91
2015 Jan 97 82 120 110 111 111 88 Feb 99 84 114 110 110 111 90 Mar 102 85 117 110 111 111 93 Apr r 103 89 116 110 111 111 94 May r 107 90 122 110 110 111 97 June 105 88 121 109 110 110 96 July 99 86 115 109 110 110 91 Aug 102 88 117 108 109 109 94
1 Annual indexes for 2011 forward reflect revised methodology See Agricultural Price Program Update January 2015 for details2 Includes items not shown separately3 Annual data are averages of monthly ratios
Note These indexes are also available on a 1910-14=100 basis as required by stat ute
Source Department of Agriculture (National Agricultural Statistics Service)
1RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID
SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
2010 20152007 2008 2009 20122011 2013 2014
PRICES RECEIVED
RATIO
PRICES PAID
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
90
80
60
70
130
120
110
100
90
80
60
70
130
120
110
100
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
In August prices received by farmers rose 30 percent and prices paid by farmers fell 09 percent (Data are notseasonally adjusted)
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Money Stock and Debt Measures
[Averages of daily figures except debt end-of-period basis billions of dollars seasonally adjusted]
Period
M1 M2 Debt Percent change
Sum of currencydemand depositstravelers checks and
other checkable deposits
M1 plussavings depositsretail MMMF balances
and small time deposits 1
Debt ofdomesticnonfinancial
sectors 2
From year or 6 months earlier
3 From
previous period 4
M1 M2 Debt
2005 Dec r 13748 66508 282945 ndash01 42 862006 Dec r 13683 70427 307233 ndash5 59 842007 Dec r 13766 74488 331796 6 58 812008 Dec r 16071 81740 349342 167 97 572009 Dec r 16984 84801 357496 57 37 342010 Dec r 18418 87814 370390 84 36 432011 Dec r 21682 96346 382033 177 97 352012 Dec r 24577 104225 399658 134 82 502013 Dec r 26545 109840 414596 80 54 402014 Dec r 29145 116292 432554 98 59 44
2014 Aug 28160 114420 72 58 Sept r 28571 114795 427494 82 57 45 Oct 28638 115206 67 54 Nov 28795 115640 68 50
Dec r
29145 116292 432554 72 53 482015 Jan 29318 117049 65 53 Feb 29950 118250 127 67 Mar r 29890 118448 435061 92 64 25 Apr r 29946 118949 91 65 May r 29846 119364 73 64 June r 30077 119820 439790 64 61 44 July r 30355 120596 71 61 Aug 30499 121385 37 53
1 Money market mutual fund (MMMF) Savings deposits include money market deposit accounts (MMDA)2 Consists of outstanding credit market debt of the US 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 quarter3 Annual changes are from December to Decemb er and monthly changes are from 6 months earlier at a simple annual rate4 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
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
M2
BILLIONS OF DOLLARS (RATIO SCALE)
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
BILLIONS OF DOLLARS (RATIO SCALE)
M1
MONEY CREDIT AND SECURITY MARKETS
In August M2 rose
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Components of Money Stock[Averages of daily figures billions of dollars seasonally adjusted]
2015 Jan r 12663 29 11742 4885 2640 2244 76444 65552 10892 5068 3758 1311 6219 17890 Feb r 12720 29 12174 5027 2713 2314 77076 66120 10956 5049 3758 1291 6174 17834 Mar 12794 28 12025 5042 2727 2315 77468 66493 10975 4949 3678 1272 6141 18075 Apr r 12843 28 12044 5030 2715 2315 78005 66950 11055 4864 3595 1269 6134 17848 May r 12884 27 11928 5007 2706 2301 78618 67441 11176 4792 3529 1262 6108 17990 June r 12934 27 12057 5059 2768 2291 78881 67664 11217 4727 3469 1257 6136 18154 July r 12999 27 12266 5063 2769 2294 79389 68179 11210 4664 3411 1253 6188 18438
Aug 13090 26 12313 5070 2753 2317 80069 68822 11247 4606 3355 1250 6212 187411 Small-denomination deposits are those issued in amounts of less than $1000002 Institutional money funds are not part of non-M1 M2
Source Board of Governors of the Federal Reserve System
Aggregate Reserves and Monetary Base[Averages of daily figures 1 millions of dollars not seasonally adjusted]
1 Data are prorated averages of biweekly (maintenance period) averages of daily figures2 Equals the sum of balances maintained up to the top of each institu tionrsquos penalty-free band3 Excludes vault cash used to satisfy required reserves4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve5 Equals total balances maintained plus currenc y 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 separately7 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 cr eation of a penalty-fr ee band around reserve balanc e requirements which took effe ct June 27 2013 See H3 release of July 11 2013
Source Board of Governors of the Federal Reserve System
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Bank Credit at All Commercial Banks
[Billions of dollars seasonally adjusted 1]
Period
Total
bankcredit
Securities in bank credit 2 Loans and leases in bank credit
Totalsecurities
US
Treasuryand
agencysecurities
Othersecurities
Totalloansand
leases 3
Commercialandindustrial
loans
Real estate loans
Consumerloans 5
Otherloansand
leases 6Total 4Revolving
home equityloans
Commercialloans
2005 Dec r 73156 18554 11593 6961 54602 10361 29289 4435 12701 7045 79062006 Dec r 81084 19913 12190 7723 61172 11826 33736 4683 14593 7386 82242007 Dec r 89042 21046 11375 9670 67997 14177 36002 4848 15872 7992 98272008 Dec r 93532 20976 12541 8435 72556 15588 38195 5882 17284 8762 100122009 Dec r 89955 23295 14509 8786 66660 12652 37767 6031 16409 8360 78812010 Dec r 91917 24299 16425 7874 67618 11923 36133 5819 15004 11138 84232011 Dec r 94020 24955 17020 7935 69065 13037 34948 5495 14183 10911 101702012 Dec r 99593 27358 18762 8596 72235 14756 35504 5152 14282 11155 108202013 Dec r 100964 27148 18047 9100 73816 15767 35317 4737 14986 11414 113182014 Dec r 108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 13155
2014 Aug r 106144 28436 19406 9029 77709 17174 36158 4623 15702 11822 12556 Sept r 106591 28605 19731 8874 77985 17290 36196 4608 15781 11873 12626 Oct r 106989 28683 19896 8787 78306 17366 36227 4603 15867 11919 12793 Nov r 107682 28801 20001 8800 78881 17565 36270 4594 15948 11973 13073
Dec r
108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 131552015 Jan r 109576 29525 20663 8862 80052 17932 36503 4564 16156 12008 13608 Feb r 110253 29732 20847 8885 80521 18116 36713 4553 16299 12041 13652 Mar r 111116 29771 20859 8912 81345 18392 37056 4545 16522 12066 13831 Apr r 111838 29954 20996 8958 81884 18500 37131 4527 16606 12127 14126 May r 112422 30248 21321 8927 82174 18665 37241 4509 16705 12179 14088 June r 112912 30267 21343 8924 82644 18842 37410 4487 16831 12227 14165 July r 113449 30219 21337 8882 83229 18939 37574 4468 16984 12289 14428 Aug 113955 30352 21489 8863 83603 19068 37702 4441 17118 12360 14473
1 Data are prorated averages of Wednesday values for domestically chartered commercial banks branches and agencies of foreign banks and Edge Act and agreement corporations2 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
accounts3 Excludes unearned inco me Includes the allowance for loan and lease losses Exclude s Federal funds sold to reverse r epurchase agreements (RPs) wit h and loans to commercial banks in the
United States Includes all loans held in trading acc ounts under a fair value option4 Includes closed-end residential loans not shown separately5 Includes credit cards and other consumer loans6 Includes other items not shown separately
Source Board of Governors of the Federal Reserve System
BILLIONS OF DOLLARS (RATIO SCALE)
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000TOTAL
LOANS AND LEASES
US TREASURY AND AGENCY SECURITIES
OTHER SECURITIES
otal commercial bank loans and leases rose 04 percent in August
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Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business[Billions of dollars quarterly data at seasonally adjusted annual rates]
2013 I r 28407 18324 10083 1750 ndash2137 3887 3161 727 7291 26861 14534 12327 1546 II r 27501 18870 8631 242 ndash3712 3953 2089 1866 6274 25223 15186 10037 2278 III r 29700 18725 10975 3049 ndash3441 6490 4794 1696 5918 25132 15917 9215 4569 IV r 30024 19526 10498 ndash1864 ndash4827 2964 2556 408 10129 27122 15941 11181 2902
2014 I r 23994 17883 6111 1149 ndash5018 6168 3033 3135 9213 20136 16114 4022 3857 II r 30269 18769 11500 707 ndash2731 3438 2539 899 8365 26528 16471 10057 3741 III r 30145 19916 10229 789 ndash4343 5132 2239 2894 5738 22768 17045 5723 7377
IV r 28679 19758 8921 1419 ndash3410 4828 3523 1305 5494 24169 17063 7106 45112015 I r 30105 19004 11101 443 ndash5920 6363 5297 1065 3035 23722 17387 6335 6383 II p 29302 18836 10466 836 ndash5910 6746 7004 ndash257 7179 25768 18870 6898 3533
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 earn-ings retained abroad inventory valuation adjustment and net capital transfers
2 Includes trade payables taxes payable and miscellaneous liabilities (foreign direct investment in the US 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]
Period
Consumer credit outstanding (end of period) Net change in consumer credit outstanding 1
Total Revolving Nonrevolving 2 Total Revolving Nonrevolving 2
2005 Dec 22909 8295 14614 987 299 6872006 Dec 24613 9240 15373 1704 945 7592007 Dec 26151 10020 16131 1538 780 7582008 Dec 26500 10044 16457 349 24 3262009 Dec 25523 9164 16359 ndash977 ndash880 ndash982010 Dec 26469 8395 18074 946 ndash769 17152011 Dec 27554 8412 19142 1085 17 10682012 Dec 29229 8459 20770 1675 47 16282013 Dec 30988 8582 22406 1759 123 16362014 Dec 33172 8900 24272 2184 318 1866
2014 July 32332 8803 23528 214 45 168 Aug 32493 8814 23679 161 11 151 Sept 32675 8834 23840 182 20 161 Oct 32841 8848 23993 166 14 153 Nov 33005 8861 24145 164 13 152
Dec 33172 8900 24272 167 39 1272015 Jan 33276 8883 24393 104 ndash17 121 Feb 33426 8860 24566 150 ndash23 173 Mar r 33634 8908 24726 208 48 160 Apr r 33876 9003 24873 242 95 147 May r 34073 9028 25045 197 25 172 June r 34343 9103 25240 270 75 195 July p 34534 9146 25388 191 43 148
1 Change based on data in billions of dollars as shown here For year-end data ch ange from preceding year-end for monthl y data change from preceding month2 Includes automobile loans and all other loans not included in revolving cr edit such as loans for mobile homes education boats t railers or vacations The se 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
1 High bill rate at auction issue date within period bank-discount basis Data are stop yields from uniform-price auctions2 Yields on actively traded issues adjusted to constant maturities Series for 30-year constant maturity was discontinued on February 18 2002 and reintroduced on February 6 20063 Weekly data are Wednesday figures4 Average effective rate for year rate in effect at end of month or week5 Daily effective rate weighted average of rates on brokered trades6 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 Moodyrsquos Investors Service and Standard amp Poorrsquos
Interest Rates and Bond Yields
2007 2008 2009 2010 2011 2012 2013 2014 2015
10
PERCENT PER ANNUM
4
2
0
6
8
10
PERCENT PER ANNUM
4
2
0
6
8
FEDERAL FUNDSRATE
TREASURYBILLS
CORPORATE Aaa BONDS(MOODYS)
COUNCIL OF ECONOMIC ADVISERSSOURCE SEE TABLE BELOW
Interest rates were mixed in September
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Common Stock Prices and Yields
Period
Common stock prices 1 Common stock yields(percent) 6
New York Stock Exchange indexes(December 31 2002=5000) 2 Dow Jones
1 Annual data are averages of mont hly figures Monthly and weekly dat a are averages of daily closing prices2 Includes all the stocks (in 2015 over 320 0) listed on the NYSE3 Includes 30 stocks4 Includes 500 stocks5 Includes over 2900 stocks in 20156 Standard amp Poorrsquos series Dividendprice ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter
Sources New York Stock Exchange Dow Jones amp Company Inc Standar d amp Poorrsquos Nasdaq Stock Market and Bloomberg
5
INDEX DEC 31 2002=5000 (RATIO SCALE)
SOURCES NEW YORK STOCK EXCHANGE STANDARD AND POORS AND BLOOMBERG COUNCIL OF ECONOMIC ADVISERS
1 Data from current issue Monthly Treasury Statement
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fisc al Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
RECEIPTS AND OUTLAYS1
SURPLUS OR DEFICIT (ndash)1
2007 2008 2009 2010 2011 2012
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF DOLLARSBILLIONS OF DOLLARS
OUTLAYS1
RECEIPTS1
2014 2015 20162013
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
FEDERAL FINANCE
In the first eleven months of fiscal year 2015 the deficit was $5300 billion compared with a deficit of $5892 billiona year earlier
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In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
b l d
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Producer Prices
[November 2009 =100 except as noted monthly data seasonally adjusted]
1 Includes final demand construction not shown separately2 Does not include food and beverages for immediate con sumption which are defined as the servic e of preparing meals snacks and beverages to cust omer order for immediate consumption3 Trade indexes measure changes in margins received by wholesalers and re tailers4 Relative importance December 2014
Source Department of Labor (Bureau of Labor Statistics)
INDEX NOV 2009=100 (RATIO SCALE) INDEX NOV 2009=100 (RATIO SCALE)
2009 2010 2011 2012 2013 2014 2015
SOURCE DEPARTMENT OF LABOR
SEASONALLY ADJUSTEDFINAL DEMAND
COUNCIL OF ECONOMIC ADVISERS
FINAL DEMANDSERVICES
100
95
115
125
110
105
120
100
95
115
125
110
105
120
FINAL DEMAND
FINAL DEMANDGOODS
PRICES
Te producer price index for final demand was unchanged in August Prices for final demand goods fell 06 percentand prices for final demand services rose 04 percent
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In August the consumer price index for all urban consumers fell 01 percent it also fell 01 percent before seasonaladjustment Te index rose 02 percent from its year earlier level
Consumer PricesmdashAll Urban Consumers
[1982ndash84=100 except as noted monthly data seasonally adjusted except as noted by NSA]
Period
All items All items less food and energy Food Energy
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Relative importance July 2015
Source Department of Labor (Bureau of Labor Statistics)
INDEX 1982-84 = 100 (RATIO SCALE)
SEASONALLY ADJUSTED
INDEX 1982-84 = 100 (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF LABOR
2007 2008 2009 2010 2011 2012 2013 2014 2015
CONSUMER PRICESmdashALL ITEMS
250
240
230
220
210
200
190
180
250
240
230
220
210
200
190
180
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Changes in Consumer PricesmdashAll Urban Consumers[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Quarterly chan ges are shown in the last month of the quart er
Source Department of Labor (Bureau of Labor Statistics)
Changes in Producer Prices[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
Period
Totalfinalde-
mand 1
Final demand goods Final demand services Finaldemand
Sept r 107 87 132 112 114 115 96 Oct 100 81 135 112 113 114 89 Nov r 102 82 134 112 113 114 91 Dec r 101 83 127 111 112 114 91
2015 Jan 97 82 120 110 111 111 88 Feb 99 84 114 110 110 111 90 Mar 102 85 117 110 111 111 93 Apr r 103 89 116 110 111 111 94 May r 107 90 122 110 110 111 97 June 105 88 121 109 110 110 96 July 99 86 115 109 110 110 91 Aug 102 88 117 108 109 109 94
1 Annual indexes for 2011 forward reflect revised methodology See Agricultural Price Program Update January 2015 for details2 Includes items not shown separately3 Annual data are averages of monthly ratios
Note These indexes are also available on a 1910-14=100 basis as required by stat ute
Source Department of Agriculture (National Agricultural Statistics Service)
1RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID
SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
2010 20152007 2008 2009 20122011 2013 2014
PRICES RECEIVED
RATIO
PRICES PAID
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
90
80
60
70
130
120
110
100
90
80
60
70
130
120
110
100
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
In August prices received by farmers rose 30 percent and prices paid by farmers fell 09 percent (Data are notseasonally adjusted)
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Money Stock and Debt Measures
[Averages of daily figures except debt end-of-period basis billions of dollars seasonally adjusted]
Period
M1 M2 Debt Percent change
Sum of currencydemand depositstravelers checks and
other checkable deposits
M1 plussavings depositsretail MMMF balances
and small time deposits 1
Debt ofdomesticnonfinancial
sectors 2
From year or 6 months earlier
3 From
previous period 4
M1 M2 Debt
2005 Dec r 13748 66508 282945 ndash01 42 862006 Dec r 13683 70427 307233 ndash5 59 842007 Dec r 13766 74488 331796 6 58 812008 Dec r 16071 81740 349342 167 97 572009 Dec r 16984 84801 357496 57 37 342010 Dec r 18418 87814 370390 84 36 432011 Dec r 21682 96346 382033 177 97 352012 Dec r 24577 104225 399658 134 82 502013 Dec r 26545 109840 414596 80 54 402014 Dec r 29145 116292 432554 98 59 44
2014 Aug 28160 114420 72 58 Sept r 28571 114795 427494 82 57 45 Oct 28638 115206 67 54 Nov 28795 115640 68 50
Dec r
29145 116292 432554 72 53 482015 Jan 29318 117049 65 53 Feb 29950 118250 127 67 Mar r 29890 118448 435061 92 64 25 Apr r 29946 118949 91 65 May r 29846 119364 73 64 June r 30077 119820 439790 64 61 44 July r 30355 120596 71 61 Aug 30499 121385 37 53
1 Money market mutual fund (MMMF) Savings deposits include money market deposit accounts (MMDA)2 Consists of outstanding credit market debt of the US 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 quarter3 Annual changes are from December to Decemb er and monthly changes are from 6 months earlier at a simple annual rate4 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
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
M2
BILLIONS OF DOLLARS (RATIO SCALE)
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
BILLIONS OF DOLLARS (RATIO SCALE)
M1
MONEY CREDIT AND SECURITY MARKETS
In August M2 rose
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Components of Money Stock[Averages of daily figures billions of dollars seasonally adjusted]
2015 Jan r 12663 29 11742 4885 2640 2244 76444 65552 10892 5068 3758 1311 6219 17890 Feb r 12720 29 12174 5027 2713 2314 77076 66120 10956 5049 3758 1291 6174 17834 Mar 12794 28 12025 5042 2727 2315 77468 66493 10975 4949 3678 1272 6141 18075 Apr r 12843 28 12044 5030 2715 2315 78005 66950 11055 4864 3595 1269 6134 17848 May r 12884 27 11928 5007 2706 2301 78618 67441 11176 4792 3529 1262 6108 17990 June r 12934 27 12057 5059 2768 2291 78881 67664 11217 4727 3469 1257 6136 18154 July r 12999 27 12266 5063 2769 2294 79389 68179 11210 4664 3411 1253 6188 18438
Aug 13090 26 12313 5070 2753 2317 80069 68822 11247 4606 3355 1250 6212 187411 Small-denomination deposits are those issued in amounts of less than $1000002 Institutional money funds are not part of non-M1 M2
Source Board of Governors of the Federal Reserve System
Aggregate Reserves and Monetary Base[Averages of daily figures 1 millions of dollars not seasonally adjusted]
1 Data are prorated averages of biweekly (maintenance period) averages of daily figures2 Equals the sum of balances maintained up to the top of each institu tionrsquos penalty-free band3 Excludes vault cash used to satisfy required reserves4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve5 Equals total balances maintained plus currenc y 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 separately7 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 cr eation of a penalty-fr ee band around reserve balanc e requirements which took effe ct June 27 2013 See H3 release of July 11 2013
Source Board of Governors of the Federal Reserve System
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Bank Credit at All Commercial Banks
[Billions of dollars seasonally adjusted 1]
Period
Total
bankcredit
Securities in bank credit 2 Loans and leases in bank credit
Totalsecurities
US
Treasuryand
agencysecurities
Othersecurities
Totalloansand
leases 3
Commercialandindustrial
loans
Real estate loans
Consumerloans 5
Otherloansand
leases 6Total 4Revolving
home equityloans
Commercialloans
2005 Dec r 73156 18554 11593 6961 54602 10361 29289 4435 12701 7045 79062006 Dec r 81084 19913 12190 7723 61172 11826 33736 4683 14593 7386 82242007 Dec r 89042 21046 11375 9670 67997 14177 36002 4848 15872 7992 98272008 Dec r 93532 20976 12541 8435 72556 15588 38195 5882 17284 8762 100122009 Dec r 89955 23295 14509 8786 66660 12652 37767 6031 16409 8360 78812010 Dec r 91917 24299 16425 7874 67618 11923 36133 5819 15004 11138 84232011 Dec r 94020 24955 17020 7935 69065 13037 34948 5495 14183 10911 101702012 Dec r 99593 27358 18762 8596 72235 14756 35504 5152 14282 11155 108202013 Dec r 100964 27148 18047 9100 73816 15767 35317 4737 14986 11414 113182014 Dec r 108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 13155
2014 Aug r 106144 28436 19406 9029 77709 17174 36158 4623 15702 11822 12556 Sept r 106591 28605 19731 8874 77985 17290 36196 4608 15781 11873 12626 Oct r 106989 28683 19896 8787 78306 17366 36227 4603 15867 11919 12793 Nov r 107682 28801 20001 8800 78881 17565 36270 4594 15948 11973 13073
Dec r
108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 131552015 Jan r 109576 29525 20663 8862 80052 17932 36503 4564 16156 12008 13608 Feb r 110253 29732 20847 8885 80521 18116 36713 4553 16299 12041 13652 Mar r 111116 29771 20859 8912 81345 18392 37056 4545 16522 12066 13831 Apr r 111838 29954 20996 8958 81884 18500 37131 4527 16606 12127 14126 May r 112422 30248 21321 8927 82174 18665 37241 4509 16705 12179 14088 June r 112912 30267 21343 8924 82644 18842 37410 4487 16831 12227 14165 July r 113449 30219 21337 8882 83229 18939 37574 4468 16984 12289 14428 Aug 113955 30352 21489 8863 83603 19068 37702 4441 17118 12360 14473
1 Data are prorated averages of Wednesday values for domestically chartered commercial banks branches and agencies of foreign banks and Edge Act and agreement corporations2 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
accounts3 Excludes unearned inco me Includes the allowance for loan and lease losses Exclude s Federal funds sold to reverse r epurchase agreements (RPs) wit h and loans to commercial banks in the
United States Includes all loans held in trading acc ounts under a fair value option4 Includes closed-end residential loans not shown separately5 Includes credit cards and other consumer loans6 Includes other items not shown separately
Source Board of Governors of the Federal Reserve System
BILLIONS OF DOLLARS (RATIO SCALE)
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000TOTAL
LOANS AND LEASES
US TREASURY AND AGENCY SECURITIES
OTHER SECURITIES
otal commercial bank loans and leases rose 04 percent in August
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Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business[Billions of dollars quarterly data at seasonally adjusted annual rates]
2013 I r 28407 18324 10083 1750 ndash2137 3887 3161 727 7291 26861 14534 12327 1546 II r 27501 18870 8631 242 ndash3712 3953 2089 1866 6274 25223 15186 10037 2278 III r 29700 18725 10975 3049 ndash3441 6490 4794 1696 5918 25132 15917 9215 4569 IV r 30024 19526 10498 ndash1864 ndash4827 2964 2556 408 10129 27122 15941 11181 2902
2014 I r 23994 17883 6111 1149 ndash5018 6168 3033 3135 9213 20136 16114 4022 3857 II r 30269 18769 11500 707 ndash2731 3438 2539 899 8365 26528 16471 10057 3741 III r 30145 19916 10229 789 ndash4343 5132 2239 2894 5738 22768 17045 5723 7377
IV r 28679 19758 8921 1419 ndash3410 4828 3523 1305 5494 24169 17063 7106 45112015 I r 30105 19004 11101 443 ndash5920 6363 5297 1065 3035 23722 17387 6335 6383 II p 29302 18836 10466 836 ndash5910 6746 7004 ndash257 7179 25768 18870 6898 3533
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 earn-ings retained abroad inventory valuation adjustment and net capital transfers
2 Includes trade payables taxes payable and miscellaneous liabilities (foreign direct investment in the US 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]
Period
Consumer credit outstanding (end of period) Net change in consumer credit outstanding 1
Total Revolving Nonrevolving 2 Total Revolving Nonrevolving 2
2005 Dec 22909 8295 14614 987 299 6872006 Dec 24613 9240 15373 1704 945 7592007 Dec 26151 10020 16131 1538 780 7582008 Dec 26500 10044 16457 349 24 3262009 Dec 25523 9164 16359 ndash977 ndash880 ndash982010 Dec 26469 8395 18074 946 ndash769 17152011 Dec 27554 8412 19142 1085 17 10682012 Dec 29229 8459 20770 1675 47 16282013 Dec 30988 8582 22406 1759 123 16362014 Dec 33172 8900 24272 2184 318 1866
2014 July 32332 8803 23528 214 45 168 Aug 32493 8814 23679 161 11 151 Sept 32675 8834 23840 182 20 161 Oct 32841 8848 23993 166 14 153 Nov 33005 8861 24145 164 13 152
Dec 33172 8900 24272 167 39 1272015 Jan 33276 8883 24393 104 ndash17 121 Feb 33426 8860 24566 150 ndash23 173 Mar r 33634 8908 24726 208 48 160 Apr r 33876 9003 24873 242 95 147 May r 34073 9028 25045 197 25 172 June r 34343 9103 25240 270 75 195 July p 34534 9146 25388 191 43 148
1 Change based on data in billions of dollars as shown here For year-end data ch ange from preceding year-end for monthl y data change from preceding month2 Includes automobile loans and all other loans not included in revolving cr edit such as loans for mobile homes education boats t railers or vacations The se 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
1 High bill rate at auction issue date within period bank-discount basis Data are stop yields from uniform-price auctions2 Yields on actively traded issues adjusted to constant maturities Series for 30-year constant maturity was discontinued on February 18 2002 and reintroduced on February 6 20063 Weekly data are Wednesday figures4 Average effective rate for year rate in effect at end of month or week5 Daily effective rate weighted average of rates on brokered trades6 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 Moodyrsquos Investors Service and Standard amp Poorrsquos
Interest Rates and Bond Yields
2007 2008 2009 2010 2011 2012 2013 2014 2015
10
PERCENT PER ANNUM
4
2
0
6
8
10
PERCENT PER ANNUM
4
2
0
6
8
FEDERAL FUNDSRATE
TREASURYBILLS
CORPORATE Aaa BONDS(MOODYS)
COUNCIL OF ECONOMIC ADVISERSSOURCE SEE TABLE BELOW
Interest rates were mixed in September
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Common Stock Prices and Yields
Period
Common stock prices 1 Common stock yields(percent) 6
New York Stock Exchange indexes(December 31 2002=5000) 2 Dow Jones
1 Annual data are averages of mont hly figures Monthly and weekly dat a are averages of daily closing prices2 Includes all the stocks (in 2015 over 320 0) listed on the NYSE3 Includes 30 stocks4 Includes 500 stocks5 Includes over 2900 stocks in 20156 Standard amp Poorrsquos series Dividendprice ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter
Sources New York Stock Exchange Dow Jones amp Company Inc Standar d amp Poorrsquos Nasdaq Stock Market and Bloomberg
5
INDEX DEC 31 2002=5000 (RATIO SCALE)
SOURCES NEW YORK STOCK EXCHANGE STANDARD AND POORS AND BLOOMBERG COUNCIL OF ECONOMIC ADVISERS
1 Data from current issue Monthly Treasury Statement
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fisc al Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
RECEIPTS AND OUTLAYS1
SURPLUS OR DEFICIT (ndash)1
2007 2008 2009 2010 2011 2012
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF DOLLARSBILLIONS OF DOLLARS
OUTLAYS1
RECEIPTS1
2014 2015 20162013
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
FEDERAL FINANCE
In the first eleven months of fiscal year 2015 the deficit was $5300 billion compared with a deficit of $5892 billiona year earlier
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In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
b l d
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In August the consumer price index for all urban consumers fell 01 percent it also fell 01 percent before seasonaladjustment Te index rose 02 percent from its year earlier level
Consumer PricesmdashAll Urban Consumers
[1982ndash84=100 except as noted monthly data seasonally adjusted except as noted by NSA]
Period
All items All items less food and energy Food Energy
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Relative importance July 2015
Source Department of Labor (Bureau of Labor Statistics)
INDEX 1982-84 = 100 (RATIO SCALE)
SEASONALLY ADJUSTED
INDEX 1982-84 = 100 (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF LABOR
2007 2008 2009 2010 2011 2012 2013 2014 2015
CONSUMER PRICESmdashALL ITEMS
250
240
230
220
210
200
190
180
250
240
230
220
210
200
190
180
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Changes in Consumer PricesmdashAll Urban Consumers[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Quarterly chan ges are shown in the last month of the quart er
Source Department of Labor (Bureau of Labor Statistics)
Changes in Producer Prices[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
Period
Totalfinalde-
mand 1
Final demand goods Final demand services Finaldemand
Sept r 107 87 132 112 114 115 96 Oct 100 81 135 112 113 114 89 Nov r 102 82 134 112 113 114 91 Dec r 101 83 127 111 112 114 91
2015 Jan 97 82 120 110 111 111 88 Feb 99 84 114 110 110 111 90 Mar 102 85 117 110 111 111 93 Apr r 103 89 116 110 111 111 94 May r 107 90 122 110 110 111 97 June 105 88 121 109 110 110 96 July 99 86 115 109 110 110 91 Aug 102 88 117 108 109 109 94
1 Annual indexes for 2011 forward reflect revised methodology See Agricultural Price Program Update January 2015 for details2 Includes items not shown separately3 Annual data are averages of monthly ratios
Note These indexes are also available on a 1910-14=100 basis as required by stat ute
Source Department of Agriculture (National Agricultural Statistics Service)
1RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID
SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
2010 20152007 2008 2009 20122011 2013 2014
PRICES RECEIVED
RATIO
PRICES PAID
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
90
80
60
70
130
120
110
100
90
80
60
70
130
120
110
100
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
In August prices received by farmers rose 30 percent and prices paid by farmers fell 09 percent (Data are notseasonally adjusted)
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Money Stock and Debt Measures
[Averages of daily figures except debt end-of-period basis billions of dollars seasonally adjusted]
Period
M1 M2 Debt Percent change
Sum of currencydemand depositstravelers checks and
other checkable deposits
M1 plussavings depositsretail MMMF balances
and small time deposits 1
Debt ofdomesticnonfinancial
sectors 2
From year or 6 months earlier
3 From
previous period 4
M1 M2 Debt
2005 Dec r 13748 66508 282945 ndash01 42 862006 Dec r 13683 70427 307233 ndash5 59 842007 Dec r 13766 74488 331796 6 58 812008 Dec r 16071 81740 349342 167 97 572009 Dec r 16984 84801 357496 57 37 342010 Dec r 18418 87814 370390 84 36 432011 Dec r 21682 96346 382033 177 97 352012 Dec r 24577 104225 399658 134 82 502013 Dec r 26545 109840 414596 80 54 402014 Dec r 29145 116292 432554 98 59 44
2014 Aug 28160 114420 72 58 Sept r 28571 114795 427494 82 57 45 Oct 28638 115206 67 54 Nov 28795 115640 68 50
Dec r
29145 116292 432554 72 53 482015 Jan 29318 117049 65 53 Feb 29950 118250 127 67 Mar r 29890 118448 435061 92 64 25 Apr r 29946 118949 91 65 May r 29846 119364 73 64 June r 30077 119820 439790 64 61 44 July r 30355 120596 71 61 Aug 30499 121385 37 53
1 Money market mutual fund (MMMF) Savings deposits include money market deposit accounts (MMDA)2 Consists of outstanding credit market debt of the US 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 quarter3 Annual changes are from December to Decemb er and monthly changes are from 6 months earlier at a simple annual rate4 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
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
M2
BILLIONS OF DOLLARS (RATIO SCALE)
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
BILLIONS OF DOLLARS (RATIO SCALE)
M1
MONEY CREDIT AND SECURITY MARKETS
In August M2 rose
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Components of Money Stock[Averages of daily figures billions of dollars seasonally adjusted]
2015 Jan r 12663 29 11742 4885 2640 2244 76444 65552 10892 5068 3758 1311 6219 17890 Feb r 12720 29 12174 5027 2713 2314 77076 66120 10956 5049 3758 1291 6174 17834 Mar 12794 28 12025 5042 2727 2315 77468 66493 10975 4949 3678 1272 6141 18075 Apr r 12843 28 12044 5030 2715 2315 78005 66950 11055 4864 3595 1269 6134 17848 May r 12884 27 11928 5007 2706 2301 78618 67441 11176 4792 3529 1262 6108 17990 June r 12934 27 12057 5059 2768 2291 78881 67664 11217 4727 3469 1257 6136 18154 July r 12999 27 12266 5063 2769 2294 79389 68179 11210 4664 3411 1253 6188 18438
Aug 13090 26 12313 5070 2753 2317 80069 68822 11247 4606 3355 1250 6212 187411 Small-denomination deposits are those issued in amounts of less than $1000002 Institutional money funds are not part of non-M1 M2
Source Board of Governors of the Federal Reserve System
Aggregate Reserves and Monetary Base[Averages of daily figures 1 millions of dollars not seasonally adjusted]
1 Data are prorated averages of biweekly (maintenance period) averages of daily figures2 Equals the sum of balances maintained up to the top of each institu tionrsquos penalty-free band3 Excludes vault cash used to satisfy required reserves4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve5 Equals total balances maintained plus currenc y 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 separately7 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 cr eation of a penalty-fr ee band around reserve balanc e requirements which took effe ct June 27 2013 See H3 release of July 11 2013
Source Board of Governors of the Federal Reserve System
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Bank Credit at All Commercial Banks
[Billions of dollars seasonally adjusted 1]
Period
Total
bankcredit
Securities in bank credit 2 Loans and leases in bank credit
Totalsecurities
US
Treasuryand
agencysecurities
Othersecurities
Totalloansand
leases 3
Commercialandindustrial
loans
Real estate loans
Consumerloans 5
Otherloansand
leases 6Total 4Revolving
home equityloans
Commercialloans
2005 Dec r 73156 18554 11593 6961 54602 10361 29289 4435 12701 7045 79062006 Dec r 81084 19913 12190 7723 61172 11826 33736 4683 14593 7386 82242007 Dec r 89042 21046 11375 9670 67997 14177 36002 4848 15872 7992 98272008 Dec r 93532 20976 12541 8435 72556 15588 38195 5882 17284 8762 100122009 Dec r 89955 23295 14509 8786 66660 12652 37767 6031 16409 8360 78812010 Dec r 91917 24299 16425 7874 67618 11923 36133 5819 15004 11138 84232011 Dec r 94020 24955 17020 7935 69065 13037 34948 5495 14183 10911 101702012 Dec r 99593 27358 18762 8596 72235 14756 35504 5152 14282 11155 108202013 Dec r 100964 27148 18047 9100 73816 15767 35317 4737 14986 11414 113182014 Dec r 108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 13155
2014 Aug r 106144 28436 19406 9029 77709 17174 36158 4623 15702 11822 12556 Sept r 106591 28605 19731 8874 77985 17290 36196 4608 15781 11873 12626 Oct r 106989 28683 19896 8787 78306 17366 36227 4603 15867 11919 12793 Nov r 107682 28801 20001 8800 78881 17565 36270 4594 15948 11973 13073
Dec r
108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 131552015 Jan r 109576 29525 20663 8862 80052 17932 36503 4564 16156 12008 13608 Feb r 110253 29732 20847 8885 80521 18116 36713 4553 16299 12041 13652 Mar r 111116 29771 20859 8912 81345 18392 37056 4545 16522 12066 13831 Apr r 111838 29954 20996 8958 81884 18500 37131 4527 16606 12127 14126 May r 112422 30248 21321 8927 82174 18665 37241 4509 16705 12179 14088 June r 112912 30267 21343 8924 82644 18842 37410 4487 16831 12227 14165 July r 113449 30219 21337 8882 83229 18939 37574 4468 16984 12289 14428 Aug 113955 30352 21489 8863 83603 19068 37702 4441 17118 12360 14473
1 Data are prorated averages of Wednesday values for domestically chartered commercial banks branches and agencies of foreign banks and Edge Act and agreement corporations2 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
accounts3 Excludes unearned inco me Includes the allowance for loan and lease losses Exclude s Federal funds sold to reverse r epurchase agreements (RPs) wit h and loans to commercial banks in the
United States Includes all loans held in trading acc ounts under a fair value option4 Includes closed-end residential loans not shown separately5 Includes credit cards and other consumer loans6 Includes other items not shown separately
Source Board of Governors of the Federal Reserve System
BILLIONS OF DOLLARS (RATIO SCALE)
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000TOTAL
LOANS AND LEASES
US TREASURY AND AGENCY SECURITIES
OTHER SECURITIES
otal commercial bank loans and leases rose 04 percent in August
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Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business[Billions of dollars quarterly data at seasonally adjusted annual rates]
2013 I r 28407 18324 10083 1750 ndash2137 3887 3161 727 7291 26861 14534 12327 1546 II r 27501 18870 8631 242 ndash3712 3953 2089 1866 6274 25223 15186 10037 2278 III r 29700 18725 10975 3049 ndash3441 6490 4794 1696 5918 25132 15917 9215 4569 IV r 30024 19526 10498 ndash1864 ndash4827 2964 2556 408 10129 27122 15941 11181 2902
2014 I r 23994 17883 6111 1149 ndash5018 6168 3033 3135 9213 20136 16114 4022 3857 II r 30269 18769 11500 707 ndash2731 3438 2539 899 8365 26528 16471 10057 3741 III r 30145 19916 10229 789 ndash4343 5132 2239 2894 5738 22768 17045 5723 7377
IV r 28679 19758 8921 1419 ndash3410 4828 3523 1305 5494 24169 17063 7106 45112015 I r 30105 19004 11101 443 ndash5920 6363 5297 1065 3035 23722 17387 6335 6383 II p 29302 18836 10466 836 ndash5910 6746 7004 ndash257 7179 25768 18870 6898 3533
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 earn-ings retained abroad inventory valuation adjustment and net capital transfers
2 Includes trade payables taxes payable and miscellaneous liabilities (foreign direct investment in the US 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]
Period
Consumer credit outstanding (end of period) Net change in consumer credit outstanding 1
Total Revolving Nonrevolving 2 Total Revolving Nonrevolving 2
2005 Dec 22909 8295 14614 987 299 6872006 Dec 24613 9240 15373 1704 945 7592007 Dec 26151 10020 16131 1538 780 7582008 Dec 26500 10044 16457 349 24 3262009 Dec 25523 9164 16359 ndash977 ndash880 ndash982010 Dec 26469 8395 18074 946 ndash769 17152011 Dec 27554 8412 19142 1085 17 10682012 Dec 29229 8459 20770 1675 47 16282013 Dec 30988 8582 22406 1759 123 16362014 Dec 33172 8900 24272 2184 318 1866
2014 July 32332 8803 23528 214 45 168 Aug 32493 8814 23679 161 11 151 Sept 32675 8834 23840 182 20 161 Oct 32841 8848 23993 166 14 153 Nov 33005 8861 24145 164 13 152
Dec 33172 8900 24272 167 39 1272015 Jan 33276 8883 24393 104 ndash17 121 Feb 33426 8860 24566 150 ndash23 173 Mar r 33634 8908 24726 208 48 160 Apr r 33876 9003 24873 242 95 147 May r 34073 9028 25045 197 25 172 June r 34343 9103 25240 270 75 195 July p 34534 9146 25388 191 43 148
1 Change based on data in billions of dollars as shown here For year-end data ch ange from preceding year-end for monthl y data change from preceding month2 Includes automobile loans and all other loans not included in revolving cr edit such as loans for mobile homes education boats t railers or vacations The se 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
1 High bill rate at auction issue date within period bank-discount basis Data are stop yields from uniform-price auctions2 Yields on actively traded issues adjusted to constant maturities Series for 30-year constant maturity was discontinued on February 18 2002 and reintroduced on February 6 20063 Weekly data are Wednesday figures4 Average effective rate for year rate in effect at end of month or week5 Daily effective rate weighted average of rates on brokered trades6 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 Moodyrsquos Investors Service and Standard amp Poorrsquos
Interest Rates and Bond Yields
2007 2008 2009 2010 2011 2012 2013 2014 2015
10
PERCENT PER ANNUM
4
2
0
6
8
10
PERCENT PER ANNUM
4
2
0
6
8
FEDERAL FUNDSRATE
TREASURYBILLS
CORPORATE Aaa BONDS(MOODYS)
COUNCIL OF ECONOMIC ADVISERSSOURCE SEE TABLE BELOW
Interest rates were mixed in September
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Common Stock Prices and Yields
Period
Common stock prices 1 Common stock yields(percent) 6
New York Stock Exchange indexes(December 31 2002=5000) 2 Dow Jones
1 Annual data are averages of mont hly figures Monthly and weekly dat a are averages of daily closing prices2 Includes all the stocks (in 2015 over 320 0) listed on the NYSE3 Includes 30 stocks4 Includes 500 stocks5 Includes over 2900 stocks in 20156 Standard amp Poorrsquos series Dividendprice ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter
Sources New York Stock Exchange Dow Jones amp Company Inc Standar d amp Poorrsquos Nasdaq Stock Market and Bloomberg
5
INDEX DEC 31 2002=5000 (RATIO SCALE)
SOURCES NEW YORK STOCK EXCHANGE STANDARD AND POORS AND BLOOMBERG COUNCIL OF ECONOMIC ADVISERS
1 Data from current issue Monthly Treasury Statement
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fisc al Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
RECEIPTS AND OUTLAYS1
SURPLUS OR DEFICIT (ndash)1
2007 2008 2009 2010 2011 2012
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF DOLLARSBILLIONS OF DOLLARS
OUTLAYS1
RECEIPTS1
2014 2015 20162013
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
FEDERAL FINANCE
In the first eleven months of fiscal year 2015 the deficit was $5300 billion compared with a deficit of $5892 billiona year earlier
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In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
b l d
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Changes in Consumer PricesmdashAll Urban Consumers[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
1 Includes other items not shown separately2 Commodities and services3 Chained consumer price index (C-CPI-U) reflects the effect of substitution that consumers make across item categories in response to changes in relative prices4 Quarterly chan ges are shown in the last month of the quart er
Source Department of Labor (Bureau of Labor Statistics)
Changes in Producer Prices[Percent change from preceding period monthly data seasonally adjusted except as noted by NSA]
Period
Totalfinalde-
mand 1
Final demand goods Final demand services Finaldemand
Sept r 107 87 132 112 114 115 96 Oct 100 81 135 112 113 114 89 Nov r 102 82 134 112 113 114 91 Dec r 101 83 127 111 112 114 91
2015 Jan 97 82 120 110 111 111 88 Feb 99 84 114 110 110 111 90 Mar 102 85 117 110 111 111 93 Apr r 103 89 116 110 111 111 94 May r 107 90 122 110 110 111 97 June 105 88 121 109 110 110 96 July 99 86 115 109 110 110 91 Aug 102 88 117 108 109 109 94
1 Annual indexes for 2011 forward reflect revised methodology See Agricultural Price Program Update January 2015 for details2 Includes items not shown separately3 Annual data are averages of monthly ratios
Note These indexes are also available on a 1910-14=100 basis as required by stat ute
Source Department of Agriculture (National Agricultural Statistics Service)
1RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID
SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
2010 20152007 2008 2009 20122011 2013 2014
PRICES RECEIVED
RATIO
PRICES PAID
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
90
80
60
70
130
120
110
100
90
80
60
70
130
120
110
100
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
In August prices received by farmers rose 30 percent and prices paid by farmers fell 09 percent (Data are notseasonally adjusted)
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Money Stock and Debt Measures
[Averages of daily figures except debt end-of-period basis billions of dollars seasonally adjusted]
Period
M1 M2 Debt Percent change
Sum of currencydemand depositstravelers checks and
other checkable deposits
M1 plussavings depositsretail MMMF balances
and small time deposits 1
Debt ofdomesticnonfinancial
sectors 2
From year or 6 months earlier
3 From
previous period 4
M1 M2 Debt
2005 Dec r 13748 66508 282945 ndash01 42 862006 Dec r 13683 70427 307233 ndash5 59 842007 Dec r 13766 74488 331796 6 58 812008 Dec r 16071 81740 349342 167 97 572009 Dec r 16984 84801 357496 57 37 342010 Dec r 18418 87814 370390 84 36 432011 Dec r 21682 96346 382033 177 97 352012 Dec r 24577 104225 399658 134 82 502013 Dec r 26545 109840 414596 80 54 402014 Dec r 29145 116292 432554 98 59 44
2014 Aug 28160 114420 72 58 Sept r 28571 114795 427494 82 57 45 Oct 28638 115206 67 54 Nov 28795 115640 68 50
Dec r
29145 116292 432554 72 53 482015 Jan 29318 117049 65 53 Feb 29950 118250 127 67 Mar r 29890 118448 435061 92 64 25 Apr r 29946 118949 91 65 May r 29846 119364 73 64 June r 30077 119820 439790 64 61 44 July r 30355 120596 71 61 Aug 30499 121385 37 53
1 Money market mutual fund (MMMF) Savings deposits include money market deposit accounts (MMDA)2 Consists of outstanding credit market debt of the US 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 quarter3 Annual changes are from December to Decemb er and monthly changes are from 6 months earlier at a simple annual rate4 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
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
M2
BILLIONS OF DOLLARS (RATIO SCALE)
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
BILLIONS OF DOLLARS (RATIO SCALE)
M1
MONEY CREDIT AND SECURITY MARKETS
In August M2 rose
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Components of Money Stock[Averages of daily figures billions of dollars seasonally adjusted]
2015 Jan r 12663 29 11742 4885 2640 2244 76444 65552 10892 5068 3758 1311 6219 17890 Feb r 12720 29 12174 5027 2713 2314 77076 66120 10956 5049 3758 1291 6174 17834 Mar 12794 28 12025 5042 2727 2315 77468 66493 10975 4949 3678 1272 6141 18075 Apr r 12843 28 12044 5030 2715 2315 78005 66950 11055 4864 3595 1269 6134 17848 May r 12884 27 11928 5007 2706 2301 78618 67441 11176 4792 3529 1262 6108 17990 June r 12934 27 12057 5059 2768 2291 78881 67664 11217 4727 3469 1257 6136 18154 July r 12999 27 12266 5063 2769 2294 79389 68179 11210 4664 3411 1253 6188 18438
Aug 13090 26 12313 5070 2753 2317 80069 68822 11247 4606 3355 1250 6212 187411 Small-denomination deposits are those issued in amounts of less than $1000002 Institutional money funds are not part of non-M1 M2
Source Board of Governors of the Federal Reserve System
Aggregate Reserves and Monetary Base[Averages of daily figures 1 millions of dollars not seasonally adjusted]
1 Data are prorated averages of biweekly (maintenance period) averages of daily figures2 Equals the sum of balances maintained up to the top of each institu tionrsquos penalty-free band3 Excludes vault cash used to satisfy required reserves4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve5 Equals total balances maintained plus currenc y 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 separately7 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 cr eation of a penalty-fr ee band around reserve balanc e requirements which took effe ct June 27 2013 See H3 release of July 11 2013
Source Board of Governors of the Federal Reserve System
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Bank Credit at All Commercial Banks
[Billions of dollars seasonally adjusted 1]
Period
Total
bankcredit
Securities in bank credit 2 Loans and leases in bank credit
Totalsecurities
US
Treasuryand
agencysecurities
Othersecurities
Totalloansand
leases 3
Commercialandindustrial
loans
Real estate loans
Consumerloans 5
Otherloansand
leases 6Total 4Revolving
home equityloans
Commercialloans
2005 Dec r 73156 18554 11593 6961 54602 10361 29289 4435 12701 7045 79062006 Dec r 81084 19913 12190 7723 61172 11826 33736 4683 14593 7386 82242007 Dec r 89042 21046 11375 9670 67997 14177 36002 4848 15872 7992 98272008 Dec r 93532 20976 12541 8435 72556 15588 38195 5882 17284 8762 100122009 Dec r 89955 23295 14509 8786 66660 12652 37767 6031 16409 8360 78812010 Dec r 91917 24299 16425 7874 67618 11923 36133 5819 15004 11138 84232011 Dec r 94020 24955 17020 7935 69065 13037 34948 5495 14183 10911 101702012 Dec r 99593 27358 18762 8596 72235 14756 35504 5152 14282 11155 108202013 Dec r 100964 27148 18047 9100 73816 15767 35317 4737 14986 11414 113182014 Dec r 108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 13155
2014 Aug r 106144 28436 19406 9029 77709 17174 36158 4623 15702 11822 12556 Sept r 106591 28605 19731 8874 77985 17290 36196 4608 15781 11873 12626 Oct r 106989 28683 19896 8787 78306 17366 36227 4603 15867 11919 12793 Nov r 107682 28801 20001 8800 78881 17565 36270 4594 15948 11973 13073
Dec r
108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 131552015 Jan r 109576 29525 20663 8862 80052 17932 36503 4564 16156 12008 13608 Feb r 110253 29732 20847 8885 80521 18116 36713 4553 16299 12041 13652 Mar r 111116 29771 20859 8912 81345 18392 37056 4545 16522 12066 13831 Apr r 111838 29954 20996 8958 81884 18500 37131 4527 16606 12127 14126 May r 112422 30248 21321 8927 82174 18665 37241 4509 16705 12179 14088 June r 112912 30267 21343 8924 82644 18842 37410 4487 16831 12227 14165 July r 113449 30219 21337 8882 83229 18939 37574 4468 16984 12289 14428 Aug 113955 30352 21489 8863 83603 19068 37702 4441 17118 12360 14473
1 Data are prorated averages of Wednesday values for domestically chartered commercial banks branches and agencies of foreign banks and Edge Act and agreement corporations2 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
accounts3 Excludes unearned inco me Includes the allowance for loan and lease losses Exclude s Federal funds sold to reverse r epurchase agreements (RPs) wit h and loans to commercial banks in the
United States Includes all loans held in trading acc ounts under a fair value option4 Includes closed-end residential loans not shown separately5 Includes credit cards and other consumer loans6 Includes other items not shown separately
Source Board of Governors of the Federal Reserve System
BILLIONS OF DOLLARS (RATIO SCALE)
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000TOTAL
LOANS AND LEASES
US TREASURY AND AGENCY SECURITIES
OTHER SECURITIES
otal commercial bank loans and leases rose 04 percent in August
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Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business[Billions of dollars quarterly data at seasonally adjusted annual rates]
2013 I r 28407 18324 10083 1750 ndash2137 3887 3161 727 7291 26861 14534 12327 1546 II r 27501 18870 8631 242 ndash3712 3953 2089 1866 6274 25223 15186 10037 2278 III r 29700 18725 10975 3049 ndash3441 6490 4794 1696 5918 25132 15917 9215 4569 IV r 30024 19526 10498 ndash1864 ndash4827 2964 2556 408 10129 27122 15941 11181 2902
2014 I r 23994 17883 6111 1149 ndash5018 6168 3033 3135 9213 20136 16114 4022 3857 II r 30269 18769 11500 707 ndash2731 3438 2539 899 8365 26528 16471 10057 3741 III r 30145 19916 10229 789 ndash4343 5132 2239 2894 5738 22768 17045 5723 7377
IV r 28679 19758 8921 1419 ndash3410 4828 3523 1305 5494 24169 17063 7106 45112015 I r 30105 19004 11101 443 ndash5920 6363 5297 1065 3035 23722 17387 6335 6383 II p 29302 18836 10466 836 ndash5910 6746 7004 ndash257 7179 25768 18870 6898 3533
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 earn-ings retained abroad inventory valuation adjustment and net capital transfers
2 Includes trade payables taxes payable and miscellaneous liabilities (foreign direct investment in the US 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]
Period
Consumer credit outstanding (end of period) Net change in consumer credit outstanding 1
Total Revolving Nonrevolving 2 Total Revolving Nonrevolving 2
2005 Dec 22909 8295 14614 987 299 6872006 Dec 24613 9240 15373 1704 945 7592007 Dec 26151 10020 16131 1538 780 7582008 Dec 26500 10044 16457 349 24 3262009 Dec 25523 9164 16359 ndash977 ndash880 ndash982010 Dec 26469 8395 18074 946 ndash769 17152011 Dec 27554 8412 19142 1085 17 10682012 Dec 29229 8459 20770 1675 47 16282013 Dec 30988 8582 22406 1759 123 16362014 Dec 33172 8900 24272 2184 318 1866
2014 July 32332 8803 23528 214 45 168 Aug 32493 8814 23679 161 11 151 Sept 32675 8834 23840 182 20 161 Oct 32841 8848 23993 166 14 153 Nov 33005 8861 24145 164 13 152
Dec 33172 8900 24272 167 39 1272015 Jan 33276 8883 24393 104 ndash17 121 Feb 33426 8860 24566 150 ndash23 173 Mar r 33634 8908 24726 208 48 160 Apr r 33876 9003 24873 242 95 147 May r 34073 9028 25045 197 25 172 June r 34343 9103 25240 270 75 195 July p 34534 9146 25388 191 43 148
1 Change based on data in billions of dollars as shown here For year-end data ch ange from preceding year-end for monthl y data change from preceding month2 Includes automobile loans and all other loans not included in revolving cr edit such as loans for mobile homes education boats t railers or vacations The se 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
1 High bill rate at auction issue date within period bank-discount basis Data are stop yields from uniform-price auctions2 Yields on actively traded issues adjusted to constant maturities Series for 30-year constant maturity was discontinued on February 18 2002 and reintroduced on February 6 20063 Weekly data are Wednesday figures4 Average effective rate for year rate in effect at end of month or week5 Daily effective rate weighted average of rates on brokered trades6 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 Moodyrsquos Investors Service and Standard amp Poorrsquos
Interest Rates and Bond Yields
2007 2008 2009 2010 2011 2012 2013 2014 2015
10
PERCENT PER ANNUM
4
2
0
6
8
10
PERCENT PER ANNUM
4
2
0
6
8
FEDERAL FUNDSRATE
TREASURYBILLS
CORPORATE Aaa BONDS(MOODYS)
COUNCIL OF ECONOMIC ADVISERSSOURCE SEE TABLE BELOW
Interest rates were mixed in September
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Common Stock Prices and Yields
Period
Common stock prices 1 Common stock yields(percent) 6
New York Stock Exchange indexes(December 31 2002=5000) 2 Dow Jones
1 Annual data are averages of mont hly figures Monthly and weekly dat a are averages of daily closing prices2 Includes all the stocks (in 2015 over 320 0) listed on the NYSE3 Includes 30 stocks4 Includes 500 stocks5 Includes over 2900 stocks in 20156 Standard amp Poorrsquos series Dividendprice ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter
Sources New York Stock Exchange Dow Jones amp Company Inc Standar d amp Poorrsquos Nasdaq Stock Market and Bloomberg
5
INDEX DEC 31 2002=5000 (RATIO SCALE)
SOURCES NEW YORK STOCK EXCHANGE STANDARD AND POORS AND BLOOMBERG COUNCIL OF ECONOMIC ADVISERS
1 Data from current issue Monthly Treasury Statement
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fisc al Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
RECEIPTS AND OUTLAYS1
SURPLUS OR DEFICIT (ndash)1
2007 2008 2009 2010 2011 2012
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF DOLLARSBILLIONS OF DOLLARS
OUTLAYS1
RECEIPTS1
2014 2015 20162013
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
FEDERAL FINANCE
In the first eleven months of fiscal year 2015 the deficit was $5300 billion compared with a deficit of $5892 billiona year earlier
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In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
7172019 EI_201509pdf
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
b l d
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Prices Received and Paid by Farmers
[2011=100 not seasonally adjusted]
Period
Prices received by farmers 1 Prices paid by farmers
Ratio of pricesreceived by farmers
to PPITW 3Agriculturalproduction
Cropproduction
Livestockproduction
All commoditiesservices interesttaxes and wagerates (PPITW) 2
Production itemsinterest taxes andwage rates (PITW)
Sept r 107 87 132 112 114 115 96 Oct 100 81 135 112 113 114 89 Nov r 102 82 134 112 113 114 91 Dec r 101 83 127 111 112 114 91
2015 Jan 97 82 120 110 111 111 88 Feb 99 84 114 110 110 111 90 Mar 102 85 117 110 111 111 93 Apr r 103 89 116 110 111 111 94 May r 107 90 122 110 110 111 97 June 105 88 121 109 110 110 96 July 99 86 115 109 110 110 91 Aug 102 88 117 108 109 109 94
1 Annual indexes for 2011 forward reflect revised methodology See Agricultural Price Program Update January 2015 for details2 Includes items not shown separately3 Annual data are averages of monthly ratios
Note These indexes are also available on a 1910-14=100 basis as required by stat ute
Source Department of Agriculture (National Agricultural Statistics Service)
1RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID
SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS
2010 20152007 2008 2009 20122011 2013 2014
PRICES RECEIVED
RATIO
PRICES PAID
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
90
80
60
70
130
120
110
100
90
80
60
70
130
120
110
100
INDEX 2011=100 (RATIO SCALE)
RATIO1
140
120
60
100
80
In August prices received by farmers rose 30 percent and prices paid by farmers fell 09 percent (Data are notseasonally adjusted)
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Money Stock and Debt Measures
[Averages of daily figures except debt end-of-period basis billions of dollars seasonally adjusted]
Period
M1 M2 Debt Percent change
Sum of currencydemand depositstravelers checks and
other checkable deposits
M1 plussavings depositsretail MMMF balances
and small time deposits 1
Debt ofdomesticnonfinancial
sectors 2
From year or 6 months earlier
3 From
previous period 4
M1 M2 Debt
2005 Dec r 13748 66508 282945 ndash01 42 862006 Dec r 13683 70427 307233 ndash5 59 842007 Dec r 13766 74488 331796 6 58 812008 Dec r 16071 81740 349342 167 97 572009 Dec r 16984 84801 357496 57 37 342010 Dec r 18418 87814 370390 84 36 432011 Dec r 21682 96346 382033 177 97 352012 Dec r 24577 104225 399658 134 82 502013 Dec r 26545 109840 414596 80 54 402014 Dec r 29145 116292 432554 98 59 44
2014 Aug 28160 114420 72 58 Sept r 28571 114795 427494 82 57 45 Oct 28638 115206 67 54 Nov 28795 115640 68 50
Dec r
29145 116292 432554 72 53 482015 Jan 29318 117049 65 53 Feb 29950 118250 127 67 Mar r 29890 118448 435061 92 64 25 Apr r 29946 118949 91 65 May r 29846 119364 73 64 June r 30077 119820 439790 64 61 44 July r 30355 120596 71 61 Aug 30499 121385 37 53
1 Money market mutual fund (MMMF) Savings deposits include money market deposit accounts (MMDA)2 Consists of outstanding credit market debt of the US 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 quarter3 Annual changes are from December to Decemb er and monthly changes are from 6 months earlier at a simple annual rate4 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
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
M2
BILLIONS OF DOLLARS (RATIO SCALE)
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
BILLIONS OF DOLLARS (RATIO SCALE)
M1
MONEY CREDIT AND SECURITY MARKETS
In August M2 rose
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Components of Money Stock[Averages of daily figures billions of dollars seasonally adjusted]
2015 Jan r 12663 29 11742 4885 2640 2244 76444 65552 10892 5068 3758 1311 6219 17890 Feb r 12720 29 12174 5027 2713 2314 77076 66120 10956 5049 3758 1291 6174 17834 Mar 12794 28 12025 5042 2727 2315 77468 66493 10975 4949 3678 1272 6141 18075 Apr r 12843 28 12044 5030 2715 2315 78005 66950 11055 4864 3595 1269 6134 17848 May r 12884 27 11928 5007 2706 2301 78618 67441 11176 4792 3529 1262 6108 17990 June r 12934 27 12057 5059 2768 2291 78881 67664 11217 4727 3469 1257 6136 18154 July r 12999 27 12266 5063 2769 2294 79389 68179 11210 4664 3411 1253 6188 18438
Aug 13090 26 12313 5070 2753 2317 80069 68822 11247 4606 3355 1250 6212 187411 Small-denomination deposits are those issued in amounts of less than $1000002 Institutional money funds are not part of non-M1 M2
Source Board of Governors of the Federal Reserve System
Aggregate Reserves and Monetary Base[Averages of daily figures 1 millions of dollars not seasonally adjusted]
1 Data are prorated averages of biweekly (maintenance period) averages of daily figures2 Equals the sum of balances maintained up to the top of each institu tionrsquos penalty-free band3 Excludes vault cash used to satisfy required reserves4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve5 Equals total balances maintained plus currenc y 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 separately7 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 cr eation of a penalty-fr ee band around reserve balanc e requirements which took effe ct June 27 2013 See H3 release of July 11 2013
Source Board of Governors of the Federal Reserve System
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Bank Credit at All Commercial Banks
[Billions of dollars seasonally adjusted 1]
Period
Total
bankcredit
Securities in bank credit 2 Loans and leases in bank credit
Totalsecurities
US
Treasuryand
agencysecurities
Othersecurities
Totalloansand
leases 3
Commercialandindustrial
loans
Real estate loans
Consumerloans 5
Otherloansand
leases 6Total 4Revolving
home equityloans
Commercialloans
2005 Dec r 73156 18554 11593 6961 54602 10361 29289 4435 12701 7045 79062006 Dec r 81084 19913 12190 7723 61172 11826 33736 4683 14593 7386 82242007 Dec r 89042 21046 11375 9670 67997 14177 36002 4848 15872 7992 98272008 Dec r 93532 20976 12541 8435 72556 15588 38195 5882 17284 8762 100122009 Dec r 89955 23295 14509 8786 66660 12652 37767 6031 16409 8360 78812010 Dec r 91917 24299 16425 7874 67618 11923 36133 5819 15004 11138 84232011 Dec r 94020 24955 17020 7935 69065 13037 34948 5495 14183 10911 101702012 Dec r 99593 27358 18762 8596 72235 14756 35504 5152 14282 11155 108202013 Dec r 100964 27148 18047 9100 73816 15767 35317 4737 14986 11414 113182014 Dec r 108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 13155
2014 Aug r 106144 28436 19406 9029 77709 17174 36158 4623 15702 11822 12556 Sept r 106591 28605 19731 8874 77985 17290 36196 4608 15781 11873 12626 Oct r 106989 28683 19896 8787 78306 17366 36227 4603 15867 11919 12793 Nov r 107682 28801 20001 8800 78881 17565 36270 4594 15948 11973 13073
Dec r
108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 131552015 Jan r 109576 29525 20663 8862 80052 17932 36503 4564 16156 12008 13608 Feb r 110253 29732 20847 8885 80521 18116 36713 4553 16299 12041 13652 Mar r 111116 29771 20859 8912 81345 18392 37056 4545 16522 12066 13831 Apr r 111838 29954 20996 8958 81884 18500 37131 4527 16606 12127 14126 May r 112422 30248 21321 8927 82174 18665 37241 4509 16705 12179 14088 June r 112912 30267 21343 8924 82644 18842 37410 4487 16831 12227 14165 July r 113449 30219 21337 8882 83229 18939 37574 4468 16984 12289 14428 Aug 113955 30352 21489 8863 83603 19068 37702 4441 17118 12360 14473
1 Data are prorated averages of Wednesday values for domestically chartered commercial banks branches and agencies of foreign banks and Edge Act and agreement corporations2 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
accounts3 Excludes unearned inco me Includes the allowance for loan and lease losses Exclude s Federal funds sold to reverse r epurchase agreements (RPs) wit h and loans to commercial banks in the
United States Includes all loans held in trading acc ounts under a fair value option4 Includes closed-end residential loans not shown separately5 Includes credit cards and other consumer loans6 Includes other items not shown separately
Source Board of Governors of the Federal Reserve System
BILLIONS OF DOLLARS (RATIO SCALE)
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000TOTAL
LOANS AND LEASES
US TREASURY AND AGENCY SECURITIES
OTHER SECURITIES
otal commercial bank loans and leases rose 04 percent in August
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Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business[Billions of dollars quarterly data at seasonally adjusted annual rates]
2013 I r 28407 18324 10083 1750 ndash2137 3887 3161 727 7291 26861 14534 12327 1546 II r 27501 18870 8631 242 ndash3712 3953 2089 1866 6274 25223 15186 10037 2278 III r 29700 18725 10975 3049 ndash3441 6490 4794 1696 5918 25132 15917 9215 4569 IV r 30024 19526 10498 ndash1864 ndash4827 2964 2556 408 10129 27122 15941 11181 2902
2014 I r 23994 17883 6111 1149 ndash5018 6168 3033 3135 9213 20136 16114 4022 3857 II r 30269 18769 11500 707 ndash2731 3438 2539 899 8365 26528 16471 10057 3741 III r 30145 19916 10229 789 ndash4343 5132 2239 2894 5738 22768 17045 5723 7377
IV r 28679 19758 8921 1419 ndash3410 4828 3523 1305 5494 24169 17063 7106 45112015 I r 30105 19004 11101 443 ndash5920 6363 5297 1065 3035 23722 17387 6335 6383 II p 29302 18836 10466 836 ndash5910 6746 7004 ndash257 7179 25768 18870 6898 3533
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 earn-ings retained abroad inventory valuation adjustment and net capital transfers
2 Includes trade payables taxes payable and miscellaneous liabilities (foreign direct investment in the US 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]
Period
Consumer credit outstanding (end of period) Net change in consumer credit outstanding 1
Total Revolving Nonrevolving 2 Total Revolving Nonrevolving 2
2005 Dec 22909 8295 14614 987 299 6872006 Dec 24613 9240 15373 1704 945 7592007 Dec 26151 10020 16131 1538 780 7582008 Dec 26500 10044 16457 349 24 3262009 Dec 25523 9164 16359 ndash977 ndash880 ndash982010 Dec 26469 8395 18074 946 ndash769 17152011 Dec 27554 8412 19142 1085 17 10682012 Dec 29229 8459 20770 1675 47 16282013 Dec 30988 8582 22406 1759 123 16362014 Dec 33172 8900 24272 2184 318 1866
2014 July 32332 8803 23528 214 45 168 Aug 32493 8814 23679 161 11 151 Sept 32675 8834 23840 182 20 161 Oct 32841 8848 23993 166 14 153 Nov 33005 8861 24145 164 13 152
Dec 33172 8900 24272 167 39 1272015 Jan 33276 8883 24393 104 ndash17 121 Feb 33426 8860 24566 150 ndash23 173 Mar r 33634 8908 24726 208 48 160 Apr r 33876 9003 24873 242 95 147 May r 34073 9028 25045 197 25 172 June r 34343 9103 25240 270 75 195 July p 34534 9146 25388 191 43 148
1 Change based on data in billions of dollars as shown here For year-end data ch ange from preceding year-end for monthl y data change from preceding month2 Includes automobile loans and all other loans not included in revolving cr edit such as loans for mobile homes education boats t railers or vacations The se 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
1 High bill rate at auction issue date within period bank-discount basis Data are stop yields from uniform-price auctions2 Yields on actively traded issues adjusted to constant maturities Series for 30-year constant maturity was discontinued on February 18 2002 and reintroduced on February 6 20063 Weekly data are Wednesday figures4 Average effective rate for year rate in effect at end of month or week5 Daily effective rate weighted average of rates on brokered trades6 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 Moodyrsquos Investors Service and Standard amp Poorrsquos
Interest Rates and Bond Yields
2007 2008 2009 2010 2011 2012 2013 2014 2015
10
PERCENT PER ANNUM
4
2
0
6
8
10
PERCENT PER ANNUM
4
2
0
6
8
FEDERAL FUNDSRATE
TREASURYBILLS
CORPORATE Aaa BONDS(MOODYS)
COUNCIL OF ECONOMIC ADVISERSSOURCE SEE TABLE BELOW
Interest rates were mixed in September
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Common Stock Prices and Yields
Period
Common stock prices 1 Common stock yields(percent) 6
New York Stock Exchange indexes(December 31 2002=5000) 2 Dow Jones
1 Annual data are averages of mont hly figures Monthly and weekly dat a are averages of daily closing prices2 Includes all the stocks (in 2015 over 320 0) listed on the NYSE3 Includes 30 stocks4 Includes 500 stocks5 Includes over 2900 stocks in 20156 Standard amp Poorrsquos series Dividendprice ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter
Sources New York Stock Exchange Dow Jones amp Company Inc Standar d amp Poorrsquos Nasdaq Stock Market and Bloomberg
5
INDEX DEC 31 2002=5000 (RATIO SCALE)
SOURCES NEW YORK STOCK EXCHANGE STANDARD AND POORS AND BLOOMBERG COUNCIL OF ECONOMIC ADVISERS
1 Data from current issue Monthly Treasury Statement
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fisc al Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
RECEIPTS AND OUTLAYS1
SURPLUS OR DEFICIT (ndash)1
2007 2008 2009 2010 2011 2012
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF DOLLARSBILLIONS OF DOLLARS
OUTLAYS1
RECEIPTS1
2014 2015 20162013
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
FEDERAL FINANCE
In the first eleven months of fiscal year 2015 the deficit was $5300 billion compared with a deficit of $5892 billiona year earlier
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In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
7172019 EI_201509pdf
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
b l d
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Money Stock and Debt Measures
[Averages of daily figures except debt end-of-period basis billions of dollars seasonally adjusted]
Period
M1 M2 Debt Percent change
Sum of currencydemand depositstravelers checks and
other checkable deposits
M1 plussavings depositsretail MMMF balances
and small time deposits 1
Debt ofdomesticnonfinancial
sectors 2
From year or 6 months earlier
3 From
previous period 4
M1 M2 Debt
2005 Dec r 13748 66508 282945 ndash01 42 862006 Dec r 13683 70427 307233 ndash5 59 842007 Dec r 13766 74488 331796 6 58 812008 Dec r 16071 81740 349342 167 97 572009 Dec r 16984 84801 357496 57 37 342010 Dec r 18418 87814 370390 84 36 432011 Dec r 21682 96346 382033 177 97 352012 Dec r 24577 104225 399658 134 82 502013 Dec r 26545 109840 414596 80 54 402014 Dec r 29145 116292 432554 98 59 44
2014 Aug 28160 114420 72 58 Sept r 28571 114795 427494 82 57 45 Oct 28638 115206 67 54 Nov 28795 115640 68 50
Dec r
29145 116292 432554 72 53 482015 Jan 29318 117049 65 53 Feb 29950 118250 127 67 Mar r 29890 118448 435061 92 64 25 Apr r 29946 118949 91 65 May r 29846 119364 73 64 June r 30077 119820 439790 64 61 44 July r 30355 120596 71 61 Aug 30499 121385 37 53
1 Money market mutual fund (MMMF) Savings deposits include money market deposit accounts (MMDA)2 Consists of outstanding credit market debt of the US 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 quarter3 Annual changes are from December to Decemb er and monthly changes are from 6 months earlier at a simple annual rate4 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
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
M2
BILLIONS OF DOLLARS (RATIO SCALE)
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
3200
2800
2400
2000
1600
1200
3600
4400
5200
6000
132001240011600
10000
10800
9200
6800
7600
8400
BILLIONS OF DOLLARS (RATIO SCALE)
M1
MONEY CREDIT AND SECURITY MARKETS
In August M2 rose
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Components of Money Stock[Averages of daily figures billions of dollars seasonally adjusted]
2015 Jan r 12663 29 11742 4885 2640 2244 76444 65552 10892 5068 3758 1311 6219 17890 Feb r 12720 29 12174 5027 2713 2314 77076 66120 10956 5049 3758 1291 6174 17834 Mar 12794 28 12025 5042 2727 2315 77468 66493 10975 4949 3678 1272 6141 18075 Apr r 12843 28 12044 5030 2715 2315 78005 66950 11055 4864 3595 1269 6134 17848 May r 12884 27 11928 5007 2706 2301 78618 67441 11176 4792 3529 1262 6108 17990 June r 12934 27 12057 5059 2768 2291 78881 67664 11217 4727 3469 1257 6136 18154 July r 12999 27 12266 5063 2769 2294 79389 68179 11210 4664 3411 1253 6188 18438
Aug 13090 26 12313 5070 2753 2317 80069 68822 11247 4606 3355 1250 6212 187411 Small-denomination deposits are those issued in amounts of less than $1000002 Institutional money funds are not part of non-M1 M2
Source Board of Governors of the Federal Reserve System
Aggregate Reserves and Monetary Base[Averages of daily figures 1 millions of dollars not seasonally adjusted]
1 Data are prorated averages of biweekly (maintenance period) averages of daily figures2 Equals the sum of balances maintained up to the top of each institu tionrsquos penalty-free band3 Excludes vault cash used to satisfy required reserves4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve5 Equals total balances maintained plus currenc y 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 separately7 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 cr eation of a penalty-fr ee band around reserve balanc e requirements which took effe ct June 27 2013 See H3 release of July 11 2013
Source Board of Governors of the Federal Reserve System
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Bank Credit at All Commercial Banks
[Billions of dollars seasonally adjusted 1]
Period
Total
bankcredit
Securities in bank credit 2 Loans and leases in bank credit
Totalsecurities
US
Treasuryand
agencysecurities
Othersecurities
Totalloansand
leases 3
Commercialandindustrial
loans
Real estate loans
Consumerloans 5
Otherloansand
leases 6Total 4Revolving
home equityloans
Commercialloans
2005 Dec r 73156 18554 11593 6961 54602 10361 29289 4435 12701 7045 79062006 Dec r 81084 19913 12190 7723 61172 11826 33736 4683 14593 7386 82242007 Dec r 89042 21046 11375 9670 67997 14177 36002 4848 15872 7992 98272008 Dec r 93532 20976 12541 8435 72556 15588 38195 5882 17284 8762 100122009 Dec r 89955 23295 14509 8786 66660 12652 37767 6031 16409 8360 78812010 Dec r 91917 24299 16425 7874 67618 11923 36133 5819 15004 11138 84232011 Dec r 94020 24955 17020 7935 69065 13037 34948 5495 14183 10911 101702012 Dec r 99593 27358 18762 8596 72235 14756 35504 5152 14282 11155 108202013 Dec r 100964 27148 18047 9100 73816 15767 35317 4737 14986 11414 113182014 Dec r 108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 13155
2014 Aug r 106144 28436 19406 9029 77709 17174 36158 4623 15702 11822 12556 Sept r 106591 28605 19731 8874 77985 17290 36196 4608 15781 11873 12626 Oct r 106989 28683 19896 8787 78306 17366 36227 4603 15867 11919 12793 Nov r 107682 28801 20001 8800 78881 17565 36270 4594 15948 11973 13073
Dec r
108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 131552015 Jan r 109576 29525 20663 8862 80052 17932 36503 4564 16156 12008 13608 Feb r 110253 29732 20847 8885 80521 18116 36713 4553 16299 12041 13652 Mar r 111116 29771 20859 8912 81345 18392 37056 4545 16522 12066 13831 Apr r 111838 29954 20996 8958 81884 18500 37131 4527 16606 12127 14126 May r 112422 30248 21321 8927 82174 18665 37241 4509 16705 12179 14088 June r 112912 30267 21343 8924 82644 18842 37410 4487 16831 12227 14165 July r 113449 30219 21337 8882 83229 18939 37574 4468 16984 12289 14428 Aug 113955 30352 21489 8863 83603 19068 37702 4441 17118 12360 14473
1 Data are prorated averages of Wednesday values for domestically chartered commercial banks branches and agencies of foreign banks and Edge Act and agreement corporations2 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
accounts3 Excludes unearned inco me Includes the allowance for loan and lease losses Exclude s Federal funds sold to reverse r epurchase agreements (RPs) wit h and loans to commercial banks in the
United States Includes all loans held in trading acc ounts under a fair value option4 Includes closed-end residential loans not shown separately5 Includes credit cards and other consumer loans6 Includes other items not shown separately
Source Board of Governors of the Federal Reserve System
BILLIONS OF DOLLARS (RATIO SCALE)
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000TOTAL
LOANS AND LEASES
US TREASURY AND AGENCY SECURITIES
OTHER SECURITIES
otal commercial bank loans and leases rose 04 percent in August
7172019 EI_201509pdf
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Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business[Billions of dollars quarterly data at seasonally adjusted annual rates]
2013 I r 28407 18324 10083 1750 ndash2137 3887 3161 727 7291 26861 14534 12327 1546 II r 27501 18870 8631 242 ndash3712 3953 2089 1866 6274 25223 15186 10037 2278 III r 29700 18725 10975 3049 ndash3441 6490 4794 1696 5918 25132 15917 9215 4569 IV r 30024 19526 10498 ndash1864 ndash4827 2964 2556 408 10129 27122 15941 11181 2902
2014 I r 23994 17883 6111 1149 ndash5018 6168 3033 3135 9213 20136 16114 4022 3857 II r 30269 18769 11500 707 ndash2731 3438 2539 899 8365 26528 16471 10057 3741 III r 30145 19916 10229 789 ndash4343 5132 2239 2894 5738 22768 17045 5723 7377
IV r 28679 19758 8921 1419 ndash3410 4828 3523 1305 5494 24169 17063 7106 45112015 I r 30105 19004 11101 443 ndash5920 6363 5297 1065 3035 23722 17387 6335 6383 II p 29302 18836 10466 836 ndash5910 6746 7004 ndash257 7179 25768 18870 6898 3533
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 earn-ings retained abroad inventory valuation adjustment and net capital transfers
2 Includes trade payables taxes payable and miscellaneous liabilities (foreign direct investment in the US 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]
Period
Consumer credit outstanding (end of period) Net change in consumer credit outstanding 1
Total Revolving Nonrevolving 2 Total Revolving Nonrevolving 2
2005 Dec 22909 8295 14614 987 299 6872006 Dec 24613 9240 15373 1704 945 7592007 Dec 26151 10020 16131 1538 780 7582008 Dec 26500 10044 16457 349 24 3262009 Dec 25523 9164 16359 ndash977 ndash880 ndash982010 Dec 26469 8395 18074 946 ndash769 17152011 Dec 27554 8412 19142 1085 17 10682012 Dec 29229 8459 20770 1675 47 16282013 Dec 30988 8582 22406 1759 123 16362014 Dec 33172 8900 24272 2184 318 1866
2014 July 32332 8803 23528 214 45 168 Aug 32493 8814 23679 161 11 151 Sept 32675 8834 23840 182 20 161 Oct 32841 8848 23993 166 14 153 Nov 33005 8861 24145 164 13 152
Dec 33172 8900 24272 167 39 1272015 Jan 33276 8883 24393 104 ndash17 121 Feb 33426 8860 24566 150 ndash23 173 Mar r 33634 8908 24726 208 48 160 Apr r 33876 9003 24873 242 95 147 May r 34073 9028 25045 197 25 172 June r 34343 9103 25240 270 75 195 July p 34534 9146 25388 191 43 148
1 Change based on data in billions of dollars as shown here For year-end data ch ange from preceding year-end for monthl y data change from preceding month2 Includes automobile loans and all other loans not included in revolving cr edit such as loans for mobile homes education boats t railers or vacations The se 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
1 High bill rate at auction issue date within period bank-discount basis Data are stop yields from uniform-price auctions2 Yields on actively traded issues adjusted to constant maturities Series for 30-year constant maturity was discontinued on February 18 2002 and reintroduced on February 6 20063 Weekly data are Wednesday figures4 Average effective rate for year rate in effect at end of month or week5 Daily effective rate weighted average of rates on brokered trades6 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 Moodyrsquos Investors Service and Standard amp Poorrsquos
Interest Rates and Bond Yields
2007 2008 2009 2010 2011 2012 2013 2014 2015
10
PERCENT PER ANNUM
4
2
0
6
8
10
PERCENT PER ANNUM
4
2
0
6
8
FEDERAL FUNDSRATE
TREASURYBILLS
CORPORATE Aaa BONDS(MOODYS)
COUNCIL OF ECONOMIC ADVISERSSOURCE SEE TABLE BELOW
Interest rates were mixed in September
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Common Stock Prices and Yields
Period
Common stock prices 1 Common stock yields(percent) 6
New York Stock Exchange indexes(December 31 2002=5000) 2 Dow Jones
1 Annual data are averages of mont hly figures Monthly and weekly dat a are averages of daily closing prices2 Includes all the stocks (in 2015 over 320 0) listed on the NYSE3 Includes 30 stocks4 Includes 500 stocks5 Includes over 2900 stocks in 20156 Standard amp Poorrsquos series Dividendprice ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter
Sources New York Stock Exchange Dow Jones amp Company Inc Standar d amp Poorrsquos Nasdaq Stock Market and Bloomberg
5
INDEX DEC 31 2002=5000 (RATIO SCALE)
SOURCES NEW YORK STOCK EXCHANGE STANDARD AND POORS AND BLOOMBERG COUNCIL OF ECONOMIC ADVISERS
1 Data from current issue Monthly Treasury Statement
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fisc al Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
RECEIPTS AND OUTLAYS1
SURPLUS OR DEFICIT (ndash)1
2007 2008 2009 2010 2011 2012
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF DOLLARSBILLIONS OF DOLLARS
OUTLAYS1
RECEIPTS1
2014 2015 20162013
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
FEDERAL FINANCE
In the first eleven months of fiscal year 2015 the deficit was $5300 billion compared with a deficit of $5892 billiona year earlier
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In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
b l d
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Components of Money Stock[Averages of daily figures billions of dollars seasonally adjusted]
2015 Jan r 12663 29 11742 4885 2640 2244 76444 65552 10892 5068 3758 1311 6219 17890 Feb r 12720 29 12174 5027 2713 2314 77076 66120 10956 5049 3758 1291 6174 17834 Mar 12794 28 12025 5042 2727 2315 77468 66493 10975 4949 3678 1272 6141 18075 Apr r 12843 28 12044 5030 2715 2315 78005 66950 11055 4864 3595 1269 6134 17848 May r 12884 27 11928 5007 2706 2301 78618 67441 11176 4792 3529 1262 6108 17990 June r 12934 27 12057 5059 2768 2291 78881 67664 11217 4727 3469 1257 6136 18154 July r 12999 27 12266 5063 2769 2294 79389 68179 11210 4664 3411 1253 6188 18438
Aug 13090 26 12313 5070 2753 2317 80069 68822 11247 4606 3355 1250 6212 187411 Small-denomination deposits are those issued in amounts of less than $1000002 Institutional money funds are not part of non-M1 M2
Source Board of Governors of the Federal Reserve System
Aggregate Reserves and Monetary Base[Averages of daily figures 1 millions of dollars not seasonally adjusted]
1 Data are prorated averages of biweekly (maintenance period) averages of daily figures2 Equals the sum of balances maintained up to the top of each institu tionrsquos penalty-free band3 Excludes vault cash used to satisfy required reserves4 Total reserve balances maintained plus vault cash used to satisfy required reserves less total borrowings from the Federal Reserve5 Equals total balances maintained plus currenc y 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 separately7 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 cr eation of a penalty-fr ee band around reserve balanc e requirements which took effe ct June 27 2013 See H3 release of July 11 2013
Source Board of Governors of the Federal Reserve System
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Bank Credit at All Commercial Banks
[Billions of dollars seasonally adjusted 1]
Period
Total
bankcredit
Securities in bank credit 2 Loans and leases in bank credit
Totalsecurities
US
Treasuryand
agencysecurities
Othersecurities
Totalloansand
leases 3
Commercialandindustrial
loans
Real estate loans
Consumerloans 5
Otherloansand
leases 6Total 4Revolving
home equityloans
Commercialloans
2005 Dec r 73156 18554 11593 6961 54602 10361 29289 4435 12701 7045 79062006 Dec r 81084 19913 12190 7723 61172 11826 33736 4683 14593 7386 82242007 Dec r 89042 21046 11375 9670 67997 14177 36002 4848 15872 7992 98272008 Dec r 93532 20976 12541 8435 72556 15588 38195 5882 17284 8762 100122009 Dec r 89955 23295 14509 8786 66660 12652 37767 6031 16409 8360 78812010 Dec r 91917 24299 16425 7874 67618 11923 36133 5819 15004 11138 84232011 Dec r 94020 24955 17020 7935 69065 13037 34948 5495 14183 10911 101702012 Dec r 99593 27358 18762 8596 72235 14756 35504 5152 14282 11155 108202013 Dec r 100964 27148 18047 9100 73816 15767 35317 4737 14986 11414 113182014 Dec r 108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 13155
2014 Aug r 106144 28436 19406 9029 77709 17174 36158 4623 15702 11822 12556 Sept r 106591 28605 19731 8874 77985 17290 36196 4608 15781 11873 12626 Oct r 106989 28683 19896 8787 78306 17366 36227 4603 15867 11919 12793 Nov r 107682 28801 20001 8800 78881 17565 36270 4594 15948 11973 13073
Dec r
108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 131552015 Jan r 109576 29525 20663 8862 80052 17932 36503 4564 16156 12008 13608 Feb r 110253 29732 20847 8885 80521 18116 36713 4553 16299 12041 13652 Mar r 111116 29771 20859 8912 81345 18392 37056 4545 16522 12066 13831 Apr r 111838 29954 20996 8958 81884 18500 37131 4527 16606 12127 14126 May r 112422 30248 21321 8927 82174 18665 37241 4509 16705 12179 14088 June r 112912 30267 21343 8924 82644 18842 37410 4487 16831 12227 14165 July r 113449 30219 21337 8882 83229 18939 37574 4468 16984 12289 14428 Aug 113955 30352 21489 8863 83603 19068 37702 4441 17118 12360 14473
1 Data are prorated averages of Wednesday values for domestically chartered commercial banks branches and agencies of foreign banks and Edge Act and agreement corporations2 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
accounts3 Excludes unearned inco me Includes the allowance for loan and lease losses Exclude s Federal funds sold to reverse r epurchase agreements (RPs) wit h and loans to commercial banks in the
United States Includes all loans held in trading acc ounts under a fair value option4 Includes closed-end residential loans not shown separately5 Includes credit cards and other consumer loans6 Includes other items not shown separately
Source Board of Governors of the Federal Reserve System
BILLIONS OF DOLLARS (RATIO SCALE)
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000TOTAL
LOANS AND LEASES
US TREASURY AND AGENCY SECURITIES
OTHER SECURITIES
otal commercial bank loans and leases rose 04 percent in August
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Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business[Billions of dollars quarterly data at seasonally adjusted annual rates]
2013 I r 28407 18324 10083 1750 ndash2137 3887 3161 727 7291 26861 14534 12327 1546 II r 27501 18870 8631 242 ndash3712 3953 2089 1866 6274 25223 15186 10037 2278 III r 29700 18725 10975 3049 ndash3441 6490 4794 1696 5918 25132 15917 9215 4569 IV r 30024 19526 10498 ndash1864 ndash4827 2964 2556 408 10129 27122 15941 11181 2902
2014 I r 23994 17883 6111 1149 ndash5018 6168 3033 3135 9213 20136 16114 4022 3857 II r 30269 18769 11500 707 ndash2731 3438 2539 899 8365 26528 16471 10057 3741 III r 30145 19916 10229 789 ndash4343 5132 2239 2894 5738 22768 17045 5723 7377
IV r 28679 19758 8921 1419 ndash3410 4828 3523 1305 5494 24169 17063 7106 45112015 I r 30105 19004 11101 443 ndash5920 6363 5297 1065 3035 23722 17387 6335 6383 II p 29302 18836 10466 836 ndash5910 6746 7004 ndash257 7179 25768 18870 6898 3533
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 earn-ings retained abroad inventory valuation adjustment and net capital transfers
2 Includes trade payables taxes payable and miscellaneous liabilities (foreign direct investment in the US 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]
Period
Consumer credit outstanding (end of period) Net change in consumer credit outstanding 1
Total Revolving Nonrevolving 2 Total Revolving Nonrevolving 2
2005 Dec 22909 8295 14614 987 299 6872006 Dec 24613 9240 15373 1704 945 7592007 Dec 26151 10020 16131 1538 780 7582008 Dec 26500 10044 16457 349 24 3262009 Dec 25523 9164 16359 ndash977 ndash880 ndash982010 Dec 26469 8395 18074 946 ndash769 17152011 Dec 27554 8412 19142 1085 17 10682012 Dec 29229 8459 20770 1675 47 16282013 Dec 30988 8582 22406 1759 123 16362014 Dec 33172 8900 24272 2184 318 1866
2014 July 32332 8803 23528 214 45 168 Aug 32493 8814 23679 161 11 151 Sept 32675 8834 23840 182 20 161 Oct 32841 8848 23993 166 14 153 Nov 33005 8861 24145 164 13 152
Dec 33172 8900 24272 167 39 1272015 Jan 33276 8883 24393 104 ndash17 121 Feb 33426 8860 24566 150 ndash23 173 Mar r 33634 8908 24726 208 48 160 Apr r 33876 9003 24873 242 95 147 May r 34073 9028 25045 197 25 172 June r 34343 9103 25240 270 75 195 July p 34534 9146 25388 191 43 148
1 Change based on data in billions of dollars as shown here For year-end data ch ange from preceding year-end for monthl y data change from preceding month2 Includes automobile loans and all other loans not included in revolving cr edit such as loans for mobile homes education boats t railers or vacations The se 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
1 High bill rate at auction issue date within period bank-discount basis Data are stop yields from uniform-price auctions2 Yields on actively traded issues adjusted to constant maturities Series for 30-year constant maturity was discontinued on February 18 2002 and reintroduced on February 6 20063 Weekly data are Wednesday figures4 Average effective rate for year rate in effect at end of month or week5 Daily effective rate weighted average of rates on brokered trades6 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 Moodyrsquos Investors Service and Standard amp Poorrsquos
Interest Rates and Bond Yields
2007 2008 2009 2010 2011 2012 2013 2014 2015
10
PERCENT PER ANNUM
4
2
0
6
8
10
PERCENT PER ANNUM
4
2
0
6
8
FEDERAL FUNDSRATE
TREASURYBILLS
CORPORATE Aaa BONDS(MOODYS)
COUNCIL OF ECONOMIC ADVISERSSOURCE SEE TABLE BELOW
Interest rates were mixed in September
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Common Stock Prices and Yields
Period
Common stock prices 1 Common stock yields(percent) 6
New York Stock Exchange indexes(December 31 2002=5000) 2 Dow Jones
1 Annual data are averages of mont hly figures Monthly and weekly dat a are averages of daily closing prices2 Includes all the stocks (in 2015 over 320 0) listed on the NYSE3 Includes 30 stocks4 Includes 500 stocks5 Includes over 2900 stocks in 20156 Standard amp Poorrsquos series Dividendprice ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter
Sources New York Stock Exchange Dow Jones amp Company Inc Standar d amp Poorrsquos Nasdaq Stock Market and Bloomberg
5
INDEX DEC 31 2002=5000 (RATIO SCALE)
SOURCES NEW YORK STOCK EXCHANGE STANDARD AND POORS AND BLOOMBERG COUNCIL OF ECONOMIC ADVISERS
1 Data from current issue Monthly Treasury Statement
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fisc al Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
RECEIPTS AND OUTLAYS1
SURPLUS OR DEFICIT (ndash)1
2007 2008 2009 2010 2011 2012
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF DOLLARSBILLIONS OF DOLLARS
OUTLAYS1
RECEIPTS1
2014 2015 20162013
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
FEDERAL FINANCE
In the first eleven months of fiscal year 2015 the deficit was $5300 billion compared with a deficit of $5892 billiona year earlier
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In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
7172019 EI_201509pdf
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
b l d
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Bank Credit at All Commercial Banks
[Billions of dollars seasonally adjusted 1]
Period
Total
bankcredit
Securities in bank credit 2 Loans and leases in bank credit
Totalsecurities
US
Treasuryand
agencysecurities
Othersecurities
Totalloansand
leases 3
Commercialandindustrial
loans
Real estate loans
Consumerloans 5
Otherloansand
leases 6Total 4Revolving
home equityloans
Commercialloans
2005 Dec r 73156 18554 11593 6961 54602 10361 29289 4435 12701 7045 79062006 Dec r 81084 19913 12190 7723 61172 11826 33736 4683 14593 7386 82242007 Dec r 89042 21046 11375 9670 67997 14177 36002 4848 15872 7992 98272008 Dec r 93532 20976 12541 8435 72556 15588 38195 5882 17284 8762 100122009 Dec r 89955 23295 14509 8786 66660 12652 37767 6031 16409 8360 78812010 Dec r 91917 24299 16425 7874 67618 11923 36133 5819 15004 11138 84232011 Dec r 94020 24955 17020 7935 69065 13037 34948 5495 14183 10911 101702012 Dec r 99593 27358 18762 8596 72235 14756 35504 5152 14282 11155 108202013 Dec r 100964 27148 18047 9100 73816 15767 35317 4737 14986 11414 113182014 Dec r 108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 13155
2014 Aug r 106144 28436 19406 9029 77709 17174 36158 4623 15702 11822 12556 Sept r 106591 28605 19731 8874 77985 17290 36196 4608 15781 11873 12626 Oct r 106989 28683 19896 8787 78306 17366 36227 4603 15867 11919 12793 Nov r 107682 28801 20001 8800 78881 17565 36270 4594 15948 11973 13073
Dec r
108534 29250 20400 8849 79284 17760 36381 4580 16051 11988 131552015 Jan r 109576 29525 20663 8862 80052 17932 36503 4564 16156 12008 13608 Feb r 110253 29732 20847 8885 80521 18116 36713 4553 16299 12041 13652 Mar r 111116 29771 20859 8912 81345 18392 37056 4545 16522 12066 13831 Apr r 111838 29954 20996 8958 81884 18500 37131 4527 16606 12127 14126 May r 112422 30248 21321 8927 82174 18665 37241 4509 16705 12179 14088 June r 112912 30267 21343 8924 82644 18842 37410 4487 16831 12227 14165 July r 113449 30219 21337 8882 83229 18939 37574 4468 16984 12289 14428 Aug 113955 30352 21489 8863 83603 19068 37702 4441 17118 12360 14473
1 Data are prorated averages of Wednesday values for domestically chartered commercial banks branches and agencies of foreign banks and Edge Act and agreement corporations2 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
accounts3 Excludes unearned inco me Includes the allowance for loan and lease losses Exclude s Federal funds sold to reverse r epurchase agreements (RPs) wit h and loans to commercial banks in the
United States Includes all loans held in trading acc ounts under a fair value option4 Includes closed-end residential loans not shown separately5 Includes credit cards and other consumer loans6 Includes other items not shown separately
Source Board of Governors of the Federal Reserve System
BILLIONS OF DOLLARS (RATIO SCALE)
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS (RATIO SCALE)
COUNCIL OF ECONOMIC ADVISERS
2007 2008 2010 2011 2013 20142009 2012 2015
SEASONALLY ADJUSTEDSOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000
5000
3000
4000
2000
1600
1200
800
400
6000
7000
12000
8000
9000
10000TOTAL
LOANS AND LEASES
US TREASURY AND AGENCY SECURITIES
OTHER SECURITIES
otal commercial bank loans and leases rose 04 percent in August
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Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business[Billions of dollars quarterly data at seasonally adjusted annual rates]
2013 I r 28407 18324 10083 1750 ndash2137 3887 3161 727 7291 26861 14534 12327 1546 II r 27501 18870 8631 242 ndash3712 3953 2089 1866 6274 25223 15186 10037 2278 III r 29700 18725 10975 3049 ndash3441 6490 4794 1696 5918 25132 15917 9215 4569 IV r 30024 19526 10498 ndash1864 ndash4827 2964 2556 408 10129 27122 15941 11181 2902
2014 I r 23994 17883 6111 1149 ndash5018 6168 3033 3135 9213 20136 16114 4022 3857 II r 30269 18769 11500 707 ndash2731 3438 2539 899 8365 26528 16471 10057 3741 III r 30145 19916 10229 789 ndash4343 5132 2239 2894 5738 22768 17045 5723 7377
IV r 28679 19758 8921 1419 ndash3410 4828 3523 1305 5494 24169 17063 7106 45112015 I r 30105 19004 11101 443 ndash5920 6363 5297 1065 3035 23722 17387 6335 6383 II p 29302 18836 10466 836 ndash5910 6746 7004 ndash257 7179 25768 18870 6898 3533
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 earn-ings retained abroad inventory valuation adjustment and net capital transfers
2 Includes trade payables taxes payable and miscellaneous liabilities (foreign direct investment in the US 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]
Period
Consumer credit outstanding (end of period) Net change in consumer credit outstanding 1
Total Revolving Nonrevolving 2 Total Revolving Nonrevolving 2
2005 Dec 22909 8295 14614 987 299 6872006 Dec 24613 9240 15373 1704 945 7592007 Dec 26151 10020 16131 1538 780 7582008 Dec 26500 10044 16457 349 24 3262009 Dec 25523 9164 16359 ndash977 ndash880 ndash982010 Dec 26469 8395 18074 946 ndash769 17152011 Dec 27554 8412 19142 1085 17 10682012 Dec 29229 8459 20770 1675 47 16282013 Dec 30988 8582 22406 1759 123 16362014 Dec 33172 8900 24272 2184 318 1866
2014 July 32332 8803 23528 214 45 168 Aug 32493 8814 23679 161 11 151 Sept 32675 8834 23840 182 20 161 Oct 32841 8848 23993 166 14 153 Nov 33005 8861 24145 164 13 152
Dec 33172 8900 24272 167 39 1272015 Jan 33276 8883 24393 104 ndash17 121 Feb 33426 8860 24566 150 ndash23 173 Mar r 33634 8908 24726 208 48 160 Apr r 33876 9003 24873 242 95 147 May r 34073 9028 25045 197 25 172 June r 34343 9103 25240 270 75 195 July p 34534 9146 25388 191 43 148
1 Change based on data in billions of dollars as shown here For year-end data ch ange from preceding year-end for monthl y data change from preceding month2 Includes automobile loans and all other loans not included in revolving cr edit such as loans for mobile homes education boats t railers or vacations The se 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
1 High bill rate at auction issue date within period bank-discount basis Data are stop yields from uniform-price auctions2 Yields on actively traded issues adjusted to constant maturities Series for 30-year constant maturity was discontinued on February 18 2002 and reintroduced on February 6 20063 Weekly data are Wednesday figures4 Average effective rate for year rate in effect at end of month or week5 Daily effective rate weighted average of rates on brokered trades6 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 Moodyrsquos Investors Service and Standard amp Poorrsquos
Interest Rates and Bond Yields
2007 2008 2009 2010 2011 2012 2013 2014 2015
10
PERCENT PER ANNUM
4
2
0
6
8
10
PERCENT PER ANNUM
4
2
0
6
8
FEDERAL FUNDSRATE
TREASURYBILLS
CORPORATE Aaa BONDS(MOODYS)
COUNCIL OF ECONOMIC ADVISERSSOURCE SEE TABLE BELOW
Interest rates were mixed in September
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Common Stock Prices and Yields
Period
Common stock prices 1 Common stock yields(percent) 6
New York Stock Exchange indexes(December 31 2002=5000) 2 Dow Jones
1 Annual data are averages of mont hly figures Monthly and weekly dat a are averages of daily closing prices2 Includes all the stocks (in 2015 over 320 0) listed on the NYSE3 Includes 30 stocks4 Includes 500 stocks5 Includes over 2900 stocks in 20156 Standard amp Poorrsquos series Dividendprice ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter
Sources New York Stock Exchange Dow Jones amp Company Inc Standar d amp Poorrsquos Nasdaq Stock Market and Bloomberg
5
INDEX DEC 31 2002=5000 (RATIO SCALE)
SOURCES NEW YORK STOCK EXCHANGE STANDARD AND POORS AND BLOOMBERG COUNCIL OF ECONOMIC ADVISERS
1 Data from current issue Monthly Treasury Statement
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fisc al Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
RECEIPTS AND OUTLAYS1
SURPLUS OR DEFICIT (ndash)1
2007 2008 2009 2010 2011 2012
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF DOLLARSBILLIONS OF DOLLARS
OUTLAYS1
RECEIPTS1
2014 2015 20162013
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
FEDERAL FINANCE
In the first eleven months of fiscal year 2015 the deficit was $5300 billion compared with a deficit of $5892 billiona year earlier
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In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
7172019 EI_201509pdf
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
7172019 EI_201509pdf
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
7172019 EI_201509pdf
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
7172019 EI_201509pdf
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
b l d
7172019 EI_201509pdf
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Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business[Billions of dollars quarterly data at seasonally adjusted annual rates]
2013 I r 28407 18324 10083 1750 ndash2137 3887 3161 727 7291 26861 14534 12327 1546 II r 27501 18870 8631 242 ndash3712 3953 2089 1866 6274 25223 15186 10037 2278 III r 29700 18725 10975 3049 ndash3441 6490 4794 1696 5918 25132 15917 9215 4569 IV r 30024 19526 10498 ndash1864 ndash4827 2964 2556 408 10129 27122 15941 11181 2902
2014 I r 23994 17883 6111 1149 ndash5018 6168 3033 3135 9213 20136 16114 4022 3857 II r 30269 18769 11500 707 ndash2731 3438 2539 899 8365 26528 16471 10057 3741 III r 30145 19916 10229 789 ndash4343 5132 2239 2894 5738 22768 17045 5723 7377
IV r 28679 19758 8921 1419 ndash3410 4828 3523 1305 5494 24169 17063 7106 45112015 I r 30105 19004 11101 443 ndash5920 6363 5297 1065 3035 23722 17387 6335 6383 II p 29302 18836 10466 836 ndash5910 6746 7004 ndash257 7179 25768 18870 6898 3533
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 earn-ings retained abroad inventory valuation adjustment and net capital transfers
2 Includes trade payables taxes payable and miscellaneous liabilities (foreign direct investment in the US 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]
Period
Consumer credit outstanding (end of period) Net change in consumer credit outstanding 1
Total Revolving Nonrevolving 2 Total Revolving Nonrevolving 2
2005 Dec 22909 8295 14614 987 299 6872006 Dec 24613 9240 15373 1704 945 7592007 Dec 26151 10020 16131 1538 780 7582008 Dec 26500 10044 16457 349 24 3262009 Dec 25523 9164 16359 ndash977 ndash880 ndash982010 Dec 26469 8395 18074 946 ndash769 17152011 Dec 27554 8412 19142 1085 17 10682012 Dec 29229 8459 20770 1675 47 16282013 Dec 30988 8582 22406 1759 123 16362014 Dec 33172 8900 24272 2184 318 1866
2014 July 32332 8803 23528 214 45 168 Aug 32493 8814 23679 161 11 151 Sept 32675 8834 23840 182 20 161 Oct 32841 8848 23993 166 14 153 Nov 33005 8861 24145 164 13 152
Dec 33172 8900 24272 167 39 1272015 Jan 33276 8883 24393 104 ndash17 121 Feb 33426 8860 24566 150 ndash23 173 Mar r 33634 8908 24726 208 48 160 Apr r 33876 9003 24873 242 95 147 May r 34073 9028 25045 197 25 172 June r 34343 9103 25240 270 75 195 July p 34534 9146 25388 191 43 148
1 Change based on data in billions of dollars as shown here For year-end data ch ange from preceding year-end for monthl y data change from preceding month2 Includes automobile loans and all other loans not included in revolving cr edit such as loans for mobile homes education boats t railers or vacations The se 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
1 High bill rate at auction issue date within period bank-discount basis Data are stop yields from uniform-price auctions2 Yields on actively traded issues adjusted to constant maturities Series for 30-year constant maturity was discontinued on February 18 2002 and reintroduced on February 6 20063 Weekly data are Wednesday figures4 Average effective rate for year rate in effect at end of month or week5 Daily effective rate weighted average of rates on brokered trades6 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 Moodyrsquos Investors Service and Standard amp Poorrsquos
Interest Rates and Bond Yields
2007 2008 2009 2010 2011 2012 2013 2014 2015
10
PERCENT PER ANNUM
4
2
0
6
8
10
PERCENT PER ANNUM
4
2
0
6
8
FEDERAL FUNDSRATE
TREASURYBILLS
CORPORATE Aaa BONDS(MOODYS)
COUNCIL OF ECONOMIC ADVISERSSOURCE SEE TABLE BELOW
Interest rates were mixed in September
7172019 EI_201509pdf
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Common Stock Prices and Yields
Period
Common stock prices 1 Common stock yields(percent) 6
New York Stock Exchange indexes(December 31 2002=5000) 2 Dow Jones
1 Annual data are averages of mont hly figures Monthly and weekly dat a are averages of daily closing prices2 Includes all the stocks (in 2015 over 320 0) listed on the NYSE3 Includes 30 stocks4 Includes 500 stocks5 Includes over 2900 stocks in 20156 Standard amp Poorrsquos series Dividendprice ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter
Sources New York Stock Exchange Dow Jones amp Company Inc Standar d amp Poorrsquos Nasdaq Stock Market and Bloomberg
5
INDEX DEC 31 2002=5000 (RATIO SCALE)
SOURCES NEW YORK STOCK EXCHANGE STANDARD AND POORS AND BLOOMBERG COUNCIL OF ECONOMIC ADVISERS
1 Data from current issue Monthly Treasury Statement
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fisc al Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
RECEIPTS AND OUTLAYS1
SURPLUS OR DEFICIT (ndash)1
2007 2008 2009 2010 2011 2012
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF DOLLARSBILLIONS OF DOLLARS
OUTLAYS1
RECEIPTS1
2014 2015 20162013
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
FEDERAL FINANCE
In the first eleven months of fiscal year 2015 the deficit was $5300 billion compared with a deficit of $5892 billiona year earlier
7172019 EI_201509pdf
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In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
7172019 EI_201509pdf
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
1 High bill rate at auction issue date within period bank-discount basis Data are stop yields from uniform-price auctions2 Yields on actively traded issues adjusted to constant maturities Series for 30-year constant maturity was discontinued on February 18 2002 and reintroduced on February 6 20063 Weekly data are Wednesday figures4 Average effective rate for year rate in effect at end of month or week5 Daily effective rate weighted average of rates on brokered trades6 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 Moodyrsquos Investors Service and Standard amp Poorrsquos
Interest Rates and Bond Yields
2007 2008 2009 2010 2011 2012 2013 2014 2015
10
PERCENT PER ANNUM
4
2
0
6
8
10
PERCENT PER ANNUM
4
2
0
6
8
FEDERAL FUNDSRATE
TREASURYBILLS
CORPORATE Aaa BONDS(MOODYS)
COUNCIL OF ECONOMIC ADVISERSSOURCE SEE TABLE BELOW
Interest rates were mixed in September
7172019 EI_201509pdf
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Common Stock Prices and Yields
Period
Common stock prices 1 Common stock yields(percent) 6
New York Stock Exchange indexes(December 31 2002=5000) 2 Dow Jones
1 Annual data are averages of mont hly figures Monthly and weekly dat a are averages of daily closing prices2 Includes all the stocks (in 2015 over 320 0) listed on the NYSE3 Includes 30 stocks4 Includes 500 stocks5 Includes over 2900 stocks in 20156 Standard amp Poorrsquos series Dividendprice ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter
Sources New York Stock Exchange Dow Jones amp Company Inc Standar d amp Poorrsquos Nasdaq Stock Market and Bloomberg
5
INDEX DEC 31 2002=5000 (RATIO SCALE)
SOURCES NEW YORK STOCK EXCHANGE STANDARD AND POORS AND BLOOMBERG COUNCIL OF ECONOMIC ADVISERS
1 Data from current issue Monthly Treasury Statement
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fisc al Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
RECEIPTS AND OUTLAYS1
SURPLUS OR DEFICIT (ndash)1
2007 2008 2009 2010 2011 2012
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF DOLLARSBILLIONS OF DOLLARS
OUTLAYS1
RECEIPTS1
2014 2015 20162013
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
FEDERAL FINANCE
In the first eleven months of fiscal year 2015 the deficit was $5300 billion compared with a deficit of $5892 billiona year earlier
7172019 EI_201509pdf
httpslidepdfcomreaderfullei201509pdf 354033
In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
7172019 EI_201509pdf
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
7172019 EI_201509pdf
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
7172019 EI_201509pdf
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
7172019 EI_201509pdf
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
b l d
7172019 EI_201509pdf
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Common Stock Prices and Yields
Period
Common stock prices 1 Common stock yields(percent) 6
New York Stock Exchange indexes(December 31 2002=5000) 2 Dow Jones
1 Annual data are averages of mont hly figures Monthly and weekly dat a are averages of daily closing prices2 Includes all the stocks (in 2015 over 320 0) listed on the NYSE3 Includes 30 stocks4 Includes 500 stocks5 Includes over 2900 stocks in 20156 Standard amp Poorrsquos series Dividendprice ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter
Sources New York Stock Exchange Dow Jones amp Company Inc Standar d amp Poorrsquos Nasdaq Stock Market and Bloomberg
5
INDEX DEC 31 2002=5000 (RATIO SCALE)
SOURCES NEW YORK STOCK EXCHANGE STANDARD AND POORS AND BLOOMBERG COUNCIL OF ECONOMIC ADVISERS
1 Data from current issue Monthly Treasury Statement
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fisc al Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
RECEIPTS AND OUTLAYS1
SURPLUS OR DEFICIT (ndash)1
2007 2008 2009 2010 2011 2012
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF DOLLARSBILLIONS OF DOLLARS
OUTLAYS1
RECEIPTS1
2014 2015 20162013
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
FEDERAL FINANCE
In the first eleven months of fiscal year 2015 the deficit was $5300 billion compared with a deficit of $5892 billiona year earlier
7172019 EI_201509pdf
httpslidepdfcomreaderfullei201509pdf 354033
In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
7172019 EI_201509pdf
httpslidepdfcomreaderfullei201509pdf 364034
Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
7172019 EI_201509pdf
httpslidepdfcomreaderfullei201509pdf 374035
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
7172019 EI_201509pdf
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
7172019 EI_201509pdf
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
1 Data from current issue Monthly Treasury Statement
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fisc al Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
RECEIPTS AND OUTLAYS1
SURPLUS OR DEFICIT (ndash)1
2007 2008 2009 2010 2011 2012
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
BILLIONS OF DOLLARSBILLIONS OF DOLLARS
OUTLAYS1
RECEIPTS1
2014 2015 20162013
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
0
ndash400
ndash800
ndash1200
ndash1600
ndash2000
400
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
1600
2000
1800
2200
2400
4200
4000
3800
3200
3400
3600
3000
2800
2600
FEDERAL FINANCE
In the first eleven months of fiscal year 2015 the deficit was $5300 billion compared with a deficit of $5892 billiona year earlier
7172019 EI_201509pdf
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In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
7172019 EI_201509pdf
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
7172019 EI_201509pdf
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
7172019 EI_201509pdf
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
7172019 EI_201509pdf
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
b l d
7172019 EI_201509pdf
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In the first eleven months of fiscal year 2015 receipts were $2142 billion higher than a year earlier and outlays were$1549 billion higher
Federal Receipts by Source and Outlays by Function
[Billions of dollars]
Fiscal year or period
On-budget and off-budget receipts On-budget and off-budget outlays
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 innational defense
Note Data for fiscal year 2015 and fiscal year 2016 are from Mid-Session Review Budget of the US Government Fis cal Year 2016 issued July 14 2015 Other data (except as noted) ar e fromBudget of the United States Government Fiscal Year 2016 issued February 2 2015
Sources Department of the Treasury and Office of Management and Budget
FISCAL YEARS
2008 2010 2011 20122009
1INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
2015
BILLIONS OF DOLLARS
2007 201620142013
NATIONAL DEFENSE
CORPORATION
INCOME TAXESSOCIAL INSURANCE AND RETIREMENT RECEIPTS
NONDEFENSE
BILLIONS OF DOLLARS
OTHER RECEIPTS
OUTLAYS1
RECEIPTS1
INDIVIDUAL INCOME TAXES
200
400
600
800
200
400
600
800
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
1600
3200
3600
3400
1800
2200
2400
2600
2800
3000
2000
0
200
600400
800
1200
1800
1400
1600
1000
0
200
600400
800
1200
1800
1400
1600
1000
7172019 EI_201509pdf
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
7172019 EI_201509pdf
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
7172019 EI_201509pdf
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
b l d
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Federal Sector National Income Accounts Basis
[Billions of dollars quarterly data at seasonally adjusted annual rates]
Period
Federal Government current receipts Federal Government current expenditures
1 Includes taxes from the rest of the world not shown separately2 Includes Federal grants-in-aid to State and local governments not shown separately
Source Department of Commerce (Bureau of Economic Analysis)
BILLIONS OF DOLLARS
CURRENT RECEIPTS
CURRENT EXPENDITURES
NET FEDERALGOVERNMENT SAVING
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJUSTED ANNUAL RATES
2006 2007 2010 2011
CALENDAR YEARS
2012 2013 20142008 2009 2015
SOURCE DEPARTMENT OF COMMERCE
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
ndash1600
3200
3600
4400
4000
2800
2400
2000
1600
1200
800
400
0
ndash800
ndash400
ndash1200
BILLIONS OF DOLLARS
In the second quarter of 2015 according to current estimates Federal current receipts rose $643 billion (annualrate) while Federal current expenditures rose $788 billion
7172019 EI_201509pdf
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
7172019 EI_201509pdf
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
7172019 EI_201509pdf
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
b l d
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INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries
Period
Industrial production (2012=100 seasonally adjusted) Consumer prices (1982ndash84=100 NSA)
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
7172019 EI_201509pdf
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US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
7172019 EI_201509pdf
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
b l d
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US International Transactions
[Millions of dollars quarterly data seasonally adjusted]
2015 I r 382803 574959 ndash192156 178876 121009 57868 ndash134288 194746 144998 49748 ndash33754 ndash118295 ndash27 II p 384752 573117 ndash188365 179943 121576 58367 ndash129998 201854 151214 50640 ndash30318 ndash109676 ndash25
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 toconvert the international statist ics to national accounting concepts A reconciliation can be found in NIPA table 43B
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 ofCensus 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 trans-actions in the appropriate period
3 Includes US government and private transfers such as US government grants and pensions fines and penalties withholding taxes personal transfers insurance-related transfers and othercurrent transfers
See p 37 for continuation of table
BILLIONS OF DOLLARS
2014201220112009
BILLIONS OF DOLLARS
COUNCIL OF ECONOMIC ADVISERSSOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
BALANCE ONPRIMARY INCOME
BALANCE ONCURRENT ACCOUNT
BALANCE ONSECONDARY INCOME
0
BALANCE ONGOODS AND SERVICES
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
0
80
60
40
20
ndash20
ndash60
ndash40
ndash80
ndash100
ndash120
ndash140
ndash220
ndash240
ndash200
ndash160
ndash180
SEASONALLY ADJUSTED
In the second quarter of 2015 the current account deficit fell to $1097 billion from $1183 billion in the first quarterof 2015 Te goods and services deficit fell to $1300 billion in the second quarter from $1343 billion in the firstquarter
7172019 EI_201509pdf
httpslidepdfcomreaderfullei201509pdf 394037
US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
7172019 EI_201509pdf
httpslidepdfcomreaderfullei201509pdf 4040
CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
b l d
7172019 EI_201509pdf
httpslidepdfcomreaderfullei201509pdf 394037
US International TransactionsmdashContinued
[Millions of dollars quarterly data seasonally adjusted]
Period
Balanceon
capitalaccount 1
Financial account
Statisticaldiscrep-
ancy
US officialreserveassets
net(unad-justedend of
period) 4
Net US acquisition of financial assets excludingfinancial derivatives[net increase in assets financial outflow (+)]
Net US incurrence of liabilities excludingfinancial derivatives[net increase in liabilities financial inflow (+)]
2015 I r ndash24 320173 67443 233524 23365 ndash4159 340309 190224 101085 49000 ndash40149 ndash60285 58034 119270 II p 0 137519 101060 166322 ndash128987 ndash877 199041 78164 271008 ndash150130 1784 ndash59739 49937 120333
4 Consists of monetary gold special drawing rights (SDRs) the US reserve position in the International Monetary Fund (IMF) and other reserve assets including foreign currencies5 Net lending means that US residents are net suppliers of f unds to foreign residents and net borro wing 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
2014201220112009
COUNCIL OF ECONOMIC ADVISERS
1INCLUDES FINANCIAL DERIVATIVES NET BEGINNING 2006
SOURCE DEPARTMENT OF COMMERCE
201520132010200820072006
CHANGE IN
US A SSETS ABRO AD1
CHANGE INUS LIABILITIES
BILLIONS OF DOLLARS
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
100
500
700
600
800
900
400
300
200
0
ndash100
ndash200
ndash500
ndash300
ndash400
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED
In the financial account US net borrowing was $597 billion in the second quarter of 2015 resulting from a netincrease in US financial assets of $1375 billion plus a net increase in transactions in financial derivatives of $18billion less a net increase in US liabilities of $1990 billion US net borrowing was down slightly from $603billion in the first quarter
7172019 EI_201509pdf
httpslidepdfcomreaderfullei201509pdf 4040
CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars
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CONTENTSTOTAL OUTPUT INCOME AND SPENDING Page
Gross Domestic Product 1Real Gross Domestic Product 2Chained Price Indexes For Gross Domestic Product 2Gross Domestic Product and Related Price Measures Indexes and Percent Changes 3Nonfinancial Corporate BusinessmdashGross Value Added and Price Costs and Profits 3National Income 4Real Personal Consumption Expenditures 4Sources of Personal Income 5
Disposition of Personal Income 6Real Farm Income 7Corporate Profits 8Real Gross Private Domestic Investment 9Real Private Fixed Investment by ype 10Business Investment 10
EMPLOYMENT UNEMPLOYMENT AND WAGES
Status of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricu ltural Employment 14
Average Weekly Hours Hourly Earnings and Weekly EarningsmdashPrivate Nonagricultural Industries 15Employment Cost IndexmdashPrivate Industry 15Productivity and Related Data Business and Nonfarm Business Sectors 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial ProductionmdashMajor Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and InventoriesmdashManufacturing and rade 20Manufacturersrsquo Shipments Inventories and Orders 21
PRICES
Producer Prices 22Consumer PricesmdashAll Urban Consumers 23Changes in Producer Prices 24Changes in Consumer PricesmdashAll Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY CREDIT AND SECURITY MARKETSMoney Stock and Debt Measures 26Components of Money Stock 27
Aggregate Reserves and Monetary Base 27Bank Credit at All Commercia l Banks 28Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business 29Consumer Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCE
Federal Receipts Outlays and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector National Income Accounts Basis 34
INTERNATIONAL STATISTICS
Industrial Production and Consumer PricesmdashMajor Industrial Countries 35US International rade in Goods and Services 35US International ransactions 36
General Notes
Detail in these tables may not add to totals because of roundingUnless otherwise noted all dollar figures are in current dollars